Weifu High-Technology Co., Ltd. The First Quarterly Report 2010 (Full Text)
1
Weifu High-Technology Co., Ltd.
The First Quarterly Report 2010
(Full Text)
§1. Important Notes
1.1 Board of Directors and the Supervisory Committee of Weifu High-Technology Co., Ltd.
(hereinafter referred to as the Company) and its directors, supervisors and senior executives hereby
confirm that there are no any fictitious statements, misleading statements, or important omissions
carried in this report, and shall take all responsibilities, individual and/or joint, for the reality,
accuracy and completion of the whole contents.
1.2 The First Quarterly Financial Report of 2010 has not been audited by CPAs.
1.3 Wang Weiliang, Principal of the Company; Sun Qingxian, Person in Charge of Accounting
Works; Dou Yu, Person in Charge of Accounting Organ(Accounting Supervisor) hereby confirm
that the Financial Report of the First Quarterly Report is true and complete.
§2. Company Profile
2.1 Main accounting highlights and financial indexes:
Unit: RMB
At the end of the
report period
At the period-end of
the last year
Changes of
increase/decrease
(%)
Total assets (RMB) 5,700,520,632.51 5,035,871,583.02 13.20
Owners’ equity attributable to shareholders of the
listed company (RMB) 2,976,701,405.02 2,862,670,558.77 3.98
Share capital (Share) 567,275,995.00 567,275,995.00 0.00
Net asset per share attributable to shareholders of
listed company (RMB/Share) 5.25 5.05 3.96
In the report period The same period of
last year
Changes of
increase/decrease
(%)
Total operating income (RMB) 1,188,216,542.85 506,613,553.93 134.54
Net profit attributable to shareholders of the listed
company (RMB) 114,030,846.25 -31,958,690.93
Net cash flow arising from operating activities
(RMB) -88,249,244.11 47,340,066.11 -286.42
Net cash flow arising from operating activities per
share (RMB/Share) -0.16 -0.08
Basic earnings per share (RMB/Share) 0.20 -0.06
Diluted earnings per share (RMB/Share) 0.20 -0.06
Weighted average return on equity (%) 3.91 -1.28 5.19
Weighted average return on equity after deducting
non-recurring gains and losses (%) 3.97 -1.29 5.26
Items of non-recurring gains and losses Amount from year-beginWeifu High-Technology Co., Ltd. The First Quarterly Report 2010 (Full Text)
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to the end of report period
Gains and losses from the disposal of non-current asset -2,091,081.34
Governmental subsidy calculated into current gains and losses, while closely related
with the business of the Company, excluding the fixed-amount or fixed-proportion
governmental subsidy according to the unified national standard
10,187.75
Other non-operating income and expenditure except for the aforementioned items -116,733.09
Influenced amount of minority shareholders’ equity -9,787.30
Impact on income tax 289,731.47
Total -1,917,682.51
Explanations on significant items of non-recurring gains and losses
Naught
2.2 Total number of shareholders at the end of the report period and shares held by the top ten
shareholders with unrestricted conditions
Unit: Share
Total number of shareholders
at the end of report period 29,240
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Full Name of shareholder
Amount of tradable
shares with unrestricted
conditions held at the end
of report period
Type of shares
ROBERT BOSCH GMBH 18,387,200 Domestically listed
foreign share
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 11,042,721 Domestically listed
foreign share
China Construction Bank- Fullgoal Tianbo Innovation Theme
Stock Fund, 10,817,502 RMB common share
ChinaAMC Growth Stock Fund 9,765,521 RMB common share
Bank of China- ChinaAMC Return Stock Fund 9,186,776 RMB common share
DRAGON BILLION CHINA MASTER FUND 8,089,994 Domestically listed
foreign share
Industrial and Commercial Bank of China- E Fund Value
Selection Stock Fund 7,000,000 RMB common share
AGRICULTURAL BANK OF CHINA- Invesco Great Wall
Domestic Demand Growth No. 2 Stock Fund 6,868,243 RMB common share
China Construction Bank- ChinaAMC Dividend Mixed
Open-ended Stock Fund 6,835,378 RMB common share
Bank of China- E Fund Shenzhen Stock Exchange 100
Exchange Traded Fund 6,658,765 RMB common share
§3. Significant Events
3.1 Particulars about material changes in items of main accounting statement and financial index,
and explanations of reasons
√Applicable □InapplicableWeifu High-Technology Co., Ltd. The First Quarterly Report 2010 (Full Text)
3
1. Total operating income increased 134.54% over the same period of last year, which was mainly
because the Company and subsidiaries grasped the good chances of the development of automobile
market in the report period, and the production operation realized rapid growth.
