Singapore Press Holdings annual report 2011 Singapore Press ...

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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.
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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.
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59 Board attendance The Board meets
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61 Access to information Principle
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63 Remuneration of Executives The B
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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
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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
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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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