11. Profit for the year
Profit for the year has been arrived at after charging (crediting)
11.1Impairment losses (reversal of impairment losses) on trade receivables
|
|
|
Year ended |
|
Year ended |
|
Year ended |
|
|
|
12/31/17 |
|
12/31/16 |
|
12/31/15 |
|
|
|
USD’000 |
|
USD’000 |
|
USD’000 |
|
Allowance on doubtful trade receivables (Note 25) |
|
301 |
|
201 |
|
528 |
|
Reversal of allowance on doubtful trade receivables (Note 25) |
|
(438) |
|
(1,603) |
|
(541) |
|
Reversal of allowance on doubtful other receivables |
|
— |
|
(8,809) |
|
— |
|
|
|
(137) |
|
(10,211) |
|
(13) |
In 2017, the Group reversed a portion of the allowance on doubtful accounts due to collection of part of the trade and other receivables from customers.
11.2Depreciation and amortization expense
|
|
|
Year ended |
|
Year ended |
|
Year ended |
|
|
|
12/31/17 |
|
12/31/16 |
|
12/31/15 |
|
|
|
USD’000 |
|
USD’000 |
|
USD’000 |
|
Depreciation of property, plant and equipment |
|
906,034 |
|
673,161 |
|
473,008 |
|
Amortization of intangible assets and land use right |
|
65,348 |
|
56,705 |
|
50,541 |
|
|
|
971,382 |
|
729,866 |
|
523,549 |
11.3Employee benefits expense
|
|
|
Year ended |
|
Year ended |
|
Year ended |
|
|
|
12/31/17 |
|
12/31/16 |
|
12/31/15 |
|
|
|
USD’000 |
|
USD’000 |
|
USD’000 |
|
Wages, salaries and social security contributions |
|
499,238 |
|
378,709 |
|
299,267 |
|
Bonus |
|
57,289 |
|
123,313 |
|
107,859 |
|
Paid annual leave |
|
— |
|
— |
|
66 |
|
Non-monetary benefits |
|
47,204 |
|
31,686 |
|
21,414 |
|
Equity-settled share-based payments (Note 39) |
|
18,214 |
|
14,210 |
|
18,329 |
|
|
|
621,945 |
|
547,918 |
|
446,935 |
11.4Royalties expense
|
|
|
Year Ended |
|
Year ended |
|
Year ended |
|
|
|
12/31/17 |
|
12/31/16 |
|
12/31/15 |
|
|
|
USD’000 |
|
USD’000 |
|
USD’000 |
|
Royalties expense |
|
37,466 |
|
37,023 |
|
36,262 |
11.5Government funding
Government funding under specific R&D projects
The Group received government funding (including those with primary condition that the Group should purchase, construct or otherwise acquire non-current assets) of US$178.3 million, US$181.1 million and US$40.2 million and recognized US$82.2 million US$52.5 million and US$34.3 million as reductions of certain R&D expenses in 2017, 2016 and 2015 for several specific R&D projects respectively. The government funding is recorded as a liability upon receipt and recognized as reduction of R&D expenses until the milestones specified in the terms of the funding have been reached.
Government funding for specific intended use
The Group received government funding of US$51.6 million, US$21.1 million and US$7.6 million in 2017, 2016 and 2015, respectively. The Group recognized US$24.2 million, US$11.6 million and US$4.9 million as reduction of interest expense (Note 8) and recognized US$27.4 million, US$9.5 million and US$2.7 million as other operating income (Note 7) in 2017, 2016 and 2015, respectively. The government funding is recorded as a liability upon receipt and recognized as reduction of interest expense or as other operating income until the requirements (if any) specified in the terms of the funding have been reached.
11.6Auditors’ remuneration
|
|
|
Year ended |
|
Year ended |
|
Year ended |
|
|
|
12/31/17 |
|
12/31/16 |
|
12/31/15 |
|
|
|
USD’000 |
|
USD’000 |
|
USD’000 |
|
Audit services |
|
1,413 |
|
1,529 |
|
1,322 |
|
Non-audit services |
|
85 |
|
587 |
|
65 |
|
. |
|
1,498 |
|
2,116 |
|
1,387 |