Annual Report - QuamIR

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Consolidated Cash Flow Statement For the year ended 31 December 2011 2011 2010 Note HK$ Million HK$ Million Cash flows used in operating activities Cash used in operations 43(a) (122.8) (98.0) Income tax paid, net (83.5) (2.5) Net cash used in operating activities (206.3) (100.5) Cash flows from investing activities Interest received 29.0 18.9 Dividend received 26.1 76.3 Construction costs paid for investment properties under development (47.1) (9.9) Purchase of property, plant and equipment (67.6) (1.5) Purchase of intangible assets (1.4) – Proceeds from the disposal of – Prepaid land lease payments – 33.7 – Property, plant and equipment 7.1 1.1 – Financial assets at fair value through profit and loss – 58.7 – Available for sale financial assets 1.4 – – Subsidiaries 43(c) 950.5 – – Associated companies 577.1 – Increase in net advances to jointly controlled entities (91.7) (1.7) Increase in net advances to associated companies (0.5) – Net cash generated from investing activities 1,382.9 175.6 Cash flows from financing activities Proceeds from exercise of share warrants 210.9 17.3 Payment for repurchase of ordinary shares – (1.3) Repayment of bank borrowings and other loans (587.6) (542.5) Decrease/(increase) in restricted cash 47.1 (11.6) Increase in bank borrowings and other loans 512.2 511.2 Decrease in amount due to a shareholder – (362.1) Contribution from a non-controlling shareholder in a subsidiary 196.9 195.0 Dividends paid to Company’s shareholders (108.3) – Dividends paid to non-controlling shareholders (88.9) (2.4) Interest paid (212.8) (249.7) Net cash used in financing activities (30.5) (446.1) Net increase/(decrease) in cash and cash equivalents 1,146.1 (371.0) Cash and cash equivalents at 1 January 1,903.3 2,210.0 Effect of foreign exchange rate changes 65.6 75.6 Cash and cash equivalents at 31 December Cash and cash equivalents of disposal group classified as held for sale 3,115.0 1,914.6 3,115.0 1,903.3 – 11.3 3,115.0 1,914.6 78 HKC (Holdings) Limited • Annual Report 2011
Notes to the Consolidated Financial Statements 1 General information HKC (Holdings) Limited (the “Company” or “HKC”) is a limited liability company incorporated in Bermuda. The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. 1 Clarendon House, 2 Church Street, Hamilton HM11, Bermuda The Company and its subsidiaries (collectively the “Group”) are principally engaged in the business of property development and investment, alternative energy investment and operation, infrastructure and construction. The investments of the Group are mainly located in the Mainland China. The shares of the Company are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). These consolidated financial statements are presented in million of units of Hong Kong dollars (HK$ Million), unless otherwise stated. These consolidated financial statements were approved for issue by the Board of Directors on 22 March 2012. 2 Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 2.1 Basis of preparation The consolidated financial statements of HKC (Holdings) Limited have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”). They have been prepared under the historical cost convention, as modified by the revaluation of investment properties, available-for-sale financial assets, and financial assets and financial liabilities (including derivative financial instrument) at fair value through profit or loss. 2 2.1 The preparation of financial statements in conformity with HKFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. 4 • 79
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HKC (HOLDINGS) LIMITED (incorporat
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Contents 2 Corporate Information
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Corporate Information (Continued)
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Chairman’s Statement (Continued)
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Chairman’s Statement (Continued)
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Management Discussion and Analysis
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Corporate Governance Report (Contin
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Notes to the Consolidated Financial
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Principal Subsidiaries, Associated
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Five-Year Financial Summary 2011 2
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Schedule of Principal Properties (C
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HKC (HOLDINGS) LIMITED 9/F., Tower
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Annual Report - QuamIR

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