2. Operating cost increased 109.7% over the same period of last year, which was mainly because of
growth in products sales quantity.
3. Sales expense increased 447.82% over the same period of last year, which was mainly because the
increase in total operating income brought in increases in three-guarantee expense and salary
expense.
4. Administration expense increased 108.04% over the same period of last year, which was mainly
because of increases in R&D expense and salary expense.
5. Income tax expense increased 213.77% over the same period of last year, which was mainly
because of large rise in profits.
6. Notes receivable increased 46.23% over period-begin, which was mainly because of increase in
production sales income and increase in the received undue notes
7. Short-term loan increased 48.83% over period-begin, which was mainly because of increase in
short-term bank loan due to rapid development of production and operation.
8. Long-term expense to be apportioned increased 331.78% over period-begin, which was mainly
because of the decoration expense on removal of plants of controlling subsidiary Weifu Leader in the
report period.
9. Net value of cash flow arising from operating activities decreased in the report period, which was
mainly because growth of products sales income caused the increases in account receivable, notes
receivable and inventories.
10. Net value of cash flow arising from investing activities decreased in the report period, which was
mainly because of purchasing minority shareholders’ equity of Weifu Diesel and Weifu International
Trade.
11. Net value of cash flow arising from financing activities increased in the report period, which was
mainly because of increase in bank loan due to rapid development of production and operation.
3.2 Analysis and explanation of significant events and their influence and solutions
□Applicable √Inapplicable
3.3 Implementations of commitments by the Company, shareholders and actual controller
√Applicable □Inapplicable
Item of
Commitments Promisee Content of commitments Implementati
on
Commitments for
Share Merger
Reform
Wuxi
Industry
Development
Group Co.,
Ltd.
The total realized net profit of the Company from 2006 to 2008 was
RMB 0.85 billion, and that in 2008 was RMB 0.34 billion. Based on
circulating A shares before the share reform, arranging additionally
delivering 0.5 shares per 10 shares, the proportion of cash dividend from
2006 to 2008 was not lower than 50 percent of profit available for
distribution of investors realized by the Company in those years.
Implementati
on has
accomplished
Commitments for
share restricted trade
Wuxi
Industry
Development
Group Co.,
Ltd.
Non-circulating shares of Weifu Hi-tech held by Wuxi Industry
Development Group Co., Ltd could not listed or transferred within 60
months since possessing of listing right. After the expiry of the
commitment period, original non-circulating shares would be listed for
sale in Shenzhen Stock Exchange, the proportion of sales volume to
total share equity of Weifu Hi-tech could not exceed 5% within 12
months as well as 10% within 24 months, and sales price ought not to
less than RMB 10 per share (the lowest impairment price of shares
holding would be calculated ex-right at the same time if share price
ought to ex-right according to regulation).
The said
commitment
is being
implemented
and no share
is reduced to
hold.Weifu High-Technology Co., Ltd. The First Quarterly Report 2010 (Full Text)
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Commitments made
in Acquisition Report
or Reports on
Change in Interests
N/A N/A N/A
Commitments made
in Material Assets
Reorganization
N/A N/A N/A
Commitments made
in issuing N/A N/A N/A
Other commitments
(including additional
commitments)
Wuxi
Industry
Development
Group Co.,
Ltd.
In order to promote the listed company’s steady and healthy
development, fully mobilize senior executives so as to ensure to
combine the interests of the governance and shareholders of the
Company, Weifu Industry Group committed: after Weifu High-tech
finishing Share Merger Reform, under related regulations of the state
and Wuxi government in terms of governance encouragement system of
listed company, the Group would the stock incentive plan for
management level of Weifu High-tech.
The said
commitment
is being
implemented,
and would be
performed
since related
policy is
released.。
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report
period to be loss probably or the warning of its material change compared with the corresponding
period of the last year and explanation of reason
√Applicable □Inapplicable
Prediction of
performances Great rises over the same period of last year
Year-begin to the end of
next report period
The same period of
last year Change of increase/decrease (%)
Estimated amount of
accumulative net
profit(RMB’0000)
25,000.00 8,784.30 Growth 184.60
Basic earnings per
share(RMB/Share) 0.44 0.155 Growth 183.87
Explanations on prediction
of performances
The performance prediction had large increases over the same period of period, which
was mainly because of stable growth in market demand of commercial vehicles.
