Anhui Gujing Distillery Company Limited
The First Quarterly Report 2012
§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 2012 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. 2012 31 Dec. 2011 Increase/decrease (%)
Total assets (Yuan) 4,314,015,510.03 4,241,819,550.30 1.70%
Owners’ equity attributable to shareholders of
3,017,207,021.53 2,761,115,284.45 9.27%
the Company (Yuan)
Total share capital (share) 251,800,000.00 251,800,000.00 0.00%
Net assets per share attributable to shareholders
11.98 10.97 9.21%
of the Company (Yuan/share)
Jan.-Mar. 2012 Jan.-Mar. 2011 Increase/decrease (%)
Gross revenue (Yuan) 1,318,602,541.17 941,428,281.84 40.06%
Net profit attributable to shareholders of the
256,091,737.08 167,158,132.24 53.20%
Company (Yuan)
Net cash flows from operating activities (Yuan) -43,944,281.40 -9,490,044.01 -363.06%
Net cash flows per share from operating
-0.17 -0.04 -336.30%
activities (Yuan/share)
Basic EPS (Yuan/share) 1.02 0.71 43.66%
Diluted EPS (Yuan/share) 1.02 0.71 43.66%
Weighted average ROE 8.86% 14.75% -5.89%
Weighted average ROE after deducting
8.75% 14.55% -5.80%
non-recurring gains and losses
Items of non-recurring gains and losses
√Applicable □Inapplicable
Unit: RMB Yuan
Amount from 1 Jan. 2012 to 31
Items of non-recurring gains and losses Notes (if applicable)
Mar. 2012
Non-operating net income 4,384,694.94
Effect on income tax -1,096,173.74
Total 3,288,521.20
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
1
moratorium
Unit: share
Total number of shareholders at the end of
10,980
the reporting period
Shares held by the top ten shareholders not subject to trading moratorium
Shares not subject to trading
Full name of shareholder Type of share
moratorium held at the period-end
ANHUI GUJING GROUP COMPANY
LIMITED
135,702,011 RMB ordinary shares
KGI ASIA LIMITED 5,183,214 Domestically listed foreign shares
GUOTAI JUNAN
4,495,704 Domestically listed foreign shares
SECURITIES(HONGKONG) LIMITED
CHINA MERCHANTS SECURITIES (HK)
CO., LTD
4,325,012 Domestically listed foreign shares
UBS (LUXEMBOURG) S.A. 3,686,917 Domestically listed foreign shares
TRIVEST CHINA FOCUS MASTER
3,275,143 Domestically listed foreign shares
FUND
INDUSTRIAL AND COMMERCIAL BANK
OF CHINA- GF WEALTH
3,000,000 RMB ordinary shares
ACCUMULATION OPEN-ENDED
EQUITY FUND
INDUSTRIAL AND COMMERCIAL BANK
OF CHINA-GALAXY YINTAI FINANCING 2,743,848 RMB ordinary shares
DIVIDEND FUND
INDUSTRIAL AND COMMERCIAL BANK
OF CHINA- TIANHONG SELECTED MIXED 2,431,935 RMB ordinary shares
TYPE FUND
AGRICULTURAL BANK OF
CHINA-SOOCHOW VALUE GROWTH 2,412,712 RMB ordinary shares
DOUBLE POWER STOCK FUND
§3 Significant Events
3.1 Significant changes in major accounting data, financial highlights and reasons for
these changes
√Applicable □Non-applicable
(1) Notes receivable at the period-end increased 42.18% over the year-begin, which
was mainly because income increased and more transactions were settled with notes.
(2) Interest receivable at the period-end decreased 100% over the year-begin, which
was mainly because mature term deposits flowed in.
(3) Construction in progress at the period-end increased 37.89% over the year-begin,
which was mainly because of the on-going projects financed with raised funds and
those with self-owned funds.
(4) Accounts payable at the period-end decreased 44.95% over the year-begin, which
was mainly because the Company paid for materials.
(5) Accounts received in advance at the period-end increased 70.94% over the
year-begin, which was mainly because sales expanded and goods payments received
in advance increased accordingly.
(6) Operating revenue for the reporting period increased 40.06% over the same period
of last year, which was mainly because the sales volume of distilled spirit increased.
