Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
Shenzhen China Bicycle Company (Holdings) Limited
The First Quarterly Report 2012 (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 Other directors attended the meeting on examining the First Quarterly except for the following
directors.
Name of absent
Title Reason of absence Name of entrusted
directors
Yao Zhengwang Director Went on business outside, Zhang Zebing
1.3 The First Quarterly Financial Report of 2012 has not been audited by CPAs.
1.4 Person in Charge of the Company Luo Guiyou, Person in Charge of Accounting Works Zhang
Zebing and Person in Charge of Accounting Organ (Accounting Supervisor) 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 At the period-end of the Changes of
period last year increase/decrease (%)
Total assets (RMB) 145,061,039.18 135,746,630.93 6.86%
Owners’ equity attributable to
shareholders of the listed company -1,690,397,235.31 -1,682,839,667.48 -0.45%
(RMB)
Total share capital (Share) 551,347,947.00 551,347,947.00 0.00%
Net asset per share attributable to
shareholders of listed company -3.07 -3.05 -0.45%
(RMB/Share)
The same period of last Changes of
In the report period
year increase/decrease (%)
Total operating income (RMB) 41,879,893.15 55,263,134.64 -24.22%
Net profit attributable to shareholders of
-15,778,280.10 -12,150,753.18 29.85%
the listed company (RMB)
Net cash flow arising from operating
-1,167,450.59 7,503,023.21 -115.56%
activities (RMB)
Net cash flow arising from operating
-0.0021 0.0136 -115.44%
activities per share (RMB/Share)
Basic earnings per share (RMB/Share) -0.0286 -0.0220 -30.00%
Diluted earnings per share (RMB/Share) -0.0286 -0.0220 -30.00%
Weighted average return on equity (%)
Weighted average return on equity after
deducting non-recurring gains and losses
(%)
Items of non-recurring gains and losses
□Applicable √Inapplicable
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
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
39,178
at the end of report period
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Amount of tradable shares
with unrestricted
Full name of shareholder Type of shares
conditions held at the end
of report period
Shenzhen Kangsheng Investment Development
5,972,500 RMB ordinary shares
Co., Ltd.
Jingchao Investment Co., Ltd. 5,001,944 RMB ordinary shares
GUOTAI JUNAN Domestically listed
4,599,164
SECURITIES(HONGKONG) LIMITED foreign shares
Domestically listed
Zeng Yin 4,184,720
foreign shares
Shenzhen Fuwandian Investment Co., Ltd. 2,637,099 RMB ordinary shares
Airline Trust and Investment Co., Ltd. 2,340,000 RMB ordinary shares
Chen Qingtao 2,300,000 RMB ordinary shares
Domestically listed
TANG JING YUAN 2,213,175
foreign shares
Domestically listed
Gao Linyun 1,916,200
foreign shares
Domestically listed
Zhang Huiling 1,883,369
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. Account receivable at period-end decreased by 54.75% over that of period-begin mainly due to
that amount for goods received by subsidiary EMMELLE Company;
2. Inventory at period-end increased by 131.63% over that of period-begin mainly due to that
subsidiary EMMELLE increased commodities preparation;
3. Account received in advance at period-end increased by 52.85% over that of period-begin, mainly
because good amount was received in advance by subsidiary EMMELLE.
4. Financial expenses in this period increased 56.61% y-o-y, mainly because at same period of last
year, RMB show an obviously appreciation against USD, more exchange income generated by USD
debts held by the Company.
5. Profit in this period increase 29.85% deficit y-o-y, mainly because the financial expense in this
period increased.
3.2 Analysis and explanation of significant events and their influence and solutions
3.2.1 Particular about Qualified Opinion
√Applicable □Inapplicable
Shenzhen Pengcheng Certified Public Accountants Co., Ltd. offered 2011 Financial Report with the
disclaimer of opinion.
