山东晨鸣纸业集团股份有限公司
SHANDONG CHENMING PAPER HOLDINGS LIMITED*
(a joint stock company incorporated in the People’s Republic of China with limited liability)
2012 First Quarter Report
§1 IMPORTANT
1.1 The board of directors (the “Board”), the supervisory committee (the “Supervisory
Committee”) and the directors (the “Directors”), supervisors (the “Supervisors”) and senior
management (the “Senior Management”) of Shandong Chenming Paper Holdings Limited
(the “Company”, “us”, and “we”) hereby warrant that there are no false representations,
misleading statements or material omissions contained in this report (the “Report”), and
jointly and severally accept full responsibility for the truthfulness, accuracy and completeness
of its contents. This Report has been prepared in both Chinese and English. For any
discrepancies, the Chinese version shall prevail.
1.2 None of the Directors, Supervisors and Senior Management is unable to warrant the
truthfulness, accuracy and completeness of the contents of this Report or holds any dissenting
views.
1.3 This quarterly Report was considered and approved by the eleventh meeting of the sixth
session of the Board of the Company with all Directors present by means of communication.
1.4 The first quarter financial statements of the Company and its subsidiaries (collectively
referred to as the “Group”) prepared in accordance with Accounting Standards for Business
Enterprises issued by the Ministry of Finance of the People’s Republic of China (the “PRC”)
have not been audited.
1.5 Chen Hongguo, the person in charge of the Company, Wang Chunfang, the financial
controller of the Company, and Liu Jun, head of accounting department (the person in charge
of accounting) hereby declare their assurance of the truthfulness and completeness of the
financial Report contained in the quarterly Report.
—1—
§2 Company Basic Information
2.1 Major accounting data and financial indicators
Unit: RMB
End of the reporting
period End of last year Change (%)
Total assets (RMB) 46,240,070,962.15 45,630,828,967.03 1.34%
Equity attributable to
shareholders of the Company
(RMB) 13,544,436,244.38 13,528,622,319.91 0.12%
Share capital (share) 2,062,045,941.00 2,062,045,941.00 0.00%
Net assets per share attributable
to shareholders of the
Company (RMB/share) 6.57 6.56 0.15%
The correponding
The reporting period period of last year Change (%)
Total operating revenue
(RMB) 4,752,308,236.25 4,215,779,027.36 12.73%
Net profit attributable to
shareholders of the
Company (RMB) 15,369,632.83 235,410,265.86 -93.47%
Net cash flows from operating
activities (RMB) -281,719,304.77 235,068,880.84 -219.85%
Net cash flows per share from
operating activities
(RMB/share) -0.14 0.11 -227.27%
Basic earnings per share
(RMB/share) 0.0075 0.11 -93.18%
Diluted earnings per share
(RMB/share) N/A N/A N/A
Weighted average return on
net assets (%) 0.11% 1.72% -1.61%
Weighted average return on
net assets after extraordinary
gains or losses (%) -0.75% 1.23% -1.98%
Extraordinary gain or loss items
Applicable Not Applicable
—2—
Unit: RMB
Amounts from
beginning of the
year to end of the
Extraordinary gain or loss item reporting period Note (if applicable)
Gain or loss on disposal of non-current assets 1,002,327.03
Government grants recognised in profit or loss
during the current period, except for
government grants closely related to the course
of ordinary operation of the Company that were
given constantly at a fixed standard amount or
quantity as stipulated by the State 137,984,260.09
Gain or loss on debt restructuring
Other gain or loss items within the definition of
extraordinary gain or loss
Profit arising from investment costs for
acquisition of a subsidiary, an associate and a
joint venture by the corporation being less than
its share of fair value of identifiable net assets
of the investee on acquisition
Other non-operating income and expenses other
than the above items 1,616,427.57
Effect of minority interests -4,296,565.30
Effect of income tax -19,643,766.95
Total 116,662,682.44 —
Note: Other gain or loss items within the definition of extraordinary gain or loss refer to the gain or loss on
disposal of subsidiaries.
