Wuxi Little Swan Company Limited First Quarter Report 2017
WUXI LITTLE SWAN COMPANY LIMITED
FIRST QUARTER REPORT 2017
April 2017
Wuxi Little Swan Company Limited First Quarter Report 2017
Section I Important Statements
The board of directors (the “Board”), the supervisory board (the “Supervisory Board”), as well as the
directors, supervisors and senior executive officers of Wuxi Little Swan Company Limited (the “Company”)
hereby guarantee the factuality, accuracy and completeness of the contents of this Report, and shall be
jointly and severally liable for any false representation, misleading statements or material omissions in this
Report.
All directors attended the board meeting for the review of this Report.
Mr. Fang Hongbo, chairman of the Board, Mr. Sun Yunan, CFO, and Mr. Xu Yunwei, chief of the
accounting organ (chief of accounting), hereby confirm that the financial statements carried in this Report
are factual, accurate and complete.
This Report and its abstract have been prepared in both Chinese and English. Should there be any
discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
Wuxi Little Swan Company Limited First Quarter Report 2017
Section II Company Profile
I Key financial results
Indicate by tick mark whether the Company retroactively restated any of its accounting data due to changes of
accounting policies or correction of accounting errors.
□ Yes √ No
January-March 2017 January-March 2016 +/-%
Operating revenues (RMB) 5,690,391,543.42 4,239,779,074.70 34.21%
Net profit attributable to shareholders of the
397,203,444.77 317,052,211.46 25.28%
Company (RMB)
Net profit attributable to shareholders of the
Company before exceptional profit and loss 395,282,206.35 311,794,446.12 26.78%
(RMB)
Net cash flows from operating activities (RMB) -168,999,611.82 573,548,265.90 -129.47%
Basic earnings per share (RMB/share) 0.63 0.50 26.00%
Diluted earnings per share (RMB/share) 0.63 0.50 26.00%
Weighted average return on equity (%) 6.44% 6.00% 0.44%
March 31, 2017 December 31, 2016 +/-%
Total assets (RMB) 18,402,498,665.09 18,885,986,837.64 -2.56%
Net assets attributable to shareholders of the
6,366,107,331.36 5,983,847,862.72 6.39%
Company (RMB)
Exceptional profit/loss
√ Applicable □ Not applicable
Unit: RMB
Item January-March 2017 Note
Profit/loss on disposal of non-current assets (including offset asset
354,558.14
impairment provisions)
Government subsidies charged to the profit/loss for this Reporting Period
(except for the government grants closely related to the business of the
1,551,286.69
Company and given at a fixed quota or amount in accordance with the
State’s uniform standards)
Non-operating income and expense other than the above 845,031.51
Less: Corporate income tax 412,631.45
Minority interests (after tax) 417,006.47
Wuxi Little Swan Company Limited First Quarter Report 2017
Total 1,921,238.42 --
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, 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 this Reporting Period.
II Total number of shareholders at the period-end and their shareholdings
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
17,346 shareholders with resumed voting
shareholders at the period-end
rights at the period-end (if any)
Top ten shareholders
Number of Pledged or frozen
Shareholding Total shares
Nature of restricted shares
Name of shareholder percentage held at the
shareholder shares
(%) period-end Status Number
held
Domestic
MIDEA GROUP CO., LTD. non-state-own 37.78% 238,948,117
ed corporation
Foreign
TITONI INVESTMENTS DEVELOPMENT LTD. 14.89% 94,204,942
corporation
Foreign
GAOLING FUND,L.P. 3.54% 22,389,551
corporation
Domestic
NATIONAL SOCIAL SECURITY FUND
non-state-own 3.34% 21,097,464
PORTFOLIO 108
ed corporation
Foreign
GREENWOODS CHINA ALPHA MASTER FUND 2.82% 17,846,794
corporation
State-owned
FINANCE BUREAU OF WUXI 2.70% 17,054,071
corporation
Domestic
NATIONAL SOCIAL SECURITY FUND
non-state-own 2.21% 14,007,456
PORTFOLIO 101
ed corporation
Wuxi Little Swan Company Limited First Quarter Report 2017
CENTRAL HUIJIN ASSET MANAGEMENT CO., State-owned
1.61% 10,156,300
LTD. corporation
HONG KONG SECURITIES CLEARING Foreign
1.44% 9,103,818
COMPANY LTD. corporation
Foreign
BILL & MELINDA GATES FOUNDATION TRUST 1.03% 6,537,874
corporation
Top ten non-restricted shareholders
Number of non-restricted Type of shares
Name of shareholder
shares held at the period-end Type Number
MIDEA GROUP CO., LTD. 238,948,117 RMB common share
TITONI INVESTMENTS DEVELOPMENT LTD. 94,204,942 Domestically listed foreign share
GAOLING FUND,L.P. 22,389,551 Domestically listed foreign share
NATIONAL SOCIAL SECURITY FUND
21,097,464 RMB common share
PORTFOLIO 108
GREENWOODS CHINA ALPHA MASTER FUND 17,846,794 Domestically listed foreign share
FINANCE BUREAU OF WUXI 17,054,071 RMB common share
NATIONAL SOCIAL SECURITY FUND
14,007,456 RMB common share
PORTFOLIO 101
CENTRAL HUIJIN ASSET MANAGEMENT CO.,
10,156,300 RMB common share
LTD.
