Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2011 Full Text
Stock Code: 200771 Stock ID: Hangqilun B Announcement No.
2011-34
Hangzhou Steam Turbine Co., Ltd.
The 3rd Quarterly Report 2011 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, 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 Financial highlights
In RMB Yuan
2011.9.30 2010.12.31 Extent of Change (%)
Gross Assets (RMB) 6,864,015,421.14 6,092,332,507.21 12.67%
Owners’ equity attributable to the
3,093,837,254.65 2,868,211,238.68 7.87%
shareholders of the listed company (yuan)
Capital shares (shares) 628,342,000.00 483,340,000.00 30.00%
Net asset per share attributable to the
shareholders of the listed company 4.92 5.93 -17.03%
(Yuan/share)
Changed over the same Changed over the same
Jul-Sept 2011 Jan-Sept 2011
period of last year (%) period of last year (%)
Turnover (yuan) 1,112,160,521.12 27.02% 3,189,200,509.03 17.42%
Net profit attributable to shareholders of the
94,256,215.05 -23.13% 418,962,015.97 10.71%
listed company (yuan)
Net Cash flow generated by business
- - 221,909,331.61 -50.69%
operation (RMB)
Net Cash flow per share generated by
- - 0.35 -62.37%
business operation (yuan/share)
Basic earnings per share (Yuan/share) 0.15 -23.16% 0.6668 10.71%
Diluted earnings per share (Yuan/share) 0.15 -23.16% 0.6668 10.71%
Weighted average net
3.19% -1.76% 13.90% -1.39%
income/asset ratio (%)
Weighted average net
income/asset ratio less non-recurring 3.20% -1.83% 13.99% -1.44%
gain/loss(%)
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Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2011 Full Text
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 570,773.68
Government subsidies accounted into current gain/loss account, other
than those closely related to the Company’ common business, comply
192,786.00
with the national policy and continues to enjoy at certain fixed rate or
amount.
Other non-business income and expenditures other than the above -5,748,697.38
Influenced amount of minority shareholders’ equity 1,490,496.52
Influenced amount of income tax 837,632.97
Total -2,657,008.21 -
2.2 Total of shareholders and top-10 holders of current shares
in shares
Total shareholders at the end of the report period (accounts) 16,438
Top Ten Shareholders of Negotiable Shares
Negotiable shares held at the end
Full name of shareholder Categories
of report term
SCHRODER INTL SELECTION FD-GREATER CN FD GTI Foreign shares placed in
8,613,041
25287 domestic exchange
DREYFUS PREMIER INVESTMENT FDS INC.-DREYFUS Foreign shares placed in
5,368,250
GREATER CHINA FD domestic exchange
Foreign shares placed in
NORGES BANK 3,861,284
domestic exchange
Foreign shares placed in
GAOLING FUND,L.P. 3,319,083
domestic exchange
BOCHK INVESTMENT FUNDS-BOCHK CHINA GOLDEN Foreign shares placed in
2,157,787
DRAGON FUND domestic exchange
Foreign shares placed in
TOYO SECURITIES ASIA LIMITED-A/C CLIENT. 1,951,228
domestic exchange
Foreign shares placed in
HTHK/BTDL-ASIAN MARKET LEADERS FUND 1,786,867
domestic exchange
Foreign shares placed in
AUSTRALIANSUPER PTY LTD 1,756,934
domestic exchange
Foreign shares placed in
ABU DHABI INVESTMENT AUTHORITY 1,278,451
domestic exchange
Foreign shares placed in
Natio Securities Co.,Ltd. 1,255,474
domestic exchange
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Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2011 Full Text
§3 Significant Events
3.1 Details and causations of major change in major accounting subjects and financial indices
√ applicable □ not applicable
Scale of
Balance Sheet Items End of term Beginning of term Remarks on the change
change
Mainly caused by expanding of business scale and
Prepayment 314,481,219.53 184,464,135.00 70.48 prepayment for equipment and product parts has
increased
Mainly caused by expanding of sales and increase of
Inventories 1,629,308,697.81 1,168,959,067.36 39.38 spare parts and finished goods
Construction in
57,479,832.33 98,530,579.18 -41.66 Mainly caused by transferring to fixed assets
process
Mainly caused by increase of short term loans for the
Short-term loans 429,317,423.50 226,000,000.00 89.96 needs of production of Zhongcheng Cement Factory
Mainly caused by expanding of sales scale, and increase
Notes payable 124,984,982.00 95,643,623.00 30.68 of trade payable
Mainly caused by expanding of sales scale, and increase
Account payable 795,879,635.92 522,983,194.67 52.18 of trade payable
Tax payable 38,633,995.82 105,407,867.17 -63.35 Paying of taxes according to government policies
Non-current liability
157,000,000.00 -100.00 Repaying of due loans
due in 1 year
Long-term Increase of borrowings by the Company, Casting Co.,
135,000,000.00 73,463,800.00 83.76 and Zhongneng Co.
