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SHENZHEN FIYTA HOLDINGS LTD 2011 1 QUARTERLY REPORT, FULL TEXT
SHENZHEN FIYTA HOLDINGS LTD
2011 1st Quarterly Report, Full Text
§1 Important
1.1. The Board of Directors, the Supervisory Committee, directors, supervisors and senior executives
hereby individually and collectively accept responsibility for the correctness, accuracy and completeness
of the contents of this report and confirm that there are no material omissions or errors which would
render any statement misleading.
1.2 The Company’s 1st Quarterly Financial Report has not been audited by the CPAs.
1.3. Mr. Wu Guangquan, the Company leader, Mr. Li Dehua, chief financial officer and the Mr. Hu
Xinglong, the person in charge of the accounting department (the person in charge of the accounting)
hereby confirm the authenticity and completeness of the financial report enclosed in this quarterly report.
§2 Company Information
2.1 Financial highlights
In RMB
End of the report period End of the previous year Increase/decrease (%)
Total assets, in RMB 2,302,506,165.79 2,436,539,054.39 -5.50%
Owner’s equity attributable to the Company’s
1,302,177,746.56 1,265,996,583.67 2.86%
shareholders, in RMB
Capital stock, in shares 280,548,479.00 280,548,479.00 0.00%
Net asset per share attributable to the
4.64 4.51 2.88%
Company’s shareholders (RMB/share)
Same Period of the
Report period Increase/decrease (%)
Previous Year
Turnover, in RMB 613,099,786.10 407,994,496.90 50.27%
Net profit attributable to the Company’s
36,736,703.99 20,239,688.08 81.51%
shareholders in RMB
Net cash flows arising from operating
-45,795,420.73 19,022,130.42 -
activities, in RMB
Net cash flows per share arising from
-0.16 0.08 -
operating activities (RMB/share)
Basic earning per share (RMB/share) 0.13 0.08 81.51%
Diluted earning per share (RMB/share) 0.13 0.08 81.51%
Net assets-income ratio , weighted average,
2.86% 2.79% 0.07%
(%)
Weighted net assets-income ratio less the
2.83% 2.79% 0.04%
non-recurring gains and loss (%)
Non-recurring profit and loss items
√ applicable □ inapplicable
In RMB
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SHENZHEN FIYTA HOLDINGS LTD 2011 1 QUARTERLY REPORT, FULL TEXT
Non-recurring profit and loss items Amount Note (if applicable)
Government subsidy credited to the current gain and loss but
except the government subsidy with close relation with the
500,000.00
Company’s normal business, in compliance with the national
policy, with the nominal amount or fixed amount
Income and expenses from the business other than the above
53,870.73
items
Total 553,870.73 -
2.2 Total number of shareholders and shares held by the top ten shareholders of non-restricted
shares at the end of the report period
Shares
Total shareholders at the end of the report
16,645
period
Shares held by top 10 shareholders of non-restricted shares
Quantity of the non-restricted
Full names of shareholders negotiable shares held at the end of Categories
the period
Industrial and Commercial Bank of China –
E-Fund Value Growth Mixed Securities 6,800,000 A Shares
Investment Fund
KGI ASIA LIMITED 3,026,918 B shares
China Merchants Securities (HK) Co., Ltd. 2,454,335 B shares
Industrial and Commercial Bank of China –
Huitianfu Growth Focus Stock Based 2,287,579 A Shares
Securities Investment Fund
BANK JULIUS BAER & CO.LTD 1,899,872 B shares
BBH BOS S/A FIDELITY FD - CHINA
1,726,713 B shares
FOCUS FD
MARTIN CURRIE INVESTMENT
1,594,971 A Shares
MANAGEMENT LIMITED
Industrial and Commercial Bank of China –
Guotou Ruiyin Core Enterprise Stock Based 1,549,763 A Shares
Securities Investment Fund
Taikang Life Insurance Co., Ltd. –
Tradition – General Insurance Product 1,494,873 A Shares
-019L-CT001 Shen
Industrial and Commercial Bank of China –
Huitianfu Private Vigorous Stock Based 1,451,620 A Shares
Securities Investment Fund
§3 Important Events
3.1 Great Changes in Principal Accounting Statement Items and Financial Indexes and the
Causes
√ applicable □ inapplicable
1. Decrease of monetary fund by RMB 267.90 million over the year beginning was mainly due to expansion of the sales
network, increase of purchase expenses and operational expenses and net flow-out of operational cash by RMB 45.80
million as well as repayment of bank loan by RMB 181 million in the report period.
