2011 Annual Report - TOM Group

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74 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3 Critical accounting estimates and judgements (Continued) (iii) Provision for sales return Revenue is stated net of sales return provision. Sales return provision is made by the Group upon the delivery of goods to the customers when the significant risks and rewards of ownership of the goods are transferred to the customers. As at 31 December 2011, the provision for sales return of the Group amounted to HK$41,674,000 (2010: HK$41,205,000). This provision is recognised by the Group based on the best estimates by management with reference to past experience and other relevant factors. Any difference between this estimate and the actual return will impact the Group’s results in the period in which the actual return is determined. (iv) Provision for impairment of trade and other receivables The policy for provision for impairment of trade and other receivables of the Group is based on the evaluation of collectability and ageing analysis of accounts and on management’s judgement. A considerable amount of judgement is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer. The amount of provision made as at 31 December 2011 was HK$93,506,000 (2010: HK$95,909,000). If the financial conditions of customers of the Group were to change, resulting in an impairment or improvement in their abilities to make payments, either additional provision or reversal of previously made provision may be required. 4 Segment information The principal activity of the Company is investment holding. The principal activities of the subsidiaries are set out on pages 124 to 128. The following revenues are recognised during the year: 2011 2010 HK$’000 HK$’000 – Provision of wireless internet services, online advertising, commercial enterprise solutions and internet access services 727,452 1,031,963 – Merchandise sales through internet-based marketplace – 1,834 – Magazine and book circulation, sales of publication advertising and other related products 1,051,584 947,492 – Advertising sales of outdoor media assets and provision of outdoor media services 331,112 275,348 – Advertising sales in relation to satellite television channel operations, production of broadcasting programmes and provision for media sales, event production and marketing services 216,212 207,590 Consolidated revenues 2,326,360 2,464,227 TOM Group Limited
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 4 Segment information (Continued) The Group has five reportable operating segments: • Internet Group – provision of wireless internet services, online advertising, commercial enterprise solutions and internet access services. • E-Commerce Group – merchandise sales through internet-based marketplace. • Publishing Group – magazine and book circulation, sales of publication advertising and other related products. • Outdoor Media Group – advertising sales of outdoor media assets and provision of outdoor media services. • Television and Entertainment Group – advertising sales in relation to satellite television channel operations, production of broadcasting programmes and provision of media sales, event production and marketing services. Sales between segments are carried out at arm’s length. Annual Report 2011 75
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CONTENTS CONTENTS 19 11 21 11 47 37
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2 CORPORATE PROFILE TOM Group Limit
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4 FINANCIAL HIGHLIGHTS For the year
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6 MANAGEMENT’S DISCUSSION AND ANA
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8 MANAGEMENT’S DISCUSSION AND ANA
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10 MANAGEMENT’S DISCUSSION AND AN
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12 DIRECTORS’ PROFILE Ip Tak Chue
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14 CORPORATE GOVERNANCE REPORT The
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18 CORPORATE GOVERNANCE REPORT Upon
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Page 26 and 27: 24 CORPORATE GOVERNANCE REPORT Corp
Page 28 and 29: 26 CORPORATE GOVERNANCE REPORT The
Page 30 and 31: 28 REPORT OF THE DIRECTORS Director
Page 32 and 33: 30 REPORT OF THE DIRECTORS (e) (f)
Page 34 and 35: 32 REPORT OF THE DIRECTORS Director
Page 36 and 37: 34 REPORT OF THE DIRECTORS Interest
Page 38 and 39: 36 REPORT OF THE DIRECTORS Li Ka-Sh
Page 40 and 41: 38 REPORT OF THE DIRECTORS (d) (e)
Page 42 and 43: 40 REPORT OF THE DIRECTORS During t
Page 44 and 45: 42 INDEPENDENT AUDITOR’S REPORT I
Page 46 and 47: 44 CONSOLIDATED INCOME STATEMENT Fo
Page 48 and 49: 46 CONSOLIDATED STATEMENT OF FINANC
Page 50 and 51: 48 STATEMENT OF FINANCIAL POSITION
Page 52 and 53: 50 CONSOLIDATED STATEMENT OF CHANGE
Page 54 and 55: 52 NOTES TO THE CONSOLIDATED FINANC
Page 102 and 103: 100 NOTES TO THE CONSOLIDATED FINAN
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124 PRINCIPAL SUBSIDIARIES, JOINTLY
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2011 Annual Report - TOM Group

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