The Board of Directors agreed the 2011 Auditor’s Report offered by Shenzhen Pengcheng Certified
Public Accountants Co., Ltd. Due to that the debt reorganization work of the Company had not been
completely finished in 2011, so risk of bearing huge debt still remained with many significant
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
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:
(1) 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 amount to RMB
181,975,338.48, and principal of loans which haven’t been replied totaled to RMB 226,142,959.88,
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, which
was audited for year of 2011. 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 10 financial
organizations stop calculating the interest of the Company for 3 years since January 1st of 2002 and at
the same time, exempt all the interest payable of the Company (including penalty interest and
compound interest) occurred before December 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 January 1st
of 2002 to December 31st of 2004. The exempt term was due on December 31st of 2004. The
Company held it was not necessary 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 January 1st of
2002 to December 31st of 2004 was not accrued.
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 relevant
regulation.
(2) 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 119,102，157.65. Till the day of
auditing report, no reply has been received, so it was impossible for the CPAs 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, there was no
newly-increased tax payable in the report period, 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
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
progress.
(3) 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.
(4) Matters on sustainable operations:
Shenzhen Pengcheng Certified Public Accountants thought that, the Company’ asset could seriously
not offset the debt; the measures on the reconciliation procedure of the bankruptcy to settle the debts
had no material progress 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 2011 prepared by the Company based on imagined continuous operations
was proper. Measures from the Company and largest creditor are as followed:
Since March 2002, the promotion on debt restructuring by the former largest creditor of the
Company-China Huarong Asset Management Corporation acquired breakthrough development.
Relevant department such as China Banking Regulatory Commission approved that all the interests
of the financial debts the Company owed ended December 31st, 2004 were exempted and stopped
interest calculation.
The Company and International Finance Corporation signed Reconciled Agreement on March 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 Oct. 15 of 2010, the Company signed the Debts Reconcile Term with Shenzhen Chengxingtai
Investment Co., Ltd which agreed the Company should pay the compensation to Chengxingtai
Company with RMB 14 million thus settled up all the creditor’s right and debts (about RMB 150
million). The above RMB 14 million has been settled up on Nov. 30 of 2010 totally.
On December 30, 2006, China Huarong Asset Management Corporation transferred its creditor right
to Shenzhen Guosheng Energy Investment Development Co., Ltd.( Guosheng Energy Company for
short), relevant debt restructure work have been in promotion by Guosheng Energy Company
recently and obtained certain progress. Due to the change of largest shareholder of the Company and
the implementation of new Bankruptcy Law, Guosheng Energy Company applied to the Shenzhen
Intermediate People’s Court in January 2010 for restructuring the Company according to the
regulation of Bankruptcy Law, with the purpose of recovering and improving the ability of
sustainable operations of the Company. On Dec. 28 of 2010, Shenzhen Intermediate People’s Court
believed that applicants didn’t submit materials such as solution plan both parties accepted which
was formed from settlement of tax income and creditor’s right with tax department, and then ruled
that they didn’t accept application of bankruptcy restructure Shenzhen Guosheng Energy Investment
and Development Co., Ltd raised up. Besides, Guosheng Energy Company agreed to stop accounting
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
RMB 33.6249 million of loan interests in 2011. This item of interests won’t be received in future
years. Previously, Guosheng Energy Company agrees to stop calculating loan interest from 2007 to
2010. In March 2012, Guosheng Energy Company reply a letter to state that agrees to stop
calculating loan interest for year of 2012 (approximately as RMB 33 million), the interest will no
received in later years.
In promoting the work of debt restructure, the Company realized a stable development and profits
continuity in main business. The short-term pressure of payment have been released, the ability of
sustainable operations got a certain improvement. Board of the Company considered that: as the debt
and assets restructure of the Company continuously made progress, the operation environment,
operation status and sustainable operation ability would be improved in future.
