Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
Stock Code: 200771 Stock ID: Hangqilun B Announcement No. 2011-27
Hangzhou Steam Turbine Co., Ltd.
Semiannual Report 2011 Summary
§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.
This is the summary abstracted from the complete version of Semi-Annual Report 2004, which is published
synchronously on the Internet (http://www.cninfo.com.cn) for details please refer to the complete version.
1.2 The financial statements carried in this report are not audited.
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.
§2 Company Profile
2.1 Company Profile
Stock ID Hangqilun B
Stock Code 200771
Stock Exchange Shenzhen Stock Exchange
Secretary of the Board Representative of Stock Affairs
Name Yu Changquan Wang Gang
Address No. 357 Shiqiao Rd. Hangzhou No. 357 Shiqiao Rd. Hangzhou
Tel. （0571）85780432 （0571）85780198 （0571）85784758
Fax. （0571）85780433 （0571）85780433
Email. ychq@htc.cn wg@htc.cn
2.2 Financial Highlights
2.2.1 Financial Highlights
In RMB Yuan
Ended this report Ended previous Increase/decrease
term year (%)
Gross Assets (RMB) 6,625,150,594.84 6,092,332,507.21 8.75%
Owners’ equity attributable to the shareholders of the listed company
2,999,581,039.60 2,868,211,238.68 4.58%
(yuan)
Capital shares (shares) 628,342,000.00 483,340,000.00 30.00%
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
Net asset per share attributable to the shareholders of the listed
4.77 5.93 -19.56%
company (Yuan/share)
Report term Same period last Increase/decrease
(Jan-Jun) year (%)
Turnover (yuan) 2,077,039,987.91 1,840,515,550.97 12.85%
Business profit (RMB) 475,789,730.69 364,532,652.81 30.52%
Gross profit (RMB) 471,316,858.56 361,682,077.81 30.31%
Net profit attributable to shareholders of the listed company (yuan) 324,705,800.92 255,824,821.46 26.93%
Net profit after deducting of non-recurring gain/loss attributable to
327,076,310.57 257,610,164.37 26.97%
the shareholders of the listed company (RMB)
Basic earnings per share (Yuan/share) 0.5168 0.4071 26.95%
Diluted earnings per share (Yuan/share) 0.5168 0.4071 26.95%
Weighted average of ROE (%) 10.71% 10.38% 0.33%
Weighted average net
10.79% 10.45% 0.34%
income/asset ratio less non-recurring gain/loss(%)
Net Cash flow generated by business operation (RMB) 324,046,092.60 209,974,963.27 54.33%
Net Cash flow per share generated by business operation (yuan/share) 0.52 0.43 20.93%
2.2.2. Non-recurring gain and loss items
√ applicable □ not applicable
In RMB Yuan
Non-recurring gain and loss items Amount Note (if applicable)
Gain/loss of non-current assets -30,925.82
Government subsidies accounted into current gain/loss account, other
than those closely related to the Company’ common business, comply
7,200.00
with the national policy and continues to enjoy at certain fixed rate or
amount.
Other non-business income and expenditures other than the above -4,449,146.31
Influenced amount of minority shareholders’ equity 1,364,858.72
Influenced amount of income tax 737,503.76
Total -2,370,509.65 -
2.2.3 Diversity between the Domestic and the International Accounting Standards
√ applicable □ not applicable
In RMB Yuan
Net profit attributable to the shareholders of Owners’ equity to shareholders of the
the listed company listed company
Current term Amount of last term End of term Beginning of term
On IAS 324,705,800.92 255,824,821.46 2,999,581,039.60 2,868,211,238.68
On domestic accounting standard 324,705,800.92 255,824,821.46 2,999,581,039.60 2,868,211,238.68
Individual and total of adjustment according to IAS
Total of differences between the IAS
0.00 0.00 0.00 0.00
and domestic accounting standard
Statement on differences between the
No difference
IAS and Chinese Accounting Standard
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
§3 Changes in Share Capital & Particulars about Shareholders
3.1. Statement of Changes in Shares
√ applicable □ not applicable
in shares
Before the change Changed (+,-) After the change
Issuing of Bonus Transferred
Amount Proportion Others Sub-total Amount Proportion
