Foshan Electrical and Lighting Co., Ltd. The First Quarterly Report for 2010

Transcription

1 Foshan Electrical and Lighting Co., Ltd The First Quarterly Report for Important Notice 1.1 The Board of Directors, the Supervisory Committee as well as directors, supervisors and senior management staffs of Foshan Electrical and Lighting Co., Ltd. (hereinafter referred to as the ) individually and jointly accepted responsibility for the correctness, accuracy and completeness of the contents of this report and confirmed that there was no false information, misleading statement or material omissions. 1.2 None of the directors demonstrated uncertainty or disagreement about the truthfulness, accuracy, and completeness of this quarterly report. 1.3 All directors attended the Board meeting. 1.4 The first quarterly financial report has not been audited by Accounting Firm. 1.5 Zhong Xincai, Chairman of the Board and concurrently person in charge of accounting affairs, and Ms. Wang Shuqiong, the Manager of the Financial Department, hereby confirmed that the Financial Report enclosed in the quarterly report is true and complete 2 Profile 2.1 Main accounting data and financial indices Unit: RMB Yuan At the end of the reporting period At the end of last year Increase/decrease (%) Total assets (RMB Yuan) 3,031,670, ,995,100, % Owner s equity attributable to shareholders of listed company (RMB Yuan) 2,687,755, ,660,099, % Share capital (Share) 978,563, ,563, % Net asset per share attributable to shareholders of listed company (RMB Yuan/share) % Reporting period Same period of last year Increase/decrease (%) Sales turnover (RMB Yuan) 374,418, ,846, % Net profit attributable to shareholders of listed company (RMB Yuan) Net cash flow arising from operating (RMB Yuan) Net cash flow per share arising from operating (RMB Yuan/share) 27,655, ,265, % 35,422, ,094, % % Basic earnings per share (RMB Yuan/share) % Diluted earnings per share (RMB Yuan/share) % Weighted average return on equity (%) 0.01% 0.02% % Weighted average return on equity after deducting extraordinary gains and losses (%) 0.01% 0.02% % 1

2 Items of extraordinary gains and losses Amount from 1 Jan. to 31 Mar Gains on disposal of non-current assets including reversal of the impairment loss -1, Ultra vires approval, with or without formal approval documents, or occasional tax return, relief Government grant recognized in current year, except for those acquired in the ordinary course of business or granted continuously in certain standard quota according to relevant national laws and regulations Included in current profit and loss against the non-financial enterprises occupation fee funds collected The investment cost of subsidiaries obtained by the enterprise, joint ventures and partnership enterprise is less than the revenues generated from the fair value of identifiable net assets of the unvested units Exchange gains and losses of non-monetary assets Gains and loss through entrust others to invest or manage assets Gains and loss for the provision of impairment of assets due to force majeure factors, such as victims of natural disaster Debt restructuring gains and losses restructuring expenses such as employee placement and integration costs Significant loss of fair trading price over the fair value of transactions generated part of the profit and loss Current net profit or loss from the beginning to the date of merge for the subsidiary resulted from the merge of the enterprise under the control of the same company. Profit or loss generated from the matters which is not related to the s normal operation or contingency In addition to the normal operations associated with the company effective hedging business, holders of tradable financial assets, trading financial liabilities resulting from changes in fair value gains and losses, as well as the disposal of trading financial assets, trading financial liabilities and financial assets available for sale achieved an investment return Separately tested for impairment of receivables impairment reversal Entrusted to the profit and loss made foreign loans Fair value model with subsequent measurement of investment real estate gains and losses arising from changes in fair value According to tax, accounting and other laws and regulations require a one-time adjustment of current profit and loss impact on the current profit and loss Entrusting fee incomes from entrust operation 559, , Other non-operating income and expense other than abovementioned 35, Other non-recurring gains and losses in line with the definition of profit and loss items -1, Influence amount of minority interest Influence amount of income tax -99, Explanation on important items of extraordinary gains and losses: Total 634, Statement on total number of shareholders and shares held by the top ten shareholders not subject to trading moratorium Unit: share Total number of shareholders 113,257 Shares held by the top ten shareholders not subject to trading moratorium Full name of shareholders Shares not subject to trading moratorium held at the period-end Type of share Prosperity Lamps & Components Limited 102,751,648 RMB common shares DBS VICKERS (HONG KONG) LTD A/C CLIENTS 12,215,048 Domestically listed foreign share Hai Tong Securities (HK) Brokerage Ltd 10,576,390 Domestically listed foreign share 2

