Shenzhen International Enterprise Co., Ltd.
The Third Quarterly Report 2011
§1 Important Notice
1.1 The Board of Directors, the Supervisory Committee, directors, supervisors and
other senior management personnel of Shenzhen International Enterprise Co., Ltd.
(hereinafter referred to as the Company) hereby guarantee that this report carries no
false information, misleading statements or major omissions, and accept, individually
and collectively, the responsibility for the factuality, accuracy and completeness of the
information set forth herein.
1.2 The Financial Report in this quarterly report has not been audited by a CPA firm.
1.3 Zheng Kanghao, Person-in-charge of the Company, Chen Xiaohai,
Person-in-charge of the accounting work, and Xu Xiaoyun, Person-in-charge of the
accounting organ (Financial manager) hereby confirm the factuality and completeness
of the Financial Report in this quarterly report.
§2. Company Profile
2.1 Main accounting data and financial indexes
Unit: RMB Yuan
As at 30 Sept. 2011 As at 31 Dec. 2010 Increase/decrease (%)
Total assets (Yuan) 1,637,976,373.66 1,540,732,957.65 6.31%
Owners’ equity attributable to
26,948,200.42 54,308,600.82 -50.38%
shareholders of listed company (Yuan)
Share capital (Share) 220,901,184.00 220,901,184.00 0.00%
Net assets per share attributable to
shareholders of listed company (Yuan 0.12 0.25 -52.00%
/share)
Increase/decrease Increase/decrease
Jul.-Sept. 2011 Jan.-Sept. 2011
year-on-year (%) year-on-year (%)
Total operation income (Yuan) 5,480,243.38 47.45% 11,962,443.99 23.07%
Net profit attributable to shareholders of
-11,842,008.35 -77.41% -27,360,400.40 -62.80%
listed company (Yuan)
Net cash flows generated from operating
- - -122,140,877.10 -81.78%
activities (Yuan)
Net cash flows per share generated from
- - -0.55 -81.78%
operating activities (Yuan /share)
Basic earnings per share (Yuan /share) -0.054 -77.14% -0.12 -62.80%
Diluted earnings per share (Yuan /share) -0.054 -77.14% -0.12 -62.80%
Weighted average return on net assets (%) -24.47% 4.61% -67.34% -28.43%
Weighted average return on net assets after
deducting extraordinary gains and losses -24.86% -2.59% -67.81% -35.61%
(%)
Items of non-recurring gains and losses
√Applicable □Inapplicable
Unit: RMB Yuan
Items of non-recurring gains and losses Amount Notes (If applicable)
Gains and losses from disposal of non-current assets 46,178.94
Government subsidies measured into the current period gain and loss,
excluding those government subsidies closely related to the
Discount for loans for
Company’s business that the Company enjoyed continually at the 450,000.00
the forest business
certain standard rating and in conformity with provisions of policies of
the State
Other non-operating income and expenses besides the above items 45,138.94
Effect on income tax -135,329.47
Effect on minority interests -216,527.15
Total 189,461.26 -
1
2.2 Total number of shareholders at period-end and shareholding of top ten
shareholders holding tradable shares
Unit: share
Total number of shareholders at the period-end 17,722
Shareholding of top ten shareholders holding tradable shares
Number of tradable shares held at
Full name of shareholder Type of share
period-end
MULTI PROFIT ASIA PACIFIC INVESTMENT
30,264,192 Domestically listed foreign shares
LTD.
SHENZHEN SPECIAL ECONOMIC ZONE
20,175,157 RMB ordinary shares
DEVELOPMENT (GROUP) CO., LTD.
UOB INVESTMENT (CHINA) LIMITED 15,528,941 Domestically listed foreign shares
SHENZHEN MAOYE EMPORIUM LTD. 13,577,548 RMB ordinary shares
ZHONG ZHI QIANG 8,215,594 Domestically listed foreign shares
GUOYUAN ASSET MANAGEMENT (HONG
7,517,620 Domestically listed foreign shares
KONG) LIMITED
SHENZHEN WONGTEE INVESTMENT CO.,
2,202,546 RMB ordinary shares
LTD.
