CSG HOLDING CO., LTD.
THE FIRST QUARTER REPORT 2012
Chairman of the Board:
ZENG NAN
April 2012
CSG HOLDING CO., LTD. The First Quarter Report 2012
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 2012 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 2012 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 2012 31 December 2011 change
Total assets 14,604,727,379 15,281,391,077 -4.43%
Total equity attributable to equity holders of the Company 7,031,788,720 6,911,117,984 1.75%
Capital 2,075,837,060 2,075,837,060 0
Total assets per share for equity holders of the Company 3.39 3.33 1.80%
st st
The 1 quarter of The 1 quarter of Percentage of
2012 2011 change
Revenue 1,523,060,818 2,095,159,077 -27.31%
Net profit attributable to equity holders of the Company 121,231,046 415,307,904 -70.81%
Net cash flows from operating activities 257,286,802 408,163,940 -36.96%
Net cash flows from operating activities per share 0.12 0.20 -40.00%
Basic earnings per share (Note) 0.06 0.20 -70.00%
Diluted earnings per share (Note) 0.06 0.20 -70.00%
Decrease 4.56
Weighted average return on equity 1.74% 6.30%
percentage points
Weighted average return on equity after extraordinary Decrease 5.82
0.15% 5.97%
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 2012
Items of extraordinary gains and losses
√Applicable □Inapplicable
Unit: RMB
Amount at the 31 March
Items of extraordinary gains and losses Note
2012 (from year-begin)
Gains and losses on disposal of non-current assets -209,177
Government subsides recognized as gains and losses 52,593,781
On 21 March 2012, share transfer of
Guangzhou CSG was completed,
Net income of Share Transfer 62,252,487
investment income RMB 62,252,487 was
recognized by the Company.
Net value of other non-operating expenses 6,404,473
Tax effects on extraordinary gains and losses -7,436,106
Extraordinary gains and losses of minority interests -3,020,601
Total 110,584,857 -
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: 266,178（Including: 218,953 shareholders of A-share and 47,225 shareholders of B-share）
Particulars about the shares held by the top ten unrestricted shareholders
Unrestricted shares
Name of shareholder Share type
held
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
Bank of China - E-fund Shenzhen Security 100 ETF Securities Investment Fund 19,318,513 A-share
Agriculture Bank of China - China Post Core Growth Shares Securities Investment Fund 13,548,078 A-share
Invesco Funds Series 5 13,273,758 B-share
ICBC - Rongtong Shenzhen Security 100 Securities Investment Fund 12,877,880 A-share
BBH A/C Vanguard Emerging Markets Stock Index Fund 12,436,803 B-share
PICC Life Insurance Co., Ltd. – Dividend - Individual Insurance 11,224,226 A-share
GuoTai JunAn Securities (HongKong) Limited 10,957,483 B-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 2012
Unit: RMB’0000
31 December Amount of Percentage
Note 31 March 2012 2011 change of change
Notes receivable 1 31,436 46,533 -15,097 -32%
Accounts receivable 2 43,948 31,520 12,428 39%
Other receivable 3 14,595 5,156 9,439 183%
Other current assets 4 19,508 91,363 -71,855 -79%
Notes payable 5 15,578 10,612 4,966 47%
Employee benefits payable 6 7,562 13,939 -6,377 -46%
Interest payable 7 7,718 3,842 3,876 101%
Other payables 8 16,614 88,665 -72,051 -81%
Current portion of non-current liabilities 9 39,472 18,003 21,469 119%
Other current liabilities 10 53 293 -240 -82%
st st
The 1 quarter of The 1 quarter of Amount of Percentage
Note 2012 2011 change of change
Revenue 11 152,306 209,516 -57,210 -27%
Cost of sales 12 123,089 133,599 -10,510 -8%
Selling and distribution expenses 13 4,657 6,945 -2,288 -33%
Financial expenses 14 6,186 3,539 2,647 75%
Investment income 15 6,225 - 6,225 -
Non-operating income 16 5,910 2,719 3,191 117%
Income tax expense 17 2,765 9,217 -6,452 -70%
Notes:
1. The decrease of notes receivable was because of cash received from maturity bill or payment of account of goods
endorsed.
