Annual Report 2019
176 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED Notes to the Consolidated Financial Statements For the year ended 31 December 2019 8. OTHER INCOME AND OTHER GAINS, NET 2019 2018 HK$’million HK$’million Dividend income from equity investments 122 54 Gain on disposal of property, plant and equipment 17 15 Gain on disposal of subsidiaries (note 39) — 4,400 Gain on resumption of land parcels at Qianhai (Note (a)) 4,820 — Gain on resumption of land parcels at Shantou (Note (b)) 688 — Increase in fair value of investment properties (note 19) 105 376 Gain on deemed disposal of interest in a joint venture (note 23) 440 — Increase/(decrease) in fair value of financial assets at FVTPL 513 (1,113) Increase in fair value of financial liabilities at FVTPL (414) (149) Net exchange losses (29) (277) Indemnification from related parties (Note (c)) 554 — Others 132 85 6,948 3,391 Notes: (a) During the year ended 31 December 2019, certain land parcels held by the Group and certain members (as set out in note 43) of CMG and its subsidiaries at Qianhai, Shenzhen, the PRC were resumed by Shenzhen Qianhai Shenzhen-Hong Kong Modern Services Commission ("QHSH"), an authority established by the government of the PRC. The government compensation for the resumption of the land parcels (excluding a piece of land at Dachan Bay Port Phase II, Shenzhen, the PRC, to be received by the Group as part of the compensation (note 25)) at Qianhai held by the Group is RMB5,693 million (equivalent to approximately HK$6,457 million), resulting in a gain on the resumption of HK$4,820 million. Further details are set out in note 43(a)(ix). (b) Certain property, plant and equipment and land use rights located at Shantou, Guangdong Province, the PRC recognised as non-current assets held for sale as at 31 December 2018 were resumed by Shantou Land Reserve Center, an authority established by the government of the PRC. The compensation for the resumption of the related assets at Shantou held by the Group is RMB205 million (equivalent to approximately HK$232 million), resulting in a gain on the resumption of HK$78 million. During the year ended 31 December 2019, certain land use rights classified under right-of-use assets and property, plant and equipment at Shantou, Guangdong Province, the PRC of a non-wholly-owned subsidiary of the Company were resumed by Shantou Land Reserve Center. The compensation for resumption of the related assets at Shantou held by the Group is RMB771 million (equivalent to approximately HK$875 million), resulting in a gain on the resumption of HK$610 million. (c) Amount being the indemnification from the holding companies of a non-controlling shareholder of a subsidiary in connection with the operation of the relevant subsidiary. 9. STAFF COSTS (INCLUDING DIRECTORS’ EMOLUMENTS) 2019 2018 HK$’million HK$’million Wages, salaries and bonus 1,478 1,630 Retirement benefit scheme contributions (Note) 299 302 1,777 1,932 Note: No forfeiture was utilised for the year ended 31 December 2019 (2018: nil), leaving no available balance at the year end to reduce future contributions.
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