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佛山照明(000541)公告正文

粤照明B:2011年第一季度报告全文(英文版)

公告日期:2011-04-28

                                      The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.



                        Foshan Electrical and Lighting Co., Ltd
                         The First Quarterly Report for 2011
§1 Important Notice
1.1 The Board of Directors, the Supervisory Committee as well as directors, supervisors and senior
management staffs of Foshan Electrical and Lighting Co., Ltd. (hereinafter referred to as “the
Company”) individually and jointly accepted responsibility for the correctness, accuracy and
completeness of the contents of this report and confirmed that there was no false information,
misleading statement or material omissions.
1.2 The first quarterly financial report has not been audited by Accounting Firm.
1.3 Zhong Xincai, the company principal and the person-in-charge of the accounting work, and
Wang Shuqiong, the person-in-charge of the accounting department (the accounting principal)
hereby ensure that the financial statements enclosed in this report is factual and complete.

§2 Company Profile
2.1 Main accounting data and financial indices
                                                                                                  Unit: RMB Yuan
                                               At the end of the                                   Increase/decrease
                                                                   At the end of last year
                                               reporting period                                           (%)
Total assets (RMB Yuan)                           3,194,751,669.62       3,128,547,460.46                       2.12%
Owner’s equity attributable to
shareholders of listed company (RMB               2,831,881,390.53           2,766,913,027.29                    2.35%
Yuan)
Share capital (Share)                               978,563,745.00             978,563,745.00                    0.00%
Net asset per share attributable to
shareholders of listed company (RMB                             2.89                       2.83                  2.12%
Yuan/share)
                                                                                                   Increase/decrease
                                               Reporting period        Same period of last year
                                                                                                          (%)
Sales turnover (RMB Yuan)                           519,151,820.87             374,418,879.89                  38.66%
Net profit attributable to shareholders of
                                                      67,639,896.12              27,655,122.03                144.58%
listed company (RMB Yuan)
Net cash flow arising from operating
                                                      40,103,514.78              35,422,624.91                  13.21%
activities (RMB Yuan)
Net cash flow per share arising from
                                                                0.04                       0.04                  0.00%
operating activities (RMB Yuan/share)
Basic earnings per share (RMB
                                                                0.07                       0.03               133.33%
Yuan/share)
Diluted earnings per share (RMB
                                                                0.07                       0.03               133.33%
Yuan/share)
Weighted average return on equity (%)                          2.39%                     1.00%                   1.39%
Weighted average return on equity after
deducting extraordinary gains and losses                       2.39%                     1.00%                   1.39%
(%)

Items of non-recurring gains and losses
√Applicable □ Inapplicable
                                                                                                    Unit: RMB Yuan
                                                                                                    Remark (E.g.
              Non-recurring gains and losses                              Amount
                                                                                                     applicable)
Gains and losses arising from disposal of non-current assets                     -154,711.62
Ultra vires, or documents without formal approval, or tax
                                                                                          0.00
rebates and tax reliefs



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                                         The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.



Government subsidies recorded in gains and losses of the
current period, except for those closely related to normal
business of the Company, acquired in the ordinary course of                            42,249.99
business or granted continuously in certain standard quota
according to relevant national laws and regulations
Funds occupation fee charged from non-financial enterprises
                                                                                       95,875.00
and recorded in gains and losses of the current period
Profits generated when the enterprise’s investment cost
acquired form subsidiaries, affiliated enterprises, and joint
ventures is less than the to-be-enjoyed fair value of                                        0.00
identifiable net assets of invested units during the investment
period
Gains and losses of non-monetary assets exchange                                             0.00
Gains and losses through entrusting others to invest or
                                                                                             0.00
manage assets
Assets impairment provisions withdrawn because of force
                                                                                             0.00
majeure, for example, natural disaster
Debt restructuring gains and losses                                                          0.00
Company restructuring expenses such as employee
                                                                                             0.00
placement and integration costs
Gains and losses exceeding the fair value and arising from
                                                                                             0.00
transactions of unfair prices
Current net profit or loss from the beginning of the period to
the date of merge for the subsidiary resulted from the merge                                 0.00
of enterprises under the same control
Profit or loss generated from the matters which are not
                                                                                             0.00
related to the Company’s normal operation or contingency
Except for effective hedging related to normal business of
the Company, there are gains and losses arising from change
in fair value generated from held transactional financial
assets and transactional financial liabilities, and invest                            -31,528.69
income arising from disposal of transactional financial
assets, transactional financial liabilities, and financial assets
available for sale
Reversal of impairment provisions of accounts receivable
                                                                                             0.00
separately tested for impairment test
Gains and losses arising from entrusted external loans                                       0.00
Gains and losses arising from change in fair value of
investment real estates subsequently measured by fair value                                  0.00
mode
Impact on current gains and losses by one-time adjustment
over current gains and losses according to laws and                                          0.00
regulations of tax and accounting
Entrusting fee incomes from entrust operation                                                0.00
Other non-operating income and expense other than
                                                                                    -452,401.98
abovementioned
Other non-recurring gains and losses in line with the
                                                                                       -5,213.81
definition of profit and loss items
Influenced amount of income tax                                                      140,965.67
                              Total                                                 -364,765.44               -

