First Quarter Report 2011
Guangdong Provincial Expressway Development Co.，Ltd.
The First Quarterly Report 2011
§I Important Statement
1.1 The Board of Directors , Supervisory Committee ,Directors , Supervisors, Senior Executives
of the Company guarantee that there are no significant omissions, fictitious or misleading
statements carried in the Report and we will accept individual and joint responsibilities for the
truthfulness, accuracy and completeness of the Report.
1.2 The financial report of the Company in this quarterly Report period has not been audited.
1.3 Chairman of board of directors Mr.Zhou Yuming, General Manager of the Company Mr. Li Xiyuan and Chief
Accountant of the Company Mr.Xiao Laijiu State: we guarantee the authenticity and completeness of the
Financial Report in this quarterly report.
§2 Basic Information
2.1 Main accounting Highlights and financial indexes
Unit: RMB
At the period-end of last
At the period-end of this Increase /decrease（％）
year
Total assets（RMB） 10,820,682,415.80 10,526,464,082.25 2.80%
Owner’s equity attributable to the shareholders of
4,192,504,094.16 4,283,251,674.35 -2.12%
the listed company （RMB）
Stock capital（Shares） 1,257,117,748.00 1,257,117,748.00 0.00%
Net assets per share attributable to the
shareholders of the listed company 3.34 3.41 -2.05%
（RMB/shares）
Amount of the same period
Amount of current period Increase /decrease（％）
in last year
Total turnover(RMB) 248,954,619.04 248,455,737.91 0.20%
Net profit attributable to owners of parent
66,164,194.62 130,269,260.90 -49.21%
company(RMB)
Net cash flow arising from operating
148,498,597.12 175,629,900.30 -15.45%
activities(RMB)
Net cash flow per share arising from
0.12 0.14 -14.29%
operating activities(RMB/share)
Basic earnings per share(RMB/share) 0.05 0.10 -50.00%
Diluted earnings per share(RMB/share) 0.05 0.10 -50.00%
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First Quarter Report 2011
Weighted average return on equity（%） 1.53% 3.56% -2.03%
Weighted average return on equity after
1.94% 3.56% -1.62%
deducting non-recurring gains and losses（%）
Items of non-current gains and losses
√ applicable □ not applicable
Unit：RMB
Non-recurring gain and loss items Amount Notes（If applicable）
Gains and losses from the disposal of non-current assets -23,883,014.17
Other non-operating income and expense other than above-mentioned 234,608.83
Amount of influence of income tax 5,914,710.37
Total -17,733,694.97 -
2.2 Top 10 shareholders and top 10 holders of unconditional shares
Unit：Shares
Total number of shareholders at the end of report
100,112
period
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Amount of tradable shares with
Full name of shareholder unrestricted conditions held at the end of Type of shares
report period
Guangdong Communication Group Co., Ltd. 103,379,742 RMB common shares
Foreign shares placed in domestic
Xinyue Co., Ltd. 13,201,086
exchange
Guangdong Yuecai Trust Investment Co., Ltd. 12,174,345 RMB common shares
Shanxi Huiteng International Freight Forwarding
3,600,000 RMB common shares
Co., Ltd.
Foreign shares placed in domestic
STICHTING PGGM DEPOSITARY 3,599,861
exchange
Foreign shares placed in domestic
Lu Weiqiang 2,888,848
exchange
Foreign shares placed in domestic
Chen Shukai 2,742,700
exchange
Liu Wanping 2,619,407 RMB common shares
Hu Airong 2,581,338 RMB common shares
Foreign shares placed in domestic
KGI ASIA LIMITED 2,463,017
exchange
§3 Significant Events
3.1 Particular about large-margin change of main accounting statement item and financial index and its
reason.
√ Applicable □ Not applicable
（I）Items of balance sheet as compared with the beginning of this year.
1.Monetary capital
Ending balance of Monetary Capital was RMB 380.07 million, Year-beginning balance of monetary capital was RMB258.88 million，
The net cash flows from operating activities for this report period were RMB 148.50 million, Net cash flows from investing activities
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First Quarter Report 2011
was RMB -125.57 million, Net cash flows from financing activities was RMB98.26 million.
