Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Bengang Steel Plates Co., Ltd.
First Quarter Report 2019
April 2019
1
Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Ⅰ. Important Notice
The Board of Directors, the Supervisory Committee and the Directors, members of
the Supervisory Committee and senior management of the Company guarantee that
there are no misrepresentations or misleading statements, or material omission in this
report, and individually and collectively accept full responsibility for the authenticity,
accuracy and integrity of the information contained in this report.
All the members of the Board of Directors attended the board meeting on which this
report was examined.
Gao Lie, Chairman of the Company, Shen Qiang, the principal in charge of the
accounting, and Zhao Zhonghua, Chief of Accounting Affairs, make the pledge for
the authenticity, accuracy and integrity of the attached financial statements.
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
II. Company Profile
I. Main Accounting data and Financial index
Whether the Company makes retroactive adjustment or restatement of the accounting data of the previous year
□ Yes √ No
Jan.-Mar. 2019 Jan.-Mar. 2018 Changes (+/-)
Operating income（RMB） 11,761,190,575.63 11,641,518,226.15 1.03%
Net profit attributable to the
shareholders of the listed company 271,606,318.07 350,629,492.24 -22.54%
（RMB）
Net profit after deducting of
non-recurring gain/loss attributable to
259,096,025.14 347,300,210.06 -25.40%
the shareholders of listed company
（RMB）
Net Cash flows generated by business
2,752,557,195.47 -8,871,507,868.81 129.35%
operation（RMB）
Basic earnings per share (RMB/Share) 0.07 0.09 -22.22%
Diluted earnings per share
0.07 0.09 -22.22%
(RMB/Share)
Weighted average net assets yield (%) 1.41% 2.13% -0.72%
31 Mar. 2019 31 Mar. 2018 Changes (+/-)
Gross assets（RMB） 60,065,338,433.65 59,632,504,915.83 0.73%
Net assets attributable to shareholders
19,404,994,363.90 19,126,258,116.67 1.46%
of the listed company（RMB）
Items and amount of non-recurring profit and loss
√ Applicable □ Not applicable
Unit: RMB
Items Jan.-Mar. 2019 Notes
Profit or loss from disposal of non-current assets
(including the write-off part for which assets -3,900,743.31
impairment provision is made)
Details of government subsidies recorded into current
profits and loss （ except such government subsidy 20,821,500.00
closely related to the company’s normal business
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
operation, meeting the regulation of national policy and
enjoyed constantly in certain quota or quantity
according to a certain standard）
Debt restructuring gains and losses 50,640.00
Other non-operating revenue and expenditure other than
-289,318.62
above items
Less: Impact of income tax 4,170,519.52
Impact of minority interests (after tax) 1,265.62
Total 12,510,292.93 --
For the Company’s non-recurring profit and loss items as defined in “the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Profits and Losses” and its
non-recurring profit and loss items as illustrated in “the Explanatory Announcement No.1 on information disclosure for
Companies Offering their Securities to the Public-Non-recurring Profits and Losses” which have been defined as
recurring profits and losses, it is necessary to explain the reason.
□ Applicable √ Not applicable
None of Non-recurring profit and loss items recognized as recurring profit and loss items as defined by “the
Explanatory Announcement No.1 on information disclosure for Companies Offering their Securities to the
Public-Non-recurring Profits and Losses” in the report period.
II Total Number of Shareholders and Shareholding of Top 10 Shareholders
1. Total number of common shareholders, preferred shareholders whose voting rights restored, and
shareholding of top 10 shareholders
Unit: share
The total number of
Total number of common preferred shareholders
shareholders at the end of the 59,625 whose voting rights has 0
reporting period been restored at end of the
reporting period （if any）
Shareholding by Top 10 shareholders
Proportion Amount of Number of share pledged/frozen
Name of the Nature of Quantity of
of shares restricted shares
shareholder shareholder shares State of share Quantity
held held
Benxi Steel & Pledged 1,652,095,133
State-owned legal
Iron (Group) 60.78% 2,355,409,263
person Frozen 45,000,000
Co., Ltd.
Liaoning State-owned legal
4.77% 184,842,883 184,842,883
Provincial person
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Transportation
Investment
Group Co., Ltd.
CCB Principal
Asset
Management –
ICBC – CR
Trust – CR Others 4.77% 184,842,883 184,842,883
Trust Xing
Sheng No. 5
Collective Fund
Trust Plan
Bei Xin Rui
Feng Fund –
China
Merchants
Bank – Bei Xin
Others 4.77% 184,842,883 184,842,883
Rui Feng Fund
Feng Qing No.
