BOE TECHNOLOGY GROUP CO., LTD.
THE FIRST QUARTERLY REPORT FOR YEAR 2010
§1. Important Notice
1.1 The Board of Directors, the Supervisory Committee, as well as directors, supervisors and senior executives of BOE Technology Group Co., Ltd. (hereinafter referred to as “the Company”) warrant that this report does not contain any false or misleading statements or omit any material facts, and will take all responsibilities, individual and joint, for the authenticity, accuracy and completeness of this report.
1.2 The Financial Report for First Quarter of 2010 has not been audited by an accounting firm.
1.3 Mr. Wang Dongsheng, Chairman of the Board of Directors, Mr. Chen Yanshun, CEO, Ms. Sun Yun, CFO, and Ms. Yang Xiaoping, Person-in-charge of the Financial Planning Department, hereby declare that they guarantee the reality and completeness of the financial report enclosed in this quarterly report.
§2 Company Profile
2.1 Main accounting data and financial indicators
Unit: RMB Yuan
As at 31 Mar. 2010
As at 31 Dec. 2009
Increase/decrease (%)
Total assets (Yuan)
32,279,034,322.00
30,613,980,480.00
5.44%
Owner’s equity attributable to shareholders of listed company (Yuan)
17,738,455,110.00
18,022,804,672.00
-1.58%
Share capital (share)
8,282,902,447.00
8,282,902,447.00
0.00%
Net assets per share attributable to shareholders of listed company (Yuan/share)
2.14
2.18
-1.83%
Jan.-Mar. 2010
Jan.-Mar. 2009
Increase/decrease (%)
Total operating income (Yuan)
1,893,639,353.00
720,895,076.00
162.68%
Net profit attributable to shareholders of listed company (Yuan)
-296,853,336.00
-410,758,569.00
27.73%
Net cash flows from operating activities (Yuan)
33,675,569.00
-147,403,907.00
122.85%
Net cash flows per share from operating activities (Yuan/share)
0.004
-0.02
120.00%
Basic earnings per share (Yuan/share)
-0.04
-0.13
69.23%
Diluted earnings per share (Yuan/share)
-0.04
-0.13
69.23%
Weighted average ROE (%)
-1.66%
-7.43%
5.77%
Weighted average ROE (%) after deducting non-recurring gains and losses
-1.75%
-7.51%
5.76%Items of extraordinary gains and losses
Amount from year-begin to period-end
Gains and losses from disposal of non-current assets
2,929,269.00
Government subsidies recorded into current gains and losses, except for those closely related to normal operation of the Company and enjoyed by the Company at certain amounts according to state policies
14,730,190.00
Other non-business incomes and expenses except for items above
1,308,552.00
Effect on income tax
-26,729.00
Effect on minority interests
-2,606,013.00
Total
16,335,269.00
Notes to important items of extraordinary gains and losses
None
2.2 Number of total shareholders at period-end and top ten shareholders holding shares not subject to trading moratorium
Unit: Share
Number of total shareholders at period-end
193,236 (including 153,274 A-share holders and 39,962 B-share holders)
Shareholding of top ten shareholders holding shares not subject to trading moratorium
Full name of shareholder
Shares not subject to moratorium held at period-end
Type of shares
BEIJING BOE INVESTMENT-DEVELOPMENT CO., LTD.
717,484,233
RMB ordinary shares
BEIJING ELECTRONICS HOLDING CO., LTD.
254,837,863
RMB ordinary shares
FIELDS PACIFIC LIMITED
53,165,462
Domestically listed foreign shares
BEIJING STATE-OWNED ASSETS MANAGEMENT CO., LTD.
47,079,309
RMB ordinary shares
BEIJING INDUSTRY DEVELOPMENT & INVESTMENT MANAGEMENT CO., LTD.
42,276,259
RMB ordinary shares
CHENGDU HI-TECH INVESTMENT GROUP CO., LTD.
33,971,362
RMB ordinary shares
CHENGDU INDUSTRIAL INVESTMENT GROUP CO., LTD.
33,088,747
RMB ordinary shares
UBS CUSTODY SERVICES SINGAPORE PTE. LTD.
