The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
HUBEI SANONDA CO., LTD.
THE REPORT FOR THE FIRST QUARTER OF 2016
April 2016
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Section I Important Statements
The Board of Directors, the Supervisory Committee, directors, supervisors and
senior management of Hubei Sanonda Co., Ltd. (hereinafter referred to as “the
Company”) warrant that the information carried in this report is factual,
accurate and complete, without any false record, misleading statement or
material omission. And they shall be jointly and severally liable for that.
All directors have attended the board session for reviewing this report.
An Liru, company principal, Liu Anping, chief of the accounting work and Tu
Zhiwen, concurrently chief of the accounting organ (chief of accounting), hereby
confirm that the financial statements enclosed in this report are factual, accurate
and complete.
This Report is prepared in both Chinese and English. Should there be any
discrepancy between the two versions, the Chinese version shall prevail.
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Section II Financial Results and Changes in Shareholders
I Financial results
Whether the Company performed any retroactive adjustments to or restatement of its accounting data due to changes of accounting
policies or correction of accounting errors
□ Yes √ No
January-March 2016 January-March 2015 +/-%
Operating revenues (RMB) 478,019,086.56 554,976,943.28 -13.87%
Net profit attributable to shareholders of
8,016,805.81 77,028,787.65 -89.59%
the Company (RMB)
Net profit attributable to shareholders of
the Company after exceptional profit and -1,097,269.16 76,147,879.11 -101.44%
loss (RMB)
Net operating cash flow (RMB) -14,737,785.00 -23,477,753.42 37.23%
Basic earnings per share (RMB/share) 0.0135 0.1297 -89.59%
Diluted earnings per share (RMB/share) 0.0135 0.1297 -89.59%
Weighted average return on equity (%) 0.38% 3.76% -3.38%
31 March 2016 31 December 2015 +/-%
Total assets (RMB) 3,053,685,989.26 2,977,268,169.32 2.57%
Net assets attributable to shareholders of
2,107,021,267.07 2,097,382,469.60 0.46%
the Company (RMB)
Exceptional profit and loss
√ Applicable □ Not applicable
Unit: RMB
Item January-March 2016 Note
Gains/losses on the disposal of non-current assets (including the
10,198,549.74
offset part of asset impairment provisions)
Government grants recognized in the current period, except for
those acquired in the ordinary course of business or granted at
1,105,800.22
certain quotas or amounts according to the country’s unified
standards
Other non-operating income and expenses than the above 847,750.00
Less: Income tax effects 3,038,024.99
Total 9,114,074.97 --
Explanation of why the Company classified an item as exceptional profit/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Profit and Loss,
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
or reclassified any exceptional profit/loss item given as an example in the said explanatory announcement to recurrent profit/loss
□ Applicable √ Not applicable
No such cases in the Reporting Period.
II Total number of shareholders at the period-end and shareholdings of top ten shareholders
1. Numbers of common shareholders and preference shareholders with resumed voting rights as well as
shareholdings of top ten shareholders
Unit: share
Total number of preference
Total number of common shareholders with resumed
63,184 0
shareholders at the period-end voting rights at the period-end
(if any)
Shareholdings of top ten shareholders
Number of Pledged or frozen shares
Name of Nature of Shareholding Number of shares
restricted shares
shareholder shareholder percentage (%) held Status of shares Number of shares
held
Jingzhou
State-owned
Sanonda Group 20.15% 119,687,202 0
corporation
Co., Ltd.
ADAMA Celsius Foreign legal
10.60% 62,950,659 0
B.V. person
Domestic natural
Chen Lichun 1.14% 6,790,954 0
person
State-Owned
Assets
Administration Nation 0.70% 4,169,266 0
Bureau of Qichun
County
Domestic natural
Jiang Jian 0.61% 3,595,123 0
person
China Securities
Finance
Other 0.47% 2,817,300 0
Corporation
Limited
Foreign
Norges Bank 0.44% 2,634,504 0
corporation
ICBC - Lion
Small-and-mediu Other 0.42% 2,480,384 0
m Sized
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Enterprises Listed
Companies Value
Selection Stock
Fund
Bank of China
Limited - Teda
Manulife Jili
Other 0.38% 2,252,947 0
Bond-type
Securities
Investment Fund
ICBC - JT Tianfu
Reform
New-power
Flexible Other 0.36% 2,160,078 0
Configuration
Hybrid Securities
Investment Fund
Shareholdings of top ten non-restricted shareholders
Variety of shares
Name of shareholder Number of non-restricted shares held
Variety Number
RMB common
Jingzhou Sanonda Group Co., Ltd. 119,687,202 119,687,202
shares
Domestically
ADAMA Celsius B.V. 62,950,659 listed foreign 62,950,659
shares
RMB common
Chen Lichun 6,790,954 6,790,954
shares
State-Owned Assets Administration RMB common
4,169,266 4,169,266
Bureau of Qichun County shares
RMB common
Jiang Jian 3,595,123 3,595,123
shares
China Securities Finance RMB common
2,817,300 2,817,300
Corporation Limited shares
Domestically
Norges Bank 2,634,504 listed foreign 2,634,504
shares
ICBC - Lion Small-and-medium
RMB common
Sized Enterprises Listed Companies 2,480,384 2,480,384
shares
Value Selection Stock Fund
Bank of China Limited - Teda 2,252,947 RMB common 2,252,947
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Manulife Jili Bond-type Securities shares
Investment Fund
ICBC - JT Tianfu Reform
RMB common
New-power Flexible Configuration 2,160,078 2,160,078
shares
Hybrid Securities Investment Fund
Sanonda Group Corporation and Celsius Property B.V. are related parties, and under the same
control of China National Chemical Agrochemical Corporation, and are acting-in-concert
Related or acting-in-concert parties
parties as prescribed in the Administrative Methods for Acquisition of Listed Companies. It is
among the above shareholders
unknown whether the other shareholders are related parties or acting-in-concert parties as
prescribed in the Administrative Methods for Acquisition of Listed Companies.
