The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
Foshan Electrical and Lighting Co., Ltd
The First Quarterly Report for 2011
§1 Important Notice
1.1 The Board of Directors, the Supervisory Committee as well as directors, supervisors and senior
management staffs of Foshan Electrical and Lighting Co., Ltd. (hereinafter referred to as “the
Company”) individually and jointly accepted responsibility for the correctness, accuracy and
completeness of the contents of this report and confirmed that there was no false information,
misleading statement or material omissions.
1.2 The first quarterly financial report has not been audited by Accounting Firm.
1.3 Zhong Xincai, the company principal and the person-in-charge of the accounting work, and
Wang Shuqiong, the person-in-charge of the accounting department (the accounting principal)
hereby ensure that the financial statements enclosed in this report is factual and complete.
§2 Company Profile
2.1 Main accounting data and financial indices
Unit: RMB Yuan
At the end of the Increase/decrease
At the end of last year
reporting period (%)
Total assets (RMB Yuan) 3,194,751,669.62 3,128,547,460.46 2.12%
Owner’s equity attributable to
shareholders of listed company (RMB 2,831,881,390.53 2,766,913,027.29 2.35%
Yuan)
Share capital (Share) 978,563,745.00 978,563,745.00 0.00%
Net asset per share attributable to
shareholders of listed company (RMB 2.89 2.83 2.12%
Yuan/share)
Increase/decrease
Reporting period Same period of last year
(%)
Sales turnover (RMB Yuan) 519,151,820.87 374,418,879.89 38.66%
Net profit attributable to shareholders of
67,639,896.12 27,655,122.03 144.58%
listed company (RMB Yuan)
Net cash flow arising from operating
40,103,514.78 35,422,624.91 13.21%
activities (RMB Yuan)
Net cash flow per share arising from
0.04 0.04 0.00%
operating activities (RMB Yuan/share)
Basic earnings per share (RMB
0.07 0.03 133.33%
Yuan/share)
Diluted earnings per share (RMB
0.07 0.03 133.33%
Yuan/share)
Weighted average return on equity (%) 2.39% 1.00% 1.39%
Weighted average return on equity after
deducting extraordinary gains and losses 2.39% 1.00% 1.39%
(%)
Items of non-recurring gains and losses
√Applicable □ Inapplicable
Unit: RMB Yuan
Remark (E.g.
Non-recurring gains and losses Amount
applicable)
Gains and losses arising from disposal of non-current assets -154,711.62
Ultra vires, or documents without formal approval, or tax
0.00
rebates and tax reliefs
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The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
Government subsidies recorded in gains and losses of the
current period, except for those closely related to normal
business of the Company, acquired in the ordinary course of 42,249.99
business or granted continuously in certain standard quota
according to relevant national laws and regulations
Funds occupation fee charged from non-financial enterprises
95,875.00
and recorded in gains and losses of the current period
Profits generated when the enterprise’s investment cost
acquired form subsidiaries, affiliated enterprises, and joint
ventures is less than the to-be-enjoyed fair value of 0.00
identifiable net assets of invested units during the investment
period
Gains and losses of non-monetary assets exchange 0.00
Gains and losses through entrusting others to invest or
0.00
manage assets
Assets impairment provisions withdrawn because of force
0.00
majeure, for example, natural disaster
Debt restructuring gains and losses 0.00
Company restructuring expenses such as employee
0.00
placement and integration costs
Gains and losses exceeding the fair value and arising from
0.00
transactions of unfair prices
Current net profit or loss from the beginning of the period to
the date of merge for the subsidiary resulted from the merge 0.00
of enterprises under the same control
Profit or loss generated from the matters which are not
0.00
related to the Company’s normal operation or contingency
Except for effective hedging related to normal business of
the Company, there are gains and losses arising from change
in fair value generated from held transactional financial
assets and transactional financial liabilities, and invest -31,528.69
income arising from disposal of transactional financial
assets, transactional financial liabilities, and financial assets
available for sale
Reversal of impairment provisions of accounts receivable
0.00
separately tested for impairment test
Gains and losses arising from entrusted external loans 0.00
Gains and losses arising from change in fair value of
investment real estates subsequently measured by fair value 0.00
mode
Impact on current gains and losses by one-time adjustment
over current gains and losses according to laws and 0.00
regulations of tax and accounting
Entrusting fee incomes from entrust operation 0.00
Other non-operating income and expense other than
-452,401.98
abovementioned
Other non-recurring gains and losses in line with the
-5,213.81
definition of profit and loss items
Influenced amount of income tax 140,965.67
Total -364,765.44 -
2.2 Statement on total number of shareholders and shares held by the top ten shareholders
not subject to trading moratorium
Unit: share
Total number of shareholders in the
165,986
reporting period
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The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
Shares held by the top ten tradable-share-holders not subject to trading moratorium
Tradable shares not subject to
Full name of shareholders trading moratorium held at the Categories
period-end
Prosperity Lamps & Components Co.,
102,751,648 RMB common share
Ltd.
