Weifu High-Technology Co., Ltd. The 1st Quarterly Report For 2009(Full Text)
1
Weifu High-Technology Co., Ltd.
The 1st Quarterly Report For 2009
(Full Text)
§1. Important Notice
1.1 The Board of Directors and Supervisory Committee of Weifu High-Technology Co., Ltd.
(hereinafter referred to as the Company) and its directors, supervisors and senior executives hereby
confirm that there are not any fictitious statements, misleading information and important omissions
carried in this report, and shall take all responsibilities, individual and/or joint, for the reality,
accuracy and completion of the whole contents.
1.2 The Financial Report For the 1st Quarterly Report of the Company has not been audited by
CPAs.
1.3 Mr. Wang Weiliang, Chairman of the Company; Ms. Sun Qingxian, Deputy General Manager as
well as Person in Charge of Accounting Works; Dou Yu, Person in Charge of Accounting Institution
(Accounting Officer) hereby confirm that the Financial Report enclosed in the 1st Quarterly Report
is true and complete.
§2. Company Profile
2.1 Main Accounting Data and Financial Indexes:
Unit: RMB
At the end of the report
period At the end of the last year Changes of
increase/decrease (%)
Total assets 4,494,927,179.65 4,597,901,224.38 -2.24%
Equity attributable to owners of
the parent company 2,474,385,824.48 2,506,344,515.41 -1.28%
Share capital 567,275,995.00 567,275,995.00 0.00%
Net asset per share attributable to
owners of the parent company 4.3619 4.4182 -1.27%
In the report period The same period of last
year
Changes of
increase/decrease (%)
Total operating income 506,613,553.93 996,418,554.57 -49.16%
Net profit attributable to owners
of the parent company -31,958,690.93 30,301,355.75 -205.47%
Net cash flow arising from
operating activities 47,340,066.11 105,798,447.15 -55.25%
Net cash flow arising from
operating activities per share 0.0835 0.1865 -55.23%
Basic earnings per share -0.0563 0.0534 -205.43%
Diluted earnings per share -0.0563 0.0534 -205.43%
Return on equity -1.29% 1.25% -2.54%
Return on equity after deducting
the non-recurring losses and
gains
-1.29% 1.25% -2.54%
Items of non-recurring gains and losses Amount in year-begin to
the end of report period
Gains and losses from the disposal of non-current asset 236,048.65Weifu High-Technology Co., Ltd. The 1st Quarterly Report For 2009(Full
Text)
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Governmental subsidy calculated into current gains and losses, while closely related
with the business of the Company, excluding the fixed-amount or fixed-proportion
governmental subsidy according to the unified national standard
18,500.00
Other non-operating income and expense excluded the aforementioned items -104,987.57
Influences on minority shareholders’ gains/losses -53,555.59
Impact on income tax -18,173.87
Total 77,831.62
Explanations on items of non-recurring gains and losses
Naught
2.2 Total number of shareholders at the end of the report period and shares held by the top ten
shareholders with unrestricted conditions
Unit: Share
Total number of shareholders
at the end of report period 47,820
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Full Name of shareholder
Amount of tradable shares with
unrestricted conditions held at the
end of report period
Type of shares
ROBERT BOSCH GMBH 18,387,200 Domestically listed foreign share
INDUSTRIAL AND COMMERCIAL
BANK OF CHINA-E FUND VALUE
SELECTED STOCK FUND
14,000,000 RMB common share
GUOTAI JUNAN SECURIES HONG
KONG LIMITED 13,247,896 Domestically listed foreign share
China Galaxy Securities Co., Ltd. 10,260,797 RMB common share
QILU SECURITIES CO., LTD. 6,321,061 RMB common share
ORIENT SECURITIES COMPANY
LIMITED 5,676,222 RMB common share
BANK OF COMMUNICATIONS-KERUI
SECURITIES INVESTMENT FUND 5,523,869 RMB common share
INDUSTRIAL AND COMMERCIAL
BANK OF CHINA-E FUND VALUE
GROWTH MIXED STOCK FUND
4,519,098 RMB common share
INDUSTRIAL BANK- EVERBRIGHT
PRAMERICA BONUS STOCK FUND 4,000,000 RMB common share
INDUSTRIAL AND COMMERCIAL
BANK OF CHINA-RONGTONG
SHENZHEN STOCK EXCHANGE 100
INDEX FUND
3,379,921 RMB common share
§3. Significant events
3.1 Particulars about material changes in items of main accounting statement and financial index,
and explanations of reasons
√Applicable □Inapplicable
In the report period, the profit and asset constitution(consolidated data) had great changes comparedWeifu
High-Technology Co., Ltd. The 1st Quarterly Report For 2009(Full Text)
3
with that of last year, and the explanations were as follows:
1. Operating income decreased 49.16% compared with that in the same period of last year, the main
reasons were: influenced by the financial crisis, agricultural Machinery and light vehicle mainly
benefited from the stimulation by the national policy, but the market for heavy &medium commercial
vehicle were still in low status.
