BOE TECHNOLOGY GROUP CO., LTD.
THE THIRD QUARTERLY REPORT 2009
(Full Text)
October 2009BOE TECHNOLOGY GROUP CO., LTD.
THE THIRD QUARTERLY REPORT 2009
§1. Important Notice
1.1 The Board of Directors, the Supervisory Committee and the directors, supervisors and senior management of BOE Technology Group Co., Ltd. (hereinafter referred to as “the Company”) hereby guarantee that this report does not contain any false information, misleading statements or material omissions, and accept, individually and collectively, the responsibility for the factuality, accuracy and completeness of this report.
1.2 None of the directors, supervisors, or senior management demonstrated uncertainty or disagreement about the factuality, accuracy, and completeness of this quarterly report.
1.3 All directors attended the board meeting.
1.4 The Financial Report of this quarterly report has not been audited by a CPA firm.
1.5 Mr. Wang Dongsheng, Chairman of the Board of Directors of the Company, Mr. Chen Yanshun, Chief Executive Officer, Ms. Sun Yun, Chief Financial Officer and Ms. Yang Xiaoping, Person-in-charge of the Financial Planning Department hereby confirm that the Financial Report enclosed in the Quarterly Report is factual and complete.
§2. Company Profile
2.1 Main accounting data and financial indexes
Unit: (RMB) Yuan
As at 30 Sept. 2009
As at 31 Dec. 2008
Increase/decrease（％）
Total assets (RMB)
26,035,456,345.00
13,941,120,322.00
86.75%
Owners’ equity attributable to shareholders of listed company (RMB)
17,027,805,999.00
5,936,222,532.00
186.85%
Share capital (share)
8,282,902,447.00
3,282,902,447.00
152.30%
Net assets per share attributable to shareholders of listed company (RMB/share)
2.06
1.81
13.81%
Jul.-Sept. 2009
Increase/decrease over same period of last year (%)
Jan.-Sept. 2009
Increase/decrease over same period of last year (%)
Total operation income (RMB)
2,046,398,635.00
15.87%
4,344,512,321.00
-40.26%
Net profit attributable to shareholders of listed company (RMB)
-7,572,138.00
98.09%
-757,001,707.00
-800.42%
Net cash flows generated from operating activities (RMB)
-
-
-76,465,855.00
-106.00%
Net cash flows per share generated
-
-
-0.01
-102.38%from operating activities (RMB/share)
Basic earnings per share (RMB/share)
0.00
99.30%
-0.14
-566.67%
Diluted earnings per share (RMB/share)
0.00
99.30%
-0.14
-566.67%
Return on net assets (%)
-0.04%
99.31%
-4.45%
-381.65%
Rate of return on net assets after deducting extraordinary gains and losses (%)
-0.26%
95.31%
-4.72%
-1,027.45%
Unit: (RMB) Yuan
Extraordinary gains and losses
Amount from year-begin to the end of this report period
Notes
Gains and losses from disposal of non-current assets
5,596,413.00
-
Governmental subsidies recordedinto the current gains and losses, excluding those constantly enjoyed by the Company at fixed amounts or proportions according to certain standards of the governmentpolicies, which are closely related to the normal operation of the Company
49,017,723.00
-
Other non-business income and expenses besides the above items
3,208,120.00
-
Effect on the current gains and losses after conducting a one-off adjustment of the current gains and losses according to requirements of tax and accounting laws and regulations
-109,161.00
-
Effect on minority interest
-11,680,918.00
-
Total
46,032,177.00
-
2.2 Total number of shareholders at period-end and shareholding of top ten shareholders holding tradable shares
Unit: share
Total number of shareholders at period-end
142,020 shareholders (100,795 A-share holders and 41,225 B-share holders)
Shareholding of top ten shareholders holding tradable shares
Name of shareholder (full name)
Number of tradable shares held at period-end
Type of share
Beijing BOE Investment & Development Co., Ltd.
596,283,570
RMB ordinary shares
Chengdu Industry Investment Group Co., Ltd.
192,205,820
RMB ordinary shares
Chengdu Hi-tech Investment Group Co., Ltd.
101,793,521
RMB ordinary shares
Beijing State-owned Assets Management Co., Ltd.
83,690,185
RMB ordinary shares
Beijing Economic-Technological Investment & Development Corp.
