国药集团一致药业股份有限公司 2014 年第一季度报告全文
China National Accord Medicines Corporation Ltd.
First Quarterly Report 2014
April 2014
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
Section I. Important Notes
Board of Directors and the Supervisory Committee of China National Accord Medicines
Corporation Ltd. (hereinafter referred to as the Company) and its directors, supervisors and
senior executives should guarantee the reality, accuracy and completion of the quarterly
report, there are no any fictitious statements, misleading statements or important omissions
carried in this report, and shall take legal responsibilities, individually and/or jointly.
All Directors are attended the Board Meeting for Quarterly Report deliberation.
Yan Zhigang, person in charge of the Company, Wei Pingxiao, person in charge of accounting
works and Chi Guoguang, person in charge of accounting organ (accounting officer) hereby
confirm that the Financial Report of this Quarterly Report is authentic, accurate and
complete.
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
Section II. Main financial data and changes of shareholders
I. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed and accounting
error correction or not
□ Yes √No
Changes of this period over
Current Period Same period of last year
same period of last year (%)
Operating income (RMB) 5,533,524,159.08 4,868,822,373.35 13.65%
Net profit attributable to shareholders of
167,818,387.39 143,654,533.90 16.82%
the listed company(RMB)
Net profit attributable to shareholders of
the listed company after deducting 165,006,263.57 141,497,888.97 16.61%
non-recurring gains and losses(RMB)
Net cash flow arising from operating
-425,683,165.96 109,790,134.68 -487.72%
activities(RMB)
Basic earnings per share (RMB/Share) 0.582 0.499 16.63%
Diluted earnings per share (RMB/Share) 0.582 0.499 16.63%
Weighted average ROE (%) 7.21% 7.77% -0.56%
Changes of this period-end
At the end of the reporting
At the end of last year over same period-end of last
period
year (%)
Total assets (RMB) 12,270,542,740.33 11,057,896,941.31 10.97%
Net assets attributable to shareholder of
4,341,641,458.89 2,244,757,658.03 93.41%
listed company (RMB)
Items of non-recurring gains and losses
√ Applicable □ Not applicable
In RMB
Amount from year-begin to
Item Note
period-end
Gains/losses from the disposal of non-current asset (including the Earnings from disposal of fixed
50,244.46
write-off that accrued for impairment of assets) assets of vehicles etc.
Government subsidies as RMB
Governmental subsidy reckoned into current gains/losses (not one million strategy emerging
including the subsidy enjoyed in quota or ration according to industry brand cultivation
2,957,137.48
national standards, which are closely relevant to enterprise’s subsidy from Economy, Trade
business) and Information Commission of
Shenzhen Municipality, RMB
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
0.68 million transform
compensation for Old Town and
government subsidy RMB 0.25
million received from Guangzhou
Commercial Circulation
Development Fund Project etc.
Reversal of impairment reserve for account receivable with
118,656.41
separate impairment testing
The payable with long age
account which was no need to
Other non-operating income and expenditure except for the paid was transferred to
395,081.69
aforementioned items non-operation income and
earnings from waste disposal
from subsidiary
Less: impact on income tax 708,821.92
Impact on minority shareholders’ equity (post-tax) 174.30
Total 2,812,123.82 --
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their
Securities to the Public --- Extraordinary Profit/loss, explain reasons
□ Applicable √ Not applicable
II. Total number of shareholders at the end of this report period and top ten shareholders
In shares
Total shareholders
11,128
at the end of report period
Top ten shareholders
Amount of Number of share pledged/frozen
Nature of Proportion of Amount of
Shareholder’s name restricted shares
shareholder shares held (%) shares held State of share Amount
held
Sinopharm Group State-owned
51% 184,942,291 74,482,543
Co., Ltd. legal person
National Social Domestic non
Security Fund 116 state-owned legal 2.76% 10,000,664
combination person
VALUE PARTNERS Foreign legal
2.12% 7,697,761
CLASSIC FUND person
HTHK/CMG
Foreign legal
FSGUFP-CMG 1.94% 7,032,720
person
FIRST STATE
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
CHINA GROWTH
FD
National Social Domestic non
Security Fund 106 state-owned legal 1.91% 6,944,094
combination person
CCB—China
Domestic non
Advantage Growth
state-owned legal 1.63% 5,893,017
stock securities
person
investment fund
BOC-Harvest
Domestic non
research selected
state-owned legal 1.2% 4,368,057
stock securities
person
investment fund
Domestic non
Corporation pension
state-owned legal 1.17% 4,256,005
plan of CNPC-ICBC
person
ICBC—Harvest
Domestic non
Theme New Power
state-owned legal 1.17% 4,229,133
stock securities
person
investment fund
CCB—Fortune SG
Domestic non
Industry Selected
state-owned legal 1.02% 3,685,949
Stock Securities
person
Investment Fund
Top ten shareholders with unrestricted shares held
Type of shares
Shareholder’s name Amount of unrestricted shares held
Type Amount
RMB ordinary
Sinopharm Group Co., Ltd. 110,459,748 110,459,748
shares
National Social Security Fund 116 RMB ordinary
10,000,664 10,000,664
combination shares
Domestically
VALUE PARTNERS CLASSIC FUND 7,697,761 listed foreign 7,697,761
shares
Domestically
HTHK/CMG FSGUFP-CMG FIRST
7,032,720 listed foreign 7,032,720
STATE CHINA GROWTH FD
shares
National Social Security Fund 106 RMB ordinary
6,944,094 6,944,094
combination shares
CCB—China Advantage Growth stock RMB ordinary
5,893,017 5,893,017
securities investment fund shares
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
BOC-Harvest research selected stock RMB ordinary
4,368,057 4,368,057
securities investment fund shares
Corporation pension plan of RMB ordinary
4,256,005 4,256,005
CNPC-ICBC shares
ICBC—Harvest Theme New Power RMB ordinary
4,229,133 4,229,133
stock securities investment fund shares
CCB—Fortune SG Industry Selected RMB ordinary
3,685,949 3,685,949
Stock Securities Investment Fund shares
BOC-Harvest research selected stock securities investment fund and ICBC—Harvest
Theme New Power stock securities investment fund shares the same administrator with
Harvest Fund Management Co., Ltd.; VALUE PARTNERS CLASSIC FUND, one of the
Explanation on associated relationship
top ten shareholders, is one of the VALUE PARTNERS; it is unknown that there exists no
among the aforesaid shareholders
associated relationship or belongs to the consistent actionist among the other tradable
shareholders regulated by the Management Measure of Information Disclosure on Change
of Shareholding for Listed Companies.
