the first quarter report 2017 - 安迪苏官网 · pdf filethe whole content of the quarterly...

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Bluestar Adisseo Company

The First Quarter Report 2017

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Content 目录

1 Important Notice ................................................................................................................ 3 2 Major Financial Data and Changes in Shareholders ..................................................... 3 3 Important Matters ............................................................................................................. 8 4 Appendix ........................................................................................................................... 10

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1 Important Notice The Board of Directors, and Supervisory Committee of Bluestar Adisseo Company (hereinafter referred to as “BAC” or “the Company”), as well as all the directors, supervisors and senior executives hereby confirm that the whole content of the quarterly report is true, accurate and complete, and no false statement, misleading statements or important omissions carried in this report, and that they shall take all responsibilities jointly and individually for such content. All directors were present at the meeting of the Board for deliberating the first quarter report of the Company. The legal representative of the Company, Jean-Marc DUBLANC, person in charge of finance function, Jean-Marc DUBLANC, head of the accounting department (accountants in charge), Yun CAI, hereby confirm that the truthfulness, accuracy and completeness of the financial statements in the first quarter report 2017. The financial statements in the first quarter report 2017 have not been audited. This is an English translation of the first quarter report 2017 of Bluestar Adisseo Company. If there is any conflict between the Chinese version and its English translation, the Chinese version will prevail. For Chinese version, please refer to the Company’s website.

2 Basic Information of the Company

2.1 Major financial data

Unit: Yuan Currency: RMB

As of March 31 2017 As of December 31 2016 Changes in comparison with the end of last year

(%)

Total assets 20,305,227,178 19,943,821,352 2%

Net assets attributable to the shareholders of the Company

12,447,681,497 12,075,838,659 3%

From January 1 2017 to March 31 2017


Changes in comparison with the same period of last year (%)）

Net cash flow arising from operating activities

609,215,893 949,522,412 -36%



Changes in comparison with the same period of last year (%)

Operating revenues 2,469,115,491 2,747,694,741 -10%

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Net profits attributable to shareholders of the Company

316,552,800 560,653,855 -44%

Net profits attributable to shareholders of the Company deducting non-recurring profit or losses

311,750,717 560,404,235 -44%

Weighted average return on net assets 2.58 5.29 -51%

Basic earnings per share (Yuan/share) 0.12 0.21 -44%

Diluted earnings per share (Yuan/share) 0.12 0.21 -44%

Despite a challenging market environment, Adisseo managed to achieve a solid operating margin of 23%, as a result of increase in volumes for methionine and ruminants after the end of the global dairy market crisis, growth in line with expectations for specialties products and new products, rigorous cost control and increased efficiency of the plants. Operating revenue is amounting to 24.7 (100 million) RMB and net profit to 4 (100 million) RMB representing a high net margin of 16%. The net cash flow from operating activities is amounting to 6.1 (100 million) RMB which allows Adisseo to finance further its development. Non-recurring profit/loss items

Applicable □ Not applicable


Item Amount for current period

(Jan. – Mar. 2017) Description

Net profit/loss on disposal of non-current assets 33,360 Gain on disposal of subsidiary companies and business investments

Tax refunds or reductions with ultra vires approval or without official approval

Government grants recognized in profit or loss, other than grants which are closely related to the Company's business and are either in fixed amounts or determined under quantitative methods in accordance with the national standard

4,037,245

Mainly grants for land use right return and industrial structure adjustment for the Nanjing plant

Income earned from lending funds to non-financial institutions and recognized in profit or loss

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The excess of attributable fair value of identifiable net assets over the consideration paid for the acquisition of subsidiaries, associates and joint ventures

Profit or loss on exchange of non-monetary assets

Profit or loss on entrusted investments or asset management

Impairment losses on assets due to force majeure events, e.g. natural disasters

Liabilities waived

Profit or loss on debt restructuring

Entity restructuring expenses, e.g., expenditure for layoff of employees, integration expenses, etc.

