2015 Quarterly One Report of Wuhan Boiler Company Limited
WUHAN BOILER COMPANY LIMITED
2015 QUARTERLY ONE REPORT
2015-021
April 2015
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Section I Important Notes
The Board of Directors, the Board of Supervisors as well as all Board Directors, Supervisors and Senior
Management of Wuhan Boiler Company Limited (hereinafter referred to as “the Company”) hereby warrant that
this Report is authentic, accurate and complete without any misstatement, misleading statement or material
omission and will take individual and joint and several liabilities for that.
All Board Directors attended the Board Meeting for reviewing this Report.
Mr. Yeung Kwok Wei Richard, the Company Principal, Mr. Chin Wee Hua, the Accounting Principal, and Mr. Li
Yihao, the Accounting Division’s Principal (Accounting Manager), hereby ensure that the Financial Statements
enclosed in this Report are authentic, accurate and complete.
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Section II Major Financial Data & Change of Shareholders
I. Major accounting data and financial indexes
Does the Company adjust retrospectively or restate accounting data of previous years due to change of the
accounting policy or correction of any accounting error?
Yes √ No
Increase/decrease (%) as
Jan.-Mar. 2015 Jan.-Mar. 2014 compared to same period
last year
Gross operating revenues (RMB Yuan) 303,704,050.81 275,216,043.88 10.35%
Net profit attributable to shareholders of
14,082,800.20 24,452,751.47 -42.41%
the Company (RMB Yuan)
Net profit attributable to shareholders of
the Company after deducting
14,002,229.47 24,326,529.41 -42.44%
non-recurring gains and losses (RMB
Yuan)
Net cash flow from operating activities
135,449,789.18 163,194,766.88 -17.00%
(RMB Yuan)
Basic EPS (RMB Yuan/share) 0.05 0.08 -37.50%
Diluted EPS (RMB Yuan/share) 0.05 0.08 -37.50%
The weighted average ROE -0.97% -1.81% 0.84%
Mar. 31, 2015 Dec. 31, 2014 Increase/decrease (%)
Total assets (RMB Yuan) 1,418,705,811.74 1,150,482,149.87 23.31%
Owners’ equity attributable to shareholders
-1,445,773,900.94 -1,459,856,701.14 0.96%
of the Company (RMB Yuan)
Items and amounts of non-recurring gains and losses
√Applicable Not applicable
Unit: RMB Yuan
Item Jan.-Mar. 2015 Explanation
Government grants recognized in the current period, except for those
Deferred revenue related to new
acquired in the ordinary course of business or granted at certain 69,444.00
factory land use right
quotas or amounts according to the country’s unified standards
Individual income tax commission
Other non-operating income and expenses other than the above 11,126.73
charge return
Total 80,570.73
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Explain the reasons if the Company classifies an item as a non-recurring gain/loss according to the definition in
the Explanatory Announcement No. 1 on Information Disclosure for Public Listed Companies – Non-recurring
Gains and Losses, or classifies any non-recurring gain/loss item mentioned in the said explanatory announcement
as a recurrent gain/loss item
Applicable √Not applicable
In the report period, the Company didn’t classify any non-recurring gain/loss item defined or mentioned in the
Explanatory Announcement No. 1 on Information Disclosure for Public Listed Companies – Non-recurring Gains
and Losses as a recurrent gain/loss item.
II. Total number of shareholders at the period-end and shareholdings of the top ten
shareholders
1. Total number of shareholders with common shares and shareholdings of the top ten shareholders with
common shares at the period-end
Unit: share
Total number of shareholders with
7,688
common shares at the period-end
Shareholdings of the top ten shareholders with common shares
Number of the Pledged or frozen shares
Shareholdin Number of the
Name of shareholder Nature of shareholder non-tradable Status of Number of
g percentage shares held
shares held shares shares
ALSTOM (CHINA) Domestic non-state-owned
51.00% 151,470,000 151,470,000
INVESTMENT CO., LTD corporation
WUHAN BOILER GROUP
State-owned corporation 6.91% 20,530,000 20,530,000
CO., LTD
WANG XIAO Domestic natural person 0.90% 2,672,800 0
CHEN PENG Domestic natural person 0.79% 2,331,545 0
HU ZHIHONG Domestic natural person 0.47% 1,390,397 0
CHINA MERCHANTS
SECURITIES (HK) CO., State-owned corporation 0.46% 1,380,236 0
LTD.
CHEN CHUYUN Domestic natural person 0.46% 1,372,450 0
HSBC BROKING
SECURITIES (ASIA) Foreign corporation 0.40% 1,195,114 0
LIMITED-CLIENTS A/C
ZHUANG CHANGXIONG Domestic natural person 0.35% 1,045,000 0
SUN WEIWEI Domestic natural person 0.33% 966,567 0
Shareholdings of the top ten shareholders with tradable shares
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Number of tradable Type of shares
Name of shareholder
shares held Type Number
WANG XIAO 2,672,800 Domestically listed foreign shares 2,672,800
Domestically listed foreign shares 2,331,545
CHEN PENG 2,331,545
Domestically listed foreign shares
HU ZHIHONG 1,390,397 Domestically listed foreign shares 1,390,397
CHINA MERCHANTS
1,380,236 Domestically listed foreign shares 1,380,236
SECURITIES (HK) CO., LTD.
