CSG HOLDING CO., LTD.
THE THIRD QUARTER REPORT 2009
Chairman of the Board:
ZENG NAN
October 2009CSG HOLDING CO., LTD. The Third Quarter Report 2009
I Important Notes
i The Board of Directors and the Supervisory Committee of CSG Holding Co., Ltd. (hereinafter referred to as the Company), along with its directors, supervisors and senior executives hereby confirms that there are no important omissions, fictitious statements or serious misleading information carried in this report, and shall take all responsibilities, jointly and severally, for the truthfulness, accuracy and completeness of the whole contents.
ii No director, supervisor or senior executive stated any objection for the correctness, accuracy and completeness of the contents of this report.
iii The list of absence director.
Name of absence director
Reason of absence
Name of assignee
Guo Yongchun
On business trip
Yan Ganggang
iv The third quarter financial report of 2009 has not been audited.
v Mr. Zeng Nan, Chairman of the Board & CEO of the Company, CFO Mr. Luo Youming and principle of the financial department Mr. Huang Yanbin confirm that the Financial Report enclosed in this report is true and complete.
vi This report is prepared both in Chinese and in English. Should there be any difference in interpretation of the text between the two versions, the Chinese version shall prevail.
II Company Profile
i Main Accounting Data and Financial Indexes
Unit: RMB
Increase/decrease (%)
30 September 2009
31 December 2008
Total assets
10,792,232,390
10,376,061,066
4.01%
Total equity attributable to equity
5,051,277,783
4,544,606,539
11.15%holders of the Company
Capital (share)
1,223,738,124
1,237,103,124
-1.08%
Total equity per share for equity
4.13
3.67
12.53%holders of the Company
Increase/Decrease in
From 1 January to
Increase/Decrease in
The 3rd quarter in
2009comparison with the same period of 2008 30 September comparison with the 2009 same period of 2008
Revenue
1,481,782,225
29.71%
3,547,329,604
8.34%
Net profit attributable to equity
316,442,327
133.92%
577,602,312
5.96%holders of the Company
Net cash flows from operating
-
-
1,053,901,801
54.78%activities
Net cash flows from operating
-
-
0.86
56.36%activities per share
Basic earnings per share
0.26
136.36%
0.47
4.44%
Diluted earnings per share
0.26
136.36%
0.47
4.44%
Increase 3.42 percentage points
Decrease 0.02 percentage points
Return on equity (%)
6.26%
11.43%
Return on equity after
Increase 3.19 percentage points
Increase 0.41 percentage points
5.81%
10.67% extraordinary gains and losses
-1-CSG HOLDING CO., LTD. The Third Quarter Report 2009
Items of extraordinary gains and losses
Amount From 1 January to 30 September 2009
Gain on disposal of non-current assets (lost)
1,669,545
Gains on disposal of available-for-sale financial assets
19,054,303
Other item of extraordinary gains and losses
29,199,936
Tax effects
-6,633,406
Extraordinary gains and losses of minority interests
-4,730,572
Total
38,559,806
ii Total number of shareholders and statement of shares held by the top ten shareholders with unrestricted conditions at the end of the report period.
Unit: Share
Total shareholders:
104,358（Including: 68,125 shareholders of A-share and 36,233 shareholders of B-share）
Particulars about the shares held by the top ten unrestricted shareholders
Name of shareholder
Unrestricted shares held
Share type
Xing Tong Chan Industrial Development (Shenzhen) Co., Ltd.
