DALIAN REFRIGERATION CO., LTD.
QUARTERLY REPORT FOR FIRST QUARTER, 2017
§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 Takagi Toshiyuki.
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, Increase/decrease over the same
January-March, 2016
2017 period of last year
Total operating income 474,819,352.69 400,592,922.66 18.53%
Net profit attributable to shareholders of listed
33,297,454.56 25,527,518.21 30.44%
companies
Net profit attributable to shareholders of listed
companies after deducting non-recurring 32,797,617.05 25,497,476.68 28.63%
gains/losses
Net cash generated from operating activities -137,117,775.57 -89,736,770.51 -52.80%
Basic earnings per share 0.05 0.05 0.00%
Diluted earnings per share 0.05 0.05 0.00%
Return on equity 1.02% 0.96% Increase 0.06 percentage points
Increase/decrease over the end of
March 31, 2017 December 31, 2016
last year
Total assets 4,994,298,464.88 4,983,511,574.26 0.22%
Owner’s equity attributable to shareholders of
3,275,951,495.82 3,247,797,768.92 0.87%
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 72,310.71
Government subsidies included in current profit or loss 355,000.00
Other operating revenue or expense 174,229.94
Income tax effect 107,497.41
Minority shareholders’ gains and losses -5,794.27
Total 499,837.51
2.2 Total number and particulars of the shareholders by the end of the report period
Total shareholders at the end of report period 41,152
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 19.96% 122,083,524 0
person
SANYO ELECTRIC CO LTD Foreign legal person 8.58% 52,502,250 0
Zheshang Juchao New thinking
Others 1.77% 10,820,256 0
hybrid securities investment fund
Industrial Seourities Gold Kylin 2
Others 1.67% 10,229,236 7,280,081
Aggregate asset management plan
National Social Security Funds 104
Others 1.32% 8,100,000 5,864,510
Portfolio
National Social Security Funds 503
Others 0.96% 5,864,510 5,864,510
Portfolio
Caitong Capital Kunze No. 2
Others 0.96% 5,864,509 5,864,509
Securities vInestment Fund
Shenzhen B & D Capital Fengnian
Others 0.96% 5,864,509 5,864,509
Jinjia No. 1 Fund
Lin Zhenming Foreign natural person 0.72% 4,450,000 0
Zheshang Juchao industry grow
Others 0.64% 3,932,595 0
hybrid securities investment fund
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. 122,083,524 A
SANYO ELECTRIC CO LTD 52,502,250 B
Zheshang Juchao New thinking hybrid securities investment fund 10,820,256 A
Lin Zhenming 4,450,000 B
Zheshang Juchao industry grow hybrid securities investment fund 3,932,595 A
Sun Huiming 3,724,449 B
BOIC SECURITIES LIMITED 3,162,744 B
Wu An 3,110,036 B
Industrial and Commercial Bank of -Peng Hua reform dividend equity
3,000,000 A
securities investment fund
Industrial Seourities Gold Kylin 2 Aggregate asset management plan 2,949,155 A
Dalian Bingshan Group Co., Ltd.
had the association relationship with
Notes to the associated relationship and uniform actions of the above Sanyo Electric Co., Ltd. among the
shareholders above 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. Accounts in advance increased significantly compared with the year-beginning, mainly due to the increase
in equipments in advance in the period.
2. 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.
3. 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.
4. Financial expense decreased significantly y-o-y, mainly due to the reduction in interest income in the
period.
5. Investment income increased significantly y-o-y, mainly due to the cash dividend 11.15 million from
Guotai Junan.
6. Net cash from operating activities decreased significantly y-o-y, mainly due to the increase in cash paid for
purchasing commodities and receiving labor service.
7. Net cash flow from investing activities reduced significantly y-o-y, mainly due to the increase in the
investment in cash 39.20 million to the Dalian Bingshan Group Management Consulting Co., Ltd.
8. Net cash flow from financing activities decreased significantly y-o-y, mainly due to the Company
receiving of special fund of China Development Fund the last year.