3.2.2 Particular about fund offered to shareholder or its related parties by the Company and
external guarantee with procedure violation
□Applicable √Inapplicable
3.2.3 Particular about the significant contract of routine operation signed and implemented
□Applicable √Inapplicable
3.2.4 Other
√Applicable □Inapplicable
I. On 9 March 2012, the Company received Reply to Letter about Applying for Stopping Calculating
2012 Annual Debt Interest of the Company from major shareholder and largest creditor namely
Shenzhen Guosheng Energy Investment Development Co., Ltd (hereinafter referred to as Guosheng
Energy): Guosheng Energy agreed to dismiss 2012 annual interests on RMB 9,124,638.59 and USD
62,829,259.02 of debts held from the Company. Interests which were stopped to be calculated above
won’t be charged again. The above said debt was transferred to Guosheng Energy from former
creditor China Huarong Asset Management Corp., Guosheng Energy discharge the above said debt
interest in previous years. The stopping-calculation of interests on debts could put a positive impact
on sustainable operation of the Company. The Company estimated accrual interest based on RMB
annual loan interest rate 7.74% disclosed at end of December 2007 from Bank of China (no decrease
of accrual interest rate in line with conservatism principle since end of 2007) and USD annual loan
interest rate 8.13% (year of 2000) disclosed in latest period. Interest for whole year of 2012 estimated
approximately amounting to 33 million yuan for the above said debt. The Company will deal with
this account in accordance with relevant accounting policy and relevant rules, and reckoned them in
capital reserve, which will not affect gains and losses of the Company.
II. The Company gradually perfected vary business mechanism of internal control process in line
with “working plan of implementation of internal control”, put business manual of internal control
files into order, completed self-assessment report of internal control for year of 2011 in report period
and every works are carried forwarding in a steady way by the plan.
3.3 Implementations of commitments by the Company, shareholders and actual controller
Commitments make within the report period or persisted to the period by listed company and its
director, supervisor and senior executives, shareholder with over 5 percent shares held and its actual
controller
√Applicable □Inapplicable
Content of
Commitments Promisee Implementation
commitments
Shenzhen Previous
Guosheng non-tradable
Commitments for Share Merger Energy shares are
Complied with the commitments
Reform Developm forbidden to be
ent Co., listed or
Ltd, transferred within
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
Zhuorun 12 months since
Technolog implementation
y Co., Ltd day of reform
plan; once the term
of the former rule
ends, previous
shareholders who
held more than 5%
non-tradable
shares could list
and trade their
non-tradable
shares through
stock exchange.
But the sale
amount can’t take
beyond 5% in total
shares of the
Company within
12 months and
10% within 24
months.
Commitments made in Acquisition
Report or Reports on Change in Naught Naught Naught
Interests
Commitments made in Material
Naught Naught Naught
Assets Reorganization
Commitments made in issuing Naught Naught Naught
Other commitments (including
Naught Naught Naught
additional commitments)
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
□Applicable √Inapplicable
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
Type of Contents discussed and
Date Place Method Investor
investors materials supplied
Communicati
Jan. – March Office of the Tradable Progress of debt reorganization of
2012 ons by Individual
the Company
Company shareholder
telephone
3.6 Particulars about derivatives investment
□Applicable √Inapplicable
3.6.1 Particulars about derivatives investment held at the end of report period
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
□Applicable √Inapplicable
§4. Appendix
4.1 Balance sheet
Prepared by Shenzhen China Bicycle Company (Holdings) Limited
March 31, 2012 Unit: RMB
Balance at period-end Balance at year-begin
Items
Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 23,374,791.82 565,083.14 24,546,601.39 561,283.08
Settlement provisions
Capital lent
Transaction finance
asset
Notes receivable 1,000,000.00
