Singapore Press Holdings annual report 2011 Singapore Press ...

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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.
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BUILDING ON OUR STRENGTHS Singapore
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OUR MISSION To Inform, Educate & En
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STRENGTH in depth Our decades of ex
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STRENGTH in mobility Transcending l
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Group financial HIGHLIGHTS for the
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Businesses and products UNDER THE S
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15 I am pleased to report that the
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17 SPH is proud to have been honour
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19 Dr Tan is a Singapore Government
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21 Ms Chong, a licensed valuer, gra
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Corporate INFORMATION 23 Executive
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25 Tony Mallek Han Fook Kwang Goh S
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27 Han Fook Kwang Editor, The Strai
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29 Sng Ngoi May Executive Director,
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31 Despite an uncertain economic cl
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34 Singapore Press Holdings annual
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39 Paragon Food & Beverage Fair 201
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41 DECEMBER 2010 Paragon’s Interi
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43 15 MAY 2011 Shape Singapore laun
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45 SPH & SPH Foundation Charity Giv
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47 President’s Challenge - “Tho
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Corporate social responsibility - S
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Environmental SUSTAINABILITY 51 SPH
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53 SPH Family Day Yoga class for st
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55 Singapore HR Awards 2011 Preside
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57 Asian Publishing Awards 2011 17.
Page 61 and 62: 59 Board attendance The Board meets
Page 63 and 64: 61 Access to information Principle
Page 65 and 66: 63 Remuneration of Executives The B
Page 67 and 68: 65 A webcast of the half-year and f
Page 69 and 70: 67 Mr Willie Cheng Jue Hiang Curren
Page 71 and 72: Risk MANAGEMENT 69 SPH has put in p
Page 73 and 74: Daily average NEWSPAPERS CIRCULATIO
Page 75 and 76: 73 After-Tax Profit (S$’m) Return
Page 77 and 78: Value added STATEMENT for the finan
Page 79 and 80: 77 Investor Relations Calendar 1st
Page 81: 79 Recurring Earnings @ and Dividen
Page 84 and 85: 82 Singapore Press Holdings annual
Page 86 and 87: Directors’ Report for the financi
Page 92 and 93: Consolidated Income Statement for t
Page 94 and 95: Consolidated Statement of Changes i
Page 100 and 101: Notes to the Financial StatementS A
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Notes to the Financial StatementS A
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Operating Companies OF the Group as
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Overseas BUREAUS as at August 15, 2
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Overseas BUREAUS as at August 15, 2
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Singapore Press Holdings Limited 10
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