new shares shares from reserves
I. None negotiable
307,580,000 63.64% 92,274,000 92,274,000 399,854,000 63.64%
shares
1. Promoter’s shares 307,580,000 63.64% 92,274,000 92,274,000 399,854,000 63.64%
Including:
307,580,000 63.64% 92,274,000 92,274,000 399,854,000 63.64%
State-owned shares
Domestic legal
person shares
Overseas legal
person shares
Others
2. Legal person
shares placed
3. Employees’ shares
4. Preference shares
or others
II. Negotiable shares 175,760,000 36.36% 52,728,000 52,728,000 228,488,000 36.36%
1. Common shares in
RMB
2. Foreign shares in
175,760,000 36.36% 52,728,000 52,728,000 228,488,000 36.36%
domestic market
3. Foreign shares in
overseas market
4. Others
III. Total of capital
483,340,000 100.00% 145,002,000 145,002,000 628,342,000 100.00%
shares
3.2 Particulars about the top 10 shareholders and top 10 current share holders
in shares
Total of shareholders 15,731
Top 10 Shareholders
Properties of Non-negotiable shares
Name of the shareholder Share proportion % Total shares Pledged or frozen
shareholder held
Hangzhou Steam Turbine State-owned legal
63.64% 399,854,000 399,854,000 118,300,000
Power Group Co., Ltd. person
SCHRODER INTL
Overseas legal
SELECTION FD-GREATER 1.37% 8,613,041 0 0
person
CN FD GTI 25287
DREYFUS PREMIER Overseas legal
INVESTMENT FDS 1.06% 6,658,894 0 0
person
INC.-DREYFUS GREATER
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
CHINA FD
Overseas legal
GAOLING FUND,L.P. 0.53% 3,319,083 0 0
person
HTHK/BTDL-ASIAN
Overseas legal
MARKET LEADERS 0.46% 2,901,320 0 0
person
FUND
Overseas legal
NORGES BANK 0.36% 2,260,847 0 0
person
BOCHK INVESTMENT
Overseas legal
FUNDS-BOCHK CHINA 0.34% 2,157,787 0 0
person
GOLDEN DRAGON FUND
TOYO SECURITIES ASIA Overseas legal
0.32% 2,040,848 0 0
LIMITED-A/C CLIENT. person
AUSTRALIANSUPER PTY Overseas legal
0.28% 1,756,934 0 0
LTD person
RENAISSANCE CHINA Overseas legal
0.25% 1,589,142 0 0
PLUS FUND person
Top 10 Negotiable Share Holders
Name of the shareholder Current shares held Category of shares
SCHRODER INTL SELECTION FD-GREATER
8,613,041 Foreign shares listed overseas
CN FD GTI 25287
DREYFUS PREMIER INVESTMENT FDS
6,658,894 Foreign shares listed overseas
INC.-DREYFUS GREATER CHINA FD
GAOLING FUND,L.P. 3,319,083 Foreign shares listed overseas
HTHK/BTDL-ASIAN MARKET LEADERS
2,901,320 Foreign shares listed overseas
FUND
NORGES BANK 2,260,847 Foreign shares listed overseas
BOCHK INVESTMENT FUNDS-BOCHK
2,157,787 Foreign shares listed overseas
CHINA GOLDEN DRAGON FUND
TOYO SECURITIES ASIA LIMITED-A/C
2,040,848 Foreign shares listed overseas
CLIENT.
AUSTRALIANSUPER PTY LTD 1,756,934 Foreign shares listed overseas
RENAISSANCE CHINA PLUS FUND 1,589,142 Foreign shares listed overseas
GOVERNMENT OF SINGAPORE INV. CORP.-
1,402,932 Foreign shares listed overseas
A/C "C"
(1) Of top ten shareholders, Hangzhou Steam Turbine Group Co., Ltd. holds shares on behalf of the
State and the others are to B-Share shareholders.
(2) Hangzhou Steam Turbine Group Co., Ltd. is not related to any of the other 9 shareholders. It is
unknown whether there is any relationship among the 9 shareholders.
(3) None of the other shareholders are regarded as Act in Concert relationship according to the
Administrative Regulations of Information Disclosing of Public Companies.
Notes to relationship or (4) Hangzhou Steam Turbine Group Co., Ltd. (HSTG) entered the share equity collateral contract
“action in concert” among with Communication Bank Zhejiang Branch on April 30, 2010. Basing on the original “Highest Value
the top ten shareholders. Pledge Contract”, the collateral subject will stay unchanged at 91 million shares. In return, HSTG
will have the annual credit up to RMB300 million. The collateral term will start from April 30, 2010
and ended at March 31, 2012.
As of the report date, the total of capital shares of the Company was 628.342 million shares, 399.854
million were held by HSTG, the 118.3 million shares on pledge were state-owned promoter’s shares,
accounted for 29.60% of the shares held by HSTG, and 18.83% of the Company’s total capital shares.
