notes to the financial statements - Investor Relations

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CWT Limited 58 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 30 March 2012. 1 DOMICILE AND ACTIVITIES CWT Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 38 Tanjong Penjuru, CWT Logistics Hub 1, Singapore 609039. The principal activities of the Group and Company are those relating to the provision of warehousing and logistics services, transportation services, import and export cargo consolidation and freight forwarding services, engineering services, collateral management services, commodities marketing and supply chain management, container depot operations, building and construction services and investment holding. The consolidated financial statements relate to the Company and its subsidiaries (collectively referred to as the “Group”) and the Group’s interests in associates and jointly-controlled entities. 2 BASIS OF PREPARATION 2.1 Statement of compliance The financial statements are prepared in accordance with the Singapore Financial Reporting Standards (FRS). 2.2 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. 2.3 Functional and presentation currency These financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial information presented in Singapore dollars have been rounded to the nearest thousand, unless otherwise stated. 2.4 Use of estimates and judgements The preparation of financial statements in conformity with FRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. In the application of the Group’s accounting policies, which are described in note 3, management is of the opinion that there is no instance of application of judgement which is expected to have a significant effect on the amounts recognised in the financial statements, apart from those involving estimations described below.
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 2 BASIS OF PREPARATION (CONT’D) 2.4 Use of estimates and judgements (cont’d) Annual Report 2011 The key assumptions concerning the future, and other key sources at reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the next financial year are described in the following notes: • Note 4 – Impairment assessment, provision for restoration costs and depreciation of property, plant and equipment • Note 5 – Measurement of recoverable amounts for goodwill impairment test • Note 6 – Impairment allowances on investments in subsidiaries • Note 12 – Measurement of deferred tax assets • Note 15 – Measurement of allowance for foreseeable losses • Note 16 – Measurement of allowance for trade receivables • Note 32 – Measurement of provisions • Note 38 – Assessment of income tax provision • Note 40 – Valuation of assets, liabilities and contingent liabilities acquired in business combinations • Note 42 – Valuation of financial instruments 2.5 Changes in Accounting Policies Overview In the current financial year, the Group has adopted all the new and revised FRSs and Interpretations of FRSs (“INT FRSs”) that are relevant to its operations and effective for annual periods beginning on 1 January 2011. The adoption of these new and revised FRSs and INT FRSs does not result in substantial changes to the Group’s accounting policies and has no material effect on the amounts reported for the current or prior years. Measurement of non-controlling interests in business combinations From 1 January 2011, the Group applied the amendments to FRS 103 Business Combinations resulting from the Improvements to FRSs 2010 in measuring at the acquisition date, non-controlling interests that are not present ownership interests and do not entitle their holders to a proportionate share of the acquiree’s net assets in the event of liquidation. Such non-controlling interests are now measured at fair value (see note 3.1). Previously, the Group has elected on a transaction-by-transaction basis whether to measure non-controlling interests that are not present ownership interests and do not entitle holders to proportionate share of the acquiree’s net assets on liquidation at fair value, or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets, at the acquisition date. This change in accounting policy has been applied prospectively to new business combinations occurring on or after 1 January 2010 and has no material impact on earnings per share. 59
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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
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 and 50: STATEMENT BY DIRECTORS YEAR ENDED 3
Page 51 and 52: STATEMENT OF FINANCIAL POSITION AS
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: CONSOLIDATED STATEMENT OF CASH FLOW
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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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