DALIAN REFRIGERATION CO., LTD.
QUARTERLY REPORT FOR FIRST QUARTER, 2015
§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 All the directors have attended this Board meeting of the Company.
1.3 Chairman of the Board of Directors of the Company Mr. Ji Zhijian, Financial Majordomo Mrs. Rong Yan, and
the head of Accounting Department Mrs. Mao Chunhua 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
January-March, January-March, Increase/decrease over the
2015 2014 same period of last year
Total operating income 393,941,332.13 374,282,883.67 5.25%
Net profit attributable to shareholders of
22,435,890.92 20,642,828.05 8.69%
listed companies
Net profit attributable to shareholders of
listed companies after deducting 22,373,319.52 20,709,697.13 8.03%
non-recurring gains/losses
Net cash generated from operating
-128,634,794.42 -52,200,052.13 -146.43%
activities
Basic earnings per share 0.06 0.06 0.00%
Diluted earnings per share 0.06 0.06 0.00%
Increase 0.05 percentage
Return on equity 1.13% 1.08%
points
December 31, Increase/decrease over the
March 31, 2015
2014 end of last year
Total assets 3,122,025,088.31 3,053,930,248.25 2.23%
Owner’s equity attributable to
2,047,116,199.05 1,967,027,256.13 4.07%
shareholders of listed companies
Amount from beginning of year to the end of report
Item of non-recurring gains and losses
period
Tax returned/reduced by chance 619.81
Non-operating income and expense, net 97,863.78
Income tax effect 23,607.50
Minority shareholders’ gains and losses 12,304.69
Total 62,571.40
2.2 Total number and particulars of the shareholders by the end of the report period
Total shareholders at the end of report period 33,705
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
Lion flexible configuration hybrid securities investment fund 5,727,033 A
Everbright Baode securities investment fund 5,000,000 A
Tibet Aier Medical Investment Co., Ltd. 4,699,359 A
Zhongrong International Trust Co., Ltd.－Rongda Wenyeng
3,148,124 A
securities investment trust plans of assembled funds
Shanghai International Trust Co., Ltd. 2,998,942 A
BOCI SECURITIES LIMITED 2,736,554 B
Jiang Youchang 2,017,566 A
Sun Huiming 1,959,911 B
§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 project in construction remarkably increased in comparison with the beginning of the year,
mainly due to the increase of civil engineering construction.
4. The notes payable remarkably increased in comparison with the beginning of the year, mainly due to
increase of paying the purchase money with notes payable by the Company.
5. The employee’s compensation payable remarkably decreased in comparison with the beginning of year,
mainly due to that the provision for employee’s compensation payable allotted at the end of the previous
period was paid in this period.
6. The taxes payable remarkably increased in comparison with the beginning of the year, mainly due to the
increase of value added tax.
7. The financial expenses remarkably increased, mainly due to decrease of the term deposit with less
interest revenue.
8. The assets impairment losses remarkably decreased, mainly due to decrease of the accounts receivable
more than one years and decrease of the provision for bad debits in the same period.
9. The net cash flow from operating activities remarkably declined, mainly due to the decrease of cash
received from sales of goods or rendering of services.
10. The net cash flow from investing activities remarkably declined, mainly because the Company paid the
equity transfer money of Dalian Bingshan Metal Processing Co., Ltd.
11. The net cash flow from financing activities remarkably increased, mainly because the Company
received the restricted equity subscription money paid by incentive object.
3.2 Undertaking matters for trial sales of state shares and implementation
√ Applicable □Inapplicable
The implementation for management equity incentive plan has been performed during the reporting period.
3.3 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
3.4 Table of investigation, communication, interview received
Type of Topic in discussion
Reception Reception
Reception form received Received persons and provided
time location
persons information
He Siyuan from HUA CHUANG Securities.; Jin Wuyang
from E FUND MANAGEMENT Co., Ltd.; Zhang Wei
from Bocom Schroders; Xiao Qunxi from HUA TAI
Securities; Wan Fangfang from China Asset Management
Company’s Field
Jan. 14, 2015 Institution Co., Ltd.; Meng Xia from Harvest Fund; Zhang Yu from
office investigation
TIAN HONG FUND MANAGEMENT Co., Ltd. Cai Yi
from Everbright Pramerica FUND MANAGEMENT Co.,
Ltd.; Zhu Yuanfeng from SHANGHAI HULI ASSET
MANAGEMENT Co., Ltd.
Information about
Xu Jianhua from Orient Securities Co., Ltd; Zhang Zhao
Company’s Field the fundamentals of
Jan. 16, 2015 Institution from GF Securities; He Yiguang from Great Wall Fund
office investigation the Company
Management Co.,Ltd.
