notes to the financial statements - Investor Relations

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CWT Limited 48 INDEPENDENT AUDITORS’ REPORT MEMBERS OF THE COMPANY CWT LIMITED AND ITS SUBSIDIARIES Report on the financial statements We have audited the accompanying financial statements of CWT Limited (“the Company”) and its subsidiaries (“the Group”), which comprise the statements of financial position of the Group and the Company as at 31 December 2011, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows of the Group for the year then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages 49 to 131. Management’s responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act, Chapter 50 (“the Act”) and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets. Auditors’ responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards to give a true and fair view of the state of affairs of the Group and of the Company as at 31 December 2011 and the results, changes in equity and cash flows of the Group for the year ended on that date. Report on other legal and regulatory requirements In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. KPMG LLP Public Accountants and Certified Public Accountants Singapore 30 March 2012
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011 Annual Report 2011 Group Company Note 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Non-current assets Property, plant and equipment 4 308,226 217,446 42,723 43,288 Intangible assets 5 139,555 49,947 331 273 Subsidiaries 6 – – 310,890 188,817 Associates 7 23,616 23,863 200 200 Jointly-controlled entities 8 25,200 12,076 5,356 5,343 Financial assets 9 83,575 91,902 80,686 91,857 Non-current receivables 10 8,470 5,013 1,630 – Deferred tax assets 12 5,364 1,838 – – Other non-current assets 13 4,681 93 3 3 Current assets 598,687 402,178 441,819 329,781 Inventories 14 170,334 2,566 1,781 388 Trade and other receivables 16 536,349 146,093 122,155 93,614 Derivative financial instruments 27 83,563 – – – Tax recoverable 591 445 86 86 Cash and cash equivalents 21 211,982 202,865 6,453 73,946 1,002,819 351,969 130,475 168,034 Non-current assets held-for-sale 23 2,345 – – – 1,005,164 351,969 130,475 168,034 Total assets 1,603,851 754,147 572,294 497,815 Equity attributable to owners of the Company Share capital 24 174,338 161,965 174,338 161,965 Reserves 25 301,832 266,324 129,109 128,329 476,170 428,289 303,447 290,294 Non-controlling interests 33,030 20,698 – – Total equity 509,200 448,987 303,447 290,294 Non-current liabilities Other payables 30 81,459 – – – Financial liabilities 26 81,274 2,666 54,101 – Derivative financial instruments 27 2,418 – – – Employee benefits 28 11,802 – – – Deferred tax liabilities 12 30,799 8,847 – 302 Deferred gains 31 70,828 97,672 64,442 89,883 278,580 109,185 118,543 90,185 Current liabilities Trade and other payables 30 443,196 138,480 118,345 86,621 Financial liabilities 26 310,887 15,804 1,279 – Derivative financial instruments 27 17,071 – – – Employee benefits 28 2,319 – – – Current tax payable 8,210 7,262 416 416 Deferred gains 31 32,832 32,557 29,954 29,954 Provisions 32 1,556 1,872 310 345 816,071 195,975 150,304 117,336 Total liabilities 1,094,651 305,160 268,847 207,521 Total equity and liabilities 1,603,851 754,147 572,294 497,815 The accompanying notes form an integral part of these financial statements. 49
Page 1 and 2: CWT Limited Annual Report 2011 Annu
Page 3 and 4: ABOUT THE CWT GROUP VISION To Be A
Page 5 and 6: GROUP FIVE-YEAR FINANCIAL SUMMARY F
Page 7: Largest warehouse operator in Singa
Page 10 and 11: CWT Limited CHAIRMAN’S STATEMENT
Page 12 and 13: CWT Limited BOARD OF DIRECTORS Loi
Page 14 and 15: CWT Limited EXECUTIVE TEAM Loi Pok
Page 17 and 18: ELEVATION Rising through resilience
Page 19 and 20: COMMODITY SUPPLY CHAIN MANAGEMENT C
Page 21: MIDDLE EAST Kuwait Kuwait UK Estoni
Page 24 and 25: CWT Limited OPERATIONS REVIEW “Am
Page 26 and 27: CWT Limited OPERATIONS REVIEW 1. Br
Page 29 and 30: CHARACTER Our identity and performa
Page 31 and 32: EHS activities and related awards E
Page 33 and 34: Investor Relations We regularly eng
Page 35 and 36: CORPORATE GOVERNANCE Annual Report
Page 47 and 48: DIRECTORS’ REPORT YEAR ENDED 31 D
Page 49: STATEMENT BY DIRECTORS YEAR ENDED 3
Page 53 and 54: Annual Report 2011 CONSOLIDATED STA
Page 55 and 56: CONSOLIDATED STATEMENT OF CHANGES I
Page 57 and 58: CONSOLIDATED STATEMENT OF CHANGES I
Page 59 and 60: CONSOLIDATED STATEMENT OF CASH FLOW
Page 61 and 62: NOTES TO THE FINANCIAL STATEMENTS Y
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NOTES TO THE FINANCIAL STATEMENTS Y
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STATISTICS OF SHAREHOLDINGS SHAREHO
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NOTICE OF ANNUAL GENERAL MEETING An
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NOTICE OF ANNUAL GENERAL MEETING An
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CWT LIMITED (Company Registration N
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CORPORATE DIRECTORY Loi Pok Yen Gro
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notes to the financial statements - Investor Relations

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