Shenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
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Shenzhen China Bicycle Company (Holdings) Limited
The Third Quarterly Report For 2009
(Full Text)
§1. Important Notes
1.1 Board of Directors and the Supervisory Committee of Shenzhen China Bicycle Company
(Holdings) Limited (hereinafter referred to as the Company) and its directors, supervisors and
senior executives hereby confirm that there are no any fictitious statements, misleading statements,
or important omissions carried in this report, and shall take all responsibilities, individual and/or
joint, for the reality, accuracy and completion of the whole contents.
1.2 The Third Quarterly Financial Report of 2009 has not been audited by CPAs.
1.3 Principal of the Company Wu Jun, Person in Charge of Accounting Works Wang Cheng and
Person in Charge of Accounting Organ (Accounting Officer) Sun Longlong hereby confirm that the
Financial Report of the Third Quarterly Report is true and complete.
§2. Company Profile
2.1 Main accounting highlights and financial indexes:
Unit: RMB
Sep. 30, 2009 Dec. 31, 2008 Increase/decrease scope
(%)
Total assets (RMB) 208,707,737.28 190,897,705.53 9.33%
Owners’ equities attributable to the
shareholders of listed company
(RMB)
-1,841,250,292.18 -1,803,059,381.39 -
Share capital (Share) 479,433,003.00 479,433,003.00 0.00%
Net assets per share attributable to
the shareholders of listed company
(RMB/Share)
-3.8405 -3.7608 -
July-Sep. 2009
Increase/decrease
over the same
period of the last
year (%)
Jan.-Sep. 2009
Increase/decrease
over the same
period of the last
year (%)
Total operating income (RMB) 85,921,058.05 -15.06% 198,415,641.90 -6.53%
Net profit attributable to the
shareholders of listed company
(RMB)
-17,716,000.80 -174.03% -74,048,909.49 -
Net cash flow arising from operating
activities (RMB) - - 15,452,346.17 361.11%
Net cash flow arising from operating
activities per share (RMB/Share) - - 0.0322 361.11%
Basic earnings per share
(RMB/Share) -0.0370 -174.15% -0.1545 -
Diluted earnings per share
(RMB/Share) -0.0370 -174.15% -0.1545 -
Return on equity (%) - - - -
Return on equity after deducting
non-recurring gains and losses (%) - - - -
Unit: RMBShenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
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Items of non-recurring gains and losses Amount from year begin to
the end of report period Remarks
Gains and losses from disposal of non-current assets 4,466,040.99
Gains and losses occurred from the contingent events
irrelevant with normal operating business of the Company 5,045,542.00
Other non-operating income and expenditure beside for the
aforementioned items 243,353.07
Total 9,754,936.06 -
2.2 Total number of shareholders at the end of the report period and shares held by the top ten
shareholders of circulation share
Unit: Share
Total number of shareholders
at the end of report period 33,301
Particulars about shares held by the top ten shareholders of circulation shares
Shareholders’ name Number of circulation shares held at
the period-end Type of shares
Shenzhen New Land Tool Consultants
PTE. LTD. 9,857,556 RMB common share
Zhang Huiling 1,952,373 Domestically listed foreign shares
TANG JING YUAN 1,924,500 Domestically listed foreign shares
Lin Shaowei 1,728,652 Domestically listed foreign shares
HARUHIKO SUZUKI 1,538,000 Domestically listed foreign shares
Xu Wanqi 1,277,302 Domestically listed foreign shares
Zhang Jianghang 1,270,987 Domestically listed foreign shares
GUOTAI JUNAN SECURITIES
(HONGKONG) LIMITED 1,242,300 Domestically listed foreign shares
Li Jinling 1,238,402 Domestically listed foreign shares
Jiang Lan 1,215,800 Domestically listed foreign shares
§3. Significant Events
3.1 Particulars about material changes in items of main accounting statement and financial index,
and explanations of reasons
√Applicable □Inapplicable
1. Monetary capital: increased by 234.78% in comparison with that of period-begin. Main reasons
accounting for the growth: Emmelle Company had received rising accounts in advance for sales in
this report period, and repayment for Jiangxi Lihua investment project.
2. Other receivables: decreased by 23.69% in comparison with that of period-begin. Main reasons
accounting for the decline: repayment forJiangxi Lihua investment project was received in this report
period.
