Wafangdian Bearing Compnay Limited The Q1 Report for 2014
Stock code: 200706 stock short form: Wazhou B Report code: 2014-09
Wafangdian Bearing Company Limited
The Q1 Report for 2014
§1 Important Notes
1The 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.
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.
Besides the following directors, all the other directors attended the Board meeting and discussed the report.
Name Post Reasons Assignee name
Wu Chunyou Independent director Health problem Zhang Li
§2 Major accounting data and shareholder change
2.1 Major accounting data and financial indexes
Unit: RMB
Jan-Mar 2014 Jan-Mar 2013 +/- to previous
Operating income(Yuan) 793,395,179.56 778,448,703.22 1.92%
Net profits attributed Shareholders(Yuan) -15,385,987.48 19,617,156.49 -178.43%
Net profit available for shareholders of listing
-16,215,176.61 18,098,251.08 -189.6%
company with abnormal incomes deducted
Net cash flows from operation activities 3,059,178.21 -12,048,122.30 -125.39%
Basic gains on per share -0.04 0.05 -180%
Diluted gains on per share -0.04 0.05 -180%
Net returns on assets (%) -1.03% 1.3% -2.33%
Jan-Mar 2014 Jan-Mar 2013 +/- to previous
Total assets 3,828,880,319.80 3,717,797,889.26 2.99%
Owners’ equity (shareholders’ equity) 1,489,580,448.02 1,504,966,435.50 -1.02%
Items of non-recurring gains and losses
√ Applicable □ Inapplicable
Unit: RMB
Items of non-recurring gains and losses Amount Note（if applicable）
Gain or loss form disposal of non-current assets 12,802.77
Gains and losses included in the current period of government subsidies, excluding those
government grants which are closely related to normal business and in line with national 1,280,342.98
policy, or in accordance with fixed standards or quantities
Profit of loss from debts restructuring -483,878.96
Other non-business income and expenditures other than the above 19,922.34
Total 829,189.13 -
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Wafangdian Bearing Compnay Limited The Q1 Report for 2014
2.2 Total number of shareholders at the end of the report period and shares held by the top ten
shareholders
Unit: Share
Total shareholders at the end of 2014.03.31 8,322
Top ten shareholders’ status
Non-circulatio Impawned and frozen shares
Name Nature Proportion Total shares
n shares status quantity
Wafangdian Bearing
State-owned shareholder 60.61% 244,000,000 244,000,000
Group Corporation
AKTIEBOLAGET SKF Foreign shareholder 19.7% 79,300,000 frozen 79,300,000
Huang Junyue Domestic shareholder 0.7% 2,819,921
BOCI SECURITIES
Foreign shareholder 0.4% 1,602,241
LIMITED
CMS Hong Kong LIMITED State-owned shareholder 0.25% 1,004,481
Yan Jianhui Domestic shareholder 0.2% 799,423
Ma Yuancheng Domestic shareholder 0.19% 755,825
MAN,KWAI WING Wen
Foreign private shareholder 0.18% 713,101
Guirong
GAOLING FUND,L.P. Foreign shareholder 0.16% 642,034
Hei Youxin Foreign private shareholder 0.13% 512,559
The explanation on the relationship and consistent activities There was no relationship and consistent activities between the first big shareholder and
between above shareholders other shareholders or the top ten common stock holders;
Top Ten Tradable Shareholders
Category of Shares
Current shares held at end of year
Name Categories Amount
(Note 4)
AKTIEBOLAGET SKF 79,300,000 B 79,300,000
Huang Junyue 2,819,921 B 2,819,921
BOCI SECURITIES LIMITED 1,602,241 B 1,602,241
CMS Hong Kong LIMITED 1,004,481 B 1,004,481
Yan Jianhui 799,423 B 799,423
Ma Yuancheng 755,825 B 755,825
MAN,KWAI WING Wen Guirong 713,101 B 713,101
GAOLING FUND,L.P. 642,034 B 642,034
Hei Youxin 512,559 B 512,559
Yang Yufei 474,090 B 474,090
Explanation for the Affiliated Relations or There was no relationship and consistent activities between the first big shareholder
United Action of the Top Ten and other shareholders or the top ten common stock holders; The relationship among
Shareholders and the Top Ten Tradable other shareholders, top ten circulation shareholders, top ten circulation shareholders
Shareholders and other shareholders was not clear.
§3 Significant items
3.1 Particulars dates changes over 30% in items of main accounting statement and financial index , and explanations
of reasons
√Applicable□Inapplicable
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Wafangdian Bearing Compnay Limited The Q1 Report for 2014
1.Bill receivable increase 53.2%,mainly because the company increase the forward bills,and the cash returned from the clients increase,which
make the bill receivable increase sharply.
