SHENZHEN FIYTA HOLDINGS LTD. 2009 1ST QUARTERLY REPORT – FULL TEXT
1
SHENZHEN FIYTA HOLDINGS LTD.
2009 1st Quarterly Report – Full Text
§1 Important
1.1 The Board of Directors, the Supervisory Committee, directors, supervisors and senior
executives of the Company hereby confirm that there are no important omissions, fictitious statements or
serious misleading information carried in this report, and shall take all responsibilities, individually and/or
jointly, for the authenticity, accuracy and completion of the whole contents.
1.2 The Company’s financial report of the first quarter has not been audited by the certified public
accountants.
1.3. Mr. Wu Guangquan, the Company leader, Mr. Li Dehua, chief financial officer, and Mr. Hu
Xinglong, the manager of the accounting department (accounting supervisor) 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 1,448,500,641.99 1,441,187,545.35 0.51%
Owners’ equity attributable to the
parent company 684,913,826.84 670,923,545.85 2.09%
Capital Stock 249,317,999.00 249,317,999.00 0.00%
Net asset per share attributable to
the parent company’s owner
2.75 2.69 2.23%
Report period Same Period of the Previous
Year Increase/decrease (%)
Gross Revenue 282,119,256.95 272,661,836.59 3.47%
Net profit attributable to the parent
company’s owner 10,494,800.25 15,234,466.18 -31.11%
Net cash flow from operating
activities 81,714,990.56 -28,781,126.93
Net cash flows per share arising
from operating activities 0.33 -0.12
Basic earnings per share 0.04 0.06 -33.33%
Diluted profit per share 0.04 0.06 -33.33%
Return on equity 1.53% 2.34% -0.81%
Net assets-income ratio after
deducting the non-recurring gains
and loss
1.52% 2.32% -0.80%
Extraordinary profit and loss items From year beginning to the
end of the report periodSHENZHEN FIYTA HOLDINGS LTD. 2009 1ST QUARTERLY REPORT – FULL TEXT
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Net income and expense of the business other than the above items 55,408.98
Total 55,408.98
Note to non-recurring gain and loss:
Other non-operating income mainly refers to the compensation and penalty fine income received by the
Company in the
report period.
2.2 Total Number of Shareholders and Shares without Sales Restriction Held by Top Ten
Shareholders at the End of the Report Period
In shares
Total shareholders at the end of the report
period 28,251
Shares held by the top ten shareholders of negotiable shares without sales restriction
Shareholder’s name (full name)
Number of negotiable shares without
sales restriction at the end of the
report period
Types
Industrial and Commercial Bank of China – E
Fund Value Based Growth Mixed Securities
Investment Fund
4,601,957 RMB ordinary shares (A shares)
LEHMAN BROTHERS INTERNATIONAL
(EUROPE) 2,511,883 RMB ordinary shares (A shares)
UBS AG 2,108,280 RMB ordinary shares (A shares)
Bank of China – Huabao Industrial Power
Composition Stock Type Securities
Investment Fund
2,049,594 RMB ordinary shares (A Shares)
HANG SENG CONSUMER SECTOR
FLEXIPOWER FUND 1,522,200 B shares
Agriculture Bank of China -Bank of
Communications Schroder Selected Stock
Securities Investment Fund
1,412,384 RMB ordinary shares (A Shares)
GUOTAI JUNAN
SECURITIES(HONGKONG) LIMITED 1,064,698 B shares
SBCI FINANCE ASIA LTD A/C SBC HONG
KONG 926,580 B shares
Zhang Xiaozhai 830,000 B shares
LAU,WANG 711,100 B shares
§3 Important Events
3.1 Big Changes in Principal Accounting Statement Items and Financial Indexes and the Causes
√ applicable □ non-applicable
(1) In the report period, increase of the monetary fund by RMB 75.10 million was mainly due to increase of
the cash flow
arising from the Company’s operation activities;
(2) In the report period, increase of the notes payable by RMB 30 million was due to increase of the
domestic letter of credit
with a term of half a year;
(3) In the report period, increase of the available-for-sale financial assets over the year beginning by
RMB 4.37 million was
due to increase of the market value of the shares held by the Company.