3 Industrial and Commercial Bank of China-GF Sustaining Growth Fund China Construction Bank-China Selected Stock Fund Bank of China-E Fund Shenzhen Stock 100 Exchange Trade Fund EAST ASIA SECURITIES COMPANY LIMITED Bank of China-First-Trust Goodquality Life Stock Fund Industrial and Commercial Bank of China-Rongtong Securities SZSE 100 Index Investment Fund China Everbright Bank Limited - First-Trust Leading Stategy Fund Open-ended Fund 10,499,948 RMB common shares 10,200,556 RMB common shares 9,706,141 RMB common shares 9,527,080 Domestically listed foreign share 8,075,170 RMB common shares 6,358,080 RMB common shares 6,058,564 RMB common shares 3 Significant Events 3.1 Significant changes in major accounting data, financial highlights and reasons for these changes. Applicable Non-applicable 1. Advances to suppliers increased by % over the beginning of the year, which was because of payment for purchase paid by the according to the contract of long-term supply to obtain favorable price from suppliers; 2. Accounts payable increased by 33.30% over the beginning of the year, which was caused by the increase in accounts payable for materials; 3. Advances from customers decreased by 49.70% over the beginning of the year, which was because that the, in the reporting period, settled payment for goods advances received in the previous period and then returned the balance to customers. 4. Other payables decreased by 36.41% over the beginning of the year, which was due to decrease in margin money of suppliers; 5. Sale expense increased by 40.97% year-on-year, which was because of increasing promotion and general publicity expenses of products; 6. Financial expense increased by 79.81% year-on-year, which was due to increase of interests; 7. Non-operating income decreased by 93.63% year-on-year, which was because of gains on disposal of non-current assets at the same period of last year; 8. Non-operating expense decreased by 96.07% year-on-year, which was because of cost on disposal of non-current assets at the same period of last year; 9. Net cash flow arising from operating decreased by 78.41% year-on-year, which was caused by the increase of cash paid relating to operating in this reporting period; 10. Net increase in cash and cash equivalents decreased by % year-on-year, which was caused by the decrease of net cash flow arising from operating in this reporting period; 3.2 Process of significant events and influence, as well as analysis and explanation on resolving proposal Applicable Inapplicable 3.3 Special commitments made by the company, shareholders and actual controllers Applicable Inapplicable 3

4 Commitment Commitment maker Contents of the commitment Execution Commitment concerning share merger reform Commitment concerning share trading moratorium Commitments made in a purchase report or a report on changes of owners equity Commitments made in material asset reorganization OSRAM Holding Limited Name of shareholder: OSRAM Holding Limited Special commitment: No listing and transfer may be taken within 60 months as of the date when the shares of the held by this company obtain the trading right [i] or before Dec. 31, 2011 [ii] (taking the earlier date between [i] and [ii]). OSRAM would submit Shenzhen Stock Exchange to lock up the said shares in the course of the moratorium of trading right of the aforesaid shares after transfer of the shares. 2. Germany OSRAM would purchase the lamp products from FSL in accordance with the clauses of the Purchase Contract on Lamp Products signed between Germany OSRAM and FSL on Aug. 31, As required by FSL, OSRAM should urge Germany OSRAM to provide the relevant technology abidance and skill to FSL in accordance with the clauses and conditions negotiated between FSL and Germany OSRAM. In progress of implementation N/A N/A N/A N/A N/A N/A N/A N/A N/A Commitments made when issuing N/A N/A N/A Other commitments (including supplementary ones) N/A N/A N/A 3.4 Warnings of possible loss or large-margin change of the accumulated net profit made during the period from the beginning of the year to the end of the next report period compared with the same period of the last year according to prediction, as well as explanations on the reasons Applicable Inapplicable 3.5 Other significant events need to be explained Securities investment Applicable Inapplicable No. Stock variety Stock code 1 Stock Short form of Stock UniStrong Science &Technology Initial investment Shares held at the period-end Book value at the period-end Unit: RMB Yuan Proportion to total securities investment at period-end (%) 18, , % 2 Stock Blue Sail 17, , % Other securities investment at the end of period - Investment gains/(losses) arising from sale of securities Profits and losses in reporting period , Total - 100% 4

