Shenzhen Benelux Enterprise Co., Ltd.
The First Quarterly Report 2009
§1. Important Notice
1.1 The Board of Directors, the Supervisory Committee as well as directors,
supervisors and senior management staff of Shenzhen Benelux Enterprise Co., Ltd
(hereinafter referred to as the Company) guarantee that there are no significant
omissions, fictitious or misleading statements carried in the Report and will take
individual and joint responsibilities for the truthfulness, accuracy and completeness of
the Report.
1.2 The Financial Report of the first quarterly report period has not been audited.
1.3 Mr. Xu Min, Principal of the Company, Mr. Wang Changsheng, CFO, and Ms. Li
Lingling, person in charge of accounting organ, hereby confirm that the Financial
Report enclosed in Quarterly Report is true and complete.
§2 Company Profile
2.1 Main accounting data and financial indices
Unit: RMB Yuan
At the end of this
report period
At the period-end of last
year
Increase/decrease (%)
Total assets 10,441,072.89 10,645,772.99 -1.92%
Owner’s equity attributable to parent company -389,898,378.37 -389,583,260.77 -0.08%
Share capital 60,500,000.00 60,500,000.00 0.00%
Net assets per share attributable to owners of
parent company
-6.445 -6.439 -0.09%
This period Same period of last year Increase/decrease (%)
Operating revenue 137,152.50 180,372.00 -23.96%
Net profit attributable to owners of parent company -315,117.60 -261,050.72 20.71%
Net cash flow arising from operating activities 1,388.00 -8,204.39 117.30%
Net cash flow per share arising from operating
activities
0.00 0.00 0.00%
Basic earnings per share -0.005 -0.004 -25.00%
Fully diluted earnings per share -0.005 -0.004 -25.00%
Return on equity 0.00% 0.00% 0.00%
Return on equity after deducting non-recurring
gains and losses
0.00% 0.00% 0.00%
Items of non-recurring gains and losses
Amount from the year-begin
to end of report period
0.0 0.00Total 0.00
Explanation on items of non-recurring gains and losses
Naught
2.2 Total number of shareholders at the end of the report period and statement on
shares held by the top ten shareholders holding tradable shares
Unit: Share
Total shareholders at the end of report period 3,865
Shares held by the top ten shareholders holding tradable shares
Full name of shareholder Tradable shares held at the period-end Type of share
SUN LI FENG 1,093,701 Domestically listed foreign shares
WANG YONG 320,000 Domestically listed foreign shares
WANG YAN 300,000 Domestically listed foreign shares
ABN AMRO BANK NV 246,700 Domestically listed foreign shares
KOTO TRANSPORT LTD 200,000 Domestically listed foreign shares
ZHANG HAN XING 196,900 Domestically listed foreign shares
WANG JUN BIN 188,902 Domestically listed foreign shares
GUI RAN YAO 150,000 Domestically listed foreign shares
CHEN SU JUAN 146,000 Domestically listed foreign shares
CHEN WEI 121,000 Domestically listed foreign shares
§3 Significant Events
3.1 Particular about large-margin change of main accounting statement item and
financial index and its reason
□Applicable √Inapplicable
3.2 The progress of significant events and influence, as well as the analysis and
explanation on resolving proposal
√Applicable □Inapplicable
About relevant events referring to audit opinion, the Board of Directors explained as
follows:
