NOTES TO THE FlNANClAL STATEMENTS

Transcription

Your Caring Partner
In Lifelong Health
Annual Report 2013
Designed and printed by
A Subsidiary of Medialink Printing Services
Copyright May 2014
Publisher: Print Media Communications Pte Ltd,
for and on behalf of the NTUC Unity Healthcare
Co-operative Limited. The publisher owns
the copyright to all photographs and articles
in this book. No photograph or article may
be reproduced in part or in full without the
consent of the publisher.
CONTENTS
4
CHAIRMAN’S MESSAGE
6
BOARD OF DIRECTORS
8
MANAGEMENT TEAM
9
CARE FOR LIFE
18
REPORT OF THE DIRECTORS & FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2013
77
MEMBERSHIP LISTING AND SHAREHOLDINGS
1
The brand identity of NTUC Unity Healthcare is framed by the trademark National
Trades Union Congress “U”. It signifies the co-operative’s close and strong relationship
with the labour movement. 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.
2
BRAND VISION & MISSION
CORE VALUES
OUR VISION is to be the partner of choice in the
community for every individual and family in caring
for their health and wellness.
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:
OUR MISSION is to empower people to care for
their health and wellness, enabling them to live life
to the full.
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
CHAIRMAN’S MESSAGE
Ms Tan Hwee Bin Chairman
The past year has been an eventful one for the company.
Despite the challenging business environment, we have
stayed the course to provide quality and affordable healthcare
products and services to better support working families and
their dependents.
ENSURING GREATER ACCESS TO OUR
PRODUCTS AND SERVICES
We opened eight new Unity pharmacy outlets in the
heartlands, at key locations such as Kallang Bahru, Toa Payoh
MRT Station, Westgate and Vista Point. These new stores were
designed with our customers in mind; with simplified product
display, wider aisles for ease of access and a brighter ambience.
Unity Denticare opened two new dental clinics in Yishun
and Hougang where we did not have any presence, to
bring quality and affordable dental services to the residents
there. Weekday evening and Sunday clinic sessions were also
introduced at selected clinics to bring greater convenience to
our customers.
4
To make health food more accessible, our Origins housebrand
products with the familiar green packaging, can now be found
beyond our Unity stores, in most of the major supermarkets
across the island.
ENSURING GREATER AFFORDABILITY
In line with our mission to empower our customers to care for
their health and wellness, we launched our Unity housebrand
of junior supplements following the introduction of Unity
adult supplements in 2012. These housebrand supplements
are, on average, 20% cheaper than equivalent national brands.
We also worked to support our community by providing free
health and dental screenings, as well as subsidised oral care.
Denticare partnered NTUC U Live - a community for active
seniors aged 55 years and above – to provide free dental
screenings, and subsidised scaling and polishing services to
their members in July 2013. To help taxi drivers who are
self-employed and do not enjoy corporate dental benefits,
Denticare partnered the National Taxi Association to provide
free dental screening to their members. One hundred taxi
drivers took advantage of the offer and received free dental
checks. They also enjoyed preferential rates for dental
treatments at all Unity Denticare clinics.
CARING FROM THE HEART
OUR FINANCIAL PERFORMANCE
In line with our value of Care, our staff initiated a donation
drive to help victims of Typhoon Haiyan in the Philippines.
To align with our holding entity NTUC Enterprise Co-operative
Ltd, we have changed our financial year end from March
to December with effect from 2013. For the nine-month
period between April and December 2013, the Group
achieved a revenue of $85m and profit before contribution,
tax and dividend of $2.1m.
Closer to home, Unity was quick to ensure that members of
the public were able to purchase N95 masks at affordable
prices during the haze crisis that hit Singapore in June 2013.
During the crisis, we worked closely with both existing and
new suppliers to bring in more masks to quickly replenish the
stock of N95 masks at our stores. We took leadership to lower
the price of our N95 masks to make them affordable and to
combat profiteering.
In view of the Group’s performance and our long-term growth
prospects, the Board has recommended a final dividend of
2.5 cents per share for the financial year, subject to approval
at the Annual General Meeting.
LOOKING AHEAD
OUR GRATITUDE
We are excited about the way ahead.
I would like to express my thanks to our shareholders,
customers and business partners for their strong support
and confidence in the Group. I would also like to take the
opportunity to express my appreciation to the Board members
for their valuable contribution, and to the management and
staff for their hard work and dedication.
One of our priorities is to quickly grow the presence of NTUC
Unity outlets island-wide to better serve our customers. We
target to open more Unity stores and Denticare clinics by the
end of 2014. We have also opened our first Family Medicine
Clinic in March 2014 at Serangoon Central to bring one-stop
healthcare services closer to the community.
Over the next few years, the healthcare and eldercare sectors
will become increasingly important as Singapore faces
an aging population. As part of our plan to create greater
social impact, we embarked on the integration of NTUC
Unity Healthcare and NTUC Eldercare in June 2013, and
will complete this process in 2014. The integration into an
enlarged entity, combining the resources and expertise of
both teams, will enable us to deliver more comprehensive
and holistic health and eldercare services to better meet the
needs ahead.
Ms Tan Hwee Bin
Chairman
5
BOARD OF DIRECTORS
TAN HWEE BIN
Chairman
Ms Tan joined the Board in 2009. She is the Executive Director of Wing Tai Holding Limited.
She is the Chairman of NTUC Unity Healthcare Co-operative Limited and NTUC Eldercare
Co-operative Limited. She is also a Director of Singapore Labour Foundation, NTUC
FairPrice Co-operative Limited and Agency for Integrated Care Pte Ltd.
GERRY LEE
Mr Lee joined the Board in 2011. He is currently the Managing Director (Business Groups)
of NTUC FairPrice Co-operative Limited. He oversees the supermarket, hypermarket,
convenience and 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, NTUC Link Pte Ltd and Majority Media Pte Ltd.
LIAK TENG LIT
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 National Environment Agency,
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.
PAULINE GOH
Ms Goh joined the Board in 2005. She is currently the Chief Executive Officer of the CBRE
Singapore and South East Asia, overseeing 7 countries and close to 2,500 employees.
She is 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.
6
BOARD OF DIRECTORS
PHILIP WEE
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.
TAN HOCK SOON
Mr Tan joined the Board in 2012. He is the General Secretary of Food, Drinks and Allied
Workers’ Union (FDAWU). He serves on the Boards of NTUC Unity Healthcare, NTUC
Club Management Council, National Tripartite Committee on Workplace Health, Lifelong
Learning Endowment Fund Advisory Council, National Productivity and Continuing
Education Council, National Wages Council, Hotel and Accommodation Industry Skills and
Training Council.
TAN SUEE CHIEH
Mr Tan joined the board in 2013. He is the Group Chief Executive Officer of NTUC
Enterprise Co-operative Limited. He has been a Director of NTUC Income since 2003 and
was its Chief Executive Officer from 2007 to 2013. Mr Tan serves on the Boards of several
NTUC social enterprises, the International Co-operative & Mutual Insurance Federation
(UK) and is a Trustee of the Singapore LSE Trust.
WADE CRUSE
Mr Cruse joined the Board in 2011. He is a Partner of 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 14 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.
7
MANAGEMENT TEAM
1
2
3
4
5
6
1 CHUA SONG KHIM Group Chief Executive Officer
2 BERNARD LEE
7
8
Chief Executive Officer,
Unity
3 IVY TAI Chief Financial Officer
4 SONIA TAY Managing Director,
Origins Health Food
5 LEON LUAI Director,
Unity Denticare
Unity Family Medicine Clinic
(with effect from March 2014)
6 CHAN YIAM MOI Senior Director,
Retail Development & Special Projects
7 MELATI ALUI Director,
Human Resource
8 JEAN LOKE
Director,
Real Estate
8
Care for Life
NTUC Unity Healthcare Co-operative Limited is the largest
healthcare co-operative in Singapore with 54 Unity pharmacies and
15 Unity Denticare clinics islandwide, seeking to create a significant
social impact within the community.
Apart from working to moderate healthcare costs by making available
affordable and easily accessible healthcare products and services to
the public, we also ensure that our customers and patients are served
by warm and professional staff and pharmacists.
Keeping faith with our brand story, we work closely with like-minded
organisations to reach a wider community in order to fulfill our mission
of empowering all people to care for their health and wellness, so that
they can live life to the full.
9
Unity Housebrand
NTUC UNITY
YOUR PARTNER IN HEALTH
NTUC Unity, a division of NTUC Unity Healthcare, was
established in 1992 with the mission of supporting the wellbeing of everyone at all stages of their life.
At NTUC Unity, we make sure that our customers are always
attended to by professional pharmacists. Customers are
encouraged to ask these trusted medication experts about
their health-related issues. Through this, we empower our
customers and patients to take charge of their health. In
addition, our staff are rigorously trained to dispense high
quality healthcare product information. Coupled with highly
competitive prices, we provide a conducive environment
for customers to consider adopting a regime of health
supplements and self-medication.
NTUC Unity first launched a range of daily essential vitamins
and supplements under its own “Unity”brand name in 2012.
The idea behind the creating of the NTUC Unity house brand
is to provide working families with an affordable way to care
for the entire family, both young and old.
10
In due course, we plan to have some 100 “Unity” products in
the range, which will include over-the-counter medicines, first
aid kits, and skin and body care products.
To meet the growing healthcare needs of the community,
we launched our new house brand of junior supplements at
prices that are 20% lower than national brands.
Targeted at children aged between two and 12 years old, the
range offers eight products, including chewable multivitamins,
omega 3 fish oil, cod liver oil, Vitamin C and calcium, which
together provide support for a healthy immune system and
build strong bones and teeth. Most of the supplements are
chewable with a fruity taste that young children will love.
In addition, to ensure our customers enjoy easy access to our
stores, we continued our expansion programme with the
opening of eight new outlets in 2013, making it a total of 56
stores at the end of 2013.
ORIGINS HEALTHCARE
Origins Healthcare is a wholesaler
and distributor of natural and organic
products and health publications.
It aims to offer healthy wholesome
foods at affordable prices to the
community through a comprehensive
distribution network comprising NTUC
FairPrice supermarkets, Unity pharmacies and hospitals.
Currently Origins is Singapore’s number 1 natural whole food
distributor with the largest range of organic and natural
whole foods imported from US, UK, Australia, New Zealand
and Europe.
In 2013, we added the Sheng Siong supermarket chain to
the distribution network, which enlarges significantly the
market presence of the brand. In addition, the company
set up Origins Hampers & Florists to provide hampers and
floral arrangements for all occasions. Origins products can be
purchased online via its website.
11
NTUC UNITY DENTICARE
YOUR PARTNER IN DENTAL CARE
Established in 1971, Unity Denticare has the mission to be
the dental care partner of choice in the community for every
individual and family.
