SINGAPORE WINDSOR HOLDINGS LIMITED
| Annual Report 2015
57
Year ended 31 March 2015
NOTES TO THE
FINANCIAL STATEMENTS
11. Loss from discontinued operations, net of tax
11A. Assets and liabilities held for sale
On 23 March 2015, the management entered into a sale and purchase agreement (SPA) for disposal of the entire
issued and paid up capital of Windsor Holding Investment Limited (WHI) and Windsor Metal Manufacture Co Ltd
(WMM). The sale consideration is HKD 55,000,000 of which 25% non-refundable deposit of HKD 13,750,000 was
received (Note 26). The sale is expected to be completed by 30 Sep 2015.
Windsor Metal
Group
Windsor Holding
Group
Group
Total
2015
2014
2015
2014
2015
2014
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
Revenue
164,905
192,884
–
–
164,905
192,884
Cost of sales
(131,370)
(145,417)
–
–
(131,370)
(145,417)
Gross profit
33,535
47,467
–
–
33,535
47,467
Other income
6,965
16,581
–
4,154
6,965
20,735
Distribution costs
(7,780)
(7,471)
–
–
(7,780)
(7,471)
Administrative expenses
(34,075)
(40,299)
(34)
(266)
(34,109)
(40,565)
Other charges
–
–
(6,436)
–
(6,436)
–
Finance costs
(4,323)
(6,929)
(1,052)
(1,701)
(5,375)
(8,630)
Loss before income tax from
discontinued operation
(5,678)
9,349
(7,522)
2,187
(13,200)
11,536
Income tax expenses
(2,855)
(2,529)
–
–
(2,855)
(2,529)
Loss on disposal on subsidiary
–
–
–
(85,465)
–
(85,465)
Loss from discontinued
operation in 2013
–
–
–
(10,987)
–
(10,987)
Loss from discontinued
operation, net of tax
(8,533)
6,820
(7,522)
(94,265)
(16,055)
(87,445)
