SPH Ar 2014 Final

ANNUAL
REPORT
2014
CORPORATE PROFILE
Singapore Press Holdings (SPH) is Asias leading media mallscape advertising at Marina Bay Link Mall, underground
organisation, engaging minds and enriching lives across linkways at The Sail, One Raffles Quay and newly launched
multiple languages and platforms. Ocean Financial Centre as well as other popular sites in the
Central Business District.
SPH has 19 titles licensed under the Newspaper Printing and
Presses Act, of which nine are daily newspapers across four SPHs subsidiaries, Straits Times Press and Focus Publishing,
languages. Every day, 2.8 million individuals or 69 per cent produce quality books and periodicals in English and
of people above 15 years old, read one of our publications. Chinese respectively.
The online editions of our main newspapers enjoy over SPH REIT was successfully listed on 24 July 2013. SPH REIT
360 million page views with 23 million unique visitors is a Singapore-based REIT established principally to invest,
every month. directly or indirectly, in a portfolio of income-producing
real estate which is used primarily for retail purposes in
Our success is built on the long history and rich heritage Asia-Pacific, as well as real estate-related assets. SPH REIT
of our two flagship newspapers The Straits Times, the is managed by SPH REIT Management Pte Ltd, which is a
English-language daily and Lianhe Zaobao, the Chinese- wholly-owned subsidiary of SPH.
language daily. The other two dailies, Berita Harian and
Tamil Murasu, remain the staple for the Malay-speaking and The initial portfolio of SPH REIT comprises the following
Tamil-speaking communities respectively. These four major two high quality and well located commercial properties in
newspapers, together with The New Paper and The Business Singapore:
Times, also provide online news to SPHs Internet portal,
AsiaOne. Besides print, SPH newspapers are also available Paragon, a premier upscale retail mall and medical suite/
on online, smartphone and tablet platforms. office property, well known for its upscale mall housing
many luxury brands, located in the heart of Orchard Road;
Apart from AsiaOne, SPHs online and new media initiatives and
include ST701, the leading online marketplace for jobs
The Clementi Mall, a mid-market suburban mall located in the
(STJobs), property (STProperty), cars (STCars) and general
centre of Clementi town, an established residential estate
classifieds (STClassifieds); Stomp (Straits Times Online
in the west of Singapore.
Mobile Print), a citizen journalism and social-networking
website that connects, engages and interacts with readers The Seletar Mall is SPHs latest retail development and is
on the web and via the Stomp mobile app; omy.sg, a bilingual expected to open at the end of 2014. SPHs wholly-owned
news and interactive portal and SPH Razor, the video content subsidiary, Times Development Pte Ltd, also developed a
solutions provider for SPH, producing engaging videos for 43-storey upmarket residential condominium, Sky@eleven,
SPH Razor, SPH digital websites and mobile applications. at Thomson Road.
In the radio business, SPH Radio operates entertainment SPH is an active corporate citizen and supports a wide
stations UFM 100.3 in Mandarin, as well as Kiss92 and HOT range of causes, ranging from arts and culture, nature and
FM91.3 in English. conservation, charity and community, education and sports.
It also has an SPH Foundation and SPH Staff Volunteers Club
SPH has a 20 per cent stake in MediaCorp TV Holdings Pte to boost its extensive corporate social responsibility efforts.
Ltd, which operates free-to-air channels 5, 8 and U, and a 40
per cent stake in MediaCorp Press Ltd, which publishes the More information can be found on www.sph.com.sg
free newspaper, Today.
OUR BRAND STATEMENT
SPHs events subsidiary Sphere Exhibits organises innovative To be Asias Leading Media Organisation, Engaging Minds and
consumer and trade events and exhibitions as well as large Enriching Lives, Across Multiple Languages and Platforms.
scale conferences. SPH also has a leading digital out-of-
home platform called SPHMBO, comprising a network of OUR CORE VALUES (EXCITE)
large outdoor LED billboards at strategic locations (e.g. Excellence
Raffles Place, Orchard Road etc) and indoor screens across Customer-focus
shopping centres and banks islandwide. It also operates Integrity
large format billboards, banners and other static media Teamwork
platforms, including the iconic facade at Rendezvous Hotel, Embracing Change
Contents
Group at a Glance 2 Further Information on Board of Directors 24
Businesses and Products under the SPH Group 3 Senior Management 28
Organisation Structure 14 CEOs Overview of Group Operations 34
Group Financial Highlights 15 SPH 30th Anniversary Celebrations 42
Chairmans Statement 16 Significant Events 45
Board of Directors 20 Awards & Accolades 51
PRINT
S T E A D FA S T@ DIGITAL/
PROPERTIES
MOBILE
EVENTS AND OUT-OF-HOME BROADCASTING

ADVERTISING
This year marks a significant milestone in our history as we commemorate our

30th anniversary. Throughout our dynamic journey, we have remained steadfast
in our commitment to Engaging Minds and Enriching Lives.
Not one to rest on our laurels and achievements, we aspire to be a trendsetter,

driving our business with precision and determination.
Just as the different facets converge into a kaleidoscope of vibrant colours,

we continue to evolve and adapt to the ever-transforming media landscape
in our constant endeavour to serve our stakeholders.
SPH Newspapers Readership Trends 56 Corporate Information 66

Daily Average Newspapers Circulation 57 Sustainability Report 67
Financial Review 58 Corporate Governance Report 71
Value Added Statement 61 Risk Management 86
Investor Relations 62 Financial Contents 100
Investor Reference 64
2 Singapore Press Holdings
GROUP AT
A GLANCE
NEWSPAPERS
SPH has 19 titles licensed under the Newspaper Printing and Presses Act, of which nine are
daily newspapers across four languages. 2.8 million individuals or 69 per cent of people above
15 years old, read one of SPHs news publications.
MAGAZINES
SPH Magazines publishes over 100 magazine titles in Singapore and the region, covering a broad
range of interests from fashion, bridal, society, automobiles, parenting, dcor and information
technology.
PRINT
BOOK PUBLISHING
Straits Times Press, SPHs book-publishing arm and Focus Publishing, produce quality books and
periodicals in English and Chinese.
INTERNET AND NEW MEDIA

SPHs online editions of its key newspapers enjoy over 360 million page views with 23 million
unique visitors every month. SPH has also expanded into other new media initiatives such as
ST701, Stomp, omy.sg and SPH Razor.
DIGITAL/
MOBILE
EVENTS AND OUT-OF-HOME ADVERTISING

SPHs events subsidiary Sphere Exhibits organises innovative consumer and trade events and
exhibitions, as well as large scale conferences. SPH also has a leading digital out-of-home platform
called SPHMBO.
EVENTS AND
OUT-OF-HOME
ADVERTISING
PROPERTIES
SPH REIT, comprising Paragon and The Clementi Mall, is managed by SPH REIT Management
Pte Ltd. The Seletar Mall is expected to open end 2014. Times Development Pte Ltd also developed
Sky@eleven at Thomson Road.
PROPERTIES
BROADCASTING
SPH Radio operates UFM 100.3, as well as Kiss92 and HOT FM91.3. SPH has a 20 per cent stake in
MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8 and U, and a 40 per cent
stake in MediaCorp Press Limited.
BROADCASTING
Annual Report 2014 3
BUSINESSES AND PRODUCTS

UNDER THE SPH GROUP
NEWSPAPERS Berita Harian My Paper (bilingual) The Straits Times

Berita Minggu Shin Min Daily News The Sunday Times
Gen G tabla! Thumbs Up
i3 Tamil Murasu Thumbs Up Junior
IN The Business Times Thumbs Up Little Junior
Lianhe Wanbao The Business Times Weekend Zaobao Sunday
Lianhe Zaobao The New Paper zbCOMMA
Little Red Dot The New Paper on Sunday
MAGAZINES 24:7 Her World Fit & Fab The Finder

Action Asia Home & Decor The Johnnie Walker House Edit
Ascent ICON The Peak
Asia-Pacific Boating ICON Moments The Peak Gourmet & Travel
AsiaSpa ICON Weddings The Peak Timepieces
BizQ JET Asia-Pacific The Singapore Womens Weekly
BMW LP Luxury Properties Torque
China Boating Marie Claire Toyota
CLEO Singapore Mens Health Singapore UW
Cohort NSMan Victory Trail
Cosmopolitan Singapore Nanyou Wellness No. 1
Eh! Nuyou Winning Post
Female Nuyou Time Young Families
Female Brides Pinnacle Young Parents
Glam Savour Young Parents Preschool Guide
Glam Lelaki Shape Singapore ZbBz
Golf Digest Singapore SilverKris
HardwareMAG Simply Her * SPH has more than 100
Harpers BAZAAR Singapore Singapore Nautilus magazine titles including
Health No. 1 SO/HO contract and licensed titles
Her World Sparkle in the region.
Her World Brides Stamford Life
BOOK PUBLISHING Focus Publishing

/ CONTRACT PUBLISHING Straits Times Press
INTERNET AND 701search.com lollipop.sg stclassifieds.sg

NEW MEDIA asiaone.com luxury-insider.com stdirectory.sg
ayosdito.ph menshealth.com.sg stjobs.sg
beritaharian.sg mudah.my stomp.com.sg
berniaga.com mindchamps.org stproperty.sg
btinvest.com.sg mycarforum.com straitstimes.com
businesstimes.com.sg mypaper.sg tamilmurasu.com.sg
chope.com.sg nuyou.com.sg thepeakmagazine.com
chotot.vn omy.sg tnp.sg
femalebridesonline.com quotz.com.sg torque.com.sg
femalemag.com.sg razor.tv ufm1003.sg
golfdigestsingapore.com sgcarmart.com wanbao.com.sg
hardwaremag.com shape.com.sg youngparents.com.sg
hardwarezone.com.sg shareinvestor.com zaobao.com
herworldplus.com sheshops.com (accessible from China and
homeanddecor.com.sg simplyher.com.sg Greater China)
hotfm.sg soshiok.com zaobao.sg
iconsingapore.com.sg st701.com
kiss92.sg stcars.sg
EVENTS AND BizLink Exhibition Services Exhibits Inc Sphere Exhibits

OUT-OF-HOME ADVERTISING Buzz Pods Sphere Conferences SPHMBO
PROPERTIES Retail The Clementi Mall Residential

Paragon The Seletar Mall Sky@eleven
SPH REIT
BROADCASTING SPH Radio Kiss92

HOT FM91.3 UFM 100.3
Making
Headlines.
PRINT
As a driving force of news and information,
SPHs print segment continues to do well despite
the increasingly challenging media landscape.
The Straits Times remained the
best-read newspaper in Singapore,
while Chinese daily Lianhe Zaobao
rose to second spot to secure
SPHs position as a leading brand
of choice, according to the 2013
Nielsen Media Index Report.
Online
to Greater
Things.
DIGITAL / MOBILE
The rapid proliferation of technology has
enabled consumers to access information from
varied digital platforms.
To stay ahead of changing times,
SPHs newly set-up Digital Division
now offers a comprehensive suite
of news platforms and online media
solutions to target and engage
readers and advertisers alike.
Hitting
the Right
Notes.
BROADCASTING
SPHs broadcast business
has been effectively
reaching out to the public
through its stable of radio
stations.
This year, SPH Radio performed
exceptionally well as the latest
Nielsen radio survey saw Kiss92
emerging as Singapores No. 1
English music station based on
percentage share of listenership.
The survey also certified SPH Radios
wide appeal, as all its radio stations
made it to the Top 10 positions.
An
Eventful
Year.
EVENTS AND OUT-OF-HOME
ADVERTISING
Tapping into the potential of events
and exhibitions, SPHs events arm
Sphere Exhibits continued its regional
foray covering topics and business
interests in high growth sectors.
Sphere Exhibits gained
significance as a MICE player in
Malaysia when it acquired several
established trade and consumer
exhibitions this year, as part of its
overseas expansion.
Building
on Our
Strengths.
PROPERTIES
SPH listed its property arm SPH REIT
to leverage on growth prospects
in the real estate arena.
Located in the heart of Orchard
Road, Paragon is the premier
upscale retail mall and medical
suite/office property that remains
a popular destination for consumers
and business owners. The Clementi
Mall is a five-storey retail podium
located in the heartlands that
draws large volumes of shoppers.
Both properties enjoy 100 per cent
occupancy rates.
SPHs latest development,

The Seletar Mall, is expected to
open at the end of 2014.
ORGANISATION
STRUCTURE
BOARD OF AUDIT
COMMITTEE
DIRECTORS
INTERNAL
AUDIT
CHIEF
EXECUTIVE
OFFICER
MEDIA
ENGLISH STRATEGY
CHINESE
& MALAY AND SUBSIDIARIES
NEWSPAPERS
NEWSPAPERS ANALYTICS
PRODUCTION SUPPORT
CIRCULATION MARKETING
SERVICES
ADMINISTRATION HUMAN RESOURCES

CORPORATE COMMUNICATIONS & CSR INFORMATION TECHNOLOGY
CORPORATE DEVELOPMENT SECRETARIAT / LEGAL
FINANCE RISK MANAGEMENT
GROUP FINANCIAL
HIGHLIGHTS
for the financial year ended August 31, 2014
2014 2013 Change

S$000 S$000 %
Operating revenue 1,215,184 1,239,452 (2.0)
Operating profit# 348,963 369,288 (5.5)

Profit before taxation 528,391 489,099 8.0
Profit after taxation 470,736 434,302 8.4
Non-controlling interests (66,450) (3,348) NM
Profit attributable to shareholders 404,286 430,954 (6.2)
Shareholders interests 3,687,095 3,536,480 4.3

Total assets 6,651,396 6,373,354 4.4
Total liabilities 2,255,213 2,157,648 4.5
Non-controlling interests 709,088 679,226 4.4
Dividends declared for the financial year 339,412 646,446 (47.5)
Profitability ratios % % % points

Operating margin ^
28.7 29.8 (1.1)
Return on operating revenue 33.3 34.8 (1.5)
Return on shareholders funds 11.0 12.2 (1.2)
Per share data %

Net assets attributable to shareholders (S$) 2.28 2.19 4.1
Profit attributable to shareholders (S$) 0.25 0.27 (7.4)
Dividends declared for the financial year (cents)## 21 40 (47.5)
Dividend cover for the financial year (times) 1.2 0.7 71.4
Value added S$ S$ %
Per employee 203,756 201,242 1.2
Per $ employment costs 2.26 2.42 (6.6)
Per $ investment in property, plant and equipment
(before depreciation) 0.87 0.88 (1.1)
Per $ operating revenue 0.72 0.71 1.4
#
This represents the recurring earnings of the media, property and other businesses.
^ Computed based on recurring earnings.
##
Dividends for both FY 2014 and FY 2013 are tax-exempt (one-tier). The proposed final dividend of 14 cents per share, comprising a normal dividend of 8 cents
per share and a special dividend of 6 cents per share, is subject to approval by shareholders at the Annual General Meeting on December 2, 2014. FY 2013
dividends included a special dividend of 18 cents per share paid pursuant to the establishment of SPH REIT.
NM Not Meaningful.
CHAIRMANS
STATEMENT
SPH has turned in a creditable performance in

Financial Year 2013/2014 with a net profit of
$404.3
million
The past financial year saw a series included the SPH Lucky 30 Draw and a
of worrying events that impacted birthday lunchtime concert at the newly
the world economy and businesses renovated Victoria Concert Hall as part
everywhere. Adverse developments of SPH Gift of Music Series.
in the Ukraine and the Middle East, on
top of domestic policies to ease asset I am most proud of our See The Big
price inflation and restructure the Picture campaign, where British
economy, affected economic conditions artist and autistic savant Stephen
in Singapore. Inevitably, this took a toll Wiltshire was commissioned to draw
on SPHs performance. the panoramic cityscape of Singapore
at Paragon over a five-day period. The
Despite these adverse conditions, completed artwork was presented
SPH managed to turn in a creditable to President Tony Tan Keng Yam in
performance in Financial Year September, as SPHs gift to the nation
2013/2014 with a net profit of $404.3 ahead of next years 50th anniversary of
million. This represents a 6.2 per cent Singapores independence.
decrease compared to the last financial
year. Group recurring earnings of Enhancing our Core Media Products
$349.0 million was lower by $20.3 Despite the growing number of
million, mainly attributable to lower alternative news sources and
contribution from the Newspaper rapidly changing consumer habits,
segment. Higher contributions from our media products continued
property, magazine, exhibitions, radio to demonstrate adaptability and
and online classified ameliorated resilience, and remained relevant
the drop. to our readers, advertisers and all
our other stakeholders. All of our
Revenue from the Newspaper and newsrooms have undergone major
Magazines business was $931.7 million, transformations to offer integrated
a $59.5 million or 6.0 per cent decline print plus digital offerings throughout
from last year. This was attributable to the day. A group-wide organisational
declines in both advertising revenue review also yielded significant
($51.3 million or 6.8 per cent) and efficiency gains across the board.
circulation revenue ($9.7 million or A new Media Strategy and Analytics
4.9 per cent). Division was also set up to strengthen
our analytics capability. I must
SPH celebrated its 30 th anniversary commend the management team
as a merged, multi-lingual media and our editors for their determined
company, with a variety of events and effort to reinvigorate our core media
activities to engage the public. These business.
Despite the growing Newspapers and Android smartphones to mark the

SPHs total newspaper circulation, papers 25th anniversary. These efforts
number of alternative covering both print and digital editions, and other innovations demonstrate
news sources and rapidly averaged 1.07 million copies per day, our desire to continue to invest in our
a year-on-year increase of 1.7 per core products and deliver improved
changing consumer cent. This was achieved by continuing offerings to our customers.
habits, our media to excel in print while strengthening
our presence in the digital space. Magazines
products continued to The total daily average circulation SPH Magazines maintained its
demonstrate adaptability (print and digital) of The Straits Times dynamism in a crowded magazine
and resilience, and and The Sunday Times registered market and turned in record-high
year-on-year growth of 2.2 per cent profits. It won multiple awards and
remained relevant to to 459,300. Lianhe Zaobao achieved accolades for sterling editorial content,
our readers, advertisers year-on-year increase of 6.3 per cent to outstanding design and creative
183,300 total daily average circulation. solutions. The growing number of
and all our other The Business Times grew 14.2 per cent digital editions of our magazines - at
stakeholders. year-on-year to 48,200 total daily average last count 70 of our magazines have
circulation copies. launched digital editions - will continue
to complement our print offerings.
To keep pace with changing trends, With presence in Malaysia, Hong Kong,
several newspapers underwent China, India, Indonesia, Thailand,
revamps, including Lianhe Zaobao the Philippines and Vietnam, we hold
and Lianhe Wanbao. The Straits Times a leading position in magazine
enhanced its digital offerings and publishing in Asia, with a suite of titles
made further gains in its all-in-one - our own titles such as Her World,
package. Berita Harian introduced its our flagship in the womens segment,
smartphone and tablet apps along licensed titles such as Mens Health,
with its new website, while The New as well as contract titles such as
Paper launched new apps for iPhone SilverKris.
CHAIRMANS
STATEMENT
Digital the Philippines. Through its subsidiary accolade include business daily The
A new Digital Division was set up BizLink Exhibition Services, it also Business Times and Chinese-language
earlier this year to group together our launched the inaugural International evening daily Shin Min Daily News.
full spectrum of standalone digital Franchise & Business Opportunities in
offerings - from Asiaone and Stomp Vietnam this year. SPH also won three awards for
to SPH Razor. The division has also excellence and three honourable
established an SPH network and aims to The Groups radio subsidiary, SPH Radio, mentions at The Society of Publishers
be a one-stop analytics-driven solution had a banner year. Kiss92, the new in Asia 2014 Awards for Editorial
to advertisers. The Groups digital station aimed at female listeners, made Excellence.
technology resources have also been an immediate impact since its launch
consolidated, with the aim of building and took pole position in terms of share The many awards are testament to our
up our in-house capability. of listenership in the latest Nielsen commitment to high standards and top
ratings. Radio looks set to become a quality. Besides excelling in print, our
The Groups latest digital offerings, profitable medium in our integrated foray into the digital space also proved
together with others launched in media offerings. fruitful. The Straits Times Communities
the past, show SPHs commitment to was awarded 2014 Digital Publishing
offer all our news and media products We will continue to pursue opportunities Innovation of the Year by Pacific Area
to consumers digitally - anywhere, that position the Group for sustainable Newspaper Publishers Association
anytime and on any device. growth and value creation. We set up (PANPA).
a $100 million New Media Fund to
Beyond Singapore, our forays into invest in media-related businesses to I want to thank our team of dedicated
online marketplaces continued to stimulate growth. staff who worked tirelessly to achieve
make headway. In September last
year, 701Search, which operates
the online classified companies
Mudah.my (Malaysia), Berniaga.com
( I n d o n e s i a ) , Ayo s d i t o. p h ( T h e SPH is committed to enhancing long-term shareholder
Philippines) and Chotot.vn (Vietnam),
welcomed Telenor ASA, Norways value through constantly pursuing growth opportunities.
leading telecommunications operator, It is the companys philosophy to reward loyal
as a third joint-venture partner in
addition to Schibsted, the Norwegian
shareholders with a steady total return, in appreciation
media group. With this strategic move, of their support over the years.
701Search is able to reap synergies
leveraging on Telenors established
Asian telecommunications network,
mobile internet capabilities and
subscriber base. To enable a swift response to excellence. Human capital is indeed our
opportunities as they arise, we have greatest asset, and we make every effort
Growing our Adjacent Businesses been maintaining investible funds to recruit, retain and reward our talents.
Our adjacent businesses have made managed with a mandate for capital
good progress. On the property front, preservation. Returns are expected to I am also happy that we won our first
our third property offering, The Seletar commensurate with this risk profile. Gold Award for Best Investor Relations
Mall, is slated to open at the end of the For the year, the return on the Groups at this years Singapore Corporate
year. Paragon, our premier upscale retail portfolio investments was 4.5 per cent, Awards. Improving the quality of our
mall and medical suite/office property a creditable performance amidst the disclosure and raising our standard of
located in the heart of Orchard Road, low interest rate environment. corporate governance, especially in
and The Clementi Mall, a suburban our communication with shareholders
mall in Clementi, were injected into Awards and Accolades and the investing public, is also a key
SPH REIT and listed on the Singapore As Asias leading media organisation, priority.
Stock Exchange. The REITs share price SPH maintained its record of winning
has performed very well, reflecting the multiple accolades in various fields. Enhancing Shareholder Value
good performance of the business with Just to name a few, our flagship dailies SPH is committed to enhancing long-term
its quarterly distribution consistently - The Straits Times, Lianhe Zaobao shareholder value through constantly
exceeding its forecast. and Berita Harian - each won a Best pursuing growth opportunities. It is the
in Print Silver Award at the 13th Asian companys philosophy to reward loyal
Sphere Exhibits, SPHs events and Media Awards in April this year. The shareholders with a steady total return,
exhibitions arm, organised more than Best in Print awards recognise the in appreciation of their support over
30 exhibitions and conferences in daily reproduction and print quality of the years. As SPH celebrates its 30th
Singapore, Malaysia, Myanmar and Asian newspapers. Past winners of this anniversary, it is worth highlighting that
the companys track record of paying This is the third year we have 14 cents per share, comprising a Normal
dividends has also been unbroken for embarked on sustainability reporting. Dividend of 8 cents per share and a
the last thirty years. This is no mean We believe that maintaining a good Special Dividend of 6 cents per share
feat, considering the economic cycles balance between economic, social in respect of the financial year ended
that have hit Singapore and the and environmental performance is 31 August 2014. We had earlier
changing business environment over imperative in creating long term value declared and paid an interim dividend
the years. for shareholders. of 7 cents per share.
In line with our strong dividend Tribute and Thanks Throughout the challenges and
history, a substantial proportion of On behalf of the SPH Board, I would opportunities presented in the past
our recurring earnings, ranging from like to thank Professor Cham Tao Soon 30 years, we have remained steadfast
80 per cent to more than 100 per cent, and Mr Sum Soon Lim, who are retiring and nimble, adapting to new market
have been distributed to shareholders from the Board at our Annual General trends and innovating to stay relevant
over the past decade. With the best Meeting on 2 December. Professor Cham to all stakeholders. Part of this meant
interests of shareholders in mind, we was appointed Deputy Chairman of SPH some reorganisation and adjustments
will continue to assess opportunities of on 1 March 2004, and Acting Chairman to meet future challenges and seek out
returning surplus cash generated from from 1 July 2011 to 1 December 2011. opportunities for future growth.
operations, whilst balancing against the Mr Sum was appointed to the Board
need to invest for the Groups longer on 5 December 2003. Both gentlemen With the continued support of all
term viability and sustainability. have contributed greatly to steering stakeholders, I believe that SPH is well-
SPH through challenging times. positioned to overcome obstacles that
Corporate Social Responsibility will come our way as we continue to
As a responsible corporate citizen, I would also like to welcome Mr Tan strive for organisational and business
SPH continues to actively engage all Chin Hwee and Ms Janet Ang, who excellence.
segments of the community. Together joined the Board on 1 March 2014 and
with our business units, SPH and 17 October 2014 respectively. I am
SPH Foundation have championed a confident that with their rich and
growing diversity of programmes and diverse experience they will be able to
initiatives to give back to society, and contribute to the Group as we constantly
were honoured with the Corporate look for new business opportunities to Lee Boon Yang
Platinum Award by the Community strengthen our core media business. Chairman
Chest and Distinguished Patron of the
Arts by the National Arts Council, among On behalf of the directors, I would
other accolades. like to thank our management, staff,
business associates, unions, investors
As part of our 30 th anniversary and all other stakeholders for their
celebrations, we will be donating continuous belief and support to
$1 million (with government matching the Company.
under the Care and Share Movement) to
50 charities at our annual charity To reward our loyal shareholders, the
cheque presentation this November. Board has proposed a dividend of
BOARD OF
DIRECTORS
Lee Boon Yang Cham Tao Soon Alan Chan Heng Loon
u Lee Boon Yang and as Senior Project Manager for the u Alan Chan Heng Loon
Chairman Primary Industries Enterprise Pte Ltd. Chief Executive Officer
Non-Executive and Executive and
Independent Director Boon Yang holds a B.V.Sc Hon (2A) from Non-Independent Director
the University of Queensland.
Boon Yang was appointed Director Alan joined SPH as its Group President
of SPH on 1 October 2011. He is the u Cham Tao Soon on 1 July 2002, and was appointed
Non-Executive Chairman of Keppel Deputy Chairman Chief Executive Officer on 1 January
Corporation Limited. He is also Non-Executive and 2003. He is responsible for managing
Chairman of Keppel Care Foundation Independent Director the groups portfolio of businesses
Limited, Singapore Press Holdings which include newspapers, magazines
Foundation Limited, Jilin Food Zone Tao Soon was appointed Deputy and book publishing; Internet & mobile;
Pte Ltd and Jilin Food Zone Investment Chairman of SPH on 1 March 2004, and broadcasting; events and out-of-home
Holdings Pte Ltd. Acting Chairman from 1 July 2011 to advertising and properties.
1 December 2011. He has spent more
He has extensive experience in public than 30 years in the academia sector Alan is currently on the boards
service. He served as the Member and currently is the Special Advisor of of Singapore Press Holdings Ltd
of Parliament for Jalan Besar and SIM Governing Council. and its subsidiaries including SPH
Jalan Besar Group Representation REIT Management Pte Ltd, MediaCorp
Constituency (GRC) from December He is also the Chairman of NSL Ltd, Soup TV Holdings Pte Ltd and MediaCorp
1984 to April 2011. He was the Minister Restaurant Group Ltd and Singapore Press Ltd.
for Information, Communications and Quality Award (SQA) Council.
the Arts before retiring from political He currently chairs the External Review
office in March 2009. He served as the Chancellor and Panel for SAF Safety and the Singapore-
Chairman of SIM University from April China Foundation.
From 1991 to 2003, he served as 2005 to May 2014. He was a Director of
Minister in the Prime Ministers United Overseas Bank Ltd, Far Eastern He is also a member of the Public
Office, Minister for Defence, Minister Bank Limited, WBL Corporation Ltd Service Commission (PSC), the
for Labour and later Minister for and MFS Technology Ltd; a member of Singapore Symphony Orchestra Council
Manpower. Prior to that, he held several the Council of Presidential Advisors; and the Centre for Liveable Cities
public appointments including Senior and Chairman of the Singapore Distinguished Advisors Panel; and
Minister of State for Defence, National Symphonia Co Ltd and the Nanyang a Director of Business China and the
Development and Home Affairs, and Fine Arts Foundation Ltd. Lee Kuan Yew Fund for Bilingualism.
Parliamentary Secretary to the Ministers He also serves on the boards of the
for Environment, Finance, Home Affairs, Tao Soon holds a Bachelor of Federation Internationale of Periodics
and Communications and Information. Engineering (Civil, Honours) from Publishers and the World Association
the University of Malaya, a Bachelor of Newspapers and News Publishers
Before entry into politics, he worked as of Science (Mathematics, Honours) IFRA (WAN-IFRA). He chaired the
a veterinarian and R&D Officer in the from the University of London Council that revised the Code of
Primary Production Department. He has and a Doctorate of Philosophy Corporate Governance in 2012.
also worked as the Assistant Regional (Fluid Mechanics) from Cambridge
Director for the US Feed Grains Council, University.
Bahren Shaari Chong Siak Ching Ng Ser Miang
Before joining SPH, Alan was an 11 years. In 2008, he was conferred the Institute of Surveyors and Valuers.
Administrative Officer in the Civil Public Service Medal by the President She also has a Masters in Business
Service. He has worked in the of Singapore. Administration from NUS and has
Government for 25 years and some of completed the Advance Management
his previous appointments included Bahren graduated with a Bachelor Program at Harvard Business School.
Permanent Secretary of the Ministry of Accountancy from the National She was conferred a Distinguished
of Transport, Deputy Secretary of the University of Singapore. He attended Alumni Award by NUS in the Faculty of
Ministry of Foreign Affairs, Principal the Advance Management Program of Architecture and Building Management
Private Secretary to then Senior Wharton Business School and Columbia in 1999. In 2009, she was again
Minister Lee Kuan Yew and Director of University. conferred a NUS Distinguished Alumni
Manpower, Ministry of Defence. Service Award in recognition of her
u Chong Siak Ching unwavering commitment and service
Alan holds a Diplome dIngenieur from Non-Executive and to her alma mater.
the Ecole Nationale de lAviation Civile, Independent Director
France and MBA (with Distinction) from u Ng Ser Miang
INSEAD, France. He is a Presidents Siak Ching was appointed a Director Non-Executive and
Scholar and was conferred the Public of SPH on 22 October 2010. She is Independent Director
Administration Medal (Gold and Silver) the Chief Executive Officer and a
and Meritorious Service Medal for his Board Director of the National Gallery Ser Miang joined the SPH Board on
contributions to public service. In 2009, Singapore. She was recognised as the 1 August 2007. He is the Chairman of
he was selected by INSEAD as one of Outstanding CEO of the Year in the TIBS International Pte Ltd and a Director
50 Alumni who changed the world. Singapore Business Awards 2009. of Yanlord Land Group Ltd.
u Bahren Shaari She is also a Director of Jurong Health He was a Director of TIBS Ltd, SMRT Ltd,
Non-Executive and Services Pte. Ltd. and Singapore-India Biosensors International Group Ltd,
Independent Director Partnership Foundation, a member of International Factors (Singapore) Ltd,
the National Arts Council, NUS Board Transpac Industrial Holdings Limited,
Bahren was appointed to the Board of Trustees and Yale-NUS College WBL Corporation Ltd and NTUC Choice
on 1 April 2012. He is the Managing Governing Board. Homes Co-operative Limited. He
Director and Marketing Head of South was the Chairman of NTUC Fairprice
East Asia, Bank of Singapore, and She was President and Chief Executive Co-operative Limited and NTUC
has more than 20 years of private Officer of Ascendas Pte. Ltd and served Fairprice Foundation Ltd.
banking experience in global financial in the Ascendas group of companies
institutions. from 2000 to 2013. Prior to this, she Ser Miang is Singapores non-resident
was Deputy Chief Executive Officer of Ambassador to the Kingdom of
Prior to joining Bank of Singapore, JTC Corporation from 2000 to 2001. Norway, Chairman of the Singapore
he was Managing Director of UBS AG Olympic Foundation, a member of
Wealth Management where he headed Siak Ching, a licensed valuer, graduated the International Olympic Committee
the South East Asia and Australia from the National University of (IOC) and Chairman of the IOC
Marketing team. He is active in public Singapore (NUS) with an Honours Finance Commission. He was a former
service and was a board member of the Degree in Estate Management and was Nominated Member of Parliament and a
Maritime Port Authority of Singapore for awarded a Gold Medal by the Singapore former non-resident Ambassador to the
BOARD OF
DIRECTORS
Quek See Tiat Sum Soon Lim Tan Chin Hwee
Republic of Hungary. He was Chairman See Tiat graduated with Honours u Tan Chin Hwee
of the Inaugural Youth Olympic Games (Second Class Upper) in Economics Non-Executive and
in Singapore in 2010. He was Vice from the London School of Economics & Independent Director
President of IOC from 2009 to 2013. Political Science. He is also a Fellow with
the Institute of Chartered Accountants Chin Hwee was appointed a Director
He was named Outstanding Chief in England and Wales. He was conferred on 1 March 2014. He is the founding
Executive of the Year 1992. In addition the Public Service Medal in 2009. partner and a Director of Apollo
to the Public Service Star in 1999, Management Singapore Pte Ltd.
he was conferred the Meritorious u Sum Soon Lim
Service Medal (Pingat Jasa Gemilang) Non-Executive and He is a Director of Keppel REIT
by the Singapore Government for the Independent Director Management Limited (as Manager
National Day Awards in 2010. He was of Keppel REIT), Lien Aid Limited
also conferred the Meritorious Award Soon Lim was appointed to the Board (Singapore) and KK Health Endowment
Commanders Cross by the President of on 5 December 2003. Fund; and President and Director of CFA
Hungary in 2012. Singapore. He is also a member of the
He is the Chairman of Cathay Panel for Government Parliamentary
Ser Miang holds a BBA (Honours) from International Holdings Ltd and Bright Committee for Finance and Trade
the University of Singapore. Vision Hospital, and a Director of and Industry and sits on various
Singapore Technologies Telemedia not-for-profit boards, including the
u Quek See Tiat Pte Ltd, STT Communications Ltd and Advisory Panel for Volunteer Youth
Non-Executive and National Neuroscience Institute of Corp, Ministry of Community, Culture
Independent Director Singapore Pte Ltd. and Youth. Chin Hwee is an Adjunct
Professor in a number of universities.
See Tiat joined the SPH Board on He has also served on the boards of Chin Hwee was a Managing Director at
1 September 2013. Yantai Raffles Shipyard Ltd, Eastern Amaranth Advisors.
Health Alliance Pte Ltd, Changi General
From 1 July 1987 to 30 June 2012, See Tiat Hospital Pte Ltd, Singapore National Eye Chin Hwee holds a Bachelor of
was a Partner and subsequently Deputy Centre Pte Ltd, National Heart Centre Accountancy (Second Class Upper
Chairman of PricewaterhouseCoopers of Singapore Pte Ltd, KK Womens and Honours) from Nanyang Technological
LLP. He has extensive audit and business Childrens Hospital Pte Ltd and Times University, and a MBA from Yale
advisory experience, and has been Development Pte Ltd. University. He completed a postgraduate
involved in planning, executing and course at Harvard Kennedy School.
managing audits of large public listed He was conferred the Public Service He is a Chartered Financial Analyst
companies in Singapore. Medal for his contributions to public (CFA) and is both an Australian and
service. Singapore registered Certified Public
See Tiat is the Chairman of the Building Accountant (CPA).
and Construction Authority and serves Soon Lim received a B.Sc. (Honours)
on the boards of the Monetary Authority in Production Engineering from the Chin Hwee was honoured as a World
of Singapore, Energy Market Authority, University of Nottingham, England. Economic Forum Young Global Leader
Singapore Technologies Engineering 2010 and is the winner of the Singapore
Ltd and Neptune Orient Lines Ltd. 2013 Distinguished Financial Industry
Certified Professional (FICP) Award.
He was also voted by the Hedge Fund
Tan Yen Yen Lucien Wong Yuen Kuai Janet Ang Guat Har
Journal as among the emerging top 40 of the Government Parliamentary Lucien holds a Bachelor of Law (2nd
absolute return investors globally and Council of MICA and the Economic Class Upper) Honours degree from the
was also named as Best Asia Credit Strategies Committees IT Working University of Singapore and was called
Hedge Fund Manager by Hong Kong- Group subcommittee and the Singapore to the Singapore Bar in 1979.
based publication, The Asset. Institute of Managements International
Academic Panel. She is in the Ministry u Janet Ang Guat Har
u Tan Yen Yen of Culture, Community and Youths Non-Executive and
Non-Executive and High Performance Sports Performance Independent Director
Independent Director & Selection Sub-Committee that steers
the development of High Performance Janet was appointed a Director on
Yen Yen joined the Board on 1 April Sports in Singapore. 17 October 2014.
2012. She is currently the Regional Vice-
President and Managing Director of SAS Yen Yen has a degree in Computer Janet has been the Managing Director
South Asia Pacific, SAS Institute Inc. Science from the National University of of IBM Singapore since July 2011.
Singapore and an Executive MBA degree She joined IBM in 1982 as a Systems
She is the Chairman of the Singapore with Helsinki School of Economics Engineer after graduating from the
Science Centre, a member of the Executive Education. National University of Singapore
Defence Science & Technology Agency (NUS) Business School. She spent
(DSTA) Board, and Director of Cap Vista u Lucien Wong Yuen Kuai seven years in China with IBM Greater
Pte Ltd and Gemalto NV. Additionally, Non-Executive and China and Lenovo before returning to
she sits on the Board of Advisors of the Independent Director Singapore to assume her current role.
Singapore Institute of Directors. She is
a member of the National University Lucien was appointed a Director on Janet serves on various committees
of Singapores School of Computing; 15 October 2009. He is the Chairman in the community. She sits on the
and the Ministry of Communications and Senior Partner of the law firm, boards of the Public Utilities Board
& Informations Infocomm Media Allen & Gledhill LLP, and has extensive (PUB) and the InfoComm Development
Masterplans Talent and Manpower experience in legal practice, specialising Authority (iDA).
Work Committee. in banking, corporate and financial
services work. She also serves as board member of
Prior to joining SAS, she was Senior the NUS Alumni Advisory Board, Caritas
Vice President, Applications, Oracle He is currently Chairman of the Maritime Singapore as well as Employers Alliance
Corporation Asia Pacific, and Vice and Port Authority of Singapore and and the Institute of Systems Science.
President and Managing Director for Singapore International Arbitration She is also a committee member of
Hewlett-Packard Singapore. Centre. He is a member of the Board the Womens Health Advisory Council
of Trustees of Singapore Business (WHAC), a Senior Member of the
Yen Yen has played an active role in Federation, and a Director of Singapore Singapore Computer Society (SCS) and
Singapores infocomm industry, having Health Services Pte Ltd and Singapore President of the International Womens
served as Chairman of the Singapore International Mediation Centre Limited. Forum (Singapore chapter). She was
Infocomm Technology Federation and He also sits on the boards of Temasek also a committee member of the recent
Deputy Chairperson on the Ministry of Holdings (Private) Limited, Hap Seng Medishield Life Review Committee.
Information, Communications and the Plantations Holdings Berhad and
Arts (MICA) Internet and Media Advisory Singapore Airlines Limited. Janet holds a Business Administration
Committee. She was also a member (Hons) degree from the NUS Business
School.
FURTHER INFORMATION
ON BOARD OF DIRECTORS
u Lee Boon Yang u Cham Tao Soon u Alan Chan Heng Loon
Chairman Deputy Chairman Chief Executive Officer
Non-Executive and Non-Executive and Executive and
Independent Director Independent Director Non-Independent Director
Date of first appointment as a director: Date of first appointment as a director: Date of first appointment as a director:
1 October 2011 1 March 2004 1 July 2002
Date of last re-election as a director: Date of last re-election as a director: Date of last re-election as a director:
29 November 2013 29 November 2013 30 November 2012
Board Committee(s) served on: Board Committee(s) served on: Board Committee(s) served on:
Executive Committee Executive Committee Executive Committee

(Chairman) Nominating Committee
Nominating Committee (Chairman) Current Directorships/
Remuneration Committee Principal Commitments
(Chairman) Current Directorships/
Principal Commitments SPH REIT Management Pte Ltd
Current Directorships/ - as Manager of SPH REIT*
Principal Commitments NSL Ltd* (Director)
(Chairman) Singapore Press Holdings
Keppel Corporation Limited* Soup Restaurant Group Ltd* Foundation Limited
(Chairman) (Chairman) (Director)
Keppel Care Foundation Limited Singapore Quality Award Council MediaCorp Press Ltd
(Chairman) (Chairman) (Director)
Singapore Press Holdings The Tan Chin Tuan Foundation MediaCorp TV Holdings Pte Ltd
Foundation Limited (Director) (Director)
(Chairman) Business China
Jilin Food Zone Pte Ltd Directorships over the past 3 years (Director)
(Chairman) (1/9/11-31/8/14) Singapore-China Foundation Ltd
Jilin Food Zone Investment (Chairman)
Holdings Pte Ltd Singapore-China Foundation Ltd Public Service Commission
(Chairman) (Chairman) (Member)
SIM Universitys Board of Trustees Lee Kuan Yew Fund for Bilingualism
Directorships over the past 3 years (Chairman & Chancellor) (Member)
(1/9/11-31/8/14) United Overseas Bank Limited* Centre for Liveable Cities
(Director) (Member)
Nil Far Eastern Bank Limited Singapore Symphony Orchestra
(Director) Council
* Public-listed company WBL Corporation Ltd* (Member)
(Director) External Review Panel for
MFS Technology Ltd* SAF Safety
(Chairman) (Chairman)
Nanyang Fine Arts Foundation Ltd
(Chairman) Directorships over the past 3 years
(1/9/11-31/8/14)
* Public-listed company
Singapore Power Ltd
(Director)
SP PowerAssets Ltd
(Chairman)
PowerGas Ltd
(Chairman)
u Bahren Shaari u Chong Siak Ching u Ng Ser Miang

Non-Executive and Non-Executive and Non-Executive and
Independent Director Independent Director Independent Director
1 April 2012 22 October 2010 1 August 2007
30 November 2012 30 November 2012 29 November 2013
Audit Committee Audit Committee Nominating Committee

(Chairman) Nominating Committee
Remuneration Committee@ Current Directorships/
Current Directorships/ Principal Commitments
Principal Commitments TIBS International Pte Ltd
National Gallery Singapore (Chairman)
Nil (Chief Executive Officer & Director) Yanlord Land Group Limited*
Jurong Health Services Pte. Ltd. (Director)
Directorships over the past 3 years (Director) Singapore Olympic Foundation
(1/9/11-31/8/14) National University of Singapore (Chairman)
(Trustee)
Yale-NUS College Governing Board
Maritime and Port Authority Directorships over the past 3 years
(Member)
of Singapore (1/9/11-31/8/14)
National Arts Council
(Board Member) (Council Member)
Singapore-India Partnership NTUC Fairprice Co-operative
@
Appointed on 29 November 2013 Limited
Foundation
(Director) (Chairman)
NTUC Fairprice Foundation Ltd
Directorships over the past 3 years (Chairman)
(1/9/11-31/8/14) WBL Corporation Limited*
(Chairman)
Ascendas Pte Ltd
NTUC Choice Homes Co-operative
(Director)
Limited
Standards, Productivity and
Innovation Board (SPRING) (Chairman)
(Deputy Chairman)
Ascendas Funds Management (S)
Limited - as Manager of Ascendas
Real Estate Investment Trust*
(Deputy Chairman)
Ascendas Property Fund Trustee
Pte. Ltd. - as Trustee-Manager of
Ascendas India Trust*
(Director)
Ascendas Hospitality Fund
Management Pte Ltd - as Manager
of Ascendas Hospitality Trust*
(Director)
Ascendas Hospitality Trust
Management Pte Ltd - as Trustee-
Manager of Ascendas Hospitality
Trust*
(Director)
Frasers Property (China) Limited*#
(Director)
Singapore Business Federation
(Deputy Honorary Treasurer)
#
Company listed on the Hong Kong
Stock Exchange Ltd
FURTHER INFORMATION
ON BOARD OF DIRECTORS
u Quek See Tiat u Sum Soon Lim u Tan Chin Hwee

1 September 2013 5 December 2003 1 March 2014
29 November 2013 29 November 2013 NA
Audit Committee Executive Committee Audit Committee@

Board Risk Committee Board Risk Committee Board Risk Committee@
(Chairman)@ Audit Committee@
Current Directorships/
Current Directorships/ Current Directorships/ Principal Commitments
Principal Commitments Principal Commitments
Apollo Management
Singapore Technologies Singapore Technologies Singapore Pte Ltd
Engineering Ltd* Telemedia Pte Ltd (Director)
(Director) (Director) Keppel REIT Management Limited
Neptune Orient Lines Ltd* STT Communications Ltd - as Manager of Keppel REIT*
(Director) (Director) (Director)
Building and Construction Authority National Neuroscience Institute of Lien Aid Limited (Singapore)
(Board Member/ Chairman) Singapore Pte Ltd (Director)
Monetary Authority of Singapore (Director) KK Health Endowment Fund
(Board Member ) Cathay International Holdings Ltd* (Director)
Energy Market Authority Board (Chairman) CFA Singapore
(Board Member) Bright Vision Hospital (President and Director)
(Chairman) Panel for Government Parliamentary
Directorships over the past 3 years Committee for Finance and Trade
(1/9/11-31/8/14) Directorships over the past 3 years and Industry
(1/9/11-31/8/14) (Member)
Workplace Safety and Advisory Panel for Volunteer Youth
Health Council Yantai Raffles Shipyard Ltd Corp, Ministry of Community,
(Council Member) (Director) Culture and Youth
PricewaterhouseCoopers LLP Eastern Health Alliance Pte Ltd (Member)
(Deputy Chairman) (Director)
Changi General Hospital Pte Ltd Directorships over the past 3 years
@
Appointed on 29 November 2013 (Director) (1/9/11-31/8/14)
* Public-listed company Singapore National Eye Centre
Pte Ltd NA
(Director)
National Heart Centre of
@
Appointed on 1 March 2014
Singapore Pte Ltd * Public-listed company
(Director)
KK Womens and Childrens
Hospital Pte Ltd
(Director)
Times Development Pte Ltd
(Director)
@
Appointed on 29 November 2013
u Tan Yen Yen u Lucien Wong Yuen Kuai u Janet Ang Guat Har
1 April 2012 15 October 2009 17 October 2014
30 November 2012 30 November 2012 N.A
Remuneration Committee Executive Committee Nil

Board Risk Committee Remuneration Committee
Board Risk Committee@ Current Directorships/
Principal Commitments Current Directorships/
Principal Commitments IBM Singapore Pte Ltd
Singapore Science Centre (Director)
(Chairman) Hap Seng Plantations IBM Global Services (Singapore)
Defence Science & Technology Holdings Berhad* (Director)
Agency (Director) International Applications
(Director) Singapore Airlines Limited* Solutions Pte Ltd
Cap Vista Pte Ltd (Director) (Director)
(Director) Maritime and Port Authority of Public Utilities Board
Gemalto NV@ Singapore (Board Member)
(Chairman)
(Director) Caritas Singapore
Temasek Holdings (Private) Limited
National University of Singapores (Board Member)
(Director)
School of Computing Singapore International Institute of Systems Science (NUS)
(Member) Arbitration Centre (Board Member)
TNF Ventures (Chairman) InfoComm Development
(Advisor Mentor) Singapore International Mediation Authority of Singapore
Singapore Institute of Directors Centre Limited (Board Member)
(Director) (Director)
Ministry of Communications & Eastern Development Private Directorships over the past 3 years
Information Infocomm Media Limited (1/9/11-31/8/14)
Masterplans Talent and Manpower (Director)
Working Committee Eastern Development Nil
(Member) Holdings Pte. Ltd.
Ministry of Culture, Community (Director)
and Youth High Performance Allen & Gledhill LLP
Sports, Performance & Selection (Chairman and Senior Partner)
Committee Singapore Health Services Pte Ltd
(Director)
(Member)
Singapore Business Federation
(Trustee)
Directorships over the past 3 years
(1/9/11-31/8/14)
Directorships over the past 3 years
(1/9/11-31/8/14)
Singapore infocomm
Technology Federation (SiTF)
Linklaters Allen & Gledhill Pte Ltd
(Chairman) (Director)
Infocomm Development Mapletree Commercial Trust
Authority of Singapore (iDA) Management Ltd
(Director) (Director)
Singapore Institute of Management Monetary Authority of Singapore
International Academic Panel (Board Member)
(Member) Cerebos Pacific Limited*
(Director)
@
Listed in Amsterdam, Netherlands
@
Stepped down on 1 March 2014
SENIOR
MANAGEMENT
Back row from left:

Goh Sin Teck, Susan Leng Mee Yin, Warren Fernandez, Sng Ngoi May, Loh Yew Seng, Janice Wu Sung Sung,
Chua Boon Ping, Lim Swee Yeow
Front row from left:

Chua Wee Phong, Deborah Lee Siew Yin, Low Huan Ping, Tony Mallek, Patrick Daniel, Leslie Fong Yin Leong,
Ginney Lim May Ling, Lim Jim Koon, Mable Chan Kam Man, Seow Choke Meng
SENIOR
MANAGEMENT
u Patrick Daniel Jim Koon holds a Bachelor of Arts (Honours) in Government