Unity Denticare offers the public a comprehensive network
of 15 dental clinics located across Singapore that are staffed
by over 100 highly trained and committed dentists and
specialists. By 2015, Unity Denticare is primed to expand its
network to 20 clinics.
Every clinic provides a comprehensive range of general and
preventive, restorative and aesthetic dental services.
As part of its commitment to excellence, Unity Denticare
appointed an advisory board in 2013 to provide advice and
support to its dentists and staffs. The advisory board is made
up of five highly respected and experienced dentists who
have been with Unity Denticare for more than 10 years: Dr
Ashley Lim, Dr Colin Ong, Dr Pong Mei Yee, Dr Tiju Krishnan
and Dr Toh Kwai Mui.
12
We have also worked to improve our service to our
customers by replacing our existing circuit-switched
telephone system to IP system. The new system allows calls
to be transferred from the clinics to our call centre when
the clinics are engaged. This ensures all calls are attended
to. The system also reduces operational cost as Internet
calls are cheaper. In addition, we now allow our patients
to book their appointments online via our website at their
own convenience.
At Unity Denticare, our experience and specialisations,
combined with advanced technology, make for the
highest standards in dental care. Our focus is on helping
our patients improve their quality of life through better
dental health.
13
All the staff at Unity
Hougang One have great
hospitality, are customer
oriented and friendly. They
make my shopping at Unity a
wonderful experience.
Ms Geraldine Goh
NTUC UNITY HEALTHCARE
ENRICHING OUR PEOPLE
My mum and I visited Unity
Denticare at Golden Shoe.
I am very impressed with
Dr Chan Shook Keng’s
professionalism and patience.
She is detailed and does no shoddy
job like other doctors.
Mdm Chan Poh Kheng
At NTUC Unity Healthcare, we embrace fully the core
value of caring for our people and our customers.
We congratulate Senior Retail Supervisor Judy Tan
and Pharmacy Assistant Rena Ong on winning
the Excellent Service Award (Silver Award).
Organised by the Singapore Retailers Association,
this prestigious award recognises individuals who
deliver quality service in the course of their work.
We are also very proud of the exemplary leadership
skills and dedication of Sean Ang, who was
awarded the Young Executive of the Year Award
by the Singapore Retailers Association.
We encourage our staff to scale new heights in
service quality and to carry out their duties with
passion. As our store number grows, we are
pleased that our staff have grown with us and
we are proud of them for achieving national
recognition as service role models.
14
Important as our goal of being a healthcare partner of the
community is, we place as much importance on being a
partner for our staff in their pursuit of a healthier lifestyle.
One of the ways we do this is to deliver a pack of mixed
fruits to every one of our staff bi-monthly in a programme
we call Fruits Week. With this, we hope to encourage our staff
to harness the goodness of fruits and vegetables for a healthier
mind and body, and steer them towards adopting the 2+2 (2
servings of fruits and vegetables daily) recommendation laid
down by the Health Promotion Board.
In line with our belief in the revitalising benefits of short
breaks, we frequently organise short getaways for our staff.
Some of our past getaways include 3-day-2-night cruises and
a day trip to Desaru.
To support our people in their effort to keep fit, we launched
Keep Fit Day which is held one Friday evening every month.
This event sees our staff and management bond over activities
ranging from badminton and brisk walking to paintball games.
In addition, we hold lunchtime talks once every two months
on physical wellbeing and work-life balance to empower them
to realise a better lifestyle. These talks cover topics ranging
from stress management and food therapy to balancing work
and life, with lunch catered for the participants.
15
OUR COMMUNITY
GIVING BACK TO THE COMMUNITY
We also sponsored 69 seniors from five NTUC Eldercare Silver
ACE Senior Activity Centres (at Henderson, Lengkok Bahru,
Redhill, Taman Jurong and Telok Blangah), providing them
with a one-year supply of Unity House brand supplements.
Their supplement needs were assessed after health screening
conducted by NTUC Unity pharmacists.
Our collaboration with NTUC Eldercare also saw us embark
on a scheme where volunteers accompany the less privileged
seniors for dental treatment at Unity Denticare clinics at
highly preferential rates. Instead of paying the usual fee of
$63.50 for basic scaling and polishing, for example, these
seniors pay not more than $2 each at Unity Denticare. This
initiative allows this group of elderly to take better care of
their dental health.
This year, we continue to live our mission to care for the
community with a passion.
Every quarter, NTUC Unity pharmacists visit five NTUC
Eldercare Silver ACE Senior Activity Centres to conduct free
health checks for the elderly. The health check includes
monitoring of basic health indicators such as blood pressure,
body weight and glucose level to detect early signs of illness
and identify conditions that need to be attended to in a timely
manner. Since we began the programme in 2013, more than
300 elderly have benefitted from the health checks.
In addition, we have set up self-help health check stations
in these centres so that elderly in and around the vicinity of
these centres can have access to regular health monitoring.
More than 1,200 elderly are expected to benefit from this.
16
Further, to help seniors in the wider community cope with
healthcare costs, we offer seniors a 5% discount on regular
priced items in all our outlets islandwide every Tuesday.
Seniors also enjoy a 10% discount on basic dental services
at all Unity Denticare clinics. This helps make dental services
more affordable to seniors, especially for those who require
costly dental treatments such as getting a new set of dentures.
Since October 2012, NTUC Unity has joined hands with the
Agency for Integrated Care on their Community Health Assist
Scheme (CHAS) to allow CHAS members to enjoy a 5%
discount on all regular priced items at NTUC Unity pharmacies.
This initiative aims to make healthcare more affordable for
Singaporeans from lower income families. CHAS members
also will enjoy discounted specialised oral care at all Unity
Denticare clinics. On average, patients will pay less than $10
at Unity Denticare with the CHAS subsidy. This helps greatly
to defray their dental costs. Over 540,000 CHAS members are
expected to benefit from this partnership.
Another new initiative, the Sweet Spot Programme, was
launched in 2012 to reach out to diabetic patients to help
them better manage their conditions. A collaboration
between NTUC Unity and the National University of
Singapore’s Department of Pharmacy, this community
pharmacist-led clinical service allows our pharmacists to see
to the needs of older diabetic adults, who are unable to see
their doctors regularly due to mobility issues or who have
difficulty accessing the healthcare system, and so are unable
to effectively manage their conditions.
In a typical session, NTUC Unity pharmacists check for
medication adherence, effectiveness of the drug therapy and
identification of medication related problems. The pharmacists
also go through blood sugar readings with patients, and help
them identify the factors that cause the blood sugar level to
spike too high or dive too low. The pharmacists then provide
advice related to diet and exercise to help patients manage
their conditions better. The focus is on patient empowerment
and medication adherence. To date, about 100 diabetic
patients have gone through the programme and have seen
significant improvement in their conditions.
What better way to be a
family pharmacy by having our
professionals aid in managing and
providing lifestyle advice, especially on
the 3 major chronic illnesses!
Sweet Spot will be a game changer in the
pharmacy profession and I was given the
honour of helping to plan and work on
it since 2010. I would like to thank the
management for giving my team and
I the chance to be part of the
Sweet Spot team that will change the
face of pharmacy in time to come!
Senior Pharmacist
Mr Parry Zhang
17
Report of the Directors
& Financial Statements
As At 31 December 2013
18
19
REPORT OF THE DIRECTORS
21
STATEMENT BY DIRECTORS
22
INDEPENDENT AUDITORS’ REPORT
24
STATEMENTS OF FINANCIAL POSITION
25
STATEMENTS OF COMPREHENSIVE INCOME
27
STATEMENTS OF CHANGES IN EQUITY
30
CONSOLIDATED STATEMENT OF CASH FLOWS
32
NOTES TO THE FINANCIAL STATEMENTS
NTUC UNITY HEALTHCARE CO-OPERATIVE LIMITED
AND ITS SUBSIDIARIES
The Directors of the Co-operative present their report to the members together with the audited financial statements of the
Group for the financial period from 1 April 2013 to 31 December 2013 and the statement of financial position of the Cooperative as at 31 December 2013 and the statement of comprehensive income and statement of changes in equity of the
Co-operative for the financial period from 1 April 2013 to 31 December 2013.
1.Directors
The Directors of the Co-operative in office at the date of this report are:
Tan Hwee Bin
Pauline Goh
Lee Kian Hup Gerry
Liak Teng Lit
Wade Cruse
Philip Vincent Wee
Tan Hock Soon
Tan Suee Chieh
2.
Arrangements to enable Directors to acquire shares or debentures
Neither at the end of nor at any time during the financial period 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 period had any interest in shares or debentures of the Co-operative or its
related corporations.
4.
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.
(Chairman)
(Appointed on 3 September 2013)
19
5.Share options
There were no share options granted by the Co-operative or its subsidiaries during the financial period.
There were no shares issued during the financial period 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 period.
6.Auditors
The auditors, BDO LLP, have expressed their willingness to accept re-appointment.
On behalf of the Board of Directors
Tan Hwee Bin
Pauline Goh
ChairmanDirector
Singapore
28 April 2014
20
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 December 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 period from 1 April 2013 to 31 December 2013;
(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 financial period from 1 April 2013 to 31 December 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
Pauline Goh
ChairmanDirector
Singapore
28 April 2014
21
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 December 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 period from 1 April 2013 to 31 December 2013,
and a summary of significant accounting policies and other explanatory information.
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.
22
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF
NTUC UNITY HEALTHCARE CO-OPERATIVE LIMITED (Continued)
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 Co-operative 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 December 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 period from 1 April 2013 to 31 December 2013.
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 period from 1 April 2013 to 31 December 2013 are, in all material respects 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
28 April 2014
23
STATEMENTS OF FINANCIAL POSITION
Group
31.12.2013
31.3.2013
$
$
Co-operative
31.12.2013
31.3.2013
$
$
29,141,324
10,968,246
693,515
16,668,468
57,471,553
17,789,308
5,514,862
338,959
13,895,669
37,538,798
25,140,272
8,171,454
615,254
15,266,023
49,193,003
15,021,763
6,387,846
323,795
12,815,145
34,548,549
7
8
9
10
5,498,493
16,062,562
7,902,903
29,463,958
86,935,511
1,047,005
12,338,272
8,079,281
21,464,558
59,003,356
1,695,506
1,261,495
13,022,715
7,902,903
23,882,619
73,075,622
1,270,506
1,047,005
12,289,144
8,079,281
22,685,936
57,234,485
12
13
14
28,612,398
893,030
1,020,000
251,831
27,234,674
58,011,933
19,869,560
900,000
200,306
17,367,824
38,337,690
25,384,775
1,020,000
27,234,674
53,639,449
19,864,136
900,000
17,367,824
38,131,960
11
16
13
17
1,988
1,298,569
1,921,933
700,000
3,922,490
61,934,423
1,988
1,988
38,339,678
53,639,449
38,131,960
15
18
19
100,000
319,541
3,705,590
20,451,036
100,000
443,145
19,539,044
100,000
672,644
18,663,529
100,000
443,145
18,559,380
24,576,167
424,921
25,001,088
86,935,511
20,082,189
581,489
20,663,678
59,003,356
19,436,173
19,436,173
73,075,622
19,102,525
19,102,525
57,234,485
Note
ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Prepayments
Inventories
Non-current assets
Investments in subsidiaries
Available-for-sale financial assets
Property, plant and equipment
Investment properties
4
5
6
Total assets
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables
Deferred income
Provision
Current income tax payable
Share capital repayable on demand
Non-current liabilities
Deferred tax liabilities
Community Silver Trust
Deferred income
Building Fund
15
Total liabilities
Equity
Share capital
Fair value reserve
Merger reserves
Retained earnings
Equity attributable to owners
of the parent
Non-controlling interest
Total equity
Total liabilities and equity
The accompanying notes form an integral part of these financial statements.
