2012 Quarterly One Report of Wuhan Boiler Company Limited
WUHAN BOILER COMPANY LIMITED
2012 QUARTERLY ONE REPORT
§1. Important Notes
1.1 The Board of Directors, the Board of Supervisors as well as directors, supervisors
and senior management of Wuhan Boiler Company Limited (hereinafter referred to as
“the Company”) hereby confirm that there are no misstatements, misleading
statements or material omissions in this Quarterly One Report (“this Report”) and will
take individual and/or joint and several liabilities for the authenticity, accuracy and
completeness of this Report.
1.2 The 2012 Quarterly One Financial Report has not been audited by a CPA firm.
1.3 Mr. YEUNG Kwok Wei Richard, the Company’s Principal, Mr. Chin Wee Hua,
Accounting Principal, and Mr. Seow Ven Sern, the Accounting Division’s Principal
(Accounting Manager), hereby ensure the Financial Report enclosed in this Report is
true and complete.
§2. Company Profile
2.1 Main accounting data and financial indices
Unit: RMB Yuan
Mar. 31, 2012 Dec. 31, 2011 Increase/decrease (%)
Total assets (Yuan) 1,611,316,299.29 1,749,077,941.25 -7.88%
Owner’s equity attributable to shareholders of the
-1,148,822,368.88 -1,148,878,381.87 0.00%
Company (Yuan)
Share capital (share) 297,000,000.00 297,000,000.00 0.00%
Net assets per share attributable to shareholders
-3.87 -3.87 0.00%
of the Company (Yuan/share)
Jan.-Mar. 2012 Jan.-Mar. 2011 Increase/decrease (%)
Gross revenue (Yuan) 217,468,023.56 122,768,334.94 77.14%
Net profit attributable to shareholders of the
56,012.99 -45,263,233.81 100.12%
Company (Yuan)
Net cash flow arising from operating activities
-56,518,700.18 33,526,168.24 -268.58%
(Yuan)
Net cash flow per share arising from operating
-0.19 0.11 -272.73%
activities (Yuan/share)
Basic earnings per share (Yuan/share) 0.00 -0.15 100.00%
Diluted earnings per share (Yuan/share) 0.00 -0.15 100.00%
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2012 Quarterly One Report of Wuhan Boiler Company Limited
Weighted average rate of return on net assets (%)
Weighted average rate of return on net assets after
deducting non-recurring gains and losses (%)
Items of non-recurring gains and losses
√Applicable □Inapplicable
Unit: RMB Yuan
Amount of Jan.
Items of non-recurring gains and losses Notes (if applicable)
1-Mar. 31, 2012
Government grant recognized in current year, except for those
acquired in the ordinary course of business or granted continuously in
69,444.00
certain standard quota according to relevant national laws and
regulations
Total 69,444.00 -
2.2 Total number of shareholders at the period-end, and shares held by the top ten
shareholders with tradable shares
Unit: share
Total number of shareholders at this period-end 9,073
Particulars about shares held by the top ten shareholders with tradable shares
Number of tradable shares
Name of shareholder (full name) Type of share
held at period-end
CHINA MERCHANTS SECURITIES (HK) CO.
