Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Wuxi Little Swan Company Limited
Report for the First Quarter of 2013
April 2013
1
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Section I. Important Reminders
The Board of Directors, the Supervisory Committee, directors, supervisors and senior management staff of Wuxi
Little Swan Company Limited (hereinafter referred to as “the Company”) warrant that the information carried in
this report is factual, accurate and complete, without any false record, misleading statement or material omission.
And they shall be jointly and severally liable for that.
Mr. Fang Hongbo, company principal, Mr. Chai Xinjian, general manager, Mr. Zhang Zhaofeng, chief of the
accounting work, and Mr. Zhong Fangliu, chief of the accounting organ (chief of accounting), hereby confirm that
the Financial Report enclosed in this report is factual, accurate and complete.
All directors have attended the board session for reviewing this report.
This report is prepared in both Chinese and English. Should there be any discrepancy between the two versions,
the Chinese version shall prevail.
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Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Section II. Financial Highlights & Change of Shareholders
I. Financial highlights
Does the Company adjust retrospectively or restate any accounting data of previous years?
□ Yes √ No
Jan.-Mar. 2013 Jan.-Mar. 2012 +/- (%)
Operating revenues (RMB Yuan) 2,359,241,990.64 1,629,565,324.87 44.78%
Net profit attributable to shareholders of
111,003,706.39 118,581,048.80 -6.39%
the Company (RMB Yuan)
Net profit attributable to shareholders of
the Company after extraordinary gains 108,797,694.64 117,140,274.75 -7.12%
and losses (RMB Yuan)
Net cash flows from operating activities
277,826,039.48 -1,660,902.67 16,827.41%
(RMB Yuan)
Basic EPS (RMB Yuan/share) 0.18 0.19 -5.26%
Diluted EPS (RMB Yuan/share) 0.18 0.19 -5.26%
Weighted average ROE (%) 2.97% 3.39% -0.42%
31 Mar. 2013 31 Dec. 2012 +/- (%)
Total assets (RMB Yuan) 8,656,718,506.34 8,403,705,443.29 3.01%
Net assets attributable to shareholders
3,797,183,537.09 3,686,210,495.87 3.01%
of the Company (RMB Yuan)
Items and amounts of extraordinary gains and losses
√ Applicable □ Inapplicable
Unit: RMB Yuan
Item 1 Jan. 2013-31 Mar. 2013 Explanation
Gain/loss on the disposal of non-current assets (including
-1,056,754.35
the offset part of the asset impairment provisions)
Government grants recognized in the current period,
except for those acquired in the ordinary course of
2,414,971.49
business or granted at certain quotas or amounts
according to the government’s unified standards
Non-operating income and expense other than the above 1,928,147.35
Income tax effects 492,954.67
Minority interests effects (after tax) 587,398.07
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Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Total 2,206,011.75 --
II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders
Unit: share
Total number of shareholders at the period-end 28,702
Shareholdings of top 10 shareholders
Pledged or frozen
Sharehol shares
Nature of Total shares Number of
ding Num
Name of shareholder shareholde held at the restricted
percenta Status of ber of
r period-end shares held
ge (%) shares share
s
Domestic
non-state-
GD MIDEA HOLDING CO., LTD. owned 35.2% 222,661,571 216,342,015
corporatio
n
Overseas
GAOLING FUND,L.P. corporatio 8.28% 52,368,043
n
Overseas
TITONI INVESTMENTS DEVELOPMENT LTD. corporatio 4.88% 30,851,714 30,851,714
n
State-own
ed
FINANCE BUREAU OF WUXI 3.49% 22,057,657
corporatio
n
Overseas
BOCI SECURITIES LIMITED corporatio 3.41% 21,596,581
n
NATIONAL SOCIAL SECURITY FUND PORTFOLIO 102 Other 2.21% 14,000,000
Overseas
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED corporatio 2.14% 13,558,545
n
BANK OF COMMUNICATIONS－TEDA HONGLI VALUE
Other 1.3% 8,193,261
OPTIMIZING GROWTH INDUSTRY STOCK FUND
CHINA CONSTRUCTION BANK－TEDA HONGLI
Other 1.18% 7,449,661
MARKET VALUE SELECTED STOCK FUND
AGRICULTURAL BANK OF CHINA－CHINA REVIVAL Other 1.17% 7,382,595
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Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
STOCK FUND
Shareholdings of top 10 non-restricted shareholders
Number of Variety of shares
Name of shareholder non-restricted
Variety Number
shares held
Domestically listed
GAOLING FUND,L.P. 52,368,043 52,368,043
foreign shares
RMB ordinary
FINANCE BUREAU OF WUXI 22,057,657 22,057,657
shares
Domestically listed
BOCI SECURITIES LIMITED 21,596,581 21,596,581
foreign shares
RMB ordinary
NATIONAL SOCIAL SECURITY FUND PORTFOLIO 102 14,000,000 14,000,000
shares
Domestically listed
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 13,558,545 13,558,545
foreign shares
BANK OF COMMUNICATIONS－TEDA HONGLI VALUE RMB ordinary
8,193,261 8,193,261
OPTIMIZING GROWTH INDUSTRY STOCK FUND shares
CHINA CONSTRUCTION BANK－TEDA HONGLI MARKET VALUE RMB ordinary
7,449,661 7,449,661
SELECTED STOCK FUND shares
AGRICULTURAL BANK OF CHINA－CHINA REVIVAL STOCK RMB ordinary
7,382,595 7,382,595
FUND shares
CHINA CONSTRUCTION BANK－PENGHUA VALUE ADVANCED RMB ordinary
7,215,783 7,215,783
STOCK FUND shares
Domestically listed
SUN HUNG KAI INVESTMENT SERVICES LTD-CUSTOMERS A/C 6,962,181 6,962,181
foreign shares
GD MIDEA HOLDING CO., LTD. and TITONI INVESTMENTS
DEVELOPMENT LTD. are parties acting in concert. Apart from that, it’s
Explanation on associated relationship or
unknown whether there is any associated relationship among other shareholders,
persons acting in concert among the
or whether there are parties acting in concert among them as stipulated in the
above-mentioned shareholders
Administrative Methods for Information Disclosure for Shareholding Changes of
Shareholders of Listed Companies.