CHEN CHUYUN 1,372,450 Domestically listed foreign shares 1,372,450
HSBC BROKING SECURITIES
1,195,114 Domestically listed foreign shares 1,195,114
(ASIA) LIMITED-CLIENTS A/C
ZHUANG CHANGXIONG 1,045,000 Domestically listed foreign shares 1,045,000
SUN WEIWEI 966,567 Domestically listed foreign shares 966,567
GUOTAI JUNAN SECURITIES
926,997 Domestically listed foreign shares 926,997
(HONGKONG) LIMITED
QIN HUI 909,286 Domestically listed foreign shares 909,286
The top ten shareholders of the Company are public shareholders with tradable B shares. The
Explanation on affiliated
Company is not aware of whether there is any affiliated relationship among the top ten
relationship or persons acting in
shareholders with tradable shares and whether there are persons acting in concert among them.
concert among the above-mentioned
The Company is not aware of whether there is any affiliated relationship among the top ten
shareholders
shareholders and the top ten shareholders with tradable share.
Explanation on the top ten
shareholders with tradable shares
Not applicable
participating in the margin trading
business (if any)
Whether the top 10 shareholders with common shares and the top 10 shareholders with tradable common shares of
the Company reach agreement of buy-back trading in the report period?
Yes √ No
No top 10 shareholders with common shares and top 10 shareholders with tradable common shares of the
Company carried out any agreed buy-back trading in the report period.
2. Total number of shareholders with preferred shares and shareholdings of the top ten shareholders with
preferred shares at the period-end
Applicable √Not applicable
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Section III Significant Events
I. Major changes of main accounting statement items and financial indicators in the report
period, as well as reasons for the changes
√Applicable Not applicable
1. Cash and cash equivalent increased by 1182.87%, mainly due to increase on collection from Opole, Ashalim,
Altamira projects this period;
2. Notes receivable decreased by 100.00%, mainly due to all bank notes are endorsed to vendors this period;
3. Account receivables increased by 63.36%, mainly due to accounts receivables recognized for Karabiga and
Ashalim projects this period;
4. Down payment increased by 78.75%, mainly due to increase on purchasing material for Opole, Ashalim and
Karabiga projects;
5. Other receivables decreased by 54.00%, Mainly due to collection from VAT export taxes refunding
recognized in prior period and decrease on output VAT;
6. Inventories increased by 219.05%, it s mainly due to increase of raw material for projects this period;
’
7. Other non-current assets increased by 51.26%, mainly due to increase of hedging gain for unsettled hedged
items in this period;
8. Notes payable increased by 46.74%, mainly due to increase of payment with bank notes this period;
9. Accounts payable increased by 86.95%, mainly due to the increase of raw material purchasing for Yanbu,
Tai'an and Opole projects this period;
10. Tax payable decreased by 64.67%, mainly due to output VAT decrease;
11. Other non-current liability increased by 48.20%, mainly due to increase on the hedging loss arising from
unsettled hedging instruments;
12. Business tax and surcharges increased by 4016.73%, mainly due increase of taxable labor service income this
period;
13. Financial expense increased by 81.49%, mainly due to increase of foreign exchange loss this period;
14. Assets impairment loss increased by 55.54%, mainly due to reversed bad-debt provision less than the same
period of last year for the AR collection this period;
15. Non-operating income decreased by 38.39%, mainly due to the decrease on the gains from the disposal of
fixed assets this period;
16. Non-operating cost decreased by 100.00%, mainly due to no non-operating cost this period;
17. Income tax expense increased by 918.77%, mainly due to Perawang project settled, contract loss provision
reversed and income tax expense reversed accordingly in the same period of last year , there is no same event this
period ;
18. Net cash flow generated from investment activities decreased by 741.49%, mainly due to the increase of cash
out paid for fixed assets this period;
19. Net cash flow generated from financing activities decreased by 492.35%, mainly due to the increase in
repayment of entrusted loans this period;
20. The influence of the changes of rate on cash increased by 4816.10%, mainly due to the influences of the FX
rate changes this period.
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2015 Quarterly One Report of Wuhan Boiler Company Limited
II. Progress and influence of significant events, as well as the analysis and explanation on
solutions
√Applicable Not applicable
1. Because the audited net profits and closing net assets for three consecutive accounting years of 2011, 2012 and
2013 are negative, Shenzhen Stock Exchange has decided to suspend the listing of the Company’s stocks starting
from May 16, 2014 according to Article 14.1.1 and 14.1.2 of the Stock Listing Rules of Shenzhen Stock Exchange.
The relevant announcement (No. 2014-049) was disclosed on Securities Times and Ta Kung Pao dated May 14,
2014.
