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Annual Report 2017 A Singapore Press Holdings Annual Report 2017 A Annual Report 2017 CONTENTS Corporate Profile 01 Organisation Structure 12 Group Financial Highlights 13 Chairman’s Statement 14 Board of Directors 18 Further Information on Board of Directors 24 Senior Management 28 CEO’s Overview of Group TRANSFORMATION Operations 34 Awards & Accolades 42 Social media, mobile and internet – these are technologies SPH Newspapers that have revolutionised the way people and businesses Readership Trends 46 communicate, connect and discover. Daily Average Newspapers Circulation 47 These disruptions have changed audience behaviours, values and expectations, and how they consume media Financial Review 48 as part of their lifestyles. Value Added Statement 49 We have embraced these challenges, and we strive to turn Corporate Information 50 them into opportunities. Investor Relations 51 As part of our transformation efforts, we will continue to Investor Reference 52 strengthen and innovate our core media business. We will also strategically diversify and invest in adjacent businesses Sustainability Report 54 to stay nimble and profitable. Corporate Governance Report 59 Risk Management 76 Financial Contents 93 Singapore Press Holdings Annual Report 2017 01 CORPORATE PROFILE INCORPORATED IN 1984, MAIN BOARD-LISTED SINGAPORE PRESS HOLDINGS LTD (SPH) IS ASIA’S LEADING MEDIA ORGANISATION, ENGAGING MINDS AND ENRICHING LIVES ACROSS MULTIPLE LANGUAGES AND PLATFORMS. Media SPH Magazines, SPH’s wholly-owned Other Businesses The English/Malay/Tamil Media subsidiary, publishes and produces more group comprises the print and digital than 80 magazine titles and has various Online Classifieds operations of The Straits Times, online sites, like hardwarezone.com, SPH’s online classifieds include The Business Times, The New Paper, herworldplus.com and luxuryinsider.com the leading online marketplace for Berita Harian, Tamil Murasu, tabla! and in Singapore and the region, covering jobs (STJobs, FastJobs), property their respective student publications. a broad range of interests from lifestyle (STProperty), cars (STCars) and It also includes subsidiaries book to information technology. It has also general classifieds (STClassifieds), publishing arm Straits Times Press; invested in digital newsstand Magzter. sgCarMart and StreetSine. SPH Data Services, which licenses the use of the Straits Times Index SPH also provides outdoor advertising SPH’s regional joint venture online in partnership with the Singapore options where it manages large format classifieds business has a number of Exchange and FTSE-Russell Ltd; digital screens and static billboards at leading online classifieds sites in the financial data company ShareInvestor; key locations in the Central Business region. the two English stations of SPH Radio – District, Orchard Road, City Fringe as Kiss92 and ONE FM 91.3 and SPH Golf well as major heartland hubs. Events and Exhibitions (including SPH Pacom Ltd). Sphere Exhibits, Sphere Conferences, SPH Buzz is a modern retail Exhibits Inc and Bizlink Exhibition The Chinese Media Group publishes convenience chain with a network Services organise innovative consumer three Chinese newspapers in print of stores around the island. and trade events and exhibitions as and digital format - Lianhe Zaobao, well as large scale conferences in Lianhe Wanbao and Shin Min Daily Properties Singapore and the region. News; four student weeklies – SPH REIT is a Singapore-based REIT zbCOMMA, Thumbs Up, Thumbs Up established to invest in a portfolio Healthcare Junior and Thumbs Up Little Junior, of income-producing real estate SPH owns Orange Valley which and ZBBZ Newsgazine. It also operates primarily for retail purposes. SPH REIT operates nursing homes. SPH Radio’s Chinese radio station, comprises Paragon, a premier upscale UFM100.3, and Focus Publishing, retail mall and medical suite/office Education which produces a range of books and property in Orchard Road and The SPH has a 22 per cent stake in magazines including U-Weekly. Clementi Mall, a mid-market suburban preschool and enrichment provider mall in the centre of Clementi town. MindChamps. SPH’s other digital media initiatives include AsiaOne, Stomp, zaobao.sg The Seletar Mall, located in Sengkang, For more information, please visit and zaobao.com. is SPH’s latest retail development. www.sph.com.sg This property is a potential asset On an average day, 2.5 million* to be injected into SPH REIT. individuals or 59 per cent of people SPH’s wholly-owned subsidiary, above 15 years old, read one of SPH’s Times Development Pte Ltd, also news publications in print copies or one developed a 43-storey upmarket of our digital platforms. residential condominium, Sky@eleven, at Thomson Road. * Nielsen Media Index 