borrowings
Capital input (or Mainly caused by distribution of 3 bonus shares to each
628,342,000.00 483,340,000.00 30.00 10 shares as decided by the Shareholders’ Meeting 2010
share capital)
Income Statement Same period of last Scale of
Current term Remarks on the change
Items term change
Business tax and
23,868,624.69 6,852,922.41 248.30 Accounting of taxes and surcharges as stipulated
surcharge
Increase of freight and insurance fees of goods, traveling
Sales expense 114,925,583.33 84,806,711.88 35.51 fees, and meeting expenses
Increasing of financial expenses caused by increasing of
Financial expenses 19,987,788.00 14,854,943.99 34.55 loans
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
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. The 3rd Quarterly Report 2011 Full 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
Business situation of the first half year, and trend of the second half,
The Field 4 individual
July 14, 2011 international cooperation, national subsidy on energy saving, overseas
Company research shareholders
market, receivable accounts, and upper and lower stream industries
The Field Hengmao Trend of orders, overseas market, product prices, fixed asset investment,
July 25, 2011
Company research Investment Group market share
September The Field
Ruixin Fangzheng Future of B shares, external investment
08, 2011 Company research
Development of the compressor industry and petrol chemical industry,
September The Field
Swiss Bank business trend, productivity, and profiles of gas turbines in the coming
09, 2011 Company research
three years,
Trend of orders, influence of macro economy, market share, pricing,
September The Field Matthews Int Asset
development space, external investment, dividend policies, receivable
29, 2011 Company research Management
accounts, shareholding of executives
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
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Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2011 Full Text
§4 Attachments
4.1 Balance Sheet
Prepared by: Hangzhou Steam Turbine Co., Ltd. Ended September 30, 2011 in RMB Yuan
Ending balance Balance at the beginning of year
Items
Consolidated Parent company Consolidated Parent company
Current asset:
Monetary capital 469,979,028.29 264,029,098.06 657,077,394.71 332,065,321.54
Settlement provision
Outgoing call loan
Transactional financial assets
Notes receivable 747,852,193.24 402,125,452.99 713,585,305.36 408,512,097.53
Account receivable 1,804,722,897.39 1,346,832,488.99 1,652,523,887.28 1,307,706,761.68
Prepayment 314,481,219.53 117,185,616.22 184,464,135.00 56,088,295.98
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable
Dividend receivable
Other account receivable 69,164,548.08 58,333,364.29 34,149,117.95 28,169,088.97
Repurchasing of financial assets
Inventories 1,629,308,697.81 1,231,936,642.55 1,168,959,067.36 874,068,780.24
Non-current asset due in 1 year
Other current asset 97,830.00 88,598.00
Total of current asset 5,035,606,414.34 3,420,442,663.10 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 5,000,000.00
Long-term receivable
Long-term share equity investment 497,088,813.22 506,782,461.07 402,586,451.62 472,280,099.47
Investment real estates
Fixed assets 895,849,956.43 362,135,067.74 828,320,012.24 319,991,452.64
Construction in process 57,479,832.33 28,286,055.04 98,530,579.18 88,939,313.18
Engineering goods 402,564.83
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 301,637,423.90 45,545,511.45 284,700,647.27 46,724,159.17
R&D expense
Goodwill
Long-term amortizable expenses 5,737,761.17 5,410,037.18 5,941,526.80 5,410,037.18
Differed income tax asset 65,212,654.92 44,447,914.88 61,405,784.44 44,447,914.88
Other non-current asset
Total of non-current assets 1,828,409,006.80 992,607,047.36 1,681,485,001.55 977,792,976.52
Total of assets 6,864,015,421.14 4,413,049,710.46 6,092,332,507.21 3,984,403,322.46
Current liabilities
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Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2011 Full Text
Short-term loans 429,317,423.50 16,317,423.50 226,000,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities
Notes payable 124,984,982.00 95,643,623.00
Account payable 795,879,635.92 495,721,998.53 522,983,194.67 261,017,904.69
Prepayment received 1,631,704,927.04 999,635,578.37 1,493,982,772.62 1,063,643,628.13
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 97,766,330.01 81,061,353.40 29,174,456.31 14,868,240.62
Tax payable 38,633,995.82 23,739,853.34 105,407,867.17 60,985,858.19
Interest payable 287,993.75
Dividend payable
Other account payable 60,331,255.26 15,245,353.93 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 3,178,618,549.55 1,631,721,561.07 2,710,766,796.12 1,528,985,547.56
Non-current liabilities
Long-term borrowings 135,000,000.00 100,000,000.00 73,463,800.00 50,463,800.00
Bond payable
Long-term payable 330,000.00 330,000.00
Special payable 3,327,514.35
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 20,412,448.91 6,750,758.91 5,047,140.00 1,359,250.00
Total of non-current liabilities 160,292,938.06 107,973,733.71 80,063,914.80 53,046,024.80
Total of liability 3,338,911,487.61 1,739,695,294.78 2,790,830,710.92 1,582,031,572.36
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 1,936,542,748.53 1,535,453,409.69 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 3,093,837,254.65 2,673,354,415.68 2,868,211,238.68 2,402,371,750.10
Minor shareholders’ equity 431,266,678.88 433,290,557.61
Total of owners’ equity 3,525,103,933.53 2,673,354,415.68 3,301,501,796.29 2,402,371,750.10
Total of liabilities and owners’ equity 6,864,015,421.14 4,413,049,710.46 6,092,332,507.21 3,984,403,322.46
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Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2011 Full Text
4.2 Income Statement of the report term
Prepared by: Hangzhou Steam Turbine Co., Ltd. Jul – Sept. 2011 in RMB Yuan
Amount of the Current Term Amount of the Previous Term
Items Parent Parent
Consolidated Consolidated
company company
I. Total revenue 1,112,160,521.12 733,003,169.08 875,557,215.18 607,749,379.21
Incl. Business income 1,112,160,521.12 733,003,169.08 875,557,215.18 607,749,379.21
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 949,493,894.83 662,583,657.64 735,863,646.93 523,684,625.41
Incl. Business cost 700,368,481.58 472,452,314.25 533,942,601.30 373,468,893.19
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 8,680,745.29 5,556,175.27 1,723,104.18 362,983.34
Sales expense 41,300,686.49 29,080,367.35 30,239,604.83 20,175,251.66
Administrative expense 170,997,621.04 135,461,353.51 158,192,184.62 119,661,535.27
Financial expenses 7,944,564.14 1,790,572.58 5,135,328.99 1,920,498.91
Asset impairment loss 20,201,796.29 18,242,874.68 6,630,823.01 8,095,463.04
Plus: Gains from change of fair value (“-“ for loss)
Investment gain (“-“ for loss) 29,832,984.38 23,118,640.00 23,118,640.00
Incl. Investment gains from affiliates
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss) 162,666,626.29 100,252,495.82 162,812,208.25 107,183,393.80
Plus: Non business income 1,394,313.98 996,399.22 795,262.22 450,000.00
Less: Non-business expenses 1,906,579.55 1,177,280.26 1,599,986.30 607,749.38
Incl. Loss from disposal of non-current assets
IV. Gross profit (“-“ for loss) 162,154,360.72 100,071,614.78 162,007,484.17 107,025,644.42
Less: Income tax expenses 25,023,538.57 10,535,794.56 22,333,118.16 12,586,050.66
V. Net profit (“-“ for net loss) 137,130,822.15 89,535,820.22 139,674,366.01 94,439,593.76
Net profit attributable to the owners of parent company 94,256,215.05 89,535,820.22 122,623,653.86 94,439,593.76
Minor shareholders’ equity 42,874,607.10 17,050,712.15
VI. Earnings per share:
(I) Basic earnings per share 0.15 0.1952
(II) Diluted earnings per share 0.15 0.1952
VII. Other misc. incomes
VIII. Total of misc. incomes 137,130,822.15 89,535,820.22 139,674,366.01 94,439,593.76
Total of misc. incomes attributable to the owners of the
94,256,215.05 89,535,820.22 122,623,653.86 94,439,593.76
parent company
Total misc gains attributable to the minor shareholders 42,874,607.10 17,050,712.15
Merger of entities under common control, the net profit realized by the merged party was RMB0.00.
