Singapore Press Holdings annual report 2011 Singapore Press ...

BUILDING
ON
OUR
STRENGTHS
Singapore Press Holdings
annual report 2011

Corporate
PROFILE
Singapore Press Holdings (SPH) is Southeast Asia’s
leading media organisation, engaging minds and enriching
lives across multiple languages and platforms.
We publish 18 newspaper titles in four languages and
more than 100 periodicals. Every day, 3 million individuals,
or 77 per cent of people above 15 years old, read one
of our publications. The online editions of our main
newspapers enjoy over 265 million page views with
18 million unique visitors every month.
Our success is built on the long history and rich heritage
of our two flagship newspapers – The Straits Times,
the English-language daily and Lianhe Zaobao, the Chineselanguage
daily. The other two dailies, Berita Harian and
Tamil Murasu, remain the staple for the Malay-speaking
and Tamil-speaking communities respectively. These four
major newspapers, together with The New Paper and
The Business Times, also provide online news to SPH’s
Internet portal, AsiaOne. SPH has also launched The
Straits Times’ iPad and enhanced iPhone applications and
The Business Times Weekend’s iPad application.
Apart from AsiaOne, SPH’s online and new media initiatives
include an online marketplace for products, services and
employment, ST701; Stomp (Straits Times Online Mobile
Print), a portal that connects, engages and interacts with
readers on the Web and via mobile phone messaging;
omy.sg, a bilingual news and interactive portal and The
Straits Times RazorTV, a free access interactive webcast
service offering live chat shows and video-on-demand clips.
We also operate two popular radio channels, 91.3 FM
in English and Radio 100.3 in Mandarin, under an 80 per
cent-owned joint venture company, SPH UnionWorks,
with NTUC Media. Both channels leverage on the brand
name and resources of our print newsrooms, giving them
that unique edge.
SPH has a 20 per cent stake in MediaCorp TV Holdings Pte
Ltd, which operates free-to-air channels 5, 8, and Channel
U, and a 40 per cent stake in MediaCorp Press Ltd,
which publishes the free newspaper, Today.
SPH’s events subsidiary Sphere Exhibits organises
innovative consumer and trade events and exhibitions.
SPH MediaBoxOffice Pte Ltd (SPHMBO) is the leading Digital
Out-of-Home advertising company in Singapore. Its digital
network comprises eight large outdoor LED screens at strategic
locations (e.g. Orchard Road, Raffles Place, etc.) and more
than 450 plasma and LCD screens in shopping centres,
banks, and petrol stations island-wide. It also operates largeformat
billboards, banners and other static media platforms.
SPHMBO also has a dedicated team of professionals that
offers customised event management services to advertisers.
On the property front, SPH owns and manages Paragon,
the prime retail and office complex in the heart of Orchard
Road, Singapore’s main shopping belt. SPH’s whollyowned
subsidiary, Times Development Pte Ltd, has also
developed a 43-storey upmarket residential condominium,
Sky@eleven, at Thomson Road. The Clementi Mall,
SPH’s latest retail mall, was opened in 2011.
As an industry leader, SPH is an active corporate citizen
and supports various community and charity causes,
ranging from education, arts and culture, wildlife conservation
and sports. It has won many awards and accolades for its
extensive corporate social responsibility efforts.
More information can be found on www.sph.com.sg

OUR MISSION
To Inform, Educate & Entertain
SPH BRAND ESSENCE
Engaging Minds, Enriching Lives
SPH BRAND STATEMENT
To be Southeast Asia’s Leading Media Organisation,
Engaging Minds and Enriching Lives Across Multiple
Languages and Platforms
CONTENTS
10
Group at
a Glance
23
Corporate
Information
52
Employee
Commentary
72
Financial
Review
11
Group Financial
Highlights
24
Senior
Management
54
Awards &
Accolades
75
Value added
Statement
12
Organisation
Structure
30
CEO’s Overview of
Group Operations
58
Corporate
Governance
76
Investor
Relations
13
Businesses and Products
Under the SPH Group
40
Significant
Events
69
Risk
Management
78
Investor
Reference
14
Chairman’s
Statement
44
Corporate Social
Responsibility
70
SPH Newspapers
Readership Trends
81
Financial
Contents
18
Board of
Directors
51
Environmental
Sustainability
71
Daily Average
Newspapers Circulation

from strength to
STRENGTH
Our strong stable of newspapers in different
languages gives our readers access to a rich
collage of news and events all in a single snapshot.
As our capabilities evolve, our conviction to deliver
to our readers timely news reporting parallels our
desire to leverage thought leadership to enrich
their global perspectives.

STRENGTH
in depth
Our decades of experience has given us the
impetus to build a rich and diverse selection of
magazine titles that encapsulates our dedication
to deliver high-quality editorial content. Today,
this vibrant and eclectic mix of publications
inspires a broad spectrum of lifestyle interests
for our readers.

STRENGTH
through connectivity
With the Internet significantly altering the media
landscape, our unwavering focus to provide our
readers with immediate access to rich online
multimedia content is equally paced by our
commitment to put the world right at their fingertips.

STRENGTH
in mobility
Transcending locales and even borders, we take
pride in our ability to transform our news and
information platforms into mobile media solutions.
Concurrently, we are creatively innovating our
offerings to help our readers stay in touch in this
digital era.

10
Group at
A GLANCE
Singapore Press Holdings annual report 2011
NEWSPAPERS
With print as its core business,
SPH publishes 18 newspaper titles
in four languages. Every day, 3
million individuals or 77 per cent
of people above 15 years old, read
one of SPH’s news publications.
With more than 1,000 journalists,
including correspondents operating
in 20 cities around the world, SPH
is well-equipped with the talent and
network to deliver quality news and
information that covers both domestic
and international markets.
MAGAZINES
SPH Magazines publishes over 100
magazine titles in Singapore and
the region, covering a broad range
of interests from fashion, bridal,
society, automobiles, parenting,
décor and information technology.
It also provides custom publishing
services covering lifestyle magazines
and newsletters. It strives to bring its
titles to regional markets and affirm
its position as the publisher of choice
in the region. It also owns popular
portals like www.hardwarezone.com,
and herworld.com.
INTERNET AND NEW MEDIA
SPH’s online editions of its key
newspapers enjoy over 265 million
page views with 18 million unique
visitors every month. SPH has also
expanded into other new media initiatives
such as online marketplace for products,
services and employment, ST701;
Stomp (Straits Times Online Mobile
Print), a portal that connects, engages
and interacts with readers on the
Web and via mobile phone messaging;
omy.sg, a bilingual news and interactive
portal and The Straits Times RazorTV,
a free access interactive webcast service
offering live chat shows and video on
demand clips. SPH has also launched The
Straits Times’ iPad and enhanced iPhone
applications and The Business Times
Weekend’s iPad application.
BROADCASTING
SPH has a 20 per cent stake in
MediaCorp TV Holdings Pte Ltd,
which operates free-to-air channels
5, 8, and Channel U, and a 40 per
cent stake in MediaCorp Press Ltd,
which publishes the free newspaper,
Today. It also operates two popular
radio channels, 91.3 FM in English and
Radio 100.3 in Mandarin, under an 80
per cent-owned joint venture company,
SPH UnionWorks, with NTUC Media.
EVENTS AND OUTDOOR MEDIA
SPH’s events subsidiary Sphere
Exhibits organises innovative
consumer and trade events and
exhibitions. SPH MediaBoxOffice Pte
Ltd is the leading Digital Out-of-Home
advertising company in Singapore.
Its digital network comprises eight
large outdoor LED screens at strategic
locations (e.g. Orchard Road, Raffles
Place, etc.) and more than 450 plasma
and LCD screens in shopping centres,
banks, and petrol stations islandwide.
It also operates large-format
billboards, banners and other static
media platforms. SPHMBO also has a
dedicated team of professionals that
offers customised event management
services to advertisers.
PROPERTIES
SPH owns and manages Paragon,
the prime retail and office complex
in the heart of Orchard Road,
Singapore’s main shopping belt.
It houses some of the world’s leading
luxury brands. SPH’s wholly-owned
subsidiary, Times Development Pte
Ltd, has also developed a 43-storey
upmarket residential condominium,
Sky@eleven, at Thomson Road.
The Clementi Mall, SPH’s latest
retail mall, was opened in 2011.

Group financial
HIGHLIGHTS
for the financial year ended August 31, 2011
11
2011 2010 Change
S$’000 S$’000 %
Operating revenue 1,250,972 1,381,071 (9.4)
Operating profit # 409,038 539,103 (24.1)
Profit before taxation 456,682 589,892 (22.6)
Profit after taxation 383,751 509,488 (24.7)
Non-controlling interests 4,824 (11,614) NM
Profit attributable to shareholders 388,575 497,874 (22.0)
Shareholders’ interests 2,232,005 2,226,282 0.3
Total assets 3,888,774 4,234,002 (8.2)
Total liabilities 1,582,185 1,927,976 (17.9)
Non-controlling interests 74,584 79,744 (6.5)
Dividends declared for the financial year 386,144 433,561 (10.9)
Profitability ratios % % % points
Operating margin^ 32.7 39.0 (6.3)
Return on operating revenue 31.1 36.0 (4.9)
Return on shareholders’ funds 17.4 22.4 (5.0)
Per share data %
Net assets (S$) 1.39 1.39 0.0
Profit attributable to shareholders (S$) 0.24 0.31 (22.6)
Dividends declared for the financial year (cents) ## 24 27 (11.1)
Dividend cover for the financial year (times) 1.0 1.1 (9.1)
Value added S$ S$ %
Per employee 223,802 256,129 (12.6)
Per $ employment costs 2.54 2.90 (12.4)
Per $ investment in property, plant and equipment (before depreciation) 0.89 1.02 (12.7)
Per $ operating revenue 0.73 0.74 (1.4)
#
^
This represents the recurring earnings of the media and property businesses. Results for the comparative period FY 2010 included profits from the
Group’s Sky@eleven development which was completed in May 2010.
Computed based on recurring earnings.
##
Dividends for both FY 2011 and FY 2010 are tax-exempt (one-tier). The proposed dividend of 17 cents per share, comprising a final dividend of 9 cents
per share and a special dividend of 8 cents per share, is subject to approval by shareholders at the Annual General Meeting on December 1, 2011.
NM Not Meaningful

12
Organisation
STRUCTURE
Singapore Press Holdings annual report 2011
BOARD OF DIRECTORS
AUDIT COMMITTEE
CHIEF EXECUTIVE OFFICER
INTERNAL AUDIT
ENGLISH
& MALAY
NEWSPAPERS
CHINESE
NEWSPAPERS
NEWSPAPER
SERVICES
MARKETING
SUPPORT
SERVICES
SUBSIDIARIES
PRODUCTION
CIRCULATION
ADMINISTRATION
CORPORATE
COMMUNICATIONS
CORPORATE
DEVELOPMENT
FINANCE
HUMAN
RESOURCES
INFORMATION
TECHNOLOGY
SECRETARIAT/
LEGAL

Businesses and products
UNDER THE SPH GROUP
13
NEWSPAPERS
English
The Straits Times
The Sunday Times
The Business Times
The Business Times
Weekend
The New Paper
The New Paper on
Sunday
tabla!
IN
Little Red Dot
Chinese
Lianhe Zaobao
Zaobao Sunday
Lianhe Wanbao
Shin Min Daily News
My Paper (bilingual)
zbCOMMA
Thumbs Up
Thumbs Up Junior
Malay
Berita Harian
Berita Minggu
i 3 Gen G
Tamil
Tamil Murasu
MAGAZINES*
Her World
Female
Nuyou
Simply Her
Young Parents
The Peak
ICON
Torque
Home & Décor
HardwareMAG
Men’s Health
Singapore
Shape Singapore
Seventeen Singapore
24:7
Action Asia
AsiaSpa
Asia-Pacific Boating
China Boating
JET Asia-Pacific
LP Luxury Properties
SilverKris
Sutra
UW (U-Weekly)
ZbBz
Wellness No. 1
Winning Post
NSMan
Home Team NS
Health No. 1
Victory Trail
* SPH has more than 100
magazine titles including
contract and licensed
titles in the region.
BOOK PUBLISHING /
CONTRACT PUBLISHING
Straits Times Press
Focus Publishing
ONLINE
Online Portals
AsiaOne.com
straitstimes.com
businesstimes.com
zaobao.com
mypaper.sg
tnp.sg
cyberita.asia1.com.sg
tamilmurasu.sg
stomp.com.sg
razor.tv
omy.sg
ShareInvestor.com
HardwareZone.com
ST701.com
701Search.com
701Sou.com
701Panduan.com
AyosDito.ph
Mudah.my
Berniaga.com
Dinkos.com.au
Herworld.com
Femalemag.com.sg
Femalebridesonline.com
Golfdigestsingapore.com
Hwbrides.com.sg
Homeanddecor.com.sg
Hardwaremag.com
Menshealth.com.sg
Nuyou.com.sg
Seventeen.com.sg
Shape.com.sg
Simplyher.com.sg
Torque.com.sg
Youngparents.com.sg
Iconsingapore.com.sg
Thepeakmagazine.com
Luxury-Insider.com
Inluxe.cn
radio913.com
radio1003.com
PROPERTIES
Retail
Paragon
The Clementi Mall
Residential
Sky@eleven
EVENTS / OUTDOOR
Sphere Exhibits
BizLink Exhibition
Services
Exhibits Inc
SPH MediaBoxOffice
Buzz Pods
RADIO
SPH UnionWorks
91.3 FM
Radio 100.3

14
Singapore Press Holdings annual report 2011
Chairman’s
STATEMENT

15
I am pleased to report that the SPH Group performed well
in the Financial Year 2010/2011.
Group revenue at $1.25 billion crossed the $1 billion
mark for the seventh consecutive year. Our creditable
performance was underpinned by higher advertisement
revenues, robust growth in rental income and continued
progress in our exhibitions and online businesses.
Revenue for the Newspaper and Magazine segment
grew year-on-year by $39 million to $1,013 million.
Print advertisement revenue rose by $42 million,
boosted by strong display advertisement sales.
Rental income for the Group continued to register
robust growth with an increase of $33 million compared
to the previous year. Overall, net profit attributable to
shareholders was $389 million, down $109 million as
FY 2010 had benefitted from the $154 million profit from
the Sky@eleven project.
BUILDING ON PRINT
SPH’s key challenge is to continue to achieve healthy
circulation figures and generate good revenue from our
core print products in this digital information age.
Despite competition from other media platforms, our print
media held its ground with our total newspaper circulation
averaging 981,339 copies per day for FY 2011, a slight
year-on-year decline of 0.2 per cent.
But there was growth in circulation for several of our
papers. The Straits Times’ average daily circulation
registered year-on-year growth of 0.6 per cent to
354,654 copies. The Business Times’ circulation also
increased by 1.5 per cent vis-à-vis the previous financial
year, while Tamil Murasu continued to enjoy robust
growth of 15.3 per cent to 16,747 copies.
$1.25 BILLION
total revenue
We continued to introduce new products and rejuvenate
existing ones to keep up with changing market needs.
Our Chinese flagship daily Lianhe Zaobao launched a
fortnightly Chinese publication, Thumbs Up Junior,
for primary one and two students in March, adding to
its portfolio of student newspapers which comprises
zbCOMMA and Thumbs Up. The Central Integrated
Newsroom of Shin Min Daily News and Lianhe Wanbao
also launched Victory Trail, a bilingual racing guide.
The New Paper revamped its Sunday edition with more
focus on entertainment news, fashion and sports. U-Weekly
celebrated its 10 th anniversary this year with a vibrant new
look, newsier content and a handy compact size.
According to the Nielsen Media Index 2010, our magazines
Her World, Female, Men’s Health and Home & Décor
remained top in their respective categories. Given the
good response from both readers and advertisers, Home &
Décor launched its inaugural annual supplement, Renovate,
while The Peak Domain and ICON Weddings changed
from annual to biannual publications.
Straits Times Press, our book publishing arm, had a fulfilling
year with the launch of new titles like “Lee Kuan Yew:
Hard Truths to keep Singapore going” and “Diplomacy:
A Singapore Experience”, both in the English and Chinese
versions. Focus Publishing’s two health related magazines,
Health No. 1 and Wellness No. 1, generated good sales
and feedback.

16
Chairman’s
STATEMENT
Singapore Press Holdings annual report 2011
ACCELERATING DIGITAL GROWTH
SPH is keenly aware of the odds stacked against any
newspaper company in the face of rapid changes in media
consumption trends. Hence, we need to sustain our
investments in the digital space and attract digital revenues.
Mobile devices like the iPhone and iPad have secured
substantial market penetration in recent years. After being
among the first to roll out iPhone apps for our products,
The Straits Times launched its iPad and enhanced iPhone
apps in August, and was greeted with encouraging
feedback and response. This will help capture younger
readers who might not be reading our newspapers
and eventually help them migrate to our print and other
products as well. This was followed by The Business Times
Weekend, which launched its new iPad app from 1 October
in celebration of The Business Times’ 35 th anniversary.
There are now smartphone applications for The Straits Times,
Stomp, The Straits Times RazorTV, AsiaOne, SoShiok (Food),
omy.sg (Entertainment) and The New Paper (Football),
with audience numbers growing consistently, and revenue
from mobile advertising rising over 40 per cent year-on-year.
There are plans to roll out more new digital platforms soon.
We have also re-launched our portals. The Straits Times
has integrated its various products like Stomp and The
Straits Times RazorTV under an enhanced ST Online
site (www.straitstimes.com). According to comScore,
straitstimes.com is the number one local news website
in terms of reach. The Business Times will launch a
finance vertical as part of a revamped BT Online
(www.businesstimes.com) and ride on the synergies
with ShareInvestor, which also re-launched its website.
SPH Magazines’ forum-based IT website,
www.hardwarezone.com, extended its regional reach as it
rolled out its new platform to Malaysia and the Philippines.
It also became the first home-grown technology magazine
to be made digitally available on the tablet platform.
In addition, SPH Magazines acquired a 34 per cent stake in
Antarctica Interactive Private Limited, the holding company
of the Luxury Insider Group which owns Luxury-Insider.com
and Inluxe.cn, on top of print titles Baccarat and ULTIMA.
Ultimately, our aim is to provide an engaging and enriching
integrated media for readers and advertisers alike. We have
the quality content, but we need to keep abreast of all the
distribution platforms and make them work for us.
WIDENING OUR BUSINESS PORTFOLIO
We expect our slew of adjacent businesses to make solid
contributions to our bottom line and shareholder value.
The Clementi Mall, which was officially opened in May,
has enjoyed 100 per cent tenancy and good catchment
from the surrounding tertiary institutions and residential
estates. Paragon refurbished its interiors to offer shoppers
an enhanced shopping experience. It continues to attract
100 per cent occupancy and strong visitorship despite fierce
competition on Orchard Road.
Sphere Exhibits, our events and exhibitions arm, has grown
from strength to strength. To date, it has become a key
player in the events and exhibitions industry. Its subsidiary,
Exhibits Inc, has hosted several well-known exhibitions
such as COMEX and IT Show, while its other subsidiary,
BizLink Exhibition Services, continues to enjoy success as
a trade fair organiser with shows like the Singapore Gifts
& Premiums Fair and Franchising & Licensing Asia.
SPH MediaBoxOffice (SPHMBO) has expanded its inmall
digital advertising network to several new locations,
offering advertisers a medium that reaches out to 80 per
cent of Singaporeans and permanent residents. With close
to 200 digital screens in 23 popular shopping malls islandwide,
it has reaffirmed its position as the out-of-home
media company with the largest in-mall digital advertising
network in Singapore.
AWARDS AND ACCOLADES
SPH has continued to garner a string of local and regional
accolades for our editorial, design, marketing and printing
excellence from local and international organisations like
the Magazine Publishers Association of Singapore (MPAS),
World Association of Newspapers and News Publishers
(WAN-IFRA), Pacific Area Newspaper Publishers’
Association (PANPA), International Newsmedia Marketing
Association (INMA) and the International Academy of the
Visual Arts (IAVA).
Our commitment to maintaining corporate transparency and
enhancing shareholder value helped us clinch the Securities
Investors Association’s Most Transparent Company award in
the Non-Electronics Manufacturing category last year. We also
won a Bronze for Best Investor Relations ($1 billion and above
market capitalisation) at the Singapore Corporate Awards 2011.
ACTIVE CORPORATE CITIZENRY
While aiming for corporate and business excellence,
we have not forgotten to give back to society. The Group
helped raise and donated more than $8 million towards
various charitable causes in 2010 alone. Besides giving to
education, charity, community, sports, arts and culture,
wildlife conservation and the environment, the SPH Staff
Volunteers Club was also set up to promote staff bonding
through volunteerism.

17
SPH is proud to have been honoured with the prestigious
President’s Social Service Award for its extensive corporate
social responsibility efforts and staff volunteerism this
year. Both SPH and the SPH Foundation were also awarded
the Corporate Platinum Award by the Community Chest.
And for being a long time supporter of the arts and culture,
SPH was named a Distinguished Patron of the Arts by the
National Arts Council for the 19 th consecutive year.
Besides dedicating our resources to different causes,
we continue to promote a caring and sharing society by
giving extensive media coverage to charitable needs and
acts. We will also make corporate social responsibility
a part of life in SPH. This includes energy and water
conservation, use of recyclable and sustainable print and
paper resources, recycling of waste and maintaining a
clean and green working environment.
INVESTING IN STAFF
We continue to invest in our greatest asset, our staff.
Besides a comprehensive range of talent management
and development programmes, we launched a Health
and Sustainability Programme to prepare our mature
employees for transition into the next phase of their
lives and to understand more about retirement and
re-employment. And with proper succession planning in
place, we saw a smooth leadership transition in Lianhe
Zaobao, Tamil Murasu and in our Production Department.
Our Human Resource efforts have won us the Singapore
Human Resources Institute’s HR Corporate Award and six
other awards. These awards attest to the importance SPH
places in our human capital management.
TRIBUTE TO FORMER CHAIRMAN AND DIRECTOR
I would like to pay a special tribute to President Tony Tan
Keng Yam, who resigned from the SPH Board on 1 July
2011 after serving as Chairman of SPH since December
2005.
I would like to put on record SPH’s heartfelt gratitude for
his leadership and contributions, and congratulate him on
being elected the seventh President of the Republic of
Singapore.
Under his leadership, SPH has transformed itself into a
leading multimedia company that transcends print and
goes beyond Singapore. Besides embarking on several
new media and online initiatives, Dr Tan expanded SPH’s
property business with Sky@eleven and The Clementi
Mall. In 2008, Sphere Exhibits was incorporated to
organise a series of trade and consumer shows catering to
a wide spectrum of interests.
I would also like to express our deepest gratitude to
Mr Yong Pung How, who has decided not to stand for
re-election at the coming Annual General Meeting.
Mr Yong was first appointed director and Deputy
Chairman of SPH after its incorporation in August 1984.
He re-joined SPH as a director in July 2007 after retiring
as Chief Justice. He is a distinguished gentleman with
vast experience and knowledge. We have benefitted
greatly from his wisdom and guidance.
NEW SPH DIRECTOR AND CHAIRMAN-DESIGNATE
On behalf of the SPH board, I would like to welcome Dr Lee
Boon Yang, who joined the SPH Board on 1 October 2011.
Dr Lee is a member of the Executive Committee,
Remuneration Committee and Nominating Committee,
and will be put up for re-election at the SPH Annual
General Meeting on 1 December. If re-elected, he will
be appointed Chairman of the Board and Chairman of the
Executive Committee and continue as a member on the
Remuneration and Nominating Committees.
With his keen insights into the media industry and his
wide-ranging track record, I am confident that he will help
steer SPH to greater heights.
A SPECIAL WORD OF THANKS
I would like to thank our management, staff, unions,
business associates, customers, readers, investors and all
other SPH stakeholders for their support this past year.
To reward our loyal shareholders, the Board has
recommended a final dividend of 17 cents per share,
comprising a normal dividend of 9 cents and a special
dividend of 8 cents. Including the interim dividend of 7 cents,
the total dividend payout for the year will be 24 cents per
share. This is in line with our track record of paying out a
high percentage of our recurring earnings as dividends.
The global economy has been weakened by the debt
crises in the United States and Europe. This came
soon after the devastating impact of Japan’s tsunami
and earthquake. With the dampening of both investor
and business confidence, SPH should be prepared
for challenging times ahead. We have weathered the
economic storm well in the past. I believe we can do it
again with everyone’s dedication and continued support.
Prof Cham Tao Soon
Acting Chairman

18
Singapore Press Holdings annual report 2011
Board of
DIRECTORS
01 Prof Cham Tao Soon
Prof Cham was appointed Deputy Chairman of SPH on
1 March 2004, and Acting Chairman on 1 July 2011. He has
spent more than 30 years in the academia sector and
currently is the Chancellor and Chairman of SIM University.
Prof Cham is also the Chairman of NSL Ltd and MFS
Technology Ltd, a director of United Overseas Bank Ltd,
Far Eastern Bank Limited, WBL Corporation Ltd and Soup
Restaurant Group Ltd.
In addition, he serves as Chairman of Singapore-China
Foundation Ltd and Nanyang Fine Arts Foundation
Ltd. He is also a director of the Singapore International
Foundation. He was a member of the Council of
Presidential Advisors and Chairman of the Singapore
Symphonia Co Ltd.
Prof Cham holds a Bachelor of Engineering (Civil,
Honours) from the University of Malaya, a Bachelor of
Science (Mathematics, Honours) from the University of
London and a Doctorate of Philosophy (Fluid Mechanics)
from Cambridge University.
02 Dr Tony Tan Keng Yam*
Dr Tan joined the SPH Board as a director on 5 September
2005 and was appointed Chairman on 2 December 2005.
He stepped down on 1 July 2011 and subsequently
became the President of the Republic of Singapore.
He was the Chairman of the National Research
Foundation, Deputy Chairman of the Research,
Innovation and Enterprise Council, and Chairman of the
Ministry of Education’s International Academic Advisory
Panel. He was also the Chairman of Singapore Press
Holdings Foundation Limited, as well as patron and
advisor to several other civic and charitable organisations.
Dr Tan was the Deputy Prime Minister and Co-ordinating
Minister for Security & Defence before he stepped
down from the Cabinet on 1 September 2005. He has
helmed the Finance, Trade & Industry, Education and
Defence ministries. He stepped down from the Cabinet
in 1991 to return to the private sector as the Chairman
and Chief Executive Officer of Oversea-Chinese Banking
Corporation, before rejoining the Cabinet in 1995. He was
also the Deputy Chairman and Executive Director of the
Government of Singapore Investment Corporation Pte Ltd.
03 04 05 06 07
01 02

19
Dr Tan is a Singapore Government State Scholar with
a First Class Honours in Physics from the University of
Singapore, an Asia Foundation scholar with a Master of
Science (Operations Research) from the Massachusetts
Institute of Technology, and a Research Scholar with
a PhD in Applied Mathematics from the University
of Adelaide. He was a lecturer in Mathematics in the
University of Singapore before joining the Oversea-
Chinese Banking Corporation in 1969.
* Resigned wef 1 July 2011
03 Dr Lee Boon Yang
Dr Lee was appointed Director of SPH on 1 October
2011. He is the Non-Executive Chairman of Keppel
Corporation Limited.
From 1991 to 2003, Dr Lee served as Minister in the
Prime Minister’s Office, Minister for Defence, Minister for
Labour and later Minister for Manpower. Prior to that,
he held several public appointments including Senior
Minister of State for Defence, National Development
and Home Affairs, and Parliamentary Secretary to the
Ministers for Environment, Finance, Home Affairs,
and Communications and Information.
Before entry into politics, he worked as a veterinarian
and R&D Officer in the Primary Production Department.
He had also worked as the Assistant Regional Director
for the US Feed Grains Council, and as Senior Project
Manager for the Primary Industries Enterprise Pte Ltd.
Dr Lee holds a B.V.Sc Hon (2A) from the University
of Queensland.
He has extensive experience in public service. He served
as the Member of Parliament for Jalan Besar and Jalan
Besar GRC from December 1984 to April 2011. He was
the Minister for Information, Communications and the
Arts before retiring from political office in March 2009.
08 09 10 11
12

20
Singapore Press Holdings annual report 2011
Board of
DIRECTORS
04 Mr Alan Chan Heng Loon
Mr Alan Chan Heng Loon was first appointed Group
President of SPH Ltd on 1 July 2002, before he was
appointed Chief Executive Officer in 2003. Mr Chan is
responsible for managing the group’s portfolio of
business which includes print, broadcasting, internet,
outdoor advertising, telephony and properties.
Mr Chan is currently on the boards of Singapore Press
Holdings Ltd and its subsidiaries, Singapore Power
Pte Ltd and its subsidiaries, MediaCorp TV Pte Ltd,
MediaCorp Press Pte Ltd and OpenNet Pte Ltd. He is
also the Chairman of the Urban Redevelopment Authority
and the Corporate Governance Council, a member of
the Public Service Commission (PSC) and a director of
Business China.
Before joining SPH, Mr Chan was an Administrative
Officer in the Civil Service. He has worked in the
Government for 25 years and some of his previous
appointments included Permanent Secretary of the
Ministry of Transport, Deputy Secretary of the Ministry
of Foreign Affairs, Principal Private Secretary to then
Senior Minister Lee Kuan Yew and Director of Manpower,
Ministry of Defence.
Mr Chan holds a Diplome d’Ingenieur from the Ecole
Nationale de l’Aviation Civile, France and MBA (with
Distinction) from INSEAD, France. He is a President’s
Scholar and was conferred the Public Administration Medal
(Gold and Silver) for his contributions to the public service.
In 2009, Mr Chan was selected by INSEAD as “one of 50
Alumni who changed the world”.
05 Mr Willie Cheng Jue Hiang
Mr Cheng was appointed a director of SPH on 1 March
2004. He is also a director of United Overseas Bank Ltd,
NTUC Fairprice Co-operative Ltd, and Singapore Health
Services Pte Ltd. He serves on the boards and councils
of several civic and charitable organisations. He is the
Chairman of Caritas Humanitarian Aid & Relief Initiatives,
Singapore and a director of the Singapore Institute of
Directors, Lien Center for Social Innovation, Council for
Third Age, Asia Philanthropic Ventures, NTUC Fairprice
Foundation Ltd and SymAsia Foundation Ltd.
Mr Cheng holds a Bachelor of Accountancy (First Class
Honours) from the University of Singapore. He is a
fellow of the Institute of Certified Public Accountants of
Singapore, the Singapore Institute of Directors and the
Singapore Computer Society.
06 Ms Chong Siak Ching
Ms Chong was appointed as a director of SPH on 22
October 2010. She is the President and Chief Executive
Officer of Ascendas Pte. Ltd. and also sits on the Boards
of Ascendas Pte Ltd and its subsidiaries. Ascendas
specializes in developing, managing and marketing IT,
science, business, industrial & logistics parks, hi-tech
facilities, office and retail space with a presence in 10
countries across Asia including Singapore, China, India
and Korea. Ms Chong was recognised as the ‘Outstanding
CEO of the Year’ in the Singapore Business Awards 2009
for her steadfast leadership and dynamism in establishing
Ascendas as Asia’s leading provider of business space
across Asia.
Ms Chong holds several external appointments which
include Deputy Chairman of Singapore Standards,
Productivity and Innovation Board (SPRING), Chairman of IE
Singapore’s Network India Steering Committee, a director
of Jurong Health Services Pte. Ltd., council member of the
Singapore Business Federation and member of the Board
of Trustees of the National University of Singapore.
Prior to this, Ms Chong was Deputy Chief Executive Officer
of JTC Corporation from 2000 to 2001. From 2004 to 2009,
Ms Chong was a member of the APEC Business Advisory
Council (“ABAC”). In addition to her normal ABAC duties,
she was appointed as Chair of the APEC CEO Summit
2009 which was held in Singapore. Ms Chong has also
served as a Board member of the Singapore Tourism Board
from 2005 to 2009.

21
Ms Chong, a licensed valuer, graduated from The National
University of Singapore (“NUS”) with an Honours Degree
in Estate Management and was awarded a Gold Medal
by the Singapore Institute of Surveyors and Valuers.
She also has a Masters in Business Administration from
NUS and has completed the Advance Management
Program at Harvard Business School. She has been
conferred with a Distinguished Alumni Award by NUS
in the Faculty of Architecture and Building Management
in 1999. In 2009, she was again conferred with a NUS
Distinguished Alumni Service Award in recognition of her
unwavering commitment and service to her alma mater.
07 Mr Ng Ser Miang
Mr Ng joined the SPH Board on 1 August 2007. He is the
Chairman of TIBS International Pte Ltd, NTUC Fairprice
Co-operative Limited and WBL Corporation Ltd, and is also
a director of Yanlord Land Group Ltd.
He was a director of Biosensors International Group Ltd,
International Factors (Singapore) Ltd, Transpac Industrial
Holdings Limited and NTUC Choice Homes Co-operative
Limited.
A former Nominated Member of Parliament, Mr Ng is also
Singapore’s non-resident Ambassador to the Republic of
Hungary and the Kingdom of Norway, Vice-President of
the International Olympic Committee (IOC) and a member
of several IOC Commissions. He was conferred the Public
Service Star and was named Outstanding Chief Executive
of the Year 1992. In addition to the Public Service Star in
1999, Mr Ng was conferred the Meritorious Service Medal
(Pingat Jasa Gemilang) by the Singapore Government for
the National Day Awards in 2010.
Mr Ng holds a BBA (Honours) from the University of
Singapore.
08 Mr Ngiam Tong Dow
Mr Ngiam was appointed to the Board on 15 March 2001.
He is a director of United Overseas Bank Ltd, Far Eastern
Bank Ltd, Yeo Hiap Seng Ltd and International Medical
Insurers Pte Ltd.
He was formerly a director of Temasek Holdings (Pte) Ltd,
Overseas Union Bank Ltd and Singapore Airlines Ltd.
Mr Ngiam has a distinguished public service career,
having served as Chairman of the Development Bank
of Singapore Ltd, Housing & Development Board,
Central Provident Fund Board, Economic Development
Board, Telecommunications Authority of Singapore,
and Deputy Chairman of the Board of Commissioners
of Currency. He was also Permanent Secretary of the
Prime Minister’s Office, the Ministries of Finance, Trade &
Industry, National Development, and Communications.
Mr Ngiam holds a Bachelor of Arts (First Class Honours) in
Economics from the University of Malaya (Singapore) and
Master of Public Administration from Harvard University.
09 Mr Sum Soon Lim
Mr Sum was appointed to the Board on 5 December 2003.
He is currently also the Chairman of SPH’s wholly-owned
subsidiary, Times Development Pte Ltd.
Mr Sum is the Chairman of Cathay International Holdings
Ltd, and Bright Vision Hospital. He also sits on the boards
of Singapore Technologies Telemedia Pte Ltd and Eastern
Health Alliance Pte Ltd.
Mr Sum received a B.Sc. (Honours) in Production
Engineering from the University of Nottingham, England.

22
Singapore Press Holdings annual report 2011
Board of
DIRECTORS
10 Mr Lucien Wong Yuen Kuai
Mr Wong was appointed a director on 15 October 2009.
He is the Managing Partner of the law firm, Allen & Gledhill
LLP, and has extensive experience in legal practice,
specialising in banking, corporate and financial services work.
Mr Wong is currently Chairman of the Maritime and
Port Authority of Singapore and a Board Member of the
Monetary Authority of Singapore. He is a member of the
Board of Trustees of National University of Singapore.
He also sits on the boards of Cerebos Pacific Limited,
Hap Seng Plantations Holdings Berhad and Singapore
Airlines Limited.
Mr Wong holds a Bachelor of Law (2nd Class Upper)
Honours degree from the University of Singapore and was
called to the Singapore Bar in 1979.
11 Dr Yeo Ning Hong
Dr Yeo was appointed to the Board on 15 March 2001.
He is an Advisor to Far East Organisation. He also serves
on several businesses, sports and civic organisations.
Dr Yeo is a former Cabinet Minister and has served
as Minister for Defence, National Development and
Communications and Information. He was previously
the Chairman of PSA Corporation Ltd, Executive
Chairman of the Singapore Technologies Group of
Companies, as well as a director of DBS Bank Ltd and
DBS Group Holdings Ltd.
Dr Yeo is a Singapore State Scholar, with a B.Sc (First Class
Honours) in Chemistry, an MSc from Singapore University,
an MA and PhD from Cambridge University, and an
Honorary Fellow of Christ’s College, Cambridge
University. He also has a distinguished academic record,
having been conferred several awards and honorary
positions in Singapore and overseas.
12 Mr Yong Pung How
Mr Yong was appointed director and Deputy Chairman of
SPH after its incorporation in August 1984. He resigned at
the end of June 1989 when he joined the Supreme Court
bench.
Following his retirement from the Supreme Court bench,
Mr Yong re-joined SPH as a director on 1 July 2007. He is
a member of the Council of Presidential Advisers and the
Chancellor of the Singapore Management University.
Mr Yong started his legal career as a partner in Shook
Lin & Bok. He was Singapore’s Chief Justice from 1990
to 2006, President of the Legal Service Commission
and the Singapore Academy of Law and Chairman of
the Presidential Council for Minority Rights. His previous
appointments include the posts of Chairman of
Malaysia-Singapore Airlines, Deputy Chairman of Malayan
Banking Berhad, and Chairman and CEO of OCBC Bank.
He headed the Government of Singapore Investment
Corporation (GIC) as well as the Monetary Authority of
Singapore (MAS).
He holds a Bachelor of Arts, Bachelor of Laws and Master
of Arts from Cambridge University; Honorary Doctor of
Laws, National University of Singapore and Singapore
Management University. He is also an Honorary Bencher
of the Inner Temple and AMP alumnus of the Harvard
Business School.
Mr Yong has been conferred the Distinguished Service
Order and the Order of Temasek (First Class).

Corporate
INFORMATION
23
Executive Committee
Auditors
Cham Tao Soon (Chairman)
Lee Boon Yang
Chan Heng Loon Alan
Sum Soon Lim
Yeo Ning Hong
Nominating Committee
Cham Tao Soon (Chairman)
Lee Boon Yang
Ng Ser Miang
Yong Pung How
Remuneration Committee
Ngiam Tong Dow (Chairman)
Lee Boon Yang
Cham Tao Soon
Willie Cheng Jue Hiang
Lucien Wong Yuen Kuai
Audit Committee
Yeo Ning Hong (Chairman)
Willie Cheng Jue Hiang
Chong Siak Ching
Lucien Wong Yuen Kuai
PricewaterhouseCoopers LLP
8 Cross Street, #17-00
PWC Building
Singapore 048424
Audit Partner:
Ooi Chee Kar
(Appointed in 2008)
Company Secretaries
Ginney Lim May Ling
Khor Siew Kim
Registered Office
1000, Toa Payoh North
News Centre
Singapore 318994
Tel: (65) 6319 6319
Fax: (65) 6319 8282
Email: sphcorp@sph.com.sg
Co.Reg.No. 198402868E
Share Registration Office
Tricor Barbinder Share Registration Services
80 Robinson Road, #02-00
Singapore 068898
Tel: (65) 6236 3333

24
Singapore Press Holdings annual report 2011
Senior
MANAGEMENT
Patrick Daniel Leslie Fong Yin Leong Robin Hu Yee Cheng
Ginney Lim May Ling
Low Huan Ping
Mable Chan Kam Man
Seow Choke Meng
Sng Ngoi May
Loh Yew Seng

25
Tony Mallek
Han Fook Kwang
Goh Sin Teck
Chua Wee Phong Anthony Cheng Ngai Man Deborah Lee Siew Yin
Tay Juay How
Quek Khin Geok

26
Singapore Press Holdings annual report 2011
Senior
MANAGEMENT
Patrick Daniel
Editor-in-Chief, English & Malay Newspapers
Mr Daniel was appointed Editor-in-Chief of the English
& Malay Newspapers Division of SPH in January 2007.
Prior to this, he was Managing Editor of the division from
September 2002 and Editor of The Business Times from
May 1992. He joined the media in October 1986 after a
stint in the Singapore Government’s Administrative Service
where his last position was Director in the Ministry of
Trade and Industry.
Mr Daniel is a director of Tamil Murasu Ltd and SPH
Magazines, and also chairs three SPH subsidiaries - SPH
UnionWorks, Straits Times Press, and Shareinvestor.com
Holdings. He is a member of the Corporate Governance
Council, and serves on the boards of Esplanade Pte Ltd,
the Institute of Southeast Asian Studies and the new
Singapore University for Technology and Design.
Mr Daniel graduated from University College, Oxford in
1976 with a Bachelor of Arts with Honours in Engineering
Sciences and Economics. He also has a Masters in Public
Administration from the Kennedy School of Government,
Harvard University.
Leslie Fong Yin Leong
Senior Executive Vice-President, Marketing
Mr Fong went to Trafalgar Primary School and then Raffles
Institution. After obtaining his Higher School Certificate,
family circumstances made it necessary for him to start
working life.
He joined The Straits Times in August 1969 and has stayed
with the company ever since. Between 1983 and 1986,
he was seconded to Shin Min Daily News, where he
became its de-facto Chief Editor. He became Editor of
The Straits Times in 1987 at the age of 37.
He handed over editorship to Mr Han Fook Kwang in
September 2002 and became Editor-at-Large with special
responsibilities for China.
In April 2005, he took over as Head of Marketing Division
and was promoted to Senior Executive Vice-President,
Marketing in January 2008.
Mr Fong also holds chairman positions in SPH
MediaBoxOffice Pte Ltd, New Beginnings Management
Consulting (Shanghai) Company Ltd, 701SOU (Hong Kong)
Pte Ltd, 701Sou (Beijing) Information Technology Co Ltd
and 701Search Pte Ltd.
Robin Hu Yee Cheng
Senior Executive Vice-President, Chinese Newspapers
& Newspaper Services
Mr Hu joined SPH in 2004 as Executive Vice-President,
Chinese Newspapers Division and Newspaper Services
Division.
Prior to joining SPH, Mr Hu held various positions at the
then National Computer Board, the Economic Development
Board and SingTel’s National Computer Systems Ltd.
Between 1995 and 2001, Mr Hu worked in China during the
start-up phase of the China-Singapore Suzhou Industrial Park
project and later as Counsellor (Industry and Investment) to
the Singapore Embassy in Beijing, before venturing into the
then burgeoning dotcom industry.
Mr Hu is Chairman of Sphere Exhibits Pte Ltd, the event
and exhibition arm of SPH; Blu Inc Media (HK) Limited,
publisher of luxury lifestyle magazines for China and
Southeast Asia markets; and Deputy Chairman of SPH
Magazines Pte Ltd.
Mr Hu serves as Chairman of the Singapore Chinese
Orchestra, Chairman of the Singapore Centre for Chinese
Language and is a trustee to the Chinese Development
Assistance Council. He is a member of the Civil Service
College Board of Directors and serves on the Board of
Governors of Hwa Chong Institution.
Mr Hu received his Bachelor of Science (Honours) in
Mathematics from the University of Kent at Canterbury
and a Master of Science in Computer Science from the
University of Wales, United Kingdom.
Tony Mallek
Chief Financial Officer
Mr Mallek joined SPH as Senior Vice-President,
Finance in June 2003. Prior to this, he was General
Manager, Finance for Intraco Ltd. Originally from Hong
Kong, he started his career in 1978 in the UK and has been
with various U.S. multinationals until 1991 when he was
posted to Singapore.
His Singapore experience has mainly been in the
healthcare industry, including general manager positions
in finance and business development for Parkway
Holdings Ltd.
Mr Mallek holds a Bachelor of Technology (Honours) in
Operations Management from Bradford University and
is a Fellow of the Chartered Institute of Management
Accountants.

