Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2009 (Full Text)
Stock Code: 200771 Stock ID: Hangqilun B Announcement No. 2009-21
Hangzhou Steam Turbine Co., Ltd.
The 3rd Quarterly Report 2009 (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 The 3rd Quarterly Report is not audited by CPA.
1.3 Chairman Mr. Nie Zhonghai, General Manager Mr. Yan Jianhuan, Superior of Accounting Mr. Bo Ronghua, and the Chief of Accounting Department Mr. Wu Guomei hereby declares: the Financial Statement in the report is guaranteed to be truthful and complete.
§2 Company Profile
2.1 Financial highlights
In RMB Yuan
2009.9.30
2008.12.31
Changed by (%)
Gross Assets (RMB)
4,860,593,134.32
4,569,605,900.83
6.37%
Owners’ equity attributable to the shareholders of the listed company (yuan)
2,145,597,743.33
1,901,311,875.65
12.85%
Capital shares (shares)
371,800,000.00
371,800,000.00
0.00%
Net asset per share attributable to the shareholders of the listed company (Yuan/share)
5.77
5.11
12.92%
July-Sept. 2009
Changed over the previous year (%)
Jan-Sept. 2009
Changed over the previous year (%)
Turnover (yuan)
889,651,287.58
-12.27%
2,536,179,055.95
5.14%
Net profit attributable to shareholders of the listed company (yuan)
154,247,288.73
27.91%
393,028,270.53
24.82%
Net Cash flow generated by business operation (RMB)
-
-
80,593,862.06
-69.72%
Net Cash flow per share generated by business operation (yuan/share)
-
-
0.22
6.00%
Basic earnings per share (Yuan/share)
0.4148
27.91%
1.0571
24.83%
Diluted earnings per share (Yuan/share)
0.4148
27.91%
1.0571
24.83%
Net return on equity (%)
7.19%
-0.15%
18.32%
-0.85%
Net earnings / capital ratio after deducting of non-recurring gain/loss (%)
8.43%
1.06%
18.41%
-0.95%
1Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2009 (Full Text)
In RMB Yuan
Non-recurring gain and loss items
Amount from beginning of year to the end of report term
Note
Gain/loss of non-current assets
-237,602.56
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 rate or amount.
3,116,770.54
Other non-business income and expenditures other than the above
-5,910,288.97
Influenced amount of minority shareholders’ equity
948,911.23
Influenced amount of income tax
191,881.48
Total
-1,890,328.28
-
2.2 Total of shareholders and top-10 holders of current shares
in shares
Total shareholders at the end of the report period (accounts)
15,068
Top Ten Shareholders of Negotiable Shares
Full name of shareholder
Negotiable sharesheld at the end of report term
Categories
SCHRODER INTL SELECTION FD-GREATER CN FD GTI 25287
6,287,474
Foreign shares placed in domestic exchange
NORGES BANK
3,541,061
Foreign shares placed in domestic exchange
SCHRODER INTERNATIONAL SELECTION FUND
2,916,350
Foreign shares placed in domestic exchange
HTHK-VALUE PARTNERS INTELLIGENT FD-CHINA B SHS FD
2,793,517
Foreign shares placed in domestic exchange
HSBC CHINA DRAGON FUND
2,729,991
Foreign shares placed in domestic exchange
VALUE PARTNERS INTELLIGENT FUNDS-CHINESE MAINLAND FOCUS FUND
1,603,400
Foreign shares placed in domestic exchange
TOYO SECURITIES ASIA LIMITED-A/C CLIENT.
1,444,074
Foreign shares placed in domestic exchange
BOCHK INVESTMENT FUNDS-BOCHK CHINA GOLDEN DRAGON FUND
1,276,797
Foreign shares placed in domestic exchange
INVESTERINGSFORENINGEN DANSKE INVEST
1,044,595
Foreign shares placed in domestic exchange
AUSTRALIANSUPER PTY LTD
1,039,606
Foreign shares placed in domestic exchange
§3 Significant Events
3.1 Details and causations of major change in major accounting subjects and financial indices
√ applicable □ not applicable
3.1.1 Notes to items in the financial report which have changed by over 30% (include):
2Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2009 (Full Text)
In RMB
No.
Items
End of term
Beginning of term
Changed by (%)
Cause of change
1
Notes receivable
527,701,338.99
374,122,522.90
41.05
Change of clearance by way of notes
2
Other account receivable
30,306,334.24
17,241,574.65
75.77
Land remedy for cement project in Guizhou
3
Construction in process
89,982,739.80
37,083,938.18
142.65
Implementing of casting shop of Casting Co., equipment project, and new construction projects of Guoneng Co.
