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Rego Interactive Co., Ltd Interim / Quarterly Report 2005

Apr 29, 2005

50588_rns_2005-04-29_e9ededac-c0a4-4881-a6a3-e7b538a9ac13.pdf

Interim / Quarterly Report

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==> picture [322 x 49] intentionally omitted <==

(a joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock code: 1065)

FIRST QUARTERLY REPORT 2005

This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“SEHK”).

1 IMPORTANT NOTICE

  • 1.1 This quarterly report has been prepared in compliance with the information disclosure of the quarterly report of a listed company required by the China Securities Regulatory Commission. The information provided in this report is the same with that published by Shanghai Stock Exchange (“SSE”) of the People’s Republic of China (the “PRC”), and this report will be published in Shanghai on 29th April 2005 (Friday). All financial information set out in this quarterly report has been prepared in accordance with the PRC accounting regulations but has not been audited. Shareholders of Tianjin Capital Environmental Protection Company Limited (the “Company”) and public investors should exercise their caution when dealing in the shares of the Company.

  • 1.2 The board of directors (the “Board”) of the Company and all of its directors (the “Directors”) confirmed that the information in this report does not contain any false information, misleading statements or material omissions, and accept joint and several responsibility for the truthfulness, accuracy and completeness of the content of this report.

  • 1.3 All the Directors had attended the meeting of the Board.

  • 1.4 The first quarterly financial report of the Company has not been audited.

  • 1.5 Ms. Ma Baiyu, the chairman of the Board, Mr. Gu Qifeng, the chief accountant of the Company, and Ms. Chen Naiqiang, the manager of the finance department of the Company, have declared that they are responsible for the truthfulness and completeness of the financial statements in the first quarterly report 2005.

— 1 —

2 COMPANY INFORMATION

2.1 Basic information

Short form of the Short form of the Short form of the Tianjin Capital (SSE) Tianjin Capital (SSE) Tianjin Capital (SSE) Tianjin Capital (SSE) Tianjin Capital (SEHK) Tianjin Capital (SEHK) Tianjin Capital (SEHK) Tianjin Capital (SEHK)
Company’s listed shares
Stock code 600874 (SSE) 1065 (SEHK)
Place for listing of the
A shares — SSE		 H shares — SEHK
Shares
Short form of convertible
A Share		 Convertible Bonds
bonds
Convertible bonds code
110874
Place for listing of the
SSE
convertible bonds
Company Secretary
Secretary to the Board
in Hong Kong
Name Fu Yana Ip Pui Sum
E-mail address [email protected] [email protected]
Securities Affairs
Representative (PRC)
Name Gu Wenhui
E-mail address [email protected]
Correspondence TCEP Building, 76 Weijin
2/F, Jonsim Place,
address South Road 228 Queen’s Road East,
Nankai District Wanchai,
Tianjin Hong Kong
the PRC
Postal Code 300051
Telephone number 86-22-2393 0128 852-2803 2373
Facsimile number 86-22-2393 0126 852-2540 6365

— 2 —

2.2 FINANCIAL INFORMATION

(Accounting data is prepared in accordance with the Accounting Standards and the Accounting Regulations for Business Enterprises of the PRC (collectively “PRC GAAP”))

2.2.1 Principal accounting data and financial highlights

31st March
2005
(Unaudited)
31st December
2004
(Audited)
Percentage (%)
Increase (+)/
Decrease (-)
Total assets (Rmb’000)
4,676,134
4,657,758
+0.39
Shareholders’ equity (after
minority interest)
(Rmb’000)
2,329,471
2,235,763
+4.19
Net asset value per share
(Rmb per share)
1.75
1.68
+4.17
Adjusted net asset value per
share
(Rmb per share)
1.73
1.66
+4.21
1st January to
31st March 2005
(Unaudited)
For the three
months ended
31st March 2005
(Unaudited)
Percentage (%)
Increase(+)/
Decrease(-)
as compared
between the
reporting period
with the
corresponding
period of
last year
Net cash flow from
operating activities
(Rmb’000)
17,854
17,854
-55.61
Earnings per share (Rmb
per share)
0.0705
0.0705
+54.95
Return on net assets (%)
4.02
4.02
+0.95
Return on net assets after
extraordinary item (%)
4.02
4.02
+0.95
Items of extraordinary
Amount for the three
months ended 31st
March 2005 (Rmb’000)
Other non-operating income and expenses net of
provision on asset impairment
-29
Effect of income tax
10
Total
-19