Whether has a buy-back agreement dealing in reporting period
□ Yes √ No
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
Section III. Significant Events
I. Particulars about material changes in items of main accounting statement and financial
index and explanations of reasons
1. Monetary fund: increased 1149.06 million Yuan over that of balance at period-begin with growth rate of 103.19%, mainly because
amount of private placement received in the Period;
2. Other current assets: decreased 3.79 million Yuan over that of balance at period-begin with growth rate of -31.03%, mainly
because the retained VAT decreased in the Period;
3. Wages payable: decreased 62.30 million Yuan over that of balance at period-begin with growth rate of -39.07%, mainly because
the remuneration, accrual last year, has distributed in this period;
4. Capital reserves: increased 1854.58 million Yuan over that of balance at period-begin with growth rate of 32251.72%, mainly
because of equity premium arising from privately placement in the Period;
5. Business tax and surcharge: increased 4.76 million Yuan y-o-y with growth rate of 40.74%, mainly because soaring sales drive the
increase of VAT, than relevant surcharges increased correspondingly;
6. Financial expenses: increased 14.15 million Yuan y-o-y with growth rate of 42.73%, mainly because the scale of financing
expanded and interest rate of financing goes up;
7. Assets impairment loss: decreased 7.25 million Yuan y-o-y with growth rate of -74.58%, mainly because reinforce the inventory
management in the Period, and impact from the price reduction on drugs, the accrual inventory falling price reserves declined on a
y-o-y basis;
8. Non-operation revenue: increased 1.51 million Yuan y-o-y with growth rate of 66.16%, mainly because the government subsidy
received in the Period increased on a y-o-y basis;
9. Non-operation expenditure: increased 0.34 million Yuan y-o-y with growth rate of 645.09%, mainly because the donation outside
and losses from disposal of non-current assets have a y-o-y growth in the Period;
10. Loss from disposal of non-current assets: increased 20,000 Yuan y-o-y with growth rate of 101.36%, mainly because disposal of
fixed assets as vehicles increased y-o-y in the Period;
11. Tax refunds received: increased 0.23 million Yuan y-o-y with growth rate of 96.94%, mainly because tax rebates from subsidiary
increased y-o-y;
12. Cash paid for purchasing goods and receiving labor service: increased 1406.46 million Yuan y-o-y with growth rate of 32.74%,
mainly because along with the increase of sales, account paid for procurement growth y-o-y;
13. Taxes paid: increased 58.16 million Yuan y-o-y with growth rate of 50.71%, mainly because vary taxes increased y-o-y for the
growth of sales and improvement of profits;
14. Net cash flow from operation activity: decreased 535.47 million Yuan y-o-y with growth rate of -487.72%, mainly because the
account paid for procurement and vary taxes paid in the Period increased y-o-y;
15. Net cash received from disposal of fixed assets, intangible assets and other long-term assets: increased 0.19 million Yuan y-o-y
with growth rate of 323.39%, mainly because income from disposal of fixed assets in the Period increased y-o-y;
16. Cash received from other activities related to investment: increased 5.08 million Yuan y-o-y with growth rate of 100.00%, mainly
because the monetary fund owned by Sinopharm Holding Shantou on purchasing day, the subsidiary newly acquired in the Period,
was listed in the item;
17. Cash paid for purchasing fixed assets, intangible assets and other long-term assets: increased 28.67 million Yuan y-o-y with
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
growth rate of 168.69%, mainly because more investment for engineering project of workshop reconstruction in the Period;
18. Net cash flow from investment activity: decreased 23.39 million Yuan y-o-y with growth rate of -138.14%, mainly because
expenditure from workshop reconstruction increased;
19. Cash received from investors: increased 1941.76 million Yuan y-o-y with growth rate of 100.00%, mainly because amount from
private placement was received in the Period, and no such business occurred in same period of last year;
20. Cash paid for debt settlement: increased 256.11 million Yuan y-o-y with growth rate of 133.96%, mainly because loans payment
in the Period growth y-o-y;
21. Cash paid for distribution of dividend or profit or cash payments for interests: increased 19.91 million Yuan y-o-y with growth
rate of 69.54%, mainly because the loans interest paid in the Period increased y-o-y;
21. Net cash flow from financing activity: increased 1691.02 million Yuan y-o-y with growth rate of 2,135.69%, mainly because
amount from private placement was received in the Period, and no such business occurred in same period of last year;
22. Influence on cash and cash equivalent from exchange rate fluctuation: increased 4,600 Yuan y-o-y with growth rate of
1656107.14%, mainly because foreign currency held increased in the period.