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Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Section III. Significant Events
I. Significant changes of the major accounting statement items and financial indicators for the
reporting period, as well as the reasons for these changes
31 Mar. 2013/ 31 Dec. 2012/
+/- (RMB
Jan.-Mar. 2013 Jan.-Mar. 2012 +/-% Explanation
Statement item 0,000)
(RMB 0,000) (RMB 0,000)
The forward foreign exchange
Transactional
514.41 122.46 391.95 320.07% contracts signed with banks
financial assets
increased.
Due to material procurement, the
Prepayments 14,447.50 9,718.84 4,728.66 48.65% prepayments for materials
increased.
Due to the production and sales
Taxes and fares
14,056.94 -382.10 14,439.04 3778.82% cycle, the taxes payable
payable
increased.
The fair value of transactional
Deferred income financial assets and
80.88 21.17 59.71 282.07%
tax liabilities available-for-sale financial assets
increased.
The market environment
Operating
235,924.20 162,956.53 72,967.67 44.78% improved and the sales volume
revenues
increased.
Operating costs 178,259.75 131,205.54 47,054.21 35.86% The sales income increased.
Business taxes Due to the production and sales
1,732.74 1,184.17 548.57 46.33%
and surtaxes cycle, the turnover tax increased.
The sales mode changed and the
Sales expenses 32,875.15 9,878.25 22,996.90 232.80%
sales scale expanded.
Administrative
9,449.06 6,536.86 2,912.20 44.55% The R&D input increased.
expenses
The gains on wealth management
Financial
886.19 -1,617.45 2,503.65 154.79% products of banks were
expenses
reclassified to investment gains.
The accounts receivable
Asset impairment increased and the bad-debt loss
798.22 549.27 248.95 45.32%
loss provisions made according to
aging increased.
Gains on fair The forward foreign exchange
391.95 -287.33 679.28 236.41%
value changes contracts increased.
Investment gains 1,640.62 353.80 1,286.82 363.71% The scale of bank wealth
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Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
management product investments
expanded and the gains
increased.
Non-operating Governmental subsidies
534.91 788.29 -253.39 -32.14%
income decreased.
Non-operating The loss on disposal of old and
325.44 743.91 -418.47 -56.25%
expense useless fixed assets decreased.
Due to exchange rate
Other fluctuations, the foreign-currency
comprehensive -3.07 -5.09 2.03 39.80% statement translation difference
income of the Singapore subsidiary
changed.
Net cash flows
The cash paid for goods and
from operating 27,782.60 -166.09 27,948.69 16827.41%
services decreased.
activities
Net cash flows The cash paid for bank wealth
from investing -25,244.69 -5,198.62 -20,046.08 -385.60% management product investment
activities increased.
II. Progress of significant events and analysis & explanations on their influence and solutions
N/A
III. Commitments made by the Company or any shareholder with a shareholding over 5% in
the reporting period or such commitments carried down into the reporting period
Commit Date of
Period of
Commitment ment Contents of commitment commitm Execution
commitment
maker ent
Where the controlling shareholder GD Midea Holding
Co., Ltd. (Midea Holding) plans to sell the
Company’s shares released from trading moratorium
Controlli held by it via the bid trading system of the Shenzhen
Share reform ng Stock Exchange, and Midea Holding decreases over 28 Feb. In the process of
Long-term
commitment sharehol 5% shares within six months since the first reduction 2008 implementation
der of holdings, Midea Holding will disclose the
suggestive announcement on share selling through the
Company two trading days before its first reduction
of holdings.