I. The audit scope is limited.
(1) Concerning the rationality of the un-consolidated statements: as stated in Note Ⅶ
to the financial statements, the 99% equities of Wuhan Ruide Biological Product Co.,
Ltd. (hereinafter referred to as “Ruide Company”) held by the Company were
auctioned legally by Shenzhen Nanshan Court. The 75% equities of Shenzhen
Houyuan Medical Appliances Co., Ltd. (hereinafter referred to as “Houyuan
Company”) held by the company were sealed up and planned to be assessed and
auctioned by Shanwei Intermediate People’s Court for involving in lawsuits. And the
91.11% equity of Shenzhen Benelux Simulation & Control Co., Ltd. held by the
Company was frozen by Wuhan Intermediate People’s Court, which was in the state
of suspension in 2007. All these facts manifested that the Company had lost thesubstantial control over the three subsidiaries. In order to solve the said problems, the
Board of Directors and the Shareholders’ General Meeting had made relevant
resolutions on disposing and liquidating the three subsidiaries (please refer to the
public notices disclosed by the Company on Securities Times and Hong Kong Ta
Kung Pao on 29 Mar. 2006 and 9 May 2006). According to Accounting Standard for
Business Enterprises - Consolidated Financial Statements, it was in light with the
regulation of Consolidated Financial Statement that the Company did not bring the
three subsidiaries to be disposed, being lost control and in the state of suspense into
the consolidated statements scope, which truly and fairly reflected the financial status
of the Company.
(2) Influence of the un-audit on the accounting statements: Because the Company had
withdrawn impairment provision on long-term investment at full amount, of which the
book value was zero, as well as the un-qualification of the subsidiaries for the
consolidated statements, there were no influence on the financial status and operating
results of the Company. In addition, there is currently no evidence indicating that the
Company may have other guarantee issues.
II. Concerning going-concern of the Company
So far, the Company had achieved great progress in debt restructuring (please refer to
Note XIII to the financial statements for more details), which laid a foundation for the
rest work of debt restructuring and the next asset restructuring. It was hoped that the
Company could stem the disadvantaged tide and get out of the dilemma that there was
no main business by means of efforts of the Company and the large shareholders, as
to return to the track of normal development.
3.3 The fulfillment of the commitment made by the Company, shareholders and the
actual controller
□Applicable √Inapplicable
3.4 Warnings of possible loss or large-margin change of the accumulated net profit
made during the period from the beginning of the year to the end of the next report
period compared with the same period of the last year according to prediction, as well
as explanations on the reasons
□Applicable √Inapplicable
3.5 Explanation on other significant events
3.5.1 Securities investment
□Applicable √Inapplicable
3.5.2 Equity of other listed companies the Company held
Date Venue Manner Visitors
Topics discussed and information
provided
12 Jan. 2009
5/F, No. 13 Building, Zhongxing
Industry Park, Nanshan District
Communication
by telephone
Individual
investor
Investors inquired that whether the
Company can resume trading
17 Feb. 2009 5/F, No. 13 Building, Zhongxing Communication Individual Investors inquired that whether theIndustry Park, Nanshan District by telephone investor Company can resume trading
23 Mar. 2009
5/F, No. 13 Building, Zhongxing
Industry Park, Nanshan District
Communication
by telephone
Individual
investor
Investors inquired that whether the
Company can resume trading
3.5.3 Other significant events
□Applicable √Inapplicable
§4 Appendix
4.1 Balance sheet
Prepared by Shenzhen Benelux Enterprise Co., Ltd 31 Mar. 2009 Unit: RMB Yuan
Balance at the period-end Balance at the year-begin
Items
Consolidation Parent Company Consolidation Parent Company
Current assets
Cash and cash equivalents 11,452.11 11,452.11 10,064.11 10,064.11
