CSG HOLDING CO., LTD.
THE FIRST QUARTER REPORT 2011
Chairman of the Board:
ZENG NAN
April 2011
CSG HOLDING CO., LTD. The First Quarter Report 2011
I Important Notes
i The board of directors, the supervisory committee, all directors and supervisors and the
senior executive of CSG Holding Co., Ltd. (hereinafter referred to as the Company)
hereby confirm that there are no fictitious statements, serious misleading or important
omissions information carried in this report, and shall take all responsibilities, jointly and
severally, for the truthfulness, accuracy and completeness of the whole contents.
ii The first quarter financial report of 2011 has not been audited by the public accountants.
iii Chairman of the Board and CEO of the Company Mr. Zeng Nan, CFO Mr. Luo Youming,
and Principle of the Financial Department Mr. Huang Yanbin hereby confirm that the
Financial Report of the First Quarter Report 2011 is true and complete.
iv This Report is prepared both in Chinese and in English. Should there be any differences
in interpretation of the contents between the two versions, the Chinese version shall
prevail.
II Company Profile
i Main Accounting Data and Financial Indexes
Unit: RMB
Percentage of
31 March 2011 31 December 2010 change
Total assets 13,640,128,781 12,469,619,167 9.39%
Total equity attributable to equity holders of the Company 6,804,105,700 6,384,871,209 6.57%
Capital 2,076,143,060 2,076,721,060 -0.03%
Total assets per share for equity holders of the Company 3.28 3.07 6.84%
st st
The 1 quarter of The 1 quarter of Percentage of
2011 2010 change
Revenue 2,095,159,077 1,556,783,199 34.58%
Net profit attributable to equity holders of the Company 415,307,904 299,246,474 38.78%
Net cash flows from operating activities 408,163,940 204,265,631 99.82%
Net cash flows from operating activities per share 0.20 0.17 17.65%
Basic earnings per share (Note) 0.20 0.14 42.86%
Diluted earnings per share (Note) 0.20 0.14 42.86%
Increase 0.83
Weighted average return on equity 6.30% 5.47%
percentage points
Weighted average return on equity after extraordinary Increase 0.89
5.97% 5.08%
gains and losses percentage points
Note: The financial data have been adjusted as new paid-in capital.
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CSG HOLDING CO., LTD. The First Quarter Report 2011
Items of extraordinary gains and losses
√Applicable □Inapplicable
Unit: RMB
Items of extraordinary gains and losses Amount at the 31 March 2011 (from year-begin)
Gains and losses on disposal of non-current assets 447,082
Government subsides recognized as gains and losses 24,776,768
Net value of other non-operating expenses 1,663,509
Tax effects on extraordinary gains and losses -3,817,293
Extraordinary gains and losses of minority interests -1,102,589
Total 21,967,477
ii Total number of shareholders and particulars about the shares held by the top ten
unrestricted shareholders at the end of the report period.
Unit: Share
Total shareholders: 217,492（Including: 171,936 shareholders of A-share and 45,556 shareholders of B-share）
Particulars about the shares held by the top ten unrestricted shareholders
Name of shareholder Unrestricted shares held Share type
China Northern Industries Corporation 75,167,934 A-share
Xing Tong Chan Industrial Development (Shenzhen) Co., Ltd. 67,740,000 A-share
Shenzhen International Holdings (SZ) Limited 65,430,000 A-share
China Ping An Trust & Investment Co., Ltd. 60,035,000 A-share
China Construction Bank - Yinhua Core Value Select Stock Fund 58,600,000 A-share
ICBC—China Universal Balance Growth Stock Fund 34,360,535 A-share
Bank of Communications—Boshi Xinxing Growth Stock Fund 24,643,049 A-share
Guotai Junan Securities (HongKong) Limited 20,758,773 B-share
Bank of Communications—Hua An Strategy Selected Stock Fund 20,184,395 A-share
China Construction Bank – Yinhua - Dow Jones China 88 Select Equity Fund. 19,476,086 A-share
III Significant events
i Particulars and explanations about significant changes in main accounting statement and
financial indexes
√Applicable □Inapplicable
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CSG HOLDING CO., LTD. The First Quarter Report 2011
Unit: RMB’0000
31 December Amount of Percentage
Note 31 March 2011 2010 change of change
Cash at bank and on hand 1 121,911 78,748 43,163 55%
Accounts receivable 2 44,288 24,220 20,068 83%
Other receivable 3 9,017 6,662 2,355 35%
Construction in progress 4 116,946 78,608 38,338 49%
Research and development expenditure 5 604 314 290 92%
Short-term borrowings 6 133,747 87,713 46,034 52%
Employee benefits payable 7 7,633 18,700 (11,067) (59%)
Interest payable 8 5,207 2,459 2,748 112%
Other payables 9 21,873 16,139 5,734 36%
Current portion of non-current liabilities 10 15,161 7,569 7,592 100%
Other liabilities 11 23,606 17,354 6,252 36%
st st
The 1 quarter of The 1 quarter of Amount of Percentage
Note 2011 2010 change of change
Revenue 12 209,516 155,678 53,838 35%
Cost of sales 13 133,599 99,293 34,306 35%
Taxes and surcharge 14 1,002 117 885 756%
Asset impairment losses 15 400 224 176 79%
Investment income 16 0 906 (906) (100%)
Non-operating income 17 2,719 1,650 1,069 65%
Non-operating expense 18 30 142 (112) (79%)
Income tax expense 19 9,217 6,118 3,099 51%
Notes:
