Interim Report 2012 - TodayIR.com

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Notes to Financial Statements30 June 201226. DEFERRED TAX (Continued)Pursuant to the PRC CIT Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign investmententerprises established in Mainland China. The requirement is effective from 1 January 2008 and applies to earnings after 31December 2007. A lower withholding tax rate may be applied if there is a tax treaty between Mainland China and the jurisdiction ofthe foreign investors. The Group is therefore liable for withholding taxes on dividends distributed by those subsidiaries established inMainland China in respect of earnings generated from 1 January 2008.No deferred tax has been recognised for withholding taxes that would be payable on the unremitted earnings that are subject towithholding taxes of the Group’s subsidiaries established in Mainland China. In the opinion of the Directors, it is not probable thatthese subsidiaries will distribute such earnings in the foreseeable future. The aggregate amount of temporary differences associatedwith investments in subsidiaries in Mainland China for which deferred tax liabilities have not been recognised totalled approximatelyRMB175,522,000 and RMB228,233,000 at 31 December 2011 and 30 June 2012, respectively.There are no income tax consequences attaching to the payment of dividends by the Company to its shareholders.27. EMPLOYEE RETIREMENT BENEFITSAs stipulated by the state regulations of the PRC, the subsidiaries in Mainland China participate in a defined contribution pensionscheme. All employees are entitled to an annual pension equal to a fixed proportion of the average basic salary amount of thegeographical area of their last employment at their retirement date. The subsidiaries are required to make contributions to thelocal social security bureau at 10% to 22% of the previous year’s average basic salary amount of the geographical area where theemployees are under employment with the subsidiaries in Mainland China.In compliance with the Mandatory Provident Fund Schemes Ordinance (the “MPF Ordinance”), the subsidiaries in Hong Kong haveparticipated in a MPF scheme, which is a defined contribution scheme managed by an independent trustee, to provide retirementbenefits to their Hong Kong employees. Contributions are made based on a percentage of the employees’ basic salaries and chargedto the income statement as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme areheld separately from those of the Group in an independently administered fund. The Group’s employer contributions vest fully withthe employees when contributed into the MPF Scheme, except for the Group’s employer voluntary contributions, which are refundedto the Group when the employee leaves employment prior to the contributions vesting fully, in accordance with the rules of the MPFScheme.The Group has no obligation for the payment of pension benefits beyond the annual contributions as set out above.INTERIM REPORT 2012 67
Notes to Financial Statements30 June 201228. SHARE CAPITALShares30 June 31 December2012 2011Authorised:Ordinary shares (of HK$0.01 each) 10,000,000,000 10,000,000,000Issued and fully paid:Ordinary shares (of HK$0.01 each) 1,133,750,000 1,135,000,000Equivalent to RMB’000 9,252 9,262A summary of transactions during the period with reference to the above movement in the Company’s issued share capital is asfollows:Number ofEquivalentissued and Nominal nominal Equivalentfully paid value of Share value of shareordinary shares ordinary shares premium ordinary shares premiumHK$’000 HK$’000 RMB’000 RMB’000Balance as at29 June 2011 (note (a)) 1,000,000 10 (10) 8 (8)Issue of new shares (note(b)) 1,109,000,000 11,090 147,941 9,050 120,790Share issue expense (4,659) (3,820)Issue of new shares (note (c)) 25,000,000 250 204 At 31 December 2011 1,135,000,000 11,350 143,272 9,262 116,962Cancellation of shares (note (d)) (1,250,000) (13) 13 (10) 10At 30 June 2012 1,133,750,000 11,337 143,285 9,252 116,97268XIAO NAN GUO RESTAURANTS HOLDINGS LIMITED
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CONTENTS2Corporate Information3Fina
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Management Discussion and AnalysisI
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Management Discussion and AnalysisT
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Management Discussion and AnalysisR
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Management Discussion and AnalysisL
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Management Discussion and AnalysisH
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Independent Auditors’ ReportOpini
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Page 25 and 26: Notes to Financial Statements30 Jun
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Page 89 and 90: Other InformationOutstanding option
Page 91: Other InformationCOMPLIANCE WITH TH
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