2. The increase of accounts receivable was because of the increase of sales of some subsidiaries in the report period.
3. The increase of other receivable was because equity transfer of Guangzhou CSG was completed in the report period, the
balance of receivable of equity transfer amount was recognized by the Company in line with the contract.
4. The decrease of other current assets was because assets of Guangzhou CSG was calculated as assets ready for sale last
year. In the report period, the equity transfer of Guangzhou CSG was completed and led to the decrease of with assets
ready for sales.
5. The increase of notes payable was because settlement amount paid to suppliers increased in way of bank acceptance bill
from subsidiary of the Company.
6. 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.
7. The increase of interest payable was because interest payable of short-term commercial paper and bonds interest withdrew
by the Company was not yet due to payment.
8. The decrease of other payables was because equity transfer of Guangzhou CSG was completed in the report period, and
equity transfer amount received in prior-period has transfer-out from item of other account payable.
9. The increase of current portion of non-current liabilities was because of the increase of long-term loans due within one
year.
10. The decrease of other liabilities was because part items of quality margins of products recorded in previous years from
Tianjin CSG Architectural Glass Co., Ltd., a subsidiary of the Company, have been settled in the report period.
11. The decrease of revenue was because the sales volume decreased in the report period and partial products’ price lower
than the same period of last year.
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CSG HOLDING CO., LTD. The First Quarter Report 2012
12. The decrease of cost of sales was because of decline of the sales.
13. The decrease of selling and distribution expenses was because architecture glass industry of the Company executed
tow-vote sales contract in the report period, transportation expenditures of sales were undertaken by the clients.
14. The increase of financial expenses was because the scale of borrowing and average interest rate has increased compare
with the same period of last year.
15. The increase of investment income was because of the income from equity transfer of Guangzhou CSG, a subsidiary of the
Company.
16. The increase of non-operating income was because the government supporting grant was received by Yichang CSG
Silicon Co., Ltd., a subsidiary of the Company, in the report period.
17. The decrease of income tax expense was because the decrease of before tax profit 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. 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 the 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. On 24 June 2011, there was total 18,632,000 restricted A shares held by 206 incentive staffs met
qualification of unlock and has been listed for trading.
(e) On 14 October 2011, the Company has bought back and wrote off total 306,000 restricted A shares respectively because
there were 2 former incentive staffs had resigned and didn’t accord with the qualification of incentive plan.
(f) At present, the amount of 501,500 restricted A-shares held by 12 original incentive staffs still are in the process of
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CSG HOLDING CO., LTD. The First Quarter Report 2012
buying back and writing off.
Details of the aforesaid can be found in relevant notices published on China Securities Journal, Securities Times, Hong
Kong Wen Wei Po and Juchao Information website (www.cninfo.com.cn) dated 19 June 2009 as well as published on
China Securities Journal, Securities Times, Hong Kong Commercial Daily and Juchao Information website
(www.cninfo.com.cn) dated 22 January 2010, 26 May 2010, 24 June 2010, 31 July 2010, 29 January 2011, 22 March
2011, 16 April 2011, 23 June 2011, 15 October 2011, 20 January 2012 and 27 March 2012.
B. Corporate bonds
Approved by the 2nd Extraordinary Shareholders’ General Meeting 2009, the Company offered corporate bond on 25
October 2010 with amounts of RMB 2 billion in total. The bond had two products with 5-year and 7-year, in which
product I of 5-year with RMB 1 billion issuance scale and product II of 7-year with RMB 1 billion issuance scale.
Meanwhile, attached with option of up-regulate coupon rate of issuer and re-sale option of investors for the product II.
