Hangzhou Steam Turbine Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Stock Code: 200771 Stock ID: Hangqilun B Announcement No. 2012-30
Hangzhou Steam Turbine Co., Ltd.
The 1st Quarterly Report 2012 (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 financial statements carried in this report are not audited.
1.3 Chairman Mr. Nie Zhonghai, General Manager and Chief Financial Officer Mr. Yan Jianhuan,, and the Chief
of Accounting Department Mrs. 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
Ended this report term Ended previous year Changed by (%)
Total asset (RMB) 7,351,360,831.22 6,892,582,376.59 6.66%
Owners’ equity attributable to the shareholders of
3,388,872,630.79 3,315,262,942.01 2.22%
the listed company (yuan)
Total capital share (shares) 628,342,000.00 628,342,000.00 0.00%
Net asset per share attributable to the
5.39 5.28 2.08%
shareholders of the listed company (Yuan/share)
This report term Same period last year Changed by (%)
Turnover (yuan) 839,641,291.98 817,202,291.68 2.75%
Net profit attributable to shareholders of the
73,609,688.78 113,125,254.41 -34.93%
listed company (yuan)
Net Cash flow generated by business operation
160,770,968.68 201,026,464.70 -20.02%
(RMB)
Net Cash flow per share generated by business
0.26 0.42 -38.10%
operation (yuan/share)
Basic earnings per share (Yuan/share) 0.12 0.18 -33.33%
Diluted earnings per share (Yuan/share) 0.12 0.18 -33.33%
Weighted average net
2.00% 3.87% -1.87%
income/asset ratio (%)
Weighted average net
income/asset ratio less non-recurring 2.00% 3.89% -1.89%
gain/loss(%)
Non-recurring gain and loss items
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Hangzhou Steam Turbine Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
√ applicable □ not applicable
In RMB Yuan
Amount from beginning of year to
Non-recurring gain and loss items Note (if applicable)
the end of report period
Gain/loss of non-current assets 14,354.15
Government subsidies accounted into current gain/loss account, other
than those closely related to the Company’ common business, comply
1,067,380.00
with the national policy and continues to enjoy at certain fixed rate or
amount.
Other non-business income and expenditures other than the above 896,965.79
Influenced amount of minority shareholders’ equity 1,874.21
Influenced amount of income tax -340,325.06
Total 1,640,249.09 -
2.2 Total of shareholders and top-10 holders of current shares
in shares
Total shareholders at the end of the report period
16,698
(accounts)
Top Ten Shareholders of Negotiable Shares
Negotiable shares held at
Full name of shareholder Categories
the end of report term
Foreign shares placed
SCHRODER INTL SELECTION FD-GREATER CN FD GTI 25287 8,613,041
in domestic exchange
Foreign shares placed
NORGES BANK 3,861,284
in domestic exchange
Foreign shares placed
GAOLING FUND,L.P. 3,319,083
in domestic exchange
Foreign shares placed
Shanghai Hong Kong Wanguo Securities 2,365,378
in domestic exchange
Foreign shares placed
Li Minggong 2,220,504
in domestic exchange
Foreign shares placed
BOCHK INVESTMENT FUNDS-BOCHK CHINA GOLDEN DRAGON FUND 2,157,787
in domestic exchange
Foreign shares placed
TOYO SECURITIES ASIA LIMITED-A/C CLIENT. 1,778,788
in domestic exchange
Foreign shares placed
AUSTRALIANSUPER PTY LTD 1,756,934
in domestic exchange
Foreign shares placed
Fu Shuying 1,414,106
in domestic exchange
Foreign shares placed
Natio Securities Co.,Ltd. 1,291,584
in domestic exchange
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Hangzhou Steam Turbine Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
§3 Significant Events
3.1 Details and causations of major change in major accounting subjects and financial indices
1st Quarter of 2012, 1st Quarter of 2012,
Scale of
Items Consolidated end of Consolidated Cause of change
change %
period beginning of period
Prepayment according to the
Prepayment 280,097,098.88 208,732,412.73 34.19
contract
Non-current asset due in Buying of financial products in the
315,000,000.00 20,000,000.00 1,475.00
1 year period
Due of financial products by
Other current asset 605,077.92 5,661,299.59 -89.31
Machinery Co. in the period
Arriving of accessory parts,
Account payable 870,913,657.79 590,763,406.24 47.42
increase of trade payable
Tax payable 57,732,990.48 90,706,239.00 -36.35 Tax paid according to regulations
Same period of last Scale of
Financial expenses Current term Cause of change
term change
Business tax and
7,352,785.55 5,597,503.85 31.36 Calculated according to tax law
surcharge
Increase of inter-company loan
Financial expenses 7,112,367.43 5,442,969.87 30.67
interest by Assembling Co.