— 3 —

2.2.2 Profit and loss account

i)
Income from principal
operations
Less: Costs for principal
operations
Business tax and
subcharges
ii)
Profit from principal
operations
Add: Profit from other
operations
Less: Operating expenses
Administrative
expenses
Financial
expenses
iii)
Operating profit
(Less)/Add: Investment (los
gain
Add:
Non-operating
income
Less: Non-operating
expenses
(iv)
Total profit
Less: Income tax
Add/(Less): Minority
interests
(v)
Net profit		 For the
2005
Company
(Unaudited)
Rmb’000
204,608
(28,587)
(11,353)		 three months ended 31st
2005
2004
Group
Company
(Unaudited) (Unaudited)
Rmb’000
Rmb’000
210,643
145,419
(35,199)
(29,560)
(11,661)
(8,021)		 three months ended 31st
2005
2004
Group
Company
(Unaudited) (Unaudited)
Rmb’000
Rmb’000
210,643
145,419
(35,199)
(29,560)
(11,661)
(8,021)		 March
2004
Group
(Unaudited)
Rmb’000
150,788
(31,521)
(8,021)
111,246
1,020
—
(16,480)
(4,066)
91,720
—
—
—
91,720
(30,526)
(669)
60,525
164,668
3,553
—
(12,777)
(10,159)
145,285
s)/
(3,613)
18
(47)
141,643
(47,935)
—		 163,783
3,480
(67)
(15,479)
(10,667)
141,050
—
18
(47)
141,021
(47,937)
624		 107,838
118
—
(14,357)
(4,093)
89,506
1,545
—
—
91,051
(30,526)
—		 111,246
1,020
—
(16,480
(4,066
91,720
—
—
—
91,720
(30,526
(669
93,708 93,708 60,525

— 4 —

  • 2.3 Total number of shareholders of the Company as at the end of the reporting period

As at 31st March 2005, the Company had a total of 29,431 shareholders.

The top ten shareholders of the Company holding listed shares of the Company as at 31st March 2005 were as follows:

Number of listed
shares held as at Type of shares
31st March 2005 (A, H shares
Name of shareholders (Shares) or others)
HKSCC Nominees Limited 337,036,900 H Shares
Industrial and Commercial Bank of China
— Jinyuan Securities Investment Fund 3,033,538 A Shares
China Construction Bank — Boshi
Industries Securities Investment Fund 2,767,535 A Shares
China Huadian Power Equipment
Engineering Co. Ltd. 1,866,858 A Shares
China Construction Bank — Baokang
Consumer Goods Securities Investment
Fund 1,364,630 A Shares
Shen Yin Wan Guo Securities Co. Ltd —
CITI — USD Limited 895,520 A Shares
Bank of Communications — Anjiu
Securities Investment Fund 888,732 A Shares
Industrial and Commercial Bank of China
Industrial Covertible Bond Composed
Security Investment Fund 748,500 A Shares
Ma Xiaoyan 714,400 A Shares
Shanxi Taiyuan Rixing Industry Company 711,790 A Shares

Notes:

(1) Pursuant to the information provided by HKSCC Nominees Limited, H shares of the Company registered in the name of HKSCC Nominees Limited were held by HKSCC Nominees Limited on behalf of various clients’ accounts. According to those clients’ accounts, there was no client who was interested in 5% or more of the total issued share capital of the Company.

  • (2) It is not certain whether there are any relationship among the 1st to 10th largest shareholders holding listed shares of the Company.

— 5 —

2.4 A Share Convertible Bonds

  • 2.4.1 As at 31st March 2005, the Company had 2,591 holders of A Share Convertible Bonds in total.
Number of A Share Percentage to
Convertible Bonds total A Share
of the Company as at Convertible
Name of holders of A Share 31 March 2005 Bonds
Convertible Bonds (Rmb) (%)
Ping An Insurance (Group) Company of 123,556,000 10.30
China, Ltd.
Industrial and Commercial Bank of China 118,309,000 9.86
Industrial Convertible Bond Composed
Security Investment Fund
China Petroleum Finance Co. Ltd. 98,674,000 8.22
Shen Yin Wan Guo Securities Co. Ltd. — 91,467,000 7.62
CITI — USD Limited
Bank of China — Fortis Haitong Yield 83,344,000 6.95
Growth Security Investment Fund
International Finance — Standard 58,609,000 4.88
Charered — CITIGROUP Global
Markets Limited
China Social Insurance Fund One-O-Two 49,782,000 4.15
Combination
Bank of Communications — China Bonds 36,488,000 3.04
Investment Fund
Shen Yin Wan Guo Securities Co. Ltd. — 32,203,000 2.68
HSBC — Societe Generale
Bank of China — Jiashi Service 30,814,000 2.57
Invement Industries Security
Investment Fund

— 6 —

2.4.2 Details of A Share Convertible Bonds

2.4.2.1 Adjustment to the conversion price of A Share Convertible Bonds

As at 31st March 2005, the conversion price of the A Share Convertible Bonds of the Company was Rmb7.70 per share.

2.4.2.2 Other details of A Share Convertible Bonds

The terms of the A Share Convertible Bonds did not allow any conversion of shares during the reporting period.