2. Increase of the accounts payable by RMB 12.34 million over the year beginning was mainly due to corresponding
increase of the accounts payable resulting from growth of sales.
3. Increase of the inventories by RMB 125.87 million over the year beginning was mainly due to increase of stock quantity
resulting from growth of the Company’s sales network size.
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SHENZHEN FIYTA HOLDINGS LTD 2011 1 QUARTERLY REPORT, FULL TEXT
4. Decrease of the short term loan by RMB 181 million over the year beginning was mainly due to replacement of the own
reserves previously invested in the projects planned to be invested with the proceeds raised through share-offering, which
mainly consisted of the repayment of the short term loan by the head office amounting to RMB 131 million and repayment of
the bank loan by HARMONY amounting to RMB 50 million.
5. Increase of the accounts payable by RMB 26.92 over the year beginning was mainly due to increase of purchase of
stocks by the Company.
6. Decrease of minority equity by RMB 1825 over the year beginning was mainly due to acquisition of the minority equity by
the Company.
3.2 Progress of Significant Events, its Impacts and the Solutions
3.2.1 Qualified Auditor’s Opinions
□ Applicable √ Inapplicable
3.2.2 Engagement in such activities as supply of fund to the controlling shareholder or other
related parties or outward guarantee against the regulations
□ Applicable √ Inapplicable
3.2.3 Subscription and Implementation of Significant Contracts for Daily Operation
□ Applicable √ Inapplicable
3.2.4 Miscellaneous
□ Applicable √ Inapplicable
3.3 Implementation of the Commitments of the Company, the Shareholders and the Actual
Controller
The commitments of the Company, its directors, supervisors and senior executives, and the related parties, including the
shareholder holding over 5% of the Company’s total shares and the actual controller in the report period or extending to
the report period are as follows:
√ applicable □ inapplicable
Commitments Acceptors Description Implementation
(1) Shenzhen CATIC
Group committed that
upon completion of the
equity separation
reform of FIYTA, the
non-negotiable shares
held by Shenzhen
CATIC Group would
not be listed with Implementation of the commitment: The
Shenzhen Stock commitment is in process of
Exchange for trading implementation. Commencing from the
Commitment for Equity Separation Shenzhen within 36 months after date when the equity separation reform
Reform CATIC Group the day when such was fulfilled to the end of the report period,
shares got approved Shenzhen CATIC Group has not reduced
for listing; (2) Within 24 or assigned any restricted shares held by
months after the 3-year Shenzhen CATIC Group.
sales restriction term
expires, in case
Shenzhen CATIC
Group would sell the
non-negotiable FIYTA
shares it was holding
through listing with
Shenzhen Stock
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SHENZHEN FIYTA HOLDINGS LTD 2011 1 QUARTERLY REPORT, FULL TEXT
Exchange, the sales
price must not be lower
than RMB 25.00 per
share.
Commitments in the acquisition report
or the written report on change of - - -
equity
Commitment at the time of important
- - -
assets reorganization
Commitment of
Shenzhen CATIC
Group: Within 36
months commencing
from the end of the
Company’s non-public Status of implementation of the
Shenzhen
Commitment at the time of issuing issuing (from commitment: The commitment is in
CATIC Group
December 30, 2010 to process of implementation.
December 29, 2013),
Shenzhen CATIC
Group shall not assign
any of the new shares
it has subscribed.