3. Inventory: increased by 40.73% in comparison with that of period-begin. Main reasons accounting
for the growth: Emmelle Company had increasing inventories in this report period.
4. Fixed assets: decreased by 16.29% in comparison with that of period-begin. Main reasons
accounting for the decline: depreciation was withdrawn in this report period.
5. Account payables: increased by 8.42% in comparison with that of period-begin. Main reasons
accounting for the growth: Emmelle Company had increased accounts payable for purchase in thisShenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
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report period.
6. Account received in advance: increased by 76.66% in comparison with that of period-begin. Main
reasons accounting for the growth: Emmelle Company had received new rising accounts in advance
for sales in this report period
7. Other current liabilities: increased by 30.17% in comparison with that of period-begin. Main
reasons accounting for the growth: interests were prepaid in this report period
8. Capital reserve: increased by 8.73% in comparison with that of period-begin. Main reasons
accounting for the growth: interests exempted from Guosheng Company were recorded into capital
reserve in this report period.
9. Administration expenses: decreased by 27.82% in year-on-year comparison. Main reasons
accounting for the decline: the Company paid compensation to employees who were fired due to
economical consideration in the same period of last year.
10. Financial expenses: decreased by 283.11% in year-on-year comparison. Main reasons accounting
for the decline: the exchange rate of RMB was comparatively stable in this report period, while a
great amount of exchange income occurred due to appreciation of RMB in the same period of last
year.
11. Asset impairment losses: decreased by 115.93% in year-on-year comparison. Main reasons
accounting for the decline: the Company received clearance account for the bankruptcy case of Hong
Kong (Link) Bicycles Limited in this report period; while in the same period of last year, inventory
depreciation and impairment reserve for long-term equity investment in Golden Ring Company were
withdrawn.
12. Investment income: decreased by 100.00% in year-on-year comparison. Main reasons accounting
for the decline: the Company had already turned the long-term equity investment in Jiangxi Lihua to
other receivables in 2008, so no investment was produced in this report period.
13. Net profit: decreased by 461.31% in year-on-year comparison. Main reasons accounting for the
decline: the exchange rate of RMB was comparatively stable in this report period, while a great
amount of exchange income occurred due to appreciation of RMB in the same period of last year.
14. Net profit attributable to shareholders of parent company: decreased by 483.36% in year-on-year
comparison. Main reasons accounting for the decline: the exchange rate of RMB was comparatively
stable in this report period, while a great amount of exchange income occurred due to appreciation of
RMB in the same period of last year.
15. Minority interests: decreased by 96.57% in year-on-year comparison. Main reasons accounting
for the decline: the underlying subsidiary (not exclusively-owned) made a less profit in this report
period.
3.2 Progress of significant events, their influences, and analysis and explanation of their solutions
√Applicable □Inapplicable
I. In the report period, the Company neither provided capital for controlling shareholders or related
parties, nor disobeyed regulations and procedure to provide external guarantee.
II. The settlement on the involved matters in non-standard qualified auditor’s opinion of year 2008:
Shenzhen Pengcheng Certified Public Accountants Co., Ltd. issued audit report with disclaimer of
opinions for the 2008 Financial Report of the Company. Due to that the debt reorganization work of
the Company had not been completely finished in 2008, so risk of bearing huge debt still remained
with many significant uncertainties. The CPAs was not able to offer opinion on the financial debt, tax
payable, contingent proceedings, lawsuits and sustainable operation.
In the report period, explanation presented by the Board for change and treatment of the matters
involved in the Non-standard Report issued by CPAs for last year is as follows:
1. Financial debt
Shenzhen Pengcheng CPAs held that: the letters replied from the financial creditors for the inquiryShenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
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showed that the Company missed to record an interest balance totaling to RMB 265,875,786.92, and
some letters were replied without confirmation on interest for the principal of loans totaling to RMB
114,558,000.00, and principal of loans which haven’t been replied totaled to RMB 194,255,951.99,
so it was not available to confirm influence on financial statement by financial debt.
The Company provided explanation in Note 13.1, Financial Statement for 2008, for details of interest
confirmation balance: when some creditors implemented the document ((2004) No.6) released by
China Committee on Bank Supervision, they had different understanding on this document with the
Company. The document noticed that: Bank of China and other 10 financial organizations stop
calculating the interest of the Company for 3 years since Jan 1st of 2002 and at the same time, exempt
all the interest payable of the Company (including penalty interest and compound interest) occurred
before Dec 31st of 2001.
