187 ANNUAL REPORT 2023 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 23. PROFIT BEFORE TAX The following items have been included in arriving at profit before tax: Group 2023 2022 $’000 $’000 Audit services paid to: - - Auditor of the Company - Statutory audit 508 420 - Other assurance services 45 45 - Other auditors of subsidiaries 417 352 Non-audit services paid to: - Auditor of the Company 50 38 - Member firm of Ernst & Young Global Limited 203 186 - Other auditors of subsidiaries 230 141 Depreciation of property, plant and equipment (Note 4) 11,845 10,100 Gain on disposal and write-off of property, plant and equipment (70) (4,386) Depreciation of right to use assets (Note 27) 7,071 5,932 Amortisation of intangible assets (Note 7) 5,020 3,793 (Write back of allowance)/allowance for stock obsolescence made, net (Note 10) (373) 670 Allowance for expected credit loss on trade receivables, net (Note 11) 3,179 550 Writeback of provision for warranties made, net (Note 15) (252) (23) Rental expenses for short-term leases 6,084 2,982 Personnel and related costs comprising: Salaries and bonuses 74,081 60,334 Share-based compensation * 1,373 − Employees’ provident fund 4,107 4,051 Other personnel and related costs 12,337 15,362 Directors’ fees - Directors of the Company 496 491 * Under the performance share plan, the Group awards the performance shares by taking into account the profitability of the year. Accordingly, $1.37 million was accrued under share payment reserve upon achieving the full year target. In February 2024, a total of 3,193,023 performance shares (“Performance Shares”) were awarded to the Executive Director and key management personnel of the Company (the “Participants”) for their performance in FY2023. Part of the Performance Shares awarded are subject to a moratorium period of 1 to 5 years from the date of award against any disposal or sale and/or other dealings in the shares. The Performance Shares will be released to the Participants via the release of Treasury shares.
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