—3—
2.2 Total number of shareholders and the shareholding of the top ten shareholders of
non-restricted shares as at the end of the reporting period
Unit: share
Total number of shareholders as at The total number of shareholders was 165,499, of
the end of the reporting period which 133,167 were holders of A shares, 31,726 were
holders of B shares and 606 were holders of H shares
Shareholding of the top ten shareholders of non-restricted tradable shares
Number of non-restricted
tradable shares held
as at the end of the
Name of shareholders (Full Name) reporting period Class
Overseas listed foreign
HKSCC Nominees Limited 389,592,500 shares (H shares)
TAIFOOK SECURITIES COMPANY Domestic listed foreign
LIMITED — ACCOUNT CLIENT 45,289,376 shares (B shares)
Domestic listed foreign
PLATINUM ASIA FUND 43,480,377 shares (B shares)
BILL & MELINDA GATES RMB ordinary shares
FOUNDATION TRUST 28,121,967 (A shares)
China Life Insurance Company
Limited-Dividend-Individual RMB ordinary shares
Dividend-005L-FH002 Shenzhen 17,819,798 (A Shares)
RMB ordinary shares
Caisse dépt et placement du Québec 7,308,567 (A shares)
RMB ordinary shares
Chen Hongguo 6,334,527 (A shares)
LSV EMERGING MARKETS Domestic listed foreign
EQUITY FUND, L.P. 6,102,800 shares (B shares)
VICTORIAN FUNDS
MANAGEMENT CORPORATION Domestic listed foreign
ATF VFM EMG MKTS TRT 6,086,106 shares (B shares)
GE Asset Management
Incorporated — GEAM China A RMB ordinary shares
Share Trust Fund 5,944,347 (A shares)
—4—
§3 Material Matters
3.1 Details of and reasons for significant changes in major accounting statement items
and financial indicators of the Company
Applicable Not Applicable
1. Analysis of the assets and liabilities of the Company
Unit: RMB
Change Reason for
Item 31 March 2012 31 December 2011 (%) change
Long-term equity
investments 323,080,817.55 77,434,005.49 317.23 (1)
Construction materials 118,851,018.31 61,924,581.85 91.93 (2)
Bills payable 1,090,621,037.45 615,327,402.85 77.24 (3)
Advance receipts 397,548,854.34 231,428,013.45 71.78 (4)
Explanation of the reasons leading to the major changes:
(1) Long-term equity investments increased by 317.23% primarily due to the external
investments made by Shanghai Runchen Equity Investment Fund Co., Ltd., a subsidiary of
the Company.
(2) Construction materials increased by 91.93% primarily due to the investments made in
the white coated linerboard project.
(3) Bills payable increased by 77.24% primarily due to the impact relating to the increased
use of acceptance bills to make payment for goods by the Company resulting from the market
conditions.
(4) Advance receipts increased by 71.78% primarily due to an increase in advances from
customers resulting from stepping up efforts in sales by the Company.
—5—
2. Explanation of significant changes of income statement items compared to the
corresponding reporting period of last year
Unit: RMB
Change Reason for
Item 31 March 2012 31 March 2011 (%) change
Finance expenses 264,624,392.19 68,850,480.24 284.35 (1)
Loss on impairment of
assets 16,217,270.12 -7,017,489.87 331.10 (2)
Investment income -4,353,187.94 -6,862,531.53 36.57 (3)
Non-operating income 143,388,638.82 93,693,686.12 53.04 (4)
Non-operating expenses 2,785,624.13 1,744,031.83 59.72 (5)
Total profit -31,706,117.62 319,746,983.85 -109.92 (6)
Income tax expenses -5,074,884.91 67,180,140.84 -107.55 (7)
Net profit attributable to
equity holders of the
Company 15,369,632.83 235,410,265.86 -93.47 (8)
Minority interests -42,000,865.54 17,156,577.15 -344.81 (9)
Explanation of the reasons leading to the major changes:
(1) Finance expenses increased by 284.35% as compared to the corresponding period of last
year mainly due to an increase in capitalised interest amount charged into expenses after
transfer and an increase in loan scale.
