DALIAN REFRIGERATION CO., LTD.
QUARTERLY REPORT FOR FIRST QUARTER, 2016
§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 except Mr Kudou sinn.
1.3 Chairman of the Board of Directors of the Company Mr. Ji Zhijian, Financial Majordomo Mr. Ma Yun, 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
2016 2015 same period of last year
Total operating income 400,592,922.66 393,941,332.13 1.69%
Net profit attributable to shareholders of
25,527,518.21 22,435,890.92 13.78%
listed companies
Net profit attributable to shareholders of
listed companies after deducting 25,497,476.68 22,373,319.52 13.96%
non-recurring gains/losses
Net cash generated from operating
-89,736,770.51 -128,634,794.42 30.24%
activities
Basic earnings per share 0.07 0.06 16.67%
Diluted earnings per share 0.07 0.06 16.67%
Decrease 0.17percentage
Return on equity 0.96% 1.13%
points
December 31, Increase/decrease over the
March 31, 2016
2015 end of last year
Total assets 4,099,235,264.83 4,082,499,864.42 0.41%
Owner’s equity attributable to
2,568,111,104.17 2,647,609,091.41 -3.00%
shareholders of listed companies
Item of non-recurring gains and losses Amount from beginning of year to the end of report period
Disposal gains and losses of non-current asset 58,965.19
Tax returned/reduced by chance 14.56
Other operating revenue or expense -13,838.03
Income tax effect 9,919.42
Minority shareholders’ gains and losses 5,180.77
Total 30,041.53
2.2 Total number and particulars of the shareholders by the end of the report period
Total shareholders at the end of report period 32,714
Shareholding of top ten shareholders
Number of
Number of
pledged
Total shares with
Name Nature Proportion shares or
number sale
shares
restriction
frozen
Domestic
Dalian Bingshan Group Co., Ltd. non-state-owned legal 22.31% 80,355,683 19,213,921
person
SANYO ELECTRIC CO LTD Foreign legal person 9.72% 35,001,500 0
National Social Security Fund 107
Others 3.04% 10,946,061 0
Portfolio
Industrial Seourities Gold Kylin 2
Others 1.75% 6,301,038 0
Aggregate asset management plan
China industry selected hybrid
Others 1.07% 3,852,364 0
securities investment fund
Upthrow morgan manufacturing
excellence equity investment Others 0.94% 3,392,766 0
funds
Vanguard harmony growth hybrid
Others 0.92% 3,314,158 0
securities investment fund
Lin Zhenming Foreign natural person 0.77% 2,780,000 0
Industrial international trust Co.,
Ltd Yao Huijin 1 assembled funds Others 0.75% 2,696,915 0
trust plan
Sun Huiming Domestic natural person 0.68% 2,458,966 0
Particulars about shares held by the top ten negotiable shareholders not subject to conditional sales
Name of shareholder EORP (shares) Type
Dalian Bingshan Group Co., Ltd. 61,141,762 A
SANYO ELECTRIC CO LTD 35,001,500 B
National Social Security Fund 107 Portfolio 10,946,061 A
Industrial Seourities Gold Kylin 2 Aggregate asset management plan 6,301,038 A
China industry selected hybrid securities investment fund 3,852,364 A
Upthrow morgan manufacturing excellence equity investment funds 3,392,766 A
Vanguard harmony growth hybrid securities investment fund 3,314,158 A
Lin Zhenming 2,780,000 B
Industrial international trust Co., Ltd Yao Huijin 1 assembled funds
2,696,915 A
trust plan
Sun Huiming 2,458,966 B
Dalian Bingshan Group Co., Ltd. had the
association relationship with Sanyo
Notes to the associated relationship and uniform actions of the above Electric Co., Ltd. among the above
shareholders shareholders. Sanyo Electric Co., Ltd.
holds 26.6% of Dalian Bingshan Group
Co., Ltd.'s equity.
§3 Important Matters
3.1 Major changes in main financial items and indexes, and description of the cause
√ Applicable □ Inapplicable
1. Dividends receivable increased significantly compared with the year-beginning, mainly due to the increase
in unexpired dividends receivable in the period.
2. Other receivables increased significantly compared with the year-beginning, mainly due to the increase in
bid bond in the period.
3. Other current assets decreased significantly compared with the year-beginning, mainly due to the decrease
in value added tax and income tax of the accrued trade in allowance that the taxes payable transferred.
4. Employee compensation payable decreased significantly compared with the year-beginning, mainly due to
in the period the payment of provision employee compensation of last period-end.
5. Long term loans increased significantly compared with the year-beginning, due to the increase in special
fund loans of China Development Fund.
6. Financial expenses increased significantly y-o-y, mainly due to the reduction in time deposits and interest
income in the period.
