Wafangdian Bearing Company limited
2010 First quarter report
(Report period：Jan.1, 2010－Mar. 31, 2010)
Chairman（Signature）：Wang Lushun
April 22, 2010Wafangdian Bearing Company Limited 2010 First Quarter Report
Wafangdian Bearing Company Limited
2010 First Quarter Report
§1 Important notes
1.1 The Board of Directors, Board of Supervisors, directors, supervisors, and top management of the Company hereby guaranteed that there are no false records, misleading statements, and major omits in this report, and assumed the individual and associated responsibilities for the truth, accuracy and completeness of the contents.
1.2 No directors, supervisors and top management made objections on this report.
1.3 Besides the following directors, all the other directors attended the Board meeting and discussed the report.
Name
Post
Reasons
Assignee name
Magnus Johansson
Director
Due to the busy work
Fang Bo
Sun Najuan
Director
Due to the busy work
Su Shaoli
1.4 The first quarter financial report is un-audited.
1.5 The legal Person Mr. Wang Lushun, Financial manager Ms.Sun Najuan, Accounting charger Ms. Yao Chunjuan declare: guarantee the truth and completeness of the first quarter financial report.
§2 Basic introduction of the company
2.1 Main accounting figure
Unit: RMB Yuan
Items
At the end of current period
At the end of previous period
+/- (%)
Total assets
3,049,608,937.63
2,933,190,560.03
3.97%
Available for shareholders’ equity of list company
1,378,621,005.78
1,352,285,215.46
1.95%
Capital stock
402,600,000.00
402,600,000.00
0.00%
Net assets per share available for shareholder of list company
3.42
3.36
1.79%
Current period
Previous
+/- (%)
Total operating income
783,744,182.15
502,765,702.63
55.89%
Net profit available for shareholder of list company
26,335,790.32
22,528,825.92
16.90%
Net cash flow from operating activities
19,079,273.63
51,464,590.02
-62.93%
Net cash flow per share from the operating activities
0.05
0.13
-61.54%
Basic gains per share
0.08
0.06
33.33%
Diluted gains per share
0.08
0.06
33.33%
Weighted average net returns on net asset
1.93%
1.72%
0.21%
Weighted average net returns on net asset with abnormal incomes deducted
1.90%
1.47%
0.43%
Abnormal profits and loss Items
From the year-beginning to the period-end
Income from disposal of the non-current assets
411,665.72
Debt recombine profits and loss
97,050.51
1Wafangdian Bearing Company Limited 2010 First Quarter Report
the total net income from other non-operating business excluding above items
-117,872.20
Total
390,844.03
Explanation on the abnormal profits and loss Item:
There is no direct relationship between the abnormal profits and loss amount and the daily business of the company.
2.2 Total number of shareholders and first ten current shareholders in the share holding table at the end of report period
Unit: share
The total number of the shareholders at the end of report period
9,880
Information of the first ten current shareholders
Name
Holding number of current stock
variety（A、B、H）
AKTIEBOLAGET SKF
79,300,000
B
Huang Junyue
1,602,000
B
BGL BNP PARIBAS
987,008
B
MAN,KWAI WING
713,101
B
MERCHANT SECURITIES (HONG KONG) Co.Ltd
636,422
B
Dong Haizhen
500,000
B
Chen Zhongwu
339,464
B
Yang Yufei
330,800
B
GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED
303,620
B
Shanghai HK Wanguo Securities
300,000
B
§3 Significant items
3.1 The great changes of main financial items and indicators and the reason
√Applicable □Not applicable
The operating results in 2010 develop rapidly comparing with previous period. Reasons are as follows: with the macroeconomic situation getting better in the H2 of 2009, the Company strengthened market development, adjusted the structure of the products and market, implemented important customers strategy and big circulations, established strategic cooperation relationship with well-known companies and the order undertaking increased.
The cash flow decreased sharply, mainly because the proportion of notes settlement increased, and correspondingly the cash settlement decreased.
