BENGANG STEEL PLATES CO., LTD st Quarter Report

Transcription

1 BENGANG STEEL PLATES CO., LTD st Quarter Report Important The Board of Directors hereby confirms that there are no important omissions, fictitious statements or serious misleading information carried in this report, and shall take all responsibilities, individually and/or jointly, for the reality, accuracy and completion of the whole contents. Directors Chen Jizhuang and Jie Houfu were absent from the meeting, and authorized in writing Li Yu and Guo Yanchang to exercise the power as directors on behalf at the meeting.. Company Profile 1. Legal Name: In Chinese: In English: BENGANG STEEL PLATES CO., LTD. 2.Legal Representative: Li Mohua (acting) 3.Secretary of the Board: Liang Guangde Securities Affairs Representative: Sun Zhongzheng Address: 16 Renmin Rd., Pingshan District, Benxi, Liaoning Tel: , Fax: , Registered Address: Gangtei Rd., Pingshan District, Benxi, Liaoning Post Code: E-mial: 5.Newspapers Designated for Disclosing the Information: China Securities Interactive, Securities Times, Hong Kong Commercial Daily Internet Web Site Designated by China Securities Regulatory Commission for Publishing the Annual Report: Place Where the Annual Report is Prepared and Placed: The Company s Securities Dept. at 16 Renmin Rd., Pingshan District, Benxi, Liaoning 6.Stock Exchange Listed with: Shanghai Stock Exchange Short Form and Code of the Stock: A-share: Bengangbancai, B-share: Bengang Steel-B,

2 II. Business Review and Plan (I) Business Highlights In the report period, the whole staff have focused on the production and operation objectives of the whole year, taking difficulties and seriousness of the market situation into full consideration, and put forward strictest criteria on different tasks. Although the report period was in the slack season of the market, the Company basically fulfilled the production and operation objectives set in the first quarter and thus have laid a good foundation for the Company to fulfill the production and operation objectives of the whole year. ( ) Operation results and financial highlights 1. Operation results Statement 1 Items Jan. to March, 2002 Jan. to March, 2001 Increase / decrease (+/-) Income from principal business 1,501, ,544, Profit from principal business 84, , Net profit 34, , Notes: (1) The growth of the profit from the principal businesses by 95.75% over the same report period of the previous year is due to the drop of the costs of the principal businesses in comparison with the same period of the previous year. (2) The growth of the net profit by % over the same report period of the previous year is due to the increase of the profit from the principal businesses. Statement 2 Items Jan. to March, 2002 Jan. to Dec., 2001 Increase / decrease (+/-) Amount Proportion of total profit Amount Proportion of total profit Profit from principal business 84, , Period expenses 31, , Net amount of non-operating income and expenses , Notes: (1) The growth of the proportion of the profit from the principal businesses in the total profit by 16.17% in the report period over the same period of the whole year of 2001 is mainly due to the drop of the costs of the principal businesses. (2) The growth of the proportion of the expenses incurred in the report period in the total profit by 14.35% over the whole year of 2001 is mainly due to the increase of the financial expenses.

3 2. Financial position Items March 31, 2002 Dec. 31, 2001 Increase / decrease (+/-) Amount Proportion of total assets Amount Proportion of total assets Monetary assets 148, , Accounts receivable 73, , Inventories 762, , Contingencies and Post-report Issues (1) The Company has not been involved in any material lawsuit or arbitration in the report year. (2) The Company offered no important external guarantees. (3) Significant Events after the Balance Sheet Day The 7th meeting of the 2nd Board of Directors of the Company was held on April 22, The meeting examined and adopted 2001 Work Report of the Board of Directors; 2001 Final Settlement Report; 2001 Profit Distribution Preplan; 2002 Production and Business Plan; 2001 Annual Report and Summary; Proposal on Adding Directors, Proposal on Establishment and Election of Independent Directors and Allowance, Rules of Procedures of Shareholders General Meeting, Rules of Procedures of the Board of Directors, Working System for Independent Directors; Detailed Work Rules of General Manager; Proposal on Amendment of the Articles of Association; Proposal on Engagement of Arthur Andersen-Huaqiang Certified Public Accountants and Arthur Andersen & Co. as auditors as of 2002; Proposal on Holding 2001 Shareholders General Meeting. The relevant public notice was published on China Securities Interactive, Securities Times and Hong Kong Commercial Daily April 26, Other significant events in the report period 1 The Company held the 6th Meeting of the 2nd Board of Directors on Feb. 25, The meeting examined and adopted the following resolutions: Approved the application of Mr. Zhang Yingfu for resigning director and Chairman of the Board, and disengaged him as Chairman of the Board. The resolution is subject to the approval of 2001 Shareholders General Meeting. In addition, a new director and Chairman of the Board shall be elected at the shareholders general meeting. Prior to election of the new chairman, vice Chairman Mr. Li Mohua shall act as the Chairman. The people present at the meeting carefully listened to the report by General Manager Mr. Li Mohua on establishment of Purchase Department. All the directors attended the meeting unanimously agreed to establish the department.. Financial report (unaudited) Balance Sheet

4 March 31, 2002 Company: Bengang Steel Plates Co., Ltd. Items Year beginning Report period end Items Year beginning Report period end Current assets 1,703,690 1,927,360 Current liabilities 920,360 1,043,210 Long-term investment Long-term liabilities 866, ,040 Fixed assets net value 3,568,660 3,502,840 Minority shareholders equity Intangible and other assets Shareholders equity 3,485,950 3,520,950 Total assets 5,272,350 5,430,200 Total liabilities and owner s equity 5,272,350 5,430,200 Profit Statement Jan. to March, 2002 Company: Bengang Steel Plates Co., Ltd. Items Jan. to March, 2002 Income from principal business 1,501,700 Profit from principal business 84,360 Profit from other business lines Period expenses 31,920 Investment income Net amount of non-operating income and expenses -200 Income taxes 17,240 Net profit 35,000. Documents Available for Inspection 1. Original copy of the Quarter Report signed by the Chairman of the Board; 2. Financial statements signed by and under the seal of the legal representative, chief accountant and accounting supervisor. The Board of Bengang Steel Plates Co., Ltd. April 26, 2002

5 Short Form of the Stock: Bengangbancai, Bengang Steel-B Stock Code: , Announcement No BENGANG STEEL PLATES CO., LTD. Resolution of the 8th Meeting of the 2nd Board of Directors Announcement Please be adviced that the 8th meeting of the 2nd Board of Directors of Bengang Steel Plates Co., Ltd. (hereinafter referred to as the Company) was held on the morning of April 23, 2002 at the No. 1 meeting room. 7 directors were supposed to attend the meeting, and 5 were actually present. Directors Mr. Chen Jizhuang and Jie Houfu were absent from the meeting but authorized in writing Mr. Li Yu and Mr. Guo Yanchang to exercise rights as directors on behalf. Mr. Li Mohua, vice Chairman of the Board presided the meeting; supervisors attended the meeting as non-voting delegates. The meeting was held in complince with the relevant provisions of the PRC Company Law and the Articles of Association of the Company. The meeting anaminously adopted st Quarter Report. Board of Directrors of Bengang Steel Plates Co., Ltd. April 23, 2002