SHENZHEN CHIWAN PETROLEUM SUPPLY BASE CO., LTD.
THE FIRST QUARTERLY REPORT OF 2009
PART 1 Important Notice
1.1 The directors, supervisors and senior managers guarantee that there exists no omission,
misstatement, or misleading information in this quarterly report. They are responsible,
individually and jointly, for the authenticity, accuracy and integrity of the information herein.
1.2 Mr. Stephen Stanley, the vice chairman of the board, was absent of the meeting for other
business. All the other directors attended the Board meeting.
1.3 The first quarterly financial report has not been audited.
1.4 The Chairman of the Board, Mr. Han Guimao, the Deputy Financial Controller, Mdm. Yu
Zhongxia, confirm that there exists no omission, misstatement, or misleading information on
the financial results of this quarterly report.
1.5 The Quarterly Report is written in both Chinese and English. In case of conflict between the
two versions, Chinese version shall prevail.
PART 2 Profile of the Company
2.1 Main financial data and indices
Unit: RMB
End of the reporting
period Beginning of this year Increase （％）
Total assets 2,344,039,515.81 2,269,548,271.28 3.28%
Shareholders’ equity 911,640,170.89 886,063,910.86 2.89%
Shares capital 230,600,000.00 230,600,000.00 -
Net assets per share 3.95 3.84 2.86%
Reporting period Same period of last year Increase （％）
Revenue 74,557,821.99 67,582,158.37 10.32%
Net profit 25,576,260.03 21,096,273.95 21.24%
Net cash flow from operating
activities 30,803,457.40 30,447,085.63 1.17%
Net cash flow from operating
activities per share 0.13 0.13 -
EPS 0.11 0.09 22.22%
Diluted EPS 0.11 0.09 22.22%
ROE 2.81% 2.38% 0.43 percent
ROE after deducting
non-recurring gains & loses 2.81% 2.38% 0.43 percent
Unit: RMB
Government subsidies calculated into the profit 47,000.00
Net gains from other non-operating activities -99,175.77
Total -52,175.772
2.2 Total number of shareholders and the top ten tradable shareholders at the end of the period
Total number of shareholder 8,034
The top ten tradable shareholders
Shareholder names（full name） Share Type
OFFSHORE JOINT SERVICES (BASES) CO. OF SGP.
PTE LTD 51,180,000 B
CHINA MECHANTS SECURITIES (HONGKONG) LTD 2,819,136 B
GUOTAI JUNAN SECURIES HONG KONG LIMITED 2,697,370 B
LIN XI 707,800 B
SUN LI FENG 657,770 B
OU YAN PING 613,613 B
LIN QIAO CHAI 584,400 B
MORGAN STANLEY & CO INTERNATIONAL PLC 473,243 B
CHEN WEN 430,969 B
YANG DONG MEI 420,000 B
PART 3 Significant Events
3.1 Instance and reason for the big range change of main financial data and indices
√ Applicable □ Inapplicable
(1) Due to the income increase and the proceeding of renewing contracts, the balance of
accounts receivable at the end of reporting period was RMB 41,577,359.02 with increase of 38%
compared with the beginning of the reporting period.
(2) Due to the payment of year-end bonus, the balance of employees’ wage payable was
RMB 9,605,141.85 with decrease of 37% compared with the beginning of the reporting period.
(3) Due to the withholding of income tax and the increase of income tax rate in Shenzhen
area, the balance of tax payable was RMB 16,185,227.11 with increase of 37% compared with the
beginning of the reporting period.
(4) Due to the increase of profit and income tax rate, the income tax expense of the reporting
period was RMB 4,094,662.47 with increase of 33% compared with the same period of last year.
(5) Due to the increase of business tax and building tax, the tax payments of the reporting
period was RMB 6,814,485.07 with increase of 32% compared with the same period of last year.
(6) Due to the dividends of CPEC, the subsidiary with 20% shares held by the Company, the
cash received from investments was RMB 700,000.00 with increase of 208% compared with same
period of last year.
(7) Due to the maturity of short-term bank financing with RMB 30 million at the same period
of last year, the cash received from other investment activities was RMB 2 million with decrease
of 93% compared with the same period of last year.