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. 03, 2017 Field investigation Institution http://irm.cninfo.com.cn/ssessgs/S000530
Take part in China international
Jan.04, 2017 capital corporation Institution http://irm.cninfo.com.cn/ssessgs/S000530
New technology BBS
Jan. 12, 2017 Field investigation Institution http://irm.cninfo.com.cn/ssessgs/S000530
Jan. 18, 2017 Field investigation Institution http://irm.cninfo.com.cn/ssessgs/S000530
Jan. 19, 2017 Field investigation Institution http://irm.cninfo.com.cn/ssessgs/S000530
Mar.08,2017 Field investigation Institution http://irm.cninfo.com.cn/ssessgs/S000530
Mar.09,2017 Field investigation Institution http://irm.cninfo.com.cn/ssessgs/S000530
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 21, 2017
BALANCE SHEET
Prepared by Dalian Refrigeration Co., Ltd. March 31, 2017 Unit: RMB Yuan
31-Mar-2017 31-Dec-2016
Assets
Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 487,433,249.05 376,837,939.08 679,724,805.76 496,417,106.54
Financial assets which are measured by fair value and
which changes are recorded in current profit and loss
Derivative financial assets
Notes receivable 129,785,323.88 84,812,372.59 130,426,225.74 90,509,540.07
Accounts receivable 844,972,869.56 142,678,685.68 759,053,298.97 117,575,405.74
Accounts in advance 125,620,052.95 109,751,666.10 95,141,043.96 96,269,883.15
Interest receivables 723,955.56 723,955.56
Dividend receivable 39,025.00
Other receivables 59,566,880.29 5,850,462.94 52,982,713.89 4,368,505.07
Inventories 369,964,744.39 179,658,898.46 323,863,067.48 151,230,744.47
Assets held for sale
Non-current asset due within one year
Other current assets 26,621,939.66 19,246,943.70 40,470,210.65 30,563,139.06
Total current assets 2,043,965,059.78 918,836,968.55 2,082,424,347.01 987,658,279.66
Non-current assets:
Finance asset held available for sales 535,841,492.34 534,526,349.84 545,565,116.64 544,249,974.14
Held-to-maturity investment
Long-term account receivable
Long-term equity investment 1,369,475,462.66 1,773,146,647.54 1,309,741,316.21 1,713,412,501.09
Investment property 28,422,582.14 28,422,582.14 28,605,652.94 28,605,652.94
Fixed assets 508,870,947.30 284,413,081.62 509,422,197.88 274,262,264.28
Construction in progress 321,996,478.82 311,689,454.87 321,646,676.78 320,329,247.78
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 154,656,038.54 88,504,364.11 154,714,212.52 88,113,279.88
Expense on Research and Development
Goodwill 1,750,799.49 1,750,799.49
Long-term expenses to be apportioned 4,435,257.31 3,410,869.34 4,448,719.77 3,658,276.80
Deferred income tax asset 24,884,346.50 6,403,008.03 25,192,535.02 6,751,619.50
Other non-current asset
Total non-current asset 2,950,333,405.10 3,030,516,357.49 2,901,087,227.25 2,979,382,816.41
Total assets 4,994,298,464.88 3,949,353,326.04 4,983,511,574.26 3,967,041,096.07
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, 2017 Unit: RMB Yuan
31-Mar-2017 31-Dec-2016
Liabilities and shareholders’ equity
Consolidation Parent Company Consolidation Parent Company
Current liabilities:
Short-term loans 45,000,000.00 45,000,000.00
Derivative financial liabilities
Notes payable 183,822,731.78 106,828,117.52 179,378,767.96 85,834,371.87
Accounts payable 882,550,983.30 302,144,680.65 839,079,506.68 340,987,669.38
Accounts received in advance 101,058,752.60 37,585,659.39 136,231,829.62 74,949,113.25
Wage payable 24,762,134.09 1,700,979.68 49,117,130.73 9,796,460.53
Taxes payable 14,137,565.62 795,267.08 18,114,263.03 1,234,137.19
Interest payable
Dividend payable 863,516.60 533,156.00 863,516.60 533,156.00
Other accounts payable 104,906,158.36 77,968,026.54 105,262,888.56 74,954,775.74
Liabilities held for sale
Non-current liabilities due within one year
Other current liabilities
Total current liabilities 1,357,101,842.35 527,555,886.86 1,373,047,903.18 588,289,683.96
