Wafangdian Bearing Company limited
2009 First quarter report
(Report period：Jan.1, 2009－Mar. 31, 2009)
Chairman（Signature）：Wang Lushun
April 22, 2009Wafangdian Bearing Company Limited 2009 First Quarter Report
Wafangdian Bearing Company Limited
2009 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 Besides the directors as follows, all the others directors presented the BOD meeting which discussing the annual report.
Name of the absented director
Absent reasons
Assignee name
Patrick Tong
Due to the busy work
Magnus Johansso
Jiang Zhongyuan
Due to the busy work
Su Shaoli
1.3 The first quarter financial report is un-audited.
1.4 The legal Person Mr. Wang Lushun, General Manager Mr. Shao Yang, Financial manager Mr. Zhang Xinghai, 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
Increase/decrease (%)
Total assets
2,848,597,044.77
2,869,772,017.86
-0.74%
Available for shareholders’ equity of parent company
1,323,309,023.01
1,300,780,197.09
1.73%
Capital stock
402,600,000.00
402,600,000.00
0.00%
Net assets per share available for shareholder of parent company
3.29
3.23
1.86%
Current period
Previous
Increase/decrease (%)
Total operating income
502,765,702.63
738,609,269.34
-31.93%
Net profit available for shareholder of parent company
22,528,825.92
41,208,176.55
-45.33%
Net cash flow from operating activities
51,464,590.02
12,778,197.68
302.75%
Net cash flow per share from the operating activities
0.13
0.03
333.33%
Basic gains per share
0.06
0.10
-40.00%
Diluted gains per share
0.06
0.10
-40.00%
Net return on asset
1.70%
1.43%
0.27%
Net return on asset with abnormal incomes deducted
1.39%
1.40%
-0.01%
Abnormal profits and loss Items
From the year-beginning to the period-end
Income from disposal of the non-current assets
70,666.20
the total net income from other non-operating business excluding above items
3,143,682.50
1Wafangdian Bearing Company Limited 2009 First Quarter Report
Debt recombine profits and loss
857,260.38
Total
4,071,609.08
Explanation on the abnormal profits and loss Item:
There is no direct relationship between the abnormal profits and loss amount and the daily busniess 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
10,432
Information of the first ten current shareholders
Name
Holding number of current stock
variety（A、B、H）
AKTIEBOLAGET SKF
79,300,000
B
HANWHA DREAM & GREEN CHINA EQUITY FUND 1
1,200,000
B
CREDIT SUISSE (HONG KONG) LIMITED
1,000,103
B
BGL S.A.
926,408
B
Huang Junyue
708,300
B
MAN,KWAI WING
695,401
B
MERCHANT SECURITIES (HONG KONG) Co.Ltd
668,938
B
Yang Guoxi
519,611
B
GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED
502,100
B
Mo Lixia
409,496
B
§3 Significant items
3.1 The great changes of main financial items and indicators and the reason
√Applicable □Not applicable
Affected by the global financial crisis, the main operating revenue has decreased by 33.4% and the profit
decreased by 34.1% compared with the same period last year, reasons are as follows:.
The sales amount railway lorry bearings and automobile bearings have decreased sharply, that is75.19%
and26.36%, and the sales of export products decreased by 50% compared with the same period last year.
Because of strengthen the reture of the account reveivable, the net amount of cash flow and the net amount
of cash flow per share increased 302.75% and 333.33% respectively.
