Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Wuxi Little Swan Company Limited
Report for the First Quarter of 2015
Apr. 2015
1
Report for the First Quarter of 2015 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. Sun Yunan, 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 2015 of Wuxi Little Swan Company Limited
Section II. Financial Highlights & Change of Shareholders
I. Main accounting data and financial indicators
Does the Company adjust retrospectively or restate accounting data of previous years due to change of the
accounting policy or correction of any accounting error?
□ Yes √ No
Jan.-Mar. 2015 Jan.-Mar. 2014 +/- (%)
Operating revenues (RMB Yuan) 3,293,972,545.08 2,576,160,088.43 27.86%
Net profit attributable to shareholders of
242,314,468.72 170,774,457.85 41.89%
the Company (RMB Yuan)
Net profit attributable to shareholders of
the Company after extraordinary gains and 214,814,273.09 151,478,381.44 41.81%
losses (RMB Yuan)
Net cash flows from operating activities
394,282,134.54 271,964,312.53 44.98%
(RMB Yuan)
Basic EPS (RMB Yuan/share) 0.38 0.27 40.74%
Diluted EPS (RMB Yuan/share) 0.38 0.27 40.74%
Weighted average ROE (%) 5.33% 4.28% 1.05%
31 Mar. 2015 31 Dec. 2014 +/- (%)
Total assets (RMB Yuan) 11,622,314,983.41 11,376,793,928.71 2.16%
Net assets attributable to shareholders of
4,672,579,250.04 4,427,982,112.33 5.52%
the Company (RMB Yuan)
Items and amounts of extraordinary gains and losses
√ Applicable □ Inapplicable
Unit: RMB Yuan
Item Jan.-Mar. 2015 Explanation
Gain/loss on the disposal of non-current assets (including the offset part
-1,412,540.72
of the asset impairment provisions)
Government grants recognized in the current period, except for those
acquired in the ordinary course of business or granted at certain quotas or 3,700,689.75
amounts according to the government’s unified standards
Gain/loss on entrusting others with investments or asset management 30,726,398.10
Other gain and loss items that meet the definition of an extraordinary
2,700,989.95
gain/loss
Less: Income tax effects 5,357,330.56
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Minority interests effects (after tax) 2,858,010.89
Total 27,500,195.63 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Extraordinary Gains and
Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item
□ Applicable √ Inapplicable
No such cases in the reporting period.
II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders
1. Total number of common shareholders at the period-end and shareholdings of top 10 common
shareholders
Unit: share
Total number of common
25,656
shareholders at the period-end
Shareholdings of top 10 common shareholders
Pledged or frozen
Number of
Shareholding Number of shares
Name of shareholder Nature of shareholder restricted
percentage (%) shares held Status of Number
shares held
shares of shares
Domestic
MIDEA GROUP CO., LTD. non-state-owned 37.78% 238,948,117
corporation
TITONI INVESTMENTS
Overseas corporation 14.89% 94,204,942
DEVELOPMENT LTD.
GAOLING FUND,L.P. Overseas corporation 4.23% 26,727,686
State-owned
FINANCE BUREAU OF WUXI 3.49% 22,057,657
corporation
Agricultural Bank of China Domestic
－ Bocom Schroeder Growth Stock non-state-owned 1.56% 9,865,754
Securities Investment Fund corporation
Domestic
NATIONAL SOCIAL SECURITY
non-state-owned 1.34% 8,500,000
FUND PORTFOLIO 102
corporation
China Ping’an Life Insurance Co., Domestic
Ltd.－Unit-linked insurance－Person non-state-owned 1.15% 7,282,757
al Insurance unit-linked insurance corporation
NATIONAL SOCIAL SECURITY Domestic 0.98% 6,180,101
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
FUND PORTFOLIO 108 non-state-owned
corporation
LMA SPC F/B/O MAP 147
Overseas corporation 0.87% 5,508,587
SEGREGATED PORTFOLIO
CHINA CONSTRUCTION
Domestic
BANK—PENGHUA ADVANCED
non-state-owned 0.78% 4,903,148
STOCK SECURITIES
corporation
INVESTMENT FUND
Shareholdings of top 10 non-restricted common shareholders
Number of Variety of shares
Name of shareholder non-restricted
Variety Number
common shares held
MIDEA GROUP CO., LTD. 238,948,117 RMB ordinary shares 238,948,117
Domestically listed
TITONI INVESTMENTS DEVELOPMENT LTD. 94,204,942 94,204,942
foreign shares
Domestically listed
GAOLING FUND,L.P. 26,727,686 26,727,686
foreign shares
FINANCE BUREAU OF WUXI 22,057,657 RMB ordinary shares 22,057,657
Agricultural Bank of China－Bocom Schroeder Growth Stock
9,865,754 RMB ordinary shares 9,865,754
Securities Investment Fund
NATIONAL SOCIAL SECURITY FUND PORTFOLIO 102 8,500,000 RMB ordinary shares 8,500,000
China Ping’an Life Insurance Co., Ltd.－Unit-linked insura
7,282,757 RMB ordinary shares 7,282,757
nce －Personal Insurance unit-linked insurance
NATIONAL SOCIAL SECURITY FUND PORTFOLIO 108 6,180,101 RMB ordinary shares 6,180,101
Domestically listed
LMA SPC F/B/O MAP 147 SEGREGATED PORTFOLIO 5,508,587 5,508,587
foreign shares
CHINA CONSTRUCTION BANK—PENGHUA
4,903,148 RMB ordinary shares 4,903,148
ADVANCED STOCK SECURITIES INVESTMENT FUND
Explanation on associated relationship or persons acting in GD MIDEA HOLDING CO., LTD. and TITONI INVESTMENTS
concert among the above-mentioned shareholders DEVELOPMENT LTD. are parties acting in concert.
