The First Quarterly Report 2011 of Anhui Gujing Distillery Company Limited
Anhui Gujing Distillery Company Limited
The First Quarterly Report 2011
§1 Important Notes
1.1 The Board of Directors, the Supervisory Committee as well as directors, supervisors and senior
executives of Anhui Gujing Distillery Company Limited (hereinafter referred to as “the Company”)
guarantee that this report does not contain any false information, misleading statement or material
omission and will take individual and/or joint liabilities for the factuality, accuracy and
completeness of this report.
1.2 Financial statements for the first quarter of 2011 have not been audited by an accounting firm.
1.3 Mr. Yu Lin, principal of the Company, Mr. Ye Changqing, principal of the accounting work, and
Ms. Xia Xueyun, person in charge of the accounting organ (chief accountant), hereby confirm that
the financial statements enclosed in the quarterly report are factual and complete.
[English Translation for Reference Only. Should there be any discrepancy between the two versions,
the Chinese version shall prevail.]
§2 Company Profile
2.1 Main accounting data and financial indices
Unit: RMB Yuan
31 Mar. 2011 31 Dec. 2010 Increase/decrease
Total assets (Yuan) 2,164,137,050.32 1,857,931,814.00 16.48%
Owners’ equity attributable to shareholders of the
1,216,633,680.06 1,049,475,547.82 15.93%
Company (Yuan)
Share capital (share) 235,000,000.00 235,000,000.00 0.00%
Net assets per share attributable to shareholders
5.18 4.47 15.88%
of the Company (Yuan/share)
Jan.-Mar. 2011 Jan.-Mar. 2010 Increase/decrease
Gross revenue (Yuan) 941,428,281.84 566,478,312.99 66.19%
Net profit attributable to shareholders of the
167,158,132.24 75,281,653.13 122.04%
Company (Yuan)
Net cash flows from operating activities (Yuan) -9,490,044.01 104,945,472.37 -109.04%
Net cash flows per share from operating
-0.04 0.45 -108.89%
activities (Yuan/share)
Basic EPS (Yuan/share) 0.71 0.32 121.88%
Diluted EPS (Yuan/share) 0.71 0.32 121.88%
Weighted average ROE (%) 14.75% 8.90% 5.85%
Weighted average ROE after deducting
14.55% 8.62% 5.93%
non-recurring gains and losses (%)
Unit: RMB Yuan
Items of non-recurring gains and losses Amount Notes (if applicable)
1
The First Quarterly Report 2011 of Anhui Gujing Distillery Company Limited
Non-business income 3,147,758.19
Less: non-business expense 106,126.09
Less: effect on income tax 760,408.03
Total 2,281,224.07 -
2.2 As at the end of reporting period, the total number of shareholders and shareholding by the top
ten shareholders with shares not subject to trading moratorium
Unit: share
Total number of shareholders at the end of the
12,679
reporting period
Shares held by the top ten shareholders not subject to trading moratorium
Shares not subject to trading moratorium
Full name of shareholder Type of share
held at the period-end
ANHUI GUJING GROUP COMPANY
135,702,011 RMB ordinary shares
LIMITED
GUOTAI JUNAN SECURITIES(HONGKONG)
6,901,904 Domestically listed foreign shares
LIMITED
KGI ASIA LIMITED 4,842,439 Domestically listed foreign shares
CHINA MERCHANTS SECURITIES (HK)
