The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Wuxi Little Swan Company Limited
The Report for the First Quarter of 2016
April 2016
1
The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Section I Important Statements
The Board of Directors, Supervisory Committee, directors, supervisors and senior management of Wuxi
Little Swan Company Limited (hereinafter referred to as the “Company”) hereby guarantee that the
information presented in this Report is factual, accurate and complete, and shall be jointly and severally
liable for any false information, misleading statements or material omissions carried in this Report.
Mr. Fang Hongbo, Board Chairman, Mr. Sun Yunan, CFO, and Mr. Xu Yunwei, chief of the accounting
organ (chief of accounting), hereby confirm that the financial report carried in this Report is factual,
accurate and complete.
All directors attended the board meeting for the review of this Report.
This Report has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese version shall prevail.
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Section II Financial Results and Changes in Shareholders
I Financial results
Whether the Company performed any retroactive adjustments to or restatement of its accounting data due to
changes of accounting policies or correction of accounting errors
□ Yes √ No
January-March 2016 January-March 2015 +/-%
Operating revenues (RMB) 4,239,779,074.70 3,293,972,545.08 28.71%
Net profit attributable to shareholders of the
317,052,211.46 242,314,468.72 30.84%
Company (RMB)
Net profit attributable to shareholders of the
311,794,446.12 245,540,671.19 26.98%
Company after exceptional profit and loss (RMB)
Net operating cash flow (RMB) 573,548,265.90 394,282,134.54 45.47%
Basic earnings per share (RMB/share) 0.50 0.38 31.58%
Diluted earnings per share (RMB/share) 0.50 0.38 31.58%
Weighted average return on equity (%) 6.00% 5.33% 0.67%
31 March 2016 31 December 2015 +/-%
Total assets (RMB) 14,927,470,103.94 14,327,655,366.60 4.19%
Net assets attributable to shareholders of the
5,460,647,864.77 5,124,866,173.14 6.55%
Company (RMB)
Note: In the fourth quarter of 2015, “to make financial investments with the Company’s own funds” was added to
the business scope of the Company. As such, profit/loss on financial investments has been restated as recurrent
profit/loss. In order to help investors better understand the business results of the Company, the “net profit
attributable to shareholders of the Company after exceptional profit and loss” for January-March 2015 is restated
in the above table on the same basis.
Exceptional profit and loss
√ Applicable □ Not applicable
Unit: RMB
Item January-March 2016 Note
Profit/loss on disposal of non-current assets (including offset amount of
99,572.65
asset impairment provisions)
Government grants charged to the profit/loss for the Reporting Period
(except for the government grants closely related to the business of the
6,222,716.87
Company and given at a fixed quota or amount in accordance with the
State’s uniform standards)
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Non-operating income and expense other than the above 1,362,249.97
Less: Corporate income tax 1,152,680.92
Minority interests (after tax) 1,274,093.23
Total 5,257,765.34 --
Explain the reasons if the Company classifies an item as exceptional profit/loss according to the definition in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Profit and Loss, or classifies any exceptional profit/loss item mentioned in the said
explanatory announcement as recurrent profit/loss
□ Applicable √ Not applicable
No such cases in the Reporting Period.
II Total number of shareholders at the period-end and shareholdings of top ten shareholders
1. Numbers of common shareholders and preference shareholders with resumed voting rights as well as
shareholdings of top ten shareholders
Unit: share
Total number of common Total number of preference shareholders with resumed
20,826 0
shareholders at the period-end voting rights at the period-end (if any)
Shareholdings of top ten shareholders
Number of Pledged or frozen
Shareholding
Number of restricted shares
Name of shareholder Nature of shareholder percentage
shares held shares Status of Number
(%)
held shares of shares
Domestic non-state-owned
MIDEA GROUP CO., LTD. 37.78% 238,948,117
corporation
TITONI INVESTMENTS
Foreign corporation 14.89% 94,204,942
DEVELOPMENT LTD.
GAOLING FUND, L.P. Foreign corporation 3.43% 21,694,456
FINANCE BUREAU OF WUXI On behalf of the State 2.70% 17,054,071
NATIONAL SOCIAL SECURITY Domestic non-state-owned
2.33% 14,727,290
FUND PORTFOLIO 101 corporation
GREENWOODS CHINA ALPHA
Foreign corporation 2.17% 13,742,333
MASTER FUND
NATIONAL SOCIAL SECURITY Domestic non-state-owned
1.98% 12,499,640
FUND PORTFOLIO 108 corporation
CENTRAL HUIJIN ASSET
State-owned corporation 1.61% 10,156,300
MANAGEMENT CO., LTD.
