The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
Shenzhen SEG Co., Ltd.
The First Quarterly Report of 2011
(Full Text)
1. Important notice
1.1 The Board of Directors, the Board of Supervisors, Directors, Supervisors and Senior Executives of the
Company hereby guarantee that no false or misleading statement or major omission was made to the materials in
this report and that they will assume all responsibilities, individually and jointly, for the trueness, accuracy and
completeness of the report.
1.2 The First Quarterly Report of the Company of 2011 has not been audited by an accounting firm.
1.3 Chairman of the Board Wang Chu, the Chief Financial Officer Li Lifu and the responsible person of the
accounting institution (Accountant in charge) Ying Huadong hereby declare that the Financial Statements enclosed
in this First Quarterly Report are true and complete.
2. Company profile
2.1 Main accounting data and financial indicators
Unit: RMB Yuan
Ending amount of the Ending amount of the Change of increase
current period previous year or decrease (%)
Total assets (Yuan) 1,467,565,960.75 1,466,272,625.92 0.09%
Owners’ equity belonging to shareholders of
1,095,764,806.52 1,083,983,092.76 1.09%
the listed company (Yuan)
Share capital (Shares) 784,799,010.00 784,799,010.00 0.00%
Net asset per share belonging to shareholders
1.40 1.38 1.45%
of the listed company (Yuan/Share)
Amount of the same
Amount of the current Change of increase
period of the previous
period or decrease (%)
year
Total operating income (Yuan) 93,924,973.74 91,307,818.05 2.87%
Net profit belonging to shareholders of the
11,784,432.63 15,759,677.99 -25.22%
listed company (Yuan)
Net cash flow arising from operating activities
6,924,255.99 17,840,734.06 -61.19%
(Yuan)
Net cash flow per share arising from operating
0.0088 0.0227 -61.23%
activities (Yuan)
Basic earnings per share (Yuan/Share) 0.0150 0.0201 -25.37%
Diluted earnings per share (Yuan/Share) 0.0150 0.0201 -25.37%
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The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
Weighted average ROE (%) 1.08% 1.53% -0.45%
Weighted average ROE after deducting
1.07% 1.53% -0.46%
non-recurring gains and losses (%)
Non-recurring gains and losses
√ Applicable □ Not applicable
Unit: RMB Yuan
Non-recurring gains and losses Amount Note (if applicable)
Mainly the income from liquidation of fixed assets
after Shenzhen Electronics Market Management
Gains and losses from disposal of non-current assets 85,000.00
Co., Ltd. (hereinafter referred to as Longgang
SEG) was relocated
Other non-operating income and expenses except the Mainly the penalty from commercial tenants of
140,084.06
above-mentioned items electronics markets
Because the above-mentioned items increased the
Influenced amount of income tax -54,549.98 profit, the income tax deductible increased
accordingly.
The influence from the above-mentioned causes of
Influenced amount of minority shareholders’ equity -62,214.36
the controlled subsidiaries to this item
Total 108,319.72 -
2.2 Total shareholders at the period end and the statement of top ten shareholders of non-restricted shares
Unit: Share
Total shareholders at the period end 62,927
Information on top ten shareholders of non-restricted shares
Non-restricted shares held at
Name of shareholder (Full name) Type
the period end
Shenzhen SEG Group Co., Ltd. 237,359,666 RMB ordinary shares
GUANGZHOU FODAK ENTERPRISE GROUP
18,880,334 RMB ordinary shares
CO., LTD.
Taifook Securities Company Limited-Account Client 7,980,784 Domestically listed foreign shares
Gong Qianhua 5,311,520 Domestically listed foreign shares
Zhu Wei 4,066,739 RMB ordinary share
Tang Lizhu 3,796,200 RMB ordinary shares
GUOTAI JUNAN SECURITIES (HONGKONG)
3,689,041 Domestically listed foreign shares
LIMITED
Dalian Huaxin Trust Co., Ltd. – Beta 1 Structured
3,000,000 RMB ordinary shares
Securities Investment Portfolio
Cao Xianhua 2,702,000 RMB ordinary shares
China Merchants Securities (Hong Kong) Co., Ltd. 2,672,676 Domestically listed foreign shares
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The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
3. Important events
3.1 Significant changes to main accounting items and financial indicators and reasons for the changes
√ Applicable □ Not applicable
(I) Items of the Balance Sheet
Percentage of
Item March 31, 2011 December 31, 2010 Difference
change (%)
Accounts receivable 15,837,983.73 25,022,650.83 -9,184,667.10 -36.71%
Other receivables 16,549,596.05 10,859,116.83 5,690,479.22 52.40%
Inventory 2,451,599.03 4,205,886.55 -1,754,287.52 -41.71%
Construction in progress 621,150.40 7,128,010.06 -6,506,859.66 -91.29%
Long-term expenses to be
20,482,120.35 13,977,797.51 6,504,322.84 46.53%
apportioned
Accounts payable 8,360,596.93 14,129,256.31 -5,768,659.38 -40.83%
Advances from customers 91,500,079.03 120,590,384.85 -29,090,305.82 -24.12%
Wages payable 2,962,519.92 10,264,284.67 -7,301,764.75 -71.14%
Taxes and fees payable 17,077,276.96 14,037,120.99 3,040,155.97 21.66%
1. The accounts receivable decreased by RMB 9.18 million Yuan than the period-beginning amount, a 36.71% decrease. The main
cause is that the Company strengthened the collection of the accounts in the report period.
