Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2009 (Full text)
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Bengang Steel Plates Co., Ltd.
The 3rd Quarterly Report 2009 (Full text)
§1 Important Declaration
1.1 The Board of Directors and the directors of the Company guarantee that there are no significant omissions,
fictitious or misleading statements carried in the Report and we will accept individual and joint responsibilities for
the truthfulness, accuracy and completeness of the Report.
1.2 Directors other than the followings presented the Board Meeting on which this report was examined:
Name of the director
absented Position Reason for not presenting the meeting Name of consignee
Li Kai Independent
Director On business trip Wang Yiqiu
1.3 The 3rd Quarterly Report is not audited by CPA.
1.4 Chairman of the Board – Mr. Yu Tiancheng, Chief Financial Officer – Mr. Kang Wei, and Head of Accounting
Dept. – Mr. Zuo Zhanguo hereby declare: the authenticity and integrality of the report are guaranteed.
§2 Company Profile
2.1 Financial highlights
In RMB Yuan
2009.9.30 2008.12.31 Changed by (%)
Gross Assets (RMB) 35,089,479,520.82 32,722,333,254.16 7.23%
Owners’ equity attributable to the
shareholders of the listed company (yuan) 14,240,593,564.92 15,826,633,584.69 -10.02%
Capital shares (shares) 3,136,000,000.00 3,136,000,000.00 0.00%
Net asset per share attributable to the
shareholders of the listed company
(Yuan/share)
4.5410 5.0468 -10.02%
July-Sept. 2009 Changed over the
previous year (%) Jan-Sept. 2009 Changed over the
previous year (%)
Turnover (yuan) 9,304,927,031.04 -20.03% 25,766,554,848.82 -15.26%
Net profit attributable to shareholders of
the listed company (yuan) -523,356,490.79 -230.55% -1,433,242,891.18 -201.19%
Net Cash flow generated by business
operation (RMB) - - 914,631,722.45 -56.25%
Net Cash flow per share generated by
business operation (yuan/share) - - 0.2917 -56.25%
Basic earnings per share (Yuan/share) -0.1669 -230.59% -0.4570 -201.20%
Diluted earnings per share (Yuan/share) -0.1669 -230.59% -0.4570 -201.20%Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2009 (Full text)
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Net return on equity (%) -3.68% -257.57% -10.06% -222.14%
Net earnings / capital ratio after deducting
of non-recurring gain/loss (%) -3.19% -233.87% -9.58% -216.14%
In RMB Yuan
Non-recurring gain and loss items Amount from beginning of year to
the end of report term Note
Gain/loss of non-current assets -95,315,772.90 Fixed asset discard in
report term
Gain/loss from debt reorganization 1,820,846.60
Other non-business income and expenditures other than the above 2,315,376.92
Influenced amount of income tax 22,794,887.35
Total -68,384,662.03 -
2.2 Total of shareholders and the top 10 holders of unconditional shares
in shares
Total shareholders at the end of the report period
(accounts) 69,725
Top ten holders of the shares without subscription limitation
Full name of shareholder Amount of unconditional shares held at
the end of report term Categories
Benxi Steel (Group) Ltd. 536,800,000 RMB common shares
DREYFUS PREMIER INVESTMENT FDS
INC.-DREYFUS GREATER CHINA FD 48,000,855 Foreign shares placed in domestic
exchange
GOVERNMENT OF SINGAPORE INV. CORP.-
A/C "C" 21,910,553 Foreign shares placed in domestic
exchange
MANULIFE GLOBAL FUND 17,034,437 Foreign shares placed in domestic
exchange
MORGAN STANLEY & CO.
