2011 Annual Report - TOM Group

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94 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 18 Interests in jointly controlled entities (Continued) Notes: (a) The loans to a jointly controlled entity as at 31 December 2011 are unsecured, interest bearing at US$ London Interbank Offered Rate plus 1.3% per annum and are repayable on the occurrence of certain clauses specified in the joint venture deed. Details are set out in Note 40(b). (b) There are no material contingent liabilities relating to the Group’s interests in these jointly controlled entities and no material contingent liabilities of the entities themselves. (c) As at 31 December, the Group had interests in the following significant jointly controlled entities: Place of incorporation and Effective Name kind of legal entity Registered capital interest held 2011 TOM Eachnet PRC BVI, limited liability company US$50,000 45.9% Holdings (BVI) Inc. Beijing Ule E-Commerce Mainland China, RMB6,000,000 44.1% Company Limited limited liability company Shanghai Ule Trading Mainland China, RMB2,000,000 44.1% Company Limited limited liability company 2010 TOM Eachnet PRC BVI, limited liability company US$50,000 45.9% Holdings (BVI) Inc. Summarised financial information as below: 2011 2010 HK$’000 HK$’000 Current assets 100,458 39,268 Non-current assets 148 1,126 Current liabilities 120,790 76,082 Non-current liabilities 150,762 117,180 Income 155,920 2,936 Expenses 176,919 46,558 TOM Group Limited
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 19 Interests in associated companies Group 2011 2010 HK$’000 HK$’000 At 1 January 230,736 222,432 Share of profits less losses (3,416) 5,698 Dividend paid (10,021) (764) Exchange adjustment 4,454 3,370 At 31 December 221,753 230,736 Included in the balances: Goodwill (note (a)) At 1 January 137,929 137,029 Exchange adjustment 1,800 900 At 31 December 139,729 137,929 Other intangible assets (note (a)) Cost 65,156 65,156 Accumulated amortisation (31,032) (28,320) 34,124 36,836 Amortisation of other intangible assets included in interests in associated companies amounted to approximately HK$2,712,000 for the current year (2010: Same). Notes: (a) (b) (c) No indication for impairment of goodwill of the associated companies was noted during the year. The other intangible assets arising from the acquisition mainly comprised of exclusive operation agreements, non-compete agreements and advertising customer base, which are recognised at fair value at acquisition and are amortised on a straight-line basis over 5 to 20 years. The details of the principal associated company of the Group are set out below: Place of incorporation and kind of Registered Net profit Effective Name legal entity capital Assets Liabilities Revenue /(loss) interest held HK$’000 HK$’000 HK$’000 HK$’000 2011 China Popular Computer Mainland China, RMB30,000,000 102,658 22,964 77,838 (5,361) 49% Week Management limited liability Company Limited company 2010 China Popular Computer Mainland China, RMB30,000,000 131,688 33,617 102,880 12,119 49% Week Management limited liability Company Limited company Annual Report 2011 95
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CONTENTS CONTENTS 19 11 21 11 47 37
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2 CORPORATE PROFILE TOM Group Limit
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4 FINANCIAL HIGHLIGHTS For the year
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6 MANAGEMENT’S DISCUSSION AND ANA
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8 MANAGEMENT’S DISCUSSION AND ANA
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10 MANAGEMENT’S DISCUSSION AND AN
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12 DIRECTORS’ PROFILE Ip Tak Chue
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14 CORPORATE GOVERNANCE REPORT The
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18 CORPORATE GOVERNANCE REPORT Upon
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24 CORPORATE GOVERNANCE REPORT Corp
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28 REPORT OF THE DIRECTORS Director
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30 REPORT OF THE DIRECTORS (e) (f)
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32 REPORT OF THE DIRECTORS Director
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34 REPORT OF THE DIRECTORS Interest
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36 REPORT OF THE DIRECTORS Li Ka-Sh
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38 REPORT OF THE DIRECTORS (d) (e)
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40 REPORT OF THE DIRECTORS During t
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42 INDEPENDENT AUDITOR’S REPORT I
Page 46 and 47: 44 CONSOLIDATED INCOME STATEMENT Fo
Page 48 and 49: 46 CONSOLIDATED STATEMENT OF FINANC
Page 50 and 51: 48 STATEMENT OF FINANCIAL POSITION
Page 52 and 53: 50 CONSOLIDATED STATEMENT OF CHANGE
Page 54 and 55: 52 NOTES TO THE CONSOLIDATED FINANC
Page 102 and 103: 100 NOTES TO THE CONSOLIDATED FINAN
Page 126 and 127: 124 PRINCIPAL SUBSIDIARIES, JOINTLY
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2011 Annual Report - TOM Group

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