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
NORGES BANK Foreign corporation 0.64% 4,023,181
CHINA RESOURCES SZITIC
TRUST CO., LTD.－JINGLIN Domestic non-state-owned
0.56% 3,529,712
DIANJIN TRUST PLAN NO. 2 OF corporation
ASSEMBLED FUNDS
Shareholdings of top ten non-restricted shareholders
Number of Variety of shares
Name of shareholder non-restricted shares
Variety Number
held
MIDEA GROUP CO., LTD. 238,948,117 RMB common shares 238,948,117
Domestically listed
TITONI INVESTMENTS DEVELOPMENT LTD. 94,204,942 94,204,942
foreign shares
Domestically listed
GAOLING FUND, L.P. 21,694,456 21,694,456
foreign shares
FINANCE BUREAU OF WUXI 17,054,071 RMB common shares 17,054,071
NATIONAL SOCIAL SECURITY FUND PORTFOLIO 101 14,727,290 RMB common shares 14,727,290
Domestically listed
GREENWOODS CHINA ALPHA MASTER FUND 13,742,333 13,742,333
foreign shares
NATIONAL SOCIAL SECURITY FUND PORTFOLIO 108 12,499,640 RMB common shares 12,499,640
CENTRAL HUIJIN ASSET MANAGEMENT CO., LTD. 10,156,300 RMB common shares 10,156,300
Domestically listed
NORGES BANK 4,023,181 4,023,181
foreign shares
CHINA RESOURCES SZITIC TRUST CO., LTD.－JINGLIN
3,529,712 RMB common shares 3,529,712
DIANJIN TRUST PLAN NO. 2 OF ASSEMBLED FUNDS
Related or acting-in-concert parties among the above MIDEA GROUP CO., LTD. and TITONI INVESTMENTS
shareholders DEVELOPMENT LTD. are parties acting in concert.
Did any of the top ten common shareholders or the top ten 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 preference shareholders and shareholdings of the top ten of them
□ Applicable √ Not applicable
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Section III Significant Events
I Changes in major accounting statement items and financial indicators for the Reporting
Period, as well as reasons for such changes
Unit: RMB Ten Thousand Yuan
Statement item 31 March 2016 31 December 2015 +/- +/-% Note
Accounts receivable 123,441.91 89,607.55 33,834.36 38% The sales volume increased.
Accounts paid in
14,891.89 9,762.86 5,129.03 53% Prepayments for materials increased.
advance
Other receivables 601.94 920.82 -318.88 -35% Suspense payments were taken back.
Self-drawn banker’s acceptance bills
Notes payable 264,101.15 195,306.53 68,794.62 35%
were adopted more often in payment.
Accounts received in
93,313.14 165,290.88 -71,977.74 -44% Due to the sales cycle
advance
The performance bonuses for the year
Payroll payable 16,582.51 24,828.07 -8,245.56 -33%
2015 had been paid.
Other composite The fair value of bank financial products
4,613.77 3,481.33 1,132.44 33%
income increased.
Statement item January-March 2016 January-March 2015 +/- +/-% Note
Business tax and The turnover tax increased due to the
2,556.27 1,712.85 843.42 49%
surtaxes production and sales cycle.
Selling expenses 63,139.65 47,235.74 15,903.91 34% The sales volume increased.
The interest income on deposits
Financial costs -3,069.37 -1,191.45 -1,877.92 -158%
increased.
Last year saw fair value changes in
Profit on fair value
0.00 -2.83 2.83 -100% forward forex contracts while there were
changes
no such contracts in the Current Period.
Non-operating Last year saw loss on disposal of waste
229.33 339.14 -109.81 -32%
expense fixed assets.
Total profit 42,711.98 32,645.19 10,066.79 31% The sales volume increased.
Corporate income tax 6,607.35 4,928.85 1,678.50 34% The total profit increased.
The cash received from sale of goods
Net operating cash
57,354.83 39,428.21 17,926.62 45% and rendering of services increased as
flow
the sales volume rose.
The cash paid for investment increased
Net investment cash
-120,661.14 -71,505.40 -49,155.74 -69% as the Company increased its investment
flow
in bank financial products.
