Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
HUBEI SANONDA CO., LTD.
REPORT FOR THE FIRST QUARTER OF 2015
Apr. 2015
1
Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Section I. Important Reminders
The Board of Directors, the Supervisory Committee, directors, supervisors and
senior management staff of Hubei Sanonda Co., Ltd. (hereinafter referred to as
“the Company”) warrant that the information carried in this report is factual,
accurate and complete, without any false record, misleading statement or
material omission. And they shall be jointly and severally liable for that.
All directors have attended the board session for reviewing this report.
Li Zuorong, company principal, He Xuesong, chief of the accounting work and
concurrently chief of the accounting organ (chief of accounting), hereby confirm
that the financial statements enclosed in this report are factual, accurate and
complete.
This report is prepared in both Chinese and English. Should there be any
discrepancy between the two versions, the Chinese version shall prevail.
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Section II. Financial Highlights & Change of Shareholders
I. Financial highlights
Does the Company adjust retrospectively or restate accounting data of previous years due to change of the accounting policy or
correction of any accounting error?
□ Yes √ No
Jan.-Mar. 2015 Jan.-Mar. 2014 +/- (%)
Operating revenues (RMB Yuan) 554,976,943.28 801,641,627.55 -30.77%
Net profit attributable to shareholders of
77,028,787.65 131,969,307.74 -41.63%
the Company (RMB Yuan)
Net profit attributable to shareholders of
the Company after extraordinary gains and 76,147,879.11 132,040,344.74 -42.33%
losses (RMB Yuan)
Net cash flows from operating activities
-23,477,753.42 146,981,733.82 -115.97%
(RMB Yuan)
Basic EPS (RMB Yuan/share) 0.1297 0.2222 -41.63%
Diluted EPS (RMB Yuan/share) 0.1297 0.2222 -41.63%
Weighted average ROE (%) 3.76% 8.18% -4.42%
31 Mar. 2015 31 Dec. 2014 +/- (%)
Total assets (RMB Yuan) 3,119,198,949.41 2,934,299,657.47 6.30%
Net assets attributable to shareholders of
2,087,291,856.91 2,007,631,150.60 3.97%
the Company (RMB Yuan)
Items and amounts of extraordinary gains and losses
√ Applicable □ Inapplicable
Unit: RMB Yuan
Item Jan.-Mar. 2015 Explanation
Government grants recognized in the current period, except for
those acquired in the ordinary course of business or granted at
1,162,222.22
certain quotas or amounts according to the government’s unified
standards
Non-operating income and expense other than the above 16,010.00
Less: Income tax effects 294,558.06
Minority interests effects (after tax) 2,765.62
Total 880,908.54 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Extraordinary Gains and
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item
□ Applicable √ Inapplicable
No such cases in the reporting period.
II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders
1. Total number of common shareholders at the period-end and shareholdings of top 10 common
shareholders
Unit: share
Total number of common
60513
shareholders at the period-end
Shareholdings of top 10 common shareholders
Number of Pledged or frozen shares
Name of Nature of Shareholding Number of shares
restricted shares
shareholder shareholder percentage (%) held Status of shares Number of shares
held
SANONDA
State-owned legal
GROUP 20.15% 119,687,202
person
CORPORATION
ADAMA Celsius Foreign legal
10.60% 62,950,659
B.V. person
Domestic natural
Chen Lichun 0.87% 5,186,791
person
STATE-OWNED
ASSETS
ADMINISTRATI
Nation 0.70% 4,169,266
ON BUREAU
OF QICHUN
COUNTY
GUOTAI
JUNAN
Foreign legal
SECURITIES(H 0.67% 3,996,413
person
ONGKONG)
LIMITED
Foreign legal
NORGES BANK 0.44% 2,634,504
person
ICBC-Lion
Small-and-mediu
m Sized Other 0.36% 2,129,400
Enterprises
Listed
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Companies Value
Selection Stock
Fund
VANGUARD
TOTAL
Foreign legal
INTERNATION 0.29% 1,695,900
person
AL STOCK
INDEX FUND
