Page 217 - 香港房屋協會 Hong Kong Housing Society Annual Report 2020/2021

香港房屋協會 2020/21 年度年報
215
AUDITED FINANCIAL STATEMENTS 已審核財務報表 NOTES TO THE FINANCIAL STATEMENTS 財務報表附註
12. Investment properties (continued)
Rental estates and properties
For rental estates and properties with carrying value and fair value of HK$5,928.9 million (2020: HK$5,534.9 million), the government has included in the land grant terms and conditions governing the sale and rental of the properties. At the end of the reporting period, the Housing Society assessed the recoverable amounts of rental estates and properties based on the value-in-use approach using the discounted cash flow method along the land lease term, because (i) the government may or may not consider giving approval for the Housing Society to sell any or all of its rental properties; (ii) there are no comparable market transactions to provide references; and (iii) concessionary rents are charged to tenants of the public rental estates or tenants are age-restricted. The discount rate used in the calculation was 4 per cent (2020: 4 per cent).
In addition, as at 31 March 2021, development costs of certain rental estates and properties under development are not expected to be fully recovered by the projected cash inflow (i.e. rental income) (2020: due to the decrease in projected cash inflow and increase in operating expenses, the Housing Society will incur operating losses for certain rental estates and properties, which do not generate enough cash flows to cover the operating costs). In view of this, impairment assessment of the relevant investment properties was performed by the Housing Society based on a value in use calculation using the discounted cash flow method.
Based on the impairment assessment, the impairment loss of HK$319.6 million (2020: HK$294.9 million) was recognised under “Investment properties impairment” in the comprehensive income during the year, which was arose from properties under development (2020: HK$286.7 million and HK$8.2 million arose from completed/ purchased properties and properties under development, respectively).
12. 投資物業(續) 出租屋邨及物業
就賬面值及公允價值為港幣 五十九億二千八百九十萬元(二零二零 年:港幣五十五億三千四百九十萬元) 的出租屋邨及物業而言，政府已納入土 地出讓及物業租賃條款及條件。於報告 期末，房屋協會評估了出租屋邨及物業 的可收回數額並根據其土地租賃期內使 用現金流量折現法計算的使用價值法評 估，原因是(i)政府可能會或可能不會考 慮批准房屋協會出售任何或全部的出租 物業;(ii)沒有可比較的市場交易提供參 考;及(iii)租賃公屋租戶或租戶受年齡 限制而收取優惠租金。該計算使用的折 現率為百分之四(二零二零年:百分之 四)。
此外，於二零二一年三月三十一日，預 期 現 金 流 入( 如 租 金 收 入 )不 足 以 悉 數 抵 償若干發展中出租屋邨及物業的發展成 本(二零二零年:由於預期現金流入減 少以及營運成本增加，房屋協會的若干 出租屋邨及物業會產生營運虧損，未能 產生足夠的現金流彌補)。鑑於此，房 屋協會對相關的投資物業使用現金流量 折現法的使用價值法進行減值評估。
本年度，於全面收益表「投資物業減 值」項下根據減值評估確認減值為港幣 三億一千九百六十萬元(二零二零年: 港幣二億九千四百九十萬元)，由發展 中物業產生(二零二零年:竣工╱購 買物業和發展中物業產生的減值分別 為港幣二億八千六百七十萬元及港幣 八百二十萬元)。