Treasury China Trust

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Treasury China Trust"

Transcription

1 Treasury China Trust (a business trust registered in the Republic of Singapore) (managed by Treasury Holdings Real Estate Pte. Ltd.) FORECAST CONSOLIDATED NET PROPERTY INCOME STATEMENT Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust ( TCT ), is pleased to provide to unitholders of TCT ( Unitholders ) the forecast consolidated Net Property Income Statement ( NPI Forecast or Profit Forecast ) for the remainder of the financial year from 1 July 2011 to 31 December 2011 (the Update Forecast ) by way of update to the Year 2011 full year forecast that was previously issued on 9 December 2010 ( Year 2011 Prior Forecast ). The NPI Forecast includes the financial impact of the acquisitions of Central Avenue Mall Qingdao and Huai Hai Mall Shanghai ( the Acquisitions ) on 1 April 2011 and 10 May 2011 respectively. The full year forecast from 1 January 2011 to 31 December 2011 ( Year 2011 Update Forecast ) takes into account the half yearly results for TCT as at 30 June 2011 (the details of which are the subject of a separate announcement issued on SGXNET today) and the forecast for the remainder of the financial year from 1 July 2011 to 31 December The Year 2011 Update Profit Forecast shows an increase of 6.4% in TCT s Net Property Income ( NPI ) from 1 January 2011 to 31 December 2011 on the following basis: 1. TCT s Prior Forecast included the assumption that average committed occupancy for the Properties (excluding Central Avenue Mall and Huai Hai Mall) would equate to 88.0% and as at 30 June 2011 had reached 95.9% and had in fact remained above the forecast committed occupancy since 1 January 2011; 2. Rents secured for new leases are substantially higher on a per square metre basis than that originally forecast, which reflects the improving market conditions in the Shanghai commercial real estate sector; and 3. Recognises the delay in the final settlement of the Acquisitions which the Prior Forecast estimated to occur on 1 January In June 2010, J.P. Morgan (S.E.A.) Limited was the financial adviser and issue manager in relation to the listing of the Units on the Main Board of the SGX-ST by way of an introduction. 1

2 Richard David, Chief Executive Office of TCT commented, We are pleased to be in a position to inform our unitholders of improved trading conditions for the second half of 2011, which reflects the proactive nature of TCT s management program. In addition, our earlier predictions for favorable market circumstances have been realized and the overall operating environment is expected to deliver an 18.7% increase in gross revenues for the second half of the year compared with the June 2011 result. The Profit Forecast for the period 1 July 2011 to 31 December 2011 and the assumptions underlying such forecast have been examined by the Independent Reporting Accountants, KPMG LLP, and should be read together with their report contained herein. The Profit Forecast has been stated by the directors of the Trustee Manager after due and careful enquiry. BY ORDER OF THE BOARD Treasury Holdings Real Estate Pte. Ltd (as Trustee-Manager of Treasury China Trust) (Company registration no: M) Richard David Director 26 July

3 PROFIT FORECAST Statements contained in this announcement, which are not historical facts, may be forward-looking statements. Such statements are based on the assumptions set forth in this announcement and are subject to certain risks and uncertainties which could cause actual results to differ materially from those forecasted. Under no circumstances should the inclusion of such information herein be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions by the Trustee-Manager or any other person nor that these results will be achieved or are likely to be achieved. The following tables set out the forecast consolidated Net Property Income Statement for the Year 2011 Update Forecast and Year 2011 Prior Forecast. The Profit Forecast for the period 1 July 2011 to 31 December 2011 has been examined by the Independent Reporting Accountants and should be read together with their report which is set out in this announcement as well as the assumptions set out below. Exchange Rate used: Actual figures from Jan to June 2011 SGD 1 = RMB Forecast figures from July to Dec 2011 SGD 1 = RMB

4 Forecast Consolidated Net Property Income Statement for Year 2011 Update Forecast RMB (million) Jan-June 2011 July-Dec 2011 Year 2011 Update Year 2011 Prior Actual Forecast Forecast Forecast ¹ Variance % Income Portfolio Gross Rental Income Gross Revenue Direct Property Costs -Business and Property Related Taxes (29) (32) (61) (61) (0) -Property management fees (7) (9) (16) (17) 1 -Other property operating expenses (46) (57) (103) (97) (6) Total Direct Property Costs (82) (98) (180) (175) (5) (2.9) Portfolio Net Property Income Notes: 1. Year 2011 Prior Forecast was adjusted to reflect the actual acquisition dates of Central Avenue Mall and Huai Hai Mall as opposed to the assumed date of 1 January 2011 in the Year 2011 Prior Forecast. 4

