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NOTES TO THE FINANCIAL STATEMENTS 31 March 2010 28. DEFERRED TAX Withholding tax on the distributable profits of the Group’s PRC subsidiaries Depreciation allowance in excess of related depreciation Revaluation of properties Fair values of derivative financial instruments Others Group 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 At beginning of year 21,579 – (721) (721) 2,753 1,886 – 11,000 2,619 4,449 26,230 16,614 Deferred tax charged/ (credited) to the income statement during the year (note 9) 9 24,393 21,579 – – 4,497 867 – (11,000) 1,338 (1,830) 30,228 9,616 At end of year 45,972 21,579 (721) (721) 7,250 2,753 – – 3,957 2,619 56,458 26,230 The Group has tax losses arising in Hong Kong of HK$670,203,000 (2009: HK$607,704,000) that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognised in respect of these losses as they have arisen in subsidiaries of which no assessable profits are expected to generate in the foreseeable future. Pursuant to the New Corporate Income Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign investment enterprises established in Mainland China. The requirement is effective from 1 January 2008 and applies to earnings generated after 31 December 2007. A lower withholding tax rate may be applied if there is a tax treaty between China and jurisdiction of the foreign investors. For the Group, the applicable rate is 10%. The Group is therefore liable to withholding taxes on dividends distributed by those subsidiaries established in Mainland China in respect of earnings generated from 1 January 2008. There are no income tax consequences attaching to the payment of dividends by the Company to its shareholders. At 31 March 2010, the Company has no significant unrecognised deferred tax asset/liability (2009: Nil). 28. 670,203,000 607,704,000 10% 10% TEXWINCA HOLDINGS LIMITED ANNUAL REPORT 2010 101
NOTES TO THE FINANCIAL STATEMENTS 31 March 2010 TEXWINCA HOLDINGS LIMITED ANNUAL REPORT 2010 29. SHARE CAPITAL Shares Authorised: 2,000,000,000 shares of HK$0.05 each in nominal value Issued and fully paid: 1,334,608,104 (2009: 1,327,211,104) shares of HK$0.05 each in nominal value 2,000,000,000 2010 2009 HK$’000 HK$’000 0.05 100,000 100,000 1,334,608,104 1,327,211,104 A summary of the movements in the Company’s share capital during the year is as follows: 0.05 66,730 66,360 Notes Number of shares in issue Issued share capital Share premium account Total HK$’000 HK$’000 HK$’000 At 1 April 2008 1,327,132,104 66,356 350,598 416,954 Exercise of share options (a) 833,000 42 4,591 4,633 Transfer from share option reserve – – 1,175 1,175 Repurchase of shares (b) (754,000) (38) (3,951) (3,989) At 31 March 2009 and 1 April 2009 1,327,211,104 66,360 352,413 418,773 Exercise of share options (c) 7,397,000 370 37,399 37,769 Transfer from share option reserve – – 2,396 2,396 At 31 March 2010 1,334,608,104 66,730 392,208 458,938 Notes: (a) The subscription rights attaching to 50,000 share options and 783,000 share options were exercised at the subscription price of HK$4.97 per share and HK$5.60 per share (note 30), respectively, resulting in the issue of 833,000 ordinary shares of HK$0.05 each in nominal value each for a total cash consideration, before expenses, of approximately HK$4,633,000. 29. (a) 50,000783,000 4.975.60 30)833,000 0.05 4,633,000 102
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CONTENTS 02 Corporate Information
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CORPORATE INFORMATION HEAD OFFICE
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FINANCIAL AND OPERATIONAL HIGHLIGHT
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MANAGEMENT’S DISCUSSION AND ANALY
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REPORT OF THE DIRECTORS The board
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REPORT OF THE DIRECTORS SHARE CAPI
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REPORT OF THE DIRECTORS BIOGRAPHIC
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REPORT OF THE DIRECTORS DIRECTORS
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REPORT OF THE DIRECTORS SHARE OPTI
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REPORT OF THE DIRECTORS SHARE OPTI
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REPORT OF THE DIRECTORS SUBSTANTIA
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REPORT OF THE DIRECTORS CONTINUING
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CORPORATE GOVERNANCE REPORT INDEPE
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CORPORATE GOVERNANCE REPORT NOMINA
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CORPORATE GOVERNANCE REPORT INVEST
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INDEPENDENT AUDITORS’ REPORT An
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CONSOLIDATED STATEMENT OF COMPREHEN
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CONSOLIDATED STATEMENT OF FINANCIAL
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CASH FLOW
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COMPANY STATEMENT OF FINANCIAL POSI
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NOTES TO THE FINANCIAL STATEMENTS
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NOTES TO THE FINANCIAL STATEMENTS
Page 52 and 53: NOTES TO THE FINANCIAL STATEMENTS
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