Directors' Report and Financial Statements 31 March ... - Precision Air

PRECISION AIR SERVICES PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2012
12 ADMINISTRATIVE EXPENSES
Staff costs
Salaries and wages 18,864,955 13,368,148 18,864,955 13,368,148
Contribution to pension fund 1,682,523 1,072,093 1,682,523 1,072,093
Payroll levies 1,100,699 788,176 1,100,699 788,176
Other employment costs 4,812,366 5,608,077 4,812,366 5,608,077
Bank charges 529,327 448,665 529,327 448,665
Motor vehicle expenses 2,775,514 1,899,172 2,775,514 1,899,172
Legal and professional fees 346,962 527,841 346,962 527,841
Rent, maintenance and supplies 2,705,774 3,507,098 2,705,774 3,507,098
General expenses 1,847,860 3,594,142 1,847,861 3,440,301
Board meeting expenses 50,085 51,527 50,085 51,527
Donations 6,176 43,769 6,176 43,769
Depreciation-motor vehicles,
computers,furniture and equipment 301,578 496,086 99,353 293,861
Amortization of intangible assets 36,563 168,439 36,563 168,439
35,060,382 31,573,233 34,858,158 31,217,167
Legal and professional fees include:
Audit fees 43,955 43,955 43,955 43,955
13 FINANCE COSTS
Interest on debts and borrowings 7,652,711 7,318,524 7,598,033 7,186,771
7,652,711 7,318,524 7,598,033 7,186,771
14 LOSS ON FOREIGN CURRENCY EXCHANGE
Loss on foreign currency exchange 3,070,840 2,247,108 2,936,518 2,131,257
3,070,840 2,247,108 2,936,518 2,131,257
Loss on foreign currency denominated transactions and balances largely relates to translation of
US$ borrowings and US$ suppliers balances.
DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 31 MARCH 2012
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