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 201121. Trade and Other Receivables (Continued)(a)Trade receivables (Continued)For overseas trade customers, the Group may allow a credit period of over 1 year. The following is anaged analysis of the trade receivables of overseas trade customers based on invoice dates at the balancesheet dates:2011 2010RMB’000RMB’0000 – 60 days 244,832 277,49161 – 90 days 155,982 47,07091 – 365 days 268,161 244,848Over 1 year 204,550 93,061873,525 662,470Of the total trade receivables balance at 31 December 2011, RMB514,051,000 (2010: RMB164,366,000)was due from the Group’s largest customer. Other than the largest customer, there were four customers(2010: nil) who represented more than 10% of the total balance of trade receivables.The aged analysis of the Group’s trade receivables that were past due as at the balance sheet dates butnot impaired is as follows:2011 2010RMB’000RMB’0000 – 30 days past due 77,712 80,15231 – 60 days past due 36,285 43,11561 – 90 days past due 18,526 58,742Over 90 days past due 96,503 11,938229,026 193,947As at 31 December 2011, trade receivables of RMB1,489,411,000 (2010: RMB1,256,127,000) were neitherpast due nor impaired. These related to a large number of diversified customers for whom there was norecent history of default.The Group does not charge interest on overdue balances. Included in the Group’s trade receivables balancewere debtors with a carrying amount of RMB229,026,000 (2010: RMB193,947,000) which were past dueat the balance sheet date for which the Group has not provided for impairment loss. The Group did nothold any collateral over these balances. No material impairment has been made to the trade receivablesbalance. Receivables that were neither past due nor impaired were mainly due from large corporationswith which the Group has long trading history and therefore these debtors are considered to have goodcredit quality.(b)Notes receivableAll notes receivable were denominated in Renminbi and are primarily notes received from third parties forthe year ended 31 December 2011 and 2010 respectively for settlement of trade receivable balances. At31 December 2011 and 2010, all notes receivable were guaranteed by established banks in the PRC andhave maturities of six months or less from 31 December.The Group pledged RMB457,370,000 (2010: nil) notes receivable to banks to secure the Group’s notespayable as at 31 December 2011.97
Annual Report 2011Geely Automobile Holdings LimitedNOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSFor the year ended 31 December 201121. Trade and Other Receivables (Continued)(c)Amounts due from related parties/ultimate holding companyThe amounts due from related parties/ultimate holding company are unsecured, interest-free and repayableon demand.Except for trade and other receivables amounting to RMB83,558,000 (2010: RMB54,170,000) which is expectedto be recovered after 1 year from the balance sheet date, all other trade and other receivables are expected tobe recovered or recognised as an expense within 1 year.22. Financial Assets at Fair Value Through Profit or Loss2011 2010RMB’000RMB’000Listed investments:– Equity securities listed outside Hong Kong 12,225 12,947The fair value of the listed investments is based on the quoted market price available.23. Available-for-sale Financial Assets2011 2010RMB’000RMB’000Listed investment outside Hong Kong– Debt security 2,286 –Unlisted investment:– Debt security – 100,000– Equity security 1,350 –1,350 100,0003,636 100,000Included in non-current assets 3,636 –Included in current assets – 100,0003,636 100,000The directors determined that the fair value of debt security is not materially different from the carrying amountas stated above. The unlisted equity security is stated at cost less impairment because the range of reasonablefair value estimates is so significant that the directors of the Company are of the opinion that its fair value cannotbe measured reliably.98
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0175 Geely Automobile Holdings Limited Annual Report 2011

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