229 Asset
Management
Plan
China Life
AMP Fund–
ICBC – China
Life AMP –
Hua Xin Trust
Targeted Others 4.77% 184,842,883 184,842,883
Additional
Shares Issuance
No. 10 Asset
Management
Plan
VANGUARD
EMERGING
Overseas legal
MARKETS 0.21% 8,157,311
person
STOCK
INDEX FUND
Domestic natural
Chen Jinhong 0.18% 6,880,675
person
Domestic natural
Chen Guohua 0.14% 5,432,514
person
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
VANGUARD
TOTAL
Overseas legal
INTERNATIO 0.14% 5,415,341
person
NAL STOCK
INDEX FUND
Domestic natural
Lyu ruijun 0.13% 5,218,200
person
Shareholding of top 10 shareholders of unrestricted shares
Category of shares
Number of non-restricted common shares held
Name of the shareholder Category of
at the period-end Quantity
shares
Benxi Steel & Iron (Group) Co., Common shares
2,355,409,263 2,355,409,263
Ltd. in RMB
Foreign shares
VANGUARD EMERGING
placed in
MARKETS STOCK INDEX 8,157,311 8,157,311
domestic
FUND
exchange
Common shares
Chen Jinhong 6,880,675 6,880,675
in RMB
Common shares
Chen Guohua 5,432,514 5,432,514
in RMB
Foreign shares
VANGUARD TOTAL
placed in
INTERNATIONAL STOCK 5,415,341 5,415,341
domestic
INDEX FUND
exchange
Foreign shares
placed in
Lvu Ruijun 5,218,200 5,218,200
domestic
exchange
Agricultural bank of China - China
Common shares
Securities 500 Trading Open Index 3,923,310 3,923,310
in RMB
Securities Investment Fund
Foreign shares
placed in
Xu Hekun 3,738,800 3,738,800
domestic
exchange
Foreign shares
placed in
Yu Xiaofan 3,402,707 3,402,707
domestic
exchange
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Foreign shares
Haitong International Securities placed in
3,211,109 3,211,109
Company Limited-Account Client domestic
exchange
Related-parties or acting-in-concert
It is unknown to the Company whether there is any related connection or
parties among the above-mentioned
action-in-concert parties among the top 10 un-restricted shareholders.
shareholders
Benxi Steel & Iron (Group) Co., Ltd. holds 2,105,409,263 shares of the company
Shareholders among the top 10
through an ordinary securities account, and holds 250,000,000 shares through the
participating in securities margin
investor's credit securities account, therefore, it holds a total of 2,355,409,263
trading (if any)
shares.
Whether top ten common shareholders or top ten common shareholders with unrestricted shares carried out any
buy-back agreement dealing in the reporting period.
□ Yes √ No
Top ten common shareholders or top ten common shareholders with unrestricted shares did not carry out buy-back
agreement dealing in the reporting period. .
2. Number of total preferred shareholders and preferred shares hold by Top 10 preferred shareholders
□ Applicable √ Not applicable
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
III Important Events
Ⅰ. Major Changes in Financial Data and Financial Index and Reasons
√ Applicable □ Not applicable
Significant changes and reasons in major accounting data, financial indicators which changed over 30%
compared to the consolidated financial statement at the end of 2018
Increase /
1. Statement of Financial Position Reasons
Decrease
Due to the increase of the ending balance of accounts
Other receivable 33%
receivable
Due to the decrease of VAT payable at the end of this
Tax payable -90%
period
Due to the increase of equipment leasing at the end of
Long-term payable 211%
this period
Due to the decrease of payment of safety production
Special reserves 1042%
cost
Significant changes and reasons in major accounting data, financial indicators which changed over 30%
compared to the consolidated financial statement of the first quarter of 2018
Increase /
2. Statement of comprehensive income Reasons
Decrease
Taxes and surcharges -42% Due to the decrease of VAT payable and surcharges
Due to the increase of Research and development
Research and development expenses 171%
expenses
Financial expenses -131% Due to the increase of net exchange gains
Due to the increase of deferred income of government
Other income 222%
subsidies
Investment income -100% Due to the decrease of Finance products
Non-operating income 94% Due to the increase of fixed assets scrapping gains
Non-operating expenses 100% Due to the increase of disposal loss on fixed assets
Income tax expenses 93% Due to the increase of deferred income tax expenses
Profit or loss of non-controlling Due to the decrease in profit of the holding
-185%
shareholders subsidiaries
Increase /
3. Statement of cash flows Reasons
Decrease
Tax rebate received 80% Due to the increase of tax refund in the period.
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Due to the decrease of cash paid for goods and
Cash paid for goods and services -76%
services during the period
Due to the increase of VAT and other taxes paid
Cash paid for all types of taxes 75%
during the period
Net cash flows generated from Due to the decrease of cash paid for goods and
-71%
operating activities services in the period
Cash paid for acquisition of fixed
Due to the decrease of payment of acquisition of fixed
assets, intangible assets and other -42%
assets, intangible assets in the period
long-term assets
Cash paid for debt repayment -40% Due to the decrease of repayment of debt
II. Progress and influence of significant events, as well as the analysis and explanation on
solutions
□ Applicable √ Not applicable
Progress in the implementation of share repurchase
□ Applicable √ Not applicable
Progress in the implementation of the reduction of shareholding shares by means of centralized bidding
□ Applicable √ Not applicable
III. The Under-Fulfillment Commitments by the End of the Period Made by Actual
Controller, Acquirer, Director, Supervisor, Senior Management Personnel and other
Related Parties.