Editor-in-Chief, English & Malay Newspapers & Public Administration from Nanyang University, Singapore.
He is an advisor to the Center for World Chinese Media
Patrick was appointed Editor-in-Chief of the English & Studies, Peking University and an adjunct professor at the
Malay Newspapers Division of SPH in January 2007. Lee Kuan Yew School of Public Policy and UniSIM.
Prior to this, he was Managing Editor of the division from
September 2002, and Editor of The Business Times from u Tony Mallek
May 1992. He joined The Straits Times in October 1986 Chief Financial Officer
from the Singapore Governments Administrative Service
where his last position was Director in the Ministry of Trade Tony is the Chief Financial Officer for SPH. Before this
and Industry. appointment in January 2010, he served as Executive Vice-
President, Finance from July 2006 and Senior Vice-President,
Patrick chairs two SPH subsidiaries - Straits Times Press Finance when he joined in June 2003.
and Shareinvestor.com Holdings - and is a director of SPH
Magazines, SPH Radio and Tamil Murasu Ltd. He also serves Prior to this, he was General Manager, Finance for Intraco
on the boards of the National University Health System and Limited from 1999 to 2001. Originally from Hong Kong,
the Singapore University of Technology and Design. he started his career in 1978 in the United Kingdom and
has been with various U.S. multinationals until 1991 when
Patrick graduated from University College, Oxford in 1976 he was posted to Singapore.
with a Bachelor of Arts (Honours) in Engineering Sciences
and Economics. He also has a Masters in Public Administration His Singapore experience has mainly been in the healthcare
from the Kennedy School of Government, Harvard University. industry, including general manager positions in finance
and business development for Parkway Holdings Limited
u Leslie Fong Yin Leong from 1994 to 1997.
Senior Executive Vice-President, Marketing
Tony is a director of SPH REIT Management Pte Ltd, as manager
Leslie went to Trafalgar Primary School and then Raffles of SPH REIT.
Institution. After obtaining his Higher School Certificate,
family circumstances made it necessary for him to start Tony holds a Bachelor of Technology (Honours) degree in
working life. Operations Management from The University of Bradford
and is a Fellow of the Chartered Institute of Management
He joined The Straits Times in August 1969 and has stayed Accountants. He was elected to the Council of Institute of
with the company ever since. Between 1983 and 1986, Singapore Chartered Accountants (ISCA) in 2014.
he was seconded to Shin Min Daily News, where he became
its de-facto Chief Editor. He became Editor of The Straits u Low Huan Ping
Times in 1987 at the age of 37. Executive Vice-President, Technology (IT & Production)
He handed over editorship to Han Fook Kwang in September Huan Ping is the Executive Vice-President, Technology
2002 and became Editor-at-Large with special responsibilities (IT & Production). He has been with the Group since 1987.
for China. Huan Ping is also a director of M1 Limited, iFast Corporation
Pte Ltd, MediaCorp Press Ltd and Shareinvestor.com
In April 2005, he took over as Head of Marketing Division and Holdings Ltd.
was promoted to Senior Executive Vice-President, Marketing
in January 2008. Huan Ping started his career at the Ministry of Defence,
where he subsequently headed various IT departments.
Leslie also holds chairman positions in New Beginnings
Management Consulting (Shanghai) Company Ltd and Huan Ping holds a Bachelor of Arts (Honours) and Master
sgCarMart. of Arts from Cambridge University, where he read Engineering
and a Master of Science from the University of Singapore.
u Lim Jim Koon He also graduated from Harvard Business Schools Advanced
Editor-in-Chief, Chinese Newspapers Management Program. Since May 2012, he also oversees the
Production Division.
Jim Koon has been a journalist for 37 years. He took over the
helm of Lianhe Zaobao in December 1993 and served as its u Ginney Lim May Ling
Editor since January 1995. He handed over to Goh Sin Teck General Counsel, Executive Vice-President, Corporate
in August 2011. Communications & CSR, & Group Company Secretary
Jim Koon became Editor-in-Chief of the Chinese Newspapers Ginney Lim is General Counsel, Executive Vice-President,
Division in June 2012, having served as Editorial Advisor in Corporate Communications & CSR, and Group Company
the last ten months. Secretary of SPH. She is also the General Manager
of Singapore Press Holdings Foundation Limited, He was awarded the Public Administration Medal (Bronze)
an Institution of Public Character established in 2003 by SPH. (Military) in August 2007.
When she joined SPH in 1991, she was tasked to set up Wee Phong graduated from the National University of
the Secretariat/Legal Division. She is responsible for the Singapore with a Bachelor of Arts (Honours) in Sociology on
corporate secretarial, legal, risk management, insurance an SAF scholarship.
and corporate communications functions in the SPH Group
and sits on several steering and senior management u Warren Fernandez
committees. Ms Lim is a director of Times Development Editor, The Straits Times
Pte Ltd, Orchard 290 Ltd, SPH Retail Property Management
Services Pte Ltd and SPH REIT Management Pte Ltd, all of Warren is Editor of The Straits Times, Singapores largest
which are wholly-owned property subsidiaries of SPH. selling English daily newspaper. He joined the newspaper in
She is also a director of Waterbrooks Consultants Pte Ltd 1990 as a political reporter and rose to become News Editor.
and an alternate director in MediaCorp Press Limited. He later also served as Foreign Editor and Deputy Editor.
He left to join Royal Dutch Shell in 2008 as a Global Manager
Prior to joining SPH, Ms Lim was heading the Legal for its Future Energy project, before returning to The Straits
& Secretariat department as well as the public relations Times in February 2012 as its editor.
section of NTUC Income.
He graduated with First Class Honours from Oxford University,
Ms Lim was admitted as an advocate and solicitor of the where he read Philosophy, Politics and Economics, and also has
Supreme Court of Singapore in 1985 and holds a Bachelor a Masters in Public Administration from Harvard Universitys
of Law (Honours) Degree from the National University of John F. Kennedy School of Government. Both degrees were
Singapore. She is also a Fellow in the Institute of Chartered obtained on Singapore Press Holdings scholarships.
Secretaries and Administrators and an Associate of the
Chartered Insurance Institute. He has written several books, including Lee Kuan Yew: the
Man and his Ideas; Thinking Allowed: Fear, Politics and
u Mable Chan Kam Man Change in Singapore; Without Fear or Favour: 50 years
Executive Vice-President, Human Resources of the Public Service Commission; Our Homes: 50 years
& Administration of housing a nation; Men for Others; and most recently,
Lead Your Life!. He was also part of the editorial team
Mable has been with SPH since 1997. Before taking that assisted Mr Lee Kuan Yew with his two part memoirs,
over as Head of Human Resources Division in June 2006, The Singapore Story.
she was Senior Vice-President, Customer Service Department,
Marketing Division. He has served on various national committees, including the
Cost Review Committee; the Remaking Singapore Committee;
In September 2013, she was placed in charge of the Singapore 21 and Compass, as well as on the boards of
Administration Division. directors for the National Environment Agency, the Civil
Service College and the Energy Studies Institute. Currently
Prior to joining SPH, Mable was the Executive Director of the he is a board member of the National Parks Board (NParks),
Marketing Institute of Singapore. National Heritage Board (NHB), sgCarMart and Sphere
Exhibits Pte Ltd.
She holds a Bachelor of Applied Science degree from the
South Australian Institute of Technology and a Masters u Goh Sin Teck
in Business Administration from the National University Editor, Lianhe Zaobao
of Singapore.
Sin Teck joined SPHs Chinese flagship paper, Lianhe Zaobao,
u Chua Wee Phong in 1987 upon graduating from the National University of
Executive Vice-President, Circulation Singapore with a Bachelor of Arts in Sociology. He worked
his way up as a crime reporter to become the Editor of Lianhe
Wee Phong has been with SPH for 20 years. He joined Zaobao and the Consulting Editor of My Paper (Chinese
Circulation in May 1994 and was appointed head of the Section), Singapores first and only bilingual free-sheet.
division in May 2005. He is currently the Chairman of Sphere He also oversees Zaobao.com, the online edition of Lianhe
Exhibits Pte Ltd. Zaobao. He is a Director of SPH Radio Pte Ltd and Zaobao.com.
Prior to joining SPH, Wee Phong served in the Singapore Sin Teck presently serves on the boards of URA and the
Armed Forces (SAF) for a period of 13 years. He was promoted NTUs Board of Trustees and is a member of the National
to the rank of Colonel in 2005 and is currently the Chief of Integration Council, National Translation Council, the Political
Staff, 9th Division. Films Consultative Committee and the Committee to Promote
Chinese Language Learning.
SENIOR
MANAGEMENT
u Deborah Lee Siew Yin Times Development Pte Ltd. Apart from serving in grassroots
Executive Vice-President, Corporate Development and community organisations, he is Chairman of the Promote
Mandarin Council and a Board Member of the National
Deborah joined SPH as Executive Vice-President, Corporate Healthcare Group. He is also a Standing Committee member
Development in April 2007. Prior to joining SPH, she was a of the Singapore Chinese Chamber of Commerce & Industry
consultant, specialising in corporate development work and since 2005.
mergers and acquisitions.
Choke Meng graduated from the University of Singapore with
Before her consultancy work, Deborah was Senior Vice- a Bachelor of Science (Honours) degree.
President, Business Development at the Wuthelam Group,
overseeing the establishment of the industrial electronics u Sng Ngoi May
business, real estate business development and private Executive Vice-President, Retail Property Management
equity investment for the Group in the region.
Ngoi May is Executive Vice-President, Retail Property
Deborah started her career as an auditor with Pricewaterhouse Management, SPH with effect from 1 March 2013. Prior to
and subsequently joined Hewlett Packard, holding various that, she was the Executive Director, SPH Retail Property
management positions over a period of 11 years. Management Services Pte Ltd.
She holds a Bachelor of Accountancy (Honours) and a Master In her role, she oversees the property management
in Applied Finance from the National University of Singapore. responsibilities of the SPH Groups retail properties, which
She is a CFA charterholder. are Paragon and The Clementi Mall. She is also involved in the
development and marketing of the Groups latest retail mall
u Lim Swee Yeow at Fernvale Road, The Seletar Mall, which will be completed
Senior Vice-President, Production in December 2014.
Swee Yeow has been with SPH for 14 years. He joined Ngoi May is the Chairman of the Orchard Road Business
Production in January 2000 as Production Manager. Association, an appointment that she has held since
Throughout his career with SPH, he helmed various sections in September 2006.
Operations, Engineering, Materials and Newsprint purchases.
He was appointed head of division in September 2011. Between 1983 and 2005, Ngoi May was with SPH and last
held the position of Executive Vice-President responsible for
He was involved in major projects with the companys the Groups Properties, Administration, Information Resource
printing presses and print processes such as the GOSS Centre, Legal/Secretariat and Corporate Relations functions.
Colorliner upgrades (2011), manroland Uniset (2008) and Prior to SPH, she was in the Government Administrative
KBA Commander (2002). He was also responsible for building Service and worked in Ministries of Health, Finance and
the state-of-art printing presses and mailroom systems. Home Affairs. Ngoi May holds a Master of Science from the
University of Singapore.
Swee Yeow graduated with a Bachelor of Science in Industrial
and Manufacturing Engineering from Oregon State University, u Janice Wu Sung Sung
USA. He also holds a Higher National Diploma in Printing and Senior Vice-President, Media Strategy and Analytics
Publishing Production from London College of Printing, UK.
Janice was appointed to head the newly created Media
u Seow Choke Meng Strategy and Analytics Division in February 2014. Janice
Executive Vice-President, Times Properties and Cultural has held various positions across divisions in SPH in the last
Industry Promotion, Chinese Newspapers 16 years, with stints in Legal/Secretariat, SPH AsiaOne Ltd
and Corporate Development. She was actively involved
Choke Meng has been with the newspaper group for the last in legal advisory work, M&A transactions, joint ventures,
35 years after spending five years in the airline industry. property acquisitions and corporate planning. She also serves
as director of SPH subsidiaries including SPH Magazines,
He has held various positions, including General Manager, sgCarMart and The Seletar Mall.
Human Resource Operations and General Manager, Circulation
cum General Manager of Chinese Newspapers Editorial Janice graduated from the National University of Singapore
Services Department. with a Bachelor of Law (Honours) Degree and is qualified as
an advocate and solicitor of the Supreme Court of Singapore.
Choke Meng is currently Executive Vice-President of Times Prior to joining SPH as legal counsel, she was in private legal
Properties and Cultural Industry Promotion of the Chinese practice and legal counsel in the Ministry of Defence.
Newspapers Division. He is also the Executive Director of
u Chua Boon Ping She was also the General Manager of Orchard 290 Ltd,
Chief Executive Officer, SPH Media Fund a wholly owned subsidiary of SPH, from 1997 to 2004.
She was a pioneer member of the management team
Boon Ping was appointed CEO of SPH Media Fund in August which redeveloped Paragon and The Promenade into one
2014. He has 14 years of venture capital and M&A experience fully integrated high-end premier shopping mall with a
in the technology, media and telecommunications sectors. prestigious office and medical tower.
Prior to joining SPH, he was Senior Vice President of EDBI, She is Fellow of the Chartered Association of Certified
the corporate investment arm of Singapores Economic Accountants (FCCA), UK.
Development Board, where he headed the Internet and
Digital Media investment team. u Loh Yew Seng
Chief Executive Officer, SPH Magazines Pte Ltd
He holds a Bachelor of Engineering (Honours) and a Master in
Business Administration (Banking & Finance) from Nanyang Yew Seng was appointed Chief Executive Officer of SPH
Technological University. He is a CFA charterholder. Magazines Pte Ltd in June 2006. He joined SPH in July
2001 and was Vice-President of Finance and Chief Financial
u Susan Leng Mee Yin Officer for the magazines business group before his
Chief Executive Officer, SPH REIT current appointment.
Susan was appointed CEO of SPH REIT in 2013. She has Yew Seng began his career in 1994 with Arthur Andersen and
16 years of shopping centre and property development held notable corporate finance and financial analyst positions
experience and eight years of accounting and finance in Banque International Luxembourg, Van der Horst
experience. Limited and Visa International.
Susan began her career as an auditor with Coopers & Lybrand He holds a Bachelor of Accountancy (Honours) from
and her last appointment was Accounting Manager with Nanyang Technological University and has been a CFA
Scotts Holdings Limited before she made a career change charterholder since 1999.
to shopping centre management in 1992. Since then,
she has held various appointments, including General
Manager of Scotts Shopping Centre, Director of Retail
Management with Far East Organisation and General Manager
of Capitol Investment Holdings.
CEOS OVERVIEW
OF GROUP OPERATIONS
The Group operating revenue was
$1,215.2
million
for the financial year 2013/2014
Despite the continuing challenges Singapores multilingual population Mandarin or in various Chinese dialects
confronting the media industry, SPH aged 15 and older, according to the in August 2014. The objective of the
delivered a commendable performance Nielsen Media Index Report 2013. pilot programme is to reach out to and
in the last financial year. The overall readership was bolstered connect with senior citizens, keeping
by the growth of its online and mobile them informed and engaged with our
The Group operating revenue was editions. Based on the Audit Bureau of society. Lianhe Zaobao also actively
$1,215.2 million for FY 2014, 2.0 per Circulations criteria, total paid digital promoted the Chinese language and
cent lower than the previous year. The subscriptions for ST on its multiple culture by bringing in Chinese arts
recurring earnings decreased by 5.5 per platforms rose to 149,600, up 28 per productions to Singapore and organised
cent to $349.0 million. cent from 2013. events such as the inaugural Chinese
Challenge, a national competition
Revenue from our core Newspaper With the popularity of its digital editions, for secondary school students to
and Magazine business was $931.7 ST ramped up its integration efforts, enhance their knowledge of the
million. Advertisement revenue was transforming its newsroom into a multi- Chinese language.
$705.9 million. platform, round the clock operation.
To deepen reader engagement, the The Business Times (BT) had a strong
The Groups other businesses registered team launched web specials. These are year, with total circulation up by 14.2 per
strong growth as revenue soared stories that use multi-media to explain cent to 48,200. Print circulation bucked
$28.4 million (56.7 per cent) to $78.5 the issue better, or which explain the general downtrend to register a
million, boosted by contributions from topics in a digestible format. ST also 5 per cent increase to 32,900, while
exhibitions, online classified and the launched highly interactive e-books, total paid digital subscriptions saw
radio business. The creditable showing including a monthly The Life magazine. strong growth from 11,000 to 15,300.
by the Groups growth segment, coupled It also started a new ST Education The paper continued to celebrate
with the $6.8 million or 3.5 per cent Communities site, in addition to the excellence in the business fraternity
rise in property revenue on the back of current Entertainment community. with a range of corporate awards
higher rental income from Paragon and A Travel community is in the pipeline. the Singapore Business Awards, the
The Clementi Mall, partially negated the Singapore Corporate Awards, the
reduced contribution from Newspaper Chinese flagship newspaper Lianhe Enterprise 50 Awards and Emerging
and Magazine business. Zaobao (ZB) launched Zaobao.sg, Enterprise Awards. It also organised
a local website focusing on local news. entrepreneurship seminars and
Its Sunday edition, ZB Sunday, was also networking nights to bring together
NEWSPAPERS refreshed with new design and content, business owners, advertisers and
offering a comprehensive coverage of newsmakers.
SPHs newspapers turned in another key developments in Singapore and
fruitful year amidst a challenging abroad in the news section. There is The New Paper (TNP) held its place
media climate. more cross-platform news coverage as the second-most read among paid
between the digital and print editions. English daily newspapers in Singapore,
The Straits Times (ST), SPHs English- with an average daily readership of
language flagship newspaper, held its Together with Chinese evening daily 363,000, according to Nielsens 2013
place as the most-read daily publication Lianhe Wanbao, ZB launched an survey. After turning 25 in 2013, it
in Singapore. Its combined print and outreach programme where journalists underwent a revamp to make its content
digital readership remained high and volunteers met senior citizens more local, vocal and social. At the same
at 1.37 million, or 33.6 per cent of to share news stories with them in time, it updated its design and look.
CEOS OVERVIEW
OF GROUP OPERATIONS
The paper also broadened its digital a new website in September 2013. The was launched at the Singapore Book
reach with a new smartphone app, joint initiative by Lianhe Wanbao and Fair in June 2014.
launched just before the World Cup omy.sg enabled readers to get in touch
2014. Within weeks of its launch, it with the evening daily across multiple SPHs free daily My Paper was revamped
was the most popular Free News App platforms including print, online in December 2013. Several new
downloaded on the iTunes Store. and mobile. Lianhe Wanbao was also sections, including Business, Sports
relaunched with a new look in July 2014 and Opinion, were introduced and
The Groups Malay-language newspaper, to better connect and communicate its look and design were spruced up.
Berita Harian (BH), also executed with its readers. Its renewed focus on the concerns
a transformation from a print-only and lifestyles of professionals and
newsroom to a print-plus-digital Complementing its newspaper content, executives was well received by readers
operation. This culminated in the Shin Min Daily News has been active in and advertisers.
successful launch of its new mobile book publishing and signature events to
apps and website in December 2013. BH engage its readers. Community events The newspaper advertising business
received funding from the Lee Kuan Yew such as Heartland Expert Challenge is facing challenges brought about by
Fund for Bilingualism to publish a free and Graceful Living Workshop were a combination of factors, including
monthly bilingual magazine in English popular with heartlanders and senior policy measures to curb property price
and Malay for pre-school children citizens. Shin Min published the inflation and vehicle ownership and
and their parents. The newspaper fourth volume of the popular Words economic restructuring. To ensure that
continued to engage its readers with its of Wisdom by Master Hsing Yun, which we are able to respond to the changing
events, organising a futsal tournament
and several health forums to discuss
issues of concern for the community,
as well as the annual BH Achiever of the
Year award.
Tamil Murasu (TM) had another good

SPHs newspaper circulation business ended FY 2014
year of growth in both circulation and with 1,068,500 daily average copies, a year-on-year
advertising. Together with tabla!, the
free weekly launched by TM for the
growth of 1.7 per cent as its suite of digital products
English-speaking Indian community, it continued to demonstrate increasing relevance
hosted the annual Deepavali shopping with readers.
festival at the Singapore Expo, and the
third Integration Cup golf tournament
and Integration Night dinner. The tabla! The Straits Times and The Sunday Times registered a
Community Champion Award was
presented to Mr Mohamed Abdul Jaleel, year-on-year growth of 2.2 per cent to 459,300 daily
a philanthropist and businessman. average circulation copies as its total paid digital
Lianhe Wanbao, which celebrated its
subscriptions rose to 149,600 copies.
30th anniversary in 2013, achieved a
new milestone with the launch of its
smartphone and tablet apps as well as
environment, our Marketing Division by harnessing existing assets and incremental copies over a three-day
has reorganised its various teams to identifying possible new revenue period and the MH370 newsbreak saw
place more emphasis on giving our streams for our newspapers and a total of 255,000 incremental sales
customers and partners greater value magazines businesses. MSA is also copies for the month of March 2014.
and returns. They have moved from working with our editorial colleagues
the traditional way of selling print to forge new ways of delivering our To meet readers increasing demand,
advertisements to providing advertisers content to readers across platforms. several additions to the Groups
with a one-stop media solution across The strategy formulation would include existing family of digital products were
all our media platforms. competitive landscape scanning and introduced this year. Lianhe Wanbao
analyses of emerging trends, especially launched its first digital campaign in
In line with this transformation, the in the rapidly evolving digital space. October 2013 and is now available in
display sales team has been restructured online, smartphone and tablet formats.
and renamed as Integrated Sales. Apart Readers were also introduced to the All-
from marketing print advertisements,
CIRCULATION AND in-One bundle, which allows them to
this team will now offer all existing SUBSCRIPTION access both print and digital media in
advertisers an integrated solution that a single package.
includes radio, outdoor, digital, as well
SPHs newspaper circulation business
as events and exhibitions. Regular Berita Harian launched its first digital
ended FY 2014 with 1,068,500 daily
advertisers have not only increased campaign in January 2014. With the new
average copies, a year-on-year growth
their spending to include non-print apps, readers can now access newspaper
of 1.7 per cent as its suite of digital
advertisements, their returns on their content on-the-go. Advertisers are also
products continued to demonstrate
investment have also improved due to given the opportunity to present their
increasing relevance with readers.
the multi-media exposure in our online, campaigns on a multimedia platform.
radio and outdoor platforms.
The Straits Times and The Sunday Times
Over at our Print Classified, another
registered a year-on-year growth of NEW MEDIA
2.2 per cent to 459,300 daily average
transformation is taking shape. With a
circulation copies as its total paid
new look and direction, the Classified SPH has embarked on a journey of
digital subscriptions rose to 149,600
sections of all our newspapers are transformation to grow its digital media
copies. Lianhe Zaobao grew its total
aiming to become effective market- business with the setting up of the new
circulation to 183,300 daily average
places that will better serve the buying Digital Division in February 2014 to
circulation copies, a robust growth of
needs of our readers. The changes power our digital strategy.
6.3 per cent, with digital contribution
enabled Print Classified to book an
averaging 33,300 copies.
additional revenue of over $10 million
This move brought together the digital
from mostly new advertisers between
Our newspapers continued to garner ad sales, technological development,
January and August 2014.
substantial increases in circulation online classifieds STJobs, STProperty,
copies during general news breaks. The STCars, STClassifieds, and digital teams
To enhance our core media business,
Little India Riot and the disappearance of AsiaOne, Stomp and SPH Razor,
we set up the Media Strategy and
of Malaysias airline MH370 were major under one roof. By bringing together
Analytics Division (MSA) in February
news which boosted a surge in demand the Groups digital expertise, we are
2014. It works with various divisions
for print across all publications. The able to derive greater efficiencies,
and subsidiaries across SPH to jointly
Little India Riot resulted in 124,000 speed-to-market, and leverage best
formulate strategies to grow revenue
CEOS OVERVIEW
OF GROUP OPERATIONS
practices for SPHs portfolio of online, in November 2013. Through this optimising the mobile user experience.
mobile, and advertising products. website, readers could access in-depth STDirectory also brought directory and
This reorganisation allowed online reports and opinion pieces carefully directional information to the fingertips
advertisers to access SPH digital produced and curated by ZBs team of Singaporeans with both a mobile
properties and helped them to deliver of editors and reporters. The site also site and a mobile app which garnered
innovative, creative and enterprising offers breaking news and a revamped 20,000 downloads in the first two
integrated ad solutions. Setting up the local stock market microsite. ZbBz, the months of launch.
Content Studio, a dedicated editorial luxury lifestyle magazine by ZB, also
unit to deliver tailored content for launched its digital edition this year. Our leading automotive site
brands, also allowed us to connect sgCarMart.com garnered over 40
brands to their target audiences Bilingual news and entertainment million page views per month. Its car
more effectively. website omy.sg continued to engage auction service sgCarMartQuotz saw an
online users with its lively content, increase in transaction rate with over
With mobile consumption growing and its flagship event Singapore Blog 1,000 vehicles sold last year, while its
rapidly, we continued to boost our Awards returned for the seventh year forum site myCarForum.com maintained
array of mobile products to cater to to honour the best Singapore bloggers. its leading position with the highest
users. Among others, AsiaOne launched participation rate and online traffic
an award-winning news app for iPad, STJobs revamped its site in July, amongst all Singapore car forums.
covering more than 17 categories of personalising and optimising the job
news and lifestyle content; SoShiok, search process for users across web Our regional joint venture online
our food guide, also launched with a and mobile. The revamp generated a classified business continued to grow
fresh look on both iOS and Android 46 per cent increase in user registration from strength to strength. Mudah.my
platforms, introducing a feature that and saw more than 600 per cent cemented its position as the largest
rewards loyal readers with points which increase in resumes created in the first local website in Malaysia with monthly
they can redeem for vouchers. TNP month. The STProperty team launched unique visitors of nearly 8 million on
launched its news app, offering readers Singapore Property Watch (SPW), an both desktop and mobile, and total
an interactive news experience on analytics service in September last page views surpassing 700 million
their smartphones. year, empowering users with data and every month. Berniaga.com and
insights in buying and selling property. Ayosdito.ph were the second largest
ST produced more e-books and The team continued to organise online classified site in Indonesia
e-magazines on tablets, including its popular STProperty Seminar, and the Philippines respectively.
the award-winning Myanmar Sunrise showcasing Malaysian property, as Chotot.vn remained the largest online
e-book, and ST 100, a pictorial e-book well as a full-house forum for property marketplace in Vietnam with nearly
showcasing the best pictures of major agents on rising up to the challenges 10 million users and 500 million page
news events in the past year. In June in the Singapore Property Market. It views every month.
2014, the ST Appreciates Readers was recognised as the Best Classified
(STAR) app was launched. Among Website with over 1 million unique ShareInvestor (SI) continued to grow
its other features, it carries The Life monthly visitors in the EPPY awards, its market data business in Singapore
monthly lifestyle e-magazine produced among other accolades. With more and Malaysia. It is also the market
by the ST Life! team. than half of the STClassifieds users leader in providing online investor
accessing the site through mobile relations services to more than 450
ZB launched Zaobao.sg, a one-stop devices, the team adopted a mobile- publicly listed companies in the region,
information portal for local ZB readers first strategy in product development, including Thailand. All of SIs business
lines registered growth. Its event HardwareZone.com remains the U-Weekly (UW), the popular Chinese
business also thrived, with more than regions leading tech portal with entertainment, lifestyle and social news
50 investor education events in the over 3.7 million unique visitors and magazine published by Focus Publishing
year. The flagship event, INVEST Fair in more than 56 million page views continued to entertain readers with the
Singapore, attracted over 40 exhibitors per month just for the Singapore site. latest showbiz happenings and lifestyle
and more than 15,000 participants. Since its re-design, herworldPLUS.com trends. Another bestseller, the quarterly
INVEST Fair Malaysia reached out to has established itself as marketers Chinese magazine Health No.1,
more than 5000 participants. preferred site to reach discerning, high offered readers updates on the best of
net-worth women. Homeanddecor.com.sg both western and traditional Chinese
SPH Data Services, a collaboration with was revamped and in addition to medicines.
SGX and FTSE to produce, maintain, featuring design ideas and trends, it
license and market the Straits Times now offers a platform for professionals
Index and the suite of FTSE ST indices, to showcase their portfolio of products
BOOK PUBLISHING
maintained its growth. This was based and services.
on the strength in its product licensing Straits Times Press (STP) had another
and market data business. The ongoing SPH Magazines portfolio of tablet successful and profitable year. One
effort to enhance the tradability of editions has also grown rapidly to highlight was the publication of a
the indices has also opened up new encompass 70 titles across seven coffee-table book Lee Kuan Yew: A
licensing opportunities. countries. Subscription drives kicked Life In Pictures comprising more than
in throughout the year to entice a 500 photographs from Mr Lees life.
new generation of digitally-enabled
MAGAZINES consumers to embrace magazines. More new books were published in
The availability of digital platforms 2014. Four were from The Straits
SPH Magazines continued to hold its also offered advertisers more creative, Times: Straight Talk - Reflections on
leading position in the market, with integrated marketing solutions across Singapore Politics and Economy, More
its women titles, including Her World, SPH Magaziness brands, engaging Talk Money, When The Party Ends -
Female, Singapore Womens Weekly, consumers across multiple touch points. Chinas Leaps & Stumbles After The
CLEO and Simply Her, ranked as the top Beijing Olympics, and Small Change
five most-read womens magazines in Today, SPH Magazines network of - Investment Made Simple. Two were
Singapore, according to Nielsen Media brands - 100 print magazines in nine by The New Paper writers: Singapore
Index 2013. countries, 10 lifestyle and luxury Raw - 25 Stories From 25 Years of News,
portals and 70 tablet magazines in Emotion, and Foul! The Inside Story of
Based on the Index, special interest seven countries has garnered more Singapore Match Fixers.
titles such as Mens Health, Young than 57 million page views, 500,000
Parents and Home & Dcor also cumulative digital readers and a reach Other major book launches included
occupied market leader positions in of over 4.3 million. SPH Magazines The Making of NTU - My Story by
their respective genres. continued to share its experiences and Professor Cham Tao Soon, We Also
expertise with its overseas subsidiaries, Served - Reflections of Singapores
Notwithstanding the strong success offices and partners across Malaysia, former PAP MPs, and Fortitude - The
of its print brands, SPH Magazines China, Hong Kong, Thailand, Indonesia Life and Times of Heah Joo Seang,
continued its push towards digital and Vietnam to facilitate their evolution One Mans View by Lee Kuan Yew,
and mobile, which it has embarked on to multi-platform publishers. released the year before in English, was
since 2012. published in Chinese by STP in 2014.
CEOS OVERVIEW
OF GROUP OPERATIONS
Focus Publishings best-selling Chinese SPH Radios English contemporary hits year. Sphere is active in the parents
magazine UW published the eighth station, Hot FM91.3, maintained its and kids sector with shows such as
Yummy Guide and special interests 318,000 cumulative listenership while SmartKids Malaysia, International
books, such as Men at the Helm and growing its percentage share and time Baby Expo, Motherhood Expo and
Chinese Temples in Singapore. spent listening. It introduced Hot FM Parents & Kids Expo. KL Wedding Expo
Control, allowing fans to vote for the is held four times a year starting from
artists and songs they want to hear in 2014. Facon Education Fair, the largest
PROPERTIES real-time. This first-of-its-kind service in tertiary education event, is held
Singapore was honoured with a Bronze twice a year and has garnered more
Following the strong debut of SPH REITs award for Best App by a Media Owner in international pavilions. For trade events,
listing in 2013, it outperformed forecast 2014s MobEx Awards Singapore. Sphere is the organiser for Malaysia
in FY 2014, rewarding unitholders International Food & Beverage Fair, The
with higher returns. Both Paragon and UFM 100.3, SPH Radios Chinese Golden Bull Award, The International
The Clementi Mall delivered a strong language station, enjoyed the biggest Exhibition on Instruments, Controls
performance last year, achieving 100 growth in number of listeners among and Automation Technology (ICA)
per cent committed occupancy. all Chinese language stations, from and The International Exhibition on
266,000 to 320,000. Laboratory Instrumentation, Equipment,
The Seletar Mall, a joint venture Automation and Services (MLab).
between SPH and United Engineers
Developments, is slated to open by end EVENTS, CONFERENCES Sphere exported its trade event
& EXHIBITIONS for the building and construction
2014. The four-storey suburban lifestyle
sector to Myanmar and launched
mall with two additional basement
BuildTechYangon 2014. It also launched
levels has a gross floor area of 284,000
Sphere Exhibits (Sphere) achieved the biggest edu-tainment event,
sg ft and net lettable area of 188,000
resounding success in its expansion SmartKidsAsia, in the Philippines. With
sq ft. It is over 90 per cent leased so
plans this year. Apart from revamping more than 100 participating brands, the
far. The family-oriented shopping mall
and expanding existing shows, Sphere exhibition covered 2,750 sqm of the
will cater to Singaporeans staying in
made significant progress in its overseas SMX Convention Centre and was well
Sengkang, Hougang, Punggol, Seletar
expansion and established its presence attended by over 17,000 visitors.
and Ang Mo Kio.
in Malaysia, Myanmar, Philippines and
Sri Lanka. Sphere Conferences continued to ride
RADIO the momentum in Myanmar. Apart
Spheres signature technology show from holding the second edition of
COMEX celebrated its 20th anniversary the Hospitality & Tourism Conference,
SPH Radio had a banner year. Its Banking & Business Development
this year with a new look and revamped
Kiss92 station, targeting females Conference and Urban Development
content. Office Expo Asia, which
and the family, continued to grow its Conference, the team successfully
returned for the second year, expanded
cumulative listenership to 574,000. launched the inaugural Real Estate
to 3,500 sqm and enjoyed a 40 per cent
It secured Number 1 ranking in share of Show and Civil Aviation Development
increase in participants.
listenership among all English stations Conference. Not to miss out on Sri Lanka
in Nielsens Radio Survey Wave 1 as the upcoming MICE destination, the
Sphere gained significance as a MICE
in 2014. Hospitality and Tourism Conference
player in Malaysia when it acquired
seven established exhibitions this was introduced in the country this year.
product offering, SPH Buzz has also adjacent businesses such as property,
OUT-OF-HOME extended its merchandise mix to offer events and book publishing. In August
ADVERTISING popular service items like cashcards 2014, we invested a $12 million stake
and parking coupons as well as hot food, in preschool and enrichment provider
and ready-to-eat meals at selected MindChamps Holdings. This marks
The cross-selling of ads across the Buzz pods. the Groups first investment into the
different platforms has helped SPH education business.
MediaBoxOffice, the Out-of-Home In 2014, Buzz has commenced the
(OOH) advertising unit, contribute a development and implementation of As we celebrate 30 years of media
year-on-year increase in profit of more a Point-of-Sale system which is a key excellence this year, we owe our success
than four times despite the competition. enabler for future expansion. We look to our loyal stakeholders, readers,
forward to a complete roll-out in the advertisers, consumers, staff and the
The team also secured exclusive rights coming year. unions. With your continued support,
to new OOH advertising sites to give I am confident that SPH will continue
more choices to our customers. These to thrive and be among the worlds
sites include the iconic facade at BUSINESS OUTLOOK leading media companies.
Rendezvous Hotel, underground link
ways at The Sail and newly launched
Ocean Financial Centre as well as other The print business is facing multiple
popular sites in the Central Business challenges in this digital age. We need
District. To ensure sustainable profit fresh and innovative approaches to
performance, the team will continue thrive in the new media landscape.
Chan Heng Loon, Alan
to source for cost effective solutions Chief Executive Officer
to digital hardware requirements and Going forward, the Group will continue
new inventories in prime office and to engage readers with both print and
shopping locations. digital so as to meet changing consumer
habits and remain competitive in the
media industry.
SPH BUZZ
Our sales teams must not only excel
in selling print advertisements, they
SPH Buzz Pte Ltd has evolved into
must also be well-trained to sell across
a modern retail convenience chain,
multiple media platforms. We are
establishing and cultivating its growing
already en route to building newsrooms
presence. Amidst the tough retail
of the future and the editorial teams are
environment, SPH Buzz still managed
equipped with the skills and knowledge
to grow its network to 81 stores.
to achieve total news coverage through
different media platforms.
With the wide network of stores,
SPH Buzz has successfully launched
Moving beyond print, we will intensify
exclusive merchandise with various
our efforts to address evolving media
partners, complementing the Groups
trends and continue to look out
media offering with an effective retail
for profitable ventures to grow our
sales channel. To further enhance its
Here are some of the anniversary

highlights spearheaded by Corporate
Communications & CSR Division.
SPH CELEBRATES 1 March Opening Concert by SSO at Paragon
ITS 30th ANNIVERSARY

A special SPH Gift of Music concert by the Singapore
Symphony Orchestra (SSO) at Paragon kickstarted the SPH
30th anniversary celebrations in style. For the first time, SSO
THIS YEAR WITH A musicians played from different levels of the mall before
they converged at the main atrium. Star Wars stormtroopers
SERIES OF SPECIAL made a surprise appearance and were instant crowd pleasers.
ACTIVITIES
SPH was formed on 4 August 1984

through a merger of three
organisations - the Straits Times
Press group, the Singapore News
and Publications Limited and
Times Publishing Berhad which
was later de-merged from SPH
in 1988. The merger brought
together the English, Malay and 17 March SPH Lucky 30 Draw
Chinese newspapers under one The SPH Lucky 30 Draw was launched with 30 prizes worth
roof. SPH later also bought over $88,000 to be won. When it ended on 18 May, it had
attracted more than 30,000 participants.
Tamil Murasu Ltd.
While SPH has a relatively young

history, its publications have a
much longer place in the lives of
Singaporeans. In the short span
of 30 years, SPH has become a
media powerhouse and achieved
success in adjacent businesses like
property, events and exhibitions.
26 April SPH Walk of Giants 14 to 21 July See the Big Picture

Dr Lee Boon Yang, Chairman of SPH, officiated at the ground- British artist and autistic savant Stephen Wiltshire
breaking ceremony for SPH Walk of Giants. To be completed drew a panoramic cityscape of Singapore from memory
by 2016, this is an elevated boardwalk which showcases at Paragon. The completed artwork was presented to
giant trees in a learning forest at Singapore Botanic Gardens. President Tony Tan Keng Yam, as a gift to the nation for
This is part of SPHs corporate social responsibility in nature Singapores 50th birthday next year. Stephen also mingled
and conservation, as well as education. with arts, disadvantaged, and special needs students as
part of SPHs active corporate citizenry.
This special anniversary event highlights SPHs evolution

from a print company to a multimedia conglomerate.
Centred on the theme See the Big Picture, this event
showcased the extensive reach of SPHs comprehensive
array of media solutions, covering print, online,
digital, broadcast, events and out-of-home platforms.
By leveraging on these SPH media platforms, advertisers
can see the big picture and effectively reach out and
engage a wider base of clients and readers.
19 May SPH Charity Carnival

SPH staff and external charities set up more than 30 stalls to
raise funds for different causes at SPH Charity Carnival 2014
the biggest so far to mark SPHs 30th anniversary.
25 July Topping Out Ceremony for The Seletar Mall

The Seletar Mall, which will open this November, is SPHs
third mall following Paragon and The Clementi Mall.
Dr Lee Boon Yang, Chairman of SPH, was the Guest of
Honour at the topping out ceremony of SPHs latest
property offering.
29 July SPHs Got Talent 22 August SPH Mass Charity Outing

An SPH talent quest was held for staff across the Group. More than 50 SPH staff brought 110 beneficiaries from
A total of 19 individuals and teams took to the stage to various charities to the Singapore Gardens Festival.
compete for the coveted championship, and they all put It was, to date, the largest joint charity activity involving
up a stellar performance. several divisions and their adopted charities.
4 August SPHs Birthday Concert and Special Supplement 9 September SPHs Gift to the Nation
Close to 700 staff and members of the public converged SPH Chairman Dr Lee Boon Yang presented Stephen
at the newly revamped Victoria Concert Hall to celebrate Wiltshires artwork to President Tony Tan Keng Yam at the
SPHs birthday with a lunchtime SPH Gift of Music concert URA Singapore City Gallery, as SPHs gift to the nation for
by the Singapore Symphony Orchestra. Everyone was her 50th birthday next year.
treated to a musical feast and a piece of birthday cake.
A special supplement on the same day in The Straits

Times, Lianhe Zaobao and The Business Times included
special deals for everyone.
8 November A Nation in Concert 2014

Besides being a sponsor of the concert which involves both
professional and disabled artistes performing together in a
musical, both SPH and SPH Foundation will present $1 million
(with government matching) to 50 charities recommended by
the National Council of Social Service.
SIGNIFICANT
EVENTS
2013
3 more Local. more Vocal. more Social.
The New Paper: Read us aNew
OCT
6 Bilingual pictorial coffee-table book

marks Mr Lee Kuan Yews 90th birthday
The New Paper unveiled its revamped, revitalised, refreshed
SEPT look in celebration of its 25th anniversary. This was its first
major revamp since 2007.
SPH launched a bilingual pictorial book to commemorate
the birthday of Mr Lee Kuan Yew, who turned 90 on
16 September 2013. Published by Straits Times Press,
the book titled Lee Kuan Yew: A Life in Pictures was
presented to Mr Lee at his Istana office by SPH CEO Alan Chan. 2 Straits Times journalist launches book on Chinas
leaps and stumbles after the Beijing Olympics
NOV
6 Lianhe Zaobao celebrates 90 years

of heritage and editorial excellence
The close of the Beijing Olympics marked the surge of
SEPT a steroid superpower, a stark contrast to the massive
economic meltdown in the West. The spectacular rise of
Lianhe Zaobaos 90th anniversary year-long celebrations China, accompanied by an upswing in social unrest, political
culminated in a grand gala dinner. About 500 guests were intrigue and insecurity, was vividly captured by The Straits
invited to the gala dinner. President Tony Tan Keng Yam Times journalist Peh Shing Huei in his book, When the
was the Guest of Honour. Party Ends Chinas Leaps and Stumbles after the Beijing
Olympics. Published by Straits Times Press, the 320-page
book was officially launched at the Singapore Writers Festival.
9 Lianhe Wanbao goes digital as part of its

30th anniversary celebrations
SEPT
Lianhe Wanbao launched its smartphone and tablet apps,

along with its new website, as part of its 30th anniversary
celebrations.
17 Shin Min Daily News launches its first e-book
Master Hsing Yun - Words of Wisdom
NOV
30 SPH teams up with Telenor and Schibsted

in online classifieds
Shin Min Daily News launched its first e-book, Master Hsing
Yun - Words of Wisdom () to coincide with
SEPT
the visit of Master Hsing Yun, a Taiwanese Buddhist monk,
to Singapore. Shin Min Daily News has been running a daily
701Search, SPHs joint-venture company with Schibsted column on his words of wisdom since 2009.
Classified Media AS, specialising in building and growing
online marketplaces in regional emerging markets,
announced its new partner Telenor ASA, Norways leading
telecommunications operator.
20-22 Inaugural AsiaEducationExpo 2013 and
conferences by Sphere Exhibits
NOV
Organised by Sphere Exhibits, the inaugural edition of the

AsiaEducationExpo 2013 showcased the industrys latest
trends, technology, learning tools and ideas for every stage
SIGNIFICANT
EVENTS
of learning, as well as new and emerging instruction in the

development of holistic learning. 2014
22 Lianhe Zaobao launches new online

NOV portal zaobao.sg
8 SPH sets up subsidiary to grow media business
JAN
Lianhe Zaobao launched its newest online portal zaobao.sg
which is a one-stop information portal for local Zaobao To grow its media business, SPH set up a subsidiary SPH Media
readers. Through this website, readers can gain access Fund Pte Ltd and established a $100 million New Media
to in-depth reports and opinion pieces carefully produced Fund to invest in media-related businesses. This will play
and curated by Zaobaos team of editors and reporters. There a critical role in SPHs aspiration to be the leading multi-
is also breaking news and a newly revamped local stock media company in Asia.
market microsite.
14 A new piece of art at Paragon

JAN
5 My Paper updated In conjunction with the upgrading of its building faade,
DEC
Paragon installed an intriguing piece of art titled Noeud
Rouge (Red Knot). It was created by Parisian contemporary
Singapores first and only bilingual newspaper, My Paper,
artist Jean-Michel Othoniel, who was in Singapore to grace
received an updated look a cleaner, more upmarket product
the launch of his sculpture.
that caters to young professionals, managers and executives.
11 SPH Invests in Magzter Inc

DEC
SPH invested in Magzter Inc (Magzter), a global digital

magazine store and newsstand with more than 16 million
users from over 200 countries and a global catalogue of
thousands of magazines in more than 30 global languages.
12 Berita Harian launches apps and new website

BeritaHarian.sg
DEC
Malay daily Berita Harian launched its smartphone and tablet

apps along with its new website BeritaHarian.sg following a 16 SPH releases The Straits Times SoShiok App
with new look, features and rewards
revamp of the newspaper in May 2013. JAN
Food lovers looking for places to eat in Singapore can now

12 SPH Multimedia Ltd acquires remaining
7.1 per cent stake in SPH UnionWorks
use the newly relaunched The Straits Times SoShiok App
DEC for the latest food news as well as expert reviews on food
establishments ranging from hawker fare and fast food to
SPH announced that it acquired NTUC Medias 7.1 per cent hip bars and fine dining.
stake in SPH Radio (formerly known as SPH UnionWorks Pte
Ltd). With this acquisition, SPH Radio is now a wholly-owned
subsidiary of SPH. 24 SPH Magazines officially launches SME
community portal TowkayZone.com
JAN
19 SPH Magazines partners Happy 3 Media to launch

revamped GameAxis.com
SPH Magazines launched TowkayZone.com, an online portal
DEC designed and created with small medium enterprises (SMEs)
in mind. Built in partnership with the Infocomm Development
SPH Magazines entered into a partnership with Happy Authority of Singapore, the site provides a platform for the
3 Media to revamp GameAxis.com, Singapores premier SME community to exchange ideas, seek advice and network
website on video gaming news and reviews. The revamped with each other.
website was launched with a new logo, marking the change
of creative direction.
Sphere Conferences partners Myanmar

16 New AsiaOne iPad App offers more content with
immersive user experience
17-19 government to organise hospitality and
MAR
FEB tourism trade show AsiaOne released a new iPad app which offers a wide range
of news and lifestyle features from SPH publications such
Sphere Conferences partnered the Myanmar Tourism
as The Straits Times, The Business Times, The New Paper,
Federation to organise the inaugural Myanmar Hotels, Food
My Paper and websites such as sgCarMart.
& Beverage and Travel Trade Show in Yangon, Myanmar.
21 The New Paper launches Singapore Raw for its 17 Coloured Newsprint another print
innovation by SPH
25th Anniversary MAR
FEB
SPH introduced another print innovation in My Paper with
The New Paper launched a book titled Singapore Raw:
coloured salmon newsprint, which gave the feature a striking
25 stories from 25 years of news, emotion, wow in
presence within the regular news pages.
commemoration of its 25th anniversary. The coffee-table book
published by Straits Times Press featured 25 of the papers
most memorable stories over the years.
24-26 Myanmars first and only Civil Aviation
development conference
MAR
Sphere Conferences launched Myanmars first and only

aviation conference, the Myanmar Civil Aviation Development
Conference 2014 in Yangon.
25 The Straits Times launches Myanmar edition

MAR
The Straits Times launched its inaugural edition in Myanmar.