3.5 Other significant events which need explanations
3.5.1 Particulars about securities investment
□Applicable √Inapplicable
3.5.2 Registration form for receiving research, communication and interview in the report period
Date Place Method Investor Contents discussed and
materials supplied
Jan. 7, 2010 Conference room
of the Company
Spot
research
China Asset Management Co.,
Ltd.
Operation status and future
development of the Company
Jan. 8, 2010 Conference room
of the Company
Spot
research
Golden Eagle Asset Management
Co., Ltd.
Operation status and future
development of the Company
Jan. 12, 2010 Conference room
of the Company
Spot
research CITIC Securities Co., Ltd. Operation status and future
development of the Company
Jan. 20, 2010 Conference room Spot Harvest Fund Management Co., Operation status and futureWeifu High-Technology Co., Ltd. The First Quarterly Report 2010 (Full Text)
5
of the Company research Ltd. development of the Company
Feb. 3, 2010 Conference room
of the Company
Spot
research
Hua An Fund Management Co.,
Ltd., Huashang Fund
Management Co., Ltd., China
Universal Asset Management Co.,
Ltd. and United Securities Co.,
Ltd
Operation status and future
development of the Company
Feb. 24, 2010 Conference room
of the Company
Spot
research
Orient Securities Company
Limited, China Asset
Management Co., Ltd. and
Goulian Securities
Operation status and future
development of the Company
March 12, 2010 Conference room
of the Company
Spot
research
CITIC-Prudential Fund
Management Company Limited
Operation status and future
development of the Company
3.5.3 Particulars about the explanations on other significant events
√Applicable □Inapplicable
(1) In the report period, it is never happen that the Company provide capital for controlling
shareholders or related parties, and provide external guarantee disobeying regulations;
(2) In the report period, there were no shareholders with holding above 30 percent shares of the
Company put forward or implemented plan on increasing shareholding;
(3) In the report period, the Company purchased relevant equities held by Wuxi Industry
Development Croup Co., Ltd and explanations on related transaction:
The 9th meeting of 6th board of Weifu High-Technology Co., Ltd. passed the following purchases:
i. 30 percent equity stake of Wuxi Weifu Automotive Diesel System Co., Ltd., held by Wuxi Industry
Development Croup Co., Ltd. (former Wuxi Weifu Group Co., Ltd.);
ii. 9.17 percent equity stake of Wuxi Weifu International Trade Co., Ltd. held by Wuxi Industry
Development Croup Co., Ltd. (former Wuxi Weifu Group Co., Ltd.);
iii. 50 percent equity stake of Kunming Xitong Machinery Co., Ltd. held by Wuxi Industry
Development Croup Co., Ltd. (former Wuxi Weifu Group Co., Ltd.).
The purchases were passed the examination in shareholders’ general meeting dated March 3, 2010.
The relevant purchases on equity stakes of Wuxi Weifu Automotive Diesel System Co., Ltd. and
Wuxi Weifu International Trade Co., Ltd. have been accomplished in the report period.
