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Strength I N Diversity

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Strength I N Diversity STRENGTH IN DIVERSITY Annual Report 2020 CONTENT 1 44 Corporate Profile Value Added Statement 12 45 Organisation Structure Corporate Information 13 46 Group Financial Investor Relations Highlights 47 14 Investor Reference Chairman’s Statement 48 18 Sustainability Report CEO’s Business Review 113 24 Corporate Governance Board of Directors Report 31 133 Further Information on Risk Management Board of Directors 136 36 Supplemental Senior Management Information on Directors Seeking Re-election 42 Daily Average 139 Newspapers Circulation Financial Content 43 Financial Review 1 Annual Report 2020 CORPORATE PROFILE ABOUT SINGAPORE PRESS HOLDINGS LTD Incorporated in 1984, main whose portfolio comprises three United Kingdom and Germany. It board-listed Singapore Press properties in Singapore, namely currently operates two distinctive Holdings Ltd (SPH) is Asia’s Paragon, The Clementi Mall brands, Student Castle and leading media organisation, and The Rail Mall. In Australia, Capitol Students. engaging minds and enriching SPH REIT holds an 85% stake in lives across multiple languages Figtree Grove Shopping Centre It is in the aged care sector in and platforms. and a 50% stake in Westfield Singapore and Japan, and owns Marion Shopping Centre. Orange Valley, one of Singapore’s SPH’s core business is in the largest private nursing homes. publishing of newspapers, SPH also owns and operates The magazines and books in both Seletar Mall and is developing SPH runs a regional events arm. print and digital editions. It also an integrated development It also invested in the education owns other digital products, consisting of The Woodleigh business. online classifieds, radio stations Residences and The Woodleigh and outdoor media. Mall. It is also an owner, manager For more information, please visit and developer of a portfolio www.sph.com.sg. On the property front, SPH owns of Purpose-Built Student approximately 65% in SPH REIT Accommodation (PBSA) in the ABOUT THE DESIGN CONCEPT At SPH, we value diversity. After all, our foundations were built by many individuals, to serve many more. Through our multiple businesses, we have been able to grow and connect with the community in every way. Even in challenging times, SPH continues to play an important role in our customers’ lives. By adapting the way we think and transforming the way we work, we continue to pave the way forward through strength in diversity. Despite facing headwinds as a result of the Covid-19 pandemic, we are able to keep people informed through multiple platforms, as well as bring loved ones closer together through virtual events even when they remain physically apart. Times may change, but we remain focused on doing what we do best – building on our collective experience and expertise to engage minds and enrich lives. THE SPIRIT OF INNOVATION Creating a Unique Mediascape Innovation is key to staying relevant during these challenging times. We have kept up with evolving consumer demands by producing creative and engaging content such as health tips, takeaway recommendations and cooking recipes to help our audiences tide over the ongoing pandemic. THE POWER OF COMMUNICATION Reaching Out To Our Audiences Be it the latest on the Covid-19 pandemic, global relations or the Singapore General Elections, we have grown our audiences by providing easy access to quality news and analyses on our omni-channels, including print, digital, outdoor, radio and news tablets. THE JOY OF VIRTUAL EXPERIENCE Organising Events In The New Normal The pandemic has not stopped us from organising virtual events such as Beerfest Asia and Singapore Book Fair to keep ideas flowing, create business opportunities and ensure the safety of our audiences. THE STRENGTH OF RESILIENCE Building For The Future We work hand in hand with our tenants during these trying times, supporting them with rental rebates and initiatives to offer shoppers a safe and pleasant retail experience. We also provide the highest standard of healthcare service in our nursing homes and ensure the wellbeing of the students in our student accommodations. THE PASSION FOR SUSTAINABILITY Embarking On A Green Journey We strive to embrace sustainability in our daily operations. As part of our corporate citizenry, we also organise or support nature and conservation events, such as a sustainability-themed photography competition and a sustainability exhibition. 