Shenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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Shenzhen China Bicycle Company (Holdings) Limited
The First Quarterly Report 2010 (Full Text)
§1. Important Notes
1.1 Board of Directors and the Supervisory Committee of Shenzhen China Bicycle Company
(Holdings) Limited (hereinafter referred to as the Company) and its directors, supervisors and
senior executives hereby confirm that there are no any fictitious statements, misleading statements,
or important omissions carried in this report, and shall take all responsibilities, individual and/or
joint, for the reality, accuracy and completion of the whole contents.
1.2 The First Quarterly Financial Report of 2010 has not been audited by CPAs.
1.3 Director Mr. Liu Linfeng was absent from the board meeting due to go on business outside, but
authorized to entrust Director Mr. Yang Fenbo to attend and exert voting rights on behalf;
Independent Director Ms. Zhang Xinmiao was absent from the board meeting due to other works,
but authorized to entrust Independent Director Mr. Shao Liangzhi to attend and exert voting rights
on behalf.
1.4 Person in Charge of the Company Mr. Li Gang, Person in Charge of Accounting Works Mr.
Wang Cheng and Person in Charge of Accounting Organ (Accounting Supervisor) Mr. Sun
Longlong hereby confirm that the Financial Report of the First Quarterly Report is true and
complete.
§2. Company Profile
2.1 Main accounting highlights and financial indexes:
Unit: RMB
At the end of the report
period
At the period-end of the
last year
Changes of
increase/decrease (%)
Total assets (RMB) 181,382,923.98 169,696,420.47 6.89%
Owners’ equity attributable to
shareholders of the listed company
(RMB)
-1,889,859,693.85 -1,861,014,519.67 1.55%
Share capital (Share) 551,347,947.00 479,433,003.00 15.00%
Net asset per share attributable to
shareholders of listed company
(RMB/Share)
-3.4277 -3.8817 -11.70%
In the report period The same period of last
year
Changes of
increase/decrease (%)
Total operating income (RMB) 49,006,540.55 52,824,020.96 -7.23%
Net profit attributable to shareholders of
the listed company (RMB) -28,845,174.18 -29,651,782.19 -2.72%
Net cash flow arising from operating
activities (RMB) 8,246,599.66 7,001,509.35 17.78%
Net cash flow arising from operating
activities per share (RMB/Share) 0.0150 0.0146 2.74%
Basic earnings per share (RMB/Share) -0.0523 -0.0618 -15.37%
Diluted earnings per share (RMB/Share) -0.0523 -0.0618 -15.37%
Weighted average return on equity (%)Shenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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Weighted average return on equity after
deducting non-recurring gains and losses
(%)
Items of non-recurring gains and losses
Amount from
year-begin to the end
of report period
Other non-operating income and expenditure except for the aforementioned
items 60,145.10
Total 60,145.10
Explanations on items of significant non-recurring gains and losses
Naught
2.2 Total number of shareholders at the end of the report period and shares held by the top ten
shareholders with unrestricted conditions
Unit: Share
Total number of shareholders
at the end of report period
41,532
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Full name of shareholder
Amount of tradable shares with
unrestricted conditions held at the
end of report period
Type of shares
GUOTAI JUNAN
SECURITIES(HONGKONG) LIMITED 11,053,420 Domestically listed foreign shares
Shenzhen New Land Tool Consultants
PTE. LTD. 10,209,170 RMB common share
Rao Weishuang 2,513,210 Domestically listed foreign shares
CMS Asset Management (HK) Co., Ltd. 2,420,985 Domestically listed foreign shares
TANG JING YUAN 2,213,175 Domestically listed foreign shares
Wang Ruisheng 2,063,362 RMB common share
Lin Shaowei 1,962,336 Domestically listed foreign shares
Zhang Huiling 1,901,196 Domestically listed foreign shares
Zhou Jinshui 1,891,683 RMB common share
Xu Wanqi 1,478,787 Domestically listed foreign shares
§3. Significant Events
3.1 Particulars about material changes in items of main accounting statement and financial index,
and explanations of reasons
√Applicable □Inapplicable
1. Monetary fund: increased 37.09% compared with that in period-begin, which was mainly due to
increases in payment for goods received in advance of Emmelle Company;
2. Inventory: increased 21.27% compared with that in period-begin, which was mainly due to
increase in inventory reserve for sales midseason by Emmelle Company;Shenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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3. Account received in advance: increased 35.51% compared with that in period-begin, which was
mainly due to increases in payment for goods received in advance of Emmelle Company;
4. Interest payable: increased 14.41% compared with that in period-begin, which was mainly due to
interests of financial debts withdrawn in the report period;
5. Paid-in capital (share capital): increased 15.00% compared with that in period-begin, which was
mainly due to conversion of capital reserve into share capital in the report period;
6. Capital reserve: decreased 15.68% compared with that in period-begin, which was mainly due to
conversion of capital reserve into share capital in the report period.
