ANNUAL REPORT 2011 年年報
COMPANY PROFILE BYD Company Limited ( BYD or the Company together with its subsidiaries, the Group ; stock code: H Shares: 01211; A Shares: 002594) is principally engaged in rechargeable battery business, handset components and assembly services, as well as automobile business which includes traditional fuel-engined vehicles and new energy vehicles while taking advantage of its technical superiority to actively develop business relating to the area new energy products. BYD is one of the leading rechargeable battery manufacturers in the global arena. Major clients include leading handset manufacturers such as Nokia, Samsung, Motorola, Huawei and ZTE, as well as global electric power tools and other portable electronic equipment manufacturers such as Bosch and TTI. Lithium-ion and nickel batteries produced by the Group are widely applied on handsets, digital cameras, power tools, electric toys and other portable electronic devices and electric products. As one of the world s most competitive suppliers for handset components and assembly operations, the Group can provide customers with vertically integrated one-stop services, design and production of cases, key-pads, LCD screens, camera modules, flexible printed circuit boards, chargers and other handset components, and can provide design and assembly service, but the Group does not produce its own brand of handsets. Main customers of the business include Nokia, Apple, HTC, Motorola, Huawei, ZTE and other handset leaders. Since tapping into the automobile business in 2003, by leveraging on its superior value for money and international quality products, the Group has achieved remarkable growth in automobile business and ranked among top ten manufacturers of passenger cars and top three manufacturers of domestic-brand passenger cars in China in 2011, according to the China Association of Automobile Manufactures. To date the Group has manufactured and sold over 1 million units of sedans, thus establishing its leading position among domestic independent automobile brands. In September 2008, MidAmerican Energy Holdings Company, a subsidiary of Berkshire Hathaway, entered into an agreement with the Company, pursuant to which MidAmerican Energy Holdings Company acquired 225 million H Shares of the Company, representing 9.56% of the Company s total capital at present, to become the Group s long term strategic partner. In February 2011, the joint venture of the Group and Daimler AG was formally established for the joint research and development of a new electric car. In June 2011, the Company made an IPO of 79 million RMB ordinary shares (A shares) which were listed on the SME Board of Shenzhen Stock Exchange ( the Shenzhen Stock Exchange ). New energy business is an important direction of BYD s future development. By leveraging its technology and cost advantages in the new energy sector, the Group will actively develop business relating to the area of new energy products to facilitate its long-term and sustainable development. (H01211 A002594 TTI HTC Berkshire HathawayMidAmerican Energy Holdings Company 2.25H9.56% Daimler AG A7,900
2 4 5 6 16 20 24 30 31 32 33 34 36 37 39 40 104
46,312,282 46,685,349 39,469,454 26,788,253 21,211,213 6,867,025 8,264,374 8,564,731 5,218,836 4,247,687 (%) 15 18 22 19 20 1,384,625 2,523,414 3,793,576 1,021,249 1,611,711 (%) 3 5 10 4 8 21,124,517 18,460,319 16,682,357 11,285,568 10,708,118 66,881,036 53,874,663 40,735,597 32,891,145 29,288,491 (%) 70 65 8 66 24 0.66 0.65 0.94 1.04 1.05 71 71 73 77 75 62 54 70 100 87 02 2011
03
2011 04 138 17 1712 183 17 1712-1716 ipr (852) 2136 6185 (852) 3170 6606 www.byd.com.cn H01211 A002594
05 14 A 0.8% 46,312 1,385 0.6 F3F6 F0 M6 SUVS6 G6 300 e6 e6 K9 200 Daimler AG S6 G6
