S T A Y I N G A H E A D O F T H E G A M E - Singapore Press Holdings

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S T A Y I N G A H E A D O F T H E G A M E “The most powerful weapon in chess is to have the next move.’’ – David Bronstein (b.1924), grandmaster and writer. Benjamin Franklin (1706-1790) said that chess teaches foresight, by having to plan ahead; vigilance, by having to keep watch over the whole chess board; caution, by having to restrain ourselves from making hasty moves; and, finally, hope, by steadfastly searching for the solutions to our problems. It is no wonder that the elements of strategy associated with the world’s oldest game of skill is common to strategy in the military, political and business spheres. This is why we are using chess as the metaphor for our annual report. The theme, “Staying Ahead of the Game,” is the principal strategy and tactic of the game of chess – and of successful corporations.
C O N T E N T S “It is not a move, even the best move that you must seek, but a realisable plan.” – Eugene Alexandrovich Znosko-Borovsky, Russian professional chess player. 6 Chairman’s Message 10 Group Financial Highlights 12 Board of Directors / Board Committee Members 20 Executive Officers 26 Review by Chief Executive Officer 36 Operational Review 45 Operational Data 50 Staff Welfare 51 Corporate Citizenry 54 Significant Events 60 Corporate Governance Report 77 Segmental Operating Revenue Segmental Pre-Tax Profit 78 After-Tax Profit Profit Earnings Per Share 79 Operation Margin and Return on Operating Revenue Return on Shareholders’ Funds and Return on Assets 80 Revenue Composition Cost Composition 81 Gross Dividend Per Share Net Dividend 82 Value Added Statement 83 Group Half-Yearly Results FINANCIAL REPORT AND MISCELLANEOUS 88 Directors’ Report 96 Audited Financial Statements 96 Balance Sheets 97 Consolidated Income Statement 98 Consolidated Statement of Changes in Shareholders’ Equity 99 Consolidated Cash Flow Statement 102 Notes to the Financial Statements 144 Shareholding Statistics 149 Overseas Bureaus 152 Properties of the Group 153 Corporate Information Financial Calendar FINANCIAL REVIEW 76 Group Simplified Financial Position 94 Statement by Directors 95 Auditors’ Report 154 Notice of Annual General Meeting 160 Proxy Form
Page 1: S T A Y I N G A H E A D O F T H E G
Page 5 and 6: CHAIRMAN’S MESSAGE I am happy to
Page 7 and 8: GROUP FINANCIAL HIGHLIGHTS GROUP FI
Page 9 and 10: DIRECTORS’ PROFILE DIRECTORS’ P
Page 11 and 12: DIRECTORS’ PROFILE (CONT’D) DIR
Page 13 and 14: EXECUTIVE OFFICERS (CONT’D) EXECU
Page 15 and 16: REVIEW BY CHIEF EXECUTIVE OFFICER F
Page 17 and 18: REVIEW BY CHIEF EXECUTIVE OFFICER (
Page 19 and 20: P O S I T I O N A L A D V A N T A G
Page 21 and 22: OPERATIONAL REVIEW (CONT’D) OPERA
Page 23 and 24: OPERATIONAL REVIEW (CONT’D) OPERA
Page 25 and 26: OPERATIONAL DATA (CONT’D) OPERATI
Page 27 and 28: STAFF WELFARE CORPORATE CITIZENRY A
Page 29 and 30: September 28, 2003 Relaunch of The
Page 31 and 32: W I N N I N G T H R U S T “Never
Page 33 and 34: CORPORATE GOVERNANCE REPORT (CONT
Page 39 and 40: T H E E N D G A M E “There are ma
Page 41 and 42: FINANCIAL REVIEW (CONT’D) FINANCI
Page 43 and 44: FINANCIAL REVIEW (CONT’D) VALUE A
Page 45 and 46: 88 DIRECTORS’ REPORT 94 STATEMENT
Page 47 and 48: DIRECTORS’ REPORT FOR THE YEAR EN
Page 49 and 50: STATEMENT BY DIRECTORS AUDITORS' RE
Page 51 and 52: CONSOLIDATED STATEMENT OF CHANGES I
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NOTES TO THE FINANCIAL STATEMENTS A
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NOTES TO THE FINANCIAL STATEMENTS (
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31. Segmental Information 2004 NOTE
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HOLDERS OF MANAGEMENT SHARES AS AT
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OVERSEAS BUREAUS (CONT’D) AS AT O
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NOTICE OF ANNUAL GENERAL MEETING NO
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NOTICE OF ANNUAL GENERAL MEETING NO
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PROXY FORM IMPORTANT Notes: 1. Plea
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S T A Y I N G A H E A D O F T H E G A M E - Singapore Press Holdings

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