2. The other receivables increased by RMB 5.69 million Yuan than the period-beginning amount, a 52.40% increase. The main
cause is that the Company's subsidiary Shenzhen SEG Baohua Enterprise Development Co., Ltd. (hereinafter referred to as SEG
Baohua) paid the real estate rent deposit for Bao’an Chengguo Hotel in the report period.
3. The inventory decreased by RMB 1.75 million Yuan than the period-beginning amount, a 41.71% decrease. The main cause is
the inventory liquidation by the Company’s subsidiary Shenzhen SEG Industrial Investment Co., Ltd. in the current report period
4. The construction in progress decreased by RMB 6.51 million Yuan than the period-beginning amount, a 91.29% decrease. The
cause is that the renovation project of Longgang SEG, a subsidiary of the Company, was recorded as the long-term expenses to be
apportioned after it was finished, checked and accepted in the current report period.
5. The long-term expenses to be apportioned increased by RMB 6.51 million Yuan than the period-beginning amount, a 46.53%
increase. The cause is that the decoration project of Longgang SEG was transferred into long-term expenses to be apportioned
from construction in progress after being finished in the current report period.
6. The accounts payable decreased by RMB 5.77 million Yuan than the period-beginning amount, a 40.83% decrease. The main
cause is that Longgang SEG paid for the payable construction price in the current report period after the decoration project was
finished.
7. The advances from customers decreased by RMB 29.09 million Yuan than the period-beginning amount, a 24.12% decrease.
The main cause is that the rent received in advance was carried forward into the income in the current report period.
8. The wages payable decreased by RMB 7.3 million Yuan than the period-beginning amount, a 71.14% decrease. The cause is
that the Company paid the wages and bonuses payable to employees in the current report period.
9. The taxes payable increased by RMB 3.04 million Yuan than the period-beginning amount, a 21.66% increase. The main cause
is that 1) taxes increased accordingly due to the increase of the Company’s income and 2) the income tax rate of Shenzhen region
increased from 22% to 24% in the report period.
(II) Items of the Profit Statement
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The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
Amount of the same
Amount of the Percentage of
Item period of the previous Difference
current period change (%)
year
Financial expenses -2,369,867.47 -3,757,442.50 -36.93%
1,387,575.03
Investment income -2,400,397.00 -3,029,152.47 -20.76%
628,755.47
Non-operating income 254,978.59 139,079.30 83.33%
115,899.29
Net profit 13,444,571.59 17,676,113.61 -23.94%
-4,231,542.02
Net profit belonging to
shareholders of the parent 11,784,432.63 15,759,677.99 -25.22%
-3,975,245.36
company
Other comprehensive income -23,526.41 12,964,835.24 ---
-12,988,361.65
Total comprehensive income 30,640,948.85 -56.20%
13,421,045.18 -17,219,903.67
Total comprehensive income
belonging to shareholders of the 28,677,057.42 -58.99%
11,760,906.22 -16,916,151.20
parent company
1. Among the financial expenses, the interest income decreased by RMB 1.39 million Yuan over the same period of the previous
year. The cause is that the monetary capital was deposited into banks as fixed deposits while part of the fixed deposits had not
fallen due in the current report period, thus, the interest income confirmed decreased compared to that of the same period of the
previous year.
2. The investment income increased by RMB 630 thousand Yuan over the same period of the previous year. The main cause is that
the loss of Shenzhen SEG Samsung Co., Ltd. (hereinafter referred to as SEG Samsung), whose 22.45% shares are held by the
Company, decreased in the report period compared with the same period of the previous year.
3. The non-operating income increased by RMB 120 thousand Yuan over the same period of the previous year, an 83.33%
increase. The main cause is that Longgang SEG increased its income through liquidation of fixed assets in the current report
period.
4. The net profit decreased by RMB 4.23 million Yuan over the same period of the previous year, a 23.94% decrease. The main
cause is that 1) Shenzhen SEG E-Commerce Co., Ltd. (hereinafter referred to as E-Commerce Company) newly established by the
Company remained in the stage of loss in the report period, and 2) the interest income of the Company decreased compared to the
same period of the previous year.