(2) Loss on impairment of assets increased by 331.10% as compared to the corresponding
period of last year mainly due to an increase in bad debt provisions withdrawn during the
period as compared to the corresponding period of last year resulting from a change in
receivables.
(3) Investment income increased by 36.57% as compared to the corresponding period of last
year mainly due to a decrease in the losses incurred by associates during the period as
compared to the corresponding period of last year.
(4) Non-operating income increased by 53.04% as compared to the corresponding period of
last year mainly due to an increase in government grants received during the period.
(5) Non-operating expenses increased by 59.72% as compared to the corresponding period
of last year mainly due to the increase in net loss on disposal of assets and donation expenses
during the period.
(6) Total profit, income tax, net profit attributable to equity holders of the Company and
minority interests decreased as compared to the corresponding period of last year by 109.92%,
107.55%, 93.47% and 344.81% respectively mainly due to the selling prices of the
Company’s products remaining at a low level during the first quarter with a drop in the gross
—6—
profit margin amid the downturn of the paper making industry.
3. Analysis of cash flows during the reporting period
The corresponding Change
Item The reporting period period of last year (%)
Net cash flows from
operating activities -281,719,304.77 235,068,880.84 -219.85
Net cash flows from
investing activities -587,845,287.96 -1,627,140,470.50 63.87
Net cash flows from
financing activities -185,783,342.04 797,845,888.32 -123.29
Explanation of the reasons leading to the major changes:
(1) Net cash flows from operating activities decreased by 219.85% as compared to the
corresponding period of last year primarily due to an increase in outstanding bills during the
period.
(2) Net cash flows from investing activities increased by 63.87% as compared to the
corresponding period of last year primarily due to the decrease in the investments made upon
completion in the Zhanjiang pulp project, the high-end culture paper project of production
capacity of 450,000 tonnes and the coated paper project of production capacity of 800,000
tonnes.
(3) Net cash flows from financing activities decreased by 123.29% as compared to the
corresponding period of last year primarily due to an increase of loans repaid by the Company
during the period.
3.2 The progress of significant events and analysis of their impact and solutions
3.2.1 Non-standard opinion
Applicable Not Applicable
3.2.2 Provision of capital to the controlling shareholder or its related parties or
provision of guarantee in favour of any external party in violation of the prescribed
procedures by the Company
Applicable Not Applicable
3.2.3 Execution of material contracts in the ordinary course of business and their
performance
Applicable Not Applicable
—7—
3.2.4 Others
Applicable Not Applicable
3.3 Performance of undertakings by the Company, shareholders and beneficial
controllers
The following undertakings by the Company, and its related parties such as its directors,
supervisors and senior management, shareholders interested in 5% or more of the shares of
the Company and its beneficial controllers made in the reporting period or subsisting to the
reporting period
Applicable Not Applicable
3.4 Warning of cumulative net profit for the period between the beginning of the year
to end of next reporting period being projected to be losses or expected material change
as compared to the same period of last year and its explanation
Applicable Not Applicable
3.5 Other significant events that require explanation
3.5.1 Securities investment
Applicable Not Applicable
—8—
3.5.2Reception of research investigations, communications and interviews during the
reporting period
