FINANCIAL STATEMENTS - Mewah Group

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MEWAH INTERNATIONAL INC.NOTES TOTHE FINANCIAL STATEMENTSFor the financial year ended 31 December 20127. OTHER LOSSES/(GAINS)Group2012 2011US$’000US$’000Foreign exchange losses/(gains) 4,502 (35,212)Property, plant and equipment written off 24 260(Gain)/loss on disposal of property, plant and equipment - net (300) 367Impairment of goodwill (Note 21) 3,161 2,717Gain on change in fair value of put option (Note 27(b)(ii)) (1,260) -6,127 (31,868)Non-controlling interests of Molly CGU have the option to put its shares to the Group for a cash consideration to be calculated inaccordance with the provisions of the shareholders’ agreement between the Group and the non-controlling interests. The Grouprecognises the present value of the estimated redemption amount as a financial liability. In 2012, a gain of US$1,260,000 arising fromthe change in the fair value of the put option has been recognised in profit or loss.8. FINANCE COSTSInterest expense:Group2012 2011US$’000US$’000- Bank borrowings 17,438 12,815- Finance lease liabilities 39 7217,477 12,887In 2012, borrowing costs of US$182,000 (2011: US$612,000) were capitalised at a rate of 5.28% (2011: 5.22%) per annum in property,plant and equipment.9. EMPLOYEE COMPENSATIONGroup2012 2011US$’000 US$’000Salaries 39,964 38,165Employer’s contributions to defined contribution plans 2,990 2,667Other staff benefits 456 74343,410 41,57568
ANNUAL REPORT 2012NOTES TOTHE FINANCIAL STATEMENTSFor the financial year ended 31 December 201210. PROFIT BEFORE TAXThe following items have been included in arriving at profit before tax:Group2012 2011US$’000 US$’000Freight charges 81,545 68,912Transportation 10,974 12,235Insurance 6,129 6,694Utilities 9,105 9,808Rental on operating lease 829 986Employee compensation (Note 9) 43,410 41,575Depreciation of property, plant and equipment (Note 18) 16,889 14,142Bank charges 7,635 6,278(Reversal of)/allowance for impairment of trade receivables (Note 32(b)(ii)) (1,806) 7,507Amortisation of leasehold prepayments (Note 19) 929 58Audit fees- Auditors of the Company 310 299- Other auditors* 250 230Non-audit fees- Auditors of the Company 29 29- Other auditors* 67 50* Includes the network of member firms of PricewaterhouseCoopers International Limited (PWCIL).69
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FINANCIAL STATEMENTS - Mewah Group

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