Annual Report 2007 - Hmdatalink.com hm datalink

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Notes to the consolidated financial statementsfor the year ended 31 December 20071. GENERAL INFORMATIONThe Company is a public listed limited company incorporated in the Cayman Islands as an exempted limitedcompany and its shares are listed on The Stock Exchange of Hong Kong Limited (the “SEHK”). The addressesof the registered office and principal place of business of the Company are disclosed in “CorporateInformation” to the annual report.The Company is an investment holding company. The principal activities of the Company’s subsidiaries areset out in note 33.The consolidated financial statements are presented in Hong Kong dollars, which is the same as thefunctional currency of the Company.2. STATEMENT OF COMPLIANCEThese consolidated financial statements have been prepared in accordance with Hong Kong FinancialReporting Standards (“HKFRSs”), which collective term includes all applicable individual Hong Kong FinancialReporting Standards, Hong Kong Accounting Standards (“HKASs”), and Interpretations issued by the HongKong Institute of Certified Public Accountants (“HKICPA”), accounting principles generally accepted inHong Kong, and the disclosure requirements of the Hong Kong Companies Ordinance. These consolidatedfinancial statements also comply with the applicable disclosure provisions of the Rules Governing the Listingof Securities on the SEHK (the “Listing Rules”). A summary of the significant accounting policies adopted bythe Group is set out in note 4 below.In the current year, the Group has applied, for the first time, the following new standards, amendments andinterpretations (“new HKFRSs”) issued by the HKICPA, which are effective for the Group’s financial yearbeginning 1 January 2007.HKAS 1 (Amendment)Capital DisclosuresHKFRS 7Financial Instruments: DisclosuresHK(IFRIC) – Int 8 Scope of HKFRS 2HK(IFRIC) – Int 9Reassessment of Embedded DerivativesHK(IFRIC) – Int 10Interim Financial Reporting and ImpairmentThe adoption of the new HKFRSs had no material effect on how the results and financial position for thecurrent or prior accounting periods have been prepared and presented. Accordingly, no prior periodadjustment has been required.GEELY AUTOMOBILE HOLDINGS LIMITED63ANNUAL REPORT 2 0 0 7
Notes to the consolidated financial statementsfor the year ended 31 December 20072. STATEMENT OF COMPLIANCE (Continued)The Group has applied the disclosure requirements under HKAS 1 (Amendment) and HKFRS 7 retrospectively.Certain information presented in prior year under the requirements of HKAS 32 in effect at that time has beenremoved and the relevant comparative information based on the requirements of HKAS 1 (Amendment) andHKFRS 7 has been presented for the first time in the current year.3. EFFECTS OF APPLICATION OF HKFRSs NOT YET EFFECTIVEThe Group has not early applied new standards, amendments and interpretations that have been issuedbut are not yet effective. HKAS 1 (revised) (effective from 1 January 2009) affect the presentation of ownerchanges in equity and introduces a statement of comprehensive income. This amendment does not affectthe financial position or results of the Group but will give rise to additional disclosures. The directors of theCompany anticipate that the application of these standards, amendments and interpretations will have nomaterial impact on the results and financial position of the Group.4. SIGNIFICANT ACCOUNTING POLICIESThe consolidated financial statements have been prepared on the historical cost basis except for certainfinancial instruments which are measured at fair values, as explained in the accounting policies set out below.(a)Basis of consolidationThe consolidated financial statements incorporate the financial statements of the Company and itssubsidiaries. A subsidiary is an entity in which the Company, directly or indirectly, has the power togovern the financial and operating policies so as to obtain benefits from its activities.The results of subsidiaries acquired or disposed of during the year are included in the consolidatedincome statement from the effective date of acquisition or up to the effective date of disposal, asappropriate.Where necessary, adjustments are made to the financial statements of the subsidiaries to bring theiraccounting policies in line with those used by other members of the Group.All intra-group transactions, balances, income and expenses are eliminated on consolidation.Minority interests in the net assets of consolidated subsidiaries are presented separately from theGroup’s equity therein. Minority interests in the net assets consist of the amount of those interestsat the date of the original business combination and the minority’s share of changes in equity sincethe date of the combination. Losses applicable to the minority in excess of the minority’s interest inthe subsidiary’s equity are allocated against the interests of the Group except to the extent that theminority has a binding obligation and is able to make an additional investment to cover the losses.GEELY AUTOMOBILE HOLDINGS LIMITED64ANNUAL REPORT 2 0 0 7
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Chairman’s StatementLi Shu Fu,Cha
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Geely Automobile Holdings LimitedRo
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