1. The increase of cash at bank and on hand was because of the increase of bank deposit.
2. The increase of accounts receivable was because of the increase of income for sales of the Company.
3. The increase of other receivable was because of the increase of refunding export taxes and deposit.
4. The increase of construction in progress was because the project constructions have been invested on schedule by the
Company in the report period.
5. The increase of research and development expenditure was because partial expenditure of the R&D project met the
capitalization condition, which should listed as research and development expenditure in statement according to the
Accounting Rules.
6. The increase of short-term borrowings was because of the increase of short-term loan from bank.
7. The decrease of employee benefits payable was because the bonus fund of management and year-end bonus of employees
that attributable to last year have been paid by the Company in the report period.
8. The increase of interest payable was because the payable bonds interest withdrew by the Company was not yet due to
payment.
9. The increase of other payables was because Shenzhen CSG Display Technology Co., Ltd.， subsidiary of the Company，
purchased the minority shareholders’ equity of Shenzhen CSG Wellight Conductive Coating Glass Co., Ltd. so that the
payables account increased.
10. The increase of current portion of non-current liabilities was because of the increase of long-term loans due within one
year.
11. The increase of other liabilities was because Yichang CSG Polysilicon Co., Ltd., subsidiary of the Company, received the
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CSG HOLDING CO., LTD. The First Quarter Report 2011
interest-free loans from government.
12. The increase of revenue was because the sales volume increased in the report period and partial products’ price higher
than the same period of last year.
13. The increase of cost of sales was because the business scale was larger than the same period of last year.
14. The increase of taxes and surcharge was because the increase of city maintenance and construction tax and educational
surcharge.
15. The increase of asset impairment losses was because the bad debt provision for account receivable was switch-back at
same period of last year and increase of corresponding withdrawal bad debt provision along with increase of the balance
of account receivable in the report period.
16. The decrease of investment income was because there was an income recognized at same period of last year for sale of
financial assets available for sale while no income recognized in the report period.
17. The increase of non-operating income was because of the increase of government grants in the report period.
18. The decrease of non-operating expense was because the losses on write-off of fixed assets decreased compared with the
same period last year.
19. The increase of income tax expense was because the increase of before tax profit and the rate on enterprise income tax in
the report period.
ii Analysis and explanation of significant events and their influence and solutions
(i) Particular about Qualified Opinion
□Applicable √Inapplicable
(ii) Particular about fund offered to shareholder or its related parties by the Company and
external guarantee with procedure violation
□Applicable √Inapplicable
(iii) Particular about the significant contract of routine operation signed and implemented
□Applicable √Inapplicable
(iv) Others
√Applicable □Inapplicable
A. Private A-share Offering to Specific Investor
The Company plans to offer no more than 250 million A-shares to less than 10 specific investors privately. The total
fund collected will not exceed RMB 4 billion. The private offering has been approved by 2nd Extraordinary
Shareholders’ General Meeting 2011 and still in the process of examine and approved in CSRC. More details can be
found in relevant notice on China Securities Journal, Securities Times, Hong Kong Commercial Daily and Juchao
Website (www.cninfo.com.cn) dated 19 January, 22 March and 8 April 2011 respectively.