5. The net profit belonging to shareholders of the parent company decreased by RMB 3.98 million Yuan over the same period of
the previous year, a 25.22% decrease. The main cause is the same as that of Item 4.
6. The other comprehensive income decreased by 129.9 million Yuan over the same period of the previous year. The main cause is
that, during the same period of the previous year, SEG Samsung, whose 22.45% shares are held by the Company, received an
RMB 56 million Yuan financial support from its shareholder SEG Corning and increased the other comprehensive income of the
Company by RMB 12.57 million Yuan while no such income occurred in the current period.
7. The total comprehensive income decreased by RMB 17.22 million Yuan over the same period of the previous year, a 56.20%
decrease. The main causes are the same as that of Items 4 and 6.
8. The comprehensive income belonging to shareholders of the parent company decreased by RMB 16.92 million Yuan over the
same period of the previous year, a 58.99% decrease. The main causes are the same as that of Items 5 and 7.
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The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
(III) Items of the Cash Flow Statement
Amount of the same
Amount of the Percentage of
Item period of the previous Difference
current period change (%)
year
Other cash received concerning
87,007,425.77 64,583,939.97 22,423,485.80 34.72%
operating activities
Other cash paid concerning operating
89,894,208.35 53,590,151.50 36,304,056.85 67.74%
activities
Subtotal of cash outflow for operating
166,849,102.77 123,581,368.83 43,267,733.94 35.01%
activities
Net cash flow arising from operating
6,924,255.99 17,840,734.06 -10,916,478.07 -61.19%
activities
Cash received from attraction of
14,700,000.00 14,700,000.00
investment
1. The other cash received concerning operating activities increased by RMB 22.42 million Yuan over the same period of the
previous year, a 34.72% increase. The main cause is that the unified cash collection business of electronics markets of the
Company increased compared to that of the same period of the previous year and the goods payments collected on behalf of
commercial tenants increased accordingly.
2. The other cash paid concerning operating activities increased by RMB 36.3 million Yuan over the same period of the previous
year, a 67.74% increase. The main cause is that 1) the unified cash collection business of electronics markets increased and the
goods payments refunded to commercial tenants increased accordingly and 2) E-Commerce Company was consolidated into the
financial statements of the Company in the report period, thus increasing this item.
3. The subtotal of the cash outflow for operating activities increased by RMB 43.27 million Yuan over the same period of the
previous year, a 35.01% increase. The main cause is the same as that of Item 2.
4. The net cash flow arising from operating activities decreased by RMB 10.92 million Yuan over the same period of the previous
year, a 61.19% decrease. The main cause is that 1) the Company’s electronics markets delayed the collection of rent from
commercial tenants and 2) E-Commerce Company was consolidated into the financial statements of the Company in the report
period, which did not have cash inflow but only cash outflow arising from operating activities in the current report period.
5. The cash received from attraction of investment increased by RMB 14.70 million Yuan over the same period of the previous
year. The main cause is that the investment from other shareholders received by E-Commerce Company increased, which was
newly consolidated into the financial statements of the Company in the report period.
3.2 Progress of important events, relevant influence and analysis of solutions
3.2.1 Qualified opinions
Applicable √ Not applicable
3.2.2 Company’s capital provided for the controlling shareholder or its associated parties or guarantee for
external parties violating the established procedures
Applicable √ Not applicable
3.2.3 Signing and performing important contracts related to daily operation
Applicable √ Not applicable
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The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
3.2.4 Others
√ Applicable Not applicable
1. After being approved by the 5th meeting of the 5th Board of Directors of the Company on December 10, 2010, Shenzhen SEG
E-Commerce Co., Ltd. was established through joint investment by the Company, the Company’s controlling shareholder
Shenzhen SEG Group Co., Ltd. (hereinafter referred to as SEG Group) and SEG Group's controlled subsidiary Shenzhen Hi-tech
Investment Co., Ltd. (hereinafter referred to as SHIC). The registered capital of Shenzhen SEG E-Commerce Co., Ltd. is RMB 48
million Yuan (the initial contribution being RMB 30 million Yuan) and the parties made contributions in cash in accordance with
their share-holding proportion: 51% by the Company, 34% by SEG Group and 15% by SHIC. The Company contributed RMB
24.48 million Yuan according to relevant proportion (The event can be referred to in the Public Notice on the Resolutions of the 5th
Meeting of the 5th Board of Directors of Shenzhen SEG Co., Ltd. and the Related Transaction Public Notice of Shenzhen SEG Co.,
Ltd. on Establishment of SEG E-Commerce through Joint Investment by the Company and Related Parties disclosed on the China
Securities Journal, the Securities Times, the Securities Daily, the Hong Kong Commercial Daily and the Cninfo Website on
December 13, 2010). The initial contribution RMB 15.3 million Yuan was already made by the Company in January 2011 and
Shenzhen SEG E-Commerce Co., Ltd. was registered at Shenzhen Market Supervision Administration on January 24, 2011 and
officially established on March 27, 2011.
