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SEE HUP SENG LIMITED
Annual Report 2012
93
Notes to the Financial Statements
31 DECEMBER 2012
36 Financial Instruments (Continued)
(a) Financial Risk Management Objectives and Policies (Continued)
(iv) Foreign currency risk (Continued)
SGD USD RMB WON DONG Other Total
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
At 31 December 2011
Financial assets
Cash and cash equivalents 24,143 13,841 327 917 318 2,843 42,389
Trade and other receivables
excluding prepayments 33,904 9,122 534 913 3,596 4,038 52,107
Other financial assets 27 – 290 – – – 317
58,074 22,963 1,151 1,830 3,914 6,881 94,813
Financial liabilities
Term loan 2,481 – – – – – 2,481
Other amounts due to
bankers 16,873 39,650 – – – 1,289 57,812
Trade payables and accruals 10,939 5,971 38 – 218 313 17,479
Other payables 562 – 2 66 255 13 898
Finance lease 556 – – – – – 556
31,411 45,621 40 66 473 1,615 79,226
Net financial assets/
(liabilities) 26,663 (22,658) 1,111 1,764 3,441 5,266 15,587
Less: Forward
exchange contracts – 18,200 – – – – 18,200
Sub-total 26,663 (4,458) 1,111 1,764 3,441 5,266 33,787
Less: Net financial liabilities/
(assets) denominated
in the respective entity’s
functional currency (26,663) – (1,111) (1,764) (3,441) (5,266) (38,245)
Currency exposure – (4,458) – – – – (4,458)
Sensitivity analysis
If the Singapore dollar strengthens by 5% against United States Dollar, profit or loss after tax will
increase by:
USD
2012 2011
S$’000 S$’000
Group profit 304 185
If the Singapore dollar weakens by 5% against the relevant foreign currency, profit or loss will have
an equal but opposite effect on the above currency, assuming all other variables are unchanged.
The Company does not have any significant financial assets and liabilities denominated in foreign
currency that exposes it to foreign currency risk.