82,266,911
RMB ordinary sharesBeijing Industrial Developing Investment Management Co., Ltd.
73,080,026
RMB ordinary shares
FIELDS PACIFIC LIMITED
59,443,678
Domestically listed foreign shares
SBCI FINANCE ASIA LTD A/C SBC HONG KONG
31,112,315
Domestically listed foreign shares
Huang Yingbin
28,141,711
Domestically listed foreign shares
BOCI SECURITIES LIMITED
21,774,256
Domestically listed foreign shares
§ 3 Significant Events
3.1 Particulars about major changes of main accounting statement items and financial indexes, as well as reasons for the changes
√Applicable □Inapplicable
1. Monetary funds increased by 240.27% over the end of last year, which was mainly due to the completion of the additional A-share issuance.
2. Net accounts receivable grew by 110.90% over the end of last year, which was mainly because the recovery of the TFT industry helped boost the sales income and the accounts receivable increased accordingly.
3. Prepayments registered an increase of 921.20% over the end of last year, mainly because the new projects were under construction and the expenses on equipment purchase increased.
4. Inventories saw an increase of 77.73% compared with the end of last year, mainly because: affected by the financial crisis and the fluctuation in the TFT industry, the Company conducted a large-scale inventory disposal to create cash inflows at the end of 2008. And now the industry is in recovery and the production of the Company has resumed to a normal level.
5. Available-for-sale financial assets increased by 91.85% over the end of last year mainly due to the rise of the stock price of Guanjie Technology Co., Ltd..
6. Construction in progress increased by 461.22% compared with the end of last year, mainly because the new projects were under construction and the Company increased its expenses on equipment purchase and construction.
7. Accounts payable saw a growth of 70.88% over the end of last year, mainly because: 1) The TFT industry was in recovery and the Company increased its purchase of materials; 2) And the new projects were under construction and the Company increased its expenses on equipment purchase and construction.
8. Non-current liabilities due within one year decreased by 77.97% over the end of last year, mainly because: the term for the syndicated loan was re-decided and the balance of the item was carried over into the long-term borrowings.
9. Long-term borrowings grew by 66.08% over the end of last year, mainly because: 1) The term for the syndicated loan was re-decided and the non-current liabilities due within one year were carried over into the item; 2) Some new long-term borrowings were borrowed in the report period.
10. Share capital saw an increase of 152.30% over the end of last year mainly due to the completion of the A-share private issuance.
11. Operation income decreased by 40.26% compared with the same period of last year, mainly because: affected by the financial crisis and the fluctuation in the TFT industry, the market demand for and the prices of the Company’s main products fell.12. Selling expenses registered a year-on-year decrease of 37.90% mainly because: affected by the financial crisis and the fluctuation in the TFT industry, the sales of the Company fell, which led to the decrease of relevant expenses.
13. Administrative expenses increased by 32.41% over the same period of last year, mainly because: 1) Affected by the financial crisis and the fluctuation in the TFT industry, the depreciation, power expenses and other expenses withdrawn for the equipments that were laid up because of low operating rates were recorded into the administrative expenses; 2) And the Company increased its R&D input in the report period.
14. Financial expenses registered a year-on-year increase of 87.20%, mainly because compared with the same period of last year, the Company earned a much less exchange income due to the fluctuation of the exchange rates of US dollars and Japanese Yen in the report period.
15. Asset impairment loss decreased by 180.42% over the same period of last year, mainly because in the report period, the TFT-LCD industry was recovering and the product prices were on the rise, which charged back the inventory price falling reserves withdrawn previously.
16. Investment income decreased year-on-year by 576.13% mainly due to the decrease of net assets of the Company’s affiliated company in the report period.
17. Net cash flows generated from operating activities dropped by 106.00% over the same period of last year, mainly because: affected by the financial crisis and the fluctuation in the TFT-LCD industry, the sales income from the Company’s main products fell.
18. Net cash flows generated from investment activities was up by 211.66% compared with the same period of last year, mainly because the new projects were under construction and the Company increased its input into the construction and equipments.
19. Net cash flows generated from financing activities was up by 1472.46% over the same period of last year mainly because: 1) The A-share private offering was completed; 2) Some new loans were borrowed from banks.