5 Explanation on securities investment The above-mentioned stocks are those shares that the subscribed and won the lot for IPO, but not sell out Reception of research, interviews and visits in the reporting period Reception time Reception place Reception way Reception object 13 Jan The Field research Golden Eagle Asset Management Co., Ltd 13 Jan The Field research GF Securities 13 Jan The Field research New China Assets 14 Jan The Field research Everbright Securities 22 Jan The Field research Union Bank of Switzerland 5 Mar The Field research Guosen Securities 5 Mar The Field research Rising Securities 5 Mar The Field research Yinhua Fund 17 Mar The Field research Xiangcai Securities 17 Mar The Field research Ping an Asset 18 Mar The Field research CITIC Securities 18 Mar The Field research China Southern Fund 18 Mar The Field research Boshi Fund Management Co., Ltd. 19 Mar The Field research Everbright Securities 30 Mar The Field research CINDA Securities 31 Mar The Field research SYWG Securities 31 Mar The Field research Guotai AMC 31 Mar The Field research 31 Mar The Field research AEGON-Industrial Fund Guoyuan Securities Co., Ltd. 31 Mar The Field research GF Fund 31 Mar The Field research 31 Mar The Field research 31 Mar The Field research Rongtong Fund Dacheng Fund Zhonghai Fund Major discussion content and the information provided by the 5

6 31 Mar The Field research Explanation on other significant events Applicable Inapplicable 3.6 Derivative Investment Applicable Inapplicable Harvest Fund Derivatives held as at the end of the report period Applicable Inapplicable 4 Attachment 4.1 Balance sheet Prepared by Foshan Electrical and Lighting Co., Ltd. 31 Mar Unit: RMB Yuan Item Closing balance Opening balance Consolidation Parent company Consolidation Parent company Current assets: Monetary funds 1,014,665, ,317, ,036,582, ,931, Settlement fund reserve Dismantle fund Transaction financial asset 36, , , , Notes receivable 46,796, ,623, ,093, ,333, Account receivable 300,366, ,218, ,367, ,213, Account paid in advance 67,145, ,039, ,594, ,992, Premium receivables Receivables from reinsurers Reinsurance contract reserve receivables Interest receivable Dividend receivable Other account receivable 14,392, ,807, ,842, ,329, Financial assets purchased under agreements to resell Inventories 248,206, ,334, ,240, ,292, Non-current assets due within 1 year Other current assets Total current assets 1,691,609, ,577,377, ,637,842, ,544,213, Non-current assets: Loans and advance Available for sale financial assets Held to maturity investments Long-term account receivable Long-term equity investment 254,124, ,904, ,124, ,904, Investing property Fixed asset 639,524, ,812, ,218, ,693, Project in construction 196,772, ,939, ,971, ,488, Engineering material 6