24
FOR THE FINANCIAL PERIOD FROM 1 APRIL 2013 TO 31 DECEMBER 2013
Note
Revenue
Other operating income
Consumables used
Staff costs
Depreciation expense
Rental expense
Other operating expenses
Finance costs
Profit before income tax
and contributions
Income tax expense
Profit before contributions
Contributions
Central Co-operative Fund
Singapore Labour Foundation
Profit after contributions
Honorarium to directors
Profit for the financial period/year
Other comprehensive income:
Items that may be reclassified
subsequently to profit or loss:
- fair value gains
- reclassifications to profit or loss
- Income tax relating to components
of other comprehensive income
Other comprehensive income for the
financial period/year, net of tax
Total comprehensive income
for the financial period/year
20
21
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Co-operative
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
84,789,791
12,254,417
(57,328,525)
(19,534,475)
(2,940,664)
(8,688,297)
(6,495,830)
(456,018)
102,510,277
6,183,092
(69,610,679)
(17,441,967)
(2,900,446)
(10,649,507)
(6,733,413)
(516,652)
76,741,358
8,303,168
(53,248,294)
(13,707,645)
(2,328,773)
(8,526,702)
(6,527,538)
(456,018)
94,792,976
7,323,757
(65,766,737)
(15,581,941)
(2,873,356)
(10,596,540)
(6,417,844)
(516,652)
24
25
1,600,399
(170,000)
1,430,399
840,705
(133,745)
706,960
249,556
249,556
363,663
363,663
26
27
(50,000)
(156,711)
1,223,688
(77,442)
1,146,246
(25,000)
(76,341)
605,619
(122,150)
483,469
(25,000)
(41,115)
183,441
(76,292)
107,149
(25,000)
(76,341)
262,322
(122,150)
140,172
18
18
116,402
(248,314)
163,395
-
229,499
-
163,395
-
-
-
-
-
(131,912)
163,395
229,499
163,395
1,014,334
646,864
336,648
303,567
22
23
25
FOR THE FINANCIAL PERIOD FROM 1 APRIL 2013 TO 31 DECEMBER 2013 (Continued)
Note
Profit for the financial
period/year attributable to:
Owners of the parent
attributable to:
Owners of the parent
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
914,992
231,254
1,146,246
210,224
273,245
483,469
107,149
107,149
140,172
140,172
791,388
222,946
1,014,334
373,619
273,245
646,864
336,648
336,648
303,567
303,567
26
Co-operative
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
27
-
28
28
Distribution to owners
of the parent
Dividends
Transaction with
non-controlling interest
Dividends
100,000
Balance at 31 December 2013
-
Changes in ownership interest
in subsidiaries
Acquisition of a subsidiary
-
(123,604)
-
319,541
-
-
-
119,002
(242,606)
-
443,145
-
8
8
-
100,000
Fair value
reserve
$
Profit for the financial period
Other comprehensive income
for the financial period:
Available-for-sale financial assets:
- fair value gain
- reclassification to profit or loss
Total comprehensive income for
the financial period
Group
Balance at 1 April 2013
Note
Share
capital
$
3,705,590
-
-
3,705,590
-
-
-
-
Merger
reserve
20,451,036
-
(3,000)
-
914,992
-
914,992
19,539,044
Retained
earnings
$
24,576,167
-
(3,000)
3,705,590
791,388
119,002
(242,606)
914,992
20,082,189
Equity
attributable
to owners of
the parent
$
424,921
(476,704)
-
97,190
222,946
(2,600)
(5,708)
231,254
581,489
Noncontrolling
interest
$
25,001,088
(479,704)
(3,000)
3,802,780
1,014,334
116,402
(248,314)
1,146,246
20,663,678
Total
equity
$
28
28
Transaction with
non-controlling interest
Dividends
100,000
Balance at 31 March 2013
-
28
of the parent
Dividends
-
163,395
-
443,145
-
-
163,395
-
279,750
-
8
-
100,000
Fair value
reserve
$
Profit for the financial year
for the financial year:
- fair value gain
for the financial year
Group
Note
Share
capital
$
19,539,044
-
(3,000)
210,224
-
210,224
19,331,820
Retained
earnings
$
20,082,189
-
(3,000)
373,619
163,395
210,224
19,711,570
Equity
attributable
to owners of
the parent
$
581,489
(250,000)
-
273,245
-
273,245
558,244
Noncontrolling
interest
$
20,663,678
(250,000)
(3,000)
646,864
163,395
483,469
20,269,814
Total
equity
$
Share
capital
$
Fair value
reserve
$
Retained
earnings
$
Total
equity
$
100,000
443,145
18,559,380
19,102,525
-
-
107,149
107,149
-
229,499
-
299,499
-
229,499
107,149
336,648
-
-
(3,000)
(3,000)
Balance at 31 December 2013
100,000
672,644
18,663,529
19,436,173
100,000
279,750
18,422,208
18,801,958
-
-
140,172
140,172
-
163,395
-
163,395
-
163,395
140,172
303,567
-
-
(3,000)
(3,000)
100,000
443,145
18,559,380
19,102,525
Note
Co-operative
Profit for the financial period
for the financial period:
- fair value gain
for the financial period
of the parent
Dividends
Profit for the financial year
for the financial year:
- fair value gain
Total comprehensive income for
the financial year
of the parent
Dividends
Balance at 31 March 2013
8
28
8
28
29
Note
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Operating activities
Profit before income tax and contributions
1,600,399
840,705
Adjustments for:
Amortisation of deferred income
Amortisation of building fund
Allowance for doubtful third parties trade receivables
Available-for-sale financial assets written off
Depreciation of property, plant and equipment
Depreciation of investment properties
Dividend income
Dividends paid to members in respect of share capital repayable on demand
Interest income
Inventories written off
Gain on disposal of available-for-sale financial assets
(Loss)/Gain on disposal of property, plant and equipment
Property, plant and equipment written off
Operating cash flows before working capital changes
(533,941)
(18,635)
15,073
10,009
2,764,286
176,378
(50,794)
456,018
(35,939)
163,798
(247,094)
3,000
169,902
4,472,460
42,106
2,665,273
235,173
(49,582)
516,652
(29,136)
111,295
(9,300)
24,977
4,348,163
Working capital changes:
Inventories
Prepayments
Deferred income
Cash generated from operations
(2,936,597)
(1,333,501)
(354,556)
4,503,558
(106,459)
360,370
4,605,275
(688,108)
885,481
(40,972)
(121,898)
4,382,666
Contributions paid to:
- Central Co-operative Fund
- Singapore Labour Foundation
Income tax paid
Interest received
Directors’ honorarium paid
Net cash from operating activities
(25,000)
(75,993)
(118,475)
35,939
(122,250)
4,299,496
(25,000)
(47,018)
(172,173)
29,136
(51,150)
4,116,461
30
Note
Investing activities
Dividend received from available-for-sale financial assets
Purchase of property, plant and equipment
Proceeds from acquisition of a subsidiary
Proceeds from acquisition of property, plant and equipment
Proceeds from disposal of available-for-sale financial assets
Net cash used in investing activities
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
50,794
(3,572,046)
1,880,340
631,009
(1,009,903)
49,582
(1,851,423)
80,688
(1,721,153)
Financing activities
Dividends paid
Issuance of shares
Transfer to Eldercare Trust
Withdrawal of shares
Net cash from/(used in) financing activities
(207,160)
10,000,000
(1,597,267)
(133,150)
8,062,423
(838,595)
(101,000)
(939,595)
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of financial period/year
Cash and cash equivalents at end of financial period/year
11,352,016
17,789,308
29,141,324
1,455,713
16,333,595
17,789,308
9
7
4
31
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 a co-operative registered 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 Co-operative is a subsidiary of NTUC Enterprise Co-operative Limited (“NTUC Enterprise”). NTUC Enterprise is a
co-operative registered in Singapore, which is the Co-operative’s immediate and ultimate holding entity.
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 7 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 period from 1 April 2013 to 31 December 2013 were authorised for issue in accordance with a Directors’
resolution dated 28 April 2014.
2.Summary of significant accounting policies
2.1Basis 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 $540,380 and
$4,446,446 respectively as at 31 December 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,
although repayable on demand 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 Co-operative 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.
32
2.Summary of significant accounting policies (Continued)
2.1Basis of preparation of financial statements (Continued)
During the current financial period, 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 period. 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 financial period and prior
financial years.
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 issued but not
effective:
Effective date
(Annual periods
beginning on
or after)
FRS 19 (Amendments)
FRS 27 (Revised)
FRS 28 (Revised)
FRS 32 (Amendments)
FRS 36 (Amendments)
FRS 39 (Amendments)
FRS 110
FRS 111
FRS 112
FRS 110, 112 and 27
(Amendments)
INT FRS 121
Improvements to FRSs 2014
- FRS 16 (Amendments)
: Defined Benefit Plans: Employee Contributions
: Separate Financial Statements
: Investments in Associates and Joint Ventures
: Offsetting Financial Assets and Financial
Liabilities
: Recoverable Amount Disclosures for
Non-Financial Assets
: Novation of Derivatives and Continuation
: Consolidated Financial Statements
: Joint Arrangements
: Disclosure of Interests in Other Entities
: Investment Entities
1 July 2014
1 January 2014
1 January 2014
1 January 2014
: Levies
1 January 2014
1 July 2014
1 January 2014
1 January 2014
1 January 2014
1 January 2014
1 January 2014
1 January 2014
: Property, Plant and Equipment
: Related Party Disclosures
: Intangible Assets
: Investment Property
: Share-based Payments
: Business Combinations
: Operating Segments
: Fair Value Measurements
Consequential amendments were also made to various standards as a result of these new or revised standards.
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 Co-operative in the period of initial adoption,
except as disclosed below.
33
2.1Basis of preparation of financial statements (Continued)
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 January 2014 with full retrospective application.