UBS AG Other 0.24% 1,408,687
Bank of Comm
unications-HFT
Other 0.23% 1,390,200
Value Selection
Stock Fund
Shareholdings of top 10 non-restricted common shareholders
Variety of shares
Name of shareholder Number of non-restricted common shares held
Variety Number
SANONDA GROUP RMB ordinary
119,687,202 119,687,202
CORPORATION shares
Domestically
ADAMA Celsius B.V. 62,950,659 listed foreign 62,950,659
shares
RMB ordinary
Chen Lichun 5,186,791 5,186,791
shares
STATE-OWNED ASSETS
RMB ordinary
ADMINISTRATION BUREAU OF 4,169,266 4,169,266
shares
QICHUN COUNTY
GUOTAI JUNAN Domestically
SECURITIES(HONGKONG) 3,996,413 listed foreign 3,996,413
LIMITED shares
Domestically
NORGES BANK 2,634,504 listed foreign 2,634,504
shares
ICBC-Lion Small-and-medium
RMB ordinary
Sized Enterprises Listed Companies 2,129,400 2,129,400
shares
Value Selection Stock Fund
VANGUARD TOTAL Domestically
INTERNATIONAL STOCK 1,695,900 listed foreign 1,695,900
INDEX FUND shares
RMB ordinary
UBS AG 1,408,687 1,408,687
shares
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Bank of Communications-HFT Va RMB ordinary
1,390,200 1,390,200
lue Selection Stock Fund shares
Sanonda Group Corporation and Celsius Property B.V. are related parties, and under the same
control of China National Chemical Agrochemical Corporation, and are acting-in-concert
Explanation on associated
parties as prescribed in the Administrative Methods for Acquisition of Listed Companies. It is
relationship or/and persons
unknown whether the other shareholders are related parties or acting-in-concert parties as
prescribed in the Administrative Methods for Acquisition of Listed Companies.
Top 10 common shareholders taking The shareholder Chen Lichun hold 5,186,791 shares of the Company through credit collateral
part in securities margin trading (if securities trading account and hold 0 shares of the Company through common stock account
any) that hold 5,186,791 shares of the Company in total.
Did any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the Company conduct any
promissory repo during the reporting period?
□ Yea √ No
No such cases in the reporting period.
2. Total number of preferred shareholders at the period-end and shareholdings of top 10 preferred
shareholders
□ Applicable √ Inapplicable
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Section III. Significant Events
I. Significant changes in the major accounting statement items and financial indicators for the
reporting period, as well as the reasons for these changes
√ Applicable □ Inapplicable
31 Dec. 2014
31 Mar. 2015 (RMB
(RMB Ten
Financial statement Ten thousand)
thousand) +/-% Main reasons for the change
items
(Jan.-Mar.
(Jan.-Mar. 2015)
2014)
Notes receivable 1,733 287 503.04% Customers’ payments with notes receivable increased.
Accounts receivable 30,053 19,564 53.62% Payments collected decreased.
Prepayments 5,532 1,944 184.48% Prepayments for materials increased.
Construction in progress 57,755 42,386 36.26% Spending on construction projects increased.
Engineering materials 34 8,897 -99.62% Some engineering materials were transferred to
construction in progress.
Other non-current assets 1,838 1,338 37.36% Prepayments for land
Short-term borrowings 11,000 7,500 46.67% New borrowings for working capital
Accounts payable 5,000 1,500 233.33% New accounts payable
Payroll payable 1,588 2,574 -38.32% Some remuneration was paid.
Taxes and fares payable 10,307 7,205 43.06% The income tax payable increased.
Operating revenues 55,498 80,164 -30.77% The sales decreased.
Business tax and 523 19 2678.38% The exempted and offset tax amount increased.
surtaxes
Selling expenses 1,111 1,898 -41.45% The sales decreased.
Financial expenses 416 761 -45.28% The interest expenses decreased.
Asset impairment losses 1,516 302 401.67% The falling price provisions increased.
Non-operating incomes 118 2 6601.13% Governmental subsidies increased.
Income tax expenses 2,676 4,627 -42.16% Total profit decreased.
