80
TEHO INTERNATIONAL INC LTD.
Annual Report 2015
20 FINANCE INCOME AND FINANCE COSTS
Group
2015
2014
Note
$
$
Finance income:
Interest income
(2,741)
(2,007)
Finance costs:
Interest expense
1,679,104
435,053
Less: Amount capitalised in development properties
9
(431,894)
(54,433)
Less: Amount recoverable from former shareholders
of a subsidiary
(a)
(428,494)
–
818,716
380,620
Net finance costs
815,975
378,613
(a) This amount is recoverable from the former shareholders of a subsidiary which was
acquired by the Group and arose from provisions in the sale and purchase agreement
relating to the acquisition that allow the Group to recover certain project costs that
exceeded the agreed budget.
21 (LOSS)/PROFIT FOR THE YEAR
The following items have been included in arriving at (loss)/profit for the year:
Group
2015
2014
$
$
Allowance for impairment on trade receivables, net
464,728
13,375
Allowance for foreseeable loss on development properties
788,108
–
Amortisation of intangible assets
521,000
588,000
Audit fees paid to:
- auditors of the Company
246,000
142,500
- other auditors
15,718
26,620
Non-audit fees paid to:
- auditors of the Company
19,500
9,700
- other auditors
–
–
Net fair value gain on contingent consideration payable
(194,076)
–
Depreciation
1,560,991
990,258
Fair value (gain)/loss on derivatives
(16,283)
376,525
Foreign exchange losses, net
758,293
136,847
Gain on disposal of property, plant and equipment
(40,830)
–
Impairment loss on goodwill
2,209,048
–
Impairment loss on investment in associates
53,625
–
Loss on disposal of an associate
8,636
–
Land rental
278,730
264,232
Operating lease expenses
1,024,328
541,648
Employee benefits expense
Group
2015
2014
$
$
Salaries, bonuses and other costs
8,574,669 6,194,406
Contributions to defined contribution plans
729,306
479,139
9,303,975 6,673,545
NOTES TO THE
FINANCIAL STATEMENTS
Year ended 30 June 2015