B. Short-term Financial Bonds
On 15 April 2011, proposal of short-term financial bonds issuance was approved by Shareholders’ General Meeting
2010 of CSG Holding Co., Ltd. with the application of RMB 0.7 billion short-term financial bonds in limited. The
Company will according to issuance schedule submit documents to National Association of Financial Market
Institutional Investors (NAFMII for short).
C. Sold the Equity of Dongguan CSG Ceramics Technology Co., Ltd.
Being approved by the Extraordinary Meeting of 5th Board of Directors, 100% equity of Dongguan CSG Ceramics
Technology Co., Ltd., wholly-owned subsidiary of the Company, were sold to Yang Boheng--a natural person, by the
Company with price of RMB 64.12 million.Details of the above transaction can be found in Notice of Assets Sales
published at Securities Times, China Securities Journal and Hong Kong Commercial Daily dated 1 February 2011.
D. Additional Consolidation Scope in Report Period
Heyuan CSG Photovoltaic Encapsulating Materials Co., Ltd. was included in consolidation statement scope since
March of 2011 with business scope of: production of PV encapsulating materials. The Company held 75% equity of the
company. The company still in preparing period in report period.
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CSG HOLDING CO., LTD. The First Quarter Report 2011
Xianning CSG Glass Co., Ltd. was included in consolidation statement scope since March of 2011 with business scope
of: production of coated insulating glass and coated plate glass. The Company held 100% equity of the company. The
company still in preparing period in report period.
E. Proceeding of option incentive
According as Restricted A Shares Incentive Plan (hereinafter referred to Incentive Plan) approved by Shareholders’
General Meeting, the Company issued 49.14 million restricted A-shares through private offering in total to 244 specific
employees privately in July 2008, at price of RMB 8.58 per share. The raised fund is RMB 421,621,200.
(a) On 18 June 2009 and 20 January 2010, the Company has bought back and wrote off total 14,407,500 restricted A shares
respectively. Among these, 12,062,500 restricted A shares have been bought back and wrote off because the
achievement index of the Company 2008 didn’t satisfied unlocking conditions, 2,345,000 restricted A shares have been
bought back and wrote off because 22 former incentive staffs resigned and didn’t accord with the qualification of
incentive plan.
(b) On 13 May 2010, the Company implemented 2009 Annual Profit Distribution Plan, namely sending RMB 3.50 (tax
included) in cash for every 10 shares to all shareholders, and provided share capital converted from capital reserves
with 7 shares increased for each 10 shares at the same time. The amount of incentive restricted A shares add from
34,732,500 shares to 59,045,250 shares.
On 26 March 2010, the 13th meeting of the 5th Board of Directors examined and considered that the Phase II restricted
shares held by incentive staffs satisfied unlocking conditions according to the regulations of Restricted A Shares
Incentive Plan. On 25 June 2010, there was total 19,035,750 restricted A shares held by 214 incentive staffs met
unlocking conditions and has been listed for trading.
(c) On 30 July 2010 and 28 January 2011, the Company has bought back and wrote off total of 2,439,500 restricted A
shares respectively because 14 former incentive staffs had resigned and didn’t accord with the qualification of incentive
plan.
(d) On 18 March 2011, the 20th Meeting of 5th Board of Directors examined and considered that the Phase III restricted
shares held by incentive staffs satisfied unlocking conditions according to the regulations of Restricted A Shares
Incentive Plan.
(e) At present, there were total of 255,000 restricted shares held by one former incentive staff were still waiting for buying
back and writing off.
Details of the aforementioned could be found in relevant notices on China Securities Journal, Securities Times, Hong
Kong Wen Wei Po and Juchao website (www.cninfo.com.cn) dated 19 June 2009, and relevant notices on China
Securities Journal, Securities Times, Hong Kong Commercial Daily and Juchao website (www.cninfo.com.cn) dated 22
January 2010, 26 May 2010, 24 June 2010, 31 July 2010, 29 January 2011, 22 March 2011 and 16 April 2011.
F. Progress of Internal Control Construction
The Company has set up Internal Control Department to build perfected and effective internal control system since
June 2008. The system has been performed smoothly for two years. The available internal control system and
implementation system are constructed and perfectly implemented effectively. There is no significant disadvantage in
aspect of internal environment, control of operation benefit, control of investment and project construction, information
system, financial management and accounting calculation, supervise and evaluation. As the requirement of Notice of
Relevant Work on Pilot Standardized for Internal Control of Listed Company in Shenzhen Areas (SZJGSZi [2011] No.