5 PROFIT FORECAST 1. Assumptions Portfolio The Portfolio refers to the income-producing assets currently owned by TCT comprising the City Center, Central Plaza, Treasury Building, Central Avenue Mall (Square 1) and Huai Hai Mall (collectively referred to as the Properties ). The major assumptions made in preparing the Profit Forecast of the Portfolio are set out below. The Trustee-Manager considers these assumptions to be appropriate and reasonable as at the date of this announcement. 1.1 Gross Revenue Gross revenue is the aggregate of gross rental income and other income earned from the Portfolio. A summary of the assumptions used in calculating the gross revenue is set out below: Gross Rent The gross rent comprises base rents, turnover rents, car park income and management fees, recoveries of utilities and signage income. The Trustee-Manager has assumed rents payable under the committed leases for the Portfolio as at 30 June 2011 to forecast the gross rent, which is expected to be RMB260 million (S$49.6 million) for the period 1 July 2011 to 31 December 2011 and RMB479 million (S$91.4 million) for the Year 2011 Update Forecast including the actual Gross Revenue for the period 1 January 2011 to 30 June 2011 of RMB219 million (S$42.7 million) as reported in the TCT accounts as at 30 June 2011 to SGXNET on 26 July Across the office portfolio, the typical lease term is three years, except for anchor tenants, which in some cases secure longer lease terms. Most leases are flat for the term of the lease, with no step-up or escalation clauses. Across the retail portfolio, tenants typically have a five-year lease (or shorter leading up to the planned refurbishment of City Center in 2012 / 2013) while the major anchor tenant, Parkson Retail Group Ltd., has a 10-year lease in City Center (expiring in middle of December 2012) and is the only tenant whose rent is comprised of 100% turnover rent, which is derived based on 5% of general merchandise and 2% of supermarket sales. Some of the leases at Central Plaza are of longer leases. For example, restaurants like Shun Feng and Yakiniku are of 8 year leases while Wagas and Lofengge are of 6 year leases. 5

6 For Huai Hai Mall, the majority of current leases will expire by late 2013 or early Upon the expiration, the plan is to commence the refurbishment of the retail podium to incorporate modern design and quality finish for new letting. Some of the leases for Central Avenue Mall are of longer leases. For example, Lotte Hypermarket lease is 20 years and McDonald s lease is 15 years. Gross revenue included in the year 2011 Update Forecast is based on a rental support guarantee of RMB 51 million per year till 1 April Following the expiry of a committed lease during the Year 2011, the Trustee-Manager has used the following process to forecast the gross rent: the Trustee-Manager has assessed the market rent for each portion of gross lettable area of the Properties as at 30 June, The market rent is the rent which the Trustee-Manager believes can be achieved if each lease was renegotiated as at 30 June, 2011 and is estimated with reference to the size of the net lettable area, rent payable pursuant to comparable leases for tenancies that have recently been negotiated, the effect of competing supply, assumed tenant retention rates on lease expiry, likely market conditions, inflation levels and tenant demand levels. if a committed lease expires in the Year 2011 Update Forecast, the Trustee-Manager has assumed that the rental rate for a new lease (or a lease renewal) which commences in the Year 2011 Update Forecast is the market rent as at 30 June, 2011, increased by a forecast or projected annual growth rate of 5-10% (representing an increase over the Year 2011 Prior Forecast of 3-5%), or the actual rent if the lease agreement has been entered into. The typical rent-free period extended to new leases is months per every 3 years of committed lease, reduced from the Year 2011 Prior Forecast of 1 month for each year Average Occupancy The average occupancy has been determined in accordance with the following performance of the Portfolio as set out in the table below. 6

7 Year 2011 Prior Year 2011 Update Actual Properties Forecast Average Occupancy Forecast Average Occupancy (1 July Committed Occupancy as at (1 January 2011 to to 31 December 30 June 2011 December 2011) 2011 City Center office 80.3% 89.8% 93.0% City Center retail 95.9% 94.5% 97.9% Central Plaza office 92.2% 97.3% 99.5% Central Plaza retail 100.0% 92.9% 89.4% Treasury Building office & retail 89.7% 100.0% 100.0% HuaiHai Mall 100.0% 73.6% 71.8% Gross rental of Central Avenue Mall is based on a rental guarantee of RMB 51 million per year till 1 April Market Rent Growth Rates The growth rate assumed for market rent over the Year 2011 Update Forecast for the Properties is 5-8% compared with 3 5% under the Year 2011 Prior Forecast. This growth rate assumption reflects the Trustee-Manager s assessment of the market rent growth rate having regard to supply and demand dynamics of competing properties in the sub-markets in which the Properties are located and the outlook for the general economy. The market rent growth rates have been used to forecast the gross rent payable under the new leases (or lease renewals) signed in the Year 2011 Update Forecast Lease Renewals and Vacancy Allowances For in-place leases as of 30 June 2011 which are expiring within the Year 2011 Update Forecast and where actual vacancy periods are already known pursuant to commitments to lease, the actual vacancy periods have been used in the Profit Forecast. For the other leases expiring in the Year 2011 Update Forecast, each lease expiring is reviewed on an individual basis by taking into account current market conditions and tenant demand levels to determine their probability of renewal, based on our leasing team s market expertise. For those leases with an assumption of full termination, an approximate 2-3 months vacancy period is assumed before rent becomes payable under a new lease. 7