II. Analysis and explanation of significant events and their influence and solutions
1. On 13 February 2014, the “Notice of Approval of Privately Offering of A-share from IEC of the CSRC” was
released by the Company. For relevant notice, please refer to Juchao Website dated 13 February 2014.
2. On 8 March 2014, the “Application of Privately Offering of A-share of Sinopharm Accord was Examined and
Approved by CSRC” was released by the Company. For relevant notice, please refer to Juchao Website dated 8
March 2014.
3. On 20 March 2014, the “China National Accord: Placement Report for the Privately Placement of A-Share and
Listed Company Statement” etc. were released by the Company. For relevant notice, please refer to Juchao
Website dated 20 March 2014.
Information index for temporary report
Overview Date for disclosure
disclosure
Notice of Approval of Privately Offering of Juchao Website
2014-02-13
A-share from IEC of the CSRC http://www.cninfo.com.cn/
Application of Privately Offering of A-share
Juchao Website
of Sinopharm Accord was Examined and 2014-03-08
http://www.cninfo.com.cn/
Approved by CSRC
“China National Accord: Placement Report
Juchao Website
for the Privately Placement of A-Share and 2014-03-20
http://www.cninfo.com.cn/
Listed Company Statement”
III. Commitments from the Company or shareholders (with over 5% shares held) in or
occurred in the previous period but continued to reporting period
Commitment Commitment
Commitments Accepter Contents Implementation
time period
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
Share Merger
Reform
As a large pharmaceutical commercial
enterprise whose business involves
pharmaceutical wholesale and retail,
Sinopharm Holding may overlap with the
Company in geographical segmentation during
its future business development. To avoid the
potential peer competition brought by such
geographical overlap, Sinopharm Holding
undertakes that, upon the transfer of shares of
Sinopharm Holding Guangzhou it held to
Accord Pharma, “1. it will not newly-establish
or broaden within Guangdong any business
Commitments in
operation that actually compete with that of
report of Sinopharm Long-term Normally implement
Accord Pharma, or set up any new subsidiaries 2005-06-21
acquisition or Holding effective
or subordinate enterprises who engage in such
equity change
business. 2. it will enter into business
delineation with Accord Pharma and
Sinopharm Holding Guangzhou, thereby
giving the three parties clear geographical
areas to carry out pharmaceutical wholesale
and retail businesses, so as to avoid potential
peer competition. Apart from above,
Sinopharm Holding will no longer
newly-establish any enterprise that may
compete with Accord Pharma in the
production and R&D of pharmaceutical
products.”
Commitments in
assets
reorganization
Sinopharm Holding has undertaken in the
Letter of Undertaking from Sinopharm Group
Controlling shareholder
Co. Ltd. on Avoiding Peer Competition that,
is implement in real
“I. the Company and the enterprises it
Commitments earnest, Sinopharm
wholly-owns, controls or has de facto control
made in initial Sinopharm Long-term Accord will actively
over (excluding Sinopharm Accord and its 2013-09-05
public offering or Holding effective urged the controlling
controlled enterprises, similarly hereinafter) do
re-financing shareholder and actual
not exist any business or operation that would
controller to fulfill
constitute substantive peer competition with
commitments
Sinopharm Accord and its controlled
enterprises. II. the Company and the
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
enterprises it wholly-owns, controls or has de
facto control over will not engage in,
participate in or carry out in Guangdong and
Guangxi any business or activities that would
constitute substantive competition with the
pharmaceutical commercial businesses of
Sinopharm Accord. III. the Company and the
enterprises it wholly-owns, controls or has de
facto control over will not engage in,
participate in or carry out any business or
activities that would constitute substantive
competition with the pharmaceutical industrial
businesses of Sinopharm Accord. IV. the
Company will not make use of its control over
Sinopharm Accord to damage the legal
interests of Sinopharm Accord and other
shareholders (especially minority
shareholders). The Letter of Undertaking takes
effect since the date of issue and will remain
effective during the entire period when the
Company has been the controlling shareholder
or connected party of Sinopharm Accord.
During the validity of the Undertaking, the
Company will indemnify in time Sinopharm
Accord from any loss which may arise out of
the Company’s violation of the Undertaking.”