3.3 Change in Controlling Shareholder and the Substantial Dominator
□applicable √ not applicable
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
§4 Directors, Supervisors and Senior Executives
4.1 Changes in Shares Held by Directors, Supervisors and Senior Executives
√ applicable □ not applicable
Amount of Amount of
Shares held
shares shares Shares held Incl. Share option
at the Cause of
Name Position increased in decreased in at the end of Conditional held at end
beginning of change
the report the report term shares of term
term
term term
Vice General Bonus shares
Zhang Shutan 57,200 17,160 0 74,360 55,770 0
Manager for year 2010
§5 Report of the Board of Directors
5.1 Principal business segments on industries/products
In RMB10 thousand
Segments on industries
Increase/decreas Increase/decreas Increase/decrease
e of turnover e of operation of gross profit
Gross profit ratio
On industry or product Turnover Operation cost over the same cost over the ratio over the
(%)
period of last same period of same period of
year (%) last year (%) last year (%)
Boiler and power
155,663.67 91,067.61 41.50% 2.69% -3.94% 4.04%
machine manufacture
Casting 3,569.65 2,953.94 17.25% 27.49% 32.05% -2.85%
Petrol chemical and other
6,380.32 4,216.89 33.91% 74.75% 19.50% 30.56%
manufacturing
Other special equipment 19,409.69 12,554.77 35.32% 13.34% 20.29% -3.82%
Residue Thermal Power
21,740.57 14,410.71 33.72% 234.66% 165.38% 16.89%
Plant
Total 206,763.90 125,203.92 39.45% 12.97% 6.76% 3.53%
Segments on products
Industrial steam turbine 155,663.67 91,067.61 41.50% 2.69% -3.94% 4.04%
Casting products 3,569.65 2,953.94 17.25% 27.49% 32.05% -2.85%
Auxiliary machinery 6,380.32 4,216.89 33.91% 74.75% 19.50% 30.56%
Others 19,409.69 12,554.77 35.32% 13.34% 20.29% -3.82%
Residue Thermal Power
21,740.57 14,410.71 33.72% 234.66% 165.38% 16.89%
Plant
Total 206,763.90 125,203.92 39.45% 12.97% 6.76% 3.53%
5.2 Major businesses segment on regions
In RMB10 thousand
Regions Turnover Change of income over last year %
Domestic 179,441.20 12.91%
Overseas 27,322.70 29.38%
Total 206,763.90 12.97%
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
5.3 Major Change in the Principal Business or its Structure
□applicable √ not applicable
5.4 Major Change in the Profitability (Gross Profit Rate) of the Major Business over the Previous Year
□applicable √ not applicable
5.5 Cause of Major Change in the Profit Composition over the Previous Year
□applicable √ not applicable
5.6 Using of proceeds from financing actions
5.6.1 Statement of application of proceeds from share placing
□applicable √ not applicable
5.6.2 Statement of change of projects financed by proceeds from share placing
□applicable √ not applicable
5.7 Revising of business plan for the 2nd half of year by the Board of Directors
√ applicable □ not applicable
Adjustment of
None
business plan
5.8 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
5.9 Statement of the Board on the Non-standard Opinion Presented by the Certified Public Accountants
□applicable √ not applicable
5.10 Statement of the Management on the Change and the Treatment Result of the Issues Involved in the
Non-standard Opinion Presented by the Certified Public Accountants in the Previous Year.
□applicable √ not applicable
§6 Significant Events
6.1 Acquisition and disposal of assets, reorganization of assets
6.1.1 Acquisition of assets
□applicable √ not applicable
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
6.1.2 Selling of assets
□applicable √ not applicable
6.1.3 Since the Report on Assets Reorganization or Public Notice on Acquisition/Sales of Assets has been
published, the progress of the event and the influence upon the operation result and financial position in the
report period.
□applicable √ not applicable
6.2 Guarantees
□applicable √ not applicable
6.3 Non-operational credit/debt with related parties
√ applicable □ not applicable
In RMB10 thousand
Fund provided to the related parties Accept money from the related parties
Related parties
Amount occurred Balance Amount occurred Balance
Hangzhou Steam Turbine Science &
0.00 0.00 0.00 2,000.00
Technologies Power Co., Ltd.
Total 0.00 0.00 0.00 2,000.00
Including: capital provided by the Company to the holding shareholder and its subsidiaries was RMB0.00 in the report term, and
balance was RMB0.00.