30,312,315
Domestically listed foreign shares
HUANG YINGBIN
28,547,711
Domestically listed foreign shares
CHINA LIFE INSURANCE (GROUP) COMPANY—TRADITIONAL—COMMON INSURANCE PRODUCT
18,999,924
RMB ordinary shares
§3 Significant Events
3.1 Considerable changes in main accounting statement items and financial indicators, as well as reasons for such changes
√Applicable □Inapplicable
1. Prepayment increased by 107.1% as compared with that at the end of last year, which was mainly because: The Company prepaid to suppliers for material purchase;
2. Other current assets increased by 45.77% as compared with that at the end of last year, which was mainly because: Overpaid VAT increased in the first quarter of 2010;
3. Construction in process increased by 52.91% as compared with that at the end of last year, which was mainlybecause: Construction projects and equipment purchase increased;
4. Other non-current assets increased by 112.66% as compared with that at the end of last year, which was mainly because: The Company prepaid for construction projects and technology contracts;
5. Interest payable increased by 220.76% as compared with that at the end of last year, which was mainly because: The Company withdrew borrowing interest in the first quarter of 2010;
6. Other current liabilities increased by 37.6% as compared with that at the end of last year, which was mainly because: Deposits for products within the maintenance period were withdrawn;
7. Other non-current liabilities increased by 99.73% as compared with that at the end of last year, which was mainly because: Government subsidies related to assets were received;
8. Operating income increased by 162.68% from the same period of last year, which was mainly because: In the same period of last year, market demand and prices for main products of the Company decreased due to the financial crisis while in the report period, prices and sales of main products were on the rise because of recovery of the market environment;
9. Operating cost increased by 126.52% from the same period of last year, which was mainly because: Due to market recovery in the report period, operating cost rose along with increasing sales of main products;
10、Asset impairment loss increased by 284.13%, which was mainly because: At the same period of last year, prices rose along with recovery of the TFT-LCD industry and impairment reserves withdrawn previously were offset；
11. Selling expenses increased by 99.85% from the same period of last year, which was mainly because: Due to market recovery in the report period, selling expenses rose along with increasing sales of main products;
12. Financial expenses decreased by 111.56% from the same period of last year, which was mainly because: Monetary funds increased due to the private A-stock offering, which resulted in more interest of bank deposits;
13. Investment income increased by 86.3% from the same period of last year, which was mainly because: Matsushita Color CRT was included in the consolidation scope on 31 Dec. 2009 and measurement of the long-term equity investment in Matsushita Color CRT was shifted from the equity method to the cost method;
14. Non-business income increased by 277.1% from the same period of last year, which was mainly because: More government subsidies related to incomes were recognized in the report period;
15. Income tax expenses decreased by 180.55% from the same period of last year, which was mainly because: Deferred income tax liabilities recognized in 2009 were transferred back in the report period;
16. Net cash flows from operating activities increased by 122.85% from the same period of last year, which was mainly because: Due to market recovery, as well as increase in production and sales, cash inflows from operating activities increased significantly from the same period of last year;
17. Net cash flows from investing activities decreased by 70.91% from the same period of last year, which was mainly because: New projects were launched one by one, which resulted in more cash outflows from investing activities as compared with that in the same period of last year;
18. Net cash flows from financing activities increased by 83.00% from the same period of last year, which was mainly because: Registered capital of project enterprises was increased.3.2 Progress of significant events, as well as analysis and explanation on relevant influence and solutions
√Applicable □Inapplicable
1. Private A-stock offering project: With authorization from the Shareholders’ General Meeting, the Board of Directors actively carried forward the private A-stock offering project for raising equity funds for the Beijing 8G TFT-LCD Production Line Project. Currently, the private A-stock offering project is in great progress;
2. Beijing 8G TFT-LCD production line project: Currently, factory building is in process. And equipment purchase, personnel preparation, product and customer development, business invitation for the up-stream and down-stream industrial chain are being carried forward as scheduled;
3. Hefei 6G TFT-LCD production line project: Roof-sealing of main construction was successfully accomplished at the end of Dec. 2009 with a top-grade construction speed and quality. Currently, equipment carry-in, installation and testing are in process. And mass production is expected to be realized in the fourth quarter of 2010;
4. National engineering lab project for TFT-LCD technique: Currently, equipment carry-in, installation and testing are in process. And the lab is expected to go into operation in the third quarter of 2010;
5. Syndicated loan affairs: Organization of syndicated loans for the Hefei 6G Production Line Project and the Beijing 8G Production Line Project is being actively carried forward.