2.Accounts receivable
Accounts receivable increased by RMB10.23 million and 56.71% over the beginning of the year due to increase of
toll income receivable from United Electronic Toll Center by Guangfo Expressway Co., Ltd. and
Guangdong Fokai Expressway Co., Ltd.
3. Prepayments
over the beginning of the year due to increase of the
Prepayments increased by RMB86.54 million and 44.23%
prepayment for materials and works made by Guangdong Fokai Company for the expansion project
increased by RMB 103 million and Prepayment decreased by RMB 45.0413 million due to refund of prepayment at the
time of settlement of payment for project.
4.Financial assets available for sale
At the end of the period, the balance decreased by RMB31.20 million and 3.28% over the beginning of the year due to the fair
value of China Everbright Bank Co., Ltd. decreased at the end of period.
5.Long-term equity investment
Long-term equity investment increased by RMB24.73 million and 0.93% over the beginning of the year. The main reasons: （1）
Long-term equity investment increased by RMB 74.49 million through income of investment in joint
stock subsidiaries in current period.（2）In current period, the Company invested in Gangle
Expressway Co., Ltd. investment cost increased by RMB 70 million.（3）Shenzhen Huiyan
Expressway Co., Ltd. announced distributing dividends of RMB 60 million for 2010. Jingzhu
Expressway Guangzhu Section Co., Ltd. distributed partial dividends of RMB 26 million for 2010 in
advance. Guangdong Guanghui Company distributed undistributed dividends of RMB 30.90 million
for 2010. As a result, long-term equity investment decreased by RMB 116.90 million. （4) As the
result of the amortization of investment difference in current period, long-term equity investment
decreased by RMB 2.86 million.
6.Fixed assets
Guangdong
Fixed assets increased by RMB 470.18 million and 12.43% over the beginning of the year. The main reasons :(1)
Fokai Company transferred part of the expansion project with length of 8.08 km that was open to
traffic in current period from construction in progress into fixed assets. The amount transferred was
RMB 585.56 million. (2) 1 intercommunication fly-over bridges along the expressway were
dismantled in the expansion project so as to decrease net fixed assets by RMB 31.84 million.
Provision for depreciation by RMB 70.97 million in current period ;
7.Construction in progress
Construction in progress decreased by 386.52 million and 15.02% over the beginning of the year due to the Part of the
expansion project of Fokai Expressway with length of 8.08 km that was open to traffic was
transferred from construction in progress into fixed assets in current period. The amount transferred
was RMB 585.56 million. The amount of expansion project of Fokai Expressway increased by RMB
177.58 million in current period;
8.Short-term loan
working capital loan of
Short-term loan increased by RMB81 million and 16.20% over the beginning of the year due to the
the parent company increased by RMB 181.00 million and short-term loan of Guangfo Company
decreased by RMB 100 million;
9.Taxes payables
Taxes and levies payable increased by RMB8.78 million and 515.73% over the beginning of the year, Main reason for changing: the
Increased of income tax In current period,10.Interest payable
of RMB
Interest payable increased by RMB 12.86 million and 73.18% over the beginning of the year due to the provision
10.20 million for corporate bond interest payable was made and short-term loan interest of
Guangdong Fokai Company increased by 2.88 million in current quarter,
11.Dividend payables
the end
Dividend payable increased by RMB125.45 million and 660.35% over the beginning of the year, The main reasons: the At
of March, the parent company made provision of RMB 125.71 million for dividends for 2010
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First Quarter Report 2011
according to resolutions of the board of directors. In the previous year, the provision for dividends
payable was made in the second quarter.
12.Other payables
current
Other payables Increased by RMB163.91 million and 69% over the beginning of the year，The main reasons:：（1）In
quarter, the parent company borrowed entrusted loan of RMB 105.00 million from Guanghui
Company.（2）The amount of Guangfo Expressway Co., Ltd. increased by RMB 24.20 million，The main
reason is that another shareholder advanced RMB 5 million for the expansion project and the balance of to-be-split toll in liquidation
accounts for networking toll collection increased over the beginning of the year. （3）The amount of Guangdong Fokai
Company increased by RMB 33.99 million mainly due to receipt of bid security of RMB 27.24
million for the expansion project.