3.2 Progress and influence of significant events, as well as the analysis on solutions
√Applicable □Inapplicable
1. The Chengdu 4.5th-generation Production Line Project realized mass production in Oct. 2009.
2. The Hefei 6th-generation Production Line Project is currently in basic construction, the main construction was expected to be finished at the roof within this year, and the production line would be able to realize mass production in the fourth quarter of 2010.
3. On 31 Aug. 2009, the cornerstone was laid for the Beijing 8th-generation Production Line Project, and the construction was started in Oct. 2009.
4. The Sate-level Engineering Lab Project was in progress as scheduled and the main construction was finished at the roof. It was expected that by the first quarter of 2010, the construction would have been completed, the equipment would have been installed and adjusted to enter the trial operation stage.
3.3 Fulfillment of commitments made by the Company, shareholders and the actual controller
□Applicable √Inapplicable3.4 Warnings of possible losses or major changes of the accumulative net profit achieved during the period from year-begin to the end of the next report period compared with the same period of last year, as well as explanation on reasons
√Applicable □Inapplicable
Performance forecast
Loss
From year-begin to the end of the next report period
Same period of last year
Increase/decrease（%）
Estimated accumulative net profit (RMB 0’000)
-100,000.00
-80,752.55
-
-
Basic earnings per share (RMB/share)
-0.16
-0.27
-
-
Notes to performance forecast
1. Since the beginning of 2009, the TFT-LCD industry had been recovering and the prices of the Company’s products started to grow steadily, which led to a better performance of the Company. But those prices were still at a low level, which resulted in the Company’s being unable to make a profit in the report period.
2. If the fourth quarter could not see a fundamental improvement of the TFT-LCD panel market, the Company would register an operation loss in the year 2009. At present, the Company is going all out to minimize the possible loss.
3.5 Other significant events that need to be explained
The Company did not offer capital to its controlling shareholder or its related parties, and not provide outward guarantees in violation of prescribed procedures.
3.5.1 Researches, interviews and visits received in report period
Date
Place
Way of reception
Visitor
Main discussion and materials provided by the Company
12 Aug. 2009
Company office
Field research
Industrial Securities
13 Aug. 2009
Company office
Field research
Fortune SGAM Fund Management
19 Aug. 2009
Company office
By telephone
Morgan Stanley (Taiwan)
25 Aug. 2009
Company office
Field research
Hongta Securities
Main discussion:
1. Operation status and future development strategies of the Company;
2. Current situation and development trends in the industry;
3. Particulars about the Chengdu 4.5th-generation Production Line and the Hefei 6th-generation Production Line;
Materials provided by the Company:
2008 Annual Report of the Company, the Company brochure and other already disclosed materials
9 Sept. 2009
Company office
Field research
China Securities Co., Ltd.
10 Sept. 2009
Company office
Field research
Goldman Sachs Securities
24 Sept. 2009
Company office
Field research
JP Morgan (South Korea)
25 Sept. 2009
Company office
Field research
Daiwa Institute of Research (Hong Kong) Ltd.
Main discussion:
1. Operation status and future development strategies of the Company;
2. Current situation and development trends in the industry;
3. Particulars about the Chengdu 4.5th-generationProduction Line, the Hefei 6th-generation Production Line and the Beijing 8th-generation Production Line;
Materials provided by the Company:
2008 Annual Report of the Company, the Company brochure and other already disclosed materials
3.6 Particulars about Derivatives investment
