2013 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
Yantai Changyu Pioneer Wine Co. Ltd.
2013 the First Quarter Report
2013-Ding02
April 2013
1
2013 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
I. Important Notice, Contents and Definition
The Board of Directors ， the Board of Supervisors ， directors, supervisors & senior
management of the Company confirm that to the best of their knowledge and belief there are
no unfaithful facts, significant omissions or misleading statements in this quarterly report,
and collectively and individually accept full legal responsibility.
Mr. Sun Liqiang (Chairman of the Company), Mr. Leng Bin (Person in charge of accounting)
and Mr. Jiang Jianxun (Person in charge of accounting organ) assure the truthfulness,
accuracy and completeness of the financial report in the quarterly report
All the directors have personally attended the Board of Directors’ meeting for this quarterly
report.
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2013 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
II、Key financial data and shareholders changes
1. Key financial data
Whether the Company makes retroactive adjustments or restates the accounting data of previous
fiscal years.
□ Yes V No
January to March January to March More or less than
Item
2013 2012 last year(%)
Business revenue (CNY) 1,848,564,099.00 1,912,443,670.00 -3.34%
Net profit attributed to the
shareholders of the listed 570,638,033.00 604,285,368.00 -5.57%
company (CNY)
Net profit attributed to the
shareholders of the listed
568,038,508.00 601,182,076.00 -5.51%
company after deducting the
irregular profit and loss (CNY)
Net cash flows from the
523,571,540.00 497,140,868.00 5.32%
operating activities (CNY)
Basic earnings per share
0.83 0.88 -5.68%
(CNY)
Diluted earnings per share
0.83 0.88 -5.68%
(CNY)
Return on net assets (%)
8.99% 11.08% -2.09%
More or less than
March 31st 2013 March 31st 2012
last year(%)
Total assets (CNY) 8,517,740,827.00 8,123,134,580.00 4.86%
Net Assets attributed to the
shareholders of the listed 6,483,742,211.00 5,913,104,178.00 9.65%
company (CNY)
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2013 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
Details of irregular profit and loss
V Yes □ No
Unit：CNY
From beginning of year to
Item end of report period
Explaination
Gain on disposal of non-current assets, including
-383,787.00 －
the reversal of accrued impairment provision
Government grants credited in profit and loss －
(except for those recurring government grants
that are closely related to the entity's operation, 2,634,831.00
in line with related regulations and have proper
basis of calculation)
Other non-operating income and expenses 809,206.00 －
Income tax effect 460,725.00 －
Minority interest impact (after tax) 0.00 －
Total 2,599,525.00 --
2.The total number of the shareholders and top 10 shareholders with unrestricted shares at
the end of the report period
46,567shareholders, including 35,537
Total number of shareholders shareholders with A shares, 11,030
shareholders with B shares
The top 10 shareholders with unrestricted shares
Pledged or
Numb
frozen
Percenta er of
Character of Shar Shar
Name of Shareholders ge Shares held restric
shareholders e e
(%) ted
statu statu
shares
s s
Domestic
non-state-
YANTAI CHANGYU GROUP CO. LTD. 50.4% 345,473,856 0 － 0
owned legal
person
Foreign
GAOLING FUND,L.P. 3.53% 24,176,997 0 － 0
shareholder
GOVERNMENT OF SINGAPORE INV. Foreign
CORP.- A/C "C"
2.64% 18,085,402 0 － 0
shareholder
HTHK/CMG FSGUFP-CMG FIRST STATE Foreign
CHINA GROWTH FD
2.47% 16,918,329 0 － 0
shareholder
BBH BOS S/A FIDELITY FD - CHINA Foreign
FOCUS FD
2.39% 16,358,534 0 － 0
shareholder
Foreign
VALUE PARTNERS CLASSIC FUND 0.97% 6,626,737 0 － 0
shareholder
Foreign
HTHK-MANULIFE CHINA VALUE FUND 0.93% 6,343,781 0 － 0
shareholder
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2013 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
GSIC A/C MONETARY AUTHORITY OF Foreign
SINGAPORE
0.87% 5,957,159 0 － 0
shareholder
Foreign
UBS (LUXEMBOURG) S.A. 0.73% 5,026,899 0 － 0
shareholder
BBH A/C VANGUARD EMERGING MARKETS Foreign
STOCK INDEX FUND
0.69% 4,737,709 0 － 0
shareholder
The top 10 shareholders with unrestricted shares
Name of Shareholders Number of Type of share
unrestricted Type of Amount
shares held share
until the end of
the year
YANTAI CHANGYU GROUP CO. LTD. 345,473,856 A share 345,473,856
GAOLING FUND,L.P. 24,176,997 B share 24,176,997
GOVERNMENT OF SINGAPORE INV. CORP.- A/C "C" 18,085,402 B share 18,085,402
HTHK/CMG FSGUFP-CMG FIRST STATE CHINA GROWTH
FD
16,918,329 B share 16,918,329
BBH BOS S/A FIDELITY FD - CHINA FOCUS FD 16,358,534 B share 16,358,534
VALUE PARTNERS CLASSIC FUND 6,626,737 B share 6,626,737
HTHK-MANULIFE CHINA VALUE FUND 6,343,781 B share 6,343,781
GSIC A/C MONETARY AUTHORITY OF SINGAPORE 5,957,159 B share 5,957,159
UBS (LUXEMBOURG) S.A. 5,026,899 B share 5,026,899
BBH A/C VANGUARD EMERGING MARKETS STOCK
INDEX FUND
4,737,709 B share 4,737,709
Among the top 10 shareholders, Yantai Changyu Group
The explanation for the associated
Company Limited has no associated relationship or accordant
relationship and accordant action
action relationship with the other 9 listed shareholders, and the
of the top 10 shareholders
relationship among the other shareholders is unknown.
