Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2011 (Full Text)
Bengang Steel Plates Co., Ltd.
The 3rd Quarterly Report 2011 (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 at 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 (abroad) Wang Yiqiu
rd
1.3 The 3 Quarterly Report is not audited by CPA.
1.4 Chairman of the Board – Zhang Xiaofang, Chief Financial Officer – Mr. Cao Aimin, and Head of
Accounting Dept. – Mr. Wang Shaoyu hereby declare: the authenticity and integrality of the report are guaranteed.
1.5 This report is prepared both in English and Chinese. Should any conflict in interpreting, the Chinese
version shall prevail.
§2 Company Profile
2.1 Financial highlights
In RMB Yuan
2011.9.30 2010.12.31 Extent of Change (%)
Gross Assets (RMB) 39,135,098,971.95 35,871,741,948.24 9.10%
Owners’ equity attributable to the
15,476,489,966.37 15,010,359,312.05 3.11%
shareholders of the listed company (yuan)
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 4.94 4.79 3.13%
(Yuan/share)
Changed over the same Changed over the same
Jul-Sept 2011 Jan-Sept 2011
period of last year (%) period of last year (%)
Turnover (yuan) 13,536,267,170.10 13.07% 37,586,523,827.24 11.20%
Net profit attributable to shareholders of
184,274,544.05 7.44% 779,730,654.32 -9.35%
the listed company (yuan)
Net Cash flow generated by business
- - 250,593,654.93 -60.78%
operation (RMB)
Net Cash flow per share generated by
- - 0.08 -60.78%
business operation (yuan/share)
Basic earnings per share (Yuan/share) 0.0588 7.50% 0.2486 -9.37%
Diluted earnings per share (Yuan/share) 0.0588 7.50% 0.2486 -9.37%
Weighted average net
1.20% 0.04% 5.13% -0.78%
income/asset ratio (%)
Weighted average net
income/asset ratio less non-recurring 1.17% -0.30% 5.05% -1.15%
gain/loss(%)
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Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2011 (Full Text)
Non-recurring gain and loss items
√ applicable □ not applicable
In RMB Yuan
Note (if
Non-recurring gain and loss items Amount
applicable)
Gain/loss of non-current assets 159,434.52
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 5,792,967.00
rate or amount.
Gain/loss from debt reorganization 3,397,273.69
Other non-business income and expenditures other than the above 6,268,937.80
Influenced amount of income tax -3,904,653.25
Total 11,713,959.76 -
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) 56,173
Top ten holders of the shares without subscription limitation
Amount of unconditional shares held at
Full name of shareholder Categories
the end of report term
Benxi Steel (Group) Ltd. 535,232,420 RMB common shares
China Construction Bank – Shangtou Morgan China
59,866,917 RMB common shares
Advantage Securities Investment Fund
DREYFUS PREMIER INVESTMENT FDS Foreign shares placed in
46,301,751
INC.-DREYFUS GREATER CHINA FD domestic exchange
Foreign shares placed in
GOVERNMENT OF SINGAPORE INV. CORP.- A/C "C" 25,259,648
domestic exchange
NOMURA TST N BK CO.,LTD ATTF ASIA ATTR DIV Foreign shares placed in
18,049,086
STK FD MTH FD domestic exchange
Foreign shares placed in
GSIC A/C MONETARY AUTHORITY OF SINGAPORE 10,154,817
domestic exchange
Foreign shares placed in
RENAISSANCE CHINA PLUS FUND 5,154,633
domestic exchange
Foreign shares placed in
APS CHINA ALPHA FUND 4,616,701
domestic exchange
BOCHK INVESTMENT FUNDS-BOCHK CHINA Foreign shares placed in
4,499,952
GOLDEN DRAGON FUND domestic exchange
Foreign shares placed in
LSV EMERGING MARKETS EQUITY FUND,L.P. 3,385,700
domestic exchange
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Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2011 (Full Text)
§3 Significant Events
3.1 Details and causations of major change in major accounting subjects and financial indices
√ applicable □ not applicable
* In the consolidated accounts, main items changed by over 30% upon the figures at end of 2010 and the causations
I. Balance Sheet Items Rate of change Cause of change
Notes receivable 46.72% Increase of notes received
