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Notes To The Consolidated Financial Statements
(Expressed in Renminbi)
1
/ China Communications Services Corporation Limited
36 Accrued expenses and other payables
The Group
The Company
2011
2010
2011
2010
RMB’000
RMB’000
RMB’000
RMB’000
Wages and welfare payables
1,406,910
1,185,048
6,384
13,027
Amounts due to fellow subsidiaries (note i)
886,288
826,436
33,658
21,630
Advances received
714,124
761,531
–
–
Other taxes payable
448,791
444,171
2,590
2,653
Special dividend and profit distribution relating
to Target Business payable to CTC (note ii)
114,337
166,655
–
–
Dividend payable
82,137
59,586
13,721
–
Payables for construction and purchase of fixed
assets
144,478
148,305
–
–
Others
3,010,110
2,972,574
43,801
46,075
6,807,175
6,564,306
100,154
83,385
Note:
(i)
The amounts due to fellow subsidiaries are unsecured, interest-free and are expected to be settled within
one year.
(ii)
Special dividend and profit distribution by Target Business
As disclosed in the Prospectus of the Company dated 27 November 2006, in accordance with the “Provisional
Regulation relating to Corporate Restructuring of Enterprises and Related Management of State-owned
Capital and Financial Treatment” which was issued by the PRC Ministry of Finance and a resolution passed
on 1 November 2006, the directors proposed and the shareholders approved the distribution of profit of the
Group for the period from 1 April 2006 to 29 August 2006, being the calendar day immediately preceding
to the date of incorporation of the Company. In the same resolution, the directors proposed and the
shareholders approved the distribution of profit of the Group for the period from 30 August 2006 to the
calendar day immediately preceding the date of its listing on the Stock Exchange (i.e. 7 December 2006)
(together, the “2006 special dividend”).
Pursuant to a resolution passed at directors’ meeting on 17 April 2007, the directors resolved to pay the 2006
special dividend to CTC and its subsidiaries amounting to RMB535 million in total, out of which RMB117
million was directly distributed at the subsidiary level. The Group has paid RMB498 million special dividend
to CTC and its subsidiaries by 31 December 2011.
As disclosed in the Circular of the Company dated 20 June 2007, in line with the principles set out in
the “Notice of the Forwarding the Implementation Opinions of the state-owned Assets Supervision and
Administration Commission about Further Standardisation of the Work Relating to the Reconstruction of
State-owned Enterprise” issued by the General Office of the State Council of the PRC, the changes in
net assets between the period from 1 February 2007 to 31 August 2007 of the Target Business should
be distributed in form of cash to CTC and its subsidiaries amounting to RMB197 million in total, of which
RMB120 million has been paid to CTC and its subsidiaries by 31 December 2011.