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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