Care for U, Care for Life.

Transcription

Annual Report 12 / 13
NTUC Unity Healthcare Annual Report 12 / 13 Care for U, Care for Life.
NTUC Unity Healthcare Co-operative Limited
55 Ubi Ave 1 #08-01 Singapore 408935
T 6590 4300 F 6590 4389
04 Chairman’s Message
06 Board Of Directors
08 Management Team
09Milestones
11 Care For U, Care For Life
12 Body
18Mind
20Family
22 Society
24 Finance
25 Report Of The Directors And Financial Statements
88 Membership Listing And Shareholdings
As At 31 March 2013
Contents
1
About NTUC Unity Healthcare
Co-operative Limited
NTUC Unity Healthcare Co-operative Limited is the
largest healthcare co-operative in Singapore with
50 Unity pharmacies and 13 Unity Denticare clinics
island-wide.
Driven by the focus on Care for Life, NTUC Unity
Healthcare Co-operative Limited has revitalised its
brand and offers something for everyone through
Unity and Unity Denticare.
Customers and patients can expect to be served
by warm and professional staff, pharmacists and
dentists, supported by the Labour Movement’s
commitment to care for the community.
The NTUC Unity Healthcare Brand
Expresses the way in which NTUC supports
and encourages well-being for everyone, at all
stages of their life. Our brand is symbolised by
the logo, which captures our brand essence
‘Care for Life’. It brings together three distinct
visual elements: the hand, the heart and the
Labour Movement ‘U’.
The hand extending from the Labour
Movement ‘U’ symbolises the role NTUC plays
in providing care, support and guidance to
promote a healthy lifestyle for all. The heart is a
reflection of love, good health and passion for
life. It represents the warmth of human nature
and the passion that drives our commitment to
promoting wider well-being in the community.
The logo portrays a hand nurturing the heart
and also releasing it, representing both the
protection of life and freedom that healthy
living offers to people of all ages.
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A home-grown and proud Singaporean brand,
NTUC Unity Healthcare promises to uphold its
ideals and philosophy of its parent NTUC, by
ensuring a healthier and happier meaningful life
for all ages and collars.
Brand Vision & Mission
Our vision is to be the partner of choice in the community for every
individual and family in caring for their health and wellness.
Our mission is to empower people to care for their health and
wellness, enabling them to live life to the full.
Core Values
NTUC Unity Healthcare believes in making a difference and is proud of
the contributions we make to the well-being of the communities we
serve with these core values:
CARE
We care for people, inspiring them to be healthy at all stages of life.
RESPECT
We are inclusive in our thoughts and actions and believe in trust and
dignity for all.
INTEGRITY
We are a trusted member of the community and we are fair and honest
in everything we do.
PASSION
We are passionate about working together to be the first choice health
and wellness partner.
3
Caring For Life
It is a testament to our social mission to serve the
The simple act of care often goes a long way; and
community at key locations across the island.
it is this caring spirit that is the foundation of the
work we do at NTUC Unity Healthcare.
We introduced self-help health check stations
at five of the NTUC Eldercare Silver ACE
NTUC Unity Healthcare was set up in 1992 to
Centres. This is to encourage the community
address the concerns of Singapore working
to take charge of their own health by regularly
families over rising healthcare costs. Today, we
monitoring basic indicators such as body mass
remain focused and committed to caring for our
and blood pressure. In addition, our pharmacists
community and customers. During the recent
visit the Silver ACE Centres quarterly to conduct
haze situation in Singapore, we stepped in quickly
health checks for the elderly including monitoring
and were the first to keep prices of the N95 face
of blood sugar levels and medication counselling.
masks affordable so as to discourage profiteering.
Staff worked tirelessly past midnight during those
Unity Denticare has set up an in-house call centre
days to ensure availability of face masks in our 50
in December 2012 to serve customers better.
outlets for the public. This is the spirit of putting
Apart from cost and operational efficiencies, the
the customers first at NTUC Unity Healthcare.
call centre also brings us closer to the existing
customers and helps us reach out to the potential
With growing healthcare needs, we will continue
to step up efforts to serve core needs of the
ones.
community and empower our customers to care
Looking Ahead
for their health and wellness; enabling them to
There is much for us to do in the year ahead. The
live life to the fullest.
Group remains strongly committed to growing
our business while creating greater social impact.
Our ‘DO GOOD’ Achievements
In 2012, NTUC Unity Healthcare launched our
One of our key priorities is to scale up and expand
range of essential supplements and vitamins
our footprint across the island quickly to make it
under the “Unity” housebrand. The housebrand
more accessible for our customers. This year, we
initiative is part of our effort to care holistically for
aim to set up at least 6 new Unity stores and 2
our community by offering an affordable range
new Denticare clinics.
of health products for Singaporeans, especially
seniors, with a view to preventing future illnesses.
We will continue to focus on strengthening staff
These vitamins and supplements are priced, on
capability. We have also introduced a Leadership
average, 20 to 30 per cent cheaper than national
Programme aimed at identifying and grooming
brands and have been well-received by our
potential employees for future positions, in line
customers.
with our business expansion.
In February 2013, we welcomed the opening of
In addition, we will expand the range of “Unity”
NTUC Unity’s 50 outlet at 100AM shopping mall.
housebrand products so that working families will
th
4
be able to have access to an even wider range of
affordable healthcare options amid rising cost of
living. Our existing housebrand, Origins health
food, will continue to expand its presence in
major supermarket chains, especially in NTUC
FairPrice.
Our Financial Performance
With the focus over the last two years on
consolidating our resources and systems to gear
up for future growth, the financial performance
of the Group has improved in the current financial
year as compared to the previous year. Revenue
saw an 11% increase from the previous year
to reach $102.5 million, while Profit Before
Contribution, Tax and Dividend rose from
$0.04 million in the previous year (excluding
reversal of allowance for impairment loss on
investment property) to $1.36 million in the
current year.
In view of the Group’s performance and our
long-term growth prospects, the Board has
recommended a final dividend of 3 cents per
share for the financial year, subject to approval at
the Annual General Meeting.
Appreciation
I would like to thank our shareholders, customers
and business partners for their unwavering
support and confidence in the Group. I would
also like to record my appreciation to the Board
for their valuable counsel and commitment, and
our management and staff for their hard work
and dedication to Caring for Life.
Ms Tan Hwee Bin
Chairman
CHAIRMAN’S MESSAGE
5
Tan Hwee Bin
Chairman
Nora Kang
Tan Hock Soon
Liak Teng Lit
Ms Tan joined the Board in
2009. She is the Chairman
of NTUC Unity Healthcare
Co-operative Limited
and NTUC Eldercare Cooperative Limited. She is
the Executive Director of
Wing Tai Holdings Limited.
She is also a Director
of Singapore Labour
Foundation, NTUC FairPrice
Co-operative Limited and
Agency for Integrated Care
Pte Ltd.
Ms Kang joined the Board
in 2004. She is currently
the Vice President of
NTUC Central Committee,
President of DBS Staff
Union (DBSSU), Director
of NTUC Foodfare
Co-operative Limited,
Chairman of NTUC Women
Committee and Honorary
Treasurer of NTUC Club
Management Council. Ms
Kang is also appointed
by Ministry of Manpower
Singapore as a member of
the Industrial Arbitration
Court (IAC) under the
Employee Panel.
Mr Tan joined the Board
in 2012. He is the General
Secretary of Food, Drinks
and Allied Workers’ Union
(FDAWU). Mr Tan currently
focuses his attention on
the re-employment of
mature workers. He is
a member of the NWC
Committee from 2013 till
2014. He was a recipient
of the Comrade of Labour
Award by National Trade
Union Congress in 2001.
Mr Liak joined the Board
in 2009. He is currently
the Group Chief Executive
Officer of Alexandra
Health. Mr Liak also serves
on the Boards of Pathlight
School, NorthLight
School, Advisory Panel
of the Singapore Human
Resources Institute,
Advisory Council of the
Singapore Computer
Society and The Advisory
Panel of the School of
Information Systems at the
Singapore Management
University.
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Pauline Goh
Philip Wee
Gerry Lee
Wade Cruse
Ms Goh joined the Board
in 2005. She is the Chief
Executive Officer of CBRE
Singapore and South
East Asia, overseeing 7
countries and close to
2,500 employees. She is
also an active member of
the company’s Asia Pacific
Strategic Group that charts
the strategic direction for
the Asia Pacific region.
She is a member of the
National University of
Singapore’s Department of
Real Estate, Consultative
Committee that seeks to
advise the Department in
the continuing review of its
academic programmes.
Mr Wee joined the Board
in 2011. He is the founder
of Claymore Training
& Consultancy which
manages consultancy
services for SMEs. Mr Wee
has 9 years of experience
in the shipping industry in
Singapore and has over 3
decades of experience in
the retail industry, working
with retailers like Selfridges
in London, Robinsons &
Co. and IKEA Singapore.
Mr Lee joined the Board
in 2011. He is currently
the Managing Director
(Business Groups) of
NTUC FairPrice Cooperative Limited. He
oversees the supermarket,
hypermarket, convenience
& online business groups
at FairPrice. Mr Lee also
serves on the Boards
of Grocery Logistics
of Singapore Pte Ltd,
NewFront Investments
Pte Ltd, Cheers Holdings
(2004) Pte Ltd and NTUC
Link Pte Ltd.
Mr Cruse joined the
Board in 2011. He
is a Partner at Bain
& Company SE Asia,
Inc, a global strategy
firm that helps many
of the world’s leading
companies achieve
excellence in their
industries. Mr Cruse
has spent the last 13
years living and working
in Southeast Asia and
Europe. Prior to that, he
was one of the founding
members of two steel
mini-mill companies
in the US in the mid
1990’s.
BOARD OF DIRECTORS
7
Chua Song Khim
Group CEO
Steven Lye
Deputy CEO
Chan Yiam Moi
General Manager,
Unity
Sonia Tay
Managing Director,
Origins Health Food
Leon Luai
Director, Unity Denticare
Ivy Tai
Chief Financial Officer
Melati Alui
Director,
Human Resources
Jean Loke
Director,
Real Estate
Chong Nai Min
Director,
Information Systems
& Technology
MANAGEMENT TEAM
8
(with effect from 11 March 2013)
1971
NTUC Denticare was established
to provide comprehensive dental
services to individuals and companies.
The first clinic was located at the
Singapore Conference Hall (formerly
known as Conference Hall and Trade
Union House) at Shenton Way.
1992
The first NTUC Healthcare outlet was
opened in Clementi NTUC FairPrice
by the late President Mr Ong Teng
Cheong, then Secretary General of
NTUC and Deputy Prime Minister.
Opening of our flagship store bearing our new identity in
1996 by Mr Lim Boon Heng, then Secretary General of NTUC &
Minister without Portfolio
1996
2002
The 18th outlet at Eastpoint was
NTUC announced the amalgamation
of Denticare with Healthcare. This
merger consolidated all its healthcare
initiatives under one organisation
that allowed the co-operative greater
economies of scale and to rationalise
its business structure, thereby
strengthening its competitiveness.
officially opened by Mr Lim Boon
Heng, then Secretary General of
NTUC and Minister without Portfolio.
It was also the flagship shop bearing
the new identity – Unity NTUC
Healthcare.
Opening of our first Unity Pharmacy
in 1992 by late President Mr Ong Teng
Cheong, then Secretary General of NTUC &
Deputy Prime Minister
1997
2004
Recognising the continuing need for
Unity’s logo was updated to portray
convenient healthcare for customers,
a modern and upbeat image with
NTUC Healthcare was the first to
a new tagline “Your Friend in
launch tele-pharmacy, an MOH-approved
Healthcare” to symbolise Unity’s aim
initiative which enables customers
in forging good relationships and
to seek health advice and purchase
understanding with our customers.
medication even in the absence of
pharmacists. Its official launch was
held at Great World City in October
and was witnessed by the then
Deputy Secretary General of NTUC,
Mr Lim Swee Say.
MILESTONES
9
2006
2012
Embracing an alternate outlook in
Unity launched its range of daily
the health and wellness sector, NTUC
essential vitamins and supplements
Healthcare launched a new concept of
under its own “Unity” brand name.
lifestyle living with the opening of its
These Unity housebrand products
first store at Great World City that was
are priced at least 20% cheaper than
remodelled under this new concept.
national brands, making it more
The Living Pharmacy stores boast a
affordable so that everyone can
wider variety of products plus a variety
of organic products to cater to the
growing public awareness of organic
consumption for a healthier lifestyle.
The Living Pharmacy outlet at Great
World City also housed an organic
café using ingredients sold within the
store.
In the same year, NTUC Healthcare
was awarded the SuperBrands award
that recognises the brand as one of
the best and most-valued names in
Singapore.
benefit from preserving their health
Opening of the 47th Unity store at The
Clementi Mall showcasing the revitalised look
in 2011
and preventing future illnesses.
its 47th store at The Clementi Mall
showcasing the revitalised look with
an emphasis on “Care for Life”. The
opening was officiated by Secretary
General of NTUC, Mr Lim Swee Say.
Also a wellness brand of Unity
Healthcare, NTUC Denticare was
rebranded as NTUC Unity Denticare.
The clinic at NTUC Income Tampines
Junction bearing the new identity and
revitalised look was officially opened
by NTUC Unity Healthcare Chairman,
Ms Tan Hwee Bin. This was also Unity
Denticare’s 13th clinic.
Opening of the 50th Unity store at 100 AM
by Mr Lim Boon Heng, Mr Sam Tan, Ms Tan
Hwee Bin & Mr Chua Song Khim
2013
Unity’s 50th store at 100 AM was
officially opened by Mr Lim Boon
Heng (Chairman, NTUC Enterprise),
Mr Sam Tan (MP for Radin Mas SMC),
Ms Tan Hwee Bin (Chairman, NTUC
Unity Healthcare) and Mr Chua
Song Khim (Group CEO, NTUC
Unity Healthcare). The official
The Living Pharmacy, a new concept of
lifestyle living, was launched in 2006
opening marked Unity Healthcare’s
commitment to extend our reach to
2011
serve the needs of working families
NTUC Healthcare unveiled its
revitalised brand identity with a
new name NTUC Unity Healthcare
Co-operative Limited. As one of the
wellness brands under the NTUC
Unity Healthcare Group, Unity opened
10
and our community.
Opening of the 13th Unity Denticare clinic at
NTUC Income Tampines Junction
Care for you, Care for life
At NTUC Unity Healthcare Co-operative Limited, our customers
and patients deserve the utmost care and dedicated services.
We do not only look after our business, we are also committed
to caring for the health and wellness of families and individuals.
In our Care for U, Care for Life report, we will illustrate how
we engage with the society and communities through our
work and businesses. Based on five pillars – Body, Mind,
Family, Society and Finance – we invite you to learn about the
foundations and what it takes for NTUC Unity Healthcare to
continue its mission as a caring healthcare partner.
11
NTUC Unity, Tampines One
Body
Understanding Our Businesses
is the largest healthcare co-operative in
Singapore.
Established in August 1992, Unity is the retail
pharmacy arm of Unity Healthcare
Co-operative. Its mission is to improve the
health and total well being of our customers
by being the most professional pharmacy chain
and delivering the highest level of customer
satisfaction, at the most competitive prices.
Mr Sean Ang, Pharmacist
NTUC Unity, Toa Payoh
12
In 2012, NTUC Unity Healthcare introduced
to provide more practical information to help our
a range of essential vitamins and
physically challenged customers lead a normal life.
supplements under the “Unity” housebrand.
Priced at an average of 20 per cent lower than
In February this year, we also celebrated the
national brands, the housebrand products are
opening of NTUC Unity’s 50th outlet at 100AM.
an effort to set benchmark prices for essential
The opening is a milestone for NTUC Unity
goods and services, and to help moderate the
Healthcare in our journey to extend our pharmacy
cost of living for Singapore working families.
services to a wider community. In conjunction with
The “Unity” housebrand initiative is part of the
the opening, NTUC Unity also supplied a year’s
NTUC Social Enterprise 2015 Vision to deliver
worth of housebrand supplements to some 50
greater social impact. By 2015, NTUC Unity
needy elderly from NTUC Eldercare Silver
plans to make available some 100 “Unity”
ACE Centres.
products, which will include over-the-counter
medications, first-aid kits, and skin and body
Come 2015, we are looking to have an expanded
care products.
network of 80 Unity outlets throughout the island.
As we continue our expansion, the existing outlets
Not forgetting the elderly and disabled, Unity
will also undergo renovation and refurbishment to
also provides a range of care and mobility
give our customers a better shopping experience.
products under the Home Care section to
Our new and refurbished outlets are designed
assist them. The products include mobility aids
based on 3 principles.
such as wheelchairs, walking sticks, commode
chairs and crutches. Moving forward, Unity will
continue to enhance and develop this section
1. Simplicity – standardised fixtures to support the
display of a wider product range that includes
healthcare, derma skin care as well as organic
food.
2. Ease – Wider aisles that allow for easy access,
brighter lighting and category signages to help
locate products with ease.
3. Delight – Friendly service of our retail assistants
and professional advice provided by our trained
pharmacists to help individuals and families.
These principles are part of our store enhancement
efforts to improve our physical layout and
ambience of our outlets so that our customers can
enjoy shopping with us.
Last year, eight outlets received a facelift. The
refurbished stores include those located in Yishun,
Clementi, Rivervale Plaza and Raffles City.
Unity Housebrand
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Warm and pleasant interior reflecting
our brand essence
Incorporated in 1990, Origins Healthcare is a
subsidiary of Unity Healthcare Co-operative.
Origins Healthcare is a dedicated wholesaler
and distributor of natural and organic products
and health publications books. Origins
Healthcare aims to offer healthy wholesome
foods at affordable prices to the community.
These quality merchandise ranging from whole
foods to natural skin care products are made
readily available through our comprehensive
distribution network of supermarkets,
pharmacies and hospitals.
In a gesture to provide equal work
opportunities, Origins Healthcare products are
also packed by people suffering from speech
and hearing disabilities.
14
Our goal for Unity stores is
not to be just retail outlets
but family-friendly pharmacy
stores – where customers not
only buy medication and health
supplements but also receive
helpful health information and
advice. Our team of professional
pharmacists aims to be family
pharmacists whom families and
individuals can trust for their
health and wellness needs.
