DALIAN REFRIGERATION CO., LTD.
QUARTERLY REPORT FOR THIRD QUARTER, 2012
§1 Important Notes
1.1 The directors and the Board of Directors, the supervisors and the Supervisory Board, and Senior staff
members of Dalian Refrigeration Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there are
no any important omissions, fictitious statements or serious misleading carried in this report, and shall take all
responsibilities, individual and/or joint, for the reality, accuracy and completeness of the whole contents.
1.2 The Company’s quarterly financial report has not been audited.
1.3 Chairman of the Board of Directors of the Company Mr. Zhang He, Financial Majordomo and the head of
Accounting Department Ms. Xu Junrao hereby confirm that the financial report of the quarterly report is true and
complete.
1.4 This report is written respectively in Chinese and in English. In the event of any discrepancy between the two
above-mentioned versions, the Chinese version shall prevail.
§2 Company Profile
2.1 Major accounting data and financial indexes
Is there any traceable adjustment to the financial statements for the previous report period?
□ Yes √ No □ N/A
Increase/decrease over
2012.9.30 2011.12.31
2011.12.31(%)
Total assets 2,946,604,767.10 3,053,660,921.27 -3.51%
Shareholder’s equity attributable to
1,785,584,485.08 1,748,822,103.82 2.10%
parent company
Share capital 350,014,975.00 350,014,975.00 0.00%
Net assets per share attributable to
5.10 5.00 2.00%
parent company
Increase/decrease Increase/decrease
2012.7-9 2012.1-9
over 2011.7-9(%) over 2011.1-9(%)
Total operating income 357,894,945.23 -26.46% 1,209,113,245.76 -15.71%
Net profit attributable to parent
25,346,412.22 28.08% 91,738,839.66 -20.42%
company
Net cash generated from operating
- - -50,566,652.58 -156.83%
activities
Net cash per share generated from
- - -0.14 -156.00%
operating activities
Basic earnings per share 0.07 16.67% 0.26 -21.21%
Diluted earnings per share 0.07 16.67% 0.26 -21.21%
Increase 0.30 Decrease 1.30
Return on equity 1.42% 5.23%
percentage points percentage points
ROE after deducting non-recurring Increase 0.44 Increase 0.93
1.42% 5.05%
gains/losses percentage points percentage points
Amount from beginning of year
Item of non-recurring gains and losses to the end of report period
Profit and loss from disposal of non-current assets -312,194.94
Government subsidies which were included in the current profits and losses 10,500.00
Other non-operating incomes and expenses except the above mentioned 4,675,451.69
Minority equity interests effects -245,372.69
Income tax effects -1,031,650.94
Total 3,096,733.12
1
2.2 Total number and particulars of the shareholders by the end of the report period
Total shareholders at the end of report period 40,272
Particulars about shares held by the top ten negotiable shareholders not subject to conditional sales
EORP
Name of shareholder Type
(shares)
Dalian Bingshan Group Co., Ltd. 57,641,762 A
SANYO ELECTRIC CO LTD 35,001,500 B
Nuoan Value Growth Securities Investment Fund 11,638,614 A
Nuoan Growth Share Type Securities Investment Fund 7,762,048 A
Guangda Securities Co., Ltd. 2,508,261 A
Dalian Industrial Development Investment Company 1,622,250 A
Jiantou Zhongxin Assets Management Co., Ltd. 1,575,000 A
Jiangxi International Trust Co., Ltd. Fund Trust (Jinshi No. 93) 1,490,000 A
Jiang Youchang 1,311,320 A
Wang Zhi 1,105,232 B
§3 Important Matters
3.1 Major changes in main financial items and indexes, and description of the cause
√ Applicable □ Inapplicable
1. Notes receivable are conspicuously less than that at the beginning of year mainly due to
increase in payment with notes within the report period.
2. Prepayment is conspicuously more than that at the beginning of year mainly due to increase in
prepayment for transformation and relocation of Casting Business Department.
3. Dividends receivable are conspicuously more than that at the beginning of year mainly due to
increase in unmatured dividends receivable.
4. Other receivables are conspicuously more than that at the beginning of year mainly due to
increase in sales reserve.
