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These notes form an integral part of and should be read in conjunction with the accompanying financial statements
expressed in United States dollars.


1. GENERAL

The Company is domiciled and incorporated in Singapore and is listed on the Singapore Exchange. The address of its registered office is as follows :

456 Alexandra Road, #06-00 NOL Building, Singapore 119962.

The principal activities of the Company are those of owning, chartering and operating vessels, including participation in ventures related to these activities, and investment holding; incidental to these activities are disposals from time to time of shipping related equipment and vessels.

The principal activities of subsidiaries include those undertaken by the Company, and in addition provide supply chain management, warehousing, distribution and customer logistics solutions, which together constitute a global network of services spanning ocean, air, terminal and overland operations. Other activities of the subsidiaries include services relating to shipmanagement, engineering and repairs.

There have been no significant changes in the nature of these activities during the financial year.


2. SIGNIFICANT ACCOUNTING POLICIES
 

 

(a)

Basis of preparation

The financial statements are prepared in accordance with Singapore Statements of Accounting Standard (“SAS”).

The financial statements are prepared in accordance with the historical cost convention, except as disclosed in the accounting policies below.

The financial statements are expressed in United States dollars.

In 2002, the Group adopted SAS 12 (2001) Income Taxes. The effect of adopting SAS 12 is summarised in the statements of changes in shareholders’ equity and further information is disclosed in Note 3 to these financial statements.

 

 

(b)

Basis of consolidation

The consolidated financial statements include the financial statements of the Company and all its subsidiaries made up to the end of the financial year. Subsidiaries are those entities in which the Group has an interest of more than one half of the voting rights or otherwise has power to exercise control over operations. Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date on which control ceases. Intercompany balances and transactions and resulting unrealised profits are eliminated in full on consolidation, unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, accounting policies for subsidiaries have been changed to ensure consistency with the policies adopted by the Group.

Interpretation of Statement of Accounting Standard (“INT”) 5 Consolidation : Special Purpose Entities (“SPE”) requires that SPEs be consolidated when the substance of the relationship between the Group and the SPE indicates that the SPE is controlled by the Group. The name of the SPE is disclosed in Note 48.
     
 

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