8 A summary list of change on assumptions between Year 2011 Prior Forecast and Year 2011 Update Forecast is shown below. Year 2011 Prior Forecast Year 2011 Update Forecast Annual growth rate for new/renewal lease 3%-5% 5%-10% Rent-free period 1 month per year months per every 3 years Market rent growth rates 3%-5% 5%-8% Average occupancy rate see table in Property Operating Expenses Business and Property-related Taxes The following PRC taxes have been taken into account in the forecast: business tax (5% of gross revenue) real estate tax (Shanghai properties-0.96% of assessed property value, Qingdao property-12% of gross rental revenue and 0.58% of property value on vacant area) stamp duty urban land use tax; and local surcharges. (12%-13% of business tax depending on location) Property Management Fees Under the property management agreement in respect of the Properties, the property manager will provide property management services, development management services, lease management services, marketing services and general management services in relation to the Properties. Property management fee is calculated as 2% of monthly Gross Revenue; lease management fee is 1% of monthly Gross Revenue; general management services fee is 20% of the apportioned remuneration cost which is incurred and reimbursable to the property manager (general management services fee is however, not chargeable to Central Avenue Mall in year 2011); and development management fee is 5% of development costs. However, the development management fee is capitalized in development costs Other Property Expenses (staff costs, utilities, repair and maintenance, advertising and promotion, general and administration, insurance and leasing commissions) The property expenses are estimated based on the following assumptions which are benchmarked against the operational history of the Properties: 8

9 utilities, mechanical and engineering based on historical consumption levels of the Properties, adjusted for inflation. The forecast has assumed certain increases in electricity and water rates due to increase in occupancy that has occurred in the first half of 2011; repair & maintenance based on typical level of routine repair and maintenance expenses of the Properties historically; advertising & promotion, market research based on historical rates, adjusted for inflation; property upkeep costs include costs associated with the property s general operations and upkeep; general & administration based on typical level of miscellaneous administrative expenses for the Properties, adjusted for inflation, and comprises expenses such as statutory fees, printing and stationery expenses, computer equipment and entertainment; insurance based on current insurance contracts for the Portfolio; and leasing commission - based on a defined percentage of base rent according to the respective tenure of the renewed/ new leases. 1.3 Other Assumptions The following additional assumptions have been made in preparing the Profit Forecast: the existing property portfolio remains unchanged throughout the Year 2011 Update Forecast; there will be no material changes in taxation legislation or other legislation; there will be no material change to the tax ruling; and all leases and licenses are enforceable and will be performed in accordance with their terms (with no allowances for bad and doubtful debts). 2. Exchange Rate An exchange rate of SGD1.00 = RMB is assumed in the Year 2011 Update Forecast. 9

10 3. Accounting Standards and Policies A summary of the significant accounting policies adopted by the Trustee-Manager in the preparation of the Profit Forecast is set out in Appendix 1. The accounting policies used in the preparation of the Profit Forecast are consistent with those normally adopted by TCT. There is no change in applicable accounting standards or other financial reporting requirements that may have a material effect on the Profit Forecast. IMPORTANT NOTICE The value of units ( Units ) in Treasury China Trust ( TCT ) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, TCT, the Trustee-Manager, or any of its affiliates. The past performance of TCT is not indicative of the future performance of TCT. Certain statements in this announcement constitute forward-looking statements. Such forward-looking statements and financial information are based on numerous assumptions regarding TCT s present and future business, and its strategies and the environment in which TCT will operate in the future. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of TCT, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. These forward-looking statements and financial information speak only as at the date of this announcement. TCT expressly disclaims any obligation or undertaking to release publicly any updates of or revisions to any forward-looking statement or financial information contained herein to reflect any change in TCT s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement or information is based, subject to compliance with all applicable laws and regulations and/or the rules of the SGX-ST and/or any other relevant regulatory or supervisory body or agency. 10

11 Appendix 1 Treasury China Trust Summary of Significant Accounting Policies (relevant to Net Property Income) (a) (i) Basis of consolidation Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. When share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree s employees (acquiree s awards) and relate to past services, then all or a portion of the amount of the acquirer s replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based value of the replacement awards compared with the market-based value of the acquiree s awards and the extent to which the replacement awards relate to past and/or future service. (ii) Subsidiaries Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. 11

12 (iii) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates and joint ventures are eliminated against the investment to the extent of the Group s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b) Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are retranslated to the functional currency at the exchange rate at that date. The foreign exchange differences are recognised in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured at cost are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of available-for-sale equity instruments effective, or qualifying cash flow hedges, which are recognised in other comprehensive income. (ii) Foreign operations The assets and liabilities of foreign operations, excluding goodwill and fair value adjustments arising on acquisition, are translated to Singapore dollars at exchange rates at the end of the reporting period. The income and expenses of foreign operations are translated to Singapore dollars at exchange rates at the dates of the transactions. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or 12

13 loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation. These are recognised in other comprehensive income, and are presented in the translation reserve in equity. (c) Investment properties Investment properties are properties held either to earn rental income or for capital appreciation or for both, or are being constructed or developed for future use as investment property. Investment properties are stated at initial cost on acquisition, and at fair value thereafter, with any change therein recognised in profit or loss. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property to a working condition for their intended use and capitalised borrowing costs. Valuations are determined in accordance with the Trust Deed, which requires the investment properties to be valued by independent registered valuers at least once a year. (d) Property, Plant and equipment Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised net within other income in profit or loss. 13