Commitment made Controlli 1. As for Midea Holding’s commitment on share
in an acquisition ng lock-up, it has committed that it will not transfer 1 Dec. Finished on 1 In the process of
report or a report on sharehol Little Swan shares held by it within 36 months since 2010 Dec. 2013 implementation
equity changes der the date when the private share offering deal is
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Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
closed.
2. As for the commitment of avoiding horizontal
competition, Midea Holding (the controlling
shareholder) and Mr. He Xiangjian (the actual
controller) has promised that, for the period after the
said transaction when the Company’s controlling
Controlli
shareholder and actual controller remain unchanged,
ng
Midea Holding, Mr. He Xiangjian and other
sharehol
subsidiary companies under their control excluding 1 Dec. In the process of
der and Long-term
the Company and the Company’s subordinate 2010 implementation
actual
companies will not increase business or establish new
controlle
subsidiary companies engaged in business which is
r
the same with or similar to the Company’s main
business or forms substantial horizontal competition
with the Company. If they act against the commitment
above, profits thus generated will be attributable to
the Company.
3. As for the commitment for regulating
related-party transactions, GD Midea Holding
(the controlling shareholder) and Mr. He Xiangjian
(the actual controller) have promised that when there
are inevitable related-party transactions or such
Controlli
transaction incurred with rational reasons after the
ng
completion of the transaction, they will follow the
sharehol
fair, reasonable and market principles in formulating 1 Dec. In the process of
der and Long-term
and signing relevant agreements on such related-party 2010 implementation
actual
transactions and ensure that no harm will be done to
controlle
interests of the Company and other shareholders.
r
Where GD Midea Holding and Mr. He Xiangjian act
against the promise above and damage interests of the
Company and other shareholders, they will assume
liabilities for compensation according to relevant
provisions.
Controlli 4. As for the commitment on independence, GD
ng Midea Holding has promised to protect Little Swan’s 1 Dec. In the process of
Long-term
sharehol independence in terms of assets, staff, finance, 2010 implementation
der organization and business.
5. As for the commitment on related-party deposits
Controlli and borrowings, up to 8 Apr. 2010, the Financial
ng Settlement Center of GD Midea Holding had settled 1 Dec. In the process of
Long-term
sharehol all internal deposits and borrowings with Hefei 2010 implementation
der Royalstar Washing Equipment Manufacturing Co.,
Ltd.; and GD Midea Holding has promised that there
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Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
will be no more deposits, borrowings or other funds
flows incurred between the Financial Settlement
Center and Hefei Royalstar Washing Equipment
Manufacturing Co., Ltd..
6. The commitment by GD Midea Holding on
housing properties with no ownership certificates
of the target company for sale is detailed as
follows. Two pieces of the buildings of Royalstar
Washing Equipment assessed and sold to the
Company are of no ownership certificates—the
Controlli
warehouse for half-finished products (176 square
ng 1 Dec. In the process of
meters) and the workshop for injection molding (834 Long-term
sharehol 2010 implementation
square meters), both located in the old factory of
der
Royalstar Washing Equipment, Hewa Road, Hefei.
GD Midea Holding has promised that if loss occurs
due to the said two buildings without ownership
certificates in the asset disposal process in the future,
it will assume the loss thus caused and make
compensation to the Company.
7. The commitment by GD Midea Holding on
Both parties have
trademarks is detailed as follows. (1) Concerning
signed the
the “Midea” trademark: Upon approval and
approved contract
implementation of the equity transfer transaction, GD
concerning the
Midea Holding has promised that it will make sure
“Midea”
that Royalstar Washing Equipment uses the “Midea”
trademark.
trademark in a proper manner. Royalstar Washing
According to the
Equipment will be allowed to use the “Midea”
contract, 0.3% of
trademark with a trademark use fee not more than that
the net sales
paid by Midea Group (the controlling shareholder of
generated by
GD Midea Holding) and its subsidiaries (currently
Controlli products approved
3‰ of the annual sales income generated by products
ng 1 Dec. to use the “Midea”
using the “Midea” trademark), and upon negotiation Long-term
sharehol 2010 trademark is
and signing of the “Agreement for Trademark Use”.
der charged as the
The related-party transactions incurred due to the said
trademark use fee.
use of the “Midea” trademark will be submitted to the
The “Royalstar”
decision-making organ of the Company for approval
trademark use
according to the stipulated procedure. As such,
contract has
interests of the Company and its minority
expired and will
shareholders will be safeguarded. (2) Concerning the
not be renewed.
“Royalstar” trademark: GD Midea Holding has
Therefore, the
signed the “Contract for Trademark Use” with
relevant
Royalstar Group and obtained the ordinary use rights
commitment has
of the “Royalstar” (or “荣事达”) trademark. As the
completed.
transferor in the transfer transaction of equity
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Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
interests of Royalstar Washing Equipment, GD Midea
Holding has promised that within the scope as agreed
in the “Contract for Trademark Use”, if any dispute
arises between Royalstar Washing Equipment and
Royalstar Group over the former’s execution of the
“Contract for Trademark Use”, Little Swan will not
be involved. If Royalstar Washing Equipment and
Little Swan have to assume any responsibility or loss
due to the aforesaid dispute, GD Midea Holding is
willing to take on the responsibility instead and make
compensations to Royalstar Washing Equipment and
Little Swan at full amount.
