意见反馈 手机随时随地看行情

公司公告

长 安B:2010年第一季度报告全文(英文版)2010-04-23  

						2010 First Quarter Report of

    Chongqing Changan Automobile Company Limited

    §1 Important Notes

    1.1 The Board of Directors, the Supervisory Committee and directors, supervisors and senior management of

    Chongqing Changan Automobile Company Limited (hereinafter referred to as “the Company”) warrant that this

    report does not contain any false or misleading statements or omit any material facts and all information set forth

    herein are true, accurate and complete.

    1.2 None of the directors, supervisors, senior management demonstrated uncertainty or disagreement about

    the truthfulness, accuracy, and completeness of this quarterly report.

    1.3 The financial statements of this quarter have not been audited.

    1.4 Chairman Mr. Xu Liuping, General Manager Mr. Zhang Baolin, Chief Accountants Mr. Cui Yunjiang

    and Mr. Ni Erke guarantee the truthfulness and completeness of the financial statements of the quarter report.

    1.5 The report shall be presented in both Chinese and English, and should there be any conflicting

    understanding of the text, the Chinese version shall prevail.

    §2 Company Profile

    2.1 Main accounting data and financial indicators

    In RMB Yuan

    Ended this report term Ended previous year Changed by (%)

    Gross Assets 26,458,818,344.41 24,471,416,861.89 8.12%

    Owners’ Equity Attributable to the Parent

    Company 9,575,991,251.70 8,800,120,393.15 8.82%

    Share capital 2,325,657,615.00 2,334,022,848.00 -0.36%

    Net asset per share attributable to the

    owners of the parent company 4.12 3.77 9.28%

    This report term Same period last year Changed by (%)

    Turnover 9,164,319,010.89 4,876,765,898.57 87.92%

    Net profit attributable to the owners of

    parent company 789,125,096.08 28,340,139.95 2,684.48%

    Cash flow generated by business

    operation, net 338,203,897.92 424,538,157.55 -20.34%

    Net Cash flow per share generated by

    business operation 0.15 0.18 -16.67%

    Basic gains per share 0.34 0.01 3,300.00%

    Diluted gains per share 0.34 0.01 3,300.00%

    Net earnings / asset 8.58% 0.37% 8.21%

    Net earnings / capital ratio after

    deducting of non-recurring gain/loss 8.60% 0.37% 8.23%

    Note:On March 3, 2010, the Company B shares repurchase program was completed. In the repurchase, the Company totally

    repurchased 8,365,233 B shares. On March 17, 2010, the Company had finished write-off of share repurchase in the China Securities

    Register and Clearing Co., Ltd. Shenzhen Branch, then share capital changed into 2,325,657,615 shares, and related industry

    &commerce change formalities were under process.2

    Non-recurring gain and loss items

    Amount of the period

    from the beginning of

    year to the end of report

    term

    Gain/loss of non-current assets -3,073,055.01

    Government subsidies accounted into current gain/loss account, other than those closely related to the

    Company’s common business, comply with the national policy and continues to enjoy at certain fixed

    rate or amount.

    199,902.75

    Gain/loss from change of fair value of transactional asset and liabilities, and investment gains from

    disposal of transactional financial assets and liabilities and sellable financial assets, other than valid

    period value instruments related to the Company’s common businesses

    1,383,528.00

    Other non-business income and expenditures other than the above -350,426.49

    Influenced amount of income tax 7,349.65

    Influenced amount of miniority shareholders’ equity 553,431.27

    Total -1,279,269.83

    Reconciliation description under the PRC accounting standards and International Financial Reporting Standards

    Mar.31,2010 2010 First

    Accountant difference adjustment list Quarter

    Net assets Net profits

    Workout accountant according to the enterprise accounting rule and syatem under the

    PRC 9,575,991,251.70 789,125,096.08

    Adjustment of according to international accounting rules

    Payment to currency shareholders of A share cash opposite price -71,284,065.00

    Workout accountant according to the international finance report rules 9,504,707,186.70 789,125,096.08

