財務報表附註
3. 重大會計判斷及估計 （續）
判斷（續）
經營租賃承擔－本集團作為承租人
本集團已就若干機器訂立商業租約。本集團 根據對該等安排的條款及條件進行評估，已 決定不會承擔此等機器所有權的所有重大風 險及回報，並將合約歸類為經營租賃。
未合併一間本集團持有超過50%股權的實體 儘管其於二零一七年十二月三十一日持有中 國現代牧業控股有限公司（「中國現代牧業」）
的60.77%股權，本集團認為其對該公司並 無控制權。此乃由於本集團擁有少於50%的 投票權。進一步詳情載於財務報表附註22。
估計的不確定性
對未來事項的主要假設及於報告期末估計的 不確定性的其他主要來源（存有重大風險可 能導致資產及負債賬面值須於下一財政年度 內作出重大調整者）於下文論述。
商譽及無限年期商標減值
本集團每年最少一次釐定商譽及無限年期商 標是否減值。釐定商譽及無限年期商標是 否減值須估計獲分派商譽及無限年期商標的 現金產生單位或現金產生單位組別的使用價 值或商標的公允值。估計使用價值及公允值 時，本集團須估計預期來自現金產生單位或 現金產生單位組別或商標之日後現金流量，
並挑選合適的折現率以計算該等現金流量的 現值。商譽及無限年期商標詳情請參閱財務 報表附註21。
172 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司
NOTES TO FINANCIAL STATEMENTS
財務報表附註3. 重大會計判斷及估計
（續）估計的不確定性（續）
非金融資產（商譽及無限年期商標除外）減值 於每個報告期末，本集團評估所有非金融資 產是否存在任何減值跡象。倘有跡象顯示非 金融資產的賬面值可能無法收回時，將對該 等資產進行減值測試。減值存在於當某一資 產或某一現金產生單位的賬面值超過其可收 回金額時，即其公允值減其銷售成本與其使 用價值的較高者。公允值減銷售成本的計算 基於在相似資產公平交易中，可獲得的具約 束性銷售交易信息或可觀察市場價格減處置 該資產的增量成本。計算使用價值時，管理 層須估計來自資產或現金產生單位的預期未 來現金流量，並選擇合適的折現率，以計算 現金流量的現值。
業務合併及商譽
倘本集團完成業務合併，則所收購的可識別 資產及所承擔的負債按其公允值確認。管 理層於釐定所收購資產、所承擔負債、購買 代價的公允值，以及分配可識別資產及負債 的購買代價時須作出估計。所收購的可識別 資產及所承擔的負債的公允值運用估值技術
（包括貼現現金流模式）釐定。此等模式所用 數據在可能情況下從可觀察市場取得，惟在 不可行情況下，則須作出判斷及估計以釐定 公允值。管理層須估計未來現金流量及折現 率以計算公允值。
3. SIGNIFICANT ACCOUNTING
JUDGEMENTS AND ESTIMATES
(continued)Estimation uncertainty (continued)
Impairment of non-financial assets (other than goodwill and trademarks with indefinite useful lives)
The Group assesses whether there are any indicators of impairment for all non-financial assets at the end of each reporting period. Non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. An impairment exists when the carrying value of an asset or a cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The calculation of the fair value less costs of disposal is based on available data from binding sales transactions in an arm’s length transaction of similar assets or observable market prices less incremental costs for disposing of the asset. When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows.
Business combinations and goodwill
When the Group completes a business combination, the identifiable assets acquired and the liabilities assumed are recognised at their fair value. Management estimation is required to determine the fair values of the assets acquired, the liabilities assumed, and the purchase consideration, and on the allocation of the purchase consideration to the identifiable assets and liabilities. The fair values of the identifiable assets acquired and the liabilities assumed are determined using valuation techniques including the discounted cash flow model. The inputs to these models are taken from observable market where possible, but where this is not feasible, a degree of judgement and estimation is required in establishing fair values. Management must estimate the expected future cash flows and discount rate in order to calculate the fair values.
Annual Report 2017 二零一七年年報 173
NOTES TO FINANCIAL STATEMENTS
財務報表附註3. SIGNIFICANT ACCOUNTING
JUDGEMENTS AND ESTIMATES
(continued)Estimation uncertainty (continued)
Deferred tax assets
Deferred tax assets are recognised for all deductible temporary differences and all unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the unused tax losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits, which affects the probability of utilisation and the tax rate to be used in the calculations.
Details of deferred tax assets are contained in note 23 to the financial statements.
Impairment of trade and other receivables
The Group determines the provision for impairment of trade and other receivables based on an assessment of the recoverability of the receivables. This assessment is based on the credit history of its customers and other debtors and the current market condition. Management reassesses the provisions at the end of each reporting period.
Share-based payments
The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value requires determining the most appropriate valuation model for a grant of equity instruments, which is dependent on the terms and conditions of the grant. This also requires determining the most appropriate inputs to the valuation model including the expected life of the option, volatility and dividend yield and making assumptions about them. Details of share-based payments are contained in notes 41 and 42 to the financial statements.
Fair value of dairy cows
The Group’s dairy cows are valued at fair value less costs to sell. The fair value of dairy cows is determined based on either the market-determined prices as at the end of the reporting period adjusted with reference to the species, age, growing condition, costs incurred and expected yield of the milk to reflect differences in characteristics and/or stages of growth of the dairy cows; or the present value of expected net cash flows from the dairy cows discounted at a current market-determined rate, when market-determined prices are unavailable; or the cost when appropriate. Any change in the estimates may affect the fair value of the dairy cows significantly. The independent qualified professional valuer and management review the assumptions and estimates periodically to identify any significant change in the fair value of dairy cows. Details of assumptions used are disclosed in note 24.
3. 重大會計判斷及估計
（續）估計的不確定性（續）
遞延稅項資產
遞延稅項資產就所有可扣減暫時性差異及所 有未用稅項虧損加以確認，惟僅限於日後有 可能出現應課稅利潤，可用以抵扣該等可扣 減暫時性差異及未用稅項虧損的情況。釐定 可予確認的遞延稅項資產金額時，須就會影 響可用作扣減的可能性及用於計算的稅率的 日後應稅利潤的大致時間及水平，作出重要 的管理層判斷。遞延稅項資產的詳情請參閱 財務報表附註23。
應收賬款及其他應收款項減值
本集團按應收款項可收回程度的評估就應收 賬款及其他應收款項釐定減值撥備。該等 評估乃基於客戶及其他債務人的信貸紀錄及 現時市況。管理層於各報告期末重新評估撥 備。
以股份為基礎的支付
本集團計量與僱員的股權結算交易的成本時 乃參考權益工具授出當日的公允值。估算 公允值須釐定授出權益工具（視乎授出的條 款及條件）的最合適估值模式，亦須釐定估 值模式最適合的輸入數據，包括購股權的預 計年期、波動率及股息率，以及就此作出假 設。以股份為基礎的支付的詳情列於財務報 表附註41及42。
乳牛的公允值
本集團的乳牛乃按公允值減銷售成本估值。
乳牛的公允值乃按報告期末的市場定價釐 定，並參考品種、年齡、生長狀況、所招致 成本及預期產奶量作出調整，以反映乳牛的 不同特點及╱或生長階段；或如沒有市場定 價，則以來自乳牛的按現行市場利率貼現的 預期現金流量淨額的現值；或在適當情況下 按成本釐定。任何估計變動均可能顯著影響 乳牛的公允值。獨立合資格專業估值師及管 理層定期複核各項假設及估計，以識別乳牛 公允值的任何重大變動。所用假設詳情披露 於附註24。
174 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司