With a circulation of 5,000 copies and printed in English,
The Straits Times is the largest circulating international
newspaper in Myanmar. Distribution is concentrated in
the major cities of Yangon, Naypyidaw and Mandalay,
targeting both local and foreign businessmen. Copies are also
circulated to ministries, businesses, major hotels, airlines,
bookshops and supermarkets.
8 Her World and herworldPLUS present The Young
Woman Achiever Forum 2014
MAR
Her World and its sister website herworldplus.com reached

out to Singapores young women at The Young Woman
Achiever Forum 2014 on International Womens Day.
The inaugural forum featured a panel of inspirational,
successful women who spoke on their experiences about
reaching their dreams and goals.
26 Female magazine celebrates its 40th anniversary

with a special collectors edition
MAR
Female, a publication of SPH Magazines, commemorated its

40-year-old milestone with its biggest issue ever - an upsized
edition with refreshed design and sharper content. It also
threw a birthday bash at the W Hotel.
SIGNIFICANT
EVENTS
6 Refreshed zbSunday offers a brighter and

livelier read
4 The Straits Times hosts inaugural
Education Forum
APR MAY
zbSunday, Singapores No.1 Chinese newspaper on Sundays, More than 300 participants attended the inaugural Straits
was revamped with a new look and content. Times Education Forum. Education Minister Heng Swee Keat
was the guest speaker at a question-and-answer session.
9 Zaobao.com launches NewsTalk a ground-

breaking approach to learning Chinese
APR
NewsTalk, a joint product of zaobao.com and award-winning

technology developer GistXL Technology, was launched as a
revolutionary online learning platform using current affairs
and advance language technology for learners to learn
Chinese as a living language.
16 Release of Chinese edition of One Mans View

of the World
APR
The Chinese edition of the best seller One Mans View of the
World by Mr Lee Kuan Yew was launched. Titled
, the 400-page volume conveyed Mr Lees views
on the future of the major powers and regions of the world.
8 Launch of new Digital Division
MAY
27-31 We: Defining Stories photo exhibition
APR AUG SPH launched its new Digital Division to harness the growth
potential of SPHs various digital offerings, through concerted
The Straits Times and National Museum of Singapores efforts to bring integrated solutions that are innovative,
We: Defining Stories photo exhibition was held at the creative and enterprising to its advertisers and users.
museums Exhibition Gallery. The free exhibition chronicled
the defining moments in Singapores history from 1950 to
2013. On show were more than 400 photographs from the
papers archives and the museums collection.
Every parent an informed parent -

12 The Straits Times launches its Education
MAY Community
The Straits Times launched a digital Education Community to

make every parent an informed parent.
17 Revamped Classified Ads offer a more effective

reach to the right customers
MAY
16 Straits Times Press launches Foul! The inside
story of Singapore match fixers
CATS Classified adopted its host newspapers identity and JUN
was renamed The Straits Times Classified, The New Paper
Classified, Lianhe Zaobao Classified or Berita Harian Klassified. Straits Times Press launched Foul! The inside story of
Each carries listings and features that appeal most to Singapore match fixers, a 152-page book on the untold
readers of that particular newspaper. story of prominent Singaporean match fixers who boldly
plied their trade on the international football scene.
The book was written by Mr Zaihan Mohamed Yusof, Senior
Shape magazine brings fitness to Singapores
23 night scene by holding the first-ever dance
Correspondent at The New Paper.
MAY workout party
Shape Glow 2014, a 90-minute dance workout party

featuring two group exercises, Zumba and Bokwa, drew 700
participants to Zouk and Phuture. It was the first night-time
fitness event organised by Shape Singapore.
23-24 Chinese musical drama Nasirdin Afandi

premieres in Singapore
MAY
Chinese musical drama Nasirdin Afandi () made its

debut in Singapore. The production was jointly presented
by Lianhe Zaobao and Asia Arts & Culture, and performed
by the Beijing Huaxia Musical Performing Troupe.
18 Kiss92 is Singapores No. 1 English music radio
station based on share of listenership
JUN
The latest Nielsen radio survey results released saw

Kiss92 emerged as Singapores No. 1 English music station
based on percentage share of listenership. Its cumulative
listenership made the biggest leap of 89,000 to 574,000,
overtaking GOLD 90.5 to claim No. 2 spot in terms of
cumulative listenership among English radio stations here.
All SPH Radio stations also made it into the Top 10 positions.
26-29 New focus on kitchen showcase at

inaugural Food & Kitchen Show 2014
JUN
Exhibits Inc Pte Ltd, a wholly owned subsidiary of SPH,

presented the inaugural Food & Kitchen Show 2014. It was
the only show in the market to feature a kitchen showcase
highlighting the latest in innovative kitchen products
and creative concepts. The exhibition also offered a wide
spread of food and beverage products for its visitors.
26-28 Myanmars first real estate and urban

build conference
27 Reimagine storytelling with The Straits Times
MAY JUN Star app
Sphere Conferences launched Myanmars first real estate The Straits Times Star (ST Star) app was introduced and
and urban build event Real Estate Show Myanmar 2014 houses a collection of digital publications, starting with
and the second annual Myanmar Urban Development The Life, a monthly magazine packed with articles on
Conference 2014 in Yangon. The three-day event attracted style, design, pursuits, travel and food. An e-book called
over 200 urban planners, architects, developers, building 100 Hot Bods was subsequently released, featuring 100 of
users, capital investors and key real estate and urban the people interviewed for The Sunday Times series, and
development stakeholders from across the region. health and fitness tips.
SIGNIFICANT
EVENTS
Straits Times Press launches book on Singapores

31 Lianhe Wanbao relaunched with new content
and vibrant design
8 political pioneers We also served: Reflections
JUL
JUL of Singapores former PAP MPs Lianhe Wanbao was relaunched with a new look and content,
focusing on three Cs Care, Connect and Communicate to
Straits Times Press launched We also served: Reflections of
better engage its readers.
Singapores former PAP MPs. The book was jointly written
by former Peoples Action Party (PAP) Members of Parliament
(MPs) Dr Chiang Hai Ding and Mr Rohan Kamis. The launch
was attended by over 100 guests, including past and present
Sphere Conferences launches Malaysias
PAP MPs and their family members. 12-14 pioneering patient-centred learning
AUG platform
The first Patient Care Malaysia Conference by Sphere

Conferences was held in Selangor, Malaysia. It was an
unrivalled platform for patient care professionals and key
healthcare stakeholders in Malaysia to learn and discuss
strategies leading to excellence in patient-centric healthcare.
20 SPH makes its first investment in education

business
AUG
SPH marked its first investment into the education sector

by buying a 22 per cent stake in pre-school and enrichment
provider Mindchamps Preschool (Worldwide).
10 The Peak magazine launches book

JUL 30/30 The Game Changers 28-31 COMEX marks 20 years with new show
highlights
AUG
The Peak launched a coffee-table book 30/30 The Game
Changers published by SPH Magazines Pte Ltd, and was COMEX, Singapores biggest IT and Consumer Electronics
unveiled as part of The Peaks celebration of 30 years in print. Exhibition, presented a new show concept for its 20th
anniversary this year. Organised by Exhibits Inc, the new
Tamil Murasu launches Tamil-language version show highlights included the Tech Fashion Show, Tech
12 of S R Nathans memoirs - An Unexpected Showcase, Booth Babes Contest, The Stage and Gamers Hub,
JUL Journey: Path to the Presidency which gave visitors an unforgettable experience.
Tamil Murasu launched the Tamil-language version of former

President S R Nathans memoirs An Unexpected Journey: 30 Simply Her and SingHealth hold Womens Health
Conference 2014
Path to the Presidency. The translation for the book, based AUG
on the English-language version first launched in September
2011, was done as a private commission by Mr A Palaniappan, Simply Her magazine, along with SingHealth, presented its
Head Specialist (Languages) (English/Tamil) at the Language first-ever Womens Health Conference. Eight medical experts
Services Department, Parliament of Singapore. Tamil Murasu from SingHealth, the largest healthcare group in Singapore,
sponsored the cost of translating and publishing the Tamil gave a series of talks on common health conditions that
edition of the book as a gift to the Tamil community. affect women and the latest medical treatments available.
SPH launches International Franchise &

4-6 Business Opportunities trade show in
SEP Ho Chi Minh City
The International Franchise & Business Opportunities trade

show, organised by BizLink Exhibition Services, made its
debut in Ho Chi Minh City.
AWARDS &
ACCOLADES
CORPORATE 3. Patron of the Arts Award
SPH received Distinguished Patron of the Arts award for

1. Singapore Corporate Awards 2014 the 22nd consecutive year
SPH Radio (UFM100.3) was honoured with Distinguished
Best Investor Relations Award Gold Patron of the Arts award
($1 billion and above market capitalisation category) SPH Foundation received an Associate of the Arts award
omy.sg received Arts Supporter award
4. Community Chest Awards
SPH and SPH Foundation received the 10-Year Outstanding

Corporate Award and the Corporate Platinum Award
Sphere Exhibits received Special Events Gold Award
5. Patron of Heritage Awards by National Heritage Board
SPH received Partner of Heritage award

Zaobao.com was honoured with a Friend of
Heritage award
2. 14th SIAS Investors Choice Award
Kiss92 received a Supporter of Heritage award
Most Transparent Company Award (Services Category)
Winner (This is the 10th consecutive time that SPH has
6. National Blood Programme 2014 by Singapore
won this award)
Red Cross
Most Promising Journalist of the Year
u Winner Ms Andrea Soh
Bloodmobile Organiser Merit award
(Journalist, The Business Times)
u Winner Mr Cheow Kai Jian
(Journalist, Lianhe Zaobao)
7. 2014 Business Excellence Awards by Acquisition
Most Promising Journalist of the Year (Special Award)
International Magazine
u Ms Rachel Scully (Journalist, The Straits Times)
Investor Education Journalist of the Year
u
SPH was accorded Media Entity of the Year (Singapore)
Winner Mr Cai Haoxiang
(Correspondent, The Business Times)
Outstanding Commentaries Award
u
8. Asean Corporate Governance Scorecard
Mr Goh Eng Yeow
(Senior Correspondent, The Straits Times)
Top 5 Singapore Press Holdings
Investor Education Journalist of the Year (Special Award)
u Ms Teh Hooi Ling
(Former Senior Correspondent, The Business Times)
9. Singapore 1000, Singapore SME 1000 & Singapore
Special Award
International 100 by DP Information Group
u Mr Kenneth Lim (Correspondent, The Business Times)
Media Excellence in Community Investor Education
SPH was recognised as a Singapore 1000 Company
u The Sunday Times Invest Section (The Straits Times)
10. Brand Finance Top 100 Singapore Brands 2014
SPH ranked 12th

The Straits Times ranked 48th
Her World ranked 69th
Lianhe Zaobao ranked 73rd
Nuyou ranked 82nd
AWARDS &
ACCOLADES
11. Friend of MCCY
Mr Seow Choke Meng (Executive Vice-President, Cultural

Industry Promotions, Chinese Newspapers Division)
12. Energy Efficiency National Partnership (EENP) Awards
Outstanding Energy Manager of the Year, under the SME

category Mr Wong Tat Choon (Assistant Vice-President,
Production Division Engineering)
5. WAN-IFRA Asian Digital Media Awards 2013

EDITORIAL / PRINTING / CREATIVE
ACHIEVEMENTS Best in Online Media Award - Newspaper Website
u Gold Stomp (www.stomp.com.sg)
u Bronze The Straits Times (www.straitstimes.com)
1. Icon de Martell Cordon Bleu 2014 Best in Online Media Award - Magazine Website
u Silver herworldPLUS (www.herworldplus.com)
Ms Neo Xiaobin (Executive Photographer, The Straits Times) Best in Mobile Publishing Award
u Bronze STProperty
Best in Tablet Publishing Award
2. PANPA 2014 Newspaper of the Year Awards u Gold Wanbao iPad App (Lianhe Wanbao & omy.sg)
Best in Cross Media Award - Cross Media Advertising
u Gold Tiger Beer Have You Been Good This Year
2014 Digital Publishing Innovation of the Year by
u Bronze STClassifieds
The Straits Times Communities
u Bronze STCars
Best in Cross Media Award - Cross Media Editorial Coverage
3. PANPA 2014 Advertising & Marketing Awards u Silver The Haze In Singapore (The Straits Times)
Best in Social Media Award
Marketer of the Year Mr Johnson Goh (Vice President and u Gold ST Communities (The Straits Times)
Head of Business Development, Strategic Marketing) Best in Online Video Award
u Bronze 48 Singaporean Seconds (The Straits Times)
4. WAN-IFRA 13th Asian Media Awards

6. 35th Society of News Design The Best of News
Best in Print (for circulation above 150K) Design Creative Competition
u Silver The Straits Times
Best in Print (for circulation above 150K) Award of Excellence Photography/ Single Photos
u Silver Lianhe Zaobao Breaking News category
Best in Print (for circulation below 150K) The New Paper for Main photo of rioters
u Silver Berita Harian Award of Excellence Feature Design/ Entertainment/
Best in Design (Magazine Overall Design) Compact 50,000 174,999 category
u Gold The Peak (April 2013) by SPH Magazines The New Paper for Real Steel / Hot Iron!
Best in Design (Magazine Overall Design) Award of Excellence Feature Design/ Entertainment/
u Bronze ZbBz Compact 50,000 174,999 category
Best in Editorial Content (Newspaper Breaking The New Paper for Know Your Minions
News Article) Award of Excellence Redesigns Section
u Silver The Straits Times Foreign Desk The New Paper for Sports Section
Best in Editorial Content (Newspaper Feature Article) Award of Excellence Redesigns Overall Newspaper
u Gold (Mr Kor Kian Beng and Ms Ho Ai Li, The Straits Times) The New Paper
Best in Photojournalism (Feature Photography)
u Gold (Mr Alphonsus Chern, The Straits Times)
7. The Society of Publishers in Asia 2014 (SOPA) Awards
for Editorial Excellence
Excellence in Editorial Cartooning (Group B category)

Award for Excellence
u The Straits Times (Mr Manuel Francisco for Reviving

the land of the rising sun) 10. S.League Awards
Excellence in News Photography (Group B category)
Award for Excellence RHB Story of the Year award - Mr Fabius Chen, The Straits
u The New Paper (Mr Jonathan Choo for Little India Riot: Times for Man, Hes On The Ground From Dawn To Dusk
Police cars overturned, some in flames)
Excellence in Magazine Design (Group A category)
Award for Excellence 11. W3 2013 Awards
u SilverKris (May 2013) by SPH Magazines
Excellence in Opinion Writing (Group B category) STCars - Mobile App (Services) Silver
Honourable Mention STJobs - General Website (Employment) Silver
u The Straits Times (Mr Ravi Velloor for Prepare for the
next horror that surely will come)
Excellence in Information Graphics (Group B category) 12. Singapore infocomm Technology Federation
Honourable Mention Awards 2013
u The Straits Times (Mr Lim Yong for Tech from nature)
Excellence in Magazine Design (Group B category) Digital Media category - STProperty Bronze
Honourable Mention
u The Peak (April 2013) by SPH Magazines
13. 18th EPPY Awards 2013
Best Classified Website - STProperty
14. GONG Singapore Creative Circle Awards
Film and Television category - STCars anti-drink driving

campaign Bronze
15. Mob-Ex Awards 2014
Best Original Content category Gold (Stomp)

Best Use of Social Platform Bronze (Stomp)
Best App/ Content By a Media Owner category Bronze
(SPH Radio Pte Ltd / Hot FM91.3)
8. Enterprise Award at the Business China Award 2013

16. International Creative Media Awards (ICMA) 2013
Lianhe Zaobao
Cover Award of Excellence
(The Peak Selections: Gourmet And Travel Issue 6)
Cover Award of Excellence
(The Peak Selections: Gourmet And Travel Issue 7)
Cover Award of Excellence (SilverKris, April 2013)
Photography Award of Excellence (Pick of the crop,
The Peak Selections: Gourmet And Travel Issue 6)
Alternative Storytelling - Award of Excellence
(Have you eaten a giant Garoupa recently, The Peak
Selections: Gourmet And Travel Issue 6)
Alternative Storytelling Award of Excellence
(Feel good, eat well, The Peak Selections: Gourmet
And Travel Issue 7)
Alternative Storytelling Award of Excellence
(Whats cooking in 2013, The Peak Selections:
9. Hall of Fame Awards 2013 by the Institute of Gourmet And Travel Issue 7)
Advertising
Print Campaign of the Year - STClassifieds

AWARDS &
ACCOLADES
19. INMA Awards 2014
Best Public Relations or Community Service Campaign

(Group 2) Third place (48 Values From The News:
The Straits Times Guide to building Character by The
Straits Times)
Best Idea to Encourage Print Readership or
Engagement (Group 1) Third place (From Mobile and
Web to Print by Stomp)
Best Idea to Grow Advertising Sales or Retain Advertising
Clients (Group 1) Third place (SPH iink Awards)
20. 2014 Newspaper of the Year by Marketing Magazine
The Straits Times (1st)

17. APEX 2014s 26th Annual Awards for Publication The Business Times (2nd)
Excellence The New Paper (5th)
My Paper (6th)
Digital category Grand Award (SilverKris by SPH Lianhe Zaobao (7th)
Magazines for Singapore Airlines, for its August 2013 Lianhe Wanbao (8th)
tablet edition) Shin Min Daily News (9th)
Health & Medical Materials category Award of tabla! (10th)
Excellence (Singapore Health (Sep-Oct 2013) by
SPH Magazines for Singapore General Hospital and
SingHealth Academic Healthcare Cluster) 21. Magazine of the Year 2013 by Marketing Magazine
Green Print Media category Award of Excellence
(Singapore Nautilus Green Pledge Booklet by SPH Magazine of the Year Her World (2nd), CLEO (3rd)
Magazines for Maritime and Port Authority of Singapore) Womens Magazine of the Year Her World (1st), CLEO
(2nd), The Singapore Womens Weekly (3rd)
Womens Fashion Magazine of the Year
18. The Communicator Awards Female (1st), Harpers Bazaar (3rd)
Mens Magazine of the Year Mens Health (2nd)
Websites: News category Motor Vehicle Magazine of the Year Torque (1st)
Award of Excellence (AsiaOne) Parenting Magazine of the Year Young Parents (1st)
Mobile Apps: News category Consumer Electronics Magazine of the Year
Award of Excellence (AsiaOne for iPad) HardwareMAG (HWM) (1st)
Websites: Homepage category Property Magazine of the Year LP-Luxury Properties (1st)
Award of Distinction (AsiaOne) In-flight Magazine of the Year SilverKris (1st)
Websites: Homepage category Chinese Magazine of the Year ICON (2nd), Nuyou (3rd)
Award of Distinction (AsiaOne Relax) Luxury Magazine of the Year The Peak (2nd),
Websites: Homepage category AsiaSpa (3rd)
Award of Distinction (The Straits Times SoShiok) Local Business Magazine of the Year Business
Websites: Structure & Navigation category Quotient (BizQ) (2nd)
Award of Distinction (The Straits Times SoShiok)
Websites: Structure & Navigation category
Award of Distinction (AsiaOne Relax)
Websites: Visual Appeal category
Award of Distinction (AsiaOne YourHealth)
Award of Distinction (AsiaOne Ride)
Mobile Apps: Guides / Ratings / Reviews category
22. 2014 Tabbies by Trade Association Business PROPERTY ACCOLADES

Publications International
Front Cover Illustration Honourable Mention 1. Building & Construction Authority (BCA)
(Singapore Nautilus Issue No. 24 by SPH Magazines) Green Mark Award
Best Single Issue (Top 25 Issues) 5th (ASCENT Issue 13
by SPH Magazines) Gold The Seletar Mall
23. MPAS Awards 2014 2. Orchard Road Christmas Light Up, Best Dressed
Building Contest 2013
Womens Media of the Year
Winner (Her World by SPH Magazines) Winner Paragon
Food Media of the Year
Winner (The Peak Selections: Gourmet & Travel by
SPH Magazines) 3. The Most MasterCard Friendly Mall Award 2013
Special Interest Media of the Year
Winner (Torque by SPH Magazines) Winner Paragon
Travel Media of the Year
Winner (SilverKris by SPH Magazines)
Lifestyle / Fashion / Entertainment Media of the Year 4. Singapore Retailers Association (SRA) Shopping
Merit (Female by SPH Magazines) Centre Scorecard 2013 - Outstanding Efforts in Centre
Integrated Media Brand of the Year Management
Merit (Her World and herworldPLUS by SPH Magazines)
Media Publishing Company of the Year Paragon
Merit (SPH Magazines)
5. National Environment Agency 9th Public Health Awards

2014 - Clean, Dry & Sparkling Public Toilets Award
(Shopping Mall Division)
The Clementi Mall
24. The Spark Awards 2014 by Marketing Magazine
Best Insights and Research Project by a Media Owner

Bronze (SPH Magazines for its research report
The Singapore Women Digital Study)
SPH NEWSPAPERS
READERSHIP TRENDS
SPH Newspapers Net Readership Trends (000)

3500
3000
2500 2,801,000
2000
1500
1000
500
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
SPH Newspapers Readership Trends (000)

2500
2000
1,622,000
1500
1,376,000
1000
500 337,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
English-language papers
Chinese-language papers (including My Paper)
Malay-language & Tamil-language papers
* Streats ceased publication from January 2005.
Remarks: Nielsen Fieldwork period July-June; year indicated refers to the year when fieldwork was completed.
Source: Nielsen Media Research, Media Index (2004-2013).
DAILY AVERAGE
NEWSPAPERS CIRCULATION
August 2014
459,300
THE STRAITS TIMES/ THE SUNDAY TIMES (PRINT + DIGITAL1,2)
The Straits Times/ The Sunday Times (Print): 309,700
The Straits Times/ The Sunday Times (Digital): 149,600
THE BUSINESS TIMES (PRINT + DIGITAL1,2)

The Business Times (Print): 32,900
The Business Times (Digital): 15,300
48,200
BERITA HARIAN/ BERITA MINGGU (PRINT + DIGITAL1,2)
Berita Harian/ Berita Minggu (Print): 47,200
Berita Harian/ Berita Minggu (Digital): 1,600
48,800
THE NEW PAPER/ THE NEW PAPER SUNDAY (PRINT + DIGITAL1,2)
The New Paper/ The New Paper Sunday (Print): 76,300
The New Paper/ The New Paper Sunday (Digital): 600
76,900
LIANHE ZAOBAO (PRINT + DIGITAL1,2)
Lianhe Zaobao (Print): 150,000
Lianhe Zaobao (Digital): 33,300
183,300
LIANHE WANBAO (PRINT + DIGITAL1,2)
Lianhe Wanbao (Print): 89,100
Lianhe Wanbao (Digital): 2,400
91,500
SHIN MIN DAILY NEWS
129,800
TAMIL MURASU / TAMIL MURASU SUNDAY
15,000
ZBCOMMA3
56,500
THUMBS UP3
26,900
THUMBS UP JUNIOR3
15,100
THUMBS UP LITTLE JUNIOR3
36,900
Notes:
1. Total paid digital subscription numbers reported are in accordance with the rules by the Audit Bureau of Circulations Singapore (ABC).
2. The Straits Times/ The Sunday Times unique digital subscribers: 52,473.
The Business Times unique digital subscribers: 5,135.
Berita Harian unique digital subscribers: 621.
The New Paper unique digital subscribers: 368.
Lianhe Zaobao unique digital subscribers: 11,777.
Lianhe Wanbao unique digital subscribers: 1,349.
3. Figures are reported on a per issue basis.
FINANCIAL
REVIEW
Group Simplified Financial Position

2014 2013 2012* 2011 2010#
S$'000 S$'000 S$'000 S$'000 S$'000
Assets
Property, plant and equipment 285,562 331,778 362,548 394,086 427,783
Investment properties 3,860,451 3,672,565 3,517,147 1,754,259 1,730,069
Investments 1,716,333 1,557,332 884,741 1,065,543 1,269,900
Cash and cash equivalents 442,937 465,398 372,459 392,514 460,995
Trade and other receivables 148,115 150,761 186,889 156,136 264,124
Inventories 23,947 23,890 27,079 37,317 26,974
Other assets 174,051 171,630 134,496 88,919 54,157
Total 6,651,396 6,373,354 5,485,359 3,888,774 4,234,002
Shareholders' interests
Capital and reserves 3,687,095 3,536,480 3,680,160 2,232,005 2,226,282
Non-controlling interests 709,088 679,226 73,016 74,584 79,744
Liabilities
Borrowings
Non-current 879,107 1,738,222 1,280,322 1,011,168 860,114
Current 926,369 2,721 3,293 100,800 570,800
Trade and other payables
Non-current 34,875 34,026 32,953 27,776 21,438
Current 298,046 268,969 278,683 296,670 286,861
Taxation
Deferred 46,901 41,318 47,227 49,481 54,161
Current 60,502 69,613 81,856 89,488 120,213
Other liabilities 9,413 2,779 7,849 6,802 14,389
Total 6,651,396 6,373,354 5,485,359 3,888,774 4,234,002

* With effect from FY 2013, the Group changed its accounting policy for investment properties from cost to fair value model. The change was applied
retrospectively and accordingly, the comparative financial statements for FY 2012 were restated.
#
Certain figures have been reclassified to conform with current years presentation.
Group Quarterly Results
2014 2013
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr* 2nd Qtr* 3rd Qtr 4th Qtr Full Year
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
Operating
revenue 328,475 278,764 309,725 298,220 1,215,184 322,092 282,183 324,951 310,226 1,239,452
Operating
profit 116,873 53,495 98,391 80,204 348,963 114,340 84,606 91,535 78,807 369,288
Profit before
taxation 118,499 98,352 115,276 196,264 528,391 115,360 90,333 204,754 78,652 489,099
Profit attributable
to shareholders 88,815 81,302 89,632 144,537 404,286 95,123 75,597 187,535 72,699 430,954
Earnings
per share (S$) 0.06 0.05 0.06 0.08 0.25 0.06 0.05 0.12 0.04 0.27

Profit after Taxation (S$m) Return on Operating Revenue (%)
2014 470.7 2014 33.3
2013 434.3 2013 34.8
2012* 586.6 2012* 45.1
2011 383.8 2011 31.1
2010^ 509.5 2010^ 36.0
Earnings Per Share (S$) Return on Equity (%)
2014 0.25 2014 11.0
2013 0.27 2013 12.2
2012* 0.36 2012* 15.6
2011 0.24 2011 17.4
2010^ 0.31 2010^ 22.4
Segmental Operating Revenue and Profit Margin

Operating Revenue (S$m) Profit before Tax Margin (%)
1200 180
1000 150
800 120
600 90
400 60
200 30
0 0
2010^ 2011 2012* 2013 2014
Newspaper & Magazine Newspaper & Magazine

Property Property
Others
^
FY 2010 included profits from the Groups Sky@eleven development.
* With effect from FY 2013, the Group changed its accounting policy for investment properties from cost to fair value model. The change was applied retrospectively
and accordingly, the comparative financial statements for FY 2012 were restated.
FINANCIAL
REVIEW
Operating Revenue Composition

7% 6%
Advertisements
17% 16% Circulation
Rental & Services
FY 2014 FY 2013
15% Others
16%
61% 62%
Cost Composition
4% 4%
Materials, Productions &

Distribution Costs
17% 23% 20% 23%
Staff Costs
Premises Cost
6% FY 2014 FY 2013 Depreciation
7%
7% Other Operating Expenses
43% 7% 39% Finance Costs
Review of Results for FY 2014
Group operating revenue was S$24.3 million (2.0%) lower Fair value gain on investment properties of S$109.1 million
compared to FY 2013. Revenue for the Newspaper and mainly relates to the increase in valuation of the retail assets
Magazine business fell S$59.5 million (6.0%) to S$931.7 of SPH REIT.
million as advertisement and circulation revenue declined
S$51.3 million (6.8%) and S$9.7 million (4.9%) respectively. Investment income of S$48.2 million was S$34.2 million
higher compared to last year due to increased dividend and
Revenue for the Property segment rose S$6.8 million (3.5%) interest income, higher profit on sale of investments and
to S$205.0 million on the back of higher rental income from lower impairment charges on portfolio investments this year.
the retail assets of SPH REIT, Paragon and The Clementi Mall.
The Groups share of net loss of associates and jointly-
Revenue from the Groups other businesses surged S$28.4 controlled entities of S$30.7 million was S$25.2 million
million (56.7%) to S$78.5 million, led by contributions from higher than last years, mainly attributable to the regional
exhibitions, online classified and the radio business. online classified business.
Materials, production and distribution costs saw a reduction Profit before taxation of S$528.4 million was higher than the
of S$8.8 million (4.2%) due to lower newsprint and other previous year by S$39.3 million (8.0%), lifted by the S$52.9
material costs (S$15.5 million or 13.3%) partially offset by million gain on partial divestment of stake in the regional
higher production costs from the exhibitions business (S$7.6 online classified business.
million or 80.8%).
Net profit attributable to shareholders of S$404.3 million
Staff costs increased by S$24.9 million (7.1%) mainly due was S$26.7 million (6.2%) lower compared to FY 2013 after
to salary increments, higher bonus costs including a one-off accounting for profits and fair value gain attributable to non-
special bonus for prior year of S$10.4 million arising from controlling interests of SPH REIT.
REIT profit and an incentive to drive growth.
Other operating expenses fell S$23.3 million (13.2%)

mainly due to lower impairment charges and business
promotion costs.
VALUE ADDED
STATEMENT
2014 2013
S$'000 S$'000
Sale of goods and services 1,215,184 1,239,452

Purchase of materials and services (344,329) (364,250)
Value added from operations 870,855 875,202
Non-production income and expenses:

Net foreign exchange differences from operations (462) (1,211)
Net (loss)/profit on disposal of property, plant and equipment (618) 395
Impairment of property, plant and equipment (9,798)
Allowance for impairment of trade receivables (3,761) (1,702)
Bad debts recovery 300 306
Net income from investments 48,215 13,971
Share of net loss of associates and jointly-controlled entities (30,726) (5,567)
Gain on partial divestment of a jointly-controlled entity 52,863
Write-back of impairment of loan to an associate 388
Allowance for impairment of associates (4,582)
Impairment of intangible assets (including goodwill) (15,602)
Total value added 927,256 861,210
Distribution:
Employees' wages, provident fund contributions and other benefits 385,563 361,164
Corporate and other taxes 78,073 73,379
Finance costs 35,066 31,925
Donation and sponsorship 1,336 4,209
Directors' fees 1,612 1,432
Net dividends to shareholders 355,444 678,230
Total distributed 857,094 1,150,339
Retained in the business:

Fair value change on investment properties (109,076) (111,407)
Depreciation and amortisation 63,946 66,206
Non-controlling interests 66,450 3,348
Retained earnings 48,842 (247,276)
927,256 861,210
Productivity ratios: S$ S$
Value added
Per employee 203,756 201,242
Per $ employment costs 2.26 2.42
Per $ investment in property, plant and equipment (before depreciation) 0.87 0.88
Per $ operating revenue 0.72 0.71

INVESTOR
RELATIONS
It is our belief that a strong commitment to the highest standards of corporate governance, coupled with a self-evident
performance track record, have built the SPH brand that creates sustained value for our stakeholders. With the guiding
principles of transparency and accountability as the cornerstones of our corporate governance practices, we devote attention
to proactively engaging all stakeholders, and safeguarding their interests.
Guided by the overarching philosophy above, our Investor Relations (IR) practices are designed and developed around the
key objective of maintaining regular, effective and fair communication with shareholders and investing community through
clear, consistent and timely updates.
Our IR programme is calibrated to ensure that all segments of the investing community are kept actively engaged.
The feedback and insights obtained from these engagements are regularly reported to the Board of Directors, alongside
updates on shareholder statistics and views of investors and analysts.
SPHs efforts in driving a best-in-class IR function were once again recognised by the investing community in the year under
review. We have clinched the gold award for Best Investor Relations category at the Singapore Corporate Awards 2014, the
hallmark for excellent IR practices amongst SGX-listed companies. In addition, this is also the tenth consecutive year that
SPH has won the Most Transparent Company award at the Securities Investors Association (Singapore) [SIAS] Investors
Choice Awards. We are encouraged by these accolades from the investing community, and will continue to build on the
standing we enjoy with investors.
Proactively Engaging Investors

Our senior management plays an active role in engaging the investing community, by leveraging on multiple platforms to
provide regular updates on the business, and to address concerns on the groups prospects and challenges.
To reach out to institutional investors, SPH participates in investor conferences and roadshows. These include Credit Suisse
Asian Investment Conference in Hong Kong and Morgan Stanley Asia Pacific Summit in Singapore. Investor luncheons are also
organised quarterly to brief investors on SPHs performance. These events are attended by CEO and/or CFO, which underscores
the importance SPH accords to IR. In addition to the above, the IR team conducts face-to-face meetings and conference calls
with institutional investors on a regular basis.
Retail investors are another important facet of the investing community. The company collaborates closely with external
partners such as SIAS to address the collective needs of retail investors. In addition, the IR team engages retail investors
through various channels including email, telephone enquiries, and public forums such as SIAS Corporate Profile Seminar
and the annual Invest Fair organised by our subsidiary, Shareinvestor.
As technology continues to exert greater influence on the way investors access information relating to the company, it is
critical to ensure that our IR website remains user-friendly and informative. As a testament to the importance attached, our
IR website underwent a revamp during the year to enhance user engagement and experience, and to allow easier access to
the wealth of relevant and timely information on SPH via a simple, intuitive web interface design.
On this note, shareholders are encouraged to access our corporate website at www.sph.com.sg for the latest updates.
Queries can also be posted via our Investor Relations email address, sphir@sph.com.sg
INVESTOR RELATIONS CALENDAR
1st Quarter 2014 (September November 13) 3rd Quarter 2014 (March May 14)
2013 Full Year Financial Results Announcement Credit Suisse Asian Investment Conference
and Media Conference & Analysts Briefing with (Hong Kong)
audio webcast Announcement of 2Q/HY FY 2014 Results and
Full Year Results Investor Meeting Analysts Briefing with audio webcast
Morgan Stanley Asia Pacific Summit 2013 Post 2Q Results Investor Meeting
(Singapore)
Release of Annual Report 2013 4th Quarter 2014 (June August 14)
Annual General Meeting Announcement of 3Q FY 2014 Results
Post 3Q Results Investor Meeting
2nd Quarter 2014 (December 13 February 14) SIAS Corporate Profile Seminar
Payment of 2013 Final Dividends Shareinvestors Invest Fair 2014
Announcement of 1Q FY 2014 results
Post 1Q Results Investor Meeting
FINANCIAL CALENDAR
15 October
Announcement of FY 2014 Results
2014 10 December
Record Date for Dividend Entitlement
23 December
Proposed Payment of 2014 Final Dividends
13 January
Announcement of 1Q FY 2015 Results
14 April
2015*
9 July
13 October
Announcement of FY 2015 Results
* The dates are indicative and subject to change. Please refer to SPH website, www.sph.com.sg, for the latest updates.
INVESTOR
REFERENCE
Operating Margin+ (%)

50
45
40
35
30
39.0
25 32.7 33.7
29.8 28.7
20
15
10
0
2010^ 2011 2012 2013 2014
Restated^^
Return on Shareholders Funds (%)

50
45
40
35
30
25
20
15 22.4
10 17.4
15.6
5 12.2
11.0
0
2010^ 2011 2012 2013 2014
Restated^^
Dividend per Share (cents)

40
35
30
25
20 27.0
24.0 24.0
15 22.0 21.0
10
0
2010 2011 2012 2013# 2014*
+
Computed based on Group recurring earnings.

^
FY 2010 included profits from the Groups Sky@eleven development.
^^
With effect from FY2013, the Group changed its accounting policy for investment properties from cost to fair value model.
The change was applied retrospectively and accordingly, the comparative financial statements for FY2012 were restated.
#
Excluded special dividend of 18 cents per share paid pursuant to the establishment of SPH REIT.
* Included one-tier tax exempt interim dividend of 7 cents per share, and proposed final dividend of 14 cents per share comprising a normal dividend of 8 cents
per share and a special dividend of 6 cents per share. The proposed dividend is subject to approval by shareholders at the Annual General Meeting on December
2, 2014.
Recurring Earnings@ net of SPH REITs non-controlling interest and Dividend Payout Ratio+
S$m %
600 120
500 110
400 100
300 90
200 80
100 70
0 60
2010 2011 2012 2013# 2014
Restated^^
Recurring Earnings net of SPH REITs non-controlling interest (S$m) Dividend Payout Ratio (%)
@
This represents the recurring earnings of the media, property and other businesses. FY 2010 included profits from the Groups
Sky@eleven development.
+
Computed based on Group recurring earnings net of SPH REITs non-controlling interest.
^^
With effect from FY2013, the Group changed its accounting policy for investment properties from cost to fair value model.
The change was applied retrospectively and accordingly, the comparative financial statements for FY2012 were restated.
#
Computation excluded special dividend of 18 cents paid pursuant to the establishment of SPH REIT.
Share Price and Volume

Monthly Turnover
(million shares) Share Price
(S$)
200 5
150 4
100 3
50 2
0 1
2010
2010 2011
2011 2012
2012 2013
2013 2014
2014
Volume
Share Price
2014 2013 2012 2011 2010

S$ S$ S$ S$ S$
Highest closing price 4.29 4.65 4.12 4.26 4.17
Lowest closing price 3.93 3.91 3.61 3.62 3.56
August 31 closing price 4.15 3.93 3.97 3.80 4.08
Price/Earnings Ratio based on August 31 closing price 16.60 14.56 11.03 15.83 13.16
Source: Bloomberg
CORPORATE
INFORMATION
EXECUTIVE COMMITTEE AUDITORS
Lee Boon Yang (Chairman) KPMG LLP

Cham Tao Soon 16 Raffles Quay #22-00
Sum Soon Lim Hong Leong Building
Lucien Wong Yuen Kuai Singapore 048581
Chan Heng Loon Alan
Audit Partner: Ong Pang Thye
(Appointed in 2013)
AUDIT COMMITTEE
Bahren Shaari (Chairman)

COMPANY SECRETARIES
Chong Siak Ching
Quek See Tiat Ginney Lim May Ling
Sum Soon Lim Khor Siew Kim
Tan Chin Hwee
REGISTERED OFFICE
BOARD RISK COMMITTEE
1000, Toa Payoh North
Quek See Tiat (Chairman) News Centre
Sum Soon Lim Singapore 318994
Tan Yen Yen Tel: (65) 6319 6319
Tan Chin Hwee Fax: (65) 6319 8282
Email: sphcorp@sph.com.sg
Co.Reg.No. 198402868E
NOMINATING COMMITTEE
Cham Tao Soon (Chairman) SHARE REGISTRATION OFFICE

Ng Ser Miang
Lee Boon Yang Tricor Barbinder Share
Chong Siak Ching Registration Services
80 Robinson Road, #02-00
Singapore 068898
REMUNERATION COMMITTEE
Tel: (65) 6236 3333
Lee Boon Yang (Chairman)

Lucien Wong Yuen Kuai
Tan Yen Yen
Bahren Shaari
SUSTAINABILITY
REPORT
Contents
Materiality Analysis 68
Stakeholder Engagement 68
Trade Membership 70
Corporate Governance Report 71
Risk Management 86
Environmental Responsibility 88
Employee Responsibility 92
Workplace Safety and Health & Fire Safety 92
Working Hand in Hand with Our Industry Partners 93
Valuing Our Human Capital 93
Corporate Social Responsibility 96
Corporate Social Responsibility SPH 96
Corporate Social Responsibility SPH Foundation 98
SUSTAINABILITY
REPORT
SPH has been reporting its economic performance in its Annual Reports since
it was incorporated in 1984. The first Sustainability Report was included in
the 2012 Annual Report, covering the social and environment considerations
of the Groups overall organisational performance, in addition to the financial
and governance aspects.
With the endorsement of the management, a sustainability reporting committee was formed, with representatives from
different divisions. Coordinated by the Corporate Communications & CSR Division, the Group conducted a stakeholder and
materiality analysis across divisions and gathered the relevant data and information. This is to ensure that the social, economic
and environmental considerations of the company are adequately addressed.
From the analysis, the pertinent issues, their importance, as well as their impact on SPHs stakeholders and business activities
were examined.
This Sustainability Report covers SPHs business operations, strategic plans and developments.
The parameters of the Sustainability Report are constantly evolving. The committee strives to continuously enhance the
Groups disclosure processes, performance targets and data-collation systems to ensure that a more robust and comprehensive
Sustainability Report is presented in the years to come.
Materiality Analysis
The Sustainability Report is based on economic, social and environmental issues that are material to SPHs business operations
and stakeholders.
SPH, which turned 30 on 4 August 2014, is Asias leading multimedia group with a diverse business portfolio in Newspapers,
Magazines and Book Publishing, Internet and Mobile, Broadcasting, Events and Exhibitions, Out-of-Home Advertising and
Properties.
As the leading content provider in Singapore, providing accurate and timely news reports across multiple platforms is of
utmost importance. SPH also offers a suite of cross-media solutions to support integrated marketing campaigns for advertisers.
Behind every satisfied customer is a dedicated SPH staff. SPH understands the importance of implementing effective human
resource policies and practices that promote safe and healthy working conditions, fair employment practices, teamwork,
learning and development, career growth and rewards to attract, retain and grow talent.
In the area of energy consumption, SPH strives to ensure energy savings in its printing plant and offices. Cutting down on
energy usage not only helps to mitigate climate change, but also saves costs for the Group. Reduction in water usage and
proper waste management are the other key areas that help ensure environmental sustainability and minimise corporate
footprint in these areas.
As an active corporate citizen, SPH and SPH Foundation have a wide spectrum of social and environmental projects to
contribute to the well being and development of the community. SPH has won many accolades for its diverse corporate
social responsibility efforts, but the biggest reward is knowing that it has shaped lives, won hearts and empowered minds.
Stakeholder Engagement
SPH is committed to establishing strong and mutually beneficial relationships with its diverse base of stakeholders.
It maintains active engagement with them through open communication channels, thereby earning their trust and understanding
over time.
It employs both formal and informal means to understand its stakeholders concerns, secure their buy-in and manage their
expectations promptly.
SPH believes that the key to its organisational success is underlined by having the unstinting support of its stakeholders.
STAKEHOLDERS MEANS AND METHODS EXPECTATIONS OUR SOLUTIONS
EMPLOYEES SPH engages all staff across To work in a conducive and pleasant SPH adopts good human resource
News Centre, Media Centre and environment where there is self- policies and practices that promote
Print Centre via emails, intranet, development and productivity, and fairness, safe working conditions,
staff broadcasts, internal staff user-friendly means to apply for reward good performance,
publications, SPH Family Day, SPH leave and courses. encourage teamwork, ensure
Games Day, Up on the Roof monthly career growth and provide
networking sessions, lunchtime To be kept updated on the work-life balance, e.g. through
talks, CEO/Chairman visits and companys latest strategic provision of nursing rooms and
dialogues etc. developments, empowering them to encouraging staff to take part in
feel greater loyalty and ownership. sports and leisure events such as
SPH Games Day and SPH Family
To pick up tips for personal Day. There are also email channels
development to achieve career for staff to provide their feedback
growth and work-life balance. to the management to facilitate
communication.
TRADE UNIONS SPH continuously engages in two- To gain access to employees to SPH has open communication
way dialogue with the unions, and promote membership in the trade channels with the unions and
conduct regular reviews of human unions, as well as engagement with engages them on both official and
resource practices. all levels of management to ensure a non-official occasions.
two-way dialogue.
CUSTOMERS SPH uses social media platforms To have on-time delivery of SPH ensures reliable newspaper
(Facebook, Twitter, YouTube) and newspapers and up-to-date, reliable delivery services, prompt handling
employs surveys, advertisements, online news and content, anytime of complaints and maintaining
hotline numbers and email accounts and anywhere. high levels of customer service for
to connect with customers. issues management.
SUPPLIERS SPH seeks requests for quotations, To comply with terms and SPH will design fair-value and
proposals and tenders, and engages conditions of the companys existing competitive-based policies and
in meetings, email correspondences purchasing policies and procedures. best practices that ensure a fair
and tele-conferences for discussions. selection of suppliers and an
To be familiar with new procurement ethical procurement process.
policies and not to engage in any
fraud or impropriety in dealings
with staff.
DISTRIBUTORS/ SPH conducts regular meetings, To receive goods and products SPH conducts regular sales
RETAILERS/ visits, emails and regular in an orderly and timely manner, planning and support, with
TENANTS correspondences. and delivering a memorable retail frequent visits by account
experience for shoppers. managers to tenants and offering
It also uses social media platforms a designated channel for prompt
(Facebook, Twitter, YouTube), To explore ideas for partnerships attention.
iPhone apps as well as surveys to to deliver memorable shopping
engage shoppers. Advertisements, experiences.
in-mall posters, direct mailers and
EDMs are used to promote events
and promotions.
Shoppers can also correspond via

a customer service hotline or
email service.
BUSINESS SPH conducts regular meetings, To engage in collaborative By engaging suitable partners
PARTNERS email correspondences, and partnerships to grow the business. to pursue mutually beneficial
teleconferencing. business objectives to achieve
growth and profitability.
INVESTORS/ The Investor Relations and To receive accurate and timely SPH strives to generate optimum
SHAREHOLDERS Corporate Communications & information on company progress returns on investment, practice
CSR divisions carry out meetings, and profitability, with updates on good corporate governance,
engage in email correspondences, companys future plans. transparency and disclosure, as
participate in investor roadshows, well as sustainable and long term
and help organise the Annual growth of business.
General Meeting.
It keeps the financial community
fully updated with correct and
timely information on the
companys future plans.
STAKEHOLDERS MEANS AND METHODS EXPECTATIONS OUR SOLUTIONS
LOCAL SPH engages the community through To have a company that is a By having a wide range of
COMMUNITIES outreach programmes, corporate responsible and caring corporate community outreach programmes
sponsorships and donations, as citizen, serving the communities. and organising meaningful and
part of SPHs corporate social impactful charitable events like
responsibility efforts. the SPH Red Apple Day, SPH Gift
of Music concerts and sponsoring
environmental projects such as
the Amazon Flooded Forest at
the River Safari.
MEDIA AND SPH issues media releases, media To have access to latest company By providing timely and accurate
INDUSTRY advisories, invitations, and host announcements, corporate news and information on latest company
PARTNERS visits for corporate and industry developments of the media industry. developments and news on a
partners eg Institute of Public regular basis.
Relations Singapore. The Corporate
Communications & CSR Division also
meets up with the media regularly.
GOVERNMENT AND SPH conducts regular meetings To ensure the company complies By complying with existing laws
REGULATORS with appropriate government with guiding policies and regulations and having policies and procedures
agencies officials. and addresses pertinent issues. to ensure adherence and
sustainability of the business.
Giving feedback to regulators on

their new laws and policies.
TRADE Joining relevant trade associations. For the company to lend support By contributing via active
ASSOCIATIONS and voice out various concerns and membership and participation in
issues faced by the industry. industry forums and dialogues.
ADVOCACY GROUPS Meetings, sponsorships and For the company to have responsible By working with advocacy groups
AND CHARITABLE meaningful collaborations business practices, reducing impact e.g. on conservation projects that
AND WELFARE on events. on the environment and disclosing seek to reduce environmental
ORGANISATIONS information pertaining to business impacts, and supporting charitable
growth and sustainability. causes.
Trade membership
SPH has established strategic partnerships and linkages with a diverse range of local and overseas corporate members and public bodies:
AdAsia National Safety and Security Watch Group

Adbase Users Group Orchard Road Business Association
Advertising Standards Authority of Singapore Real Estate Developers Association of Singapore
ASEAN Newspaper Printers RISI (Resource Information Systems Inc)
Association Of Media Owners (Singapore) Pacific Area Newspaper Publishers Association Inc
Audit Bureau of Circulations Security Industry Institute
AustCham Singapore Academy of Law
Business China Singapore Association of the Institute of Chartered Secretaries
Central Singapore Development Council & Administrators
Contact Centre Association of Singapore Singapore Business China
Digital Filipino Singapore Business Federation
FIPP (the worldwide magazine media association) Singapore Chinese Chamber of Commerce and Industry
Fire Safety Managers Association Singapore Singapore Compact
GOSS Metro User Singapore Human Resources Institute
Id-ecomerce Singapore International Chamber of Commerce
Interactive Advertising Bureau SEA (Singapore Chapter) Singapore Institute of Directors
Institute of Advertising Singapore Singapore Institute of Management
International Classified Media Association Singapore Institute of Safety Officers
Institute of Internal Auditors Singapore Law Academy
International News Media Association Singapore National Employers Federation
Internet and Mobile Marketing Association of the Philippines Singapore Retailers Association
Institute of Public Relations Singapore Singapore Press Club
Institute of Policy Studies Singapore Vehicle Traders Association
Institute of Technical Education Southeast Community Development Council
Interactive Advertising Bureau SEA (Singapore Chapter) The Association of Accredited Advertising Agents Singapore
Magazines Publishers Association Singapore The Association of Shopping Centres (Singapore)
Malaysia Digital Association The Society of News Design
Marketing Institute of Singapore The Society of Publishers in Asia
Master Printing System Club Workplace Safety and Health Council
Management Development Institute of Singapore World Association of Newspapers and News
Newspaper Association of America
CORPORATE
GOVERNANCE REPORT
SPH is committed to achieving high standards of corporate governance, to promote corporate transparency and to enhance
shareholder value. SPH is pleased to confirm that it has adhered to the principles and guidelines of the Code of Corporate
Governance 2012 (the Code). In so far as we have not complied with any guideline, we have provided the reason.
The Annual Report should be read in totality for SPHs full compliance.
BOARD MATTERS
Boards Conduct of its Affairs

Principle 1: Boards Leadership and Control
The Board is collectively responsible for providing overall strategy and direction to the Management and the Group. Through
the Boards leadership, the Groups businesses are able to achieve sustainable and successful performance. Matters requiring
the Boards decision and approval include:
1. Major funding proposals, investments, acquisitions and divestments including the Groups commitment in terms of
capital and other resources;
2. The annual budgets and financial plans of the Group;
3. Annual and quarterly financial reports;
4. Internal controls and risk management strategies and execution; and
5. Appointment of directors and key management staff, including review of performance and remuneration packages.
The Group has in place, financial authorisation limits for matters such as operating and capital expenditure, credit lines and
acquisition and disposal of assets and investments, which require the approval of the Board.
All Directors are expected to objectively discharge their duties and responsibilities at all times as fiduciaries in the interests
of the Group. However, to ensure that specific issues are subject to in-depth and timely review, certain functions have been
delegated to various Board Committees, which would submit its recommendations or decisions to the Board. The Board
Committees constituted by the Board are the Executive Committee, Audit Committee, Remuneration Committee, Nominating
Committee and Board Risk Committee. Each of these Board Committees has its own terms of reference.
The Executive Committees (EC) 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 Groups five year plan and annual operating and capital budgets;
3. To review and recommend to the Board proposed investments and acquisitions of the Group which are considered
strategic for the long-term prospects of the Group;
4. To approve the Companys asset allocation strategy, appointment and termination of external fund managers and
investment/ divestment of securities and review investment guidelines, treasury management and investment
performance;
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.
CORPORATE
GOVERNANCE REPORT
Details of other Board Committees are as set out below:
1. Audit Committee (principle 12);

