Annual Report 2015
FINANCIAL SECTION
145
8 OTHER GAINS, NET
2015
2014
HK$m
HK$m
Write back of provision for loans and other receivables
376.6
4.9
Gain on deemed disposal of interests in subsidiaries
–
31.4
Gain on deemed disposal of interests in joint ventures
–
594.3
Gain on deemed disposal of interest in an associated company
50.7
–
Gain on partial disposal of interests in subsidiaries and remeasurement of
retained interest at fair value after reclassification to a joint venture (note (a))
13,709.2
–
Gain on remeasurement of an available-for-sale financial asset retained
at fair value upon reclassification from an associated company (note (b))
914.0
–
Gain on remeasurement of previously held interest of a joint venture at
fair value upon further acquisition to become a subsidiary (note (c))
986.6
67.3
Net (loss)/gain on fair value of financial assets at fair value through
profit or loss
(38.9)
105.6
Net gain/(loss) on disposal of
Non-current assets classified as assets held for sale
30.3
(46.0)
Available-for-sale financial assets
66.2
198.2
Financial assets at fair value through profit or loss
(23.5)
–
Investment properties and property, plant and equipment
(63.2)
41.3
Subsidiaries
18.0
119.8
Joint ventures
–
18.6
Associated companies
(137.9)
1,749.4
Impairment loss on
Available-for-sale financial assets
(11.8)
(6.6)
Loans and other receivables
(61.2)
(91.1)
Property, plant and equipment
(532.0)
(4.1)
Intangible assets
(100.5)
(125.9)
Net exchange gain/(loss)
93.8
(344.1)
15,276.4
2,313.0
Notes:
(a)
On 29 April 2015, the Company and its subsidiaries, namely Beames Holdings Limited (“Beames”), Park New Astor Hotel
Limited and Great TST Limited, entered into agreements with HIP Company Limited (“HIP”), a wholly owned subsidiary
of the Abu Dhabi Investment Authority, to establish a new joint venture company (the “JVC”) in which Beames and HIP
will each (directly or indirectly) hold 50% of the issued share capital and into which the entire ownership of three hotels,
namely, Grand Hyatt Hong Kong, Renaissance Harbour View Hotel, Hong Kong and Hyatt Regency, Tsim Sha Tsui will be
injected with effect from the completion of the agreements (the “Sale and Transfer”). The total consideration for the Sale
and Transfer is HK$18.5 billion (subject to customary closing adjustments). The Sale and Transfer was completed on 15
June 2015 and it resulted in a total gain on disposal, before taxation and share of non-controlling interests, of approximately
HK$15.0 billion, out of which HK$13.7 billion was recognised as other gains, net and HK$1.3 billion was recognised as
gross profit in the consolidated income statement. The interest in the JVC is accounted for as a joint venture of the Group.