    2.2 Total number of shareholders at the end of the report period and statement on shares held by

    the top ten tradable shareholders

    Unit: share

    Total shareholders number 223,828

    Top ten shareholders of stock without limited sale

    Name of shareholders

    Total number of shares without

    condition of limited sale Share type

    CHINA CHANGAN AUTOMOBILE COMPANY

    LIMITED 233,402,285 RMB Ordinary share

    MANULIFE GLOBAL FUND 19,892,242 Domestic listed foreign shares

    DREYFUS PREMIER INVESTMENT FDS

    INC.-DREYFUS GREATER CHINA FD 19,850,689 Domestic listed foreign shares

    HTHK-MANULIFE CHINA VALUE FUND 18,083,428 Domestic listed foreign shares

    BONJOUR CHINA FUND 2 16,568,176 Domestic listed foreign shares

    China Constuction Bank-Bosera Thematic Sector Equity

    Securities Investment Fund 15,755,632 RMB Ordinary share

    China Construction Bank- FullGoal Tianbo the theme of

    innovative Securities Investment Fund 15,000,000 RMB Ordinary share

    VALUE PARTNERS CLASSIC FUND 14,634,200 Domestic listed foreign shares

    China Construction Bank--Securities Investment Fund,

    Yinhua Fund Management Co., Ltd. 13,000,000 RMB Ordinary share

    Bank Of China-E Fund Shenzhen Stock Exchange 100

    Exchange-

    Traded Fund

    12,612,900 RMB Ordinary share3

    §3 Important Matters

    3.1 Significant changes in major accounting data, financial highlight and reason of these changes.

    √Applicable □Not Applicable

    Balance Sheet Items Mar. 31th 2010 Jan. 1th 2010 Changes

    Account receivable 768,250,849.32 139,780,325.50 449.61%

    Other account receivable 299,246,890.57 71,911,872.86 316.13%

    Prepayment received 1,764,950,914.44 3,019,887,384.83 -41.56%

    Expected liabilities 572,763,190.01 416,077,626.26 37.66%

    Tax payable 431,521,139.34 238,873,041.99 80.65%

    Income Statement Items Jan-Mar 2010 Jan-Mar 2009 Changes

    Business income 9,164,319,010.89 4,876,765,898.57 87.92%

    Business cost 7,343,749,103.34 3,978,357,334.90 84.59%

    Business tax and surcharge 227,826,128.17 98,970,758.33 130.20%

    Sales expense 973,327,096.97 505,720,687.36 92.46%

    Financial expenses -13,123,482.47 2,178,697.80 -702.35%

    Investment gain 540,349,306.06 -11,645,835.18 4739.85%

    Gross profit 842,816,179.34 12,818,111.48 6475.20%

    Income tax expenses 52,092,989.28 -14,915,195.19 449.26%

    Net profit attributable to the

    owners of parent company 789,125,096.08 28,340,139.95 2684.48%

    Cash Flow Statement Items Jan-Mar 2010 Jan-Mar 2009 Changes

    Cash flow generated by business

    operation, net 338,203,897.92 424,538,157.55 -20.34%

    Net cash flow generated by

    investment -462,108,470.14 -275,268,809.28 -67.88%

    Net cash flow generated by

    financing -16,659,029.30 49,748,584.34 -133.49%

    Net increase of cash and cash

    equivalents -140,647,001.93 199,017,932.61 -170.67%

    During reporting period, the Company's innovative marketing management and car sales overall continued to increase

    substantially from January to March 2010, with a sale record 552,996 vehicles, up 85.73% than last year. Mini-van and truck sold

    291,965 units, up 77.35% than last year; Changan’s own brand car sold 56,016 units, with an increase of 229.62% than last year.

    Meanwhile the Company continued to strengthen cost control and product structure optimization, Changan’s own brand business

    increased profitability, and investment income from the joint venture had year on year increase, achieving good operating results.

    Production and sales scale expanded, until the reporting period end the Company's total assets was RMB 26.459 billion Yuan, up

    8.12% compared with the beginning of the year. The total liabilities were RMB 16.787 billion yuan, up 7.77% over the start of the year.

    The debt ratio was 63.44% at moderate levels.

    Due to substantial growth in car sales during the reporting period, operating income, operating costs, sales taxes &surtax and sales

    expenses averagely increased significantly than last year. The increased investment income during the reporting period mainly came

    from the joint venture: Changan Ford Mazda Corporation’s investment income had an increase of RMB 382 million yuan than last

    year, Jiangling Holding’s investment income increased by RMB 69 million yuan than last year, Changan Ford Mazda Engine’s

    investment income with an increase of RMB 49 million yuan and investment income of Changan Suzuki increased by RMB 30 million

    yuan. Income growth rate during the reporting period is greater than the cost growth, gross margin levels are increased, the main

    business continued to improve profitability, and investment return grew. Total profit, net profit attributable to parent company grew

    respectively over the same period last year by 2684.48% and 6475.2%.