3.2 Progress of Significant Events, its Impacts and the Solutions
□ Applicable √ InapplicableSHENZHEN FIYTA HOLDINGS LTD. 2009 1ST QUARTERLY REPORT – FULL TEXT
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3.3 Implementation of the Commitments of the Company, the Shareholders and the Eventual
Controller
√ applicable □ non-applicable
Events of Commitment Description Implementation
Commitment for Equity Separation
Reform
(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 Shenzhen Stock
Exchange for trading within 36
months after the day when such
shares got approved for listing.
(2) Within 24 months after the
3-year sales restriction term
expires, in case Shenzhen
CATIC Group would sell the
non-negotiable FIYTA shares it
was holding through listing with
Shenzhen Stock Exchange, the
sales price must not be lower
than RMB 25.00 per share.
The commitment is in process of implementation.
Commencing from the date when the equity
separation reform was finished to the end of the
report period, Shenzhen CATIC Group has not
reduced or assigned any shares with sales
restriction held by Shenzhen CATIC Group.
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 Securities Investment
√ applicable □ non-applicable
In RMB
No.
Type of
Securitie
s
Stock Code Short form of
stock
Initial
Investment
Cost (RMB)
Number of
shares held
(shares)
Book value at
the end of the
period (RMB)
Proportion in
the total
securities
investment
at the end of
the period
(%)
Gain and loss in
the report
period (RMB)
1 Corporat
e shares 000543 Wanneng
Power
3,000,000.0
0
1,100,000.0
0 8,910,000.00 100.00% 0.00
Other securities investment held at the end of
the report period 0.00 - 0.00 0.00% 0.00
Gain/loss from investment in securities already
sold in the report period - - - - 0.00
Total 3,000,000.0
0 - 8,910,000.00 100% 0.00
Note to the securities investment
The Company has never invested any other securities in the past three years except 1.10 million shares of
Wanneng
Power bought in early years which the Company is still holding.SHENZHEN FIYTA HOLDINGS LTD. 2009 1ST
QUARTERLY REPORT – FULL TEXT
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3.5.2 Statement of such activities as reception, research, communication, interview in the report
period
In the report period, the Company received no investors for site-survey, communications by call and written
consultation.
3.5.3 Notes to Other Significant Events
√ applicable □ non-applicable
(1) In the report period, the Company was never engaged in such activities as supply of fund to the
controlling shareholders
or other related parties or offered guarantee against the specified procedures;
(2) In the report period, the Company neither proposed nor implemented the shareholding increase plan for
the
shareholders holding over 30% of the Company’s shares;
(3) In the report period, the Company had no important contract necessary to be disclosed.
§4 Appendix
4.1. Balance Sheet
Prepared by: SHENZHEN FIYTA HOLDINGS LTD. March 31, 2009 In RMB
Items
Ending balance Opening balance
Consolidated Parent company: Consolidated Parent company:
Current assets:
Monetary funds 159,454,079.72 67,849,829.42 108,233,795.73 54,938,436.99
Settlement Reserve
Loans to other parties
Transactional financial
assets
Notes receivable
Accounts receivable 95,060,684.58 34,057,238.18 100,540,669.65 30,970,485.15
Advances to suppliers 16,722,162.13 20,772,416.86
Insurance premium payable
Accounts receivable
reinsurance
Reserve for accounts
receivable reinsurance
Interest receivable
Dividend receivable 45,838,566.24 45,838,566.24
Other receivables 25,387,686.88 313,733,316.91 19,547,646.16 328,199,004.65
Reverse repurchase
agreements