3.2 Analysis and explanation of significant events and their influence and solutions
√Applicable □Inapplicable
I. Explanations of the Board of Directors about 2009 Financial Report of the Company with the
disclaimer of opinions issued by Shenzhen Pengcheng Certified Public Accountants Co., Ltd.:
Shenzhen Pengcheng Certified Public Accountants Co., Ltd. offered 2009 Financial Report with the
disclaimer of opinion. Due to that the debt restructuring work of the Company had not been
completely finished in 2009, so risk of bearing huge debt still remained with many significant
uncertainties. The CPAs was not able to offer opinion on the financial debt, tax payable, contingent
proceedings, lawsuits and sustainable operation.
In light of that, the Board of the Company made the following explanations:
i. Financial debt
Shenzhen Pengcheng CPAs held that: the letters replied from the financial creditors for the inquiry
showed that the Company missed to record an interest balance totaling to RMB 211,053,921.33, and
some letters were replied without confirmation on interest for the principal of loans totaling to RMB
76,170,169.82, and principal of loans which haven’t been replied totaled to RMB 82,230,832.77, so it
was not available to confirm influence on financial statement by financial debt.
The Company provided explanation in Note 10 for details of interest confirmation balance: when
some creditors implemented the document ((2004) No.6) released by China Committee on Bank
Supervision, they had different understanding on this document with the Company. The document
noticed that: Bank of China and other 11 financial organizations stop calculating the interest of the
Company for 3 years since Jan 1st of 2002 and at the same time, exempt all the interest payable of the
Company (including penalty interest and compound interest) occurred before Dec 31st of 2001.
Some assets management companies and banks considered that the Company was expected to return
the interest exempted and stop-calculated, and some assets management companies had not
confirmed the proceeding of interest calculation. The Company had transferred all the interest of
loans payable owed before Dec 31st of 2001, RMB 357,993,665.24, (including penalty interest and
compound interest) to capital public reserve. Interest was stopped with calculation from Jan 1st of
2002 to Dec 31st of 2004. The exempt term was due on Dec 31st of 2004. The Company held it was
not necessary for him to return the interest exempted and stop-calculated, so when the term was due,
the Company started to withdraw interest according to normal loan for those interests which needed
to be returned. The stop-calculated interest and compound interest from Jan 1st of 2002 to Dec 31st of
2004 was not accrued. The company began to accrued interest till the interest-ceasing period ended.
Besides, the financial debt of the Company was formed in history which had occurred for a long time
and the amount of period–end had not changed for years. Body qualification of some creditors had
been transferred and the particular personnel for handling had also changed, so the creditors needed
time to check clearly the amount of creditor and debt of both involved parties and that was why some
creditors had not replied the letters to confirm.
The Company would continuously advance the account-check work with the relevant creditors of
financial debt, trying as soon as possible to check clearly the interest on principal of the financial
debt. Once progress is made, relevant information would be disclosed according to relevantShenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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regulation.
ii. Issues on tax payable
Shenzhen Pengcheng Certified Public Accountants Co., Ltd. thought that: in the audit process, the
CPAs implemented audit procedures including inspection and inquiry, inquiring book tax amount
payable, custom guarantee and penalty balance totaling to RMB 118,913,018.88. Until the audit
report day, no reply has been received, so it was impossible for us to confirm the influence on
financial statement of the Company.
