Notes to Financial Statements

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70Middle East Development Singapore Ltd.Annual Report 2008Notes to Financial Statements30 June 200826 LOSS FOR THE YEARGroup2008 2007$ $Loss for the year has been arrived after charging (crediting):Costs of inventories recognised as expense 5,952,865 6,408,708Directors’ remuneration:– of the Company 1,136,966 1,084,032– of subsidiaries 243,798 251,267Total directors’ remuneration 1,380,764 1,335,299Employee benefi ts expense (including directors’ remuneration) 3,063,702 3,225,611Defi ned contribution plans 173,716 271,385Total employee benefi ts expense 3,237,418 3,496,996During the fi nancial year, no non-audit services were provided by the auditors of the Company.27 LOSS PER SHAREThe calculation of the basic and diluted loss per share attributable to the ordinary equity holders of the Company isbased on the following data:The calculation of the loss per share is based on the following:Group2008 2007$ $Loss attributable to shareholders for the purposes of basic anddiluted loss per share (5,150,599) (316,651)Number of sharesWeighted average number of ordinary shares for the purposes ofbasic and diluted earnings per shares 397,950,377 203,159,158The outstanding number of options of 100,235,000 (2007 : 100,535,000) have not been included in the calculationof diluted earnings per share because they are anti-dilutive for the current and previous fi nancial years presented.
Middle East Development Singapore Ltd.Annual Report 2008 71Notes to Financial Statements30 June 200828 BUSINESS AND GEOGRAPHICAL SEGMENTSBusiness segmentsFor management purposes, the Group is organised into two major operating divisions – waterproofi ng and projectmanagement. The divisions are the basis on which the Group reports its primary segment information.Principal activities as follows:Waterproofi ng: The manufacturing, installation and sales of waterproofi ng and concrete protection materials.Project Management: The provision of project management services.Segment revenue and expense: Segment revenue and expense are the operating revenue and expensesreported in the Group’s profit and loss statement that are directly attributable to a segment and therelevant portion of such revenue and expenses that can be allocated on a reasonable basis to asegment.Segment assets and liabilities: Segment assets include all operating assets used by a segment and consistprincipally of operating receivables, inventories and property, plant and equipment, net of allowances and provisions.Capital additions include the total cost incurred to acquire property, plant and equipment, and intangible assetsdirectly attributable to the segment. Segment liabilities include all operating liabilities and consist principally ofaccounts payable and accruals.Inter-segment transfers: Segment revenue and expenses include transfers between business segments. Intersegmentsales are charged at prevailing market prices. These transfers are eliminated on consolidation.Segment information about the Group’s operations is presented below:REVENUEGroupWaterproofingProjectManagementConsolidated2008 2007 2008 2007 2008 2007$ $ $ $ $ $External sales 11,189,119 11,808,164 – – 11,189,119 11,808,164Inter-segment sales – – – – – –Total revenue 11,189,119 11,808,164 – – 11,189,119 11,808,164RESULTSSegment results from continuingoperations (429,456) 1,186,661 (1,682,980) 1,987 (2,112,436) 1,188,648Unallocated corporate expense (2,808,607) (1,357,857)Interest expense (36,786) (69,410)Interest income 185,739 97,525Loss before income tax (4,772,090) (141,094)Income tax (378,599) (175,557)Net loss for the year (5,150,599) (316,651)
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