6.4 Material Lawsuits/Arbitrations
□applicable √ not applicable
6.5 Notes to the other Significant Events and their Influences and Analysis on the Solutions
□applicable √ not applicable
6.5.1 Securities investment
□applicable √ not applicable
6.5.2 Particulars about shareholding in other listed companies
□applicable √ not applicable
6.5.3 Statement of capital adoption by the main shareholder and its affiliates
□applicable √ not applicable
6.5.4 Fulfilling of commitment issues by the Company, shareholders, and substantial controller
Commitment made by the PLC, its directors, supervisors, executives, and shareholders with 5% or over shares of the Company, and
its substantial dominator in the report term or carried over to the report term:
□applicable √ not applicable
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
6.5.5 Profit distribution or capitalizing of common reserves proposed by the Board for the current term
□applicable √ not applicable
6.5.6 Misc. income items
In RMB Yuan
Occurred current Occurred in previous
Items
term term
1. Gains (losses) from sellable financial assets
Less: Income tax influence of available-for-sale financial assets
Net amount written into other gains and transferred into gain/loss in previous terms
Sub-total
2. Shares in the other misc. income subjects in the investee on equity basis
Less: Income tax influence of shares in other gains of investees on equity basis
Net amount written into other gains and transferred into gain/loss in previous terms
Sub-total
3. Amount of gains (or losses) from cash flow hedge instrument
Less: Income tax influence of cash flow hedge instruments
Net amount written into other gains and transferred into gain/loss in previous terms
Adjusted amount transferred to initial amount of the target project
Sub-total
4. Difference from translating of foreign currency financial statements
Less: Net amount of disposing overseas business and transferred to current gain/loss
Sub-total
5. Others
Less: Income tax influence by other accounted into other misc. incomes
Net amount accounted into other misc. income and transferred into current gain/loss in
previous terms
Sub-total
Total 0.00 0.00
6.6 Reception of investigations, communications, or interviews
Time/date Place Way Visitors Main content involved and material provided
March 16, The KGI Securities Reason of growth decreasing, possibility of issuing H shares,
Field research
2011 Company Taiwan overseas marketing pattern, way out of B shares, Bank of Hangzhou
Shenzhen Situation of sales, impact of suspending of approving nuclear power
March 16, The
Field research Redchip plants, business operation of 2011, products other than steam turbine,
2011 Company
Investment residue thermal power plant
March 17, The Telephone Individual Impact of suspending of approving nuclear power plants, business
2011 Company communication shareholder operation of 2011
Fubang Introduction of products, application of products, business trend of
March 17, The Telephone
Investment recent years, overseas market, productivity, competitive advantages,
2011 Company conference
(Taiwan) market share.
Company history, product introduction and applications, competitive
Apr 13, The Kaisibo
Face to face talk advantages, overseas co-operations, Bank of Hangzhou, competition
2011 Company Investment
situation
Apr 15, The Hengmao Asset Overseas market, gross profit ration, market share, gas turbine, capital
Face to face talk
2011 Company Management situation, future of B stock
Apr 25, The Face to face talk Shenyin Wanguo Product introduction, overseas market, cost of overseas services,
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
2011 Company steam turbine for nuclear power plant, market of residue thermal
power plant, gross profit, market share, enterprise IT approach.
