SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
5. Profit from operations
The following items have been included in arriving
at profit from operations:
The Group
2004 2003
$ $
Charging:
Auditors’ remuneration paid/payable to:
- Auditors of the Company 115,000 51,500
- Other auditors 4,730 –
Depreciation of property, plant and equipment (note 17)
- Vessels/barges 336,117 398,247
- Leasehold buildings 207,937 207,937
- Motor vehicles 208,648 86,741
- Furniture, fittings and computers 10,686 6,672
- Plant and equipment 393,439 429,165
Rental expense - operating leases 623,407 647,114
Foreign exchange loss - net 61,363 –
Allowance for doubtful trade receivables 124,954 39,398
Initial Public Offering expense (note 23) 584,480 –
6. Finance costs
Interest expense:
The Group
2004 2003
$ $
- Bank loans 153,239 91,554
- Bank overdrafts 162,139 151,344
- Finance leases 32,940 23,513
348,318 266,411
7. Staff costs
The Group
2004 2003
$ $
Wages and salaries 2,626,419 2,234,629
Employer’s contribution to defined contribution
plans including Central Provident Fund 134,131 99,495
Staff benefits 65,644 106,760
2,826,194 2,440,884
Number of full time employees at the end of the financial year 85 109
Key management remuneration is disclosed in note 28(b).
SWISSCO INTERNATIONAL LIMITED_36