Notes to Fina - æå³¶æ°èéå

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ncial Statements 30. LONG TERM OTHER PAYABLES 30. The balance represents a payable to a joint venture partner of a jointly-controlled entity which is unsecured, interest-free and payable on or before 7 December 2005. 31. DEFERRED INCOME 31. As part of the disposal arrangement of the Disposed Assets (note 8), the Group entered into a lease agreement with South China Printing Company (1988) Limited (“South China”), an ex-subsidiary of the Group, to continue to lease certain of the Group’s investment properties to South China for a period of five years commencing from 19 April 2002 (the “Lease Period”) at a nominal consideration of HK$1. The aggregate rental value of these properties for the Lease Period was estimated by the directors to be HK$24,583,000 by reference to the then existing market rate. The directors consider that the lease agreement was entered into as part of the disposal arrangement of the Disposed Assets. Accordingly, such rental value has been excluded from the gain on disposal of the Disposed Assets (note 8) and recognised as a deferred income in the balance sheet. The deferred income is amortised and credited to the profit and loss account over the Lease Period on a straight-line basis. 8 South China Printing CompanySouth China 1South China 24,583,000 8 Group 2002 HK$’000 Arising during the year 24,583 Less: Credited to the profit and loss account during the year (3,441) Balance as at 31 December 2002 21,142 Portion classified as current liabilities (4,917) Long term portion 16,225 Global China Group Holdings Limited Annual Report 2002 123
Notes to Fina Notes to Financial Statements 31 December 2002 32. PROVISION FOR LONG SERVICE PAYMENTS 32. Group 2002 2001 HK$’000 HK$’000 Balance at beginning of year/period 5,608 11,616 Disposal of subsidiaries (note 37(c)) 37(c) (625) — Charge for the year (note 7) 7 2,163 — Write-back during the period — (2,929) Payments during the year/period (4,517) (3,092) Exchange realignment 44 13 At 31 December 2,673 5,608 The Group provides for the probable future long service payments expected to be made to employees under the Hong Kong Employment Ordinance, as further explained under the heading “Employee benefits” in note 3 to the financial statements. The provision is based on the best estimate of the probable future payments which have been earned by the employees from their services to the Group to the balance sheet date. 3 33. DEFERRED TAX 33. Group 2002 2001 HK$’000 HK$’000 Balance at beginning of year/period 7,380 9,005 Disposal of subsidiaries (note 37 (c)) 37(c) (6,886) — Credit for the year/period (note 12) 12 (491) (1,631) Exchange realignment (3) 6 At 31 December — 7,380 124 Global China Group Holdings Limited Annual Report 2002
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CONTENTS CONTENTS Global China Gro
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nformation AUDITORS Ernst & Young
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Statement I am also proud to tell
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05 06 07 08 09 05: “Sing Tao Dai
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cussion and Analysis The gearing r
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cussion and Analysis 1. Newspaper
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cussion and Analysis With the acqu
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cussion and Analysis 1. Print Medi
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cussion and Analysis With a view t
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cussion and Analysis Although we h
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04 05 06 07 08 04: China Touch Med
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enior Management Mr. Jia Hong Ping
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enior Management Mr. Yang Yiu Chon
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enior Management Dr. Tong Yuk Lun,
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enior Management Ms. Chan has over
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e Directors SUMMARY FINANCIAL INFOR
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e Directors DIRECTORS The directors
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e Directors DIRECTORS’ INTERESTS
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e Directors Save as disclosed above
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e Directors Following the commencem
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e Directors AUDITORS Ernst & Young
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e Auditors We planned and performe
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fit and Loss Account Period from
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Balance Sheet 2002 2001 Notes H
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ent of Changes in Equity Issued I
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sh Flow Statement Period from 1 A
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sh Flow Statement Period from 1 A
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Balance Sh Balance Sheet 31 Decemb
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ncial Statements 2. IMPACT OF NEW
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ncial Statements 2. IMPACT OF NEW
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ncial Statements 3. SUMMARY OF SI
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Page 74 and 75: ncial Statements 3. SUMMARY OF SI
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Page 90 and 91: ncial Statements 5. TURNOVER, REV
Page 92 and 93: ncial Statements 7. PROFIT/(LOSS)
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Page 96 and 97: ncial Statements 10. DIRECTORS’
Page 98 and 99: ncial Statements 11. FIVE HIGHEST
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Page 102 and 103: ncial Statements 15. FIXED ASSETS
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Page 110 and 111: ncial Statements 19. INVESTMENT I
Page 112 and 113: ncial Statements 20. INTERESTS IN
Page 118 and 119: ncial Statements 22. INVESTMENTS
Page 120 and 121: ncial Statements 26. CASH AND CAS
Page 122 and 123: ncial Statements 28. INTEREST-BEA
Page 126 and 127: ncial Statements 33. DEFERRED TAX
Page 128 and 129: ncial Statements 34. SHARE CAPITA
Page 136 and 137: ncial Statements 35. SHARE OPTION
Page 146 and 147: ncial Statements 36. RESERVES (co
Page 148 and 149: ncial Statements 37. NOTES TO THE
Page 156 and 157: ncial Statements 38. CONTINGENT L
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Page 160 and 161: ncial Statements 41. COMMITMENTS
Page 162 and 163: ncial Statements 42. POST BALANCE
Page 164 and 165: ncial Statements 44. PARTICULARS
Page 170 and 171: ncial Statements 45. COMPARATIVE
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ajor Properties Approx. gross Gro
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Notice of Gene Notice of Annual Ge
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al General Meeting (d) for the pur
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al General Meeting (c) the aggrega
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