Did any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the Company conduct any
promissory repo during the reporting period?
□ Yea √ No
No such cases in the reporting period.
2. Total number of preferred shareholders at the period-end and shareholdings of top 10 preferred
shareholders
□ Applicable √ Inapplicable
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Section III. Significant Events
I. Significant changes in the major accounting statement items and financial indicators for the
reporting period, as well as the reasons for these changes
√ Applicable □ Inapplicable
31 Mar. 31 Dec.
2015/Jan.-Mar. 2014/Jan.-Mar. +/- (RMB Ten
Statement item +/-% Notes
2015 (RMB Ten 2014 (RMB Ten thousand)
thousand) thousand)
The export tax rebates for last year were
Other receivables 2,385.01 3,461.20 -1,076.19 -31%
received.
The investments in bank wealth
Other current assets 330,684.63 194,797.22 135,887.41 70%
management products increased.
Long-term deferred
626.48 185.20 441.28 238% More expenses on molds
expenses
Accounts received in
36,402.37 85,159.28 -48,756.92 -57% Due to the sale cycle
advance
Taxes and fares
38,919.62 27,364.89 11,554.73 42% The sales and profit increased.
payable
Administrative
13,635.67 9,986.72 3,648.95 37% Expenses on salaries and R&D increased.
expenses
Financial expenses -1,191.45 -270.63 -920.82 -340% The deposit interest income increased.
Gain on fair value The gain on the fair value changes in
-2.83 -1,192.58 1,189.75 100%
changes forward exchange contracts increased.
The investment in bank wealth
Investment gain 3,096.41 2,298.71 797.70 35% management products increased, resulting
in more gain.
Non-operating The loss on disposal of wasted fixed assets
339.14 140.86 198.28 141%
expense increased.
Total profit 32,645.19 21,929.55 10,715.64 49% The sales increased.
Income tax expenses 4,928.85 3,160.22 1,768.63 56% Total profit increased.
Net profit 27,716.35 18,769.33 8,947.01 48% The sales increased.
Minority
Subsidiary Hefei Midea Washing Machine
shareholders’ 3,484.90 1,691.89 1,793.01 106%
Co., Ltd. recorded increased net profit.
income
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Due to exchange rate fluctuations, the
Other
foreign-currency statement translation
comprehensive 11.52 23.83 -12.31 -52%
difference of the Singapore subsidiary
incomes
changed.
The business scale expanded and the cash
Net cash flows from
39,428.21 27,196.43 12,231.78 45% received from sale of goods and rendering
operating activities
of services increased accordingly.
The investments in bank wealth
Net cash flows from management products increased, resulting
-71,505.40 -19,123.48 -52,381.92 -274%
investing activities in an increase in the cash paid for
investment.
II. Progress of significant events and analysis & explanations on their influence and solutions
□ Applicable √ Inapplicable
III. Commitments made by the Company or any shareholder with a shareholding over 5% in
the reporting period or such commitments made in previous period and carried down into the
reporting period
√ Applicable □ Inapplicable
Period
Time of
Commitmen of Fulfill
Commitment Contents making
t maker commi ment
commitment
tment
Where the controlling shareholder GD Midea Holding Co., Ltd. (Midea
Holding) plans to sell the Company’s shares released from trading In the
moratorium held by it via the bid trading system of the Shenzhen Stock process
Commitment Controlling 28 Feb. Long-t
Exchange, and Midea Holding decreases over 5% shares within six of
on share reform shareholder 2008 erm
months since the first reduction of holdings, Midea Holding will disclose implem
the suggestive announcement on share selling through the Company two entation
trading days before its first reduction of holdings.