14 Subsequent costs The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful life of 5 to 20 years. Depreciation methods, useful lives and residual values are reviewed at each reporting date. (e) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. (f) Revenue recognition Rental income receivable under operating leases is recognised in profit or loss on a straight-line basis over the term of the lease, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased assets. Lease incentives granted are recognised as an integral part of the total rental to be received. Contingent rentals are recognised as income in the accounting period on a receipt basis. No contingent rentals are recognised if there are uncertainties due to the possible return of amounts received. 14

15 (g) Expenses (i) Trustee s fees and manager s fees Trustee s and manager s fees are recognised on an accrual basis based on the applicable formula stipulated in Note 1. (ii) Property and administrative expenses Property and administrative expenses are recognised on an accrual basis. 15

16

17

The consolidated financial statements of

The consolidated financial statements of Our 2014 financial statements The consolidated financial statements of plc and its subsidiaries (the Group) for the year ended 31 December 2014 have been prepared in accordance with International Financial

More information

Group Accounting Policies For the year ended 30 September 2014

Group Accounting Policies For the year ended 30 September 2014 91 Group Accounting Policies The consolidated financial statements have been prepared in accordance with IFRS as endorsed by the EU and in accordance with the Companies Act 2006, as applicable to companies

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

Notes to the financial statements Year ended 31 December 2011

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 12 March 2012. 1 Domicile and activities City Developments

More information

SIGNIFICANT GROUP ACCOUNTING POLICIES

SIGNIFICANT GROUP ACCOUNTING POLICIES SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

Constituted in the Republic of Singapore pursuant to a trust deed dated 28 November 2005 (as amended)

Constituted in the Republic of Singapore pursuant to a trust deed dated 28 November 2005 (as amended) Constituted in the Republic of Singapore pursuant to a trust deed dated 28 November 2005 (as amended) FORECAST CONSOLIDATED STATEMENT OF TOTAL RETURN AND DISTRIBUTABLE INCOME OF K-REIT ASIA IN CONNECTION

More information

Principal Accounting Policies

Principal Accounting Policies 1. Basis of Preparation The accounts have been prepared in accordance with Hong Kong Financial Reporting Standards ( HKFRS ). The accounts have been prepared under the historical cost convention as modified

More information

136 ST ENGINEERING / ABOVE & BEYOND

136 ST ENGINEERING / ABOVE & BEYOND 136 ST ENGINEERING / ABOVE & BEYOND Independent auditors report Members of the Company Singapore Technologies Engineering Ltd Report on the financial STATEMENTS We have audited the accompanying financial

More information

Acal plc. Accounting policies March 2006

Acal plc. Accounting policies March 2006 Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting

More information

Notes to the Financial Statements

Notes to the Financial Statements These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1. General The Company is a public limited company domiciled and incorporated in Singapore.

More information

Summary of Certain Differences between SFRS and US GAAP

Summary of Certain Differences between SFRS and US GAAP Summary of Certain Differences between and SUMMARY OF CERTAIN DIFFERENCES BETWEEN AND The combined financial statements and the pro forma consolidated financial information of our Group included in this

More information

ACCOUNTING POLICIES. with a significant risk of material adjustment in the next year are discussed in note 20.2.

ACCOUNTING POLICIES. with a significant risk of material adjustment in the next year are discussed in note 20.2. ACCOUNTING POLICIES Allied Technologies Limited ( the company ) is a South African registered company. The consolidated financial statements of the company for the year ended 28 February 2011 comprise

More information

Notes to the Financial Statements For the year ended 31 December 2004

Notes to the Financial Statements For the year ended 31 December 2004 1. GENERAL The Company was incorporated in the Cayman Islands on 16 April 2003 as an exempted company with limited liability under the Companies Law (2002 Revision) of the Cayman Islands and its shares

More information

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 NIS IN THOUSANDS INDEX Page Auditors' Reports 2-4 Consolidated Statements of Financial

More information

KOREAN AIR LINES CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

KOREAN AIR LINES CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements Consolidated Financial Statements December 31, 2015 (With Independent Auditors Report Thereon) Contents Page Independent Auditors Report 1 Consolidated Statements of Financial Position 3 Consolidated Statements

More information

Annual Report 2012 PJSC

Annual Report 2012 PJSC Annual 2012 Report Annual Report 2012 Contents Page Directors Report -------------------------------------------------------------- 1-2 Consolidated Financial Statements Independent Auditors Report ----------------------------------------

More information

ACCOUNTING POLICIES. for the year ended 30 June 2014

ACCOUNTING POLICIES. for the year ended 30 June 2014 ACCOUNTING POLICIES REPORTING ENTITIES City Lodge Hotels Limited (the company) is a company domiciled in South Africa. The group financial statements of the company as at and comprise the company and its

More information

Notes to the Consolidated Financial Statements

Notes to the Consolidated Financial Statements 1. General The Company is a public limited company incorporated in Hong Kong and its shares are listed on The Stock Exchange of Hong Kong Limited (the Stock Exchange ). The address of the registered office

More information

Preliminary Final report

Preliminary Final report Appendix 4E Rule 4.3A Preliminary Final report AMCOR LIMITED ABN 62 000 017 372 1. Details of the reporting period and the previous corresponding period Reporting Period: Year Ended Previous Corresponding

More information

NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 (Currency - Singapore dollars unless otherwise stated)

NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 (Currency - Singapore dollars unless otherwise stated) 117 These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1. General The Company is a public limited company domiciled and incorporated in Singapore.