3 MANAGEMENT DISCUSSION AND ANALYSIS

3.1 Management discussion and analysis on the major operating results of the Company

� applicable

� not applicable

During the reporting period, revenue derived from the principal operations of the Company amounted to Rmb210,643.448. Profit from principal operations of the Company amounted to Rmb163,783,909. Net profit amounted to Rmb93,708,580. Earnings per share amounted to Rmb0.07. The net profit recorded during the reporting period increased by 54.95% compared with the corresponding period last year, mainly attributable to the increase in proportion of realized construction management fees from construction-in-progress projects during the period under review. In accordance with the current progress of the construction work, the Company anticipated that there will be a saving of about 15% in the budgets of investment amounts for the three constructions-in-progress. The Company has appointed an independent appraiser to assess the saving in the costs of the constructionin-progress.

During the reporting period, the existing system of Jizhuangzi Sewage Water Treatment Plant stopped operation in the beginning of February for the upgrade project. Dongjiao Sewage Water Treatment Plant operated as usual. The expanded portion of Jizhuangzi Sewage Water Treatment Plant and Xianyanglu Sewage Water Treatment has been conducting adjustment and testing as at the end of the reporting period. The construction project of Beicang Sewage Water Treatment Plant carried on as planned.

During the reporting period, the toll road fee collection business operated in a stable pace and recorded a toll revenue of Rmb16,322,000.

The Company entered into a franchise operation agreement of Chibi Sewage Treatment Plant by way of BOT (Build-Operate-Transfer) on 25th April 2005. Pursuant to the agreement, the Company will establish a holding subsidiary to construct and operate Chibi Sewage Treatment Plant. The designed capacity of phase one will be 4 cubic metre per day. The construction period will be about 24 months (including pipe network). The franchise operation period will be 25 years. The expected total capital contribution to the project was approximately Rmb95 million.

— 7 —

  • 3.1.1 A description of the principal segment or product that accounted for more than 10% of the income or total profit from the principal operations

  • applicable � not applicable

Income
from the Costs of the
principal principal
operations operations Gross profit
Particular segment or product Rmb’000 Rmb’000 margin (%)
Sewage treatment and construction
of sewage treatment plants 193,858 30,429 84.30
Road and toll collection 16,322 3,726 77.17
Including: Connected transactions 182,285 24,861 86.80
  • 3.1.2 Seasonality or cyclical characteristics of the Company’s operation

� applicable � not applicable

  • 3.1.3 The composition of the profit for the reporting period (the percentage accounted by profit from principal operations, profit from other operations, expenses for the period, investment gain, subsidy income, and net non-operating income and expenses in total profit, any significant change compared with the previous reporting period and the reasons therefor)

� applicable � not applicable

Since the beginning of February 2005, the existing system of Jizhuangzi Sewage Water Treatment Plant has stopped operation for the upgrade project, which was expected to complete in August 2005. As a result, the sewage water treatment services fee decreased by about 30% during the reporting period, compared with the corresponding period of last year. Nevertheless, the calculation of the unit price of sewage water services fees in accordance with the Sewage Water Processing Agreement entered into between the Company and Tianjin Sewage Company is based on the sewage water treatment costs and sewage water processing volume of the whole year, so there will be no actual impact on the annual revenue from sewage water treatment.

At the same time, during the reporting period, the revenue from three construction-in -progress projects increased by Rmb94,297,943 compared with the corresponding period of last year. It was because the construction work proceeded to a final stage and the recognized portion based on progress raised.

  • 3.1.4 Any significant change on the principal operations and its structure, compared with the previous reporting period and the reasons therefor

  • applicable

  • not applicable

— 8 —

  • 3.1.5 Any significant change on the profitability (gross profit margin) of the principal operations compared with the previous reporting period and the reasons for such changes

    • applicable � not applicable

  • 3.2 An analysis on the significant events and the effects and solutions therefor

  • applicable � not applicable

  • 3.2.1 The changes on liability and creditability of the issuer of the A Share Convertible Bonds of the Company

The guarantor of the Company’s A Share Convertible Bonds was the Tianjin Branch of China Construction Bank. As at the end of the reporting period, there have been no material changes on profitability, asset position and creditability of the guarantor. The total liabilities of the Company was Rmb2,330,707,000 and its gearing ratio was 49.84%, as at the end of the reporting period. The credit position of the Company was good, with strong debt repayment ability.

  • 3.2.2 Arrangement of repayment by cash

The A Share Convertible Bonds issued by the Company has a term of five years, commencing from 1st July 2004 to 30th June 2009. In the event that the conditions of resale and redemption as disclosed in the “Prospectus of the Issue of Convertible Bonds ( )” dated 26th June 2004 are satisfied whilst the principal amount and interests are due, the Company may elect to pay for the principal amount and the accrued interest to the holders by its internally generated funds or funds borrowed under banking facilities. Details of which are set out in the “Prospectus of the Issue of Convertible Bonds ( )” dated 26th June 2004. Related announcements have been published on China Securities, Shanghai Securities and the website of SSE.