31) from Shenzhen Securities Regulatory Bureau, the Work Plan for Execution of Standardized Internal Control of
CSG was deliberated and approved by 2nd Meeting of 6th Board of Directors which was held on 21 April 2011. More
details could be found in notice on Juchao Website (www.cninfo.com.cn) dated 22 April 2011.
iii Implementations of commitments by the Company, shareholders and actual controller
√Applicable □Inapplicable
Item of Commitments Promisee Content of commitments Implementation
Commitments for Share the original The Company has implemented share merger reform in By the end of the
Merger Reform non-tradable May 2006. Till June 2008, the share of the original report period, the
shareholder non-tradable shareholders which holding over 5% total original
Shenzhen shares of the Company had all released. Therein, the non-tradable
International original non-tradable shareholder Shenzhen International shareholders of
Holdings (SZ) Holdings (SZ) Limited (with former name of Yiwan the Company
Limited and Xing Industrial Development (Shenzhen) Co., Ltd. ) and Xing have strictly
Tong Chan Industrial Tong Chan Industrial Development (Shenzhen) Co., Ltd. carried out their
Development both are wholly-funded subsidiaries to Shenzhen promises.
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CSG HOLDING CO., LTD. The First Quarter Report 2011
(Shenzhen) Co., Ltd. International Holdings Limited (hereinafter Shenzhen
International for short) listed in Hong Kong united stock
exchange main board. On 9 July 2009, Shenzhen
International held the Shareholders’ General Meeting and
authorized its board of directors to sale the CSG A share
held by Shenzhen International at price of no less than
RMB 8.5. Shenzhen International made commitment that it
would strictly carry out related regulations of Securities
Law, Administration of the Takeover of Listed Companies
Procedures and Guiding Opinions on the Listed Companies’
Transfer of Original Shares Released from Trading
Restrictions issued by CSRC during implementing share
decreasingly-held plan and take information disclosure
responsibility timely.
Commitments made in - - -
Acquisition Report or
Reports on Change in
Interests
Commitments made in - - -
Material Assets
Reorganization
Commitments made in - - -
issuing
Other commitments - - -
(including additional
commitments)
iv Warning and explanation on forecast loss in accumulative net profit from the year begin
to the end of next report period, or any significant changes occurred in accumulative net
profit comparing with the same period in last year.
□Applicable √Inapplicable
v Other significant events.
(i) Particulars about securities investment
□Applicable √Inapplicable
(ii) Reception of investigation, communication and interview in the report period
Date Place Method Investor
2011.1.19 Conference room Spot investigation Acru Asset Management
Kim Eng Securities(H.K.)Ltd
2011.1.25 In the Company Communication on telephone Taiwan Sinopac Securities
2011.2.21 In the Company Communication on telephone CLSA limited
Introduction the disclosed information about operation and
Contents discussed and materials supplied production of the Company. The material offered is the 2009
Annual Report.