3.3 Implementation of commitments made by the Company, shareholders and actual controller
□Applicable √Inapplicable
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 □Inapplicable
Performance forecast
Loss
1 Jan.-30 Jun. 2010
Same period of last year
Increase/decrease (%)
Estimated accumulative net profit (RMB Ten thousand)
-50,000.00
-74,943.00
-
-
Basic EPS (RMB Yuan/share)
-0.06
-0.18
-
-
Explanation on performance forecast
The TFT-LCD industry has begun to recover at the beginning of 2009. And prices of the Company’s main products rose but still remained at a low level. The product structure of the Company’s 5G TFT-LCD Production Line is being actively adjusted and the 4.5G TFT-LCD Production Line is expected to reach the designed production capacity in the second quarter of 2010. The first half of 2010 is expected to see a loss of the Company but with a better performance than the same period of last year.
3.5 Other significant events
3.5.1 Securities investment
□Applicable √Inapplicable
3.5.2 Researches, interviews and visits received in report period.
Time
Place
Way of reception
Visitor
Main discussion and materials provided by the3.5.3 Other significant events
√Applicable □Inapplicable
(1) In the report period, the Company did not offer funds to the controlling shareholder or its related parties or provide external guarantees in violation of the prescribed procedure;
(2) In the report period, shareholders holding 30% of the Company’s shares had no plans of shareholding increase;
(3) In the report period, there existed no significant contract matters that should be disclosed;
3.6 Investments in financial derivative products
□Applicable √Inapplicable
3.6.1 Positions of financial derivative products held at period-end
□Applicable √Inapplicable
§4 Appendix
Company
12 Jan. 2010
Conference Room of the Company
Field research
Industrial Securities Co., Ltd.
13 Jan. 2010
Conference Room of the Company
Field research
New TimesSecurities Co., Ltd., Harvest Fund Management Co., Ltd. and Huatai Securities Co., Ltd.
14 Jan. 2010
Conference Room of the Company
Field research
GF Fund Management Co., Ltd.
19 Jan. 2010
Conference Room of the Company
Field research
Aerospace Science & Technology Finance Co., Ltd.
20 Jan. 2010
Conference Room of the Company
Field research
Industrial Securities Co., Ltd.
21 Jan. 2010
Conference Room of the Company
Field research
Yinhua Fund Management Co., Ltd., TX Investment Consulting Co., Ltd., Changsheng Fund Management Co., Ltd. and HXFB (Shanghai) Asset Management Co., Ltd.
5 Feb. 2010
Conference Room of the Company
Field research
Bohai Securities Co., Ltd., Invesco Great Wall Fund Management Co., Ltd., China Merchants Securities, Xinjiang Hongtai Mining Industry Co., Ltd. and ICBC Credit Suisse Asset Management Co., Ltd.
25 Feb. 2010
Conference Room of the Company
Field research
Rixin Securities Co., Ltd., Citic Securities Co., Ltd., Yinhua Fund Management Co., Ltd., TX Investment Consulting Co., Ltd. and China Securities Co., Ltd.
1 Mar. 2010
Conference Room of the Company
Field research
Wedge MKI LLC and Wedge partners Corp.
19 Mar. 2010
Conference Room of the Company
Field research
Merrill Lynch Securities (Taiwan) Ltd., Bank of America Merrill Lynch and UG invest
Main discussion:
1.Operation of the Company and its future development strategy;
2.Current status and development trends in the industry;
3.Chengdu 4.5G Production Line, Hefei 6G Production Line and Beijing 8G Production Line;
4. Particulars about the private A-stock offering;
Materials provided:
The 2008 Annual Report, the brochure of the Company and other materials available for public access4.1 Balance sheet
Prepared by BOE Technology Group Co., Ltd. 31 Mar. 2010 Unit: RMB Yuan
Closing balance
Opening balance
Items
Consolidation
Parent company
Consolidation
Parent company
Current Assets:
Monetary funds
16,281,329,810.00
2,804,476,911.00
15,836,411,922.00
2,793,913,468.00
Settlement reserve
Lendings to banks and other financial institutions
Transaction financial asset
Notes receivable
286,939,451.00
547,052.00