27
Han Fook Kwang
Editor, The Straits Times
Mr Han was appointed Editor of The Straits Times in
September 2002.
He joined The Straits Times in February 1989 after a stint
in the Singapore Government’s Administrative Service.
He was made Political Editor in January 1995, in charge of
political coverage in The Straits Times.
He graduated from the University of Leeds in Mechanical
Engineering on a Colombo Plan Scholarship. He also holds
a Masters in Public Administration from Harvard University.
Mr Han is a member of the National University of Singapore
Board of Trustees. He was awarded the Pingat Bakti
Masyarakat (The Public Service Medal) in August 2000.
Goh Sin Teck
Editor, Lianhe Zaobao
Goh Sin Teck, 47, joined Singapore Press Holdings’
Chinese flagship paper, Lianhe Zaobao, in 1987 upon
graduating from the National University of Singapore with
a Bachelor of Arts in Sociology. He worked his way up as
a crime reporter to become the Deputy Editor of Lianhe
Zaobao and the Consulting Editor of My Paper. He also
oversees Zaobao.com, the online edition of Lianhe Zaobao.
He has served in various committees including the
Housing Development Board, Public Transport Council
and the Primary Education Review and Implementation
Committee. He is also a member of the National
Integration Council and The Charity Council.
He was appointed the Editor of Lianhe Zaobao on 1 August
2011.
Ginney Lim May Ling
General Counsel, Executive Vice-President,
Corporate Communications & Group Company Secretary
Ms Lim is the Group Company Secretary and General
Counsel in SPH. She oversees the legal, corporate secretarial,
insurances and corporate communications functions in
the Group. She is also the General Manager of Singapore
Press Holdings Foundation Limited, an Institution of Public
Character established in 2003.
director in some of the subsidiaries in the SPH Group.
Prior to that, Ms Lim was heading the Legal & Secretariat
and Public Relations departments in NTUC Income.
She was admitted as an advocate and solicitor of the
Supreme Court of Singapore in 1985 and holds a Bachelor
of Law (Honours) Degree from the National University
of Singapore. She is a Fellow in both the Institute of
Chartered Secretaries & Administrators and the Chartered
Insurance Institute.
Low Huan Ping
Executive Vice-President, Information Technology
Mr Low is the Executive Vice-President, Technology.
He has been with the Group for 24 years. Mr Low is
also a director of M1 Limited, iFast Corporation Pte Ltd,
MediaCorp Press Ltd and Shareinvestor.com Holdings Ltd.
Mr Low started his career at the Ministry of Defence,
where he subsequently headed various IT departments.
Mr Low holds a Bachelor of Arts (Honours) and Master
of Arts from Cambridge University, where he read
Engineering and a Master of Science from the University
of Singapore. He also graduated from Harvard Business
School’s Advanced Management Program.
Mable Chan Kam Man
Executive Vice-President, Human Resources
Ms Chan has been with SPH since 1997. Before taking
over as Head of Human Resources Division in June
2006, she was Senior Vice-President, Customer Service
Department, Marketing Division.
Prior to joining SPH, Ms Chan was the Executive Director
of the Marketing Institute of Singapore.
She holds a Bachelor of Applied Science degree from the
South Australian Institute of Technology and a Masters in
Business Administration from the National University of
Singapore.
Ms Lim started the Legal Secretariat Division when she
joined SPH in December 1991. She also sits on several
steering and senior management committees and is a

28
Singapore Press Holdings annual report 2011
Senior
MANAGEMENT
Chua Wee Phong
Executive Vice-President, Circulation, Newspaper
Services
Mr Chua has been with SPH for 17 years. He joined
Circulation in May 1994 and was appointed head of the
department in May 2005. He is currently the Executive
Director of Sphere Exhibits Pte Ltd.
Prior to joining SPH, Mr Chua served in the Singapore
Armed Forces (SAF) for a period of 13 years. He was
promoted to the rank of Colonel in 2005 and is currently
the Chief of Staff, 9 Division. He was awarded the Public
Administration Medal (Bronze)(Military) in August 2007.
Mr Chua graduated from the National University of
Singapore with a Bachelor of Arts (Honours) in Sociology
on an SAF scholarship.
Anthony Cheng Ngai Man
Executive Vice-President, Production, Newspaper
Services
Mr Cheng was appointed Head of Production in November
2008. He started his career in the company installing the
first printing press at the company’s mega printing site
in Jurong Industrial Estate in 1982, now known as Print
Centre.
In 1989, he oversaw the complete relocation of printing
presses out of old Times House premises to the Jurong
plant. Since then, he has project-managed another
4 GOSS Colorliner (1996), 4 KBA Commander (2002) and
manroland UNISET (2008) in the company’s stable of
printing presses. In between, he helmed various sections
in Production, overseeing Operations, Engineering,
Process and Quality Control.
Mr Cheng graduated from Maktab Teknik (fore-runner of
Universiti Technologi Malaysia) in Electrical Engineering
on a Shell Scholarship. He also holds a Post-Graduate
Diploma (Distinction) in Publishing and Printing from
London College of Printing, UK and a Master of Business
Administration from University of Strathclyde, UK.
Deborah Lee Siew Yin
Executive Vice-President, Corporate Development
Ms Lee joined SPH as Executive Vice-President,
Corporate Development, in April 2007. Prior to joining
SPH, she was a consultant, specialising in corporate
development work and mergers and acquisitions.
Before her consultancy work, Ms Lee was Senior
Vice-President, Business Development at the Wuthelam
Group, overseeing the establishment of the industrial
electronics business, real estate business development
and private equity investment for the Group in the region.
Ms Lee started her career as an auditor with
Pricewaterhouse and subsequently joined Hewlett
Packard, holding various management positions over a
period of 11 years.
She holds a Bachelor of Accountancy (Honours) and a
Master in Applied Finance from the National University of
Singapore. She is a CFA charterholder.
Seow Choke Meng
Executive Vice-President, Cultural Industry Promotion,
Chinese Newspapers Division and Times Properties
Mr Seow has been with the newspaper group for the last
31 years after spending five years in the airline industry.
He has held various positions, among which were as
General Manager, Human Resource Operations and
General Manager, Circulation cum General Manager of
Chinese Newspapers’ Editorial Services Department.
Mr Seow is currently Executive Vice-President of Cultural
Industry Promotion of Chinese Newspapers Division
and Times Properties. He is also the Executive Director
of Times Development Pte Ltd. Apart from serving in
grassroots organisations, he also serves as the Chairman
of the Promote Mandarin Council.
Mr Seow graduated from the University of Singapore with
a Bachelor of Science (Honours) degree.
Mr Cheng is the President of ASEAN Newspaper
Printers, and a Technical Advisor to El Mercurio,
Chile’s top newspaper group.

29
Sng Ngoi May
Executive Director, Orchard 290 Ltd
Mrs Sng is the Executive Director of Orchard 290 Ltd,
a wholly-owned subsidiary of the SPH Group that owns
and manages Paragon Shopping Centre and Paragon
Medical/Office Towers.
She was involved in the retrofitting purchase of the
property by SPH in 1997 and continued to oversee the
interiors and facade upgrading, the extension of the
Paragon with the merger of the Promenade site and the
overall Centre Management.
With the acquisition of The Clementi Mall in 2010,
Mrs Sng is also the Executive Director of CM Domain
Pte Ltd, a joint venture between SPH subsidiary Times
Properties, NTUC FairPrice and NTUC Income.
The Clementi Mall officially opened with 100 per cent
occupancy in May 2011. She is also the Chairman of the
Orchard Road Business Association, an appointment
that she has held since September 2006.
Between 1983 and 2005, Mrs Sng was with SPH and
last held the position of Executive Vice-President
responsible for the Group’s Properties, Administration,
Information Resource Centre, Legal/Secretariat and
Corporate Relations functions. Prior to SPH, she was in
the Government Administrative Service and worked
in the Ministries of Health, Finance and Home Affairs.
Mrs Sng holds a Master of Science from the University
of Singapore.
Loh Yew Seng
Chief Executive Officer, SPH Magazines Pte Ltd
Mr Loh was appointed Chief Executive Officer of SPH
Magazines Pte Ltd in June 2006. He joined SPH in
July 2001 and was Vice-President of Finance and Chief
Financial Officer for the magazines business group before
his current appointment.
Tay Juay How
Senior Vice-President, Administration
Mr Tay Juay How began his IT career with DBS Bank
in 1981. He joined SPH in 1989 as an IT Specialist to
set up the Data Centre Operation as part of SPH’s
Computerisation Programme.
He was appointed Assistant General Manager in 1995
to oversee the day-to-day operations of the Information
Technology Division.
He was Senior Vice-President of Information Technology
Division from 2001 to May 2011, when he was appointed
as Head of Administration.
He holds a Bachelor of Science (Honours) from the
National University of Singapore.
Quek Khin Geok
Vice-President, Internal Audit
Ms Quek holds a Bachelor of Accountancy degree from
the University of Singapore and had previously worked
in Pricewaterhouse & Co, Hong Leong Finance Ltd,
Overseas Union Bank Ltd and United Engineers Ltd.
She headed the internal audit function at United
Engineers Ltd for more than three years prior to joining
the SPH Group.
Apart from more than 20 years of experience in internal
audit, Ms Quek has been involved in external audit,
credit marketing and operations, and retail banking.
A Certified Fraud Examiner, Ms Quek is a member of
the Institute of Internal Auditors and a Fellow of three
professional bodies: The Institute of Certified Public
Accountants of Singapore (ICPAS), CPA Australia
and ACCA.
Mr Loh began his career in 1994 with Arthur Andersen
and held notable corporate finance and financial analyst
positions in Banque International à Luxembourg, Van der
Horst Limited and Visa International.
He holds a Bachelor of Accountancy, Honours (Second
Class, Upper) from Nanyang Technological University and
has been a CFA charterholder since 1999.

30
Singapore Press Holdings annual report 2011
CEO’s overview
OF GROUP OPERATIONS

31
Despite an uncertain economic
climate and a fast-changing
media landscape, SPH’s core
business remained resilient
for FY 2011.
The Group’s net profit was
$389 million. Its revenue from
the Newspaper and Magazine
segment grew year-on-year by
$39 million (4 per cent)
to $1,013 million.
Print advertisement revenue
rose by $42 million (5.7 per
cent), boosted by strong display
advertisement sales.
NEWSPAPERS
The Group’s print media held its ground against increased
competition from various new media platforms, with total
newspaper circulation averaging 981,339 copies per day,
only a slight year-on-year decline of 0.2 per cent.
SPH’s newspapers performed well during the General
Elections period, when total daily sales averaged
1,037,000 copies, an increase of 71,000 copies.
Shin Min Daily News, in particular, scored a record high
of 186,000 copies on Election Results Day.
The Straits Times held its position as the best-read
paper in Singapore with a daily readership of 1.4 million,
according to the Nielsen Media Index 2010 survey.
Aided by a subscription drive, the Group’s flagship
registered a year-on-year growth of 0.6 per cent to
354,654 copies. It also launched its iPad application as
well as a monthly newsletter for subscribers.
Lianhe Zaobao continued to establish its reputation as
an authoritative source and insightful voice of information
and opinions for Chinese communities at home and
abroad. Mr Goh Sin Teck became its new editor after
former editor Mr Lim Jim Koon retired from the post to
become its editorial advisor.
The New Paper remained the second best-read paid
English daily in Singapore (Nielsen Media Index 2010).
More significantly, it was the top choice for young readers
in the 15 to 29 age group, and the second most popular
newspaper with advertisers (Marketing Magazine).
The paper’s revamped website was launched in April 2011.

32
Singapore Press Holdings annual report 2011
CEO’s overview
OF GROUP OPERATIONS
NEWSPAPERS
The Business Times secured its position as Singapore’s
best-read business daily (Nielsen Media Index 2010).
The paper kept up its busy schedule of events including
the Singapore Business Awards and Singapore
Corporate Awards to promote excellence in the business
community.
Berita Harian continued to actively engage its community
through various activities. In March, the paper’s student
media club, Kelab Obor, celebrated its fifth anniversary.
Tamil Murasu celebrated its 75 th anniversary with a new
look. The paper sold a record 29,300 copies on May 14,
2011, the highest in its history. Mr Jawharilal Rajendran
took over the helm from Ms Nirmala Murugaian as the
Tamil daily’s editor in June this year.
tabla!, the free English weekly launched by Tamil Murasu
Ltd for the Indian community in Singapore, saw growth in
both readership and advertising revenue. The paper has a
weekly readership of about 120,000, via its 30,000 print
copies and website.
My Paper’s bilingual readership jumped in FY 2010 to
345,000, up from 320,000 the previous year. The paper
launched its Facebook page to interact with readers.
In April, the free compact paper held its fourth My
Paper Executive Look contest, attracting 530 applicants
including investment bankers, lawyers and doctors.
The Central Integrated Newsroom of Shin Min Daily News
and Lianhe Wanbao launched Victory Trail, a tabloid-size
horse racing guide in November 2010. The bilingual guide
became a must-read for all race goers.
Thumbs Up Junior, a fortnightly Chinese publication
for primary one and two students, was launched in
March 2011, adding to the existing portfolio of student
newspapers comprising zbCOMMA and Thumbs Up.
The print Classifieds business also saw a leap forward,
with the installation of a new Classified Advertisements
Sales Hub (CASH), which allowed the CATS call-centre
sales representatives to book advertisements in English,
Chinese and Malay. This opened up opportunities to
sell advertisements across different SPH publications,
and enhanced the efficiency for CATS Classified,
which handles about three million advertisements
every year.
We also launched the SPH Media Widget, an interactive
virtual tool for advertisers and advertising agencies to
download onto their computer desktop so that they can
easily access SPH’s extensive suite of cross-media products
and services when they plan for their ad campaigns.
Lianhe Wanbao enjoyed a strong following for its
entertainment and health coverage. Product branding
events such as the Lianhe Wanbao Beauty & Healthcare
Fair and the Singapore Entertainment Awards were well
received by readers.
The daily readership of our other evening newspaper,
Shin Min Daily News, soared to 451,000, driven by its
winning combination of human-interest stories, sports,
soccer, racing coverage, plus food and lifestyle features
that appealed to its heartland readers. Shin Min also
organised its signature events including the popular Shin
Min Fun Drive and Shin Min City Hawker Food Hunt to
engage readers.

34
Singapore Press Holdings annual report 2011
CEO’s overview
OF GROUP OPERATIONS

35
MAGAZINES
The Nielsen Media Index 2010 placed Her World,
Female, Home & Décor and Men’s Health at the top of
their respective product categories. Her World further
extended its reach and is now read by nearly a quarter of
a million readers every month.
Home & Décor also launched its inaugural annual
supplement, Renovate, to great reception from readers
and advertisers alike.
Two spin-off titles which were formerly released annually -
The Peak Domain and ICON Weddings - became biannuals.
SPH Magazines continued to extend its online presence
by making strategic investments to boost its regional
footprint. It acquired a 34 per cent stake in Antarctica
Interactive Private Limited, the holding company of the
Luxury Insider Group. The Group owns online properties,
Luxury-Insider.com and Inluxe.cn; luxury magazine
Baccarat published in Hong Kong; as well as ULTIMA
magazine, a custom title for Citibank’s high net worth
clients.
In addition, popular forum-based IT website,
www.hardwarezone.com, rolled out its new platform to
Malaysia and Philippines, providing localised content to
reach high growth markets as Internet access continued
to grow significantly in Southeast Asian markets.
HardwareMAG celebrated its 10 th anniversary and
became the first home-grown technology magazine to
be made available digitally and on iPad for its local and
foreign audiences.
Another SPH subsidiary, Focus Publishing, also enjoyed
a fruitful year. Its popular magazine Health No.1 became
Singapore’s best-selling Chinese health and lifestyle
quarterly magazine within a year of its launch.
Following the success of Health No. 1, Wellness No. 1
was launched in February 2011. The English health
magazine combined the essence of the Chinese quarterly
magazine with its own unique content covering a wide
range of health and wellness topics, including western
and eastern healthcare practices.
Chinese entertainment magazine UW (U-Weekly)
celebrated its 10 th anniversary with a compact sized new
look and punchy content.
ZbBz, the luxury magazine for bilingual elites, maintained
robust advertising revenue growth while delivering high
quality journalism in its second year in the market.
NEWSPAPER SERVICES
Our print products continued to win international
recognition for its print quality. SPH won awards for all of
its three entries to the International Color Quality Club.
The awards reaffirmed the quality standards achieved by
our three printing presses, the Colorliner, KBA and UNISET.
The upgrading and renewal project at Print Centre
was completed in July 2011, covering the three key
components including the colour upgrade, control renewal
and computer-to-plate systems. The UNISET press,
which has been optimised to print commercial publications,
completed more than 250 print jobs of various formats and
sizes, with pagination ranging from four to 64 pages,
and print orders ranging from 1,000 to 160,000 copies.
SPH Buzz Pte Ltd increased its retail footprint to a total of 67
‘pods’ over the last five years. These outlets, representing a
new generation of newsstands, fulfilled our readers’ appetite
for the latest publications, as well as provided up-to-date
news feeds direct from our newsroom via a scrolling LED
display.
The Buzz network also evolved into a modern
convenience chain by venturing into shopping malls
and commercial locations whilst maintaining a foothold
at major bus interchanges. A new series of Buzz
merchandise has also been successfully launched to
further enrich its product offerings.

36
Singapore Press Holdings annual report 2011
CEO’s overview
OF GROUP OPERATIONS
NEW MEDIA
With the proliferation of smartphones and tablet devices in
the market, development and enhancement of applications
on these platforms became a key focus to cater to the
needs of users and advertisers.
One of the major milestones in SPH’s new media
development was the launch of The Straits Times on iPad.
The app was an instant hit with readers, garnering more
than 126,000 downloads within 24 hours of its launch.
The launch of the ST iPad and iPhone app not only reached
out to more online readers, it also presented a new
opportunity for many advertisers who wanted to see their
campaigns presented on an impactful multimedia platform.
Mirroring the features of newspaper advertisements,
a new breed of “interactive print” advertisements were
created for the tablet platform.
Meanwhile, SPH’s suite of smartphone applications including
The Straits Times, Stomp, The Straits Times RazorTV,
AsiaOne, SoShiok (Food), omy.sg (Entertainment), The New
Paper (Football) successfully reached out to a new
generation of news consumers.
With the target audience growing consistently and revenue
from mobile advertising rising over 40 per cent year-onyear,
there are plans to roll out more new apps for digital
platforms soon.
Another new media highlight was the launch of the revamped
straitstimes.com website, which incorporated Stomp,
the paper’s popular citizen journalism site, and The Straits
Times RazorTV, the online video content site. The integrated
site, together with AsiaOne, which aggregates the Group’s
online content, saw a 137 per cent jump in monthly page views
to 220 million in August 2011 from 93 million in September
2010, while unique audience numbers grew by 60 per cent to
8.4 million in August 2011 from 5.2 million in September 2010.
Zaobao.com continued to attract a strong following of
Chinese-speaking audiences from around the world.
It currently draws 10 million monthly unique visitors and
100 million monthly page views on average, and has been
consistently ranked the most popular print news and
media site in Singapore for five years by web-tracking
service Hitwise. Zaobao.com, in collaboration with
SPH’s Interactive Business Unit, launched eNewstalk,
an interactive Chinese e-learning platform for schools
this year.
Bilingual news and entertainment web portal omy.sg
continued to break new ground in the social media scene
with the launch of its “Social Media Fiesta” initiative.
It generated a lot of buzz in the social media scene with
events such as the Singapore 4sq Day and Singapore
Social Media Day. omy.sg currently enjoys a steady
following of over 550,000 unique visitors and 10 million
page views on average each month.
Leading Internet financial media and technology
group ShareInvestor expanded its Investor Relations,
Market Data Tools and IT services. The fully-owned
subsidiary of SPH revamped its website and attracted
more subscribers to its data services. In addition,
it launched ShareInvestor Mobile for iPhones and Android
phones. The Group also won the contract to revamp the
new Bursa Malaysia website. It expanded its regional
presence by organising various cross-border investment
fairs including the inaugural Indonesia GEMS 2011 and the
second Malaysia GEMS 2011.

38
Singapore Press Holdings annual report 2011
CEO’s overview
OF GROUP OPERATIONS
BOOK PUBLISHING
OUTDOOR ADVERTISING
Straits Times Press (STP), SPH’s book-publishing arm,
launched “Lee Kuan Yew: Hard Truths to keep Singapore
going” in January this year. It was written by seven
journalists from The Straits Times based on extensive
interviews with the founding Prime Minister. The bestseller
was translated into Chinese subsequently.
Another notable book published by STP this year was
“Diplomacy: A Singapore Experience”, written by former
Senior Minister Prof S Jayakumar.
PROPERTIES
Paragon, SPH’s key property asset, continued to enjoy 100
per cent occupancy for retail, medical and office space.
The mall is home to numerous international luxury brands
and remains the destination of choice for the well-heeled
locals and tourists. In the face of competition from other malls
along Orchard Road, Paragon embarked on a refurbishment
of interior finishes in May 2010 to offer its shoppers a more
compelling shopping experience. The whole enhancement
project was completed in December 2010.
The Clementi Mall, SPH’s latest retail mall comprising
five levels of shopping space, officially opened on May 21,
2011. The mall has direct links to both the Clementi MRT
Station and the bus interchange, in addition to two 40
storey HDB blocks above the retail podium.
The Clementi Mall was 100 per cent leased ahead of its
completion. Its anchor tenants include FairPrice Finest,
Best Denki, Foodfare Foodcourt, BHG Departmental Store,
Popular Bookstore and the Clementi Public Library. The mall
has been attracting large crowds of shoppers and is expected
to make valuable contributions to SPH’s property portfolio.
RADIO
SPH UnionWorks had another profitable year. It introduced
Radio on the Go and became the first broadcaster to acquire
a mobile device allowing outdoor real-time broadcasts
with sound quality close to studio broadcasting. The new
broadcasting and marketing tool enabled both 91.3 FM and
Radio 100.3 to do live programmes from overseas.
SPH MediaBoxOffice (SPHMBO) firmly established
itself as the leading Digital Out-of-Home advertising
company with the largest number of inventories,
including eight large outdoor LED screens and more than
450 indoor screens in mainly shopping malls and bank
branches island-wide.
The company’s dominance is most evident in large format
electronic billboards located in the Central Business
District, Orchard Road and suburban heartlands such as
Toa Payoh and Clementi. It also has the most established
network of digital screens in 23 shopping centres in
Singapore, including recent additions such as Liang Court,
Tampines One and myVillage. The network reaches out to
millions of consumers every month.
SPHMBO was appointed by the National Heritage Board
as the organiser for the launch of “Singapore Biennale
2011”. Featuring close to 25 international artists, it was
the largest arts event in recent years.
Other major events organised and managed by SPHMBO
included ‘Maybank NightWalk’, which attracted more
than 10,000 participants at Marina Bay. The event was
listed in the Singapore Book of Records for having the
largest gathering of people taking part in a night walk in
Singapore.
EVENTS AND EXHIBITIONS
Since its incorporation in 2008, Sphere Exhibits,
SPH’s events and exhibitions arm, has organised a total
of 22 exhibitions featuring 750 exhibitors and attracting
over 1.5 million visitors.
Sphere also successfully organised a series of wellreceived
consumer events such as Beerfest Asia 2011 and
Asian Masters 2011. Meanwhile, Exhibits Inc continued to
be the leading organiser in the IT and F & B sectors with its
signature events – COMEX, IT SHOW, Food and Beverage
Fair and World Food Fair.
Exhibits Inc also announced that COMEX, Singapore’s
biggest IT and technology exhibition, will make its debut in
Beijing, China in 2012. It will be launched by Sphere Exhibits
(Beijing) Co Ltd, a joint venture between Exhibits Inc Pte
Ltd, AsiaPac Distribution Pte Ltd and AKL Beijing Limited.

39
Paragon Food & Beverage Fair 2011
BizLink Exhibition Services enjoyed great success as a
trade fair organiser with the Singapore Gifts & Premiums
Fair returning for the 12 th year in 2011. It was also the
appointed event organiser for the Franchising & Licensing
Asia show this year.
Following the success of its inaugural trade show for
the construction industry, BuildTechAsia, Sphere will
continue to grow its trade sector to allow exhibitors
to select from a range of Meetings, Incentive Travel,
Conventions and Exhibitions to develop their business
ideas and expansion initiatives.
With the strong support of all stakeholders, we have been
able to deliver a sustained performance in FY 2011. We also
owe our good performance to our staff’s hard work and
commitment.
I am confident that with the strong support of our
readers, advertisers, customers, the collective strengths
of our dedicated staff and union and strategic guidance
from the Board, we will continue to live up to our
company’s brand statement – to be the region’s leading
media organisation, engaging minds and enriching lives
across multiple languages and platforms.
BUSINESS OUTLOOK
The recent global events, including the historic
downgrade of US sovereign credit and European debt
woes, have caused fresh jitters in global financial
markets. It has also affected the projected economic
outlook for Singapore.
Given the uncertain forecast, we will continue to monitor
our cost levels closely while devoting resources to
operating our core newspaper business and growing
adjacent businesses beyond print.
As the global media trend points towards digital
publications as the next step in publishing innovation,
we will continue to innovate and create media products
which are relevant to the changing needs of our readers
and advertisers.
Chan Heng Loon, Alan
Chief Executive Officer

40
Significant
EVENTS
Singapore Press Holdings annual report 2011
4 SEPTEMBER 2010
Tamil Murasu unveiled new look at 75 th anniversary
concert
Tamil Murasu, Singapore’s national Tamil language daily,
celebrated its 75 th anniversary with a gala concert at the
University Cultural Centre.
The former President S R Nathan was the Guest-of-Honour
for the “Tamils in Nation Building” concert, which featured
a medley of songs from yesteryear, exhilarating drum
performances, traditional folk dances and fire displays.
1 OCTOBER 2010
Staff contributed to The Straits Times School Pocket
Money Fund
To mark Children’s Day and The Straits Times School
Pocket Money Fund’s (SPMF) 10 th anniversary, SPH staff
showed their spirit of giving by donating their contributions
collected from the commemorative Help-A-Kid coin banks
to raise funds for the SPMF.
SPH had bought 4,000 commemorative coin banks for its
staff to take part in the donation drive. SPH staff raised
over $18,000 for SPMF.
7 OCTOBER 2010
HWM celebrated 10 th anniversary with launch of
digital edition
HardwareMAG (HWM), the longest running consumer
technology publication in Singapore, celebrated its 10 th
anniversary with a digital edition. It is the first homegrown
technology publication to be made available on a
digital platform.
11 OCTOBER 2010
SPH Magazines announced strategic investment in
Luxury Insider Group
SPH Magazines acquired 34 per cent of Antarctica
Interactive Private Limited, the holding company of the
Luxury Insider Group.
The Luxury Insider Group is an integrated luxury media
company which owns online publications Luxury-Insider.com,
Inluxe.cn, as well as the luxury magazine Baccarat in
Hong Kong. The Group is also the contract publisher for
Citibank for the latter’s ULTIMA magazine, a controlled
circulation title for ultra high net worth individuals.
The Group has offices in Singapore, Hong Kong and
Shanghai.
13 OCTOBER 2010
Sphere Exhibits acquired Eastern Directories’
Exhibitions
Sphere Exhibits Pte Ltd’s wholly-owned subsidiary,
Exhibits Inc Pte Ltd, acquired Eastern Directories’
signature events - COMEX, IT SHOW, World Food
Fair and Food and Beverage Fair. Key staff of Eastern
Directories have also joined Exhibits Inc. Sphere Exhibits
is a wholly-owned subsidiary of SPH.
4 NOVEMBER 2010
HardwareZone.com and MatchMove Games teamed
up to provide gaming entertainment
HardwareZone.com teamed up with Singapore’s
MatchMove Games to provide gaming entertainment to
its users. Under the partnership, HardwareZone.com and
MatchMove Games released a co-branded games site,
hardwarezone.matchmovegames.com, which is powered by
MatchMove Games’ gaming and social networking platform.
12 NOVEMBER 2010
New racing guide Victory Trail launched
Jointly published by the racing desks of SPH’s Chinese
evening dailies Shin Min Daily News and Lianhe Wanbao,
Victory Trail, a tabloid-size racing guide, hit the
newsstands on 12 November 2010.
This bilingual full-coloured horse racing tabloid offers race
goers the latest racing news, tips by renowned tipsters
local and abroad, up-to-date information on trainers,
jockeys and horses, as well as activities organised by the
Singapore Turf Club.
20 NOVEMBER 2010
Ammirul Emmran Mazlan received the Dollah Kassim
Award presented by The New Paper
Five of Singapore’s best young footballers were shortlisted
for the inaugural Dollah Kassim Award, named after
the late Singapore football legend, who passed away on
14 October 2010.
The Dollah Kassim Award, aimed at aspiring young talent,
is an initiative by The New Paper, in partnership with the
Football Association of Singapore (FAS) and Singapore Pools.
National Under-15 player Ammirul Emmran Mazlan
was named the winner of the Dollah Kassim Award in
December 2010 at the National Football Academy’s
graduation ceremony.

41
DECEMBER 2010
Paragon’s Interior Refurbishment Completed
After its façade facelift was completed in early 2010,
Paragon also embarked on a refurbishment project to
revamp its interior to offer a more compelling shopping
experience and establish itself as a premier high-end
mall on Orchard Road. Areas enhanced included the
mall’s flooring, ceiling works, wall cladding and railing
refurbishment, lift lobbies, carpark and change of mall
signages. The refurbishment project was completed in
December 2010.
21 JANUARY 2011
“Lee Kuan Yew: Hard Truths to keep Singapore going”
launched
The Straits Times Press launched “Lee Kuan Yew: Hard
Truths to keep Singapore going”, a book written by
The Straits Times journalists based on interviews with
Minister Mentor Lee Kuan Yew over 10 months. It was
officially launched by Mr Lee Kuan Yew at the St Regis.
8 DECEMBER 2010
CATS Classified launched state-of-the-art adbooking
system
The Classified Advertisements Sales Hub (or CASH
for short), the result of three years of effort by a multifunctional,
cross-divisional team at SPH, was officially
launched by former Chairman Dr Tony Tan.
The CASH system is an all-in-one system which is
equipped to handle all types of advertisements in
different languages. The new system also allows staff to
better serve advertisers with greater efficiency and offer
them more creative options.
Launch of “Lee Kuan Yew: Hard Truths to keep Singapore going”
17 FEBRUARY 2011
SVTA launched its new web portal CARS.SVTA in
style
The Singapore Vehicle Traders Association (SVTA) has
launched CARS.SVTA, a new all-in-one marketplace that
serves the requirements of motor dealers and car buyers
with a listings and inventory module. The web portal is
jointly developed by SVTA and SPH, a fitting collaboration
as SVTA members’ bulk of classified ads has been
featured prominently in SPH. All ads listed at CARS.SVTA
will be reflected on ST701.com, SPH’s online version of
CATS Classified.
24 FEBRUARY 2011
SPH launched brand new health magazine, Wellness
No.1
Wellness No.1, a brand new English magazine focusing on
health and wellness published by the Chinese Newspapers
Division of SPH, was launched at the Paragon Atrium by
former Health Minister Mr Khaw Boon Wan.
CATS Classified CASH System
Launch of Wellness No.1

42
Significant
EVENTS
Singapore Press Holdings annual report 2011
7 MARCH 2011
SPHMBO’s Digital Retail Network reached out to 80
per cent of Singapore
SPH MediaBoxOffice expanded its in-mall digital
advertising network to several new locations, offering
advertisers a medium that reaches out to 80 per cent of
Singaporeans and permanent residents. With close to
200 digital screens in 23 popular shopping malls islandwide,
it reaffirmed its position as the out-of-home media
company with the largest in-mall digital advertising
network in Singapore.
7 MARCH 2011
SPH Media Widget for advertisers and advertising
agencies
SPH launched the SPH Media Widget, an interactive
virtual tool that advertisers and advertising agencies can
download onto their computer desktop for easy reference
and access whenever they are planning their next campaign.
10 – 13 MARCH 2011
IT Show 2011 turned 10 with biggest haul of
exhibitors and exhibition space
Singapore’s largest IT consumer exhibition – IT Show 2011
– marked its 10 th anniversary with its biggest show ever.
More than 830 exhibitors took part in this mega show
covering over 350,000 square feet of exhibition space.
Organised by Exhibits Inc, a wholly-owned subsidiary of
SPH, the four-day show was held at Suntec Singapore.
14 MARCH 2011
A taste of paradise at the Food & Beverage Fair 2011
Exhibits Inc, a subsidiary of SPH, organised the 10 th edition
of the Food & Beverage Fair. It was billed as the largest
annual Food & Beverage event in Singapore, and was
widely trusted by consumers and industry partners alike.
25 MARCH 2011
Lianhe Zaobao launched Thumbs Up Junior for
primary one and two students
Lianhe Zaobao launched Thumbs Up Junior, a Chinese
student newspaper, with the aim to enhance the students’
proficiency in the Chinese language through materials
which are outside of their regular school syllabus.
Launch of Thumbs Up Junior
APRIL 2011
Tamil Murasu’s average monthly sales hit record highs
Singapore’s only Tamil language newspaper, Tamil Murasu,
recorded an all-time high average monthly sales in April
2011. Tamil Murasu sold 18,700 copies – a 14 per cent
jump over the previous record – while the Sunday edition
saw an even more impressive monthly average of 26,500
copies being sold, representing a 16 per cent spike from
the previous high.
The record average monthly sales followed a steady
increase since the paper’s revamp in September 2010.
18 APRIL 2011
Mudah.my was Malaysia’s second most visited website
Mudah.my, an online marketplace operated by 701Search
Pte Ltd, a joint venture between SPH and Schibsted ASA,
was the second most visited website in Malaysia,
just after Facebook.
Based on the latest official rankings published jointly by
the Malaysian Digital Association and ratings agency,
Effective Measures, Mudah.my overtook much more
established global giants, like Google and Yahoo, to clinch
the second place with unique visitor counts of more than
4.5 million in March 2011.
27 – 29 APRIL 2011
BuildTechAsia 2011 made its debut
The inaugural BuildTechAsia 2011 made its debut to further
drive the momentum in the region’s construction industry.
13 MAY 2011
SPH media garnered strong following during General
Elections 2011
SPH’s newspapers and online platforms garnered a strong
following during the 2011 General Election (GE2011)
period, starting from Nomination Day on 27 April till the
publication of post-GE analysis on 9 May. The Group’s
newspapers registered record increases in circulation while
its online products captured impressive page views.
The evening Chinese newspapers, Lianhe Wanbao and
Shin Min Daily News, had the highest percentage average
daily increases of 15.8 per cent and 12.9 per cent per day
respectively over the 12-day period, compared to pre-GE
sales. Shin Min’s 8 May edition (after Polling Day) hit a
high of 186,000, a 45.3 per cent increase. Wanbao’s
8 May circulation of 135,000 was a 55 per cent jump.
From 27 April to 8 May, there were some 116 million page
views and some 7.9 million video views on straitstimes.com,
Stomp, AsiaOne, The Straits Times RazorTV, Zaobao.com
and omy.sg.

43
15 MAY 2011
Shape Singapore launched the country’s first
women-only mass yoga event
SPH Magazines organised its first Shape Yoga in the City
at *SCAPE on May 15. The mass yoga session was led
by Copper Crow, Country Managing Teacher for Pure
Yoga, followed by refreshments and wellness talks.
21 MAY 2011
Official Opening of The Clementi Mall
The Clementi Mall, SPH’s newest shopping hub, was
officially opened by Mr Lim Swee Say, Minister in the
Prime Minister’s Office and NTUC Secretary-General,
and Dr Tony Tan, former Chairman of SPH.
The Pitch was a new “reality” contest that challenged
advertising agencies to pull out all stops and come out
with their strategic and creative best. For their win,
BBDO/Proximity and PHD were presented with $20,000
in cash and $250,000 worth of media credits from SPH.
9 JUNE 2011
Straits Times Press launched Professor S
Jayakumar’s book “Diplomacy – A Singapore
Experience”
Straits Times Press, the book publishing arm of SPH,
launched “Diplomacy – A Singapore Experience”,
written by Professor S Jayakumar, former Senior
Minister and Minister for Foreign Affairs.
Official Opening of The Clementi Mall
26 MAY 2011
UW (U-Weekly) celebrated 10 th anniversary with new
look and content
UW (U-Weekly), Singapore’s first hybrid entertainment,
lifestyle and social news magazine, celebrated its 10 th
anniversary with a vibrant new look, newsier content and
a handy compact size.
4 JULY 2011
ShareInvestor opened forum on its financial portal
to all
ShareInvestor opened the forum on its financial portal,
ShareInvestor.com, to non-subscribers on this day.
The ShareInvestor Forum (SI Forum) is a platform
for financial savvy netizens to share their investment
experiences.
1 AUGUST 2011
The Straits Times’ applications for the iPad and
iPhone
The Straits Times launched its new application for the
iPad and an enhanced application for the iPhone.
The new apps helped the newspaper to extend its
presence across all digital platforms, and establish greater
relevance, with both readers and advertisers.
28 MAY 2011
Inaugural Indonesia GEMS 2011 offered insights into
Indonesia’s public-listed companies
ShareInvestor collaborated with The Business Times,
KADIN (Indonesian Chamber of Commerce and Industry)
and AEI (Association of Indonesian Public Listed
Companies) to organise Indonesia GEMS 2011.
3 JUNE 2011
SPH’s inaugural cross-media trade show a huge success
SPH held its first large scale trade event - “SPH Turns You
ON!” for advertisers and marketers to experience the
extensive suite of media and engagement platforms that
SPH offers.
At the event, SPH also presented the Golden Cleaver
Award to BBDO/Proximity together with their media
agency partner PHD, which came out tops for The Pitch.
31 AUGUST 2011
Announcement on COMEX China
COMEX, Singapore’s biggest IT and consumer technology
exhibition, will be making its debut in Beijing, China,
in 2012. It will be launched by Sphere Exhibits (Beijing)
Co Ltd, a joint venture between Exhibits Inc Pte Ltd,
AsiaPac Distribution Pte Ltd and AKL Beijing Limited.
Exhibits Inc is a wholly-owned subsidiary of Sphere
Exhibits Pte Ltd, the events and exhibitions subsidiary
of SPH. COMEX China is scheduled to be held from
4 to 7 October 2012 at the Beijing Exhibition Centre.
It will showcase new product categories and bring
manufacturers, distributors, IT and gadget enthusiasts and
consumers from all over Asia and China under one roof for
the first time.

44
Singapore Press Holdings annual report 2011
Corporate social responsibility -
SINGAPORE PRESS HOLDINGS
The Straits Times School Pocket Money Fund’s 10 th anniversary
SPH Gift of Music at the Esplanade Outdoor Theatre
As a good corporate citizen, SPH has given back to the
community in many ways. In 2010 alone, SPH has donated
and helped raise more than $8 million towards various
charitable causes, including education, charity, community,
sports, arts and culture, wildlife conservation and the
environment. In June 2010, the SPH Staff Volunteers Club
was set up to promote staff volunteerism. SPH staff are
given two half days a year to volunteer for a good cause
supported by the company.
SPH has clinched several awards for its corporate
social responsibility efforts. SPH was honoured with
the President’s Social Service Award (PSSA) in August
2011 in recognition of its extensive corporate social
responsibility efforts. It was the only corporate winner
this year. The PSSA is a highly prestigious award
conferred by the Office of the President of the Republic
of Singapore, and is organised by the National Council
of Social Service and the Ministry of Community
Development, Youth and Sports.
SPH and the SPH Foundation also clinched the Corporate
Platinum Award by the Community Chest, and the
Singapore HR Award for Corporate Social Responsibility.

45
SPH & SPH Foundation Charity Giving
ChildAid 2010
For its longtime support of the arts and culture, SPH was
honoured with the Distinguished Patron of the Arts award
by the National Arts Council for the 19 th consecutive year.
Radio 100.3 of SPH UnionWorks also received the
Distinguished Patron of the Arts award. Bilingual website
omy.sg was named Associate of the Arts, while the SPH
Foundation was given the Arts Supporter Award.
SPH also received the Partner of Heritage Award at
the Patron of Heritage Awards 2010 organised by
National Heritage Board for its consistent support in the
conservation of the nation’s heritage.
ARTS
SPH has been instrumental in bringing the arts to the
masses and creating a vibrant arts scene in Singapore.
The annual SPH Gift of Music series continued to
entertain Singapore audiences with its wide-ranging
programmes from classical, pop, jazz, rock to opera.
The year-long series, which kicked off in March 2011,
featured 20 community concerts staged at various
parts of Singapore, including parks, shopping malls and
the Esplanade Outdoor Theatre. New acts which were
featured this year included a jazz concert at VivoCity and
a xinyao concert at the Singapore Botanic Gardens.
SPH also supported literary arts through the SPH-Golden
Point Award 2011, which was launched to search for the
best literary talents in short story and poetry writing.
Organised by the National Arts Council, the biennial
writing competition was jointly sponsored by SPH and
the SPH Foundation, in conjunction with the Singapore
Writers Festival. This year’s competition attracted a total
of 749 entries from 670 participants.
SPH is also the Silver Anniversary Sponsor of the
Singapore Dance Theatre from 2008 to 2013.
CHARITY
Engaging the community is the cornerstone of SPH’s
charitable initiatives. It believes in giving back to the
community that has supported the company through
the years.
SPH and SPH Foundation donated $400,000 to 20
charities at the annual charity giving event at the School
of the Arts. SPH donated $200,000 to 10 charities
serving the elderly while SPH Foundation donated
another $200,000 to 10 children and youth charities.

46
Singapore Press Holdings annual report 2011
Corporate social responsibility -
SINGAPORE PRESS HOLDINGS
The Boys’ Brigade Sharity Gift Box Party
The Great CEO Charity Cookout in aid of The New Paper’s
Project Helping Hands
Apart from its contributions as a Group, it also leveraged
on the reach of its newspaper products to raise funds for
the underprivileged and more importantly, helped to raise
the awareness of pressing social issues.
To mark Children’s Day and The Straits Times School Pocket
Money Fund’s (SPMF) 10 th anniversary, SPH staff donated
generously to the SPMF, which has raised over $44 million
in the last 10 years to support more than 85,000 children.
SPH’s annual children charity concert, ChildAid, organised
in aid of SPMF and The Business Times’ Budding
Artists Fund, was held at the Resorts World Sentosa
in December 2010. Back for the sixth year, it featured
13 musical acts performed by 144 musical talents aged
between seven and 19 years.
The New Paper played its part to highlight social issues
concerning the elderly. Working with Ngee Ann Polytechnic
and Lions Befrienders, it launched “Project Helping Hands”
to help senior citizens live their golden years safely.
The project raised funds to install wireless motion sensors
in the apartments of the elderly who were living alone.

