2012 First Quarter Report of
Chongqing Changan Automobile Company Limited
§1 Important Notes
1.1 The Board of Directors, the Supervisory Committee and directors, supervisors and senior management of
Chongqing Changan Automobile Company Limited (hereinafter referred to as “the Company”) warrant that this
report does not contain any false or misleading statements or omit any material facts and all information set forth
herein are true, accurate and complete.
1.2 Directors absent from the meeting.
Name of the Director Reasons for the absence Name of the consignee
Xv Liuping On Business Zhang Baolin
1.3 The financial statements of this quarter have not been audited.
1.4 Chairman Mr. Xu Liuping, General Manager Mr. Zhang Baolin, Chief Accountants Mr. Cui Yunjiang
and Mr.Hua Zhanbiao guarantee the truthfulness and completeness of the financial statements of the quarter
report.
1.5 The report shall be presented in both Chinese and English, and should there be any conflicting
understanding of the text, the Chinese version shall prevail.
§2 Company Profile
2.1 Main accounting data and financial indicators
In RMB Yuan
Ended this report term Ended previous year Changed by (%)
Gross Assets 36,153,375,568.42 36,532,118,115.54 -1.04%
Owners’ Equity Attributable to the Parent
14,414,853,991.82 14,739,231,462.02 -2.20%
Company
Share capital 4,662,886,108.00 4,834,482,546.00 -3.55%
Net asset per share attributable to the
3.09 3.05 1.31%
owners of the parent company
This report term Same period last year Changed by (%)
Turnover 7,544,180,418.00 8,165,486,105.28 -7.61%
Net profit attributable to the owners of
146,392,056.13 722,338,338.70 -79.73%
parent company
Cash flow generated by business
-245,812,599.84 1,585,493,593.08 -115.50%
operation, net
Net Cash flow per share generated by
-0.05 0.59 -108.47%
business operation
Basic gains per share 0.03 0.15 -80.00%
Diluted gains per share 0.03 0.15 -80.00%
Net earnings / asset 0.99% 6.57% -5.58%
Net earnings / capital ratio after
0.94% 6.18% -5.24%
deducting of non-recurring gain/loss
Note: during the report period, the company buybacks 171,596,438 B shares, accounting for 3.55% of the total equity. The company
completed share buyback cancellation in Shenzhen branch of the China Securities Depository and Clearing Co., Ltd. on March 30,
2012, and the company's total equity became 4,662,886,108 shares.
Amount of the period
from the beginning of
Non-recurring gain and loss items
year to the end of report
term
Gain/loss of non-current assets 975,155.77
Government subsidies accounted into current gain/loss account, other than those closely related to the
Company’s common business, comply with the national policy and continues to enjoy at certain fixed 6,237,496.96
1
rate or amount.
Investment income from the fair value changes of held for trading financial assets or liabilities, and the
disposal of held for trading financial assets, liabilities or available for sale financial assets -1,525,799.63
Other non-business income and expenditures other than the above 5,688,548.41
Influenced amount of income tax -3,073,342.41
Influenced amount of miniority shareholders’ equity -984,954.80
Total 7,317,104.30
2.2 Total number of shareholders at the end of the report period and statement on shares held by
the top ten tradable shareholders
Unit: share
Ttotaled 254,685, of which215,964 was A share shareholders and
Total shareholders number
38,721 were B share shareholders.
