Annual Report 2019

FAR EAST CONSORTIUM INTERNATIONAL LIMITED 222 For the year ended 31 March 2019 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 20. INTERESTS IN JOINT VENTURES (continued) (a) Joint ventures (continued) Summarised financial information of material joint ventures (i) QWB Residential Precinct Holdings Pty Limited (the “QWB Residential”) is regarded as a material joint venture of the Group at the end of the reporting period and is accounted for using the equity method in the consolidated financial statements. The summarised financial information in respect of this joint venture is set out below and represents amounts shown in the joint venture’s consolidated financial statements prepared in accordance with IFRSs, equivalent to HKFRSs. The summarised financial information regarding the assets and liabilities of QWB Residential for the year ended 31 March 2019 was as follows: 2019 2018 HK$’000 HK$’000 Current assets 14,997 9,469 Non-current assets 426,736 415,737 Current liabilities (12,073) (35,856) The above amounts of assets include the following: Cash and cash equivalents 14,257 8,872 2019 2018 HK$’000 HK$’000 Revenue – – Loss after tax – – Total comprehensive expense for the year – – Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated financial statements: 2019 2018 HK$’000 HK$’000 Net assets of the joint venture 429,660 389,350 Proportion of the Group’s ownership interest in the joint venture 50% 50% Carrying amount of the Group’s interest in the joint venture 214,830 194,675 (ii) Investment in BC Group Holdings Limited (the “BC Group”) arose from a series of re-structuring exercise undertaken by the management of BC Group which resulted in the disposal of the Group’s interest in certain associates in return for a 50.66% equity interest in BC Group during the year. BC Group is regarded as a material joint venture of the Group at the end of the reporting period and is accounted for using the equity method in the consolidated financial statements. The summarised financial information in respect of this joint venture is set out below and represents amounts shown in the joint venture’s consolidated financial statements prepared in accordance with IFRSs, equivalent to HKFRSs.