Management is currently in the process of determining the impact on the Group, but does not expect that there
will be any changes to the entities being consolidated by the Group.
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 January 2014.
2.2Basis 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.
Accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted
by the Group to ensure consistency.
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 non-controlling
interests is the amount of those interests at initial recognition plus the non-controlling 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.
34
2.2Basis of consolidation (Continued)
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.
Business combinations from 1 April 2010
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. Acquisitionrelated 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.
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
35
2.3Business combinations
Business combinations from 1 April 2010 (Continued)
under FRS 103 are recognised at their fair value at the acquisition date, except that: (Continued)
·
•
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.
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 acquisitiondate 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 April 2010
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 non-controlling 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.
36
2.3Business combinations (Continued)
Business combinations before 1 April 2010 (Continued)
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.
Business combinations involving entities under common control
Business combinations involving entities under common control are accounted for by applying the pooling of
interest method which involves the following:
•
•
•
•
•
2.4Cash and cash equivalents
the assets and liabilities of the combining entities are reflected at their carrying amounts;
no adjustments are made to reflect the fair values, or recognise any new assets or liabilities;
no goodwill is recognised as a result of the combination;
any difference between the consideration paid/transferred and the equity ‘acquired’ is reflected within
the equity as merger reserve; and
comparatives are presented as if the entities had always been combined since the date the entities had
come under common control
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.
Financial instruments
2.5
Financial assets and financial liabilities are recognised on the statements of financial position when the Group
becomes a party to the contractual provisions of the instrument.
Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial instrument and
allocating the interest income or expense over the relevant period. The effective interest rate is the rate that
exactly discounts estimated future cash receipts or payments (including all fees on points paid or received that
form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through
the expected life of the financial instrument, or where appropriate, a shorter period, to the net carrying amount
of the financial instrument. Income and expense are recognised on an effective interest basis for debt instruments
other than those financial instruments at fair value through profit or loss.
Financial assets
Financial assets are classified into the following specified categories: financial assets at fair value through profit
or loss (“FVTPL”), held for maturity investments, loans and receivables and available-for-sale financial assets.
The classification depends on the nature and purpose for which these financial assets were acquired and is
determined at the time of initial recognition. As at the financial year end, there are only financial assets classified
as loan and receivables and available-for-sale financial assets.
37
2.5
Financial instruments (Continued)
Financial assets (Continued)
Loans and receivables
Non-derivative financial assets which have fixed or determinable payments that are not quoted in an active
market are classified as loans and receivables. Loans and receivables are measured at amortised cost, using the
effective interest method, less impairment. Interest is recognised by applying the effective interest rate, except
for short-term receivables when the recognition of interest would be immaterial.
The Group’s loans and receivables in the statements of financial position comprise trade and other receivables
and cash and cash equivalents.
Available-for-sale financial assets (AFS)
Certain investment held by the Group are classified as AFS if they are not classified in any of the other categories.
Subsequent to initial recognition, they are measured at fair value and changes therein are recognised in other
comprehensive income and accumulated in the available-for-sale reserve, with the exception of impairment
losses, interest calculated using the effective interest method and foreign exchange gains and losses which are
recognised in profit or loss. Where the investment is disposed of or is determined to be impaired, the cumulative
gain or loss previously recognised in the available-for-sale reserve is included in profit or loss for the period.
Investments in equity instruments whose fair value cannot be reliably measured are measured at cost less any
impairment loss.
Impairment of financial assets
Financial assets, other than FVTPL, are assessed for indicators of impairment at the end of each financial year.
Financial assets are impaired where there is objective evidence that the estimated future cash flows of the
investment have been impacted.
For financial assets carried at amortised cost, the amount of the impairment 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 amounts of all financial assets are reduced by the impairment loss directly with the exception of
trade receivables where the carrying amount is reduced through the use of an allowance account. Changes in
the carrying amount of the allowance account are recognised in profit or loss.
With the exception of available-for-sale equity instruments, if, in a subsequent period, 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 through profit or loss to the extent the
carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised
cost would have been had the impairment not been recognised.
In respect of available-for-sale equity instruments, any subsequent increase in fair value after an impairment
loss is recognised directly in equity, except for impairment losses on equity instruments at cost which are not
reversed.
38
2.5
Financial assets (Continued)
Derecognition of financial assets
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset
expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to
another entity.
On derecognition, any difference between the carrying amount and the sum of proceeds received and amounts
previously recognised in other comprehensive income is recognised in profit or loss.
Financial liabilities and equity instruments
Classification as debt or equity
Financial liabilities and equity instruments issued by Group are classified according to the substance of the
contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting
all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. The Group
classifies ordinary shares as equity instruments.
Financial liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial
liabilities. As at the financial year end, there are only financial liabilities classified as other financial liabilities.
Other financial liabilities
Trade and other payables, excluding deferred revenue and advance billings, are initially measured at fair value,
net of transaction costs, and are subsequently measured at amortised cost, where applicable, using the effective
interest method.
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.
39
2.5
Financial liabilities and equity instruments (Continued)
Derecognition of financial liabilities
The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged,
cancelled or they expire. 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.
2.6Inventories
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.
2.7Subsidiary
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.
2.8
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.
40
2.8
Property, plant and equipment (Continued)
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.
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:
Freehold property
Leasehold building
Leasehold properties
Dental equipment
Medical equipment
Furniture and fittings
Computer and office equipment
Computer software
Motor vehicles
Years
50
50
50
5
5
3 to 5
3 to 5
2 to 5
3 to 10
The estimated useful lives, residual values and depreciation methods are reviewed, and adjusted as appropriate,
at the end of each financial year.
Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use.
The gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as
the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or
loss. Any amount in the revaluation reserve relating to that asset is transferred to retained earnings directly.
2.9
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 straight-line 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.
41
2.9
Investment properties (Continued)
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.
2.10 Impairment of non-financial assets
At the end of each financial year, the Group and the Co-operative review the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment
loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual
asset, the Group and the Co-operative estimate the recoverable amount of the cash-generating unit to which
the asset belongs.
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. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount,
the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment
loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which
case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment loss been recognised for the
asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or
loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss
is treated as a revaluation increase.
2.11Provision
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.
42
2.11Provision (Continued)
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.
2.12 Deferred income
2.13Dividends
Grants which relate to the purchase or the subsidy for the purchase of specific assets and/or capital expenditures
are recognised initially at fair value as deferred income when there is reasonable assurance that they will be
received and the Group will comply with the conditions associated with the grant. These grants are then
recognised in profit or loss as other income on a systematic basis over the useful life of the asset.
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.
2.14Revenue 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.
43
2.15Employee 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.
2.16Leases
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.
2.17 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.
Operating and outright grant
44
Operating and outright grant is recognised upon approval of grant amount by Eldercare Trust. It is recognised as
income to defray the costs incurred in operating the day care programmes.
2.18Taxes
Income tax expense represents the sum of the tax currently payable and deferred tax.
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:
•
when the sales tax that is incurred on purchase of assets or services is 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.
45
2.19 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 nonmonetary 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.
3.1Critical 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 Co-operative’s accounting policies and that have the
significant effect on the amounts recognised in the financial statements.
(i)
46
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.
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 December 2013 were $10,986,246 (31 March 2013:
$5,514,862) and $8,171,454 (31 March 2013: $6,387,846) respectively.
Allowance for inventory obsolescence
(ii)
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 December 2013 were $16,668,468 (31 March 2013: $13,895,669) and $15,266,023 (31 March
2013: $12,815,145) respectively.
Depreciation of property, plant and equipment and investment properties
(iii)
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 December 2013 were $16,062,562 (31 March 2013: $12,338,272) and $13,022,715 (31
March 2013: $12,289,144) respectively. The carrying amounts of the Group’s and the Co-operative’s
investment properties were $7,902,903 (31 March 2013: $8,079,281) and $7,902,903 (31 March 2013:
$8,079,281) 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.
47
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
December 2013 were $251,831 (31 March 2013: $200,306) and $1,988 (31 March 2013: $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 December 2013 were $1,020,000 (31 March 2013: $900,000) and $1,020,000 (31 March 2013:
$900,000) respectively.
4.Cash and cash equivalents
Group
31.12.2013
$
Cash at bank
Fixed deposits
Cash on hand
6,971,256
21,968,801
201,267
29,141,324
31.3.2013
$
11,030,920
6,578,394
179,994
17,789,308
Co-operative
31.12.2013
31.3.2013
$
$
4,941,946
20,000,726
197,600
25,140,272
9,815,395
5,028,768
177,600
15,021,763
The Group’s and the Co-operative’s fixed deposits mature on varying dates between 1 month to 1 year (31 March 2013:
1 month to 1 year) and 1 to 6 months (31 March 2013: 1 to 9 months) respectively for the financial period from 1 April
2013 to 31 December 2013. The weighted average effective interest rates on the fixed deposits range from 0.12% to
0.70% (31 March 2013: 0.15% to 0.62%) per annum.
Cash and cash equivalents are denominated in Singapore dollar.
48
5.Trade and other receivables
Group
31.12.2013
31.3.2013
$
$
Trade receivables
- third parties
-subsidiaries
Allowance for doubtful trade receivables
- third parties
Non-trade receivables
- third parties
-subsidiaries
- related parties
Allowance for doubtful non-trade
receivables
- third parties
- a subsidiary
Deposits
3,668,140
3,668,140
(33,230)
3,634,910
4,544,336
329,727
4,874,063
2,536,331
2,536,331
Co-operative
31.12.2013
31.3.2013
$
$
2,236,943
1,900
2,238,843
(42,106)
2,494,225
407,830
227,329
635,159
(33,230)
2,205,613
293,662
4,158,964
329,727
4,782,353
1,176,888
1,176,888
(42,106)
1,134,782
160,866
2,497,558
227,329
2,885,753
(74,982)
(74,982)
4,799,081
(74,982)
(74,982)
560,177
(74,982)
(1,209,239)
(1,284,221)
3,498,132
(74,982)
(74,982)
2,810,771
2,534,255
10,968,246
2,460,460
5,514,862
2,467,709
8,171,454
2,442,293
6,387,846
Trade amounts due from third parties and subsidiaries are unsecured, non-interest bearing and generally on 30 to 60
(31 March 2013: 30 to 60) 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 $2,287,883 (31 March 2013: $2,292,108) of security deposits
from operating lease.
The Group’s non-trade receivables includes grant and subsidy receivable of $156,070 (31 March 2013: $Nil) and
$3,391,508 (31 March 2013: $Nil) respectively.