Profit or loss attributable to the evidently unfair portion of transaction price, being transacted price in excess of fair transaction price, of a transaction

Net profit or loss of subsidiaries from the beginning of the period up to the business combination date recognized as a result of business combination of enterprises under common control

Gain on disposal of subsidiary companies and business investments

Profit or loss arising from contingencies other than those related to normal operating business

Profit or loss on changes in the fair value of held-for-trading financial assets and held-for-trading financial liabilities and investment income on disposal of held-for-trading financial assets, held-for-trading financial liabilities and available-for-sale financial assets, other than those used in the effective hedging activities relating to normal operating business

Reversal of provision for accounts receivable that are tested for impairment losses individually

Net income from compensation

Profit or loss arising from external entrusted loans

Profit or loss on changes in the fair value of investment properties that are subsequently measured using the fair value mode

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Impacts on profit or loss of one-off adjustment to profit or loss for the period according to the requirements of tax laws and accounting laws and regulations

Custodian fees earned from entrusted operation

Other non-operating income or expenses other than the above

3,898,196Miscellaneous expenses on projects

Other profit or loss that meets the definition of non-recurring profit or loss

Impacts attributable to minority interests (after tax)

(847,426)

Impact of income tax (2,319,292)

Total 4,802,083

2.2 Total number of shareholders, and details on top ten shareholders and top ten shareholders without trade restrictions as of the end of reporting period

Unit: Share Total number of shareholders

25,068

Details on top ten shareholders

Name of shareholder

Number of ordinary shares held

Proportion of ordinary shares held

(%)

Number of restricted ordinary

shares held

Number of ordinary share pledged/frozen Nature of

shareholder Share status

Number

China National Bluestar (Group) Co., Ltd. 2,389,387,160 89.09% 2,107,341,862 Frozen 10,000,000 SOE

True value AM-SPDB-True value Xinhuoli No.1 multi-layer asset mgt plan

22,754,207 0.85% 0 0 Unknow

China Securities Finance Corporation Limited

13,794,697 0.51% 0 0 Unknow

Taida Hongli Fund-Minsheng Bank- No. 300 Asset Management Plan

8,529,629 0.32% 0 0 Unknow

Changshi Investment Company Ltd 6,563,822 0.24% 0 Pledged

6,560,000

Unknow

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Beijing Chance Capital-CMBC-New Life Wealth No. 1 asset mgt plan

5,918,074 0.22% 0 0 Unknow

China Electronic Investment Holding Company

5,185,185 0.19% 0 0 Unknow

Guangxi Railway Development Investment Fund

5,185,185 0.19% 0 0 Unknow

PingAn Dahua Fund – NO. 3 Asset Management Plan

5,185,185 0.19% 0 0 Unknow

Jianxin Fund-Industriy Bank-No.1 Jianxinfuda Multiple clients Asset management plan

4,950,000 0.18% 0 0 Unknow

Details on top ten shareholders without trade restrictions

Name of shareholder

Number of unrestricted shares held at the end of the reporting period

Type of shares

Type Number

China National Bluestar (Group) Co., Ltd.

282,045,298RMB Common share

282,045,298

Truevalue AM-SPDB-Truevalue Xinhuoli No.1 multi-layer asset mgt plan 22,754,207 RMB Common share 22,754,207

China Securities Finance Corporation Limited 13,794,697 RMB Common share 13,794,697

Taida Hongli Fund-Minsheng Bank- No. 300 Asset Management Plan 8,529,629 RMB Common share 8,529,629

Changshi Investment Company Ltd 6,563,822 RMB Common share 6,563,822Beijing Chance Capital-CMBC-New Life Wealth No. 1 asset mgt plan 5,918,074 RMB Common share 5,918,074

China Electronic Investment Holding Company 5,185,185 RMB Common share 5,185,185

Guangxi Railway Development Investment Fund 5,185,185 RMB Common share 5,185,185

PingAn Dahua Fund – NO. 3 Asset Management Plan

5,185,185 RMB Common share 5,185,185

Jianxin Fund-Industriy Bank-No.1 Jianxinfuda Multiple clients Asset management plan

4,950,000 RMB Common share 4,950,000

Statement on related relationship or acting in concert among the above shareholders

Among the abovementioned stockholders, state-owned corporation stockholder China National Bluestar (Group) Co., Ltd. and Beijing Research and Design Institute of Rubber Industry are subsidiary companies of China National Chemical Corporation; except for the abovementioned stockholders, the Company does not know whether associated relationship exists among other stockholders, or whether the other stockholders are the concerted action persons regulated in the Administrative Measures for Purchasing of Listed Companies.