□Applicable √Inapplicable
3.6.1 Particulars about positions of derivatives investment at the end of report period
□Applicable √Inapplicable§ 4 Attachments
4.1 Balance sheet
Prepared by BOE Technology Group Co., Ltd. 30 Sept. 2009 Unit: (RMB) Yuan
Balance at period-end
Balance at year-begin
Items
Consolidation
Parent company
Consolidation
Parent company
CURRENT ASSETS:
Monetary capital
13,283,122,033.00
3,009,921,233.00
3,903,740,704.00
572,867,082.00
Settlement funds
Lendings to banks and other financial institutions
Transactional financial assets
Notes receivable
312,526,528.00
675,489.00
305,340,503.00
3,583,603.00
Accounts receivable
1,024,790,621.00
54,355,767.00
485,918,608.00
34,063,202.00
Prepayments
474,525,931.00
109,995,186.00
46,467,616.00
948,730.00
Premium receivable
Receivables from reinsurance
Reinsurance contract reserve receivable
Interest receivable
24,206,069.00
6,384,590.00
6,561,758.00
438,965.00
Dividend receivable
8,204,147.00
8,204,147.00
Other receivables
45,771,391.00
908,479,299.00
91,430,944.00
632,207,456.00
Financial assets purchased under agreements to resell
Inventories
839,318,397.00
2,780,571.00
472,233,966.00
4,789,090.00
Non-current assets due within 1 year
Other current assets
260,017,990.00
474,420.00
290,049,691.00
TOTAL CURRENT ASSETS
16,264,278,960.00
4,101,270,702.00
5,601,743,790.00
1,257,102,275.00
NON-CURRENT ASSETS:
Loans and advances
Available-for-sale financial assets
103,036,069.00
103,036,069.00
53,707,522.00
53,707,522.00
Investments held to maturity
Long-term receivables
Long-term equity investments
396,453,171.00
15,614,798,217.00
340,783,862.00
6,275,363,309.00
Investment property
148,896,855.00
43,063,410.00
174,553,402.00
79,259,202.00
Fixed assets
5,874,189,971.00
146,550,098.00
6,542,076,001.00
151,948,575.00
Construction in progress
2,499,988,288.00
54,322,891.00
445,452,403.00
21,543,069.00
Construction materials
Disposal of fixed assets
Production biological assets
Oil-gas assetsIntangible assets
682,335,892.00
55,401,636.00
715,814,320.00
52,228,556.00
Development expenditure
goodwill
47,364,310.00
47,364,310.00
Long-term deferred expenses
14,781,724.00
3,307,500.00
14,611,367.00
3,583,125.00
Deferred tax assets
4,131,105.00
5,013,345.00
Other non-current assets
TOTAL NON-CURRENT ASSETS
9,771,177,385.00
16,020,479,821.00
8,339,376,532.00
6,637,633,358.00
TOTAL ASSETS
26,035,456,345.00
20,121,750,523.00
13,941,120,322.00
7,894,735,633.00
CURRENT LIABILITIES:
Short-term borrowings
601,327,168.00
509,073,028.00
Borrowings from central bank
Deposits received and due to placements with banks and other financial institutions
Borrowings from banks and other financial institutions
Held-for-trading financial liabilities
Notes payable
130,399,496.00
106,000,000.00
Accounts payable
1,815,121,632.00
5,539,398.00
1,062,249,179.00
4,207,258.00
Advances from customers
91,743,185.00
39,469,075.00
225,371,127.00
41,183,980.00
Financial assets sold for repurchase
Fees and commissions payables
Payroll payables
118,081,805.00
30,440,027.00
109,085,872.00
27,241,016.00
Taxes payable
9,204,547.00
1,651,768.00
15,774,385.00
2,398,167.00
Interest payable
45,446,145.00
5,132,551.00
11,781,276.00
6,210,585.00
Dividend payabl
7,096,544.00
6,453,790.00
8,093,845.00
6,453,790.00
Other payables
146,209,921.00
61,464,515.00
129,185,287.00
32,696,258.00
Accounts due to reinsurance
Insurance contract reserves
Receiving from vicariously traded securities
Receiving from vicariously sold securities
Non-current liabilities due within 1 year
442,700,000.00
432,500,000.00
2,009,143,046.00
510,000,000.00
Other current liabilities
39,495,739.00
29,974,002.00
TOTAL CURRENT LIABILITIES
3,446,826,182.00
582,651,124.00
4,215,731,047.00
630,391,054.00
NON-CURRENT LIABILITIESLong-term borrowings
4,872,852,426.00
125,000,000.00
2,934,127,561.00
45,000,000.00
Bonds payable
Long-term payables
Special payables