DBS VICKERS (HONG KONG) LTD
13,205,145 Domestically listed foreign share
A/C CLIENTS
Taifook Securities Company
10,901,212 Domestically listed foreign share
Limited-Account Client
EAST ASIA SECURITIES COMPANY
9,527,080 Domestically listed foreign share
LIMITED
Zhuang Jianyi 8,404,132 Domestically listed foreign share
Bank of China-E Fund Shenzhen Stock
7,026,783 RMB common share
100 Exchange Trade Fund
Industrial and Commercial Bank of
China-Rongtong Securities SZSE 100 5,923,381 RMB common share
Index Investment Fund
Bank of China-First-Trust Goodquality
5,189,921 RMB common share
Life Stock Fund
Guangzhou Prosperity Lamps &
4,911,140 RMB common share
Components Trade Co., Ltd.
Industrial and Commercial Bank of China
- Soochow Jiahe Advanced Mixed Type
3,990,615 RMB common share
Open-Ended Fund Open-end Securities
Investment Fund
§3 Significant Events
3.1 Significant changes in major accounting data, financial highlights and reasons for these
changes
√Applicable □Non-applicable
1. Transactional financial assets decreased by 86.72% over the end of last year, mainly because some
transactional financial assets at the end of last year were recovered in this year;
2. Prepayments increased by 139.65% over the end of last year, mainly due to the increase of prepaid
accounts for materials;
3. Other receivables increased by 134.82% over the end of last year, mainly because a subsidiary
provided fund subsidy for an affiliated company;
4. Taxes payable increased by 725.70% over the end of last year, mainly due to the increase of payable
charges in the current period;
5. Other payables decreased by 59.22% over the end of last year, mainly because accounts payable were
paid in the current period;
6. Operating income increased by 38.66% over the same period of last year, mainly due to the increase
of revenue from the main business in the current period;
7. Total profit increased by 138.18% over the same period of last year, mainly due to the increase of
operating income of the current period;
8. Net profit increased by 154.28% over the same period of last year, mainly due to the increase of
operating income of the current period;
9. Net increase of cash and cash equivalents increased by 186.60% over the same period of last year,
mainly due to the increase of cash inflow in operating activities and the decrease of cash flow in
investing activities.
3.2 Process of significant events and influence, as well as analysis and explanation on resolving
proposal
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The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
3.2.1 Non-standard opinion
□Applicable √Inapplicable
3.2.2 Fund supply for controlling shareholders or related parties of the Company and external
guarantee with violation against regulated procedures
□Applicable √Inapplicable
3.2.3 Signing and performance of significant contracts of routine operation
□Applicable √Inapplicable
3.2.4 Others
□Applicable √Inapplicable
3.3. Execution of committed events of the Company, shareholders, and actual controllers
The following committed events of related parties such as listed companies, directors, supervisors,
and senior management staffs of listed companies, shareholders holding over 5% equity of the
Company, as well as the Company’s actual controllers in the reporting period or lasting to the
reporting period
□Applicable √Inapplicable
Commitment Contents of the
Commitment Execution
maker commitment
Special
commitments: 1. The
assigned shares can
not be listed for
exchange or
transferred [i] within
the 60 months
starting from the date
of acquiring the right
of listing and trading
or [i i] before 31 Dec.