7. Assets impairment loss decreased significantly y-o-y, mainly due to the reduction in long age receivables
and the provision for bad debts in the period.
8. Investment income increased significantly y-o-y, mainly due to the increase in the current profit of
Company's associate company Dalian Fuji Bingshan Vending Machine Co., Ltd.
9. Net cash from operating activities increased significantly y-o-y, mainly due to the increase in cash received
by the current sales of goods.
10. Net cash flow from investing activities reduced significantly y-o-y, mainly due to the increase in the
Company's new plant construction investment.
11. Net cash flow from financing activities increased significantly y-o-y, mainly due to the receiving of
special fund of China Development Fund.
3.2 Important Progress and the analysis of the influence and solution
□Applicable√Inapplicable
3.3 Commitments of the Company or its shareholders , actual controller and other related parties in the reporting
period or carried to the reporting period
□ Applicable √ Inapplicable
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 The securities investment
□ Applicable √ Inapplicable
3.6 Derivative investment
□ Applicable √ Inapplicable
3.7 Table of investigation, communication, interview received
Receiving time Way of receiving Received object type Basic situation index
Jan. 05, 2016 Field investigation Institution http:// www.cninfo.com.cn
Jan.06, 2016 Field investigation Institution http:// www.cninfo.com.cn
Jan. 07, 2016 Field investigation Institution http:// www.cninfo.com.cn
Jan. 18, 2016 Field investigation Institution http:// www.cninfo.com.cn
Jan. 27, 2016 Field investigation Institution http:// www.cninfo.com.cn
Feb.24,2016 Field investigation Institution http:// www.cninfo.com.cn
Mar.31, 2016 Field investigation Institution http:// www.cninfo.com.cn
3.8 Violation of external guaranty
□ Applicable √ Inapplicable
3.9 Non-operation capital occupation by holding shareholders and their related parties in the listed company
□ Applicable √ Inapplicable
§4 Financial Report (attached)
Not audited.
Board of Directors of Dalian Refrigeration Co., Ltd.
April 22, 2016
BALANCE SHEET
Prepared by Dalian Refrigeration Co., Ltd. March 31, 2016 Unit: RMB Yuan
31-Mar-2016 31-Dec-2015
Assets
Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 275,613,478.44 213,059,578.00 244,789,824.53 149,314,329.13
Financial assets which are measured by fair value and
which changes are recorded in current profit and loss
Derivative financial assets
Notes receivable 74,214,666.95 36,259,322.34 71,699,517.68 40,690,578.22
Accounts receivable 733,948,070.22 207,026,275.85 671,423,836.87 196,691,940.87
Accounts in advance 52,776,569.86 23,025,241.72 44,218,887.91 22,523,974.19
Interest receivables
Dividend receivable 6,152,400.00 6,152,400.00 44,600.00
Other receivables 36,893,467.46 57,617,976.25 22,755,328.21 43,691,612.45
Inventories 272,937,551.24 125,579,251.32 259,099,149.47 122,212,395.56
Assets held for sale
Non-current asset due within one year
Other current assets 5,996,516.21 4,280,669.04 16,478,711.86 7,918,692.08
Total current assets 1,458,532,720.38 673,000,714.52 1,330,509,856.53 583,043,522.50
Non-current assets:
Finance asset held available for sales 607,160,879.04 605,845,736.54 733,275,249.09 731,960,106.59
Held-to-maturity investment
Long-term account receivable
Long-term equity investment 1,239,173,089.34 1,479,764,120.89 1,220,367,767.73 1,460,958,799.28
Investment property 24,344,752.75 24,344,752.75 24,497,584.00 24,497,584.00
Fixed assets 440,250,464.09 240,475,308.75 449,907,430.32 246,435,789.69
Construction in progress 144,934,419.33 117,062,051.41 137,025,384.58 109,277,419.44
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 158,079,748.14 90,127,903.05 158,417,802.57 90,015,524.05
Expense on Research and Development
Goodwill 1,440,347.92 1,440,347.92
Long-term expenses to be apportioned 5,457,181.44 4,641,215.46 5,857,504.95 5,033,031.30
Deferred income tax asset 19,861,662.40 7,162,850.89 21,200,936.73 8,675,787.57
Other non-current asset
Total non-current asset 2,640,702,544.45 2,569,423,939.74 2,751,990,007.89 2,676,854,041.92
Total assets 4,099,235,264.83 3,242,424,654.26 4,082,499,864.42 3,259,897,564.42
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Mao Chunhua
BALANCE SHEET (CONTINUED)
