Annual Report 2018

25 年報 ANNUAL REPORT 2018 管理層論述及分析 MANAGEMENT DISCUSSION AND ANALYSIS Impairment loss recognised in respect of prepaid lease payments In late November 2017, TESC received a notice regarding t he r esc i s s i on o f con f i rma t i on l e t t e r i n r espec t o f successful bidding of state-owned land for construction (the “Rescission Notice”) from Tengzhou Municipal State- owned Land Resources Bureau (the “State-owned Land Resources Bureau”) regarding three parcels of idle land with area of brownfield sites reaching 237,855 square meters or equivalent to 357 mou (the “Lands”). The Lands were acquired through public auctions with a total consideration o f RMB8 1 , 1 2 0 , 0 0 0 ( e q u i v a l e n t t o a p p r o x i ma t e l y HK$92,582,000 as at 31 December 2017) as plant site for the expansion of production capacity of TESC in 2010 and 2011 and recognised as prepaid lease payments. However, given the changes in the market of steel cord and strategic review of the expansion plan, TESC had yet to utilise the Lands since its acquisition, nor received the relevant land use right certificates. As at 31 December 2017, the aggregate carrying amount of the prepaid lease payments was RMB60,623,000 (equivalent to approximately HK$72,523,000). If the Rescission Notice is being carried out, TESC may possibly require to surrender the Lands and forfeit the land use rights attached thereto. Subsequently, TESC negotiated with the relevant Tengzhou government authorities with an aim to reach a consensus for TESC to continue utilizing the Lands to proceed with the construction plan in pursuit of obtaining the land use right certificates. In the process of obtaining the land use right certificates, TESC has been requested to pay compensation payments for attachments to land and green sprout during land acquisition, land deed tax and farmland occupancy tax (collectively referred to as the “Compensation and Tax Payments”) regarding the Lands with an estimated aggregate amount of approximately RMB33,300,000 (equivalent to approximately HK$38,005,000) in early February 2018. For the sake of prudence, the Group recognised a full impairment of the carrying amount of the prepaid lease agreement for the Lands of HK$72,523,000 for year 2017. No such impairment of same nature occurred this year. 有關預付租賃款項之已確認減值損失 於二零一七年十一月下旬，滕州東方收到滕州 市國有土地資源局（「國有土地資源局」）就三 幅正值閒置，棕地土地面積達到 237,855 平方 米或相當於 357 畝的土地（「該等土地」）發出的 解除《國有建設用地掛牌出讓成交確認書》通 知書（「解除通知書」）。該等土地是於二零一零 年及二零一一年透過公開競投，以代價總額為 人民幣 81,120,000 元取得，相當於二零一七 年十二月三十一日約港幣 92,582,000 元，以 為滕州東方擴大生產量及作廠房之用，並確認 為預付租賃款項。惟基於鋼簾線市場的變動及 策略性檢討擴充計劃後，滕州東方自購入起未 有利用該等土地及尚未取得相關的土地使用權 證。於二零一七年十二月三十一日，該預付 租賃款項的賬面淨值約為人民幣 60,623,000 元，相當於約港幣 72,523,000 元。若施行解 除通知書，滕州東方有可能需要歸還該等土 地，並沒收附加於該等土地的使用權。 其後滕州東方與相關滕州政府機構磋商，旨在 達成共識，令滕州東方繼續使用該等土地，進 行建設計劃，逐步邁向取得土地使用權證。於 取得土地使用權證的過程中，於二零一八年二 月初滕州東方被要求就該土地支付徵地地上附 着物和青苗補償金、土地契稅及耕地佔用稅等 （統稱「補償及稅項款項」），有關補償及稅項 款項的估計金額合共約人民幣 33,300,000 元 （等值約港幣 38,005,000 元）。為謹慎起見， 本集團於二零一七年將該等土地賬面值港幣 72,523,000 元之預付租賃款項作全額減值。 本年度並無發生相同性質的減值。