On 10 November 2010, the corporate bond was listed for trading in Shenzhen Stock Exchange with fixed annual
coupon rate of 5.33% within five-years of duration. Short name for 5-year product was ‘10 CSG 01’ (code 112021)
while 7-year product was ‘10 CSG 02’ (code 112022). Closing date for trading will be 20 October 2015 and 20 October
2017 respectively (notice of the Company disclosed shall prevail). More details can be found in Notice of Issuance
Results on Company Bond 2010 published at China Securities Journal, Securities Times, Hong Kong Commercial
Daily and Juchao Website (www.cninfo.com.cn) dated 26 October 2010.
According to the track rating from CCXR in 2011, the Company gained AA+ for subject credit rating, expectation
rating is stable; bond credit rating of this period was AA+. On 20 October 2011, the initial interests in period of
interest-bearing for corporate bond were paid by the Company. The Company will continuously guarantee debt
servicing ability by solid development of own business in the future.
C. Non-public issue of A stock expired
Relevant proposals of Non-public Issue of A-stock for Year 2011 was approved in 2nd Extraordinary Shareholders’
General Meeting 2011 dated on 7 April 2011, and agreed that the Company could issued no more than 0.25 billion
A-stock through private placement. The resolution for the aforesaid proposals would be valid within 12 months since
date of approval in Shareholders’ General Meeting of the Company. The plan of non-public offering of A-stock was
automatically terminated due to valid period expired on 7 April 2012. More details could be found in relevant notice
published on China Securities Times, Securities Journal, Hong Kong Commercial Daily and Juchao Website
(www.cninfo.com.cn) dated 8 April 2011 and 7 April 2012.
D. Short-term financing bond
On 15 April 2011, the Annual Shareholders’ General Meeting of the Company approved the proposal of issuing
short-term financing bond. The meeting agreed the Company to apply for issuing short-term financing bond with limit
of RMB0.7 billion. On 5 August 2011, the registration committee of Chinese inter-bank market dealers association held
the 34th registration meeting of 2011, decided to accept the registration of short-term financing bills with total amount
of RMB 0.7 billion and expiry on 12 August 2013. The short-term financing bills co-lead managed by China
Construction Bank Co., Ltd. and China Merchants Bank Co., Ltd., publicly issue to institutional investors of China’s
inter-bank bond market by bookkeeping, book building, centralizing placement, and could be issued by stages within
the valid period of registration.
On 15 September 2011, the Company successfully issued short-term financing bills with total amount of RMB 0.7
billion and deadline of 365 days; please refer to relevant information on www.chinabond.com.cn and
www.chinamoney.com.cn.
E. Particular about changes of consolidation range in the report period
Equity transfer of Guangzhou CSG Glass Co., Ltd. was completed in March 2012, and reckoned out of the
consolidation range.
F. Progress of Internal Control Construction
According to the requirement of Notice of Standardized Pilots of Internal Control for Listed Companies in Shenzhen
Areas (SZJGSZi[2011] No. 31) from Shenzhen Securities Regulatory, Plan of the Implementation for Standard Internal
Control of CSG has been approved by the 2nd meeting of the 6th Board of Directors dated 21 April 2011. On 23 March
2012, PricewaterhouseCoopers Zhongtian CPAs Co., Ltd. issued Audit Report of Internal Control and made opinions
that the Company has maintained effective internal control over financial statements in all major aspects according to
the fundamental norms of enterprise internal control and relevant rules. In the report period, the Company submitted
monthly and quarterly progress report of internal control timely.
iii Implementations of commitments by the Company, shareholders and actual controller
√Applicable □Inapplicable
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CSG HOLDING CO., LTD. The First Quarter Report 2012
Item of Commitments Promisee Content of commitments Implementation
Commitments for Share the original The Company has implemented share merger reform in May By the end of
Merger Reform non-tradable 2006. Till June 2008, the share of the original non-tradable the report
shareholder shareholders which holding over 5% total shares of the period, the
Shenzhen Company had all released. Therein, the original non-tradable original
International shareholder Shenzhen International Holdings (SZ) Limited non-tradable
Holdings (SZ) (with former name of Yiwan Industrial Development shareholders of
Limited and Xing (Shenzhen) Co., Ltd. ) and Xing Tong Chan Industrial the Company
Tong Chan Industrial Development (Shenzhen) Co., Ltd. both are wholly-funded have strictly
Development subsidiaries to Shenzhen International Holdings Limited carried out their
(Shenzhen) Co., Ltd. (hereinafter Shenzhen International for short) listed in Hong promises.
