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Escher Group Holdings plc
Annual report 2011
39
Financial statements
Corporate governance
Business review
Overview
8. Employee benefit expense
2011
US$’000
2010
US$’000
Wages and salaries
5,643
5,178
Social welfare costs
497
467
Pension costs – defined contribution scheme
195
195
6,335
5,840
Capitalised labour
(1,414)
(457)
4,921
5,383
Employee share based payments (see note 7)
—
267
4,921
5,650
The average number of persons employed by the Group during the year was:
2011
Number
2010
Number
Development
41
44
Selling and distribution
11
4
Administration
13
12
65
60
The number of persons employed by the Group (including executive Directors) at 31 December 2011 was 72 (2010: 68).
The Group operates a number of defined contribution pension schemes in which the majority of Group employees participate.
The assets of these schemes are held separately from those of the Group in independently administrated funds. The pension charge
represents contributions payable by the Group to the schemes and amounted to US$195,000 in respect of 2011 (2010: US$195,000),
of which US$154,727 was accrued at the year end (2010: US$129,738).
9. Finance income and costs
2011
US$’000
2010
US$’000
Finance income
Interest income
5
7
Fair value of derivatives
122
—
127
7
Finance costs
Interest on bank borrowings
(657)
(700)
Interest on debentures owing to shareholders
(817)
(1,128)
Fair value of derivatives
—
(37)
(1,474)
(1,865)
Net finance costs
(1,347)
(1,858)
Finance income includes a credit of US$122,000 (2010: US$nil) to reflect movements in the fair value of interest rate swaps,
while finance costs includes a charge of US$nil (2010: US$37,448) to reflect movements in the fair value of interest rate swaps.