2. After being approved by the 5th provisional meeting of the 5th Board of Directors of the Company on January 10, 2011, SEG
Baohua, whose 66.58% shares are held by the Company, rented properties from Jingyang Hotel (whose legal representative is
Chen Jingsheng) located in Bao’an District in Shenzhen and established Bao’an Branch of Chengguo Hotel with an investment of
RMB 9.98 million Yuan (The event can be referred to in the Public Notice on the Resolutions of the 5th Provisional Meeting of the
5th Board of Directors of Shenzhen SEG Co., Ltd. and the Public Notice of Shenzhen SEG Co., Ltd. on External Investment by Its
Controlled Subsidiary disclosed on the China Securities Journal, the Securities Times, the Securities Daily, the Hong Kong
Commercial Daily and the Cninfo Website on January 11, 2011 and the Public Notice of Shenzhen SEG Co., Ltd. on Signing of the
Property Lease Contract by the Company’s Controlled Subsidiary published on the China Securities Journal, the Securities Times,
the Securities Daily, the Hong Kong Commercial Daily and the Cninfo Website on February 1, 2011). By the date of disclosure of
this report, the handover of the properties had been completed and Bao’an Branch of Chengguo Hotel is being decorated.
3. After being approved by the 6th provisional meeting of the 5th Board of Directors of the Company on January 26, 2011, the
Company and SEG Group signed the Contract of Entrusted Operation and Management of SEG Communication Market after
friendly consultation for the purpose of solving the issue of horizontal competition between the Company and the Company’s
controlling shareholder SEG Group, by which SEG Group entrusted the Company to operate and manage SEG Communication
Market with full authority, which was formerly under the direct management of SEG Group (The event can be referred to in the
Public Notice on the Resolutions of the 6th Provisional Meeting of the 5th Board of Directors of Shenzhen SEG Co., Ltd. and the
Public Notice of Shenzhen SEG Co., Ltd. on Related Transaction to Solve the Horizontal Competition between the Company and
Its Controlling Shareholder disclosed on the China Securities Journal, the Securities Times, the Securities Daily, the Hong Kong
Commercial Daily and the Cninfo Website on January 28, 2011). The Company has already received the management fee for the
first year from SEG Group in the report period.
4. The Company needs to rent part of the 8th floor of SEG Plaza from SEG Group as the revolving warehouse for commercial
tenants of electronics markets of the Company in 2011 due to the needs of carrying out the business of electronics markets, thus,
the rent and the property management fee needs to be paid to SEG Group. The 6th meeting of the 5th Board of Directors of the
Company held on March 25, 2011 approved, under the condition that the relative directors obviated voting, that the Company may
carry out daily related transactions concerning operating activities in 2001 with SEG Group in respect of the property lease based
on the market sound value while relevant amount should be within RMB 1 million Yuan (The event can be referred to in the
Public Notice on the Resolutions of the 6th Provisional Meeting of the 5th Board of Directors of Shenzhen SEG Co., Ltd. and the
Public Notice of Shenzhen SEG Co., Ltd. on Estimated Matters Related to Daily Related Transactions Concerning Operating
Activities in 2011 disclosed on the China Securities Journal, the Securities Times, the Securities Daily, the Hong Kong
Commercial Daily and the Cninfo Website on March 29, 2011). The Company paid RMB 120 thousand Yuan to SEG Group in the
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The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
report period.
5. The Company carried out the work of construction of the internal control system in accordance with SHEN ZHENG JU GONG
SI ZI [2011] No. 31 File released by Shenzhen Securities Regulatory Bureau, the Notice on Thorough Implementation of Relevant
Experimental Work of Internal Control of Listed Companies. Till the date of disclosure of this report, the progress of the
Company’s internal control work has been as follows:
(1) The Company organized its Directors, Supervisors and Senior Executives and relevant personnel of the Company’s functional
departments to study the Basic Standard for Enterprise Internal Control and supporting guidelines.
(2) The 7th provisional meeting of the 5th Board of Directors of the Company on March 7, 2011 reviewed and approved the
Proposal on Establishment of the Organizational Structure for Internal Control Standardization and on Relevant Matters and
established the internal control construction team with President of the Company as the first responsible person and the internal
control construction working party, and the Auditing Department is responsible for organizing the implementation of internal
control.
(3) The work plan for the internal control of the Company was drafted, which is to be submitted to the Board for review on April
28, 2011.