2. According to Article 14.4.1 of the Stock Listing Rules of Shenzhen Stock Exchange (Revised in 2014),
Shenzhen Stock Exchange may decide to terminate the listing of a listed company’s stock when one of the
following situations occurs: (1) after the company’s stocks were suspended from listing as a result of the
occurrence of the circumstance specified in Article 14.1.1(1) to (4) regarding net profit, net assets, operating
revenues or the auditor’s opinion type, and the first annual report after listing suspension shows a negative net
profit or net profit after deducting non-recurring gains and losses; (2) after the company’s stocks were suspended
from listing as a result of the occurrence of the circumstance specified in Article 14.1.1(1) to (4) regarding net
profit, net assets, operating revenues or the auditor’s opinion type, and the first annual report after listing
suspension shows negative net assets.
3. On Apr. 29, 2015, the Company disclosed its 2014 Annual Report (No. 2015-011). In the report period, the net
profit attributable to shareholders of the Company is RMB -101,698,250.48, and the owner’s equity attributable to
shareholders of the Company is -1,459,856,701.14. 2014 Financial Audit Report has also been disclosed on
Securities Times, Ta Kung Pao and www.cninfo.com.cn on the same day.
4. According to Article 14.4.4 of the Stock Listing Rules of Shenzhen Stock Exchange (Revised in 2014), if the
audited net profit and closing net assets of the Company for 2014 are negative, Shenzhen Stock Exchange shall
decide whether the Company shall be delisted within 15 trade days upon disclosure of the Company’s 2014
Annual Report.
5. On April 25, 2014, the 5th Meeting of the 6th Board of Directors approved the Investment Plan of United Building
3. On April 29, 2014, the Resolutions of the 5th Meeting of the 6th Board of Directors (No. 2014-036) and the
Investment Announcement of the Company (No. 2014-047) were published on Securities Times, Ta Kung Pao and
http://www.cninfo.com.cn. Until now, the Company has obtained government approvals on planning,
environmental impact assessment and etc. Currently, United Building 3 is under construction.
6. On August 29, 2014, the Company received a written notice from majority shareholder Alstom (China)
Investment Co., Ltd. (“ACL”) that Alstom (a French listed company and the Company’s actual controller) recently
announced that its Board of Directors has unanimously decided to issue a positive recommendation of the offer from
GE to acquire the Thermal Power, Renewable Power and Grid Sectors and to enter into Energy alliances. Should
this offer be approved and completed, Alstom would focus on its fully owned Transport activities and on its Energy
alliances with GE. According to the latest information, the 51% shares of the Company owned by ACL belong to
assets of the Alstom Thermal Power. Alstom expects the deal to be closed in the first half of calendar year 2015.
Alstom and GE will continue to operate as separate companies until the transaction is finalized. On November 6,
2014, the Company received a notice from the controlling shareholder ACL and learned that GE and the
Company’s actual controller Alstom had officially signed a Master Agreement and other relevant documents.
Before the Acquisition close, the following conditions, the attainment of which are beyond the control of the
Boards of both companies, need to be satisfied: (1) Alstom submits the Acquisition to its shareholder’ meeting for
deliberation and the Acquisition is approved; (2) Alstom and GE apply for the approval, clearance or registration
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2015 Quarterly One Report of Wuhan Boiler Company Limited
from each regulatory authority in charge of foreign investments from all over the world, including the Ministry of
Commerce of the P.R.China or its local counterparts, and successfully complete such regulatory processes; (3)
Alstom and GE apply for the approval, clearance or registration from competition authorities from all over the
world, including the Anti-Monopoly Bureau of the Ministry of Commerce of the P.R.China and the EU
competition authorities, and successfully complete such regulatory processes. Before all the external conditions
set forth in the Master Agreement are satisfied and the Acquisition is fully completed, GE’s and Alstom’s
businesses relevant to the Acquisition will maintain the respective status quo and operate independently. Up till
now, no further progress regarding this issue.
7. In Sep. 2003, Dongfang Xiwang Baotou Xitu Aluminium Co., Ltd (“Baotou”) signed the Contract of
2×350MW Boilers with the Company. During executing the Contract, the Company fully implemented delivery
obligations according to the Contract, but Baotou defaulted on the payment. The Company required Baotou to pay
the overdue many times through various ways (including phone, fax and EMS), but Baotou claimed quality issues
against the Company and refused to pay. It also refused to solve the pending problems through amicable
negotiation with the Company. In May 2014, the Company sued Baotou before Inner Mongolia High Court,
requesting judgment against Baotou for paying overdue and undertaking liquidated damages and bank interests.
Relevant evidences were submitted to the Court. Until now, the Court has not made judgment yet.