4,688,768 Domestically listed foreign shares
CO., LTD
AGRICULTURAL BANK OF
CHINA-SOOCHOW VALUE GROWTH 3,852,862 RMB ordinary shares
DOUBLE POWER STOCK FUND
UBS (LUXEMBOURG) S.A. 3,698,317 Domestically listed foreign shares
INDUSTRIAL AND COMMERCIAL BANK
OF CHINA-GALAXY YINTAI FINANCING 3,454,868 RMB ordinary shares
DIVIDEND FUND
INDUSTRIAL AND COMMERCIAL BANK
OF CHINA-SOOCHOW JIAHE ADVANCED 2,879,654 RMB ordinary shares
MIXED TYPE OPEN-ENDED FUND
INDUSTRIAL AND COMMERCIAL BANK
OF CHINA- TIANHONG SELECTED MIXED 2,455,535 RMB ordinary shares
TYPE FUND
TRIVEST CHINA FOCUS MASTER FUND 2,272,197 Domestically listed foreign shares
§3 Significant Events
3.1 Significant changes in major accounting data, financial highlights and reasons for these changes.
√Applicable □Non-applicable
1. Notes receivable were up 326.50% as compared to the opening amount, which was mainly because
the sales income increased and notes were mainly adopted in settlement;
2. Accounts receivable were up 291.00% as compared to the opening amount, which was mainly
because the sales income increased ;
3. Accounts received in advance were up 180.92% as compared to the opening amount, which was
mainly due to increase of advances from customers;
4. Business taxes and surcharges were up 73.47% from a year earlier, which was mainly due to
increase of the sales income;
5. Selling expense was up 55.65% from a year earlier, which was mainly because the Company
2
The First Quarterly Report 2011 of Anhui Gujing Distillery Company Limited
increased input for advertising and market expansion;
6. Administrative expense was up 52.60% from a year earlier, which was mainly due to increase of
expenditures on plant area brightening, wages for employees and social security;
7. Financial expense was down 249.63% from a year earlier, which was mainly because interest paid
for borrowings decreased while interest earnings from term deposits and structural deposits
increased;
8. Income tax expense was up 108.69% from a year earlier, which was mainly due to decrease of the
total profit for the reporting period;
9. Net profit was up 122.04% from a year earlier, which was mainly due to increase of the sales
income.
10. Net cash flows from operating activities were down 109.04%, which was mainly because the
sales notes were mainly adopted in bank's acceptance bill settlement.
3.2 Progress of significant events as well as their influence and solutions
3.2.1 Non-standard audit opinion
□Applicable √Inapplicable
3.2.2 The Company provides funds for the controlling shareholder or its related parties or provides
external guarantees in violation of the prescribed procedure
□Applicable √Inapplicable
3.2.3 Significant contracts signed and executed concerning routine operation
□Applicable √Inapplicable
3.2.4 Other
□Applicable √Inapplicable
3.3 Commitments made by the Company, its shareholders and actual controller
Commitments made by the Company, its directors, supervisors, senior executives, shareholders
holding over 5% of the Company’s shares, actual controller and other related parties in the reporting
period, or such commitments carried down into the reporting period
□Applicable √Inapplicable
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
□Applicable √Inapplicable
3.5.1 Securities investment
□Applicable √Inapplicable
3.5.2 Reception of research, interviews and visits in the reporting period
The Company received no field researches, interviews or written inquiries from investors during the
reporting period.
3.6 Derivative Investment
□Applicable √Inapplicable
3
The First Quarterly Report 2011 of Anhui Gujing Distillery Company Limited
3.6.1 Derivatives held as at the end of the reporting period
□Applicable √Inapplicable
§4 Attachments
4.1 Balance sheet
Prepared by Anhui Gujing Distillery Company Limited 31 Mar. 2011 Unit: RMB Yuan
Closing balance Opening balance
Items
Consolidation The Company Consolidation The Company
Current Assets:
Monetary funds 573,038,204.39 381,300,949.59 643,231,404.42 480,737,398.56
Settlement reserves
Lendings to banks and other
financial institutions
Transactional financial assets
Notes receivable 409,569,703.69 406,817,592.55 96,030,755.37 95,501,941.37
Accounts receivable 50,121,530.98 141,180.50 12,818,732.56 141,180.50
Accounts paid in advance 5,155,615.52 4,832,831.10 1,829,510.94 1,204,384.85
Premiums receivable
Reinsurance premiums
receivable
Receivable reinsurance contract
reserves
Interest receivable
Dividend receivable
Other accounts receivable 65,191,786.08 266,537,769.48 77,890,785.60 267,012,565.97
Financial assets purchased
under agreements to resell
Inventories 444,961,886.26 408,806,864.46 452,879,486.68 415,921,177.10
Non-current assets due within 1
year
Other current assets
Total current assets 1,548,038,726.92 1,468,437,187.68 1,284,680,675.57 1,260,518,648.35
Non-current assets:
Entrusted loans and advances
granted
Available-for-sale financial
assets
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment 227,891,408.32 227,891,408.32
Investing property 44,006,573.95 44,006,573.95 45,302,486.98 45,302,486.98
Fixed assets 343,140,592.81 131,297,398.66 340,073,469.76 124,128,116.13
Construction in progress 8,104,860.89 5,515,127.64 9,044,377.55 6,563,500.47
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 196,683,230.94 70,359,752.34 154,446,392.29 27,308,645.11