5. Construction under progress is conspicuously more than that at the beginning of year mainly
due to increase in expenditures from transformation and relocation of Casting Business Dept.
6. Notes payable are conspicuously less than that at the beginning of year mainly due to decrease
in purchase amount.
7. Dividends payable are conspicuously less than that at the beginning of year mainly due to
payment of matured dividends by the subsidiaries of the company.
8. Financial expenses are conspicuously less than that in the same period last year mainly due to
increase in term deposits within the report period with more interest income.
9. The incomes from investment in consolidated and joint ventures are conspicuously more than
that in the same period last year mainly due to increase in profits of consolidated and joint
ventures.
10. Income tax expenses are conspicuously less than that in the same period last year mainly due
to a great income from selling a consolidated company in 2011 and increase in taxable income
amount.
11. The net amount of cash flow from business activities is conspicuously less than that in the
same period last year mainly due to decrease in advances on sales from customers.
3.2 Analytic description of major matters, their influence and solutions
□ Applicable √ Inapplicable
2
3.3 Undertaking matters for trial sales of state shares and implementation
√ Applicable □Inapplicable
Except the immature condition of being implementation for management share incentive scheme,
Dalian Bingshan Group strictly perform the commitment in share reform.
3.4 Precautions on forecasting that by the beginning of year till the end of the next report period, the accumulated
net profit may be turned into loss or change greatly compared with that in the same period of the last year, and
description of the cause
□ Applicable √ Inapplicable
3.5 Other important events
3.5.1 Securities investment
□ Applicable √ Inapplicable
3.5.2 Derivatives investment
□ Applicable √ Inapplicable
3.5.3 Table of investigation, communication, interview received
Date of Way of Main content of
Place of reception Guest received
reception reception discussion
Research fellow of Zhongxin Securities,
July 12, 2012 Company’s office By telephone
researcher of Noan Fund
Aug. 22, 2012 Company’s office By telephone Research fellow of Taikang Life Insurance Information about
Aug. 24, 2012 Company’s office By telephone Research fellow of Zhongxin Securities the fundamentals of
Aug. 30, 2012 Company’s office By telephone Research fellow of Anxin Securities the Company that
Field have been
Sep. 11, 2012 Company’s office Research fellow of Guangfa Securities disclosed in public
investigation
Sep. 14, 2012 Company’s office By telephone Research fellow of Haitong Securities
Sep. 24, 2012 Company’s office By telephone Research fellow of Zhongjin
§4 Financial Report (attached)
Not audited.
Board of Directors of Dalian Refrigeration Co., Ltd.
October 22, 2012
3
BALANCE SHEET
Prepared by Dalian Refrigeration Co., Ltd. September 30, 2012 Unit: RMB
September 30, 2012 Dec.31, 2011
Assets
Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 521,764,545.43 456,799,045.71 690,377,489.30 594,857,597.61
Transaction finance asset
Notes receivable 38,906,132.62 23,936,971.12 61,349,222.44 51,237,973.23
Accounts receivable 414,529,184.84 208,725,385.30 352,272,297.80 185,606,613.36
Accounts in advance 68,416,077.24 33,221,060.36 45,740,166.61 16,322,595.52
Dividend receivable 7,825,000.00 8,436,887.50 27,875.00 2,550,000.00
Other receivables 19,983,536.92 7,490,731.95 15,337,832.91 5,484,699.04
Inventories 316,401,681.30 128,557,613.35 424,394,356.21 203,119,832.06
Non-current asset due within
one year
Other current assets
