Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Bengang Steel Plates Co., Ltd.
The 1st Quarterly Report 2012 (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.
1.2 Directors other than the followings presented at the Board Meeting on which this report was examined:
Name of the director
Position Reason for not presenting the meeting Name of consignee
absented
Independent
Li Kai On business trip Tian Binfu
Director
1.3 The financial statements carried in this report are not audited.
1.4 Chairman of the Board – Zhang Xiaofang, Chief Financial Officer – Mr. Cao Aimin, and Head of Accounting
Dept. – Mr. Wang Shaoyu hereby declare: the authenticity and integrality of the report are guaranteed.
§2 Company Profile
2.1 Financial highlights
In RMB Yuan
Ended this report term Ended previous year Changed by (%)
Total asset (RMB) 42,690,526,250.44 41,059,391,272.00 3.97%
Owners’ equity attributable to the shareholders of
15,612,809,300.81 15,524,714,501.26 0.57%
the listed company (yuan)
Total capital share (shares) 3,136,000,000.00 3,136,000,000.00 0.00%
Net asset per share attributable to the
4.98 4.95 0.61%
shareholders of the listed company (Yuan/share)
This report term Same period last year Changed by (%)
Turnover (yuan) 10,681,123,455.80 10,705,982,240.30 -0.23%
Net profit attributable to shareholders of the
88,094,799.55 304,933,261.12 -71.11%
listed company (yuan)
Net Cash flow generated by business operation
579,960,675.89 220,747,490.08 162.73%
(RMB)
Net Cash flow per share generated by business
0.18 0.07 157.14%
operation (yuan/share)
Basic earnings per share (Yuan/share) 0.03 0.10 -70.00%
Diluted earnings per share (Yuan/share) 0.03 0.10 -70.00%
Weighted average net
0.56% 2.01% -1.45%
income/asset ratio (%)
Weighted average net
income/asset ratio less non-recurring 0.56% 2.00% -1.44%
gain/loss(%)
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Non-recurring gain and loss items
√ applicable □ not applicable
In RMB Yuan
Amount from beginning of year to
Non-recurring gain and loss items Note (if applicable)
the end of report period
Gain/loss from debt reorganization 1,850,913.97
Government subsidies accounted into current gain/loss account, other
than those closely related to the Company’ common business, comply
290,000.00
with the national policy and continues to enjoy at certain fixed rate or
amount.
Other non-business income and expenditures other than the above -1,763,034.79
Influenced amount of income tax -94,469.80
Total 283,409.38 -
2.2 Total of shareholders and the top 10 holders of unconditional shares
in shares
Total shareholders at the end of the report period
56,247
(accounts)
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
China Construction Bank – Shangtou Morgan
59,966,697 RMB common shares
China Advantage Securities Investment Fund
GOVERNMENT OF SINGAPORE INV. CORP.- Foreign shares placed in domestic
26,552,138
A/C "C" exchange
NOMURA TST N BK CO.,LTD ATTF ASIA Foreign shares placed in domestic
18,049,086
ATTR DIV STK FD MTH FD exchange
Foreign shares placed in domestic
Zhou Jie 10,560,000
exchange
GSIC A/C MONETARY AUTHORITY OF Foreign shares placed in domestic
10,309,617
SINGAPORE exchange
Foreign shares placed in domestic
APS CHINA ALPHA FUND 4,616,701
exchange
BOCHK INVESTMENT FUNDS-BOCHK Foreign shares placed in domestic
4,499,952
CHINA GOLDEN DRAGON FUND exchange
LSV EMERGING MARKETS EQUITY Foreign shares placed in domestic
3,385,700
FUND,L.P. exchange
Foreign shares placed in domestic
Bao Xinfa 3,189,700
exchange
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
§3 Significant Events
3.1 Details and causations of major change in major accounting subjects and financial indices
√ applicable □ not applicable
* Items in the consolidated statements which has changed for over 30% from the end of 2011
I. Balance Sheet Items Rate of change Cause of change
Notes receivable 42% Increase of bank accepted drafts received in the report period
Engineering goods -75% Increase of engineering materials delivered
Non-current liability due in 1 year -37% Decrease of long-term loans due in less than one year in the period
* Items in the consolidated statements which has changed for over 30% from that of January – March 2011
II. Income Statement Rate of Cause of change
Items change
Business tax and 1237% Increase of VAT payable
surcharge
Administrative expense -34% The expenses of routine repairing and maintaining of production equipment which are
related to the final products are transferred to production costs
Financial expenses 89% Increase of short term loan and decrease of exchange gains
Non-operational -57% Decrease of government subsidy of the report period
income
Non-operational 171% Increase of loss from disposal of fixed asset in the report period
expenditure
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
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
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
