S T A Y I N G A H E A D O F T H E G A M E - Singapore Press Holdings

S T A Y I N G A H E A D O F T H E G A M E
S
P
H
SINGAPORE PRESS HOLDINGS LIMITED
1000 Toa Payoh North
News Centre
Singapore 318994
A
R
2
0
0
4
www.sph.com.sg
Reg. No. 198402868E
SINGAPORE
PRESS
HOLDINGS
04
ANNUAL
REPORT

S T A Y I N G A H E A D O F T H E G A M E
“The most powerful weapon in chess is to have the next move.’’
– David Bronstein (b.1924), grandmaster and writer.
Benjamin Franklin (1706-1790) said that chess teaches foresight, by having to plan ahead; vigilance, by having to
keep watch over the whole chess board; caution, by having to restrain ourselves from making hasty moves; and,
finally, hope, by steadfastly searching for the solutions to our problems. It is no wonder that the elements of strategy
associated with the world’s oldest game of skill is common to strategy in the military, political and business spheres.
This is why we are using chess as the metaphor for our annual report. The theme, “Staying Ahead of the Game,” is
the principal strategy and tactic of the game of chess – and of successful corporations.

C O N T E N T S
“It is not a move, even the best move that you must seek, but a realisable plan.”
– Eugene Alexandrovich Znosko-Borovsky, Russian professional chess player.
6
Chairman’s Message
10
Group Financial Highlights
12
Board of Directors / Board Committee
Members
20
Executive Officers
26
Review by Chief Executive Officer
36
Operational Review
45
Operational Data
50
Staff Welfare
51
Corporate Citizenry
54
Significant Events
60
Corporate Governance Report
77
Segmental Operating Revenue
Segmental Pre-Tax Profit
78
After-Tax Profit Profit
Earnings Per Share
79
Operation Margin and Return on
Operating Revenue
Return on Shareholders’ Funds and
Return on Assets
80
Revenue Composition
Cost Composition
81
Gross Dividend Per Share
Net Dividend
82
Value Added Statement
83
Group Half-Yearly Results
FINANCIAL REPORT AND
MISCELLANEOUS
88
Directors’ Report
96
Audited Financial Statements
96
Balance Sheets
97
Consolidated Income Statement
98
Consolidated Statement of Changes in
Shareholders’ Equity
99
Consolidated Cash Flow Statement
102
Notes to the Financial Statements
144
Shareholding Statistics
149
Overseas Bureaus
152
Properties of the Group
153
Corporate Information
Financial Calendar
FINANCIAL REVIEW
76
Group Simplified Financial Position
94
Statement by Directors
95
Auditors’ Report
154
Notice of Annual General Meeting
160
Proxy Form

L E A D I N G
T H E C H A R G E
“The tactician must know what to do
whenever something needs doing; the
strategist must know what to do when
nothing needs doing.”
– Savielly Tartakover (1887–1956),
international grandmaster.

CHAIRMAN’S MESSAGE
I am happy to report that the Company had put up a creditable performance in the past year. Profit was up
sharply due to the strong showing of our newspapers which rebounded from the SARS aftermath in 2003.
We continued to divest our non-core investments and returned surplus capital to shareholders, as well as
carried out a share split to make SPH shares more affordable to small investors. With the impending merger
of our broadcasting subsidiary with MediaCorp, which will immediately stem losses, the Company is in a
better position to achieve improved results in the future.
For the year ended 31 August 2004, revenue was up 8.0 per cent to $970.1 million on the back of improving
consumer sentiments and contribution from the new Paragon extension. Adding income from our sale of
Belgacom stake, profit from sale of Times House site, and other exceptional items, net profit was up by 44.2
per cent to $546.3 million.
Newspapers
Print advertising rose 4.9% to $624.4 million, on the back of a low base the previous year due to fallout from
the Iraq war and SARS on the economy. Display advertising registered growth, with banking and finance, fastmoving
consumer goods, transport, petrochemical and industrial products and fashion and beauty sectors
recording double-digit growth. As the job market improved, recruitment advertising was up by nearly one-fifth.
After absorption of $9.0 million in GST, circulation revenue was 6.5 per cent higher at $192.0 million as we
had raised cover prices earlier in the year. Average daily circulation of our newspapers for the year dropped
by 2.1 per cent in aggregate, but The Sunday Times, The New Paper on Sunday, Friday Weekly and Tamil
Murasu registered increases.
To stay relevant to our readers, efforts to constantly refresh and add value to our newspapers continued
through the year. Improvements were made to The Sunday Times, The New Paper on Sunday, Berita Minggu,
Shin Min Daily News and Lianhe Zaobao.
The Straits Times was recently relaunched, and readers like its classy, fresh new look, more reader-friendly
design and varied content, including three weekly lifestyle magazines.
6

CHAIRMAN’S MESSAGE (CONT’D)
CHAIRMAN’S MESSAGE (CONT’D)
Broadcasting
Although SPH MediaWorks maintained its share of viewers last year, its loss widened to $44.5 million, up from
$40.2 million the previous year. Higher programming cost amidst a very competitive environment made it
difficult for MediaWorks to continue in the small local free-to-air television market. At the close of our financial
year, we announced that MediaWorks would merge with MediaCorp by end 2004. This merger, as well as
that of our free newspaper Streats with Mediacorp’s Today, would allow both sides to focus on developing
Singapore into a media hub for the region.
Property
The new Paragon extension contributed to the 56.7 per cent increase in property revenue to $82.6 million last
year. We expect the amalgamated Paragon, which enjoys 100 per cent occupancy in its retail space, to return
more than 9 per cent equity yield per annum.
Times House site in Kim Seng Road was sold with a gain of $110.1 million. Other non-core property assets,
including the Times Industrial Building site, would be divested if we receive attractive offers.
Investment income
Total investment income for the year was $258.0 million. Excluding the Belgacom $170.5 million gain,
investment income was $87.5 million, the highest in the Group’s history. On the Group’s portfolio investment,
the return of 8.2 per cent is better than the annual 5.9 per cent return achieved in the past three years.
Giving back to the community
Demonstrating its strong community involvement, SPH contributed to a broad spectrum of programmes
ranging from arts and culture, education, conservation, to sports and charity, as well as to the non-profit
Press Foundation of Singapore, an Institution of a Public Character set up early last year to promote lifelong
learning. The Company believes that giving back to the society should be part of its corporate culture, and will
continue to play a responsible role as a good corporate citizen to enhance the well-being of the community.
Outlook
The recent divestment of our StarHub shares would result in an investment income of $126.3 million, before
deducting the Company’s share of IPO expenses, if the over allotment option in the IPO is not exercised.
Riding on an improving economy, and with a more rational local media market, we look forward to a better
year ahead. Barring any adverse development in the geopolitical and economic environment, the Directors
expect the Group’s operating performance to improve in the current financial year.
Directorate
Another two stalwarts of the Board have informed me of their desire to step down. Dr Michael Fam Yue Onn
and Mr Tang I-Fang would not seek re-election in the coming AGM. Both were appointed to the Board on 8
August 1984 and have served unswervingly for the past 20 years. I thank them for their contributions and
invaluable counsel to the Board.
Share capital management
As I had mentioned in my previous Chairman’s statement, the Board aims to reward shareholders who stay with
the Company for the long term. The loyal ones would have benefited from the $1.067 billion capital reduction
exercise we completed this year. The exercise helped improve the Group’s return on equity to 36.9 per cent.
With the appointments of Professor Cham Tao Soon as Deputy Chairman and Mr Willie Cheng Jue Hiang as
a Director on 1 March 2004, the new Board aims to serve you with equal distinction.
I would also like to thank staff, readers, advertisers, vendors and business associates for their continued support.
The Board has recommended that a final gross dividend of 21.25 cents, comprising 10 cents normal and
11.25 cents special, be paid after approval has been obtained at the coming Annual General Meeting. I trust
all shareholders would vote in favour of the resolution.
Lim Chin Beng
Chairman
8 9

GROUP FINANCIAL HIGHLIGHTS
GROUP FINANCIAL HIGHLIGHTS (CONT’D)
2004 2003 Change
S$’000 S$’000 %
Operating revenue 970,075 897,816 8.0
Profit from operations 337,949 290,896 16.2
Profit before exceptional items 571,514 317,144 80.2
Profit before taxation 600,191 438,904 36.7
Profit after taxation 546,277 379,135 44.1
Minority interests 5 (399) NM
Profit attributable to shareholders 546,282 378,736 44.2
Shareholders’ interests 1,479,119 2,247,736 (34.2)
Total assets 2,591,880 3,368,245 (23.0)
Total liabilities 1,112,761 1,120,509 (0.7)
Dividends declared for the financial year (net) 328,535 # 375,640 (12.5)
Operating
Revenue
Profit from
Operations
Profit Attributable
to Shareholders
S$970,075,000
S$897,816,000
S$337,949,000
S$290,896,000
S$546,282,000
S$378,736,000
Per share data
Net tangible assets (S$) 0.93 1.22* (23.8)
Profit before taxation (S$) 0.38 0.24* 58.3
Profit attributable to shareholders (S$) 0.35 0.20* 75.0
Gross dividends declared for the financial year (cents) 25 # 26* (2.9)
Dividend cover for the financial year (times) 1.7 1.0 70
Shareholders’
Interest*
S$1,479,119,000
S$2,247,736,000
Value added
Per employee (S$) 189,708 167,229 13.4
Per $ employment costs (S$) 2.49 2.49 –
Per $ investment in fixed assets (before depreciation) (S$) 0.63 0.68 (7.4)
Per $ operating revenue (S$) 0.70 0.69 1.4
Total
Assets*
S$2,591,880,000
S$3,368,245,000
Profitability ratios
% points
Operating margin (%) 34.8 32.4 2.4
Return on operating revenue (%) 56.3 42.2 14.1
Return on shareholders’ funds (%) 36.9 16.8 20.1
2004 2003
* Decline in Shareholders’ Interest and Total Assets due to the Capital Reduction Exercise which took place during the financial year, as proceeds from the sale of investments and
fixed deposits have been utilised to finance the Capital Reduction Exercise.
* Adjusted for share split exercise completed in FY 2004.
# Included proposed final dividend of 10 cents per share and final special dividend of 11.25 cents per share, less tax at 20%, to be approved by shareholders at the Annual General
Meeting on December 6, 2004.
NM Not meaningful
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11

BOARD OF DIRECTORS/
BOARD COMMITTEE
MEMBERS

DIRECTORS’ PROFILE
DIRECTORS’ PROFILE (CONT’D)
LIM CHIN BENG
Mr Lim joined the Board on 1 October 2001 and was appointed Chairman of SPH on 13 December 2002. He is also
Chairman of The Ascott Group Ltd. He is director of CapitaLand Ltd and StarHub Ltd, and companies in the Pontiac
Land Group.
He also serves as a director of the Press Foundation of Singapore Ltd and is a member of the Public
Service Commission.
He was formerly the Managing Director and Deputy Chairman of Singapore Airlines Ltd, Chairman of the Singapore
Tourist Promotion Board and Singapore’s ambassador to Japan.
Mr Lim graduated from the University of Malaya (Singapore) in Economics, and Harvard Business School’s Advanced
Management Program.
CHAM TAO SOON
Prof Cham was appointed Deputy Chairman of SPH on 1 March 2004. He has spent more than 30 years in the academia
sector and currently is a Distinguished Professor of Nanyang Technological University.
Prof Cham is also the Chairman of NatSteel, a director of United Overseas Bank Ltd, WBL Corporation Ltd, Robinson &
Co. Ltd and TPA Strategic Holdings Ltd. In addition, he serves as a board member of Land Transport Authority, a member
of the Council of Presidential Advisers, Chairman of the Singapore Symphonia Co Ltd and as director of Singapore
International Foundation.
Prof Cham holds a Bachelor of Engineering (Civil, Hons) from the University of Malaya, a Bachelor of Science
(Mathematics, Hons) from the University of London and a Doctorate of Philosophy (Fluid Mechanics) from Cambridge
University.
ALAN CHAN HENG LOON
Mr Chan was appointed a director and Group President of SPH on 1 July 2002 and became its Chief Executive Officer
on 1 January 2003. He is also a director of Singapore Power Ltd, and Chairman of PowerGas Ltd. He is a member of the
INSEAD Singapore Council, the Board of Trustees, Courage Fund and the Board of Governors of The Singapore-China
Foundation.
He has more than 24 years’ experience in the civil service, spanning the Civil Aviation Department, Ministries of Home
Affairs, Defence, Foreign Affairs and the Prime Minister’s Office. Prior to joining SPH, he was the Permanent Secretary,
Ministry of Transport. He was also a director of DBS Group Holdings Ltd and PSA Corporation Ltd.
Mr Chan is a President Scholar and had been awarded the Public Service Medals (Gold and Silver). He graduated from
the Ecole Nationale de I’Aviation Civile, France and holds an MBA (with distinction) from INSEAD, France.
MICHAEL FAM YUE ONN
Dr Fam was appointed to the Board on 8 August 1984. He is the Executive Chairman of Fraser & Neave Ltd, Chairman
of Asia Pacific Breweries Limited and Centrepoint Properties Ltd and a director of Times Publishing Ltd.
He was formerly Chairman of Singapore Airlines Ltd, Housing Development Board, Mass Rapid Transit Corporation and
the Council of Nanyang Technological University, Public Transport Council and a director of Oversea-Chinese Banking
Corporation Limited, Temasek Holdings (Pte) Ltd, the Public Utilities Board and Economic Development Board. He also
served as a member of the Council of Presidential Advisers, Singapore.
Dr Fam holds a Bachelor of Engineering (First Class Hons) in Civil Engineering from the University of Western Australia;
and Honorary Degrees of, Doctor of Laws from the National University of Singapore, Doctor of Engineering from the
University of Western Australia, and Doctor of Letters from the Nanyang Technological University. He was appointed a
member of the Order of Nila Utama, First Class, in 1990.
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DIRECTORS’ PROFILE (CONT’D)
DIRECTORS’ PROFILE (CONT’D)
TANG I-FANG
Mr Tang has been a Director since 8 August 1984. He is the Executive Chairman of WBL Corporation Ltd, the Chairman
of United Engineers Ltd, Wearnes International (1994) Ltd and the Deputy Chairman of The Straits Trading Company Ltd.
He is also a director of Lee Kuan Yew Exchange Fellowship Ltd and OCBC, Wearnes & Walden Investments (Singapore) Ltd.
LIM KIM SAN
Mr Lim was appointed Senior Advisor on 1 January 2003, upon stepping down as Executive Chairman after 14 years at
the helm of the SPH Group. He is responsible for the current organisational and management structure of the Group, having
transformed it into a multi-platform media organisation.
In public service, he led several UN Economic Missions for Asian countries and was Chairman of EDB; Chairman of JTC;
Chairman of the Sub-Committee on Service Sector of Singapore Economic Committee (1985). He was conferred
Distinguished Service Order (DUBC) in 1972. He was named the Singapore Businessman of the Year in 1989.
Mr Tang was previously a director of Oversea-Chinese Banking Corporation Ltd and Times Publishing Ltd.
Mr Tang holds a BSc Mech. Eng. from National Central University, China and an MBA from Harvard University.
YEO NING HONG
Dr Yeo was appointed to the Board on 15 March 2001. He is the Senior Advisor of Hyflux Ltd, a member of the Temasek
Advisory Panel, and an Advisor to Far East Organisation. He also serves on several business, sports and civic organizations,
including as Chairman of the Singapore Totalisator Board and the Singapore Symphony Orchestra Trust;
Honorary President of the SEA Games Federation and Patron of the Singapore National Olympic Council. He is also the
Chairman of a couple of technology start-up companies.
Dr Yeo is a former Cabinet Minister and has served as Minister for Defence and Minister for Communications and
Information. He was previously the Chairman of PSA Corporation Ltd, Executive Chairman of the Singapore
Technologies Group of Companies, as well as a director of DBS Bank Ltd and DBS Group Holdings Ltd.
He is also the Chairman of Times Publishing Ltd and Press Foundation of Singapore Ltd.
Prior to joining the Group, Mr Lim served as Cabinet Minister in ministries as diverse as National Development, Finance,
Defence, Education, Environment and Communications. He was also the Chairman of Housing & Development Board, Public
Utilities Board, Port of Singapore Authority and Managing Director of Monetary Authority of Singapore. He started his career as
a banker and industrialist.
Mr Lim has received several national honours and awards, including the Order of Temasek, NTUC Medal of Honour, PAP
Distinguished Service Medal and the prestigious Ramon Magsaysay Award for community leadership. He was conferred an
Honorary Degree of Doctor of Laws, National University of Singapore.
NGIAM TONG DOW
Mr Ngiam was appointed to the Board on 15 March 2001. He is the Chairman of HDB Corporation Pte Ltd and a director
of Valuair Limited, United Overseas Bank Ltd, Yeo Hiap Seng Ltd and Majulah Connection Ltd. He is also a Corporate
Advisor of Temasek Holdings (Pte) Ltd.
He was formerly a director of Temasek Holdings (Pte) Ltd, Overseas Union Bank Ltd, Development Bank of Singapore
Ltd and Singapore Airlines Ltd.
Dr Yeo holds a MSc from Singapore University, and an MA and PhD from Cambridge University. He also has a
distinguished academic and public record, having been conferred several awards and honorary positions in Singapore
and overseas, including Honorary Fellowship of Christ’s College, Cambridge and Distinguished Service Order of the
Republic of Singapore.
Mr Ngiam has a distinguished public service career, having served as Chairman of the Housing & Development Board,
Central Provident Fund Board, Economic Development Board, Telecommunications Authority of Singapore, and Deputy
Chairman of the Board of Commissioners of Currency. He was also Permanent Secretary of the Prime Minister’s Office,
the Ministries of Finance, Trade & Industry, National Development, and Communications.
Mr Ngiam holds a Bachelor of Arts (First Class Hons) in Economics from the University of Malaya (Singapore) and Master
of Public Administration from Harvard University.
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DIRECTORS’ PROFILE (CONT’D)
DIRECTORS’ PROFILE (CONT’D)
LEE EK TIENG
Mr Lee was appointed as a director on 15 March 2001. He is the Group Managing Director of the Government of
Singapore Investment Corporation Pte Ltd and a director of Fraser & Neave Ltd. He is also a member of the Lee Kuan
Yew Exchange Fellowship and a director of the Lee Kuan Yew Scholarship Fund.
He is a member of the Board of Governors, Singapore International Foundation, and the Chairman of the Haggai Institute,
International Board of Trustees, Atlanta.
Dr Pillai holds an LLB First Class Hons (Singapore), LLM (Harvard) and SJD (Harvard).
He was previously Chairman of the Public Utilities Board and Temasek Holdings Pte Ltd, Head of Civil Service and
Permanent Secretary (Special Duties) in the Prime Minister’s Office, as well as Deputy Chairman of the Monetary
Authority of Singapore.
SUM SOON LIM
Mr Sum was appointed to the Board on 5 December 2003. He is currently a corporate advisor to Singapore Technologies
Pte Ltd.
Mr Lee holds a Bachelor’s Degree in Engineering from the University of Malaya (Singapore) and has a Diploma in Public
Health Engineering from the University of Newscastle-Upon-Tyne (UK). He is a member and Fellow of various professional
engineering bodies in Singapore and overseas.
Mr Sum also sits on the boards of CapitaLand Ltd, Chartered Semiconductor Manufacturing Ltd, STT Communications
Ltd, Singapore Health Services Pte Ltd and Singapore Technologies Telemedia Pte Ltd. He is also a Commissioner of P.T.
Indonesian Satellite Corporation (Indosat) and a member of the Securities Industry Council.
CHEONG CHOONG KONG
Dr Cheong was appointed a director on 1 March 1997. He is also the Chairman of Oversea-Chinese Banking Corporation
Ltd and was previously the Deputy Chairman and Chief Executive Officer of Singapore Airlines Ltd.
He holds a Bachelor of Science with First Class Honours in Mathematics from the University of Adelaide, a Master of
Science and a PhD in Mathematics from the Australian National University. He was Associate Professor and Head of the
Mathematics Department at the University of Malaya before joining Singapore Airlines in 1974.
He was named outstanding Chief Executive in 1996 and Fortune magazine’s 1998 Asia’s Businessman of the Year.
Mr Sum has worked with the Singapore Economic Development Board, DBS Bank, J.P. Morgan Inc., Overseas Union
Bank and Nuri Holdings (S) Pte Ltd, a private investment holding company.
Mr Sum received his B. Sc. (Hons) in Production Engineering from the University of Nottingham, England.
WILLIE CHENG
Mr Cheng was appointed a director on 1 March 2004. He is a director of Neptune Orient Lines Limited, NTUC Fairprice
Cooperative Ltd, Spring Singapore and the Accounting & Corporate Regulatory Authority. He is also Chairman of the
Singapore Science Centre, the National Volunteer & Philanthropy Centre and the Jurong Country Club.
PHILIP PILLAI
Dr Pillai was appointed as a director on 5 December 2003. He is a Senior Partner in the law firm of Shook Lin & Bok,
Singapore. He is currently a director of the Monetary Authority of Singapore, Singapore Technologies Engineering Ltd,
Singapore Technologies Electronics Ltd, Lindeteves-Jacoberg Limited, Hotung Investment Holdings Limited and PT Agro
Indomas.
He was previously Country Managing Director of Accenture Singapore.
Mr Cheng holds a Bachelor of Accountancy (First Class Hons) from the University of Singapore. He is a CPA. He is also a fellow
of the Singapore Institute of Directors and the Singapore Computer Society.
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EXECUTIVE OFFICERS
EXECUTIVE OFFICERS (CONT’D)
CHEONG YIP SENG
Editor-in-Chief, English/Malay Newspapers Division
Mr Cheong has been in journalism for over 40 years. In January 1987, he became Editor-in-Chief of the English and Malay
Newspapers Division, a position he holds today. As Editor-in-Chief, he manages four newspapers – The Straits Times,
The Business Times, Berita Harian and The New Paper.
ARTHUR SEET KEONG HOE
Executive Vice President, Finance
Mr Seet is the Executive Vice President of Finance. He held various finance positions in Times Publishing Berhad, and in
Singapore Newspaper Services Pte Ltd, including Financial Controller and General Manager, Circulation. Mr Seet has
been with the Group for 30 years.
He is a non-executive director of SBS Transit Ltd. In 1997, Mr Cheong received the ASEAN Award for information. He also
serves on the Bioethics Advisory Committee and the National University of Singapore Council.
Mr Seet is a director of MobileOne Ltd. He is a Fellow of the Chartered Association of Certified Accountants and
member of the Institute of Certified Public Accountants of Singapore.
THAM KHAI WOR
Senior Executive Vice President, Marketing
Mr Tham is the Senior Executive Vice President of Marketing, responsible for sales and marketing of advertising in the
English, Malay and Chinese newspapers, and heads the marketing activities of all newspapers. He has been with the Group
for 33 years.
He was the President of Master Printers’ Association from 1983 – 1984; and Advertising Media Owners Association,
Singapore, for 11 years (1986 - 1997), and is now their Honorary Advisor. Concurrently, he was Singapore’s representative
in the Asian Foundation of Advertising Associations, and Governor of the Institute of Advertising, Singapore.
ROBIN HU YEE CHENG
Executive Vice President
Chinese Newspapers Division, Newspapers Services Division
Mr Hu joined the Group as Executive Vice President, Chinese Newspapers Division and Newspaper Services Division on
February 1, 2004. Before joining SPH, Mr Hu was Managing Director of global business in SingTel’s wholly-owned
National Computer Systems Pte Ltd.
SNG NGOI MAY
Executive Vice President
Corporate Services & Corporate Relations
Mrs Sng is the Executive Vice President, responsible for the Group’s Properties, Administration, Information Resource Centre,
Legal/ Secretariat and Corporate Relations functions. She joined the Group in 1983 as Group Editorial Manager and has
served in various management positions in the Editorial Support Services and Human Resources divisions.
Mrs Sng is concurrently the General Manager of Press Foundation of Singapore Limited, a charity foundation set up in
2003. Prior to joining SPH, she was in the Government Administrative Service and worked in the Ministries of Health,
Finance and Home Affairs. Mrs Sng holds a Master of Science from the University of Singapore.
LOW HUAN PING
Executive Vice President, Technology
Mr Low is the Executive Vice President, Technology. He has been with the Group for 18 years. Previously, he was Chief
Executive Officer of SPH AsiaOne Ltd, a subsidiary of SPH, Chairman of CyberWay Pte Ltd and a director of Singapore
Cable Vision Limited. Mr Low is also a director of MobileOne Ltd.
Mr Hu has extensive experience in the public and private sectors in areas such as technology and media. Between 1995 and
2001, he worked in China initially as a member of the Economic Development Board’s pioneering team in Suzhou and later
as Counsellor (Industry and Investment) in the Singapore Embassy in Beijing before becoming a technopreneur during the
heydays of the dotcom era.
Mr Low started his career at the Ministry of Defence, where he subsequently headed various IT departments.
Mr Low holds a Bachelor of Arts (Honours) and Master of Arts from Cambridge University, where he read Engineering and a
Master of Science from the University of Singapore. He also graduated from Harvard’s Business School Advanced
Management Program.
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EXECUTIVE OFFICERS (CONT’D)
EXECUTIVE OFFICERS (CONT’D)
WEE LEONG HOW
Executive Vice President, Human Resources &
Executive Director, SPH MediaWorks Ltd
Mr Wee has been with the Group for 20 years, and is currently the Executive Vice President of Human Resources. He is
concurrently Executive Director of SPH’s TV subsidiary, SPH MediaWorks Ltd.
GINNEY LIM MAY LING
Head, Legal & Group Company Secretary
Ms Lim is Head of the Legal/ Secretariat Department and Group Company Secretary. She has been with the Group since
December 1991 and founded the Legal/Secretariat Department in SPH which until her joining, had no in-house legal
department.
Mr Wee started his career in the Singapore Civil Service, first as an engineer in the Ministry of Defence followed by a
stint in the Foreign Service.
Prior to joining SPH, Ms Lim was heading the Legal & Secretariat department of NTUC INCOME. She has over 20 years
of experience in the legal, corporate secretarial and insurance sectors.
Mr Wee holds a Master of Arts from Cambridge University, where he read Engineering under a Singapore Government
scholarship. He also has a Master of Business Administration from the National University of Singapore.
Ms Lim holds a Bachelor of Law (Honours) from the National University of Singapore. She is also an Associate of the
Institute of Chartered Secretaries and Administrators and an Associate of the Chartered Insurance Institute.
MICHAEL CHIN YONG KOK
Acting Executive Vice President, Corporate Development and Properties
Mr Chin has been with the Group for 13 years. He is Acting Executive Vice President of the Corporate Development Division and
Properties. He started his career with SPH in Corporate Planning/Business Development Department, and then moved to the
Properties Department. He also held concurrent positions in Production and Human Resources Divisions.
Mr Chin started his career as an engineer in the Public Works Department and later, a senior manager in Coopers & Lybrand,
before joining SPH.
He holds a Bachelor of Science, First Class Honours, University of Manchester, a Master of Science, University of Manchester
and a Master of Business Administration from the National University of Singapore.
She is a member of the Group 8: Listed Companies Committee of the Singapore International Chamber of Commerce.
JOYCE CHEE SIEW LUAN
Head, Internal Audit
Mrs Chee joined SPH in 1986 as the deputy chief internal auditor and became the head of Internal Audit in 1987. She was
responsible for both internal audit functions of SPH and Times Publishing groups until 1996. Prior to joining SPH, she headed
the internal audit function of Tan Chong Motors and was the deputy head of audit in Great Eastern Assurance.
She has held the Vice President and Governor positions in the Institute of Internal Auditors (Singapore) for many terms
and has actively contributed to the growth and development of the internal audit profession in Singapore.
Mrs Chee is a Certified Public Accountant (Singapore) and a Certified Internal Auditor (US).
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23