Sinopharm Holding has undertaken in the
Letter of Undertaking from Sinopharm Group
Co. Ltd. on Standardization of the Connected
Transactions with China National Accord
Medicines Corporation Ltd. that, “I. during the
period when the Company takes control over Controlling shareholder
Sinopharm Accord, the Company and the is implement in real
companies or enterprises it directly or earnest, Sinopharm
Sinopharm indirectly controls (hereinafter referred to as Long-term Accord will actively
2013-09-05
Holding “Connected Party”) will strictly standardize effective urged the controlling
the connected transactions with Sinopharm shareholder and actual
Accord and its controlled enterprises. II. for controller to fulfill
those connected transactions beyond commitments
avoidance or out of reasonable causes, the
Company and Connected Party will enter into
standardized connected transaction agreement
with Sinopharm Accord according to law.
Sinopharm Accord will perform approval
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
procedure according to relevant laws, rules
and regulations, other standardization
documents and its constitutional documents,
and fulfill its obligation to disclose
information on connected transactions. III. for
those connected transactions beyond
avoidance or out of reasonable causes, the
Company and Connected Party will determine
the prices of connected transactions based on
the prices of same or similar transactions
entered into by independent third parties of no
connection while following the principles of
open, fair and just to ensure the fairness. IV.
when the board or shareholders’ meeting of
Sinopharm Accord votes on the relevant
connected transactions involving the Company
and other enterprises it controls, the Company
will perform obligations including that
necessary interested directors and shareholders
shall be abstained from voting according to
relevant regulations, and follow the legal
procedures for approval of connected
transactions and fulfill its information
disclosure obligation. V. the Company
guarantees to attend shareholders’ meeting
according to the constitutional documents of
Sinopharm Accord, exercise its corresponding
rights and assumed its corresponding
obligations in an equitable manner, not to take
advantage of its standing as controlling
shareholder to seek unjust interests, or to use
connected transactions to illegally transfer
capital or profit out of Sinopharm Accord, or
to prejudice the legal interests of Sinopharm
Accord and other shareholders (especially
minority shareholders). VI. the Letter of
Undertaking takes effect since the date of issue
and will remain effective during the entire
period when the Company has been the
controlling shareholder or connected party of
Sinopharm Accord. During the validity of the
Undertaking, the Company will indemnify in
time Sinopharm Accord from any loss that
may arise out of the Company’s violation of
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
the Undertaking.”
”Sinopharm Group has undertaken in the
Letter of Undertaking from China National
Pharmaceutical Group Corporation on
Avoiding the Peer Competition with China
National Accord Medicines Corporation Ltd.
that, “I. in the coming five years, Sinopharm
Group intends to take appropriate measures
including replacement or acquisition of assets
or equity reorganization to solve the problem of
peer competition between Weiqida and
Sinopharm Accord. II. apart from the matters
disclosed in the past and in the Letter of
Undertaking, the Company and the enterprises
it wholly-owns, controls or has de facto Actual controller is
control over (excluding Sinopharm Accord implement in real earnest,
and its controlled enterprises, similarly Sinopharm Accord will
Sinopharm Long-term
hereinafter) do not directly engage in, 2013-10-16 actively urged the
Group effective
participate in or carry out within the PRC any controlling shareholder
business or activities that would constitute and actual controller to
substantive competition with the production fulfill commitments
and operation of Sinopharm Accord. The
relative undertakings in respect of avoiding
peer competition given by the Company in the
past remain valid. III. the Company will not
take advantage of its control over Sinopharm
Accord to damage the legal interests of
Sinopharm Accord and other shareholders
(especially minority shareholders). IV. the
Letter of Undertaking takes effect since the
date of issue and will remain effective during
the entire period when the Company has been
the de facto controller or connected party of
Sinopharm Accord.”
Sinopharm Group has undertaken in the Letter
Actual controller is
of Undertaking from China National
implement in real earnest,
Pharmaceutical Group Corporation on
Sinopharm Accord will
Sinopharm Standardization of the Connected Transactions Long-term
2013-09-22 actively urged the
Group with China National Accord Medicines effective
controlling shareholder
Corporation Ltd that, “I. during the period
and actual controller to
when the Company takes control over
fulfill commitments
Sinopharm Accord, the Company and the
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
companies or enterprises it directly or
indirectly controls (hereinafter referred to as
“Connected Party”) will strictly standardize
the connected transactions with Sinopharm
Accord and its controlled enterprises. II. for
those connected transactions beyond
avoidance or out of reasonable causes, the
Company and Connected Party will enter into
standardized connected transaction agreement
with Sinopharm Accord according to law.