INTERNATIONAL PLC 13,137,546 Foreign shares placed in domestic
exchange
HTHK-MANULIFE CHINA VALUE FUND 11,989,533 Foreign shares placed in domestic
exchange
GSIC A/C MONETARY AUTHORITY OF
SINGAPORE 11,420,725 Foreign shares placed in domestic
exchange
RENAISSANCE CHINA PLUS FUND 8,760,556 Foreign shares placed in domestic
exchange
VALUE PARTNERS CLASSIC FUND 7,012,281 Foreign shares placed in domestic
exchange
KOREA EXCHANGE BANK(DB CHINA
EQUITY FUND) 4,810,336 Foreign shares placed in domestic
exchange
§3 Significant Events
3.1 Details and causations of major change in major accounting subjects and financial indices
√ applicable □ not applicable
Main items and cause of changes of financial data comparing with end of 2008
Projects
Changed Movement % Cause of change
Monetary capital 1,371,433,450.06 61.75% Increase of financing
Notes receivable 522,842,583.83 61.52% Decrease of notes receivable
transmittingBengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2009 (Full text)
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Account receivable 208,953,955.54 41.19% Developing of major clients
Interest receivable -7,255,724.59 -100.00% Retrieving of interest receivable
drawn
Other account receivable 73,361,627.86 66.01% Increase of other trade receivable
Construction in process 1,910,431,115.85 49.35% Increase of construction in process
Engineering goods 16,196,525.31 148.56% Increase of project material
clearance
Notes payable 3,823,513,103.76 207.28% Increase of note financing
Tax payable 151,710,631.08 -60.30% Increase of income tax due to
reforming of VAT
Non-current liability due in 1 year -408,485,881.54 -91.03% Repaying of due loans
Long-term borrowings 1,391,654,749.48 68.94% Increase of long-term loans
Retained profit -1,586,040,019.77 -52.29% Loss in the report term
Main items and cause of changes of financial data comparing with Jan-Sept 2008
Items Changed Movement % Cause of change
Business tax and surcharge -130,511,384.14 -91.35% Decrease of VAT payable
Sales expense -324,234,440.88 -63.90% Decrease of export, decrease of
port fee and freights
Financial expenses -118,669,988.92 -47.25% Decrease of interest rate
Non-operational income -5,421,151.61 -55.76% Decrease of gains from debt
reformation
Non-operational expenditure 82,915,639.32 659.85% Increase of non-current asset
disposal
Income tax expenses -456,656,017.92 -96.85% Loss in the report term
Cash flow generated by
business operation, net
-1,176,106,511.16
-56.25% Loss in the report term
Net cash flow generated by
financing
972,731,756.69 218.50% Increase of loans
3.2 Progress of significant events, their influence, countermeasures, and analysis
□applicable √ not applicable
3.3 Fulfilling of commitment issues made by the Company, shareholder, or substantial controller
√ applicable □ not applicable
Commitments Content of Commitments Status of fulfilling
Commitment in share
equity relocation
Since the date when the right of trading being granted, the controlling
shareholder shall not put the shares it holds in the market within at least 24
months. While shall not sell the shares more than 5% of the total shares held
between 24 months to 36 months.
The commitments are
under processing at
present and no breaching
of commitment has
occurred.
Commitment of not to None NoneBengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2009 (Full text)
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sell the shares
Commitment made in
acquisition report or
equity alternation
report
The Company has issued new A shares privately to Bengang Group to purchase
its steel & iron assets. Bengang Group committed not to put the newly placed
shares in the market or sell to others in 36 months since the date when the share
registration is done. (Except for transferring to strategic investors by ways
approved by the national policies, however the undertaker should takeover the
commitment made by Bengang Group.)
From completion day of this acquisition up to the end of 2010, Bengang Group
will hold not lower than 65% of the Company’s shares (Except for transferring to
strategic investors by ways approved by the national policies, however the
undertaker should takeover the commitment made by Bengang Group.)
When Bengang disposes or transfers the Company’s shares before 2010, the
transaction price shall not be lower than the net asset per share provided by the
latest auditing report. Bengang Group committed to put the gains from
transferring or disposing of the shares to the Company if the shares were
transferred or disposed with violating of the above commitments.
Bengang Group promises to compensate other shareholders’ losses when above
commitments are not fulfilled or not completely fulfilled.
