HEAD OFFICE: 150 Cecil Street #01-00 Singapore 069543 Tel : 880 0600 Fax : 225 8310
Contents Financial Highlights... Chairman's Statement... Corporate Information... Corporate Governance... Directors' Report... Statement by Directors... Report of the Auditors to the Members... Balance Sheets as at 30 June 2001... Profit & Loss Accounts for the year ended 30 June 20 Statements of Changes in Equity for the year ended 3 Consolidated Statement of Cash Flows for the year e Notes to the Financial Statements 30 June 2001... Shareholdings Statistics as at 19 September 2001... Notice of Annual General Meeting... Our Services & Branch Network
Singapore Dollars (in millions) 2001 2000 1999 1998 1997 Years Profits 2001 2000 1999 1998 1997 Years Loans 1 2 3 4 5 6 7 8 9 Profit after tax Profit before tax Singapore Dollars (in millions) 50 100 150 200 250 300 350 400 450 1997 1998 $ 000 $ 000 CAPITAL EMPLOYED Total Assets 414,636 411,470 Net Assets 103,326 108,473 Net Assets per Share 2.03 2.00 SHARE CAPTIAL Authorised 200,000 200,000 Issued and fully paid 50,990 54,163 LOANS AND DEPOSITS Loans 320,570 333,500 Deposits 284,919 282,313 PROFITS AND RETAINED EARNINGS Profit before tax 8,091 5,113 Profit after tax 6,178 4,202 Gross dividend 3,249 3,250 Retained Earnings 17,171 16,744 EARNINGS PER SHARE AND DIVIDENDS Earnings per share (before tax) 15.9 cents 9.4 cents Gross dividend per share 6.0 cents 6.0 cents
Chairman s Statement On behalf of the Board of Report and Financial Sta the year ended 30 June 2 The Singapore economy of 2001. Official full year fo from 3.5-5.5 percent t government policy, coupled with co-operation from all a recovery by the middle of next year following the expe this background, your Group operating income impro the preceding year. The Group pre-tax profit was $4 making prudent loan provisionings of $2.87 million Total assets of your Group decreased by 2.34% to $ partly due to redemption of loans by borrowers who s our selective lending policy in the light of the depresse deposits had also reduced by 4.43% to $239.27 millio Subject to shareholders' approval at the forthcoming Ann the payment of a first and final dividend of 6% less 24.5 of 2% less 25.5% tax) for the year under review. 02 annual report 2001
Human resources are our most valuable assets. During of training and development programs conducted by motivated to meet the new challenges ahead. When the economy recovers from the technical reces the revived economy. The Company will capitalize an the financing of small and medium enterprises. The recent events in the United States, although uncerta on the world economy. These events will have an impa On behalf of the Board, I wish to take this opportunity t their continued support and Management and staff for Finally, I would like to express my sincere appreciation counsel and guidance. TEO SOO CHUAN Chairman 19 September 2001
Corporate Information BOARD OF DIRECTORS Teo Soo Chuan - Chairman Ong Pang Boon Teo Chiang Long Phua Bah Lee Teoh Eng Hong Ho Ah Seng, William AUDIT COMMITTEE Ong Pang Boon - Chairman Teo Soo Chuan Phua Bah Lee Teoh Eng Hong SECRETARY Nguy Joo Tian (Mrs) MANAGEMENT Teo Chiang Long - Managing Director & CEO Ho Ah Seng, William - Executive Director Nguy Joo Tian (Mrs) - General Manager Teo Miang Yeow, Jamie - Corporate Planner Ong Yew Sam - Senior Manager (Information Technology) Ang Peck Khim, Christine (Ms) - Senior Manager (Marketing & L Kwok Soy Kaye (Ms) - Accountant Chua-Lim Sor Hoon (Mrs) - Valuer Yap-Tan Chay Beng, Irene (Mrs) - Manager (Human Resources) Koh Sai Teck, Christopher - Manager (Loans Administration & C Lau-Leong Ian Horng (Mrs) - Manager (Branches) Goh Mei Ling, Rosemary (Mrs) - Manager (Product Developmen REGISTRARS M&C Services Private Limited 138 Robinson Road #17-00 Hong Leong Centre Singapore 068906 AUDITORS KPMG Certified Public Accountants, Singapore Audit Partner: Tan Hui Keng, Martha (Ms) BANKERS Overseas Union Bank Ltd The Development Bank of Singapore Ltd United Overseas Bank Ltd Oversea-Chinese Banking Corporation Ltd REGISTERED OFFICE Singapura Building Society Limited 150 Cecil Street #01-00 Singapore 069543 Tel: 880 0600 Fax: 225 8310 04 annual report 2001
