Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2011 (Full Text)
Bengang Steel Plates Co., Ltd.
The 1st Quarterly Report 2011 (Full Text)
§1 Important Declaration
1.1 The Board of Directors and the directors of the Company guarantee that there are no significant omissions,
fictitious or misleading statements carried in the Report and we will accept individual and joint responsibilities for
the truthfulness, accuracy and completeness of the Report.
This is the summary abstracted from the complete version of the Quarterly Report, which is published
synchronously on the Internet (http://www.cninfo.com.cn) for details please refer to the complete version.
1.2 The financial statements carried in this report are not audited.
1.3 Chairman of the Board – Zhang Xiaofang, Chief Financial Officer – Mr. Cao Aimin, and Head of Accounting
Dept. – Mr. Zuo Zhanguo hereby declare: the authenticity and integrality of the report are guaranteed.
1.4 This report is prepared both in Chinese and English. When there is conflict understanding between the two
versions, the Chinese version shall prevail.
§2 Company Profile
2.1 Financial highlights
In RMB Yuan
Ended this report Changed by
Ended previous year
term (%)
Gross Assets (RMB) 37,216,462,270.76 35,871,741,948.24 3.75%
Owners’ equity attributable to the shareholders of the listed company
15,315,292,573.17 15,010,359,312.05 2.03%
(yuan)
Capital shares (shares) 3,136,000,000.00 3,136,000,000.00 0.00%
Net asset per share attributable to the shareholders of the listed company
4.88 4.79 1.88%
(Yuan/share)
Same period last Changed by
This report term
year (%)
Turnover (yuan) 10,705,982,240.30 10,494,187,406.28 2.02%
Net profit attributable to shareholders of the listed company (yuan) 304,933,261.12 372,266,276.54 -18.09%
Net Cash flow generated by business operation (RMB) 220,747,490.08 932,583,770.26 -76.33%
Net Cash flow per share generated by business operation (yuan/share) 0.07 0.30 -76.67%
Basic earnings per share (Yuan/share) 0.10 0.1187 -15.75%
Diluted earnings per share (Yuan/share) 0.10 0.1187 -15.75%
Weighted average net
2.01% 2.59% -0.58%
income/asset ratio (%)
Weighted average net
2.00% 2.57% -0.57%
income/asset ratio less non-recurring gain/loss(%)
Non-recurring gain and loss items
√ applicable □ not applicable
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2011 (Full Text)
In RMB Yuan
Note (if
Non-recurring gain and loss items Amount
applicable)
Gain/loss from debt reorganization 642,211.53
Government subsidies accounted into current gain/loss account, other than those closely related to the
Company’s common business, comply with the national policy and continues to enjoy at certain fixed 337,967.00
rate or amount.
Other non-business income and expenditures other than the above 154,000.00
Influenced amount of income tax -283,544.63
Total 850,633.90 -
2.2 Total of shareholders and the top 10 holders of unconditional shares
in shares
Total shareholders at the end of the report period (accounts) 57,960
Top ten holders of the shares without subscription limitation
Amount of unconditional shares held at
Full name of shareholder Categories
the end of report term
Benxi Steel (Group) Ltd. 2,573,632,420 RMB common shares
DREYFUS PREMIER INVESTMENT FDS
52,237,245 RMB common shares
INC.-DREYFUS GREATER CHINA FD
China Construction Bank – Shangtou Morgan China Foreign shares placed in
46,531,915
Advantage Securities Investment Fund domestic exchange
Foreign shares placed in
GOVERNMENT OF SINGAPORE INV. CORP.- A/C "C" 25,259,648
domestic exchange
NOMURA TST N BK CO.,LTD ATTF ASIA ATTR DIV Foreign shares placed in
18,049,086
STK FD MTH FD domestic exchange
Foreign shares placed in
GSIC A/C MONETARY AUTHORITY OF SINGAPORE 10,402,255
domestic exchange
Foreign shares placed in
RENAISSANCE CHINA PLUS FUND 7,760,556
domestic exchange
KOREA EXCHANGE BANK(DB CHINA EQUITY Foreign shares placed in
5,915,338
FUND) domestic exchange
Foreign shares placed in
APS CHINA ALPHA FUND 4,616,701
domestic exchange
BOCHK INVESTMENT FUNDS-BOCHK CHINA Foreign shares placed in
4,499,952
GOLDEN DRAGON FUND domestic exchange
§3 Significant Events
3.1 Details and causations of major change in major accounting subjects and financial indices