Some assets management companies and banks considered that the Company was expected to return
the interest exempted and stop-calculated, and some assets management companies had not
confirmed the proceeding of interest calculation. The Company had transferred all the interest of
loans payable owed before Dec 31st of 2001, RMB 357,993,665.24, (including penalty interest and
compound interest) to capital public reserve. Interest was stopped with calculation from Jan 1st of
2002 to Dec 31st of 2004. The exempt term was due on Dec 31st of 2004. The Company held it was
not necessary for him to return the interest exempted and stop-calculated, so when the term was due,
the Company started to withdraw interest according to normal loan for those interests which needed
to be returned. The stop-calculated interest and compound interest from Jan 1st of 2002 to Dec 31st of
2004 was not accrued.
Besides, the financial debt of the Company was formed in history which had occurred for a long time
and the amount of period–end had not changed for years. Body qualification of some creditors had
been transferred and the particular personnel for handling had also changed, so the creditors needed
time to check clearly the amount of creditor and debt of both involved parties and that was why some
creditors had not replied the letters to confirm.
The Company would continuously advance the account-check work with the relevant creditors of
financial debt, trying as soon as possible to check clearly the interest on principal of the financial
debt. Once progress is made, relevant information would be disclosed according to relevant
regulation.
2. Issues on tax payable
Shenzhen Pengcheng Certified Public Accountants Co., Ltd. thought that: in the audit process, the
CPAs implemented audit procedures including inspection and inquiry, inquiring book tax amount
payable, custom guarantee and penalty balance totaling to RMB 118,292,319.46. No reply has been
received, so it was impossible for the CPAs to confirm the influence on financial statement of the
Company.
Due to the Company’s tax payable was formed in the past, which had a long time, there was no
newly-increased tax payable in the report period, forming reasons were complex, personnel of
specific affairs had changed, and tax department needed time to check clear the debts rights and
amounts of both sides, therefore, we are not able to receive confirmation letter from tax department.
According to the regulations in Administration of Tax Collection regulated by the State, it is possible
to repay the penalties and overdue fine. The Company will continue to follow up the work of
checking account of tax department, check clear the amount of tax payable as soon as possible, and
will disclose information according to the requirements of relevant regulations if there is some
progress.
3. Contingent events and lawsuits
Shenzhen Pengcheng Certified Public Accountants believed that: card information for loans of the
Company was not accordant because of system updating and other seasons; during the auditing, the
CPAs made field verification in relevant courts involved in lawsuits for external guarantee and
overdue loans of the Company as substitute audit procedure, while no confirmation document hadShenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
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been obtained from the relevant courts. Besides, due to that it was hard to implement other effective
audit procedures, it was unable for us to judge whether the Company had disclosed complete
contingent events and lawsuits, and impacts on its financial statement.
The historically formed loan and guarantee lawsuit had existed rather long time; in the report period,
there was no newly-added undisclosed guarantee events and lawsuits; part courts in charge of those
lawsuits changed, and specific responsible people also altered; the court needs time to check details
and amount of the case, so the court didn’t write back for confirmation. The Company will continue
follow up the check work by certified public accountants with related courts, and checks clear the
contingent events and lawsuits as soon as possible. If there is any progress, information disclosure
will be made according to requirements of relevant regulations.
4. Matters on sustainable operations
Shenzhen Pengcheng Certified Public Accountants thought that, the Company’ asset could seriously
not offset the debt; the measures on the reconciliation procedure of the bankruptcy to settle the debts
had no material progress and could not be able to get adequate and proper audit evidence to confirm
it could effectively improve the continuous operations of the Company; thus, we could not judge
whether the financial report 2008 prepared by the Company based on imagined continuous
operations was proper.
Since March 2003, the promotion on debt restructuring by the former largest creditor of the
Company-China Huarong Asset Management Corporation acquired breakthrough development, the
Plan on Reorganization of Shenzhen China Bicycle Company (Holdings) Limited has obtained the
approval from relevant department such as China Banking Regulatory Commission, in which all the
interests of the financial debts the Company owed ended Dec. 31, 2004 were exempted and stopped
interest calculation , and it was under the stage of implementation.
