107
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
28.
SIGNIFICANT TRANSACTIONS WITH RELATED COMPANIES AND RELATED PARTIES
(CONT’D)
Compensation of key management personnel
The remuneration of Directors and other members of key management of the Group and of the
Company during the financial year are as follows:
Group
2014
2013
$’000
$’000
Directors of the Company
Salaries and other short-term employee benefits
819
1,208
Employer’s contributions to defined contribution plan
17
19
Key management personnel
Salaries and other short-term employee benefits
612
736
Employer’s contributions to defined contribution plan
35
17
1,483
1,980
29.
COMMITMENTS AND CONTINGENT LIABILITIES
Operating lease commitments
The Group and the Company as lessee
As at the balance sheet date, the Group and the Company have operating lease commitments for
rental payable in subsequent accounting periods as follows:
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Future minimum lease payments
Within one financial year
5,931
5,988
5,466
5,519
After one financial year but within
five financial years
23,654
23,387
22,249
21,647
After five financial years
3,048
8,662
3,048
8,281
32,633
38,037
30,763
35,447
The above operating lease commitments are based on existing rates. The lease agreements provide
for a periodic revision of such rates in the future and renewal options. There are no contingent
rents included in the agreements or restrictions on subleasing the premises, warehouse and office
equipment.