(4) The evaluation scope of main body for the Company’s internal control has been established. The bidding was held by the
Company for recruiting the consultant agency for the Project of Internal Control System Design and Evaluation. Then the
Company fully communicated with the three agencies participating in the bidding. On April 13, 2011, the internal control
construction team organized the setting up of the Bidding Team at the level of the Board for the Project of Internal Control System
Design and Evaluation, which opened and evaluated the bids under the supervision of the representatives from the CPC Discipline
Committee of the Company and the Board of Supervisors of the Company. Finally, Shenzhen Branch of Deloitee Touche
Tohmatsu won the bid. The formal notice to the winner has been sent. The Company will launch the design of and evaluation on
the internal control system soonest possible with the assistance of the consultant agency.
6. On February 28, 2011, the Company received the notice from the biggest shareholder of the Company, because the biggest
shareholder of the Company was planning important events, the shares of the Company were suspended from March 1, 2011 in
order to prevent share price from abnormal fluctuation and to protect the interests of all the investors.
3.3 Performance of commitments by the Company, shareholders and the actual controller
The commitments made by the listed company, its Directors, Supervisors and Senior Executives and the
shareholders holding an equity of over 5% as well as their actual controllers are as follows:
√ Applicable □ Not applicable
Commitment Promisor Content Fulfillment
Commitment for share reform Not applicable -- --
Commitments in the Acquisition
Report and the Report of Changes Not applicable -- --
on Equity
Commitments at the time of
Not applicable -- --
restructuring of major assets
According to Article Five of the Equity Transfer
Agreement signed by the Company with SEG In the report
Group when the Company was listed, SEG Group period, the
Commitments at the time of share Shenzhen SEG
agreed that the Company and its subsidiaries and commitments are
issuance Group Co., Ltd.
associated companies could use the eight being fulfilled as
trademarks registered by SEG Group at the agreed.
National Trademark Bureau; SEG Group agreed
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The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
Commitment Promisor Content Fulfillment
that the Company could use the aforesaid
trademarks or similar signs as the Company’s
logo and use the trademarks and signs during its
operation; the Company needn’t pay any fee to
SEG Group for using the aforesaid trademarks or
signs.
Shenzhen Securities Regulatory Bureau pointed
out that “There is an issue of horizontal
competition in the business of electronics markets
between the Company and SEG Group” during
the spot inspection in 2007; the Company
received the Letter of Commitment in writing
from SEG Group on September14, 2007, which
said that “SEG Group and Shenzhen SEG Co.,
The controlling
Ltd. have similar business in electronics markets
shareholder has
in Shenzhen (Shenzhen SEG) due to historic
Other commitments (including Shenzhen SEG abided by the
reasons and the objective background of market
additional commitments) Group Co., Ltd. above-mentioned
development; the Group hereby promises that it
commitments in the
will not individually operate a market in a same
report period.
city whose business is similar with that of
Shenzhen SEG”. The above-mentioned matters
were disclosed on the Securities Times, the China
Securities Journal and the Hong Kong Wen Wei
Po and the Cninfo Website on September 18th,
2007.The controlling shareholder has abided by
the above-mentioned commitments in the report
period.
3.4 Warning on that the accumulated net profit from the year beginning to the end of the next report
period is possible to be transferred into a loss or significant change of the accumulated net profit is possible
to happen compared with the same period of the previous year, and the explanation of the reasons
predicted
Applicable √ Not applicable
3.5 Other important events requiring explanations
3.5.1 Investment in securities
Applicable √ Not applicable
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The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
3.5.2 Statement of receipt of surveys, communication and visits in the report period
Main content of discussion and the materials
Time Place Means Received person
provided
February 16,
At the Company Spot investigation Zhang Chenxiao Basic information on the Company
2011
Investors asked for reasons for suspension and
March 1, 2011 At the Company Phone call Investor the Company provided the Public Notice on
Suspension.
Investors asked for reasons for suspension and
March 8, 2011 At the Company Phone call Investor the Company provided the Public Notice on
Suspension.
Investors asked for reasons for suspension and
March 9, 2011 At the Company Phone call Investor the Company provided the Public Notice on
Suspension.
Investors asked for reasons for suspension and
March 11, 2011 At the Company Phone call Investor the Company provided the Public Notice on
Suspension.
Investors asked for reasons for suspension and
March 15, 2011 At the Company Phone call Investor the Company provided the Public Notice on
Suspension.
Investors asked for reasons for suspension and
March 17, 2011 At the Company Phone call Investor the Company provided the Public Notice on
Suspension.
Investors asked for reasons for suspension and
March 28, 2011 At the Company Phone call Investor the Company provided the Public Notice on
Suspension.
Investors asked for reasons for suspension and
March 30, 2011 At the Company Phone call Investor the Company provided the Public Notice on
Suspension.
Investors asked for reasons for suspension and
the Company provided the Public Notice on
Suspension; investors asked about the
March 31, 2011 At the Company Phone call Investor information on the General Meeting of
Shareholders and the Company provided the
Public Notice on Holding of the General
Meeting of Shareholders.