1,8421,851 0.84% 2.45% 13 (SUV) SUV159 20.19% 611 2.56% 42.23% 06 2011
Gartner 17.7511.13% 4.72 57.85%26.59% iphone 3G 3G1.283G 3G 07
80% 22,1362.72% 19,5574.85% 4,6200.84% 2010 43.7 13.33%22,136 19%2 08 2011
S6 G6 SUVS6 S6 S6 SUV SUVSUV S660,000S6 G6,G6 DCT G6 DCT e6 300 e6e6 K9 09
26 200K9 250 e6 HTC 19,5574.85% 212% 10 2011
4,620 2011 11
2011 12 6MW/ 36MWh 500kW A A 7,90018 14.22 13.54A A [2011]2081 60 50% 24 24 S6 G6 S6 G6 30
13 80% 3G3GODM 2012 1-3
0.8% 45% 7171 54 62 17%6,867 17.70%14.83% 5,984 3,139 18,421 14,052 11,342 2,968 3,799 312 17 17% (%) 1,561,000,000 66.31 H 793,100,000 33.69 2,354,100,000 100.00 14 2011
38 36 2011 9 72011 9 13 2011 12 1 [2011] 366 7 2011 11 12011 11 52011 11 6 2011 12 1 [2011] 369 10 2011 11 22 2011 12 26 [2011] 418 10 2011 10 13 2011 12 1 [2011] 367 5 15
2011 16 2008 CCTV
17 EMBA 1970 2007 6
2011 18
19 061
A.2.1 1617 / 20 2011
17 100% 17 100% 17 100% David L. Sokol 2 100% 17 100% 17 100% 8 100% 3 100% 3 100% 3 100% 3 100% 1 100% 1 100% 21
B.1.1 9 3,560,000 22 2011
23
18 4 32103 34 14,208,000 96,689,000 24 2011
14 33 2,165,936,000 1,220,343,000 2104 David L. Sokol 25
(i) (ii)(iii) 9 1619 XVXV7 8 352 A A A (%) (%) 570,642,580 (L) 36.56% 24.24% 401,810,480 (L) 25.74% 17.07% 1 124,977,060 (L) 8.01% 5.31% 1,702,400 (L) 0.11% 0.07% 2 (L) 1 401,810,480 A 239,228,620 A 162,581,860 A 89.5%10.5% 162,581,860 A 2 1,702,400 A90% 10% 1,702,400 A XV(a) 352 (b) 26 2011
571XV2 3 10% 1 A A A (%) (%) 1 162,581,860 (L) 10.42% 6.91% 2 78,725,740 (L) 5.04% 3.34% (L) 1. 89.5% 162,581,860 A 2. 27
2 H H H (%) (%) Berkshire Hathaway Inc.1 225,000,000 (L) 28.37% 9.56% MidAmerican Energy Holdings Company 225,000,000 (L) 28.37% 9.56% 1 Li Lu2 55,511,200 (L) 7.00% 2.36% LL Group, LLC2 55,511,200 (L) 7.00% 2.36% FIL Limited3 39,711,986 (L) 5.01% 1.69% (L) (S) 1. Berkshire Hathaway Inc. MidAmerican Energy Holdings Company225,000,000 H 225,000,000 H (L) 2. LL Group, LLC LL Investment Partners, L.P. 55,511,200 H (L) Li Lu LL Group, LLC 55,511,200 H 3. FIL Limited39,711,986 H (L) 2,354,100,000 1,561,000,000 1.00A793,100,0001.00H 13.68% 19.15% 15.58% 35.90% 5% 28 2011
3.13 29
1 2 (1) (2) (3) 30 2011
32103 1 22 31
000 000 5 46,312,282 46,685,349 (39,445,257) (38,420,975) 6,867,025 8,264,374 5 988,114 531,891 7 301,221 353,679 (1,799,757) (2,175,881) 6 (1,373,861) (1,403,459) (2,125,636) (1,917,889) (388,567) (254,619) 8 (742,262) (281,383) 7,022 25,554 (5,815) 6 1,727,484 3,142,267 11 (132,408) (223,677) 1,595,076 2,918,590 12 1,384,625 2,523,414 210,451 395,176 1,595,076 2,918,590 13 0.60 1.11 32 2011
000 000 1,595,076 2,918,590 15,192 15,192 (126,053) 7,833 (110,861) 7,833 1,484,215 2,926,423 12 1,319,439 2,528,745 164,776 397,678 1,484,215 2,926,423 33
000 000 14 30,723,383 24,877,113 15 4,207,601 4,386,785 16 65,914 65,914 17 2,415,091 1,222,772 25 4,327,200 4,172,190 17,500 19 285,966 59,160 20 286,010 21 15,192 32 586,479 371,337 22 1,170,839 166,851 44,101,175 35,322,122 23 6,595,797 6,537,852 24 9,782,082 8,152,800 25 2,296,072 1,869,370 39(c) 57,464 26 311,060 13,784 26 3,737,386 1,978,735 22,779,861 18,552,541 27 17,235,934 11,033,448 28 3,523,600 3,196,861 1,870,520 2,864,656 29 94,253 54,435 30 11,341,822 11,003,490 222,884 204,758 31 338,565 317,565 34,627,578 28,675,213 (11,847,717) (10,122,672) 32,253,458 25,199,450 34 2011
000 000 32,253,458 25,199,450 30 7,079,247 3,049,000 29 1,193,015 999,374 1,060 8,273,322 4,048,374 23,980,136 21,151,076 33 2,354,100 2,275,100 34 18,770,417 16,185,219 21,124,517 18,460,319 2,855,619 2,690,757 23,980,136 21,151,076 35