Index to the relevant announcement
Overview of the significant event Date of disclosure
disclosed on the website
Offer from GE to acquire the Thermal
http://www.cninfo.com.cn (No. 2014-076
Power, Renewable Power and Grid Sectors Sep. 1, 2014
and No. 2014-087)
of Alstom
Litigation raised by the Company against
Aug. 6, 2014 http://www.cninfo.com.cn (No. 2014-073)
Baotou for contract disputes
The Company’s investment plan of United
Apr. 29, 2014 http://www.cninfo.com.cn (No. 2014-036)
Building 3
Risk warning of delisting of the
Jan. 14, 2015 http://www.cninfo.com.cn (No. 2015-002)
Company’s stocks
III. Commitments made by the Company or shareholders holding over 5% shares of the
Company in the report period or such commitments carried down into the report period
√Applicable Not applicable
Commitment Time of making Period of
Commitment Contents Fulfillment
maker commitment commitment
Commitment on share reform － － － － －
Alstom (China) Avoid Strictly fulfill the
Commitment in the acquisition report or Long-term
Investment Co., horizontal April 14, 2006 commitment and
the report on equity changes effective
Ltd competition no breaches
Commitments made in assets
reorganization
－ － － － －
Commitments made in IPO or refinancing － － － － －
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Other commitments made to minority
shareholders
－ － － － －
The commitment has been fulfilled in time
Yes
or not
Specific reason for failing to fulfill the
commitment and the plan for the next step Not applicable
(if any)
IV. Forecast for the operating results of Jan.-Jun. 2015
Warnings of possible loss or considerable year-on-year change of the accumulated net profit made during the
period from the beginning of the year to the end of the next report period according to forecast, as well as
explanations on the reasons
Applicable √Not applicable
V. Securities investment
Applicable √ Not applicable
The Company did not invest in any securities in the report period.
VI. Shareholdings in other listed companies
Applicable √ Not applicable
The Company did not hold any shares in other listed companies in the report period.
VII. Derivatives investment
√Applicable Not applicable
Unit: RMB Ten thousand
Proportion
of the
closing
Related Actual
Type of Initial Opening Impairment Closing investment
party Beginning Ending gain/loss
Operator Relation derivatives investment investment provision investment amount in
transaction date date in report
investment amount amount (if any) amount the
or not period
Company’s
closing net
assets (%)
Forward
Non- 2014-12- 2015-06
BNP No FX 2,638.43 2,638.43 259.36 0.00% 6.77
Relation 10 -26
contract
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Forward
Non- 2014-03- 2018-04
HSBC No FX 76,073.71 76,073.71 70,930.78 49.07% -1,752.38
Relation 18 -25
contract
Forward
Non- 2015-02-0 2016-01
SCB No FX 4,936.36 4,936.36 5,919.4 4.09% -48.26
Relation 6 -15
contract
Total 83,648.5 -- -- 83,648.5 0 77,109.54 53.16% -1,793.87
Capital source for derivatives investment Self-funded
Any litigation involved NA
Disclosure date of the board
announcement approving the derivative April 29, 2015
investment (if any)
Disclosure date of the Shareholders’
Meeting announcement approving the NA
derivative investment (if any)
In order to satisfy needs arising from business development and avoid risk concerning
exchange rates, the Company signed forward FX contracts with HSBC, SCB, etc. respectively.
For exchange rate fluctuations risk, the Company and banks do collaborative exchange rate
trend forecasts, closely track changes in exchange rates, changes in market conditions to
implement dynamic management; For liquidity risk, foreign exchange hedging operations
carried out by the Company are based on the Company's estimated foreign exchange payments
and collection of trade, because the foreign exchange hedging operations match with the actual
foreign exchange trade, so this can ensure sufficient fund for settlement at delivery time, there
is less affected on the liquidation of the company’s current assets; For operational risk, the
Analysis on risks and control measures of
Company developed a standardized operational processes and authorization management
derivative products held in the report
systems, equipped with full-time staff and strictly control their authority to conduct foreign
period (including but not limited to market
exchange hedging operations; while strengthening business related personnel training and
risk, liquidity risk, credit risk, operation
professional ethics , and improving quality of personnel, and the establishing anomalies timely
risk, law risk, etc.)
reporting system to avoid the occurrence of operational risk at the maximum; For credit risk,
the Company's counterparties of foreign exchange hedging are reputable business and the
company has established long-term business relationship with large commercial banks and
foreign banks, so, basically there is no performance risk; For legal risk, the Company
conducted foreign exchange hedging operations legally in accordance with relevant laws and
regulations and relevant transaction management practices, and signed a legal agreement with
the counterparties for clear and accurate terms to avoid possible legal disputes at the
maximum; and the Company has carried out sufficient assessment and effective control on
possible risk concerning credit, operation and cash flows.
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Changes of market prices or fair values in
The Company recognized the gain and loss of fair values of the invested derivatives, the fair
the report period of the invested
values loss of the invested derivatives this period was 17,938.7KRMB, the calculation of fair
derivatives. And the analysis on the fair
values was based on the contract values and forward rate quote of end of this accounting
value of the derivatives should include the
period provided by the related business partners which was accordance with the expiry date of
specific use methods and the relevant
each forward contracts.
assumptions and parameters
Whether significant changes occurred to
the Company’s accounting policy and
specific accounting principles of No major change
derivatives in the report period compared
to the previous report period
Independent Directors expressed independent opinions on 2015 Hedging Derivative
Investments as below: The foreign exchange trading for hedging purpose made by the
Company in order to prevent exchange rate risk is based on reasonable estimation and current
need for foreign exchange payment and collection. The business process is compliant with
Independent Directors’ opinions on
laws and regulations. There is almost no market risk, no performance risk and no impact on
derivatives investment and risk control
liquidity of the Company. The Company has established organization, business procedures,
approval process and Internal Control Rules on Derivatives Investment for foreign exchange
trading. We think the Company can improve foreign exchange risk management and prevent
exchange rate risk through derivatives investment business.
