Annual Report 2003 - Clear Media

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NOTES TO FINANCIAL STATEMENTS 31 December 2003 24. Reserves (continued) NOTES: (a) The contributed surplus of the Group represents the difference between the nominal value of share capital of the subsidiaries acquired pursuant to the Group Reorganisation on 28 November 2001, over the nominal value of the shares in the Company issued in exchange therefor; and the revaluation surplus arose pursuant to an investment and shareholders’ agreement dated 23 April 1998 in relation to certain concession rights transferred. The revaluation reserve is treated as the cost of the assets acquired, and accordingly the related account has been transferred to the contributed surplus. (b) The contributed surplus of the Company represents the difference between the then combined net asset value of the subsidiaries acquired pursuant to the same reorganisation over the nominal value of the shares of the Company’s shares issued in exchange therefor. Under the Bermuda Companies Act 1981, the Company may make distributions to its shareholders out of the contributed surplus under certain circumstances. 25. Notes to the Consolidated Cash Flow Statement (a) Fixed assets During the current year, the Group paid HK$5,451,000 (2002: HK$17,280,000) to acquire fixed assets. (b) Concession rights During the current year, the Group paid HK$101,829,000 to acquire concession rights and to settle the outstanding liability for the acquisition of concession rights brought forward from the prior year of HK$35,853,000. During the prior year, the Group paid HK$309,484,000 to acquire concession rights to settle the outstanding liability for the acquisition of concession rights brought forward from the prior year of HK$44,335,000. (c) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and balances with banks. Cash and cash equivalents included in the consolidated cash flow statement comprise the following balance sheet amounts: Group 2003 2002 HK$’000 HK$’000 Cash on hand and balances with banks 224,830 267,158 Clear Media Limited Annual Report 2003 86
NOTES TO FINANCIAL STATEMENTS 31 December 2003 26. Commitments (a) Capital commitments Group 2003 HK$’000 2002 HK$’000 Contracted, but not provided for: The construction of shelters for which concession rights are held 16,420 10,528 (b) Commitments under operating leases The Group leases certain of its office buildings and concession rights under operating lease arrangements. Leases for office buildings are negotiated for terms ranging from 1 to 9 years, and those concession rights are negotiated for terms ranging from 5 to 20 years. At the balance sheet date, the Group had total future minimum lease payments under non-cancellable operating leases falling due as follows: Group 2003 HK$’000 2002 HK$’000 Within one year 119,940 108,140 In the second to fifth years, inclusive 412,133 424,221 After five years 262,813 321,090 794,886 853,451 27. Contingent Liabilities (a) At the balance sheet date, contingent liabilities not provided for in the financial statements were as follows: Group 2003 2002 HK$’000 HK$’000 Bills discounted with recourse – 7,068 (b) A claim for specific performance and damages has been made against a subsidiary of the Group for alleged breach of contract. On 28 November 2001, Outdoor Media China Inc., (“OMC”), Clear Channel Outdoor, Inc. (“CCO”), China Outdoor Media (HK) and the Company, entered into a Deed of Indemnity. Under the terms of the Deed of Indemnity, OMC and CCO have covenanted and undertaken to indemnify the Group against all claims (whether of not successful, compromised or otherwise settled), actions, damages, penalties, liabilities, legal fees, enforcement costs and expenses incurred by the Group in respect of the claim. 28. Post Balance Sheet Event In February 2004, the Group has acquired over 300 bus shelters in Beijing and Guangzhou, respectively. THE AGE OF CONSUMERS 87
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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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MOBILE Business professionals looki
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CORPORATE GOVERNANCE REPORT busines
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CORPORATE GOVERNANCE REPORT achieve
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CORPORATE GOVERNANCE REPORT Investo
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Page 49 and 50: BIOGRAPHIES OF DIRECTORS Pedro Man
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Page 69 and 70: BALANCE SHEET 31 December 2003 2003
Page 71 and 72: NOTES TO FINANCIAL STATEMENTS 31 De
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Page 97 and 98: GLOSSARY accounts payable accounts
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