Movement in the allowance for doubtful third parties trade receivables are as follows:
Group and Co-operative
31.12.2013
31.3.2013
$
$
Balance at beginning of financial period/year
Allowance made during the financial period/year
Amounts written off
Balance at end of financial period/year
42,106
15,073
(23,949)
33,230
36,850
42,106
(36,850)
42,106
49
5.Trade and other receivables (Continued)
Movement in the allowance for doubtful non-trade receivables are as follows:
Group
31.12.2013
31.3.2013
$
$
Balance at beginning of financial
period/year
Allowance made during the financial
period/year
Co-operative
31.12.2013
31.3.2013
$
$
74,982
74,982
74,982
74,982
74,982
74,982
1,209,239
1,284,221
74,982
As at 31 December 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 and non-trade receivables
of $15,073 (31 March 2013: $42,106) and $1,209,239 (31 March 2013: $Nil) respectively 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
31.12.2013
31.3.2013
$
$
Singapore dollar
Australian dollar
New Zealand dollar
United States dollar
Other
10,589,041
200,205
37,673
137,935
3,392
10,968,246
5,275,439
105,793
46,245
87,362
23
5,514,862
Co-operative
31.12.2013
31.3.2013
$
$
8,171,454
8,171,454
6,387,846
6,387,846
6.Inventories
Finished goods
Group
31.12.2013
31.3.2013
$
$
Co-operative
31.12.2013
31.3.2013
$
$
16,668,468
15,266,023
13,895,669
12,815,145
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 $57,328,525 (31 March 2013: $69,610,679) and $ 53,248,294 (31 March
2013: $65,766,737) respectively.
During the financial period/year, the Group and the Co-operative recognised an inventories written off of $163,798 (31
March 2013: $111,295) and $104,494 (31 March 2013: $16,535) 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.
50
7.
Investments in subsidiaries
Co-operative
31.12.2013
31.3.2013
$
$
Unquoted equity shares, at cost
Allowance for impairment loss
1,926,764
(231,258)
1,695,506
1,501,764
(231,258)
1,270,506
Movement in allowance for impairment loss is as follows:
Co-operative
31.12.2013
31.3.2013
$
$
Balance at beginning and end of financial period/year
231,258
231,258
Details of the subsidiaries are as follows:
Name of company/entity
Principal activities
NHC Health Resources Pte Ltd
(Singapore)(1)
Dormant
Unicare Health Pte Ltd (Singapore)(1)
Dormant
NTUC Unity TCM Wellness Pte Ltd
(Singapore)(1)
Dormant
Origins Healthcare Pte Ltd (Singapore)(1) Trading of health products
NTUC Eldercare Co-operative Limited
(Singapore)(2)
Provide eldercare services
and the promotion of
eldercare-related activities
Effective equity interest
31.12.2013
31.3.2013
%
%
100
100
100
100
100
100
80
80
98
-
Notes:
(1)
Audited by BDO LLP, Singapore
(2)
Audited by KPMG LLP, Singapore
On 1 June 2013, the Co-operative acquired 420,000 ordinary share in the issued and paid-up share capital 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, the Co-operative is holding 425,000 ordinary share (including 5,000 ordinary
shares reclassified from available-for-sale financial assets) and NTUC Eldercare Co-operative Limited became a subsidiary
of the Co-operative.
The group restructuring was undertaken in order to consolidate all health and community care services in NTUC
Enterprise Co-operative Limited, the ultimate entity of the group under a common control single entity.
51
7.
Investments in subsidiaries (Continued)
Identifiable assets acquired and liabilities assumed in the business combination were measured at their fair values at
date of acquisition. There were no contingent liabilities and intangible assets identified.
Management has determined the fair values of the identifiable assets and liabilities of NTUC Eldercare Co-operative
Limited as at the date of acquisition were:
1.6.2013
$
Plant and equipment
2,969,432
4,982,324
2,300,340
4,134,956
14,387,052
Deferred income
Building Fund
(3,449,808)
(1,405,028)
(2,961,941)
(2,342,495)
(10,159,272)
4,227,780
Net identifiable assets at fair value (Note 19)
Non-controlling interests measured at the non-controlling interests’ proportionate share of NTUC
Eldercare Co-operative Limited’s net identifiable assets
97,190
The acquisition did not give rise to any goodwill.
The effect on the consolidated statement of cash flows is as follows:
- cash paid
- cash and cash equivalents of subsidiaries acquired
Net cash inflow on the acquisition of business
52
(420,000)
2,300,340
1,880,340
8.
Group
31.12.2013
31.3.2013
$
$
Balance at beginning of financial
period/year
Written off
Disposals
Reclassification to a subsidiary
Fair values changes recognised in other
comprehensive income
1,047,005
4,982,324
(10,009) (632,229)
(5,000)
116,402
5,498,493
883,610
- 163,395
1,047,005
Co-operative
31.12.2013
31.3.2013
$
$
1,047,005
(10,009) (5,000)
229,499
1,261,495
883,610
163,395
1,047,005
Details of the available-for-sale financial assets are as follows:
Group
31.12.2013
31.3.2013
$
$
Unquoted equity investments, at cost
Allowance for impairment loss
Quoted equity investment, at fair value
Other unquoted equity investments,
at fair value
Total
Co-operative
31.12.2013
31.3.2013
$
$
679,995
(200,000)
479,995
3,178,498
694,742
(201,237)
493,505
553,500
678,495
(200,000)
478,495
783,000
694,742
(201,237)
493,505
553,500
1,840,000
5,498,493
1,047,005
1,261,495
1,047,005
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 period/year.
Quoted equity and other unquoted equity investments carried at fair values, offer the Group the opportunity for return
through dividend income and fair value gains. The fair values of these securities are either based on closing quoted
market prices on the last market day of the financial period/year or estimated by reference to the current valuation
provided by the custodian banks as at 31 December 2013. There have no fixed maturity date nor coupon rate.
Available-for-sale financial assets are denominated in Singapore dollar.
53
54
9.
Carrying amount
At 31 December 2013
Accumulated depreciation
At 1 April 2013
Depreciation
Disposals
Written off
At 31 December 2013
Group
Cost
At 1 April 2013
Additions
Disposals
Written off
At 31 December 2013
Freehold
property
$
1,276,988
406,172
29,621
435,793
1,712,781
1,712,781
5,600,534
2,061,309
116,678
2,177,987
7,778,521
7,778,521
Leasehold
building
$
907,648
246,150
20,250
266,400
1,174,048
1,174,048
Leasehold
properties
$
475,349
911,378
95,000
(126,988)
879,390
1,195,421
286,306
(126,988)
1,354,739
Dental
equipment
$
5,841,462
4,486,254
2,757,734
1,988,874
(1,016,637)
8,216,225
7,327,203
5,172,322
2,666,777
(1,108,615)
14,057,687
Furniture
and
fittings
$
897,835
793,728
237,834
207,065
(3,460)
(95,337)
1,139,830
1,179,394
468,968
494,543
(6,460)
(98,780)
2,037,665
Computer
and office
equipment
$
870,244
818,200
210,405
270,253
(78,239)
1,220,619
1,684,510
378,228
180,845
(152,720)
2,090,863
Computer
software
$
192,502
7,428
244,740
36,545
288,713
17,013
400,627
63,575
481,215
Motor
vehicles
$
16,062,562
9,730,619
3,450,713
2,764,286
(3,460)
(1,317,201)
14,624,957
22,068,891
6,420,145
3,692,046
(6,460)
(1,487,103)
30,687,519
Total
$
55
9.
Carrying amount
At 31 March 2013
At 1 April 2012
Depreciation
Disposals
Written off
At 31 March 2013
Group
Cost
At 1 April 2012
Additions
Disposals
Written off
At 31 March 2013
1,306,609
366,677
39,495
406,172
1,712,781
1,712,781
Freehold
property
$
5,717,212
1,905,739
155,570
2,061,309
7,778,521
7,778,521
Leasehold
building
$
927,898
219,150
27,000
246,150
1,174,048
1,174,048
Leasehold
properties
$
284,043
882,543
72,075
(340)
(42,900)
911,378
977,192
262,150
(1,021)
(42,900)
1,195,421
Dental
equipment
$
2,840,949
4,429,574
1,913,496
(1,856,816)
4,486,254
7,896,196
1,383,507
(70,707)
(1,881,793)
7,327,203
Furniture
and
fittings
$
385,666
585,566
208,162
793,728
999,878
179,516
1,179,394
Computer
and office
equipment
$
866,310
571,601
246,599
818,200
1,553,260
131,250
1,684,510
Computer
software
$
9,585
81,252
2,876
(76,700)
7,428
93,713
(76,700)
17,013
Motor
vehicles
$
12,338,272
9,042,102
2,665,273
(77,040)
(1,899,716)
9,730,619
22,185,589
1,956,423
(148,428)
(1,924,693)
22,068,891
Total
$
56
9.
Carrying amount
At 31 December 2013
At 1 April 2013
Depreciation
Written off
At 31 December 2013
Co-operative
Cost
At 1 April 2013
Additions
Written off
At 31 December 2013
1,276,988
406,172
29,621
435,793
1,712,781
1,712,781
Freehold
property
$
5,600,534
2,061,309
116,678
2,177,987
7,778,521
7,778,521
Leasehold
building
$
907,648
246,150
20,250
266,400
1,174,048
1,174,048
Leasehold
properties
$
475,348
911,379
95,000
(126,988)
879,391
1,195,421
286,306
(126,988)
1,354,739
Dental
equipment
$
3,628,197
4,418,287
1,545,441
(1,016,637)
4,947,091
7,266,485
2,417,418
(1,108,615)
8,575,288
Furniture
and
fittings
$
379,161
694,942
152,917
(78,646)
769,213
1,029,764
199,748
(81,138)
1,148,374
Computer
and office
equipment
$
747,411
796,218
190,331
(78,239)
908,310
1,656,996
151,445
(152,720)
1,655,721
Computer
software
$
7,428
7,428
2,157
9,585
17,013
17,013
Motor
vehicles
$
13,022,715
9,541,885
2,152,395
(1,300,510)
10,393,770
21,831,029
3,054,917
(1,469,461)
23,416,485
Total
$
57
9.
Carrying amount
At 31 March 2013
At 1 April 2012
Depreciation
Disposals
Written off
At 31 March 2013
Co-operative
Cost
At 1 April 2012
Additions
Disposals
Written off
At 31 March 2013
1,306,609
366,677
39,495
406,172
1,712,781
1,712,781
Freehold
property
$
5,717,212
1,905,739
155,570
2,061,309
7,778,521
7,778,521
Leasehold
building
$
927,898
219,150
27,000
246,150
1,174,048
1,174,048
Leasehold
properties
$
284,042
882,544
72,075
(340)
(42,900)
911,379
977,192
262,150
(1,021)
(42,900)
1,195,421
Dental
equipment
$
2,848,198
4,373,423
1,901,680
(1,856,816)
4,418,287
7,835,478
1,383,507
(70,707)
(1,881,793)
7,266,485
Furniture
and
fittings
$
334,822
500,054
194,888
694,942
857,648
172,116
1,029,764
Computer
and office
equipment
$
860,778
551,619
244,599
796,218
1,530,546
126,450
1,656,996
Computer
software
$
9,585
4,552
2,876
7,428
17,013
17,013
Motor
vehicles
$
12,289,144
8,803,758
2,638,183
(340)
(1,899,716)
9,541,885
21,883,227
1,944,223
(71,728)
(1,924,693)
21,831,029
Total
$
9. Property, plant and equipment (Continued)
For the purpose of consolidated statement of cash flows, the Group’s additions to property, plant and equipment were
financed as follows:
Group
31.12.2013
31.3.2013
$
$
Additions during the financial period/year
Less: Provision for reinstatement costs
Cash payment to acquire plant and equipment
10.