Investment gains (“-“ for Increase of dividend from Zhejiang
1,471,453.87 1,000,000.00 47.15
loss) Tianhang Steam Turbine Co., Ltd.
III. Operation profit Loss of Zhongneng Co. in the
100,060,458.86 176,077,828.59 -43.17
(“-“ for loss) period
Plus: Non business Receiving of government subsidy
3,700,796.34 6,8740.24 5,283.74
income and insurance compensation
Decrease of profit of subsidiaries
IV. Gross profit (“-“ for and the Company other than
102,039,158.80 174,753,689.61 -41.61
loss) Machinery Co. and Turbine Import
& Export Co.
Less: Income tax
16,661,272.13 28,508,063.90 -41.56 Calculated according to tax law
expenses
Decrease of profit of subsidiaries
V. Net profit (“-“ for net and the Company other than
85,377,886.67 146,245,625.71 -41.62
loss) Machinery Co. and Turbine Import
& Export Co.
Decrease of profit of subsidiaries
Net profit
and the Company other than
attributable to the owners 73,609,688.78 113,125,254.41 -34.93
Machinery Co. and Turbine Import
of parent company
& Export Co.
Decrease of profit of Zhongneng,
Minor
11,768,197.89 33,120,371.30 -64.47 Auxiliary Machinery, Casting, and
shareholders’ equity
Assembling
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
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Hangzhou Steam Turbine Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
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
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
Type of
Time/date Place Way Visitors Main content involved and material provided
visitors
Overseas market, industrial situation, strategy plan,
January 13, The Field
Institution North-east Security market share, delayed delivery, prospect on gas
2012 Company research
turbine, portion of outsourced manufacturing
Sweeden Yingtuo Capital Product character, delivery circle, receivable account,
February The Field
Institution Management Co. market share, competitors, minority shareholders,
06, 2012 Company research
(pronunciation) overseas market, dividend policy
February The Field Industrial situation, down stream market, group
Institution Jinshi Investment
24, 2012 Company research business, future of B shares
Recent projects, industrial barrier, financial resources,
March 09, The Field
Institution Huili Foundation main products and orders, delivery circle, influence of
2012 Company research
the raw material, market competition*
March 23, The Field
Institution Yichuang Morgan Enterprise debenture
2012 Company research
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 1st Quarterly Report 2012 (Full Text)
§4 Attachments
4.1 Balance Sheet
Prepared by: Hangzhou Steam Turbine Co., Ltd. March 31, 2012 in RMB Yuan
Ending balance Balance at the beginning of year
Items
Consolidated Parent company Consolidated Parent company
Current asset:
Monetary capital 484,613,566.32 190,728,675.10 662,648,725.65 335,248,349.26
Settlement provision
Outgoing call loan
Transactional financial assets
Notes receivable 759,648,674.30 559,694,957.60 783,869,310.40 448,393,858.41
Account receivable 1,849,953,254.89 1,395,502,270.36 1,812,706,051.31 1,395,509,702.83
Prepayment 280,097,098.88 128,048,375.90 208,732,412.73 113,735,693.96
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable
Dividend receivable 25,801,500.00
Other account receivable 56,887,247.73 34,263,008.40 75,627,129.17 12,151,541.72
Repurchasing of financial assets
Inventories 1,753,073,413.10 1,323,037,548.34 1,465,135,236.51 1,070,075,603.00
Non-current asset due in 1 year 315,000,000.00 230,000,000.00 20,000,000.00
Other current asset 605,077.92 5,661,299.59
Total of current asset 5,499,878,333.14 3,887,076,335.70 5,034,380,165.36 3,375,114,749.18
Non-current assets
Disburse of consigned loans
Available-for-sale financial asset
Expired investment in possess
Long-term receivable
Long-term share equity investment 462,088,813.22 516,782,461.07 462,088,813.22 516,782,461.07
Investment real estates
Fixed assets 926,483,391.33 350,253,825.30 944,932,607.77 361,028,552.81
Construction in process 65,666,313.82 45,648,745.45 56,000,094.04 40,483,268.63
Engineering goods
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 278,476,845.70 44,366,863.73 276,922,402.76 45,545,511.45
R&D expense
Goodwill
Long-term amortizable expenses 5,043,028.86 3,381,273.23 4,959,937.22 3,381,273.23
Differed income tax asset 88,724,105.15 54,740,403.46 88,298,356.22 54,740,403.46
Other non-current asset 25,000,000.00 25,000,000.00