(7) Operating cost for the reporting period increased 38.61% over the same period of
last year, which was mainly because sales increased.
(8) Business taxes and surtaxes for the reporting period increased 38.69% over the
same period of last year, which was mainly because sales increased.
(9) Selling expense for the reporting period increased 67.02% over the same period of
2
last year, which was mainly because the Company input more effort for sales
promotion, causing higher expenses on services and advertising.
(10) Financial expense for the reporting period decreased 235.79% over the same
period of last year, which was mainly because the note handling fees received by the
Company and the interest income from structural deposits increased.
(11) Operating profit for the reporting period increased 58.54% over the same period
of last year, which was mainly because sales income increased.
(12) Total profit for the reporting period increased 58.35% over the same period of
last year, which was mainly because sales income increased.
(13) Income tax expense for the reporting period increased 73.91% over the same
period of last year, which was mainly because total profit increased.
(14) Net profit for the reporting period increased 53.20% over the same period of last
year, which was mainly because sales income increased.
(15) Net cash flows from operating activities for the reporting period decreased
363.06% over the same period of last year, which was mainly because the weight of
settlements with notes increased and holdover taxes from 2011 were paid in the
reporting period.
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 □Non-applicable
Accumulative Investment progress as
Raised investment Change or
Budget input (1) invested amount at the end of the period Remark
project not
(2) (3)＝(2)/(1)
Technological
Transform on the
Brewage of 12,194.42 1,509.79 12.38% No
High-quality Base
Wine
Construction of
Base Wine
Blending & Filling 65,921.06 7,102.73 10.77% No
Centre and
Ancillary Facilities
Construction of
27,500.00 11,146.75 40.53% No
Marketing Network
Construction of
Brand 17,000.00 8,022.98 47.19% No
Communication
Total 122,615.48 27,782.25 22.66% No
3.3 Commitments made by the Company, its shareholders and actual controller
Commitments made by the Company, its directors, supervisors, senior executives,
3
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 reporting
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
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 or written inquiries from investors during
the reporting period.
3.6 Derivative Investment
□Applicable √Inapplicable
3.6.1 Derivatives held as at the end of the reporting period
□Applicable √Inapplicable
§4 Attachment
4.1 Balance sheet
Prepared by Anhui Gujing Distillery Company Limited 31 Mar. 2012 Unit: RMB Yuan
Closing Amount Opening amount
Items
Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 1,880,825,929.70 1,779,943,267.50 2,082,032,491.33 1,885,937,555.53
Settlement reserves
Lendings to banks and
other financial institutions
Transactional financial
assets
Notes receivable 697,464,258.23 688,364,258.23 490,543,018.49 481,125,332.25
Accounts receivable 38,817,660.94 7,342,972.46 37,685,831.22 1,857,487.49
Accounts paid in
282,036,073.00 195,522,238.03 233,262,710.73 148,873,681.27
advance
Premiums receivable
Reinsurance premiums
receivable
Receivable reinsurance
contract reserves
Interest receivable 4,451,540.35 4,395,740.35
Dividend receivable
Other accounts
11,453,186.99 191,971,944.78 7,882,417.86 263,635,938.96
receivable
Financial assets
4
purchased under
agreements to resell
Inventories 557,823,278.87 516,293,171.77 578,157,069.43 545,878,714.66
Non-current assets due
within 1 year
Other current assets
Total current assets 3,468,420,387.73 3,379,437,852.77 3,434,015,079.41 3,331,704,450.51
Non-current assets:
Entrusted loans and
advances granted
Available-for-sale
financial assets
Held-to-maturity
investments
Long-term accounts
receivable
Long-term equity
267,989,408.32 247,991,408.32
investment