3,692,046
(120,000)
3,572,046
1,956,423
(105,000)
1,851,423
Group and
Co-operative
$
Cost
At 1 April 2013 and 31 December 2013
At 1 April 2013
Depreciation for the financial period
At 31 December 2013
3,266,652
176,378
3,443,030
Carrying amount
At 31 December 2013
7,902,903
Cost
At 1 April 2012 and 31 March 2013
58
11,345,933
11,345,933
At 1 April 2012
Depreciation for the financial year
At 31 March 2013
3,031,479
235,173
3,266,652
Carrying amount
At 31 March 2013
8,079,281
10.
Investment properties (Continued)
As at 31 December 2013, the Group and the Co-operative’s investment properties are held under the following tenure:31.12.2013
Carrying
amount
Fair value
$
$
Freehold
Leasehold
1,921,999
5,980,903
7,902,902
3,450,000
10,606,000
14,056,000
31.3.2013
Carrying
amount
Fair value
$
$
1,968,499
6,110,782
8,079,281
3,250,000
9,788,000
13,038,000
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. Details of valuation techniques and inputs
used disclosed in Note 32 to the financial statements.
Rental income earned by the Group and Co-operative from the investment properties amounted to $411,511 (31
March 2013: $569,917). Direct operating expenses arising from rental-generating investment properties during the
financial period amounted to $169,977 (31 March 2013: $211,031).
Included in investment properties is a carrying amount of approximately $3,955,000 (31 March 2013: $4,037,000)
representing the Group’s and the Co-operative’s 25% share in certain units jointly-owned with NTUC Income Insurance
Co-operative Limited. As at 31 December 2013, the Group and the Co-operative have no contingent liabilities and
capital commitments in respect of those units.
11.
Group
31.12.2013
31.3.2013
$
$
1,988
1,988
Co-operative
31.12.2013
31.3.2013
$
$
-
-
The following are the major deferred tax liabilities recognised by the Group and movements thereon during the financial
period/year:
Accelerated
tax
depreciation
$
Balance at 1 April 2013 and 31 December 2013
1,988
Balance at 1 April 2012 and 31 March 2013
1,988
59
12.Trade and other payables
Trade payables
- third parties
-subsidiaries
Non-trade payables
- third parties
-subsidiaries
- related parties
-shareholder
Dividend payable
Central Co-operative Fund
Singapore Labour Foundation
Honorarium to directors
Accrued operating expenses
Advance receipt of subsidy
Group
31.12.2013
31.3.2013
$
$
Co-operative
31.12.2013
31.3.2013
$
$
19,044,706
19,044,706
15,255,929
15,255,929
18,713,595
78,131
18,791,726
14,979,909
78,871
15,058,780
2,529,983
761,527
125,000
3,416,510
651,139
81,236
732,375
1,590,417
902,247
225,239
2,717,903
645,763
921,246
81,236
1,648,245
476,704
50,000
149,219
79,042
5,279,223
116,994
28,612,398
326,160
25,000
75,993
122,250
3,331,853
19,869,560
25,000
41,115
79,042
3,729,989
25,384,775
76,160
25,000
75,993
122,250
2,857,708
19,864,136
Trade and non-trade amounts due to third parties are unsecured, non-interest bearing and generally on 60 (31 March
2013: 60) days term.
Trade amounts due to subsidiaries are unsecured, non-interest bearing and repayable within trade credit terms.
Non-trade amounts due to subsidiaries, related parties and shareholder are unsecured, non-interest bearing and
repayable on demand.
Singapore dollar
Australian dollar
Other
60
Group
31.12.2013
31.3.2013
$
$
Co-operative
31.12.2013
31.3.2013
$
$
28,539,125
43,724
29,549
28,612,398
25,384,775
25,384,775
19,707,711
121,529
22,072
18,248
19,869,560
19,792,205
50,116
21,815
19,864,136
13.
Deferred income
The deferred income relates to grants received to:
(i)
purchase or to subsidise the purchase of specific assets and/or capital expenditure, and
(ii)
defray certain cost as incurred in relation to specific services which the grants were provided for. Grants received
are initially deferred in the statements of financial position and recognised systematically over the life of the
underlying assets purchased. The deferred income also relates to grants received to offer care management
service to the poor and needy seniors so that their complex social issues and care needs are being addressed
adequately and appropriately with suitable community care and support service.
Group
$
As at 1 April 2013 and 31 March 2013
Increase during the financial period
Transfer from building fund
Less: Transfer to profit or loss
As at 31 December 2013
2,961,941
360,370
26,593
(533,941)
2,814,963
Analysed as follow:
Current liabilities
Non-current liabilities
893,030
1,921,933
2,814,963
14.Provision
31.12.2013
31.3.2013
$
$
Provision for reinstatement costs
1,020,000
900,000
Movements in provision for reinstatement costs:
31.12.2013
31.3.2013
$
$
Balance at beginning of financial period/year
Provision made
900,000
120,000
1,020,000
795,000
105,000
900,000
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.
61
15.Share capital
31.12.2013
31.3.2013
31.12.2013
Number of ordinary shares
$
Issued and paid up :
At beginning of financial period/year
Issued during the financial period/year
Withdraw during the financial period/year
At end of financial period/year
17,467,824
10,000,000
(133,150)
27,334,674
17,568,824
(101,000)
17,467,824
31.3.2013
$
17,467,824
10,000,000
(133,150)
27,334,674
17,568,824
(101,000)
17,467,824
31.12.2013
$
31.3.2013
$
27,234,674
100,000
27,334,674
17,367,824
100,000
17,467,824
The share capital is represented by:
Share capital repayable on demand as current liabilities (a)
Share capital classified as equity (b)
(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.
(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)
The Co-operative has one class of ordinary share which carries no right to fixed income.
On 15 August 2013, NTUC Enterprise Co-operative Limited, the ultimate holding entity subscribed 10,000,000
additional ordinary shares of $1 each in accordance with the By-Laws of the Co-operative.
During the financial period from 1 April 2013 to 31 December 2013, in accordance with the By-Laws of the Cooperative, 133,150 (31 March 2013: 101,000) ordinary shares of $1 each were withdrawn.
62
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.
16.Community Silver Trust
The Community Silver Trust (“CST”) is a scheme whereby the government will provide a matching grant of one dollar
for every donation dollar raised by eligible organisations. The objectives are to encourage more donations and provide
additional resources for the service providers in the Intermediate and Long Term Care (“ILTC”) sector and to enhance
capabilities and provide value-added services to achieve affordable and higher quality care. Donations received for ILTC
programs are eligible for this grant.
17.Building Fund
The building fund was set up to fund the development and building costs of day care and senior activity centres, to fund
the repair, renovations and maintenance costs of all properties of the Co-operative and to fund the purchase of fixed
assets in the form of depreciation.
Pursuant to the directors’ resolution passed by NTUC Eldecare Co-operative Limited on 14 May 2013, it was resolved
that the Building Fund be dissolved with the balance donated to Eldercare Trust Fund for better governance and
administration and to better serve the elderly. This was approved by the Board of Trustees of Eldercare Trust on 27
August 2013.
During this financial period, $1,597,267 was transferred to Eldercare Trust Fund and the remaining $700,000 is expected
to be transferred in the following financial year.
Group
31.12.2013
$
As at 1 April 2013 and 31 March 2013
Acquisition of a subsidiary (note 7)
Transfer to deferred income
Transfer to profit or loss
Transfer to Eldercare Trust
As at 31 December 2013
2,342,495
(26,593)
(18,635)
(1,597,267)
700,000
18.
Fair value reserve
The fair value reserve represents the cumulative fair value changes, net of tax, of available-for-sale financial assets until
they are disposed of or impaired.
Group
31.12.2013
$
At beginning of financial period/year
Fair value gains
Transfer to profit or loss upon disposal
At end of financial period/year
443,145
119,002
(242,606)
319,541
31.3.2013
$
279,750
163,395
443,145
Co-operative
31.12.2013
31.3.2013
$
$
443,145
229,499
672,644
279,750
163,395
443,145
63
19.Merger reserves
Merger reserves represent the identifiable net assets acquired to the Co-operative arising from the acquisition of business
under common control:
$
4,227,780
(97,190)
(425,000)
3,705,590
Net identifiable assets (Note 7)
Investment in a subsidiary
20.Revenue
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Sales of goods
Dental services
Eldercare services
21.
74,156,758
9,433,927
1,199,106
84,789,791
91,122,228
11,388,049
102,510,277
67,307,431
9,433,927
76,741,358
83,404,927
11,388,049
94,792,976
Other operating income
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Advertising income
Amortisation of building fund
Amortisation of deferred income
Dividend income
Foreign exchange gain, net
Gain on disposal of available-for-sale
financial assets
Gain on disposal of property, plant and
equipment
Government grant
Interest income
Operating and outright grant received
from eldercare trust
Rental income
Wellness activities income
Others
64
Co-operative
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Co-operative
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
4,821,554
18,635
533,941
50,794
5,904
4,713,855
49,582
1,570
4,821,554
1,957,523
-
4,713,855
1,049,582
-
247,094
-
-
-
4,795,441
35,939
9,300
64,091
29,136
214,524
28,881
64,091
19,815
151,659
936,105
240,987
416,364
12,254,417
1,144,467
171,091
6,183,092
1,013,886
266,800
8,303,168
1,237,804
238,610
7,323,757
22.Staff costs
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Salaries, bonuses and other
short-term benefits
Employer’s contribution to defined
contribution plans
Co-operative
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
17,704,664
15,725,815
12,297,575
13,977,389
1,829,811
19,534,475
1,716,152
17,441,967
1,410,070
13,707,645
1,604,552
15,581,941
Included in staff costs were key management remuneration as shown in Note 30 to the financial statements.
23.
Finance costs
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Dividends paid to members in respect of
share capital repayable on demand
456,018
24.