1. The shareholder Chen Lichun held 6,309,732 shares of the Company through credit
collateral securities trading account and held 481,222 shares of the Company through
Top ten common shareholders
common stock account that held 6,790,954 shares of the Company in total. 2. The shareholder
conducting securities margin trading
Jiang Jian held 3,415,123 hares of the Company through credit collateral securities trading
(if any)
account and held 180,000 shares of the Company through common stock account that held
3,595,123 shares of the Company in total.
Did any of the top ten common shareholders or the top ten non-restricted common shareholders of the Company conduct any
promissory repo during the Reporting Period?
□ Yea √ No
No such cases in the Reporting Period.
2. Total number of preference shareholders and shareholdings of the top ten of them
□ Applicable √ Not applicable
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Section III Significant Events
I Changes in major accounting statement items and financial indicators for the Reporting
Period, as well as reasons for such changes
√ Applicable □ Not applicable
31 December
31 March 2016
2015
Financial (RMB’0,000)
(RMB’0,000) +/-% Main reason for change
statement item
(January-March (January-March
2016) 2015)
Accounts 30,577 18,045 69.45% Payments collected from customers decreased.
receivable
Accounts paid in 2,774 2,041 35.87%
Prepayments for materials increased.
advance
Other accounts 1,321 985 34.18% The receivable for land increased.
receivable
Short-term 0 2,000 -100.00% Borrowings were repaid to banks.
borrowings
Accounts received 1,301 2,667 -51.23% Advances from customers decreased.
in advance
Notes payable 1,000 0 Banker’s acceptance bills newly adopted
Payroll payable 1,336 3,031 -55.92% Some remuneration for the prior period was paid in the
current period.
Interest payable 37 112 -66.63% Some of the interest on bank borrowings was paid.
Long-term account 0 65 -100.00% Settled
payable
Other non-current 12,000 0 A new amount from a fund of the Agricultural Development
liabilities Bank of China
Selling expenses 1,890 1,111 70.06% Freight charges increased.
Administrative 3,261 2,507 30.08% Production halt loss increased.
expenses
Financial costs 799 416 92.05% The capitalized interest decreased while the interest
expenditure increased.
Asset impairment 909 1,516 -40.01% Falling price provisions decreased.
loss
Non-operating 1,215 118 931.38% Earnings on disposal of intangible assets increased.
income
Corporte income 178 2,676 -93.36% Total profit decreased.
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
tax
Net profit 802 7,703 -89.59% The sales revenue and the gross profit margin both decreased.
attributable to
owners of the
Company
II Progress of significant events and analysis & explanations on their influence and solutions
√ Applicable □ Not applicable
During the Reporting Period, owning to the Company was planning significant assets reorganization project, the Company’s shares
delisted since 5 August 2015 and as for the details of the progress of the reorganization project, please refer to the Announcement on
the Progress of the Significant Assets Reorganization disclosed all previous.
Index of the interim report disclosure
Summary of the significant events Disclosure date
website
III Commitments of the Company, its shareholders, actual controller, acquirer, directors,
supervisors, senior management or other related parties fulfilled in the Reporting Period or
ongoing at the period-end
√ Applicable □ Not applicable
Date of
Commitment Type of Term of
Commitment Contents commitment Fulfillment
maker commitment commitment
making
Commitments made in share reform
I.