√ applicable □ not applicable
* Main financial items in the consolidated financial statement which have changed for over 30% comparing with the financial
situation at end of 2010
I. Balance Sheet Items Rate of change Cause of change
Notes payable 31.61% Increase of notes payable issued this period
Non-current liability due in 1 year -43.19% Disbursing of non-current liabilities due in one year in this period
Long-term borrowings 56.45% Increase of bank loans
Other non-recurring liabilities 31.45% Receiving of special fund
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2011 (Full Text)
* Main financial items in the consolidated statement which have changed for over 30% comparing with the financial performance of
Jan-Mar 2010
II. Income Statement Items Rate of change Cause of change
Business tax and surcharge -94.67% Decrease of VAT payable of this period
Financial expenses 35.37% Increase of loans this period
Non-operational income -55.27% Decrease of gains from debt reorganizing
Income tax expenses 777.15% Increase of profit of subsidiaries
III. Cash Flow Statement Rate of change Cause of change
Cash paid to staffs or paid for staffs 32.72% Increase of wages
Taxes paid -51.64% Decrease of VAT payable of this period
3.2 Progress of significant events, their influence, countermeasures, and analysis
3.2.1 None-standard opinions
□applicable √ not applicable
3.2.2 Illegal providing of capital or guarantees to the holding shareholder or its related parties or external
parties
□applicable √ not applicable
3.2.3 Signing and execution of major business contracts
□applicable √ not applicable
3.2.4 Misc.
□applicable √ not applicable
3.3 Fulfilling of commitment issues made by the Company, shareholder, or substantial controller
Commitment made by the PLC, its directors, supervisors, executives, and shareholders with 5% or over shares of the Company, and
its substantial dominator in the report term or carried over to the report term:
√ applicable □ not applicable
The
Commitments Content of Commitments Status of fulfilling
undertaker
1. After launching of the share relocation program, Bengang Group has
committed not to trade or transfer its shares in 24 months since the day
when they are allowed to trade in the stock exchange, and not more
than 5% of the total capital share of the Company between the 24th
month and the 36th month. 2. Bengang Group committed not to put
the newly placed shares in the market or sell to others in 36 months
since the date when the share registration is done. (except for The commitments are
under processing at
Benxi Steel transferring to strategic investors that is approved by the national
Commitment in share present and no
(Group) Co., policy, the commitments shall be carried forward by the underwriter.)
equity relocation 3. From completion of handover till the end of 2010, Bengang breaching of
Ltd.
Group shall hold not less than 65% of the Company’s capital shares. commitment has
(But except for transferring to strategic investors under the permission occurred.
of national policies, with the condition of the new holder shall keep the
commitment made forth by Bengang Group.) 4. When the Group is
trading or transferring the shares it holds in the Company before the
end of 2010, the prices shall not lower than the net asset per share
provided by the latest auditing report. Bengang Group committed that
the proceeds from trading of the shares, by breaching of faith as said
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2011 (Full Text)
above, will be transferred to the possession of the Company. 5.
Bengang Group promises to be responsible for the losses due to its
failure or partially failure in fulfilling of the above responsibilities.
Commitment made
in acquisition report
None None None
or equity alternation
report
Commitment made
in major asset None None None
restructuring
Commitment made at
None None None
issuing
Other commitments
(including
None None None
supplementary
commitments)
3.4 Estimated accumulative profit from the year beginning to the end of the next report period may be of
deficits; or in comparison with the same period of the previous year, give the warning of great change and
the notice to the reasons.
