NOTES TO FINANCIAL STATEMENTS
December 31, 2015
30
INCOME TAX (Cont’d)
Management is of the view that it is not probable that the tax authority will impose further LAT tax payments on the
above projects located in Shanghai Pudong New District in excess of the provision previously made by the Group.
The additional LAT tax exposure in the event of future re-assessment by the tax authorities has been estimated
by management to be approximately RMB598 million (2014 : RMB599 million) (before effects of deductibility for
income tax assessment purpose and adjustment for non-controlling interests) as at December 31, 2015. The amount
has been disclosed as part of the Group’s contingent liabilities in accordance with FRS 37
Provisions, Contingent
Liabilities and Contingent Assets
(Note 37).
The actual Group’s LAT liabilities are subject to the determination by the tax authorities upon completion of the
property development projects.
31
PROFIT FOR THE YEAR
Profit for the year has been arrived at after charging (crediting):
GROUP
2015
2014
RMB’000
RMB’000
(Restated)
Depreciation of property, plant and equipment
35,093
29,723
Employee benefits expense (including directors’ remuneration):
Retirement benefit scheme contributions
62,155
51,520
Salaries and other short-term benefits
552,599
474,602
Total employee benefits expense
614,754
526,122
Directors’ fees
1,817
1,945
Directors’ remuneration:
– of the Company
23,253
21,696
– of the subsidiaries
6,949
7,253
30,202
28,949
Fair value gain on investment properties (Note 8)
(919,865)
(991,491)
Fair value gain on held-for-trading investment
(4,985)
(2,460)
Net gain on disposal of property, plant and equipment
(29)
(303)
Net gain on disposal of investment properties
(4,962)
(1,202)
Net foreign exchange loss
222,759
38,957
Cost of completed properties for sale recognised as expenses
11,676,078
7,879,337
Audit fees:
– paid to auditors of the Company
3,851
3,839
– paid to other auditors
1,709
1,457
Total audit fees
5,560
5,296
125