2.2 Statement on total number of shareholders and shares held by the top ten shareholders
not subject to trading moratorium
                                                                               Unit: share
   Total number of shareholders in the
                                                                                                                  165,986
            reporting period


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                                      The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.



                 Shares held by the top ten tradable-share-holders not subject to trading moratorium
                                                Tradable shares not subject to
         Full name of shareholders             trading moratorium held at the                 Categories
                                                         period-end
Prosperity Lamps & Components Co.,
                                                                    102,751,648           RMB common share
Ltd.
DBS VICKERS (HONG KONG) LTD
                                                                      13,205,145 Domestically listed foreign share
A/C CLIENTS
Taifook Securities Company
                                                                      10,901,212 Domestically listed foreign share
Limited-Account Client
EAST ASIA SECURITIES COMPANY
                                                                       9,527,080 Domestically listed foreign share
LIMITED
Zhuang Jianyi                                                          8,404,132 Domestically listed foreign share
Bank of China-E Fund Shenzhen Stock
                                                                       7,026,783          RMB common share
100 Exchange Trade Fund
Industrial and Commercial Bank of
China-Rongtong Securities SZSE 100                                     5,923,381          RMB common share
Index Investment Fund
Bank of China-First-Trust Goodquality
                                                                       5,189,921          RMB common share
Life Stock Fund
Guangzhou Prosperity Lamps &
                                                                       4,911,140          RMB common share
Components Trade Co., Ltd.
Industrial and Commercial Bank of China
- Soochow Jiahe Advanced Mixed Type
                                                                       3,990,615          RMB common share
Open-Ended Fund Open-end Securities
Investment Fund

§3 Significant Events
3.1 Significant changes in major accounting data, financial highlights and reasons for these
changes
√Applicable       □Non-applicable
1. Transactional financial assets decreased by 86.72% over the end of last year, mainly because some
transactional financial assets at the end of last year were recovered in this year;
2. Prepayments increased by 139.65% over the end of last year, mainly due to the increase of prepaid
accounts for materials;
3. Other receivables increased by 134.82% over the end of last year, mainly because a subsidiary
provided fund subsidy for an affiliated company;
4. Taxes payable increased by 725.70% over the end of last year, mainly due to the increase of payable
charges in the current period;
5. Other payables decreased by 59.22% over the end of last year, mainly because accounts payable were
paid in the current period;
6. Operating income increased by 38.66% over the same period of last year, mainly due to the increase
of revenue from the main business in the current period;
7. Total profit increased by 138.18% over the same period of last year, mainly due to the increase of
operating income of the current period;
8. Net profit increased by 154.28% over the same period of last year, mainly due to the increase of
operating income of the current period;
9. Net increase of cash and cash equivalents increased by 186.60% over the same period of last year,
mainly due to the increase of cash inflow in operating activities and the decrease of cash flow in
investing activities.

3.2 Process of significant events and influence, as well as analysis and explanation on resolving
proposal


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                                 The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.



3.2.1 Non-standard opinion
□Applicable      √Inapplicable
3.2.2 Fund supply for controlling shareholders or related parties of the Company and external
guarantee with violation against regulated procedures
□Applicable      √Inapplicable
3.2.3 Signing and performance of significant contracts of routine operation
□Applicable      √Inapplicable
3.2.4 Others
□Applicable      √Inapplicable

