Annual Report 2012 - TodayIR.com

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Lonking Holdings Limited Annual Report 2012 Notes to the Consolidated Financial Statements For the year ended 31 December 2012 14. PROPERTY, PLANT AND EQUIPMENT (Continued) Company Furniture 2012 Buildings and fixtures Total RMB’000 RMB’000 RMB’000 Cost At 1 January 2012 17,971 378 18,349 Additions 1,834 – 1,834 At 31 December 2012 19,805 378 20,183 Accumulated depreciation and impairment At 1 January 2012 – 30 30 Charge for the year 573 130 703 At 31 December 2012 573 160 733 Carrying amount At 31 December 2012 19,232 218 19,450 Furniture 2011 Buildings and fixtures Total RMB’000 RMB’000 RMB’000 Cost At 1 January 2011 – 378 378 Additions 17,971 – 17,971 At 31 December 2011 17,971 378 18,349 Accumulated depreciation and impairment At 1 January 2011 and at 31 December 2011 – 30 30 Carrying amount At 31 December 2011 17,971 348 18,319 The buildings of the Group are situated in Mainland China under a long term lease. 87
Lonking Holdings Limited Annual Report 2012 Notes to the Consolidated Financial Statements For the year ended 31 December 2012 14. PROPERTY, PLANT AND EQUIPMENT (Continued) The construction in progress is mainly related to the construction of factory premises and production plants which had not been completed at the end of the reporting period. As at 31 December 2012, the Group was in the process of applying for title certificates of certain buildings with a carrying amount of RMB484,175,000 (2011: RMB268,720,000). The directors are of the view that the Group is entitled to lawfully and validly occupy and use the abovementioned buildings. The directors are also of the opinion that the aforesaid matter will not have any significant impact on the Group’s financial position as at 31 December 2012. As at 31 December 2012, no property, plant and equipment of the Group were pledged (2011: Nil). 15. PREPAID LAND LEASE PAYMENTS Group 2012 2011 RMB’000 RMB’000 Carrying amount at 1 January 211,025 199,200 Additions 123,311 20,588 Amortisation (6,517 ) (8,763 ) Carrying amount at 31 December 327,819 211,025 Current portion (7,201 ) (5,383 ) Non-current portion 320,618 205,642 The leasehold land is situated in Mainland China and is held under a long term lease. The lease payments for land are charged to profit or loss over the term of the land use rights. The Group is in the process of obtaining the land use right certificate for the leasehold land with a carrying amount of RMB123,764,000 at 31 December 2012 (2011: RMB2,100,000). 88 The directors are of the view that the Group is entitled to lawfully and validly occupy and use the above-mentioned leasehold land. The directors are also of the opinion that the aforesaid matter will not have any significant impact on the Group’s financial position as at 31 December 2012.
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