Annual Report 2016 - page 196

New World Development Company Limited
182
Financial Section
45 Notes to Consolidated Statement of Cash Flows
(continued)
(d) Disposal of subsidiaries
2016
2015
HK$m
HK$m
Net assets disposed
Property, plant and equipment
1,732.0
1,262.5
Investment properties
2,762.8
5.6
Land use rights
100.6
Held-to-maturity investments
0.6
Other non-current assets
15.6
Properties for development
10,108.6
Properties under development
5,004.2
Properties held for sales
1,296.1
Interests in joint ventures
1,092.7
Inventories
12.8
Debtors and prepayments
823.7
175.3
Cash and bank balances
1,466.5
251.7
Creditors and accrued charges
(4,506.2)
(611.0)
Current tax payable
(94.0)
(70.3)
Borrowings
(1,531.9)
Deferred tax liabilities
(363.1)
(30.3)
Non-controlling interests
(236.5)
Net assets
17,655.5
1,012.5
Interest retained by the Group as a joint venture
(287.9)
(4,787.1)
Release of reserve upon disposal
(980.3)
(14.0)
Gain on partial disposal of interests in subsidiaries and remeasurement of
retained interest at fair value after reclassification to a joint venture
40.0
13,709.2
Net gain on disposal of subsidiaries
6,965.4
18.0
Consideration
23,392.7
9,938.6
(e) Analysis of net inflow of cash and cash equivalents in respect of disposal of subsidiaries
2016
2015
HK$m
HK$m
Cash consideration
23,392.7
9,938.6
Consideration to be received (note)
(10,387.6)
Cash and cash equivalents disposed
(1,466.5)
(251.7)
11,538.6
9,686.9
Note:
The balance mainly represents the consideration to be received from Evergrande in relation to the disposal of subsidiaries (note 28(a)).
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