Explanation for the shareholders
who involved in financing
No
activities and stock trading
business(if yes)
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2013 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
III Major Issues
1. The great changes and reasons on main accountant data and financial index
Item At 31 March At 31 December Changes % Reasons for changes
2013 2012
Note receivable 258,449,493.00 92,635,701.00 179.00% Mainly due to the growth on bank
acceptances from the clients
Advance money 79,627,992.00 44,294,482.00 79.77% Mainly due to the growth of
prepayment for raw material
purchase
Other receivables 39,239,441.00 28,462,945.00 37.86% Mainly due to the growth of
prepayment for construction
Non-current 93,189,768.00 150,945,000.00 -38.26% Mainly due to the decrease of the trust
liabilities due plan payment due within 1 year and
within 1 year its interest
Item Three months ended Three months ended Changes % Reasons for changes
31 March 2013 31 March 2012
Business cost 517,458,892.00 483,121,287.00 7.11% Mainly due to the increase of the raw
material and packaging expenses
67,841,905.00 82,064,961.00 -17.33% Mainly due to decreasing of
Management afforestation expenses
expenses
-10,456,523.00 -12,168,537.00 -14.07% Mainly due to the decrease of interest
Financial expenses income
Cash from return 4,828,930.00 12,800,291.00 -62.27% Mainly due to the decrease of
on investments interests income for term deposit over
3 month
Cash from return 4,828,930.00 12,800,291.00 -62.27% Mainly due to the decrease of
on interests interests income for term deposit over
3 month
Cash paid for 317,116,506.00 90,999,893.00 248.48% Mainly due to the growth of term
investment deposits over 3 month
Term deposits 317,116,506.00 90,999,893.00 248.48% Mainly due to the growth of term
over 3 months deposits over 3 month
Cash outflows 468,702,345.00 239,057,141.00 96.06% Mainly due to the growth of term
from investing deposits over 3 month
activities
Net cash flows -303,381,237.00 -226,201,750.00 -34.12% Mainly due to the growth of term
from investing deposits over 3 month
activities
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2013 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
2. The commitments of the Company or shareholders of the Company holding more than
5% in the report period or until the report period
Commitment Commitment Commitment Commitment
Commitments Implementation
party content time period
Has been
Commitments at share reform － － － －
fulfilled
Commitments made in － － － － －
acquisition report or equity
changes report
Commitments at asset － － － － －
restructuring
Commitments at the initial － － － － －
public offering or refinancing
Yantai Intra-industry
Commitments made to the
Changyu competition 18th May Has been
minority shareholders of the Forever
Group Co. 1997 performing
Company
Ltd.
Commitment under timely
YES
implementation or not
Specific reasons of not
completing the implementation －
and the next step
Whether or not to have
commitments at leading to intra-
NO
industry competition and related
party transaction
Solution period for the
－
commitments
Solution method －
Fulfillment of the commitments －
3. Operating performance’s forecast for January to June in 2013
Warning and explanation for the estimation on the possible loss of cumulative net profit in the
period from the beginning of this year to the end of the next report period or the great change
comparing with same period of last year.
