DALIAN REFRIGERATION CO., LTD.
QUARTERLY REPORT FOR FIRST QUARTER, 2009
§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 directors attend the meeting of the Board of Directors.
1.3 The Company’s quarterly financial report has not been audited.
1.4 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.
1.5 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
By the end of the
report period
By the end of last
year
Increase/decrease
over the end of last
year(%)
Total assets 2,755,272,866.36 2,719,626,555.64 1.31%
Shareholder’s equity 1,678,027,155.13 1,656,813,415.66 1.28%
Share capital 350,014,975.00 350,014,975.00 0.00%
Net assets per share 4.79 4.73 1.27%
Report period
From beginning of
year to the end of
report period
Increase/decrease
over the same period
of last year(%)
Total operating income 273,106,990.16 364,697,704.80 -25.11%
Net profit 18,519,814.47 14,257,406.47 29.90%
Net cash generated from
operating activities
-24,530,976.58 -41,829,792.95 41.36%
Net cash per share
generated from operating
activities
-0.07 -0.12 41.67%
Basic earnings per share 0.05 0.04 25.00%
Diluted earnings per share 0.05 0.04 25.00%
Return on equity 1.10% 0.89%
Increase 0.21 perce
ntage points
ROE after deducting
non-recurring gains/losses
1.06% 0.82%
Increase 0.24 perce
ntage points2
Item of non-recurring gains and losses
Amount from beginning of year to the end of
report period
Non-operating income and expense, net 1,083,197.38
Income tax effect -270,549.34
Minority shareholders’ gains and losses -47,596.87
Total 765,051.17
2.2 Total number and particulars of the shareholders by the end of the report period
Total shareholders at the end of report period 42,194
Particulars about shares held by the top ten negotiable shareholders not subject to conditional sales
Name of shareholder EOY (shares) Type
SANYO ELECTRIC CO., LTD. 35,001,500 B
BONY-DREYFUS PIFI-DREYFUS PREMIER GREATER CHINA 16,033,167 B
China life Insurance Company Ltd. 6,000,000 A
Jiuzhou Development Co., Jilin Province 3,150,000 A
Di Rong 2,231,600 A
Dalian State-Owned Assets Operation Co., Ltd. 1,650,000 A
Dalian Industry Development & Investment Co., Ltd. 1,622,250 A
Hua Xia Securities Co., Ltd. 1,575,000 A
Jingyou Economic & Trade Development Co. of Harbin City 1,575,000 A
Fang Jie 1,475,000 A
§3 Important Matters
3.1 Major changes in main financial items and indexes, and description of the cause
√ Applicable □ Inapplicable
1. The obvious increase of receivable bill compared with those at the beginning of this year
occurred mainly because the received bills have not been accepted at expiry or transferred by
endorsement.
2. The obvious increase of financial assets for selling compared with those at the beginning of
this year occurred mainly because the equity value of Dalian Rubber & Plastics Machinery
Co., Ltd changed.
3. The obvious increase of payable bills compared with those at the beginning of this year
occurred mainly because acceptance drafts have been written out during this term.
4. The obvious decrease of payable taxes compared with those at the beginning of this year
occurred mainly because the income taxes have been paid on a consolidated basis during this
term.
5. The obvious decrease of staff’s salaries and wages compared with those at the beginning of
this year occurred mainly because the drawn remuneration for the end of last term have been
paid during this term.
6. The obvious increase of financial expenses occurred mainly because the amount of loan
increased comparably.3
7. The obvious increase of loss due to the assets value deduction occurred mainly because of the
increase of bad account preparation.
8. The obvious increase of investment gain occurred mainly because during this term we have
received the cash dividend from Lengwang container temp. control (Suzhou) Co., Ltd.
9. The obvious decrease of income taxes occurred mainly because the makeup tax for
investment gain is unnecessary.