More information

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014 46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and

More information

Notes to Consolidated Financial Statements (forming part of the financial statements)

Notes to Consolidated Financial Statements (forming part of the financial statements) Notes to Consolidated Financial Statements 85 1 Reporting entity DP World Limited ( the Company ) was incorporated on 9 August 2006 as a Company Limited by Shares with the Registrar of Companies of the

More information

Cash Flow Statements

Cash Flow Statements STATUTORY BOARD FINANCIAL SB-FRS 7 REPORTING STANDARD Cash Flow Statements SB-FRS 7 Cash Flow Statements applies to Statutory Boards for annual periods beginning on or after 1 January 2009. This Standard

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011 SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Year ended SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS For the year ended The information contained in

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 INTERIM MANAGEMENT REPORT (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2013 1. Key Risks and uncertainties Risks and uncertainties

More information

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide.

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide. POLICY Area covered ACCOUNTING POLICY This Policy is University-wide Approval date 5 May 2016 Policy Statement Intent Scope Effective date 5 May 2016 Next review date 5 May 2019 To establish decisions,

More information

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention. Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required

More information

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015)

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015) POLICY 1. Objective To adopt Full Accrual Accounting and all other applicable Accounting Standards. 2. Local Government Reference Local Government Act 1995 Local Government (Financial Management) Regulations

More information

Accounting policies. liabilities within the next financial year are outlined below and disclosed in the relevant notes to the financial statements.

Accounting policies. liabilities within the next financial year are outlined below and disclosed in the relevant notes to the financial statements. Accounting policies Clicks Group Limited is a company domiciled in South Africa. The consolidated financial statements as at and for the year ended 31 August 2015 comprise the company and its subsidiaries

More information

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2012

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2012 SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Year ended SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS For the year ended The information contained in

More information

Notes to the Financial Statements

Notes to the Financial Statements 178 Sime Darby Berhad l Annual Report 2012 Notes to the For the financial year ended 30 June 2012 Amounts in RM million unless otherwise stated 1. Basis of Preparation a. General The Company is principally

More information

STATEMENT BY THE BOARD

STATEMENT BY THE BOARD Financial Statements 1 FINANCIAL STATEMENTS STATEMENT BY THE BOARD In our opinion, (a) the accompanying consolidated financial statements of Info-communications Development Authority of Singapore (the

More information

NOTES TO THE COMPANY FINANCIAL STATEMENTS

NOTES TO THE COMPANY FINANCIAL STATEMENTS FINANCIAL S 78 79 80 81 82 CONSOLIDATED INCOME CONSOLIDATED OF COMPREHENSIVE INCOME CONSOLIDATED OF FINANCIAL POSITION CONSOLIDATED OF CONSOLIDATED OF CHANGES IN EQUITY 83 NOTES TO THE CONSOLIDATED FINANCIAL

More information

Financials. Ahold Annual Report 2014 63. Financials

Financials. Ahold Annual Report 2014 63. Financials at a glance Financials Annual Report 2014 63 Financials Financial statements 64 Consolidated income statement 65 Consolidated statement of comprehensive income 66 Consolidated balance sheet 67 Consolidated

More information

Accounting policies for the year ended 31 March 2012

Accounting policies for the year ended 31 March 2012 Accounting policies 1. Basis of preparation The financial statements have been prepared in accordance with the Standards of GRAP including any interpretations, guidelines and directives issued by the Accounting

More information

FINANCIAL STATEMENTS 2015

FINANCIAL STATEMENTS 2015 1 Consolidated statement of comprehensive income 104 2 Consolidated statement of financial position 106 3 Consolidated statement of changes in equity 108 4 Consolidated statement of cash flows 110 5 Notes

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

Ahold Annual Report 2012 73 Ahold at a glance Our strategy Our performance Governance Financials Investors

Ahold Annual Report 2012 73 Ahold at a glance Our strategy Our performance Governance Financials Investors Ahold Annual Report 73 Ahold at a glance Our strategy Our performance Governance Financials Investors Consolidated income statement Consolidated statement of comprehensive income Consolidated balance sheet

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A CONTENTS DIRECTORS STATEMENT 1 INCOME STATEMENT 2 STATEMENT OF COMPREHENSIVE INCOME 3 STATEMENT OF FINANCIAL

More information

Financial and statutory reports

Financial and statutory reports Financial and statutory reports Understanding our reports This financial report enables readers to assess the corporation s results for the year, including our present financial position, future outlook

More information

Notes to the Financial Statements

Notes to the Financial Statements Report 2005 Notes to the Financial Statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the directors on 28 February 2006. 1 Domicile