□applicable √ not applicable
3.5 Major events needs to be explained
3.5.1 Investment in securities
□applicable √ not applicable
3.5.2 Reception of investigations, communications, or interviews
Main content involved and material
Time/date Place Way Visitors
provided
Office of the secretary of
Jan 17 2011 Field research Fuda Foundation HK Production and operation situation
Board
3.6 Investment in derivate financial instruments
□applicable √ not applicable
3.6.1 Derivate financial instrument stock at end of report term
□applicable √ not applicable
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2011 (Full Text)
§4 Attachments
4.1 Balance Sheet
Prepared by Bengang Steel Plates Co., Ltd. Ended March 31, 2011 RMB Yuan
Balance at the end of term Balance at the beginning of year
Items
Consolidated Parent company Consolidated Parent company
Current asset:
Monetary capital 1,915,417,437.04 1,762,629,500.14 1,475,045,148.55 1,358,651,762.79
Settlement provision
Outgoing call loan
Transactional financial assets
Notes receivable 2,058,595,570.62 1,959,841,444.76 1,900,062,739.70 1,822,459,543.49
Account receivable 357,748,860.43 413,022,897.78 344,857,035.57 400,131,072.92
Prepayment 810,111,092.59 744,179,296.96 810,851,238.27 744,919,442.64
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable
Dividend receivable
Other account receivable 84,421,590.27 160,429,740.79 106,040,016.05 220,725,711.61
Repurchasing of financial assets
Inventories 11,343,009,806.83 10,889,257,508.52 10,297,600,688.08 9,814,369,793.69
Non-current asset due in 1 year
Other current asset 182,211,823.73 182,211,823.73 182,211,823.73 182,211,823.73
Total of current asset 16,751,516,181.51 16,111,572,212.68 15,116,668,689.95 14,543,469,150.87
Non-current assets
Disburse of consigned loans
Available-for-sale financial asset
Expired investment in possess
Long-term receivable
Long-term share equity investment 15,791,030.00 878,655,407.17 15,791,030.00 878,655,407.17
Investment properties
Fixed assets 18,377,582,746.91 17,964,057,081.40 18,856,618,212.00 18,438,736,612.00
Construction in process 1,810,161,438.05 979,340,047.85 1,619,227,102.66 889,881,763.38
Engineering goods 13,844,372.41 13,844,372.41 15,638,434.32 15,638,434.32
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 46,163,506.37 0.00 46,395,483.80 0.00
R&D expense
Goodwill
Long-term amortizable expenses
Differed income tax asset 201,402,995.51 189,470,501.84 201,402,995.51 189,470,501.84
Other non-current asset
Total of non-current assets 20,464,946,089.25 20,025,367,410.67 20,755,073,258.29 20,412,382,718.71
Total of assets 37,216,462,270.76 36,136,939,623.35 35,871,741,948.24 34,955,851,869.58
Current liabilities
Short-term loans 2,848,309,800.00 2,848,309,800.00 2,295,236,500.00 2,295,236,500.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2011 (Full Text)
Trade off financial liabilities
Notes payable 1,658,720,068.81 1,646,728,068.81 1,260,376,722.11 1,260,376,722.11
Account payable 8,027,102,047.37 8,132,979,142.67 7,993,191,216.38 8,189,917,528.20
Prepayment received 2,855,655,625.04 2,761,743,873.42 3,118,780,973.56 2,831,031,113.85
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 171,998,534.49 171,898,084.60 184,769,139.84 184,669,271.84
Tax payable -709,547,863.81 -655,771,382.72 -704,770,343.24 -651,410,574.54
Interest payable
Dividend payable
Other account payable 669,028,835.01 467,505,016.65 721,086,330.41 631,026,887.30
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year 575,681,599.13 575,681,599.13 1,013,263,228.43 1,013,263,228.43
Other current liability
Total of current liability 16,096,948,646.04 15,949,074,202.56 15,881,933,767.49 15,754,110,677.19
Non-current liabilities
Long-term borrowings 5,610,966,774.73 5,010,966,774.73 4,824,024,138.39 4,314,024,138.39
Bond payable