Due to the Company’s tax payable was formed in the past, which had a long time, forming reasons
were complex, personnel of specific affairs had changed, and tax department needed time to check
clear the debts rights and amounts of both sides, therefore, we are not able to receive confirmation
letter from tax department. According to the regulations in Administration of Tax Collection
regulated by the State, it is possible to repay the penalties and overdue fine. The Company will
continue to follow up the work of checking account of tax department, check clear the amount of tax
payable as soon as possible, and will disclose information according to the requirements of relevant
regulations if there is some progress.
iii. Contingent events and lawsuits
Shenzhen Pengcheng Certified Public Accountants believed that: card information for loans of the
Company was not accordant because of system updating and other seasons; during the auditing, the
CPAs made field verification in relevant courts involved in lawsuits for external guarantee and
overdue loans of the Company as substitute audit procedure, while no confirmation document had
been obtained from the relevant courts. Besides, due to that it was hard to implement other effective
audit procedures, it was unable for us to judge whether the Company had disclosed complete
contingent events and lawsuits, and impacts on its financial statement.
The historically formed loan and guarantee lawsuit had existed rather long time; in the report period,
there was no newly-added undisclosed guarantee events and lawsuits; part courts in charge of those
lawsuits changed, and specific responsible people also altered; the court needs time to check details
and amount of the case, so the court didn’t write back for confirmation. The Company will continue
follow up the check work by certified public accountants with related courts, and checks clear the
contingent events and lawsuits as soon as possible. If there is any progress, information disclosure
will be made according to requirements of relevant regulations.
iv. Matters on sustainable operations
Shenzhen Pengcheng Certified Public Accountants thought that, the Company’ asset could seriously
not offset the debt; and could not be able to get adequate and proper audit evidence to confirm it
could effectively improve the continuous operations of the Company; thus, we could not judge
whether the financial report 2009 prepared by the Company based on imagined continuous
operations was proper. Thus the Company and its largest creditor took the following measurements:
Since March 2003, the promotion on debt restructuring by the former largest creditor of the
Company-China Huarong Asset Management Corporation acquired a certain development, China
Banking Regulatory Commission and relevant departments approved to exempt and stop all the
interests of the financial debts the Company owed ended Dec.31, 2004.
The Company and International Finance Corporation signed Reconciled Agreement on Mar 29th of
2007, in which it was agreed to settle all the credits and liabilities between the two parties with USD
equivalent to RMB 2 million. The liabilities amount was consisted of principal approximately
amounting to USD 3.87 million and an accrued interest approximately amounting to RMB 42.78
million.
On Dec. 30, 2006, China Huarong Asset Management Corporation transferred its creditor right to
Shenzhen Guocheng Energy Investment Development Co., Ltd (hereinafter Guocheng Energy
Company for short). Guocheng Energy Company now was actively promoting the restructuring
works on relevant debts and got certain development. Regarding the largest shareholder and creditor
had changed and new bankruptcy law was conducted, in Jan. of 2010, Guocheng Energy CompanyShenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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applied to Shenzhen Intermediate People’s Court for restructuring of the Company according to the
regulations of Bankruptcy Law, with goal of resuming and further improving sustainable operating
ability through restructuring. Presently the court has been checking up. Guocheng Energy Company
agreed to stop calculation of RMB 47,802,400 of loan interest of 2009 as well as loan interest of the
following years after this year.
Along with the promotion of debt restructuring the main business of the Company also realized
stable development and continuously profited. Pressure of short-term payment of the Company had
largely decreased, and constant operation ability got a certain improvement. The Board of Directors
of the Company thought that with constant development of the implementation of debt and assets
restructuring, the operating environment, operating situation and constant operating ability of the
Company would be improved further.
II. Matters on share merger reform:
In the report period, the Company tried to promote the Share Merger Reform. With active
cooperation and coordination of the board and management team and shareholders, the share merger
reform of the Company obtained breakthrough progress and cleaned off various obstacles; directional
conversion of capital reserve into share capital and the share merger reform prospectus of the
Company have been implemented on March 18, 2010 and the A-shares of the Company resumed
trading on the same day.
III. Matters on bankruptcy and restructuring
On Jan. 14th of 2010, largest shareholder of the Company -- Shenzhen Guocheng Energy Investment
Development Co., Ltd. applied to Shenzhen Intermediate People’s Court for restructuring of the
Company according to the regulations of Bankruptcy Law, with goal of resuming sustainable
operating ability through restructuring. Presently the court has been checking up.