Sinopharm Accord will perform approval
procedure according to relevant laws, rules
and regulations, other standardization
documents and its constitutional documents,
and fulfill its obligation to disclose
information on connected transactions. III. for
those connected transactions beyond
avoidance or out of reasonable causes, the
Company and Connected Party will determine
the prices of connected transactions based on
the prices of same or similar transactions
entered into by independent third parties of no
connection while following the principles of
open, fair and just to ensure the fairness. IV.
when the board or shareholders’ meeting of
Sinopharm Accord votes on the relevant
connected transactions involving the Company
and other enterprises it controls, the Company
will perform obligations including that
necessary interested directors and shareholders
shall be abstained from voting according to
relevant regulations, and follow the legal
procedures for approval of connected
transactions and fulfill its information
disclosure obligation. V. the Company
guarantees not to take advantage of its
standing as actual controller to seek unjust
interests, or to use connected transactions to
illegally transfer capital or profit out of
Sinopharm Accord, or to prejudice the legal
interests of Sinopharm Accord and other
shareholders (especially minority
shareholders).”VI. the Letter of Undertaking
takes effect since the date of issue and will
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
remain effective during the entire period when
the Company has been the actual controller or
connected party of Sinopharm Accord.
Other
commitments to
minority
shareholders of
the Company
Completed on
Yes
time or not
IV. Predict of the business performance from January to June 2014
Warnings and reasons of the predict that the cumulative net profit from the begin of the year to the end of next report period may be
loss or have great changes comparing with the same period of last year
□Applicable √Not applicable
V. Registration form for receiving research, communication and interview in the report period
Type of Contents discussed and
Date Place Method Investor
investors materials supplied
CMS, Haitong Securities, CCB Principal Asset
Management, Huarong Securities, Zhongdian Xin’an
Investment Management Co., Ltd., Yuance Investment
Management Co., Ltd., Everbright Securities, Mingyuan
Investment, Dingfeng Asset Management, Qingxi Assets
Management Co., Ltd., Huashang Fund Management,
Shanghai Daweide Investment Co., Ltd., Anbang Assets
Visited the Company
Management Co., Ltd., Greenwoods Asset Management,
and knew the influence
Accord Shenzhen Jingshi Investment Management Co., Ltd., Gold
Spot of medical reform policy
2014-02-18 Pharm. Institution State Securities, First Capital Securities, Shangcheng Asset
investigation to the development of
Bldg. Management, TF Securities, Shenzhen Branch of
the industry. No material
Dongguan Securities, CPIC, China Southern Asset
provided.
Management, Marco Polo Zhizheng Assets Management
Co., Ltd., China AMC, Anhui Guofu Industrial Investment
Fund Management Co., Ltd., First State Cinda Fund、
Macro Capital, Shanghai Qingyuan Investment
Management Co., Ltd., GF Securities, Industrial
Securities, Fortune SG Fund Management, Sinolink
Securities
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
Section IV. Financial Statement
I. Financial statement
1. Consolidate balance sheet
Prepared by China National Accord Medicines Corporation Ltd.
In RMB
Items Balance at period-end Balance at period-begin
Current assets:
Monetary funds 2,262,626,515.25 1,113,562,211.65
Settlement provisions
Capital lent
Transaction finance asset
Notes receivable 801,130,262.49 739,061,141.72
Accounts receivable 5,634,061,988.73 5,675,658,506.78
Accounts paid in advance 77,347,227.14 64,367,040.17
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Interest receivable
Dividend receivable
Other receivables 37,170,207.05 29,620,899.71
Purchase restituted finance asset
Inventories 1,862,984,801.00 1,831,267,290.00
Non-current asset due within one
year
Other current assets 8,417,186.85 12,203,752.77
Total current assets 10,683,738,188.51 9,465,740,842.80
Non-current assets:
Granted loans and advances
Finance asset available for sales
Held-to-maturity investment
Long-term account receivable
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国药集团一致药业股份有限公司 2014 年第一季度报告全文
Long-term equity investment 146,100,876.69 135,341,010.52
Investment property 76,093,064.20 77,269,718.14
Fixed assets 748,637,172.69 766,741,590.63
Construction in progress 131,573,671.23 126,606,806.01
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 148,776,674.17 150,561,964.46
Expense on Research and
5,619,315.47 5,619,315.47
Development
Goodwill 85,228,833.15 85,228,833.15
Long-term expenses to be
40,924,193.18 35,985,621.47
apportioned
Deferred income tax asset 73,156,258.77 68,895,938.25
Other non-current asset 130,694,492.27 139,905,300.41
Total non-current asset 1,586,804,551.82 1,592,156,098.51
Total assets 12,270,542,740.33 11,057,896,941.31
Current liabilities:
Short-term loans 1,921,897,703.65 2,744,941,589.11
Loan from central bank
Absorbing deposit and interbank
