Revenues from sales of newspapers and magazines are recognised when title to the goods sold passes to the customer, which is generally at the time when goods are dispatched to the customer as ordered.

Subscription income is recognised in the month in which subscription invoices are issued.

Revenue from advertising services is recognised as revenue in the period in which they are rendered. Normally the advertising services are considered to be rendered when the advertised publications are distributed.

Short-term investments

Marketable equity securities, which are classified as available-for-sale securities, are carried at fair values. Fair value of marketable equity security is calculated by basing on the net asset value of each equity security determined by the Fund Manager at the balance sheet date. Increases/decreases in the carrying amounts are credited/charged against unrealised gains/losses on investment in available-for-sale securities in shareholders' equity.

Investments in fixed deposits and promissory notes, which are classified as general investments, are carried at face value.

A review for impairment is carried out when there is a factor indicating that such investment might be impaired. If the recoverable amount of the investment is less than its carrying value, impairment loss is charged to the statement of income.

On disposal of an investment, the difference between the net disposal proceed and the carrying amount is charged or credited to the statement of income.

Trade accounts receivable

Trade accounts receivable are carried at anticipated realisable value. An estimate is made for doubtful accounts receivable based on a review of all outstanding amounts at the year end. Bad debts are written off during the year in which they are identified.

Inventories

Inventories are presented in the balance sheet at the lower of cost and net realisable value, cost being determined on the first-in, first-out basis. Allowance is made, where necessary, for obsolete and slow moving inventories.

Investment in subsidiary company

Investment in subsidiary companies is accounted for in the non-consolidated financial statements by the equity method of accounting. This is undertaking over which the Company has power to exercise control over the financial and operating policies. Allowance is recorded for impairment in value (if any).

Equity accounting involves recognising in the statement of income the Company's share of the subsidiary company's profit or loss for the year. The Company's interest in the subsidiary company is carried in the balance sheet at an amount that reflects its share of the net assets of the subsidiary company and includes goodwill on the acquisition (if any).

Joint ventures

The Group's interest in jointly controlled entities is accounted for in the non-consolidated financial statements by the equity method of accounting.

Long-term investments in other company

Long-term investments in other company in which the Group holds, directly or indirectly, less than fifty per cent of voting shares and which it has no significant influence over their management, are stated at cost less allowance for impairment in value, if any.

Related companies

Companies are considered to be related if one company has the ability to control or exercise significant influence over the other company in making financial and operating decisions or if most of the shareholders or executive management of both companies are the same people or relatives.

Property, plant and equipment

Carrying value - at cost: Property, plant and equipment, including land, are recorded at cost. Cost is measured by the cash or cash equivalent price of obtaining the asset and bringing it to the location and condition necessary for its intended use. Property, plant and equipment are presented in the balance sheet at cost less accumulated depreciation.

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