notes to the financial statements - Investor Relations

More documents

Recommendations

Info

CWT Limited 84 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 6 SUBSIDIARIES (CONT’D) Name of subsidiaries Country of incorporation/ business Effective interest held by the Group 2011 2010 % % 7 CWT Mongolia LLC Mongolia 70.0 70.0 2 CWT Sitos B.V.* The Netherlands 70.0 – 1 Audited by KPMG LLP, Singapore 2 Audited by other member firms of KPMG International 3 Audited by Lee Seng Chan & Co 4 Audited by Tianjin Guangxin Certified Public Accountant Co., Ltd 5 Audited by Horwath Malaysia 6 Audited by Shanghai Huaxia Certified Public Accountants Co., Ltd 7 Audited by CMD Audit LLC 8 Audited by Ryan.& Juraska Certified Public Accountants, Chicago * As a result of the Group’s restructuring in Europe, CWT Sitos B.V., an associate in the prior year, became a subsidiary during the year. Pursuant to the restructuring, the Group’s interest in CWT Europe B.V. was reduced to 70%. KPMG LLP Singapore is the auditor of all significant Singapore-incorporated subsidiaries. Other member firms of KPMG International are auditors of significant foreign-incorporated subsidiaries. 7 ASSOCIATES Group Company 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Investments in associates 23,270 23,517 200 200 Quasi-equity loans 346 346 – – 23,616 23,863 200 200 Investments in associates include goodwill on acquisition of $1,404,000 (2010: $1,706,000). The quasi-equity loans to an associate are interest-free and form part of the Group’s net investment in associates. The loans are unsecured and settlement is neither planned nor likely to occur in the foreseeable future.
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 7 ASSOCIATES (CONT’D) Details of the significant associates are as follows: Name of associates 1 Globelink West Star Shipping LLC Country of incorporation/ business Annual Report 2011 Effective interest held by the Group 2011 2010 % % United Arab Emirates 49.0 49.0 1 CWT Sitos B.V.* The Netherlands – 30.0 2 Westford Trade Services Ltd Hong Kong 50.0 50.0 1 Audited by other member firms of KPMG International 2 Audited by Kenneth Chau & Co * As a result of the Group’s restructuring in Europe, CWT Sitos B.V., an associate in the prior year, became a subsidiary during the year. Other member firms of KPMG International are auditors of significant foreign-incorporated associates. The summarised financial information relating to associates is not adjusted for the percentage of ownership held by the Group. The financial information of associates is as follows: Group 2011 2010 $’000 $’000 Income statement Revenue 225,328 214,573 Expenses (214,055) (208,296) Profit before tax 11,273 6,277 Income tax (203) 104 Profit after taxation 11,070 6,381 Statement of financial position Total assets 148,677 152,912 Total liabilities 102,644 101,688 85
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 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 and 60: CONSOLIDATED STATEMENT OF CASH FLOW
Page 61 and 62: NOTES TO THE FINANCIAL STATEMENTS Y
Page 85: NOTES TO THE FINANCIAL STATEMENTS Y
Page 135 and 136: STATISTICS OF SHAREHOLDINGS SHAREHO
Page 137 and 138:
NOTICE OF ANNUAL GENERAL MEETING An
Page 139 and 140:
NOTICE OF ANNUAL GENERAL MEETING An
Page 141 and 142:
CWT LIMITED (Company Registration N
Page 143 and 144:
CORPORATE DIRECTORY Loi Pok Yen Gro
show all

notes to the financial statements - Investor Relations

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?