108
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
16
NET EMPLOYEE RETIREMENT BENEFITS (LIABILITIES)/ASSETS (Continued)
(b)
Defined contribution retirement plan
17
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$30,000 (HK$25,000 prior to June 2014). Contributions to the plan vest immediately.
INVENTORIES
(a) Inventories in the consolidated statement of financial position comprise:
2015
2014
HK$'000
HK$'000
Property development
Properties under development for sale
241,066
842,566
Completed properties held for sale
235,191
227,958
Other operations
Trading stocks
Spare parts and consumables
Work in progress
476,257
1,070,524
1,130
898
1,255
1,723
14,264
11,454
16,649
14,075
492,906
1,084,599
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$241,066,000 (2014: HK$233,498,000). All of the other inventories are expected to be recovered within one year.
Hong Kong Ferry (Holdings) Company Limited
Annual Report 2015
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