NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
13
INTEREST IN SUBSIDIARIES (Continued)
All the subsidiaries listed above are incorporated in Hong Kong except for Merry World Assets Limited which is incorporated in the British Virgin Islands.
Except for HYFCO Travel Agency Limited which operates outbound tours in the Mainland China and Macau, all the other subsidiaries operate in Hong Kong.
14
INTEREST IN ASSOCIATES
Share of net assets
Amounts due from associates
Less: impairment loss
2015
HK$'000
2014
HK$'000
5,725
5,442
12,190
14,976
17,915
20,418
(6,794)
(6,794)
11,121
13,624
Except for the amount advanced to 20K Company Limited ("20K") which is interest-bearing at Hong Kong dollar prime rate minus 3% (2014: Hong Kong dollar prime rate minus 3%) per annum, as disclosed in note 28(b)(ii), all of the amounts due from associates are unsecured, interest-free and have no fixed terms of repayment. All the amounts due from associates are
not expected to be recovered within one year.
The following list contains the particulars of associates, all of which are unlisted corporate entities whose quoted market price is not available:
Particulars of issued and paid up capital
Proportion of ownership interest held by
subsidiaries
Principal activities
20K
10 ordinary shares
50%
Property financing
Authian Estates Limited
5,000 A shares
50%
Property investment
5,000 B shares
100 ordinary shares.
30%
Trading
Winwide Limited
All of the associates are incorporated and operate in Hong Kong.
All of the above associates are accounted for using the equity method in the consolidated financial statements.
102
Hong Kong Ferry (Holdings) Company Limited
Annual Report 2015
%