Prepayments 67.29% Increase of prepayment for raw materials at end of report period
Construction in process 67.22% Increasing construction in process
Engineering goods 45.59% Decrease of materials purchased and delivered in this period
Short-term loans 106.71% Increasing of bank loans
Notes payable 48.98% Increase of financing in term of notes payable in the report period
Tax payable -69.57% Decrease of VAT payable
Other current liability 45.18% Receiving of special fund
* In the consolidated accounts, the business performance data which are changed by over 30% upon that of Jan-Sept 2010, and
causations
II. Income Statement Items Rate of change Cause of change
Business tax and surcharge -78.43% Decrease of VAT payable
Financial expenses 47.65% Increasing of bank loans
Non-operational income 433.53% Increase of government subsidy received this period
Non-operational expenditure -99.81% Discard of assets
Cash flow generated by business operation, net -60.78% Increasing of payment for purchasing
Net cash flow generated by investment -45.42% Decrease of investment cash paid
3.2 Progress of significant events, their influence, countermeasures, and analysis
3.2.1 None-standard opinions
□applicable √ not applicable
3.2.2 Illegal providing of capital or guarantees to the holding shareholder or its related parties or external
parties
□applicable √ not applicable
3.2.3 Signing and execution of major business contracts
□applicable √ not applicable
3.2.4 Misc.
□applicable √ not applicable
3.3 Fulfilling of commitment issues made by the Company, shareholder, or substantial controller
Commitment made by the PLC, its directors, supervisors, executives, and shareholders with 5% or over shares of the Company, and
its substantial dominator in the report term or carried over to the report term:
□applicable √ not applicable
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Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2011 (Full Text)
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
3.5.1 Investment in securities
□applicable √ not applicable
3.5.2 Reception of investigations, communications, or interviews
Main content involved and material
Time/date Place Way Visitors
provided
August 25, Office of the secretary of Telephone
Zhongxin Construction Business operation
2011 Board communication
August 28, Office of the secretary of Telephone China Merchants
Business operation
2011 Board communication Securities
3.6 Investment in derivate financial instruments
□applicable √ not applicable
3.6.1 Derivate financial instrument stock at end of report term
□applicable √ not applicable
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Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2011 (Full Text)
§4 Attachments
4.1 Balance Sheet
Prepared by Bengang Steel Plates Co., Ltd. Ended September 30, 2011 RMB Yuan
Ending balance Balance at the beginning of year
Items
Consolidated Parent company Consolidated Parent company
Current asset:
Monetary capital 1,444,279,303.57 1,308,490,302.69 1,475,045,148.55 1,358,651,762.79
Settlement provision
Outgoing call loan
Transactional financial assets
Notes receivable 2,787,776,963.36 2,687,920,064.86 1,900,062,739.70 1,822,459,543.49
Account receivable 321,563,274.39 366,409,332.67 344,857,035.57 400,131,072.92
Prepayment 1,356,502,736.40 1,329,412,645.19 810,851,238.27 744,919,442.64
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable
Dividend receivable
Other account receivable 102,610,942.50 204,994,304.90 106,040,016.05 220,725,711.61
Repurchasing of financial assets
Inventories 12,518,304,878.59 11,856,803,283.28 10,297,600,688.08 9,814,369,793.69
Non-current asset due in 1 year
Other current asset 182,211,823.73 182,211,823.73 182,211,823.73 182,211,823.73
Total of current asset 18,713,249,922.54 17,936,241,757.32 15,116,668,689.95 14,543,469,150.87
Non-current assets
Disburse of consigned loans
Available-for-sale financial asset
Expired investment in possess
Long-term receivable
