76
JUMBO GROUP LIMITED
Notes to the Combined
Financial Statements
As at 30 September 2015
29
PROFIT FOR THE YEAR
Profit for the year has been arrived at after charging/ (crediting):
Group
2015
2014
$
$
Employment benefits - directors and key management of the Company
- Salary and allowances
1,922,732 1,609,883
- Cost of defined contribution plans
61,525
96,014
Employment benefits - directors of subsidiaries
- Salary and allowances
1,440,420
923,720
- Cost of defined contribution plans
44,747
25,434
Directors’ fees
- Directors of the Company
170,000
200,000
- Directors of subsidiaries
500,000
790,000
Audit fees:
- paid to auditors of the Company
215,400
211,100
- paid to other auditors
24,600
21,000
Non-audit fees paid to auditors of the Company
45,900
43,958
Cost of inventories recognised as an expense
45,520,377 42,018,423
Expenses relating to the Company’s IPO
(1)
1,029,434
–
Operating lease expenses
10,334,848 8,846,096
Net exchange (gain)/loss
(57,379)
20,875
Cost of defined contribution plans included in employee benefit expense
1,835,819 1,492,747
Rental paid to directors of subsidiaries
132,000
132,000
(1)
This included non-audit fee of $330,000 (2014 : $Nil) paid to auditors of the Company in connection with the Company’s IPO.
30
COMMITMENTS
The Group as a lessee
Operating lease commitments
Group
2015
2014
$
$
Minimum lease payments under operating leases recognised as an expense
10,334,848 8,846,096
The Group has operating lease agreements for restaurant outlets. The lease typically runs for a period of three years, with an option to
renew the lease contract after that date. The lease term does not contain restrictions on the Group’s activities concerning dividends,
additional debt or further leasing.