8. The commitment by GD Midea Holding on
social security payment and tax risks is detailed as
follows. GD Midea Holding has promised that upon
the completion of the said equity transfer deal, if
Royalstar Washing Equipment is obliged to take on
any responsibility or pay relevant fares as required by
relevant government authorities due to its social
security payment before the said deal, GD Midea
Holding is willing to pay relevant fares for Royalstar
Washing Equipment to relevant government
Controlli
authorities in a timely manner and assume any other
ng 1 Dec. In the process of
liability. If any loss thus occurs to Royalstar Washing Long-term
sharehol 2010 implementation
Equipment or Little Swan, GD Midea Holding is
der
willing to assume relevant responsibilities for
compensation. Upon the completion of the said equity
transfer deal, if income tax evasion or any other tax
risk is found in Royalstar Washing Equipment, GD
Midea Holding is willing to assume relevant legal
responsibilities and risks and pay relevant taxes in a
timely manner to relevant government authorities;
and if any loss thus occurs to Little Swan, GD Midea
Holding will assume the corresponding responsibility
for compensation.
Commitment made
in asset
reorganization
Commitment made
in IPO or
re-financing
Commitment made
to minority
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Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
shareholders of the
Company
Executed timely or
Yes
not?
Detailed reason for
failing to execute Inapplicable
and the next plan
Make commitments
on causing the
problems of
horizontal Yes
competition and
related-party
transactions or not?
Settlement period of
Naught
commitment
When the Company’s controlling shareholder and actual controller remains unchanged, GD Midea Holding,
Mr. He Xiangjian and other subsidiary companies under their control excluding the Company and the
Company’s subordinate companies will not increase business or establish new subsidiary companies engaged
in business which is the same with or similar to the Company’s main business or forms substantial horizontal
Way of settlement
competition with the Company; when there are inevitable related-party transactions or such transaction
incurred with rational reasons, they will follow the fair, reasonable and market principles in formulating and
signing relevant agreements on such related-party transactions and ensure that no harm will be done to
interests of the Company and other shareholders.
Fulfillment of
Under strict fulfillment
commitment
IV. Predict the operating results of Jan.-Jun. 2013
Warning of possible loss or considerable YoY change of the accumulated net profit made during the period-begin to the end of the
next reporting period according to prediction, as well as explanations on the reasons:
□ Applicable √ Inapplicable
V. Derivative investments
The Company has formulated the Management Methods for Futures Hedging Business and
Analysis on risks and control
the Management Methods for Exchange Funds upon review to thoroughly assess and
measures of derivative products held
control derivative investment risks, which are detailed as follows:
in the reporting period (including but
1. Market risk
not limited to market risk, liquidity
Price movements of bulk raw materials and fluctuations of exchange rates may incur a great
risk, credit risk, operation risk, law
market risk in the futures business and the foreign exchange funds business. Meanwhile, if
risk, etc.)
the Company fails to input enough funds in time to create and maintain hedging positions in
11
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
its futures hedging operations, or fails to input foreign exchanges on time for contract
execution in the foreign exchange funds business, hedging loss and contract breach risk may
incur.
Counter-measures: The Company will not carry out speculative trading in its futures
hedging business and foreign exchange funds business. And the Company will stick to the
principle of being prudent in operations. As for the futures hedging business, the hedging
volume should be determined and futures trading applications should be filed in strict
accordance with production and operation needs. In principle, the hedging volume shall not
exceed one third of the planned volume for the year. And a stop-loss mechanism is adopted.
Guarantee deposits are paid as required and increased according to production and operation
í
í í
dopted. When subsidiaries or product enterprises file applications for funds business, they
will give a risk analysis on conditions or circumstances that might affect gains and losses,
estimate the maximum gain and loss, and state the ratio or total amount of guarantee
deposits they can bear. And the Company will, according to their applications, update
operations in time in its funds business and make funds arrangements before the maturity
date.
2. Operation risk
The Company may suffer loss in its hedging business and foreign exchange funds business
due to faulty internal procedures, staff, systems and external events.
Counter-measures: Responsibility division and approval procedures for the hedging and
foreign exchange business have been specified in relevant management rules. And a sound
supervision mechanism has been established. And operation risk can be effectively reduced
by enhancing risk control over procedures for operation, decision-making and trading.
3. Risk concerning laws and regulations
The Company carries out its hedging and foreign exchange business in compliance with
applicable laws and regulations, with rights and duties between the Company and agencies
being stated clearly.