HONG KONG SECURITIES CLEARING
9,103,818 RMB common share
COMPANY LTD.
BILL & MELINDA GATES FOUNDATION TRUST 6,537,874 RMB common share
Related or acting-in-concert parties among the MIDEA GROUP CO., LTD. and TITONI INVESTMENTS
shareholders above DEVELOPMENT LTD. are parties acting in concert.
Top ten common shareholders conducting securities
N/A
margin trading (if any)
Indicate by tick mark whether any of the top ten common shareholders or the top ten non-restricted common
shareholders of the Company conducted any promissory repo during this Reporting Period.
□ Yea √ No
No such cases in this Reporting Period.
2. Total number of preference shareholders and shareholdings of the top ten of them
□ Applicable √ Not applicable
Wuxi Little Swan Company Limited First Quarter Report 2017
Section III Significant Events
I Changes in the key financial results of this Reporting Period, as well as the reasons for such
changes
Unit: RMB Ten Thousand Yuan
December 31,
Item March 31, 2017 +/- +/-% Note
Other accounts
1,632.28 2,369.39 -737.11 -31% Decreased non-operating suspense payments
receivable
Other non-current
5,371.78 2,565.58 2,806.20 109% Increased prepayments for molds
assets
Short-term
12,345.51 18,381.31 -6,035.80 -33% Decreased factoring financing
borrowings
Accounts received
166,229.46 301,434.78 -135,205.32 -45% Due to the sales cycle
in advance
The performance bonuses for the year 2016
Payroll payable 19,504.65 28,859.22 -9,354.56 -32%
had been paid
Other
Bank’s wealth management products were
comprehensive 4,446.89 7,075.75 -2,628.86 -37%
undue
income
January-March January-March
Item +/- +/-% Note
2017
Operating
569,039.15 423,977.91 145,061.24 34% The sales volume increased
revenues
Operating costs 422,870.75 304,729.46 118,141.29 39% The sales revenue increased
Selling expenses 86,230.08 63,139.65 23,090.43 37% The sales volume increased
Finance cost -1,840.06 -3,069.37 1,229.31 -40% The interest income on deposits decreased
Asset impairment Inventory falling price provisions were
-372.09 1,803.01 -2,175.10 -121%
loss written off
Investment Increased income from due bank’s wealth
10,318.76 2,728.33 7,590.43 278%
income management products
Non-operating
1,277.31 768.45 508.86 66% Increased governmental subsidies
revenues
Non-operating Decreased loss on disposal of waste fixed
33.11 229.33 -196.22 -86%
expense assets
Wuxi Little Swan Company Limited First Quarter Report 2017
Net cash flows Decreased accounts received in advance and
from operating -16,899.96 57,354.83 -74,254.79 -129% increased cash payments for goods and
activities services
Net cash flows
Smaller increment in investment in bank’s
from investing -3,112.29 -120,661.14 117,548.85 97%
wealth management products
activities
Net cash flows
from financing -6,035.80 0.00 -6,035.80 -100% Repayment of short-term borrowings
activities
II Progress of significant events and their influence and solutions
□ Applicable √ Not applicable
III Overdue commitments of the Company’s actual controller, shareholders, related parties
and acquirer, as well as the Company and other commitment makers in this Reporting Period
or ongoing at the period-end
Date of Period of
Commitmen Type of Fulfillme
Commitment Contents commitme commitme
t maker commitment nt
nt making nt
Where the controlling shareholder Midea
Group plans to sell the Company’s shares
released from trading moratorium held by it
via the bid trading system of the Shenzhen
Commitment
Stock Exchange, and Midea Group decreases
Commitments made Controlling concerning 02/28/200 Long-stan
over 5% shares within six months since the Ongoing
in share reform shareholder shareholding 8 ding
first reduction of holdings, Midea Group will
reduction
disclose an indicative public announcement
on share selling through the Company two
trading days before its first reduction of
holdings.
