Haier 2009 Annual Report Download - page 53
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REPORT OF THE DIRECTORS 董事會報告書
海爾電器集團有限公司 51
Connected Transactions and Continuing
Connected Transactions (Cont’d)
Continuing connected transaction (Cont’d)
Notes: (Cont’d)
(x) The interest expenses and income were determined with reference
to the standard rates published by the People’s Bank of China.
The maximum loan balance taken out and the bank deposits
placed with Haier Group Finance Co., Ltd. (“Haier Finance”) related
to the above interest expenses and income during 2009 were
RMB143,000,000 and RMB699,738,000, respectively.
(xi) The trademark licence fee expenses were charged at a nominal
consideration of RMB1 during the year.
(xii) The sales of gift products were made at selling prices not higher
than those sold by Haier Affiliates to independent third parties.
(xiii) The premise lease expenses and income were determined with
reference to the rental assessment of the premises conducted by
an independent firm of professional valuers in the PRC.
(xiv) The equipment lease income was determined with reference to
the energy consumption expenses, depreciation expenses, spare
equipment expenses and management fee incurred by the Group
for the lease of the equipment.
Except for the premise lease expenses and income and equipment lease
income, the above transactions were defined as the Continuing Connected
Transactions in the circulars to the shareholders of the Company dated
26 November 2007 and 26 May 2008, respectively, and were approved
by the shareholders at special general meetings of the Company held
on 12 December 2007 and 20 June 2008, respectively.
The independent non-executive directors of the Company have reviewed
the premise lease expenses and income, equipment lease income and the
Continuing Connected Transactions set out above and have confirmed
that they were entered into:
(i) in the usual and ordinary course of business of the Group;
(ii) either on normal commercial terms or, if there are not sufficient
comparable transactions to judge whether they are on normal
commercial terms, on terms no less favourable to the Group than
terms available to or from (as appropriate) independent third parties;
and
(iii) in accordance with the relevant agreements governing them on
terms that were fair and reasonable and in the interests of the
shareholders of the Company as a whole.
(x)
143,000,000699,738,000
(xi) 1
(xii)
(xiii)
(xiv)
(i)
(ii)
(iii)