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 201135. Connected and Related Party Transactions (Continued)(a)Transactions (Continued)2011 2010Name of related parties Nature of transactions RMB’000 RMB’000Related companies (note 1)Taizhou Haoqing Automobile Sales of automobile parts 131 –Sales Company Limitedand components(Formerly known as Sales of complete buildup units 80,865 53,050“Taizhou Geely AutomobileSales Company Limited”)(())Zhejiang Wisdom Electronics Purchase of automobile parts 23,917 9,804Equipment Company Limited and components() Sales of property, – 2,574plant and equipmentRental income 551 551Hunan Geely Automobile Sub-contracting fee paid – 234Industries Company Limited Acquisition of property, 1,823 –() plant and equipmentZhejiang Geely Automobile Rental income 6,264 1,679Industry School()Chengdu New Land Automobile Sales of complete knock down 4,172 –Co., Ltdkits and sedan tool kits() Purchase of complete 2,979 –buildup unitsZhongjia Automobile Rental income 298 –Manufacturing (Chengdu) Sale of property, 1,234 –Company Limitedplant and equipment() Sales of prepaid land 80,898 –lease paymentsNon-controlling shareholderof the subsidiaryKailun (QuFu) Property Investment Loan advances – 6,214Limited Interest paid 285 428()115
Annual Report 2011Geely Automobile Holdings LimitedNOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSFor the year ended 31 December 201135. Connected and Related Party Transactions (Continued)(a)Transactions (Continued)2011 2010Name of related parties Nature of transactions RMB’000 RMB’000AssociateMando (Ningbo) Automotive Purchase of automobile 151,756 –Parts Company Limitedparts and components() Sale of property, 21,540 –plant and equipmentRental income 320 –Sales of automobile parts 2,530 –and componentsSale of intangible assets 6,393 –Ultimate holding companyZhejiang Geely Holding Group Rental income 460 460Company Limited Sales of complete 927 315() knock down kitsAcquisition of subsidiaries 45,734 162,000Note 1: The Group and the related companies are under the common control of the substantial shareholder of theCompany’s ultimate holding company.Note 2: The Group does not have the automobile catalogue issued by the National Development Reform Commissionin the PRC which is required to facilitate payment of the PRC consumption tax. The related parties referredto above have the relevant automobile catalogue licence and therefore the sales of complete knock downkits and sedan tool kits to and purchase of complete buildup units from related parties as set out above havebeen presented on a net basis in the consolidated income statement (to the extent that they are back-to-backtransactions) since the said related parties in effect only act as a channel to facilitate the payment of the PRCconsumption tax. For the same reason, the related claims income from and claims expenses paid to theserelated parties have also been presented on a net basis as long as they are back-to-back transactions.(b)Compensation of key management personnelThe remuneration of directors and other members of key management during the year were as follows:2011 2010RMB’000RMB’000Short-term benefits 32,371 29,201Retirement benefits scheme contribution 1,470 1,432Share-based payments 137,150 273,437170,991 304,070The remuneration of directors and key management are determined by the remuneration committee havingregard to the performance of individuals and market trends.116
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(Stock Code : 0175)
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KeyFiguresTurnover(RMB’Billion)22
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Annual Report 2011Geely Automobile
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Accounts
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CONSOLIDATEDSTATEMENT OF COMPREHENS
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0175 Geely Automobile Holdings Limited Annual Report 2011

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