More information

Income Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD

Income Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD Income Taxes This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective for annual periods beginning

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements Consolidated Income Statement for the year ended 30 June Consolidated Financial Statements Notes $'000 $'000 Revenue from continuing operations 437,459 336,460 Employee

More information

Consolidated Financial Statements of

Consolidated Financial Statements of Consolidated Financial Statements of For the years ended, and INDEPENDENT AUDITORS REPORT To the Shareholders of Horizon North Logistics Inc. We have audited the accompanying consolidated financial statements

More information

Fiat Group Consolidated Financial Statements

Fiat Group Consolidated Financial Statements Fiat Group 120 Income Statement 121 Statement of Comprehensive Income 122 Statement of Position 124 Statement of Cash Flows 125 Statement of Changes in Equity 126 Income Statement pursuant to Consob Resolution

More information

IPSAS 16 - INVESTMENT PROPERTY as adopted by the Maltese Government

IPSAS 16 - INVESTMENT PROPERTY as adopted by the Maltese Government IPSAS 16 - INVESTMENT PROPERTY as adopted by the Maltese Government Issued DD/MM/YY This Standard was issued by the IPSAS Implementation Board pursuant to section X of the X Act 201X IPSAS 16 IPSAS 16

More information

Reporting under IFRSs. Example consolidated financial statements 2013 and guidance notes

Reporting under IFRSs. Example consolidated financial statements 2013 and guidance notes Reporting under IFRSs Example consolidated financial statements 2013 and guidance notes Important Disclaimer: This document has been developed as an information resource. It is intended as a guide only

More information

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary. 87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company

More information

Accounting and reporting by charities

Accounting and reporting by charities 10. Balance sheet Introduction 10.1. All charities preparing accruals accounts must prepare a balance sheet at the end of each reporting period which gives a true and fair view of their financial position.

More information

ANNUAL FINANCIAL RESULTS

ANNUAL FINANCIAL RESULTS ANNUAL FINANCIAL RESULTS For the year ended 31 July 2013 ANNUAL FINANCIAL RESULTS 2013 FONTERRA CO-OPERATIVE GROUP LIMITED Contents: DIRECTORS STATEMENT... 1 INCOME STATEMENT... 2 STATEMENT OF COMPREHENSIVE

More information

The Effects of Changes in Foreign Exchange Rates

The Effects of Changes in Foreign Exchange Rates STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 21 The Effects of Changes in Foreign Exchange Rates SB-FRS 21 The Effects of Changes in Foreign Exchange Rates was operative for Statutory Boards financial

More information

Accounting policies Basis of preparation Significant judgements, key assumptions and estimates Revenue recognition Impairment

Accounting policies Basis of preparation Significant judgements, key assumptions and estimates Revenue recognition Impairment Accounting policies Basis of preparation The accounts have been prepared in accordance with the Companies Act 2006 applicable to companies reporting under International Financial Reporting Standards (IFRS)

More information

Pro-forma Consolidated Financial Statements 31 December 2006

Pro-forma Consolidated Financial Statements 31 December 2006 Pro-forma Consolidated Financial Statements 31 December 2006 These pro-forma consolidated financial statements contain 45 pages Contents Pro-forma Consolidated Balance Sheet 2 Pro-forma Consolidated Income

More information

International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates

International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates Objective 1 An entity may carry on foreign activities in two ways. It may have transactions in foreign currencies or

More information

Notes to the Financial Statements

Notes to the Financial Statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on February 26, 2009. 1. DOMICILE AND ACTIVITIES Sembcorp Industries

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

IFRS Illustrative Consolidated Financial Statements 2014

IFRS Illustrative Consolidated Financial Statements 2014 IFRS Illustrative Consolidated Financial Statements 2014 1 PKF International Limited administers a network of legally independent member firms which carry on separate businesses under the PKF Name. PKF

More information

FUNDAMENTALS OF IFRS

FUNDAMENTALS OF IFRS INVESTMENT PROPERTY (IAS 40) FUNDAMENTALS OF IFRS 20.1 FUNDAMENTALS OF IFRS CHAPTER 20 Investment Property (IAS 40) 20.2 CHAPTER TWENTY INVESTMENT PROPERTY (IAS 40) 20 Introduction Investment Property

More information

Consolidated Statement of Financial Position Sumitomo Corporation and Subsidiaries As of March 31, 2016 and 2015. Millions of U.S.