Long-term share equity investment 15,791,030.00 1,008,655,407.17 15,791,030.00 878,655,407.17
Investment real estates
Fixed assets 17,428,546,645.87 17,030,834,729.86 18,856,618,212.00 18,438,736,612.00
Construction in process 2,707,640,442.18 1,523,294,184.46 1,619,227,102.66 889,881,763.38
Engineering goods 22,768,384.34 22,768,384.34 15,638,434.32 15,638,434.32
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 45,699,551.51 46,395,483.80 0.00
R&D expense
Goodwill
Long-term amortizable expenses
Differed income tax asset 201,402,995.51 189,470,501.84 201,402,995.51 189,470,501.84
Other non-current asset
Total of non-current assets 20,421,849,049.41 19,775,023,207.67 20,755,073,258.29 20,412,382,718.71
Total of assets 39,135,098,971.95 37,711,264,964.99 35,871,741,948.24 34,955,851,869.58
Current liabilities
Short-term loans 4,744,388,500.00 4,734,388,500.00 2,295,236,500.00 2,295,236,500.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities
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Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2011 (Full Text)
Notes payable 1,877,692,505.76 1,877,692,505.76 1,260,376,722.11 1,260,376,722.11
Account payable 7,375,220,446.17 7,500,710,059.51 7,993,191,216.38 8,189,917,528.20
Prepayment received 3,317,621,461.16 2,814,088,671.54 3,118,780,973.56 2,831,031,113.85
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 130,893,319.64 130,655,921.91 184,769,139.84 184,669,271.84
Tax payable -214,432,181.65 -150,056,025.12 -704,770,343.24 -651,410,574.54
Interest payable
Dividend payable
Other account payable 757,200,350.36 720,995,110.03 721,086,330.41 631,026,887.30
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year 737,001,599.13 737,001,599.13 1,013,263,228.43 1,013,263,228.43
Other current liability
Total of current liability 18,725,586,000.57 18,365,476,342.76 15,881,933,767.49 15,754,110,677.19
Non-current liabilities
Long-term borrowings 4,723,335,070.05 4,123,335,070.05 4,824,024,138.39 4,314,024,138.39
Bond payable
Long-term payable
Special payable 0.00 0.00
Anticipated liabilities
Differed income tax liability
Other non-recurring liabilities 174,894,446.22 160,834,446.22 120,469,446.22 120,469,446.22
Total of non-current liabilities 4,898,229,516.27 4,284,169,516.27 4,944,493,584.61 4,434,493,584.61
Total of liability 23,623,815,516.84 22,649,645,859.03 20,826,427,352.10 20,188,604,261.80
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 8,790,691,134.76 8,790,691,134.76 8,790,691,134.76 8,790,691,134.76
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 2,628,521,322.39 2,213,650,461.98 2,162,390,668.07 1,919,278,963.80
Different of foreign currency translation
Total of owner’s equity belong to the parent company 15,476,489,966.37 15,061,619,105.96 15,010,359,312.05 14,767,247,607.78
Minor shareholders’ equity 34,793,488.74 34,955,284.09 0.00
Total of owners’ equity 15,511,283,455.11 15,061,619,105.96 15,045,314,596.14 14,767,247,607.78
Total of liabilities and owners’ equity 39,135,098,971.95 37,711,264,964.99 35,871,741,948.24 34,955,851,869.58
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Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2011 (Full Text)
4.2 Income Statement of the report term
Prepared by: Bengang Steel Plates Co., Ltd. July-Sept 2011 RMB Yuan
Amount of the Current Term Amount of the Previous Term
Items
Consolidated Parent company Consolidated Parent company
I. Total revenue 13,536,267,170.10 13,331,029,772.58 11,971,535,169.01 11,741,327,075.53
Incl. Business income 13,536,267,170.10 13,331,029,772.58 11,971,535,169.01 11,741,327,075.53
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 13,334,616,962.72 13,219,057,859.15 11,692,345,649.23 11,651,311,790.22
Incl. Business cost 12,387,157,493.02 12,320,560,846.36 10,625,735,529.76 10,623,979,573.74
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 31,170,912.78 30,061,541.94 70,979,357.42 66,261,105.88
Sales expense 140,098,322.02 108,943,474.31 122,504,653.62 99,498,055.75
Administrative expense 733,804,882.42 716,814,707.17 864,128,685.63 852,464,403.99
