The Group's bank balances and cash that are denominated in
currencies other than the functional currencies of the relevant
group entities are set out below:
2014 2013
HK$'000 HK$'000
Hong Kong dollars 23 23
======== ========
United States dollars 1,895 15,994
======== ========
Renminbi 226,682 184,118
======== ========
29. PAYABLES, RENTAL DEPOSITS AND ACCRUED CHARGES
2014 2013
HK$'000 HK$'000
Trade payables 3,018 2,609
Rental deposits 115,925 113,185
Rental received in advance 16,399 12,052
Other payables, other deposits
and accrued charges 166,642 162,233
-------------- --------------
301,984 290,079
======== ========
Included in other payables is an aggregate amount of
HK$91,759,000 (2013: HK$87,876,000) payable to contractors for the
cost in relation to the tenant relocation arrangements, excavation
and infrastructure work on certain pieces of land as detailed in
note 22.
Rental deposits to be settled after twelve months from the end
of the reporting period based on the respective lease terms
amounted to HK$71,151,000 (2013: HK$87,302,000).
30. BANK BORROWINGS
2014 2013
HK$'000 HK$'000
Secured 3,942,110 2,908,463
Unsecured 100,000 118,000
-------------- --------------
4,042,110 3,026,463
Less: Front-end fee (22,376) (13,697)
-------------- --------------
4,019,734 3,012,766
======== ========
Analysed for reporting purpose
as:
Current liabilities 436,569 1,290,658
Non-current liabilities 3,583,165 1,722,108
-------------- --------------
4,019,734 3,012,766
======== ========
The bank borrowings are repayable as follows:
On demand or within one year 438,380 1,291,791
More than one year, but not
exceeding two years 1,385,866 395,152
More than two years, but not
exceeding five years 1,139,133 1,082,914
More than five years 1,078,731 256,606
-------------- --------------
4,042,110 3,026,463
======== ========
All bank borrowings are denominated in the functional currencies
of the relevant group entities and carry interest at floating
rates, the principal amounts of which are analysed below:
Denominated Interest rates 2014 2013
in
HK$'000 HK$'000
Hong Kong Hong Kong Interbank
Offered Rate
dollars ("HIBOR") plus 1.1%
to 2.4%
(2013: HIBOR plus
1% to 2.75%) 3,350,000 2,480,182
Renminbi 95% to 125% of People's
Bank of
China("PBOC") Prescribed
Interest
Rates(2013: 95% to
125% of PBOC
Prescribed Interest
Rates) 692,110 546,281
-------------- --------------
4,042,110 3,026,463
======== ========
The effective interest rates of these variable-rate borrowings
range from 1.5% to 8.2% (2013: 1.5% to 8.2%) per annum.
31. SHARE CAPITAL
2014 and 2013
US$'000
Authorised:
1,300,000,000 ordinary shares of US$0.05
each 65,000
==========
Issued and fully paid:
886,347,812 ordinary shares of US$0.05
each 44,317
==========
HK$'000
Shown in the financial statements as 345,204
==========
32. DEFERRED TAXATION
The following are the major deferred tax liabilities (assets)
recognised and movements thereon during the current and prior
reporting periods:
Accelerated Fair value Effective
of
tax investment rental Tax
depreciation properties income losses Others Total
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
At 1 January
2013 14,829 265,283 19,142 (4,474) 3,962 298,742
Exchange
adjustments - 7,791 617 (74) - 8,334
(credit)
charge to
profit
or loss (871) 19,835 1,169 1,774 (3,052) 18,855
--------------- --------------- --------------- --------------- --------------- ---------------
At 31 December
2013 13,958 292,909 20,928 (2,774) 910 325,931
Exchange
adjustments - (828) (65) 2 - (891)
Charge (credit)
to profit
or loss 2,582 (8,230) 1,143 (1,599) 567 (5,537)
--------------- --------------- --------------- --------------- --------------- ---------------
At 31 December
2014 16,540 283,851 22,006 (4,371) 1,477 319,503
========= ========= ========= ========= ========= =========
For the purpose of presentation of the consolidated statement of
financial position, deferred tax assets and liabilities have been
offset and shown under non-current liabilities.
At 31 December 2014, the Group has unused tax losses of
HK$101,826,000 (2013: HK$52,375,000) available to offset against
future profits. A deferred tax asset has been recognised in respect
of HK$17,484,000 (2013: HK$11,093,000) of such losses. No deferred
tax asset has been recognised in respect of the remaining
HK$84,342,000 (2013: HK$41,282,000) as it is not probable that
taxable profit will be available to offset against the tax losses
due to the unpredictability of future profit streams. The
unrecognised tax losses will expire in the following years ending
31 December:
2014 2013
HK$'000 HK$'000
2014 - 605
2015 2,122 2,129
2016 1,556 1,562
2017 3,562 3,574
2018 5,093 5,111
2019 51,608 -
-------------- --------------
63,941 12,981
======== ========
Other tax losses may be carried forward indefinitely.
33. FINANCIAL INSTRUMENTS
(a) Categories of financial instruments
2014 2013
HK$'000 HK$'000
Financial assets
Loans and receivables (including
cash
and cash equivalents) 3,111,301 2,222,354
Available-for-sale investments 3,882 -
======== ========
Financial liabilities
Financial liabilities at
amortised cost 4,267,619 3,267,050
======== ========
(b) Financial risk management objectives and policies
The directors of the Company have overall responsibility for the
establishment and oversight of the Group's risk management
framework. The Group's risk management policies are established to
identify and analyse the risks faced by the Group, to set
appropriate risk limits and controls to monitor risks and adherence
to market conditions and the Group's activities. The Group, through
its training and management standards and procedures, aims to
develop a constructive control environment in which all employees
understand their roles and obligations. The directors of the
Company monitor and manage the financial risks relating to the
operations of the Group to ensure appropriate measures are
implemented on a timely and effective manner. These risks include
market risk (including primarily foreign currency risk and interest
rate risk), credit risk and liquidity risk.
The Group's overall strategy remains unchanged from prior
year.
Market risk
(i) Foreign currency risk
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