3.2 The explanation on the significant items progress situation, the influence and the settlement.
□Applicable √Not applicable
3.3 The fulfillment of the promises of the company, shareholder and actual controller made.
1. □Applicable √Not applicable
3.4 Warning and explanation for the forecast that the anticipated accumulated net profit from year-beginning to the next report period may suffer losses, or has great changes comparing with the same period of last year.
□Applicable √Not applicable
3.5 Other significant items need for explanation.
□Applicable √Not applicable
3.5.1 Securities Investment
□Applicable √Not applicable
3.5.2 The investigation, communication and the interview in the report period
There are no spot investigation, communication and in-writing question in the report period. 2Wafangdian Bearing Company Limited 2010 First Quarter Report
3.5.3 Other significant items explanation
□Applicable √Not applicable
3.6 Information on Derivations investment
□Applicable √Not applicable
3.6.1 Information on holding Derivations in the period-ending.
□Applicable √Not applicable
4. Attachment
4.1 Balance statement
Producer：Wa Fangdian Bearing Co.,Ltd From Jan 1, 2010 to Mar 31, 2010 Unit: RMB Yuan
Period-end
Period-beginning
Item
Consolidated
Parent
Consolidated
Parent
Current assets:
Monetary funds
70,657,364.04
68,699,560.52
77,261,663.91
76,715,002.71
Notes receivable
97,439,043.88
95,682,043.88
117,701,535.41
117,431,535.41
Account receivable
927,862,715.90
916,547,389.45
771,097,770.88
759,943,634.29
Prepayment
9,437,524.68
8,347,841.28
9,127,147.95
7,866,246.82
Interest receivable
Other receivables
15,116,800.04
12,492,733.83
12,723,050.76
10,124,344.55
Inventory
1,017,521,379.74
970,913,398.34
1,027,440,008.01
983,273,301.10
Non-current assets expired within 1 year
Other current assets
357,891.85
357,891.85
221,222.75
221,222.75
Total current assets
2,138,392,720.13
2,073,040,859.15
2,015,572,399.67
1,955,575,287.63
Non-current assets
Long-term account receivable
Long-term equity investment
84,199,088.89
122,326,680.08
80,559,428.39
118,687,019.58
Real estate used for investing purpose
Fixed assets
628,278,244.13
615,795,525.73
639,604,148.49
626,552,835.18
Construction in progress
42,276,019.83
42,232,625.18
39,734,642.61
39,691,247.96
Intangible assets
139,354,139.11
139,354,139.11
140,433,015.99
140,433,015.99
Long-term prepaid expense
1,295,352.27
1,295,352.27
1,473,551.61
1,473,551.61
Deferred- income tax assets
15,813,373.27
14,765,098.64
15,813,373.27
14,765,098.64
Other non-current assets
Total non-current assets
911,216,217.50
935,769,421.01
917,618,160.36
941,602,768.96
Total assets
3,049,608,937.63
3,008,810,280.16
2,933,190,560.03
2,897,178,056.59
Current liability
Short-term borrowing
512,160,235.14
491,000,000.00
550,160,235.14
529,000,000.00
Notes payable
108,288,416.00
108,288,416.00
96,650,000.00
96,650,000.00
Account payable
700,414,791.89
670,010,740.75
614,127,370.45
587,102,072.55
Advance from customers
48,977,893.16
45,712,714.69
49,516,448.29
46,031,381.45
Payoff payable
26,821,302.99
17,302,163.69
28,419,726.48
18,424,966.23
Tax payable
21,844,390.75
15,835,381.58
20,739,046.67
14,665,350.31
Dividends payable
Other payables
88,040,516.22
82,812,735.17
94,836,512.24
90,832,531.19
Accrued expense
Non-current liability expired within 1 year
20,000,000.00
20,000,000.00
20,000,000.00
20,000,000.00
3Wafangdian Bearing Company Limited 2010 First Quarter Report
Other current liability
10,000.00