(8) Due to the logistics park construction and facilities purchase, the cash paid for
construction of fixed assets, intangible assets and other long-term assets was RMB 124,962,392.093
with increase of 210% compared with the same period of last year.
3.2 Important proceedings and influence
□ Applicable √ Inapplicable
3.3 The implementation of the promises of the Company, shareholders and actual controller
□ Applicable √ Inapplicable
3.4 Prediction and explanation on important changes of profit of next reporting period
□ Applicable √ Inapplicable
3.5 Other significant events
3.5.1 Stock investment
□ Applicable √ Inapplicable
3.5.2 Reception for the investors
In the reporting period, the Company has ensued the communication ways successfully for
the investors and received many enquires by telephone. But there no investor had asked for
visiting on the spot or submitted written questionnaires.
3.5.3 Other significant events
√ Applicable □ Inapplicable
(1) There is no shares additional-purchase plan submitted by the shareholders who held
above 30% shares.
(2) There was no guarantee contract signed by the Company or fund impropriation by the
controlling shareholder and its subsidiaries in the reporting period.
(3) During the period dating from Feb.10 to Mar. 20, 2009, some directors, supervisors and
senior managers have purchased shares of the Company. The details are as follows:
Name
Shares
holding
before
Purchasing
date amounts Purchasing way Shares
holding after
Cui Wei - 2009.2.10
-2009.3.20 97000
Purchasing in the secondary
market with self-owned funds 97000
Ren Yongping 10000 2009.2.10
-2009.3.20 65900 Purchasing in the secondary
market with self-owned funds 75900
Huang Donger - 2009.2.10
-2009.3.20 63700 Purchasing in the secondary
market with self-owned funds 63700
Fu Jialin - 2009.2.10
-2009.3.20 45100 Purchasing in the secondary
market with self-owned funds 45100
Liu Wei - 2009.2.10
-2009.3.20 34800 Purchasing in the secondary
market with self-owned funds 34800
PART 4 First Quarterly Financial Statements of 2009
Balance Sheet
Items ConsolidateMd ar 31,20P0a9r ent company ConsolidatedJa n 1 ,200P9a rent company
Current assets:4
Cash and cash equivalents 73,153,497.35 58,831,114.95 131,387,928.04 80,240,914.36
Notes receivable
Accounts receivable 41,577,359.02 29,371,464.54 30,058,340.97 18,180,431.33
Prepayments in advance 1,410,610.60 1,013,530.86 1,253,214.62 666,692.87
Interest receivable
Dividend receivable 37,260,777.76 37,260,777.76
Other receivable 9,715,959.60 487,099,775.97 4,101,625.86 383,229,928.01
Inventories 1,274,191.26 1,184,932.97 1,426,789.13 1,292,411.92
Non-current asset due in 1 year
Other current assets
Total current assets 127,131,617.83 614,761,597.05 168,227,898.62 520,871,156.25
Non-current assets:
Long-term accounts receivable
Long-term share equity
investment 282,545,033.40 806,698,805.53 279,739,030.03 803,892,802.16
Investment Property 496,830,627.57 95,486,576.53 479,508,264.36 96,941,237.80
Fixed assets 148,235,121.47 43,244,193.38 146,384,412.87 44,629,869.67
Construction in progress 420,116,000.96 31,317,275.19 339,240,607.25 29,866,123.04
Construction material
Disposal of fixed assets
Intangible assets: 438,833,559.13 23,807,920.87 412,695,502.70 27,390,042.79
Development expenditures
Goodwill
Long-term expenses to be
amortized
Deferred income tax assets 2,796,005.65 36,963.88 2,796,005.65 36,963.88
Other non-current assets: 427,551,549.80 381,154,260.00 440,956,549.80 381,154,260.00