Mr Chua Song Khim
Group Chief Executive Officer
NTUC Unity Healthcare
Our values originate from our
care for our customers and this
will always be the foundation
of our company. As we work
towards our 2015 vision, we
strive to be the healthcare
partner of choice in the
community, offering health and
wellness products that meet the
needs of customers at every of
their life stages. We will continue
to improve ourselves to better
serve our customers.
Mr Steven Lye
Deputy Chief Executive Officer
Ms Jenny Tan,
Senior Retail Executive
NTUC Unity, AMK Hub
15
Dr Lee Pik Gah, Dental Surgeon
NTUC Unity Denticare, Bukit Merah Central
Started in August 1971, Unity Denticare is the dental care arm of Unity Healthcare
Co-operative. With 13 clinics conveniently
located across Singapore and over 100
professional dentists and dedicated staff, Unity
Denticare aims to provide comprehensive dental
services to individuals and companies. By 2015,
Unity Denticare is looking to an expanded
network of 20 clinics.
All Unity Denticare staff undergo training
to learn how to handle a range of scenarios
in the clinics. The training covers the areas
of customer service, operational and work
efficiency, and basic cardiac life support.
Through these preparation courses, staff will
be equipped with skills such as basic infection
control and inventory management. To
maintain a high standard of cleanliness, Dental
Dr Tiju Krishnan, Dental Surgeon
NTUC Unity Denticare, AMK Hub
Assistants will understand the importance of
basic infection control, and their roles and
responsibilities as healthcare workers.
16
More training programmes are in the pipeline
to ensure staff will continue to provide quality
service to our customers. The training includes
telephone etiquette and service excellence to
equip staff with basic customer service skills
to handle customers in difficult situations. This
reaffirms our commitment to train all staff to
deliver excellent, customised and personalised
service.
As we strive to standardise practice across all
the Denticare clinics, we are able to project a
better image and provide better service to our
customers.
To accommodate the evolving needs of dental
care, Unity Denticare has also introduced
aesthetic application such as Invisalign to its
list of comprehensive dental services. With
a dedicated hotline and call centre, patients
can get their queries addressed efficiently. The
hotline reduces the call drop rate, affirming our
commitment to better serve our patients.
NTUC Unity Denticare, Tampines Junction
17
Keep Fit Day
Mind
Training Our Staff
At NTUC Unity Healthcare, we emphasise
learning and development which focuses on
excellence in the areas of operations, service,
and people.
• Operations Excellence
To improve operational execution by
mastering basic retail skills
• Service Excellence
To develop a customer-centric culture within
the organisation
• People Excellence
To enhance leadership competencies and
drive performance through the development
of soft skills
Monthly staff lunch
18
All new employees of Unity pharmacies go
All ground staff will also attend monthly
through a compulsory five-day training course
product knowledge training conducted by
called the New Employee Essential Programme
suppliers to understand the merchandise
(NEEP). NEEP aims to equip new employees
better. With the training, staff can better
with the basic knowledge of working at Unity
address customer queries and help them make
Healthcare, helping them better understand its
informed decisions on their purchases.
yaD
policies and procedures.
Enriching Our People
The programme takes on a five-step approach
At NTUC Unity Healthcare, we believe a healthy
which provides new staff with the essential
work-life balance will enhance the lives of our
skills to effectively carry out daily routines
staff. Besides monthly staff lunches at the head
and basic functions. The training includes
office, a Keep Fit Day has also been introduced
performing stock control operations, routine
for HQ staff to take part in various activities
housekeeping duties, point-of-sale operations,
such as bowling or brisk walking. Employees
communicating effectively to customers and
are further encouraged to spend quality time
projecting a professional and positive image
with their family through Eat With Your Family
at work.
Day which happens on the last Friday of
every month.
All existing ground staff will also undergo
customer service training. The Certified Service
These activities continue to serve as a platform
Professional Course offered by NTUC Learning
to foster strong bonds among the staff and
Hub aims to equip ground staff with the skills
management. It is also our way of looking after
on how to interact with customers and exceed
our staff and ensuring they have adequate time
service standards through delivering excellent,
off from work to enjoy the simple pleasures
customised and personalised service.
of life.
NTUC Unity’s Pre-registered Pharmacist Training
19
Mdm Rena Ong, Pharmacy Assistant
NTUC Unity, Rivervale Mall
At NTUC Unity Healthcare, our customers
are like our family members. We believe
in treating you with sincerity, respect and
deserving attention. We find renew vigour in
your compliments to continue providing the
best service to you. Your words propel us to do
better and reach out to touch the lives of more
people in the community. With your continuous
support, Unity Healthcare aims to be the holistic
healthcare provider for you and your family.
It is a pleasant experience when I visit the
Rivervale Mall Unity outlet. I am impressed
with Madam Rena Ong who attended to
me. She demonstrated great customer
service skills and is very knowledgeable with
most of my queries.
NTUC Unity Pharmacy Customer
Ms Cheryl Phua
Family
I have been a regular customer at the NEX
Unity branch for the past two years. During
this period, Miss Jennifer Seow and Miss
Ivy Tan have provided fantastic service to
my family and me. They are patient and
exercise care to help us select the products
that will suit our needs and requirement.
Ms Doreen Chia
The retail staff remembered that I
was looking for a product, which was
unfortunately out of stock. On my next visit,
they presented the item to me without me
asking for it. I definitely appreciated the
gesture.
Ms Penny Radcligue
20
I truly appreciate the services of Dr Diana
Lee at Unity Denticare AMK Hub. We had
no prior appointment but Dr Lee quickly
attended to my son, Ryan, who had broken
his tooth and calmed his fears. Despite a
busy schedule, she still took time to explain
all the options that were available to treat
Ryan. Not only was Dr Lee skilful in giving
Ryan a set of teeth which looked good
as new, I was pleasantly surprised when
she called a few days later to check on
Ryan’s progress. I applaud Dr Lee for her
professionalism and thank her for going the
extra mile.
NTUC Unity Denticare Customer
Ms Serene Cordeiro
I witnessed exemplary customer service from
the Unity Denticare reception staff at AMK
Hub, especially from Ms Danielle Poon. She
went beyond duty to assist a woman who
was not interested in paying for services at
Denticare. Despite the situation, the staff
remained calm and managed it well.
Ms Paulette Tan
I would like to express my high appreciation
to the services of Dr Lee Pik Gah and her staff
of Bukit Merah Central branch. With their
effective and quick services and professional
treatments, they removed the sharp pain of
my second molar.
Mr Frank Wu Fei
Dr Lee Pik Gah, Dental Surgeon
Ms Eden Tanoja, Dental Assistant
NTUC Unity Denticare, Bukit Merah Central
21
Health check at NTUC
Eldercare Silver ACE Centre
Society
Caring For The Community
NTUC Unity Healthcare aims to provide
affordable basic healthcare services to
Singapore’s working families. Staying true to
our social mission, we continue to do our part
to contribute and care for our community and
the underprivileged. Through partnerships with
like-minded organisations, we seek to take a
further step towards fulfilling our mission to
care for life.
Healthy Lifestyle For All
Since October 2012, NTUC Unity has tied up
with the Agency for Integrated Care on their
Community Health Assist Scheme (CHAS) that
allows CHAS cardholders who typically come
from lower income families to enjoy a five per
cent discount on all regular priced items at
Unity pharmacies. CHAS cardholders also pay
subsidised rates at Unity Denticare clinics.
22
Not Forgetting The Elderly
In conjunction with the opening of NTUC
Unity’s 50th outlet, some 50 needy elderly
were selected to receive a year’s supply of the
“Unity” housebrand vitamins and supplements
at no cost. The range of supplements given
is based on the existing health conditions
of the elderly who were selected from five
NTUC Eldercare Silver ACE Centres namely:
Henderson, Telok Blangah, Lengkok Bahru,
Redhill and Taman Jurong.
Unity’s Pharmacists Day
Health check stations have been set up at these
five centres and are estimated to reach out to
Sweet Spot Programme
more than 1,200 elderly living in the vicinity
A collaboration with the NUS Department of
of the centres. The station consists of basic
Pharmacy, this 6-month programme aims to
equipment that allows users to check blood
help diabetic patients manage and improve
pressure and their body mass index (BMI). Staff
their conditions through counselling and
at the centres can help the elderly with the
lifestyle modifications such as diet changes
checks although seniors who are able to do so
and exercise. Our pharmacists will also work
are encouraged to perform the checks on their
closely with the patients to set achievable goals
own to encourage accountability over their
for themselves and monitor their progress.
own health.
Patients who sign up for this programme are
monitored closely for their blood pressure,
To ensure the seniors receive adequate and
blood cholesterol and blood glucose by the
quality care, Unity pharmacists visit the
pharmacists.
centres quarterly to conduct health checks
and medication reviews. These checks include
Annual Pharmacists Day
blood pressure, blood glucose and BMI. The
This annual event has become a staple affair
pharmacists will also provide medication review
on NTUC Unity Healthcare’s calendar. Last year,
and counselling for the seniors and work closely
Unity pharmacists and senior management took
with staff to monitor their health. By providing
time out to spend a day with a group of seniors
the health check results to the centres, the staff
from NTUC Eldercare.
can assist to monitor these seniors, especially
those who need closer medical attention.
The day began with serving breakfast to the
seniors and dining with them, before heading
With the Health Check Station provided by Unity
Healthcare, the seniors at SilverACE @ Redhill
may now measure their own blood pressure,
weight, height, body mass index and do eye test
chart checks at their convenience. Since the set
up of the station, the seniors feel more in charge
of their own health.
Ms Mardiana Othman
Centre Supervisor
NTUC Eldercare Silver ACE Centre @ Redhill
out to the nearby garden for a walk and
workout session. The meaningful activity served
as a platform for the community pharmacists to
spend time with the group of people they serve
regularly. It was also an opportunity for senior
management to interact with pharmacists and
better understand the work they do.
23
NTUC Unity, Clementi Mall
Finance
NTUC Unity Healthcare strives to deliver social
impact (Do Good) to the community and this
could not be achieved without the business
being financially sustainable and profitable
(Do Well). We would like to thank all our
customers for their confidence and strong
support that brought us to where we are today.
The financial statements as set out on page 26
to 85 are drawn up and audited so as to give a
true and fair view of the state of affairs of the
Company as at 31 March 2013.
24
Report Of The Directors
& Financial Statements
As At 31 March 2013
26 Report Of The Directors
28 Statement By Directors
29 Independent Auditors’ Report
31 Statements Of Financial Position
32 Statements Of Comprehensive Income
34 Statements Of Changes In Equity
37 Consolidated Statement Of Cash Flows
39 Notes To Financial Statements
25
NTUC Unity Healthcare Annual Report 12 / 13
NTUC UNITY HEALTHCARE CO-OPERATIVE LIMITED
AND ITS SUBSIDIARIES
REPORT OF THE DIRECTORS
The Directors of the Co-operative present their report to the members together with the audited
financial statements of the Group for the financial year ended 31 March 2013 and the statement of
financial position of the Co-operative as at 31 March 2013 and the statement of comprehensive income
and statement of changes in equity of the Co-operative for the financial year ended 31 March 2013.
1.
Directors
The Directors of the Co-operative in office at the date of this report are:
Tan Hwee Bin
(Chairman)
Pauline Goh
Nora Kang
Lee Kian Hup Gerry
Liak Teng Lit
Wade Cruse
Philip Vincent Wee
Tan Hock Soon (Appointed on 25 September 2012)
2.
Arrangements to enable Directors to acquire shares or debentures
Neither at the end of nor at any time during the financial year was the Co-operative a party to any
arrangement whose object is to enable the Directors of the Co-operative to acquire benefits by
means of the acquisition of shares in or debentures of the Co-operative or any other body
corporate.
3.
Directors’ interests in shares or debentures
According to the register of Directors’ shareholdings kept by the Co-operative, none of the
Directors of the Co-operative holding office at the end of the financial year had any interest in
shares or debentures of the Co-operative or its related corporations except as detailed below:
Shareholdings registered in
the name of Director
Balance as at
1 April 2012
Balance as at
31 March 2013
Number of ordinary shares
The Co-operative
Nora Kang
4.
50
50
Directors’ contractual benefits
Since the end of the previous financial year, no Director of the Co-operative has received or
become entitled to receive a benefit by reason of a contract made by the Co-operative or by 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 financial statements.
26
Page 1
REPORT OF THE DIRECTORS (Continued)
5.
Share options
There were no share options granted by the Co-operative or its subsidiaries during the financial
year.
There were no shares issued during the financial year by virtue of the exercise of options to take
up unissued shares of the Co-operative or its subsidiaries.
There were no unissued shares of the Co-operative or its subsidiaries under options as at the end
of the financial year.
6.
Auditors
The auditors, BDO LLP, have expressed their willingness to accept re-appointment.
On behalf of the Board of Directors
Tan Hwee Bin
Chairman
Pauline Goh
Director
Singapore
2 August 2013
Page 2
27
STATEMENT BY DIRECTORS
In the opinion of the Board of Directors,
(a)
the consolidated financial statements of the Group, the statement of financial position, statement
of comprehensive income and statement of changes in equity of the Co-operative with the notes
thereon are properly drawn up in accordance with the provisions of the Singapore Co-operative
Societies Act, Chapter 62 and Singapore Financial Reporting Standards so as to give a true and fair
view of the state of affairs of the Group and of the Co-operative as at 31 March 2013 and of the
results and changes in equity of the Group and of the Co-operative and cash flows of the Group for
the financial year ended on that date;
(b)
at the date of this statement, there are reasonable grounds to believe that the Co-operative will
be able to pay its debts as and when they fall due;
(c)
the accounting and other records required by the Act to be kept by the Co-operative have been
properly kept in accordance with the provisions of the Act; and
(d)
the receipt, expenditure and investment of monies and the acquisition and disposal of assets
made by the Co-operative during the year ended 31 March 2013 have been in accordance with the
By-laws of the Co-operative and provisions of the Act.
On behalf of the Board of Directors
Tan Hwee Bin
Chairman
Pauline Goh
Director
Singapore
2 August 2013
28
Page 3
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF
Report on the Financial Statements
We have audited the accompanying financial statements of NTUC Unity Healthcare Co-operative
Limited (the “Co-operative”) and its subsidiaries (the “Group”), which comprise the statements
of financial position of the Group and of the Co-operative as at 31 March 2013, the statements of
comprehensive income and statements of changes in equity of the Group and of the Co-operative
and statement of cash flows of the Group for the financial year then ended, and a summary of
significant accounting policies and other explanatory information as set out on pages 31 to 85.
Management’s 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 Co-operative Societies Act, Chapter 62
(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 auditor’s
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 auditors
consider internal control relevant to the entity’s 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 entity’s 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.
Page 4
29
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF
Report on the Financial Statements (Continued)
Opinion
In our opinion, the consolidated financial statements of the Group, the statement of financial
position, statement of comprehensive income and statement of changes in equity of the Cooperative are properly drawn up in accordance with the provisions of the Act and Singapore
Financial Reporting Standards so as to give a true and fair view of the state of affairs of the
Group and of the Co-operative as at 31 March 2013 and of the results and changes in equity of
the Group and of the Co-operative and cash flows of the Group for the financial year ended on
that date.
Report on Other Legal and Regulatory Requirements
In our opinion,
(a)
the accounting and other records required by the Act to be kept by the Co-operative have
been properly kept in accordance with the provisions of the Act;
(b)
the receipt, expenditure and investment of monies and the acquisition and disposals of
assets by the Co-operative during the financial year ended 31 March 2013 have been made
in accordance with the By-laws of the Co-operative and the provisions of the Act; and
(c)
the accounting and other records required by the Singapore Companies Act, Chapter 50, to
be kept by those subsidiaries incorporated in Singapore of which we are the auditors have
been properly kept in accordance with the provisions of the Singapore Companies Act,
Chapter 50.
BDO LLP
Public Accountants and
Chartered Accountants
Singapore
2 August 2013
Page 5
30
STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2013
STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2013
Note
ASSETS
Current
ASSETS assets
Cash
andassets
cash equivalents
Current
Trade
andcash
other
receivables
Cash and
equivalents
Prepayments
Trade and other receivables
Inventories
Prepayments
Inventories
Non-current assets
Investments
subsidiaries
Non-currentin
assets
Available-for-sale financial
Investments in subsidiaries
assets
Property,
assets plant and equipment
Investment
properties
Property, plant
and equipment
Investment properties
Total assets
Total assets
LIABILITIES AND EQUITY
Current
liabilities
LIABILITIES
AND EQUITY
Trade
and
other payables
Current liabilities
Provision
Trade and other payables
Current
Provisionincome tax payable
Share capital repayable on
Current income tax payable
demand
Share capital repayable on
demand
Non-current liability
Deferred tax liabilities
Non-current
liability
Note
Group
2013Group
$
2013
Co-operative
2013
Co-operative
$
2013
2012
$
2012
2012
$
2012
$
$
$
$
17,789,308
5,514,862
17,789,308
338,959
5,514,862
13,895,669
338,959
16,333,595
6,442,449
16,333,595
297,987
6,442,449
13,318,856
297,987
15,021,763
6,387,846
15,021,763
323,795
6,387,846
12,815,145
323,795
12,074,916
8,961,327
12,074,916
279,782
8,961,327
11,824,615
279,782
37,538,798
36,392,887
34,548,549
33,140,640
8
-
-
1,270,506
1,270,506
8
9
10
9
11
10
1,047,005
12,338,272
1,047,005
8,079,281
12,338,272
883,610
13,143,487
883,610
8,314,454
13,143,487
1,270,506
1,047,005
12,289,144
1,047,005
8,079,281
12,289,144
1,270,506
883,610
13,079,469
883,610
8,314,454
13,079,469
59,003,356
58,734,438
57,234,485
56,688,679
14
19,869,560
900,000
19,869,560
200,306
900,000
19,960,078
795,000
19,960,078
238,734
795,000
19,864,136
900,000
19,864,136
900,000-
19,622,897
795,000
19,622,897
795,000-
15
200,306
17,367,824
238,734
17,468,824
17,367,824
17,468,824
15
38,337,690
17,367,824
38,462,636
17,468,824
38,131,960
17,367,824
37,886,721
17,468,824
38,337,690
38,462,636
38,131,960
37,886,721
4
5
4
5
6
6
11
13
14
13
37,538,798
13,895,669
21,464,558
8,079,281
59,003,356
21,464,558
36,392,887
13,318,856
22,341,551
8,314,454
58,734,438
22,341,551
34,548,549
12,815,145
22,685,936
8,079,281
57,234,485
22,685,936
33,140,640
11,824,615
23,548,039
8,314,454
56,688,679
23,548,039
12
1,988
1,988
-
-
12
38,339,678
1,988
38,464,624
1,988
38,131,960-
37,886,721-
38,339,678
38,464,624
38,131,960
37,886,721
100,000
443,145
100,000
19,539,044
443,145
100,000
279,750
100,000
19,331,820
279,750
100,000
443,145
100,000
18,559,380
443,145
100,000
279,750
100,000
18,422,208
279,750
Total
equity
Non-controlling
interest
Total equity
liabilities and equity
Total
19,539,044
20,082,189
581,489
20,082,189
20,663,678
581,489
59,003,356
20,663,678
19,331,820
19,711,570
558,244
19,711,570
18,559,380
19,102,525
19,102,525-
18,422,208
18,801,958
18,801,958-
Total liabilities and equity
59,003,356
58,734,438
57,234,485
56,688,679
Total
liabilities
Deferred
tax liabilities
Total liabilities
Equity
Share capital
Equity
Fair
reserve
Sharevalue
capital
Retained
earnings
Fair value reserve
Equity attributable to owners
Retained earnings
of the parent
Equity attributable to owners
Non-controlling
of the parent interest
15
16
15
16
20,269,814
558,244
58,734,438
20,269,814
19,102,52557,234,485
19,102,525
The accompanying notes form an integral part of these financial statements.
