Notes to the Financial Statements
(Cont’d)
For the financial year ended 30 April 2016
(In Singapore Dollar)
STAMFORD TYRES CORPORATION LIMITED
94 |
DRIVING IT UP
30.
Reserves – Group and Company (cont’d)
(e)
Discount on acquisition of non-controlling interest
The discount on acquisition of non-controlling interest represents the difference between the
amount by which the non-controlling interest is adjusted and the fair value of the consideration paid
that is recognised directly in equity and attributed to the parent. Such changes in the Company’s
ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity
transactions.
The movement in the reserves are shown in the statements of changes in equity.
31.
Dividend
Group and Company
2016
2015
$’000
$’000
Final exempt (one-tier) dividend of 1.0 cent (2015: 1.5 cents), per share in
respect of the previous financial year
2,356
3,534
Dividend declared and paid during the year
2,356
3,534
The directors have proposed a final exempt (one-tier) dividend of 1.0 cent (2015: 1.0 cent) per share
amounting to approximately $2,356,000 (2015: $2,356,000) to be paid in respect of the financial year ended
30 April 2016. The dividend will be recorded as a liability on the balance sheets of the Company and
Group upon approval by the shareholders of the Company at the next Annual General Meeting of the
Company.
32.
Commitments
(i)
Operating lease commitments – as lessee
The Group leases office premises, warehousing facilities and retail outlets under operating leases.
The leases typically run for an initial period of 2 to 30 years, with an option to renew the leases after
that date. Lease rentals are usually adjusted during the renewals to reflect market rentals. There
were no restrictions placed upon the Group by entering into these leases.