47
President’s Challenge - “Thousand-Hand Bodhisattva”
by Taiyuan Dance Troupe
SPH Staff Volunteers Club
CEOs from 10 leading local companies swapped their
corporate suits for aprons and prepared specialty hawker
dishes to help raise funds for “Project Helping Hands”.
Proceeds from their culinary creations were donated to the
Lions Befrienders Service Association. Participating CEOs
included Mr Kenny Yap, Executive Chairman and Managing
Director of Qian Hu Corporation, and Mr Terry O’Connor,
Chief Executive Officer of Courts.
The New Paper is also known for its contributions to the
annual President’s Challenge. Since 2001, its signature
fund-raiser “Be Yourself Day” has raised over $1.24 million
for various charities.
SPH’s Chinese Newspapers Division also played an
active role in helping the less fortunate through its annual
contributions to President’s Challenge. This year,
it brought in the acclaimed dance drama “Thousand-Hand
Bodhisattva” by the Taiyuan Dance Troupe from Shanxi
Province, China to raise funds. This mega production
raised over $100,000 through the sale of tickets, as well
as donations by individuals and corporate organisations to
support the elderly, disabled, families and youths from
28 charities.
SPH, as a Group, also contributed annually to President’s
Challenge by sponsoring advertising space in its major
newspapers to promote its various fund-raising activities.
The SPH Staff Volunteers Club, which was formed last
year, brought 100 children from five charities - SunBeam
Place, Life Community Services Society, St Andrew’s
Autism School, REACH Family Service Centre and
Children’s Cancer Foundation - to watch Walking with
Dinosaurs at the Singapore Indoor Stadium in December
2010. It also took 55 children aged nine to 13 years from
Rotary Family Service Centre and Beyond Social Services
for an educational tour at the Bollywood Veggies farm at
Kranji in March 2011.
The Boys’ Brigade Sharity Drive saw SPH staff adopting
300 wishes and donating $18,000 worth of gifts. A yearend
party was organised at the News Centre Auditorium
for the beneficiaries from Caregiving Welfare Association,
Touch Cancer Support and Yuhua Neighbourhood Link.
For the first time this year, the SPH Red Apple Day
became a biannual event. Jointly organised with the
Singapore Red Cross Society, the blood donation drives,
held in January and July, collected a total of 400 units
of blood from 587 donors comprising SPH staff and
members of the public.

48
Singapore Press Holdings annual report 2011
Corporate social responsibility -
SINGAPORE PRESS HOLDINGS
SPH Flea Market
SPH Schools Relay Championships
EDUCATION
SPH grooms and nurtures dedicated individuals with
the interest to pursue a career as a journalist. This year,
SPH gave out six SPH journalism scholarships, as well
as 14 scholarships to the children of SPH employees and
newspaper vendors in recognition of their contributions to
the company.
CONSERVATION/ENVIRONMENT
To encourage recycling and promote the joy of reading,
SPH launched the inaugural SPH Book Swop for staff
to exchange their old books with their colleagues at the
event. Some 2,000 books were donated by staff and
books not taken up at the end of the event were donated
to the Salvation Army.
SPORTS
Through supporting sports events, SPH aims to promote
lifelong values such as teamwork, fair play and discipline.
The SPH Schools Relay Championships, jointly hosted by
SPH and the Singapore Athletic Association, returned for
the 19 th year. This year’s competition was held at the
Bukit Gombak Stadium and attracted 1,492 athletes from
52 schools.
The 13 th edition of the Lianhe Zaobao Table Tennis Cup
took place at Velocity Mall on 11 and 12 June. The event
attracted more than 600 table tennis enthusiasts from
over 75 schools.
The SPH Flea Market was also held to encourage staff
to recycle and raise funds for charity through the sale of
pre-loved items. Over $3,000 in cash was raised for the
Salvation Army, with many more donations in-kind collected.

Corporate social responsibility -
SINGAPORE PRESS HOLDINGS FOUNDATION
49
Launch of SPH Foundation Arts Fund
The Singapore Press Holdings Foundation was
incorporated in January 2003 with a seed funding of
$20 million from SPH. For the last eight years, it has
been committed to building a community that embraces
language enrichment, creativity, diversity, healthy living
and sports.
ARTS
The inaugural SPH Foundation Arts Fund was launched
in April 2011 at the Esplanade Theatre. The objective
of the Fund was to give the underprivileged the
opportunity to enjoy and appreciate the arts. At the
same time, the Fund would also help local arts groups
to produce quality productions and reach out to more
audiences.
To mark this launch, 103 elderly folks from three
charity organisations, namely AWWA Community Home,
Lions Befrienders and SWAMI Home Help Service,
were invited as guests to watch 881 The Musical by
the Toy Factory Productions.
Subsequently, the SPH Foundation Arts Fund also
purchased tickets for the less fortunate to catch
productions by The Theatre Practice, I Theatre,
Singapore Repertory Theatre and Drama Box.
SPH Foundation continued to support literary talent by
sponsoring the SPH-NAC Golden Point Award, Singapore’s
premier writing competition in the nation’s four official
languages. This year’s Golden Point Award attracted a total
of 749 entries from 670 participants. The Awards was part
of the Singapore Writers Festival jointly sponsored by SPH
Foundation and SPH.
SPH Foundation was also the Company Sponsor of the
Singapore Repertory Theatre’s The Little Company,
which produces quality plays for children up to 12 years
of age. Featuring professional full-time actors, the plays
serve as excellent opportunities for family bonding.
At the same time, they teach children about being
creative and values such as caring for the environment.
CHARITY
Demonstrating its commitment to promote the welfare
of the disabled and underprivileged children and youths,
SPH Foundation donated $200,000 to 10 children and
youth charities such as the Autism Children’s Centre,
Lee Kong Chian Gardens School and The Spastic
Children’s Association School, at the annual charity
giving on 4 August 2011. SPH Foundation also donated
to other charitable organisations throughout the year.

50
Singapore Press Holdings annual report 2011
Corporate social responsibility -
SINGAPORE PRESS HOLDINGS FOUNDATION
SPH Foundation National Para-Swimming Championship 2011
SUN Club
EDUCATION
To educate youths on the importance of Total Defence,
SPH Foundation sponsored N.E.mation!, a competition
for youths to express their personal reflections on Total
Defence through animation. Targeted at students,
they had to submit a one minute animation clip for public
viewing. Their entries would be open for public voting and
judged by a panel of industry professionals. The winning
clips, to be decided in February 2012, would be screened
island-wide.
Reaffirming its pledge to promote the learning of language
studies, SPH Foundation gave out the Lim Kim San
Memorial Scholarships to 10 outstanding students pursuing
languages at local tertiary institutions this year. Started in
2006, these bond-free scholarships are aimed at helping
deserving students from low-income families fund their
language studies degree programmes at local universities.
SPH Foundation also contributed to the PCF Assist yearly.
This was started by the PAP Community Foundation to
help needy students in the post secondary educational
institutions with their schooling expenses.
CONSERVATION/ENVIRONMENT
Since 2006, SPH Foundation has sponsored The Special
Projects to Understand Nature (SUN) Club, a nature outreach
programme for students with special needs. Field trips were
organised to various parks and nature reserves to allow these
students more opportunities to understand and appreciate
nature. An average of 60 trips would be organised yearly to
benefit about 1,200 special needs children.
The SPH Foundation is also an ardent supporter of
wildlife conservation, with sponsorship of wildlife
educational programmes as well as endangered animal
exhibits. These include the Proboscis Monkeys at the
SPH Foundation Conservation Centre, Inuka the polar
bear, Conservation Ambassadors & Wildlife Buddies
Programme at the Singapore Zoo and the Birds & Buddies
Show at Jurong Birdpark.
SPORTS
Supporting two of its key objectives - promoting sports
and reaching out to the disabled, SPH Foundation
partnered the Singapore Disability Sports Council for the
first time to host the inaugural SPH Foundation National
Para-Swimming Championship 2011 at the Toa Payoh
Swimming Complex. It attracted 97 participants with
various physical and intellectual disabilities, with the
youngest being nine years and the oldest 55 years old.

Environmental
SUSTAINABILITY
51
SPH News Centre rooftop garden
In line with global efforts to save the environment,
SPH adheres to a high standard of business ethics while
keeping environmental responsibilities in mind.
ENERGY AND WATER CONSERVATION
SPH optimises its equipment usages with proper scheduling
of equipment power on and shutdown timings. SPH also
has in place an efficient lighting control system for all its
offices, including the printing plant, without compromising
on safety and security. Energy-saving fluorescent tubes are
widely used throughout our premises to conserve energy.
In a year, we can save up to 1,679,000 kwhs or about
$333,000 in cash.
SPH has also installed water-saving devices at all its
printing plants. The system treats all its waste effluent
in its waste treatment plant and ensures that it meets all
the National Environment Agency’s requirements before
discharging the waste matters into the sewage system.
RECYCLE, RECYCLE AND RECYCLE
SPH recycles its production waste that includes aluminium
printing plates, printing paper waste, paper wrappers and
covers, by selling them to vendors who will recycle them for
other industrial purposes. Last year, SPH sold about 4,000
metric tons of paper wastes and 200 metric tons of used
printing plates.
SPH strives to maximise the use of newsprint that is
produced from recycled fibre or fibre from certified
forests. It aims to have 85 per cent of the newsprint
with recycled fibre or fibre from certified forests.
CLEAN & GREEN
Plants are grown to beautify the offices and create a cosy
environment for staff and visitors. Gardeners nurse the
potted plants so that they can be recycled for decorations
and used at company events. Trees are planted to provide
shades for parking lots and to reduce heat and glare from
the sun.
SPH is also looking into the installation of a landscape
irrigation system which would help to improve the
efficiency of landscape maintenance and save on water
consumption.
PARAGON GOES GREEN
Paragon at Orchard Road is constantly looking into
ways to be green. It participated in the Earth Hour
consecutively in 2009 and 2010, by switching off the
facade lightings for an hour.
The shopping mall has changed its car park lightings
to the energy efficient LED lights. All lightings at the
common areas will be changed to energy-saving LED
lights progressively.
There is also a set of chillers with a self-cleaning system
installed to maintain effective heat transfer. If this
method proves to be cost-efficient, the system will be
implemented for all the remaining chillers.
Paragon is planning to create a green roof at Level 6 of
the mall. The green roof will help to shield direct heat
from the sun, thus resulting in lower electricity and
energy required for the air-conditioning.

52
Singapore Press Holdings annual report 2011
Employee
COMMENTARY
SPH Games Day
Cycling trip to Batam
TRAINING AND DEVELOPMENT PROGRAMMES
SPH has a comprehensive range of talent management
and development programmes to cater to its diverse
workforce of over 4,000 employees.
It continuously reviews its learning and development plans,
and takes active steps to ensure that training programmes
are relevant to both employee and business needs.
HEALTH AND SUSTAINABILITY PROGRAMME
SPH launched the Health and Sustainability Programme
in 2011 to prepare its mature employees for transition into
the next phase of their lives and to understand more about
retirement and re-employment.
Through a series of workshops, lunch time talks, and the
Health and Sustainability Handbook, the programme
raises awareness among the mature employees on the
importance of total well-being. It also helps foster effective
multi-generational working relationships in the workplace,
and provides a smooth leadership transition with mature
employees taking up advisory roles where applicable.
Programmes are conducted to increase staff awareness
of issues related to mature workers and help them
communicate better with older colleagues.
SPH also manages the career expectations of its staff
through a programme which teaches employees to cope
with the changes and challenges they face at work, as well
as career adjustments in their workplace.
PROVIDING STAFF WELFARE
As an employer of choice, SPH continues to invest in
employees’ welfare. One of the most popular activities is
the monthly ‘Up on the Roof’ gathering, a chill-out session
for staff to mingle with fellow colleagues as well as senior
management.
This year’s SPH Family Day attracted close to 6,000 staff
and family members to the Universal Studios Singapore for
an exclusive evening of fun and entertainment. The SPH
Sports and Leisure Club continues to organise various
recreational and social activities for staff. Some of the
new activities organised this year included Self Defence
Workshop, Harmonica Course, Tatva Yoga Clinic,
Zhao Bao Taiji, Jungle Trekking at Batam and a golf
outing at Ria Bintan.
During festive seasons such as Chinese New Year,
Ramadan and Deepavali, the CEO and Senior Management
members take time to meet and mingle with staff of
different races, at the various office premises.
PROMOTING WORK INNOVATION AND CREATIVITY
SPH continues to motivate its staff to come up with
creative and innovative ideas to improve its business
operations with the Continuous Improvement and
Innovation initiative. Since its implementation, more than
71 projects have been submitted, with $60,000 cash
rewards given out to winning teams.
Staff are also encouraged to contribute simple ideas
through the Staff Suggestion Scheme that will help save
costs, reduce waste, improve customer service and work
environment or enhance the company’s image.

53
SPH Family Day
Yoga class for staff
COMPENSATION AND BENEFITS
The pay cuts to the staff’s salary were fully restored in
January 2011. A special lump sum payment was also made
in January 2011 to make up for the pay-cut in 2009.
The E-salary letter and E-Performance Appraisal were
successfully implemented in January and August 2011
respectively. Previously, staff had to fill in appraisal forms
manually. These initiatives have resulted in significant
improvements in productivity.
SUCCESSION PLANNING
Succession planning for key management positions
is in place. The plan is reviewed and presented to the
Remuneration Committee regularly.
GROOMING FUTURE TALENT
SPH has been offering university scholarships to selected staff
who wish to further their studies. The company also gave out
scholarships to children of employees and news vendors.
In addition to the scholarships awarded by SPH, the
SPH Foundation gave out the Lim Kim San Memorial
Scholarships to outstanding students pursuing languages
at local tertiary institutions.
A total of 32 scholarships were offered and accepted in
FY 2011.
COMMUNICATIONS
Regular dialogue sessions with CEO are held with staff of
all levels. The SPH Management Orientation Programme
(SMOP) also provides opportunities for staff to interact
with senior management.
In addition, ongoing communication with all staff is
achieved through regular staff broadcasts as well as
Presslines, SPH’s monthly staff newsletter. Staff are
encouraged to give feedback through VOICE (Voice
Out Ideas, Concerns and Emotions), a dedicated email
where confidentiality is guaranteed. The email can be
an idea, a compliment, a feedback, or a complaint.
This feedback channel allows staff to remain anonymous,
as users can choose to send emails from their private
email addresses. Details of senders will not be revealed
under any circumstances.
WINNING ACCOLADES
SPH has won seven awards at the Singapore HR Awards
2011 organised by the Singapore Human Resources
Institute, including the highest honour – the Corporate
HR Award. The awards won in the Leading HR Practices
category included Talent Management, Retention &
Succession Planning, Employee Relations & People
Management, Learning & Human Capital Development
(Special Mention). SPH also garnered awards in the
Special Category for Corporate Social Responsibility,
Workplace Safety & Health, and Fair Employment
Practices.
SPH also clinched a Gold award at the Singapore Health
Awards 2010 for its dedication in promoting good health
for its staff through various Workplace Health Promotion
(WHP) programmes.
In addition, it received the Meritorious Defence Partner
Award by the Ministry of Defence and the Meritorious
Home Team Partner Award by the Ministry of Home
Affairs in recognition of its contributions, as well as its
support of its NSmen towards Total Defence.

54
Singapore Press Holdings annual report 2011
Awards &
ACCOLADES
Singapore Corporate Awards 2011 11 th SIAS Investors’ Choice Awards 2010
CORPORATE GOVERNANCE AWARDS
1. Governance and Transparency Index 2011
(14 th position)
2. Wall Street Journal Most Admired Singapore
Companies (5 th position)
3. Singapore Corporate Awards 2011
• Best Investor Relations (Bronze, “$1 billion and
above market capitalisation’’ category)
4. 11 th SIAS Investors’ Choice Awards 2010
• Most Transparent Company Award (Non-
Electronics Manufacturing Category)
• Financial Journalist of the Year (The Business
Times, Ms Jamie Lee)
• Best Financial Story of the Year (The Business
Times, Ms Michelle Quah)
• Investor Education Journalist of the Year
(The Business Times, Ms Genevieve Cua)
• Most Promising Journalist of the Year (Lianhe
Zaobao, Ms Li Minwen, Christine)
OTHER CORPORATE AWARDS
1. 2010 “Global Chinese Business 1000” by Yazhou
Zhoukan - Winner
2. Singapore HR Awards 2011
• Corporate HR Award
• Talent Management, Retention & Succession
Planning Award
• Employee Relations & People Management Award
• Learning & Human Capital Development
(Special Mention)
• Corporate Social Responsibility Award
• Workplace Safety & Health Award
• Fair Employment Practices Award
3. President’s Social Service Award 2011
• Corporate category
4. Community Chest Awards 2011
• Corporate Platinum Award
5. Partner of Heritage Award
• SPH received Partner of Heritage
6. Friends of MCYS (Ministry of Community,
Youth & Sports) Awards
7. Meritorious Home Team Partner Award
8. Total Defence Awards – Meritorious Defence
Partner Award
9. Brand Finance Forum 2011 – Top 100 Most
Valuable Brand
• SPH (18 th position)
• The Straits Times (43 rd position)
• Lianhe Zaobao (78 th position)
• Her World (83 rd position)
10. Patron of the Arts Award
• SPH and SPH UnionWorks (Radio 100.3) received
Distinguished Patron of the Arts award. omy.sg
received the Associate of the Arts award and SPH
Foundation received the Arts Supporter award
11. Singapore Health Award (Gold)
12. ACCA Approved Employer
EDITORIAL / PRINTING / CREATIVE ACHIEVEMENTS
1. Hsing Yun Journalism Award
• Lim Jim Koon, Lianhe Zaobao
2. XMA Cross Media Awards 2010
• “Fashion Season@Orchard 2010”
– 2 nd placed winner

55
Singapore HR Awards 2011 President’s Social Service Award 2011
3. SISV (Singapore Institute of Surveyors and Valuers)
Property Journalism Awards
• SISV Property Media Award – The Business Times
• SISV Property Journalist Award – The Business
Times, Uma Shankari
4. Singapore’s Top Ten Favourite Brands 2010
(by Superbrands)
• The Straits Times (5 th position)
5. Singapore Infocomm Technology Federation
(SiTF) Awards
• Best Mobile Application Award – Stomp iPhone app
• Judges’ Choice Award – Stomp iPhone App
6. 15 th S-League Awards 2010
• Singapore Pools Picture Of The Year (Lianhe
Zaobao, Lim Kok Meng)
7. 2010 RHB S-League Story of the Year
• The New Paper, David Lee, for “I Thought of
Quitting” published on Sept 23
8. INMA Awards 2011
• Marketing Solutions for Advertising Clients (for
circulation over 300,000) – 1 st placing,
for “Fashion Season @ Orchard 2010” campaign
• Print Subscription Sales (for circulation over
300,000) – 3 rd placing, for “The Straits Times
“Success Series” campaign”
• Marketing Campaign with the Best Results (for
circulation over 300,000) – 3 rd placing, for the
“Fashion Season @ Orchard 2010” campaign
9. WAN-IFRA 10 th Asia Media Awards 2011
• Best in Infographics Award – Magazine
Infographics – Gold (The Straits Times / IN)
• Best in Photojournalism Award – Feature
Photography – Silver (The Straits Times ,
Neo Xiaobin)
• Best in Photojournalism Award – Sports
Photography – Gold (The Straits Times,
Mugilan Rajasegeran)
• Best in Design Award – Magazine Overall Design
– Gold (MGZine by SPH Magazines)
• Best in Design Award – Magazine Overall Design
– Bronze (Gourmet & Travel by SPH Magazines)
10. MPAS (Magazine Publishers Association of
Singapore) Magazine Awards 2011
• Consumer Magazine of the Year 2011 – Young Parents
• Magazine of the Year 2011 – Young Parents
• Best Use of Photography / Illustration – The Peak
Selections: Domain
11. Society of Publishers in Asia (SOPA) 2011 Awards
• Excellence in Information Graphics (Award for
Excellence) – The New Paper on Sunday,
for “Dinos Alive!”
• Excellence in Information Graphics (Honorable
Mention) - The New Paper on Sunday,
for “The Sewn Ship”
• Excellence in Editorial Cartooning (Award for
Excellence) – The Straits Times for “Middle way
for reforms in China”
• Excellence in Editorial Cartooning (Honorable
Mention) - The Straits Times for “The China Series”
• Excellence in Feature Photography (Award for
Excellence) – The Straits Times for “Who will care
for Ashwin?”
• Excellence in Feature Photography (Honorable
Mention) – The Straits Times for “Shattered Dreams”
• Excellence in Magazine Design (Honorable
Mention) – Female (October Edition)
12. APEX Awards 2011
• Grand Award in the Magazines & Journals
category – SilverKris
• Award of Excellence (Custom – Published
Magapapers & Newspapers) – Singapore Health
• Award of Excellence (Custom – Published
Magazine) – Singapore Nautilus

56
Singapore Press Holdings annual report 2011
Awards &
ACCOLADES
Community Chest Awards 2011
13. Asian Digital Media Awards (ADMA) 2010 by
WAN-IFRA
• Best in Mobile Media Award - Mobile Publishing
a) Gold – The New Paper (Football Kaki)
b) Silver – www.soshiok.com
c) Bronze – www.stomp.com.sg
• Best in Social Media Award - Innovative Use of
Social Media
a) Gold – www.omy.sg (Singapore Blog Awards)
b) Silver – www.straitstimes.com
c) Bronze – www.omy.sg (Jack Neo’s Affair Scandal)
• Best in Cross Media Award - Cross Media Advertising
a) Gold Award – Singapore Tourism Board Night
Out 2010
b) Bronze Award – Fashion Season @ Orchard 2010
• Best in Cross Media Award - Cross Media Editorial
Coverage
a) Bronze – www.omy.sg (“Four Heavenly King”
Food Contest – Durian Puff)
• Best in Digital Content Award - User Generated
Content (UGC)
a) Bronze – www.stomp.com.sg
14. Magnum Opus Awards 2011
• Best Overall Editorial (Print Magazine) – Gold (SPH
Magazines for SilverKris)
• Best Signed Editorial or Essay (Print Magazine)
– Honorable Mention (Focus Publishing for Petir
for “Private Tuition at Boon Lay”)
• Best Feature Article (Print Newsletter)- Honorable
Mention (Focus Publishing for VOICES for
“Without Pier”)
• Best Overall Editorial (Other Print Publication)
– Silver (SPH Magazines for SingHealth)
• Best Overall Design 4+ color (Other Print
Publication) – Silver (SPH Magazines for Singapore
Nautilus)
• Most Improved Design (Other Print Publication)
– Gold (SPH Magazines for NSman)
15. 2011 PANPA (Pacific Area Newspaper Publishers’
Association) Advertising Awards
• Best Single Ad (25,000 – 90,000) – WINNER(SPH
Creative Services, Marketing Division for The
Business Times – “Singapore Business
Awards 2010”)
• Best Print Campaign (90,000+) – Highly
Commended (SPH Creative Services, Marketing
Division for The Straits Times – “91.3 FM”)
• Best Advertising Feature Or Supplement
(90,000+) – Highly Commended (SPH Special
Projects Unit, Marketing Division – “Tomorrow’s
Eye Care Today”)
• Best Advertising/Campaign Promoting Print In
A Trade Publication Or As An In-House Ad
(90,000+) – Winner (SPH Creative Services,
Marketing Division – “SPH Ink Awards 2010”)
• Best Advertising/Campaign Promoting Print In
A Trade Publication Or As An In-House Ad
(90,000+) – Highly Commended (SPH CATS
Classified, Marketing Division – “CATS Classified
Food Fest 2010”)
• Integrated Solutions (One Or More Platforms)
– Highly Commended (SPH – “Fashion Season @
Orchard 2010”)
• We Wish (Best Idea A Client Did Not Buy)
– Winner (SPH – “Launch of Integrated Resort in
Singapore”)
16. PANPA 2011 Newspaper of the Year Awards
• PANPA 2011 Marketer of the Year – Geoff Tan,
Head, Strategic Marketing, SPH
• Newspaper Marketing Awards – Events (90,000+
circulation) – “SPH Turns You ON!” Trade Event
• Newspaper Marketing Awards – Young Readers
(90,000+ circulation) – The Straits Times
Education Programme (STep)

57
Asian Publishing Awards 2011
17. WAN-IFRA International Newspaper Color
Quality Club (INCQC) 2010 – 2012
• The Straits Times
• Lianhe Zaobao
• Berita Harian
18. WAN-IFRA World Young Reader Prize 2010
• Newspapers in Education – IN, The Straits Times
student newspaper
19. Magazine of the Year 2011 by Marketing Magazine
• Magazine of the Year – Her World
• Women’s Magazine of the Year – Her World
• Chinese Magazine of the Year – ICON
• Motor Vehicle Magazine of the Year – Torque
• Consumer Electronics Magazine of the Year
– HardwareMAG (HWM)
• Parenting Magazine of the Year – Young Parents
• Interior Design Magazine of the Year – Home & Décor
• Golf Magazine of the Year – Golf Digest
• Men’s Magazine of the Year – Men’s Health
(2 nd position)
• Youth Magazine of the Year – Seventeen
(2 nd position)
• Luxury Magazine of the Year – The Peak
(2 nd position)
• Women’s Magazine of the Year – Female
(3 rd position)
• Property Magazine of the Year – Luxury Properties
(3 rd position)
• Local Business Magazine of the Year – Business
Quotient (BizQ) (3 rd position)
20. Newspaper of the Year 2011 by Marketing Magazine
• The Straits Times (1 st position)
• The New Paper (2 nd position)
• My Paper (4 th position)
• The Business Times (5 th position)
• Lianhe Zaobao (6 th position)
21. Tabbie Awards 2011
• Front Cover, Digital Imagery – Gold (Singapore
Nautilus)
• Feature Design and Front Cover – Honourable
Mention (Singapore Nautilus)
• Illustration - Honourable Mention (Singapore Nautilus)
22. Asian Publishing Awards 2011
• Excellence Awards, Advertising Delivery – omy.sg
• Excellence Awards, Best Use of UGC
(User-Generated Content) – omy.sg
23. Aseanta Awards For Excellence 2011
• Best ASEAN Travel Article – SilverKris for
“Kuala Lumpur’s mellow appeal”
24. 2010 W 3 Awards
• Viral Marketing (Blog category) – Silver (omy.sg for
Project R: wedding 2.0)
• Website Features (Structure and Navigation
category) – Silver (omy.sg for its website)
PROPERTY ACCOLADES
1. Design and Engineering Safety Excellence
Awards 2011
• Merit Award under the Residential Category
(Sky@eleven)
2. Singapore Retailers Association (SRA) Shopping
Centre Scorecard 2011
• Outstanding Efforts in Advertising & Promotions
(Paragon)
3. Christmas Light-Up @ Orchard 2010 - Best Dressed
Building Contest
• Runner Up (Paragon)

58
Singapore Press Holdings annual report 2011
Corporate governance
REPORT
SPH is committed to achieving high standards of corporate governance, to promote corporate transparency and to enhance
shareholder value. SPH is pleased to confirm that it has adhered to the principles and guidelines of the Code of Corporate
Governance 2005 (“Code”).
The Annual Report should be read in totality for SPH’s full compliance.
BOARD MATTERS
Board’s Conduct of its Affairs
Principle 1: Effective Board to lead and control the company
The Board provides leadership to the Group by setting the corporate policies and strategic aims. Matters requiring the
Board’s decision and approval include:
1. Major funding proposals, investments, acquisitions and divestments including the Group’s commitment in terms of
capital and other resources;
2. The annual budgets and financial plans of the Group;
3. Annual and quarterly financial reports;
4. Internal controls and risk management strategies and execution; and
5. Appointment of directors and key management staff, including review of performance and remuneration packages.
The Group has in place financial authorization limits for matters such as operating and capital expenditure, credit lines and
acquisition and disposal of assets and investments, which require the approval of the Board.
To ensure that specific issues are subject to in-depth and timely review, certain functions have been delegated to
various Board Committees, which would submit its recommendations or decisions to the Board. The Board Committees
constituted by the Board are the Executive Committee, Audit Committee, Remuneration Committee and the Nominating
Committee. Each of these Board Committees has its own terms of reference.
The Executive Committee’s (“EC”) principal responsibilities are:-
1. To review, with management, and recommend to the Board the overall corporate strategy, objectives and policies of
the Group, and monitor their implementation;
2. To consider and recommend to the Board, the Group’s five year plan and annual operating and capital budgets;
3. To review and recommend to the Board proposed investments and acquisitions of the Group which are considered
strategic for the long-term prospects of the Group;
4. To oversee the enterprise risk management function, by ensuring the proper implementation of a formal risk
management framework for the Group;
5. To approve the Company’s asset allocation strategy, appointment and termination of external fund managers and
investment/divestment of securities and review investment guidelines, treasury management and investment
performance;
6. To act on behalf of the Board in urgent situations, when it is not feasible to convene a meeting of the entire Board; and
7. To carry out such other functions as may be delegated to it by the Board.
Details of other Board Committees are as set out below:
1. Audit Committee (principle 11);
2. Remuneration Committee (principle 7); and
3. Nominating Committee (principle 4).
The names of the members of the Board Committees are set out in the Corporate Information page of this Annual Report.

59
Board attendance
The Board meets on a quarterly basis and as warranted by particular circumstances. Five Board meetings were held in the
financial year ended 31 August 2011 (“FY 2011”). A Director who is unable to attend the meeting in person may participate
via tele-conference. The attendance of the Directors at meetings of the Board and Board Committees, and the frequency of
such meetings, is disclosed on page 65. A Director who fails to attend three Board meetings consecutively, without good
reason, will not be nominated by the Nominating Committee for re-appointment and will be deemed to have resigned.
Training for Directors
A comprehensive orientation programme, including site visits, is organized for new Directors to familiarize them with
the Group’s operations, organization structure and corporate policies. They are also briefed on the Company’s corporate
governance practices and the regulatory regime. Directors are updated from time to time on changes in relevant laws and
regulations; industry developments and business initiatives; and analyst and media commentaries on matters related to the
Company and the media industry.
Directors are informed and encouraged to attend relevant courses conducted by the Singapore Institute of Directors,
Singapore Exchange Limited, and business and financial institutions and consultants.
For FY 2011, Directors attended a full-day workshop, where they were briefed on industry trends and challenges facing the
Group and discussed its future strategy. Audit Committee members also attended training sessions on the latest Financial
Reporting Standards developments, and the use and applications of Data Analysis.
Directors may, at any time, request further explanations, briefings or informal discussions on any aspect of the Group’s
operations or business issues from the management.
Directors are also informed about matters such as the Code of Dealings in the Company’s shares as they are privy to price
sensitive information.
Board Composition and Balance
Principle 2: Strong and independent Board
Currently, the Board comprises 11 Directors, all of whom, except for the Chief Executive Officer (“CEO”), are nonexecutive
and independent directors. Each director has been appointed on the strength of his/her calibre and experience.
As a group, the Directors possess core competencies such as accounting, finance, business or management experience,
industry knowledge and strategic planning experience. For effective deliberation and decision-making, the Directors have
decided that the optimum size for the Board shall not exceed 12, except in special circumstances.
Key information regarding the Directors are set out in the Board of Directors’ section and on page 66 to page 68 which sets
out their current and past directorships.
The Board and management recognize the advantage of open and constructive debate. To facilitate this, Board members
are supplied with relevant, complete and accurate information on a timely basis. Non-executive directors may challenge
management’s assumptions and also extend guidance to the management, in the best interest of the Group.
Non-executive Directors meet at least once annually without the presence of management.
Chairman and Chief Executive Officer
Principle 3: Clear division of responsibilities between Chairman and Chief Executive Officer to ensure a balance of power
and authority
The Company has a separate Chairman and CEO. The Chairman is a non-executive and independent director and also
chairs the EC. He sets the agenda for Board meetings and ensures that relevant, accurate and complete information is
made available to the Board. The Chairman has appointed some non-executive directors as directors in the Company’s
subsidiaries to tap their expertise in specific areas and facilitate effective contribution by non-executive directors.
The CEO bears executive responsibility for the Group’s business and implements the Board’s decisions. The Chairman and
the CEO are not related.

60
Singapore Press Holdings annual report 2011
Corporate governance
REPORT
Board membership
Principle 4 : Formal and transparent process for appointment of new directors
The Nominating Committee (“NC”) comprises four independent directors. It regularly reviews the balance and mix of
expertise, skills and attributes of the Directors in order to meet the business and governance needs of the Group, shortlists
candidates with the appropriate profile for nomination or re-nomination and recommends them to the Board for approval.
It looks out for suitable candidates to ensure continuity of Board talent. Some of the criteria used are integrity, independent
mindedness, diversity of competencies, ability to commit time and effort to the Board, track record of good decisionmaking,
experience in high-performing companies and financial literacy. The Committee may seek advice from external
search consultants where necessary.
The NC regards succession planning as an important part of corporate governance and has an internal process of
succession planning to ensure the progressive and orderly renewal of Board membership.
The appointment of Directors is also in accordance with Section 10 of the Newspaper and Printing Presses Act (Cap 206).
Directors’ re-nomination and independence are reviewed by the NC on an annual basis. Article 111 of the Articles requires
one-third of the Directors, or the number nearest to but not less than one-third, to retire by rotation at every annual general
meeting (“AGM”). These Directors may offer themselves for re-election, if eligible. Directors of or over 70 years of age are
required to be re-elected every year at the AGM under Section 153(6) of the Companies Act before they can continue to
act as a Director.
The NC has ascertained that for the period under review, all non-executive Directors are independent and that Directors
have devoted sufficient time and attention to the Group’s affairs.
A Director who has no relationship with the Group or its officers that could interfere, or be reasonably perceived to
interfere, with the exercise of his independent business judgment in the best interests of the Company, is considered to be
independent.
The NC noted that although the total fees billed by M/s Allen & Gledhill (“A&G”) (of which a Director, Mr Lucien Wong is a
partner) to the Group in FY 2011 had exceeded $200,000, this amount did not represent a significant portion of A&G’s total
legal fees such that it would compromise his independent judgment and objectivity in his deliberations in the interest of the
Company. On that basis, the NC determined him to be an independent Director.
Board Performance
Principle 5: Formal assessment of the effectiveness of the Board and contribution of each director
The Nominating Committee reviews the Board’s performance on an annual basis, and decides how this may be evaluated,
based on performance criteria approved by the Board.
The Board has implemented a process for assessing the effectiveness of the Board as a whole and for assessing the
contribution by directors to the effectiveness of the Board.
Directors are required, periodically, to complete a Questionnaire seeking their views on various aspects of Board
performance, such as Board composition, information, process and accountability. The Company Secretary compiles
Directors’ responses to the Questionnaire into a consolidated report. The report is discussed at the NC meeting and also
shared with the entire Board.
Some of the criteria for assessing the Board’s collective performance include Board composition and size, the Board’s
access to information, Board processes, Board accountability, standard of conduct and performance of its principal
functions and fiduciary duties, guidance to and communication with the management and Board Committee performance.
Assessment of individual Directors’ performance is undertaken by the NC, based on factors such as the Director’s
attendance; participation and contribution at Board meetings; and industry and business knowledge.
The NC is of the view that the financial indicators set out in the Code as guidance on the evaluation of Directors are not
appropriate as they are more a measure of the management’s performance.

61
Access to information
Principle 6: Provision of complete, adequate and timely information prior to board meetings and on an on-going basis
The Board is provided with quarterly financial accounts, other financial statements and progress reports of the Group’s
business operations. The quarterly financial results and annual budget (including the forecast) is presented to the Board for
approval. The monthly financial statements are made available to members of the EC.
As a general rule, board papers are sent to Directors at least one week in advance in order for Directors to be adequately
prepared for the meeting. Senior management attends Board meetings to answer any queries from the Directors.
The Directors also have unrestricted access to the Company Secretary and the senior management at all times.
The Company Secretary attends all Board meetings and ensures that board procedures are followed. The Company
Secretary also organizes orientation and training for new directors, as well as update Directors on changes in laws and
regulations. It is the Company Secretary’s responsibility to ensure that the Company complies with the requirements of the
Companies Act and the Listing Manual.
The Articles provide that the appointment and removal of the Company Secretary is subject to the approval of the Board.
Should Directors, whether as a group or individually, need independent professional advice relating to the Company’s
affairs, the Company Secretary will appoint a professional advisor to render the advice and keep the Audit Committee
informed of such advice. The cost of such professional advice will be borne by the Company.
Remuneration Matters
Principle 7: Formal and transparent procedure for fixing remuneration packages of directors.
The Remuneration Committee (“RC”) comprises four non-executive and independent directors.
The RC sets the remuneration guidelines of the Group for each annual period, including the structuring of long-term
incentive plans, annual salary increases and variable and other bonuses for distribution to employees. It administers the
SPH Performance Share Plan and the Employee Share Option Plan. The RC also reviews the remuneration of Directors
including that of the CEO, and submits its recommendations to the Board for endorsement. The RC also reviews the
remuneration of senior management.
The RC may seek expert advice inside and/or outside of the Company on remuneration of Directors and staff.
Level and mix of remuneration
Principle 8: Appropriate remuneration to attract, retain and motivate directors
The level and mix of remuneration for Directors is set out under Principle 9.
Disclosure on Remuneration
Principle 9: Clear disclosure on remuneration policy, level and mix
Directors’ Remuneration
For the period under review, the CEO’s remuneration package includes a variable bonus element and performance share
grant, which are based on the Company’s and individual performance and have been designed to align his interests with
those of shareholders. As an executive director, the CEO does not receive Directors’ fees.
Non-executive directors, including the Chairman, are paid Directors’ fees, subject to the approval of shareholders at the
AGM. Directors’ fees comprise a basic retainer fee, fees in respect of service on Board Committees, attendance fees,
as well as fees for participation in special projects, adhoc committees and subsidiary boards.

62
Singapore Press Holdings annual report 2011
Corporate governance
REPORT
The Directors’ fee structure for service on the Board and Board Committees is as follows:
$
Non-executive Chairman 115,000
Deputy Chairman 78,000
Non-executive Director 60,000
Audit Committee Chairman 37,500
Audit Committee Member 22,500
Nominating/Remuneration Committee Chairman 22,500
Nominating/Remuneration Committee Member 12,500
Executive Committee Chairman 40,000
Executive Committee Member 25,000
The attendance fees payable to Directors for attendance at each Board and Board Committee meeting are as follows:
Board meeting $2,000
Board Committee or adhoc committee meeting $1,000
A breakdown, showing the level and mix of each individual Director’s remuneration payable for FY 2011 is as follows:-
Name of Director 1
Directors’
Fees 2
(%)
Base/Fixed
Salary
(%)
Variable or
Bonuses
(%)
Benefits
in Kind
(%)
Executive Director
$2,000,000 to $2,249,999
Chan Heng Loon Alan (CEO) 3 - 42.06 56.50 1.44 100
Total
(%)
Independent Directors
Below $250,000
Tony Tan Keng Yam (Chairman) 4 79.42 - - 20.58 100
Cham Tao Soon (Deputy Chairman) 5 100 - - - 100
Willie Cheng Jue Hiang 100 - - - 100
Chong Siak Ching 100 - - - 100
Ng Ser Miang 100 - - - 100
Ngiam Tong Dow 100 - - - 100
Sum Soon Lim 100 - - - 100
Lucien Wong Yuen Kuai 100 - - - 100
Yeo Ning Hong 100 - - - 100
Yong Pung How 100 - - - 100
Notes:
1
Dr Lee Boon Yang was not a director as at 31 August 2011.
2
Where relevant, includes fees for directorship in subsidiary/subsidiaries.
3
Excludes performance shares granted during the financial year. For details, please refer to the Directors’ Report.
4
Dr Tony Tan resigned as a Director and Chairman on 1 July 2011.
5
Prof Cham Tao Soon assumed the position of Acting Chairman on 1 July 2011.

63
Remuneration of Executives
The Board has, on review, decided not to disclose the names of the Company’s top five executives given the competitive
pressure and disadvantages that this might bring. The top five executives of the Company (excluding the CEO) in each
remuneration band for this financial year are:-
Remuneration Bands
No. of Executives
$1,000,000 to $1,249,999 1
$750,000 to $999,999 2
$500,000 to $749,999 2
Total 5
The Company adopts a remuneration policy for staff comprising a fixed component, a variable component, and benefits in
kind. The fixed component is in the form of a base salary. The variable component is in the form of a variable bonus that is
linked to the Company’s and individual performance. The benefits in kind include club and car benefits. The RC approves
the bonus for distribution to staff based on individual performance.
The above remuneration bands exclude performance shares granted to staff under the Performance Share Plan. Details of
the Performance Share Plan are set out in the financial report section.
The Company does not employ any immediate family member of any Director or the CEO.
Accountability
Principle 10: Board to present balanced and understandable assessment of the company’s performance
SPH is committed to discharging its obligation to provide prompt and thorough disclosures.
Management provides the EC, and the other Directors upon request, with the monthly management accounts within
seven business days of month end. Quarterly and annual results are released via SGXNET within 45 days of the end of
the quarter. The CEO and the Chief Financial Officer provide assurance to the Board on the integrity of these financial
statements through a written representation.
Audit Committee
Principle 11: Establishment of an Audit Committee with written terms of reference
Audit Committee
The Audit Committee (“AC”) currently comprises four members, all of whom are independent non-executive directors.
The NC is of the view that the members of the AC have sufficient financial management expertise and experience to
discharge the AC’s functions given their experience as directors and/or senior management in accounting and financial
fields.
The AC performs the functions as set out in the Code. The AC has conducted an annual review of the performance of the
external auditor and the volume of non-audit services to satisfy itself that the nature and extent of such services will not
prejudice the independence and objectivity of the external auditors, before confirming their re-nomination.
The AC meets with the external and internal auditors, without the presence of management, at least once a year. The audit
partner of the external auditors is rotated every five years, in accordance with the requirements of the Listing Manual.
Quarterly financial statements and the accompanying announcements are presented to the AC for approval, before
endorsement by the Board, to ensure the integrity of information to be released.

64
Singapore Press Holdings annual report 2011
Corporate governance
REPORT
Code of Business Ethics and Employee Conduct Policy
The Group has an existing Code of Business Ethics and Employee Conduct Policy (“Ethics Code”), which is posted on
the Company’s intranet website, to regulate the ethical conduct of its employees. The Group also has a Whistleblowing
Policy & Procedure which is posted on the SPH Corporate website, to allow staff and external parties such as suppliers,
customers, contractors and other stakeholders, to raise concerns or observations in confidence to the Company, about
possible irregularities for investigation. Such concerns include dishonesty, fraudulent acts, corruption, legal breaches and
other serious improper conduct; unsafe work practices and any other conduct that may cause financial or non-financial
loss to the Group or damage to the Group’s reputation. The Whistleblowing Policy encourages staff and external parties
to identify themselves whenever possible to facilitate investigations, but will also consider anonymous complaints, in
certain circumstances. It makes available to staff and external parties the contact details of the Receiving Officer, who
may also forward the concern to the respective Heads of Division, CEO, Audit Committee Chairman and/or Chairman.
Internal Controls
Principle 12: Sound system of internal controls
The Internal Audit Division (“IAD”) has an annual audit plan, which complements that of the external auditors. IAD’s
plan focuses on material internal control systems including financial, operational, IT and compliance controls, and risk
management. IAD also provides advice on security and control in new systems development, recommends improvements
to effectiveness and economy of operations, and contributes to risk management and corporate governance processes.
Any material non-compliance or lapses in internal controls together with corrective measures are reported to the AC.
Based on the audit reports and management controls in place, the AC is satisfied that the internal control systems provide
reasonable assurance that assets are safeguarded, that proper accounting records are maintained and financial statements
are reliable.
In the course of their statutory audit, the Company’s external auditors will highlight any material internal control
weaknesses which have come to their attention in carrying out their normal audit, which is designed primarily to enable
them to express their opinion on the financial statements. Such material internal control weaknesses noted during their
audit, and recommendations, if any, by the external auditors are reported to the AC.
The Group has in place a Code of Dealings in SPH’s securities, which prohibits dealings in SPH securities by all Directors of
the Company and its subsidiaries, and certain employees, within certain trading periods. The “black-out” periods are two
weeks prior to the announcement of the Company’s financial statements for each of the first three quarters of its financial
year and one month prior to the announcement of the Company’s full year financial statements. Directors and employees
are also reminded to observe insider trading laws at all times, and not to deal in SPH securities when in possession of any
unpublished price-sensitive information regarding the Group, or on short-term considerations.
Internal Audit
Principle 13: Establishment of an internal audit function that is independent of the functions it audits
IAD is staffed with eight audit executives, including the Head of Internal Audit. Most of the IAD staff have professional
qualifications, and are members of the Institute of Internal Auditors, Inc. (“IIA”). Some are qualified IT auditors and/or
Certified Fraud Examiners. All IAD staff have to adhere to a set of code of ethics adopted from The Institute of Internal
Auditors, Inc. The Head of Internal Audit reports directly to the chairman of the AC on audit matters, and to the CEO on
administrative matters. IAD has adopted the Standards for Professional Practice of Internal Auditing set by IIA and ensures
staff competency through the recruitment of suitably qualified and experienced staff, provision of formal and on-the-job
training, and appropriate resource allocation in engagement planning.
The AC reviews IAD’s reports on a quarterly basis. The AC also reviews and approves the annual IA plans and manpower to
ensure that IAD has the necessary resources to adequately perform its functions.
Communication with shareholders
Principle 14: Regular, effective and fair communication with shareholders
The Company holds analysts’ briefings of its half-year and full-year results and a media briefing of its full year results.
The quarterly financial results are published through the SGXNET, news releases and the Company’s corporate website.