000 000 000 000 000 000 000 000 000 000 33 34 2,275,100 1,368,590 4,349,366 1,145,518 (48,650) 6,841,650 750,783 16,682,357 2,344,770 19,027,127 2,523,414 2,523,414 395,176 2,918,590 5,331 5,331 2,502 7,833 5,331 2,523,414 2,528,745 397,678 2,926,423 (750,783) (750,783) (750,783) (51,691) (51,691) 4,736 (4,736) 312,695 (312,695) 2,275,100 1,368,590* 4,354,102* 1,458,213* (43,319)* 9,047,633* 18,460,319 2,690,757 21,151,076 1,384,625 1,384,625 210,451 1,595,076 15,192 15,192 15,192 (80,378) (80,378) (45,675) (126,053) 15,192 (80,378) 1,384,625 1,319,439 164,776 1,484,215 79,000 1,343,000 1,422,000 1,010 1,423,010 (68,165) (68,165) (68,165) (9,076) (9,076) 9,076 (10,000) (10,000) 4,613 (4,613) 259,685 (259,685) 2,354,100 2,643,425* 4,364,831* 1,717,898* (123,697)* 10,167,960* 21,124,517 2,855,619 23,980,136 * 18,770,417,00016,185,219,000 36 2011
000 000 1,727,484 3,142,267 8 742,262 281,383 (1,207) (25,554) 6 (54,822) (27,431) (72,660) (82,541) 6 9,414 41,051 (217) 6 (502,543) 14 2,515,718 2,016,615 6 186,811 41,647 24 158,210 10,947 24 (11,954) (43,033) 14 80,179 17 72,000 15 83,614 67,631 21 11,139 17 161,948 165,062 5,094,454 5,598,966 (244,756) (2,171,092) (2,092,611) 1,660,916 (348,138) (1,399,716) (57,464) (17,500) (298,648) 5,384,057 (485,210) (172,585) 756,267 (994,136) (476,309) 21,000 68,715 6,273,673 3,552,537 54,822 27,431 (343,969) (441,030) 5,984,526 3,138,938 37
000 000 5,984,526 3,138,938 (7,245,107) (8,113,939) (469,891) (2,425,714) (269,670) (2,275,757) 285,950 697,178 13,129 17 (1,427,483) (620,694) 85,272 80,138 495,619 1,123 19,939 35 (36,039) (90,000) (300,538) (9,000) (8,922,719) (12,682,765) 1,422,000 (53,801) 1,010 1,000,000 (6,911) 18,189,099 12,719,565 (14,455,683) (2,328,309) (1,055,771) (405,492) (750,783) (330) (51,705) (297,276) (6,310) 4,736,027 9,183,276 1,797,834 (360,551) 1,978,735 2,316,826 (39,183) 22,460 3,737,386 1,978,735 26 2,780,372 1,205,763 26 1,268,074 786,756 26 (311,060) (13,784) 3,737,386 1,978,735 38 2011
000 000 14 1,524,375 1,632,760 18 5,507,844 3,913,332 20 291,825 15 26,928 27,610 17 37,143 36,229 25 6,824 204,446 21 8,470 7,403,409 5,814,377 23 424,586 304,990 24 883,830 1,078,558 4,738 4,738 25 522,138 75,774 18 7,924,888 5,519,190 26 103,771 88,593 9,863,951 7,071,843 27 913,356 840,689 28 356,537 283,677 24,844 39,074 30 2,551,908 1,960,432 18 3,074,156 3,336,042 6,920,801 6,459,914 2,943,150 611,929 10,346,559 6,426,306 30 2,916,935 1,409,000 7,429,624 5,017,306 33 2,354,100 2,275,100 34(b) 5,075,524 2,742,206 7,429,624 5,017,306 39
1. H 18 2.1 11,847,717,000 (i)(ii) (iii)(i)(ii)(iii) 40 2011
41 2.2 1 1 7 7 7 24 32 32 14 14 19 2431 27 (a) 24 24 39 (b) 3732 39 3 1 2727 212831 27
2.3 1 1 1 7 7 1 7 7 4 9 6 10 4 11 4 12 4 13 4 1 1 3 12 12 2 19 4 27 4 28 4 32 32 5 20 4 1 2 3 4 5 6 7 9 39 39 9 39 9 39 939 39 9 42 2011
2.3 10 2712 10 10 27 12 11 31 13 12 273128 10111227 2810 1112 2728 13 13 1 19 19 32 43
2.4 (a) (b) (c) 20% (d) 3920% 20% 44 2011
2.4 39 39 45
2.4 (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) 46 2011
2.4 10 50 5% 5 5 10 5% 5 5% 5 5% 47
2.4 5 10 5 5 39 48 2011
2.4 39 39 49
2.4 (a)(b) (a)(b) 50 2011
2.4 51
2.4 39 39 39 (i)(ii) 52 2011
2.4 53
2.4 54 2011
2.4 (a) (b) (c) (d) (e) (f) 10% 11% 55
2.4 56 2011
3. 32 65,914,00065,914,000 16 57
3. 586,479,000 371,337,000 32 2.4 2,334,587,0001,133,697,000 17 4. (a) (b) (c) (d) 58 2011
4. 000 000 000 000 000 4,620,074 19,556,707 22,135,501 46,312,282 751,941 626,528 66,108 1,444,577 317,977 354,161 872,785 1,544,923 14,414 61,541 893,759 969,714 5,704,406 20,598,937 23,968,153 50,271,496 (1,444,577) (1,544,923) (969,714) 46,312,282 (121,524) 1,035,755 1,898,305 (4) 2,812,532 (345,978) 54,822 581,157 (632,787) (742,262) 1,727,484 12,620,120 18,433,707 35,043,063 54 66,096,944 (1,653,208) (158,950) 2,596,250 66,881,036 2,521,836 6,662,830 16,323,717 25,508,383 (1,653,208) 19,045,725 42,900,900 59