The Directors and Management being committed to ensuring h Best Practices Guide issued by the Singapore Exchange (SGX), processes and activities. THE BOARD OF DIRECTORS The Board comprises the Chairman, the Managing Director, the E Directors. The Board determines the Group's overall business st business and affairs. Apart from its statutory responsibilities, the Board approves the and loans, reviews the financial performance of the Group and e management personnel. The Board and Management Committee and the Audit Committee, were established to help the Board di EXECUTIVE COMMITTEE The Executive Committee ("EXCO") comprises three Board mem in supervising the management of the Company's business and THE AUDIT COMMITTEE The Audit Committee comprises four members, three of whom a The functions of the Audit Committee is to assist the Board in independent review of the effectiveness of the financial reportin Specific functions of the Audit Committee include:- The review with Management and the external auditors of fin completeness, accuracy and fairness; The review with the internal auditors and the external auditor and internal control systems of the Group; The review of the scope of work of the internal auditors and o by Management to the internal auditors and external auditors a and external auditors' reports; The recommendation of the appointment of the external aud
Corporate Governance (CONT D) The review of Management's procedures for ensuring compl by the regulatory bodies such as The Monetary Authority of S and practices as established by Management; The review with Management of the processes and activities Guidelines adopted by the Board; and The review of Interested Person Transactions. BUSINESS RISKS/INTERNAL CONTROLS The Board considers the management of key business risks to overall internal control framework. The Company's risk framewor Liquidity Risk and Operational Risk. The Company has establish formal procedures for both internal and external auditors to repo and to the Audit Committee. DEALINGS IN SECURITIES The Company has adopted the SGX Best Practices Guide on and employees. 06 annual report 2001
For the We, the undersigned directors, on behalf of all the directors of th together with the audited financial statements of the Group and of DIRECTORATE The directors in office at the date of this report are as follows:- Teo Soo Chuan Teo Chiang Long Ong Pang Boon Phua Bah Lee Ho Ah Seng, William Teoh Eng Hong In accordance with Section 153(6) of the Companies Act, Chapte and offer themselves for re-appointment. In accordance with Art Ah Seng, William, retires by rotation and being eligible, offers hi PRINCIPAL ACTIVITIES The principal activities of the Company during the financial year a the Finance Companies Act, Chapter 108. In addition, the Com Realty Services (Private) Limited which provides estate agency Limited, which provides nominee services to the Company and in such activities during the year. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES During the financial year the Company did not acquire or dispos FINANCIAL RESULTS Results of the Group and the Company for the financial year are Profit after taxation Transfer to Statutory Reserve Unappropriated profit brought forward Profit available for appropriation Proposed dividend of 6% less tax at 24.5% Unappropriated profit carried forward
Shareh in the Directors Report For the year ended 30 June 2001 TRANSFERS TO AND FROM RESERVES AND PROV There were the following transfers to/(from) reserves during the Statutory Reserve - Transfer from profit and loss account Movements in provisions are as set out in the accompanying no ISSUES OF SHARES AND DEBENTURES Neither the Company nor its subsidiaries issued any shares or ARRANGEMENTS TO ENABLE DIRECTORS TO AC Neither at the end of nor at any time during the financial year objects are, or one of whose objects is, to enable the director acquisition of shares in or debentures of the Company or any o DIRECTORS INTERESTS IN SHARES OR DEBENTU Except as disclosed in this report, no director who held office at debentures of the Company or of related corporations eithe According to the register kept by the Company for the purpos particulars of interests of directors who held office at the end of th are as follows:- Balan as a Name of Director 1/7/20 Teo Soo Chuan 47,50 Teo Chiang Long 1,87 Phua Bah Lee 23,75 Ho Ah Seng, William 2,37 No director who held office at the end of the financial year has a The directors' interests in the share capital of the Company, a above remained unchanged as at 21 July 2001. By virtue of their interests in the Company, Teo Soo Chuan and shares held by the Company in the respective subsidiaries as 08 annual report 2001