2.Bill payable increase 89.7%,mainly because the company increase the forward bills to the clients.
3.Tax payable increase 48.8%,mainly because at the end of March, the tax payable increase compare with beginning year.
4.Loss of impairment of assets increase 198.1%, mainly because write-off account receivable with amount of 910,000 Yuan, which make the Loss
of impairment of assets increase.
5.Investment income decline 92.9%,mainly because the profit from SKF Wazhou decline substantially.
6.Non-operating revenue increase 68.5%, mainly because debt recombination losses increase 250,000 Yuan.
7.Net profit declined 178.4%,mainly because main business gross profit decline.product price decline 4.5%,and cost against hundred Yuan
increase 4.9 Yuan.
8. Other cash received relating to operating activities increase, mainly because the waste income increase.
9.Cash received from investment incomes decline 100%, mainly because company received the 2008-2011 dividend from AME with amount of
680000 Yuan in last period.
10.Cash paid to acquire fixed assets, intangible assets and other long-term assets increase Cash paid to acquire fixed assets, intangible assets
and other long-term assets,mainly because in the report period company paid the import machines with amount of 19.51 million Yuan.11.Tax
payments increase 34.8%,mainly because the value added, and additional city construction tax and education surcharge increase.
12.Proceeds from borrowing decline 38.3%,Proceeds from borrowing Proceeds from borrowing decline.
13.Repayment of borrowing decline 50.7%, main because of debt transfer affection,which make the Repayment of borrowing decline.
14. Affected by change rate,the cash and cash equivalent decline 1400.8%,main because the change rate in the report period decrease continually,
the RMB devalue which make the change income decrease.
3.2 Progress of significant events, their influence, and analysis and explanation of their solutions
□Applicable √Inapplicable
3.3 Estimation of accumulative net profit from Jan to June 2014
□Applicable √Inapplicable
3.4 Particular about security investment
□Applicable √Inapplicable
3.5 Particular about derivatives
□Applicable √Inapplicable
3.6 Activities on receiving research, communication and interview in the report period
Time Site Method Object Content and documents supplied Time
February 19,2014 Office Telephone communication Private investor The general information of the company Office
Telephone communication
March 24,2014 Office Private investor The general information of the company Office
n
March 26,2014 Office Telephone communication Private investor The general information of the company Office
Telephone communication
March 31,2014 Office Private investor The general information of the company Office
n
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Wafangdian Bearing Compnay Limited The Q1 Report for 2014
§4 Appendix
4.1 Balance sheet
Consolidated Balance Sheet.
Unit: RMB Yuan
Item Opening Balance Closing Balance
Current assets ： 99,775,943.94 80,687,086.92
Monetary fund
Financial assets held-for-trading
Bills receivable 153,746,369.90 100,329,887.46
Account receivable 1,218,991,202.96 1,138,605,661.45
Account paid in advance 28,829,904.23 33,712,904.14
Interest receivable 240,000.00 240,000.00
Other receivables 25,695,370.80 29,727,292.33
Inventory 1,150,000,558.22 1,196,734,228.79
Non-current assets due within 1 year
Other current assets 2,630,987.13 2,772,988.57
Total current assets 2,679,910,337.18 2,582,810,049.66
Non-current assets
Financial assets available-for-sale
Investments held-to-maturity
Long-term receivable
Long-term equity investment 108,558,362.98 108,272,431.11
Investment property
Fixed assets 558,077,520.54 572,492,122.56
Construction in progress 332,274,867.48 303,172,462.62
Construction materials
Fixed assets disposal
Biological assets 138,411,119.81 139,563,086.91
Gas and petrol assets
Intangible assets
Development expenditure
Goodwill
Long-term prepaid expense 885,228.16 724,852.75
Deferred tax assets 10,762,883.65 10,762,883.65
Other non-current assets
Total non-current assets 1,148,969,982.62 1,134,987,839.60
Total assets 3,828,880,319.80 3,717,797,889.26
Current liabilities
Short-term loan 408,000,000.00 418,000,000.00
Note payable 176,931,950.00 93,247,340.00
Accounts payable 1,212,469,468.21 1,166,466,116.64
Accounts received in advance 73,666,167.21 74,433,323.04
Commission charge payable