Prepared by Dalian Refrigeration Co., Ltd. March 31, 2016 Unit: RMB Yuan
31-Mar-2016 31-Dec-2015
Liabilities and shareholders’ equity
Consolidation Parent Company Consolidation Parent Company
Current liabilities:
Short-term loans 82,600,000.00 27,600,000.00 82,600,000.00 27,600,000.00
Derivative financial liabilities
Notes payable 171,461,794.37 130,238,362.56 234,189,011.72 177,683,261.74
Accounts payable 711,343,116.89 278,164,128.60 660,398,503.26 293,389,981.61
Accounts received in advance 66,712,952.53 24,257,232.84 70,458,014.46 25,768,511.15
Wage payable 23,582,087.36 885,669.48 51,857,345.29 11,208,398.45
Taxes payable 16,331,694.58 1,248,647.33 15,701,578.36 873,038.30
Interest payable
Dividend payable 533,156.00 533,156.00 533,156.00 533,156.00
Other accounts payable 98,591,355.70 51,166,040.56 99,890,290.15 55,807,703.77
Liabilities held for sale
Non-current liabilities due within one year
Other current liabilities
Total current liabilities 1,171,156,157.43 514,093,237.37 1,215,627,899.24 592,864,051.02
Non-current liabilities:
Long-term loans 160,000,000.00 160,000,000.00
Bonds payable
Long-term account payable
Long-term wage payable
Special accounts payable
Projected liabilities
Deferred income 48,961,879.00 3,566,378.00 49,378,296.00 3,704,296.00
Deferred income tax liabilities 84,709,873.55 84,709,873.55 103,627,029.06 103,627,029.06
Other non-current liabilities
Total non-current liabilities 293,671,752.55 248,276,251.55 153,005,325.06 107,331,325.06
Total liabilities 1,464,827,909.98 762,369,488.92 1,368,633,224.30 700,195,376.08
Shareholders’ equity
Share capital 360,164,975.00 360,164,975.00 360,164,975.00 360,164,975.00
Other equity instruments
Capital public reserve 632,436,701.04 642,936,492.12 630,264,991.95 640,764,783.03
Specialized reserve 39,503,800.00 39,503,800.00 39,503,800.00 39,503,800.00
Other comprehensive income 482,790,903.51 481,561,975.89 589,988,118.05 588,759,190.43
Special preparation
Surplus public reserve 580,769,740.16 580,769,740.16 580,769,740.16 580,769,740.16
Retained profit 551,452,584.46 454,125,782.17 525,925,066.25 428,747,299.72
Translation of foreign currency capital
Total owner’s equity attributable to parent company 2,568,111,104.17 2,480,055,165.34 2,647,609,091.41 2,559,702,188.34
Minority interests 66,296,250.68 66,257,548.71
Total owner’s equity 2,634,407,354.85 2,480,055,165.34 2,713,866,640.12 2,559,702,188.34
Total liabilities and shareholder’s equity 4,099,235,264.83 3,242,424,654.26 4,082,499,864.42 3,259,897,564.42
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Mao Chunhua
INCOME STATEMENT
Prepared by Dalian Refrigeration Co., Ltd. January-March, 2016 Unit: RMB Yuan
January-March, 2016 January-March, 2015
Items
Consolidation Parent Company Consolidation Parent Company
I. Total sales 400,592,922.66 115,257,669.44 393,941,332.13 140,314,467.62
Including: Operating income 400,592,922.66 115,257,669.44 393,941,332.13 140,314,467.62
II. Total operating cost 398,206,658.93 113,475,549.87 384,626,946.87 137,641,411.87
Including: Operating cost 333,650,668.53 94,264,744.26 323,034,478.60 117,390,426.14
Taxes and associate charges 2,902,901.06 7,097.13 3,253,523.16 908,801.77
Selling and distribution expenses 17,501,000.87 607,607.24 18,498,229.05 657,674.71
Administrative expenses 47,439,360.72 24,185,343.28 42,244,320.33 23,015,905.32
Financial expense 1,380,437.76 -226,882.57 -992,802.36 -2,228,986.57
Impairment loss -4,667,710.01 -5,362,359.47 -1,410,801.91 -2,102,409.50
Add: Gain/(loss) from change in fair value
Gain/(loss) from investment 24,957,721.61 24,957,721.61 15,366,075.40 15,366,075.40
Including: income form investment on affiliated
24,647,721.61 24,647,721.61 15,366,075.40 15,366,075.40
enterprise and jointly enterprise
III. Operating profit 27,343,985.34 26,739,841.18 24,680,460.66 18,039,131.15
Add: non-business income 484,226.19 156,552.57 523,858.09 156,408.50
Including: profit from non-current asset disposal 64,284.56 18,634.56
Less: non-business expense 22,667.47 4,974.62 600.00
Including: loss from non-current asset disposal 5,319.37 4,974.62
IV. Total profit 27,805,544.06 26,891,419.13 25,203,718.75 18,195,539.65
Less: Income tax 2,239,323.88 1,512,936.68 2,203,305.40 424,419.64
V. Net profit 25,566,220.18 25,378,482.45 23,000,413.35 17,771,120.01