For the DIVIDENDS Since the end of the last financial year, the Company paid a divid and a special dividend of 2% less tax at 25.5% amounting to $807 has been paid during the year and the directors now recommen tax at 24.5% amounting to $2,454,000 for the year under review OTHER STATUTORY INFORMATION (a) BAD AND DOUBTFUL DEBTS Before the profit and loss account and the balance sheet of the steps to ascertain what action had been taken in relation to w the Company. The directors have satisfied themselves that adequate provision has been made for doubtful debts. At the date of this report, the directors are not aware of any c off for bad debts or provided for doubtful debts in the Group i (b) CURRENT ASSETS Before the profit and loss account and the balance sheet of the steps to ascertain that current assets of the Company which w course of business have been written down to their estimat been made for the diminution in value of such current assets At the date of this report, the directors are not aware of any which would render the values attributable to current assets (c) CHARGES AND CONTINGENT LIABILITIES Since the end of the financial year:- no charge on the assets of the Company or any corporatio of any other person; and no contingent liability of the Company or any corporation (d) ABILITY TO MEET OBLIGATIONS No contingent liability or other liability of the Company or any is likely to become enforceable within the period of twelve m opinion of the directors, will or may substantially affect the obligations as and when they fall due. (e) OTHER CIRCUMSTANCES AFFECTING THE FINANCIAL STA At the date of this report, the directors are not aware of any c the financial statements which would render any amount stated statements of the Company misleading. (f) UNUSUAL ITEMS In the opinion of the directors, no item, transaction or event of a the results of the operations of the Group or of the Company In the opinion of the directors, no item, transaction or event of between the end of the financial year and the date of this rep the operations of the Group or of the Company for the financ
Directors Report For the year ended 30 June 2001 DIRECTORS' INTERESTS IN CONTRACTS Except as disclosed in Note 19 to the financial statements, sin received or become entitled to receive a benefit by reason of a c with the director or with a firm of which he is a member or with a c SHARE OPTIONS During the financial year, there were:- (i) no options granted by the Company or its subsidiaries to an or its subsidiaries; and (ii) no shares issued by virtue of any exercise of option to take u As at the end of the financial year, there were no unissued share AUDIT COMMITTEE The members of the Audit Committee at the date of this report a Ong Pang Boon (Chairman) Teo Soo Chuan Phua Bah Lee Teoh Eng Hong The financial statements, accounting policies and system of int Board of Directors acting through the Audit Committee. The Au auditors, and the results arising therefrom, including their eva Committee also reviewed the assistance given by the Company the Company and the consolidated financial statements of the their submission to the directors of the Company for adoption. The Audit Committee has recommended to the Board of Dire appointment as auditors at the forthcoming Annual General Mee AUDITORS The auditors, KPMG, have indicated their willingness to accept r On behalf of the Board of Directors ONG PANG BOON Director TEO CHIANG LONG Director Singapore 19 September 2001 10 annual report 2001
For the year ended 30 We, ONG PANG BOON and TEO CHIANG LONG, being direc state that in our opinion:- (a) the financial statements set out on pages 13 to 29 are draw affairs of the Group and of the Company as at 30 June 2001 of the Group and of the Company and cash flows of the Gro (b) at the date of this statement there are reasonable grounds to as and when they fall due. On behalf of the Board of Directors ONG PANG BOON Director TEO CHIANG LONG Director Singapore 19 September 2001
Report of the Auditors to the Members of S We have audited the financial statements of Singapura Building of the Group for the year ended 30 June 2001 as set out on responsibility of the Company's directors. Our responsibility is to e on our audit. We conducted our audit in accordance with Singapore Standar and perform the audit to obtain reasonable assurance about misstatement. An audit includes examining, on a test basis, ev financial statements. An audit also includes assessing the acco by the directors, as well as evaluating the overall financial state a reasonable basis for our opinion. In our opinion:- (a) the financial statements and consolidated financial statements of the Companies Act, Chapter 