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A M A R Q U E A B O V E T H E R E S T 76 E U R O S P O R T S G L O B A L L I M I T E D 77
2 0 1 4 A N N U A L R E P O R T
31 March 2014 31 March 2014
NOTES TO THE NOTES TO THE
F INANCI AL STATEMENTS F INANCI AL STATEMENTS
9. Income Tax
9A. Components of income tax income recognised in profit or loss include:
Group
2014
$’000
2013
$’000
Current tax expense – 1,600
Under adjustments to current tax in respect of prior periods 198 26
Total 198 1,626
The income tax in profit or loss varied from the income tax amount determined by applying the
Singapore income tax rate of 17% (2013: 17%) to profit before income tax as a result of the following
differences:
Group
2014
$’000
2013
$’000
Profit Before Tax 17,218 8,345
Income tax expense at the above rate 2,927 1,419
(Not liable to tax) not deductible items (2,710) 250
Tax exemptions (35) (26)
Deferred tax assets not recognised (reversed) (166) (91)
Under adjustments to tax in respect of prior periods 198 26
Other items less than 3% each (16) 48
Total income tax expense 198 1,626
There are no income tax consequences of dividends to owners of the Company.
The major not deductible (not liable to tax) items include the following:
Group
2014
$’000
2013
$’000
Depreciation on non-qualifying property, plant and equipment 1,632 1,588
Gain on disposal of property, plant and equipment (16,307) (82)
Deferred income earned (1,929) (448)
7. Marketing and Distribution Expenses, Administrative Expenses and Finance Costs
The major components include the following:
Group
2014
$’000
2013
$’000
Marketing and distribution expenses
Advertising and promotions 1,627 1,590
Sales commission expense 416 755
Entertainment 636 650
Administrative expenses
Depreciation expense (Note 12) 1,834 1,808
Employee benefits expense 3,764 3,666
Listing expenses 1,317 713
Finance costs
This is for interest expense.
8. Employee Benefits Expense
Group
2014
$’000
2013
$’000
Employee benefits expense 3,958 4,204
Contributions to defined contribution plan 347 349
Other benefits 172 151
Total employee benefits expense 4,477 4,704
Presented as follows:
Cost of sales 297 283
Marketing and distribution expenses (Note 7) 416 755
Administrative expenses (Note 7) 3,764 3,666
4,477 4,704