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Interim Report 2013 QUALITY GEELY Interim Report 2013 (Incorporated in the Cayman Islands with limited liability) (Stock Code : 0175) Designed & Produced by HeterMedia Services Limited This interim report is printed on recyclable paper CONTENTS Corporate Information 2 Independent Review Report 3 Condensed Consolidated Income Statement 4 Condensed Consolidated Statement of 5 Comprehensive Income Condensed Consolidated Statement of 6 Financial Position Condensed Consolidated Statement of 7 Changes in Equity Condensed Consolidated Statement of Cash Flows 8 Notes to the Condensed Consolidated 9 Financial Statements Management Discussion and Analysis 31 Geely Automobile Holdings Limited Interim Report 2013 CORPORATE INFORMATION Executive Directors: Legal Advisor on Hong Kong Law: Mr. Li Shu Fu (Chairman) Sidley Austin Mr. Yang Jian (Vice Chairman) Mr. Gui Sheng Yue (Chief Executive Officer) Mr. An Cong Hui Legal Advisor on Cayman Islands Law: Mr. Ang Siu Lun, Lawrence Maples and Calder Mr. Li Dong Hui, Daniel Mr. Liu Jin Liang Ms. Wei Mei Principal Bankers in Hong Kong: Standard Chartered Bank (Hong Kong) Limited Non-executive Director: China CITIC Bank International Limited Bank of America NA Mr. Carl Peter Edmund Moriz Forster Head Office and Principal Place of Independent Non-executive Directors: Business: Mr. Lee Cheuk Yin, Dannis Room 2301, 23rd Floor, Great Eagle Centre, Mr. Song Lin 23 Harbour Road, Wanchai, Mr. Yeung Sau Hung, Alex Hong Kong Mr. Fu Yu Wu Telephone: (852) 2598-3333 Mr. Wang Yang Facsimile: (852) 2598-3399 Email: [email protected] Audit Committee: Registered Office: Mr. Lee Cheuk Yin, Dannis (Committee’s Chairman) Mr. Song Lin P.O. Box 309, Ugland House, Mr. Yeung Sau Hung, Alex Grand Cayman, KY1-1104, Mr. Fu Yu Wu Cayman Islands Mr. Wang Yang Hong Kong Share Registrars & Transfer Remuneration Committee: Office: Mr. Yeung Sau Hung, Alex (Committee’s Chairman) Union Registrars Limited Ms. Wei Mei 18/F., Fook Lee Commercial Centre, Town Place, Mr. Lee Cheuk Yin, Dannis 33 Lockhart Road, Wanchai, Hong Kong Mr. Fu Yu Wu Mr. Wang Yang Investor & Media Relations: Prime International Consultants Limited Nomination Committee: Mr. Fu Yu Wu (Committee’s Chairman) Mr. Gui Sheng Yue Design & Production: Mr. Lee Cheuk Yin, Dannis HeterMedia Services Limited Mr. Yeung Sau Hung, Alex Mr. Wang Yang Listing Information: Company Secretary: The Stock Exchange of Hong Kong Limited Stock Code: 0175 Mr. Cheung Chung Yan, David Company’s Website: Auditors: http://www.geelyauto.com.hk Grant Thornton Hong Kong Limited 2 Geely Automobile Holdings Limited Interim Report 2013 INDEPENDENT REVIEW REPORT To the Board of Directors of Geely Automobile Holdings Limited (incorporated in the Cayman Islands with limited liability) Introduction We have reviewed the interim financial report set out on pages 4 to 30 which comprise the condensed consolidated statement of financial position of Geely Automobile Holdings Limited as of 30 June 2013 and the related condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the six-month period then ended, and explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of an interim financial report to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants. The directors are responsible for the preparation and presentation of this interim financial report in accordance with Hong Kong Accounting Standard 34. Our responsibility is to express a conclusion on this interim financial report based on our review and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Scope of Review We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified Public Accountants. A review of interim financial report consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim financial report is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34. Grant Thornton Hong Kong Limited Certified Public Accountants 20th Floor, Sunning Plaza 10 Hysan Avenue Causeway Bay Hong Kong 22 August 2013 Chiu Wing Ning Practising Certificate No.: P04920 3 Geely Automobile Holdings