vi Particulars about derivatives investment
□Applicable √Inapplicable
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CSG HOLDING CO., LTD. The First Quarter Report 2011
(i) Particulars about derivatives investment held at the end of report period
□Applicable √Inapplicable
IV Financial Statement
i Balance Sheets
Prepared by: CSG Holding Co., Ltd. January to March in 2011 Unit: RMB
31 March 2011 1 January 2010
Item
Consolidated Company Consolidated Company
Current assets
Cash at bank and on hand 1,219,112,574 271,114,157 787,481,275 373,901,165
Notes receivable 262,952,053 362,674,115
Accounts receivable 442,881,937 242,201,307
Advances to suppliers 139,296,465 840,000 107,782,146 40,000
Dividends receivable 5,298,425 5,298,425
Other receivables 90,171,678 722,799,361 66,622,324 811,564,853
Inventories 609,085,498 478,735,794
Other current assets 23,655,717 24,914,873
Total current assets 2,787,155,922 1,000,051,943 2,070,411,834 1,190,804,443
Non-current assets
Long-term receivables 2,251,871,096 2,316,038,617
Long-term equity investments 65,501,259 4,052,756,315 65,501,259 3,633,845,531
Fixed assets 8,829,568,135 29,223,599 8,830,895,516 27,627,216
Construction in progress 1,169,464,296 786,077,413
Intangible assets 454,593,663 5,476,020 381,276,917 5,600,854
Research and development expenditure 6,038,663 3,142,226
Goodwill 18,404,380 18,404,380
Long-term prepaid expense 970,160 1,002,500
Deferred tax assets 75,402,418 79,877,237
Other non-current assets 233,029,885 233,029,885 21,840,000
Total non-current assets 10,852,972,859 6,339,327,030 10,399,207,333 6,004,952,218
TOTAL ASSETS 13,640,128,781 7,339,378,973 12,469,619,167 7,195,756,661
Current liabilities
Short-term borrowings 1,337,471,694 209,492,500 877,132,815 111,620,900
Notes payable 281,717,914 237,891,481
Accounts payable 918,685,284 950,310,253
Advances from customers 156,985,263 161,127,001
Employee benefits payable 76,327,175 11,117,324 186,997,327 97,163,797
Taxes payable 120,181,864 1,140,576 121,232,388 1,198,110
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CSG HOLDING CO., LTD. The First Quarter Report 2011
Interest payable 52,070,485 2,632,044 24,589,510 1,314,600
Dividends payable 687,627 687,627 687,627 687,627
Other payables 218,727,480 555,806,961 161,386,242 480,805,365
Current portion of non-current liabilities 151,610,676 75,690,541
Other liabilities 2,926,872 2,926,872
Total current liabilities 3,317,392,334 780,877,032 2,799,972,057 692,790,399
Non-current liabilities
Long-term borrowings 851,035,080 728,203,612
Bonds payables 1,979,458,964 1,979,458,964 1,978,479,422 1,978,479,422
Special payables 621,996 700,008
Deferred tax liabilities 34,385,766 8,149,616 29,507,743 8,149,616
Other non-current liabilities 236,055,945 173,537,976
Total non-current liabilities 3,101,557,751 1,987,608,580 2,910,428,761 1,986,629,038
Total liabilities 6,418,950,085 2,768,485,612 5,710,400,818 2,679,419,437
Owners' equity
Paid-in capital 2,076,143,060 2,076,143,060 2,076,721,060 2,076,721,060
Capital surplus 1,312,551,831 1,370,574,475 1,309,834,212 1,359,890,506
Less: Treasury shares 578,000 578,000
Special reserve 6,872,196 5,683,705
Surplus reserve 506,530,148 506,530,148 506,530,148 506,530,148
Undistributed profits 2,900,006,965 617,645,678 2,484,699,065 573,773,510
Difference on translation of foreign currency financial
2,001,500 1,981,019
statements
Total equity attributable to equity holders of the
6,804,105,700 4,570,893,361 6,384,871,209 4,516,337,224
Company
Minority interests 417,072,996 374,347,140
Total owners' equity 7,221,178,696 4,570,893,361 6,759,218,349 4,516,337,224
TOTAL LIABILITIES AND OWNER'S EQUITY 13,640,128,781 7,339,378,973 12,469,619,167 7,195,756,661
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CSG HOLDING CO., LTD. The First Quarter Report 2011
ii Income Statement
Prepared by: CSG Holding Co., Ltd. January to March in 2011 Unit: RMB
January to March in 2011 January to March in 2010
Items
Consolidated Company Consolidated Company
Total revenue 2,095,159,077 992,033 1,556,783,199
Incl. Revenue 2,095,159,077 992,033 1,556,783,199
Total cost 1,579,140,820 11,605,644 1,187,023,145 14,065,694
Less: Cost of sales 1,335,994,033 275,777 992,931,608
Taxes and surcharges 10,022,051 1,171,124
Selling and distribution expenses 69,453,695 57,022,695
General and administrative expenses 124,282,615 10,213,346 105,758,064 14,910,824
Financial expenses 35,388,232 1,116,521 27,898,915 -845,130
Asset impairment losses 4,000,194 2,240,739
Add: Investment income 54,289,401 9,055,044 9,055,044