Inventories 631,984,963.33 64,468,700.52 677,127,363.08 70,057,384.10
Non-current assets due
within a Year
Other current assets 2,623,608.52
Total current assets 928,609,576.64 525,947,651.27 928,845,500.00 530,003,877.13
Non-Current Assets:
Loan provision and
advances
Available-for-sale financial
assets 8,910,000.00 8,910,000.00 4,543,000.00 4,543,000.00
Held to the due investmentSHENZHEN FIYTA HOLDINGS LTD. 2009 1ST QUARTERLY REPORT – FULL TEXT
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Long term accounts
receivable
Long-term equity investment 7,701,374.37 336,404,374.39 7,701,374.39 336,404,374.39
Investment based real estate 176,224,400.16 176,224,400.16 177,773,318.21 177,773,318.21
Fixed assets: 259,736,353.09 246,178,834.39 262,829,687.92 249,121,975.84
Construction-in-progress
Engineering supplies
Disposal of fixed assets
Production based biologic
assets
Oil and gas asset
Intangible assets 12,802,383.01 12,689,183.01 12,896,865.80 12,783,665.80
Development expenses
Goodwill
Long-term expenses to be
apportioned 43,798,907.55 12,214,717.47 35,880,151.86 10,834,367.04
Asset of deferred income tax 10,717,647.17 3,940,470.02 10,717,647.17 3,940,470.02
Other non-current assets
Total non-current assets 519,891,065.35 796,561,979.44 512,342,045.35 795,401,171.30
Total assets 1,448,500,641.99 1,322,509,630.71 1,441,187,545.35 1,325,405,048.43
Current liabilities
Short-term Loan: 535,000,000.00 535,000,000.00 575,000,000.00 575,000,000.00
Borrowing from the Central
Bank
Deposit taking and due from
banks
Loan from bank
Transactional financial
liabilities
Notes payable 30,000,000.00 30,000,000.00
Accounts payable 53,545,445.16 8,596,839.91 58,809,238.66 7,827,286.28
Advance receipts 1,245,791.97 1,243,873.00 2,092,162.76 318,790.01
Payment from sale of the
repurchased financial assets
Service charge and
commission receivable
Salaries Payable to Staff 6,244,517.95 2,195,914.53 11,845,608.17 3,946,072.82
Taxes payable 3,808,668.84 7,706,626.15 -10,317,406.43 7,421,939.59
Interest payable 519,407.17 519,407.17 987,587.50 987,587.50
Dividends payable 395,426.76 395,426.76
Other payables 38,589,110.29 35,143,786.81 36,863,962.80 31,429,069.07
Accounts receivable
reinsurance
Insurance contract reserve
Acting trading securities
Acting underwriting
securities
Non-current Liabilities due
within a Year
Other current liabilities 1,546,453.73 800,000.00SHENZHEN FIYTA HOLDINGS LTD. 2009 1ST QUARTERLY REPORT –
FULL TEXT
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Total current liabilities 669,348,368.14 620,406,447.57 677,223,033.95 627,730,745.27
Non-Current Liabilities:
Long-term borrowings 70,000,000.00 70,000,000.00 70,000,000.00 70,000,000.00
Bonds payable
Long term accounts payable 10,050,000.00 50,000.00 10,050,000.00 50,000.00
Special accounts payable
Predicted liabilities
Liabilities of deferred income
tax 1,253,186.87 1,245,174.70 371,774.70 371,774.70
Other non-current liabilities 4,300,000.00 4,300,000.00 4,050,000.00 4,050,000.00
Total non-current liabilities 85,603,186.87 75,595,174.70 84,471,774.70 74,471,774.70
Total liabilities 754,951,555.01 696,001,622.27 761,694,808.65 702,202,519.97
Owners’ equity (or
shareholders’ equity):
Paid up capital (or capital
stock) 249,317,999.00 249,317,999.00 249,317,999.00 249,317,999.00
Capital reserve 196,575,232.65 196,575,232.65 193,081,632.65 193,081,632.65
Less: shares in stock
Surplus reserve 109,362,340.60 109,362,340.60 109,362,340.60 109,362,340.60
General provision for risk
Retained earnings 130,520,198.00 71,252,436.19 120,025,397.75 71,440,556.21
Cumulative translation
adjustments -861,943.41 -863,824.15
Total owner’s equity
attributable to the parent
company