12 Singapore Press Holdings Organisation Structure Board of Audit Directors Committee Chief Internal Audit Executive Officer Deputy CEO Non-Media Properties Corporate Other Subsidiaries Media Aged Care Services and Businesses English/ Malay/ Chinese Media Tamil Media Administration Digital Malls Group (CMG) (EMTM) Group Corporate Purpose-Built Media Circulation Communications Investments Student Solutions & CSR Accommodation Corporate Mixed Production Radio Exhibitions Development Development Books & Contract Magazines Finance Publishing Business Media Strategy Human Operations & Analytics Resources Group Digital Media SPHTech Marketing Products Secretariat Schools & Legal 13 Annual Report 2020 Group Financial Highlights For The Financial Year Ended 31 August 2020 2020 2019 Change S$’000 S$’000 % Operating revenue 865,662 959,255 (9.8) Operating profit 110,247 186,922 (41.0) (Loss)/Profit before taxation (85,262) 298,282 NM (Loss)/Profit after taxation (112,502) 259,546 NM Non-controlling interests (28,826) 46,335 NM (Loss)/Profit attributable to shareholders (83,676) 213,211 NM Shareholders’ interests 3,313,520 3,488,456 (5.0) Perpetual securities 452,493 150,512 200.6 Non-controlling interests 1,185,933 1,068,180 11.0 Total assets 8,849,727 7,107,390 24.5 Total liabilities 3,897,781 2,400,242 62.4 Dividends declared for the financial year 40,202 193,504 (79.2) Profitability ratios % % % points Operating margin 12.7 19.5 (6.8) Return on operating revenue (9.7) 22.2 (31.9) Return on shareholders’ funds (2.5) 6.1 (8.6) Per share data % Net assets attributable to shareholders (S$) 2.06 2.16 (4.6) (Loss)/Profit attributable to shareholders (S$) (0.07) 0.13 NM Dividends declared for the financial year (cents)# 2.5 12 (79.2) Dividend cover for the financial year (times) (2.8) 1.1 NM # These dividends are tax-exempt. The proposed final dividend of 1 cent per share is subject to approval by shareholders at the Annual General Meeting on 27 November 2020. NM Not meaningful 14 Singapore Press Holdings Chairman’s Statement We are facing unprecedented challenges from the ongoing Covid-19 pandemic, global economic uncertainties and disruptions to the media industry. However, I believe we will be able to weather this crisis and emerge resilient with your unstinting support. This year will be long remembered Against this challenging backdrop, SPH as the pandemic year. The Covid-19 reported an operating profit of $110.2 pandemic infected millions and million for the year ended 31 August killed more than a million people 2020 (FY 2020), down from $186.9 globally. It caused unprecedented million registered in the preceding year. economic disruptions and brought Net loss attributable to shareholders many businesses to a standstill. We was $83.7 million, largely due to a also witnessed escalating tensions non-cash $232.0 million decline in between China and the United States valuation of investment properties as a over trade and national security result of the impact of Covid-19. Other which contributed to further volatility information on the Group is set out in and uncertainties. this report. Faced with such massive disruptions, The Board has proposed a final SPH could not avoid being hit. Our dividend of 1 cent per share in respect results for the financial year ended of the financial year ended 31 August 31 August 2020 highlighted the 2020. We had earlier declared and adverse impact of the pandemic paid an interim dividend of 1.5 cents across all our business segments, per share. including media advertising revenue, footfall and sales at retail malls, and The Group is focused on sustaining a occupancy at Purpose-Built Student resilient balance sheet with sufficient Accommodation (PBSA) assets in the liquidity across our businesses as United Kingdom. buffer against the uncertainties in the economy. 15 Annual Report 2020 Jobs Support Scheme (JSS) grants to Covid-19 category at the 84th by the Government. The JSS grants International News Media Association provided some cushion from the (INMA) Global Awards for its Covid-19 fallout. To address the campaign to tailor pandemic news adverse impact, the Board and for school children, rallying them to Management are actively exploring be ambassadors within their families options to ensure media sustainability and friends’ network. for the longer term. Our digital strategies and journalists SPH’s newspaper print ad revenue continued to receive accolades, was down 32.9% year-on-year including the Asian Media Awards in FY2020, with the pandemic and Asian Digital Media Awards. Such accelerating the decline. We recognition shows our endeavours restructured our media sales and are gaining traction and maintaining magazines operations for greater our strong reputation locally and in efficiency and synergy in August the region. 2020. Notwithstanding the JSS, we regrettably had to retrench 140 staff We invested in a new business this from Media Solutions Division and year to develop and operate data SPH Magazines to contain cost. centre facilities in Genting Lane under a joint venture with experienced However, circulation continued industry player Keppel Data Centres to grow. While daily average print Holding Pte Ltd. This investment will circulation copies declined 20.0% maximise the return on an existing year-on-year, daily average digital asset, as well as capture secular circulation copies grew 55.6% to growth trend of the digital economy. 423,400 in August 2020. Combined, print and digital circulation rose 6.1% Our associate company M1 was to 838,000 copies. awarded the joint rights to operate the upcoming 5G network in Singapore We continue to strengthen our with StarHub.
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