13.Non-current liabilities to mature within one year
Non-current liabilities to mature within one year decreased by RMB 46 million and 14.07% over the beginning of the year, The main
reasons: In current period, Guangfo Company repaid due loan of RMB 62 million. Guangdong
Company's long-term loan of RMB 16 million was expected to become due within one year and
transferred into this account.
14.Long-term loan
Long-term loan decreased by RMB16 million and 0.45% over the beginning of the year due to the Guangdong Fokai
Expressway Co., Ltd. repaid partial long-term loan.
15.Bonds payables
deduction of
Bonds payables increased RMB 0.55 million and 0.07% over the beginning of the year，The main reasons After
underwriting expenses, the amount of funds actually received when the parent company issued
corporate bonds in 2009 was lower than the par value of corporate bonds. Part of discount shall be
amortized on basis of actual interest rate. After amortization in current period, the book value of
corporate bonds increased.:
16.Capital surplus
Capital surplus decreased by RMB 31.20 million and 1.59% over the beginning of the year due to the fair value of the parent
company's financial assets available changed .
17.Undistributed profit
Undistributed profit decreased by RMB59.21 million and 6.55% over the beginning of the year，Reason for decreasing: Provision
dividends of RMB 125.71 million in 2010 and inward transfer of net profit by RMB 66.16 million in current period..
（II）Items of profit statement as compared with the same period of the previous year
1.Operating income
Operating income increased by RMB 0.50 million year on year and was basically the same with that in the previous
year.
2.Operating cost
Operating cost increased by RMB21.62 million and 22.42% year on year mainly due to increase of depreciation expenses .
3.Management Expenses
Management Expenses increased by RMB 6.07 million and 23.81% year on year，The project is mainly due to the larger increase in
wage costs and costs of employing agent.
4.Financial expenses
Financial expenses increased by RMB 5.65 million and 13.74% year on year，The main reason for the increase: The section with length
of 8.08 km in the expansion project of Guangdong Fokai Expressway Co., Ltd. was open to traffic. The capitalization of the interests of
the bank loan principal of RMB 520 million for this section stopped. As a result, interest expenses increased by RMB 4.63 million. The
rise in loan interest rate also caused the increase of financial expenses.
5.Investment income
The income of investment in Guangdong
Investment income decreased by RMB 24.01 million and 25.10% year on year,
Guanghui Company, Jiangxi Gangkang Company and Jingzhu Guangzhu Section Company
respectively decreased by RMB 14.51 million, RMB 4.46 million and RMB 1.57 million. The
income from investment in Guangdong Guanghui Company decreased because the net profit of this
company for the current period decreased by RMB 48.36 million year on year. Net profit decreased
for the following reasons: Toll income decreased by RMB 26.07 million because road network was
improved and Shaogan Highway was opened to traffic. Meanwhile, the cost of main operation
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First Quarter Report 2011
increased by RMB 47.02 million due to national inspection. Jiangxi Gankang Highway is a section
that was newly open to traffic in August of the last year. At present, it is still in the loss period. The
income from investment in Jingzhu Guangzhu Section Company decreased mainly because the cost
of main operation of this company in current period increased by RMB 9.47 million year on year ,The
main reason is that depreciation increased due to increase of original value of fixed assets after the completion of major repair of
Guangzhu Section of Jingzhu Expressway in the previous year.
6.Non-operating income
Non-operating income increased by RMB1.32 million and 32.47% year on year，The main reason for the increase: The income
from road property claim received in current period increased year on year.
7.Non-operating expenses
For the
Non-Operating expenses Increased by RMB32.02 million and 65868% year on year，The main reason for the increase:
purpose of expansion, Guangdong Fokai Company had to dismantle an intercommunication fly-over
bridge along the expressway in current period. The loss on disposal of fixed assets was RMB 31.84
million.