    During the reporting period, the Company achieved net increase in cash and cash equivalents by RMB -141 million yuan, down

    by 170.67% than last year, mainly due to the Company's automotive product line expansion, increased fixed assets acquisition and the

    bank borrowings balance decrease.

    3.2 The progress and influence of significant events and the analysis and explanation on resolving proposal4

    □Applicable √Not Applicable

    3.3 The fulfillment of the commitment made by the Company, shareholders and the actual controller

    √Applicable □Not Applicable

    Commitments Content of commitments Implementation

    Commitments made

    when share merger

    reform

    (1) To comply with laws, rules and regulations,

    and perform legal duty of commitment.

    (2) Since the non-circulated shares are entitled to

    be circulated, at least they can’t be dealt with or

    transferred within 24 months. At the expiration of

    24 months, the shareholders of non-circulated

    shares can sell the shares in stock exchange in

    amount of no more than 5% of total within 12

    months, and no more than 10% of total within 24

    months.

    (3) After the reform of non-tradable shares, the

    Company performs the scheme of incentive

    share awards for the managements according to

    relative government regulation.

    The controlling shareholder of the Company,

    China South Industry Automobile Co., Ltd. since

    the reform program being implementation, strictly

    compliance with the share-trading reform

    commitments made by it. The Company

    management has yet launch an equity incentive

    plan. According to the "Statement on Changan

    Automobile Co., Ltd. share structure reform of

    the relevant commitments and the

    implementation of that" issued by the Company’s

    controlling shareholder, China South Industry

    Automobile Co., Ltd., incentive plan will be

    studied and implement timely according to

    SASAC’s provisions."

    3.4 Warnings of possible loss or large-margin change of the accumulated net profit made during the period from

    the beginning of the year to the end of the next report period compared with the same period of the last year

    according to prediction, as well as explanations on the reasons

    □Applicable √Not Applicable

    3.5 Other significant events need to be explained

    3.5.1 Securities investment

    √Applicable □Not Applicable

    No Type Securities

    code

    Short form of

    Stock

    Initial

    Investment

    (Yuan)

    Share held at

    the

    period-end

    (share)

    Book value at the

    period-end

    (Yuan)

    Proportion in

    total

    investment on

    securities at

    the

    period-end

    (%)

    Gains and losses

    in the report

    period (Yuan)

    1 stock 600369 SouthWest

    Securities 50,000,000.00 17,750,000.00 216,727,500.00 100.00% 0.00

    Other securities investment held at the period-end -

    Gains and losses from securities investment sold in

    the report period - - - -

    Total 50,000,000.00 - 216,727,500.00 100.00% 0.00

    Explanation on securities investment Naught

    The former legal person shares of Southwest Securities held by the Company were transferred into circulated equity in Southwest

    Securities Inc. in 2009 as 17.75 million restricted shares, and restricted shares sale period lasted 36 months from February 17, 2009, the

    company confirmed it as available for financial assets sale and measureable at fair value.

    3.5.2 Interviews and visits in the reporting period

    √Applicable □Not Applicable

    Time/date Place Way Visitors Main content involved and material

    provided

    2010.1.5 Meeting Room,

    Changan Headquarters On-Site Survey Value Partners Ltd Automotive Industry Development and

    Company’s Business

    2010.1.6 Meeting Room,

    Changan Headquarters On-Site Survey Dong Xing Securities Automotive Industry Development and

    Company’s Business5

    2010.1.11 Meeting Room,

    Changan Headquarters On-Site Survey Gao Hua Securities Automotive Industry Development and

    Company’s Business

    2010.1.18 Meeting Room,

    Changan Headquarters On-Site Survey DAIWA Automotive Industry Development and

    Company’s Business

    2010.1.19 Meeting Room,

    Changan Headquarters On-Site Survey Huatai United Securities、HuaAn

    Funds

    Automotive Industry Development and

    Company’s Business

    2010.1.21 Meeting Room,

    Changan Headquarters On-Site Survey Deutsche Bank Automotive Industry Development and