Counter-measures: The Company urges responsible departments to understand better about
relevant laws, regulations and market rules; be strict in contract re-checks; make clear
relevant rights and duties; and enhance compliance checks to make sure that the Company
operates derivative investments in compliance with applicable laws, regulations and the
Company’s internal management rules.
Changes of market prices or fair
values in the reporting period of the
invested derivatives. And the analysis The Company adopts public quotations in the futures market or forward foreign exchange
on the fair value of the derivatives quotations declared by the People’s Bank of China in its analysis on fair values of derivative
should include the specific use products.
methods and the relevant assumptions
and parameters.
Whether significant changes occurred
to the Company’s accounting policy No significant changes.
and specific accounting principles of
12
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
derivatives in the reporting period
compared to the previous reporting
period
Independent directors of the Company believe that: A. The Company has formulated
derivative investment rules such as the Management Methods for Futures Hedging Business
and the Management Methods for Exchange Funds to help it effectively control risks
involved; B. During the reporting period, the Company performed the relevant approval
Specific opinion from independent procedure before it conducted derivative investments in strict compliance with the lines and
directors on the Company’s ways approved by the Shareholders’ General Meeting; And C. The Company’s derivative
derivatives investment and risk investments in the reporting period mainly targeted its exports. It signed forward exchange
control contracts with domestic financial institutions, which helped it lock up the exchange rate and
avoid the risk of exchange rate fluctuations. The Company conducted no speculative
operations, so there was no credit risk. And transaction periods were determined according
to expectations and payment receiving and making, with no influence on the Company’s
fluidity.
Derivative investments held at period-end:
√ Applicable □ Inapplicable
Proportion of the closing
Opening contract amount Closing contract amount Gain or loss in the contract amount in the
Type of contract
（RMB Yuan） （RMB Yuan） reporting period closing net assets of the
Company (%)
Forward foreign
242,450,350.00 485,089,600.00 Profit: RMB 4,285,260 12.77%
exchange contracts
Total 242,450,350.00 485,089,600.00 -- 12.77%
Explanation:
VI. Researches, visits and interviews received in the reporting period
Main discussion and
Place of Way of Visitor
Time of reception Visitor materials provided by
reception reception type
the Company
Conference
Field Institutio Changjiang Securities, SWS Mu Fund Overall operation of
8 Jan. 2013 Room of the
research n Management, China Post Fund, HuaAn Funds the Company
Company
China Merchants Securities, Eastern Bay Asset
Conference Management, Ping An Insurance, New Think
Field Institutio Overall operation of
14 Jan. 2013 Room of the Invest, BNY Fund, Western Asset Management,
research n the Company
Company Haitong Securities, Wanjia Asset, Aijian
Securities
13
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Section IV. Financial Statements
I. Financial statements
1. Consolidated balance sheet
Prepared by Wuxi Little Swan Company Limited Unit: RMB Yuan
Item Closing balance Opening balance
Current Assets:
Monetary funds 1,417,528,392.65 1,404,291,094.65
Settlement reserves
Intra-group lendings
Transactional financial assets 5,144,100.00 1,224,590.00
Notes receivable 2,443,417,359.35 2,262,814,443.87
Accounts receivable 839,678,545.65 722,198,904.66
Accounts paid in advance 144,475,006.38 97,188,434.21
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract reserves
Interest receivable
Dividend receivable
Other accounts receivable 21,252,398.22 16,984,517.49
Financial assets purchased under agreements to resell
Inventories 691,855,231.18 952,747,860.68
Non-current assets due within 1 year
Other current assets 1,448,569,524.28 1,201,171,819.72
Total current assets 7,011,920,557.71 6,658,621,665.28
Non-current assets:
Loans by mandate and advances granted
Available-for-sale financial assets 348,096.00 286,944.00
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment 4,726,423.12 5,695,850.80
Investing property 5,001,116.73 5,049,500.73
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Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Fixed assets 1,272,773,028.55 1,297,298,526.31
Construction in progress
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 226,620,169.22 308,714,119.44
R&D expense
Goodwill
Long-term deferred expenses 21,368,837.24 27,729,917.87
Deferred income tax assets 113,960,277.77 100,308,918.86
Other non-current assets
Total of non-current assets 1,644,797,948.63 1,745,083,778.01
Total assets 8,656,718,506.34 8,403,705,443.29
Current liabilities:
Short-term borrowings
Borrowings from Central Bank
Customer bank deposits and due to banks and other