8. Income tax expenses
Income tax expenses decreased by RMB 13.95 million and 60.30% year on year due to the total amount of the profit of
Guangfo Expressway and Guangdong Fokai Expressway for current period decreased year on year. 9.
Net profit for the owners of the parent company
Net profit for the owners of the parent company decreased by RMB64.10 million and 49.21% year on year mainly due to the combined
influence of the above factors.
（III）Notes of main items of cash flow statement
1.Other cash receipt related to operating activities
This items mainly includes the total amount of the profit of Guangfo Expressway and Fokai Expressway for
current period decreased year on year mainly due to the settlement of un-split cash toll income of
Guangfo Expressway and Fokai Expressway in liquidation accounts. Because 7 expressways
including Yuezhao Expressway were open to traffic or merged into west Guangdong network for toll
collection in the period from September 2010 to December 2010, the amount of this item increased
year on year.
2.Cash paid for goods and services
This item mainly includes the payment of special projects, maintenance costs and network charges service fees.
3. Cash paid to staffs or paid for staffs
This item mainly includes the wages, bonuses, miscellaneous allowances and subsidies actually paid to staff and workers in current
period were calculated for accounting.
4.Taxes and levies paid
This item mainly includes the income tax ,Business tax were calculated for accounting, and the all kinds of taxes.
5. Other cash paid for business activities
cash toll income paid by Guangfo Expressway and Guangdong
This items mainly includes the to-be-split
Fokai Expressway from liquidation accounts was calculated for accounting. For the same reason as
mentioned above, the amount of this item increased by year on year.
6. Cash received as investment gains
This items mainly includes the Company received cash dividends of RMB 60.00 million for 2010 by Shenzhen Huiyan Expressway,
the Company received partial cash dividends of RMB 26.00 million for 2010 pre-distributed by Jingzhu Expressway Guangzhu Section
Co., Ltd. and the remaining undistributed cash dividends of RMB 30.90 million for 2010 from Guangdong Guanghui Expressway Co.,
Ltd.
7. Cash paid for construction of fixed assets, intangible assets and other long-term assets
Fokai Expressway made progress payment of RMB 163.89
This item mainly includes the Guangdong
million for the expansion project in current period.
8. Cash paid at investment
This item mainly includes the Company contributed capital of RMB 70 million to Guangdong
Guangle Expressway in current period.
9. Cash received as loans
This item mainly includes ：(1) In the current period, the parent company borrowed entrusted loan principal
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First Quarter Report 2011
of RMB 105 million from Guangdong Guanghui Expressway Co., Ltd. and short-term loans of RMB
181 million from banks. （2) Guangfo Expressway Co., Ltd. borrowed RMB 50 million from banks
in current period.
10. Cash to repay debts
This item mainly includes the Guangdong Guangfo Expressway Co., Ltd. Repayment of bank borrowings of RMB 212 million in
current period.
11. Cash paid as dividend, profit, or interests
Fokai Expressway Co., Ltd. and Guangfo Expressway Co., Ltd.
This item mainly includes the Guangdong
paid loan interest of RMB 53.09 million.
3.2 The progress of significant events and influence, as well as the analysis and explanation on resolving proposal
reason.
3.2.1 Non-standard Opinion
□applicable √ not applicable
3.2.2 The Company provided funds to its controlling shareholder or related parties and provided guarantees in
violation of established procedures.
□applicable √ not applicable
3.2.3 Signing and performance of significant contracts for daily operation
□applicable √ not applicable
3.2.4 Other
□applicable √ not applicable
3.3 The fulfillment of the commitment made by the Company , shareholders and the actual controller
Commitments made by the listed company and its directors, supervisors, senior executives, the shareholders with
holding above 5% shares and its actual controller in the report period, or lasting until the report period.
□applicable √ not applicable
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation of reason.
□applicable √ not applicable
3.5 Other significant events need to be explained
3.5.1 Securities investment
□applicable √ not applicable
3.5.2 Reception of investigations , communications , or interviews
In the report period, the company did not accept investigations, communications ,or interviews .