Net profit attributable to 7,703 13,197 -41.63% The sales income decreased.
owners of the Company
II. Progress of significant events and analysis & explanations on their influence and solutions
□ Applicable √ Inapplicable
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
III. Commitments made by the Company or any shareholder with a shareholding over 5% in
the reporting period or such commitments made in previous period and carried down into the
reporting period
√ Applicable □ Inapplicable
Commitment Date of Period of
Commitment Contents of commitment Execution
maker commitment commitment
Commitments of share
reform
I. Commitments on avoiding horizontal
competition: “1. excepting the Company
proposed conducting transaction may lead to
competition in domestic trade with Shenzhen
NOPOSION Agrochemical Co., Ltd. disclosed
in the B Shares Offer Acquisition Report of
Hubei Sanonda CO., Ltd. The Company will
take effective measures to avoid the Company
and its controlling subsidiaries engaged in the
same or similar business with Hubei Sanonda
CO., Ltd. within the territory.2. If the
Company or its controlling subsidiaries
domestically conduct related business which
The
form horizontal competition with Hubei
commitments
Sanonda CO., Ltd. in future (including related
ADAMA were being
Commitments made in business of the Company proposed conducting
Celsius carried out
acquisition report or in transaction may lead to competition in
B.V.;ADAMA 7 Sep. 2013 2020-09-06 and the
report on changes of domestic trade with Shenzhen NOPOSION
Agricultural committers
equity Agrochemical Co., Ltd. disclosed in the B
Solutions Ltd. abided by the
Shares Offer Acquisition Report of Hubei
above
Sanonda CO., Ltd.) The Company will
commitments.
according to the securities laws and
regulations and industry policy within 7 years
or when the management think the condition
is ripe to actively take steps, gradually
eliminate the competition, the concrete
measures including but not limited to the
following one or more: fight for internal assets
reconstruction, (including putting the business
into Hubei Sanonda CO., Ltd. or operated
through Hubei Sanonda CO., Ltd.) to adjust
the industrial plan and business structure, to
transform technology and to upgrade
products, to divide the market so as to make
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
each corporation differ in the products and its
ultimate users, thus to avoid and eliminate the
current domestic horizontal competition
between the Company’s controlling
subsidiaries and Sanonda. ”
II. Commitments on maintaining the
Company’s operation independence and
specify the related transaction: “1. After the
complement of the tender offer, Sanonda will
continues to maintain complete purchase,
production and sales system, and to gain the
independent intellectual property. The
Company and its direct or indirect controlling
shareholders and Sanonda of which the
personnel, assets, finance, business and
institutions will be completely separated, and
at the same time maintain the operation ability The
of Sanonda that independently face to the commitments
ADAMA China agrochemical industry market. 2. The were being
Celsius Company will avoid and reduce the related carried out
B.V.;ADAMA transactions with Sanonda according to the 7 Sep. 2013 9999-12-31 and the
Agricultural requirements stipulated by the laws, committers
Solutions Ltd. regulations and other normative documents; abided by the
but for those related transactions that are above
inevitable or occur with reasonable cause, will commitments.
have to obey the just, fair and open market
principles. And to sign the agreement
according to the law and to carry out legal
program, and to make sure not to harm the
legal interest of Sanonda and other
shareholders by related transaction according
to the Articles of Association of Sanonda, the
relevant system about related transaction and
to conduct the duty of information disclosure
as well as the approval process which
stipulated by the relevant regulations.”
I. Commitments on avoiding horizontal The
competition: “1. The business of the commitments
Company’s subsidiaries-- Jiangsu Anpon were being
China National
Electrochemical Co., Ltd., Anhui Petroleum carried out
Chemical 7 Sep. 2013 2020-09-06
Chemical Group Co., Ltd., Shangdong and the
Corporation
Dacheng Agrochemical Co., Ltd. and Jiamusi committers
Heilong Agrochemicals Co., Ltd., and Hunan abided by the
Haohua Chemical Co., Ltd. and its subsidiary above
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
had the same or similar situations with the commitments.
main business of Sanonda, and aimed at the
domestic horizontal competition, the
Company committed to gradually eliminate
such kind of horizontal competition in the
future and to fight for the internal assets
reconstruction, to adjust the industrial plan
and business structure, to transform
technology and to upgrade products, to divide
the market so as to make each corporation
differ in the products and its ultimate users
according to the securities laws and
regulations and industry policy within 7 years,
thus to eliminate the current domestic
horizontal competition between the
Company’s controlling subsidiaries and
Sanonda. 2. Excepting the competition
situation disclosed in the offer acquisition
report, the Company take effective measures
to avoid the Company and its controlling
subsidiaries (excepting Commitments
respectively made in acquisition report by
Celsius Property B.V. and MAI)’ new
increased business engaged in the same or
similar business with Hubei Sanonda CO.,
Ltd. within the territory in future. 3. If the
Company or its controlling subsidiaries
( excepting Commitments respectively made
in acquisition report by Celsius Property B.V.
