2013 2012
USD'000 USD'000
Interest expense on loans and borrowings 5,373 3,115
Interest expense on convertible bonds 254 75
Accretion of interest on the convertible
bonds 1,596 291
7,223 3,481
12. Employee benefits expense
2013 2012
USD'000 USD'000
Included in cost of sales (Note 7):
Salaries, bonus and allowances 971 342
Contributions to defined contribution
plans 105 50
Social security costs 12 2
Share-based payment transaction
(Note 29) 59 38
1,147 432
Included in cost of biological assets
(Note 16):
Salaries, bonus and allowances 1,291 1,461
Contributions to defined contribution
plans 156 173
Social security costs 10 10
Share-based payment transaction
(Note 29) 144 150
1,601 1,794
Included in cost of administrative
expenses (Note 9):
Salaries, bonus and allowances 1,427 1,738
Contributions to defined contribution
plans 79 107
Social security costs 3 4
Share-based payment transaction
(Note 29) 5 963
1,514 2,812
Total employee benefits expense 4,262 5,038
13. Income tax benefit
Major components of income tax benefit
The major components of income tax benefit for the financial
years ended 31 December are as follows:
2013 2012
USD'000 USD'000
Income tax:
- Under/(over) provision in prior
year 9 (3)
2013 2012
USD'000 USD'000
Deferred tax:
- relating to origination and reversal
of temporary differences (1,125) (242)
- Under provision in prior year 64 52
(1,061) (190)
(1,052) (193)
Relationship between tax benefit and accounting loss
The reconciliation between income tax benefit and the product of
accounting loss multiplied by the applicable corporate tax rate for
the financial years ended 31 December is as follows:
2013 2012
USD'000 USD'000
Accounting loss before tax (11,453) (7,072)
Tax benefit at domestic rate applicable
to losses
in the countries where the Group operates (2,603) (1,461)
Adjustments:
Non-deductible expenses 1,478 1,219
Under/(over) provision of income tax
in prior year 9 (3)
Under provision of deferred tax in
prior year 64 52
(1,052) (193)
For the current financial year, the corporate income tax rate
applicable to the Singapore and Malaysian companies in the Group
was 17% (2012: 17%) and 25% (2012: 25%) respectively.
The above reconciliation is prepared by aggregating separate
reconciliations for each national jurisdiction.
Included in non-deductible expenses is the tax effects of
share-based payment transaction of USD13,000 (2012:
USD173,000).
Deferred tax
Deferred tax relates to the following:
Consolidated statement Consolidated income
of financial position statement
2013 2012 2013 2012
USD'000 USD'000 USD'000 USD'000
Accelerated depreciation
for tax purposes (5,408) (3,765) 1,967 1,619
Biological assets (11,468) (7,987) 4,171 3,419
Revaluation of land
use rights to fair
value (6,621) (7,245) (134) (137)
Capital items expensed
off 105 - (109) -
Unutilised tax losses 7,408 4,649 (3,187) (1,941)
Unabsorbed capital
and agricultural
allowances 11,065 7,970 (3,769) (3,150)
Deferred tax benefit (1,061) (190)
Net deferred tax
liabilities (4,919) (6,378)
Reflected in the
statement of financial
position as follows:
Deferred tax assets 511 178
Deferred tax liabilities (5,430) (6,556)
Deferred tax liabilities,
net (4,919) (6,378)
Reconciliation of deferred tax liabilities, net
2013 2012
USD'000 USD'000
Opening balance as of 1 January (6,378) (6,325)
Recognised in profit or loss 1,061 190
Exchange differences 398 (243)
Closing balance as at 31 December (4,919) (6,378)
The Group offsets tax assets and liabilities if and only if it
has a legally enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets and deferred
tax liabilities relate to income taxes levied by the same tax
authority.
The Group has unutilised tax losses and unabsorbed capital and
agricultural allowances totaling USD73,896,000 (2012:
USD50,476,000). The availability of the unutilised tax losses and
unabsorbed capital and agricultural allowances for offsetting
against future taxable profits of the subsidiaries are subject to
the provisions of the Malaysian Income Tax Act, 1967.
14. Loss per share
Basic loss per share amounts are calculated by dividing loss for
the year, net of tax, attributable to owners of the Company by the
weighted average number of ordinary shares outstanding during the
financial year.
Diluted loss per share amounts are calculated by dividing loss
for the year, net of tax, attributable to owners of the Company by
the weighted average number of ordinary shares outstanding during
the financial year plus the weighted average number of ordinary
shares that would be issued on the conversion of all the dilutive
potential ordinary shares into ordinary shares. There is no
dilutive potential ordinary share as at year ended 2013 and
2012.
The following tables reflect the loss and share data used in the
computation of basic loss and diluted per share for the years ended
31 December:
2013 2012
USD'000 USD'000
Loss, net of tax, attributable to
owners of the Company (10,400) (6,879)
-
============= =============
No. of shares No. of shares
'000 '000
Weighted average number of ordinary
shares for basic and diluted loss
per share computation* 46,663 46,382
-
============= =============
* The weighted average number of ordinary shares takes into
account the weighted average effect of changes in ordinary shares
transactions during the year
The potential ordinary shares from unsecured convertible bonds
and options granted pursuant to the Company's share option scheme
have not been included in the calculation of diluted loss per share
because they are anti-dilutive.
15. Property, plant and equipment
Office
equipment,
computers,
furniture
Motor and Plant and Assets under
Building vehicles fittings Renovation machinery Infrastructure construction Total
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
Cost
At 1 January 2012 2,338 721 340 39 1,548 10,173 1,856 17,015
Additions 220 396 261 - 1,799 9,823 25,817 38,316
Disposal - (24) - - - - - (24)
Reclassifications 2,640 1 32 - (37) 1 (2,637) -
Exchange
differences 90 35 18 2 75 484 292 996
At 31 December
2012 and
1 January 2013 5,288 1,129 651 41 3,385 20,481 25,328 56,303
Additions 1,104 265 305 - 698 4,976 10,769 18,117
Disposal - (26) - - - - - (26)
Reclassifications 13,035 (32) 59 - 1,683 2,120 (16,865) -
Exchange
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