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87Consolidated Financial Statements Summary and Notes
Huawei Marine is an unlisted corporate entity whose quoted market price is not available.
Chengdu Huawei Investment Co., Ltd. ("CD Investment"), a limited company incorporated in the PRC, was previously
a joint venture of the Group, with 51% and 49% equity interests held by a third party and the Company respectively.
According to an agreement entered into by the Company and the third party on February 28, 2014, the Company
acquired the 51% equity interests held by the third party with a consideration of CNY245 million in March 2014.
After the acquisition, CD Investment became a wholly-owned subsidiary of the Company. Please refer to note 28(c)
(ii) for the details of the acquisition. The Group's share of CD Investment's net loss before the acquisition (from
January to March 2014) amounted to CNY5 million.
All of the joint ventures are accounted for using the equity method in the consolidated financial statements summary.
Summarised financial information of the material joint ventures, reconciled to the carrying amounts in the
consolidated financial statements summary, are disclosed below:
Huawei Marine CD Investment
2014 2013 2014 2013
CNY million CNY million CNY million CNY million
Gross amounts of the joint ventures'
Current assets 734 439 n/a 173
Non-current assets 16 20 n/a 1,422
Current liabilities (598) (322) n/a (239)
Non-current liabilities (19) (13) n/a (1,137)
Equity 133 124 n/a 219
Included in the above assets
and liabilities:
Cash and cash equivalents 107 98 n/a 4
Non-current financial liabilities
(excluding trade and other
payables and provisions) ––n/a (1,137)
Revenue 488 498 n/a 241
Profit/(loss) 820 n/a (75)
Included in the above profit/(loss):
Depreciation and amortisation (9) (11) n/a (190)
Interest expense ––n/a (72)
Income tax expense –(1) n/a (1)