  • 3.3 Changes in accounting policies, accounting estimates, scope of consolidation and significant accounting differences and the reasons for such changes

  • applicable � not applicable

  • 3.4 Any relevant statement from the Board and Supervisory Committee of the Company for circumstances of qualified opinion on audit

  • applicable � not applicable

  • 3.5 Any warning for a turnaround from accumulated net profit to loss that may be incurred from the beginning of the year to the next reporting period, or on changes that may be regarded as substantial compared with that of last year and the reasons for such changes

  • applicable � not applicable

— 9 —

  • 3.6 Any adjustment made by the Company to the annual operating plan or movement within the budget as disclosed

  • applicable � not applicable

As at the date of this announcement, the Board comprises executive Directors: Ms. Ma Baiyu, Mr. An Pindong, Mr. Gu Qifeng, Mr. Wang Zhanying, Mr. Tan Zhaofu and Ms. Fu Yana, and independent non-executive Directors: Mr Wang Xuangfei, Mr. Gao Zongze, and Mr. Ko Poming.

By order of the Board of Tianjin Capital Environmental Protection Company Limited Ma Baiyu Chairman

Tianjin, the PRC 28th April 2005

— 10 —

Appendix:

First Quarterly Financial Information of Tianjin Capital Environmental Protection Company Limited (Prepared in accordance with the PRC GAAP) Balance Sheet