3.3 Implementations of commitments by the Company, shareholders and actual controller
□Applicable √Inapplicable
3.4 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
Prediction of
performances Losses
Year-begin to the end of
next report period
The same period of
last year Change of increase/decrease (%)
Estimated amount of
accumulative net
profit(RMB’0000)
-5,500.00 -5,640.26 Declined 2.49
Basic earnings per
share(RMB/Share) -0.0998 -0.1175 Declined 15.06
Explanations on prediction
of performances
It is predicted that the accumulative net profit in first half year was losses of RMB 55
million and no great changes over the same period of last year; earnings per share
changed due to increase of share capitals.
3.5 Other significant events which need explanations
3.5.1 Particulars about securities investment
□Applicable √Inapplicable
3.5.2 Registration form for receiving research, communication and interview in the report period
Date Place Way The received Contents discussed andShenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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parties materials supplied
Jan.-March,
2010
Office of the
Company
Communications
by telephone
Tradable
shareholder
Progresses of Share Merger
Reform and debts
restructuring of the Company
3.5.3 Particulars about the explanations on other significant events
□Applicable √Inapplicable
3.6 Particulars about derivatives investment
□Applicable √Inapplicable
3.6.1 Particulars about derivatives investment held at the end of report period
□Applicable √Inapplicable
§4. Appendix
4.1 Balance sheet
Prepared by Shenzhen China Bicycle Company (Holdings) Limited March 31, 2010 Unit: RMB
Balance at period-end Balance at year-begin
Items Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 30,479,024.73 391,380.49 22,232,425.07 365,121.06
Settlement provisions
Capital lent
Transaction finance asset
Notes receivable 6,159,319.00 5,800,000.00
Accounts receivable 1,150,764.80 4,901,891.08 413,823.13 4,840,655.31
Accounts paid in
advance 257,376.41 195,298.09
Insurance receivable
Reinsurance receivables
Contract reserve of
reinsurance receivable
Interest receivable
Dividend receivable
Other receivables 22,345,686.10 41,029,572.59 24,221,035.93 44,469,377.15
Purchase restituted
finance asset
Inventories 39,490,732.45 20,226,033.91 32,564,369.59 20,240,562.11
Non-current asset due
within one year
Other current assets
Total current assets 99,882,903.49 66,548,878.07 85,426,951.81 69,915,715.63Shenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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Non-current assets:
Granted loans and
advances
Finance asset available
for sales
Held-to-maturity
investment
Long-term account
receivable
Long-term equity
investment 2,619,840.50 2,619,840.50 2,619,840.50 2,619,840.50
Investment property 30,158,298.16 30,158,298.16 31,399,514.80 31,399,514.80
Fixed assets 22,620,308.04 21,867,056.83 23,932,824.06 23,131,963.21
Construction in progress
Engineering material
Disposal of fixed asset
Productive biological
asset
Oil and gas asset
Intangible assets 26,101,573.79 26,101,573.79 26,317,289.30 26,317,289.30
Expense on Research
and Development
Goodwill
Long-term expenses to
be apportioned
Deferred income tax
asset
Other non-current asset
Total non-current asset 81,500,020.49 80,746,769.28 84,269,468.66 83,468,607.81
Total assets 181,382,923.98 147,295,647.35 169,696,420.47 153,384,323.44
Current liabilities:
Short-term loans 395,258,674.95 338,439,223.11 395,326,572.82 338,507,120.98
Loan from central bank
Absorbing deposit and
interbank deposit
Capital borrowed
Transaction financial
liabilities
Notes payable
Accounts payable 138,762,958.63 156,310,942.68 125,874,371.36 155,610,619.08
Accounts received in
advance 31,280,208.68 10,664,592.85 23,083,981.59 10,664,592.85
Selling financial asset of
repurchase
Commission charge and
commission payable
Wage payable 2,068,896.76 1,408,426.50 5,268,781.80 4,099,102.35
Taxes payable 95,810,530.56 94,821,454.03 96,149,009.88 94,821,236.83
Interest payable 189,737,516.94 189,737,516.94 165,838,645.23 165,838,645.23Shenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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Dividend payable
