Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
Stock Code: 200771 Stock ID: Hangqilun B Announcement:2010-47
二零一零年第三季度报告
The 3rd Quarterly Report 2010
October 29, 2010
杭州汽轮机股份有限公司
HANGZHOU STEAM TURBINE CO., LTD.
1Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
Chapter I. Important Statement
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, Chief Financial Officer Mr. Bai 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.
Chapter II. Company Profile
2.1 Financial highlights
In RMB Yuan
2010.9.30
2009.12.31
Extent of Change (%)
Gross Assets (RMB)
5,684,970,911.74
4,910,772,244.30
15.77%
Owners’ equity attributable to the shareholders of the listed company (yuan)
2,565,837,941.78
2,336,109,466.46
9.83%
Capital shares (shares)
483,340,000.00
371,800,000.00
30.00%
Net asset per share attributable to the shareholders of the listed company (Yuan/share)
5.31
6.28
-15.45%
July-Sept. 2010
Changed over the same period of last year (%)
Jan-Sept. 2010
Changed over the same period of last year (%)
Turnover (yuan)
875,557,215.18
-1.58%
2,716,072,766.15
7.09%
Net profit attributable to shareholders of the listed company (yuan)
122,623,653.86
-20.50%
378,448,475.32
-3.71%
Net Cash flow generated by business operation (RMB)
-
-
450,022,576.76
458.38%
Net Cash flow per share generated by business operation (yuan/share)
-
-
0.93
322.73%
Basic earnings per share (Yuan/share)
0.2537
-38.84%
0.7830
-25.93%
Diluted earnings per share (Yuan/share)
0.2537
-38.84%
0.7830
-25.93%
Weighted average net income/asset ratio (%)
4.95%
-2.24%
15.29%
-3.03%
Weighted average net income/asset ratio less non-recurring gain/loss(%)
5.03%
-3.40%
15.43%
-2.98%
Non-recurring gain and loss items
Amount from beginning of year to the end of report term
Note
2Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
Gain/loss of non-current assets
68,825.20
Government subsidies accounted into current gain/loss account, other than those closely related to the Company’s common business, complywith the national policy and continues to enjoy at certain fixed rate or amount.
1,616,812.00
Other non-business income and expenditures other than the above
-5,340,936.28
Influenced amount of minority shareholders’ equity
1,477,381.32
Influenced amount of income tax
-1,468,090.73
Total
-3,646,008.49
-
2.2 Total of shareholders and top-10 holders of current shares
in shares
Total shareholders at the end of the report period (accounts)
15,345
Top Ten Shareholders of Negotiable Shares
Full name of shareholder
Negotiable shares held at the end of report term
Categories
SCHRODER INTL SELECTION FD-GREATER CN FD GTI 25287
8,173,716
Foreign shares placed in domestic exchange
BIAL/HSBC GLOBAL INVESTMENT FUNDS CHINESE EQUITY
5,500,000
Foreign shares placed in domestic exchange
NORGES BANK
3,470,039
Foreign shares placed in domestic exchange
GAOLING FUND,L.P.
2,553,141
Foreign shares placed in domestic exchange
TOYO SECURITIES ASIA LIMITED-A/C CLIENT
1,733,955
Foreign shares placed in domestic exchange
BOCHK INVESTMENT FUNDS-BOCHK CHINA GOLDEN DRAGON FUND
1,659,836
Foreign shares placed in domestic exchange
JTSB MATB HSBC CHINA MOTHER FUND
1,600,000
Foreign shares placed in domestic exchange
Xia Zulin
1,560,000
Foreign shares placed in domestic exchange
AUSTRALIANSUPER PTY LTD
1,351,488
Foreign shares placed in domestic exchange
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED
1,138,356
Foreign shares placed in domestic exchange
Chapter III. Significant Issues
3.1 Details and causations of major change in major accounting subjects and financial indices
√ applicable □ not applicable
Balance Sheet Items
End of term
Beginning of term
Scale of change
Remarks on the change
Monetary capital
640,590,467.52
486,439,602.82
31.69%
Main cause: increase of payment collected in advance
3Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
Other account receivable
31,639,710.64
17,333,756.04
82.53%
Main cause: tax refund receivable for exporting to India
Construction in process
213,360,279.28
133,993,100.65
59.23%
Purchasing of equipment and increase of workshop project phase II of Casting Co.
Long-term amortizable expenses
10,937,980.38
8,092,318.74
35.16%
Decoration expense and opening fee of Guizhou Zhongcheng Cement Co.