Time/date Place Way Type of visitors Visitors
material provided
Office of the secretary
Jan 12, 2012 Field research institution Lion Securities Business operation
of 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
§4 Attachments
4.1 Balance Sheet
Prepared by Bengang Steel Plates Co., Ltd. Ended March 31, 2012 RMB Yuan
Ending balance Balance at the beginning of year
Items
Consolidated Parent company Consolidated Parent company
Current asset:
Monetary capital 3,176,379,576.76 3,063,283,866.99 3,242,956,479.92 3,079,794,798.31
Settlement provision
Outgoing call loan
Transactional financial assets
Notes receivable 4,130,613,985.25 4,005,368,702.83 2,913,462,068.17 2,808,960,449.26
Account receivable 479,420,075.97 909,319,191.60 412,780,417.60 854,060,172.22
Prepayment 511,944,983.21 482,027,009.65 485,521,776.66 455,603,803.10
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable
Dividend receivable
Other account receivable 171,682,478.85 319,297,768.45 145,298,185.06 288,951,337.36
Repurchasing of financial assets
Inventories 13,409,443,160.80 12,817,947,915.80 12,835,213,347.52 12,169,648,632.27
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
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 22,061,696,084.57 21,779,456,279.05 20,217,444,098.66 19,839,231,016.25
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 1,170,947,561.06 15,791,030.00 1,170,947,561.06
Investment real estates
Fixed assets 17,529,786,430.90 17,146,751,457.98 18,006,165,365.04 17,615,154,272.91
Construction in process 2,836,332,622.48 1,279,815,275.12 2,552,473,544.78 1,022,538,055.20
Engineering goods 6,788,249.15 6,788,249.15 27,153,422.75 27,153,422.75
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 45,235,596.65 45,467,574.08
R&D expense
Goodwill
Long-term amortizable expenses
Differed income tax asset 194,896,236.69 187,756,260.34 194,896,236.69 187,756,260.34
Other non-current asset
Total of non-current assets 20,628,830,165.87 19,792,058,803.65 20,841,947,173.34 20,023,549,572.26
Total of assets 42,690,526,250.44 41,571,515,082.70 41,059,391,272.00 39,862,780,588.51
Current liabilities
Short-term loans 5,966,927,513.46 5,944,488,100.00 5,547,330,913.46 5,524,891,500.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities
Notes payable 2,269,544,952.40 2,269,544,952.40 2,108,397,418.85 2,108,397,418.85
Account payable 9,818,182,010.53 10,454,374,710.85 8,762,873,204.10 9,006,471,355.70
Prepayment received 3,057,479,879.62 2,374,092,575.93 2,849,478,230.64 2,464,155,947.11
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 111,903,612.78 111,773,395.74 122,199,995.18 121,895,920.05
Tax payable -192,461,487.94 16,329,269.43 -177,169,903.58 -3,475,896.14
Interest payable
Dividend payable
Other account payable 710,765,344.47 602,291,279.46 657,094,343.99 554,555,276.53
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year 1,176,379,720.05 1,176,379,720.05 1,877,329,600.00 1,877,329,600.00
Other current liability
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Total of current liability 22,918,721,545.37 22,949,274,003.86 21,747,533,802.64 21,654,221,122.10
Non-current liabilities
Long-term borrowings 4,020,277,479.04 3,420,277,479.04 3,660,798,190.04 3,060,798,190.04
Bond payable
Long-term payable
Special payable
Anticipated liabilities
Differed income tax liability
Other non-recurring liabilities 104,214,224.00 90,154,224.00 91,664,224.00 77,604,224.00
Total of non-current liabilities 4,124,491,703.04 3,510,431,703.04 3,752,462,414.04 3,138,402,414.04
Total of liability 27,043,213,248.41 26,459,705,706.90 25,499,996,216.68 24,792,623,536.14
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 8,822,821,134.76 8,822,821,134.76 8,822,821,134.76 8,822,821,134.76
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 2,732,710,656.83 2,231,710,731.82 2,644,615,857.28 2,190,058,408.39
Different of foreign currency translation
Total of owner’s equity belong to the parent company 15,612,809,300.81 15,111,809,375.80 15,524,714,501.26 15,070,157,052.37
Minor shareholders’ equity 34,503,701.22 34,680,554.06
Total of owners’ equity 15,647,313,002.03 15,111,809,375.80 15,559,395,055.32 15,070,157,052.37
Total of liabilities and owners’ equity 42,690,526,250.44 41,571,515,082.70 41,059,391,272.00 39,862,780,588.51
4.2 Income Statement
Prepared by: Bengang Steel Plates Co., Ltd. Jan-Mar 2012 RMB Yuan
Amount of the Current Term Amount of the Previous Term
Items
Consolidated Parent company Consolidated Parent company
I. Total revenue 10,681,123,455.80 10,074,351,249.31 10,705,982,240.30 10,467,987,786.25
Incl. Business income 10,681,123,455.80 10,074,351,249.31 10,705,982,240.30 10,467,987,786.25
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 10,578,559,003.82 10,032,786,805.06 10,386,257,354.68 10,215,432,405.72
Incl. Business cost 9,861,889,044.34 9,357,318,770.07 9,550,205,794.46 9,418,739,554.91