10,000.00
Total current liability
1,526,557,546.15
1,450,972,151.88
1,474,449,339.27
1,402,706,301.73
Non-current liability:
Long-term borrowing
136,000,000.00
136,000,000.00
98,000,000.00
98,000,000.00
Long-term account payable
100,000.00
100,000.00
Special-used account payable
201,698.98
201,698.98
201,698.98
201,698.98
Predicted liabilities
Deferred -income tax liability
Other non-current liability
5,896,000.00
5,896,000.00
5,896,000.00
5,896,000.00
Total non-current liability
142,197,698.98
142,097,698.98
104,197,698.98
104,097,698.98
Total liability
1,668,755,245.13
1,593,069,850.86
1,578,647,038.25
1,506,804,000.71
Owner’s equity(shareholders’ equity ：
Capital Stock
402,600,000.00
402,600,000.00
402,600,000.00
402,600,000.00
Capital public reserves
485,431,518.07
482,563,945.37
485,431,518.07
482,563,945.37
Surplus public Reserve
108,140,566.51
108,140,566.51
108,140,566.51
108,140,566.51
Undistributed profits
382,448,921.20
422,435,917.42
356,113,130.88
397,069,544.00
Equity available for the owner of parent company
1,378,621,005.78
1,415,740,429.30
1,352,285,215.46
1,390,374,055.88
Minority owners’ equity
2,232,686.72
2,258,306.32
Total Owners' Equity
1,380,853,692.50
1,415,740,429.30
1,354,543,521.78
1,390,374,055.88
Total Liabilities & Owners' Equity
3,049,608,937.63
3,008,810,280.16
2,933,190,560.03
2,897,178,056.59
4.2 Income statement
Producer：Wa Fangdian Bearing Co.,Ltd From Jan 1, 2010 to Mar 31, 2010 Unit: RMB Yuan
Period-end
Period-beginning
Item
Consolidated
Parent
Consolidated
Parent
1.Total operating income
783,744,182.15
778,294,940.15
502,765,702.63
498,365,705.72
including：operating income
783,744,182.15
778,294,940.15
502,765,702.63
498,365,705.72
Interest income
2. Total operating cost
755,975,769.23
751,665,014.75
478,911,179.16
470,981,277.16
including：operating cost
694,084,513.68
693,200,949.13
423,541,707.37
418,373,440.04
Business tax and added
Sales expense
33,245,085.44
32,753,663.57
29,722,422.85
29,366,080.68
Management expense
19,793,035.11
17,229,778.37
16,016,314.60
14,090,657.29
Financial expense
6,235,575.24
5,992,751.87
7,210,928.55
6,831,465.15
plus：gains from the change of fair value（loss as “-”）
Investment income（loss as “-”）
3,639,660.50
3,639,660.50
426,897.81
426,897.81
Including: investment incomes from the associated company and joint-venture
3,639,660.50
3,639,660.50
426,897.81
426,897.81
3.Operating profits（loss as “-”）
31,408,073.42
30,269,585.90
24,281,421.28
27,811,326.37
plus：non-operating income
713,717.97
710,777.97
4,304,641.29
3,583,060.13
minus：non-operating expense
322,873.94
125,243.72
1,124,170.81
1,089,141.87
4.Total profits（loss as “-”）
31,798,917.45
30,855,120.15
27,461,891.76
30,305,244.63
minus：tax
5,488,746.73
5,488,746.73
5,419,025.04
5,419,025.04
5.Net profits（loss as “-”）
26,310,170.72
25,366,373.42
22,042,866.72
24,886,219.59
Net profits available for the owner of company
26,335,790.32
25,366,373.42
22,528,825.92
24,886,219.59
Minority shareholders’ equity
-25,619.60
-485,959.20
6. Gains per share：
4Wafangdian Bearing Company Limited 2010 First Quarter Report
Basic gains per share
0.08
0.08
0.06
0.06
Diluted gains per share
0.08
0.08
0.06
0.06
7. Other comprehensive returns
8. Total comprehensive returns
26,310,170.72
25,366,373.42
22,042,866.72
24,886,219.59
Total comprehensive returns available for parent company
26,335,790.32
25,366,373.42
22,528,825.92
24,886,219.59
Total comprehensive returns available for minority shareholders
-25,619.60
