New World Development Company Limited
158
Financial Section
18 Land Use Rights
2016
2015
HK$m
HK$m
At beginning of the year
2,343.4
2,374.7
Translation differences
(171.2)
–
Acquisition of a subsidiary
–
24.7
Additions
–
116.0
Transfer between land use rights and properties under development
–
14.3
Transfer between land use rights and investment properties
(54.6)
(92.6)
Disposal of subsidiaries
(100.6)
–
Amortisation
(84.8)
(93.7)
At end of the year
1,932.2
2,343.4
Interests in land use rights represent prepaid operating lease payments.
As at 30 June 2016, the aggregate net book value of land use rights pledged as securities for the Group’s borrowings
amounted to HK$269.0 million (2015: HK$340.2 million).
19 Intangible Concession Rights
2016
2015
HK$m
HK$m
Cost
At beginning of the year
18,775.2
18,731.9
Translation differences
(1,308.4)
–
Additions
122.1
43.3
Disposals
(643.7)
–
At end of the year
16,945.2
18,775.2
Accumulated amortisation and impairment
At beginning of the year
3,977.4
3,147.5
Translation differences
(382.3)
–
Amortisation
819.7
829.9
Disposals
(376.0)
–
At end of the year
4,038.8
3,977.4
Net book value
At end of the year
12,906.4
14,797.8
As at 30 June 2016, the aggregate net book value of intangible concession rights pledged as securities of the Group’s
borrowings amounted to HK$12,695.6 million (2015: HK$14,253.7 million).
