Annual Report 2007 - Hmdatalink.com hm datalink

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Notes to the consolidated financial statementsfor the year ended 31 December 200710. TAXATION2007 2006HK$’000HK$’000Current tax:PRC foreign enterprise income tax, current year 1,673 1,585Hong Kong profits tax has not been provided for the year as the companies within the Group had noestimated assessable profits in Hong Kong.Pursuant to the relevant laws and regulations in the PRC, the Group’s PRC subsidiary is entitled to anexemption from PRC foreign enterprise income tax for the two years starting from its first profit-making year,followed by a 50% reduction for the next three years. The income tax provision is calculated at the applicabletax rates on the estimated assessable profits for the year based on existing legislation, interpretations andpractices in respect thereof.The tax charge for the year can be reconciled to the profit before taxation per consolidated incomestatement as follows:2007 2006HK$’000HK$’000Profit before taxation 319,773 215,734Tax at the PRC enterprise income tax rate of 33% 105,525 71,192Tax effect of expenses not deductible in determiningtaxable profit 10,379 5,885Tax effect of non-taxable income (118,092) (80,266)Tax effect of different tax rates of entities operatingin other jurisdictions 6,600 6,824Effect of tax exemption granted to PRC subsidiaries (2,739) (2,050)Tax expense for the year 1,673 1,585The applicable tax rate is the PRC’s foreign enterprise income tax rate of 33% (2006: 33%). On 16 March 2007,the PRC promulgated the Law of the PRC on Enterprise Income Tax (the “New Law”) by Order No. 63 of thePresident of the PRC. On 6 December 2007, the State Council issued Implementation Regulations of the NewLaw. The New Law and Implementation Regulations will change the tax rate from 33% to 25% from 1 January2008. In respect of tax holidays, for those enterprises which have already started their tax holidays before2008, they are able to enjoy the remaining tax holidays until expiry whereas for those enterprises which havenot yet started their tax holidays before 2008, the tax holidays will be deemed to start from 1 January 2008and they are able to enjoy the remaining tax holidays until expiry.GEELY AUTOMOBILE HOLDINGS LIMITED77ANNUAL REPORT 2 0 0 7
Notes to the consolidated financial statementsfor the year ended 31 December 200711. DIVIDENDSA final dividend for the year ended 31 December 2005 of HK$0.01 per share amounting to approximatelyHK$41,203,000 was paid to the shareholders during the year ended 31 December 2006.A final dividend and a special dividend for the year ended 31 December 2006 of HK$0.01 per share andHK$0.002 per share respectively, amounting to approximately HK$57,327,000 were paid to the shareholdersduring the year.A final dividend for the year ended 31 December 2007 of HK$0.013 per share amounting to approximatelyHK$67,614,000 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 December2008 if it is approved by the shareholders in the forthcoming annual general meeting.12. EARNINGS PER SHARE(a)Basic earnings per shareThe calculation of the basic earnings per share is based on the profit attributable to equity holders ofthe Company of HK$314,658,000 (2006: HK$208,752,000) and weighted average number of ordinaryshares of 4,930,320,263 shares (2006: 4,134,231,655 shares), calculated as follows:(i)Weighted average number of ordinary shares2007 2006Issued ordinary shares at 1 January 4,151,388,496 4,120,264,902Effect of new shares issued 526,027,397 –Effect of shares issued upon conversion ofconvertible bonds 252,904,370 13,966,753Weighted average number of ordinary sharesat 31 December 4,930,320,263 4,134,231,655GEELY AUTOMOBILE HOLDINGS LIMITED78ANNUAL REPORT 2 0 0 7
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