3.6 Particulars about derivatives investment
□Applicable √Inapplicable
3.6.1 Particulars about derivatives investment held at the end of report period
□Applicable √Inapplicable
§4. Appendix
4.1 Balance sheet
Prepared by Weifu High-Technology Co., Ltd. March 31, 2010 Unit: RMB
Balance at period-end Balance at year-begin
Items Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 428,093,854.78 116,380,099.13 425,495,172.94 147,690,609.19Weifu High-Technology Co., Ltd. The First Quarterly Report 2010 (Full Text)
6
Settlement provisions
Capital lent
Transaction finance asset
Notes receivable 663,356,095.30 268,886,876.43 453,653,565.32 213,409,328.00
Accounts receivable 917,449,163.69 620,614,711.73 746,386,907.24 551,362,144.36
Accounts paid in advance 52,177,513.39 35,064,320.94 40,727,577.69 22,923,823.09
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Interest receivable
Dividend receivable 118,953,514.59 118,953,514.59 118,953,514.59 118,953,514.59
Other receivables 9,444,277.01 86,801,945.55 5,035,076.41 25,346,449.28
Purchase restituted finance asset
Inventories 689,239,351.10 228,308,167.21 588,559,021.47 190,091,308.65
Non-current asset due within one
year
Other current assets 5,779,679.25 4,410,577.10
Total current assets 2,884,493,449.11 1,475,009,635.58 2,383,221,412.76 1,269,777,177.16
Non-current assets:
Granted loans and advances
Finance asset available for sales
Held-to-maturity investment
Long-term account receivable
Long-term equity investment 1,514,998,563.17 2,012,428,357.09 1,347,808,607.78 1,856,146,852.35
Investment property 5,369,449.38 480,226.64
Fixed assets 1,125,929,448.59 610,929,361.16 1,152,721,081.59 636,153,023.49
Construction in progress 47,516,206.96 18,969,814.35 32,064,910.42 11,592,432.05
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 71,648,567.87 27,236,424.63 72,512,044.82 27,403,978.05
Expense on Research and
Development
Goodwill
Long-term expenses to be
apportioned 5,382,408.02 1,246,567.09
Deferred income tax asset 45,182,539.41 11,325,987.37 45,816,731.92 11,960,179.88
Other non-current asset
Total non-current asset 2,816,027,183.40 2,680,889,944.60 2,652,650,170.26 2,543,256,465.82
Total assets 5,700,520,632.51 4,155,899,580.18 5,035,871,583.02 3,813,033,642.98
Current liabilities:
Short-term loans 793,255,857.18 730,987,900.64 532,985,925.72 466,985,925.72Weifu High-Technology Co., Ltd. The First Quarterly Report 2010 (Full Text)
7
Loan from central bank
Absorbing deposit and interbank
deposit
Capital borrowed
Transaction financial liabilities
Notes payable 193,181,424.45 130,850,000.00 179,890,364.39 137,630,000.00
Accounts payable 1,072,775,109.42 581,774,961.52 861,714,156.40 556,506,677.80
Accounts received in advance 57,288,936.46 20,100,600.66 27,104,569.77 13,403,217.65
Selling financial asset of
repurchase
Commission charge and
commission payable
Wage payable 168,356,702.19 88,855,037.07 179,549,521.47 97,631,080.36
Taxes payable 48,178,034.05 12,479,939.94 30,359,533.71 6,972,875.05
Interest payable 105,000.00 807,622.50 620,000.00
Dividend payable
Other accounts payable 90,551,253.70 53,565,615.55 95,854,679.34 57,502,685.46
Reinsurance payables
Insurance contract reserve
Security trading of agency
Security sales of agency
Non-current liabilities due
within 1 year
Other current liabilities 26,938,773.75 2,357,873.10 3,946,860.41
Total current liabilities 2,450,631,091.20 1,620,971,928.48 1,912,213,233.71 1,337,252,462.04
Non-current liabilities:
Long-term loans 3,000,000.00 3,000,000.00
Bonds payable
Long-term account payable 16,730,000.00 16,730,000.00
Special accounts payable
Projected liabilities 1,481,745.84 1,481,745.84
Deferred income tax liabilities
Other non-current liabilities 12,023,100.00 4,060,000.00 11,675,000.00 4,060,000.00
Total non-current liabilities 31,753,100.00 5,541,745.84 31,405,000.00 5,541,745.84
Total liabilities 2,482,384,191.20 1,626,513,674.32 1,943,618,233.71 1,342,794,207.88
Owner’s equity (or shareholders’
equity):
Paid-in capital (or share capital) 567,275,995.00 567,275,995.00 567,275,995.00 567,275,995.00
Capital public reserve 907,580,308.28 923,981,806.57 907,580,308.28 923,981,806.57
Less: Inventory shares
Reasonable reserve