The commitments are
under processing at
present and no breaching
of commitment has
occurred.
Commitment made in
major asset
restructuring
None None
Commitment made at
issuing None None
Other commitments
(including
supplementary
commitments)
None None
3.4 Estimated accumulative profit from the year beginning to the end of the next report period may be of
deficits; or in comparison with the same period of the previous year, give the warning of great change and
the notice to the reasons.
□applicable √ not applicable
3.5 Major events needs to be explained
None
3.5.1 Reception of investigations, communications, or interviews
Time/date Place Way Visitors Main content involved and material
provided
July 22, 2009 Meeting room and the
production site Field research Gaosheng Co., Ltd. Business operation
July 23, 2009 Meeting room and the
production site Field research Penghua Foundation
and etc. Business operation
August 06, 2009 Meeting room and the
production site Field research Zhongtou Securities
and etc. Business operation
3.6 Investment in derivate financial instruments
□applicable √ not applicable
3.6.1 Derivate financial instrument stock at end of report term
□applicable √ not applicableBengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2009 (Full text)
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§4 Attachments
4.1 Balance Sheet
Prepared by: Bengang Steel Plates Co., Ltd. Sept. 30 2009 RMB Yuan
Items
Balance at the end of term Balance at the beginning of year
Consolidated Parent company Consolidated Parent company
Current asset:
Monetary capital 3,592,269,445.57 3,559,279,747.41 2,220,835,995.51 2,209,824,428.24
Settlement provision
Outgoing call loan
Transactional financial assets
Notes receivable 1,372,743,330.87 1,257,392,365.07 849,900,747.04 837,453,565.97
Account receivable 716,259,347.65 735,279,706.29 507,305,392.11 518,376,780.61
Prepayment 1,660,569,469.53 1,630,569,469.53 1,572,141,296.94 1,466,086,612.21
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable 7,255,724.59 7,255,724.59
Dividend receivable
Other account receivable 184,505,771.67 217,190,874.91 111,144,143.81 185,904,884.86
Repurchasing of financial assets
Inventories 8,300,988,601.50 8,052,867,777.93 7,859,743,442.03 7,586,045,815.48
Non-current asset due in 1 year
Other current asset 182,211,823.73 182,211,823.73 191,775,764.22 182,211,823.73
Total of current asset 16,009,547,790.52 15,634,791,764.87 13,320,102,506.25 12,993,159,635.69
Non-current assets
Loans and payment on other’s behalf disbursed
Disposable financial asset
Expired investment in possess
Long-term receivable
Long-term share equity investment 62,100,529.68 56,100,529.68
Investment properties
Fixed assets 12,865,104,082.65 12,862,934,326.43 15,114,030,741.42 15,111,510,961.84
Construction in process 5,781,967,695.43 5,781,967,695.43 3,871,536,579.58 3,871,536,579.58
Engineering goods 27,098,920.12 27,098,920.12 10,902,394.81 10,902,394.81
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets
R&D expense
Goodwill
Long-term amortizable expenses
Differed income tax asset 405,761,032.10 403,792,692.38 405,761,032.10 403,792,692.38
Other non-current asset
Total of non-current assets 19,079,931,730.30 19,137,894,164.04 19,402,230,747.91 19,453,843,158.29
Total of assets 35,089,479,520.82 34,772,685,928.91 32,722,333,254.16 32,447,002,793.98Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2009 (Full text)
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Current liabilities
Short-term loans 2,641,051,200.00 2,641,051,200.00 2,887,352,200.00 2,887,352,200.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities
Notes payable 5,668,125,615.89 5,668,125,615.89 1,844,612,512.13 1,844,612,512.13