Investing property 32,242,497.23 32,242,497.23 32,558,410.26 32,558,410.26
Fixed assets 353,013,971.86 145,327,008.53 362,778,190.84 152,140,192.21
Construction in
183,420,195.37 189,339,586.04 133,017,100.51 132,982,180.51
progress
Engineering materials
Disposal of fixed assets
Production biological
assets
Oil-gas assets
Intangible assets 247,003,999.99 123,932,489.44 248,594,232.04 124,709,474.17
R&D expense
Goodwill
Long-term deferred
8,736,386.15 4,001,985.89 9,678,465.54 4,536,265.22
expenses
Deferred income tax
21,178,071.70 20,167,034.56 21,178,071.70 20,167,034.56
assets
Other non-current
assets
Total of non-current
845,595,122.30 783,000,010.01 807,804,470.89 715,084,965.25
assets
Total assets 4,314,015,510.03 4,162,437,862.78 4,241,819,550.30 4,046,789,415.76
Current liabilities:
Short-term borrowings
Borrowings from
Central Bank
Customer bank
deposits and due to banks
and other financial
institutions
Borrowings from banks
5
and other financial
institutions
Transactional financial
liabilities
Notes payable
Accounts payable 121,022,939.98 105,213,707.46 219,823,856.45 225,568,150.93
Accounts received in
231,790,342.70 958,229,443.67 135,597,187.88 590,174,171.08
advance
Financial assets sold
for repurchase
Handling charges and
commissions payable
Employee’s
170,111,229.31 82,135,674.04 192,762,077.27 102,876,125.19
compensation payable
Tax payable 506,751,123.29 283,087,043.47 671,079,511.43 446,265,127.40
Interest payable
Dividend payable
Other accounts payable 255,100,166.37 98,353,074.85 248,890,018.78 89,012,417.91
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 1,556,781.56 1,348,500.00 2,075,708.75 1,798,000.00
Total current liabilities 1,286,332,583.21 1,528,367,443.49 1,470,228,360.56 1,455,693,992.51
Non-current liabilities:
Long-term borrowings
Bonds payable
Long-term payables
Specific payables
Estimated liabilities
Deferred income tax
liabilities
Other non-current
10,475,905.29 10,354,500.20 10,475,905.29 10,354,500.20
liabilities
Total non-current
10,475,905.29 10,354,500.20 10,475,905.29 10,354,500.20
liabilities
Total liabilities 1,296,808,488.50 1,538,721,943.69 1,480,704,265.85 1,466,048,492.71
Owners’ equity (or
shareholders’ equity)
Paid-up capital (or
251,800,000.00 251,800,000.00 251,800,000.00 251,800,000.00
share capital)
Capital reserves 1,546,738,493.19 1,498,962,107.35 1,546,738,493.19 1,498,962,107.35
6
Less: Treasury stock
Specific reserves
Surplus reserves 147,070,297.60 141,968,037.33 147,070,297.60 141,968,037.33
Provisions for general
risks
Retained profits 1,071,598,230.74 730,985,774.41 815,506,493.66 688,010,778.37
Foreign exchange
difference
Total equity attributable
to owners of the 3,017,207,021.53 2,623,715,919.09 2,761,115,284.45 2,580,740,923.05
Company
Minority interests
Total owners’ equity 3,017,207,021.53 2,623,715,919.09 2,761,115,284.45 2,580,740,923.05
Total liabilities and
4,314,015,510.03 4,162,437,862.78 4,241,819,550.30 4,046,789,415.76
owners’ equity
4.2 Income statement
Prepared by Anhui Gujing Distillery Company Limited Jan. - Mar. 2012 Unit: RMB Yuan
Jan.-Mar. 2012 Jan.-Mar. 2011
Items
Consolidation The Company Consolidation The Company
I. Total operating
1,318,602,541.17 801,383,474.80 941,428,281.84 555,599,718.45
revenues
Including: Sales income 1,318,602,541.17 801,383,474.80 941,428,281.84 555,599,718.45
Interest income
Premium income
Handling charge
and commission income
II. Total operating cost 970,874,208.54 734,477,989.72 722,099,801.28 448,289,585.09
Including: Cost of sales 333,021,724.15 325,780,827.50 240,266,709.53 233,134,564.38
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
203,896,317.96 202,578,858.39 147,019,532.28 139,625,655.73
associate charges
Selling and
362,599,634.15 160,000,085.42 217,095,182.66
distribution expenses
Administrative 92,703,872.45 55,225,336.74 124,075,764.99 78,865,985.21
7
expenses
Financial expenses -21,347,340.17 -9,107,118.33 -6,357,388.18 -3,336,620.23
Asset impairment
loss
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 (“-”
347,728,332.63 66,905,485.08 219,328,480.56 107,310,133.36