S E I Z I N G
T H E I N I T I A T I V E
“Only the player with the initiative has
the right to attack.”
– Wilhem Steinitz (1836–1900), the first
world champion

REVIEW BY CHIEF EXECUTIVE OFFICER
Financial year 2004 was an eventful and milestone year for SPH.
More significantly, we took note of and acted decisively on what our shareholders and stakeholders wanted us
to do. We were able to enhance value for our shareholders, made inroads into regional markets, strengthened
our products to attract readers, and leveraged on our core capabilities and brand name to stay ahead.
It was a year of achievements as our newspapers, magazines and TV channels went on a winning streak and
clinched a string of top international awards for excellence and quality. But it was also a testing time as we
had to take several tough measures to stay the course. On balance, I believe we put up a good show and
can look back on the past year with satisfaction.
The following gives a short review of how we measured up in the key areas.
Looking back on the year
We entered FY04 when the economy was still sluggish, as it was just recovering from the adverse effects of
SARS which ravaged many businesses in Singapore and the region. Terrorism continued to be a clear and
present danger.
Amid the uncertainty and difficult operating environment, SPH’s core newspaper business remained soft and the
Group ended the first quarter with a net profit of $83.8 million, slightly up from $82.8 million in the same quarter
of the previous year. Total turnover dipped 1.1% to $240.3 million.
With a slow but steady global recovery underway, our newspaper operations improved in the second quarter
and the group posted $89.3 million in net profit. Overall performance of the group was also boosted by
additional rental income from the new extension to Paragon, which opened for business on 1 September 2003.
The pickup came in the third quarter as consumer sentiment improved, in tandem with the economic recovery.
Newspaper and magazine revenue went up, on the back of a low post-SARS period, as did our property,
broadcasting and multimedia segments. For the quarter, the Group registered a net profit of $369.5 million,
of which $170.5 million came from the disposal of Belgacom and $110.1 million from the sale of Times House
site, markedly up from the $63.3 million in the same period in FY03.
27

REVIEW BY CHIEF EXECUTIVE OFFICER (CONT’D)
REVIEW BY CHIEF EXECUTIVE OFFICER (CONT’D)
I am pleased to report that we ended the year on a very positive note, achieving a net profit of $546.3 million,
which is an increase of 44.2% from the previous financial year.
We have delivered on three key fronts.
Return of capital to shareholders
To our shareholders, we returned nearly $1.1 billion in cash in late June 2004, following a 5-for-1 share split
and a major capital reduction exercise. The stock split was to make SPH shares more accessible to small
investors. The capital reduction was to return surplus cash to shareholders by way of a $2,865 cash compensation
for every 1,000 shares held, with cancellation of 15 per cent of shares.
The move was aimed at enhancing SPH’s return on equity (ROE) and earnings per share (EPS). The capital
return demonstrated the Group’s commitment to managing the company’s capital on an ongoing basis and,
where appropriate, returning surplus capital to shareholders. The capital reduction exercise will not affect the
company’s funding of immediate and long-term growth plans as it still has a substantial cash balance.
Both the share split and capital reduction were overwhelmingly approved by shareholders at an Extraordinary
General Meeting on 7 May 2004. The exercises were completed on 24 June 2004.
Rationalisation of TV and free newspaper operations
In early 2004, SPH began serious negotiations with MediaCorp Pte Ltd to rationalise the Group’s free-to-air
television broadcasting and free newspaper businesses, which have incurred continuing losses. Competition
since media liberalisation in May 2000 has raised production and acquisition costs, as well as led to
duplication of resources.
SPH MediaWorks, the Group’s broadcasting arm, chalked up further losses of $44.5 million in FY04, up from the
$40.2 million a year ago. Negotiations on the merger of MediaWorks’ Channels U and i, and SPH’s free
newspaper Streats with MediaCorp, were in its final stages at the close of the financial year.
The proposed transactions, which were later signed on 17 September 2004, sought to create a new TV
company in which SPH would have a 20% stake, and for SPH to co-own 40% of MediaCorp Press, which
publishes Today, a free newspaper. SPH will merge Channel U and Streats with MediaCorp’s Channels 5 and
8, and Today respectively. It was agreed that the commercial viability of Channel i would be reviewed.
The continuing losses, especially from the TV operation, were not sustainable. SPH believes rationalisation is
in the best interest of the company, as it would immediately stem the losses and enhance shareholder value,
while allowing the company to hold significant stakes in the TV and free newspaper businesses.
Commitment to divest non-core assets
We kept our commitment to divest non-core assets. The company sold the Times House site, a 10,485 sq metre
freehold land at the junction of Kim Seng Road and River Valley Road, for $118.9 million in March 2004. In April
2004, we netted $170.5 million from the sale of our entire stake in Belgacom, Belgium’s biggest phone company.
Business performance
Group turnover for the year grew 8% to $970.1 million, boosted by revenue from its core newspaper and
magazine operations, which rose 5.6% to $833.2 million, property segment which brought in $82.6 million, up
56.7 %, and broadcasting and multimedia business which fell 2.6% to $54.3 million.
We sold a substantial part of our stake in StarHub following its recent IPO. Based on the IPO price of $0.95
per share, SPH would book an investment income of $126.3 million, before deduction of the Company’s IPO
expenses. This gain will be reflected in the first quarter results in FY05.
The company remains committed to divesting the remaining non-core assets in the Group as it focuses on
its core business.
Riding on improving consumer sentiment, which was dented by the SARS crisis last year, the Group’s
advertising revenue rose 4.1% to $664.5 million. Operating expenses went up 4.5% to $643.5 million. Higher
prices forced newsprint costs up by 6.2%, while staff costs also rose 9% due to the higher staff variable
bonus that had to be set aside in line with higher operating profits.
28 29

REVIEW BY CHIEF EXECUTIVE OFFICER (CONT’D)
REVIEW BY CHIEF EXECUTIVE OFFICER (CONT’D)
Property
The Property segment was one of the three star performers of the year, the other two being newspaper and
magazine segment and Treasury and Investment. The new Paragon extension helped boost property turnover
to $82.6 million, up 56.7%. The higher income came from rentals in the new wing and renewals of rental
leases at the existing Paragon, as well as increased occupancy from the medical and office tower.
Times Properties also contributed a higher net profit of $114.6 million, with $110.1 million from the Times
House sale.
Zaobao Sunday was also given a major overhaul and relaunched on 29 August 2004. It was also well received
by readers, and sales rose by 6,000 copies to an average of 189,300. Its weekday circulation averaged
185,000 copies, slightly down from last year.
The string of top international and local newspapers awards which our newspapers garnered during the year
attests to their quality and excellence. These awards, given by prestigious newspapers groups such as the Society
for News Design (SND), Society of Publishers in Asia (SOPA), IFRA’s Publish Asia and the Pacific Area Newspaper
Publishers’ Association (PANPA), are a good way to benchmark our work against other papers in the world.
Newspaper sales
Against dwindling newspaper readership worldwide, competition from alternative media and pressure on
readers’ time, SPH newspapers managed to buck the trend and held their ground. This was borne out by the
Nielsen 2004 Media Index survey, which showed that overall newspaper readership stayed at 84%, with
some titles even enjoying a surge. The survey also found that readers in Singapore were becoming more
sophisticated and mature, especially among the white-collar workers and PMEBs. This trend augurs well for
paid newspapers.
But the total daily average circulation of the Group’s 13 paid newspapers fell by 2.1% to 1,036,836 copies
during FY04, compared to the previous financial year. This was partly due to the cover price increases for nine
newspapers which came into effect on 16 January 2004, and increased competition, including from free sheets.
However, readers continued to find value for money in SPH newspapers, underlining support for their ongoing
improvements to beef up content and design. Six newspapers in the SPH stable underwent makeovers
to stay relevant, with the most successful being the redesigned Sunday Times. Its circulation soared by 9,700
copies to 396,000 within a month after its revamp.
On another platform, the online editions of our major newspapers and AsiaOne also continued to attract
more eyeballs. Both the Chinese and English online sites drew up to 300 million pageviews a month, with
Zaobao.com alone snaring about 250 million pageviews. Our Internet business unit also reported higher
advertising revenue, in line with global trend.
Reaching out to young readers
SPH newspapers also stepped up efforts to attract younger readers by presenting news in a more appealing
way, packaged in small, entertaining bites and delivered with edge. They added youth sections and education
pages which give young readers a forum to contribute their works and air their views.
Our Chinese newspapers also made it easier and more accessible for readers who are not as proficient in
the language, with simplified Chinese and easy-to-read stories. Both flagship dailies, The Straits Times and
Lianhe Zaobao, moved into schools to engage more student readers through their media and student
correspondent clubs, and their efforts boosted weekly sales to schools.
Newspaper-in-education is an area which we will be paying more attention to grow and drive readership.
Daily average weekday circulation of The Straits Times, SPH’s English flagship daily, stayed at 380,200,
marginally down from the previous year. This was before the cover-to-cover makeover for the 159-year-old
paper, which remains the newspaper of choice for Singapore readers. This new-look ST was relaunched on
19 October 2004, receiving kudos all round for its classy, fresh and clean design.
SPH Magazines’ regional thrusts
Not to be left out, our magazine subsidiary, SPH Magazines, also went into overdrive to make further inroads
into regional markets and roll out new lifestyle titles. In the short span of eight months from October 2003
when it started its regional expansion drive, SPH Magazines established a beachhead for its bestseller Her
World women’s magazine in the region through joint ventures in Malaysia, Thailand and China.
30 31

REVIEW BY CHIEF EXECUTIVE OFFICER (CONT’D)
REVIEW BY CHIEF EXECUTIVE OFFICER (CONT’D)
At home, SPH Magazines continued to enlarge its stable of lifestyle titles, which included Shape, a health and
fitness magazine for women, Maxim, a men’s lifestyle magazine, Simply Her, a lifestyle guide for busy, working
women who multi-task, Young Parents pre-school guide and Young Parents Baby.
And in a move that strengthens its foothold in the regional magazine market, it bought over the media and
publishing business of Blu Inc for $32.9 million, bringing into its fold another 40 titles including Female,
NuYou, Peak and Torque. With the acquisition of Blu Inc, SPH Magazines now publishes 63 in-house and
contract titles, making it a market leader.
Corporate citizenry
SPH widened its community involvement during the year and continued to contribute to a diverse range of
worthy events, from education, arts and culture, conservation, sports to charity.
Other newspapers such as The New Paper and Lianhe Zaobao continued to support the annual President’s
Challenge fund-raising drive.
For SPH, corporate giving is a way of giving back to the communities which have made it profitable and its
responsibility to forge community spirit.
Acknowledgements
SPH has been able to turn in a good performance because of the collective efforts of our staff to excel at
every level. Their unstinting support and talent have enabled the company to maintain its competitive edge.
I want to thank all of them for their dedication and hard work and for going the distance for the company. I
would also like to express my deepest appreciation to our business associates, management, unions and
customers for their strong support and contribution to help keep the SPH flag flying high.
In recognition of its staunch support to help keep the local arts scene thriving, SPH was given the
Distinguished Patron of the Arts Award by the National Arts Council for the 12th year running. It was also bighearted
on charity, and initiated a group organised giving on 23 August 2004 with donations totalling
$200,000 for 20 charity and welfare organisations which look after the needy sick and elderly.
SPH staff also pitched in to do their bit for charity by helping to raise funds for various charitable causes. Its
hugely successful fund-raiser, The Straits Times School Pocket Money Fund met its target collection of $3.5
million to help the growing number of needy students on its list, which now stands at 11,000, as did its
Chinese TV Channel U, which raised a record $7 million from its second Ren Ci Charity Show for the Ren Ci
Hospital and Medical Centre.
We enter the new financial year with renewed confidence, energised by our synergy and well-positioned to
tap new growth opportunities in the region. But let’s not be lulled into thinking that it will be business as usual
for we have to brace ourselves for the changing market dynamics in the coming months which may upset the
growth momentum. These include rising interest rates, oil and newsprint prices, cooling of China’s economy,
continuing conflict in the Middle East and terrorism risk in the region.
We must remain nimble and focused and continue to build on our competitive strengths to produce quality
products and grow earnings, exploring fresh ideas, breaking new grounds to give those who believe in us
better value for money.
Alan Chan Heng Loon
Chief Executive Officer
32 33

P O S I T I O N A L
A D V A N T A G E
“If you see a good move, look for the
better one.”
– Emmaneul Lasker (1868–1941),
who was world champion for 26 years,
a record not likely to be broken.

OPERATIONAL REVIEW
OPERATIONAL REVIEW (CONT’D)
BETTER READS, BRIGHTER LOOKS – NEWSPAPER MAKEOVER MANIA
SPH newspapers spared no efforts to refresh their image during the year to give better value to readers. The English,
Chinese and Malay Newspapers went all out to beef up their content and design in a series of makeovers. The results
pleased readers and advertisers, and boosted sales. Here are the highlights of the key new features in the various
redesigned papers.
English and Malay Newspapers
Brighter and more vibrant Sunday Times
• On 28 September 2003, readers woke up to an eye-catching Sunday Times, which was given a cover-to-cover
makeover, including a new classy masthead.
It was an immediate hit with readers, who lapped up its richer content and vibrant layout, which is organised around
readers’ needs and demands for weekend reading. The writing is brighter, headlines are more striking and the design
style combines text, photos and graphics in a visually stunning way with the use of bold colours. There are more
lifestyle, leisure and health features, as well as new sections, with each carrying a news-you-can-use anchor columns
to help readers digest the news and information in a faster way.
The Sunday Times redesign was a winner. A snap poll found that more than eight in 10 readers liked the new version
and one-third said they spent more time reading it. Sales went up by 8,000 copies weekly.
The successful Sunday Times revamp paved the way for a total overhaul of its mothership, The Straits Times, which
was relaunched on 19 October 2004.
The Business Times
• On 1 September 2004, The Business Times took on a brand new look, surprising readers with a refreshing blue
masthead and a meatier paper with extra sections.
The sunnier New Paper on Sunday
• On 1 August 2004, the Sunday edition of The New Paper emerged with a classy new look, giving readers even more
reason to lay their hands on the bestselling weekend tabloid.
Simple and elegant in design with impactful pictures, the extras in the redesigned New Paper on Sunday, which was
launched in 1999, include a forum for readers to engage in sms and mms, a driving column for women, a Hey! Section
that invites well-known personalities to give views on movies and TV shows.
Readers particularly like the feel-good style of a weekend magazine.
Berita Minggu
• On 15 August 2004, Berita Minggu, the Sunday edition of Berita Harian, a Malay language daily, was relaunched,
with livelier content, bigger pictures and graphics. It also offers more features, covering economic and money
matters, a main feature called Focus BM, hot topics, lifestyle, entertainment and sports. Its weekday edition will be
revamped in 2005.
Chinese Newspapers
Shin Min Daily News
• On 18 March 2004, Chinese evening daily Shin Min Daily News hit newsstands with a brand new look, with full colour
in all its news pages and additional special features. This followed its very successful introduction of four new colour
pages in September 2002.
Positive feedback from readers and advertisers to the change in 2002 spurred the paper on to a major facelift. The
new Shin Min now gives readers deeper insights into breaking news and updates readers on trends, the hottest
entertainment and sports news.
In the most radical makeover since 1995, the new features in the redesigned business daily include bigger fonts, a
friendlier layout, more features and specialty pages such as Economy Watch, a daily look at the state of the Singapore
economy; Malaysian and regional pages and Views from the Top, where CEOs give their views on current issues.
36
37

OPERATIONAL REVIEW (CONT’D)
OPERATIONAL REVIEW (CONT’D)
Lianhe Zaobao
• On 21 February 2004, SPH’s flagship Chinese daily Lianhe Zaobao launched Popcorn, a new education section in
zbNOW, to reach out to younger readers. The education pages feature topics of concern and interest to teens in a
fun and lively style on every Wednesday.
• On August 8, 2004, Lianhe Zaobao on Sunday unveiled its new sleek look. Brighter and more vibrant, it offers readers
loads of interesting features and a more leisurely read for the whole family. Stories are written in a lighter vein to
engage younger readers while the design is attractive and magazine-ish. The main news section remains a broadsheet
but the lifestyle section comes in a tabloid, giving readers more appealing lifestyle and fun topics.
REGIONAL EXPANSION – SPH MAGAZINES
Financial Year 2004 marked a major milestone for SPH Magazines as it embarked on a regional expansion drive.
In a spate of months from October 2003 to May 2004, SPH Magazines established its premier Her World brand in the
region. In October 2003, it launched the revamped issue of Her World Malaysia, a joint venture with Berita Publishing Sdn
Bhd. In March 2004, in a joint venture with GMM Media Co., Her World Thailand made its debut. Two months later,
– Her World, the first Chinese- language edition of the magazine, made its entry into China. Her World Indonesia was
launched in October 2000 under the banner of licence partner PT. Media Ikrar Abadi.
Her World in Singapore continued to dazzle with its revamp in October 2003 and its bumper issues packaged with
attractive gifts in December 2003 and July 2004. In Singapore, standalone title Her World Body was launched in
November 2003, and the second issue was published in May 2004.
One of the jewels in the crown of achievement for SPH Magazines was its acquisition of the media assets of the Blu Inc
Group, including all its magazine titles, among which are the popular Female and Nuyou. The group publishes a total of
40 in–house and contract titles. The acquisition of the Blu Inc Group is part of SPH Magazines’ strategy to strengthen its
position in the magazine business here and in the region.
SPH Magazines continued to enlarge its stable of lifestyle publications with the launch in July 2004 of the Singapore
version of Shape, the top US health and fitness magazine for women, under the licence of Weider Publications. This was
SPH Magazines’ first international licensing arrangement.
Among the non–women’s titles, SPH Magazines launched the Singapore edition of Maxim in September 2004. It is the
largest men’s lifestyle title in the US, which sells four million copies monthly and has 23 editions in 33 countries. Young
Parents won three top international media awards – a gold at IFRA 2004 and a silver at SOPA 2004 for design and a SOPA
2004 certificate for editorial excellence. The Young Parents Pre–school Guide was launched in October 2003 and Young
Parents Baby made its debut in August 2004 as a biannual publication new and first–time parents.
SPH Magazines’ stable of titles today stands at 63 in–house and contract titles, including those acquired under the Blu
Inc Group.
38
39

OPERATIONAL REVIEW (CONT’D)
OPERATIONAL REVIEW (CONT’D)
BUMPER HAUL OF AWARDS AND HONOURS
SPH continued its winning streak in the last financial year, reaping a bumper crop of top international and local awards
for newspaper excellence, broadcasting, advertising, corporate governance and supporting the arts in Singapore. And
the awards went to:
Newspapers and Magazines
• In September 2003, four SPH journalists clinched the top Investors’ Choice Awards for financial journalism given by
the Securities Investors Association of Singapore (Sias). They are: Business Times’ Executive Money Editor Genevieve
Cua, named Best Financial Journalist of the Year, senior correspondent Christopher Tan of The Straits Times, who won
the Best Financial Story of the Year award, Straits Times correspondent Lorna Tan, given a special award, and Lianhe
Zaobao’s Ang Li Ching, given The Rising Star Award.
• In December 2003, two SPH journalists – Zaobao photographer Bob Lee and Streats photojournalist Edwin Koo –
clinched the top two prizes in one of the categories in the ClickArt World Photojournalist Meet 2003.
• In March 2004, The Sunday Times won two international design awards, putting it in the league of the world’s bestdesigned
newspapers. The paper, which shed its old image for a bold new look and livelier, more colourful design in
September 2003, bagged the excellence awards given out by the prestigious Society for News Design, based in the
US. Straits Times photographer Desmond Foo also received an excellence award for photography from the society.
• In June 2004, SPH newspapers swept nine awards – in reporting, photography and design – in a publishing
competition organised by the Society of Publishers in Asia (Sopa). The Straits Times grabbed six top awards for
business reporting, news photography, feature photography, and newspaper design in the local-newspaper and
magazines category. It took the second prize for reporting and special editions. The Sunday Times, which was
redesigned in September 2003, won the top prize for newspaper design.
• In July 2004, SPH emerged a big winner at the annual IFRA’s Publish Asia Media Awards, walking away with six awards
for best in printing, infographics and design.
In the Best in Print category for newspaper with double width, The Straits Times took the silver award, while its
Chinese broadsheet Lianhe Zaobao received a bronze. ST also clinched the gold and bronze awards for the Best in
Newspaper Infographics while The Sunday Times won gold for the Best in Newspaper Design.
Young Parents, published by SPH Magazines, beat top magazines in the region to win the gold award for Best in
Magazine Design.
Publish Asia Media Awards is an annual event organised by IFRA, the world’s leading organisation for the newspaper
and media publishing industry.
Advertising
• In September 2003, SPH’s Product Development and Branding team won certificates for being finalists in The New
York Festivals’ International Design & Print Advertising Competition, a prestigious international competition that
honours the best work in communications and media, including TV and cinema advertising, TV programming and
promotion and interactive multimedia.
• In November 2003, SPH’s Classified Advertisements Telephone Sales (Cats) division took the top spot in the Call Centre
of the Year awards, organised by the Call Centre Council of Singapore. The awards honour organisations and
individuals for excellent customer service, high levels of productivity, operational efficiency and profitability.
• In November 2003, SPH received the first patron award given by the Association of Accredited Advertising Agents
Singapore (4AS) for making a significant contribution to the local advertising and marketing communications industry.
40
41

OPERATIONAL REVIEW (CONT’D)
OPERATIONAL REVIEW (CONT’D)
TV accolades
• Despite being a relatively newcomer to the TV scene, SPH MediaWorks’ two TV channels punched above their weight
in the region.
GROWING YOUNG READERS
With sagging newspaper readership worldwide, especially among the younger population, SPH newspapers have spared
no efforts in reaching out to younger readers and meeting their expectations and needs.
• In December 2003, Channel i News was voted the Best General News Programme at the 8th Asian Television Awards,
beating leading contenders CNN International's News Biz Today and Star News Asia. Channel U’s variety show, Top
10, won Best Entertainment Programme, while its host, Kym Ng, was named Best Entertainment Presenter. It also won
Best Art Direction for drama serial, The Romance Of The Book, and Sword. Channel U was also runner-up in the
Terrestrial Channel of the Year category.
• In December 2003, MediaWorks again won awards at the annual Promax and BDA Asia 2003. It struck gold in the
News and Current Affairs Promo category for a Channel i News trailer and another for Channel U’s current affairs
programme Sense Of Being. A silver went to the Best Movie Promo for the show, Alive.
• In June 2004, for its third birthday, MediaWorks won a gold and two silvers at the International Promax & BDA Awards
presented in New York, taking its total haul of international awards since its launch in 2001 to 48.
Throughout the year, they relentlessly kept up with the young, making sure that their products appeal to them, constantly
improving their content and design to stay relevant, with stories written in a lighter, livelier, fun and entertaining style.
Some newspapers added youth sections and education pages to give more value to younger readers.
And they didn’t just stop at that. Some of the mainstream newspapers went directly to schools to engage and connect
with the students through various initiatives to cultivate the newspaper reading habit in them.
Highlights of some of these activities by the four major newspapers in SPH to grow younger readers.
Straits Times Media Club
Launched in August 2003 to promote students’ knowledge of current affairs and to improve their writing skills, 49
secondary schools are now members of this club, with 38 of them joining during the year under review.
Corporate Governance
• In January 2004, SPH came in second in a survey by Asian finance magazine, The Asset, for financial transparency
and good corporate governance. The rating is the highest for a non government-linked company, up from its No. 3
slot the previous year.
• In April 2004, SPH was named The Company Most Committed to Dividend Policy by Hongkong-based FinanceAsia
magazine.
Schools just need to subscribe to 500 or more copies of The Straits Times a week to become a member. They can also
invite ST editors and journalists to give talks on topical issues to their students, and during the school holidays, students
can attend workshops at SPH.
Response from schools has been overwhelming. In less than a month, 27 schools signed up, raising weekly circulation of
the ST by 20,000. Sales have since gone up to 35,500 now. At the height, 47 schools participated in the scheme with
37,000 copies of Straits Times subscribed.
The Arts
• In September 2004, SPH received the Distinguished Patron of the Arts award from the National Arts Council for the
12th year running, for its continuing strong support to promote the arts in Singapore.
Besides these efforts, The Straits Times is planning to organise a National Schools Newspaper of the Year competition
and it is beefing up its education section every Monday.
Simpler Chinese for young readers
Readership for Chinese newspapers has eroded over the years, partly because many students are not as proficient in the
Chinese language. Realising this trend many years ago, the Chinese dailies in SPH started taking proactive steps to halt
42
43

