Shenzhen Nanshan Power Co., Ltd. The 1st Quarterly Report for 2010 (Full Text)
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Securities Code: 000037, 200037 Notice No.: 2010-025
Short Form of the Securities: Shen Nan Dian A, Shen Nan Dian B
Shenzhen Nanshan Power Co., Ltd.
The 1st Quarterly Report For 2010
(Full Text)
§1 Important Notice
1.1 The Board of Directors and Supervisory Committee of Shenzhen Nanshan Power Co., Ltd.
(hereinafter referred to as the Company) and its directors, supervisors and senior executives
hereby confirm that there are not any fictitious statements, misleading information and
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 Other directors attended the meeting on examining the Quarterly Report except for the
following directors.
Name of absent
directors
Office title of the
absent directors Reason of absence Name of
entrusted
Yu Chunling Director Could not present the meeting for being on official Director Huang
Fuhan
He Yingyi Director Could not present the meeting for being on official Vice-chairman
Sun Yulin
Li Hongsheng Director Could not present the meeting for being on official Vice-chairman
Wang Jianbin
Huang Sujian Independent
Director Could not present the meeting for being on official
Independent
Director Yu
Xiufeng
1.3 The Financial Report For the 1st Quarterly Report of the Company has not been audited by
CPAs.
1.4 Chairman of the Board Yang Haixian, Director and General Manager Fu Bo, CFO Lu Xiaoping
and Director of Financial Department Huang Jian hereby confirm that the Financial Report
enclosed in the 1st Quarterly Report is true and complete.
1.5 The 1st Quarterly Report is prepared in both Chinese and English, and in case of any
discrepancy between the two versions, the Chinese version shall prevail.
§2 Company Profile
2.1 Main Accounting Data and Financial Indexes:
Unit: Yuan
At the end of the report
period
At the end of the last
year
Changes of
increase/decrease (%)
Total assets (Yuan) 4,967,767,498.50 4,926,596,324.59 0.84
Equity attributable to shareholders of
listed companies (Yuan) 1,742,394,853.41 1,847,287,676.40 -5.68
Share capital (share) 602,762,596.00 602,762,596.00 0.00Shenzhen Nanshan Power Co., Ltd. The 1st Quarterly Report for 2010 (Full Text)
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Net asset per share attributable to
shareholders of listed companies
(Yuan/share)
2.89 3.06 -5.68
In the report period The same period of
last year
Changes of
increase/decrease (%)
Total operating income (Yuan) 277,528,735.50 365,346,858.88 -24.03
Net profit attributable to shareholders of
listed companies (Yuan) -104,892,822.99 -12,486,734.11 Inapplicable
Net cash flow arising from operating
activities (Yuan) 76,633,143.08 20,252,909.72 278.38
Net cash flow arising from operating
activities per share (Yuan/share) 0.13 0.03 278.38
Basic earnings per share (Yuan/share) -0.17 -0.02 Inapplicable
Diluted earnings per share (Yuan/share) -0.17 -0.02 Inapplicable
Weighted average ROE (%) -3.86 -0.47 Inapplicable
Weighted average ROE after deducting
the non-recurring losses and gains (%) -3.87 -0.51 Inapplicable
Items of non-recurring gains and losses Amount in year-begin to
the end of report period
Net amount of non-operating income and expense 187,252.84
Total 187,252.84
2.2 Total number of shareholders at the end of the report period and shares held by the top ten
shareholders with unrestricted conditions
Unit: Share
Total number of shareholders
at the end of report period 50,124
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Full Name of shareholder
Amount of tradable shares with
unrestricted conditions held at the
end of report period
Type of shares
SHENZHEN GUANGJU ELECTRONIC
INVESTMENT CO., LTD 112,185,584 RMB ordinary share
HONG KONG NAM HOI
(INTERNATIONAL) LIMITED 92,123,248 Domestically listed foreign share
SHENZHEN ENERGY GROUP CO.,
LTD. 65,106,130 RMB ordinary share
BNP P P/PAND INVESTMENT CO.,
LTD. 49,576,518 Domestically listed foreign share
STATE GRID SHENZHEN ENERGY
DEVELOPMENT GROUP CO., LTD. 35,999,805 RMB ordinary share
YAN TIAN GONG 3,493,800 Domestically listed foreign share
YANG SHI MIN 2,299,710 Domestically listed foreign share
Guotai Junan Securities Co., Ltd. 2,129,916 RMB ordinary share
Zhongshan Changli Real Estate
Development Co., Ltd. 1,770,000 RMB ordinary share
NAITO SECURITIES CO., LTD. 1,640,792 Domestically listed foreign shareShenzhen Nanshan Power Co., Ltd. The 1st Quarterly Report for 2010 (Full Text)
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§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) Items in profit statement
Item Change scope Main reason
Operation profit Increased RMB
8,959.03 million
Power generation quantity decrease and fuel
cost rise.