50 (the "Act") and Singapore a true and fair view of:- (i) the state of affairs of the Company and of the Group as at of the Company and of the Group and of the cash flows o (ii) the other matters required by Section 201 of the Act to be financial statements; (b) the accounting and other records and the registers require subsidiaries incorporated in Singapore have been properly k We are satisfied that the financial statements of the subsidiaries th of the Company are in form and content appropriate and proper financial statements and we have received satisfactory information The auditors' reports on the financial statements of the subsidiar of subsidiaries incorporated in Singapore did not include any co KPMG Certified Public Accountants Singapore 19 September 2001 12 annual report 2001
Note 2001 $'000 Property, plant and equipment 3 5,74 Investment in subsidiaries 4 - Loans and advances due after twelve months 5 130,78 Deferred tax asset 50 Current assets Statutory deposit with the Monetary Authority of Singapore 5,67 Loans and advances due within twelve months 5 141,17 Investments 7 31,31 Other debtors, deposits and prepayments 8 2,37 Fixed deposits 51,36 Cash at bank and in hand 1,46 233,36 Less: Current liabilities Deposits and savings 9 237,86 accounts of customers Trade creditors and accruals 10 13,14 Factoring current accounts 14 Amount owing to subsidiaries (trade) - Provision for taxation 2,58 Proposed dividends (net) 2,45 256,19 Net current liabilities (22,82 114,20 Less: Non-current liabilities Staff retirement gratuities 11 80 Fixed deposits 1,40 (2,21 NET ASSETS 111,99 CAPITAL AND RESERVES Share capital 12 54,16 Reserves 13 57,82 111,99 The notes set out on pages 17 to 29 form part of these financial
Profit and Loss Accounts For the year end Revenue Note 2001 $'000 Interest income and hiring charges 19,845 Interest expense (6,048 Net interest and hiring charges 13,797 Fees and commissions 116 Dividends 32 Other operating income 48 Income before operating expenses 14,426 Staff costs (2,995 Depreciation expense 3 (630 Other operating expenses (2,881 Operating profit before provisions 14 7,920 Provision for loan losses and investments 15 (3,071 Operating profit before taxation but after provisions 4,849 Taxation 16 (1,396 Net profit for the year 3,453 Earnings Per Share (cents) 17 6.38 The notes set out on pages 17 to 29 form part of these financial 14 annual report 2001
For the year ended 30 June 2001 State The Group Share Share Capit capital premium reserv $'000 $'000 $'000 At 1 July 1999 54,163 7,657 1,35 Net profit for the year - - - Transfer from unappropriated profit to statutory reserve - - - Final dividend of 6% less tax at 25.5% - - - Special dividend of 2% less tax at 25.5% - - - At 30 June 2000 54,163 7,657 1,35 Net profit for the year - - - Transfer from unappropriated profit to statutory reserve - - - Final dividend of 6% less tax at 24.5% - - - At 30 June 2001 54,163 7,657 1,35 The Company At 1 July 1999 54,163 7,657 1,35 Net profit for the year - - - Transfer from unappropriated profit to statutory reserve - - - Final dividend of 6% less tax at 25.5% - - - Special dividend of 2% less tax at 25.5% - - - At 30 June 2000 54,163 7,657 1,35 Net profit for the year - - - Transfer from unappropriated profit to statutory reserve - - - Final dividend of 6% less tax at 24.5% - - - At 30 June 2001 54,163 7,657 1,35 The notes set out on pages 17 to 29 form part of these financial
Consolidated Statement of Cas Cash flows from operating activities Profit before taxation Adjustments for:- Depreciation of property, plant and equipment Property, plant and equipment written off Provision for diminution in value of investments Gain on disposal of quoted equity investments Net provision for loan losses Bad debts written off Staff retirement gratuities expense Amortisation of premium and accretion of discount on Singapore government securities Operating profit before changes in assets/liabilities Changes in:- Statutory deposit Loans and advances Other debtors, deposits and prepayments Deposits and savings accounts Factoring current accounts Trade creditors and accruals Taxation paid Net cash (outflow)/inflow from operating activities Cash flows from financing activities Dividends paid Net cash outflow from financing activities Cash flows from investing activities Purchase of property, plant and equipment Purchase of investments Proceeds from sale or maturity of investments Net cash inflow/(outflow) from investing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Cash and cash equivalents comprises:- Fixed deposits Cash at bank and in hand The notes set out on pages 17 to 29 form part of these financia 16 annual report 2001