Employee benefits 18,396,886.49 19,654,053.70
Tax payable 8,571,849.74 5,762,579.01
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Wafangdian Bearing Compnay Limited The Q1 Report for 2014
Interest payable 1,728,222.22
Dividends payable
Other payables 145,375,518.78 136,673,398.82
Non-current liabilities due within I year 150,000,000.00 150,000,000.00
Other current liabilities 4,011,103.83 4,011,103.83
Total current liabilities 2,197,422,944.26 2,069,976,137.26
Non-current liabilities
Long-term loan 90,000,000.00 90,000,000.00
Debenture payable
Long-term payables 100,000.00 100,000.00
Special payables 321,698.98 321,698.98
Contingent liabilities
Deferred tax liabilities
Other non-current liabilities 51,455,228.54 52,433,617.52
Total non-current liabilities 141,876,927.52 142,855,316.50
Total liabilities 2,339,299,871.78 2,212,831,453.76
Owner’s equity (shareholders’ equity)
Capital stock 402,600,000.00 402,600,000.00
Capital public reserves 488,805,548.36 488,805,548.36
Less: treasury share
Surplus reserve 131,442,909.11 131,442,909.11
Undistributed profit 466,731,990.55 482,117,978.03
Difference of foreign currency translation
Equity attributable to parent company 1,489,580,448.02 1,504,966,435.50
Minority interest
Total owner’s equity 1,489,580,448.02 1,504,966,435.50
Total owner’s equity and liabilities 3,828,880,319.80 3,717,797,889.26
Chairman: Cong Hong General Accountant : Sun Najuan Accounting charger: Yao Chunjuan
Balance Sheet Of Parent Company
Unit: RMB Yuan
Item Opening Balance Closing Balance
Current assets ：
Monetary fund 99,116,549.15 76,549,204.53
Financial assets held-for-trading
Bills receivable 142,495,106.50 99,829,887.46
Account receivable 1,226,002,926.40 1,139,776,660.21
Account paid in advance 28,399,208.15 32,824,584.91
Interest receivable 240,000.00 240,000.00
Other receivables 20,993,018.69 25,564,205.17
Inventory 1,080,384,047.86 1,125,983,146.27
Non-current assets due within 1 year
Other current assets 2,630,987.13 2,772,988.57
Total current assets 2,600,261,843.88 2,503,540,677.12
Non-current assets
Financial assets available-for-sale
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Wafangdian Bearing Compnay Limited The Q1 Report for 2014
Investments held-to-maturity
Long-term receivable
Long-term equity investment 164,836,377.31 164,550,445.44
Investment property
Fixed assets 450,393,062.59 462,267,249.78
Construction in progress 332,274,867.48 303,169,052.62
Construction materials
Fixed assets disposal
Biological assets 122,519,909.81 123,588,686.87
Gas and petrol assets
Intangible assets
Development expenditure
Goodwill
Long-term prepaid expense 885,228.16 724,852.75
Deferred tax assets 10,762,883.65 10,762,883.65
Other non-current assets
Total non-current assets 1,081,672,329.00 1,065,063,171.11
Total assets 3,681,934,172.88 3,568,603,848.23
Current liabilities
Short-term loan 408,000,000.00 418,000,000.00
Note payable 176,931,950.00 93,247,340.00
Accounts payable 1,072,121,692.73 1,017,390,652.18
Accounts received in advance 68,184,155.10 74,528,538.89
Commission charge payable
Employee benefits 10,345,242.98 11,427,966.15
Tax payable 5,475,976.12 3,078,968.63
Interest payable
Dividends payable
Other payables 100,372,899.60 95,022,064.02
Non-current liabilities due within I year 150,000,000.00 150,000,000.00
Other current liabilities 3,913,555.83 3,913,555.83
Total current liabilities 1,995,345,472.36 1,868,337,307.92
Non-current liabilities
Long-term loan 90,000,000.00 90,000,000.00
Debenture payable
Long-term payables
Special payables 321,698.98 321,698.98
Contingent liabilities
Deferred tax liabilities
Other non-current liabilities 46,870,472.54 47,848,861.52
Total non-current liabilities 137,192,171.52 138,170,560.50
Total liabilities 2,132,537,643.88 2,006,507,868.42
Owner’s equity (shareholders’ equity)
Capital stock 402,600,000.00 402,600,000.00
Capital public reserves 485,678,443.26 485,678,443.26
Less: treasury share
Surplus reserve 131,442,909.11 131,442,909.11
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Wafangdian Bearing Compnay Limited The Q1 Report for 2014
Undistributed profit 529,675,176.63 542,374,627.44
Difference of foreign currency translation
Total owner’s equity 1,549,396,529.00 1,562,095,979.81
Total owner’s equity and liabilities 3,681,934,172.88 3,568,603,848.23
Chairman: Cong Hong General Accountant : Sun Najuan Accounting charger: Yao Chunjuan
2 Income Sheet
Consolidated Income Sheet.