3.6 Investment in derivatives
Applicable √ Not applicable
3.6.1 Open positions of derivatives at the end of the report period
Applicable √ Not applicable
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The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
4. Appendix
4.1 Balance Sheet
Prepared by Shenzhen SEG Co., Ltd. March 31, 2011 Unit: RMB Yuan
Period-end balance Year-beginning balance
Item Amount of the parent Amount of the
Consolidated amount Consolidated amount
company parent company
Current assets:
Monetary capital 590,717,522.59 429,407,235.39 572,818,178.75 451,763,240.33
Deposit reservation for balance
Loans to banks and other
financial institutions
Transaction financial assets
Notes receivable
Accounts receivable 15,837,983.73 400,000.00 25,022,650.83 400,000.00
Advances 25,307,270.29 140,738.92 25,974,587.30 1,014,030.88
Premiums receivable
Reinsurance accounts
receivable
Reinsurance deposit receivable
Interest receivable
Dividends receivable 5,220,484.17 5,220,484.17
Other receivables 16,549,596.05 40,279,787.63 10,859,116.83 45,689,683.40
Redemptory financial assets for
sale
Inventory 2,451,599.03 4,205,886.55
Non-current assets due within
one year
Other current assets
Total current assets 650,863,971.69 475,448,246.11 638,880,420.26 504,087,438.78
Non-current assets:
Entrusted loans and advances
issued
Financial assets available for
726,375.51 808,297.56
sale
Held-to-maturity investment
Long-term accounts receivable
Long-term equity investment 138,752,587.47 335,150,086.51 141,242,734.12 322,340,233.16
Investment properties 579,240,529.45 334,620,069.55 584,274,468.23 337,246,328.53
Fixed assets: 57,422,869.10 22,105,876.65 58,882,067.31 22,340,255.50
Construction in progress 621,150.40 7,128,010.06
Engineering materials
Disposal of fixed assets
Productive biological assets
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The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
Period-end balance Year-beginning balance
Item Amount of the parent Amount of the
Consolidated amount Consolidated amount
company parent company
Oil & gas assets
Intangible assets 583,136.88 445,445.43 631,364.93 486,729.42
Development expenses
Goodwill 10,328,927.82 10,328,927.82
Long-term expenses to be
20,482,120.35 2,060,637.02 13,977,797.51 1,336,897.67
apportioned
Deferred income tax assets 8,544,292.08 5,994,015.93 10,118,538.12 6,376,755.45
Other non-current assets
Total non-current assets 816,701,989.06 700,376,131.09 827,392,205.66 690,127,199.73
Total assets 1,467,565,960.75 1,175,824,377.20 1,466,272,625.92 1,194,214,638.51
Current liabilities:
Short-term loans
Loans from the Central Bank
Deposits attracted and accounts
due to banks and other financial
institutions
Loans from banks and other
financial institutions
Transaction financial liabilities
Notes payable
Accounts payable 8,360,596.93 2,409,948.72 14,129,256.31 2,348,122.72
Advances from customers 91,500,079.03 48,290,807.22 120,590,384.85 75,224,054.77
Financial assets sold for
repurchase
Commissions payable
Wages payable 2,962,519.92 1,478,939.23 10,264,284.67 5,907,588.47
Taxes payable 17,077,276.96 14,102,570.20 14,037,120.99 10,663,834.34
Interest payable
Dividends payable 1,289,746.37 153,403.29 1,292,320.37 153,403.29
Other accounts payable 123,387,900.83 45,115,312.75 110,795,570.46 45,214,909.19
Reinsurance accounts payable
Insurance deposit
Acting trading securities
Acting underwriting securities
Non-current liabilities due
within one year
Other current liabilities
Total current liabilities 244,578,120.04 111,550,981.41 271,108,937.65 139,511,912.78
Non-current liabilities:
Long-term loans
Bonds payable
Long-term accounts payable
11
The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
Period-end balance Year-beginning balance
Item Amount of the parent Amount of the
Consolidated amount Consolidated amount
company parent company
Special payables
Anticipation liabilities
Deferred income tax liabilities 21,280,589.46 21,577,482.19
Other non-current liabilities
Total non-current liabilities 21,280,589.46 0.00 21,577,482.19
Total liabilities 265,858,709.50 111,550,981.41 292,686,419.84 139,511,912.78
