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ANNUAL REPORT 2013 53
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying fnancial statements of Haw Par Corporation Limited (the “Company”) and
its subsidiaries (the “Group”) set out on pages 54 to 111, which comprise the consolidated statement of fnancial
position of the Group and statement of fnancial position of the Company as at 31 December 2013, the consolidated
income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in
equity and the consolidated statement of cash fows of the Group for the fnancial year then ended, and a summary
of signifcant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of fnancial statements that give a true and fair view in accordance
with the provisions of the Singapore Companies Act (the “Act”) and Singapore Financial Reporting Standards, and for
devising and maintaining a system of internal accounting controls suffcient to provide a reasonable assurance that
assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised
and that they are recorded as necessary to permit the preparation of true and fair proft and loss accounts and
statements of fnancial position and to maintain accountability of assets.
Auditor’s Responsibility
Our responsibility is to express an opinion on these fnancial statements based on our audit. We conducted our
audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the fnancial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
fnancial statements. The procedures selected depend on the auditor’s judgement, including the assessment of
the risks of material misstatement of the fnancial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation of fnancial statements that
give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the consolidated fnancial statements of the Group and the statement of fnancial position of the
Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting
Standards so as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 December
2013, and of the results, changes in equity and cash fows of the Group for the fnancial year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In our opinion, the accounting and other records required by the Act to be kept by the Company and by those
subsidiaries incorporated in Singapore, of which we are the auditors, have been properly kept in accordance with
the provisions of the Act.
PricewaterhouseCoopers LLP
Public Accountants and Chartered Accountants
Singapore,
27 February 2014
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF HAW PAR CORPORATION LIMITED
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013