Income tax expense 320.77% Income tax withdrawn increased.
Net profit attributable to
owners of parent company
Decreased RMB
9,240.61 million
Operation profit and subsidies revenue
decreased.
(2) Items in balance sheet
Item Change scope Main reason
Account paid in advance 35.57% Account paid to goods suppliers in advance
increased.
Other accounts receivable 47.99% Bid bond for procurement of oil increased.
Notes payable -44.51% Bank acceptance of raw materials purchase
decreased.
Account payable 361.42% Account payable for goods from suppliers
increased.
Account received in advance 91.34% Account received in advance for goods
increased.
Interest payable -41.06% Interest payable to bank decreased.
Long-term borrowing 64.10% Long-term borrowing from bank newly
increased.
Other non-current liabilities 38.96% Assets-related government subsidy received
increased
(3) Items in cash flow statement
Item Change scope Main reason
Net cash flow arising from
operating activities
278.38% Operational items payable increased.
Net cash flow arising from
investment activities
Increased RMB
6,411.93 million
Decreased expenditure for purchasing fixed
assets and decreased cash paid for
investment.
Net cash flow arising from
financing activities
2,581.17% Loan increased
3.2 Analysis and explanation of significant events and their influence and solutions
√Applicable □Inapplicable
In 2009, Deloitte Touche Tohmatsu issued unqualified auditor’s report with emphasized events for
the Company. For progress of the events involved in the non-standard unqualified opinion in the
report period, please refer to Notice 2010－011 on Apr. 13, 2010.
3.3 Implementations of commitments by the Company, shareholders and actual controller
□Applicable √InapplicableShenzhen Nanshan Power Co., Ltd. The 1st Quarterly Report for 2010 (Full Text)
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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
3.5 Other significant events which need explanations
3.5.1 Particulars about securities investment
□Applicable √Inapplicable
3.5.2 Registration form for receiving research, communication and interview in the report period.
No investors’ field research, telephone communication and written inquiries are received in the
report period.
3.5.3 Particulars about the explanations on other significant events
√Applicable □Inapplicable
1. In the report period, there were no such situations as the followings: the Company supplied
funds to controlling shareholders or other related parties, or supplied external guarantees against
the regulations;