55,051,181
A-share
Shenzhen International Holdings (Shenzhen) Co., Ltd. Note
50,594,700
A-share
China Northern Industries Corporation
46,761,480
A-share
22,006,797
A-share
China Construction Bank－Yinhua Core Value Selected Stock Fund
Dreyfus Premier Investment FDS Inc.-Dreyfus Greater China FD
14,620,891
B-share
Caceis BK Lux S/A Carlson Fund Mgt Co
13,000,000
B-share
China Life Insurance Company Limited-Bonus-Individual Bonus-005L-FH002 Shen
12,759,903
A-share
Zhongrong International Trust Co., Ltd. - Zhongrong CCB Fortune No. 4 - 001
11,000,000
A-share
Guotai Junan Securities (Hong Kong) Limited
9,370,664
B-share
China AMC Growth Stock Fund
9,241,713
A-share
Note：Yiwan Industrial Development (Shenzhen) Co., Ltd. Changed its name to Shenzhen International Holdings (Shenzhen) Co., Ltd.
III Significant events
i Particulars about material changes and reasons in items of main accounting statement and financial index.
√Applicable □Non-applicable
-2-CSG HOLDING CO., LTD. The Third Quarter Report 2009
Unit: RMB’0000
Item
Note
30 September 2009
Increase/
31 December
Amount of
decrease (%)2008change
Cash in bank and on hand
(a)
40,327
103,378
-63,051
-61%
Notes receivable
(b)
18,039
11,604
6,435
55%
Accounts receivable
(c)
40,986
23,658
17,328
73%
Advances to suppliers
(d)
10,469
5,294
5,175
98%
Other receivables
(e)
1,645
3,496
-1,851
-53%
Available-for-sale financial assets
(f)
710
1,293
-583
-45%
Fixed assets
(g)
824,674
554,340
270,334
49%
Construction in progress
(g)
62,038
262,009
-199,971
-76%
Goodwill
(h)
3,438
304
3,134
1031%
Notes payable
(b)
40,915
28,967
11,948
41%
Accounts payable
(i)
100,162
74,343
25,819
35%
Advances from customers
(j)
13,547
9,496
4,051
43%
Employee benefits payable
(k)
6,521
4,001
2,520
63%
Interest payable
(l)
552
2,096
-1,544
-74%
Other payables
(m)
12,674
22,884
-10,210
-45%
Current portion of non-current liabilities
(n)
2,311
8,397
-6,086
-72%
Other current liabilities
(o)
519
1,091
-572
-52%
From 1 January to
From 1 January to
Increase/
30 September 200930 September
Amount of
decrease (%)2008change
Financial expenses
(p)
7,514
3,490
4,024
115%
Asset impairment losses
(q)
165
(839)
1,004
-
Investment income
(r)
1,905
4,356
-2,451
-56%
Non-operating expenses
(s)
221
740
-519
-70%
Income tax expenses
(t)
6,536
4,794
1,742
36%
Other consolidated income
(u)
(265)
(2,852)
2,587
-
Note:
(a) Main reason for decrease of cash in bank and on hand was the guarantee money of RMB 615 million at the year-begin was expired in the report period, and the raised special fund of RMB 120 million was put into project, which caused the bank deposit decrease.
(b) Main reason for increase of notes receivable and notes payable was increase of the amount settled by notes.
(c) Main reason for increase of accounts receivable was that the extension of credit period for some clients.
(d) Main reason for increase of advances to suppliers was increase of project prepayment, equipment prepayment and material prepayment for the project construction.
(e) Main reason for decrease of other receivables was the advance payment for equity transfer of Heyuan CSG Mining Co., Ltd. was transferred into long-term equity investment.
(f) Main reason for decrease of available-for-sale financial assets was that part of stocks were sold in the report period.
(g) Main reason for decrease of fixed assets and construction in progress was that some projects have been put into business operation officially in the period, and the construction in process was transferred to fixed assets.
(h) Main reason for increase of goodwill was Dongguan CSG Solar Glass Co., Ltd., subsidiary of the Company, obtained
-3-CSG HOLDING CO., LTD. The Third Quarter Report 2009
75% equities of Heyuan CSG Mining Co., Ltd. through equity transfer, and incorporated into consolidation scope. According to regulations of Accounting Standards, the balance between the merging cost's and the fair value of definable net assets is validated as goodwill.
