Singapore Press Holdings annual report 2011 Singapore Press ...

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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.
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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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Consolidated Income Statement for t
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Page 100 and 101: Notes to the Financial StatementS A
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Singapore Press Holdings Limited 10
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