2. Remuneration Committee (principle 7);
3. Nominating Committee (principle 4); and
4. Board Risk Committee (principle 11).
The names of the members of the Board Committees are set out in the Corporate Information page of this Annual Report.
Board Attendance
The Board meets on a quarterly basis and as warranted by particular circumstances. Seven Board meetings were held in the
financial year ended 31 August 2014 (FY 2014), of which four were the regular quarterly meetings and three additional
meetings were convened to discuss other important and strategic matters. The number of regular Board meetings for FY 2014
was increased to six to facilitate discussions among Directors on more strategic matters. A Director who is unable to attend
any meeting in person may participate via tele-conference. The attendance of the Directors at meetings of the Board and
Board Committees, and the frequency of such meetings, is disclosed on page 85. A Director who fails to attend three Board
meetings consecutively, without good reason, will not be nominated by the Nominating Committee (NC) for re-appointment
and will be deemed to have resigned.
Training for Directors
Upon the appointment of a Director, he is provided with a formal letter setting out his key responsibilities.
A comprehensive orientation and induction programme, including site visits to the Groups operations centres, is also
organised for new Directors to familiarise them with the Groups business, operations, organisation structure and corporate
policies. They are briefed on the Companys corporate governance practices, regulatory regime and their duties as Directors.
Directors are updated regularly on changes in relevant laws and regulations; industry developments; business initiatives and
challenges; and analyst and media commentaries on matters related to the Company and the media industry.
Directors are informed and encouraged to attend relevant training programmes conducted by the Singapore Institute of
Directors, Singapore Exchange Limited, and business and financial institutions and consultants.
For FY 2014, Directors were provided with training in the areas of data analytics, cyber risks and risk management essentials,
in addition to updates on internal controls and regulatory requirements.
Directors may, at any time, request for further explanations, briefings or informal discussions on any aspect of the Groups
operations or business issues from Management.
They are also informed about matters such as the Code of Dealings in the Companys shares as they are privy to price
sensitive information.
Board Composition and Guidance

Principle 2: Strong and Independent Board
Currently, the Board comprises 12 Directors, all of whom, except for the Chief Executive Officer (CEO), are non-executive and
independent Directors. Each Director has been appointed on the strength of his/her calibre and experience. As a group, the
Directors possess core competencies such as accounting, finance, business or management experience, industry knowledge
and strategic planning experience. For effective deliberation and decision-making, the Directors have decided that the
optimum size for the Board shall not exceed 12.
There is a strong independence element in the Board, with the NC considering 11 out of 12 Directors to be independent
from Management. The independence of each Director is assessed by the NC in accordance with Guideline 2.3 of the Code.
Professor Cham Tao Soon and Mr Sum Soon Lim have each served on the Board for more than nine years.The NC has taken
into consideration Guideline 2.4 and conducted a rigorous review of their contributions to the Board to determine if they
have maintained the status of independence as defined by Guideline 2.3. The NC is satisfied that both Professor Cham and
Mr Sum have remained independent in their judgment and have discharged their duties objectively. In the determination of
the independence of Professor Cham by the NC, Professor Cham had recused himself. Professor Cham and Mr Sum will not
be putting themselves up for re-election at the Annual General Meeting on 2 December 2014 (2014 AGM). In relation to
Mr Lucien Wong, the NC had determined that even though the total fees billed by Allen & Gledhill (of which Mr Wong is a
partner) to the Group in FY 2014 exceeded $200,000, his independence had not been compromised as this amount did not
constitute a significant proportion of the law firms total legal fees.
Key information regarding the Directors, including directorship and chairmanship both present and those held over the
preceding three years in other listed companies, and other principal commitments, are set out in the Board of Directors
section and on pages 24 to 27 which provides further information on them.
The Board and Management are given opportunities to engage in open and constructive debate for the furtherance of
strategic objectives. All Board members are supplied with relevant, complete and accurate information on a timely basis
and non-executive Directors may challenge Managements assumptions and also extend guidance to Management, in the
best interest of the Group.
Non-executive Directors meet at least once annually without the presence of Management.
CORPORATE
GOVERNANCE REPORT
Chairman and Chief Executive Officer

Principle 3: Clear division of responsibilities between Chairman and Chief Executive Officer to ensure a balance of power
and authority
The Chairman and CEO of the Company are separate persons. The Chairman is a non-executive and independent Director
and also chairs the EC. He sets the agenda for Board meetings, ensures that adequate time is available for discussion of
all agenda items, in particular, strategic issues, and that complete, adequate and timely information is made available to
the Board. He encourages constructive relations within the Board and between the Board and Management, facilitates the
effective contribution of non-executive Directors, and ensures effective communications with shareholders. He takes a lead
role in promoting high standards of corporate governance, with the full support of the Directors, the Company Secretary
and Management.
The Chairman and the CEO are not related. The CEO bears executive responsibility for the Groups business and implements
the Boards decisions. The roles of the Chairman and the CEO are kept separate to ensure an appropriate balance of power,
increased accountability and greater capacity of the Board for independent decision-making.
The Company does not have any lead Independent Director given that the Chairman and CEO are not the same person and
are not immediate family members; the Chairman is not a part of the management team and is an independent Director.
Board Membership
Principle 4: Formal and transparent process for appointment of new directors
The Board reviews the composition of the Board and Board Committees periodically, taking into account the need for
progressive renewal of the Board and each Directors competencies, commitment, contribution and performance.
To ensure that the governance and business needs of the Group are adequately addressed, the NC regularly reviews the
capabilities of the Directors collectively by taking into account their skills, experience, gender, and company and industry
knowledge. The NC is chaired by Professor Cham Tao Soon and comprises Dr Lee Boon Yang, Ms Chong Siak Ching and
Mr Ng Ser Miang.
The NC agrees that as a guide, the Board shall have a maximum of 12 Directors, given that the optimum size of a Board for
effective deliberation and decision making is between 10 and 12.
It regularly reviews the balance and mix of expertise, skills and attributes of the Directors in order to meet the business
and governance needs of the Group, shortlists candidates with the appropriate profile for nomination or re-nomination and
recommends them to the Board for approval. It looks out for suitable candidates to ensure continuity of Board talent. Some
of the selection criteria used are integrity, independent mindedness, diversity of competencies, ability to commit time and
effort to the Board, track record of good decision-making, experience in high-performing companies and financial literacy.
The Committee may seek advice from external search consultants where necessary.
The NC regards succession planning as an important part of corporate governance and has an internal process of succession
planning for the Chairman, Directors and the CEO to ensure the progressive and orderly renewal of Board membership.
The NC has adopted internal guidelines addressing competing time commitments that arise when Directors serve on multiple
boards and have other principal commitments. As a guide, Directors should not have more than six listed company board
representations and other principal commitments.
The NC monitors and determines annually whether Directors who have multiple board representations and other principal
commitments, are able to give sufficient time and attention to the affairs of the Company and adequately carry out his duties
as a Director of the Company. The NC takes into account the results of the assessment of the effectiveness of the individual
Director and his actual conduct on the Board, in making this determination.
The NC was satisfied that in FY 2014, where a Director had other listed company board representations and/or other principal
commitments, the Director was able to carry out and had been adequately carrying out, his duties as a Director of the Company.
As a matter of corporate governance, all Directors submit themselves for re-nomination and re-election once every three
years. Article 111 of the Articles requires one-third of the Directors, or the number nearest to but not less than one- third, to
retire by rotation at every annual general meeting (AGM). These Directors may offer themselves for re-election, if eligible.
Directors of or over 70 years of age are required to be re-elected every year at the AGM under Section 153(6) of the Companies
Act before they can continue to act as a Director.
The NC reviews annually whether a Director or potential candidate for the Board is considered an independent director
bearing in mind the Codes definition of an independent director and guidance as to the relationships, the existence of
which would deem a Director not to be independent (Guideline 2.3).
The appointment of Directors is also in accordance with Section 10 of the Newspaper and Printing Presses Act (Cap 206).
The Board does not appoint alternate directors as recommended by Guideline 4.5 of the Code.
The NC has ascertained that for the period under review, all non-executive Directors are independent and that Directors have
devoted sufficient time and attention to the Groups affairs.
CORPORATE
GOVERNANCE REPORT
Board Performance
Principle 5: Formal assessment of the effectiveness of the Board and contribution of each director
The NC reviews the Boards performance on an annual basis, based on performance criteria as agreed by the Board,
and decides how this may be evaluated.
The Board has implemented a process for assessing the effectiveness of the Board as a whole, its Board Committees and for
assessing the contribution by Directors to the effectiveness of the Board.
This process includes having Directors complete a Questionnaire seeking their views on various aspects of Board performance,
such as Board composition, information, process and accountability. The Company Secretary compiles Directors responses to
the Questionnaire into a consolidated report. The report is discussed at the NC meeting and also shared with the entire Board.
For FY 2014, the Questionnaire on the performance of the Board and Board Committees was reviewed in accordance with
best practices on board evaluation. The Questionnaire was completed by Directors, and reviewed by the NC and then the
Board. The NC assessed the performance of the Board as a whole, taking into account the Boards composition and size, the
Boards access to information, Board processes, Board accountability, standard of conduct and performance of the Boards
principal functions and fiduciary duties, and guidance to and communication with the Management.
The Chairman, together with the Chairman of the NC, also assessed the performance of individual Directors based on factors
such as the Directors attendance, preparedness, candour, participation and contribution at Board meetings and industry and
business knowledge.
Access to Information
Principle 6: Provision of complete, adequate and timely information prior to board meetings and on an on-going basis
The Board is provided with quarterly financial accounts, other financial statements and progress reports of the Groups business
operations, as well as analysts reports on the Company. The quarterly financial results and annual budget are presented to
the Board for approval. The monthly internal financial statements are made available to members of the Board. The financial
results are also compared against the budgets, together with explanations given for significant variances for the reporting
period. The Board also receives regular updates on the industry and technological developments. Such reports enable Directors
to keep abreast of key issues and developments in the industry, as well as challenges and opportunities for the Group.
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 attends Board meetings to answer any query from the Directors. The Directors
also have unrestricted access to the Company Secretary and Management at all times. Directors are entitled to request from
Management and provided with such additional information as needed to make informed and timely decisions.
The Company Secretary works closely with the Chairman in setting the agenda for board meetings. She attends all Board
meetings and ensures that board procedures are followed and that applicable rules and regulations are complied with. Under
the direction of the Chairman, the Company Secretarys responsibilities include ensuring good information flow within
the Board and its Board Committees, and between Management and non-executive Directors. The Company Secretary also
organises orientation and training for new Directors, as well as provides updates and advises Directors on all governance
matters. The Articles provide that the appointment and removal of the Company Secretary is subject to the approval of
the Board.
Should Directors, whether as a group or individually, need independent professional advice relating to the Companys affairs,
the Company Secretary will appoint a professional advisor to render the relevant advice and keep the Audit Committee (AC)
informed of such advice. The cost of such professional advice will be borne by the Company.
Remuneration Matters
Principle 7: Formal and transparent procedure for fixing remuneration packages of directors
The Remuneration Committee (RC) is chaired by Dr Lee Boon Yang and comprises Mr Lucien Wong, Ms Tan Yen Yen and
Mr Bahren Shaari, all of whom are non-executive and independent Directors.
The RC sets the remuneration guidelines of the Group for each annual period, including the structuring of long-term incentive
plans, annual salary increases and variable and other bonuses for distribution to employees. It administers the SPH Performance
Share Plan (Plan) and the Singapore Press Holdings Group (1999) Share Option Scheme (1999 Scheme). The RC also
reviews the remuneration framework (covering all aspects of remuneration including but not limited to Directors fees, salaries,
allowances, bonuses, options, share-based incentives and awards, and benefits in kind) and specific remuneration packages
of Directors including that of the CEO, and key management and submits its recommendations to the Board for endorsement.
The RC reviews any overly-generous obligation on the part of the Company in the event of termination, to ensure that such
contracts contain fair and reasonable termination clauses. The RC also aims to be fair and avoid rewarding poor performance.
There are no termination, retirement and post-employment benefits granted to Directors, the CEO or the top five key
management personnel in FY 2014.
The RC may seek expert advice inside and/or outside of the Company on remuneration of Directors and staff. It ensures that
in the event of such advice being sought, existing relationships, if any, between the Company and its appointed remuneration
consultants will not affect the independence and objectivity of the remuneration consultants. In FY 2014, Carrots Consulting
was engaged to advise on staff remuneration matters and it is confirmed that the consultants do not have any relationship
with the Company.
Level and Mix of Remuneration

Principle 8: Appropriate remuneration to attract, retain and motivate directors and key management
The level and mix of remuneration for Directors and key management is set out under Principle 9. The Company takes into
account its long term interests and risk policies and has structured remuneration packages on measured performance taking
into account financial and non-financial factors.
Disclosure on Remuneration
Principle 9: Clear disclosure on remuneration policy, level and mix
Directors Remuneration
For the period under review, the CEOs remuneration package includes a variable bonus element and performance share
grant, which are based on the Companys and individual performance and have been designed to align his interests with
those of shareholders. As an executive Director, the CEO does not receive Directors fees.
Non-executive Directors, including the Chairman, are paid Directors fees, subject to the approval of shareholders at the
AGM. Directors fees comprise a basic retainer fee, fees in respect of service on Board Committees, attendance fees, as well
as fees for participation in special projects, adhoc committees and subsidiary boards. The Directors fees are appropriate to
the level of contribution, taking into account factors such as effort and time spent, and the responsibilities of the Directors.
CORPORATE
GOVERNANCE REPORT
The Directors fee structure for service on the Board and Board Committees is as follows:
S$
Nonexecutive Chairman 115,000

Deputy Chairman 78,000
Nonexecutive Director 60,000
Audit Committee Chairman 37,500
Audit Committee Member 22,500
Nominating/Remuneration/Board Risk Committee Chairman 22,500
Nominating/Remuneration/Board Risk Committee Member 12,500
Executive Committee Chairman 40,000
Executive Committee Member 25,000
The attendance fees payable to Directors for attendance at each Board and Board Committee meeting are as follows:
S$
Board meeting $2,000

Board Committee or adhoc committee meeting $1,000
A breakdown, showing the level and mix of each individual Directors remuneration payable for FY 2014 is as follows:-
Directors Base/ Fixed Variable or Benefits Share-

Name of Director Fees Salary Bonuses in Kind Based* Total
S$ % % % % S$
Executive Director
Chan Heng Loon Alan(CEO) 32.22% 34.27% 1.11% 32.40% 2,988,000
* Based on the fair values of performance shares granted in FY 2014. For details on the SPH Performance Share Plan, please refer to the Directors Report, Notes
to the Financial Statements and the following page under Remuneration of Key Management Personnel.
Independent Directors1
Below $250,000
Lee Boon Yang (Chairman) 216,000 216,000
Cham Tao Soon (Deputy Chairman) 148,500 148,500
Chong Siak Ching 115,000 115,000
Ng Ser Miang 88,500 88,500
Sum Soon Lim 141,375 141,375
Lucien Wong Yuen Kuai 128,750 128,750
Tan Yen Yen 105,000 105,000
Bahren Shaari 126,875 126,875
Quek See Tiat2 123,500 123,500
Tan Chin Hwee3 58,500 58,500
Willie Cheng Jue Hiang4 34,375 34,375
Notes:
1. Ms Janet Ang was not a Director as at 31 August 2014.
2. Mr Quek See Tiat was appointed as a Director on 1 September 2013.
3. Mr Tan Chin Hwee was appointed as a Director on 1 March 2014.
4. Mr Willie Cheng resigned as a Director on 29 November 2013.
Remuneration of Key Management Personnel
The Company adopts a remuneration system that is responsive to the market elements and performance of the Company
and business divisions respectively. Taking note of the competitive pressures in the talent market, the Board has, on review,
decided not to disclose the names of the Companys top five executives. The CEO and top five executives of the Company in
each remuneration band for this financial year are:-
Directors' Base/Fixed Variable or Benefits Share-

Name of Director Fees Salary Bonuses in Kind Based* Total
$ % % % % $
Executive Director
$2,750,000 to $2,999,999
Chan Heng Loon Alan (CEO) 32.22% 34.27% 1.11% 32.40% 2,988,000
Key Management Personnel
No. of Base/Fixed Variable or Benefits in Share-

Remuneration Bands Executives Salary Bonuses Kind based * Total
% % % % %
Between $1,500,000 to $1,749,999 1 38.86% 30.79% 0.03% 30.32% 100%

Between $1,250,000 to $1,499,999 1 33.68% 29.08% 1.32% 35.92% 100%
Between $1,000,000 to $1,249,999 1 37.24% 31.42% 0.07% 31.27% 100%
Between $750,000 to $999,999 1 48.26% 29.38% 0.07% 22.29% 100%
Between $500,000 to $749,999 1 49.55% 29.87% 0.07% 20.51% 100%
* Based on the fair values of performance shares granted in FY 2014.
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 Companys and individual performance. The benefits in kind include club and car benefits. The RC approves the
bonus for distribution to staff based on individual performance.
The above remuneration bands include performance shares granted to staff under the Plan. The Plan was approved by
shareholders at an Extraordinary General Meeting held on December 5, 2006 and is administered by the RC.
Staff who participate in the Plan are a selected group of employees of such rank and service period as the RC may determine
or as selected by the RC. Awards initially granted under the Plan are conditional and based on performance assessed over a
multi-year performance period. The conditions for such awards were chosen as they reflect medium to longer-term corporate
objectives and include both market and non-market conditions. Market conditions include Absolute Total Shareholder Return
versus cost of equity and Relative Total Shareholder Return against ST All-Share Index. Non-market conditions include
Newspaper Business Free Cash Flow, market competitiveness, quality of returns including sales, efficiency, productivity and
profit, and business and productivity growth.
The Plan contemplates the award of fully-priced shares, their equivalent cash value or combinations thereof, free of charge,
provided that certain prescribed performance conditions are met, and upon expiry of the prescribed vesting periods.
CORPORATE
GOVERNANCE REPORT
Senior executives are encouraged to hold a minimum number of shares under the share ownership guideline which
requires them to maintain a beneficial ownership stake in the Company, thus further aligning their interests with shareholders.
Furthermore, under an Economic-Value-Added or EVA-driven performance bonus scheme for senior executives, a notional
variable bonus bank account is set up for each participating senior executive, into which the annual performance bonus earned
by him each year is credited. 1/3 of the total variable bonus bank account, which includes the balance brought forward from
the previous year, is paid out, With the balance 2/3 carried forward to the next year. Key senior executives in the Group have
been on this EVA-driven performance bonus scheme since the mid-2000s.
Details on the 1999 Scheme and the Plan and the incentives issued, can be found in the Directors Report and Notes to the
Financial Statements.
Under the 1999 Scheme and the Plan, the RC has the discretion to determine if an executive is involved in misconduct, resulting
in the forfeiture or lapse of the incentive components of his remuneration or awards, to the extent that such incentive or
award has not been released or disbursed.
The annual aggregate remuneration paid to the top five key management personnel of the Company (excluding the CEO)
for FY 2014 is $5,445,000.
No employee of the Group was an immediate family member of any Director or the CEO and whose remuneration exceeded
$50,000 per annum, during this financial year.
Accountability and Audit

Principle 10: Board presents the companys performance, position and prospects
The Board announces its quarterly and full-year financial results which present a balanced and informed assessment of the
Companys performance, position and prospects via public announcements and through the SGXNET.
The Board takes adequate steps through the establishment of appropriate internal policies to ensure compliance with
legislative and regulatory requirements, including requirements under the listing rules of the securities exchange.
The Management provides the Board with management accounts and such explanation and information on a regular basis
and as the Board may require from time to time, to enable the Board to make a balanced and informed assessment of the
Companys performance, position and prospects.
Risk Management and Internal controls

Principle 11: Risk governance and sound system of internal controls
The Board Risk Committee (BRC) assists the Board in overseeing the risk governance in the Company to ensure that
Management maintains a sound system of risk management and internal controls to safeguard shareholders interests and
the Companys assets.
It also determines the nature and extent of the significant risks which the Board is willing to take in achieving its strategic
objectives.
The BRC is made up of four non-executive and independent Directors, namely, Mr Quek See Tiat (Chairman), Mr Sum Soon
Lim, Mr Tan Chin Hwee and Ms Tan Yen Yen. Mr Quek and Mr Sum are members of both the BRC and the AC together with
Mr Tan who was appointed on 1 March 2014. The BRCs objectives include the following:
a. Oversee and advise the Board on the Groups risk exposure, risk appetite and risk strategy;
b. Review and guide Management in the formulation of the Groups risk policies and in the execution of risk assessment
processes and mitigation strategies; and
c. Annually review the adequacy and effectiveness of the Groups risk management and internal control systems,
including financial, operational, compliance and information technology controls.
The Risk Management Department implements the Groups risk management policies and processes, and develops the
framework to assist the operating units in identifying, monitoring and managing the risks within the Group. The framework
strengthens the Groups capability to recognise and capitalise on new challenges and opportunities so as to add value to
Managements decision-making, business planning, resource allocation and operational management.
The Risk Management Report is found on page 86.
The Internal Audit Division (IAD) has an annual audit plan, which complements that of the external auditors. IADs 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.
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. In the course of their statutory audit, the Companys external auditors will highlight any material internal control
weaknesses which have 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 CEO and Chief Financial Officer at the financial year-end have provided a letter of assurance on the integrity of the
financial records/statements, as well the effectiveness of the Companys risk management and internal control systems.
Such assurance includes the following :
internal controls were established and maintained;

material information relating to the Company is disclosed on a timely basis for the purposes of preparing financial
statements; and
the Companys internal controls were effective as at the end of the financial year.
Based on the internal controls established and maintained by the Group, work performed by the internal and external auditors,
and regular reviews performed by Management, the Board and relevant Board Committees, the AC and the Board are of the
opinion that the Groups risk management systems and internal controls were adequate and effective as at 31 August 2014
to address financial, operational, compliance and information technology risks, which the Group considers relevant and
material to its operations.
CORPORATE
GOVERNANCE REPORT
The Board notes that the system of internal controls provides reasonable, but not absolute, assurance that the Group will not
be affected by any event that could be reasonably foreseen as it strives to achieve its business objectives. In this regard, the
Board also notes that no system can provide absolute assurance against the occurrence of material errors, poor judgment in
decision-making, human error, fraud or other irregularities.
Code of Dealings in Securities
The Group has in place a Code of Dealings in SPHs securities, which prohibits dealings in SPH securities by all Directors of
the Company and its subsidiaries, and certain employees, within certain trading periods. The black-out periods are two
weeks prior to the announcement of the Companys financial statements for each of the first three quarters of its financial
year and one month prior to the announcement of the Companys full year financial statements. Directors and employees
are also reminded to observe insider trading laws at all times, and not to deal in SPH securities when in possession of any
unpublished price-sensitive information regarding the Group, or on short-term considerations. The Company issues quarterly
reminders to its Directors, relevant officers and employees on the restrictions in dealings in listed securities of the Group as
set out above, in compliance with Rule 1207(19) of the SGX Listing Manual.
AUDIT COMMITTEE
Principle 12: Establishment of an Audit Committee with written terms of reference
The AC currently comprises five members, all of whom are independent non-executive Directors. The Chairman of the
AC is Mr Bahren Shaari and its members are Ms Chong Siak Ching, Mr Quek See Tiat, Mr Sum Soon Lim and Mr Tan Chin Hwee.
The NC is of the view that the members of the AC have sufficient financial management expertise and experience to discharge
the ACs functions given their experience as directors and/or senior management in accounting and financial fields. The AC
performs the functions as set out in the Code including the following:
a. Reviewing the annual audit plans and audit reports of external and internal auditors;
b. Reviewing the balance sheet and profit and loss account of the Company and the consolidated balance sheet and
profit and loss accounts of the Group before they are submitted to the Board for approval;
c. Reviewing the significant financial reporting issues and judgments so as to ensure the integrity of the financial
statements of the Company and any announcements relating to the Companys financial performance;
d. Reviewing the auditors evaluation of the system of internal accounting controls;
e. Reviewing and reporting to the Board on the adequacy and effectiveness of the Companys internal controls, including
financial, operational, compliance and information technology controls;
f. Reviewing the scope, results and effectiveness of the internal audit function;
g. Reviewing the scope, results and effectiveness of the external audit, and the independence and objectivity of the
external auditors annually, and the nature and extent of non-audit services supplied by the external auditors so as
to maintain objectivity;
h. Making recommendations to the Board on the appointment, re-appointment and removal of the external auditors,
and approving the remuneration and terms of engagement of the external auditors;
i. Reviewing the Companys whistle-blowing policy, and to ensure that arrangements are in place for concerns about
possible improprieties in matters of financial reporting or other matters to be raised and independently investigated,
and for appropriate follow-up action to be taken;
j. Overseeing any internal investigation into cases of fraud and irregularities;
k. Reviewing any interested person transaction;

l. Approving the hiring, removal, evaluation and compensation of the head of the internal audit function; and
m. Ensuring that the internal audit function is adequately resourced and has appropriate standing within the Company.
The AC has the authority to investigate any matter within its terms of reference, full access to and co-operation by management,
and full discretion to invite any Director or executive officer to attend its meetings, and reasonable resources to enable it to
discharge its functions properly.
The AC has conducted an annual review of the performance of the external auditor and 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. Details of the aggregate amount of fees paid to the external auditors for
FY 2014, and a breakdown of the fees paid in total for audit and non-audit services respectively, can be found on page 167.
The AC meets with the external and internal auditors, in each case, without the presence of Management, at least once
a year. The audit partner of the external auditors is rotated every five years, in accordance with the requirements of the
SGX Listing Manual.
Quarterly financial statements and the accompanying announcements are reviewed by the AC before presentation to the
Board for approval, to ensure the integrity of information to be released.
During the financial year, the AC reviewed the quarterly financial statements prior to approving or recommending their
release to the Board, as applicable; the annual audit plan of the external and internal auditors and the results of the audits
performed by them, the list of interested person transactions and non-audit services rendered by the external auditors, and
the re-appointment of the external auditors and its remuneration. Managements assessment of fraud risks, adequacy of the
whistle-blower arrangements and whistleblower complaints are reviewed by the AC.
The AC takes measures to keep abreast of the changes to accounting standards and issues which have a direct impact on
financial statements, with training conducted by professionals or external consultants.
The Company confirms that the appointment of the external auditors is in accordance with Rules 712 and 715 of the
SGX Listing Manual.
None of the AC members is a former partner of the Groups existing auditing firm.
Code of Business Ethics and Employee Conduct Policy
The Group has an existing Code of Business Ethics and Employee Conduct Policy (Ethics Code), which is posted on the
Companys intranet website, to regulate the ethical conduct of its employees. The Group also has a Whistleblowing Policy
& Procedure which is posted on the SPH Corporate website, to allow staff and external parties such as suppliers, customers,
contractors and other stakeholders, to raise concerns or observations in confidence to the Company, about possible irregularities
for independent investigation and appropriate follow up action to be taken. Such concerns include dishonesty, fraudulent acts,
corruption, legal breaches and other serious improper conduct; unsafe work practices and any other conduct that may cause
financial or non-financial loss to the Group or damage to the Groups reputation. The Whistleblowing Policy encourages staff
and external parties to identify themselves whenever possible to facilitate investigations, but will also consider anonymous
complaints, in certain circumstances. It makes available to staff and external parties the contact details of the Receiving
Officer, who may also forward the concern to the respective Heads of Division, CEO, AC Chairman and/or Chairman.
CORPORATE
GOVERNANCE REPORT
Internal Audit
Principle 13: Establishment of an internal audit function that is independent of the functions it audits
IAD is staffed with ten audit executives, including the Head of Internal Audit. Most of the IAD staff have professional
qualifications, and are members of the Institute of Internal Auditors, Inc. (IIA). Some are qualified IT auditors and/or Certified
Fraud Examiners. All IAD staff have to adhere to a set of code of ethics adopted from The Institute of Internal Auditors, Inc.
The Head of Internal Audit 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 the recruitment of suitably qualified and experienced staff, provision of formal and on-the-job training, and appropriate
resource allocation in engagement planning.
The AC reviews IADs reports on a quarterly basis. The AC also reviews and approves the annual IA plans and manpower to
ensure that IAD has the necessary resources to adequately perform its functions.
The AC approves the hiring, removal, evaluation and compensation of the head of the internal audit function and she is
provided with access to the AC.
Shareholder Rights & Responsibilities

Principle 14: Fair and equitable treatment of shareholders
The Group encourages shareholder participation, and ensures that shareholders have the opportunity to participate effectively
at general meetings.
All SPH shareholders are treated fairly and equitably to facilitate the exercise of their ownership rights.
To facilitate the exercise of shareholders rights, the Company ensures that all material information relating to the Company
and its financial performance is disclosed in an accurate and timely manner via SGXNET. Shareholders are also informed of
rules, including voting procedures that govern the general meeting.
Any notice of a general meeting of shareholders is issued at least 14 days before the scheduled date of such meeting.
The Companys articles also allow any shareholder to appoint proxies during his absence, to attend and vote on his behalf
at the general meetings. In addition, shareholders who hold shares through custodial institutions may attend the general
meetings as observers.
Communication with Shareholders

Principle 15: Regular, effective and fair communication with 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 SGXNET, news releases and the Companys corporate website.
A webcast of the half-year and full-year results briefing is also available on the website. The date of release of the results
is announced through SGXNET about two weeks in advance. The Company also conducts analysts briefings and investor
roadshows to maintain regular dialogue with shareholders as well as to solicit and understand the views of shareholders.
information disclosed is as descriptive, detailed and forthcoming as possible.
The Company does not practise selective disclosure. Price-sensitive information is first publicly released through SGXNET,
either before the Company meets with any investors or analysts or simultaneously with such meetings. All shareholders of
the Company receive the summary financial report, and, on request, the full annual report, and notice of AGM, which is held
within four months after the close of the financial year. The notice is also advertised in the newspapers. The summary financial
report and the annual report are also available on the Companys corporate website, www.sph.com.sg.
SPH has been declaring dividends at half-year and final year-end. Any payouts are clearly communicated to shareholders in
public announcements and via announcements on SGXNET when the Company discloses its financial results.
Conduct of Shareholder Meetings

Principle 16: Greater shareholder participation at AGMs
The Articles allow a shareholder to appoint one or two proxies to attend and vote instead of the shareholder. The Company
does not allow a shareholder to vote in absentia at general meetings, except through the appointment of a proxy, attorney
or in the case of a corporation, a corporate representative, to cast their vote in their stead.
Resolutions are, as far as possible, structured separately and may be voted on independently. All polls are conducted in the
presence of independent scrutineers. The Company also conducts electronic poll voting to ensure greater transparency and
efficiency in the voting procedures. The results of the electronic poll voting are published instantaneously at the meeting.
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.
The Company prepares minutes of general meetings and makes these minutes available to shareholders upon their request.
All Directors, including the chairmen of the EC, AC, NC, RC and BRC, and senior management, are in attendance at the AGMs
and Extraordinary General Meetings to allow shareholders the opportunity to air their views and ask Directors or Management
questions regarding the Company. The external auditors also attend the AGMs to assist the Directors in answering any queries
relating to the conduct of the audit and the preparation and content of the auditors report.
Directors attendance at Board and Board Committee Meetings (for the financial year ended 31 August 2014)
Executive Audit Remuneration Nominating Board Risk

Name of Director1 Board Committee Committee Committee Committee Committee
Lee Boon Yang

(Chairman) 7 out of 7 7 out of 7 3 out of 3 2 out of 2
Cham Tao Soon
(Deputy Chairman) 7 out of 7 7 out of 7 2 out of 2
Chan Heng Loon Alan (CEO) 7 out of 7 7 out of 7
Bahren Shaari 7 out of 7 4 out of 4 2 out of 22
Willie Cheng Jue Hiang3 1 out of 1 1 out of 1 1 out 1 1 out of 1
Chong Siak Ching 7 out of 7 4 out of 4 2 out of 2
Ng Ser Miang 7 out of 7 2 out of 2
Quek See Tiat4 7 out of 7 3 out of 4 5 out of 5
Tan Chin Hwee5 3 out of 4 1 out of 16 2 out of 2 2 out of 3
Sum Soon Lim 7 out of 7 7 out of 7 3 out of 37 4 out of 5
Tan Yen Yen 7 out of 7 2 out of 3 5 out of 5
Lucien Wong Yuen Kuai 7 out of 7 6 out of 78 3 out of 3 2 out of 29
Notes :
1. Ms Janet Ang was not a Director as at 31.08.2014.
2. Mr Bahren Shaari was appointed as a member of the Remuneration Committee on 29.11.2013.
3. Mr Willie Cheng Jue Hiang resigned as a Director and a member of the Audit Committee, Remuneration Committee and Board Risk Committee on 29.11.2013.
4. Mr Quek See Tiat was appointed as a Director and a member of the Audit Committee and Board Risk Committee on 01.09.2013. Mr Quek was appointed as the
Chairman of the Board Risk Committee on 29.11.2013.
5. Mr Tan Chin Hwee was appointed as a Director and a member of the Audit Committee and Board Risk Committee on 01.03.2014.
6. Mr Tan Chin Hwee was not a member of the Executive Committee but was invited to attend a meeting on 20 June 2014.
7. Mr Sum Soon Lim was appointed as a member of the Audit Committee on 29.11.2013.
8. Mr Lucien Wong was appointed as a member of the Executive Committee on 01.09.2013.
9. Mr Lucien Wong stepped down as a member of the Board Risk Committee on 01.03.2014.
RISK
MANAGEMENT
Risk Management Programme Risk management processes are integrated with other
SPH has complied with the Risk Governance Guidelines for processes including budgeting, mid/long-term planning
Listed Boards in relation to the management of the companys and business development.
risks and mitigation strategies and controls. The Board,
working through the Board Risk Committee (BRC), is overall The key outputs of SPHs Risk Management are:
responsible for the governance of risk within the Group and
ensures that Management maintains a sound system of risk Defining a common understanding of risk classification
management and internal controls to safeguard stakeholders tolerance.
interests and the companys assets. In the process, the Board Identifying key risks affecting business objectives and
determines the nature and extent of the significant risks strategic plans.
which the company is willing to take in achieving its strategic Identifying and evaluating existing controls and
objectives. The Board is also involved in setting and instilling developing additional plans required to treat (mitigate,
the right culture throughout the Company for effective reduce, transfer, etc) these risks.
risk governance. Implementing measures and processes to enable ongoing
monitoring and review of risk severity and treatment
SPH advocates a continuous and iterative process for effectiveness.
enhancing risk awareness across the organisation through Identifying changes to risks or emerging risks and
an enterprise-wide risk management (ERM) framework promptly bringing these to the attention of the Board
which is largely benchmarked against the AS/NZS ISO where appropriate.
31000:2009 Risk Management Principles and Guidelines.
The framework provides the operating units and support The internal control framework of SPH is adequate. Where
functions (Business Units) a consistent approach for risk weaknesses and shortcomings were noted, appropriate
identification and institutes a common platform to discuss actions were taken by the management to address them. All
and manage risks. Together with the various Business Units, business units and Internal Audit Division regularly review
the Risk Management Department (RMD) identifies, manages the systems and processes to ensure the effectiveness of
and reports the key risks faced by the company to the BRC, the existing controls. In the past year, there has been no
which then updates the Board. RMD is also responsible for significant change in SPHs risk management environment.
ensuring that the risk management framework is effectively
implemented and that risk registers are maintained by the The Risk Management Department monitors the control
respective Business Units. environment and business processes to ensure that the
risk treatments continue to be aligned with SPHs strategic
All Business Units carry out a risk review on a regular basis, objectives. During the year, SPH adopted a forward-looking
especially in the context of exceptional events, to ensure that review of risks for the purposes of normalisation of common
risk registers are up-to-date and risk controls are enhanced and risks through a thematic approach. Each theme would be
kept current. RMD makes quarterly reports on the companys led by a sponsor together with each business unit to review
risk management activities which include operational, the risks across the Group and to harmonise the treatments
financial, compliance, information technology management, and controls at enterprise level. The themes cover Cyber
internal controls and risk management systems to the BRC. Risks, Fraud Risks, Compliance and Regulatory Risks, Human
Capital, Workplace, Health and Safety Risks and Readership
SPHs risk management philosophy is built on a culture where and Circulation Risks.
risk exposures are mitigated by calibrating risks to acceptable
levels whilst achieving the organisations business plans and The following sections outline the risk environment that may
goals. As part of the companys efforts to ensure that risk impact the financial status and operational effectiveness of
management practices are firmly established at all levels, SPHs businesses and the approaches to managing these risks.
nominated risk coordinators from each Business Unit closely
monitor and promptly flag risk events. Risks are systematically Economic and Business Risks
managed and reviewed at strategic, operational and project Adverse macroeconomic conditions, globally and locally, have
levels. Wherever possible, SPH practises risk transfer by a significant impact on SPHs principal business segments.
purchasing relevant insurance policies such as Industrial SPH actively manages its risk exposure on the economic
Special Risks, Media Industry Professional Indemnity, Public front by proactively streamlining its business processes and
Liability, Work Injury Compensation, Group Personal Accident adopting prudent fiscal controls.
and Fidelity Guarantee policies. In pursuit of SPHs risk
management philosophy, the following ERM principles apply: A rapidly evolving multimedia landscape creates challenges
to SPHs core business. In order to stay ahead of such
Risks can be managed, but cannot be totally eliminated.
developments, SPH constantly assesses the risks affecting
ERM is aligned with, and driven by, business values, goals
its business and plans to harness available opportunities to
and objectives.
improve its existing products and services as well as creating
Managers at each level must assume ownership of Risk
new ones in response to customer needs. In addition, SPH
Management.
has diversified into other business areas such as properties,
Engagement of BRC on material matters relating to the
events and offering digital platforms to reduce its dependency
various types of risks and development of risk controls
on print revenue.
and mitigation processes.
Operational Risks The Group is committed to comply with the requirements

As a large organisation with many functions and processes, of the Personal Data Protection Act 2012 (PDPA) and has
SPH faces the risk of business operations failing due to installed a compliance framework containing policies and
human lapses. practices to regulate the proper management of personal data
in the Group. The organisation has a process where consent
SPHs system of internal controls is designed and operated of individuals are obtained for use, collection and
to support the identification, evaluation and management of distribution of their personal data. In addition, the Groups
risks affecting the group at all operational levels. This system Privacy Policy Statement is published on its websites to
of internal controls focuses on the financial reporting process provide the general public with information about how it
and the preparation of consolidated accounts and extends collects, uses and discloses personal data in its business.
across all areas of operations. Operational risk management
is integrated into the daily operations of all Business Units. Newsprint Cost Risks
These Business Units are assisted by RMD in the identification, One of the main cost drivers in SPH business is newsprint
assessment, mitigation and monitoring of risks in their prices. The cyclical fluctuation of newsprint prices has
operations. a substantial impact on newspaper publishing costs.
A significant spike in newsprint price or a reduction in the
Technology & Cyber Risks availability of newsprint can result in higher production costs
In order to sustain the Groups competitive edge in the media and impact on its operating margins.
industry amidst rapid technology changes, SPHs Information
Technology Division plays a vital role by facilitating a To mitigate against this, SPH adopts an appropriate newsprint
thorough understanding of evolving risks in technology and stocking policy, taking into consideration demand and supply
cyber security. It also implements tight controls within the forecasts, which are reviewed periodically, and having a core
corporate systems to address the threats. In this respect, the group of reliable and responsible suppliers.
Groups Information Technology Acceptable Usage Policy is
prescribed to guide all staff on appropriate and acceptable Business Continuity Risks
use of computing resources including computers, networks, Availability and safety of its printing facilities, editorial
hardware, software, email, applications and data in order functions and data centres are of paramount importance to
to ensure the efficiency and integrity of these computing SPH as its readers rely on SPH to provide them with timely
resources. All systems containing personal data are regularly and essential news via its suite of newspapers, online and
reviewed to ensure that the security features are adequate for mobile news and other services.
safeguarding and preventing unauthorised use or disclosure
of any personal data that is in the Groups possession. SPH recognises the organisations exposure to internal and
external threats and seeks to increase the resilience of the
Businesses around the world are increasingly concerned about Group to potential business interruptions and to minimise the
management of cyber risks, with news of how companies impact of a crisis on business operations, people and assets.
cope with mounting financial and reputational costs. As part The effective prevention and recovery for the organisation
of the on-going efforts to ensure effectiveness of the Groups will ensure that SPH continues to maintain its competitive
Information Technology requirements, SPH has tightened advantage and maximise value for its stakeholders.
network and technology security policies and continued to
invest in cyber defences. Towards this end, SPH has a comprehensive Business
Continuity Planning programme (BCP) to minimise any
Regulatory/Compliance Risks disruptions to its critical business activities and ensure that
SPHs newspaper business is subject to the annual renewal the populace continues to be informed in the face of crisis.
of its printing licence and newspaper permit licence for each Simulation exercises are conducted, on location, periodically.
newspaper, pursuant to the provisions of the Newspaper Front-line staff, as well as operating and supporting Business
and Printing Presses Act (Chapter 206, Singapore Statutes). Units are involved to ensure operational preparedness.
Failure on its part to comply with the Act may subject SPH The Group continues to scan for possible threats and establish
to significant liabilities, such as fines, suspension, or the plans to enhance its BCP.
revocation of the licence. In addition, SPH is also obligated
to comply with other statutory and regulatory requirements Fraud Risks
such as the Singapore Exchange Listing Manual requirements, Every organisation faces some risk of fraud incidents from
the Companies Act, the Competition Act, and market practice within. SPH has a Code of Business Ethics and Employee
codes prescribed by the Media Development Authority Conduct (Code of Conduct) which states that the company
of Singapore. does not tolerate any malpractice, impropriety, statutory
non-compliance or wrongdoing by staff in the course of
In response to such statutory and regulatory requirements, their work. The Code of Conduct covers areas such as
SPH has also implemented compliance frameworks that fraud, business and workplace behaviour, safeguarding of
include instructional tools and processes to monitor the level assets, proprietary information and intellectual property.
of compliance and minimise any lapses. Any breach of the Code of Conduct may result in
disciplinary action including dismissal or termination of
SPH has put in place formal processes for Workplace Safety the employment contract. A WhistleBlower Policy is published
and Health compliance to all office, warehouses, business on the local network and internet (http://www.sph.com.sg/
and public services. In accordance with the new Energy corporate-governance whistleblowing-policy-procedure/)
Conservation Act, SPH will put in place controls at the main for staff and public information with a hotline number
printing plant, to reduce energy consumption over the next made available for complaints and any observations to
five years using the energy consumption for 2013 as a be raised.
base-line.
ENVIRONMENTAL
RESPONSIBILITY
SPH is committed to being a good corporate citizen that cares for the environment
in which it operates in, and actively seeks to promote sustainable growth while
achieving business excellence.
SPHs business operations comply with all applicable environmental, legal, health
and safety requirements. It works closely with the Workplace Safety and Health
Council, Singapore Civil Defence Force, Public Utilities Board, National Environment
Agency, Building and Construction Authority, Energy Market Authority and other
relevant authorities to ensure that it adopts the best practices for environment
sustainability.
SPH is also constantly looking for ways to reduce the negative impact on the
environment by lowering its carbon emissions and improving energy efficiency
in its daily operations. A Green Steering Committee is established to review
environmental objectives and shape the green culture in the Group.
CASE STUDY SPH PRINT CENTRE WINS AT EENP AWARDS
SPH was recognised for its commitment and achievements energy-saving measures and implementing energy
in energy conservation at the Energy Efficiency National conservation projects since 2007. For example, his projects
Partnership (EENP) Awards 2014 held at the Devan Nair to streamline the Print Centres Air Conditioning and
Institute for Employment and Employability. This is the first Mechanical Ventilation (ACMV) equipment and processes
time that SPH has won this award. and the introduction of energy-efficient LED lights and
industrial fans have cut the centres overall energy usage
First launched in 2011, the EENP Awards is jointly by up to 14 per cent between 2007 till the first half of
organised by the National Environment Agency, Energy 2014. This translates to about six GWh per year or close to
Market Authority and the Economic Development Board. $1 million annually in utilities savings for the same period.
The EENP Awards aims to foster a culture of sustained
energy efficiency improvement in industry, especially Together with the SPH Green Committee comprising
among the major energy consuming industries. The EENP representatives from different divisions, Mr Wong also
Awards also encourages companies to adopt a proactive organised the SPH Green Day to raise staff awareness on
approach towards energy management by identifying and the importance of energy conservation through talks, a quiz
sharing best practices. and a song-and-skit.
Mr Wong Tat Choon, Assistant Vice-President at SPHs

Production Division (Engineering), was named the
Outstanding Energy Manager of the Year, under the SME
category which he won for energy conservation work
carried out at the SPH Print Centre. This award recognises
outstanding Energy Managers (EMs) who have demonstrated
leadership in driving energy efficiency improvements and
promoting such initiatives within their organisations.
He received the award from the events Guest-of-Honour
Dr Vivian Balakrishnan, Minister for Environment and
Water Resources.
In his capacity as EM, Mr Wong has led the Print Centre

energy team in conducting energy audits, identifying
Energy To date, the proposed energy-saving recommendations

The Production Division, which is based at SPH Print Centre, arising from the preliminary energy audit:
is continuing with efforts this year to conserve energy and
to meet the new NEA Energy Act. It aims to reduce energy 1. Replacing some of the old chillers with more efficient
consumption by 5 per cent over the next 5 years (using 2013 variable speed drive (VSD) chillers;
total energy consumption as a baseline). Various energy 2. Replacing the old air handling units (AHU) to improve
efficiency works were carried out and the energy usage energy efficiency;
reduction is projected to be about 9 per cent for 2014. 3. Installing motion sensors at low usage area to reduce
operating hours and energy consumption.
The Production Division has submitted its first Energy Annual
Report to NEA as required by the new Energy Act. SPH also meets up with its vendors regularly to be updated
on new technologies which can be implemented to assist in
SPH registered to join the Energy Efficiency National reducing energy consumption.
Partnership (EENP), a voluntary partnership programme
for companies that wish to be more energy efficient, and The basement carpark area at SPHs flagship shopping mall
participated in the EENP Awards. One of the Production Paragon is progressively fitted with carbon monoxide sensors
staff, Wong Tat Choon, Assistant Vice-President, Engineering, to control ventilation fan speed, thereby enhancing the
received the Outstanding Energy Manager of the Year 2014 carpark air quality. The office tower toilets are also fitted
for his energy conservation work (see case study on page 88). with motion sensors which automatically dim the lights to
about 50 per cent when they are not in use. All these will be
At News Centre and Media Centre, SPH carries out completed by end of 2014. By mid-2015, the old chillers will
environmental friendly practices to reduce energy wastage also be replaced with energy efficient ones.
and conserve energy.
At The Clementi Mall, all carpark lights and void lights have
High consumption lightings in the buildings are progressively been replaced with energy-saving LED lights.
replaced by energy efficient ones such as LED and induction
lights. Duty staff also conduct daily checks to turn off the The Seletar Mall, a joint venture development by SPH and
office lighting after office hours. United Engineers Limited, received a Gold in the BCA Green
Mark Award from the Building and Construction Authority
The room temperature in the buildings are maintained (BCA) in March this year for its best practices in green building
at a comfortable level, and the operating hours for air- technologies (see case study on page 91).
conditioning are reviewed regularly for optimal operating
efficiency. Old chillers are overhauled periodically so that the SPHs Information Technology Division recently implemented
performance of these chillers is at an optimum level. a new IT corporate network which uses 50 per cent less
components, but offers superior performance and reliability
Currently, a detailed energy audit is being conducted at and consumes less energy.
News Centre and Media Centre by a certified energy service
company to assess the feasibility of the energy-saving It has also embarked on consolidating its data servers and
measures for implementation as well as to recommend areas storages through virtualisation technology. To ensure the
for further energy improvement. optimal operations of its IT systems, it installed the latest,
ENVIRONMENTAL
RESPONSIBILITY
more efficient air-conditioning which uses ozone-friendly b. Divisions and business units are encouraged to upgrade
refrigerants. It purchased Energy Star compliant PCs to LCD TVs with NEA energy labels.
and notebooks for staff use to replace older, less energy- c. All copiers are energy efficient with Energy Star labels.
efficient ones. d. Use of environmentally friendly fertilisers, pest sprays and
soil treatment for landscaping at all three SPH premises.
From these recent measures, its utility bill has dropped more e. Lush planting of flora and fauna on the News Centres roof
than 30 per cent, resulting in savings of $180,000 annually. top garden reduces heat and save air-conditioning costs.
f. Auto dispensers for hand towels installed in all toilets help
Water to reduce wastage and save water.
The Production Division proactively monitors and reviews g. Auto soap foam dispensers installed in all toilets help to
its water usage. Regular checks and maintenance on the reduce wastage and save water.
water supply network are carried out to ensure that there h. Landscape irrigation system installed at the Media Centres
are no water leakages. There are also periodic upgrading of roof top garden result in cost savings from reduced water
fittings and facilities to ensure efficient water usage, such as consumption and number of gardeners needed to maintain
installing sensor taps and automatic flush urinals, dual flush the garden.
systems for toilets and thimbles in taps.
Reuse and Recycle
The water storage tanks are cleaned annually. There are SPH adopts a group-wide Reuse and Recycle philosophy,
proper security measures for the tanks, in compliance with where staff are reminded to use resources efficiently, save
PUB water supply regulations. energy, reduce waste and practice recycling.
At News Centre and Media Centre, regular maintenance a. Ongoing collection of furniture still in good condition for
checks on the water supply installations are carried out reuse in other divisions and subsidiaries.
to ensure zero water wastage caused by faulty fittings or b. Ongoing collection and sale of disposed items such as PCs,
damaged equipment. The meter readings of installations that furniture and electrical items.
consume large quantities of water such as cooling towers c. Ongoing collection and sale of empty drink cans.
are recorded daily so that there are no undetected leaks d. Ongoing collection and sale of toner and fax cartridges.
or obstructions in water tanks. Common amenities such as e. Ongoing collection and sale of old carton boxes.
toilets, pantries and garden taps have water efficient fittings f. Ongoing collection and sales of printed waste, office scrap
and are adjusted to PUB recommended flow rates to reduce and used hand towels.
the overall water consumption in the buildings. g. All office waste and newspapers are sorted at the refuse
centres at all three locations. Those that have no recyclable
Other Green Efforts value will be disposed into the rubbish compactor. Those
SPH adheres to environmental recommendations made by with recyclable value will be placed at the Refuse Centre
the relevant regulatory bodies and authorities: for packing, bundling and weighing before collection by
the scrap contractor.
a. All refrigerators in the pantry rooms are upgraded to
energy-efficient models with NEA energy labels.
FY 2014 WASTE DISPOSAL (FOR MEDIA CENTRE AND PRINT CENTRE)
REEL END
636,656 kg
WASTE INK 27,770 kg PRINTED WASTE
2,627,414 kg
WRAPPER
442,544 kg
SOLVENT,
NEWSPAPER
DEVELOPER, 34,590 kg WASTE
CHEMICAL WHITE WASTE 4,622,056 kg
386,216 kg
USED PLATES 296,610 kg TEST WASTE