Unit: RMB Yuan
Item Account for the current period Account for the prior period
1.Total operating income 793,395,179.56 778,448,703.22
Including: Operating revenue 793,395,179.56 778,448,703.22
Interest income
Handling charge and commission income
2.Total operating cost 809,896,288.04 764,332,340.27
Including: Operating cost 732,653,807.31 688,926,932.21
Interest expenses
Handling charge and commission income
Tax & surcharges for main operations 3,223,170.86 3,024,286.15
Selling expenses 49,767,820.33 49,728,635.78
Administrative expense 17,319,595.82 16,329,817.46
Financial expense 5,898,961.36 5,976,134.30
Loss of impairment of assets 1,032,932.36 346,534.37
Add: Gains of change of fair value of assets(loss with"-")
Investment income(loss with "-") 285,931.87 4,007,887.80
Including: Income form investment on associated enterprise and
285,931.87 4,007,887.80
jointly enterprise
3.Operating profit (loss with"-") -16,215,176.61 18,124,250.75
Add: Non-operating revenue 1,321,315.04 1,810,891.40
Less: Non-operating cost 492,125.91 291,985.99
Including: loss on disposal of non-current assets
4.Total profit(loss with"-") -15,385,987.48 19,643,156.16
Less: Income tax expenses
5. Net profit(Loss with"-") -15,385,987.48 19,643,156.16
Net profit attributable to shareholders of parent company -15,385,987.48 19,617,156.49
Minority interests
6.Earnings per share
(1) Basic earnings per share -0.04 0.05
(2) Diluted earnings per share -0.04 0.05
7. Other comprehensive returns
8. Total comprehensive returns -15,385,987.48 19,617,156.49
Total comprehensive returns available for parent company -15,385,987.48 19,617,156.49
Total comprehensive returns available for minority shareholders
Chairman: Cong Hong General Accountant : Sun Najuan Accounting charger: Yao Chunjuan
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Wafangdian Bearing Compnay Limited The Q1 Report for 2014
Income Sheet of Parent Company.
Unit: RMB Yuan
Item Account for the current period Account for the prior period
Total operating income 794,578,226.16 776,868,968.14
Including: Operating cost 735,381,311.52 684,275,767.58
Tax & surcharges for main operations 2,872,005.09 2,727,312.86
Selling expenses 49,406,759.30 49,394,878.37
Administrative expense 13,072,175.03 12,617,389.41
Financial expense 6,194,867.78 5,968,057.63
Loss of impairment of assets 1,032,932.36 346,534.37
Add: Gains of change of fair value of assets(loss with"-")
Investment income(loss with "-") 285,931.87 4,007,887.80
Including: Income form investment on associated enterprise and
285,931.87 4,007,887.80
jointly enterprise
.Operating profit (loss with"-") -13,095,893.05 25,546,915.72
Add: Non-operating revenue 881,124.39 1,654,985.96
Less: Non-operating cost 484,682.15 291,985.99
Including: loss on disposal of non-current assets
Total profit(loss with"-") -12,699,450.81 26,909,915.69
Less: Income tax expenses 25,999.67
Net profit(Loss with"-") -12,699,450.81 -12,699,450.81
.Earnings per share
(1) Basic earnings per share -0.03 0.07
(2) Diluted earnings per share -0.03 0.07
Other comprehensive returns
. Total comprehensive returns -12,699,450.81 26,883,916.02
Chairman: Cong Hong General Accountant : Sun Najuan Accounting charger: Yao Chunjuan
3 Cash Flow Statement
Consolidated Cash Flow Statement.