□ Applicable √ Not applicable
There was no under-fulfillment commitment by the end of the period made by actual controller, acquirer, director,
supervisor, senior management personnel and other related parties.
IV. Forecast of operating results for January to June of 2019
Warning of possible loss or considerable change of the accumulated net profit made during the period-start until the end of the next
reporting period according to predictions as well as any explanations for these reasons:
□ Applicable √ Not applicable
V. Investment in Securities
□ Applicable √ Not applicable
There is no securities investments in the reporting period.
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
VI. Investment in Derivatives
□ Applicable √ Not applicable
There is no investment in derivatives in the reporting period.
VII. Registration form of Activities such as Research, Communication, Interview in this
Reporting Period
□ Applicable √ Not applicable
There is no researches, visits and interviews received in the reporting period.
VIII. Violation of Regulations in Provision of External Guaranty
□ Applicable √ Not applicable
There is no violation of regulations in provision of external guaranty during the reporting period.
IX. Illustrations of Non-Operating Occupation of Funds by the Controlling Shareholder and
Related Parties
□ Applicable √ Not applicable
There is no non-operating occupation of funds by the controlling shareholder and related parties.
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Ⅳ Financial Statement
Ⅰ. Financial Statement
1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Prepared by: Bengang Steel Plates Co., Ltd.
31 March 2019
Unit: RMB
Item Ending balance Beginning balance
Current asset
Cash at bank and on hand 17,313,051,825.69 16,567,471,755.77
Settlement provisions
Capital lent
Financial assets held for trading
Financial assets at fair value through
profit or loss
Derivative financial assets
Notes receivable and Accounts receivable 4,204,362,257.56 4,219,628,324.83
Including: Notes receivable 3,815,821,668.89 3,580,145,843.38
Accounts receivable 598,540,588.67 639,482,481.45
Prepayments 1,321,725,727.72 1,321,537,514.78
Premium receivable
Reinsurance accounts receivable
Receivable deposit for reinsurance
contract
Other receivables 269,260,617.08 202,763,964.98
Including：Interest receivable 11,608,705.43 11,608,705.43
Dividend receivable
Redemptory financial assets for sale
Inventories 10,932,086,921.62 10,677,747,112.40
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 230,526,813.08 292,119,771.13
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Total current assets 34,271,014,162.75 33,281,268,443.89
Non-current assets
Loan and advances issued
Debt investments
Available-for-sale financial assets 1,041,824,829.00
Other debt investments
Held-to-maturity investment
Long-term receivables
Long-term equity investments 2,284,192.80 2,455,681.55
Other equity investments 1,041,824,829.00
Other non-current financial assets
Investment property
Fixed assets 23,359,988,838.87 23,924,504,539.97
Construction in progress 866,938,432.50 836,594,457.82
Productive biological assets
Oil and gas assets
Right-of-use assets
Intangible assets 276,425,551.44 278,062,441.04
Development expenditure
Goodwill
Long-term deferred expenses
Deferred tax assets 178,559,260.94 191,452,547.21
Other non-current assets 68,303,165.35 76,341,975.35
Total non-current assets 25,794,324,270.90 26,351,236,471.94
Total assets 60,065,338,433.65 59,632,504,915.83
Current Liabilities
Short-term loans 11,956,365,000.00 11,938,490,375.85
Loan from central bank
Loan from other financial institutions
Financial liability held for trading
Financial liabilities at fair value through
profit or loss
Derivative financial liabilities
Notes payable and Accounts payable 15,802,225,068.25 15,535,234,825.67
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Advance from customers 3,800,130,116.73 3,331,854,098.42
Financial assets sold for repurchase
Absorbed deposit and interbank deposit
Receiving from vicariously traded
securities
Receiving from vicariously sold
securities
Employee benefits payable 44,879,756.74 51,466,231.72
Current tax liabilities 50,776,551.90 515,752,369.68
Other payables 836,164,307.83 862,511,178.96
Including：Interest payable 9,658,681.99 9,658,681.99
Dividend payable
Handling charges and commission
payable
Reinsurance accounts payable
Contract liability
Liabilities held for sale
Non-current liabilities due within one
302,955,576.32 350,965,576.32
year
Other current liabilities
Total current liabilities 32,793,496,377.77 32,586,274,656.62
Non-current liabilities
Standard insurance contract provision
Long-term loans 7,022,610,594.33 7,083,640,094.16
Bonds payable
Including: Preferred stock
Perpetual bond
Lease liabilities
Long-term payables 42,530,820.96 13,686,705.92
Long-term employee benefits payable
Estimated liabilities
Deferred income 268,677,502.97 289,499,002.97
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 7,333,818,918.26 7,386,825,803.05
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Total liabilities 40,127,315,296.03 39,973,100,459.67
Shareholders’ equity