Estimated liabilities
Deferred tax liabilities
Other non-current liabilities
80,607,207.00
273,007,700.00
72,460,091.00
49,553,200.00
TOTAL NON-CURRENT LIABILITIES
4,953,459,633.00
398,007,700.00
3,006,587,652.00
94,553,200.00
TOTAL LIABILITIES
8,400,285,815.00
980,658,824.00
7,222,318,699.00
724,944,254.00
OWNERS’ EQUITY (OR SHAREHOLDERS’ EQUITY)
Paid-in capital (or share capital)
8,282,902,447.00
8,282,902,447.00
3,282,902,447.00
3,282,902,447.00
Capital surplus
11,352,947,123.00
11,357,964,224.00
4,504,955,589.00
4,525,326,846.00
Less: treasury stock
Specific reserves
Surplus reserves
499,092,613.00
499,092,613.00
499,092,613.00
499,092,613.00
General risk provision
Retained earnings
-3,104,932,448.00
-998,867,585.00
-2,347,930,741.00
-1,137,530,527.00
Foreign exchange difference
-2,203,736.00
-2,797,376.00
Total owners’ equity attributable to holding company
17,027,805,999.00
19,141,091,699.00
5,936,222,532.00
7,169,791,379.00
Minority interest
607,364,531.00
782,579,091.00
TOTAL OWNERS’ EQUITY
17,635,170,530.00
19,141,091,699.00
6,718,801,623.00
7,169,791,379.00
TOTAL LIABILITIES & OWNERS’ EQUITY
26,035,456,345.00
20,121,750,523.00
13,941,120,322.00
7,894,735,633.00
4.2 Income Statement as of this report period
Prepared by BOE Technology Group Co., Ltd. Jul.-Sept. 2009 Unit: (RMB) Yuan
This report period
Same period of last year
Items
Consolidation
Parent company
Consolidation
Parent company
1. Total operation revenue
2,046,398,635.00
53,637,442.00
1,766,074,336.00
50,948,755.00
Including: sales revenue
2,046,398,635.00
53,637,442.00
1,766,074,336.00
50,948,755.00
Interest income
Premium income
Fee and commission income
2. Total operation cost
2,098,033,383.00
9,021,591.00
2,303,309,927.00
3,293,237.00
Including: cost of sales
1,886,653,527.00
19,156,230.00
1,873,197,348.00
20,612,673.00
Interest expenses
Service charges and commission expenses
Payments on surrendersClaim expenses-net
Provision for insurance contract reserve-net
Policyholder dividends
Reinsurance expenses
Business taxes and surcharges
4,611,847.00
2,495,919.00
4,623,787.00
1,903,898.00
Selling expenses
32,357,653.00
82,279.00
34,113,529.00
476,638.00
Administrative expenses
158,606,176.00
25,833,296.00
168,751,890.00
19,611,794.00
Financial expenses
30,551,147.00
-38,584,909.00
37,441,274.00
-12,326,724.00
Impairment loss
-14,746,967.00
38,776.00
185,182,099.00
-26,985,042.00
Add: gain/loss from changes in fair value (“-” for loss)
Gain/loss from investment (“-” for loss)
-13,282,452.00
-13,184,963.00
-22,122,349.00
-8,218,996.00
Including: investment gain from associates and joint ventures
Gain/loss from foreign exchange difference (“-” for loss)
3. Operation profit (“-” for loss)
-64,917,200.00
31,430,888.00
-559,357,940.00
39,436,522.00
Add: non-operating incomes
46,054,011.00
199,391,967.00
40,427,343.00
90,579.00
Less: non-operating expenses
497,530.00
3,453,182.00
736,815.00
500,407.00
Including: loss from disposal of non-current assets
358,932.00
638,396.00
500,407.00
4. Total profit (“-” for total loss)
-19,360,719.00
227,369,673.00
-519,667,412.00
39,026,694.00
Less: income tax expenses
2,685,266.00
4,398,878.00
5. Net profit (“-” for total loss)
-22,045,985.00
227,369,673.00
-524,066,290.00
39,026,694.00
Attributable to owners of parent company
-7,572,138.00
227,369,673.00
-396,884,730.00
39,026,694.00
Minority interest
-14,473,847.00
-127,181,560.00
6. Earnings per share
(1) Basic EPS
0.00
0.04
-0.14
0.01
(2) Diluted EPS
0.00
0.04
-0.14
0.01
7. Other composite income
8. Total composite income
-22,045,985.00
227,369,673.00
-524,066,290.00
39,026,694.00
Attributable to owners of parent company
-7,572,138.00
227,369,673.00
-396,884,730.00
39,026,694.00
Attributable to minority shareholders
-14,473,847.00
-127,181,560.004.3 Income statement as of the period from year-begin to the end of report period
Prepared by BOE Technology Group Co., Ltd. Jan.-Sept. 2009 Unit: (RMB) Yuan
