90
Hong Kong Ferry (Holdings) Company Limited Annual Report 2013
Notes to the Accounts (Continued)
14 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.
15
INTEREST in associATES
The Group
The Company
2013
2012
HK$'000
HK$'000
2013
HK$'000
2012
HK$'000
Share of net assets
5,494
6,055
Amounts due from associates
17,943
22,461
9,492
9,372
Less: Impairment loss
23,437
28,516
9,492
9,372
(6,794)
(6,470)
(6,794)
(6,470)
16,643
22,046
2,698
2,902
Except for the amount advanced to 20K Company Limited ("20K") which is interest-bearing at Hong Kong dollar prime rate minus 3% (2012: 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 neither past due nor impaired and are not expected to be recovered within one year.
Details of the associates at 31 December 2013 are as follows:
Particulars of issued and paid up capital
Proportion of ownership interest
held by subsidiaries
Principal activities
20K
10 ordinary shares
of HK$1 each
50%
Property financing
Authian Estates Limited
5,000 A shares of HK$1 each
5,000 B shares of HK$1 each
50%
Property investment
Winwide Limited
100 ordinary shares
30%
Trading
of HK$1 each
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 accounts.
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