Top ten shareholders of stock without limited sale
Name of shareholders Total number of shares without
Share type
condition of limited sale
CHINA CHANGAN AUTOMOBILE COMPANY
1,721,459,138 RMB Ordinary share
LIMITED
Agricultural Bank of China- Fullgoal Tianrui Strong
84,872,349 RMB Ordinary share
Area Hybrid Fund
Beijing North Jingji Investment Consultant
73,800,000 RMB Ordinary share
CompanyLimited
China South Industries Group Finance
63,000,000 RMB Ordinary share
CompanyLimited
BONJOUR CHINA FUND 2 29,822,717 Domestic listed foreign shares
JPMBLSA RE FTIF TEMPLETON CHINA FUND GTI
28,798,596 Domestic listed foreign shares
5497
Bank Of China－E Fund SSE100ETF Fund 27,254,814 RMB Ordinary share
24,571,445 Domestic listed foreign shares
China Construction Bank--Prosperity Fund of
22,435,149 RMB Ordinary share
CHINAAMC
China Merchants Bank- Moderate Fund of Fullgoal
19,157,644 RMB Ordinary share
Fund
§3 Important Matters
3.1 Significant changes in major accounting data, financial highlight and reason of these changes.
√Applicable □Not Applicable
Balance Sheet Items Mar. 31th 2012 Jan. 1th 2012 Changes
1 Monetary fund 2,609,727,858.26 4,871,199,806.77 -46.43%
2 Other account receivable 200,627,627.37 117,398,622.23 70.89%
3 Construction in process 3,864,763,785.86 2,795,536,908.98 38.25%
Income Statement Items Jan-Mar 2012 Jan-Mar 2011 Changes
4 Sales expense 590,490,261.27 399,034,334.52 47.98%
5 Administrative expense 475,587,216.19 334,074,430.34 42.36%
6 Investment gain 306,098,854.42 529,116,702.27 -42.15%
7 Operational profit 103,752,062.78 730,633,905.90 -85.80%
8 Gross profit 109,369,777.24 782,329,029.91 -86.02%
2
Net profit attributable to the owners of
9 parent company
146,392,056.13 722,338,338.70 -79.73%
Cash Flow Statement Items Jan-Mar 2012 Jan-Mar 2011 Changes
Cash flow generated by business
10 operation, net
-245,812,599.84 1,585,493,593.08 -115.50%
11 Net cash flow generated by investment -1,435,760,639.20 -1,099,393,537.69 -30.60%
12 Net cash flow generated by financing -580,321,368.51 3,745,963,681.14 -115.49%
13 Net increase of cash and cash equivalents -2,261,471,948.52 4,232,191,737.48 -153.44%
By the end of report period, the company's total assets is 36.153 billion yuan, down by 1.04% than the beginning of the year; the
total liabilities is 21.847 billion yuan, down by 0.17% than the beginning of the year; the asset-liability ratio is 60.43%, up by 0.53%.
Monetary fund reduction is mainly caused by capital expenditure for purchasing fixed asset increases by 1.4 billion yuan, and B share
buyback costs 500 million yuan. Other receivables increase mainly caused by the advance payment of the projects under construction
increases by 75.09 million yuan; The increase of projects under construction is mainly caused by Yuzhui vehicle, engine base and
testing ground project increase.
During the report period, since the auto sales drop year to year, and JV investment income reduces, the operating profit, total
profit, and net profit attributable to the parent company of the first quarter substantially drop. Sales expenses rise sharply year to year,
that is mainly caused by the discount sales discount increases year to year. Management costs rise sharply year to year, that is mainly
caused by total salary pay cost increases and intangible assets amortization increase.
During the report period, the net revaluation of cash and cash equivalents is -2.261 billion yuan, down by 153.44% year to year,
and the main reason is the financing activities of the same period last year increased stock to raise money.
3.2 The progress and influence of significant events and the analysis and explanation on resolving proposal
3.2.1 Particular about Qualified Opinion
□Applicable √Not Applicable
3.2.2 Particular about fund offered to shareholder or its related parties by the Company and
external guarantee with procedure violation
□Applicable √Not Applicable
3.2.3 Particular about the significant contract of routine operation signed and implemented
□Applicable √Not Applicable
3.2.4 Others
√Applicable □Not Applicable
The 26th meeting of the fifth session of the board of directors held on January 16, 2012, and the first temporary shareholder
conference of 2012 held on February 3, 2012, past the related proposal issuing corporate bonds. The company received "Reply about
Approving Chongqing Changan Automobile Co., LTD to Issue Corporate Bonds to The Public " (Securities Regulatory licensing
[2012] 388) of China Securities Supervision and Management Committee on Mar.26th, 2012, which approved the company to issue
corporate bonds whose par value does not exceed 1.98 billion yuan to the public.
By April 26, 2012, the company had completed bond issue, raising capital of 1.98 billion yuan, and all the bonds had fixed interest
rate for 5 years. Coupon rate of the bond is 5.30%. Related information refers to "China Securities Journal”, “Securities Times”, and
Juchao Information nets (http://www.cninfo.com.cn).