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First Quarter Report 2011
3.6 Derivative Investment
□applicable √ not applicable
3.6.1 Particulars about derivatives investment held at the end of report period
□applicable √ not applicable
§4 Appendix
4.1 Balance sheet
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. March 31,2011 Unit：RMB
Year-end balance
Year-beginning balance
Items
Consolidated Parent company Consolidated Parent company
Current asset：
Monetary fund 380,068,577.27 270,187,621.49 258,881,333.75 179,597,767.35
Settlement provision
Outgoing call loan
Trading financial assets
Bill receivable
Account receivable 28,276,108.43 18,043,508.27
Prepayments 282,192,270.97 195,653,487.32
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Interest receivable 178,956.25
Dividend receivable 19,662,486.37 19,662,486.37
Other account receivable 32,480,988.20 5,305,572.57 31,363,602.07 4,079,305.90
Repurchasing of
financial assets
Inventories 264,588.91 279,948.92
Non-current asset due in 1
year
Other current asset 115,000,000.00
Total of current assets 723,282,533.78 410,334,636.68 504,221,880.33 203,339,559.62
Non-current assets：
Loans and payment on
other’s behalf disbursed
Disposable financial asset 919,200,000.00 919,200,000.00 950,400,000.00 950,400,000.00
Expired investment in
possess
Long-term receivable
Long term share equity 2,674,601,161.71 4,132,667,231.23 2,649,867,203.64 4,017,933,273.16
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First Quarter Report 2011
investment
Property investment 5,889,198.13 5,637,059.88 6,005,251.48 5,753,113.23
Fixed assets 4,252,950,497.04 6,094,519.23 3,782,771,159.07 5,983,727.98
Construction in progress 2,187,336,803.92 2,573,858,108.94
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 57,341,524.33 59,244,651.25
R & D petrol
Goodwill
Long-germ expenses to be
80,696.89 95,827.54
amortized
Differed income tax asset
Other non-current asset
Total of non-current assets 10,097,399,882.02 5,063,598,810.34 10,022,242,201.92 4,980,070,114.37
Total of assets 10,820,682,415.80 5,473,933,447.02 10,526,464,082.25 5,183,409,673.99
Current liabilities
Short-term loans 581,000,000.00 381,000,000.00 500,000,000.00 200,000,000.00
Loan from Central Bank
Deposit received and hold
for others
Call loan received
Trade off financial liabilities
Bill payable
Account payable 138,636,022.29 121,223,271.87
Advance payment 6,857,158.88 6,441,245.88
Selling of repurchased
financial assets
Fees and commissions
receivable
Employees’ wage payable 1,623,411.57 163,795.06 949,773.92 133,219.71
Tax payable 10,482,974.64 181,015.67 1,702,514.30 521,312.74
Interest payable 30,429,488.92 21,533,333.33 17,571,390.99 11,333,333.33
Dividend payable 144,444,845.41 137,890,683.28 18,997,256.40 12,443,094.27
Other account payable 401,693,615.42 107,881,279.58 237,781,580.86 2,234,014.32
Reinsurance fee payable
Insurance contract provision
Entrusted trading of
securities
Entrusted selling of
securities
Non-current liability due in
281,000,000.00 327,000,000.00
1 year
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First Quarter Report 2011
Other current liability 53,060,631.33 70,804,209.27
Total of current liability 1,596,167,517.13 701,710,738.25 1,231,667,034.22 297,469,183.64
Non-current liabilities：
Long-term loan 3,559,964,803.54 3,575,964,803.54
Bond payable 792,079,858.39 792,079,858.39 791,524,406.75 791,524,406.75
Long-term payable 2,022,210.11 2,022,210.11 2,022,210.11 2,022,210.11
Special payable
Expected liabilities
Differed income tax
122,709,479.41 125,310,513.48
liability