CHEN SHU 2,149,327 Domestically listed foreign shares
ZENG HAI XING 2,148,715 Domestically listed foreign shares
GUOTAI JUNAN SECURITIES(HONGKONG)
1,892,877 Domestically listed foreign shares
LIMITED
§3 Significant Events
3.1 Particulars about major changes of main accounting statement items and financial
indexes, as well as reasons for the changes
√Applicable □Inapplicable
Monetary funds at the period-end decreased 47.43% over the year-begin, which was mainly
due to the payments for construction and decoration.
Accounts receivable at the period-end decreased 40.64% over the year-begin, which was
mainly because receivables were collected.
Prepayments at the period-end increased 29,190.12% over the year-begin, which was mainly
due to the decoration payment for the IA Mall project.
Long-term deferred expense at the period-end increased 812.50% over the year-begin, which
was mainly because the input to the OA and internal control systems rose.
Short-term borrowings at the period-end decreased by RMB 1,300,000,000 over the
year-begin, which was mainly due to borrowing repayment.
Long-term borrowings at the period-end increased 4,281% over the year-begin, which was
mainly because the Company secured borrowings.
Operating cost from the year-begin to the period-end increased 31.76% over the same period
of last year, which was mainly due to the increased cost carried forward from timber selling.
Selling expense from the year-begin to the period-end decreased by RMB 978,631.60 over the
same period of last year, which was mainly because no sales were conducted in this period.
Financial expense from the year-begin to the period-end decreased 92.67% over the same
period of last year, which was mainly due to capitalization of the interest on project
borrowings.
Non-business income from the year-begin to the period-end decreased 79.73% over the same
period of last year, which was mainly due to fewer gains on fixed asset disposal in this period
as compared with the same period of last year.
Non-business expense from the year-begin to the period-end decreased 99.70% over the same
period of last year, which was mainly due to fewer default provisions for borrowings and
construction payments this year.
2
Cash received from sales of goods and rendering of services from the year-begin to the
period-end increased 46.49% over the same period of last year, which was mainly due to a
greater income from timber selling in this period.
Cash received from borrowings secured from the year-begin to the period-end increased
66.67% over the same period of last year, which was mainly because the Company secured
more borrowings in this period.
Cash paid to repay loans from the year-begin to the period-end increased 382.72% over the
same period of last year, which was mainly because the Company repaid more loans in this
period.
Cash paid as dividends, profit distribution or interest from the year-begin to the period-end
increased 128.03% over the same period of last year, which was mainly because the Company
secured more borrowings and the interest increased accordingly in this period.
3.2 Progress and influence of significant events, as well as the analysis on solutions
3.2.1 Non-standard audit opinion
√Applicable □Inapplicable
In the 2010 Annual Audit Report, Reanda Certified Public Accountants Co., Ltd.
issued the Statement on Issuing Unqualified Audit Opinion with Paragraphs of
Pinpointed Matters for 2010 Annual Financial Report to Shenzhen International
Enterprise Co., Ltd. Statement given by the Board of Directors about the progress in
handling matters mentioned in the report are as the following:
Qualified matters:
(1) Internal-staff subscription of shops in the project of shopping center in central area
of Futian District: In line with resolutions made by the Shareholders’ General Meeting,
the Board of Directors and the management personnel of the Company organized a
special group to actively communicate and negotiate with subscribers, and kept
promoting settlement and disposal of that event. On one hand, the Company, in an
active manner, negotiated with subscribers for solution; on the other hand, the
Company is also seeking for and demonstrating other ways, including filing a lawsuit,
to solve that problem.
(2) Land use right of Rongfa East Road, Pingdi Town:
The Company has submitted relevant materials on prosecuting the transferee of equity
to the court, and the court has accepted the case, but has not yet opened a court for
trial.