The Company and International Finance Corporation signed Reconciled Agreement on Mar. 29th of
2007, in which it was agreed to settle all the credits and liabilities between the two parties with USD
equivalent to RMB 2 million. The liabilities amount was consisted of principal approximately
amounting to USD 3.87 million and an accrued interest approximately amounting to RMB 42.78
million. The two largest creditors of the Company-Shenzhen Guosheng Energy Investment
Development Co., Ltd. and Guangdong Sunrise Holdings Co., Ltd. agreed to stop calculation of
interest of consolidated loan of RMB 69,558,600 for the whole year of 2007, and RMB 66,226,800
for 2008. The interest would also not be collected in future. The largest creditor of the
Company-Shenzhen Guosheng Energy Investment Development Co., Ltd. agreed to stop calculation
of interest of loan of RMB 9,124,600 and loan of USD 84,797,600 for the whole year of 2009. The
interest would also not be collected in future.
On Dec. 30, 2006, China Huarong Asset Management Corporation transferred its creditor right to
Shenzhen Guosheng Energy Investment Development Co., Ltd. After the change of the largest
creditor, the former largest creditor China Huarong Asset Management Corporation applied to
Shenzhen Intermediate People’ Court for bankruptcy of the Company on August 1, 2005, planning to
settle the debts of the Company completely through bankruptcy and reform measures; the new
creditor Shenzhen Guosheng Energy Investment Development Co., Ltd. was responsible for
promoting the restructuring works on relevant debts and reorganization, and it was speeding up
making scheme for debt restructuring.
Meanwhile, big shareholders, relevant creditors and senior executives of the Company are actively
seeking for support from government and tax department for solving history debts in debt
restructuring. The Board of the Company believed that: as the debt and asset restructure of the
Company continuously made progress, together with the continuous growth of the Company’s
performance, its operation environment, operation status and sustainable operation ability would be
improved further.
III. Event on Share Merger ReformShenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
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Share Merger Reform Prospectus was passed in Shareholders’ General Meeting on Share Merger
Reform of A Share Market held on Feb. 1, 2007, and it also got replies from Ministry of Commerce,
PRC SZNo.1343 [2007] and Approval of Augmenting Total Capital Shares of Shenzhen China
Bicycle (Holdings) Co., Ltd from Shenzhen Commerce and Industry Bureau SMGZFu No.2257
[2007] in which the Share Merger Reform Prospectus passed in Shareholders’ General Meeting of the
Company held in Feb. 1, 2007.
According to Working Guidelines on Share Merger Reform for Listed Companies, the Company has
applied to Shenzhen Branch of China Securities Depository and Clearing Corporation Limited for
implementing Share Merger Reform procedures. The shares of the Company held by unlisted foreign
shareholders and committed for share merger reform by the Company were still in the pledged and
frozen conditions which were not released presently (including 40 million shares of the Company
held by Hong Kong Zhuorun Technology Co., Ltd. and 26 million shares of the Company held by
Hong Kong (Link) Bicycles Limited), so the Share Merger Reform Prospectus of the Company has
not implemented, the A-stock of the Company continues to remain suspension.
The Board of the Company would continue to follow up and assist the shareholders to deal with the
releasing procedures of the aforementioned share equities, and would timely perform the information
disclosure obligation in accordance with the progress.
3.3 Implementations of commitments by the Company, shareholders and actual controller
□Applicable √Inapplicable
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report
period to be loss probably or the warning of its material change compared with the corresponding
period of the last year and explanation of reason
√Applicable □Inapplicable
Forecast of performances Losses
Year-begin to the end of
next report period
The same period of
last year Change of increase/decrease (%)
Estimated amount of
accumulative net
profit(RMB’0000)
About -12,000.00 -4,489.30 Declined -
Basic earnings per
share(RMB/Share) About -0.25 -0.0936 Declined -
Explanations on forecast
of performances
The Company had losses of RMB 74,048,900 from Jan. to Sep. The main reason for
losses was the occurred interest expense of RMB 72 million. Due to that the debt
restructurings had not obtained any substantial progress, high amount of debt burdens
still restrained the Company’s development, it was estimated that the Company would
still be in losses for the whole year of 2009. In accordance with No. 13.2.1 regulation in
Listing Rules of the Stock promulgated by Shenzhen Stock Exchange, the stock trade of
the Company would be adopted warning of delisting risk by Shenzhen Stock Exchange
for successive losses in recent two years.