65
A webcast of the half-year and full-year results briefing is also available on the website. The date of release of the results is
announced through SGXNET about two weeks in advance.
The Company does not practise selective disclosure. Price-sensitive information is first publicly released through SGXNET,
either before the Company meets with any investors or analysts or simultaneously with such meetings. All shareholders
of the Company receive the summary financial report, and, on request, the full annual report, and notice of AGM, which is
held within four months after the close of the financial year. The notice is also advertised in the newspapers. The summary
financial report and the annual report are also available on the Company’s corporate website, www.sph.com.sg.
Principle 15: Greater shareholder participation at AGMs
The Articles allow a shareholder to appoint one or two proxies to attend and vote instead of the shareholder. The Articles
currently do not allow a shareholder to vote in absentia.
Resolutions are, as far as possible, structured separately and may be voted on independently. All polls are conducted in the
presence of independent scrutineers.
The Company is in full support of shareholder participation at AGMs. For those who hold their shares through CPF
nominees and who are not registered as shareholders of the Company, the Company welcomes them to attend the AGM
as observers.
All Directors, including the chairmen of the EC, AC, NC and RC, and senior management, are in attendance at the
AGMs and Extraordinary General Meetings to allow shareholders the opportunity to air their views and ask Directors or
management questions regarding the Company. The external auditors are also invited to attend the AGMs to assist the
Directors in answering any queries relating to the conduct of the audit and the preparation and content of the auditors’
report.
Directors’ Attendance at Board and Board Committee Meetings for FY 2011
Name of Director 1 Committee
Board Executive
Audit
Committee
Remuneration
Committee
Nominating
Committee
Tony Tan Keng Yam 2 (Chairman) 4 out of 4 8 out of 8 - 3 out of 3 1 out of 1
Cham Tao Soon (Deputy Chairman) 5 out of 5 10 out of 10 - 3 out of 3 8 2 out of 2
Chan Heng Loon Alan (CEO) 5 out of 5 10 out of 10 - - -
Willie Cheng Jue Hiang 5 out of 5 1 out of 1 4 4 out of 4 4 out of 4 -
Chong Siak Ching 4 out of 4 3 1 out of 1 5 2 out of 3 6 - -
Ng Ser Miang 4 out of 5 - - - 1 out of 2
Ngiam Tong Dow 5 out of 5 - 1 out of 1 7 4 out of 4 -
Sum Soon Lim 5 out of 5 9 out of 10 - - -
Lucien Wong Yuen Kuai 5 out of 5 - 4 out of 4 2 out of 2 9 -
Yeo Ning Hong 5 out of 5 9 out of 10 4 out of 4 - -
Yong Pung How 5 out of 5 - - - 2 out of 2
Notes :
1
Dr Lee Boon Yang was not a Director as at 31 August 2011.
2
Dr Tony Tan resigned as a Director & Chairman, ExCo Chairman, Remuneration Committee member and Nominating Committee member, all wef 1 July 2011.
3
Ms Chong Siak Ching was appointed as a Director on 22 October 2010.
4
Mr Willie Cheng is not a member but was invited to attend this meeting.
5
Ms Chong Siak Ching is not a member but was invited to attend this meeting.
6
Ms Chong Siak Ching was appointed a member wef 1 December 2010.
7
Mr Ngiam Tong Dow resigned as a member wef 1 December 2010.
8
Prof Cham Tao Soon resigned as a member on 1 December 2010 and was re-appointed a member on 1 July 2011.
9
Mr Lucien Wong was appointed a member on 1 December 2010.

66
Singapore Press Holdings annual report 2011
Further information on
BOARD OF DIRECTORS
Professor Cham Tao Soon
Current Directorships
United Overseas Bank Limited* (Director)
WBL Corporation Ltd* (Director)
NSL Ltd* (Chairman)
Soup Restaurant Group Ltd* (Director)
Far Eastern Bank Limited (Director)
Y.E.S - F&B Group Pte Ltd (Director)
The Tan Chin Tuan Foundation (Director)
Singapore International Foundation (Director)
Nanyang Fine Arts Foundation Ltd (Chairman)
Singapore-China Foundation Ltd (Chairman)
SIM University’s Board of Trustees (Chairman & Chancellor)
Keppel Technology Advisory Panel (Chairman)
Directorships for the past 3 years
Council of Presidential Advisors (Member)
Singapore Symphonia Co Ltd (Chairman)
Dr Tony Tan Keng Yam (Dr Tan stepped down as Chairman and Director on 1 July 2011)
Current Directorships
Nil
Directorships for the past 3 years
Singapore Press Holdings Limited*
Singapore Press Holdings Foundation Ltd
(Chairman)
National Research Foundation (Chairman)
Research, Innovation & Enterprise Council
(Deputy Chairman)
Ministry of Education’s International
Academic Advisory Panel (Chairman)
Government of Singapore Investment
Corporation Pte Ltd (Executive Director and
Deputy Chairman)
Dr Lee Boon Yang
Current Directorships
Kreta Ayer People’s Theatre Foundation (Chairman)
Keppel Corporation Limited* (Chairman and Director)
Keppel Care Foundation Limited (Director)
Directorships for the past 3 years
Nil
Mr Alan Chan Heng Loon
Current Directorships
Urban Redevelopment Authority (Chairman)
SP PowerAssets Ltd (Chairman)
PowerGas Ltd (Chairman)
Corporate Governance Council (Chairman)
Singapore Power Ltd (Director)
Singapore Press Holdings Foundation Limited (Director)
Business China (Director)
Singapore-China Foundation Ltd (Director)
Public Service Commission (Member)
Directorships for the past 3 years
Casino Regulatory Authority (Member)

67
Mr Willie Cheng Jue Hiang
Current Directorships
United Overseas Bank Ltd* (Director)
NTUC Fairprice Co-operative Ltd (Director)
NTUC Fairprice Foundation Ltd (Director)
Singapore Health Services Pte Ltd (Director)
Integrated Health Information Systems Ltd (Director)
Aescapulus Holdings Pte Ltd (Director)
Caritas Humanitarian Aid & Relief Initiatives, Singapore (Chairman)
Singapore Co-operation Enterprise (Director)
Council for Third Age (Director)
Asia Philanthropic Ventures (Director)
Singapore Institute of Directors (Director)
SymAsia Foundation Ltd (Director)
Directorships for the past 3 years
Nil
Ms Chong Siak Ching
Current Directorships
Ascendas Funds Management (S) Limited (Deputy Chairman)
(as Manager of Ascendas Real Estate Investment Trust*)
Ascendas Property Fund Trustee Pte. Ltd. (Director)
(as Trustee-Manager of Ascendas India Trust*)
Frasers Property (China) Limited* # (Director)
Jurong Health Services Pte. Ltd. (Director)
Standards, Productivity and Innovation Board (SPRING) (Deputy Chairman)
Singapore Business Federation (Council Member)
National University of Singapore (Trustee)
Directorships for the past 3 years
National Community Leadership Institute
(Member)
Singapore Tourism Board (Board Member)
Mr Ngiam Tong Dow
Current Directorships
United Overseas Bank Ltd* (Director)
Yeo Hiap Seng Ltd* (Director)
International Medical Insurers Pte Ltd (Director)
Directorships for the past 3 years
Nil
Mr Ng Ser Miang
Current Directorships
TIBS International Pte Ltd (Chairman)
WBL Corporation Limited* (Chairman)
NTUC Fairprice Co-operative Limited (Chairman)
Yanlord Land Group Limited* (Director)
NTUC Fairprice Foundation Ltd (Director)
NTUC U Care Fund (Trustee)
Directorships for the past 3 years
NTUC Choice Homes Co-operative Limited
(Chairman)
Council for Third Age (Director)
* Public-listed company
# Company listed on the Hong Kong Stock Exchange Ltd

68
Singapore Press Holdings annual report 2011
Further information on
BOARD OF DIRECTORS
Mr Sum Soon Lim
Current Directorships
Singapore Technologies Telemedia Pte Ltd (Director)
STT Communications Ltd (Director)
Singapore National Eye Centre Pte Ltd (Director)
National Heart Centre of Singapore Pte Ltd (Director)
KK Women’s and Children’s Hospital Pte Ltd (Director)
National Neuroscience Institute of Singapore Pte Ltd (Director)
Cathay International Holdings Ltd* (Chairman)
Bright Vision Hospital (Chairman)
Eastern Health Alliance Pte Ltd (Director)
Directorships for the past 3 years
Singapore Health Services Pte Ltd
(Director)
Yantai Raffles Shipyard Ltd (Director)
Changi General Hospital Pte Ltd (Director)
Mr Lucien Wong Yuen Kuai
Current Directorships
Cerebos Pacific Limited* (Director)
Hap Seng Plantations Holdings Berhad* (Director)
Singapore Airlines Limited* (Director)
Linklaters Allen & Gledhill Pte Ltd (Director)
Maritime and Port Authority of Singapore (Chairman & Board Member)
Monetary Authority of Singapore (Board Member)
National University of Singapore (Trustee)
Eastern Development Private Limited (Director)
Eastern Development Holdings Pte. Ltd. (Director)
Allen & Gledhill LLP (Partner & Manager)
Directorships for the past 3 years
Altitude Trust Management Pte. Ltd.
(Director)
DLF Trust Management Pte. Ltd. (Director)
Mapletree Commercial Trust Management
Ltd (Director)
SingHealth Foundation (Trustee)
Dr Yeo Ning Hong
Current Directorships
Far East Organization Centre Pte Ltd (Advisor)
Keppel Technology Advisory Panel (Member)
Haggai Institute for Advanced Leadership Training (Director)
Directorships for the past 3 years
Nil
Mr Yong Pung How
Current Directorships
k1 Ventures Limited* (Director)
Directorships for the past 3 years
Nil
* Public-listed company

Risk
MANAGEMENT
69
SPH has put in place a continuous and iterative process
for improving risk awareness and creating a culture of risk
ownership. The Enterprise Risk Management (“ERM”)
framework provides a common platform to discuss,
manage and establish interdependence of risks within
the organisation.
SPH systematically reviews the risk profile of the
organisation on a regular basis through a structured
reporting framework that serves to identify, evaluate and
document risks and the corresponding mitigating
measures. Risk assessments are conducted across
three tiers - strategic, operational and project level
- with ERM being a strategic tool for making
risk-adjusted business decisions.
The Executive Committee (“EC”) is updated twice a year
on the risk profile and mitigation measures for identified
risks, while the Board is updated annually. The EC will
report and make recommendations to the Board where
significant risk matters arise.
On top of six-monthly updates to the EC, SPH’s risk unit
systematically cascades division-level risk reviews down to
various business units. SPH also conducts operational-level
risk reviews on a six-monthly basis, adopting a control
self-assessment approach.
As part of the company’s efforts to ensure that risk
management practices are firmly established within
all levels of SPH, nominated risk coordinators are
embedded in divisions to closely monitor and promptly
flag risk events.
The focus in SPH’s ERM framework is appraising risks
in relation to the accomplishment of objectives. The key
thrust is in integrating an organisational culture where SPH
mitigates its risk exposure by calibrating risks to acceptable
levels while achieving SPH’s business goals.
The key outputs of ERM are:
• Define a common understanding of risk classification
and tolerance.
• Identify key risks affecting business objectives and
strategic plans.
• Identify and evaluate existing controls and develop
additional plans required to treat (mitigate, reduce,
transfer etc) these risks.
• Implement measures and processes to enable ongoing
monitoring and review of risk severity and treatment
effectiveness.
The Board is of the opinion that the risk management
framework is adequate.
The following are some of the strategic risks that may
impact the financial status and operational effectiveness of
SPH’s businesses.
Economic Risks
Adverse macroeconomic conditions in the global and
Singapore economy have a significant impact upon
SPH’s principal business segments. SPH continues to
actively manage its risk exposure on the economic front
by proactively streamlining its business processes and
adopting prudent fiscal controls.
Regulatory Risks
SPH’s newspaper business is subject to the annual
renewal of its publishing licence pursuant to the provisions
of the Newspaper and Printing Presses Act (Chapter 206,
Singapore Statues). Failure to comply with the Act may
subject SPH to significant liabilities, including fines,
suspension or, in extreme circumstances, the revocation of
the licence.
Newsprint Cost Risks
SPH’s financial performance is susceptible to newsprint
price volatility. The cyclical fluctuation of newsprint prices
has a substantial impact on newspaper publishing costs,
and a significant spike in newsprint price or a reduction
in the availability of newsprint can adversely affect the
company’s core business. Failure to adopt mitigating
measures, such as advance stockpiling or appropriate
inventory management measures and purchasing
strategies, may result in SPH incurring higher production
costs and lead to lower operating margins.
BUSINESS CONTINUITY PLANNING
Availability and safety of our printing facilities are of
paramount importance to SPH as three million residents
of Singapore rely on us daily to provide them with
timely and essential news via our suite of newspapers.
Business Continuity Planning (“BCP”) increases the
resilience of the Group to potential business disruptions
and minimises the impact of a crisis on business
operations, people and assets.
SPH has a comprehensive BCP programme in place to
minimise any disruptions to its critical business activities
and ensure that the populace continues to be informed in
the face of a crisis. Simulation exercises are conducted
periodically involving operating and supporting units on
locations to fortify operational preparedness. The Group
continues to scan for possible threats and establish plans
to enhance operational preparedness.

70
Singapore Press Holdings annual report 2011
SPH newspapers
READERSHIP TRENDS
SPH Newspapers Net Readership Trends (‘000)
3000
2500
2000
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005* 2006 2007 2008 2009 2010 2011
SPH Newspapers Readership Trends (‘000)
2000
1500
1000
500
0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005* 2006 2007 2008 2009 2010 2011
Publications English-language papers Chinese-language papers (including My Paper) Malay-language & Tamil-language papers
* Streats ceased publication from January 2005.
Remarks: Nielsen Fieldwork period July-June; year indicated refers to the year when fieldwork was completed
Source: Nielsen Media Research, Media Index (1992-2011)

Daily average
NEWSPAPERS CIRCULATION
(August 2011)
71
The Straits Times
367,200
The Sunday Times
373,000
Berita Harian /
Berita Minggu
59,200
The Business Times
38,400
The New Paper /
The New Paper Sunday
98,100
Lianhe Zaobao
173,000
Lianhe Wanbao
94,100
Shin Min Daily News
138,200
zbCOMMA
80,500
Thumbs Up
31,300
Thumbs Up Junior
11,500
Tamil Murasu /
Tamil Murasu Sunday
17,200

72
Singapore Press Holdings annual report 2011
Financial
REVIEW
Group Simplified Financial Position
2011 2010* 2009* 2008* 2007 # *
S$’000 S$’000 S$’000 S$’000 S$’000
Assets
Property, plant and equipment 394,086 427,783 462,534 490,297 488,912
Investment properties 1,754,259 1,730,069 1,174,465 1,140,180 1,100,620
Investments 1,065,543 1,269,900 756,531 979,092 1,215,444
Cash and cash equivalents 392,514 460,995 299,253 211,024 122,160
Trade and other receivables 156,136 264,124 458,277 252,417 175,583
Inventories 37,317 26,974 29,370 36,281 19,341
Other assets 88,919 54,157 54,928 41,414 16,297
Total 3,888,774 4,234,002 3,235,358 3,150,705 3,138,357
Shareholders’ interests
Capital and reserves 2,232,005 2,226,282 2,055,176 2,088,899 2,123,124
Non-controlling interests 74,584 79,744 9,486 12,378 3,260
Liabilities
Borrowings
Non-current 1,011,168 860,114 723,393 573,616 573,745
Current 100,800 570,800 870 800 1,000
Trade and other payables
Non-current 27,776 21,438 22,858 21,924 20,144
Current 296,670 286,861 254,838 272,260 238,533
Taxation
Deferred 49,481 54,161 80,232 75,461 74,465
Current 89,488 120,213 71,584 92,173 99,638
Other liabilities 6,802 14,389 16,921 13,194 4,448
Total 3,888,774 4,234,002 3,235,358 3,150,705 3,138,357
# Restated to take into account the retrospective adjustments relating to FRS 40 - Investment Property.
* Certain figures have been reclassified to conform with current year’s presentation.
Group Quarterly Results
2011 2010
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Operating
revenue 318,717 287,820 328,820 315,615 1,250,972 353,959 318,711 414,976 293,425 1,381,071
Operating profit 116,305 78,890 110,226 103,617 409,038 159,353 127,477 176,832 75,441 539,103
Profit before
taxation 123,336 88,925 132,783 111,638 456,682 169,248 131,371 189,225 100,048 589,892
Profit attributable
to shareholders 102,287 75,416 114,817 96,055 388,575 144,701 113,333 164,557 75,283 497,874
Earnings per
share (S$) 0.06 0.05 0.07 0.06 0.24 0.09 0.07 0.10 0.05 0.31

73
After-Tax Profit (S$’m) Return on Operating Revenue
(%)
498.7
2007 # 435.9
2008
418.4
2009 2010
509.5
2011
383.8
43.0
2007 # 33.6
2008
32.4
2009 2010
36.0
2011
31.1
Earnings Per Share (S$) Return on Assets
(%)
0.31
0.27
2007 # 2008
0.26
2009 2010
0.31
2011
0.24
15.9
13.9
2007 # 2008
13.0
2009 2010
11.8
2011
10.0
Segmental Operating Revenue and Segmental Profit Margin
Operating
Revenue
1,200
1,000
800
600
400
200
0
S$’m 2007 # 2008 2009 2010 2011
Profit before
Tax Margin
70
60
50
40
30
20
10
0
%
Operating Revenue (S$’m) Newspaper & Magazine Property Others
Profit before Tax Margin (%) Newspaper & Magazine Property
# Restated to take into account the retrospective adjustments relating to FRS 40 – Investment Property.

74
Singapore Press Holdings annual report 2011
Financial
REVIEW
Operating Revenue Composition
Cost Composition
FY 2011 FY 2010
FY 2011 FY 2010
FY 2011 FY 2010
Advertisements 64% 55%
Circulation 17% 15%
Rental & Services 13% 10%
Others 6% 4%
Property Development - 16%
FY 2011 FY 2010
Materials, Consumables &
Broadcasting Costs 19% 17%
Staff Costs 40% 40%
Depreciation 9% 8%
Other Operating Expenses 27% 23%
Finance Costs 5% 4%
Property Development Costs - 8%
REVIEW OF RESULTS FOR FY 2011
FY 2011 Group operating revenue of S$1,251.0 million
surpassed the previous financial year’s by S$91.5 million
(7.9%), excluding revenue from Sky@eleven which was
completed in May 2010. All business segments turned in a
good performance.
Revenue for the Newspaper and Magazine segment grew
year-on-year by S$39.2 million (4.0%) to S$1,013.3 million.
Print advertisement revenue rose by S$41.6 million (5.7%),
boosted by strong Display advertisement sales. Circulation
revenue fell slightly by S$1.9 million (0.9%).
Rental income for the Group continued to register robust
growth in FY 2011 with an increase of S$33.4 million (24.9%)
compared to FY 2010. Paragon contributed S$15.0 million
(11.4%) to the increase on the back of higher rental rates.
Clementi Mall achieved 100% occupancy and reported its
maiden rental income of S$18.4 million this financial year.
Operating revenue from the Group’s other businesses
improved by 37.3% to S$69.8 million. The increase was
driven by income from the exhibitions business for newly
acquired and other shows, and higher revenue from online
and other media businesses.
The increase in staff costs of S$8.0 million (2.3%) was
attributable to salary increments and increased headcount,
partially offset by a reduced variable bonus provision.
Staff costs for FY 2010 also included government jobs
credit.
The increase in depreciation expenses of S$7.8 million
(11.2%) arose from newly opened Clementi Mall and
enhancements to existing assets.
Other operating expenses rose by S$30.0 million (14.9%)
with the commencement of Clementi Mall operations,
costs incurred for newspaper subscription drives and
step-up in overheads in tandem with increased business
activities and inflationary pressures.
The Group turned in a creditable performance with
recurring earnings of S$409.0 million, an improvement of
S$24.1 million (6.3%) against FY 2010, excluding profits from
Sky@eleven of S$154.2 million in FY 2010. Overall, net profit
attributable to shareholders was S$388.6 million, lower by
S$109.3 million (22.0%) compared to FY 2010.
Materials, consumables and broadcasting costs were up
by S$15.0 million (10.0%). Newsprint costs increased by
S$11.8 million (13.1%) fuelled by higher newsprint prices
but partially cushioned by a favourable exchange rate.
Production costs associated with the exhibitions business
also increased in line with higher revenue.

Value added
STATEMENT
for the financial year ended August 31, 2011
75
2011 2010
S$’000
S$’000
Sale of goods and services 1,250,972 1,381,071
Purchase of materials and services (338,306) (365,518)
Value added from operations 912,666 1,015,553
Non-production income and expenses:
Net foreign exchange gain/(loss) from operations (614) 195
Net profit on disposal of property, plant and equipment 199 76
Allowance for impairment of trade receivables (1,586) (2,306)
Bad debts recovery 342 244
Net income from investments 50,351 39,255
Share of net loss of associates and jointly-controlled entities (2,707) (1,356)
Fair value gain on loans from non-controlling interests - 12,890
Total value added 958,651 1,064,551
Distribution:
Employees’ wages, provident fund contributions and other benefits 359,597 349,850
Corporate and other taxes 90,433 93,070
Finance costs 39,811 31,105
Donation and sponsorship 1,349 8,342
Directors’ fees 1,213 1,165
Net dividends to shareholders 433,939 400,993
Total distributed 926,342 884,525
Retained in the business:
Depreciation and amortisation 82,497 71,531
Non-controlling interests (4,824) 11,614
Retained earnings (45,364) 96,881
958,651 1,064,551
Productivity ratios: S$ S$
Value added
Per employee 223,802 256,129
Per $ employment costs 2.54 2.90
Per $ investment in property, plant and equipment (before depreciation) 0.89 1.02
Per $ operating revenue 0.73 0.74

76
Singapore Press Holdings annual report 2011
Investor
RELATIONS
SPH’s Investor Relations practices are built upon firm
adherence to a high standard of corporate governance
and transparency. We strive to deliver clear, consistent
and timely updates to the investment community and
develop long-term relationships with our shareholders.
Every year, an annual programme of investor relations
activities is carefully planned to ensure that all segments
of the investment community are engaged. A calendar of
both past and upcoming activities is regularly updated on
the SPH website to keep investors informed.
To further understand the concerns of investors and improve
our corporate governance and investor relations practices,
we commissioned independent perception studies during
the year to gather valuable feedback. The Board is regularly
updated on shareholder statistics and investors’ and analysts’
views.
This year, our efforts were once again recognised by
the investment community. SPH received the Best
Investor Relations Award (Bronze) at the Singapore
Corporate Awards 2011 and was presented its ninth
Most Transparent Company Award in the Non-Electronics
Manufacturing Category at the 11 th SIAS Investors’ Choice
Awards 2010.
Proactive engagement with investors
Senior management interacts actively with the investment
community through multiple platforms to address
concerns and provide business updates. These include
one-on-one meetings, conference calls, quarterly postresults
luncheons, investment conferences and overseas
roadshows. During the year, senior management
undertook a roadshow in Tokyo to strengthen
shareholder relations and gain valuable feedback for
the Group. SPH also participated in 2 major investor
conferences – Credit Suisse Asian Investment
Conference in Hong Kong and Morgan Stanley Asia
Pacific Summit in Singapore.
Retail investors are given the opportunity to meet with
management annually through the Corporate Profile
and Investment Seminar organised by the Securities
Investors Association (Singapore) (“SIAS”). Extending
our outreach efforts, we also participate in Invest Fair,
a yearly event by our subsidiary, Shareinvestor. On a
regular basis, our engagement with retail investors
continues through email and telephone calls.
In addition, our dedicated Investor Relations website is
updated timely with our quarterly financial performance
and other announcements. Senior management’s
presentation of the Group’s half and full year results
through audio webcasts and slide presentations are also
available for viewing online. With access to an extensive
archive of announcements and presentations, as well
as email alerts on latest announcements, the website
is a valuable resource for investors to obtain important
information for their investment decisions.
Enhancing Shareholders’ Value
SPH strives to enhance the long-term value for
shareholders. Based on our track record, a high
percentage of our recurring earnings have been returned
to shareholders. We will continue to assess opportunities
for returning excess cash generated from operations that is
surplus to the Company’s requirement.
Shareholders are encouraged to access our corporate
website at www.sph.com.sg for the latest corporate
information updates on the Group. Queries can be posted
via our investor relations email address, sphir@sph.com.sg.

77
Investor Relations Calendar
1st Quarter 2011 (September – November 10)
• 2010 Full Year Financial Results Announcement and Media Conference & Analysts’ Briefing with audio webcast
• Full Year Results Investor Meeting
# Morgan Stanley Asia Pacific Summit 2010 (Singapore)
• Release of Annual Report 2010
2nd Quarter 2011 (December 10 – February 11)
• Annual General Meeting
• Payment of 2010 Final Dividends
• Announcement of 1Q FY 2011 Results
• Post 1Q Results Investor Meeting
• Non-Deal Roadshow (Tokyo)
3rd Quarter 2011 (March – May 11)
# Credit Suisse – Asian Investment Conference (Hong Kong)
• Announcement of 2Q/HY FY 2011 Results and Analysts’ Briefing with audio webcast
• Post 2Q Results Investor Meeting
4th Quarter 2011 (June – August 11)
# SIAS Corporate Profile and Investment Seminar (Singapore)
# SIAS Asian Investment Conference & Exhibition 2011
• Announcement of 3Q FY 2011 Results
• Post 3Q Results Investor Meeting
# Shareinvestor’s Invest Fair 2011
# Investor conferences attended
Financial Calendar
2011
12 October Announcement of FY 2011 Results
13 December Books Closure for Dividend Entitlement
23 December Proposed Payment of 2011 Final Dividends
2012 *
10 January Announcement of 1Q FY 2012 Results
13 April Announcement of 2Q FY 2012 Results
13 July Announcement of 3Q FY 2012 Results
12 October Announcement of FY 2012 Results
* The dates are indicative and subject to change. Please refer to SPH website, www.sph.com.sg, for the latest updates

78
Singapore Press Holdings annual report 2011
Investor
REFERENCE
Operating Margin †* (%)
34.5
36.8
38.6 38.2
39.0
32.7
2006 # 2007 # 2008 2009 2010
2011
Return on Shareholders’ Funds * (%)
21.0
23.5
20.9
20.5
22.4
17.4
2006 # 2007 # 2008 2009 2010
2011
Net Dividend per Share
(cents)
24.0
26.0
27.0 27.0
25.0
24.0
2006 2007 2008 2009 2010
2011^
†
Computed based on recurring earnings.
* FY 2007 to FY 2010 included profits from the Group’s Sky@eleven development.
#
Restated to take into account the retrospective adjustments relating to FRS 40 - Investment Property.
^
Included tax-exempt (one-tier) proposed dividend of 17 cents per share, comprising a final dividend of 9 cents per share and a special dividend of 8 cents
per share. The proposed dividend is subject to approval by shareholders at the Annual General Meeting on December 1, 2011.

79
Recurring Earnings @ and Dividend Payout Ratio †
600
500
400
300
200
100
0
S$’m
2007 # 2008 2009 2010 2011
120
100
80
60
40
20
0
%
Recurring Earnings (S$’m) Dividend Payout Ratio (%)
@
This represents the recurring earnings of the media and property businesses. FY 2007 to FY 2010 included profits from the Group’s Sky@eleven development.
†
Computed based on recurring earnings.
#
Restated to take into account the retrospective adjustments relating to FRS 40 - Investment Property.
Share Price and Volume
Monthly
Turnover
200
Share
Price
5
150
4
100
3
50
2
0
Million
Shares
2007 2008 2009 2010 2011
1
S$
Volume
Share Price
2011 2010 2009 2008 2007 #
S$ S$ S$ S$ S$
Highest closing price 4.26 4.17 4.18 4.74 4.72
Lowest closing price 3.62 3.56 2.32 3.98 4.00
August 31 closing price 3.80 4.08 3.66 4.12 4.34
Price/Earnings Ratio based on
August 31 closing price 15.83 13.16 14.08 15.26 14.00
# Restated to take into account the retrospective adjustments relating to FRS 40 - Investment Property.
Source : Bloomberg

81
CONTENTS
82
Directors’
Report
90
Consolidated
Income Statement
96
Notes to the
Financial Statements
182
Options and
Awards
86
Statement by
Directors
91
Consolidated Statement
of Comprehensive Income
175
Operating Companies
of the Group
183
Shareholding
Statistics
87
Independent
Auditors’ Report
92
Consolidated Statement
of Changes in Total Equity
178
Overseas
Bureaus
185
Notice of
Annual General Meeting
89
Balance
Sheets
94
Consolidated Statement
of Cash Flows
181
Properties
of the Group
191
Proxy
Form

82 Singapore Press Holdings annual report 2011
Directors’
Report
for the financial year ended August 31, 2011
The Directors present their report to the members together with the audited financial statements of Singapore
Press Holdings Limited and its subsidiaries (the “Group”) for the financial year ended August 31, 2011 and the
balance sheet of Singapore Press Holdings Limited (the “Company”) as at August 31, 2011.
DIRECTORS
1. The Directors of the Company in office at the date of this report* are:
Cham Tao Soon
Lee Boon Yang (appointed on October 1, 2011)
Chan Heng Loon Alan
Willie Cheng Jue Hiang
Chong Siak Ching (appointed on October 22, 2010)
Ng Ser Miang
Ngiam Tong Dow
Sum Soon Lim
Lucien Wong Yuen Kuai
Yeo Ning Hong
Yong Pung How
* Dr Tony Tan Keng Yam stepped down as a Director with effect from July 1, 2011.
ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE BENEFITS
2. Neither during nor at the end of the current financial year was the Company a party to any arrangement
whose object was to enable the Directors of the Company to acquire benefits through the acquisition
of shares in, or debentures of, the Company or any other body corporate, except as disclosed under
‘Share Options in the Company’ and ‘Performance Shares in the Company’ in the Directors’ Report.
DIRECTORS’ INTERESTS IN SHARES
3. The Directors holding office as at August 31, 2011 who had interests in shares and options in the Company
and its subsidiaries as recorded in the register of Directors’ shareholdings were as follows:
The Company
Direct Interests
Deemed Interests
Sept 1, Aug 31, Sept 21, Sept 1, Aug 31, Sept 21,
2010* 2011 2011 2010* 2011 2011
Management Shares
Cham Tao Soon 4 4 4 - - -
Chan Heng Loon Alan 12 12 12 - - -
Willie Cheng Jue Hiang 4 4 4 - - -
Chong Siak Ching 4 4 4 - - -
Ng Ser Miang 4 4 4 - - -
Ngiam Tong Dow 4 4 4 - - -
Sum Soon Lim 4 4 4 - - -
Lucien Wong Yuen Kuai 4 4 4 - - -
Yeo Ning Hong 4 4 4 - - -
Yong Pung How 4 4 4 - - -
Ordinary Shares
Cham Tao Soon 10,000 10,000 20,000 10,183 10,183 10,183
Chan Heng Loon Alan 251,000 424,500 424,500 - - -
Willie Cheng Jue Hiang 208,500 208,500 208,500 12,750 12,750 12,750
Ngiam Tong Dow - - - 30,000 30,000 30,000
Lucien Wong Yuen Kuai - - - 197,000 20,000 20,000
Yeo Ning Hong 33,660 33,660 33,660 54,697^ 54,697^ 54,697^
Yong Pung How 600,000 600,000 600,000 4,500,000 4,500,000 4,500,000

Directors’
Report
for the financial year ended August 31, 2011
83
DIRECTORS’ INTERESTS IN SHARES (CONT’D)
Direct Interests
Deemed Interests
Sept 1, Aug 31, Sept 21, Sept 1, Aug 31, Sept 21,
2010* 2011 2011 2010* 2011 2011
Options for Ordinary Shares
Chan Heng Loon Alan 1,275,000 1,275,000 1,275,000 - - -
Conditional Award of Performance Shares**
Chan Heng Loon Alan
49,166 # shares to be Up to
vested in January 2011 67,000 ## - ^^ - ^^ - - -
150,000 # shares to be Up to
vested in January 2011 225,000 ## - ^^ - ^^ - - -
49,166 # shares to be Up to Up to Up to
vested in January 2012 67,850 ## 61,850 ## 61,850 ## - - -
180,000 # shares to be Up to Up to Up to
vested in January 2012 270,000 ## 270,000 ## 270,000 ## - - -
58,334 # shares to be Up to Up to Up to
vested in January 2013 48,000 ## 78,000 ## 78,000 ## - - -
180,000 # shares to be Up to Up to Up to
vested in January 2013 270,000 ## 270,000 ## 270,000 ## - - -
41,667 # shares to be Up to Up to Up to
vested in January 2014 24,000 ## 60,000 ## 60,000 ## - - -
155,000 # shares to be Up to Up to
vested in January 2014 - 232,500 ## 232,500 ## - - -
25,000 # shares to be Up to Up to
vested in January 2015 - 36,000 ## 36,000 ## - - -
* Or date of appointment, if later.
^
Held jointly by Dr Yeo Ning Hong and his spouse.
** Represents performance shares granted from FY 2007 to FY 2011.
#
The number of shares represents the shares required if awarded at 100% of the grant.
##
The shares awarded at the vesting date could range from 0% to 150% depending on the level of achievement against the pre-set
performance conditions.
^^
During the financial year, 173,500 shares were vested and awarded to Mr Chan Heng Loon Alan.
Detailed information regarding Directors’ shareholdings can be obtained in accordance with Sections 164(8) and
(9) of the Companies Act, Chapter 50.

Directors’
Report
for the financial year ended August 31, 2011
84 Singapore Press Holdings annual report 2011
DIRECTORS’ CONTRACTUAL BENEFITS
4. Since the end of the previous financial year, no Director has received or become entitled to receive a benefit
by reason of a contract made by the Company or a related corporation with the Director or with a firm of
which he is a member or with a company in which he has a substantial financial interest, except as disclosed
in the Directors’ Report and financial statements.
SHARE OPTIONS IN THE COMPANY
Singapore Press Holdings Group (1999) Share Option Scheme (“1999 Scheme”)
5. (a) The 1999 Scheme was approved by shareholders at an Extraordinary General Meeting held on
July 16, 1999 and is administered by the Remuneration Committee (“the Committee”). At another
Extraordinary General Meeting held on December 5, 2006, the shareholders approved the adoption
of the SPH Performance Share Plan and the 1999 Scheme was terminated with regard to the grant
of further options. Options granted and outstanding prior to the termination will continue to be valid
and be subject to the terms and conditions of the 1999 Scheme.
(b)
(c)
Details of options granted previously have been disclosed in the Directors’ Reports for the respective
years.
The aggregate number of options granted since the commencement of the 1999 Scheme on
July 16, 1999 to December 5, 2006 is 103,090,950 options to subscribe for ordinary shares.
6. The unissued ordinary shares of the Company under option at the end of the current financial year pursuant
to the 1999 Scheme are set out in Note 4 to the financial statements.
PERFORMANCE SHARES IN THE COMPANY
SPH Performance Share Plan (“the Plan”)
7. (a) The Plan of the Company was approved by shareholders at an Extraordinary General Meeting held
on December 5, 2006 and is administered by the Committee.
(b)
(c)
(d)
Persons eligible to participate in the Plan are selected Group Employees of such rank and service
period as the Committee may determine, and other participants selected by the Committee.
Awards initially granted under the Plan are conditional and will be principally performance-based with
performance conditions to be set over a multi-year performance period. Performance conditions
include both market and non-market conditions. Performance conditions set are intended to be
based on medium- to longer-term corporate objectives covering market competitiveness, quality of
returns, business growth, productivity growth and total shareholder return objectives.
The Plan contemplates the award of fully-paid ordinary shares, their equivalent cash value or
combinations thereof, free of charge, provided that certain prescribed performance conditions are
met and upon expiry of the prescribed vesting periods.

Directors’
Report
for the financial year ended August 31, 2011
85
PERFORMANCE SHARES IN THE COMPANY (CONT’D)
SPH Performance Share Plan (“the Plan”) (cont’d)
8. During the financial year, 2,259,410 performance shares were granted subject to the terms and conditions
of the Plan as follows:
No. of Performance
Category No. of Persons Shares Granted
Executive Director 1 230,000 1
Employee 235 2,029,410 2
236 2,259,410
1
155,000 granted with market conditions and 75,000 granted with non-market conditions.
2
676,500 granted with market conditions and 1,352,910 granted with non-market conditions.
The aggregate number of performance shares granted since the commencement of the Plan on December 5,
2006 to August 31, 2011 is 10,841,145 performance shares.
The above number of shares represents the shares required if participants are awarded at 100% of the
grant. However, the shares awarded at the vesting date could range from 0% to 150%, depending on the
level of achievement against the pre-set performance conditions.
AUDIT COMMITTEE
9. The Audit Committee carried out its functions in accordance with Section 201B(5) of the Companies Act,
Chapter 50, and the Listing Manual of the Singapore Exchange Securities Trading Limited.
Its functions include reviewing the audit plans and audit reports of the internal and external auditors,
the auditors’ evaluation of the internal accounting controls, and the scope of the internal audit function;
reviewing the balance sheet of the Company and financial statements of the Group before submitting
them to the Board for approval; reviewing any interested person transaction; reviewing the independence,
objectivity and cost effectiveness of the external auditors and the nature and extent of non-audit services
supplied by them; reviewing the assistance given by the Company’s Management to the internal and
external auditors; and overseeing any internal investigation into cases of fraud and irregularities.
It also recommends to the Board the appointment of external auditors, serves as a channel of communications
between the Board and the auditors, and performs such other functions as may be agreed by the Audit
Committee and the Board.
On behalf of the Directors
Cham Tao Soon
Acting Chairman
Chan Heng Loon Alan
Director
Singapore,
October 12, 2011

86 Singapore Press Holdings annual report 2011
Statement by
Directors
for the financial year ended August 31, 2011
In the opinion of the Directors,
(a)
the balance sheet of the Company and the consolidated financial statements of the Group for the financial
year ended August 31, 2011, as set out on pages 89 to 174, are drawn up so as to give a true and fair view
of:
(i)
(ii)
the results of the business, changes in equity and cash flows of the Group;
the state of affairs of the Group and of the Company; and
(b)
at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay
its debts as and when they fall due.
On behalf of the Directors
Cham Tao Soon
Acting Chairman
Chan Heng Loon Alan
Director
Singapore,
October 12, 2011

Independent
AUDITORS’ REPORT
to the members of Singapore Press Holdings Limited
87
Report on the Financial Statements
We have audited the accompanying financial statements of Singapore Press Holdings Limited (the “Company”)
and its subsidiaries (the “Group”) set out on pages 89 to 174, which comprise the consolidated balance sheet
of the Group and the balance sheet of the Company as at August 31, 2011, the consolidated income statement,
the consolidated statement of comprehensive income, the consolidated statement of changes in total equity and
the consolidated statement of cash flows of the Group for the financial year then ended, and a summary of
significant accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with the provisions of the Singapore Companies Act (the “Act”) and Singapore Financial Reporting Standards, and
for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance
that assets are safeguarded against loss from unauthorised use or disposition, that transactions are properly
authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss
accounts and balance sheets and to maintain accountability of assets.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with Singapore Standards on Auditing. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal controls relevant to the entity’s preparation of financial statements that
give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the consolidated financial statements of the Group and the balance sheet of the Company are
properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as
to give a true and fair view of the state of affairs of the Group and of the Company as at August 31, 2011, and the
results, changes in equity and cash flows of the Group for the financial year ended on that date.

88 Singapore Press Holdings annual report 2011
Independent
AUDITORS’ REPORT
to the members of Singapore Press Holdings Limited
Report on Other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company and by those
subsidiaries incorporated in Singapore of which we are the auditors, have been properly kept in accordance with
the provisions of the Act.
PricewaterhouseCoopers LLP
Public Accountants and Certified Public Accountants
Singapore,
October 12, 2011

Balance
Sheets
as at August 31, 2011
89
Group
Company
2011 2010 2011 2010
Note S$’000 S$’000 S$’000 S$’000
CAPITAL EMPLOYED
Share capital 4 499,484 494,738 499,484 494,738
Treasury shares 4 (11,024) (19,921) (11,024) (19,921)
Reserves 5 318,965 281,685 59,486 54,081
Retained profits 1,424,580 1,469,780 714,614 722,000
Shareholders’ interests 2,232,005 2,226,282 1,262,560 1,250,898
Non-controlling interests 74,584 79,744 - -
Total equity 2,306,589 2,306,026 1,262,560 1,250,898
EMPLOYMENT OF CAPITAL
Non-current assets
Property, plant and equipment 8 394,086 427,783 252,315 274,831
Investment properties 9 1,754,259 1,730,069 - -
Investments in subsidiaries 11 - - 388,868 386,840
Investments in associates 12 68,414 56,103 33,109 29,326
Investments in jointly-controlled entities 13 14,325 11,002 - -
Trade and other receivables 17a 4,167 4,857 310,278 306,524
Long-term investments 14 360,249 306,226 36,797 31,633
Intangible assets 15 83,814 49,339 - -
2,679,314 2,585,379 1,021,367 1,029,154
Current assets
Inventories 16 37,317 26,974 36,093 26,154
Trade and other receivables 17b 151,969 259,267 1,274,050 1,250,414
Short-term investments 18 622,555 896,569 113,712 205,145
Derivative financial instruments 19 5,105 4,818 373 35
Cash and cash equivalents 20a 392,514 460,995 270,670 231,418
1,209,460 1,648,623 1,694,898 1,713,166
Total assets 3,888,774 4,234,002 2,716,265 2,742,320
Non-current liabilities
Trade and other payables 21a 27,776 21,438 - -
Deferred income tax liabilities 6a 49,481 54,161 37,626 41,129
Borrowings 7 1,011,168 860,114 598,797 748,453
Derivative financial instruments 19 6,421 2,352 - 2,352
1,094,846 938,065 636,423 791,934
Current liabilities
Trade and other payables 21b 296,670 286,861 657,470 641,624
Current income tax liabilities 89,488 120,213 59,431 57,831
Borrowings 7 100,800 570,800 100,000 -
Derivative financial instruments 19 381 12,037 381 33
487,339 989,911 817,282 699,488
Total liabilities 1,582,185 1,927,976 1,453,705 1,491,422
Net assets 2,306,589 2,306,026 1,262,560 1,250,898
The accompanying notes form an integral part of these financial statements.