Short-term loans
211,000,000.00
136,000,000.00
55.15%
Packaged Technologies Co. increased its loan by RMB80 million and the Casting Co. reduced its short term loan by RMB5 million.
Notes payable
69,540,000.00
103,656,815.22
-32.91%
Decrease of bank accepted notes issued by the Company in the report term.
Employees’ wage payable
111,688,278.32
23,241,197.54
380.56%
Drawing of wage in advance
Tax payable
17,079,061.25
89,484,573.70
-80.91%
Tax paid according to the regulations
Interest payable
195,250.00
-100.00%
Bank interest paid
Other account payable
77,321,645.41
24,231,372.13
219.10%
The Packaged Technologies Co. borrowed RMB50 million from Hangzhou Relian Import and Export Co., Ltd.
Other non-current asset
8,117,240.00
3,322,740.00
144.29%
Increasing of government subsidy and award in the report term
Practical capital input
483,340,000.00
371,800,000.00
30.00%
According to the resolutions adopted at the Shareholders’ Annual Meeting 2009, 3 bonus shares were given to each 10 shares.
Income Statement Items
Current term
Same period of last term
Scale of change
Remarks on the change
Financial expenses
14,854,943.99
-2,098,212.61
-807.98
Decrease of exchange gains and increase of loan interest in the report term
3.2 Progress of significant events, their influence, countermeasures, and analysis
3.2.1 None-standard opinions
□applicable √ not applicable
3.2.2 Illegal providing of capital or guarantees to the holding shareholder or its related parties or external parties
□applicable √ not applicable
3.2.3 Signing and execution of major business contracts
□applicable √ not applicable
3.2.4 Misc.
□applicable √ not applicable
3.3 Fulfilling of commitment issues made by the Company, shareholder, or substantial controller
□applicable √ not applicable 4Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
3.4 Estimated accumulative profit from the year beginning to the end of the next report period may be of deficits; or in comparison with the same period of the previous year, give the warning of great change and the notice to the reasons.
□applicable √ not applicable
3.5 Major events needs to be explained
3.5.1 Investment in securities
□applicable √ not applicable
3.5.2 Reception of investigations, communications, or interviews
Time/date
Place
Way
Visitors
Main content involved and material provided
Feb 04, 2010
HTC
Face to face talk
Dahe Securities
Capital expenditure of recent years, possibility of issuing H shares
Mar 15, 2010
HTC
Face to face talk
Zhongjin Co. Hong Kong
Hangzhou Bank Share, order trend, influence of financial crisis, productivity, competitors, share equity reformation
April 17, 2010
HTC
Telephone communication
Huale Investment
Production circle, order source, influence of material price, financing resource
Apr 1, 2010
HTC
Face to face talk
Orient Securities
Product introduction, industry profile, route of B shares, orders, future development
Apr 21, 2010
HTC
Face to face talk
Individual shareholder
Business structure, employee wages, residue heat power plant, investor relationship, preferable policies
May 13, 2010
HTC
Face to face talk
J.P. Morgan
Growth point of 2010, competitions, advantages of the Company, price comparison, energy-saving advantage, employees, market share, overseas market, productivity
May 14 2010
HTC
Face to face talk
China Fund
Raw material, orders, 3-year expectation, advantages, overseas market
Jun 25, 2010
HTC
Face to face talk
Haitong Securities
Industrial and international trend, the holding shareholder, services, residue heat recycling products
Sept 16, 2010
HTC
Telephone communication
Hong Kong Hengmao Investment Co.
Introduction of the products, energy saving, industrial trend, marketing pattern, market share, competition, export, gross profit trend, investment projects, financing demand.