3.2 Analytic description of major matters, their influence and solutions
□ Applicable √ Inapplicable
3.3 Undertaking matters for trial sales of state shares and implementation
√ Applicable □Inapplicable
Bingshan Group undertook that the Dalian Refrigeration Co., Ltd.’s state shares held by it would
not be listed for trading or assigned within 12 months from the date when their being allowed to
be listed for trading in the A-share market; that the shares would not be listed for trading within 48
months after expiry of the aforementioned undertaking.
Bingshan Group well fulfilled the above undertaking.
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 Table of investigation, communication, interview received
Date of reception Place of
reception Way of reception Guest received
Main content of
discussion and
information provided
Jan. 23, 2009 In company Communication
by telephone Researcher of Jianxin Fund
Mar. 31, 2009 In company Communication
by telephone Researcher of Hua’an Fund
Information about the
basic aspect of the
Company
§4 Financial Report (attached)
Not audited.
Board of Directors of Dalian Refrigeration Co., Ltd.
April 24, 20094
BALANCE SHEET
Prepared by Dalian Refrigeration Co., Ltd. March 31, 2009 Unit: RMB
March 31, 2009 Dec.31, 2008
Assets Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 295,907,632.76 215,595,629.44 312,337,783.75 228,316,557.10
Transaction finance asset
Notes receivable 70,707,214.45 53,548,643.28 45,482,748.85 43,487,353.38
Accounts receivable 467,533,323.87 262,836,932.59 437,078,053.74 240,792,212.32
Accounts in advance 29,755,124.86 5,780,175.85 24,099,268.38 4,009,891.07
Interest receivable
Dividend receivable 3,200,000.00 11,235,833.74 3,244,600.00 11,235,833.74
Other receivables 21,862,636.47 31,118,908.05 23,628,868.03 23,980,858.98
Inventories 323,091,973.32 215,743,858.76 337,713,032.95 218,598,315.29
Non-current asset due within
one year
Other current assets
Total current assets 1,212,057,905.73 795,859,981.71 1,183,584,355.70 770,421,021.88
Non-current assets:
Finance asset held available
for sales
10,225,800.00 10,225,800.00 6,633,900.00 6,633,900.00
Held-to-maturity securities
Long-term account receivable
Long-term equity investment 1,022,673,564.63 1,152,721,793.55 1,014,652,040.81 1,144,700,269.73
Investment property
Fixed assets 378,255,763.54 224,263,129.61 384,129,544.11 228,202,302.25
Construction in progress 6,347,748.06 3,623,558.17 4,775,695.11 3,159,913.69
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 103,266,592.90 30,316,519.42 103,849,972.78 30,499,281.97
Expense on Research and
Development
Goodwill
Long-term expenses to be
apportioned
3,500,812.32 3,064,006.58 3,535,431.90 3,094,243.49
Deferred income tax asset 18,944,679.18 13,038,422.19 18,465,615.23 13,038,422.19
Other non-current asset
Total non-current asset 1,543,214,960.63 1,437,253,229.52 1,536,042,199.94 1,429,328,333.32
Total assets 2,755,272,866.36 2,233,113,211.23 2,719,626,555.64 2,199,749,355.205
BALANCE SHEET (CONTINUED)
March 31, 2009 Dec.31, 2008
Liabilities and shareholders’ equity
Consolidation Parent Company Consolidation Parent Company
Current liabilities:
Short-term loans 110,000,000.00 100,000,000.00 110,000,000.00 100,000,000.00
Transaction financial liabilities
Notes payable 116,315,313.46 92,160,809.49 76,889,017.30 58,483,522.81
Accounts payable 396,429,907.92 232,269,446.77 397,286,738.10 232,111,721.35
Accounts received in advance 170,734,406.23 94,009,275.11 168,263,502.28 92,541,212.02