Details on preferred shareholders with voting rights and the quantity of shares held

Not applicable

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2.3 Total number of preferred shareholders, and details on top ten preferred shareholders and top ten preferred shareholders without trade restrictions as of the end of reporting period

□Applicable Not applicable

3 Important Matters

3.1 Major changes to any of the main items in the financial statements or financial indicators of the Company for the reporting period and the reasons for such changes

Applicable □ Not applicable


Balance Sheet Items 31/03/2017

31/12/2016

Total Fluctuation

Explantations on fluctuation

RMB % Derivative financial assets 22,577,602 11,471,676 11,105,926 97% Change related to hedging of EUR/USD.

Long-term prepaid expenses 958,373 2,367,403 -1,409,030 -60% Amortization of capitalized fees.

Other non-current assets 6,352,000 2,747,272 3,604,728 131%Miscellaneous prepayments for tangible assets.

Short-term borrowings 192,247 469,236 -276,988 -59% Decrease due to reimbursements.

Derivative financial liabilities 19,005,274 68,508,557 -49,503,283 -72% Change related to hedging of EUR/USD.

Advances from customers 8,940,443 20,811,000 -11,870,557 -57% Decrease of receipt in advance in China.

Interest payable 7,341,401 5,543,874 1,797,527 32% Interests accrued.

Income statement items 1/01/2017-31/03/2017

1/01/2016-31/03/2016

Total Fluctuation Explantations on fluctuation

RMB %

Financial expenses - net 11,238,848 35,979,768 -24,740,920 -69% Increase of interest received due to increase of cash deposit and decrease of the FX net expenses.

Asset impairment losses 2,502,109 22,957,483 -20,455,374 -89% Variation due to provisions on inventories

Add: Gains (losses) from changes in fair values

44,940,245 30,575,063 14,365,182 47% Evolution of hedging linked to EUR/USD.

Add: Non-operating income 8,804,945 3,175,743 5,629,202 177% Insurance benefit (related to the scrapping of defective equipment).

Less: Non-operating expenses 836,144 2,738,733 -1,902,589 -69% Miscellaneous expenses on projects.

Less: Income tax expenses 165,648,375 334,287,947 -168,639,572 -50% Decrease of the taxable result. VI. Net other comprehensive income

84,404,998 296,128,147 -211,723,149 -71% Impact of exchange rate EUR/CNY.

Cash flow statement items 1/01/2017-31/03/2017

1/01/2016-31/03/2016

Total Fluctuation Explantations on fluctuation

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RMB % Net Cash Flow generated from Operating Activities

609,215,893 949,522,412 (340,306,519) -36% Decrease linked to the decrease of operating result.

Net Cash Flow used in Investing Activities

(252,779,106) (122,379,798) (130,399,308) 107% Increase of investments linked to POLAR project.

Net Cash Flow from Financing Activities

13,439,589 (2,055,114) 15,494,703 754% Increase due to variation of interest

3.2 Progress and impact of important events, and the analysis of the solutions

□ Applicable Not applicable

3.3 Unsatisfied or overdued commitments in the reporting period

□Applicable Not applicable

3.4 Warning of loss forecasted from the beginning of the year to the end of next reporting period, or significant fluctuation in the net profit compared with the same period of last year, and explanations.

□ Applicable Not applicable

Entity Bluestar Adisseo Company

Legal representative Jean-Marc Dublanc

Date 28th April 2017

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4 Appendix

4.1 Financial statements

Consolidated Balance Sheet

As of March 31 2017

Prepared by: Bluestar Adisseo Company, Ltd.

Unit: Yuan Currency: RMB Audit Type: Unaudited

Item Closing balance Opening balance Current Assets:

Cash at bank and on hand 7,061,472,873 6,681,296,187

Financial assets at fair value through profit or loss

Derivative financial assets 22,577,602 11,471,676

Notes receivable 0

Accounts receivable 1,431,568,372 1,577,362,013

Advances to suppliers 71,256,821 71,815,235

Interest receivable 1,124,884 1,040,703

Other receivables 23,739,470 25,869,193

Inventories 1,460,281,955 1,457,763,280

Other current assets 593,795,878 468,296,784

Total Current Assets 10,665,817,855 10,294,915,071

Non-current Assets: Available-for-sale financial assets 14,462,623 14,334,527

Long-term receivables 32,584,345 32,135,025

Long-term equity investments 0

Investment properties 0Fixed assets 6,124,709,511 6,190,920,898

Construction in progress 574,359,581 453,360,413

Construction materials 0

Fixed assets pending for disposal 0

Intangible assets 1,861,166,663 1,893,059,973

Development costs 79,493,354 80,930,117

Goodwill 821,415,129 814,139,263

Long-term prepaid expenses 958,373 2,367,403

Deferred tax assets 123,907,744 164,911,390

Other non-current assets 6,352,000 2,747,272

Total Non-current Assets 9,639,409,323 9,648,906,281

TOTAL ASSETS 20,305,227,178 19,943,821,352

Current Liabilities:

Short-term borrowings 192,247 469,236

Financial liabilities at fair value through profit or loss

Derivative financial liabilities 19,005,274 68,508,557

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Item Closing balance Opening balance Notes payable 0

Accounts payable 968,210,630 996,517,531

Advances from customers 8,940,443 20,811,000

Wages and benefits payable 439,758,265 443,664,431

Taxes payable 404,384,166 362,784,968

Interest payable 7,341,401 5,543,874

Dividends payable 105,052,500 104,121,900

Other payables 215,555,492 300,674,023

Current portion of non-current liabilities 113,597,406 117,170,579

Other current liabilities 18,768,746 18,639,860

Total Current Liabilities 2,300,806,570 2,438,905,959

Non-current Liabilities:

Long-term borrowings 14,038,152 13,910,409

Long-term payables 10,935,460 10,849,474

Long-term employee benefits payable 680,624,938 647,814,349

Special payables

Provisions 29,287,788 29,196,374

Deferred income 177,923,865 181,152,262

Deferred tax liabilities 716,693,617 734,974,259

Other non-current liabilities 0

Total Non-current Liabilities 1,629,503,820 1,617,897,127

TOTAL LIABILITIES 3,930,310,390 4,056,803,086

SHAREHOLDERS’ EQUITY:

Paid-in capital 2,681,901,273 2,681,901,273

Other equity instruments 0

Capital reserve 2,232,457,348 2,232,457,348

Other comprehensive income (805,437,653) (860,732,283)

Special reserve 0

Surplus reserve 258,122,454 256,211,737

Undistributed profits 8,080,638,075 7,766,000,584

Total equity attributable to equity holders of the company

12,447,681,497 12,075,838,659

Non-controlling interests 3,927,235,291 3,811,179,607

TOTAL OWNERS' EQUITY 16,374,916,788 15,887,018,266

TOTAL LIABILITIES AND OWNERS' EQUITY

20,305,227,178 19,943,821,352

Legal Representative: ___________ Person in Charge of the Accounting Body: _________________

Chief Accountant: _________________

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Balance Sheet of the Company

As of March 31 2017



Item Closing balance Opening balance Current Assets:

Cash at bank and on hand 2,201,429,173 2,188,578,354Financial assets at fair value through

profit or loss Derivative financial assets 1,228,050Notes receivable Accounts receivable Advances to suppliers 17,242 89,991

Interest receivable 830,000 500,000

Dividends receivables 595,297,075 590,024,100

Other receivables Inventories Other current assets

Total Current Assets 2,798,801,540 2,779,192,445

Non-current Assets: Available-for-sale financial assets Long-term receivables Long-term equity investments 7,492,295,416 7,492,295,416

Investment properties Fixed assets 130,514 135,550

Construction in progress Construction materials Fixed assets pending for disposal Intangible assets 48,636 54,040

Development costs Goodwill Long-term prepaid expenses Deferred tax assets Other non-current assets 1,820,452 1,733,794

Total Non-current Assets 7,494,295,018 7,494,218,800

TOTAL ASSETS 10,293,096,558 10,273,411,245

Current Liabilities: Short-term borrowings Financial liabilities at fair value through

profit or loss Derivative financial liabilities Notes payable Accounts payable Advances from customers Wages and benefits payable 100,000 100,000

Taxes payable 15,144 101,165

Interest payable

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Dividends payable Other payables 29,842,770 29,178,606

Current portion of non-current liabilities Other current liabilities

Total Current Liabilities 29,957,914 29,379,771Non-current Liabilities:

Long-term borrowings Long-term payables Long-term employee benefits payable Special payables Provisions Deferred income Deferred tax liabilities Other non-current liabilities

Total Non-current Liabilities TOTAL LIABILITIES 29,957,914 29,379,771

SHAREHOLDERS’ EQUITY: Paid-in capital 2,681,901,273 2,681,901,273

Other equity instruments Including: Preferred shares Capital reserve 6,681,557,628 6,681,557,628

Other comprehensive income Special reserve Surplus reserve 258,122,454 256,211,737