VIII. Researches, visits and interviews received in this report period
√Applicable Not applicable
Main discussion and
Date Place Way of reception Visitor type Visitor materials provided by the
Company
Would the Company
organize another
Shareholder with
Jan. 16, 2015 Wuhan By phone Individual debt-to-equity voting? Would
tradable shares
the stock trading be
resumed?
Would the stock trading be
Shareholder with resumed? Would it go to the
Feb. 23, 2015 Wuhan By phone Individual
tradable shares third market if delisting
happened?
Could the Company’s shares
Shareholder with still be traded upon delisting?
Mar. 16, 2015 Wuhan By phone Individual
tradable shares Would it enter the delisting
trade period?
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2015 Quarterly One Report of Wuhan Boiler Company Limited
IX. The confirmative opinion of all the Board Directors and Senior Management on
recognition of 2015 Quarterly One Report
According to Article 68 of the Securities Law, all the Board Director and Senior Management of the Company
hereby confirm that 2015 Quarterly One Report of the Company is authentic, accurate and complete without any
misstatement, misleading statement or material omission.
X. The opinion of the Board of Supervisors on 2015 Quarterly One Report
After review, the Board of Supervisors is of the opinion that the procedure for the Board of Directors to prepare
and approve 2015 Quarterly One Report is in accordance with laws, regulations and rules of China Securities
Regulatory Commission. The contents of 2015 Quarterly One Report, truly, accurately and completely, reflect real
situation of the Company and there are no misstatements, misleading statements or material omissions.
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Section IV. Financial Statements
I. Financial statements
1. Consolidated balance sheet
Prepared by Wuhan Boiler Company Limited
Unit: RMB Yuan
Item Closing balance Opening balance
Current assets:
Monetary funds 109,233,264.50 8,514,759.05
Deposit reservation for balance
Outgoing call loans
Financial assets measured at fair
value and of which the changes are
recorded into the current gains and
losses
Derivative financial assets
Notes receivable 36,245,380.00
Accounts receivable 40,295,596.74 24,667,317.47
Prepayment 192,400,185.85 107,637,276.70
Insurance receivables
Reinsurance receivables
Provision of reinsurance contract
reserve receivable
Interest receivable
Dividend receivable
Other receivables 27,786,349.06 60,410,567.84
Financial assets purchased under
agreement to resell
Inventories 188,305,164.39 59,020,572.11
Assets held for sale
Non-current assets due within 1-year
Other current assets
Total current assets 558,020,560.54 296,495,873.17
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2015 Quarterly One Report of Wuhan Boiler Company Limited
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
Investment property
Fixed assets 671,333,756.02 674,126,925.05
Construction in progress 7,093,500.92 6,007,903.49
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 67,762,137.20 68,876,313.45
R&D expenses
Goodwill
Long-term deferred expenses
Deferred income tax assets 77,367,943.92 80,429,432.07
Other non-current assets 37,127,913.14 24,545,702.64
Total non-current assets 860,685,251.20 853,986,276.70
Total assets 1,418,705,811.74 1,150,482,149.87
Current liabilities:
Short-term loans 1,459,800,000.00 1,512,800,000.00
Loans from central bank
Deposits received and held for others
Call loans received
Financial liabilities measured at fair
value and of which the changes are
recorded into the current gains and
losses
Derivative financial liabilities
Notes payable 195,830,000.00 133,450,000.00
Accounts payable 370,763,355.20 198,324,854.35
Advance from customers 712,131,859.19 649,426,107.48
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Financial assets sold under
agreements to repurchase
Fees and commissions payable
Payroll payable 9,836,859.05 9,872,888.01
Taxes payable -9,204,901.30 2,734,354.03
Interest payable 2,002,170.00 2,002,170.00
Dividend payable 562,000.00 562,000.00
Other payables 51,750,158.04 41,545,848.47
Amount due to reinsurance
Insurance contract provision
Entrusted trading of securities
Amount payable under security
underwriting
Liabilities held for sale
Non-current liabilities due within
1-year
Other current liabilities
Total current liabilities: 2,793,471,500.18 2,550,718,222.34
Non-current liabilities:
Long-term loans
Bonds payable
Of which: preferred shares
Perpetual bonds
Long-term payables
Payroll payables 21,769,623.91 22,372,000.00
Specific payables
Provision for liabilities
Deferred incomes 11,967,516.00 12,036,960.00
Deferred income tax liabilities
Other non-current liabilities 37,036,898.51 24,991,910.49
Total non-current liabilities 70,774,038.42 59,400,870.49
Total liabilities 2,864,245,538.60 2,610,119,092.83
Owners’ equity:
Share capital 297,000,000.00 297,000,000.00
Other equity instruments
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Of which: preferred shares
Perpetual bonds
Capital reserve 174,659,407.46 174,659,407.46
Less ： Treasury stock
Other comprehensive income 4,499,272.11 4,499,272.11