30 June 2001 Notes These notes form an integral part of and should be read in con and loss accounts, statements of changes in equity and consoli 1. GENERAL The principal activities of the Company are those relating to fina Act, Chapter 108. In addition, the Company has two wholly-ow Limited which provides estate agency and management servic nominee services to the Company and its customers. Singapura Building Society Limited is a company incorporate at 150 Cecil St, #01-00 Singapore 069543. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POL (A) STATEMENT OF COMPLIANCE These financial statements have been prepared in acco issued by the Institute of Certified Public Accountants Singapore Companies Act, Chapter 50. (B) BASIS OF FINANCIAL STATEMENTS PREPARATION The financial statements, expressed in Singapore dollars (C) BASIS OF CONSOLIDATION (i) Subsidiaries A subsidiary is a company in which the Group, directl capital, or controls more than half of the voting power The consolidated financial statements include the fin made up to the end of the financial year. The results are included from the effective date of acquisition or u (ii) Transactions Eliminated on Consolidation All significant intercompany transactions and balances losses resulting from transactions between the Group entities are eliminated to the extent of the Group's int entity, except where unrealised losses provide eviden case they are recognised immediately in the profit and (D) PROPERTY, PLANT AND EQUIPMENT Freehold land is stated at cost. No depreciation is provide All other property, plant and equipment are stated at cost l so as to write off the cost of these assets on the straight Freehold buildings - 40 years Leasehold land and buildings - 40 years Furniture and office equipment - Between 5 and 8 y Motor vehicles - 4 years Computers - 5 years
Notes to the Financial Stateme 2. SUMMARY OF SIGNIFICANT ACCOUNTING PO (E) INVESTMENT IN SUBSIDIARIES Investment in the subsidiaries are stated at cost. Provisio that there has been a decline, other than temporary, in t (F) INVESTMENTS (i) Quoted Equity Investments Quoted equity investments are stated at the lower of (ii) Singapore Government Securities Investments in Singapore Government securities amortisation of premium. Provision for diminution in v value of such investments on a portfolio basis. (G) INCOME RECOGNITION (i) Interest Income In general, the basis adopted for crediting income fr interest over the period in which the repayments are Specifically, interest on mortgaged loans is charged purchase and leasing transactions is spread over the Interest on deposits with banks and investments are (ii) Dividend Income Dividend income is recognised as and when receive (H) PROVISION FOR LOAN LOSSES AND INTEREST ON NO (i) All known bad debts are written off and specific provi In addition, an amount is set aside as a general prov not separately identified, can be present in any portf (ii) Interest relating to non-performing loans and advanc (I) DEFERRED TAXATION Deferred taxation is provided using the liability method timing differences between the accounting and tax treatm reasonable probability to crystallise in the foreseeable fu Deferred tax benefits are recognised in the financial sta when such benefits are reasonably expected to be reali (J) CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash in hand, bank convertible into known amounts of cash and which are the purpose of the statement of cash flows, cash and cas are repayable on demand. 18 annual report 2001
30 June 2001 Notes 3. PROPERTY, PLANT AND EQUIPMENT Freehold Leasehold land and land and buildings buildings The Group and The Company $'000 $'000 2001 Cost At beginning of the year 2,263 3,733 Additions - - Written off - - At end of the year 2,263 3,733 Accumulated Depreciation At beginning of the year 507 880 Depreciation charge for the year 56 94 Disposals - - At end of the year 563 974 Depreciation Charge for 2000 56 94 Net Book Value As at 30 June 2001 1,700 2,759 As at 30 June 2000 1,756 2,853