3.3. Execution of committed events of the Company, shareholders, and actual controllers
The following committed events of related parties such as listed companies, directors, supervisors,
and senior management staffs of listed companies, shareholders holding over 5% equity of the
Company, as well as the Company’s actual controllers in the reporting period or lasting to the
reporting period
□Applicable      √Inapplicable
                                 Commitment         Contents of the
          Commitment                                                                    Execution
                                   maker              commitment
                                                Special
                                                commitments: 1. The
                                                assigned shares can
                                                not be listed for
                                                exchange              or
                                                transferred [i] within
                                                the      60      months
                                                starting from the date
                                                of acquiring the right
                                                of listing and trading
                                                or [i i] before 31 Dec.
                                                2011 (the standard
                                                date complied with
                                                the      earlier    date
                                                between [i] and [i i]).
                                                OSRAM            Holding
                                                Company          Limited
                                  OSRAM
                                                will ask Shenzhen
Commitment concerning             Holding
                                                Stock Exchange for            In progress of implementation
shareholding reform               Company
                                                locking target shares
                                   Limited
                                                during the committed
                                                trading-right-limited
                                                period        of     the
                                                aforesaid shares after
                                                the transfer of shares.
                                                2. Germany OSRAM
                                                Company             will
                                                purchase           lamp
                                                products from FSL
                                                according             to
                                                provisions in the
                                                purchase contract of
                                                lamp products signed
                                                by Germany OSRAM
                                                and FSL on 31 Aug.
                                                2004. 3. As required
                                                by FSL, OSRAM



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                                      The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.



                                                     Holding      Company
                                                     Limited will urge
                                                     Germany       OSRAM
                                                     Company to consider
                                                     about        providing
                                                     proper     technology
                                                     assistance and knacks
                                                     for FSL in light of
                                                     provisions         and
                                                     conditions negotiated
                                                     by FSL and Germany
                                                     OSRAM Company.
Commitments made in a purchase
report or a report on changes of          N/A                  N/A                              N/A
owners’ equity
Commitments made in material
                                          N/A                  N/A                              N/A
asset reorganization
Commitments made when issuing             N/A                  N/A                              N/A
Other commitments (including
                                          N/A                  N/A                              N/A
supplementary ones)

3.4 Warnings of possible loss or large-margin change of the accumulated net profit made
during the period from the beginning of the year to the end of the next report period
compared with the same period of the last year according to prediction, as well as
explanations on the reasons
□Applicable     √Inapplicable

3.5 Other significant events need to be explained
3.5.1 Securities investment
√Applicable       □Inapplicable
                                                                                                 Unit: RMB Yuan
                                                                                         Proportion
                                                                                           to total
                                                                                                          Profits and
                                                                Shares held Book value securities
                                      Short form     Initial                                               losses in
 No. Stock variety Stock code                                     at the       at the    investment
                                       of Stock investment                                                 reporting
                                                                period-end period-end         at
                                                                                                             period
                                                                                         period-end
                                                                                             (%)
                                     Semir
   1       Stock        002563                    100,500.00          1,500    86,025.00       1.69%               0.00
                                     Garment
                                                   5,000,000.
 Other securities investment at the end of period                    -      4,998,589.70     98.31%                0.00
                                                             00
  Investment gains/(losses) arising from sale of
                                                        -            -            -            -             34,408.99
                     securities
                                                   5,100,500.
                       Total                                         -      5,084,614.70        100%         34,408.99
                                                             00
Explanation on securities investment
The stocks held by the Company were IPO shares that the Company succeeded in subscribing for by
lot within the capital amount limit as reviewed and approved at the board session on 25 Nov. 2010
and not sell out in the reporting period. Other securities investments are finance products purchased
from brokers as reviewed and approved by the Board on 25 Nov. 2010. Purchase of the above
products is executed in strict accordance with Management System of Securities Investment. The
influence of securities investment on business performance in the reporting period can be ignored
because of the small proportion of securities investment.


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                                    The First Quarterly Report for 2011 of Foshan Electrical and Lighting Co., Ltd.




3.5.2 Reception of research, interviews and visits in the reporting period
In the reporting period, there’s no reception of field research, telephone communication or written
inquiry by investors.

