Consolidated Profit And Loss Account Page 28
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48NOTES TO THE ACCOUNTS
c)
Properties revaluation
The Group’s investment properties in Hong Kong, Singapore and Japan have been revalued as at 31
March 2005 by Wharf Estates Development Limited, an associated company engaged in professional
valuation, CB Richard Ellis (Pte) Ltd and Ikoma CB Richard Ellis KK, independent firms of property
consultants, on an open market value basis, after taking into consideration the net rental income
allowing for reversionary potential and the redevelopment potential of the properties, where
appropriate.
The surplus arising on revaluation less minority interests, where appropriate, is dealt with in the
consolidated profit and loss account in accordance with the Group’s accounting policies.
d)
The gross amounts of investment properties of the Group held for use in operating leases were
HK$5,313.7 million (2004: HK$4,005.6 million).
e)
The Group leases out properties under operating leases, which generally run for an initial period of one
to six years, with an option to renew the lease after that date at which time all terms are renegotiated.
Lease income may be varied periodically to reflect market rentals and may contain a contingent rental
element which is based on various percentages of tenants’s sales receipts.
f)
The Group’s total future minimum lease income under non-cancellable operating leases is receivable as
follows:
Group
2005
2004
HK$ Million
HK$ Million
Within 1 year
250.4
221.2
After 1 year but within 5 years
152.4
184.2
After 5 years
–
0.1
402.8
405.5
12. SUBSIDIARIES
Company
2005
2004
HK$ Million
HK$ Million
Unlisted shares, at cost
3,495.0
3,495.0
Amounts due from subsidiaries
4,442.5
5,513.8
Amounts due to subsidiaries
(3,299.2)
(4,533.0)
4,638.3
4,475.8
Details of principal subsidiaries at 31 March 2005 are shown on pages 74 and 75.
60
Wheelock and Company Limited Annual Report 2004/05
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