NOTES TO
FINANCIAL STATEMENTS
December 31, 2015
96
CITIC ENVIROTECH LTD.
Annual Report
2015
12 ASSESTS CLASSIFIED AS HELD FOR SALE (cont’d)
Subsequent to the financial year, the Group received RMB20,460,000 ($4,505,000) and 24% of shares
have been transferred on January 6, 2016. The remaining proceeds from disposal and transfer of 56%
of shares are expected to be completed in 2016.
In accordance with FRS 105
Non-current Assets Held for Sale and Discontinued Operations
, the
assets and liabilities of the subsidiary are expected to be disposed within twelve months, and have
been presented separately as “assets classified as held for sale” and “liabilities directly associated
with assets classified as held for sale” in the statements of financial position.
As the proceeds for the disposal exceed the net carrying amount of the relevant assets and liabilities,
no impairment loss has been recognised on these assets as held for sale.
The major classes of assets and liabilities comprising the disposal group classified as held for sale are
as follows:
Group
December
31,
March
31,
2015
2015
$’000
$’000
Assets classified as held for sale
Intangible assets
27,756
27,707
Other receivables and prepayments
6,826
989
34,582
28,696
Liabilities directly associated with assets classified as held for sale
Trade payables
8,915
9,048
Other payables
21,176
15,988
Income tax payable
1,147
1,168
31,238
26,204
Net assets of disposal group
3,344
2,492
13 SUBSIDIARIES
Company
December
31,
March
31,
2015
2015
$’000
$’000
Unquoted equity shares, at cost
257,956 202,279
Exchange realignment
16,244
28,388
Financial guarantee contracts
2,424
2,294
Net
276,624 232,961
Due from subsidiaries (non-trade)
2,399
2,435
Total
279,023 235,396
The balances with subsidiaries are unsecured, interest-free and not expected to be repayable within
one year. As the amounts due from subsidiaries have no definite repayment period, it is not possible
for management to calculate the fair value of these balances as at the end of the reporting period.
