Auman Asset appreciation increases profits 2.5 billion yuan

Futian Auto (600166) disclosed that the company intends to jointly produce heavy duty trucks and their engines with Daimler AG and Daimler Northeast Asia Investment Co., Ltd. Company to the existing Auman business can be split assets assessed value of 3.162 billion yuan (excluding non-central heavy card stamping business and is under construction in Beijing Huairou Temple Town, Auman two factory) in 2.8 billion yuan capital, accounting for 50% of the equity.　　As a result of this asset appraisal, Auman business assets value added 2.506 billion yuan, Futian company Total profit will increase 2.506 billion yuan. Under the Tripartite joint Venture agreement, the total investment of the joint venture company is RMB 6.35 billion, and the registered capital is RMB 5.6 billion yuan, of which Futian company Auman the existing assets of assets assessment after the asset evaluation (including physical assets and trademarks, patents, know-how and other intangible assets, etc.) for 2.8 billion yuan, accounting for 50 of registered capital (a) Daimler shares a cash contribution of 2.24 billion yuan, accounting for 40% of the registered capital, Daimler North East Asia Investment Co., Ltd. in cash to invest 560 million yuan, accounting for 10% of the registered capital. The products of the joint venture company include: Fukuda Automobile existing "Auman" medium heavy card product, assemble OM457 engine "Auman" Medium heavy truck mixed model product, emission standard can reach Euro v Daimler OM457 heavy diesel engine. Fukuda has transferred all its rights to the "Auman" trademark in China to the joint venture, with a paid license to use the "Fukuda" trademark in China.　　The joint venture company's entire vehicle product is bound to use "Fukuda" "The Auman", among them, in outfit OM457 Heavy duty engine's entire vehicle product marking "the Mercedes-Benz power". It is noteworthy that, according to the two sides agreed, Fukuda will be assessed value of 2.8 billion yuan Auman business assets. As a result of this asset evaluation, Auman business assets value added 2.506 billion yuan, after the establishment of the joint venture, Futian Company's total assets increased by 31 million yuan, the total amount of debt reduced by 2.474 billion yuan.　　December 2010 Joint Venture Company registration, the value of assets evaluation will affect the total profit of Futian company increased by 2.506 billion yuan, according to the current accounting standards, the impact of asset valuation value-added profits will be based on the depreciation of assets and amortization of the progress of the joint venture year after the establishment of the company. The company said that according to current accounting standards, the joint venture company does not include the scope of the Futian automobile consolidated report, the two sides are currently exploring the relevant plans to avoid the joint venture project on the sales and revenue of Fukuda car adversely affected.