2011 (the standard
date complied with
the earlier date
between [i] and [i i]).
OSRAM Holding
Company Limited
OSRAM
will ask Shenzhen
Commitment concerning Holding
Stock Exchange for In progress of implementation
shareholding reform Company
locking target shares
Limited
during the committed
trading-right-limited
period of the
aforesaid shares after
the transfer of shares.
2. Germany OSRAM
Company will
purchase lamp
products from FSL
according to
provisions in the
purchase contract of
lamp products signed
by Germany OSRAM
and FSL on 31 Aug.
2004. 3. As required
by FSL, OSRAM
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The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
Holding Company
Limited will urge
Germany OSRAM
Company to consider
about providing
proper technology
assistance and knacks
for FSL in light of
provisions and
conditions negotiated
by FSL and Germany
OSRAM Company.
Commitments made in a purchase
report or a report on changes of N/A N/A N/A
owners’ equity
Commitments made in material
N/A N/A N/A
asset reorganization
Commitments made when issuing N/A N/A N/A
Other commitments (including
N/A N/A N/A
supplementary ones)
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 Other significant events need to be explained
3.5.1 Securities investment
√Applicable □Inapplicable
Unit: RMB Yuan
Proportion
to total
Profits and
Shares held Book value securities
Short form Initial losses in
No. Stock variety Stock code at the at the investment
of Stock investment reporting
period-end period-end at
period
period-end
(%)
Semir
1 Stock 002563 100,500.00 1,500 86,025.00 1.69% 0.00
Garment
5,000,000.
Other securities investment at the end of period - 4,998,589.70 98.31% 0.00
00
Investment gains/(losses) arising from sale of
- - - - 34,408.99
securities
5,100,500.
Total - 5,084,614.70 100% 34,408.99
00
Explanation on securities investment
The stocks held by the Company were IPO shares that the Company succeeded in subscribing for by
lot within the capital amount limit as reviewed and approved at the board session on 25 Nov. 2010
and not sell out in the reporting period. Other securities investments are finance products purchased
from brokers as reviewed and approved by the Board on 25 Nov. 2010. Purchase of the above
products is executed in strict accordance with Management System of Securities Investment. The
influence of securities investment on business performance in the reporting period can be ignored
because of the small proportion of securities investment.
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The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
3.5.2 Reception of research, interviews and visits in the reporting period
In the reporting period, there’s no reception of field research, telephone communication or written
inquiry by investors.
3.6 Derivative Investment
□Applicable √Inapplicable
3.6.1 Derivatives held as at the end of the report period
□Applicable √Inapplicable
§4 Attachment
4.1 Balance sheet
Prepared by Foshan Electrical and Lighting Co., Ltd. 31 Mar. 2011 Unit: RMB Yuan
Closing balance Opening balance
Item
Consolidation Parent company Consolidation Parent company
Current assets:
Monetary funds 730,833,704.38 699,179,123.87 711,853,632.95 681,198,634.58
Settlement fund reserve
Dismantle fund
Transaction financial asset 5,084,531.40 5,084,531.40 38,287,211.70 5,097,211.70
Notes receivable 82,107,413.60 81,127,583.60 79,964,518.10 74,911,048.10