2016, Monday-Sunday, read any SPH newspapers in print or digital format Print Tradition to Digital Innovation We have always embraced change and prized innovation to help create value for our audiences. We have the brands, content, distribution channels and platforms to succeed in this transformational media marketplace. To ensure long-term success, we will strive to maximise the number of audiences as active users of both our print and digital channels as we traverse different economic environments, business cycles and generations. Loading of knowledge... Loading of knowledge... Staying Wired or Going Wireless To inform, entertain and connect the world to audiences whether they are wired or on the move. We deliver a whole suite of online offerings across multiple digital platforms that people search for and share every day. No matter what time of day, SPH digital is the place where everything about anything that’s happening is served to users with consummate ease. Breaking News to Funky Tunes Music moves the soul. It is like literature to the heart. With the addition of two radio stations in the pipeline, SPH Radio will be the go-to place for listeners to get their daily fix of breaking news stories or insightful financial information, while dissolving the perplexities of the day listening to funky beats. Window Shopping to Online Browsing The internet has revolutionised the retail landscape. Shoppers can enjoy quick and convenient access to a wide variety of products as they browse through online classifieds sites and digital marketplaces. In unison with our malls, SPH’s presence in the online and physical retail space serve as consumer touchpoints that deliver compelling and unforgettable shopping memories, from the current trends to the latest must-try experiences. Outdoor Spaces to Indoor Events Opportunity is a powerful force. It stirs the imagination and accelerates the momentum to drive businesses forward. Being at the right place at the right time by creating a strong visual impact opens up the dimension to limitless possibilities. Our successful track record lies in our strategic marketing mediums, large scale exhibitions and lifestyle themed events that link businesses to their potential customers. 12 Singapore Press Holdings Annual Report 2017 Organisation Structure Board of Directors Audit Committee Chief Executive Officer Internal Audit Deputy CEO Healthcare Media Corporate Services Other Subsidiaries English/ Malay/ Tamil Chinese Media Group Administration Exhibitions Media (EMTM) group (CMG) The Straits Times Focus Corporate Investments Press Pte. Ltd. Publishing Communications & CSR SPH Radio Pte. Ltd. Corporate Other Media/ Development Publishing Integrated Marketing Digital Digital Subsidiaries Circulation Finance Properties Production Media Strategy & Analytics Human Resources Information Technology Secretariat & Legal LEGEND Denotes SPHL Denotes subsidiary company Singapore Press Holdings Annual Report 2017 13 Group Financial Highlights FOR THE FINANCIAL YEAR ENDED AUGUST 31, 2017 2017 2016 Change S$’000 S$’000 % Operating revenue , 1,032,515 , 1,124,349, (8.2) Operating profit# 205,448 305,169 (32.7) Profit before taxation 431,492 361,041 19.5 Profit after taxation 395,216 306,139 29.1 Non-controlling interests (45,131) (40,846) 10.5 Profit attributable to shareholders 350,085 265,293 32.0 Shareholders’ interests 3,488,398 3,517,326 (0.8) Total assets 6,106,410 5,943,888 2.7 Total liabilities 1,883,086 1,702,484 10.6 Non-controlling interests 734,926 724,078 1.5 Dividends declared for the financial year 242,276 290,664 (16.6) Profitability ratios % % % points Operating margin^ 19.9 27.1 (7.2) Return on operating revenue 33.9 23.6 10.3 Return on shareholders’ funds 10.0 7.5 2.5 Per share data % Net assets attributable to shareholders (S$) 2.16 2.18 (0.9) Profit attributable to shareholders (S$) 0.22 0.16 37.5 Dividends declared for the financial year (cents)## 15 18 (16.7) Dividend cover for the financial year (times) 1.5 0.9 66.7 Value added S$ S$ % Per employee 162,996 193,792 (15.9) Per $ employment costs 2.01 2.20 (8.6) Per $ investment in property, plant and equipment (before depreciation) 0.70 0.82 (14.6) Per $ operating revenue 0.71 0.73 (2.7) # This represents the recurring earnings of the media, property and other businesses. ^ Computed based on recurring earnings. ## These dividends are tax-exempt. The proposed final dividend of 9 cents per share, comprising a normal dividend of 3 cents per share and a special dividend of 6 cents per share, is subject to approval by shareholders at the Annual General Meeting on December 1, 2017. 14 Singapore Press Holdings Annual Report 2017 Chairman’s Statement n the past financial year, Singapore Group recurring earnings excluding Transformation for Sustainability was
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