deposit
Capital borrowed
Transaction financial liabilities
Notes payable 1,166,128,774.72 1,495,401,188.09
Accounts payable 3,767,764,939.94 3,436,936,497.16
Accounts received in advance 41,547,327.73 38,570,231.44
Selling financial asset of
repurchase
Commission charge and
commission payable
Wage payable 97,170,165.27 159,466,364.12
Taxes payable 89,622,047.65 76,045,260.04
Interest payable 12,206,953.34 13,065,850.14
Dividend payable
16
国药集团一致药业股份有限公司 2014 年第一季度报告全文
Other accounts payable 474,333,702.13 496,102,247.39
Reinsurance payables
Insurance contract reserve
Security trading of agency
Security sales of agency
Non-current liabilities due within 1
7,800,000.00 7,800,000.00
year
Other current liabilities 22,040,000.00 22,040,000.00
Total current liabilities 7,600,511,614.43 8,490,369,227.49
Non-current liabilities:
Long-term loans
Bonds payable
Long-term account payable
Special accounts payable 4,287,000.00 4,287,000.00
Projected liabilities
Deferred income tax liabilities 24,319,675.64 24,644,887.76
Other non-current liabilities 220,580,924.69 221,958,761.49
Total non-current liabilities 249,187,600.33 250,890,649.25
Total liabilities 7,849,699,214.76 8,741,259,876.74
Owner’s equity (or shareholders’
equity):
Paid-in capital (or share capital) 362,631,943.00 288,149,400.00
Capital public reserve 1,860,333,209.04 5,750,338.57
Less: Inventory shares
Reasonable reserve
Surplus public reserve 144,855,634.40 144,855,634.40
Provision of general risk
Retained profit 1,973,820,672.45 1,806,002,285.06
Balance difference of foreign
currency translation
Total owner’s equity attributable to
4,341,641,458.89 2,244,757,658.03
parent company
Minority interests 79,202,066.68 71,879,406.54
Total owner’s equity (or shareholders’
4,420,843,525.57 2,316,637,064.57
equity)
Total liabilities and owner’s equity(or
12,270,542,740.33 11,057,896,941.31
shareholders’ equity)
17
国药集团一致药业股份有限公司 2014 年第一季度报告全文
Legal representative: Yan Zhigang
Person in charge of accounting works: Wei Pingxiao
Person in charge of accounting organ: Chi Guoguang
2. Balance sheet of parent company
Prepared by China National Accord Medicines Corporation Ltd.
In RMB
Items Balance at period-end Balance at period-begin
Current assets:
Monetary funds 1,369,458,556.36 218,342,947.03
Transaction finance asset
Notes receivable 16,718,425.49 34,964,767.24
Accounts receivable 393,431,023.28 427,376,566.55
Accounts paid in advance 1,271,989.80 35,982.02
Interest receivable 2,483,684.77 1,650,552.45
Dividend receivable
Other receivables 1,597,963,720.33 1,160,527,938.29
Inventories 144,986,973.46 172,165,830.98
Non-current asset due within one
year
Other current assets 39,482.38 2,657,068.36
Total current assets 3,526,353,855.87 2,017,721,652.92
Non-current assets:
Finance asset available for sales
Held-to-maturity securities
Long-term account receivable
Long-term equity investment 1,601,590,371.07 1,583,340,504.90
Investment property 6,610,404.59 7,060,731.46
Fixed assets 19,392,834.12 20,722,267.75
Construction in progress 65,017,501.45 54,974,475.13
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 37,577,836.73 37,966,282.04
Expense on Research and
Development
Goodwill
18
国药集团一致药业股份有限公司 2014 年第一季度报告全文
Long-term expenses to be
6,510,747.51 6,787,267.98
apportioned
Deferred income tax asset 2,941,603.89 2,941,603.89
Other non-current asset 22,951,484.73 29,152,556.06
Total non-current asset 1,762,592,784.09 1,742,945,689.21
Total assets 5,288,946,639.96 3,760,667,342.13
Current liabilities:
Short-term loans 758,800,000.00 1,079,500,000.00
Transaction financial liabilities
Notes payable 121,548,197.04 247,283,090.92
Accounts payable 346,130,983.60 318,141,136.49
Accounts received in advance 284,883.85 291,691.40
Wage payable 13,580,101.35 16,512,245.17
Taxes payable 5,855,088.68 1,509,173.93
Interest payable 1,436,094.29 1,834,864.78
Dividend payable
Other accounts payable 425,852,898.31 421,121,969.02
Non-current liabilities due within 1
year
Other current liabilities
Total current liabilities 1,673,488,247.12 2,086,194,171.71
Non-current liabilities:
Long-term loans
Bonds payable
Long-term account payable
Special accounts payable 800,000.00 800,000.00
Projected liabilities
Deferred income tax liabilities 3,773,319.00 3,773,319.00
Other non-current liabilities
Total non-current liabilities 4,573,319.00 4,573,319.00
Total liabilities 1,678,061,566.12 2,090,767,490.71
Owner’s equity (or shareholders’
equity):
Paid-in capital (or share capital) 362,631,943.00 288,149,400.00
Capital public reserve 1,869,131,597.40 14,548,726.93
19
国药集团一致药业股份有限公司 2014 年第一季度报告全文
Less: Inventory shares
Reasonable reserve
Surplus public reserve 144,855,634.40 144,855,634.40
Provision of general risk
Retained profit 1,234,265,899.04 1,222,346,090.09
Balance difference of foreign
currency translation
Total owner’s equity(or shareholders’
3,610,885,073.84 1,669,899,851.42
equity)
Total liabilities and owner’s equity(or
5,288,946,639.96 3,760,667,342.13
shareholders’ equity)
Legal representative: Yan Zhigang
Person in charge of accounting works: Wei Pingxiao
Person in charge of accounting organ: Chi Guoguang
3. Consolidated Profit Statement
Prepared by China National Accord Medicines Corporation Ltd.