OPERATIONAL REVIEW (CONT’D)
OPERATIONAL DATA
the shrinking readership and grow new readers.
Daily Average Circulation for 2004
Besides stepping up efforts to promote its Friday Weekly for secondary school students and Thumbs Up for primary
pupils, SPH’s Chinese flagship daily, Lianhe Zaobao, has also made its content more digestible to younger readers.
The Straits Times
The Sunday Times
380,197
388,796
In January 2004, Lianhe Zaobao launched its Popcorn pages to make its coverage relevant to young readers, with
The Business Times
27,515
simplicity as the key. The weekly Wednesday pages have hit off well with students, helping to push Zaobao sales to more
than 54 schools by 29,000 copies a week. Zaobao also keeps in close touch with schools through its school sports
correspondents and student correspondents clubs.
The New Paper
The New Paper on Sunday
115,915
154,004
The two student weeklies also pitch their articles at the students levels, with headings in Hanyu Pinyin and a mini glossary
in English for uncommon Chinese phrases on each page. Both weeklies also have a newspaper in education programme
which teachers could use as supplementary teaching materials.
Streats
Lianhe Zaobao (Weekday)
Lianhe Zaobao (Sunday)
184,445
194,640
280,373
Friday Weekly also organises a slew of regular club events and helps schools to produce students newsletters.
Lianhe Wanbao (Weekday)
124,134
Malay and Tamil papers keep pulse on the young
In August 2003, Berita Harian, the Malay language paper, introduced a new and more interactive page, called Expresi, for
youths to express themselves on any issues close to their hearts, while Tamil Murasu carries an eight-page section called
Manavar Murasu (Students’ Murasu), with contributions from students and teenagers. TM also runs a youth page, called
Youth Murasu, every Tuesday and reaches out to Indian students through activities such as workshops to prepare
students for exams and football tournaments.
Lianhe Wanbao (Weekend)
Shin Min Daily News (Weekday)
Shin Min Daily News (Weekend)
Friday Weekly
62,523
123,634
123,639
121,234
Educational visits for students to SPH facilities
At the Group level, SPH also conducts tours for students to its English and Chinese newsrooms, its TV news studio at
News Centre, Toa Payoh North, to give them an insight into how newspapers operate and how TV news bulletins are
produced.
Thumbs Up
Berita Harian
Berita Minggu
29,944
58,503
66,000
SPH is also a partner of the Ministry of Education’s Learning Journey Programme, which gives students a learning
experience outside the classroom. Last year, a total of 43 groups or 1,720 students visited the SPH’s printing plants at
Print Centre in Jurong, to learn more about the media group's state-of-the-art printing facilities.
Tamil Murasu (Weekday)
Tamil Murasu (Sunday)
8,504
15,232
44
45

OPERATIONAL DATA (CONT’D)
OPERATIONAL DATA (CONT’D)
Advertising Expediture by Media ( $million )
6,000
SPH Newspapers Gross Readership Trends (’000)
5,000
9.6%
6.0%
4,000
3,000
4.7%
32.5%
2,000
13.3%
1,000
0
1994 1995* 1996 1997 1998 1999 2000 2001 2002 2003 2004
4.1%
Year
29.7%
2,000
1,800
SPH Newspapers Gross Readership Trends (’000)
FY2004
Total adspend: S$1,973
SPH Newspapers
Today
Mediacorp TV
SPH Mediaworks TV
1,600
Periodicals
1,400
1,200
1,000
4.5%
8.6%
5.8%
35.7%
Radio
Others (Cinema, Busbacks/
Taxi-Tops and Posters)
800
14.6%
600
400
26.8%
3.9%
200
0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Year
English Chinese Malay/Tamil
Note: TV includes bonus airtime, where discounts can range from 65% to 80%.
Source: The Nielsen Media Research’s 2004 Media Index Survey.
FY2003
Total adspend: S$1,723
46
47

P L A Y I N G F O R
A W I N
“Every Pawn is a potential queen.”
– James Mason (1909–1984), British actor

STAFF WELFARE
CORPORATE CITIZENRY
At SPH, human resources and talent are our most cherished assets. And we recognise that they are a critical force in the
success of the company. That’s why we provide a stimulating and family-friendly environment to develop and retain talent,
and a flexible and enriching workplace for staff to grow.
SPH believes that a happy worker is a steady and more productive worker. To help staff, especially those with young
children, balance their family life and work, the company has put into place various pro-friendly measures, including flexible
working hours, work from home arrangement and no-pay leave for mothers who want to extend their maternity leave.
Five-day week & longer maternity leave
On 1 August 2004, SPH implemented a five-day week for staff, in line with the government’s push to create a more familyfriendly
environment and to maintain employment competitiveness although production staff will commence the shorter week
next year. Also effective from 1 August 2004, SPH extended paid maternity leave by a month to three months for up to the
fourth child as part of the pro-family measures to encourage Singaporeans to have bigger families. This move followed changes
to the Employment Act. In addition, employees with children below seven years of age are entitled to two days of paid childcare
leave each year. Both moves were welcomed by SPH staff.
Health screening for all
On 1 February 2004, the company overhauled the group’s medical benefits scheme for staff, moving away from a reactive
approach to a proactive one emphasising early detection and preventive healthcare. Under the new medical scheme, nonexecutive
staff are also entitled to basic health screening, a perk previously enjoyed by executives only. This screening
was carried out between March and May 2004.
Espirit de Corps parties
To promote Espirit de Corps among employees, the company announced in August 2004 that the annual Dinner and
Dance would be replaced by smaller and more intimate divisional parties, which are aimed at building camaraderie and
bonding. Under the new scheme, each division will organise its own year-end bash. Divisions can also give out Long
Service Awards at such party.
Corporate citizenry is one of SPH’s core values. Matching words with deeds, the Group, which firmly believes that it has a
social responsibility in helping to build a better nation, continued to demonstrate its strong commitment to fostering community
spirit by supporting a diverse range of community and charity events. Despite a flagging economy and the aftermath of
SARS, it continued to contribute generously to support arts and culture, education, conservation efforts, sports and charity.
A staunch supporter of local arts, SPH believes in promoting home-grown talent and providing them a platform to
showcase their works and creativity, as well as other efforts to develop Singapore into a vibrant arts and cultural hub.
For its contributions to events such as SPH Homecoming SSO Series, TheatreWorks Writers’ Lab, Singapore Arts
Festival, Singapore River Hongbao, Chinese Cultural Festival, it was conferred the Distinguished Patron of the Arts Award
by the National Arts Council for the 12th successive year.
It also contributed to other worthy community causes, including the SPH Geography Challenge, SPH Schools Relay
Championships and SPH Reading Room project.
SPH also stepped up its corporate giving last year. As part of bringing National Day cheer to the less fortunate, it gave
out $200,000 to 20 charity and welfare organisations caring for the needy sick and elderly on 23 August 2004, in an
organised group giving. This was in addition to donations to various other charitable causes, including the Community
Chest Share programme and the Press Foundation of Singapore, a non-profit organisation which was set up in 2002 to
promote lifelong learning.
SPH also encourages staff volunteerism by helping to raise funds for charitable causes. Its top fun-raiser, The Straits
Times School Pocket Money Fund, now into its fifth year, managed to raise its target of $3.5 million to help 11,000
students from low-income homes despite the bad times. Its Chinese TV Channel U exceeded expectations when it
collected a record $7 million from its second Ren Ci Charity Show in January for the Ren Ci Hospital and Medical Centre.
Lianhe Zaobao’s ZPOP zbNOW Concert and The New Paper’s Big Walk and Be Yourself Day raised $338,000 for the 2003
President’s Challenge. Tamil Murasu spearheaded the setting up of the G. Sarangapany Education Trust Fund and helped
raised the initial seed money of $500,000.
SPH scholarships
SPH believes that healthy companies need healthy communities. We see our community involvement as a way of giving
SPH awarded scholarships to 14 children of SPH employees in June 2004 to help them pursue their studies at junior
back to the community which has supported us.
colleges, polytechnics or a local university. The company also gave out 12 public scholarships for higher studies at universities
50 in the US, Britain, Australia and China.
51

T H E P I E C E S
I N A C T I O N
“You have to have fighting spirit.
You have to force moves and
take chances.”
– Bobby Fischer (b.1943), the 11th world
champion (1972–75) and arguably the greatest
chess player of all time.

September 28, 2003
Relaunch of The Sunday Times. The eyecatching,
more lively and vibrant Sunday
edition was an instant hit with readers,
especially the younger ones, boosting the
weekly sales by more than 8,000 copies.
SIGNIFICANT
EVENTS
>>
October 1, 2003
ST School Pocket Money Fund launched its
fourth fund-raising drive to support the
growing number of needy students, who
have gone up from 7,200 to 11,000 this
year. Despite the weak economy, $3.5
million was raised.
>>
October 14 – 15, 2003
For the first time, over 300 letter writers of
The Straits Times Forum pages were invited
to a “Thank You” gathering at SPH News
Centre for their contribution. It was an
opportunity for them to meet ST editors
and exchanged views. They also toured
the newsroom, TV news studio and
Information Resource Centre and
exchange. ST plans to hold this
event annually.
January 10 – 15, 2004
The annual River Hongbao to celebrate
the Lunar New Year was launched at the
Marina Promenade by National
Development Minister Mah Bow Tan.
The event is jointly organised by Chinese
Newspapers Division (CND) and promotes
Chinese culture and traditions.
>>
January 11, 2004
MediaWork’s Ren Ci Charity Show,
organised for the second year, raised $7
million for Ren Ci Hospital. The live
charity show with MediaWorks artistes
performing daredevil feats pulled in some
1.25 million viewers.
>>
January 16, 2004
SPH raised cover prices of nine of its
newspapers, in the first price adjustment
since 1995. The increase for The Straits
Times, Sunday Times, The New Paper, The
New Paper on Sunday, Berita Harian,
Berita Minggu, Lianhe Zaobao, Lianhe
Wanbao and Shin Min Daily News, was in
two stages – 16 January 2004 for
newsstand copies and 1 February 2004 for
subscription copies.

March 8, 2004
Streats launched its second edition. About
20,000 copies of the noon edition were
distributed at selected MRT stations, food
junctions and shopping malls in the
CBD area.
>>
March 25, 2004
Singapore Business Awards 2003, organised
by The Business Times and DHL, named
Ron Sim, Founder and CEO of OSIM
International, Businessman of the Year; Lee
Hsien Yang, President & CEO of SingTel,
Outstanding Chief Executive of the Year;
and gave Hyflux Limited the
Enterprise Award.
>>
May 2, 2004
A New Business Unit was set up by CND
to complement Marketing division to
leverage on the influence and brand of
Chinese newspapers and reach out
to advertisers.
>>
May 23, 2004
Singapore’s biggest mass sports event, The
New Paper Big Walk, drew some 70,000
participants. The annual event, into its
14th year, was organised by The New
Paper, Singapore Amateur Athletic
Association and Singapore
Sports Council.
July 5, 2004
SPH launched the SPH Ink Awards to
honour excellence in print advertisements
published in SPH newspapers and
magazines. This annual award culminates
at an industry-wide gala event where
winners will be announced.
>>
July 6, 2004
SPH Magazines launched Shape Singapore,
the local version of the top US health and
fitness magazine for woman.
>>
August 4, 2004
Veteran of social service, Haji Abu Bakar
Maidin was named the Berita Harian
Achiever of the Year 2004. The event was
organised by Berita Harian and presented
by McDonald’s.

W I N N I N G
T H R U S T
“Never is reason and clear thinking
more necessary than when victory is
in sight.”
– Eugene Alexandrovich Znosko-Borovsky
(1884–1954), Russian professional chess player.

CORPORATE GOVERNANCE REPORT
CORPORATE GOVERNANCE REPORT (CONT’D)
SPH is committed to achieving high standards of corporate governance and has adopted a framework of corporate
governance policies and practices in line with the principles set out and best practices recommended in the Code of
Corporate Governance (Code).
SPH has complied with the full requirements of the Code as well as the Singapore Exchange Listing Manual requirements.
There are other sections in this annual report which have an impact on the disclosures required. The annual report should
be read in totality for SPH’s full compliance.
SPH has received recognition in the form of accolades and awards from the investment community for its good corporate
governance practices and transparency in management and reporting (please refer to page 42 for details).
and ensures that board members are provided with complete, adequate and timely information. As a general rule, board
papers are sent to Directors at least one week in advance in order for Directors to be adequately prepared for the
meeting. Senior management staff are invited to attend board meetings to answer any queries that the Directors may
have on the Group’s operations. The Directors may from time to time, also request to meet without Management’s
presence. In the last financial year, the Board had met without the CEO and other management staff’s presence.
The Company Secretary attends all Board meetings and is responsible to ensure that board procedures are followed. It
is the Company Secretary’s responsibility to ensure that the Company complies with the requirements of the Companies
Act and the Singapore Exchange Listing Manual. Together with the other management staff of SPH, the Company
Secretary is responsible for compliance with all other statutes, rules and regulations which are applicable to the Company.
BOARD OF DIRECTORS
Board’s Conduct of its Affairs
The principal responsibilities of the Board are:
1. Reviewing and approving the corporate policies, strategies, budgets and financial plans of the Company;
2. Monitoring financial performance including approval of the annual and interim financial reports;
3. Reviewing the processes for evaluating the adequacy of internal controls, risk management, financial reporting
and compliance;
4. Approving the nominations of Directors and appointment of senior management, and determining and reviewing their
remuneration levels;
5. Approving major funding proposals, investments, acquisitions and divestment proposals; and
6. Assuming responsibility for corporate governance.
The Board conducts regular scheduled meetings on a quarterly basis. Ad–hoc meetings are convened when circumstances
require. The Articles allow a board meeting to be conducted by way of a tele-conference. The attendance of the
Directors at meetings of the Board and Board Committees, as well as the frequency of such meetings, is disclosed on
page 72. A Director will not be nominated by the Nominating Committee for re-appointment and will be deemed to have
resigned, if he fails to attend three Board or Board Committee meetings consecutively, without good reason.
Access to Information
The Board is provided with quarterly financial accounts, other financial statements and progress reports of the Group’s
business operations. The Directors may contact the Company’s senior management through the Company Secretary or
the CEO.
Should Directors, whether as a group or individually, need independent professional advice, the Company Secretary will, upon
direction by and approval of, the Chairman or the CEO appoint a professional advisor to render the advice. The cost of such
professional advice will be borne by the Company.
Board Composition
Currently, the Board comprises 12 Directors, all of whom, except for the CEO, are non-executive and independent directors.
Details of the Directors’ academic and professional qualifications and other appointments are set out on pages 14 to 19
of the annual report.
The Company’s Articles allow for the appointment of a maximum of 12 Directors. The size and composition of the Board
are reviewed from time to time by the Nominating Committee (NC), who is of the view that the current Board size is
appropriate, taking into account the nature and scope of the Group’s operations.
The Chairman ensures that board meetings are held when necessary and sets the board meeting agenda in consultation
with the Chief Executive Officer (CEO). The Chairman reviews all board papers before they are presented to the Board
The NC is also of the view that the current Board comprises persons who as a group, possesses the relevant qualifications,
experience and core competencies necessary to manage the Company.
60 61

CORPORATE GOVERNANCE REPORT (CONT’D)
CORPORATE GOVERNANCE REPORT (CONT’D)
The independence of each Director is reviewed annually by the NC. The NC adopts the Code’s definition of what
constitutes an independent director in its review. As a result of the NC’s review of the independence of each Director for
this financial year, the NC is of the view that the non-executive Directors are independent directors and further, that no
individual or small group of individuals dominate the Board’s decision making process.
Chairman and CEO
The Company has a separate Chairman and CEO. The Chairman is a non-executive and independent director.
The CEO is the chief executive in the Company and bears executive responsibility for the Company’s business, while the
Chairman bears responsibility for the workings of the Board. The Chairman and the CEO are not related.
Director Training
Directors are kept informed about the relevant training available either inhouse or organised externally. A comprehensive
orientation programme will be organized for new Directors to familiarize them with the Group’s operations, organization
structure and corporate policies. The objective of the orientation programme is to give new Directors a better
understanding of SPH’s business and the media industry, and to help them settle into their new roles.
Directors may also request further explanations, briefings or informal discussions on any aspect of the Group’s
operations or business issues from the management.
Board Membership and Renewal Process
The NC recommends all appointments and re-appointments of Directors to the Board and the Board Committees. As a
media company, all new appointments to the Board are subject to the approval of the Media Development Authority (MDA).
New Directors are at present either appointed by way of a board resolution, after the NC approves their appointment or
elected at the Annual General Meeting (AGM) of the Company. New Directors appointed by way of board resolution,
must submit themselves for re-election at the next AGM.
Article 111 of the Articles requires one third of the Directors, or the number nearest to one third, to retire by rotation at every
AGM. These Directors may offer themselves for re-election, if eligible. Directors over 70 years of age are also required
to be re-elected every year at the AGM under Section 153(6) of the Companies Act.
Board Performance
The NC evaluated the Board’s performance as a whole, and that of individual Directors, in this year based on
performance criteria set by the Board. The performance criteria included an evaluation of size and composition of the
Board, the Board’s access to information, Board processes, Board performance in relation to discharging its principal
functions and fiduciary duties, and communication with top management, attendance record, and intensity and quality of
participation at meetings.
62 63

CORPORATE GOVERNANCE REPORT (CONT’D)
CORPORATE GOVERNANCE REPORT (CONT’D)
BOARD COMMITTEES
To facilitate effective management, certain functions have been delegated by the Board to various Board Committees.
Members of the Board and each Board Committee during the financial year are set out on page 73.
Executive Committee (EC)
The EC comprises six members, four of whom are independent non-executive directors. The EC is chaired by the
Chairman of the Board.
The EC’s principal responsibilities are:
1. To review, with management, and recommend to the Board the overall corporate strategy, objectives and policies of the
Group, and monitor their implementation;
2. To consider and recommend to the Board, the Group’s five year plan and annual operating and capital budgets;
3. To review and recommend to the Board proposed investments and acquisitions of the Company and its subsidiaries
which do not fall within the Company’s core businesses but which are considered strategic investments for the longterm
prospects of the Company;
4. To approve the affixation of the Common Seal onto any document in accordance with the Company’s Articles
of Association;
5. To act on behalf of the Board in urgent situations, when it is not feasible to convene a meeting of the entire Board;
and
6. To carry out such other functions as may be delegated to it by the Board.
Audit Committee (AC)
The AC comprises five members, all of whom are independent non-executive directors. All the members of the AC have
many years of experience in board and senior management positions in the accounting and related financial fields. The
NC is of the view that the members of the AC have sufficient financial management expertise and experience to discharge
the AC’s functions.
The AC performs the following main functions:
1. To review annual audit plans and audit reports of external and internal auditors;
2. To review the auditors’ evaluation of the system of internal accounting controls;
3. To review the balance sheet and profit and loss account of the Company and the consolidated balance sheet and profit
and loss account of the Group before they are submitted to the Board for its approval;
4. To review the scope, results and adequacy of the internal audit function, procedures and its cost effectiveness;
5. To review any interested person transactions as defined under the Singapore Exchange Listing Manual;
6. To review the independence, objectivity and cost effectiveness of the external auditors and the nature and extent of nonaudit
services supplied by the external auditors so as to balance the maintenance of objectivity and value for money;
and
7. To recommend to the Board the appointment of external auditors.
The AC has conducted an annual review of the volume of non-audit services to satisfy itself that the nature and extent of
such services will not prejudice the independence and objectivity of the external auditors before confirming their re-nomination.
The AC meets with the external and internal auditors, without the presence of management, at least once year.
Internal Controls
In the course of their statutory audit, the Company’s external auditors will highlight any material internal control
weaknesses which had come to their attention in carrying out their normal audit which is designed primarily to enable
them to express their opinion on the financial statements. Such material internal control weaknesses noted during their
audit, and recommendations, if any, by the external auditors are reported to the AC.
The Internal Audit division (IAD) has an annual audit plan, which complements that of the external auditors. IAD’s plan
focuses on material internal control systems including financial, operational, IT and compliance controls, and risk
management. IAD also provides advice on security and control in new systems development, recommends improvements
to effectiveness and economy of operations, and contributes to risk management and corporate governance processes.
Any material non-compliance or lapses in internal controls together with corrective measures are reported to the AC.
64 65

CORPORATE GOVERNANCE REPORT (CONT’D)
CORPORATE GOVERNANCE REPORT (CONT’D)
Based on the audit reports and management controls in place, the AC is satisfied that the internal control systems provide
reasonable assurance that assets are safeguarded, that proper accounting records are maintained and financial
statements are reliable.
Enterprise Risk Management
SPH recognizes the importance of enterprise risk management process (ERM) and has set up an ERM unit, which reports
to the EC.
SPH institutionalized its risk management practices under a formal enterprise risk management framework in 2004. External
consultants were appointed to advise SPH on the ERM framework. With the ERM framework, SPH aims to better manage
the uncertainties and adverse threats as it realises potential opportunities and creates value. The SPH ERM framework
incorporates a continuous and iterative 4-step process for enhancing risk awareness and enabling a culture of risk
management across the organisation:
Internal Audit
IAD is staffed with eight audit executives, including the Head of Internal Audit, who is a Certified Internal Auditor (CIA)
and a Certified Public Accountant (CPA). All staff have to adhere to a set of code of ethics adopted from The Institute
of Internal Auditors, US (IIA). IAD reports directly to the chairman of the AC on audit matters, and to the CEO on administrative
matters. IAD has adopted the Standards for Professional Practice of Internal Auditing set by IIA and ensures staff
competency through specialized training and exposure to major business and support areas.
The AC reviews IAD’s reports on a quarterly basis. The AC also reviews and approves the annual IA plans and resources to
ensure that IAD has the necessary resources to adequately perform its functions.
Interested Person Transactions
SPH has an internal policy in respect of any transactions with interested persons and has in place a process to review
and approve any interested person transactions. For this financial year, there were no interested person transactions.
• Identification. Workshops were conducted by external ERM consultants at both management and divisional levels,
to communicate the risk management objectives and approach. Significant risks, in the broad areas of strategic,
regulatory, operational, and financial were systematically identified, evaluated and prioritised based on consequence and
likelihood of occurrence. Key stakeholders such as shareholders, partners, customers and employees were considered.
• Treatment. Risk treatment plans were determined for the prioritised risks, with appropriate risk owners identified. Crossdivisional
teams were formed to drive the implementation of the treatment plans.
• Monitoring. The ERM Unit provides the EC, with six-monthly reports and updates on major risks faced by SPH, and
progress of risk treatment plans. Any new risk of significance will be reported for review accordingly. The progress is
reported to the Board.
• Review. An annual review of the risks will be conducted to evaluate the risk profile, strategies and adequacy and
effectiveness of the risk treatment plans.
Nominating Committee (NC)
The NC comprises five members, of whom four are independent non-executive directors.
The NC’s principal functions are:
1. To make recommendations to the Board on all board appointments;
2. To be responsible for the re-nomination of Directors, having regard to the Director’s contribution and performance
(e.g.attendance, preparedness, participation and candour) including, if applicable, as an independent director;
3. To determine annually whether or not a Director is independent, bearing in mind the circumstances set forth in
paragraph 2.1 of the Code of Corporate Governance, and any other salient factors;
4. To decide whether or not a Director is able to and has been adequately carrying out his duties as Director of the Company;
5. To assess the effectiveness of the Board as a whole, the contribution by each individual Director to the effectiveness
of the Board and to decide how the Board’s performance may be evaluated.
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CORPORATE GOVERNANCE REPORT (CONT’D)
CORPORATE GOVERNANCE REPORT (CONT’D)
Remuneration Committee (RC)
The RC comprises five Directors, all of whom are non-executive and independent directors. Members of the RC are
knowledgeable in the field of executive compensation and have access to expert advice inside and/or outside the
Company.
The head of the Human Resources Division is secretary to the RC, whilst the Company Secretary is the administrator of the Group’s
share option schemes.
The RC’s principal responsibilities are:
1. To recommend to the Board of Directors a framework of remuneration for the Board and key executives;
2. To determine specific remuneration packages for each executive director and the CEO or executive of similar rank if
the CEO is not an executive director;
3. To recommend to the Board for endorsement the remuneration of the CEO;
4. To consider and approve salary and bonus recommendations in respect of senior executives;
5. To decide on all aspects of remuneration, including but not limited to Directors’ fees, salaries, allowances, bonuses,
options, long term incentive schemes, including share schemes, and benefits in kind; and
6. To administer the share option scheme(s) adopted by the Group and to decide on the allocations and grants of options to
eligible participants under the share option scheme(s).
The RC also reviews the succession plan of key executives of the Group, including the CEO.
DISCLOSURE ON REMUNERATION
Directors’ Remuneration
The CEO’s remuneration package includes a variable bonus element which is performance-related, and also stock
options which have been designed to align his interests with those of the shareholders. As an executive director, the CEO
does not receive directors’ fees. Non-executive directors have no service contracts.
Non-executive directors, including the Chairman, are paid Directors’ fees, subject to approval at the AGM. A breakdown,
showing the level and mix of each individual Director’s remuneration payable for this financial year is as follows:
Directors’ Base/Fixed Variable or Benefits
Fees Salary Bonuses in Kind Total
Name of Director (%) (%) (%) (%) (%)
Executive Directors
$750,000 to $999,999
Chan Heng Loon Alan – 66.48% 29.58% 3.94% 100%
Independent Directors
Below $250,000
Lim Chin Beng
(Chairman) 92.23% – – 7.77% 100%
Cham Tao Soon
(appointed on 1.3.2004) 100% – – – 100%
Willie Cheng Jue Hiang
(appointed on 1.3.2004) 100% – – – 100%
Cheong Choong Kong 100% – – – 100%
Michael Y.O. Fam 100% – – – 100%
Lee Ek Tieng 100% – – – 100%
Ngiam Tong Dow 100% – – – 100%
Philip Pillai
(appointed on 5.12.2003) 100% – – – 100%
Sum Soon Lim
(appointed on 5.12.2003) 100% – – – 100%
Tang I–Fang 100% – – – 100%
Yeo Ning Hong 100% – – – 100%
Lee Hee Seng
(retired on 5.12.2003) 100% – – – 100%
Wee Cho Yaw
(retired on 5.12.2003) 100% – – – 100%
68 69