financial institutions
Intra-group borrowings
Transactional financial liabilities
Notes payable 1,032,229,855.45 1,003,090,693.95
Accounts payable 2,280,383,522.69 2,129,979,583.30
Accounts received in advance 594,024,686.45 804,441,642.84
Financial assets sold for repurchase
Handling charges and commissions payable
Employee’s compensation payable 128,792,368.71 125,902,663.09
Tax payable 140,569,355.17 -3,821,048.41
Interest payable
Dividend payable 3,710,206.21 3,710,206.21
Other accounts payable 87,199,934.69 71,726,352.37
Reinsurance premiums payable
Insurance contract reserves
Payables for acting trading of securities
15
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Payables for acting underwriting of securities
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 4,266,909,929.37 4,135,030,093.35
Non-current liabilities:
Long-term borrowings
Bonds payable
Long-term payables
Specific payables 2,607,427.30 2,607,427.30
Estimated liabilities 14,580,026.15 14,041,361.41
Deferred income tax liabilities 808,784.39 211,685.10
Other non-current liabilities 1,096,000.00 1,271,800.00
Total non-current liabilities 19,092,237.84 18,132,273.81
Total liabilities 4,286,002,167.21 4,153,162,367.16
Owners’ equity (or shareholders’ equity)
Paid-up capital (or share capital) 632,487,764.00 632,487,764.00
Capital reserves 1,129,461,292.91 1,129,409,313.71
Less: Treasury stock
Specific reserves
Surplus reserves 270,617,248.93 270,617,248.93
Provisions for general risks
Retained profits 1,767,321,006.71 1,656,317,300.32
Foreign exchange difference -2,703,775.46 -2,621,131.09
Total equity attributable to owners of the Company 3,797,183,537.09 3,686,210,495.87
Minority interests 573,532,802.04 564,332,580.26
Total owners’ (or shareholders’) equity 4,370,716,339.13 4,250,543,076.13
Total liabilities and owners’ (or shareholders’) equity 8,656,718,506.34 8,403,705,443.29
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng Chief of the accounting organ: Zhong Fangliu
2. Balance sheet of the Company
Prepared by Wuxi Little Swan Company Limited Unit: RMB Yuan
Item Closing balance Opening balance
Current Assets:
Monetary funds 634,207,688.69 922,427,475.16
16
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Transactional financial assets 3,245,770.00 1,003,870.00
Notes receivable 1,696,510,597.19 1,630,477,941.72
Accounts receivable 526,623,530.04 315,755,445.34
Accounts paid in advance 63,096,647.31 56,491,157.88
Interest receivable
Dividend receivable
Other accounts receivable 16,485,473.07 14,097,542.06
Inventories 429,301,928.36 595,440,128.45
Non-current assets due within 1 year
Other current assets 932,979,274.49 510,244,753.07
Total current assets 4,302,450,909.15 4,045,938,313.68
Non-current assets:
Available-for-sale financial assets 348,096.00 286,944.00
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment 1,668,470,502.19 1,669,439,929.87
Investing property 5,001,116.73 5,049,500.73
Fixed assets 586,704,634.83 599,765,994.35
Construction in progress
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 106,219,574.57 106,918,898.60
R&D expense
Goodwill
Long-term deferred expenses 20,480,248.82 26,516,523.53
Deferred income tax assets 75,988,023.56 65,508,358.77
Other non-current assets
Total of non-current assets 2,463,212,196.70 2,473,486,149.85
Total assets 6,765,663,105.85 6,519,424,463.53
Current liabilities:
Short-term borrowings
Transactional financial liabilities
17
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Notes payable 562,974,319.72 557,839,790.34
Accounts payable 1,463,337,603.09 1,340,509,488.90
Accounts received in advance 376,211,331.67 540,385,145.87
Employee’s compensation payable 53,991,237.50 38,376,269.86
Tax payable 120,268,558.71 15,517,733.11
Interest payable
Dividend payable 3,710,206.21 3,710,206.21
Other accounts payable 222,701,851.62 130,963,937.18
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 2,803,195,108.52 2,627,302,571.47
Non-current liabilities:
Long-term borrowings
Bonds payable
Long-term payables
Specific payables
Estimated liabilities
Deferred income tax liabilities 524,034.90 178,577.10
Other non-current liabilities 450,000.00 600,000.00
Total non-current liabilities 974,034.90 778,577.10
Total liabilities 2,804,169,143.42 2,628,081,148.57
Owners’ equity (or shareholders’ equity)
Paid-up capital (or share capital) 632,487,764.00 632,487,764.00
Capital reserves 1,291,513,348.14 1,291,461,368.94
Less: Treasury stock
Specific reserves
Surplus reserves 257,967,105.03 257,967,105.03
Provisions for general risks
Retained profits 1,779,525,745.26 1,709,427,076.99
Foreign exchange difference
Total owners’ (or shareholders’) equity 3,961,493,962.43 3,891,343,314.96
Total liabilities and owners’ (or shareholders’) equity 6,765,663,105.85 6,519,424,463.53
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng Chief of the accounting organ: Zhong Fangliu
18
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
3. Consolidated income statement
Prepared by Wuxi Little Swan Company Limited Unit: RMB Yuan
Item Jan.-Mar. 2013 Jan.-Mar. 2012
