FY 2011 Annual Report - Sheng Siong
FY 2011 Annual Report - Sheng Siong
FY 2011 Annual Report - Sheng Siong
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<strong>Sheng</strong> <strong>Siong</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong><br />
Notes to the Financial Statements<br />
19 Income tax expenses<br />
Group<br />
Note <strong>2011</strong> 2010<br />
$’000 $’000<br />
Current tax expense<br />
Current year 6,034 6,781<br />
Under/(over) provision in respect of prior years 453 (565)<br />
6,487 6,216<br />
Deferred tax expense/(credit)<br />
Origination and reversal of temporary differences 455 (121)<br />
Under provision in respect of prior years’ deferred tax<br />
Total deferred tax expense/(credit) recognised in<br />
12 –<br />
profit and loss 13 467 (121)<br />
Income tax expense from continuing operations 6,954 6,095<br />
Reconciliation of effective tax rate<br />
Profit for the year 27,256 42,635<br />
Total income tax expense 6,954 6,095<br />
Profit before income tax 34,210 48,730<br />
Income tax expense using Singapore tax rate of 17% 5,816 8,284<br />
Income not subject to tax (52) (1,840)<br />
Expenses not deductible for tax purposes 389 216<br />
Under provision in respect of prior years’ deferred tax 12 –<br />
Under/(over) provision in respect of prior years’ current tax 453 (565)<br />
Effect of tax benefits arising from the tax losses in respect of<br />
SS Group Ltd and SS Malaysia not recognised 336 –<br />
20 Share option scheme<br />
6,954 6,095<br />
<strong>Sheng</strong> <strong>Siong</strong> Group Ltd. share option scheme (the “Scheme”) was approved by its members at an Extraordinary<br />
General Meeting held on 1 July <strong>2011</strong>. The Scheme is administered by the Company’s Remuneration Committee.<br />
Other information regarding the Scheme is set out below:<br />
• The consideration of each option is S$1.00 and the exercise price (the “Exercise Price”) for each<br />
share in respect of which an option is exercisable shall be determined and fixed by the Remuneration<br />
Committee and shall be equal to the average of the closing prices of the share for the past five market<br />
days immediately preceding the relevant date of grant of the option (the “Market Price”).<br />
67