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Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2011 Full Text
4.3 Income Statement from the beginning of year to the end of report term
Prepared by: Hangzhou Steam Turbine Co., Ltd. Jan – Sept. 2011 in RMB Yuan
Amount of the Current Term Amount of the Previous Term
Items
Consolidated Parent company Consolidated Parent company
I. Total revenue 3,189,200,509.03 1,956,165,756.00 2,716,072,766.15 1,922,784,097.74
Incl. Business income 3,189,200,509.03 1,956,165,756.00 2,716,072,766.15 1,922,784,097.74
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 2,574,862,792.05 1,640,505,978.94 2,212,947,280.86 1,610,068,415.78
Incl. Business cost 1,960,731,058.37 1,231,832,711.94 1,714,356,838.28 1,256,348,211.51
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 23,868,624.69 14,030,037.37 6,852,922.41 2,310,339.72
Sales expense 114,925,583.33 70,607,975.37 84,806,711.88 55,791,463.30
Administrative expense 393,654,397.27 272,779,902.85 336,104,547.28 241,775,267.72
Financial expenses 19,987,788.00 2,606,113.65 14,854,943.99 6,523,556.74
Asset impairment loss 61,695,340.39 48,649,237.76 55,971,317.02 47,319,576.79
Plus: Gains from change of fair value (“-“ for loss)
Investment gain (“-“ for loss) 24,118,640.00 195,464,548.13 24,219,375.77 121,416,433.27
Incl. Investment gains from affiliates
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss) 638,456,356.98 511,124,325.19 527,344,861.06 434,132,115.23
Plus: Non business income 2,862,687.58 2,371,007.26 3,002,942.26 1,341,907.71
Less: Non-business expenses 7,847,825.28 3,456,597.01 6,658,241.34 2,990,461.99
Incl. Loss from disposal of non-current assets
IV. Gross profit (“-“ for loss) 633,471,219.28 510,038,735.44 523,689,561.98 432,483,560.95
Less: Income tax expenses 96,478,179.62 45,720,069.86 78,103,671.01 46,660,069.15
V. Net profit (“-“ for net loss) 536,993,039.66 464,318,665.58 445,585,890.97 385,823,491.80
Net profit attributable to the owners of parent company 418,962,015.97 464,318,665.58 378,448,475.32 385,823,491.80
Minor shareholders’ equity 118,031,023.69 67,137,415.65
VI. Earnings per share:
(I) Basic earnings per share 0.6668 0.6023
(II) Diluted earnings per share 0.6668 0.6023
VII. Other misc. incomes
VIII. Total of misc. incomes 536,993,039.66 464,318,665.58 445,585,890.97 385,823,491.80
Total of misc. incomes attributable to the owners of the
418,962,015.97 464,318,665.58 378,448,475.32 385,823,491.80
parent company
Total misc gains attributable to the minor shareholders 118,031,023.69 67,137,415.65
No merger of entities under common control since the beginning of year till the end of report period, therefore the net profit
contributed by the merged entity was RMB0.00.
