Annual Report - QuamIR

Notes to the Consolidated Financial Statements (Continued)
22 Interests in associated companies (Continued)
The following financial information, after making adjustments to conform
to the Group’s significant accounting policies, represents the Group’s
aggregate share of assets, liabilities, revenue and results of associated
companies, all of which are unlisted, and is summarised as below:
22
2011 2010
HK$ Million HK$ Million
Assets 3,153.0 3,999.3
Liabilities (2,124.6) (3,094.6)
Net assets 1,028.4 904.7
Revenue 320.5 150.4
Profit before income tax 133.9 100.7
Income tax expense (Note 12) 12 (22.7) (10.8)
Profit for the year 111.2 89.9
Details of principal associated companies are set out on page 191.
191
In September 2011, the Group entered into a sale and purchase
agreement to dispose of its entire 45% equity interest in and, also the
loan owing by such associated company to the Group. The associated
company’s principal asset is its 76.6% interest in a PRC company
which owns a hotel in Beijing. The total amount of consideration is
HK$578.0 million.
45%
76.6%
578,000,000
148 HKC (Holdings) Limited • Annual Report 2011