notes to the financial statements - Investor Relations

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CWT Limited 128 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 42 FINANCIAL RISK MANAGEMENT (CONT’D) Fair values The aggregate net fair value of financial assets and financial liabilities which are not carried at fair value in the statements of financial position as at 31 December, are represented in the following table: Carrying amount Fair value Carrying amount Fair value 2011 2011 2010 2010 Group $’000 $’000 $’000 $’000 Financial assets Finance lease receivables 839 839 981 981 Financial liabilities Fixed interest rate bank loans 25,649 26,207 1,468 1,461 Hire purchase and finance lease liabilities 1 2,676 2,676 1,218 1,218 28,325 28,883 2,686 2,679 1 The fair value of hire purchase and finance lease liabilities is estimated as the present value of future cash flows, discounted at market interest rates for homogeneous lease agreements. The estimated fair value reflects change in interest rate. The carrying amount of hire purchase and finance lease liabilities closely approximates the fair value since the market interest rate as at the reporting date closely approximates the effective interest rate implicit in the hire purchase and finance lease. The following methods and assumptions are used to estimate fair values of the following significant classes of financial instruments not included above: Cash and cash equivalents, trade and other receivables, trade and other payables The carrying amounts approximate the fair values due to the relatively short-term nature of these financial instruments. Investment in equity securities The fair value of available-for-sale financial assets is determined by reference to their quoted bid price at the reporting date. Floating interest rate bank loans and loan to subsidiaries The carrying amounts of these floating interest-bearing loans, which are repriced within six months interval, reflect the corresponding fair values. Interest rates used in determining fair values The interest rates used to discount estimated cash flows, where applicable, are based on the loan rates plus adequate credit spread or actual average cost of debt, whichever is higher: Group 2011 2010 % % Finance lease receivables 3.6 3.6 Bank loans 1.2 – 18.0 1.5 - 12.0 Hire purchase and finance lease liabilities 1.5 – 10.0 3.3 - 18.0
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 42 FINANCIAL RISK MANAGEMENT (CONT’D) Fair value hierarchy Annual Report 2011 The table below analyse financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: Level 1 : quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 : Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3 : Inputs for the asset or liability that are not based on observable market data (unobservable inputs). Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Group 2011 Available-for-sale financial assets 83,530 45 – 83,575 Derivative financial assets 78,558 5,005 – 83,563 162,088 5,050 – 167,138 Derivative financial liabilities (16,840) (2,649) – (19,489) 145,248 2,401 – 147,649 2010 Available-for-sale financial assets 91,857 45 – 91,902 Company 2011 Available-for-sale financial assets 80,686 – – 80,686 2010 Available-for-sale financial assets 91,857 – – 91,857 43 COMMITMENTS Group Company 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Capital commitments: - contracted for but not provided 102,070 871 99,553 158 - authorised but not contracted 29,967 31,729 392 590 132,037 32,600 99,945 748 The Group and Company lease land, warehouse facilities, offices and motor vehicles under operating leases. The leases typically run for an initial period of 1 to 46 years, with an option to renew the lease after the expiry dates. Lease payments for land are revised on an annual basis to reflect the market rental whilst other lease payments are revised on renewal of lease contracts to reflect market rental. None of the leases include contingent rental. 129
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CWT Limited Annual Report 2011 Annu
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ABOUT THE CWT GROUP VISION To Be A
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GROUP FIVE-YEAR FINANCIAL SUMMARY F
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Largest warehouse operator in Singa
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CWT Limited CHAIRMAN’S STATEMENT
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CWT Limited BOARD OF DIRECTORS Loi
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CWT Limited EXECUTIVE TEAM Loi Pok
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ELEVATION Rising through resilience
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COMMODITY SUPPLY CHAIN MANAGEMENT C
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MIDDLE EAST Kuwait Kuwait UK Estoni
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CWT Limited OPERATIONS REVIEW “Am
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CWT Limited OPERATIONS REVIEW 1. Br
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CHARACTER Our identity and performa
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EHS activities and related awards E
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Investor Relations We regularly eng
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CORPORATE GOVERNANCE Annual Report
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DIRECTORS’ REPORT YEAR ENDED 31 D
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STATEMENT BY DIRECTORS YEAR ENDED 3
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STATEMENT OF FINANCIAL POSITION AS
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Annual Report 2011 CONSOLIDATED STA
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CASH FLOW
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NOTES TO THE FINANCIAL STATEMENTS Y
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