Consolidated
Income Statement
for the financial year ended August 31, 2011
90 Singapore Press Holdings annual report 2011
Group
2011 2010
Note S$’000 S$’000
Operating revenue 23
Newspaper and Magazine 1,013,285 974,125
Property 167,884 356,095
Others 69,803 50,851
1,250,972 1,381,071
Other operating income 18,852 16,792
1,269,824 1,397,863
Materials, consumables and broadcasting costs (164,449) (149,449)
Property development costs - (67,435)
Staff costs 24 (348,461) (340,464)
Depreciation 8 & 9 (76,785) (69,029)
Other operating expenses 25 (231,280) (201,278)
Finance costs 26 (39,811) (31,105)
Profit before fair value gain on loans from non-controlling
interests, investment income, share of net loss of
associates and jointly-controlled entities 409,038 539,103
Fair value gain on loans from non-controlling interests - 12,890
Net income from investments 27 50,351 39,255
Share of net loss of associates and jointly-controlled entities (2,707) (1,356)
Profit before taxation 456,682 589,892
Taxation 6b (72,931) (80,404)
Profit after taxation 383,751 509,488
Attributable to:
Shareholders of the Company 388,575 497,874
Non-controlling interests (4,824) 11,614
383,751 509,488
Earnings per share (S$) 29
Basic 0.24 0.31
Diluted 0.24 0.31
The accompanying notes form an integral part of these financial statements.

Consolidated Statement of
Comprehensive Income
for the financial year ended August 31, 2011
91
Group
2011 2010
S$’000 S$’000
Profit after taxation 383,751 509,488
Other comprehensive income/(loss), net of tax
Cash flow hedges [Note 5(b)]
- net fair value changes (6,284) (10,765)
- transferred to income statement 12,551 12,790
Net fair value changes on available-for-sale financial assets [Note 5(c)]
- net fair value changes 38,395 65,508
- transferred to income statement on disposal (2,893) (3,956)
Currency translation difference
- arising from consolidation of financial statements of foreign
subsidiaries, associates and jointly-controlled entities (3,419) (1,924)
38,350 61,653
Total comprehensive income 422,101 571,141
Attributable to:
Shareholders of the Company 427,243 559,872
Non-controlling interests (5,142) 11,269
422,101 571,141
The accompanying notes form an integral part of these financial statements.

Consolidated Statement of
Changes in Total Equity
for the financial year ended August 31, 2011
92 Singapore Press Holdings annual report 2011
Share Treasury Capital
Capital Shares Reserve
S$’000 S$’000 S$’000
2011
Balance as at September 1, 2010 494,738 (19,921) 2,005
Total comprehensive income/(loss) for the year - - -
Share-based compensation [Note 5(a)] - - -
Issue of shares [Notes 4 and 5(a)] 4,746 - -
Treasury shares re-issued [Notes 4 and 5(a)] - 8,897 -
Lapse of share options [Note 5(a)] - - -
Dividends [Note 28] - - -
Disposal of interests in a subsidiary - - -
Balance as at August 31, 2011 499,484 (11,024) 2,005
2010
Balance as at September 1, 2009 490,890 (25,578) 2,005
Total comprehensive income/(loss) for the year - - -
Share-based compensation [Note 5(a)] - - -
Issue of shares [Notes 4 and 5(a)] 3,848 - -
Treasury shares re-issued [Notes 4 and 5(a)] - 5,657 -
Lapse of share options [Note 5(a)] - - -
Dividends [Note 28] - - -
Acquisition of additional interest in a subsidiary - - -
Capital contribution by non-controlling interests - - -
Balance as at August 31, 2010 494,738 (19,921) 2,005
The accompanying notes form an integral part of these financial statements.

93
Attributable to shareholders of the Company
Share-based Fair Currency Non-
Compensation Hedging Value Translation Retained controlling Total
Reserve Reserve Reserve Reserve Profits Total Interests Equity
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
26,817 (11,912) 265,276 (501) 1,469,780 2,226,282 79,744 2,306,026
- 6,267 35,502 (3,101) 388,575 427,243 (5,142) 422,101
7,748 - - - - 7,748 - 7,748
(303) - - - - 4,443 - 4,443
(8,272) - - - (400) 225 - 225
(561) - - - 561 - - -
- - - - (433,939) (433,939) (15) (433,954)
- - - - 3 3 (3) -
25,429 (5,645) 300,778 (3,602) 1,424,580 2,232,005 74,584 2,306,589
26,290 (13,937) 203,724 1,078 1,370,704 2,055,176 9,486 2,064,662
- 2,025 61,552 (1,579) 497,874 559,872 11,269 571,141
7,458 - - - - 7,458 - 7,458
(315) - - - - 3,533 - 3,533
(6,203) - - - 614 68 - 68
(413) - - - 413 - - -
- - - - (400,993) (400,993) (13) (401,006)
- - - - 1,168 1,168 (1,168) -
- - - - - - 60,170 60,170
26,817 (11,912) 265,276 (501) 1,469,780 2,226,282 79,744 2,306,026

94 Singapore Press Holdings annual report 2011
Consolidated Statement of
Cash Flows
for the financial year ended August 31, 2011
Group
2011 2010
S$’000 S$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 456,682 589,892
Adjustments for:
Amortisation of intangible assets 5,712 2,502
Impairment of goodwill 1,134 1,286
Depreciation 76,785 69,029
Net profit on disposal of property, plant and equipment (199) (76)
Net reversal of impairment of property, plant and equipment (96) (1,043)
Investment property renovations and fittings written-off - 2,449
Allowance/(Write-back of allowance) for impairment of an associate 342 (4)
Net gain on disposal/dilution of associates (167) (5)
Finance costs 39,811 31,105
Net income from investments (50,351) (39,255)
Share of net loss of associates and jointly-controlled entities 2,707 1,356
Share-based compensation expense 7,724 7,435
Fair value gain on loans from non-controlling interests - (12,890)
Other non-cash items 323 423
Operating cash flow before working capital changes 540,407 652,204
Changes in operating assets and liabilities, net of effects from
acquisition and disposal of subsidiaries and business:
Inventories (10,343) 2,396
Trade and other receivables 108,055 193,900
Trade and other payables 9,109 32,485
647,228 880,985
Income tax paid (107,134) (59,102)
Dividends paid (433,939) (400,993)
Dividends paid (net) by a subsidiary to a non-controlling interest (15) (13)
106,140 420,877
Decrease in other non-current receivables 690 92
Increase/(Decrease) in other non-current payables 6,338 (1,420)
Currency translation difference (1,464) (658)
Net cash from operating activities 111,704 418,891
The accompanying notes form an integral part of these financial statements.

Consolidated Statement of
Cash Flows
for the financial year ended August 31, 2011
95
Group
2011 2010
S$’000 S$’000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (27,448) (24,142)
Proceeds from disposal of property, plant and equipment 524 179
Additions to investment properties (40,083) (567,372)
Acquisition of business by a subsidiary (net of cash acquired) [Note 20(b)] (43,065) (1,500)
Net cash outflow from disposal of a subsidiary [Note 20(c)] (633) -
Acquisition of an associate [Note 12] (500) -
Additional consideration paid on interest in an associate [Note 12] (6,250) (5,484)
Dividends received from associates [Note 12] 2,804 171
Proceeds from disposal of associates 240 -
Additional consideration paid on interests in jointly-controlled entities [Note 13] (14,500) -
(Increase)/Decrease in amounts owing by associates/jointly-controlled entities (812) 425
Increase/(Decrease) in amounts owing to associates/jointly-controlled entities 7,936 (9,148)
Purchase of long-term investments (7,842) (2,389)
Proceeds from disposal/redemption of long-term investments 233 1,428
Purchase of short-term investments (512,572) (1,059,600)
Proceeds from disposal of short-term investments 771,164 619,816
Dividends received 28,466 21,442
Interest received 10,413 7,868
Other investment income 8,058 453
Net cash from/(used in) investing activities 176,133 (1,017,853)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans (net of transaction costs) 299,634 -
Repayment of bank loans (620,800) -
Proceeds from issuance of fixed rate notes (net of transaction costs) - 598,283
Repayment of loan from a non-controlling interest (412) (430)
Interest paid (39,183) (21,232)
Proceeds from issuance of shares by the Company 4,443 3,533
Proceeds from issuance of shares to non-controlling interests - 60,100
Loans from non-controlling interests - 120,450
Net cash (used in)/from financing activities (356,318) 760,704
Net (decrease)/increase in cash and cash equivalents (68,481) 161,742
Cash and cash equivalents at beginning of financial year 460,995 299,253
Cash and cash equivalents at end of financial year [Note 20(a)] 392,514 460,995
The accompanying notes form an integral part of these financial statements.

96 Singapore Press Holdings annual report 2011
Notes to the
Financial StatementS
August 31, 2011
These notes form an integral part of and should be read in conjunction with the financial statements.
1. GENERAL INFORMATION
The Company is incorporated and domiciled in Singapore. The address of its registered office is 1000
Toa Payoh North, News Centre, Singapore 318994.
The Company is listed on the Singapore Exchange.
The principal activities of the Group consist of:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(l)
publishing, printing and distributing newspapers,
publishing and distributing magazines,
providing multimedia content and services,
holding investments,
holding, managing and developing properties,
providing outdoor advertising services,
providing radio broadcasting services,
providing online search, directories and classified services,
organising events/exhibitions/conventions/conferences,
publishing and distributing books,
providing online investor relations services, and
developing applications and operating a financial portal.
The principal activities of the Company consist of:
(a)
(b)
(c)
(d)
(e)
(f)
publishing, printing and distributing newspapers,
distributing magazines and books,
providing multimedia content and services,
holding shares in subsidiaries,
holding investments, and
providing management services to subsidiaries.
2. SIGNIFICANT ACCOUNTING POLICIES
(a)
Basis of preparation
The financial statements have been prepared in accordance with Singapore Financial Reporting
Standards (“FRS”) under the historical cost convention except as disclosed in the accounting policies
below.
The preparation of financial statements in conformity with FRS requires management to exercise
its judgement in the process of applying the Group’s accounting policies. It also requires the use of
certain critical accounting estimates and assumptions. Areas involving a higher degree of judgement
or complexity, or areas where assumptions and estimates are significant to the financial statements,
are disclosed in Note 3.
The Group has adopted the new or revised FRS and Interpretations to FRS (“INT FRS”) that became
effective in the current financial year.
The adoption of the new or revised FRS and INT FRS has not resulted in any substantial changes to
the Group’s accounting policies nor has any significant impact on these financial statements.

Notes to the
Financial StatementS
August 31, 2011
97
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(b)
Group accounting
(i)
Subsidiaries
Consolidation
The consolidated financial statements include the financial statements of the Company and
its subsidiaries made up to the end of the financial year.
Subsidiaries are entities over which the Group has power to govern the financial and operating
policies, generally accompanied by a shareholding of more than one half of the voting rights.
Subsidiaries are consolidated from the date on which control is transferred to the Group.
They are de-consolidated from the date on which control ceases.
In preparing the consolidated financial statements, transactions, balances and unrealised
gains on transactions between group entities are eliminated. Unrealised losses are also
eliminated but are considered an impairment indicator of the asset transferred. Accounting
policies of subsidiaries have been changed where necessary to ensure consistency with the
policies adopted by the Group.
Non-controlling interests are that part of net results of operations and of net assets of a
subsidiary attributable to interests which are not owned directly or indirectly by the Company.
They are shown separately in the consolidated income statement, statement of comprehensive
income, statement of changes in total equity and balance sheet. Total comprehensive income
is attributed to the non-controlling interests based on their respective interests in a subsidiary,
even if this results in the non-controlling interests having a deficit balance.
Acquisition of businesses
The acquisition method of accounting is used to account for business combinations by the
Group.
The consideration transferred for the acquisition of a subsidiary comprises the fair value of
the assets transferred, the liabilities incurred and the equity interests issued by the Group.
The consideration transferred also includes the fair value of any contingent consideration
arrangement and the fair value of any pre-existing equity interest in the subsidiary.
Acquisition-related costs are expensed as incurred.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business
combination are, with limited exceptions, measured initially at their fair values at the acquisition
date.
On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in
the acquiree at the date of acquisition either at fair value or at the non-controlling interest’s
proportionate share of the acquiree’s net identifiable assets.
Please refer to Note 2(m)(i) for the accounting policy on goodwill arising from business
combination.

Notes to the
Financial StatementS
August 31, 2011
98 Singapore Press Holdings annual report 2011
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(b)
Group accounting (Cont’d)
(i)
Subsidiaries (cont’d)
Disposal of subsidiaries or businesses
When the Group ceases to have control, the assets and liabilities of the subsidiary including
any goodwill are derecognised. Any amounts previously recognised in other comprehensive
income in respect of that entity are transferred to the income statement or transferred directly
to retained earnings if required by a specific Standard.
Any retained interest in the entity is remeasured at fair value. The difference between the
carrying amount of the retained investment at the date when control is lost and its fair value
is recognised in the income statement.
Transactions with non-controlling interests
Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of
control over the subsidiary are accounted for as transactions with equity owners of the Group.
Any difference between the change in the carrying amounts of the non-controlling interest
and the fair value of the consideration paid or received is recognised in retained profits within
equity attributable to the equity holders of the Company.
(ii)
Associates/Jointly-controlled entities
Associates are entities over which the Group has significant influence, but not control,
and generally accompanied by a shareholding giving rise to between and including 20% and
50% of voting rights.
Jointly-controlled entities are entities over which the Group has contractual arrangements to
jointly share the control over the economic activity of the entities with one or more parties.
The Group’s investments in associates/jointly-controlled entities are accounted for in the
consolidated financial statements using the equity method of accounting less impairment
losses. Investments in associates/jointly-controlled entities are initially recognised at cost.
The cost of an acquisition is measured at the fair value of the assets given, equity instruments
issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable
to the acquisition.
In applying the equity method of accounting, the Group’s share of the post-acquisition results
of associates/jointly-controlled entities is included in its consolidated income statement. The
Group’s share of the post-acquisition other comprehensive income is recognised in other
comprehensive income. These post-acquisition movements and distributions received
from the associates/jointly-controlled entities are adjusted against the carrying amount
of the investments in the consolidated balance sheet. When the Group’s share of losses
in an associate/a jointly-controlled entity equals or exceeds its interest in the associate/
jointly-controlled entity, including any unsecured non-current receivables, the Group does not
recognise further losses, unless it has obligations or has made payments on behalf of the
associate/jointly-controlled entity.
Adjustments are made to the financial statements of associates/jointly-controlled entities,
where necessary, to ensure consistency of accounting policies with those of the Group.

Notes to the
Financial StatementS
August 31, 2011
99
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(b)
Group accounting (Cont’d)
(ii)
Associates/Jointly-controlled entities (cont’d)
Unrealised gains on transactions between the Group and its associates/jointly-controlled
entities are eliminated to the extent of the Group’s investments in the associates/jointlycontrolled
entities. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred.
The investment in the associate/jointly-controlled entity is derecognised when the Group
ceases to have significant influence or joint control respectively. Any amounts previously
recognised in other comprehensive income in respect of that entity are transferred to
the income statement. Any retained interest in the entity is remeasured at its fair value.
The difference between the carrying amount of the retained investment at the date when
significant influence or joint control is lost and its fair value is recognised in the income
statement.
If the ownership interest in an associate/jointly-controlled entity is reduced but significant
influence or joint control is retained, only a proportionate share of the amounts previously
recognised in other comprehensive income are transferred to income statement where
appropriate. Gains or losses arising from such transactions are recognised in the income
statement.
(c)
Currency translation
(i)
Functional and presentation currency
Items included in the financial statements of each entity in the Group are measured using
the currency of the primary economic environment in which the entity operates (“functional
currency”). The financial statements are presented in Singapore Dollars (“presentation
currency”), which is also the Company’s functional currency.
(ii)
Transactions and balances
Transactions in a currency other than the functional currency (“foreign currency”) are
translated into the functional currency using the exchange rates prevailing at the dates of
the transactions. Currency translation gains and losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities denominated in foreign
currencies at the closing rates at the balance sheet date are taken to the income statement.
Currency translation differences on non-monetary items which are equity investments
held at fair value through profit or loss are reported as part of the fair value gain or loss
in the income statement. Currency translation differences on non-monetary items which
are equity investments classified as available-for-sale financial assets are included in other
comprehensive income.

Notes to the
Financial StatementS
August 31, 2011
100 Singapore Press Holdings annual report 2011
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(c)
Currency translation (Cont’d)
(iii)
Translation of Group entities’ financial statements
The results and financial position of all the Group entities (none of which has the currency of
a hyperinflationary economy) that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
• Assets and liabilities are translated at the closing exchange rates at the date of the
balance sheet;
• Income and expenses are translated at average exchange rates; and
• All resulting exchange differences are taken to other comprehensive income and
transferred to the income statement upon the disposal of the foreign operation as part
of the gain or loss on disposal.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity on or after
September 1, 2005 are treated as assets and liabilities of the foreign entity and translated at
the closing rates at the date of balance sheet. For acquisitions prior to September 1, 2005,
the exchange rates at the dates of acquisition are used.
(d)
Impairment of non-financial assets
(i)
Goodwill
Goodwill recognised separately as an intangible asset is tested annually for impairment, as
well as when there is any indication that the goodwill may be impaired. Goodwill included
in the carrying amount of an investment in an associate/jointly-controlled entity is tested for
impairment as part of the investment, rather than separately.
For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group’s
cash-generating-units (“CGU”) expected to benefit from synergies arising from the business
combination.
An impairment loss is recognised when the carrying amount of the CGU, including the
goodwill, exceeds the recoverable amount of the CGU. Recoverable amount of the CGU is
the higher of the CGU’s fair value less cost to sell and value-in-use.
The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill
allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the
carrying amount of each asset in the CGU.
An impairment loss on goodwill is recognised in the income statement and is not reversed in
a subsequent period.

Notes to the
Financial StatementS
August 31, 2011
101
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(d)
Impairment of non-financial assets (cont’d)
(ii)
Other intangible assets
Property, plant and equipment
Investment properties
Investments in subsidiaries, associates and jointly-controlled entities
Other intangible assets, property, plant and equipment, investment properties and investments
in subsidiaries, associates and jointly-controlled entities are tested for impairment whenever
there is any objective evidence or indication that these assets may be impaired.
For the purpose of impairment testing, recoverable amount (i.e. the higher of the fair value
less cost to sell and value-in-use) is determined on an individual asset basis unless the asset
does not generate cash flows that are largely independent of those from other assets. If this
is the case, the recoverable amount is determined for the CGU to which the asset belongs.
If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying
amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount.
The difference between the carrying amount and recoverable amount is recognised as an
impairment loss in the income statement.
An impairment loss for an asset other than goodwill is reversed if, and only if, there has been
a change in the estimates used to determine the asset’s recoverable amount since the last
impairment loss was recognised. The carrying amount of this asset is increased to its revised
recoverable amount, provided that this amount does not exceed the carrying amount that
would have been determined (net of any accumulated amortisation or depreciation) had no
impairment loss been recognised for the asset in prior years. A reversal of impairment loss
for an asset other than goodwill is recognised in the income statement.
(e)
Property, plant and equipment
(i)
Measurement
Property, plant and equipment are initially recognised at cost and subsequently carried at cost
less accumulated depreciation and accumulated impairment losses. The cost of an item of
property, plant and equipment initially recognised includes its purchase price and any cost
that is directly attributable to bringing the asset to the location and condition necessary for it
to be capable of operating in the manner intended by management.
(ii)
Depreciation
Depreciation is calculated using the straight-line method to allocate the depreciable amounts
over the expected useful lives of the assets. The estimated useful lives for this purpose are:
Leasehold land and buildings
Plant and equipment
Furniture and fittings
Motor vehicles
30-35 years
3-20 years
3-10 years
3-5 years
The residual values, estimated useful lives and depreciation method of property, plant and
equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects
of any revision are recognised in the income statement when the changes arise.
No depreciation is charged on capital work-in-progress.

Notes to the
Financial StatementS
August 31, 2011
102 Singapore Press Holdings annual report 2011
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(e)
Property, plant and equipment (Cont’d)
(iii)
Subsequent expenditure
Subsequent expenditure relating to property, plant and equipment that has already been
recognised is added to the carrying amount of the asset only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item
can be measured reliably. All other repair and maintenance expenses are recognised in the
income statement when incurred.
(iv)
Disposal
On disposal of an item of property, plant and equipment, the difference between the net
disposal proceeds and its carrying amount is taken to the income statement.
(f)
Investment properties
Investment properties comprise office, retail and residential buildings that are held for long-term
rental yields.
Investment properties are initially recognised at cost and subsequently carried at cost less
accumulated depreciation and accumulated impairment losses.
The cost of an investment property includes capitalisation of interest incurred on borrowings for the
purchase, renovation and extension of the investment property while these activities are in progress.
For this purpose, the interest rates applied to funds provided for the development are based on the
actual interest rates payable on the borrowings for such development.
Investment properties are subject to renovations or improvements at regular intervals. The cost
of major renovations and improvements is capitalised and the carrying amounts of the replaced
components are written-off to the income statement. The cost of maintenance, repairs and minor
improvements is charged to the income statement when incurred.
Depreciation is calculated using the straight-line method to allocate the depreciable amounts over
the expected useful lives of the assets. No depreciation is charged on freehold land. The estimated
useful lives for this purpose are:
Buildings on freehold and leasehold land
Leasehold land
15-50 years
99 years
The residual values, estimated useful lives and depreciation method of investment properties are
reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are
recognised in the income statement when the changes arise.
Properties that are being constructed or developed for future use as investment properties are
classified as investment properties. No depreciation is charged on investment properties under
development.
On disposal of an investment property, the difference between the net disposal proceeds and its
carrying amount is taken to the income statement.

Notes to the
Financial StatementS
August 31, 2011
103
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(g)
Development properties
Development properties are properties being developed for sale. Costs capitalised include cost
of land and other directly related development expenditure, including borrowing costs incurred in
developing the properties.
Sold development properties
All development properties held by the Group are sold.
Revenue and cost on development properties that have been sold are recognised using percentageof-completion
method. The percentage of completion is measured by reference to the development
costs incurred to-date to the estimated total development costs for the properties. When it is probable
that the estimated total costs will exceed the total revenue, the expected loss is recognised as an
expense immediately.
At the balance sheet date, the aggregated costs incurred plus the recognised profit (less recognised
loss) on each development property that has been sold are compared against the progress billings.
Where costs incurred plus recognised profits (less recognised losses) exceed progress billings, the
balance is presented as due from customers on development properties, within “trade receivables”.
Where progress billings exceed costs incurred plus recognised profits (less recognised losses),
the balance is presented as due to customers on development properties, within “trade payables”.
(h)
(i)
(j)
Borrowing costs
Borrowing costs are recognised in the income statement using the effective interest method except
for those costs that are directly attributable to borrowings acquired specifically for the construction
or development of properties [Notes 2(f) and 2(g)].
Investments in subsidiaries, associates and jointly-controlled entities
Investments in subsidiaries, associates and jointly-controlled entities are included in the Company’s
balance sheet at cost less accumulated impairment losses. On disposal of these investments, the
difference between disposal proceeds and the carrying amounts of the investments is recognised in
the income statement.
Financial assets
(i)
Classification
The Group classifies its financial assets in the following categories: at fair value through
profit or loss, loans and receivables, held-to-maturity, and available-for-sale. The classification
depends on the nature of the assets and the purpose for which the assets were acquired.
Management determines the classification of its financial assets on initial recognition.
• Financial assets at fair value through profit or loss
This category has two sub-categories: financial assets held for trading, and those
designated at fair value through profit or loss at inception. A financial asset is classified
as held for trading if it is acquired principally for the purpose of selling in the short
term. Financial assets designated as fair value through profit or loss at inception are
those that are managed and their performances are evaluated on a fair value basis,
in accordance with a documented Group investment strategy. Derivatives are also
categorised as held for trading unless they are designated as hedges. Assets in this
category are presented as current assets if they are either held for trading or are
expected to be realised within 12 months after the balance sheet date.

Notes to the
Financial StatementS
August 31, 2011
104 Singapore Press Holdings annual report 2011
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(j)
Financial assets (cont’d)
(i)
Classification (cont’d)
• Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They are presented as current
assets, except for those expected to be realised later than 12 months after
the balance sheet date which are presented as non-current assets. Loans and
receivables comprise cash and cash equivalents, trade receivables, other receivables,
amount owing by associates/jointly-controlled entities and, where applicable, amount
owing by subsidiaries.
• Held-to-maturity financial assets
Held-to-maturity financial assets are non-derivative financial assets with fixed or
determinable payments and fixed maturities for which the Group has the positive
intention and ability to hold to maturity. The Group has no held-to-maturity financial
assets at balance sheet date.
• Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives that are either designated in
this category or not classified in any of the other categories. They are presented as
non-current assets unless management intends to dispose of the assets within 12
months after the balance sheet date.
(ii)
Recognition and derecognition
Purchases and sales of financial assets are recognised on trade-date – the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognised when the
rights to receive cash flows from the financial assets have expired or have been transferred
and the Group has transferred substantially all risks and rewards of ownership. On disposal
of a financial asset, the difference between the net sale proceeds and its carrying amount
is recognised in the income statement. Any amount in the fair value reserve relating to that
asset is also transferred to the income statement.
(iii)
Initial measurement
Financial assets are initially recognised at fair value plus transaction costs except for financial
assets at fair value through profit or loss, which are recognised at fair value. Transaction
costs for financial assets at fair value through profit or loss are recognised immediately in the
income statement.

Notes to the
Financial StatementS
August 31, 2011
105
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(j)
Financial assets (cont’d)
(iv)
Subsequent measurement
Available-for-sale financial assets and financial assets at fair value through profit or loss are
subsequently carried at fair value. Loans and receivables are subsequently carried at amortised
cost using the effective interest method less accumulated impairment losses.
Gains and losses arising from changes in the fair values of financial assets at fair value
through profit or loss, including the effects of currency translation, interest and dividends,
are recognised in the income statement in the period in which they arise. Changes in the
fair value of monetary assets denominated in foreign currencies and classified as
available-for-sale are analysed into currency translation differences resulting from changes
in the amortised cost of the asset and other changes. The currency translation differences
are recognised in the income statement and other changes are recognised in other
comprehensive income. Changes in fair values of non-monetary assets that are classified as
available-for-sale are recognised in other comprehensive income, together with the related
currency translation differences.
Interest on available-for-sale financial assets, calculated using the effective interest method,
is recognised in the income statement. Dividends on available-for-sale equity securities are
recognised in the income statement when the Group’s right to receive payment is established.
When financial assets classified as available-for-sale are sold or impaired, the accumulated
fair value adjustments recognised in the fair value reserve within equity are included in the
income statement.
(v)
Impairment
The Group assesses at each balance sheet date whether there is objective evidence that
a financial asset or a group of financial assets is impaired and recognises an allowance for
impairment when such evidence exists.
• Loans and receivables
An allowance for impairment of loans and receivables is recognised when there is
objective evidence that the Group will not be able to collect all amounts due according
to the original terms of the receivables. Significant financial difficulties of the debtor,
probability that the debtor will enter bankruptcy or financial reorganisation, and
default or delinquency in payments are objective evidence that these financial assets
are impaired. The carrying amount of these assets is reduced through the use of
an impairment allowance account which is calculated as the difference between the
carrying amount and the present value of estimated future cash flows, discounted
at the original effective interest rate. The amount of the allowance for impairment
is recognised in the income statement. When the asset becomes uncollectible,
it is written-off against the allowance account. Subsequent recoveries of amounts
previously written-off are recognised in the income statement.
The allowance for impairment loss account is reduced through the income statement
in a subsequent period when the amount of impairment loss decreases and the related
decrease can be objectively measured. The carrying amount of the asset previously
impaired is increased to the extent that the new carrying amount does not exceed the
amortised cost, had no impairment been recognised in prior periods.

Notes to the
Financial StatementS
August 31, 2011
106 Singapore Press Holdings annual report 2011
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(j)
Financial assets (cont’d)
(v)
Impairment (cont’d)
• Available-for-sale financial assets
In the case of an equity security classified as available-for-sale, in addition to the
objective evidence of impairment described in loans and receivables, a significant or
prolonged decline in the fair value of the security below its cost is objective evidence
that the security is impaired.
When there is objective evidence that an available-for-sale financial asset is impaired,
the cumulative loss that has been recognised directly in the fair value reserve is
transferred from the fair value reserve within equity and recognised in the income
statement. The cumulative loss is measured as the difference between the acquisition
cost (net of any principal repayments and amortisation) and the current fair value,
less any impairment loss on that financial asset previously recognised in income
statement.
Impairment loss on debt instruments classified as available-for-sale financial assets is
reversed through the income statement. However, impairment losses with respect
to equity instruments classified as available-for-sale financial assets are not reversed
through the income statement.
(k)
Fair value estimation of financial assets and liabilities
The fair values of financial instruments traded in active markets (such as exchange-traded and
over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet
date. The quoted market prices used for financial assets are the current bid prices; the appropriate
quoted market prices for financial liabilities are the current asking prices.
The fair values of financial instruments that are not traded in an active market are determined by
using valuation techniques. The Group uses a variety of methods and makes assumptions that are
based on market conditions existing at each balance sheet date. Where appropriate, quoted market
prices or dealer quotes for similar instruments are used. Valuation techniques, such as discounted
cash flow analysis, are also used to determine the fair values of the financial instruments.
The fair values of currency forwards are determined using actively quoted forward exchange rates.
The fair values of interest rate swaps are calculated as the present value of the estimated future
cash flows discounted at actively quoted interest rates. The fair values of cross currency swaps are
calculated as the present value of the estimated future cash flows discounted at actively quoted
interest and forward exchange rates.
The fair values of current financial assets and liabilities carried at amortised cost approximate their
carrying amounts.

Notes to the
Financial StatementS
August 31, 2011
107
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(l)
Derivative financial instruments and hedging activities
Derivative financial instruments are used to manage exposure to foreign exchange and interest rate
risks arising from operating, financing and investing activities. Derivative financial instruments taken
up directly by the Group are not used for trading purposes.
A derivative financial instrument is initially recognised at its fair value on the date the derivative
contract is entered into and is subsequently carried at its fair value. The method of recognising the
resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and
if so, the nature of the item being hedged.
The Group designates its derivatives for hedging purposes as either hedges of the fair value of
recognised assets or liabilities or a firm commitment (fair value hedge), or hedges of highly probable
forecast transactions (cash flow hedge). The Group has no fair value hedge at balance sheet date.
The Group documents at the inception of the transaction the relationship between hedging instruments
and hedged items, as well as its risk management objective and strategies for undertaking various
hedge transactions. The Group also documents its assessment, both at hedge inception and on an
ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective
in offsetting changes in fair values or cash flows of the hedged items.
The carrying amount of a derivative designated as a hedge is presented as a non-current asset or
liability if the remaining expected life of the hedged item is more than 12 months, and as a current
asset or liability if the remaining expected life of the hedged item is less than 12 months. The fair
value of a trading derivative is presented as a current asset or liability.
(i)
Cash flow hedge
The Group has entered into interest rate swaps that are cash flow hedges for the Group’s
exposure to interest rate risk on its borrowings. These contracts entitle the Group to receive
interest at floating rates on notional principal amounts and oblige the Group to pay interest
at fixed rates on the same notional principal amounts, thus allowing the Group to raise
borrowings at floating rates and swap them into fixed rates.
The fair value changes on the effective portion of these interest rate swaps are recognised in
other comprehensive income and transferred to the income statement in the periods when
the interest expense on the borrowings is recognised in the income statement. The gain or
loss relating to the ineffective portion is recognised immediately in the income statement.
(ii)
Derivatives that do not qualify for hedge accounting
Changes in the fair value of any derivative instruments that do not qualify for hedge accounting
are recognised immediately in the income statement.

Notes to the
Financial StatementS
August 31, 2011
108 Singapore Press Holdings annual report 2011
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(m)
Intangible assets
(i)
Goodwill arising from business combination
Goodwill arising from business combination on or after September 1, 2009, is the excess
of the consideration transferred, the amount of any non-controlling interest in the acquiree
and the acquisition-date fair value of any previous equity interest in the acquiree over the fair
value of the identifiable net assets and contingent liabilities acquired. If this is less than the
fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the
difference is recognised directly in income statement.
Goodwill arising on business combination prior to September 1, 2009 and on acquisition of
associates and jointly-controlled entities represents the difference between the fair value of
the consideration transferred and the fair value of the Group’s share of identifiable net assets
acquired at the date of acquisition.
Goodwill arising from business combination is recognised separately as intangible assets and
carried at cost less accumulated impairment losses.
Goodwill on acquisition of associates and jointly-controlled entities is recorded as part of the
carrying value of the investments in the consolidated balance sheet.
The gains and losses on the disposal of subsidiaries, associates and jointly-controlled entities
include the carrying amount of goodwill relating to the entity sold.
(ii)
Technology, trademarks, licences, mastheads and others
Technology, trademarks, licences, mastheads and other intangible assets acquired as part of
business combinations are initially recognised at their fair values at the acquisition date and
are subsequently carried at cost (i.e. the fair values on initial recognition) less accumulated
amortisation and accumulated impairment losses. Technology and licenses acquired separately
are initially recognised at cost and subsequently carried at cost less accumulated amortisation
and accumulated impairment losses. These costs are amortised to the income statement
using the straight-line method over 2 to 15 years, which is the shorter of their estimated
useful lives and periods of contractual rights.
The amortisation period and amortisation method of intangible assets other than goodwill are
reviewed at least once at each balance sheet date. The effects of any revision are recognised
in the income statement when the changes arise.
(n)
Inventories
Inventories comprise raw materials and consumable stores, and are stated at the lower of cost and
net realisable value.
The cost of raw materials and consumable stores includes transport and handling costs, and any
other directly attributable costs, and is determined on the weighted average or specific identification
basis. Net realisable value is the estimated selling price in the ordinary course of business, less
estimated variable selling expenses.

Notes to the
Financial StatementS
August 31, 2011
109
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(o)
Borrowings
Borrowings are initially recognised at fair value (net of transaction costs incurred) and subsequently
carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the
redemption value is taken to the income statement over the period of the borrowings using the
effective interest method.
Borrowings are presented as current liabilities unless the Group has an unconditional right to defer
settlement for at least 12 months after the balance sheet date.
(p)
(q)
(r)
Trade and other payables
Trade and other payables are initially carried at fair value, and subsequently carried at amortised cost
using the effective interest method.
Dividends payable
Interim dividends are recorded during the financial year in which they are declared payable. Final
dividends are recorded during the financial year in which the dividends are approved by the
shareholders.
Employee benefits
(i)
Short-term employee benefits
All short-term employee benefits, including accumulated compensated absences, are
recognised in the income statement in the period in which the employees rendered their
services to the Group.
(ii)
(iii)
Defined contribution plans
Defined contribution plans are post-employment benefit plans under which the Group pays
fixed contributions into separate entities such as Singapore’s Central Provident Fund on a
mandatory, contractual or voluntary basis. The Group has no further payment obligations once
the contributions have been paid. The Group’s contributions to defined contribution plans are
recognised in the financial year when they are due.
Share-based compensation
• Share options
The share option scheme allows selected employees of the Company and/or its
subsidiaries, including the Executive Director of the Company, and other selected
participants, to subscribe for ordinary shares in the Company at an agreed exercise
price.
The fair value of the options granted is recognised as a share-based compensation
expense in the income statement with a corresponding increase in the share-based
compensation reserve over the vesting period. The fair value is measured at grant
date and recognised over the vesting period during which the employees become
unconditionally entitled to the options.
When the options are exercised, the proceeds received (net of any directly attributable
transaction costs) and the balance previously recognised in the share-based
compensation reserve are credited to share capital when new ordinary shares are
issued, or to the treasury share account within equity when treasury shares purchased
are re-issued to the employees.

Notes to the
Financial StatementS
August 31, 2011
110 Singapore Press Holdings annual report 2011
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(r)
Employee benefits (cont’d)
(iii)
Share-based compensation (cont’d)
• Performance shares
Persons eligible to participate in the SPH Performance Share Plan (“the Plan”) are
selected Group Employees of such rank and service period as the Remuneration
Committee (“the Committee”) may determine, and other participants selected by the
Committee.
The Plan contemplates the award of fully-paid ordinary shares, their equivalent
cash value or combinations thereof, free of charge, provided that certain prescribed
performance conditions are met and upon expiry of the prescribed vesting periods.
The fair value of the performance shares granted is recognised as a share-based
compensation expense in the income statement with a corresponding increase in the
share-based compensation reserve over the vesting period.
The amount is determined by reference to the fair value of the performance shares on
grant date.
If the performance condition is a market condition, the probability of the performance
condition being met is taken into account in estimating the fair value of the ordinary
shares granted at the grant date. The compensation cost shall be charged to the
income statement on a basis that fairly reflects the manner in which the benefits will
accrue to the employee under the Plan over the prescribed vesting periods from date
of grant. No adjustments to the amounts charged to the income statement are made
whether or not the market condition is met.
For performance share grants with non-market conditions, the Company revises
its estimates of the number of share grants expected to vest and corresponding
adjustments are made to the income statement and share-based compensation
reserve. The Company assesses this change at the end of each financial reporting
period.
(s)
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result
of past events, it is more likely than not that an outflow of resources will be required to settle the
obligation, and a reliable estimate of the amount can be made.

Notes to the
Financial StatementS
August 31, 2011
111
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(t)
Income taxes
Current income tax for current and prior periods is recognised at the amount expected to be paid to
(or recovered from) the tax authorities, using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred income tax is recognised for all temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the financial statements, except when the deferred
income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is
not a business combination and, at the time of the transaction, affects neither accounting nor taxable
profit or loss.
Deferred income tax is measured:
(i)
(ii)
at the tax rates that are expected to apply when the related deferred income tax asset is
realised or the deferred income tax liability is settled, based on tax rates and tax laws that
have been enacted or substantively enacted by the balance sheet date; and
based on the tax consequence that will follow from the manner in which the Group expects,
at the balance sheet date, to recover or settle the carrying amounts of its assets and
liabilities.
Deferred income tax liabilities are recognised on temporary differences arising on investments in
subsidiaries, associates and jointly-controlled entities, except where the Group is able to control the
timing of the reversal of the temporary difference and it is probable that the temporary difference will
not reverse in the foreseeable future.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit
will be available against which the deductible temporary differences and tax losses can be utilised.
Current and deferred taxes are recognised as income or expense in the income statement, except
to the extent that the tax arises from a business combination or a transaction which is recognised
directly in equity. Deferred tax arising from a business combination is adjusted against the related
goodwill.
(u)
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods
and rendering of services in the ordinary course of the Group’s activities. Revenue is presented,
net of goods and services tax, rebates, discounts and returns, and after eliminating sales within the
Group.
The Group recognises revenue when the amount of revenue and related cost can be reliably
measured, when it is probable that the collectability of the related receivables is reasonably assured
and when the specific criteria for each of the Group’s activities are met as follows:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
Revenue from the sale of the Group’s products is recognised on completion of delivery;
Revenue from advertisements is recognised in the period in which the advertisement is
published or broadcasted;
Revenue from rental and rental-related services is recognised on a straight-line basis over the
lease term;
Revenue from the provision of other services is recognised in the period in which the services
are rendered;
Dividend income is recognised when the right to receive payment is established; and
Interest income is recognised using the effective interest method.

Notes to the
Financial StatementS
August 31, 2011
112 Singapore Press Holdings annual report 2011
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(v)
Operating leases
When a group company is the lessee:
Leases where substantially all of the risks and rewards incidental to ownership are retained by the
lessors are classified as operating leases. Payments made under operating leases are recognised as
expenses in the income statement on a straight-line basis over the period of the lease.
When a group company is the lessor:
Leases where the Group retains substantially all risks and rewards incidental to ownership are
classified as operating leases. Assets leased out under operating leases are included in investment
properties. Rental income from operating leases is recognised in the income statement on a
straight-line basis over the lease term.
(w)
Treasury shares
The consideration paid for treasury shares, including any directly attributable incremental costs,
is presented as a component within shareholders’ equity until the shares are cancelled, re-issued
or disposed of. Where such shares are subsequently re-issued or disposed of, any consideration
received, net of any directly attributable incremental transaction costs, is included in shareholders’
equity. Realised gain or loss on disposal or re-issue of treasury shares is included in retained profits
of the Company.
When treasury shares are subsequently cancelled, the cost of the treasury shares is deducted against
the share capital account, if the shares are purchased out of capital of the Company, or against the
retained profits of the Company, if the shares are purchased out of profits of the Company.
(x)
Segment reporting
Segmental information are reported in a manner consistent with the internal reporting provided
to the Chief Executive Officer of the Company who conducts a regular review for allocation of
resources and assessment of performance of the operating segments.

Notes to the
Financial StatementS
August 31, 2011
113
3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS
Estimates, assumptions and judgements are continually evaluated and are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
• Fair value estimation
The fair value of financial instruments traded in an active market is based on quoted market prices
at the balance sheet date. The quoted market price used for financial assets held by the Group
is the current bid price. The fair value of interest rate swaps is calculated as the present value
of the estimated future cash flow, discounted at actively quoted interest rates. The fair values of
forward foreign exchange contracts are determined using forward exchange market rates at the
balance sheet date. The fair values of cross currency swaps are calculated as the present value of
the estimated future cash flows discounted at actively quoted interest and forward exchange rates.
The fair value of financial instruments that are not traded in an active market is determined by using
valuation techniques. The Group uses a variety of methods and makes assumptions that are based
on market conditions existing at each balance sheet date. Methods used include estimating with
reference to recent arm’s length transactions and the underlying net asset value of the investee
companies.
• Impairment of available-for-sale financial assets
The Group follows the guidance of FRS 39 in determining when an investment is considered impaired.
This determination requires significant judgement. The Group evaluates, among other factors, the
duration and extent to which the fair value of an investment is less than its cost, and the financial
health of and near-term business outlook of the issuer of the instrument, including factors such as
industry and sector performance, changes in technology and operational and financing cash flow.