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
II Progress of significant events and analysis & explanations on their influence and solutions
□ Applicable √ Not applicable
III Commitments of the Company, its shareholders, actual controller, acquirer, directors,
supervisors, senior management or other related parties fulfilled in the Reporting Period or
ongoing at the period-end
Date of
Commitment Type of Term of
Commitment Contents commitment Fulfillment
maker commitment commitment
making
Where the controlling shareholder Midea Group plans to sell
the Company’s shares released from trading moratorium held
Commitmen by it via the bid trading system of the Shenzhen Stock
Commitments
Controlling t concerning Exchange, and Midea Group decreases over 5% shares within Long-standi
made in share 2008.02.28 In execution
shareholder shareholding six months since the first reduction of holdings, Midea Group ng
reform
reduction will disclose an indicative public announcement on share
selling through the Company two trading days before its first
reduction of holdings.
1. As for the commitment of avoiding horizontal competition,
Midea Group (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 shareholder and actual controller remain
unchanged, the actual controller Mr. He Xiangjian, his
immediate family, Midea Group and its controlled other
enterprises neither recently nor in the future will engage in
any production or operation activity the same as or similar to
Commitments the recently main business of Little Swan or its controlled
made in enterprises, as well as will neither engage in nor participate in
Controlling Commitmen
acquisition any competitive business the same as the recently main
shareholder t of avoiding 2010.12.01, Long-standi
documents or business of Little Swan or its controlled enterprises through In execution
and actual horizontal 2014.06.06 ng
shareholding controlling other economic entities, institutions, economic
controller competition
alteration organizations. If Little Swan and its controlled enterprises
documents further developed its scope of the operation business on the
basis of the recently business, and if the actual controller Mr.
He Xiangjian, his immediate family, Midea Group and its
controlled other enterprises had executed production of that,
would solve the corresponding horizontal competition
problems within the reasonable period. If recently there was
no any production or operation, would not engage in the
similar new business that competed with Little Swan and its
controlled enterprises. If there was any situation violated the
above commitments, the profits gained from the business
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
related to operation were belongs to Little Swan.
2. The commitment by Midea Group and the actual controller
on the specification of the related-party transaction. Midea
Group (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
shareholder and actual controller remain unchanged, the
actual controller Mr. He Xiangjian, his immediate family,
Midea Group and its controlled other enterprises will specify
and try their best to reduce the related-party transactions with
Little Swan and its controlled enterprises. If occurred the
unavoidable related transactions with Little Swan and its
controlled enterprises, would sign the normative related-party
transactions agreement Little Swan according to laws and
would execute the approval procedure according to the
Commitmen
relevant regulations to ensure the fairness of the price of the
Controlling t on the
related-party transactions; ensure to execute the information
shareholder specification 2010.12.01, Long-standi
disclose obligation of related-party transactions according to In execution
and actual of the 2014.06.06 ng
the relevant regulations; ensure not to make advantage of the
controller related-party
related-party transactions for illegally transferring the assets
transaction
and profits of Little Swan, as well as not to make advantage
of the related-party transactions for harming to the interests of
Little Swan and the shareholders; would not require Little
Swan to offer any more favorable condition compared with
that offered to the independent third party in any fair trade
market transaction; execute the voting debarb obligation
when involved in the voting of the related events of the actual
controller Mr. He Xiangjian, his immediate family, Midea
Group and its controlled other enterprises. If Midea Group
and Mr. He Xiangjian violated the above commitments and
promises that led to the harm for the equity of Little Swan or
other shareholders, Midea Group and Mr. He Xiangjian
should take the responsibility of the corresponding liability
for damage.
3. As for the commitment on independence, Midea Group and
the actual controller Mr. He Xiangjian has promised that, to
Controlling Commitmen further ensure the independent operation of Little Swan, Mr.
shareholder t on He Xiangjian, Midea Group and its controlled other 2010.12.01, Long-standi
In execution
and actual independenc enterprises would maintain the mutual independent in terms 2014.06.06 ng
controller e of personnel, finance, assets, business and institutions with
Little Swan according to the relevant laws and regulations as
well as the normative documents.
Controlling Commitmen 4. As for the commitment on related-party deposits and 2010.12.01 Long-standi In execution
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
shareholder t on borrowings, up to 8 April 2010, the Financial Settlement ng
related-party Center of Midea Group had settled all internal deposits and
deposits and borrowings with Hefei Midea Washing Machine Co., Ltd.;
borrowings and Midea Group has promised that there will be no more
deposits, borrowings or other funds flows incurred between
the Financial Settlement Center and Hefei Midea Washing
Machine Co., Ltd..
5. The commitment by Midea Group on housing properties
with no ownership certificates of the target company for sale
is detailed as follows. Two pieces of the buildings of Hefei
Commitmen Midea Washing Machine Co., Ltd. assessed and sold to the
t on housing Company are of no ownership certificates—the warehouse
Controlling properties for half-finished products (176 square meters) and the Long-standi
2010.12.01 In execution
shareholder with no workshop for injection molding (834 square meters), both ng
ownership located in the old factory on Hewa Road, Hefei. Midea Group
certificates 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.