Financial expenses 42,385,352.48 42,677,289.37 8,997,422.80 9,108,650.86
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) 201,650,207.38 111,971,913.43 279,189,519.78 90,015,285.31
Plus: Non business income 4,885,938.53 4,054,538.73 -3,746,255.80 -3,817,302.82
Less: Non-business expenses 59,463,844.06 59,463,849.91
Incl. Loss from disposal of non-current assets -59,002,245.28 -59,002,245.28
IV. Gross profit (“-“ for loss) 206,536,145.91 116,026,452.16 215,979,419.92 26,734,132.58
Less: Income tax expenses 22,323,912.98 44,464,355.24
V. Net profit (“-“ for net loss) 184,212,232.93 116,026,452.16 171,515,064.68 26,734,132.58
Net profit attributable to the owners of parent
184,274,544.05 116,026,452.16 171,515,064.68 26,734,132.58
company
Minor shareholders’ equity -62,311.12
VI. Earnings per share:
(I) Basic earnings per share 0.0588 0.0370 0.0547 0.0085
(II) Diluted earnings per share 0.0588 0.0370 0.0547 0.0085
VII. Other misc. incomes 0.00 0.00
VIII. Total of misc. incomes 184,212,232.93 116,026,452.16 171,515,064.68 26,734,132.58
Total of misc. incomes attributable to the owners
184,274,544.05 116,026,452.16 171,515,064.68 26,734,132.58
of the parent company
Total misc gains attributable to the minor
-62,311.12
shareholders
Merger of entities under common control, the net profit realized by the merged party was RMB0.00.
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Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2011 (Full Text)
4.3 Income Statement from the beginning of year to the end of report term
Prepared by: Bengang Steel Plates Co., Ltd. Jan-Sept 2011 RMB Yuan
Amount of the Current Term Amount of the Previous Term
Items
Consolidated Parent company Consolidated Parent company
I. Total revenue 37,586,523,827.24 36,801,760,335.75 33,800,717,653.76 32,830,199,135.90
Incl. Business income 37,586,523,827.24 36,801,760,335.75 33,800,717,653.76 32,830,199,135.90
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 36,767,240,836.82 36,207,541,929.18 32,834,719,558.05 32,061,152,887.48
Incl. Business cost 33,960,617,494.29 33,538,723,762.58 29,739,981,552.67 29,068,505,742.09
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 34,478,135.13 30,729,480.25 159,854,603.94 154,081,011.79
Sales expense 389,770,399.81 303,605,841.37 354,972,728.41 288,953,696.79
Administrative expense 2,194,973,249.86 2,146,243,671.82 2,452,986,066.60 2,422,381,476.91
Financial expenses 187,401,557.73 188,239,173.16 126,924,606.43 127,230,959.90
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) 819,282,990.42 594,218,406.57 965,998,095.71 769,046,248.42
Plus: Non business income 15,732,513.01 13,866,991.61 2,948,756.62 2,653,666.75
Less: Non-business expenses 113,900.00 113,900.00 59,474,168.69 59,463,849.91
Incl. Loss from disposal of non-current assets -58,279,946.98 -58,279,946.98
IV. Gross profit (“-“ for loss) 834,901,603.43 607,971,498.18 909,472,683.64 712,236,065.26
Less: Income tax expenses 55,332,744.46 49,350,853.92
V. Net profit (“-“ for net loss) 779,568,858.97 607,971,498.18 860,121,829.72 712,236,065.26
Net profit attributable to the owners of parent
779,730,654.32 607,971,498.18 860,121,829.72 712,236,065.26
company
Minor shareholders’ equity -161,795.35
VI. Earnings per share:
(I) Basic earnings per share 0.2486 0.1939 0.2743 0.2271
(II) Diluted earnings per share 0.2486 0.1939 0.2743 0.2271
VII. Other misc. incomes 0.00 0.00
VIII. Total of misc. incomes 779,568,858.97 607,971,498.18 860,121,829.72 712,236,065.26
Total of misc. incomes attributable to the owners
779,730,654.32 607,971,498.18 860,121,829.72 712,236,065.26
of the parent company
Total misc gains attributable to the minor
-161,795.35
shareholders
No merger of entities under common control since the beginning of year till the end of report period, therefore the net profit
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Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2011 (Full Text)
contributed by the merged entity was RMB0.00.