This period
Last period
Items
Consolidation
Parent company
Consolidation
Parent company
1. Total operation revenue
4,344,512,321.00
148,140,301.00
7,271,976,208.00
158,918,044.00
Including: sales revenue
4,344,512,321.00
148,140,301.00
7,271,976,208.00
158,918,044.00
Interests income
Premium income
Fee and commission income
2. Total operation cost
5,196,969,341.00
71,185,358.00
7,230,491,850.00
98,619,495.00
Including: cost of sales
4,483,096,549.00
53,352,999.00
6,334,419,307.00
59,419,747.00
Interests expenses
Service charges and commission expenses
Payments on surrenders
Claim expenses-net
Provision for insurance contract reserve-net
Policyholder dividends
Reinsurance expenses
Business taxes and surcharges
11,942,628.00
5,780,346.00
15,954,118.00
5,756,575.00
Selling expenses
80,638,895.00
397,162.00
129,853,731.00
1,782,107.00
Administrative expenses
678,440,756.00
71,760,851.00
512,388,390.00
82,406,470.00
Financial expenses
93,834,957.00
-59,852,306.00
50,125,807.00
-23,826,900.00
Impairment loss
-150,984,444.00
-253,694.00
187,750,497.00
-26,918,504.00
Add: gain/loss from changes in fair value (“-” for loss)
Gain/loss from investment (“-” for loss)
-137,049,817.00
-133,800,176.00
28,784,091.00
48,939,151.00
Including: investment gain from associates and joint ventures
Gain/loss from foreign exchange difference (“-” for loss)
3. Operation profit (“-” for loss)
-989,506,837.00
-56,845,233.00
70,268,449.00
109,237,700.00
Add: non-operating incomes
60,117,051.00
199,490,809.00
96,870,700.00
3,059,483.00
Less: non-operating expenses
2,294,796.00
3,982,636.00
2,713,080.00
1,594,051.00
Including: loss from disposal
384,127.00
696,208.00
510,407.00of non-current assets
4. Total profit (“-” for total loss)
-931,684,582.00
138,662,940.00
164,426,069.00
110,703,132.00
Less: income tax expenses
9,489,343.00
61,121,438.00
5. Net profit (“-” for total loss)
-941,173,925.00
138,662,940.00
103,304,631.00
110,703,132.00
Attributable to owners of parent company
-757,001,707.00
138,662,940.00
108,078,535.00
110,703,132.00
Minority interest
-184,172,218.00
-4,773,904.00
6. Earnings per share
(1) Basic EPS
-0.14
0.03
0.03
0.04
(2) Diluted EPS
-0.14
0.03
0.03
0.04
7. Other composite income
8. Total composite income
-941,173,925.00
138,662,940.00
103,304,631.00
110,703,132.00
Attributable to owners of parent company
-757,001,707.00
138,662,940.00
108,078,535.00
110,703,132.00
Attributable to minority shareholders
-184,172,218.00
-4,773,904.00
4.4 Cash flow statement as of the period from year-begin to the end of report period
Prepared by BOE Technology Group Co., Ltd. Jan.-Sept. 2009 Unit: (RMB) Yuan
This period
Last period
Items
Consolidation
Parent company
Consolidation
Parent company
1. Cash flows from operating activities
Cash received from sales of goods or rending of services
3,637,669,417.00
66,986,140.00
8,377,481,190.00
59,708,918.00
Net increase of deposits received from and held for customers
Net increase of borrowings from central bank
Net increase of inter-bank loans from other financial institutions
Cash received against original insurance contract
Net Cash received from reinsurance
Net increase of client deposits and investments
Net increase in disposal of held-for-trading financial assets
Interests, handling chargesand commission received
Net increase of inter-bank funds received
Net increase of cash received under repurchasing
Tax and fare refunded
19,228,316.00
198,525,429.00
Other cash received from operating activities
460,117,202.00
355,855,195.00
213,607,504.00
109,229,946.00
Sub-total of cash inflow from operating activities
4,117,014,935.00
422,841,335.00
8,789,614,123.00
168,938,864.00
Cash paid for goods and services
3,302,636,408.00
37,543,525.00
6,543,154,861.00
23,240,730.00
Net increase of loans and advances
Net increase of deposits in central bank, banks and other financial institutions