Wage payable 25,346,879.72 3,640,455.36 42,014,613.41 16,850,545.94
Taxes payable 4,887,938.68 -546,163.12 10,306,291.74 5,621,080.62
Interest payable
Dividend payable 4,624,584.76 533,156.00 6,724,584.76 533,156.00
Other accounts payable 38,482,546.21 7,964,296.39 41,694,655.74 13,165,466.39
Non-current liabilities due within
one year
50,000,000.00 50,000,000.00 50,000,000.00 50,000,000.00
Other current liabilities
Total current liabilities 916,821,576.98 580,031,276.00 903,179,403.33 569,306,705.13
Non-current liabilities:
Long-term loans
Bonds payable
Long-term account payable
Special accounts payable
Projected liabilities
Deferred income tax liabilities 1,979,526.92 1,979,526.92 1,081,551.92 1,081,551.92
Other non-current liabilities 75,270,174.00 22,076,670.00 76,426,173.00 22,954,170.00
Total non-current liabilities 77,249,700.92 24,056,196.92 77,507,724.92 24,035,721.92
Total liabilities 994,071,277.90 604,087,472.92 980,687,128.25 593,342,427.05
Shareholders’ equity
Share capital 350,014,975.00 350,014,975.00 350,014,975.00 350,014,975.00
Capital public reserve 592,804,978.00 591,576,050.38 590,111,053.00 588,882,125.38
Less: Inventory shares
Surplus public reserve 368,103,745.84 368,103,745.84 368,103,745.84 368,103,745.84
Retained profit 367,103,456.29 319,330,967.09 348,583,641.82 299,406,081.93
Total owner’s equity attributable to
parent company
1,678,027,155.13 1,629,025,738.31 1,656,813,415.66 1,606,406,928.15
Minority interests 83,174,433.33 82,126,011.73
Total owner’s equity 1,761,201,588.46 1,629,025,738.31 1,738,939,427.39 1,606,406,928.15
Total liabilities and shareholder’s equity 2,755,272,866.36 2,233,113,211.23 2,719,626,555.64
2,199,749,355.20
Legal representative: Zhang He Person in charge of accounting organ: Xu Junrao
Principal of accounting organ: Xu Junrao6
INCOME STATEMENT
Prepared by Dalian Refrigeration Co., Ltd. January-March, 2009 Unit: RMB
Items January-March, 2009 January-March, 2008
Consolidation Parent Company Consolidation Parent Company
I. Total operating income 273,106,990.16 165,023,684.96 364,697,704.80 212,542,433.52
Less: Operating cost 225,607,901.51 138,710,588.13 298,332,431.52 178,642,151.77
Operating tax and extras 1,198,415.85 510,323.63 1,521,162.92 193,799.98
Sales expenses 14,203,961.51 7,757,342.55 16,486,755.59 6,293,363.63
Administration expenses 31,554,111.50 20,631,759.89 35,323,690.50 21,093,508.45
Financial expenses 2,584,910.69 2,490,708.50 1,740,298.90 1,505,875.37
Losses of devaluation of asset 3,807,932.18 2,463,315.51
Add: Changing income of fair value
Investment income 23,241,523.82 23,241,523.82 8,530,648.77 8,530,648.77
Including: Investment income on
affiliated company and joint venture
8,021,523.82 8,021,523.82 8,530,648.77 8,530,648.77
II. Operating profit 17,391,280.74 18,164,486.08 17,360,698.63 13,344,383.09
Add: Non-operating income 2,262,279.85 1,760,399.08 1,813,187.80 1,224,954.77
Less: Non-operating expense 25,474.00 84,018.44 55,831.96
Including: Disposal loss of
non-current asset
55,831.96 55,831.96
Ⅲ. Total Profit 19,628,086.59 19,924,885.16 19,089,867.99 14,513,505.90
Less: Income tax 59,850.52 2,433,710.15 2,357,020.06
Ⅳ. Net profit 19,568,236.07 19,924,885.16 16,656,157.84 12,156,485.84
Net profit attributable to owner’s
equity of parent company
18,519,814.47 14,257,406.47
Minority shareholders’ gains and
losses
1,048,421.60 2,398,751.37
Ⅴ. Earnings per share
i. Basic earnings per share 0.05 0.04
ii. Diluted earnings per share 0.05 0.04