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Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2011 Full Text
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. 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
2,995,289,829.17 1,531,935,681.97 2,790,483,868.50 1,734,865,890.90
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 23,130,489.84 10,223,146.13
Other cash received from business operation 127,610,371.37 20,422,983.16 47,346,353.71 6,603,384.05
Sub-total of cash inflow from business activities 3,146,030,690.38 1,552,358,665.13 2,848,053,368.34 1,741,469,274.95
Cash paid for purchasing of merchandise and services 1,826,497,820.89 879,108,057.13 1,588,239,117.05 939,403,002.92
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 449,333,566.90 348,663,853.76 322,730,791.05 265,265,818.88
Taxes paid 358,107,303.80 192,841,301.56 303,455,764.15 194,578,384.44
Other cash paid for business activities 290,182,667.18 72,881,267.55 183,605,119.33 42,303,097.66
Sub-total of cash outflow from business activities 2,924,121,358.77 1,493,494,480.00 2,398,030,791.58 1,441,550,303.90
Cash flow generated by business operation, net 221,909,331.61 58,864,185.13 450,022,576.76 299,918,971.05
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 24,118,640.00 195,464,548.13 24,118,640.00 121,315,697.50
Net cash retrieved from disposal of fixed assets,
2,285,530.00 1,834,530.00 100,745.00 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 191,604.73 100,735.77
Sub-total of cash inflow due to investment activities 26,404,170.00 197,299,078.13 24,410,989.73 121,489,383.27
Cash paid for construction of fixed assets, intangible
117,099,867.64 40,975,730.25 201,319,159.37 75,087,545.65
assets and other long-term assets
Cash paid as investment 49,502,361.60 34,502,361.60 700,000.00
Net increase of loan against pledge
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Hangzhou Steam Turbine Co., Ltd. The 3rd Quarterly Report 2011 Full Text
Net cash received from subsidiaries and other
operational units
Other cash paid for investment activities 25,000,000.00 21,473,473.00
Sub-total of cash outflow due to investment
191,602,229.24 75,478,091.85 223,492,632.37 75,087,545.65
activities
Net cash flow generated by investment -165,198,059.24 121,820,986.28 -199,081,642.64 46,401,837.62
III. Cash flow generated by financing
Cash received as investment 7,380,000.00
Incl. Cash received as investment from minor
shareholders
Cash received as loans 538,000,000.00 100,000,000.00 209,000,000.00
Cash received from bond placing
Other financing-related cash received 50,000,000.00
Subtotal of cash inflow from financing activities 545,380,000.00 100,000,000.00 259,000,000.00
Cash to repay debts 448,463,800.00 150,463,800.00 121,000,000.00
Cash paid as dividend, profit, or interests 339,214,705.04 196,845,365.66 234,103,671.81 155,072,381.54
Incl. Dividend and profit paid by subsidiaries to minor
shareholders
Other cash paid for financing activities
Subtotal of cash outflow due to financing activities 787,678,505.04 347,309,165.66 355,103,671.81 155,072,381.54
Net cash flow generated by financing -242,298,505.04 -247,309,165.66 -96,103,671.81 -155,072,381.54
IV. Influence of exchange rate alternation on cash and cash
-1,511,133.75 -1,412,229.23 -686,397.61 -332,337.32
equivalents
V. Net increase of cash and cash equivalents -187,098,366.42 -68,036,223.48 154,150,864.70 190,916,089.81
Plus: Balance of cash and cash equivalents at the
657,077,394.71 332,065,321.54 486,439,602.82 100,717,329.17
beginning of term
VI. Balance of cash and cash equivalents at the end of term 469,979,028.29 264,029,098.06 640,590,467.52 291,633,418.98
4.5 Auditors’ Report
Auditor’s opinion: not audited.
Hangzhou Steam Turbine Co., Ltd.
Chairman Nie Zhonghai
October 24, 2011
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