4
Short-term loans
271,000,000.00
181,000,000.00
49.72
Increasing of loans for current capital
5
Notes payable
128,135,724.23
298,203,241.55
-57.03
Increase of clearance by way of notes
6
Account payable
373,133,186.25
283,861,630.55
31.45
Increasing of inventory material
7
Employees’ wage payable
108,495,774.29
19,952,410.05
443.77
Drawing of partial salary
8
Tax payable
42,736,281.08
22,361,297.05
91.12
Increasing at end of term
9
Other current liability
14,700,000.00
-100.00
Stipulated dividends to shareholders of Zhongneng Co.
10
Long-term borrowings
14,746,3800.00
100.00
Increase of project loans
11
Other non-recurring liabilities
10,120,860.00
6,523,710.00
55.14
Increasing of governmental subsidy received
3.1.2 Main change of expenses in the report term:
In RMB Yuan
No.
Items
Jan-Sept. 2009
Jan-Sept. 2008
Changed by (%)
Cause of change
1
Business tax and surcharge
8,487,984.36
5,480,585.36
54.87
Provided at stipulated rate
2
Financial expenses
-2098212.61
2813457.90
-174.58
Increasing of exchange gains
3
Non-operational income
4,059,998.53
1,541,223.99
163.43
Increasing of governmental subsidy received
3.2 Progress of significant events, their influence, countermeasures, and analysis
√ applicable □ not applicable
1. The Company provided no capital or illegal guarantee to any of the controlling shareholder or its related parties in the report term, nor carried down from previous report terms.
2. Hangzhou Steam Turbine Power Group Co., Ltd. – the controlling shareholder of the Company, put the 91 million B shares of the Company (accounted for 38.46% of the shares held by it and 24.48% of the total shares of the Company) into pledge with Communication Bank Zhejiang Branch in 2007. The pledge has expired on June 30, 2009. Through negotiation with the bank,
3Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2009 (Full Text)
Hangzhou Steam Turbine Power Group Co., Ltd. has decided to extend the pledge to June 30, 2011.
3.3 Fulfilling of commitment issues made by the Company, shareholder, or substantial controller
□applicable √ not applicable
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
The Company provided no capital or illegal guarantee to any of the controlling shareholder or its related parties in the report term, nor carried down from previous report terms.
3.5.1 Reception of investigations, communications, or interviews
Time/date
Place
Way
Visitors
Main content involved and material provided
July 06, 2009
HTC
Field research
Fuda Foundation (US)
Influence of the financial crisis, market demand, technical barrier, overseas price competition, industrial competition
July 14, 2009
HTC
Field research
Hongyuan Securities
Market trend of 2009, change of gross profit ratio, waste thermal power plant, industrial competition, receivable accounts, change of orders
July 20, 2009
HTC
Field research
Blackstone Foundation
Product character, utilization, industrial layout, price advantages, influence of national policy, productivity; market share, business pattern
July 24, 2009
HTC
Field research
Schroeder Asset Management
Change of orders, gross profit ratio trend, gas turbines
September 02, 2009
HTC
Field research
Schroeder Asset Management
Main clients, industries which decreased significantly in orders in 2009, prediction for 2010, competitors, change of gross profit ratio, change of raw materials, dividend policy, receivable accounts, cash flow, Bank of Hangzhou, business diversification, management incentive program
September 23, 2009
HTC
Field research
Individual shareholder
Marketing effort, overseas market, company development strategy, business diversification
September 30, 2009
HTC
Field research
Individual shareholder
Application area, development prospects, composition of researchers, introducing of personnel competition scheme, possibility of B share reformation
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: Hangzhou Steam Turbine Co., Ltd. Ended September 30, 2009 in RMB Yuan
Items
Balance at the end of term