Place of Manner of Parties Main topics of discussion
Date of reception reception reception accommodated and information provided
9 January 2012 Shouguang, On-site Jiang Hao, analyst ofMatters including recent
Shandong research and Everbright Securities development of the industry
investigation and development trend in the
future, production and
operation of the Company, as
well as strategic development
8 February 2012 Shouguang, On-site Galaxy AMC, Matters including recent
Shandong research and Zheshang Securities development of the industry
investigation and Huang Wei, and development trend in the
analyst of Huatai future, production and
Securities operation of the Company, as
well as strategic development
30 March 2012 Shouguang, On-site Bosera Asset Matters including recent
Shandong research and Management and Mu development of the industry
investigation Fangzhou, analyst of and development trend in the
Guotai Junan future, production and
Securities operation of the Company, as
well as strategic development
3.6 Investment in derivatives
□ Applicable Not Applicable
3.6.1Positions in investment in derivatives as at the end of the reporting period
□ Applicable Not Applicable
—9—
§4 Appendices
4.1 Balance sheet
Prepared by: Shandong Chenming Paper Holdings Limited
As at 31 March 2012
Unit: RMB
Closing balance Opening balance
Items Consolidated Parent Company Consolidated Parent Company
CURRENT ASSETS:
Monetary funds 2,659,927,829.06 1,188,540,323.36 3,529,938,211.47 1,747,384,563.57
Balances with clearing
companies
Placements with banks and other
financial institutions
Held-for-trading financial assets
Bills receivable 3,124,602,073.94 1,626,014,536.73 2,444,508,997.74 1,432,408,267.82
Accounts receivable 3,485,841,509.24 1,967,593,151.99 2,886,437,754.69 1,743,034,281.97
Prepayments 743,951,988.34 621,243,764.73 764,880,237.90 664,693,619.26
Premium receivable
Receivables from reinsurers
Reinsurance contract reserves
receivable
Interest receivable
Dividend receivable
Other receivables 373,347,872.40 7,540,865,746.72 325,550,913.72 6,928,079,845.18
Financial assets purchased under
agreements to resell
Inventory 5,251,096,093.83 1,162,129,300.73 5,586,472,121.37 1,173,839,484.91
Non-current assets due within
one year
Entrusted loans due within one
year 50,000,000.00
Other current assets 1,673,072,903.43 42,390,138.67 1,698,362,261.63 15,216,230.82
Total current assets 17,311,840,270.24 14,148,776,962.93 17,236,150,498.52 13,754,656,293.53
— 10 —
Closing balance Opening balance
Items Consolidated Parent Company Consolidated Parent Company
NON-CURRENT ASSETS:
Entrusted loans and advances to
customers
Available-for-sale financial
assets
Entrusted loans 500,000,000.00 500,000,000.00
Held-to-maturity investments 55,000,000.00
Long-term receivables
Long-term equity investments 323,080,817.55 8,753,656,624.89 77,434,005.49 8,748,703,461.63
Investment in properties 22,515,392.02 22,515,392.02 22,949,956.03 22,949,956.03
Fixed assets 22,495,906,632.02 5,255,202,695.84 22,740,904,031.02 5,264,187,852.03
Construction in progress 2,978,139,596.39 366,936,549.69 2,618,039,624.85 422,232,622.40
Construction materials 118,851,018.31 3,149,556.84 61,924,581.85 3,589,906.68
Disposal of fixed assets
Productive biological assets
Oil and gas assets
Consumable biological assets 997,844,659.25 959,061,500.85
Intangible assets 1,506,812,666.89 320,529,110.46 1,517,137,201.36 322,623,412.83
Development expenditure
Goodwill 20,283,787.17 20,283,787.17
Long-term prepaid expenses 193,367,979.88 192,917,245.62
Deferred income tax assets 206,428,142.43 41,582,819.72 174,026,534.27 41,388,325.93
Other non-current assets 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00
Total non-current assets 28,928,230,691.91 15,273,572,749.46 28,394,678,468.51 15,335,675,537.53
TOTAL ASSETS 46,240,070,962.15 29,422,349,712.39 45,630,828,967.03 29,090,331,831.06
— 11 —
Closing balance Opening balance