Commitments
on avoiding
horizontal
competition:
The
Commitments 1. except for
commitments
on the the Company
ADAMA were being
horizontal proposed
Commitments made in acquisition Celsius B.V.; carried out
competition, conducting
documents or shareholding alteration ADAMA 2013-09-07 2020-09-06 and the
the related transaction
documents Agricultural commitment
transaction may lead to
Solutions Ltd. makers abided
and the capital competition in
by the above
occupation domestic trade
commitments.
with Shenzhen
NOPOSION
Agrochemical
Co., Ltd.
disclosed in
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
the B Shares
Offer
Acquisition
Report of
Hubei
Sanonda CO.,
Ltd. The
Company will
take effective
measures to
avoid the
Company and
its controlling
subsidiaries
engaged in the
same or
similar
business with
Hubei
Sanonda CO.,
Ltd. within the
territory.2. If
the Company
or its
controlling
subsidiaries
domestically
conduct
related
business
which form
horizontal
competition
with Hubei
Sanonda CO.,
Ltd. in future
(including
related
business of the
Company
proposed
conducting
transaction
may lead to
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
competition in
domestic trade
with Shenzhen
NOPOSION
Agrochemical
Co., Ltd.
disclosed in
the B Shares
Offer
Acquisition
Report of
Hubei
Sanonda CO.,
Ltd.) The
Company will
according to
the securities
laws and
regulations
and industry
policy within
7 years or
when the
management
think the
condition is
ripe to
actively take
steps,
gradually
eliminate the
competition,
the concrete
measures
including but
not limited to
the following
one or more:
fight for
internal assets
reconstruction
, (including
putting the
business into
10
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Hubei
Sanonda CO.,
Ltd. or
operated
through Hubei
Sanonda CO.,
Ltd. ) to adjust
the industrial
plan and
business
structure, to
transform
technology
and to upgrade
products, to
divide the
market so as
to make each
corporation
differ in the
products and
its ultimate
users, thus to
avoid and
eliminate the
current
domestic
horizontal
competition
between the
Company’s
controlling
subsidiaries
and Sanonda.
II.
The
Commitments Commitments
commitments
on the on
ADAMA were being
horizontal maintaining
Celsius carried out
competition, the
B.V.;ADAMA 2013-09-07 9999-12-31 and the
the related Company’s
Agricultural commitment
transaction operation
Solutions Ltd. makers abided
and the capital independence
by the above
occupation and specify
commitments.
the related
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
transaction: 1.
After the
complement
of the tender
offer, Sanonda
will continue
to maintain
complete
purchase,
production
and sales
system, and to
gain the
independent
intellectual
property. The
Company and
its direct or
indirect
controlling
shareholders
and Sanonda
of which the
personnel,
assets,
finance,
business and
institutions
will be
completely
separated, and
at the same
time maintain
the operation
ability of
Sanonda that
independently
face to the
China
agrochemical
industry
market. 2. The
Company will
avoid and
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
reduce the
related
transactions
with Sanonda
according to
the
requirements
stipulated by
the laws,
regulations
and other
normative
documents;
but for those
related
transactions
that are
inevitable or
occur with
reasonable
cause, will
have to obey
the just, fair
and open
market
principles.
And to sign
the agreement
according to
the law and to
carry out legal
program, and
to make sure
not to harm
the legal
interest of
Sanonda and
other
shareholders
by related
transaction
according to
the Articles of
Association of
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Sanonda, the
relevant
system about
related
transaction
and to conduct
the duty of
information
disclosure as
well as the
approval
process which
stipulated by
the relevant
regulations."
I.
Commitments
on avoiding
horizontal
competition:
1. The
business of the
Company’s
subsidiaries--
Jiangsu Anpon
Electrochemic The
Commitments
al Co., Ltd., commitments
on the
Anhui were being
China horizontal
Petroleum carried out
National competition,
Chemical 2013-09-07 2020-09-06 and the
Chemical the related
Group Co., commitment
Corporation transaction
Ltd., maker abided
and the capital
Shangdong by the above
occupation
Dacheng commitments.
Agrochemical
Co., Ltd. and
Jiamusi
Heilong
Agrochemical
s Co., Ltd.,
and Hunan
Haohua
Chemical Co.,
Ltd. and its
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
subsidiary had
the same or
similar
situations with
the main
business of
Sanonda, and
aimed at the
domestic
horizontal
competition,
the Company
committed to
gradually
eliminate such
kind of
horizontal
competition in
the future and
to fight for the
internal assets
reconstruction
, to adjust the
industrial plan
and business
structure, to
transform
technology
and to upgrade
products, to
divide the
market so as
to make each
corporation
differ in the
products and
its ultimate
users
according to
the securities
laws and
regulations
and industry
policy within
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
7 years, thus
to eliminate
the current
domestic
horizontal
competition
between the
Company’s
controlling
subsidiaries
and Sanonda.