Owners' equity (or shareholders'
equity):
Paid-up capital (or share
784,799,010.00 784,799,010.00 784,799,010.00 784,799,010.00
capital)
Capital public reserve 407,643,266.35 404,980,399.08 407,684,719.56 404,980,399.08
Less: Treasury shares
Special reserve
Surplus public reserve 102,912,835.67 102,912,835.67 102,912,835.67 102,912,835.67
General risk provision
Retained profits -199,217,648.67 -228,418,848.96 -211,002,081.30 -237,989,519.02
Translation difference of the
financial statements in foreign -372,656.83 -411,391.17
currency
Total owners' equity belonging
1,095,764,806.52 1,064,273,395.79 1,083,983,092.76 1,054,702,725.73
to the parent company
Minority shareholders' equity 105,942,444.73 89,603,113.32
Total owners' equity 1,201,707,251.25 1,064,273,395.79 1,173,586,206.08 1,054,702,725.73
Total liabilities and owner's
1,467,565,960.75 1,175,824,377.20 1,466,272,625.92 1,194,214,638.51
equity
4.2 Profit Statement
Prepared by Shenzhen SEG Co., Ltd. January to March 2011 Unit: RMB Yuan
Amount of the current period Amount of the previous period
Item Amount of the parent Amount of the
Consolidated amount Consolidated amount
company parent company
I. Total operating income 93,924,973.74 28,056,358.04 91,307,818.05 28,545,784.89
Including: Operating income 93,924,973.74 28,056,358.04 91,307,818.05 28,545,784.89
Interest income
Earned premiums
Commissions income
2. Total operating cost 72,359,361.68 12,309,524.02 64,748,815.05 10,069,765.90
Including: Operating cost 62,195,369.40 9,685,040.95 56,496,489.22 8,821,226.19
Interest expenses
Commissions
12
The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
Amount of the current period Amount of the previous period
Item Amount of the parent Amount of the
Consolidated amount Consolidated amount
company parent company
Surrender value
Net compensation pay-outs
Net insurance deposit accrued
Insurance dividends
Reinsurance expenses
Operating tax and surcharges 3,930,067.25 1,545,634.39 3,724,614.30 1,652,232.84
Sale expenses 1,227,798.23 1,370,260.25
Management expenses 7,375,994.27 3,718,391.55 6,914,893.78 3,749,113.97
Financial expenses -2,369,867.47 -2,639,542.87 -3,757,442.50 -4,152,807.10
Loss from asset impairment
Plus: Income from change of
sound value (Loss is marked
with "-")
Income from investment (Loss
-2,400,397.00 -2,400,397.00 -3,029,152.47 -3,029,152.47
is marked with "-")
Including: Income from
investment in joint ventures and
associated enterprises
Income from exchange (Loss is
marked with "-")
3. Operating profit (Loss is
19,165,215.06 13,346,437.02 23,529,850.53 15,446,866.52
marked with "-")
Plus: Non-operating income 254,978.59 4,570.00 139,079.30 300.00
Less: Non-operating expenses 29,894.53 41,229.18
Including: Loss from disposal
of non-current assets
4. Total profit (Total loss is
19,390,299.12 13,351,007.02 23,627,700.65 15,447,166.52
marked with "-")
Less: Income tax 5,945,727.53 3,780,336.96 5,951,587.04 4,064,724.18
5. Net profit (Net loss is marked
13,444,571.59 9,570,670.06 17,676,113.61 11,382,442.34
with "-")
Net profit belonging to
shareholders of the parent 11,784,432.63 9,570,670.06 15,759,677.99 11,382,442.34
company
Gains and losses of minority
1,660,138.96 1,916,435.62
shareholders
6. Earnings per share
(1) Basic earnings per share 0.0150 0.0122 0.0201 0.0145
(2) Diluted earnings per share 0.0150 0.0122 0.0201 0.0145
7. Other comprehensive income -23,526.41 12,964,835.24 12,816,400.00
8. Total comprehensive income 13,421,045.18 9,570,670.06 30,640,948.85 24,198,842.34
Total comprehensive income 11,781,713.77 9,570,670.06 28,677,057.42 24,198,842.34
13
The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
Amount of the current period Amount of the previous period
Item Amount of the parent Amount of the
Consolidated amount Consolidated amount
company parent company
belonging to shareholders of the
parent company
Total comprehensive income
belonging to minority 1,639,331.41 0.000 1,963,891.43
shareholders
During the merger of the enterprises under the control of a same entity in the report period, the net profit of the
acquired party realized before the merger was: RMB 0.00 Yuan.