Other non-current liabilities
Total of non-current
4,476,776,351.45 794,102,068.50 4,494,821,933.88 793,546,616.86
liabilities
Total of liability 6,072,943,868.58 1,495,812,806.75 5,726,488,968.10 1,091,015,800.50
Owners’ equity
Share capital 1,257,117,748.00 1,257,117,748.00 1,257,117,748.00 1,257,117,748.00
Capital reserves 1,925,958,715.57 1,926,106,856.32 1,957,158,715.57 1,957,306,856.32
Less：Shares in stock
Special Reserve
Surplus reserves 164,481,109.54 164,481,109.54 164,481,109.54 164,481,109.54
Common risk provision
Undistributed profit 844,946,521.05 630,414,926.41 904,494,101.24 713,488,159.63
Different of foreign currency
translation
Total of owner’s equity belong to
4,192,504,094.16 3,978,120,640.27 4,283,251,674.35 4,092,393,873.49
the parent company
Minor shareholders’ equity 555,234,453.06 516,723,439.80
Total of owners’ equity 4,747,738,547.22 3,978,120,640.27 4,799,975,114.15 4,092,393,873.49
Total of liabilities and owners’
10,820,682,415.80 5,473,933,447.02 10,526,464,082.25 5,183,409,673.99
equity
4.2 Profit statement
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. January-March 2011 Unit：RMB
Report period Same period of the previous year
Items
Consolidated Parent company Consolidated Parent company
I. Total operating income 248,954,619.04 879,378.75 248,455,737.91 4,712,370.00
Including：Operating income 248,954,619.04 879,378.75 248,455,737.91 4,712,370.00
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 205,189,011.16 29,871,484.46 171,711,807.31 23,114,354.12
Including：Operating cost 118,063,576.08 116,053.35 96,443,521.37 116,053.35
Interest expense
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First Quarter Report 2011
Commission chare and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of
guarantee slip
Reinsurance expense
Operating tax and extras 8,787,976.79 44,760.38 8,653,041.42 235,618.50
Sales expenses
Administration expenses 31,571,144.29 16,670,075.95 25,499,730.06 11,149,261.74
Financial expenses 46,766,314.00 13,040,594.78 41,115,514.46 11,613,420.53
Losses of devaluation of assets
Add ：Changing income of fair
value
Investment income 71,630,647.29 71,630,647.29 95,641,256.24 95,641,256.24
Including：Investment income on
affiliate company and joint 71,630,647.29 71,630,647.29 95,641,256.24 95,641,256.24
venture
Exchange income
III. Operating profit 115,396,255.17 42,638,541.58 172,385,186.84 77,239,272.12
Add ：Non-operating income 540,108.50 407,726.01
Less：Non-operating expense 32,071,314.21 48,616.41
Including :Disposal loss of
31,844,018.89
non-current assets
IV. Total profit 83,865,049.46 42,638,541.58 172,744,296.44 77,239,272.12
Less：Income tax 9,189,841.59 23,145,401.46
V. Net profit 74,675,207.87 42,638,541.58 149,598,894.98 77,239,272.12
Net profit attributable to owner’s
66,164,194.62 42,638,541.58 130,269,260.90 77,239,272.12
equity of parent company
Minority shareholders’ gains
8,511,013.25 19,329,634.08
and losses
VI. Earnings per share
（i）Basic earnings per share 0.05 0.03 0.10 0.06
（ii）Diluted earnings per share 0.05 0.03 0.10 0.06
VII. Other comprehensive income -31,200,000.00 -31,200,000.00
VIII. Total comprehensive income 43,475,207.87 11,438,541.58 149,598,894.98 77,239,272.12
Total comprehensive income
attributable to the owner of the 34,964,194.62 11,438,541.58 130,269,260.90 77,239,272.12
parent company
Total comprehensive income
8,511,013.25 19,329,634.08
attributable minority shareholders
For the enterprises under the same control consolidated in the report period, the net profit realized by the consolidee before the
consolidation is RMB 0.00.