Other accounts payable 168,155,908.70 128,366,302.04 168,836,440.31 126,959,911.53
Reinsurance payables
Insurance contract
reserve
Security trading of
agency
Security sales of agency
Non-current liabilities
due within 1 year 870,352,867.60 870,352,867.60 870,518,082.14 870,518,082.14
Other current liabilities 726,612.09 726,612.09 726,612.09 726,612.09
Total current liabilities 1,892,154,174.91 1,790,827,937.84 1,851,622,497.22 1,767,745,923.08
Non-current liabilities:
Long-term loans
Bonds payable
Long-term account
payable
Special accounts payable
Projected liabilities 179,088,442.92 179,088,442.92 179,088,442.92 179,088,442.92
Deferred income tax
liabilities
Other non-current
liabilities
Total non-current liabilities 179,088,442.92 179,088,442.92 179,088,442.92 179,088,442.92
Total liabilities 2,071,242,617.83 1,969,916,380.76 2,030,710,940.14 1,946,834,366.00
Owner’s equity (or
shareholders’ equity):
Paid-in capital (or share
capital) 551,347,947.00 551,347,947.00 479,433,003.00 479,433,003.00
Capital public reserve 386,781,031.55 386,781,031.55 458,695,975.55 458,695,975.55
Less: Inventory shares
Reasonable reserve
Surplus public reserve 32,673,227.01 32,673,227.01 32,673,227.01 32,673,227.01
Provision of general risk
Retained profit -2,860,661,899.41 -2,793,422,938.97 -2,831,816,725.23 -2,764,252,248.12
Balance difference of
foreign currency translation
Total owner’s equity
attributable to parent
company
-1,889,859,693.85 -1,822,620,733.41 -1,861,014,519.67 -1,793,450,042.56
Minority interests
Total owner’s equity -1,889,859,693.85 -1,822,620,733.41 -1,861,014,519.67 -1,793,450,042.56
Total liabilities and owner’s
equity 181,382,923.98 147,295,647.35 169,696,420.47 153,384,323.44
4.2 Profit statement
Prepared by Shenzhen China Bicycle Company (Holdings) Limited Jan.-Mar. 2010 Unit: RMBShenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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Amount in this period Amount in last period
Items Consolidation Parent Company Consolidation Parent
Company
I. Total operating income 49,006,540.55 3,258,692.35 52,824,020.96 3,064,884.12
Including: Operating income 49,006,540.55 3,258,692.35 52,824,020.96 3,064,884.12
Interest income
Insurance gained
Commission charge and commission
income
II. Total operating cost 77,911,859.83 32,503,208.30 82,382,983.03 31,790,188.67
Including: Operating cost 46,681,090.46 2,787,671.88 50,626,053.58 2,078,119.99
Interest expense
Commission charge and commission
expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras 34,950.44 35,961.65
Sales expenses 1,075,890.21 1,107,952.46 242,795.77
Administration expenses 6,465,768.15 6,051,432.96 6,524,401.82 5,386,265.78
Financial expenses 23,654,160.57 23,664,103.46 24,088,613.52 24,083,007.13
Losses of devaluation of asset
Add: Changing income of fair
value(Loss is listed with “-”)
Investment income (Loss is listed
with “-”)
Including: Investment income on
affiliated company and joint venture
Exchange income (Loss is listed with
“-”)
III. Operating profit (Loss is listed with
“-”) -28,905,319.28 -29,244,515.95 -29,558,962.07 -28,725,304.55
Add: Non-operating income 90,825.10 90,825.10 48,176.13 48,176.13
Less: Non-operating expense 30,680.00 17,000.00 11,481.34 11,481.34
Including: Disposal loss of
non-current asset
IV. Total Profit (Loss is listed with “-”) -28,845,174.18 -29,170,690.85 -29,522,267.28 -28,688,609.76
Less: Income tax
V. Net profit (Net loss is listed with “-”) -28,845,174.18 -29,170,690.85 -29,522,267.28 -28,688,609.76
Net profit attributable to owner’s
equity of parent company -28,845,174.18 -29,170,690.85 -29,651,782.19 -28,688,609.76
Minority shareholders’ gains and
losses 129,514.91
VI. Earnings per shareShenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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i. Basic earnings per share -0.0523 -0.0529 -0.0618 -0.0598
ii. Diluted earnings per share -0.0523 -0.0529 -0.0618 -0.0598
VII. Other consolidated income 0.00
VIII. Total consolidated income -28,845,174.18 -29,170,690.85 -29,522,267.28 -28,688,609.76
Total consolidated income attributable to
