Annual Report 2011/12 - International Entertainment Corporation

More documents

Recommendations

Info

Notes to the Consolidated Financial StatementsFor the year ended 31 March 201226. PROMISSORY NOTESIn October 2007, promissory notes (“Promissory Notes”) with an aggregate amount of approximately HK$642 millionwere issued by a subsidiary of the Company in favour of two related companies, which are beneficially owned by CTF,to replace the shareholders’ loans of HK$642 million assigned by the shareholders which arose from the acquisitionof Fortune Gate Overseas Limited (“Fortune Gate”). Pursuant to the terms of the Promissory Notes, the amounts areunsecured, non-interest bearing and repayable on demand. There was no repayment of promissory notes duringthe year. During the year ended 31 March 2011, the Group repaid approximately HK$73 million owing under thePromissory Notes.At 31 March 2012 and 2011, the entire amount is denominated in HK$, foreign currency of the relevant group entities.27. SHARE CAPITALPar value ofsharesHK$Number ofsharesValueHK$’000Authorised:Ordinary sharesAt 1 April 2010, 31 March 2011 and 2012 1 each 2,000,000,000 2,000,000Issued and fully paid:Ordinary sharesAt 1 April 2010, 31 March 2011 and 2012 1 each 1,179,157,235 1,179,157International Entertainment Corporation - Annual Report 2011/12 77
Notes to the Consolidated Financial StatementsFor the year ended 31 March 201228. DEFERRED TAXATIONThe following are the major deferred tax liabilities recognised and the movements thereon during the current and theprior years:UnrealisedforeignexchangegainFair valueadjustmentsarising onproperty, plantand equipmentand investmentpropertieson businesscombinationTotalHK$’000 HK$’000 HK$’000(Note)At 1 April 2010 17,702 96,099 113,801Exchange adjustments 931 4,551 5,482Charge (credit) to profit or loss (note 13) 2,692 (2,182) 510At 31 March 2011 21,325 98,468 119,793Exchange adjustments 134 612 746Charge (credit) to profit or loss (note 13) 281 (2,259) (1,978)At 31 March 2012 21,740 96,821 118,561Note:The amount represents the deferred tax liabilities in relation to the unrealised foreign exchange gain arising from the monetaryassets and liabilities denominated in foreign currencies of the subsidiaries operating in the Philippines.As at 31 March 2012, the Group had estimated unused tax losses of approximately HK$180,160,000 (2011:HK$186,187,000) and deductible temporary differences of approximately HK$3,867,000 (2011: HK$2,066,000)available for offset against future profits. As at 31 March 2012 and 2011, no deferred tax assets was recognisedof such losses due to the unpredictability of future profit streams. Tax losses amounting to approximatelyHK$142,478,000 (2011: HK$129,168,000) may be carried forward indefinitely.78International Entertainment Corporation - Annual Report 2011/12
Page 1 and 2:
Annual Report2011/12(Incorporated i
Page 3 and 4:
Corporate InformationEXECUTIVE DIRE
Page 5 and 6:
Chairman’s StatementIn addition t
Page 7 and 8:
Management Discussion and AnalysisB
Page 9 and 10:
Board of Directors and Senior Manag
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Report of the DirectorsRESERVESDeta
Page 17 and 18:
Report of the DirectorsINTERESTS AN
Page 19 and 20:
Report of the DirectorsARRANGEMENTS
Page 21 and 22:
Report of the DirectorsPURCHASE, SA
Page 23 and 24:
Corporate Governance ReportBOARD OF
Page 25 and 26:
Corporate Governance ReportAUDIT CO
Page 27 and 28: Independent Auditor’s ReportTO TH
Page 29 and 30: Consolidated Income StatementFor th
Page 31 and 32: Consolidated Statement of Financial
Page 33 and 34: Consolidated Statement of Changes i
Page 35 and 36: Consolidated Statement of Cash Flow
Page 37 and 38: Notes to the Consolidated Financial
Page 77: Notes to the Consolidated Financial
Page 91: Particulars of Principal Properties
show all

Annual Report 2011/12 - International Entertainment Corporation

Create successful ePaper yourself

Delete template?

Save as template?