Singapore Press Holdings annual report 2011 Singapore Press ...

More documents

Recommendations

Info

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$’000 Increase/(Decrease) in: Income Statement Revenue from sale of development properties - 451,840 Profit after taxation - 299,855 Balance Sheet Retained earnings as at beginning of financial year - (299,855)
Page 1 and 2:
BUILDING ON OUR STRENGTHS Singapore
Page 3:
OUR MISSION To Inform, Educate & En
Page 7:
STRENGTH in depth Our decades of ex
Page 11 and 12:
STRENGTH in mobility Transcending l
Page 13 and 14:
Group financial HIGHLIGHTS for the
Page 15 and 16:
Businesses and products UNDER THE S
Page 17 and 18:
15 I am pleased to report that the
Page 19 and 20:
17 SPH is proud to have been honour
Page 21 and 22:
19 Dr Tan is a Singapore Government
Page 23 and 24:
21 Ms Chong, a licensed valuer, gra
Page 25 and 26:
Corporate INFORMATION 23 Executive
Page 27 and 28:
25 Tony Mallek Han Fook Kwang Goh S
Page 29 and 30:
27 Han Fook Kwang Editor, The Strai
Page 31 and 32:
29 Sng Ngoi May Executive Director,
Page 33 and 34:
31 Despite an uncertain economic cl
Page 36 and 37:
34 Singapore Press Holdings annual
Page 38:
Page 41 and 42:
39 Paragon Food & Beverage Fair 201
Page 43 and 44:
41 DECEMBER 2010 Paragon’s Interi
Page 45 and 46:
43 15 MAY 2011 Shape Singapore laun
Page 47 and 48:
45 SPH & SPH Foundation Charity Giv
Page 49 and 50:
47 President’s Challenge - “Tho
Page 51 and 52:
Corporate social responsibility - S
Page 53 and 54:
Environmental SUSTAINABILITY 51 SPH
Page 55 and 56:
53 SPH Family Day Yoga class for st
Page 57 and 58:
55 Singapore HR Awards 2011 Preside
Page 59 and 60:
57 Asian Publishing Awards 2011 17.
Page 61 and 62:
59 Board attendance The Board meets
Page 63 and 64:
61 Access to information Principle
Page 65 and 66:
63 Remuneration of Executives The B
Page 67 and 68:
65 A webcast of the half-year and f
Page 69 and 70:
67 Mr Willie Cheng Jue Hiang Curren
Page 71 and 72:
Risk MANAGEMENT 69 SPH has put in p
Page 73 and 74:
Daily average NEWSPAPERS CIRCULATIO
Page 75 and 76:
73 After-Tax Profit (S$’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
Page 178 and 179: Operating Companies OF the Group as
Page 180 and 181: Overseas BUREAUS as at August 15, 2
Page 182 and 183:
Overseas BUREAUS as at August 15, 2
Page 184 and 185:
Page 186 and 187:
Page 188 and 189:
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Page 196:
Singapore Press Holdings Limited 10
show all

Singapore Press Holdings annual report 2011 Singapore Press ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?