Items Consolidated Parent Company Consolidated Parent Company
CURRENT LIABILITIES:
Short-term borrowings 11,962,201,114.26 7,688,247,146.95 12,086,984,606.69 8,080,716,020.88
Borrowings from the central
bank
Customer bank deposits and due
to banks and other financial
institutions
Placements from banks and
other financial institutions
Held-for-trading financial
liabilities
Bills payable 1,090,621,037.45 840,293,333.99 615,327,402.85 346,418,281.23
Accounts payable 4,270,682,551.84 1,485,938,970.70 4,685,585,997.60 1,698,958,458.63
Advance receipts 397,548,854.34 96,812,609.34 231,428,013.45 119,723,590.83
Financial assets sold under
agreements to repurchase
Handling charges and
commission payable
Staff remuneration payables 171,307,545.20 92,581,527.26 147,063,891.65 79,433,205.74
Taxes payable 55,101,717.87 17,052,100.14 68,240,005.91 21,270,847.19
Interest payable 117,568,737.22 110,942,694.44 106,854,702.74 103,910,194.44
Dividend payable
Other payables 936,767,593.24 250,728,876.15 763,621,538.95 211,491,763.93
Due to reinsurers
Insurance contract reserves
Customer brokerage deposits
Securities underwriting
brokerage deposits
Non-current liabilities due
within one year 1,303,402,293.52 642,943,000.00 1,203,616,858.22 543,009,000.00
Other current liabilities 8,946,771.60 1,251,038.40 10,227,001.60 1,345,288.40
Total current liabilities 20,314,148,216.54 11,226,791,297.37 19,918,950,019.66 11,206,276,651.27
— 12 —
Closing balance Opening balance
Items Consolidated Parent Company Consolidated Parent Company
NON-CURRENT LIABILITIES:
Long-term borrowings 5,360,033,566.63 862,302,335.94 5,143,067,496.05 648,055,935.94
Bonds payable 2,478,412,080.22 1,984,261,888.75 2,476,942,694.79 1,983,425,123.62
Long-term payables
Special payables 660,000,000.00 660,000,000.00
Estimated liabilities
Deferred income tax liabilities
Other non-current liabilities 2,465,889,180.44 2,316,201,294.87 2,444,093,897.14 2,314,615,977.46
Total non-current liabilities 10.964,334,827.29 5,162,765,519.56 10,724,104,087.98 4,946,097,037.02
TOTAL LIABILITIES 31,278,483,043.83 16,389,556,816.93 30,643,054,107.64 16,152,373,688.29
OWNERS’ EQUITY (OR
SHAREHOLDERS’ EQUITY):
Paid-up capital(or share capital) 2,062,045,941.00 2,062,045,941.00 2,062,045,941.00 2,062,045,941.00
Capital reserves 6,098,264,836.00 6,184,215,988.77 6,098,264,836.00 6,184,215,988.77
Less: Treasury shares
Special reserves
Surplus reserves 1,132,116,106.40 1,119,926,524.49 1,132,116,106.40 1,119,926,524.49
General risk provisions
Retained profit 4,253,153,629.37 3,666,604,441.20 4,237,783,996.54 3,571,769,688.51
Foreign currency translation
differences -1,144,268.39 -1,588,560.03
Total equity attributable to equity
holders of the Company 13,544,436,244.38 13,032,792,895.46 13,528,622,319.91 12,937,958,142.77
Minority interests 1,417,151,673.94 1,459,152,539.48
Total owners’ equity 14,961,587,918.32 13,032,792,895.46 14,987,774,859.39 12,937,958,142.77
TOTAL LIABILITIES AND
OWNERS’ EQUITY 46,240,070,962.15 29,422,349,712.39 45,630,828,967.03 29,090,331,831.06
— 13 —
4.2 Income statement
Prepared by: Shandong Chenming Paper Holdings Limited
January to March 2012
Unit: RMB
Amounts for the current period Amounts for last period
Items Consolidated Parent Company Consolidated Parent Company
I. Total operating revenue 4,752,308,236.25 2,016,506,036.27 4,215,779,027.36 1,921,785,753.13
Including: Operating revenue 4,752,308,236.25 2,016,506,036.27 4,215,779,027.36 1,921,785,753.13
Interest income
Earned premium
Handling charges and
commission income
II. Total operating costs 4,920,264,180.62 2,033,368,595.55 3,981,119,166.27 1,759,509,526.62
Including: Operating costs 4,100,359,085.69 1,717,240,795.33 3,463,359,628.05 1,555,807,983.71
Interest expenses
Handling charges and
commission
expenses
Surrenders
Net claims paid
Net change in
insurance contract
reserves
Policyholder dividend
expenses
Expenses for