Long-term payable
Special payable 0.00 0.00 0.00 0.00
Expectable liabilities
Differed income tax liability
Other non-recurring liabilities 158,359,446.22 156,299,446.22 120,469,446.22 120,469,446.22
Total of non-current liabilities 5,769,326,220.95 5,167,266,220.95 4,944,493,584.61 4,434,493,584.61
Total of liability 21,866,274,866.99 21,116,340,423.51 20,826,427,352.10 20,188,604,261.80
Owners’ equity (or shareholders’ equity)
Capital paid in (or share capital) 3,136,000,000.00 3,136,000,000.00 3,136,000,000.00 3,136,000,000.00
Capital reserves 8,790,691,134.76 8,790,691,134.76 8,790,691,134.76 8,790,691,134.76
Less: Shares in stock
Special reserves
Surplus reserves 921,277,509.22 921,277,509.22 921,277,509.22 921,277,509.22
Common risk provision
Retained profit 2,467,323,929.19 2,172,630,555.86 2,162,390,668.07 1,919,278,963.80
Different of foreign currency translation
Total of owner’s equity belong to the parent company 15,315,292,573.17 15,020,599,199.84 15,010,359,312.05 14,767,247,607.78
Minor shareholders’ equity 34,894,830.60 0.00 34,955,284.09 0.00
Total of owners’ equity 15,350,187,403.77 15,020,599,199.84 15,045,314,596.14 14,767,247,607.78
Total of liabilities and owners’ equity 37,216,462,270.76 36,136,939,623.35 35,871,741,948.24 34,955,851,869.58
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2011 (Full Text)
4.2 Income Statement
Prepared by: Bengang Steel Plates Co., Ltd. Jan-Mar 2011 RMB Yuan
Amount of the Current Term Amount of the Previous Term
Items
Consolidated Parent company Consolidated Parent company
I. Total revenue 10,705,982,240.30 10,467,987,786.25 10,494,187,406.28 10,181,297,758.26
Incl. Business income 10,705,982,240.30 10,467,987,786.25 10,494,187,406.28 10,181,297,758.26
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 10,386,257,354.68 10,215,432,405.72 10,122,735,610.03 9,815,166,412.01
Incl. Business cost 9,550,205,794.46 9,418,739,554.91 9,288,576,564.94 9,011,257,322.82
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net insurance policy reserves provided
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 2,408,794.09 320,212.23 45,152,650.35 44,666,286.48
Sales expense 108,154,423.69 86,510,076.80 92,125,730.39 71,626,643.42
Administrative expense 649,056,031.18 633,093,806.27 640,417,662.64 631,087,348.04
Financial expenses 76,432,311.26 76,768,755.51 56,463,001.71 56,528,811.25
Asset impairment loss
Plus: Gains from change of fair value ( - for loss)
Investment gain (“-“ for loss)
Incl. Investment gains from affiliates
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss) 319,724,885.62 252,555,380.53 371,451,796.25 366,131,346.25
Plus: Non business income 1,184,178.53 846,211.53 2,647,251.17 2,541,350.32
Less: Non-business expenses 50,000.00 50,000.00 10,245.00
Incl. Loss from disposal of non-current assets
IV. Gross profit (“-“ for loss) 320,859,064.15 253,351,592.06 374,088,802.42 368,672,696.57
Less: Income tax expenses 15,986,256.52 1,822,525.88
V. Net profit (“-“ for net loss) 304,872,807.63 253,351,592.06 372,266,276.54 368,672,696.57
Net profit attributable to the owners of parent
304,933,261.12 253,351,592.06 372,266,276.54 368,672,696.57
company
Minor shareholders’ equity -60,453.49
VI. Earnings per share:
(I) Basic earnings per share 0.10 0.08 0.1187 0.1176
(II) Diluted earnings per share 0.10 0.08 0.1187 0.1176
VII. Other misc. incomes
VIII. Total of misc. incomes 304,872,807.63 253,351,592.06 372,266,276.54 368,672,696.57
Total of misc. incomes attributable to the owners
304,872,807.63 253,351,592.06 372,266,276.54 368,672,696.57
of the parent company
Total misc gains attributable to the minor
shareholders
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2011 (Full Text)
Merger of entities under common control, the net profit realized by the merged party was RMB0.00.