□ Yes V No
4. The Company’s Receptions, Studies and Visits during report period
Reception Reception place Reception Visitor Main topic and
date way material
provided
Meeting room Field Yinhua Fund, Huatai current business
2013.01.16
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2013 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
of the Company survey Securities operation
situation and
Meeting room Field China international other issues
of the Company survey capital(HK)
2013.01.17
) company, First State
Investments (HK)
Meeting room Field Marshall Wace LLP
2013.01.18
of the Company survey
Meeting room Field ChinaAMC, Ping An Asset
2013.03.06 of the Company survey Management Co. Ltd. ,
Haitong Securities
Meeting room Field GIC.Swiss bank Corporation
2013.03.14
of the Company survey
8
Ⅳ Financial Statements
1.、Financial statements
1)、Consolidated balance sheet
Yantai Changyu Pioneer Wine Co. Ltd. Unit: CNY
Item At 31 March 2013 At 31 December 2012
Current assets：
Monetary fund 2,604,496,665.00 2,227,470,828.00
Notes receivable 258,449,493.00 92,635,701.00
Account receivable 160,393,733.00 135,217,384.00
Advance money 79,627,992.00 44,294,482.00
Interest receivable 9,334,042.00 7,215,854.00
Other account receivable 39,239,441.00 28,462,945.00
Inventories 1,954,596,024.00 2,268,621,441.00
Total current assets 5,106,137,390.00 4,803,918,635.00
Non-current assets：
Long-term equity investment 5,000,000.00 5,000,000.00
Fixed assets 1,853,572,149.00 1,823,983,721.00
Construction in progress 912,674,493.00 832,828,689.00
Biological assets for production 44,832,924.00 39,681,580.00
Intangible assets 277,877,827.00 278,293,922.00
Long-term deferred expenses 164,606,003.00 160,871,860.00
Assets of deferred income tax 128,499,321.00 150,376,138.00
Other non-current assets 24,540,720.00 28,180,035.00
Total non-current assets 3,411,603,437.00 3,319,215,945.00
Total assets 8,517,740,827.00 8,123,134,580.00
Current liabilities:
Accounts payable 346,900,296.00 324,881,168.00
Advance money 351,338,606.00 450,172,253.00
Wage payable 134,933,865.00 140,484,927.00
Tax payable 366,166,519.00 444,084,576.00
Other accounts payable 514,934,120.00 470,650,111.00
Non-current liabilities due
93,189,768.00 150,945,000.00
within one year
Other current liabilities 7,857,701.00 8,090,382.00
Total current liabilities 1,815,320,875.00 1,989,308,417.00
Non-current liabilities：
Liabilities of deferred income 5,336,115.00 5,336,115.00
9
tax
Other non-current liabilities 66,960,617.00 69,004,861.00
Total non-current liabilities 72,296,732.00 74,340,976.00
Total liabilities 1,887,617,607.00 2,063,649,393.00
Shareholder rights and interests：
Capital stock 685,464,000.00 685,464,000.00
Capital reserve 562,139,042.00 562,139,042.00
Surplus reserve 342,732,000.00 342,732,000.00
Undistributed profit 4,893,407,169.00 4,322,769,136.00
Total shareholder rights and
6,483,742,211.00 5,913,104,178.00
interests of parent company
Minority shareholder rights and
146,381,009.00 146,381,009.00
interests
Total shareholder rights and
6,630,123,220.00 6,059,485,187.00
interests
Liabilities and total shareholders’
8,517,740,827.00 8,123,134,580.00
rights and interests
Legal representative：Sun Liqiang
Person in charge of accounting: Leng Bin
Person in charge of accounting organ: Jiang Jianxun
10
2)、Balance sheet of parent company
Yantai Changyu Pioneer Wine Co. Ltd. Unit: CNY
Item At 31 March 2013 At 31 December 2012
Current assets：
Monetary fund 1,491,037,160.00 1,090,260,851.00
Notes receivable 119,755,899.00 1,450,000.00
Account receivable 1,778,692.00 710,080.00
Advance money 51,933,354.00 26,131,908.00
Interest receivalbe 9,334,042.00 7,215,854.00
Dividend receivable 961,075,226.00 993,614,383.00
Other account receivable 2,287,861,413.00 2,194,219,753.00
Inventories 773,347,249.00 893,442,758.00
Total current assets 5,696,123,035.00 5,207,045,587.00
Non-current assets：
Long-term equity investment 1,010,192,893.00 1,006,492,893.00
Fixed assets 362,801,127.00 354,789,743.00
Construction in progress 29,669,375.00 24,640,660.00
Biological assets for production 21,401,996.00 16,866,437.00