3.3 The fulfillment of the commitment made by the Company, shareholders and the actual controller
√Applicable □Not Applicable
Commit
Promisee Content of commitments Implementation
ments
⒈To comply with laws, rules and regulations, and perform legal By the end of the reporting period, China Changan
promise duty of commitment. holds 2,094,817,480 shares of the Company, of
of share ⒉Since the non-circulated shares are entitled to be circulated, at which 1,721,459,138 shares are tradable shares, the
CCAG
split least they can’t be dealt with or transferred within 24 months. At remaining 373,358,342 shares are ed shares, and
reform the expiration of 24 months, the shareholders of non-circulated according to the share reform management
shares can sell the shares in stock exchange in amount of no more commitment, restriction will be released after the
3
than 5% of total within 12 months, and no more than 10% of total implementation of equity incentive plans.
within 24 months.
⒊After the reform of non-tradable shares, the Company performs
the scheme of incentive share awards for the managements
according to relative government regulation
To avoid and final settlement of intra-industry competition may
exist or potential competition in the industry and better safeguard
the interests of corporate investors, the controlling shareholder of
China Changan promises: ⒈ in Jiangxi Changhe Automobile Co.,
Other Ltd. and Harbin Hafei Automobile Industry Group Co., Ltd. are
Commitme CCAG continuous Two years of profitability, with sustained development Not yet reached the fulfillment of condition
nts and management capacity has improved significantly with the
case, proposed to the two companies into the Company; ⒉
Peugeot Citroen Automobile Co., Ltd. Changan completed and put
into operation, the proposed joint venture held by shares All
transferred to the company.
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 √Not Applicable
3.5 Other significant events need to be explained
3.5.1 Securities investment
□Applicable √Not Applicable
3.5.2 Interviews and visits in the reporting period
√Applicable □Not Applicable
Main content involved and material
Time/date Place Way Visitors
provided
Meeting Room, Automotive Industry Development and
2012.1.16 On-Site Survey CITIC Securities
Changan Headquarters Company’s Business
Meeting Room, Automotive Industry Development and
2012.2.14 On-Site Survey HuaAn Funds
Changan Headquarters Company’s Business
E Fund Management、Fortune SG
Meeting Room, Automotive Industry Development and
2012.2.16 On-Site Survey Fund Management、Shenyin &
Changan Headquarters Company’s Business
Wanguo Securities
Meeting Room, Automotive Industry Development and
2012.2.21 On-Site Survey Shenyin & Wanguo Securities
Changan Headquarters Company’s Business
Meeting Room, Automotive Industry Development and
2012.2.29 On-Site Survey CSC
Changan Headquarters Company’s Business
Meeting Room, Automotive Industry Development and
2012.3.1 On-Site Survey Orient Securities
Changan Headquarters Company’s Business
Meeting Room, China Alpha Investment Automotive Industry Development and
2012.3.14 On-Site Survey
Changan Headquarters Management Limited Company’s Business
Meeting Room, Automotive Industry Development and
2012.4.10 On-Site Survey HuaChuang Securities
Changan Headquarters Company’s Business
3.5 Particulars about derivatives investment
□Applicable √Not Applicable
3.5.1Particulars about derivatives investment held at the end of report period
□Applicable √Not Applicable
4
§4. Attachment
4.1 Balance Sheet
Prepared by: CHONGQING CHANGAN AUTOMOBILE CO., LTD. Mar.31th 2012 in RMB yuan
At the end of term Beginning of term
Items
Consolidated Parent company Consolidated Parent company
Current asset:
Monetary fund 2,609,727,858.26 1,463,606,855.77 4,871,199,806.77 3,748,480,642.89
Settlement provision
Outgoing call loan
Trading financial assets 1,525,799.63 0.00
Notes receivable 6,701,465,687.46 5,395,574,103.07 5,691,518,013.21 4,629,815,917.34
Account receivable 364,031,834.31 578,606,302.34 505,707,438.05 709,962,322.23
Prepayment 366,508,017.63 341,565,617.29 320,623,972.68 275,607,524.99
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable 0.00 0.00
Dividend receivable 450,030.00 450,030.00 450,030.00 450,030.00
Other account receivable 200,627,627.37 212,024,666.21 117,398,622.23 155,166,949.83
Repurchasing of financial assets
Inventories 3,483,983,106.08 2,095,436,277.40 4,143,618,347.47 2,509,720,521.60
Non-current asset due in 1 year 0.00 0.00
Other current asset 205,128.97 14,358.97 7,463,166.98 0.00
Total of current asset 13,726,999,290.08 10,087,278,211.05 15,659,505,197.02 12,029,203,908.88
Non-current assets
Loans and payment on other’s behalf disbursed
Disposable financial asset 229,833,980.00 151,762,500.00 225,129,480.00 143,420,000.00
Expired investment in possess 0.00 0.00
Long-term receivable 0.00 0.00
Long-term share equity investment 7,713,466,428.96 9,005,153,841.69 7,407,367,574.54 8,699,054,987.27
Property investment 60,705,144.10 61,350,378.25
Fixed assets 7,650,369,604.93 6,499,044,006.67 7,542,137,587.89 6,411,720,208.04
Construction in process 3,864,763,785.86 3,511,236,583.89 2,795,536,908.98 2,521,725,163.27
Engineering material 795,898.75 795,898.75 795,898.75 795,898.75
Fixed asset disposal 5,111,404.35 17,688.00 0.00
Production physical assets
Gas & petrol
Intangible assets 1,826,480,270.91 1,695,898,717.46 1,822,099,425.28 1,677,524,545.00
R&D expense 429,965,947.88 427,275,437.15 426,379,528.16 426,140,086.24
Goodwill 9,804,394.00 9,804,394.00 0.00
Long-term prepaid expenses 8,709,652.07 855,380.00 2,069,156.74 900,400.00
Differed income tax asset 626,166,164.93 464,786,453.33 579,924,897.93 441,652,853.36
Other non-current asset 203,601.60 0.00 0.00
Total of non-current assets 22,426,376,278.34 21,756,808,818.94 20,872,612,918.52 20,322,934,141.93
Total of assets 36,153,375,568.42 31,844,087,029.99 36,532,118,115.54 32,352,138,050.81
5
Current liabilities
Short-term loans 896,890,000.00 896,890,000.00 976,890,000.00 896,890,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities 0.00 0.00
Notes payable 6,416,723,379.77 5,127,489,269.08 6,671,345,457.57 5,330,352,103.56
Account payable 6,689,194,842.17 4,476,551,780.95 5,946,877,115.16 4,001,734,598.60
Prepayment received 2,431,559,349.27 1,652,850,214.37 3,105,626,115.15 2,186,573,040.05
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 207,766,607.45 166,436,032.09 278,808,694.00 222,376,277.25
Tax payable 8,885,246.04 161,974,003.69 -189,619,697.33 5,941,651.42
Interest payable 4,373,087.22 1,485,285.83 1,485,285.83 1,485,285.83
Dividend payable 79,742.80 79,742.80
Other account payable 1,363,983,701.14 1,043,229,724.88 1,677,747,135.32 1,326,244,785.79
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year
Other current liability 1,665,148,410.26 929,661,138.53 1,294,435,509.96 727,112,996.22
Total of current liability 19,684,604,366.12 14,456,567,449.42 19,763,675,358.46 14,698,710,738.72
Non-current liabilities
Long-term borrowings
Bond payable
Long-term payable 18,569,459.84 18,569,459.84 20,372,000.00 20,372,000.00
Special payable 125,404,317.00 71,386,294.78 113,474,486.52 76,030,162.60
Expected liabilities 609,816,300.59 336,324,744.16 589,154,705.34 269,786,181.12
Differed income tax liability 39,771,512.16 19,332,375.00 37,079,227.06 18,081,000.00
Other non-recurring liabilities 1,369,168,779.45 1,259,039,554.31 1,359,736,565.16 1,259,039,554.31