Company
Group
31st
March
2005
31st
December
2004
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
(Unaudited)
(Audited)
Rmb’000
Rmb’000
Rmb’000
Rmb’000
ASSETS
CURRENT ASSETS
Cash and bank balances
1,195,292
1,259,619
1,262,675
1,341,999
Short-term investment
—
—
—
—
Bills receivable
—
—
—
—
Dividend receivable
—
—
—
—
Interest receivable
—
—
—
—
Accounts receivable
451,712
391,182
459,267
393,802
Other receivables
4,487
1,090
4,698
2,774
Prepayment to suppliers
122,214
115,815
124,319
118,453
Inventories
1,655
1,767
7,597
5,800
Deferred expenses
1,400
2,450
1,474
2,728
Long-term debenture within one
year
—
—
—
—
Other current assets
—
—
—
—
Total current assets
1,776,760
1,771,923
1,860,030
1,865,556
LONG-TERM INVESTMENTS
Long-term equity investments
133,629
137,243
6,000
6,000
Long-term liability investments
—
—
—
—
Total long-term investments
133,629
137,243
6,000
6,000
FIXED ASSETS
Fixed assets - cost
1,728,985
1,733,235
2,009,058
1,876,042
Less: Accumulated depreciation
580,826
572,326
594,115
582,326
Fixed assets - net book value
1,148,159
1,160,909
1,414,943
1,293,716
Construction materials
—
—
—
—
Under construction
1,361,449
1,319,903
1,364,863
1,461,328
Fixed assets written off
875
—
875
—
Total Fixed assets
2,510,483
2,480,812
2,780,681
2,755,054
INTANGIBLE FIXED ASSETS
AND OTHER ASSETS
Intangible fixed assets
—
—
—
—
Other long-term assets
29,418
31,148
29,423
31,148
Total intangible fixed assets and
other assets
—
—
—
—
TOTAL ASSETS
4,450,290
4,421,126
4,676,134
4,657,758		 Company
Group
31st
March
2005
31st
December
2004
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
(Unaudited)
(Audited)
Rmb’000
Rmb’000
Rmb’000
Rmb’000
ASSETS
CURRENT ASSETS
Cash and bank balances
1,195,292
1,259,619
1,262,675
1,341,999
Short-term investment
—
—
—
—
Bills receivable
—
—
—
—
Dividend receivable
—
—
—
—
Interest receivable
—
—
—
—
Accounts receivable
451,712
391,182
459,267
393,802
Other receivables
4,487
1,090
4,698
2,774
Prepayment to suppliers
122,214
115,815
124,319
118,453
Inventories
1,655
1,767
7,597
5,800
Deferred expenses
1,400
2,450
1,474
2,728
Long-term debenture within one
year
—
—
—
—
Other current assets
—
—
—
—
Total current assets
1,776,760
1,771,923
1,860,030
1,865,556
LONG-TERM INVESTMENTS
Long-term equity investments
133,629
137,243
6,000
6,000
Long-term liability investments
—
—
—
—
Total long-term investments
133,629
137,243
6,000
6,000
FIXED ASSETS
Fixed assets - cost
1,728,985
1,733,235
2,009,058
1,876,042
Less: Accumulated depreciation
580,826
572,326
594,115
582,326
Fixed assets - net book value
1,148,159
1,160,909
1,414,943
1,293,716
Construction materials
—
—
—
—
Under construction
1,361,449
1,319,903
1,364,863
1,461,328
Fixed assets written off
875
—
875
—
Total Fixed assets
2,510,483
2,480,812
2,780,681
2,755,054
INTANGIBLE FIXED ASSETS
AND OTHER ASSETS
Intangible fixed assets
—
—
—
—
Other long-term assets
29,418
31,148
29,423
31,148
Total intangible fixed assets and
other assets
—
—
—
—
TOTAL ASSETS
4,450,290
4,421,126
4,676,134
4,657,758		 Company
Group
31st
March
2005
31st
December
2004
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
(Unaudited)
(Audited)
Rmb’000
Rmb’000
Rmb’000
Rmb’000
ASSETS
CURRENT ASSETS
Cash and bank balances
1,195,292
1,259,619
1,262,675
1,341,999
Short-term investment
—
—
—
—
Bills receivable
—
—
—
—
Dividend receivable
—
—
—
—
Interest receivable
—
—
—
—
Accounts receivable
451,712
391,182
459,267
393,802
Other receivables
4,487
1,090
4,698
2,774
Prepayment to suppliers
122,214
115,815
124,319
118,453
Inventories
1,655
1,767
7,597
5,800
Deferred expenses
1,400
2,450
1,474
2,728
Long-term debenture within one
year
—
—
—
—
Other current assets
—
—
—
—
Total current assets
1,776,760
1,771,923
1,860,030
1,865,556
LONG-TERM INVESTMENTS
Long-term equity investments
133,629
137,243
6,000
6,000
Long-term liability investments
—
—
—
—
Total long-term investments
133,629
137,243
6,000
6,000
FIXED ASSETS
Fixed assets - cost
1,728,985
1,733,235
2,009,058
1,876,042