Account receivable 318,845,809.48 316,128,441.52 317,185,505.67 332,564,283.12
Account paid in advance 70,379,994.01 56,313,271.42 29,367,891.60 18,230,151.84
Premium receivables
Receivables from reinsurers
Reinsurance contract reserve
receivables
Interest receivable
Dividend receivable 7,000,000.00 7,228,228.30
Other account receivable 47,559,984.50 70,866,014.33 20,254,086.70 62,118,207.87
Financial assets purchased
under agreements to resell
Inventories 388,206,888.99 354,648,992.43 365,413,882.78 339,343,349.75
Non-current assets due
within 1 year
Other current assets
Total current assets 1,643,018,326.36 1,590,347,958.57 1,562,326,729.50 1,520,691,115.26
Non-current assets:
Loans and advance
Available for sale financial
92,597,021.44 92,597,021.44 95,740,001.28 95,740,001.28
assets
Held to maturity investments
Long-term account
receivable
Long-term equity
443,002,360.72 598,479,360.72 443,373,689.60 598,850,689.60
investment
Investing property
Fixed asset 665,377,242.18 568,928,840.02 683,122,864.12 591,335,800.42
Project in construction 110,439,502.96 81,879,282.77 100,914,324.93 72,198,935.48
Engineering material
Fixed asset disposal
Bearer biological asset
Oil assets
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The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
Intangible assets 217,594,396.81 200,655,095.55 220,607,352.76 202,020,835.92
Development expense
Goodwill
Long-term expense to be
apportioned
Deferred income tax assets 22,722,819.15 22,426,566.72 22,462,498.27 22,323,210.28
Other non-current assets
Total of non-current assets 1,551,733,343.26 1,564,966,167.22 1,566,220,730.96 1,582,469,472.98
Total assets 3,194,751,669.62 3,155,314,125.79 3,128,547,460.46 3,103,160,588.24
Current liabilities:
Short-term borrowings
Borrowings from Central
Bank
Deposits and due to banks
and other financial
institutions
Borrowings from banks
and other financial
institutions
Transactional financial
liabilities
Notes payable
Accounts payable 210,193,494.67 245,121,425.31 192,615,874.39 214,720,055.92
Accounts received in
468,900.05 22,598,645.79 37,156,710.99
advance
Financial assets sold under
agreements to repurchase
Handling charges and
commissions payable
Employee’s compensation
42,011,411.53 42,011,411.53 54,092,566.23 53,759,277.53
payable
Taxes and fares payable 31,366,726.87 29,581,556.91 -5,013,034.54 -3,412,797.35
Interest payable
Dividend payable
Other accounts payable 12,391,510.55 7,424,354.16 30,383,813.76 28,785,087.45
Due to reinsurers
Insurance contract reserve
Amount payable for acting
trading securities
Amount payable for acting
underwriting securities
Non-current liabilities due
within 1 year
Other current liabilities
Total current liabilities 296,432,043.67 324,138,747.91 294,677,865.63 331,008,334.54
Non-current liabilities:
Long-term borrowings
Debentures payable
Long-term payables
Specific-purpose account
payables
Accrued liabilities
Deferred income tax
8,807,560.71 8,807,560.71 9,736,677.79 9,736,677.79
liabilities
Other non-current
10,514,191.66 10,514,191.66 11,951,441.65 10,556,441.65
liabilities
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The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
Total non-current liabilities 19,321,752.37 19,321,752.37 21,688,119.44 20,293,119.44
Total liabilities 315,753,796.04 343,460,500.28 316,365,985.07 351,301,453.98
Shareholders’ equity
Share capital 978,563,745.00 978,563,745.00 978,563,745.00 978,563,745.00
