CAPÍTULO 3: PROCEDIMIENTO EXPERIMENTAL
3.2. PREPARACIÓN DEL MATERIAL PARA SU ANÁLISIS Y PROCESADO
3.2.1. CORTE
— Within the normal operating cycle included under
current assets 39,155,431 28,370,042
— Beyond normal operating cycle included under
non-current assets 25,700,500 26,551,380
64,855,931 54,921,422
Amounts comprise:
— Construction costs 33,564,122 26,870,421
— Land use rights 28,598,537 26,831,403
— Interest capitalised 2,693,272 1,219,598
64,855,931 54,921,422
The capitalisation rate used to determine the amount of interest incurred eligible for capitalisation in 2012 was 10.31% (2011: 10.68%). Most of the properties under development are located in the PRC.
As at 31 December 2012, land use rights included in properties under development with net book value of RMB18,857,070,000 (2011: RMB10,742,089,000) were pledged as collateral for the Group’s borrowings.
11 INVESTMENT IN AN ASSOCIATE — GROUP
2012 2011
RMB’000 RMB’000
At 1 January 204,762 83,825
Share of (loss)/profi t (90,411) 120,937
At 31 December 114,351 204,762
The Group’s share of the results of its associate, which is unlisted, and its aggregated assets and liabilities, are as follows:
Name
Country of incorporation
Principal
activities Assets Liabilities Revenue Loss
% interest held RMB’000 RMB’000 RMB’000 RMB’000
Guangzhou Li He Property Development Company Limited (“Li He”)
PRC Property Development
11 INVESTMENT IN AN ASSOCIATE – GROUP
(continued)The land of the aforementioned property development project of Li He consists of three phases. According to the agreed payment schedule of land premium, the third phase land premium of RMB10,200,000,000 should be settled in December 2011. As at 31 December 2012, there was an outstanding land premium totaling RMB7,700,000,000 remained unsettled. Management of Li He is in the progress of negotiating with related government authorities about the repayment schedule of this outstanding land premium. Based on the continuing negotiation initiated by the management of Li He and their consultation with external lawyer, the directors of the Company consider that the delayed payment of land premium does not render signifi cant adverse impact on the operating results and fi nancial position of the Group as at 31 December 2012.
12 OTHER NON-CURRENT ASSETS — GROUP
2012 2011
RMB’000 RMB’000
Prepayment for an investment (note (a)) 200,000 —
Investment in a jointly controlled entity (note (b)) 1,722 —
At 31 December 201,722 —
Notes:
(a) In November 2012, the Group entered into an investment agreement with certain PRC companies to establish an investment fund company. Pursuant to the investment agreement, the Group made an investment of RMB200,000,000 which accounts for 6.35% of the equity interest in the investment fund company. As of 31 December 2012, the investment fund company was not yet established.
(b) Investment in a jointly controlled entity is analysed as follows:
2012 RMB’000 At 1 January — Capital injection 5,000 Share of loss (3,278) At 31 December 1,722
In December 2012, the Group completed the acquisition of 50% equity interest in Zhongshan Yahong Property Development Company Limited (“Zhongshan Yahong”) from a PRC real estate developer at a consideration of RMB5,000,000. Zhongshan Yahong is incorporated in the PRC and its principle activities are property development.
Notes to the Consolidated Financial Statements
12 OTHER NON-CURRENT ASSETS — GROUP
(continued)The Group’s share of the results of its jointly controlled entity, which is unlisted, and its aggregated assets and liabilities, are as follows:
2012 RMB’000 Non-current assets 49 Current assets 330,584 Total assets 330,633 Non-current liabilities — Current liabilities 328,911 Total liabilities 328,911 Revenue —
Cost and expenses (3,278)
Loss (3,278)
As at 31 December 2012, there were no signifi cant contingent liabilities and commitments relating to the Group’s interest in the jointly controlled entity and of the jointly controlled entity itself.
13 INVESTMENTS IN SUBSIDIARIES, AMOUNTS DUE FROM/TO
SUBSIDIARIES — COMPANY
As at 31 December
2012 2011
RMB’000 RMB’000
Non-current asset
— Unlisted investments at cost 25,973,294 22,046,832
Current assets
— Amounts due from subsidiaries 13,868,726 10,257,913
Current liabilities
— Amounts due to subsidiaries (673,500) (1,357)
Amounts due from/(to) subsidiaries are interest free, unsecured and repayable on demand. Details of the principal subsidiaries as at 31 December 2012 are set out in note 41.
14 COMPLETED PROPERTIES HELD FOR SALE — GROUP
As at 31 December
2012 2011
RMB’000 RMB’000
Completed properties held for sale 18,497,241 12,876,349
15 INVENTORIES — GROUP
As at 31 December
2012 2011
RMB’000 RMB’000
Construction materials 347,514 248,795
16 TRADE AND OTHER RECEIVABLES — GROUP
As at 31 December
2012 2011
RMB’000 RMB’000
Trade receivables (note (a)) 2,968,240 1,181,362
Land auction deposits 1,360,698 1,195,382
Other receivables 2,920,761 1,865,709
Amounts due from customers for contract work (note (b)) 657,131 404,190
Prepayments for land (note (c)) 5,212,879 4,293,512
Amount due from an associate (note 39(d)) 1,139,745 1,139,745
Amount due from a jointly controlled entity (note 39(d)) 254,560 —
Other prepayments 2,609,907 2,455,595
17,123,921 12,535,495
As at 31 December 2012, the fair value of trade and other receivables approximates their carrying amounts. (a) Trade receivables are mainly arisen from sales of properties and rendering of property management
services. Property buyers are generally granted credit terms of 1 to 6 months, while there are generally no credits terms available for property management business. The ageing analysis of trade receivables is as follows:
As at 31 December
2012 2011
RMB’000 RMB’000
Within 90 days 2,486,415 1,009,043
Over 90 days and within 180 days 188,987 110,161
Over 180 days and within 365 days 184,038 33,920
Over 365 days 108,800 28,238
2,968,240 1,181,362
Trade receivables are analysed as follows:
As at 31 December
2012 2011
RMB’000 RMB’000
Fully performing under credit terms 2,776,224 1,009,043
Past due but not impaired 192,016 172,319
Notes to the Consolidated Financial Statements
16 TRADE AND OTHER RECEIVABLES – GROUP
(continued) (a) (Continued)Past due but not impaired receivables mainly represent receivables from sales of properties and rendering of property management service. The directors consider that these receivables would be recovered and no provision was therefore made against past due receivables as at 31 December 2012 (2011: nil).
The ageing analysis of these trade receivables is as follows:
As at 31 December
2012 2011
RMB’000 RMB’000
Over 90 days and within 180 days 162,990 110,161
Over 180 days and within 365 days 14,358 33,920
Over 365 days 14,668 28,238
192,016 172,319
There is no concentration of credit risk with respect to trade receivables as the Group has a large number of customers.
(b) Amounts due from customers for contract work at each of the balance sheet date are as follows:
As at 31 December
2012 2011
RMB’000 RMB’000
Cost incurred 4,184,249 4,077,952
Recognised profi ts (less recognised losses) 1,955,745 1,747,764
6,139,994 5,825,716
Less: progress billings (5,482,863) (5,421,526)
657,131 404,190
Represented by:
Amounts due from customers 657,131 404,190
Including: Related companies (note 39(d)) 447,124 381,992
Third parties 210,007 22,198
(c) Prepayments for land are related to acquisition of land use rights upon successfully bidding at the land auctions conducted by the PRC government. The relevant land use right certifi cates have not been obtained at 31 December 2012.