DALIAN REFRIGERATION CO., LTD.
QUARTERLY REPORT FOR FIRST QUARTER, 2013
§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. Xiao Yongqin, Financial Majordomo
and the head of Accounting Department Ms. Rong Yan 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
Increase/decrease over
January-March, January-March,
the same period of last
2013 2012
year(%)
Total operating income 398,118,579.67 416,590,690.21 -4.43%
Net profit attributable to
21,179,181.50 18,510,879.01 14.41%
shareholders of listed companies
Net profit attributable to
shareholders of listed companies
21,197,035.46 18,365,387.78 15.42%
after deducting non-recurring
gains/losses
Net cash generated from operating
-34,794,401.97 -101,030,858.72 65.56%
activities
Basic earnings per share 0.06 0.05 20%
Diluted earnings per share 0.06 0.05 20%
Increase 0.09 percent
Return on equity 1.16% 1.07%
age points
December 31, Increase/decrease over
March 31, 2013
2012 the end of last year(%)
Total assets 2,936,304,232.37 2,937,190,656.69 -0.03%
Owner’s equity attributable to
1,829,979,919.21 1,808,800,737.71 1.17%
shareholders of listed companies
1
Amount from beginning of year to the end of
Item of non-recurring gains and losses
report period
Disposal gains and losses of non-current asset -55,573.06
Non-operating income and expense, net -28,820.05
Income tax effect -6,384.51
Minority shareholders’ gains and losses -60,154.64
Total -17,853.96
2.2 Total number and particulars of the shareholders by the end of the report period
Total shareholders at the end of report period 38,453
Particulars about shares held by the top ten negotiable shareholders not subject to conditional sales
Name of shareholder EOY (shares) Type
Dalian Bingshan Group Co., Ltd. 57,641,762 A
Sanyo Electric Co., Ltd. 35,001,500 B
ABC-CA Industry Growth Stock Fund 7,000,000 A
Putian Income Stock Fund 6,719,942 A
ABC-CA Mid- and Small-Cap Stock Fund 4,813,183 A
China Life Property & Casualty Insurance Co., Ltd.－
3,694,698 A
Conventional－Normal insurance products
Morgan Stanley & Co. International PLC 2,763,275 B
Penghua Industrial Growth Stock Fund 2,104,699 A
China Foreign Economy and Trade Trust Co., Ltd. - Yun
2,080,000 A
Feng Securities Investment Pool Funds Trust Scheme
CCB Principal Optimizing Allocation Mixed Stock Fund 1,718,059 A
§3 Important Matters
3.1 Major changes in main financial items and indexes, and description of the cause
√ Applicable □ Inapplicable
1. The notes receivable remarkably increased in comparison with the beginning of the year, mainly
due to increase of the cargo account with notes receivable from customers.
2. The amount of advances remarkably increased in comparison with the beginning of the year,
mainly due to the advances for purchase of the equipment and for the project.
3. The interest receivable remarkably increased in comparison with the beginning of the year,
mainly due to the interest of new term-deposit in the reporting period.
4. The construction in progress remarkably increased in comparison with the beginning of the
year, mainly due to the production building decoration and equipment transformation.
5. The short-term loan remarkably increased in comparison with the beginning of the year, mainly
due to increase of the short-term loan of subsidiary companies in the reporting period.
6. The wages & welfarism payable to employees remarkably decreased in comparison with the
beginning of year, mainly due to that the provision for wages & welfarism payable to employees
allotted at the end of the previous period was paid in this period.
2
7. The amount of taxes payable remarkably increased, mainly due to the provision allotted for
income tax and VAT tax.
8. The financial expenses remarkably decreased, mainly due to increase of the term deposit with
more interest revenue.
9. The assets impairment loss remarkably decreased, mainly due to increase of the receivable
accounts of subsidiary companies and increase of the provision for bad debits in the same period.
10. The non-operating revenue remarkably increased, mainly due to increase of the amount of
reduced or exempted taxes.