Other commitment (including
- - -
supplementary commitment)
3.4 Prediction of the possibility of the accumulated net profit from the year beginning to the end
of the next report period being of loss; or warning for big changes in the net profit in comparison
with the same period of the previous year and the reasons
□ Applicable √ Inapplicable
3.5 Other Important Matters Necessary to be Clarified
3.5.1 Investment in Securities
□ Applicable √ Inapplicable
3.5.2 Statement of such activities as reception, research, communications and interviews in the
report period
Reception Time Reception place Way of reception Visitors received Topics and materials furnished
Fortis Haitong
Investment
Management Co.,
Ltd.
CITIC-Prudential
Fund Management Development trend of the domestic
Company Ltd. luxury goods sector, some measures
China Nature Asset concerning the Company’s strategic
January 11,
Company On-Site Survey Management Co., development, brand construction,
2011
Ltd. terminal management in the past
Minsheng Royal three years. Provision of the
Fund Management Company’s public brochures in 2011.
Co., Ltd.
Dongxing
Securities Co., Ltd.
Da Cheng Fund
Management Co.,
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SHENZHEN FIYTA HOLDINGS LTD 2011 1 QUARTERLY REPORT, FULL TEXT
Ltd.
Rongtong Fund
Management Co.,
Ltd.
Development trend of the domestic
luxury goods sector, some measures
concerning the Company’s strategic
January 14, Zheshang
Company On-Site Survey development, brand construction,
2011 Securities Co., Ltd.
terminal management in the past
three years. Provision of the
Company’s public brochures in 2011.
Development trend of the domestic
Merchants luxury goods sector, some measures
Securities Co., Ltd. concerning the Company’s strategic
January 18,
Company On-Site Survey Shenzhen Haiheng development, brand construction,
2011
Investment Co., terminal management in the past
Ltd. three years. Provision of the
Company’s public brochures in 2011.
Development trend of the domestic
Shanghai Shenyin luxury goods sector, some measures
& Wanguo concerning the Company’s strategic
March 14, 2011 Company On-Site Survey Securities development, brand construction,
Research Institute terminal management in the past
Co., Ltd. three years. Provision of the
Company’s public brochures in 2011.
3.6 Investment in Derivatives
□ Applicable √ Inapplicable
3.6.1 Holding of the Investments in Derivatives at the End of the Report Period
□ Applicable √ Inapplicable
§4 Appendix
4.1. Balance Sheet
Prepared by: Shenzhen Fiyta Holdings Ltd March 31, 2011 In RMB
Ending balance Opening Balance
Items
Consolidated Parent company Consolidated Parent company
Current assets:
Monetary fund 345,553,495.22 248,423,193.69 613,455,817.52 529,568,738.47
Settlement reserve
Lendings
Held for trading financial
assets
Notes receivable
Accounts receivable 188,231,352.90 7,425,859.60 175,896,199.78 41,753,368.93
Prepayment 29,952,711.05 36,644,253.43
Receivable premium
Reinsurance accounts
receivable
Reserve for reinsurance
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SHENZHEN FIYTA HOLDINGS LTD 2011 1 QUARTERLY REPORT, FULL TEXT
contract receivable
Interest receivable 84,383,298.62 50,196,167.69
Dividends receivable
Other receivables 26,668,488.79 694,332,448.08 27,390,628.12 545,533,120.97
Redemptory monetary
capital for sale