Undistributed profits 641,557,289 624,360,836

TOTAL OWNERS' EQUITY 10,263,138,644 10,244,031,474

TOTAL LIABILITIES AND OWNERS' EQUITY

10,293,096,558 10,273,411,245



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Consolidated Income Statement



Item 3 months ended March 31 2017

3 months ended March 31 2016

I. Total operating revenues 2,469,115,491 2,747,694,741

Including: Operating income 2,469,115,491 2,747,694,741

II. Total operating costs 1,952,877,097 1,759,297,106

Including: Cost of sales 1,501,233,918 1,295,292,748

Business taxes and surcharges 28,536,585 29,823,660

Selling and distribution expenses 227,649,128 198,059,753

General and administrative expenses 181,716,509 177,183,694

Financial expenses - net 11,238,848 35,979,768

Asset impairment losses 2,502,109 22,957,483

Add: Gains (losses) from changes in fair values 44,940,245 30,575,063

Investment income (Loss) 0 0

Including: Income from investments in associates and joint ventures

0 0

III. Operating profit (Loss) 561,178,639 1,018,972,698

Add: Non-operating income 8,804,945 3,175,743

Including: Gains from disposal of non-current assets

33,360 0

Less: Non-operating expenses 836,144 2,738,733

Including: Losses from disposal of non-current assets

0 0

IV. Total profit (Total loss) 569,147,440 1,019,409,708

Less: Income tax expenses 165,648,375 334,287,947

V. Net profit (Net loss) 403,499,065 685,121,761

Net profit attributable to equity holders of the Company

316,552,800 560,653,855

Net profit attributable to non-controlling interests 86,946,265 124,467,906

VI. Net other comprehensive income 84,404,998 296,128,147

Other comprehensive income (net of tax) attributable to owners of the parent company

55,294,630 254,335,990

1.Other comprehensive income which will not be reclassified subsequently to profit or loss

0 2,689,553

1) Actuarial differences on defined benefit plans 0 2,689,553

2.Other comprehensive income which will be reclassified subsequently to profit or loss

55,294,630 251,646,437

1) Effective hedging portion of gains or losses arising from cash flow hedging instruments

9,720,638 3,002,007

2) Differences on translation arising on translation of foreign currency financial statements

45,573,992 248,644,430

Net other comprehensive income to minority shareholders after tax

29,110,368 41,792,157

VII. Total comprehensive income: 487,904,063 981,249,908

Total comprehensive income attributable to equity 371,847,430 814,989,845

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holders of the Company Total comprehensive income attributable to non-controlling interests

116,056,633 166,260,063

VIII. Earnings per share:

(I) Basic earnings per share* 0.12 0.21

(II) Diluted earnings per share* 0.12 0.21



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Income Statement of the Company



Item 3 months ended March 31

2017


I. Operating revenues

Less: Cost of sales Business taxes and surcharges Selling and distribution expenses General and Administrative

expenses 3,803,539 (5,513,864)

Financial expenses – net (21,682,659) (5,765,603)

Asset impairment losses

Add: Gains from changes in fair values (Losses)

1,228,050

Investment income (Loss ) 1,152,831,200

Including: Income from investments in associates and joint ventures

II. Operating profit (Loss) 19,107,170 1,164,110,667

Add: Non-operating income Including: Gains from disposal of

non-current assets

Less: Non-operating expenses Including: Losses from disposal of

non-current assets

III. Total profit (Total loss) 19,107,170 1,164,110,667

Less: Income tax expenses IV. Net profit (Net loss) 19,107,170 1,164,110,667

V. Net other comprehensive income 1.Other comprehensive income which

will not be reclassified subsequently to profit or loss

1) Actuarial differences on net defined benefit plan

2.Other comprehensive income which will be reclassified subsequently to profit or loss

1) Effective hedging portion of gains or losses arising from cash flow hedging instruments

2) Difference on translation arising on translation of foreign currency financial statements

VI. Total comprehensive income 19,107,170 1,164,110,667

VII. Earnings per share:

(I) Basic earnings per share Non-applicable Non-applicable

(II) Diluted earnings per share Non-applicable Non-applicable

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Consolidated Cash Flow Statement

