Investor Presentaiton
HKAS 1.51(a)
HKAS 1.49
HK Listco Ltd
Financial statements for the year ended 31 December 2023
2023
2022
$'000
$'000
HKFRS 12.B12
Revenue
747,858
627,538
Profit from continuing operations
21,340
20,270
Post-tax profit or loss from discontinued operations
Other comprehensive income
Total comprehensive income
21,340
20,270
Dividend received from Sun Co Ltd
HKFRS 12.B13
Included in the above profit: 194
Depreciation and amortisation
Interest income
Interest expense
Income tax expense
Reconciled to the group's interest in Sun Co Ltd
HKFRS 12.B14(b)
Gross amounts of Sun Co Ltd's net assets
Group's effective interest
Group's share of Sun Co Ltd's net assets
Group's share of shareholders' loan (note 2)
Carrying amount of the group's interest
HKFRS 12.B13
194
(14,556)
(12,335)
1,160
1,110
(1,270)
(1,160)
(7,168)
(6,890)
1,930
1,590
50%
50%
965
795
41,800
31,300
42,765
32,095
Note 2: In accordance with the terms of the joint venture agreement, both parties to the joint venture have provided loan capital
to the joint venture in proportion to their shareholdings and under equal terms. The loans are unsecured, interest free
and subordinated to the other financing obtained by the joint venture. Repayment of any amount of the loan capital
requires both venturers' approval and is subject to the joint venture having sufficient assets after taking into account the
external financing and accumulated profits. Accordingly, the shareholder's loan forms an integral part of the group's
equity investment in the joint venture and is recognised as such 195.
In addition to the summarised financial information listed out in footnote 191 above, an entity should disclose for each material joint
venture the amount of:
cash and cash equivalents;
•
current financial liabilities (excluding trade and other payables and provisions);
.
195
•
non-current financial liabilities (excluding trade and other payables and provisions);
depreciation and amortisation;
interest income;
interest expense; and
income tax expense or income.
In this illustration, HK Listco's loan to a thinly capitalised joint venture has been recognised as an integral part of the group's equity
interest in the joint venture, even though the joint venture classifies the loan as a liability given the terms and conditions of the
arrangement. It therefore falls outside the scope of HKFRS 9 and is included as a reconciling item in the analysis of the group's
interest in the joint venture's net assets.
124
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