Inventories 1,174,261,728.58 147,045,689.19 1,048,392,625.70 103,224,490.80
Non-current assets due
within a year
Other current assets 4,214,535.74 3,946,533.14
Total current assets 1,768,882,312.28 1,181,610,489.18 1,905,726,057.69 1,270,275,886.86
Non-current assets:
Provision of entrusted loans
and advance in cash
Available-for-sale financial
assets
Held-to-due investments
Long term accounts
receivable
Long-term equity investment 1,981,913.65 357,297,113.65 1,981,913.65 354,489,913.65
Investment based real estate 163,833,055.74 163,833,055.74 165,381,973.79 165,381,973.79
Fixed assets 250,219,059.41 227,272,196.67 251,742,068.63 228,700,096.61
Construction-in-process
Engineering supplies
Disposal of fixed assets
Productive biological asset
Oil and gas assets
Intangible assets 19,138,320.93 12,141,803.53 19,237,532.22 12,241,014.82
Development expenses
Goodwill
Long-term expenses to be
73,673,321.45 21,182,268.40 72,152,718.07 21,221,733.80
apportioned
Deferred income tax asset 24,778,182.33 3,926,911.99 20,316,790.34 3,926,911.99
Other non-current assets
Total non-current assets 533,623,853.51 785,653,349.98 530,812,996.70 785,961,644.66
Total Assets 2,302,506,165.79 1,967,263,839.16 2,436,539,054.39 2,056,237,531.52
Current liabilities:
Short-term Loan 547,253,730.00 469,000,000.00 728,253,730.00 600,000,000.00
Due to the Central Bank
Deposits taking and
interbank placement
Borrowing capital
Held for trading financial
liabilities
Notes payable
Accounts payable 183,273,345.80 83,891,393.02 156,353,328.00 57,467,235.33
Advance from customers 7,870,758.61 4,832,722.49 8,464,969.63 1,589,073.41
Financial assets sold for
repurchase
Service charge and
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SHENZHEN FIYTA HOLDINGS LTD 2011 1 QUARTERLY REPORT, FULL TEXT
commission payable
Accrued payroll 11,733,824.63 2,547,420.00 19,980,930.64 8,500,000.00
Payable taxes 23,916,683.85 4,486,051.90 18,492,700.45 11,056,809.52
Interest payable 1,206,156.94 1,160,498.61 1,202,198.61 1,160,498.61
Dividends payable 190,263.50 190,263.50
Other payables 36,558,771.95 26,409,713.68 29,418,337.74 22,516,478.86
Payable reinsurance
Reserve for insurance
contract
Acting trading securities
Income from securities
underwriting on commission
Non-current liabilities due
within a year
Other current liabilities 2,645,322.20
Total current liabilities 812,003,535.28 592,327,799.70 965,001,780.77 702,290,095.73
Non-current liabilities:
Long-term Loan 181,409,964.27 180,000,000.00 181,440,065.11 180,000,000.00
Bonds payable
Long-term accounts payable
Special accounts payable
Predicted liabilities
Deferred income tax liability 242,571.42 136,728.42 131,259.28 131,259.28
Other non-current liabilities 3,350,000.00 2,850,000.00 2,400,000.00 1,900,000.00
Total non-current liabilities 185,002,535.69 182,986,728.42 183,971,324.39 182,031,259.28
Total Liabilities 997,006,070.97 775,314,528.12 1,148,973,105.16 884,321,355.01
Owners’ equity/(or
shareholders’ equity):
Paid-up capital/(or capital
280,548,479.00 280,548,479.00 280,548,479.00 280,548,479.00
stock)
Capital Reserve 642,826,343.78 643,381,884.88 643,381,884.88 643,381,884.88
Less: shares in stock
Special reserve
Surplus Reserve 121,066,992.16 121,066,992.16 121,066,992.16 121,066,992.16
Reserve against general
risks
Retained earnings 259,251,273.58 146,951,955.00 222,514,569.59 126,918,820.47