2. Excepting
the
competition
situation
disclosed in
the offer
acquisition
report, the
Company take
effective
measures to
avoid the
Company and
its controlling
subsidiaries
( excepting
Commitments
respectively
made in
acquisition
report by
Celsius
Property B.V.
and MAI )’
new increased
business
engaged in the
same or
similar
business with
Hubei
Sanonda CO.,
Ltd. within the
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
territory in
future. 3. If
the Company
or its
controlling
subsidiaries
(excepting
Commitments
respectively
made in
acquisition
report by
Celsius
Property B.V.
and MAI)
domestically
conduct
related
business
which form
horizontal
competition
with Hubei
Sanonda CO.,
Ltd. in future,
the Company
will actively
take steps,
gradually
eliminate the
competition,
the concrete
measures
including but
not limited to
fight for
internal assets
reconstruction
, (including
putting the
business into
Hubei
Sanonda CO.,
Ltd. or
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
operated
through Hubei
Sanonda CO.,
Ltd.) to adjust
the industrial
plan and
business
structure, to
transform
technology
and to upgrade
products, to
divide the
market so as
to make each
corporation
differ in the
products and
its ultimate
users, thus to
avoid and
eliminate the
current
domestic
horizontal
competition
between the
Company’s
controlling
subsidiaries
and Sanonda.
II.
Commitments
on The
Commitments
maintaining commitments
on the
the were being
China horizontal
Company’s carried out
National competition,
operation 2013-09-07 9999-12-31 and the
Chemical the related
independence commitment
Corporation transaction
and specify maker abided
and the capital
the related by the above
occupation
transaction: 1. commitments.
After the
complement
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
of the tender
offer, Sanonda
will continue
to maintain
complete
purchase,
production
and sales
system, and to
gain the
independent
intellectual
property. The
Company and
its direct or
indirect
controlling
shareholders
and Sanonda
of which the
personnel,
assets,
finance,
business and
institutions
will be
completely
separated, and
at the same
time maintain
the operation
ability of
Sanonda that
independently
face to the
China
agrochemical
industry
market. 2. The
Company will
avoid and
reduce the
related
transactions
19
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
with Sanonda
according to
the
requirements
stipulated by
the laws,
regulations
and other
normative
documents;
but for those
related
transactions
that are
inevitable or
occur with
reasonable
cause, will
have to obey
the just, fair
and open
market
principles.
And to sign
the agreement
according to
the law and to
carry out legal
program, and
to make sure
not to harm
the legal
interest of
Sanonda and
other
shareholders
by related
transaction
according to
the Articles of
Association of
Sanonda, the
relevant
system about
20
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
related
transaction
and to conduct
the duty of
information
disclosure as
well as the
approval
process which
stipulated by
the relevant
regulations.
Commitments made in time of asset
restructuring
Commitments made in time of IPO or
refinancing
Commitments concerning stock
ownership incentive
“1. The
Supervisory Owning to the
Board suspension of
Chairman of the
the Company Company’s
Mr. Jiang shares from 5
Chenggang Aug. 2015 to
planed to the disclosure
purchase the date, Mr. Li
shares of the Zhongxi
Company of could not
Commitments
Jiang over 5000 execute the
Other commitments made to minority on the
Chenggang; shares through 13 Jul. 2015 2016-01-12 commitments
shareholders increase of the
Li Zhongxi the secondary on increasing
shareholding
market by the the
self-rising shareholding.
funds in the While Mr.
future 6 Jiang
months Chenggang
(2015.7.13-20 had
16.1.12); 2. completed the
The Board execution of
Secretary Mr. the
Li Zhongxi commitments.
planed to
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
purchase the
shares of the
Company of
over 5000
shares through
the secondary
market by the
self-rising
funds in the
future 6
months
(2015.7.13-20
16.1.12)”.
Executed on time Yes
Specific reasons for failing to fulfill
commitments on time and plans for N/A
next step
IV Operating result forecast for January-June 2016
Warning of possible loss or considerable YoY change of the accumulated net profit made during the period-beginning to the end of
the next reporting period according to prediction, as well as explanations on the reasons:
□Applicable √ Not applicable
V Securities investments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VI Investments in derivative financial instruments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VII Visits paid to the Company in the Reporting Period for purposes of research,
communication, interview, etc.
√ Applicable □ Not applicable
Date of visit Way of visit Type of visitor Index to main inquiry information
When is the Company stock resumption?
Information provided: Progress
2016-03-25 Telephone communication Individual
Announcement of Significant Asset
Restructuring
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
When is the Company stock resumption
and what the progress is? Information
2016-03-28 Telephone communication Individual
provided: progress Announcement of
Significant Asset Restructuring
VIII Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s funds by the controlling shareholder or its related parties
for non-operating purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Section IV Financial Statements
I Financial statements
1. Consolidated balance sheet
Prepared by Hubei Sanonda Co., Ltd.