2. Operating cost decreased 45% compared with that in the same period of last year, which was
mainly due to the decreases of operating income.
3. Net profit (attributable to parent company) decreased 205.43% compared with that in the same
period of last year, the main reasons were: the total operating income declined and Bosch Automotive
Diesel System Co., Ltd. whose shares were participated by the Company had losses in the 1st quarter
of this year.
4. Net cash flow arising from the operating activities in the report period decreased 55.25%
compared with that in the same period of last year, which was mainly due to cash received from
selling commodities and supplying labor forces decreased compared with that in the same period of
last year.
3.2 Analysis and explanation of significant events and their influence and solutions
□Applicable √Inapplicable
3.3 Implementations of commitments by the Company, shareholders and actual controller
√Applicable □Inapplicable
Commitments Content of commitments Implementation
Commitments for Share Merger
Reform
The Company realized net profit RMB 0.85 billion from
year 2006 to year 2008, and realized net profit RMB 0.34
billion in year 2008. Based on that 0.5 share was
additionally delivered per 10 shares for the tradable A
shares before Share Merger Reform, proportion of cash
dividend from 2006 to 2008 are not less than 50% of
distributable profit for investors realized by the Company
in current year.
Would be
implemented
after the 2008
Annual
Shareholders’
General
Meeting.
Commitments on share restriction for
trading
Non-circulating shares of Weifu Hi-tech held by Weifu
Group could not listed or transferred within 60 months
since possessing of listing right(April.5,2006). After the
expiry of the commitment period, original non-circulating
shares would be listed for sale in Shenzhen Stock
Exchange, the proportion of sales volume to total share
equity of Weifu Hi-tech could not exceed 5% within 12
months as well as 10% within 24 months, and sales price
ought not to less than RMB 10 per share (the lowest
impairment price of shares holding would be calculated
ex-right at the same time if share price ought to ex-right
according to regulation).
The said
commitment is
implementing
and there is no
shares held
impairment.
Commitments made in Acquisition
Report or Reports on Change in
Interests
- -
Commitments made in Material Assets
Reorganization - -
Commitments made in issuing - -
Other commitments (including
additional commitments) - -Weifu High-Technology Co., Ltd. The 1st Quarterly Report For 2009(Full Text)
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3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report
period to be loss probably or the warning of its material change compared with the corresponding
period of the last year and explanation of reason
□Applicable √Inapplicable
3.5 Other significant events which need explanations
3.5.1 Particulars about securities investment
□Applicable √Inapplicable
3.5.2 Registration form for receiving research, communication and interview in the report period.
Date Place Way The received parties Contents discussed and materials
supplied
Jan. 8, 2009 Conference room of
the Company Spot research
Taikang Life Asset
Management Co.,
Ltd.
Operation status and future
development of the Company
Jan.15, 2009 Conference room of
the Company Spot research Guotai Junan
Securities Co., Ltd.
Operation status and future
development of the Company
Jan. 16, 2009 Conference room of
the Company Spot research
Schroder Fund
Management Co.,
Ltd.
Operation status and future
development of the Company
Feb. 4, 2009 Conference room of
the Company Spot research
HAITONG
Securities Co., Ltd.
and Fortune SGAM
Fund Management
Co., Ltd.
Operation status and future
development of the Company
Feb. 9, 2009 Conference room of
the Company Spot research Guolian Securities
Research Institute
Operation status and future
development of the Company
Feb. 12, 2009 Conference room of
the Company Spot research Huatai Securities
Co.，Ltd.
Operation status and future
development of the Company
Feb. 24, 2009 Conference room of
the Company Spot research
8 persons from
China Jianyin
Investment
Securities Co., Ltd.
Operation status and future
development of the Company
March 6, 2009
Conference room of
the Company Spot research Bohai Securities Co.,
Ltd.
Operation status and future
development of the Company
March 23, 2009
Conference room of
the Company Spot research China Life Insurance
Co., Ltd.