reinsurance
accepted
Business taxes and
surcharges 16,516,766.94 11,789,305.11 17,610,362.77 9,678,625.14
Selling and
distribution
expenses 231,926,186.00 51,684,955.34 202,836,197.85 61,919,884.39
General and
administrative
expenses 290,620,479.68 131,061,471.84 235,479,987.23 100,687,131.82
Finance expenses 264,624,392.19 126,068,992.41 68,850,480.24 56,580,268.93
Loss on impairment
of assets 16,217,270.12 -4,476,924.48 -7,017,489.87 -25,164,367.37
— 14 —
Amounts for the current period Amounts for last period
Items Consolidated Parent Company Consolidated Parent Company
Add: Gain on change in fair
value (“-” denotes loss)
Investment income (“-”
denotes loss) -4,353,187.94 4,172,616.51 -6,862,531.53 23,065,936.06
Including: Investment income
from associates and
joint ventures -4,353,187.94 -4,353,187.94 -6,862,531.53 -6,862,531.53
Foreign exchange
gains (“-” denotes
loss)
III. Operating profit (“-” denotes
loss) -172,309,132.31 -12,689,942.77 227,797,329.56 185,342,162.57
Add: Non-operating income 143,388,638.82 119,849,253.98 93,693,686.12 67,364,389.08
Less: Non-operating expenses 2,785,624.13 38,640.30 1,744,031.83 1,069,164.50
Including: Loss on disposal of
non-current assets 696,533.29 277,710.00
IV. Total profit (“-” denotes total
loss) -31,706,117.62 107,120,670.91 319,746,983.85 251,637,387.15
Less:Income tax expenses -5,074,884.91 12,285,918.22 67,180,140.84 39,945,956.65
V. Net profit (“-” denotes net
loss) -26,631,232.71 94,834,752.69 252,566,843.01 211,691,430.50
Net profit attributable to
equity holders of the
Company 15,369,632.83 94,834,752.69 235,410,265.86 211,691,430.50
Minority interests -42,000,865.54 17,156,577.15
VI. Earnings per share:
(I) Basic earnings per share 0.0075 0.05 0.11 0.10
(II) Diluted earnings per
share N/A N/A N/A N/A
VII. Other comprehensive income 444,291.64 -128,560.65
VIII. Total comprehensive income -26,186,941.07 94,834,752.69 252,438,282.36 211,691,430.50
Total comprehensive income
attributable to equity
holders of the Company 15,813,924.47 94,834,752.69 235,281,705.21 211,691,430.50
Total comprehensive income
attributable to minority
interests -42,000,865.54 — 17,156,577.15 —
For the business combination under common control for the current period, the acquiree
realised net profit of RMB was nil before the combination.
— 15 —
4.3 Cash flow statement
Prepared by: Shandong Chenming Paper Holdings Limited
January to March 2012
Unit: RMB
Amounts for the current period Amounts for last period
Items Consolidated Parent Company Consolidated Parent Company
I. Cash flows from operating
activities:
Cash received from sales of
goods and rendering of
services 2,570,906,269.83 1,183,863,960.99 4,373,729,942.37 1,797,302,681.18
Net increase in customer bank
deposits and due to banks
and other financial
institutions
Net increase in borrowings
from the central bank
Net increase in placements
from other financial
institutions
Cash received from premiums
under original insurance
contracts
Net cash received from
reinsurance business
Net increase in deposits from
policyholders
Net increase from disposal of
held-for-trading financial
assets
Cash received from interest,
handling charges and
commissions
Net increase in placements
from banks and other
financial institutions
Net capital increase of
repurchase business
Tax rebates received 9,072,328.56
— 16 —
Amounts for the current period Amounts for last period
Items Consolidated Parent Company Consolidated Parent Company
Cash received relating to other
operating activities 177,801,899.75 119,530,481.18 209,741,362.82 77,243,590.61
Subtotal of cash inflows from
operating activities 2,748,708,169.58 1,303,394,442.17 4,592,543,633.75 1,874,546,271.79
Cash paid for goods and
services 2,341,911,556.91 1,130,269,044.25 3,592,629,084.34 1,175,552,333.83
Net increase in loans and
advances to customers
Net increase in deposits with
the central bank and other