Applications of steam turbine, circle of economy, production period,
May 13, The Telephone Gaoguan
receivable accounts, investment plan, dividend policies, group
2011 Company conference Investment
business
Jun 13, The Ruixin Business introduction, competition situation, price advantage,
Face to face talk
2011 Company Investment quotations, overseas market
§7 Financial Report
7.1 Auditor’s Opinion
Financial Report √Not audited □ Audited
7.2 Financial Statements
7.2.1 Balance Sheet
Prepared by: Hangzhou Steam Turbine Co., Ltd. Ended June 30, 2011 in RMB Yuan
Ending balance Balance at the beginning of year
Items
Consolidated Parent company Consolidated Parent company
Current asset:
Monetary capital 691,511,302.79 389,138,847.99 657,077,394.71 332,065,321.54
Settlement provision
Outgoing call loan
Transactional financial assets
Notes receivable 552,775,501.47 300,109,989.26 713,585,305.36 408,512,097.53
Account receivable 1,749,711,855.70 1,303,271,378.50 1,652,523,887.28 1,307,706,761.68
Prepayment 274,548,252.18 99,852,179.76 184,464,135.00 56,088,295.98
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable
Dividend receivable
Other account receivable 56,849,773.27 50,963,058.16 34,149,117.95 28,169,088.97
Repurchasing of financial assets
Inventories 1,564,194,624.49 1,251,855,575.90 1,168,959,067.36 874,068,780.24
Non-current asset due in 1 year
Other current asset 88,598.00
Total of current asset 4,889,591,309.90 3,395,191,029.57 4,410,847,505.66 3,006,610,345.94
Non-current assets
Disburse of consigned loans
Available-for-sale financial asset
Expired investment in possess
Long-term receivable
Long-term share equity investment 442,088,813.22 476,782,461.07 402,586,451.62 472,280,099.47
Investment real estates
Fixed assets 875,456,114.68 375,140,069.37 828,320,012.24 319,991,452.64
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
Construction in process 42,430,426.22 20,064,936.58 98,530,579.18 88,939,313.18
Engineering goods 797,862.28
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 306,258,052.01 45,545,511.45 284,700,647.27 46,724,159.17
R&D expense
Goodwill
Long-term amortizable expenses 6,389,230.14 5,410,037.18 5,941,526.80 5,410,037.18
Differed income tax asset 62,138,786.39 44,447,914.88 61,405,784.44 44,447,914.88
Other non-current asset
Total of non-current assets 1,735,559,284.94 967,390,930.53 1,681,485,001.55 977,792,976.52
Total of assets 6,625,150,594.84 4,362,581,960.10 6,092,332,507.21 3,984,403,322.46
Current liabilities
Short-term loans 383,000,000.00 226,000,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities
Notes payable 122,919,982.00 95,643,623.00
Account payable 849,559,474.16 566,380,364.26 522,983,194.67 261,017,904.69
Prepayment received 1,508,210,537.67 1,009,768,643.63 1,493,982,772.62 1,063,643,628.13
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 42,955,828.05 21,222,585.57 29,174,456.31 14,868,240.62
Tax payable 35,208,380.72 20,945,048.24 105,407,867.17 60,985,858.19
Interest payable 287,993.75
Dividend payable 13,700,490.94
Other account payable 90,614,959.49 54,028,798.14 80,286,888.60 28,469,915.93
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year 157,000,000.00 100,000,000.00
Other current liability
Total of current liability 3,046,169,653.03 1,672,345,439.84 2,710,766,796.12 1,528,985,547.56
Non-current liabilities
Long-term borrowings 148,000,000.00 100,000,000.00 73,463,800.00 50,463,800.00
Bond payable
Long-term payable 330,000.00 330,000.00
Special payable
Anticipated liabilities
Differed income tax liability 1,222,974.80 1,222,974.80 1,222,974.80 1,222,974.80
Other non-recurring liabilities 20,855,340.00 5,194,950.00 5,047,140.00 1,359,250.00
Total of non-current liabilities 170,408,314.80 106,417,924.80 80,063,914.80 53,046,024.80
Total of liability 3,216,577,967.83 1,778,763,364.64 2,790,830,710.92 1,582,031,572.36
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
Owners’ equity (or shareholders’ equity)
Capital paid in (or share capital) 628,342,000.00 628,342,000.00 483,340,000.00 483,340,000.00
Capital reserves 139,590,345.09 138,953,250.09 139,590,345.09 138,953,250.09
Less: Shares in stock
Special reserves
Surplus reserves 389,362,161.03 370,605,755.90 389,362,161.03 370,605,755.90
Common risk provision
Retained profit 1,842,286,533.48 1,445,917,589.47 1,855,918,732.56 1,409,472,744.11
Different of foreign currency translation
Total of owner’s equity belong to the parent company 2,999,581,039.60 2,583,818,595.46 2,868,211,238.68 2,402,371,750.10