Settlement fund
Outgoing call loan
Trading financial assets
Notes receivable
Accounts receivable
Prepayment
Insurance receivables
Reinsurance Receivable
Provision of reinsurance contract reserve
receivable
Interests receivable
Dividend receivable
Other receivables 43,887.25 43,887.25 47,900.00 47,900.00
Financial assets purchased under agreement to
resell
Inventories
Non-current assets due within 1-year
Other current assets
Total current assets 55,339.36 55,339.36 57,964.11 57,964.11
Non-current assets：
Loan and payment on other's behalf disbursed
Available-for-sale financial assets
Investment held to maturity
Long-term receivables
Long-term equity investment
Investment property
Fixed assets 10,385,733.53 10,385,733.53 10,587,808.88 10,587,808.88
Construction in progressEngineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets
R&D expenses
Goodwill
Long-term deferred expenses
Deferred tax assets
Other non-current assets
Total non-current assets 10,385,733.53 10,385,733.53 10,587,808.88 10,587,808.88
Total assets 10,441,072.89 10,441,072.89 10,645,772.99 10,645,772.99
Current liabilities：
Short-term loans 6,990,000.00 6,990,000.00 6,990,000.00 6,990,000.00
Loans from central bank
Deposits received and hold for others
Call loan received
Held-for-trading financial liabilities
Notes payable
Accounts payable 136,282.84 136,282.84 136,282.84 136,282.84
Advance from customers
Financial assets sold under agreements to
repurchase
Fees and commissions payable
Payroll payable
Taxes payable 1,648,214.98 1,648,214.98 1,648,214.98 1,648,214.98
Interests payable 3,690,829.20 3,690,829.20 3,588,611.70 3,588,611.70
Dividend payable
Other payables 74,065,972.42 74,065,972.42 74,057,772.42 74,057,772.42
Amount due to reinsurance
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liabilities due within 1-year
Other current liabilities
Total current liabilities： 86,531,299.44 86,531,299.44 86,420,881.94 86,420,881.94
Non-current liabilities：
Long-term loans
Bonds payable
Long-term payables
Specific payables
Provision for liabilities 313,808,151.82 313,808,151.82 313,808,151.82 313,808,151.82Deferred taxes liabilities
Other non-current liabilities
Total non-current liabilities： 313,808,151.82 313,808,151.82 313,808,151.82 313,808,151.82
Total liabilities 400,339,451.26 400,339,451.26 400,229,033.76 400,229,033.76
Shareholders' Equity：
Share capital 60,500,000.00 60,500,000.00 60,500,000.00 60,500,000.00
Capital surplus 34,791,680.54 34,791,680.54 34,791,680.54 34,791,680.54
Less：Treasury Stock
Surplus reserve 31,716,564.50 31,716,564.50 31,716,564.50 31,716,564.50
General risk provision
Retained earnings -516,906,623.41 -516,906,623.41 -516,591,505.81 -516,591,505.81
Foreign exchange difference
Total shareholders' equity attributable to holding
company
-389,898,378.37 -389,898,378.37 -389,583,260.77 -389,583,260.77
Minority interest
Total shareholder's equity -389,898,378.37 -389,898,378.37 -389,583,260.77 -389,583,260.77
Total liabilities & shareholder's equity 10,441,072.89 10,441,072.89 10,645,772.99 10,645,772.99
4.2 Income statement
Prepared by Shenzhen Benelux Enterprise Co., Ltd Jan.-Mar. 2009 Unit: RMB Yuan
Amount for current period Amount for the last period
Items
Consolidation Parent Company Consolidation Parent Company
I. Total revenue 137,152.50 137,152.50 180,372.00 180,372.00
Including: revenue 137,152.50 137,152.50 180,372.00 180,372.00
Interests income
Insurance fee income
Fee and commission income
II. Total cost of sales 452,270.10 452,270.10 441,422.72 441,422.72
Including: Cost of sales 2,732.40 2,732.40 7,826.30 7,826.30
Interests expenses
Service charge and commission income
Insurance discharge payment
Claim expenses-net
Provision for insurance contract
reserve-net
Insurance policy dividend paid
Reinsurance expense
Business taxes and surcharges
Sales expenses
Administrative expenses 345,769.92 345,769.92 331,378.92 331,378.92
Financial costs 103,767.78 103,767.78 102,217.50 102,217.50
Impairment lossPlus: gain/loss on change in fair value (“-”for
loss)
Gain/loss on investment(“-”for loss)
Including: income from investment on