3.2 Analytic description of the progress of major matters, their influence and solutions
□ Applicable √ Inapplicable
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 Securities investment
□Applicable √Inapplicable
3.6 Derivative financial products investment
□Applicable √Inapplicable
3
3.7 Table of investigation, communication, interview received
Topic in
Type of
Reception Reception discussion and
Reception time received Received persons
location form provided
persons
information
Company’s
Jan. 8, 2013 By telephone Institution Galaxy Securities' researchers
office
Company’s
Jan. 10, 2013 By telephone Institution Huatai Securities’ researchers
office
Company’s
Jan. 22, 2013 By telephone Institution Taikang Life Assets' researchers
office
CITIC Securities’, Galaxy
Securities', Huatai Securities’,
Company’s
Feb. 6, 2013 By telephone Institution Haitong Securities', Guotai-Jun'an
office
Securities' and Guosen Securities’
researchers
CITIC China Securities’, Fortune Information
Company’s Field
Feb. 19, 2013 Institution SGAM Fund’s and Everbright about the
office investigation
Securities’ researchers fundamentals of
China Galaxy Securities', Haitong the Company
Securities', China International
Company’s Field Fund’s. China AMC’s, Penghua
Feb. 27, 2013 Institution
office investigation Fund's, ABC-CA Fund's, ABC
Life's and China Life Insurance
Asset's researchers.
Haitong Securities', Changjiang
Securities', Guotai-Jun'an
Company’s Field Securities', Wanjia Fund’s,
Mar. 11, 2013 Institution
office investigation Fullgoal Fund's and Franklin
Templeton Sealand Fund's
researchers.
§4 Financial Report (attached)
Not audited.
Board of Directors of Dalian Refrigeration Co., Ltd.
April 20, 2013
4
BALANCE SHEET
Prepared by Dalian Refrigeration Co., Ltd. March 31, 2013 Unit: RMB
March 31, 2013 Dec.31, 2012
Assets Consolidation Parent Company Consolidation Parent Company
Current Assets:
Monetary funds 494,754,122.74 415,657,248.74 531,896,655.08 443,299,858.36
Transaction financial asset
Notes receivable 65,404,623.95 52,861,835.68 41,966,544.97 27,500,254.79
Account receivable 385,366,363.89 190,906,066.60 352,261,726.74 173,525,044.14
Account paid in advance 40,383,332.79 16,565,785.20 31,249,976.50 12,919,740.55
Interest receivable 1,305,944.43 1,305,944.43 277,444.44 277,444.44
Dividend receivable 39,025.00 39,025.00
Other account receivable 20,639,983.90 8,164,039.48 18,963,969.53 6,092,721.42
Inventories 360,496,524.99 171,739,811.52 398,895,095.83 201,422,670.07
Non-current assets due within 1
year
Other current assets 6,122,863.23 6,122,863.23 6,026,385.86 5,956,559.82
Total current assets 1,374,512,784.92 863,323,594.88 1,381,576,823.95 870,994,293.59
Non-current assets:
Available for sale financial assets
Long-term equity investment 974,542,882.87 1,084,120,111.79 962,636,635.50 1,072,213,864.42
Investing property
Fixed asset 397,355,761.04 219,551,198.22 404,973,883.42 224,624,146.17
Project in construction 3,027,654.25 1,589,260.64 1,304,951.56 554,009.14
Engineering material
Fixed asset disposal
Intangible assets 165,860,035.76 97,949,636.07 165,794,041.15 98,611,277.13
Development expense
Goodwill
Long-term expense to be
2,946,899.04 2,580,216.02 2,981,518.62 2,610,452.93
apportioned
Deferred tax assets 18,058,214.49 11,125,452.86 17,922,802.49 11,125,452.86
Other non-current assets
Total non-current assets 1,561,791,447.45 1,416,915,875.60 1,555,613,832.74 1,409,739,202.65
Total assets 2,936,304,232.37 2,280,239,470.48 2,937,190,656.69 2,280,733,496.24
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BALANCE SHEET (CONTINUED)
March 31, 2013 Dec.31, 2012
Liabilities and shareholders’ equity
Consolidation Parent Company Consolidation Parent Company
Current liabilities:
Short-term borrowings 39,500,000.00 29,500,000.00
