Consolidated Profit And Loss Account Page 29
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48NOTES TO THE ACCOUNTS
13. ASSOCIATES
Group
2005
2004
HK$ Million
HK$ Million
Share of net assets
32,907.6
26,317.2
Amounts due from associates
68.3
263.5
Loans from associates (Note b)
(79.8)
(215.6)
Amounts due to associates (Note c)
(1,448.5)
(1,836.8)
31,447.6
24,528.3
a)
Analysis of the cost of investments of the above:
Shares listed in Hong Kong
11,483.8
11,483.8
Unlisted shares
72.4
78.0
11,556.2
11,561.8
Market value of listed shares
30,427.8
28,897.6
b)
Loans from associates of HK$79.8 million (2004: HK$215.6 million) are contributed by associates in
proportion to their equity interests in the Sorrento property development project. The loans from
associates are interest bearing at rates as determined with reference to prevailing market rates. Interest
expenses in respect of loans from associates for the year ended 31 March 2005 amounted to HK$0.8
million (2004: HK$17.0 million). The loans are unsecured and have no fixed terms of repayment.
c)
Included in the amounts due to associates is an advance of HK$1,387.6 million (2004: HK$1,773.6
million) contributed by an associate in proportion to its equity interest in the Bellagio property
development project. The advance bears interest at such rate as may from time to time be agreed by the
shareholders of the property holding company. For the current financial year, the advance is unsecured
and interest free.
d)
The Group equity accounted for the results and net assets of The Wharf (Holdings) Limited (“Wharf”),
the Group’s significant listed associate, based on its audited financial statements for the year ended 31
December 2004. Extracts of Wharf’s audited consolidated profit and loss account and balance sheet are
shown on page 79.
e)
Details of principal associates at 31 March 2005 are shown on page 75.
61
Wheelock and Company Limited Annual Report 2004/05
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