Annual Report 2003 - Clear Media

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NOTES TO FINANCIAL STATEMENTS 31 December 2003 3. Summary of Significant Accounting Policies (continued) Share option schemes The financial impact of share options granted is not recorded in the Company’s or the Group’s balance sheet until such time as the options are exercised, and no charge is recorded in the profit and loss account or balance sheet for their cost. Upon exercise of the share options, the resulting shares issued are recorded by the Company as additional share capital at the nominal value of the shares, and the excess of the exercise price per share over the nominal value of the shares is recorded by the Company in the share premium account. Options which are cancelled or which lapse prior to their exercise date are deleted from the register of outstanding options and have no impact on the profit and loss account or balance sheet. 4. Segment Information Segment information is required by SSAP 26 “Segment reporting” to be presented by way of two segment formats: (i) on a primary segment reporting basis, which for the Group is determined to be by business segment; and (ii) on a secondary segment reporting basis, where for the Group is determined to be by geographical segment. Outdoor media sales is the only major business segment of the Group, and comprises the display of advertisements on bus shelters, unipoles and point-of-sale. Accordingly, no further business segment information is provided. In determining the Group’s geographical segments, revenues and results are attributed to the segments based on the location of the customers, and assets are attributed to the segments based on the location of the assets. As the Group’s major operations and markets are located in the PRC, no further geographical segment information is provided. 5. Turnover and Revenue Turnover represents the contract value for the displaying of advertisements on bus shelters, unipoles and point-ofsale, net of commission and discounts, in the PRC. An analysis of the Group’s turnover and revenue is as follows: 2003 2002 HK$’000 HK$’000 Turnover 488,175 426,916 Interest income 6,066 8,934 Others – 1 Other revenue 6,066 8,935 Revenue 494,241 435,851 Clear Media Limited Annual Report 2003 72
NOTES TO FINANCIAL STATEMENTS 31 December 2003 6. Profit from Operating Activities The Group’s profit from operating activities is arrived at after charging/(crediting): 2003 HK$’000 2002 HK$’000 Cost of services provided 93,813 70,342 Operating lease rentals on bus shelters, unipoles and point-of-sale 92,624 82,941 Amortisation of concession rights and depreciation of point-of-sale 95,703 88,391 Cost of sales 282,140 241,674 Provision for doubtful debts 8,505 8,617 Bad debts written off 10,018 8,216 Auditors’ remuneration 820 780 Depreciation of owned assets, excluding point-of-sale 7,193 5,536 Loss on disposal of fixed assets 588 – Operating lease rentals on buildings 8,870 7,465 Staff costs (including directors’ remuneration (note 7)) Wages and salaries 41,487 35,245 Pension scheme contributions 165 182 Less: Forfeited contributions – – Net pension contributions 165 182 41,652 35,427 Unrealised gain on revaluation of short term investments (1,852) – Foreign exchange losses, net 587 11 Write back of excessive culture levy provision – (20,873) Interest income (6,066) (8,934) The Group’s profit from operating activities represents media sales in the PRC. THE AGE OF CONSUMERS 73
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OUR GOAL IS TO BE THE BEST AND THE
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CORPORATE PROFILE Clear Media is th
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LETTER FROM THE CHAIRMAN Dear Fello
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INTERVIEW WITH THE CEO THE AGE OF C
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INTERVIEW WITH THE CEO Q: How did C
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INTERVIEW WITH THE CEO Q: What is t
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MANAGEMENT DISCUSSION AND ANALYSIS
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Page 25 and 26: MANAGEMENT DISCUSSION AND ANALYSIS
Page 31 and 32: MOBILE Business professionals looki
Page 33 and 34: CORPORATE GOVERNANCE REPORT busines
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Page 37 and 38: CORPORATE GOVERNANCE REPORT Investo
Page 39 and 40: CORPORATE GOVERNANCE REPORT Media A
Page 41 and 42: SERVICE INDUSTRY Whatever you’re
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Page 45 and 46: THE POWER OF OUR NETWORK THE AGE OF
Page 47 and 48: BIOGRAPHIES OF DIRECTORS Teo Hong K
Page 49 and 50: BIOGRAPHIES OF DIRECTORS Pedro Man
Page 51 and 52: REPORT REPORT OF OF THE DIRECTORS T
Page 53 and 54: REPORT OF THE DIRECTORS Distributab
Page 55 and 56: REPORT OF THE DIRECTORS Connected T
Page 57 and 58: REPORT OF THE DIRECTORS Directors
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Page 63 and 64: REPORT OF THE DIRECTORS Remuneratio
Page 65 and 66: CONSOLIDATED PROFIT AND LOSS ACCOUN
Page 67 and 68: CONSOLIDATED SUMMARY STATEMENT OF C
Page 69 and 70: BALANCE SHEET 31 December 2003 2003
Page 71 and 72: NOTES TO FINANCIAL STATEMENTS 31 De
Page 75: NOTES TO FINANCIAL STATEMENTS 31 De
Page 95 and 96: NOTICE OF ANNUAL GENERAL MEETING (c
Page 97 and 98: GLOSSARY accounts payable accounts
Page 99 and 100: FINANCIAL SUMMARY 2003 2002 2001 20
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Annual Report 2003 - Clear Media

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