Balance at the beginning of year
4Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2009 (Full Text)
Consolidated
Parent company
Consolidated
Parent company
Current asset:
Monetary capital
522,461,818.74
176,739,106.16
450,103,030.94
158,711,304.02
Settlement provision
Outgoing call loan
Transactional financial assets
Notes receivable
527,701,338.99
387,253,769.20
374,122,522.90
279,142,200.00
Account receivable
1,270,858,158.45
1,052,095,615.77
1,184,421,641.17
1,045,972,821.97
Prepayment
258,120,264.93
90,573,103.40
230,097,109.65
84,096,664.49
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable
Dividend receivable
17,212,500.00
Other account receivable
30,306,334.24
26,626,392.91
17,241,574.65
13,786,223.02
Repurchasing of financial assets
Inventories
1,144,084,807.50
890,841,765.61
1,192,643,294.30
850,043,203.46
Non-current asset due in 1 year
Other current asset
53,350.85
236,603.00
Total of current asset
3,753,586,073.70
2,624,129,753.05
3,448,865,776.61
2,448,964,916.96
Non-current assets
Loans and payment on other’s behalf disbursed
Disposable financial asset
Expired investment in possess
Long-term receivable
Long-term share equity investment
408,093,320.85
457,786,968.70
408,093,320.85
455,849,320.85
Investment properties
Fixed assets
488,410,180.58
362,588,817.57
523,475,639.79
397,301,612.80
Construction in process
89,982,739.80
13,929,932.47
37,083,938.18
11,299,250.13
Engineering goods
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets
73,052,494.43
47,902,806.89
102,596,697.16
49,081,454.61
R&D expense
Goodwill
Long-term amortizable expenses
10,130,596.53
9,467,565.08
10,370,103.45
9,467,565.08
Differed income tax asset
37,337,728.43
30,966,989.05
39,120,424.79
30,966,989.05
Other non-current asset
Total of non-current assets
1,107,007,060.62
922,643,079.76
1,120,740,124.22
953,966,192.52
Total of assets
4,860,593,134.32
3,546,772,832.81
4,569,605,900.83
3,402,931,109.48
Current liabilities
Short-term loans
271,000,000.00
150,000,000.00
181,000,000.00
100,000,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
5Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2009 (Full Text)
Trade off financial liabilities
Notes payable
128,135,724.23
178,105,179.23
298,203,241.55
366,981,929.55
Account payable
373,133,186.25
310,549,683.73
283,861,630.55
221,991,259.71
Prepayment received
1,249,898,094.41
838,904,835.64
1,497,363,927.16
1,056,118,723.46
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable
108,495,774.29
98,785,076.17
19,952,410.05
12,844,851.17
Tax payable
42,736,281.08
37,521,858.74
22,361,297.05
13,811,247.32
Interest payable
Dividend payable
114,125.00
Other account payable
49,663,630.12
37,764,857.50
36,174,381.34
26,661,061.72
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year
Other current liability
14,700,000.00
Total of current liability
2,223,062,690.38
1,651,631,491.01
2,353,731,012.70
1,798,409,072.93
Non-current liabilities
Long-term borrowings
147,463,800.00
90,463,800.00
Bond payable
Long-term payable
330,000.00
330,000.00
Special payable
Expected liabilities
Differed income tax liability
1,225,374.71
1,225,374.71
1,225,374.71
1,225,374.71
Other non-recurring liabilities
10,120,860.00
8,448,250.00
6,523,710.00
5,048,250.00
Total of non-current liabilities
159,140,034.71
100,137,424.71
8,079,084.71
6,273,624.71
Total of liability
2,382,202,725.09
1,751,768,915.72
2,361,810,097.41
1,804,682,697.64
Owners’ equity (or shareholders’ equity)
Capital paid in (or share capital)
371,800,000.00
371,800,000.00
371,800,000.00
371,800,000.00
Capital reserves
138,930,847.24
138,953,250.09
138,953,250.09
138,953,250.09
Less: Shares in stock
Special reserves
Surplus reserves
279,205,827.20
260,449,422.07
279,205,827.20
260,449,422.07
Common risk provision
Retained profit
1,355,661,068.89
1,023,801,244.93
1,111,352,798.36
827,045,739.68
Different of foreign currency translation
Total of owner’s equity belong to the parent company
2,145,597,743.33
1,795,003,917.09
1,901,311,875.65