Share capital 3,875,371,532.00 3,875,371,532.00
Other equity instruments
Including: Preferred stock
Perpetual bond
Capital reserve 12,343,209,847.29 12,343,209,847.29
Less: treasury shares
Other comprehensive income
Special reserves 7,813,866.87 683,937.71
Surplus reserves 961,105,529.85 961,105,529.85
General risk reserve
Undistributed profits 2,217,493,587.89 1,945,887,269.82
Total equity attributable to equity holders
19,404,994,363.90 19,126,258,116.67
of the parent company
Non-controlling interests 533,028,773.72 533,146,339.49
Total shareholder's equity 19,938,023,137.62 19,659,404,456.16
Total of liabilities and owners’ equity 60,065,338,433.65 59,632,504,915.83
Legal Representative: Gao Lie Chief Financial Officer: Shen Qiang Chief Accountant: Zhao Zhonghua
2. STATEMENT OF FINANCIAL POSITION
Unit: RMB
Items Ending balance Beginning balance
Current asset
Cash at bank and on hand 16,349,468,551.01 15,536,305,375.00
Financial assets held for trading
Financial assets at fair value through
profit or loss
Derivative financial assets
Note receivable account receivable 3,912,313,044.17 3,765,573,658.16
Including: Notes receivable 3,508,626,142.68 3,356,020,598.89
Account receivable 403,686,901.49 409,553,059.27
Prepayments 1,300,690,997.88 1,309,194,738.97
Other receivables 221,616,301.70 235,037,391.46
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Including: Interest receivables 9,815,280.04 9,815,280.04
Dividend receivables
Inventories 9,217,108,051.08 8,681,362,081.72
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 191,417,104.59 193,989,096.20
Total current assets 31,192,614,050.43 29,721,462,341.51
Non-current assets
Debt investment
Available-for-sale financial assets 1,041,624,829.00
Other debt investments
Held-to-maturity financial assets
Long-term receivables
Long-term equity investments 2,016,081,902.16 2,016,281,902.16
Other equity investments 1,041,824,829.00
Other non-current financial assets
Investment properties
Fixed assets 21,555,880,298.85 22,035,187,328.57
Construction in progress 853,336,815.31 825,553,510.15
Productive biological assets
Oil and gas assets
Right-of-use assets
Intangible assets 147,949,643.64 148,776,177.96
Development expenditure
Goodwill
Long-term deferred expense
Deferred tax assets 83,326,716.73 96,220,003.00
Other non-current assets 68,303,165.35 76,341,975.35
Total non-current assets 25,766,703,371.04 26,239,985,726.19
Total assets 56,959,317,421.47 55,961,448,067.70
Current liabilities
Short-term loans 10,656,365,000.00 10,624,270,375.85
Financial liability held for trading
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Financial liabilities at fair value
through profit or loss
Derivative financial liabilities
Notes payable and Account payable 16,175,086,668.53 15,154,564,853.70
Advance from customers 3,486,213,353.66 3,189,143,565.45
Contract liability
Employee benefits payable 44,493,216.70 49,378,095.47
Current tax liabilities 8,562,680.17 507,003,883.57
Other payables 524,656,369.51 538,051,513.13
Including：Interest payables 7,341,833.33 7,341,833.33
Dividend payables
Liabilities held for sale
Non-current liabilities due within one
302,955,576.32 350,965,576.32
year
Other current liabilities
Total current liability 31,198,332,864.89 30,413,377,863.49
Non-current liability
Long term loans 7,022,610,594.33 7,083,640,094.16
Bonds payable
Including: Preferred stock
Perpetual bond
Lease liabilities
Long-term payables 42,530,820.96 13,686,705.92
Long-term employee benefits payables
Estimated liabilities
Deferred income 268,677,502.97 289,499,002.97
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 7,333,818,918.26 7,386,825,803.05
Total liabilities 38,532,151,783.15 37,800,203,666.54
Shareholder’s equity:
Share capital 3,875,371,532.00 3,875,371,532.00
Other equity instruments
Including: Preferred stock
Perpetual bond
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Capital reserves 11,923,058,165.17 11,923,058,165.17
Less: Treasury shares
Other comprehensive income
Special reserves 6,256,623.95 525,218.48
Surplus reserves 961,105,529.85 961,105,529.85
Undistributed Profits 1,661,373,787.35 1,401,183,955.66
Total shareholder's equity 18,427,165,638.32 18,161,244,401.16
Total liabilities and shareholder’s
56,959,317,421.47 55,961,448,067.70
equity
3. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unit: RMB
Item Jan.-Mar. 2019 Jan.-Mar. 2018
1. Total operating income 11,761,190,575.63 11,641,518,226.15
Including: Operating income 11,761,190,575.63 11,641,518,226.15
Interest income
Premium earned
Income from handling
charges and commission
2. Total operating cost 11,490,405,098.16 11,292,484,306.53
Including: Operating cost 11,082,217,546.55 10,774,961,797.37
Interest expense
Expenditure for handling
charges and commission
Surrender value
Net expenditure for
compensation
Net provision for
insurance contract appropriated
Bonus payment for
policy
Reinsurance premium
Tax and surcharges 54,057,558.75 93,231,022.33
Selling and distribution
312,825,124.15 270,705,255.98
expenses
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
General and
229,520,730.11 235,383,241.43
administrative expenses
Research and
2,797,993.86 1,032,058.92