Translation reserve -1,515,341.96 -1,515,341.96
Total owners’ equity
attributable to the parent 1,302,177,746.56 1,191,949,311.04 1,265,996,583.67 1,171,916,176.51
company
Minority shareholders’ equity 3,322,348.26 21,569,365.56
Total owner’s equity 1,305,500,094.82 1,191,949,311.04 1,287,565,949.23 1,171,916,176.51
Total liabilities and owners’
2,302,506,165.79 1,967,263,839.16 2,436,539,054.39 2,056,237,531.52
equity
4.2. Statement of Profit
Prepared by: Shenzhen Fiyta Holdings Ltd March 31, 2011 In RMB
Items Amount in the report period Amount in the previous period
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SHENZHEN FIYTA HOLDINGS LTD 2011 1 QUARTERLY REPORT, FULL TEXT
Consolidated Parent company Consolidated Parent company
I. Turnover 613,099,786.10 75,682,047.71 407,994,496.90 73,153,214.09
Including: operating income 613,099,786.10 75,682,047.71 407,994,496.90 73,153,214.09
Interest income
Earned insurance
premium
Service charge and
commission income
II. Total operating costs 565,751,027.06 89,880,841.00 382,318,166.73 73,074,354.04
Including: Operating costs 416,509,948.95 35,618,710.18 287,270,260.71 34,603,451.01
Interest expenditure
Service charge and
commission expenses
Surrender Value
Compensation
expenses, net
Provision of reserve for
insurance contract, net
Payment of policy
dividend
Reinsurance expenses
Business Taxes and
2,717,380.13 1,281,051.71 1,596,037.95 1,062,445.67
Surcharges
Sales costs 90,671,469.83 36,158,387.44 53,803,594.56 23,020,404.68
Administrative expenses 42,787,317.22 13,874,162.21 29,383,814.09 10,581,363.18
Financial expenses 13,064,910.93 2,948,529.46 10,264,459.42 3,806,689.50
Loss from impairment of
assets
Plus: Income from change in
fair value (loss stated with “-“)
Return on investment
34,187,130.93
(loss stated with “-“)
Including: return on
investment in associate and 34,187,130.93
joint venture
Exchange income (loss
stated with “-“)
III. Operating profit (loss stated
47,348,759.04 19,988,337.64 25,676,330.17 78,860.05
with “-“)
Plus: Non-operating income 553,891.04 50,266.03 134,630.16 38,619.04
Less: Non-operating
20.31 0.00 72,439.10 17,863.66
expenses
Including: Loss from
17,527.99 17,527.99
disposal of non-current assets
IV. Total Profit (total loss stated
47,902,629.77 20,038,603.67 25,738,521.23 99,615.43
with “-“)
Less: Income tax expense 10,861,284.18 5,469.14 5,427,673.16 23,884.50
V. Net Profit (loss stated with
37,041,345.59 20,033,134.53 20,310,848.07 75,730.93
“-“)
Net profit attributable to
36,736,703.99 20,033,134.53 20,239,688.08 75,730.93
the parent company’s owner
Minority shareholders’ 304,641.60 71,159.99
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SHENZHEN FIYTA HOLDINGS LTD 2011 1 QUARTERLY REPORT, FULL TEXT
gain and loss
VI. Earnings per share:
(I) Basic earnings per
0.13 0.08
share
(II) Diluted earnings per
0.13 0.08
share
VII. Other comprehensive
income
VIII. Total comprehensive
37,041,345.59 20,033,134.53 20,310,848.07 75,730.93
income
Total comprehensive
income attributable to the 36,736,703.99 20,033,134.53 20,239,688.08 75,730.93
parent company’s owner
Total comprehensive income
attributable to the minority 304,641.60 71,159.99
shareholders
For the enterprises under the same control consolidated in the report period, the net profit realized by the consolidee
before the consolidation is RMB 0.00.
