irasia.com - Yue Yuen Industrial (Holdings) Limited

Yue Yuen Industrial (Holdings) Limited
(incorporated in Bermuda with limited liabiltiy)

Notes on the Accounts

Note: [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20]

10. FIXED ASSETS

The investment properties were revalued at 30th September, 1997 by Knight Frank, an independent firm of professional property valuers, at open market value. The surplus arising on revaluation has been credited to the investment properties revaluation reserve.
The land and buildings stated at 1995 valuation were valued at 30th September, 1995 by Knight Frank, an independent firm of professional property valuers, at open market value before being transferred from investment properties. The carrying value of these investment properties prior to the transfer is deemed to be the cost of the land and buildings.
At the balance sheet date, the land use rights certificates and the property ownership certificates in respect of properties in the People's Republic of China (the "PRC") with an aggregate net book value of US$29,492,000 (1996: US$22,052,000) for the Group have not been issued by the relevant PRC government authority. The Group has settled substantially the full amount of the purchase consideration and in the opinion of the directors, such certificates will be issued in due course.
In addition, at the balance sheet date, the transfer of the title of ownership of certain land situated in Indonesia with an aggregate net book value of approximately US$14.3 million (1996: US$12.1 million) is pending approval from the relevant Indonesian government authority.
The Group's investment properties are rented out under operating leases.

Included in buildings under construction as at 30th September, 1997 was interest capitalised amounting to approximately US$1.1 million (1996: US$1.1 million).

11. INTEREST IN SUBSIDIARIES

Details of the Company's principal subsidiaries at 30th September, 1997 are set out in note 32.

12. INTEREST IN ASSOCIATED COMPANIES

Details of the Group's principal associated companies at 30th September, 1997 are set out in note 33.

13. DEPOSITS MADE ON ACQUISITION OF PROPERTIES

The deposits were paid by the Group in connection with the acquisition of properties in the PRC. The balance payable at 30th September, 1997 is shown as a capital commitment in note 29.

14. OTHER LONG-TERM RECEIVABLE

The receivable is due from an insignificant minority shareholder of a subsidiary (the "MI Shareholder"). It is secured by the MI Shareholder's equity interests in the subsidiary, carries interest which is equivalent to the rate of dividend distributed by the subsidiary and has no fixed repayment terms. The Group has an option to acquire, at any time, the MI Shareholder's equity interests for a consideration equivalent to the outstanding receivable upon exercise of the option. In the opinion of the directors, the receivable is unlikely to be repaid within one year and is therefore shown in the balance sheet as non-current.

15. NET CURRENT ASSETS

16. STOCKS

17. SHORT-TERM BANK AND OTHER BORROWINGS

18. SHARE CAPITAL

During the year, 45,833,333 share options were exercised, resulting in the issue of 45,833,333 ordinary shares of HK$0.10 each in the Company at a price of HK$1.27 per share. These shares rank pari passu with the then existing shares in issue in all respects.
Pursuant to an ordinary resolution passed in the annual general meeting of the Company held on 27th March, 1997, every five issued and unissued shares of HK$0.10 each in the Company were consolidated into one share of HK$0.50 each on 28th March, 1997.

19. SHARE OPTIONS

Under the Company's share option scheme, the directors may, at their discretion, grant options at nil consideration to employees of the Company or its subsidiaries, including directors of any of such companies, to subscribe for shares in the Company. The price per share payable on the exercise of an option will be the higher of the nominal value of the shares or 80% of the average of the closing price per share on the Stock Exchange for the five trading days immediately preceding the date of grant of the option or such price as from time to time adjusted pursuant to the scheme.
A summary of the options granted under the Company's share option scheme is as follows:

Adjustments were made to the number and exercise price of the outstanding share options following the consolidation of shares by the Company during the year.

20. RESERVES

The special reserve of the Group represents the difference between the nominal amount of the share capital issued by the Company and the nominal amount of the share capital of subsidiaries acquired pursuant to a corporate reorganisation in preparation for the listing of the Company's shares on the Stock Exchange in 1992.
The contributed surplus of the Company represents the difference between the aggregate net tangible assets of the subsidiaries acquired by the Company under the group reorganisation in 1992 and the nominal amount of the Company's shares issued for the acquisition.
In addition to retained profits, under the Companies Act 1981 of Bermuda (as amended), contributed surplus is also available for distribution to shareholders. However, a company cannot declare or pay a dividend, or make a distribution out of contributed surplus if:
(a) the company is, or would after the payment be, unable to pay its liabilities as they become due; or
(b) the realisable value of the company's assets would thereby be less than the aggregate of its liabilities and its issued share capital and share premium accounts.