The above is arrived at after charging:
516,652
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Consumables used
Inventories written off
Other operating expenses
Advertisement and promotion expenses
Allowance for doubtful trade
receivable – third parties
Loss on disposal of plant and equipment
Patronage rebates/discounts
Write off of available-for-sale
financial assets
Write off of plant and equipment
Co-operative
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
456,018
516,652
Co-operative
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
163,798
111,295
104,494
16,535
575,279
1,405,123
413,174
1,252,057
15,073
3,000
1,012,104
42,106
1,432,684
15,073
1,012,104
42,106
1,432,684
10,009
169,902
24,977
10,009
168,951
24,977
65
25.
Income tax expense
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Current income tax
- current financial period/year
- over provision in prior financial years
Total income tax expense recognised in profit or loss
170,000
170,000
197,000
(63,255)
133,745
Reconciliation of effective income tax rate
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Income tax at Singapore’s statutory income tax rate of 17%
Tax effect of expenses not deductible for income tax purposes
Tax effect of co-operative’s income not subject to income tax
Income tax exemption
Productivity and innovation credit
Over provision of current income tax in prior financial years
Corporate income tax rebate
Others
1,600,399
840,705
272,068
5,000
(61,615)
(25,925)
(17,294)
(2,234)
170,000
142,920
117,031
(25,925)
(6,516)
(63,255)
(30,000)
(510)
133,745
The Co-operative and its Co-operative subsidiary are co-operative societies 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
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Balance at beginning and end of financial period/year
66
253,699
253,699
25.
Income tax expense (Continued)
Unrecognised deferred tax assets (Continued)
The unrecognised deferred tax assets arise from the following temporary differences:
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Unutilised tax losses
Unabsorbed capital allowances
227,493
26,206
253,699
227,595
26,104
253,699
As at 31 December 2013, the Group has unutilised tax losses of approximately $1,338,000 (31 March 2013: $1,339,000)
and unabsorbed capital allowances of approximately $154,000 (31 March 2013: $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 (31 March 2013: $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 2.18 to the financial statements.
26.Central Co-operative Fund
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 period from 1 April 2013 to 31 December 2013, the Group and the Co-operative made a contribution
of $50,000 (31 March 2013: $25,000) and $25,000 (31 March 2013: $25,000) respectively towards the Central Cooperative Fund.
27.Singapore Labour Foundation
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 period from 1 April 2013 to 31 December 2013, the Group and the Co-operative made a contribution of
$156,711 (31 March 2013: $76,341) to the Singapore Labour Foundation.
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Contribution
- current financial period/year
- under provision in prior financial years
156,711
156,711
75,993
348
76,341
67
28.Dividends
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Dividends to owners of the parent
First and final exempt (one-tier) dividend
paid of $0.03 (31 March 2013: $0.03)
per share in respect of the previous
financial year
3,000
3,000
Co-operative
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
3,000
3,000
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Dividends to non-controlling interest
Interim exempt (one-tier) dividend paid of $11.92 (31 March 2013: $6.25)
per share in respect of the current financial period/year
476,704
250,000
In respect of the current financial period from 1 April 2013 to 31 December 2013, the Directors propose that a final
dividend of $0.025 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.
29.
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% (31 March 2013: 0.25% to 8.00%) 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
31.12.2013
$
Within one year
After one year but within five years
68
9,406,897
8,148,195
17,555,092
31.3.2013
$
9,267,639
6,966,394
16,234,033
Co-operative
31.12.2013
31.3.2013
$
$
9,267,062
8,008,481
17,275,543
9,138,760
6,964,154
16,102,914
29.
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:
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Within one year
After one year but within five years
1,538,631
712,679
2,251,310
1,575,135
630,704
2,205,839
30.Significant related party transactions
For the purpose of these financial statements, parties are considered to be related to the Group if the Group has the
ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial
and operating decisions, or vice versa, or where the Group and the party are subject to common control or common
significant influence. Related parties may be individuals or other entities.
In addition to the transactions disclosed elsewhere in the financial statements, the following significant related party
transactions based on terms as agreed between the parties during the financial period/year:
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
With subsidiaries
Sales
Purchase of goods
Rental income
Dividend income
With related parties
Dividend income
Rental paid
Patronage rebates/discounts
Management fee expense
Consultancy fees
Co-operative
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
-
-
370,205
83,226
1,906,820
543
634,314
139,604
1,000,000
30,904
2,493,680
1,012,104
498,541
281,844
31,582
3,263,015
1,432,684
89,760
402,462
30,904
2,493,680
1,012,104
149,817
-
31,582
3,263,015
1,432,684
89,760
-
69
30.Significant related party transactions (Continued)
Compensation of key management personnel
The compensation of Directors and other members of the key management personnel of the Group and the Cooperative during the financial period/year were as follows:
Group
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
Salaries and other benefits
Employer’s contribution to defined
contribution plan
Directors’ honorarium
Co-operative
Period from
01.04.2013
Year ended
to 31.12.2013
31.03.2013
$
$
1,297,894
859,259
817,134
595,997
26,950
80,192
1,405,036
25,760
122,250
1,007,269
26,950
79,042
923,126
25,760
122,250
744,007
31.
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 Co-operative’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.
31.1Credit 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 Co-operative 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 Co-operative 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.
70
31.
Financial instruments, financial risks and capital management (Continued)
31.1Credit risk (Continued)
The age analysis of past due trade receivables but not impaired is as follows:
Group
31.3.2013
$
31.12.2013
$
31.3.2013
$
515,963
241,084
39,156
116,141
280,247
358,800
56,849
159,571
238,433
53,374
14,372
35,083
36,358
24,257
6,103
46,214
Past due 1 to 30 days
Past due more than 90 days
Co-operative
31.12.2013
$
31.2Market 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
31.12.2013
$
Group
Australian dollar
New Zealand dollar
200,205
37,673
137,935
Assets
31.12.2013
$
Co-operative
Australian dollar
-
31.3.2013
$
105,793
46,245
87,362
31.3.2013
$
-
Liabilities
31.12.2013
31.3.2013
$
$
43,724
121,529
22,072
Liabilities
31.12.2013
31.3.2013
$
$
-
50,116
21,815
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.
71
31.
31.2Market risk (Continued)
(i)
Foreign exchange risk (Continued)
Foreign currency sensitivity analysis (Continued)
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
31.12.2013
31.3.2013
$
$
72
Group
Australian dollar
Strengthens against Singapore dollar
Weakens against Singapore dollar
10,010
(10,010)
(787)
787
New Zealand dollar
1,884
(1,884)
2,312
(2,312)
4,711
(4,711)
3,265
(3,265)
Co-operative
Australian dollar
-
(2,506)
2,506
-
(1,091)
1,091
31.
31.2Market risk (Continued)
(ii)
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.
(iii)
Equity price risks
The Group and the Co-operative are exposed to equity price risks arising from equity investments
classified as available-for-sale financial assets. Available-for-sale equity investments are held for strategic
rather than trading purposes. The Group and the Co-operative do not actively trade available-for-sale
investments.
Further details of these equity investments can be found in Note 8 to the financial statements.
Equity price sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to equity price risks at the end
of reporting period.
The sensitivity analysis assumes an instantaneous 5% change in the equity prices from the end of the
reporting period, with all variables held constant.
Increase/(Decrease)
Equity
Group
31.12.2013
31.03.2013
$
$
Available-for-sales
financial assets
274,925
52,350
Co-operative
31.12.2013
31.03.2013
$
$
63,075
44,181
31.3 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.
All financial liabilities mature in one year and are non-interest bearing.
73
31.
31.4Capital management policies and objectives
The Group and the Co-operative manage their capital to ensure that the Group and the Co-operative 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 period/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.
Group
31.3.2013
$
31.12.2013
$
31.3.2013
$
28,612,398
Share capital repayable on demand 27,234,674
Total debt
55,847,072
Less: Cash and cash equivalents
(29,141,324)
Net debt
26,705,748
Total equity
25,001,088
Total capital
51,706,836
19,869,560
17,367,824
37,237,384
(17,789,308)
19,448,076
20,663,678
40,111,754
25,384,775
27,234,674
52,619,449
(25,140,272)
27,479,177
19,436,173
46,915,350
19,864,136
17,367,824
37,231,960
(15,021,763)
22,210,197
19,102,525
41,312,722
48.5%
58.6%
53.8%
Gearing ratio
51.6%
31.5 Financial instruments by category
The carrying amounts of financial assets and financial liabilities recorded at amortised costs, which approximate
their fair value, are as follows:
Financial assets
Available-for-sales
Loans and receivables
Financial liabilities
Other financial liabilities
74
Co-operative
31.12.2013
$
31.12.2013
$
31.03.2013
$
5,498,493
1,047,005
10,968,246
29,141,324
40,109,570
5,514,862
17,789,308
23,304,170
28,612,398
19,869,560
32.
Fair value measurement
For the financial reporting purposes, the fair value measurement of the Group’s and the Co-operative’s financial and nonfinancial assets and liabilities utilises market observable inputs and data as far as possible. Inputs used in determining
fair value measurements are categorised into different levels based on how observable the inputs used in the valuation
technique utilised are (the ‘fair value hierarchy’):
-
-
-
The classification of an item into the above levels is based on the lowest level of the inputs used that has a significant
effect on the fair value measurement of the item. Transfers of items between levels are recognised in the period they
occur.
32.1 Financial instruments that are not carried at fair value
Level 1: Level 2: Level 3: Quoted prices in active markets for identical items (unadjusted)
Observable direct or indirect inputs other than Level 1 inputs
Unobservable inputs (i.e. not derived from market data).
Except as detailed in the following table, management considers that the carrying amounts of financial assets
and financial liabilities recorded at amortised cost in the financial statements approximate their fair value due to
their respective short term maturity.
32.2 Assets and liability that are carried at fair value
Assets of the Group and the Co-operative carried at fair value classified by level of fair value hierarchy is as
follows:
Fair value measurement using:
Level 1
Level 2
Level 3
$
$
$
31.12.2013
Group
Assets
- Quoted equity investments
- Other unquoted equity investments
783,000
-
2,395,498
1,840,000
-
Co-operative
Assets
783,000
-
-
31.03.2013
Group and the Co-operative
Assets
553,500
-
-
There were no transfers between levels during the financial year.
75
32.
Fair value measurement (Continued)
32.2 Assets and liability that are carried at fair value (Continued)
The financial instruments included in level 1 are traded in active markets and their fair values are based on
quoted market prices at the reporting date.
The fair values of other unquoted equity investments are based on broker quotes. The fair value of these
instrument are determined through the use of discounted net assets valuation techniques with observable
market inputs such as estimated yield rates and market interest rates at the reporting date. These financial
instruments have been classified as level 2 in the current financial years.
There have been no changes in the valuation techniques of available-for-sale financial assets during the financial
year.
33.Comparative figures
76
The financial statements for the current financial period covers a nine-month period from 1 April 2013 to 31 December
2013 while the financial statements for the previous financial year covers the period from 1 April 2012 to 31 March
2013. As part of the alignment with financial year end of its ultimate holding entity, NTUC Enterprise Co-operative
Limited, the Group changed its financial year-end from 31 March to 31 December in 2013.