Minor shareholders’ equity 408,991,587.41 433,290,557.61
Total of owners’ equity 3,408,572,627.01 2,583,818,595.46 3,301,501,796.29 2,402,371,750.10
Total of liabilities and owners’ equity 6,625,150,594.84 4,362,581,960.10 6,092,332,507.21 3,984,403,322.46
7.2.2 Income Statement
Prepared by: Hangzhou Steam Turbine Co., Ltd. Jan - Jun 2011 in RMB Yuan
Amount of the Current Term Amount of the Previous Term
Items
Consolidated Parent company Consolidated Parent company
I. Total revenue 2,077,039,987.91 1,223,162,586.92 1,840,515,550.97 1,315,034,718.53
Incl. Business income 2,077,039,987.91 1,223,162,586.92 1,840,515,550.97 1,315,034,718.53
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 1,625,368,897.22 977,922,321.30 1,477,083,633.93 1,086,383,790.37
Incl. Business cost 1,260,362,576.79 759,380,397.69 1,180,414,236.98 882,879,318.32
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 15,187,879.40 8,473,862.10 5,129,818.23 1,947,356.38
Sales expense 73,624,896.84 222,656,776.23 54,567,107.05 35,616,211.64
Administrative expense 222,656,776.23 137,318,549.34 177,912,362.66 122,113,732.45
Financial expenses 12,043,223.86 815,541.07 9,719,615.00 4,603,057.83
Asset impairment loss 41,493,544.10 30,406,363.08 49,340,494.01 39,224,113.75
Plus: Gains from change of fair value (“-“ for loss)
Investment gain (“-“ for loss) 24,118,640.00 165,631,563.75 1,100,735.77 98,297,793.27
Incl. Investment gains from affiliates
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss) 475,789,730.69 410,871,829.37 364,532,652.81 326,948,721.43
Plus: Non business income 1,468,373.60 1,374,608.04 2,207,680.04 891,907.71
Less: Non-business expenses 5,941,245.73 2,279,316.75 5,058,255.04 2,382,712.61
Incl. Loss from disposal of non-current assets
11
Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
IV. Gross profit (“-“ for loss) 471,316,858.56 409,967,120.66 361,682,077.81 325,457,916.53
Less: Income tax expenses 71,454,641.05 35,184,275.30 55,770,552.85 34,074,018.49
V. Net profit (“-“ for net loss) 399,862,217.51 374,782,845.36 305,911,524.96 291,383,898.04
Net profit attributable to the owners of parent company 324,705,800.92 374,782,845.36 255,824,821.46 291,383,898.04
Minor shareholders’ equity 75,156,416.59 50,086,703.50
VI. Earnings per share:
(I) Basic earnings per share 0.5168 0.4071
(II) Diluted earnings per share 0.5168 0.4071
VII. Other misc. incomes
VIII. Total of misc. incomes 399,862,217.51 374,782,845.36 305,911,524.96 291,383,898.04
Total of misc. incomes attributable to the owners of the
324,705,800.92 374,782,845.36 255,824,821.46 291,383,898.04
parent company
Total misc gains attributable to the minor shareholders 75,156,416.59 50,086,703.50
Merger of entities under common control, the net profit realized by the merged party was RMB0.00.
7.2.3 Cash Flow Statement
Prepared by: Hangzhou Steam Turbine Co., Ltd. Jan - Jun 2011 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
2,074,588,353.09 1,127,326,131.55 1,762,387,472.25 1,107,857,783.61
services
Net increase of customer deposits and capital kept for
brother company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial
bodies
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Net increase of trade financial asset disposal
Cash received as interest, processing fee, and
commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Tax returned 12,504,514.20 1,069,300.00
Other cash received from business operation 26,512,590.71 17,848,316.70 28,631,978.56 5,500,330.14
Sub-total of cash inflow from business activities 2,113,605,458.00 1,145,174,448.25 1,792,088,750.81 1,113,358,113.75
Cash paid for purchasing of merchandise and services 1,144,900,001.88 588,004,393.24 1,074,285,012.58 665,615,592.59
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 267,102,564.91 201,328,020.42 207,469,163.90 164,121,586.78
Taxes paid 269,172,661.57 148,026,726.91 191,337,679.45 115,386,353.49
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
Other cash paid for business activities 108,384,137.04 43,855,020.07 109,021,931.61 35,380,449.46
Sub-total of cash outflow from business activities 1,789,559,365.40 981,214,160.64 1,582,113,787.54 980,503,982.32
Cash flow generated by business operation, net 324,046,092.60 163,960,287.61 209,974,963.27 132,854,131.43
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 24,118,640.00 165,631,563.75 1,100,735.77 98,197,057.50
Net cash retrieved from disposal of fixed assets,
884,200.00 526,200.00 92,900.00 72,950.00
intangible assets, and other long-term assets