Company’s Field
Jan. 19, 2015 Institution Yu Huiling from Karst Peak Capital Limited
office investigation
Li Ming from GUOYUAN Securities(Hong Kong) ;Wang
Company’s Field Rui from Panther Asset Management Co., Ltd; Li Ran from
Jan. 27, 2015 Institution
office investigation South China PE Investment Fund;Chen Changfeng from
Shenzhen City River Asset Management Co., Ltd;
Company’s Field Huang Zhiqing from Hanlun investment consulting
Mar. 17 2015 Institution
office investigation (ShangHai) Co., Ltd;
§4 Financial Report (attached)
Not audited.
Board of Directors of Dalian Refrigeration Co., Ltd.
April 22, 2015
BALANCE SHEET
Prepared by Dalian Refrigeration Co., Ltd. March 31, 2015 Unit: RMB Yuan
31-Mar-2015 31-Dec-2014
Assets
Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 422,039,037.49 338,370,470.68 508,511,466.02 407,573,197.89
Financial assets which are measured by fair value and
which changes are recorded in current profit and loss
Derivative financial assets
Notes receivable 48,494,797.91 37,030,346.61 14,855,957.70 15,711,896.93
Accounts receivable 538,294,410.73 282,216,634.28 438,880,830.12 205,307,502.60
Accounts in advance 26,206,191.71 11,911,393.78 19,053,269.75 8,470,706.14
Interest receivables 5,760,186.99 5,760,186.99 4,998,982.40 4,998,982.40
Dividend receivable
Other receivables 39,982,638.32 21,844,125.73 34,266,444.02 21,265,905.54
Inventories 302,473,442.21 174,910,382.67 314,879,106.56 164,069,128.20
Assets held for sale
Non-current asset due within one year
Other current assets 2,040,741.47 1,708,429.35 2,335,139.79 1,659,559.91
Total current assets 1,385,291,446.83 873,751,970.09 1,337,781,196.36 829,056,879.61
Non-current assets:
Finance asset held available for sales 42,428,388.70 41,113,246.20 42,428,388.70 41,113,246.20
Held-to-maturity investment
Long-term account receivable
Long-term equity investment 1,058,800,014.25 1,181,678,985.67 1,039,229,738.85 1,146,858,810.27
Investment property 24,956,077.75 24,956,077.75 25,108,909.00 25,108,909.00
Fixed assets 406,171,842.38 234,696,135.54 414,293,269.31 239,721,541.76
Construction in progress 29,344,959.63 21,905,731.81 18,515,449.46 18,280,777.19
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 152,928,758.00 89,323,557.16 153,913,310.25 89,919,836.54
Expense on Research and Development
Goodwill
Long-term expenses to be apportioned 5,503,772.98 5,172,151.32 5,873,398.99 5,537,394.66
Deferred income tax asset 16,599,827.79 7,738,695.83 16,786,587.33 8,054,057.26
Other non-current asset
Total non-current asset 1,736,733,641.48 1,606,584,581.28 1,716,149,051.89 1,574,594,572.88
Total assets 3,122,025,088.31 2,480,336,551.37 3,053,930,248.25 2,403,651,452.49
Legal Representative: Ji Zhijian Chief Financial Official: Rong Yan Person in Charge of Accounting Organization: Mao Chunhua
BALANCE SHEET (CONTINUED)
Prepared by Dalian Refrigeration Co., Ltd. March 31, 2015 Unit: RMB Yuan
31-Mar-2015 31-Dec-2014
Liabilities and shareholders’ equity
Consolidation Parent Company Consolidation Parent Company
Current liabilities:
Short-term loans 60,000,000.00 60,000,000.00
Derivative financial liabilities
Notes payable 153,794,184.29 114,597,103.43 109,546,502.61 66,979,512.02
Accounts payable 498,502,878.47 290,058,709.37 511,076,537.82 302,053,679.95
Accounts received in advance 107,124,355.40 83,112,024.46 137,629,315.42 96,325,866.23
Wage payable 31,237,906.89 3,683,392.00 55,993,637.27 13,854,152.86
Taxes payable 16,462,431.83 3,046,688.87 2,642,729.69 -2,710,393.15
Interest payable
Dividend payable 533,156.00 533,156.00 533,156.00 533,156.00
Other accounts payable 62,958,829.18 32,682,531.57 60,075,814.04 49,270,430.42
Liabilities held for sale
Non-current liabilities due within one year
Other current liabilities
Total current liabilities 930,613,742.06 527,713,605.70 937,497,692.85 526,306,404.33
Non-current liabilities:
Long-term loans
Bonds payable
Long-term account payable
Long-term wage payable
Special accounts payable
Projected liabilities
Deferred income 52,349,109.69 5,839,609.69 52,773,884.19 5,985,884.19
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 52,349,109.69 5,839,609.69 52,773,884.19 5,985,884.19
