Wah Seong Corporation Berhad Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 FINANCIAL STATEMENTS WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 176 42 DIRECTORS’ REMUNERATIONS Group Company 2017 RM’000 2016 RM’000 2017 RM’000 2016 RM’000 Executive Directors Salaries, wages and bonus 6,817 8,035 2,027 3,380 Defined contribution plan 504 651 420 406 Directors’ fees 80 80 80 80 Directors’ allowances 18 18 18 18 7,419 8,784 2,545 3,884 Non-Executive Directors Directors’ fees 250 230 250 230 Directors’ allowances 78 72 78 72 328 302 328 302 7,747 9,086 2,873 4,186 The estimated monetary value of benefits-in-kind received and receivable by Directors of the Group and the Company are RM597,000 (2016: RM472,000) and RM156,000 (2016: RM63,000) respectively. 43 COMMITMENTS (a) Capital commitments Capital expenditure as at the reporting date is as follows: Group 2017 RM’000 2016 RM’000 Commitment to acquire property, plant and equipment not provided for in the financial statements: Approved and contracted 797 18,585 Approved but not contracted 2,837 88,325 (b) Operating lease commitments - The Group as lessee In addition to the prepaid lease payments disclosed in Note 5, the Group has entered into commercial leases of land and operating equipment. These leases have an average tenure between 1 and 5 years with no renewal option or contingent rent provision included in the contracts. Future minimum rental payable under non-cancellable operating leases (excluding prepaid lease payments) at the reporting date are as follows: Group 2017 RM’000 2016 RM’000 Payable not later than one year 10,080 1,837 Payable later than one year but not later than five years 18,049 1,940