CORPORATE GOVERNANCE REPORT (CONT’D)
CORPORATE GOVERNANCE REPORT (CONT’D)
Remuneration of Executives
Remuneration of top five executives of the Company (excluding the CEO in above table) in each remuneration band
for this financial year:
COMMUNICATIONS WITH INVESTORS AND SHAREHOLDERS
The Company holds analysts’ briefings of its half-year and full-year results and a media briefing of its full year results. The
quarterly financial results are published through the MASNET, news releases and the Company’s corporate website.
Remuneration Bands No. of Executives
$1,000,000 to $1,249,999 1
$750,000 to $999,999 –
$500,000 to $749,999 1
$250,000 to $499,999 3
Total 5
The Company adopts a remuneration policy for staff comprising a fixed component, a variable component and benefits
in kind. The fixed component is in the form of a base salary. The variable component is in the form of a variable bonus
that is linked to the Company’s and individual performance. The benefits in kind would include club and car benefits. The
RC will approve the bonus for distribution to staff based on individual performance. Another element of the variable
component is the grant of share options to staff under the share option scheme. This seeks to align the interests of staff
with that of the shareholders.
The remuneration of Directors and Executives shown in the above tables excludes value of stock options granted and income
derived from stock options exercised during the financial year under the Company’s relevant share option schemes. Only
executive directors may participate in the Company’s share option scheme. Non-executive directors are not eligible to do so
under the scheme rules.
The Singapore Financial Reporting Standard (FRS) 102 on Share-based Payment requires an entity to reflect in its profit
or loss and financial position the effects of share-based transactions, including expenses associated with transactions in
which share options are granted to employees. This standard will apply to the Group from the financial year beginning 1
September 2005, whereby the value of stock options granted and income derived from stock options will be reflected in
the Group’s financial statements and disclosures.
The Company does not practise selective disclosure. Price-sensitive information is first publicly released, either before the
Company meets with any group of investors or analysts or simultaneously with such meetings.
The Company has an investor relations team which communicates with its investors on a regular basis and attends to
their queries. Shareholders or any member of the public may also post any queries via email to our corporate email
address, sphcorp@sph.com.sg, and these will be attended to by the corporate relations team in the Company. All
shareholders of the Company receive the annual report and notice of AGM. The notice is also advertised in the
newspapers. The annual report is also available on the Company’s corporate website, www.sph.com.sg.
All Directors, including the Chairmen of the EC, AC, NC and RC and senior management are in attendance at the AGMs
to allow shareholders the opportunity to air their views and ask Directors or management questions regarding the
Company. The external auditors are also invited to attend the AGMs to assist the Directors to answer any queries relating
to the conduct of the audit and the preparation and content of the auditors’ report.
The Articles allow a shareholder to appoint one or two proxies to attend and vote instead of the shareholder. The Articles
currently do not allow a shareholder to vote in absentia.
The Company is in full support of shareholder participation at AGMs. For those who hold their shares through CPF nominees
and who are not registered as shareholders of the Company, the Company welcomes them to attend the AGM as observers.
CODE OF BUSINESS ETHICS
The Group has adopted a Code of Business Ethics to regulate the standards and ethical conduct of its employees who are
required to observe and maintain high standards of integrity.
The Company does not employ any immediate family member of any Director or the CEO.
DEALINGS IN SECURITIES
The Group has adopted an internal code in conformity with the provisions of the Best Practices Guide in the Singapore Exchange
Listing Manual to provide guidance to its Directors and key staff in relation to the dealings in the Company’s securities. In line
70 71

CORPORATE GOVERNANCE REPORT (CONT’D)
CORPORATE GOVERNANCE REPORT (CONT’D)
with the guidelines, Directors and key staff of the Group who have access to price-sensitive and confidential information
are not permitted to deal in the Company’s securities during the periods commencing two weeks before the
announcement of the Group’s first and third quarter financial results and one month before the announcement of the
Group’s half year and full year financial results, and ending on the date of the announcement of such results respectively,
or when they are in possession of unpublished price-sensitive information on the Group. A system of reporting of
securities dealings by Directors to the Company Secretary and by key staff to the Head of Human Resources Division,
has also been established to effectively monitor the dealings of these parties in the securities of the Company.
DIRECTORS’ ATTENDANCE RECORD FOR BOARD AND BOARD COMMITTEE MEETINGS
Executive Audit Nominating Remuneration
Name Board Committee Committee Committee Committee
Lim Chin Beng (Chairman) 6 out of 6 8 out of 8 – 3 out of 3 4 out of 4
Cham Tao Soon (Dy Chairman)
[appointed on 1.3.04] 3 out of 3 5 out of 5 – – –
Chan Heng Loon Alan (CEO) 6 out of 6 8 out of 8 – 3 out of 3 –
Willie Cheng
[appointed on 1.3.04] 3 out of 3 – 2 out of 2 – –
Cheong Choong Kong 5 out of 6 – 3 out of 4 – –
Michael Y.O. Fam 6 out of 6 8 out of 8 – 3 out of 3 4 out of 4
Lee Ek Tieng 6 out of 6 – 3 out of 4 1 out of 2≈ –
Ngiam Tong Dow 6 out of 6 8 out of 8 1 out of 1 # 3 out of 3 4 out of 4
Philip Pillai
[appointed on 5.12.03] 5 out of 5 – – – 3 out of 3
Sum Soon Lim
[appointed on 5.12.03] 5 out of 5 – 3 out of 3 – –
Tang I–Fang 6 out of 6 – 4 out of 4 – –
Yeo Ning Hong 6 out of 6 – – – 4 out of 4
Lee Hee Seng
[up to 5.12.03] 1 out of 1 – – 1 out of 1 1 out of 1
Wee Cho Yaw
[up to 5.12.03] 1 out of 1 – – – –
Lim Kim San
(non–director member of ExCo) – 7 out of 8 – – –
BOARD AND BOARD COMMITTEES MEMBERSHIP
Main Executive Audit Nominating Remuneration
Name of Director Board Committee Committee Committee Committee
Independent
Lim Chin Beng Chairman Chairman – Member Member
Cham Tao Soon
Deputy
(appointed on 1.3.2004) Chairman Member – – –
Willie Cheng Jue Hiang
(appointed on 1.3.2004) Member – Member – –
Cheong Choong Kong Member – Member – –
Michael Y.O. Fam Member Member – Chairman Chairman
Lee Ek Tieng Member – Member Member 1
Ngiam Tong Dow Member Member Member 2 Member Member
Philip Pillai
(appointed on 5.12.2003) Member – – – Member
Sum Soon Lim
(appointed on 5.12.2003) Member – Member – –
Tang I-Fang Member – Chairman – –
Yeo Ning Hong Member – – – Member
Lee Hee Seng
(retired on 5.12.2003) Member – – Member Member
Wee Cho Yaw
(retired on 5.12.2003) Member – – – –
Executive
Chan Heng Loon Alan Member Member – Member 3 –
Lim Kim San – Member 4 – – –
Notes:
1. Mr Lee Ek Tieng was appointed to the Nominating Committee on 5.12.2003.
2. Mr Ngiam Tong Dow resigned from the Audit Committee on 5.12.2003.
3. Mr Alan Chan Heng Loon will step down as a member of the Nominating Committee following the Annual General Meeting on 6 December 2004.
4. Mr Lim Kim San is a non-director member of the Executive Committee.
Notes:
# Audit Committee
Mr Ngiam Tong Dow resigned as member on 5.12.2003.
≈ Nominating Committee
Mr Lee Ek Tieng appointed as member on 5.12.2003.
72 73

T H E E N D G A M E
“There are many moves but only
one checkmate.”
– Russian proverb.

FINANCIAL REVIEW
GROUP SIMPLIFIED FINANCIAL POSITION
2004 2003 2002 2001 2000
S$’000 S$’000 S$’000 S$’000 S$’000
Assets
Property, plant and equipment 565,531 633,856 670,186 576,408 460,507
Investment properties 1,045,852 1,039,754 1,059,538 1,089,438 863,156
Investments 648,982 * 1,185,020 1,062,190 991,099 1,192,895
Cash and deposits 192,621 * 328,176 387,528 554,338 701,952
Trade debtors 86,435 85,352 92,484 117,948 138,004
Stocks 32,278 54,763 47,045 59,126 45,118
Other assets 20,181 41,324 33,698 33,667 28,336
Total 2,591,880 3,368,245 3,352,669 3,422,024 3,429,968
S$M
850
825
800
775
750
725
FINANCIAL REVIEW (CONT’D)
Segmental Operating Revenue
Newspapers & Magazines
Shareholders’ Interests
700
76
Capital and reserves 1,479,119 * 2,247,736 2,241,538 2,289,931 2,414,126
Liabilities
Borrowings
Current 81,000 52,900 25,000 183,500 –
Non–current 683,000 740,000 770,000 550,000 568,587
Trade creditors 64,860 58,049 59,526 40,367 66,254
Taxation
Current 81,112 68,712 51,204 92,820 142,798
Deferred 72,126 85,199 83,287 73,226 52,900
Other liabilities 130,663 115,649 122,114 192,180 185,303
Total 2,591,880 3,368,245 3,352,669 3,422,024 3,429,968
* Decrease in capital and reserves due to the Capital Reduction Exercise which took place during the financial year. Consequently, proceeds from the sale of investments and
fixed deposits have been utilised to finance the Capital Reduction Exercise.
0
S$M
85
80
75
70
65
60
55
50
45
40
0
S$M
85
80
75
70
65
60
55
50
45
40
0
2002
2002
2002
2003
Property
2003
Broadcasting & Multimedia
2003
2004
2004
2004
Year
Year
Year
77

FINANCIAL REVIEW (CONT’D)
FINANCIAL REVIEW (CONT’D)
After-Tax Profit
Operating Margin and Return on Operating Revenue
S$’M 600
% 70
550
500
60
450
400
50
350
40
300
250
30
200
150
20
100
10
50
0
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Year
0
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
1998 1999 2000 2001 2002 2003 2004
Year
Operating Margin
Return on Operating Revenue
Earnings Per Share #
Return on Shareholders’ Funds and Return on Assets
S$ 0.40
% 40
0.35
35
0.30
30
0.25
25
0.20
20
0.15
15
0.10
10
0.05
5
0
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
1998 1999 2000 2001 2002 2003 2004
Year
0
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
1998 1999 2000 2001 2002 2003 2004
Year
# Adjusted for bonus issues in FY 1993, FY 1995 and FY 1998, capital reduction in FY 1999, capital reduction and share split in FY 2004.
Return on Shareholders’ Funds
Return on Assets
78
79

FINANCIAL REVIEW (CONT’D)
FINANCIAL REVIEW (CONT’D)
Revenue Composition
S$ 0.40
Gross Dividend per Share #
0.35
20%
20%
0.30
0.25
68%
8%
4%
70%
6%
4%
0.20
0.15
0.10
0.05
FY2004
FY2003
0
1988 1989 1990 1991 1992 1993 1994 1995* 1996 1997 1998 1999 2000* 2001 2002* 2003* 2004*
Year
Advertisements FY 2004 FY 2003
– Display 40% 40%
– Classified,Recruit & Notices 23% 24%
– Magazines 1% 1%
– Broadcasting & Multimedia 4% 5%
Circulation
Rental & Services
Others
* Adjusted for bonus issues in FY 1993, FY 1995 and FY 1998, capital reduction in FY 1999 and capital reduction and share split in FY 2004.
Net Dividend
S$’M
500
450
Cost Composition
400
8%
8%
350
300
39%
19%
38%
21%
250
4%
4%
200
150
30%
29%
100
50
FY2004
Materials, Consumables & Broadcasting Costs
Staff Costs
FY2003
Other Operating Expenses
Finance Costs
0
1988 1989 1990 1991 1992 1993 1994 1995* 1996 1997 1998 1999 2000* 2001 2002* 2003* 2004*
Year
* Included special gross dividends of 20 cents per S$1 share in FY 1995, 80 cents per S$1 share in FY 2000, 30 cents per S$1 share in FY 2002, 60 cents per
S$1 share in FY 2003 and 11.25 cents per 20 cents share in FY 2004.
80
Depreciation
81

FINANCIAL REVIEW (CONT’D)
VALUE ADDED STATEMENT
FINANCIAL REVIEW (CONT’D)
GROUP HALF-YEARLY RESULTS
2004 2003
S$’000 S$’000
Sale of goods and services 970,075 897,816
Purchase of materials and services (293,953) (276,561)
Value added from operations 676,122 621,255
Non-production income and expenses:
Foreign exchange differences 602 639
Loss on disposal of fixed assets (305) (403)
Provision for doubtful trade debts (1,644) (2,118)
Bad trade debts recovered 144 202
Investment income 258,017 39,584
Share of net (losses)/profits of associates (249) 10,990
Exceptional items 28,677 121,760
Total value added 961,364 791,909
2004 2003
1st Half 2nd Half Full Year 1st Half 2nd Half Full Year
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Operating revenue 468,418 501,657 970,075 457,695 440,121 897,816
Profit from operations 175,548 162,401 337,949 146,628 144,268 290,896
Profit before exceptional items 201,417 370,097 571,514 166,530 150,614 317,144
Profit before taxation 201,417 398,774 600,191 302,323 136,581 438,904
Profit attributable to shareholders 173,024 373,258 546,282 273,472 105,264 378,736
Earnings per S$0.20 share (S$)* 0.09 0.22 0.31 0.15 0.05 0.20
* Comparatives for FY 2003 were adjusted for Share Split Exercise completed in FY 2004.
Distribution:
Employees’ wages, provident fund contributions
and other benefits 271,357 249,494
Corporate and other taxes 62,776 63,472
Interest paid 24,203 24,326
Donation and sponsorship* 4,276 21,128
Directors’ fees 790 702
Net dividends to shareholders 290,992 375,058
Total distributed 654,394 734,180
Retained in the business:
Depreciation 51,685 53,652
Minority interests (5) 399
Retained earnings 255,290 3,678
961,364 791,909
Productivity ratios: S$ S$
Value added per employee 189,708 167,229
Value added per $ employment costs 2.49 2.49
Value added per $ investment in fixed assets (before depreciation) 0.63 0.68
Value added per $ operating revenue 0.70 0.69
* Last year included a S$20 million donation to the Press Foundation of Singapore.
82
83

T H E P I E C E S
O N T H E B O A R D
“Tactics flow from a
superior position.”
– Bobby Fischer (b.1943).

88
DIRECTORS’ REPORT
94
STATEMENT BY DIRECTORS
95
AUDITORS’ REPORT
96
AUDITED FINANCIAL STATEMENTS
96
BALANCE SHEETS
97
CONSOLIDATED INCOME STATEMENT
98
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FINANCIAL
REPORT AND MISCELLANEOUS
99
CONSOLIDATED CASH FLOW STATEMENT
102
NOTES TO THE FINANCIAL STATEMENTS
144
SHAREHOLDING STATISTICS
149
OVERSEAS BUREAUS
152
PROPERTIES OF THE GROUP
153
CORPORATE INFORMATION
FINANCIAL CALENDAR
154
NOTICE OF ANNUAL GENERAL MEETING
160
PROXY FORM

DIRECTORS’ REPORT
FOR THE YEAR ENDED AUGUST 31, 2004
DIRECTORS’ REPORT
FOR THE YEAR ENDED AUGUST 31, 2004
The Directors present their report together with the audited financial statements of the Group and balance sheet of the Company for the year
ended August 31, 2004.
Direct Interests
Deemed Interests
Sept 1, Aug 31, Sept 21, Sept 1, Aug 31, Sept 21,
2003 # 2004^ 2004^ 2003 # 2004^ 2004^
Directors
1. The Directors in office at the date of this report are:
Lim Chin Beng
Cham Tao Soon*
Chan Heng Loon Alan
Willie Cheng Jue Hiang*
Cheong Choong Kong
Michael Fam Yue Onn
Lee Ek Tieng
Ngiam Tong Dow
Philip N Pillai #
Sum Soon Lim #
Tang I-Fang
Yeo Ning Hong
* Appointed on March 1, 2004
# Appointed on December 5, 2003
Arrangements to enable Directors to acquire Benefits
2. Neither during nor at the end of the financial year was the Company a party to any arrangement whose object was to enable the
Directors of the Company to acquire benefits through the acquisition of shares in or debentures of the Company or any other body
corporate, except as disclosed under ‘Share Options in the Company’ in paragraphs 7 and 8.
Directors’ Interests in Shares
3. The Directors holding office as at August 31, 2004 who had interests in shares and options in the Company and its subsidiaries as
recorded in the register of Directors’ shareholdings were as follows:
The Company
Management Shares
Lim Chin Beng 1 4 4 – – –
Cham Tao Soon 1 4 4 – – –
Chan Heng Loon Alan 2 4 4 – – –
Willie Cheng Jue Hiang 1 4 4 – – –
Cheong Choong Kong 1 4 4 – – –
Michael Fam Yue Onn 1 4 4 – – –
Lee Ek Tieng 1 4 4 – – –
Ngiam Tong Dow 1 4 4 – – –
Philip N Pillai 1 4 4 – – –
Sum Soon Lim 1 4 4 – – –
Tang I–Fang 1 4 4 – – –
Yeo Ning Hong 1 4 4 – – –
Ordinary Shares
Cham Tao Soon – – – 2,396 10,183 10,183
Willie Cheng Jue Hiang 2,000 8,500 8,500 3,000 12,750 12,750
Cheong Choong Kong 8,000 34,000 34,000 1,000 8,500 8,500
Michael Fam Yue Onn 50,000 212,500 212,500 – – –
Philip N Pillai 4,000 17,000 17,000 – – –
Yeo Ning Hong 7,920 33,660 33,660 12,870 54,697 54,697
Options for Ordinary Shares
Chan Heng Loon Alan 50,000 850,000 850,000 – – –
# Or later date of appointment. Relates to Ordinary and Management Shares of S$1 each and Options to subscribe for Ordinary Shares of S$1 each.
^ Relates to subdivided Ordinary and Management Shares of S$0.20 each and Options to subscribe for Ordinary Shares of S$0.20 each, arising from the Share Split and Capital
Reduction Exercises completed on June 24, 2004. Details of the Share Split and Capital Reduction Exercises are disclosed under 'Share Split and Capital Reduction' in paragraph 6.
Full detailed information regarding directors' shareholdings can be obtained in accordance with Sections 164(8) and (9) of the Companies
Act, Chapter 50.
88
89

DIRECTORS’ REPORT
FOR THE YEAR ENDED AUGUST 31, 2004
DIRECTORS’ REPORT
FOR THE YEAR ENDED AUGUST 31, 2004
Directors’ Contractual Benefits
4. Since the end of the previous financial year, no Director has received or become entitled to receive a benefit under a contract which
is required to be disclosed by Section 201(8) of the Companies Act, Chapter 50.
Material Contracts
5. There are no material contracts of the Group and of the Company involving the interests of the Chief Executive Officer, each
director or controlling shareholder, either still subsisting at the end of the financial year or if not then subsisting, entered into since
the end of the previous financial year.
Share Split and Capital Reduction
6. (a) At the extraordinary general meeting of the Company held on May 7, 2004, shareholders approved the Share Split and Capital
Reduction Exercises of the issued share capital of the Company in the following sequence:
(i) Subdivision of each share of S$1 in the capital of the Company into five shares of S$0.20 each, and
(ii) A capital reduction of approximately 15% of the issued share capital of the Company held by shareholders in proportion
to their shareholding in the Company, and making a cash distribution to the shareholders of S$3.82 for each subdivided
share cancelled.
(b) The Share Split and Capital Reduction Exercises were completed on June 24, 2004. Immediately after the Share Split Exercise,
the number of subdivided ordinary and management shares in issue was 1,842,496,340 and 18,838,830 respectively.
(c) Arising from the Capital Reduction Exercise, the number of subdivided ordinary and management shares in issue was reduced by
276,375,844 and 2,825,831 respectively. The issued share capital of the Company, immediately after the Capital Reduction
Exercise, comprised 1,566,120,496 subdivided ordinary shares and 16,012,999 subdivided management shares.
Share Options in the Company
Singapore Press Holdings Group Executives’ Share Option Scheme (“1990 Scheme”)
7. (a) The 1990 Scheme was approved by shareholders on December 28, 1990 and modified pursuant to ordinary resolutions passed
by shareholders at Extraordinary General Meetings held on January 7, 1995, January 6, 1996 and July 16, 1999 respectively.
(b) (i) Details of options granted previously have been disclosed in the Directors’ Reports for the respective years.
(ii) The persons to whom the options have been granted do not have the right to participate, by virtue of the options, in any
share issue of any other company.
(c) The 1990 Scheme was replaced by the 1999 Scheme on July 16, 1999, and since then, no options have been granted under the
1990 Scheme.
(d) Under the 1990 Scheme, no more options remain outstanding as at August 31, 2004.
Singapore Press Holdings Group (1999) Share Option Scheme (“1999 Scheme”)
8. (a) The 1999 Scheme was approved by shareholders at an Extraordinary General Meeting held on July 16, 1999 to replace the
1990 Scheme.
(b) Details of options granted previously have been disclosed in the Directors’ Reports for the respective years.
(c) During the financial year, options were granted for a total of 3,556,000 ordinary shares of S$1 each, details of which are as follows:
(i) Categories of persons to whom options were granted:
Total No. of
Ordinary Shares
of S$1 each
Category No. of Persons under Options granted
Executive Director 1 150,000
Employee 1,512 3,391,500
Associate 1 14,500
1,514 3,556,000
90
91