Surplus public reserve 283,637,997.50 283,637,997.50 283,637,997.50 283,637,997.50
Provision of general risk
Retained profit 1,218,207,104.24 754,490,106.79 1,104,176,257.99 695,343,636.03Weifu High-Technology Co., Ltd. The First Quarterly Report 2010 (Full Text)
8
Balance difference of foreign
currency translation
Total owner’s equity attributable to
parent company 2,976,701,405.02 2,529,385,905.86 2,862,670,558.77 2,470,239,435.10
Minority interests 241,435,036.29 229,582,790.54
Total owner’s equity 3,218,136,441.31 2,529,385,905.86 3,092,253,349.31 2,470,239,435.10
Total liabilities and owner’s equity 5,700,520,632.51 4,155,899,580.18 5,035,871,583.02 3,813,033,642.98
4.2 Profit statement
Prepared by Weifu High-Technology Co., Ltd. Jan.-Mar. 2010 Unit: RMB
Amount in this period Amount in last period
Items Consolidation Parent Company Consolidation Parent Company
I. Total operating income 1,188,216,542.85 620,875,087.08 506,613,553.93 291,819,829.39
Including: Operating income 1,188,216,542.85 620,875,087.08 506,613,553.93 291,819,829.39
Interest income
Insurance gained
Commission charge and commission
income
II. Total operating cost 1,104,946,771.10 598,485,518.44 515,211,733.79 316,194,731.64
Including: Operating cost 912,432,310.56 543,290,152.03 435,104,600.08 280,262,416.73
Interest expense
Commission charge and commission
expense
Cash surrender value
Net amount of expense of compensation
Net amount of withdrawal of insurance
contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras 7,273,043.66 2,886,121.77 3,770,733.94 1,686,776.20
Sales expenses 57,338,278.79 18,051,258.95 10,466,588.13 5,905,279.79
Administration expenses 121,954,130.96 31,498,573.74 58,619,226.72 21,696,571.77
Financial expenses 10,783,524.08 7,035,121.44 8,546,480.69 7,939,582.92
Losses of devaluation of asset -4,834,516.95 -4,275,709.49 -1,295,895.77 -1,295,895.77
Add: Changing income of fair
value(Loss is listed with “-”)
Investment income (Loss is listed with
“-”) 51,554,055.40 40,645,604.74 -16,696,367.64 14,123,838.37
Including: Investment income on
affiliated company and joint venture 51,554,055.40 40,645,604.74 -16,696,367.64 -19,386,333.51
Exchange income (Loss is listed with
“-”)
III. Operating profit (Loss is listed with “-”) 134,823,827.15 63,035,173.38 -25,294,547.50 -10,251,063.88
Add: Non-operating income 332,671.41 213,053.41 472,733.77 58,658.94
Less: Non-operating expense 4,419,244.04 3,467,563.52 2,151,666.11 1,722,990.42
Including: Disposal loss of non-current
asset 3,005,127.90 2,780,963.25 1,457,898.25 1,401,960.59
IV. Total Profit (Loss is listed with “-”) 130,737,254.52 59,780,663.27 -26,973,479.84 -11,915,395.36
Less: Income tax 7,964,652.51 634,192.51 2,538,343.26 198,840.87Weifu High-Technology Co., Ltd. The First Quarterly Report 2010 (Full Text)
9
V. Net profit (Net loss is listed with “-”) 122,772,602.01 59,146,470.76 -29,511,823.10 -12,114,236.23
Net profit attributable to owner’s equity
of parent company 114,030,846.25 59,146,470.76 -31,958,690.93 -12,114,236.23
Minority shareholders’ gains and losses 8,741,755.76 2,446,867.83
VI. Earnings per share
i. Basic earnings per share 0.20 0.10 -0.06 -0.02
ii. Diluted earnings per share 0.20 0.10 -0.06 -0.02
VII. Other consolidated income 0.00 0.00 0.00 0.00
VIII. Total consolidated income 122,772,602.01 59,146,470.76 -29,511,823.10 -12,114,236.23
Total consolidated income attributable to
owners of parent company 114,030,846.25 59,146,470.76 -31,958,690.93 -12,114,236.23
Total consolidated income attributable to
minority shareholders 8,741,755.76 2,446,867.83
4.3 Cash flow statement
Prepared by Weifu High-Technology Co., Ltd. Jan.-Mar. 2010 Unit: RMB
Amount in this period Amount in last period
Items Consolidation Parent Company Consolidation Parent Company
I. Cash flows arising from operating
activities:
Cash received from selling commodities
and providing labor services 711,875,710.60 544,597,363.13 536,988,622.42 368,853,005.39
Net increase of customer deposit and
interbank deposit
Net increase of loan from central bank
Net increase of capital borrowed from
other financial institution
Cash received from original insurance
contract fee
Net cash received from reinsurance