4. 000 000 000 000 000 80,179 80,179 72,000 72,000 2,321 1,025 6,068 9,414 524,149 1,013,455 1,256,051 2,793,655 3,340,338 953,661 6,177,929 10,471,928 000 000 000 000 000 4,581,758 20,553,382 21,550,209 46,685,349 195,028 405,914 87,695 688,637 419,029 232,046 452,336 1,103,411 3,568 13,108 642,980 659,656 5,199,383 21,204,450 22,733,220 49,137,053 (688,637) (1,103,411) (659,656) 46,685,349 252,350 1,606,877 1,742,896 (89) 3,602,034 (27,639) 27,431 583,323 (761,499) (281,383) 3,142,267 60 2011
4. 000 000 000 000 000 9,914,907 13,222,035 27,981,856 59 51,118,857 (723,044) (51,633) 3,530,483 53,874,663 1,813,153 3,809,745 12,463,625 1 18,086,524 (723,044) 15,360,107 32,723,587 10,375 23,595 7,081 41,051 413,000 825,122 1,011,186 2,249,308 1,412,757 814,675 9,359,717 11,587,149* * (a) 000 000 39,396,563 39,676,134 1,474,640 1,176,011 438,818 1,005,453 160,737 150,790 4,841,524 4,676,961 46,312,282 46,685,349 61
4. (b) 000 000 42,978,474 34,229,398 430,043 573,150 24,411 71,481 49,076 76,756 43,482,004 34,950,785 7,217,542,0008,501,119,000 5. 000 000 37,977,519 37,579,719 8,114,581 9,105,630 220,182 46,312,282 46,685,349 2,122 6 54,822 27,431 26,160 9,615 305,173 274,717 26,991 56,354 14,853 56,463 57,572 105,189 6 502,543 988,114 531,891 62 2011
6. 000 000 31,449,876 29,998,863 7,808,570 8,380,465 14 2,515,718 2,016,615 ** 14 80,179 ** 17 72,000 **** 17 38,493 32,715 * 17 123,455 132,347 1,373,861 1,403,459 1,497,316 1,535,806 20,632 20,724 9,707 7,240 9 6,934,657 5,963,563 94,088 90,111 401,829 339,696 7,430,574 6,393,370 15 83,614 67,631 32,375 32,375 ** 9,414 41,051 ** 39,875 101,174 24 158,210 10,947 24 (11,954) (43,033) *** 186,811 41,647 21 11,139 31 270,346 246,005 (54,822) (27,431) ^ (502,543) * ** *** **** ^ 63
7. 000 000 (a) 42,318 23,801 30,342 19,540 (a) 39,200 (b),(c),(d),(e) 110,040 184,886 (f) 20,000 5,000 98,521 81,252 301,221 353,679 (a) (b) (c) (d) (e) (f) 864,647,000 42,318,00063,001,000 50,000,000 50,000,000150,000,000 30,000,000 30,000,000 20,550,000 16,710,000 13,330,000 13,330,000 20,000,000 64 2011
8. 000 000 841,962 235,853 229,126 177,230 1,071,088 413,083 (328,826) (131,700) 742,262 281,383 5.45% 4.76% 9. 161 000 000 413 450 6,414 6,409 6 6 6,420 6,415 6,833 6,865 (a) 000 000 150 150 150 150 67 150 46 413 450 65
9. (b) 000 000 000 000 4,067 4,067 150 150 150 150 1,099 3 1,102 50 50 50 50 798 3 801 50 50 6,414 6 6,420 000 000 000 000 4,017 4,017 150 150 150 150 David L.Sokol 1,023 3 1,026 50 50 50 50 919 3 922 50 50 6,409 6 6,415 66 2011
10. 9 000 000 19,396 18,169 15 15 19,411 18,184 4,500,0015,000,000 4 4 11. 16.5% 16.5% 33%25% 18%25% 15% 000 000 58,791 873 288,759 408,214 32 (215,142) (185,410) 132,408 223,677 67
11. 000 % 000 % 1,727,484 3,142,267 431,870 25.0 785,567 25.0 (265,636) (15.4) (521,090) (16.6) (2,027) (0.1) (4,279) (0.1) 38,134 2.2 32,121 1.0 76,244 4.4 67,223 2.1 (43,074) (2.5) (51,412) (1.6) (103,103) (6.0) (84,453) (2.7) 132,408 7.7 223,677 7.1 12. 1,050,013,000 159,350,00034(b) 13. 2,314,600,000 2,275,100,000 000 000 1,384,625 2,523,414 2,314,600,000 2,275,100,000 68 2011
14. * 000 000 000 000 000 000 000 6,880,678 12,592 14,855,875 129,749 2,225,397 7,401,358 31,505,649 (553,023) (6,341) (5,272,547) (50,653) (745,972) (6,628,536) 6,327,655 6,251 9,583,328 79,096 1,479,425 7,401,358 24,877,113 6,327,655 6,251 9,583,328 79,096 1,479,425 7,401,358 24,877,113 25,828 11,468 2,101,373 18,096 506,628 5,987,831 8,651,224 (2) (4,481) (74,417) (1,343) (10,311) (2,921) (93,475) (80,179) (80,179) (177,297) (3,024) (1,871,366) (20,663) (443,368) (2,515,718) 881,498 3,038,969 152 273,805 (4,194,424) (66,931) (45,374) (243) (1,748) (1,286) (115,582) 6,990,751 10,214 12,652,334 75,095 1,804,431 9,190,558 30,723,383 7,718,238 19,271 19,732,024 141,635 2,969,497 9,190,558 39,771,223 (727,487) (9,057) (7,079,690) (66,540) (1,165,066) (9,047,840) 6,990,751 10,214 12,652,334 75,095 1,804,431 9,190,558 30,723,383 283,736,0007,349,000 8,994,000300,000,00021,835,000 21,895,000 2,218,072,000 1,850,680,000 327,793,000266,000 272,998,000 30a 69