Kong united stock exchange main board. On 9 July 2009,
Shenzhen International held the Shareholders’ General
Meeting and authorized its board of directors to sell 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
Forecast Sharp decrease at the same direction
From the year-beginning to
Same period in last year Percentage of change
end of the next report period
Estimate of accumulated net
20,000 – 40,000 83,764.33 Decrease 76.12% - 52.25%
profit (RMB’0000)
Basic earnings per share 0.10 – 0.19 0.40 Decrease 75.00% - 52.50%
Explanation on forecast of A. In the report period, influenced by government macro-control policies and production
performance over-capacity, the selling price of flat glass reduce considerably compare with the same
period of last year. At the same time, the price of major raw materials of flat glass
keeps high. The profit of flat glass in the Company will reduce considerably compare
with the same period of last year for the above reasons.
B. Influenced by the European debt crisis and government subsidy cut, the solar
photovoltaic industry keeps sluggish in the report period. The selling price of
polysilicon, cells & modules and solar energy glass decline considerably compare with
the same period of last year. The profit of solar energy industry of the Company will
reduce considerably compare with the same period of last year for the above reasons.
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CSG HOLDING CO., LTD. The First Quarter Report 2012
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
2012.2.2 In the Company Spot investigation Shanghai Shenyin Wanguo Research & Consulting, Da Cheng
Fund Management Co., Ltd., Great Wall Securities Co., Ltd.
2012.2.9 In the Company Spot investigation BOCOM Schroders Fund Management Co., Ltd., CITIC
Securities, Guotai Junan Securities Co., Ltd., China Post & Capital
Fund Management Co., Ltd.
2012.2.6 In the Company Spot investigation Changjiang Securities Co., Ltd., Essence Securities Co., Ltd.,
CITIC Securities
Introduction the disclosed information about operation and
Contents discussed and materials supplied
production of the Company.
vi Particulars about derivatives investment
□Applicable √Inapplicable
(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 2012 Unit: RMB
31 March 2012 31 December 2011
Item
Consolidated Company Consolidated Company
Current assets
Cash at bank and on hand 527,939,927 153,323,909 656,239,151 229,898,568
Notes receivable 314,361,336 - 465,326,418 -
Accounts receivable 439,483,387 - 315,204,776 -
Advances to suppliers 65,153,358 - 53,946,544 -
Other receivables 145,949,980 1,650,651,790 51,555,671 1,464,351,799
Inventories 531,912,934 - 479,716,050 -
Other current assets 195,083,855 - 913,630,129 -
Total current assets 2,219,884,777 1,803,975,699 2,935,618,739 1,694,250,367
Non-current assets
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CSG HOLDING CO., LTD. The First Quarter Report 2012
Available-for-sale financial assets 111,302,787 85,369,300 117,892,827 90,423,881
Long-term receivables - 2,083,854,282 - 2,165,031,152
Long-term equity investments - 4,572,519,322 - 4,568,233,404
Fixed assets 9,377,596,017 14,431,133 9,431,688,834 14,583,342
Construction in progress 1,788,166,773 - 1,713,437,065 -
Intangible assets 940,365,830 3,426,284 913,473,642 3,537,234
Research and development expenditure 28,934,012 - 30,688,334 -
Goodwill 18,404,380 - 18,404,380 -
Long-term prepaid expense 1,403,240 - 1,319,695 -
Deferred tax assets 84,259,398 - 81,376,849 -
Other non-current assets 34,410,165 - 37,490,712 -
Total non-current assets 12,384,842,602 6,759,600,321 12,345,772,338 6,841,809,013