6. The commitment by Midea Group on trademarks is
detailed as follows. (1) Concerning the “Midea” trademark:
Upon approval and implementation of the equity transfer
transaction, Midea Group has promised that it will make sure
that Hefei Midea Washing Machine Co., Ltd. uses the
“Midea” trademark in a proper manner. Hefei Midea Washing
The use
Machine Co., Ltd. will be allowed to use the “Midea”
right of the
trademark with a trademark use fee not more than that paid
“Royalstar”
by Midea Group (the controlling shareholder of Midea
trademark
Group) and its subsidiaries (currently 3‰ of the annual sales
detailed in
income generated by products using the “Midea” trademark),
(2) expired
Commitmen and upon negotiation and signing of the “Agreement for
Controlling on 31 March
t on Trademark Use”. The related-party transactions incurred due 2010.12.01 In execution
shareholder 2013 and
trademarks to the said use of the “Midea” trademark will be submitted to
was not
the decision-making organ of the Company for approval
renewed.
according to the stipulated procedure. As such, interests of the
And the
Company and its minority shareholders will be safeguarded.
other
(2) Concerning the “Royalstar” trademark: Midea Group has
commitment
signed the “Contract for Trademark Use” with Hefei
continues.
Royalstar Group and obtained the ordinary use rights of the
“Royalstar” (both in Chinese and English) trademark. As the
transferor in the transfer transaction of equity interests of
Royalstar Washing Equipment, Midea Group has promised
that within the scope as agreed in the “Contract for
Trademark Use”, if any dispute arises between Hefei Midea
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Washing Machine Co., Ltd. and Hefei Royalstar Group over
the former’s execution of the “Contract for Trademark Use”,
Little Swan will not be involved. If Hefei Midea Washing
Machine Co., Ltd. and Little Swan have to assume any
responsibility or loss due to the aforesaid dispute, Midea
Group is willing to take on the responsibility instead and
make compensations to Hefei Midea Washing Machine Co.,
Ltd. and Little Swan at full amount.
7. The commitment by Midea Group on social security
payment and tax risks is detailed as follows. Midea Group has
promised that upon the completion of the said equity transfer
deal, if Hefei Midea Washing Machine Co., Ltd. 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, Midea Group is willing to pay
relevant fares for Hefei Midea Washing Machine Co., Ltd. to
Commitmen
relevant government authorities in a timely manner and
t on social
Controlling assume any other liability. If any loss thus occurs to Hefei Long-standi
security 2010.12.01 In execution
shareholder Midea Washing Machine Co., Ltd. or Little Swan, Midea ng
payment and
Group is willing to assume relevant responsibilities for
tax risks
compensation. Upon the completion of the said equity
transfer deal, if income tax evasion or any other tax risk is
found in Hefei Midea Washing Machine Co., Ltd., Midea
Group 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, Midea Group 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 Services Agreement, when Midea Group
Commitmen
Controlling occurred emergency situation of payment difficulty at finance
t on capital 2015.03.18 Three years In execution
shareholder companies, it should adopt the effective measures such as
safety
increase the capital fund of the finance companies according
to the actual needs of solving the payment difficulty to ensure
the capital safety of the Company.
Commitments
made in time
of asset
restructuring
Commitments
made in time
of IPO or
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
refinancing
Commitments
concerning
stock
ownership
incentive
Other
commitments
made to
minority
shareholders
Executed on
Yes
time
Specific
reasons for
failing to
fulfill
N/A
commitments
on time and
plans for next
step
IV Operating result forecast for January-June 2016
Warning of possible loss or considerable YoY change of the accumulated net profit made during the
period-beginning to the end of the next reporting period according to prediction, as well as explanations on the
reasons:
□Applicable √ Not applicable
V Securities investments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VI Investments in derivative financial instruments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
VII Visits paid to the Company in the Reporting Period for purposes of research,
communication, interview, etc.