I. Operating revenues 2,359,241,990.64 1,629,565,324.87
Including: Sales income 2,359,241,990.64 1,629,565,324.87
Interest income
Premium income
Handling charge and commission income
II. Total operating cost 2,240,011,104.63 1,477,366,332.71
Including: Cost of sales 1,782,597,479.96 1,312,055,379.37
Interest expenses
Handling charge and commission expenses
Surrenders
Net claims paid
Net amount withdrawn for the insurance
contract reserve
Expenditure on policy dividends
Reinsurance premium
Taxes and associate charges 17,327,435.34 11,841,728.85
Selling and distribution expenses 328,751,508.21 98,782,478.06
Administrative expenses 94,490,588.19 65,368,571.92
Financial expenses 8,861,929.20 -16,174,527.67
Asset impairment loss 7,982,163.73 5,492,702.18
Add: Gain/(loss) from change in fair value (“-” means
3,919,510.00 -2,873,250.00
loss)
Gain/(loss) from investment (“-” means loss) 16,406,187.35 3,538,026.66
Including: share of profits in associates and joint
ventures
Foreign exchange gains (“-” means loss)
III. Business profit (“-” means loss) 139,556,583.36 152,863,768.82
Add: non-operating income 5,349,057.97 7,882,917.57
Less: non-operating expense 3,254,442.84 7,439,123.10
Including: loss from non-current asset disposal
IV. Total profit (“-” means loss) 141,651,198.49 153,307,563.29
19
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Less: Income tax expense 21,447,270.34 23,758,255.75
V. Net profit (“-” means loss) 120,203,928.15 129,549,307.54
Including: Net profit achieved by combined parties
before the combinations
Attributable to owners of the Company 111,003,706.39 118,581,048.80
Minority shareholders’ income 9,200,221.76 10,968,258.74
VI. Earnings per share -- --
(I) Basic earnings per share 0.18 0.19
(II) Diluted earnings per share 0.18 0.19
Ⅶ. Other comprehensive incomes -30,665.17 -50,938.13
Ⅷ. Total comprehensive incomes 120,173,262.98 129,498,369.41
Attributable to owners of the Company 110,973,041.22 118,530,110.67
Attributable to minority shareholders 9,200,221.76 10,968,258.74
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng Chief of the accounting organ: Zhong Fangliu
4. Income statement of the Company
Prepared by Wuxi Little Swan Company Limited Unit: RMB Yuan
Item Jan.-Mar. 2013 Jan.-Mar. 2012
I. Sales income 1,730,234,964.83 983,319,071.30
Less: cost of sales 1,315,047,547.80 779,609,331.46
Business taxes and surcharges 12,169,504.53 11,227,198.25
Distribution expenses 255,824,327.32 50,410,103.03
Administrative expenses 61,089,128.95 41,689,016.47
Financial costs 6,476,360.62 -15,549,348.09
Impairment loss 7,620,160.27 4,190,775.52
Add: gain/(loss) from change in fair value (“-” means
2,241,900.00 -1,461,650.00
loss)
Gain/(loss) from investment (“-” means loss) 8,527,122.76 1,932,226.65
Including: income form investment on associates and
joint ventures
II. Business profit (“-” means loss) 82,776,958.10 112,212,571.31
Add: non-business income 2,502,917.60 5,368,729.37
Less: non-business expense 2,821,645.74 9,113,344.78
Including: loss from non-current asset disposal
20
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
III. Total profit (“-” means loss) 82,458,229.96 108,467,955.90
Less: income tax expense 12,359,561.70 16,270,193.39
IV. Net profit (“-” means loss) 70,098,668.26 92,197,762.51
V. Earnings per share -- --
(I) Basic earnings per share 0.11 0.15
(II) Diluted earnings per share 0.11 0.15
VI. Other comprehensive income 51,979.20 -17,992.80
VII. Total comprehensive income 70,150,647.46 92,179,769.71
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng Chief of the accounting organ: Zhong Fangliu
5. Consolidated cash flow statement
Prepared by Wuxi Little Swan Company Limited Unit: RMB Yuan
Item Jan.-Mar. 2013 Jan.-Mar. 2012
I. Cash flows from operating activities:
Cash received from sale of commodities and rendering of service 1,900,494,571.74 2,005,323,736.13
Net increase of deposits from customers and dues from banks
Net increase of loans from the central bank
Net increase of funds borrowed from other financial institutions
Cash received from premium of original insurance contracts
Net cash received from reinsurance business
Net increase of deposits of policy holders and investment fund
Net increase of disposal of tradable financial assets
Cash received from interest, handling charges and commissions
Net increase of intra-group borrowings
Net increase of funds in repurchase business
Tax refunds received 8,641,019.92 37,236,238.64
Other cash received relating to operating activities 8,476,911.76 25,733,732.67
Subtotal of cash inflows from operating activities 1,917,612,503.42 2,068,293,707.44
Cash paid for goods and services 1,112,603,553.86 1,720,211,801.04
Net increase of customer lendings and advances
Net increase of funds deposited in the central bank and amount
due from banks
Cash for paying claims of the original insurance contracts
Cash for paying interest, handling charges and commissions
21
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Cash for paying policy dividends
Cash paid to and for employees 145,551,958.80 107,912,199.50
Various taxes paid 62,526,204.16 87,464,307.30