development expenses
Financial expenses -191,013,855.26 -82,829,069.50
Including: Interest
293,019,846.37 276,791,535.46
expense
67,726,988.83 37,395,303.33
Interest income
Asset impairment loss
Expeced credit loss
Add: Other income 20,821,500.00 6,463,438.70
Income on investment（“-” for loss） 3,493,150.68
Including: Income from associates and joint
ventures
Exchange gains
Net exposure hedging
income （“-” for loss）
Gains from the change
of fair value （“-” for loss）
Assets disposal gains（“-”
2,097,867.55
for loss）
3. Operational profit（“-” for loss） 293,704,845.02 358,990,509.00
Add: Non-operating income 3,075,607.08 1,585,742.03
Less: Non-operating expenses 7,215,029.01
4. Total profit (“-” for loss) 289,565,423.09 360,576,251.03
Less: Income tax expenses 18,343,089.25 9,494,399.80
5. Net profit（“-” for loss） 271,222,333.84 351,081,851.23
1.Classification by continuing operating
1) Net profit from continuing
271,222,333.84 351,081,851.23
operation
2) Net profit from discontinued
operation
2.Classification by ownership
1) Net profit attributable to the
271,606,318.07 350,629,492.24
owners of parent company
2) Net profit attributable to -383,984.23 452,358.99
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
non-controlling shareholders
6.Other comprehensive income
Other comprehensive income
attributable to owners of the parent company
after tax
1.Other comprehensive income items that
will not be reclassified into gains/losses
(1) Re-measurement of defined
benefit plans of changes in net debt or net
assets
(2) Other comprehensive income
under the equity method investee cannot be
reclassified into profit or loss
(3) Changes in the fair value of other
equity investments
(4) Changes in the fair value of
Corporate credit risk
(5) Others
2.Other comprehensive income that will be
reclassified into profit or loss
(1) Share of other comprehensive
income of investee to be classified into profit
or loss afterwards under equity method
(2) Changes in the fair value of other
debt investments
(3) Fair value gain on available-for-sale
financial assets
(4) Changes in the fair value of
financial assets at fair value through other
comprehensive income
5) Profit or loss raised from the
reclassfication of held-to-maturity
investments to assets held for sale
(6) Provision for credit loss of other debt
investments
(7) Cash flow hedge reserve
(8) Translation differences in currency
financial statements
(9) Others
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Other comprehensive income attributable to
non-controlling shareholders after tax
7. Total comprehensive income 271,222,333.84 351,081,851.23
Total comprehensive income
attributable to the owner of the parent 271,606,318.07 350,629,492.24
company
Total comprehensive income
-383,984.23 452,358.99
attributable to non-controlling shareholders
8. Earnings per share
1) Basic earnings per share 0.07 0.09
2) Diluted earnings per share 0.07 0.09
The current business combination under common control, the net profits of the combined party before achieved: Yuan,
net profit of previous period of the combined party realized: Yuan.
Legal Representative: Gao Lie Chief Financial Officer: Shen Qiang Chief Accountant: Zhao Zhonghua
4. STATEMENT OF COMPREHENSIVE INCOME
Unit: RMB
Item Jan.-Mar. 2019 Jan.-Mar. 2018
1. Total operating income 11,318,044,807.71 11,808,077,059.64
Less: Operating cost 10,828,824,566.71 11,117,984,591.44
Tax and surcharges 40,172,247.54 86,278,192.35
Selling and distribution expenses 178,902,194.54 145,350,744.25
General and administrative expenses 215,696,958.84 223,684,498.48
Research and development expenses 2,797,993.86 1,032,058.92
Financial expenses -204,007,003.82 -97,141,152.03
Including: Interest expense 278,494,138.86 260,781,725.96
Interest income 66,189,925.11 35,694,260.20
Asset impairment loss
Expeced credit loss
Add: Other income 20,821,500.00 6,463,438.70
Income on investment（“-” for loss） 3,493,150.68
Including: Income from associates
and joint ventures
Net exposure hedging
income （“-” for loss）
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Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Gains from
change of fair value （“-” for loss）
Assets disposal gains（“-”
2,144,869.80
for loss）
2. Operational profit（“-” for loss） 278,624,219.84 340,844,715.61
Add: Non-operating income 3,021,409.27 1,454,913.42
Less: Non-operating expenses 7,215,029.01
3. Total profit (“-” for loss) 274,430,600.10 342,299,629.03
Less: Income tax expenses 14,240,768.41 4,625,935.23
4. Net profit（“-” for loss） 260,189,831.69 337,673,693.80
1.Net profit from continuing operation 260,189,831.69 337,673,693.80
2.Net profit from discontinued operation
5.Other comprehensive income
1.Other comprehensive income items that
will not be reclassified into gains/losses
(1) Re-measurement of defined
benefit plans of changes in net debt or net
assets
(2) Other comprehensive income
under the equity method investee cannot be
reclassified into profit or loss
(3) Changes in the fair value of other
equity investments
(4) Changes in the fair value of Corporate
credit risk
(5) Others
2.Other comprehensive income that will
be reclassified into profit or loss.