Operation status and future
development of the Company
3.5.3 Particulars about the explanations on other significant events
□Applicable √Inapplicable
§4. Appendix
4.1 Balance sheet
Prepared by Weifu High-technology Co., Ltd. March 31, 2009 Unit: RMB
Balance at period-end Balance at year-begin
Items Merger Parent Company Merger Parent Company
Current assets:Weifu High-Technology Co., Ltd. The 1st Quarterly Report For 2009(Full Text)
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Monetary funds 550,172,247.73 187,789,160.53 633,818,074.23 228,735,378.18
Settlement provisions
Capital lent
Transaction finance
asset
Notes receivable 316,602,582.92 167,539,362.37 388,733,826.26 197,129,578.52
Accounts receivable 550,115,926.84 247,520,024.36 468,041,533.70 243,063,549.71
Accounts paid in
advance 39,478,011.90 26,100,547.58 33,595,448.26 20,937,261.75
Insurance receivable
Reinsurance receivables
Contract reserve of
reinsurance receivable
Interest receivable
Dividend receivable
Other receivables 6,870,060.19 1,936,130.15 6,611,679.75 1,913,035.12
Purchase restituted
finance asset
Inventories 490,152,397.65 188,191,898.33 507,375,789.63 194,914,308.68
Non-current asset due
within one year
Other current assets 4,204,288.22 33,510,171.88 4,913,524.44
Total current assets 1,957,595,515.45 852,587,295.20 2,043,089,876.27 886,693,111.96
Non-current assets:
Granted loans and
advances
Finance asset available
for sales
Held-to-maturity
securities
Long-term account
receivable
Long-term equity
investment 1,204,639,901.28 1,761,351,416.69 1,216,336,268.93 1,775,737,750.20
Investment property
Fixed assets 1,049,949,461.57 628,964,961.31 1,047,314,144.93 621,566,379.00
Construction in progress 164,052,754.01 119,930,146.04 171,144,058.98 126,462,367.06
Engineering material
Disposal of fixed asset
Productive biological
asset
Oil and gas asset
Intangible assets 77,234,733.75 27,906,638.31 78,229,946.20 28,074,191.73
Expense on Research
and Development
Goodwill
Long-term expenses to
be apportioned 2,239,381.14 2,372,655.75Weifu High-Technology Co., Ltd. The 1st Quarterly Report For 2009(Full Text)
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Deferred income tax
asset 39,215,432.45 8,444,823.90 39,414,273.32 8,643,664.77
Other non-current asset
Total non-current asset 2,537,331,664.20 2,546,597,986.25 2,554,811,348.11 2,560,484,352.76
Total assets 4,494,927,179.65 3,399,185,281.45 4,597,901,224.38 3,447,177,464.72
Current liabilities:
Short-term loans 767,000,000.00 535,000,000.00 843,036,725.49 615,000,000.00
Loan from central bank
Absorbing deposit and
interbank deposit
Capital borrowed
Transaction financial
liabilities
Notes payable 249,108,481.12 189,145,909.02 231,760,209.02 192,450,209.02
Accounts payable 484,513,884.69 338,678,005.51 502,090,202.96 300,072,484.51
Accounts received in
advance 19,658,356.58 4,553,698.56 19,023,738.35 1,795,586.83
Selling financial asset of
repurchase
Commission charge and
commission payable
Wage payable 116,894,046.74 55,346,114.31 135,485,636.96 62,362,525.91
Taxes payable 29,851,433.25 7,774,478.12 11,436,759.32 -2,482,224.39
Interest payable
Dividend payable
Other accounts payable 101,997,569.79 83,712,939.50 99,693,552.47 83,506,503.70
Reinsurance payables
Insurance contract
reserve
Security trading of
agency
Security sales of agency
Non-current liabilities
due within 1 year
Other current liabilities 18,909,108.31 3,865,993.52 10,683,370.14 1,250,000.00
Total current liabilities 1,787,932,880.48 1,218,077,138.54 1,853,210,194.71 1,253,955,085.58
Non-current liabilities:
Long-term loans
Bonds payable
Long-term account
payable 15,700,000.00 15,700,000.00
Special accounts
payable
Projected liabilities 1,604,658.96 1,604,658.96
Deferred income tax
liabilities
Other non-current
liabilities 2,140,000.00 2,090,000.00Weifu High-Technology Co., Ltd. The 1st Quarterly Report For 2009(Full Text)
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Total non-current liabilities 17,840,000.00 1,604,658.96 17,790,000.00 1,604,658.96
Total liabilities 1,805,772,880.48 1,219,681,797.50 1,871,000,194.71 1,255,559,744.54
