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 201129. Reserves (Continued)(e)(f)(g)(h)(i)Share option reserveShare option reserve represents the fair value of share options granted to employees recognised and isdealt with in accordance with the accounting policy set out in note 5(m).Convertible bonds and warrant reserveConvertible bonds and warrant reserve represents the amount allocated to the unexercised equity componentof convertible bonds issued by the Company recognised in accordance with the accounting policyadopted for convertible bonds in note 5(g) and the unexercised equity element of warrants issued by theCompany.Fair value reserveThe fair value reserve comprises the cumulative net change in the fair value of available-for-sale financialasset held at year end and is dealt with in accordance with the accounting policy in note 5(g).Accumulated profitsAccumulated profits represent accumulated net profit or losses less dividends paid plus other transfers toor from other reserves.Reserves of the CompanyAt 31 December 2011, the aggregate amount of reserves available for distribution to equity shareholdersof the Company was RMB1,876,072,000 (2010: RMB2,290,702,000).The consolidated profit attributable to equity shareholders of the Company includes a loss of RMB260,568,000(2010: RMB391,685,000) which has been dealt with in the financial statements of the Company.30. Major Non-cash TransactionDuring the year ended 31 December 2011, the Group acquired certain property, plant and equipment, prepaidland lease payments and intangible assets, of which RMB718,615,000 (2010: RMB609,340,000), RMB33,293,000(2010: RMB14,060,000) and nil (2010: RMB21,287,000) respectively have not yet been settled as at the balancesheet date.31. CommitmentsCapital expenditure commitmentsAt the balance sheet date, the Group had the following capital commitments:2011 2010RMB’000RMB’000Contracted but not provided for, net of deposits paid– purchase of property, plant and machinery 865,210 1,526,709– purchase of intangible assets 10,650 –– purchase of prepaid land lease payments 24,208 –– investment in associates 113,170 –– investment in available-for-sale financial assets 5,400 –– acquisition of additional interests in subsidiaries 215,386 –1,234,024 1,526,709105
Annual Report 2011Geely Automobile Holdings LimitedNOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSFor the year ended 31 December 201131. Commitments (Continued)Operating lease commitmentsAt the balance sheet date, the Group had commitments for future minimum lease payments in respect of officeand factory premises and other assets under non-cancellable operating leases which fall due as follows:2011 2010RMB’000RMB’000Office and factory premisesWithin one year 8,396 6,660In the second to fifth year inclusive 3,496 6,174After five years 263 5,21812,155 18,052Other assetsWithin one year 6,483 1,544In the second to fifth year inclusive 5,159 2,76111,642 4,30523,797 22,357Leases are negotiated and rental are fixed for an average term of four (2010: four) years.32. Retirement Benefits SchemeThe Group participates in MPF Scheme established under the Mandatory Provident Fund Ordinance in December2000. The assets of the scheme are held separately from those of the Group in funds under the control oftrustees.For members of the MPF Scheme, the Group contributes 5% of relevant payroll costs to the scheme which ismatched by the employee. Both the employer’s and the employees’ contributions are subject to a maximum ofmonthly earnings of HK$20,000 per employee.The employees of the Company’s subsidiary in the PRC are members of a state-managed retirement benefitscheme operated by the government of the PRC. The subsidiary is required to contribute a fixed percentage ofthe employee’s basic salary to the retirement benefit scheme to fund the benefit. The only obligation of the Groupin respect of the retirement benefit scheme is to make the specified contributions.Contributions are made by the Company’s subsidiary in other overseas countries to defined contributionsuperannuation funds in accordance with the relevant laws and regulations in these countries.For the year ended 31 December 2011, the aggregate employer’s contributions made by the Group and chargedto the consolidated income statement are RMB143,545,000 (2010: RMB57,284,000).106
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0175 Geely Automobile Holdings Limited Annual Report 2011

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