Wafangdian Bearing Compnay Limited The Q1 Report for 2012
Wafangdian Bearing Company Limited
The Q1 Report for 2012
§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 director, supervisor and top management has objections on the report.
1.3 Besides the following directors, all the other directors attended the Board meeting and discussed the report.
Name Post Reasons Assignee name
Fang Bo Director Due to the busy work Rakesh Makhija
Zhang Qiluan Independent Director Due to the busy work Liu Yuping
1.4The first quarterly financial report of 2012 has not been audited.
1.5 Chairman of the Board Mr. Wang Lushun, Financial manager Ms.Sun Najuan, Accounting charger Ms. Yao Chunjuan
hereby confirms that the Financial Report of the quarterly report is true and complete.
§2 Company Profile
2.1 Major accounting data and financial indexes
Unit: RMB
Increased/decreased scope
Items By the end of reprot period By the end of last year
(%)
Total assets (RMB) 3,551,661,937.84 3,533,795,515.58 0.51%
Oweners’ equities attributable to the shareholders of
1,508,099,717.45 1,489,759,638.87 1.23%
listed company (RMB)
Share capital (Share) 402,600,000.00 402,600,000.00 0.00%
Net assets per share attributable to the shareholders of
3.75 3.70 1.35%
listed company (RMB/Share)
Increased/decreased scope
The report period The same period of last year
(%)
Total operating income (RMB) 840,627,157.93 864,068,390.44 -2.71%
Net profit attributable to the shareholders of listed
18,340,078.58 29,878,527.48 -38.62%
company (RMB)
Net cash flow arising from operating activities (RMB) 114,887,852.76 59,414,581.04 93.37%
Net cash flow arising from the operating activities per
0.29 0.15 93.33%
share (RMB/Share)
Basic earnings per share (RMB/Share) 0.05 0.07 -28.57%
Diluted earnings per share (RMB/Share) 0.05 0.07 -28.57%
Weighted average return on equity (%) 1.22% 2.06% -0.84%
Weighted average return on equity after deducting
1.23% 1.99% -0.76%
non-recurring gains/losses (%)
Items of non-recurring gains and losses
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Wafangdian Bearing Compnay Limited The Q1 Report for 2012
√ Applicable □ Inapplicable
Unit: RMB
Items of non-recurring gains and losses Amount Note（if applicable）
Gain or loss form disposal of non-current assets 160,319.10
Others non-operating revenue and expense besides the above items -227,248.95
Profit of loss from debts restructuring -2,022.46
Total -68,952.31 -
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
8,883
period
Particulars about the shares held by the top ten shareholders with unrestricted conditions
Full name of shareholder Unrestricted shares held Types of share
AKTIEBOLAGET SKF 79,300,000 Domestically listed foreign share
GAOLING FUND,L.P. 7,325,355 Domestically listed foreign share
Huang Junyue 3,703,200 Domestically listed foreign share
Ma Yuancheng 742,325 Domestically listed foreign share
MAN,KWAI WING Wen Guirong 713,101 Domestically listed foreign share
Merchant Securities (HK)Co,. Ltd 557,253 Domestically listed foreign share
Chen Zhongwu 532,800 Domestically listed foreign share
Hei Youxin 512,559 Domestically listed foreign share
BOCI SECURITIES LIMITED 498,138 Domestically listed foreign share
Yang Yufei 466,030 Domestically listed foreign share
§3 Significant items
3.1 Particulars about material changes in items of main accounting statement and financial index, and explanations
of reasons
√Applicable□Inapplicable
1. Notes receivable rise 33%, mainly due to the company's sales increased debt collection receive bills, and the control of payment to
supplier.
2. Account in advance fell by 86%, is mainly to check the arrival steel in time.
3. Other current assets fell by 39%, is mainly because this provision for income tax 2.23 million Yuan, which cause income tax in this
period decline.
4. Notes payable, rose 107% main because the notes payable in this period increase.
5. Tax payable rise 81%, mainly because the VAT rise than at the beginning of 4.28 million.
6. The non-current liabilities which reach to the deadline within one year decline 65%, ,mostly the company long-term loans with a $90
million credit turn into short-term borrowing.
7.Investment income fell 68.79%, the main reason is the net profits of associated enterprises SKF drop
8. Non-operating income fell 77.45%, mainly because the profit of dealing with fixed assets decline 830 million Yuan compared with
previous period.
9. Income tax expenses fell 67.91%, mainly because the total profit of this period drop 10.08 million Yuan compared with previous
period, and the income tax rate drop from 25% to 15% ( the tax rate of provision for the same period last year is 25%).