529,226 kg
CASE STUDY THE SELETAR MALL CLINCHES BCA GREEN MARK AWARD (GOLD)
The Seletar Mall, located at the junction of Sengkang West Indoor Environment Quality
Avenue and Fernvale Road, is a four-storey mall, with five- The Seletar Mall has UV emitters installed within the
basement levels (including three basement carparks). premises for better indoor air quality and energy efficiency,
Occupying a gross floor area of 284,000 sq ft and net which will aid in preventing the spread of infectious
lettable area of 188,000 sq ft, it is over 90 per cent leased diseases in the mall.
and will provide shopping, entertainment and enrichment
choices for parents and children. The family-oriented Other Green Features
shopping mall is scheduled to open end 2014. The Seletar Mall uses siphonic rainwater discharge system
at its roof. It also provides carpark guiding system at
Energy Efficiency its carparks.
The faade of the mall is mostly solid wall which helps
to reduce the area exposed to heat gain. The atrium The suburban mall also boasts several unique architectural
day lighting design maximises the use of sunlight while features. The retail planning of the mall is based on a wide
reducing the need for artificial lighting during the day. corridor organised around a voluminous atrium space.
The shopping floors recede from the second to the fourth
The mall has energy-efficient mechanical systems in place, storeys in a terracing manner, creating an ambience of
such as mechanical ventilation with carbon monoxide (CO) spaciousness and allowing a clear view of activities at the
sensors in carpark areas, energy-efficient air conditioning lower levels, and particularly, the main event space.
system, presence-detection system in toilets and staircases
to lower lighting energy usage and variable speed escalators A large clerestory skylight perched above the atrium allows
to reduce speed automatically when there is no usage. natural light to enter the mall, thereby ensuring a cheerful
atmosphere throughout the day. Roof gardens outside the
With these systems in place, the mall is expected to cut its food court and the Cineplex offer an outdoor experience
lighting power spending by 20 per cent, while maintaining with views of lush landscape and greenery.
proper lighting level.
Water Efficiency
The Seletar Mall uses water-efficient fittings with a minimum
of three ticks certified under the Water Efficiency Labelling
Scheme. The mall provides private meters to monitor
the major water usage system, which allows for better
control of water utilisation as well as assessing possible
locations of leakage.
A rainwater harvesting tank is put in place to collect

rainwater for landscape irrigation. The use of the cooling
tower water treatment system reduces water consumption.
There is also pipe work to cater for the use of NEWater in
the building.
Environmental Protection
The mall promotes sustainable construction by using
approved environmentally friendly products such as
drainage cells, dry wall partitions, precast road kerbs and
recycled formwork.
The greenery along the perimeter of the development at

the first storey and the landscaping at the third and fourth
storeys provides a cool environment for shoppers. Waste
management and recycling initiatives are also in place.
The Seletar Mall is conveniently accessible via the Fernvale

LRT station and bus stops, thereby encouraging the use of
public transport. There are also 50 bicycle parking lots to
promote the use of bicycles.
EMPLOYEE
RESPONSIBILITY
Keeping Pace with Safety Development

WORKPLACE SAFETY AND In the first half of 2014, the Ministry of Manpower strengthened
HEALTH & FIRE SAFETY its Workplace Safety and Health (WSH) regulatory measures.
For workplace accident reporting, companies have to keep
track of staff who are not able to perform their duties for
Delivering Consistent Safety Achievements more than three non-consecutive days. SPH also put in place
SPH is committed to the safety and well-being of its staff. Over a Fall Prevention Plan (FPP) for all premises in compliance
the years, it has strived to make the workplace safer through with MOMs Work at Heights Regulation 2013.
consistent safety innovation supported by comprehensive
risk management programmes. The company has continued With the strong national emphasis to bolster workplace safety
to outperform the National Manufacturing Accident and health, SPH will continue to enhance its internal safety
Frequency Rate (AFR) and Accident Severity Rate (ASR) over structures, processes and capabilities to keep up with the
the last 5 years. regulatory requirements.
SPH Accident Frequency Rate (AFR) Enhanced Safety Structure

In May 2014, SPH established two new WSH Coordinator
posts, increasing its in-house Health and Safety Executive
3.5
(HSE) headcount to three. Working with the three WSH
committees (Coordination, Production and Office), this
3.0
enhanced safety structure allows the company to expand
Manufacturing
its WSH programmes more effectively to the three centres.
2.5
Stationed at the two printing facilities at Media Centre and
Print Centre, the two WSH coordinators work with the line
2.0
All Industry managers where they conduct regular on-site WSH and
AFR
fire safety inspections, accident/incident investigations, and

1.5
SPH safety promotion and education for staff at the two centres.
1.0
Fall Prevention Plans
In early 2014, a cross-functional project group was established
0.5
to develop the Fall Prevention Plan (FPP) for Print Centre.
After three months of research and several on-site visits,
0
2006 2007 2008 2009 2010 2011 2012 2013 *2014 the Print Centre FPP was endorsed by Head, Production on
1 May. The effort was expanded to Media Centre, where it
YEAR
was subsequently endorsed on 8 August. As part of the FPP,
a Hazardous Work at Height (WAH) Permit-to-Work system
was established for all three centres with effect from 1 May.
SPH Accident Severity Rate (ASR)
To prepare staff for WAH appointments, a total of 172 staff
received their qualifications after attending WAH courses
160 conducted by certified training agencies.
140 Sustaining Fire Safety Efforts

Manufacturing
Working hand-in-hand with Times Properties, the Security
120
and Safety Department conducted daily inspection of
100 firefighting equipment and facilities in the three centres.
All Industry Their feedback helped ensure all firefighting equipment are in
80 good serviceable condition. Regular fire drills are conducted
ASR
for the three centres to evaluate staff evacuation procedures

60 and functionality of the firefighting equipment.
SPH
40
The Company Emergency Response Team (CERT) for Media
20
Centre and Print Centre were audited by SCDF on 8 May and
8 September in 2014 and received their fourth and sixth
0 consecutive certifications respectively.
2006 2007 2008 2009 2010 2011 2012 2013 *2014
YEAR
* 2014 data is computed from 1st January 2014 to 31st August 2014 only.
WORKING HAND IN HAND WITH VALUING

INDUSTRY PARTNERS HUMAN CAPITAL
SPHs sustainability strategy also applies to its products People

and services. SPH is constantly looking at ways to innovate SPH values its employees as the key asset to organisational
and improve all its media products and services to ensure success and it is its philosophy to develop each and every
that they continue to serve its customers and advertisers employee to his or her maximum potential. It is committed
effectively. to attracting and recruiting talent, managing performance
through development to build a talent pipeline and creating
For example, Berita Harian and Berita Minggu, The New Paper a corporate culture that embraces diversity and change.
and The Business Times were revamped to meet the changing
needs of readers and advertisers. SPH embarked on a comprehensive review of its organisational
structure and revamped its corporate values - Excellence,
To stay ahead of the changing times, the Digital Division Customer Focus, Integrity, Teamwork and Embracing Change
(or SPH Digital) was set up. It offers a comprehensive suite (EXCITE) for better alignment to its business aspirations.
of news platforms and online media solutions to target
and engage readers and advertisers. Since its formation To achieve a more efficient and agile organisation, the number
in May this year, SPH Digital has taken up an active role in of management layers is reduced to achieve a flatter structure.
the Interactive Advertising Bureau (IAB) as it ramps up its The newsrooms have been reorganised to effectively deliver
leadership role in the rapidly developing digital arena in the news across both print and digital platforms. These changes
APAC region. provide clarity in roles with clear alignment to corporate
values and objectives, and offer a challenging career for
employees.
EMPLOYEE
RESPONSIBILITY
Remuneration induction, soft skills training, functional skills training,

SPHs compensation policy and practices are designed to journalism programmes and leadership development.
attract, retain and motivate employees. To ensure that its Employees are also sponsored to pursue Diploma, Bachelors
remuneration package stays relevant and competitive, the and Masters degree programmes and other certification
company participates in yearly surveys for benchmarking. courses to upgrade their skills and qualification.
A flexible wage system is used to tie rewards directly to As part of the personal development tool, a 360-degree
the performance of individuals. This system also allows feedback system was implemented to allow employees to
adjustments to be made to the remuneration package in solicit feedback from their colleagues.
response to changes in the economic and business conditions.
In line with the strategy to grow its business beyond print,
the variable bonus system is revised to link it directly with
the financial performance of the Group, beyond the
newspaper business.
For example, when SPH made a divestment gain from the

listing of SPH REIT, part of the gains were shared with
employees through a one-off special lump sum payout to
employees in January 2014.
SPH also continually reviews its benefits package to ensure

it is competitive and comprehensive. These benefits include
medical coverage, regular health screenings, dental benefits,
group term insurance coverage and various staff loans.
Performance Management
SPH employees undergo an annual performance review Health and Sustainability
where there is an open discussion on the employees As an employer of choice, SPH has developed a total
overall performance, detailing areas for improvement, healthcare approach for its employees. In addition to
targets settings and future developmental needs. The providing a comprehensive medical benefit scheme which
performance management system is competency-based, includes regular health screenings for employees, the SPH
aimed at providing greater objectivity and transparency Sports and Leisure Club organises a wide variety of activities
in assessing work performance. It also provides a platform ranging from health talks, exercise and fitness programmes
to improve work performance through continual learning and leisure activities to enable employees to maintain an
and development opportunities. Talent development and active lifestyle, learn new skills, acquire new knowledge and
succession planning strategies are tailored for employees meet new friends.
following the performance management process to ensure
that the company has the right talent to meet its current and Employees can attend weekly exercise classes in kettle
future operational needs. bell training, piloxing and muay thai. To promote mental
and physical well being, lunchtime talks are organised with
To facilitate the performance management process, professional speakers sharing on topics such as financial
SPH recently implemented an electronic performance management, stress management, medical issues and healthy
appraisal system to handle both the annual appraisal exercise habits. A Free Salad Day was also introduced this year to
and probationary review. This made the appraisal process encourage employees to make healthy food choices.
more efficient for both the employee and supervisor.
Social and recreational activities such as Up on the Roof, a
Training and Development monthly gathering held at the News Centres rooftop garden,
Investment in the training and development of employees allows employees to relax and mingle with fellow colleagues
gives SPH the competitive edge necessary for continued and senior management in an informal setting over food,
growth and success. Through the training programmes drinks and games. For the annual SPH Family Day, close to
offered, employees can acquire new skills, expertise and 7,400 staff and family members had a fun-filled day at the
qualification. This investment contributes to improvements S.E.A Aquarium and other Sentosa attractions.
in staff performance and productivity.
To encourage employees to participate in sports and facilitate
SPH has a comprehensive training and development plan camaraderie, Inter-Division Tournaments are organised for a
which is reviewed annually to ensure that training needs wide range of sports throughout the year. This will culminate
of employees are met and changing business needs are in the presentation of the SPH Championship trophy to the
addressed. The training development programmes include division that accumulates the most points at the annual SPH
Games Day. This years SPH Games Day ended on a high note HR Statistics for SPH Group in FY 2014
with more exciting competition and greater participation
from the employees. Employee Profile Total %
Work Life Harmony Permanent 4,371 93.7%
To encourage work-life balance, flexible work arrangements Part Timers 93 2.0%
have been widely practised to attract, motivate and retain Temp 202 4.3%
employees who may have left the workforce due to family
commitments. Flexible working hours, part-time work and Grand Total 4,666 100.0%
tele-commuting are some of the arrangements that have been
put in place. In 2014, around 2.5 per cent of employees are
Gender Total %
on flexible work arrangements.
Female 2,451 52.5%
Grooming Future Talent Male 2,215 47.5%
SPH continues to invest in talent. University scholarships for
Grand Total 4,666 100.0%
studies at both local and foreign universities are awarded
to successful applicants who wish to pursue a career in
journalism. SPH also gives out bond-free scholarships to Age Group Total %
children of employees and news vendors.
<30 years 1,098 23.5%
The SPH Foundation Lim Kim San Memorial Scholarships are 30 - 40 yrs 1,441 30.9%
awarded to deserving students from modest backgrounds 41 - 50 yrs 1,074 23.0%
to support their studies at local universities. This bond-free
scholarship is awarded to full time language and humanities >50 yrs 1,053 22.6%
students. Grand Total 4,666 100.0%
A total of 31 SPH and SPH Foundation scholarships were

awarded in 2014. Ethnic Type Total %
Chinese 3,350 71.8%
SPH will continue to build up its leadership pipeline by
Indian 354 7.6%
identifying high potential talent for key management
positions. It provides developmental opportunities through a Malay 523 11.2%
robust career development plan, job rotation across different Others 439 9.4%
business functions and a coaching and mentoring programme
Grand Total 4,666 100.0%
for them. The succession planning initiative also promotes
diversity in its leadership and gives equal opportunities to
all employees for leadership opportunities. Nationality Type Total %
Singaporean 3,459 74.1%
Employee Communication and Engagement
Regular townhall communication sessions are held by the Malaysian 686 14.7%
CEO and the senior management team, where employees Others 521 11.2%
are kept updated on the latest company news and policy
changes. Such sessions are also webcasted live from News Grand Total 4,666 100.0%
Centre to Media Centre and Print Centre. Besides townhall
sessions, other communication channels include regular No. of Leavers versus Headcount Total
division and department meetings, staff broadcasts, and
the monthly newsletter Presslines, which is produced by No. of Leavers 1.9.2013 to 31.08.2014 760
Corporate Communications & CSR Division. No. of Employees as at 1.9.2013 4,607
Percentage of Leavers 16%
Employee Turnover
SPH recognises the importance of managing employee
turnover. It has adopted a number of retention strategies to
attract and retain valued employees. Besides reviewing and
providing a competitive remuneration package and benefits, it
has invested significantly in training and development, health
related employee welfare programmes, staff bonding events
and equipping leaders with the right leadership qualities.
Employee turnover in FY 2014 was 16 per cent, which is lower

than the national attrition rate.
CORPORATE SOCIAL
RESPONSIBILITY
SINGAPORE PRESS HOLDINGS
As a socially responsible corporate citizen, SPH actively engages all segments of

the community to give back to society. The growing diversity of programmes and
initiatives that SPH champions is not only a strong testament of its commitment
towards corporate citizenry, but also shows its ability to engage minds and enrich
lives through different activities and platforms. In conjunction with SPHs 30th
anniversary celebrations this year, a range of activities was held throughout the year.
More information can be found in pages 42 to 44.
Arts dining in complete darkness, in aid of visually impaired

SPH believes strongly that arts is a common language for all servers from the Singapore Association of the Visually
races, languages and religions. The annual SPH Gift of Music Handicapped (SAVH). In August 2014, the SPH charity outing
series brings the arts to the masses and creates a vibrant arts was organised as part of SPHs 30th anniversary celebrations
scene in Singapore. 2014 saw more than 20 free concerts (see case study on page 97).
being staged at various parts of Singapore, including parks,
shopping malls, the Esplanade and the newly refurbished The SPH Red Apple Day, held together with the Singapore Red
Victoria Concert Hall. The audience were entertained with Cross Society, encourages both SPH staff and members of the
a variety of music genres ranging from classical, pop, jazz, public to donate blood. It was originally started in 2001 as
rock to opera. an annual event, but was made a biannual drive in 2011 to
help increase blood donations during festive seasons when
the blood bank runs low on blood supply.
SPH also supports the Boys Brigade Share-A-Gift programme

annually. Staff of SPH fulfilled more than 300 wishes and
gave close to $18,000 worth of contributions to six charitable
organisations serving children and elderly beneficiaries
last year. A year end party was also held at SPH News
Centre for about 100 beneficiaries from Ang Mo Kio Family
Service Centres, Care Corner Family Service Centre (Toa
Payoh) and Life Community Services Society (MightyKids,
Families & Community).
Charity
As part of its annual charity cheque presentation with SPH SPH was a founding partner of the inaugural #GivingTuesdaySG
Foundation, SPH donated $200,000 to 20 charities serving campaign last year. The campaign is part of a global movement
the elderly at its adoption ceremony of Amazon Flooded to encourage people to give on a designated day, and is
Forest at River Safari last year. The charities, recommended coordinated by the National Volunteer & Philanthropy Centre.
by the National Council of Social Service, included Metta SPH launched Loose Change Day on 3 December and staff
Hospice Care, TRANS Family Service Centre (Bedok), Fei Yue volunteers collected contributions from fellow colleagues.
Family Service Centre (Choa Chu Kang) and Persatuan Pemudi More than $6,500 was raised and channelled to the charities
Islam Singapura (PPIS) Family Service Centre (West). Some of under Community Chest, which provide essential social
the beneficiaries were invited to an excursion at River Safari. services to underprivileged children and youth, needy elderly
and the disabled.
SPH also gives monetary and in-kind donations to different
charitable organisations throughout the year. Staff are also Besides giving as a Group, SPHs products are also actively
encouraged to be involved in the companys corporate social involved in community and charity projects to help those in
responsibility programmes. The SPH Staff Volunteers Club, need. The Straits Times School Pocket Money Fund (SPMF)
which comprises members from different departments in received its charity status in November 2011. SPMF was
SPH, held quarterly birthday celebrations for the elderly of started in 2000 as a community project by The Straits Times to
Care Corner Seniors Activity Centre (Toa Payoh). It brought provide pocket money to children from low-income families
much cheer to the elderly through a series of activities to help them through school. It has since helped more than
like games, paper cutting and karaoke. It also organised 120,000 cases of needy children and youth.
Lunching in the Dark, where participants got to experience
The annual ChildAid concert, co-organised by The Straits Nature and Conservation
Times and The Business Times, raised a record $2.035 The SPH Flea Market, a collaboration between SPH and
million last year for its two youth-related beneficiaries, The Salvation Army, encourages staff to recycle usable
The Straits Times School Pocket Money Fund and The Business items while raising funds for charity at the same time.
Times Budding Artists Fund. Held at the Marina Bay Sands in The event raised more than $7,000 for the beneficiaries of
December, more than 160 young performers sang, danced The Salvation Army.
and performed their hearts out for a good cause.
SPH was a supporting partner of the Singapore Environment
The Chinese Newspapers Division has been organising fund Councils School Green Awards (SGA). The ceremony was held
raising events for the Presidents Challenge since 2002. in November 2013 and more than 300 award submissions
A non-competitive Charity Fun Walk was held in September were received from primary and secondary schools, as well as
with Guest-of-Honour President Tony Tan Keng Yam flagging schools for students with special needs and junior colleges.
off the walk at Gardens by the Bay. Replicas of autistic savant The SGA is an environmental programme for all schools in
Stephen Wiltshires sketch of the Singapore cityscape were Singapore. Students review their school in teams and submit
also presented to donors who made generous contributions results together with a report on their environmental efforts.
to beneficiaries under the Presidents Challenge. It also raises awareness within communities and organisations.
The Business Times held its annual Charity Challenge in Sports

March this year. The 39km cycling event raised $115,000 for SPH aims to promote lifelong values such as character building,
charities like Dover Park Hospice and SingHealth Transplant discipline and teamwork through its support of various sports
TRUEfund. events. Together with the Singapore Athletic Association,
SPH hosted the SPH Schools Relay Championships at the
Education Choa Chu Kang Stadium on 22 and 23 March. The competition
As part of its efforts to build an effective team of human attracted more than 1,000 participants from 40 schools.
capital, SPH awarded seven outstanding young men and
women with the SPH Journalism Scholarships this year. SPH SPH also sponsored the second edition of the SPH National
also gave out 14 scholarships to the children of SPH staff Age Group Doubles Badminton Championships. Organised by
and newspaper vendors, in recognition of their contributions the Singapore Badminton Association, the competition held
to the company. last November at the Singapore Badminton Hall attracted
more than 300 participants.
CASE STUDY SPH CHARITY OUTING
More than 50 SPH staff from ten business units and

subsidiaries brought 110 beneficiaries from their adopted
charities to the Singapore Gardens Festival at Gardens
by the Bay on 22 August. The SPH Charity Outing was
organised by the SPH Staff Volunteers Club and the
Corporate Communications and CSR division, as part of
SPHs 30th anniversary celebrations.
It was to date, the largest charity activity involving several

of the charities adopted by different SPH business units and
subsidiaries. The 110 beneficiaries and caretakers, aged
four to 60, came from Child @Street 11, Club Rainbow,
Hope Centre, MINDS and Ramakrishna Mission Boys Home.
CORPORATE SOCIAL
RESPONSIBILITY
SINGAPORE PRESS HOLDINGS FOUNDATION
Singapore Press Holdings Foundation (SPH Foundation) was incorporated in 2003

with a seed funding of $20 million from SPH. A registered charity and an Institution
of Public Character, it has committed to build a community that embraces language
enrichment, creativity, diversity, healthy living and sports.
Arts SPH Foundation also contributed to the PCF Assist programme,

Since its launch in April 2011, the SPH Foundation Arts which was started by the PAP Community Foundation in 2011
Fund has supported many arts productions, giving the to help needy students in the post secondary education
underprivileged the opportunity to enjoy and appreciate institutions with their schooling expenses.
the arts. Tickets to these productions were purchased
for beneficiaries from charitable organisations like HELP The SPH Foundation Media in Transition: Social & Economic
Family Service Centre, Dyslexia Association of Singapore Impact lecture was held at the SPH News Centre on
and YMCA Singapore. 27 February. The guest speaker was Mr Fernando Samaniego,
the Chief Executive Officer of International New Media
SPH Foundation is also the Company Sponsor of the Singapore Consulting. As a multicultural intrapreneur, he has worked
Repertory Theatres The Little Company, which produces with organisations across the globe in all areas of the media,
quality plays for children up to 12 years old. The plays including newspapers, magazines, television, radio, mobile,
feature professional full-time actors and serve as excellent Internet, news, classified, and portals. The Media in Transition
opportunities for family bonding while teaching the children Lecture Series was started by SPH Foundation in 2007 to
values such as caring and sharing. focus on the media transition and its social and economic
impact.
Charity
SPH Foundation donated $200,000 to 20 charities serving For the third consecutive year, SPH Foundation was the
needy children and youths, as part of the annual SPH and SPH Presenting Sponsor of The Straits Times - MOE National
Foundation charity cheque presentation at River Safari last Current Affairs Quiz. The quiz is aimed to encourage post-
year. Charities that benefitted from the donations included secondary students to develop the habit of reading news
Association for Persons with Special Needs (APSN), Handicaps publications, as well as promote an interest in, and improve
Welfare Association (HWA), The Singapore Association their knowledge of, current affairs.
for the Deaf (SADeaf) and Singapore Association of the
Visually Handicapped (SAVH). SPH Foundation also donated SPH Foundation was the sponsor of Shop For Your School,
to other charitable organisations throughout the year. a campaign that rewards best proposals by students to make a
difference to their school, peers or community. The campaign
Education was organised by Little Red Dot, a student publication by
SPH Foundation gave out the Lim Kim San Memorial The Straits Times. A total of 125 applications were received
Scholarships to ten deserving students from modest from a range of primary schools, including some special
backgrounds to fund their studies at local universities. needs schools.
Since its inception, 63 bond-free scholarships have
been given out. The scholarships, originally awarded The seventh edition of VOX! (Visual, Originality, X-factor)
to full-time language students, were extended to local New Media workshop, sponsored by SPH Foundation and
undergraduates reading humanities last year, to mark SPH co-organised by omy.sg and Ngee Ann Polytechnic, provided
Foundations 10th anniversary. secondary school students with an introduction to news
reporting and a taste of online news production.
SPH Foundation also sponsored a five-day workshop

organised by the Wee Kim Wee School of Communications
and Information. The workshop was designed to introduce
junior college students to Chinese language journalism on
multiple platforms including print, broadcast and new media.
Nature and Conservation

As part of its nature and conservation efforts, SPH Foundation
has extended its adoption of the Amazon Flooded Forest at the
River Safari. The exhibit was officially launched by Chairman
Dr Lee Boon Yang last year as SPH Foundations anniversary SPH Foundation, together with the Singapore Disability
gift to Singapore. SPH Foundation also continued with its Sports Council (SDSC), hosted the fourth edition of the
sponsorship of Inuka the polar bear, the SPH Foundation SPH Foundation National Para-Swimming Championships on
Conservation Centre at the Singapore Zoo and the High 10 May at Toa Payoh Swimming Complex. The championships
Flyers Show at Jurong Bird Park. is aimed at creating opportunities for persons with disabilities
to swim at a competitive level. Over 100 para-athletes from
SPH Foundation also sponsored the Special Projects to 18 special schools, associations and clubs took part in this
Understand Nature (SUN) Club, a programme that brings one-day event. Outstanding swimmers were selected to
tailor-made nature appreciation projects to students with represent Singapore in prestigious competitions.
special needs. More than 500 students benefitted from the
customised nature trips in 2013.
Sports
To promote an active lifestyle amongst primary school
students, SPH Foundation sponsored the third edition of
the SPH Foundation National Primary Schools Tchoukball
Championships. To cater to the increase in popularity of
the sport, a zonal competition was introduced for the first
time this year, with a total of 39 teams taking part in the
Senior Division (for Primary 6 students) segment. It was held
at Junyuan Primary School on 23 May. The Junior Division
(for Primary 4 and 5 students) segment will take place
in November.
FINANCIAL
CONTENTS
Directors Report 101

Statement by Directors 106
Independent Auditors Report 107
Balance Sheets 109
Consolidated Income Statement 110
Consolidated Statement of Comprehensive Income 111
Consolidated Statement of Changes in Total Equity 112
Consolidated Statement of Cash Flows 114
Notes to the Financial Statements 116
Operating Companies of the Group 192
Overseas Bureaus 195
Properties of the Group 198
Options and Awards 199
Shareholding Statistics 200
Notice of Annual General Meeting 202
Proxy Form
DIRECTORS
REPORT
The Directors present their report to the members together with the audited financial statements of Singapore Press Holdings
Limited and its subsidiaries (the Group) for the financial year ended August 31, 2014 and the balance sheet of Singapore
Press Holdings Limited (the Company) as at August 31, 2014.
DIRECTORS
1. The Directors of the Company in office at the date of this report* are:
Lee Boon Yang

Cham Tao Soon
Chan Heng Loon Alan
Bahren Shaari
Chong Siak Ching
Ng Ser Miang
Quek See Tiat
Sum Soon Lim
Tan Chin Hwee (appointed on March 1, 2014)
Tan Yen Yen
Lucien Wong Yuen Kuai

* Mr Willie Cheng Jue Hiang stepped down as a Director on November 29, 2013.
Ms Janet Ang Guat Har will be appointed as a Director on October 17, 2014.
ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE BENEFITS
2. Neither during nor at the end of the current 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 and Performance
Shares in the Company in the Directors Report.
DIRECTORS INTERESTS IN SHARES
3. The Directors holding office as at August 31, 2014 who had interests in shares and options in the Company and its
subsidiaries as recorded in the register of Directors shareholdings were as follows:
Direct Interests Deemed Interests

Sept 1, Aug 31, Sept 21, Sept 1, Aug 31, Sept 21,
2013* 2014 2014 2013* 2014 2014
The Company
Management Shares
Lee Boon Yang 4 4 4
Cham Tao Soon 4 4 4
Chan Heng Loon Alan 8 8 8
Bahren Shaari 4 4 4
Chong Siak Ching 4 4 4
Ng Ser Miang 4 4 4
Quek See Tiat 4 4 4
Sum Soon Lim 4 4 4
Tan Chin Hwee 4 4 4
Tan Yen Yen 4 4 4
Lucien Wong Yuen Kuai 4 4 4
DIRECTORS
REPORT
DIRECTORS INTERESTS IN SHARES (CONTD)

2013* 2014 2014 2013* 2014 2014
Ordinary Shares
Cham Tao Soon 20,000 20,000 20,000 10,183 10,183 10,183
Chan Heng Loon Alan 761,550 934,650 934,650
Quek See Tiat 47,000 47,000 47,000
Lucien Wong Yuen Kuai 20,000 20,000 20,000
Options for Ordinary Shares

Chan Heng Loon Alan 1,175,000 1,175,000 1,175,000
Conditional Award of Performance Shares**

Chan Heng Loon Alan
68,334# shares to be Up to Up to Up to
vested in January 2014 91,400## ^^ ^^
vested in January 2014 232,500## ^^ ^^
vested in January 2015 106,801## 92,400## 92,400##
vested in January 2017 38,399 76,800 76,800##
## ##

200,000# shares to be Up to Up to
vested in January 2017 300,000## 300,000##
26,666# shares to be Up to Up to
vested in January 2018 38,399## 38,399##
DIRECTORS
REPORT
DIRECTORS INTERESTS IN SHARES (CONTD)

2013* 2014 2014 2013* 2014 2014
Subsidiary
SPH REIT
Units
Lee Boon Yang 300,000 300,000 300,000
Chan Heng Loon Alan 200,000 200,000 200,000
* Or date of appointment, if later.

** Represents performance shares granted from FY 2010 to FY 2014.
#
The number of shares represents the shares required if awarded at 100% of the grant.
##
The shares awarded at the vesting date could range from 0% to 150% depending on the level of achievement against the pre-set performance conditions.
^^ During the financial year, 173,100 shares were vested and awarded to Mr Chan Heng Loon Alan.
Detailed information regarding Directors shareholdings can be obtained in accordance with Sections 164(8) and (9)
of the Companies Act, Chapter 50.
DIRECTORS CONTRACTUAL BENEFITS
4. Since the end of the previous financial year, no Director has received or become entitled to receive a benefit by reason
of a contract made by the Company or a related corporation with the Director or with a firm of which he is a member
or with a company in which he has a substantial financial interest, except as disclosed in the Directors Report and
financial statements.
SHARE OPTIONS IN THE COMPANY
Singapore Press Holdings Group (1999) Share Option Scheme (1999 Scheme)
5. (a) The 1999 Scheme was approved by shareholders at an Extraordinary General Meeting held on July 16, 1999
and is administered by the Remuneration Committee (the Committee). At another Extraordinary General
Meeting held on December 5, 2006, the shareholders approved the adoption of the SPH Performance Share
Plan and the 1999 Scheme was terminated with regard to the grant of further options. Options granted and
outstanding prior to the termination will continue to be valid and be subject to the terms and conditions of
the 1999 Scheme.
(b) Details of options granted previously have been disclosed in the Directors Reports for the respective years.
(c) The aggregate number of options granted since the commencement of the 1999 Scheme on July 16, 1999 to
December 5, 2006 is 103,090,950 options to subscribe for ordinary shares.
6. The unissued ordinary shares of the Company under option at the end of the current financial year pursuant to the
1999 Scheme are set out in Note 4 to the financial statements.
DIRECTORS
REPORT
PERFORMANCE SHARES IN THE COMPANY
SPH Performance Share Plan (the Plan)
7. (a) The Plan of the Company was approved by shareholders at an Extraordinary General Meeting held on December
5, 2006 and is administered by the Committee.
(b) Persons eligible to participate in the Plan are selected Group Employees of such rank and service period as
the Committee may determine, and other participants selected by the Committee.
(c) Awards initially granted under the Plan are conditional and will be principally performance-based with
performance conditions to be set over a multi-year performance period. Performance conditions are intended
to be based on medium- to longer-term corporate objectives and include both market and non-market
conditions. Market conditions include Absolute Total Shareholder Return versus cost of equity and Relative
Total Shareholder Return against ST All-Share Index. Non-market conditions include Newspaper Business Free
Cash Flow, market competitiveness, quality of returns including sales, efficiency, productivity and profit, and
business and productivity growth.
(d) The Plan contemplates the award of fully-priced shares, their equivalent cash value or combinations thereof, free
of charge, provided that certain prescribed performance conditions are met and upon expiry of the prescribed
vesting periods.
(e) Senior management are required to hold a minimum number of shares under the share ownership guideline
which requires them to maintain a beneficial ownership stake in the Company, thus further aligning their
interests with shareholders.
8. During the financial year, 1,954,145 performance shares were granted subject to the terms and conditions of the Plan
as follows:
No. of Performance
Category No. of Persons Shares Granted
Executive Director 1 280,0001
Employee 182 1,674,1452
183 1,954,145
1 80,000 granted with non-market conditions, and 200,000 granted with both market and non-market conditions.
2 1,080,645 granted with non-market conditions, and 593,500 granted with both market and non-market conditions.
The aggregate number of performance shares granted since the commencement of the Plan on December 5, 2006 to
August 31, 2014 is 17,125,795 performance shares.
The above number of shares represents the shares required if participants are awarded at 100% of the grant. However,
the shares awarded at the vesting date could range from 0% to 150%, depending on the level of achievement against
the pre-set performance conditions.
DIRECTORS
REPORT
AUDIT COMMITTEE
9. The Audit Committee carried out its functions in accordance with Section 201B(5) of the Companies Act, Chapter 50,
and the Listing Manual of the Singapore Exchange Securities Trading Limited.
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 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; reviewing the independence, objectivity and cost effectiveness of the
external auditors and the nature and extent of non-audit services supplied by them; reviewing the assistance given
by the Companys Management to the internal and external auditors; and overseeing any internal investigation into
cases of fraud and irregularities.
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.
AUDITORS
10. The auditors, KPMG LLP, have indicated their willingness to accept re-appointment.
On behalf of the Directors

Lee Boon Yang Chan Heng Loon Alan
Chairman Director
Singapore,
October 15, 2014
STATEMENT
BY DIRECTORS
In the opinion of the Directors,
(a) the balance sheet of the Company and the consolidated financial statements of the Group for the financial year ended
August 31, 2014, as set out on pages 109 to 191, are drawn up so as to give a true and fair view of:
(i) the results of the business, changes in equity and cash flows of the Group;
(ii) the state of affairs of the Group and of the Company; and
(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

Lee Boon Yang Chan Heng Loon Alan
Chairman Director
Singapore,
October 15, 2014
INDEPENDENT
AUDITORS REPORT
to the members of Singapore Press Holdings Limited
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Singapore Press Holdings Limited (the Company) and its subsidiaries
(the Group), which comprise the balance sheets of the Group and the Company as at August 31, 2014, the income statement,
statement of comprehensive income, statement of changes in total equity and statement of cash flows of the Group for the
year then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages
109 to 191.
Managements responsibility for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with
the provisions of the Singapore Companies Act, Chapter 50 (the Act) and Singapore Financial Reporting Standards, and for
devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets
are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are
recorded as necessary to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain
accountability of assets.
Auditors responsibility
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 comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entitys preparation of financial statements that give a true and fair view in order
to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entitys internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
INDEPENDENT
AUDITORS REPORT
to the members of Singapore Press Holdings Limited
Opinion
In our opinion, the consolidated financial statements of the Group and the balance sheet of the Company are properly drawn
up in accordance with the provisions of the Act and Singapore Financial Reporting Standards to give a true and fair view of
the state of affairs of the Group and of the Company as at August 31, 2014 and the results, changes in equity and cash flows
of the Group for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In our opinion, 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.
KPMG LLP
Public Accountants and
Chartered Accountants
Singapore,
October 15, 2014
BALANCE SHEETS
as at August 31, 2014
Group Company
Aug 31, Aug 31, Aug 31, Aug 31,
2014 2013 2014 2013
Note S$'000 S$'000 S$'000 S$'000
CAPITAL EMPLOYED
Share capital 4 522,809 522,114 522,809 522,114
Treasury shares 4 (3,046) (6,269) (3,046) (6,269)
Reserves 5 526,409 428,706 59,884 72,953
Retained profits 2,640,923 2,591,929 614,378 384,821
Shareholders interests 3,687,095 3,536,480 1,194,025 973,619
Total equity 4,396,183 4,215,706 1,194,025 973,619
EMPLOYMENT OF CAPITAL
Non-current assets
Property, plant and equipment 8 285,562 331,778 166,318 200,744
Investment properties 9 3,860,451 3,672,565
Investments in subsidiaries 10 411,805 411,805
Investments in associates 11 78,353 55,857 31,160 31,160
Investments in jointly-controlled entities 12 6,688 6,391
Trade and other receivables 16(a) 3,672 2,987 232,238 231,231
Long-term investments 13 603,266 482,050 42,998 54,098
Intangible assets 14 173,152 171,357 34,219 36,230
5,011,144 4,722,985 918,738 965,268
Current assets
Inventories 15 23,947 23,890 22,215 22,489
Trade and other receivables 16(b) 144,443 147,774 1,566,378 949,023
Short-term investments 17 1,028,026 981,531 207,536 579,936
Derivative financial instruments 18 899 273 3
Asset classified as held for sale 19 31,503
Cash and cash equivalents 20(a) 442,937 465,398 189,271 75,362
1,640,252 1,650,369 1,985,403 1,626,810
Total assets 6,651,396 6,373,354 2,904,141 2,592,078
Non-current liabilities
Trade and other payables 21(a) 34,875 34,026
Deferred income tax liabilities 6(a) 46,901 41,318 25,308 29,776
Borrowings 7 879,107 1,738,222 828,921
Derivative financial instruments 18 8,757 1,352 372
969,640 1,814,918 25,308 859,069
Current liabilities
Trade and other payables 21(b) 298,046 268,969 819,334 717,387
Current income tax liabilities 60,502 69,613 35,689 42,003
Borrowings 7 926,369 2,721 829,482
Derivative financial instruments 18 656 1,427 303
1,285,573 342,730 1,684,808 759,390
Total liabilities 2,255,213 2,157,648 1,710,116 1,618,459
Net assets 4,396,183 4,215,706 1,194,025 973,619
The accompanying notes form an integral part of these financial statements.

CONSOLIDATED
INCOME STATEMENT
Group
2014 2013
Note S$'000 S$'000
Operating revenue 23
Newspaper and Magazine 931,686 991,220
Property 204,985 198,139
Others 78,513 50,093
1,215,184 1,239,452
Other operating income 15,891 18,240
1,231,075 1,257,692
Materials, production and distribution costs (199,394) (208,222)

Staff costs 24 (374,519) (349,643)
Premises costs (64,899) (63,285)
Depreciation 8 (54,332) (58,117)
Other operating expenses 25 (153,902) (177,212)
Finance costs 26 (35,066) (31,925)
Operating profit # 348,963 369,288
Fair value change on investment properties 109,076 111,407
Net income from investments 27 48,215 13,971
Share of net loss of associates and jointly-controlled entities (30,726) (5,567)
Gain on partial divestment of a jointly-controlled entity 52,863
Profit before taxation 528,391 489,099
Taxation 6(b) (57,655) (54,797)
Profit after taxation 470,736 434,302
Attributable to:
Shareholders of the Company 404,286 430,954
470,736 434,302
Earnings per share (S$) 29

Basic 0.25 0.27
Diluted 0.25 0.27

#
This represents the recurring earnings of the media, property and other businesses.
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Group
2014 2013
Note S$'000 S$'000
Profit after taxation 470,736 434,302

Other comprehensive income, net of tax
Items that may be re-classified subsequently to profit or loss

Cash flow hedges
- net fair value changes (14,317) 1,008
- transferred to income statement 6,597 4,137
Net fair value changes on available-for-sale financial assets 5(d)
- net fair value changes 109,211 85,906
- transferred to income statement (5,353) 11,349
Currency translation difference
- arising from consolidation of financial statements of foreign subsidiaries,
associates and jointly-controlled entities (1,823) 2,642
94,315 105,042

Total comprehensive income 565,051 539,344
Attributable to:
Shareholders of the Company 501,206 536,064
565,051 539,344

CONSOLIDATED STATEMENT OF
CHANGES IN TOTAL EQUITY
Share Treasury Capital

Capital Shares Reserve
Note S$000 S$000 S$000
Balance as at September 1, 2013 522,114 (6,269) (13,858)
Total comprehensive income for the year
Transactions with owners, recognised directly in equity
Contributions by and distributions to owners
Share-based compensation 5(b)
Issue of shares 4 and 5(b) 695
Reversal of listing expenses of a subsidiary 5(a) 3,183
Treasury shares re-issued 4 and 5(b) 7,225
Share buy-back held as treasury shares 4 (4,002)
Lapse of share options 5(b)
Dividends 28
Changes in ownership interests in subsidiaries
without a change in control
Acquisition of additional interests in subsidiaries
Dilution of interests in a subsidiary
Balance as at August 31, 2014 522,809 (3,046) (10,675)
Balance as at September 1, 2012 502,992 (2,190) 2,005

Total comprehensive income for the year
Reclassification of capital reserve (2,005)
Transactions with owners, recognised directly in equity
Contributions by and distributions to owners
Share-based compensation 5(b)
Issue of shares 4 and 5(b) 19,122
Capitalisation of listing expenses of a subsidiary 5(a) (13,858)
Treasury shares re-issued 4 and 5(b) 8,235
Share buy-back held as treasury shares 4 (12,314)
Lapse of share options 5(b)
Dividends 28
Changes in ownership interests in subsidiaries
without a change in control
Acquisition of additional interests in subsidiaries
Capital contribution by non-controlling interests
Balance as at August 31, 2013 522,114 (6,269) (13,858)

Attributable to Shareholders of the Company

Share-based Fair Currency Non-
Compensation Hedging Value Translation Retained controlling Total
Reserve Reserve Reserve Reserve Profits Total Interests Equity
S$000 S$000 S$000 S$000 S$000 S$000 S$000 S$000
21,544 (1,289) 421,966 343 2,591,929 3,536,480 679,226 4,215,706
(5,097) 103,858 (1,841) 404,286 501,206 63,845 565,051
5,011 5,011 5,011

(85) 610 610
3,183 589 3,772
(6,548) (420) 257 257
(4,002) (4,002)
(778) 778
(355,444) (355,444) (34,528) (389,972)
67 67 (317) (250)
(273) (273) 273
19,144 (6,386) 525,824 (1,498) 2,640,923 3,687,095 709,088 4,396,183
24,409 (6,434) 324,711 (2,367) 2,837,034 3,680,160 73,016 3,753,176

5,145 97,255 2,710 430,954 536,064 3,280 539,344
2,005
6,795 6,795 6,795

(1,755) 17,367 17,367
(13,858) (6,262) (20,120)
(7,464) (373) 398 398
(12,314) (12,314)
(441) 441
(678,230) (678,230) (12) (678,242)
98 98 (4,298) (4,200)
613,502 613,502
21,544 (1,289) 421,966 343 2,591,929 3,536,480 679,226 4,215,706
CONSOLIDATED
STATEMENT OF CASH FLOWS
Group
2014 2013
Note S$'000 S$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments for:
Depreciation 54,332 58,117
Impairment/(Write-back of impairment) of property, plant and equipment 9,798 (1,499)
Net loss/(profit) on disposal of property, plant and equipment 618 (395)
Fair value change on investment properties (109,076) (111,407)
Share of net loss of associates and jointly-controlled entities 30,726 5,567
Allowance for impairment of associates 4,582
Gain on disposal of an associate (7)
Write-back of impairment of loan to an associate (388)
Gain on partial divestment of a jointly-controlled entity (52,863)
Net income from investments (48,215) (13,971)
Amortisation of intangible assets 9,614 8,089
Impairment of goodwill 11,816
Impairment of intangible assets 3,786
Finance costs 35,066 31,925
Reversal of fair value gain on loans from non-controlling interests 3,900
Share-based compensation expense 4,976 6,766
Other non-cash items 3,079 2,480
Operating cash flow before working capital changes 466,051 498,855
Changes in operating assets and liabilities, net of effects from

acquisition and disposal of subsidiaries and business:
Inventories (57) 3,189
Trade and other receivables, current 2,777 37,242
Trade and other payables, current 1,391 (20,953)
Trade and other receivables, non-current (685) (392)
Trade and other payables, non-current 849 1,073
Currency translation difference (498) 1,003
469,828 520,017
Income tax paid (65,925) (75,628)
Dividends paid (355,444) (678,230)
Dividends paid (net) by subsidiaries to non-controlling interests (34,528) (12)
Net cash from/(used in) operating activities 13,931 (233,853)

CONSOLIDATED
STATEMENT OF CASH FLOWS
Group
2014 2013
Note S$'000 S$'000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (18,924) (25,939)
Purchase of intangible assets (4)
Proceeds from disposal of property, plant and equipment 228 1,077
Additions to investment properties (66,247) (41,051)
Acquisition of a subsidiary (net of cash acquired) 20(b) (49,815)
Acquisition of additional interest in subsidiaries (200) (4,200)
Acquisition of businesses by subsidiaries 20(c) (10,531) (2,369)
Acquisition of interests in associates (21,275) (1,810)
Dividends received from associates 2,873 1,958
Proceeds from capital distributions of associates 92 6,000
Proceeds from disposal of associates 31,903
Proceeds from partial divestment of interest in a jointly-controlled entity 16,856
Additional consideration paid on interest in a jointly-controlled entity (14,080)
Decrease in amounts owing by associates/jointly-controlled entities 1,063 742
Increase/(Decrease) in amounts owing to jointly-controlled entities 21,000 (10,205)
Purchase of long-term investments (48,583) (10,474)
Proceeds from disposal of long-term investments 13,605 132
Purchase of short-term investments (772,333) (914,249)
Proceeds from redemption/disposal of short-term investments 751,991 335,279
Dividends received 33,284 25,213
Interest received 8,169 5,290
Other investment income 643 (303)
Net cash used in investing activities (56,386) (698,808)
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from bank loans (net of transaction costs) 62,427 869,547
Repayment of bank loans (800) (300,498)
Repayment of loans from non-controlling interests (351) (61,710)
Interest paid (37,890) (31,129)
Proceeds from issuance of shares by the Company 610 17,367
Proceeds from issuance of units by a subsidiary
to non-controlling interests (net of transaction costs) 544,337
Share buy-back (4,002) (12,314)
Net cash from financing activities 19,994 1,025,600
Net (decrease)/increase in cash and cash equivalents (22,461) 92,939

Cash and cash equivalents at beginning of financial year 465,398 372,459
Cash and cash equivalents at end of financial year 20(a) 442,937 465,398

NOTES TO THE
FINANCIAL STATEMENTS
August 31, 2014
These notes form an integral part of and should be read in conjunction with the financial statements.
1. GENERAL INFORMATION
The Company is incorporated and domiciled in Singapore. The address of its registered office is 1000 Toa Payoh North,
News Centre, Singapore 318994.
The Company is listed on the Singapore Exchange Securities Trading Limited.
The principal activities of the Group consist of:
(a) publishing, printing and distributing newspapers,

(b) publishing and distributing magazines,
(c) providing multimedia content and services,
(d) holding investments,
(e) holding, managing and developing properties,
(f) providing outdoor advertising services,
(g) providing radio broadcasting services,
(h) providing online classified services,
(i) organising events, exhibitions, conventions and conferences,
(j) publishing and distributing books,
(k) providing online investor relations services, and
(l) developing applications and operating a financial portal.
The principal activities of the Company consist of:
(a) publishing, printing and distributing newspapers,

(b) distributing magazines and books,
(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) Basis of preparation
The financial statements have been prepared in accordance with Singapore Financial Reporting Standards
(FRS) under the historical cost convention except as disclosed in the accounting policies below.
The preparation of financial statements in conformity with FRS requires management to exercise its judgement
in the process of applying the Groups accounting policies. It also requires the use of certain critical accounting
estimates and assumptions. Areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the financial statements, are disclosed in Note 3.
The Group has adopted the new or revised FRS and Interpretations to FRS (INT FRS) that became effective in
the current financial year.
NOTES TO THE
August 31, 2014
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD)
(a) Basis of preparation (contd)
The key change to FRS adopted by the Group is as follows:
FRS 113 Fair Value Measurement
FRS 113 establishes a single framework for measuring fair value and making disclosures about fair value
measurements, when such measurements are required or permitted by other FRSs. In particular, it unifies
the definition of fair value as the price at which an orderly transaction to sell an asset or to transfer a
liability would take place between market participants at the measurement date. It also replaces and
expands the disclosure requirements about the fair value measurements in other FRSs, including FRS
107 Financial Instruments: Disclosures.
From September 1, 2013, in accordance with the transitional provisions of FRS 113, the Group has
applied the new fair value measurement guidance prospectively, and has not provided any comparative
information for new disclosures. Notwithstanding the above, the change had no significant impact on
the measurements of the Groups assets and liabilities. The additional disclosure necessary as a result
of the adoption of this standard has been included in Note 31.
The adoption of other new or revised FRS and INT FRS has not resulted in any substantial changes to the Groups
accounting policies nor has any significant impact on these financial statements.
The accounting policies set out below have been applied consistently to all periods presented in these financial
statements, and have been applied consistently by Group entities.
(b) Group accounting
(i) Subsidiaries
Consolidation

The consolidated financial statements include the financial statements of the Company and its
subsidiaries made up to the end of the financial year.
Subsidiaries are entities over which the Group has power to govern the financial and operating policies,
generally accompanied by a shareholding of more than one half of the voting rights. Subsidiaries are
consolidated from the date on which control is transferred to the Group. They are de-consolidated from
the date on which control ceases.