684,913,826.84 626,508,008.44 670,923,545.85 623,202,528.46
Minority shareholders’ equity 8,635,260.14 8,569,190.85
Total owners’ equity 693,549,086.98 626,508,008.44 679,492,736.70 623,202,528.46
Total liabilities and owners’
equity 1,448,500,641.99 1,322,509,630.71 1,441,187,545.35 1,325,405,048.43
4.2 Profit Statement
Prepared by: SHENZHEN FIYTA HOLDINGS LTD. Jan to Mar, 2009 In RMB
Items
Amount in the report year Amount in the previous year
Consolidated Parent company: Consolidated Parent company:
I. Total business income 282,119,256.95 62,800,246.00 272,661,836.59 58,517,712.81
Including: business income 282,119,256.95 62,800,246.00 272,661,836.59 58,517,712.81
Interest income
Earned premium
Net service charge and
commission income
II. Total operating cost 268,750,958.92 63,036,129.85 251,013,448.99 53,244,949.34
Including: business income 190,048,990.92 27,055,069.99 182,511,329.41 23,299,472.55
Interest payment
Service charge and
commission payment
Surrender value
Compensation pay-out,
netSHENZHEN FIYTA HOLDINGS LTD. 2009 1ST QUARTERLY REPORT – FULL TEXT
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Provision of reserve for
insurance contract, net
Payment of Policy
Dividends
Reinsurance expenses
Business Taxes and
Surcharge 1,294,243.87 1,026,890.59 1,874,282.00 949,987.47
Sales expenses 42,383,888.56 18,916,052.79 36,390,533.52 15,449,868.36
Administrative expenses 24,866,199.10 11,482,605.18 23,791,126.07 13,708,401.53
Financial expenses 10,157,636.47 4,555,511.30 6,446,177.99 -162,780.57
Loss from impairment of
assets
Add: Income from change of
fair value (loss is stated with
“-“)
Investment income (loss
is stated with “-“)
Including: income
from investment in associates
and joint ventures
Exchange income (loss is
stated with “-“)
III. Operating Profit (loss is
stated with “-“) 13,368,298.03 -235,883.85 21,648,387.60 5,272,763.47
Plus: Non-operating income 58,026.45 49,381.30 99,936.63 97,800.00
Less: Non-operating
expenses 2,617.47 1,617.47 4.41
Including: Loss from
disposal of non-current assets
IV. Total profit (total loss is
stated with “-“) 13,423,707.01 -188,120.02 21,748,319.82 5,370,563.47
Less: Income tax expense 2,729,646.34 6,235,523.07 1,100,839.82
V. Net Profit (loss is stated with
“-“) 10,694,060.67 -188,120.02 15,512,796.75 4,269,723.65
Net profit attributable to
the parent company’s owner 10,494,800.25 -188,120.02 15,234,466.18 4,269,723.65
Minority shareholders’
equity 199,260.42 278,330.57
VI. Earnings per share:
(I) Basic earnings per
share 0.04 0.06
(II) Diluted earnings per
share 0.04 0.06
4.3. Cash Flow Statement
Prepared by: SHENZHEN FIYTA HOLDINGS LTD. Jan to Mar, 2009 In RMB
Items
Amount in the report year Amount in the previous year
Consolidated Parent company: Consolidated Parent company:
I. Net cash flows arising from
operating activities
Cash received from sales
of goods and supply of labor 332,831,363.29 65,195,104.61 286,506,002.68 59,888,716.37SHENZHEN FIYTA
HOLDINGS LTD. 2009 1ST QUARTERLY REPORT – FULL TEXT
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Net increase of customers’
deposit and due from banks
Net increase of borrowings
from the central bank
Net increase of borrowings
from other financial institutions
Cash received from former
insurance contract premium
Net cash received from
reinsurance business
Net increase of insurance
reserve and investment
Net increase from disposal
of transactional financial asset
Cash received from
interest, service charge and
commission
Net increase of borrowings
Net increase of fund from
repurchases
Rebated taxes received
Other operation activity
related cash receipts 401,367.40 53,486,216.00 2,074,131.39 11,668,496.07
Subtotal of cash flow in
