Annual Report 2021

合豐集團控股有限公司 • 二零二一年年報 125 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 綜合財務報表附註（續） FOR THE YEAR ENDED 31ST DECEMBER, 2021 截至二零二一年十二月三十一日止年度 14. 物業、廠房及設備 （續） 減值評估 （續） 由於延遲有關鍋爐的牌照年審導致箱板 紙分部停產及本年度財務表現不佳，本 集團管理層認為箱板紙分部之現金產生 單位（包括於二零二一年十二月三十一 日賬面值分別為 913,296,000 港元及 20,131,000 港元之若干物業、廠房及設 備以及使用權資產）出現減值跡象並進 行減值評估。當根據使用價值計算不大 可能單獨估計相關資產的可收回金額 時，本集團估計資產所屬現金產生單位 的可收回金額。 箱板紙分部現金產生單元的可收回 金額已根據其使用價值釐定。本集團 使用 18.7% 的稅前貼現率估計現金產 生單位的使用價值。減值前賬面值為 1,354,061,000 港元的相關資產已減值至 其可收回金額 933,427,000 港元，即於年 末之賬面值，而減值 420,634,000 港元已 於本年度在該等資產相關功能內的損益 中確認。 釐定物業、廠房及設備所屬的現金產生 單位的可收回金額的使用價值計算為本 集團預期從該現金產生單位產生的未來 現金流量的現值。於二零二一年十二月 三十一日，未來現金流量預測基於本集 團管理層批准的未來 5 年財務預算按稅 前貼現率 18.7% 計算。超過 5 年期間的 現金流量使用 2.0% 增長率推算。計算使 用價值的其他關鍵假設為 (i) 完成改用燃 氣鍋爐後成功取得相關政府當局批准重 續牌照以使箱板紙分部恢復生產； (ii) 箱 板紙分部於恢復生產後的預期銷量每年 288,000 噸；及 (iii) 預算毛利率。 14. PROPERTY, PLANT AND EQUIPMENT (Continued) Impairment assessment (Continued) Due to the suspension of production relating to the containerboard segment as a result of the delay in the annual inspection of the licences of the boilers, and its unfavourable financial performance during the current year, the management of the Group concluded that there were indicators for impairment and conducted impairment assessment on the cash-generating unit of containerboard segment which included certain property, plant and equipment and right-of-use assets with carrying amounts of HK$913,296,000 and HK$20,131,000, respectively, as at 31st December, 2021. The Group estimates the recoverable amounts of the cash-generating unit to which the assets belong when it is not possible to estimate the recoverable amount of the relevant assets individually based on a value-in-use calculation. The recoverable amount of the cash-generating unit of containerboard segment has been determined based on its value in use. The Group estimates the value in use of the cash-generating unit using a pre-tax discount rate of 18.7%. The relevant assets with carrying amount before the impairment of HK$1,354,061,000 were impaired to their recoverable amount of HK$933,427,000 which is the carrying values at year end and the impairment of HK$420,634,000 has been recognised in profit or loss within the relevant function to which these assets relate during the current year. The value-in-use calculation determining the recoverable amount of the cash-generating unit to which the property, plant and equipment belong to, is the present value of the future cash flows the Group expected to arise from the cash generating unit. The future cash flow projection is based on financial budgets approved by the management of the Group covering the following 5 years with a pre-tax discount rate of 18.7% as at 31st December, 2021. The cash flows beyond the five-year period are extrapolated using 2.0% growth rate. Other key assumptions for the value in use calculated are (i) the success of obtaining the approval from the relevant government bureau for the renewal of licences after completion of the change to gas-fuel boilers in order to resume the production relating to the containerboard segment; (ii) the expected sales volume of the containerboard segment of 288,000 tonnes per year after resumption of production; and (iii) budgeted gross margin.