7 Fixed asset disposal Bearer biological asset Oil assets Intangible assets 226,804, ,789, ,064, ,996, Development expense Goodwill Long-term expense to be apportioned Deferred income tax assets 22,835, ,376, ,878, ,419, Other non-current assets Total of non-current assets 1,340,061, ,333,823, ,357,257, ,352,502, Total assets 3,031,670, ,911,200, ,995,100, ,896,716, Current liabilities: Short-term borrowings Borrowings from Central Bank Deposits and due to banks and other financial institutions Borrowings from banks and other financial institutions Transactional financial liabilities Notes payable Accounts payable 187,611, ,976, ,739, ,577, Accounts received in advance 15,835, ,653, ,482, ,945, Financial assets sold under agreements to repurchase Handling charges and commissions payable Employee s payable compensation 38,731, ,693, ,390, ,769, Taxes and fares payable 20,652, ,487, ,246, ,042, Interest payable Dividend payable 2,600, Other accounts payable 23,140, ,333, ,391, ,152, Due to reinsurers Insurance contract reserve Amount payable for acting trading securities Amount payable for acting underwriting securities Non-current liabilities due within 1 year Other current liabilities Total current liabilities 288,571, ,144, ,250, ,487, Non-current liabilities: Long-term borrowings Debentures payable Long-term payables Specific-purpose payables account 7

8 Accrued liabilities Deferred income tax liabilities Other non-current liabilities 11,263, ,633, ,852, ,852, Total non-current liabilities 11,263, ,633, ,852, ,852, Total liabilities 299,834, ,778, ,103, ,339, Shareholders equity Share capital 978,563, ,563, ,563, ,563, Capital surplus 586,925, ,971, ,925, ,971, Less: Treasury Stock Special reserve Surplus reserve 528,474, ,474, ,651, ,651, General risk provision Retained earnings 593,790, ,411, ,958, ,189, Foreign exchange difference Total owners' equity attributable to holding company 2,687,755, ,660,099, ,642,376, Minority interests 44,081, ,896, Total owners equity 2,731,836, ,671,421, ,705,996, ,642,376, Total liabilities and owners equity 3,031,670, ,911,200, ,995,100, ,896,716, Person in charge of the : Zhong Xincai Person in charge of accounting affairs: Zhong Xincai Person in charge of accounting firm: Wang Shuqiong 4.2 Income Statement Prepared by Foshan Electrical and Lighting Co., Ltd. Jan.- Mar Unit: RMB Yuan Jan. Mar Jan. Mar Items Consolidation Parent company Consolidation Parent company I. Total operating revenue 374,418, ,977, ,846, ,113, Including: Sales 374,418, ,977, ,846, ,113, Interest income Premium income Handling charges and commission income II. Total operating cost 341,193, ,086, ,753, ,613, Including: Cost of sales 297,304, ,045, ,549, ,442, Interest expenses Handling charges and commission expenses Cash surrender value Net amount of claims Net provision for insurance contract reserve Expenditure on policy dividends Reinsurance premium Taxes and associate charges 2,893, ,371, ,270, ,989, Selling and distribution 20,876, ,653, ,809, ,361,

9 expenses Administrative expenses 21,930, ,750, ,261, ,888, Financial expenses -2,045, ,734, ,137, ,069, Asset impairment loss 233, Add: Gain/(loss) from change in fair value ( - means loss) Gain/(loss) from investment ( - means loss) Including: income form investment on affiliated enterprises and jointly-run enterprises Foreign exchange difference ( - means loss) III. Business profit ( - means loss) 141, ,891, ,367, ,783, ,092, ,500, Add: non-operation income 713, , ,202, , Less: non-business expense 186, , ,743, , Including: loss from non-current asset disposal IV. Total profit ( - means loss) 33,894, ,296, ,551, ,362, Less: Income tax expense 6,566, ,251, ,452, ,609, V. Net profit ( - means loss) 27,327, ,044, ,098, ,752, Attributable to parent company 27,655, ,044, ,265, ,752, Minority interests -327, ,833, VI. Earnings per share (I) basic earnings per share (II) diluted earnings per share Ⅶ. Other comprehensive income Ⅷ. Total comprehensive income 27,327, ,044, ,098, ,752, Attributable to owners of parent company Attributable to minority shareholders 27,655, ,044, ,265, ,752, , ,833, Person in charge of the : Zhong Xincai Person in charge of accounting affairs: Zhong Xincai Person in charge of accounting firm: Wang Shuqiong 4.3 Cash Flow Statement Prepared by Foshan Electrical and Lighting Co., Ltd. Jan. - Mar Unit: RMB Yuan Items I. Cash flows from operating : Cash received from sale of commodities and rendering of service Net increase of deposits from customers and dues from banks Net increase of loans from the central Jan. Mar Jan. Mar Consolidation Parent company Consolidation Parent company 402,283, ,173, ,761, ,364,