Total current assets 1,387,826,158.35 867,167,695.29 1,589,499,240.27 1,059,179,310.82
Non-current assets:
Finance asset held available for
sales
Held-to-maturity securities
Long-term account receivable
Long-term equity investment 977,368,097.27 1,106,945,326.19 897,199,251.97 1,026,776,480.89
Investment property
Fixed assets 333,762,502.51 168,103,343.64 345,637,807.19 174,783,093.86
Construction in progress 60,835,300.89 44,461,419.11 34,202,656.33 26,480,045.35
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 165,854,165.87 98,230,578.66 168,752,848.07 100,108,883.04
Expense on Research and
Development
Goodwill
Long-term expenses to be
3,016,138.20 2,640,689.84 3,119,996.94 2,731,400.57
apportioned
Deferred income tax asset 17,942,404.01 11,770,307.94 15,249,120.50 9,879,538.78
Other non-current asset
Total non-current asset 1,558,778,608.75 1,432,151,665.38 1,464,161,681.00 1,340,759,442.49
Total assets 2,946,604,767.10 2,299,319,360.67 3,053,660,921.27 2,399,938,753.31
4
BALANCE SHEET (CONTINUED)
Liabilities and shareholders’ September 30, 2012 Dec.31, 2011
equity Consolidation Parent Company Consolidation Parent Company
Current liabilities:
Short-term loans 10,000,000.00 13,000,000.00
Transaction financial liabilities
Notes payable 79,940,641.15 43,987,793.80 140,955,686.44 114,926,347.95
Accounts payable 493,285,439.90 305,825,823.81 484,167,682.03 319,035,202.48
Accounts received in advance 298,575,560.20 162,553,184.22 357,134,809.60 176,699,547.11
Wage payable 43,683,969.59 12,886,623.07 53,629,466.31 22,616,177.81
Taxes payable 13,401,958.53 6,118,071.57 19,008,551.29 14,406,741.42
Dividend payable 795,393.50 533,156.00 3,783,156.00 533,156.00
Other accounts payable 40,071,928.65 33,323,225.31 49,336,938.85 48,687,496.38
Non-current liabilities due within
one year
Other current liabilities 424,775.25 146,275.25 1,699,101.00 585,101.00
Total current liabilities 980,179,666.77 565,374,153.03 1,122,715,391.52 697,489,770.15
Non-current liabilities:
Long-term loans
Bonds payable
Long-term account payable
Special accounts payable
Projected liabilities
Deferred income tax liabilities
Other non-current liabilities 82,757,664.39 33,741,661.39 84,713,255.75 35,697,252.75
Total non-current liabilities 82,757,664.39 33,741,661.39 84,713,255.75 35,697,252.75
Total liabilities 1,062,937,331.16 599,115,814.42 1,207,428,647.27 733,187,022.90
Shareholders’ equity
Share capital 350,014,975.00 350,014,975.00 350,014,975.00 350,014,975.00
Capital public reserve 586,837,221.82 585,608,294.20 586,837,221.82 585,608,294.20
Surplus public reserve 458,998,713.57 458,998,713.57 445,492,052.28 445,492,052.28
Retained profit 389,733,574.69 305,581,563.48 366,477,854.72 285,636,408.93
Total owner’s equity attributable to
1,785,584,485.08 1,700,203,546.25 1,748,822,103.82 1,666,751,730.41
parent company
Minority interests 98,082,950.86 97,410,170.18
Total owner’s equity 1,883,667,435.94 1,700,203,546.25 1,846,232,274.00 1,666,751,730.41
Total liabilities and shareholder’s equity 2,946,604,767.10 2,299,319,360.67 3,053,660,921.27 2,399,938,753.31
5
INCOME STATEMENT
Prepared by Dalian Refrigeration Co., Ltd. July-September, 2012 Unit: RMB
July-September, 2012 July-September, 2011
Items
Consolidation Parent Company Consolidation Parent Company
I. Total sales 357,894,945.23 203,979,829.30 486,651,183.78 302,190,778.57
Including: Operating income 357,894,945.23 203,979,829.30 486,651,183.78 302,190,778.57
II. Total operating cost 362,230,494.24 216,962,312.83 473,962,391.22 300,895,392.45
Including: Operating cost 287,117,546.89 175,666,417.65 402,043,914.76 260,902,009.99
Taxes and associate charges 1,939,990.77 820,907.38 1,240,717.64 646,957.74
Selling and distribution expenses 26,761,108.01 14,604,142.06 27,360,825.31 13,815,210.80