14. * 000 000 000 000 000 000 000 5,944,856 19,830 11,581,737 91,543 1,512,239 4,580,974 23,731,179 (409,914) (9,263) (3,883,216) (39,928) (481,929) (4,824,250) 5,534,942 10,567 7,698,521 51,615 1,030,310 4,580,974 18,906,929 5,534,942 10,567 7,698,521 51,615 1,030,310 4,580,974 18,906,929 58,714 4,791 1,729,111 41,468 491,835 5,766,051 8,091,970 1,927 1,927 35 24,810 3,214 28,024 (4,142) (8,178) (110,238) (2,187) (377) (6,383) (131,505) 10,746 30 10,776 (152,871) (929) (1,567,977) (12,535) (282,303) (2,016,615) 873,945 1,824,540 797 239,890 (2,939,172) (9,670) (4,589) (62) 40 (112) (14,393) 6,237,655 6,251 9,583,328 79,096 1,479,425 7,401,358 24,877,113 6,880,678 12,592 14,855,875 129,749 2,225,397 7,401,358 31,505,649 (553,023) (6,341) (5,272,547) (50,653) (745,972) (6,628,536) 6,327,655 6,251 9,583,328 79,096 1,479,425 7,401,358 24,877,113 70 2011
14. 000 000 000 000 000 000 1,161,359 1,067,049 11,013 156,605 116,499 2,512,525 (144,342) (637,972) (9,039) (88,412) (879,765) 1,017,017 429,077 1,974 68,193 116,499 1,632,760 1,017,017 429,077 1,974 68,193 116,499 1,632,760 11,470 12,197 681 9,228 27,683 61,259 (4,481) (604) (74) (375) (405) (5,939) (27,660) (116,150) (856) (19,039) (163,705) 4,524 25,152 45 8,936 (38,657) 1,000,870 349,672 1,770 66,943 105,120 1,524,375 1,172,565 1,080,816 11,107 169,187 105,120 2,538,795 (171,695) (731,144) (9,337) (102,244) (1,014,420) 1,000,870 349,672 1,770 66,943 105,120 1,524,375 71
14. 000 000 000 000 000 000 1,152,091 1,109,015 15,974 261,451 56,411 2,594,942 (114,548) (583,558) (11,151) (128,548) (837,805) 1,037,543 525,457 4,823 132,903 56,411 1,757,137 1,037,543 525,457 4,823 132,903 56,411 1,757,137 4,789 31,948 1,018 26,649 77,363 141,767 (41,567) (2,867) (74,103) (168) (118,705) (25,315) (95,954) (1,047) (25,123) (147,439) 9,193 47 7,867 (17,107) 1,017,017 429,077 1,974 68,193 116,499 1,632,760 1,161,359 1,067,049 11,013 156,605 116,499 2,512,525 (144,342) (637,972) (9,039) (88,412) (879,765) 1,017,017 429,077 1,974 68,193 116,499 1,632,760 15. 000 000 000 000 4,475,372 1,696,963 28,299 28,814 604,621 2,961,723 164 (683,024) (115,966) (83,614) (67,631) (682) (679) (6,992) 283 4,306,363 4,475,372 27,617 28,299 (98,762) (88,587) (689) (689) 4,207,601 4,386,785 26,928 27,610 4,178,644,00028,957,000 84,973,000229,575,000 72 2011
16. 000 68,274 (9,671) 58,603 58,603 35 7,311 65,914 75,585 (9,671) 65,914 65,914 65,914 75,585 (9,671) 65,914 11% 13% 13% 0% 3% 0% 000 000 65,914 65,914 73
17. 000 000 000 000 000 1,133,697 21,752 2,198 65,125 1,222,772 1,396,345 1,396,345 1,941 29,197 31,138 (484) (727) (1,211) (123,455) (8,145) (309) (30,039) (161,948) * (72,000) (72,000) (5) (5) 2,334,587 15,064 1,889 63,551 2,415,091 2,894,777 62,096 6,053 186,815 3,149,741 (560,190) (47,032) (4,164) (123,264) (734,650) 2,334,587 15,064 1,889 63,551 2,415,091 667,082 27,725 5,551 70,395 770,753 598,962 598,962 792 20,940 21,732 35 704 704 (1,311) (2,657) (345) (4,313) (132,347) (5,454) (696) (26,565) (165,062) (4) (4) 1,133,697 21,752 2,198 65,125 1,222,772 1,530,141 59,989 6,053 158,580 1,754,763 (396,444) (38,237) (3,855) (93,455) (531,991) 1,133,697 21,752 2,198 65,125 1,222,772 * 72,000,000 74 2011
17. 000 000 000 000 2,742 2,198 31,289 36,229 1,272 16,165 17,437 (58) (58) (840) (309) (15,316) (16,465) 3,174 1,889 32,080 37,143 17,579 6,053 87,904 111,536 (14,405) (4,164) (55,824) (74,393) 3,174 1,889 32,080 37,143 3,986 2,579 46,360 52,925 7,513 7,513 (330) (50) (9,052) (9,432) (914) (331) (13,532) (14,777) 2,742 2,198 31,289 36,229 16,307 6,053 71,797 94,157 (13,565) (3,855) (40,508) (57,928) 2,742 2,198 31,289 36,229 75