Total of non-current assets 1,851,482,498.08 1,015,173,572.24 1,858,202,211.23 1,021,961,470.65
Total of assets 7,351,360,831.22 4,902,249,907.94 6,892,582,376.59 4,397,076,219.83
Current liabilities
Short-term loans 249,317,423.50 16,317,423.50 279,317,423.50 16,317,423.50
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Hangzhou Steam Turbine Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities
Notes payable 105,947,194.00 139,807,194.00
Account payable 870,913,657.79 486,723,139.64 590,763,406.24 276,473,416.53
Prepayment received 1,751,079,114.56 1,187,562,671.48 1,574,022,744.91 1,032,539,706.27
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 37,093,495.19 27,429,026.27 29,149,223.54 16,525,266.24
Tax payable 57,732,990.48 47,329,315.99 90,706,239.00 67,963,322.70
Interest payable 200,444.44 260,577.78
Dividend payable 67,842,200.00
Other account payable 230,385,174.09 43,838,784.61 227,302,074.82 38,189,812.37
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year 10,000,000.00 10,000,000.00
Other current liability
Total of current liability 3,380,511,694.05 1,809,200,361.49 2,941,328,883.79 1,448,008,947.61
Non-current liabilities
Long-term borrowings 125,000,000.00 100,000,000.00 125,000,000.00 100,000,000.00
Bond payable
Long-term payable 45,064,261.81 44,818,324.41
Special payable
Anticipated liabilities
Differed income tax liability 1,041,180.44 1,041,180.44 1,041,180.44 1,041,180.44
Other non-recurring liabilities 21,787,074.67 3,178,250.00 17,310,045.00 778,250.00
Total of non-current liabilities 192,892,516.92 104,219,430.44 188,169,549.85 101,819,430.44
Total of liability 3,573,404,210.97 1,913,419,791.93 3,129,498,433.64 1,549,828,378.05
Owners’ equity (or shareholders’ equity)
Capital paid in (or share capital) 628,342,000.00 628,342,000.00 628,342,000.00 628,342,000.00
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 453,183,370.20 434,426,965.07 453,183,370.20 434,426,965.07
Common risk provision
Retained profit 2,167,756,915.50 1,787,107,900.85 2,094,147,226.72 1,645,525,626.62
Different of foreign currency translation
Total of owner’s equity belong to the parent company 3,388,872,630.79 2,988,830,116.01 3,315,262,942.01 2,847,247,841.78
Minor shareholders’ equity 389,083,989.46 447,821,000.94
Total of owners’ equity 3,777,956,620.25 2,988,830,116.01 3,763,083,942.95 2,847,247,841.78
Total of liabilities and owners’ equity 7,351,360,831.22 4,902,249,907.94 6,892,582,376.59 4,397,076,219.83
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Hangzhou Steam Turbine Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
4.2 Income Statement
Prepared by: Hangzhou Steam Turbine Co., Ltd. Jan - Mar 2012 in RMB Yuan
Amount of the Current Term Amount of the Previous Term
Items Parent Parent
Consolidated Consolidated
company company
I. Total revenue 839,641,291.98 546,799,918.52 817,202,291.68 470,152,181.58
Incl. Business income 839,641,291.98 546,799,918.52 817,202,291.68 470,152,181.58
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 741,052,286.99 490,728,474.82 642,124,463.09 387,563,288.73
Incl. Business cost 552,376,993.67 372,812,863.76 486,993,931.11 289,704,144.71
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 7,352,785.55 4,142,441.42 5,597,503.85 2,588,136.12
Sales expense 39,647,696.80 25,956,089.80 32,844,801.93 18,339,572.29
Administrative expense 124,246,062.50 75,874,120.64 99,409,094.55 64,815,446.73
Financial expenses 7,112,367.43 1,107,681.84 5,442,969.87 1,000,523.13
Asset impairment loss 10,316,381.04 10,835,277.36 11,836,161.78 11,115,465.75
Plus: Gains from change of fair value (“-“ for loss)
Investment gain (“-“ for loss) 1,471,453.87 93,218,540.00 1,000,000.00 119,112,923.75
Incl. Investment gains from affiliates
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss) 100,060,458.86 149,289,983.70 176,077,828.59 201,701,816.60
Plus: Non business income 3,700,796.34 1,565,695.00 68,740.24 48,740.24
Less: Non-business expenses 1,722,096.40 738,627.83 1,392,879.22 520,756.10
Incl. Loss from disposal of non-current assets
IV. Gross profit (“-“ for loss) 102,039,158.80 150,117,050.87 174,753,689.61 201,229,800.74
Less: Income tax expenses 16,661,272.13 8,534,776.64 28,508,063.90 12,317,531.55
V. Net profit (“-“ for net loss) 85,377,886.67 141,582,274.23 146,245,625.71 188,912,269.19
Net profit attributable to the owners of parent company 73,609,688.78 141,582,274.23 113,125,254.41 188,912,269.19