18,801,95856,688,679
18,801,958
Page 6
Page 6
31
STATEMENTS
OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2013
STATEMENTS OF COMPREHENSIVE INCOME
Continuing operations
Revenue
Other operating income
Revenue
Consumables used
Staff costs
Consumables used
Depreciation expense
Staff costs
Rental expense
Other operating expenses
Rental expense
Finance costs
Profit before income tax and
Finance
costs
contributions
Profit before income tax and
Income tax expense
contributions
Profit for the financial year from
Income
tax expense
continuing
operations
Profit for the financial year from
continuing operations
Discontinuing operation
Loss for the financial year from
Discontinuing
discontinuingoperation
operation
Loss for the financial year from
Profit before contributions
discontinuing operation
Profit before contributions
Contributions
Central Co-operative Fund
Contributions
Singapore Labour Foundation
Profit after contributions
Honorarium to directors
Profit after contributions
Profit for the financial year
Other comprehensive income:
Available-for-sale financial assets
Other comprehensive income:
- fair value gain/(loss)
- reclassifications to profit or loss
- fair value gain/(loss)
Income tax relating to components
- reclassifications
to profitincome
or loss
of other comprehensive
Income
tax relating to components
Other comprehensive
income for
of
comprehensive
income
theother
financial
year, net of
tax
Other
comprehensive
income
for
Total comprehensive income for
the
financial
year,
net
of
tax
the financial year
the financial year
Group
Note
2013
2012
Group
$
$
Note
2013
2012
$
$
17
102,510,277
91,379,176
18
6,183,092
5,917,615
17
102,510,277
91,379,176
(69,610,679)
(62,035,147)
18
6,183,092
5,917,615
19
(17,441,967)
(16,048,587)
(69,610,679)
(62,035,147)
(2,900,446)
(2,559,195)
19
(17,441,967)
(16,048,587)
(10,649,507)
(9,592,134)
(2,900,446)
(2,559,195)
(6,733,413)
(6,012,849)
(10,649,507)
(9,592,134)
20
(516,652)
(527,296)
(6,733,413)
(6,012,849)
20
(516,652)
(527,296)
21
840,705
521,583
22
(133,745)
(177,370)
21
840,705
521,583
22
(133,745)
(177,370)
706,960
344,213
706,960
344,213
Co-operative
2013
2012
Co-operative
$
$
2013
2012
$
$
94,792,976
84,575,237
7,323,757
7,114,254
94,792,976
84,575,237
(65,766,737) (58,656,258)
7,323,757
7,114,254
(15,581,941) (14,372,066)
(65,766,737) (58,656,258)
(2,873,356)
(2,539,299)
(15,581,941) (14,372,066)
(10,596,540)
(9,638,296)
(2,873,356)
(2,539,299)
(6,417,844)
(5,718,719)
(10,596,540)
(9,638,296)
(516,652)
(527,296)
(6,417,844)
(5,718,719)
(516,652)
(527,296)
363,663
237,557
363,663
363,663
237,557
237,557-
363,663
237,557
7
-
(199,609)
-
(27,112)
7
706,960
-
144,604
(199,609)
363,663
-
210,445
(27,112)
706,960
144,604
363,663
210,445
(25,000)
(76,341)
(25,000)
605,619
(76,341)
(122,150)
605,619
483,469
(122,150)
(25,000)
(47,018)
(25,000)
72,586
(47,018)
(40,200)
72,586
32,386
(40,200)
(25,000)
(76,341)
(25,000)
262,322
(76,341)
(122,150)
262,322
140,172
(122,150)
(25,000)
(47,018)
(25,000)
138,427
(47,018)
(40,200)
138,427
98,227
(40,200)
483,469
32,386
140,172
98,227
163,395
163,395
--
(45,000)
(79,412)
(45,000)
(79,412)
-
163,395
163,395
--
(45,000)
(79,412)
(45,000)
(79,412)-
163,395-
(124,412)
163,395-
(124,412)-
163,395
646,864
(124,412)
(92,026)
163,395
303,567
(124,412)
(26,185)
646,864
(92,026)
303,567
(26,185)
23
24
23
24
16
16
16
16
32
Page 7
Page 7
STATEMENTS
OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2013 (Continued)
STATEMENTS OF COMPREHENSIVE INCOME
Note
Note
Profit/(Loss) for the financial
year attributable to:
Profit/(Loss) for the financial
Owners of the parent
year attributable to:
Non-controlling interest
Total comprehensive income
attributable to:
Total comprehensive income
attributable to:
Group
2013
Group
$
2013
$
2012
$
2012
$
Co-operative
2013
Co-operative
$
2013
$
2012
$
2012
$
210,224
273,245
210,224
483,469
273,245
(181,147)
213,533
(181,147)
32,386
213,533
140,172
140,172
140,172
-
98,227
98,227
98,227
-
483,469
32,386
140,172
98,227
373,619
273,245
373,619
646,864
273,245
(305,559)
213,533
(305,559)
(92,026)
213,533
303,567
303,567
303,567
-
(26,185)
(26,185)
(26,185)
-
646,864
(92,026)
303,567
(26,185)
Page 8
Page 8
33
34
25
25
25
25
Distribution
Distribution to
to owners
owners of
of the
the parent
parent
Dividends
Dividends
Transaction
Transaction with
with non-controlling
non-controlling interest
interest
Dividends
Dividends
100,000
100,000
--
--
---
--
100,000
100,000
Share
Share
capital
capital
$
$
The
The accompanying
accompanying notes
notes form
form an
an integral
integral part
part of
of these
these financial
financial statements.
statements.
Balance
Balance at
at 31
31 March
March 2013
2013
Total
Total comprehensive
comprehensive income
income for
for the
the financial
financial year
year
9
9
Note
Note
Profit
Profit for
for the
the financial
financial year
year
Other
comprehensive
Other comprehensive income
income for
for the
the financial
financial year:
year:
Available-for-sale
financial
assets:
Available-for-sale financial assets:
-- fair
fair value
value gain
gain
Balance
Balance at
at 1
1 April
April 2012
2012
Group
Group
STATEMENTS OF
OF CHANGES
CHANGES IN
IN EQUITY
EQUITY
STATEMENTS
FOR
THE
FINANCIAL
YEAR
ENDED
31 MARCH
MARCH 2013
2013
FOR THE FINANCIAL YEAR ENDED 31
NTUC UNITY
UNITY HEALTHCARE
HEALTHCARE CO-OPERATIVE
CO-OPERATIVE LIMITED
LIMITED
NTUC
AND
ITS
SUBSIDIARIES
-19,539,044
19,539,044
443,145
443,145
(3,000)
(3,000)
-210,224
210,224
--
--
163,395
163,395
163,395
163,395
210,224
210,224
19,331,820
19,331,820
279,750
279,750
--
Retained
Retained
earnings
earnings
$
$
Fair
Fair value
value
reserve
reserve
$
$
20,082,189
20,082,189
--
(3,000)
(3,000)
163,395
163,395
373,619
373,619
581,489
581,489
(250,000)
(250,000)
--
-273,245
273,245
273,245
273,245
558,244
558,244
19,711,570
19,711,570
210,224
210,224
NonNoncontrolling
controlling
interest
interest
$
$
Equity
Equity
attributable
attributable
to owners
owners of
of
to
the
parent
the parent
$
$
Page
Page 9
9
20,663,678
20,663,678
(250,000)
(250,000)
(3,000)
(3,000)
163,395
163,395
646,864
646,864
483,469
483,469
20,269,814
20,269,814
Total
Total
equity
equity
$
$
35
25
25
25
25
Transaction with
with non-controlling
non-controlling interest
Transaction
interest
Dividends
Dividends
100,000
100,000
The accompanying
accompanying notes
notes form
form an
an integral
integral part
part of
of these
these financial
financial statements.
statements.
The
Balance at
at 31
31 March
March 2012
2012
Balance
--
--
--
Distributions to
to owners
Distributions
owners of
of the
the parent
parent
Dividends
Dividends
Total
Total comprehensive
income for
for the
the financial
financial year
year
---
9,16
9,16
16
16
Other
Other comprehensive
income for
for the
the financial
financial year:
year:
Available-for-sale
financial
assets:
-- fair
fair value
value loss
loss
-- reclassifications
reclassifications to
to profit
profit or
or loss
loss
279,750
279,750
--
--
(124,412)
(124,412)
(45,000)
(45,000)
(79,412)
(79,412)
--
404,162
404,162
100,000
100,000
--
Fair
Fair value
value
reserve
reserve
$
$
Share
Share
capital
capital
$
$
(Loss)/Profit for
(Loss)/Profit
for the
the financial
financial year
year
Group
Group
Balance at
at 1
1 April
April 2011
2011
Balance
Note
Note
STATEMENTS
STATEMENTS OF
OF CHANGES
CHANGES IN
IN EQUITY
EQUITY
FOR
THE
FINANCIAL
YEAR
ENDED
FOR THE FINANCIAL YEAR ENDED 31
31 MARCH
MARCH 2013
2013 (Continued)
(Continued)
NTUC
NTUC UNITY
UNITY HEALTHCARE
HEALTHCARE CO-OPERATIVE
CO-OPERATIVE LIMITED
LIMITED
AND
AND ITS
ITS SUBSIDIARIES
SUBSIDIARIES
19,331,820
19,331,820
--
(3,000)
(3,000)
(181,147)
(181,147)
---
(181,147)
(181,147)
19,515,967
19,515,967
Retained
Retained
earnings
earnings
$
$
19,711,570
19,711,570
--
(3,000)
(3,000)
(305,559)
(305,559)
(45,000)
(45,000)
(79,412)
(79,412)
(181,147)
(181,147)
20,020,129
20,020,129
Equity
Equity
attributable
attributable
to
to owners
owners of
of
the
parent
the parent
$
$
558,244
558,244
(240,000)
(240,000)
--
213,533
213,533
---
213,533
213,533
584,711
584,711
NonNoncontrolling
controlling
interest
interest
$
$
Page
Page 10
10
20,269,814
20,269,814
(240,000)
(240,000)
(3,000)
(3,000)
(92,026)
(92,026)
(45,000)
(45,000)
(79,412)
(79,412)
32,386
32,386
20,604,840
20,604,840
Total
Total
equity
equity
$
$
AND
ITS SUBSIDIARIES
STATEMENTS
OF CHANGES IN EQUITY
STATEMENTS OF CHANGES IN EQUITY
Share
capital
Share
$
capital
$
Fair value
reserve
Fair value
$
reserve
$
Retained
earnings
Retained$
earnings
$
Total
equity
Total
$
equity
$
100,000
279,750
18,422,208
18,801,958
100,000
-
279,750
-
18,422,208
140,172
18,801,958
140,172
-
-
140,172
140,172
9
-
163,395
-
163,395
9
--
163,395
163,395
140,172
163,395
303,567
-
163,395
140,172
303,567
25
-
-
(3,000)
(3,000)
25
100,000
443,145
(3,000)
18,559,380
(3,000)
19,102,525
100,000
443,145
18,559,380
19,102,525
Share
capital
Share
$
capital
$
Fair value
reserve
Fair value
$
reserve
$
Retained
earnings
Retained
$
earnings
$
Total
equity
Total
$
equity
$
100,000
404,162
18,326,981
18,831,143
100,000
-
404,162
-
18,326,981
98,227
18,831,143
98,227
-
-
98,227
98,227
Note
Note
Co-operative
Balance at 1 April 2012
Co-operative
Other comprehensive income for
Profit
for the financial
the financial
year: year
Other
comprehensive
income
for
assets:
the financial year:
- fair value gain
- the
fair financial
value gainyear
the financial
Distribution
to year
owners of the
parent
Distribution
to owners of the
Dividends
parent
Dividends
Balance at 31 March 2013
Note
Note
Co-operative
Co-operative
Other comprehensive income for
Profit
for the financial
the financial
year: year
Other
comprehensive
income
for
assets:
the financial year:
- fair value loss
- reclassifications to profit or loss
- fair value loss
- the
reclassifications
to profit or loss
financial year
the financial
year
Distribution
to owners
of the
parent
Distribution
to owners of the
Dividends
parent
Dividends
9,16
16
9,16
16
--
(45,000)
(79,412)
(45,000)
(79,412)
(124,412)
98,227-
(45,000)
(79,412)
(45,000)
(79,412)
(26,185)
-
(124,412)
98,227
(26,185)
25
-
-
(3,000)
(3,000)
25
100,000
279,750
(3,000)
18,422,208
(3,000)
18,801,958
100,000
279,750
18,422,208
18,801,958
36
Page 11
Page 11
AND
ITS SUBSIDIARIES
CONSOLIDATED
STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CASH FLOWS
Group
2013
Group
$
2013
$
Note
Note
Operating activities
Profit before income tax and contributions
Operating activities
Adjustments for:
Allowance for doubtful third parties trade receivables
Adjustments for:
Depreciation of property, plant and equipment
Allowance for doubtful third parties trade receivables
Depreciation of investment properties
Depreciation of property, plant and equipment
Dividend income
Depreciation of investment properties
Dividends paid to members in respect of share capital
Dividend
income
repayable
on demand
Dividends paid to members in respect of share capital
Gain on disposal of available-for-sale financial assets
repayable on demand
Interest income
Gain on disposal of available-for-sale financial assets
Inventories written off
Interest income
Loss on disposal of assets held for sale
Gain on disposal of property, plant and equipment
Loss on disposal of assets held for sale
Property, plant and equipment written off
Gain on disposal of property, plant and equipment
Reversal of allowance for impairment loss on investment
Property,
plant and equipment written off
properties
Reversal of allowance for impairment loss on investment
Operating cash flows before working capital changes
properties
Operating cash flows before working capital changes
Working capital changes:
Inventories
Working capital changes:
Inventories
Prepayments
Prepayments
Cash generated from operations
2012
$
2012
$
840,705
321,974
840,705
321,974
42,106
2,665,273
42,106
235,173
2,665,273
(49,582)
235,173
(49,582)
516,652
15,601
2,367,818
15,601
235,169
2,367,818
(59,076)
235,169
(59,076)
527,296
516,652
(29,136)
111,295
(29,136)
111,295
(9,300)
24,977
(9,300)
24,977-
(67,179)
527,296
(49,428)
(67,179)
30,275
(49,428)
36,987
30,275
(36,120)
36,987
110,826
(36,120)
110,826
(808,060)
4,348,163
-
2,626,083
(808,060)
4,348,163
2,626,083
(688,108)
885,481
(688,108)
(40,972)
885,481
(121,898)
(40,972)
4,382,666
(121,898)
(742,958)
(1,489,587)
(742,958)
174,139
(1,489,587)
1,539,999
174,139
2,107,676
1,539,999
Cash generated from operations
Contributions paid to:
- Central Co-operative Fund
Contributions paid to:
- Singapore Labour Foundation
- Central Co-operative Fund
Income tax paid
- Singapore Labour Foundation
Interest received
Income tax paid
Directors' honorarium paid
Interest received
Net cash from operating activities
Directors' honorarium paid
4,382,666
2,107,676
(25,000)
(47,018)
(25,000)
(172,173)
(47,018)
29,136
(172,173)
(51,150)
29,136
4,116,461
(51,150)
(25,000)
(341,004)
(25,000)
(129,943)
(341,004)
49,428
(129,943)
(66,000)
49,428
1,595,157
(66,000)
Net cash from operating activities
4,116,461
1,595,157
Page 12
Page 12
37
AND
ITS SUBSIDIARIES
CONSOLIDATED
STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CASH FLOWS
Group
2013
Group
$
2013
$
Note
Note
Investing activities
Dividend received from available-for-sale financial assets
Investing activities
Purchase of property, plant and equipment
Dividend received from available-for-sale financial assets
Proceeds from disposal of property, plant and equipment
Purchase of property, plant and equipment
Purchase of available-for-sale financial assets
Proceeds from disposal of property, plant and equipment
Proceeds from disposal of available-for-sale financial assets
Purchase of available-for-sale financial assets
Proceeds from disposal of assets held for sale
Proceeds from disposal of available-for-sale financial assets
Net cash used in investing activities
Proceeds from disposal of assets held for sale
2012
$
2012
$
49,582
(1,851,423)
49,582
80,688
(1,851,423)
80,688
(1,721,153)
-
59,076
(3,674,046)
59,076
76,447
(3,674,046)
(8,028)
76,447
192,099
(8,028)
8,919
192,099
(3,345,533)
8,919
Net cash used in investing activities
Financing activities
Dividends paid
Financing activities
Withdrawal of shares
Dividends paid
Net cash used in financing activities
Withdrawal of shares
(1,721,153)
(3,345,533)
(838,595)
(101,000)
(838,595)
(939,595)
(101,000)
(243,000)
(107,700)
(243,000)
(350,700)
(107,700)
Net cash used in financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of financial year
Net change in cash and cash equivalents
Cash and cash equivalents at end of financial year
Cash and cash equivalents at beginning of financial year
(939,595)
1,455,713
16,333,595
1,455,713
17,789,308
16,333,595
(350,700)
(2,101,076)
18,434,671
(2,101,076)
16,333,595
18,434,671
17,789,308
16,333,595
Cash and cash equivalents at end of financial year
10
10
4
4
38
Page 13
Page 13
NOTES TO THE FINANCIAL STATEMENTS
These notes form an integral part of and should be read in conjunction with the financial statements.