In preparing the consolidated financial statements, transactions, balances and unrealised gains on
transactions between group entities are eliminated. Unrealised losses are also eliminated but are
considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have
been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests are that part of net results of operations and of net assets of a subsidiary
attributable to interests which are not owned directly or indirectly by the Company. They are shown
separately in the consolidated income statement, statement of comprehensive income, statement
of changes in total equity and balance sheet. Total comprehensive income is attributed to the non-
controlling interests based on their respective interests in a subsidiary, even if this results in the non-
controlling interests having a deficit balance.
NOTES TO THE
August 31, 2014
(b) Group accounting (contd)
(i) Subsidiaries (contd)
Acquisitions
The acquisition method of accounting is used to account for business combinations by the Group.
The consideration transferred for the acquisition of a subsidiary comprises the fair value of the assets
transferred, the liabilities incurred and the equity interests issued by the Group. The consideration
transferred also includes the fair value of any contingent consideration arrangement and the fair value
of any pre-existing equity interest in the subsidiary.
Acquisition-related costs are expensed as incurred.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination
are, with limited exceptions, measured initially at their fair values at the acquisition date.
On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree
at the date of acquisition either at fair value or at the non-controlling interests proportionate share of
the acquirees net identifiable assets.
Please refer to Note 2(l)(i) for the accounting policy on goodwill arising from business combination.

Disposals
When the Group ceases to have control, the assets and liabilities of the subsidiary including any goodwill
are derecognised. Any amounts previously recognised in other comprehensive income in respect of that
entity are transferred to the income statement or transferred directly to retained earnings if required
by a specific standard.
Any retained interest in the entity is remeasured at fair value. The difference between the carrying
amount of the retained interest at the date when control is lost and its fair value is recognised in the
income statement.
Transactions with non-controlling interests

Changes in the Groups ownership interest in a subsidiary that do not result in a loss of control over the
subsidiary are accounted for as transactions with shareholders of the company. Any difference between
the change in the carrying amounts of the non-controlling interest and the fair value of the consideration
paid or received is recognised in retained profits within equity attributable to the shareholders of the
company.
NOTES TO THE
August 31, 2014
(b) Group accounting (contd)
(ii) Associates/Jointly-controlled entities
Associates are entities over which the Group has significant influence, but not control, and generally
accompanied by a shareholding giving rise to between and including 20% and 50% of voting rights.
Where the voting rights are less than 20%, the presumption that the entity is not an associate is overcome
if the Group has significant influence including representation on the board of directors or participation
in policy-making process of the investee.

Jointly-controlled entities are entities over which the Group has contractual arrangements to jointly
share the control over the economic activity of the entities with one or more parties.
The Groups investments in associates/jointly-controlled entities are accounted for in the consolidated
financial statements using the equity method of accounting less impairment losses. Investments in
associates/jointly-controlled entities are initially recognised at cost. The cost of an acquisition is
measured at the fair value of the assets given, equity instruments issued or liabilities incurred or
assumed at the date of exchange, plus costs directly attributable to the acquisition.
In applying the equity method of accounting, the Groups share of the post-acquisition results of
associates/jointly-controlled entities is included in its consolidated income statement. The Groups share
of the post-acquisition other comprehensive income is recognised in other comprehensive income. These
post-acquisition movements and distributions received from the associates/jointly-controlled entities
are adjusted against the carrying amount of the investments in the consolidated balance sheet. When
the Groups share of losses in an associate/a jointly-controlled entity equals or exceeds its interest in
the associate/jointly-controlled entity, including any unsecured non-current receivables, the Group does
not recognise further losses, unless it has obligations or has made payments on behalf of the associate/
jointly-controlled entity.

Adjustments are made to the financial statements of associates/jointly-controlled entities, where
necessary, to ensure consistency of accounting policies with those of the Group.
Unrealised gains on transactions between the Group and its associates/jointly-controlled entities
are eliminated to the extent of the Groups investments in the associates/jointly-controlled entities.
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the
asset transferred.
The investment in the associate/jointly-controlled entity is derecognised when the Group ceases to
have significant influence or joint control respectively. Any amounts previously recognised in other
comprehensive income in respect of that entity are transferred to the income statement. Any retained
interest in the entity is remeasured at its fair value. The difference between the carrying amount of
the retained interest at the date when significant influence or joint control is lost and its fair value is
recognised in the income statement.
If the ownership interest in an associate/jointly-controlled entity is reduced but significant influence

or joint control is retained, only a proportionate share of the amounts previously recognised in other
comprehensive income are transferred to income statement where appropriate. Gains or losses arising
from such transactions are recognised in the income statement.
NOTES TO THE
August 31, 2014
(c) Currency translation
(i) Functional and presentation currency
Items included in the financial statements of each entity in the Group are measured using the currency
of the primary economic environment in which the entity operates (functional currency). The financial
statements are presented in Singapore Dollars (presentation currency), which is also the Companys
functional currency. All financial information presented in Singapore Dollars have been rounded to the
nearest thousand, unless otherwise stated.

(ii) Transactions and balances
Transactions in a currency other than the functional currency (foreign currency) are translated into
the functional currency using the exchange rates prevailing at the dates of the transactions. Currency
translation gains and losses resulting from the settlement of such transactions and from the translation
of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance
sheet date are taken to the income statement.
Currency translation differences on non-monetary items which are equity investments held at fair
value through profit or loss are reported as part of the fair value gain or loss in the income statement.
Currency translation differences on non-monetary items which are equity investments classified as
available-for-sale financial assets are included in other comprehensive income.
Non-monetary items measured at fair values in foreign currencies are translated using the exchange
rates at the date when the fair values are determined.
(iii) Translation of Group entities financial statements
The results and financial position of all the Group entities (none of which has the currency of a
hyperinflationary economy) that have a functional currency different from the presentation currency
are translated into the presentation currency as follows:
Assets and liabilities are translated at the closing exchange rates at the date of the balance sheet;
Income and expenses are translated at average exchange rates; and
All resulting exchange differences are taken to other comprehensive income and transferred to
the income statement upon the disposal of the foreign operation as part of the gain or loss on
disposal.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity on or after September
1, 2005 are treated as assets and liabilities of the foreign entity and translated at the closing rates at
the date of balance sheet. For acquisitions prior to September 1, 2005, the exchange rates at the dates
of acquisition are used.
NOTES TO THE
August 31, 2014

(d) Impairment of non-financial assets

(i) Goodwill
Goodwill recognised separately as an intangible asset is tested annually for impairment, as well as when
there is any indication that the goodwill may be impaired. Goodwill included in the carrying amount of
an investment in an associate/jointly-controlled entity is tested for impairment as part of the investment,
rather than separately, where there is objective evidence that the investment may be impaired.
For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Groups cash-
generating-units (CGU) expected to benefit from synergies arising from the business combination.
An impairment loss is recognised when the carrying amount of the CGU, including the goodwill, exceeds
the recoverable amount of the CGU. Recoverable amount of the CGU is the higher of the CGUs fair value
less cost to sell and value-in-use.
The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated
to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each
asset in the CGU.
An impairment loss on goodwill is recognised in the income statement and is not reversed in a subsequent
period.
(ii) Other intangible assets

Property, plant and equipment
Investments in subsidiaries, associates and jointly-controlled entities
Other intangible assets, property, plant and equipment and investments in subsidiaries, associates
and jointly-controlled entities are tested for impairment whenever there is any objective evidence or
indication that these assets may be impaired.

For the purpose of impairment testing, recoverable amount (i.e. the higher of the fair value less cost
to sell and value-in-use) is determined on an individual asset basis unless the asset does not generate
cash inflows that are largely independent of those from other assets. If this is the case, the recoverable
amount is determined for the CGU to which the asset belongs.
If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the
carrying amount of the asset (or CGU) is reduced to its recoverable amount.
The difference between the carrying amount and recoverable amount is recognised as an impairment
loss in the income statement.
An impairment loss for an asset other than goodwill is reversed if, and only if, there has been a change
in the estimates used to determine the assets recoverable amount since the last impairment loss was
recognised. The carrying amount of this asset is increased to its revised recoverable amount, provided
that this amount does not exceed the carrying amount that would have been determined (net of any
accumulated amortisation or depreciation) had no impairment loss been recognised for the asset in
prior years. A reversal of impairment loss for an asset other than goodwill is recognised in the income
statement.
NOTES TO THE
August 31, 2014

(e) Property, plant and equipment
(i) Measurement

Property, plant and equipment are initially recognised at cost and subsequently carried at cost less
accumulated depreciation and accumulated impairment losses. The cost of an item of property, plant
and equipment initially recognised includes its purchase price and any cost that is directly attributable
to bringing the asset to the location and condition necessary for it to be capable of operating in the
manner intended by management.
(ii) Depreciation
Depreciation is calculated using the straight-line method to allocate the depreciable amounts over the
expected useful lives of the assets. The estimated useful lives for this purpose are:
Leasehold land and buildings 30-50 years

Plant and equipment 1-20 years
Furniture and fittings 1-10 years
Motor vehicles 3-10 years
The residual values, estimated useful lives and depreciation method of property, plant and equipment
are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are
recognised in the income statement when the changes arise.
No depreciation is charged on capital work-in-progress.
(iii) Subsequent expenditure
Subsequent expenditure relating to property, plant and equipment that has already been recognised
is added to the carrying amount of the asset only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost of the item can be measured reliably. All
other repair and maintenance expenses are recognised in the income statement when incurred.
(iv) Disposal
On disposal of an item of property, plant and equipment, the difference between the net disposal
proceeds and its carrying amount is taken to the income statement.
(f) Investment properties
Investment properties comprise retail, office and residential buildings that are held for long-term rental yields.
Investment properties are initially recognised at cost and subsequently measured at fair value. Any gains or
losses arising from the changes in their fair values are taken to the income statement.
The cost of an investment property includes capitalisation of borrowing costs [Note 2(g)] for the purchase,
renovation and extension of the investment property 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.
Investment properties are subject to renovations or improvements at regular intervals. The cost of major
renovations and improvements is capitalised and the carrying amounts of the replaced components are
written-off to the income statement. The cost of maintenance, repairs and minor improvements is charged to
the income statement when incurred.
NOTES TO THE
August 31, 2014
(f) Investment properties (contd)

Properties that are being constructed or developed for future use as investment properties are classified as
investment properties.
Where the fair value of the investment property under construction or development cannot be reliably measured,
the property is measured at cost until the earlier of the date the construction is completed or the date at which
fair value becomes reliably measurable.
On disposal of an investment property, the difference between the net disposal proceeds and its carrying
amount is taken to the income statement.
(g) Borrowing costs
Borrowing costs are recognised in the income statement using the effective interest method except for those
costs that are directly attributable to borrowings acquired specifically for the construction or development of
properties. This includes those costs on borrowings acquired specially for the construction or development of
properties and assets under construction, as well as those in relation to general borrowings used to finance
the construction or development of properties and assets under construction.
The actual borrowing costs incurred during the period up to the issuance of the temporary occupation permit
less any investment income on temporary investment of these borrowings, are capitalised in the cost of the
property under development [Note 2(f)].
(h) Investments in subsidiaries, associates and jointly-controlled entities
Investments in subsidiaries, associates and jointly-controlled entities are included in the Companys balance
sheet at cost less accumulated impairment losses. On disposal of these investments, the difference between
disposal proceeds and the carrying amounts of the investments is recognised in the income statement.
(i) Financial assets
(i) Classification
The Group classifies its financial assets in the following categories: at fair value through profit or
loss, loans and receivables, held-to-maturity, and available-for-sale. The classification depends on the
nature of the assets and the purpose for which the assets were acquired. Management determines the
classification of its financial assets on initial recognition.
Financial assets at fair value through profit or loss
This category has two sub-categories: financial assets held for trading, and those designated at
fair value through profit or loss at inception. A financial asset is classified as held for trading if it
is acquired principally for the purpose of selling in the short term. Financial assets designated as
fair value through profit or loss at inception are those that are managed and their performances
are evaluated on a fair value basis, in accordance with a documented Group investment strategy.
Derivatives are also categorised as held for trading unless they are designated as hedges. Assets
in this category are presented as current assets if they are either held for trading or are expected
to be realised within 12 months after the balance sheet date. Financial assets designated at fair
value through profit or loss comprise securities that otherwise would have been classified as
available-for-sale.

NOTES TO THE
August 31, 2014

(i) Financial assets (contd)
(i) Classification (contd)
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market. They are presented as current assets, except for those
expected to be realised later than 12 months after the balance sheet date which are presented
as non-current assets. Loans and receivables comprise bank balances and fixed deposits and
trade and other receivables.
Held-to-maturity financial assets
Held-to-maturity financial assets are non-derivative financial assets with fixed or determinable
payments and fixed maturities for which the Group has the positive intention and ability to hold
to maturity. The Group has no held-to-maturity financial assets at balance sheet date.
Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives that are either designated in this category
or not classified in any of the other categories. They are presented as non-current assets unless
the investment matures or management intends to dispose of the assets within 12 months after
the balance sheet date. Available-for-sale financial assets comprise debt and equity securities.
(ii) Recognition and derecognition
Purchases and sales of financial assets are recognised on trade-date the date on which the Group
commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash
flows from the financial assets have expired or have been transferred and the Group has transferred
substantially all risks and rewards of ownership. On disposal of a financial asset, the difference between
the net sale proceeds and its carrying amount is recognised in the income statement. Any amount in
the fair value reserve relating to that asset is also transferred to the income statement.
Financial assets and liabilities are offset and the net amount presented in the balance sheet when, and
only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis
or to realise the asset and settle the liability simultaneously.
(iii)
Initial measurement
Financial assets are initially recognised at fair value plus transaction costs except for financial assets at
fair value through profit or loss, which are recognised at fair value. Transaction costs for financial assets
at fair value through profit or loss are recognised immediately in the income statement.
NOTES TO THE
August 31, 2014

(iv) Subsequent measurement
Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently
carried at fair value. Loans and receivables are subsequently carried at amortised cost using the effective
interest method less accumulated impairment losses.

Gains and losses arising from changes in the fair values of financial assets at fair value through profit
or loss, including the effects of currency translation, interest and dividends, are recognised in the
income statement in the period in which they arise. Changes in the fair value of monetary assets
denominated in foreign currencies and classified as available-for-sale are analysed into currency
translation differences resulting from changes in the amortised cost of the asset and other changes.
The currency translation differences are recognised in the income statement and other changes are
recognised in other comprehensive income. Changes in fair values of non-monetary assets that are
classified as available-for-sale are recognised in other comprehensive income, together with the related
currency translation differences.

Interest income on available-for-sale financial assets, calculated using the effective interest method, is
recognised in the income statement. Dividends on available-for-sale equity securities are recognised in
the income statement when the Groups right to receive payment is established. When financial assets
classified as available-for-sale are sold or impaired, the accumulated fair value adjustments recognised
in the fair value reserve within equity are included in the income statement.
(v) Impairment
The Group assesses at each balance sheet date whether there is objective evidence that a financial
asset or a group of financial assets is impaired and recognises an allowance for impairment when such
evidence exists.
Loans and receivables
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy
or financial reorganisation, and default or delinquency in payments are objective evidence that
these financial assets are impaired. The carrying amount of these assets is reduced through
the use of an impairment allowance account which is calculated as the difference between the
carrying amount and the present value of estimated future cash flows, discounted at the original
effective interest rate. The amount of the allowance for impairment is recognised in the income
statement. When the asset becomes uncollectible, it is written-off against the allowance account.
Subsequent recoveries of amounts previously written-off are recognised in the income statement.
The allowance for impairment loss account is reduced through the income statement in a
subsequent period when the amount of impairment loss decreases and the related decrease can
be objectively measured. The carrying amount of the asset previously impaired is increased to
the extent that the new carrying amount does not exceed the amortised cost, had no impairment
been recognised in prior periods.
NOTES TO THE
August 31, 2014

(v) Impairment (contd)
In the case of an equity security classified as available-for-sale, in addition to the objective

evidence of impairment described in loans and receivables, a significant or prolonged decline
in the fair value of the security below its cost is objective evidence that the security is impaired.
When there is objective evidence that an available-for-sale financial asset is impaired, the
cumulative loss that has been recognised directly in the fair value reserve is transferred from
the fair value reserve within equity and recognised in the income statement. The cumulative
loss is measured as the difference between the acquisition cost (net of any principal repayments
and amortisation) and the current fair value, less any impairment loss on that financial asset
previously recognised in income statement.
Impairment loss on debt instruments classified as available-for-sale financial assets is reversed

through the income statement. However, impairment losses with respect to equity instruments
classified as available-for-sale financial assets are not reversed through the income statement.
(j) Fair value estimation of financial assets and liabilities
The fair values of financial instruments traded in active markets (such as exchange-traded and over-the-counter
securities and derivatives) are based on quoted market prices at the balance sheet date. The quoted market
prices used for financial assets are the current bid prices; the appropriate quoted market prices for financial
liabilities are the current asking prices.
The fair values of financial instruments that are not traded in an active market are determined by using valuation
techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions
existing at each balance sheet date. Where appropriate, quoted market prices or dealer quotes for similar
instruments are used. Valuation techniques, such as discounted cash flow analysis, are also used to determine
the fair values of the financial instruments.
The fair values of currency forwards are determined using actively quoted forward exchange rates. The fair
values of interest rate swaps are calculated as the present value of the estimated future cash flows discounted
at actively quoted interest rates. The fair values of cross currency swaps are calculated as the present value
of the estimated future cash flows discounted at actively quoted interest and forward exchange rates.
NOTES TO THE
August 31, 2014

(k) Derivative financial instruments and hedging activities
Derivative financial instruments are used to manage exposure to foreign exchange and interest rate risks arising
from operating, financing and investing activities. Derivative financial instruments taken up directly by the
Group are not used for trading purposes.
A derivative financial instrument is initially recognised at its fair value on the date the derivative contract is
entered into and is subsequently carried at its fair value. The method of recognising the resulting gain or loss
depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item
being hedged.
The Group designates its derivatives for hedging purposes as either hedges of the fair value of recognised
assets or liabilities or a firm commitment (fair value hedge), or hedges of highly probable forecast transactions
(cash flow hedge). The Group has no fair value hedge at balance sheet date.
The Group documents at the inception of the transaction the relationship between hedging instruments
and hedged items, as well as its risk management objective and strategies for undertaking various hedge
transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of
whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair
values or cash flows of the hedged items.
The carrying amount of a derivative designated as a hedge is presented as a non-current asset or liability if
the remaining expected life of the hedged item is more than 12 months, and as a current asset or liability if
the remaining expected life of the hedged item is less than 12 months. The fair value of a trading derivative
is presented as a current asset or liability.
(i) Cash flow hedge
The Group has entered into interest rate swaps that are cash flow hedges for the Groups exposure to
interest rate risk on its borrowings. These contracts entitle the Group to receive interest at floating rates
on notional principal amounts and oblige the Group to pay interest at fixed rates on the same notional
principal amounts, thus allowing the Group to raise borrowings at floating rates and swap them into
fixed rates.
The fair value changes on the effective portion of these interest rate swaps are recognised in other
comprehensive income and transferred to the income statement in the periods when the interest expense
on the borrowings is recognised in the income statement. The gain or loss relating to the ineffective
portion is recognised immediately in the income statement.
(ii) Derivatives that do not qualify for hedge accounting
Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are
recognised immediately in the income statement.
NOTES TO THE
August 31, 2014
(l) Intangible assets
(i) Goodwill arising from business combination
Goodwill arising from business combination on or after September 1, 2009, is the excess of the
consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-
date fair value of any previous equity interest in the acquiree over the fair value of the identifiable
net assets and contingent liabilities acquired. If this is less than the fair value of the net assets of the
subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in income
statement.
Goodwill arising from business combination prior to September 1, 2009 and on acquisition of associates
and jointly-controlled entities represents the difference between the fair value of the consideration
transferred and the fair value of the Groups share of identifiable net assets acquired at the date of
acquisition.
Goodwill arising from business combination is recognised separately as intangible assets and carried
at cost less accumulated impairment losses.
Goodwill on acquisition of associates and jointly-controlled entities is recorded as part of the carrying
value of the investments in the consolidated balance sheet.
The gains and losses on the disposal of subsidiaries, associates and jointly-controlled entities include
the carrying amount of goodwill relating to the entity sold.
(ii) Technology, trademarks, licences, mastheads and others
Technology, trademarks, licences, mastheads and other intangible assets acquired as part of business
combinations are initially recognised at their fair values at the acquisition date and are subsequently
carried at cost (i.e. the fair values on initial recognition) less accumulated amortisation and accumulated
impairment losses. The fair value of patents and trademarks acquired in a business combination is based
on the discounted estimated royalty payments that are expected to be avoided as a result of the patent
and trademark being owned, or the multi-period excess earnings method, whereby the subject asset is
valued after deducting a fair return on all other assets that are part of creating the related cash flows.
The fair value of customer relationships acquired in a business combination is determined using the
multi-period excess earnings method.
Technology and licenses acquired separately are initially recognised at cost and subsequently carried
at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised
to the income statement using the straight-line method over 2 to 20 years, which is the shorter of their
estimated useful lives and periods of contractual rights.
The amortisation period and amortisation method of intangible assets other than goodwill are reviewed
at least at each balance sheet date. The effects of any revision are recognised in the income statement
when the changes arise.

NOTES TO THE
August 31, 2014
(m) Inventories
Inventories comprise raw materials and consumable stores, and are stated at the lower of cost and net realisable
value.
The cost of raw materials and consumable stores includes transport and handling costs, and any other directly
attributable costs, and is determined on the weighted average basis. Net realisable value is the estimated
selling price in the ordinary course of business, less estimated variable selling expenses.
(n) Borrowings
Borrowings are initially recognised at fair value (net of transaction costs incurred) and subsequently carried at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is taken
to the income statement over the period of the borrowings using the effective interest method.

Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement
for at least 12 months after the balance sheet date, in which case they are presented as non-current liabilities.
(o) Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end
of financial year which are unpaid. They are classified as current liabilities if payment is due within one year
or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current
liabilities.
Trade and other payables are initially carried at fair value, and subsequently carried at amortised cost using
the effective interest method.
(p) Dividends payable
Interim dividends are recorded during the financial year in which they are declared payable. Final dividends
are recorded during the financial year in which the dividends are approved by the shareholders.
(q) Employee benefits
Employee benefits are recognised as an expense, unless the cost qualifies to be capitalised as an asset.
(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 rendered their services to the Group.
(ii) Defined contribution plans
Defined contribution plans are post-employment benefit plans under which the Group pays fixed
contributions into separate entities such as Singapores Central Provident Fund on a mandatory,
contractual or voluntary basis. The Group has no further payment obligations once the contributions
have been paid. The Groups contributions to defined contribution plans are recognised in the financial
year when they are due.
NOTES TO THE
August 31, 2014
(q) Employee benefits (contd)
(iii)
Share-based compensation
Share options
The share option scheme allows selected employees of the Company and/or its subsidiaries,
including the Executive Director of the Company, and other selected participants, to subscribe
for ordinary shares in the Company at an agreed exercise price.
The fair value of the options granted is recognised as a share-based compensation expense in
the income statement with a corresponding increase in the share-based compensation reserve
over the vesting period. The fair value is measured at grant date and recognised over the vesting
period during which the employees become unconditionally entitled to the options.
When the options are exercised, the proceeds received (net of any directly attributable transaction
costs) and the balance previously recognised in the share-based compensation reserve are
credited to share capital when new ordinary shares are issued, or to the treasury share account
within equity when treasury shares purchased are re-issued to the employees.
Performance shares
Persons eligible to participate in the SPH Performance Share Plan (the Plan) are selected Group
Employees of such rank and service period as the Remuneration Committee (the Committee)
may determine, and other participants selected by the Committee.
The Plan contemplates the award of fully-paid ordinary shares, their equivalent cash value or
combinations thereof, free of charge, provided that certain prescribed performance conditions
are met and upon expiry of the prescribed vesting periods.
The fair value of the performance shares granted is recognised as a share-based compensation
expense in the income statement with a corresponding increase in the share-based compensation
reserve over the vesting period.
The amount is determined by reference to the fair value of the performance shares on grant date.
If the performance condition is a market condition, the probability of the performance condition
being met is taken into account in estimating the fair value of the ordinary shares granted at
the grant date. The compensation cost shall be charged to the income statement on a basis that
fairly reflects the manner in which the benefits will accrue to the employee under the Plan over
the prescribed vesting periods from date of grant. No adjustments to the amounts charged to
the income statement are made whether or not the market condition is met.
For performance share grants with non-market conditions, the Company revises its estimates
of the number of share grants expected to vest and corresponding adjustments are made to the
income statement and share-based compensation reserve. The Company assesses this change
at the end of each financial reporting period.
NOTES TO THE
August 31, 2014
(r) Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past
events, it is more likely than not that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount can be made.
(s) Income taxes
Current income tax for current and prior periods is recognised at the amount expected to be paid to (or recovered
from) the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by
the balance sheet date.
Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements, except when the deferred income tax arises
from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither accounting nor taxable profit or loss.
Deferred income tax is measured:
(i) at the tax rates that are expected to apply when the related deferred income tax asset is realised or
the deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date; and
(ii) based on the tax consequence that will follow from the manner in which the Group expects, at the
balance sheet date, to recover or settle the carrying amounts of its assets and liabilities.
Deferred income tax liabilities are recognised on temporary differences arising on investments in subsidiaries,
associates and jointly-controlled entities, except where the Group is able to control the timing of the reversal
of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be
available against which the deductible temporary differences and tax losses can be utilised.
Current and deferred taxes are recognised as income or expense in the income statement, except to the extent
that the tax arises from a business combination or a transaction which is recognised directly in equity. Deferred
tax arising from a business combination is adjusted against the related goodwill.
(t) Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering
of services in the ordinary course of the Groups activities. Revenue is presented, net of goods and services
tax, rebates, discounts and returns, and after eliminating sales within the Group.
The Group recognises revenue when the amount of revenue and related cost can be reliably measured, when
it is probable that the collectability of the related receivables is reasonably assured and when the specific
criteria for each of the Groups activities are met as follows:
(i) Revenue from the sale of the Groups products is recognised on completion of delivery;
(ii) Revenue from advertisements is recognised in the period in which the advertisement is published or
broadcasted;
NOTES TO THE
August 31, 2014
(t) Revenue recognition (contd)
(iii) Revenue from rental and rental-related services is recognised on a straight-line basis over the lease
term. Lease incentives granted are recognised as an integral part of the total rental income;
(iv) Revenue from the provision of other services is recognised in the period in which the services are
rendered;
(v) Dividend income is recognised when the right to receive payment is established; and
(vi) Interest income is recognised using the effective interest method.

(u) Operating leases
When a group company is the lessee:
Leases where substantially all of the risks and rewards incidental to ownership are retained by the lessors
are classified as operating leases. Payments made under operating leases are recognised as expenses in the
income statement on a straight-line basis over the period of the lease. Contingent rents are recognised as an
expense in the income statement when incurred.
When a group company is the lessor:
Leases where the Group retains substantially all risks and rewards incidental to ownership are classified as
operating leases. Assets leased out under operating leases are included in investment properties. Rental
income from operating leases is recognised in the income statement on a straight-line basis over the lease
term. Lease incentives granted are recognised as an integral part of the total rental income, over the term of
the lease. Contingent rents are recognised as income in the income statement when earned.
(v) Share capital and treasury shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary
shares are deducted against the share capital account.
The consideration paid for treasury shares, including any directly attributable incremental costs, is presented
as a component within shareholders equity until the shares are cancelled, re-issued or disposed of. Where such
shares are subsequently re-issued or disposed of, any consideration received, net of any directly attributable
incremental transaction costs, is included in shareholders equity. Realised gain or loss on disposal or re-issue
of treasury shares is included in retained profits of the Company.
When treasury shares are subsequently cancelled, the cost of the treasury shares is deducted against the share
capital account, if the shares are purchased out of capital of the Company, or against the retained profits of the
Company, if the shares are purchased out of profits of the Company.
(w) Segment reporting
Segmental information are reported in a manner consistent with the internal reporting provided to the Chief
Executive Officer of the Company who conducts a regular review for allocation of resources and assessment
of performance of the operating segments.
(x) Cash and cash equivalents
For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents include
cash on hand and deposits with financial institutions which are subject to an insignificant risk of change in
value.
NOTES TO THE
August 31, 2014
3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS
The preparation of financial statements in conformity with FRS requires management to make estimates, assumptions
and judgements that affect the application of accounting policies and the reported amounts of assets, liabilities, income
and expenses.
Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions
to accounting estimates are recognised in the period in which the estimates are revised and in any future periods
affected.
Information about assumptions and estimation uncertainties that have significant effect on the amounts recognised
are as follows:
Fair value estimation
The fair value of financial instruments that are not traded in an active market is determined by using valuation
techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions
existing at each balance sheet date. Methods used include estimating with reference to recent arms length
transactions, discounted cash flow projections and the underlying net asset value of the investee companies.
The fair value of investment properties is based on independent professional valuations using valuation
techniques and assumptions.
Recoverable value of goodwill

The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation
of the value-in-use of the cash-generating units to which goodwill is allocated. Estimating the value-in-use
requires the Group to make an estimate of the expected future cash flows from the cash-generating unit and
also to choose an appropriate discount rate in order to calculate the present value of those cash flows. Forecasts
of future cash flows are based on the Groups estimates using sector and industry trends, general market and
economic conditions, changes in technology and other available information. Information about the assumptions
and their risk factors relating to goodwill impairment are discussed in Note 14(a).
Information about critical judgements in applying accounting policies that have significant effect on the amounts
recognised in the financial statements is as follows:
Impairment of available-for-sale financial assets
The Group follows the guidance of FRS 39 in determining when an investment is considered impaired. The Group
evaluates the duration and extent to which the fair value of an investment is less than its cost in its assessment of
impairment allowances. Under exceptional circumstances, the Group may apply judgement based on qualitative
facts such as the financial health of and near-term business outlook of the issuer of the instrument, changes in
technology and operational and financing cash flow.
NOTES TO THE
August 31, 2014
4. SHARE CAPITAL AND TREASURY SHARES
Group and Company

2014 2013
Number Number
of Shares Amount of Shares Amount
000 S$000 000 S$000
Issued and fully paid, with no par value
Management shares 16,362 7,109 16,360 7,102
Ordinary shares 1,600,649 515,700 1,600,486 515,012
1,617,011 522,809 1,616,846 522,114
Treasury shares (765) (3,046) (1,585) (6,269)
1,616,246 519,763 1,615,261 515,845
Movements during the financial year:

Beginning of financial year 1,615,261 515,845 1,612,000 500,802
Issue of ordinary shares fully paid under
the Singapore Press Holdings Group
(1999) Share Option Scheme 163 688 4,265 18,934
Issue of management shares fully paid in
accordance with the Newspaper and
Printing Presses Act 2 7 43 188
1,615,426 516,540 1,616,308 519,924
Purchase of treasury shares (1,000) (4,002) (3,100) (12,314)
Treasury shares re-issued for the
fulfilment of share awards vested under
SPH Performance Share Plan 1,820 7,225 2,053 8,235
End of financial year 1,616,246 519,763 1,615,261 515,845
The holders of both management and ordinary shares rank pari passu in respect of all dividends declared by the
Company and in respect of all bonus and rights issues made by the Company, as well as in the right to return of capital
and to participate in all surplus assets of the Company in liquidation.
In terms of voting rights, both classes of shareholders are entitled either on a poll or by a show of hands to one vote
for each share, except that on any resolution relating to the appointment or dismissal of a director or any member
of the staff of the Company, the holders of management shares are entitled either on a poll or by a show of hands to
two hundred votes for each management share held.
(a) Treasury shares
The Company acquired 1,000,000 (2013: 3,100,000) of its own shares through purchases on the Singapore
Exchange during the current financial year. The total amount paid to acquire the shares was S$4.0 million (2013:
S$12.3 million). The shares, held as treasury shares, were included as deduction against shareholders equity.
The Company re-issued 1,819,918 (2013: 2,053,578) treasury shares during the financial year for the fulfilment
of share awards vested under the SPH Performance Share Plan at a total value of S$7.2 million (2013: S$8.2
million).
NOTES TO THE
August 31, 2014
4. SHARE CAPITAL AND TREASURY SHARES (CONTD)
(b) Share options
At the Extraordinary General Meeting held on December 5, 2006, the shareholders approved the adoption of
the SPH Performance Share Plan (the Plan) and the Singapore Press Holdings Group (1999) Share Option
Scheme (1999 Scheme) was terminated with regard to the grant of further options. Options granted and
outstanding prior to such termination will continue to be valid and be subject to the terms and conditions of
the 1999 Scheme.
Movements in the number of the unissued shares of the Company under option during the financial year and
their exercise prices are as follows:
Singapore Press Holdings Group (1999) Share Option Scheme (1999 Scheme)
2014
Grant Expiry Exercise Balance Options Options Balance
Date Date Price (S$) 01.09.13 Exercised Lapsed 31.08.14
16.12.03 16.12.13 3.69 767,175 (163,500) (603,675)
21.12.04 21.12.14 4.54 10,410,775 (538,475) 9,872,300
16.12.05 16.12.15 4.30 9,722,700 (477,275) 9,245,425
20,900,650 (163,500) (1,619,425) 19,117,725
2013
Grant Expiry Exercise Balance Options Options Balance
Date Date Price (S$) 01.09.12 Exercised Lapsed 31.08.13
28.10.02 28.10.12 3.91 2,268,325 (592,725) (1,675,600)
16.12.03 16.12.13 3.69 2,315,300 (1,521,775) (26,350) 767,175
21.12.04 21.12.14 4.54 10,809,625 (398,850) 10,410,775
16.12.05 16.12.15 4.30 12,308,125 (2,150,225) (435,200) 9,722,700
27,701,375 (4,264,725) (2,536,000) 20,900,650
All the outstanding options as at the balance sheet date were exercisable. Options exercised in 2014 resulted
in 163,500 shares (2013: 4,264,725) being issued at an average price of S$3.69 (2013: S$4.03) each.

NOTES TO THE
August 31, 2014
(c) Performance shares
During the financial year, 1,954,145 (2013: 2,086,980) performance shares were granted subject to the terms
and conditions of the Plan.
Movements in the number of performance shares outstanding during the financial year are summarised below:
2014
Outstanding Outstanding
Grant as at as at
Date 01.09.13 Adjusted* Granted Vested Lapsed 31.08.14
(000) (000) (000) (000) (000) (000)
12.01.10 541 (535) (6)
12.01.11 1,699 (268) (930) (28) 473
12.01.12 1,997 (121) (355) (51) 1,470
11.01.13 2,047 (90) 1,957
13.01.14 1,954 (41) 1,913
2013
Outstanding Outstanding
Grant as at as at
Date 01.09.12 Adjusted* Granted Vested Lapsed 31.08.13
(000) (000) (000) (000) (000) (000)
12.01.09 526 (519) (7)
12.01.10 1,909 (317) (1,025) (26) 541
12.01.11 2,000 254 (509) (46) 1,699
12.01.12 2,035 (38) 1,997
11.01.13 2,087 (40) 2,047
* Adjusted at end of the performance period based on the level of achievement of pre-set performance conditions.
The shares awarded at the vesting date could range from 0% to 150% of the grant, depending on the level of
achievement against the pre-set performance conditions.

NOTES TO THE
August 31, 2014
(c) Performance shares (contd)
The fair value of the performance shares is determined at grant date using the Monte Carlo simulation model.
The number of performance shares granted during the financial year, their fair values and the assumption
inputs used are as follows:
2014
Correlation
between
SPH Share
Fair Price and Share
Number Value Expected Risk-free FTSE ST Price at
Grant Vesting of per Expected Dividend Interest All Share Grant
Date Date Shares Share Volatility* Yield Rate Index^ Date
FTSE ST
All Share
SPH Index
(000) S$ (%) (%) % % S$
13.01.14(a) 13.01.16 387 3.58 12.94 NA 6.00 0.33 NA 4.03
13.01.14(a) 13.01.17 387 3.38 12.94 NA 6.00 0.44 NA 4.03
13.01.14(b) 13.01.17 793 3.49 12.94 14.89 6.00 0.44 0.58 4.03
13.01.14(a) 13.01.18 387 3.18 12.94 NA 6.00 0.87 NA 4.03
2013
Correlation
between
SPH Share
Fair Price and Share
Number Value Expected Risk-free FTSE ST Price at
Grant Vesting of per Expected Dividend Interest All Share Grant
Date Date Shares Share Volatility* Yield Rate Index^ Date
FTSE ST
All Share
SPH Index
(000) S$ (%) (%) % % S$
11.01.13 (a)
10.01.15 413 3.67 13.59 NA 6.00 0.25 NA 4.12
11.01.13(a) 10.01.16 413 3.47 13.59 NA 6.00 0.27 NA 4.12
11.01.13(b) 10.01.16 847 3.45 13.59 15.51 6.00 0.27 0.61 4.12
11.01.13(a) 10.01.17 414 3.28 13.59 NA 6.00 0.30 NA 4.12
* Derived based on 36 months of historical volatility prior to grant date.

^ Derived based on 36 months of historical correlation of returns prior to grant date.
(a)
Granted with non-market conditions.
(b)
Granted with both market and non-market conditions.
NA Not applicable
For non-market conditions, achievement factors have been estimated based on management inputs for the
purpose of accrual for the performance shares until the achievement of the performance conditions can be
accurately ascertained.
During the current financial year, the Group recognised S$5.0 million (2013: S$6.8 million) of share-based
compensation expense in respect of performance shares based on the fair values determined on grant date
and estimation of the share grants that will ultimately vest.
NOTES TO THE
August 31, 2014
5. RESERVES
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Non-distributable
Capital reserve [Note 5(a)] (10,675) (13,858)
Share-based compensation reserve [Note 5(b)] 19,144 21,544 19,098 21,544
Hedging reserve [Note 5(c)] (6,386) (1,289) (251) (309)
Fair value reserve [Note 5(d)] 525,824 421,966 41,037 51,718
Currency translation reserve (1,498) 343
526,409 428,706 59,884 72,953
(a) Capital reserve
Capital reserve relates to capitalised listing expenses incurred in relation to the listing of a subsidiary on the
Main Board of Singapore Exchange Securities Trading Limited.
(b) Share-based compensation reserve

Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Beginning of financial year 21,544 24,409 21,544 24,409
Share-based compensation expense [Note 24] 4,976 6,766 4,930 6,766
Share-based compensation expense
charged to a jointly-controlled entity 35 29 35 29
Exercise of share options (85) (1,755) (85) (1,755)
Lapse of share options (778) (441) (778) (441)
Award of performance shares (6,548) (7,464) (6,548) (7,464)
End of financial year 19,144 21,544 19,098 21,544
(c) Hedging reserve

Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Beginning of financial year (1,289) (6,434) (309) (556)
Fair value changes (9,937) 1,416 (470) (136)

Deferred tax on fair value changes [Note 6(a)] 80 (408) 80 23
(9,857) 1,008 (390) (113)
Transferred to finance costs 4,852 4,984 540 434

Deferred tax on transfer [Note 6(a)] (92) (847) (92) (74)
4,760 4,137 448 360
End of financial year (6,386) (1,289) (251) (309)

NOTES TO THE
August 31, 2014
5. RESERVES (CONTD)
(d) Fair value reserve

Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Financial assets, available-for-sale

- Fair value changes 113,817 85,049 (855) 7,791
- Deferred tax on fair value changes [Note 6(a)] (4,606) 857
109,211 85,906 (855) 7,791
Transferred to income statement [Note 27] (4,583) 13,686 (9,826)

Deferred tax on transfer [Note 6(a)] (770) (2,337)
(5,353) 11,349 (9,826)
6. INCOME TAXES
(a) Deferred income taxes
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current
income tax assets against current income tax liabilities and when the deferred income taxes relate to the same
fiscal authority. The following amounts, determined after appropriate offsetting, are shown on the balance
sheets:
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Deferred income tax liabilities 52,401 46,483 29,397 33,936
Deferred income tax assets (5,500) (5,165) (4,089) (4,160)
46,901 41,318 25,308 29,776
Deferred income tax taken to equity during the financial year is as follows:
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Hedging reserve [Note 5(c)] 12 1,255 12 51
Fair value reserve [Note 5(d)] 5,376 1,480
5,388 2,735 12 51
NOTES TO THE
August 31, 2014
6. INCOME TAXES (CONTD)
(a) Deferred income taxes (contd)
Deferred income tax assets are recognised for tax losses and capital allowances carried forward to the extent
that realisation of the related tax benefits through future taxable profits is probable. The Group has unrecognised
tax losses and capital allowances of S$1.8 million (2013: S$1.8 million) and S$0.1 million (2013: S$0.1 million)
respectively at the balance sheet date which can be carried forward and used to offset against future taxable
income subject to meeting certain statutory requirements by those companies with unrecognised tax losses
and capital allowances in their respective countries of incorporation. The tax losses have no expiry dates.
The movements in the deferred income tax assets and liabilities (prior to offsetting of balances within the same
tax jurisdiction) during the financial year are as follows:
2014
Group
(i) Deferred income tax liabilities
Accelerated
Tax Fair Value
Depreciation Changes Others Total
S$000 S$000 S$000 S$000
Beginning of financial year 42,378 240 3,865 46,483
(Credited)/Debited to income
statement (2,433) 3,261 828
Debited to equity [Note 5(d)] 5,376 5,376
Currency translation differences (286) (286)

(ii) Deferred income tax assets
Fair Value
Provisions Changes Total
S$000 S$000 S$000
Beginning of financial year (5,102) (63) (5,165)
Credited to income statement (334) (334)
Debited to equity [Note 5(c)] 12 12
End of financial year (5,449) (51) (5,500)
NOTES TO THE
August 31, 2014
2013
Group
Accelerated
Tax Fair Value
Depreciation Changes Others Total
S$000 S$000 S$000 S$000
Beginning of financial year 50,444 3,747 54,191
Credited to income statement (8,066) (208) (8,274)
Debited to equity [Note 5(d)] 240 240
Acquisition of a subsidiary [Note 20(b)] 40 40
Acquisition of a business by a
subsidiary [Note 20(c)] 286 286
End of financial year 42,378 240 3,865 46,483
Fair Value
S$000 S$000 S$000
Beginning of financial year (4,406) (2,558) (6,964)
Debited to equity [Note 5(c) and 5(d)] 2,495 2,495
Currency translation differences 12 12
NOTES TO THE
August 31, 2014
2014
Company
Accelerated
Tax
Depreciation Others Total
S$000 S$000 $000
Beginning of financial year 33,823 113 33,936
(Credited)/Debited to income statement (4,559) 20 (4,539)
End of financial year 29,264 133 29,397
Fair Value
S$000 S$000 S$000
Credited to income statement 59 59
2013
Company
Accelerated
Tax
Depreciation Others Total
S$000 S$000 $000
Beginning of financial year 36,639 36,639
Credited to income statement (2,816) (2,816)
Transfer in from subsidiary 113 113
Fair Value
S$000 S$000 S$000

NOTES TO THE
August 31, 2014
(b) Income tax expense

Group
2014 2013
S$'000 S$'000
Tax expense attributable to profit is made up of:
Current year
- Current tax 58,766 65,623
- Deferred tax 510 (9,282)
59,276 56,341
Prior years
- Current tax (1,605) (1,844)
- Deferred tax (16) 300
(1,621) (1,544)
57,655 54,797
The income tax expense on profit 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
2014 2013
S$'000 S$'000
Tax calculated at corporate tax rate of 17% 89,826 83,147

Tax exempt income (561) (500)
Income taxed at concessionary rate (319) (195)
Income not subject to tax (35,153) (34,737)
Expenses not deductible for tax purposes 8,156 13,777
Deferred tax benefits not recognised 165 13
Tax relief for contributions made to Institutes of Public Character (1,194) (1,549)
Effect of different tax rates in other countries 820 616
Tax rebates (572) (479)
Tax incentives (1,540) (3,256)
Others (352) (496)
Over-provision in prior years (1,621) (1,544)
Tax charge 57,655 54,797
NOTES TO THE
August 31, 2014
7. BORROWINGS
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Secured
Term loans [Note 7(a) and 7(b)] 937,007 872,495
Unsecured
Fixed rate notes [Note 7(c)] 599,828 599,485 599,828 599,485
Term loan [Note 7(d)] 229,654 229,436 229,654 229,436
Loans from non-controlling interests
[Note 7(e) and 7(f)] 36,216 36,006
Other banking facilities 2,771 3,521
1,805,476 1,740,943 829,482 828,921
Borrowings are repayable:

Within 1 year 926,369 2,721 829,482
Between 1 - 5 years 581,759 1,441,324 828,921

After 5 years 297,348 296,898
879,107 1,738,222 828,921
1,805,476 1,740,943 829,482 828,921
(a) On July 24, 2013, SPH REIT, a subsidiary of the Group, established a term loan facility available for drawdown
up to the amount of S$975 million (2013: S$975 million). As at the balance sheet date, the amount drawn down
was S$850 million (2013: S$850 million). The amount of S$843.1 million (2013: S$841.2 million) represented
the loan stated at amortised cost. The loan has repayment terms ranging from three to seven years, of which
S$250 million is repayable on July 23, 2016, S$300 million on July 23, 2018 and S$300 million on July 22,
2020.
The term loan is secured by way of a first legal mortgage on SPH REITs investment property Paragon [Note
9], first legal charge over the tenancy account and sales proceeds account for Paragon, and an assignment of
certain insurances taken in relation to Paragon.
After taking into account fixed interest rates and interest rate swap arrangements totalling S$465 million
(2013: S$430 million), the effective interest rate as at the balance sheet date on the outstanding term loan of
S$850 million (2013: S$850 million) was 2.33% (2013: 2.07%) per annum.
(b) As at August 31, 2014, The Seletar Mall Pte Ltd (Seletar Mall), a subsidiary of the Group, had a term loan facility
available for drawdown up to amount of S$138 million (2013: S$138 million). The term loan is repayable six
months from the temporary occupation permit date of Seletar Mall which is expected to be within one year. As
at August 31, 2014, the amount drawn down was S$94.1 million (2013: S$31.7 million). The amount of S$93.9
million (2013: S$31.3 million) represented the loan stated at amortised cost.

The term loan facility is secured by way of a first legal mortgage on Seletar Malls investment property [Note
9], an assignment of insurance taken in relation to the investment property and a deed of subordination in
respect of the loans from the Company [Note 16(a)(i)] and the shareholders of Seletar Mall.
The effective interest rate as at the balance sheet date on the outstanding term loan was 1.31% (2013: 1.33%)
per annum.
NOTES TO THE
August 31, 2014
7. BORROWINGS (CONTD)
(c) On February 22, 2010, the Company established a S$1 billion Multicurrency Medium Term Note Programme.
Notes outstanding as at August 31, 2014 comprise S$600 million (2013: S$600 million) 5-year unsecured fixed
rate notes due on March 2, 2015. The amount of S$599.8 million (2013: S$599.5 million) as at the balance sheet
date represented the notes stated at amortised cost. Interest at 2.81% (2013: 2.81%) per annum is payable
semi-annually in arrears. The fixed rate notes are listed on the Singapore Exchange Securities Trading Limited
(SGX-ST).
(d) As at August 31, 2014, the Company had an unsecured term loan facility available for drawdown up to the
amount of S$230 million (2013: S$230 million). The term loan is repayable six months from the temporary
occupation permit date of Seletar Mall which is expected to be within one year. As at the balance sheet date,
the amount drawn down was S$230 million (2013: S$230 million). The amount of S$229.7 million (2013:
S$229.4 million) represented the loan stated at amortised cost.
After taking into account interest rate swap arrangement of S$120 million, the effective interest rate as at the
balance sheet date on the outstanding term loan of S$230 million was 1.25% (2013: 1.25%) per annum.
(e) As at August 31, 2014, Seletar Mall had an outstanding unsecured loan of S$36.9 million (2013: S$36.9 million)
from its non-controlling interest, United Engineers Developments Pte Ltd. The loan is interest-free and has
a repayment term of four years from April 17, 2012. The amount of S$36.0 million (2013: S$35.4 million)
represented the loan stated at amortised cost.
On initial recognition, the loan was recognised at its fair value, which was determined from the cash flow
analyses, discounted at the market borrowing rates on the inception date. The difference between the fair
value and principal loan amount was recognised in the income statement. The unamortised fair value gain as
at balance sheet date was S$0.9 million (2013: S$1.5 million).
(f) As at August 31, 2014, Blu Inc (Holdings) Malaysia Sdn Bhd, a subsidiary of the Group, had an outstanding
unsecured loan of S$0.2 million (2013: S$0.6 million) from its non-controlling interests. The loan is interest-
free and has no fixed repayment terms although repayment is not expected within one year.

