NewWorld Development Company Limited
FINANCIAL SECTION
180
35 NON-CURRENT ASSETS CLASSIFIED AS ASSETS HELD FOR SALE/LIABILITIES
DIRECTLY ASSOCIATED WITH NON-CURRENT ASSETS CLASSIFIED AS ASSETS HELD
FOR SALE
(continued)
Note:
New World Hotel Management (BVI) Limited (“NWHM”), its subsidiaries and a joint venture (the “Disposal Group”) are engaged
in provision of worldwide hotel management services, which is not the core business of NWCL. The Board of Directors of NWCL
believes that the disposal of NWHM, its subsidiaries and a joint venture (the “NWHM Disposal”) will enable NWCL to realise its
investment in non-core business and focus its resources on the operation of its existing core businesses of property development
and investment in the PRC. The negotiation for the NWHM Disposal was in final stage in June 2015 and NWCL announced the
NWHM Disposal on 3 July 2015. Subject to the fulfillment of several conditions precedent, the completion of the NWHM Disposal
shall take place on or before 31 December 2015.
As at 30 June 2015, the assets and liabilities related to the Disposal Group have been classified as assets held for sale and
liabilities directly associated with assets held for sale.
2015
HK$m
Assets
Property, plant and equipment
13.7
Intangible assets
1,693.9
Debtors and prepayments
191.2
Cash and bank balances
165.0
Deferred tax assets
34.0
Assets of the Disposal Group classified as held for sale
2,097.8
Liabilities
Long-term borrowings
818.1
Creditors and accrued charges
92.9
Current tax payable
16.9
Liabilities of the Disposal Group classified as held for sale
927.9
