Haier 2009 Annual Report Download - page 50
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REPORT OF THE DIRECTORS 董事會報告書
HAIER ELECTRONICS GROUP CO., LTD ANNUAL REPORT 2009
48
Connected Transactions and Continuing
Connected Transactions
Connected transactions
(a) Qingdao Economy and Technology Development Zone Haier Water
Heater Co., Ltd. (“Qingdao Water Heater”), a wholly-owned
subsidiary of the Company, and Qingdao Jiaonan Haier Microwave
Manufacturing Co., Ltd. (“Qingdao Microwave”), a non-wholly-
owned subsidiary of Haier Corp, entered into an asset acquisition
agreement on 24 April 2009 pursuant to which Qingdao Water
Heater agreed to acquire some fixed assets (the “Microwave Assets”)
from Qingdao Microwave at a cash consideration of approximately
RMB5,865,000. The consideration was determined with reference
to the net assets value of the Microwave Assets and was fully paid
during the year. The above transaction was completed on 17 July
2009.
(b) Qingdao Haier Washing Machine Co., Ltd. (“Qingdao Washing
Machine”), a non-wholly-owned subsidiary of the Company, and
Qingdao Haier Tooling Development and Manufacturing Co., Ltd.
(“Qingdao Tooling”), an associate of Haier Corp, entered into an
asset acquisition agreement on 24 April 2009 pursuant to which
Qingdao Washing Machine agreed to acquire some fixed assets (the
“Tooling Assets”) from Qingdao Tooling at a cash consideration of
approximately RMB1,026,000. The consideration was determined
with reference to the net assets value of the Tooling Assets and was
fully paid during the year. The above transaction was completed
on 24 April 2009.
(c) Qingdao Jiaonan Haier Washing Machine Co., Ltd. (“Jiaonan
Washing Machine”), a non-wholly-owned subsidiary of the
Company, and Qingdao Haier Electronics Plastic Co., Ltd. (“Qingdao
Electronics Plastic”), an associate of Haier Corp, entered into an
asset acquisition agreement on 30 June 2009 pursuant to which
Jiaonan Washing Machine agreed to acquire two compression
machines (the “Compression Machines”) at a cash consideration of
approximately RMB1,926,000. The consideration was determined
with reference to the net assets value of the Compression Machines
and was fully paid during the year. The above transaction was
completed on 30 June 2009.
(d) Wuhan Haier Water Heater Co., Ltd. (“Wuhan Water Heater”),
a wholly-owned subsidiary of the Company, and Wuhan Haier
Refrigerator Co., Ltd. (“Wuhan Refrigerator”), a non-wholly-owned
subsidiary of Qingdao Haier, entered into a removal compensation
agreement on 30 June 2009 pursuant to which Wuhan Water Heater
agreed to remove its plant and machinery from the existing premises
to the new premises in consideration for an aggregate compensation
of approximately RMB12,406,000. The compensation included a
removal compensation fee of approximately RMB4,906,000, which
was fully received during the year, and a renovation compensation
fee of RMB7,500,000, with RMB3,400,000 received during the
year and the remaining RMB4,100,000 to be paid in two annual
instalments on or before 25 September 2010 and 2011, respectively.
The removal compensation fee and renovation compensation fee
were determined with reference to the costs and expenses incurred
by Wuhan Water Heater in respect of the removal.
(a)
5,865,000
(b)
1,026,000
(c)
1,926,000
(d)
12,406,000
4,906,000
7,500,000
3,400,000
4,100,000