    Company’s Business

    2010.3.8 Meeting Room,

    Changan Headquarters On-Site Survey

    Huatai United Securities、Sinolink

    Securities、Shenyin & Wanguo

    Securities

    Automotive Industry Development and

    Company’s Business

    2010.3.11 Meeting Room,

    Changan Headquarters On-Site Survey CLSA Automotive Industry Development and

    Company’s Business

    2010.3.15 Meeting Room,

    Changan Headquarters On-Site Survey NOMURA Automotive Industry Development and

    Company’s Business

    2010.3.18 Meeting Room,

    Changan Headquarters On-Site Survey Morgan Stanley Automotive Industry Development and

    Company’s Business

    2010.3.19 Meeting Room,

    Changan Headquarters On-Site Survey China Merchants Securities Automotive Industry Development and

    Company’s Business

    3.5.3 Statement on other significant issues

    √Applicable □Not Applicable

    1.According to the proposal on buy-back partial domestic listed foreign shares (B shares) , examined and passed on the second

    temporary Shareholder Meeting on March 3, 2009, the Company’s domestic partial foreign shares (B shares) listed in China expired to

    buy back until March 3, 2010, and the Company's B shares repurchase program was completed. In the repurchase, the company’s

    repurchased total number of B shares accumulated to 8,365,233 shares, occupying 0.3584% of the company's total share capital. On

    March 17, 2010, the Company had finished write-off of share repurchase in the China Securities Register and Clearing Co., Ltd.

    Shenzhen Branch, carried out industry &commerce change formalities related to capital reduction, and timely fulfilled information

    disclosure obligations according to the related regulations.

    2. According to the related proposal to issue additional A shares to raise funds, which was examined and approved on the first time

    temporary General Shareholders’ Meeting on March 8, 2010 meeting, the Company will issue share less than 20% of total capital stock

    before the issuance, to raise not more than RMB 4 billion yuan (including issuance costs) which will be used for Changan car

    production line expansion, technological transformation projects, small-displacement engine upgrading projects, and its own brand

    R&D capacity-building projects. The current application materials have been submitted to the China Securities Regulatory

    Commission.6

    §4. Attachment

    4.1 Balance Sheet

    Prepared by: CHONGQING CHANGAN AUTOMOBILE CO., LTD. Mar.31th 2010 in RMB yuan

    Items ConsoliAdta ttehde end Poaf rteenrmt c ompany ConsoliBdeagteindn ing Poaf rteenrmt c ompany

    Current asset:

    Monetary fund 3,319,853,076.75 1,745,770,054.01 3,460,500,078.68 1,973,263,003.71

    Settlement provision

    Outgoing call loan

    Trading financial assets

    Notes receivable 7,649,752,580.23 6,333,781,655.28 7,019,787,791.84 5,372,680,455.66

    Account receivable 768,250,849.32 909,034,177.04 139,780,325.50 581,698,017.44

    Prepayment 415,147,906.58 382,181,980.18 431,355,154.55 329,644,151.89

    Insurance receivable

    Reinsurance receivable

    Provisions of Reinsurance contracts receivable

    Interest receivable

    Dividend receivable 450,030.00 450,030.00 450,030.00 450,030.00

    Other account receivable 299,246,890.57 159,487,895.72 71,911,872.86 129,910,087.06

    Repurchasing of financial assets

    Inventories 2,319,738,642.92 1,480,531,499.33 2,504,000,463.04 1,438,979,289.27

    Non-current asset due in 1 year

    Other current asset 220,399.87 20,508.87

    Total of current asset 14,772,660,376.24 11,011,237,291.56 13,627,806,225.34 9,826,625,035.03

    Non-current assets

    Loans and payment on other’s behalf disbursed

    Disposable financial asset 216,727,500.00 216,727,500.00 238,205,000.00 238,205,000.00

    Expired investment in possess

    Long-term receivable

    Long-term share equity investment 5,296,768,031.49 6,376,512,755.93 4,778,574,016.34 5,856,668,740.78

    Property investment 64,919,861.10 65,563,825.59

    Fixed assets 3,208,074,506.25 2,629,145,611.15 3,149,234,754.29 2,572,674,562.93

    Construction in process 1,476,146,937.15 1,340,282,415.45 1,297,536,616.44 1,226,791,383.39