Administrative expenses 45,332,154.24 26,127,353.88 43,331,503.73 25,803,752.88
Financial expense -13,390.99 -256,508.14 431,302.99 -272,538.96
Impairment loss 1,093,085.32 -445,873.21
Add: gain from change in fair value
Gain/(loss) from investment 36,243,585.93 36,243,585.93 10,424,147.40 10,424,147.40
Including: income form investment on
36,243,585.93 36,243,585.93 10,124,147.40 10,124,147.40
affiliated enterprise and jointly enterprise
Foreign exchange difference
III. Operating profit 31,908,036.92 23,261,102.40 23,112,939.96 11,719,533.52
Add: non-business income 851,405.31 472,556.31 3,826,297.82 3,511,561.80
Less: non-business expense 144,504.68 103,465.15 170,046.19 19,805.28
Including: loss from non-current asset
133,608.39 103,465.15 92,505.28 19,805.28
disposal
IV. Total profit 32,614,937.55 23,630,193.56 26,769,191.59 15,211,290.04
Less: Income tax 3,767,578.65 2,776,684.59 3,007,842.74 576,060.69
V. Net profit 28,847,358.90 20,853,508.97 23,761,348.85 14,635,229.35
Net profit attributable to parent company 25,346,412.22 20,853,508.97 19,789,144.41 14,635,229.35
Minority shareholders’ gains and losses 3,500,946.68 3,972,204.44
VI. Earnings per share
(I) basic earnings per share 0.07 0.06
(II) diluted earnings per share 0.07 0.06
Ⅶ. Other comprehensive income -7,843,725.00 -7,843,725.00
Ⅷ. Total comprehensive income 28,847,358.90 20,853,508.97 15,917,623.85 6,791,504.35
Total comprehensive income attributable
25,346,412.22 20,853,508.97 11,945,419.41 6,791,504.35
to parent company
Total comprehensive income attributable
3,500,946.68 3,972,204.44
to minority shareholders
6
INCOME STATEMENT
Prepared by Dalian Refrigeration Co., Ltd. January-September, 2012 Unit: RMB
January-September, 2012 January-September, 2011
Items
Consolidation Parent Company Consolidation Parent Company
I. Total sales 1,209,113,245.76 709,035,747.07 1,434,545,806.06 940,852,161.23
Including: Operating income 1,209,113,245.76 709,035,747.07 1,434,545,806.06 940,852,161.23
II. Total operating cost 1,192,268,174.06 711,657,511.97 1,396,558,843.68 928,238,409.85
Including: Operating cost 963,602,691.90 586,391,382.21 1,171,843,807.72 799,280,681.31
Taxes and associate charges 8,745,504.77 4,313,340.57 7,427,091.28 4,804,698.40
Selling and distribution expenses 73,956,008.24 38,249,943.73 73,129,025.99 37,014,557.54
Administrative expenses 133,457,517.58 78,479,482.27 131,114,923.39 76,341,053.61
Financial expense -2,530,420.62 -3,339,713.45 1,819,618.86 408,479.76
Impairment loss 15,036,872.19 7,563,076.64 11,224,376.44 10,388,939.23
Add: gain from change in fair value
Gain/(loss) from investment 81,213,814.63 87,751,034.68 98,544,869.84 106,399,107.06
Including: income form investment on
81,187,812.64 81,187,812.64 45,466,738.34 45,466,738.34
affiliated enterprise and jointly enterprise
Foreign exchange difference
III. Operating profit 98,058,886.33 85,129,269.78 136,531,832.22 119,012,858.44
Add: non-business income 7,417,235.79 5,715,272.56 9,194,078.55 7,413,125.52
Less: non-business expense 404,694.57 103,786.42 445,990.57 240,694.26
Including: loss from non-current asset
335,694.94 103,786.42 121,739.95 36,657.70
disposal
IV. Total profit 105,071,427.55 90,740,755.92 145,279,920.20 126,185,289.70
Less: Income tax 7,399,993.84 4,786,693.83 20,144,686.15 14,950,315.39
V. Net profit 97,671,433.71 85,954,062.09 125,135,234.05 111,234,974.31
Net profit attributable to parent company 91,738,839.66 85,954,062.09 115,277,536.97 111,234,974.31
Minority shareholders’ gains and losses 5,932,594.05 9,857,697.08
VI. Earnings per share
(I) basic earnings per share 0.26 0.33
(II) diluted earnings per share 0.26 0.33
Ⅶ. Other comprehensive income 20,260,200.00 20,260,200.00