DIRECTORS’ REPORT
FOR THE YEAR ENDED AUGUST 31, 2004
DIRECTORS’ REPORT
FOR THE YEAR ENDED AUGUST 31, 2004
(ii) The expiry date of these options is disclosed in Note 3 to the financial statements, provided that they have not been
subsequently cancelled.
(iii) The persons to whom the options have been granted do not have the right to participate, by virtue of the options, in any share
issue of any other company.
(d) The aggregate number of options granted since the commencement of the 1999 Scheme on July 16, 1999 to August 31, 2004 is
16,273,400 options to subscribe for ordinary shares of S$1 each, equivalent to 69,161,950 options to subscribe for subdivided
ordinary shares of S$0.20 each.
9. The unissued ordinary shares of the Company under option at the end of the financial year pursuant to the 1999 Scheme are set out
in Note 3 to the financial statements.
Share Options in Subsidiaries
SPH MediaWorks Pre-IPO Share Option Scheme (“MediaWorks Pre-IPO Scheme”)
10. (a) The MediaWorks Pre-IPO Scheme was approved on February 12, 2001.
(b) (i) Details of options granted previously have been disclosed in the Directors’ Reports for the respective years.
(ii) The persons to whom the options have been granted do not have the right to participate, by virtue of the options, in any share
issue of any other company.
(c) No options were granted during the financial year under the MediaWorks Pre-IPO Scheme.
Other Subsidiaries
13. No option to take up unissued shares of other subsidiaries has been granted during the financial year.
14. No shares of other subsidiaries have been issued during the financial year by virtue of the exercise of options to take up unissued shares.
15. At the end of the financial year, there were no unissued shares of other subsidiaries under option.
Audit Committee
16. The Audit Committee carried out its functions in accordance with Section 201B(5) of the Companies Act, Chapter 50, and the
Singapore Exchange Listing Manual.
Its functions include reviewing the audit plans and audit reports of the internal and external auditors, the auditors’ evaluation of the
internal accounting controls, and the scope and adequacy of the internal audit function; reviewing the balance sheet of the Company
and financial statements of the Group before submitting them to the Board for approval; reviewing any interested person transaction;
and reviewing the independence, objectivity and cost effectiveness of the external auditors and the nature and extent of non-audit
services supplied by them.
It also recommends to the Board the appointment of external auditors, serves as a channel of communications between the Board and
the auditors, and performs such other functions as may be agreed by the Audit Committee and the Board.
On behalf of the Directors
(d) The aggregate number of options granted since the commencement of the MediaWorks Pre-IPO Scheme on February 12, 2001 to
August 31, 2004 is 65,026,000.
11. No shares of SPH MediaWorks Ltd have been issued during the financial year by virtue of the exercise of options to take up unissued
shares.
12. At the end of the financial year, unissued ordinary shares of SPH MediaWorks Ltd under option pursuant to the MediaWorks Pre-IPO
Scheme were as follows:
Date of Expiry Exercise Balance Options Options Balance
Grant Date Price 1.9.03 Exercised Cancelled 31.8.04
Feb 23, * S$0.10 29,050,000 – (3,610,000) 25,440,000
2001
Lim Chin Beng
Chairman
Singapore,
October 11, 2004
Michael Fam Yue Onn
Director
* February 23, 2011 or the fifth anniversary of the Listing Date, whichever is earlier.
92
93

STATEMENT BY DIRECTORS
AUDITORS' REPORT
TO THE MEMBERS OF SINGAPORE PRESS HOLDINGS LIMITED
In the opinion of the Directors,
(a) the balance sheet of the Company and the financial statements of the Group for the year ended August 31, 2004 are drawn up
so as to exhibit a true and fair view of:
(i) the results of the business, changes in shareholders’ equity and cash flows of the Group; and
(ii) the state of affairs of the Group and of the Company.
(b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and
when they fall due.
On behalf of the Directors
We have audited the balance sheet of Singapore Press Holdings Limited and the consolidated financial statements of the Group for the
financial year ended August 31, 2004 set out on pages 96 to 143. These financial statements are the responsibility of the Company’s directors.
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we plan and perform our audit
to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the directors, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion,
(a) the accompanying balance sheet of the Company and the consolidated financial statements of the Group are properly drawn up in
accordance with the provisions of the Singapore Companies Act, Cap 50 (“the Act”) and Singapore Financial Reporting Standards so
as to give a true and fair view of the state of affairs of the Company and of the Group as at August 31, 2004 and the results, changes
in equity and cash flows of the Group for the financial year ended on that date; and
Lim Chin Beng
Chairman
Michael Fam Yue Onn
Director
(b)
the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore
of which we are the auditors have been properly kept in accordance with the provisions of the Act.
Singapore,
October 11, 2004
PricewaterhouseCoopers
Certified Public Accountants
Singapore,
October 11, 2004
94
95

AUDITED FINANCIAL STATEMENTS
BALANCE SHEETS AS AT AUGUST 31, 2004
GROUP
COMPANY
Note 2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000
CAPITAL EMPLOYED
Share capital 3 316,527 369,557 316,527 369,557
Share premium 62,319 27,301 62,319 27,301
Capital redemption reserve 4,509 4,509 4,509 4,509
Capital reserve 4 2,005 2,005 – –
Retained profit 1,093,755 1,843,587 883,559 1,776,944
1,479,115 2,246,959 1,266,914 2,178,311
Exchange translation difference 4 777 – –
Shareholders’ interests 1,479,119 2,247,736 1,266,914 2,178,311
Minority interests 518 1,108 – –
1,479,637 2,248,844 1,266,914 2,178,311
Non–current liabilities
Deferred taxation 5a 72,126 85,199 59,210 69,539
Borrowings 6 683,000 740,000 – –
2,234,763 3,074,043 1,326,124 2,247,850
EMPLOYMENT OF CAPITAL
Property, plant and equipment 7 565,531 633,856 342,668 365,671
Investment property 8 1,045,852 1,039,754 – –
Interests in subsidiaries 9 – – 1,009,749 1,827,554
Interests in associates 10 928 186 – –
Long–term investments 11 174,415 269,224 36,002 36,002
Other non–current assets 12 5,051 4,916 4,900 4,781
Current assets
Stocks 13 32,278 54,763 23,208 37,268
Prepaid content rights 14 – 22,227 – –
Trade debtors 15 86,435 85,352 76,634 76,930
Other debtors and prepayments 16 15,130 14,181 5,904 4,546
Short–term investments 17 473,639 915,610 – –
Cash on deposit 166,093 297,020 8,222 41,493
Cash and bank balances 26,528 31,156 19,699 20,595
800,103 1,420,309 133,667 180,832
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED AUGUST 31, 2004
GROUP
Note 2004 2003
S$’000 S$’000
Operating revenue 21
Newspaper and magazine 833,202 789,382
Broadcasting and multimedia 54,301 55,734
Property 82,572 52,700
970,075 897,816
Other operating income 11,353 8,816
981,428 906,632
Materials, consumables & broadcasting costs (202,596) (185,989)
Staff costs 22 (262,369) (240,758)
Depreciation 7 (51,685) (53,652)
Other operating expenses (126,829) (135,337)
Profit from operations 23 337,949 290,896
Finance costs 24 (24,203) (24,326)
Net income from investments 25 258,017 39,584
Share of net (losses)/profits of associates (249) 10,990
Profit before exceptional items 571,514 317,144
Exceptional items 26 28,677 121,760
Profit before taxation 600,191 438,904
Taxation 5c (53,914) (59,769)
Profit after taxation 546,277 379,135
Minority interests 5 (399)
Profit attributable to shareholders 546,282 378,736
Earnings per S$0.20 share (S$)
Before exceptional items – Basic 28 0.29 0.14
– Diluted 0.29 0.14
After exceptional items – Basic 0.31 0.20
– Diluted 0.31 0.20
Current liabilities
Trade creditors 64,860 58,049 34,784 32,206
Other creditors and accrued liabilities 18 130,145 114,541 106,670 80,901
Borrowings 6 81,000 52,900 – –
Current taxation 5b 81,112 68,712 59,408 53,883
357,117 294,202 200,862 166,990
96
Net current assets/ (liabilities) 442,986 1,126,107 (67,195) 13,842
2,234,763 3,074,043 1,326,124 2,247,850
The accompanying notes form part of these financial statements.
The accompanying notes form part of these financial statements.
97

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE YEAR ENDED AUGUST 31, 2004
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED AUGUST 31, 2004
GROUP
Capital
Exchange
Share Share Redemption Capital Retained Translation
Capital Premium Reserve Reserve Profit Difference Total
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
CASH FLOWS FROM OPERATING ACTIVITIES
GROUP
2004 2003
S$’000 S$’000
Balance as at
September 1, 2003 369,557 27,301 4,509 2,005 1,843,587 777 2,247,736
Exchange translation difference – – – – – (773) (773)
Gains not recognised in
the income statement – – – – – (773) (773)
Profit for the financial year – – – – 546,282 – 546,282
Issue of shares (Note 3) 2,810 – – – – – 2,810
Premium on issue of shares – 40,602 – – – – 40,602
Capital reduction (Note 3) # (55,840) (5,584) – – (1,005,122) – (1,066,546)
Dividends (Note 27) – – – – (290,992) – (290,992)
Balance as at August 31, 2004 316,527 62,319 4,509 2,005 1,093,755 4 1,479,119
Balance as at
September 1, 2002 369,697 15,374 3,459 2,005 1,857,878 (6,875) 2,241,538
Exchange translation difference – – – – – 7,652 7,652
Gains not recognised in
the income statement – – – – – 7,652 7,652
Profit for the financial year – – – – 378,736 – 378,736
Issue of shares (Note 3) 910 – – – – – 910
Premium on issue of shares – 11,927 – – – – 11,927
Share buy back (Note 3) (1,050) – 1,050 – (17,969) – (17,969)
Dividends (Note 27) – – – – (375,058) – (375,058)
Balance as at August 31, 2003 369,557 27,301 4,509 2,005 1,843,587 777 2,247,736
Profit before taxation 600,191 438,904
Adjustments for:
Depreciation 51,685 53,652
Loss on disposal of property, plant and equipment 305 403
Finance costs 24,203 24,326
Investment income (258,017) (39,584)
Share of net losses/(profits) of associates 249 (10,990)
Exceptional items (28,677) (121,760)
Operating cash flow before working capital changes 389,939 344,951
Changes in working capital:
Stocks 7,750 (7,718)
Prepaid content rights (2,927) (7,952)
Debtors 1,258 7,098
Creditors 22,307 (8,341)
418,327 328,038
Income tax paid (54,587) (40,349)
Dividends paid (290,992) (375,058)
Dividends paid (net) by a subsidiary to a minority shareholder (108) –
72,640 (87,369)
(Increase)/Decrease in non–current assets (135) 94
Net cash from/(used in) operating activities 72,505 (87,275)
# The Capital Reduction Exercise was completed on June 24, 2004 with 276.4 million ordinary shares of S$0.20 each and 2.8 million management shares of S$0.20 each
cancelled. The shareholders received S$3.82 for every ordinary/management share of S$0.20 each cancelled. Arising from the Capital Reduction Exercise, a total of S$1,066.5
million was distributed to the shareholders of the Company. The Exercise resulted in the reduction of the share capital, share premium and retained profit of the Company
by S$55.8 million, S$5.6 million and S$1,005.1 million respectively.
98
The accompanying notes form part of these financial statements.
99

CONSOLIDATED CASH FLOW STATEMENT (CONT’D)
FOR THE YEAR ENDED AUGUST 31, 2004
CONSOLIDATED CASH FLOW STATEMENT (CONT’D)
FOR THE YEAR ENDED AUGUST 31, 2004
GROUP
2004 2003
S$’000 S$’000
GROUP
2004 2003
S$’000 S$’000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (33,109) (26,984)
Proceeds on disposal of property, plant and equipment 118,705 184
Additions to investment property (6,098) (30,216)
Acquisition of interests in associates and subsidiaries (4,794) (1,540)
Amounts owing to associates 19 9
Loan to associate – (350)
Partial disposal of interests in an associate – 277,079
Proceeds on completion of liquidation of subsidiaries
and an associate – 1,794
Purchase of long–term investments (5,089) (1,908)
Proceeds on disposal/redemption of long–term investments 105,205 21,954
Purchase of short–term investments (532,310) (705,564)
Proceeds on disposal of short–term investments 1,021,045 569,449
Net increase in funds under management (32,806) (100,103)
Investment income 258,017 49,534
888,785 53,338
Add/(Less): Items not involving movement of funds
Provision for diminution in value of internally–managed investments 4,090 18,552
Profit on sale of internally–managed investments (25,025) (13,625)
Exchange translation gain (773) –
Accretion of discount on bonds (21) (57)
Amortisation of premium on bonds 1,121 1,273
Net cash from investing activities 868,177 59,481
CASH FLOWS FROM FINANCING ACTIVITIES
Capital reduction (1,066,546) –
Proceeds on issue of shares by Company 43,412 12,837
Share buy back – (17,969)
Repayment of bank loans (65,400) (6,500)
Proceeds from bank loans 36,500 4,400
Finance costs (24,203) (24,326)
Net cash used in financing activities (1,076,237) (31,558)
Net decrease in cash and cash equivalents (135,555) (59,352)
Cash and cash equivalents at beginning of year 328,176 387,528
Cash and cash equivalents at end of year [Note (a)] 192,621 328,176
(a)
Cash and Cash Equivalents at the end of the year comprised:
Cash on deposit* 166,093 297,020
Cash and bank balances 26,528 31,156
192,621 328,176
* The fixed deposits with financial institutions mature on varying dates within 6 months (2003: 6 months) from the financial year end. The interest rates of these deposits as at August
31, 2004 range between 0.57% to 1.63% (2003: 0.15% to 2.06%).
100
The accompanying notes form part of these financial statements.
101

NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
These notes form an integral part of and should be read in conjunction with the financial statements.
1. General
The Company is incorporated and domiciled in Singapore.
The principal activities of the Group consist of:
(a) publishing, printing and distributing newspapers,
(b) publishing and distributing magazines,
(c) providing broadcasting and multimedia services,
(d) holding investments, and
(e) holding and managing properties.
The principal activities of the Company consist of:
(a) publishing, printing and distributing newspapers,
(b) distributing magazines,
(c) providing multimedia content and services,
(d) holding shares in subsidiaries,
(e) holding investments, and
(f) providing management services to subsidiaries.
2. Significant Accounting Policies
(a) Effect of changes in Singapore Companies Legislation
Pursuant to the Singapore Companies (Amendment) Act 2002, with effect from financial year commencing on or after January 1, 2003,
Singapore-incorporated companies are required to prepare and present their statutory accounts in accordance with the Singapore
Financial Reporting Standards ("FRS"). Hence, these financial statements, including the comparative figures, have been prepared in
accordance with FRS.
Previously, the Company and the Group prepared their statutory accounts in accordance with Singapore Statements of Accounting
Standard. The adoption of FRS does not have material impact on the accounting policies and figures presented in the statutory
accounts for financial year ended August 31, 2003.
(b) Basis of Preparation
The financial statements are prepared in accordance with the historical cost convention.
(c) Basis of Consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiaries made up to the end of
the financial year. The results of subsidiaries acquired or disposed of during the year are included in or excluded from the consolidated
income statement from the date of their acquisition or disposal. Inter-company balances and transactions are eliminated on consolidation
and the consolidated financial statements reflect external transactions only.
(d) Foreign currency translation
(i) Measurement currency
Items included in the financial statements of each entity in the Group are measured using the currency that best reflects the
economic substance of the underlying events and circumstances relevant to the entity (“the measurement currency”). The
consolidated financial statements of the Group and balance sheet of the Company are presented in Singapore Dollars, which is the
measurement currency of the Company.
(ii) Transactions and balances
Foreign currency transactions are translated into the measurement currency using the exchange rates prevailing at the date of
transactions. Any foreign exchange gains and losses resulting from the settlement of such transactions are recognised in the
income statement.
Foreign currency monetary assets and liabilities are translated into Singapore dollars at the rates of exchange prevailing at the
balance sheet date. Exchange differences arising are taken to the income statement.
(iii) Group companies
In respect of foreign entities whose operations are not an integral part of the Company’s operations, the balance sheets are
translated into Singapore dollars at the exchange rates prevailing at the balance sheet date, and the results are translated using
the average monthly exchange rates for the financial year. The exchange differences arising on translation are taken directly to
the exchange translation difference account, which is reported as a separate component of shareholders’ interests. On disposal,
accumulated translation differences are recognised in the consolidated income statement as part of the gain or loss on sale.
In respect of foreign entities whose operations are integral to those of the Company, all monetary assets and liabilities are
translated into Singapore dollars at the exchange rates prevailing at the balance sheet date. All non-monetary assets and
liabilities are recorded at the exchange rates when the relevant transactions occurred, and the results are translated using
the average monthly exchange rates for the financial year. The exchange differences arising are taken to the consolidated
income statement.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as non-monetary foreign currency
assets and liabilities of the acquirer and recorded at the exchange rate at the date of the transaction.
(e) Goodwill on Consolidation
Goodwill on consolidation, representing the difference between the cost of acquisition of a subsidiary or an associate over the fair
value of net identifiable assets acquired, is amortised on a straight-line basis in the consolidated income statement over its economic
useful life up to a maximum of 20 financial years. Goodwill assessed as having no continuing economic value is written off to the
consolidated income statement.
(f) Deferred Taxation
Deferred tax liabilities are provided in full, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the financial statements. Tax rates enacted or substantively enacted by the
balance sheet date are used to determine deferred income tax.
102
103

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the
temporary differences can be utilised.
(g) Property, Plant and Equipment and Depreciation
(i) Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
(ii) Depreciation is calculated to write off the cost on a straight-line basis over the expected useful lives of the assets. The estimated
useful lives for this purpose are:
adjusted for amortisation of premium and accretion of discount and diminution in value. Where cost of these investments exceeds
realisable value, provision is made for diminution in value which is other than temporary, determined on an individual basis.
Short-term investments are stated at the lower of cost and realisable value on an individual basis.
Dividend income from investments other than subsidiaries is recognised on a cash basis and interest income on an accrual basis.
Dividend income from subsidiaries is recognised in the accounting period in which it is declared.
Freehold buildings
Leasehold land and buildings
Plant and equipment
Furniture and fittings
Motor vehicles
30 years
30 years or life of lease if less than 30 years
3 – 20 years
5 – 10 years
3 – 5 years
Profit or loss on sale of investments is recognised on completion of sale.
(k) Investment Properties
Investment properties are held for the primary purpose of producing rental income and are not held for resale in the ordinary course
of business.
(iii) No depreciation is charged on freehold land and land held on 999-year lease or in respect of major capital work-in-progress.
(iv) It is not the Group's policy to revalue property, plant and equipment at regular intervals.
Investment properties are stated at cost less impairment losses. Where an indication of impairment exists, the carrying amount of
the investment property is assessed and written down to its recoverable amount if lower. The impairment loss is charged to the
income statement.
(v) The carrying amounts of the Group's assets are reviewed at each balance sheet date to determine whether there is any indication
of impairment. If such indication exists, the asset's recoverable amount is estimated. An impairment loss is recognised whenever
the carrying amount of the asset exceeds its recoverable amount. The impairment loss is charged to the income statement.
Cost of investment properties includes capitalisation of interest incurred on borrowings for the purchase, renovation and extension
of the investment properties while these activities are in progress. For this purpose, the interest rates applied to funds provided for
the development are based on the actual interest rates payable on the borrowings for such development.
(h) Subsidiaries
Interests in subsidiaries are included in the Company's balance sheet at cost less impairment losses. Where an indication of
impairment exists, the carrying amount of the investment is assessed and written down to its recoverable amount if lower. The
impairment loss is charged to the income statement.
(l) Stocks
Stocks comprise raw materials and consumable stores, acquired content rights and production cost of programmes.
(i) Raw materials and consumable stores
These are stated at cost less provision for obsolete, slow moving and defective stocks.
104
(i) Associates
These are companies (not being subsidiaries) in which the Group has a substantial interest of not less than 20% of the equity and/or
in whose financial and operating policy decisions the Group exercises significant influence.
The Group’s share of the results of associates is included in its consolidated income statement. The Group’s share of the postacquisition
retained profits and reserves or accumulated losses of associates is added to or deducted from the cost of these
investments in the consolidated balance sheet.
In the Company’s balance sheet, investments in associates are stated at cost less impairment losses.
Where an indication of impairment exists, the carrying amount of the investment is assessed and written down to its recoverable
amount if lower. The impairment loss is charged to the income statement.
(j) Investments
Long-term investments in equity are stated at cost less diminution in value. Long-term investments in bonds are stated at cost,
Cost includes transport and handling costs, and any other directly attributable costs. Cost is determined on the weighted
average or specific identification basis.
(ii) Acquired content rights
Prepaid content rights are reported as acquired content rights when the license period commences and materials have been
received.
The cost of acquired content rights is the gross amount paid for such rights.
(iii) Production cost of programmes
Production cost includes costs incurred on own production, commissioned works and co-produced programmes.
Cost of own production comprises direct labour, material cost and allocated overheads capitalised based on the normal level of
activity during the term of production.
Commissioned works are stated at cost.
105

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
Co-produced programmes are stated at cost less billings to co-producers.
Acquired content rights and production cost of programmes are expensed to the income statement based on the estimated number
of showings and the ratio that the current year's revenue bears to the anticipated total gross revenue from the exploitation of the films.
Acquired content rights and production cost of programmes are valued at the lower of unamortised cost and estimated net
realisable value. The carrying amounts of each title in stock are reviewed at each balance sheet date. Provisions are made where
the unamortised cost of each title exceeds the estimated realisable value. Such provisions are charged to the income statement.
(m) Prepaid Content Rights
Advanced payments made for content rights for which the license period has not commenced or the materials have not been received,
are classified as prepaid content rights.
Prepaid content rights are valued at the lower of cost and estimated net realisable value. The carrying amounts are reviewed at each
balance sheet date. Provisions are made where the carrying amount exceeds the estimated realisable value. Such provisions are
charged to the income statement.
Provisions are also made where it is unlikely that content rights acquired under such payments would be used during its license period.
Such provisions are charged to the income statement.
(n) Debtors
Bad debts are written off and specific provision is made for those debts considered to be doubtful. In addition, a general provision is
made on the balance of trade debtors to cover any unexpected losses which have not been specifically identified.
(o) Dividends
Dividends on the Company's shares are recognised in equity in the period in which they are declared.
(p) Employee Benefits
(i) Short-term employee benefits
All short-term employee benefits, including accumulated compensated absences, are recognised in the income statement in the
period in which the employees render their services to the Group.
(ii) Equity compensation benefits
The stock option programme allows selected employees of the Company and/or its subsidiaries including Executive Directors of
the Company, and other selected participants, to subscribe for ordinary shares in the Company. No compensation cost or
obligation is recognised. When the options are exercised, the proceeds received are credited to share capital (nominal value)
and share premium.
(q) Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that
an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made.
(r) Revenue Recognition
Revenue from the sale of the Group’s products and services after accounting for trade discounts, returns and goods and services
tax is recognised on completion of delivery.
Revenue from advertisements is recognised when the advertisement is published or broadcast.
Revenue from rental and rental-related services is recognised on an accrual basis.
The policies relating to the recognition of revenue from investments are set out in Note 2(j) above.
(s) Leases
When the Group is the lessee:
Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases.
Payments made under operating leases are taken to the income statement on a straight-line basis over the period of the lease.
When the Group is the lessor:
Assets leased out under operating leases are included in investment properties and are stated at cost less impairment losses and not
depreciated. Rental income is recognised on a straight-line basis over the lease term.
(t) Financial Risk Management
The Group's activities expose it to a variety of financial risks, particularly interest rate, currency, market, liquidity and credit risks. The
Group's risk management policies seek to, where appropriate, minimise potential adverse effects of these risks on the financial
performance of the Group. The policies for managing these risks are summarised below.
(i) Interest rate risk
The Group has cash balances placed with reputable banks and financial institutions, and investments in bonds and governmentrelated
securities, which generate interest income for the Group. The Group manages its interest rate risks by placing such
balances on varying maturities and interest rate terms.
The Group’s debt consists of bank borrowings taken up by certain subsidiaries to finance their respective operations. Where
appropriate, the Group seeks to minimise its interest rate risk exposure by entering into interest rate swaps over the duration of its
borrowings.
(ii) Currency risk
The currency risk of the Group arises mainly from its operational purchases of raw materials and consumable stores, capital
expenditure and acquired content rights. The currency risk of the Group also arises from its foreign currency cash deposits,bonds
and equity investments, and from costs incurred by its overseas news bureaus. In addition, the Group also has investments in
foreign subsidiaries and associated companies, whose net assets are exposed to currency risk.
Where appropriate, the Group hedges against its currency risk resulting from anticipated sale and purchase transactions in
foreign currencies, and foreign currency exposure of the net assets of its foreign subsidiaries and associated companies.
106
107

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
(iii) Market risk
The Group has investments in various financial instruments (including equities, fixed income and other derivative instruments) and
funds under management. The market values of these investments are affected by, amongst others, changes in market prices as
a result of changes in global economic conditions, macro and micro economic factors affecting the country where the investments
are quoted, and factors specific to the investee corporations.
3. Share Capital
2004 2003
Number
Number
of Shares
of Shares
‘000 S$’000 ‘000 S$’000
The fluctuations in market prices due to the above factors are unforeseen and the Group monitors these changes to respond to
them as and when appropriate and necessary.
(iv) Liquidity risk
In the management of liquidity risk, the Group monitors and maintains a level of cash and cash equivalents to finance the Group's
operations and mitigate the effects of fluctuation in cash flows.
(v) Credit risk
The Group manages its credit risk through the application of credit approvals, credit limits and monitoring procedures. Where
appropriate, the Group obtains collateral in the form of bankers’/insurance guarantees from its customers, and imposes cash
terms and/or advance payments from customers of lower credit standing.
As at the balance sheet date, the Group has no significant concentration of credit risks.
Authorised
Management shares of S$0.20 (2003: S$1) each 50,000 10,000 10,000 10,000
Ordinary shares of S$0.20 (2003: S$1) each 4,950,000 990,000 990,000 990,000
5,000,000 1,000,000 1,000,000 1,000,000
Issued and fully paid
Management shares of S$0.20 (2003: S$1) each 16,018 3,204 3,740 3,740
Ordinary shares of S$0.20 (2003: S$1) each 1,566,617 313,323 365,817 365,817
1,582,635 316,527 369,557 369,557
Movements during the financial year were:
Opening balance 369,557 369,557 369,697 369,697
Issue of ordinary shares of S$1 each fully paid
under the Singapore Press Holdings Group
Executives’ Share Option Scheme and Singapore
Press Holdings Group (1999) Share Option Scheme 2,683 2,683 901 901
Issue of management shares of S$1 each fully paid
in accordance with the Newspaper and Printing
Presses Act 27 27 9 9
Cancellation of ordinary shares of S$1 each under
the share buy back mandate approved by shareholders – – (1,050) (1,050)
Balance before Share Split Exercise 372,267 372,267 369,557 369,557
Ordinary and management shares of S$0.20 each
(2003: S$1) fully paid immediately after Share
Split Exercise 1,861,335 372,267 369,557 369,557
Cancellation of ordinary shares of S$0.20 each
under the Capital Reduction Exercise (276,376) (55,275) – –
Cancellation of management shares of S$0.20
each under the Capital Reduction Exercise (2,826) (565) – –
Issue of ordinary shares of S$0.20 each fully paid
under the Singapore Press Holdings Group (1999)
Share Option Scheme 497 99 – –
Issue of management shares of S$0.20 each fully paid
in accordance with the Newspaper and Printing
Presses Act 5 1 – –
Closing balance 1,582,635 316,527 369,557 369,557
108
109