Consolidated Statement of Financial Position Sumitomo Corporation and Subsidiaries As of March 31, 2016 and 2015. Millions of U.S. Consolidated Statement of Financial Position Sumitomo Corporation and Subsidiaries As of March 31, 2016 and 2015 ASSETS Current assets: Cash and cash equivalents 868,755 895,875 $ 7,757 Time deposits 11,930

More information

Acerinox, S.A. and Subsidiaries. Consolidated Annual Accounts 31 December 2014. Consolidated Directors' Report 2014. (With Auditors Report Thereon)

Acerinox, S.A. and Subsidiaries. Consolidated Annual Accounts 31 December 2014. Consolidated Directors' Report 2014. (With Auditors Report Thereon) Acerinox, S.A. and Subsidiaries Consolidated Annual Accounts 31 December 2014 Consolidated Directors' Report 2014 (With Auditors Report Thereon) (Free translation from the original in Spanish. In the event

More information

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS NAS 21 NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS CONTENTS Paragraphs OBJECTIVE 1 SCOPE 2-14 Identifying a business combination 5-10 Business combinations involving entities under common control

More information

A cou ccount nt in i g ng P P olic olici ies es Basis of accounting New Standards and Interpretations not yet applied

A cou ccount nt in i g ng P P olic olici ies es Basis of accounting New Standards and Interpretations not yet applied Accounting Policies Basis of accounting The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted for use in the European Union (EU) and

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

Example Consolidated Financial Statements. International Financial Reporting Standards (IFRS) Illustrative Corporation Group 31 December 2010

Example Consolidated Financial Statements. International Financial Reporting Standards (IFRS) Illustrative Corporation Group 31 December 2010 Example Consolidated Financial Statements International Financial Reporting Standards (IFRS) Illustrative Corporation Group 1 Introduction 2010 The preparation of financial statements in accordance with

More information

Pensonic Holdings Berhad (Company No P) (Incorporated in Malaysia) and its subsidiaries Financial statements for the year ended 31 May 2014

Pensonic Holdings Berhad (Company No P) (Incorporated in Malaysia) and its subsidiaries Financial statements for the year ended 31 May 2014 Pensonic Holdings Berhad (Company No. 300426 - P) (Incorporated in Malaysia) and its subsidiaries Financial statements for the year ended 31 May 2014 1 Pensonic Holdings Berhad (Company No. 300426 - P)

More information

Income statements. Earnings per share: Basic and diluted earnings per share 10 13.46 10.76 2012 $000 2012 $000 2013 $000 2013 $000.

Income statements. Earnings per share: Basic and diluted earnings per share 10 13.46 10.76 2012 $000 2012 $000 2013 $000 2013 $000. 46 Financial statements Income statements For the year ended 30 June Notes Income Airfield income 81,573 77,299 81,573 77,299 Passenger services charge 120,242 83,081 120,242 83,081 Terminal services charge

More information

The Effects of Changes in Foreign Exchange Rates

The Effects of Changes in Foreign Exchange Rates Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority.

More information

Technical Factsheet 189 Intangible Fixed Assets

Technical Factsheet 189 Intangible Fixed Assets Technical Factsheet 189 Intangible Fixed Assets CONTENTS Page 1 Introduction 1 2 Legislative requirement 1 3 Accounting standards 2 4 Example 9 5 Checklist 10 6 Sources of information 12 This technical

More information

Zamil Industrial Investment Company (Saudi Joint Stock Company) and its Subsidiaries

Zamil Industrial Investment Company (Saudi Joint Stock Company) and its Subsidiaries Zamil Industrial Investment Company (Saudi Joint Stock Company) and its CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) AND AUDITORS' LIMITED REVIEW REPORT 30 JUNE 2015 1 ACTIVITIES Zamil industrial

More information

Indian Accounting Standard (Ind AS) 12. Income Taxes

Indian Accounting Standard (Ind AS) 12. Income Taxes Indian Accounting Standard (Ind AS) 12 Contents Income Taxes Paragraphs Objective Scope 1 4 Definitions 5 11 Tax base 7 11 Recognition of current tax liabilities and current tax assets 12 14 Recognition

More information

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Overview business review sustainability and governance performance financials additional information 123 ANNUAL REPORT For the financial year ended 31 March These notes form an integral part of and should

More information

Statement of Cash Flows

Statement of Cash Flows HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial

More information

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12 International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

Sri Lanka Accounting Standard LKAS 12. Income Taxes

Sri Lanka Accounting Standard LKAS 12. Income Taxes Sri Lanka Accounting Standard LKAS 12 Income Taxes CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD-LKAS 12 INCOME TAXES OBJECTIVE SCOPE 1 4 DEFINITIONS 5 11 Tax base 7 11 RECOGNITION OF CURRENT TAX LIABILITIES

More information

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES CONTENTS Paragraphs OBJECTIVE SCOPE 1-4 DEFINITIONS 5-11 Tax Base 7-11 RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS 12-14 RECOGNITION

More information

Adviser alert Example Consolidated Financial Statements 2011 October 2011

Adviser alert Example Consolidated Financial Statements 2011 October 2011 Adviser alert Example Consolidated Financial Statements 2011 October 2011 Overview The Grant Thornton International IFRS team have published the 2011 version of the Reporting under IFRS: Example Consolidated

More information

CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER 2015

CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER 2015 56 Neptune Orient Lines Limited (incorporated in Singapore) and its Subsidiaries Annual Report CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER Continuing operations Revenue 4 5,382,596