18. 000 000 5,507,844 3,913,332 3,621,804,000 3.55% 7.32% 160,000,000 100% *** 63,500,000 74.99% 25.01% *** 31,230,000 100% 1,351,010,101 99% *** 10,000,000 90% 10% *** 80,000,000 75.63% 24.37% ** 145,000,000 65.76% ***^ 400,000,000 96% 4% ** 76 2011
18. 40,000,000 17.5% 82.5% *** 150,000,000 34% 66% *** 150,000,000 10% 90% *** 448,000,000 73.05% 26.95% *** 440,000,000 65.76% *^ 50,000 100% BTC 20,000,000 69% BTC *** ^ 50,000 65.76% ^ 50,000 65.76% 40,000,000 65.76% ***^ PCB 110,000,000 65.76% ***^ 77
18. 1,050,000,000 4.28% 94.77% ** ^ 500,000 65.76% 2,500,000,000 65.76% ^ 500,000,000 100% ()** 121,780,000 100% (** 30,000,000 100% ()** 370,000,000 91% 9% ( )*** * ** *** ^ 78 2011
19. 000 000 285,966 59,160 39(c) 45% 40% 45% 20,000,000 50% 50% 50% 600,000,000 000 000 234,637 53,456 188,005 31,284 (133,525) (25,580) 289,117 59,160 6,786 56,501 1,193 6,786 57,694 (25,526) (28,268) (3,872) (18,740) 25,554 79
20. 291,825 154,772 131,238 286,010 291,825 930,000,000 18% 112 919,030 61,655 93,654 (39,866) 21. 000 000 000 000 15,192 11,139 8,470 6,210 (11,139) (6,210) 15,192 8,470 15,192,000 80 2011
22. 115,966 683,024 115,966 798,990 115,966 50,885 320,964 50,885 371,849 50,885 1,170,839 166,851 1,170,839 166,851 23. 000 000 000 000 1,754,086 2,172,018 73,138 74,245 1,932,692 1,588,463 145,357 129,728 2,386,645 2,315,228 185,516 101,017 522,374 462,143 20,575 6,595,797 6,537,852 424,586 304,990 261,625,00087,426,000 30(a) 24. 000 000 000 000 5,747,594 5,543,153 792,640 963,193 4,319,314 2,756,210 185,747 210,811 (284,826) (146,563) (94,557) (95,446) 9,782,082 8,152,800 883,830 1,078,558 26% 31%60% 75% 81
24. 000 000 000 000 8,591,923 7,643,668 774,598 999,408 1,005,191 504,990 108,766 79,060 170,288 4,142 466 90 14,680 9,782,082 8,152,800 883,830 1,078,558 75,675,00029,169,000 30(a) 000 000 000 000 146,563 260,972 95,446 133,295 6 158,210 10,947 414 145 6 (11,954) (43,033) (13,763) (8,269) (82,836) (1,303) (24,231) 276 513 284,826 146,563 94,557 95,446 245,555,00099,933,000 392,755,00099,933,000 000 000 000 000 8,696,894 7,258,902 726,255 964,087 927,504 892,042 156,984 114,386 9,624,398 8,150,944 883,239 1,078,473 10,000,000 82 2011
25. 000 000 000 000 4,327,200 3,889,684 6,824 2,621 80,681 201,825 201,825 4,327,200 4,172,190 6,824 204,446 697,490 698,873 21,857 12,169 1,551,195 1,135,218 496,810 59,878 47,387 35,279 3,471 3,727 2,296,072 1,869,370 522,138 75,774 129,500,000 18,885,00032,375,000 26. 000 000 000 000 2,780,372 1,205,763 103,771 88,593 1,268,074 786,756 4,048,446 1,992,519 103,771 88,593 (i) (311,060) (13,784) (ii) 3,737,386 1,978,735 103,771 88,593 (i) 311,060,00013,784,000 311,060,000 13,784,000 (ii) 2,964,096,000 1,379,604,000 (iii) 83
27. 000 000 000 000 11,630,385 10,042,146 570,159 755,526 5,382,666 799,404 338,422 81,765 111,911 118,907 668 1,024 65,023 44,504 1,857 1,243 22,914 11,244 1,113 368 23,035 17,243 1,137 763 17,235,934 11,033,448 913,356 840,689 30120 28. 000 000 000 000 1,884,912 1,347,371 214,800 146,061 357,125 846,292 34,630 40,975 1,281,563 1,003,198 107,107 96,641 3,523,600 3,196,861 356,537 283,677 29. 000 000 1,053,809 432,339 347,500 892,564 (114,041) (271,094) 1,287,268 1,053,809 (94,253) (54,435) 1,193,015 999,374 84 2011
30. (%) 000 (%) 000 4.76-14.04 2012 4,569,380 3.60-5.45 2011 3,031,737 LIBOR+ LIBOR+ 300bps- 2012 664,340 230bps 2011 321,073 510bps -280bps 4.00-14.00 2012 4,749,364 3.42-5.52 2011 6,443,612 LIBOR+ 2012 28,038 550bps 5.81-7.05 2012 792,500 4.00-5.27 2011 57,068 5.76-6.35 2012 538,200 3.60-5.53 2011 1,150,000 11,341,822 11,003,490 5.56-7.05 2013-2018 2,822,499 5.04-5.85 2012-2013 1,490,000 LIBOR+ 550bps 2018 28,558 4.76-7.38 2013-2018 2,288,800 5.04-5.60 2012-2018 1,559,000 LIBOR+ 320bps 2014 945,135-420bps 6,084,992 3,049,000 4.81 2014 994,255 7,079,247 3,049,000 18,421,069 14,052,490 (%) 000 (%) 000 8.00-9.70 2012 49,004 3.80 2011 1,000 4.00-7.87 2012 1,936,666 5.00-5.52 2011 809,432 LIBOR+ 2012 28,038 550bps 5.76-6.35 2012 538,200 3.60-5.53 2011 1,150,000 2,551,908 1,960,432 4.76-7.32 2013-2018 1,971,800 5.04-5.34 2012-2018 1,409,000 LIBOR+ 320 2014 945,135-420bps 2,916,935 1,409,000 5,468,843 3,369,432 85