Capital surplus 642,575,241.66 639,474,414.72 645,246,774.53 642,145,947.59
Less: Treasury Stock
Special reserve
Surplus reserve 555,433,925.97 555,433,925.97 555,433,925.97 555,433,925.97
General risk provision
Retained earnings 655,308,477.90 638,381,539.82 587,668,581.79 575,715,515.70
Foreign exchange
difference
Total owners' equity
attributable to holding 2,831,881,390.53 2,811,853,625.51 2,766,913,027.29 2,751,859,134.26
company
Minority interests 47,116,483.05 45,268,448.10
Total owners’ equity 2,878,997,873.58 2,811,853,625.51 2,812,181,475.39 2,751,859,134.26
Total liabilities and owners’
3,194,751,669.62 3,155,314,125.79 3,128,547,460.46 3,103,160,588.24
equity
4.2 Profit Statement
Prepared by Foshan Electrical and Lighting Co., Ltd. Jan.- Mar. 2011 Unit: RMB Yuan
Jan. – Mar. 2011 Jan. – Mar. 2010
Items
Consolidation Parent company Consolidation Parent company
I. Total operating revenue 519,151,820.87 499,655,871.14 374,418,879.89 334,977,837.25
Including: Operating income 519,151,820.87 499,655,871.14 374,418,879.89 334,977,837.25
Interest income
Premium income
Handling charges and
commission income
II. Total operating cost 437,518,529.30 426,216,928.47 341,193,265.20 303,086,422.41
Including: Operating cost 382,961,179.80 375,271,839.05 297,304,591.29 264,045,446.28
Interest expenses
Handling charges and
commission expenses
Cash surrender value
Net amount of claims
Net provision for
insurance contract reserve
Expenditure on
policy dividends
Reinsurance premium
Taxes and associate
5,079,122.08 4,739,856.56 2,893,659.13 2,371,688.07
charges
Sales and distribution
19,620,097.37 19,081,919.45 20,876,610.08 18,653,059.72
expenses
Administrative
31,768,782.74 27,919,049.80 21,930,134.98 19,750,303.00
expenses
Financial expenses -577,605.92 -510,464.63 -2,045,368.13 -1,734,074.66
Asset impairment loss -1,333,046.77 -285,271.76 233,637.85
Add: Gain/(loss) from
change in fair value (“-” -2,880.30 -2,880.30
means loss)
Gain/(loss) from
-336,981.09 -336,981.09 141,819.06 1,891,819.06
investment (“-” means loss)
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The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
Including: income form
investment on affiliated
enterprises and jointly-run
enterprises
Foreign exchange difference
(“-” means loss)
III. Business profit (“-”
81,293,430.18 73,099,081.28 33,367,433.75 33,783,233.90
means loss)
Add: non-operation
317,075.07 281,759.08 713,165.90 700,179.70
income
Less: non-business
881,938.68 106,898.46 186,541.53 186,541.53
expense
Including: loss from
non-current asset disposal
IV. Total profit (“-” means
80,728,566.57 73,273,941.90 33,894,058.12 34,296,872.07
loss)
Less: Income tax
11,240,635.51 10,607,917.78 6,566,268.29 5,251,879.31
expense
V. Net profit (“-” means
69,487,931.06 62,666,024.12 27,327,789.83 29,044,992.76
loss)
Attributable to parent
67,639,896.12 62,666,024.12 27,655,122.03 29,044,992.76
company
Minority interests 1,848,034.94 -327,332.20
VI. Earnings per share
(I) basic earnings per
0.07 0.03
share
(II) diluted earnings per
0.07 0.03
share
Ⅶ. Other comprehensive
52,502,974.62 52,502,974.62
income
Ⅷ. Total comprehensive
121,990,905.68 115,168,998.74 27,327,789.83 29,044,992.76
income
Attributable to owners of
120,142,870.74 115,168,998.74 27,655,122.03 29,044,992.76
parent company
Attributable to minority
1,848,034.94 -327,332.20
shareholders
Net profit realized by the merged party before the enterprise merger under the same control in
current period: RMB 0.00.