More information

GULF PHARMACEUTICAL INDUSTRIES (A PUBLIC SHAREHOLDING COMPANY) RAS AL KHAIMAH - UNITED ARAB EMIRATES

GULF PHARMACEUTICAL INDUSTRIES (A PUBLIC SHAREHOLDING COMPANY) RAS AL KHAIMAH - UNITED ARAB EMIRATES GULF PHARMACEUTICAL INDUSTRIES (A PUBLIC SHAREHOLDING COMPANY) RAS AL KHAIMAH - UNITED ARAB EMIRATES CONSOLIDATED INTERIM FINANCIAL INFORMATION AND REVIEW REPORT FOR THE SIX MONTH PERIOD ENDED JUNE 30,

More information

CHINA ENERGY ENGINEERING CORPORATION LIMITED*

CHINA ENERGY ENGINEERING CORPORATION LIMITED* Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 1 SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information

NOTES TO THE ANNUAL FINANCIAL STATEMENTSNOTE

NOTES TO THE ANNUAL FINANCIAL STATEMENTSNOTE NOTES TO THE ANNUAL FINANCIAL STATEMENTSNOTE Notes to the ANNUAL FINANCIAL STATEMENTS 19 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these

More information

NEPAL ACCOUNTING STANDARDS ON INVESTMENT PROPERTY

NEPAL ACCOUNTING STANDARDS ON INVESTMENT PROPERTY NAS 19 NEPAL ACCOUNTING STANDARDS ON INVESTMENT PROPERTY CONTENTS Paragraphs OBJECTIVE 1 SCOPE 2-5 DEFINITIONS 6-16 RECOGNITION 17-20 MEASUREMENT AT RECOGNITION 21-30 MEASUREMENT AFTER RECOGNITION 31-57

More information

International Accounting Standard 12 Income Taxes

International Accounting Standard 12 Income Taxes EC staff consolidated version as of 21 June 2012, EN IAS 12 FOR INFORMATION PURPOSES ONLY International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the

More information

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C.

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Financial statements and independent auditor s report for the year ended 31 December 2012 ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Contents Pages Independent

More information

Consolidated Financial Statements For the Year Ended 31 December 2015

Consolidated Financial Statements For the Year Ended 31 December 2015 Consolidated Financial Statements For the Year Ended 31 December 2015 Consolidated Statement of Financial Position As at 31 December 2015 2015 2014 ASSETS Notes QR000 QR000 Cash and Balances with Central

More information

Rabobank Group. Consolidated Financial Statements 2005. prepared in accordance with International Financial Reporting Standards

Rabobank Group. Consolidated Financial Statements 2005. prepared in accordance with International Financial Reporting Standards Rabobank Group Consolidated Financial Statements 2005 prepared in accordance with International Financial Reporting Standards Rabobank Group Consolidated Financial Statements 2005 This publication, the

More information

Accounting and reporting by charities EXPOSURE DRAFT

Accounting and reporting by charities EXPOSURE DRAFT 10. Balance sheet Introduction 10.1. All charities preparing accruals accounts must prepare a balance sheet at the end of each reporting period which gives a true and fair view of their financial position.

More information

DBS BANK LTD (Incorporated in Singapore. Registration Number: 196800306E) AND ITS SUBSIDIARIES

DBS BANK LTD (Incorporated in Singapore. Registration Number: 196800306E) AND ITS SUBSIDIARIES DBS BANK LTD (Incorporated in Singapore. Registration Number: 196800306E) AND ITS SUBSIDIARIES FINANCIAL STATEMENTS For the financial year ended 31 December 2013 Financial Statements Table of Contents

More information

HKAS 12 Revised May November 2014. Hong Kong Accounting Standard 12. Income Taxes

HKAS 12 Revised May November 2014. Hong Kong Accounting Standard 12. Income Taxes HKAS 12 Revised May November 2014 Hong Kong Accounting Standard 12 Income Taxes HKAS 12 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard

More information

Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates

Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates Contents Paragraph OBJECTIVE 1-2 SCOPE 3-7 DEFINITIONS 8-16 Elaboration on the definitions 9-16 Functional currency

More information

International Financial Reporting Standard 3 Business Combinations

International Financial Reporting Standard 3 Business Combinations International Financial Reporting Standard 3 Business Combinations Objective 1 The objective of this IFRS is to improve the relevance, reliability and comparability of the information that a reporting

More information

FRS 102 LLP Example Financial Statements

FRS 102 LLP Example Financial Statements FRS 102 LLP Example Financial Statements Issued February 2016 2016 Grant Thornton UK LLP. All rights reserved. 1 FRS 102 LLP - Example financial statements issued February 2016 Introduction These illustrative

More information

C2W Music Ltd. Report To The Shareholders Financial Statements Ended September 30 th, 2015

C2W Music Ltd. Report To The Shareholders Financial Statements Ended September 30 th, 2015 C2W Music Ltd. Report To The Shareholders Financial Statements Ended September 30 th, The Board of Directors of C2W Music Limited (the Company ) is pleased to announce the financial results th for the

More information

Notes to the consolidated financial statements For the year ended 31 December 2014

Notes to the consolidated financial statements For the year ended 31 December 2014 124 Annual report and accounts Notes to the consolidated financial statements For the year ended 31 December 1 Corporate information The consolidated financial statements of Limited (the Company ) for

More information