4.3 Cash Flow Statement
Prepared by Shenzhen SEG Co., Ltd. January to March 2011 Unit: RMB Yuan
Amount of the current period Amount of the previous period
Item Amount of the parent Amount of the
Consolidated amount Consolidated amount
company parent company
I. Cash flow from operating
activities
Cash received from selling of
86,765,932.99 9,543,154.46 76,838,162.92 8,489,484.28
goods and provision of service
Net increase of customers'
deposits and accounts due to
0.00 0.00
banks and other financial
institutions
Net increase of loans from the
0.00 0.00
Central Bank
Net increase of loans from other
0.00 0.00
financial institutions
Cash received from premiums
0.00 0.00
of original insurance contracts
Net cash received from
0.00 0.00
reinsurance business
Net increase of deposit of the
0.00 0.00
insured and investment
Net increase of income from
disposal of transaction financial 0.00 0.00
assets
Cash received from interest and
0.00 0.00
commissions
Net increase of loans from
banks and other financial 0.00 0.00
institutions
Net increase of redemption 0.00 0.00
14
The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
Amount of the current period Amount of the previous period
Item Amount of the parent Amount of the
Consolidated amount Consolidated amount
company parent company
capital
Tax refunds 0.00 0.00
Other cash received concerning
87,007,425.77 48,117,726.16 64,583,939.97 35,796,951.03
operating activities
Subtotal of cash inflow from
173,773,358.76 57,660,880.62 141,422,102.89 44,286,435.31
operating activities
Cash paid for purchase of
commodities and acceptance of 39,427,879.70 3,603,615.14 34,506,524.28 5,428,566.48
labor services
Net increase of loans to
0.00 0.00
customers and advances
Net increase of accounts due
from the Central Bank and 0.00 0.00
other financial institutions
Cash paid for compensation
pay-outs of original insurance 0.00 0.00
contracts
Cash paid for interest and
0.00 0.00
commissions
Cash paid as insurance
0.00 0.00
dividends
Cash paid to and on behalf of
12,822,132.59 5,582,544.84 11,883,672.35 5,234,585.34
employees
Taxes paid 24,704,882.13 19,323,508.03 23,601,020.70 18,545,462.28
Other cash paid concerning
89,894,208.35 36,170,897.55 53,590,151.50 17,876,799.34
operating activities
Subtotal of cash outflow for
166,849,102.77 64,680,565.56 123,581,368.83 47,085,413.44
operating activities
Net cash flow arising from
6,924,255.99 -7,019,684.94 17,840,734.06 -2,798,978.13
operating activities
2. Cash flow from operating
activities
Cash received from withdrawal
0.00 0.00
of investment
Cash received from investment
0.00 0.00
income
Net cash received from disposal
of fixed assets, intangible assets 33,170.00 0.00 15,444.00
and other long-term assets
Net cash received from disposal
of subsidiaries and other 0.00 0.00
business units
15
The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
Amount of the current period Amount of the previous period
Item Amount of the parent Amount of the
Consolidated amount Consolidated amount
company parent company
Other cash received concerning
0.00 0.00
investment activities
Subtotal of cash inflow from
33,170.00 0.00 15,444.00
investment activities
Cash paid for purchase and
construction of fixed assets,
3,756,711.81 36,320.00 4,591,584.05 25,336.00
intangible assets and other
long-term assets
Cash paid for investment 0.00 15,300,000.00
Net increase of mortgage loans 0.00 0.00
Net cash paid for acquisition of
subsidiaries and other operating 0.00 0.00
units
Other cash paid concerning
0.00 0.00
operating activities
Subtotal of cash outflow for
3,756,711.81 15,336,320.00 4,591,584.05 25,336.00
investment activities
Net cash flow arising
-3,723,541.81 -15,336,320.00 -4,576,140.05 -25,336.00
investment activities
3. Cash flow from financing
activities:
Cash received from attraction of
14,700,000.00 0.00
investment
Including: Cash received by
subsidiaries from investment of 14,700,000.00 0.00
minority shareholders
Cash received from obtainment
0.00 0.00
of loans
Cash received from issuance of
0.00 0.00
bonds
Other cash received concerning
0.00 0.00
financing activities
Subtotal of cash inflow from
14,700,000.00 0.00
financing activities
Cash paid for repayment of
0.00 0.00
debts
Cash paid for distribution of
dividends and profit or 2,581.72 0.00
repayment of interest
Including: Dividends and profit
paid by subsidiaries to minority 0.00 0.00
shareholders
16
The 2011 First Quarterly Report of Shenzhen SEG Co., Ltd
Amount of the current period Amount of the previous period
Item Amount of the parent Amount of the
Consolidated amount Consolidated amount
company parent company
Other cash paid concerning
0.00 0.00
financing activities
Subtotal of cash outflow for
2,581.72 0.00
financing activities
Net cash flow arising from
14,697,418.28 0.00
financing activities
4. Influence of exchange rate
fluctuation on cash and cash 1,211.38 0.00 103.53
equivalents
5. Net Increase of cash and cash
17,899,343.84 -22,356,004.94 13,264,697.54 -2,824,314.13
equivalents
Plus: Period-beginning balance
572,818,178.75 451,763,240.33 485,135,270.94 375,350,393.53
of cash and cash equivalents
6. Period-end balance of cash
590,717,522.59 429,407,235.39 498,399,968.48 372,526,079.40
and cash equivalents
4.4 Auditor’s Report
Auditor’s opinions: This report was not audited.
5. Other data reported
5.1 Statement of occupation and paying-off of non-operating capital by the majority shareholder and its
affiliated enterprises
Applicable √ Not applicable
5.2 External guarantees violating rules
Applicable √ Not applicable
17