1.
General corporate information
NTUC Unity Healthcare Co-operative Limited (the "Co-operative") is incorporated and domiciled in
the Republic of Singapore. The Co-operative’s registered office address and principal place of
business is at 55 Ubi Avenue 1, #08-01, Singapore 408935. The Co-operative’s registration number
is S92CS0208D.
The principal activities of the Co-operative are those relating to retail pharmacy, provisions of
dental services and dental care facilities to members and the public, and investment holding.
The principal activities of the subsidiaries are set out in Note 8 to the financial statements.
The consolidated financial statements of the Co-operative and its subsidiaries (the “Group”) and
the statement of financial position, statement of comprehensive income and statement of changes
in equity of the Co-operative for the financial year ended 31 March 2013 were authorised for issue
in accordance with a Directors’ resolution dated 2 August 2013.
2.
Summary of significant accounting policies
2.1
Basis of preparation of financial statements
The financial statements are prepared in accordance with the provisions of the Co-operative
Societies Act, Chapter 62 (the “Act”) and Singapore Financial Reporting Standards ("FRS")
including related Interpretations of FRS (“INT FRS”). The financial statements have been
prepared under the historical cost convention except as disclosed in the accounting policies
below.
Although the Group’s and the Co-operative’s current liabilities exceeded its current assets
by $798,892 and $3,583,411 respectively as at 31 March 2013, the financial statements have
been prepared on the basis that the Group and Co-operative are going concern as the net
current liabilities position is due mainly to the share capital repayable on demand. In the
opinion of the Directors, based on past experience, the share capital will not be
substantially redeemed in the next twelve months.
Items included in the individual 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 of the Group and of the Cooperative are measured and presented in Singapore dollar, which is the functional currency
of the Co-operative.
Critical accounting judgements and key sources of estimation uncertainty used that are
significant to the financial statements are disclosed in Note 3 to the financial statements.
During the current financial year, the Group and the Co-operative have adopted the new or
revised FRS and INT FRS that are relevant to their operations and effective for the current
financial year. The adoption of the new or revised FRS and INT FRS did not result in any
substantial changes to the Group’s and the Co-operative’s accounting policies and has no
material effect on the amounts reported for the current and prior financial years.
Page 14
39
AND
SUBSIDIARIES
NTUCITS
UNITY
HEALTHCARE CO-OPERATIVE LIMITED
FOR THE
YEAR ENDED
31 MARCH 2013 (Continued)
NOTES
TOFINANCIAL
THE FINANCIAL
STATEMENTS
2.
2.
Summary of significant accounting policies (Continued)
2.1 Basis of preparation of financial statements (Continued)
2.1 Basis of preparation of financial statements (Continued)
FRS and INT FRS issued but not yet effective
FRS and INT FRS issued but not yet effective
At the date of authorisation of these financial statements, the following FRS and INT FRS
were
not effective:of these financial statements, the following FRS and INT FRS
At
theissued
date but
of authorisation
were issued but not effective:
Effective date
(Annual
periods
Effective
date
beginning
on or
(Annual
periods
beginning after)
on or
after)
FRS 1 (Amendments)
: Presentation of Items of Other Comprehensive
1 July 2012
FRS 1 (Amendments)
: Presentation
of
Items
of
Other
Comprehensive
1
July 2012
Income
Income Benefits
FRS 19 (Revised)
: Employee
1 January 2013
19 (Revised)
EmployeeFinancial
Benefits Statements
2013
FRS 27
: Separate
1 January 2014
FRS 28
27 (Revised)
: Investments
Separate Financial
Statements
1
January
2014
in Associates and Joint Ventures
28 (Amendments)
(Revised)
Investments
in Associates
Ventures
1 January 2014
FRS 32
: Offsetting
Financial
Assetsand
andJoint
Financial
FRS 32 (Amendments) : Offsetting
Financial
Assets
and
Financial
1 January 2014
Liabilities
FRS 36 (Amendments) : Recoverable
Amount
Disclosures
for
Non-Financial
1
January 2014
Liabilities
Assets
FRS 36 (Amendments) : Recoverable Amount Disclosures for Non-Financial
1 January 2014
Assets
FRS 101 (Amendments) : Government
Loans
1 January 2013
101 (Amendments) : Offsetting
Government
Loans Assets and Financial
FRS 107
Financial
1 January 2013
FRS 107 (Amendments) : Offsetting
Financial
Assets
and
Financial
1 January 2013
Liabilities
Liabilities Financial Statements
FRS 110
: Consolidated
1 January 2014
110
Consolidated
Financial Statements
FRS 111
: Joint
Arrangements
1 January 2014
FRS 112
111
: Disclosure
Joint Arrangements
1 January 2014
of Interests in Other Entities
112
Disclosure
Interests in Other Entities
2014
FRS 113
: Fair
Value of
Measurement
1 January 2013
FRS 110,
113 112 and 27
: Investment
Fair Value Measurement
1
January
2013
Entities
2014
FRS 110, 112 and 27
: Investment Entities
1 January 2014
(Amendments)
(Amendments)
FRS
110, 111 and 112 : Consolidated Financial Statements, Joint
1 January 2014
FRS 110, 111 and 112 : Consolidated
Financial
Statements,
Joint
1 January 2014
(Amendments)
Arrangements
and Disclosure
of Interests
(Amendments)
Arrangements
andTransition
DisclosureGuidance
of Interests
in
Other Entities:
in Other Entities: Transition Guidance
INT FRS 120
INT FRS 120
: Stripping Costs in the Production Phase of
1 January 2013
: Stripping
Costs
in
the
Production
Phase
of
1 January 2013
a Surface Mine
a Surface Mine
INT FRS 121
: Levies
1 January 2014
INT
FRS
121
:
Levies
1 January
January 2013
2014
Improvements to FRSs 2012
1
to FRSs 2012
1 January 2013
-Improvements
FRS 1 (Amendments)
: Presentation of Financial Statements
- FRS 1
Presentation
of and
Financial
Statements
Plant
Equipment
16(Amendments)
(Amendments) : Property,
- FRS 32
16 (Amendments) : Property,
Plant and Equipment
Financial Instruments:
Presentation
- FRS 32 (Amendments) : Financial Instruments: Presentation
Consequential amendments were also made to various standards as a result of these
new/revised standards.
Consequential
amendments were also made to various standards as a result of these
new/revised standards.
40
Page 15
Page 15
2.
2.1
Basis of preparation of financial statements (Continued)
FRS and INT FRS issued but not yet effective (Continued)
The management anticipates that the adoption of the above FRS and INT FRS in future
periods, if applicable, will not have a material impact on the financial statements of the Cooperative in the period of initial adoption, except as disclosed below.
Amendments to FRS 1 Presentation of Items of Other Comprehensive Income
The amendments to FRS 1 changes the grouping of items presented in other comprehensive
income. Items that could be reclassified to profit or loss at a future point in time would be
presented separately from items which will never be reclassified. As the amendments only
affect the presentation of items that are already recognised in other comprehensive income,
the Group does not expect any impact on its financial position or performance upon
adoption of this standard from the financial year beginning 1 April 2013.
FRS 110 Consolidated Financial Statements and FRS 27 Separate Financial Statements
FRS 110 replaces the control assessment criteria and consolidation requirements currently in
FRS 27 and INT FRS 12, Consolidation – Special Purpose Entities. FRS 110 defines the
principle of control and establishes a new control model as the basis for determining which
entities are consolidated in the consolidated financial statements. FRS 27 remains as a
standard applicable only to separate financial statements. On adoption of FRS 110
management will be required to exercise more judgement than under the current
requirements of FRS 27 in order to determine which entities are controlled by the Group.
These changes will take effect from the financial year beginning on 1 April 2014 with full
retrospective application.
FRS 112 Disclosures of Interests in Other Entities
FRS 112 is a new and comprehensive standard on disclosure requirements for all forms of
interest in other entities, including joint arrangements, associates, special purpose vehicles
and other off balance sheet vehicles. FRS 112 requires an entity to disclose information that
helps users of its financial statements to evaluate the nature and risks associated with its
interests in other entities and the effects of those interests on its financial statements. The
Group is currently determining the impact of the disclosure requirements. As this is a
disclosure standard, it will have no impact to the financial position and financial
performance of the Group upon adoption of this standard from the financial year beginning
on or after 1 April 2014.
FRS 113 Fair Value Measurement
FRS 113 is a new standard that applies to both financial and non-financial items providing
guidance on how to measure fair value in situations where fair value measurement is
required by other FRSs. It provides a common fair value definition and hierarchy applicable
to the fair value measurement of assets, liabilities, and an entity’s own equity instruments
within its scope, as well as disclosure requirements. FRS 113 will be effective prospectively
from the financial year beginning on 1 April 2013.
Page 16
41
2.
2.2
Basis of consolidation
The consolidated financial statements comprise the financial statements of the
Co-operative and its subsidiaries made up to the end of the financial year. The financial
statements of the subsidiaries are prepared for the same reporting date as that of the
parent.
Subsidiaries are consolidated from the date on which control is transferred to the Group up
to the effective date on which that control ceases. In preparing the consolidated financial
statements, inter-company transactions, balances and unrealised gains on transactions
between group companies are eliminated. Unrealised losses are also eliminated unless the
transaction provides evidence of impairment loss of the asset transferred.
Non-controlling interests in subsidiaries are identified separately from the Group’s equity
therein. Non-controlling interest in the acquiree may be initially measured either at fair
value or at the non-controlling interests’ proportionate share of the fair value of the
acquiree’s identifiable net assets. The choice of measurement basis is made on an
acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of noncontrolling interests is the amount of those interests at initial recognition plus the noncontrolling interests’ share of subsequent changes in equity. Total comprehensive income is
attributed to non-controlling interests even if this results in the non-controlling interests
having a deficit balance.
Changes in the Group’s interest in a subsidiary that do not result in a loss of control are
accounted for as equity transactions. The carrying amounts of the Group’s interests and the
non-controlling interests are adjusted to reflect the changes in their relative interests in the
subsidiary. Any difference between the amount by which the non-controlling interests are
adjusted and the fair value of the consideration paid or received is recognised directly in
equity and attributed to owners of the parent.
When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as
the difference between (i) the aggregate of the fair value of the consideration received and
the fair value of any retained interest and (ii) the previous carrying amount of the assets
(including goodwill), and liabilities of the subsidiary and any non-controlling interests.
Amounts previously recognised in other comprehensive income in relation to the subsidiary
are accounted for (i.e. reclassified to profit or loss or transferred directly to accumulated
profits) in the same manner as would be required if the relevant assets or liabilities were
disposed of. The fair value of any investments retained in the former subsidiary at the date
when control is lost is regarded as the fair value on initial recognition for subsequent
accounting under FRS 39 Financial Instruments: Recognition and Measurement or, when
applicable, the cost on initial recognition of an investment in an associate or jointly
controlled entity.
42
Page 17
2.
2.3
Business combinations
Business combinations from 1 July 2009
The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the
acquisition is measured at the aggregate of the fair values, at the date of exchange, of
assets given, liabilities incurred or assumed, and equity instruments issued by the Group in
exchange for control of the acquiree. Acquisition-related costs are recognised in profit or
loss as incurred.
The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the
conditions for recognition under FRS 103 are recognised at their fair values at the
acquisition date, except for non-current assets (or disposal groups) that are classified as
held-for-sale in accordance with FRS 105 Non-Current Assets Held for Sale and Discontinued
Operations, which are recognised and measured at the lower of cost and fair value less costs
to sell.
Where a business combination is achieved in stages, the Group’s previously held interests in
the acquired entity are remeasured to fair value at the acquisition date (i.e. the date the
Group attains control) and the resulting gain or loss, if any, is recognised in profit or loss.
Amounts arising from interests in the acquiree prior to the acquisition date that have
previously been recognised in other comprehensive income are reclassified to profit or loss,
where such treatment would be appropriate if that interest were disposed of.
The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the
conditions for recognition under FRS 103 are recognised at their fair value at the acquisition
date, except that:
•
deferred tax assets or liabilities and liabilities or assets related to employee benefit
arrangements are recognised and measured in accordance with FRS 12 Income Taxes
and FRS 19 Employee Benefits respectively;
•
liabilities or equity instruments related to the replacement by the Group of an
acquiree’s share-based payment awards are measured in accordance with FRS 102
Share-based Payment; and
•
assets (or disposal groups) that are classified as held for sale in accordance with FRS
105 Non-current Assets Held for Sale and Discontinued Operations are measured in
accordance with that Standard.
If the initial accounting for a business combination is incomplete by the end of the reporting
period in which the combination occurs, the Group reports provisional amounts for the items
for which the accounting is incomplete. Those provisional amounts are adjusted during the
measurement period (see below), or additional assets or liabilities are recognised, to reflect
new information obtained about facts and circumstances that existed as of the acquisition
date that, if known, would have affected the amounts recognised as of that date.
The measurement period is the period from the date of acquisition to the date the Group
obtains complete information about facts and circumstances that existed as of the
acquisition date, and is subject to a maximum of one year.
Page 18
43
2.
2.3
Business combinations (Continued)
Business combinations from 1 July 2009 (Continued)
Goodwill arising on acquisition is recognised as an asset at the acquisition date and initially
measured at cost, being the excess of the sum of the consideration transferred, the amount
of any non-controlling interest in the acquiree and the fair value of the acquirer previously
held equity interest (if any) in the entity over net acquisition-date fair value amounts of the
identifiable assets acquired and the liabilities assumed.
If, after reassessment, the Group’s interest in the net fair value of the acquiree’s
identifiable net assets exceeds the sum of the consideration transferred, the amount of any
non-controlling interest in the acquiree and the fair value of the acquirer’s previously held
equity interest in the acquiree (if any), the excess is recognised immediately in profit or loss
as a bargain purchase gain.
Business combinations before 1 July 2009
In comparison to the above mentioned requirements, the following differences applied:
Business combinations are accounted for by applying the purchase method. Transaction
costs directly attributable to the acquisition formed part of the acquisition costs. The noncontrolling interest (formerly known as minority interest) was measured at the
proportionate share of the acquiree's identifiable net assets.
Business combinations achieved in stages were accounted for as separate steps. Adjustments
to those fair values relating to previously held interests are treated as a revaluation and
recognised in equity.
When the Group acquired a business, embedded derivatives separated from the host
contract by the acquiree are not reassessed on acquisition unless the business combination
results in a change in the terms of the contract that significantly modifies the cash flows
that would otherwise be required under the contract.
Contingent consideration was recognised if, and only if, the Group had a present obligation,
the economic outflow was probable and a reliable estimate was determinable. Subsequent
measurements to the contingent consideration affected goodwill.
2.4
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, cash and deposits with banks and
financial institutions. Cash and cash equivalents are short-term highly liquid investments
that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value.
44
Page 19
2.
2.5
Financial assets
The Group and the Co-operative classify their financial assets as loans and receivables and
available-for-sale financial assets. The classification depends on the purpose of which the
assets were acquired. The management determines the classification of the financial assets
at initial recognition and re-evaluates this designation at the end of the reporting period,
where allowed and appropriate.
(i)
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. Loans and receivables are
classified within “cash and cash equivalents” and “trade and other receivables” on
the statements of financial position.
(ii)
Available-for-sale financial assets are non-derivative financial assets that are
designated as available-for-sale or are not classified in any other categories. They are
included in non-current assets unless the management intends to dispose the assets
within 12 months after the end of the reporting period.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date
on which the Group and the Co-operative commit 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 and the Co-operative have
transferred substantially all risks and rewards of ownership.
On derecognition of a financial asset, the difference between the carrying amount and the
net consideration proceeds is recognised in profit or loss. Any amount in the fair value
reserve relating to the asset is also recognised in profit or loss.
Initial and subsequent measurement
Financial assets are initially recognised at fair value plus, in the case of financial assets not
at fair value through profit or loss, directly attributable transaction costs.
After initial recognition, loans and receivables are carried at amortised cost using the
effective interest method, less impairment loss, if any.
After initial recognition, available-for-sale financial assets are re-measured at fair value
with gains or losses from changes in fair value of the financial asset are recognised in other
comprehensive income except that impairment losses, foreign exchange gains and losses on
monetary instruments and interest calculated using the effective interest method are
recognised in profit or loss. The cumulative gains or losses previously recognised in other
comprehensive income are reclassified from equity to profit or loss as a reclassification
adjustment when the financial assets are derecognised.
Page 20
45
2.
2.5
Financial assets (Continued)
Initial and subsequent measurement (Continued)
The effective interest method is a method of calculating the amortised cost of a financial
instrument and of allocating interest income or expense over the relevant year. The
effective interest rate is the rate that exactly discounts estimated future cash receipts or
payments through the expected life of the financial instruments, or where appropriate, a
shorter period.
Impairment
The Group and the Co-operative assess at the end of each reporting period whether there is
objective evidence that a financial asset or a group of financial assets is impaired.
(i)
Loans and receivables
An allowance for impairment loss of loans and receivables is recognised when there is
objective evidence that the Group and the Co-operative will not be able to collect all
amounts due according to the original terms of the receivables. The amount of
allowance is the difference between the asset’s carrying amount and the present
value of estimated future cash flows, discounted at the original effective interest
rate. The carrying amount of the asset is reduced through the use of an allowance
account. The amount of the loss is recognised in profit or loss.
If, in a subsequent year, the amount of the impairment loss decreases and the
decrease can be related objectively to an event occurring after the impairment loss
was recognised, the previously recognised impairment loss is reversed either directly
or by adjusting an allowance account. Any subsequent reversal of an impairment loss
is recognised in profit or loss, to the extent that the carrying amount of the asset
does not exceed its amortised cost at the reversal date.
(ii)
Significant or prolonged decline in fair value below cost, significant financial
difficulties of the issuer or obligor, and the disappearance of an active trading market
are considerations to determine whether there is objective evidence that investment
securities classified as available-for-sale financial assets are impaired.