business
Net increase of insured savings and
investment
Net increase of disposal of transaction
financial asset
Cash received from interest, commission
charge and commission
Net increase of capital borrowed
Net increase of returned business capital
Write-back of tax received 4,695,694.80 4,719,275.66
Other cash received concerning
operating activities 3,013,148.50 1,986,922.08 3,450,668.58 369,612.68
Subtotal of cash inflow arising from
operating activities 719,584,553.90 546,584,285.21 545,158,566.66 369,222,618.07
Cash paid for purchasing commodities
and receiving labor service 575,102,203.72 607,368,109.67 369,269,581.52 243,174,746.85
Net increase of customer loans and
advances
Net increase of deposits in central bank
and interbankWeifu High-Technology Co., Ltd. The First Quarterly Report 2010 (Full Text)
10
Cash paid for original insurance contract
compensation
Cash paid for interest, commission
charge and commission
Cash paid for bonus of guarantee slip
Cash paid to/for staff and workers 133,901,456.62 68,940,714.76 86,602,846.43 39,980,434.91
Taxes paid 68,933,287.31 27,300,383.24 27,713,555.56 8,052,265.21
Other cash paid concerning operating
activities 29,896,850.36 3,564,999.71 14,232,517.04 2,064,493.71
Subtotal of cash outflow arising from
operating activities 807,833,798.01 707,174,207.38 497,818,500.55 293,271,940.68
Net cash flows arising from operating
activities -88,249,244.11 -160,589,922.17 47,340,066.11 75,950,677.39
II. Cash flows arising from investing
activities:
Cash received from recovering
investment
Cash received from investment income 9,250,000.00 9,250,000.00
Net cash received from disposal of fixed,
intangible and other long-term assets 7,981,216.45 7,408,899.52 3,739,467.46 1,640,436.96
Net cash received from disposal of
subsidiaries and other units
Other cash received concerning investing
activities
Subtotal of cash inflow from investing
activities 17,231,216.45 16,658,899.52 3,739,467.46 1,640,436.96
Cash paid for purchasing fixed,
intangible and other long-term assets 41,569,130.98 14,355,694.14 33,043,758.70 21,160,407.51
Cash paid for investment 123,265,900.00 124,885,900.00 5,000,000.00 5,000,000.00
Net increase of mortgaged loans
Net cash received from subsidiaries and
other units
Other cash paid concerning investing
activities
Subtotal of cash outflow from investing
activities 164,835,030.98 139,241,594.14 38,043,758.70 26,160,407.51
Net cash flows arising from investing
activities -147,603,814.53 -122,582,694.62 -34,304,291.24 -24,519,970.55
III. Cash flows arising from financing
activities
Cash received from absorbing
investment 1,490,490.00
Including: Cash received from absorbing
minority shareholders’ investment by
subsidiaries
1,490,490.00
Cash received from loans 758,317,956.54 706,050,000.00 390,000,000.00 195,000,000.00
Cash received from issuing bonds
Other cash received concerning
financing activities
Subtotal of cash inflow from financing
activities 759,808,446.54 706,050,000.00 390,000,000.00 195,000,000.00
Cash paid for settling debts 498,048,025.08 442,048,025.08 466,036,725.49 275,000,000.00
Cash paid for dividend and profit 10,925,741.04 7,239,868.19 10,910,912.26 7,930,388.77Weifu High-Technology Co., Ltd. The First Quarterly Report 2010 (Full Text)
11
distributing or interest paying
Including: Dividend and profit of
minority shareholder paid by subsidiaries
Other cash paid concerning financing
activities 2,265,668.46
Subtotal of cash outflow from financing
activities 511,239,434.58 449,287,893.27 476,947,637.75 282,930,388.77
Net cash flows arising from financing
activities 248,569,011.96 256,762,106.73 -86,947,637.75 -87,930,388.77
IV. Influence on cash and cash equivalents
due to fluctuation in exchange rate
V. Net increase of cash and cash equivalents 12,715,953.32 -26,410,510.06 -73,911,862.88 -36,499,681.93
Add: Balance of cash and cash
equivalents at the period -begin 327,527,351.45 85,790,609.19 495,284,817.23 141,771,078.18
VI. Balance of cash and cash equivalents at
the period -end 340,243,304.77 59,380,099.13 421,372,954.35 105,271,396.25
4.4 Auditor’ report
Auditor’s opinions: Un-audited
Board of Directors of
Weifu High-technology Co., Ltd.
April 27, 2010