and MAI) domestically conduct related
business which form horizontal competition
with Hubei Sanonda CO., Ltd. in future, the
Company will actively take steps, gradually
eliminate the competition, the concrete
measures including but not limited to fight for
internal assets reconstruction, (including
putting the business into Hubei Sanonda CO.,
Ltd. or operated through Hubei Sanonda CO.,
Ltd.) to adjust the industrial plan and business
structure, to transform technology and to
upgrade products, to divide the market so as to
make each corporation differ in the products
and its ultimate users, thus to avoid and
eliminate the current domestic horizontal
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
competition between the Company’s
controlling subsidiaries and Sanonda.”
II. Commitments on maintaining the
Company’s operation independence and
specify the related transaction: “1. After the
complement of the tender offer, Sanonda will
continues to maintain complete purchase,
production and sales system, and to gain the
independent intellectual property. The
Company and its direct or indirect controlling
shareholders and Sanonda of which the
personnel, assets, finance, business and
institutions will be completely separated, and
at the same time maintain the operation ability The
of Sanonda that independently face to the commitments
China agrochemical industry market. 2. The were being
China National Company will avoid and reduce the related carried out
Chemical transactions with Sanonda according to the 7 Sep. 2013 9999-12-31 and the
Corporation requirements stipulated by the laws, committers
regulations and other normative documents; abided by the
but for those related transactions that are above
inevitable or occur with reasonable cause, will commitments.
have to obey the just, fair and open market
principles. And to sign the agreement
according to the law and to carry out legal
program, and to make sure not to harm the
legal interest of Sanonda and other
shareholders by related transaction according
to the Articles of Association of Sanonda, the
relevant system about related transaction and
to conduct the duty of information disclosure
as well as the approval process which
stipulated by the relevant regulations.”
Commitments made at
the time of assets
reorganization
Commitments made in
the initial public
offering or refinancing
Commitments made by
the company to other
medium and small
shareholders
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Executed timely or not? Yes
IV. Predict the operating results of Jan.-Jun. 2015
Warning of possible loss or considerable YoY change of the accumulated net profit made during the period-begin to the end of the
next reporting period according to prediction, as well as explanations on the reasons:
□ Applicable √ Inapplicable
V. Securities investments
□ Applicable √ Inapplicable
No such cases in the reporting period.
VI. Shareholdings in other listed companies
□ Applicable √ Inapplicable
No such cases in the reporting period.
VII. Investments in derivatives
□ Applicable √ Inapplicable
No such cases in the reporting period.
VIII. Researches, visits and interviews received in the reporting period
□ Applicable √ Inapplicable
No such cases in the reporting period.
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Section IV. Financial Statements
I. Financial statements
1. Consolidated balance sheet
Prepared by Hubei Sanonda Co., Ltd.
31 Mar. 2015
Unit: RMB Yuan
Item Closing balance Opening balance
Current Assets:
Monetary funds 381,731,228.78 423,347,736.46
Settlement reserves
Intra-group lendings
Financial assets measured at fair
value of which changes are recorded in
current profits and losses
Derivative financial assets
Notes receivable 17,334,144.80 2,874,466.50
Accounts receivable 300,526,399.68 195,635,912.75
Accounts paid in advance 55,316,328.14 19,444,766.16
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract
reserves
Interest receivable
Dividend receivable
Other accounts receivable 15,306,860.61 19,679,596.65
Financial assets purchased under
agreements to resell
Inventories 369,159,793.16 330,541,606.05
Assets held for sale
Non-current assets due within 1 year
Other current assets
Total current assets 1,139,374,755.17 991,524,084.57
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Non-current assets:
Loans by mandate and advances
granted
Available-for-sale financial assets 9,153,782.63 9,153,782.63
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment
Investing real estate 5,284,772.34 5,363,928.28
Fixed assets 1,215,698,487.03 1,248,826,394.76
Construction in progress 577,554,445.17 423,857,021.70