Pinpointed matters:
The Company’s continual operation ability: the Company’s financing work, which
was finished in the first half year, has relieved the tension of cash flow and provided
capital guarantee for the construction of the project of shopping center in central area
of Futian District. With such capital support, the overall decoration and promotion of
the project has been carried out. It is expected that cash flow of the Company will be
substantially improved after the shopping center opens.
3.2.2 Whether the Company provided funds to the controlling shareholder or its
related parties or provided guarantees to external parties in violation of the prescribed
procedures
□Applicable √Inapplicable
3.2.3 Signing and execution of significant contracts concerning routine operations
□Applicable √Inapplicable
3.2.4 Others
√Applicable □Inapplicable
3
A. The Company’s significant lawsuits or arbitrations occurred in the reporting period
are as follows:
a. The case on contract between Shenzhen Zhongtie Property Co., Ltd. (hereinafter
referred as “Zhongtie Property”) and Shenzhen Rongfa Investment Co., Ltd.
(hereinafter called “Rongfa Company”) disclosed in the Company’s interim report
2011
The process of the case: In Oct. 2011, the Company received the written judgment of
first instance from Shenzhen Futian District People’s Court of Guangdong Province,
sentencing the Company to provide RMB 4 million of default fine to Zhongtie
Property. The Company has sued to the court again.
b. The case on equity transfer dispute between Malaysia Foh Chong & Sons
SDN.BHD. (hereinafter referred as “Foh Chong Company”) and Shenzhen
International Enterprise Co., Ltd. disclosed in the Company’s interim report 2011
The process of the case: In Aug. 2011, the Company received the charging document
from Shenzhen Intermediate People’s Court by Foh Chong Company. Up to the
disclosure date of this report, the case has not been open for trial by Shenzhen
Intermediate People’s Court.
c. The case on guarantee obligation dispute between Shenzhen International
Enterprise Co., Ltd. and Shum Kong Industry & Trade Co., Ltd. (hereinafter referred
as Shum Kong Industry & Trade) disclosed in the Company’s interim report 2011
The process of the case: The Company has put forward the objection in the stipulated
time. Now the court has not judged whether the Company is qualified for joining in
the properties distribution of the executed.
B. Progress in construction of internal control standards during the reporting period:
In accordance with the unified arrangement, the Company actively implemented the
requirements stipulated by the Circular on Doing Well the Internal Control Pilot Work
in Listed Companies in Shenzhen (Shen-Zheng-Ju-Gong-Si-Zi (2011) No. 31). The
Company will actively promote the internal control construction, and establish,
perfect as well as effectively implement the internal control standards.
During the reporting period, the Company promulgated the Work Plan on
Implementation of Internal Control Basic Rules, which was reviewed and approved
by the Board of Directors. Besides, the Company engaged external consulting organs,
decided the internal control scope relevant to the financial report, convened the
start-up meeting and training activities, carried out process carding and risks analysis
and so on. Up to the end of Sept. 2011, in accordance with the scheme of the internal
control work, the Company had finished the carding of eight processes, identified
relevant risks and key controlling activities, made the defect analysis, and then put
forward the suggestions on rectifying and improving the defects. In the next step, the
Company will promulgate the detailed rectification and improvement program in line
with its actual situation, and submit it to the Internal Control Construction Steering
Committee for review and approval, then implement relevant rectification and
improvement work with the approval.
In accordance with the work scheme and the implementation situation of previous
internal control work, it is expected that the Company will finish the first stage
internal control carding, risk analysis and appraisal work till the middle of Nov. 2011,
and carry out rectification and improvement work of internal control as well as
relevant testing.
C. Progress on the shopping mall project in Futian Central Business District
During the reporting period, the Company further strengthened its international
business invitation team, which initiated active talks with world-famous brands.
4
Currently, construction and decoration is in process according to the new design. Due
to many factors such as a construction halt during the World University Games held in
Shenzhen, a longer construction period resulted from some changes in the project
design and the business invitation progress, the opening date of the shopping mall will
be changed from the end of 2011 to the end of 2012.