10 bank Net increase of funds borrowed from other financial institutions Cash received from premium of original insurance contracts Net cash received from reinsurance business Net increase of savings of policy holders and investment fund Net increase of disposal of tradable financial assets Cash received from interest, handling charges and commissions Net increase of borrowings from banks and other financial institutions Net increase of buy-back funds Tax refunds received 5,372, ,102, ,975, ,975, Other cash received relating to operating Subtotal of cash inflows from operating 7,922, ,516, ,316, ,561, ,579, ,792, ,052, ,900, Cash paid for goods and services 271,452, ,955, ,323, ,397, Net increase of customer lending and advance Net increase of funds deposited in the central bank and amount due from banks Cash for paying claims of the original insurance contract Cash for paying interest, handling charges and commissions Cash for paying policy dividends Cash paid to and for employees 58,132, ,966, ,254, ,546, Various taxes paid 22,522, ,599, ,406, ,496, Other payment of cash relating to operating Subtotal of cash outflows from operating 28,048, ,511, ,973, ,221, ,156, ,032, ,958, ,661, Net cash flows from operating 35,422, ,760, ,094, ,239, II. Cash Flows from investment : Cash received from withdrawing investments 1,121, ,121, Cash received from investment income 141, ,891, ,376, Net cash received from disposal of fixed assets, intangible assets and other long-term assets Net cash received from disposal of subsidiary or other operating business units Other cash received relating to investment Subtotal of cash inflows from investment Cash paid to acquire fixed assets, intangible assets and other long-term assets 1,263, ,013, ,376, ,819, ,217, ,772, ,134,

11 Cash paid for investment 1,036, ,036, ,574, ,574, Net increase of pledged loans Net cash paid to acquire subsidiaries and other operating units Payment of cash relating to other investment Subtotal of cash outflows from investment 57,855, ,253, ,347, ,709, Net cash flows from investment -56,592, ,239, ,347, ,332, III. Cash Flows from Financing Activities: Cash received from absorbing investment Including: Cash received by subsidiaries from increase in minority interests Cash received from borrowings Cash received from issuance of bonds Other cash received relating to financing Subtotal of cash inflows from financing Cash repayments of amounts borrowed Cash paid for interest expenses and distribution of dividends or profit Including: dividends or profit paid by subsidiaries to minority shareholders Other cash payments relating to financing Sub-total of cash outflows from financing 612, , , , , , Net cash flows from financing -612, , IV. Effect of foreign exchange rate changes on cash and cash equivalents -135, , ,305, ,305, V. Increase in cash and cash equivalents -21,916, ,614, ,350, ,601, Add : Cash and cash equivalents at year-begin VI. Cash and cash equivalents at the end of the year 1,036,582, ,931, ,868, ,298, ,014,665, ,317, ,041,218, ,900, Person in charge of the : Zhong Xincai Person in charge of accounting affairs: Zhong Xincai Person in charge of accounting firm: Wang Shuqiong 4.4 Auditor s report Auditor s opinion: un-audited Board of Directors of Foshan Electrical and Lighting Co., Ltd. 27 Apr