1,411,694 Domestically listed foreign shares
LTD
CHEN CHU YUN 1,372,450 Domestically listed foreign shares
HSBC BROKING SECURITIES (ASIA)
1,234,114 Domestically listed foreign shares
LIMITED-CLIENTS A/C
WU ZHEN FA 1,138,028 Domestically listed foreign shares
ZHUANG CHANG XIONG 1,035,000 Domestically listed foreign shares
TANG JUAN 887,236 Domestically listed foreign shares
GUOTAI JUNAN SECURITIES(HONGKONG)
860,551 Domestically listed foreign shares
LIMITED
ZHUANG YAO HUA 821,150 Domestically listed foreign shares
LI SHU HUI 808,552 Domestically listed foreign shares
ZHOU YONG YI 759,850 Domestically listed foreign shares
§3. Significant Events
3.1 Particulars about major changes of main accounting statement items and financial
2
2012 Quarterly One Report of Wuhan Boiler Company Limited
indicators, as well as reasons for the changes
√Applicable □Inapplicable
Notes receivable decreased 100% as compared to last year mainly due to endorsement
to settle vendor payments;
Other non-current assets decreased 60.03% as compared to last year mainly due to
settlement of the forward contracts during the period;
Notes payable decreased 100% as compared to last year mainly due to expiration of
issued bank acceptance notes during the period;
Other non-current liabilities decreased 32.56% as compared to last year mainly due to
settlement of the forward contracts during the period;
Operating revenue increased 77.14% as compared to the same period last year mainly
due to increase of sales recognition in overseas projects;
Operating cost increased 44.16% as compared to the same period last year mainly due
to increase of material input in projects under execution;
Business tax and surcharge decreased 100% as compared to the same period last year
mainly due to decrease in relevant tax added income resulted in the reduction in the
corresponding tax charges;
Administration expense decreased 43.21% as compared to the same period last year
mainly due to decrease in leasing expenses, consultancy fees and IT expenses;
Finance costs increased 92.36% as compared to the same period last year mainly due
to increase in borrowings of entrusted loan;
Impairment loss decreased 286.79% as compared to the same period last year mainly
due to release of bad debts which resulted from the debt collection;
Net income from changes in fair value increased 313.55% as compared to the same
period last year mainly due to increase in the volume of unexpired forward contracts
Net cash flows from operating activities decreased 268.58% as compared to the same
period last year mainly due to expiration of issued bank acceptance notes and absence
of last year’s contract deposits received from customers;
Net cash flows from investing activities increased 26.50% as compared to the same
period last year mainly due to decrease in fixed assets investment;
Net cash flows from financing activities increased 286.66% as compared to the same
period last year mainly due to increase in borrowings of entrusted loan.
3.2 Progress and influence of significant events, as well as the analysis on solutions
3.2.1 About non-standard audit opinion
□Applicable √Inapplicable
3.2.2 The Company offers fund to the controlling shareholder or other related parties
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2012 Quarterly One Report of Wuhan Boiler Company Limited
and provides external guarantees in violation of the prescribed procedures.
□Applicable √Inapplicable
3.2.3 Signing contracts and execution of significant contracts on routine operation
□Applicable √Inapplicable
3.2.4 Others
√Applicable □Inapplicable
The Company did not offer fund to the controlling shareholder or other related parties.
Neither did it provide external guarantees in violation of the prescribed procedures.
3.3 Fulfillment of commitments made by the Company, shareholders and the actual
controller
Commitments made by the Company, its directors, supervisors, senior management,
shareholders holding more than 5% of the Company’s shares, actual controller or any
other relevant party in the report period, or such commitments carried down to the
report period
√Applicable □Inapplicable
Commitment
Commitment Contents of commitment Execution
maker
Commitments concerning the
N/A N/A N/A
share reform
Commitments made in a
purchase report or a report on N/A N/A N/A
changes of owners’ equity
Commitments made in material
N/A N/A N/A
asset reorganization
Commitments made when
N/A N/A N/A
issuing
(1)Capital commitments
(1) The performance of
Up to 31 March 2012, the commitment
previous year’s capital
related to purchases of long-term assets
commitments:
which the contract were signed but not
The amount of prior year's
reflected in the financial statements
capital commitments
amounted to RMB1,101,004.64,
fulfilled in Jan to Mar 2012
USD157,085.00, EUR15,071.50. The
was RMB1,488,625.27.
Other commitments (including capital commitment signed during Jan to
The Company
supplementary ones) Mar 2012 was RMB370, 699.06.
(2) The performance of
(2) Other commitments
previous year’s other
Up to March 31, 2012, the performance
commitments:
bond, tender bond and warranty bond
The amount of bonds
issued by the Company remain unexpired
expired during Jan to Mar
amounted to RMB58,628,360.00 and
2012 was: performance
USD3,126,923.00. No bond issued during
bond RMB 19,440,000.
Jan to Mar 2012.