31 March 2016
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 432,266,661.23 406,098,208.72
Settlement reserves
Lendings to banks and other financial
institutions
Financial assets measured at fair
value with fair value changes included
in the profit and loss for the Reporting
Period
Derivative financial assets
Notes receivable 41,636,187.93 34,433,010.97
Accounts receivable 305,772,768.14 180,450,531.93
Accounts paid in advance 27,736,530.05 20,413,365.68
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract
reserves
Interest receivable
Dividends receivable
Other accounts receivable 13,212,854.69 9,847,451.35
Financial assets purchased under
agreement to resell
Inventories 241,972,577.69 287,824,164.30
Assets held for sale
Non-current assets due within one
year
Other current assets 13,569,615.59 14,685,220.14
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Total current assets 1,076,167,195.32 953,751,953.09
Non-current assets:
Loans and advances to customers
Available-for-sale financial assets 9,153,782.63 9,153,782.63
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investments
Investment property 4,958,190.60 5,036,745.54
Fixed assets 1,628,215,205.60 1,684,051,200.09
Construction in progress 156,798,918.42 143,683,545.15
Engineering materials
Disposal of fixed assets
Productive living assets
Oil-gas assets
Intangible assets 161,659,658.59 165,569,924.44
R&D expense
Goodwill
Long-term deferred expenses
Deferred income tax assets 11,733,038.10 11,021,018.38
Other non-current assets 5,000,000.00 5,000,000.00
Total non-current assets 1,977,518,793.94 2,023,516,216.23
Total assets 3,053,685,989.26 2,977,268,169.32
Current liabilities:
Short-term borrowings 0.00 20,000,000.00
Borrowings from the Central Bank
Money deposits accepted and
inter-bank deposits
Loans from banks and other financial
institutions
Financial liabilities measured at fair
value with fair value changes included
in the profit and loss for the Reporting
Period
Derivative financial liabilities
Notes payable 10,000,000.00 0.00
Accounts payable 161,841,002.63 134,357,481.77
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Accounts received in advance 13,005,672.98 26,666,138.22
Financial assets sold for repurchase
Handling charges and commissions
payable
Payroll payable 13,360,572.64 30,308,341.73
Taxes and fares payable 21,881,158.28 26,858,466.27
Interest payable 374,976.67 1,123,849.31
Dividends payable 250,000.00 250,000.00
Other accounts payable 26,292,050.60 25,511,333.81
Reinsurance premiums payable
Insurance contract reserves
Payables for acting trading of
securities
Payables for acting underwriting of
securities
Liabilities held for sale
Non-current liabilities due within one
244,000,000.00 244,000,000.00
year
Other current liabilities
Total current liabilities 491,005,433.80 509,075,611.11
Non-current liabilities:
Long-term borrowings 310,090,000.00 343,590,000.00
Bonds payable
Of which: Preference shares
Perpetual bonds
Long-term accounts payable 0.00 650,000.00
Long-term payroll payable
Special payables
Estimated liabilities
Deferred income 25,569,288.39 26,570,088.61
Deferred income tax liabilities
Other non-current liabilities 120,000,000.00
Total non-current liabilities 455,659,288.39 370,810,088.61
Total liabilities 946,664,722.19 879,885,699.72
Owners’ equity:
Share capital 593,923,220.00 593,923,220.00
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The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserves 263,063,461.97 263,063,461.97
Less: Treasury stock
Other composite income
Special reserves 24,470,850.81 22,848,859.15
Surplus reserves 190,699,248.11 190,699,248.11
Provisions for general risks
Retained profit 1,034,864,486.18 1,026,847,680.37
Total equity attributable to owners of
2,107,021,267.07 2,097,382,469.60
the Company
Minority interests
Total owners’ equity 2,107,021,267.07 2,097,382,469.60
Total liabilities and owners’ equity 3,053,685,989.26 2,977,268,169.32
Legal representative: An Liru Chief of the accounting work: Liu Anping Chief of the accounting organ: Tu Zhiwen
2. Balance sheet of the Company
Unit: RMB
Item Closing balance Opening balance
Current Assets:
Monetary funds 355,468,919.19 378,450,204.94
Financial assets measured at fair
value with fair value changes included
in the profit and loss for the Reporting
Period
Derivative financial assets
Notes receivable 40,296,187.93 32,331,010.97
Accounts receivable 524,912,419.87 352,274,073.40
Accounts paid in advance 23,330,047.30 19,218,775.50
Interest receivable
Dividends receivable
Other accounts receivable 700,322.48 1,535,805.55
Inventories 227,372,954.34 275,057,647.64
Assets held for sale
27
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Non-current assets due within one
year
Other current assets 387,633.86
Total current assets 1,172,080,851.11 1,059,255,151.86
Non-current assets:
Available-for-sale financial assets 9,153,782.63 9,153,782.63
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investments 55,526,635.41 55,526,635.41
Investment property 4,958,190.60 5,036,745.54
Fixed assets 1,491,467,047.95 1,543,099,613.97
Construction in progress 151,723,082.07 139,297,997.97
Engineering materials
Disposal of fixed assets
Productive living assets
Oil-gas assets
Intangible assets 149,180,619.97 150,253,232.11
R&D expense
