notes to the financial statements - Investor Relations

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CWT Limited 74 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 3 SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3.17 Income tax expense (cont’d) Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the temporary differences arising from the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and temporary differences related to investments in subsidiaries and jointly-controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In the ordinary course of business, there are many transactions and calculations for which the ultimate tax treatment is uncertain. Therefore, the Group recognises tax liabilities based on estimates of whether additional taxes and interest will be due. These tax liabilities are recognised when the Group believes that certain positions may not be fully sustained upon review by tax authorities, despite the Group’s belief that its tax return positions are supportable. The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of multifaceted judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities, such changes to tax liabilities will impact tax expense in the period that such a determination is made. 3.18 Earnings per share The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares, which comprise share options granted to employees. 3.19 Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. All operating segments’ operating results are reviewed regularly by the Group CEO to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Segment results that are reported to the Group CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets and liabilities, business development costs and corporate expenses arising from group functions. Segment capital expenditure is the total costs incurred during the year to acquire property, plant and equipment, and intangible assets other than goodwill.
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 3 SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3.20 New standards and interpretations not adopted Annual Report 2011 A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2011, and have not been applied in preparing these financial statements. The Group and the Company are still in the process of assessing the impact of these new and revised standards on the results and financial position of the Group and the Company. 4 PROPERTY, PLANT AND EqUIPMENT Group Cost Note Leasehold land, buildings and improvements Freehold land Plant, machinery and equipment Motor vehicles and trailers 75 Furniture, fittings, computers Assets- and office under equipment construction Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 At 1 January 2010 164,195 7,087 35,373 22,815 15,358 6,337 251,165 Additions 4,695 – 1,398 2,369 1,823 47,957 58,242 Acquisition through business combinations 1,593 – – 19 30 – 1,642 Transfers 1,932 – 11,002 – – (12,934) – Disposals (721) – (410) (813) (1,724) – (3,668) Effect of movement in exchange rates (7,467) (616) (994) (317) (432) (82) (9,908) At 31 December 2010 164,227 6,471 46,369 24,073 15,055 41,278 297,473 Additions 7,204 – 9,111 6,971 3,455 44,010 70,751 Disposal of subsidiaries (8,896) – (131) – – – (9,027) Acquisition through business combinations 40 60,000 – – 104 63 877 61,044 Transfers 82,076 – 179 – – (82,255) – Reclassification to assets held-for-sale (3,682) – (150) – – – (3,832) Disposals (7,353) – (75) (3,611) (283) – (11,322) Effect of movement in exchange rates (2,035) 68 (29) (69) (160) (9) (2,234) At 31 December 2011 291,541 6,539 55,274 27,468 18,130 3,901 402,853
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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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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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