2008 Annual Report - Kenford Group Holdings Limited

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Notes to the Financial Statements For the year ended 31 March 2008 7. BUSINESS AND GEOGRAPHICAL SEGMENTS (Continued) (b) Geographical segments (Continued) The following is an analysis of capital expenditure, analysed by the geographical area in which the assets are located: 2008 2007 HK$’000 HK$’000 Hong Kong 97 509 PRC (excluding Hong Kong) 23,327 17,730 23,424 18,239 8. PROFIT FROM OPERATIONS Profi t from operations is stated after charging/(crediting): 2008 2007 HK$’000 HK$’000 Auditors’ remuneration 625 613 Cost of inventories recognised as an expense 439,020 436,406 Depreciation of property, plant and equipment – Owned 12,731 12,219 – Held under fi nance leases 1,112 1,445 Exchange gain, net (350) (51) Loss on disposal of property, plant and equipment 288 157 Staff costs (Note 9) – Basic salaries bonuses, allowances and benefi ts in kind 89,677 71,718 Less: Amount paid under PRC sub-processing agreements (55,413) (44,375) 34,264 27,343 Impairment loss on trade receivables – 359 Reversal of impairment loss on trade receivables (68) – Minimum lease payments under operating leases 1,660 1,018 Research and development costs (Note (i)) 3,912 4,067 Write-down of inventories 1,590 3,736 Note: (i) Research and development costs comprised mainly salaries to engineers who are responsible for the research and development functions. The amounts were included in staff costs. Annual Report 2008 55
Notes to the Financial Statements For the year ended 31 March 2008 9. STAFF COSTS 2008 2007 HK$’000 HK$’000 Staff costs (including directors’ emoluments (Note 15(a))) comprise: Salaries and welfare expenses 87,134 71,222 Retirement benefi ts scheme contributions 2,543 496 89,677 71,718 10. FINANCE COSTS 2008 2007 HK$’000 HK$’000 Interest on: – bank borrowings and overdrafts, which are wholly repayable within fi ve years 683 1,252 – trust receipt loans 5,760 6,567 – fi nance leases 294 96 6,737 7,915 11. INCOME TAX EXPENSE The amount of taxation charged to the consolidated income statement represents: 2008 2007 HK$’000 HK$’000 Current tax – Hong Kong Profi ts Tax – tax for the year 1,578 3,917 – under provision in respect of prior years 198 58 Current tax – PRC Enterprise Income Tax (“EIT”) – tax for the year 96 – 1,872 3,975 Deferred tax (Note 26) – current year (676) 147 – (over)/under provision in respect of prior years (848) 71 – attributable to decrease in tax rate (113) – (1,637) 218 Income tax expense 235 4,193 56 KENFORD GROUP HOLDINGS LIMITED
Page 2 and 3:
Contents Page 1. Corporate Informat
Page 4 and 5:
Chairman’s Statement On behalf of
Page 6 and 7: Management Discussion and Analysis
Page 8 and 9: Management Discussion and Analysis
Page 10 and 11: Report of the Directors PROPERTY, P
Page 12 and 13: Report of the Directors DIRECTORS
Page 14 and 15: Report of the Directors SUBSTANTIAL
Page 16 and 17: Report of the Directors SHARE OPTIO
Page 18 and 19: Report of the Directors SHARE OPTIO
Page 20 and 21: Report of the Directors TAXATION OF
Page 22 and 23: Directors' and Senior Management's
Page 24 and 25: Directors' and Senior Management's
Page 26 and 27: Corporate Governance Report BOARD O
Page 28 and 29: Corporate Governance Report CHAIRMA
Page 30 and 31: Corporate Governance Report NOMINAT
Page 32 and 33: Corporate Governance Report INVESTO
Page 34 and 35: Corporate Structure CORPORATE STRUC
Page 36 and 37: Independent Auditor’s Report OPIN
Page 38 and 39: Consolidated Balance Sheet As at 31
Page 40 and 41: Consolidated Statement of Changes i
Page 42 and 43: Notes to the Financial Statements F
Page 84 and 85: Five Years Financial Summary CONSOL
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2008 Annual Report - Kenford Group Holdings Limited

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