(1) Share of other comprehensive
income of investee to be classified into profit
or loss afterwards under equity method
(2) Changes in the fair value of other debt
investments
(3) Fair value gain on available-for-sale
financial assets
(4) Changes in the fair value of financial
assets at fair value through other
comprehensive income
21
Bengang Steel Plates Co., Ltd. First Quarter Report 2019
5) Profit or loss raised from the
reclassfication of held-to-maturity investments
to assets held for sale
(6) Provision for credit loss of other debt
investments
(7) Cash flow hedge reserve
(8) Translation differences in currency
financial statements
(9) Others
6. Total comprehensive income 260,189,831.69 337,673,693.80
7. Earnings per share
1）Basic earnings per share
2）Diluted earnings per share
5. CONSOLIDATED STATEMENT OF CASH FLOWS
Unit: RMB
Item Jan.-Mar. 2019 Jan.-Mar. 2018
1.Cash flow from operating activities
Cash received from sale of goods or
7,419,619,557.25 7,731,797,062.14
rendering of services
Net increase of customers' deposit and
interbank deposit
Net increase of loan from central bank
Net increase of loans from other financial
institutions
Cash received for premium of original
insurance contract
Net cash received for reinsurance business
Net increase of deposit and investment of
the insured
Net increase of Financial assets at fair
value through profit or loss
Cash from receiving interest, handling
charge and commission
Net increase of loans from Borrowing
funds
Net increase of fund for buy-back business
22
Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Net increase of receivings from vicariously
traded securities
Tax rebate received 129,603,306.84 72,002,572.86
Other cash received relating to operating
52,630,739.69 60,576,344.20
activities
Subtotal of cash inflows from operating
7,601,853,603.78 7,864,375,979.20
activities
Cash paid for goods and services 3,796,837,688.74 15,907,402,800.35
Net increase of customer's loan and
advances
Net increase of deposit in central bank and
interbank deposit
Net increase of
financial assets held for trading
Net increase of capital lent
Cash for payment of interest, handling
charge and commission
Cash for payment of policy bonus
Cash paid to and on behalf of employees 466,895,154.36 481,878,788.59
Cash paid for all types of taxes 564,138,089.50 322,300,081.76
Other cash paid relating to operating
21,425,475.71 24,302,177.31
activities
Subtotal of cash outflows from operating
4,849,296,408.31 16,735,883,848.01
activities
Net cash flows from operating activities 2,752,557,195.47 -8,871,507,868.81
2. Cash flows from investing activities
Cash received from return on investments 500,000,000.00
Cash received from distribution of
3,493,150.68
dividends or profit
Net cash received from disposal of fixed
assets, intangible assets and other
long-term assets
Net cash received from disposal of
subsidiary and other operating units
Other cash paid relating to investing
activities
Subtotal of cash inflows from investing
503,493,150.68
activities
23
Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Cash paid for acquisition of fixed assets,
213,446,363.20 367,847,024.60
intangible assets and other long-term assets
Cash paid for acquisition of investments
Net increase of mortgage loan
Net cash received from subsidiary and
other operating unit
Other cash paid relating to investing
activities
Subtotal of cash outflows from investing
213,446,363.20 367,847,024.60
activities
Net cash flows from investing activities -213,446,363.20 135,646,126.08
3. Cash flows from financing activities
Proceeds from investment 3,965,799,988.19
Including: Proceeds from investment of
non-controlling shareholders of subsidiary
Proceeds from borrowings 3,762,429,000.00 6,576,220,000.00
Cash received from bond issuance
Other proceeds relating to financing
activities
Subtotal of cash inflows from financing
3,762,429,000.00 10,542,019,988.19
activities
Cash repayments of borrowings 3,853,593,875.68 6,452,965,440.62
Cash payments for distribution of
293,019,846.37 292,806,531.43
dividends, profit or interest expenses
Including: Cash paid to non-controlling
shareholders as dividend and profit by
subsidiaries
Other cash payments relating to financing
activities
Subtotal of cash outflows from financing
4,146,613,722.05 6,745,771,972.05
activities
Net cash flows from financing activities -384,184,722.05 3,796,248,016.14
4. Effect of foreign exchange rate
-25,741,813.31 -6,488,117.13
changes on cash and cash equivalents
5. Net increase in cash and cash
2,129,184,296.91 -4,946,101,843.72