1. As for the commitment of avoiding horizontal competition, Midea
Holding (the controlling shareholder) and Mr. He Xiangjian (the actual
controller) has promised that, and for the period after the said transaction
Commitment in In the
Controlling when the Company’s controlling shareholder and actual controller remain
the acquisition process
shareholder unchanged, the actual controller Mr. He Xiangjian and his direct 1 Dec. 2010, Long-t
report or the of
and actual relatives, Midea Group and its controlling other enterprises recently no 6 Jun. 2014 erm
report on equity implem
controller and will neither engage in the same or similar production and operating
changes entation
activities as the current main business of Little and its controlling
enterprises, nor control other economic entities, institutions and economic
organizations to engage in or participate at the same competitive business
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
with the current main business of Little Swan and the enterprises
controlled by it. If Little Swan and its controlling enterprises developed
their operation business scope on the basis of the current business, the
actual controller Mr. He Xiangjian and his direct relatives, Midea Group
and its controlling other enterprises if had ceased production on those
business, the Company will solve the horizontal competition caused by
them during reasonable period, and if at the moment had not execute any
production and operation, they will not engage in those new business
competed with Little Swan or its controlling enterprises. If there was any
situation violated the above commitments, the profits gained from the
relevant business should be enjoyed by Little Swan.
2. 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 transaction incurred with rational
reasons of the period after the said transaction when the Company’s
controlling shareholder and actual controller remain unchanged, the
actual controller Mr. He Xiangjian and his direct relatives, Midea Group
and its controlling other enterprises will standard and try their best to
reduce the related transactions between Little Swan and its controlled
enterprises. If there was unavoidable related transactions with Little Swan
and its controlling enterprises, the Company will sign the standard related
transaction agreement with Little Swan according to law and execute the
approval procedure according to relevant regulations for ensuring the In the
Controlling
fairness of the price of the related transactions; guarantee that to execute process
shareholder 1 Dec. 2010, Long-t
the information disclosure obligations of the related transactions of
and actual 6 Jun. 2014 erm
according to relevant regulations; guarantee not to make use of the implem
controller
related transactions illegally transfer the capital and profits of Little Swan entation
as well as not to make use of the related transactions to do harm to the
interests of Little Swan and the shareholders; will not require Little Swan
to provide more favorable conditions than the conditions that provides for
the independent third parties among any market fair deal; when those
other enterprise relevant events involved with the actual controller Mr.
He Xiangjian and his direct relatives, Midea Group and its controlling
enterprises taking the voting, the Company should execute the voting
avoiding obligations. If there did any situation that violated the above
commitments and guarantees own to Midea Group and Mr. He Xiangjian
that harmed the equities of Little or other shareholders, Midea Group and
Mr. He Xiangjian should take the corresponding compensation
responsibility according to laws.
3. As for the commitment on independence, for further ensure the In the
Controlling
independent operation of Little Swan, Midea Group and the actual 1 Dec. 2010, Long-t process
shareholder
controller Mr. He Xiangjian and its controlling other enterprises will 6 Jun. 2014 erm of
and actual
maintain mutual independent in the aspects such as personnel, finance, implem
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
controller assets, business and institutions according to the relevant laws and entation
regulations as well as the normative documents.
4. As for the commitment on related-party deposits and borrowings, up to
8 Apr. 2010, the Financial Settlement Center of GD Midea Holding had In the
settled all internal deposits and borrowings with Hefei Royalstar Washing process
Controlling Long-t
Equipment Manufacturing Co., Ltd.; and GD Midea Holding has 1 Dec. 2010 of
shareholder erm
promised that there will be no more deposits, borrowings or other funds implem
flows incurred between the Financial Settlement Center and Hefei entation
Royalstar Washing Equipment Manufacturing Co., Ltd..
5. 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 In the
warehouse for half-finished products (176 square meters) and the process
Controlling Long-t
workshop for injection molding (834 square meters), both located in the 1 Dec. 2010 of
shareholder erm
old factory of Royalstar Washing Equipment, Hewa Road, Hefei. GD implem
Midea Holding has promised that if loss occurs due to the said two entation
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.