3.3 Fulfillment of commitments made by the Company, shareholders and the actual
controller
Commitments made by the Company, its directors, supervisors, senior executives,
shareholders with an over 5% shareholding, actual controller and other stakeholders
during the reporting period, or such commitments carried down into the reporting
period:
√Applicable □Inapplicable
Commitment Promisor Contents of commitment Implementation
Commitments concerning the share
- - Fulfilled
reform
The obligor for information
disclosure shall not reduce the
shares of Multi Profit Asia
Pacific Investment Ltd. held
Commitments made in the Acquisition Zheng Continue to strictly
the obligor from this
Report or the Report on Equity Changes Kanghao fulfill the commitments
acquisition or reduce the shares
of SZIEC indirectly held by the
obligor from this acquisition
within the future 60 months.
Commitments made in significant asset
- - -
reorganization
Commitments made when issuing shares - - -
Other commitments (including
- - -
supplementary ones)
3.4 Warnings of possible losses or major changes of the accumulative net profit
achieved during the period from year-begin to the end of the next reporting period
compared with the same period of last year, as well as explanation on reasons
□Applicable √Inapplicable
3.5 Other significant events that need to be explained
3.5.1 Investments into securities
□Applicable √Inapplicable
3.5.2 Researches, interviews and visits received in the reporting period
Main discussion and materials
Time Place Way of reception Visitor
provided by the Company
The overall operation of the
6/F Huang Gang
6 Sept. 2011 Field research Shareholders Company and basic situation of
Business Centre
relevant projects
3.6 Investment on derivative products
□Applicable √Inapplicable
3.6.1 Number of derivative products held at the end of the reporting period
□Applicable √Inapplicable
§4 Appendix
4.1 Balance sheet
5
Prepared by Shenzhen International Enterprise Co., Ltd 30 Sept. 2011 Unit: RMB Yuan
Balance as at 30 Sept. 2011 Balance as at 31 Dec. 2010
Items
Consolidation The Company Consolidation The Company
Current assets:
Monetary funds 80,616,857.83 377,184.30 153,356,391.84 360,786.67
Settlement funds
Outgoing call loans
Trading financial assets
Notes receivable
Accounts receivable 757,058.84 1,275,452.62
Prepayment 50,704,717.60 173,112.00
Insurance premium receivables
Reinsurance accounts
receivable
Reinsurance contract reserves
receivable
Interest receivable
Dividend receivable
Other receivables 5,387,678.34 65,632,982.29 3,990,327.14 64,562,300.84
Financial assets purchased
under agreement to resell
Inventories 1,411,949,197.06 1,295,921,630.89
Non-current assets due within 1
year
Other current assets 1,575,000.00
Total current assets 1,550,990,509.67 66,010,166.59 1,454,716,914.49 64,923,087.51
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 5,699,905.49 65,073,896.52 5,699,905.49 65,073,896.52
Investment property 1,115,421.76 808,866.14 1,168,880.14 840,131.87
Fixed assets 53,453,331.35 5,832,953.25 52,778,422.12 4,738,121.88
Construction in progress
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
6
Intangible assets 25,622,205.39 26,248,835.41
R&D expenses
Goodwill
Long-term deferred expenses 1,095,000.00 715,000.00 120,000.00 120,000.00
Deferred tax assets
Other non-current assets
Total non-current assets 86,985,863.99 72,430,715.91 86,016,043.16 70,772,150.27
Total assets 1,637,976,373.66 138,440,882.50 1,540,732,957.65 135,695,237.78
Current liabilities:
Short-term loans 1,300,000,000.00
Loans from central bank
Deposits received and held for
others
Call loan received
Trading financial liabilities
Notes payable
Accounts payable 34,623,175.05 45,178,810.77
Advance from customers 34,883,622.12 70,000.00 32,310,622.12 70,000.00
Financial assets sold under
agreements to repurchase
Handling charges and
commissions payable
Payroll payable 1,951,914.43 741,720.99 4,059,693.09 1,820,873.54
Taxes payable 3,730,899.97 4,220,888.30 3,500,382.04 3,987,373.26
Interest payable 3,981,587.16