(g) In respect of bank borrowings, where appropriate, the Groups policy is to minimise its interest rate risk exposure
by entering into interest rate swaps over the duration of its borrowings. Accordingly, the Company and SPH
REIT entered into interest rate swap contracts to swap floating rates for fixed interest rates as part of their
interest rate risk management. Under the interest rate swaps, the Company and SPH REIT agreed 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, 2014, the fixed interest rates
were 0.66% (2013: 0.66%) per annum for the Company and 1.44% to 2.31% (2013: 2.24% to 2.32%) per
annum for SPH REIT. The floating rates are referenced to Singapore dollar swap offer rate and repriced every
three months.
The notional principal amounts of the outstanding interest rate swap contracts and their corresponding fair
values as at August 31, 2014 are:
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Notional due:
Within 1 year 120,000 120,000
Between 1 - 5 years 35,000 120,000 120,000
After 5 years 280,000 280,000
Fair values* [Note 18] (9,060) (1,352) (303) (372)
* The fair values of interest rate swap contracts had been calculated (using rates quoted by the Groups bankers) assuming the contracts are
terminated at the balance sheet date. These interest rate swaps are contracted with counter-parties which are banks and financial institutions
with acceptable credit ratings.
NOTES TO THE
August 31, 2014
7. BORROWINGS (CONTD)
(h) As at August 31, 2014, the fair value of the fixed rate notes was S$605.0 million (2013: S$614.2 million) based
on its quoted price. The fair value of the loan from non-controlling interests was S$36.0 million (2013: S$35.4
million), determined from the cash flow analysis, discounted at market borrowing rate of 1.57% (2013: 1.84%)
per annum which management expected to be available to the Group.
8. PROPERTY, PLANT AND EQUIPMENT
(a) 2014
Group
Leasehold Plant Furniture
Land and and and Motor
Buildings Equipment Fittings Vehicles Total
S$000 S$000 S$000 S$000 S$000
Cost
Beginning of financial year 236,994 731,368 20,562 2,151 991,075
Currency translation differences (192) 14 2 (176)
Acquisition of businesses by
subsidiaries [Note 20(c)] 21 21
Additions 30 2,420 1,123 3,573
Transfer in from capital
work-in-progress 21,906 180 22,086
Disposals/Write-offs (15,711) (826) (61) (16,598)
End of financial year 236,832 740,018 21,039 2,092 999,981
Accumulated depreciation and

impairment losses
Beginning of financial year 125,684 526,599 16,080 1,082 669,445
Currency translation differences (8) 10 6 1 9
Depreciation charge for the year 6,957 45,450 1,421 504 54,332
(Reversal of impairment charge) /
Impairment charge for the year (103) 9,901 9,798
Carrying amount
End of financial year 104,302 173,237 4,044 566 282,149
Capital work-in-progress 3,377 36 3,413
Total 104,302 176,614 4,080 566 285,562

Capital work-in-progress
Beginning of financial year 10,097 51 10,148
Additions 15,186 165 15,351
Transfer out to property,
plant and equipment (21,906) (180) (22,086)

NOTES TO THE
August 31, 2014
8. PROPERTY, PLANT AND EQUIPMENT (CONTD)
(b) 2013
Group
Leasehold Plant Furniture
Land and and and Motor
Buildings Equipment Fittings Vehicles Total
S$000 S$000 S$000 S$000 S$000
Cost
Beginning of financial year 231,124 756,667 19,312 1,775 1,008,878
Currency translation differences 418 (19) 1 (3) 397
Acquisition of a subsidiary [Note 20(b)] 118 15 51 184
Additions 107 4,899 1,402 405 6,813
Transfer in from capital
work-in-progress 5,356 13,113 283 18,752
Disposals/Write-offs (11) (43,410) (451) (77) (43,949)

impairment losses
Beginning of financial year 120,287 519,984 15,189 644 656,104
Currency translation differences 10 (12) (7) (1) (10)
Depreciation charge for the year 6,889 49,436 1,281 511 58,117
Disposals/Write-offs (3) (42,809) (383) (72) (43,267)
Write-back of impairment charge
for the year (1,499) (1,499)
Carrying amount
Capital work-in-progress 10,097 51 10,148
Total 111,310 214,866 4,533 1,069 331,778

Beginning of financial year 5,356 4,390 28 9,774
Additions 18,820 306 19,126
Transfer out to property,
plant and equipment (5,356) (13,113) (283) (18,752)

During the financial year, the Group and the Company recognised an impairment charge of S$9.9 million on a
press line arising from the optimisation of printing capacity. This amount was included within Other operating
expenses in the income statement.
In the previous financial year, the Group reassessed the recoverable amount of a property and accordingly
recognised a reversal of an impairment of S$1.5 million made in prior years within Other operating income
in the income statement. The recoverable amount of the asset was its fair value less cost to sell. The fair value
of the property was based on an independent valuation, determined using the income method.
NOTES TO THE
August 31, 2014
(c) 2014
Company
Plant Furniture
and and Motor
Equipment Fittings Vehicles Total
S$000 S$000 S$000 S$000
Cost
Additions 749 345 1,094
Transfer in from capital work-in-progress 21,466 165 21,631
Disposals/Write-offs (14,490) (38) (14,528)

impairment losses
Depreciation charge for the year 39,151 273 352 39,776
Disposals/Write-offs (14,021) (38) (14,059)
Impairment charge for the year 9,939 9,939
Carrying amount
End of financial year 161,744 1,550 372 163,666
Capital work-in-progress 2,652 2,652
Total 164,396 1,550 372 166,318

Additions 14,499 165 14,664
Transfer out to property, plant and equipment (21,466) (165) (21,631)
End of financial year 2,652 2,652

NOTES TO THE
August 31, 2014
(d) 2013
Company
Plant Furniture
and and Motor
Equipment Fittings Vehicles Total
S$000 S$000 S$000 S$000
Cost
Additions 1,547 134 6 1,687
Transfer in from capital work-in-progress 13,018 66 13,084

impairment losses
Depreciation charge for the year 43,038 290 377 43,705
Carrying amount
Capital work-in-progress 9,619 9,619
Total 198,707 1,313 724 200,744

Additions 18,470 66 18,536
Transfer out to property, plant and equipment (13,018) (66) (13,084)

NOTES TO THE
August 31, 2014
9. INVESTMENT PROPERTIES
Group
2014 2013
S$'000 S$'000
Investment properties
Beginning of financial year 3,291,437 3,176,285
Additions 1,439 3,745
Fair value change 100,575 111,407
End of financial year 3,393,451 3,291,437
Investment property under development

Additions 77,371 40,266
Fair value change 8,501
Total carrying amount 3,860,451 3,672,565
Carrying amount of
- Freehold investment properties 2,792,151 2,707,137
- Leasehold investment properties 601,300 584,300
- Leasehold investment property under development 467,000 381,128
3,860,451 3,672,565
The fair value of the investment properties as at balance sheet date was stated based on independent professional
valuations using valuation techniques and assumptions set out in Note 31(e).
The Paragon on Orchard Road, with a carrying value of S$2,700 million (2013: S$2,612 million), is mortgaged to banks
as security for the loan facility of S$975 million (2013: S$975 million) granted to SPH REIT [Note 7(a)].
The Seletar Mall, with a carrying amount of S$467.0 million (2013: S$381.1 million), is mortgaged as security for
the loan facilities granted to Seletar Mall respectively by a bank [S$138 million (2013: S$138 million)] (first legal
mortgage) [Note 7(b)] and the Company [S$230 million (2013: S$230 million)] (second legal mortgage) [Note 16(a)(i)].
The following amounts are recognised in the income statement:

Group
2014 2013
S$'000 S$'000
Rental income 202,896 196,050

Direct operating expenses arising from investment properties
that generated rental income (48,161) (49,280)
NOTES TO THE
August 31, 2014
10. INVESTMENTS IN SUBSIDIARIES

Company
2014 2013
S$000 S$000
Equity investments at cost 412,305 412,305
Allowance for impairment (500) (500)
411,805 411,805

The allowance for impairment was made to write down the carrying amount of investment in a subsidiary to its
recoverable amount following a review of the subsidiarys business.
Details of significant subsidiaries are set out in Note 30. A list of other operating subsidiaries of the Group can be
found on pages 192 and 193 of the annual report.
Details of the acquisition and disposal of subsidiaries are set out in Notes 20(b) and 20(c).
11. INVESTMENTS IN ASSOCIATES

Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Investments in associates 78,353 55,857 31,160 31,160
The summarised financial information of associates, not adjusted for the proportional ownership interest held by the
Group, is as follows:
Group
2014 2013
S$'000 S$'000
Assets 235,028 220,287
Liabilities 64,146 72,471
Revenues 342,210 337,826
Net profit 11,897 23,817
Excluded financial information of an associate which was classified as asset held for sale.
A list of operating associates of the Group can be found on page 194 of the annual report.
NOTES TO THE
August 31, 2014
12. INVESTMENTS IN JOINTLY-CONTROLLED ENTITIES

Group
2014 2013
S$'000 S$'000
Investments in jointly-controlled entities 6,688 6,391
The Groups investments in the jointly-controlled entities are equity accounted for in the consolidated balance sheet
and income statement.
During the financial year, the Group completed the partial divestment of its interest in 701Search Pte Ltd to Telenor
Communications II AS. As a result, the Group recognised a gain of S$52.9 million on the divestment.
The following amounts represent the Groups effective share of 33.3% to 50% (2013: 50%) of the assets and
liabilities and revenues and expenses of the jointly-controlled entities as at August 31, 2014 should proportionate
consolidation be adopted.
Group
2014 2013
S$'000 S$'000
Assets
- Current assets 16,998 8,990
- Non-current assets 848 1,270
17,846 10,260
Liabilities
- Current liabilities 11,126 5,560
- Non-current liabilities 174
11,300 5,560
Net assets 6,546 4,700
Revenues 4,026 3,960

Expenses (38,604) (23,017)
Net loss (34,578) (19,057)
A list of operating jointly-controlled entities of the Group can be found on page 194 of the annual report.
13. LONG-TERM INVESTMENTS
Long-term investments classified as available-for-sale financial assets comprise the following:
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Equity securities 540,733 458,345 42,998 54,098
Investment funds 62,533 23,705
603,266 482,050 42,998 54,098
NOTES TO THE
August 31, 2014
14. INTANGIBLE ASSETS

Group Company
2014 2013 2014 2013
S$'000 S$'000 S$'000 S$'000
Arising from business combinations
- Goodwill [Note 14(a)] 69,124 66,192
- Technology, trademarks, licences,
mastheads and others [Note 14(b)] 103,868 104,981
Acquired separately
- Technology, trademarks and licences [Note 14(c)] 160 184 34,219 36,230
173,152 171,357 34,219 36,230
(a) Arising from business combinations

- Goodwill
Group
2014 2013
S$'000 S$'000
Cost
Acquisition of a subsidiary [Note 20(b)] 21,283
Acquisition of businesses by subsidiaries [Note 20(c)] 3,294 1,290
Accumulated impairment
Impairment charge [Note 25] 11,816
Currency translation differences (118)

Net book value 69,124 66,192
In the previous financial year, the Group recognised an impairment charge of S$11.8 million within Other
operating expenses in the income statement due to unfavourable market outlook for an overseas subsidiary.
NOTES TO THE
August 31, 2014
14. INTANGIBLE ASSETS (CONTD)
(a) Arising from business combinations (contd)

- Goodwill (contd)
Impairment test for goodwill
The carrying value of the Groups goodwill arising from acquisitions was assessed for impairment during the
financial year.
Goodwill is allocated for impairment testing purposes to the individual entity or division, which is also the
cash generating unit (CGU).
Group Pre-tax discount rate(1) Terminal growth rate(2)

2014 2013 2014 2013 2014 2013
S$000 S$000 % % % %
Carrying value of goodwill in:
Singapore
- Magazine 21,566 19,687 11.5 11.5 2.3 2.3
- Online 26,686 26,686 15.1 15.1 2.3 2.3
- Exhibition 8,194 8,194 12.2 12.2 2.0 2.0
Malaysia
- Magazine 10,549 10,105 13.8 13.8 2.0 3.2
Multiple units with

insignificant goodwill 2,129 1,520
69,124 66,192
(1) he discount rate used is based on Weighted Average Cost of Capital (WACC) where the cost of a companys debt and equity capital are
T
weighted to reflect its capital structure.
(2) The terminal growth rate has been determined based on long-term expected inflation rate for the respective country or industry in which the
entity or division operates.
The recoverable values of cash generating units including goodwill are determined based on value-in-use
calculations.
The value-in-use calculations apply a discounted cash flow model using cash flow projections based on financial
budgets approved by the Board and management forecasts over a period of five years. Cash flows beyond
the terminal year are extrapolated using the estimated terminal growth rates stated in the table above. Key
assumptions used in the calculation of value-in-use are growth rates, operating margins and discount rates.
Capital expenditure is also assumed to be insignificant.
The managements approach in determining the value assigned to each of the key assumptions includes
comparing the key assumptions used to past actual performances (i.e. retrospective reviews) and other external
sources of information such as Government statistics on growth, inflation and etc.
As the process of evaluating goodwill impairment involves management judgement and prudent estimates of
various factors including future cash flows as well as the cost of capital and long-term growth rates, the results
can be highly sensitive to the assumptions used. Management believes that any reasonably possible change
in the key assumptions would not cause the carrying amount of the CGU to exceed its recoverable amount as
at August 31, 2014.
NOTES TO THE
August 31, 2014
(b) Arising from business combinations (contd)

- Technology, trademarks, licences, mastheads and others
Group
Trademarks,
licences,
mastheads
Technology and others Total
S$'000 S$'000 S$'000
2014
Cost
Acquisition of businesses by subsidiaries [Note 20(c)] 8,378 8,378
Currency translation differences 180 (75) 105
End of financial year 6,686 137,750 144,436
Accumulated amortisation
Amortisation charge [Note 25] 709 8,881 9,590
Currency translation differences 6 6
Net book value 2,857 101,011 103,868
2013
Cost
Acquisition of a subsidiary [Note 20(b)] 37,119 37,119
Acquisition of business by a subsidiary [Note 20(c)] 1,365 1,365
Currency translation differences (4) 510 506
Amortisation charge [Note 25] 650 7,419 8,069
Impairment charge [Note 25] 3,786 3,786
Net book value 3,392 101,589 104,981

NOTES TO THE
August 31, 2014

(c) Acquired separately
- Technology, trademarks and licences
Group
2014 2013
S$'000 S$'000
Cost
Beginning of financial year 204 2,004
Additions 4
Written-off (1,804)
End of financial year 204 204
Beginning of financial year 20 1,804
Amortisation charge [Note 25] 24 20
Written-off (1,804)
End of financial year 44 20
Net book value 160 184
Company
Trademarks,
licences,
mastheads
S$'000 S$'000 S$'000
2014
Cost
Beginning and end of financial year 178 36,889 37,067
Beginning of financial year 25 812 837
Amortisation charge 59 1,952 2,011
End of financial year 84 2,764 2,848
Net book value 94 34,125 34,219

NOTES TO THE
August 31, 2014

(c) Acquired separately (contd)
- Technology, trademarks and licences (contd)
Company
Trademarks,
licences,
mastheads
S$'000 S$'000 S$'000
2013
Cost
Beginning of financial year
Acquisitions 178 36,889 37,067
End of financial year 178 36,889 37,067
Beginning of financial year
Amortisation charge 25 812 837
End of financial year 25 812 837
Net book value 153 36,077 36,230
15. INVENTORIES
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Raw materials and consumable stores 26,264 26,255 24,482 24,761
Allowance for write-down of inventories (2,317) (2,365) (2,267) (2,272)
23,947 23,890 22,215 22,489
The cost of inventories recognised as an expense and included in materials, production and distribution costs in the
income statement amounted to S$89.0 million (2013: S$103.3 million).
During the financial year, the Group made an allowance for stock obsolescence amounting to S$18,000 (2013: S$0.9
million).
NOTES TO THE
August 31, 2014
16. TRADE AND OTHER RECEIVABLES
(a) Non-current
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Loans to subsidiaries [Note 16(a)(i)] 229,672 229,465
Staff loans 2,658 1,884 2,508 1,661
Sundry debtors 1,014 1,038 58 105
Others 65
3,672 2,987 232,238 231,231
(i) The loan to a subsidiary of S$230.0 million (2013: S$230.0 million) is non-trade, and secured, inter
alia, by way of a second legal mortgage on the subsidiarys investment property [Note 9]. The effective
interest rate as at the balance sheet date on the outstanding term loan was 2.19% (2013: 2.19%) per
annum.
The repayment of the loan is subordinated to the subsidiarys term loan with a financial institution
[Note 7(b)], and upon discharge thereof, repayment is on the date falling six months from receipt of
the Companys demand. The amount of S$229.7 million (2013: S$229.5 million) represented the loan
stated at amortised cost.
(b) Current
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Trade receivables
- Non-related parties 135,518 138,655 96,236 99,528
- Less: Allowance for impairment of
receivables non-related parties (11,567) (10,385) (8,767) (7,503)
123,951 128,270 87,469 92,025
Amount owing by
- Subsidiaries [Note 16(b)(i)] 1,199,981 576,966
- Associates [Note 16(b)(ii)] 150 855
- Jointly-controlled entities [Note 16(b)(iii)] 160 95 104 48
310 950 1,200,085 577,014

Loans to subsidiaries [Note 16(b)(iv)] 272,078 272,078

Accrued interest 1,463 985 145 21
Sundry debtors 11,684 9,802 1,485 2,139
Prepayments 6,003 6,846 4,181 4,956
Staff loans 1,032 921 935 790
144,443 147,774 1,566,378 949,023

NOTES TO THE
August 31, 2014
16. TRADE AND OTHER RECEIVABLES (CONTD)
(b) Current (contd)
(i) The amounts owing by subsidiaries, net of allowance for impairment of S$1.2 million (2013: S$1.9
million), are non-trade, unsecured, interest-free and repayable on demand.
(ii) The amounts owing by associates are non-trade, unsecured, interest-free and repayable on demand.
(iii) The amounts owing by jointly-controlled entities are non-trade, unsecured, interest-free and repayable
on demand.
(iv) The loans to subsidiaries, net of allowance for impairment of S$44.7 million (2013: S$44.7 million), are
unsecured, interest-free and repayable on demand.
17. SHORT-TERM INVESTMENTS

Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
- Equity securities 2,683 2,919
- Bonds 310,812 495,330 179,982 434,931
- Investment funds 650,184 427,004 27,554 145,005
963,679 925,253 207,536 579,936
Financial assets at fair value

through profit or loss
Designated at fair value on initial recognition
- Bonds and notes 53,578 38,723
- Preference shares 10,769 17,555
64,347 56,278
1,028,026 981,531 207,536 579,936
During the financial year, the Group recognised an impairment loss of S$7.3 million (2013: S$17.6 million) on certain
available-for-sale financial assets within Net income from investments due to prolonged decline in value.

NOTES TO THE
August 31, 2014
18. DERIVATIVE FINANCIAL INSTRUMENTS
Analysed as:
Group
Contract
Fair Value
Notional
Amount Assets Liabilities
S$000 S$000 S$000
2014
Non-current
Cash flow hedge
- Interest-rate swaps [Note 7(g)] 315,000 8,757
Current
Cash flow hedge
- Interest-rate swaps [Note 7(g)] 120,000 303
Derivatives that do not qualify as hedges
- Currency forwards 354,433 899 353
899 656
2013
Non-current
Cash flow hedge
- Interest-rate swaps [Note 7(g)] 400,000 1,352
Current
- Currency forwards 157,780 273 1,427
Company
Contract
Fair Value
Notional
Amount Assets Liabilities
S$000 S$000 S$000
2014
Current
Cash flow hedge
- Currency forwards 6,112 3
2013
Non-current
Cash flow hedge
NOTES TO THE
August 31, 2014
19. ASSET CLASSIFIED AS HELD FOR SALE
As at August 31, 2013, the Group had the intent to divest its entire interest in one of its associates classified under the
Others segment. Accordingly, the investment was reclassified from Investments in associates to Asset classified as
held for sale. The carrying value was reduced to the sale consideration amount of S$31.5 million and an impairment
charge of S$4.3 million was included within Other operating expenses in the income statement.
The sale was completed in the financial year ended August 31, 2014.
20. CASH AND CASH EQUIVALENTS
(a) Cash and cash equivalents at the end of the financial year comprise the following:
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Cash held as fixed bank deposits 271,376 331,795 161,856 61,916
Cash and bank balances 171,561 133,603 27,415 13,446
442,937 465,398 189,271 75,362
(b) Acquisition of a subsidiary

Group
At fair values
2013
S$'000
Identifiable assets and liabilities
Property, plant and equipment [Note 8(b)] 184
Intangible assets (excluding goodwill) [Note 14(b)] 37,119
Investment in associate companies 274
Current assets (including cash) 4,420
Deferred income tax liabilities [Note 6(a)(i)] (40)
Current liabilities (3,240)
Identifiable net assets acquired 38,717
Goodwill on acquisition [Note 14(a)] 21,283
Total purchase consideration [Note 20(b)(i)] 60,000
Less: Cash and cash equivalents (2,985)
Less: Consideration payable (7,200)
Net cash outflow on acquisition of a subsidiary 49,815
NOTES TO THE
August 31, 2014
20. CASH AND CASH EQUIVALENTS (CONTD)
(b) Acquisition of a subsidiary (contd)
Note (b)(i)
On April 15, 2013, the Group acquired the entire share capital of SGCM Pte. Ltd (SGCM), and from SGCM and
Quotz Pte. Ltd. (Quotz) (a subsidiary of SGCM), certain trademarks and other intellectual property rights.
SGCM holds 100% of the shares in Quotz, 45% of the shares in Conversion Hub Marketing Pte. Ltd. (CHM)
and 30% shares in SCMC Pte. Ltd. (SCMC). SGCM owns and operates vehicle online classified sites, while
Quotz is a car auction platform, CHM performs online marketing and SCMC is a service provider for car loans,
insurances and settlement services.
The total consideration for the acquisition was S$60.0 million. After accounting for cash acquired of S$3.0
million, the net cash outflow as of August 31, 2013 was S$49.8 million. The balance of S$7.2 million is payable
upon meeting certain conditions. The Group had recognised intangible assets of S$58.4 million.
The acquired business contributed revenue of S$3.0 million and net profit of S$1.1 million to the Group for
the period April 15, 2013 to August 31, 2013. If the acquisition had occurred on September 1, 2012, Group
operating revenue and net profit would have increased by another S$5.3 million and S$0.3 million respectively.
(c) Acquisition of businesses by subsidiaries

Group
At fair values
2014 2013
S$'000 S$'000
Identifiable assets and liabilities
Property, plant and equipment [Note 8(a)] 21
Intangible assets (excluding goodwill) [Note 14(b)] 8,378 1,365
Current assets 48
Deferred income tax liabilities [Note 6(a)(i)] (286)
Identifiable net assets acquired 8,447 1,079
Goodwill on acquisitions [Note 14(a)] 3,294 1,290
Total purchase consideration [Note 20(c)(i)] 11,741 2,369
Less: Consideration payable (1,210)
Net cash outflow on acquisition of businesses by subsidiaries 10,531 2,369
Note (c)(i)
2014
Facon Exhibitions Sdn Bhd (Facon)
On September 16, 2013, Sphere Exhibits Pte Ltd acquired the Exhibition Business and certain assets of Facon
for a total consideration of S$7.0 million. The Exhibition Business comprises exhibitions marketed in Malaysia
under the respective names, logos and marks Facon Education fair, ICA - an international exhibition on
Instruments, Controls and Automation and M. Lab - an international exhibition on laboratory instruments
and services.
The Group has recognised intangible assets (including goodwill) of S$7.0 million, subject to completion of the
purchase price allocation exercise.
The acquired business contributed revenue of S$3.5 million and net profit of S$1.0 million for the period
September 16, 2013 to August 31, 2014. There is no material effect to the Group operating revenue and net
profit had the acquisition occurred on September 1, 2013.
NOTES TO THE
August 31, 2014
(c) Acquisition of businesses by subsidiaries (contd)
Note (c)(i) (contd)
2014
Write On Media Sdn Bhd (WOM)
On December 2, 2013, Blu Inc Media Sdn Bhd acquired certain assets and contracts from WOM. WOM publishes
HWM Malaysia, Home & Decor Malaysia, GameAxis Malaysia, Megaguide and Vibes.
The total consideration for the acquisition was S$0.4 million. The net cash outflow as of August 31, 2014
was S$0.3 million with the balance of S$0.1 million payable upon meeting certain conditions. The Group has
recognised goodwill of S$0.4 million, subject to completion of the purchase price allocation exercise.
The acquired business contributed revenue of S$1.0 million and net loss of S$0.2 million to the Group for the
period December 2, 2013 to August 31, 2014. If the acquisition had occurred on September 1, 2013, Group
operating revenue and net profit for the year ended August 31, 2014 would have increased by another S$0.6
million and S$0.1 million respectively.
Harenet Communications Sdn Bhd and Harenet Expo Sdn Bhd (collectively Harenet)
On May 27, 2014, Sphere Exhibits Pte Ltd acquired the exhibitions and event business of Harenet. The acquired
business comprised exhibitions marketed in Malaysia under the respective names, logos and marks KL wedding
expo, Parents & Kids Expo, International Baby Expo and Motherhood Expo.
The total consideration for the acquisition was S$2.0 million. The net cash outflow as at August 31, 2014
was S$1.0 million. The balance of S$1.0 million is payable upon meeting certain conditions. The Group has
recognised intangible assets (including goodwill) of S$2.0 million, subject to completion of the purchase price
allocation exercise.
the period May 27, 2014 to August 31, 2014. If the acquisition had occurred on September 1, 2013, Group
operating revenue and net profit for the year ended August 31, 2014 would have increased by another S$1.6
million and S$0.3 million respectively.
White Wave Media Group Pte Ltd (WWMG)
On August 31, 2014, SPH Magazines Pte Ltd acquired the business and assets of Luxury-Insider.com from WWMG.
The total consideration for the acquisition was S$2.4 million and of which S$2.3 million was paid as at August 31,
2014. The Group has recognised intangible assets (including goodwill) of S$2.3 million, subject to completion
of the purchase price allocation exercise.
If the acquisition had occurred on September 1, 2013, Group operating revenue and net profit for the year
ended August 31, 2014 would have increased by another S$0.7 million and S$0.3 million respectively.
NOTES TO THE
August 31, 2014
(c) Acquisition of businesses by subsidiaries (contd)
Note (c)(i) (contd)
2013
On January 8, 2013, Sphere Exhibits Pte Ltd acquired the Exhibition Business and assets of Expomal Malaysia and
Singapore. The Exhibition Business comprises Smart Kids Malaysia, Smart Kids Asia Singapore, Malaysian
International Food and Beverage Trade Fair and Golden Bull.
The total consideration for the acquisition was S$2.4 million. The Group had recognised intangible assets of
S$2.7 million.
the period January 8, 2013 to August 31, 2013. If the acquisition had occurred on September 1, 2012, Group
operating revenue and net profit would have increased by another S$0.6 million and S$0.1 million respectively.
21. TRADE AND OTHER PAYABLES
(a) Non-current
Group
2014 2013
S$000 S$000
Deposits received 34,875 34,026
(b) Current
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Trade payables non-related parties 24,718 28,381 12,124 16,343
Amount owing to
- Subsidiaries [Note 21(b)(i)] 639,397 559,787
- Jointly-controlled entity [Note 21(b)(ii)] 24,926 3,926 24,926 3,926
24,926 3,926 664,323 563,713
Accrued operating expenses 170,650 166,447 107,405 103,319

Deposits received 28,732 23,000 10,067 9,875
Sundry creditors 17,719 19,662 12,170 13,497
Collections in advance 31,301 27,553 13,245 10,640
298,046 268,969 819,334 717,387
(i) The amounts owing to subsidiaries are non-trade, unsecured and repayable on demand. Except for
amounts owing to certain subsidiaries of S$9.8 million (2013: S$17.0 million) with effective interest
rates of 0.42% (2013: 0.25% to 0.34%) per annum as at the balance sheet date, the amounts owing to
other subsidiaries are interest-free.
(ii) The amount owing to a jointly-controlled entity is non-trade, unsecured, repayable on demand and
interest-bearing. The effective interest rates range from 0.18% to 0.29% (2013: 0.24% to 0.28%) per
annum as at the balance sheet date.
NOTES TO THE
August 31, 2014
22. CAPITAL AND OTHER COMMITMENTS
(a) Commitments for capital expenditure and investments
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Authorised and contracted for
- Property, plant and equipment 5,007 6,626 4,832 6,626
- Investment properties 39,262 93,760
- Long-term/Short-term investments 9,272 34,578
53,541 134,964 4,832 6,626
(b) Operating lease commitments where the Group and/or Company is a lessee

The future minimum lease payables under non-cancellable operating leases contracted for at the balance sheet
date but not recognised as liabilities, are as follows:
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Within 1 year 9,064 8,480 565 459
Between 1 - 5 years 21,217 24,095 473 37
After 5 years 134,789 135,802
165,070 168,377 1,038 496
The Group and Company lease various commercial/residential space and plant and machinery under non-
cancellable operating lease agreements with varying terms and renewal rights.
The operating lease rental expense of S$13.6 million (2013: S$12.0 million) was recognised in the income
statement during the financial year.
(c) Operating lease commitments where the Group is a lessor

The future minimum lease receivables under non-cancellable operating leases contracted for at the balance
sheet date but not recognised as receivables, are as follows:
Group
2014 2013
S$000 S$000
Within 1 year 206,243 185,352
Between 1 - 5 years 351,587 239,923
After 5 years 4,663
562,493 425,275
The Group leases to third parties various commercial/residential space under non-cancellable operating lease
agreements with varying terms, escalation clauses and renewal rights.
NOTES TO THE
August 31, 2014
23. OPERATING REVENUE

Group
2014 2013
S$000 S$000
Newspaper and Magazine
Sale of services Advertisements 705,919 757,184
Sale of goods Circulation 186,035 195,688
Others 39,732 38,348
931,686 991,220
Property
Rental and rental-related services 204,985 198,139
Others
Sale of services Advertisements 30,140 16,716
Sale of services Multimedia and other services 48,373 33,377
78,513 50,093
1,215,184 1,239,452
24. STAFF COSTS

Group
2014 2013
S$000 S$000
Salaries, bonuses and other costs 330,678 308,433
Employers contribution to defined contribution plans 38,865 34,444
Share-based compensation expense [Note 5(b)] 4,976 6,766
374,519 349,643
NOTES TO THE
August 31, 2014
25. OTHER OPERATING EXPENSES

Group
2014 2013
S$000 S$000
Included in other operating expenses are:
Audit fees
- Company's auditors 858 725+
- Other auditors 49 33
Non-audit fees#
- Companys auditors 267 168
Net foreign exchange differences from operations 462 1,211
Allowance for impairment of trade receivables [Note 31(b)(ii)] 3,761 1,702
Bad debts recovery (300) (306)
Impairment of property, plant and equipment 9,939
Net loss/(profit) on disposal of property, plant and equipment 618 (395)
Impairment of goodwill [Note 14(a)] 11,816
Impairment of intangible assets [Note 14(b)] 3,786
Amortisation of intangible assets [Notes 14(b) and 14(c)] 9,614 8,089
Allowance for impairment of associates 4,582
Write-back of impairment of loan to an associate (388)
# Non-audit fees are mainly for services relating to non-statutory audit/review assignments.
+ Excluded fees of S$390,000 paid to the Companys auditors as reporting auditors for the listing of SPH REIT, which were capitalised as listing expenses
in the capital reserve.
26. FINANCE COSTS

Group
2014 2013
S$000 S$000
Interest expense
- Bank loans 11,517 5,936
- Fixed rate notes 16,860 16,860
- Loans from non-controlling interests 4,579
Cash flow hedges, reclassified from hedging reserve * 6,689 4,550
35,066 31,925

* In relation to interest rate swap arrangements in Note 7(g).
NOTES TO THE
August 31, 2014
27. NET INCOME FROM INVESTMENTS

Group
2014 2013
S$000 S$000
Interest income 3,025 2,699
Dividend income 33,284 25,213
Net foreign exchange differences 235 (579)
Transfer from fair value reserve on disposal of investments [Note 5(d)] 11,865 3,870
Impairment of investments [Note 5(d) and 17] (7,282) (17,556)
41,127 13,647
Financial assets at fair value through profit or loss

Net fair value changes on investments
- Designated upon initial recognition 2,406 694
Net fair value changes on derivative financial instruments 3,141 (1,365)
5,547 (671)
Deposits with financial institutions

Interest income 2,573 1,006
Net foreign exchange differences (1,032) (11)
1,541 995
48,215 13,971
28. DIVIDENDS
Group and Company
2014 2013
S$000 S$000
Tax-exempt (one-tier) dividends paid:
- Final dividend of 8 cents per share
in respect of previous financial year (2013: 9 cents per share) 129,230 145,107
- Special final dividend of 7 cents per share
in respect of previous financial year (2013: 8 cents per share) 113,077 128,984
- Interim dividend of 7 cents per share (2013: 7 cents per share) 113,137 113,124
- Special dividend of 18 cents per share in previous financial year 291,015
355,444 678,230
(a) The Directors have proposed a final dividend of 8 cents per share and a special final dividend of 6 cents per
share for the financial year, amounting to a total of S$226.3 million.
These financial statements do not reflect these proposed dividends, which will be accounted for in shareholders
interests as an appropriation of retained profit in the financial year ending August 31, 2015 when they are
approved at the next annual general meeting.
(b) The special dividend of S$291.0 million in the previous financial year was paid pursuant to the establishment
of SPH REIT.
NOTES TO THE
August 31, 2014
29. EARNINGS PER SHARE

Group
2014 2013
Basic Diluted Basic Diluted
S$000 S$000 S$000 S$000
Profit after taxation attributable
to shareholders of the Company 404,286 404,286 430,954 430,954
Number of Shares Number of Shares

000 000 000 000
Weighted average number of shares 1,615,858 1,615,858 1,614,035 1,614,035
Adjustment for assumed conversion of
- share options 92
- performance shares 8,004 8,516
Weighted average number of shares
used to compute earnings per share 1,615,858 1,623,862 1,614,035 1,622,643
Basic Diluted Basic Diluted

Earnings per share (S$) 0.25 0.25 0.27 0.27
30. SIGNIFICANT SUBSIDIARIES OF THE GROUP

Effective % of
Country of Equity held by
Name of Subsidiaries Principal Activities Incorporation the Group
2014 2013
% %
Times Properties Private Limited Letting properties and provision of Singapore 100 100
property management services
Orchard 290 Ltd Holding investments and management of Singapore 100 100
shopping centres and other commercial
properties

Singapore News and Holding investments and properties Singapore 100 100
Publications Limited
Singapore Newspaper Services Holding investments and properties Singapore 100 100
Private Limited
Lianhe Investments Pte. Ltd. Holding investments for trading purposes Singapore 100 100
SPH MultiMedia Private Limited Holding investments Singapore 100 100

SPH AsiaOne Ltd Holding investments Singapore 100 100

The Seletar Mall Pte. Ltd. Holding property investments and Singapore 70 70
management of shopping centre
SPH REIT Holding property investments Singapore 70 70

Note:
(i) The above companies are audited by KPMG LLP, Singapore.
(ii) A list of other operating subsidiaries of the Group can be found on pages 192 and 193 of the annual report.
NOTES TO THE
August 31, 2014
31. FINANCIAL RISK MANAGEMENT
The Groups activities expose it to a variety of financial risks, particularly market risk (including currency risk, price
risk and interest rate risk), credit risk and liquidity risk. Where appropriate, the Groups risk management policies seek
to minimise potential adverse effects of these risks on the financial performance of the Group.
Matters pertaining to risk management strategies and execution require the decision and approval of the Board of
Directors (Board).
Financial risk management is mainly carried out by a central treasury department (Treasury & Investment) in
accordance with policies approved by the Board. Treasury & Investment analyses its investment portfolio and works
closely with business units to identify, evaluate and hedge financial risks where appropriate. Guidelines for authority
levels and exposure limits are in place to prevent unauthorised transactions. The Board is regularly updated on the
Groups financial investments and hedging activities.
The policies for managing these risks are summarised below.

(a) Market risk
(i) Currency risk
The currency risk of the Group arises mainly from its operational purchases of raw materials and
consumable stores and capital expenditure denominated in currencies other than the functional currency.
In addition, currency risk also arises from the Groups foreign currency investments and from costs
incurred by its overseas news bureaus. The Group also has investments in foreign subsidiaries, associates
and jointly-controlled entities, whose net assets are exposed to currency translation risk.
Where appropriate, the Group enters into foreign exchange forward contracts and cross currency swaps
to hedge against its currency risk resulting from anticipated sale and purchase transactions in foreign
currencies, its foreign currency denominated investments and net assets of its foreign subsidiaries,
associates and jointly-controlled entities.
NOTES TO THE
August 31, 2014
31. FINANCIAL RISK MANAGEMENT (CONTD)

(a) Market risk (contd)
(i) Currency risk (contd)
The Groups currency exposure on its monetary financial assets and liabilities based on the information
provided to key management is as follows:
2014
SGD USD Others Total
S$000 S$000 S$000 S$000
Financial assets
Trade and other receivables 125,956 1,274 11,733 138,963
Short-term investments 364,390 364,390
Cash and cash equivalents 427,665 4,964 10,308 442,937
918,011 6,238 22,041 946,290

Financial liabilities
Trade and other payables (289,999) (3,063) (8,558) (301,620)
Borrowings (1,802,472) (3,004) (1,805,476)
(2,092,471) (3,063) (11,562) (2,107,096)
Net financial (liabilities)/assets (1,174,460) 3,175 10,479 (1,160,806)
Less: Net financial liabilities/(assets)

denominated in the respective
entities functional currencies 1,174,460 (9,234) 1,165,226
Less: Firm commitments in

foreign currencies (693) (272) (965)
Less: Currency forwards (343,407) (11,026) (354,433)

Currency exposure (340,925) (10,053) (350,978)
NOTES TO THE
August 31, 2014


2013
S$000 S$000 S$000 S$000
Financial assets
Trade and other receivables 129,825 1,181 11,051 142,057
Cash and cash equivalents 456,957 1,954 6,487 465,398
1,120,835 3,135 17,538 1,141,508

Trade and other payables (259,045) (6,789) (9,608) (275,442)
Borrowings (1,737,644) (3,299) (1,740,943)
(1,996,689) (6,789) (12,907) (2,016,385)
Net financial (liabilities)/assets (875,854) (3,654) 4,631 (874,877)
Less: Net financial liabilities/(assets)

denominated in the respective
entities functional currencies 875,854 (4,014) 871,840

foreign currencies (1,241) (689) (1,930)
Less: Currency forwards (130,222) (27,558) (157,780)

Currency exposure (135,117) (27,630) (162,747)

NOTES TO THE
August 31, 2014
The Companys currency exposure based on the information provided to key management is as follows:
2014
S$000 S$000 S$000 S$000
Financial assets
Trade and other receivables 1,793,366 769 300 1,794,435
Cash and cash equivalents 185,755 3,188 328 189,271
2,159,103 3,957 628 2,163,688
Trade and other payables (802,200) (3,518) (371) (806,089)
Borrowings (829,482) (829,482)
(1,631,682) (3,518) (371) (1,635,571)
Net financial assets 527,421 439 257 528,117
Less: Net financial assets

denominated in the
Companys functional
currencies (527,421) (527,421)

foreign currencies (693) (272) (965)
Less: Currency forwards (6,112) (6,112)

Currency exposure (6,366) (15) (6,381)
NOTES TO THE
August 31, 2014

2013
S$000 S$000 S$000 S$000
Financial assets
Trade and other receivables 1,174,409 589 300 1,175,298
Cash and cash equivalents 74,120 857 385 75,362
1,683,460 1,446 685 1,685,591

Trade and other payables (699,911) (6,165) (671) (706,747)
Borrowings (828,921) (828,921)
(1,528,832) (6,165) (671) (1,535,668)
Net financial assets/(liabilities) 154,628 (4,719) 14 149,923
Less: Net financial assets

denominated in the
Companys functional
currencies (154,628) (154,628)

foreign currencies (1,241) (689) (1,930)
Currency exposure (5,960) (675) (6,635)
NOTES TO THE
August 31, 2014
If the USD change against the SGD by 5% (2013: 5%) with all other variables including tax rate being
held constant, the effects arising from the currency exposure will be as follows:
2014 2013
Other Other
Profit comprehensive Profit comprehensive
after tax income after tax income
S$'000 S$'000 S$'000 S$'000
Increase/(Decrease)
Group
USD against SGD
- strengthened (14,148) (5,607)
- weakened 14,148 5,607
Company
USD against SGD
- strengthened (264) (247)
- weakened 264 247

(ii) Price risk
The Group is exposed to equity securities price risk arising from its equity investments which are
classified either as available-for-sale or at fair value through profit or loss. To manage the price risk
arising from its investments in equity securities, the Group diversifies its portfolio across different
markets and industries, where appropriate.
If prices for equity securities changed by 20% (2013: 20%) with all other variables including tax rate
being held constant, the effects on profit after tax and other comprehensive income arising from the
change in valuation of the equity securities will be as follows:

2014 2013
Other Other
S$'000 S$'000 S$'000 S$'000
Increase/(Decrease)
Group
Long-term and Short-term
investments
- increased by 1,788 222,626 2,914 143,043
- decreased by (1,788) (222,626) (2,914) (143,043)
Company
Long-term investments
- increased by 8,600 10,820
- decreased by (8,600) (10,820)
NOTES TO THE
August 31, 2014
(iii) Interest rate risk
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. Fair value interest rate risk is the risk that the fair value of
a financial instrument will fluctuate due to changes in market interest rates.
The Group has cash balances placed with reputable banks and financial institutions, and investments
in bonds and government-related 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 Groups debt comprises mainly bank borrowings and fixed rate notes taken up by the Company and
its subsidiaries to finance its operations. Where appropriate, the Group seeks to minimise its cash flow
interest rate risk exposure by entering into interest rate swap contract to swap floating interest rate for
fixed interest rate over the duration of its borrowings.
The Groups and the Companys borrowings at variable rates on which effective hedges have not been
entered into are denominated mainly in SGD.
Movements in interest rates will therefore have an impact on the Group. A change of 0.5% point (2013:
0.5% point) in interest rate at the reporting date would affect profit after tax and other comprehensive
income by the amounts shown below, assuming that all other variables remain constant.
2014 2013
Other Other
S$'000 S$'000 S$'000 S$'000
Increase/(Decrease)
Group
Borrowings
- increased by (2,772) (2,689)
- decreased by 2,772 2,689
Short-term investments
- increased by (346) (1,030) (418) (584)
- decreased by 346 1,030 418 584
Company
Borrowings
- increased by (456) (457)
- decreased by 456 457
NOTES TO THE
August 31, 2014
(b) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations, thereby resulting
in financial loss to the Group. For trade receivables, 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 deposits, bankers/insurance guarantees from its customers, and imposes cash terms and/or
advance payments from customers of lower credit standing. For other financial assets, the Group adopts the
policy of dealing only with high credit quality counterparties.
As at the balance sheet date, the Group has no significant concentration of credit risks.
The maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class
of financial instruments presented on the balance sheet which comprise mainly trade receivables, investments
in bonds and notes, and cash balances placed with banks. In addition, the Company is the primary obligor for an
unsecured composite advance facility which could be utilised by the Company and its designated subsidiaries.
The facility was not utilised as at August 31, 2014. In the previous financial year, S$0.8 million was utilised by
a subsidiary.
The credit risk for trade receivables based on the information provided to key management is as follows:
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
By types of customers
Advertisement 87,269 92,504 70,191 74,079
Circulation 11,699 10,975 10,261 9,426
Multimedia 4,293 3,529 1,904 1,384
Broadcasting 5,018 2,822
Rental 2,121 3,440
Others 13,551 15,000 5,113 7,136
123,951 128,270 87,469 92,025
As at August 31, 2014, 40% - 60% (2013: 40% - 60%) of the trade receivables were backed by bankers/
insurance guarantees and/or deposits from customers.
(i) Financial assets that are neither past due nor impaired
Bank deposits and investments in bonds are neither past due nor impaired. Bank deposits are placed
with reputable banks and financial institutions. The Groups bond portfolio is primarily invested in
investment grade securities. Trade receivables that are neither past due nor impaired are substantially
due from companies with a good collection track record with the Group.
NOTES TO THE
August 31, 2014
(b) Credit risk (contd)
(ii) Financial assets that are past due and/or impaired
The age analysis of trade receivables past due but not impaired is as follows:
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Past due 1 to 30 days 23,735 20,845 10,936 11,554
Past due 31 to 60 days 8,811 7,884 4,030 2,204
Past due 61 to 90 days 4,018 3,175 1,129 862
Past due over 90 days 4,223 3,644 2,032 802
40,787 35,548 18,127 15,422
The carrying amount of trade receivables individually determined to be impaired and the movements
in the related allowance for impairment are as follows:
Group Company
2014 2013 2014 2013
S$000 S$000 S$000 S$000
Gross amount 11,567 10,385 8,767 7,503
Less: Allowance for impairment (11,567) (10,385) (8,767) (7,503)


Acquisition of a subsidiary 50
Allowance made [Note 25] 3,761 1,702 3,225 857
Allowance utilised (2,552) (1,843) (1,961) (793)
Currency translation difference (27) 59
The basis of determining impairment is set out in the accounting policy Note 2(i)(v).
NOTES TO THE
August 31, 2014
(c) Liquidity risk
Liquidity risk refers to the risk that the Group will encounter difficulty in meeting obligations associated
with financial liabilities. To manage liquidity risk, the Group monitors and maintains a level of cash and cash
equivalents to finance the Groups operations and mitigate the effects of fluctuation in cash flows.
The table below analyses the maturity profile of the Groups and the Companys financial liabilities (including
derivative financial liabilities) based on contractual undiscounted cash flows.
Less Between Between

than 1 1 and 2 2 and 5 Over 5
year years years years
S$'000 S$'000 S$'000 S$'000
Group
At August 31, 2014
Net-settled interest rate swap (6,390) (4,211) (28) 1,487
Gross-settled currency forwards
- Receipts 354,428
- Payments (353,879)
Trade and other payables (266,745) (13,210) (21,167) (498)
Borrowings (949,724) (298,407) (322,708) (303,724)
(1,222,310) (315,828) (343,903) (302,735)

At August 31, 2013
Net-settled interest rate swap (6,079) (4,412) 1,700 8,759
- Receipts 156,602
- Payments (157,780)
Trade and other payables (241,416) (14,703) (19,323)
Borrowings (34,353) (623,869) (880,713) (308,586)
(283,026) (642,984) (898,336) (299,827)
Company
At August 31, 2014
Net-settled interest rate swap (330)
- Receipts 6,115
- Payments (6,112)
Trade and other payables (806,089)
Borrowings (839,987)
(1,646,403)

At August 31, 2013
Net-settled interest rate swap (456) 15
Trade and other payables (706,747)
Borrowings (19,187) (610,757) (231,460)
(726,390) (610,742) (231,460)
NOTES TO THE
August 31, 2014
(d) Capital management
The Groups objectives for managing capital are to safeguard the Groups ability to continue as a going concern
and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or
achieve an optimal capital structure, the Group may adjust the amount of dividend payment, return capital
to shareholders, issue new shares, buy back issued shares, obtain new borrowings or sell assets to reduce
borrowings.
The total capital of the Group and the Company as at the balance sheet dates is represented by the respective
Shareholders interests as presented on the balance sheets.
Management uses the Return on Shareholders Funds as a measure of efficiency in managing capital. The Return
on Shareholders Funds is calculated as profit attributable to shareholders divided by shareholders interests.
The Return on Shareholders Funds was 11.0% per annum for the current financial year ended August 31, 2014
(2013: 12.2% per annum) and is in line with the Groups objectives. The Return on Shareholders Funds for the
last 5 years was between 11.0% and 22.4%.
(e) Fair value measurements
The following table presents assets and liabilities measured at fair value and classified by level of the following
fair value measurement hierarchy:
(i) Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
(ii) Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and
(iii) Inputs for the asset and liability that are not based on observable market data (unobservable inputs)
(Level 3).
Group
Level 1 Level 2 Level 3 Total
S$'000 S$'000 S$'000 S$'000
2014
Assets
Investment properties 3,860,451 3,860,451
Financial assets at fair value through
profit or loss 64,347 64,347
Available-for-sale financial assets 1,103,596 377,702 85,647 1,566,945
Derivative financial instruments 899 899
Total assets 1,167,943 378,601 3,946,098 5,492,642
Liabilities
Derivative financial instruments (9,413) (9,413)
NOTES TO THE
August 31, 2014
(e) Fair value measurements (contd)
Group
S$'000 S$'000 S$'000 S$'000
2013
Assets
Investment properties 3,672,565 3,672,565
Financial assets at fair value through
profit or loss 56,278 56,278
Available-for-sale financial assets 1,282,617 66,739 57,947 1,407,303
Total assets 1,338,895 67,012 3,730,512 5,136,419

Liabilities
Derivative financial instruments (2,779) (2,779)
Company
S$'000 S$'000 S$'000 S$'000
2014
Assets
Available-for-sale financial assets 250,534 250,534
250,534 3 250,537
Liabilities
Derivative financial instruments (303) (303)
2013
Assets
Available-for-sale financial assets 634,034 634,034

Liabilities
The assessment of the fair value of unquoted financial instruments is performed on a quarterly basis by the
Groups finance department. The determination of the fair value of investment properties is performed on an
annual basis by external independent property valuers having appropriate recognised professional qualifications
and experience in the category of property being valued. Management reviews the appropriateness of the
valuation methodologies and assumptions adopted and addresses any significant issues that may arise.
NOTES TO THE
August 31, 2014

The fair value of financial instruments traded in active markets is based on quoted market prices at the balance
sheet date. The quoted market price used for financial assets held by the Group is the current bid price. These
instruments are included in Level 1.
The fair value of financial instruments that are not traded in an active market is determined from information
provided by financial institutions and issuers using valuation techniques with observable inputs that are
based on market information existing at each balance sheet date. These financial instruments are included in
Level 2.
Where a valuation technique for financial instruments is based on significant unobservable inputs, such
instruments are included in Level 3. The fair value of investment properties and available-for-sale financial
assets included in Level 3 is determined as follows:
Inter-relationship between
Valuation Significant significant unobservable inputs
Description Technique(s) Unobservable Inputs and fair value measurement
Investment properties
Completed Capitalisation - Capitalisation rate: The estimated fair value varies

- Retail, residential approach 3.8% to 5.0% inversely with the capitalisation
and commercial rate.
Discounted - Discount rate: The estimated fair value varies

cashflow 6.5% to 7.5% inversely with the discount rate.
approach
Comparable sales - Comparable sales The estimated fair value varies

method prices: S$1,100psf with comparable sales prices.
to S$2,000psf
Under construction Capitalisation - Capitalisation rate: The estimated fair value varies
- Retail approach 5.0% inversely with the capitalisation
rate.
Investment funds Net asset value Net asset value* N.A.
Equities Net tangible assets Net tangible assets** N.A.
* Fair value of unquoted investment funds is determined by reference to the underlying asset value of the investee companies, which comprise
mainly investment properties at fair value.
** Fair value of unquoted equities is determined by reference to the underlying net tangible assets of the investee companies.
N.A.
Not applicable
NOTES TO THE
August 31, 2014
Movements in Level 3 assets are as follows:

Group
Available-for-sale
financial assets
Investment Investment
properties funds Equities
S$000 S$'000 S$'000
2014
At September 1, 2013 3,672,565 52,575 5,372
Purchases 78,810 40,020 695
Disposals (4,519)
Gains and losses recognised in income statement 109,076 (6,353) (713)
Gains and losses recognised in other comprehensive income 3,191 113
Transferred out to Level 2 (4,734)
At August 31, 2014 3,860,451 84,914 733
2013
At September 1, 2012 3,517,147 45,395 4,251
Purchases 44,011 12,890 473
Disposals (1,721)
Gains and losses recognised in income statement 111,407 (5,369)
Gains and losses recognised in other comprehensive income 1,380 648
At August 31, 2013 3,672,565 52,575 5,372

During the financial year, an available-for-sale financial asset was transferred from Level 3 to Level 2 as
observable market data becomes available.
(f) Financial assets and liabilities not measured at fair value but for which fair values are disclosed
Group
S$'000 S$'000 S$'000 S$'000
2014
Liabilities
Borrowings 604,992 35,994 640,986
Company
S$'000 S$'000 S$'000 S$'000
2014
Liabilities
Borrowings 604,992 604,992
NOTES TO THE
August 31, 2014
(g) Fair Value
The basis for fair value measurement of financial assets and liabilities is set out in Notes 7(h) and 31(e). The
fair values of other financial assets and liabilities approximate their carrying amounts.
(h) Financial instruments by category
2014 Group
Financial
assets at
fair value Available-
through for-sale
Loans and profit financial
receivables or loss assets Total
S$'000 S$'000 S$'000 S$'000
Assets as per balance sheet
Trade and other receivables
excluding non-financial instruments 138,963 138,963
Long-term investments 603,266 603,266
Short-term investments 64,347 963,679 1,028,026
Bank balances and fixed deposits 442,937 442,937
581,900 65,246 1,566,945 2,214,091

Financial Other
liabilities at financial
fair value Derivatives liabilities at
through used for amortised
profit or loss hedging cost Total
S$'000 S$'000 S$'000 S$'000
Liabilities as per balance sheet
excluding non-financial instruments (301,620) (301,620)
Borrowings (1,805,476) (1,805,476)
Derivative financial instruments (353) (9,060) (9,413)
(353) (9,060) (2,107,096) (2,116,509)

NOTES TO THE
August 31, 2014
(h) Financial instruments by category (contd)
2013 Group
Financial
assets at
through for-sale
S$'000 S$'000 S$'000 S$'000
excluding non-financial instruments 142,057 142,057
Short-term investments 56,278 925,253 981,531
607,455 56,551 1,407,303 2,071,309

Financial Other
liabilities at financial
fair value Derivatives liabilities at
through used for amortised
profit or loss hedging cost Total
S$'000 S$'000 S$'000 S$'000
Borrowings (1,740,943) (1,740,943)
Derivative financial instruments (1,427) (1,352) (2,779)
(1,427) (1,352) (2,016,385) (2,019,164)

NOTES TO THE
August 31, 2014
2014 Company
Financial
assets at
through for-sale
S$'000 S$'000 S$'000 S$'000
excluding non-financial instruments 1,794,435 1,794,435
Derivatives financial instruments 3 3
1,983,706 3 250,534 2,234,243
Other
financial
Derivatives liabilities at
used for amortised
hedging cost Total
S$'000 S$'000 S$'000
Borrowings (829,482) (829,482)
(303) (1,635,571) (1,635,874)

NOTES TO THE
August 31, 2014
2013 Company
Available-
for-sale
Loans and financial
receivables assets Total
S$'000 S$'000 S$'000
excluding non-financial instruments 1,175,298 1,175,298
1,250,660 634,034 1,884,694

Other
financial
Derivatives liabilities at
used for amortised
hedging cost Total
S$000 S$000 S$000
Borrowings (828,921) (828,921)
(372) (1,535,668) (1,536,040)

NOTES TO THE
August 31, 2014
32. RELATED PARTY TRANSACTIONS
(a) Sales and purchases of goods and services

Group
2014 2013
S$'000 S$'000
Rental income from non-controlling interest 1,906
Fees paid to a firm of which a director is a member 260 1,755++
++ Included fees related to the listing of SPH REIT.
(b) Key management personnel compensation and transactions
Key management personnel compensation and transactions are as follows:
Group
2014 2013
S$'000 S$'000
Remuneration and other short-term employee benefits 20,906 20,875
Employers contribution to defined contribution plans 562 519
Share-based compensation expense 3,300 3,980
24,768 25,374
Staff loans granted to key management personnel 430 335
The above includes total emoluments of the Companys directors of S$4.3 million (2013: S$4.1 million).
33. SEGMENTAL INFORMATION
(a) Operating segments
Management has determined the operating segments based on the reports provided to the Chief Executive
Officer (CEO) of the Company that are used to make strategic decisions.
The Group is organised into three major operating segments, namely Newspaper and Magazine, Property, and
Treasury and Investment. The Newspaper and Magazine segment is involved in the production of content for
distribution on print and multimedia platforms including the Internet and mobile devices. The Property segment
holds, manages and develops properties of the Group. The Treasury and Investment segment manages the
investment activities of the Group. Other operations under the Group, which are currently not significant to
be reported separately, are included under Others. These comprise the Groups businesses and investments
in online classified, organising events and exhibitions, online investor relations and financial portal services,
book publishing and distribution, radio and television broadcasting, and the New Media Fund.
Segment performance is evaluated based on profit/(loss) before taxation which is used as a measure of
performance as management believes this is most relevant in evaluating the results of the segments.
Inter-segment pricing is determined on mutually agreed terms. Segment results, assets and liabilities include
items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
NOTES TO THE
August 31, 2014
33. SEGMENTAL INFORMATION (CONTD)
(a) Operating segments (contd)
Information regarding the results of each reportable segment is included in the table below.
2014
Newspaper Treasury
and and
Magazine Property Investment Others Eliminations Consolidated
S$000 S$000 S$000 S$000 S$000 S$000
Operating revenue
External sales 931,686 204,985 78,513 1,215,184
Inter-segmental sales 7,779 1,937 2,984 (12,700)
Total operating revenue 939,465 206,922 81,497 (12,700) 1,215,184
Result
Segment result 243,382 148,054 47,279 (6,927) 431,788
Finance costs (135) (18,066) (16,860) (5) (35,066)
Interest income 110 333 13 456
Fair value change on
investment properties 109,076 109,076
Share of net profit/(loss)
of associates and
jointly-controlled entities 3,024 (33,750) (30,726)
Gain on partial divestment of
a jointly-controlled entity 52,863 52,863
Profit before taxation 246,381 239,397 30,419 12,194 528,391
Taxation (57,655)
Profit after taxation 470,736
Non-controlling interests (66,450)
Profit attributable to
Shareholders 404,286
Other information
Segment assets 545,233 3,997,090 1,913,816 195,257 6,651,396
Segment assets includes:

Investments in associates/
jointly-controlled entities 34,038 51,003 85,041
Additions to:
- property, plant and
equipment 17,537 366 1,021 18,924
- investment properties 78,810 78,810
- intangible assets 2,723 8,949 11,672
Segment liabilities 189,755 1,311,515 600,629 45,911 2,147,810
Current income tax liabilities 60,502

Deferred income tax liabilities 46,901
Consolidated total liabilities 2,255,213
Depreciation 52,002 385 1,945 54,332

Amortisation of intangible
assets 2,065 7,549 9,614
Impairment of property, plant
and equipment 9,798 9,798
NOTES TO THE
August 31, 2014
(a) Operating segments (contd)
2013
Newspaper Treasury
and and
Magazine Property Investment Others Eliminations Consolidated
S$000 S$000 S$000 S$000 S$000 S$000
Operating revenue
External sales 991,220 198,139 50,093 1,239,452
Inter-segmental sales 5,260 1,957 2,075 (9,292)
Total operating revenue 996,480 200,096 52,168 (9,292) 1,239,452
Result
Segment result 288,678 141,150 12,817 (27,774) 414,871
Finance costs (137) (30,344) (1,432) (12) (31,925)
Interest income 74 204 35 313
Fair value change on
investment properties 111,407 111,407
Share of net profit/(loss)
of associates and
jointly-controlled entities 4,725 (10,292) (5,567)
Profit/(loss) before taxation 293,340 222,417 11,385 (38,043) 489,099
Taxation (54,797)
Profit after taxation 434,302
Non-controlling interests (3,348)
Profit attributable to
Shareholders 430,954
Other information
Segment assets 597,550 3,865,917 1,717,451 192,436 6,373,354
Segment assets includes:

Investments in associates/
jointly-controlled entities 33,330 28,918 62,248
Additions to:
- property, plant and
equipment 22,359 1,625 1,955 25,939
- investment properties 44,011 44,011
- intangible assets 61,061 61,061
Segment liabilities 189,476 1,233,455 602,453 21,333 2,046,717
Current income tax liabilities 69,613

Deferred income tax liabilities 41,318
Consolidated total liabilities 2,157,648
Depreciation 55,223 535 2,359 58,117

Amortisation of intangible
assets 2,499 5,590 8,089
Write-back of impairment
of property, plant and
equipment (1,499) (1,499)
Impairment of goodwill 11,816 11,816
Impairment of intangible
assets 3,786 3,786
Allowance for impairment of
associates 4,582 4,582
NOTES TO THE
August 31, 2014
(b) Geographical segments

The principal geographical area in which the Group operates is Singapore. The Groups overseas operations
comprise mainly publishing and distributing magazines, holding overseas investments, providing marketing
and editorial services and providing online search, directories and classified services.

Operating revenue Non-current assets Total assets
2014 2013 2014 2013 2014 2013
S$000 S$000 S$000 S$000 S$000 S$000
Singapore 1,170,375 1,196,951 4,979,011 4,689,655 6,592,575 6,320,298
Other countries 44,809 42,501 32,133 33,330 58,821 53,056
1,215,184 1,239,452 5,011,144 4,722,985 6,651,396 6,373,354

34. NEW OR REVISED ACCOUNTING STANDARDS AND INTERPRETATIONS
Certain new standards and amendments and interpretations to existing standards have been published and are
mandatory for the Groups accounting periods beginning on or after September 1, 2014 or later periods for which
the Group has not early adopted. The management anticipates that the adoption of these standards, amendments
and interpretations will not have a material impact on the financial statements of the Group and of the Company.
35. AUTHORISATION OF FINANCIAL STATEMENTS
On October 15, 2014, the Board of Directors of Singapore Press Holdings Limited authorised these financial statements
for issue.
OPERATING COMPANIES
OF THE GROUP
As at August 31, 2014
SUBSIDIARIES
Country of
Name of Subsidiary Principal Activities Incorporation
701Sou (Hong Kong) Pte Ltd Holding investments Hong Kong
Bizlink Exhibition Services Pte. Ltd. Exhibitions/ convention/ conference organisers Singapore
Blu Inc Holdings (Malaysia) Sdn. Bhd. Holding investments and providing Malaysia
management support services
Blu Inc Media (HK) Limited Publishing magazines and providing Hong Kong
editorial and other services
Blu Inc Media China Advertising and promoting the magazine The People's
publishing business Republic of China
Blu Inc Media Sdn. Bhd. Publishing and distributing magazines and books Malaysia
CT Point Investments Pte. Ltd. Holding investments Singapore
Digi Ventures Private Limited Fund management and holding investments Singapore
Exhibits Inc Pte. Ltd. Exhibitions/ convention/ conference organisers Singapore
Focus Publishing Ltd Publishing magazines and providing Singapore

editorial services
Invest Learning Pte. Ltd. Holding investments Singapore
Invest Media Pte. Ltd. Holding investments Singapore
Moon Holdings Pte. Ltd. Holding investments Singapore
New Beginnings Management Business management and The People's

Consulting (Shanghai) Company Limited consultancy services Republic of China
PE One Pte. Ltd. Holding investments Singapore
Quotz Pte. Ltd. Providing online system for sales of vehicles Singapore
and related services
SGCM Pte. Ltd. Providing online classified services for cars Singapore
Shareinvestor Pte Ltd Providing online investor relations services, Singapore

developing applications and operating
a financial portal
Shareinvestor.com Holdings Pte Ltd Holding investments and providing Singapore

management services
SI Portal.com Sdn Bhd Providing online investor relations services, Malaysia

a financial portal
Sin Chew Jit Poh (Singapore) Limited Holding investments and properties Singapore
OPERATING COMPANIES
OF THE GROUP
SUBSIDIARIES (CONTD)
Country of
Name of Subsidiary Principal Activities Incorporation
Singapore Press Holdings Providing marketing and other services Singapore

(Overseas) Limited and holding investments
SPH (Americas) Pte Ltd Providing news reporting services Singapore
SPH AlphaOne Pte. Ltd. Holding investments Singapore
SPH Buzz Pte. Ltd. Franchising kiosks to third party operators Singapore
SPH Data Services Pte Ltd Licensing copyrights and trademarks Singapore
SPH Digital Media Pte. Ltd. Providing online investor relation services Singapore
and holding investments
SPH Digital Media Sdn. Bhd. Providing sales agent services to its ultimate Malaysia
holding corporation
SPH Interactive International Pte. Ltd. Licensing software, providing technical services Singapore
and holding investments
SPH Interactive Pte. Ltd. Holding investments Singapore
SPH Magazines Pte Ltd Publishing magazines, providing online marketing Singapore
services and editorial services and holding
investments
SPH Media Fund Pte. Ltd. Holding investments Singapore
SPH Net Pte. Ltd. Holding investments Singapore
SPH REIT Management Pte. Ltd. Property fund management Singapore
SPH Retail Property Management Managing shopping centres Singapore

Services Pte. Ltd.
SPH Radio Private Limited Radio broadcasting Singapore
SPHM Pte Ltd Publishing and distributing magazines Singapore
Sphere Exhibits Pte. Ltd. Events/ exhibitions/ conventions/ conference Singapore

organisers and holding investments
Sphere Exhibits Malaysia Sdn. Bhd. Management and promotion of events, exhibitions Malaysia
and meetings
Straits Times Press Pte. Ltd. Publishing and distributing of books Singapore
Tamil Murasu Ltd Publishing newspapers Singapore
The Straits Times Press (1975) Limited Holding investments Singapore
TPR Holdings Pte. Ltd. Holding investments Singapore

OPERATING COMPANIES
OF THE GROUP
ASSOCIATES
Country of
Name of Associate Principal Activities Incorporation
Beerfest Asia Pte. Ltd. Organising, staging, operating and managing the event Singapore
The Chope Group Pte. Ltd. Provide service automation technology and online Singapore
reservations portal
Conversion Hub Marketing Pte. Ltd. Providing social media advertising Singapore
Hardwarezone Philippines Corporation Publishing, advertising and providing online services Philippines
Kyosei Ventures Pte. Ltd. Providing online marketing and technology services Singapore
Magzter Inc. Self-service digital magazine store and newsstand United States
MediaCorp Press Ltd Production and distribution of newspapers Singapore
MediaCorp TV Holdings Pte. Ltd. Provision and marketing of television broadcasting Singapore
services, production and distribution of television
programmes and music albums
MI Publishing (HK) Co. Limited Publishing magazines Hong Kong
MindChamps Preschool Operating and franchising of early childhood Singapore
(Worldwide) Pte. Limited curriculum and enrichment programmes and related
investment holdings
SI.com (Thailand) Co. Ltd Providing online investor relations services, Thailand
a financial portal
JOINTLY-CONTROLLED ENTITIES
Country of
Name of Jointly-controlled Entity Principal Activities Incorporation
701Search Pte. Ltd. Online businesses Singapore
701Search, Inc. Providing online search, directories and Philippines
classifieds services
701 Ventures Pte. Ltd. Providing online classifieds services Singapore
Cho Tot Company Limited Providing online classifieds services Vietnam
Mudah.my Sdn. Bhd. Providing online classifieds services Malaysia
PT 701Search Providing online classifieds services Indonesia
OVERSEAS BUREAUS
AUSTRALIA CHINA (CHONGQING) CHINA (HONG KONG)
ST Cynthia Low Beian Xingzuo Apartment #25-12 1308, 13th Floor, Tower Two
Tel 61-2-9449 3767 Jiangbeiqu Beichengtianjie No 4 Lippo Centre, No. 89 Queensway
cynlow@sph.com.sg Chongqing 400020, P.R. China Hong Kong
CHINA (BEIJING) ZB Ng Hon Kuan ST Li Xueying

HP 86-23-6770 0067 Tel 852-6492 5164
8th Floor, Unit 05 Fax 86-23-6770 1097 xueying@sph.com.sg
Raffles City Beijing Office Tower nghk@sph.com.sg
No. 1 Dongzhimen South Street ZB Norman Yik
Dongcheng District Beian Xingzuo Apartment #25-13 Tel 852-2524 6191
Beijing 100007, P.R. China Jiangbeiqu Beichengtianjie No 4 Fax 852-2524 7394
Chongqing 400020, P.R. China yikym@sph.com.sg
ST Kor Kian Beng
Tel 86-10-6418 1577 Mktg Chen Shouzhang Mktg Don Li
86-10-6418 1578 Tel 86-23-6786 2330 Tel 852-2877 9076
HP 86-1590-122 5935 Fax 86-23-6785 0172 Fax 852-2522 0950
Fax 86-10-6418 1580 chensz@sph.com.sg sph03@netvigator.com
kianbeng@sph.com.sg
Mktg Lisa Liao Echo Cheung
Esther Teo sphzaobao02@126.com Tel 852-2877 9076
Tel 86-10-6418 1577 Fax 852-2522 0950
86-10-6418 1578 CHINA (GUANGZHOU) sph02@netvigator.com
HP 86-1888-897 2095
Fax 86-10-6418 1580 Room 1106, Peace World Plaza Amanda So
esthert@sph.com.sg 362-366, Huanshi Dong Road Tel 852-2877 9076
Guangzhou 510060 Fax 852-2522 0950
Rachel Chang Wenqi Guangdong Province, P.R. China sph05@biznetvigator.com
Tel 86-10-6418 1577
86-10-6418 1578 ZB Sim Tze Wei CHINA (SHANGHAI)
HP 86-1391-113 9812 Tel 86-20-8374 0537
Fax 86-10-6418 1580 Fax 86-20-8374 0512 Room 1309B, 13th Floor,
rchang@sph.com.sg simtw@sph.com.sg Lansheng Building
8 Huaihai Road Centre
ZB Chua Eng Wee Mktg Zhang Mingshi Shanghai 200021, P.R. China
Tel 86-10-6418 1587 Tel 86-208 374 0537
HP 86-1391-124 2894 HP 86-138 2610 1468 ZB Gu Gong Lei
Fax 86-10-6418 1584 Fax 86-20 8374 0512 Tel 86-21-6319 1992
chuaew@sph.com.sg zhangms@sph.com.sg 83-21-6319 1995
HP 86-13-9761 4631
Teo Woan Yee Fax 86-21-6319 1991
Tel 86-10-6418 1587 gugl@sph.com.sg
HP 86-1281-090 7437
Fax 86-10-6418 1584
teowy@sph.com.sg
OVERSEAS BUREAUS
EUROPE INDONESIA (JAKARTA) JAPAN (TOKYO)
BT Neil Behrmann Suite 1401, 14th Floor BT Anthony Rowley

neilbehrma@aol.com Deutsche Bank Building Tel 81-3-5467 4656
Jalan Imam Bonjol 80 Fax 81-3-5467 4656
202 Drake House, Dolphin Square Jakarta 10310, Indonesia arowley@inter.net
London SW1V 3NN
United Kingdom ST Syed Zakir Hussain ZB Foo Choo Wei
Tel 62-21-3983 1472 Tel 090-8567 9193
ST Jonathan Eyal HP 62-81-1984 8922 choowei@sph.com.sg
Tel 44-78-0313 8213 Fax 62-21-3983 1466
Fax 44-20-7930 5854 zakirh@sph.com.sg 2-16-49-503 Takanawa
jonathan.eyal@gmail.com Minato-ku, Tokyo 108-0074
Wahyudi Soeriaatmadja Japan
INDIA (NEW DELHI) Tel 62-21-3983 1469
HP 62-81-6851 600 ST Kwan Weng Kin
N-12 Tara Apartment, Alaknanda Fax 62-21-3983 1466 Tel 81-3-3442 4258
New Delhi, 110019, India wahyudis@sph.com.sg Fax 81-3-3442 4258
wengkin@sph.com.sg
ST Nirmala Ganapathy Zubaidah Nazeer Mudin
HP 91-9891 257 047 Tel 62-21-3983 1469 5-A, 6-28, Akasaka 6-chome,
gnirmala@sph.com.sg HP 62-81-5936 7276 Minato-ku, Tokyo 107-0052
Fax 62-21-3983 1466 Japan
INDO CHINA zubaidah@sph.com.sg
Mktg Hiroshi Okawa
170/13 Liberty Park Condo 8A General Line : 62-21-3983 1465 Tel 81-3-3582 6259
Sukhumvit Soi 23 Fax 81-3-3582-6259
Klong Toey Nua, Wathana hiroshi_okawa@amail.plala.or.jp
Bangkok 10110, Thailand
Maki Ichihara
ST Nirmal Ghosh maki_ichihara@amail.plala.or.jp
HP 66-8-9897 0802
Fax 66-2-664 2070
nirmal@sph.com.sg
OVERSEAS BUREAUS
KOREA (SEOUL) PHILIPPINES (MANILA) U.S.A. (OHIO)
ZB Kang Gwi Young 19A Onyx Street, Greenheights Village ST Paul Zach
Tel 010-8940 3982 Paranaque, Metro Manila Tel 1-440-212 4125
kanggy@sph.com.sg The Philippines 1306 zach@sph.com.sg
MALAYSIA (KUALA LUMPUR) ST Raul Dancel U.S.A. (WASHINGTON)

Tel 63-915-699 9735
Suite 11A, Level 11, Etiqa Twins rdancel@sph.com.sg National Press Building
Tower 2, No. 11 Jalan Pinang Suite 916, 529 14th Street., NW
50450 Kuala Lumpur TAIWAN (TAIPEI) Washington, DC 20045
Malaysia U.S.A
12F-3, No. 57 Section 1
ST Carolyn Hong Chong Qing, South Road ST Jeremy Au Yong
Tel 02-03-2162 0011 Zhong Zheng District Tel 1-202-662 8728
Fax 02-03-2164 6439 Taipei City 10048, Taiwan (R.O.C.) Fax 1-202-662 8729
carolynh@sph.com.sg jeremyau@sph.com.sg
ZB Woo Mun Kit
Shannon Teoh Tel 886-2-2383 2732 Melissa Sim
Tel 02-03-2162 0011 Fax 886-2-2375 7822 Tel 1-202-662 8728
shannont@sph.com.sg mkwoo@sph.com.sg Fax 1-202-662 8729
simlinoi@sph.com.sg
BT S Jayasankaran THAILAND (BANGKOK)
Tel 60-12-305 8995 SHANGHAI INVESTMENT OFFICE
sankaranjaya@yahoo.com Citismart Condominium Unit no. 366/4
6th floor, 366 Sukhumvit Soi 18 Room 1302, Block A
Pauline Ng Klongtoey Subdistrict, Klongtoey District No. 868 East Longhua Road
Tel 60-19-283 8403 Bangkok 10110, Thailand Shanghai 200023, P.R. China
pscng1@yahoo.com
ST Tan Hui Yee ST Loo Chin Wah
Unit A-19-5 Northpoint Office Tel 66-8-9811 1854 New Beginnings Management
Mid Valley City tanhy@sph.com.sg Consulting (Shanghai)
No 1 Jalan Medan Syed Putra Utara Company Limited
59200 Kuala Lumpur U.S.A. (MARYLAND) Tel 86-21-6319 1989
Fax 86-21-6319 1991
Mktg Janise Low BT Leon Hadar loocw@sph.com.sg
Tel 603-2287 2262 leonhadar@aol.com
Fax 603 2287 2201
janise@sphmsia.com
Violet Poh
Tel 603-2287 2262
Fax 603 2287 2201
violet@sphmsia.com
Wong Siang Ling

Tel 603-2287 2262
Fax 603 2287 2201
siangling@sphmsia.com
Jenny Yap
Tel 603-2287 2262
Fax 603 2287 2201
jenny@sphmsia.com
PROPERTIES OF THE GROUP

EFFECTIVE
EXPIRY DATE LAND BUILT-IN EXISTING GROUP
LOCATION TENURE OF LEASE (SQM) (SQM) USE INTEREST (%)
SINGAPORE
Media Centre
82 Genting Lane Leasehold July 15, 2040 24,892 49,131 Industrial 100
Print Centre
2 Jurong Port Road Leasehold June 8, 2034 110,075 102,152 Industrial 100
News Centre
1000 Toa Payoh North Leasehold March 2, 2031 21,730 54,296 Industrial 100
Manhattan House
151 Chin Swee Road
Units #01-39 to #01-48
and #01-51 to #01-56 Leasehold October 15, 2068 - 554 Commercial 100
20A Yarwood Avenue Leasehold May 6, 2878 1,721 488 Residential 100
42 Nassim Road Freehold - 1,406 686 Residential 100
42A Nassim Road Freehold - 1,444 645 Residential 100
42B Nassim Road Freehold - 1,418 645 Residential 100
Paragon
290 Orchard Road Freehold - 17,355 94,307 Commercial 100
The Clementi Mall
Commonwealth Avenue West/
Clementi Avenue 3 Leasehold August 31, 2109 - 26,976 Commercial 60
The Seletar Mall
Sengkang West Avenue/
Fernvale Road
(under construction) Leasehold April 17, 2111 8,790 26,370 Commercial 70
MALAYSIA
Awana Condominium
Unit 3544
Genting Highlands Freehold - - 117 Residential 100
HONG KONG
Tower Two, Lippo Centre
Unit 1308 13th Floor
89 Queensway,
Hong Kong Leasehold February 14, 2059 - 368 Commercial 100
CHINA
New Beginnings
Room 1302, Block A,
No. 868 East Longhua Road,
Shanghai 200023, PRC Leasehold February 17, 2058 170 111 Commercial 100
Blu Inc Media China
Unit 1902-1905,
No. 425, Yishan Road,
Xuhui District, Shanghai Leasehold August 27, 2054 647 461 Commercial 100
OPTIONS AND AWARDS
Details of the options and awards granted to a Director under the Singapore Press Holdings Group (1999) Share Option
Scheme (1999 Scheme) and the SPH Performance Share Plan (Share Plan) are as follows:
1999 Scheme
Number of
existing
ordinary
Number of shares
Aggregate new ordinary transferred
options Aggregate shares issued pursuant
granted and options pursuant to exercise
accepted since exercised since to exercise of options
Aggregate commencement commencement Aggregate of options during the
options of 1999 Scheme of 1999 Scheme options during the financial
outstanding on 16.07.99 to on 16.07.99 outstanding financial year year under
Name of Director as at 1.9.13 31.8.14 to 31.8.14 as at 31.8.14 under review review
Chan Heng Loon Alan 1,175,000 2,125,000 950,000 1,175,000
Share Plan
Aggregate
awards Aggregate
granted since awards
Aggregate commencement released during Aggregate
awards of Share Plan on the financial awards
outstanding 5.12.06 to year under outstanding
Name of Director as at 1.9.13 31.8.14 review as at 31.8.14
Chan Heng Loon Alan Up to Up to Up to
1,145,900 2,860,500 173,100 1,208,400
In respect of the 1999 Scheme and the Share Plan:
1. The 1999 Scheme has been terminated with regard to the grant of further options. No options were granted under
the 1999 Scheme during the financial year under review.
2. The Rules of the 1999 Scheme do not allow for options to be granted at a discount.
3. Details of the ordinary shares delivered pursuant to awards granted under the Share Plan are set out in the Notes to
the Accounts. The prices at which the ordinary shares were purchased have been previously announced.
4. No options or awards under the 1999 Scheme and the Share Plan have been granted to controlling shareholders of
the Company or their associates.
5. No participant has received 5% or more aggregate of (a) the total number of new ordinary shares available under the
Share Plan and 1999 Scheme collectively, and (b) the total number of existing ordinary shares delivered pursuant to
awards released under the Share Plan and options exercised under the 1999 Scheme.
Copies of the 1999 Scheme and the Share Plan Rules are available for inspection at the Companys registered office.
SHAREHOLDING
STATISTICS
As at 8 October 2014
DISTRIBUTION OF SHAREHOLDERS BY SIZE OF SHAREHOLDINGS
No. of
Size of Shareholdings Shareholders % No. of Shares %*
1 - 999 1,453 2.46 616,711 0.04

1,000 - 10,000 45,109 76.19 180,364,049 11.27
10,001 - 1,000,000 12,560 21.21 592,159,418 37.01
1,000,001 and above 85 0.14 826,744,121 51.68
TOTAL 59,207 100.00 1,599,884,299 100.00
* Shareholdings exclude 764,822 treasury shares
TWENTY LARGEST ORDINARY SHAREHOLDERS

% of
Name of Shareholder No. of Shares Shares*
1 CITIBANK NOMINEES SINGAPORE PTE LTD 167,795,665 10.49

2 DBS NOMINEES PTE LTD 159,300,593 9.96
3 HSBC (SINGAPORE) NOMINEES PTE LTD 78,243,839 4.89
4 DBSN SERVICES PTE LTD 56,732,852 3.55
5 UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED 41,579,726 2.60
6 BANK OF SINGAPORE NOMINEES PTE LTD 27,885,858 1.74
7 RAFFLES NOMINEES (PTE) LTD 23,573,416 1.47
8 UOB KAY HIAN PTE LTD 18,465,785 1.15
9 LEE FOUNDATION STATES OF MALAYA 15,215,522 0.95
10 LEE PINEAPPLE COMPANY PTE LTD 12,750,000 0.80
11 BNP PARIBAS SECURITIES SERVICES PTE LTD 12,559,710 0.79
12 OCBC NOMINEES SINGAPORE PRIVATE LIMITED 10,866,097 0.68
13 LEUNG KAI FOOK MEDICAL COMPANY PTE LTD 10,540,350 0.66
14 CHAN SIEW KIM ALICE 10,000,000 0.63
15 ESTATE OF TAN ENG SIAN, DECEASED 8,838,754 0.55
16 PHAY THONG HUAT PTE LTD 8,582,000 0.54
17 LEE FOUNDATION 8,210,940 0.51
18 NANYANG PRESS (SINGAPORE) LIMITED 7,973,824 0.50
19 DB NOMINEES (SINGAPORE) PTE LTD 7,701,618 0.48
20 YONG YING-I 6,600,000 0.41
TOTAL 693,416,549 43.35
* Shareholdings exclude 764,822 treasury shares

SHAREHOLDING
STATISTICS
As at 8 October 2014
DISTRIBUTION OF MANAGEMENT SHAREHOLDERS BY SIZE OF SHAREHOLDINGS
No. of
Size of Shareholdings Shareholders % No. of Shares %
1 - 999 11 55.00 48 0.00

1,000 - 10,000 0 0.00 0 0.00
10,001 - 1,000,000 3 15.00 2,193,317 13.41
1,000,001 and above 6 30.00 14,168,404 86.59
TOTAL 20 100.00 16,361,769 100.00
HOLDERS OF MANAGEMENT SHARES

% of
Name of Shareholder No. of Shares Shares
1 THE GREAT EASTERN LIFE ASSURANCE CO LTD 3,698,297 22.60

2 OVERSEA-CHINESE BANKING CORPORATION LTD 2,748,829 16.80
3 NTUC INCOME INSURANCE COOPERATIVE LIMITED 2,674,219 16.35
4 SINGAPORE TELECOMMUNICATIONS LIMITED 2,176,119 13.30
5 THE DEVELOPMENT BANK OF SINGAPORE LTD 1,554,362 9.50
6 UNITED OVERSEAS BANK LTD 1,316,578 8.05
7 NATIONAL UNIVERSITY OF SINGAPORE 876,797 5.36
8 FULLERTON (PRIVATE) LIMITED 658,260 4.02
9 NANYANG TECHNOLOGICAL UNIVERSITY 658,260 4.02
10 CHIEF EXECUTIVE OFFICER 8 0.00
11 DIRECTORS* (FOUR EACH) 40 0.00
TOTAL 16,361,769 100.00
* Excluding the Chief Executive Officer
Not less than 99.9% of the ordinary shares in the Company is held by the public and Rule 723 of the SGX Listing Manual has
been complied with.
VOTING RIGHTS OF SHAREHOLDERS
The holders of management and ordinary shares shall be entitled to one (1) vote for each share, EXCEPT that on any resolution
relating to the appointment or dismissal of a director or any member of the staff of the Company, the holders of the management
shares shall be entitled either on a poll or by show of hands to two hundred (200) votes for each management share held.
NOTICE OF ANNUAL GENERAL MEETING

Singapore Press Holdings Limited
(Incorporated in the Republic of Singapore) Co. Reg. No. 198402868E
NOTICE IS HEREBY GIVEN that the Thirtieth Annual General Meeting of Singapore Press Holdings Limited (the Company)
will be held at The Auditorium, 1000 Toa Payoh North, News Centre, 1st Storey, Annexe Block, Singapore 318994 on Tuesday,
December 2, 2014 at 10.30 a.m. for the following business:
ORDINARY BUSINESS
1. To receive and adopt the Directors Report and Audited Financial Statements for the financial year ended August 31,
2014.
2. To declare a final dividend of 8 cents per share and a special dividend of 6 cents per share, on a tax-exempt (one-tier)
basis, in respect of the financial year ended August 31, 2014.
3. To re-elect the following Directors who are retiring by rotation in accordance with Articles 111 and 112 of the Companys
Articles of Association, and who, being eligible, offer themselves for re-election:
(i) Chong Siak Ching

(ii) Lucien Wong Yuen Kuai
(iii) Chan Heng Loon Alan
4. To re-elect the following Directors who will cease to hold office in accordance with Article 115 of the Companys
Articles of Association, and who, being eligible, offer themselves for re-election:
(i) Tan Chin Hwee

(ii) Janet Ang Guat Har
5 To approve Directors fees of up to S$1,450,000 for the financial year ending August 31, 2015 (2014: up to S$1,400,000).
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, with or without modifications, the following resolutions which will be proposed
as Ordinary Resolutions:
(i) That pursuant to Section 161 of the Companies Act, Chapter 50 (the Companies Act) 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 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 that 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 is 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 total number of issued shares (excluding treasury shares) in the
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 pro rata 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 10 per cent. of the total number of issued shares (excluding
treasury shares) in the capital of the Company (as calculated in accordance with sub-paragraph
(2) below);
(2) (subject to such manner of calculation and adjustments 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 shares shall be based on the total number of issued
shares (excluding treasury shares) in the 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 bonus issue, 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
(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.
(ii) That approval be and is hereby given to the Directors of the Company to grant awards in accordance with the
provisions of the SPH Performance Share Plan (the SPH Performance Share Plan) and to allot and issue such
number of ordinary shares in the capital of the Company (Ordinary Shares) as may be required to be delivered
pursuant to the vesting of awards under the SPH Performance Share Plan, provided that the aggregate number
of new Ordinary Shares allotted and issued and/or to be allotted and issued, when aggregated with existing
Ordinary Shares (including Ordinary Shares held in treasury) delivered and/or to be delivered, pursuant to the
Singapore Press Holdings Group (1999) Share Option Scheme and the SPH Performance Share Plan, shall not
exceed 5 per cent. of the total number of issued Ordinary Shares (excluding treasury shares) from time to time.
(iii) That:
(a) for the purposes of Sections 76C and 76E of 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
not exceeding in aggregate the Maximum Limit (as hereafter defined), at such price or prices as may be
determined by the Directors of the Company from time to time up to the Maximum Price (as hereafter
defined), whether by way of:
(i) market purchase(s) on the SGX-ST; 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);
(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 of the Company
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 earliest of:
(i) the date on which the next Annual General Meeting of the Company is held;
(ii) the date by which the next Annual General Meeting of the Company is required by law to be
held; and
(iii) the date on which purchases or acquisitions of Ordinary Shares pursuant to the Share Buy Back
Mandate are carried out to the full extent mandated;
(c) in this Resolution:
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 which occurs after the relevant five day period;
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;
Maximum Limit means that number of issued Ordinary Shares representing 10 per cent. of the total
number of the issued Ordinary Shares as at the date of the passing of this Resolution (excluding any
Ordinary Shares which are held as treasury shares as at that date); and
Maximum Price, in relation to an Ordinary Share 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 Share;
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.
By Order of the Board
Ginney Lim May Ling

Khor Siew Kim
Company Secretaries
Singapore,
October 31, 2014

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 Companys
Share Registration Office, Tricor Barbinder Share Registration Services (A division of Tricor Singapore Pte. Ltd.), 80 Robinson
Road, #02-00, Singapore 068898 not less than 48 hours before the time fixed for the meeting.
Personal Data Privacy:
By submitting an instrument appointing a proxy(ies) and/or representative(s) to attend, speak and vote at the Annual General
Meeting and/or any adjournment thereof, a Member of the Company (i) consents to the collection, use and disclosure of the
Members personal data by the Company (or its agents) for the purpose of the processing and administration by the Company
(or its agents) of proxies and representatives appointed for the Annual General Meeting (including any adjournment thereof)
and the preparation and compilation of the attendance lists, minutes and other documents relating to the Annual General
Meeting (including any adjournment thereof), and in order for the Company (or its agents) to comply with any applicable laws,
listing rules, regulations and/or guidelines (collectively, the Purposes), (ii) warrants that where the Member discloses the
personal data of the Members proxy(ies) and/or representative(s) to the Company (or its agents), the Member has obtained
the prior consent of such proxy(ies) and/or representative(s) for the collection, use and disclosure by the Company (or its
agents) of the personal data of such proxy(ies) and/or representative(s) for the Purposes, and (iii) agrees that the Member
will indemnify the Company in respect of any penalties, liabilities, claims, demands, losses and damages as a result of the
Members breach of warranty.
EXPLANATORY NOTES & STATEMENT PURSUANT TO ARTICLE 72 OF THE COMPANYS ARTICLES OF ASSOCIATION
1. In relation to Ordinary Resolution No. 3(i):
Chong Siak Ching* will, upon re-election, continue as a member of the Nominating Committee. She will step down
from the Audit Committee and be appointed as a member of the Remuneration Committee. She is considered an
independent Director. There are no relationships (including immediate family relationships) between Ms Chong and
the other Directors or the Company.
2. In relation to Ordinary Resolution No. 3(ii):
Lucien Wong Yuen Kuai* will, upon re-election, continue as a member of the Executive Committee and the Remuneration
Committee. He will be appointed as a member of the Nominating Committee. He is considered an independent Director.
There are no relationships (including immediate family relationships) between Mr Wong and the other Directors or
the Company.
3. In relation to Ordinary Resolution No. 3(iii):
Chan Heng Loon Alan* will, upon re-election, continue as a member of the Executive Committee. He is the Chief
Executive Officer of the Company. Save as disclosed herein, there are no relationships (including immediate family
relationships) between Mr Chan and the other Directors or the Company.
4. In relation to Ordinary Resolution No. 4(i):
Tan Chin Hwee* will, upon re-election, continue as a member of the Audit Committee and Board Risk Committee. He is
considered an independent Director. There are no relationships (including immediate family relationships) between
Mr Tan and the other Directors or the Company.
5. In relation to Ordinary Resolution No. 4(ii):
Janet Ang Guat Har* will, upon re-election, be appointed as a member of the Audit Committee and Board Risk Committee.
She is considered an independent Director. There are no relationships (including immediate family relationships)
between Ms Ang and the other Directors or the Company.

6. Ordinary Resolution No. 5, if passed, will facilitate the payment of Directors fees during the financial year in which
the fees are incurred, that is, during the financial year from September 1, 2014 to August 31, 2015. The amount of
Directors fees is computed based on the anticipated number of Board and Board Committee meetings, assuming full
attendance by all the Directors. The amount also includes a contingency sum to cater to unforeseen circumstances
such as the appointment of an additional Director, additional unscheduled Board meetings and for the formation of
additional Board Committees.
7. The effects of the resolutions under the heading Special Business in the Notice of the Thirtieth Annual General
Meeting are:
(a) Ordinary Resolution No. 8(i) is to authorise the Directors of the Company from the date of that meeting until
the next Annual General Meeting, subject to the provisions of the Newspaper and Printing Presses Act, Chapter
206, to issue shares in the capital of the Company and/or to make or grant instruments (such as warrants or
debentures) convertible into shares, and to issue shares in pursuance of such instruments, up to a number not
exceeding in total 50 per cent. of the total number of issued shares (excluding treasury shares) in the capital
of the Company, of which up to 10 per cent. of the total number of issued shares (excluding treasury shares)
in the capital of the Company may be issued other than on a pro rata basis to shareholders. For the purpose
of determining the aggregate number of shares that may be issued, the percentage of issued shares shall be
based on the total number of issued shares (excluding treasury shares) in the capital of the Company at the
time that Ordinary Resolution No. 8(i) 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 that Ordinary Resolution 8(i) is passed, and (ii) any subsequent bonus issue, consolidation
or sub-division of shares. For the avoidance of doubt, any consolidation or sub-division of shares in the capital
of the Company will require shareholders approval.
(b) Ordinary Resolution No. 8(ii) is to empower the Directors to offer and grant awards, and to allot and issue
new ordinary shares in the capital of the Company, pursuant to the SPH Performance Share Plan (which was
approved by shareholders at the Extraordinary General Meeting held on 5 December 2006), provided that the
aggregate number of new ordinary shares allotted and issued and/or to be allotted and issued, when aggregated
with the existing ordinary shares (including ordinary shares held in treasury) delivered and/or to be delivered,
pursuant to the Singapore Press Holdings Group (1999) Share Option Scheme and the SPH Performance Share
Plan, shall not exceed 5 per cent. of the total number of issued ordinary shares in the capital of the Company
(excluding ordinary shares held in treasury) from time to time. Although the Rules of the SPH Performance
Share Plan provide for a higher limit of 10 per cent. for new shares which may be issued under the Singapore
Press Holdings Group (1999) Share Option Scheme and the SPH Performance Share Plan, Ordinary Resolution
8(ii) provides for a lower limit of 5 per cent., as the Company does not anticipate that it will require a higher
limit before the next Annual General Meeting.
(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 the 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 Companys 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 and whether the ordinary
shares purchased or acquired are held in treasury or cancelled.

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 statements of the Group and the Company for the
financial year ended August 31, 2014, based on certain assumptions, are set out in paragraph 2.6 of the Letter
to Shareholders dated October 31, 2014, which is enclosed together with the Summary Financial Report.
* Details of the Directors current directorships in other listed companies and other principal commitments are set out on pages 20 to 27 of the Annual Report.
IMPORTANT
PROXY
1. For investors who have used their CPF monies to buy shares of Singapore Press Holdings
Limited, the Annual Report 2014 is forwarded to them FOR INFORMATION ONLY.
2. This proxy form is not valid for use by CPF investors and shall be ineffective for all
FORM intents and purposes if used or purported to be used by them.
3. CPF investors who wish to attend the Annual General Meeting as observers must submit
Singapore Press Holdings Limited their requests through their CPF Approved Nominees within the time frame specified. If
they also wish to vote, they must submit their voting instructions to the CPF Approved
(Incorporated in the Republic of Singapore) Nominees within the time frame specified to enable them to vote on their behalf.
Co. Reg. No. 198402868E Personal Data Privacy
By submitting an instrument appointing a proxy(ies) and/or representative(s), the member
accepts and agrees to the personal data privacy terms set out in the Notice of Annual
General Meeting.
I/We, _____________________________________________________________ (Name) _____________________ (NRIC/Passport No.)
of __________________________________________________________________________________________________ (Address)
being a member/members of the above named Company, hereby appoint:
NRIC/Passport Proportion of
Name Address Number Shareholdings (%)
and/or (delete as appropriate)
or failing him/her, or if no person is named above, the Chairman of the Annual General Meeting, 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 2, 2014 at 10.30 a.m. and at any adjournment thereof.
(If you wish to vote all your shares For or Against the relevant resolution, please indicate with an X in the relevant box
provided below. Alternatively, if you wish to vote some of your shares For and some of your shares Against the relevant
resolution, please insert the relevant number of shares (and, if you hold both ordinary shares and management shares, the
relevant class of shares) in the relevant boxes provided below. 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.)
No. of votes No. of votes

No. Ordinary Resolutions For Against
Ordinary Business
1. To adopt Directors Report and Audited Financial Statements
2. To declare a Final Dividend and a Special Dividend
3. To re-elect Directors pursuant to Articles 111 (i) Chong Siak Ching
and 112 (ii) Lucien Wong Yuen Kuai
(iii) Chan Heng Loon Alan
4. To re-elect Directors pursuant to Article 115 (i) Tan Chin Hwee
(ii) Janet Ang Guat Har
5. To approve Directors fees for the financial year ending August 31, 2015
6. To appoint Auditors and authorise Directors to fix their remuneration
7. To transact 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 grant awards and to allot and issue shares in accordance
with the provisions of the SPH Performance Share Plan
(iii) To approve the renewal of the Share Buy Back Mandate
Dated this ________________ day of ________________ 2014.

Total Number of
Ordinary Shares held
Total Number of
Management Shares held
__________________________________________________________
Signature(s) of Member(s) or Common Seal
IMPORTANT: PLEASE READ NOTES ON THE REVERSE

PROXY
FORM
(Incorporated in the Republic of Singapore)
Co. Reg. No. 198402868E
IMPORTANT
Note:
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. In the case of a joint appointment of two proxies, the Chairman of the Annual General Meeting will be a Members
proxy by default if either or both of the proxies appointed does/do not attend the Annual General Meeting. In the case
of an appointment of two proxies in the alternative, the Chairman of the Annual General Meeting will be a Members
proxy by default if both the proxies appointed do not attend the Annual General Meeting.
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. A proxy need not be a Member of the Company.
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 Tricor Barbinder Share Registration Services (A division of Tricor Singapore Pte. Ltd.), 80 Robinson Road, #02-00,
Singapore 068898, 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.
This annual report was produced by the
This annual report is printed on
Corporate Communications & CSR Division environmentally-friendly paper.
SINGAPORE PRESS HOLDINGS LIMITED
1000 Toa Payoh North
News Centre
Singapore 318994
www.sph.com.sg
Co. Reg. No 198402868E

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ANNUAL

EVENTS AND OUT-OF-HOME BROADCASTING

This year marks a significant milestone in our history as we commemorate our

Not one to rest on our laurels and achievements, we aspire to be a trendsetter,

Just as the different facets converge into a kaleidoscope of vibrant colours,

SPH Newspapers Readership Trends 56 Corporate Information 66

INTERNET AND NEW MEDIA

EVENTS AND OUT-OF-HOME ADVERTISING

BUSINESSES AND PRODUCTS

NEWSPAPERS Berita Harian My Paper (bilingual) The Straits Times

MAGAZINES 24:7 Her World Fit & Fab The Finder

BOOK PUBLISHING Focus Publishing

INTERNET AND 701search.com lollipop.sg stclassifieds.sg

EVENTS AND BizLink Exhibition Services Exhibits Inc Sphere Exhibits

PROPERTIES Retail The Clementi Mall Residential

BROADCASTING SPH Radio Kiss92

SPHs latest development,

ADMINISTRATION HUMAN RESOURCES

2014 2013 Change

Operating revenue 1,215,184 1,239,452 (2.0)

Operating profit# 348,963 369,288 (5.5)

Shareholders interests 3,687,095 3,536,480 4.3

Profitability ratios % % % points

Per share data %

SPH has turned in a creditable performance in

Despite the growing Newspapers and Android smartphones to mark the

Bahren Shaari Chong Siak Ching Ng Ser Miang

Quek See Tiat Sum Soon Lim Tan Chin Hwee

Executive Committee Executive Committee Executive Committee

u Bahren Shaari u Chong Siak Ching u Ng Ser Miang

Audit Committee Audit Committee Nominating Committee

u Quek See Tiat u Sum Soon Lim u Tan Chin Hwee

Audit Committee Executive Committee Audit Committee@

Remuneration Committee Executive Committee Nil

Back row from left:

Front row from left:

u Patrick Daniel Jim Koon holds a Bachelor of Arts (Honours) in Government

The Group operating revenue was

Tamil Murasu (TM) had another good

Here are some of the anniversary

SPH CELEBRATES 1 March Opening Concert by SSO at Paragon

ITS 30th ANNIVERSARY

SPH was formed on 4 August 1984

While SPH has a relatively young

26 April SPH Walk of Giants 14 to 21 July See the Big Picture

This special anniversary event highlights SPHs evolution

19 May SPH Charity Carnival

25 July Topping Out Ceremony for The Seletar Mall

29 July SPHs Got Talent 22 August SPH Mass Charity Outing

A special supplement on the same day in The Straits

8 November A Nation in Concert 2014

6 Bilingual pictorial coffee-table book

6 Lianhe Zaobao celebrates 90 years

9 Lianhe Wanbao goes digital as part of its

Lianhe Wanbao launched its smartphone and tablet apps,

30 SPH teams up with Telenor and Schibsted

Organised by Sphere Exhibits, the inaugural edition of the

of learning, as well as new and emerging instruction in the

22 Lianhe Zaobao launches new online

14 A new piece of art at Paragon

11 SPH Invests in Magzter Inc

SPH invested in Magzter Inc (Magzter), a global digital

12 Berita Harian launches apps and new website