6. The commitment by GD Midea Holding on trademarks is detailed as (2)
follows. (1) Concerning the “Midea” trademark: Upon approval and Conce
implementation of the equity transfer transaction, GD Midea Holding has rning
promised that it will make sure that Royalstar Washing Equipment uses the
the “Midea” trademark in a proper manner. Royalstar Washing “Royal
Equipment will be allowed to use the “Midea” trademark with a star”
trademark use fee not more than that paid by Midea Group (the tradem
controlling shareholder of GD Midea Holding) and its subsidiaries ark
(currently 3‰ of the annual sales income generated by products using the was
“Midea” trademark), and upon negotiation and signing of the “Agreement expire In the
for Trademark Use”. The related-party transactions incurred due to the d on process
Controlling
said use of the “Midea” trademark will be submitted to the 1 Dec. 2010 31 of
shareholder
decision-making organ of the Company for approval according to the Mar. implem
stipulated procedure. As such, interests of the Company and its minority 2013 entation
shareholders will be safeguarded. (2) Concerning the “Royalstar” and
trademark: GD Midea Holding has signed the “Contract for Trademark will
Use” with Royalstar Group and obtained the ordinary use rights of the not be
“Royalstar” (or “荣事达”) trademark. As the transferor in the transfer renew
transaction of equity interests of Royalstar Washing Equipment, GD ed,
Midea Holding has promised that within the scope as agreed in the others
“Contract for Trademark Use”, if any dispute arises between Royalstar are in
Washing Equipment and Royalstar Group over the former’s execution of the
the “Contract for Trademark Use”, Little Swan will not be involved. If proces
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Royalstar Washing Equipment and Little Swan have to assume any s of
responsibility or loss due to the aforesaid dispute, GD Midea Holding is long
willing to take on the responsibility instead and make compensations to term
Royalstar Washing Equipment and Little Swan at full amount. imple
mentat
ion
7. 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 In the
authorities in a timely manner and assume any other liability. If any loss process
Controlling Long-t
thus occurs to Royalstar Washing Equipment or Little Swan, GD Midea 1 Dec. 2010 of
shareholder erm
Holding is willing to assume relevant responsibilities for compensation. implem
Upon the completion of the said equity transfer deal, if income tax entation
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.
8. The commitment by Midea Group on capital safety at the finance
companies of the Company: during the validity period of the Financial In the
3
Services Agreement, when Midea Group occurred emergency situation of process
Controlling 18 Mar. years
payment difficulty at finance companies, it should adopt the effective of
shareholder 2015 validit
measures such as increase the capital fund of the finance companies implem
y
according to the actual needs of solving the payment difficulty to ensure entation
the capital safety of the Company.
Commitments
made upon the
assets
reorganization
Commitments
made upon IPO
or refinancing
Other
commitments
made to
minority
shareholders
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Executed
Yes
timely or not?
Specific
reasons fail to
complete
Inapplicable
execution and
further plans (if
any)
IV. Predict the operating results of Jan.-Jun. 2015
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. Securities investments
□ Applicable √ Inapplicable
No such cases in the reporting period.
VI. Shareholdings in other listed companies
□ Applicable √ Inapplicable
No such cases in the reporting period.
VII. Investments in derivatives
√ Applicable □ Inapplicable
Shareholdings in other listed companies
VII. Derivative investments
√ Applicable □ Inapplicable
Unit: RMB Ten Thousand Yuan
Proportion
of the
Relate closing Actual
Impairm
d-part Closing investment gain/lo
Type of Initial Opening ent
Relati y Beginning investme amount in ss in
Operator derivative investment Ending date investment provisio
on transac date nt the reporti
investment amount amount n (if
tion or amount Company’ ng
any)
not s closing period
net assets
(%)
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Forward
Bank No No exchange 5,770 7 Jan. 2015 19 May 2015 5,770 1,699 0.31% 31.3
contract
Total 5,770 -- -- 5,770 1,699 0.31% 31.3
Capital source for derivative All self-owned funds
investment
Lawsuit situations (if applicable) Inapplicable
Disclosure date of the board
announcement approving the wealth 20 Mar. 2015
management entrustment (if any)
Disclosure date of the general
meeting announcement approving 22 Apr. 2015
the wealth management entrustment
(if any)
The Company has formulated the Management Methods for Exchange Funds upon review to
thoroughly assess and control derivative investment risks, which are detailed as follows:
1. Market risk
Fluctuations of exchange rates may incur a great market risk in the foreign exchange funds
business. Meanwhile, if the Company fails to input foreign exchanges on time for contract
execution in the foreign exchange funds business, contract breach risk may incur.
Counter-measures: The Company will not carry out speculative trading in its foreign exchange
funds business. And the Company will stick to the principle of being prudent in operations. A
from-the-bottom-up management mechanism is adopted. When subsidiaries or product
enterprises file applications for funds business, they will give a risk analysis on conditions or
Analysis on risks and control circumstances that might affect gains and losses, estimate the maximum gain and loss, and
measures of derivative products state the ratio or total amount of guarantee deposits they can bear. And the Company will,
held in the reporting period according to their applications, update operations in time in its funds business and make funds
(including but not limited to market arrangements before the maturity date.
risk, liquidity risk, credit risk,
2. Operation risk
operation risk, law risk, etc.)
