Basic HTML Version
143
Glorious Property
Annual Report 2011
Notes to the Consolidated Financial Statements
(Continued)
31 December 2011
34 Notes to Consolidated Statement of Cash Flows
RECONCILIATION OF PROFIT FOR THE YEAR TO CASH USED IN OPERATIONS
RMB’000
Note
2011
2010
Profit for the year
2,209,081
3,608,778
Adjustments for:
Share of profit of an associate
(338)
(1,351)
Share of loss of a jointly controlled entity
4,143
50,090
Income tax expenses
31
1,811,944
2,353,451
Interest income
25
(145,466)
(99,558)
Interest expenses
28
2,526
3,750
Fair value changes of investment properties
26
(677,136)
(2,452,402)
Depreciation
6
22,350
13,901
Amortisation of intangible asset
8
527
527
Losses on disposals of property, plant and equipment
27
322
130
Exchange (gains)/losses, net
26
(74,423)
8,056
Loss on redemption of a financial liability
26
27,140
33,768
Share-based compensation expenses
36,346
70,293
Changes in working capital:
Properties under development and completed
properties held for sale
(4,840,354)
(5,135,067)
Inventories
(213)
(471)
Restricted cash
1,438,625
(644,822)
Trade and other receivables and prepayments
(1,311,004)
(5,144,710)
Investment in and loan to/amount due from a jointly controlled
entity
(41,712)
(1,897,440)
Trade and other payables
1,983,598
582,562
Advanced proceeds received from customers
350,408
2,937,577
Cash generated from/(used in) operations
796,364
(5,712,938)
Apart from those disclosed in note 38, there is no other major non-cash transaction during each of the years ended
31 December 2011 and 2010.
35 Commitments
(a) COMMITMENTS FOR CAPITAL AND PROPERTY DEVELOPMENT EXPENDITURES
RMB’000
2011
2010
Contracted but not provided for
Land use rights
1,360,990
2,901,524
Property development expenditures
8,916,932
8,602,617
Construction materials
79,193
44,655
10,357,115
11,548,796
Authorised but not contracted for
—
15,807
As at 31 December 2011, the Group’s share of commitment of the jointly controlled entity (note 10) is
RMB22,495,000 (2010: RMB5,162,000).