3.5 Particulars about the other significant events which needed explanations
I. Particulars about event on the progress of the external investment
The Company signed Affiliated Agreement on investing Jiangxi Lihua Industrial Co., Ltd. with
Shareholder-Hong Kong Dahuan Group Co., Ltd.(hereinafter refers to be as Hong Kong Dahuan) on
June 23, 1993. Considering that the aforementioned investment of the Company did not yield any
profit until now, thus, with friendly negotiations between Hong Kong Dahuan and the Company, the
Company signed Agreement on Releasing Affiliated Agreement with Hong Kong Dahuan on Jan. 20,
2009. The Company will take back investment account amounting to RMB 30,740,000 within 2
years and 6 months which had no influences on the gains/losses in the report year of theShenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
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Company(for details, please see the notice of No. 2009-006). Ended the report period, the Company
accumulatively received contract account amounting to RMB 12 million.
II. Particulars about event on stopping calculating debts interests in this year by creditor
The Company received Reply Letter on Applying to Stop Calculating Debts Interests in Year 2009 of
the Company from the first largest shareholder and creditor- Shenzhen Guocheng Energy Investment
Development Co., Ltd.(hereinafter refers to be as “Guocheng Energy”) on March 16, 2009:
“Guocheng Energy” agreed to stop calculating whole year interests for year 2009 on the Renminbi
credit rating 9,124,618.59 and US dollars 84,797,624.57 of the Company held by it, the total amount
for the whole year was predicted to be RMB 47,662,500. The aforementioned interests were not
withdrawn in the following years. The Company has published the aforementioned events on March
18, 2009.
In accordance with the regulations on Notice of Well Implementing Accounting Standards for
Business Enterprise on the Works of 2008 Annual Report by the Letter No. CK [2008]60 from
Ministry of Finance: “ if accepting the direct or indirect donations from the controlling shareholders
or the subsidiaries of the controlling shareholder, judge the capitalization input on enterprise
belonging to controlling shareholders from the economic substances which should be the Equity
Transaction, and relevant income should be recorded in owners’ equity(capital public reserve).”
Guocheng Energy stopped to calculated the interests of debts of this year which would be reckoned
into financial expense of the Company while calculating the interest payable reserve and the total
amount for the whole year was predicted to be RMB 47,662,500, meanwhile, gains arising from
stopping calculating the interests would be reckoned into owners’ equity(capital public reserve), and
the total amount for the whole year was predicted to be RMB 47,662,500
3.5.1 Activities on receiving research, communication and interview in the report period
Date Place Way The received
parties
Contents discussed and
materials supplied
July-Sep. 2009 Office of the
Company
Communications by
telephone
Tradable
shareholder
Progresses of Share Merger
Reform and debts restructuring of
the Company
3.6 Particulars about derivatives investment
□Applicable √Inapplicable
3.6.1 Particulars about the positions of derivatives investment at the end of report period
□Applicable √Inapplicable
§4. Appendix
4.1 Balance sheet
Prepared by Shenzhen China Bicycle Company (Holdings) Limited Sep. 30, 2009 Unit: RMB
Balance at period-end Balance at year-begin
Items Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 33,767,872.91 350,745.94 10,086,599.53 417,444.51
Settlement provisions
Capital lent
Transaction finance assetShenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
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Notes receivable 5,029,544.00 5,408,792.00
Accounts receivable 423,192.06 139,442,527.61 385,033.41 136,120,228.45
Accounts paid in advance 482,806.08 504,440.40
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Interest receivable
Dividend receivable
Other receivables 32,197,095.52 59,526,016.74 42,193,937.90 87,659,723.49
Purchase restituted finance
asset
Inventories 50,941,646.95 24,734,680.90 36,197,343.93 26,922,910.94
Non-current asset due within