Total non-current assets: 2,216,907,897.98 1,381,745,995.38 2,101,320,372.66 1,383,911,299.34
Total assets: 2,344,039,515.81 1,996,507,592.43 2,269,548,271.28 1,904,782,455.59
Current liabilities:
Short-term loans 900,000,000.00 900,000,000.00 855,000,000.00 855,000,000.00
Notes payable
Account payable 1,244,142.55 985,848.09 1,311,094.09 1,039,045.63
Received in advance 1,800.00 390,724.80
Employees’ wage payable 9,605,141.85 8,553,845.63 15,252,748.28 13,787,725.01
Tax payable 16,185,227.11 12,924,443.09 11,772,839.61 9,547,357.13
Interest payable 1,452,557.50 1,452,557.50 1,419,943.75 1,419,943.75
Others payables 363,376,749.78 217,626,444.01 358,055,082.99 185,091,297.21
Non-current liability due in 1
year
Other current liabilities
Total current liabilities 1,291,865,618.79 1,141,543,138.32 1,243,202,433.52 1,065,885,368.73
Non-current liabilities:
Long-term loans
Long-term account payable 2,000,000.00
Special payable
Deferred income tax liability
Other non-current liabilities 26,825,029.83 26,825,029.83 27,577,121.24 27,577,121.24
Total non-current liabilities 28,825,029.83 26,825,029.83 27,577,121.24 27,577,121.24
Total liabilities 1,320,690,648.62 1,168,368,168.15 1,270,779,554.76 1,093,462,489.97
Shareholders’ equity
Share capital 230,600,000.00 230,600,000.00 230,600,000.00 230,600,000.00
Capital reserves 220,640,584.58 208,453,861.91 220,640,584.58 208,453,861.91
Less : Treasury Stock
Surplus reserves 180,538,930.34 180,538,930.34 180,538,930.34 180,538,930.34
undistributed profits 279,860,655.97 208,546,632.03 254,284,395.94 191,727,173.37
Difference for foreign currency
translation
Total shareholders’ equity
attributable to the parent company 911,640,170.89 828,139,424.28 886,063,910.86 811,319,965.62
Minority 111,708,696.30 112,704,805.66
Total shareholders’ equity 1,023,348,867.19 828,139,424.28 998,768,716.52 811,319,965.62
Total Liabilities and Equities 2,344,039,515.81 1,996,507,592.43 2,269,548,271.28 1,904,782,455.595
Income Statements (from Jan 1 to Mar 31)
Items ConsoliJdaant e1d- Mar 3P1a,2re0n0t9 c ompany ConsolJi dJaatne d1 -Mar 3P1a,r2e0n0t 8c ompany
I. Total business revenue 74,557,821.99 45,904,723.84 67,582,158.37 45,623,501.66
Incl. Business revenue 74,557,821.99 45,904,723.84 67,582,158.37 45,623,501.66
Interest income
II. Total business cost 49,336,836.45 29,171,774.72 46,820,541.54 32,229,442.58
Incl. Business cost 25,494,612.29 14,050,842.13 21,894,208.64 13,685,090.93
Interest cost
Business tax and surcharge 3,444,723.17 1,900,840.60 3,081,244.88 1,933,472.85
Sales expense
Administrative expense 11,757,217.58 7,665,305.85 12,625,457.23 7,577,452.84
Financial expense 8,640,283.41 5,554,786.14 9,219,630.79 9,033,425.96
Plus: Gains from change of fair
value (“-” for loss)
Investment income (“-” for loss) 3,506,003.37 3,506,003.37 3,393,397.70 3,393,397.70
Incl. Investment income from
affiliates 3,506,003.37 3,506,003.37 3,293,397.50 3,293,397.50
Exchange gains(“-” for loss)
III. Operational profit (“-” for loss 28,726,988.91 20,238,952.49 24,155,014.53 16,787,456.78
Plus: Non-operating income 50,373.00 - 16,851.00 10,831.00
Less: Non-operating expenditure 102,548.77 91,130.00 4,726.48 3,776.48
Incl. Loss from disposal of
non-current assets - 2,726.48 1,776.48
IV. Gross profit (“-” for loss) 28,674,813.14 20,147,822.49 24,167,139.05 16,794,511.30
Less: Income tax expenses 4,094,662.47 3,328,363.83 3,070,865.10 2,412,200.45
V. Net profit (“-” for net loss) 24,580,150.67 16,819,458.66 21,096,273.95 14,382,310.85
Net profit attributable to the owners