If an available-for-sale asset is impaired, an amount comprising the difference
between its cost (net of any principal repayment and amortisation) and its current
fair value, less any impairment loss, is transferred from other comprehensive income
to profit or loss. Reversals of impairment losses on debt instruments are not
recognised in profit or loss. Reversals of impairment losses on debt instruments are
recognised in profit or loss if the increase in fair value of the debt instrument can be
objectively related to an event occurring after the impairment loss was recognised in
profit or loss.
46
Page 21
2.
2.6
Inventories
Inventories are stated at the lower of cost and net realisable value.
Cost is determined on a weighted average basis and includes all costs of purchase, costs of
conversion and other costs incurred in bringing the inventories to their present location and
condition.
Net realisable value is the estimated selling price at which the inventories can be realised in
the normal course of business less estimated costs of completion and costs incurred in
marketing and distribution. When necessary, allowance is made for obsolete, slow-moving
and defective inventories to adjust the carrying value of those inventories to the lower of
cost and net realisable value.
2.7
Non-current assets (or disposal groups) and discontinued operations held for sale
Non-current assets (or disposal groups) are classified as held-for-sale if its carrying amount
will be recovered through a sale transaction rather than through continuing use. This
condition is regarded as met only when the sale is highly probable and the asset (or disposal
group) is available for immediate sale in its present condition. Management must be
committed to the sale, which should be expected to qualify for recognition as a completed
sale within one year from the date of classification. Events or circumstances may extend
the period to complete the sale beyond one year and this does not preclude an asset (or
disposal group) from being classified as held for sale if the delay is caused by events or
circumstances beyond the entity’s control and there is sufficient evidence that the entity
remains committed to its plan to sell the disposal group.
Non-current assets (or disposal groups) classified as held-for-sale are measured at the lower
of the asset’s previously carrying amount and fair value less costs to sell. Any impairment
loss on initial classification and subsequent measurement is recognised as an expense. Any
subsequent increase in fair value less costs to sell (not exceeding the accumulated
impairment loss that has been previously recognised) is recognised in profit or loss.
A discontinued operation is a component of an entity that either has been disposed of, or is
classified as held for sale, and
(i)
(ii)
(iii)
2.8
represents a separate major line of business or geographical area of operations;
is part of a single co-ordinated plan to dispose of a separate major line or
geographical area of operations; and
is a subsidiary acquired exclusively with a view to resale.
Subsidiary
A subsidiary is an entity (including special purposes entity) over which the Group has power
to govern the financial and operating policies, generally accompanying a shareholding of
more than one half of the voting rights. The existence and effect of potential voting rights
that are currently exercisable or convertible are considered when assessing whether the
Group controls another entity.
The investments in subsidiaries are accounted for at cost less accumulated impairment
losses in the Co-operative’s separate financial statements.
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47
2.
2.9
Property, plant and equipment
Property, plant and equipment are initially recorded at cost. Subsequent to initial
recognition, property, plant and equipment are stated at cost less accumulated
depreciation and impairment loss, if any.
The cost of property, plant and equipment includes expenditure that is directly attributable
to the acquisition of the items. Dismantlement, removal or restoration costs are included as
part of the cost of property, plant and equipment if the obligation for dismantlement,
removal or restoration is incurred as a consequence of acquiring or using the property, plant
and equipment.
Subsequent expenditure relating to the property, plant and equipment that has already
been recognised is added to the carrying amount of the asset when it is probable that the
future economic benefits, in excess of standard of performance of the asset before the
expenditure was made, will flow to the Group and the Co-operative, and the cost can be
reliably measured. Other subsequent expenditure is recognised as an expense during the
financial year in which it is incurred.
An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected from its use or disposal. Any gain or loss on derecognition of
the asset is included in profit or loss in the financial year the asset is derecognised.
Depreciation is calculated using the straight-line method so as to allocate the depreciable
amounts of the property, plant and equipment over their estimated useful lives as follows:
Years
Freehold property
Leasehold building
Leasehold properties
Dental equipment
Medical equipment
Furniture and fittings
Computer and office equipment
Computer software
Motor vehicles
50
50
50
5
5
3
3 to 5
2 to 5
3 to 10
The residual values, useful life and depreciation method of property, plant and equipment
are reviewed at each financial year-end to ensure that the residual values, period of
depreciation and depreciation method are consistent with previous estimates and expected
pattern of consumption of the future economic benefits embodied in the items of property,
plant and equipment.
48
Page 23
2.
2.10 Investment properties
Investment properties, which are properties held to earn rentals and/or for capital
appreciation are initially recognised at cost and subsequently carried at cost less
accumulated depreciation and impairment losses. Depreciation is charged using the straightline method, so as to write off the cost over their estimated useful lives of 50 years. The
residual values, useful lives and depreciation method of investment properties are reviewed
and adjusted as appropriate, at the end of each reporting period. The effect of any revision
is included in profit or loss when the changes arise.
Investment properties are subject to renovations or improvements at regular intervals. The
costs of major renovations and improvements are capitalised as additions and the carrying
amounts of the replaced components are written off to profit or loss. The costs of
maintenance, repairs and minor improvement are charged to profit or loss when incurred.
Investment properties are derecognised when either they have been disposed of or when the
investment properties are permanently withdrawn from use and no future economic benefit
is expected from its disposal. Any gains or losses on the retirement or disposal of investment
properties are recognised in profit or loss in the financial year of retirement or disposal.
Transfers are made to or from investment properties only when there is a change in use. For
a transfer from investment properties to owner occupied property, the deemed cost for
subsequent accounting is the fair value at the date of change in use. For a transfer from
owner occupied property to investment properties, the property is accounted for in
accordance with FRS 16 Property, Plant and Equipment, up to the date of change in use.
2.11 Impairment of non-financial assets
The carrying amounts of the non-financial assets are reviewed at the end of each reporting
period to determine whether there is any indication of impairment loss and whenever
events or changes in circumstances indicate that the carrying amount may not be
recoverable. If any such indication exists, or when annual impairment testing for an asset is
required, the asset’s recoverable amount is estimated.
An impairment loss is recognised whenever the carrying amount of an asset or its cashgenerating unit exceeds its recoverable amount. A cash-generating unit is the smallest
identifiable asset group that generates cash flows that are largely independent from other
assets and groups of assets. Impairment loss is recognised in profit or loss unless it reverses
a previous revaluation, credited to other comprehensive income, in which case it is also
recognised in other comprehensive income up to the amount of any previous revaluation.
Page 24
49
2.
2.11 Impairment of non-financial assets (Continued)
The recoverable amount of an asset or cash-generating unit is the higher of its fair value
less costs to sell and its value in use. Recoverable amount is determined for individual asset,
unless the asset does not generate cash inflows that are largely independent of those from
other assets or groups of assets. The fair value less costs to sell is the amount obtainable
from the sale of an asset or cash-generating unit in an arm’s length transaction between
knowledgeable, willing parties, less costs of disposal. Value in use is the present value of
estimated future cash flows expected to be derived from the continuing use of an asset and
from its disposal at the end of its useful life, discounted at a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the asset or
cash-generating unit for which the future cash flow estimates have not been adjusted.
An assessment is made at the end of each reporting period as to whether there is any
indication that an impairment loss recognised in prior periods for an asset may no longer
exist or may have decreased. If such indication exists, the recoverable amount is estimated.
An impairment loss recognised in prior periods is reversed if there has been a change in the
estimates used to determine the recoverable amount since the last impairment loss was
recognised. If that is the case, the carrying amount of the asset is increased to its
recoverable amount. An impairment loss is reversed only to the extent that the asset’s
carrying amount does not exceed the carrying amount that would have been determined,
net of depreciation, if no impairment loss had been recognised. Reversals of impairment loss
are recognised in profit or loss unless the asset is carried at revalued amount, in which case
the reversal in excess of impairment loss recognised in profit or loss in prior periods is
treated as a revaluation increase. After such a reversal, the depreciation is adjusted in
future years to allocate the asset’s revised carrying amount, less any residual value, on a
systematic basis over its remaining useful life.
2.12 Financial liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit or
loss or other financial liabilities.
Financial liabilities are classified as at fair value through profit or loss if the financial
liability is either held for trading or it is designated as such upon initial recognition.
The accounting policies adopted for other financial liabilities are set out below:
(i)
Trade and other payables are recognised initially at cost which represents the fair
value of the consideration to be paid in the future, less transaction cost, if any, for
goods received or services rendered, whether or not billed to the Group and the Cooperative, and are subsequently measured at amortised cost using the effective
interest method.
Gains or losses are recognised in profit or loss when the liabilities are derecognised as
well as through the amortisation process.
50
Page 25
2.
2.12 Financial liabilities (Continued)
(ii)
Share capital repayable on demand
Ordinary shares issued by the Co-operative which are repayable on demand as they
are redeemable at the option of the shareholders are initially recorded at the
proceeds received, net of direct issue costs.
Dividends paid to the shareholders are recognised in profit or loss as finance costs.
Recognition and derecognition
Financial liabilities are recognised on the statements of financial position when, and only
when, the Group and the Co-operative become parties to the contractual provisions of the
financial instruments.
Financial liabilities are derecognised when the contractual obligation has been discharged or
cancelled or expired. On derecognition of a financial liability, the difference between the
carrying amount and the consideration paid is recognised in profit or loss.
When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified,
such an exchange or modification is treated as a derecognition of the original liability and
the recognition of a new liability, and the difference in the respective carrying amounts is
recognised in profit or loss.
2.13 Provision
Provision is recognised when the Group has a present legal or constructive obligation as a
result of a past event, it is probable that the Group will be required to settle the obligation,
and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to
settle the present obligation at the end of the reporting period, taking into account the risks
and uncertainties surrounding the obligation. Where a provision is measured using the cash
flows estimated to settle the present obligation, its carrying amount is the present value of
those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be
recovered from a third party, the receivable is recognised as an asset if it is virtually certain
that reimbursement will be received and the amount of the receivable can be measured
reliably.
Changes in the estimated timing or amount of the expenditure or discount rate are
recognised in profit or loss when the changes arise.
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51
2.
2.14 Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an
entity after deducting all of their liabilities.
Ordinary shares are classified as equity and recognised at the fair value of the consideration
received by the Co-operative. Incremental costs directly attributable to the issuance of new
equity instruments are shown in equity as a reduction from the proceeds.
2.15 Dividends
Equity dividends are recognised when they become legally payable. Interim dividends are
recorded in the financial year in which they are declared payable. Final dividends are
recognised as a liability in the financial year in which the dividends are approved by the
members.
2.16 Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable for the
sale of goods and services rendered in the ordinary course of business. Revenue is
recognised to the extent that it is probable that the economic benefits will flow to the
entity and the revenue can be reliably measured. Revenue is presented, net of rebates and
discounts and sales related taxes.
Revenue from sale of goods is recognised upon passage of title to the customer which
coincides with the delivery and acceptance, the significant risks and rewards of ownership
has been transferred to customer, recovery of the consideration is probable, the associated
costs and possible return of goods can be estimated reliably.
Revenue from rendering of services is recognised as and when the services are completed.
Rental income under operating leases is recognised in profit or loss on a straight-line basis
over the term of the lease.
Dividend income is recognised in profit or loss when the shareholders’ right to receive the
payment is established.
Interest income is recognised on a time-apportionment basis using the effective interest
method.
Advertising income comprises display income and trading term rebate from suppliers.
Display income is recognised on straight-line basis over the duration of display. Trading term
rebate is recognised when the entitlement to the rebate is established.
52
Page 27
2.
2.17 Employee benefits
Defined contribution plans
Contributions to defined contribution plans are recognised as expenses in profit or loss in
the same financial year as the employment that gives rise to the contributions.
Employee leave entitlement
Employee entitlements to annual leave are recognised when they accrue to employees. An
accrual is made for the estimated liability for unutilised annual leave as a result of services
rendered by employees up to the end of the reporting period.
2.18 Leases
When the Group and the Co-operative are the lessors of operating leases
Leases where the Group and the Co-operative retains substantially all risks and rewards
incidental to the ownership are classified as operating leases.
Assets leased out under operating leases are included in investment properties.
Rental income from operating leases (net of any incentives given to lessees) is recognised in
profit or loss on a straight-line basis over the lease term.
When the Group and the Co-operative are the lessees of operating leases
Leases of assets in which a significant portion of the risks and rewards of ownership are
retained by the lessor are classified as operating leases. Payments made under operating
leases (net of any incentives received from the lessor) are recognised in profit or loss on a
straight-line basis over the period of the lease.
When an operating lease is terminated before the lease period has expired, any payment
required to be made to the lessor by way of penalty is recognised as an expense in the
financial year in which termination takes place.
2.19 Government grants
Government grants are recognised at the fair value where there is reasonable assurance that
the grant will be received and all attaching conditions will be complied with. Where the
grants relate to expenditures, which are not capitalised, the fair value of grants are
credited to profit or loss as and when the underlying expenses are included and recognised
in profit or loss to match such related expenditures.
2.20 Taxes
Income tax expense represents the sum of the tax currently payable and deferred tax.
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53
2.
2.20 Taxes (Continued)
Current income tax
The tax currently payable is based on taxable profit for the financial year. Taxable profit
differs from profit as reported in profit or loss because it excludes items of income or
expense that are taxable or deductible in other years and it further excludes items that are
not taxable or tax deductible. The Group’s liability for current tax is calculated using tax
rates (and tax laws) that have been enacted or substantively enacted by the end of the
financial year.
Deferred tax
Deferred tax is recognised on the differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the
computation of taxable profit, and are accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences can be
utilised. Such assets and liabilities are not recognised if the temporary difference arises
from the initial recognition (other than in a business combination) of other assets and
liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period
and reduced to the extent that it is no longer probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when
the liability is settled or the asset realised based on the tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax is
charged or credited to profit or loss, except when it relates to items charged or credited
directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set
off current tax assets against current tax liabilities and when they relate to income taxes
levied by the same taxation authority and the Group intends to settle its current tax assets
and liabilities on a net basis.
Current and deferred tax are recognised as an expense or income in profit or loss, except
when they relate to items credited or debited directly to equity, in which case the tax is
also recognised directly in equity.
Sales tax
Revenue, expenses and assets are recognised net of the amount of sales tax except:
54
•
when the sales tax that is incurred on purchase of assets or services in not recoverable
from the tax authorities, in which case the sales tax is recognised as part of cost of
acquisition of the asset or as part of the expense item as applicable; and
•
receivables and payables that are stated with the amount of sales tax included.
Page 29
2.
2.21 Foreign currencies
In preparing the financial statements, transactions in currencies other than the entity’s
functional currency (“foreign currencies”) are recorded at the rates of exchange prevailing
on the date of the transactions. At the end of each reporting period, monetary items
denominated in foreign currencies are re-translated at the rates prevailing at the end of the
reporting period. Non-monetary items carried at fair value that are denominated in foreign
currencies are re-translated at the rates prevailing on the date when the fair value was
determined. Non-monetary items that are measured in terms of historical cost in a foreign
currency are not re-translated.
Exchange differences arising on the settlement of monetary items and on re-translating of
monetary items are recognised in profit or loss for the financial year. Exchange differences
arising on the re-translation of non-monetary items carried at fair value are included in
profit or loss for the financial year except for differences arising on the re-translation of
non-monetary items in respect of which gains and losses are recognised in other
comprehensive income. For such non-monetary items, any exchange component of that
gain or loss is also recognised in other comprehensive income.
3.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s and the Co-operative’s accounting policies, which are described
in Note 2, management made judgements, estimates and assumptions about the carrying amounts
of assets and liabilities that were not readily apparent from other sources. The estimates and
associated assumptions were based on historical experience and other factors that were
considered to be reasonable under the circumstances. Actual results may differ from these
estimates.
These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the revision
affects only that period or in the period of the revision and future periods if the revision affects
both current and future periods.
3.1
Critical judgements in applying the accounting policies
The following are the critical judgements, apart from those involving estimations (see
below), that management has made in the process of applying the Group’s and the Cooperative’s accounting policies and that have the significant effect on the amounts
recognised in the financial statements.
(i)
Impairment of investments in subsidiaries and financial assets
The Group and the Co-operative follow the guidance of FRS 36 and FRS 39 in
determining whether an investment or a financial asset is impaired. This
determination requires significant judgement. The Group and the Co-operative
evaluate, among other factors, the duration and extent to which the fair value of an
investment or a financial asset is less than its cost, and the financial health of and
near-term business outlook for the investment or financial asset, including factors
such as industry and sector performance, changes in technology and operational and
financing cash flow.
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55
3.
Critical accounting judgements and key sources of estimation uncertainty (Continued)
3.2
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty
at the end of the reporting period, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities and the reported amounts of
revenue and expenses within the next financial year are discussed below.
(i)
Allowance for doubtful receivables
The management establishes allowance for doubtful receivables on a case-by-case
basis when they believe that payment of amounts owed is unlikely to occur. In
establishing these allowances, the management considers its historical experience
and changes to its customers’ financial position. If the financial conditions of
receivables were to deteriorate, resulting in impairment of their ability to make the
required payments, additional allowances may be required. The carrying amounts of
the Group’s and the Co-operative’s trade and other receivables as at 31 March 2013
were $5,514,862 (2012: $6,442,449) and $6,387,846 (2012: $8,961,327) respectively.
(ii)
Allowance for inventory obsolescence
Inventories are stated at the lower of cost and net realisable value. The management
primarily determines cost of inventories using the weighted average method. The
management estimates the net realisable value of inventories based on assessment of
receipt or committed sales price and provide for excess and obsolete inventories
based on historical usage, estimated future demand and related pricing. In
determining excess quantities, the management considers recent sales activities,
related margin and market positioning of its products. However, factors beyond its
control, such as demand levels, could change from period to period. Such factors may
require the Group and the Co-operative to reduce the value of their inventories. The
carrying amounts of the Group’s and the Co-operative’s inventories as at 31 March
2013 were $13,895,669 (2012: $13,318,856) and $12,815,145 (2012: $11,824,615)
respectively.
(iii)
Depreciation of property, plant and equipment and investment properties
Property, plant and equipment and investment properties are depreciated on a
straight-line method over their estimated useful lives. The management estimates
the useful lives of these assets to be within 2 to 50 years. The carrying amounts of
the Group’s and the Co-operative’s property, plant and equipment as at 31 March
2013 were $12,338,272 (2012: $13,143,487) and $12,289,144 (2012: $13,079,469)
respectively. The carrying amounts of the Group’s and the Co-operative’s investment
properties were $8,079,281 (2012: $8,314,454) and $8,079,281 (2012: $8,314,454)
respectively. Changes in the expected level of usage and technological developments
could impact the economic useful lives and the residual values of these assets,
therefore future depreciation charges could be revised.
