Annual Report 2011 - Food Junction

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80 Notes to the Financial Statements (cont’d) 31 December 2011 17. Interest income Annual Report Group Company 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Interest income from fixed deposits 58 62 – – Finance income on rental deposits 310 178 – – 18. Profit before taxation This is determined after charging/(crediting) the following: 368 240 – – Group Company 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Amortisation of intangible assets Audit services 164 54 – – - auditors of the Company 192 143 93 77 - other auditors Non-audit services 107 70 – – - auditors of the Company 73 71 24 21 - other auditors 52 55 40 – Central Provident Fund contributions 915 973 32 16 Directors’ fees ** 230 80 230 80 Foreign exchange (gain)/loss (197) (83) 3 – Fixed assets written off 725 99 – – Loss on disposal of fixed assets 28 94 – – Impairment loss on fixed assets Operating lease expenses (including 523 – – – contingent rent) Lease expense relating to fair value of 20,640 16,898 – – rental deposits Lease expenses on straight-line basis over 309 186 – – the lease term Finance cost on provision for 32 285 – – reinstatement cost 47 41 – – Utilities expenses 3,240 2,691 – – ** Actual proposed directors’ fees after the year ended 31 December 2011 are $172,000 (2010: $215,000). Compensation of key management personnel Group Company 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Short-term employee benefits 965 993 605 411 Central Provident Fund contributions 58 71 32 16 Comprise amounts paid to:- - Directors of the Company 448 427 448 427
Notes to the Financial Statements (cont’d) 31 December 2011 19. Income tax (expense)/credit Major components of income tax expense/(credit) The major components of income tax expense/(credit) for the year ended 31 December 2011 and 2010 are: Group Company 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Current taxation - current year 1,346 666 53 106 (over)/under provision in respect of prior years (36) (175) (78) 17 Deferred taxation - current year (209) 217 – – - overprovision in respect of prior years (31) (52) – – Relationship between income tax expense/(credit) and accounting profit 1,070 656 (25) 123 The reconciliation of the income tax expense/(credit) and that of accounting profit multiplied by the applicable tax rate is as follows: Group Company 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Profit before taxation Tax at domestic rates applicable to profits in the countries where the Group 1,986 3,329 1,454 2,711 operates Tax effect of: Expenses not deductible in determining 145 611 247 461 taxable profit 171 178 6 15 Partial tax exemption and tax relief (103) (78) (26) – Non-taxable item (Over)/under provision in respect of prior (13) (7) (170) (370) years (67) (227) (78) 17 Deferred tax asset not recognised 1,000 185 – – Others (63) (6) (4) – 1,070 656 (25) 123 As at 31 December 2011, the Group has tax losses of approximately $3,924,000 (2010: $2,550,000) that are available for offset against future taxable profits of the companies in which the losses arose, for which no deferred tax asset is recognised due to uncertainty of its recoverability. The use of these tax losses is subject to the agreement of the tax authorities and compliance with certain provisions of the tax legislation of the respective countries in which the companies operate. The above reconciliation is prepared by aggregating separate reconciliation for each national jurisdiction. Annual Report 81
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Page 111 and 112: Appendix II GUIDANCE ON SHARES PURC
Page 113 and 114: FOOD JUNCTION HOLDINGS LIMITED [Com
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Annual Report 2011 - Food Junction

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