Engineering materials 341,082.69 88,970,010.63
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 138,902,153.08 140,020,897.12
R&D expense
Goodwill
Long-term deferred expenses
Deferred income tax assets 14,505,071.30 13,199,137.78
Other non-current assets 18,384,400.00 13,384,400.00
Total of non-current assets 1,979,824,194.24 1,942,775,572.90
Total assets 3,119,198,949.41 2,934,299,657.47
Current liabilities:
Short-term borrowings 110,000,000.00 75,000,000.00
Borrowings from Central Bank
Customer bank deposits and due to
banks and other financial institutions
Intra-group borrowings
Financial liabilities measured at fair
value of which changes are recorded in
current profits and losses
Derivative financial liabilities
Notes payable 50,000,000.00 15,000,000.00
Accounts payable 203,815,909.81 216,786,274.77
Accounts received in advance 30,754,748.38 34,830,464.65
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Financial assets sold for repurchase
Handling charges and commissions
payable
Payroll payable 15,877,821.41 25,740,973.02
Tax payable 103,074,481.11 72,051,904.29
Interest payable
Dividend payable 250,000.00 250,000.00
Other accounts payable 25,838,588.96 31,749,791.93
Reinsurance premiums payable
Insurance contract reserves
Payables for acting trading of
securities
Payables for acting underwriting of
securities
Liabilities held for sale
Non-current liabilities due within 1
34,000,000.00 500,000.00
year
Other current liabilities
Total current liabilities 573,611,549.67 471,909,408.66
Non-current liabilities:
Long-term borrowings 436,090,000.00 431,590,000.00
Bonds payable
Of which: preferred shares
Perpetual bonds
Long-term payables 650,000.00 650,000.00
Long-term payroll payables
Specific payables
Estimated liabilities
Deferred income 21,792,592.60 22,754,814.82
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 458,532,592.60 454,994,814.82
Total liabilities 1,032,144,142.27 926,904,223.48
Owners’ equity:
Share capital 593,923,220.00 593,923,220.00
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Other equity instruments
Of which: preferred shares
Perpetual bonds
Capital reserves 263,184,043.66 263,184,043.66
Less: Treasury stock
Other comprehensive income
Specific reserves 18,057,018.09 15,425,099.43
Surplus reserves 178,048,385.86 178,048,385.86
Provisions for general risks
Retained profits 1,034,079,189.30 957,050,401.65
Total equity attributable to owners of
2,087,291,856.91 2,007,631,150.60
the Company
Minority interests -237,049.77 -235,716.61
Total owners’ equity 2,087,054,807.14 2,007,395,433.99
Total liabilities and owners’ equity 3,119,198,949.41 2,934,299,657.47
Legal representative: Li Zuorong Chief of the accounting work: He Xuesong Chief of the accounting organ: He Xuesong
2. Balance sheet of the Company
Unit: RMB Yuan
Item Closing balance Opening balance
Current Assets:
Monetary funds 347,722,710.55 349,250,284.42
Financial assets measured at fair
value of which changes are recorded in
current profits and losses
Derivative financial assets
Notes receivable 17,034,144.80 2,874,466.50
Accounts receivable 480,601,810.36 360,573,034.99
Accounts paid in advance 51,841,599.10 18,069,109.19
Interest receivable
Dividend receivable
Other accounts receivable 24,630,343.88 76,252,385.90
Inventories 361,454,697.75 319,798,378.74
Assets held for sale
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Non-current assets due within 1 year
Other current assets
Total current assets 1,283,285,306.44 1,126,817,659.74
Non-current assets:
Available-for-sale financial assets 9,153,782.63 9,153,782.63
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment 55,526,635.41 55,526,635.41
Investing real estate 5,284,772.34 5,363,928.28
Fixed assets 1,062,912,002.44 1,091,620,961.82
Construction in progress 577,554,445.17 423,857,021.70
Engineering materials 341,082.69 88,970,010.63
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 126,782,342.85 127,725,897.93
R&D expense
Goodwill
Long-term deferred expenses
Deferred income tax assets 10,956,793.18 10,510,039.23
Other non-current assets 18,384,400.00 13,384,400.00
Total of non-current assets 1,866,896,256.71 1,826,112,677.63
Total assets 3,150,181,563.15 2,952,930,337.37
Current liabilities:
Short-term borrowings 110,000,000.00 75,000,000.00
Financial liabilities measured at fair
value of which changes are recorded in
current profits and losses
Derivative financial liabilities
Notes payable 50,000,000.00 15,000,000.00
Accounts payable 197,699,474.71 210,008,050.11
Accounts received in advance 25,340,653.69 22,676,046.39
Payroll payable 15,855,906.79 22,596,483.36