56
Page 31
3.
Critical accounting judgements and key sources of estimation uncertainty (Continued)
3.2
Key sources of estimation uncertainty (Continued)
(iv)
Income taxes
The Group recognises expected liabilities for income tax based on estimation of the
likely taxes due, which requires significant judgement as to the ultimate tax
determination of certain items. Where the final tax outcome of these matters differs
from the amounts that were initially recognised, such differences will impact the
income tax and deferred tax provisions, in the period in which such determination is
made. The carrying amounts of the Group’s current income tax payable and deferred
tax liabilities as at 31 March 2013 were $200,306 (2012: $238,734) and $1,988 (2012:
$1,988).
(v)
Provision
Provision for reinstatement costs refers to costs required to reinstate its office
premise and retail outlets to its original state according to the terms and conditions
of the respective tenancy agreements. The calculation requires the management to
estimate the expected future cash outflows as a result of site restoration and review
the estimates used on an annual basis to reflect current market assessments with
reference to the area of the rented space. Due to the nature of such provisions,
estimates are subject to significant uncertainty.
The carrying amounts of the Group’s and the Co-operative’s provision for
reinstatement costs as at 31 March 2013 were $900,000 (2012: $795,000) and
$900,000 (2012: $795,000) respectively.
4.
Cash and cash equivalents
Group
2013
$
Cash at bank
Fixed deposits
Cash on hand
2012
$
Co-operative
2013
$
2012
$
11,030,920
6,578,394
179,994
10,368,070
5,794,825
170,700
9,815,395
5,028,768
177,600
8,864,127
3,040,689
170,100
17,789,308
16,333,595
15,021,763
12,074,916
The Group's and the Co-operative's fixed deposits mature on varying dates between 1 month to 1
year (2012: 3 months to 1 year) and 1 to 9 months (2012: 3 to 9 months) respectively for the
financial year ended 31 March 2013. The weighted average effective interest rates on the fixed
deposits range from 0.15% to 0.62% (2012: 0.25% to 0.43%) per annum.
Cash and cash equivalents are denominated in Singapore dollar.
Page 32
57
5.
Group
2013
$
2012
$.
Co-operative
2013
$
2012
$.
Trade receivables
- third parties
- related parties
Allowance for doubtful trade
receivables
- third parties
2,536,331
-
2,616,876
10,580
1,176,888
-
1,645,721
10,580
2,536,331
2,627,456
1,176,888
1,656,301
(42,106)
(36,850)
(42,106)
(36,850)
2,494,225
2,590,606
1,134,782
1,619,451
407,830
227,329
932,053
719,727
160,866
2,497,558
227,329
699,827
3,736,526
719,727
635,159
1,651,780
2,885,753
5,156,080
Non-trade receivables
- third parties
- subsidiaries
- related parties
Allowance for doubtful nontrade receivables
- third parties
Deposits
(74,982)
(74,982)
(74,982)
(74,982)
560,177
2,460,460
1,576,798
2,275,045
2,810,771
2,442,293
5,081,098
2,260,778
5,514,862
6,442,449
6,387,846
8,961,327
Trade amounts due from third parties and related parties are unsecured, non-interest bearing and
generally on 30 to 60 (2012: 30) days credit terms.
Non-trade amounts due from subsidiaries and related parties are unsecured, non-interest bearing
and repayable on demand.
The Group’s and the Co-operative’s deposits includes $2,292,108 (2012: $2,201,204) are security
deposits from operating lease.
Movement in the allowance for doubtful third parties trade receivables are as follows:
Group and Co-operative
2013
2012
$
$
Balance at beginning of financial year
Allowance made during the financial year
Amounts written off
Balance at end of financial year
58
36,850
42,106
(36,850)
21,249
15,601
-
42,106
36,850
Page 33
5.
Trade and other receivables (Continued)
Movement in the allowance for doubtful third parties non-trade receivables are as follows:
2012
2013
$
$
Balance at beginning and end of financial year
74,982
74,982
As at 31 March 2013, the Group and the Co-operative carried out a review on the recoverable
amount of their trade and other receivables. The review led to the recognition of an allowance for
doubtful trade receivables of $42,106 (2012: $15,601) that have been recognised in the Group’s
and the Co-operative’s profit or loss and included in “Other operating expenses” line item.
Trade and other receivables are denominated in the following currencies:
Group
2013
$
Singapore dollar
Australian dollar
New Zealand dollar
United States dollar
Other
6.
2012
$
Co-operative
2013
$
2012
$
5,275,439
105,793
46,245
87,362
23
6,312,407
67,643
58,628
3,771
6,387,846
-
8,961,327
-
5,514,862
6,442,449
6,387,846
8,961,327
Inventories
Group
2013
$
Finished goods
13,895,669
2012
$
13,318,856
Co-operative
2013
$
12,815,145
2012
$
11,824,615
The cost of inventories recognised as an expense and included in “Consumables used” line item in
the Group’s and the Co-operative’s profit or loss amounted to $69,610,679 (2012: $62,035,147)
and $65,766,737 (2012: $58,656,258) respectively and included in “Loss for the financial year from
discontinuing operation” line item in the Group’s and the Co-operative’s profit or loss amounted
to $Nil (2012: $219,401) and $Nil (2012: $171,221) respectively.
During the financial year, the Group and the Co-operative recognised an inventories written off of
$111,295 (2012: 30,275) and $16,535 (2012: $16,593) respectively in “Consumables used” in the
profit or loss subsequent to a review carried out by the management on the realisable value of the
inventories.
Page 34
59
7.
Discontinued operation
Provision for chinese medical service operation
On 28 November 2011, the Group entered into a business agreement (“Agreement”) with The
Lifestar Group Pte Ltd (“Lifestar”) to dispose of its TCM Wellness Business to Lifestar. The
effective transfer date is 1 December 2011.
Pursuant to the Agreement, the purchase price amounting to $95,000 included taking over of
equipment and drug inventory of the 3 remaining outlets in Ang Mo Kio, Choa Chu Kang and Jurong
Point.
With the completion of the above transaction, the Group’s profit or loss arising from the TCM
Wellness Business will be presented as “Discontinued operation” in the Statements of
Comprehensive Income.
The loss for the financial year from the discontinuing operation is analysed as follows:
Group
2013
$
Loss for the financial year:
- Provision of medical service
operation
- Provision of chinese medical
service
2012
$
Co-operative
2013
$
2012
$
-
(27,112)
-
(27,112)
-
(172,497)
(199,609)
-
(27,112)
The results of the discontinuing operation for the financial year are as follows:
Group
2013
$
60
2012
$
Co-operative
2013
$
2012
$
Revenue
Consumables used
Staff costs
Rental expense
-
890,738
48,261
(219,401)
(566,065)
(43,792)
(181,330)
(128,020)
-
271,684
10,923
(171,221)
(68,097)
(253)
(16,444)
(53,704)
Loss for the financial year,
representing total
comprehensive income for the
financial year
-
(199,609)
-
(27,112)
Page 35
7.
Discontinued operation
The impact of the discontinued operations on the cash flows of the Group is as follows:
Group
2013
$
8.
2012
$
Operating cash outflows
Investing cash inflows
-
(73,114)
49,246
Total cash outflows
-
(23,868)
Investments in subsidiaries
Co-operative
2013.
$.
Unquoted equity shares, at cost
Allowance for impairment loss
2012
$
1,501,764
(231,258)
1,501,764
(231,258)
1,270,506.
1,270,506.
Movement in allowance for impairment loss is as follows:
Co-operative
2013
$
Balance at beginning and end of financial year
231,258
2012
$
231,258
Details of the subsidiaries are as follows:
Name of company
Principal activities
NHC Health Resources Pte Ltd
(Singapore)(1)
Dormant
100
100
Unicare Health Pte Ltd
(Singapore) (1)
Dormant
100
100
Origins Healthcare Pte Ltd
(Singapore)(1)
Trading of health products
80
80
NTUC Unity TCM Wellness Pte Ltd
(Singapore)(1)
Dormant
100
100
(1)
Effective equity interest
2013
2012
%
%
Audited by BDO LLP, Singapore
Page 36
61
9.
2012
2013
$
$
Additions
Disposal
Fair values changes recognised in other comprehensive
income (Note 16)
883,610
163,395
1,047,005
1,124,914
8,028
(204,332)
(45,000)
883,610
Details of the available-for-sale financial assets are as follows:
2012
2013
$
$
Quoted equity investment, at fair value
Unquoted equity investments, at cost
Allowance for impairment loss
553,500
616,500
694,742
(201,237)
467,110
(200,000)
493,505
267,110
1,047,005
883,610
Carrying amount
Total
As the unquoted investments do not have quoted market prices in an active market and there are
no other available methods to reasonably estimate the fair values, it is not practicable to
determine the fair values of the unquoted investments with sufficient reliability and these are
stated at cost less impairment loss, if any.
Quoted equity investment has no fixed maturity date nor coupon rate. The fair value of this
investment is based on closing quoted market prices on the last market day of the financial year.
Available-for-sale financial assets are denominated in Singapore dollar.
62
Page 37
63
10.
366,677
39,495
-
406,172
1,306,609
At 31 March 2013
Carrying amount
At 31 March 2013
1,712,781
At 31 March 2013
Accumulated depreciation
At 1 April 2012
Depreciation
Disposals
Written off
1,712,781
-
Group
Cost
At 1 April 2012
Additions
Disposals
Written off
Freehold
property
$
5,717,212
2,061,309
1,905,739
155,570
-
7,778,521
7,778,521
-
Leasehold
building
$
927,898
246,150
219,150
27,000
-
1,174,048
1,174,048
-
Leasehold
properties
$
284,043
911,378
882,543
72,075
(340)
(42,900)
1,195,421
977,192
262,150
(1,021)
(42,900)
Dental
equipment
$
2,840,949
4,486,254
4,429,574
1,913,496
(1,856,816)
7,327,203
7,896,196
1,383,507
(70,707)
(1,881,793)
Furniture
and
fittings
$
385,666
793,728
585,566
208,162
-
1,179,394
999,878
179,516
-
Computer
and office
equipment
$
866,310
818,200
571,601
246,599
-
1,684,510
1,553,260
131,250
-
Computer
software
$
9,585
7,428
81,252
2,876
(76,700)
-
17,013
93,713
(76,700)
-
Motor
vehicles
$
Page 38
12,338,272
9,730,619
9,042,102
2,665,273
(77,040)
(1,899,716)
22,068,891
22,185,589
1,956,423
(148,428)
(1,924,693)
Total
$
64
10.
1,905,739
366,677
1,346,104
At 31 March 2012
Carrying amount
At 31 March 2012
5,872,782
1,750,169
155,570
-
At 1 April 2011
327,184
Depreciation
39,493
Disposals
Written off
-
954,898
219,150
192,150
27,000
-
1,174,048
7,778,521
1,712,781
At 31 March 2012
Leasehold
properties
$
1,174,048
-
Leasehold
building
$
7,778,521
-
1,712,781
-
Group
Cost
At 1 April 2011
Additions
Disposals
Written off
Reclassification
Freehold
property
$
Property, plant and equipment (Continued)
94,649
882,543
844,296
41,725
(3,478)
977,192
978,029
2,641
(3,478)
-
Dental
equipment
$
3,466,622
4,429,574
3,188,448
1,685,421
(254,272)
(190,023)
7,896,196
4,940,643
3,543,438
(292,937)
(294,948)
-
Furniture
and
fittings
$
414,312
585,566
504,991
179,194
(5,517)
(93,102)
999,878
709,888
105,608
(7,179)
(94,139)
285,700
Computer
and office
equipment
$
981,659
571,601
814,326
236,540
(479,265)
1,553,260
896,995
525,913
(484,129)
614,481
Computer
software
$
12,461
81,252
78,377
2,875
-
93,713
93,713
-
Motor
vehicles
$
-
-
-
-
608,735
291,446
(900,181)
Construction
in progress
$
Page 39
13,143,487
9,042,102
7,699,941
2,367,818
(259,789)
(765,868)
22,185,589
18,893,353
4,469,046
(300,116)
(876,694)
-
Total
$
65
10.
7,778,521
-
7,778,521
1,905,739
155,570
-
2,061,309
5,717,212
At 31 March 2013 1,712,781
At 1 April 2012
366,677
Depreciation
39,495
Disposals
Written off
-
406,172
At 31 March 2013
Carrying amount
At 31 March 2013 1,306,609
Leasehold
building
$
1,712,781
-
Co-operative
Cost
At 1 April 2012
Additions
Disposals
Written off
Freehold
property
$
927,898
246,150
219,150
27,000
-
1,174,048
1,174,048
-
Leasehold
properties
$
284,042
911,379
882,544
72,075
(340)
(42,900)
1,195,421
977,192
262,150
(1,021)
(42,900)
Dental
equipment
$
2,848,198
4,418,287
4,373,423
1,901,680
(1,856,816)
7,266,485
7,835,478
1,383,507
(70,707)
(1,881,793)
Furniture
and
fittings
$
334,822
694,942
500,054
194,888
-
1,029,764
857,648
172,116
-
Computer
and office
equipment
$
860,778
796,218
551,619
244,599
-
1,656,996
1,530,546
126,450
-
Computer
software
$
9,585
7,428
4,552
2,876
-
17,013
17,013
-
Motor
vehicles
$
-
-
-
-
-
Construction
in progress
$
Page 40
12,289,144
9,541,885
8,803,758
2,638,183
(340)
(1,899,716)
21,831,029
21,883,227
1,944,223
(71,728)
(1,924,693)
Total
$
66
10.
1,905,739
366,677
1,346,104
At 31 March 2012
Carrying amount
At 31 March 2012
5,872,782
1,750,169
155,570
-
At 1 April 2011
327,184
Depreciation
39,493
Written off
-
954,898
219,150
192,150
27,000
-
1,174,048
7,778,521
1,712,781
At 31 March 2012
Leasehold
properties
$
1,174,048
-
Leasehold
building
$
7,778,521
-
1,712,781
-
Co-operative
Cost
At 1 April 2011
Additions
Written off
Reclassification
Freehold
property
$
94,648
882,544
844,296
41,726
(3,478)
977,192
978,029
2,641
(3,478)
-
Dental
equipment
$
3,462,055
4,373,423
2,930,488
1,632,958
(190,023)
7,835,478
4,622,363
3,508,063
(294,948)
-
Furniture
and
fittings
$
357,594
500,054
423,114
168,222
(91,282)
857,648
581,789
82,478
(92,319)
285,700
Computer
and office
equipment
$
978,927
551,619
794,345
236,540
(479,266)
1,530,546
874,282
525,913
(484,130)
614,481
Computer
software
$
12,461
4,552
1,677
2,875
-
17,013
17,013
-
Motor
vehicles
$
Total
$
-
-
-
-
Page 41
13,079,469
8,803,758
7,263,423
2,304,384
(764,049)
21,883,227
608,735 18,347,561
291,446
4,410,541
(874,875)
(900,181)
-
Construction
in progress
$
10.
For the purpose of consolidated statement of cash flows, the Group’s additions to property, plant
and equipment were financed as follows:
Group
2013
$
11.
2012
$
Additions during the financial year
Less: Provision for reinstatement costs
1,956,423
(105,000)
4,469,046
(795,000)
Cash payment to acquire plant and equipment
1,851,423
3,674,046
Investment properties
Group and
Co-operative
$
Cost
At 1 April 2012 and 31 March 2013
11,345,933
At 1 April 2012
Depreciation for the financial year
3,031,479
235,173
At 31 March 2013
3,266,652
Carrying amount
At 31 March 2013
8,079,281
Cost
At 1 April 2011 and 31 March 2012
11,345,933
Accumulated depreciation and impairment loss
At 1 April 2011
Depreciation for the financial year
Reversal of allowance for impairment loss
3,604,370
235,169
(808,060)
At 31 March 2012
3,031,479
Carrying amount
At 31 March 2012
8,314,454
Page 42
67
11.
Investment properties (Continued)
As at 31 March 2013, the Group and the Cooperative’s investment properties are held under the
following tenure:2013
Carrying
Fair value
amount
$
$
Freehold
Leasehold
2012
Carrying
amount
Fair value
$
$
1,968,499
6,110,782
3,250,000
9,788,000
2,030,500
6,283,954
3,100,000
8,217,000
8,079,281
13,038,000
8,314,454
11,317,000
The above fair value has been determined on the basis of valuation carried out by an independent
valuer having an appropriate recognised professional qualification and recent experience in the
location and category of the property being valued. The valuation was arrived at by reference to
market evidence of transaction prices for similar properties and was performed in accordance with
International Valuation Standards.
Rental income earned by the Group and Co-operative from the investment properties amounted to
$569,917 (2012: $513,292). Direct operating expenses arising from rental-generating investment
properties during the financial year amounted to $211,031 (2012: $202,020).
Included in investment properties is a carrying amount of approximately $4,037,000 (2012:
$4,147,000) representing the Group’s and the Co-operative’s 25% share in certain units jointlyowned with NTUC Income Insurance Co-operative Limited. As at 31 March 2013, the Group and the
Co-operative have no contingent liabilities and capital commitments in respect of those units.
12.
Group
2013
$
2012
$
1,988
1,988
Co-operative
2013
$
-
2012
$
-
The following are the major deferred tax liabilities recognised by the Group and movements
thereon during the financial year:
Accelerated
tax
depreciation
$
68
Balance at 1 April 2012 and 31 March 2013
1,988
Balance at 1 April 2011 and 31 March 2012
1,988
Page 43
13.
Group
2013
$
2012
$
Co-operative
2013
$
2012
$
Trade payables
- third parties
- subsidiaries
15,255,929
-
14,342,011
-
14,979,909
78,871
14,206,432
85,907
15,255,929
14,342,011
15,058,780
14,292,339
651,139
81,236
1,986,676
53,311
645,763
921,246
81,236
1,982,281
925,684
53,311
732,375
2,039,987
1,648,245
2,961,276
326,160
25,000
75,993
122,250
3,331,853
911,755
25,000
46,670
51,150
2,543,505
76,160
25,000
75,993
122,250
2,857,708
71,755
25,000
46,670
51,150
2,174,707
19,869,560
19,960,078
19,864,136
19,622,897
Non-trade payables
- third parties
- subsidiaries
- related parties
Dividend payable
Accrued operating expenses
Trade and non-trade amounts due to third parties are unsecured, non-interest bearing and
generally on 60 (2012: 60) days term.