Notes to the
Financial StatementS
August 31, 2011
114 Singapore Press Holdings annual report 2011
4. SHARE CAPITAL AND TREASURY SHARES
Group and Company
2011 2010
Number
Number
of Shares Amount of Shares Amount
‘000 S$’000 ‘000 S$’000
Issued and fully paid, with no par value
Management shares 16,308 6,879 16,296 6,827
Ordinary shares 1,595,337 492,605 1,594,107 487,911
1,611,645 499,484 1,610,403 494,738
Treasury shares (2,704) (11,024) (4,885) (19,921)
1,608,941 488,460 1,605,518 474,817
Movements during the financial year:
Beginning of financial year 1,605,518 474,817 1,603,152 465,312
Issue of ordinary shares fully paid
under the Singapore Press Holdings Group
(1999) Share Option Scheme 1,230 4,694 970 3,809
Issue of management shares fully paid
in accordance with the Newspaper
and Printing Presses Act 12 52 10 39
1,606,760 479,563 1,604,132 469,160
Treasury shares re-issued for the
fulfilment of share awards vested under
SPH Performance Share Plan 2,181 8,897 1,386 5,657
End of financial year 1,608,941 488,460 1,605,518 474,817
The holders of both management and ordinary shares rank pari passu in respect of all dividends declared by
the Company and in respect of all bonus and rights issues made by the Company, as well as in the right to
return of capital and to participation in all surplus assets of the Company in liquidation.
In terms of voting rights, both classes of shareholders are entitled either on a poll or by a show of hands to
one vote for each share, except that on any resolution relating to the appointment or dismissal of a director
or any member of the staff of the Company, the holders of management shares are entitled either on a poll
or by a show of hands to two hundred votes for each management share held.
(a)
Treasury shares
No share purchase was made during the financial year and the previous financial year.
The Company re-issued 2,180,609 (2010: 1,386,404) treasury shares during the financial year for
the fulfilment of share awards vested under the SPH Performance Share Plan at a total value of
S$8.9 million (2010: S$5.7 million).

Notes to the
Financial StatementS
August 31, 2011
115
4. SHARE CAPITAL AND TREASURY SHARES (CONT’D)
(b)
Share options
At the Extraordinary General Meeting held on December 5, 2006, the shareholders approved the
adoption of the SPH Performance Share Plan (“the Plan”) and the Singapore Press Holdings Group
(1999) Share Option Scheme (“1999 Scheme”) was terminated with regard to the grant of further
options. Options granted and outstanding prior to such termination will continue to be valid and be
subject to the terms and conditions of the 1999 Scheme.
Movements in the number of the unissued shares of the Company under option during the financial
year and their exercise prices are as follows:
Singapore Press Holdings Group (1999) Share Option Scheme (“1999 Scheme”)
2011
Grant Expiry Exercise Balance Options Options Balance
Date Date Price (S$) 01.09.10 Exercised Lapsed 31.08.11
30.10.00 30.10.10 4.78 6,940,675 - (6,940,675) -
06.11.01 06.11.11 3.03 596,025 (318,675) (16,950) 260,400
28.10.02 28.10.12 3.91 3,194,025 (281,800) (108,800) 2,803,425
16.12.03 16.12.13 3.69 3,479,000 (629,950) (155,125) 2,693,925
01.02.04 01.02.14 3.83 35,000 - - 35,000
21.12.04 21.12.14 4.54 12,139,850 - (564,400) 11,575,450
16.12.05 16.12.15 4.30 13,632,450 - (433,500) 13,198,950
40,017,025 (1,230,425) (8,219,450) 30,567,150
2010
Grant Expiry Exercise Balance Options Options Balance
Date Date Price (S$) 01.09.09 Exercised Lapsed 31.08.10
27.10.99 27.10.09 5.60 6,750,700 - (6,750,700) -
30.10.00 30.10.10 4.78 7,471,925 - (531,250) 6,940,675
06.11.01 06.11.11 3.03 769,975 (173,950) - 596,025
28.10.02 28.10.12 3.91 3,357,675 (141,150) (22,500) 3,194,025
16.12.03 16.12.13 3.69 4,189,300 (654,625) (55,675) 3,479,000
01.02.04 01.02.14 3.83 35,000 - - 35,000
21.12.04 21.12.14 4.54 12,529,325 - (389,475) 12,139,850
16.12.05 16.12.15 4.30 14,037,650 - (405,200) 13,632,450
49,141,550 (969,725) (8,154,800) 40,017,025
All the outstanding options as at the balance sheet date were exercisable. Options exercised in
2011 resulted in 1,230,425 shares (2010: 969,725) being issued at an average price of S$3.57
(2010: S$3.60) each.

Notes to the
Financial StatementS
August 31, 2011
116 Singapore Press Holdings annual report 2011
4. SHARE CAPITAL AND TREASURY SHARES (CONT’D)
(c)
Performance shares
During the financial year, 2,259,410 (2010: 2,243,825) performance shares were granted subject to
the terms and conditions of the Plan.
Movements in the number of performance shares outstanding during the financial year are
summarised below:
2011
Outstanding
Outstanding
Grant as at as at
Date 01.09.10 Adjusted * Granted Vested Lapsed 31.08.11
(‘000) (‘000) (‘000) (‘000) (‘000) (‘000)
12.01.07 491 - - (488) (3) -
11.01.08 1,852 (182) - (1,108) (11) 551
12.01.09 2,268 327 - (585) (24) 1,986
12.01.10 2,229 - - - (34) 2,195
12.01.11 - - 2,259 - (1) 2,258
2010
Outstanding
Outstanding
Grant as at as at
Date 01.09.09 Adjusted * Granted Vested Lapsed 31.08.10
(‘000) (‘000) (‘000) (‘000) (‘000) (‘000)
12.01.07 1,602 (290) - (813) (8) 491
11.01.08 2,112 351 - (573) (38) 1,852
12.01.09 2,304 - - - (36) 2,268
12.01.10 - - 2,244 - (15) 2,229
* Adjusted at end of the performance period based on the level of achievement of pre-set performance conditions.
The shares awarded at the vesting date could range from 0% to 150% of the grant, depending on
the level of achievement against the pre-set performance conditions.

Notes to the
Financial StatementS
August 31, 2011
117
4. SHARE CAPITAL AND TREASURY SHARES (CONT’D)
(c)
Performance shares (cont’d)
The fair value of the performance shares is determined at grant date using the Monte Carlo simulation
model. The number of performance shares granted during the financial year, their fair values and the
assumption inputs used are as follows:
2011
Correlation
between
SPH Share
Fair Price and Share
Number Value Expected Risk-free FTSE ST Price at
Grant Vesting of per Expected Dividend Interest All Share Grant
Date Date Shares Share Volatility* Yield Rate Index ^ Date
(‘000) S$ SPH FTSE ST % % S$
(%) All Share
Index (%)
12.01.11 (a) 11.01.13 476 3.53 25.07 NA 6.11 0.52 NA 3.97
12.01.11 (a) 11.01.14 476 3.33 25.07 NA 6.11 0.70 NA 3.97
12.01.11 (b) 11.01.14 832 3.13 25.07 30.16 6.11 0.70 0.52 3.97
12.01.11 (a) 11.01.15 476 3.14 25.07 NA 6.11 1.07 NA 3.97
2010
Correlation
between
SPH Share
Fair Price and Share
Number Value Expected Risk-free FTSE ST Price at
Grant Vesting of per Expected Dividend Interest All Share Grant
Date Date Shares Share Volatility* Yield Rate Index ^ Date
(‘000) S$ SPH FTSE ST % % S$
(%) All Share
Index (%)
12.01.10 (a) 11.01.12 447 3.25 23.69 NA 6.11 0.68 NA 3.68
12.01.10 (a) 11.01.13 447 3.05 23.69 NA 6.11 0.80 NA 3.68
12.01.10 (b) 11.01.13 902 2.77 23.69 32.12 6.11 0.80 0.49 3.68
12.01.10 (a) 11.01.14 448 2.89 23.69 NA 6.11 1.06 NA 3.68
* Derived based on 36 months of historical volatility prior to grant date.
^
Derived based on 36 months of historical correlation of returns prior to grant date.
( a )
Granted with non-market conditions.
( b )
Granted with market conditions.
N A Not applicable
For non-market conditions, achievement factors have been estimated based on management inputs
for the purpose of accrual for the performance shares until the achievement of the performance
conditions can be accurately ascertained.
During the current financial year, the Group recognised S$7.7 million (2010: S$7.4 million) of
share-based compensation expense in respect of performance shares based on the fair values
determined on grant date and estimation of the share grants that will ultimately vest.

Notes to the
Financial StatementS
August 31, 2011
118 Singapore Press Holdings annual report 2011
5. RESERVES
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Composition
Capital reserve 2,005 2,005 - -
Share-based compensation reserve [Note 5(a)] 25,429 26,817 25,429 26,817
Hedging reserve [Note 5(b)] (5,645) (11,912) (316) (1,952)
Fair value reserve [Note 5(c)] 300,778 265,276 34,373 29,216
Currency translation reserve (3,602) (501) - -
318,965 281,685 59,486 54,081
Movements
(a)
Share-based compensation reserve
Group and Company
2011 2010
S$’000 S$’000
Beginning of financial year 26,817 26,290
Share-based compensation expense [Note 24] 7,724 7,435
Share-based compensation expense charged to a jointly-controlled entity 24 23
Exercise of share options (303) (315)
Lapse of share options (561) (413)
Award of performance shares (8,272) (6,203)
End of financial year 25,429 26,817
(b)
Hedging reserve
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Beginning of financial year (11,912) (13,937) (1,952) (1,455)
Fair value losses (7,571) (12,970) (257) (2,590)
Deferred tax on fair value losses [Note 6(a)] 1,287 2,205 44 440
(6,284) (10,765) (213) (2,150)
Transferred to finance costs [Note 26] 15,122 15,409 2,228 1,991
Deferred tax on transfer [Note 6(a)] (2,571) (2,619) (379) (338)
End of financial year (5,645) (11,912) (316) (1,952)

Notes to the
Financial StatementS
August 31, 2011
119
5. RESERVES (cont’d)
Movements (cont’d)
(c)
Fair value reserve
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Beginning of financial year 265,276 203,724 29,216 25,722
Financial assets, available-for-sale
- Fair value gains 36,746 66,153 5,157 3,494
- Deferred tax on fair value changes
[Note 6(a)] 1,649 (645) - -
38,395 65,508 5,157 3,494
Transferred to income statement
on disposal [Note 27] (3,461) (4,475) - -
Deferred tax on transfer [Note 6(a)] 568 519 - -
End of financial year 300,778 265,276 34,373 29,216
6. INCOME TAXES
(a)
Deferred income taxes
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current income tax assets against current income tax liabilities and when the deferred income taxes
relate to the same fiscal authority. The following amounts, determined after appropriate offsetting,
are shown on the balance sheets:
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Deferred income tax liabilities:
- to be settled within one year 3,030 2,199 2,950 2,476
- to be settled after one year 46,451 51,962 34,676 38,653
49,481 54,161 37,626 41,129
Deferred income tax taken to equity during the financial year is as follows:
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Hedging reserve [Note 5(b)] 1,284 414 335 (102)
Fair value reserve [Note 5(c)] (2,217) 126 - -
(933) 540 335 (102)
Deferred income tax assets are recognised for tax losses and capital allowances carried forward
to the extent that realisation of the related tax benefits through future taxable profits is probable.
The Group has unrecognised tax losses and capital allowances of S$4.4 million (2010: S$5.0 million)
and S$0.1 million (2010: S$0.1 million) respectively at the balance sheet date which can be carried
forward and used to offset against future taxable income subject to meeting certain statutory
requirements by those companies with unrecognised tax losses and capital allowances in their
respective countries of incorporation. The tax losses have no expiry dates.

Notes to the
Financial StatementS
August 31, 2011
120 Singapore Press Holdings annual report 2011
6. INCOME TAXES (CONT’D)
(a)
Deferred income taxes (cont’d)
The movements in the deferred income tax assets and liabilities (prior to offsetting of balances
within the same tax jurisdiction) during the financial year are as follows:
2011
Group
(i)
Deferred income tax liabilities
Accelerated Fair
Tax Value
Depreciation Changes Others Total
S$’000 S$’000 S$’000 S$’000
Beginning of financial year 57,379 337 2,746 60,462
(Credited)/Charged to
income statement (4,426) - 592 (3,834)
Credited to equity
[Note 5(b) and 5(c)] - (337) - (337)
Acquisition of business by
a subsidiary [Note 20(b)] 72 - - 72
Disposal of a subsidiary
[Note 20(c)] (3) - - (3)
Currency translation differences (217) - - (217)
End of financial year 52,805 - 3,338 56,143
(ii)
Deferred income tax assets
Fair
Value
Provisions Changes Others Total
S$’000 S$’000 S$’000 S$’000
Beginning of financial year (3,797) (2,440) (64) (6,301)
Charged to income statement 148 - 64 212
Credited to equity [Note 5(b) and 5(c)] - (596) - (596)
Currency translation differences 23 - - 23
End of financial year (3,626) (3,036) - (6,662)

Notes to the
Financial StatementS
August 31, 2011
121
6. INCOME TAXES (CONT’D)
(a)
Deferred income taxes (cont’d)
2010
Group
(i) Deferred income tax liabilities
Accelerated Fair Profit from
Tax Value Development
Depreciation Changes Properties Others Total
S$’000 S$’000 S$’000 S$’000 S$’000
Beginning of financial year 61,255 211 23,736 2,231 87,433
(Credited)/Charged to
income statement (4,156) - (23,736) 515 (27,377)
Debited to equity [Note 5(c)] - 126 - - 126
Acquisition of business by
a subsidiary [Note 20(b)] 282 - - - 282
Currency translation differences (2) - - - (2)
End of financial year 57,379 337 - 2,746 60,462
(ii)
Deferred income tax assets
Fair
Value
Provisions Changes Others Total
S$’000 S$’000 S$’000 S$’000
Beginning of financial year (4,283) (2,854) (64) (7,201)
Charged to income statement 504 - - 504
Debited to equity [Note 5(b)] - 414 - 414
Currency translation differences (18) - - (18)
End of financial year (3,797) (2,440) (64) (6,301)

Notes to the
Financial StatementS
August 31, 2011
122 Singapore Press Holdings annual report 2011
6. INCOME TAXES (CONT’D)
(a)
Deferred income taxes (cont’d)
2011
Company
(i) Deferred income tax liabilities
Accelerated Tax
Depreciation
S$’000
Beginning of financial year 44,751
Credited to income statement (4,136)
End of financial year 40,615
(ii)
Deferred income tax assets
Fair Value
Provisions Changes Total
S$’000 S$’000 S$’000
Beginning of financial year (3,222) (400) (3,622)
Charged to income statement 298 - 298
Debited to equity [Note 5(b)] - 335 335
End of financial year (2,924) (65) (2,989)
2010
Company
(i)
Deferred income tax liabilities
Accelerated Tax
Depreciation
S$’000
Beginning of financial year 48,222
Credited to income statement (3,471)
End of financial year 44,751
(ii)
Deferred income tax assets
Fair Value
Provisions Changes Total
S$’000 S$’000 S$’000
Beginning of financial year (3,728) (298) (4,026)
Charged to income statement 506 - 506
Credited to equity [Note 5(b)] - (102) (102)
End of financial year (3,222) (400) (3,622)

Notes to the
Financial StatementS
August 31, 2011
123
6. INCOME TAXES (CONT’D)
(b)
Income tax expense
Group
2011 2010
S$’000 S$’000
Tax expense attributable to profit is made up of:
Current year
- Current tax 80,947 108,640
- Deferred tax (3,519) (26,835)
77,428 81,805
Prior years
- Current tax (4,394) (1,363)
- Deferred tax (103) (38)
72,931 80,404
The income tax expense on profit for the financial year varies from the amount of income tax
determined by applying the Singapore standard rate of income tax to profit before taxation due to
the following factors:
Group
2011 2010
S$’000 S$’000
Profit before taxation 456,682 589,892
Tax calculated at corporate tax rate of 17% 77,636 100,282
Singapore statutory stepped income exemption (460) (408)
Income taxed at concessionary rate (485) (391)
Income not subject to tax (5,020) (21,293)
Expenses not deductible for tax purposes 6,088 5,112
Deferred tax benefits not recognised 399 1,137
Double tax relief for contributions made to Institutes of Public Character (243) (2,584)
Effect of different tax rates in other countries 890 285
Tax incentives (1,236) (361)
Others (141) 26
Tax charge 77,428 81,805

Notes to the
Financial StatementS
August 31, 2011
124 Singapore Press Holdings annual report 2011
7. BORROWINGS
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Secured
Term loan [Note 7(a)] 298,834 570,000 - -
Unsecured
Fixed rate notes [Note 7(b)] 598,797 598,453 598,797 598,453
Term loan [Note 7(c)] 100,000 150,000 100,000 150,000
Loans from non-controlling interests
[Notes 7(d) and 7(e)] 113,537 111,661 - -
Fixed advance facility [Note 7(f)] 800 800 - -
1,111,968 1,430,914 698,797 748,453
Borrowings are repayable:
Within 1 year 100,800 570,800 100,000 -
Between 1- 5 years 1,011,168 860,114 598,797 748,453
1,111,968 1,430,914 698,797 748,453
(a)
As at August 31, 2011, Orchard 290 Ltd (“Orchard 290”), a subsidiary of the Group, had a term loan facility
available for drawdown up to the amount of S$300 million (2010: S$610 million) for a tenure of five years
from July 11, 2011 (2010: July 11, 2006). As at the balance sheet date, the amount drawn down was S$300
million (2010: S$570 million). The amount of S$298.8 million represented the loan stated at amortised
cost.
The term loan facility is secured by way of a legal mortgage on Orchard 290’s investment property
[Note 9], a debenture over the assets of Orchard 290 and an assignment of the insurances on the investment
property.
After taking into account interest rate swap arrangements totalling S$150 million (2010: S$500 million), the
effective interest rate as at the balance sheet date on the outstanding term loan of S$300 million was 1.50%
per annum (2010: S$570 million, 3.16% per annum).
(b)
(c)
On February 22, 2010, the Company established a S$1 billion Multicurrency Medium Term Note Programme.
Notes outstanding as at August 31, 2011 comprise S$600 million (2010: S$600 million) 5-year unsecured
fixed rate notes due on March 2, 2015. The amount of S$598.8 million (2010: S$598.5 million) as at
the balance sheet date represented the notes stated at amortised cost. Interest at 2.81% per annum
(2010: 2.81% per annum) is payable semi-annually in arrears. The fixed rate notes are listed on the SGX-
ST.
As at August 31, 2011, the Company had an unsecured term loan facility available for drawdown up to the
amount of S$150 million (2010: S$150 million) for a tenure of three years from October 22, 2008. Total loan
drawn down as at August 31, 2011 amounted to S$100 million (2010: S$150 million), after a partial loan
repayment of S$50 million (2010: Nil) during the financial year.
After taking into account interest rate swap arrangements totalling S$100 million (2010: S$100 million),
the effective interest rate as at the balance sheet date on the outstanding term loan of S$100 million was
2.88% per annum (2010: S$150 million, 2.22% per annum).
(d)
As at August 31, 2011, Blu Inc (Holdings) Malaysia Sdn Bhd, a subsidiary of the Group, had an outstanding
unsecured loan of S$2.4 million (2010: S$3.0 million) from its non-controlling interests. The loan is
interest-free and has no fixed repayment terms although repayment is not expected within the next twelve
months.

Notes to the
Financial StatementS
August 31, 2011
125
7. BORROWINGS (CONT’D)
(e)
As at August 31, 2011, SG Domain Pte Ltd (“SG Domain”), a subsidiary of the Group, had outstanding
unsecured loans of S$120.4 million (2010: S$120.4 million) from its non-controlling interests, NTUC
FairPrice Co-operative Limited (“NTUC FairPrice”) and NTUC Income Insurance Co-operative Limited
(“NTUC Income”). The loans are interest-free except for an amount of S$61.2 million (2010: S$61.2
million) which bears a fixed interest rate of 3% per annum payable semi-annually. The loans have a
repayment term of five years, of which S$62.4 million is due on February 17, 2015 and S$58.0 million
is due on August 31, 2015.
On initial recognition, the above loans were recognised at their fair values of S$107.5 million, which
were determined from the cash flow analyses, discounted at the market borrowing rates on the
respective inception dates. The difference between the fair value and principal loan amounts was
recognised in the income statement. The unamortised fair value gain as at balance sheet date was
S$9.3 million (2010: S$11.7 million).
(f)
(g)
As at August 31, 2011, SPH UnionWorks had an unsecured fixed advance facility of which the total
drawdown was S$0.8 million (2010: S$0.8 million). During the current financial year, the outstanding
loan was refinanced. The bank loan of S$0.8 million (2010: S$0.8 million) is unsecured and matures
on February 27, 2012 (2010: February 28, 2011). As at August 31, 2011, interest is charged at 1.08%
(2010: 1.50%) per annum.
In respect of bank borrowings, where appropriate, the Group’s policy is to minimise its interest rate
risk exposure by entering into interest rate swaps over the duration of its borrowings. Accordingly,
the Company and Orchard 290 entered into interest rate swap contracts to swap floating rates
for fixed interest rates as part of their interest rate risk management. Under the interest rate
swaps, the Company and Orchard 290 agreed with other parties to exchange at specified intervals,
the difference between fixed rate and floating rate interest amounts calculated by reference to
the agreed notional principal amounts. At August 31, 2011, the fixed interest rates were 2.50%
(2010: 2.50%) and 1.79% (2010: 3.19%) per annum for the Company and Orchard 290 respectively,
and floating rates are referenced to Singapore dollar swap offer rate and repriced every three
months.
The notional principal amounts of the outstanding interest rate swap contracts and their corresponding
fair values as at August 31, 2011 are:
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Notional due:
Within 1 year [Note 19] 100,000 500,000 100,000 -
Between 1 - 5 years [Note 19] 150,000 100,000 - 100,000
Fair values* [Note 19] (6,802) (14,352) (381) (2,352)
* The fair values of interest rate swap contracts had been calculated (using rates quoted by the Group’s bankers) assuming
the contracts are terminated at the balance sheet date.
(h)
As at August 31, 2011, the fair value of the loans from non-controlling interests of SG Domain was
S$115.7 million (2010: S$110.3 million) and the fair value of the fixed rate notes was S$631.9 million
(2010: S$623.6 million). The fair values were determined from the cash flow analyses, discounted at
market borrowing rates of 2.74% (2010: 3.55%) and 1.25% (2010: 1.89%) per annum respectively,
which management expected to be available to the Group. The fair values of the remaining borrowings
as at the balance sheet date approximated their carrying values.

Notes to the
Financial StatementS
August 31, 2011
126 Singapore Press Holdings annual report 2011
8. PROPERTY, PLANT AND EQUIPMENT
(a) 2011
Group
Leasehold Plant Furniture
Land and and and Motor
Buildings Equipment Fittings Vehicles Total
S$’000 S$’000 S$’000 S$’000 S$’000
Cost
Beginning of financial year 229,172 751,351 17,839 1,472 999,834
Currency translation differences - (78) (45) (4) (127)
Acquisition of business by a
subsidiary [Note 20(b)] - 2 - - 2
Additions 82 2,170 667 515 3,434
Transferred in from capital
work-in-progress - 38,862 243 - 39,105
Disposal of a subsidiary [Note 20(c)] - (52) (1) - (53)
Disposals/Write-offs (16) (10,577) (195) (495) (11,283)
End of financial year 229,238 781,678 18,508 1,488 1,030,912
Accumulated depreciation
and impairment losses
Beginning of financial year 109,244 468,350 12,886 1,294 591,774
Currency translation differences - (83) (24) (4) (111)
Depreciation charge for the year 6,917 52,416 1,432 127 60,892
Disposal of a subsidiary [Note 20(c)] - (42) (1) - (43)
Disposals/Write-offs (16) (10,310) (180) (452) (10,958)
(Reversal of impairment charge)/
Impairment charge for the year (1,609) 1,351 162 - (96)
End of financial year 114,536 511,682 14,275 965 641,458
Net book value
End of financial year 114,702 269,996 4,233 523 389,454
Capital work-in-progress 1,426 3,204 2 - 4,632
Total 116,128 273,200 4,235 523 394,086
Capital work-in-progress
Beginning of financial year - 19,723 - - 19,723
Additions 1,426 22,343 245 - 24,014
Transferred out to property,
plant and equipment - (38,862) (243) - (39,105)
End of financial year 1,426 3,204 2 - 4,632

Notes to the
Financial StatementS
August 31, 2011
127
8. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
(b) 2010
Group
Leasehold Plant Furniture
Land and and and Motor
Buildings Equipment Fittings Vehicles Total
S$’000 S$’000 S$’000 S$’000 S$’000
Cost
Beginning of financial year 228,981 741,063 17,213 1,479 988,736
Currency translation differences - (175) 23 3 (149)
Additions 211 3,305 439 54 4,009
Transferred in from capital
work-in-progress - 18,409 342 - 18,751
Disposals/Write-offs (20) (11,251) (178) (64) (11,513)
End of financial year 229,172 751,351 17,839 1,472 999,834
Accumulated depreciation
and impairment losses
Beginning of financial year 106,191 425,517 11,672 1,163 544,543
Currency translation differences - (40) 11 3 (26)
Depreciation charge for the year 6,558 51,581 1,379 192 59,710
Disposals/Write-offs (20) (11,150) (176) (64) (11,410)
(Reversal of impairment charge)/
Impairment charge for the year (3,485) 2,442 - - (1,043)
End of financial year 109,244 468,350 12,886 1,294 591,774
Net book value
End of financial year 119,928 283,001 4,953 178 408,060
Capital work-in-progress - 19,723 - - 19,723
Total 119,928 302,724 4,953 178 427,783
Capital work-in-progress
Beginning of financial year - 18,341 - - 18,341
Additions - 19,791 342 - 20,133
Transferred out to property,
plant and equipment - (18,409) (342) - (18,751)
End of financial year - 19,723 - - 19,723
During the financial year, the Group has reassessed the recoverable amount of a property and
accordingly recognised a reversal of an impairment of S$1.6 million (2010: S$3.5 million) made in
prior years within “Other operating income” in the income statement. The recoverable amount of
the asset is its fair value less cost to sell. The fair value of the property is based on an independent
valuation, determined using the income method.
The Group also recognised an impairment charge of S$1.5 million (2010: S$2.4 million) arising from
technology obsolescence, and this amount was included within “Other operating expenses” in the
income statement.

Notes to the
Financial StatementS
August 31, 2011
128 Singapore Press Holdings annual report 2011
8. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
(c) 2011
Company
Plant Furniture
and and Motor
Equipment Fittings Vehicles Total
S$’000 S$’000 S$’000 S$’000
Cost
Beginning of financial year 636,709 12,860 1,357 650,926
Additions 860 31 515 1,406
Transferred in from capital
work-in-progress 38,518 214 - 38,732
Disposals/Write-offs (7,748) - (495) (8,243)
End of financial year 668,339 13,105 1,377 682,821
Accumulated depreciation
and impairment losses
Beginning of financial year 384,161 10,195 1,178 395,534
Depreciation charge for the year 44,906 912 125 45,943
Disposals/Write-offs (7,726) - (452) (8,178)
End of financial year 421,341 11,107 851 433,299
Net book value
End of financial year 246,998 1,998 526 249,522
Capital work-in-progress 2,791 2 - 2,793
Total 249,789 2,000 526 252,315
Capital work-in-progress
Beginning of financial year 19,439 - - 19,439
Additions 21,870 216 - 22,086
Transferred out to property,
plant and equipment (38,518) (214) - (38,732)
End of financial year 2,791 2 - 2,793

Notes to the
Financial StatementS
August 31, 2011
129
8. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
(d) 2010
Company
Plant Furniture
and and Motor
Equipment Fittings Vehicles Total
S$’000 S$’000 S$’000 S$’000
Cost
Beginning of financial year 628,888 12,604 1,366 642,858
Additions 717 25 54 796
Transferred in from capital
work-in-progress 17,486 341 - 17,827
Disposals/Write-offs (10,382) (110) (63) (10,555)
End of financial year 636,709 12,860 1,357 650,926
Accumulated depreciation
and impairment losses
Beginning of financial year 353,556 9,365 1,084 364,005
Depreciation charge for the year 40,983 939 157 42,079
Disposals/Write-offs (10,378) (109) (63) (10,550)
End of financial year 384,161 10,195 1,178 395,534
Net book value
End of financial year 252,548 2,665 179 255,392
Capital work-in-progress 19,439 - - 19,439
Total 271,987 2,665 179 274,831
Capital work-in-progress
Beginning of financial year 18,044 - - 18,044
Additions 18,881 341 - 19,222
Transferred out to property,
plant and equipment (17,486) (341) - (17,827)
End of financial year 19,439 - - 19,439

Notes to the
Financial StatementS
August 31, 2011
130 Singapore Press Holdings annual report 2011
9. INVESTMENT PROPERTIES
Group
2011 2010
S$’000 S$’000
Investment properties
Cost
Beginning of financial year 1,252,635 1,247,527
Additions 16,971 8,280
Transferred from Investment property under development 582,204 -
Write-off of renovations and fittings - (3,172)
End of financial year 1,851,810 1,252,635
Accumulated depreciation and impairment losses
Beginning of financial year 81,658 73,062
Depreciation charge for the year 15,893 9,319
Write-off of renovations and fittings - (723)
End of financial year 97,551 81,658
Net book value at end of financial year 1,754,259 1,170,977
Investment property under development
Beginning of financial year 559,092 -
Additions 23,112 559,092
Transferred to Investment properties (582,204) -
Net book value at end of financial year - 559,092
Total net book value 1,754,259 1,730,069
Fair value 3,020,083 2,841,992
During the financial year, The Clementi Mall commenced operations upon receiving the Temporary
Occupation Permits.
The fair value of the investment properties as at balance sheet date was stated based on independent
professional valuations, determined on an open market value basis. Valuation of the Group’s investment
properties, Paragon on Orchard Road and The Clementi Mall on Commonwealth Avenue West/Clementi
Avenue 3, was carried out using the income method.
The Paragon on Orchard Road, with a carrying amount of S$1,164.8 million (2010: S$1,160.9 million), is
mortgaged to a bank as security for the loan facility of S$300 million (2010: S$610 million) granted to
Orchard 290 [Note 7(a)].
The following amounts are recognised in the income statement:
Group
2011 2010
S$’000 S$’000
Rental income 166,071 132,327
Direct operating expenses arising from investment properties
that generated rental income (58,705) (43,072)

Notes to the
Financial StatementS
August 31, 2011
131
10. DEVELOPMENT PROPERTIES
Group
2011 2010
S$’000 S$’000
Sold development properties
Aggregate costs incurred and profits recognised to-date 673,483 673,483
Less: Progress billings (673,425) (565,803)
58 107,680
Analysed as:
Due from customers [Note 17(b)] 58 107,680
The certificate of statutory completion has been issued by the Building and Construction Authority during
the financial year.
As stated in Note 2(g), the Group recognises profits from sale of development properties using the
percentage-of-completion method. Had the completion-of-contract method been adopted, the effects on
the financial statements would have been as follows:
Group
2011 2010
S$’000 S$’000
Increase/(Decrease) in:
Income Statement
Revenue from sale of development properties - 451,840
Profit after taxation - 299,855
Balance Sheet
Retained earnings as at beginning of financial year - (299,855)

Notes to the
Financial StatementS
August 31, 2011
132 Singapore Press Holdings annual report 2011
11. INVESTMENTS IN SUBSIDIARIES
Unquoted equities
Company
2011 2010
S$’000 S$’000
Unquoted equities at cost 389,368 387,340
Allowance for impairment* (500) (500)
388,868 386,840
* The allowance for impairment was made to write down the carrying amount of investment in a subsidiary to its recoverable amount
following a review of the subsidiary’s business.
Details of significant subsidiaries are set out in Note 30. A list of other operating subsidiaries of the Group
can be found on pages 175 and 176 of the annual report.
Details of the acquisition and disposal of subsidiaries are set out in Notes 20(b) and 20(c) respectively.
12. INVESTMENTS IN ASSOCIATES
Unquoted equities
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Beginning of financial year 56,103 45,600 29,326 29,326
Currency translation differences (37) (4) - -
Acquisition of an associate 500 - - -
Additional consideration paid on
interest in an associate 6,250 5,484 - -
Transferred from investment
in a subsidiary [Note 20(c)] 500 - - -
Gain on dilution of an associate - 5 - -
Disposal of associates (73) - - -
Share of net profit of associates 8,317 5,185 - -
Dividends received from associates (2,804) (171) - -
(Allowance)/Write-back of allowance for
impairment of an associate (342) 4 3,783 -
End of financial year 68,414 56,103 33,109 29,326
The summarised financial information of associates, not adjusted for the proportional ownership interest
held by the Group, is as follows:
Group
2011 2010
S$’000 S$’000
Assets 804,933 562,612
Liabilities 617,072 422,254
Revenues 351,386 310,808
Net profit 31,488 11,095
A list of operating associates of the Group can be found on page 177 of the annual report.

Notes to the
Financial StatementS
August 31, 2011
133
13. INVESTMENTS IN JOINTLY-CONTROLLED ENTITIES
Unquoted equities
Group
2011 2010
S$’000 S$’000
Beginning of financial year 11,002 17,441
Additional consideration paid on interests in jointly-controlled entities 14,500 -
Share of net loss (11,024) (6,541)
Others (153) 102
End of financial year 14,325 11,002
The Group’s investments in the jointly-controlled entities are equity accounted for in the consolidated
balance sheet and income statement.
The following amounts represent the Group’s effective share of 33.33% to 50% (2010: 33.33% to 50%) of
the assets and liabilities and revenues and expenses of the jointly-controlled entities as at August 31, 2011
should proportionate consolidation be adopted.
Group
2011 2010
S$’000 S$’000
Assets
- Current assets 17,289 12,043
- Non-current assets 2,487 2,735
19,776 14,778
Liabilities
- Current liabilities 5,669 3,938
- Non-current liabilities 1,685 1,586
7,354 5,524
Net assets 12,422 9,254
Revenues 1,964 1,508
Expenses (12,988) (8,049)
Net loss (11,024) (6,541)
A list of operating jointly-controlled entities of the Group can be found on page 177 of the annual report.

Notes to the
Financial StatementS
August 31, 2011
134 Singapore Press Holdings annual report 2011
14. LONG-TERM INVESTMENTS
Long-term investments classified as available-for-sale financial assets comprise the following:
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Quoted securities
- Equities 346,685 300,451 36,797 31,633
Unquoted securities
- Equities 3,462 3,061 - -
- Investment funds 10,102 2,714 - -
360,249 306,226 36,797 31,633
The quoted equities are listed in Singapore.
15. INTANGIBLE ASSETS
Group
2011 2010
S$’000 S$’000
Arising from business combinations
- Goodwill [Note 15(a)] 39,436 34,024
- Technology, trademark, licences, mastheads and others [Note 15(b)] 43,596 14,172
Acquired separately
- Technology and licences [Note 15(c)] 782 1,143
83,814 49,339
(a)
Arising from business combinations
- Goodwill
Group
2011 2010
S$’000 S$’000
Cost
Beginning of financial year 35,665 36,201
Acquisition of business by a subsidiary [Note 20(b)] 8,195 390
Currency translation differences (1,649) (926)
End of financial year 42,211 35,665
Accumulated impairment
Beginning of financial year 1,641 355
Impairment charge [Note 15(d) and Note 25] 1,134 1,286
End of financial year 2,775 1,641
Net book value 39,436 34,024

Notes to the
Financial StatementS
August 31, 2011
135
15. INTANGIBLE ASSETS (CONT’D)
(b)
Arising from business combinations
- Technology, trademark, licences, mastheads and others
Group
Trademark,
licences,
mastheads
Technology and others Total
S$’000 S$’000 S$’000
2011
Cost
Beginning of financial year 6,522 14,409 20,931
Acquisition of business by a subsidiary [Note 20(b)] - 35,375 35,375
Currency translation differences (43) (1,009) (1,052)
End of financial year 6,479 48,775 55,254
Accumulated amortisation
Beginning of financial year 1,149 5,610 6,759
Amortisation charge [Note 25] 677 4,674 5,351
Currency translation differences (2) (450) (452)
End of financial year 1,824 9,834 11,658
Net book value 4,655 38,941 43,596
2010
Cost
Beginning of financial year 6,518 12,918 19,436
Acquisition of business by a subsidiary [Note 20(b)] - 1,492 1,492
Currency translation differences 4 (1) 3
End of financial year 6,522 14,409 20,931
Accumulated amortisation
Beginning of financial year 493 3,664 4,157
Amortisation charge [Note 25] 653 1,489 2,142
Currency translation differences 3 457 460
End of financial year 1,149 5,610 6,759
Net book value 5,373 8,799 14,172

Notes to the
Financial StatementS
August 31, 2011
136 Singapore Press Holdings annual report 2011
15. INTANGIBLE ASSETS (CONT’D)
(c)
Acquired separately
- Technology and licences
Group
2011 2010
S$’000 S$’000
Cost
Beginning and end of financial year 1,804 1,804
Accumulated amortisation
Beginning of financial year 661 301
Amortisation charge [Note 25] 361 360
End of financial year 1,022 661
Net book value 782 1,143
(d)
Impairment of goodwill
During the financial year, the Group recognised an impairment charge of S$1.1 million (2010: S$1.3
million) within “Other operating expenses” in the income statement. The goodwill was allocated to
the Group’s cash-generating unit (“CGU”) identified as a subsidiary. The recoverable value of the
CGU was determined based on fair value less cost to sell. The fair value was computed by applying
appropriate earnings multiples to the latest available financial forecasts.
16. INVENTORIES
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Raw materials and consumable stores 38,091 27,511 36,845 26,673
Allowance for write-down of inventories (774) (537) (752) (519)
37,317 26,974 36,093 26,154
The cost of inventories recognised as an expense and included in materials, consumables and broadcasting
costs in the income statement amounted to S$119.8 million (2010: S$108.0 million).
During the financial year, the Group made an allowance for stock obsolescence amounting to S$237,000
(2010: S$9,000). In the previous financial year, the Group also wrote off inventories totalling S$9,000.

Notes to the
Financial StatementS
August 31, 2011
137
17. TRADE AND OTHER RECEIVABLES
(a)
Non-current
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Loans to a subsidiary [Note 17(a)(i)] - - 307,826 303,331
Staff loans [Note 17(a)(ii)] 2,642 3,526 2,286 3,046
Sundry debtors [Note 17(a)(ii)] 1,460 1,266 166 147
Others [Note 17(a)(ii)] 65 65 - -
4,167 4,857 310,278 306,524
(i)
The loans to a subsidiary of S$325.6 million (2010: S$325.6 million) are non-trade, unsecured
and interest-free except for S$236.8 million which bears a fixed interest rate of 2.9% per
annum payable semi-annually. The loans have a repayment term of five years, of which
S$93.7 million is due on February 17, 2015 and S$231.9 million is due on August 31, 2015.
On initial recognition, the above loans were recognised at their fair values of S$301.6 million,
determined from the cash flow analyses, discounted at the market borrowing rates on the
respective loan inception dates. The difference between the fair values and the principal loan
amounts was recognised in the income statement. The unamortised fair value loss as at
balance sheet date was S$17.8 million (2010: S$22.3 million).
As at August 31, 2011, the fair values of the loans were S$319.0 million (2010: S$305.8
million), determined from the cash flow analyses, discounted at the market borrowing rate of
2.74% (2010: 3.55%) per annum, which management expected to be available to the Group
at the balance sheet date.
(ii)
The fair value of the other assets approximates their carrying amount.

Notes to the
Financial StatementS
August 31, 2011
138 Singapore Press Holdings annual report 2011
17. TRADE AND OTHER RECEIVABLES (CONT’D)
(b)
Current
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Trade receivables
- Non-related parties 144,683 145,063 110,828 100,762
- Less: Allowance for impairment of
receivables – non-related parties (10,342) (10,177) (8,318) (8,366)
134,341 134,886 102,510 92,396
- Development properties
- Due from customers [Note 10]
[Note 17(b)(i)] 58 107,680 - -
Amounts owing by
- Subsidiaries [Note 17(b)(ii)] - - 828,953 847,914
- Associates [Note 17(b)(iii)] 918 53 - -
- Jointly-controlled entities [Note 17(b)(iv)] 74 103 61 37
992 156 829,014 847,951
Loans to subsidiaries [Note 17(b)(v)] - - 337,299 302,422
Accrued interest 2,230 2,384 144 40
Sundry debtors 9,115 7,478 1,325 2,881
Prepayments 3,929 5,249 2,571 3,414
Staff loans 1,304 1,434 1,187 1,310
151,969 259,267 1,274,050 1,250,414
(i)
(ii)
(iii)
(iv)
(v)
In the previous financial year, amounts due from customers on development properties are
neither past due nor impaired as they relate to the aggregated costs incurred and the profit
or loss recognised in each development property that has been sold, net of any progress
billings.
The amounts owing by subsidiaries, net of allowance for impairment of S$0.5 million
(2010: S$0.5 million), are non-trade, unsecured, interest-free and repayable on demand.
The amounts owing by associates are non-trade, unsecured, interest-free and repayable on
demand.
The amounts owing by jointly-controlled entities are non-trade, unsecured, interest-free and
repayable on demand.
The loans to subsidiaries, net of allowance for impairment of S$23.8 million (2010: S$2.9
million), are unsecured and repayable on demand. The loans are interest-free except for an
amount of S$200.0 million (2010: S$210.0 million) which bears a fixed interest rate of 2.85%
(2010: 1.5%) per annum.

Notes to the
Financial StatementS
August 31, 2011
139
18. SHORT-TERM INVESTMENTS
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Internally-managed
Available-for-sale financial assets [Note 18(a)] 573,544 830,883 113,712 205,145
Financial assets at fair value through profit or loss
[Note 18(b)] 49,011 65,686 - -
622,555 896,569 113,712 205,145
(a)
Available-for-sale financial assets comprise the following:
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Quoted securities*:
- Equities 64,331 37,119 - -
- Bonds 204,204 506,188 - 99,975
- Investment funds 259,007 239,359 113,712 105,170
527,542 782,666 113,712 205,145
Unquoted securities:
- Equities 340 274 - -
- Investment funds 45,662 47,943 - -
46,002 48,217 - -
573,544 830,883 113,712 205,145
The Group recognised an impairment loss within “Net income from investments” of S$4.7 million
(2010: S$Nil) against an unquoted investment fund as the fair value had been below cost for a
prolonged period during the financial year.
(b)
Financial assets at fair value through profit or loss comprise the following:
Group
2011 2010
S$’000 S$’000
Quoted securities*:
Designated at fair value on initial recognition
- Bonds and notes 24,473 41,592
- Preference shares 24,538 24,094
49,011 65,686
* Quoted investment funds are invested in globally diversified portfolios with no significant concentration risk. The other
quoted securities are mainly invested in Singapore.

