Annual Report 2011 - QuamIR

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Notes to the Consolidated Financial StatementsFor the year ended 31 March 20114. Critical Accounting Judgments and Key Sources of EstimationUncertainty (continued)Key sources of estimation uncertainty (continued)Provision for restoration costsProvision for restoration costs have been estimated by the directors based on current regulatoryrequirements and the area affected estimated by the management. Significant changes in the regulatoryrequirements in relation to such costs will result in changes to the provision amounts from period toperiod. In addition, the expected timing of cash outflows of such restoration costs are estimated basedon the expected completion date of the mines and is subject to any significant changes to the productionplan. As at 31 March 2011, the balance of provision for restoration cost was HK$376,000 (2010: Nil).Valuation of share options grantedThe fair value of share options granted to employees were calculated using the Black-Scholes valuationmodel based on the Group management’s significant inputs into calculation including an estimated lifeof share options granted, based on exercise restrictions and behavioral consideration, the volatility ofshare price, weighted average share prices and exercise price of the share options granted. Furthermore,the calculation assumes nil future dividends.Net realizable value of inventoriesNet realizable value of inventories is the estimated selling price in the ordinary course of business, lessestimated costs of completion and selling expenses. These estimates are based on the current marketcondition as at the end of the reporting period and the historical experience of manufacturing andselling products of similar nature.5. RevenueAn analysis of the Group’s revenue for the year is as follows:2011 2010HK$’000HK$’000Revenue from sales of fuel oil and chemicals 1,855 23,705Revenue from sales of gold concentrates 2,380 –Revenue from sales of gold 43,457 18,11947,692 41,824Sino Prosper State Gold Resources Holdings Limited74
Notes to the Consolidated Financial StatementsFor the year ended 31 March 20116. Segment InformationUnder HKFRS 8, reported segment information is based on internal management reporting informationthat is regularly reviewed by the Company’s directors, being the chief operating decision maker (the“CODM”) of the Group. The measurement policies the Group used for segment reporting under HKFRS8 are the same as those used in its HKFRS financial statements.The CODM reviews the Group’s internal financial reporting and other information and also obtains otherrelevant external information in order to assess performance and allocate resources and operatingsegment is identified with reference to these.The CODM considers that the business of the Group is organized in one operating segment as investmentin energy and natural resources (including precious metals) related projects in the PRC. Additionaldisclosure in relation to segment information is not presented as the CODM assesses the performance ofthe only operating segment identified based on the consistent information as disclosed in the consolidatedfinancial statements.The total net segment loss is equivalent to total comprehensive expense for the year as shown inthe consolidated statement of comprehensive income and the total segment assets and total segmentliabilities are equivalent to total assets and total liabilities as shown in the consolidated statement offinancial position.Details of interest income, interest expenses and depreciation in relation to the operating segment aredisclosed in notes 7, 8 and 10 below respectively.Details of additions to non-current assets are disclosed in notes 16, 18, 19 and 20.The Company is domiciled in the Cayman Islands with the Group’s major operations in Hong Kongand the PRC. Total turnover and revenue as disclosed in note 5 above represented the revenue fromexternal customers.Revenue from major products and servicesAll of the Group’s revenue was attributable to its operations in investment in energy and natural resources(including precious metals) related projects in the PRC.Annual Report 201175
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Sino Prosper State Gold Resources H
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Year in Review2010-2011April 2010HK
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Chairman’s MessageOver the course
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Chairman’s MessageFor its part, A
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Management Discussion & AnalysisAft
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Management Discussion & AnalysisInv
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Management Discussion & AnalysisTar
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Management Discussion & AnalysisDur
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Directors’ and Management Profile
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Directors’ and Management Profile
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Annual Report 2011 - QuamIR

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