Dividend payable 5,127,701.36 5,127,701.36 5,127,701.36 5,127,701.36
Other payables 124,518,188.12 60,549,609.76 177,632,900.99 46,548,513.07
Amount due to reinsurance
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liabilities due
17,000,000.00 16,590,000.00
within 1 year
Other current liabilities
Total current liabilities: 221,835,501.05 70,709,920.41 1,588,381,697.53 57,554,461.23
Non-current liabilities:
Long-term loans 1,533,350,000.00 35,000,000.00
Bonds payable
Long-term payables
7
Specific payables
Estimated liabilities 66,839,317.32 66,839,317.32
Deferred taxes liabilities
Other non-current liabilities 560,438.13 560,438.13
Total non-current liabilities 1,600,749,755.45 102,399,755.45
Total liabilities 1,822,585,256.50 70,709,920.41 1,690,781,452.98 57,554,461.23
Owner’s equity (or shareholders’
equity):
Paid-in capital (or share capital) 220,901,184.00 220,901,184.00 220,901,184.00 220,901,184.00
Capital reserve 72,315,347.06 64,951,444.59 72,315,347.06 64,951,444.59
Less：treasury stock
Specific reserves
Surplus reserves 125,929,834.48 96,841,026.39 125,929,834.48 96,841,026.39
General risk provision
Retained earnings -392,198,165.12 -314,962,692.89 -364,837,764.72 -304,552,878.43
Foreign exchange difference
Total shareholders' equity
26,948,200.42 67,730,962.09 54,308,600.82 78,140,776.55
attributable to the Company
Minority interests -211,557,083.26 -204,357,096.15
Total shareholder's equity -184,608,882.84 67,730,962.09 -150,048,495.33 78,140,776.55
Total liabilities & shareholder's
1,637,976,373.66 138,440,882.50 1,540,732,957.65 135,695,237.78
equity
4.2 Income statement for Jul.-Sept. 2011
Prepared by Shenzhen International Enterprise Co., Ltd Jul.-Sept. 2011 Unit: RMB Yuan
Jul.- Sept. 2011 Jul.- Sept. 2010
Items
Consolidation The Company Consolidation The Company
I. Total operating income 5,480,243.38 12,000.00 3,716,741.18 24,100.00
Including: Operating income 5,480,243.38 12,000.00 3,716,741.18 24,100.00
Interest income
Premium income
Handling charges and
commissions income
II. Total cost of sales 19,470,220.60 849,608.98 72,370,852.34 83,410,636.15
Including: cost of sales 4,434,776.18 4,172.85 2,883,585.84 1,249.61
Interest cost
Handling charges and
commissions outcome
Insurance discharge payment
Claim expenses-net
Provision for insurance contract
reserves-net
8
Insurance policy dividend paid
Reinsurance expense
Business taxes and surcharges 191,201.17 706.80 182,849.63
Distribution expenses 317,621.43
Administrative expenses 13,611,512.38 6,328,106.51 12,190,797.62 3,936,021.66
Financial costs 720,868.17 -5,344,250.11 56,788,197.17 -4,184,538.01
Impairment loss 511,862.71 -139,127.07 7,800.65 83,657,902.89
Add: gain/(loss) on change in
fair value (“-” means loss)
Gain/(loss) on investment (“-”
means loss)
Including: income from
investment on associate and
jointly-run ventures
Gain or loss on foreign
exchange difference (“-” means
loss)
III. Operating profit (“-” means
-13,989,977.22 -837,608.98 -68,654,111.16 -83,386,536.15
loss)
Add: non-business income 103,480.00 95,000.00 2,300.00
Less: non-business expense 17,616.58 17,500,866.35
Including: loss from disposal
of non-current assets
IV. Total profit (“-” means loss) -13,904,113.80 -742,608.98 -86,152,677.51 -83,386,536.15
Less: tax expense
V. Net profit (“-” means loss) -13,904,113.80 -742,608.98 -86,152,677.51 -83,386,536.15
Attributable to equity holders
-11,842,008.35 -742,608.98 -51,806,731.36 -83,386,536.15
of the Company
Minority interests -2,062,105.45 -34,345,946.15
VI. Earnings per share
(I) Basic earnings per share -0.054 -0.23
(II) Diluted earnings per share -0.054 -0.23
Ⅶ. Other composite income
Ⅷ. Total composite income -13,904,113.80 -742,608.98 -86,152,677.51 -83,386,536.15
Attributable to owners of the
-11,842,008.35 -742,608.98 -51,806,731.36 -83,386,536.15
Company
Attributable to minority
-2,062,105.45 -34,345,946.15
shareholders
Where there were business combinations under the same control in this report period,
the combined parties achieved net profit of RMB 0.00 before the combinations.