from operating activity 333,232,730.69 118,681,320.61 288,580,134.07 71,557,212.44
Cash paid for purchase of
goods and reception of labor
services
165,409,913.05 17,129,720.48 238,281,352.42 24,456,925.13
Net increase of loans and
advances to customers
Net increase of due from
central bank and due from
banks
Cash for the former
insurance contract indemnity
payment
Cash paid for interest,
service charge and
commission
Cash paid for insurance
policy dividend
Cash paid to and for staff 41,254,041.21 19,040,353.30 31,990,742.62 17,293,380.00
Taxes paid 12,583,507.26 6,548,138.76 14,203,345.11 5,229,616.60
Other business related
cash payments 32,270,278.61 13,487,239.14 32,885,820.85 41,009,724.17
Subtotal of cash flow out
from operating activity 251,517,740.13 56,205,451.68 317,361,261.00 87,989,645.90
Net cash flow from
operating activities 81,714,990.56 62,475,868.93 -28,781,126.93 -16,432,433.46
II. Cash flows arising from
investment activities:
Cash received from
recovery of investment
Cash received from
investment incomeSHENZHEN FIYTA HOLDINGS LTD. 2009 1ST QUARTERLY REPORT – FULL TEXT
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Net amount of cash
received from disposal of fixed
assets, intangible assets and
other long term assets
1,700.00 30,000.00 30,000.00
Net cash received from
disposal of subsidiaries and
other operating units
Other investment related
cash receipts 331.45
Subtotal of cash flow in
from investment activity 2,031.45 30,000.00 30,000.00
Cash paid for
construction/purchase of fixed
assets, intangible assets and
other long term assets
11,099,313.86 474,719.00 5,456,157.02 962,771.64
Cash paid for investment
Net increase of
hypothecated loans
Net cash received from
payment by subsidiaries and
other operating units
Other investment related
cash payments
Subtotal of cash flow out
from investment activity 11,099,313.86 474,719.00 5,456,157.02 962,771.64
Net cash flow arising
from investment activities -11,097,282.41 -474,719.00 -5,426,157.02 -932,771.64
III. Cash flows arising from
fund raising activities:
Cash received from
absorption of investment
Incl.: Cash received from
subsidiaries’ absorption of
minority shareholders’
investment
Cash received from
borrowings 140,000,000.00 140,000,000.00 90,000,000.00 90,000,000.00
Cash received from bond
issuing
Other fund-raising related
cash receipts 30,000,000.00
Subtotal of cash flow in
from fund raising activity 170,000,000.00 140,000,000.00 90,000,000.00 90,000,000.00
Cash paid for liabilities
repayment 180,000,000.00 180,000,000.00 50,030,600.00 50,000,000.00
Cash paid for
dividend/profit distribution or
repayment of interest
9,089,757.50 9,089,757.50 5,452,252.25 5,482,852.25
Including: Dividend and
profit paid by subsidiaries to
minority shareholders
Other fund-raising related
cash payments 307,666.66
Subtotal of cash flow out
from fund raising activity 189,397,424.16 189,089,757.50 55,482,852.25 55,482,852.25
Net cash flow arising -19,397,424.16 -49,089,757.50 34,517,147.75 34,517,147.75SHENZHEN FIYTA HOLDINGS LTD.
2009 1ST QUARTERLY REPORT – FULL TEXT
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from fund-raising activities
IV. Influence from change of
exchange rate upon cash and
cash equivalents
V. Net increase of cash and
cash equivalents 51,220,283.99 12,911,392.43 309,863.80 17,151,942.65
Plus: Balance of cash and
cash equivalents at the
beginning of the period
108,233,795.73 54,938,436.99 84,043,521.74 46,746,295.03
VI. Balance of cash and cash
equivalents at the end of the
period
159,454,079.72 67,849,829.42 84,353,385.54 63,898,237.68
4.4 Audit Report
Auditor’s opinion: Unaudited
Board of Directors of
SHENZHEN FIYTA HOLDINGS LTD.
Apr. 23, 2009