Net cash received from disposal of subsidiaries or
other operational units
Other investment-related cash received 90,868.96 100,735.77
Sub-total of cash inflow due to investment activities 25,002,840.00 166,157,763.75 1,284,504.73 98,370,743.27
Cash paid for construction of fixed assets, intangible
48,366,549.48 21,727,940.63 123,511,525.92 28,680,728.15
assets and other long-term assets
Cash paid as investment 39,502,361.60 4,502,361.60 700,000.00
Net increase of loan against pledge
Net cash received from subsidiaries and other
operational units
Other cash paid for investment activities
Sub-total of cash outflow due to investment
87,868,911.08 26,230,302.23 124,211,525.92 28,680,728.15
activities
Net cash flow generated by investment -62,866,071.08 139,927,461.52 -122,927,021.19 69,690,015.12
III. Cash flow generated by financing
Cash received as investment
Incl. Cash received as investment from minor
shareholders
Cash received as loans 442,000,000.00 100,000,000.00 193,000,000.00
Cash received from bond placing
Other financing-related cash received
Subtotal of cash inflow from financing activities 442,000,000.00 100,000,000.00 193,000,000.00
Cash to repay debts 367,463,800.00 150,463,800.00 71,000,000.00
Cash paid as dividend, profit, or interests 292,514,985.45 195,667,810.10 226,621,543.69 152,939,465.11
Incl. Dividend and profit paid by subsidiaries to minor
shareholders
Other cash paid for financing activities
Subtotal of cash outflow due to financing activities 659,978,785.45 346,131,610.10 297,621,543.69 152,939,465.11
Net cash flow generated by financing -217,978,785.45 -246,131,610.10 -104,621,543.69 -152,939,465.11
IV. Influence of exchange rate alternation on cash and cash
-732,616.93 -682,612.58 -332,422.52 -332,337.32
equivalents
V. Net increase of cash and cash equivalents 42,468,619.14 57,073,526.45 -17,906,024.13 49,272,344.12
Plus: Balance of cash and cash equivalents at the
621,373,402.65 332,065,321.54 486,439,602.82 100,717,329.17
beginning of term
VI. Balance of cash and cash equivalents at the end of term 663,842,021.79 389,138,847.99 468,533,578.69 149,989,673.29
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
7.2.4 Change in Owners’ Equities (Consolidated)
Prepared by: Hangzhou Steam Turbine Co., Ltd. The 1 st Half of 2011 in RMB Yuan
Amount of the Current Term Amount of Last Year
Owners’ Equity Attributable to the Parent Company Minor Owners’ Equity Attributable to the Parent Company Minor
Capital sharehol Total of Capital Total of
Items Less: Common Less: Common sharehol
paid in Capital Special Surplus Retained ders’ owners’ paid in Capital Special Surplus Retained owners’
Shares in risk Others Shares in risk Others ders’
(or share reserves reserves reserves profit equity equity (or share reserves reserves reserves profit equity
stock provision stock provision equity
capital) capital)
483,340, 139,590, 389,362, 1,855,91 433,290, 3,301,50 371,800, 138,953, 327,932, 1,497,42 390,861, 2,726,97
I. Balance at the end of last year
000.00 345.09 161.03 8,732.56 557.61 1,796.29 000.00 250.09 742.87 3,473.50 347.35 0,813.81
Plus: Change of accounting
policy
Correcting of previous errors
Others
II. Balance at the beginning of 483,340, 139,590, 389,362, 1,855,91 433,290, 3,301,50 371,800, 138,953, 327,932, 1,497,42 390,861, 2,726,97
current year 000.00 345.09 161.03 8,732.56 557.61 1,796.29 000.00 250.09 742.87 3,473.50 347.35 0,813.81
III. Changed in the current year (“- 145,002, -13,632, -24,298, 107,070, 111,540, 637,095. 61,429,4 358,495, 42,429,2 574,530,
“ for decrease) 000.00 199.08 970.20 830.72 000.00 00 18.16 259.06 10.26 982.48
324,705, 75,156,4 399,862, 680,184, 134,109, 814,294,
(I) Net profit
800.92 16.59 217.51 677.22 666.60 343.82
(II) Other misc. income
324,705, 75,156,4 399,862, 680,184, 134,109, 814,294,
Total of (I) and (II)
800.92 16.59 217.51 677.22 666.60 343.82
(III) Investment or decreasing of 637,095. 128,906. 766,001.
capital by owners 00 52 52
1. Capital inputted by owners
2. Amount of shares paid and
accounted as owners’ equity
637,095. 128,906. 766,001.
3. Others
00 52 52
145,002, -338,338 -99,455, -292,791 111,540, 61,429,4 -321,689 -69,101, -217,821
(IV) Profit allotment
000.00 ,000.00 386.79 ,386.79 000.00 18.16 ,418.16 281.41 ,281.41
1. Providing of surplus 61,429,4 -61,429,
reserves 18.16 418.16
2. Common risk provision
3. Allotment to the owners (or 145,002, -338,338 -99,455, -292,791 111,540, -260,260 -69,698, -218,418
shareholders) 000.00 ,000.00 386.79 ,386.79 000.00 ,000.00 794.86 ,794.86
597,513. 597,513.