Annual Reports

Company's Index

irasia.com

DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any information provided on this website. Under no circumstances shall irasia.com Ltd be liable for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited.
TERMS OF USE: Please read the Terms of Use governing the use of our website.

	The investment properties were revalued at 30th September, 1997 by Knight Frank, an independent firm of professional property valuers, at open market value. The surplus arising on revaluation has been credited to the investment properties revaluation reserve. The land and buildings stated at 1995 valuation were valued at 30th September, 1995 by Knight Frank, an independent firm of professional property valuers, at open market value before being transferred from investment properties. The carrying value of these investment properties prior to the transfer is deemed to be the cost of the land and buildings. At the balance sheet date, the land use rights certificates and the property ownership certificates in respect of properties in the People's Republic of China (the "PRC") with an aggregate net book value of US$29,492,000 (1996: US$22,052,000) for the Group have not been issued by the relevant PRC government authority. The Group has settled substantially the full amount of the purchase consideration and in the opinion of the directors, such certificates will be issued in due course. In addition, at the balance sheet date, the transfer of the title of ownership of certain land situated in Indonesia with an aggregate net book value of approximately US$14.3 million (1996: US$12.1 million) is pending approval from the relevant Indonesian government authority. The Group's investment properties are rented out under operating leases. Included in buildings under construction as at 30th September, 1997 was interest capitalised amounting to approximately US$1.1 million (1996: US$1.1 million).

11.	INTEREST IN SUBSIDIARIES Details of the Company's principal subsidiaries at 30th September, 1997 are set out in note 32.

12.	INTEREST IN ASSOCIATED COMPANIES Details of the Group's principal associated companies at 30th September, 1997 are set out in note 33.

13.	DEPOSITS MADE ON ACQUISITION OF PROPERTIES The deposits were paid by the Group in connection with the acquisition of properties in the PRC. The balance payable at 30th September, 1997 is shown as a capital commitment in note 29.

14.	OTHER LONG-TERM RECEIVABLE The receivable is due from an insignificant minority shareholder of a subsidiary (the "MI Shareholder"). It is secured by the MI Shareholder's equity interests in the subsidiary, carries interest which is equivalent to the rate of dividend distributed by the subsidiary and has no fixed repayment terms. The Group has an option to acquire, at any time, the MI Shareholder's equity interests for a consideration equivalent to the outstanding receivable upon exercise of the option. In the opinion of the directors, the receivable is unlikely to be repaid within one year and is therefore shown in the balance sheet as non-current.

15.	NET CURRENT ASSETS

16.	STOCKS

17.	SHORT-TERM BANK AND OTHER BORROWINGS

18.	SHARE CAPITAL During the year, 45,833,333 share options were exercised, resulting in the issue of 45,833,333 ordinary shares of HK$0.10 each in the Company at a price of HK$1.27 per share. These shares rank pari passu with the then existing shares in issue in all respects. Pursuant to an ordinary resolution passed in the annual general meeting of the Company held on 27th March, 1997, every five issued and unissued shares of HK$0.10 each in the Company were consolidated into one share of HK$0.50 each on 28th March, 1997.

19.	SHARE OPTIONS Under the Company's share option scheme, the directors may, at their discretion, grant options at nil consideration to employees of the Company or its subsidiaries, including directors of any of such companies, to subscribe for shares in the Company. The price per share payable on the exercise of an option will be the higher of the nominal value of the shares or 80% of the average of the closing price per share on the Stock Exchange for the five trading days immediately preceding the date of grant of the option or such price as from time to time adjusted pursuant to the scheme. A summary of the options granted under the Company's share option scheme is as follows: Adjustments were made to the number and exercise price of the outstanding share options following the consolidation of shares by the Company during the year.

20.	RESERVES The special reserve of the Group represents the difference between the nominal amount of the share capital issued by the Company and the nominal amount of the share capital of subsidiaries acquired pursuant to a corporate reorganisation in preparation for the listing of the Company's shares on the Stock Exchange in 1992. The contributed surplus of the Company represents the difference between the aggregate net tangible assets of the subsidiaries acquired by the Company under the group reorganisation in 1992 and the nominal amount of the Company's shares issued for the acquisition. In addition to retained profits, under the Companies Act 1981 of Bermuda (as amended), contributed surplus is also available for distribution to shareholders. However, a company cannot declare or pay a dividend, or make a distribution out of contributed surplus if: (a) the company is, or would after the payment be, unable to pay its liabilities as they become due; or (b) the realisable value of the company's assets would thereby be less than the aggregate of its liabilities and its issued share capital and share premium accounts.

Yue Yuen Industrial (Holdings) Limited(incorporated in Bermuda with limited liabiltiy)

Yue Yuen Industrial (Holdings) Limited
(incorporated in Bermuda with limited liabiltiy)