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 201111. Taxation (Continued)The tax charge for the year can be reconciled from the profit before taxation per consolidated income statementas follows:2011 2010RMB’000RMB’000Profit before taxation 2,183,208 1,900,323Tax at the PRC enterprise income tax rate of 25% (2010: 25%) 545,802 475,081Tax effect of expenses not deductible in determining taxable profit 152,851 136,732Tax effect of non-taxable income (46,486) (60,357)Tax effect of unrecognised tax losses 15,767 21,800Utilisation of previously unrecognised tax losses (75,300) (410)Tax effect of different tax rates of entities operating in other jurisdictions 21,720 34,203Deferred tax charge on distributable profits withholding tax (note 27) 29,156 34,966Effect of tax exemption granted to the PRC subsidiaries (207,513) (294,095)Underprovision in prior years 31,362 2,692Tax expense for the year 467,359 350,612The applicable tax rate is the PRC enterprise income tax rate of 25% (2010: 25%). The Group is also liable towithholding tax on dividends to be distributed from the Group’s foreign-invested enterprises in the PRC in respectof its profits generated from 1 January 2008. Deferred tax liability of RMB29,156,000 (2010: RMB34,966,000) wasrecognised for the distributable profits not yet paid out as dividends that are generated by the PRC subsidiariesof the Company during the year.12. DividendsA final dividend for the year ended 31 December 2010 of HK$0.026 per share amounting to approximatelyRMB170,416,000 were paid to the shareholders of the Company during the year.A final dividend for the year ended 31 December 2011 of HK$0.028 per share amounting to approximatelyRMB183,833,000 has been proposed by the Board of Directors after the balance sheet date. The proposeddividend will be accounted for as an appropriation of accumulated profits in the year ending 31 December 2012if it is approved by the shareholders in the forthcoming annual general meeting.87
Annual Report 2011Geely Automobile Holdings LimitedNOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSFor the year ended 31 December 201113. Earnings Per Share(a)Basic earnings per shareThe calculation of the basic earnings per share is based on the profit attributable to equity holders of theCompany of RMB1,543,437,000 (2010: RMB1,368,437,000) and weighted average number of ordinaryshares of 7,450,443,245 shares (2010: 7,362,781,505 shares), calculated as follows:(i)Weighted average number of ordinary shares2011 2010Issued ordinary shares at 1 January 7,440,755,450 7,310,855,450Effect of shares issued upon exercise of share options 9,687,795 51,926,055Weighted average number of ordinary sharesat 31 December 7,450,443,245 7,362,781,505(b)Diluted earnings per shareThe calculation of diluted earnings per share for the year ended 31 December 2011 is based on the profitattributable to equity holders of the Company of RMB1,637,266,000 (2010: RMB1,459,378,000) and theweighted average number of ordinary shares of 8,528,146,935 shares (2010: 8,511,197,705 shares),calculated as follows:(i)Profit attributable to equity holders of the Company (diluted)2011 2010RMB’000RMB’000Earnings for the purpose of basic earnings per share(Profit attributable to equity holders) 1,543,437 1,368,437After tax effect of effective interest on the liabilitycomponent of convertible bonds 93,829 90,941Earnings for the purpose of diluted earnings per share 1,637,266 1,459,378(ii)Weighted average number of ordinary shares (diluted)2011 2010Weighted average number of ordinary sharesfor the purpose of basic earnings per share 7,450,443,245 7,362,781,505Effect of deemed conversion of convertible bonds 1,008,151,554 1,001,277,412Effect of deemed exercise of warrants 39,403,557 100,647,803Effect of deemed issue of shares under the Company’sshare option scheme 30,148,579 46,490,985Weighted average number of ordinary shares forthe purpose of diluted earnings per share 8,528,146,935 8,511,197,70588
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0175 Geely Automobile Holdings Limited Annual Report 2011

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