Account payable 5,623,175,621.64 5,549,317,183.20 6,894,797,428.30 6,812,978,403.70
Prepayment received 2,421,355,890.35 2,306,168,314.41 2,018,405,589.55 1,857,162,119.04
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 249,261,126.17 249,261,126.17 321,360,373.18 321,360,373.18
Tax payable -99,885,496.63 -88,435,172.87 -251,596,127.71 -254,028,564.17
Interest payable 10,910,352.87 10,910,352.87
Dividend payable
Other account payable 869,099,275.32 812,756,695.97 698,210,191.67 674,126,990.12
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year 40,267,382.86 32,599,382.86 448,753,264.40 448,753,264.40
Other current liability
Total of current liability 17,423,360,968.47 17,181,754,698.50 14,861,895,431.52 14,592,317,298.40
Non-current liabilities
Long-term borrowings 3,410,213,508.68 3,410,213,508.68 2,018,558,759.20 2,018,558,759.20
Bond payable
Long-term payable
Special payable 8,566,000.00 8,566,000.00 8,500,000.00 8,500,000.00
Expected liabilities
Differed income tax liability
Other non-recurring liabilities 6,745,478.75 6,745,478.75 6,745,478.75 6,745,478.75
Total of non-current liabilities 3,425,524,987.43 3,425,524,987.43 2,033,804,237.95 2,033,804,237.95
Total of liability 20,848,885,955.90 20,607,279,685.93 16,895,699,669.47 16,626,121,536.35
Owners’ equity (or shareholders’ equity)
Capital paid in (or share capital) 3,136,000,000.00 3,136,000,000.00 3,136,000,000.00 3,136,000,000.00
Capital reserves 8,736,261,134.76 8,736,261,134.76 8,736,261,134.76 8,736,261,134.76
Less: Shares in stock
Special reserves
Surplus reserves 921,277,509.22 921,277,509.22 921,277,509.22 921,277,509.22
Common risk provision
Retained profit 1,447,054,920.94 1,371,867,599.00 3,033,094,940.71 3,027,342,613.65
Different of foreign currency translation
Total of owner’s equity belong to the parent company 14,240,593,564.92 14,165,406,242.98 15,826,633,584.69 15,820,881,257.63
Minor shareholders’ equity
Total of owners’ equity 14,240,593,564.92 14,165,406,242.98 15,826,633,584.69 15,820,881,257.63
Total of liabilities and owners’ equity 35,089,479,520.82 34,772,685,928.91 32,722,333,254.16 32,447,002,793.98Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2009 (Full text)
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4.2 Income Statement of the report term
Prepared by Bengang Steel Plates Co., Ltd. July-Sept 2009 in RMB
Items
Current term Same period last year
Consolidated Parent company Consolidated Parent company
I. Total revenue 9,304,927,031.04 9,115,252,601.04 11,635,453,346.12 11,462,921,666.10
Incl. Business income 9,304,927,031.04 9,115,252,601.04 11,635,453,346.12 11,462,921,666.10
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 9,733,441,079.84 9,563,071,709.00 11,088,953,301.89 10,930,228,729.62
Incl. Business cost 9,020,608,173.52 8,900,300,926.37 10,016,718,739.65 9,872,729,393.15
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 1,389,284.02 887,833.03 65,974,243.87 65,444,770.74
Sales expense 54,840,434.66 30,439,099.92 188,705,424.70 178,175,507.74
Administrative expense 615,894,619.47 611,247,338.93 716,239,865.05 712,490,092.76
Financial expenses 20,063,913.55 20,196,510.75 101,315,028.62 101,388,965.23
Asset impairment loss 20,644,654.62
Plus: Gains from change of fair value (“-“ for loss)
Investment gain (“-“ for loss)
Incl. Investment gains from affiliates
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss) -428,514,048.80 -447,819,107.96 546,500,044.23 532,692,936.48
Plus: Non business income 3,830,210.56 2,690,210.56 367,493.37 367,370.19
Less: Non-business expenses 95,351,983.35 95,334,362.17 12,485,041.27 12,483,891.27
Incl. Loss from disposal of non-current assets -95,319,892.90 -95,319,892.90 12,483,891.27 12,483,891.27