Notes payable 80,130,863.31 59,972,264.69 79,127,124.20 58,628,509.20
Account payable 492,839,831.48 316,639,565.06 436,720,339.20 267,244,798.64
Account received in advance 230,914,360.11 101,693,922.38 288,041,113.23 142,944,087.68
Employee’s compensation payable 26,901,701.28 1,472,599.51 64,384,750.97 29,385,027.38
Tax payable 15,479,192.84 5,831,076.28 620,179.66 -4,577,147.78
Dividend payable 533,156.00 533,156.00 533,156.00 533,156.00
Other account payable 41,252,824.33 29,440,206.53 53,435,964.07 41,680,362.14
Non-current liabilities due within 1
year
Other current liabilities 1,274,326.75 438,825.75 1,699,101.00 585,101.00
Total current liabilities 928,826,256.10 516,021,616.20 954,061,728.33 536,423,894.26
Non-current liabilities:
Long-term borrowings
Provisions for contingent liabilities
Deferred tax liabilities
Other non-current liabilities 74,829,358.79 25,813,358.79 73,275,358.79 25,373,358.79
Total non-current liabilities 74,829,358.79 25,813,358.79 73,275,358.79 25,373,358.79
Total liabilities 1,003,655,614.89 541,834,974.99 1,027,337,087.12 561,797,253.05
Owner’s equity
Share capital 350,014,975.00 350,014,975.00 350,014,975.00 350,014,975.00
Capital surplus 584,852,283.21 583,623,355.59 584,852,283.21 583,623,355.59
Less: Treasury Stock
Reserved fund 469,665,883.33 469,665,883.33 469,665,883.33 469,665,883.33
General risk provision
Retained earnings 425,446,777.67 335,100,281.57 404,267,596.17 315,632,029.27
Foreign exchange difference
Total owners' equity attributable to
1,829,979,919.21 1,738,404,495.49 1,808,800,737.71 1,718,936,243.19
holding company
Minority interest 102,668,698.27 101,052,831.86
Total owner’s equity 1,932,648,617.48 1,738,404,495.49 1,909,853,569.57 1,718,936,243.19
Total liabilities and owner’s equity 2,936,304,232.37 2,280,239,470.48 2,937,190,656.69 2,280,733,496.24
Legal representative: Xiao Yongqin Person in charge of accounting organ: Rong Yan
Principal of accounting organ: Rong Yan
6
INCOME STATEMENT
Prepared by Dalian Refrigeration Co., Ltd. January-March, 2013 Unit: RMB
January-March, 2013 January-March, 2012
Items
Consolidation Parent Company Consolidation Parent Company
I. Total sales 398,118,579.67 239,570,471.25 416,590,690.21 270,964,645.51
Including: Operating income 398,118,579.67 239,570,471.25 416,590,690.21 270,964,645.51
II. Total operating cost 385,527,670.24 230,710,083.95 405,594,161.26 263,124,581.67
Including: Operating cost 326,177,119.51 200,659,900.31 340,008,362.48 231,160,863.83
Taxes and associate charges 2,614,394.04 1,173,118.05 2,667,562.08 2,104,896.33
Selling and distribution expenses 14,354,008.94 4,934,168.47 18,210,903.49 6,621,646.85
Administrative expenses 42,113,334.77 25,224,485.73 41,332,443.10 23,695,151.06
Financial expense -602,206.75 -1,281,588.61 -209,198.06 -457,976.40
Impairment loss 871,019.73 3,584,088.17
Add: gain from change in fair value
Gain/(loss) from investment 12,406,247.37 12,406,247.37 10,762,974.03 10,762,974.03
Including: income form investment on
affiliated enterprise and jointly 11,906,247.37 11,906,247.37 10,762,974.03 10,762,974.03
enterprise
Foreign exchange difference
III. Operating profit 24,997,156.80 21,266,634.67 21,759,502.98 18,603,037.87
Add: non-business income 773,115.70 555,619.28 581,182.40 262,648.20
Less: non-business expense 81,808.22 43,491.85 321.27
Including: loss from non-current asset
55,855.11 12,798.55 321.27
disposal
IV. Total profit 25,688,464.28 21,822,253.95 22,297,193.53 18,865,364.80
Less: Income tax 2,893,416.37 2,354,001.65 2,273,363.06 2,025,597.69
V. Net profit 22,795,047.91 19,468,252.30 20,023,830.47 16,839,767.11
Net profit attributable to parent
21,179,181.50 19,468,252.30 18,510,879.01 16,839,767.11
company
Minority shareholders’ gains and losses 1,615,866.41 1,512,951.46
VI. Earnings per share --