Notes to the Financial Stateme 3. PROPERTY, PLANT AND EQUIPMENT (CONT D Properties held by the Group and the Company are as follo Location Description 212 East Coast Road 2-storey shophouse Singapore 428911 used as branch premi 203 Henderson Road Warehouse #02-07 Singapore 159546 Total freehold properties 5001 Beach Road 1 unit of office space #01-15 Golden Mile Complex used as branch premi Singapore 199588 Blk 202 Bedok North Street 1 4 units of office space #01-471/473/475/477 used as branch premi Singapore 460202 used as staff quarters Blk 101 Towner Road 1st storey used as bra #01-230 Singapore 322101 premises and 2nd sto Blk 711 Ang Mo Kio Avenue 8 #01-3501D Singapore 560711 1 unit of office space used as branch premi Total leasehold properties 4. INVESTMENT IN SUBSIDIARIES Unquoted investments in the ordinary shares of the wholly- Name of Companies Incorpo SBS Nominees Private Limited SBS Realty Services (Private) Limited S S 20 annual report 2001
30 June 2001 Notes 5. LOANS AND ADVANCES (a) Mortgage loans Hire purchase and leasing receivables Other secured loans Unearned interest Suspended interest Provision for loan losses These comprise balances:- Due within 1 year Due after 1 year (b) Included in the above are secured loans to directors of th (c) Provision for loan losses Balance as at 1 July Bad debts written off against provision Net provision during the year Balance as at 30 June
Notes to the Financial Stateme 6. HIRE PURCHASE AND LEASING RECEIVABLES 2001 Within 1 year After 1 year but within 5 years After 5 years 2000 Within 1 year After 1 year but within 5 years After 5 years 7. INVESTMENTS Cost:- Singapore government securities Quoted equity investments Provision for diminution in value of investments:- Balance as at 1 July Net provision during the year Balance as at 30 June Market Value:- Singapore government securities Quoted equity investments 22 annual report 2001
The The 30 June 2001 Notes t 8. OTHER DEBTORS, DEPOSITS AND PREPAYME 2001 $'000 Interest receivable 288 Deposits 260 Prepayments 177 Sundry debtors 1,648 2,373 9. DEPOSITS AND SAVINGS ACCOUNTS OF CUST Included in fixed and savings deposits accounts are deposits $660,000). 10. TRADE CREDITORS AND ACCRUALS 2001 $'000 Accrued operating expenses 851 PSB loans (unsecured) 11,359 Deposits for safe deposits boxes and rental deposits 116 Unclaimed dividends 466 Others 349 13,141 PSB loans represent amounts advanced by the Singapore P Enterprise Finance Scheme ("LEFS") and Extended Local E and ELEFS borrowers. The interest rates and repayment p security of the facilities granted under the above schemes.
Notes to the Financial Stateme 11. STAFF RETIREMENT GRATUITIES Balance at beginning of year Provision during the year Balance at end of year Provision is made for staff retirement gratuities annually a 12. SHARE CAPITAL Authorised: 200,000,000 ordinary shares of $1 each Issued and fully paid: 54,163,397 ordinary shares of $1 each 24 annual report 2001
The 30 June 2001 Notes t 13. RESERVES 2001 $'000 Share premium 7,657 Capital reserve 1,353 Statutory reserve 30,699 Revenue reserve:- General 730 Unappropriated profit 17,389 57,828 The application of the share premium account is governed b The capital reserve comprises of surplus on disposal of pro The statutory reserve is maintained in compliance with Sect In accordance with SAS 1 (Revised 1999), movements in re the Statements of Changes in Equity. Unappropriated profit retained in:- The Company Subsidiaries
Note 200 $'00 Notes to the Financial Stateme 14. OPERATING PROFIT BEFORE PROVISIONS Operating profit before provisions is arrived at: After charging: Auditors' remuneration:- Audit fees 61 (Over)/Underprovision in respect of prior years (3 Non-audit fees 5 Directors' fees 98 Directors' remuneration 610 Property, plant and equipment written off 1 Interest on short-term loans and overdrafts 1 Interest on deposits paid and payable to non-related parties 5,918 Interest paid and payable to subsidiaries - Amortisation of premium on Singapore government securities 129 Staff retirement gratuities 11 70 Bad debts written off (trade) 65 And crediting: Gain on disposal of:- Singapore government securities (net) 75 Quoted equity investments (net) 72 Property, plant and equipment - Interest income from:- Singapore government securities 1,142 Loans and advances to non-related parties 17,944 Loans to directors 43 Banks 693 Accretion of discount on Singapore government securities 22 Bad debts recovered 149 26 annual report 2001
The 30 June 2001 Notes 15. PROVISION FOR LOAN LOSSES AND INVESTM Net provision for loan losses Net provision for diminution in value of quoted equity investments 16. TAXATION 2001 $'000 Based on results for the year:- Current taxation 1,897 Deferred taxation (501) 1,396 The tax charge for the Group and the Company is higher th of tax to the profit for the year principally because of certai As at 30 June 2001, deferred tax benefits of $1,958,000 (20 principally from timing differences relating to general provi accounts as they are not expected to be realisable within th 17. EARNINGS PER SHARE - THE GROUP The basic and diluted earnings per share are calculated $4,078,000) on 54,163,397 (2000: 54,163,397) shares in is