30. 000 000 000 000 11,341,822 11,003,490 2,551,908 1,960,432 2,967,934 901,500 1,634,367 509,000 2,805,302 1,697,500 982,568 450,000 311,756 450,000 300,000 450,000 17,426,814 14,052,490 5,468,843 3,369,432 994,255 18,421,069 14,052,490 5,468,843 3,369,432 (a) (i) 75,675,00029,169,00024 (ii) 327,793,000266,00014 (iii) 272,998,000 14 (iv) 9,534,000 (v) 261,625,00087,426,00023 8,523,173,0004,773,483,000 (b) (c) 1,666,072,000493,056,000 (d) 1,000,000,000 4.5% 31. 000 000 317,565 248,850 270,346 246,005 (249,346) (177,290) 338,565 317,565 86 2011
32. 000 000 000 000 000 000 000 113,580 14,232 124,274 10,669 108,582 371,337 11 46,053 18,554 13,612 13,438 24,535 98,950 215,142 159,633 32,786 137,886 24,107 133,117 98,950 586,479 80,207 37,882 21,382 5,459 40,997 185,927 11 33,373 (23,650) 102,892 5,210 67,585 185,410 113,580 14,232 124,274 10,669 108,582 371,337 500,258,000 676,148,000600,452,000 105,694,000 119,938,000 000 000 000 000 781,842 720,390 50,279 25,780 1,859,436 2,279,425 323,023 338,955 2,641,278 2,999,815 373,302 364,735 10% 10% 3,923,245,000 3,151,800,000 87
33. 000 000 2,354,100,0002,275,100,000 1 2,354,100 2,275,100 79,000,0001A18 2,275,100,0002,354,100,000 34. (a) 35 50% 25% (b) 000 000 000 000 000 1,368,590 (225,407) 362,745 1,076,928 2,582,856 12 159,350 159,350 15,935 (15,935) 1,368,590 (225,407) 378,680 1,220,343 2,742,206 12 1,050,013 1,050,013 8,470 8,470 8,470 1,050,013 1,058,483 104,420 (104,420) 1,274,835 1,274,835 2,643,425 (216,937) 483,100 2,165,936 5,075,524 88 2011
35. TATEBAYASHI MOULDING Co., Ltd. 491,000,000 36,039,000 000 000 14 28,024 35,335 17 704 704 28,728 16 7,311 36,039 000 (36,039) (36,039) 2,069,000 3,648,000 46,685,349,0002,918,590,000 89
36. (a) 2,907,000 3,600,000 90 2011
36. (b) Ingenico S.A Ingenico S.A. 9,703,000 (c) 1) 08 civ 9352(AKH) 2008 9 10SPC(Spectrum Brands,Inc.) 360 Rayovac M/V APL PERU 5APLU9087454HLL (Hanseatic Lloyd Schiffahrt GmbH&Co.KG) 2008 10 5 APLU9087454 2008 10 31(Chris Sports North America,Inc.) 6 HLL (Laufer Group International Ltd.) 4 2009 3 2 (Hyundai Merchant Marine Co.,) 428,328.50 2009 9 1008civ9352(AKH)HLL SPCSPC 250,000 2010 10 8 2) 10-CV-06108 2010 5 7David Peyser (National Liability and Fire Company) 41SPC 5 6,000,000CV 09-00169-RAJ. 08civ9352(AKH)2010 8 17 10-CV-06108 2010 11 4 91
36. (d) 000 000 000 000 38,968,825 5,240,958 8,523,173,0004,773,483,000 37. 000 000 3,469 10,585 1,172 2,226 4,641 12,811 92 2011
38. 37 000 000 (i) 1,862,363 1,474,670 (ii) 4,398,742 4,737,428 (iii) 700,000 6,261,105 6,912,098 15,643 6,261,105 6,927,741 (i) 408,017,000 574,075,000 (ii) 473,379,000 629,521,000 (iii) CGL 500400 80% CGL 10020%CGL CGL (a) 4,460,000,000200,000 (b) 15 108,000 93
38. (c) 40 30100 000 000 21,873 16,602 39. (a) 000 000 (i) 58,890 12,812 (ii) 767 (iii) 2,533 (iv) 82,576 (v) 8,547 (i) (ii) (iii) (iv) (v) Youngy Financial Leasing 10,000,000 24 94 2011
39. (b) (i) 39(a) 438,856,000 (c) 44,467,00012,997,000 (d) 000 000 35,818 35,994 30 30 35,848 36,024 9. 39(a) 14A 40. 000 000 000 17,500 17,500 15,192 15,192 9,782,082 9,782,082 57,464 57,464 316,818 316,818 311,060 311,060 3,737,386 3,737,386 14,222,310 15,192 14,237,502 95