4.3 Income statement for Jan.-Sept. 2011
Prepared by Shenzhen International Enterprise Co., Ltd Jan.-Sept. 2011 Unit: RMB Yuan
Jan.- Sept. 2011 Jan.- Sept. 2010
Items
Consolidation The Company Consolidation The Company
9
I. Total sales 11,962,443.99 46,271.10 9,720,337.51 195,900.00
Including: Sales 11,962,443.99 46,271.10 9,720,337.51 195,900.00
Interests income
Premium income
Handling charges and
commission income
II. Total cost of sales 47,064,149.38 10,548,851.68 115,980,149.88 124,959,109.52
Including: Cost of sales 11,251,687.52 12,518.55 8,539,310.05 203,993.19
Interests expenses
Handling charges and
commission outcome
Insurance discharge payment
Claim expenses-net
Provision for insurance contract
reserves-net
Insurance policy dividend paid
Reinsurance expense
Business taxes and surcharges 571,299.00 2,558.16 563,493.28
Distribution expenses 978,631.60
Administrative expenses 28,728,003.25 13,862,447.20 25,894,186.07 9,688,525.94
Financial costs 5,863,314.43 -15,697,792.360 80,017,106.39 -12,597,295.080
Impairment loss 649,845.19 12,369,120.13 -12,577.51 127,663,885.47
Add: gain/(loss) on change in
fair value (“-” means loss)
Gain/(loss) on investment (“-”
means loss)
Including: income from
investment on associate and
jointly-run ventures
Gain or loss on foreign
exchange difference (“-” means
loss)
III. Operating profit (“-” means
-35,101,705.39 -10,502,580.58 -106,259,812.37 -124,763,209.52
loss)
Add: non-business income 608,390.00 98,650.00 3,001,552.66 2,910,912.64
Less: non-business expense 67,072.12 5,883.88 22,668,962.35 6,858.89
Including: loss from disposal of
non-current assets
IV. Total profit (“-” means loss) -34,560,387.51 -10,409,814.46 -125,927,222.06 -121,859,155.77
Less: tax expense
V. Net profit (“-” means loss) -34,560,387.510 -10,409,814.460 -125,927,222.060 -121,859,155.770
Attributable to equity holders
-27,360,400.400 -10,409,814.460 -73,547,547.800 -121,859,155.770
of the Company
Minority interests -7,199,987.110 -52,379,674.260
VI. Earnings per share
(I) Basic earnings per share -0.12 -0.33
10
(II) Diluted earnings per share -0.12 -0.33
Ⅶ. Other composite income
Ⅷ. Total composite income -34,560,387.510 -10,409,814.460 -125,927,222.060 -121,859,155.770
Attributable to owners of the
-27,360,400.400 -10,409,814.460 -73,547,547.800 -121,859,155.770
Company
Attributable to minority
-7,199,987.110 -52,379,674.260
shareholders
Where there were business combinations under the same control from the year-begin
to the period-end, the combined parties achieved net profit of RMB 0.00 before the
combinations.