    Engineering material 795,898.75 795,898.75 838,718.75 838,718.75

    Fixed asset disposal 35,444.88 869,564.07

    Production physical assets

    Gas & petrol

    Intangible assets 436,552,059.62 312,445,116.33 370,988,817.11 250,935,419.01

    R&D expense 141,498,378.20 141,497,420.15 200,849,901.80 199,526,282.03

    Goodwill 9,804,394.00 9,804,394.00

    Long-term prepaid expenses 3,431,234.91 1,215,540.00 3,783,684.69 1,260,560.00

    Differed income tax asset 344,323,721.82 229,041,520.66 320,281,343.47 204,563,633.47

    Other non-current asset 487,080,000.00 487,080,000.00 407,080,000.00 407,080,000.007

    Total of non-current assets 11,686,157,968.17 11,734,743,778.42 10,843,610,636.55 10,958,544,300.36

    Total of assets 26,458,818,344.41 22,745,981,069.98 24,471,416,861.89 20,785,169,335.39

    Current liabilities

    Short-term loans 213,551,700.00 50,000,000.00 225,270,268.00 50,000,000.00

    Loan from Central Bank

    Deposit received and hold for others

    Call loan received

    Trade off financial liabilities 3,180,216.00 4,563,744.00

    Notes payable 2,730,301,399.82 2,681,800,774.13 2,760,920,841.39 2,716,438,173.31

    Account payable 7,766,352,066.81 5,397,976,301.15 6,288,951,005.10 3,988,443,774.45

    Prepayment received 1,764,950,914.44 1,156,823,790.03 3,019,887,384.83 1,718,105,586.42

    Selling of repurchased financial assets

    Fees and commissions receivable

    Employees’ wage payable 133,139,686.79 108,501,712.42 175,251,214.57 145,719,031.19

    Tax payable 431,521,139.34 399,201,481.50 238,873,041.99 289,396,852.43

    Interest payable 420,000.00 420,000.00 420,000.00 420,000.00

    Dividend payable 79,742.80 79,742.80

    Other account payable 676,849,861.65 218,038,860.56 587,582,561.57 416,328,996.78

    Reinsurance fee payable

    Insurance contract provision

    Entrusted trading of securities

    Entrusted selling of securities

    Non-current liability due in 1 year 265,000,000.00 250,000,000.00 15,000,000.00

    Other current liability 1,486,649,619.78 864,990,537.45 842,516,160.16 465,475,119.91

    Total of current liability 15,471,996,347.43 11,127,753,457.24 14,159,315,964.41 9,790,327,534.49

    Non-current liabilities

    Long-term borrowings 168,000,000.00 50,000,000.00 424,000,000.00 300,000,000.00

    Bond payable

    Long-term payable

    Special payable 523,603,498.19 523,603,498.19 515,089,405.79 515,089,405.79

    Expected liabilities 572,763,190.01 329,297,973.68 416,077,626.26 222,800,775.48

    Differed income tax liability 29,077,125.00 29,077,125.00 32,298,750.00 32,298,750.00

    Other non-recurring liabilities 21,355,116.82 21,355,116.82 30,081,000.00 22,216,000.00

    Total of non-current liabilities 1,314,798,930.02 953,333,713.69 1,417,546,782.05 1,092,404,931.27

    Total of liability 16,786,795,277.45 12,081,087,170.93 15,576,862,746.46 10,882,732,465.76

    Owners’ equity (or shareholders’ equity)

    Practical capital collected (or share capital) 2,325,657,615.00 2,325,657,615.00 2,334,022,848.00 2,334,022,848.00

    Capital reserves 1,661,520,746.14 1,827,687,352.42 1,693,335,482.05 1,859,502,088.33

    Less: Shares in stock 26,925,731.38 26,925,731.38

    Special reserves

    Surplus reserves 1,167,011,424.00 1,167,011,424.00 1,167,011,424.00 1,167,011,424.00

    Common risk provision

    Attributable profit 4,421,801,466.56 5,344,537,507.63 3,632,676,370.48 4,568,826,240.68

    Different of foreign currency translation

    Total of owner’s equity belong to the parent company 9,575,991,251.70 10,664,893,899.05 8,800,120,393.15 9,902,436,869.63

    Minor shareholders’ equity 96,031,815.26 94,433,722.288

    Total of owners’ equity 9,672,023,066.96 10,664,893,899.05 8,894,554,115.43 9,902,436,869.63