4. Others
45 45
(V) Internal transferring of -22,708, -22,708,
owners’ equity 081.45 081.45
1. Capitalizing of capital
reserves (or to capital shares)
2. Capitalizing of surplus
reserves (or to capital shares)
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
3. Making up losses by
surplus reserves
-22,708, -22,708,
4. Others
081.45 081.45
(VI) Special reserves
1. Provided this year
2. Used this term
(VII) Others
628,342, 139,590, 389,362, 1,842,28 408,991, 3,408,57 483,340, 139,590, 389,362, 1,855,91 433,290, 3,301,50
IV. Balance at the end of this term
000.00 345.09 161.03 6,533.48 587.41 2,627.01 000.00 345.09 161.03 8,732.56 557.61 1,796.29
7.2.5 Change in Owners’ Equities (Parent Co.)
Prepared by: Hangzhou Steam Turbine Co., Ltd. The 1 st Half of 2011 in RMB Yuan
Amount of the Current Term Amount of Last Year
Capital Total of Capital Total of
Less: Common Less: Common
Items paid in (or Capital Special Surplus Retained paid in (or Capital Special Surplus Retained
Shares in risk owners’ Shares in risk owners’
share reserves reserves reserves profit share reserves reserves reserves profit
stock provision equity stock provision equity
capital) capital)
483,340,00 138,953,25 370,605,75 1,409,472,7 2,402,371,7 371,800,00 138,953,25 309,176,33 1,116,867,9 1,936,797,5
I. Balance at the end of last year
0.00 0.09 5.90 44.11 50.10 0.00 0.09 7.74 80.67 68.50
Plus: Change of accounting
policy
Correcting of previous errors
Others
II. Balance at the beginning of 483,340,00 138,953,25 370,605,75 1,409,472,7 2,402,371,7 371,800,00 138,953,25 309,176,33 1,116,867,9 1,936,797,5
current year 0.00 0.09 5.90 44.11 50.10 0.00 0.09 7.74 80.67 68.50
III. Changed in the current year (“- 145,002,00 36,444,845. 181,446,84 111,540,00 61,429,418. 292,604,76 465,574,18
“ for decrease) 0.00 36 5.36 0.00 16 3.44 1.60
374,782,84 374,782,84 614,294,18 614,294,18
(I) Net profit
5.36 5.36 1.60 1.60
(II) Other misc. income
374,782,84 374,782,84 614,294,18 614,294,18
Total of (I) and (II)
5.36 5.36 1.60 1.60
(III) Investment or decreasing of
capital by owners
1. Capital inputted by owners
2. Amount of shares paid and
accounted as owners’ equity
3. Others
145,002,00 -338,338,0 -193,336,0 111,540,00 61,429,418. -321,689,4 -148,720,0
(IV) Profit allotment
0.00 00.00 00.00 0.00 16 18.16 00.00
1. Providing of surplus 61,429,418. -61,429,41
reserves 16 8.16
2. Common risk provision
3. Allotment to the owners (or 145,002,00 -338,338,0 -193,336,0 111,540,00 -260,260,0 -148,720,0
15
Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
shareholders) 0.00 00.00 00.00 0.00 00.00 00.00
4. Others
(V) Internal transferring of
owners’ equity
1. Capitalizing of capital
reserves (or to capital shares)
2. Capitalizing of surplus
reserves (or to capital shares)
3. Making up losses by
surplus reserves
4. Others
(VI) Special reserves
1. Provided this year
2. Used this term
(VII) Others
628,342,00 138,953,25 370,605,75 1,445,917,5 2,583,818,5 483,340,00 138,953,25 370,605,75 1,409,472,7 2,402,371,7
IV. Balance at the end of this term
0.00 0.09 5.90 89.47 95.46 0.00 0.09 5.90 44.11 50.10
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Hangzhou Steam Turbine Co., Ltd. Semiannual Report 2011 Summary
7.3 Notes to the financial statements
7.3.1 In case of change in accounting policies, accounting estimation, or correction of accounting errors,
please provide details of the change and the influence on data.
□applicable √ not applicable
7.3.2 If the consolidation range of the financial report has changed significantly, please provide details and
the influences on financial data
□applicable √ not applicable
7.3.3 If the certified public accounts has issued a non-standard qualified opinion auditor’s report, list the
relevant notes to the issues involved in the report.
□applicable √ not applicable
Hangzhou Steam Turbine Co., Ltd. (Stamp)
Legal representative: Nie Zhonghai (Signature)
August 27 2011
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