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Wafangdian Bearing Compnay Limited The Q1 Report for 2012
3.2 Progress of significant events, their influence, and analysis and explanation of their solutions
3.2.1 Qualified opinion
□Applicable √Inapplicable
3.2.2 Particular about fund offers to controlling shareholders or associated parties and external guarantee that
againsts the regulation
□Applicable √Inapplicable
3.2.3 Particular about signing and implementation on significant contracts of ordinary management
□Applicable √Inapplicable
3.2.4 Other
□Applicable √Inapplicable
3.3 Implementations of commitments by the Company, shareholders and actual controllers
The commitment of following matters made by the company and its directors, supervisors and senior management personnel, more
than 5% shareholding company shareholder and the actual controller, and other relevant party during the report period to report
period or continued
□Applicable √Inapplicable
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
3.5 Particulars about the other significant events that needed explanations
3.5.1 Particular about security investment
□Applicable √Inapplicable
3.5.2 Activities on receiving research, communication and interview in the report period
Time Site Method Object Content and documents supplied
Telephone
January 12, 2012 Office Private investor The general information of the company
communication
Telephone
February12, 2012 Office Private investor The general information of the company
communication n
3.6 Particulars about derivatives investment
□Applicable √Inapplicable
3.6.1 Particulars about the positions of derivatives investment at the end of report period
□Applicable √Inapplicable
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Wafangdian Bearing Compnay Limited The Q1 Report for 2012
§4 Appendix
4.1 Balance sheet
Prepared by Wafangdian Bearing Company Limited Mar. 31st, 2012 Unit: RMB
Items Balance at period-end Balance at year-begin
Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 94,924,964.30 93,932,966.74 102,268,754.34 99,822,886.26
Settlement provisions
Capital lent
Transaction finance asset
Notes receivable 181,408,713.49 176,478,713.49 134,514,385.38 133,080,700.75
Accounts receivable 1,032,230,119.49 1,065,433,002.15 948,225,066.12 986,005,682.37
Accounts paid in advance 7,006,780.24 6,130,428.41 52,716,821.34 42,733,044.64
Insurance receivable
Reinsurance receivable
Contract reserve of reinsurance receivable
Interest receivable
Dividend receivable
Other receivables 18,845,755.49 12,485,477.69 15,528,274.87 10,024,049.56
Purchase restituted finance asset
Inventories 1,137,290,644.25 1,059,311,523.31 1,196,538,970.43 1,113,765,356.87
Non-current asset due within one year
Other current assets 3,484,417.45 3,484,417.45 5,729,224.48 255,384.29
Total current assets 2,475,191,394.71 2,417,256,529.24 2,455,521,496.96 2,385,687,104.74
Non-current assets:
Granted loans and advances
Finance asset available for sales
Held-to-maturity investment
Long-term account receivable
Long-term equity investment 93,419,567.33 150,614,368.90 92,489,891.01 150,269,711.54
Investment real estate
Fixed assets 563,770,183.78 446,870,815.65 581,464,704.26 462,781,080.04
Construction in progress 278,040,816.79 278,038,398.79 261,981,026.05 261,978,608.05
Engineering material
Disposal of fixed asset
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Wafangdian Bearing Compnay Limited The Q1 Report for 2012
Productive biological asset
Oil and gas asset
Intangible assets 130,906,935.40 130,906,935.40 131,979,409.06 131,979,409.06
Expense on Research and Development
Goodwill
Long-term expenses to be apportioned 843,556.59 843,556.59 869,505.00 869,505.00
Deferred income tax asset 9,489,483.24 9,489,483.24 9,489,483.24 9,489,483.24
Other non-current asset
Total non-current asset 1,076,470,543.13 1,016,763,558.57 1,078,274,018.62 1,017,367,796.93
Total assets 3,551,661,937.84 3,434,020,087.81 3,533,795,515.58 3,403,054,901.67
Current liabilities:
Short-term loans 613,590,235.14 600,000,000.00 523,590,235.14 510,000,000.00
Loan from central bank
Absorbing deposit and interbank deposit
Capital borrowed
Transaction financial liabilities
Notes payable 194,503,402.09 194,503,402.09 94,100,000.00 94,100,000.00
Accounts payable 938,094,009.52 855,703,313.62 1,039,300,493.29 955,695,514.30
Accounts received in advance 42,621,213.19 41,618,879.31 50,407,895.65 49,634,480.69
Selling financial asset of repurchase