4.3 Cash Flow Statement
Prepared by: Bengang Steel Plates Co., Ltd. Jan-Mar 2011 RMB Yuan
Amount of the Current Term Amount of the Previous Term
Items
Consolidated Parent company Consolidated Parent company
I. Net cash flow from business operation
Cash received from sales of products and providing
6,505,503,567.85 6,343,561,625.72 6,272,699,885.46 6,204,589,512.33
of services
Net increase of customer deposits and capital kept
for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial
bodies
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Net increase of trade financial asset disposal
Cash received as interest, processing fee, and
commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Tax returned 63,318,806.85 62,980,839.85 83,755,682.81 80,970,050.35
Other cash received from business operation 153,465,603.72 136,310,684.02 131,692,667.40 130,728,641.48
Sub-total of cash inflow from business activities 6,722,287,978.42 6,542,853,149.59 6,488,148,235.67 6,416,288,204.16
Cash paid for purchasing of merchandise and
5,768,240,647.80 5,728,240,647.80 4,848,292,142.22 4,828,296,697.00
services
Net increase of client trade and advance
Net increase of savings in central bank and brother
company
Cash paid for original contract claim
Cash paid for interest, processing fee and
commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 593,881,114.83 590,729,791.84 447,460,692.62 445,110,274.67
Taxes paid 111,001,545.02 55,360,567.35 229,515,533.61 221,331,691.96
Other cash paid for business activities 28,417,180.69 23,788,309.20 30,296,096.96 22,715,699.59
Sub-total of cash outflow from business activities 6,501,540,488.34 6,398,119,316.19 5,555,564,465.41 5,517,454,363.22
Cash flow generated by business operation, net 220,747,490.08 144,733,833.40 932,583,770.26 898,833,840.94
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains
Net cash retrieved from disposal of fixed assets,
155,100.00 155,100.00
intangible assets, and other long-term assets
Net cash received from disposal of subsidiaries or
other operational units
Other investment-related cash received
Sub-total of cash inflow due to investment
155,100.00 155,100.00
activities
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2011 (Full Text)
Cash paid for construction of fixed assets, intangible
613,307,619.00 483,688,513.46 1,171,687,229.46 1,171,360,491.46
assets and other long-term assets
Cash paid as investment 160,000,000.00
Net increase of loan against pledge
Net cash received from subsidiaries and other
operational units
Other cash paid for investment activities
Sub-total of cash outflow due to investment
613,307,619.00 483,688,513.46 1,171,687,229.46 1,331,360,491.46
activities
Net cash flow generated by investment -613,307,619.00 -483,688,513.46 -1,171,532,129.46 -1,331,205,391.46
III. Cash flow generated by financing
Cash received as investment
Incl. Cash received as investment from minor
shareholders
Cash received as loans 2,164,602,900.00 2,074,602,900.00 3,065,177,302.99 3,065,177,302.99
Cash received from bond placing
Other financing-related cash received
Subtotal of cash inflow from financing activities 2,164,602,900.00 2,074,602,900.00 3,065,177,302.99 3,065,177,302.99
Cash to repay debts 1,238,535,271.34 1,238,535,271.34 2,064,442,276.00 2,064,442,276.00
Cash paid as dividend, profit, or interests 91,994,108.53 91,994,108.53 79,783,509.11 79,783,509.11
Incl. Dividend and profit paid by subsidiaries to
minor shareholders
Other cash paid for financing activities
Subtotal of cash outflow due to financing activities 1,330,529,379.87 1,330,529,379.87 2,144,225,785.11 2,144,225,785.11
Net cash flow generated by financing 834,073,520.13 744,073,520.13 920,951,517.88 920,951,517.88
IV. Influence of exchange rate alternation on cash and
-1,141,102.72 -1,141,102.72 -22,473.44 -22,473.44
cash equivalents
V. Net increase of cash and cash equivalents 440,372,288.49 403,977,737.35 681,980,685.24 488,557,493.92
Plus: Balance of cash and cash equivalents at the
1,475,045,201.13 1,358,651,815.37 1,372,907,706.59 1,324,990,582.40
beginning of term
VI. Balance of cash and cash equivalents at the end of
1,915,417,489.62 1,762,629,552.72 2,054,888,391.83 1,813,548,076.32
term
4.4 Auditors’ Report
Auditor’s opinion: not audited.
§5 Other Information to be Reported
5.1 Statement of non-operational capital adoption by the major shareholder and its subsidiaries
□applicable √ not applicable
5.2 Illegal external guarantees
□applicable √ not applicable
9