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 32,199,122.80 31,708,063.45 2,408,794.09 320,212.23
Sales expense 112,048,303.52 79,939,601.66 108,154,423.69 86,510,076.80
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Administrative expense 427,691,577.38 418,946,897.12 649,056,031.18 633,093,806.27
Financial expenses 144,730,955.78 144,873,472.76 76,432,311.26 76,768,755.51
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) 102,564,451.98 41,564,444.25 319,724,885.62 252,555,380.53
Plus: Non business income 513,443.89 223,443.89 1,184,178.53 846,211.53
Less: Non-business expenses 135,564.71 135,564.71 50,000.00 50,000.00
Incl. Loss from disposal of non-current assets
IV. Gross profit (“-“ for loss) 102,942,331.16 41,652,323.43 320,859,064.15 253,351,592.06
Less: Income tax expenses 15,024,384.45 15,986,256.52
V. Net profit (“-“ for net loss) 87,917,946.71 41,652,323.43 304,872,807.63 253,351,592.06
Net profit attributable to the owners of parent
88,094,799.55 41,652,323.43 304,933,261.12 253,351,592.06
company
Minor shareholders’ equity -176,852.84 -60,453.49
VI. Earnings per share:
(I) Basic earnings per share 0.03 0.01 0.10 0.08
(II) Diluted earnings per share 0.03 0.01 0.10 0.08
VII. Other misc. incomes
VIII. Total of misc. incomes 87,917,946.71 41,652,323.43 304,872,807.63 253,351,592.06
Total of misc. incomes attributable to the owners
88,094,799.55 41,652,323.43 304,933,261.12 253,351,592.06
of the parent company
Total misc gains attributable to the minor
-176,852.84 -60,453.49
shareholders
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 2012 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 of
6,765,734,997.15 6,681,609,541.40 6,505,503,567.85 6,343,561,625.72
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
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Net increase of repurchasing business
Tax returned 18,234,000.00 17,944,000.00 63,318,806.85 62,980,839.85
Other cash received from business operation 74,527,303.35 74,113,448.33 153,465,603.72 136,310,684.02
Sub-total of cash inflow from business activities 6,858,496,300.50 6,773,666,989.73 6,722,287,978.42 6,542,853,149.59
Cash paid for purchasing of merchandise and services 5,524,313,705.96 5,506,134,533.02 5,768,240,647.80 5,728,240,647.80
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 511,105,412.72 501,299,869.43 593,881,114.83 590,729,791.84
Taxes paid 216,676,668.16 192,723,124.06 111,001,545.02 55,360,567.35
Other cash paid for business activities 26,439,837.77 22,219,303.95 28,417,180.69 23,788,309.20
Sub-total of cash outflow from business activities 6,278,535,624.61 6,222,376,830.46 6,501,540,488.34 6,398,119,316.19
Cash flow generated by business operation, net 579,960,675.89 551,290,159.27 220,747,490.08 144,733,833.40
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains
Net cash retrieved from disposal of fixed assets,
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 activities
Cash paid for construction of fixed assets, intangible
557,715,814.80 488,578,183.90 613,307,619.00 483,688,513.46
assets and other long-term assets
Cash paid as investment
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
557,715,814.80 488,578,183.90 613,307,619.00 483,688,513.46
activities
Net cash flow generated by investment -557,715,814.80 -488,578,183.90 -613,307,619.00 -483,688,513.46
III. Cash flow generated by financing
Cash received as investment
Incl. Cash received as investment from minor
shareholders
Cash received as loans 2,176,366,000.00 2,175,966,000.00 2,164,602,900.00 2,074,602,900.00
Cash received from bond placing
Other financing-related cash received
Subtotal of cash inflow from financing activities 2,176,366,000.00 2,175,966,000.00 2,164,602,900.00 2,074,602,900.00
Cash to repay debts 2,099,378,693.96 2,099,378,693.96 1,238,535,271.34 1,238,535,271.34
Cash paid as dividend, profit, or interests 165,810,051.59 155,811,194.03 91,994,108.53 91,994,108.53
Incl. Dividend and profit paid by subsidiaries to minor
shareholders
Other cash paid for financing activities
Subtotal of cash outflow due to financing activities 2,265,188,745.55 2,255,189,887.99 1,330,529,379.87 1,330,529,379.87
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Bengang Steel Plates Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Net cash flow generated by financing -88,822,745.55 -79,223,887.99 834,073,520.13 744,073,520.13
IV. Influence of exchange rate alternation on cash and cash
981.30 981.30 -1,141,102.72 -1,141,102.72
equivalents
V. Net increase of cash and cash equivalents -66,576,903.16 -16,510,931.32 440,372,288.49 403,977,737.35
Plus: Balance of cash and cash equivalents at the
3,242,956,479.92 3,079,794,798.31 1,260,448,851.56 1,144,055,465.80
beginning of term
VI. Balance of cash and cash equivalents at the end of term 3,176,379,576.76 3,063,283,866.99 1,700,821,140.05 1,548,033,203.15
4.4 Auditors’ Report
Auditor’s opinion: not audited.
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