3.6 Derivative Investment
□Applicable      √Inapplicable

3.6.1 Derivatives held as at the end of the report period
□Applicable      √Inapplicable

§4 Attachment
4.1 Balance sheet
Prepared by Foshan Electrical and Lighting Co., Ltd.               31 Mar. 2011               Unit: RMB Yuan
                                         Closing balance                            Opening balance
            Item
                                Consolidation      Parent company           Consolidation     Parent company
Current assets:
Monetary funds                   730,833,704.38        699,179,123.87         711,853,632.95         681,198,634.58
Settlement fund reserve
Dismantle fund
Transaction financial asset        5,084,531.40          5,084,531.40          38,287,211.70           5,097,211.70
Notes receivable                  82,107,413.60         81,127,583.60          79,964,518.10          74,911,048.10
Account receivable               318,845,809.48        316,128,441.52         317,185,505.67         332,564,283.12
Account paid in advance           70,379,994.01         56,313,271.42          29,367,891.60          18,230,151.84
Premium receivables
Receivables from reinsurers
Reinsurance contract reserve
receivables
   Interest receivable
   Dividend receivable                                    7,000,000.00                                  7,228,228.30
   Other account receivable        47,559,984.50         70,866,014.33          20,254,086.70          62,118,207.87
   Financial assets purchased
under agreements to resell
   Inventories                   388,206,888.99        354,648,992.43         365,413,882.78         339,343,349.75
   Non-current assets due
within 1 year
   Other current assets
Total current assets            1,643,018,326.36     1,590,347,958.57       1,562,326,729.50       1,520,691,115.26
Non-current assets:
Loans and advance
Available for sale financial
                                   92,597,021.44         92,597,021.44          95,740,001.28          95,740,001.28
assets
Held to maturity investments
   Long-term account
receivable
   Long-term equity
                                 443,002,360.72        598,479,360.72         443,373,689.60         598,850,689.60
investment
   Investing property
   Fixed asset                   665,377,242.18        568,928,840.02         683,122,864.12         591,335,800.42
  Project in construction        110,439,502.96         81,879,282.77         100,914,324.93          72,198,935.48
   Engineering material
   Fixed asset disposal
   Bearer biological asset
   Oil assets


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   Intangible assets                217,594,396.81        200,655,095.55         220,607,352.76         202,020,835.92
   Development expense
   Goodwill
   Long-term expense to be
apportioned
   Deferred income tax assets        22,722,819.15          22,426,566.72          22,462,498.27          22,323,210.28
   Other non-current assets
Total of non-current assets        1,551,733,343.26     1,564,966,167.22       1,566,220,730.96       1,582,469,472.98
Total assets                       3,194,751,669.62     3,155,314,125.79       3,128,547,460.46       3,103,160,588.24
Current liabilities:
   Short-term borrowings
   Borrowings from Central
Bank
   Deposits and due to banks
and         other      financial
institutions
   Borrowings from banks
and         other      financial
institutions
   Transactional       financial
liabilities
   Notes payable
   Accounts payable                 210,193,494.67        245,121,425.31         192,615,874.39         214,720,055.92
   Accounts received in
                                        468,900.05                                 22,598,645.79          37,156,710.99
advance
   Financial assets sold under
agreements to repurchase
   Handling charges and
commissions payable
   Employee’s compensation
                                      42,011,411.53         42,011,411.53          54,092,566.23          53,759,277.53
payable
   Taxes and fares payable           31,366,726.87          29,581,556.91          -5,013,034.54          -3,412,797.35
   Interest payable
   Dividend payable
   Other accounts payable            12,391,510.55           7,424,354.16          30,383,813.76          28,785,087.45
   Due to reinsurers
   Insurance contract reserve
   Amount payable for acting
trading securities
   Amount payable for acting
underwriting securities
   Non-current liabilities due
within 1 year
   Other current liabilities
Total current liabilities           296,432,043.67        324,138,747.91         294,677,865.63         331,008,334.54
Non-current liabilities:
   Long-term borrowings
   Debentures payable
   Long-term payables
   Specific-purpose account
payables
   Accrued liabilities
   Deferred       income     tax
                                       8,807,560.71          8,807,560.71           9,736,677.79           9,736,677.79
liabilities
   Other             non-current
                                     10,514,191.66          10,514,191.66          11,951,441.65          10,556,441.65
liabilities


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Total non-current liabilities       19,321,752.37         19,321,752.37          21,688,119.44          20,293,119.44
Total liabilities                  315,753,796.04        343,460,500.28         316,365,985.07         351,301,453.98
Shareholders’ equity
   Share capital                   978,563,745.00        978,563,745.00         978,563,745.00         978,563,745.00
   Capital surplus                 642,575,241.66        639,474,414.72         645,246,774.53         642,145,947.59
   Less: Treasury Stock
   Special reserve
   Surplus reserve                 555,433,925.97        555,433,925.97         555,433,925.97         555,433,925.97
   General risk provision
   Retained earnings               655,308,477.90        638,381,539.82         587,668,581.79         575,715,515.70
   Foreign           exchange
difference
Total      owners'      equity
attributable      to   holding    2,831,881,390.53     2,811,853,625.51       2,766,913,027.29       2,751,859,134.26
company
Minority interests                   47,116,483.05                               45,268,448.10
Total owners’ equity             2,878,997,873.58     2,811,853,625.51       2,812,181,475.39       2,751,859,134.26
Total liabilities and owners’
                                  3,194,751,669.62     3,155,314,125.79       3,128,547,460.46       3,103,160,588.24
equity