Unit: RMB yuan
Item Account for the current period Account for the prior period
1.Cash from operating activities
Cash received from sale of goods or rendering of services 427,719,514.78 346,160,502.66
Refund of taxes and fares 129.17 218.89
Other cash received relating to operating activities 7,011,439.11 -537,216.85
Sub-total of cash inflows 434,731,083.06 345,623,504.70
Cash paid for goods and services 284,014,566.39 229,829,176.12
Cash paid to or on behalf of the employees 83,570,787.92 68,316,060.80
Tax payments 18,668,903.27 13,845,519.95
Other cash paid relating to operating activities 45,417,647.27 45,680,870.13
Sub-total of cash outflows 431,671,904.85 357,671,627.00
Net cash flows from operating activities 3,059,178.21 -12,048,122.30
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Wafangdian Bearing Compnay Limited The Q1 Report for 2014
2.Cash flows from investing activities
Cash received from return of investment 680,000.00
Cash received from investment incomes
Net cash received from disposal of fixed assets, intangible assets and
other long-term assets
Proceeds from sale of subsidiaries and other operating units
Other cash received relating to investing activities
Sub-total of cash inflows 680,000.00
Cash paid to acquire fixed assets, intangible assets and other
30,806,992.23 141,279.80
long-term assets
Cash paid to acquire investment
Net cash used in acquiring subsidiaries and other operating units
Other cash paid relating to investing activities
Sub-total of cash outflows 30,806,992.23 141,279.80
Net cash flows from investment activities -30,806,992.23 538,720.20
3.Cash flows from financing activities
Cash received from absorbing investment
Including: Cash received from increase in minority interest
Proceeds from borrowings 195,000,000.00 316,000,000.00
Other proceeds relating to financing activities
Sub-total of cash inflows 195,000,000.00 316,000,000.00
Repayment of borrowings 156,322,611.11 316,849,955.55
Distribution of dividends or profits & interest expenses 9,244,840.15 7,441,214.42
Including: dividends or profit paid to minority interest
Cash paid for other financing activities
Sub-total of cash outflows 165,567,451.26 324,291,169.97
Net cash flows from financing activities 29,432,548.74 -8,291,169.97
4. Effects of foreign exchange rate changes on cash 555,520.30 -42,705.56
5.Net increases in cash and cash equivalents 2,240,255.02 -19,843,277.63
Add: cash and cash equivalent, at the beginning of year 60,616,759.13 101,233,214.04
6.Cash and cash equivalent at the end of the year 62,857,014.15 81,389,936.41
Chairman: Cong Hong General Accountant : Sun Najuan Accounting charger: Yao Chunjuan
Cash Flow Statement Of Parent Company.
Unit: RMB yuan
Item Account for the current period Account for the prior period
1.Cash from operating activities
Cash received from sale of goods or rendering of services 427,280,110.67 348,860,702.11
Refund of taxes and fares 129.17 218.89
Other cash received relating to operating activities 3,485,636.10 -1,914,092.30
Sub-total of cash inflows 430,765,875.94 346,946,828.70
Cash paid for goods and services 296,041,579.55 247,903,752.12
Cash paid to or on behalf of the employees 72,265,092.72 57,058,260.30
Tax payments 15,432,843.06 11,571,324.41
Other cash paid relating to operating activities 40,528,459.70 42,664,910.10
Sub-total of cash outflows 424,267,975.03 359,198,246.93
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Wafangdian Bearing Compnay Limited The Q1 Report for 2014
Net cash flows from operating activities 6,497,900.91 -12,251,418.23
2.Cash flows from investing activities
Cash received from return of investment
Cash received from investment incomes 680,000.00
Net cash received from disposal of fixed assets, intangible assets and
other long-term assets
Proceeds from sale of subsidiaries and other operating units
Other cash received relating to investing activities
Sub-total of cash inflows 680,000.00
Cash paid to acquire fixed assets, intangible assets and other
30,769,332.23 18,599.80
long-term assets
Cash paid to acquire investment
Net cash used in acquiring subsidiaries and other operating units
Other cash paid relating to investing activities
Sub-total of cash outflows 30,769,332.23 18,599.80
Net cash flows from investment activities -30,769,332.23 661,400.20
3.Cash flows from financing activities
Cash received from absorbing investment
Including: Cash received from increase in minority interest
Proceeds from borrowings 195,000,000.00 316,000,000.00
Other proceeds relating to financing activities
Sub-total of cash inflows 195,000,000.00 316,000,000.00
Repayment of borrowings 156,322,611.11 316,849,955.55
Distribution of dividends or profits & interest expenses 9,242,735.25 7,441,090.38
Including: dividends or profit paid to minority interest
Cash paid for other financing activities
Sub-total of cash outflows 165,565,346.36 324,291,045.93
Net cash flows from financing activities 29,434,653.64 -8,291,045.93
4. Effects of foreign exchange rate changes on cash 555,520.30 -42,705.56
5.Net increases in cash and cash equivalents 5,718,742.62 -19,923,769.52
Add: cash and cash equivalent, at the beginning of year 56,478,876.74 98,688,072.55
6.Cash and cash equivalent at the end of the year 62,197,619.36 78,764,303.03
Chairman: Cong Hong General Accountant : Sun Najuan Accounting charger: Yao Chunjuan
4.2 Audited Report
The Q1 Report is not audited.
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