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NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2012
1. Corporate information
The financial statements of Food Empire Holdings Limited (the “Company”) and its subsidiaries (collectively, the “Group”) for the
year ended 31 December 2012 were authorised for issue in accordance with a resolution of the Directors on 21 March 2013.
The Company is a limited liability company, which is domiciled and incorporated in Singapore and is listed on the Singapore Exchange
Securities Trading Limited (SGX-ST).
The registered office of the Company is located at 50 Raffles Place, #32-01, Singapore Land Tower, Singapore 048623. The principal
place of business of the Company is located at 31 Harrison Road, #08-01 Food Empire Business Suite, Singapore 369649.
The principal activity of the Company is that of an investment holding company. The principal activities and other details of the
subsidiaries are stated in Note 14 to the financial statements. There have been no significant changes in the nature of these activities
during the financial year under review.
Related parties refer to companies in which certain Directors or minority shareholders have substantial beneficial interests, and/or in
a position to exercise significant influence over the Group’s financial and operating policy decisions.
2. Summary of significant accounting policies
2.1 Basis of preparation
The consolidated financial statements of the Group and the balance sheet and statement of changes in equity of the Company have
been prepared in accordance with Singapore Financial Reporting Standards (“FRS”).
The financial statements have been prepared on a historical cost basis except as disclosed in the accounting policies below.
The Company’s functional currency is Singapore Dollars (“S$” or “SGD”) while the financial statements are presented in United
States Dollars (“US$” or “USD”). The Group adopted USD as the presentation currency as it is more reflective of the business
operations of the Group, where transactions are mostly in USD.
All values in the tables are rounded to the nearest thousand (US$’000), unless otherwise stated.
2.2 Changes in accounting policies
The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the
Group has adopted all the new and revised standards and Interpretations of FRS (“INT FRS”) that are effective for annual periods
beginning on or after 1 January 2012. The adoption of these standards and interpretations did not have any effect on the financial
performance or position of the Group and the Company, except as discussed below.
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Food Empire Holdings Limited Annual Report 2012