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2012 Quarterly One Report of Wuhan Boiler Company Limited
3.4 Warnings of possible losses or major changes of the accumulative net profit
achieved during the period from the beginning of the year to the end of the next report
period compared with the same period of last year according to prediction, as well as
the reasons
□Applicable √Inapplicable
3.5 Other significant events
3.5.1 Particulars about securities investment
□Applicable √Inapplicable
3.5.2 Particulars about receiving researches, communication, interviews and other
activities in this report period
Main discussion and materials provided by
Time Place Reception way Type Visitor
the Company
One shareholder
Jan. 4, 2012 Wuhan By telephone Individual When will the listing be restored?
with tradable shares
One shareholder
Jan. 5, 2012 Wuhan By telephone Individual When will the listing be restored?
with tradable shares
One shareholder
Jan. 6, 2012 Wuhan By telephone Individual When will the listing be restored?
with tradable shares
One shareholder
Jan. 9, 2012 Wuhan By telephone Individual When will the listing be restored?
with tradable shares
What’s the performance result of the
Company in 2011? How about progress of
One shareholder the lawsuits the Company involved in? How
Jan. 12, 2012 Wuhan By telephone Individual
with tradable shares about the progress on the joint venture by
Shanghai Electric and Alstom? When will
the listing be restored?
One shareholder When will the listing be restored? How
Jan. 13, 2012 Wuhan By telephone Individual
with tradable shares about the Company’s actual operation?
Why did the Company suffer a huge loss as
disclosed in 2011 performance forecast? If
Three shareholders
Jan. 17, 2012 Wuhan By telephone Individual the Company continues to show loss result,
with tradable shares
will it affect the listing restoration? Will it
lead to delisting?
One shareholder
Feb. 15, 2012 Wuhan By telephone Individual When will the listing be restored?
with tradable shares
One shareholder
Feb.16, 2012 Wuhan By telephone Individual When will the listing be restored?
with tradable shares
Has the Company received domestic orders?
One shareholder How about progress of the lawsuits the
Feb. 20, 2012 Wuhan By telephone Individual
with tradable shares Company involved in? Will the Company
continue to show loss result in 2012?
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2012 Quarterly One Report of Wuhan Boiler Company Limited
One shareholder How about the Company’s current actual
Feb. 21, 2012 Wuhan By telephone Individual
with tradable shares operation?
One shareholder
Feb. 23, 2012 Wuhan By telephone Individual When will the listing be restored?
with tradable shares
One shareholder
Feb. 24, 2012 Wuhan By telephone Individual When will the listing be restored?
with tradable shares
One shareholder
Feb. 27, 2012 Wuhan By telephone Individual When will the listing be restored?
with tradable shares
One shareholder
Mar. 7, 2012 Wuhan By telephone Individual When will the listing be restored?
with tradable shares
One shareholder
Mar 22, 2012 Wuhan By telephone Individual When will the listing be restored?
with tradable shares
How about progress of the lawsuits the
One shareholder
Mar 27, 2012 Wuhan By telephone Individual Company involved in? When will the listing
with tradable shares
be restored?
Two shareholders If the Company show loss result of 2011,
Mar 29, 2012 Wuhan By telephone Individual
with tradable shares will it affect the listing restoration?
One shareholder How about the Company’s current actual
Mar 30, 2012 Wuhan By telephone Individual
with tradable shares operation?