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 5Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
Chapter IV. Financial Report
4.1 Balance Sheet
Prepared by: Hangzhou Steam Turbine Co., Ltd. Ended September 30, 2010 in RMB Yuan
Balance at the end of term
Balance at the beginning of year
Items
Consolidated
Parent company
Consolidated
Parent company
Current asset:
Monetary capital
640,590,467.52
291,633,418.98
486,439,602.82
100,717,329.17
Settlement provision
Outgoing call loan
Transactional financial assets
Notes receivable
564,599,793.16
339,151,257.69
585,510,190.21
434,620,525.22
Account receivable
1,508,685,218.61
1,275,053,184.56
1,329,433,302.65
1,115,063,042.90
Prepayment
275,517,095.94
92,410,979.86
219,791,399.56
78,676,643.13
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable
Dividend receivable
Other account receivable
31,639,710.64
22,610,065.84
17,333,756.04
16,869,617.12
Repurchasing of financial assets
Inventories
1,305,228,884.57
946,418,788.09
1,009,100,047.12
774,155,875.55
Non-current asset due in 1 year
Other current asset
100,275.00
108,275.80
Total of current asset
4,326,361,445.44
2,967,277,695.02
3,647,716,574.20
2,520,103,033.09
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
402,359,859.91
472,280,099.47
402,586,451.62
472,280,099.47
Investment properties
Fixed assets
503,848,097.92
323,072,093.62
528,315,267.49
350,458,537.59
Construction in process
213,360,279.28
46,504,919.47
133,993,100.65
14,507,898.96
Engineering goods
844,864.97
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets
173,971,234.90
46,724,159.17
141,444,716.26
47,902,806.89
R&D expense
6Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
Goodwill
187,501.55
Long-term amortizable expenses
10,937,980.38
7,438,801.13
8,092,318.74
7,438,801.13
Differed income tax asset
53,099,647.39
39,114,576.96
48,623,815.34
39,114,576.96
Other non-current asset
Total of non-current assets
1,358,609,466.30
935,134,649.82
1,263,055,670.10
931,702,721.00
Total of assets
5,684,970,911.74
3,902,412,344.84
4,910,772,244.30
3,451,805,754.09
Current liabilities
Short-term loans
211,000,000.00
136,000,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities
Notes payable
69,540,000.00
103,656,815.22
155,170,592.22
Account payable
481,633,543.32
367,263,102.00
320,766,161.48
202,453,257.90
Prepayment received
1,513,914,489.65
1,033,590,014.47
1,233,884,154.03
872,137,702.04
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable
111,688,278.32
89,413,544.79
23,241,197.54
14,713,270.72
Tax payable
17,079,061.25
18,235,649.84
89,484,573.70
62,319,098.96
Interest payable
195,250.00
Dividend payable
Other account payable
77,321,645.41
21,857,557.05
24,231,372.13
14,582,847.36
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year
Other current liability
Total of current liability
2,482,177,017.95
1,530,359,868.15
1,931,459,524.10
1,321,376,769.20
Non-current liabilities
Long-term borrowings
260,463,800.00
190,463,800.00
247,463,800.00
190,463,800.00
Bond payable
Long-term payable
330,000.00
330,000.00
Special payable
Contingent liabilities
Differed income tax liability
1,225,366.39
1,225,366.39
1,225,366.39
1,225,366.39
Other non-recurring liabilities
8,117,240.00
6,462,250.00
3,322,740.00
1,942,250.00
Total of non-current liabilities
270,136,406.39
198,151,416.39
252,341,906.39
193,631,416.39
Total of liability
2,752,313,424.34
1,728,511,284.54
2,183,801,430.49
1,515,008,185.59
Owners’ equity (or shareholders’ equity)
Capital paid in (or share capital)
483,340,000.00
483,340,000.00
371,800,000.00
371,800,000.00
Capital reserves
138,953,250.09
138,953,250.09
138,953,250.09
138,953,250.09
7Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
Less: Shares in stock
Special reserves
Surplus reserves
327,932,742.87
309,176,337.74
327,932,742.87
309,176,337.74
Common risk provision
Retained profit
1,615,611,948.82
1,242,431,472.47
1,497,423,473.50
1,116,867,980.67
Different of foreign currency translation
Total of owner’s equity belong to the parent company
2,565,837,941.78
2,173,901,060.30
2,336,109,466.46
1,936,797,568.50
Minor shareholders’ equity
366,819,545.62
390,861,347.35
Total of owners’ equity
2,932,657,487.40
2,173,901,060.30
2,726,970,813.81
1,936,797,568.50
Total of liabilities and owners’ equity
5,684,970,911.74
3,902,412,344.84
4,910,772,244.30
3,451,805,754.09
4.2 Income Statement of the report term