    Total of liabilities and owners’ equity 26,458,818,344.41 22,745,981,069.98 24,471,416,861.89 20,785,169,335.399

    4.2 Income Statement of the report term

    Prepared by: CHONGQING CHANGAN AUTOMOBILE CO., LTD.. Jan-Mar 2010 in RMB yuan

    Items ConsolidaCteudrr ent Ptearrmen t company ConsSoalimdaet epde riodP laarsetn yte caorm pany

    I. Total business income 9,164,319,010.89 6,561,393,364.36 4,876,765,898.57 3,077,226,928.25

    Incl. Business income 9,164,319,010.89 6,561,393,364.36 4,876,765,898.57 3,077,226,928.25

    Interest income

    Insurance fee earned

    Fee and commission received

    II. Total business cost 8,859,454,856.51 6,280,654,531.67 4,852,216,424.38 3,036,417,433.54

    Incl. Business cost 7,343,749,103.34 5,224,644,307.43 3,978,357,334.90 2,483,834,128.94

    Interest expense

    Fee and commission paid

    Insurance discharge payment

    Net claim amount paid

    Net insurance policy reserves provided

    Insurance policy dividend paid

    Reinsurance expenses

    Business tax and surcharge 227,826,128.17 178,125,487.04 98,970,758.33 67,725,015.59

    Sales expense 973,327,096.97 648,615,727.95 505,720,687.36 275,031,048.83

    Administrative expense 327,676,010.50 245,426,424.52 252,716,438.60 204,895,617.63

    Financial expenses -13,123,482.470 -16,157,415.270 2,178,697.80 -9,687,606.670

    Asset impairment loss 14,272,507.39 14,619,229.22

    Plus: Gains from change of fair value (“-“ for loss) 1,383,528.00

    Investment gain (“-“ for loss) 540,349,306.06 540,349,306.06 -11,645,835.180 -11,645,835.180

    Incl. Investment gains from affiliates 518,194,015.15 518,194,015.15 -11,645,835.180 -11,645,835.180

    Gains from currency exchange (“-“ for loss)

    III. Operational profit (“-“ for loss) 846,596,989.44 821,088,138.75 12,903,639.01 29,163,659.53

    Plus: Non business income 1,171,439.23 943,731.93 557,233.89 76,217.25

    Less: Non-business expenses 4,952,249.33 1,119,300.00 642,761.42

    Incl. Loss from disposal of non-current assets 3,058,055.01 123,743.74

    IV. Gross profit (“-“ for loss) 842,816,179.34 820,912,570.68 12,818,111.48 29,239,876.78

    Less: Income tax expenses 52,092,989.28 45,201,303.73 -14,915,195.190 -17,655,776.820

    V. Net profit (“-“ for net loss) 790,723,189.06 775,711,266.95 27,733,306.67 46,895,653.60

    Net profit attributable to the owners of parent company 789,125,096.08 775,711,266.95 28,340,139.95 46,895,653.60

    Minor shareholders’ equity 1,598,092.98 -606,833.280

    VI. Earnings per share:

    (I) Basic earnings per share 0.34 0.01

    (II) Diluted earnings per share 0.34 0.01

    VII. Other misc. incomes -18,255,875.00 -18,255,875.00

    VIII. Total of misc. incomes 772,467,314.06 757,455,391.95 27,733,306.67 46,895,653.60

    Total of misc. incomes attributable to the owners of

    the parent company 770,869,221.08 757,455,391.95 27,733,306.67 46,895,653.60

    Total misc gains attributable to the minor shareholders 1,598,092.9810

    4.3 Cash Flow Statement from the beginning of year to the end of report term.

    Prepared by: Prepared by: CHONGQING CHANGAN AUTOMOBILE CO., LTD.. Jan-Mar 2010 in RMB yuan

    Items ConsolidaCteudrrentP taerremn t company ConsSoalimdaet epde riodP laarsetn yt ecaorm pany