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
3. Share Capital (cont'd)
Details of the unissued shares of the Company under option at the end of the financial year are as follows:
Singapore Press Holdings Group Executives’ Share Option Scheme (“1990 Scheme”)
Date of Expiry Exercise Balance Options Options Balance
Grant Date Price(a) 1.9.03 Exercised Cancelled 31.8.04
Nov 17, 1998 Nov 17, 2003 S$14.51 655,179 (655,149) (30) –
655,179 (655,149) (30) –
(a) Exercise price was adjusted as a result of bonus shares issued during the financial year 1998, and the capital reduction exercises
during the financial years 1999 and 2002.
Singapore Press Holdings Group (1999) Share Option Scheme (“1999 Scheme”)
Date of Expiry Exercise Balance Options Options Balance
Grant Date Price(a) 1.9.03(b) Exercised Cancelled 31.8.04 (c)
Oct 27, 1999 Oct 27, 2009 S$5.60 11,254,425 – (920,550) 10,333,875
Oct 30, 2000 Oct 30, 2010 S$4.78 12,968,025 – (1,742,500) 11,225,525
Nov 6, 2001 Nov 6, 2011 S$3.03 13,506,075 (9,112,050) (11,050) 4,382,975
Oct 28, 2002 Oct 28, 2012 S$3.91 13,696,475 – (251,175) 13,445,300
Dec 16, 2003 Dec 16, 2013 S$3.69 15,028,000 – (168,725) 14,859,275
Feb 1, 2004 Feb 1, 2014 S$3.83 85,000 – – 85,000
66,538,000 (9,112,050) (3,094,000) 54,331,950
(a) Exercise prices were adjusted as a result of the Share Split and Capital Reduction Exercises during financial year 2004. For share
options granted between 1999 to 2002, the exercise prices were also adjusted as a result of the Capital Reduction Exercise during
the financial year 2002.
(b) Or later date of grant.
(c) The balance of share options as at August 31, 2004 was adjusted for the effects of the Share Split and Capital Reduction Exercises
during financial year 2004.
4. Capital Reserve
GROUP
2004 2003
S$'000 S$'000
Capital reserve is made up as follows:
Distributable 1,375 1,375
Non-Distributable 630 630
2,005 2,005
5. Taxation
(a) Deferred Taxation
The movements in the Group’s deferred tax assets and liabilities (prior to offsetting of balances within the same tax jurisdiction)
during the year are as follows:
2004
GROUP
(i) Deferred Tax Liabilities
Accelerated
Tax
Depreciation Others Total
S$’000 S$’000 S$’000
Opening balance 92,368 2,876 95,244
Credited to income statement (14,082) (207) (14,289)
Closing balance 78,286 2,669 80,955
(ii) Deferred Tax Assets
Provisions
S$’000
Opening balance (10,045)
Charged to income statement 1,216
Closing balance (8,829)
110
111

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
5. Taxation (cont’d)
2003
GROUP
(i) Deferred Tax Liabilities
Accelerated
Tax
Depreciation Others Total
S$’000 S$’000 S$’000
Opening balance 93,545 2,943 96,488
Credited to income statement (1,177) (67) (1,244)
Closing balance 92,368 2,876 95,244
(ii) Deferred Tax Assets
Provisions
S$'000
Opening balance (13,201)
Charged to income statement 3,156
Closing balance (10,045)
5. Taxation (cont'd)
2003
COMPANY
(i) Deferred Tax Liabilities
Accelerated
Tax
Depreciation
S$’000
Opening balance 80,713
Credited to income statement (1,410)
Closing balance 79,303
(ii) Deferred Tax Assets
Provisions
S$’000
Opening balance (13,138)
Charged to income statement 3,374
Closing balance (9,764)
2004
COMPANY
(i) Deferred Tax Liabilities
Accelerated
Tax
Depreciation
S$’000
Opening balance 79,303
Credited to income statement (11,286)
Closing balance 68,017
(ii) Deferred Tax Assets
Provisions
S$’000
Opening balance (9,764)
Charged to income statement 957
Closing balance (8,807)
112
113

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
5. Taxation (cont'd)
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax
liabilities and when the deferred income taxes relate to the same fiscal authority. The following amounts, determined after appropriate
offsetting, are shown in the balance sheets:
GROUP
COMPANY
2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000
Deferred tax liabilities 72,126 85,199 59,210 69,539
As at August 31, 2004, certain subsidiary had unutilised tax losses of S$39.2 million (2003: S$48.3 million) available for offsetting against
future taxable income subject to the relevant provisions of the Income Tax Act, Chapter 134 (”Income Tax Act”).
(b) Current Taxation
GROUP
COMPANY
2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000
Opening balance 68,712 51,204 53,883 42,201
Income tax paid (54,587) (40,349) (45,278) (36,605)
Tax deducted at source on dividends received from subsidiaries – – – (3,000)
Provision for the year 69,655 56,538 61,712 58,065
Group relief in accordance with Section 37C of the Income Tax Act – – (8,095) (6,778)
(Over)/Under provision in prior years (2,668) 1,319 (2,814) –
Closing balance 81,112 68,712 59,408 53,883
5. Taxation (cont'd)
(c) Tax Expense
GROUP
2004 2003
S$’000 S$'000
Tax expense attributable to profit is made up of:
Current year
Current tax 69,655 56,538
Deferred tax (3,746) 2,617
65,909 59,155
Prior years
Current tax (2,668) 1,319
Deferred tax (9,327)* (705)
53,914 59,769
* Included an adjustment of S$7.7 million arising from the change in corporate taxation rate from 22% to 20%.
The income tax expense on the results for the financial year varies from the amount of income tax determined by applying the Singapore
standard rate of income tax to profit before taxation due to the following factors:
GROUP
2004 2003
S$’000 S$’000
Profit before taxation 600,191 438,904
Add/(Less): Share of net losses/(profits) of associate 249 (10,990)
Adjusted profit before taxation 600,440 427,914
Tax calculated at corporate tax rate of 20% (2003: 22%) 120,088 94,141
Singapore statutory stepped income exemption (125) (134)
Income taxed at concessionary rate (1,593) (1,963)
Utilisation of deferred tax assets not previously recognised (4,010) (4,675)
Income not subject to tax (66,025) (43,729)
Expenses not deductible for tax purposes 16,180 17,584
Losses of subsidiaries not offset against taxable income of other entities – 777
Deferred tax benefit not recognised 1,823 1,711
Double tax relief for contributions made to Institutes of Public Character (456) (4,478)
Effect of different tax rates in other countries 27 105
Others – (184)
65,909 59,155
114
115

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
6. Borrowings
GROUP
2004 2003
S$’000 S$'000
Transferable term loans [Note a] 683,000 700,000
Revolving credit facility [Note a] – 4,400
Term advances - unsecured [Note b] 40,000 70,000
Revolving credit facilities - unsecured [Note b] 41,000 18,500
764,000 792,900
Borrowings are repayable:
Within 1 year 81,000 52,900
Between 1 – 5 years 683,000 740,000
764,000 792,900
(a) A subsidiary has a bank loan facility in the form of a S$700 million (2003: S$700 million) transferable loan facility (“TLF”). During the
year, the subsidiary has made partial repayment of S$17 million for the TLF loan on July 9, 2004.
During the financial year, the subsidiary also had a S$14 million (2003: S$14 million) revolving credit facility (“RCF”) under which S$4.4
million was drawn. The RCF loan was subsequently repaid on January 9, 2004 and the RCF terminated on February 16, 2004.
The TLF facility is, and the RCF facility was secured by way of a legal mortgage on the Group's investment property [Note 8], an
assignment of rental proceeds from the investment property and the insurances on the investment property, and an undertaking by
the Company to pay all interests payable in respect of the facilities if the subsidiary fails to pay the same.
After taking into account interest rate swap arrangements totalling S$645 million (2003: S$645 million) entered into by the subsidiary,
the effective interest rate as at the balance sheet date on the outstanding TLF loan of S$683 million was 3.19% per annum (2003:
S$700 million, 3.18% per annum). The loans granted under the TLF are repayable no later than January 31, 2007.
(b) During the financial year, another subsidiary obtained new loan facilities amounting to S$90 million, comprising S$40 million term
advances and S$50 million revolving credit facility (“RCF”) to refinance its existing bank loan facilities.
6. Borrowings (cont’d)
The Company has provided a guarantee and indemnity for the new loan facilities obtained by the subsidiary pertaining to its
indebtedness under the loan refinancing arrangement, the maximum liability being limited to the principal sum outstanding, interests
outstanding and legal costs incurred.
The effective interest rate as at the balance sheet date on the term advances of S$40 million was 1.76% per annum (2003: S$70 million,
2.04% per annum). The term advances are planned for repayment by August 31, 2005.
The effective interest rate as at the balance sheet date on the loans granted under the RCF was 1.3% (2003: 1.26%) per annum.
(c) In respect of bank borrowings, the Group’s policy is to, where appropriate, minimise its interest rate risk exposure by entering into
interest rate swaps over the duration of its borrowings. Accordingly, the subsidiaries entered into interest rate swap contracts as part
of their interest rate risk management. Under these interest rate swaps, the subsidiaries agree with other parties to exchange at specified
intervals, the difference between fixed rate and floating rate interest amounts calculated by reference to the agreed notional principal
amounts. At August 31, 2004, the fixed interest rates vary from 2.55% to 3.44% (2003: 2.55% to 3.44%) per annum and floating rates
are referenced to Singapore dollar swap offer rate, where applicable.
The notional principal amounts of the outstanding interest rate swap contract and its corresponding fair value as at August 31, are:
GROUP
2004 2003
S$'000 S$'000
Notional due:
Within 1 year – 22,500
Between 1 - 5 years 645,000 645,000
Fair values * (17,611) (19,869)
* The fair value of interest rate swap contract has been calculated (using rates quoted by the Group's bankers) assuming the contract is terminated at the balance sheet
date. The fair value is not recognised in the consolidated financial statements as at the balance sheet date.
(d) The fair values of the TLF, term advances and RCF as at the balance sheet date approximate their carrying values as these loans carry
floating interest rates, which are repriced frequently.
116
117

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
118
7. Property, Plant and Equipment
(a)
GROUP
Plant Furniture
Land and Buildings and and Motor
Freehold Leasehold Equipment Fittings Vehicles Total
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
Cost
Opening balance 46,694 233,113 616,743 18,273 2,423 917,246
Reclassification – (22) (5) 27 – –
Additions – – 3,244 346 53 3,643
Adjustments* – (4,461) (1,423) (8) – (5,892)
Transfer in from capital work–in–progress – – 180,831 – – 180,831
Disposals (17,852) – (10,957) (269) (113) (29,191)
Closing balance 28,842 228,630 788,433 18,369 2,363 1,066,637
Accumulated Depreciation and Impairment Losses
Opening balance 17,450 73,412 346,569 7,432 1,598 446,461
Reclassification – (1) (5) 6 – –
Charge for the year 212 7,614 44,266 1,597 260 53,949
Adjustments* – (1,408) (854) (2) – (2,264)
Impairment losses^ (Note 26) – 2,883 30,693 1,274 103 34,953
Disposals (9,390) – (10,572) (227) (98) (20,287)
Closing balance 8,272 82,500 410,097 10,080 1,863 512,812
Net book value at August 31, 2004 20,570 146,130 378,336 8,289 500 553,825
Capital work–in–progress – – 11,706 – – 11,706
Closing balance 20,570 146,130 390,042 8,289 500 565,531
Capital work–in–progress
Opening balance – – 163,071 – – 163,071
Additions – – 29,466 – – 29,466
Transfer out to fixed assets – – (180,831) – – (180,831)
Closing balance – – 11,706 – – 11,706
2003 Comparatives
Net book value at August 31, 2003 29,244 159,701 270,174 10,841 825 470,785
Capital work–in–progress – – 163,071 – – 163,071
Closing balance 29,244 159,701 433,245 10,841 825 633,856
Depreciation for 2003 212 8,373 43,325 1,488 254 53,652
* During the year, the cost of leasehold land and building, and plant and equipment and furniture and fittings attached to the building previously capitalised were adjusted,
as such capitalised amounts had been based on estimates made pending finalisation of billings by suppliers.
^ Impairment charges arose from the lower-than-expected financial performance of the Group's broadcasting segment (S$19.4 million), technological obsolescence for certain
plant and equipment of the Group's newspaper and magazine segment (S$12.8 million) and decline in market value of a leasehold building of the Group's newspaper and
magazine segment (S$2.8 million). The recoverable amounts of the broadcasting assets and the newspaper and magazine segment's plant and equipment (which have no
ready market) are their current market values which are expected to be minimal. The recoverable amount of the leasehold building is its market value determined by an
independent valuer.
7. Property, Plant and Equipment (cont’d)
(b)
COMPANY
Plant Furniture
and and Motor
Equipment Fittings Vehicles Total
S$'000 S$'000 S$'000 S$'000
Cost
Opening balance 499,008 12,885 2,250 514,143
Reclassification (5) 5 – –
Additions 1,709 128 – 1,837
Transfer in from capital work–in–progress 180,773 – – 180,773
Transfer in 64 8 – 72
Transfer out (47) – – (47)
Disposals (8,349) (81) (74) (8,504)
Closing balance 673,153 12,945 2,176 688,274
Accumulated Depreciation and Impairment Losses
Opening balance 305,570 4,425 1,523 311,518
Reclassification (5) 5 – –
Charge for the year 34,339 1,105 227 35,671
Transfer in 55 1 – 56
Transfer out (45) – – (45)
Impairment losses 18,298 – – 18,298
Disposals (8,046) (66) (74) (8,186)
Closing balance 350,166 5,470 1,676 357,312
Net book value at August 31, 2004 322,987 7,475 500 330,962
Capital work–in–progress 11,706 – – 11,706
Closing balance 334,693 7,475 500 342,668
Capital work–in–progress
Opening balance 163,046 – – 163,046
Additions 29,433 – – 29,433
Transfer out to fixed assets (180,773) – – (180,773)
Closing balance 11,706 – – 11,706
2003 Comparatives
Net book value at August 31, 2003 193,438 8,460 727 202,625
Capital work–in–progress 163,046 – – 163,046
Closing balance 356,484 8,460 727 365,671
Depreciation for 2003 32,960 1,014 216 34,190
119

8. Investment Property
Details of the investment property are as follows:
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
GROUP
Freehold Land and Building
2004 2003
S$’000 S$’000
Cost 923,827 923,827
Development expenditure at cost 173,624 167,526
Loan interest capitalised 18,935 18,935
1,116,386 1,110,288
Impairment losses (70,534) (70,534)
1,045,852 1,039,754
Gross rental income 78,475 49,421
Fair value 1,200,000 1,050,000
Fair value of the investment property, the amalgamated Paragon on Orchard Road was stated based on an independent professional
valuation, determined on an open market value basis and carried out on June 24, 2004 (2003: February 28, 2003). The valuation carried
out in the previous financial year was done on the basis that the construction work for the amalgamated Paragon would be satisfactorily
completed and the Temporary Occupation Permit and Certificate of Statutory Completion would be obtained. The investment property
is mortgaged to a bank as security for loan facilities granted to a subsidiary.
9. Interests in Subsidiaries
(a) Unquoted equities
COMPANY
2004 2003
S$’000 S$’000
Unquoted equities, at cost 476,812 476,083
Amounts owing by subsidiaries (non-trade) [Note (c)] 796,146 1,378,626
Loan to a subsidiary 88,500 40,000
1,361,458 1,894,709
Amounts owing to subsidiaries (non-trade) [Note (c)] (173,209) (67,155)
1,188,249 1,827,554
Impairment losses (178,500) –
1,009,749 1,827,554
Details of subsidiaries are set out in Note 29.
9. Interests in Subsidiaries (cont’d)
(b) Goodwill arising on acquisition of subsidiaries
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
GROUP
2004 2003
S$’000 S$’000
Opening balance – –
Goodwill on acquisition during the year 18 1,240
Amounts written off during the year (18) (1,240)
Closing balance – –
(c) The amounts owing by/to subsidiaries are unsecured, interest free and have no fixed repayment terms. Repayments are not expected
within the next twelve months. Accordingly, it is not practicable to determine the fair value of these balances. However, the Company
does not anticipate the carrying amounts at the balance sheet date to be significantly different from the values that would eventually
be settled.
10. Interests in Associates
(a) Unquoted equities
GROUP
COMPANY
2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000
Unquoted equities, at cost 12,513 44,837 2,980 2,980
Amounts owing by associates (non–trade) [Note (b)] 4 4 – –
Loan to an associate [Note (b)] 350 650 – –
12,867 45,491 2,980 2,980
Amount owing to associates (non–trade) [Note (b)] (19) – – –
Goodwill on consolidation written off (5,559) (23,357) – –
Share of net losses (5,801) (14,509) – –
Impairment losses (560) (7,439) (2,980) (2,980)
928 186 – –
During the year, an associate was disposed of and accordingly adjustments were made to balances relating to goodwill on
consolidation written off, share of net losses and impairment losses. Details of associates are set out in Note 30.
(b) The amounts owing by/to associates, and loan to an associate are unsecured, interest free and have no fixed repayment terms.
Repayments are not expected within the next twelve months. Accordingly, it is not practicable to determine the fair value of these
balances. However, the Group does not anticipate the carrying amounts at the balance sheet date to be significantly different from the
values that would eventually be settled.
120
121

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
11. Long–Term Investments
GROUP
COMPANY
2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000
13. Stocks
GROUP
COMPANY
2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000
Quoted, at cost
Equities 79,610 92,855 – –
Bonds 48,000 48,000 – –
Unquoted, at cost
Equities 61,327 78,363 35,577 35,577
Other investments 425 60,318 425 425
189,362 279,536 36,002 36,002
Provision for diminution in value of investments – Unquoted (14,947) (10,312) – –
174,415 269,224 36,002 36,002
Movements in provision
Opening balance 10,312 15,075 – –
Provision for the year – Unquoted 4,635 208 – –
Utilisation of provision – (2,921) – –
Transfer to short–term investments – (2,050) – –
Closing balance 14,947 10,312 – –
Market value of quoted investments
Equities 288,648 268,930 – –
Bonds 52,086 51,432 – –
340,734 320,362 – –
12. Other Non-Current Assets
GROUP
COMPANY
2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000
Staff loans 5,051 4,916 4,900 4,781
Raw materials and consumable stores 24,489 38,895 23,908 38,278
Acquired content rights, at unamortised cost 20,502 16,519 – –
Production cost of programmes, at unamortised cost 11,299 7,925 – –
Provision for stocks (24,012) (8,576) (700) (1,010)
32,278 54,763 23,208 37,268
Made up as follows:
At cost 5,643 20,636 5,419 7,670
At net realisable value 26,635 34,127 17,789 29,598
32,278 54,763 23,208 37,268
Movements in provision
Opening balance 8,576 3,437 1,010 1,010
Provision/(Write–back) for the year 17,514 5,139 (310) –
Stocks written off (2,078) – – –
Closing balance 24,012 8,576 700 1,010
14. Prepaid Content Rights
GROUP
2004 2003
S$’000 S$’000
Prepaid content rights – at cost 25,617 23,694
Provision for prepaid content rights (25,617) (1,467)
– 22,227
Movements in provision
Opening balance 1,467 86
Provision for the year 26,091 1,381
Stocks written off (1,941) –
Closing balance 25,617 1,467
122
123

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
15. Trade Debtors
GROUP
COMPANY
2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000
Amount owing 104,334 104,942 92,828 95,120
Provision for doubtful debts (17,899) (19,590) (16,194) (18,190)
86,435 85,352 76,634 76,930
Movements in provision
Opening balance 19,590 21,023 18,190 19,700
Provision for the year 1,644 2,118 640 1,531
Bad debts written off (3,335) (3,551) (2,636) (3,041)
Closing balance 17,899 19,590 16,194 18,190
16. Other Debtors and Prepayments
GROUP
COMPANY
2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000
Accrued interest 2,892 6,180 1 23
Sundry debtors 6,958 3,781 2,117 1,596
Prepayments 3,546 2,426 2,112 1,212
Staff loans 1,734 1,794 1,674 1,715
15,130 14,181 5,904 4,546
17. Short–Term Investments
(a) Internally managed
GROUP
2004 2003
S$’000 S$’000
Quoted
Equities, at cost 53,421 102,198
Bonds, at cost 150,923 613,734
Accretion of discount on bonds 2,358 3,090
Amortisation of premium on bonds (109) (1,363)
Unquoted
Equities, at cost – 3,480
206,593 721,139
Provision for diminution in value of investments – Quoted (17,554) (57,323)
189,039 663,816
Movements in provision
Opening balance 57,323 42,424
(Write–back)/provision for the year (545) 18,344
Utilisation of provision (39,224) (5,495)
Transfer from long–term investments – 2,050
Closing balance 17,554 57,323
(b) Funds under management
Quoted investments, at cost
Equities 95,877 85,580
Bonds 162,471 148,870
258,348 234,450
Provision for diminution in value of quoted investments (2,644) (1,746)
255,704 232,704
Bank balances 31,915 18,520
Accrued income 2,864 970
Due to brokers (5,883) (400)
284,600 251,794
124
125

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
17. Short–Term Investments (cont’d)
GROUP
2004 2003
S$’000 S$’000
Movements in provision
Opening balance 1,746 1,723
Provision for the year 4,258 1,823
Utilisation of provision (3,360) (1,800)
Closing balance 2,644 1,746
Total Short–Term Investments 473,639 915,610
(c) Total market/fair value of investments
Quoted – Equities 200,257 194,894
Bonds 306,710 737,510
506,967 932,404
Unquoted – Equities – 3,564
18. Other Creditors and Accrued Liabilities
GROUP
COMPANY
2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000
Accrued operating expenses 109,058 91,213 92,981 69,160
Sundry creditors 16,855 18,355 9,642 7,844
Customers' deposits and credits 4,232 4,024 4,047 3,897
Amounts due to brokers – 949 – –
130,145 114,541 106,670 80,901
19. Capital and Other Commitments
Commitments for:
GROUP
COMPANY
2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000
(a) Capital expenditure:
Authorised and contracted for 6,906 29,271 5,801 22,212
Authorised but not contracted for 32,509 26,206 20,459 26,152
(b) Equity investments 53,666 14,101 – –
(c) Non–cancellable operating leases payable:
Within 1 year 4,112 3,067 165 –
Between 1 – 5 years 19,899 5,864 7 –
After 5 years 200,463 44,559 – –
(d) Non–cancellable operating leases receivable:
Within 1 year 80,177 73,995 – –
Between 1 – 5 years 119,299 95,409 – –
After 5 years – 978 – –
(e) Foreign currency forward contracts
Notional due:
Within 1 year 112,651 18,560 1,551 4,577
Positive fair value 507 68 11 40
Negative fair value 430 – – –
(f) Cross currency swap contracts
Notional due:
After 5 years 14,104 18,400 – –
Positive/(negative) fair value 793 (157) – –
The fair values of foreign currency forward and cross currency swap contracts have been calculated (using rates quoted by the
Group's bankers) assuming these contracts are terminated at the balance sheet date.
126
127

20. Contingent Liability (Unsecured)
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
As at August 31, 2004, the Company provided an indemnity to a financial institution for performance guarantees issued on behalf of a
subsidiary to enable the subsidiary to meet its obligations in the ordinary course of business. The performance guarantees comprised
US$4 million (S$6.8 million) maturing on March 31, 2005 (2003: US$4 million), US$4 million (S$6.8 million) for period commencing April 1,
2005 to March 31, 2006 (2003: US$4 million) and US$4 million (S$6.8 million) for period commencing April 1, 2006 to March 31, 2007
(2003: US$4 million).
21. Operating Revenue
GROUP
2004 2003
S$’000 S$’000
22. Staff Costs
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
GROUP
2004 2003
S$’000 S$’000
(a)Staff costs (including Executive Director):
Salaries, bonuses and other costs 237,091 214,517
Employers' contribution to defined contribution plans 25,278 26,241
262,369 240,758
(b)Average number of employees 3,564 3,715
Newspaper and Magazine
Advertisements 624,448 595,370
Circulation 192,033 180,336
Others 16,721 13,676
833,202 789,382
23. Profit from Operations
Profit from operations is arrived at:
GROUP
2004 2003
S$’000 S$’000
Broadcasting and Multimedia
Advertisements 40,030 43,131
Broadcasting and multimedia services 14,271 12,603
54,301 55,734
Property
Rental and rental-related services 82,572 52,700
970,075 897,816
After charging
Audit fees:
Company's auditors:
Current year 299 299
Other auditors:
Current year 24 23
Prior year – (1)
Non-audit fees # :
Company's auditors
Current year 101 36
Prior year 1 (22)
Less: Amount capitalised as capital work-in-progress (26) –
76 14
Directors' remuneration:
Company's Directors 1,660 2,216
Directors of subsidiaries 148 1,590
Provision for stocks 3,089 5,139
Rental expense – Operating lease 2,260 2,657
and after crediting
Write-back of provision for stocks (Note 13) 310 –
Net exchange gain 602 639
128
# Non-audit fees are mainly for services of an audit and/or review nature relating to non-statutory audit assignments.
129