Commission charge and commission payable
Wage payable 28,609,908.97 19,509,544.01 29,508,584.94 20,368,041.18
Taxes payable 8,448,993.50 7,533,045.51 1,923,642.12 -1,301,377.41
Interest payable
Dividend payable
Other accounts payable 118,732,114.09 77,644,360.57 116,242,681.68 68,874,443.35
Reinsurance payables
Insurance contract reserve
Security trading of agency
Security sales of agency
Non-current liabilities due within one year 48,000,000.00 48,000,000.00 138,000,000.00 138,000,000.00
Other current liabilities
Total current liabilities 1,992,599,876.50 1,844,512,545.11 1,993,073,532.82 1,835,371,102.11
Non-current liabilities:
Long-term loans
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Wafangdian Bearing Compnay Limited The Q1 Report for 2012
Bonds payable
Long-term account payable 100,000.00 100,000.00
Special account payable 221,698.98 221,698.98 221,698.98 221,698.98
Projected liabilities
Deferred income tax liabilities 246,635.79 246,635.79
Other non-current liabilities 50,394,009.12 50,394,009.12 50,394,009.12 50,394,009.12
Total non-current liabilities 50,962,343.89 50,615,708.10 50,962,343.89 50,615,708.10
Total liabilities 2,043,562,220.39 1,895,128,253.21 2,044,035,876.71 1,885,986,810.21
Owner’s equity (or shareholders’ equity):
Paid-in capital (or share capital) 402,600,000.00 402,600,000.00 402,600,000.00 402,600,000.00
Capital public reserve 485,691,050.47 482,563,945.37 485,691,050.47 482,563,945.37
Less: Inventory shares
Reasonable reserve
Surplus public reserve 123,972,268.17 123,972,268.17 123,972,268.17 124,030,770.07
Provision of general risk
Retained profit 495,836,398.81 529,755,621.06 477,496,320.23 507,873,376.02
Balance difference of foreign currency
translation
Total owner’s equity attributable to parent
1,508,099,717.45 1,538,891,834.60 1,489,759,638.87 1,517,068,091.46
company
Minority interests
Total owner’s equity 1,508,099,717.45 1,538,891,834.60 1,489,759,638.87 1,517,068,091.46
Total liabilities and owner’s equity 3,551,661,937.84 3,434,020,087.81 3,533,795,515.58 3,403,054,901.67
4.2 Profit statement from year-begin to the end of report period
Prepared by Wafangdian Bearing Company Limited Jan-Mar, 2012 Uint: RMB
Amount in this period Amount in last period
Items
Consolidation Parent Company Consolidation Parent Company
Ⅰ. Total operating income 840,627,157.93 835,767,359.57 864,068,390.44 862,217,201.73
Including: operating income 840,627,157.93 864,068,390.44
Interest income
Insurance gained
Commission charge and commission income
Ⅱ. Total operating cost 820,915,807.93 812,140,529.31 831,221,788.60 831,338,718.53
Including: operating cost 747,753,295.64 742,925,407.45 756,641,082.86 760,513,413.90
Interest expense
Commission charge and commission expense
Cash surrender value
Net amount of expense of compensation
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Wafangdian Bearing Compnay Limited The Q1 Report for 2012
Net amount of withdrawal of insurance contract
reserve
Bonus expense of guarantee slip
Reinsurance expenses
Operating tax and extras 3,127,353.63 3,050,916.01 2,998,515.16 2,911,517.03
Sales expenses 47,012,070.50 46,611,076.20 49,057,849.93 48,371,145.76
Administration expenses 16,517,794.08 12,793,970.95 16,044,855.43 13,139,991.73
Financial expenses 6,214,044.51 6,467,909.13 6,479,485.22 6,402,650.11
Losses of devaluation of asset 291,249.57 291,249.57
Add: Changing income of fair value (Loss is
listed with “-”)
Investment income (Loss is listed with “-”) 929,676.32 929,676.32 2,979,977.44 2,979,977.44
Including: Investment income on affiliated
929,676.32 929,676.32 2,979,977.44 2,979,977.44
company and joint venture
Exchange income (Loss is listed with “-”)
Ⅲ. Operating profit (Loss is listed with “-”) 20,641,026.32 24,556,506.58 35,826,579.28 33,858,460.64
Add: Non-operating income 253,664.25 230,701.56 1,345,102.05 1,017,942.75
Less: Non-operating expense 322,616.56 146,450.61 346,933.53 151,150.82
Including: Disposal loss of non-current asset
Ⅳ. Total profit (Loss is listed with “-”) 20,572,074.01 24,640,757.53 36,824,747.80 34,725,252.57
Less: Income tax expense 2,231,995.43 2,231,995.43 6,946,220.32 6,946,220.32
Ⅴ. Net profit (Net loss is listed with “-”) 18,340,078.58 22,408,762.10 29,878,527.48 27,779,032.25
Net profit attributable to owners of parent
18,340,078.58 22,408,762.10 29,878,527.48 27,779,032.25
company
Minority shareholders’ gains and losses
Ⅵ. Earnings per share
ⅰ. Basic earnings per share 0.05 0.06 0.07 0.07
