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