(i) Main reason for increase of accounts payable was accounts payable for purchasing materials and capital expenditures increased in the report period.
(j) Main reason for increase of advances from customers was advance received in goods increased in the report period.
(k) Main reason for increase of employee benefits payable was provision of performance incentive funds in 2009 for executives in the report period.
(l) Main reason for decrease of interest payable was redemption of interests of the short-term financing bonds matured on 11 September 2009.
(m) Main reason for decrease of other payables was that payment for restricted share repurchase had been confirmed in the report period.
(n) Main reason for decrease of current portion of non-current liabilities was the redemption of mature loan.
(o) Main reason for decrease of other current liabilities was that employees’ demission compensation has been paid and rolled back due to move of some subsidiaries of the Company in the report period, after recheck and re-estimation according to the present duty.
(p) Main reason for increase of financial expenses was appreciation of RMB brought large amount of foreign exchange gain at the same period of last year.
(q) Main reason for change of asset impairment losses was that inventory depreciation loss withdrawn has been switched back, because of the subsidiaries of the Company which mainly engaged in real estate operation confirmed on balance sheet date that the factors which caused inventory had disappeared in the same period of last year.
(r) Main reason for decrease of investment income was that the Company sold the equity of the subsidiary – Shenzhen CSG Electronics Co., Ltd. and got investment income last year.
(s) Main reason for decrease of non-operating expenses was that the subsidiary of the Company – Shenzhen CSG Electronics Co., Ltd. disposed assets and caused write-off in the same period of last year.
(t) Main reason for increase of income tax expenses was that some subsidiaries of the Company transition preferential rates increased in the report period year-on-year, and some subsidiaries made more profit in the period.
(u) Main reason for change of other consolidated income was sale and change of available-for-sale financial assets.
ii Analysis and explanation of significant events and their influence and solutions
□Applicable √Non-applicable
iii Implementations of commitments by the Company, shareholders and actual controller
√Applicable □Non-applicable
Item of Commitments
Content of commitments
Implementation
Commitments for Share
-
- Merger Reform
Commitments of
-
- restricted share
Commitments made in Acquisition Report or
-
- Reports on Change in Interests
Commitments made in
-
- Material Assets Reorganization
By the end of the report period, the shareholders of the Company have strictly carried out their promises.
China Ping’an Trust & Investment Co., Ltd. and Citics Securities Co., Ltd which held above 5% of the Company’s shares made commitments: the shares subscribed in private placement of the Company in 2007 could not be transferred within 36 months since the end date of non-public issuance.
Commitments made in issuing
-4-CSG HOLDING CO., LTD. The Third Quarter Report 2009
Additional commitments of the original non-tradable shareholders for Share Merger Reform:
The Company has implemented share merger reform in May 2006. Till June 2009, the shares of the original non-tradable shareholders which holding over 5% total shares of the Company had all released. Therein, the original non-tradable shareholder Shenzhen International Holdings (Shenzhen) Co., Ltd. and Xing Tong Chan Industrial Development (Shenzhen) Co., Ltd. both are wholly-funded subsidiaries to Shenzhen International Holdings Limited (hereinafter Shenzhen International for short) listed in Hong Kong united stock exchange main board. Shenzhen International planed to sell A-shares of CSG amounted above 5% of the CSG group’s total shares within six months from 16 June 2009, the day releasing restricted condition of the stock. The price for sale is no less than 8 RMB per share. At the same time, Shenzhen International made commitment that it would strictly carry out related regulations of Securities Law, Administration of the Takeover of Listed Companies Procedures and Guiding Opinions on the Listed Companies’ Transfer of Original Shares Released from Trading Restrictions issued by CSRC during implementing share decreasingly-held plan and take information disclosure responsibility timely.
By the end of the report period, the original non-tradable shareholders of the Company have strictly carried out their promises.