Date of visit Way of visit Type of visitor Index to main inquiry information
One-on-one Sheet of Investor Relations Activities on 22 January 2016 (No. 2016-01) on
2016.01.22 Institution
meeting www.cninfo.com.cn
One-on-one Sheet of Investor Relations Activities on 15 March 2016 (No. 2016-02) on
2016.03.15 Institution
meeting www.cninfo.com.cn
VIII Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s funds by the controlling shareholder or its related parties
for non-operating purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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The Report for the First Quarter of 2016 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
Item Closing balance Opening balance
Current assets:
Monetary funds 2,292,632,934.33 3,042,843,924.81
Settlement reserves
Lendings to banks and other financial institutions
Financial assets measured at fair value with fair value
changes included in the profit and loss for the Reporting
Period
Derivative financial assets
Notes receivable 1,995,023,518.00 2,205,189,379.10
Accounts receivable 1,234,419,143.92 896,075,475.63
Accounts paid in advance 148,918,902.49 97,628,578.17
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract reserves
Interest receivable 24,734,172.24 22,932,602.74
Dividends receivable
Other accounts receivable 6,019,382.18 9,208,180.08
Financial assets purchased under agreement to resell
Inventories 537,014,206.48 745,412,967.52
Assets held for sale
Non-current assets due within one year
Other current assets 7,095,769,317.17 5,733,188,604.23
Total current assets 13,334,531,576.81 12,752,479,712.28
Non-current assets:
Loans and advances to customers
Available-for-sale financial assets 200,000.00 200,000.00
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investments
Investment property 67,704,825.47 68,843,047.52
Fixed assets 1,011,578,889.10 1,019,528,291.60
Construction in progress
Engineering materials
Disposal of fixed assets
Productive living assets
Oil-gas assets
Intangible assets 196,212,090.32 197,521,625.03
R&D expense
Goodwill
Long-term deferred expenses 3,604,078.32 4,238,244.38
Deferred income tax assets 290,303,246.89 251,881,220.89
Other non-current assets 23,335,397.03 32,963,224.90
Total non-current assets 1,592,938,527.13 1,575,175,654.32
Total assets 14,927,470,103.94 14,327,655,366.60
Current liabilities:
Short-term borrowings
Borrowings from the Central Bank
Money deposits accepted and inter-bank deposits
Loans from banks and other financial institutions
Financial liabilities measured at fair value with fair value
changes included in the profit and loss for the Reporting
Period
Derivative financial liabilities
Notes payable 2,641,011,480.49 1,953,065,274.06
Accounts payable 2,393,355,945.31 2,419,807,341.95
Accounts received in advance 933,131,410.57 1,652,908,781.44
Financial assets sold for repurchase
Handling charges and commissions payable
Payroll payable 165,825,125.93 248,280,716.92
Taxes and fares payable 368,638,351.07 325,108,227.91
Interest payable
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Dividends payable 5,400,652.06 5,400,652.06
Other accounts payable 195,592,427.06 171,807,137.94
Reinsurance premiums payable
Insurance contract reserves
Payables for acting trading of securities
Payables for acting underwriting of securities
Liabilities held for sale
Non-current liabilities due within one year
Other current liabilities 1,813,872,599.27 1,521,734,293.24
Total current liabilities 8,516,827,991.76 8,298,112,425.52
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Long-term accounts payable
Long-term payroll payable 28,439,299.25 28,439,299.25
Special payables
Estimated liabilities 9,784,866.44 9,981,021.44
Deferred income 3,282,233.28 3,395,533.29
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 41,506,398.97 41,815,853.98
Total liabilities 8,558,334,390.73 8,339,928,279.50
Owners’ equity:
Share capital 632,487,764.00 632,487,764.00
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserves 1,171,419,996.19 1,164,014,947.85
Less: Treasury stock
Other composite income 46,137,716.48 34,813,284.64
Special reserves
Surplus reserves 332,594,722.29 332,594,722.29
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Provisions for general risks
Retained profit 3,278,007,665.81 2,960,955,454.36
Total equity attributable to owners of the Company 5,460,647,864.77 5,124,866,173.14
Minority interests 908,487,848.44 862,860,913.96
Total owners’ equity 6,369,135,713.21 5,987,727,087.10
Total liabilities and owners’ equity 14,927,470,103.94 14,327,655,366.60
Legal representative: Fang Hongbo Chief of the accounting work: Sun Yunan
Chief of the accounting organ: Xu Yunwei
2. Balance sheet of the Company
Unit: RMB
Item Closing balance Opening balance
Current Assets:
Monetary funds 1,351,465,165.65 2,092,430,579.63