TOTAL ASSETS 14,604,727,379 8,563,576,020 15,281,391,077 8,536,059,380
Current liabilities
Short-term borrowings 1,695,630,214 761,607,880 1,546,224,149 761,613,200
Notes payable 155,782,325 - 106,118,119 -
Accounts payable 1,204,455,633 - 1,345,809,426 -
Advances from customers 107,890,684 - 135,537,639 -
Employee benefits payable 75,621,142 6,381,566 139,392,699 40,403,745
Taxes payable 116,164,972 138,882 139,317,213 609,880
Interest payable 77,181,353 6,495,411 38,423,616 2,984,980
Dividends payable 687,627 687,627 687,627 687,627
Other payables 166,138,169 909,833,247 886,647,082 947,884,945
Current portion of non-current liabilities 394,720,917 - 180,033,101 -
Other liabilities 526,872 - 2,926,872 -
Total current liabilities 3,994,799,908 1,685,144,613 4,521,117,543 1,754,184,377
Non-current liabilities
Long-term borrowings 779,674,459 - 1,088,240,944 -
Bonds payables 1,983,475,446 1,983,475,446 1,982,441,160 1,982,441,160
Deferred tax liabilities 37,878,988 16,932,075 44,090,844 18,195,720
Other non-current liabilities 307,345,103 - 339,566,047 -
Total non-current liabilities 3,108,373,996 2,000,407,521 3,454,338,995 2,000,636,880
Total liabilities 7,103,173,904 3,685,552,134 7,975,456,538 3,754,821,257
Owners' equity
Paid-in capital 2,075,837,060 2,075,837,060 2,075,837,060 2,075,837,060
Capital surplus 1,378,944,898 1,416,476,941 1,380,994,405 1,417,697,982
Less: Treasury shares 501,500 501,500 - -
Special reserve 12,318,427 - 10,591,844 -
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CSG HOLDING CO., LTD. The First Quarter Report 2012
Surplus reserve 599,935,097 599,935,097 599,935,097 599,935,097
Undistributed profits 2,964,104,288 786,276,288 2,842,873,242 687,767,984
Difference on translation of foreign currency financial
1,150,450 - 886,336 -
statements
Total equity attributable to equity holders of the
7,031,788,720 4,878,023,886 6,911,117,984 4,781,238,123
Company
Minority interests 469,764,755 - 394,816,555 -
Total owners' equity 7,501,553,475 4,878,023,886 7,305,934,539 4,781,238,123
TOTAL LIABILITIES AND OWNER'S EQUITY 14,604,727,379 8,563,576,020 15,281,391,077 8,536,059,380
ii Income Statement
Prepared by: CSG Holding Co., Ltd. January to March in 2012 Unit: RMB
January to March in 2012 January to March in 2011
Items
Consolidated Company Consolidated Company
Total revenue 1,523,060,818 1,257,853 2,095,159,077 992,033
Incl. Revenue 1,523,060,818 1,257,853 2,095,159,077 992,033
Total cost 1,472,769,778 9,404,364 1,579,140,820 11,605,644
Less: Cost of sales 1,230,892,680 69,308 1,335,994,033 275,777
Taxes and surcharges 8,018,309 - 10,022,051 -
Selling and distribution expenses 46,569,899 - 69,453,695 -
General and administrative expenses 121,360,149 3,778,003 124,282,615 10,213,346
Financial expenses 61,861,252 4,009,219 35,388,232 1,116,521
Asset impairment losses 4,067,489 1,547,834 4,000,194 -
Add: Investment income 62,252,487 101,154,471 - 54,289,401
Operating profit 112,543,527 93,007,960 516,018,257 43,675,790
Add: Non-operating income 59,101,237 5,501,000 27,185,388 200,000
Less: Non-operating expenses 312,160 658 298,029 3,622
Including: Loss on disposal of non-current assets 209,177 658 228,893 3,622
Total profit 171,332,604 98,508,302 542,905,616 43,872,168
Less: Income tax expenses 27,648,472 - 92,171,585 -
Net profit 143,684,132 98,508,302 450,734,031 43,872,168
Attributable to equity holders of the Company 121,231,046 98,508,302 415,307,904 43,872,168
Minority interests 22,453,086 - 35,426,127 -
Earnings per share
- Basic 0.06 N/A 0.20 N/A
- Diluted 0.06 N/A 0.20 N/A
Other comprehensive income -4,808,930 -3,790,935 1,470,481