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
24. Finance Costs
GROUP
2004 2003
S$’000 S$’000
25. Net Income from Investments (cont’d)
(a) Income from funds under management
GROUP
2004 2003
S$’000 S$’000
Interest on bank loans 24,203 24,326
25. Net Income from Investments
GROUP
2004 2003
S$’000 S$’000
Deposits interest 3,403 3,636
Interest from bonds 23,084 22,809
Dividend from equities* 190,624 10,126
Foreign exchange gain/(loss) 10,629 (776)
Profit on sale of investments:
Short–term investments 15,083 13,493
Long–term investments 9,942 132
Other investment income 1,005 1,643
253,770 51,063
Accretion of discount on bonds 21 57
Amortisation of premium on bonds (1,121) (1,273)
Write-back/(Provision) for diminution in value of investments:
Quoted 545 (18,344)
Unquoted (4,635) (208)
248,580 31,295
Income from funds under management [Note 25(a)] 9,437 8,289
258,017 39,584
* Dividend from equities received during the year included S$168.1 million from the divestment of the Group's indirect stake in Belgacom.
Interest on deposits and bonds 6,418 5,882
Profit on sale of investments 10,058 4,529
Dividend from quoted equities 2,131 879
Foreign exchange loss (3,019) (414)
Expenses and fees (1,893) (764)
13,695 10,112
Provision for diminution in value of quoted investments (4,258) (1,823)
9,437 8,289
26. Exceptional Items
GROUP
2004 2003
S$’000 S$’000
Gain on sale of property 110,106 –
Write–down of current assets and provision for obligations
arising from a review of broadcasting assets (45,889) –
Impairment loss on property, plant and equipment (Note 7) (34,953) (8,006)
Surplus on partial disposal of interests in an associate – 187,720
Surplus on completion of liquidation of:
– Subsidiaries – 1,748
– An associate – 46
Impairment loss on investment property – (50,000)
Impairment loss on associates – (7,439)
Capital work–in–progress written off – (1,069)
Others (587) (1,240)
28,677 121,760
130
131

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
27. Dividends
GROUP AND COMPANY
2004 2003
S$’000 S$’000
Dividends paid:
– Final dividend of 50 cents per S$1 share less tax
at 22% in respect of previous financial year
(2003: 50 cents per S$1 share less tax at 22%) 144,691 144,327
– Special dividend of 30 cents per S$1 share less tax
at 22% in respect of previous financial year
(2003: 30 cents per S$1 share less tax at 22%) 86,814 86,596
– Interim dividend of 20 cents per S$1 share less tax
at 20% (2003: 20 cents per S$1 share less tax at 22%) 59,487 57,654
– Special interim dividend of nil cents per S$1 share less tax
at 20% (2003: 30 cents per S$1 share less tax at 22%) – 86,481
290,992 375,058
(a) The Directors have proposed a final dividend for 2004 of 10 cents per S$0.20 share, less tax at 20%, amounting to a total of
S$126,611,000 (2003: 50 cents per S$1 share, less tax at 22%, amounting to S$144,691,000).
(b) In addition, the Directors have proposed a special final dividend of 11.25 cents per S$0.20 share, less tax at 20%, amounting to a
total of S$142,437,000 (2003: 30 cents per S$1 share, less tax at 22%, amounting to S$86,814,000).
(c) These financial statements do not reflect these proposed dividends, which will be accounted for in shareholders' equity as an
appropriation of retained earnings in the financial year ending August 31, 2005 (2003: August 31, 2004) when they are approved at the
next annual general meeting.
28. Earnings per Share
GROUP
2004 2003
S$’000
S$’000
Basic Diluted Basic Diluted
Profit attributable to shareholders 546,282 546,282 378,736 378,736
Number of Shares Number of Shares*
‘000 ‘000
Weighted average number of shares 1,786,830 1,786,830 1,848,570 1,848,570
Adjustment for assumed conversion of share options – 1,987 – 3,170
Weighted average number of shares used to compute earnings per share 1,786,830 1,788,817 1,848,570 1,851,740
Earnings per S$0.20 share (S$)
– before exceptional items 0.29 0.29 0.14 0.14
– after exceptional items 0.31 0.31 0.20 0.20
* Adjusted for effect of Share Split Exercise completed in financial year 2004.
132
133

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
29. Subsidiaries
Effective
Principal Country of Class of % of Equity held
Name of Subsidiary Activities Incorporation Shares Cost of Investment by the Group
2004 2003 2004 2003
S$’000 S$’000 % %
Hipro Printing Pte Ltd Publishing newspapers Singapore Ord 855 360 100.00 80.00
The Straits Times Holding investments Singapore Mgt 334 334 100.00 100.00
Press (1975) Limited Ord 33,072 33,072 100.00 100.00
Focus Publishing Ltd Publishing magazines Singapore Mgt * * 99.96 99.96
Ord * * 100.00 100.00
Singapore Press Provision of news Singapore Mgt * * 99.98 99.98
Holdings (Overseas) reporting & marketing Ord * * 100.00 100.00
Limited
services and holding
investments
SPH (Americas) Pte Provision of news Singapore Ord * * 100.00 100.00
Ltd
reporting services
SPH Magazines Pte Ltd Publishing magazines Singapore Ord * * 100.00 100.00
TP Ventures Pte Ltd Holding investments Singapore Ord * * 100.00 100.00
Lianhe Publishing Publishing magazines Singapore Ord * * 51.00 51.00
Pte Ltd
SPH Data Services Licensing of copyrights Singapore Ord * * 100.00 100.00
Pte Ltd
& trademarks
@ SPH AsiaOne Ltd Provision of Internet – Singapore Ord 94,400 94,400 100.00 100.00
related services and
holding investments
@ Zaobao.com Ltd Provision of Internet – Singapore Ord * * 100.00 100.00
related services
@ Evol Media Pte Ltd Provision of Internet – Singapore Ord * * 100.00 100.00
related services
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
29. Subsidiaries (cont’d)
Effective
Principal Country of Class of % of Equity held
Name of Subsidiary Activities Incorporation Shares Cost of Investment by the Group
2004 2003 2004 2003
S$’000 S$’000 % %
Balance b/f 218,661 218,166
SPH MultiMedia Holding investments Singapore Ord 8,500 8,500 100.00 100.00
Private Limited
Lianhe Investments Holding investments Singapore Ord 6,335 6,335 100.00 100.00
Pte. Ltd.
for dealing purposes
Singapore Newspaper Holding investments Singapore Ord 50,000 50,000 100.00 100.00
Services Private Limited and properties
Vinora Holdings Holding investments British Virgin Ord * * 100.00 100.00
Limited
Islands
Futura Management Holding investments Cook Islands Ord * * 100.00 100.00
Limited
Crestville Investments Holding investments British Virgin Ord * * 100.00 100.00
Limited
Islands
Singapore News and Holding investments Singapore Mgt 1,153 1,153 100.00 100.00
Publications Limited and properties Ord 114,102 114,102 100.00 100.00
Sin Chew Jit Poh Holding investments Singapore Mgt * * 100.00 100.00
(Singapore) Limited and properties Ord * * 100.00 100.00
Times Properties Letting properties and Singapore Ord 77,827 77,827 100.00 100.00
Private Limited
provision of property
management services
Orchard 290 Ltd Holding investments and Singapore Ord * * 100.00 100.00
managing of shopping
centres & other
commercial properties
Balance c/f 476,578 476,083
134
SPH MediaWorks Ltd Provision of broadcasting Singapore Ord 90,000 90,000 100.00 100.00
and broadband services
Balance c/f 218,661 218,166
135

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
29. Subsidiaries (cont’d)
Effective
Principal Country of Class of % of Equity held
Name of Subsidiary Activities Incorporation Shares Cost of Investment by the Group
2004 2003 2004 2003
S$’000 S$’000 % %
Balance b/f 476,578 476,083
New Beginnings Business management The People's Ord 234 – 100.00 –
Management and consultancy Republic of
Consulting services China
(Shanghai) Company
Limited
SPH Stop Press Pte Ltd Dormant Singapore Ord * * 100.00 100.00
Morningvista Dormant British Virgin Ord * * 100.00 100.00
Investments Limited
Islands
Asia Century Dormant Singapore Ord * * 51.00 51.00
Publishing Pte Ltd
The Straits Times Dormant United Kingdom Ord * * 100.00 100.00
Press (London) Limited
476,812 476,083
Notes:
1. @ Companies audited by Ernst & Young, Singapore.
2. * The shareholdings of these companies are held by subsidiaries of the Company.
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
30. Associates
Effective
Principal Country of Class of % of Equity held
Name of Associate Activities Incorporation Shares Cost of Investment by the Group
2004 2003 2004 2003
S$’000 S$’000 % %
Held by the Company
Business Day Publishing Thailand Ord 2,980 2,980 24.97 24.97
Company Limited
newspapers
Held by Subsidiaries
American Bourses Development & Singapore Ord 6,375 6,375 20.00 20.00
Corporation Pte Ltd maintenance of
software and
multimedia works;
Business
management and
consultancy
services
Citta Bella Sdn Bhd Publishing and Malaysia Ord 248 248 24.99 24.99
distributing
magazines
GMM Times Co Ltd Publishing and Thailand Ord 395 – 30.00 –
distributing
magazines
Magazine World Sdn Bhd Publishing and Malaysia Ord 42 – 30.00 –
distributing
magazines
Shanghai YouHer Consultancy The People's Ord 573 – 50.00 –
Consultancy Limited services Republic of
China
UnionWorks Pte Ltd Radio Singapore Ord 1,900 1,600 50.00 50.00
broadcaster
StarEastWorks Limited Content Hongkong Ord – 33,634 – 50.00
production
12,513 44,837
136
137

31. Segmental Information
2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
Newspaper
Treasury
and Broadcasting and
Magazine and Multimedia Investment Property Eliminations Consolidated
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
Operating revenue
External sales 833,202 54,301 – 82,572 – 970,075
Inter–segmental sales 2,352 72 – 2,377 (4,801) –
Total operating revenue 835,554 54,373 – 84,949 (4,801) 970,075
Result
Segment result 337,774 (55,955) 252,716 61,169 – 595,704
Finance costs (15) (1,847) – (22,341) – (24,203)
Finance income 131 15 – 116 – 262
Share of net losses
of associates (249) – – – – (249)
Exceptional items (16,129) (65,300) – 110,106 – 28,677
Profit/(loss) before taxation 321,512 (123,087) 252,716 149,050 – 600,191
Taxation (53,914)
Profit after taxation 546,277
Minority interests 5
Profit attributable to
shareholders 546,282
Other Information
Segment assets 696,695 22,130 780,291 1,091,836 – 2,590,952
Interests in associates 928 – – – – 928
Consolidated total assets 2,591,880
Segment liabilities 148,076 100,906 36 709,987 – 959,005
Current taxation 81,112
Deferred taxation 72,126
Minority interests 518
Consolidated total liabilities 1,112,761
Capital expenditure 31,628 1,183 – 6,396 – 39,207
Depreciation 45,360 5,798 – 527 – 51,685
31. Segmental Information (cont’d)
2003
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
Newspaper Broadcasting, Treasury
and Multimedia and and
Magazine Telecommunications Investment Property Eliminations Consolidated
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
Operating revenue
External sales 789,382 55,734 – 52,700 – 897,816
Inter–segmental sales 2,914 21 – 2,544 (5,479) –
Total operating revenue 792,296 55,755 – 55,244 (5,479) 897,816
Result
Segment result 305,065 (53,057) 39,028 39,203 – 330,239
Finance costs – (1,916) – (22,410) – (24,326)
Finance income 102 39 – 100 – 241
Share of profits less losses
of associates 86 10,904 – – – 10,990
Exceptional items (7,000) 180,821 14 (52,075) – 121,760
Profit/(loss) before taxation 298,253 136,791 39,042 (35,182) – 438,904
Taxation (59,769)
Profit after taxation 379,135
Minority interests (399)
Profit attributable to
shareholders 378,736
Other Information
Segment assets 737,067 86,974 1,462,487 1,081,531 – 3,368,059
Interests in associates 186 – – – – 186
Consolidated total assets 3,368,245
Segment liabilities 126,740 108,191 986 729,573 – 965,490
Current taxation 68,712
Deferred taxation 85,199
Minority interests 1,108
Consolidated total liabilities 1,120,509
Capital expenditure 26,367 437 – 30,396 – 57,200
Depreciation 44,841 8,158 – 653 – 53,652
138
139

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
31. Segmental Information (cont’d)
Notes:
(a) Business segments:
The Group is organised into four major operating segments, namely Newspaper and Magazine, Broadcasting and Multimedia, Treasury
and Investment, and Property, and reports its primary segment information through direct identification. The Newspaper and Magazine
segment is involved in the publishing, printing and distributing of newspapers and magazines. The Broadcasting and Multimedia
segment provides services which include provision of broadcasting, portal sites and other related services. The Treasury and
Investment segment manages the investment activities of the Group. The Property segment holds and manages properties owned by
the Group.
Telecommunication business ceases to be part of the Broadcasting and Multimedia operating segment from financial year 2004,
following the partial disposal of interests in an associate in December 2002.
(b) Geographical segments:
The principal geographical area in which the Group operates is Singapore. The Group's overseas operations comprise mainly holding
overseas investments and the provision of marketing, editorial, art and graphical services overseas.
Capital
Operating Revenue Segment Assets Expenditure
2004 2003 2004 2003 2004 2003
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Singapore 970,075 897,816 2,583,798 3,234,167 39,145 57,181
Other Countries – – 8,082 134,078 62 19
970,075 897,816 2,591,880 3,368,245 39,207 57,200
(c) Under equity accounting, the Group's operating revenue does not include its share of associates' operating revenue.
32. Fair Value of Financial Instruments
The financial assets and financial liabilities of the Group and the Company for which fair values are required to be disclosed in accordance
with Singapore Financial Reporting Standard comprise the following:
(a) long-term investments in investees other than subsidiaries and associates,
(b) non-current loans payable,
(c) non-current receivables from and payables to subsidiaries and associates,
(d) other non-current receivables,
(e) current assets other than stocks, prepaid content rights and prepayments,
(f) current liabilities other than provision for taxation.
The fair values of these financial assets and financial liabilities as at the balance sheet date approximate their carrying values as shown
in the balance sheets, with the exception of long-term and short-term investments, and non-current receivables from and payables to
subsidiaries and associates.
The fair values of quoted long-term investments and quoted and unquoted short-term investments as at the balance sheet date are as
detailed in the respective notes to the financial statements. For unquoted long-term investments, it is not practicable to determine the
fair value because the assumptions used in the valuation models to value these investments cannot be reasonably determined. The
unquoted long-term investments comprised investments in venture capital companies and companies whose principal activities include
the provision of telecommunication-related services. Information on the fair values of non-current receivables from and payables to
subsidiaries and associates are set out in the respective notes to the financial statements.
33. Subsequent events
(a) Acquisition of Vantage Corporation Limited's media assets
On September 1, 2004, a wholly-owned subsidiary, SPH Magazines Pte Ltd acquired from Vantage Corporation Limited (formerly
known as “Blu Inc Group Limited”) (“VCL”) the following for a cash consideration of S$32.9 million:
(i) All magazine titles, trade names and marks owned by VCL;
(ii) 100% interest in the following companies:
a) Blu Inc Holdings (S) Pte Ltd;
b) Blu Inc Media Pte Ltd;
c) Blu Inc Publishing (S) Pte Ltd;
d) Blu Inc Ventures Pte Ltd; and
e) Magazines Incorporated Pte Ltd.
These companies are incorporated in Singapore and are mainly engaged in the publishing and distribution of magazines.
140
141

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
AUGUST 31, 2004
33. Subsequent events (cont’d)
Blu Inc Holdings (S) Pte Ltd, Blu Inc Ventures Pte Ltd and Magazines Incorporated Pte Ltd have subsidiaries and associates that are
incorporated in Singapore, Malaysia, Indonesia, Hongkong and The People's Republic of China. These companies are mainly engaged
in the publishing and distribution of magazines.
The fair value of the net identifiable assets at the date of acquisition was estimated at S$10.4 million. Goodwill arising on this
acquisition of about S$22.5 million will be recorded in the balance sheet and tested for impairment in accordance with FRS 103 - Business
combinations which is applicable for the Group in financial year 2005.
(b) Rationalisation of free-to-air television broadcasting and free newspaper business
On September 17, 2004, the Group entered into agreements with MediaCorp Pte Ltd and certain of its subsidiaries with the
objective of rationalising the Group’s free-to-air television broadcasting and free newspaper businesses.
The proposed transactions comprise:
(i) The subscription by the Company of 20% of the issued share capital in a new company, MediaCorp TV Holdings Pte Ltd (“MCTV
Holdings") for a sum of S$10 million in cash; and
(ii) The acquisition by the Company of 40% of the issued share capital of MediaCorp Press Ltd ("MPR") for a sum of S$19.16 million
in cash.
These companies are incorporated in Singapore. MCTV Holdings is engaged in the business of free-to-air television broadcasting and
content production for television broadcasting. MPR is engaged in the publishing and distribution of free newspaper.
33. Subsequent events (cont’d)
(c) Initial Public Offer (“IPO”) of StarHub Pte Ltd (“StarHub”)
On September 17, 2004, StarHub officially launched its IPO involving the sale of up to 553.9 million vendor shares. On October 6,
2004, StarHub announced that the IPO will be priced at S$0.95 per share.
The Company holds a pre-IPO shareholding of 8.95% in StarHub which is accounted for as a long-term investment at a cost of
S$35.6 million. Based on the IPO price of S$0.95 per share, the Company is expected to receive gross proceeds of between
S$161.9 million and S$180.0 million, depending on the extent whereby the over-allotment option associated to the IPO is exercised.
Upon completion of this transaction, an investment income, before deducting the Company's share of IPO expenses, ranging between
S$126.3 million and S$144.4 million will be reported in the first quarter of the Company's financial year, depending on the extent
whereby the over-allotment option is exercised. Accordingly, the Company's shareholding in StarHub may be reduced to between
0% and 0.9% depending on the extent whereby the over-allotment option is exercised.
34. Re-classification
Where necessary, comparative figures have been adjusted to conform with the current presentation where there are changes in presentation
in these financial statements.
35. Authorisation of Financial Statements
On October 11, 2004, the Board of Directors of Singapore Press Holdings Limited authorised these financial statements for issue.
Upon completion of the proposed transactions (expected by December 31, 2004), the Group's free-to-air television broadcasting
business will be operated together with those currently operated by MediaCorp TV Pte Ltd by MCTV, and the Company’s free
newspaper business will be merged with that of MPR.
Upon completion of the proposed transactions, the Company's interests in MCTV Holdings and MPR will be equity accounted for, in
accordance with FRS 28 - Accounting for Investments in Associates. The Company also plans to repay the bank loan facilities of S$81
million, undertaken by a subsidiary, pertaining to the Group's television broadcasting business by August 31, 2005.
The proposed transactions are not expected to have any material impact on the net tangible assets per share and earnings per share
of the Group for the financial year ending August 31, 2005.
142
143

SHAREHOLDING STATISTICS
SHARE PRICE MOVEMENTS FOR THE YEAR ENDED AUGUST 31, 2004
SHAREHOLDERS BY SIZE OF SHAREHOLDINGS
AS AT OCTOBER 22, 2004
Highest closing price
Lowest closing price
0.36%
S$
8
S$
6
8.81%
5.5
7
5
5.0
19.64%
4.5
6
4
4.0
3.5
71.19%
5
3
3.0
2.5
4
2
0
0
2000 2001 2002 2003 2004 2000 2001 2002 2003 2004
Year
Year
1 – 999
1,000 – 10,000 10,001 – 1,000,000 1,000,001 and above
2004 2003 2002 2001 2000
S$ S$ S$ S$ S$
Highest Closing Price* 4.54 4.12 5.01 5.90 7.55
Lowest Closing Price* 3.59 3.25 3.12 3.79 5.13
August 31 Closing Price* 4.32 3.79 3.98 4.02 5.62
Price / Earnings Ratio based on August 31 Closing Price 14.12 18.58 23.98 21.85 24.87
All prices have been adjusted for the effects of the Share Split and Capital Reduction Exercises which took place during the financial year 2004.
* Source: Bloomberg
Size of Shareholdings No. of Shareholders % Total Holdings %
1 – 999 1,948 8.81 975,543 0.06
1,000 – 10,000 15,749 71.19 57,967,852 3.70
10,001 – 1,000,000 4,344 19.64 255,099,752 16.28
1,000,001 and above 80 0.36 1,253,082,424 79.96
Grand Total 22,121 100.00 1,567,125,571 100.00
144
145

HOLDERS OF MANAGEMENT SHARES
AS AT OCTOBER 22, 2004
TWENTY LARGEST ORDINARY SHAREHOLDERS
AS AT OCTOBER 22, 2004
Name of Shareholder Total Holdings %
Name of Shareholder Total Holdings %
1. THE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITED 3,621,757 22.60
1. DBS NOMINEES (PRIVATE) LIMITED 357,311,491 22.80
2. OVERSEA-CHINESE BANKING CORPORATION LTD 2,691,938 16.80
2. RAFFLES NOMINEES PTE LTD 227,066,792 14.49
3. NTUC INCOME INSURANCE COOPERATIVE LIMITED 2,618,873 16.34
3. CITIBANK NOMINEES SINGAPORE PTE LTD 135,079,296 8.62
4. SINGAPORE TELECOMMUNICATIONS LIMITED 2,131,082 13.30
4. HSBC (SINGAPORE) NOMINEES PTE LTD 131,170,158 8.37
5. THE DEVELOPMENT BANK OF SINGAPORE LTD 1,522,198 9.50
5. UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED 63,861,385 4.08
6. UNITED OVERSEAS BANK LIMITED 1,289,328 8.05
6. DB NOMINEES (S) PTE LTD 25,584,694 1.63
7. NATIONAL UNIVERSITY OF SINGAPORE 858,649 5.36
7. TEMASEK HOLDINGS (PTE) LTD 21,973,248 1.40
8. FRASER & NEAVE, LIMITED 644,640 4.02
8. THE ASIA LIFE ASSURANCE SOCIETY LTD-PAR FUND 15,590,412 1.00
9. FULLERTON (PRIVATE) LIMITED 644,640 4.02
9. UNIVERSITY OF MALAYA 15,477,556 1.00
10. CHIEF EXECUTIVE OFFICER 4 0.00
10. LEE FOUNDATION STATES OF MALAYA 15,215,522 0.97
11. DIRECTORS (FOUR EACH) 44 0.00
11. KO TECK SIANG 13,260,000 0.85
TOTAL 16,023,153 100.00
12. TAN ENG SIAN 12,750,000 0.81
13. OVERSEA CHINESE BANK NOMINEES (PRIVATE) LIMITED 12,395,039 0.79
SUBSTANTIAL SHAREHOLDER
AS AT OCTOBER 22, 2004
14. MERRILL LYNCH (S'PORE) PTE LTD 12,117,938 0.77
15. YONG SIEW YOON 10,000,000 0.64
Direct Interest
Deemed Interest
No. of
No. of
Ordinary Shares % Ordinary Shares %
SILCHESTER INTERNATIONAL INVESTORS LIMITED 74,443,000 4.703 4,783,812* 0.302
* Silchester International Investors Limited is deemed to have an interest by virtue of its 49.9% ownership in Sanderson Asset Management Limited.
16. OVERSEAS UNION BANK NOMINEES (PRIVATE) LIMITED 9,946,023 0.63
17 OVERSEAS UNION ENTERPRISE LIMITED 9,133,845 0.58
18 MORGAN STANLEY ASIA (SINGAPORE) SECURITIES PTE LTD 8,375,917 0.53
19 LEE FOUNDATION 8,210,940 0.52
20 UOB KAY HIAN PTE LTD 6,595,773 0.42
146
All the ordinary shares in the Company were at all times held by the public and Rule 723 of the Singapore Exchange Listing Manual has been complied with.
TOTAL 1,111,116,029 70.90
147