Notes to the
Financial StatementS
August 31, 2011
140 Singapore Press Holdings annual report 2011
19. DERIVATIVE FINANCIAL INSTRUMENTS
Analysed as:
Group
Contract
Notional
Fair Value
Amount Assets Liabilities
S$’000 S$’000 S$’000
2011
Non-current
Cash flow hedge
- Interest rate swaps [Note 7(g)] 150,000 - 6,421
Current
Cash flow hedge
- Interest rate swaps [Note 7(g)] 100,000 - 381
Derivatives that do not qualify as hedges
- Currency forwards 134,188 2,757 -
- Cross currency swap 7,052 2,348 -
5,105 381
2010
Non-current
Cash flow hedge
- Interest rate swaps [Note 7(g)] 100,000 - 2,352
Current
Cash flow hedge
- Interest rate swaps [Note 7(g)] 500,000 - 12,000
Derivatives that do not qualify as hedges
- Currency forwards 108,980 3,120 37
- Cross currency swap 5,419 1,698 -
4,818 12,037

Notes to the
Financial StatementS
August 31, 2011
141
19. DERIVATIVE FINANCIAL INSTRUMENTS (CONT’D)
Company
Contract
Notional
Fair Value
Amount Assets Liabilities
S$’000 S$’000 S$’000
2011
Current
Cash flow hedge
- Interest rate swaps [Note 7(g)] 100,000 - 381
Derivatives that do not qualify as hedges
- Currency forwards 47,297 373 -
373 381
2010
Non-current
Cash flow hedge
- Interest rate swaps [Note 7(g)] 100,000 - 2,352
Current
Derivatives that do not qualify as hedges
- Currency forwards 6,095 35 33

Notes to the
Financial StatementS
August 31, 2011
142 Singapore Press Holdings annual report 2011
20. CASH AND CASH EQUIVALENTS
(a)
Cash and cash equivalents at the end of the financial year comprise the following:
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Cash held as fixed bank deposits 344,117 427,354 260,191 221,340
Cash and bank balances 48,397 33,641 10,479 10,078
392,514 460,995 270,670 231,418
Included in cash and cash equivalents are the following:
Group
2011 2010
S$’000 S$’000
Amount held as fixed bank deposits under
Housing Developers (Project Account) Rules [Note 20(a)(i)] 7,500 24,300
Amount held in project bank account under
Housing Developers (Project Account) Rules [Note 20(a)(i)] 81 3,803
Amount held on behalf of management corporation [Note 20(a)(ii)] 633 676
(i)
(ii)
Under the Housing Developers (Project Account) Rules, withdrawals from the above bank
accounts are restricted to payments for expenditure incurred on the development properties
[Note 10].
Pursuant to the requirement under the Building Maintenance and Strata Management Act,
Times Development Pte Ltd, a subsidiary of the Group, holds the general maintenance fund for
a completed project until the council of the management corporation is elected. The amounts
in the maintenance fund can only be applied for the upkeep of the completed project.
(b)
Acquisition of business by a subsidiary
Group
At fair values
2011 2010
S$’000 S$’000
Identifiable assets and liabilities
Property, plant and equipment [Note 8(a)] 2 -
Current assets (including cash) - 10
Intangible assets [Note 15(b)] 35,375 1,492
Deferred income tax liabilities [Note 6(a)(i)] (72) (282)
Identifiable net assets acquired 35,305 1,220
Goodwill on acquisition [Note 15(a)] 8,195 390
Total purchase consideration [Note 20(b)(i)] 43,500 1,610
Less: Amount paid in previous financial year (435) -
Cash acquired - (10)
Contingent consideration - (100)
Net cash outflow on acquisition of business by a subsidiary 43,065 1,500

Notes to the
Financial StatementS
August 31, 2011
143
20. CASH AND CASH EQUIVALENTS (CONT’D)
(b)
Acquisition of business by a subsidiary (cont’d)
Note (b)(i)
2011
On October 13, 2010, the Group’s wholly-owned subsidiary, Sphere Exhibits Pte Ltd (“Sphere’’),
completed the acquisition of the Exhibitions Business and assets of Eastern Directories Pte Ltd
(“EDPL”). The Exhibition Business comprised exhibitions marketed and held in Singapore under
the respective names, logos and marks “COMEX”, “IT Show”, “World Food Fair” and “Food and
Beverage Fair”.
The total consideration for the acquisition was S$43.5 million.
The goodwill of S$8.2 million is attributable to the value and management expertise of the acquired
business.
The acquired business contributed revenue of S$6.1 million and net profit of S$0.2 million to the
Group for the period from October 13, 2010 to August 31, 2011. If the acquisition had occurred on
September 1, 2010, Group operating revenue and total profit would have increased by S$5.7 million
and S$3.3 million respectively.
2010
On June 14, 2010, Sphere Exhibits Pte Ltd (“Sphere”), acquired the issued share capital of Bizlink
Exhibition Services Pte Ltd (“Bizlink Exhibition”) from the existing shareholder. Bizlink Exhibition is
in the trade exhibitions business. Sphere also acquired the intellectual property rights from Bizlink
Premium Services Pte. Ltd (“Bizlink Premium”), a related company of Bizlink Exhibition.
A total consideration of S$1.5 million was paid as at August 31, 2010. A contingent consideration of
S$0.1 million is payable to Bizlink Premium subject to the fulfilment of certain conditions including
achievement of profit before tax of S$0.3 million for the period from January 1, 2010 to December
31, 2010. As at August 31, 2010, Sphere assessed the probability of fulfilling the conditions and had
accrued for the contingent consideration.
The goodwill is attributable to the value and management expertise of the acquired business.
The acquired business contributed revenue of S$0.5 million and net profit of S$30,000 to the Group
for the period from June 14, 2010 to August 31, 2010. If the acquisition had occurred on September
1, 2009, Group operating revenue and total profit would have increased by S$1.1 million and
S$0.2 million respectively.

Notes to the
Financial StatementS
August 31, 2011
144 Singapore Press Holdings annual report 2011
20. CASH AND CASH EQUIVALENTS (CONT’D)
(c)
Disposal of a subsidiary
Group
2011
S$’000
Carrying values of identifiable assets and liabilities
Property, plant and equipment [Note 8(a)] 10
Current assets (including cash) 1,059
Current liabilities (566)
Deferred income tax liabilities [Note 6(a)(i)] (3)
Net assets disposed 500
Acquisition of an associate [Note 12] (500)
-
Less: Cash and cash equivalents in subsidiary disposed (633)
Net cash outflow on disposal (633)
Note (c)(i)
On December 31, 2010, Hardware Zone Pte Ltd, a wholly-owned subsidiary of SPH Magazines
Pte Ltd (“SPH Magazines”), transferred its entire shareholding in its wholly-owned subsidiary,
clickTRUE Pte Ltd (“clickTRUE”), to Kyosei Ventures Pte Ltd (“Kyosei”). In exchange for the transfer,
SPH Magazines subscribed for 290 new shares in Kyosei, representing 22.5% of the share capital of
Kyosei which then became an associate of the Group.

Notes to the
Financial StatementS
August 31, 2011
145
21. TRADE AND OTHER PAYABLES
(a)
Non-current
Group
2011 2010
S$’000 S$’000
Deposits received 27,776 21,438
The fair value of deposits received approximate their carrying amount.
(b)
Current
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Trade payables – non-related parties 43,409 49,641 33,294 25,799
Amounts owing to
- Subsidiaries [Note 21(b)(i)] - - 459,047 447,273
- Jointly-controlled entity [Note 21(b)(ii)] 17,217 9,281 17,213 9,281
17,217 9,281 476,260 456,554
Accrued operating expenses 159,983 179,973 120,807 129,948
Deposits received 22,359 19,467 9,070 7,603
Sundry creditors 24,258 8,480 5,606 7,119
Collections in advance 29,444 20,019 12,433 14,601
296,670 286,861 657,470 641,624
(i)
(ii)
The amounts owing to subsidiaries are non-trade, unsecured and repayable on demand.
Except for amounts owing to certain subsidiaries of S$38.5 million (2010: S$36.1 million) with
effective interest rates ranging from 0.15% to 0.37% (2010: 0.15% to 0.48%) per annum as
at the balance sheet date, the amounts owing to other subsidiaries are interest-free.
The amounts owing to a jointly-controlled entity are non-trade, unsecured and repayable
on demand. The amounts of S$17.2 million (2010: S$9.3 million) are interest-bearing, with
effective interest rates ranging from 0.05% to 4.80% (2010: 0.19% to 0.60%) per annum as
at the balance sheet date.

Notes to the
Financial StatementS
August 31, 2011
146 Singapore Press Holdings annual report 2011
22. CAPITAL AND OTHER COMMITMENTS
(a)
Commitments for capital expenditure and investments
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Authorised and contracted for
- Property, plant and equipment 5,363 17,592 4,938 16,899
- Investment properties 2,119 38,229 - -
- Equity funding for associates 16,513 21,963 - -
- Long-term/Short-term investments 37,161 69,437 - -
61,156 147,221 4,938 16,899
(b)
Operating lease commitments – where the Group and/or Company is a lessee
The future minimum lease payables under non-cancellable operating leases contracted for at the
balance sheet date but not recognised as liabilities, are as follows:
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Within 1 year 7,080 6,676 406 291
Between 1 - 5 years 17,595 16,985 390 48
After 5 years 145,882 149,775 - -
170,557 173,436 796 339
The Group and Company lease various residential/commercial space and plant and machinery under
non-cancellable operating lease agreements with varying terms and renewal rights.
(c)
Operating lease commitments – where the Group is a lessor
The future minimum lease receivables under non-cancellable operating leases contracted for at the
balance sheet date but not recognised as receivables, are as follows:
Group
2011 2010
S$’000 S$’000
Within 1 year 172,752 138,808
Between 1 - 5 years 214,857 233,316
After 5 years 368 744
387,977 372,868
The Group leases to third parties various residential/commercial space under non-cancellable
operating lease agreements with varying terms, escalation clauses and renewal rights.

Notes to the
Financial StatementS
August 31, 2011
147
23. OPERATING REVENUE
Group
2011 2010
S$’000 S$’000
Newspaper and Magazine
Sale of services – Advertisements 774,670 733,104
Sale of goods – Circulation 207,207 209,078
Others 31,408 31,943
1,013,285 974,125
Property
Rental and rental-related services 167,884 134,451
Sale of development properties - 221,644
167,884 356,095
Others
Sale of services – Advertisements 26,892 22,099
Sale of services – Multimedia and other services 42,911 28,752
69,803 50,851
1,250,972 1,381,071
24. STAFF COSTS
Group
2011 2010
S$’000 S$’000
Salaries, bonuses and other costs 307,717 300,424
Employers’ contribution to defined contribution plans 33,020 32,605
Share-based compensation expense [Note 5(a)] 7,724 7,435
348,461 340,464

Notes to the
Financial StatementS
August 31, 2011
148 Singapore Press Holdings annual report 2011
25. OTHER OPERATING EXPENSES
Group
2011 2010
S$’000 S$’000
Included in other operating expenses are:
Audit fees
- Company’s auditors 812 642
- Other auditors 85 68
Non-audit fees #
- Company’s auditors 203 146
Rental expense – operating leases 9,055 8,332
Net foreign exchange loss/(gain) from operations 614 (195)
Amortisation of intangible assets [Notes 15(b) and 15(c)] 5,712 2,502
Impairment of goodwill [Note 15(a)] 1,134 1,286
Allowance for impairment of trade receivables 1,586 2,306
Bad debts recovery (342) (244)
Impairment of property, plant and equipment 1,513 2,442
Net profit on disposal of property, plant and equipment (199) (76)
Investment property renovations and fittings written-off - 2,449
#
Non-audit fees are mainly for services relating to non-statutory audit/review assignments.
26. FINANCE COSTS
Group
2011 2010
S$’000 S$’000
Interest expense
- Bank loans 3,574 6,063
- Fixed rate notes 16,860 8,453
- Loans from non-controlling interests 4,255 1,180
Cash flow hedges, transferred from hedging reserve [Note 5(b)]* 15,122 15,409
* In relation to interest rate swap arrangements in Note 7(g).
39,811 31,105

Notes to the
Financial StatementS
August 31, 2011
149
27. NET INCOME FROM INVESTMENTS
Group
2011 2010
S$’000 S$’000
Available-for-sale financial assets
Interest income 6,562 5,170
Dividend income 28,504 21,442
Net foreign exchange loss (717) (301)
Transferred from fair value reserve on disposal of investments [Note 5(c)] 3,461 4,475
Impairment of investments (4,714) (78)
33,096 30,708
Financial assets at fair value through profit or loss
Net fair value gain on internally-managed investments
- Designated upon initial recognition 2,227 4,658
Net loss from funds under management - (28)
Write-back of provision for loss on derivative financial instrument 5,168 -
Net fair value gain on derivative financial instruments 14,403 6,397
21,798 11,027
Deposits with financial institutions
Interest income 1,420 808
Net foreign exchange loss (5,963) (3,288)
(4,543) (2,480)
50,351 39,255
28. DIVIDENDS
Group and Company
2011 2010
S$’000 S$’000
Dividends paid:
- Final tax-exempt dividend of 9 cents per share
in respect of previous financial year
(2010: 9 cents per share) 144,593 144,304
- Special final tax-exempt dividend of 11 cents per share
in respect of previous financial year
(2010: 9 cents per share) 176,725 144,303
- Interim tax-exempt dividend of 7 cents per share
(2010: 7 cents per share) 112,621 112,386
433,939 400,993
(a)
(b)
The Directors have proposed a final tax-exempt (one-tier) dividend of 9 cents per share and a special
final tax-exempt (one-tier) dividend of 8 cents per share for the financial year, amounting to a total of
S$273.5 million.
These financial statements do not reflect these proposed dividends, which will be accounted for in
shareholders’ interests as an appropriation of retained profit in the financial year ending August 31,
2012 when they are approved at the next annual general meeting.

Notes to the
Financial StatementS
August 31, 2011
150 Singapore Press Holdings annual report 2011
29. EARNINGS PER SHARE
Group
2011 2010
Basic Diluted Basic Diluted
S$’000 S$’000 S$’000 S$’000
Profit after taxation attributable
to shareholders of the Company 388,575 388,575 497,874 497,874
Number of Shares Number of Shares
’000 ’000 ’000 ’000
Weighted average number of shares 1,607,937 1,607,937 1,604,500 1,604,500
Adjustment for assumed conversion of
- share options - 309 - 252
- performance shares - 9,472 - 9,289
Weighted average number of shares
used to compute earnings per share 1,607,937 1,617,718 1,604,500 1,614,041
Basic Diluted Basic Diluted
Earnings per share (S$) 0.24 0.24 0.31 0.31

Notes to the
Financial StatementS
August 31, 2011
151
30. SIGNIFICANT SUBSIDIARIES OF THE GROUP
Effective
Country of
% of Equity
Name of Subsidiaries Principal Activities Incorporation held by the Group
2011 2010
% %
Times Properties Letting properties and Singapore 100 100
Private Limited
provision of property
management services
Orchard 290 Ltd Holding investments and Singapore 100 100
managing of shopping
centres and other
commercial properties
Singapore News and Holding investments Singapore 100 100
Publications Limited
and properties
Singapore Newspaper Holding investments Singapore 100 100
Services Private Limited and properties
Lianhe Investments Holding investments Singapore 100 100
Pte. Ltd.
for trading purposes
SPH MultiMedia Holding investments Singapore 100 100
Private Limited
SPH AsiaOne Ltd Holding investments Singapore 100 100
SG Domain Pte Ltd Holding investments Singapore 60 60
CM Domain Pte Ltd Holding property Singapore 60 60
investments and
managing shopping
centres
Notes:
(i) The above companies are audited by PricewaterhouseCoopers LLP, Singapore.
(ii) A list of other operating subsidiaries of the Group can be found on pages 175 and 176 of the annual report.
31. FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial risks, particularly market risk (including currency
risk, price risk and interest rate risk), credit risk and liquidity risk. Where appropriate, the Group’s risk
management policies seek to minimise potential adverse effects of these risks on the financial performance
of the Group.
Matters pertaining to risk management strategies and execution require the decision and approval of the
Board of Directors (“Board”).
Financial risk management is mainly carried out by a central treasury department (“Treasury & Investment”)
in accordance with policies approved by the Board. Treasury & Investment analyses its investment portfolio
and works closely with business units to identify, evaluate and hedge financial risks where appropriate.
Guidelines for authority levels and exposure limits are in place to prevent unauthorised transactions.
The Board is regularly updated on the Group’s financial investments and hedging activities.

Notes to the
Financial StatementS
August 31, 2011
152 Singapore Press Holdings annual report 2011
31. FINANCIAL RISK MANAGEMENT (CONT’D)
The policies for managing these risks are summarised below.
(a)
Market risk
(i)
Currency risk
The currency risk of the Group arises mainly from its operational purchases of raw materials
and consumable stores and capital expenditure denominated in currencies other than the
functional currency. In addition, currency risk also arises from the Group’s foreign currency
investments and from costs incurred by its overseas news bureaus. The Group also has
investments in foreign subsidiaries, associates and jointly-controlled entities, whose net
assets are exposed to currency translation risk.
Where appropriate, the Group enters into foreign exchange forward contracts and cross
currency swaps to hedge against its currency risk resulting from anticipated sale and purchase
transactions in foreign currencies, its foreign currency denominated investments and net
assets of its foreign subsidiaries, associates and jointly-controlled entities.
The Group’s currency exposure on its monetary financial assets and liabilities based on the
information provided to key management is as follows:
2011
SGD USD CNH Others Total
S$’000 S$’000 S$’000 S$’000 S$’000
Financial assets
Trade and other receivables 140,069 1,203 - 9,190 150,462
Short-term investments 223,675 5,002 - - 228,677
Cash and cash equivalents 340,023 2,079 39,802 10,610 392,514
703,767 8,284 39,802 19,800 771,653
Financial liabilities
Trade and other payables (274,523) (13,191) - (7,288) (295,002)
Borrowings (1,109,537) - - (2,431) (1,111,968)
(1,384,060) (13,191) - (9,719) (1,406,970)
Net financial
(liabilities)/assets (680,293) (4,907) 39,802 10,081 (635,317)
Less: Net financial
liabilities/(assets)
denominated in
the respective
entities’ functional
currencies 680,293 - - (3,607) 676,686
Less: Firm commitments in
foreign currencies - (616) - (235) (851)
Less: Currency forwards - (80,751) (39,980) (261) (120,992)
Cross currency swap - (4,809) - - (4,809)
Currency exposure - (91,083) (178) 5,978 (85,283)

Notes to the
Financial StatementS
August 31, 2011
153
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Market risk (cont’d)
(i)
Currency risk (cont’d)
2010
SGD USD Others Total
S$’000 S$’000 S$’000 S$’000
Financial assets
Trade and other receivables 140,964 674 8,994 150,632
Short-term investments 540,407 7,373 - 547,780
Cash and cash equivalents 390,847 64,414 5,734 460,995
1,072,218 72,461 14,728 1,159,407
Financial liabilities
Trade and other payables (266,194) (15,284) (6,802) (288,280)
Borrowings (1,427,942) - (2,972) (1,430,914)
(1,694,136) (15,284) (9,774) (1,719,194)
Net financial (liabilities)/assets (621,918) 57,177 4,954 (559,787)
Less: Net financial
liabilities/(assets)
denominated in the
respective entities’
functional currencies 621,918 (48) (4,201) 617,669
Less: Firm commitments in
foreign currencies - (5,245) (1,707) (6,952)
Less: Currency forwards - (101,530) 774 (100,756)
Cross currency swap - (5,419) - (5,419)
Currency exposure - (55,065) (180) (55,245)

Notes to the
Financial StatementS
August 31, 2011
154 Singapore Press Holdings annual report 2011
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Market risk (cont’d)
(i)
Currency risk (cont’d)
The Company’s currency exposure based on the information provided to key management is
as follows:
2011
SGD USD CNH Others Total
S$’000 S$’000 S$’000 S$’000 S$’000
Financial assets
Trade and other receivables 1,581,233 366 - 158 1,581,757
Cash and cash equivalents 225,912 1,345 39,802 3,611 270,670
1,807,145 1,711 39,802 3,769 1,852,427
Financial liabilities
Trade and other payables (630,970) (13,404) - (663) (645,037)
Borrowings (698,797) - - - (698,797)
(1,329,767) (13,404) - (663) (1,343,834)
Net financial
(liabilities)/assets 477,378 (11,693) 39,802 3,106 508,593
Less: Net financial assets
denominated in
the Company’s
functional currency (477,378) - - - (477,378)
Less: Firm commitments in
foreign currencies - (616) - (235) (851)
Less: Currency forwards - - (39,980) 3,670 (36,310)
Currency exposure - (12,309) (178) 6,541 (5,946)

Notes to the
Financial StatementS
August 31, 2011
155
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Market risk (cont’d)
(i)
Currency risk (cont’d)
2010
SGD USD Others Total
S$’000 S$’000 S$’000 S$’000
Financial assets
Trade and other receivables 1,553,022 226 276 1,553,524
Short-term investments 99,975 - - 99,975
Cash and cash equivalents 230,266 904 248 231,418
1,883,263 1,130 524 1,884,917
Financial liabilities
Trade and other payables (618,015) (8,467) (541) (627,023)
Borrowings (748,453) - - (748,453)
(1,366,468) (8,467) (541) (1,375,476)
Net financial assets/(liabilities) 516,795 (7,337) (17) 509,441
Less: Net financial assets
denominated in the
Company’s functional
currency (516,795) - - (516,795)
Less: Firm commitments in
foreign currencies - (5,245) (1,707) (6,952)
Add: Currency forwards - 1,355 774 2,129
Currency exposure - (11,227) (950) (12,177)

Notes to the
Financial StatementS
August 31, 2011
156 Singapore Press Holdings annual report 2011
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Market risk (cont’d)
(i)
Currency risk (cont’d)
If the USD and CNH change against the SGD by 5% (2010: 5%) with all other variables
including tax rate being held constant, the effects arising from the currency exposure will be
as follows:
2011 2010
Other
Other
Profit comprehensive Profit comprehensive
after tax income after tax income
S$’000 S$’000 S$’000 S$’000
Increase/(Decrease)
Group
USD against SGD
- strengthened (3,780) - (2,285) -
- weakened 3,780 - 2,285 -
CNH against SGD
- strengthened (7) - - -
- weakened 7 - - -
Company
USD against SGD
- strengthened (511) - (466) -
- weakened 511 - 466 -
CNH against SGD
- strengthened (7) - - -
- weakened 7 - - -

Notes to the
Financial StatementS
August 31, 2011
157
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Market risk (cont’d)
(ii)
Price risk
The Group is exposed to equity securities price risk arising from its equity investments which
are classified either as available-for-sale or at fair value through profit or loss. To manage the
price risk arising from its investments in equity securities, the Group diversifies its portfolio
across different markets and industries, where appropriate.
If prices for equity securities that are internally-managed changed by 20% (2010: 20%) with
all other variables including tax rate being held constant, the effects on profit after tax and
other comprehensive income arising from the change in valuation of the equity securities will
be as follows:
2011 2010
Other
Other
Profit comprehensive Profit comprehensive
after tax income after tax income
S$’000 S$’000 S$’000 S$’000
Increase/(Decrease)
Group
Internally-managed investments
- increased by 5,758 109,733 3,999 90,410
- decreased by (5,758) (109,733) (3,999) (90,410)
Company
Internally-managed investments
- increased by - 7,359 - 6,327
- decreased by - (7,359) - (6,327)

Notes to the
Financial StatementS
August 31, 2011
158 Singapore Press Holdings annual report 2011
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Market risk (cont’d)
(iii) Interest rate risk
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk
that the fair value of a financial instrument will fluctuate due to changes in market interest
rates.
The Group has cash balances placed with reputable banks and financial institutions,
and investments in bonds and government-related securities, which generate interest income
for the Group. The Group manages its interest rate risks by placing such balances on varying
maturities and interest rate terms.
The Group’s debt comprises mainly bank borrowings and fixed rate notes taken up by the
Company and its subsidiaries to finance its operations. Where appropriate, the Group seeks to
minimise its cash flow interest rate risk exposure by entering into interest rate swap contract
to swap floating interest rate for fixed interest rate over the duration of its borrowings.
The Group’s and the Company’s borrowings at variable rates on which effective hedges have
not been entered into are denominated mainly in SGD.
Movements in interest rates will therefore have an impact on the Group. A change of 0.25%
(2010: 0.25%) point in interest rate at the reporting date would affect profit after tax and
other comprehensive income by the amounts shown below, assuming that all other variables
remain constant.
2011 2010
Other
Other
Profit comprehensive Profit comprehensive
after tax income after tax income
S$’000 S$’000 S$’000 S$’000
Increase/(Decrease)
Group
Borrowings
(net of interest rate swap)
- increased by (311) - (251) -
- decreased by 311 - 251 -
Internally-managed investments
- increased by (26) (676) 39 (1,059)
- decreased by 26 676 (39) 1,059
Company
Borrowings
(net of interest rate swap)
- increased by - - (104) -
- decreased by - - 104 -

Notes to the
Financial StatementS
August 31, 2011
159
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(b)
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations, thereby
resulting in financial loss to the Group. For trade receivables, the Group manages its credit risk through
the application of credit approvals, credit limits and monitoring procedures. Where appropriate,
the Group obtains collateral in the form of deposits, bankers’/insurance guarantees from its
customers, and imposes cash terms and/or advance payments from customers of lower credit
standing. For other financial assets, the Group adopts the policy of dealing only with high credit
quality counterparties.
As at the balance sheet date, the Group has no significant concentration of credit risks.
The maximum exposure to credit risk for each class of financial instruments is the carrying amount
of that class of financial instruments presented on the balance sheet which comprise mainly trade
receivables, investments in bonds and notes, and cash balances placed with banks. In addition, the
Company is the primary obligor for an unsecured composite advance facility which could be utilised
by the Company and its designated subsidiaries. The amount utilised by the subsidiaries as at August
31, 2011 was S$0.8 million (2010: S$0.8 million) [Note 7(f)].
The credit risk for trade receivables based on the information provided to key management is as
follows:
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
By types of customers
Advertisement 98,309 86,976 81,157 70,932
Circulation 11,438 12,671 10,239 11,525
Multimedia 2,467 2,806 1,379 1,383
Broadcasting 1,572 861 - -
Rental 6,528 1,376 - -
Others 14,027 30,196 9,735 8,556
134,341 134,886 102,510 92,396
(i)
Financial assets that are neither past due nor impaired
Bank deposits and investments in bonds are neither past due nor impaired. Bank deposits are
placed with reputable banks and financial institutions. The Group’s bond portfolio is primarily
invested in investment grade securities. Trade receivables that are neither past due nor
impaired are substantially due from companies with a good collection track record with the
Group.

Notes to the
Financial StatementS
August 31, 2011
160 Singapore Press Holdings annual report 2011
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(b)
Credit risk (cont’d)
(ii) Financial assets that are past due and/or impaired
The age analysis of trade receivables past due but not impaired is as follows:
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Past due 0 to 30 days 18,097 18,969 11,669 13,343
Past due 31 to 60 days 5,494 6,646 2,514 2,641
Past due 61 to 90 days 2,653 2,284 886 594
Past due over 90 days 3,665 3,108 1,115 795
29,909 31,007 16,184 17,373
The carrying amount of trade receivables individually determined to be impaired and the
movements in the related allowance for impairment are as follows:
Group
Company
2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000
Gross amount 10,342 10,177 8,318 8,366
Less: Allowance for impairment (10,342) (10,177) (8,318) (8,366)
- - - -
Beginning of financial year 10,177 9,701 8,366 7,892
Disposal of a subsidiary (5) - - -
Allowance made 1,586 2,306 590 1,443
Allowance utilised (1,293) (1,852) (638) (969)
Currency translation difference (123) 22 - -
End of financial year 10,342 10,177 8,318 8,366
Certain past due or impaired trade receivables are backed by bankers’/insurance guarantees
and/or deposits from customers. It is not practicable to determine the fair value of the
collaterals that correspond to these trade receivables.
The basis of determining impairment is set out in the accounting policy Note 2(j)(v).

Notes to the
Financial StatementS
August 31, 2011
161
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(c)
Liquidity risk
Liquidity risk refers to the risk that the Group will encounter difficulty in meeting obligations associated
with financial liabilities. To manage liquidity risk, the Group monitors and maintains a level of cash
and cash equivalents to finance the Group’s operations and mitigate the effects of fluctuation in cash
flows.
The table below analyses the maturity profile of the Group’s and the Company’s financial liabilities
(including derivative financial liabilities) based on contractual undiscounted cash flows.
Less Between Between
than 1 1 and 2 2 and 5 Over 5
year years years years
S$’000 S$’000 S$’000 S$’000
Group
At August 31, 2011
Net-settled interest rate swap (2,425) (2,375) (6,794) -
Gross-settled currency forwards
- Receipts 134,279 - - -
- Payments (131,674) - - -
Gross-settled cross currency swap
- Receipts 7,476 - - -
- Payments (5,146) - - -
Trade and other payables (267,226) (8,079) (19,697) -
Borrowings (122,214) (22,653) (1,053,586) (2,431)
(386,930) (33,107) (1,080,077) (2,431)
At August 31, 2010
Net-settled interest rate swap (14,015) (337) - -
Gross-settled currency forwards
- Receipts 112,021 - - -
- Payments (108,938) - - -
Gross-settled cross currency swap
- Receipts 423 7,476 - -
- Payments (379) (5,806) - -
Trade and other payables (266,842) (7,255) (14,023) (160)
Borrowings (593,720) (170,744) (766,222) (2,972)
(871,450) (176,666) (780,245) (3,132)

Notes to the
Financial StatementS
August 31, 2011
162 Singapore Press Holdings annual report 2011
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(c)
Liquidity risk (cont’d)
Less Between Between
than 1 1 and 2 2 and 5 Over 5
year years years years
S$’000 S$’000 S$’000 S$’000
Company
At August 31, 2011
Net-settled interest rate swap (381) - - -
Gross-settled currency forwards
- Receipts 47,388 - - -
- Payments (46,993) - - -
Trade and other payables (645,037) - - -
Borrowings (116,949) (16,860) (625,290) -
(761,972) (16,860) (625,290) -
At August 31, 2010
Net-settled interest rate swap (2,015) (337) - -
Gross-settled currency forwards
- Receipts 6,114 - - -
- Payments (6,112) - - -
Trade and other payables (627,023) - - -
Borrowings (18,088) (167,065) (642,150) -
(647,124) (167,402) (642,150) -
(d)
Capital risk
The Group’s objectives for managing capital are to safeguard the Group’s ability to continue as a
going concern and to maintain an optimal capital structure so as to maximise shareholder value.
In order to maintain or achieve an optimal capital structure, the Group may adjust the amount
of dividend payment, return capital to shareholders, issue new shares, buy back issued shares,
obtain new borrowings or sell assets to reduce borrowings.
The total capital of the Group and the Company as at the balance sheet dates is represented by the
respective “Shareholders’ interests” as presented on the balance sheets.
Management uses the “Return on Shareholders’ Funds” as a measure of efficiency in managing
capital. The “Return on Shareholders’ Funds” is calculated as profit attributable to shareholders
divided by shareholders’ interests. The “Return on Shareholders’ Funds” was 17.4% per annum
for the current financial year ended August 31, 2011 (2010: 22.4% per annum). The “Return on
Shareholders’ Funds” for the last 5 years was between 17.4% and 23.5%.
The Group and the Company are in compliance with all externally imposed capital requirements for
the financial years ended August 31, 2010 and 2011. Some of the term loan facility undertaken with
the banks requires the Group or the Company to maintain a positive networth.

Notes to the
Financial StatementS
August 31, 2011
163
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(e)
Fair value measurements
The following table presents assets and liabilities measured at fair value and classified by level of the
following fair value measurement hierarchy:
(i) Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
(ii)
(iii)
Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and
Inputs for the asset and liability that are not based on observable market data (unobservable
inputs) (Level 3).
Level 1 Level 2 Level 3 Total
S$’000 S$’000 S$’000 S$’000
Group
2011
Assets
Financial assets at fair value
through profit or loss 38,865 10,146 - 49,011
Available-for-sale financial assets 796,032 78,195 59,566 933,793
Derivative financial instruments - 5,105 - 5,105
Total assets 834,897 93,446 59,566 987,909
Liabilities
Derivative financial instruments - (6,802) - (6,802)
2010
Assets
Financial assets at fair value
through profit or loss 38,481 27,205 - 65,686
Available-for-sale financial assets 1,019,414 63,703 53,992 1,137,109
Derivative financial instruments - 4,818 - 4,818
Total assets 1,057,895 95,726 53,992 1,207,613
Liabilities
Derivative financial instruments - (14,389) - (14,389)

Notes to the
Financial StatementS
August 31, 2011
164 Singapore Press Holdings annual report 2011
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(e)
Fair value measurements (cont’d)
Level 1 Level 2 Level 3 Total
S$’000 S$’000 S$’000 S$’000
Company
2011
Assets
Available-for-sale financial assets 150,509 - - 150,509
Derivative financial instruments - 373 - 373
Total assets 150,509 373 - 150,882
Liabilities
Derivative financial instruments - (381) - (381)
2010
Assets
Available-for-sale financial assets 236,778 - - 236,778
Derivative financial instruments - 35 - 35
Total assets 236,778 35 - 236,813
Liabilities
Derivative financial instruments - (2,385) - (2,385)
The fair value of financial instruments traded in active markets (such as trading and available-for-sale
securities) is based on quoted market prices at the balance sheet date. The quoted market price
used for financial assets held by the Group is the current bid price. These instruments are included
in Level 1.
The fair value of financial instruments that are not traded in an active market is determined from
information provided by financial institutions and issuers using valuation techniques with observable
inputs that are based on market information existing at each balance sheet date. These financial
instruments are included in Level 2.
Where a valuation technique for financial instruments is based on significant unobservable inputs,
such instruments are included in Level 3.

Notes to the
Financial StatementS
August 31, 2011
165
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(e)
Fair value measurements (cont’d)
Movement in Level 3 financial instruments for the financial year ended August 31, 2011 is as
follows:
Group
Available-for-sale
financial assets
Investment
funds Equities
S$’000 S$’000
2011
At September 1, 2010 50,657 3,335
Purchases of Level 3 securities 9,178 230
Disposal of Level 3 securities (1,233) -
Gains and losses recognised in income statement (4,559) -
Gains and losses recognised in other comprehensive income 1,721 237
At August 31, 2011 55,764 3,802
2010
At September 1, 2009 46,692 3,362
Purchases of Level 3 securities 9,206 -
Disposal of Level 3 securities (1,428) -
Gains and losses recognised in income statement 1,343 -
Gains and losses recognised in other comprehensive income (5,156) (27)
At August 31, 2010 50,657 3,335

Notes to the
Financial StatementS
August 31, 2011
166 Singapore Press Holdings annual report 2011
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(f)
Financial instruments by category
Group
2011
Financial
assets at
fair value Availablethrough
for-sale
Loans and profit financial
receivables or loss assets Total
S$’000 S$’000 S$’000 S$’000
Assets as per balance sheet
Trade and other receivables
excluding non-financial instruments 150,462 - - 150,462
Long-term investments - - 360,249 360,249
Short-term investments - 49,011 573,544 622,555
Derivative financial instruments - 5,105 - 5,105
Cash and cash equivalents 392,514 - - 392,514
542,976 54,116 933,793 1,530,885
Other
financial
Derivatives liabilities at
used for amortised
hedging cost Total
S$’000 S$’000 S$’000
Liabilities as per balance sheet
Trade and other payables
excluding non-financial instruments - (295,002) (295,002)
Borrowings - (1,111,968) (1,111,968)
Derivative financial instruments (6,802) - (6,802)
(6,802) (1,406,970) (1,413,772)

Notes to the
Financial StatementS
August 31, 2011
167
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(f)
Financial instruments by category (cont’d)
Group
2010
Financial
assets at
fair value Availablethrough
for-sale
Loans and profit financial
receivables or loss assets Total
S$’000 S$’000 S$’000 S$’000
Assets as per balance sheet
Trade and other receivables
excluding non-financial instruments 150,632 - - 150,632
Long-term investments - - 306,226 306,226
Short-term investments - 65,686 830,883 896,569
Derivative financial instruments - 4,818 - 4,818
Cash and cash equivalents 460,995 - - 460,995
611,627 70,504 1,137,109 1,819,240
Financial
liabilities at
Other
fair value
financial
through Derivatives liabilities at
profit used for amortised
or loss hedging cost Total
S$’000 S$’000 S$’000 S$’000
Liabilities as per balance sheet
Trade and other payables
excluding non-financial instruments - - 288,280 288,280
Borrowings - - 1,430,914 1,430,914
Derivative financial instruments 37 14,352 - 14,389
37 14,352 1,719,194 1,733,583

Notes to the
Financial StatementS
August 31, 2011
168 Singapore Press Holdings annual report 2011
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(f)
Financial instruments by category (cont’d)
Company
2011
Financial
assets at
fair value Availablethrough
for-sale
Loans and profit financial
receivables or loss assets Total
S$’000 S$’000 S$’000 S$’000
Assets as per balance sheet
Trade and other receivables
excluding non-financial instruments 1,581,757 - - 1,581,757
Long-term investments - - 36,797 36,797
Short-term investments - - 113,712 113,712
Derivative financial instruments - 373 - 373
Cash and cash equivalents 270,670 - - 270,670
1,852,427 373 150,509 2,003,309
Other
financial
Derivatives liabilities at
used for amortised
hedging cost Total
S$’000 S$’000 S$’000
Liabilities as per balance sheet
Trade and other payables
excluding non-financial instruments - 645,037 645,037
Borrowings - 698,797 698,797
Derivative financial instruments 381 - 381
381 1,343,834 1,344,215

Notes to the
Financial StatementS
August 31, 2011
169
31. FINANCIAL RISK MANAGEMENT (CONT’D)
(f)
Financial instruments by category (cont’d)
Company
2010
Financial
assets at
fair value Availablethrough
for-sale
Loans and profit financial
receivables or loss assets Total
S$’000 S$’000 S$’000 S$’000
Assets as per balance sheet
Trade and other receivables
excluding non-financial instruments 1,553,524 - - 1,553,524
Long-term investments - - 31,633 31,633
Short-term investments - - 205,145 205,145
Derivative financial instruments - 35 - 35
Cash and cash equivalents 231,418 - - 231,418
1,784,942 35 236,778 2,021,755
Financial
liabilities at
Other
fair value
financial
through Derivatives liabilities at
profit used for amortised
or loss hedging cost Total
S$’000 S$’000 S$’000 S$’000
Liabilities as per balance sheet
Trade and other payables
excluding non-financial instruments - - 627,023 627,023
Borrowings - - 748,453 748,453
Derivative financial instruments 33 2,352 - 2,385
33 2,352 1,375,476 1,377,861

Notes to the
Financial StatementS
August 31, 2011
170 Singapore Press Holdings annual report 2011
32. RELATED PARTY TRANSACTIONS
(a)
Key management personnel compensation
Key management personnel compensation are as follows:
Group
2011 2010
S$’000 S$’000
Remuneration and other short-term employee benefits 21,284 18,214
Employers’ contribution to defined contribution plans 411 365
Share-based compensation expense 3,558 3,639
25,253 22,218
Staff loans granted to key management personnel 405 323
The above includes total emoluments of the Company’s Directors of S$3.9 million (2010: S$3.5 million).
(b)
Sales and purchases of goods and services
Fees paid to a firm of which a director is a member 382 298
33. SEGMENTAL INFORMATION
(a)
Operating segments
Management has determined the operating segments based on the reports provided to the Chief
Executive Officer (CEO) of the Company that are used to make strategic decisions.
The Group is organised into business units based on their products, services and activities, and has
three reportable operating segments namely Newspaper and Magazine, Treasury and Investment,
and Property.
The Newspaper and Magazine segment is involved in the publishing, printing and distributing of
newspapers and magazines. The Treasury and Investment segment manages the investment
activities of the Group while the Property segment holds, manages and develops properties of the
Group. Other operations under the Group, which are currently not significant to be reported separately,
are included under “Others”. These comprise the Group’s businesses and investments in Internet
and related activities, outdoor advertising, radio broadcasting, television broadcasting, organising
conventions/conferences/events, book publishing and distribution, online investor relations services,
developing applications and operating a financial portal.
Inter-segment pricing is determined on mutually agreed terms. Segment results, assets and liabilities
include items directly attributable to a segment as well as those that can be allocated on a reasonable
basis.

Notes to the
Financial StatementS
August 31, 2011
171
33. SEGMENTAL INFORMATION (CONT’D)
(a)
Operating segments (cont’d)
Information regarding the results of each reportable segment is included in the table below.
2011
Newspaper Treasury
and and
Magazine Investment Property Others Eliminations Consolidated
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Operating revenue
External sales 1,013,285 - 167,884 69,803 - 1,250,972
Inter-segmental sales 4,336 - 1,875 1,507 (7,718) -
Total operating revenue 1,017,621 - 169,759 71,310 (7,718) 1,250,972
Result
Segment result 361,603 49,477 107,264 (19,595) - 498,749
Finance costs - (7,863) (31,938) (10) - (39,811)
Interest income 106 - 240 105 - 451
Share of profits/(losses)
of associates and
jointly-controlled
entities 3,894 - - (6,601) - (2,707)
Profit/(loss)
before taxation 365,603 41,614 75,566 (26,101) - 456,682
Taxation (72,931)
Profit after taxation 383,751
Non-controlling interests 4,824
Profit attributable
to shareholders 388,575
Other information
Segment assets 642,415 1,275,198 1,841,897 129,264 - 3,888,774
Segment assets includes:
Investments in
associates/
jointly-controlled
entities 38,714 - - 44,025 - 82,739
Additions to:
- property, plant
and equipment 25,811 - 496 1,141 - 27,448
- investment properties - - 40,083 - - 40,083
Segment liabilities 208,786 100,060 1,098,329 36,041 - 1,443,216
Current income tax
liabilities 89,488
Deferred income tax
liabilities 49,481
Consolidated total liabilities 1,582,185

Notes to the
Financial StatementS
August 31, 2011
172 Singapore Press Holdings annual report 2011
33. SEGMENTAL INFORMATION (CONT’D)
(a)
Operating segments (cont’d)
2011 (cont’d)
Newspaper Treasury
and and
Magazine Investment Property Others Eliminations Consolidated
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Depreciation 54,260 - 16,323 6,202 - 76,785
Amortisation of
intangible assets 1,019 - - 4,693 - 5,712
Impairment of property,
plant and equipment - - - 1,513 - 1,513
Reversal of impairment of
property, plant
and equipment (1,609) - - - - (1,609)
Impairment of goodwill 1,134 - - - - 1,134
Impairment of investments - 4,714 - - - 4,714
2010
Operating revenue
External sales 974,125 - 356,095 50,851 - 1,381,071
Inter-segmental sales 3,667 - 1,876 2,638 (8,181) -
Total operating revenue 977,792 - 357,971 53,489 (8,181) 1,381,071
Result
Segment result 359,179 38,549 244,420 (33,070) - 609,078
Finance costs - (8,730) (22,359) (16) - (31,105)
Interest income 83 - 158 144 - 385
Fair value gain on loans from
non-controlling interests - - 12,890 - - 12,890
Share of profits/(losses)
of associates and
jointly-controlled entities 5,416 - - (6,772) - (1,356)
Profit/(loss) before taxation 364,678 29,819 235,109 (39,714) - 589,892
Taxation (80,404)
Profit after taxation 509,488
Non-controlling interests (11,614)
Profit attributable to shareholders 497,874

Notes to the
Financial StatementS
August 31, 2011
173
33. SEGMENTAL INFORMATION (CONT’D)
(a)
Operating segments (cont’d)
2010 (cont’d)
Newspaper Treasury
and and
Magazine Investment Property Others Eliminations Consolidated
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Other information
Segment assets 649,435 1,510,891 1,998,228 75,448 - 4,234,002
Segment assets includes:
Investments in associates/
jointly-controlled entities 36,989 - - 30,116 - 67,105
Additions to:
- property, plant and
equipment 18,646 - 796 4,700 - 24,142
- investment properties - - 567,372 - - 567,372
Segment liabilities 212,827 538,463 980,423 21,889 - 1,753,602
Current income tax
liabilities 120,213
Deferred income tax
liabilities 54,161
Consolidated total liabilities 1,927,976
Depreciation 51,421 - 9,613 7,995 - 69,029
Amortisation of
intangible assets 1,068 - - 1,434 - 2,502
Impairment of property,
plant and equipment - - - 2,442 - 2,442
Reversal of impairment of
property, plant
and equipment (3,485) - - - - (3,485)
Impairment of goodwill - - - 1,286 - 1,286
Investment property
renovations and fittings
written-off - - 2,449 - - 2,449

Notes to the
Financial StatementS
August 31, 2011
174 Singapore Press Holdings annual report 2011
33. SEGMENTAL INFORMATION (CONT’D)
(b)
Geographical segments
The principal geographical area in which the Group operates is Singapore. The Group’s overseas
operations comprise mainly publishing and distributing magazines, holding overseas investments,
providing marketing and editorial services and providing online search, directories and classified
services.
Operating revenue Non-current assets Total assets
2011 2010 2011 2010 2011 2010
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Singapore 1,213,780 1,352,802 2,644,444 2,551,745 3,836,152 4,183,660
Other countries 37,192 28,269 34,870 33,634 52,622 50,342
1,250,972 1,381,071 2,679,314 2,585,379 3,888,774 4,234,002
34. NEW OR REVISED ACCOUNTING STANDARDS AND INTERPRETATIONS
Certain new standards and amendments and interpretations to existing standards have been published
and are mandatory for the Group’s accounting periods beginning on or after September 1, 2011 or later
periods for which the Group has not early adopted. The management anticipates that the adoption of these
standards, amendments and interpretations will not have a material impact on the financial statements of
the Group and of the Company.
35. AUTHORISATION OF FINANCIAL STATEMENTS
On October 12, 2011, the Board of Directors of Singapore Press Holdings Limited authorised these financial
statements for issue.