Limited Interim Report 2013 CONDENSED CONSOLIDATED INCOME STATEMENT For the six months ended 30 June 2013 Six months ended 30 June 2013 2012 Note RMB’000 RMB’000 (Unaudited) (Unaudited) (Restated) (Note 3) Turnover/Revenue 14,854,979 11,177,331 Cost of sales (12,008,149 ) (9,237,171 ) Gross profit 2,846,830 1,940,160 Other income 5 552,308 726,510 Distribution and selling expenses (820,927 ) (659,423 ) Administrative expenses, excluding share-based payments (746,903 ) (577,939 ) Share-based payments (46,019 ) (63,660 ) Finance costs, net 6 (56,572 ) (103,468 ) Share of results of associates (3,812 ) (1,427 ) Profit before taxation 1,724,905 1,260,753 Taxation 7 (323,003 ) (233,908 ) Profit for the period 6 1,401,902 1,026,845 Attributable to: Equity holders of the Company 1,398,468 1,019,630 Non-controlling interests 3,434 7,215 1,401,902 1,026,845 Earnings per share Basic 9 RMB16.92 cents RMB13.66 cents Diluted 9 RMB16.16 cents RMB12.49 cents The notes on pages 9 to 30 are integral parts of this interim financial report. 4 Geely Automobile Holdings Limited Interim Report 2013 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2013 Six months ended 30 June 2013 2012 RMB’000 RMB’000 (Unaudited) (Unaudited) Profit for the period 1,401,902 1,026,845 Other comprehensive loss for the period: Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of foreign operations recognised (80,898 ) (11,396 ) Gain arising on revaluation of available-for-sale financial assets – 58 Total comprehensive income for the period 1,321,004 1,015,507 Attributable to: Equity holders of the Company 1,317,570 1,008,292 Non-controlling interests 3,434 7,215 1,321,004 1,015,507 The notes on pages 9 to 30 are integral parts of this interim financial report. 5 Geely Automobile Holdings Limited Interim Report 2013 CONDENSED CONSOLIDATED STATEMENT OF FINANCIal POSITION As at 30 June 2013 At At 30 June 2013 31 December 2012 Note RMB’000 RMB’000 (Unaudited) (Audited) Non-current assets Property, plant and equipment 10 6,790,994 7,007,742 Intangible assets 11 3,003,183 2,814,497 Goodwill 6,222 6,222 Interests in associates 12 228,686 195,165 Interests in a joint venture 13 500,000 – Available-for-sale financial assets 3,609 3,661 Prepaid land lease payments 1,551,233 1,461,026 Deferred tax assets 53,214 36,561 12,137,141 11,524,874 Current assets Prepaid land lease payments 39,832 38,144 Inventories 14 1,946,164 1,822,287 Trade and other receivables 15 10,960,391 13,475,632 Financial assets at fair value through profit or loss 13,407 12,676 Tax recoverable 4,599 3,816 Pledged bank deposits 67,295 313,535 Bank balances and cash 5,719,397 4,188,862 18,751,085 19,854,952 Current liabilities Trade and other payables 17 14,336,556 15,183,394 Taxation 216,200 130,789 Borrowings 18 792,635 1,378,933 15,345,391 16,693,116 Net current assets 3,405,694 3,161,836 Total assets less current liabilities 15,542,835 14,686,710 CAPITAL AND RESERVES Share capital 19 152,789 152,557 Reserves 13,846,783 12,734,100 Equity attributable to equity holders of the Company 13,999,572 12,886,657 Non-controlling interests 157,829 317,367 Total equity 14,157,401 13,204,024 Non-current liabilities Convertible bonds 16 861,920 848,649 Borrowings 18 400,000 525,000 Deferred tax liabilities 123,514 109,037 1,385,434 1,482,686 15,542,835 14,686,710 The notes on pages 9 to 30 are integral parts of this interim financial report. 6 Geely Automobile Holdings Limited Interim Report 2013 CONDENSED CONSOLIDATED STATEMENT OF chaNGES IN EQUITY For the six months ended 30 June 2013 Attributable to equity holders of the Company Statutory Convertible and staff Share bonds and Non- Share Share Capital welfare Translation option warrant Fair value Accumulated controlling capital premium reserve reserve reserve reserve reserve reserve profits Sub-total interests Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Balance at 1 January 2012 139,573 3,475,208 88,059 17,401 112,205 417,886 232,864 (174 ) 5,099,178 9,582,200 567,915 10,150,115 Profit for
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