1,598,248,411.84
Minor shareholders’ equity
332,792,665.90
306,483,927.77
Total of owners’ equity
2,478,390,409.23
1,795,003,917.09
2,207,795,803.42
1,598,248,411.84
Total of liabilities and owners’ equity
4,860,593,134.32
3,546,772,832.81
4,569,605,900.83
3,402,931,109.48
4.2 Income Statement of the report term
Prepared by: Hangzhou Steam Turbine Co., Ltd. Jul-Sept 2009 in RMB
Items
Current term
Same period last year
6Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2009 (Full Text)
Consolidated
Parent company
Consolidated
Parent company
I. Total revenue
889,651,287.58
658,835,934.60
1,014,052,366.99
725,304,925.70
Incl. Business income
889,651,287.58
658,835,934.60
1,014,052,366.99
725,304,925.70
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost
673,630,388.64
511,391,233.61
838,090,129.29
606,428,646.12
Incl. Business cost
562,483,148.26
432,374,249.36
683,346,672.05
478,178,281.34
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
3,327,630.86
1,112,742.25
1,853,375.38
1,048,340.67
Sales expense
25,805,710.44
19,443,102.14
24,687,928.69
18,728,817.95
Administrative expense
54,732,180.73
33,665,642.29
119,271,636.09
105,404,101.67
Financial expenses
4,270,056.35
4,222,850.80
2,734,424.81
2,884,450.54
Asset impairment loss
23,011,662.00
20,572,646.77
6,196,092.27
184,653.95
Plus: Gains from change of fair value (“-“ for loss)
Investment gain (“-“ for loss)
7,083,532.69
130,954.00
Incl. Investment gains from affiliates
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss)
216,020,898.94
147,444,700.99
183,045,770.39
119,007,233.58
Plus: Non business income
570,972.57
63,422.15
516,512.99
294,512.99
Less: Non-business expenses
4,222,770.14
3,839,496.07
1,352,646.52
725,304.93
Incl. Loss from disposal of non-current assets
IV. Gross profit (“-“ for loss)
212,369,101.37
143,668,627.07
182,209,636.86
118,576,441.64
Less: Income tax expenses
32,714,281.10
21,550,294.06
35,403,750.12
29,611,371.91
V. Net profit (“-“ for net loss)
179,654,820.27
122,118,333.01
146,805,886.74
88,965,069.73
Net profit attributable to the owners of parent company
154,247,288.73
122,118,333.01
120,588,237.68
88,965,069.73
Minor shareholders’ equity
25,407,531.54
26,217,649.06
VI. Earnings per share:
(I) Basic earnings per share
0.4148
0.3243
(II) Diluted earnings per share
0.4148
0.3243
VII. Other misc. incomes
VIII. Total of misc. incomes
179,654,820.27
122,118,333.01
146,805,886.74
88,965,069.73
Total of misc. incomes attributable to the owners of the parent company
154,247,288.73
122,118,333.01
120,588,237.68
88,965,069.73
Total misc gains attributable to the minor shareholders
25,407,531.54
26,217,649.06
4.3 Income Statement from the beginning of year to the end of report term
Prepared by: Hangzhou Steam Turbine Co., Ltd. Jan-Sept 2009 in RMB
Items
Amount of the Current Term
Amount of the Previous Term
7Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2009 (Full Text)
Consolidated
Parent company
Consolidated
Parent company
I. Total revenue
2,536,179,055.95
1,731,998,390.96
2,412,294,369.18
1,800,849,977.94
Incl. Business income
2,536,179,055.95
1,731,998,390.96
2,412,294,369.18
1,800,849,977.94
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost
2,012,244,705.30
1,408,474,487.11
1,967,039,027.50
1,526,500,165.65
Incl. Business cost
1,574,990,655.94
1,080,149,986.37
1,562,930,605.71
1,214,938,166.67
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
8,487,984.36
2,583,106.89
5,480,585.36
1,875,666.92
Sales expense
71,264,371.07
51,003,739.59
76,375,850.38
55,175,289.86
Administrative expense
304,654,313.38
234,674,564.89
277,158,701.59
217,145,211.85
Financial expenses
-2,098,212.61
-4,000,296.40
2,813,457.90
3,047,034.64
Asset impairment loss
54,945,593.16
44,063,385.77
42,279,826.56
34,318,795.71
Plus: Gains from change of fair value (“-“ for loss)
Investment gain (“-“ for loss)
29,898,083.98
74,878,300.00
37,242,798.17
59,352,011.99
Incl. Investment gains from affiliates
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss)