4.3 Cash flow statement
Prepared by：Guangdong Provincial Expressway Development Co.，Ltd. January-March 2011 Unit：RMB
10
First Quarter Report 2011
Report period Same period of the previous year
Items
Consolidated Parent company Consolidated Parent company
I.Cash flows from operating
activities
Cash received from sales of
237,195,811.55 232,214,613.93
goods or rending of services
Net increase of customer
deposits and capital kept for
brother company
Net increase of loans
from central bank
Net increase of
inter-bank loans from other
financial bodies
Cash received against
original insurance contract
Net cash received from
reinsurance business
Net increase of client
deposit and investment
Net increase of trade
financial asset disposal
Cash received as interest,
processing fee and
commission
Net increase of inter-bank
fund received
Net increase of
repurchasing business
Tax returned
Other cash received from
205,574,585.28 155,448,905.01 250,570,709.33 171,051,168.03
business operation
Sub-total of cash inflow 442,770,396.83 155,448,905.01 482,785,323.26 171,051,168.03
Cash paid for purchasing of
36,320,260.23 21,526,230.36
merchandise and services
Net increase of client trade
and advance
Net increase of savings n
central bank and brother
company
Cash paid for original
contract claim
Cash paid for interest,
processing fee and
commission
Cash paid for policy
dividend
Cash paid to staffs or paid
38,522,118.69 11,202,518.27 30,252,299.93 9,852,356.27
for staffs
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First Quarter Report 2011
Taxes paid 10,765,823.43 6,564.21 15,799,784.93 78,794.24
Other cash paid for
208,663,597.36 179,150,225.57 239,577,107.74 95,424,996.51
business activities
Sub-total of cash outflow
294,271,799.71 190,359,308.05 307,155,422.96 105,356,147.02
from business activities
Cash flow generated by
148,498,597.12 -34,910,403.04 175,629,900.30 65,695,021.01
business operation, net
II.Cash flow generated by
investing
Cash received from
investment retrieving
Cash received as investment
116,896,689.22 116,896,689.22 42,482,771.21 42,482,771.21
gains
Net cash retrieved from
disposal of fixed assets,
intangible assets, and other
long-term assets
Net cash received from
disposal of subsidiaries or
other operational units
Other investment-related
698,622.50 200,000,000.00
cash received
Sub-total of cash inflow due
116,896,689.22 117,595,311.72 42,482,771.21 242,482,771.21
to investment activities
Cash paid for construction of
fixed assets, intangible assets 172,470,994.79 447,836.00 313,062,584.26 468,415.00
and other long-term assets
Cash paid as investment 70,000,000.00 160,000,000.00 45,092,000.00 45,092,000.00
Net increase of loan against
pledge
Net cash received from
subsidiaries and other
operational units
Other cash paid for
115,000,000.00
investment activities
Sub-total of cash outflow
242,470,994.79 275,447,836.00 358,154,584.26 45,560,415.00
due to investment activities
Net cash flow generated by
-125,574,305.57 -157,852,524.28 -315,671,813.05 196,922,356.21
investment
III.Cash flow generated by
financing
Cash received as
30,000,000.00
investment
Incl: Cash received as
investment from minor
shareholders
Cash received as loans 336,000,000.00 286,000,000.00 770,000,000.00
Cash received from
12
First Quarter Report 2011
bond placing
Other financing –related
ash received
Sub-total of cash inflow
366,000,000.00 286,000,000.00 770,000,000.00
from financing activities
Cash to repay debts 214,643,020.55 2,643,020.55 180,000,000.00
Cash paid as dividend,
53,089,829.49 44,784,948.32 1,112,474.57
profit, or interests
Incl: Dividend and profit
paid by subsidiaries to minor
shareholders
Other cash paid for financing
activities
Sub-total of cash outflow
267,732,850.04 2,643,020.55 224,784,948.32 1,112,474.57
due to financing activities
Net cash flow generated by
98,267,149.96 283,356,979.45 545,215,051.68 -1,112,474.57
financing
IV. Influence of exchange
rate alternation on cash and -4,197.99 -4,197.99 -609.29 -609.29
cash equivalents
V.Net increase of cash and
121,187,243.52 90,589,854.14 405,172,529.64 261,504,293.36
cash equivalents
Add: balance of cash and
cash equivalents at the 258,881,333.75 179,597,767.35 218,754,995.03 113,474,208.24
beginning of term
VI ..Balance of cash and cash
380,068,577.27 270,187,621.49 623,927,524.67 374,978,501.60
equivalents at the end of term
4.4 Auditor’ report
Auditor’s opinions: Not audited
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