At 1 January
Increase in allowance recognised in profit or loss
The concentration of credit risk is limited due to the customer base being large and unrelated. Accordingly, the Directors believe that there is no further credit provision required in excess of the allowance for doubtful debts.
Notes to the Consolidated Financial Statements
For the year ended 31 December 2010
At 31 December
26.Debtors, deposits and prepayments (continued)
Movement in the allowance for doubtful debts
27.Financial assets carried at fair value through profit or loss
Held-for-trading listed securities in Hong Kong:
Structured notes designated as at FVTPL
Less: Amounts due within one year shown under current assets
Amounts due after one year
At 31 December 2010, the Group held a principal protected structured note with principal amount of US$10,000,000 (equivalent to HK$77,740,000) (2009: US$38,412,000 (equivalent to HK$297,889,000)) with a bank with maturity in September 2011 (2009: maturity ranging from 2010 to 2011). The structured note contains embedded derivatives with their interest components linked to foreign exchange rate movements which are not closely related to the host contracts. The entire structured notes have been designated as at financial assets at FVTPL on initial recognition.
The fair values of structured notes designated as at FVTPL at the end of the reporting periods are provided by counterparty banks and financial institution.
Great Eagle Holdings Limited