Notes 2022 2021 S'000 $'000 Continued operations Revenue 17 256,146 233,186 Cost of sales (150,897) (127,208) Gross profit Expenses Selling and distribution costs Administrative expenses Impairment reversal on trade receivables 105,249 105,978 (60,554) (62,936) (16,252) (17,615) 358 18 (76,448) (80,533) 28,801 25,445 Operating profit before restructuring costs Restructuring cost comprising: 30 Net gain (impairment) of property, plant and equipment Manpower cost Gain on curtailment and settlement Other expenses 4,493 (2,145) (31,528) 10,752 (14,272) (3,423) (30,555) (5,568) Operating (loss) profit after restructuring costs (1,754) 19,877 Finance income (expense)-net 20 101 (635) Other income 19 7,028 5,391 Profit before tax 5,375 24,633 Taxation credit (expense) 21 4,394 (7,702) Profit from continued operations 9,769 16,931 Profit from discontinued operations, net of tax 171,881 Profit for the year 9,769 188,812 Notes 2022 2021 S'000 S'000 ASSETS Non-current assets Property, plant and equipment Retirement benefit asset Deferred tax asset 8 4,285 8,943 9(i) 99,142 137,039 10 14,250 6,459 117,677 152,441 Current assets Inventories 11 29,250 26,808 Taxation recoverable 7,575 7,575 Trade and other receivables 12 63,988 102,948 Due from related companies 13 74,491 176,388 Cash at bank and in hand 171,778 118,132 Assets held for sale 31 58,146 347,082 489,997 464,759 642,438 Total assets EQUITY AND LIABILITIES EQUITY Stated capital 14 26,244 26,244 Property revaluation surplus 36,568 Retained earnings 311,319 414,131 337,563 476,943 Total equity LIABILITIES Non-current liabilities Retirement and termination benefit obligation 9(ii) 3,085 6,989 Lease liabilities 27 1,979 605 Deferred tax liabilities 10 ༤ 29,105 40,104 34,169 47,698 Current liabilities Trade and other payables 15 72,280 63,400 Lease liabilities 27 711 4,170 Due to related companies 13 14,878 31,528 Provisions for other liabilities 16 5,158 15,750 Liabilities directly associated with the assets held for sale 31 2,949 93,027 117,797 Total liabilities 127,196 165,495 Total equity and liabilities 464,759 642,438

Notes 2022 2021 S'000 $'000 Continued operations Revenue 17 256,146 233,186 Cost of sales (150,897) (127,208) Gross profit Expenses Selling and distribution costs Administrative expenses Impairment reversal on trade receivables 105,249 105,978 (60,554) (62,936) (16,252) (17,615) 358 18 (76,448) (80,533) 28,801 25,445 Operating profit before restructuring costs Restructuring cost comprising: 30 Net gain (impairment) of property, plant and equipment Manpower cost Gain on curtailment and settlement Other expenses 4,493 (2,145) (31,528) 10,752 (14,272) (3,423) (30,555) (5,568) Operating (loss) profit after restructuring costs (1,754) 19,877 Finance income (expense)-net 20 101 (635) Other income 19 7,028 5,391 Profit before tax 5,375 24,633 Taxation credit (expense) 21 4,394 (7,702) Profit from continued operations 9,769 16,931 Profit from discontinued operations, net of tax 171,881 Profit for the year 9,769 188,812 Notes 2022 2021 S'000 S'000 ASSETS Non-current assets Property, plant and equipment Retirement benefit asset Deferred tax asset 8 4,285 8,943 9(i) 99,142 137,039 10 14,250 6,459 117,677 152,441 Current assets Inventories 11 29,250 26,808 Taxation recoverable 7,575 7,575 Trade and other receivables 12 63,988 102,948 Due from related companies 13 74,491 176,388 Cash at bank and in hand 171,778 118,132 Assets held for sale 31 58,146 347,082 489,997 464,759 642,438 Total assets EQUITY AND LIABILITIES EQUITY Stated capital 14 26,244 26,244 Property revaluation surplus 36,568 Retained earnings 311,319 414,131 337,563 476,943 Total equity LIABILITIES Non-current liabilities Retirement and termination benefit obligation 9(ii) 3,085 6,989 Lease liabilities 27 1,979 605 Deferred tax liabilities 10 ༤ 29,105 40,104 34,169 47,698 Current liabilities Trade and other payables 15 72,280 63,400 Lease liabilities 27 711 4,170 Due to related companies 13 14,878 31,528 Provisions for other liabilities 16 5,158 15,750 Liabilities directly associated with the assets held for sale 31 2,949 93,027 117,797 Total liabilities 127,196 165,495 Total equity and liabilities 464,759 642,438

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 26P

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