3.6 Derivatives investment
□Applicable √Inapplicable
3.6.1 Derivatives investment positions held by the end of the report period
□Applicable √Inapplicable
§4 Attachments
4.1 Balance Sheet
Prepared by Wuhan Boiler Company Limited Mar. 31, 2012 Unit: RMB Yuan
Balance as at Mar. 31, 2012 Balance as at Dec. 31, 2011
Items
Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 16,025,582.23 14,585,358.37 22,999,242.02 21,560,606.33
Settlement funds
Outgoing call loans
Trading financial assets
Notes receivable 30,800,000.00 30,800,000.00
Accounts receivable 354,422,983.30 352,519,496.25 371,210,285.79 369,042,511.88
Prepayment 51,185,256.34 51,185,256.34 39,005,432.77 39,005,432.77
Insurance premium receivables
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2012 Quarterly One Report of Wuhan Boiler Company Limited
Reinsurance accounts
receivable
Reinsurance contract reserves
receivable
Interest receivable
Dividend receivable
Other receivables 105,591,898.30 105,828,000.57 103,236,840.39 103,457,164.68
Financial assets purchased
under agreement to resell
Inventories 161,106,107.36 161,106,107.36 240,116,922.49 240,116,922.49
Non-current assets due within 1
year
Other current assets
Total current assets 688,331,827.53 685,224,218.89 807,368,723.46 803,982,638.15
Non-current assets :
Loan and payment on other's
behalf disbursed
Available-for-sale financial
assets
Investment held to maturity
Long-term receivables
Long-term equity investment 39,234,287.13 39,234,287.13
Investment property
Fixed assets 757,063,456.31 757,220,433.30 766,802,430.73 766,959,407.72
Construction in progress 2,661,036.36 2,661,036.36 2,398,543.47 2,398,543.47
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 83,806,508.88 83,806,508.88 85,835,314.34 85,835,314.34
R&D expenses
Goodwill
Long-term deferred expenses
Deferred tax assets 77,139,127.90 77,139,127.90 80,882,420.54 80,882,420.54
Other non-current assets 2,314,342.31 2,314,342.31 5,790,508.71 5,790,508.71
Total non-current assets 922,984,471.76 962,375,735.88 941,709,217.79 981,100,481.91
Total assets 1,611,316,299.29 1,647,599,954.77 1,749,077,941.25 1,785,083,120.06
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2012 Quarterly One Report of Wuhan Boiler Company Limited
Current liabilities:
Short-term loans 1,640,000,000.00 1,640,000,000.00 1,563,000,000.00 1,563,000,000.00
Loans from central bank
Deposits received and held for
others
Call loans received
Held-for-trading financial
liabilities
Notes payable 45,548,201.49 45,548,201.49
Accounts payable 283,804,156.15 288,762,038.59 309,278,906.64 314,236,789.08
Advance from customers 773,567,698.87 773,567,698.87 912,493,449.25 912,493,449.25
Financial assets sold under
agreements to repurchase
Fees and commissions payable
Payroll payable 59,696,627.63 59,495,988.09 57,680,171.01 57,479,531.47
Taxes payable -109,936,371.73 -109,936,371.73 -108,883,733.20 -108,883,733.20
Interest payable 2,016,270.00 2,016,270.00 2,016,270.00 2,016,270.00
Dividend payable 562,000.00 562,000.00
Other payables 97,254,663.95 135,411,940.83 97,831,275.42 135,779,767.30
Amount due to reinsurance
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liabilities due
within 1 year
Other current liabilities
Total current liabilities : 2,746,965,044.87 2,789,317,564.65 2,879,526,540.61 2,921,670,275.39
Non-current liabilities :
Long-term loans
Bonds payable
Long-term payables
Specific payables
Projected liabilities
Deferred taxes liabilities
Other non-current liabilities 10,879,330.31 10,879,330.31 16,132,004.95 16,132,004.95
Total non-current liabilities 10,879,330.31 10,879,330.31 16,132,004.95 16,132,004.95