Legal representative: Zhang He Person in charge of accounting organ: Xu Junrao
Principal of accounting organ: Xu Junrao7
CASH FLOW STATEMENT
Prepared by Dalian Refrigeration Co., Ltd. January-March, 2009 Unit: RMB
January-March, 2009 January-March, 2008
Items Consolidation Parent Company Consolidation Parent Company
I. Cash flows arising from operating activities:
Cash received from selling commodities and
providing labor services
202,262,000.04 106,709,105.79 307,211,761.95 174,775,825.54
Write-back of tax received 849,600.00 35,000.00
Other cash received concerning operating
activities
9,899,900.47 7,883,118.45 5,268,762.39 2,713,816.69
Subtotal of cash inflow arising from
operating activities
213,011,500.51 114,592,224.24 312,515,524.34 177,489,642.23
Cash paid for purchasing commodities and
receiving labor service
135,014,849.24 81,600,242.16 264,146,234.07 169,235,077.43
Cash paid to/for staff and workers 53,275,832.43 34,456,925.48 53,614,650.48 30,691,642.87
Taxes paid 27,225,886.60 18,060,253.40 15,768,593.98 5,745,686.25
Other cash paid concerning operating activities 22,025,908.82 5,607,267.33 20,815,838.76 6,028,514.86
Subtotal of cash outflow arising from
operating activities
237,542,477.09 139,724,688.37 354,345,317.29 211,700,921.41
Net cash flows arising from operating
activities
-24,530,976.58 -25,132,464.13 -41,829,792.95 -34,211,279.18
II. Cash flows arising from investing activities:
Cash received from recovering investment
Cash received from investment income 15,264,600.00 15,220,000.00 7,979,774.90 7,979,774.90
Net cash received from disposal of fixed,
intangible and other long-term assets
40,950.00 40,000.00 1,036,775.00 36,775.00
Net cash received from disposal of subsidiaries
and other units
Other cash received concerning investing
activities
Subtotal of cash inflow from investing
activities
15,305,550.00 15,260,000.00 9,016,549.90 8,016,549.90
Cash paid for purchasing fixed, intangible and
other long-term assets
2,357,013.35 304,465.85 16,843,488.38 2,937,538.25
Cash paid for investment
Other cash paid concerning investing activities
Subtotal of cash outflow from investing
activities
2,357,013.35 304,465.85 16,843,488.38 2,937,538.25
Net cash flows arising from investing
activities
12,948,536.65 14,955,534.15 -7,826,938.48 5,079,011.65
III. Cash flows arising from financing
activities8
Cash received from absorbing investment
Cash received from loans 5,000,000.00
Other cash received concerning financing
activities
Subtotal of cash inflow from financing
activities
5,000,000.00
Cash paid for settling debts 7,000,000.00
Cash paid for dividend and profit distributing
or interest paying
4,835,150.60 2,544,000.00 8,489,567.78 8,213,875.00
Other cash paid concerning financing activities
Subtotal of cash outflow from financing
activities
4,835,150.60 2,544,000.00 15,489,567.78 8,213,875.00
Net cash flows arising from financing
activities
-4,835,150.60 -2,544,000.00 -10,489,567.78 -8,213,875.00
IV. Influence on cash due to fluctuation in
exchange rate
-12,560.46 2.32 -6,730.37 -504.73
V. Net increase of cash and cash equivalents -16,430,150.99 -12,720,927.66 -60,153,029.58 -37,346,647.26
Add: Balance of cash and cash equivalents at
the period -begin
312,337,783.75 228,316,557.10 244,799,726.11 145,162,895.61
VI. Balance of cash and cash equivalents at the
period–end
295,907,632.76 215,595,629.44 184,646,696.53 107,816,248.35
Legal representative: Zhang He Person in charge of accounting organ: Xu Junrao
Principal of accounting organ: Xu Junrao