331,898,229.00
1,049,534.00
Account receivable
1,293,535,466.00
45,775,505.00
1,195,729,431.00
45,271,329.00
Account paid in advance
85,710,406.00
200,520.00
41,375,396.00
1,860,516.00
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract reserves
Interest receivable
38,198,522.00
4,797,790.00
36,303,904.00
5,068,185.00
Dividend receivable
8,204,147.00
8,204,147.00
Other account receivable
123,001,025.00
197,214,695.00
106,764,069.00
195,093,111.00
Financial assets purchased under agreement to resell
Inventories
859,949,712.00
19,496.00
780,639,882.00
282,317.00
Non-current assets due within 1 year
Other current assets
413,694,632.00
14,875,642.00
283,806,158.00
572,623.00
Total current assets
19,382,359,024.00
3,076,111,758.00
18,612,928,991.00
3,051,315,230.00
Non-current assets:
Loans and advances
Available-for-sale financial assets
196,357,738.00
196,357,738.00
183,909,549.00
183,909,549.00
Held-to-maturity investments
Long-term account receivable
Long-term equity investment
62,274,081.00
16,739,699,030.00
64,230,890.00
16,513,841,302.00
Investing property
1,196,037,855
44,851,979.00
1,204,384,315.00
45,252,698.00
Fixed assets
7,613,121,910
140,914,063.00
7,955,058,596.00
144,293,574.00
Construction in progress
1,744,418,299.00
202,666,721.00
1,140,779,520.00
143,053,021.00
Engineering material
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets
775,394,191.00
54,735,940.00
774,986,122.00
55,283,287.00Development expense
Goodwill
47,364,310.00
47,364,310.00
Long-term deferred expenses
15,095,761.00
3,123,750.00
15,747,779.00
3,215,625.00
Deferred income tax assets
53,178,099.00
53,396,674.00
Other non-current assets
1,193,433,054.00
160,890,346.00
561,193,734.00
131,125,822.00
Total of non-current assets
12,896,675,298.00
17,543,239,567.00
12,001,051,489.00
17,219,974,878.00
Total assets
32,279,034,322.00
20,619,351,325.00
30,613,980,480.00
20,271,290,108.00
Current liabilities:
Short-term borrowings
1,085,689,078.00
41,066,460.00
855,912,704.00
Borrowing from Central Bank
Deposits and sue to banks and other financial institutions
Call loan received
Transaction financial liabilities
Notes payable
32,238,525.00
27,025,437.00
Account payable
2,084,255,445.00
1,994,768.00
2,062,612,767.00
73,557,005.00
Account received in advance
53,853,577.00
275,235,880.00
59,726,146.00
270,385,995.00
Financial assets sold for repurchase
Handling charges and commissions payable
Employee’s compensation payable
155,864,206.00
31,053,042.00
190,728,011.00
29,854,839.00
Tax payable
38,094,466.00
22,921,892.00
37,105,067.00
23,445,437.00
Interest payable
19,244,304.00
1,061,046.00
5,999,659.00
292,521.00
Dividend payable
6,947,101.00
6,453,790.00
6,667,492.00
6,453,790.00
Other account payable
245,770,112.00
102,741,911.00
228,912,302.00
44,796,301.00
Reinsurance premiums payable
Insurance contract reserves
Acting trading of securities
Acting underwriting of securities
Non-current liabilities due within 1 year
260,678,900.00
200,000,000.00
245,684,600.00
200,000,000.00
Other current liabilities
56,397,331.00
40,987,163.00
Total current liabilities
4,039,033,045.00
682,528,789.00
3,761,361,348.00
648,785,888.00
Non-current liabilities:
Long-term borrowings
4,433,896,022.00
125,000,000.00
4,403,729,000.00
125,000,000.00
Bonds payable
Long-term payables
Specific payables
Accrued liabilities
45,970,144.00
45,970,144.00
Deferred income tax liabilities
257,891,606.00
260,133,072.00Other non-current liabilities
412,706,756.00
356,857,015.00
206,634,962.00
50,349,340.00
Total non-current liabilities
5,150,464,528.00
481,857,015.00
4,916,467,178.00
175,349,340.00
Total liabilities
9,189,497,573.00
1,164,385,804.00
8,677,828,526.00
824,135,228.00
Owners’ equity (or shareholders’ equity)
Paid-up capital (or share capital)
8,282,902,447.00
8,282,902,447.00
8,282,902,447.00
8,282,902,447.00
Capital reserves
11,553,680,880.00
11,361,125,464.00
11,541,232,692.00
11,348,677,276.00
Less: Treasury stock
Specific reserves
Surplus reserves
499,092,613.00
499,092,613.00
499,092,613.00
499,092,613.00
Provisions for general risks
Retained profits