Total liabilities 982,962,851.75 533,553,215.39 990,271,577.04 532,292,288.52
Shareholders’ equity
Share capital 360,164,975.00 360,164,975.00 350,014,975.00 350,014,975.00
Other equity instruments
Capital public reserve 629,791,058.29 629,791,058.29 582,288,006.29 582,288,006.29
Specialized reserve
Other comprehensive income 2,768,286.72 1,539,359.10 2,768,286.72 1,539,359.10
Special preparation
Surplus public reserve 545,788,247.99 545,788,247.99 545,788,247.99 545,788,247.99
Retained profit 508,603,631.05 409,499,695.60 486,167,740.13 391,728,575.59
Translation of foreign currency capital
Total owner’s equity attributable to parent company 2,047,116,199.05 1,946,783,335.98 1,967,027,256.13 1,871,359,163.97
Minority interests 91,946,037.51 96,631,415.08
Total owner’s equity 2,139,062,236.56 1,946,783,335.98 2,063,658,671.21 1,871,359,163.97
Total liabilities and shareholder’s equity 3,122,025,088.31 2,480,336,551.37 3,053,930,248.25 2,403,651,452.49
Legal Representative: Ji Zhijian Chief Financial Official: Rong Yan Person in Charge of Accounting Organization: Mao Chunhua
INCOME STATEMENT
Prepared by Dalian Refrigeration Co., Ltd. January-March, 2015 Unit: RMB Yuan
January-March, 2015 January-March, 2014
Items
Consolidation Parent Company Consolidation Parent Company
I. Total sales 393,941,332.13 140,314,467.62 374,282,883.67 217,115,363.87
Including: Operating income 393,941,332.13 140,314,467.62 374,282,883.67 217,115,363.87
II. Total operating cost 384,626,946.87 137,641,411.87 366,352,721.55 213,451,817.74
Including: Operating cost 323,034,478.60 117,390,426.14 298,175,021.24 179,986,409.09
Taxes and associate charges 3,253,523.16 908,801.77 2,769,660.58 881,268.98
Selling and distribution expenses 18,498,229.05 657,674.71 18,790,788.18 9,028,567.46
Administrative expenses 42,244,320.33 23,015,905.32 47,081,482.83 26,315,173.50
Financial expense -992,802.36 -2,228,986.57 -2,022,694.73 -2,759,601.29
Impairment loss -1,410,801.91 -2,102,409.50 1,558,463.45
Add: Gain/(loss) from change in fair value
Gain/(loss) from investment 15,366,075.40 15,366,075.40 15,965,189.18 15,965,189.18
Including: income form investment on affiliated
15,366,075.40 15,366,075.40 15,033,372.77 15,033,372.77
enterprise and jointly enterprise
III. Operating profit 24,680,460.66 18,039,131.15 23,895,351.30 19,628,735.31
Add: non-business income 523,858.09 156,408.50 436,805.42 146,275.25
Including: profit from non-current asset disposal
Less: non-business expense 600.00 114,885.34 104,144.94
Including: loss from non-current asset disposal 54,520.94 54,144.94
IV. Total profit 25,203,718.75 18,195,539.65 24,217,271.38 19,670,865.62
Less: Income tax 2,203,305.40 424,419.64 1,765,332.00 1,056,567.43
V. Net profit 23,000,413.35 17,771,120.01 22,451,939.38 18,614,298.19
Net profit attributable to parent company 22,435,890.92 17,771,120.01 20,642,828.05 18,614,298.19
Minority shareholders’ gains and losses 564,522.43 1,809,111.33
VI. After-tax net amount of other comprehensive
-11,250.00 -11,250.00
incomes
After-tax net amount of other comprehensive
-11,250.00 -11,250.00
incomes attributable to owners of the Company
(I) Other comprehensive incomes that will not be
reclassified into gains and losses
1. Changes in net liabilities or assets with a
defined benefit plan upon re-measurement
2. Enjoyable shares in other comprehensive
incomes in investees that cannot be reclassified
into gains and losses under the equity method
……
(II) Other comprehensive incomes that will be
-11,250.00 -11,250.00
reclassified into gains and losses
1. Enjoyable shares in other comprehensive
incomes in investees that will be reclassified into -11,250.00 -11,250.00
gains and losses under the equity method
2. Gains and losses on fair value changes of
available-for-sale financial assets
3. Gains and losses on reclassifying
held-to-maturity investments into
available-for-sale financial assets
4. Effective hedging gains and losses on cash
flows
5. Foreign-currency financial statement
translation difference
6. Other
……
After-tax net amount of other comprehensive
incomes attributable to minority shareholders