Intangible assets 80,952,138.00 81,512,908.00
Assets of deferred income tax 16,144,349.00 19,517,202.00
Other non-current assets 2,416,037.00 2,502,630.00
Total non-current assets 1,523,577,915.00 1,506,322,473.00
Total assets 7,219,700,950.00 6,713,368,060.00
11
Current liabilities:
Accounts payable 184,676,541.00 164,815,117.00
Wage payable 65,835,611.00 80,144,533.00
Tax payable 17,397,086.00 17,995,089.00
Other accounts payable 1,903,547,963.00 1,432,464,297.00
Other current liabilities 1,856,335.00 1,856,337.00
Total current liabilities 2,173,313,536.00 1,697,275,373.00
Non-current liabilities：
Other non-current liabilities 19,440,935.00 19,905,019.00
Total non-current liabilities 19,440,935.00 19,905,019.00
Total liabilities 2,192,754,471.00 1,717,180,392.00
Shareholder rights and interests：
Capital stock 685,464,000.00 685,464,000.00
Capital reserve 557,222,454.00 557,222,454.00
Surplus reserve 342,732,000.00 342,732,000.00
Undistributed profit 3,441,528,025.00 3,410,769,214.00
Total shareholder rights and
5,026,946,479.00 4,996,187,668.00
interests
Liabilities and total shareholders’
7,219,700,950.00 6,713,368,060.00
rights and interests
Legal representative：Sun Liqiang
Person in charge of accounting: Leng Bin
Person in charge of accounting organ: Jiang Jianxun
12
3)、Consolidated profit statement
Yantai Changyu Pioneer Wine Co. Ltd. Unit: CNY
Three months ended 31 March Three months ended 31
Item
2013 March 2012
1. Business income 1,848,564,099.00 1,912,443,670.00
Business income 1,848,564,099.00 1,912,443,670.00
2.Business cost 1,092,515,575.00 1,109,714,521.00
Business cost 517,458,892.00 483,121,287.00
Business tax and associate charges 86,211,150.00 89,023,294.00
Sales expenses 431,460,151.00 467,673,517.00
Management expenses 67,841,905.00 82,064,961.00
Financial expenses -10,456,523.00 -12,168,537.00
3. Operating profit 756,048,524.00 802,729,149.00
Add: Non-operating income 3,476,652.00 5,465,391.00
Less: non-operating expenditures 416,401.00 1,419,796.00
4. Total profit 759,108,775.00 806,774,744.00
Less: income tax expenses 188,470,742.00 202,489,376.00
5. Net profit 570,638,033.00 604,285,368.00
Net profit of parent company's owners 570,638,033.00 604,285,368.00
6. EPS -- --
Basic EPS 0.83 0.88
Diluted EPS 0.83 0.88
7. Other comprehensive income
8. Comprehensive income 570,638,033.00 604,285,368.00
Comprehensive income of parent company 570,638,033.00 604,285,368.00
Legal representative：Sun Liqiang
Person in charge of accounting: Leng Bin
Person in charge of accounting organ: Jiang Jianxun
13
4)、Profit statement of parent company
Yantai Changyu Pioneer Wine Co. Ltd. Unit: CNY
Three months ended 31 March Three months ended 31
Item
2013 March 2012
1. Business income 450,311,216.00 404,260,334.00
Less: business cost 365,031,211.00 331,806,568.00
Business tax and associate charges 42,167,365.00 39,229,753.00
Management expenses 25,580,417.00 25,141,469.00
Financial expenses -7,863,208.00 -12,559,844.00
Investment profit (loss is listed with "-") 11,140,442.00
2. Operating profit 36,535,873.00 20,642,389.00
Add: Non-operating income 607,700.00 591,179.00
Less: non-operating expenditures 1,402,751.00
3. Total profit 37,143,573.00 19,830,817.00
Less: income tax expenses 6,384,762.00 5,044,707.00
4. Net profit 30,758,811.00 14,786,110.00
5. EPS -- --
Basic EPS 0.04 0.02
Diluted EPS 0.04 0.02
6. Other comprehensive income
7. Comprehensive income 30,758,811.00 14,786,110.00
Legal representative：Sun Liqiang
Person in charge of accounting: Leng Bin
Person in charge of accounting organ: Jiang Jianxun
5)、Consolidated cash flow statement
Yantai Changyu Pioneer Wine Co. Ltd. Unit: CNY
Three months ended 31 Three months ended 31
Item
March 2013 March 2012
1. Cash flows from operating activities:
Cash received from sales of goods and rending of
1,880,180,100.00 2,146,275,218.00
services
Tax refund received 2,677,946.00 5,987,075.00
Other cash received related to operating activities 29,742,440.00 44,629,783.00
Subtotal of cash flows of operating activities 1,912,600,486.00 2,196,892,076.00
Cash paid for goods and services 324,388,078.00 433,187,773.00
