Singapore Press Holdings annual report 2011 Singapore Press ...

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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.
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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
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67 Mr Willie Cheng Jue Hiang Curren
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Risk MANAGEMENT 69 SPH has put in p
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Daily average NEWSPAPERS CIRCULATIO
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73 After-Tax Profit (S$’m) Return
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Value added STATEMENT for the finan
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77 Investor Relations Calendar 1st
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79 Recurring Earnings @ and Dividen
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Directors’ Report for the financi
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Singapore Press Holdings Limited 10
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