Saunders 2023 Annual Report e-book

FINANCIAL REPORT (cont.) Notes to the Financial Statements (cont.)

3. REVENUE

Other regions $’000

Total 2023 $’000

Other regions $’000

Total 2022 $’000

Revenue recognition

Australia $’000 128,360 43,425 29,101 200,886

Australia $’000

Revenue stream

Engineering & Construction Over time

- - - -

128,360

73,073

- - - -

73,073 24,518 32,364 129,955

Services

Over time

43,425 24,518

Fabrication & Construction Over time

29,101

32,364

Total revenue

200,886 129,955

2023 $’000

2022 $’000

4. PROFIT BEFORE TAX FOR THE YEAR Other income JobSaver/JobKeeper subsidy (Government grants)

Note

- -

744

Profit on sale of property, plant and equipment

26

Interest Income

132 304 436

-

Sale of scrap material and other

127 897

Total other income

Profit before income tax has been arrived at after (crediting)/charging the following expenses: Cost of sales 166,895

109,250

Loss on sale of Property, plant and equipment - The cost of sales above relates to labour, materials and subcontractor costs directly incurred in deriving revenue for the Group during the financial year. 2023 $’000 2022 $’000 Depreciation expense Buildings 11 27 Plant, equipment and motor vehicles 1,607 1,364 Right-of-use-assets 1,236 656 Office furniture and other equipment 182 199 Total Depreciation expense 3,036 2,246 Finance costs Finance cost on lease liabilities 338 106 Other 59 - Total finance costs 397 106 Employee benefits expense Post-employment benefits – defined contributions 4,741 2,114 Payroll tax expense 2,897 1,305 Workers compensation insurance 1,748 596 Employee Share Plan 684 218 Salary and wages (net of recharge to work-in-progress) 50,684 23,476 Total employee benefits expense 60,754 27,709 116

Annual Report 2023 66

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