Tax payable 117,224,077.61 85,567,106.10
Interest payable
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Dividend payable 250,000.00 250,000.00
Other accounts payable 24,781,540.64 30,090,888.88
Liabilities held for sale
Non-current liabilities due within 1
34,000,000.00 500,000.00
year
Other current liabilities
Total current liabilities 575,151,653.44 461,688,574.84
Non-current liabilities:
Long-term borrowings 436,090,000.00 431,590,000.00
Bonds payable
Of which: preferred shares
Perpetual bonds
Long-term payables 650,000.00 650,000.00
Long-term payroll payables
Specific payables
Estimated liabilities
Deferred income 14,171,759.26 14,888,148.15
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 450,911,759.26 447,128,148.15
Total liabilities 1,026,063,412.70 908,816,722.99
Owners’ equity:
Share capital 593,923,220.00 593,923,220.00
Other equity instruments
Of which: preferred shares
Perpetual bonds
Capital reserves 263,799,837.18 263,799,837.18
Less: Treasury stock
Other comprehensive income
Specific reserves 13,087,905.78 10,455,987.12
Surplus reserves 178,048,385.86 178,048,385.86
Retained profits 1,075,258,801.63 997,886,184.22
Total owners’ equity 2,124,118,150.45 2,044,113,614.38
Total liabilities and owners’ equity 3,150,181,563.15 2,952,930,337.37
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
3. Consolidated income statement
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
I. Total operating revenues 554,976,943.28 801,641,627.55
Including: Sales income 554,976,943.28 801,641,627.55
Interest income
Premium income
Handling charge and commission
income
II. Total operating costs 452,366,030.87 623,408,283.03
Including: Cost of sales 391,635,889.19 563,394,439.89
Interest expenses
Handling charge and commission
expenses
Surrenders
Net claims paid
Net amount withdrawn for the
insurance contract reserve
Expenditure on policy dividends
Reinsurance premium
Taxes and associate charges 5,228,195.69 188,174.48
Selling and distribution expenses 11,112,517.44 18,980,495.62
Administrative expenses 25,068,621.87 30,218,260.55
Financial expenses 4,161,492.69 7,605,144.49
Asset impairment loss 15,159,313.99 3,021,768.00
Add: Gain/(loss) from change in fair
value (“-” means loss)
Gain/(loss) from investment (“-”
means loss)
Including: share of profits in
associates and joint ventures
Foreign exchange gains (“-” means
loss)
III. Business profit (“-” means loss) 102,610,912.41 178,233,344.52
Add: non-operating income 1,178,232.22 17,582.58
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Including: Gains on disposal of
non-current assets
Less: non-operating expense 112,748.58
Including: Losses on disposal of
non-current assets
IV. Total profit (“-” means loss) 103,789,144.63 178,138,178.52
Less: Income tax expense 26,761,690.14 46,267,988.02
V. Net profit (“-” means loss) 77,027,454.49 131,870,190.50
Net profit attributable to owners of
77,028,787.65 131,969,307.74
the Company
Minority shareholders’ income -1,333.16 -99,117.24
VI. After-tax net amount of other
comprehensive incomes
After-tax net amount of other
comprehensive incomes attributable to
owners of the Company
(I) Other comprehensive incomes
that will not be reclassified into gains and
losses
1. Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement
2. Enjoyable shares in other
comprehensive incomes in investees that
cannot be reclassified into gains and
losses under the equity method
(II) Other comprehensive incomes
that will be reclassified into gains and
losses
1. Enjoyable shares in other
comprehensive incomes in investees that
will be reclassified into gains and losses
under the equity method
2. Gains and losses on fair
value changes of available-for-sale
financial assets
3. Gains and losses on
reclassifying held-to-maturity
investments into available-for-sale
20
Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
financial assets
4. Effective hedging gains and
losses on cash flows
5. Foreign-currency financial
statement translation difference
6. Other
After-tax net amount of other
comprehensive incomes attributable to
minority shareholders
VII. Total comprehensive incomes 77,027,454.49 131,870,190.50
Attributable to owners of the
77,028,787.65 131,969,307.74
Company
Attributable to minority
-1,333.16 -99,117.24
shareholders
VIII. Earnings per share
(I) Basic earnings per share 0.1297 0.2222
(II) Diluted earnings per share 0.1297 0.2222
Where business mergers under the same control occurred in this reporting period, the net profit achieved by the merged parties before
the business mergers was RMB XXX, with the corresponding amount for the same period of last year being RMB XXX.