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2012 Quarterly One Report of Wuhan Boiler Company Limited
Total liabilities 2,757,844,375.18 2,800,196,894.96 2,895,658,545.56 2,937,802,280.34
Owner’s equity (or shareholders’
equity):
Paid-in capital (or share capital) 297,000,000.00 297,000,000.00 297,000,000.00 297,000,000.00
Capital reserve 174,659,407.46 174,854,304.12 174,659,407.46 174,854,304.12
Less treasury stock
：
Specific reserves
Surplus reserves 39,418,356.83 39,418,356.83 39,418,356.83 39,418,356.83
General risk provision
Retained earnings -1,659,900,133.17 -1,663,869,601.14 -1,659,956,146.16 -1,663,991,821.23
Foreign exchange difference
Total owner’s equity attributable
-1,148,822,368.88 -1,152,596,940.19 -1,148,878,381.87 -1,152,719,160.28
to holding company
Minority interests 2,294,292.99 2,297,777.56
Total owner's equity -1,146,528,075.89 -1,152,596,940.19 -1,146,580,604.31 -1,152,719,160.28
Total liabilities & owner's equity 1,611,316,299.29 1,647,599,954.77 1,749,077,941.25 1,785,083,120.06
4.2 Income Statement
Prepared by Wuhan Boiler Company Limited Jan.-Mar. 2012 Unit: RMB Yuan
Jan.-Mar. 2012 Jan.-Mar. 2011
Items
Consolidation Parent company Consolidation Parent company
I. Total revenue 217,468,023.56 217,468,023.56 122,768,334.94 122,768,334.94
Including: revenue 217,468,023.56 217,468,023.56 122,768,334.94 122,768,334.94
Interest income
Premium income
Fee and commission income
II. Total cost of sales 215,448,710.75 215,379,019.06 167,218,973.16 167,198,548.12
Including: cost of sales 195,659,710.95 195,659,710.95 135,726,823.17 135,726,823.17
Interest expenses
Service charge and commission
outcome
Insurance discharge payment
Claim expenses-net
Provision for insurance contract
reserves-net
Insurance policy dividend paid
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2012 Quarterly One Report of Wuhan Boiler Company Limited
Reinsurance expense
Business taxes and surcharges 115,886.07 115,886.07
Distribution expenses 2,351,331.98 2,351,331.98 2,594,366.77 2,594,366.77
Administrative expenses 4,138,657.91 4,122,879.91 7,287,612.04 7,287,612.04
Financial costs 27,116,902.95 27,118,491.12 14,096,677.81 14,096,497.81
Impairment loss -13,817,893.04 -13,873,394.90 7,397,607.30 7,377,362.26
Plus: gain/(loss) on change in fair
1,707,064.24 1,707,064.24 -799,379.30 -799,379.30
value (“-” means loss)
Gain/(loss) on investment (“-”
means loss)
Including: income from
investment on associate and
jointly-run ventures
Gain or loss on foreign exchange
difference (“-” means loss)
III. Operating profit (“-” means
3,726,377.05 3,796,068.74 -45,250,017.52 -45,229,592.48
loss)
Plus: non-business income 69,444.00 69,444.00 98,134.29 98,134.29
Less: non-business expense 113,878.73 113,878.73
Including: loss from disposal of
non-current assets
IV. Total profit (“-” means loss) 3,795,821.05 3,865,512.74 -45,265,761.96 -45,245,336.92
Less: income tax expense 3,743,292.64 3,743,292.64
V. Net profit (“-” means loss) 52,528.41 122,220.10 -45,265,761.96 -45,245,336.92
Attributable to equity holders of
56,012.99 122,220.10 -45,263,233.81 -45,245,336.92
parent company
Minority interests -3,484.58 -2,528.15
VI. Earnings per share
(I) Basic earnings per share 0.00 0.00 -0.15 -0.15
(II) Diluted earnings per share 0.00 0.00 -0.15 -0.15
Ⅶ . Other composite income
Ⅷ . Total composite income 52,528.41 122,220.10 -45,265,761.96 -45,245,336.92
Attributable to owners of
56,012.99 122,220.10 -45,263,233.81 -45,245,336.92
parent company
Attributable to minority
-3,484.58 -2,528.15
shareholders
Where there were business combinations under the same control in the report period,
the combined parties achieved net profits of RMB 0.00 before the combinations.