Other commitments (including additional commitments)
iv Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning of its material change compared with the corresponding period of the last year and explanation of reason
□Applicable √Non-applicable
v Other significant events
√Applicable □Non-applicable
a) Implementation of incentive plan
According to Restricted A Share Incentive Plan (hereinafter Incentive Plan for short) approved by the Shareholders’ General Meeting, the Company actually issued 49,140,000 restricted A-shares to 244 incentive staff privately in July 2008, at price of RMB 8.58 per share. The amount of raised fund is RMB 421,621,200.
Till March 2009, because the operation performance of 2008 did not satisfied unlocking conditions and several incentive staff had dismissed, the Company bought back and wrote off total 13,365,000 restricted A-shares on 18 June 2009.
The Company implemented Equity Distribution Plan of 2008 in July 2009, that was to distribute cash RMB 1.00 per 10 shares (include tax) to all shareholders, therefore the 9th meeting of the 5th board of directors adjusted buy-back price to RMB 8.48 per share according to relevant regulations in incentive plan.
From April to July 2009, the following 4 incentive staff Quan yue, Liu Quanhong, Hua Jianjun and Wu Ling had dismissed. According to relevant regulations of incentive plan, the Company held the 9th meeting of the 5th Board of Directors on 31 July 2009 and decided to buy back and write off totally 262,500 restricted A-shares (all has been lockup) of the 4 persons with the price of RMB 8.48 per share.
Details of the aforesaid could be found in relevant notices published on China Securities Journal, Securities Times, Hong Kong Wen Wei Po and Juchao Information website (www.cninfo.com.cn) dated 14 July 2008, 19 June 2009 and 4 August 2009.
b) In the report period, Heyuan CSG Mining Co., Ltd. was added into the consolidated scope whose main business was processing and selling quartz sand, and the Company had 75% equities of it.
c) In the report period, the Company neither provided capital for controlling shareholders or related parties, nor disobeyed regulations and procedure to provide external guarantees.
d) In the report period, there were no circumstances that the relevant parties of the Company needed to
-5-CSG HOLDING CO., LTD. The Third Quarter Report 2009
compensate for the committed benefit in the Share Merger Reform and Material Assets Reorganization.
e) In the report period, the Company didn’t invest in stock.
f) In the report period, the Company did not sign any significant contract.
g) In the report period, the Company didn’t invest in derivatives.
(i) Reception of investigation, communication and interview in the report period
Date
Place
Method
Investor
2009.8.5
Conference room
Spot investigation
China Jianyin Investment Securities Co., Ltd.
United Securities Co., Ltd.
Da Cheng Fund Management Co., Ltd.
China Asset Management Co., Ltd.
2009.8.19
Conference room
Spot investigation
Guangzhou Securities Co., Ltd.
Bohai Securities Co., Ltd.
Goldstate Securities Co., Ltd.
Guoyuan Securities Co., Ltd.
Huatai Securities Co., Ltd.
2009.8.20
Conference room
Spot investigation
Macquarie Securities
2009.9.3
Conference room
Spot investigation
Goldman Sachs (Asia) LLC
2009.9.17
Conference room
Spot investigation
United Securities Co., Ltd.
ICBC Credit Suisse Asset Management Co. Ltd.
Taikang Asset Management Co., Ltd.
CITIC Securities Co., Ltd.
2009.9.22
Conference room
Spot investigation
Minsheng Securities Co., Ltd.
Introduction the disclosed information about operation and production of the Company.