Less: Accumulated depreciation
580,826
572,326
594,115
582,326
Fixed assets - net book value
1,148,159
1,160,909
1,414,943
1,293,716
Construction materials
—
—
—
—
Under construction
1,361,449
1,319,903
1,364,863
1,461,328
Fixed assets written off
875
—
875
—
Total Fixed assets
2,510,483
2,480,812
2,780,681
2,755,054
INTANGIBLE FIXED ASSETS
AND OTHER ASSETS
Intangible fixed assets
—
—
—
—
Other long-term assets
29,418
31,148
29,423
31,148
Total intangible fixed assets and
other assets
—
—
—
—
TOTAL ASSETS
4,450,290
4,421,126
4,676,134
4,657,758		 Company
Group
31st
March
2005
31st
December
2004
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
(Unaudited)
(Audited)
Rmb’000
Rmb’000
Rmb’000
Rmb’000
ASSETS
CURRENT ASSETS
Cash and bank balances
1,195,292
1,259,619
1,262,675
1,341,999
Short-term investment
—
—
—
—
Bills receivable
—
—
—
—
Dividend receivable
—
—
—
—
Interest receivable
—
—
—
—
Accounts receivable
451,712
391,182
459,267
393,802
Other receivables
4,487
1,090
4,698
2,774
Prepayment to suppliers
122,214
115,815
124,319
118,453
Inventories
1,655
1,767
7,597
5,800
Deferred expenses
1,400
2,450
1,474
2,728
Long-term debenture within one
year
—
—
—
—
Other current assets
—
—
—
—
Total current assets
1,776,760
1,771,923
1,860,030
1,865,556
LONG-TERM INVESTMENTS
Long-term equity investments
133,629
137,243
6,000
6,000
Long-term liability investments
—
—
—
—
Total long-term investments
133,629
137,243
6,000
6,000
FIXED ASSETS
Fixed assets - cost
1,728,985
1,733,235
2,009,058
1,876,042
Less: Accumulated depreciation
580,826
572,326
594,115
582,326
Fixed assets - net book value
1,148,159
1,160,909
1,414,943
1,293,716
Construction materials
—
—
—
—
Under construction
1,361,449
1,319,903
1,364,863
1,461,328
Fixed assets written off
875
—
875
—
Total Fixed assets
2,510,483
2,480,812
2,780,681
2,755,054
INTANGIBLE FIXED ASSETS
AND OTHER ASSETS
Intangible fixed assets
—
—
—
—
Other long-term assets
29,418
31,148
29,423
31,148
Total intangible fixed assets and
other assets
—
—
—
—
TOTAL ASSETS
4,450,290
4,421,126
4,676,134
4,657,758		 Company
Group
31st
March
2005
31st
December
2004
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
(Unaudited)
(Audited)
Rmb’000
Rmb’000
Rmb’000
Rmb’000
ASSETS
CURRENT ASSETS
Cash and bank balances
1,195,292
1,259,619
1,262,675
1,341,999
Short-term investment
—
—
—
—
Bills receivable
—
—
—
—
Dividend receivable
—
—
—
—
Interest receivable
—
—
—
—
Accounts receivable
451,712
391,182
459,267
393,802
Other receivables
4,487
1,090
4,698
2,774
Prepayment to suppliers
122,214
115,815
124,319
118,453
Inventories
1,655
1,767
7,597
5,800
Deferred expenses
1,400
2,450
1,474
2,728
Long-term debenture within one
year
—
—
—
—
Other current assets
—
—
—
—
Total current assets
1,776,760
1,771,923
1,860,030
1,865,556
LONG-TERM INVESTMENTS
Long-term equity investments
133,629
137,243
6,000
6,000
Long-term liability investments
—
—
—
—
Total long-term investments
133,629
137,243
6,000
6,000
FIXED ASSETS
Fixed assets - cost
1,728,985
1,733,235
2,009,058
1,876,042
Less: Accumulated depreciation
580,826
572,326
594,115
582,326
Fixed assets - net book value
1,148,159
1,160,909
1,414,943
1,293,716
Construction materials
—
—
—
—
Under construction
1,361,449
1,319,903
1,364,863
1,461,328
Fixed assets written off
875
—
875
—
Total Fixed assets
2,510,483
2,480,812
2,780,681
2,755,054
INTANGIBLE FIXED ASSETS
AND OTHER ASSETS
Intangible fixed assets
—
—
—
—
Other long-term assets
29,418
31,148
29,423
31,148
Total intangible fixed assets and
other assets
—
—
—
—
TOTAL ASSETS
4,450,290
4,421,126
4,676,134
4,657,758
1,776,760
133,629
—
133,629
1,728,985
580,826
1,148,159
—
1,361,449
875
2,510,483
—
29,418
—		 1,771,923
137,243
—
137,243
1,733,235
572,326
1,160,909
—
1,319,903
—
2,480,812
—
31,148
—		 1,860,030
6,000
—
6,000
2,009,058
594,115
1,414,943
—
1,364,863
875
2,780,681
—
29,423
—		 1,865,556
6,000
—
6,000
1,876,042
582,326
1,293,716
—
1,461,328
—
2,755,054
—
31,148
—
4,450,290 4,421,126 4,676,134 4,657,758