(I) basic earnings per share 0.06 0.05
(II) diluted earnings per share 0.06 0.05
Ⅶ. Other comprehensive income 0.00 0.00
Ⅷ. Total comprehensive income 22,795,047.91 19,468,252.30 20,023,830.47 16,839,767.11
Total comprehensive income
21,179,181.50 19,468,252.30 18,510,879.01 16,839,767.11
attributable to parent company
Total comprehensive income
1,615,866.41 1,512,951.46
attributable to minority shareholders
Legal representative: Xiao Yongqin Person in charge of accounting organ: Rong Yan
Principal of accounting organ: Rong Yan
7
CASH FLOW STATEMENT
Prepared by Dalian Refrigeration Co., Ltd. January-March, 2013 Unit: RMB
January-March, 2013 January-March, 2012
Items Consolidation Parent Company Consolidation Parent Company
I. Cash flows arising from operating activities:
Cash received from selling commodities and
272,914,240.85 153,484,997.42 300,997,253.96 170,783,982.00
providing labor services
Write-back of tax received
Other cash received concerning operating
10,078,066.15 6,168,726.30 9,718,581.10 6,453,994.48
activities
Subtotal of cash inflow arising from
282,992,307.00 159,653,723.72 310,715,835.06 177,237,976.48
operating activities
Cash paid for purchasing commodities and
174,906,276.30 96,807,140.01 263,608,866.42 168,811,635.20
receiving labor service
Cash paid to/for staff and workers 92,190,406.19 60,478,790.78 80,105,769.58 47,974,612.79
Taxes paid 18,754,977.97 9,616,590.45 37,562,124.14 24,453,539.89
Other cash paid concerning operating activities 31,935,048.51 14,531,686.15 30,469,933.64 14,006,315.72
Subtotal of cash outflow arising from
317,786,708.97 181,434,207.39 411,746,693.78 255,246,103.60
operating activities
Net cash flows arising from operating
-34,794,401.97 -21,780,483.67 -101,030,858.72 -78,008,127.12
activities
II. Cash flows arising from investing activities:
Cash received from recovering investment
Cash received from investment income 500,000.00 500,000.00 27,875.00 2,550,000.00
Net cash received from disposal of fixed,
330.00
intangible and other long-term assets
Other cash received concerning investing
activities
Subtotal of cash inflow from investing
500,330.00 500,000.00 27,875.00 2,550,000.00
activities
Cash paid for purchasing fixed, intangible and
3,859,100.28 787,507.00 6,291,298.54 1,637,023.00
other long-term assets
Cash paid for investment
Other cash paid concerning investing activities
Subtotal of cash outflow from investing
3,859,100.28 787,507.00 6,291,298.54 1,637,023.00
activities
Net cash flows arising from investing
-3,358,770.28 -287,507.00 -6,263,423.54 912,977.00
activities
III. Cash flows arising from financing
activities
Cash received from absorbing investment
Cash received from loans 12,300,000.00 1,000,000.00
8
Other cash received concerning financing
activities
Subtotal of cash inflow from financing
12,300,000.00 0.00 1,000,000.00 0.00
activities
Cash paid for settling debts 4,500,000.00
Cash paid for dividend and profit distributing
662,416.67 3,560,416.89
or interest paying
Other cash paid concerning financing activities 63,007.69
Subtotal of cash outflow from financing
5,162,416.67 0.00 3,623,424.58 0.00
activities
Net cash flows arising from financing
7,137,583.33 0.00 -2,623,424.58 0.00
activities
IV. Influence on cash due to fluctuation in
-49,023.80 -29.33 21,174.14 -11.66
exchange rate
V. Net increase of cash and cash equivalents -31,064,612.72 -22,068,020.00 -109,896,532.70 -77,095,161.78
Add: Balance of cash and cash equivalents at
525,818,735.46 437,725,268.74 681,077,489.30 585,557,597.61
the period -begin
VI. Balance of cash and cash equivalents at the
494,754,122.74 415,657,248.74 571,180,956.60 508,462,435.83
period–end
Legal representative: Xiao Yongqin Person in charge of accounting organ: Rong Yan
Principal of accounting organ: Rong Yan
9