Prepared by: Hangzhou Steam Turbine Co., Ltd. July – Sept. 2010 in RMB Yuan
Amount of the Current Term
Amount of the Previous Term
Items
Consolidated
Parent company
Consolidated
Parent company
I. Total revenue
875,557,215.18
607,749,379.21
889,651,287.58
658,835,934.60
Incl. Business income
875,557,215.18
607,749,379.21
889,651,287.58
658,835,934.60
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost
735,863,646.93
523,684,625.41
673,630,388.64
511,391,233.61
Incl. Business cost
533,942,601.30
373,468,893.19
562,483,148.26
432,374,249.36
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
1,723,104.18
362,983.34
3,327,630.86
1,112,742.25
Sales expense
30,239,604.83
20,175,251.66
25,805,710.44
19,443,102.14
Administrative expense
158,192,184.62
119,661,535.27
54,732,180.73
33,665,642.29
Financial expenses
5,135,328.99
1,920,498.91
4,270,056.35
4,222,850.80
Asset impairment loss
6,630,823.01
8,095,463.04
23,011,662.00
20,572,646.77
Plus: Gains from change of fair value (“-“ for loss)
Investment gain (“-“ for loss)
23,118,640.00
23,118,640.00
Incl. Investment gains from affiliates
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss)
162,812,208.25
107,183,393.80
216,020,898.94
147,444,700.99
Plus: Non business income
795,262.22
450,000.00
570,972.57
63,422.15
Less: Non-business expenses
1,599,986.30
607,749.38
4,222,770.14
3,839,496.07
8Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
Incl. Loss from disposal of non-current assets
IV. Gross profit (“-“ for loss)
162,007,484.17
107,025,644.42
212,369,101.37
143,668,627.07
Less: Income tax expenses
22,333,118.16
12,586,050.66
32,714,281.10
21,550,294.06
V. Net profit (“-“ for net loss)
139,674,366.01
94,439,593.76
179,654,820.27
122,118,333.01
Net profit attributable to the owners of parent company
122,623,653.86
94,439,593.76
154,247,288.73
122,118,333.01
Minor shareholders’ equity
17,050,712.15
25,407,531.54
VI. Earnings per share:
(I) Basic earnings per share
0.2537
0.4148
(II) Diluted earnings per share
0.2537
0.4148
VII. Other misc. incomes
VIII. Total of misc. incomes
139,674,366.01
94,439,593.76
179,654,820.27
122,118,333.01
Total of misc. incomes attributable to the owners of the parent company
122,623,653.86
94,439,593.76
154,247,288.73
122,118,333.01
Total misc gains attributable to the minor shareholders
17,050,712.15
25,407,531.54
4.3 Income Statement from the beginning of year to the end of report term
Prepared by: Hangzhou Steam Turbine Co., Ltd. Jan – Sept. 2010 in RMB Yuan
Amount of the Current Term
Amount of the Previous Term
Items
Consolidated
Parent company
Consolidated
Parent company
I. Total revenue
2,716,072,766.15
1,922,784,097.74
2,536,179,055.95
1,731,998,390.96
Incl. Business income
2,716,072,766.15
1,922,784,097.74
2,536,179,055.95
1,731,998,390.96
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost
2,212,947,280.86
1,610,068,415.78
2,012,244,705.30
1,408,474,487.11
Incl. Business cost
1,714,356,838.28
1,256,348,211.51
1,574,990,655.94
1,080,149,986.37
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
6,852,922.41
2,310,339.72
8,487,984.36
2,583,106.89
Sales expense
84,806,711.88
55,791,463.30
71,264,371.07
51,003,739.59
Administrative expense
336,104,547.28
241,775,267.72
304,654,313.38
234,674,564.89
Financial expenses
14,854,943.99
6,523,556.74
-2,098,212.61
-4,000,296.40
Asset impairment loss
55,971,317.02
47,319,576.79
54,945,593.16
44,063,385.77
Plus: Gains from change of fair value (“-“ for loss)
Investment gain (“-“ for loss)
24,219,375.77
121,416,433.27
29,898,083.98
74,878,300.00
Incl. Investment gains from affiliates
Gains from currency exchange (“-“ for loss)
9Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
III. Operational profit (“-“ for loss)
527,344,861.06
434,132,115.23
553,832,434.63
398,402,203.85
Plus: Non business income
3,002,942.26
1,341,907.71
4,059,998.53
338,407.91
Less: Non-business expenses
6,658,241.34
2,990,461.99
7,091,119.52
5,512,658.52
Incl. Loss from disposal of non-current assets
IV. Gross profit (“-“ for loss)
523,689,561.98
432,483,560.95
550,801,313.64
393,227,953.24
Less: Income tax expenses
78,103,671.01
46,660,069.15
83,015,868.38
47,752,447.99
V. Net profit (“-“ for net loss)
445,585,890.97
385,823,491.80
467,785,445.26
345,475,505.25
Net profit attributable to the owners of parent company
378,448,475.32
385,823,491.80
393,028,270.53
345,475,505.25
Minor shareholders’ equity
67,137,415.65
74,757,174.73
VI. Earnings per share:
