Annual Report - QuamIR

More documents

Recommendations

Info

Notes to the Consolidated Financial Statements (Continued) 35 Reserves (Continued) Company 35 Share premium (Note a) a Contributed surplus (Note d) d Employee share-based compensation reserve Exchange reserve Accumulated losses Total HK$ Million HK$ Million HK$ Million HK$ Million HK$ Million HK$ Million Balance at 1 January 2010 10,172.4 90.4 93.4 – (62.7) 10,293.5 Currency translation differences – – – 430.5 – 430.5 Employee share option benefits – – (6.4) – – (6.4) Transfer between reserves (350.0) 350.0 – – – – Release of reserves upon the lapse of share options – – (12.8) – 12.8 – Exercise of bonus warrants 14.7 – – – – 14.7 Distribution of bonus warrants and certain shares issued by the listed subsidiary of the Company – (88.7) – – – (88.7) Issue of bonus shares – (9.4) – – – (9.4) Repurchase of shares (1.2) – – – – (1.2) Loss for the year – – – – (410.1) (410.1) Balance at 31 December 2010 Representing: Reserves at 31 December 2010 9,835.9 342.3 74.2 430.5 (460.0) 10,222.9 10,222.9 Balance at 1 January 2011 9,835.9 342.3 74.2 430.5 (460.0) 10,222.9 Currency translation differences – – – 421.5 – 421.5 Employee share option benefits – – 3.1 – – 3.1 Transfer between reserves (1,134.0) 1,134.0 – – – – Release of reserves upon the lapse of share options – – (13.9) – 13.9 – Exercise of bonus warrants 156.3 – – – – 156.3 Distribution of certain shares of a subsidiary of the Company – (210.0) – – – (210.0) 2011 special cash dividend paid – (108.3) – – – (108.3) Loss for the year – – – – (551.6) (551.6) Balance at 31 December 2011 8,858.2 1,158.0 63.4 852.0 (997.7) 9,933.9 Representing: Reserves at 31 December 2011 9,825.6 2011 proposed special cash dividend 108.3 9,933.9 168 HKC (Holdings) Limited • <strong>Annual</strong> <strong>Report</strong> 2011
Notes to the Consolidated Financial Statements (Continued) 35 Reserves (Continued) Notes: 35 (a) The application of the share premium account is governed by the Companies Act 1981 of Bermuda (as amended). (a) (b) The application of the capital redemption reserve account is governed by section 49H of the Hong Kong Companies Ordinance. (b) 49H (c) On 30 September 2005, by virtue of special resolutions of the Company with the sanction of an order of the High Court of the Hong Kong SAR, the nominal value of all the issued and paid up capital was reduced from HK$1.00 to HK$0.01 each, thereby reducing the issued and paid up capital of the Company by HK$2,305.1 million and such amount was transferred to the Capital Reduction Reserve Account. (c) 1.000.01 2,305,100,000 (d) By a special resolution passed on 13 October 2011, the share premium account was reduced by HK$1,134.0 million. The credit thus arising was transferred to the contributed surplus account of the Company. The Company applied its contributed surplus as enlarged to set-off and eliminate its entire accumulated losses. (d) 1,134,000,000 By a special resolution passed on 1 June 2010, the share premium account was reduced by HK$350.0 million and the reduced amount was 350,000,000 credited to the contributed surplus account. (e) On 12 May 2010, the Group’s wholly-owned subsidiary entered into sales and purchase agreement (“S&P”) with the Group’s non-whollyowned subsidiary to dispose of the alternative energy business (“Target Business”). Based on the S&P, the purchase consideration is settled by way of issuing and allotting 1,385,170,068 convertible preference shares by such non-wholly-owned subsidiary. The fair value of which, on the S&P date, was HK$1,018.1 million. On 31 August 2010, the acquisition was completed and the fair value of the respective convertible preference shares changed to HK$853.8 million. As the Target Business remains as the Group’s subsidiary upon the disposal, such disposal transaction is considered as a transaction with non-controlling shareholders. As a result, the Group has recognised a decrease in non-controlling interests of HK$8.1 million and an increase in other reserve in equity of the same amount. (e) 1,385,170,068 1,018,100,000 853,800,000 8,100,000 (f) On 19 October 2010 and 31 December 2010, the Group has entered a Memorandum of Understanding (“MoU”) and a Supplementary MoU with a non-controlling shareholder of a subsidiary respectively. The supplementary MoU has set out the principles on the distribution of proceeds arising from the disposal as in note 44. The Group recognised an increase in non-controlling interests of HK$80.9 million and a decrease in capital reserve of the same amount. (f) 44 80,900,000 • 169
Page 1 and 2:
HKC (HOLDINGS) LIMITED (incorporat
Page 3 and 4:
Contents 2 Corporate Information
Page 5 and 6:
Corporate Information (Continued)
Page 7 and 8:
Chairman’s Statement (Continued)
Page 9 and 10:
Chairman’s Statement (Continued)
Page 11 and 12:
Management Discussion and Analysis
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Corporate Governance Report (Contin
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Directors and Senior Management (Co
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Report of the Directors (Continued)
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Independent Auditor’s Report (Con
Page 73 and 74:
Consolidated Statement of Comprehen
Page 75 and 76:
Consolidated Balance Sheet (Continu
Page 77 and 78:
Consolidated Statement of Changes i
Page 79 and 80:
Consolidated Statement of Changes i
Page 81 and 82:
Notes to the Consolidated Financial
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120: Notes to the Consolidated Financial
Page 169: Notes to the Consolidated Financial
Page 187 and 188: Principal Subsidiaries, Associated
Page 195 and 196: Five-Year Financial Summary 2011 2
Page 197 and 198: Schedule of Principal Properties (C
Page 199: HKC (HOLDINGS) LIMITED 9/F., Tower
show all

Annual Report - QuamIR

Create successful ePaper yourself

Delete template?

Save as template?