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
Time
Place
Method
Unit
Contents concerned and the information showed 2Wafangdian Bearing Company Limited 2009 First Quarter Report
Feb. 24, 2009
Office of Board Secretary
spot Investigation
Credit Securities Co.,Ltd
The operation situation of the company
Mar.3, 2009
Office of Board Secretary
spot Investigation
Fuyou Fuqin financing Securities Co.,Ltd
The operation situation of the company
Mar.23, 2009
Office of Board Secretary
spot Investigation
Credit Securities Co.,Ltd
The operation situation of the company
Mar.23, 2009
Office of Board Secretary
spot Investigation
Union Securities Co.,Ltd
The operation situation of the company
Mar.23, 2009
Office of Board Secretary
spot Investigation
Huaxia fund management Co.,Ltd
The operation situation of the company
3.5.3 Other significant items explanation
□Applicable √Not applicable
4. Attachment
4.1 Balance statement
Producer：Wa Fangdian Bearing Co.,Ltd From Jan 1, 2009 to Mar 31, 2009 Unit: RMB Yuan
Period-end
Period-beginning
Item
Consolidated
Parent
Consolidated
Parent
Current assets:
Monetary funds
158,984,669.33
157,903,014.27
129,512,540.80
128,066,634.31
Notes receivable
46,568,332.94
46,568,332.94
61,344,054.83
61,344,054.83
Account receivable
691,611,089.82
675,399,059.99
701,641,881.64
683,979,031.00
Prepayment
11,640,190.70
10,515,848.15
5,355,110.87
4,302,394.09
Interest receivable
Other receivables
12,452,306.35
9,300,920.77
10,688,266.07
7,481,880.49
Inventory
1,030,604,025.82
967,870,884.78
1,072,250,663.70
1,006,291,300.51
Non-current assets expired within 1 year
Other current assets
326,154.75
326,154.75
309,149.38
309,149.38
Total current assets
1,952,186,769.71
1,867,884,215.65
1,981,101,667.29
1,891,774,444.61
Non-current assets
Long-term account receivable
Long-term equity investment
80,316,122.16
125,683,757.61
78,810,523.20
125,256,859.80
Real estate used for investing purpose
Fixed assets
579,112,402.04
569,274,233.80
573,368,279.75
562,834,590.51
Construction in progress
74,233,701.69
73,624,180.96
71,494,307.74
70,884,787.01
Intangible assets
143,698,813.00
143,698,813.00
144,793,523.11
144,793,523.11
Long-term prepaid expense
2,093,510.15
2,093,510.15
2,276,409.35
2,276,409.35
Deferred- income tax assets
16,955,726.02
16,955,726.02
17,927,307.42
16,955,726.02
Other non-current assets
Total non-current assets
896,410,275.06
931,330,221.54
888,670,350.57
923,001,895.80
Total assets
2,848,597,044.77
2,799,214,437.19
2,869,772,017.86
2,814,776,340.41
Current liability
Short-term borrowing
372,160,235.14
351,000,000.00
325,393,777.75
304,233,542.61
Notes payable
122,300,000.00
122,300,000.00
115,330,000.00
115,330,000.00
Account payable
532,392,499.15
494,288,158.30
632,582,740.43
591,553,783.91
Advance from customers
57,053,111.87
50,964,010.88
29,344,299.86
23,259,217.24
Payoff payable
29,060,742.57
19,056,429.03
29,872,800.60
20,072,752.22
Tax payable
24,290,861.67
16,088,252.29
-402,118.38
-6,521,357.08
Dividends payable
Other payables
87,557,009.28
82,646,370.47
87,802,183.41
82,874,804.88
3Wafangdian Bearing Company Limited 2009 First Quarter Report
Accrued expense
Non-current liability expired within 1 year
140,000,000.00
140,000,000.00
190,000,000.00
190,000,000.00
Other current liability
38,863.10
38,863.10
27,463.10
27,463.10
Total current liability
1,364,853,322.78
1,276,382,084.07
1,409,951,146.77
1,320,830,206.88
Non-current liability:
Long-term borrowing
149,500,000.00
148,000,000.00
149,500,000.00
148,000,000.00
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
10,633,000.00
10,633,000.00
6,633,000.00
6,633,000.00
Total non-current liability
160,434,698.98
158,834,698.98
156,434,698.98
154,834,698.98
Total liability
1,525,288,021.76
1,435,216,783.05
1,566,385,845.75
1,475,664,905.86
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
101,403,904.38
101,403,904.38
101,403,904.38
101,403,904.38
Undistributed profits
333,873,600.56
377,429,804.39
311,344,774.64
352,543,584.80
Equity available for the owner of parent company
1,323,309,023.01
1,363,997,654.14
1,300,780,197.09
1,339,111,434.55
Minority owners’ equity
2,605,975.02
Total Owners' Equity
1,323,309,023.01
1,363,997,654.14
1,303,386,172.11
1,339,111,434.55
Total Liabilities & Owners' Equity
2,848,597,044.77
2,799,214,437.19
2,869,772,017.86
2,814,776,340.41
4.2 Income statement
Producer：Wa Fangdian Bearing Co.,Ltd From Jan 1, 2009 to Mar 31, 2009 Unit: RMB Yuan
Period-end
Period-beginning
Item
Consolidated
Parent
Consolidated
Parent
1.Total operating income
502,765,702.63
498,365,705.72
738,609,269.34
724,364,304.51
including：operating income
502,765,702.63
498,365,705.72
738,609,269.34
724,364,304.51
Interest income
2. Total operating cost