Goodwill
Long-term deferred expenses
Deferred income tax assets 8,626,588.21 8,855,180.95
Other non-current assets 5,000,000.00 5,000,000.00
Total non-current assets 1,875,635,946.84 1,916,223,188.58
Total assets 3,047,716,797.95 2,975,478,340.44
Current liabilities:
Short-term borrowings 0.00 20,000,000.00
Financial liabilities measured at fair
value with fair value changes included
in the profit and loss for the Reporting
Period
Derivative financial liabilities
Notes payable 10,000,000.00 0.00
Accounts payable 154,698,998.37 129,017,385.70
Accounts received in advance 11,591,435.46 24,885,411.49
Payroll payable 11,370,572.64 28,311,263.93
28
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Taxes and fares payable 17,892,711.87 21,773,193.24
Interest payable 374,976.67 1,123,849.31
Dividends payable 250,000.00 250,000.00
Other accounts payable 24,922,683.01 23,536,806.94
Liabilities held for sale
Non-current liabilities due within one
244,000,000.00 244,000,000.00
year
Other current liabilities
Total current liabilities 475,101,378.02 492,897,910.61
Non-current liabilities:
Long-term borrowings 310,090,000.00 343,590,000.00
Bonds payable
Of which: Preference shares
Perpetual bonds
Long-term payables 0.00 650,000.00
Long-term payroll payables
Special payables
Estimated liabilities
Deferred income 18,931,788.37 19,686,755.26
Deferred income tax liabilities
Other non-current liabilities 120,000,000.00
Total non-current liabilities 449,021,788.37 363,926,755.26
Total liabilities 924,123,166.39 856,824,665.87
Owners’ equity:
Share capital 593,923,220.00 593,923,220.00
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserves 263,799,837.18 263,799,837.18
Less: Treasury stock
Other composite income
Special reserves 19,501,738.50 17,879,746.84
Surplus reserves 190,699,248.11 190,699,248.11
Retained profit 1,055,669,587.77 1,052,351,622.44
Total owners’ equity 2,123,593,631.56 2,118,653,674.57
29
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Total liabilities and owners’ equity 3,047,716,797.95 2,975,478,340.44
3. Consolidated income statement
Unit: RMB
Item January-March 2016 January-March 2015
1. Operating revenues 478,019,086.56 554,976,943.28
Including: Sales income 478,019,086.56 554,976,943.28
Interest income
Premium income
Handling charge and commission
income
2. Total operating costs 480,377,985.57 452,366,030.87
Including: Cost of sales 407,955,838.07 391,635,889.19
Interest expenses
Handling charge and commission
expenses
Surrenders
Net claims paid
Net amount provided as insurance
contract reserves
Expenditure on policy dividends
Reinsurance premium
Business tax and surtaxes 3,827,800.30 5,228,195.69
Selling expenses 18,898,154.60 11,112,517.44
Administrative expenses 32,610,160.74 25,068,621.87
Financial costs 7,992,233.70 4,161,492.69
Asset impairment loss 9,093,798.16 15,159,313.99
Add: Profit/loss on fair value changes
(“-” means loss)
Profit/loss on investment (“-” means
loss)
Including: Share of profit in
associates and joint ventures
Foreign exchange profit (“-” means
loss)
3. Operating profit (“-” means loss) -2,358,899.01 102,610,912.41
Add: Non-operating income 12,152,099.96 1,178,232.22
30
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Including: Profit on disposal of
non-current assets
Less: Non-operating expense
Including: Loss on disposal of
non-current assets
4. Total profit (“-” means loss) 9,793,200.95 103,789,144.63
Less: Corporate income tax 1,776,395.14 26,761,690.14
5. Net profit (“-” means loss) 8,016,805.81 77,027,454.49
Net profit attributable to owners of
8,016,805.81 77,028,787.65
the Company
Minority shareholders’ income -1,333.16
6. After-tax net amount of other
composite income
After-tax net amount of other
composite income attributable to owners
of the Company
6.1 Other composite income that
will not be reclassified into profit and
loss
6.1.1 Changes in net liabilities
or assets with a defined benefit plan upon
re-measurement
6.1.2 Enjoyable share in other
comprehensive income in investees that
cannot be reclassified into profit and loss
under the equity method
6.2 Other composite income that
will be reclassified into profit and loss
6.2.1 Enjoyable share in other
composite income in investees that will
be reclassified into profit and loss under
the equity method
6.2.2 Profit and loss on fair
value changes of available-for-sale
financial assets
6.2.3 Profit and loss on
reclassifying held-to-maturity
investments into available-for-sale
financial assets
6.2.4 Effective hedging profit
and loss on cash flow
6.2.5 Foreign-currency
31
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
financial statement translation difference
6.2.6 Other
After-tax net amount of other
composite income attributable to
minority shareholders
7. Total composite income 8,016,805.81 77,027,454.49
Attributable to owners of the
8,016,805.81 77,028,787.65
Company
Attributable to minority
-1,333.16
shareholders
8. Earnings per share
8.1 Basic earnings per share 0.0135 0.1297
8.2 Diluted earnings per share 0.0135 0.1297
8.2 Diluted earnings per share 0.50 0.38
Where business mergers under the same control occurred in the Reporting Period, net profit achieved by the merged parties before
the business mergers was RMB0.00, with the corresponding amount for the same period of last year being RMB0.00.