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 foreign exchange business in compliance with applicable laws
and regulations, with rights and duties between the Company and agencies being stated
12
Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
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 on the fair value of the The Company adopts forward foreign exchange quotations declared by the People’s Bank of
derivatives should include the China in its analysis on fair values of derivative products.
specific use methods and the
relevant assumptions and
parameters.
Whether significant changes
occurred to the Company’s
accounting policy and specific
No significant changes.
accounting principles of derivatives
in the reporting period compared to
the previous reporting period
Independent directors of the Company believe that: The Company has formulated derivative
investment rules such as the Management Methods for Exchange Funds to help it effectively
Specific opinion from independent control risks involved; the Company’s derivative investments in the reporting period mainly
directors on the Company’s targeted its exports. It signed forward exchange contracts with domestic financial institutions,
derivatives investment and risk which helped it to lock up the exchange rate and avoid the risk of exchange rate fluctuations.
control 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.
VIII. Researches, visits and interviews received in the reporting period
√ Applicable □ Inapplicable
Main discussion and
Place of Way of
Time of reception Visitor type Visitor materials provided by
reception reception
the Company
Changjiang Securities, Huatai Assets,
Conference Fullgoal Fund, China AMC, Sinolink
Overall operation of
22 Jan. 2015 Room of the Field research Institution Securities, Zhong Ou AMC, Essences
the Company
Company Securities, BOCOM Securities, Ping An
Asset
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Report for the First Quarter of 2015 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 2,163,913,113.11 3,059,914,956.21
Settlement reserves
Intra-group lendings
Financial assets measured at fair value of which 220,578.24 248,907.75
Derivative financial current
changes are recorded inassets profits and losses
Notes receivable 2,840,015,166.92 3,147,153,535.61
Accounts receivable 1,068,886,722.15 856,343,229.70
Accounts paid in advance 175,541,071.09 142,977,522.28
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract reserves
Interest receivable
Dividend receivable
Other accounts receivable 23,850,112.20 34,611,969.22
Financial assets purchased under agreements to
resell
Inventories 460,044,879.93 605,616,993.25
Assets held for sale
Non-current assets due within 1 year
Other current assets 3,306,846,269.58 1,947,972,214.72
Total current assets 10,039,317,913.22 9,794,839,328.74
Non-current assets:
Loans by mandate and advances granted
Available-for-sale financial assets 200,000.00 200,000.00
Held-to-maturity investments
Long-term accounts receivable
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Long-term equity investment 2,774,768.17 2,850,040.45
Investing real estate 72,253,482.13 73,229,177.52
Fixed assets 1,038,145,055.66 1,065,820,898.65
Construction in progress
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 201,450,839.52 202,760,577.70
R&D expense
Goodwill
Long-term deferred expenses 6,264,755.50 1,851,978.15
Deferred income tax assets 261,908,169.21 235,241,927.50
Other non-current assets
Total of non-current assets 1,582,997,070.19 1,581,954,599.97
Total assets 11,622,314,983.41 11,376,793,928.71
Current liabilities:
Short-term borrowings 116,148,521.47
Borrowings from Central Bank
Customer bank deposits and due to banks and other
financial institutions
Intra-group borrowings
Financial liabilities measured at fair value of which
Derivative financial current
changes are recorded inliabilitiesprofits and losses
Notes payable 1,339,477,601.67 1,173,851,127.31
Accounts payable 3,718,090,880.34 3,614,077,813.37
Accounts received in advance 364,023,659.51 851,592,826.03
Financial assets sold for repurchase
Handling charges and commissions payable
Payroll payable 202,382,870.86 250,377,809.92
Tax payable 389,196,199.65 273,648,854.64
Interest payable
Dividend payable 4,088,128.36 4,088,128.36
Other accounts payable 48,798,275.84 48,540,416.84
Reinsurance premiums payable
Insurance contract reserves
Payables for acting trading of securities
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Payables for acting underwriting of securities
Liabilities held for sale
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 6,182,206,137.70 6,216,176,976.47
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: preferred shares
Perpetual bonds
Long-term payables
Long-term payroll payables
Specific payables 2,073,957.30 2,073,957.30
Estimated liabilities 9,956,354.38 9,960,830.74
Deferred income 3,735,433.32 3,848,733.33
Deferred income tax liabilities 33,086.73 37,336.16
Other non-current liabilities
Total non-current liabilities 15,798,831.73 15,920,857.53