478,911,179.16
470,981,277.16
695,790,139.85
682,430,022.17
including：operating cost
423,541,707.37
418,373,440.04
633,983,175.11
623,358,654.74
Business tax and added
2,419,805.79
2,319,634.00
2,789,903.53
2,697,216.00
Sales expense
29,722,422.85
29,366,080.68
32,987,792.99
32,388,911.63
Management expense
16,016,314.60
14,090,657.29
15,600,004.78
13,998,222.12
Financial expense
7,210,928.55
6,831,465.15
10,429,263.44
9,987,017.68
plus：gains from the change of fair value（loss as “-”）
Investment income（loss as “-”）
426,897.81
426,897.81
2,787,427.19
2,787,427.19
Including: investment incomes from the associated company and joint-venture
426,897.81
426,897.81
2,787,427.19
2,787,427.19
3.Operating profits（loss as “-”）
24,281,421.28
27,811,326.37
45,606,556.68
44,721,709.53
plus：non-operating income
4,304,641.29
3,583,060.13
1,687,812.02
1,542,356.26
minus：non-operating expense
1,124,170.81
1,089,141.87
437,428.96
306,286.66
4.Total profits（loss as “-”）
27,461,891.76
30,305,244.63
46,856,939.74
45,957,779.13
minus：tax
5,419,025.04
5,419,025.04
5,471,519.31
5,471,519.31
5.Net profits（loss as “-”）
22,042,866.72
24,886,219.59
41,385,420.43
40,486,259.82
Net profits available for the
22,528,825.92
24,886,219.59
41,208,176.55
40,486,259.82
4Wafangdian Bearing Company Limited 2009 First Quarter Report
owner of company
Minority shareholders’ equity
-485,959.20
177,243.88
6. gains per share：
Basic gains per share
0.06
0.06
0.10
0.10
Diluted gains per share
0.06
0.06
0.10
0.10
4. 3 Cash flow statement
Producer：Wa Fangdian Bearing Co.,Ltd From Jan 1, 2009 to Mar 31, 2009 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
290,459,931.35
283,122,460.15
373,571,031.61
358,865,640.76
Refunds of tax
Cash received relating to other operating activities
4,484,527.45
4,484,534.99
593,489.65
532,271.36
Sub-total of cash Inflow
294,944,458.80
287,606,995.14
374,164,521.26
359,397,912.12
Cash paid for purchase of goods &receiving services
152,426,982.26
149,002,796.04
263,253,484.41
256,336,132.91
Cash paid to & on behalf of employees
52,160,815.53
49,884,108.33
53,426,852.16
49,724,632.82
Tax payments
9,086,741.25
8,301,066.66
20,095,836.81
18,844,499.37
Other cash paid relating to other operating activities
29,805,329.74
28,596,413.05
24,610,150.20
22,940,107.05
Sub-total of cash outflow
243,479,868.78
235,784,384.08
361,386,323.58
347,845,372.15
Net cash flows from operating activities
51,464,590.02
51,822,611.06
12,778,197.68
11,552,539.97
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
12,800.00
12,800.00
Cash received relating to other investing activities
Sub-total cash inflow from investment
12,800.00
12,800.00
Cash paid to acquire fixed assets, intangible assets & other long-term assets
11,176,097.30
11,176,097.30
13,118,179.83
13,067,558.83
Cash paid to acquire investment
Cash paid relating to other investing investment
12,300.00
12,300.00
Sub-total of cash outflow
11,176,097.30
11,176,097.30
13,130,479.83
13,079,858.83
Net cash flows from investing activities
-11,176,097.30
-11,176,097.30
-13,117,679.83
-13,067,058.83
3. Cash flows from financing activities：
Cash received by investors
Including: cash received from the subsidiaries absorbing the
5Wafangdian Bearing Company Limited 2009 First Quarter Report
minority shareholders’ investment
Cash received from borrowing
73,000,000.00
73,000,000.00
79,140,000.00
79,140,000.00
Cash received from issuing debenture
Cash received relating to other financing activities
689,071.06
689,071.06
363,455.82
363,455.82
Subtotal cash inflow from financing
73,689,071.06
73,689,071.06
79,503,455.82
79,503,455.82
Repayments of borrowings
76,541,543.67
76,541,543.67
83,240,000.00
83,140,000.00
Dividends paid, profit distributed ,interest paid
7,882,178.12
7,875,947.73
4,021,763.59
3,902,617.14
Including: the dividends and profits paid for the minority shareholders by the subsidiaries
Cash paid relating to other financing activities
81,713.46
81,713.46
859,474.71
859,474.71
Subtotal of cash outflows
84,505,435.25
84,499,204.86
88,121,238.30
87,902,091.85
Net cash flow from the financing activities
-10,816,364.19
-10,810,133.80
-8,617,782.48
-8,398,636.03
4.the effect of foreign currency translation
5. Net Increase in cash & cash equivalents
29,472,128.53
29,836,379.96
-8,957,264.63
-9,913,154.89
Plus: balance of cash & cash equivalents in the period-beginning
129,512,540.80
128,066,634.31
141,006,398.13
136,367,342.33
6. Balance of cash & cash equivalents in the period-end
158,984,669.33
157,903,014.27
132,049,133.50
126,454,187.44
The above financial statements have been approved by the board meeting held on April 22, 2009.
Charger: Zhang Xinghai Charger:Su Shaoli
4.4 Auditing report
Auditing opinions: un-audited. 6