Legal representative: Li Zuorong Chief of the accounting work: He Xuesong Chief of the accounting organ: He Xuesong
4. Income statement of the Company
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
I. Total sales 573,870,268.42 788,008,058.96
Less: cost of sales 415,508,320.16 554,927,275.87
Business taxes and surcharges 5,194,402.87 138,886.05
Distribution expenses 10,915,714.58 17,435,486.32
Administrative expenses 23,147,903.38 22,445,422.29
Financial costs 4,533,279.01 7,902,244.11
Impairment loss 11,357,800.90 714,500.25
Add: gain/(loss) from change in fair
value (“-” means loss)
Gain/(loss) from investment (“-”
means loss)
Including: income form investment
21
Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
on associates and joint ventures
II. Business profit (“-” means loss) 103,212,847.52 184,444,244.07
Add: non-operating income 932,398.89 16,318.10
Including: Gains on disposal of
non-current assets
Less: non-operating expense 82,608.58
Including: Losses on disposal of
non-current assets
III. Total profit (“-” means loss) 104,145,246.41 184,377,953.59
Less: Income tax expense 26,772,629.00 46,094,488.39
IV. Net profit (“-” means loss) 77,372,617.41 138,283,465.20
V. After-tax net amount of other
comprehensive incomes
(I) Other comprehensive incomes that
will not be reclassified into gains and
losses
1. Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement
2. Enjoyable shares in other
comprehensive incomes in investees
that cannot be reclassified into gains
and losses under the equity method
(II) Other comprehensive incomes
that will be reclassified into gains and
losses
1. Enjoyable shares in other
comprehensive incomes in investees
that will be reclassified into gains and
losses under the equity method
2. Gains and losses on fair value
changes of available-for-sale financial
assets
3. Gains and losses on
reclassifying held-to-maturity
investments into available-for-sale
financial assets
4. Effective hedging gains and
losses on cash flows
22
Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
5. Foreign-currency financial
statement translation difference
6. Other
VI. Total comprehensive incomes 77,372,617.41 138,283,465.20
VII. Earnings per share
(I) Basic earnings per share 0.1303 0.2328
(II) Diluted earnings per share 0.1303 0.2328
5. Consolidated cash flow statement
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
I. Cash flows from operating activities:
Cash received from sale of
378,778,289.27 654,860,051.34
commodities and rendering 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 financial institutions
Cash received from premium of
original insurance contracts
Net cash received from reinsurance
business
Net increase of deposits of policy
holders and investment fund
Net increase of disposal of financial
assets measured at fair value of which
changes are recorded into current gains
and losses
Cash received from interest,
handling charges and commissions
Net increase of intra-group
borrowings
Net increase of funds in repurchase
business
Tax refunds received 21,937,488.19
23
Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
Other cash received relating to
3,162,799.92 10,796,386.94
operating activities
Subtotal of cash inflows from operating
403,878,577.38 665,656,438.28
activities
Cash paid for goods and services 330,326,017.92 387,477,798.92
Net increase of customer lendings
and advances
Net increase of funds deposited in
the central bank and amount due from
banks
Cash for paying claims of the
original insurance contracts
Cash for paying interest, handling
charges and commissions
Cash for paying policy dividends
Cash paid to and for employees 59,830,987.51 37,293,744.46
Various taxes paid 19,285,902.49 58,061,768.24
Other cash payment relating to
17,913,422.88 35,841,392.84
operating activities
Subtotal of cash outflows from
427,356,330.80 518,674,704.46
operating activities
Net cash flows from operating
-23,477,753.42 146,981,733.82
activities
II. Cash flows from investing activities:
Cash received from withdrawal of
investments
Cash received from return on
investments
Net cash received from disposal of
fixed assets, intangible assets and other 1,350.00
long-term assets
Net cash received from disposal of
subsidiaries or other business units
Other cash received relating to
investing activities
Subtotal of cash inflows from investing
1,350.00
activities
Cash paid to acquire fixed assets, 83,666,458.46 118,199,901.92
24
Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
intangible assets and other long-term