Contents discussed and materials supplied
IV Financial Statement
i Balance Sheet
Prepared by: CSG Holding Co., Ltd. 30 September 2009 Unit: RMB
30 September 2009
31 December 2008
Items
Consolidated
Company
Consolidated
Company
Current assets
Cash in bank and on hand
403,271,697
77,132,142
1,033,779,912
783,242,506
Notes receivable
180,390,444
116,042,491
Accounts receivable
409,859,551
236,576,669
Advances to suppliers
104,694,071
2,901,858
52,940,729
3,257,858
Dividends receivable
388,946,343
120,450,718
Other receivables
16,452,310
507,224,244
34,964,981
777,038,513
Inventories
351,656,713
325,701,374
Total current assets
1,466,324,786
976,204,587
1,800,006,156
1,683,989,595
-6-CSG HOLDING CO., LTD. The Third Quarter Report 2009
Non-current assets
Available-for-sale financial assets
7,104,703
7,104,703
12,930,101
12,930,101
Long-term receivables
1,361,693,440
1,143,041,204
Long-term equity investments
27,200,000
3,028,185,623
27,200,000
2,791,009,616
Fixed assets
8,246,742,479
18,947,054
5,543,400,908
19,265,605
Construction in progress
620,380,940
2,620,093,574
Intangible assets
337,709,209
1,791,701
307,948,344
1,841,813
Goodwill
34,375,556
3,039,946
Deferred tax assets
52,394,717
61,442,037
Total non-current assets
9,325,907,604
4,417,722,521
8,576,054,910
3,968,088,339
Total assets
10,792,232,390
5,393,927,108
10,376,061,066
5,652,077,934
Current liabilities
Short-term borrowings
2,428,015,247
1,039,548,200
2,797,063,550
1,603,580,700
Notes payable
409,151,347
289,673,653
Accounts payable
1,001,621,307
743,432,885
Advances from customers
135,473,765
94,964,995
Employee benefits payable
65,205,440
33,393,546
40,005,228
2,710,000
Taxes payable
44,877,166
4,748,158
56,000,228
78,062
Interest payable
5,520,244
454,600
20,962,915
4,754,642
Dividends payable
3,060,505
3,060,505
3,212,152
3,212,152
Other payables
126,744,521
102,240,117
228,839,483
230,117,203
Current portion of non-current liabilities
23,112,906
83,968,751
Other current liabilities
5,187,829
10,914,222
Total current liabilities
4,247,970,277
1,183,445,126
4,369,038,062
1,844,452,759
Non-current liabilities
Long-term borrowings
1,169,451,055
1,142,128,258
Special payables
1,362,500
2,100,000
Deferred tax liabilities
4,810,730
4,777,606
Other non-current liabilities
54,303,750
45,000,000
Total non-current liabilities
1,229,928,035
1,194,005,864
Total liabilities
5,477,898,312
1,183,445,126
5,563,043,926
1,844,452,759
Owners' equity
Paid-in capital
1,223,738,124
1,223,738,124
1,237,103,124
1,237,103,124
Capital surplus
2,119,434,860
2,162,458,669
2,067,761,896
2,107,751,509
Less: Treasury stock
262,500
262,500
12,952,500
12,952,500
Surplus reserve
391,040,358
391,040,358
391,040,358
391,040,358
Undistributed profits
1,318,581,024
433,507,331
863,352,524
84,682,684
Translation difference of foreign currency financial
-1,254,083
-1,698,863 statements
Total equity attributable to equity holders of the
5,051,277,783
4,210,481,982
4,544,606,539
3,807,625,175Company
Minority interest
263,056,295
268,410,601
Total owners' equity
5,314,334,078
4,210,481,982
4,813,017,140
3,807,625,175
Total liabilities and owner’s equity
10,792,232,390
5,393,927,108
10,376,061,066
5,652,077,934
-7-CSG HOLDING CO., LTD. The Third Quarter Report 2009
ii Income Statement from July to September 2009
Prepared by: CSG Holding Co., Ltd. July to September in 2009 Unit: RMB
July to September in 2009
July to September in 2008
Items
Consolidated
Company
Consolidated
Company
1. Total revenue
