NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
103
Annual Report 2014
5.
Expenses by nature
The Group
2014
2013
$’000
$’000
Allowance for impairment of property, plant and equipment (Note 23)
163
110
Allowance for impairment of transferable club memberships
6
11
Amortisation of deferred expenditure
86
86
Raw materials, finished goods, consumables and other overheads
2,714,530
2,834,362
Changes in inventories and construction contract work-in-progress
(61,057)
(784,475)
Commission
54,029
41,714
Crew overheads
12,185
12,401
Depreciation of property, plant and equipment and investment
properties (Notes 22 and 23)
153,488
183,525
Director and employee compensation (Note 6)
382,662
363,758
Net allowance for impairment of trade and other receivables
25,787
5,228
Write-down of inventories
124,504
23,678
Allowance for expected losses recognised on construction contracts
61,742
85,717
Non-audit service fees paid/payable to auditor of the Company
49
35
Provision for an onerous contract
25
144
Rental expense on operating leases
43,313
78,758
Repairs and maintenance
19,331
18,813
Sub-contractor expenses
619,380
439,680
Vessel overheads
9,957
16,147
Write-off of property, plant and equipment
217
469
Other expenses
67,145
126,731
Total cost of sales, distribution and administrative expenses
4,227,542
3,446,892
6.
Director and employee compensation
The Group
2014
2013
$’000
$’000
Wages, salaries and staff benefits
340,264
323,250
Employer’s contribution to defined contribution plans
42,093
40,203
Directors’ fees of the Company
305
305
382,662
363,758