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 2011 RMB Yuan
Amount of the Current Term Amount of the Previous Term
Items
Consolidated Parent company Consolidated Parent company
I. Net cash flow from business operation
Cash received from sales of products and
24,897,261,405.93 23,968,731,098.19 23,340,939,393.14 23,356,842,088.62
providing of services
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 263,288,828.37 262,014,465.00 83,943,893.81 80,970,050.35
Other cash received from business operation 84,769,561.59 65,659,144.48 23,724,955.07 22,197,790.08
Sub-total of cash inflow from business
25,245,319,795.89 24,296,404,707.67 23,448,608,242.02 23,460,009,929.05
activities
Cash paid for purchasing of merchandise and
22,681,588,526.03 21,981,588,526.03 20,034,016,709.49 20,261,016,709.49
services
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 1,591,530,338.20 1,576,389,131.72 1,426,716,893.20 1,419,455,642.79
Taxes paid 376,889,278.34 264,390,376.16 1,083,263,361.31 1,016,641,513.00
Other cash paid for business activities 344,717,998.39 329,727,959.20 265,599,190.09 245,265,858.79
Sub-total of cash outflow from business
24,994,726,140.96 24,152,095,993.11 22,809,596,154.09 22,942,379,724.07
activities
Cash flow generated by business operation,
250,593,654.93 144,308,714.56 639,012,087.93 517,630,204.98
net
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains
Net cash retrieved from disposal of fixed assets,
165,718.00 165,568.00
intangible assets, and other long-term assets
Net cash received from disposal of subsidiaries or
other operational units
Other investment-related cash received
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Bengang Steel Plates Co., Ltd. The 3rd Quarterly Report 2011 (Full Text)
Sub-total of cash inflow due to investment
165,718.00 165,568.00
activities
Cash paid for construction of fixed assets,
1,718,160,041.00 1,311,270,715.75 3,079,328,050.71 2,454,787,922.39
intangible assets and other long-term assets
Cash paid as investment 220,000,000.00 68,888,980.00 328,888,980.00
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
1,718,160,041.00 1,531,270,715.75 3,148,217,030.71 2,783,676,902.39
activities
Net cash flow generated by investment -1,718,160,041.00 -1,531,270,715.75 -3,148,051,312.71 -2,783,511,334.39
III. Cash flow generated by financing
Cash received as investment
Incl. Cash received as investment from minor
shareholders
Cash received as loans 6,436,465,331.31 6,245,189,700.00 6,162,898,612.31 5,652,898,612.31
Cash received from bond placing
Other financing-related cash received
Subtotal of cash inflow from financing
6,436,465,331.31 6,245,189,700.00 6,162,898,612.31 5,652,898,612.31
activities
Cash to repay debts 4,332,998,637.99 4,268,787,791.68 4,462,000,204.31 4,462,000,204.31
Cash paid as dividend, profit, or interests 664,064,355.70 636,999,570.70 259,569,568.21 259,569,568.21
Incl. Dividend and profit paid by subsidiaries to
minor shareholders
Other cash paid for financing activities
Subtotal of cash outflow due to financing
4,997,062,993.69 4,905,787,362.38 4,721,569,772.52 4,721,569,772.52
activities
Net cash flow generated by financing 1,439,402,337.62 1,339,402,337.62 1,441,328,839.79 931,328,839.79
IV. Influence of exchange rate alternation on cash and
-2,601,796.53 -2,601,796.53 -37,612.63 -37,612.63
cash equivalents
V. Net increase of cash and cash equivalents -30,765,844.98 -50,161,460.10 -1,067,747,997.62 -1,334,589,902.25
Plus: Balance of cash and cash equivalents at the
1,475,045,148.55 1,358,651,762.79 2,842,961,050.60 2,795,043,926.41
beginning of term
VI. Balance of cash and cash equivalents at the end of
1,444,279,303.57 1,308,490,302.69 1,775,213,052.98 1,460,454,024.16
term
4.5 Auditors’ Report
Auditor’s opinion: not audited.
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