one year
Other current assets
Total current assets 122,842,157.52 224,053,971.19 94,776,147.17 251,120,307.39
Non-current assets:
Granted loans and advances
Finance asset available for
sales
Held-to-maturity investment
Long-term account receivable
Long-term equity investment 2,619,840.50 2,619,840.50 2,619,840.50 2,619,840.50
Investment property 9,827,080.39 9,827,080.39 10,311,261.40 10,311,261.40
Fixed assets 46,885,654.06 46,054,408.71 56,010,305.12 55,334,097.37
Construction in progress
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 26,533,004.81 26,533,004.81 27,180,151.34 27,180,151.34
Expense on Research and
Development
Goodwill
Long-term expenses to be
apportioned
Deferred income tax asset
Other non-current asset
Total non-current asset 85,865,579.76 85,034,334.41 96,121,558.36 95,445,350.61
Total assets 208,707,737.28 309,088,305.60 190,897,705.53 346,565,658.00
Current liabilities:
Short-term loans 399,460,134.85 338,536,745.34 399,661,355.35 338,713,085.90
Loan from central bank
Absorbing deposit andShenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
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interbank deposit
Capital borrowed
Transaction financial liabilities
Notes payable
Accounts payable 141,716,638.90 294,980,966.73 130,714,884.86 324,940,555.98
Accounts received in advance 37,687,794.40 14,605,306.04 21,333,035.66 14,605,306.04
Selling financial asset of
repurchase
Commission charge and
commission payable
Wage payable 1,584,752.17 1,448,819.53 1,686,297.83 1,550,365.19
Taxes payable 94,934,028.09 94,284,567.22 95,399,029.08 94,220,632.13
Interest payable
Dividend payable
Other accounts payable 169,637,816.00 135,818,914.69 168,604,764.50 134,698,784.49
Reinsurance payables
Insurance contract reserve
Security trading of agency
Security sales of agency
Non-current liabilities due
within 1 year 870,596,896.16 870,596,896.16 873,090,594.28 873,090,594.28
Other current liabilities 154,808,318.87 154,763,849.11 118,929,914.04 118,881,087.74
Total current liabilities 1,870,426,379.44 1,905,036,064.82 1,809,419,875.60 1,900,700,411.75
Non-current liabilities:
Long-term loans
Bonds payable
Long-term account payable
Special accounts payable
Projected liabilities 179,088,442.92 179,088,442.92 184,133,984.92 184,133,984.92
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 179,088,442.92 179,088,442.92 184,133,984.92 184,133,984.92
Total liabilities 2,049,514,822.36 2,084,124,507.74 1,993,553,860.52 2,084,834,396.67
Owner’s equity (or shareholders’
equity):
Paid-in capital (or share
capital) 479,433,003.00 479,433,003.00 479,433,003.00 479,433,003.00
Capital public reserve 446,751,563.03 446,751,563.03 410,893,564.33 410,893,564.33
Less: Inventory shares
Reasonable reserve
Surplus public reserve 32,673,227.01 32,673,227.01 32,673,227.01 32,673,227.01
Provision of general risk
Retained profit -2,800,108,085.22 -2,733,893,995.18 -2,726,059,175.73 -2,661,268,533.01
Balance difference of foreign
currency translationShenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
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Total owner’s equity attributable to
parent company -1,841,250,292.18 -1,775,036,202.14 -1,803,059,381.39 -1,738,268,738.67
Minority interests 443,207.10 403,226.40
Total owner’s equity -1,840,807,085.08 -1,775,036,202.14 -1,802,656,154.99 -1,738,268,738.67
Total liabilities and owner’s equity 208,707,737.28 309,088,305.60 190,897,705.53 346,565,658.00
4.2 Profit statement in the report period
Prepared by Shenzhen China Bicycle Company (Holdings) Limited July-Sep. 2009 Unit: RMB
This period The same period of last year
Items Consolidation Parent Company Consolidation Parent Company
I. Total operating income 85,921,058.05 5,641,746.60 101,156,161.69 4,154,960.13
Including: Operating income 85,921,058.05 5,641,746.60 101,156,161.69 4,154,960.13
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 112,949,193.38 32,889,206.68 76,532,645.90 -17,968,510.80
Including: Operating cost 81,886,243.72 4,014,435.59 96,501,393.49 3,106,070.63
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee
slip
Reinsurance expense
Operating tax and extras 30,878.63 41,947.11
Sales expenses 1,274,166.35 1,151,358.34 316,618.37
Administration expenses 5,737,762.17 4,834,798.43 6,139,281.20 5,773,649.33