4.2 Profit Statement
Prepared by Foshan Electrical and Lighting Co., Ltd.                 Jan.- Mar. 2011            Unit: RMB Yuan
                                          Jan. – Mar. 2011                           Jan. – Mar. 2010
            Items
                                  Consolidation       Parent company          Consolidation       Parent company
I. Total operating revenue         519,151,820.87        499,655,871.14        374,418,879.89        334,977,837.25
Including: Operating income        519,151,820.87        499,655,871.14        374,418,879.89        334,977,837.25
         Interest income
         Premium income
         Handling charges and
commission income
II. Total operating cost           437,518,529.30        426,216,928.47         341,193,265.20         303,086,422.41
Including: Operating cost          382,961,179.80        375,271,839.05         297,304,591.29         264,045,446.28
         Interest expenses
         Handling charges and
commission expenses
         Cash surrender value
         Net amount of claims
         Net provision for
insurance contract reserve
         Expenditure on
policy dividends
         Reinsurance premium
       Taxes and associate
                                      5,079,122.08          4,739,856.56           2,893,659.13           2,371,688.07
charges
       Sales and distribution
                                    19,620,097.37          19,081,919.45          20,876,610.08          18,653,059.72
expenses
       Administrative
                                    31,768,782.74          27,919,049.80          21,930,134.98          19,750,303.00
expenses
       Financial expenses              -577,605.92           -510,464.63          -2,045,368.13          -1,734,074.66
       Asset impairment loss         -1,333,046.77           -285,271.76             233,637.85
Add:       Gain/(loss)     from
change in fair value (“-”              -2,880.30              -2,880.30
means loss)
     Gain/(loss) from
                                       -336,981.09           -336,981.09             141,819.06           1,891,819.06
investment (“-” means loss)



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Including: income form
investment on affiliated
enterprises and jointly-run
enterprises
Foreign exchange difference
(“-” means loss)
III. Business profit (“-”
                                     81,293,430.18          73,099,081.28          33,367,433.75          33,783,233.90
means loss)
       Add: non-operation
                                        317,075.07             281,759.08             713,165.90             700,179.70
income
       Less: non-business
                                        881,938.68             106,898.46             186,541.53             186,541.53
expense
Including: loss from
non-current asset disposal
IV. Total profit (“-” means
                                     80,728,566.57          73,273,941.90          33,894,058.12          34,296,872.07
loss)
       Less: Income tax
                                     11,240,635.51          10,607,917.78           6,566,268.29           5,251,879.31
expense
V. Net profit (“-” means
                                     69,487,931.06          62,666,024.12          27,327,789.83          29,044,992.76
loss)
       Attributable to parent
                                     67,639,896.12          62,666,024.12          27,655,122.03          29,044,992.76
company
       Minority interests              1,848,034.94                                  -327,332.20
VI. Earnings per share
       (I) basic earnings per
                                               0.07                                          0.03
share
       (II) diluted earnings per
                                               0.07                                          0.03
share
Ⅶ. Other comprehensive
                                     52,502,974.62          52,502,974.62
income
Ⅷ. Total comprehensive
                                    121,990,905.68        115,168,998.74           27,327,789.83          29,044,992.76
income
    Attributable to owners of
                                    120,142,870.74        115,168,998.74           27,655,122.03          29,044,992.76
parent company
    Attributable to minority
                                       1,848,034.94                                  -327,332.20
shareholders
Net profit realized by the merged party before the enterprise merger under the same control in
current period: RMB 0.00.