Minor shareholders’ equity 11,768,197.89 33,120,371.30
VI. Earnings per share:
(I) Basic earnings per share 0.12 0.23 0.18 0.30
(II) Diluted earnings per share 0.12 0.23 0.18 0.30
VII. Other misc. incomes
VIII. Total of misc. incomes 85,377,886.67 141,582,274.23 146,245,625.71 188,912,269.19
Total of misc. incomes attributable to the owners of the parent
73,609,688.78 141,582,274.23 113,125,254.41 188,912,269.19
company
Total misc gains attributable to the minor shareholders 11,768,197.89 33,120,371.30
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 1st Quarterly Report 2012 (Full Text)
4.3 Cash Flow Statement
Prepared by: Hangzhou Steam Turbine Co., Ltd. Jan - Mar 2012 in RMB Yuan
Amount of the Current Term Amount of the Previous Term
Items Parent
Consolidated Parent company Consolidated
company
I. Net cash flow from business operation
Cash received from sales of products and providing of
974,850,296.20 522,040,189.76 937,189,376.22 519,432,482.38
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 25,812,888.46 10,953,378.83
Other cash received from business operation 31,815,500.18 5,367,313.45 101,389,929.70 4,692,924.36
Sub-total of cash inflow from business activities 1,032,478,684.84 527,407,503.21 1,049,532,684.75 524,125,406.74
Cash paid for purchasing of merchandise and services 536,695,846.99 302,471,325.03 448,207,055.57 293,644,406.24
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 156,088,134.32 113,264,636.45 146,445,849.44 111,559,716.50
Taxes paid 104,152,153.46 56,429,334.87 107,971,545.42 44,742,710.13
Other cash paid for business activities 74,771,581.39 23,103,833.93 145,881,769.62 14,713,249.98
Sub-total of cash outflow from business activities 871,707,716.16 495,269,130.28 848,506,220.05 464,660,082.85
Cash flow generated by business operation, net 160,770,968.68 32,138,372.93 201,026,464.70 59,465,323.89
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 1,200,202.36 67,417,040.00 112,340,030.00
Net cash retrieved from disposal of fixed assets, intangible
-93,477.07 1,460.00 186,000.00 101,000.00
assets, and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received 5,001,469.10
Sub-total of cash inflow due to investment activities 6,108,194.39 67,418,500.00 186,000.00 112,441,030.00
Cash paid for construction of fixed assets, intangible assets
21,845,534.73 12,792,575.69 22,370,290.54 10,499,592.97
and other long-term assets
Cash paid as investment 4,502,361.60 4,502,361.60
Net increase of loan against pledge
Net cash received from subsidiaries and other operational
units
Other cash paid for investment activities 295,000,000.00 230,000,000.00
Sub-total of cash outflow due to investment activities 316,845,534.73 242,792,575.69 26,872,652.14 15,001,954.57
Net cash flow generated by investment -310,737,340.34 -175,374,075.69 -26,686,652.14 97,439,075.43
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Hangzhou Steam Turbine Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
III. Cash flow generated by financing
Cash received as investment 3,600,000.00
Incl. Cash received as investment from minor shareholders
Cash received as loans 86,000,000.00 335,000,000.00 100,000,000.00
Cash received from bond placing
Other financing-related cash received
Subtotal of cash inflow from financing activities 89,600,000.00 335,000,000.00 100,000,000.00
Cash to repay debts 108,900,000.00 260,463,800.00 150,463,800.00
Cash paid as dividend, profit, or interests 8,668,185.71 1,203,222.22 59,541,315.67 622,810.10
Incl. Dividend and profit paid by subsidiaries to minor
shareholders
Other cash paid for financing activities
Subtotal of cash outflow due to financing activities 117,568,185.71 1,203,222.22 320,005,115.67 151,086,610.10
Net cash flow generated by financing -27,968,185.71 -1,203,222.22 14,994,884.33 -51,086,610.10
IV. Influence of exchange rate alternation on cash and cash
-100,601.96 -80,749.18 -179,412.15 -155,678.78
equivalents
V. Net increase of cash and cash equivalents -178,035,159.33 -144,519,674.16 189,155,284.74 105,662,110.44
Plus: Balance of cash and cash equivalents at the beginning of
662,648,725.65 335,248,349.26 657,077,394.71 332,065,321.54
term
VI. Balance of cash and cash equivalents at the end of term 484,613,566.32 190,728,675.10 846,232,679.45 437,727,431.98
4.4 Auditors’ Report
Auditor’s opinion: not audited.
Hangzhou Steam Turbine Co., Ltd.
Chairman Nie Zhonghai
April 23, 2012
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