Accounts receivable 1,751,123.29 734,896.60 3,869,919.58 1,014,896.60
Accounts paid in
1,394,153.08 1,588,743.08
advance
Insurance receivable
Reinsurance receivables
Contract reserve of
reinsurance receivable
Interest receivable
Dividend receivable
Other receivables 21,766,143.97 45,719,383.86 25,193,546.89 46,917,137.01
Purchase restituted
finance asset
Inventories 33,148,259.37 9,979,328.67 14,310,428.28 9,943,662.01
Non-current asset due
within one year
Other current assets
Total current assets 81,434,471.53 56,998,692.27 70,509,239.22 58,436,978.70
Non-current assets:
Granted loans and
advances
Finance asset available
for sales
Held-to-maturity
investment
Long-term account
receivable
Long-term equity
2,619,840.50 2,619,840.50 2,619,840.50 2,619,840.50
investment
Investment property 22,236,673.54 22,236,673.54 22,763,296.78 22,763,296.78
Fixed assets 14,394,203.90 14,057,704.52 15,262,689.21 14,905,640.82
Construction in progress
Engineering material
Disposal of fixed asset
Productive biological
asset
Oil and gas asset
Intangible assets 24,375,849.71 24,375,849.71 24,591,565.22 24,591,565.22
Expense on Research
and Development
Goodwill
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
Long-term expenses to
be apportioned
Deferred income tax
asset
Other non-current asset
Total non-current asset 63,626,567.65 63,290,068.27 65,237,391.71 64,880,343.32
Total assets 145,061,039.18 120,288,760.54 135,746,630.93 123,317,322.02
Current liabilities:
Short-term loans 357,982,183.29 319,891,508.37 359,993,573.29 321,902,898.37
Loan from central bank
Absorbing deposit and
interbank deposit
Capital borrowed
Transaction financial
liabilities
Notes payable
Accounts payable 124,856,548.69 126,758,498.84 116,792,484.21 126,706,858.84
Accounts received in
24,177,639.69 10,664,592.85 15,817,538.51 10,664,592.85
advance
Selling financial asset of
repurchase
Commission charge and
commission payable
Wage payable 2,940,849.40 1,837,459.95 4,093,942.70 2,418,776.27
Taxes payable 94,201,619.95 94,985,115.94 98,407,104.67 95,009,521.54
Interest payable 215,208,094.38 215,208,094.38 207,999,625.50 207,999,625.50
Dividend payable
Other accounts payable 395,929,516.14 350,472,891.43 394,804,850.78 351,172,801.22
Reinsurance payables
Insurance contract
reserve
Security trading of
agency
Security sales of agency
Non-current liabilities
451,597,919.96 451,597,919.96 452,026,831.88 452,026,831.88
due within 1 year
Other current liabilities 2,350,950.07 2,320,660.19 2,437,393.95 2,320,660.19
Total current liabilities 1,669,245,321.57 1,573,736,741.91 1,652,373,345.49 1,570,222,566.66
Non-current liabilities:
Long-term loans
Bonds payable
Long-term account
payable
Special accounts
payable
Projected liabilities 166,212,952.92 166,212,952.92 166,212,952.92 166,212,952.92
Deferred income tax
liabilities
Other non-current
liabilities
Total non-current liabilities 166,212,952.92 166,212,952.92 166,212,952.92 166,212,952.92
Total liabilities 1,835,458,274.49 1,739,949,694.83 1,818,586,298.41 1,736,435,519.58
Owner’s equity (or
shareholders’ equity):
Paid-in capital (or share
551,347,947.00 551,347,947.00 551,347,947.00 551,347,947.00
capital)
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
Capital public reserve 468,978,280.11 468,978,280.11 460,757,567.84 460,757,567.84
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 -2,743,396,689.43 -2,672,660,388.41 -2,727,618,409.33 -2,657,896,939.41
Balance difference of
foreign currency translation
Total owner’s equity
attributable to parent -1,690,397,235.31 -1,619,660,934.29 -1,682,839,667.48 -1,613,118,197.56
company
Minority interests
Total owner’s equity -1,690,397,235.31 -1,619,660,934.29 -1,682,839,667.48 -1,613,118,197.56
Total liabilities and owner’s
145,061,039.18 120,288,760.54 135,746,630.93 123,317,322.02
equity
4.2 Profit statement
Prepared by Shenzhen China Bicycle Company (Holdings) Limited
Jan.-Mar. 2012 Unit: RMB
Amount in this period Amount in last period
Items
Consolidation Parent Company Consolidation Parent Company
I. Total operating income 41,879,893.15 6,045,937.76 55,263,134.64 4,817,240.94
Including: Operating income 41,879,893.15 6,045,937.76 55,263,134.64 4,817,240.94
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 57,648,543.25 20,799,756.76 67,509,274.17 16,574,546.81
Including: Operating cost 36,725,622.06 1,608,119.60 51,568,797.11 2,379,394.14