Total of non-current liabilities 2,162,730,369.04 1,704,652,428.09 2,119,816,984.08 1,643,308,898.03
Total of liability 21,847,334,735.16 16,161,219,877.51 21,883,492,342.54 16,342,019,636.75
Owners’ equity (or shareholders’ equity)
Practical capital collected (or share capital) 4,662,886,108.00 4,662,886,108.00 4,834,482,546.00 4,834,482,546.00
Capital reserves 3,088,002,653.59 3,345,900,901.04 3,406,243,605.93 3,664,141,853.38
Less: Shares in stock
Special reserves
Surplus reserves 1,279,333,001.49 1,279,333,001.49 1,279,333,001.49 1,279,333,001.49
Common risk provision
Attributable profit 5,384,632,228.74 6,394,747,141.95 5,238,240,172.61 6,232,161,013.19
Different of foreign currency translation -19,067,864.01
Total of owner’s equity belong to the parent company 14,414,853,991.82 15,682,867,152.48 14,739,231,462.02 16,010,118,414.06
Minor shareholders’ equity -108,813,158.56 -90,605,689.02 0.00
Total of owners’ equity 14,306,040,833.26 15,682,867,152.48 14,648,625,773.00 16,010,118,414.06
Total of liabilities and owners’ equity 36,153,375,568.42 31,844,087,029.99 36,532,118,115.54 32,352,138,050.81
6
4.2 Income Statement of the report term
Prepared by: CHONGQING CHANGAN AUTOMOBILE CO., LTD.. Jan-Mar 2012 in RMB yuan
Current term Same period last year
Items
Consolidated Parent company Consolidated Parent company
I. Total business income 7,544,180,418.00 5,491,951,113.71 8,165,486,105.28 6,360,916,082.60
Incl. Business income 7,544,180,418.00 5,491,951,113.71 8,165,486,105.28 6,360,916,082.60
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 7,745,001,410.01 5,660,117,018.14 7,963,968,901.65 6,148,962,343.46
Incl. Business cost 6,531,763,201.16 4,683,804,973.81 7,069,663,634.34 5,410,117,348.12
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net insurance policy reserves provided
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 172,485,147.93 131,646,607.03 195,782,084.76 152,620,390.63
Sales expense 590,490,261.27 388,993,049.19 399,034,334.52 252,946,297.25
Administrative expense 475,587,216.19 472,662,930.89 334,074,430.34 369,094,237.74
Financial expenses -25,324,416.540 -16,990,542.780 -34,585,582.310 -35,815,930.280
Asset impairment loss
Plus: Gains from change of fair value (“-“ for loss) -1,525,799.63
Investment gain (“-“ for loss) 306,098,854.42 306,098,854.42 529,116,702.27 529,116,702.27
Incl. Investment gains from affiliates 3,060,988.54 306,098,854.42 529,116,702.27 529,116,702.27
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss) 103,752,062.78 137,932,949.99 730,633,905.90 741,070,441.41
Plus: Non business income 6,577,277.06 2,183,431.48 53,956,229.64 44,325,480.62
Less: Non-business expenses 959,562.60 663,852.68 2,261,105.63 80,552.97
Incl. Loss from disposal of non-current assets 116,611.97 1,608,059.35 10,552.97
IV. Gross profit (“-“ for loss) 109,369,777.24 139,452,528.79 782,329,029.91 785,315,369.06
Less: Income tax expenses -18,814,809.350 -23,133,599.970 64,661,774.97 44,081,825.90
V. Net profit (“-“ for net loss) 128,184,586.59 162,586,128.76 717,667,254.94 741,233,543.16
Net profit attributable to the owners of parent company 146,392,056.13 162,586,128.76 722,338,338.70 741,233,543.16
Minor shareholders’ equity -18,207,469.540 -4,671,083.760
VI. Earnings per share:
(I) Basic earnings per share 0.03 0.07 0.31 0.32
(II) Diluted earnings per share 0.03 0.07 0.31 0.32
VII. Other misc. incomes 4,362,625.00 7,091,125.00 4,224,500.00 4,224,500.00
VIII. Total of misc. incomes 132,547,211.59 169,677,253.76 721,891,754.94 745,458,043.16
Total of misc. incomes attributable to the owners of
150,754,681.13 169,677,253.76 726,562,838.70 745,458,043.16
the parent company
Total misc gains attributable to the minor shareholders -18,207,469.54 -4,671,083.76