Financial assets measured at fair value with fair value
changes included in the profit and loss for the Reporting
Period
Derivative financial assets
Notes receivable 1,436,928,355.20 1,410,210,597.47
Accounts receivable 1,649,412,596.49 1,183,394,794.67
Accounts paid in advance 120,049,241.00 98,437,350.05
Interest receivable 23,031,679.11 18,918,219.18
Dividends receivable
Other accounts receivable 35,426,768.41 6,351,010.17
Inventories 471,624,842.17 482,807,868.13
Assets held for sale
Non-current assets due within one year
Other current assets 3,928,932,394.78 3,178,113,808.28
Total current assets 9,016,871,042.81 8,470,664,227.58
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 investments 1,306,323,041.57 1,306,323,041.57
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Investment property 7,775,954.83 8,040,536.02
Fixed assets 511,595,500.42 514,950,803.50
Construction in progress
Engineering materials
Disposal of fixed assets
Productive living assets
Oil-gas assets
Intangible assets 94,608,892.89 95,281,467.96
R&D expense
Goodwill
Long-term deferred expenses 3,303,947.59 3,873,799.88
Deferred income tax assets 192,631,333.27 159,759,565.25
Other non-current assets 16,301,398.80 23,027,173.60
Total non-current assets 2,132,690,069.37 2,111,406,387.78
Total assets 11,149,561,112.18 10,582,070,615.36
Current liabilities:
Short-term borrowings
Financial liabilities measured at fair value with fair value
changes included in the profit and loss for the Reporting
Period
Derivative financial liabilities
Notes payable 1,886,946,504.88 1,519,749,295.73
Accounts payable 2,248,051,896.90 2,038,397,769.71
Accounts received in advance 624,781,491.16 1,060,643,231.20
Payroll payable 119,591,716.74 184,287,498.34
Taxes and fares payable 269,292,069.99 224,024,964.68
Interest payable
Dividends payable 5,400,652.06 5,400,652.06
Other accounts payable 119,247,114.75 95,009,275.20
Liabilities held for sale
Non-current liabilities due within one year
Other current liabilities 1,161,675,916.25 944,905,437.98
Total current liabilities 6,434,987,362.73 6,072,418,124.90
Non-current liabilities:
Long-term borrowings
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Bonds payable
Of which: Preference shares
Perpetual bonds
Long-term payables
Long-term payroll payables
Special payables
Estimated liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities 6,434,987,362.73 6,072,418,124.90
Owners’ equity:
Share capital 632,487,764.00 632,487,764.00
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserves 1,325,956,228.74 1,319,496,538.02
Less: Treasury stock
Other composite income 22,121,764.14 13,608,826.40
Special reserves
Surplus reserves 319,944,578.39 319,944,578.39
Retained profit 2,414,063,414.18 2,224,114,783.65
Total owners’ equity 4,714,573,749.45 4,509,652,490.46
Total liabilities and owners’ equity 11,149,561,112.18 10,582,070,615.36
3. Consolidated income statement
Unit: RMB
Item January-March 2016 January-March 2015
1. Operating revenues 4,239,779,074.70 3,293,972,545.08
Including: Sales income 4,239,779,074.70 3,293,972,545.08
Interest income
Premium income
Handling charge and commission income
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
2. Total operating costs 3,845,333,762.02 3,002,591,301.31
Including: Cost of sales 3,047,294,578.28 2,379,120,341.82
Interest expenses
Handling charge and commission expenses
Surrenders
Net claims paid
Net amount provided as insurance contract reserves
Expenditure on policy dividends
Reinsurance premium
Business tax and surtaxes 25,562,733.25 17,128,541.02
Selling expenses 631,396,475.18 472,357,387.28
Administrative expenses 153,743,559.27 136,356,668.54
Financial costs -30,693,728.10 -11,914,487.39
Asset impairment loss 18,030,144.14 9,542,850.04
Add: Profit/loss on fair value changes (“-” means loss) -28,329.51
Profit/loss on investment (“-” means loss) 27,283,315.31 30,964,125.82
Including: Share of profit in associates and joint ventures -75,272.28
Foreign exchange profit (“-” means loss)
3. Operating profit (“-” means loss) 421,728,627.99 322,317,040.08
Add: Non-operating income 7,684,539.49 7,526,310.70
Including: Profit on disposal of non-current assets 99,572.65 199,564.26
Less: Non-operating expense 2,293,319.12 3,391,414.54
Including: Loss on disposal of non-current assets 1,612,104.98
4. Total profit (“-” means loss) 427,119,848.36 326,451,936.24
Less: Corporate income tax 66,073,486.70 49,288,455.12
5. Net profit (“-” means loss) 361,046,361.66 277,163,481.12
Net profit attributable to owners of the Company 317,052,211.46 242,314,468.72
Minority shareholders’ income 43,994,150.20 34,849,012.40
6. After-tax net amount of other composite income 12,551,896.48 115,185.74
After-tax net amount of other composite income
11,324,431.84 115,185.74
attributable to owners of the Company
6.1 Other composite income that will not be