Non-current liabilities:
Long-term loans 160,000,000.00 160,000,000.00 160,000,000.00 160,000,000.00
Bonds payable
Long-term account payable
Long-term wage payable
Deferred income 56,980,202.00 12,698,701.00 57,396,619.00 12,836,619.00
Deferred income tax liabilities 74,225,138.31 74,225,138.31 75,683,681.95 75,683,681.95
Other non-current liabilities
Total non-current liabilities 291,205,340.31 246,923,839.31 293,080,300.95 248,520,300.95
Total liabilities 1,648,307,182.66 774,479,726.17 1,666,128,204.13 836,809,984.91
Shareholders’ equity
Share capital 611,776,558.00 611,776,558.00 611,776,558.00 611,776,558.00
Other equity instruments
Capital public reserve 1,025,808,127.25 1,039,236,514.54 1,022,686,774.25 1,036,115,161.54
Less:Treasury stock 67,615,856.00 67,615,856.00 67,615,856.00 67,615,856.00
Other comprehensive income 423,374,242.86 422,148,476.11 431,639,323.52 430,413,556.77
Special preparation
Surplus public reserve 620,578,847.52 620,578,847.52 620,578,847.52 620,578,847.52
Retained profit 662,029,576.19 548,749,059.70 628,732,121.63 498,962,843.33
Translation of foreign currency capital
Total owner’s equity attributable to parent company 3,275,951,495.82 3,174,873,599.87 3,247,797,768.92 3,130,231,111.16
Minority interests 70,039,786.40 69,585,601.21
Total owner’s equity 3,345,991,282.22 3,174,873,599.87 3,317,383,370.13 3,130,231,111.16
Total liabilities and shareholder’s equity 4,994,298,464.88 3,949,353,326.04 4,983,511,574.26 3,967,041,096.07
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, 2017 Unit: RMB Yuan
January-March, 2017 January-March, 2016
Items
Consolidation Parent Company Consolidation Parent Company
I. Total sales 474,819,352.69 191,248,157.66 400,592,922.66 115,257,669.44
Including: Operating income 474,819,352.69 191,248,157.66 400,592,922.66 115,257,669.44
II. Total operating cost 471,384,913.21 190,640,540.70 398,206,658.93 113,475,549.87
Including: Operating cost 402,792,585.16 166,603,901.44 333,650,668.53 94,264,744.26
Taxes and associate charges 3,075,268.64 1,649,780.92 2,902,901.06 7,097.13
Selling and distribution expenses 18,242,995.92 652,777.41 17,501,000.87 607,607.24
Administrative expenses 48,547,762.05 23,933,429.36 47,439,360.72 24,185,343.28
Financial expense 426,919.78 124,728.04 1,380,437.76 -226,882.57
Impairment loss -1,700,618.34 -2,324,076.47 -4,667,710.01 -5,362,359.47
Add: Gain/(loss) from change in fair value
Gain/(loss) from investment 31,687,715.50 49,316,482.17 24,957,721.61 24,957,721.61
Including: income form investment on affiliated
20,534,146.45 20,534,146.45 24,647,721.61 24,647,721.61
enterprise and jointly enterprise
III. Operating profit 35,122,154.98 49,924,099.13 27,343,985.34 26,739,841.18
Add: non-business income 1,037,799.89 210,728.71 484,226.19 156,552.57
Including: profit from non-current asset disposal 72,310.71 72,310.71 64,284.56 18,634.56
Less: non-business expense 19,842.24 22,667.47 4,974.62
Including: loss from non-current asset disposal 5,319.37 4,974.62
IV. Total profit 36,140,112.63 50,134,827.84 27,805,544.06 26,891,419.13
Less: Income tax 2,388,472.88 348,611.47 2,239,323.88 1,512,936.68
V. Net profit 33,751,639.75 49,786,216.37 25,566,220.18 25,378,482.45
Net profit attributable to parent company 33,297,454.56 49,786,216.37 25,527,518.21 25,378,482.45
Minority shareholders’ gains and losses 454,185.19 38,701.97
VI. After-tax net amount of other comprehensive
-8,265,080.66 -8,265,080.66 -107,197,214.54 -107,197,214.54
incomes
After-tax net amount of other comprehensive
-8,265,080.66 -8,265,080.66 -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
-8,265,080.66 -8,265,080.66 -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
-8,265,080.66 -8,265,080.66 -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 25,486,559.09 41,521,135.71 -81,630,994.36 -81,818,732.09