2. In the report period, the Company did not sign up any material contract.
3.6 Derivatives investment
□Applicable √Inapplicable
§4 Appendix
4.1 Balance sheet
March 31, 2010
Prepared by Shenzhen Nanshan Power Co., Ltd. Unit: RMB
Item MergeEr nding baPlaanrceen t Company MergBeerg inning bPaalraenncte C ompany
Current assets:
Monetary funds 492,299,148.95 157,499,300.64 379,162,100.63 35,564,935.05
Settlement provision
Inter-bank lending
Financial assets
held-for-trade
Notes receivable 200,000.00 200,000.00
Accounts receivable 268,262,581.18 97,300,822.13 339,735,079.02 86,395,444.92
Accounts paid in
advance 5,992,139.83 5,277,996.64 4,419,870.02 2,359,390.63
Premium receivable
Accounts receivable
reinsurance
Accounts receivable
reinsurance reserve
Interest receivable
Dividend receivable 597,875,904.41 597,875,904.41
Other receivables 17,959,352.19 853,829,074.45 12,135,292.96 871,865,434.98Shenzhen Nanshan Power Co., Ltd. The 1st Quarterly Report for 2010 (Full Text)
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Redemptory monetary
capital for sale
Inventories 1,323,756,376.91 168,001,790.08 1,344,705,190.19 195,072,444.79
Non-current assets due
within one year
Other current assets 150,000,000.00 240,000,000.00
Total current assets 2,108,469,599.06 2,029,784,888.35 2,080,357,532.82 2,029,133,554.78
Non-current assets:
Loans and advances
Finance asset available
for sales
Held-to-maturity
securities
Long-term account
receivable
Long-term equity
investment 300,069,150.41 790,592,000.17 262,754,150.41 753,277,000.17
Investment property 8,380,428.00 8,550,910.89
Fixed assets 2,247,971,672.86 349,775,267.31 2,286,167,921.21 355,995,467.10
Construction in progress 218,568,827.42 57,643,756.04 203,626,585.32 46,316,005.30
Engineering material
Disposal of fixed asset 5,875,631.20 5,875,631.20
Productive biological
asset
Oil and gas asset
Intangible assets 57,409,735.64 1,065,874.87 58,188,188.59 1,368,935.26
Expense on Research
and Development
Goodwill
Long-term expenses to
be apportioned 412,611.66 256,495.13 465,561.90 284,795.36
Deferred income tax
asset 20,609,842.25 16,949,151.06 20,609,842.25 16,949,151.06
Other non-current asset
Total non-current asset 2,859,297,899.44 1,216,282,544.58 2,846,238,791.77 1,174,191,354.25
Total assets 4,967,767,498.50 3,246,067,432.93 4,926,596,324.59 3,203,324,909.03
Current liabilities:
Short-term loans 2,482,000,000.00 1,575,000,000.00 2,419,120,000.00 1,499,000,000.00
Borrowing from the
central bank
Accept money deposits
and call loans from banks
Inter-bank borrowing
Transaction financial
liabilities
Notes payable 37,852,837.46 68,210,216.75
Accounts payable 96,649,092.59 48,244,914.04 20,945,942.55 8,379,394.63
Accounts received in
advance 1,127,018.92 589,000.00
Financial assets sold forShenzhen Nanshan Power Co., Ltd. The 1st Quarterly Report for 2010 (Full Text)
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repurchase
Commissions payable
Wage payable 43,071,878.40 26,060,981.47 45,213,658.24 25,524,730.72
Taxes payable -404,871,256.76 -351,004,735.56 -400,141,494.43 -358,913,337.70
Interest payable 1,839,762.40 2,308,596.25 3,121,564.50 3,998,222.73
Dividend payable
Other accounts payable 338,583,853.98 313,620,839.10 353,795,654.34 363,707,613.87
Accounts payable for
reinsurance
Insurance contract reserve
fund
Acting trading securities
Acting sale securities
Non-current liabilities
due within 1 year 165,000,000.00 110,000,000.00 200,000,000.00 110,000,000.00
Other current liabilities
Total current liabilities 2,761,253,186.99 1,724,230,595.30 2,710,854,541.95 1,651,696,624.25
Non-current liabilities:
Long-term loans 256,000,000.00 156,000,000.00
Bonds payable
Long-term account
payable
Special accounts
payable
Projected liabilities
Deferred income tax
liabilities
Other non-current
liabilities 5,350,000.00 3,850,000.00
Total non-current liabilities 261,350,000.00 159,850,000.00
Total liabilities 3,022,603,186.99 1,724,230,595.30 2,870,704,541.95 1,651,696,624.25
Owner’s equity (or
shareholder’s equity)
Paid in capital (or share
capital) 602,762,596.00 602,762,596.00 602,762,596.00 602,762,596.00
