Annual Report - QuamIR

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Notes to the Consolidated Financial Statements (Continued) 43 Notes to consolidated cash flow statement (a) Reconciliation of operating profit/(loss) to net cash used in operations 43 (a) 2011 2010 HK$ Million HK$ Million Profit/(loss) before income tax 310.2 (414.0) Finance income (29.0) (18.9) Depreciation and amortisation 143.8 119.2 Employee share option benefits, net (Note 11) 11 4.7 (4.8) Fair value adjustments on investment properties 142.0 98.9 Provision for impairment losses on assets 7 (Note 7) 26.0 38.0 Gain on disposal of subsidiaries (280.1) – Gain on disposal of an associated company (103.0) – Net exchange loss/(gain) 20.2 (1.0) Gain on disposal of property, plant and equipment – (11.9) Write down of inventories 2.9 – Fair value gain on financial assets at fair value through profit or loss and derivative liability, net (69.1) (13.5) Write back of costs provision (180.8) (6.9) Finance costs 192.4 225.6 Share of profits less losses of associated companies (111.2) (89.9) Share of profits less losses of jointly controlled entities 17.6 14.9 Operating profit/(loss) before working capital changes 86.6 (64.3) Increase in properties under development (434.3) (143.8) Increase in prepaid land lease payments (2.9) (3.4) Decrease in properties held for sale 223.3 161.5 Decrease in assets held for sales 51.2 – (Increase)/decrease in inventories (0.1) 0.8 (Increase)/decrease in trade and other receivables Increase/(decrease) in other non-current payables and trade and other payables (53.3) 44.5 4.3 (95.6) Increase in non-controlling interests 2.4 2.3 Cash used in operations (122.8) (98.0) 180 HKC (Holdings) Limited • <strong>Annual</strong> <strong>Report</strong> 2011
Notes to the Consolidated Financial Statements (Continued) 43 Notes to consolidated cash flow statement (Continued) (b) Disposal of subsidiaries In 2011, disposal of subsidiaries mainly represents the disposal of Dorboy Investment Limited and Shenzhen Jing-Guang Development Company Limited, effectively held 80% by the Group, which was classified as non-current assets held for sale (Note 44) as at 31 December 2010, and also the disposal of HKC Shenyang Heping Investments Limited and Xiangxin Real Estate (Shenyang) Company Limited, 100%-owned subsidiaries of the Group. 43 (b) 80% 44 100% 2011 2010 HK$ Million HK$ Million Net assets disposed: Investment properties 1,409.8 – Cash and cash equivalents 41.5 – Trade and other receivables 2.2 – Property, plant and equipment 1.5 – Shareholder’s loan (203.6) – Deferred taxation (24.6) – Trade and other payables (24.6) – Other loans (76.0) Non-controlling interests 84.1 – 1,210.3 – Release of exchange reserve upon disposal (202.7) – Gain on disposal of subsidiaries 280.1 – Consideration 1,287.7 – Satisfied by: Cash consideration 992.0 – Receivables 295.7 – 1,287.7 – • 181
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HKC (HOLDINGS) LIMITED (incorporat
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Contents 2 Corporate Information
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Corporate Information (Continued)
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Chairman’s Statement (Continued)
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Chairman’s Statement (Continued)
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Management Discussion and Analysis
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Corporate Governance Report (Contin
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Directors and Senior Management (Co
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Report of the Directors (Continued)
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Independent Auditor’s Report (Con
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Consolidated Statement of Comprehen
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Consolidated Balance Sheet (Continu
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Consolidated Statement of Changes i
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Consolidated Statement of Changes i
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Notes to the Consolidated Financial
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Page 131 and 132: Notes to the Consolidated Financial
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Page 199: HKC (HOLDINGS) LIMITED 9/F., Tower
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Annual Report - QuamIR

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