FY 2011 Annual Report - Sheng Siong

Sheng Siong Annual Report 2011
Notes to the Financial Statements
23 Operating lease commitments – Group
The Group leases a number of shop units under operating leases. The leases typically run for an initial period
of three to six years, with an option to renew the lease after that date.
The Group has commitments for future minimum lease payments under non-cancellable operating lease as
follows:
2011 2010
$’000 $’000
Payable:
– Within 1 year 11,772 11,217
– After 1 year but within 5 years 9,511 12,646
24 Related parties
Identity of related parties
21,283 23,863
For the purpose of these financial statements, parties are considered to be related to the Group if the Group
has the ability, directly or indirectly, to control the parties or exercise significant influence over the parties in
making financial and operating decisions, or vice versa, or where the Group and the parties are subject to
common control or common significant influence. Related parties may be individuals or other entities.
Affiliated company
An affiliated company is defined as one:
a) In which a director of the Group has substantial financial interests or is in a position to exercise significant
influence; and/or
b) Which directly or indirectly, through one or more intermediaries, are under the control of a common
shareholder.
Key management personnel
Key management personnel of the Group are those persons having the authority and responsibility for
planning, directing and controlling the activities of the Group. The amounts stated below for key management
compensation are for all the executive directors.
Compensation payable to key management personnel, included in staff costs, comprises:
Group
2011 2010
$’000 $’000
Short-term employee benefits 6,952 10,342
Directors fees 140 140
7,092 10,482
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