notes to the financial statements - Investor Relations

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CWT Limited 96 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 18 LOAN TO JOINTLY-CONTROLLED ENTITY Group Note 2011 2010 $’000 $’000 Non-current Loan to a jointly-controlled entity, classified as loans and receivables 10 369 377 Current Loan to a jointly-controlled entity 350 125 Allowance for impairment losses (125) (125) 16 225 – The non-current loan to a jointly-controlled entity is unsecured and bears interest at a fixed rate of 5% (2010: 5%) per annum. As at the reporting date, the Group has given an undertaking to the jointly-controlled entity not to recall the loan within the next 12 months. The current loan to a jointly-controlled entity is unsecured and bears interest at an effective rate of 3.7% (2010: 3.7%) per annum. The interest rate reprices on an annual basis. 19 LOANS TO ASSOCIATES Group Note 2011 2010 $’000 $’000 Non-current Loans to associates, classified as loans and receivables 10 4,311 3,851 The non-current loans to associates are unsecured and bear interest at 0.76% - 6% (2010: 0.94%) per annum. The Group has given an undertaking to the associates not to recall the loan within the next 12 months. 20 AMOUNTS DUE FROM SUBSIDIARIES Note Company 2011 2010 $’000 $’000 Amounts due from subsidiaries - trade 19,094 20,389 - non-trade 1,471 1,723 20,565 22,112 Allowance for impairment losses (1,775) (1,775) 16 18,790 20,337 All the balances with subsidiaries are classified as loans and receivables. The trade balances are transacted at arm’s length. The non-trade balances are unsecured, interest-free and repayable on demand. The Company assessed collectibility of the balances, having considered the financial conditions of the subsidiaries and their ability to make the required repayments. Management believes that no further impairment loss beyond the recorded allowances is necessary. If the financial conditions of the subsidiaries were to deteriorate subsequently, further impairment loss may then be recognised in future periods.
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 21 CASH AND CASH EqUIVALENTS Annual Report 2011 Group Company Note 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Fixed deposits 74,210 59,994 – 50,000 Customer segregated funds 41,469 – – – Cash and bank balances 96,303 142,871 6,453 23,946 Cash and cash equivalents in the statement of financial position 211,982 202,865 6,453 73,946 Less: Bank overdrafts 26 (225,050) (5,226) Customer segregated funds (41,469) – Fixed deposits pledged (590) (302) Cash and cash equivalents in the statement of cash flows (55,127) 197,337 Customer segregated funds represent customers’ funds held by a regulated subsidiary that are required to be held in segregated accounts by the laws and regulations of the United States of America. Included in bank overdrafts as at 31 December 2011 is an amount of $452,000 (2010: $535,000) which is unsecured. The remainder of $224,598,000 (2010: $4,691,000) is secured on certain fixed deposits, a lien on trade receivables, inventories, fixed and floating charges over certain property, plant and equipment. The weighted average effective interest rates per annum at the reporting date are as follows: Group 2011 2010 % % Fixed deposits 1.28 1.09 Bank overdrafts 2.31 3.71 Interest rates reprice at intervals of one week, one, three or six months. 97
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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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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
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Page 55 and 56: CONSOLIDATED STATEMENT OF CHANGES I
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Page 137 and 138: NOTICE OF ANNUAL GENERAL MEETING An
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Page 143 and 144: CORPORATE DIRECTORY Loi Pok Yen Gro
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