reclassified into profit and loss
6.1.1 Changes in net liabilities or assets with a
defined benefit plan upon re-measurement
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
6.1.2 Enjoyable share in other comprehensive
income in investees that cannot be reclassified into profit and
loss under the equity method
6.2 Other composite income that will be reclassified
11,324,431.84 115,185.74
into profit and loss
6.2.1 Enjoyable share in other composite income in
investees that will be reclassified into profit and loss under
the equity method
6.2.2 Profit and loss on fair value changes of
11,325,961.79
available-for-sale financial assets
6.2.3 Profit and loss on reclassifying
held-to-maturity investments into available-for-sale financial
assets
6.2.4 Effective hedging profit and loss on cash flow
6.2.5 Foreign-currency financial statement
-1,529.95 115,185.74
translation difference
6.2.6 Other
After-tax net amount of other composite income
1,227,464.64
attributable to minority shareholders
7. Total composite income 373,598,258.14 277,278,666.86
Attributable to owners of the Company 328,376,643.30 242,429,654.46
Attributable to minority shareholders 45,221,614.84 34,849,012.40
8. Earnings per share
8.1 Basic earnings per share 0.50 0.38
8.2 Diluted earnings per share 0.50 0.38
Legal representative: Fang Hongbo Chief of the accounting work: Sun Yunan
Chief of the accounting organ: Xu Yunwei
4. Income statement of the Company
Unit: RMB
Item January-March 2016 January-March 2015
1. Operating revenues 3,090,853,563.00 2,470,525,958.78
Less: Operating costs 2,259,939,915.08 1,847,860,647.42
Business tax and surtaxes 19,651,012.59 11,711,081.29
Selling expenses 481,965,327.52 354,864,794.58
Administrative expenses 125,466,388.65 101,692,072.59
Financial costs -25,425,553.41 -5,537,625.27
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Asset impairment loss 13,164,671.57 2,865,647.81
Add: profit/loss on fair value changes (“-” means loss) -42,086.28
Profit/loss on investment (“-” means loss) 7,682,222.22 23,137,782.86
Including: Income form investment on associates and
-75,272.28
joint ventures
2. Operating profit (“-” means loss) 223,774,023.21 180,165,036.94
Add: Non-operating income 2,209,315.20 3,253,117.90
Including: Profit on disposal of non-current assets 99,572.65 195,124.26
Less: Non-operating expense 1,374,415.91 2,655,612.33
Including: Loss on disposal of non-current assets 1,441,396.64
3. Total profit (“-” means loss) 224,608,922.50 180,762,542.51
Less: Corporate income tax 34,660,291.98 27,114,381.38
4. Net profit (“-” means loss) 189,948,630.52 153,648,161.13
5. After-tax net amount of other composite income 8,512,924.14
5.1 Other composite income that will not be reclassified
into profit and loss
5.1.1 Changes in net liabilities or assets with a defined
benefit plan upon re-measurement
5.1.2 Enjoyable share in other composite income in
investees that cannot be reclassified into profit and loss under
the equity method
5.2 Other composite income that will be reclassified into
8,512,924.14
profit and loss
5.2.1 Enjoyable share in other composite income in
investees that will be reclassified into profit and loss under
the equity method
5.2.2 Profit and loss on fair value changes of
8,512,924.14
available-for-sale financial assets
5.2.3 Profit and loss on reclassifying held-to-maturity
investments into available-for-sale financial assets
5.2.4 Effective hedging profit and loss on cash flow
5.2.5 Foreign-currency financial statement translation
difference
5.2.6 Other
6. Total composite income 198,461,554.66 153,648,161.13
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
5. Consolidated cash flow statement
Unit: RMB
Item January-March 2016 January-March 2015
1. Operating cash flow:
Cash received from sale of commodities and rendering of
3,078,123,735.58 2,311,468,394.08
service
Net increase in money deposits from customers and
inter-bank placements
Net increase in loans from the Central Bank
Net increase in funds borrowed from other financial
institutions
Cash received from premium of original insurance
contracts
Net cash received from reinsurance business
Net increase in deposits of policy holders and investment
fund
Net increase in disposal of financial assets measured at fair
value with fair value changes included in the profit and loss
for the Reporting Period
Cash received from interest, handling charges and
commissions
Net increase in loans from banks and other financial
institutions
Net increase in funds in repurchase business
Tax refunds received 22,306,916.59
Other operating cash received 29,195,276.02 16,382,898.79
Subtotal of operating cash inflow 3,107,319,011.60 2,350,158,209.46
Cash paid for goods and services 1,460,899,639.17 1,128,751,660.68
Net increase in loans and advances to customers
Net increase in funds deposited in the Central Bank and