4.3. Cash Flow Statement
Prepared by: Shenzhen Fiyta Holdings Ltd January to March, 2011 In RMB
Amount in the report period Amount in the previous period
Items
Consolidated Parent company Consolidated Parent company
I. Cash flows arising from
operating activities
Cash received from sales
of goods and supply of labor 701,070,274.49 121,410,896.89 461,956,131.18 90,838,022.95
service
Net increase of the
customers’ deposits and
interbank placement
Net increase of borrowings
from the central bank
Net increase of borrowings
from other financial institutions
Cash received from the
premium of the original
insurance contract
Net cash received from the
reinsurance business
Net increase of the
reserve from policy holders and
investment
Net increase from disposal
of the held for trading
financial assets
Charge of cash interest,
service charge and
commission
Net increase of loan from
other banks
Net increase of fund from
repurchase business
Rebated taxes received 217,481.16 623,119.27 623,119.27
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SHENZHEN FIYTA HOLDINGS LTD 2011 1 QUARTERLY REPORT, FULL TEXT
Cash received from other
3,152,964.09 1,168,114.42 6,269,755.77 770,476.73
operating activities
Sub-total of cash flow
received from operation 704,440,719.74 122,579,011.31 468,849,006.22 92,231,618.95
activities
Cash paid for purchase of
goods and reception of labor 591,977,074.47 60,512,271.00 348,772,513.70 29,286,504.49
services
Net increase of loans and
advances to the customers
Net increase of amounts
due from the central bank and
other banks
Cash from payment for
settlement of the original
insurance contract
Cash for payment of
interest, service charge and
commission
Cash for payment of policy
dividend
Cash paid to and for
67,502,263.58 25,625,960.21 48,969,841.36 21,418,956.78
employees
Taxes paid 37,450,838.04 5,548,767.63 20,732,539.37 5,353,308.84
Cash paid for other
53,305,964.38 165,033,543.11 31,351,981.37 53,099,952.49
operating activities
Subtotal of cash flow
750,236,140.47 256,720,541.95 449,826,875.80 109,158,722.60
paid for operating activities
Net cash flow arising
-45,795,420.73 -134,141,530.64 19,022,130.42 -16,927,103.65
from operating activities
II. Cash flows arising from
investing activities:
Cash received from
investment recovery
Cash received from return
on investment
Net cash received from
disposal of fixed assets,
56,686.60 56,686.60 1,800.00 1,700.00
intangible assets and other
long-term assets
Net cash received from
disposal of subsidiaries and
other operating units
Cash received from other
634.74
investment related activities
Sub-total of cash flow-in
received from investing 57,321.34 56,686.60 1,800.00 1,700.00
activities
Cash paid for purchase
and construction of fixed
14,560,331.46 7,158,221.30 17,588,296.63 10,568,253.67
assets, intangible assets and
other long term assets
Cash paid for investment 16,300,000.00 7,924,498.24
Net increase of the
pledged loan
Net cash paid for
acquisition of subsidiaries and
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SHENZHEN FIYTA HOLDINGS LTD 2011 1 QUARTERLY REPORT, FULL TEXT
other operation units
Cash paid for other
investment related activities
Sub-total of cash flow
30,860,331.46 7,158,221.30 25,512,794.87 10,568,253.67
paid for investment activities
Net cash flow arising
-30,803,010.12 -7,101,534.70 -25,510,994.87 -10,566,553.67
from investment activities
III. Cash flows arising from
financing activities:
Cash received from
absorbing investment
Incl.: Cash received from
the subsidiaries’ absorption of
minority shareholders’
investment
Cash received from loans 139,000,000.00 139,000,000.00 355,000,000.00 345,000,000.00
Cash received from bond
issuing
Cash received from other
financing activities
Sub-total of cash flow
received from financing 139,000,000.00 139,000,000.00 355,000,000.00 345,000,000.00
activities
Cash paid for debt
320,030,100.84 270,000,000.00 305,000,000.00 305,000,000.00
repayment
Cash paid for
dividend/profit distribution or 10,273,760.63 8,902,479.44 8,238,661.80 7,380,127.50
repayment of interest
Including: Dividend and
profit paid by the subsidiaries
to minority shareholders
Cash paid for other
financing activities
Sub-total cash flow paid
330,303,861.47 278,902,479.44 313,238,661.80 312,380,127.50
for financing activities
Net cash flow arising
-191,303,861.47 -139,902,479.44 41,761,338.20 32,619,872.50
from financing activities
IV. Change of exchange rate
influencing the cash and cash -29.98 -57,396.68
equivalent
V. Net increase of cash and
-267,902,322.30 -281,145,544.78 35,215,077.07 5,126,215.18
cash equivalents
Plus: Opening balance of
613,455,817.52 529,568,738.47 95,701,580.19 46,560,890.55
cash and cash equivalents
VI. Ending balance of cash and
345,553,495.22 248,423,193.69 130,916,657.26 51,687,105.73
cash equivalents
4.4 Auditor’s Report
Auditor’s Opinion: Unaudited
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