owners of parent company -28,845,174.18 -29,170,690.85 -29,651,782.19 -28,688,609.76
Total consolidated income attributable to
minority shareholders 129,514.91
4.3 Cash flow statement
Prepared by Shenzhen China Bicycle Company (Holdings) Limited Jan.-Mar. 2010 Unit: RMB
Amount in this period Amount in last period
Items Consolidation Parent Company Consolidation Parent
Company
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor services 35,827,663.70 37,590,208.52
Net increase of customer deposit and
interbank deposit
Net increase of loan from central bank
Net increase of capital borrowed from
other financial institution
Cash received from original insurance
contract fee
Net cash received from reinsurance
business
Net increase of insured savings and
investment
Net increase of disposal of transaction
financial asset
Cash received from interest, commission
charge and commission
Net increase of capital borrowed
Net increase of returned business
capital
Write-back of tax received
Other cash received concerning
operating activities 4,382,614.47 5,579,424.15 5,762,699.75 4,498,576.34
Subtotal of cash inflow arising from
operating activities 40,210,278.17 5,579,424.15 43,352,908.27 4,498,576.34
Cash paid for purchasing commodities
and receiving labor service 20,462,925.76 25,615,020.46
Net increase of customer loans and
advances
Net increase of deposits in central bank
and interbank
Cash paid for original insurance
contract compensation
Cash paid for interest, commission
charge and commissionShenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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Cash paid for bonus of guarantee slip
Cash paid to/for staff and workers 5,834,301.60 422,325.98 4,172,659.08 285,195.24
Taxes paid 1,026,037.04 422,747.79 1,129,333.41 692,125.29
Other cash paid concerning operating
activities 4,640,414.11 4,708,090.95 5,434,385.97 3,507,964.89
Subtotal of cash outflow arising from
operating activities 31,963,678.51 5,553,164.72 36,351,398.92 4,485,285.42
Net cash flows arising from operating
activities 8,246,599.66 26,259.43 7,001,509.35 13,290.92
II. Cash flows arising from investing
activities:
Cash received from recovering
investment
Cash received from investment income
Net cash received from disposal of
fixed, intangible and other long-term assets
Net cash received from disposal of
subsidiaries and other units
Other cash received concerning
investing activities 6,000,000.00
Subtotal of cash inflow from investing
activities 6,000,000.00
Cash paid for purchasing fixed,
intangible and other long-term assets
Cash paid for investment
Net increase of mortgaged loans
Net cash received from subsidiaries and
other units
Other cash paid concerning investing
activities
Subtotal of cash outflow from investing
activities
Net cash flows arising from investing
activities 6,000,000.00
III. Cash flows arising from financing
activities
Cash received from absorbing
investment
Including: Cash received from
absorbing minority shareholders’ investment
by subsidiaries
Cash received from loans
Cash received from issuing bonds
Other cash received concerning
financing activities
Subtotal of cash inflow from financing
activities
Cash paid for settling debts
Cash paid for dividend and profit
distributing or interest paying
Including: Dividend and profit of
minority shareholder paid by subsidiaries
Other cash paid concerning financingShenzhen China Bicycle Company (Holdings) Limited The First Quarterly Report 2010 (Full Text)
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activities
Subtotal of cash outflow from financing
activities
Net cash flows arising from financing
activities
IV. Influence on cash and cash equivalents
due to fluctuation in exchange rate 4.02
V. Net increase of cash and cash equivalents 8,246,599.66 26,259.43 13,001,513.37 13,290.92
Add: Balance of cash and cash
equivalents at the period -begin 22,232,425.07 365,121.06 10,086,599.53 417,444.51
VI. Balance of cash and cash equivalents at
the period -end 30,479,024.73 391,380.49 23,088,112.90 430,735.43
4.4 Auditor’s report
Auditor’s opinions: Un-audited
The Board of Directors of
Shenzhen China Bicycle Company (Holdings) Limited
April 27 2010