equivalents
Add: Cash and cash equivalents at the
11,752,548,621.97 12,317,576,778.93
beginning of the period
24
Bengang Steel Plates Co., Ltd. First Quarter Report 2019
6. Cash and cash equivalents at the
13,881,732,918.88 7,371,474,935.21
ending of the period
6. STATEMENT OF CASH FLOWS
Unit: RMB
Item Jan.-Mar. 2019 Jan.-Mar. 2018
1. Cash flow from operating activities
Cash received from sale of goods or
7,083,398,928.22 7,332,137,869.58
rendering of services
Tax rebate received 102,717,420.63 135,442.49
Other cash received relating to operating
40,251,068.14 42,405,069.68
activities
Subtotal of cash inflows from operating
7,226,367,416.99 7,374,678,381.75
activities
Cash paid for goods and services 3,505,322,597.12 15,657,723,198.78
Cash paid to and on behalf of employees 441,580,806.88 456,027,325.34
Cash paid for all types of taxes 540,256,412.01 289,677,174.70
Other cash paid relating to operating
18,206,333.60 20,458,086.55
activities
Subtotal of cash outflows from operating
4,505,366,149.61 16,423,885,785.37
activities
Net cash flows from operating activities 2,721,001,267.38 -9,049,207,403.62
2. Cash flows from investing activities
Cash received from return on investments 500,000,000.00
Cash received from distribution of
3,493,150.68
dividends or profit
Net cash received from disposal of fixed
assets, intangible assets and other
long-term assets
Net cash received from disposal of
subsidiary and other operating units
Other cash received relating to investing
activities
Subtotal of cash inflows from investing
503,493,150.68
activities
Cash paid for acquisition of fixed assets,
211,879,503.05 366,691,846.42
intangible assets and other long-term assets
25
Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Cash paid for acquisition of investments 173,500,000.00
Net cash paid for acquisition of subsidiary
and other operating unit
Other cash paid relating to investing
activities
Subtotal of cash outflows paid for
211,879,503.05 540,191,846.42
investing activities
Net cash flows from investing activities -211,879,503.05 -36,698,695.74
3. Cash flows from financing activities
Proceeds from investment 3,965,799,988.19
Cash received from borrowings 3,522,429,000.00 6,053,220,000.00
Cash received from bond issuance
Other cash received relating to financing
activities
Subtotal of cash inflows from financing
3,522,429,000.00 10,019,019,988.19
activities
Cash repayments of borrowings 3,599,373,875.68 6,012,965,440.62
Cash payments for distribution of
278,494,138.86 279,903,047.33
dividends, profit or interest
Other cash payments relating to financing
activities
Subtotal of cash outflows from financing
3,877,868,014.54 6,292,868,487.95
activities
Net cash flows from financing activities -355,439,014.54 3,726,151,500.24
4. Effect of foreign exchange rate
-25,737,308.54 -6,484,800.97
changes on cash and cash equivalents
5. Net increase in cash and cash
2,127,945,441.25 -5,366,239,400.09
equivalents
Add: Cash and cash equivalents at the
10,807,824,843.20 12,152,285,550.21
beginning of the period
6. Ending balance of cash and cash
12,935,770,284.45 6,786,046,150.12
equivalents
26
Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Ⅱ. Adjustment of Financial Statement
1. Adjustment to the financial statement towards beginning balance due to the first time implementation of new
financial instrument standards, new revenue standards, and new leasing standards
√ Applicable □ Not applicable
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unit: RMB
Item 31 December 2018 1 January 2019 Adjustment amount
Current assets
Cash at bank and on hand 16,567,471,755.77 16,567,471,755.77
Note receivable and account
4,219,628,324.83 4,219,628,324.83
receivable
Including: Note receivable 3,580,145,843.38 3,580,145,843.38
Account receivable 639,482,481.45 639,482,481.45
Prepayments 1,321,537,514.78 1,321,537,514.78
Other receivable 202,763,964.98 202,763,964.98
Including: interest receivable 11,608,705.43 11,608,705.43
Inventories 10,677,747,112.40 10,677,747,112.40
Other current assets 292,119,771.13 292,119,771.13
Total current assets 33,281,268,443.89 33,281,268,443.89
Non-current assets
Available-for-sale financial assets 1,041,824,829.00 Not applicable -1,041,824,829.00
Long-term equity investments 2,455,681.55 2,455,681.55
Other equity investments Not applicable 1,041,824,829.00 1,041,824,829.00
Fixed assets 23,924,504,539.97 23,924,504,539.97
Construction in progress 836,594,457.82 836,594,457.82
Intangible assets 278,062,441.04 278,062,441.04
Deferred tax assets 191,452,547.21 191,452,547.21