of parent company 25,576,260.03 16,819,458.66 21,096,273.95 14,382,310.85
Minor shareholders’ equity -996,109.36 - - -
VI. Earnings per share:：
(I) Basic earnings per share 0.11 0.09
(II) Diluted earnings per
share 0.11 0.09
Cash Flow Statements
Items ConsolidJaante d1 -Mar 31P,a2r0e0n9t company Jan 1-Mar 31,C20o0n8so lidated
I. Net cash flow from business
operation
Cash received from sales of
products & providing of services 62,969,067.50 35,277,174.41 57,823,047.58 36,541,182.93
Received tax return
Other cash received for
business activities 2,666,177.32 565,771.46 296.377.05 5,104,014.38
Sub-total of cash inflow from
business activities 65,635,244.82 35,842,945.87 58,119,424.63 41,645,197.31
Cash paid for purchasing of
merchandise and services 7,608,219.73 5,715,419.78 7,242,919.73 6,066,345.63
Cash paid to or for staffs 15,643,935.14 11,926,364.38 11,417,818.79 8,490,762.75
Taxes paid 6,814,485.07 3,640,274.15 5,164,690.50 3,395,948.25
Other cash paid for business
activities 4,765,147.48 1,990,794.02 3,846,909.98 1,991,073.09
Sub-total of cash outflow
from business activities 34,831,787.42 23,272,852.33 27,672,339.00 19,944,129.72
Net cash flow from business
operation 30,803,457.40 12,570,093.54 30,447,085.63 21,701,067.59
II. Cash flow from investing
Cash received from
investments 700,000.00 700,000.00 227,284.19 187,997.20
Net cash received from
disposal of fixed assets, intangible
assets, and other long-term assets 2,227.82 2,227.82
28,000.00 22,000.006
Net cash received from
disposal of subsidiaries and other
operational units
Other cash received for
investment activities 2,000,000.00 19,291,243.57 30,171,277.42 35,084,416.71
Sub-total of cash inflow due
to investment activities 2,702,227.82 19,993,471.39 30,426,561.61 35,294,413.91
Cash paid for construction of
fixed assets, intangible assets and
other long-term assets
124,962,392.09 123,869,806.64 40,295,401.25 380,039.09
Cash paid for investment
Net cash paid for getting
subsidiaries and other operational
units
Other cash paid for investment
activities 3,325,699.09 37,696,830.67
Sub-total of cash outflow from
investment activities 124,962,392.09 127,195,505.73 40,295,401.25 38,076,869.76
Net cash flow from investment -122,260,164.27 -107,202,034.34 -9,868,839.64 -2,782,455.85
III. Cash flow from financing
Cash received from
investment
Incl. Cash received from
minor shareholders
Cash received from loans 70,000,000.00 110,000,000.00
Other cash received fro m
financing activities
Sub-total of cash inflow from
financing activities 70,000,000.00 110,000,000.00
Repayment for debts 25,000,000.00 25,000,000.00
Cash paid for dividend or
interests 11,777,858.61 11,777,858.61
10,013,419.50
10,013,419.50
Incl. Dividend and profit
paid by subsidiaries to minor
shareholders
Other cash paid for financing
activities -88,432.39
Sub-total of cash outflow
from financing activities 36,777,858.61 36,777,858.61 10,013,419.50 9,924,987.11
Net cash flow from
financing 33,222,141.39 73,222,141.39 -10,013,419.50 -9,924,987.11
IV. Influence of exchange rate
alternation on cash and cash
equivalents 134.79
-14,086.05 -14,008.05
V. Net increase of cash and cash
equivalents -58,234,430.69 -21,409,799.41 10,550,740.44 8,979,616.58
Plus: Balance of cash and
cash equivalents at the beginning
of term
131,277,928.04 80,130,914.36 84,572,921.25 76,940,780.32
VI. Balance of cash and cash
equivalents at the end of term 73,043,497.35 58,721,114.95 95,123,661.69 85,920,396.90
Shenzhen Chiwan Petroleum Supply Base Co Ltd
Dated: 29th April 2009
