Nextmedia ar cover 21june op.co

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108 Next Media Limited annual report 06 07 Notes to the Consolidated Financial Statements (continued) 27. BORROWINGS (continued) All bank loans are variable-rate borrowings which carry interest ranging from one to three months Hong Kong Interbank Offered Rate plus 0.71875% and ranging from one month to two years fi xed deposit rate of 2% to 2.255% plus 0.6% to 2.25% per annum (2006: ranging from one month to two years fi xed deposit rate of 1.01% to 2.60% plus 0.6% to 2.25% per annum). The effective interest rate of borrowings is 4.25% (2006: 3.54%) per annum. 28. OBLIGATIONS UNDER FINANCE LEASES It is the Group’s policy to lease certain of its furniture, fi xtures and equipment under fi nance leases. The average lease term is 3 years. Interest rates underlying all obligations under fi nance leases are fi xed at respective contract dates at approximately 5.2% per annum. No arrangements have been entered into for contingent rental payments. Present value Minimum of minimum lease lease payments payments HK$’000 HK$’000 Amounts payable under fi nance leases Within one year 939 887 In more than one year but not more than two years 751 664 In more than two years but not more than three years 63 54 1,753 1,605 Less: future fi nance charges (148) N/A Present value of lease obligations 1,605 1,605 Less: Amount due for settlement with 12 months (shown under current liabilities) (887) Amount due for settlement after 12 months 718 The Group’s obligations under fi nance leases are secured by the lessor’s charge over the leased assets.
109 29. RETIREMENT BENEFITS PLANS 2007 2006 HK$’000 HK$’000 Obligations on: Pensions – defi ned contribution plans (note (a) &(b)) 2,771 2,833 Pensions – defi ned benefi t plans (note (c)) 18,340 19,662 Notes: Hong Kong Defi ned contribution plan 21,111 22,495 (a) The Group operates two (2006: three) defi ned contribution retirement schemes (the “HK Schemes”) and a mandatory provident fund scheme (the “MPF Scheme”) for eligible employees in Hong Kong. The Group’s and the employees’ contributions to the MPF Scheme are each set at 5% of the employees’ salaries up to a maximum of HK$1,000 per employee per month. The Group’s contributions to the MPF Scheme are fully and immediately vested in the employees once they are paid. The Group’s and the employees’ contributions to the HK Schemes are each set at 5%, after deducting the MPF contribution of the employees’ salaries including basic salaries, commission and certain bonuses. The HK Schemes and the MPF Scheme were established under trust with the assets of the funds held separately from those of the Group by independent trustees. Forfeited contributions totalling HK$1,735,000 (2006: HK$1,044,000) were utilised during the year. At 31 March 2007, Nil (2006: HK$186,000) was available to reduce future contributions in respect of the HK Schemes. As at 31 March 2007, the Group had no contributions payable under the HK Schemes and the MPF Scheme (2006: HK$107,000) which is included in accounts payable and accrued charges under current liabilities in the consolidated balance sheet. Taiwan Defi ned contribution plan (b) Starting from 1 July 2005, employees may choose a scheme where the rate of contribution by an employer should not be less than 6% of the employees’ monthly salaries and the employees may also voluntarily contribute up to 6% of the monthly salaries to the provision fund account under the Labor pension Act of Taiwan. The Taiwan defi ned contribution scheme was established under trust with the assets of the funds held separately from those of the Group by independent trustees. There were no forfeited contributions for both years ended 31 March 2007 and 31 March 2006. As at 31 March 2007, the Group had contributions payable under the Taiwan defi ned contribution scheme totalling HK$2,771,000 (2006: HK$2,726,000) which is included in accounts payable and accrued charges under current liabilities in the consolidated balance sheet. Defi ned benefi t plans (c) The Group also operates three (2006: two) defi ned benefi t retirement schemes for its eligible employees in Taiwan (the “Taiwan Schemes”). Under the schemes, the employees are entitled to retirement benefi ts varying between 50 to 75 per cent of fi nal salary on attainment of a retirement age of 60. The assets of the Taiwan Schemes are held under a government-run trust separate from those of the Group. As at 31 March 2007, the Taiwan Schemes were valued by a qualifi ed acturary, ClientView Management Consulting Co., Ltd., using the projected unit credit method.
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Lighting Up Our Lives
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Next Media Limited annual report 06
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Next Media Limited annual report 06
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11 Chairman’s Statement A Flexibl
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13 I continue to believe strongly t
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15 Profi t for the year HK$ million
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17 Management Discussion and Analys
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19 Taiwan The people of Taiwan have
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21 1,198,000 at mid-year 2006. Thes
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23 Hong Kong Next Magazine Despite
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25 The dominant position of Taiwan
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27 EBITDA and Segment Results The G
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29 Share Capital Structure During t
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31 In regard to the revaluation def
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33 Group Commitments Number of staf
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35 During the 2006/07 fi nancial ye
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37 Next Media endeavours to ensure
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39 Corporate Governance The Board o
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41 The Company has a policy of prov
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43 All members of the Audit Committ
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45 In compliance with provision C.2
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47 Mr. Ip Yut Kin, aged 55, a Direc
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49 Corporate Information Directors
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51 Corporate Structure Newspapers P
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53 Directors’ Report The Director
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55 (v) The period for which an opti
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Nextmedia ar cover 21june op.co

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