financial institutions
Cash paid for claims under
original insurance contracts
Cash paid for interest, handling
charges and commission
Cash paid for policyholder
dividend
Cash paid to and for employees 220,123,999.70 68,124,348.15 207,060,248.25 59,273,939.28
Payments of taxes and
surcharges 269,015,215.20 182,384,463.17 461,128,266.94 195,314,473.88
Cash paid relating to other
operating activities 199,376,702.54 303,073,623.77 96,657,153.38 182,600,639.67
Subtotal of cash outflows from
operating activities 3,030,427,474.35 1,683,851,479.34 4,357,474,752.91 1,612,741,386.66
Net cash flows from operating
activities -281,719,304.77 -380,457,037.17 235,068,880.84 261,804,885.13
— 17 —
Amounts for the current period Amounts for last period
Items Consolidated Parent Company Consolidated Parent Company
II. Cash flows from investment
activities:
Cash received from
investments 50,000,000.00 20,904,479.28
Cash received from investment
income 8,825,194.45 122,480,481.09
Net cash received from
disposal of fixed assets,
intangible assets and other
long-term assets 953,872.96 —
Net cash received from
disposal of subsidiaries and
other business units
Cash received relating to other
investment activities 40,203,980.70 3,016,038.73
Subtotal of cash inflows from
investment activities 40,203,980.70 58,825,194.45 3,969,911.69 143,384,960.37
Cash paid for purchase of fixed
assets, intangible assets and
other long-term assets 323,049,268.66 3,528,995.61 1,631,110,382.19 140,688,974.01
Cash paid on investments 305,000,000.00 9,465,450.00 — 319,533,425.00
Net increase in pledged loans
Net cash paid for acquisition of
subsidiaries and other
business units
Cash paid relating to other
investment activities
Subtotal of cash outflows from
investment activities 628,049,268.66 12,994,445.61 1,631,110,382.19 460,222,399.01
Net cash flows from investment
activities -587,845,287.96 45,830,748.84 -1,627,140,470.50 -316,837,438.64
— 18 —
Amounts for the current period Amounts for last period
Items Consolidated Parent Company Consolidated Parent Company
III. Cash flows from financing
activities:
Cash received from capital
contribution
Including: Cash received from
minority interest
contribution to
subsidiaries
Cash received from
borrowings 5,007,370,206.49 2,637,231,040.20 4,632,330,615.82 2,296,907,172.87
Cash received from
bond issue
Cash received relating
to other financing
activities
Subtotal of cash
inflows from
financing activities 5,007,370,206.49 2,637,231,040.20 4,632,330,615.82 2,296,907,172.87
Cash repayments of
amounts borrowed 4,815,402,193.04 2,715,519,514.13 1,783,746,991.05 959,037,255.19
Cash paid for dividend
and profit
distribution or
interest payment 141,509,329.30 95,330,724.52 80,392,732.83 53,157,784.69
Including: Dividend and profit
paid to minority
interests by
subsidiaries
Cash paid for
repayment of
short-term debentures 1,549,650,000.00 1,549,650,000.00
Cash paid relating to
other financing
activities 236,242,026.19 364,674,036.03 420,695,003.62 128,370,986.04
Subtotal of cash
outflows from
financing activities 5,193,153,548.53 3,175,524,274.68 3,834,484,727.50 2,690,216,025.92
Net cash flows from
financing activities -185,783,342.04 -538,293,234.48 797,845,888.32 -393,308,853.05
— 19 —
Amounts for the current period Amounts for last period
Items Consolidated Parent Company Consolidated Parent Company
IV. Effect of foreign exchange rate
changes on cash and cash
equivalents -414,473.83 -108,753.43 -2,566,650.95 -352,637.72
V. Net increase in cash and cash
equivalents -1,055,762,408.60 -873,028,276.24 -596,792,352.29 -448,694,044.28
Add: Balance of cash and cash
equivalents as at the
beginning of the period 2,317,048,619.53 1,290,039,078.57 1,855,235,979.80 662,209,607.29
VI. Balance of cash and cash
equivalents as at the end of
the period 1,261,286,210.93 417,010,802.33 1,258,443,627.51 213,515,563.01
4.4 Audit report
Audit opinion: unaudited
— 20 —