1,481,782,225
1,142,409,359
72,000
Incl. Revenue
1,481,782,225
1,142,409,359
72,000
2. Total cost
1,127,448,759
4,685,237
991,757,773
30,411,186
Incl. Cost of sales
926,331,704
804,886,826
3,715
Taxes and surcharges
1,208,660
1,103,416
Selling and distribution expenses
66,427,977
53,489,563
General and administrative expenses
110,497,970
15,169,699
93,285,926
25,075,382
Financial expenses – net
21,453,894
-10,484,462
39,707,682
5,332,089
Asset impairment losses
1,528,554
-715,640
Add: Investment income
12,114,733
14,607,566
-877,338
-877,339
3. Operating profit (“-“ for loss)
366,448,199
9,922,329
149,774,248
-31,216,525
Add: Non-operating income
17,908,021
2,450,000
16,391,726
Less: Non-operating expenses
902,897
386,769
Including: Loss on disposal of non-current assets
578,838
210,203
4. Total profit (“-“ for loss)
383,453,323
12,372,329
165,779,205
-31,216,525
Less: Income tax expenses
42,373,693
11,669,915
5. Net profit (“-“ for net loss)
341,079,630
12,372,329
154,109,290
-31,216,525
Attributable to equity holders of the Company
316,442,327
135,280,293
Minority interest
24,637,303
18,828,997
6. Earnings per share
(1) Basic
0.26
0.11
(2) Diluted
0.26
0.11
7. Other complex income
-7,698,294
-6,757,532
-7,347,203
-5,292,849
8. Total complex income
333,381,336
5,614,797
146,762,087
-36,509,374
Attributable to equity holders of the Company
308,744,033
5,614,797
127,933,090
-36,509,374
Attributable to equity holders of minority interest
24,637,303
0
18,828,997
0
iii Income Statement from January to September 2009
Prepared by: CSG Holding Co., Ltd. January to September in 2009 Unit: RMB
January to September in 2009
January to September in 2008
Items
Consolidated
Company
Consolidated
Company
1. Total revenue
3,547,329,604
3,274,186,451
72,000
Incl. Revenue
3,547,329,604
3,274,186,451
72,000
2. Total cost
2,901,833,100
28,684,611
2,675,353,385
44,211,181
Incl. Cost of sales
2,345,420,473
2,247,861,748
3,715
Taxes and surcharges
3,997,445
3,122,282
Selling and distribution expenses
177,588,297
159,794,094
General and administrative expenses
298,031,992
51,821,967
238,063,329
43,322,059
Financial expenses – net
75,144,972
-23,137,356
34,900,515
885,407
-8-CSG HOLDING CO., LTD. The Third Quarter Report 2009
Asset impairment losses
1,649,921
-8,388,583
Add: Investment income
19,054,303
497,434,433
43,557,475
361,158,012
3. Operating profit (“-“ for loss)
664,550,807
468,749,822
642,390,541
317,018,831
Add: Non-operating income
33,074,548
2,452,600
26,751,343
2,189,913
Less: Non-operating expenses
2,205,067
3,963
7,397,714
Including: Loss on disposal of non-current assets
695,899
3,963
3,544,419
4. Total profit (“-“ for loss)
695,420,288
471,198,459
661,744,170
319,208,744
Less: Income tax expenses
65,364,296
47,944,100
5. Net profit (“-“ for net loss)
630,055,992
471,198,459
613,800,070
319,208,744
Attributable to equity holders of the Company
577,602,312
545,133,926
Minority interest
52,453,680
68,666,144
6. Earnings per share:
(1) Basic
0.47
0.45
(2) Diluted
0.47
0.45
7. Other complex income
-2,654,065
-3,098,844
-28,521,543
-24,051,565
8. Total complex income
627,401,927
468,099,615
585,278,527
295,157,179
Attributable to equity holders of the Company
574,948,247
468,099,615
516,612,383
295,157,179
Attributable to equity holders of minority interest
52,453,680
0
68,666,144
0
iv Cash Flow Statement
Prepared by: CSG Holding Co., Ltd. January to September in 2009 Unit: RMB
January to September in 2009