-485,959.20
4. 3 Cash flow statement
Producer：Wa Fangdian Bearing Co.,Ltd From Jan 1, 2010 to Mar 31, 2010 Unit: RMB Yuan
Period-end
Period-beginning
Item
Consolidated
Parent
Consolidated
Parent
1. Cash flow from operating activities
Cash from sales of goods or rendering services
302,939,356.54
289,002,503.94
290,459,931.35
283,122,460.15
Refunds of tax
Cash received relating to other operating activities
3,608,649.39
3,608,394.80
4,484,527.45
4,484,534.99
Sub-total of cash Inflow
306,548,005.93
292,610,898.74
294,944,458.80
287,606,995.14
Cash paid for purchase of goods &receiving services
165,307,115.68
159,629,380.98
152,426,982.26
149,002,796.04
Cash paid to & on behalf of employees
67,661,723.81
63,024,810.11
52,160,815.53
49,884,108.33
Tax payments
27,869,109.26
26,375,063.69
9,086,741.25
8,301,066.66
Other cash paid relating to other operating activities
26,630,783.55
25,001,834.45
29,805,329.74
28,596,413.05
Sub-total of cash outflow
287,468,732.30
274,031,089.23
243,479,868.78
235,784,384.08
Net cash flows from operating activities
19,079,273.63
18,579,809.51
51,464,590.02
51,822,611.06
2、Cash flow from investing activities:
Cash received form disposal of investment
Cash received form the investment incomes
Net cash received from the sale of fixed assets, intangible assets & other long-term assets
Cash received relating to other investing activities
Sub-total cash inflow from investment
Cash paid to acquire fixed assets, intangible assets & other long-term assets
4,663,863.39
3,862,663.39
11,176,097.30
11,176,097.30
Cash paid to acquire investment
Cash paid relating to other investing investment
Sub-total of cash outflow
4,663,863.39
3,862,663.39
11,176,097.30
11,176,097.30
Net cash flows from investing activities
-4,663,863.39
-3,862,663.39
-11,176,097.30
-11,176,097.30
3. Cash flows from financing
5Wafangdian Bearing Company Limited 2010 First Quarter Report
activities：
Cash received by investors
Including: cash received from the subsidiaries absorbing the minority shareholders’ investment
Cash received from borrowing
184,915,000.00
183,000,000.00
73,000,000.00
73,000,000.00
Cash received from issuing debenture
Cash received relating to other financing activities
457,014.69
457,014.69
689,071.06
689,071.06
Subtotal cash inflow from financing
185,372,014.69
183,457,014.69
73,689,071.06
73,689,071.06
Repayments of borrowings
183,000,000.00
183,000,000.00
76,541,543.67
76,541,543.67
Dividends paid, profit distributed ,interest paid
7,802,239.64
7,600,117.84
7,882,178.12
7,875,947.73
Including: the dividends and profits paid for the minority shareholders by the subsidiaries
Cash paid relating to other financing activities
71,423.85
71,423.85
81,713.46
81,713.46
Subtotal of cash outflows
190,873,663.49
190,671,541.69
84,505,435.25
84,499,204.86
Net cash flow from the financing activities
-5,501,648.80
-7,214,527.00
-10,816,364.19
-10,810,133.80
4.the effect of foreign currency translation
35,195.89
35,195.89
5. Net Increase in cash & cash equivalents
8,948,957.33
7,537,815.01
29,472,128.53
29,836,379.96
Plus: balance of cash & cash equivalents in the period-beginning
61,708,406.71
61,161,745.51
129,512,540.80
128,066,634.31
6. Balance of cash & cash equivalents in the period-end
70,657,364.04
68,699,560.52
158,984,669.33
157,903,014.27
The above financial statements have been approved by the board meeting held on April 22, 2010.
Charger: Sun Najuan Charger: Su Shaoli
4.4 Auditing report
Auditing opinions: un-audited. 6