In RMB
Items Amount at this period Amount at last period
I. Total operating income 5,533,524,159.08 4,868,822,373.35
Including: Operating income 5,533,524,159.08 4,868,822,373.35
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 5,333,488,597.29 4,699,206,221.19
Including: Operating cost 5,029,648,506.06 4,432,050,849.23
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 16,456,412.89 11,692,662.54
Sales expenses 140,963,077.19 127,880,683.95
Administration expenses 96,697,790.30 84,756,689.56
20
国药集团一致药业股份有限公司 2014 年第一季度报告全文
Financial expenses 47,251,787.11 33,105,615.62
Losses of devaluation of asset 2,471,023.74 9,719,720.29
Add: Changing income of fair
value(Loss is listed with “-”)
Investment income (Loss is listed
10,759,866.17 9,260,889.80
with “-”)
Including: Investment income on
10,759,866.17 9,260,889.80
affiliated company and joint venture
Exchange income (Loss is listed
with “-”)
III. Operating profit (Loss is listed
210,795,427.96 178,877,041.96
with “-”)
Add: Non-operating income 3,794,783.96 2,283,793.08
Less: Non-operating expense 392,320.33 52,654.41
Including: Disposal loss of
37,633.78 18,690.05
non-current asset
IV. Total Profit (Loss is listed with
214,197,891.59 181,108,180.63
“-”)
Less: Income tax 42,222,561.34 34,044,022.88
V. Net profit (Net loss is listed with “-”) 171,975,330.25 147,064,157.75
Including: Net profit achieved by the
merged party before the merger
Net profit attributable to owner’s
167,818,387.39 143,654,533.90
equity of parent company
Minority shareholders’ gains and
4,156,942.86 3,409,623.85
losses
VI. Earnings per share -- --
i. Basic earnings per share 0.582 0.499
ii. Diluted earnings per share 0.582 0.499
VII. Other consolidated income
VIII. Total consolidated income 171,975,330.25 147,064,157.75
Total consolidated income attributable
167,818,387.39 143,654,533.90
to owners of parent company
Total consolidated income
4,156,942.86 3,409,623.85
attributable to minority shareholders
Legal representative: Yan Zhigang
Person in charge of accounting works: Wei Pingxiao
Person in charge of accounting organ: Chi Guoguang
4. Profit statement of parent company
Prepared by China National Accord Medicines Corporation Ltd.
In RMB
21
国药集团一致药业股份有限公司 2014 年第一季度报告全文
Items Amount at this period Amount at last period
I. Operating income 630,928,100.07 556,966,727.71
Less: Operating income 606,916,889.78 533,556,373.38
Operating tax and extras 1,448,928.34 967,482.15
Sales expenses 10,773,372.91 9,712,242.94
Administration expenses 10,935,015.93 8,476,872.55
Financial expenses -825,878.75 2,364,622.69
Losses of devaluation of asset 202,141.81 73,319.88
Add: Changing income of fair
value(Loss is listed with “-”)
Investment income (Loss is listed
10,759,866.17 9,260,889.80
with “-”)
Including: Investment income on
10,759,866.17 9,260,889.80
affiliated company and joint venture
II. Operating profit (Loss is listed
12,237,496.22 11,076,703.92
with “-”)
Add: Non-operating income 68,960.33 158,771.23
Less: Non-operating expense
Including: Disposal loss of
non-current asset
III. Total Profit (Loss is listed with
12,306,456.55 11,235,475.15
“-”)
Less: Income tax 386,647.60 -16,317.45
IV. Net profit (Net loss is listed with
11,919,808.95 11,251,792.60
“-”)
V. Earnings per share -- --
i. Basic earnings per share
ii. Diluted earnings per share
VI. Other consolidated income
VII. Total consolidated income 11,919,808.95 11,251,792.60
Legal representative: Yan Zhigang
Person in charge of accounting works: Wei Pingxiao
Person in charge of accounting organ: Chi Guoguang
5. Consolidated cash flow statement
Prepared by China National Accord Medicines Corporation Ltd.