Total liabilities 6,198,004,969.43 6,232,097,834.00
Owners’ equity:
Share capital 632,487,764.00 632,487,764.00
Other equity instruments
Of which: preferred shares
Perpetual bonds
Capital reserves 1,142,123,819.28 1,139,956,336.03
Less: Treasury stock
Other comprehensive income -3,334,503.83 -3,449,689.57
Specific reserves
Surplus reserves 332,594,722.29 332,594,722.29
Provisions for general risks
Retained profits 2,568,707,448.30 2,326,392,979.58
Total equity attributable to owners of the Company 4,672,579,250.04 4,427,982,112.33
Minority interests 751,730,763.94 716,713,982.38
Total owners’ equity 5,424,310,013.98 5,144,696,094.71
Total liabilities and owners’ equity 11,622,314,983.41 11,376,793,928.71
Legal representative: Fang Hongbo Chief of the accounting work: Sun Yunan Chief of the accounting organ: Zhong Fangliu
16
Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
2. Balance sheet of the Company
Unit: RMB Yuan
Item Closing balance Opening balance
Current Assets:
Monetary funds 1,343,465,555.67 1,911,559,698.48
Financial assets measured at fair value of which 127,385.07 169,471.35
Derivative financial current
changes are recorded inassets profits and losses
Notes receivable 2,046,345,765.51 1,995,701,371.99
Accounts receivable 728,323,276.24 599,080,895.73
Accounts paid in advance 72,443,332.64 82,118,815.39
Interest receivable
Dividend receivable
Other accounts receivable 17,738,475.97 16,162,292.29
Inventories 292,461,587.51 391,600,972.50
Assets held for sale
Non-current assets due within 1 year
Other current assets 1,823,850,586.05 1,024,148,072.06
Total current assets 6,324,755,964.66 6,020,541,589.79
Non-current assets:
Available-for-sale financial assets 150,000.00 150,000.00
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment 1,342,469,259.74 1,342,544,532.02
Investing real estate 8,837,994.22 9,112,459.48
Fixed assets 519,527,738.88 536,196,976.55
Construction in progress
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 97,299,193.17 97,971,768.25
R&D expense
Goodwill
Long-term deferred expenses 5,778,644.38 1,525,311.48
Deferred income tax assets 170,926,135.27 156,000,386.72
Other non-current assets
Total of non-current assets 2,144,988,965.66 2,143,501,434.50
17
Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Total assets 8,469,744,930.32 8,164,043,024.29
Current liabilities:
Short-term borrowings 16,404,201.00
Financial liabilities measured at fair value of which
Derivative financial current
changes are recorded inliabilitiesprofits and losses
Notes payable 787,061,907.45 584,317,575.73
Accounts payable 2,725,912,809.14 2,548,193,911.40
Accounts received in advance 218,847,645.15 536,032,679.79
Payroll payable 130,984,859.84 156,971,021.63
Tax payable 279,741,748.76 178,868,538.14
Interest payable
Dividend payable 4,088,128.36 4,088,128.36
Other accounts payable 10,978,006.17 15,256,765.11
Liabilities held for sale
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 4,174,019,305.87 4,023,728,620.16
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: preferred shares
Perpetual bonds
Long-term payables
Long-term payroll payables
Specific payables
Estimated liabilities
Deferred income
Deferred income tax liabilities 19,107.76 25,420.70
Other non-current liabilities
Total non-current liabilities 19,107.76 25,420.70
Total liabilities 4,174,038,413.63 4,023,754,040.86
Owners’ equity:
Share capital 632,487,764.00 632,487,764.00
Other equity instruments
Of which: preferred shares
Perpetual bonds
Capital reserves 1,301,894,334.32 1,300,124,962.20
18
Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Less: Treasury stock
Other comprehensive income
Specific reserves
Surplus reserves 319,944,578.39 319,944,578.39
Retained profits 2,041,379,839.98 1,887,731,678.84
Total owners’ equity 4,295,706,516.69 4,140,288,983.43
Total liabilities and owners’ equity 8,469,744,930.32 8,164,043,024.29
3. Consolidated income statement
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
I. Total operating revenues 3,293,972,545.08 2,576,160,088.43
Including: Sales income 3,293,972,545.08 2,576,160,088.43
Interest income
Premium income
Handling charge and commission income
II. Total operating costs 3,002,591,301.31 2,373,449,895.21
Including: Cost of sales 2,379,120,341.82 1,863,580,470.12
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 17,128,541.02 18,158,736.21
Selling and distribution expenses 472,357,387.28 384,822,055.79
Administrative expenses 136,356,668.54 99,867,200.75
Financial expenses -11,914,487.39 -2,706,279.81
Asset impairment loss 9,542,850.04 9,727,712.15
Add: Gain/(loss) from change in fair value (“-” means
-28,329.51 -11,925,800.00
loss)
Gain/(loss) from investment (“-” means loss) 30,964,125.82 22,987,140.99
Including: share of profits in associates and joint
19
Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
ventures
Foreign exchange gains (“-” means loss)
III. Business profit (“-” means loss) 322,317,040.08 213,771,534.21
Add: non-operating income 7,526,310.70 6,932,588.41