Capital public reserve 363,629,927.51 288,769,132.47 363,629,927.51 288,769,132.47
Less: Inventory shares
Special reserve
Surplus public reserve 332,908,397.60 332,908,397.60 332,908,397.60 332,908,397.60
Provision of general risk
Retained profit 443,093,932.30 297,396,711.56 547,986,755.29 327,188,158.71
Balance difference of
foreign currency translation
Total owner’s equity
attributable to parent
company
1,742,394,853.41 1,521,836,837.63 1,847,287,676.40 1,551,628,284.78
Minority interests 202,769,458.10 208,604,106.24
Total owner’s equity 1,945,164,311.51 1,521,836,837.63 2,055,891,782.64 1,551,628,284.78
Total liabilities and owner’s
equities 4,967,767,498.50 3,246,067,432.93 4,926,596,324.59 3,203,324,909.03Shenzhen Nanshan Power Co., Ltd. The 1st Quarterly Report for 2010 (Full Text)
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4.2 Profit statement
Jan.-Mar., 2010
Prepared by Shenzhen Nanshan Power Co., Ltd. Unit: RMB
Item MergerC urrent pePraioredn t Company Merger Last pePraioredn t Company
I. Total operating income 277,528,735.50 33,298,570.68 365,346,858.88 64,100,840.81
Including: Operating income 277,528,735.50 33,298,570.68 365,346,858.88 64,100,840.81
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 457,407,856.92 63,090,017.83 455,635,714.61 86,866,423.32
Including: Operating cost 406,357,906.95 53,359,142.56 392,632,944.49 76,457,537.03
Interest expense
Commission charge
and commission expense
Surrender value
Net compensation
payment
Net amount of
reserves for reinsurance
contract
Policy dividend
expense
Reinsurance premium
income
Business taxes and
surcharges 1,242,606.72 804,922.86 1,504,435.15 1,020,916.11
Sales expenses 286,000.43 249,876.62
Administration
expenses 22,564,681.76 1,730,318.91 28,316,452.46 3,185,890.52
Financial expenses 26,956,661.06 7,195,633.50 32,932,005.89 6,202,079.66
Losses of devaluation of
asset
Add: Changing income
of fair value (loss expressed
with a “-”)
Investment income
(loss expressed with a “-”)
Including: income
from investment in associates
and joint ventures
Exchange gain (loss
expressed with a “-”)
III. Operating profit (loss
expressed with a “-”) -179,879,121.42 -29,791,447.15 -90,288,855.73 -22,765,582.51
Add: Non-operating
income 69,675,522.56 83,674,464.60 13,194,831.00
Less: Non-operating 31,650.00 40,391.67Shenzhen Nanshan Power Co., Ltd. The 1st Quarterly Report for 2010 (Full Text)
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expense
Including: Disposal loss
of non-current asset
IV. Total profit (loss
expressed with a “-”) -110,235,248.86 -29,791,447.15 -6,654,782.80 -9,570,751.51
Less: Income tax 492,222.27 116,981.31
V. Net profit (loss expressed
with a “-”) -110,727,471.13 -29,791,447.15 -6,771,764.11 -9,570,751.51
Net profit attributable to
owners of parent company -104,892,822.99 -29,791,447.15 -12,486,734.11 -9,570,751.51
Minority shareholders’
gains and losses -5,834,648.14 5,714,970.00
VI. Earnings per share
i. Basic earnings per share -0.174 -0.021
ii. Diluted earnings per share -0.174 -0.021
Ⅶ. Other consolidated
income
Ⅷ. Total consolidated
income
-110,727,471.13 -29,791,447.15 -6,771,764.11 -9,570,751.51
Total consolidated
income attributable to
owners of parent company
-104,892,822.99 -29,791,447.15 -12,486,734.11 -9,570,751.51
Total consolidated
income attributable to
minority shareholders
-5,834,648.14 5,714,970.00
4.3 Cash flow statement
Jan.-Mar., 2010
Prepared by Shenzhen Nanshan Power Co., Ltd. Unit: RMB
Item MergerC urrent pePraioredn t Company Merger Last pePraioredn t Company
I. Cash flows arising from
operating activities:
Cash received from
selling commodities and
providing labor services
450,814,094.97 198,831,965.70 614,696,653.14 241,051,805.40
Net increase in deposits
and due from banks
Net increase in
borrowing from the central
bank
Net increase in
placements from other
financial institutions
Receipt from primary
insurance premium
Net cash flow from
reinsurance
Net increase in insured
savings and sum invested
Net increase in disposalShenzhen Nanshan Power Co., Ltd. The 1st Quarterly Report for 2010 (Full Text)