Three months ended March 31 2017





I. Cash Flows from Operating Activities:

Cash received from sale of goods or rendering of services

2,591,861,695 2,866,436,236

Refunds of taxes and surcharges Cash received relating to other operating

activities 21,463,417 12,721,399

Sub-total of cash inflows from operating activities

2,613,325,112 2,879,157,635

Cash paid for goods and services 1,538,328,938 1,524,319,238Cash paid to and on behalf of employees 238,095,659 219,474,465Payments of taxes and surcharges 196,490,348 166,953,446Cash paid relating to other operating activities 31,194,274 18,888,074

Sub-total of cash outflows from operating activities

2,004,109,219 1,929,635,223

Net Cash Flow generated from Operating 609,215,893 949,522,412II. Cash Flows from Investing Activities:

Cash received from disposals of investments 0 4,057,935Cash received from investment income and

interest income Net cash received from disposals of fixed

assets, intangible assets and other long-term assets

1,977,424 36,039

Net cash received from disposals of subsidiaries and other business units

Cash received relating to other investing activities

146,402 0

Sub-total of cash inflows from investing activities

2,123,826 4,093,974

Cash paid to purchase fixed assets, intangible assets and other long-term assets

254,717,032 126,388,285

Cash paid to acquire investments 0 85,487Net cash paid for acquisitions of subsidiaries Cash paid relating to other investing activities 185,900 0

Sub-total of cash outflows from investing activities

254,902,932 126,473,772

Net Cash Flow used in Investing Activities (252,779,106) (122,379,798)III. Cash Flows from Financing Activities:

Cash received from capital contributions Including: cash received from capital

contributions by non-controlling interests of subsidiaries

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Cash received from borrowings 0 22,186

Cash received from issuance of debentures

Cash received relating to other financing activities

18,930,421 9,076,456

Sub-total of cash inflows from financing activities

18,930,421 9,098,642

Cash repayments of borrowings 1,511,827 6,213,458

Cash payments for interest expenses and distribution of dividends or profits

3,979,005 4,940,298

Cash paid relating to other financing activities Sub-total of cash outflows from financing activities

5,490,832 11,153,756

Net Cash Flow from Financing Activities 13,439,589 (2,055,114)IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents

10,300,310 112,986,675

V. Net Increase in Cash and Cash Equivalents 380,176,686 938,074,175Add: Opening balance of Cash and Cash

Equivalents 6,681,296,187 4,941,121,243

VI. Closing Balance of Cash and Cash Equivalents

7,061,472,873 5,879,195,418



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Cash Flow Statement of the Company

Three months ended March 31 2017





I. Cash Flows from Operating Activities:

Cash received from sale of goods or rendering of services

Refunds of taxes and surcharges Cash received relating to other operating

activities 16,792,569 8,116,423

Sub-total of cash inflows from operating activities

16,792,569 8,116,423

Cash paid for goods and services Cash paid to and on behalf of employees 1,897,225 237,759Payments of taxes and surcharges 200,537 10,367,765Cash paid relating to other operating activities 1,843,988 61,172

Sub-total of cash outflows from operating 3,941,750 10,666,696Net Cash Flow generated from Operating 12,850,819 (2,550,273)II. Cash Flows from Investing Activities:

Cash received from disposals of investments Cash received from investment income and

interest income

Net cash received from disposals of fixed assets, intangible assets and other long-term assets

Net cash received from disposals of subsidiaries and other business units

Cash received relating to other investing activities

Sub-total of cash inflows from investing activities

Cash paid to purchase fixed assets, intangible assets and other long-term assets

7,650

Cash paid to acquire investments Net cash paid for acquisitions of subsidiaries Cash paid relating to other investing activities

Sub-total of cash outflows from investing activities

7,650

Net Cash Flow used in Investing Activities (7,650)III. Cash Flows from Financing Activities:

Cash received from capital contributions Cash received from borrowings Cash received relating to other financing

activities

Sub-total of cash inflows from financing

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activities

Cash repayments of borrowings Cash payments for interest expenses and

distribution of dividends or profits Cash payments relating to other financing 26,349,456 Sub-total of cash outflows from financing 26,349,456 Net Cash Flow from Financing Activities (26,349,456)IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents V. Net Increase in Cash and Cash Equivalents 12,850,819 (28,907,379)

Add: Opening balance of Cash and Cash Equivalents

2,188,578,354 1,491,098,061

VI. Closing Balance of Cash and Cash Equivalents

2,201,429,173 1,462,190,682



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4.2 Audit report

If the quarterly report has been audited by certified public accountants, the appendix shall disclose the audit report. □ Applicable Not applicable

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