TCL Receives Fiscal Subsidy of 210 million Yuan
An announcement of TCL Group says the company will receive a fiscal subsidy totaling 210 million Yuan from Shenzhen government to subsidize expenditure of the company on site investigation, preparation of feasibility study report, team organization, business negotiation, technical preparation etc.
Of the total 210 million Yuan, 180 million Yuan has been approved recently and the remaining subsidy will be paid after relevant auditing work finished. The revenue will be recorded as current profits and losses, which will have certain positive effect on the company’s operation and cash low.
TCL Group says, under the support of relevant department of Shenzhen Municipal Government, the 8.5 Generation LCD panel production plant of China Star Optoelectronics Technology has been steadily promoted as scheduled. Now, the foundation work will be soon completed and the main plant construction is still in process, which is expected to start trial production in August 2011. The special subsidy of Shenzhen Government granted to TCL is relating to income and will be used to make up for the expenses and losses incurred to the corporation, which will be recorded as current profits and losses. The subsidy that China Star Optoelectronics Technology have received is relating to assets and will be confirmed to be deferred income, which will be equally allocated within the useful life of relevant assets and recorded as profits and losses.
The two subsidies will have positive effect on the business performance and cash flow of the company and detailed amount will be confirmed in the annual audit.
Shenzhen Post Elaine Contributes to the Story.
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