Owner’s equity (or
shareholders’ equity):
Paid-in capital (or share
capital) 567,275,995.00 567,275,995.00 567,275,995.00 567,275,995.00
Capital public reserve 907,580,308.28 923,981,806.57 907,580,308.28 923,981,806.57
Less: Inventory shares
Surplus public reserve 262,439,505.87 262,439,505.87 262,439,505.87 262,439,505.87
Provision of general risk
Retained profit 737,090,015.33 425,806,176.51 769,048,706.26 437,920,412.74
Balance difference of
foreign currency translation
Total owner’s equity
attributable to parent
company
2,474,385,824.48 2,179,503,483.95 2,506,344,515.41 2,191,617,720.18
Minority interests 214,768,474.69 220,556,514.26
Total owner’s equity 2,689,154,299.17 2,179,503,483.95 2,726,901,029.67 2,191,617,720.18
Total liabilities and owner’s
equity 4,494,927,179.65 3,399,185,281.45 4,597,901,224.38 3,447,177,464.72
4.2 Profit statement
Prepared by Weifu High-technology Co., Ltd. Jan.-Mar., 2009 Unit: RMB
Amount in this period Amount in last period
Items Merger Parent Company Merger Parent Company
I. Total operating income 506,613,553.93 291,819,829.39 996,418,554.57 518,046,671.34
Including: Operating income 506,613,553.93 291,819,829.39 996,418,554.57 518,046,671.34
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 515,211,733.79 316,194,731.64 964,089,238.71 514,366,979.28
Including: Operating cost 435,104,600.08 280,262,416.73 791,137,362.11 446,013,248.25
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense
of compensation
Net amount of
withdrawal of insurance
contract reserve
Bonus expense of
guarantee slip
Reinsurance expense
Operating tax and extras 3,770,733.94 1,686,776.20 7,200,443.32 3,822,448.18
Sales expenses 10,466,588.13 5,905,279.79 29,270,286.93 18,669,727.66Weifu High-Technology Co., Ltd. The
1st Quarterly Report For 2009(Full Text)
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Administration
expenses 58,619,226.72 21,696,571.77 99,434,747.77 31,362,381.02
Financial expenses 8,546,480.69 7,939,582.92 37,097,817.02 14,550,592.61
Losses of devaluation of
asset -1,295,895.77 -1,295,895.77 -51,418.44 -51,418.44
Add: Changing income
of fair value(Loss is listed
with “-”)
Investment income
(Loss is listed with “-”) -16,696,367.64 14,123,838.37 14,323,064.12 81,445,934.58
Including: Investment
income on affiliated
company and joint venture
-16,696,367.64 -19,386,333.51 14,073,151.87 11,841,511.80
Exchange income (Loss
is listed with “-”)
III. Operating profit (Loss
is listed with “-”) -25,294,547.50 -10,251,063.88 46,652,379.98 85,125,626.64
Add: Non-operating
income 472,733.77 58,658.94 143,812.27 15,000.00
Less: Non-operating
expense 2,151,666.11 1,722,990.42 3,177,364.69 1,773,939.65
Including: Disposal loss
of non-current asset 1,457,898.25 1,401,960.59 205,948.36 199,348.08
IV. Total Profit (Loss is
listed with “-”) -26,973,479.84 -11,915,395.36 43,618,827.56 83,366,686.99
Less: Income tax 2,538,343.26 198,840.87 7,026,892.81 610,776.05
V. Net profit (Net loss is
listed with “-”) -29,511,823.10 -12,114,236.23 36,591,934.75 82,755,910.94
Net profit attributable to
owner’s equity of parent
company
-31,958,690.93 -12,114,236.23 30,301,355.75 82,755,910.94
Minority shareholders’
gains and losses 2,446,867.83 6,290,579.00
VI. Earnings per share
i. Basic earnings per share -0.06 -0.02 0.05 0.15
ii. Diluted earnings per share -0.06 -0.02 0.05 0.15
4.3 Cash flow statement
Prepared by Weifu High-technology Co., Ltd. Jan.-Mar., 2009 Unit: RMB
Amount in this period Amount in last period
Items Merger Parent Company Merger Parent Company
I. Cash flows arising from
operating activities:
Cash received from
selling commodities and
providing labor services
536,988,622.42 368,853,005.39 722,483,312.29 398,892,399.12
Net increase of
customer deposit and
interbank deposit
Net increase of loan
from central bank
Net increase of capital
borrowed from otherWeifu High-Technology Co., Ltd. The 1st Quarterly Report For 2009(Full Text)
9
financial institution
Cash received from
original insurance contract
fee
Net cash received from
reinsurance business
Insured savings and net
increase of investment
Net increase of disposal