Other non-current assets 76,341,975.35 76,341,975.35
Total non-current assets 26,351,236,471.94 26,351,236,471.94
Total assets 59,632,504,915.83 59,632,504,915.83
Current Liabilities
Short-term loans 11,938,490,375.85 11,938,490,375.85
27
Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Notes payable and Accounts
15,535,234,825.67 15,535,234,825.67
payable
Advance from customers 3,331,854,098.42 3,331,854,098.42
Employee benefits payable 51,466,231.72 51,466,231.72
Current tax liabilities 515,752,369.68 515,752,369.68
Other payables 862,511,178.96 862,511,178.96
Including: interest payable 9,658,681.99 9,658,681.99
Non-current liabilities due within
350,965,576.32 350,965,576.32
one year
Total current liabilities 32,586,274,656.62 32,586,274,656.62
Non-current liabilities
Long-term loans 7,083,640,094.16 7,083,640,094.16
Long-term payables 13,686,705.92 13,686,705.92
Deferred income 289,499,002.97 289,499,002.97
Total non-current liabilities 7,386,825,803.05 7,386,825,803.05
Total liabilities 39,973,100,459.67 39,973,100,459.67
Shareholders' equity:
Share capital 3,875,371,532.00 3,875,371,532.00
Capital reserve 12,343,209,847.29 12,343,209,847.29
Other equity instruments 683,937.71
Surplus reserves 961,105,529.85 961,105,529.85
Undistributed profits 1,945,887,269.82 1,945,887,269.82
Total equity attributable to equity
19,126,258,116.67 19,126,258,116.67
holders of the parent company
Non-controlling interests 533,146,339.49 533,146,339.49
Total shareholder's equity 19,659,404,456.16 19,659,404,456.16
Total of liabilities and owners’
59,632,504,915.83 59,632,504,915.83
equity
Illustration of adjustment
STATEMENT OF FINANCIAL POSITION
RMB
Item 31 December 2018 1 January 2019 Adjustment amount
Current assets
Cash at bank and on hand 15,536,305,375.00 15,536,305,375.00
Note receivable and account
3,765,573,658.16 3,765,573,658.16
receivable
28
Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Including: Note receivable 3,356,020,598.89 3,356,020,598.89
Account receivable 409,553,059.27 409,553,059.27
Prepayments 1,309,194,738.97 1,309,194,738.97
Other receivable 235,037,391.46 235,037,391.46
Including: interest receivable 9,815,280.04 9,815,280.04
Inventories 8,681,362,081.72 8,681,362,081.72
Other current assets 193,989,096.20 193,989,096.20
Total current assets 29,721,462,341.51 29,721,462,341.51
Non-current assets
Available-for-sale financial assets 1,041,624,829.00 Not applicable -1,041,624,829.00
Long-term equity investments 2,016,281,902.16 2,016,281,902.16
Other equity investments Not applicable 1,041,624,829.00 1,041,624,829.00
Fixed assets 22,035,187,328.57 22,035,187,328.57
Construction in progress 825,553,510.15 825,553,510.15
Intangible assets 148,776,177.96 148,776,177.96
Deferred tax assets 96,220,003.00 96,220,003.00
Other non-current assets 76,341,975.35 76,341,975.35
Total non-current assets 26,239,985,726.19 26,239,985,726.19
Total assets 55,961,448,067.70 55,961,448,067.70
Current liabilities
Short-term loans 10,624,270,375.85 10,624,270,375.85
Notes payable and Accounts
15,154,564,853.70 15,154,564,853.70
payable
Advance from customers 3,189,143,565.45 3,189,143,565.45
Employee benefits payable 49,378,095.47 49,378,095.47
Current tax liabilities 507,003,883.57 507,003,883.57
Other payables 538,051,513.13 538,051,513.13
Including: interest payable 7,341,833.33 7,341,833.33
Non-current liabilities due within
350,965,576.32 350,965,576.32
one year
Total current liabilities 30,413,377,863.49 30,413,377,863.49
Non-current liabilities
Long term loans 7,083,640,094.16 7,083,640,094.16
29
Bengang Steel Plates Co., Ltd. First Quarter Report 2019
Long-term payables 13,686,705.92 13,686,705.92
Deferred income 289,499,002.97 289,499,002.97
Total non-current liabilities 7,386,825,803.05 7,386,825,803.05
Total liabilities 37,800,203,666.54 37,800,203,666.54
Shareholder’s equity:
Share capital 3,875,371,532.00 3,875,371,532.00
Capital reserves 11,923,058,165.17 11,923,058,165.17
Other comprehensive income 525,218.48
Surplus reserves 961,105,529.85 961,105,529.85
Undistributed Profits 1,401,183,955.66 1,401,183,955.66
Total shareholder's equity 18,161,244,401.16 18,161,244,401.16
Total liabilities and
55,961,448,067.70 55,961,448,067.70
shareholder’s equity
Illustration of adjustment
2. Illustration of the first implementation of the new financial instrument standards, the new lease criteria,
retrospective adjustment towards the previous data
□ Applicable √ Not applicable
Ⅲ. Audit report
Whether the first quarter report is audited
□ Yes √ No
The first quarter report is not audited.
30