VII Total comprehensive income 23,000,413.35 17,771,120.01 22,440,689.38 18,603,048.19
Total comprehensive income attributable to
22,435,890.92 17,771,120.01 20,631,578.05 18,603,048.19
parent company
Total comprehensive income attributable to
564,522.43 1,809,111.33
minority shareholders
VIII. Earnings per share --
(I) basic earnings per share 0.06 0.06
(II) diluted earnings per share 0.06 0.06
Legal Representative: Ji Zhijian Chief Financial Official: Rong Yan Person in Charge of Accounting Organization: Mao Chunhua
CASH FLOW STATEMENT
Prepared by Dalian Refrigeration Co., Ltd. January -March, 2015 Unit: RMB Yuan
January -March, 2015 January -March, 2014
Items
Consolidation Parent Company Consolidation Parent Company
I. Cash flows arising from operating
activities:
Cash received from selling commodities and
168,986,081.23 28,836,321.34 258,168,491.59 129,517,068.78
providing labor services
Write-back of tax received 191,191.89
Other cash received concerning operating
6,535,219.95 3,079,486.91 10,317,082.95 7,064,206.98
activities
Subtotal of cash inflow arising from
175,712,493.07 31,915,808.25 268,485,574.54 136,581,275.76
operating activities
Cash paid for purchasing commodities and
162,207,962.07 80,610,184.43 166,004,472.76 105,195,308.57
receiving labor service
Cash paid to/for staff and workers 91,911,242.24 38,017,364.23 95,676,251.19 61,112,064.90
Taxes paid 20,384,745.23 7,324,384.03 25,901,701.92 10,673,352.23
Other cash paid concerning operating
29,843,337.95 6,752,073.30 33,103,200.80 18,348,465.16
activities
Subtotal of cash outflow arising from
304,347,287.49 132,704,005.99 320,685,626.67 195,329,190.86
operating activities
Net cash flows arising from operating
-128,634,794.42 -100,788,197.74 -52,200,052.13 -58,747,915.10
activities
II. Cash flows arising from investing
activities:
Cash received from recovering investment 15,000,000.00 15,000,000.00
Cash received from investment income 283,450.00 250,000.00
Net cash received from disposal of fixed,
intangible 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
0.00 0.00 15,283,450.00 15,250,000.00
activities
Cash paid for purchasing fixed, intangible
13,203,094.43 5,394,470.50 8,032,238.93 6,814,611.62
and other long-term assets
Cash paid for investment 13,454,100.00 19,454,100.00
Net cash received from payment of
subsidiaries and other business units
Other cash paid concerning investing
activities
Subtotal of cash outflow from investing
26,657,194.43 24,848,570.50 8,032,238.93 6,814,611.62
activities
Net cash flows arising from investing
-26,657,194.43 -24,848,570.50 7,251,211.07 8,435,388.38
activities
III. Cash flows arising from financing
activities
Cash received from absorbing investment 60,434,000.00 56,434,000.00
Including: Cash received from absorbing
minority shareholders' equity investment by 4,000,000.00
subsidiaries
Cash received from loans 14,860,000.00 7,400,000.00
Other cash received concerning financing
32,953,876.63 16,145,665.64
activities
Subtotal of cash inflow from financing
108,247,876.63 72,579,665.64 7,400,000.00 0.00
activities
Cash paid for settling debts 3,000,000.00 2,800,000.00
Cash paid for dividend and profit distributing
3,404,791.88 2,356,211.54
or interest paying
Including: dividends or profit paid by
1,544,036.54
subsidiaries to minority shareholders
Other cash paid concerning financing
21,149,935.79 17,020,534.09
activities
Subtotal of cash outflow from financing
27,554,727.67 17,020,534.09 5,156,211.54 0.00
activities
Net cash flows arising from financing
80,693,148.96 55,559,131.55 2,243,788.46 0.00
activities
IV. Influence on cash due to fluctuation in
-69,647.80 41.03 4,381.10 97.56
exchange rate
V. Net increase of cash and cash equivalents -74,668,487.69 -70,077,595.66 -42,700,671.50 -50,312,429.16
Add: Balance of cash and cash equivalents at
475,557,589.39 391,427,532.25 502,339,160.35 431,494,649.19
the period -begin
VI. Balance of cash and cash equivalents at
400,889,101.70 321,349,936.59 459,638,488.85 381,182,220.03
the period–end
Legal Representative: Ji Zhijian Chief Financial Official: Rong Yan Person in Charge of Accounting Organization: Mao Chunhua