of transaction financial asset
Cash received from
interest, commission charge
and commission
Net increase of capital
borrowed
Net increase of returned
business capital
Write-back of tax
received 4,719,275.66
Other cash received
concerning operating
activities
3,450,668.58 369,612.68 4,897,680.86 25,709,426.81
Subtotal of cash inflow
arising from operating
activities
545,158,566.66 369,222,618.07 727,380,993.15 424,601,825.93
Cash paid for
purchasing commodities and
receiving labor service
369,269,581.52 243,174,746.85 452,288,202.45 357,358,706.65
Net increase of
customer loans and advances
Net increase of deposits
in central bank and interbank
Cash paid for original
insurance contract
compensation
Cash paid for interest,
commission charge and
commission
Cash paid for bonus of
guarantee slip
Cash paid to/for staff
and workers 86,602,846.43 39,980,434.91 95,618,814.02 45,760,099.75
Taxes paid 27,713,555.56 8,052,265.21 60,343,248.07 25,726,736.39
Other cash paid
concerning operating
activities
14,232,517.04 2,064,493.71 13,332,281.46 3,430,928.36
Subtotal of cash outflow
arising from operating
activities
497,818,500.55 293,271,940.68 621,582,546.00 432,276,471.15
Net cash flows arising
from operating activities 47,340,066.11 75,950,677.39 105,798,447.15 -7,674,645.22
II. Cash flows arising from
investing activities:
Cash received from
recovering investment 2,305,100.00
Cash received from 249,912.25 69,417,379.75Weifu High-Technology Co., Ltd. The 1st Quarterly Report For
2009(Full Text)
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investment income
Net cash received from
disposal of fixed, intangible
and other long-term assets
3,739,467.46 1,640,436.96 25,550.00 25,000.00
Net cash received from
disposal of subsidiaries and
other units
Other cash received
concerning investing
activities
Subtotal of cash inflow
from investing activities 3,739,467.46 1,640,436.96 2,580,562.25 69,442,379.75
Cash paid for
purchasing fixed, intangible
and other long-term assets
33,043,758.70 21,160,407.51 32,484,128.45 19,844,290.92
Cash paid for
investment 5,000,000.00 5,000,000.00 14,294,800.00 39,294,800.00
Net increase of
mortgaged loans
Net cash received from
subsidiaries and other units
Other cash paid
concerning investing
activities
Subtotal of cash outflow
from investing activities 38,043,758.70 26,160,407.51 46,778,928.45 59,139,090.92
Net cash flows arising
from investing activities -34,304,291.24 -24,519,970.55 -44,198,366.20 10,303,288.83
III. Cash flows arising from
financing activities
Cash received from
absorbing investment
Including: Cash
received from absorbing
minority shareholders’
investment by subsidiaries
Cash received from
loans 390,000,000.00 195,000,000.00 461,350,000.00 315,000,000.00
Cash received from
issuing bonds
Other cash received
concerning financing
activities
Subtotal of cash inflow
from financing activities 390,000,000.00 195,000,000.00 461,350,000.00 315,000,000.00
Cash paid for settling
debts 466,036,725.49 275,000,000.00 454,646,300.00 316,913,800.00
Cash paid for dividend
and profit distributing or
interest paying
10,910,912.26 7,930,388.77 23,220,111.59 12,673,673.45
Including: Dividend and
profit of minority
shareholder paid by
subsidiaries
Other cash paid
concerning financingWeifu High-Technology Co., Ltd. The 1st Quarterly Report For 2009(Full Text)
11
activities
Subtotal of cash outflow
from financing activities 476,947,637.75 282,930,388.77 477,866,411.59 329,587,473.45
Net cash flows arising
from financing activities -86,947,637.75 -87,930,388.77 -16,516,411.59 -14,587,473.45
IV. Influence on cash due to
fluctuation in exchange rate
V. Net increase of cash and
cash equivalents -73,911,862.88 -36,499,681.93 45,083,669.36 -11,958,829.84
Add: Balance of cash
and cash equivalents at the
period -begin
495,284,817.23 141,771,078.18 678,013,454.68 131,564,251.25
VI. Balance of cash and cash
equivalents at the period -end 421,372,954.35 105,271,396.25 723,097,124.04 119,605,421.41
4.4 Auditor’ report
Auditor’s opinions: Un-audited
Board of Directors of
Weifu High-Technology Co., Ltd.
April 25, 2009