Cash paid to and on behalf of employees 127,239,528.00 131,779,247.00
Cash paid for taxes and expenses 592,896,642.00 751,723,834.00
14
Other cash paid related to operating activities 344,504,698.00 383,060,354.00
Sub-total of cash outflows of operating activities 1,389,028,946.00 1,699,751,208.00
Net cash flow from operating activities 523,571,540.00 497,140,868.00
2. Cash flow from investing activities:
Cash received from return of investment 160,492,178.00
Fixed deposit with the term of over 3 months 160,492,178.00
Cash received from obtaining investment profit 4,828,930.00 12,800,291.00
Cash received from interest income 4,828,930.00 12,800,291.00
Net cash received from disposal of fixed assets,
55,100.00
intangible assets and other long-term assets
Subtotal of cash flows of investment activities 165,321,108.00 12,855,391.00
Cash paid to acquire fixed assets, intangible assets and
151,585,839.00 148,057,248.00
other long-term assets
Cash paid to the investment 317,116,506.00 90,999,893.00
Fixed deposit with the term of over 3 months 317,116,506.00 90,999,893.00
Subtotal of cash outflows of investment activities 468,702,345.00 239,057,141.00
Net cash flow from investing activites -303,381,237.00 -226,201,750.00
3. Cash flow from financing activites
4. Influences of exchange rate fluctuation on cash and
cash equivalents
5. Net Increase in cash and cash equivalents 220,190,303.00 270,939,118.00
Add: balance at the beginning of the period of cash and
1,562,294,026.00 1,256,517,873.00
cash equivalents
6.Balance at the end of the period of cash and cash
1,782,484,329.00 1,527,456,991.00
equivalents
Legal representative：Sun Liqiang
Person in charge of accounting: Leng Bin
Person in charge of accounting organ: Jiang Jianxun
6)、Cash flow statement of parent company
Yantai Changyu Pioneer Wine Co. Ltd.
Unit: CNY
Three months ended 31 Three months ended 31
Item
March 2013 March 2012
1. Cash flows from operating activities:
Cash received from sales of goods and rending of
326,567,470.00 473,515,732.00
services
Tax refund received 823,678.00 1,270,642.00
Other cash received related to operating activities 494,987,939.00 652,498,777.00
Subtotal of cash flows of operating activities 822,379,087.00 1,127,285,151.00
Cash paid for goods and services 183,385,689.00 254,307,853.00
Cash paid to and on behalf of employees 46,179,369.00 48,627,342.00
Cash paid for taxes and expenses 100,551,494.00 137,093,345.00
15
Other cash paid related to operating activities 121,640,167.00 82,972,445.00
Sub-total of cash outflows of operating activities 451,756,719.00 523,000,985.00
Net cash flow from operating activities 370,622,368.00 604,284,166.00
2. Cash flow from investing activities:
Cash received from return of investment 160,492,178.00
Fixed deposit with the term of over 3 months 160,492,178.00
Cash received from obtaining investment profit 48,508,529.00 52,187,841.00
Cash received from interest income 4,828,930.00 12,800,291.00
Subtotal of cash flows of investment activities 209,000,707.00 52,187,841.00
Cash paid to acquire fixed assets, intangible assets and
14,865,794.00 24,017,000.00
other long-term assets
Cash paid to the investment 320,816,506.00 90,999,893.00
Fixed deposit with the term of over 3 months 317,116,506.00 90,999,893.00
Subtotal of cash outflows of investment activities 335,682,300.00 115,016,893.00
Net cash flow from investing activites -126,681,593.00 -62,829,052.00
3. Cash flow from financing activites
4. Influences of exchange rate fluctuation on cash and
cash equivalents
5. Net Increase in cash and cash equivalents 243,940,775.00 541,455,114.00
Add: balance at the beginning of the period of cash and
425,084,049.00 296,735,240.00
cash equivalents
6.Balance at the end of the period of cash and cash
669,024,824.00 838,190,354.00
equivalents
Legal representative：Sun Liqiang
Person in charge of accounting: Leng Bin
Person in charge of accounting organ: Jiang Jianxun
2、Audit report
Whether the 1st quarter report has been audited or not
□ Yes √ No.
Yantai Changyu Pioneer Wine Co. Ltd.
Board of Directors
2013.04.26
16