Total comprehensive income attributable to
25,032,373.90 41,521,135.71 -81,669,696.33 -81,818,732.09
parent company
Total comprehensive income attributable to
454,185.19 38,701.97
minority shareholders
VIII. Earnings per share
(I) basic earnings per share 0.05 0.05
(II) diluted earnings per share 0.05 0.05
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, 2017 Unit: RMB Yuan
January -March, 2017 January -March, 2016
Items
Consolidation Parent Company Consolidation Parent Company
I. Cash flows arising from operating
activities:
Cash received from selling commodities and
280,438,062.58 76,710,267.43 259,550,611.17 57,386,660.38
providing labor services
Write-back of tax received 754,366.35 18,706.02
Other cash received concerning operating
7,875,745.52 1,574,756.48 5,101,358.38 1,872,927.46
activities
Subtotal of cash inflow arising from
289,068,174.45 78,285,023.91 264,670,675.57 59,259,587.84
operating activities
Cash paid for purchasing commodities and
273,874,359.36 115,453,705.91 205,022,168.61 62,407,122.34
receiving labor service
Cash paid to/for staff and workers 102,705,440.26 40,953,327.52 93,063,640.59 37,869,910.32
Taxes paid 18,961,171.48 2,164,084.70 19,094,299.33 3,224,168.93
Other cash paid concerning operating
30,644,978.92 2,660,805.51 37,227,337.55 15,124,172.44
activities
Subtotal of cash outflow arising from
426,185,950.02 161,231,923.64 354,407,446.08 118,625,374.03
operating activities
Net cash flows arising from operating
-137,117,775.57 -82,946,899.73 -89,736,770.51 -59,365,786.19
activities
II. Cash flows arising from investing
activities:
Cash received from recovering investment
Cash received from investment income 11,192,594.05 21,153,569.05 44,600.00
Net cash received from disposal of fixed,
120,520.00 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
11,313,114.05 21,153,569.05 87,640.00 43,000.00
activities
Cash paid for purchasing fixed, intangible
24,831,200.35 18,105,516.46 38,795,973.03 33,240,785.00
and other long-term assets
Cash paid for investment 39,200,000.00 39,200,000.00
Net cash received from payment of
subsidiaries and other business units
Other cash paid concerning investing
activities
Subtotal of cash outflow from investing
64,031,200.35 57,305,516.46 38,795,973.03 33,240,785.00
activities
Net cash flows arising from investing
-52,718,086.30 -36,151,947.41 -38,708,333.03 -33,197,785.00
activities
III. Cash flows arising from financing
activities
Cash received from absorbing investment
Including: Cash received from absorbing
minority shareholders' equity investment by
subsidiaries
Cash received from loans 22,500,000.00 178,150,000.00 160,000,000.00
Other cash received concerning financing
21,576,815.56 23,110,827.68 1,920,332.73
activities
Subtotal of cash inflow from financing
44,076,815.56 201,260,827.68 161,920,332.73
activities
Cash paid for settling debts 24,000,000.00 17,751,087.50
Cash paid for dividend and profit distributing
1,123,770.83 480,000.00 1,179,397.92 307,318.34
or interest paying
Including: dividends or profit paid by
subsidiaries to minority shareholders
Other cash paid concerning financing
11,632,035.91 4,924,665.45 3,430,000.00
activities
Subtotal of cash outflow from financing
36,755,806.74 480,000.00 23,855,150.87 3,737,318.34
activities
Net cash flows arising from financing
7,321,008.82 -480,000.00 177,405,676.81 158,183,014.39
activities
IV. Influence on cash due to fluctuation in
168,075.99 -320.32 4,105.12 1,000.65
exchange rate
V. Net increase of cash and cash equivalents -182,346,777.06 -119,579,167.46 48,964,678.39 65,620,443.85
Add: Balance of cash and cash equivalents at
655,747,990.20 495,217,106.54 221,724,134.60 147,439,134.15
the period -begin
VI. Balance of cash and cash equivalents at
473,401,213.14 375,637,939.08 270,688,812.99 213,059,578.00
the period–end
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Mao Chunhua