4.4 Cash flow statement for Jan.-Sept. 2011
Prepared by Shenzhen International Enterprise Co., Ltd Jan.-Sept. 2011 Unit: RMB Yuan
Jan.- Sept. 2011 Jan.-Sept. 2010
Items
Consolidation The Company Consolidation The Company
I. Cash flows from operating
activities:
Cash received from sales of
15,066,868.43 10,285,237.31 75,900.00
goods or rendering of services
Net increase of deposits
received and held for others
Net increase of loans from
central bank
Net increase of call loans
from other financial institutions
Cash received against
original insurance contract
Net cash received from
reinsurance
Net increase of client deposit
and investment
Net increase of disposal of
held-for-trading financial assets
Cash received as interest,
handling charges and
commissions
Net increase of call loans
Net increase of cash received
under repurchasing
Tax and fare refunds
Other cash received from
45,072,273.66 30,961,206.27 29,343,876.55 7,186,006.95
operating activities
Sub-total of cash inflow from
60,139,142.09 30,961,206.27 39,629,113.86 7,261,906.95
operating activities
Cash paid for goods and
104,541,256.45 522,783,653.05
services
Net increase of loans and
advances from customers
Net increase of deposits in
central bank, banks and other
financial institutions
Cash paid for original
contract claims
Cash paid for interest,
handling charges and
commissions
Cash paid for policy
dividend
11
Cash paid to and for
19,668,901.02 6,689,132.58 13,925,129.86 4,748,292.51
employees
Cash paid for various taxes
7,085,547.41 973,658.51 1,401,111.36 203,646.62
and fares
Other cash paid relating to
50,984,314.31 22,836,041.37 171,943,668.90 15,876,902.87
operating activities
Sub-total of cash outflows
182,280,019.19 30,498,832.46 710,053,563.17 20,828,842.00
from operating activities
Net cash flows from
-122,140,877.10 462,373.81 -670,424,449.31 -13,566,935.05
operating activities
II. Cash Flows from investing
activities
Cash received from
investment retractions
Cash received from
investment income
Net cash received from
disposal of fixed assets, intangible 132,350.00 132,350.00 13,846,125.00 13,843,825.00
assets and other long-term assets
Net cash received from
disposal of subsidiaries and other
operating units
Other cash received relating
411.00
to investing activities
Sub-total of cash inflows of
132,761.00 132,350.00 13,846,125.00 13,843,825.00
investing activities
Cash paid for acquisition of
fixed assets, intangible assets and 2,315,250.12 577,430.00 117,777.00 57,214.00
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
2,315,250.12 577,430.00 117,777.00 57,214.00
investing activities
Net cash flows from
-2,182,489.12 -445,080.00 13,728,348.00 13,786,611.00
investing activities
III. Cash flows from financing
activities:
Cash received from
investment
Including: cash received by
subsidiaries from minority
shareholders
Cash received from
2,225,000,000.00 1,335,000,000.00 5,000,000.00
borrowings
Cash received from bonds
issuing
Other cash received relating
270,000.00
to financing activities
Sub-total of cash inflows of
2,225,000,000.00 1,335,270,000.00 5,000,000.00
financing activities
Cash paid for repayment of
2,062,999,444.44 427,410,000.00 5,000,000.00
borrowings
Cash paid for dividends,
103,441,263.33 45,363,916.20
profit distribution or interest
Including: dividends or
profits paid to minority
shareholders by subsidiaries
12
Other cash paid relating to
6,974,543.33
financing activities
Sub-total of cash outflows of
2,173,415,251.10 472,773,916.20 5,000,000.00
financing activities
Net cash flows from
51,584,748.90 862,496,083.80
financing activities
IV. Effect of foreign exchange
rate changes on cash and cash -916.69 -896.18
equivalents
V. Net increase in cash and cash
-72,739,534.01 16,397.63 205,799,982.49 219,675.95
equivalents
Add: opening cash and cash
153,356,391.84 360,786.67 18,673,470.06 252,948.06
equivalents
VI. Closing cash and cash
80,616,857.83 377,184.30 224,473,452.55 472,624.01
equivalents
4.5 Auditor’s report
Audit opinion: Un-audited
13