Total comprehensive income 138,875,202 94,717,367 452,204,512 43,872,168
Total comprehensive income attributable to equity holders of
116,422,116 94,717,367 416,415,885 43,872,168
the Company
Total comprehensive income attributable to minority interests 22,453,086 - 35,788,627 -
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CSG HOLDING CO., LTD. The First Quarter Report 2012
iii Cash Flow Statement
Prepared by: CSG Holding Co., Ltd. January to March in 2012 Unit: RMB
January to March in 2012 January to March in 2011
Items
Consolidated Company Consolidated Company
1. Cash flows from operating activities
Cash received from sales of goods or rendering of
1,744,119,375 - 2,205,879,009 -
services
Refund of taxes and surcharges 32,553,751 - 85,429,028 -
Cash received relating to other operating activities 63,219,978 1,666,163 13,940,907 896,744
Sub-total of cash inflows 1,839,893,104 1,666,163 2,305,248,944 896,744
Cash paid for goods and services 1,102,541,640 - 1,291,308,739 -
Cash paid to and on behalf of employees 225,931,813 35,317,641 301,876,358 104,923,662
Payments of taxes and surcharges 149,946,220 16,250 218,694,163 210,439
Cash paid relating to other operating activities 104,186,629 3,457,165 85,205,744 1,547,648
Sub-total of cash outflows 1,582,606,302 38,791,056 1,897,085,004 106,681,749
Net cash flows from operating activities 257,286,802 -37,124,893 408,163,940 -105,785,005
2. Cash flows from investing activities
Cash received from disposal of investments - - - 133,000,000
Net cash received from disposal of fixed assets,
89,224 - 424,515 -
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 5,500,000 120,121,769 26,243,187 263,010,537
Sub-total of cash inflows 5,589,224 120,121,769 31,667,702 401,010,537
Cash paid to acquire fixed assets, intangible assets and
399,732,877 367,602 729,545,005 1,146,505
other long-term assets
Cash paid to acquire investments 27,068,998 158,325,000 - 490,739,650
Cash paid relating to other investing activities 5,320,333 - - -
Sub-total of cash outflows 432,122,208 158,692,602 729,545,005 491,886,155
Net cash flows from investing activities -426,532,984 -38,570,833 -697,877,303 -90,875,618
3. Cash flows from financing activities
Cash received from capital contributions 52,855,285 - 54,183,957 -
Including: Cash received from capital contributions
52,855,285 - 54,183,957 -
by minority shareholders of a subsidiaries
Cash received from borrowings 400,615,667 - 1,148,299,785 98,871,600
Cash received from other financing activities - - 88,952,676 -
Sub-total of cash inflows 453,470,952 - 1,291,436,418 98,871,600
Cash repayments of borrowings 345,088,269 - 489,209,302 1,000,000
Cash payments for interest expenses and distribution
32,885,726 879,951 15,936,738 1,208,682
of dividends or profits
Cash payments relating to other financing activities 77,661,428 - 38,922,840 2,762,840
Sub-total of cash outflows 455,635,423 879,951 544,068,880 4,971,522
Net cash flows from financing activities -2,164,471 -879,951 747,367,538 93,900,078
4. Effect of foreign exchange rate changes on cash
450,002 1,017 -704,800 -26,463
and cash equivalents
5. Net increase/(decrease) in cash and cash
-170,960,651 -76,574,660 456,949,375 -102,787,008
equivalents
Add: Cash and cash equivalents at beginning of year 634,416,574 229,898,569 660,213,739 373,901,165
6. Cash and cash equivalents at end of year 463,455,923 153,323,909 1,117,163,114 271,114,157
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CSG HOLDING CO., LTD. The First Quarter Report 2012
iv Audit report
Auditors’ opinions: Not been audited.
Board of Directors of
CSG Holding Co., Ltd.
23 April 2012
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