Legal representative: An Liru Chief of the accounting work: Liu Anping Chief of the accounting organ: Tu Zhiwen
4. Income statement of the Company
Unit: RMB
Item January-March 2016 January-March 2015
1. Operating revenues 485,727,795.98 573,870,268.42
Less: Operating costs 418,136,181.91 415,508,320.16
Business tax and surtaxes 3,803,996.78 5,194,402.87
Selling expenses 16,872,467.34 10,915,714.58
Administrative expenses 31,004,921.58 23,147,903.38
Financial costs 7,625,098.99 4,533,279.01
Asset impairment loss 4,759,941.43 11,357,800.90
Add: profit/loss on fair value changes
(“-” means loss)
Profit/loss on investment (“-”
means loss)
Including: Income form
investment on associates and joint
ventures
2. Operating profit (“-” means loss) 3,525,187.95 103,212,847.52
Add: Non-operating income 1,509,784.98 932,398.89
32
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Including: Profit on disposal of
non-current assets
Less: Non-operating expense
Including: Loss on disposal of
non-current assets
3. Total profit (“-” means loss) 5,034,972.93 104,145,246.41
Less: Corporate income tax 1,717,007.60 26,772,629.00
4. Net profit (“-” means loss) 3,317,965.33 77,372,617.41
5. After-tax net amount of other
composite income
5.1 Other composite income that will
not be reclassified into profit and loss
5.1.1 Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement
5.1.2 Enjoyable share in other
composite income in investees that
cannot be reclassified into profit and
loss under the equity method
5.2 Other composite income that will
be reclassified into profit and loss
5.2.1 Enjoyable share in other
composite income in investees that will
be reclassified into profit and loss under
the equity method
5.2.2 Profit and loss on fair value
changes of available-for-sale financial
assets
5.2.3 Profit and loss on
reclassifying held-to-maturity
investments into available-for-sale
financial assets
5.2.4 Effective hedging profit and
loss on cash flow
5.2.5 Foreign-currency financial
statement translation difference
5.2.6 Other
6. Total composite income 3,317,965.33 77,372,617.41
7. Earnings per share
7.1 Basic earnings per share 0.0056 0.1303
7.2 Diluted earnings per share 0.0056 0.1303
33
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
5. Consolidated cash flow statement
Unit: RMB
Item January-March 2016 January-March 2015
1. Operating cash flow:
Cash received from sale of
253,177,379.60 378,778,289.27
commodities and rendering of service
Net increase in money deposits from
customers and inter-bank placements
Net increase in loans from the
Central Bank
Net increase in funds borrowed from
other financial institutions
Cash received from premium of
original insurance contracts
Net cash received from reinsurance
business
Net increase in deposits of policy
holders and investment fund
Net increase in disposal of financial
assets measured at fair value with fair
value changes included in the profit
and loss for the Reporting Period
Cash received from interest,
handling charges and commissions
Net increase in loans from banks and
other financial institutions
Net increase in funds in repurchase
business
Tax refunds received 9,056,211.09 21,937,488.19
Other operating cash received 4,769,459.30 3,162,799.92
Subtotal of operating cash inflow 267,003,049.99 403,878,577.38
Cash paid for goods and services 177,887,983.97 330,326,017.92
Net increase in loans and advances
to customers
Net increase in funds deposited in
the Central Bank and inter-bank
placements
Cash for paying claims of original
insurance contracts
Cash for paying interest, handling
charges and commissions
34
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Cash for paying policy dividends
Cash paid to and for employees 58,831,581.22 59,830,987.51
Taxes and fares paid 24,075,079.68 19,285,902.49
Other cash payment relating to
20,946,190.12 17,913,422.88
operating activities
Subtotal of operating cash outflow 281,740,834.99 427,356,330.80
Net operating cash flow -14,737,785.00 -23,477,753.42
2. Investment cash flow:
Cash received from retraction of
investments
Cash received from return on
investments
Net cash received from disposal of
fixed assets, intangible assets and other 4,006,000.00
long-term assets
Net cash received from disposal of
subsidiaries or other business units