Specific reserve
Surplus reserve 39,418,356.83 39,418,356.83
General risk provision
Retained earnings -1,961,350,937.34 -1,975,433,737.54
Total owners’ equity attributable to
-1,445,773,900.94 -1,459,856,701.14
the Company
Minority interests 234,174.08 219,758.18
Total owners’ equity -1,445,539,726.86 -1,459,636,942.96
Total liabilities & owners’ equity 1,418,705,811.74 1,150,482,149.87
Legal representative: YEUNG Kwok Wei Richard Person-in-charge of the accounting work: CHIN Wee Hua
Chief of the accounting division: LI Yihao
2. Balance sheet of the Company
Unit: RMB Yuan
Item Closing balance Opening balance
Current assets:
Monetary funds 107,216,973.27 6,822,057.73
Financial assets measured at fair
value and of which the changes are
recorded into the current gains and
losses
Derivative financial assets
Notes receivable 36,245,380.00
Accounts receivable 40,295,596.74 24,667,317.47
Prepayment 192,400,185.85 107,637,276.70
Interest receivable
Dividend receivable
Other receivables 28,243,542.58 60,861,719.37
Inventories 188,305,164.39 59,020,572.11
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2015 Quarterly One Report of Wuhan Boiler Company Limited
Assets held for sale
Non-current assets due within 1-year
Other current assets
Total current assets 556,461,462.83 295,254,323.38
Non-current assets ：
Available-for-sale financial assets
Investment held to maturity
Long-term receivables
Long-term equity investment 24,984,500.00 24,984,500.00
Investment property
Fixed assets 671,490,733.01 674,283,902.04
Construction in progress 7,093,500.92 6,007,903.49
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 67,762,137.20 68,876,313.45
R&D expenses
Goodwill
Long-term deferred expenses
Deferred income tax assets 77,367,943.92 80,429,432.07
Other non-current assets 37,127,913.14 24,545,702.64
Total non-current assets 885,826,728.19 879,127,753.69
Total assets 1,442,288,191.02 1,174,382,077.07
Current liabilities:
Short-term loans 1,459,800,000.00 1,512,800,000.00
Financial liabilities measured at fair
value and of which the changes are
recorded into the current gains and
losses
Derivative financial liabilities
Notes payable 195,830,000.00 133,450,000.00
Accounts payable 371,199,355.20 198,760,854.35
Advance from customers 712,131,859.19 649,426,107.48
Payroll payable 9,667,263.07 9,703,292.03
17
2015 Quarterly One Report of Wuhan Boiler Company Limited
Taxes payable -9,204,901.30 2,734,354.03
Interest payable 2,002,170.00 2,002,170.00
dividend payable
Other payables 89,627,816.45 79,423,506.89
Liabilities held for sale
Non-current liabilities due within
1-year
Other current liabilities
Total current liabilities: 2,831,053,562.61 2,588,300,284.78
Non-current liabilities:
Long-term loans
Bonds payable
Of which: preferred shares
Perpetual bonds
Long-term payables
Long-term payroll payables 21,769,623.91 22,372,000.00
Specific payables
Provision for liabilities
Deferred incomes 11,967,516.00 12,036,960.00
Deferred income tax liabilities
Other non-current liabilities 37,036,898.51 24,991,910.49
Total non-current liabilities 70,774,038.42 59,400,870.49
Total liabilities 2,901,827,601.03 2,647,701,155.27
Owners’ equity:
Share capital 297,000,000.00 297,000,000.00
Other equity instruments
Of which: preferred shares
Perpetual bonds
Capital reserve 174,854,304.12 174,854,304.12
Less: Treasury stock
Other comprehensive incomes 4,499,272.11 4,499,272.11
Specific reserve
Surplus reserve 39,418,356.83 39,418,356.83
Retained earnings -1,975,311,343.07 -1,989,091,011.26
18
2015 Quarterly One Report of Wuhan Boiler Company Limited
Total owners’ equity -1,459,539,410.01 -1,473,319,078.20
Total liabilities & owners’ equity 1,442,288,191.02 1,174,382,077.07
3. Consolidated income statement
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
I. Total sales 303,704,050.81 275,216,043.88
Including: Sales 303,704,050.81 275,216,043.88
Interest income
Earned Premium
Commissions and fees income
II. Total cost of sales 284,828,869.08 248,983,909.00
Including: Cost of sales 236,172,403.85 221,294,478.46
Interest expense
Commissions and fees
Cash surrender value
Claim expenses-net
Provision for insurance contract
reserves-net
Insurance policy dividend paid
Reinsurance expense
Business taxes and surcharges 280,784.83 6,820.58
Distribution expenses 3,915,561.96 3,678,680.79
Administrative expenses 7,980,076.60 7,499,321.27
Financial costs 38,597,380.08 21,267,452.49
Impairment loss -2,117,338.24 -4,762,844.59
Add: gain/(loss) from change in fair
-1,797,048.21 -2,270,020.67
value (“-” means loss)
Gain/(loss) from investment (“-”
means loss)
Including: income from
investment on associates and joint
ventures
Foreign exchange difference (“-”
means loss)
19
2015 Quarterly One Report of Wuhan Boiler Company Limited
III. Business profit (“-” means loss) 17,078,133.52 23,962,114.21
Add: non-business income 80,570.73 130,766.17
Including: Gains on disposal of
non-current assets
Less: non-business expense 4,544.11
Including: Losses on disposal of
non-current assets
IV. Total profit (“-” means loss) 17,158,704.25 24,088,336.27
Less: income tax expense 3,061,488.15 -373,913.81
