96
Hong Kong Ferry (Holdings) Company Limited Annual Report 2013
Notes to the Accounts (Continued)
17 EMPLOYEE BENEFITS ASSETS (Continued)
(b) Defined contribution retirement plan
The Group also operates a Mandatory Provident Fund Scheme (the "MPF Scheme") under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance and not previously covered by the defined benefit retirement plan. The MPF scheme is a defined contribution retirement plan administered by independent trustees. Under the MPF
scheme, the employer and its employees are each required to make contributions to the plan at 5% of the
employees' relevant income, subject to a cap of monthly relevant income of HK$25,000 (HK$20,000 prior to June 2012). Contributions to the plan vest immediately.
INVENTORIES
18
(a)
Inventories in the consolidated balance sheet comprise:
Property development
Properties under development for sale
Completed properties held for sale
Other operations
Trading stocks
Spare parts and consumables
Work in progress
2013
2012
HK$'000
HK$'000
2,821,770
48,632
2,360,533
71,980
2,870,402
2,432,513
899
1,382
2,221
2,577
8,918
6,967
12,038
10.926
2,882,440
2,443,439
The above properties are situated in Hong Kong and held under medium-term leases.
The amount of properties under development for sale expected to be completed after more than one year is HK$231,864,000 (2012: HK$649,291,000). All of the other inventories are expected to be recovered within one
year.