-2,595,103,749.00
-688,155,003.00
-2,298,250,413.00
-683,517,456.00
Foreign exchange difference
-2,117,081.00
-2,172,667.00
Total owners' equity attributable to parent company
17,738,455,110.00
19,454,965,521.00
18,022,804,672.00
19,447,154,880.00
Minority interests
5,351,081,639.00
3,913,347,282.00
Total owners’ equity
23,089,536,749.00
19,454,965,521.00
21,936,151,954.00
19,447,154,880.00
Total liabilities and owners’ equity
32,279,034,322.00
20,619,351,325.00
30,613,980,480.00
20,271,290,108.00
4.2 Income Statement
Prepared by BOE Technology Group Co., Ltd. Jan.-Mar. 2010 Unit: RMB Yuan
Amount as of this period
Amount as of the last period
Items
Consolidation
Parent company
Consolidation
Parent company
I. Total operating income
1,893,639,353.00
50,220,892.00
720,895,076.00
46,163,731.00
Including: Sales
1,893,639,353.00
50,220,892.00
720,895,076.00
46,163,731.00
Interest income
Premium income
Handling charges and commission income
II. Total operating cost
2,244,330,520.00
57,106,156.00
1,226,041,034.00
36,637,981.00
Including: Cost of sales
1,958,106,353.00
19,945,334.00
864,438,099.00
19,701,541.00
Interest expenses
Handling charges and commission expenses
Cash surrender value
Net amount of claims
Net amount of insurance contract reserve withdrawn
Expenditure on policy dividends
Reinsurance premiumTaxes and associate charges
4,100,445.00
1,709,542.00
3,704,183.00
1,802,282.00
Sales expenses
43,182,256.00
78,785.00
21,607,257.00
169,403.00
Administrative expenses
253,948,969.00
45,033,143.00
346,168,324.00
21,728,219.00
Financial expenses
-3,037,574.00
-9,677,736.00
26,282,532.00
-6,657,393.00
Asset impairment loss
-11,969,929.00
17,088.00
-36,159,362.00
-106,071.00
Add: Gain/(loss) from change in fair value (“-” means loss)
Gain/(loss) from investment (“-” means loss)
-1,957,005.00
-1,838,262.00
-14,285,911.00
-11,856,155.00
Including: income form investment on affiliated enterprises and jointly-runenterprises
-14,285,911.00
-11,856,155.00
Gains and losses on exchange (“-” means loss)
III. Business profit (“-” means loss)
-352,648,172.00
-8,723,526.00
-519,431,869.00
-2,330,405.00
Add: non-operation income
19,217,767.00
4,096,832.00
5,096,184.00
33,342.00
Less: non-business expense
249,756.00
10,855.00
599,886.00
500,100.00
Including: loss from non-current asset disposal
45,189.00
18,520.00
IV. Total profit (“-” means loss)
-333,680,161.00
-4,637,549.00
-514,935,571.00
-2,797,163.00
Less: Income tax expense
-1,674,191.00
2,078,492.00
V. Net profit (“-” means loss)
-332,005,970.00
-4,637,549.00
-517,014,063.00
-2,797,163.00
Attributable to parent company
-296,853,336.00
-4,637,549.00
-410,758,569.00
-2,797,163.00
Minority interests
-35,152,634.00
-106,255,494.00
VI. Earnings per share:
(I) Basic earnings per share
-0.04
0.00
-0.13
-0.001
(II) Diluted earnings per share
-0.04
0.00
-0.13
-0.001
Ⅶ. Other comprehensive income
12,448,188.00
12,448,188.00
3,142,916.00
3,142,916.00
Ⅷ. Total comprehensive incomes
-319,557,782.00
7,810,639.00
-513,871,147.00
345,753.00
Attributable to owners of parent company
-284,405,148.00
7,810,639.00
-407,615,653.00
345,753.00
Attributable to minority shareholders
-35,152,634.00
-106,255,494.00
4.3 Cash Flow Statement
Prepared by BOE Technology Group Co., Ltd. Jan.-Mar. 2010 Unit: RMB Yuan
Amount of this period
Amount of the last period
Items
Consolidation
Parent company
Consolidation
Parent companyI. Cash flows from operating activities:
Cash received from sale of commodities and rendering of service
1,843,919,499.00
22,479,022.00
768,952,605.00
14,002,487.00
Net increase of deposits from customers and dues from banks
Net increase of loans from the central bank
Net increase of funds borrowed from other financial institutions
Cash received from premium of original insurance contracts
Net cash received from reinsurance business
Net increase of savings of policy holders and investment fund
Net increase of disposal of tradable financial assets
Cash received from interest, handling charges and commissions
Net increase of borrowed inter-bank funds
Net increase of buy-back funds