— 11 —

LIABILITIES AND SHAREHOLDERS’
EQUITY
CURRENT LIABILITIES
Short-term loan
Bills payable
Accounts payable
Advances from customer
Wages payable
Welfare payable
Dividend payable
Taxes payable
Other accruals
Other payable
Accrued expenses
Debenture interest payable
Estimate liabilities
Long-term liabilities within one year
Other current liabilities
Total current liabilities
LONG-TERM LIABILITIES
Long-term loan
Debenture payable
Specific payable
Other long-term liabilities
Total long-term liabilities
TOTAL LIABILITIES
MINORITY INTERESTS
SHAREHOLDERS’ EQUITY
Share capital
Capital reserve fund
General reserves
Including:
Statutory common reserve
Statutory provident fund
Undistributed profits
Proposed cash dividend
Total shareholders’ equity
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY		 Company
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
Rmb’000
Rmb’000
100,000
100,000
—
—
244
2,153
41,404
52,700
—
—
8,438
7,676
1,837
1,830
78,568
92,588
—
—
59,493
101,494
4,775
7,882
21,060
—
—
—
50,000
50,000
—
—		 Company
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
Rmb’000
Rmb’000
100,000
100,000
—
—
244
2,153
41,404
52,700
—
—
8,438
7,676
1,837
1,830
78,568
92,588
—
—
59,493
101,494
4,775
7,882
21,060
—
—
—
50,000
50,000
—
—		 Company
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
Rmb’000
Rmb’000
100,000
100,000
—
—
244
2,153
41,404
52,700
—
—
8,438
7,676
1,837
1,830
78,568
92,588
—
—
59,493
101,494
4,775
7,882
21,060
—
—
—
50,000
50,000
—
—		 Company
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
Rmb’000
Rmb’000
100,000
100,000
—
—
244
2,153
41,404
52,700
—
—
8,438
7,676
1,837
1,830
78,568
92,588
—
—
59,493
101,494
4,775
7,882
21,060
—
—
—
50,000
50,000
—
—		 Group
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
Rmb’000
Rmb’000
110,000
115,000
—
—
675
8,408
41,405
52,700
—
—
8,886
7,999
1,837
1,830
78,105
94,252
11
38
116,406
156,546
5,667
7,882
21,060
14,040
—
—
50,000
50,000
—
—
434,052
508,695
605,000
605,000
1,200,000
1,200,000
81,043
81,307
10,612
10,412
1,896,655
1,896,719
2,330,707
2,405,414
15,956
16,581
1,330,000
1,330,000
69,289
69,289
174,349
174,349
—
—
58,117
58,117
755,833
662,125
133,000
—
2,329,471
2,235,763
4,676,134
4,657,758		 Group
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
Rmb’000
Rmb’000
110,000
115,000
—
—
675
8,408
41,405
52,700
—
—
8,886
7,999
1,837
1,830
78,105
94,252
11
38
116,406
156,546
5,667
7,882
21,060
14,040
—
—
50,000
50,000
—
—
434,052
508,695
605,000
605,000
1,200,000
1,200,000
81,043
81,307
10,612
10,412
1,896,655
1,896,719
2,330,707
2,405,414
15,956
16,581
1,330,000
1,330,000
69,289
69,289
174,349
174,349
—
—
58,117
58,117
755,833
662,125
133,000
—
2,329,471
2,235,763
4,676,134
4,657,758		 Group
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
Rmb’000
Rmb’000
110,000
115,000
—
—
675
8,408
41,405
52,700
—
—
8,886
7,999
1,837
1,830
78,105
94,252
11
38
116,406
156,546
5,667
7,882
21,060
14,040
—
—
50,000
50,000
—
—
434,052
508,695
605,000
605,000
1,200,000
1,200,000
81,043
81,307
10,612
10,412
1,896,655
1,896,719
2,330,707
2,405,414
15,956
16,581
1,330,000
1,330,000
69,289
69,289
174,349
174,349
—
—
58,117
58,117
755,833
662,125
133,000
—
2,329,471
2,235,763
4,676,134
4,657,758		 Group
31st
March
2005
31st
December
2004
(Unaudited)
(Audited)
Rmb’000
Rmb’000
110,000
115,000
—
—
675
8,408
41,405
52,700
—
—
8,886
7,999
1,837
1,830
78,105
94,252
11
38
116,406
156,546
5,667
7,882
21,060
14,040
—
—
50,000
50,000
—
—
434,052
508,695
605,000
605,000
1,200,000
1,200,000
81,043
81,307
10,612
10,412
1,896,655
1,896,719
2,330,707
2,405,414
15,956
16,581
1,330,000
1,330,000
69,289
69,289
174,349
174,349
—
—
58,117
58,117
755,833
662,125
133,000
—
2,329,471
2,235,763
4,676,134
4,657,758
365,819
555,000
1,200,000
—
—
1,755,000
2,120,819
—
1,330,000
69,289
174,349
—
58,117
755,833
133,000
2,329,471		 430,363
555,000
1,200,000
—
—
1,755,000
2,185,363
—
1,330,000
69,289
174,349
—
58,117
662,125
—
2,235,763		 434,052
605,000
1,200,000
81,043
10,612
1,896,655
2,330,707
15,956
1,330,000
69,289
174,349
—
58,117
755,833
133,000
2,329,471		 508,695
605,000
1,200,000
81,307
10,412
1,896,719
2,405,414
16,581
1,330,000
69,289
174,349
—
58,117
662,125
—
2,235,763
4,450,290 4,421,126 4,676,134

— 12 —

Profit and Loss Account

For the three months ended 31st March For the three months ended 31st March For the three months ended 31st March For the three months ended 31st March
2005 2005 2004 2004
Company Group Company Group
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Rmb’000 Rmb’000 Rmb’000 Rmb’000
1. Principal operation income 204,608 210,643 145,419 150,788
Less: Principal operation cost (28,587) (35,199) (29,560) (31,521)
Business tax and surcharges (11,353) (11,661) (8,021) (8,021)
2. Profit from principal operations 164,668 163,783 107,838 111,246
Add: Profit from other operations 3,553 3,480 118 1,020
Less: Operating expenses — (67) — —
Administrative expenses (12,777) (15,479) (14,357) (16,480)
Financial expenses (10,159) (10,667) (4,093) (4,066)
3. Operating profit 145,285 141,050 89,506 91,720
(Less)/Add: Investment (loss)/profit (3,613) — 1,545 —
Add: Non-operating income 18 18 — —
Less: Non-operating expenses (47) (47) — —
4. Total profit 141,643 141,021 91,051 91,720
Less: Income tax (47,935) (47,937) (30,526) (30,526)
Add/(Less): Minority interests — 624 — (669)
5. Net profit 93,708 93,708 60,525 60,525
Add: Undistributed profits at beginning
of the period 662,125 662,125 493,808 493,808
6. Profit available for appropriation 755,833 755,833 554,333 554,333
Less: Transfer to statutory common
reserve — — — —
7. Profit available for appropriation by
investors 755,833 755,833 554,333 554,333
Less: Profit payable — — (106,400) (106,400)
8. Undistributed profits at the end
of the period 755,833 755,833 447,933 447,933