553,832,434.63
398,402,203.85
482,498,139.85
333,701,824.28
Plus: Non business income
4,059,998.53
338,407.91
1,541,223.99
729,623.99
Less: Non-business expenses
7,091,119.52
5,512,658.52
6,287,572.97
2,877,626.77
Incl. Loss from disposal of non-current assets
IV. Gross profit (“-“ for loss)
550,801,313.64
393,227,953.24
477,751,790.87
331,553,821.50
Less: Income tax expenses
83,015,868.38
47,752,447.99
85,297,074.49
68,050,452.38
V. Net profit (“-“ for net loss)
467,785,445.26
345,475,505.25
392,454,716.38
263,503,369.12
Net profit attributable to the owners of parent company
393,028,270.53
345,475,505.25
314,866,286.50
263,503,369.12
Minor shareholders’ equity
74,757,174.73
77,588,429.88
VI. Earnings per share:
(I) Basic earnings per share
1.0571
0.8468
(II) Diluted earnings per share
1.0571
0.8468
VII. Other misc. incomes
VIII. Total of misc. incomes
467,785,445.26
345,475,505.25
392,454,716.38
263,503,369.12
Total of misc. incomes attributable to the owners of the parent company
393,028,270.53
345,475,505.25
314,866,286.50
263,503,369.12
Total misc gains attributable to the minor shareholders
74,757,174.73
77,588,429.88
4.4 Cash Flow Statement from the beginning of year to the end of report term.
Prepared by: Hangzhou Steam Turbine Co., Ltd. Jan-Sept 2009 in RMB
Amount of the Current Term
Amount of the Previous Term
Items
Consolidated
Parent company
Consolidated
Parent company
8Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2009 (Full Text)
I. Net cash flow from business operation
Cash received from sales of products and providing of services
2,126,682,047.13
1,460,391,110.01
2,525,325,308.16
1,853,046,139.58
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
16,059,519.73
14,407,182.93
2,990.37
Other cash received from business operation
33,599,602.79
2,749,787.48
19,409,392.70
3,316,833.48
Sub-total of cash inflow from business activities
2,176,341,169.65
1,477,548,080.42
2,544,737,691.23
1,856,362,973.06
Cash paid for purchasing of merchandise and services
1,454,647,323.39
1,132,183,369.99
1,657,393,359.22
1,236,672,084.51
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
273,470,316.79
222,997,768.60
267,547,385.36
227,313,508.00
Taxes paid
260,956,056.98
154,731,834.22
254,808,475.38
177,958,303.03
Other cash paid for business activities
106,673,610.43
30,809,838.32
98,841,149.77
49,511,470.52
Sub-total of cash outflow from business activities
2,095,747,307.59
1,540,722,811.13
2,278,590,369.73
1,691,455,366.06
Cash flow generated by business operation, net
80,593,862.06
-63,174,730.71
266,147,321.50
164,907,607.00
II. Cash flow generated by investing
Cash received from investment retrieving
30,000,000.00
30,000,000.00
Cash received as investment gains
30,114,561.65
92,090,800.00
28,902,011.99
59,352,011.99
Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets
3,208,800.00
3,208,800.00
503,605.00
393,605.00
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
33,323,361.65
95,299,600.00
59,405,616.99
89,745,616.99
Cash paid for construction of fixed assets, intangible assets and other long-term assets
69,877,431.19
11,447,642.17
102,427,533.98
47,553,261.57
Cash paid as investment
1,937,647.85
1,937,647.85
151,854,040.00
151,254,040.00
Net increase of loan against pledge
29,800.00
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities
302,500.00
302,500.00
Sub-total of cash outflow due to investment activities
71,844,879.04
13,385,290.02
254,584,073.98
199,109,801.57
9Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2009 (Full Text)
10
Net cash flow generated by investment
-38,521,517.39
81,914,309.98
-195,178,456.99
-109,364,184.58
III. Cash flow generated by financing
Cash received as investment
Incl. Cash received as investment from minor shareholders
Cash received as loans
842,463,800.00
640,463,800.00
381,000,000.00
350,000,000.00
Cash received from bond placing
Other financing-related cash received
2,260,000.00
2,260,000.00
Subtotal of cash inflow from financing activities
844,723,800.00
642,723,800.00
381,000,000.00
350,000,000.00
Cash to repay debts
605,000,000.00
500,000,000.00
250,000,000.00
250,000,000.00
Cash paid as dividend, profit, or interests
219,428,389.55
156,426,606.27
170,070,000.00
148,720,000.00
Incl. Dividend and profit paid by subsidiaries to minor shareholders
Other cash paid for financing activities
3,000,000.00
3,316,900.00
2,466,150.00
Subtotal of cash outflow due to financing activities
827,428,389.55
656,426,606.27
423,386,900.00
401,186,150.00
Net cash flow generated by financing
17,295,410.45
-13,702,806.27
-42,386,900.00
-51,186,150.00
IV. Influence of exchange rate alternation on cash and cash equivalents
12,991,032.68
12,991,029.14
-580,186.51
-579,695.02
V. Net increase of cash and cash equivalents
72,358,787.80
18,027,802.14
28,001,778.00
3,777,577.40
Plus: Balance of cash and cash equivalents at the beginning of term
450,103,030.94
158,711,304.02
296,605,363.48
125,110,310.08
VI. Balance of cash and cash equivalents at the end of term
522,461,818.74
176,739,106.16
324,607,141.48
128,887,887.48
4.5 Auditors’ Report
Auditor’s opinion: not audited.
Hangzhou Steam Turbine Co., Ltd.
Legal representative:
October 27, 2009