Trade amounts due to subsidiaries and related parties are unsecured, non-interest bearing and
repayable within trade credit terms.
Non-trade amounts due to subsidiaries and related parties are unsecured, non-interest bearing and
repayable on demand.
Group
2013
$
Singapore dollar
Australian dollar
Other
2012
$
Co-operative
2013
$
2012
$
19,707,711
121,529
22,072
18,248
19,910,403
44,558
4,597
520
19,792,205
50,116
21,815
-
19,622,897
-
19,869,560
19,960,078
19,864,136
19,622,897
Page 44
69
14.
Provision
2012
2013
$
$
Provision for reinstatement costs
900,000
795,000
Movements in provision for reinstatement costs:
2012
2013
$
$
Provision made
795,000
105,000
795,000
900,000
795,000
Provision for reinstatement costs
The provision for reinstatement costs are the estimated costs of dismantle, removal or restoration
of plant and equipment arising from the acquisition or use of assets, which are recognised and
included in the cost of property, plant and equipment.
15.
Share capital
2012
2013
2013
$
Number of ordinary shares
2012
$
Issued and paid up :
At beginning of financial year
Issued during the financial year
17,568,824
(101,000)
17,676,524
(107,700)
17,568,824
(101,000)
17,676,524
(107,700)
At end of financial year
17,467,824
17,568,824
17,467,824
17,568,824
The share capital is represented by:
Share capital repayable on demand as current liabilities (a)
Share capital classified as equity (b)
70
17,367,824
100,000
17,468,824
100,000
17,467,824
17,568,824
(a)
This relates to the shares held by members where the Co-operative does not have the right
of refusal to redeem the members' shares. Members include an individual person or
institution or organisation duly admitted to the membership of the Co-operative in
accordance with the By-Law of the Co-operative.
(b)
This comprised only the portion that relates to founder member National Trade Union
Congress.
Page 45
15.
Share capital (Continued)
(c)
In accordance with By-laws 4.6, every member shall, unless otherwise disqualified under
the Co-operative Societies Act, Chapter 62 or the By-laws, have the right to:
(i)
(ii)
(iii)
(iv)
(v)
(d)
avail himself of all services of the Society;
stand for election to office, subject to the provisions of the Act and the By-laws,
where applicable;
be co-opted to hold office in the Society, where applicable;
participate and vote at general meetings; and
enjoy all other rights, privileges or benefits provided under the By-laws.
The Co-operative has one class of ordinary share which carries no right to fixed income.
During the financial year ended 31 March 2013, in accordance with the By-Laws of the Cooperative, 101,000 (2012: 107,700) ordinary shares of $1 each were withdrawn.
16.
Fair value reserve
The fair value reserve represents the cumulative fair value changes, net of tax, of available-forsale financial assets until they are disposed of or impaired.
2012
2013
$
$
17.
At beginning of financial year
Fair value gains/(losses) (Note 9)
Transfer to profit or loss upon disposal
279,750
163,395
-
404,162
(45,000)
(79,412)
At end of financial year
443,145
279,750
Revenue
Group
2013
$
Sales of goods
Dental services
Discontinuing operations (Note 7)
Medical services
Chinese medical services
Total
2012
$
Co-operative
2013
$
2012
$
91,122,228
11,388,049
79,973,351
11,405,825
83,404,927
11,388,049
73,169,412
11,405,825
102,510,277
91,379,176
94,792,976
84,575,237
-
271,684
619,054
-
271,684
-
-
890,738
-
271,684
102,510,277
92,269,914
94,792,976
84,846,921
Page 46
71
18.
Group
2013
$
Reversal of allowance for
impairment loss on investment
property
Dividend income
Interest income
Management fee income
Rental income
Advertising income
Foreign exchange gain, net
Royalty fees
Gain on disposal of property,
plant and equipment
Government grant
Gain on disposal of availablefor-sale financial assets
Others
Discontinuing operations (Note 7)
Gain on disposal of business
Others
Total
72
2012
$
Co-operative
2013
$
2012
$
49,582
29,136
1,144,467
4,713,855
1,570
-
808,059
59,076
49,428
1,220,316
3,457,251
15,852
1,049,582
19,815
1,237,804
4,713,855
-
808,059
1,019,076
30,993
9,000
1,414,805
3,457,251
15,852
9,300
64,091
-
64,091
-
171,091
67,179
240,454
238,610
67,179
292,039
6,183,092
5,917,615
7,323,757
7,114,254
-
36,120
12,141
-
10,923
-
48,261
-
10,923
6,183,092
5,965,876
7,323,757
7,125,177
Page 47
19.
Staff costs
Group
2013
$
Salaries, bonuses and other
short-term benefits
Employer’s contribution to
defined contribution plans
Discontinuing operations
Salaries, bonuses and other
short-term benefits
Employer’s contribution to
defined contribution plans
Total
15,725,815
2012
$
14,493,695
Co-operative
2013
$
13,977,389
2012
$
12,948,432
1,716,152
1,554,892
1,604,552
1,423,634
17,441,967
16,048,587
15,581,941
14,372,066
-
516,228
-
66,323
-
49,837
-
1,774
-
566,065
-
68,097
17,441,967
16,614,652
15,581,941
14,440,163
Included in staff costs were key management remuneration as shown in Note 27 to the financial
statements.
20.
Finance costs
Group
2013
$
2012
$
Co-operative
2013
$
2012
$
Dividends paid to members in
respect of share capital
repayable on demand
516,652
527,296
516,652
527,296
Page 48
73
21.
The above is arrived at after charging:
Group
2013
$
Consumables used
Advertisement and promotion
expenses
receivable – third parties
Patronage rebates/discounts
written off
Co-operative
2013
$
30,275
16,535
16,593
1,405,123
953,098
1,252,057
855,159
42,106
1,432,684
1,044,612
42,106
1,432,684
996,680
24,977
110,826
24,977
110,827
-
15,601
1,510
-
15,601
1,510
-
36,987
-
36,987
Income tax expense
Group
2013
$
74
2012
$
111,295
receivable – third parties
Loss on disposal of assets held
for sale
22.
2012
$
2012
$
Current income tax
- current financial year
- over provision in prior financial years
197,000
(63,255)
179,535
(2,165)
Total income tax expense recognised in profit or loss
133,745
177,370
Page 49
22.
Income tax expense (Continued)
Reconciliation of effective income tax rate
Group
2013
$
2012
$
Profit before income tax and contributions:
Income tax at Singapore’s statutory income tax rate of 17%
Tax effect of expenses not deductible for income tax purposes
Income tax exemption
Productivity and innovation credit
Over provision of current income tax in prior financial years
Utilisation of previously unrecognised deferred tax assets
Corporate income tax rebate
Deferred tax assets not recognised
Others
840,705
-
521,583
(199,609)
840,705
321,974
142,920
117,031
(25,925)
(6,516)
(63,255)
(30,000)
(510)
54,736
130,884
(25,925)
(2,165)
(1,249)
27,652
(6,563)
133,745
177,370
The Co-operative is a co-operative society registered under the Co-operative Societies Act,
Chapter 62 which is exempted from income tax under Section 13 of the Income Tax Act, Chapter
134.
Unrecognised deferred tax assets
The movement of unrecognised deferred tax assets is as follows:
Group
2013
$
2012
$
Amount not recognised during financial year
Utilisation of deferred tax assets not recognised previously
253,699
-
227,296
27,652
(1,249)
253,699
253,699
Page 50
75
22.
Income tax expense (Continued)
The unrecognised deferred tax assets arise from the following temporary differences:
Group
2013
$
Unutilised tax losses
Unabsorbed capital allowances
2012
$
227,595
26,104
227,595
26,104
253,699
253,699
As at 31 March 2013, the Group has unutilised tax losses of approximately $1,339,000 (2012:
$1,339,000) and unabsorbed capital allowances of approximately $154,000 (2012: $154,000)
available to offset against future taxable profits subject to the agreement by the tax authorities
and provisions of the tax legislations of Singapore. No deferred tax assets have been recognised in
respect of the unutilised tax losses and unabsorbed capital allowance of approximately $254,000
(2012: $254,000) as the management is not confident that there will be sufficient future taxable
profits to realise these future benefits. Accordingly, these deferred tax assets have not been
recognised in the financial statements of the Group in accordance with the accounting policy in
Note 2.20 to the financial statements.
23.
In accordance with Section 71 of the Co-operative Societies Act, Chapter 62, the Co-operative is
required to contribute 5% of the first $500,000 of its profit before contributions and distributions
to the Central Co-operative Fund. During the financial year, the Co-operative made a contribution
of $25,000 (2012: $25,000) towards the Central Co-operative Fund.
24.
In accordance with Section 71 of the Co-operative Societies Act, Chapter 62, the Co-operative
opted to contribute 20% of its profit before contributions and distributions in excess of $500,000 to
the Singapore Labour Foundation. During the financial year, the Co-operative made a contribution
of $76,341 (2012: $47,018) to the Singapore Labour Foundation.
2013
2012
$
$
Contribution
- current financial year
- under provision in prior financial years
76
75,993
348
47,018
-
76,341
47,018
Page 51
25.
Dividends
Dividends to owners of the
parent
First and final exempt (onetier) dividend paid of $0.03
(2012: $0.03) per share in
respect of the previous
financial year
Group
2013
$
3,000
2012
$
Co-operative
2013
$
2012
$
3,000
3,000
3,000
Group
2013
$
2012
$
Dividends to non-controlling interest
Interim exempt (one-tier) dividend paid of $6.25 (2012: $6.00)
per share in respect of the current financial year
250,000
240,000
In respect of the current financial year, the Directors propose that a final dividend of $0.03 per
share be paid to shareholders at the end of the reporting period, or on a pro-rata basis, if
shareholders held such shares for a lesser period than one year.
26.
Operating lease commitments
The Group and the Co-operative as lessees
The Group and the Co-operative lease various retail outlets under non-cancellable operating
leases. The leases have variable lease charge of 0.25% to 8.00% (2012: 0.25% to 15.00%) of
targeted gross sales as stipulated on the lease agreement and are negotiated for an average term
of 3 years.
The future minimum lease payables under non-cancellable operating leases contracted for at the
end of the reporting period but not recognised as liabilities, are as follows:
Group
2013
$
Within one financial year
After one financial year but
within five financial years
2012
$
Co-operative
2013
$
2012
$
9,267,639
8,782,102
9,138,760
8,658,054
6,966,394
7,433,699
6,964,154
7,414,421
16,234,033
16,215,801
16,102,914
16,072,475
Page 52
77
26.
Operating lease commitments (Continued)
The Group and the Co-operative as lessors
The Group and the Co-operative lease out various retail and office space under non-cancellable
operating leases. The leases are committed for an average of 3 years.
The future minimum lease receivables under non-cancellable operating leases contracted for at
the end of the reporting period but not recognised as receivables, are as follows:
2013
2012
$
$
Within one financial year
After one financial year but within five financial years
27.
1,575,135
630,704
1,138,684
378,860
2,205,839
1,517,544
Significant related party transactions
A related party is defined as follows:
(a)
A person or a close member of that person’s family is related to the Group and Co-operative
if that person:
(i)
(ii)
(iii)
(b)
Has control or joint control over the Co-operative;
Has significant influence over the Co-operative; or
Is a member of the key management personnel of the Group or Co-operative of a
parent of the Co-operative.
An entity is related to the Group and the Co-operative if any of the following conditions
applies:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
The entity and the Co-operative are members of the same group (which means that
each parent, subsidiary and fellow subsidiary is related to the others).
One entity is an associate or joint venture of the other entity (or an associate or joint
venture of a member of a group of which the other entity is a member).
Both entities are joint ventures of the same third party.
One entity is a joint ventures of a third entity and the other entity is an associate of
the third entity.
The entity is a post-employment benefit plan for the benefit of employees of either
the Co-operative is itself such a plan, the sponsoring employers are also related to
the Co-operative.
The entity is controlled or jointly controlled by a person identified in (a);
A person identified in (a)(i) has significant influence over the entity or is a member of
the key management personnel of the entity (or of a parent of the entity).
Many of the Group’s and Co-operative’s transactions and arrangements are with related parties
and the effect of these on the basis determined between the parties is reflected in these financial
statements. The balances are unsecured, interest-free and repayable on demand unless otherwise
stated.
78
Page 53
27.
Significant related party transactions (Continued)
In addition to the transactions disclosed elsewhere in the financial statements, there were the
following significant related party transactions based on terms as agreed between the parties
during the financial year:
Group
2013
$
With subsidiaries
Sales
Purchase of goods
Management fee income
Rental income
Dividend income
With related parties
Dividend income
Rental paid
Patronage rebates/discounts
Management fee expense
Consultancy fees
2012
$
Co-operative
2013
$
2012
$
-
-
543
634,314
139,604
1,000,000
90
517,772
9,000
194,489
960,000
31,582
3,263,015
1,432,684
89,760
402,462
31,247
2,362,550
1,044,612
238,700
312,249
31,582
3,263,015
1,432,684
89,760
-
31,247
2,362,550
1,044,612
238,700
-
Compensation of key management personnel
The compensation of Directors and other members of the key management personnel of the Group
and the Co-operative during the financial year were as follows:
Group
2013
$
Short-term benefits
Post-employment benefits
Directors’ honorarium
28.
2012
$
Co-operative
2013
$
2012
$
859,259
25,760
122,250
815,690
26,752
40,200
595,997
25,760
122,250
503,431
26,752
40,200
1,007,269
882,642
744,007
570,383
Financial instruments, financial risks and capital management
The Group’s and the Co-operative’s activities expose them to credit risk, market risk (including
foreign currency risks and interest rate risks), and liquidity risk. The Group’s and the Cooperative’s overall risk management strategy seek to minimise adverse effects from the volatility
of financial markets on the Group’s and the Co-operative’s financial performance.
There has been no change to the Group’s and the Co-operative’s exposure to these financial risks
or the manner in which it manages and measures the risk.
Page 54
79
28.
Financial instruments, financial risks and capital management (Continued)
28.1 Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations
resulting in a loss to the Group and the Co-operative. The Group and the Co-operative have
adopted a policy of only dealing with creditworthy counterparties. The Group and the Cooperative perform ongoing credit evaluation of its counterparties’ financial condition and
does not require collaterals.
The carrying amount of financial assets recorded in the financial statements, grossed up for
any allowances for losses, represents the Group’s and the Co-operative’s maximum exposure
to credit risk. There is no significant concentration of credit risk with any single customer or
group of customers of the total trade and other receivables of the Group and the Cooperative as at the end of the reporting period.
The Group’s and the Co-operative’s major classes of financial assets are trade and other
receivables and cash and cash equivalents.
Trade receivables that are neither past due nor impaired are substantially companies with
good collection track record with the Group and the Co-operative.
The age analysis of past due trade receivables but not impaired is as follows:
Group
2013
$
Past
Past
Past
Past
due
due
due
due
1 to 30 days
31 to 60 days
61 to 90 days
more than 90 days
280,247
358,800
56,849
159,571
2012
$
391,344
284,014
59,203
291,031
Co-operative
2013
$
36,358
24,257
6,103
46,214
2012
$
211,663
70,618
50,186
251,659
28.2 Market risk
(i)
Foreign exchange risk
Currency risk arises from transactions denominated in currency other than the
functional currency of the entities within the Group. The currencies that give rise to
this risk are primarily Australian dollar, New Zealand dollar and United States dollar.
At the end of the reporting period, the carrying amounts of monetary assets and
monetary liabilities of the Group denominated in currencies other than the functional
currency of the entities within the Group are as follows:
Assets
2013
$
Group
Australian dollar
New Zealand dollar
80
105,793
46,245
87,362
2012
$
67,643
58,628
Liabilities
2013
$
121,529
22,072
2012
$
44,558
4,597
Page 55
28.
28.2 Market risk (Continued)
(i)
Foreign exchange risk (Continued)
Assets
2013
$
Co-operative
Australian dollar
-
2012
$
-
Liabilities
2013
$
50,116
21,815
2012
$
-
Foreign currency sensitivity analysis
The Group’s and the Co-operative’s exposure to foreign currency risks are mainly in
Australian dollar, New Zealand dollar and United States dollar.
The following table details the Group’s and the Co-operative’s sensitivity to a 5%
change in Australian dollar, New Zealand dollar and United States dollar against the
respective functional currencies of the entities within the Group. The sensitivity
analysis assumes an instantaneous 5% change in the foreign currency exchange rates
from the end of the reporting period, with all other variables held constant. The
results of the model are also constrained by the fact that only monetary items, which
are denominated in Australian dollar, New Zealand dollar and United States dollar are
included in the analysis. Consequentially, reported changes in the values of some of
the financial instruments impacting the results of the sensitivity analysis are not
matched with the offsetting changes in the values of certain excluded items that
those instruments are designed to finance or hedge.
Profit or loss
2013
$
Group
Australian dollar
Strengthens against Singapore dollar
Weakens against Singapore dollar
(787)
787
New Zealand dollar
2,312
(2,312)
3,265
(3,265)
2012
$
1,154
(1,154)
-
2,702
(2,702)
Page 56
81
28.
28.2 Market risk (Continued)
(i)
Foreign exchange risk (Continued)
Profit or loss
2013
$
(ii)
2012
$
Co-operative
Australian dollar
(2,506)
2,506
-
(1,091)
1,091
-
Interest rate risk
Interest rate risk is the risk that the value of a financial instrument will fluctuate due
to changes in market interest rates.
The Group and the Co-operative do not have significant exposure to interest-bearing
financial instrument at the end of the reporting period.
28.3 Liquidity risk
Liquidity risk refers to the risk in which the Group and the Co-operative encounter
difficulties in meeting their short-term obligations. Liquidity risk is managed by matching
the payment and receipt cycle.
The Group and the Co-operative actively manage their operating cash flows so as to finance
the Group’s and the Co-operative’s operations. As part of its overall prudent liquidity
management, the Group and the Co-operative maintain sufficient levels of cash to meet
their working capital requirement.
