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1 GENERAL
The Company (Registration No. 196800298G) is incorporated in Singapore with its registered office and its
principal place of business at 36 Newton Road, Singapore 307964. The financial statements are expressed
in Singapore dollars, which is the functional currency of the Company.
The principal activity of the Company is that of a hotelier and investment holding. The principal activities
of the subsidiaries are disclosed in Note 11.
On 2 December 1968, the Company was listed on the Main Board of Singapore Exchange Securities Trading
Limited (“SGX-ST”).
The financial statements of the Group and the statement of financial position and statement of changes
in equity of the Company for the year ended 31 December 2012 were authorised for issue by the board of
directors on 18 March 2013.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING - The financial statements have been prepared in accordance with the historical
cost convention, except as disclosed in the accounting policies below and are drawn up in accordance with
the provisions of the Singapore Companies Act and Singapore Financial Reporting Standards (“FRS”).
ADOPTIONOF NEWAND REVISED STANDARDS - In the current financial year, the Group has adopted
all the new and revised FRSs and Interpretations of FRS (“INT FRS”) that are relevant to its operations and
effective for annual periods beginning on or after 1 January 2012. The adoption of these new/revised FRSs
and INT FRSs does not result in changes to the Group’s accounting policies and has no material effect on
the amounts reported for the current or prior years.
At the date of authorisation of these financial statements, the following FRSs, INT FRSs and amendments
to FRS that are relevant to the Group and the Company were issued but not effective:
s !MENDMENTS TO &23 0RESENTATION OF &INANCIAL 3TATEMENTS Amendments relating to Presentation
of Items of Other Comprehensive Income
s !MENDMENTS TO &23 Employee Benefits
s &23 2EVISED Separate Financial Statements
s &23 Consolidated Financial Statements
s &23 Disclosure of Interests in Other Entities
s &23 Fair Value Measurement
s !MENDMENTS TO &23 &INANCIAL )NSTRUMENTS 0RESENTATION AND &23 &INANCIAL )NSTRUMENTS
Disclosure - Offsetting Financial Assets and Financial Liabilities
s !NNUAL )MPROVEMENTS TO &23
Consequential amendments were also made to various standards as a result of these new/revised
standards.
The management anticipates that the adoption of the above FRSs and amendments to FRS that were issued
but only effective in future periods will not have a material impact on the financial statements of the Group
and the Company in the period of their initial adoption, except for the following:
Amendments to FRS 1 Presentation of Financial Statements - Amendments relating to
Presentation of Items of Other Comprehensive Income (“OCI”)
The amendment on Other Comprehensive Income (“OCI”) presentation will require the Group to present in
separate groupings, OCI items that might be recycled i.e., reclassified to profit or loss (e.g. those arising from
cash flow hedging, foreign currency translation) and those items that would not be recycled (e.g. revaluation
NOTES TO FINANCIAL STATEMENTS 31 December 2012