4.3 Cash Flow Statement
Prepared by Foshan Electrical and Lighting Co., Ltd. Jan. - Mar. 2011 Unit: RMB Yuan
Jan. – Mar. 2011 Jan. – Mar. 2010
Items
Consolidation Parent company Consolidation Parent company
I. Cash flows from operating
activities:
Cash received from sale of
commodities and rendering 524,375,800.57 510,836,656.33 402,283,908.13 358,173,412.72
of service
Net increase of deposits
from customers and dues
from banks
Net increase of loans from
the central bank
Net increase of funds
borrowed from other
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The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
financial institutions
Cash received from
premium of original
insurance contracts
Net cash received from
reinsurance business
Net increase of savings of
policy holders and
investment fund
Net increase of disposal of
tradable financial assets
Cash received from
interest, handling charges
and commissions
Net increase of borrowings
from banks and other
financial institutions
Net increase of buy-back
funds
Tax refunds received 20,496,681.50 20,496,681.50 5,372,993.03 5,102,993.03
Other cash received
relating to operating 16,339,400.82 4,558,351.35 7,922,307.54 7,516,195.58
activities
Subtotal of cash inflows
561,211,882.89 535,891,689.18 415,579,208.70 370,792,601.33
from operating activities
Cash paid for goods and
389,549,926.37 384,463,487.31 271,452,808.90 245,955,010.27
services
Net increase of customer
lending and advance
Net increase of funds
deposited in the central bank
and amount due from banks
Cash for paying claims of
the original insurance
contract
Cash for paying interest,
handling charges and
commissions
Cash for paying policy
dividends
Cash paid to and for
66,728,041.24 62,658,649.82 58,132,210.19 54,966,738.96
employees
Various taxes paid 28,480,175.79 20,829,892.27 22,522,813.01 15,599,094.92
Other payment of cash
relating to operating 36,350,224.71 38,034,219.35 28,048,751.69 24,511,449.69
activities
Subtotal of cash outflows
521,108,368.11 505,986,248.75 380,156,583.79 341,032,293.84
from operating activities
Net cash flows from
40,103,514.78 29,905,440.43 35,422,624.91 29,760,307.49
operating activities
II. Cash Flows from
investment activities:
Cash received from
267,808.76 267,808.76 1,121,575.00 1,121,575.00
withdrawing investments
Cash received from
-16,799.77 -16,799.77 141,819.06 1,891,819.06
investment income
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The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
Net cash received from
disposal of fixed assets,
100,000.00
intangible assets and other
long-term assets
Net cash received from
disposal of subsidiary or
other operating business
units
Other cash received
relating to investment
activities
Subtotal of cash
inflows from investment 351,008.99 251,008.99 1,263,394.06 3,013,394.06
activities
Cash paid to acquire fixed
assets, intangible assets and 20,686,669.51 11,389,700.73 56,819,478.19 52,217,036.46
other long-term assets
Cash paid for investment 206,800.00 206,800.00 1,036,005.00 1,036,005.00
Net increase of pledged
loans
Net cash paid to acquire
subsidiaries and other
operating units
Payment of cash relating
to other investment activities
Subtotal of cash outflows
20,893,469.51 11,596,500.73 57,855,483.19 53,253,041.46
from investment activities
Net cash flows from
-20,542,460.52 -11,345,491.74 -56,592,089.13 -50,239,647.40
investment activities
III. Cash Flows from
Financing Activities:
Cash received from
absorbing investment
Including: Cash received
by subsidiaries from increase
in minority interests
Cash received from
borrowings
Cash received from
issuance of bonds
Other cash received
relating to financing
activities
Subtotal of cash inflows
from financing activities
Cash repayments of
amounts borrowed
Cash paid for interest
expenses and distribution of 612,000.00
dividends or profit
Including: dividends or
profit paid by subsidiaries to 612,000.00
minority shareholders
Other cash payments
relating to financing
activities
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The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.
Sub-total of cash outflows
612,000.00
from financing activities
Net cash flows from
-612,000.00
financing activities
IV. Effect of foreign
exchange rate changes on -580,982.83 -579,459.40 -135,052.55 -135,052.55
cash and cash equivalents
V. Increase in cash and cash
18,980,071.43 17,980,489.29 -21,916,516.77 -20,614,392.46
equivalents
Add : Balance of cash
and cash equivalents at 711,853,632.95 681,198,634.58 1,036,582,265.88 927,931,735.27
year-begin
VI. Balance of cash and cash
equivalents at the end of the 730,833,704.38 699,179,123.87 1,014,665,749.11 907,317,342.81
year
4.4 Auditor’s report
Auditor’s opinion: un-audited
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