Tax refunds received
8,368,714.00
1,301,984.00
Other cash received relating to operating activities
380,217,149.00
329,636,289.00
106,203,143.00
114,182,119.00
Subtotal of cash inflows from operating activities
2,232,505,362.00
352,115,311.00
876,457,732.00
128,184,606.00
Cash paid for goods and services
1,734,065,328.00
8,614,861.00
766,108,737.00
6,724,724.00
Net increase of customer lending and advance
Net increase of funds deposited in the central bank and amount due from banks
Cash for paying claims of the original insurance contract
Cash for paying interest, handling charges and commissions
Cash for paying policydividends
Cash paid to and for employees
200,313,322.00
20,742,107.00
152,965,253.00
13,336,368.00
Various taxes paid
61,784,689.00
21,854,283.00
21,081,143.00
6,387,459.00
Payment of cash relating to operating activities
203,192,975.00
50,760,629.00
83,706,506.00
23,348,564.00
Subtotal of cash outflows from operating activities
2,199,356,314.00
101,971,880.00
1,023,861,639.00
49,797,115.00
Net cash flows from operating activities
33,149,048.00
250,143,431.00
-147,403,907.00
78,387,491.00
II. Cash Flows from investment activities:
Cash received from return of investments
Cash received from investment income
Net cash received from disposal of fixed assets, intangible assets and other long-term assets
24,422,174.00
Cash inflows from merge of subsidiary companies
95,735,577.00
Net cash received from disposal of subsidiary or other operating business units
Withdrawal of restricted deposit in financial institution
1,552,196.00
Other cash received relating to investment activities
29,299,468.00
31,582,500.00
12,149,756.00
9,087,289.00
Subtotal of cash inflows from investment activities
53,721,642.00
33,134,696.00
107,885,333.00
9,087,289.00
Cash paid to acquire fixed assets, intangible assets and other long-term assets
1,345,978,645.00
82,765,144.00
705,476,913.00
2,131,029.00
Increase of restricted deposit in financial institution
1,821,250,729.00
833,662,022.00
301,980.00
Cash paid to investment
27,695,991.00
227,695,991.00
600,000,000.00
Net increase of pledged loans
Net cash paid for acquiring subsidiaries and other operating units
Payment of cash relating to other investment activities
277,395,572.00
Subtotal of cash outflows from investment activities
3,194,925,365.00
310,461,135.00
1,539,138,935.00
879,828,581.00Net cash flows from investment activities
-3,141,203,723.00
-277,326,439.00
-1,431,253,602.00
-870,741,292.00
III. Cash Flows from financing activities:
Cash received from absorbing investment
1,500,000,000.00
Including: Cash received by subsidiaries from increase in minority interests
Cash received from borrowings
832,060,703.00
41,066,460.00
1,382,403,219.00
964,400,000.00
Cash received from issuance of bonds
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities
2,332,060,703.00
41,066,460.00
1,382,403,219.00
964,400,000.00
Cash repayments of amounts borrowed
556,316,663.00
400,268,706.00
Cash paid interest expenses and distribution of dividends or profit
41,706,492.00
1,824,388.00
34,719,563.00
6,037,754.00
Including: dividends or profit paid by subsidiaries to minority shareholders
Other cash payments relating to financing activities
1,217,840.00
8,701.00
503,162.00
36,860.00
Sub-total of cash outflows from financing activities
599,240,995.00
1,833,089.00
435,491,431.00
6,074,614.00
Net cash flow from financing activities
1,732,819,708.00
39,233,371.00
946,911,788.00
958,325,386.00
IV. Effect of foreign exchange rate changes on cash and cash equivalents
-1,624,395.00
65,276.00
-4,685,656.00
-8,088.00
V. Increase in cash and cash equivalents
-1,376,859,362.00
12,115,639.00
-636,431,377.00
165,963,497.00
Add: Cash and cash equivalents at year-begin
15,003,596,344.00
2,788,892,804.00
3,528,597,814.00
572,867,082.00
VI. Cash and cash equivalents at the period-end
13,626,736,982.00
2,801,008,443.00
2,892,166,437.00
738,830,579.00
4.4 Audit Report
Audit opinion: un-auditedChairman of the Board: Wang Dongsheng (signature)
Board of Directors
BOE Technology Group Co., Ltd.
28 April 2010
