Consolidated Profit And Loss Account Page 23
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48NOTES TO THE ACCOUNTS
4.
OTHER NET INCOME
2005
2004
HK$ Million
HK$ Million
Net profit on disposal of non-trading securities
89.3
19.8
Amortisation of negative goodwill
8.6
45.5
Deferred profit realised
111.2
–
Impairment of non-trading securities
–
(41.4)
Others
4.4
(6.6)
213.5
17.3
Included in the net profit on disposal of non-trading securities is a net surplus, before deduction of minority
interests, of HK$30.6 million (2004: a net deficit of HK$37.4 million) transferred from the investment
revaluation reserves.
5.
BORROWING COSTS
2005
2004
HK$ Million
HK$ Million
Interest payable on
Bank loans and overdrafts
90.2
129.9
Other loans repayable within 5 years
0.9
17.1
Other borrowing costs
19.7
28.7
110.8
175.7
Less: Amount capitalised
(31.9)
(38.7)
78.9
137.0
The Group’s effective borrowing interest rate for the year was approximately 1.4% (2004: 1.8%) per annum.
6.
WRITE BACK OF PROVISION FOR PROPERTIES
Following a review based on the property market conditions prevailing at 31 March 2005, the Group had
written back an aggregate property provision of HK$2,237.9 million, comprising HK$885.8 million for the
Group’s investment properties and HK$1,352.1 million for other properties, of which HK$1,327.0 million was
written back in the interim accounts for the Bellagio Phases III and IV units according to the Group’s
accounting policy. The write back for the investment properties is related to the deficit charged to the profit
and loss account in prior years.
55
Wheelock and Company Limited Annual Report 2004/05
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