(I) Basic earnings per share
0.7830
1.0571
(II) Diluted earnings per share
0.7830
1.0571
VII. Other misc. incomes
VIII. Total of misc. incomes
445,585,890.97
385,823,491.80
467,785,445.26
345,475,505.25
Total of misc. incomes attributable to the owners of the parent company
378,448,475.32
385,823,491.80
393,028,270.53
345,475,505.25
Total misc gains attributable to the minor shareholders
67,137,415.65
74,757,174.73
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. 2010 in RMB Yuan
Amount of the Current Term
Amount of the Previous Term
Items
Consolidated
Parent company
Consolidated
Parent company
I. Net cash flow from business operation
Cash received from sales of products and providing of services
2,790,483,868.50
1,734,865,890.90
2,126,682,047.13
1,460,391,110.01
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
10,223,146.13
16,059,519.73
14,407,182.93
Other cash received from business operation
47,346,353.71
6,603,384.05
33,599,602.79
2,749,787.48
Sub-total of cash inflow from business activities
2,848,053,368.34
1,741,469,274.95
2,176,341,169.65
1,477,548,080.42
Cash paid for purchasing of merchandise and services
1,588,239,117.05
939,403,002.92
1,454,647,323.39
1,132,183,369.99
Net increase of client trade and advance
10Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
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
322,730,791.05
265,265,818.88
273,470,316.79
222,997,768.60
Taxes paid
303,455,764.15
194,578,384.44
260,956,056.98
154,731,834.22
Other cash paid for business activities
183,605,119.33
42,303,097.66
106,673,610.43
30,809,838.32
Sub-total of cash outflow from business activities
2,398,030,791.58
1,441,550,303.90
2,095,747,307.59
1,540,722,811.13
Cash flow generated by business operation, net
450,022,576.76
299,918,971.05
80,593,862.06
-63,174,730.71
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains
24,118,640.00
121,315,697.50
30,114,561.65
92,090,800.00
Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets
100,745.00
72,950.00
3,208,800.00
3,208,800.00
Net cash received from disposal of subsidiaries or other operational units
Other investment-related cash received
191,604.73
100,735.77
Sub-total of cash inflow due to investment activities
24,410,989.73
121,489,383.27
33,323,361.65
95,299,600.00
Cash paid for construction of fixed assets, intangible assets and other long-term assets
201,319,159.37
75,087,545.65
69,877,431.19
11,447,642.17
Cash paid as investment
700,000.00
1,937,647.85
1,937,647.85
Net increase of loan against pledge
29,800.00
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities
21,473,473.00
Sub-total of cash outflow due to investment activities
223,492,632.37
75,087,545.65
71,844,879.04
13,385,290.02
Net cash flow generated by investment
-199,081,642.64
46,401,837.62
-38,521,517.39
81,914,309.98
III. Cash flow generated by financing
Cash received as investment
Incl. Cash received as investment from minor shareholders
Cash received as loans
209,000,000.00
842,463,800.00
640,463,800.00
Cash received from bond placing
Other financing-related cash received
50,000,000.00
2,260,000.00
2,260,000.00
Subtotal of cash inflow from financing activities
259,000,000.00
844,723,800.00
642,723,800.00
Cash to repay debts
121,000,000.00
605,000,000.00
500,000,000.00
Cash paid as dividend, profit, or interests
234,103,671.81
155,072,381.54
219,428,389.55
156,426,606.27
Incl. Dividend and profit paid by subsidiaries to minor shareholders
Other cash paid for financing activities
3,000,000.00
Subtotal of cash outflow due to financing activities
355,103,671.81
155,072,381.54
827,428,389.55
656,426,606.27
Net cash flow generated by financing
-96,103,671.81
-155,072,381.54
17,295,410.45
-13,702,806.27
11Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2010 (Official Text)
12
IV. Influence of exchange rate alternation on cash and cash equivalents
-686,397.61
-332,337.32
12,991,032.68
12,991,029.14
V. Net increase of cash and cash equivalents
154,150,864.70
190,916,089.81
72,358,787.80
18,027,802.14
Plus: Balance of cash and cash equivalents at the beginning of term
486,439,602.82
100,717,329.17
450,103,030.94
158,711,304.02
VI. Balance of cash and cash equivalents at the end of term
640,590,467.52
291,633,418.98
522,461,818.74
176,739,106.16
4.5 Auditors’ Report
Auditor’s opinion: not audited.
Hangzhou Steam Turbine Co., Ltd.
Mr. Nie Zhonghai – Chairman of the Board
October 29, 2010