— 13 —

Cash Flow Statements

For the three months ended 31st March 2005

For the three
Cash flows from operating activities
Cash inflows:
Cash received from sales and rendering of services
Other cash received relating to operating activities
Sub-total of cash inflows
Cash outflows:
Cash paid for goods and services
Cash paid to and on behalf of employees
Taxes paid
Other cash paid relating to operating activities
Sub-total of cash outflows
Net cash flows from operating activities
Cash flows from investing activities
Cash inflows:
Cash received from investment income
Cash received from disposal of fixed assets, intangible assets and
other long-term assets
Other cash received relating to investing activities
Sub-total of cash inflows
Cash outflows:
Cash paid to acquire fixed assets, intangible assets
and other long-term assets
Cash paid to investments
Other cash paid relating to investing activities
Sub-total of cash outflows
Net cash flows from investing activities
Cash flows from financing activities
Cash inflows:
Cash received from borrowings
Cash received relating to other financing activities
Sub-total of cash inflows
Cash outflows:
Cash payments for repayment of debts
Cash payments for distribution of dividends or profits
Cash payments for interest expenses
Sub-total of cash outflows
Net cash flows from financing activities
Net decrease in cash		 Group
Company
months ended 31st March
2005
2005
(Unaudited)
(Unaudited)
Rmb’000
Rmb’000
137,100
134,750
1,932
124
139,032
134,874
22,500
14,816
11,788
9,981
77,079
74,657
9,811
8,954
121,178
108,408
17,854
26,466
—
—
705
705
—
—
705
705
84,337
83,756
—
—
—
—
84,337
83,756
(83,632)
(83,051)
—
—
2,301
2,301
2,301
2,301
5,000
—
10,843
10,039
—
—
15,843
10,039
(13,542)
(7,738)
(79,320)
(64,323)		 Group
Company
months ended 31st March
2005
2005
(Unaudited)
(Unaudited)
Rmb’000
Rmb’000
137,100
134,750
1,932
124
139,032
134,874
22,500
14,816
11,788
9,981
77,079
74,657
9,811
8,954
121,178
108,408
17,854
26,466
—
—
705
705
—
—
705
705
84,337
83,756
—
—
—
—
84,337
83,756
(83,632)
(83,051)
—
—
2,301
2,301
2,301
2,301
5,000
—
10,843
10,039
—
—
15,843
10,039
(13,542)
(7,738)
(79,320)
(64,323)
139,032
22,500
11,788
77,079
9,811
121,178
17,854
—
705
—
705
84,337
—
—
84,337
(83,632)
—
2,301
2,301
5,000
10,843
—
15,843
(13,542)		 134,874
14,816
9,981
74,657
8,954
108,408
26,466
—
705
—
705
83,756
—
—
83,756
(83,051
—
2,301
2,301
—
10,039
—
10,039
(7,738
(79,320)

— 14 —

Supplementary Information
For the three
(i)
Reconciliation of net profit to net cash flows from
operating activities
Net profit
Add/(Less):
Minority interests
Depreciation and amortisation of fixed assets
Amortisation of intangible fixed assets
Amortisation of long-term prepaid expenses
Decrease of prepaid expenses
Decrease of accrued expenses
Loss on disposal of fixed assets, intangible assets and other
long-term assets
Losses on disposal of fixed assets
Interest expense
Loss on investments
Decrease in inventories
Increase in operating receivables
Decrease in operating payables
Net cash flows from operating activities
(ii)
Net decrease in cash
Cash at end of the period
Less: Cash at beginning of the period
Net decrease in cash		 Group
Company
months ended 31st March
2005
2005
(Unaudited)
(Unaudited)
Rmb’000
Rmb’000
93,708
93,708
(624)
—
15,540
12,157
21
—
1,730
1,730
1,254
1,050
(2,215)
(3,107)
37
37
—
—
8,350
8,428
—
3,613
(1,796)
112
(68,517)
(63,928)
(29,634)
(27,334)
17,854
26,466
839,347
771,964
918,667
836,287
(79,320)
(64,323)		 Group
Company
months ended 31st March
2005
2005
(Unaudited)
(Unaudited)
Rmb’000
Rmb’000
93,708
93,708
(624)
—
15,540
12,157
21
—
1,730
1,730
1,254
1,050
(2,215)
(3,107)
37
37
—
—
8,350
8,428
—
3,613
(1,796)
112
(68,517)
(63,928)
(29,634)
(27,334)
17,854
26,466
839,347
771,964
918,667
836,287
(79,320)
(64,323)
839,347
918,667		 771,964
836,287
(79,320)

Ma Baiyu Gu Qifeng Chen Yinxing Company Representative Chief Accountant Accounts Preparer

Please also refer to the published version of this announcement in The Standard.

— 15 —

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