The following table details the Group’s and the Co-operative’s remaining contractual
maturity for its non-derivative financial instruments. The table has been drawn up based on
undiscounted cash flows of financial instruments based on the earlier of the contractual
date or when the Group and the Co-operative are expected to pay. The table below includes
both interest and principal cash flows.
82
Page 57
28.
28.3 Liquidity risk (Continued)
Contractual maturity analysis
Group within
one financial
year
$
Co-operative
within one
financial year
$
17,772,781
6,578,394
17,427,846
5,028,768
24,351,175
22,456,614
Financial liabilities
Non-interest bearing
37,237,384
37,231,960
2012
Financial assets
Interest bearing
7,496,759
16,162,895
10,015,037
11,904,816
23,659,654
21,919,853
37,428,902
37,091,721
2013
Financial assets
Interest bearing
Financial liabilities
Non-interest bearing financial liabilities includes share capital repayable on demand which
are not expected to be substantially redeemed within one financial year.
28.4 Capital management policies and objectives
The Group and the Co-operative manage their capital to ensure that the Group and the Cooperative are able to continue as going concern and to maintain an optimal capital structure
so as to maximise shareholders’ value.
The Group and the Co-operative manage their capital structure and make adjustments to it,
in light of changes in economic conditions. To maintain or adjust the capital structure, the
Group and the Co-operative may adjust the return capital to shareholders or issue new
shares. No changes were made in the objectives, policies or processes during the financial
year.
The Group and the Co-operative monitor capital using a gearing ratio, which is calculated as
net debt divided by equity attributable to owners of the parent plus net debt. The Group
and the Co-operative include within net debt, trade and other payables and share capital
repayable on demand less cash and cash equivalents.
Page 58
83
28.
28.4 Capital management policies and objectives (Continued)
Group
2013
$
Share capital repayable
on demand
Total debt
Less: Cash and cash
equivalents
2012
$
Co-operative
2013
$
2012
$
19,869,560
19,960,078
19,864,136
19,622,897
17,367,824
17,468,824
17,367,824
17,468,824
37,237,384
37,428,902
37,231,960
37,091,721
(17,789,308)
(16,333,595)
(15,021,763)
(12,074,916)
Net debt
Total equity
19,448,076
20,663,678
21,095,307
20,269,814
22,210,197
19,102,525
25,016,805
18,801,958
Total capital
40,111,754
41,365,121
41,312,722
43,818,763
Gearing ratio
48.5%
51.0%
53.8%
57.1%
28.5 Fair value of financial assets and financial liabilities
The carrying amounts of the current financial assets and current financial liabilities
approximate their fair values as at the end of the reporting period due to the relatively
short period of maturity of these financial instruments.
The fair values of financial assets and liabilities are determined as follows:
•
the fair value of financial assets and financial liabilities with standard terms and
conditions and traded on active liquid markets are determined with reference to
quoted market prices; and
•
the fair value of other financial assets and financial liabilities (excluding derivative
instruments) are determined in accordance with generally accepted pricing models
based on discounted cash flow analysis.
The management considers that the carrying amounts of the financial assets and financial
liabilities recorded at amortised cost in the financial statements approximate their fair
values.
The Group and the Co-operative classify fair value measurements using a fair value
hierarchy that reflects the significance of the inputs used in making the measurements. The
fair value hierarchy has the following levels:
84
●
Level 1 - quoted prices (unadjusted) in active markets for identical assets or
liabilities;
●
Level 2 - 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); and
●
Level 3 - inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
Page 59
28.
28.5 Fair value of financial assets and financial liabilities (Continued)
Level 1
Level 2
$
$
29.
Level 3
$
2013
Assets
553,500
-
493,505
2012
Assets
616,500
-
267,110
Events after the end of the reporting period
On 1 April 2013, certain shareholders of the Co-operative transferred their shares in the Cooperative to a newly incorporated entity, NTUC Enterprise Co-operative Limited (“NTUC
Enterprise”). On completion of the share transfer, the Co-operative is a subsidiary of NTUC
Enterprise. NTUC Enterprise is the holding entity of the labour movement social enterprises.
Collectively owned by the National Trades Union Congress, Singapore Labour Foundation, and
their affiliated unions, NTUC Enterprise guides the development of the social enterprises to meet
the evolving needs and aspirations of working families in Singapore.
On 31 May 2013, the Co-operative acquired 420,000 share of NTUC Eldercare Co-operative Limited,
a co-operative incorporated in the Republic of Singapore, at a cash consideration of
$420,000. Following the acquisition, NTUC Eldercare Co-operative Limited became a subsidiary of
the Co-operative.
Page 60
85
ANG MO KIO
53 Ang Mo Kio Ave 3
#B2-21/25
Singapore 569933
Tel: 6552 2001
EASTPOINT (Relocation)
1 Simei Street 6
(Within Fairprice)
Singapore 528578
Tel : 6788 2415
KATONG MALL
112 East Coast Road
#B1-08 Katong Mall
Singapore 428802
Tel: 6636 3160
SERANGOON CENTRAL
Blk 266 Serangoon Central Drive
#01-253
Singapore 550266
Tel: 6487 6178
ALEXANDRA RETAIL CENTRE
460 Alexandra Road
#02-04/05/06 Alexandra
Retail Centre
Singapore 119963
Tel: 6278 8791
FORTUNE CENTRE
190 Middle Road
#01-26 Fortune Centre
Singapore 188979
Tel: 6336 3616
LOT 1 SHOPPER’S MALL
21 Choa Chu Kang Ave 4
#B1-04/05
Singapore 689812
Tel: 6763 7678
TIONG BAHRU PLAZA
302 Tiong Bahru Road
#B1-11 Tiong Bahru Plaza
Singapore 168732
Tel: 6276 6562
GREAT WORLD CITY
Great World City
1 Kim Seng Promenade #B1-14/15
Singapore 237994
Tel: 6235 1601
MARINE PARADE
No. 6
Marine Parade Central
Singapore 449411
Tel: 6345 1548
TANGLIN MALL
163 Tanglin Road
#B1-13 Tanglin Mall
Singapore 247933
Tel: 6732 1380
HARBOUR FRONT CENTRE
1 Maritime Square
#02-118/119
Singapore 099253
Tel: 6271 5100
NEX MALL
23 Serangoon Central
#03-37/38, Nex
Singapore 556083
Tel: 6509 0316
TOA PAYOH CENTRAL (3)
Blk 192 Toa Payoh Lor 4
#02-674
Singapore 310192
Tel: 6354 1775
HOLLAND VILLAGE
MRT STATION
200 Holland Ave
#B1-05/06/07 Holland Village
MRT Station
Singapore 278995
Tel: 6462 3580
100AM
100 Tras Street
#04-06/07
Singapore 079027
Tel: 6604 6746
TAMPINES CENTRAL CC
Blk 866A Tampines Street 83
#01-01
Singapore 521866
Tel: 6786 6796
PUNGGOL PLAZA
Blk 168 Punggol Field
#03-01/02 Punggol Plaza
Singapore 820168
Tel: 6343 8336
TANJONG PAGAR
Blk 5 #01-01
Tanjong Pagar Plaza
Singapore 081005
Tel: 6323 1281
PLAZA SINGAPURA
68 Orchard Road
Plaza Singapura #B2-20A
Singapore 238839
Tel: 6238 0230
TAMAN JURONG
Blk 399 Yung Sheng Road
#01-35 Taman Jurong
Shopping Centre
Singapore 610399
Tel: 6264 0921
BEDOK
Blk 212 Bedok North Street 1
#02-147
Singapore 460212
Tel: 6445 9551
BISHAN
Blk 510 Bishan Street 13
#01-520 (At level 2 of FairPrice)
Singapore 570510
Tel: 6259 3449
BUKIT MERAH
Blk 166 #01-3531
Bukit Merah Central
Singapore 150166
Tel: 6276 3407
BUKIT PANJANG PLAZA
1 Jelebu Road
#01-06 Bukit Panjang Plaza
Singapore 677743
Tel: 6760 2363
BUKIT TIMAH PLAZA
1 Jalan Anak Bukit
#B1-01 Bukit Timah Plaza
Singapore 588996
Tel: 6466 2957
CLEMENTI
Blk 451 #01-307
Clementi Ave 3
Singapore 120451
Tel: 6779 0438
CLEMENTI MALL
3155 Commonwealth Ave West
#B1-10/11 The Clementi Mall
Singapore 129588
Tel: 6659 4719
DAWSON PLACE
Blk 57 Dawson Road
#01-10A Dawson Place
Singapore 142057
Tel: 6471 1300
HOUGANG MALL
90 Hougang Ave 10
#B1-35/36
Singapore 538766
Tel: 6385 8606
HOUGANG
Blk 202 #01-00
Hougang Street 21
Singapore 530202
Tel: 6383 1308
HOUGANG POINT
(HOUGANG 1)
No. 1 Hougang Street 91
#02-01 Hougang 1
Singapore 538692
Tel: 6384 0952
JURONG POINT
1 Jurong West Central 2
#B1-09 Jurong Point
Singapore 648886
Tel: 6793 5712
J CUBE
2 Jurong East Central 1
#B1-05
Singapore 609731
Tel: 6684 4080
JEM
50 Jurong Gateway Road
#B1-37 JEM
Singapore 608549
Tel: 6339 4256
OUR STORE LOCATIONS
86
RAFFLES CITY
252 North Bridge Road #B1-44L
Raffles City Shopping Centre
Singapore 179103
Tel: 6337 1358
RIVERVALE MALL
11 Rivervale Crescent
#02-02 Rivervale Mall
Singapore 545082
Tel: 6384 4514
RIVERVALE PLAZA
Blk 118 Rivervale Drive
#01-16 Rivervale Plaza
Singapore 540118
Tel: 6386 4183
SINGAPORE POST CENTRE
10 Eunos Road 8
#B2-10 Singapore Post Centre
Singapore 408600
Tel : 6547 0095
TAMPINES MALL
4 Tampines Central 5
#B1-12 Tampines Mall
Singapore 529510
Tel: 6783 3903
TAMPINES MART
No. 11 Tampines Street 32
#01-11 Tampines Mart
Singapore 529287
Tel: 6260 3809
TAMPINES ONE
10 Tampines Central 1
#B1-11/12 Tampines One
Singapore 529536
Tel: 6784 6055
TOA PAYOH CENTRAL
500 Toa Payoh Lor 6
#B1-30
Singapore 310500
Tel: 6352 2933
THOMSON PLAZA
301 Upper Thomson Road
#01-102 Thomson Plaza
Singapore 574408
Tel: 6552 1965
WEST MALL
1 Bukit Batok Central Link
#01-08 West Mall
Singapore 658713
Tel: 6792 9730
YISHUN
Blk 849 Yishun Ring Road
#01-3703
Singapore 760849
Tel: 6759 1070
WOODLANDS CIVIC CENTRE
900 South Woodlands Drive
#B1-01 Woodlands Civic Centre
Singapore 730900
Tel: 6219 4898
WHITE SANDS SHOPPING
CENTRE
1, Pasir Ris Central Street 3
#01-12/12A
Singapore 518457
Tel: 6581 7736
YEW TEE POINT
21 Choa Chu Kang North 6
#B1-08/09 Yew Tee Point
Singapore 689578
Tel: 6762 6549
ANG MO KIO HUB
53 Ang Mo Kio Ave 3
#03-14
Singapore 569933
Tel: 6483 5618
CLEMENTI
Blk 431 Clementi Ave 3
#01-304
Singapore 120431
Tel: 6773 4533
MIDPOINT ORCHARD
220 Orchard Road
#02-12
Singapore 238852
Tel: 6738 0383
BEDOK
Blk 203 Bedok North Street 1
#01-465
Singapore 460203
Tel: 6445 0886
CHOA CHU KANG
Blk 309 Choa Chu Kang Ave 4
#03-01 Choa Chu Kang Centre
Singapore 680309
Tel: 6763 2692
PARKWAY PARADE
80 Marine Parade Road
#05-02
Singapore 449269
Tel: 6348 9188
BISHAN
Blk 510 Bishan Street 13
#02-04
Singapore 570510
Tel: 6356 5603
GOLDEN SHOE CARPARK
50 Market Street
#01-30
Singapore 048940
Tel: 6221 9295
RIVERVALE MALL
11 Rivervale Crescent
#02-16
Singapore 545082
Tel: 6388 2661
BUKIT MERAH CENTRAL
Blk 163 Bukit Merah Central
#03-3599
Singapore 150163
Tel: 6273 3583
JURONG POINT
1 Jurong West Central 2
#B1A-20B
Singapore 648886
Tel: 6793 5938
TAMPINES JUNCTION
300 Tampines Ave 5
#01-05
Singapore 529653
Tel: 6784 6291
YISHUN 1
Blk 291 Yishun Street 22
#01-355
Singapore 760291
Tel: 6483 8624
TOA PAYOH HDB HUB
500 Toa Payoh Lor 6
#B1-31
Singapore 310500
Tel: 6352 8738
87
No.Name
Total Shares
1National Trades Union Congress
816,800
34 Singapore Interpreters’ & Translators’ Union
5,000
Air-Transport Executive Staff Union
3
Amalgamated Union Of Public Daily Rated Workers
4
Amalgamated Union Of Public Employees
10,000
37 Singapore Manual & Mercantile Workers’ Union
140,400
5
AUPE Multi-purpose Co-operative Ltd
10,000
38 Singapore Maritime Officers’ Union
203,584
6
Building Construction & Timber Industries Employees’ Union 20,000
39 Singapore Mercantile Co-operative Society Ltd
7
Dnata Singapore Staff Union
20,000
40 Singapore National Union of Journalists
8
Chemical Industries Employees’ Union
41,504
41 Singapore Organisation of Seamen
9
DBS Staff Union
10,000
42 Singapore Port Workers’ Union
79,248
43 Singapore Press Holdings Employees’ Union
11 Food, Drinks & Allied Workers’ Union
12 Healthcare Services Employees’ Union
13 Housing & Development Board Staff Union
1,000
110,840
40,000
100,000
35 Singapore Labour Foundation
Total Shares
2
10ExxonMobil Singapore Employees’ Union
10,000
No.Name
36 Singapore Malay Teachers’ Union
44 Singapore Shell Employees’ Union
356,000
10,000
10,000
3,584
500,000
30,000
20,000
106,144
45 Singapore Shell Employees’ Union Co-operative Ltd
10,000
46 Singapore Stevedores’ Union
10,000
14 Keppel Employees’ Union
10,000
47 Singapore Tamil Teachers’ Union
10,000
15 Keppel FELS Employees’ Union
30,000
48 Singapore Teachers’ Union
10,000
16 Metal Industries Workers’ Union
76,504
49 Singapore Union of Broadcasting Employees
10,000
17National Transport Workers’ Union
18Natsteel Employees’ Union
19Ngee Ann Polytechnic Consumer Co-operative Society Ltd
20NTUC FairPrice Co-operative Limited
21NTUC First Campus Co-operative Ltd
22NTUC Income Insurance Co-operative Limited
151,504
50 Singapore Urban Redevelopment Authority Workers’ Union
51 The Singapore Government Staff Credit Co-operative Society Ltd 10,000
10,000
52 The Singapore Teachers’ Co-operative Society Limited
50,000
53 Union Of Power And Gas Employees
82,804
1,000,000
10,000
1,000,000
54 Union Of Security Employees
107,400
55 Union Of Telecoms Employees Of Singapore
100,000
121,504
23NTUC Media Co-operative Ltd
10,000
56 United Workers Of Electronic & Electrical Industries
24 Port Officers’ Union
10,000
57 United Workers Of Petroleum Industry
25 Public Utilities Board Employees’ Union
61,532
26 Shipbuilding & Marine Engineering Employees’ Union
81,504
Institutional Share Capital (57 members)
27 Singapore Airlines Staff Union
108,192
28 Singapore Airport Terminal Services Workers’ Union
103,840
29 Singapore Bank Employees’ Union
746,800
51,792
30 Singapore Bank Officers’ Association
31 Singapore Chinese Teachers’ Union
65,088
33 Singapore Insurance Employees’ Union
10,376
6,756,944
10,710,880
Total Share Capital as at 31st March 2013
17,467,824
MEMBERSHIP LISTING AND SHAREHOLDINGS
88
10,000
Ordinary Share Capital (18,647 members)
2,000
32 Singapore Industrial & Services Employees’ Union
AS AT 31 MARCH 2013
2,000
30,000
(Registered in the Republic of Singapore)
Registered Office: 55 Ubi Ave 1, #08-01, Singapore 408935
NOTICE OF ANNUAL GENERAL MEETING
st
NOTICE IS HEREBY GIVEN THAT the 21 Annual General Meeting of NTUC Unity Healthcare
Co-operative Limited will be held at NTUC Centre, One Marina Boulevard, Room 801, Level 8,
Singapore 018989, on Tuesday 3 September 2013, 4.00pm to transact the following
businesses:
AGENDA
th
1. To confirm the Minutes of the 20 Annual General Meeting held on 25 September 2012.
2. To consider and, if approved, to adopt the Director’s Report and the Audited Financial
Statements of the Co-operative for the financial year ended 31 March 2013 together with the
Auditors’ Report thereon.
3. To consider and, if approved, to declare a dividend of 3 cents per share for the financial year
ended 31 March 2013.
4. To approve the payment of honoraria to Directors for the year ended 31 March 2013.
5. Election / Appointment of Directors.
6. To re-appoint BDO LLP as the external auditors for the year ending 31 December 2013 and
to authorise the Board of Directors to fix their remuneration.
7. To notify the change of financial year end from March to December with effect from 31
December 2013. The next financial period will be 1 April 2013 – 31 December 2013 and
unless otherwise informed, the financial year will be 1 January – 31 December for every
succeeding year.
8. To transact such other businesses as may be properly transacted at an Annual General
Meeting.
By order of the Board of Directors
Ivy Tai
Co-operative Secretariat
2 August 2013
Registration for the meeting will commence from 3.30pm.
Members are advised to be early and to bring along their NTUC Link Card or Identity Card for verification.
NOTICE OF ANNUAL GENERAL MEETING
89
Annual Report 12 / 13
NTUC Unity Healthcare Annual Report 12 / 13 Care for U, Care for Life.
55 Ubi Ave 1 #08-01 Singapore 408935
T 6590 4300 F 6590 4389

Care for U, Care for Life.

Transcription

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