Page 106 - ar2013.pdf

NOTES TO THE FINANCIAL STATEMENTS
For the Ànancial year ended 31 December 2013
104
COSCO Corporation (Singapore) Limited
F i nanc i a l Statement s
6. Director and employee compensation
The Group
2013 2012
$’000 $’000
Wages, salaries and staff benefits 323,250 316,391
Employer’s contribution to defined contribution plans
including Central Provident Fund 40,203 37,979
Directors’ fees of the Company 305 305
363,758 354,675
7. Other income (net)
The Group
2013 2012
$’000 $’000
Compensation received from customers 17,452 918
Currency exchange (loss)/gain – net (18,933) 675
Dividend income 503 407
Government grants 14,678 10,329
Interest income 44,712 39,413
Net fair value gain on forward currency contracts 750 –
Net gain/(loss) on disposal of property, plant and equipment 666 (661)
Rental income 2,379 2,924
Sale of scrap materials 44,178 60,636
Sundry income 3,753 7,926
110,138 122,567
8. Finance expenses
The Group
2013 2012
$’000 $’000
Interest expense
- Bank borrowings and bills payable 109,829 99,800
- Loan from a fellow subsidiary 1,330 712
Total interest expense 111,159 100,512
Less: Amount capitalised in construction of property, plant
and equipment (Note 23) (314) (526)
Finance expenses recognised in the income statement 110,845 99,986