R&D expense
4
The First Quarterly Report 2011 of Anhui Gujing Distillery Company Limited
Goodwill
Long-term deferred expenses 1,549,429.21 1,549,429.21 1,770,776.25 1,770,776.25
Deferred income tax assets 22,613,635.60 21,187,756.69 22,613,635.60 21,187,756.69
Other non-current assets
Total of non-current assets 616,098,323.40 501,807,446.81 573,251,138.43 454,152,689.95
Total assets 2,164,137,050.32 1,970,244,634.49 1,857,931,814.00 1,714,671,338.30
Current liabilities:
Short-term borrowings
Borrowings from Central Bank
Customer bank deposits and
due to banks and other financial
institutions
Borrowings from banks and
other financial institutions
Transactional financial
liabilities
Notes payable
Accounts payable 84,387,578.84 64,554,301.63 125,477,892.08 114,914,319.09
Accounts received in advance 257,015,678.32 539,064,959.82 91,491,403.51 300,050,355.69
Financial assets sold for
repurchase
Handling charges and
commissions payable
Employee’s compensation
147,027,459.49 88,286,732.42 125,967,749.54 74,580,660.62
payable
Tax payable 320,217,180.98 208,397,678.19 334,701,132.86 226,903,366.29
Interest payable
Dividend payable
Other accounts payable 133,018,320.42 45,567,161.76 125,010,186.17 55,588,232.84
Reinsurance premiums payable
Insurance contract reserves
Payables for acting trading of
securities
Payables for acting
underwriting of securities
Non-current liabilities due
within 1 year
Other current liabilities 1,087,038.38 692,250.19 1,257,788.19 863,000.00
Total current liabilities 942,753,256.43 946,563,084.01 803,906,152.35 772,899,934.53
Non-current liabilities:
Long-term borrowings
Bonds payable
Long-term payables
Specific payables
Estimated liabilities
Deferred income tax liabilities
Other non-current liabilities 4,750,113.83 4,351,000.00 4,550,113.83 4,151,000.00
Total non-current liabilities 4,750,113.83 4,351,000.00 4,550,113.83 4,151,000.00
Total liabilities 947,503,370.26 950,914,084.01 808,456,266.18 777,050,934.53
5
The First Quarterly Report 2011 of Anhui Gujing Distillery Company Limited
Owners’ equity (or shareholders’
equity)
Paid-up capital (or share
235,000,000.00 235,000,000.00 235,000,000.00 235,000,000.00
capital)
Capital reserves 336,039,042.92 288,262,657.08 336,039,042.92 288,262,657.08
Less: Treasury stock
Specific reserves
Surplus reserves 97,283,190.70 92,180,930.43 97,283,190.70 92,180,930.43
Provisions for general risks
Retained profits 548,311,446.44 403,886,962.97 381,153,314.20 322,176,816.26
Foreign exchange difference
Total equity attributable to owners
1,216,633,680.06 1,019,330,550.48 1,049,475,547.82 937,620,403.77
of the Company
Minority interests
Total owners’ equity 1,216,633,680.06 1,019,330,550.48 1,049,475,547.82 937,620,403.77
Total liabilities and owners’
2,164,137,050.32 1,970,244,634.49 1,857,931,814.00 1,714,671,338.30
equity
4.2 Income statement
Prepared by Anhui Gujing Distillery Company Limited Jan .- Mar. 2011 Unit: RMB Yuan
Jan.-Mar. 2011 Jan.-Mar. 2010
Items
Consolidation The Company Consolidation The Company
I. Total operating revenues 941,428,281.84 555,599,718.45 566,478,312.99 327,905,847.75
Including: Sales income 941,428,281.84 555,599,718.45 566,478,312.99 327,905,847.75
Interest income
Premium income
Handling charge and
commission income
II. Total operating cost 722,099,801.28 448,289,585.09 467,368,972.04 282,863,004.59
Including: Cost of sales 240,266,709.53 233,134,564.38 163,655,228.92 141,931,767.05
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
147,019,532.28 139,625,655.73 84,753,534.24 80,782,730.70
charges
Selling and distribution
217,095,182.66 139,472,551.83
expenses
Administrative expenses 124,075,764.99 78,865,985.21 81,305,983.68 60,827,487.62
Financial expenses -6,357,388.18 -3,336,620.23 -1,818,326.63 -678,980.78
Asset impairment loss
Add: Gain/(loss) from change in
fair value (“-” means loss)
6
The First Quarterly Report 2011 of Anhui Gujing Distillery Company Limited
Gain/(loss) from investment
232,608.14 177,764.48
(“-” means loss)
Including: share of profits in
associates and joint ventures
Foreign exchange gains (“-”
means loss)
III. Business profit (“-” means
219,328,480.56 107,310,133.36 99,341,949.09 45,220,607.64
loss)
Add: non-operating income 3,147,758.19 1,055,726.54 2,476,802.59 2,149,675.56
Less: non-operating expense 106,126.09 39,123.05 80,037.10 27,794.00
Including: loss from non-current
asset disposal
IV. Total profit (“-” means loss) 222,370,112.66 108,326,736.85 101,738,714.58 47,342,489.20
Less: Income tax expense 55,211,980.42 26,616,590.14 26,457,061.45 11,989,136.98
V. Net profit (“-” means loss) 167,158,132.24 81,710,146.71 75,281,653.13 35,353,352.22
Attributable to owners of the
167,158,132.24 81,710,146.71 75,281,653.13 35,353,352.22
Company
Minority shareholders’
income
VI. Earnings per share
(I) basic earnings per share 0.71 0.35 0.32 0.15
(II) diluted earnings per
0.71 0.35 0.32 0.15
share
Ⅶ. Other comprehensive incomes
Ⅷ. Total comprehensive incomes 167,158,132.24 81,710,146.71 75,281,653.13 35,353,352.22
Attributable to owners of the
167,158,132.24 81,710,146.71 75,281,653.13 35,353,352.22
Company
Attributable to minority
shareholders
Where there were business combinations under the same control in the reporting period, the
combined parties achieved net profits of RMB 0.00 before the combinations.
