notes to the financial statements - Far East Orchard Limited

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 4. Sales, other income and other gains/(losses) - net (continued) 44 The Group 2008 2007 $’000 $’000 Other gains/(losses) - net - Fair value gains on investment properties (Note 21) 15,818 18,933 - Other Gain on disposal of property, plant and equipment 3 3 Gain arising on dilution of interest in an associated company - 2,389 Unrealised losses on financial assets at fair value through profit or loss (Note 15) (7,811) (203) Write back of cost on development properties 513 - Write back of allowance for foreseeable losses on development properties (Note 14) - 255 (7,295) 2,444 Total other gains/(losses) - net 8,523 21,377 5. Expenses by nature The Group 2008 2007 $’000 $’000 Advertising, promotion and marketing expenses 2,251 1,188 Changes in development properties - 17,765 Cost of development properties 1,019 3,231 Depreciation of property, plant and equipment (Note 22) 7,267 7,493 Directors’ fees 310 310 Employee compensation (Note 8) 6,297 7,217 Hospitality supplies and services 9,958 8,414 Maintenance, engineering and support services 1,426 2,003 Management service fees to a related party [Note 35(a)] 849 1,000 Other fees paid/payable to the auditors of the Group 297 319 Property tax and upkeep of properties 3,422 3,370 Cost of financial assets at fair value through profit or loss sold (Note 15) - 132 Other 3,185 3,070 Total cost of sales, distribution and marketing, administrative and other operating expenses 36,281 55,512 The cost of development properties recognised as an expense and included in “cost of sales” amounts to $1,019,000 (2007: $20,996,000). ANNUAL REPORT 2008 ORCHARD PARADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 6. Finance expenses The Group 2008 2007 $’000 $’000 Interest expense: - Loans from banks/financial institutions 2,554 5,339 - Bonds and Notes/Medium Term Notes 12,842 15,686 - Bank overdrafts - 11 15,396 21,036 Currency translation gains - net (49) (35) 15,347 21,001 Less: Interest expense capitalised in development properties [Note 14(d)] (13) (462) Finance expenses recognised in the income statement 15,334 20,539 7. Remuneration bands of directors of the Company The Group 2008 2007 Number of directors of the Company in remuneration bands: - $500,000 and above - - - $250,000 to below $500,000 - - - below $250,000 10 8 Total 10 8 8. Employee compensation The Group 2008 2007 $’000 $’000 Wages and salaries 5,435 6,457 Employer’s contribution to defined contribution plans including Central Provident Fund 425 488 Other benefits 437 272 6,297 7,217 ORCHARD PARADE HOLDINGS LIMITED ANNUAL REPORT 2008 45
Page 1 and 2: Orchard Parade Holdings Limited Ann
Page 3 and 4: Corporate Information BOARD OF DIRE
Page 5 and 6: The Group sold 12 units of The Flor
Page 7 and 8: Profile of the Board of Directors &
Page 9 and 10: Organisation Chart as at 27 March 2
Page 11 and 12: Corporate Governance Statement as a
Page 21 and 22: DIRECTORS’ REPORT For the financi
Page 23 and 24: DIRECTORS’ REPORT For the financi
Page 25 and 26: INDEPENDENT AUDITOR’S REPORT TO T
Page 27 and 28: CONSOLIDATED INCOME STATEMENT For t
Page 29 and 30: CONSOLIDATED STATEMENT OF CHANGES I
Page 31 and 32: NOTES TO THE FINANCIAL STATEMENTS F
Page 45: NOTES TO THE FINANCIAL STATEMENTS F
Page 87 and 88: STATISTICS OF SHAREHOLDINGS as at 2
Page 89 and 90: NOTICE OF ANNUAL GENERAL MEETING NO
Page 91 and 92: NOTICE OF ANNUAL GENERAL MEETING No
Page 93 and 94: ORCHARD PARADE HOLDINGS LIMITED (Re
Page 96:
Orchard Parade Holdings Limited (Re
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notes to the financial statements - Far East Orchard Limited

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