Ⅷ. Total comprehensive income 97,671,433.71 85,954,062.09 145,395,434.05 131,495,174.31
Total comprehensive income attributable
91,738,839.66 85,954,062.09 135,537,736.97 131,495,174.31
to parent company
Total comprehensive income attributable
5,932,594.05 9,857,697.08
to minority shareholders
7
CASH FLOW STATEMENT
Prepared by Dalian Refrigeration Co., Ltd. January -September , 2012 Unit: RMB
January -September, 2012 January -September, 2011
Items
Consolidation Parent Company Consolidation Parent Company
I. Cash flows arising from operating activities:
Cash received from selling commodities and
950,425,594.15 573,133,771.78 1,286,459,044.04 838,491,012.02
providing labor services
Write-back of tax received
Other cash received concerning operating activities 35,107,845.59 25,173,372.80 47,911,778.96 39,071,650.30
Subtotal of cash inflow arising from operating
985,533,439.74 598,307,144.58 1,334,370,823.00 877,562,662.32
activities
Cash paid for purchasing commodities and
658,065,727.01 434,717,129.02 865,163,841.23 546,115,899.90
receiving labor service
Cash paid to/for staff and workers 184,845,223.95 112,074,358.61 164,434,927.81 95,191,446.25
Taxes paid 100,322,278.01 60,855,674.64 109,553,977.55 79,979,065.77
Other cash paid concerning operating activities 92,866,863.35 40,956,338.74 106,234,808.36 57,634,023.80
Subtotal of cash outflow arising from
1,036,100,092.32 648,603,501.01 1,245,387,554.95 778,920,435.72
operating activities
Net cash flows arising from operating
-50,566,652.58 -50,296,356.43 88,983,268.05 98,642,226.60
activities
II. Cash flows arising from investing activities:
Cash received from recovering investment 579,183.60 579,183.60 6,313,174.25 6,313,174.25
Cash received from investment income 37,526,793.58 42,894,251.13 109,061,664.60 112,633,223.73
Net cash received from disposal of fixed, intangible
47,186.00 2,887,884.09 2,479,744.22
and other long-term assets
Net cash received from disposal of subsidiaries and
other units
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities 38,153,163.18 43,473,434.73 118,262,722.94 121,426,142.20
Cash paid for purchasing fixed, intangible and other
36,765,639.08 24,623,234.76 22,453,815.52 11,594,774.62
long-term assets
Cash paid for investment 44,810,220.00 44,810,220.00 7,897,000.00 7,897,000.00
Other cash paid concerning investing activities
Subtotal of cash outflow from investing activities 81,575,859.08 69,433,454.76 30,350,815.52 19,491,774.62
Net cash flows arising from investing activities -43,422,695.90 -25,960,020.03 87,911,907.42 101,934,367.58
III. Cash flows arising from financing activities
Cash received from absorbing investment
Cash received from loans 4,000,000.00 3,960,000.00
Other cash received concerning financing activities
Subtotal of cash inflow from financing activities 4,000,000.00 3,960,000.00
Cash paid for settling debts 7,500,000.00 53,960,000.00 50,000,000.00
Cash paid for dividend and profit distributing or
61,742,138.78 52,502,246.25 55,427,907.48 52,446,328.06
interest paying
Other cash paid concerning financing activities 85,757.44 176,174.70
Subtotal of cash outflow from financing activities 69,327,896.22 52,502,246.25 109,564,082.18 102,446,328.06
Net cash flows arising from financing activities -65,327,896.22 -52,502,246.25 -105,604,082.18 -102,446,328.06
IV. Influence on cash due to fluctuation in exchange
4,300.83 70.81 -93,691.55 -476.84
rate
V. Net increase of cash and cash equivalents -159,312,943.87 -128,758,551.90 71,197,401.74 98,129,789.28
Add: Balance of cash and cash equivalents at the
681,077,489.30 585,557,597.61 491,775,575.71 373,620,785.42
period -begin
VI. Balance of cash and cash equivalents at the
521,764,545.43 456,799,045.71 562,972,977.45 471,750,574.70
period–end
8
