FY 2011 Annual Report - Sheng Siong

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Sheng Siong Annual Report 2011
CEO’s Statement & Operations
Review 总裁献词及业务回顾
Taxes
The effective tax rate for 2011 was higher than
the statutory rate of 17% because IPO expenses
are not tax deductible and there was a charge of
approximately S$0.5m relating to prior year’s tax not
provided for. IRAS has assessed tax on our gains in
the sale of investments of S$3.1m in 2009, for which
no provisions were made as we are of the view that
the gain is capital in nature. We have objected to the
assessment. Similarly, the gain in 2010 of S$9.6m
could be assessed to tax by IRAS. They have not
made any assessment on our 2010 income yet.
As a result of the lower operating profit because of
the lower turnover and the absence of one-time gains,
net profit for 2011 fell to S$27.3m from S$42.6m in
2010.
Assets and working capital
The business continues to be cash generative. We
ended the year with S$122.1m worth of cash, the
bulk of which were placed in S$ fixed deposits with
banks or financial institutions in Singapore. The term
loan to finance the new distribution centre has been
fully re-paid and the Group is debt free.
Looking ahead
After our expansionary years up to 2007, we took a
step back to consolidate the operations as our backend
support and infrastructure could not cope with
the increased volume. The measures taken included a
税务
2011年的有效税率比法定的17%高,因为首次
公开售股的开支不能扣税,而且上年没有为一
笔为数50万新元的税款拨出准备金。国内税务
局为我们2009年脱售投资取得的310万新元收
益估税。我们早前没有为此拨出税务准备金,
因为在我们看来,有关的收益属于资本收益性
质。我们已对这方面的税务评估表示不苟同。
同样地,我们于2010年获取的960万新元收益
可能会被国内税务局考虑为可估税项目。该局
目前还未为我们2010年的盈利进行任何税务评
估。
由于营业额减少导致营运盈利退低,加上没有
一次性的收益,净利从2010年的4260万新元
下跌到2011年的2730万新元。
资产与营运资本
我们的业务持续让我们现金充裕。截至2011年
底,集团持有的现金总额达1 亿 2210万新元,
其中大部分放入新加坡各家银行或金融机构作
新元定存。用来作为新分销中心融资的有期贷
款已经全数还清,因此集团目前是零债务。
展望
集团快速扩展至2007年之后,暂缓脚步为营运
进行整顿,因为我们的后勤支援与基建无法应
付生意量的激增。业务巩固期采取的措施包括
改革资讯科技系统,让采购功能中央化以及兴