ANNUAL REPORT 2008
Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards) (Expressed in Renminbi)
Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards) (Expressed in Renminbi)
32 BANK AND OTHER LOANS
(a) At 31 December 2008, bank and other loans were repayable as follows:
The Group The Company
2008 2007 2008 2007
RMB million RMB million RMB million RMB million
Within 1 year or on demand 22,178 24,948 After 1 year but within 2 years 2,740
6,104 After 2 years but within 5 years 10,343 4,289 After 5 years 982 2,045
20,792 23,632
5,578 9,060 390 2,249 3,082 1,392
17,429 9,074 15,028 6,723
39,607 34,022 35,820 30,355
(b) At 31 December 2008, bank and other loans are analysed as follows:
The Group The Company 2008 2007 2008 2007 RMB million RMB million RMB million RMB million
Short-term bank loans 18,232 21,313 17,337 20,846 Long-term bank and other loans due within one year (classified as current liabilities)
3,946 3,635 3,455 2,786
22,178 24,948 20,792 23,632 Long-term bank and other loans due after one year (classified as non-current liabilities)
17,429 9,074 15,028 6,723
39,607 34,022 35,820 30,355
Representing:
Bank loans 39,604 34,019 35,820 30,355
Other loans 3 3 – –
39,607 34,022 35,820 30,355
ANNUAL REPORT 2008
104 ANNUAL REPORT 2008
Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards) (Expressed in Renminbi)
ANNUAL REPORT 2008
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ANNUAL REPORT 2008
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Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards) (Expressed in Renminbi)
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ANNUAL REPORT 2008
114 ANNUAL REPORT 2008
Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards) (Expressed in Renminbi)
Notes to the Financial Statements
(Prepared in accordance with International Financial Reporting Standards) (Expressed in Renminbi)
(a)
According to the PRC Company Law and the Articles of Association of the Company and certain of its subsidiaries, the Company and the relevant subsidiaries are required to transfer 10% of their annual net profits after taxation, as determined under the PRC accounting rules and regulations, to a statutory surplus reserve until the reserve balance reaches 50% of the registered capital. The transfer to this reserve must be made before distribution of a dividend to shareholders and when there are retained earnings at the financial year end.
Statutory surplus reserve can be used to offset prior years’ losses, if any, and may be converted into share capital by the issue of new shares to shareholders in proportion to their existing shareholding or by increasing the par value of the shares currently held by them, provided that the balance after such issue is not less than 25% of the registered capital.
(b)
Dividend distributions may be proposed at the discretion of the Company’ board of directors, after consideration of the transfers referred to above and making up cumulative prior years’ losses. Pursuant to the Articles of Association of the Company, the net profit of the Company for the purpose of profit distribution is deemed to be the lesser of (i) the net profit determined in accordance with the PRC accounting rules and regulations, and
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