0175 Geely Automobile Holdings Limited Annual Report 2011

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Annual Report 2011Geely Automobile Holdings LimitedNOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSFor the year ended 31 December 201127. Deferred TaxationThe following is the deferred taxation recognised and movements thereon during the year:2011 2010RMB’000RMB’000At 1 January 73,013 37,727Exchange differences 7 523Charge to the consolidated income statement (note 11) 19,174 34,763At 31 December 92,194 73,013Deferred tax assets in respect of provisions2011 2010RMB’000RMB’000At 1 January 17,965 14,259Exchange differences (850) 1,581Credit to the consolidated income statement 4,062 2,125At 31 December 21,177 17,965The deferred tax assets have been offset against certain deferred tax liabilities on the consolidated balance sheetas they are related to the same group entity and related to tax levied by the same tax authority.Deferred tax liabilitiesUndistributedprofit of Acceleratedsubsidiaries tax depreciation TotalRMB’000 RMB’000 RMB’000At 1 January 2010 32,281 19,705 51,986Exchange differences – 2,104 2,104Charge to the consolidated income statement 34,966 1,922 36,888At 1 January 2011 67,247 23,731 90,978Exchange differences – (843) (843)Charge to the consolidated income statement 29,156 (5,920) 23,236At 31 December 2011 96,403 16,968 113,371Withholding tax is imposed on dividends declared in respect of profits earned by PRC subsidiaries from 1 January2008 onwards. Deferred taxation has been provided for in the consolidated financial statements in respect oftemporary differences attributable to the profits earned by the PRC subsidiaries based on the expected dividendspayout ratio of these PRC subsidiaries. The unrecognised temporary differences attributable to the profits earnedby the PRC subsidiaries amounting to approximately RMB1,602 million (2010: RMB1,921 million).At the balance sheet date, the Group has unused tax losses of approximately RMB168 million (2010: RMB324million) available for offset against future profits that may be carried forward for 5 years from the year of incurringthe loss. No deferred tax asset has been recognised in respect of the tax losses due to the unpredictability offuture profit streams.103
Annual Report 2011Geely Automobile Holdings LimitedNOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSFor the year ended 31 December 201128. Share CapitalNumberof sharesNominal valueRMB’000Authorised:Ordinary shares of HK$0.02 eachAt 31 December 2010 and 31 December 2011 12,000,000,000 246,720Issued and fully paid:Ordinary shares of HK$0.02 eachAt 1 January 2010 7,310,855,450 136,993Shares issued under share option scheme 129,900,000 2,286At 31 December 2010 and 1 January 2011 7,440,755,450 139,279Shares issued under share option scheme 16,705,000 294At 31 December 2011 7,457,460,450 139,573During the year, options were exercised to subscribe for 16,705,000 ordinary shares in the Company at aconsideration of approximately RMB13,850,000 of which approximately RMB294,000 was credited to share capitaland the balance of RMB13,556,000 was credited to the share premium account. As a result of the exercise ofoptions, RMB2,633,000 has been transferred from the share option reserve to the share premium account inaccordance with the accounting policy set out in note 5(m).29. Reserves(a)(b)Share premiumShare premium represents the excess of the net proceeds from issuance of the Company’s shares overits par value.Statutory and staff welfare reserveAs stipulated by the relevant laws and regulations for foreign-invested enterprises in the PRC, the Company’ssubsidiaries incorporated in the PRC are required to maintain certain statutory reserves.In addition, the directors of the Company’s subsidiaries in the PRC have the discretion to maintain a reservefor staff welfare and bonus utilisation in accordance with the articles of the PRC entities.(c)(d)Capital reserveCapital reserve represents differences between the consideration paid/received and the fair value of netassets acquired/disposed of by the subsidiaries of the Group from/to Zhejiang Geely Holding GroupCompany Limited.Translation reserveThe translation reserve comprises all foreign exchange differences arising from the translation of the financialstatements of foreign operations. The reserve is dealt with in accordance with the accounting policy setout in note 5(f).104
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0175 Geely Automobile Holdings Limited Annual Report 2011

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