Other cash received relating to
investment activities
Subtotal of investment cash inflow 4,006,000.00
Cash paid to acquire fixed assets,
intangible assets and other long-term 21,547,554.62 83,666,458.46
assets
Cash paid for investment
Net increase in pledged loans
Net cash paid to acquire subsidiaries
and other business units
Other cash payments relating to
investment activities
Subtotal of investment cash outflow 21,547,554.62 83,666,458.46
Net investment cash flow -17,541,554.62 -83,666,458.46
3. Financing cash flow:
Cash received from capital
contributions
Including: Cash received from
minority shareholder investments by
subsidiaries
Cash received as borrowings 123,000,000.00
Cash received from issuance of
bonds
35
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Other financing cash received 120,000,000.00
Subtotal of financing cash inflow 120,000,000.00 123,000,000.00
Repayment of borrowings 53,500,000.00 50,000,000.00
Cash paid for interest expenses and
7,785,627.02 7,609,574.40
distribution of dividends or profit
Including: dividends or profit paid
by subsidiaries to minority
shareholders
Other cash payments relating to
3,000,000.00 1,500,000.00
financing activities
Sub-total of financing cash outflow 64,285,627.02 59,109,574.40
Net financing cash flow 55,714,372.98 63,890,425.60
4. Effect of foreign exchange rate
-266,580.85 137,278.60
changes on cash and cash equivalents
5. Net increase in cash and cash
23,168,452.51 -43,116,507.68
equivalents
Add: Opening balance of cash and
406,098,208.72 418,847,736.46
cash equivalents
6. Closing balance of cash and cash
429,266,661.23 375,731,228.78
equivalents
6. Cash flow statement of the Company
Unit: RMB
Item January-March 2016 January-March 2015
1. Operating cash flow:
Cash received from sale of
203,352,397.42 382,470,171.90
commodities and rendering of service
Tax refunds received 168,260.60 16,386,842.52
Other operating cash received 5,958,928.42 3,074,184.00
Subtotal of operating cash inflow 209,479,586.44 401,931,198.42
Cash paid for goods and services 174,517,489.32 299,867,268.44
Cash paid to and for employees 57,326,632.82 53,880,451.96
Taxes and fares paid 20,658,112.94 16,020,611.96
Other operating cash payments 18,041,796.70 15,426,760.05
Subtotal of operating cash outflow 270,544,031.78 385,195,092.41
Net operating cash flow -61,064,445.34 16,736,106.01
2. Investment cash flow:
Cash received from retraction of
investments
36
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
Cash received from return on
investments
Net cash received from disposal of
fixed assets, intangible assets and other 206,000.00
long-term assets
Net cash received from disposal of
subsidiaries or other business units
Other cash received relating to
investment activities
Subtotal of investment cash inflow 206,000.00
Cash paid to acquire fixed assets,
intangible assets and other long-term 20,834,931.62 83,666,458.46
assets
Cash paid for investment
Net cash paid to acquire subsidiaries
and other business units
Other investment cash payments
Subtotal of investment cash outflow 20,834,931.62 83,666,458.46
Net investment cash flow -20,628,931.62 -83,666,458.46
3. Financing cash flow:
Cash received from capital
contributions
Cash received as borrowings 123,000,000.00
Cash received from issuance of
bonds
Other financing cash received 120,000,000.00
Subtotal of financing cash inflow 120,000,000.00 123,000,000.00
Repayment of borrowings 53,500,000.00 50,000,000.00
Cash paid for interest expenses and
7,785,627.02 7,609,574.40
distribution of dividends or profit
Other cash payments relating to
3,000,000.00 1,500,000.00
financing activities
Sub-total of financing cash outflow 64,285,627.02 59,109,574.40
Net financing cash flow 55,714,372.98 63,890,425.60
4. Effect of foreign exchange rate
-2,281.77 12,352.98
changes on cash and cash equivalents
5. Net increase in cash and cash
-25,981,285.75 -3,027,573.87
equivalents
Add: Opening balance of cash and
378,450,204.94 344,750,284.42
cash equivalents
37
The Report for the First Quarter of 2016—Hubei Sanonda Co., Ltd.
6. Closing balance of cash and cash
352,468,919.19 341,722,710.55
equivalents
II Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is not audited.
Hubei Sanonda Co., Ltd.
25 April 2016
38
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