Th Notes to the Financial Stateme 18. DIRECTORS' FEES AND REMUNERATION Number of directors in the respective remuneration bands 2001 $500,000 and above $250,000 to $499,999 Below $250,000 Total 2000 $500,000 and above $250,000 to $499,999 Below $250,000 Total 19. RELATED PARTY TRANSACTIONS 2001 $'000 Interest on deposits paid to subsidiaries - Rental expense paid to a company in which directors own a controlling interest 624 624 20. CONTINGENT LIABILITIES As at 30 June 2001, guarantees issued on behalf of custo The contingent liabilities are not secured on any of the Co 28 annual report 2001
30 June 2001 Notes 21. LEASE COMMITMENTS The future minimum lease payments under non-cancellab are as follows:- Payable: Within 1 year After 1 year but within 5 years 22. SEGMENT REPORTING Segment reporting is not required for the Group and the business segment, which is credit and lending. All activities 23. NUMBER OF EMPLOYEES The number of employees in the Group and the Company 24. COMPARATIVE FIGURES The presentation and classification of items in the financial the requirements of SAS 1 (Revised 1999) "Presentation "Leases". Where necessary, comparative figures have been re
Shareholdings Statistics as at 19 Septem Authorised Share Capital - $ 200,000,000 Issued & Fully Paid-up Capital - $ 54,163,397 Class of Shares - Ordinary Shares of $1 Breakdown of Shareholdings No. of Range of Shareholdings Shareholders Sha 1-1,000 526 1,001-10,000 1,453 10,001-1,000,000 322 1,000,001-Above 7 Total 2,308 Twenty Largest Shareholders Name 1. See Hoy Chan (1988) Pte Ltd 2. Teo Hang Sam Realty Sdn Bhd 3. DBS Nominees Pte Ltd 4. Overseas Union Bank Nominees Pte Ltd 5. See Hoy Chan International Pte Ltd 6. United Overseas Bank Nominees Pte Ltd 7. UOB Kay Hian Pte Ltd 8. Oversea-Chinese Bank Nominees Pte Ltd 9. Teo Soo Meng 10. Peh Chin Chiong 11. The Nanyang Insurance Co Ltd 12. Citibank Nominees Singapore Pte Ltd 13. Dato Teo Soo Cheng 14. Malayan Banking Berhad 15. Malayan International Corporation Pte Ltd 16. Ou Yang Yan Te 17. Tan Soon Lin 18. Pey Lim Cheng 19. See Beng Lian Janice 20. Tan Chin Tuan Pte Ltd Substantial Shareholders as shown in the Company s Register of Substantial Sharehold Name Teo Soo Chuan Pte Ltd Teo Hang Sam Realty Sdn Bhd * 24,814,000 shares are registered in the name of See Hoy * @ Teo Soo Chuan and Teo Chiang Long are deemed interest 30 annual report 2001
Notice NOTICE IS HEREBY GIVEN THAT THE THIRTY-SECOND ANN at 391A Orchard Road, Tower A, #26-00, Ngee Ann City, Singapor for the purpose of transacting the following business:- AS ORDINARY BUSINESS 1. To receive the Statement of Accounts and Reports of the Dire 2. To declare a First and Final Dividend of 6% less Tax. 3. To approve Directors Fees. 4. To approve the following resolutions:- (i) That pursuant to Section 153(6) of the Companies Act Cap a Director of the Company to hold office until the next Ann (ii) That pursuant to Section 153(6) of the Companies Act Cap a Director of the Company to hold office until the next Ann 5. To re-elect Mr Ho Ah Seng, William as Director retiring in acco of the Company. 6. To re-appoint Messrs KPMG as Auditors and to authorise the 7. To transact any other business which may properly be transa AS SPECIAL BUSINESS 8. To consider and, if thought fit, to pass the following Ordinary That pursuant to Section 161 of the Companies Act Cap. 5 issue further shares in the Company at any time to such pe purposes as the Directors may, in their absolute discretion, d shares to be issued pursuant to this Resolution shall not ex the Company for the time being. BY ORDER OF THE BOARD Nguy Joo Tian (Mrs) Company Secretary Singapore, 15 October 2001 Note:- A member entitled to attend and vote at the above Meet his stead and the proxy need not be a member of the C deposited at the Company s Registered Office, 150 Cec before the time fixed for the Meeting. EFFECTS OF SPECIAL BUSINESS TO BE TRANSAC Ordinary Resolution 8 will, if passed, allow the Directors to issue in total ten percent (10%) of the issued share capital of the Com
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HEAD OFFICE: 150 Cecil Street #01-00 Singapore 069543 Tel : 880 0600 Fax : 225 8310