means loss)
Add: non-operating
4,790,792.59 3,495,035.95 3,147,758.19 1,055,726.54
income
Less: non-operating
406,097.65 84,471.00 106,126.09 39,123.05
expense
Including: loss from
non-current asset disposal
IV. Total profit (“-”
352,113,027.57 70,316,050.03 222,370,112.66 108,326,736.85
means loss)
Less: Income tax
96,021,290.49 27,341,053.99 55,211,980.42 26,616,590.14
expense
V. Net profit (“-” means
256,091,737.08 42,974,996.04 167,158,132.24 81,710,146.71
loss)
Attributable to
256,091,737.08 42,974,996.04 167,158,132.24 81,710,146.71
owners of the Company
Minority
shareholders’ income
VI. Earnings per share
(I) basic earnings per
1.02 0.17 0.71 0.35
share
(II) diluted earnings
1.02 0.17 0.71 0.35
per share
Ⅶ . Other comprehensive
incomes
Ⅷ . Total comprehensive
256,091,737.08 42,974,996.04 167,158,132.24 81,710,146.71
incomes
Attributable to
256,091,737.08 42,974,996.04 167,158,132.24 81,710,146.71
owners of the Company
Attributable to
minority shareholders
8
4.3 Cash flow statement
Prepared by Anhui Gujing Distillery Company Limited Jan. - Mar. 2012 Unit: RMB Yuan
Jan.-Mar. 2012 Jan.-Mar. 2011
Items
Consolidation The Company Consolidation The Company
I. Cash flows from
operating activities:
Cash received from
sale of commodities and 1,362,864,829.02 1,001,871,652.26 586,868,716.66 346,419,870.58
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 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
Other cash received
relating to operating 51,475,126.56 26,409,516.42 31,565,057.14 16,358,701.87
activities
Subtotal of cash
inflows from operating 1,414,339,955.58 1,028,281,168.68 618,572,582.91 362,778,572.45
activities
Cash paid for goods
478,336,140.51 459,798,991.87 104,723,857.60 96,062,192.08
and services
Net increase of
customer lendings and
advances
Net increase of funds
deposited in the central
bank and amount due
9
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
105,398,201.61 68,712,747.47 57,143,445.33 27,493,783.36
employees
Various taxes paid 702,280,109.38 370,956,513.07 345,406,524.42 253,758,704.52
Other cash payment
relating to operating 172,269,785.48 58,203,934.92 120,788,799.57 27,143,193.56
activities
Subtotal of cash
outflows from operating 1,458,284,236.98 957,672,187.33 628,062,626.92 404,457,873.52
activities
Net cash flows from
-43,944,281.40 70,608,981.35 -9,490,044.01 -41,679,301.07
operating activities
II. Cash flows from
investing activities:
Cash received from
disposal of investments
Cash received from
return on investments
Net cash received from
disposal of fixed assets,
386,600.00 327,600.00 64,799.30 3,275.55
intangible assets and
other 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 386,600.00 327,600.00 64,799.30 3,275.55
activities
Cash paid to acquire
fixed assets, intangible
157,648,880.23 156,932,869.38 60,767,955.32 57,760,423.45
assets and other long-term
assets
Cash paid for
19,998,000.00
investment
Net increase of pledged
loans
Net cash paid to
acquire subsidiaries and
other business units
Other cash payments
relating to investing
10
activities
Subtotal of cash
outflows from investing 157,648,880.23 176,930,869.38 60,767,955.32 57,760,423.45
activities
Net cash flows from
-157,262,280.23 -176,603,269.38 -60,703,156.02 -57,757,147.90
investing 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
Cash paid for interest
expenses and distribution
of dividends or profit
Including: dividends
or profit paid by
subsidiaries to minority
shareholders
Other cash payments
relating to financing
activities
Subtotal of cash
outflows from financing
activities
Net cash flows from
financing activities
IV. Effect of foreign
exchange rate changes on
cash and cash equivalents
V. Net increase in cash
-201,206,561.63 -105,994,288.03 -70,193,200.03 -99,436,448.97
and cash equivalents
Add: Cash and cash
equivalents at the 2,082,032,491.33 1,885,937,555.53 643,231,404.42 480,737,398.56
period-begin
VI. Cash and cash
equivalents at the 1,880,825,929.70 1,779,943,267.50 573,038,204.39 381,300,949.59
period-end
11
4.4 Auditor’s report
Auditor’s opinion: un-audited
12