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2012 Quarterly One Report of Wuhan Boiler Company Limited
4.3 Cash Flow Statement
Prepared by Wuhan Boiler Company Limited Jan.-Mar. 2012 Unit: RMB Yuan
Jan.-Mar. 2012 Jan.-Mar. 2011
Items
Consolidation Parent company Consolidation Parent company
1. Cash flows from operating
activities
Cash received from sales of
84,848,366.59 84,848,366.59 124,326,018.78 123,786,018.78
goods or rending of services
Net increase of deposits
received and held for others
Net increase of loans from
central bank
Net increase of call loans
from other financial institutions
Cash received against
original insurance contract
Net cash received from
reinsurance
Net increase of client deposit
and investment
Net increase of disposal of
held-for-trading financial assets
Cash received as interest,
fees and commissions
Net increase of call loans
received
Net increase of cash received
under repurchasing
Tax and fare refunds
Other cash received from
546,970.06 334,461.84
operating activities
Sub-total of cash inflows
84,848,366.59 84,848,366.59 124,872,988.84 124,120,480.62
from operating activities
Cash paid for goods and
97,661,115.34 97,661,115.34 36,586,292.14 36,586,292.14
services
Net increase of loans and
advances from customers
Net increase of deposits in
central bank, banks and other
financial institutions
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2012 Quarterly One Report of Wuhan Boiler Company Limited
Cash paid for original
contract claim
Cash paid for interest, fees
and commissions
Cash paid for policy
dividend
Cash paid to and for
34,931,581.57 34,931,581.57 28,335,166.52 28,335,166.52
employees
Cash paid for various taxes
1,645,055.98 1,645,055.98 9,867,384.19 9,867,384.19
and fares
Other cash paid relating to
7,129,313.88 7,129,313.88 16,557,977.75 16,557,827.75
operating activities
Sub-total of cash outflows
141,367,066.77 141,367,066.77 91,346,820.60 91,346,670.60
from operating activities
Net cash flows from
-56,518,700.18 -56,518,700.18 33,526,168.24 32,773,810.02
operating activities
2. Cash flows from investing
activities
Cash received from return of
investment
Cash received from
investment income
Net cash received from
disposal of fixed assets, intangible 5,660.00 5,660.00
assets and other long-term assets
Net cash received from
disposal of subsidiaries and other
operating units
Other cash received relating
41,512.41 39,627.49 907,303.32 907,303.32
to investing activities
Sub-total of cash inflows of
41,512.41 39,627.49 912,963.32 912,963.32
investing activities
Cash paid for acquisition of
fixed assets, intangible assets and 3,061,247.09 3,061,247.09 5,011,343.61 5,011,343.61
other long-term assets
Cash paid for acquisition of
investments
Net increase of pledge loans
Net cash paid for acquisition
of subsidiaries and other operating
units
Other cash paid relating to
61,812.97 61,516.22 94,010.84 93,980.84
investing activities
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2012 Quarterly One Report of Wuhan Boiler Company Limited
Sub-total of cash outflows of
3,123,060.06 3,122,763.31 5,105,354.45 5,105,324.45
investing activities
Net cash flows from
-3,081,547.65 -3,083,135.82 -4,192,391.13 -4,192,361.13
investing activities
3. Cash flows from financing
activities
Cash received from
investment
Including: cash received by
subsidiaries from minority
shareholders
Cash received from
297,000,000.00 297,000,000.00 116,000,000.00 116,000,000.00
borrowings
Cash received from bonds
issuing
Other cash received relating
to financing activities
Sub-total of cash inflows of
297,000,000.00 297,000,000.00 116,000,000.00 116,000,000.00
financing activities
Cash paid for repayment of
220,000,000.00 220,000,000.00 130,000,000.00 130,000,000.00
borrowings
Cash paid for dividends,
23,877,990.00 23,877,990.00 14,458,488.00 14,458,488.00
profit distribution or interest
Including: dividends or
profits paid to minority
shareholders by subsidiaries
Other cash paid relating to
financing activities
Sub-total of cash outflows of
243,877,990.00 243,877,990.00 144,458,488.00 144,458,488.00
financing activities
Net cash flows from
53,122,010.00 53,122,010.00 -28,458,488.00 -28,458,488.00
financing activities
4. Effect of foreign exchange rate
changes on cash and cash -495,488.71 -495,488.71 -187,556.53 -187,556.53
equivalents
5. Net increase in cash and cash
-6,973,726.54 -6,975,314.71 687,732.58 -64,595.64
equivalents
Add: opening cash and cash
20,388,030.03 18,949,394.34 10,491,275.05 9,827,144.54
equivalents
6. Closing cash and cash
13,414,303.49 11,974,079.63 11,179,007.63 9,762,548.90
equivalents
4.4 Auditor’s report
Audit opinion: Unaudited
13