7
4.3 Cash Flow Statement from the beginning of year to the end of report term.
Prepared by: Prepared by: CHONGQING CHANGAN AUTOMOBILE CO., LTD.. Jan-Mar 2012 in RMB yuan
Current term Same period last year
Items
Consolidated Parent company Consolidated Parent company
I. Net cash flow from business operation
Cash received from sales of products and providing of
5,880,297,932.60 4,324,743,942.20 8,161,964,044.11 6,674,002,163.20
services
Net increase of customer deposits and capital kept for
brother company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial
bodies
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Net increase of trade financial asset disposal
Cash received as interest, processing fee, and
commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Tax returned 11,682,702.56 59,645,292.11 39,404,000.00
Other cash received from business operation 86,027,824.84 110,007,173.96 28,548,619.50 17,430,103.72
Sub-total of cash inflow from business activities 5,978,008,460.00 4,434,751,116.16 8,250,157,955.72 6,730,836,266.92
Cash paid for purchasing of merchandise and services 4,373,974,228.81 3,272,725,291.94 4,739,199,745.77 4,183,202,621.59
Net increase of client trade and advance
Net increase of savings in central bank and brother
company
Cash paid for original contract claim
Cash paid for interest, processing fee and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 650,298,079.34 489,472,593.66 461,063,749.28 378,089,319.86
Taxes paid 313,852,817.77 218,440,425.92 639,037,417.01 431,987,515.62
Other cash paid for business activities 885,695,933.92 804,057,558.55 825,363,450.58 766,700,932.04
Sub-total of cash outflow from business activities 6,223,821,059.84 4,784,695,870.07 6,664,664,362.64 5,759,980,389.11
Cash flow generated by business operation, net -245,812,599.84 -349,944,753.91 1,585,493,593.08 970,855,877.81
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains
Net cash retrieved from disposal of fixed assets,
89,229.83 25,969.23 3,738,720.05 22,490.62
intangible assets, and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received 22,080,837.00 87,000.00 21,232,324.00 21,119,000.00
Sub-total of cash inflow due to investment activities 22,170,066.83 112,969.23 24,971,044.05 21,141,490.62
Cash paid for construction of fixed assets, intangible
1,446,936,869.03 1,415,597,386.02 1,123,045,741.74 1,093,644,360.67
assets and other long-term assets
Cash paid as investment 9,000,000.00 9,000,000.00 1,318,840.00 1,318,840.00
Net increase of loan against pledge
Net cash received from subsidiaries and other
operational units
Other cash paid for investment activities 1,993,837.00
8
Sub-total of cash outflow due to investment activities 1,457,930,706.03 1,424,597,386.02 1,124,364,581.74 1,094,963,200.67
Net cash flow generated by investment -1,435,760,639.20 -1,424,484,416.79 -1,099,393,537.69 -1,073,821,710.05
III. Cash flow generated by financing
Cash received as investment 3,447,489,389.48 3,445,586,919.48
Incl. Cash received as investment from minor
shareholders
Cash received as loans 474,778,740.00 474,778,740.00
Cash received from bond placing
Other financing-related cash received 11,270,706.73 2,500,302.24 1,933,678.86
Subtotal of cash inflow from financing activities 11,270,706.73 3,924,768,431.72 3,922,299,338.34
Cash to repay debts 80,000,000.00 177,119,000.00 71,119,000.00
Cash paid as dividend, profit, or interests 14,359,656.64 13,516,101.08 1,429,611.10 261,333.33
Incl. Dividend and profit paid by subsidiaries to minor
shareholders
Other cash paid for financing activities 497,232,418.60 496,928,515.34 256,139.48 50,000.00
Subtotal of cash outflow due to financing activities 591,592,075.24 510,444,616.42 178,804,750.58 71,430,333.33
Net cash flow generated by financing -580,321,368.51 -510,444,616.42 3,745,963,681.14 3,850,869,005.01
IV. Influence of exchange rate alternation on cash and
422,659.03 128,000.95
cash equivalents
V. Net increase of cash and cash equivalents -2,261,471,948.52 -2,284,873,787.12 4,232,191,737.48 3,747,903,172.77
Plus: Balance of cash and cash equivalents at the
4,871,199,806.77 3,748,480,642.89 4,391,990,049.72 3,087,748,588.31
beginning of term
VI. Balance of cash and cash equivalents at the end of
2,609,727,858.25 1,463,606,855.77 8,624,181,787.20 6,835,651,761.08
term
4.4 Auditors’Report Auditing Opinion: Unaudited
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