January to September in 2008
Items
Consolidated
Company
Consolidated
Company
1. Cash flows from operating activities
Cash received from sales of goods or rendering of
3,865,976,685
3,632,051,295 services
-
Refund of taxes and levies
14,090,955
10,181,940
Cash received relating to other operating activities
60,176,232
666,285,735
45,099,197
654,591,668
Sub-total of cash inflows
3,940,243,872
666,285,735
3,687,332,432
654,591,668
Cash paid for goods and services
2,112,538,113
2,115,071,924
Cash paid to and on behalf of employees
288,806,693
9,663,182
317,217,908
37,687,461
Payments of taxes and levies
308,011,820
255,670
293,440,460
442,492
Cash paid relating to other operating activities
176,985,445
591,097,320
280,684,905
424,443,490
Sub-total of cash outflows
2,886,342,071
601,016,172
3,006,415,197
462,573,443
Net cash flows from operating activities
1,053,901,801
65,269,563
680,917,235
192,018,225
2. Cash flows from investing activities
Cash received from disposal of investments
20,268,227
20,268,227
223,548,654
317,661,061
Cash received from returns on investments
1,516,000
204,511,340
288,268,038
Net cash received from disposal of fixed assets,
1,812,769
-intangible assets and other long-term assets
6,654,351
Cash received relating to other investing activities
146,329,058
31,098,531
Sub-total of cash inflows
169,926,054
255,878,098
230,203,005
605,929,099
Cash paid to acquire fixed assets, intangible assets and
978,924,242
1,970,074
2,140,454,859
835,463other long-term assets
Cash paid to acquire investments
197,220,000
108,106,684
523,329,039
20,280,000
Net cash received from subsidiaries and other
-9-CSG HOLDING CO., LTD. The Third Quarter Report 2009
Cash paid relating to other investing activities
21,926,192
815,000,000
Sub-total of cash outflows
999,204,242
199,190,074
2,270,487,735
1,339,164,502
Net cash flows for investing activities
-829,278,188
56,688,024
-2,040,284,730
-733,235,403
3. Cash flows from financing activities
Cash received from capital contributions
440,181,200
421,621,200
Including: Cash received from capital contributions
-
18,560,000 by minority shareholders of subsidiaries
Cash received from borrowings
3,608,266,619
1,362,513,800
6,489,649,579
2,624,702,440
Cash received form other financing activities
610,912,665
615,100,000
Sub-total of cash inflows
4,219,179,284
1,977,613,800
6,929,830,779
3,046,323,640
Cash repayments of borrowings
4,010,847,970
1,926,504,000
5,236,255,844
2,174,243,480
Cash payments for interest expenses and distribution of
339,711,172
149,422,461
367,927,966
203,078,905dividends or profits
Including: Cash payments for dividends or profit to
64,416,978
54,088,127 minority shareholders of subsidiaries
-
Cash payments relating to other financing activities
114,671,700
114,671,700
679,039,871
515,460,000
Sub-total of cash outflows
4,465,230,842
2,190,598,161
6,283,223,681
2,892,782,385
Net cash flows from financing activities
-246,051,558
-212,984,361
646,607,098
153,541,255
4. Effect of foreign exchange rate changes on cash and
1,832,396
16,410
-9,280,477
-133,479cash equivalents
5. Net increase in cash and cash equivalents
-19,595,549
-91,010,364
-722,040,874
-387,809,402
Add: Cash and cash equivalents at beginning of year
394,923,631
168,142,506
1,259,606,553
607,076,960
6. Cash and cash equivalent at end of year
375,328,082
77,132,142
537,565,679
219,267,558
v Auditors’ Report
Auditors’ opinions: Un-audited
Board of Directors of
CSG Holding Co., Ltd.
16 October 2009
-10-
