PDF《中国航空工业国际控股 （香港） 有限公司》

7 December 2011. Upon the disposal, the electric and steam power supply segment became discontinued. In 2012, the Group recorded turnover of HK$87,328,000 (2011: HK$303,233,000 (including the discontinued operation)). The profit attributable to equity holders dropped from HK$467,519,000 to HK$359,651,000 which was mainly due to the gain on disposal of Zhejiang Sealand of HK$148,489,000 recorded in 2011. Basic earnings per share amounted to HK?7.70 (2011: HK?9.90). Knitting and textile business On

28 December 2011, the Group acquired a 51% equity interest in 浙江东阳金牛针织制衣有限公司( Zhejiang Dongyang Jinniu ) which is engaged in the production and distribution of knitting and textile products, knitted fabrics and clothing in Zhejiang Province, the PRC. As such, the knitting and textile business segment becomes a new reportable operating segment of the Group. In 2012, the turnover of Zhejiang Dongyang Jinniu was HK$87,328,000 and the sales volume of knitting and textile products for the year was approximately 3,135 tonnes. The overall gross profit rate was 12%. The knitting and textile business segment recorded profit of HK$2,743,000 for the year. Aero-technology related business One EC120 helicopter was sold in 2012. No turnover was recorded by the Group as a breakeven was recorded by AVIC International Holding Corporation ( AVIC International ), a substantial shareholder of the Company, from the operations of Project EC120 in

2012 of which the Group shares 80%. The aero-technology related business segment recorded profit of HK$5,289,000 (2011: HK$541,000) for the year.

4 AVIC International Holding (HK) Limited Annual Report

2012 中国航空工业国际控股 (香港) 有限公司 二零一二年年报 Others During the year, the Group completed its disposal of its entire 47.91% equity interest in Fidelity Finance Leasing Limited ( Fidelity Finance ) and its subsidiary, and the assignment of the shareholder'

s loan due and owing to the Group by Fidelity Finance, to Sino Gas Finance Limited, a wholly-owned subsidiary of China Environmental Investment Holdings Limited ( CEIH ), an associate of the Group, at an aggregate consideration of HK$51,776,000 which was satisfied by convertible bonds issued by CEIH. As a result, a gain on disposal of associates of HK$19,958,000 (2011: Nil) was recorded by the Group. In addition, in respect of the derivative embedded in the convertible bonds, the Group also recorded fair value loss on derivative financial instrument of HK$12,672,000 in 2012. The fair value of the derivative financial instrument was determined based on the valuation performed by independent professionally qualified valuer. The fair value loss represented a decrease in the fair value of the derivative financial instrument as at

31 December

2012 as compared with that on the issue date which was mainly due to the reduction in the time value of the derivative financial instrument and the drop in share price of CEIH. During the year, the Group disposed of certain listed investments and recorded net gain on disposal of available-for-sale investments of HK$223,313,000 (2011: HK$331,047,000). In addition, the Group recorded share of profits of jointly-controlled entity and associates of HK$207,650,000 (2011: HK$127,951,000). The increase was mainly attributable to the satisfactory results achieved by the jointly-controlled entity as it recorded a substantial gain on disposal of its available-fo........