V. Net profit (“-” means loss) 14,097,216.10 24,462,250.08
Net profit attributable to owners of the
14,082,800.20 24,452,751.47
Company
Minority shareholders’ income 14,415.90 9,498.61
VI. After-tax net amount of other
comprehensive incomes
After-tax net amount of other
comprehensive incomes attributable to
owners of the Company
(I) Other comprehensive incomes
that will not be reclassified into gains and
losses
1. Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement
2. Enjoyable shares in other
comprehensive incomes in investees that
cannot be reclassified into gains and
losses under the equity method
(II) Other comprehensive incomes
that will be reclassified into gains and
losses
1. Enjoyable shares in other
comprehensive incomes in investees that
will be reclassified into gains and losses
under the equity method
2. Gains and losses on fair
value changes of available-for-sale
financial assets
3. Gains and losses on
20
2015 Quarterly One Report of Wuhan Boiler Company Limited
reclassifying held-to-maturity
investments into available-for-sale
financial assets
4. Effective hedging gains and
losses on cash flows
5. Foreign-currency financial
statement translation difference
6. Other
After-tax net amount of other
comprehensive incomes attributable to
minority shareholders
VII. Total comprehensive incomes 14,097,216.10 24,462,250.08
Attributable to owners of the
14,082,800.20 24,452,751.47
Company
Attributable to minority
14,415.90 9,498.61
shareholders
VIII. Earnings per share
(I) Basic earnings per share 0.05 0.08
(II) Diluted earnings per share 0.05 0.08
Legal representative: YEUNG Kwok Wei Richard Person-in-charge of the accounting work: CHIN Wee Hua
Chief of the accounting division: LI Yihao
4. Income statement of the Company
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
I. Total sales 303,704,050.81 275,216,043.88
Less: Cost of sales 246,318,355.97 221,294,478.46
Business taxes and surcharges 280,784.83 6,820.58
Distribution expenses 3,915,561.96 3,678,680.79
Administrative expenses 7,974,276.60 7,494,121.27
Financial costs 38,598,708.14 21,268,824.74
Impairment loss -11,941,270.51 -4,569,044.35
Add: gain/(loss) from change in fair
-1,797,048.21 -2,270,020.67
value (“-” means loss)
Gain/(loss) from investment (“-”
21
2015 Quarterly One Report of Wuhan Boiler Company Limited
means loss)
Including: income from investment
on associates and joint ventures
Ⅱ . Business profit (“-” means loss) 16,760,585.61 23,772,141.72
Add: non-business income 80,570.73 130,766.17
Including: Gains on disposal of
non-current assets
Less: non-business expense 4,544.11
Including: Losses on disposal of
non-current assets
Ⅲ . Total profit (“-” means loss) 16,841,156.34 23,898,363.78
Less: income tax expense 3,061,488.15 -373,913.81
Ⅳ . Net profit (“-” means loss) 13,779,668.19 24,272,277.59
V. After-tax net amount of other
comprehensive incomes
(I) Other comprehensive
incomes that will not be reclassified
into gains and losses
1. Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement
2. Enjoyable shares in other
comprehensive incomes in investees
that cannot be reclassified into gains
and losses under the equity method
(II) Other comprehensive
incomes that will be reclassified into
gains and losses
1. Enjoyable shares in other
comprehensive incomes in investees
that will be reclassified into gains and
losses under the equity method
2. Gains and losses on fair
value changes of available-for-sale
financial assets
3. Gains and losses on
reclassifying held-to-maturity
investments into available-for-sale
financial assets
22
2015 Quarterly One Report of Wuhan Boiler Company Limited
4. Effective hedging gains
and losses on cash flows
5. Foreign-currency financial
statement translation difference
6. Other
VI. Total comprehensive incomes 13,779,668.19 24,272,277.59
VII. Earnings per share
(I) Basic earnings per share
(II) Diluted earnings per share
5. Consolidated cash flow statement
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
1. Cash flows from operating activities
Cash received from sales of goods
308,330,426.44 254,910,974.61
or rending of services
Net increase of deposits received
and held for others
Net increase of loans from central
bank
Net increase of inter-bank loans
from other financial institutions
Cash received against original
insurance contracts
Cash received from reinsurance
Net increase of client deposit and
investment
Net increase of disposal of
financial assets measured at fair value
of which changes are recorded into
current gains and losses
Cash received as interest, fees and
commissions
Net increase of inter-bank fund
received
Net increase of cash received
under repurchasing
23
2015 Quarterly One Report of Wuhan Boiler Company Limited
Tax returned 18,854,662.49 19,875,480.75
Other cash received from
199,440.64 76,033.67
operating activities
Sub-total of cash inflow from operating
327,384,529.57 274,862,489.03
activities
Cash paid for goods and services 136,380,911.90 61,542,021.14
Net increase of loans and
advances
Net increase of deposit in central
bank, banks and other financial
institutions
Cash paid for original contract
claim
Cash paid for interest, fees and
commissions
Cash paid for policy dividend