4.3 Cash flow statement
Prepared by Anhui Gujing Distillery Company Limited Jan .- Mar. 2011 Unit: RMB Yuan
Jan.-Mar. 2011 Jan.-Mar. 2010
Items
Consolidation The Company Consolidation The Company
I. Cash flows from operating
activities:
Cash received from sale of
commodities and rendering of 586,868,716.66 346,419,870.58 520,156,442.62 358,518,844.04
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
7
The First Quarterly Report 2011 of Anhui Gujing Distillery Company Limited
reinsurance business
Net increase of deposits 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 funds in
repurchase business
Tax refunds received 138,809.11 184,112.19
Other cash received relating to
31,565,057.14 16,358,701.87 20,996,094.83 4,742,004.85
operating activities
Subtotal of cash inflows from
618,572,582.91 362,778,572.45 541,336,649.64 363,260,848.89
operating activities
Cash paid for goods and
104,723,857.60 96,062,192.08 199,671,657.01 171,698,399.40
services
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 57,143,445.33 27,493,783.36 33,714,288.97 19,572,165.03
Various taxes paid 345,406,524.42 253,758,704.52 150,558,596.32 100,743,883.72
Other cash payment relating to
120,788,799.57 27,143,193.56 52,446,634.97 7,963,297.91
operating activities
Subtotal of cash outflows from
628,062,626.92 404,457,873.52 436,391,177.27 299,977,746.06
operating activities
Net cash flows from operating
-9,490,044.01 -41,679,301.07 104,945,472.37 63,283,102.83
activities
II. Cash flows from investing
activities:
Cash received from disposal of
397,590.00 283,075.00
investments
Cash received from return on
232,608.14 177,764.48
investments
Net cash received from disposal
of fixed assets, intangible assets 64,799.30 3,275.55 8,000.00
and other long-term assets
Net cash received from disposal
of subsidiaries or other business
units
Other cash received relating
to investing activities
8
The First Quarterly Report 2011 of Anhui Gujing Distillery Company Limited
Subtotal of cash inflows
64,799.30 3,275.55 638,198.14 460,839.48
from investing activities
Cash paid to acquire fixed
assets, intangible assets and other 60,767,955.32 57,760,423.45 2,440,007.10 2,999,929.00
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
60,767,955.32 57,760,423.45 2,440,007.10 2,999,929.00
investing activities
Net cash flows from investing
-60,703,156.02 -57,757,147.90 -1,801,808.96 -2,539,089.52
activities
III. Cash flows from financing
activities:
Cash received from capital
contributions
Including: Cash received from
minority shareholder investments
by subsidiaries
Cash received from
borrowings
Cash received from issuance
of bonds
Other cash received relating to
financing activities
Subtotal of cash inflows from
financing activities
Repayment of borrowings 5,000,000.00 5,000,000.00
Cash paid for interest
expenses and distribution of 79,200.00 79,200.00
dividends or profit
Including: dividends or profit
paid by subsidiaries to minority
shareholders
Other cash payments relating
to financing activities
Sub-total of cash outflows from
5,079,200.00 5,079,200.00
financing activities
Net cash flows from financing
-5,079,200.00 -5,079,200.00
activities
IV. Effect of foreign exchange
rate changes on cash and cash
equivalents
V. Net increase in cash and cash
-70,193,200.03 -99,436,448.97 98,064,463.41 55,664,813.31
equivalents
Add: Cash and cash
643,231,404.42 480,737,398.56 361,051,750.67 279,382,070.44
equivalents at the period-begin
VI. Cash and cash equivalents at
573,038,204.39 381,300,949.59 459,116,214.08 335,046,883.75
the period-end
9
The First Quarterly Report 2011 of Anhui Gujing Distillery Company Limited
4.4 Auditor’s report
Auditor’s opinion: un-audited
10