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 33,600.52 53,104.84
Sales expenses 1,249,797.96 1,313,342.83
Administration
4,865,871.37 4,407,326.41 5,141,172.66 4,759,139.63
expenses
Financial expenses 14,773,651.34 14,784,310.75 9,432,856.73 9,436,013.04
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
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
Exchange income (Loss
is listed with “-”)
III. Operating profit (Loss
-15,768,650.10 -14,753,819.00 -12,246,139.53 -11,757,305.87
is listed with “-”)
Add: Non-operating
1,800.00 1,800.00 101,286.35 101,286.35
income
Less: Non-operating
11,430.00 11,430.00 5,900.00 5,900.00
expense
Including: Disposal loss
of non-current asset
IV. Total Profit (Loss is
-15,778,280.10 -14,763,449.00 -12,150,753.18 -11,661,919.52
listed with “-”)
Less: Income tax
V. Net profit (Net loss is
-15,778,280.10 -14,763,449.00 -12,150,753.18 -11,661,919.52
listed with “-”)
Net profit attributable to
owner’s equity of parent -15,778,280.10 -14,763,449.00 -12,150,753.18 -11,661,919.52
company
Minority shareholders’
gains and losses
VI. Earnings per share
i. Basic earnings per share -0.0286 -0.0268 -0.0220 -0.0212
ii. Diluted earnings per share -0.0286 -0.0268 -0.0220 -0.0212
VII. Other consolidated
income
VIII. Total consolidated
-15,778,280.10 -14,763,449.00 -12,150,753.18 -11,661,919.52
income
Total consolidated income
attributable to owners of -15,778,280.10 -14,763,449.00 -12,150,753.18 -11,661,919.52
parent company
Total consolidated income
attributable to minority
shareholders
Concerning the enterprise consolidation under common control occurred in the period; the mergered
party realized net profit before consolidation amounting to RMB00.00.
4.3 Cash flow statement
Prepared by Shenzhen China Bicycle Company (Holdings) Limited
Jan.-Mar. 2012 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 36,752,304.87 1,365.00 44,707,222.52 3,900.00
providing labor services
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
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
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 6,483,287.57 3,265,004.96 5,407,196.40 5,587,551.09
activities
Subtotal of cash inflow
arising from operating 43,235,592.44 3,266,369.96 50,114,418.92 5,591,451.09
activities
Cash paid for
purchasing commodities and 32,871,525.36 32,298,268.63
receiving labor service
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
commission
Cash paid for bonus of
guarantee slip
Cash paid to/for staff
4,680,063.76 93,605.20 3,082,191.61 349,601.52
and workers
Taxes paid 3,409,295.87 7,321.63 3,383,835.56 1,413,907.34
Other cash paid
concerning operating 3,442,158.04 3,158,925.12 3,847,099.91 3,791,054.58
activities
Subtotal of cash outflow
arising from operating 44,403,043.03 3,259,851.95 42,611,395.71 5,554,563.44
activities
Net cash flows arising
-1,167,450.59 6,518.01 7,503,023.21 36,887.65
from operating activities
II. Cash flows arising from
investing activities:
Cash received from
recovering investment
Cash received from
investment income
Net cash received from
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
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
Subtotal of cash inflow
from investing activities
Cash paid for
purchasing fixed, intangible 4,358.98 2,717.95 16,080.15
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
4,358.98 2,717.95 16,080.15
from investing activities
Net cash flows arising
-4,358.98 -2,717.95 -16,080.15
from investing activities
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 financing
activities
Subtotal of cash outflow
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Shenzhen China Bicycle Company (Holdings) Limited First Quarterly Report 2012 (Full Text)
from financing activities
Net cash flows arising
from financing activities
IV. Influence on cash and
cash equivalents due to
fluctuation in exchange rate
V. Net increase of cash and
-1,171,809.57 3,800.06 7,486,943.06 36,887.65
cash equivalents
Add: Balance of cash
and cash equivalents at the 24,546,601.39 561,283.08 17,756,773.58 498,624.71
period -begin
VI. Balance of cash and cash
23,374,791.82 565,083.14 25,243,716.64 535,512.36
equivalents at the period -end
4.4 Auditor’s report
Auditor’s opinions: Un-audited
Board of Director of
Shenzhen China Bicycle Company (Holdings) Limited
21 April 2012
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