Cash paid for original insurance contract claim
Cash paid for interests, fees and commissions
Cash paid for policy dividends
Cash paid to and for employees
435,717,470.00
34,823,765.00
519,382,952.00
58,250,416.00
Taxes and fares paid
77,382,140.00
16,347,027.00
208,923,155.00
26,853,852.00
Other cash paid relating to operating activities
377,744,772.00
88,832,037.00
243,957,145.00
44,662,379.00
Sub-total of cash outflows from operating activities
4,193,480,790.00
177,546,354.00
7,515,418,113.00
153,007,377.00
Net cash flows from operating activities
-76,465,855.00
245,294,981.00
1,274,196,010.00
15,931,487.00
2. Cash flows from investing activities
Cash received from return of investments
58,927,049.00
58,927,049.00
Cash received from investment income
1,030,515.00
1,030,515.00
4,606,094.00
13,576,541.00
Net cash received from disposal of fixed assets, intangible assets and other long-term assets
26,404,184.00
26,111,488.00
251,516.00
94,876.00
Cash received from subsidiary combination
95,735,577.00
227,973,725.00Net cash received from disposal of subsidiaries and other operating units
Restricted deposits withdrawn from financial institutions
7,129,884.00
Other cash received relating to investing activities
69,888,774.00
43,191,134.00
13,659,725.00
70,123,404.00
Sub-total of cash inflows of investing activities
200,188,934.00
70,333,137.00
305,418,109.00
142,721,870.00
Cash paid for acquiring fixed assets, intangible assets and other long-term assets
2,588,184,295.00
137,357,246.00
812,085,642.00
9,588,387.00
Increase of restricted deposits in financial institutions
106,835,421.00
41,400,080.00
Cash paid for acquiring investments
272,000,000.00
9,239,500,000.00
240,000,000.00
660,000,000.00
Net increase of pledge loans
Net cash paid for acquisition of subsidiaries and other operating units
Other cash paid relating to investing activities
277,395,572.00
531,500,000.00
Sub-total of cash outflows of investing activities
2,860,184,295.00
9,654,252,818.00
1,158,921,063.00
1,242,488,467.00
Net cash flow from investing activities
-2,659,995,361.00
-9,583,919,681.00
-853,502,954.00
-1,099,766,597.00
3. Cash flows of financing activities
Cash received from absorbing investments
11,857,252,000.00
11,828,252,000.00
2,248,499,999.00
2,248,499,999.00
Including: Cash received from minority shareholders of subsidiaries
Cash received from borrowings
3,238,152,639.00
1,664,400,000.00
1,057,240,523.00
196,368,000.00
Cash received from bonds issuing
Other cash received relating to financing activities
118,782.00
1,707,683.00
Sub-total of cash inflows of financing activities
15,095,523,421.00
13,492,652,000.00
3,307,448,205.00
2,444,867,999.00
Cash paid for settling debts
2,731,731,036.00
1,661,900,000.00
2,308,332,818.00
646,368,000.00
Cash paid for distribution of
175,104,815.00
15,853,906.00
219,613,669.00
23,454,184.00dividends or profits or reimbursing interest
Including: dividends or profits paid to minority shareholders by subsidiaries
Other cash paid relating to financing activities
56,734,571.00
39,351,664.00
7,974,697.00
5,332,634.00
Sub-total of cash outflows of financing activities
2,963,570,422.00
1,717,105,570.00
2,535,921,184.00
675,154,818.00
Net cash flows of financing activities
12,131,952,999.00
11,775,546,430.00
771,527,021.00
1,769,713,181.00
4. Effect of foreign exchange rate changes on cash and cash equivalents
-8,980,570.00
132,422.00
-19,138,753.00
-1,097,585.00
5. Net increase of cash and cash equivalents
9,386,511,213.00
2,437,054,152.00
1,173,081,324.00
684,780,486.00
Add: cash and cash equivalents at the beginning of this period
3,528,597,814.00
572,867,082.00
1,452,160,200.00
928,184,272.00
6. Cash and cash equivalents at period-end
12,915,109,027.00
3,009,921,234.00
2,625,241,524.00
1,612,964,758.00
4.5 Auditor’s report
Audit opinion: Unaudited
Legal Representative: Wang Dongsheng
The Board of Directors of BOE Technology Group Co., Ltd.
27 Oct. 2009