Cash paid to and for employees 42,272,544.71 37,424,330.94
Cash paid for all types of taxes 4,130,671.73 4,624,917.67
Other cash paid relating to
9,150,612.05 8,076,452.40
operating activities
Sub-total of cash outflows from
191,934,740.39 111,667,722.15
operating activities
Net cash flows from operating
135,449,789.18 163,194,766.88
activities
2. Cash flows from investing activities
Cash received from retraction of
investment
Cash received from investment
income
Net cash received from disposal of
fixed assets, intangible assets and other 55,663.20
long-term assets
Net cash received from disposal of
subsidiaries and other operating units
Other cash received relating to
12,161.78 172,518.27
investing activities
Sub-total of cash inflows of investing
12,161.78 228,181.47
activities
24
2015 Quarterly One Report of Wuhan Boiler Company Limited
Cash paid for acquisition of fixed
assets, intangible assets and other 4,724,760.96 488,697.94
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
299,513.84
investing activities
Sub-total of cash outflows of investing
4,724,760.96 788,211.78
activities
Net cash flow from investing activities -4,712,599.18 -560,030.31
3. Cash flows from financing activities
Cash received from investment
Including: cash received from
minority shareholders of subsidiaries
Cash received from borrowings 350,000,000.00 250,800,000.00
Cash received from bonds issuing
Other cash received relating to
63,524,000.00
financing activities
Sub-total of cash inflows of financing
413,524,000.00 250,800,000.00
activities
Cash paid for repayment of
403,000,000.00 200,000,000.00
borrowings
Cash paid for dividends, profit
19,430,880.84 32,339,309.99
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 financing
422,430,880.84 232,339,309.99
activities
Net cash flow from financing activities -8,906,880.84 18,460,690.01
4. Effect of foreign exchange rate
-21,111,850.55 447,655.00
changes on cash and cash equivalents
5. Net increase in cash and cash 100,718,458.61 181,543,081.58
25
2015 Quarterly One Report of Wuhan Boiler Company Limited
equivalents
Add: cash and cash equivalents at
6,682,825.97 8,283,224.28
the beginning of this period
6. Cash and cash equivalents at the end
107,401,284.58 189,826,305.86
of this period
6. Cash flow statement of the Company
Unit: RMB Yuan
Item Jan.-Mar. 2015 Jan.-Mar. 2014
1. Cash flows from operating activities
Cash received from sales of goods
308,008,406.59 254,910,974.61
or rending of services
Tax returned 18,854,662.49 19,875,480.75
Other cash received from
199,440.64 76,033.67
operating activities
Sub-total of cash inflow from operating
327,062,509.72 274,862,489.03
activities
Cash paid for goods and services 136,380,911.90 61,542,021.14
Cash paid to and for employees 42,272,544.71 37,424,330.94
Cash paid for all types of taxes 4,130,671.73 4,624,917.67
Other cash paid relating to
9,150,582.05 8,078,924.89
operating activities
Sub-total of cash outflows from
191,934,710.39 111,670,194.64
operating activities
Net cash flows from operating
135,127,799.33 163,192,294.39
activities
2. Cash flows from investing activities
Cash received from retraction of
investment
Cash received from investment
income
Net cash received from disposal of
fixed assets, intangible assets and other 55,663.20
long-term assets
Net cash received from disposal of
subsidiaries and other operating units
Other cash received relating to 10,561.72 172,518.27
26
2015 Quarterly One Report of Wuhan Boiler Company Limited
investing activities
Sub-total of cash inflows of investing
10,561.72 228,181.47
activities
Cash paid for acquisition of fixed
assets, intangible assets and other 4,724,760.96 488,697.94
long-term assets
Cash paid for acquisition of
investments
Net cash paid for acquisition of
subsidiaries and other operating units
Other cash paid relating to
299,513.84
investing activities
Sub-total of cash outflows of investing
4,724,760.96 788,211.78
activities
Net cash flow from investing activities -4,714,199.24 -560,030.31
3. Cash flows from financing activities
Cash received from investment
Cash received from borrowings 350,000,000.00 250,800,000.00
Cash received from issuing bonds
Other cash received relating to
63,524,000.00
financing activities
Sub-total of cash inflows of financing
413,524,000.00 250,800,000.00
activities
Cash paid for repayment of
403,000,000.00 200,000,000.00
borrowings
Cash paid for dividends, profit
19,430,880.84 32,339,309.99
distribution or interest
Other cash paid relating to
financing activities
Sub-total of cash outflows of financing
422,430,880.84 232,339,309.99
activities
Net cash flow from financing activities -8,906,880.84 18,460,690.01
4. Effect of foreign exchange rate
-21,111,850.55 447,655.00
changes on cash and cash equivalents
5. Net increase in cash and cash
100,394,868.70 181,540,609.09
equivalents
Add: cash and cash equivalents at
4,990,124.65 6,722,513.86
the beginning of this period
27
2015 Quarterly One Report of Wuhan Boiler Company Limited
6. Cash and cash equivalents at the end
105,384,993.35 188,263,122.95
of this period
II. Audit report
Is this report audited?
□ Yes √ No
This report is not audited.
28