Operating profit 516,018,257 43,675,790 378,815,098 -5,010,650
Add: Non-operating income 27,185,388 200,000 16,503,390 220,000
Less: Non-operating expenses 298,029 3,622 1,423,047 17,205
Including: Loss on disposal of non-current assets 228,893 3,622 517,781 1,725
Total profit 542,905,616 43,872,168 393,895,441 -4,807,855
Less: Income tax expenses 92,171,585 61,180,815
Net profit 450,734,031 43,872,168 332,714,626 -4,807,855
Attributable to equity holders of the Company 415,307,904 43,872,168 299,246,474 -4,807,855
Minority interests 35,426,127 33,468,152
Earnings per share
- Basic 0.20 0.14
- Diluted 0.20 0.14
Other comprehensive income 1,470,481 -5,554,659 -6,184,231
Total comprehensive income 452,204,512 43,872,168 327,159,967 -10,992,086
Total comprehensive income attributable to equity holders of
416,415,885 43,872,168 293,691,815 -10,992,086
the Company
Total comprehensive income attributable to minority interests 35,788,627 33,468,152
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CSG HOLDING CO., LTD. The First Quarter Report 2011
iii Cash Flow Statement
Prepared by: CSG Holding Co., Ltd. January to March in 2011 Unit: RMB
January to March in 2011 January to March in 2010
Items
Consolidated Company Consolidated Company
Cash flows from operating activities
Cash received from sales of goods or rendering of
2,205,879,009 1,619,274,168
services
Refund of taxes and surcharges 85,429,028 2,558,845
Cash received relating to other operating activities 13,940,907 896,744 10,615,046 961,796
Sub-total of cash inflows 2,305,248,944 896,744 1,632,448,059 961,796
Cash paid for goods and services 1,291,308,739 948,468,668
Cash paid to and on behalf of employees 301,876,358 104,923,662 194,094,597 57,401,147
Payments of taxes and surcharges 218,694,163 210,439 183,788,038 49,338
Cash paid relating to other operating activities 85,205,744 1,547,648 101,831,125 1,331,102
Sub-total of cash outflows 1,897,085,004 106,681,749 1,428,182,428 58,781,587
Net cash flows from operating activities 408,163,940 -105,785,005 204,265,631 -57,819,791
Cash flows from investing activities
Cash received from disposal of investments 133,000,000 10,401,160 10,401,160
Net cash received from disposal of fixed assets,
424,515 6,973,260
intangible assets and other long-term assets
Cash received from disposal of subsidiaries and other
5,000,000 5,000,000
companies
Cash received relating to other investing activities 26,243,187 263,010,537 16,373,565 21,968,600
Sub-total of cash inflows 31,667,702 401,010,537 33,747,985 32,369,760
Cash paid to acquire fixed assets, intangible assets and
729,545,005 1,146,505 370,451,384 290,844
other long-term assets
Cash paid to acquire investments 490,739,650 152,400,000
Cash paid relating to other investing activities 13,017,160
Sub-total of cash outflows 729,545,005 491,886,155 383,468,544 152,690,844
Net cash flows from investing activities -697,877,303 -90,875,618 -349,720,559 -120,321,084
Cash flows from financing activities
Cash received from capital contributions 54,183,957
Including: Cash received from capital contributions by
54,183,957
minority shareholders of a subsidiaries
Cash received from borrowings 1,148,299,785 98,871,600 251,417,394
Cash received from other financing activities 88,952,676 2,816,631
Sub-total of cash inflows 1,291,436,418 98,871,600 254,234,025
Cash repayments of borrowings 489,209,302 1,000,000 104,193,277
Cash payments for interest expenses and distribution of
15,936,738 1,208,682 18,210,538 258,967
dividends or profits
Including: Cash payments for dividends or profit to
minority shareholders of subsidiaries
Cash payments relating to other financing activities 38,922,840 2,762,840 8,840,400 8,840,400
Sub-total of cash outflows 544,068,880 4,971,522 131,244,215 9,099,367
Net cash flows from financing activities 747,367,538 93,900,078 122,989,810 -9,099,367
Effect of foreign exchange rate changes on cash and
-704,800 -26,463 -207,956 -1,991
cash equivalents
Net increase/(decrease) in cash and cash equivalents 456,949,375 -102,787,008 -22,673,074 -187,242,233
Add: Cash and cash equivalents at beginning of year 660,213,739 373,901,165 635,618,163 370,558,509
Cash and cash equivalents at end of year 1,117,163,114 271,114,157 612,945,089 183,316,276
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CSG HOLDING CO., LTD. The First Quarter Report 2011
iv Audit report
Auditors’ opinions: Not been audited.
Board of Directors of
CSG Holding Co., Ltd.
21 April 2011
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