Operating Companies
OF the Group
as at August 31, 2011
175
Subsidiaries
Name of Subsidiary
Principal Activities
Country of
Incorporation
701Sou (Hong Kong) Pte Ltd Holding investments Hong Kong
Bizlink Exhibition Services Pte Ltd Exhibitions/ convention/ conference organisers Singapore
Blu Inc Holdings (Malaysia)
Sdn Bhd
Blu Inc Media (HK) Limited
Blu Inc Media China
Holding investments and providing management
support services
Publishing magazines and providing editorial and
other services
Advertising and promoting the magazine
publishing business
Malaysia
Hong Kong
The People's
Republic of China
Blu Inc Media Sdn Bhd Publishing and distributing magazines and books Malaysia
CT Point Investments Pte Ltd Holding investments Singapore
Exhibits Inc Pte Ltd Exhibitions/ convention/ conference organisers Singapore
Focus Publishing Ltd
New Beginnings Management
Consulting (Shanghai) Company
Limited
Publishing magazines and providing editorial
services
Business management and consultancy services
Singapore
The People's
Republic of China
Shareinvestor Pte Ltd
Shareinvestor.com Holdings
Pte Ltd
SI Portal.com Sdn Bhd
Sin Chew Jit Poh (Singapore)
Limited
Providing online investor relations services,
developing applications and operating a financial
portal
Holding investments and providing management
services
Providing online investor relations services,
developing applications and operating a financial
portal
Holding investments and properties
Singapore
Singapore
Malaysia
Singapore
Singapore Press Holdings
(Overseas) Limited
Providing marketing and other services and
holding investments
Singapore
SPH (Americas) Pte Ltd Providing news reporting services Singapore
SPH AlphaOne Pte Ltd Holding investments Singapore
SPH Buzz Pte Ltd Franchising kiosks to third party operators Singapore

Operating Companies
OF the Group
as at August 31, 2011
176 Singapore Press Holdings annual report 2011
Subsidiaries (Cont’d)
Name of Subsidiary
Principal Activities
Country of
Incorporation
SPH Data Services Pte Ltd Licensing copyrights and trademarks Singapore
SPH Interactive International
Pte Ltd
Licensing software, providing technical services
and holding investments
Singapore
SPH Interactive Pte Ltd Holding investments Singapore
SPH Magazines Pte Ltd
SPH MediaBoxOffice Pte Ltd
Publishing magazines, providing online marketing
services and editorial services and holding
investments
Providing advertising and events management
services
Singapore
Singapore
SPH Net Pte Ltd Holding investments Singapore
SPH Search Pte Ltd Online businesses Singapore
SPH UnionWorks Pte Ltd Radio broadcasting Singapore
Sphere Exhibits Pte Ltd
Events/ exhibitions/ conventions/ conference
organisers
Singapore
Straits Times Press Pte Ltd Publishing and distributing of books Singapore
Tamil Murasu Ltd Publishing newspapers Singapore
The Straits Times Press (1975)
Limited
Holding investments
Singapore

Operating Companies
OF the Group
as at August 31, 2011
177
Associates
Name of Associate
Antarctica Interactive Pte Ltd
Hardware Zone (Philippines) Co
Kyosei Ventures Pte Ltd
Principal Activities
Providing online advertising and publication
services
Publishing, advertising and providing online
services
Providing online marketing and technology
services
Country of
Incorporation
Singapore
Philippines
Singapore
MediaCorp Press Ltd Production and distribution of newspapers Singapore
MediaCorp TV Holdings Pte Ltd
Provision and marketing of television broadcasting
services, production and distribution of television
programmes and music albums
Singapore
MI Publishing (HK) Co Limited Publishing magazines Hong Kong
OpenNet Pte Ltd Developing national broadband network Singapore
SI.com (Thailand) Co. Ltd
Providing online investor relations services,
developing applications and operating a
financial portal
Thailand
Jointly-controlled Entities
Name of
Jointly-controlled Entity
Principal Activities
Country of
Incorporation
701Panduan Sdn Bhd Providing online search and directories services Malaysia
701Search Pte Ltd Online businesses Singapore
701Search, Inc. Providing online search, directories and classifieds Philippines
701Search (Australia) Pty Ltd Providing online classifieds services Australia
701 Ventures Pte Ltd Providing online classifieds services Singapore
Mudah.my Sdn Bhd Providing online classifieds services Malaysia
PT 701Search Providing online classifieds services Indonesia

Overseas
BUREAUS
as at August 15, 2011
178 Singapore Press Holdings annual report 2011
AUSTRALIA
ST
BT
Cynthia Low
Tel 61-2-9449 3767
cynlow@sph.com.sg
Mohan Kuppusamy
mohan@sph.com.sg
CHINA (BEIJING)
8th Floor, Unit 05
Raffles City Beijing Office Tower
No. 1 Dongzhimen South Street
Dongcheng District
Beijing 100007, P.R. China
ST
ZB
Peh Shing Huei
Tel 86-10-6418 1577
Tel 86-10-6418 1578
Fax 86-10-6418 1580
shpeh@sph.com.sg
Grace Ng En-Ling
Tel 86-10-6418 1577
Tel 86-10-6418 1578
Fax 86-10-6418 1580
graceng@sph.com.sg
Ho Ai Li
Tel 86-10-6418 1577
Tel 86-10-6418 1578
Fax 86-10-6418 1580
hoaili@sph.com.sg
Han Yong Hong
Tel 86-10-6418 1586
Fax 86-10-6418 1584
hanyh@sph.com.sg
Sim Tze Wei
Tel 86-10-6418 1585
Fax 86-10-6418 1584
simtw@sph.com.sg
Ng Hui Min
Tel 86-10-6418 1585
Fax 86-10-6418 1584
nghuimin@sph.com.sg
CHINA (CHONGQING)
ZB
Gu Gong Lei
Tel 86-23-6770 0067
Fax 86-23-6770 1097
gugl@sph.com.sg
Beian Xingzuo Apartment
#25-12
Jianxin Beilu 60
Jiangbei District 400020
Chongqing, China
Mktg Chen Shouzhang
Tel 86-23-6786 2330
Fax 86-23-6785 0172
chensz@sph.com.sg
Beian Xingzuo Apartment
#25-13
Jianxin Beilu 60
Jiangbei District 400020
Chongqing, China
CHINA (GUANGZHOU)
ZB
Zeng Li Juan
Tel 86-20-8374 0537
Fax 86-20-8374 0512
ljzeng@sph.com.sg
Room 1106,
Peace World Plaza
362-366,
Huanshi Dong Road
Guangzhou 510060
Guangdong Province
P.R. China
Mktg Zhang Ming Shi
Tel 86-138 2610 1468
zhangmingshi@188.com
CHINA (HONGKONG)
1308, 13th Floor, Tower Two
Lippo Centre
No. 89 Queensway
Hong Kong
ST
ZB
Refer to Beijing Bureau
Norman Yik
Tel 852-2524 6191
Fax 852-2524 7394
yikym@sph.com.sg
Mktg Don Li
Tel 852-2877 9076
Fax 852-2522 0950
sph03@netvigator.com
Echo Cheung
Tel 852-2877 9076
Fax 852-2522 0950
sph02@netvigator.com
Amanda So
Tel 852-2877 9076
Fax 852-2522 0950
sph05@biznetvigator.com
CHINA (SHANGHAI)
Room 1302, Block A
No. 868, East Longhua Road
Shanghai 200023
P.R. China
ZB
Tan Eng Teck
Tel 86-21-6319 1992
Fax 86-21-6319 1991
tanet@sph.com.sg
ZB General Line :
Tel 86-10-6418 1587

Overseas
BUREAUS
as at August 15, 2011
179
EUROPE
ST
BT
Jonathan Eyal
Tel 44-78-0313 8213
Fax 44-20-7930 5854
eyal50@aol.com
202 Drake House
Dolphin Square
London SW1V 3NN
United Kingdom
Susan Sachs (Contributor)
Tel 33-0-6-3125 2129
sachs_susan@yahoo.com
Neil Behrmann
neilbehrma@aol.com
INDIA (NEW DEHLI)
ST
Ravi Velloor
HP 91-9899-622 066
velloor@sph.com.sg
G-702, Ambience Lagoon
Apartments
NH-8, GURGAON
India 122002
Nirmala Ganapathy
HP 91-11-9891 257 047
gnirmala@sph.com.sg
N-12 Tara Apartment
Alaknanda
New Delhi, 110019
India
INDONESIA (JAKARTA)
Suite 1401, 14th Floor
Deutsche Bank Building
Jalan Imam Bonjol 80
Jakarta 10310
Indonesia
ST
Syed Zakir Hussain
Tel 62-21-3983 1469
Fax 62-21-3983 1466
zakirh@sph.com.sg
Wahyudi Soeriaatmadja
Tel 62-21-3983 1469
HP 62-81 5905 2421
Fax 62-21-3983 1466
wahyudis@sph.com.sg
Zubaidah Nazeer Mudin
Tel 62-81-5936 7276
Fax 62-21-3983 1466
zubaidah@sph.com.sg
General Line :
62-21-3983 1465
JAPAN (TOKYO)
ST
BT
ZB
Kwan Weng Kin
Tel 81-3-3442 4258
wengkin@sph.com.sg
2-16-49-503 Takanawa
Minato-ku, Tokyo
Japan 108-0074
Anthony Rowley
Tel 81-3-5467 4656
Fax 81-3-5467 4656
arowley@inter.net
Foo Choo Wei
Tel 090-8567 9193
choowei@sph.com.sg
Mktg Sayoko Kon
Tel 81-3-3582 6259
Fax 81-3-3589 5480
spho@flamenco.plala.or.jp
Hiroshi Okawa
Tel 81-3-3582 6259
Fax 81-3-3589 5480
hiroshi_okawa@amail.plala.or.jp
5A, 6-28 Akasaka, 6-chome
Minato-ku, Tokyo 107-0052
Japan
KOREA (SEOUL)
ZB
Kang Gwi Young
Tel 010-8940-3982
kanggy@sph.com.sg
MALAYSIA (KUALA LUMPUR)
Suite 11A, Level 11 MNI Twins,
Tower 2, No. 11 Jalan Pinang
50450 Kuala Lumpur
Malaysia
ST
BT
Carolyn Hong
Tel 02-03-2162 0011
Fax 02-03-2164 6439
carolynh@sph.com.sg
Leslie Lopez
(Senior Regional
Correspondent)
Tel 02-03-2162 0011
Fax 02-03-2164 6439
ljlopez@sph.com.sg
Hazlin Bte Hassan
Tel 02-03-2162 0011
Fax 02-03-2164 6439
hazlinh@sph.com.sg
Lester Wyeth Kong Yit Sin
Tel 02-03-2162 0011
Fax 02-03-2164 6439
lestkong@sph.com.sg
S Jayasankaran
Tel 02-03-2162 0011
Fax 02-03-2164 6439
jsank@sph.com.sg
Pauline Ng
Tel 02-03-2162 0011
Fax 02-03-2164 6439
pscng@sph.com.sg

Overseas
BUREAUS
as at August 15, 2011
180 Singapore Press Holdings annual report 2011
MALAYSIA (KUALA LUMPUR)
Unit A-19-5 Northpoint Office
Mid Valley City
No 1 Jalan Medan Syed
Putra Utara
59200 Kuala Lumpur
Mktg Janise Low
Tel 603-2287 2262
Fax 603-2287 2201
janise@sphmsia.com
Steven Chang
Tel 603-2287 2262
Fax 603-2287 2201
steven@sphmsia.com
Wong Siang Ling
Tel 603-2287 2262
Fax 603-2287 2201
siangling@sphmsia.com
Jenny Yap
Tel 603-2287 2262
Fax 603-2287 2201
jenny@sphmsia.com
PHILIPPINES (MANILA)
339 Lirio Street,
Palm Village,
Makati, Manila
Philippines
ST
Alastair McIndoe
Tel 63-2-890 0841
HP 63-916-578 1924
mcindoea@sph.com.sg
TAIWAN (TAIPEI)
2F., No. 130, Bo-Ai Road
Jhong Jheng District
Taipei City 100,
Taiwan (R.O.C.)
ST
ZB
Lee Seok Hwai
Tel 886-2-2370 3727
Fax 886-2-2370 9762
seokhwai@sph.com.sg
Teo Woan Yee
Tel 886-2-2383 2732
Fax 886-2-2375 7822
teowy@sph.com.sg
THAILAND (BANGKOK)
170/13 Liberty Park Condo 8A
Sukhumvit Soi 23
Klong Toey Nua, Wathana
Bangkok 10110
Thailand
ST
Nirmal Ghosh
HP 66-8-9897 0802
Fax 66-2-664 2070
nirmal@sph.com.sg
U.S.A. (MARYLAND)
BT
Leon Hadar
leonhadar@aol.com
U.S.A. (NEW YORK)
U.S.A (WASHINGTON)
National Press Building
Suite 916, 529 14th Street., NW
Washington, DC 20045
U.S.A
ST
Chua Chin Hon
Tel 1-202-662 8728
HP 1-202-406 0526
chinhon@sph.com.sg
SHANGHAI INVESTMENT OFFICE
Room 1302, Block A
No. 868 East Longhua Road
Shanghai 200023
P.R. China
Loo Chin Wah
New Beginnings
Management
Consulting (Shanghai)
Company Limited
Tel 86-21-6319 1989
Fax 86-21-6319 1991
loocw@sph.com.sg
ST
Betsy Pisik (Contributor)
Tel 1-646-894 2744
bpisik@aol.com
U.S.A. (OHIO)
ST
Paul Zach
Tel 1-440-212 4125
zach@sph.com.sg

Properties
of the Group
as at August 31, 2011
181
Location
Tenure
Expiry Date
Of Lease
Land
(Sq M)
Built-In
(Sq M)
Existing
Use
Effective
Group
Interest (%)
Media Centre
82 Genting Lane
Print Centre
2 Jurong Port Road
News Centre
1000 Toa Payoh North
Manhattan House
151 Chin Swee Road
Units #01-39 to #01-48
and #01-51 to #01-56
Leasehold July 15, 2040 24,892 49,131 Industrial 100
Leasehold June 8, 2034 110,075 102,152 Industrial 100
Leasehold March 2, 2031 21,730 54,296 Industrial 100
Leasehold October 15, 2068 - 554 Commercial 100
20A Yarwood Avenue Leasehold May 6, 2878 1,721 488 Residential 100
42 Nassim Road Freehold - 1,406 686 Residential 100
42A Nassim Road Freehold - 1,444 645 Residential 100
42B Nassim Road Freehold - 1,418 645 Residential 100
Paragon
290 Orchard Road
Clementi Mall
Commonwealth
Avenue West/
Clementi Avenue 3
MALAYSIA
Awana Condominium
Unit 3544
Genting Highlands
HONGKONG
Tower Two,
Lippo Centre
Unit 1308 13th Floor
89 Queensway,
Hong Kong
Freehold - 17,355 94,307 Commercial 100
Leasehold August 31, 2109 - 26,976 Commercial 60
Freehold - - 117 Residential 100
Leasehold February 14, 2059 - 368 Commercial 100

182 Singapore Press Holdings annual report 2011
Options and
Awards
Details of the options and awards granted to a Director under the Singapore Press Holdings Group (1999) Share
Option Scheme (“1999 Scheme”) and the SPH Performance Share Plan (“Share Plan”) are as follows:
1999 Scheme
Name of Director
Aggregate
awards
outstanding
as at 1.9.10
Aggregate
options
granted and
accepted since
commencement
of 1999
Scheme on
16.07.99 to
31.8.11
Aggregate
options
exercised since
commencement
of 1999
Scheme
on 16.07.99
to 31.8.11
Aggregate
options
outstanding
as at 31.8.11
Number of
new ordinary
shares issued
pursuant
to exercise
of options
during the
financial year
under review
Number
of existing
ordinary shares
transferred
pursuant
to exercise
of options
during the
financial year
under review
Chan Heng Loon Alan 1,275,000 2,125,000 850,000 1,275,000 - -
Share Plan
Name of Director
Aggregate
awards
outstanding
as at 1.9.10
Aggregate
awards
granted since
commencement
of Share Plan on
5.12.06 to
31.8.11
Aggregate
awards
released
during the
financial year
under review
Aggregate
awards
outstanding as
at 31.8.11
Chan Heng Loon Alan Up to Up to 173,500 Up to
971,850 1,614,900 1,008,350
In respect of the 1999 Scheme and the Share Plan:
1. No options were granted under the 1999 Scheme during the financial year under review.
2. The Rules of the 1999 Scheme do not allow for options to be granted at a discount.
3. No ordinary shares have been delivered pursuant to awards granted under the Share Plan.
4. No options or awards under the 1999 Scheme and the Share Plan have been granted to controlling
shareholders of the Company or their associates.
5. No participant has received 5% or more aggregate of (a) the total number of new ordinary shares available
under the Share Plan and 1999 Scheme collectively, and (b) the total number of existing ordinary shares
delivered pursuant to awards released under the Share Plan and options exercised under the 1999
Scheme.
Copies of the 1999 Scheme and the Share Plan Rules are available for inspection at the Company’s registered
office.

Shareholding
Statistics
as at October 6, 2011
183
DISTRIBUTION OF SHAREHOLDERS BY SIZE OF SHAREHOLDINGS
No. of
Size of Shareholdings Shareholders % No. of Shares %*
1 - 999 1,497 2.53 649,608 0.04
1,000 - 10,000 45,435 76.92 179,718,696 11.29
10,001 - 1,000,000 12,051 20.41 556,652,135 34.95
1,000,001 and above 84 0.14 855,626,236 53.72
TOTAL 59,067 100.00 1,592,646,675 100.00
* Shareholdings exclusive of 2,703,596 treasury shares
TWENTY LARGEST ORDINARY SHAREHOLDERS
Name of Shareholder No. of Shares % *
1 CITIBANK NOMINEES SINGAPORE PTE LTD 177,653,406 11.15
2 HSBC (SINGAPORE) NOMINEES PTE LTD 149,898,210 9.41
3 DBS NOMINEES PTE LTD 111,633,324 7.01
4 DBSN SERVICES PTE LTD 49,225,329 3.09
5 UNITED OVERSEAS BANK NOMINEES (PRIVATE) LTD 45,171,452 2.84
6 BANK OF SINGAPORE NOMINEES PTE LTD 23,983,443 1.51
7 UOB KAY HIAN PTE LTD 21,681,328 1.36
8 RAFFLES NOMINEES (PTE) LTD 16,022,114 1.01
9 LEE FOUNDATION STATES OF MALAYA 15,215,522 0.96
10 LEE PINEAPPLE COMPANY PTE LTD 12,750,000 0.80
11 TAN ENG SIAN 11,185,000 0.70
12 BNP PARIBAS SECURITIES SERVICES SINGAPORE PTE LTD 10,134,671 0.64
13 DB NOMINEES (S) PTE LTD 9,839,266 0.62
14 OCBC NOMINEES SINGAPORE PRIVATE LTD 9,286,883 0.58
15 UOB NOMINEES (2006) PTE LTD 8,367,057 0.53
16 LEE FOUNDATION 8,210,940 0.52
17 CHAN SIEW KIM ALICE 8,000,000 0.50
18 NANYANG PRESS (SINGAPORE) LIMITED 7,973,824 0.50
19 MERRILL LYNCH (SINGAPORE) PTE LTD 7,548,942 0.47
20 OCBC SECURITIES PRIVATE LTD 7,093,693 0.45
Total: 710,874,404 44.65
* Shareholdings exclusive of 2,703,596 treasury shares

184 Singapore Press Holdings annual report 2011
Shareholding
Statistics
as at October 6, 2011
DISTRIBUTION OF MANAGEMENT SHAREHOLDERS BY SIZE OF SHAREHOLDINGS
No. of
Size of Shareholdings Shareholders % No. of Shares %
1 - 999 10 52.63 48 0.00
1,000 - 10,000 0 0.00 0 0.00
10,001 - 1,000,000 3 15.79 2,186,146 13.41
1,000,001 and above 6 31.58 14,122,053 86.59
TOTAL 19 100.00 16,308,247 100.00
HOLDERS OF MANAGEMENT SHARES
Name of Shareholder No. of Shares %
1 THE GREAT EASTERN LIFE ASSURANCE CO LTD 3,686,195 22.60
2 OVERSEA-CHINESE BANKING CORPORATION LTD 2,739,834 16.80
3 NTUC INCOME INSURANCE COOPERATIVE LIMITED 2,665,472 16.35
4 SINGAPORE TELECOMMUNICATIONS LIMITED 2,169,002 13.30
5 THE DEVELOPMENT BANK OF SINGAPORE LTD 1,549,279 9.50
6 UNITED OVERSEAS BANK LTD 1,312,271 8.05
7 NATIONAL UNIVERSITY OF SINGAPORE 873,928 5.36
8 FRASER & NEAVE, LIMITED 656,109 4.02
9 FULLERTON (PRIVATE) LIMITED 656,109 4.02
10 CHIEF EXECUTIVE OFFICER 8 0.00
11 DIRECTORS (FOUR EACH) 40 0.00
Total: 16,308,247 100.00
Not less than 99.6% of the ordinary shares in the Company is held by the public and Rule 723 of the Singapore
Exchange Listing Manual has been complied with.
VOTING RIGHTS OF SHAREHOLDERS
The holders of management and ordinary shares shall be entitled either on a poll or by a show of hands to one (1)
vote for each share, EXCEPT that on any resolution relating to the appointment or dismissal of a director or any
member of the staff of the Company, the holders of the management shares shall be entitled either on a poll or by
show of hands to two hundred (200) votes for each management share held.

Notice of
ANNUAL GENERAL MEETINg
SINGAPORE PRESS HOLDINGS LIMITED
(Co Regn No: 198402868E)
185
NOTICE IS HEREBY GIVEN that the Twenty-Seventh Annual General Meeting of the Company will be held at
The Auditorium, 1000 Toa Payoh North, News Centre, 1st Storey, Annexe Block, Singapore 318994 on Thursday,
December 1, 2011 at 10.30 a.m. for the following business:
Ordinary Business
1. To receive and adopt the Directors’ Report and Audited Financial Statements for the financial year ended
August 31, 2011.
2. To declare a final dividend of 9 cents and a special dividend of 8 cents, on a tax-exempt (one-tier) basis,
in respect of the financial year ended August 31, 2011.
3. (i) To re-appoint Cham Tao Soon as a Director of the Company, pursuant to Section 153(6) of the
Companies Act, Chapter 50 of Singapore (the “Companies Act”), to hold such office from the date
of this Annual General Meeting until the next Annual General Meeting of the Company.
(ii)
To re-appoint Ngiam Tong Dow as a Director of the Company, pursuant to Section 153(6) of the
Companies Act, to hold such office from the date of this Annual General Meeting until the next
Annual General Meeting of the Company.
4. To re-elect the following Directors who are retiring by rotation in accordance with Articles 111 and 112 of
the Company’s Articles of Association, and who, being eligible, offer themselves for re-election:
(i)
(ii)
(iii)
Willie Cheng Jue Hiang
Sum Soon Lim
Yeo Ning Hong
5. To re-elect Lee Boon Yang who will cease to hold office in accordance with Article 115 of the Company’s
Articles of Association, and who, being eligible, offers himself for re-election.
6. To approve Directors’ fees of up to S$1,350,000 for the financial year ending 31 August 2012
(2011: up to S$1,300,000).
7. To appoint Auditors and to authorise the Directors to fix their remuneration.
8. To transact any other business of an Annual General Meeting.
Special Business
9. To consider and, if thought fit, to pass, with or without modifications, the following resolutions which will be
proposed as Ordinary Resolutions:
(i)
“That pursuant to Section 161 of the Companies Act, Chapter 50 and the listing rules of the
Singapore Exchange Securities Trading Limited (the “SGX-ST”), and subject to the provisions of the
Newspaper and Printing Presses Act, Chapter 206, authority be and is hereby given to the Directors
of the Company to:
(a) (i) issue shares in the capital of the Company whether by way of rights, bonus or
otherwise; and/or
(ii)
make or grant offers, agreements or options (collectively, “Instruments”) that might
or would require shares to be issued, including but not limited to the creation and issue
of (as well as adjustments to) warrants, debentures or other instruments convertible
into shares,
at any time and upon such terms and conditions and for such purposes and to such persons
as the Directors may in their absolute discretion deem fit; and
(b)
(notwithstanding that the authority conferred by this Resolution may have ceased to be in
force) issue shares in pursuance of any Instrument made or granted by the Directors while
this Resolution is in force,

186 Singapore Press Holdings annual report 2011
Notice of
ANNUAL GENERAL MEETINg
SINGAPORE PRESS HOLDINGS LIMITED
(Co Regn No: 198402868E)
provided that:
(1) the aggregate number of shares to be issued pursuant to this Resolution (including shares to
be issued in pursuance of Instruments made or granted pursuant to this Resolution) does not
exceed 50 per cent. of the total number of issued shares (excluding treasury shares) in the
capital of the Company (as calculated in accordance with sub-paragraph (2) below), of which
the aggregate number of shares to be issued other than on a pro rata basis to shareholders
of the Company (including shares to be issued in pursuance of Instruments made or granted
pursuant to this Resolution) does not exceed 10 per cent. of the total number of issued
shares (excluding treasury shares) in the capital of the Company (as calculated in accordance
with sub-paragraph (2) below);
(2) (subject to such manner of calculation and adjustments as may be prescribed by the SGX-ST)
for the purpose of determining the aggregate number of shares that may be issued under
sub-paragraph (1) above, the percentage of issued shares shall be based on the total number
of issued shares (excluding treasury shares) in the capital of the Company at the time this
Resolution is passed, after adjusting for:
(i)
(ii)
new shares arising from the conversion or exercise of any convertible securities or
share options or vesting of share awards which are outstanding or subsisting at the
time this Resolution is passed; and
any subsequent bonus issue, consolidation or subdivision of shares;
(3) in exercising the authority conferred by this Resolution, the Company shall comply with
the provisions of the listing manual of the SGX-ST for the time being in force (unless such
compliance has been waived by the SGX-ST) and the Articles of Association for the time
being of the Company; and
(4) (unless revoked or varied by the Company in general meeting) the authority conferred by this
Resolution shall continue in force until the conclusion of the next Annual General Meeting
of the Company or the date by which the next Annual General Meeting of the Company is
required by law to be held, whichever is the earlier.”
(ii)
(iii)
“That approval be and is hereby given to the Directors of the Company to grant awards in accordance
with the provisions of the SPH Performance Share Plan (the “SPH Performance Share Plan”) and
to allot and issue such number of ordinary shares in the capital of the Company (“Ordinary Shares”)
as may be required to be delivered pursuant to the vesting of awards under the SPH Performance
Share Plan, provided that the aggregate number of new Ordinary Shares allotted and issued and/or
to be allotted and issued, when aggregated with existing Ordinary Shares (including Ordinary Shares
held in treasury) delivered and/or to be delivered, pursuant to the Singapore Press Holdings Group
(1999) Share Option Scheme and the SPH Performance Share Plan, shall not exceed 10 per cent. of
the total number of issued Ordinary Shares (excluding treasury shares) from time to time.”
“That:
(a)
for the purposes of Sections 76C and 76E of the Companies Act, the exercise by the Directors
of the Company of all the powers of the Company to purchase or otherwise acquire issued
Ordinary Shares not exceeding in aggregate the Maximum Limit (as hereafter defined), at
such price or prices as may be determined by the Directors of the Company from time to time
up to the Maximum Price (as hereafter defined), whether by way of:
(i)
(ii)
market purchase(s) on the SGX-ST; and/or
off-market purchase(s) (if effected otherwise than on the SGX-ST) in accordance with
any equal access scheme(s) as may be determined or formulated by the Directors as
they consider fit, which scheme(s) shall satisfy all the conditions prescribed by the
Companies Act;
and otherwise in accordance with all other laws and regulations and rules of the SGX-ST as
may for the time being be applicable, be and is hereby authorised and approved generally and
unconditionally (the “Share Buy Back Mandate”),

Notice of
ANNUAL GENERAL MEETINg
SINGAPORE PRESS HOLDINGS LIMITED
(Co Regn No: 198402868E)
187
(b)
unless varied or revoked by the Company in general meeting, the authority conferred on the
Directors of the Company pursuant to the Share Buy Back Mandate may be exercised by the
Directors of the Company at any time and from time to time during the period commencing
from the date of the passing of this Resolution and expiring on the earliest of:
(i)
(ii)
(iii)
the date on which the next Annual General Meeting of the Company is held;
the date by which the next Annual General Meeting of the Company is required by law
to be held; and
the date on which purchases or acquisitions of Ordinary Shares pursuant to the Share
Buy Back Mandate are carried out to the full extent mandated;
(c)
in this Resolution:
“Average Closing Price” means the average of the last dealt prices of an Ordinary Share for
the five consecutive trading days on which the Ordinary Shares are transacted on the SGX-ST
immediately preceding the date of market purchase by the Company or, as the case may be,
the date of the making of the offer pursuant to the off-market purchase, and deemed to be
adjusted, in accordance with the listing rules of the SGX-ST, for any corporate action which
occurs after the relevant five day period;
“date of the making of the offer” means the date on which the Company announces its
intention to make an offer for the purchase or acquisition of Ordinary Shares from holders
of Ordinary Shares, stating therein the purchase price (which shall not be more than the
Maximum Price calculated on the foregoing basis) for each Ordinary Share and the relevant
terms of the equal access scheme for effecting the off-market purchase;
“Maximum Limit” means that number of issued Ordinary Shares representing 10% of the
total number of the issued Ordinary Shares as at the date of the passing of this Resolution
(excluding any Ordinary Shares which are held as treasury shares as at that date); and
“Maximum Price”, in relation to an Ordinary Share to be purchased or acquired, means
the purchase price (excluding brokerage, commission, applicable goods and services tax and
other related expenses) which shall not exceed, in the case of a market purchase of an
Ordinary Share and off-market purchase pursuant to an equal access scheme, 105% of the
Average Closing Price of the Ordinary Share; and
(d)
the Directors of the Company and/or any of them be and are hereby authorised to complete
and do all such acts and things (including executing such documents as may be required)
as they and/or he may consider expedient or necessary to give effect to the transactions
contemplated and/or authorised by this Resolution.”
By Order of the Board
Ginney Lim May Ling
Khor Siew Kim
Company Secretaries
Singapore,
November 2, 2011
Notes:
A Member entitled to attend and vote at the General Meeting is entitled to appoint a proxy to attend and vote in his stead and the proxy need not
be a Member of the Company. The instrument appointing the proxy must be lodged at the Company’s Share Registration Office, Tricor Barbinder
Share Registration Services (A division of Tricor Singapore Pte. Ltd.), 80 Robinson Road, #02-00, Singapore 068898 not less than 48 hours before
the time fixed for the meeting.

188 Singapore Press Holdings annual report 2011
Notice of
ANNUAL GENERAL MEETINg
SINGAPORE PRESS HOLDINGS LIMITED
(Co Regn No: 198402868E)
EXPLANATORY NOTES & STATEMENT PURSUANT TO ARTICLE 72 OF THE COMPANY’S ARTICLES OF
ASSOCIATION
1. In relation to Ordinary Resolution No. 3(i):
• Cham Tao Soon will, upon re-appointment, continue as Deputy Chairman, Chairman of the Nominating
Committee and a member of the Executive Committee. He will step down as Acting Chairman and
as a member of the Remuneration Committee after the conclusion of the Twenty-Seventh Annual
General Meeting. He is considered an independent Director.
2. In relation to Ordinary Resolution No. 3(ii):
• Ngiam Tong Dow will, upon re-appointment, continue as Chairman of the Remuneration Committee.
He is considered an independent Director.
3. In relation to Ordinary Resolution No. 4(i):
• Willie Cheng Jue Hiang will, upon re-election, continue as a member of the Audit Committee and
Remuneration Committee. He is considered an independent Director.
4. In relation to Ordinary Resolution No. 4(ii):
• Sum Soon Lim will, upon re-election, continue as a member of the Executive Committee. He is
considered an independent Director.
5. In relation to Ordinary Resolution No. 4(iii):
• Yeo Ning Hong will, upon re-election, continue as Chairman of the Audit Committee and a member
of the Executive Committee. He is considered an independent Director.
6. In relation to Ordinary Resolution No. 5:
• Lee Boon Yang will, upon re-election, continue as a member of the Executive Committee, Nominating
Committee and Remuneration Committee. He will be appointed Chairman of the Board and Chairman
of the Executive Committee after the conclusion of the Twenty-Seventh Annual General Meeting. He
is considered an independent Director.
7. Ordinary Resolution No 6, if passed, will facilitate the payment of Directors’ fees during the financial year
in which the fees are incurred, that is, during the financial year from 1 September 2011 to 31 August 2012.
The amount of Directors’ fees is computed based on the anticipated number of Board and Board Committee
meetings, assuming full attendance by all the Directors. The amount also includes a contingency sum to
cater to unforeseen circumstances such as the appointment of an additional Director, additional unscheduled
Board meetings and for the formation of additional Board Committees.

Notice of
ANNUAL GENERAL MEETINg
SINGAPORE PRESS HOLDINGS LIMITED
(Co Regn No: 198402868E)
189
8 The effects of the resolutions under the heading “Special Business” in the Notice of the Twenty-Seventh
Annual General Meeting are:
(a)
(b)
(c)
Ordinary Resolution No. 9(i) is to authorise the Directors of the Company from the date of that
meeting until the next Annual General Meeting, subject to the provisions of the Newspaper and
Printing Presses Act, Chapter 206 of Singapore, to issue shares in the capital of the Company
and/or to make or grant instruments (such as warrants or debentures) convertible into shares, and
to issue shares in pursuance of such instruments, up to a number not exceeding in total 50 per
cent. of the total number of issued shares (excluding treasury shares) in the capital of the Company,
of which up to 10 per cent. of the total number of issued shares (excluding treasury shares) in
the capital of the Company may be issued other than on a pro rata basis to shareholders. For the
purpose of determining the aggregate number of shares that may be issued, the percentage of
issued shares shall be based on the total number of issued shares (excluding treasury shares) in the
capital of the Company at the time that Ordinary Resolution No. 9(i) is passed, after adjusting for (i)
new shares arising from the conversion or exercise of any convertible securities or share options
or vesting of share awards which are outstanding or subsisting at the time that Ordinary Resolution
9(i) is passed, and (ii) any subsequent bonus issue, consolidation or sub-division of shares. For the
avoidance of doubt, any consolidation or sub-division of shares in the capital of the Company will
require shareholders’ approval.
Ordinary Resolution No. 9(ii) is to empower the directors to offer and grant awards, and to allot and
issue new ordinary shares in the capital of the Company, pursuant to the SPH Performance Share
Plan (which was approved by shareholders at the Extraordinary General Meeting held on 5 December
2006), provided that the aggregate number of new ordinary shares allotted and issued and/or to be
allotted and issued, when aggregated with the existing ordinary shares (including ordinary shares
held in treasury) delivered and/or to be delivered, pursuant to the Singapore Press Holdings Group
(1999) Share Option Scheme and the SPH Performance Share Plan, shall not exceed 10 per cent. of
the total number of issued ordinary shares in the capital of the Company (excluding ordinary shares
held in treasury) from time to time.
Ordinary Resolution No. 9(iii) is to renew the mandate to permit the Company to purchase or acquire
issued ordinary shares in the capital of the Company on the terms and subject to the conditions of
the Resolution.
The Company may use internal sources of funds, or a combination of internal resources and external
borrowings, to finance the purchase or acquisition of its ordinary shares. The amount of funding
required for the Company to purchase or acquire its ordinary shares, and the impact on the Company’s
financial position, cannot be ascertained as at the date of this Notice as these will depend on the
number of ordinary shares purchased or acquired and the price at which such ordinary shares were
purchased or acquired and whether the ordinary shares purchased or acquired are held in treasury or
cancelled.
The financial effects of the purchase or acquisition of such ordinary shares by the Company pursuant
to the proposed Share Buy Back Mandate on the audited financial statements of the Company and
its subsidiaries for the financial year ended 31 August 2011, based on certain assumptions, are
set out in paragraph 2.6 of the Letter to Shareholders dated 2 November 2011, which is enclosed
together with the Summary Financial Report.

190 Singapore Press Holdings annual report 2011
This page is intentionally left blank.

Proxy FORm
SINGAPORE PRESS HOLDINGS LIMITED
(Co Regn No: 198402868E)
IMPORTANT
191
1. For investors who have used their CPF monies to buy
shares of Singapore Press Holdings Limited, this Report
is forwarded to them FOR INFORMATION ONLY.
2. This proxy form is not valid for use by CPF investors and
shall be ineffective for all intents and purposes if used or
purported to be used by them.
I/We, (name) (NRIC/Passport Number)
of
being a member/members of the above named Company, hereby appoint the Chairman of the Meeting, or
Name
Address
NRIC/Passport
Number
Proportion of
Shareholdings (%)
and/or (delete as appropriate)
as my/our proxy/proxies to attend and to vote for me/us on my/our behalf and, if necessary, to demand a poll,
at the Annual General Meeting of the Company to be held at The Auditorium, 1000 Toa Payoh North, News Centre,
1st Storey, Annexe Block, Singapore 318994 on December 1, 2011 at 10.30 a.m. and at any adjournment thereof.
(Please indicate with an “X” in the spaces provided whether you wish your vote(s) to be cast for or against the
Resolutions as set out in the Notice of Annual General Meeting. Alternatively, please indicate the number of votes as
appropriate. In the absence of specific directions, the proxy/proxies will vote or abstain as he/they may think fit, as he/
they will on any other matter arising at the Annual General Meeting.
No.
Resolution
Ordinary Business
1. To adopt Directors’ Report and Audited Financial Statements
2. To declare a Final Dividend and a Special Dividend
3. To re-appoint Directors
pursuant to Section 153(6) of
the Companies Act, Cap. 50
(i) Cham Tao Soon
(ii) Ngiam Tong Dow
4. To re-elect Directors pursuant
to Articles 111 and 112
(i) Willie Cheng Jue Hiang
(ii) Sum Soon Lim
(iii) Yeo Ning Hong
5. To re-elect Directors pursuant Lee Boon Yang
to Article 115
6. To approve Directors’ fees for the financial year ending 31 August 2012
7. To appoint Auditors and authorise Directors to fix their remuneration
8. To transact any other business
Special Business
9. (i) To approve the Ordinary Resolution pursuant to Section 161 of the
Companies Act, Cap. 50
(ii) To authorise Directors to grant awards and to allot and issue
shares in accordance with the provisions of the SPH Performance
Share Plan
(iii) To approve the renewal of the Share Buy Back Mandate
To be used on
a Show of Hands
For
Against
To be used in
the event of a Poll
No. of votes
For
No. of votes
Against
Dated this day of 2011
Signature(s) of Member(s) or Common Seal
IMPORTANT: PLEASE READ NOTES ON THE REVERSE
Total Number of
Ordinary Shares held
Total Number of
Management Shares held

192 Singapore Press Holdings annual report 2011
Proxy FORm
SINGAPORE PRESS HOLDINGS LIMITED
(Co Regn No: 198402868E)
IMPORTANT
Note:
1. Please insert the total number of ordinary shares and/or management shares (“Shares”) held by you. If you
have ordinary shares entered against your name in the Depository Register (as defined in Section 130A of
the Companies Act, Chapter 50 of Singapore), you should insert that number of ordinary shares. If you have
Shares registered in your name in the Register of Members, you should insert that number of Shares. If you
have ordinary shares entered against your name in the Depository Register and Shares registered in your
name in the Register of Members, you should insert the aggregate number of Shares entered against your
name in the Depository Register and registered in your name in the Register of Members. If no number
is inserted, the instrument appointing a proxy or proxies shall be deemed to relate to all the Shares held
by you.
2. If any proxy other than the Chairman of the Meeting is to be appointed, please strike out the words
“the Chairman of the Meeting” and insert the name and address of the proxy desired in the box provided.
If the box is left blank or incomplete, the Chairman of the Meeting shall be deemed to be appointed as your
proxy.
3. A Member of the Company entitled to attend and vote at a meeting of the Company is entitled to appoint
one or two proxies to attend and vote instead of him.
4. Where a Member appoints two proxies, the appointments shall be invalid unless he specifies the proportion
of his shareholding (expressed as a percentage of the whole) to be represented by each proxy.
5. The instrument appointing a proxy or proxies must be deposited at the Share Registration Office of
the Company at Tricor Barbinder Share Registration Services (A division of Tricor Singapore Pte. Ltd.),
80 Robinson Road, #02-00, Singapore 068898, not less than 48 hours before the time appointed for the
Annual General Meeting.
6. The instrument appointing a proxy or proxies must be under the hand of the appointor or of his attorney
duly authorised in writing. Where the instrument appointing a proxy or proxies is executed by a corporation,
it must be executed either under its seal or under the hand of an officer or attorney duly authorised.
7. A corporation which is a Member may authorise by resolution of its directors or other governing body such
person as it thinks fit to act as its representative at the Annual General Meeting, in accordance with Section
179 of the Companies Act, Chapter 50 of Singapore.
8. The Company shall be entitled to reject the instrument appointing a proxy or proxies if it is incomplete,
improperly completed or illegible or where the true intentions of the appointor are not ascertainable from
the instructions of the appointor specified in the instrument appointing a proxy or proxies. In addition,
in the case of ordinary shares entered in the Depository Register, the Company may reject any instrument
appointing a proxy or proxies lodged if the Member, being the appointor, is not shown to have ordinary
shares entered against his name in the Depository Register as at 48 hours before the time appointed for
holding the Annual General Meeting, as certified by The Central Depository (Pte) Limited to the Company.

This annual report was produced by the
Corporate Communications Division
Special thanks to our models:
Ng Tze Yong
Social Media Editor
The Straits Times
Natasha Chiam
Beauty Writer
Female
Jennani Durai
Journalist
The Straits Times
Azhar Kasman
Deputy Editor
Stomp

Singapore Press Holdings Limited
1000 Toa Payoh North
News Centre
Singapore 318994
www.sph.com.sg
Co. Reg. No. 198402868E