Share Options
The Singapore Press Holdings Group Executives’ Share Option Scheme (”1990 Scheme”) and the Singapore Press Holdings Group (1999)
Share Option Scheme (”1999 Scheme”) are administered by the Remuneration Committee comprising the following members:
Michael Fam Yue Onn ( Chairman)
Lim Chin Beng
Ngiam Tong Dow
Yeo Ning Hong
Philip Pillai (appointed on 5.12.2003)
Lee Hee Seng (retired on 5.12.2003)
Details of options granted to Directors and employees in the Group receiving 5% or more of the total number of options available under the
1990 Scheme are as follows;
Name of Number and Aggregate Aggregate Aggregate
Director/Employee terms of options options options
Options granted granted since exercised since outstanding
from 1.9.03 to commencement commencement as at 31.8.04
31.8.04 of Scheme on of Scheme on
28.12.90 to 31.8.04 28.12.90 to 31.8.04
Lim Kim San - 1,763,912 1,763,912 -
The 1990 Scheme was approved by shareholders in December 1990, and has been subsequently amended; the latest amendments were
approved at the extraordinary general meeting on July 16, 1999.
At the extraordinary general meeting on July 16, 1999, the 1999 Scheme was adopted to replace the 1990 Scheme.
Details of options granted to Directors and employees in the Group receiving 5% or more of the total number of options available under the
1999 Scheme are as follows:
Name of Number and Aggregate Aggregate Aggregate
Director/Employee terms* of options options options
Options granted granted since exercised since outstanding
from 1.9.03 to commencement commencement as at 31.8.04
31.8.04 of Scheme on of Scheme on
27.10.99 to 31.8.04 27.10.99 to 31.8.04
Lim Kim San 150,000 1,050,000 225,000 3,506,250 #
* Terms: Exercise price: S$18.54
Expiry Date: 16.12.2013
#
Adjusted for the effects of the Share Split and Captal Reduction Exercises which took place during the financial year 2004.
In respect of each of the 1990 Scheme and 1999 Scheme:
1. the Rules do not allow for options to be granted at a discount;
2. there are no controlling shareholders of the Company or its associates to whom options have been granted; and
3. except as disclosed herein, no employee has received 5% or more of the total number of options available.
OVERSEAS BUREAUS
AS AT OCTOBER 15, 2004
Bureau Name/Address Telephone Fax Email Pub.
BANGKOK Nirmal Ghosh 66-2-661 6207 66-2-260 0893 tigerfire@yahoo.com ST
Apt 2A, Prime Residence
6, Sukhumvit Soi 27
Klong Toey Nua, Wathana
Bangkok 10110, Thailand
BEIJING Goh Sui Noi 86-10-6418 1577/ 86-10-6418 1580 suinoi@yahoo.com ST
Tschang Chi-Chu 86-10-6418 1578 tschang@sph.com.sg
Chua Chin Hon
deathstar@postone.com
Lee Huay Leng 86-10-6418 1585 86-10-6418 1584 leehl@sph.com.sg ZB
Sng Tuan Hwee 86-10-6418 1587 sngth@sph.com.sg
Suite 4G, Office Tower B
East Gate Plaza
29 Dongzhong Street,
Dongcheng District
Beijing 100027, P.R. China
CHONGQING Zhang Xiao Zhong 86-23-6381 1009 86-23-6381 1011 zhangxz@sph.com.sg ZB
Yuzhong Qu Minquan Lu
51 Hengtong Yunding
International Apartment
Unit B, 16-11,
ChongQing 400010
GUANGZHOU Lee Chih Horng 86-20-8760 5937 86-20 8731 8512 leech@sph.com.sg ZB
Room 1410, 14th Floor,
South Tower
World Trade Centre
371-375 Huanshi Donglu
Guangzhou 510095, China
HONGKONG Ching Cheong 852-2530 9720 852-2845 9934 chingcheong@hotmail.com ST
Norman Yik 852-2524 6191 852-2524 7394 zbhk02@netvigator.com ZB
Echo Cheung 852-2877 9076 852-2522 0950 sph02@netvigator.com Mktg
1308, 13th Floor, 852-2526 9018 - ST General Line
Tower Two, Lippo Centre,
No. 89 Queensway,
852-2877 0713 - ZB General Line
Hong Kong
148
Copies of the 1990 Scheme and the 1999 Scheme are available for inspection at the Company’s registered office.
149

OVERSEAS BUREAUS (CONT’D)
AS AT OCTOBER 15, 2004
OVERSEAS BUREAUS (CONT’D)
AS AT OCTOBER 15, 2004
Bureau Name/Address Telephone Fax Email Pub.
JAKARTA Derwin Pereira 62-21-3983 1465 62-21-3983 1466 derwin@rad.net.id ST
62-21-3983 1467
Devi Muri Asmarani 62-21-3983 1471 dasmaran@indo.net.id
Salim Bin Osman
Shoeb Kagda 62-21-3983 1474 shoebkd@rad.net.id BT
Chong Tien Siong 62-21-3983 1485 62-21-3983 1486 chongts@sph.com.sg ZB
Suite 1401, 14th Floor
Deutsche Bank Building
Jalan Imam Bonjol 80,
Jakarta 10310
KUALA LUMPUR Reme Bin Ahmad 02-03-2162 0011 02-03-2164 6439 arem9@hotmail.com ST
Leslie Lau Kuan Chen
leslie.lau@excite.com
Carolyn Hong
carolynh@sph.com.sg
Pauline Ng
Suite 11A, Level 11, MNI Twins
Tower 2, No. 11 Jalan Pinang
50450 Kuala Lumpur
Malaysia
MANILA Maria Luz Baguioro 63-2-848 7232 / 63-2-848 7235 mlb@email.com.ph ST
Unit no. 1510, 15th floor, 63-2-848 7233 /
Tower One 63-2-848 7234
Ayala Triangle, Avala Avenue
Makati City 1226, Philippines
BT
Bureau Name/Address Telephone Fax Email Pub.
TAIPEI Lawrence Chung Kuo Hsiung 886-2-2370 3727 886-2-2370 9762 jonlawrence@hotmail.com ST
Yap Pheng Hui 886-2-2383 2732 886-2-2375 7822 yapph@sph.com.sg ZB
2F., No. 130, Bo-Ai Road
Jhong Jheng District
Taipei City 100, Taiwan (R.O.C.)
TOKYO Kwan Weng Kin 81-3-3442 4258 81-3-3442 4258 wengkin@gol.com ST
2-16-49-503 Takanawa
Minato-ku, Tokyo
Japan 108-0074
Ryo Ichi Yanagihara 81-3-3582 6259 81-3-3589 5480 Mktg
5A, 6-28 Akasaka, 6-Chome
Minato-ku, Tokyo 107, Japan
WASHINGTON Roger Mitton 1-202-662 8726 1-202-662 8729 rmitton@nationalpress.com ST
Eugene Low
eugene@sph.com.sg
National Press Building
Suite 916, 529 14th Street., NW
Washington, DC 20045
U.S.A
Shanghai Investment Office
New Beginnings Loo Chin Wah 86-21-2890 9630 86-21-2890 9999 loocw@sph.com.sg
Management 31st Floor, Jin Mao Tower
Consulting
88 Shi Ji Avenue, Pudong
(Shanghai)
Shanghai 200120, PR China
Company Limited
SHANGHAI Jason Leow jasonleow@singapore.com ST
Wong Yee Fong 86-21-6218 1315 / 86-21-6258 8723 wongyf@sph.com.sg ZB
Room 2316, 86-21-6218 1316 /
Nanzheng Building 86-21-6218 1317
No. 580 West Nanjing Road
Shanghai 200041, China
Note: ST – Straits Times, ZB – Lianhe Zaobao, BT – The Business Times, Mktg – Marketing
150
151

PROPERTIES OF THE GROUP
AS AT AUGUST 31, 2004
CORPORATE INFORMATION
SINGAPORE PRESS HOLDINGS LIMITED
Expiry date Land Built-in Existing
Location Tenure of Lease (sq m) (sq m) use
Times Industrial Building Freehold - 20,638 12,560 Industrial
422 Thomson Road
82 Genting Lane Leasehold July 16, 2040 24,892 48,922 Industrial
Audit Committee
Tang I-Fang / Chairman
Willie Cheng Jue Hiang
Cheong Choong Kong
Lee Ek Tieng
Sum Soon Lim
Print Centre Leasehold June 9, 2034 110,075 103,460 Industrial
2 Jurong Port Road
News Centre Leasehold March 2, 2031 21,730 54,296 Industrial
1000 Toa Payoh North
Manhattan House Leasehold October 15, 2068 - 554 Commercial
151 Chin Swee Road
Units #01-39 to #01-48
and #01-51 to #01-56
Auditor
PricewaterhouseCoopers
8 Cross Street, #17-00,
PWC Building,
Singapore 048424
Audit Partner
Tan Boon Chok (Appointed 2003)
Company Secretaries
Ginney Lim May Ling
Khor Siew Kim
20A Yarwood Avenue Leasehold May 6, 2878 1,721 488 Residential
42 Nassim Road Freehold - 1,406 686 Residential
42A Nassim Road Freehold - 1,444 645 Residential
42B Nassim Road Freehold - 1,418 645 Residential
Registered Office
1000, Toa Payoh North, News Centre,
Singapore 318994
Tel: (65) 6319 6319
Fax: (65) 6319 8282
Email: sphcorp@sph.com.sg
Reg. No. 198402868E
Paragon Freehold - 16,638 85,182 Commercial
290 Orchard Road
MALAYSIA
Awana Condominium Freehold - - 117 Residential
Unit 3544
Genting Highlands
Share Registration Office
Barbinder & Co Pte Ltd
8 Cross Street, #17-00,
PWC Building,
Singapore 048424
Financial Calendar
152
HONGKONG
Tower Two, Lippo Centre Leasehold February 14, 2059 - 368 Commercial
Unit 1308 13th Floor
89 Queensway, Hong Kong
Announcement of 2004 Half-Year Results April 6, 2004
Payment of 2004 Interim Dividend May 5, 2004
Extraordinary General Meeting May 7, 2004
Financial Year-End August 31, 2004
Announcement of 2004 Full-Year Results October 11, 2004
Despatch of Annual Report to Shareholders November 18, 2004
Annual General Meeting December 6, 2004
Payment of 2004 Proposed Final & Special Dividends December 28, 2004
153

NOTICE OF ANNUAL GENERAL MEETING
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Twentieth Annual General Meeting of the Company will be held at The Auditorium, 1000 Toa Payoh North,
News Centre, 1st Storey, Annexe Block, Singapore 318994 on Monday, December 6, 2004 at 10.30 a.m. for the following business:
Ordinary Business
1. To receive and, if approved, to adopt the Directors’ Report and Audited Accounts for the financial year ended August 31, 2004.
2. To declare a final dividend of 10 cents, and a special dividend of 11.25 cents, per S$0.20 share less income tax in respect of the
financial year ended August 31, 2004.
3. To pass the following resolutions separately under Section 153(6) of the Companies Act, Chapter 50: “That pursuant to Section 153(6)
of the Companies Act, Chapter 50, _____________be and is hereby re-appointed a Director of the Company to hold such office until the
next Annual General Meeting of the Company”:
(i) Lim Chin Beng
(ii) Lee Ek Tieng.
4. To re-elect the following Directors who are retiring in accordance with the Company’s Articles of Association, and who, being eligible,
offer themselves for re-election :
(i) Cheong Choong Kong
(ii) Yeo Ning Hong
(iii) Cham Tao Soon
(iv) Willie Cheng Jue Hiang.
5. To approve Directors’ fees of S$787,500 .
6. To appoint Auditors and to authorise the Directors to fix their remuneration.
7. To transact any other business of an Annual General Meeting.
Special Business
8. To consider and, if thought fit, to pass the following Ordinary Resolutions:
(i) “That pursuant to Section 161 of the Companies Act, Chapter 50 and the listing rules of the Singapore Exchange Securities Trading Limited
(the “SGX-ST”), and subject to the provisions of the Newspaper and Printing Presses Act, Chapter 206, authority be and is hereby given to
the Directors of the Company to:
(a) (i) issue Shares in the capital of the Company (“Shares”) whether by way of rights, bonus or otherwise; and/or
(ii) make or grant offers, agreements or options (collectively, “Instruments”) that might or would require Shares to be issued, including
but not limited to the creation and issue of (as well as adjustments to) warrants, debentures or other instruments convertible into
Shares,
at any time and upon such terms and conditions and for such purposes and to such persons as the Directors may in their absolute
discretion deem fit; and
(b) (notwithstanding the authority conferred by this Resolution may have ceased to be in force) issue Shares in pursuance of any
Instrument made or granted by the Directors while this Resolution was in force,
provided that:
(1) the aggregate number of Shares to be issued pursuant to this Resolution (including Shares to be issued in pursuance of Instruments
made or granted pursuant to this Resolution) does not exceed 50 per cent. of the issued share capital of the Company (as calculated
in accordance with sub-paragraph (2) below), of which the aggregate number of Shares to be issued other than on a prorata basis to
shareholders of the Company (including Shares to be issued in pursuance of Instruments made or granted pursuant to this Resolution)
does not exceed 20 per cent. of the issued share capital of the Company (as calculated in accordance with sub-paragraph (2) below);
(2) (subject to such manner of calculation as may be prescribed by the SGX-ST) for the purpose of determining the aggregate number of
Shares that may be issued under sub-paragraph (1) above, the percentage of issued share capital shall be based on the issued share
capital of the Company at the time this Resolution is passed, after adjusting for:
(i) new Shares arising from the conversion or exercise of any convertible securities or share options or vesting of share awards which
are outstanding or subsisting at the time this Resolution is passed; and
(ii) any subsequent consolidation or subdivision of Shares;
(3) in exercising the authority conferred by this Resolution, the Company shall comply with the provisions of the listing manual of the SGX-
ST for the time being in force (unless such compliance has been waived by the SGX-ST) and the Articles of Association for the
time being of the Company; and
154
(4) (unless revoked or varied by the Company in general meeting) the authority conferred by this Resolution shall continue in force until
the conclusion of the next Annual General Meeting of the Company or the date by which the next Annual General Meeting of the
Company is required by law to be held, whichever is the earlier.”
155

NOTICE OF ANNUAL GENERAL MEETING
NOTICE OF ANNUAL GENERAL MEETING
(ii) “That approval be and is hereby given to the Directors to offer and grant options in accordance with the provisions of the Singapore
Press Holdings Group (1999) Share Option Scheme (the “1999 Scheme”) and to allot and issue such shares as may be issued pursuant to
the exercise of options under the 1999 Scheme, provided always that the aggregate number of shares to be issued pursuant to the 1999
Scheme shall not exceed 12 per cent of the issued share capital of the Company from time to time.”
(iii) “That:
(a) for the purposes of Sections 76C and 76E of the Companies Act, Chapter 50 (the “Companies Act”), the exercise by the Directors of
the Company of all the powers of the Company to purchase or otherwise acquire issued ordinary shares of S$0.20 each fully paid in the
capital of the Company (the “Ordinary Shares”) not exceeding in aggregate the Prescribed Limit (as hereafter defined), at such price or
prices as may be determined by the Directors from time to time up to the Maximum Price (as hereafter defined), whether by way of:-
(i) market purchase(s) on the SGX-ST transacted through the Central Limit Order Book trading system; and/or
(ii) off-market purchase(s) (if effected otherwise than on the SGX-ST) in accordance with any equal access scheme(s) as may be
determined or formulated by the Directors as they consider fit, which scheme(s) shall satisfy all the conditions prescribed by the
Companies Act;
and otherwise in accordance with all other laws and regulations and rules of the SGX-ST as may for the time being be applicable, be and is
hereby authorised and approved generally and unconditionally (the “Share Buy Back Mandate”);
(c) in this Resolution:
“Prescribed Limit” means that number of issued Ordinary Shares representing ten per cent of the issued Ordinary Share capital of the
Company as at the date of the passing of this Resolution;
“Maximum Price” in relation to Ordinary Shares to be purchased or acquired, means the purchase price (excluding brokerage,
commission, applicable goods and services tax and other related expenses) which shall not exceed, in the case of a market purchase of
an Ordinary Share and off-market purchase pursuant to an equal access scheme, 105 per cent of the Average Closing Price of the
Ordinary Shares;
“Average Closing Price” means the average of the last dealt prices of an Ordinary Share for the five consecutive trading days on which
the Ordinary Shares are transacted on the SGX-ST immediately preceding the date of market purchase by the Company or, as the case
may be, the date of the making of the offer pursuant to the off-market purchase, and deemed to be adjusted, in accordance with the
listing rules of the SGX-ST, for any corporate action that occurs after the said five-day period; and
“date of the making of the offer” means the date on which the Company announces its intention to make an offer for the purchase or
acquisition of Ordinary Shares from holders of Ordinary Shares, stating therein the purchase price (which shall not be more than the
Maximum Price calculated on the foregoing basis) for each Ordinary Share and the relevant terms of the equal access scheme for
effecting the off-market purchase; and
(d) the Directors of the Company and/or any of them be and are hereby authorised to complete and do all such acts and things (including
executing such documents as may be required) as they and/or he may consider expedient or necessary to give effect to the
transactions contemplated and/or authorised by this Resolution.”
(b) unless varied or revoked by the Company in general meeting, the authority conferred on the Directors of the Company pursuant to the
Share Buy Back Mandate may be exercised by the Directors at any time and from time to time during the period commencing from the date
of the passing of this Resolution and expiring on the earlier of:
(i) the date on which the next Annual General Meeting of the Company is held; and
(ii) the date by which the next Annual General Meeting of the Company is required by law to be held;
By Order of the Board
Ginney Lim May Ling
Khor Siew Kim
Company Secretaries
Singapore,
November 18, 2004
Notes:
A Member entitled to attend and vote at the General Meeting is entitled to appoint a proxy to attend and vote in his stead and the proxy
need not be a Member of the Company. The instrument appointing the proxy must be lodged at the Company’s Share Registration Office,
Barbinder & Co Pte Ltd, 8 Cross Street, #11-00 PWC Building, Singapore 048424 not less than 48 hours before the time fixed for the
meeting.
156
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NOTICE OF ANNUAL GENERAL MEETING
NOTICE OF ANNUAL GENERAL MEETING
EXPLANATORY NOTES
1. In relation to Ordinary Resolution No. 3 :-
• Lim Chin Beng will, upon re-appointment, continue as the Chairman of the Board and of the Executive Committee, and as a member
of the Nominating Committee and the Remuneration Committee. He is considered an independent Director.
• Lee Ek Tieng will, upon re-appointment, continue as a member of the Audit Committee and of the Nominating Committee. He will
also be appointed Chairman of the Nominating Committee. He is considered an independent Director.
2. In relation to Ordinary Resolution No. 4:-
• Cheong Choong Kong will, upon re-election, continue as a member of the Audit Committee. He is considered an independent
Director.
• Yeo Ning Hong will, upon re-election, continue as a member of the Remuneration Committee. He is considered an independent
Director.
• Cham Tao Soon will, upon re-election, continue as the Deputy Chairman of the Board and as a member of the Executive Committee.
He will also be appointed as a member of the Remuneration Committee. He is considered an independent Director.
• Willie Cheng Jue Hiang will, upon re-election, continue as a member of the Audit Committee. He is considered an independent
Director.
STATEMENT PURSUANT TO ARTICLE 72 OF THE COMPANY'S ARTICLES OF ASSOCIATION
The effects of the resolutions under the heading "Special Business" in the Notice of the forthcoming Annual General Meeting are:-
(a) Ordinary Resolution No. 8(i) is to allow the Directors of the Company from the date of that meeting until the next Annual General
Meeting to issue shares in the Company and/or make or grant Instruments, during the validity period of this Resolution, and to issue
shares in pursuance of such Instruments subject to specified limits.
(b) Ordinary Resolution No. 8(ii) is to authorise the Directors to offer and grant options under the 1999 Scheme and to allot and issue
shares pursuant to the exercise of such options under the 1999 Scheme up to an amount not exceeding 12 per cent of the issued share
capital of the Company from time to time.
(c) Ordinary Resolution No. 8(iii) is to renew the mandate to permit the Company to purchase or acquire issued ordinary shares in the
capital of the Company on the terms and subject to conditions of the Resolution.
The Company may use internal sources of funds, or a combination of internal resources and external borrowings, to finance the
purchase or acquisition of its ordinary shares. The amount of funding required for the Company to purchase or acquire its ordinary
shares, and the impact on the Company’s financial position, cannot be ascertained as at the date of this Notice as these will depend on
the number of ordinary shares purchased or acquired and the price at which such ordinary shares were purchased or acquired.
Based on the issued and paid-up ordinary share capital of the Company as at October 18, 2004 (the “Latest Practicable Date”), the
purchase by the Company of ten per cent of its issued ordinary shares will result in the purchase or acquisition of 156,697,252 ordinary
shares. Assuming that the Company purchases or acquires the 156,697,252 ordinary shares at the maximum purchase price of S$4.97
for one ordinary share (being the price equivalent to 105 per cent of the average closing market prices of the ordinary shares for the five
consecutive market days on which the ordinary shares were traded on the SGX-ST immediately preceding the Latest Practicable Date),
the maximum amount of funds required for such share buy back is approximately S$778.8 million. The maximum amount of funds
required for such share buy back is the same regardless of whether the Company effects an on-market purchase or an off-market purchase.
The financial effects of the purchase or acquisition of such ordinary shares by the Company pursuant to the proposed Share Buy Back
Mandate on the audited financial accounts of the Company and its subsidiaries for the financial year ended August 31, 2004 are set out
in greater detail in the letter to Shareholders dated November 18, 2004, which is enclosed together with this Annual Report.
158
159

PROXY FORM
PROXY FORM
ANNUAL GENERAL MEETING
Singapore Press Holdings Limited (Incorporated in Singapore)
Reg. No. 198402868E
I/We _______________________________________________________________________________________
of ________________________________________________________________________________________
being a member/members of the abovenamed Company, hereby appoint the Chairman of the Meeting, or
Name Address NRIC/Passport Number Proportion of
Shareholdings(%)
and/or (delete as appropriate)
as my/our proxy/proxies to attend and to vote for me/us on my/our behalf and, if necessary, to demand a poll, at the Annual General Meeting
of the Company to be held at The Auditorium, 1000 Toa Payoh North, News Centre, 1st Storey, Annexe Block, Singapore 318994 on
December 6, 2004 at 10.30 a.m. and at any adjournment thereof.
(Please indicate with an "X" in the spaces provided whether you wish your vote(s) to be cast for or against the Ordinary Resolutions as set
out in the Notice of Annual General Meeting. In the absence of specific directions, the proxy/proxies will vote or abstain as he/they may think
fit, as he/they will on any other matter arising at the Annual General Meeting.)
To be used on
To be used in
a Show of Hands
the event of a Poll
No. of Votes No. of Votes
No. Resolutions For Against For Against
Ordinary Business
1. To adopt Directors' Report and Audited Accounts
2. To declare a Final Dividend
3. To re-appoint Directors pursuant to Section 153(6)
of the Companies Act, Cap. 50:-
(i) Lim Chin Beng
(ii) Lee Ek Tieng
4. To re-elect Directors:-
(i) Cheong Choong Kong
(ii) Yeo Ning Hong
(iii) Cham Tao Soon
(iv) Willie Cheng Jue Hiang
5. To approve Directors’ fees
6. To appoint Auditors and authorise Directors to fix
their remuneration
7. Any other business
Special Business
8. (i) To approve the Ordinary Resolution pursuant to
Section 161 of the Companies Act, Cap. 50
(ii) To authorise Directors to offer and grant options
and to issue shares in accordance with the
provisions of the Singapore Press Holdings
Group (1999) Share Option Scheme
(iii) To renew the mandate authorising Directors
to purchase the Company’s ordinary shares
Dated this ________________day of __________________2004
Total number of
ordinary shares held
Total number of
management shares held
160
Signature(s) of Members(s) or Common Seal
161

PROXY FORM
IMPORTANT
Notes:
1. Please insert the total number of ordinary shares and/or management shares (“shares”) held by you. If you have ordinary shares entered
against your name in the Depository Register (as defined in Section 130A of the Companies Act, Chapter 50 of Singapore), you
should insert that number of ordinary shares. If you have Shares registered in your name in the Register of Members, you should insert
that number of Shares. If you have ordinary shares entered against your name in the Depository Register and Shares registered in your
name in the Register of Members, you should insert the aggregate number of Shares entered against your name in the Depository Register
and registered in your name in the Register of Members. If no number is inserted, the instrument appointing a proxy or proxies shall be
deemed to relate to all the Shares held by you.
2. If any proxy other than the Chairman of the Meeting is to be appointed, please strike out the words “the Chairman of the Meeting” and
insert the name and address of the proxy desired in the box provided. If the box is left blank or incomplete, the Chairman of the Meeting
shall be deemed to be appointed as your proxy.
3. A Member of the Company entitled to attend and vote at a meeting of the Company is entitled to appoint one or two proxies to attend
and vote instead of him.
4. Where a Member appoints two proxies, the appointments shall be invalid unless he specifies the proportion of his shareholding (expressed
as a percentage of the whole) to be represented by each proxy.
5. The instrument appointing a proxy or proxies must be deposited at the Share Registration Office of the Company at Barbinder & Co Pte.
Ltd., 8 Cross Street, #11-00 PWC Building, Singapore 048424, not less than 48 hours before the time appointed for the Annual General
Meeting.
6. The instrument appointing a proxy or proxies must be under the hand of the appointor or of his attorney duly authorised in writing. Where
the instrument appointing a proxy or proxies is executed by a corporation, it must be executed either under its seal or under the hand of
an officer or attorney duly authorised.
7. A corporation which is a Member may authorise by resolution of its directors or other governing body such person as it thinks fit to act as
its representative at the Annual General Meeting, in accordance with Section 179 of the Companies Act, Chapter 50 of Singapore.
8. The Company shall be entitled to reject the instrument appointing a proxy or proxies if it is incomplete, improperly completed or illegible
or where the true intentions of the appointor are not ascertainable from the instructions of the appointor specified in the instrument
appointing a proxy or proxies. In addition, in the case of ordinary shares entered in the Depository Register, the Company may reject any
instrument appointing a proxy or proxies lodged if the Member, being the appointor, is not shown to have ordinary shares entered against
his name in the Depository Register as at 48 hours before the time appointed for holding the Annual General Meeting, as certified by The
Central Depository (Pte) Limited to the Company.
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