Including: Gains on disposal of non-current
assets
Less: non-operating expense 3,391,414.54 1,408,605.94
Including: Losses on disposal of non-current
assets
IV. Total profit (“-” means loss) 326,451,936.24 219,295,516.68
Less: Income tax expense 49,288,455.12 31,602,176.95
V. Net profit (“-” means loss) 277,163,481.12 187,693,339.73
Net profit attributable to owners of the Company 242,314,468.72 170,774,457.85
Minority shareholders’ income 34,849,012.40 16,918,881.88
VI. After-tax net amount of other comprehensive
115,185.74 238,278.48
incomes
After-tax net amount of other comprehensive
115,185.74 238,278.48
incomes attributable to owners of the Company
(I) Other comprehensive incomes that will not
be reclassified into gains and losses
1. Changes in net liabilities or assets with a
defined benefit plan upon re-measurement
2. Enjoyable shares in other comprehensive
incomes in investees that cannot be reclassified into
gains and losses under the equity method
(II) Other comprehensive incomes that will be
115,185.74 238,278.48
reclassified into gains and losses
1. Enjoyable shares in other comprehensive
incomes in investees that will be reclassified into
gains and losses under the equity method
2. Gains and losses on fair value changes of
available-for-sale financial assets
3. Gains and losses on reclassifying
held-to-maturity investments into available-for-sale
financial assets
4. Effective hedging gains and losses on
cash flows
20
Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
5. Foreign-currency financial statement
115,185.74 238,278.48
translation difference
6. Other
After-tax net amount of other comprehensive
incomes attributable to minority shareholders
VII. Total comprehensive incomes 277,278,666.86 187,931,618.21
Attributable to owners of the Company 242,429,654.46 171,012,736.33
Attributable to minority shareholders 34,849,012.40 16,918,881.88
VIII. Earnings per share
(I) Basic earnings per share 0.38 0.27
(II) Diluted earnings per share 0.38 0.27
Legal representative: Fang Hongbo Chief of the accounting work: Sun Yunan Chief of the accounting organ: Zhong Fangliu
4. Income statement of the Company
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
I. Total sales 2,470,525,958.78 1,894,175,621.32
Less: cost of sales 1,847,860,647.42 1,390,057,329.94
Business taxes and surcharges 11,711,081.29 13,547,483.63
Distribution expenses 354,864,794.58 292,227,018.27
Administrative expenses 101,692,072.59 77,795,813.89
Financial costs -5,537,625.27 808,182.35
Impairment loss 2,865,647.81 6,171,520.43
Add: gain/(loss) from change in fair value (“-”
-42,086.28 -6,848,610.00
means loss)
Gain/(loss) from investment (“-” means loss) 23,137,782.86 1,511,386.24
Including: income form investment on associates
and joint ventures
II. Business profit (“-” means loss) 180,165,036.94 108,231,049.06
Add: non-operating income 3,253,117.90 3,999,006.92
Including: Gains on disposal of non-current
assets
Less: non-operating expense 2,655,612.33 2,816,063.68
Including: Losses on disposal of non-current
assets
21
Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
III. Total profit (“-” means loss) 180,762,542.51 109,413,992.30
Less: Income tax expense 27,114,381.38 16,412,098.85
IV. Net profit (“-” means loss) 153,648,161.13 93,001,893.45
V. After-tax net amount of other comprehensive
-35,985.60
incomes
(I) Other comprehensive incomes that will not be
reclassified into gains and losses
1. Changes in net liabilities or assets with a
defined benefit plan upon re-measurement
2. Enjoyable shares in other comprehensive
incomes in investees that cannot be reclassified into
gains and losses under the equity method
(II) Other comprehensive incomes that will be
-35,985.60
reclassified into gains and losses
1. Enjoyable shares in other comprehensive
incomes in investees that will be reclassified into
gains and losses under the equity method
2. Gains and losses on fair value changes of
-35,985.60
available-for-sale financial assets
3. Gains and losses on reclassifying
held-to-maturity investments into available-for-sale
financial assets
4. Effective hedging gains and losses on cash
flows
5. Foreign-currency financial statement
translation difference
6. Other
VI. Total comprehensive incomes 153,648,161.13 92,965,907.85
VII. Earnings per share
(I) Basic earnings per share 0.24 0.15
(II) Diluted earnings per share 0.24 0.15
5. Consolidated cash flow statement
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
I. Cash flows from operating activities:
Cash received from sale of commodities and 2,311,468,394.08 1,646,521,888.52
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Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
rendering of service
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 financial assets
measured at fair value of which changes are recorded
into current gains and losses
Cash received from interest, handling charges and
commissions
Net increase of intra-group borrowings
Net increase of funds in repurchase business
Tax refunds received 22,306,916.59 1,379,269.70