assets
Cash paid for investment
Net increase of pledged loans
Net cash paid to acquire subsidiaries
and other business units
Other cash payments relating to
investing activities
Subtotal of cash outflows from
83,666,458.46 118,199,901.92
investing activities
Net cash flows from investing activities -83,666,458.46 -118,198,551.92
III. Cash Flows from Financing
Activities:
Cash received from capital
contributions
Including: Cash received from
minority shareholder investments by
subsidiaries
Cash received from borrowings 123,000,000.00 368,650,312.15
Cash received from issuance of
bonds
Other cash received relating to
4,000,000.00
financing activities
Subtotal of cash inflows from financing
123,000,000.00 372,650,312.15
activities
Repayment of borrowings 50,000,000.00 268,245,087.54
Cash paid for interest expenses and
7,609,574.40 10,770,661.59
distribution of dividends or profit
Including: dividends or profit paid
by subsidiaries to minority
shareholders
Other cash payments relating to
1,500,000.00 7,000,000.00
financing activities
Sub-total of cash outflows from
59,109,574.40 286,015,749.13
financing activities
Net cash flows from financing
63,890,425.60 86,634,563.02
activities
IV. Effect of foreign exchange rate 137,278.60
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Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
changes on cash and cash equivalents
V. Net increase in cash and cash
-43,116,507.68 115,417,744.92
equivalents
Add: Opening balance of cash and
418,847,736.46 410,065,921.21
cash equivalents
VI. Closing balance of cash and cash
375,731,228.78 525,483,666.13
equivalents
6. Cash flow statement of the Company
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
I. Cash flows from operating activities:
Cash received from sale of
382,470,171.90 605,686,691.27
commodities and rendering of service
Tax refunds received 16,386,842.52
Other cash received relating to
3,074,184.00 10,676,943.18
operating activities
Subtotal of cash inflows from operating
401,931,198.42 616,363,634.45
activities
Cash paid for goods and services 299,867,268.44 370,735,924.64
Cash paid to and for employees 53,880,451.96 33,225,209.07
Various taxes paid 16,020,611.96 57,149,977.21
Other cash payment relating to
15,426,760.05 27,449,948.92
operating activities
Subtotal of cash outflows from
385,195,092.41 488,561,059.84
operating activities
Net cash flows from operating
16,736,106.01 127,802,574.61
activities
II. Cash flows from investing activities:
Cash received from retraction of
investments
Cash received from return on
investments
Net cash received from disposal of
fixed assets, intangible assets and other 1,350.00
long-term assets
Net cash received from disposal of
26
Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
subsidiaries or other business units
Other cash received relating to
investing activities
Subtotal of cash inflows from investing
1,350.00
activities
Cash paid to acquire fixed assets,
intangible assets and other long-term 83,666,458.46 116,332,310.92
assets
Cash paid for investment
Net cash paid to acquire subsidiaries
and other business units
Other cash payments relating to
investing activities
Subtotal of cash outflows from
83,666,458.46 116,332,310.92
investing activities
Net cash flows from investing activities -83,666,458.46 -116,330,960.92
III. Cash Flows from Financing
Activities:
Cash received from capital
contributions
Cash received from borrowings 123,000,000.00 300,000,000.00
Cash received from issuance of
bonds
Other cash received relating to
4,000,000.00
financing activities
Subtotal of cash inflows from financing
123,000,000.00 304,000,000.00
activities
Repayment of borrowings 50,000,000.00 198,000,000.00
Cash paid for interest expenses and
7,609,574.40 9,485,499.34
distribution of dividends or profit
Other cash payments relating to
1,500,000.00 7,000,000.00
financing activities
Sub-total of cash outflows from
59,109,574.40 214,485,499.34
financing activities
Net cash flows from financing
63,890,425.60 89,514,500.66
activities
IV. Effect of foreign exchange rate
12,352.98
changes on cash and cash equivalents
27
Report for the First Quarter of 2015 of Hubei Sanonda Co., Ltd.
V. Net increase in cash and cash
-3,027,573.87 100,986,114.35
equivalents
Add: Opening balance of cash and
344,750,284.42 325,849,120.35
cash equivalents
VI. Closing balance of cash and cash
341,722,710.55 426,835,234.70
equivalents
II. Auditor’s report
Is this report audited?
□ Yes √ No
This report is not audited.
28