Net profit attributable to parent company 25,527,518.21 25,378,482.45 22,435,890.92 17,771,120.01
Minority shareholders’ gains and losses 38,701.97 564,522.43
VI. After-tax net amount of other comprehensive
-107,197,214.54 -107,197,214.54
incomes
After-tax net amount of other comprehensive
-107,197,214.54 -107,197,214.54
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
-107,197,214.54 -107,197,214.54
reclassified into gains and losses
1. Enjoyable shares in other comprehensive
incomes in investees that will be reclassified into
gains and losses under the equity method
2. Gains and losses on fair value changes of
-107,197,214.54 -107,197,214.54
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 -81,630,994.36 -81,818,732.09 23,000,413.35 17,771,120.01
Total comprehensive income attributable to
-81,669,696.33 -81,818,732.09 22,435,890.92 17,771,120.01
parent company
Total comprehensive income attributable to
38,701.97 564,522.43
minority shareholders
VIII. Earnings per share --
(I) basic earnings per share 0.07 0.06
(II) diluted earnings per share 0.07 0.06
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Mao Chunhua
CASH FLOW STATEMENT
Prepared by Dalian Refrigeration Co., Ltd. January -March, 2016 Unit: RMB Yuan
January -March, 2016 January -March, 2015
Items
Consolidation Parent Company Consolidation Parent Company
I. Cash flows arising from operating
activities:
Cash received from selling commodities and
259,550,611.17 57,386,660.38 168,986,081.23 28,836,321.34
providing labor services
Write-back of tax received 18,706.02 191,191.89
Other cash received concerning operating
5,101,358.38 1,872,927.46 6,535,219.95 3,079,486.91
activities
Subtotal of cash inflow arising from
264,670,675.57 59,259,587.84 175,712,493.07 31,915,808.25
operating activities
Cash paid for purchasing commodities and
205,022,168.61 62,407,122.34 162,207,962.07 80,610,184.43
receiving labor service
Cash paid to/for staff and workers 93,063,640.59 37,869,910.32 91,911,242.24 38,017,364.23
Taxes paid 19,094,299.33 3,224,168.93 20,384,745.23 7,324,384.03
Other cash paid concerning operating
37,227,337.55 15,124,172.44 29,843,337.95 6,752,073.30
activities
Subtotal of cash outflow arising from
354,407,446.08 118,625,374.03 304,347,287.49 132,704,005.99
operating activities
Net cash flows arising from operating
-89,736,770.51 -59,365,786.19 -128,634,794.42 -100,788,197.74
activities
II. Cash flows arising from investing
activities:
Cash received from recovering investment
Cash received from investment income 44,600.00
Net cash received from disposal of fixed,
43,040.00 43,000.00
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
87,640.00 43,000.00 0.00 0.00
activities
Cash paid for purchasing fixed, intangible
38,795,973.03 33,240,785.00 13,203,094.43 5,394,470.50
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
38,795,973.03 33,240,785.00 26,657,194.43 24,848,570.50
activities
Net cash flows arising from investing
-38,708,333.03 -33,197,785.00 -26,657,194.43 -24,848,570.50
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 178,150,000.00 160,000,000.00 14,860,000.00
Other cash received concerning financing
23,110,827.68 1,920,332.73 32,953,876.63 16,145,665.64
activities
Subtotal of cash inflow from financing
201,260,827.68 161,920,332.73 108,247,876.63 72,579,665.64
activities
Cash paid for settling debts 17,751,087.50 3,000,000.00
Cash paid for dividend and profit distributing
1,179,397.92 307,318.34 3,404,791.88
or interest paying
Including: dividends or profit paid by
subsidiaries to minority shareholders
Other cash paid concerning financing
4,924,665.45 3,430,000.00 21,149,935.79 17,020,534.09
activities
Subtotal of cash outflow from financing
23,855,150.87 3,737,318.34 27,554,727.67 17,020,534.09
activities
Net cash flows arising from financing
177,405,676.81 158,183,014.39 80,693,148.96 55,559,131.55
activities
IV. Influence on cash due to fluctuation in
4,105.12 1,000.65 -69,647.80 41.03
exchange rate
V. Net increase of cash and cash equivalents 48,964,678.39 65,620,443.85 -74,668,487.69 -70,077,595.66
Add: Balance of cash and cash equivalents at
221,724,134.60 147,439,134.15 475,557,589.39 391,427,532.25
the period -begin
VI. Balance of cash and cash equivalents at
270,688,812.99 213,059,578.00 400,889,101.70 321,349,936.59
the period–end
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Mao Chunhua
