Vincent, 您早前提到和電(215)的會計手法, 令其手機補貼成本提前入帳, 這將形成較低的前期盈利增長, 但在上客數量增速減慢的日子, 由於手機補貼的成本將減少, 反而令其盈利提速。 我看過它2011年報，在附註4(a)(iv)指出： The Group has bundled transactions under contract with customers including sales of both services and hardware. The amount of revenue recognised upon the sale of hardware is determined by considering the estimated fair values of each of the service element and hardware element of the contract. Significant judgement is required in assessing the fair values of both of these elements by considering, among others, standalone selling price and other observable market data. Changes in the estimated fair values may cause the revenue recognised for sales of services and hardware to change individually but not the total bundled revenue from a specific customer throughout its contract term. The Group periodically re-assesses the fair values of the elements as a result of changes in market conditions. 按照該披露的會計做法，很難判斷會否減少前期盈利。例如：手機成本3,000元，零機價，月費300元 x 24個月，平均每年收入3,600元。 和電的會計做法，假設其評估的手機售價為3,200元，則首年硬件銷售收入200元，年度服務費收入則為 (7,200 - 3,200)/2 = 2,000元，首年共膁2,200元，第二年賺2,000元。因此，最終影響視公司對手機bundled price 的估算，若估算為以低於成本出售，則結果會與數碼通近似。
HONG KONG--A consortium led by Hong Kong billionaire Li Ka-shing's flagship Cheung Kong (Holdings) Ltd. (0001.HK) has agreed to buy U.K. gas distribution company MGN Gas Networks (UK) Ltd. for GBP645 million (US$781 million), the companies in the consortium said in a joint statement Wednesday.
The partners in the consortium are Cheung Kong, its units Cheung Kong Infrastructure Holdings Ltd. (1038.HK) and Power Assets Holdings Ltd. (0006.HK), and Li Ka Shing Foundation Ltd.
The consortium agreed Wednesday to buy MGN Gas Networks from a number of investment and fund management firms including Macquarie Global Infrastructure Funds 2 SARL, the statement said.
Cheung Kong, Cheung Kong Infrastructure and Power Assets will each hold 30% stake in the joint venture company, with Li Ka Shing Foundation holding the remaining 10% stake, it added.
MGN Gas Networks owns in Wales & West Utilities Ltd, which is principally engaged in the management of gas transportation assets, gas distribution and meter work services throughout Wales and the South West of England.
The regulated distribution network area supplies 7.4 million customers within an area of 42,000 square kilometers, or almost one-sixth the area of the U.K., the statement said, with the total length of main gas pipeline being 35,000 kilometers.
Wales & West Utilities (WWU) - formerly part of National Grid Transco - was launched on 1st June 2005. Valued at £1.2 billion, it is a regulated gas distribution business with around 35,000 km of gas distribution pipelines covering Wales and the South West of England. With its main offices at Celtic Springs, Newport, the company covers 1/6th of the UK and its catchment area has a population of 7.4 million.
WWU is owned by a consortium of long-term investors led by the Macquarie European Infrastructure Fund which is managed by a member of Macquarie Group, a global leader in the infrastructure sector.
WWU moved to its new offices at Celtic Springs in June 2006 where around 380 administrative staff are based, providing major infrastructure services including Connections, where all design and quotation activities for gas connections are now managed.
Graham Edwards is Chief Executive of WWU: "This business has come a long way since its launch in June 2005. We have had quite a few changes and implemented a number of new initiatives in the past twelve months but one thing that has not changed is our commitment to safety both for our own operations and for the people we serve."