In RMB
22
国药集团一致药业股份有限公司 2014 年第一季度报告全文
Items Amount at this period Amount at last period
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 5,724,848,719.86 4,735,572,728.08
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 original
insurance contract fee
Net cash received from reinsurance
business
Insured savings and net increase of
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 458,279.02 232,694.10
Other cash received concerning
14,374,722.13 19,078,366.15
operating activities
Subtotal of cash inflow arising
5,739,681,721.01 4,754,883,788.33
from operating activities
Cash paid for purchasing
commodities and receiving labor 5,702,098,302.24 4,295,639,508.28
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
23
国药集团一致药业股份有限公司 2014 年第一季度报告全文
slip
Cash paid to/for staff and workers 200,359,447.38 162,986,417.08
Taxes paid 172,863,504.48 114,701,822.78
Other cash paid concerning
90,043,632.87 71,765,905.51
operating activities
Subtotal of cash outflow arising
6,165,364,886.97 4,645,093,653.65
from operating activities
Net cash flows arising from
-425,683,165.96 109,790,134.68
operating activities
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 252,600.00 59,661.00
assets
Net cash received from disposal of
subsidiaries and other units
Other cash received concerning
5,080,588.84
investing activities
Subtotal of cash inflow from
5,333,188.84 59,661.00
investing activities
Cash paid for purchasing fixed,
45,663,080.22 16,994,763.75
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
45,663,080.22 16,994,763.75
investing activities
Net cash flows arising from
-40,329,891.38 -16,935,102.75
investing activities
III. Cash flows arising from financing
activities
Cash received from absorbing
1,941,759,896.01
investment
Including: Cash received from
absorbing minority shareholders’
24
国药集团一致药业股份有限公司 2014 年第一季度报告全文
investment by subsidiaries
Cash received from loans 186,993,124.89 164,699,901.11
Cash received from issuing bonds
Other cash received concerning
financing activities
Subtotal of cash inflow from
2,128,753,020.90 164,699,901.11
financing activities
Cash paid for settling debts 447,290,917.24 191,180,079.92
Cash paid for dividend and profit
48,547,024.91 28,634,662.45
distributing or interest paying
Including: Dividend and profit of
minority shareholder paid by
subsidiaries
Other cash paid concerning
21,072,437.76 24,064,510.17
financing activities
Subtotal of cash outflow from
516,910,379.91 243,879,252.54
financing activities
Net cash flows arising from
1,611,842,640.99 -79,179,351.43
financing activities
IV. Influence on cash due to fluctuation
4,636.82 -0.28
in exchange rate
V. Net increase of cash and cash
1,145,834,220.47 13,675,680.22
equivalents
Add: Balance of cash and cash
1,097,948,354.45 920,748,043.53
equivalents at the period -begin
VI. Balance of cash and cash
2,243,782,574.92 934,423,723.75
equivalents at the period -end
Legal representative: Yan Zhigang
Person in charge of accounting works: Wei Pingxiao
Person in charge of accounting organ: Chi Guoguang
6. Cash flow statement of parent company
Prepared by China National Accord Medicines Corporation Ltd.
In RMB
Items Amount at this period Amount at last period
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 750,568,332.49 601,851,075.97
services
Write-back of tax received
Other cash received concerning
3,210,375.82 2,756,834.53
operating activities
25
国药集团一致药业股份有限公司 2014 年第一季度报告全文
Subtotal of cash inflow arising
753,778,708.31 604,607,910.50
from operating activities
Cash paid for purchasing
commodities and receiving labor 765,087,858.27 595,766,405.98
service
Cash paid to/for staff and workers 15,533,624.52 14,068,634.25
Taxes paid 2,462,773.93 3,254,198.36
Other cash paid concerning
5,047,627.07 8,044,724.40
operating activities
Subtotal of cash outflow arising
788,131,883.79 621,133,962.99
from operating activities
Net cash flows arising from
-34,353,175.48 -16,526,052.49
operating activities
II. Cash flows arising from investing
activities:
Cash received from recovering
investment
Cash received from investment
15,446,654.64 11,455,495.83
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
904,600,000.00 212,500,000.00
investing activities
Subtotal of cash inflow from
920,046,654.64 223,955,495.83
investing activities
Cash paid for purchasing fixed,
17,326,293.40 886,809.08
intangible and other long-term assets
Cash paid for investment
Net cash received from
subsidiaries and other units
Other cash paid concerning
1,341,643,308.59 97,700,000.00
investing activities
Subtotal of cash outflow from
1,358,969,601.99 98,586,809.08
investing activities
Net cash flows arising from investing
-438,922,947.35 125,368,686.75
activities
III. Cash flows arising from financing
activities
Cash received from absorbing 1,941,759,896.01
26
国药集团一致药业股份有限公司 2014 年第一季度报告全文
investment
Cash received from loans 50,000,000.00 70,000,000.00
Cash received from issuing bonds
Other cash received concerning
56,300,000.00 86,167,361.60
financing activities
Subtotal of cash outflow from financing
2,048,059,896.01 156,167,361.60
activities
Cash paid for settling debts 395,000,000.00 134,000,000.00
Cash paid for dividend and profit
16,123,526.33 11,132,509.64
distributing or interest paying
Other cash paid concerning
12,544,637.52 120,500,000.00
financing activities
Subtotal of cash outflow from
423,668,163.85 265,632,509.64
financing activities
Net cash flows arising from
1,624,391,732.16 -109,465,148.04
financing activities
IV. Influence on cash due to fluctuation
in exchange rate
V. Net increase of cash and cash
1,151,115,609.33 -622,513.78
equivalents
Add: Balance of cash and cash
218,342,947.03 160,633,355.13
equivalents at the period -begin
VI. Balance of cash and cash
1,369,458,556.36 160,010,841.35
equivalents at the period -end
Legal representative: Yan Zhigang
Person in charge of accounting works: Wei Pingxiao
Person in charge of accounting organ: Chi Guoguang
II. Audit report
Whether the first quarterly report had been audited or not
□ Yes √ No
The first quarterly report of the Company had not been audited.
27