Membership Listing And Shareholdings
No
Name
Total Shares
1
NTUC Enterprise Co-operative Ltd
2
National Trades Union Congress
3
AUPE Multi-purpose Co-operative Ltd
10,000
4
Ngee Ann Polytechnic Consumer Co-operative Society Ltd
10,000
5
NTUC FairPrice Co-operative Limited
1,000,000
6
NTUC First Campus Co-operative Ltd
10,000
7
NTUC Income Insurance Co-operative Limited
8
NTUC Media Co-operative Ltd
10,000
9
Singapore Mercantile Co-operative Society Ltd
10,000
10
The Singapore Government Staff Credit Co-operative Society Ltd
10,000
11
The Singapore Teachers' Co-operative Society Limited
50,000
14,536,944
100,000
1,000,000
Institutional Share Capital (11 members)
16,746,944
Ordinary Share Capital (18,507 members)
10,587,730
Total Share Capital as at 31 December 2013
27,334,674
77
OUR STORE LOCATIONS
ANG MO KIO
53 Ang Mo Kio Ave 3
#B2-21/25
Singapore 569933
Tel: 6552 2001
CLEMENTI MALL
3155 Commonwealth Ave West
#B1-10/11 The Clementi Mall
Singapore 129588
Tel: 6659 4719
HOUGANG POINT (HOUGANG 1)
No. 1 Hougang St 91
#02-01 Hougang 1
Singapore 538692
Tel: 6384 0952
ANG MO KIO BLOCK 712
Blk 712 Ang Mo Kio Ave 6
#01-4056
Singapore 560712
Tel: 6457 4231
DAWSON PLACE
Blk 57 Dawson Road
#01-10A Dawson Place
Singapore 142057
Tel: 6471 1300
JURONG POINT
1 Jurong West Central 2
#B1-09 Jurong Point
Singapore 648886
Tel: 6793 5712
ALEXANDRA RETAIL CENTRE
460 Alexandra Road
#02-04/05/06 Alexandra Retail Centre
Singapore 119963
Tel: 6278 8791
EASTPOINT (Relocation)
1 Simei Street 6
(Within Fairprice)
Singapore 528578
Tel: 6788 2415
J CUBE
2 Jurong East Central 1
#B1-05
Singapore 609731
Tel: 6684 4080
BEDOK
Blk 212 Bedok North Street 1
#02-147
Singapore 460212
Tel: 6445 9551
FORTUNE CENTRE
190 Middle Road
#01-26 Fortune Centre
Singapore 188979
Tel: 6336 3616
JEM
50 Jurong Gateway Road
#B1-37 JEM
Singapore 608549
Tel: 6339 4256
BISHAN
Blk 510 Bishan St 13
#01-520 (At level 2 of FairPrice)
Singapore 570510
Tel: 6259 3449
GREAT WORLD CITY
Great World City
1 Kim Seng Promenade #B1-14/15
Singapore 237994
Tel: 6235 1601
KANG KAR MALL
100 Hougang Avenue 10
#01-01
Singapore 538767
Tel: 6385 5609
BUKIT MERAH
Blk 166 #01-3531
Bukit Merah Central
Singapore 150166
Tel: 6276 3407
HARBOUR FRONT CENTRE
1 Maritime Square
#02-118/119
Singapore 099253
Tel: 6271 5100
KALLANG BAHRU
Blk 71 Kallang Bahru
#02-531
Singapore 330071
Tel: 6298 8239
BUKIT PANJANG PLAZA
1 Jelebu Road
#01-06 Bukit Panjang Plaza
Singapore 677743
Tel: 6760 2363
HOLLAND VILLAGE MRT STATION
200 Holland Ave
B1-05/06/07 Holland Village MRT Station
Singapore 278995
Tel: 6462 3580
KATONG MALL
112 East Coast Road
#B1-08 Katong Mall
Singapore 428802
Tel: 6636 3160
BUKIT TIMAH PLAZA
1 Jalan Anak Bukit
#B1-01 Bukit Timah Plaza
Singapore 588996
Tel: 6466 2957
HOUGANG MALL
90 Hougang Ave 10
#B1-35/36
Singapore 538766
Tel: 6385 8606
LOT 1 SHOPPER’S MALL
21 Choa Chu Kang Ave 4
#B1-04/05
Singapore 689812
Tel: 6763 7678
CLEMENTI
Blk 451 #01-307
Clementi Ave 3
Singapore 120451
Tel: 6779 0438
HOUGANG
Blk 202 #01-00
Hougang St 21
Singapore 530202
Tel: 6383 1308
MARINE PARADE
No. 6
Marine Parade Central
Singapore 449411
Tel: 6345 1548
78
OUR STORE LOCATIONS
NEX MALL
23 Serangoon Central
#03-37/38, nex
Singapore 556083
Tel: 6509 0316
TANGLIN MALL
163 Tanglin Road
#B1-13 Tanglin Mall
Singapore 247933
Tel: 6732 1380
TOA PAYOH MRT
510 Toa Payoh Lorong 6
#B1-02 Toa Payoh MRT Station
Singapore 319398
Tel: 6258 2810
100AM
100 Tras Street
#04-06/07
Singapore 079027
Tel: 6604 6746
TAMPINES CENTRAL CC
Blk 866A Tampines St.83
#01-01
Singapore 521866
Tel: 6786 6796
THOMSON PLAZA
301 Upper Thomson Road
#01-102 Thomson Plaza
Singapore 574408
Tel: 6552 1965
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
VISTA POINT
Blk 548 Woodlands Drive 44
#01-13 Vista Point
Singapore 730548
Tel: 6894 9585
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
WOODLANDS CIVIC CENTRE
900 South Woodlands Drive
#B1-01 Woodlands Civic Centre
Singapore 730900
Tel: 6219 4898
RIVERVALE MALL
11 Rivervale Crescent
#02-02 Rivervale Mall
Singapore 545082
Tel: 6384 4514
TAMPINES MALL
4 Tampines Central 5
#B1-12 Tampines Mall
Singapore 529510
Tel: 6783 3903
WESTGATE
3 Gateway Drive
#B1-21 Westgate
Singapore 608532
Tel: 6465 9161
RIVERVALE PLAZA
Blk 118 Rivervale Drive
#01-16 Rivervale Plaza
Singapore 540118
Tel: 6386 4183
TAMPINES MART
No. 11 Tampines Street 32
#01-11 Tampines Mart
Singapore 529287
Tel: 6260 3809
WHITE SANDS SHOPPING CENTRE
1, Pasir Ris Central St 3
#01-12/12A
Singapore 518457
Tel: 6581 7736
SINGAPORE POST CENTRE
10 Eunos Road 8
#B2-10 Singapore Post Centre
Singapore 408600
Tel: 6547 0095
TAMPINES ONE
10 Tampines Central 1
#B1-11/12 Tampines One
Singapore 529536
Tel: 6784 6055
YISHUN
Blk 849 Yishun Ring Road
#01-3703
Singapore 760849
Tel: 6759 1070
SERANGOON CENTRAL
Blk 266 Serangoon Central Drive
#01-253
Singapore 550266
Tel: 6487 6178
TOA PAYOH CENTRAL
500 Toa Payoh Lor 6
#B1-30
Singapore 310500
Tel: 6352 2933
YEW TEE POINT
21 Choa Chu Kang North 6
#B1-08/09 Yew Tee Point
Singapore 689578
Tel: 6762 6549
TIONG BAHRU PLAZA
302 Tiong Bahru Road
#B1-11 Tiong Bahru Plaza
Singapore 168732
Tel: 6276 6562
TOA PAYOH CENTRAL LORONG 4
Blk 192 Toa Payoh Lor 4
#02-674
Singapore 310192
Tel: 6354 1775
YISHUN 1
Blk 291 Yishun Street 22
#01-355
Singapore 760291
Tel: 6483 8624
79
OUR STORE LOCATIONS
ANG MO KIO HUB
53 Ang Mo Kio Avenue 3
#03-17 AMK Hub
Singapore 569933
Tel: 6483 5618
Fax: 6483 5617
CLEMENTI
Blk 431 #01-304
Clementi Avenue 3
Singapore 120431
Tel: 6773 4533
Fax: 6773 4534
PARKWAY PARADE
80 Marine Parade Road
#05-02 Parkway Parade
Singapore 449269
Tel: 6348 9188
Fax: 6344 6712
BEDOK
Blk 203 #01-465
Bedok North Street 1
Singapore 460203
Tel: 6445 0886
Fax: 6445 3855
GOLDEN SHOE CARPARK
50 Market Street
#01-30 Golden Shoe Carpark
Singapore 048940
Tel: 6221 9295
Fax: 6226 0478
RIVERVALE MALL
11 Rivervale Crescent
#02-16 Rivervale Mall
Singapore 545082
Tel: 6388 2661
Fax: 6388 2659
BISHAN
Blk 510 #02-04
Bishan Street 13
Singapore 570510
Tel: 6356 5603
Fax: 6356 5630
HOUGANG
Blk 682 #01-324
Hougang Avenue 4
Singapore 530682
Tel: 6385 8776
Fax: 6385 8771
TAMPINES JUNCTION
300 Tampines Avenue 5 #01-05
NTUC Income Tampines Junction
Singapore 529653
Tel: 6784 6291
Fax: 6794 6193
BUKIT MERAH CENTRAL
Blk 163 #03-3599
Bukit Merah Central
Singapore 150163
Tel: 6273 3583
Fax: 6273 2279
JURONG POINT
1 Jurong West Central 2 #B1A-20B
Jurong Point Shopping Centre
Singapore 648886
Tel: 6793 5938
Fax: 6794 1171
TOA PAYOH
500 Lorong 6
#B1-31 Toa Payoh HDB Hub
Singapore 310500
Tel: 6352 8738
Fax: 6352 5351
CHOA CHU KANG
309 Choa Chu Kang Avenue 4
#03-01 Choa Chu Kang Centre
Singapore 680309
Tel: 6763 2692
Fax: 6793 5973
MIDPOINT ORCHARD
220 Orchard Road
#02-12 Midpoint Orchard
Singapore 238852
Tel: 6738 0383
Fax: 6738 5786
YISHUN
Blk 106 #01-163
Yishun Ring Road
Singapore 760106
Tel: 6755 8870
Fax: 6755 8865
Serangoon Central
Blk 264 Serangoon Central #01-205
Singapore 550264
Tel: 6281 2638
Fax: 6281 2745
80
NTUC Unity Healthcare Co-operative Limited
55 Ubi Ave 1 #08-01 Singapore 408935
T 6590 4300 F 6590 4389

NOTES TO THE FlNANClAL STATEMENTS

Transcription

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