IV. Gross profit (“-“ for loss) -520,035,821.59 -540,463,259.57 534,382,496.33 520,576,415.40
Less: Income tax expenses 3,320,669.20 133,488,805.13 130,144,103.85
V. Net profit (“-“ for net loss) -523,356,490.79 -540,463,259.57 400,893,691.20 390,432,311.55
Net profit attributable to the owners of parent
company -523,356,490.79 -540,463,259.57 400,893,691.20 390,432,311.55
Minor shareholders’ equity
VI. Earnings per share:
(I) Basic earnings per share -0.1669 -0.1723 0.1278 0.1245
(II) Diluted earnings per share -0.1669 -0.1723 0.1278 0.1245
VII. Other misc. incomes 0.00 0.00 0.00 0.00
VIII. Total of misc. incomes -523,356,490.79 -540,463,259.57 400,893,691.20 390,432,311.55
Total of misc. incomes attributable to the owners of
the parent company -523,356,490.79 -540,463,259.57 400,893,691.20 390,432,311.55
Total misc gains attributable to the minor
shareholdersBengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2009 (Full text)
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4.3 Income Statement from the beginning of year to the end of report term
Prepared by Bengang Steel Plates Co., Ltd. Jan-Sept 2009 in RMB
Items
Amount of the Current Term Amount of the Previous Term
Consolidated Parent company Consolidated Parent company
I. Total revenue 25,766,554,848.82 25,130,011,586.72 30,405,310,504.16 28,989,542,062.85
Incl. Business income 25,766,554,848.82 25,130,011,586.72 30,405,310,504.16 28,989,542,062.85
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 27,093,768,462.69 26,535,020,059.65 28,514,626,500.19 27,150,944,676.31
Incl. Business cost 24,606,082,401.34 24,117,956,233.12 25,655,460,715.43 24,344,317,894.43
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 12,354,982.20 10,993,392.89 142,866,366.34 141,379,889.80
Sales expense 183,144,183.18 125,378,898.05 507,378,624.06 467,989,507.23
Administrative expense 2,159,699,456.69 2,147,901,689.12 1,957,763,366.16 1,945,857,876.05
Financial expenses 132,487,439.28 132,789,846.47 251,157,428.20 251,399,508.80
Asset impairment loss
Plus: Gains from change of fair value (“-“ for loss)
Investment gain (“-“ for loss)
Incl. Investment gains from affiliates
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss) -1,327,213,613.87 -1,405,008,472.93 1,890,684,003.97 1,838,597,386.54
Plus: Non business income 4,301,840.21 1,783,476.69 9,722,991.82 8,942,868.64
Less: Non-business expenses 95,481,389.59 95,450,018.41 12,565,750.27 12,563,960.27
Incl. Loss from disposal of non-current assets -95,315,772.90 -95,315,772.90 12,483,891.27 12,483,891.27
IV. Gross profit (“-“ for loss) -1,418,393,163.25 -1,498,675,014.65 1,887,841,245.52 1,834,976,294.91
Less: Income tax expenses 14,849,727.93 471,505,745.85 458,744,073.73
V. Net profit (“-“ for net loss) -1,433,242,891.18 -1,498,675,014.65 1,416,335,499.67 1,376,232,221.18
Net profit attributable to the owners of parent
company -1,433,242,891.18 -1,498,675,014.65 1,416,335,499.67 1,376,232,221.18
Minor shareholders’ equity
VI. Earnings per share:
(I) Basic earnings per share -0.4570 -0.4779 0.4516 0.4388
(II) Diluted earnings per share -0.4570 -0.4779 0.4516 0.4388
VII. Other misc. incomes 0.00 0.00 0.00 0.00
VIII. Total of misc. incomes -1,433,242,891.18 -1,498,675,014.65 1,416,335,499.67 1,376,232,221.18
Total of misc. incomes attributable to the owners
of the parent company -1,433,242,891.18 -1,498,675,014.65 1,416,335,499.67 1,376,232,221.18
Total misc gains attributable to the minor
shareholdersBengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2009 (Full text)
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4.4 Cash Flow Statement from the beginning of year to the end of report term.