    I. Net cash flow from business operation

    Cash received from sales of products and providing of

    services 5,974,406,702.34 5,177,001,985.20 3,023,029,539.41 2,299,073,293.75

    Net increase of customer deposits and capital kept for

    brother company

    Net increase of loans from central bank

    Net increase of inter-bank loans from other financial bodies

    Cash received against original insurance contract

    Net cash received from reinsurance business

    Net increase of client deposit and investment

    Net increase of trade financial asset disposal

    Cash received as interest, processing fee, and commission

    Net increase of inter-bank fund received

    Net increase of repurchasing business

    Tax returned 8,698,847.07 17,350,843.26

    Other cash received from business operation 80,557,894.53 11,384,848.34 17,161,941.49 4,836,734.18

    Sub-total of cash inflow from business activities 6,063,663,443.94 5,188,386,833.54 3,057,542,324.16 2,303,910,027.93

    Cash paid for purchasing of merchandise and services 3,844,480,716.34 3,404,301,773.74 1,828,326,994.50 1,562,939,360.40

    Net increase of client trade and advance

    Net increase of savings in central bank and brother company

    Cash paid for original contract claim

    Cash paid for interest, processing fee and commission

    Cash paid for policy dividend

    Cash paid to staffs or paid for staffs 336,885,657.30 282,480,666.37 189,381,642.75 153,715,411.84

    Taxes paid 720,607,843.29 610,776,497.69 269,669,286.47 179,151,738.66

    Other cash paid for business activities 823,485,329.09 712,565,543.53 345,626,242.89 287,946,210.95

    Sub-total of cash outflow from business activities 5,725,459,546.02 5,010,124,481.33 2,633,004,166.61 2,183,752,721.85

    Cash flow generated by business operation, net 338,203,897.92 178,262,352.21 424,538,157.55 120,157,306.08

    II. Cash flow generated by investing

    Cash received from investment retrieving 4,900,000.00 4,900,000.00

    Cash received as investment gains 22,155,290.91 22,155,290.91

    Net cash retrieved from disposal of fixed assets, intangible

    assets, and other long-term assets 11,660,177.76 10,652,517.03 280,881.84 67,008.54

    Net cash received from disposal of subsidiaries or other

    operational units

    Other investment-related cash received 90,000.00

    Sub-total of cash inflow due to investment activities 38,715,468.67 37,707,807.94 370,881.84 67,008.54

    Cash paid for construction of fixed assets, intangible assets

    and other long-term assets 494,273,938.81 433,144,872.32 273,743,320.97 248,764,800.14

    Cash paid as investment 6,550,000.00 6,550,000.00 1,896,370.15 1,896,370.15

    Net increase of loan against pledge

    Net cash received from subsidiaries and other operational

    units

    Other cash paid for investment activities

    Sub-total of cash outflow due to investment activities 500,823,938.81 439,694,872.32 275,639,691.12 250,661,170.2911

    Net cash flow generated by investment -462,108,470.14 -401,987,064.38 -275,268,809.28 -250,594,161.75

    III. Cash flow generated by financing

    Cash received as investment

    Incl. Cash received as investment from minor shareholders

    Cash received as loans 190,204,176.00 457,807,992.00 250,000,000.00

    Cash received from bond placing

    Other financing-related cash received 621,759.78 1,637.47 1,390,637.52

    Subtotal of cash inflow from financing activities 190,825,935.78 1,637.47 459,198,629.52 250,000,000.00

    Cash to repay debts 197,922,744.00 398,645,859.80 250,000,000.00

    Cash paid as dividend, profit, or interests 9,520,276.14 3,769,875.00 10,601,234.94 10,014,445.00

    Incl. Dividend and profit paid by subsidiaries to minor

    shareholders

    Other cash paid for financing activities 41,944.94 202,950.44

    Subtotal of cash outflow due to financing activities 207,484,965.08 3,769,875.00 409,450,045.18 260,014,445.00

    Net cash flow generated by financing -16,659,029.30 -3,768,237.53 49,748,584.34 -10,014,445.00

    IV. Influence of exchange rate alternation on cash and cash

    equivalents -83,400.41

    V. Net increase of cash and cash equivalents -140,647,001.93 -227,492,949.70 199,017,932.61 -140,451,300.67

    Plus: Balance of cash and cash equivalents at the beginning

    of term 3,460,500,078.68 1,973,263,003.71 1,614,390,750.93 1,166,965,437.50

    VI. Balance of cash and cash equivalents at the end of term 3,319,853,076.75 1,745,770,054.01 1,813,408,683.54 1,026,514,136.83

    4.4 Auditors’Report Auditing Opinion: Unaudited