inter-bank placements
Cash for paying claims of original insurance contracts
Cash for paying interest, handling charges and
commissions
Cash for paying policy dividends
Cash paid to and for employees 298,371,022.35 283,468,238.34
Taxes and fares paid 226,899,499.05 131,441,100.55
Other cash payment relating to operating activities 547,600,585.13 412,215,075.35
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
Subtotal of operating cash outflow 2,533,770,745.70 1,955,876,074.92
Net operating cash flow 573,548,265.90 394,282,134.54
2. Investment cash flow:
Cash received from retraction of investments 1,895,000,000.00 1,726,000,000.00
Cash received from return on investments 27,283,315.31 31,039,398.10
Net cash received from disposal of fixed assets, intangible
116,500.00 4,440.00
assets and other long-term assets
Net cash received from disposal of subsidiaries or other
business units
Other cash received relating to investment activities 20,632,286.64
Subtotal of investment cash inflow 1,943,032,101.95 1,757,043,838.10
Cash paid to acquire fixed assets, intangible assets and
3,643,548.60 21,097,886.03
other long-term assets
Cash paid for investment 3,146,000,000.00 2,451,000,000.00
Net increase in pledged loans
Net cash paid to acquire subsidiaries and other business
units
Other cash payments relating to investment activities
Subtotal of investment cash outflow 3,149,643,548.60 2,472,097,886.03
Net investment cash flow -1,206,611,446.65 -715,054,047.93
3. Financing cash flow:
Cash received from capital contributions
Including: Cash received from minority shareholder
investments by subsidiaries
Cash received as borrowings 116,148,521.47
Cash received from issuance of bonds
Other financing cash received
Subtotal of financing cash inflow 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 financing cash outflow
Net financing cash flow 116,148,521.47
4. Effect of foreign exchange rate changes on cash and cash
equivalents
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
5. Net increase in cash and cash equivalents -633,063,180.75 -204,623,391.92
Add: Opening balance of cash and cash equivalents 2,792,685,328.69 1,516,739,804.86
6. Closing balance of cash and cash equivalents 2,159,622,147.94 1,312,116,412.94
6. Cash flow statement of the Company
Unit: RMB
Item January-March 2016 January-March 2015
1. Operating cash flow:
Cash received from sale of commodities and rendering of
1,884,113,725.72 1,466,060,466.05
service
Tax refunds received 4,291,106.27
Other operating cash received 17,939,349.96 7,312,358.87
Subtotal of operating cash inflow 1,902,053,075.68 1,477,663,931.19
Cash paid for goods and services 1,162,262,194.02 676,848,631.05
Cash paid to and for employees 212,137,786.99 190,585,043.67
Taxes and fares paid 155,701,868.69 71,039,924.50
Other operating cash payments 417,610,973.90 302,459,281.81
Subtotal of operating cash outflow 1,947,712,823.60 1,240,932,881.03
Net operating cash flow -45,659,747.92 236,731,050.16
2. Investment cash flow:
Cash received from retraction of investments 1,000,000,000.00 1,150,000,000.00
Cash received from return on investments 7,682,222.22 23,213,055.14
Net cash received from disposal of fixed assets, intangible
116,500.00
assets and other long-term assets
Net cash received from disposal of subsidiaries or other
business units
Other cash received relating to investment activities 15,104,692.20
Subtotal of investment cash inflow 1,022,903,414.42 1,173,213,055.14
Cash paid to acquire fixed assets, intangible assets and
1,142,846.70 12,283,921.60
other long-term assets
Cash paid for investment 1,586,000,000.00 1,295,000,000.00
Net cash paid to acquire subsidiaries and other business
units
Other investment cash payments
Subtotal of investment cash outflow 1,587,142,846.70 1,307,283,921.60
Net investment cash flow -564,239,432.28 -134,070,866.46
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The Report for the First Quarter of 2016 of Wuxi Little Swan Company Limited
3. Financing cash flow:
Cash received from capital contributions
Cash received as borrowings 16,404,201.00
Cash received from issuance of bonds
Other financing cash received
Subtotal of financing cash inflow 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 financing cash outflow
Net financing cash flow 16,404,201.00
4. Effect of foreign exchange rate changes on cash and cash
equivalents
5. Net increase in cash and cash equivalents -609,899,180.20 119,064,384.70
Add: Opening balance of cash and cash equivalents 1,866,443,114.64 600,231,105.51
6. Closing balance of cash and cash equivalents 1,256,543,934.44 719,295,490.21
II Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is not audited.
Legal representative: Fang Hongbo
Wuxi Little Swan Company Limited
22 April 2016
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