Financial expenses 24,020,142.51 24,039,972.66 -30,882,808.72 -30,746,323.61
Losses of devaluation of asset 3,581,474.48 3,581,474.48
Add: Changing income of
fair value(Loss is listed with “-”)
Investment income (Loss is
listed with “-”) -252,474.47 -252,474.47
Including: Investment income
on affiliated company and joint
venture
-252,474.47 -252,474.47
Exchange income (Loss is
listed with “-”)
III. Operating profit (Loss is
listed with “-”) -27,028,135.33 -27,247,460.08 24,371,041.32 21,870,996.46
Add: Non-operating income 10,429,190.25 10,392,190.25 403,970.00 400,670.00
Less: Non-operating expense 1,007,352.46 1,006,982.46 5,129.70 2,840.00Shenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
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Including: Disposal loss of
non-current asset
IV. Total Profit (Loss is listed
with “-”) -17,606,297.54 -17,862,252.29 24,769,881.62 22,268,826.46
Less: Income tax expense
V. Net profit (Net loss is listed
with “-”) -17,606,297.54 -17,862,252.29 24,769,881.62 22,268,826.46
Net profit attributable to
owner’s of parent company -17,716,000.80 -17,862,252.29 23,931,630.72 22,268,826.46
Minority shareholders’ gains
and losses 109,703.26 838,250.90
VI. Earnings per share
i. Basic earnings per share -0.0370 -0.0373 0.0499 0.0464
ii. Diluted earnings per share -0.0370 -0.0373 0.0499 0.0464
VII. Other consolidated income
VIII. Total consolidated income -17,606,297.54 -17,862,252.29 24,769,881.62 22,268,826.46
Total consolidated income
attributable to owners of parent
company
-17,716,000.80 -17,862,252.29 23,931,630.72 22,268,826.46
Total consolidated income
attributable to minority
shareholders
109,703.26 838,250.90
4.3 Profit statement from year-begin to the end of report period
Prepared by Shenzhen China Bicycle Company (Holdings) Limited Jan.-Sep. 2009 Unit: RMB
Amount in this period Amount in last period
Items Consolidation Parent Company Consolidation Parent Company
I. Total operating income 198,415,641.90 12,579,055.20 212,266,079.84 14,562,935.82
Including: Operating income 198,415,641.90 12,579,055.20 212,266,079.84 14,562,935.82
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 282,179,506.75 94,922,823.43 198,866,956.53 8,505,636.53
Including: Operating cost 188,479,330.42 7,988,788.32 203,635,797.52 13,177,834.26
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal
of insurance contract reserve
Bonus expense of guarantee
slip
Reinsurance expense
Operating tax and extras 102,213.83 130,370.93 84.83
Sales expenses 3,958,716.42 242,795.77 3,115,302.15 672,298.47Shenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
12
Administration expenses 18,907,984.09 15,913,179.92 26,196,853.53 24,910,546.52
Financial expenses 71,501,755.94 71,548,553.37 -39,049,238.29 -35,092,998.24
Losses of devaluation of
asset -770,493.95 -770,493.95 4,837,870.69 4,837,870.69
Add: Changing income of
fair value(Loss is listed with “-”)
Investment income (Loss is
listed with “-”) -874,997.07 -874,997.07
Including: Investment
income on affiliated company
and joint venture
Exchange income (Loss is
listed with “-”)
III. Operating profit (Loss is
listed with “-”) -83,763,864.85 -82,343,768.23 12,524,126.24 5,182,302.22
Add: Non-operating income 10,776,510.18 10,739,510.18 8,314,434.46 8,287,969.46
Less: Non-operating
expense 1,021,574.12 1,021,204.12 355,344.56 134,342.93
Including: Disposal loss of
non-current asset 18,300.00
IV. Total Profit (Loss is listed
with “-”) -74,008,928.79 -72,625,462.17 20,483,216.14 13,335,928.75
Less: Income tax expense
V. Net profit (Net loss is listed
with “-”) -74,008,928.79 -72,625,462.17 20,483,216.14 13,335,928.75
Net profit attributable to
owner’s of parent company -74,048,909.49 -72,625,462.17 19,315,995.01 13,335,928.75
Minority shareholders’ gains
and losses 39,980.70 1,167,221.13
VI. Earnings per share
i. Basic earnings per share -0.1545 -0.1515 0.0403 0.0278
ii. Diluted earnings per share -0.1545 -0.1515 0.0403 0.0278
VII. Other consolidated income
VIII. Total consolidated income -74,008,928.79 -72,625,462.17 20,483,216.14 13,335,928.75
Total consolidated income
attributable to owners of parent
company
-74,048,909.49 -72,625,462.17 19,315,995.01 13,335,928.75
Total consolidated income
attributable to minority
shareholders
39,980.70 1,167,221.13