associates and jointly ventures
Gain or loss on foreign exchange difference
(“-”for loss)
III. Operating profit(“-”for loss) -315,117.60 -315,117.60 -261,050.72 -261,050.72
Plus: non-operating income
Less: non-operating expense
Including: loss from disposal of non-current
asset
IV. Total profit (“-”for loss) -315,117.60 -315,117.60 -261,050.72 -261,050.72
Less: income tax expense
V. Net profit (“-”for loss) -315,117.60 -315,117.60 -261,050.72 -261,050.72
Including: Attributable to equity holders of the
parent company
-315,117.60 -315,117.60 -261,050.72 -261,050.72
Minority interest
VI. Earnings per share
(I) Basic earnings per share -0.01 -0.01 -0.004 -0.004
(II) Diluted earnings per share -0.01 -0.01 -0.004 -0.004
4.3 Cash Flow Statement
Prepared by Shenzhen Benelux Enterprise Co., Ltd Jan.-Mar. 2009 Unit: RMB Yuan
Amount for current period Amount for the last period
Items
Consolidation Parent Company Consolidation Parent Company
I. Cash flows from operating activities
Cash received from sales of goods or rending of
services
Net increase of deposits received and held for
others
Net increase of loans from central bank
Net increase of inter-bank loans from other
financial assets
Cash received against original insurance contract
Net Cash received from reinsurance
Net increase of client deposit and investment
Cash received from disposal of held-for-trading
financial assets
Cash received as Interests, fees and commissions
received
Net increase of inter-bank fund receivedCash received under repurchasing, net
Tax returned
Other cash received from operating activities 137,152.50 137,152.50 180,372.00 180,372.00
Sub-total of cash inflow from operating
activities
137,152.50 137,152.50 180,372.00 180,372.00
Cash paid for goods and services
Net increase of loans and advances
Net increase of deposit in central bank, banks
and other financial institutions
Cash paid for original contract claim
Cash paid for interests, fees and commission
Cash paid for policy dividend
Cash paid to and for employees 74,475.35 74,475.35 75,808.59 75,808.59
Cash paid for all types of taxes 5,168.12 5,168.12 10,627.42 10,627.42
Other cash paid relating to operating activities 56,121.03 56,121.03 102,140.38 102,140.38
Sub-total of cash outflows 135,764.50 135,764.50 188,576.39 188,576.39
Net cash outflow in operating activities 1,388.00 1,388.00 -8,204.39 -8,204.39
2. Cash Flows from Investing Activities
Cash received from return of investments
Cash received from investment income
Net cash received from disposal of fixed assets,
intangible assets and other long-term assets
Net cash received from disposal of subsidiaries
and other operating units
Other cash received relating to investing
activities
Sub-total of cash inflows of investing activities
Cash paid for acquisition of fixed assets,
intangible assets and other long-term assets
Cash paid for acquisition of investments
Net increase of pledge loans
Net cash paid for acquisition of subsidiaries and
other operating units
Other cash paid relating to investing activities
Sub-total of cash outflows of investing activities
Net cash inflow from investing activities
3. Cash Flows from Financing Activities:
Cash received from investment
Including: Cash received from minority
shareholders of subsidiaries
Cash received from borrowings
Cash received from bonds issuing
Cash received relating to financing activitiesSub-total of cash inflows of financing activities
Cash paid for repayments of borrowings
Cash paid for dividends, profit distribution or
interest
Including: dividends or profits paid to minority
shareholders by subsidiaries
Other cash paid relating to financing activities
Sub-total of cash outflows of financing activities
Net cash inflow from financing activities
IV. Effect of foreign exchange rate changes
V. Net decrease in cash and cash equivalents 1,388.00 1,388.00 -8,204.39 -8,204.39
Add: Cash and cash equivalents at the
period-begin
10,064.11 10,064.10 61,725.75 61,725.75
VI. Cash and cash equivalents at the period-end 11,452.11 11,452.10 53,521.36 53,521.36
4.4 Auditor’s report
Auditor’s opinion: un-audited