ⅱ. Diluted earnings per share 0.05 0.06 0.07 0.07
Ⅶ. Other consolidated income
Ⅷ. Total consolidated income 18,340,078.58 22,408,762.10 29,878,527.48 27,779,032.25
Total consolidated income attributable to owners
18,340,078.58 22,408,762.10 29,878,527.48 27,779,032.25
of parent company
Total consolidated income attributable to
minority shareholders
The net profit of the business combinations under the same administration in this period before combination is RMB 0.00
4.3 Cash flow statement from year-begin to the end of report period
Prepared by Wafangdian Bearing Company Limited Jan-Mar, 2012 Uint: 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
281,959,289.38 304,967,791.77 363,982,279.32 355,115,636.01
providing labor services
Net increase of customer deposit and interbrain
deposit
Net increase of loan from central bank
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Wafangdian Bearing Compnay Limited The Q1 Report for 2012
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
Other cash received concerning operating
4,676,874.86 4,676,874.86 511,626.88 511,626.88
activities
Subtotal of cash inflow arising from operating
286,636,164.24 309,644,666.63 364,493,906.20 355,627,262.89
activities
Cash paid for purchasing commodities and
52,118,563.12 90,932,056.63 191,623,005.74 190,458,579.19
receiving labor service
Net increase of customer loans and advances
Net increase of deposits in central bank and
interbank
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 62,794,123.09 50,967,741.28 56,953,689.66 49,178,499.30
Taxes paid 18,495,955.26 17,456,182.40 20,476,061.46 19,028,414.02
Other cash paid concerning operating activities 38,339,670.01 34,264,474.14 36,026,568.30 32,145,940.45
Subtotal of cash outflow arising from operating
171,748,311.48 193,620,454.45 305,079,325.16 290,811,432.96
activities
Net cash flows arising from operating activities 114,887,852.76 116,024,212.18 59,414,581.04 64,815,829.93
Ⅱ. Cash flows arising from investing activities:
Cash received from recovering investment
Cash received from investment income
Net cash received from disposal of fixed,
200,000.00 66,201.92 66,201.92
intangible and other long-term assets
Net cash received from disposal of subsidiaries
and other units
Other cash received concerning investing
activities
Subtotal of cash flow from investing activities 200,000.00 66,201.92 66,201.92
Cash paid for purchasing fixed, intangible and
6,966,120.10 6,959,920.10 24,041,743.80 22,297,733.80
other long-term assets
Cash paid for investment
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 6,966,120.10 6,959,920.10 24,041,743.80 22,297,733.80
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Wafangdian Bearing Compnay Limited The Q1 Report for 2012
Net cash flows arising from investing activities -6,766,120.10 -6,959,920.10 -23,975,541.88 -22,231,531.88
Ⅲ.Cash flows arising from financing activities
Cash received from absorbing investment
Including: cash received from absorbing minority
shareholders’ investment by subsidiaries
Cash received from loans 258,385,611.16 258,385,611.16 158,180,000.00 153,000,000.00
Cash received from issuing bonds
Other cash received concerning financing
activities
Subtotal of cash inflow from financing activities 258,385,611.16 258,385,611.16 158,180,000.00 153,000,000.00
Cash paid for settling debts 349,510,000.00 349,000,000.00 153,000,000.00 153,000,000.00
Cash paid for dividend and profit distributing or
10,087,851.13 10,086,540.03 8,165,393.06 8,078,381.15
invest paying
Including: Dividend and profit of minority
shareholder paid by subsidiaries
Other cash paid concerning financing activities
Subtotal of cash outflow from financing activities 359,597,851.13 359,086,540.03 161,165,393.06 161,078,381.15
Net cash flows arising from financing activities -101,212,239.97 -100,700,928.87 -2,985,393.06 -8,078,381.15
Ⅳ. Influence on cash and cash equivalents due
5,563.69 5,563.69 -24,756.31 -24,756.31
to fluctuation in exchange rate
Ⅴ. Net increase of cash and cash equivalents 6,915,056.38 8,368,926.90 32,428,889.79 34,481,160.59
Add: Balance of cash and cash equivalents at
62,187,956.71 59,742,088.63 52,057,009.69 43,756,831.34
the period-begin
Ⅵ. Balance of cash and cash equivalents at the
69,103,013.09 68,111,015.53 84,485,899.48 78,237,991.93
period-end
The above financial statements have been approved by the board meeting held on April 19, 2012
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