The following table shows a comparison by category of carrying amounts of the Group’s and Company’s financial assets and liabilities that are carried in the financial statements:
|
Loans and receivables |
||
|
S$’000 |
||
|
Group |
||
|
|
||
|
Assets |
||
|
Staff loans |
818 |
|
|
Trade debtors |
187,710 |
|
|
Deposits |
5,341 |
|
|
Sundry debtors |
12,198 |
|
|
Due from related parties |
276 |
|
|
Cash and cash equivalents |
11,837 |
|
|
218,180 |
|
Liabilities at amortised cost |
Derivatives used for hedging |
Total |
||||||
|
S$’000 |
S$’000 |
S$’000 |
||||||
|
Group |
||||||||
|
|
||||||||
|
Liabilities |
||||||||
|
Creditors and accruals |
196,249 |
– |
196,249 |
|||||
|
Due to related parties |
383 |
– |
383 |
|||||
|
Borrowings |
303,300 |
– |
303,300 |
|||||
|
Derivative liabilities |
– |
881 |
881 |
|||||
|
499,932 |
881 |
500,813 |
|
Loans and receivables |
Fair value through profit or loss |
Total |
||||||
|
S$’000 |
S$’000 |
S$’000 |
||||||
|
Group |
||||||||
|
|
||||||||
|
Assets |
||||||||
|
Staff loans |
1,208 |
– |
1,208 |
|||||
|
Trade debtors |
178,228 |
– |
178,228 |
|||||
|
Deposits |
4,962 |
– |
4,962 |
|||||
|
Sundry debtors |
10,399 |
– |
10,399 |
|||||
|
Fair value adjustment of forward currency contracts |
– |
237 |
237 |
|||||
|
Due from related parties |
503 |
– |
503 |
|||||
|
Cash and cash equivalents |
8,783 |
– |
8,783 |
|||||
|
204,083 |
237 |
204,320 |
|
Liabilities at amortised cost |
Derivatives used for hedging |
Total |
||||||
|
S$’000 |
S$’000 |
S$’000 |
||||||
|
Group |
||||||||
|
|
||||||||
|
Liabilities |
||||||||
|
Creditors and accruals |
158,358 |
– |
158,358 |
|||||
|
Due to related parties |
838 |
– |
838 |
|||||
|
Borrowings |
316,000 |
– |
316,000 |
|||||
|
Derivative liabilities |
– |
189 |
189 |
|||||
|
475,196 |
189 |
475,385 |
|
Loans and receivables |
||
|
S$’000 |
||
|
Company |
||
|
|
||
|
Assets |
||
|
Staff loans |
818 |
|
|
Trade debtors |
185,566 |
|
|
Deposits |
3,912 |
|
|
Sundry debtors |
10,268 |
|
|
Due from related parties and subsidiaries |
7,484 |
|
|
Cash and cash equivalents |
6,614 |
|
|
214,662 |
|
Liabilities at amortised cost |
Derivatives used for hedging |
Total |
||||||
|
S$’000 |
S$’000 |
S$’000 |
||||||
|
Company |
||||||||
|
|
||||||||
|
Liabilities |
||||||||
|
Creditors and accruals |
137,265 |
– |
137,265 |
|||||
|
Due to related parties and subsidiaries |
54,685 |
– |
54,685 |
|||||
|
Borrowings |
303,300 |
– |
303,300 |
|||||
|
Derivative liabilities |
– |
881 |
881 |
|||||
|
495,250 |
881 |
496,131 |
|
Loans and receivables |
Fair value through profit or loss |
Total |
||||||
|
S$’000 |
S$’000 |
S$’000 |
||||||
|
Company |
||||||||
|
|
||||||||
|
Assets |
||||||||
|
Staff loans |
1,208 |
– |
1,208 |
|||||
|
Trade debtors |
176,353 |
– |
176,353 |
|||||
|
Deposits |
3,631 |
– |
3,631 |
|||||
|
Sundry debtors |
6,827 |
– |
6,827 |
|||||
|
Fair value adjustment of forward currency contracts |
– |
237 |
237 |
|||||
|
Due from related parties and subsidiaries |
4,860 |
– |
4,860 |
|||||
|
Cash and cash equivalents |
8,362 |
– |
8,362 |
|||||
|
201,241 |
237 |
201,478 |
|
Liabilities at amortised cost |
Derivatives used for hedging |
Total |
||||||
|
S$’000 |
S$’000 |
S$’000 |
||||||
|
Company |
||||||||
|
|
||||||||
|
Liabilities |
||||||||
|
Creditors and accruals |
124,095 |
– |
124,095 |
|||||
|
Due to related parties and subsidiaries |
36,873 |
– |
36,873 |
|||||
|
Borrowings |
316,000 |
– |
316,000 |
|||||
|
Derivative liabilities |
– |
189 |
189 |
|||||
|
476,968 |
189 |
477,157 |
The objective of the Group’s capital management policy is to provide capacity to support business requirements and to take advantage of business opportunities that might arise, so as to enhance shareholder value. With prudent capital management, the Group aims to maintain a sustainable regular payout ratio.
The capital structure of the Group consists of borrowings, cash and cash equivalents and shareholders’ equity.
There was no change in the Group’s approach to capital management during the year.
|
Group |
Company |
||||||||||
|
2011 |
2010 |
2011 |
2010 |
||||||||
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
||||||||
|
Borrowings |
|||||||||||
|
– Current |
53,300 |
66,000 |
53,300 |
66,000 |
|||||||
|
– Non-current |
250,000 |
250,000 |
250,000 |
250,000 |
|||||||
|
Cash and cash equivalents |
11,837 |
8,783 |
6,614 |
8,362 |
|||||||
|
Shareholders’ equity |
322,547 |
302,894 |
295,602 |
281,905 |
|||||||
|
Group and Company |
|||||
|
2011 |
2010 |
||||
|
S$’000 |
S$’000 |
||||
|
Declared and paid during the financial year: |
|||||
|
|
|||||
|
7.7 cents (2010: 7.2 cents) per ordinary share (one-tier tax) |
69,726 |
64,628 |
|||
|
Special – the previous year |
|||||
|
3.5 cents per ordinary share (one-tier tax) |
31,694 |
– |
|||
|
Interim – the current year |
|||||
|
6.6 cents (2010: 6.3 cents) per ordinary share (one-tier tax) |
59,900 |
56,616 |
|||
|
161,320 |
121,244 |
||||
|
Proposed but not recognised as a liability as at 31 December: |
|||||
|
|
|||||
|
Final |
|||||
|
7.9 cents (2010: 7.7 cents) per ordinary share (one-tier tax) |
71,350 |
69,323 |
|||
|
Special |
|||||
|
Nil (2010: 3.5 cents) per ordinary share (one-tier tax) |
– |
31,527 |
|||
|
71,350 |
100,850 |
||||
The directors propose a final dividend of 7.9 cents per ordinary share (one-tier tax) in respect of the financial year ended 31 December 2011 for approval by shareholders at the forthcoming Annual General Meeting of the Company.
The financial statements for the year ended 31 December 2011 were authorised for issue in accordance with a resolution of the directors on 17 February 2012.