Other cash received relating to operating activities 16,382,898.79 8,523,758.56
Subtotal of cash inflows from operating activities 2,350,158,209.46 1,656,424,916.78
Cash paid for goods and services 1,128,751,660.68 723,257,042.69
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
Cash for paying policy dividends
Cash paid to and for employees 283,468,238.34 211,254,229.32
Various taxes paid 131,441,100.55 148,479,258.31
Other cash payment relating to operating activities 412,215,075.35 301,470,073.93
Subtotal of cash outflows from operating activities 1,955,876,074.92 1,384,460,604.25
Net cash flows from operating activities 394,282,134.54 271,964,312.53
II. Cash flows from investing activities:
Cash received from withdrawal of investments 1,726,000,000.00 2,298,000,000.00
23
Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Cash received from return on investments 31,039,398.10 23,005,978.66
Net cash received from disposal of fixed assets,
4,440.00 72,000.00
intangible assets 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 1,757,043,838.10 2,321,077,978.66
Cash paid to acquire fixed assets, intangible assets
21,097,886.03 22,942,809.96
and other long-term assets
Cash paid for investment 2,451,000,000.00 2,489,370,000.00
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 2,472,097,886.03 2,512,312,809.96
Net cash flows from investing activities -715,054,047.93 -191,234,831.30
III. Cash Flows from Financing Activities:
Cash received from capital contributions
Including: Cash received from minority
shareholder investments by subsidiaries
Cash received from borrowings 116,148,521.47
Cash received from issuance of bonds
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 116,148,521.47
Repayment of borrowings
Cash paid for interest expenses and distribution of
dividends or profit
Including: dividends or profit paid by
subsidiaries to minority shareholders
Other cash payments relating to financing
activities
Sub-total of cash outflows from financing activities
Net cash flows from financing activities 116,148,521.47
IV. Effect of foreign exchange rate changes on cash
and cash equivalents
24
Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
V. Net increase in cash and cash equivalents -204,623,391.92 80,729,481.23
Add: Opening balance of cash and cash
1,516,739,804.86 1,543,513,880.63
equivalents
VI. Closing balance of cash and cash equivalents 1,312,116,412.94 1,624,243,361.86
6. Cash flow statement of the Company
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
I. Cash flows from operating activities:
Cash received from sale of commodities and
1,466,060,466.05 1,387,187,542.05
rendering of service
Tax refunds received 4,291,106.27
Other cash received relating to operating activities 7,312,358.87 6,135,064.74
Subtotal of cash inflows from operating activities 1,477,663,931.19 1,393,322,606.79
Cash paid for goods and services 676,848,631.05 613,008,773.48
Cash paid to and for employees 190,585,043.67 139,756,464.02
Various taxes paid 71,039,924.50 113,320,106.80
Other cash payment relating to operating activities 302,459,281.81 229,543,047.77
Subtotal of cash outflows from operating activities 1,240,932,881.03 1,095,628,392.07
Net cash flows from operating activities 236,731,050.16 297,694,214.72
II. Cash flows from investing activities:
Cash received from retraction of investments 1,150,000,000.00 1,000,000,000.00
Cash received from return on investments 23,213,055.14 10,043,278.39
Net cash received from disposal of fixed assets,
intangible assets and other long-term assets
Net cash received from disposal of subsidiaries or
38,977.14
other business units
Other cash received relating to investing activities
Subtotal of cash inflows from investing activities 1,173,213,055.14 1,010,082,255.53
Cash paid to acquire fixed assets, intangible assets
12,283,921.60 15,764,370.14
and other long-term assets
Cash paid for investment 1,295,000,000.00 1,430,000,000.00
Net cash paid to acquire subsidiaries and other
business units
Other cash payments relating to investing activities
Subtotal of cash outflows from investing activities 1,307,283,921.60 1,445,764,370.14
25
Report for the First Quarter of 2015 of Wuxi Little Swan Company Limited
Net cash flows from investing activities -134,070,866.46 -435,682,114.61
III. Cash Flows from Financing Activities:
Cash received from capital contributions
Cash received from borrowings 16,404,201.00
Cash received from issuance of bonds
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 16,404,201.00
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 16,404,201.00
IV. Effect of foreign exchange rate changes on cash
and cash equivalents
V. Net increase in cash and cash equivalents 119,064,384.70 -137,987,899.89
Add: Opening balance of cash and cash
600,231,105.51 882,413,120.18
equivalents
VI. Closing balance of cash and cash equivalents 719,295,490.21 744,425,220.29
II. Auditor’s report
Is this report audited?
□ Yes √ No
This report is not audited.
Wuxi Little Swan Company Limited
Legal representative: Fang Hongbo
22 April 2015
26