Prepared by Bengang Steel Plates Co., Ltd. Jan-Sept 2009 in RMB
Items
Amount of the Current Term Amount of the Previous Term
Consolidated Parent company Consolidated Parent company
I. Net cash flow from business operation
Cash received from sales of products and
providing of services 21,066,349,988.45 20,987,557,927.19 25,480,128,100.31 25,419,484,683.61
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 50,000.00 61,929,121.39 60,994,295.14
Other cash received from business operation 18,623,195.60 17,263,780.53 13,579,348.64 12,969,856.38
Sub-total of cash inflow from business
activities 21,085,023,184.05 21,004,821,707.72 25,555,636,570.34 25,493,448,835.13
Cash paid for purchasing of merchandise and
services 18,812,740,908.99 18,782,740,908.99 19,217,325,461.95 19,217,325,461.95
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 812,551,693.30 808,505,147.30 887,901,684.85 883,775,182.93
Taxes paid 338,433,022.62 321,407,909.19 1,818,510,384.30 1,786,700,551.66
Other cash paid for business activities 206,665,836.69 199,514,150.68 1,541,160,805.63 1,506,749,954.51
Sub-total of cash outflow from business
activities 20,170,391,461.60 20,112,168,116.16 23,464,898,336.73 23,394,551,151.05
Cash flow generated by business operation,
net 914,631,722.45 892,653,591.56 2,090,738,233.61 2,098,897,684.08
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains
Net cash retrieved from disposal of fixed assets,
intangible assets, and other long-term assets 72,410.00 72,410.00
Net cash received from disposal of subsidiaries or
other operational units
Other investment-related cash received
Sub-total of cash inflow due to investment
activities 72,410.00 72,410.00Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2009 (Full text)
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Cash paid for construction of fixed assets,
intangible assets and other long-term assets 2,682,939,004.87 2,682,939,004.87 2,316,739,022.53 2,316,739,022.53
Cash paid as investment
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 2,682,939,004.87 2,682,939,004.87 2,316,739,022.53 2,316,739,022.53
Net cash flow generated by investment -2,682,939,004.87 -2,682,939,004.87 -2,316,666,612.53 -2,316,666,612.53
III. Cash flow generated by financing
Cash received as investment
Incl. Cash received as investment from minor
shareholders
Cash received as loans 5,090,533,139.93 5,090,533,139.93 3,799,402,490.71 3,799,402,490.71
Cash received from bond placing
Other financing-related cash received
Subtotal of cash inflow from financing
activities 5,090,533,139.93 5,090,533,139.93 3,799,402,490.71 3,799,402,490.71
Cash to repay debts 4,246,865,259.20 4,246,865,259.20 2,891,957,911.43 2,891,957,911.43
Cash paid as dividend, profit, or interests 316,119,789.54 316,119,789.54 1,352,628,244.78 1,352,628,244.78
Incl. Dividend and profit paid by subsidiaries to
minor shareholders
Other cash paid for financing activities
Subtotal of cash outflow due to financing
activities 4,562,985,048.74 4,562,985,048.74 4,244,586,156.21 4,244,586,156.21
Net cash flow generated by financing 527,548,091.19 527,548,091.19 -445,183,665.50 -445,183,665.50
IV. Influence of exchange rate alternation on cash and
cash equivalents -157,918.71 -157,918.71 -452,049.83 -452,049.83
V. Net increase of cash and cash equivalents -1,240,917,109.94 -1,262,895,240.83 -671,564,094.25 -663,404,643.78
Plus: Balance of cash and cash equivalents at the
beginning of term 2,220,835,995.51 2,209,824,428.24 2,242,866,884.97 2,232,308,962.38
VI. Balance of cash and cash equivalents at the end of
term 979,918,885.57 946,929,187.41 1,571,302,790.72 1,568,904,318.60
4.5 Auditors’ Report
Auditor’s opinion: not audited.
