Notestothefinancialstatements
For the financial year ended31December 2015
22.
Commitments
(a)
Capital commitments
Capital expenditure contracted for as at the end of the reporting period in respect of property, plant and equipment and unquoted equity securities
contracted for but not recognised in the financial statementswas$2,944,000and$636,000 (2014: $4,130,000and$1,037,000) respectively.
(b)
Operating leasecommitment –as lessee
TheGroup leases its properties and certain equipment under lease agreements that are non-cancellablewithin a year and contain provisions for rental
adjustments. These leases have an average tenure of between five to twelve yearswithno contingent rent provision included in the contracts. There are
restrictionsplacedon subleasing the leasedequipment andproperties to thirdparty.
Futureminimum rental payableunder non-cancellableoperating leasesat theendof the reportingperiodareas follows:
Group
2015
2014
$’000
$’000
Not later thanone year
1,188
927
Later thanone year but no later than five years
4,737
3,673
Later than five years
4,611
4,429
10,536
9,029
23.
Relatedparty transactions
(a)
Salesandpurchaseof goodsandservices
Other than the related party information disclosed elsewhere in the financial statements, there are no other significant transactions between theGroup
and relatedpartieswhoarenotmembersof theGroupduring the financial year.
(b)
Compensationof keymanagement personnel
Group
2015
2014
$’000
$’000
Short-termemployeebenefits
4,060
4,610
Compriseamountspaid / payable to
– Directorsof theCompany
1,486
1,710
– Other keymanagement personnel
2,574
2,900
4,060
4,610
24.
Directors’ andexecutives’ remuneration
Directors’ remunerationand feesamounted to$1,223,000 (2014: $1,434,000) and$263,000 (2014: $276,000) respectively.
Thenumber of Directorsof theCompanywith remuneration received from theCompany andall of its subsidiaries fallwithin the followingbands:
Company
2015
2014
$500,000 to$999,999
1
1
$250,000 to$499,999
1
1
Below$250,000
5
6
Total
7
8
120
121
BAKERTECHNOLOGYlimited
ANNUAL REPORT 2015