4.3 Cash Flow Statement
Prepared by Foshan Electrical and Lighting Co., Ltd.                  Jan. - Mar. 2011            Unit: RMB Yuan
                                           Jan. – Mar. 2011                           Jan. – Mar. 2010
             Items
                                   Consolidation       Parent company          Consolidation       Parent company
I. Cash flows from operating
activities:
   Cash received from sale of
commodities and rendering           524,375,800.57        510,836,656.33         402,283,908.13         358,173,412.72
of service
   Net increase of deposits
from customers and dues
from banks
   Net increase of loans from
the central bank
   Net increase of funds
borrowed from other



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financial institutions
   Cash      received      from
premium         of      original
insurance contracts
   Net cash received from
reinsurance business
   Net increase of savings of
policy        holders       and
investment fund
   Net increase of disposal of
tradable financial assets
   Cash      received      from
interest, handling charges
and commissions
   Net increase of borrowings
from banks and other
financial institutions
   Net increase of buy-back
funds
   Tax refunds received             20,496,681.50         20,496,681.50           5,372,993.03           5,102,993.03
   Other cash received
relating to operating               16,339,400.82          4,558,351.35           7,922,307.54           7,516,195.58
activities
    Subtotal of cash inflows
                                   561,211,882.89       535,891,689.18         415,579,208.70         370,792,601.33
   from operating activities
     Cash paid for goods and
                                   389,549,926.37       384,463,487.31         271,452,808.90         245,955,010.27
services
   Net increase of customer
lending and advance
   Net increase of funds
deposited in the central bank
and amount due from banks
   Cash for paying claims of
the original insurance
contract
   Cash for paying interest,
handling charges and
commissions
   Cash for paying policy
dividends
   Cash paid to and for
                                    66,728,041.24         62,658,649.82          58,132,210.19          54,966,738.96
employees
   Various taxes paid               28,480,175.79         20,829,892.27          22,522,813.01          15,599,094.92
   Other payment of cash
relating to operating               36,350,224.71         38,034,219.35          28,048,751.69          24,511,449.69
activities
   Subtotal of cash outflows
                                   521,108,368.11       505,986,248.75         380,156,583.79         341,032,293.84
   from operating activities
      Net cash flows from
                                    40,103,514.78         29,905,440.43          35,422,624.91          29,760,307.49
      operating activities
II. Cash Flows from
investment activities:
   Cash received from
                                      267,808.76             267,808.76           1,121,575.00           1,121,575.00
withdrawing investments
   Cash received from
                                       -16,799.77            -16,799.77             141,819.06           1,891,819.06
investment income



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   Net cash received from
disposal of fixed assets,
                                    100,000.00
intangible assets and other
long-term assets
   Net cash received from
disposal of subsidiary or
other operating business
units
       Other cash received
relating to investment
activities
         Subtotal of cash
inflows from investment             351,008.99             251,008.99           1,263,394.06           3,013,394.06
activities
   Cash paid to acquire fixed
assets, intangible assets and    20,686,669.51          11,389,700.73          56,819,478.19          52,217,036.46
other long-term assets
   Cash paid for investment         206,800.00             206,800.00           1,036,005.00           1,036,005.00
   Net increase of pledged
loans
   Net cash paid to acquire
subsidiaries and other
operating units
   Payment of cash relating
to other investment activities
   Subtotal of cash outflows
                                 20,893,469.51          11,596,500.73          57,855,483.19          53,253,041.46
  from investment activities
      Net cash flows from
                                 -20,542,460.52        -11,345,491.74         -56,592,089.13         -50,239,647.40
      investment activities
III. Cash Flows from
Financing Activities:
     Cash received from
absorbing investment
     Including: Cash received
by subsidiaries from increase
in minority interests
     Cash received from
borrowings
     Cash received from
issuance of bonds
     Other cash received
relating to financing
activities
   Subtotal of cash inflows
   from financing activities
     Cash repayments of
amounts borrowed
     Cash paid for interest
expenses and distribution of                                                      612,000.00
dividends or profit
       Including: dividends or
profit paid by subsidiaries to                                                    612,000.00
minority shareholders
       Other cash payments
relating to financing
activities



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 Sub-total of cash outflows
                                                                                  612,000.00
  from financing activities
     Net cash flows from
                                                                                 -612,000.00
     financing activities
IV. Effect of foreign
exchange rate changes on            -580,982.83           -579,459.40            -135,052.55            -135,052.55
cash and cash equivalents
V. Increase in cash and cash
                                  18,980,071.43         17,980,489.29         -21,916,516.77         -20,614,392.46
equivalents
     Add : Balance of cash
and cash equivalents at          711,853,632.95       681,198,634.58       1,036,582,265.88         927,931,735.27
year-begin
VI. Balance of cash and cash
equivalents at the end of the    730,833,704.38       699,179,123.87       1,014,665,749.11         907,317,342.81
year

4.4 Auditor’s report
Auditor’s opinion: un-audited




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