Page 45 - NZPM Annual Report 2020

NZPM GROUP LIMITED
Notes to the Consolidated Financial Statements for the year ended 31 March 2020

2020 2019
$’000 $’000
Employee expense:
Wages and salaries and other benefits 36,558 33,345
Contributions to KiwiSaver 870 800
Directors' fees 453 370
Directors' retiring allowance 62 70
37,943 34,585

Depreciation of property, plant and equipment (see note 15) 2,074 1,915
Depreciation of right-of-use-assets (see note 18) 7,776 0
Amortisation of intangible assets (see note 16) 605 577
Change in loss allowance (see note 12.3) (39) 234
(Gain)/loss on disposal of plant, property and equipment (51) 4
Gain arising on forward exchange contracts (98) (18)
Insurance costs 638 375
Other expenses 362 64
Total other operating expenses 50,484 45,868

8. Net interest expense
2020 2019
$’000 $’000
8.1. Interest Income
Interest on deposits and use of interest money received (17) (43)
(17) (43)
8.2. Interest expense
Interest and finance charges on bank overdrafts and loans 340 336
Interest on obligations under finance leases 0 6
Interest expense on lease liabilities 2,906 0
Interest expense on interest rate swaps 225 208
Unrealised gain arising on interest rate swaps (52) (37)
3,419 513

Total net interest expense 3,402 470

9. Rebate dividends and dividends
2020 2019
$’000 $’000
Amounts recognised as distributions to shareholders in the year:
Dividends 882 863
Rebate dividends 4,740 3,963
Total rebate dividends and dividends 5,622 4,826

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NZPM GROUP LIMITED ANNUAL REPORT 2020