40. 000 000 17,235,934 17,235,934 1,653,340 1,653,340 18,421,069 18,421,069 37,310,343 37,310,343 000 000 8,152,800 8,152,800 172,261 172,261 13,784 13,784 1,978,735 1,978,735 10,317,580 10,317,580 000 000 11,033,448 11,033,448 1,247,219 1,247,219 14,052,490 14,052,490 26,333,157 26,333,157 000 000 000 000 000 8,470 8,470 883,830 883,830 1,078,558 1,078,558 25,523 25,523 9,297 9,297 7,924,888 7,924,888 5,519,190 5,519,190 103,771 103,771 88,593 88,593 8,938,012 8,470 8,946,482 6,695,638 6,695,638 96 2011
40. 000 000 000 000 913,356 913,356 840,689 840,689 212,190 212,190 128,432 128,432 5,468,843 5,468,843 3,369,432 3,369,432 3,074,156 3,074,156 3,336,042 3,336,042 9,668,545 9,668,545 7,674,595 7,674,595 41. 000 000 000 000 17,500 17,500 15,192 15,192 9,782,082 8,152,800 9,782,082 8,152,800 57,464 57,464 316,818 172,261 316,818 172,261 311,060 13,784 311,060 13,784 3,737,386 1,978,735 3,737,386 1,978,735 14,237,502 10,317,580 14,237,502 10,317,580 000 000 000 000 17,235,934 11,033,448 17,235,934 11,033,448 1,653,340 1,247,219 1,653,340 1,247,219 18,421,069 14,052,490 18,421,069 14,052,490 37,310,343 26,333,157 37,310,343 26,333,157 97
41. 000 000 000 000 8,470 8,470 883,830 1,078,558 883,830 1,078,558 25,523 9,297 25,523 9,297 7,924,888 5,519,190 7,924,888 5,519,190 103,771 88,593 103,771 88,593 8,946,482 6,695,638 8,946,482 6,695,638 000 000 000 000 913,356 840,689 913,356 840,689 212,190 128,432 212,190 128,432 5,468,843 3,369,432 5,468,843 3,369,432 3,074,156 3,336,042 3,074,156 3,336,042 9,668,545 7,674,595 9,668,545 7,674,595 98 2011
41. 000 000 000 000 15,192 15,192 000 000 000 000 8,470 8,470 99
42. 2.4 20% 47% * * 25 (24,804) (13,144) (25) 24,804 13,144 25 (10,122) (5,898) (25) 10,122 5,898 * 100 2011
42. * % 000 000 5 1,926 (23,697) (5) (1,926) 23,697 5 (106) (5) 106 5 (58,039) (5) 58,039 5 24 (5) (24) * 26% 31%60% 75% 24 101
42. 000 000 000 000 000 000 4,332,275 7,716,044 5,675,443 944,865 18,668,627 110,972 11,630,384 5,494,578 17,235,934 430,146 947,647 306,396 67,500 1,751,689 1,000,000 1,000,000 541,118 16,910,306 13,517,018 6,742,943 944,865 38,656,250 000 000 000 000 000 000S 3,656,771 7,706,545 2,895,008 490,605 14,748,929 1,711,516 8,213,283 1,108,649 11,033,448 208,145 311,722 727,352 1,247,219 1,919,661 12,181,776 9,542,546 2,895,008 490,605 27,029,596 102 2011
42. 000 000 000 000 000 000 659,586 1,663,663 3,016,936 300,000 5,640,185 8,523,173 8,523,173 4,107 570,160 339,089 913,356 55,337 150,094 6,759 212,190 3,074,156 3,074,156 11,656,773 1,379,840 2,009,511 3,016,936 300,000 18,363,060 000 000 000 000 000 000S 42,218 2,062,559 1,138,039 490,605 3,733,421 4,773,483 4,773,483 435,618 328,467 76,604 840,689 73,391 10,484 44,557 128,432 3,336,042 3,336,042 8,618,534 381,169 2,183,720 1,138,039 490,605 12,812,067 42. 000 000 18,421,069 14,052,490 (3,737,386) (1,978,735) 14,683,683 12,073,755 21,124,517 18,460,319 70% 65% 43. 103
46,312,282 46,685,349 39,469,454 26,788,253 21,211,213 (39,445,257) (38,420,975) (30,904,723) (21,569,417) (16,963,526) 6,867,025 8,264,374 8,564,731 5,218,836 4,247,687 988,114 531,891 297,857 332,845 279,160 301,221 353,679 389,623 359,098 6,173 (1,799,757) (2,175,881) (1,489,708) (935,386) (648,187) (1,373,861) (1,403,459) (1,283,316) (1,163,091) (695,221) (2,125,636) (1,917,889) (1,507,711) (1,483,547) (846,646) (388,567) (254,619) (207,105) (472,838) (211,665) (742,262) (281,383) (255,388) (491,945) (388,421) 7,022 25,554 (5,815) 1,727,484 3,142,267 4,508,983 1,363,972 1,742,880 (132,408) (223,677) (430,543) (88,323) (40,551) 1,595,076 2,918,590 4,078,440 1,275,649 1,702,329 1,384,625 2,523,414 3,793,576 1,021,249 1,611,711 210,451 395,176 284,864 254,400 90,618 1,595,076 2,918,590 4,078,440 1,275,649 1,702,329 66,881,036 53,874,663 40,735,597 32,891,145 29,288,491 (42,900,900) (32,723,587) (21,708,470) (19,553,773) (16,878,232) (2,855,619) (2,690,757) (2,344,770) (2,051,804) (1,702,141) 21,124,517 18,460,319 16,682,357 11,285,568 10,708,118 104 2011