0175 Geely Automobile Holdings Limited Annual Report 2011

More documents

Recommendations

Info

Annual Report 2011Geely Automobile Holdings LimitedNOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSFor the year ended 31 December 201138. Acquisition of Assets and Liabilities Through Acquisition of SubsidiariesOn 21 January 2011, the Company entered into agreements with Zhejiang Geely Holding Group Company Limitedand its subsidiary to acquire 100% interests in Ningbo Vision Automobile Parts and Components Company Limited(“Ningbo Vision”) and Shandong Geely Gearbox Company Limited (“Shandong Geely”) for cash considerations ofRMB437.3 million and RMB20 million respectively. There is a further capital injection of RMB80 million for ShandongGeely immediately after the completion of its acquisition. The acquisition of Ningbo Vision and Shandong Geelywas completed during the year. Details of the acquisition have been set out in the Company’s announcementdated 21 January 2011.Ningbo Vision and Shandong Geely have not engaged in any operating activities, and did not have sufficientworkforce and all necessary plant and equipment ready for production at the acquisition dates and the acquisitionwas accounted for as purchases of assets and liabilities of which no goodwill was recognised.The assets and liabilities acquired in the acquisition of Ningbo Vision and Shandong Geely at the acquisitiondates are as follows:The assets and liabilities acquired:Carrying amountRMB’000Property, plant and equipment 541,776Intangible assets 155,839Prepaid land lease payments 194,003Trade and other receivables 41,038Inventories 7,732Cash and cash equivalents 59,319Trade and other payables (542,365)457,342Total consideration satisfied by:Cash 457,342Net cash outflow arising on acquisition:Cash consideration paid (457,342)Bank balances and cash acquired 59,319(398,023 )123
Annual Report 2011Geely Automobile Holdings LimitedNOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSFor the year ended 31 December 201139. Business CombinationsOn 27 October 2009, the Company entered into agreement with Zhejiang Geely Holding Group Company Limitedand its subsidiary to acquire 100% interests in Jinan Geely Automobile Company Limited (“Jinan Geely”). Theacquisition of Jinan Geely was completed on 7 January 2010. Details of the acquisition have been set out in theCompany’s circular dated 17 November 2009.The net assets acquired in the acquisition of Jinan Geely are as follows:Net assets acquired:Carrying amountand fair valueRMB’000Property, plant and equipment 178,632Prepaid land lease payments 212,833Trade and other receivables 871,283Inventories 2,866Cash and cash equivalents 45,553Trade and other payables (661,139)Bank borrowings (470,000)180,028Total consideration satisfied by:Cash 180,028Net cash outflow arising on acquisition:Cash consideration paid (180,028)Bank balances and cash acquired 45,553(134,475 )The directors assessed that the differences between fair values and carrying amounts of assets and liabilities areinsignificant. No goodwill arose in the acquisition of Jinan Geely.The business acquired did not make any significant contribution to the revenue or profit of the Group for theperiod between the acquisition date/beginning period date and the balance sheet date.124
Page 1 and 2:
(Stock Code : 0175)
Page 3 and 4:
KeyFiguresTurnover(RMB’Billion)22
Page 5 and 6:
Annual Report 2011Geely Automobile
Page 7 and 8:
ManagementReportOrganisationChart
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Accounts
Page 56 and 57:
Page 58 and 59:
CONSOLIDATEDSTATEMENT OF COMPREHENS
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75: Annual Report 2011Geely Automobile
Page 123: Annual Report 2011Geely Automobile
show all

0175 Geely Automobile Holdings Limited Annual Report 2011

Create successful ePaper yourself

Delete template?

Save as template?