NOTES TO
FINANCIAL STATEMENTS
December 31, 2015
36
OTHER RELATED PARTY TRANSACTIONS
Some of the Company’s transactions and arrangements are with related parties and the effect of these on the
basis determined between the parties is reflected in these financial statements.
During the year, Group entities entered into the following transactions with related parties:
Group
2015
2014
US$’000
US$’000
Expenses
Fees paid to a director of the immediate holding company
145
157
Compensation of directors and key management personnel
Short-term employee benefits
3,383
4,027
Pension contributions
86
114
Total
3,469
4,141
Comprise of:
Directors of the Company
2,027
2,362
Key management personnel
1,442
1,779
3,469
4,141
37
OPERATING LEASE ARRANGEMENTS
(a)
Non-cancellable operating lease commitments - Group as lessee
TheGroup has various operating lease agreements for rental of office, containers and charter hire of vessels.
Most leases contain renewable options. Lease terms do not contain escalation clauses or contingent
rentals and do not contain restrictions on the Group’s activities concerning dividends, additional debt
or further leasing.
Group
2015
2014
US$’000
US$’000
Minimum lease payments under operating
leases recognised as an expense in the year
52,769
48,258
At the end of the reporting period, the Group has outstanding commitments under operating leases
which fall due as follows:
Group
2015
2014
US$’000
US$’000
Within one year
32,738
22,805
In the second to fifth years inclusive
13,066
12,561
Later than 5 years
–
50
45,804
35,416
134
FOCUSED & RESILIENT
SAMUDERA SHIPPING LINE LTD
ANNUAL REPORT 2015