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of financial assets
held-for-trade
Receipt from interest,
poundage and commission
Net increase in
inter-bank borrowing
Net increase in
repurchase
Write-back of tax
received 8,057,298.00 8,690,096.12
Other cash received
concerning operating
activities
26,901,522.98 123,365,702.42 17,161,639.11 77,586,536.75
Subtotal of cash inflow
arising from operating
activities
485,772,915.95 322,197,668.12 640,548,388.37 318,638,342.15
Cash paid for
purchasing commodities and
receiving labor service
305,010,207.79 97,468,204.39 552,058,279.30 330,488,364.75
Net increase in loans
and advances
Net increase in due
from central bank and others
Payments for primary
insurance indemnity
Cash paid for interest,
commission charge and
commission expense
Payment for policy
dividend
Cash paid to/for staff
and workers 26,693,167.46 12,978,130.88 26,457,398.04 16,671,236.99
Taxes paid 19,554,487.25 2,868,882.44 22,190,954.14 4,182,552.61
Other cash paid
concerning operating
activities
57,881,910.37 92,881,261.14 19,588,847.17 302,408,520.33
Subtotal of cash outflow
arising from operating
activities
409,139,772.87 206,196,478.85 620,295,478.65 653,750,674.68
Net cash flows arising
from operating activities 76,633,143.08 116,001,189.27 20,252,909.72 -335,112,332.53
II. Cash flows arising from
investing activities:
Cash received from
recovering investment
Cash received from
obtaining investment gain
Net cash received from
disposal of fixed, intangible
and other long-term assets
520.00
Net cash received from
disposal of subsidiaries and
other business units
Other cash received
concerning investingShenzhen Nanshan Power Co., Ltd. The 1st Quarterly Report for 2010 (Full Text)
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activities
Subtotal of cash
inflow arising from
investment activities
520.00
Cash paid for
purchasing fixed, intangible
and other long-term assets
17,658,898.44 13,519,535.81 51,379,481.82 3,510,121.57
Cash paid for investment 37,315,000.00 37,315,000.00 67,714,286.00 67,714,286.00
Net increase in pledge
loans
Net cash received from
the payment by subsidiaries
and other business units
Other cash paid
concerning investment
activities
Subtotal of cash
outflow arising from
investment activities
54,973,898.44 50,834,535.81 119,093,767.82 71,224,407.57
Net cash flows
arising from investing
activities:
-54,973,898.44 -50,834,535.81 -119,093,247.82 -71,224,407.57
III. Cash flows arising from
financing activities
Cash received from
absorbing investment
Including: cash received
from subsidiaries’ absorbing
minority shareholder
investment
Cash received from
loan 1,037,000,000.00 585,000,000.00 876,572,517.27 530,000,000.00
Cash received from
bond issuance
Other cash received
concerning financing
activities
Subtotal of cash
inflow from financing
activities
1,037,000,000.00 585,000,000.00 876,572,517.27 530,000,000.00
Cash paid for settling
debts 909,120,000.00 509,000,000.00 832,534,841.04 94,327,000.00
Cash paid for dividend
and profit distributing or
interest paying
36,402,196.32 19,232,287.87 40,625,814.30 17,384,042.93
Including: dividend and
profit paid to minority
shareholders by subsidiaries
Other cash paid
concerning financing
activities
Subtotal of cash
outflow from financing
activities
945,522,196.32 528,232,287.87 873,160,655.34 111,711,042.93
Net cash flows 91,477,803.68 56,767,712.13 3,411,861.93 418,288,957.07Shenzhen Nanshan Power Co., Ltd. The 1st Quarterly Report for 2010 (Full Text)
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arising from financing
activities
IV. Influence on cash due to
fluctuation in exchange rate 154,185.84 -586.42
V. Net increase of cash and
cash equivalents 113,137,048.32 121,934,365.59 -95,274,290.33 11,951,630.55
Add: Balance of cash
and cash equivalents at the
period -begin
356,362,100.63 35,564,935.05 429,507,715.29 29,272,846.21
VI. Balance of cash and cash
equivalents at the period -end 469,499,148.95 157,499,300.64 334,233,424.96 41,224,476.76
4.4 Auditor’s report
Auditor’s opinions: Un-audited
