Basic HTML Version
Glorious Property
148
Annual Report 2011
Notes to the Consolidated Financial Statements
(Continued)
31 December 2011
38 Accounting of Acquisition
(Continued)
(c) During the year ended 31 December 2010, the Group completed the acquisitions of 100% equity interest of Dalian
Runjing Investment Development Limited (“Dalian Runjing”), Shanghai Rongxiang and Shanghai Jinhao.
The allocation of acquisition considerations for the acquisition completed in 2010 were as follows:
At date of acquisition
RMB’000
Dailian
Runjing
Shanghai
Rongxiang and
Shanghai Jinhao
Combined
Property, plant and equipment (note 6)
33
—
33
Properties under development and prepayments
299,457
2,009,985
2,309,442
Cash and cash equivalents
10
1,085
1,095
Accruals and other payables
—
(11,070)
(11,070)
Total acquisition consideration
299,500
2,000,000
2,299,500
Less: Acquisition consideration payable as at
31 December 2010
(99,500)
—
(99,500)
Consideration paid by cash
200,000
2,000,000
2,200,000
Less : cash and cash equivalents acquired
(10)
(1,085)
(1,095)
Cash outflow on acquisition
199,990
1,998,915
2,198,905
39 Share Option Schemes
(a) PRE-IPO SHARE OPTION SCHEME
Pursuant to a resolution in writing passed by all the shareholders of the Company on 9 September 2009, the
Company conditionally approved and adopted a pre-IPO share option scheme (the “Pre-IPO Share Option
Scheme”). By the same resolution, the Company granted 84,000,000 share options to its directors and employees
which are exercisable for a ten-year period from the grant date, under the following terms:
(i) the exercise price per share shall be equal to 60% discount to the initial public offering price;
(ii) 20% of the total number of shares will become exercisable on 2 October 2009 (the “Listing Date”). The
remaining 80% of share options will become exercisable in four equal instalments, 20% of the total number
of shares will become exercisable on the first anniversary of the Listing Date with a further 20% to become
exercisable on each subsequent anniversary.
The fair value of the employee services received in exchange for the grant of the share options is recognised as
an expense, with a corresponding adjustment to employee share-based compensation reserve, over the vesting
period. At the end of each reporting period, the Company revises its estimates of the number of options that are
expected to vest. It recognises the impact of the revision to original estimates, if any, in the consolidated statement
of comprehensive income, with a corresponding adjustment to equity. For the year ended 31 December 2011, the
amount of share-based compensation expenses amounted to RMB36.3 million (2010: RMB70.3 million).