77
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
7.
(LOSS)/PROFIT BEFORE INCOME TAX
(Loss)/profit before income tax is arrived at after debiting the following:
Group
2014
2013
$’000
$’000
Depreciation of property, plant and equipment recognised
as an expense in cost of sales
611
787
Inventories recognised as an expense in cost of sales (Note 17)
165,048
241,710
Operating lease expenses recognised as an expense
in cost of sales
139
357
Audit fees paid/payable to:
– Auditors of the Company
224
213
– Other auditors
21
33
Non-audit fees paid/payable to:
– Auditors of the Company
–
4
– Other auditors
–
–
Directors fees payable to:
– Directors of the Company
210
232
– Directors of a subsidiary
–
9
Staff cost (including directors)
– Salaries, bonuses and allowances
7,246
8,633
– Employer’s contributions to defined contribution plan
480
810
– Other staff welfare expenses
288
463
Legal and professional fees
416
286
Consultancy fees
1
–
Included in other operating expenses:
Foreign exchange loss, net
–
1,399
Depreciation of property, plant and equipment
1,855
1,490
Amortisation of intangible assets
40
77
Loss on disposal of intangible assets
69
–
Property, plant and equipment written off
76
–
Impairment of property, plant and equipment
1,659
–
Write down of inventories to net realisable value
9,783
39
Write off of inventories
638
–
Inventories lost in transit
–
14
Allowance made for doubtful trade receivables
2,714
332
Bad debts written off
237
35
Operating lease expenses
6,334
6,038
Fair value loss on investment held for trading
–
23
Fair value loss on forward currency contracts
45
–
Other receivables written off
368
–