Other cash payment relating to operating activities 319,104,747.12 154,366,302.27
Subtotal of cash outflows from operating activities 1,639,786,463.94 2,069,954,610.11
Net cash flows from operating activities 277,826,039.48 -1,660,902.67
II. Cash flows from investing activities:
Cash received from withdrawal of investments 2,420,499,865.02
Cash received from return on investments 415,750.00 3,548,505.12
Net cash received from disposal of fixed assets, intangible assets
4,750,805.93 111,450.08
and other long-term assets
Net cash received from disposal of subsidiaries or other business
units
Other cash received relating to investing activities
Subtotal of cash inflows from investing activities 2,425,666,420.95 3,659,955.20
Cash paid to acquire fixed assets, intangible assets and other
17,033,366.40 55,646,111.64
long-term assets
Cash paid for investment 2,661,080,000.00
Net increase of pledged loans
Net cash paid to acquire subsidiaries and other business units
Other cash payments relating to investing activities
Subtotal of cash outflows from investing activities 2,678,113,366.40 55,646,111.64
Net cash flows from investing activities -252,446,945.45 -51,986,156.44
III. Cash Flows from Financing Activities:
Cash received from capital contributions
Including: Cash received from minority shareholder
investments by subsidiaries
Cash received from borrowings
Cash received from issuance of bonds
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities
Repayment of borrowings
Cash paid for interest expenses and distribution of dividends or
profit
Including: dividends or profit paid by subsidiaries to minority
shareholders
22
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Other cash payments relating to financing activities
Sub-total of cash outflows from financing activities
Net cash flows from financing activities
IV. Effect of foreign exchange rate changes on cash and cash
equivalents
V. Net increase in cash and cash equivalents 25,379,094.03 -53,647,059.11
Add: Opening balance of cash and cash equivalents 1,293,126,217.00 2,279,653,302.57
VI. Closing balance of cash and cash equivalents 1,318,505,311.03 2,226,006,243.46
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng Chief of the accounting organ: Zhong Fangliu
6. Cash flow statement of the Company
Prepared by Wuxi Little Swan Company Limited Unit: RMB Yuan
Item Jan.-Mar. 2013 Jan.-Mar. 2012
I. Cash flows from operating activities:
Cash received from sale of commodities and rendering of service 1,147,973,657.85 1,004,847,824.56
Tax refunds received 4,250,944.97
Other cash received relating to operating activities 5,578,616.43 19,643,544.19
Subtotal of cash inflows from operating activities 1,157,803,219.25 1,024,491,368.75
Cash paid for goods and services 701,454,690.27 963,838,537.59
Cash paid to and for employees 99,816,582.05 55,289,623.27
Various taxes paid 43,800,824.48 77,191,924.52
Other cash payment relating to operating activities 154,932,694.85 95,644,072.44
Subtotal of cash outflows from operating activities 1,000,004,791.65 1,191,964,157.82
Net cash flows from operating activities 157,798,427.60 -167,472,789.07
II. Cash flows from investing activities:
Cash received from retraction of investments 877,248,800.44
Cash received from return on investments 247,750.00 1,942,705.12
Net cash received from disposal of fixed assets, intangible assets
4,747,079.00
and other long-term assets
Net cash received from disposal of subsidiaries or other business
units
Other cash received relating to investing activities
Subtotal of cash inflows from investing activities 882,243,629.44 1,942,705.12
Cash paid to acquire fixed assets, intangible assets and other
13,390,812.17 36,159,245.21
long-term assets
23
Report for the First Quarter of 2013 of Wuxi Little Swan Company Limited
Cash paid for investment 1,297,000,000.00
Net cash paid to acquire subsidiaries and other business units
Other cash payments relating to investing activities
Subtotal of cash outflows from investing activities 1,310,390,812.17 36,159,245.21
Net cash flows from investing activities -428,147,182.73 -34,216,540.09
III. Cash Flows from Financing Activities:
Cash received from capital contributions
Cash received from borrowings
Cash received from issuance of bonds
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities
Repayment of borrowings
Cash paid for interest expenses and distribution of dividends or
profit
Other cash payments relating to financing activities
Sub-total of cash outflows from financing activities
Net cash flows from financing activities
IV. Effect of foreign exchange rate changes on cash and cash
equivalents
V. Net increase in cash and cash equivalents -270,348,755.13 -201,689,329.16
Add: Opening balance of cash and cash equivalents 848,257,647.96 1,470,854,364.19
VI. Closing balance of cash and cash equivalents 577,908,892.83 1,269,165,035.03
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng Chief of the accounting organ: Zhong Fangliu
II. Audit report
Is this report audited?
□ Yes √ No
Wuxi Little Swan Company Limited
Legal representative: Fang Hongbo
24 April 2013
24