4.4 Cash flow statement from year-begin to the end of report period
Prepared by Shenzhen China Bicycle Company (Holdings) Limited Jan.-Sep. 2009 Unit: RMB
Amount in this period Amount in last period
Items Consolidation Parent Company Consolidation Parent Company
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor
services
130,118,659.09 143,335,494.27 6,871,053.35
Net increase of customerShenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
13
deposit and interbank deposit
Net increase of loan from
central bank
Net increase of capital
borrowed from other financial
institution
Cash received from original
insurance contract fee
Net cash received from
reinsurance business
Net increase of insured savings
and investment
Net increase of disposal of
transaction financial asset
Cash received from interest,
commission charge and commission
Net increase of capital
borrowed
Net increase of returned
business capital
Write-back of tax received
Other cash received concerning
operating activities 15,578,855.96 13,499,751.26 5,637,330.94 7,550,680.18
Subtotal of cash inflow
arising from operating activities 145,697,515.05 13,499,751.26 148,972,825.21 14,421,733.53
Cash paid for purchasing
commodities and receiving labor
service
105,652,132.59 112,424,863.37 1,433,399.55
Net increase of customer loans
and advances
Net increase of deposits in
central bank and interbank
Cash paid for original
insurance contract compensation
Cash paid for interest,
commission charge and commission
Cash paid for bonus of
guarantee slip
Cash paid to/for staff and
workers 11,527,392.05 1,274,043.62 17,582,652.01 2,119,592.20
Taxes paid 3,025,845.04 1,871,301.65 3,997,838.20 2,449,000.58
Other cash paid concerning
operating activities 10,039,799.20 10,402,773.94 11,616,353.30 8,530,215.79
Subtotal of cash outflow
arising from operating activities 130,245,168.88 13,548,119.21 145,621,706.88 14,532,208.12
Net cash flows arising from
operating activities 15,452,346.17 -48,367.95 3,351,118.33 -110,474.59
II. Cash flows arising from investing
activities:
Cash received from recovering
investment
Cash received from investment
income
Net cash received from
disposal of fixed, intangible and 550,000.00 10,464,667.52 105,942.92Shenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
14
other long-term assets
Net cash received from
disposal of subsidiaries and other
units
Other cash received concerning
investing activities 8,000,000.00
Subtotal of cash inflow from
investing activities 8,550,000.00 10,464,667.52 105,942.92
Cash paid for purchasing fixed,
intangible and other long-term
assets
321,062.43 18,330.62 88,868.00 77,468.00
Cash paid for investment
Net increase of mortgaged
loans
Net cash received from
subsidiaries and other units
Other cash paid concerning
investing activities
Subtotal of cash outflow from
investing activities 321,062.43 18,330.62 88,868.00 77,468.00
Net cash flows arising from
investing activities 8,228,937.57 -18,330.62 10,375,799.52 28,474.92
III. Cash flows arising from
financing activities
Cash received from absorbing
investment
Including: Cash received from
absorbing minority shareholders’
investment by subsidiaries
Cash received from loans
Cash received from issuing
bonds
Other cash received concerning
financing activities
Subtotal of cash inflow from
financing activities
Cash paid for settling debts
Cash paid for dividend and
profit distributing or interest paying
Including: Dividend and profit
of minority shareholder paid by
subsidiaries
Other cash paid concerning
financing activities
Subtotal of cash outflow from
financing activities
Net cash flows arising from
financing activities
IV. Influence on cash and cash
equivalents due to fluctuation in
exchange rate
-10.36 -1,272.58
V. Net increase of cash and cash
equivalents 23,681,273.38 -66,698.57 13,725,645.27 -81,999.67
Add: Balance of cash and cash
equivalents at the period -begin 10,086,599.53 417,444.51 14,062,198.43 477,660.27Shenzhen China Bicycle Company (Holdings) Limited The Third Quarterly Report For 2009 (Full Text)
15
VI. Balance of cash and cash
equivalents at the period -end 33,767,872.91 350,745.94 27,787,843.70 395,660.60
4.5 Auditor’s report
Auditor’s opinions: Un-audited.
Board of the Directors of
Shenzhen China Bicycle Company (Holdings) Limited
October 29, 2009