1. As for the commitment of avoiding
horizontal competition, Midea Group (the
Commitments made controlling shareholder) and Mr. He
in acquisition Controlling Commitment Xiangjian (the actual controller) has promised 12/01/201
documents or shareholder of avoiding that, for the period after the said transaction 0, Long-stan
Ongoing
shareholding and actual horizontal when the Company’s controlling shareholder 06/06/201 ding
alteration controller competition and actual controller remain unchanged, the 4
documents actual controller Mr. He Xiangjian, his
immediate family, Midea Group and its
controlled other enterprises neither recently
Wuxi Little Swan Company Limited First Quarter Report 2017
nor in the future will engage in any
production or operation activity the same as
or similar to the recently main business of
Little Swan or its controlled enterprises, as
well as will neither engage in nor participate
in any competitive business the same as the
recently main business of Little Swan or its
controlled enterprises through controlling
other economic entities, institutions,
economic organizations. If Little Swan and its
controlled enterprises further developed its
scope of the operation business on the basis of
the recently business, and if the actual
controller Mr. He Xiangjian, his immediate
family, Midea Group and its controlled other
enterprises had executed production of that,
would solve the corresponding horizontal
competition problems within the reasonable
period. If recently there was no any
production or operation, would not engage in
the similar new business that competed with
Little Swan and its controlled enterprises. If
there was any situation violated the above
commitments, the profits gained from the
business related to operation were belongs to
Little Swan.
2. The commitment by Midea Group and the
actual controller on the specification of the
related-party transaction. Midea Group (the
controlling shareholder) and Mr. He
Xiangjian (the actual controller) has promised
that, for the period after the said transaction
when the Company’s controlling shareholder
Commitment
Controlling and actual controller remain unchanged, the 12/01/201
on regulation
shareholder actual controller Mr. He Xiangjian, his 0, Long-stan
of Ongoing
and actual immediate family, Midea Group and its 06/06/201 ding
related-party
controller controlled other enterprises will specify and 4
transactions
try their best to reduce the related-party
transactions with Little Swan and its
controlled enterprises. If occurred the
unavoidable related transactions with Little
Swan and its controlled enterprises, would
sign the normative related-party transactions
agreement Little Swan according to laws and
Wuxi Little Swan Company Limited First Quarter Report 2017
would execute the approval procedure
according to the relevant regulations to ensure
the fairness of the price of the related-party
transactions; ensure to execute the
information disclose obligation of
related-party transactions according to the
relevant regulations; ensure not to make
advantage of the related-party transactions for
illegally transferring the assets and profits of
Little Swan, as well as not to make advantage
of the related-party transactions for harming
to the interests of Little Swan and the
shareholders; would not require Little Swan
to offer any more favorable condition
compared with that offered to the independent
third party in any fair trade market
transaction; execute the voting debarb
obligation when involved in the voting of the
related events of the actual controller Mr. He
Xiangjian, his immediate family, Midea
Group and its controlled other enterprises. If
Midea Group and Mr. He Xiangjian violated
the above commitments and promises that led
to the harm for the equity of Little Swan or
other shareholders, Midea Group and Mr. He
Xiangjian should take the responsibility of the
corresponding liability for damage.
3. As for the commitment on independence,
Midea Group and the actual controller Mr. He
Xiangjian has promised that, to further ensure
the independent operation of Little Swan, Mr.
Controlling 12/01/201
Commitment He Xiangjian, Midea Group and its controlled
shareholder 0, Long-stan
on other enterprises would maintain the mutual Ongoing
and actual 06/06/201 ding
independence independent in terms of personnel, finance,
controller
assets, business and institutions with Little
Swan according to the relevant laws and
regulations as well as the normative
documents.
4. As for the commitment on related-party
Commitment
deposits and borrowings, up to April 8, 2010,
on
Controlling the Financial Settlement Center of Midea 12/01/201 Long-stan
related-party Ongoing
shareholder Group had settled all internal deposits and 0 ding
deposits and
borrowings with Hefei Midea Washing
borrowings
Machine Co., Ltd.; and Midea Group has
Wuxi Little Swan Company Limited First Quarter Report 2017
promised that there will be no more deposits,
borrowings or other funds flows incurred
between the Financial Settlement Center and
Hefei Midea Washing Machine Co., Ltd..
5. The commitment by Midea Group on
housing properties with no ownership
certificates of the target company for sale is
detailed as follows. Two pieces of the
buildings of Hefei Midea Washing Machine
Commitment Co., Ltd. assessed and sold to the Company
on housing are of no ownership certificates—the
Controlling properties warehouse for half-finished products (176 12/01/201 Long-stan
Ongoing
shareholder with no square meters) and the workshop for injection 0 ding
ownership molding (834 square meters), both located in
certificates the old factory on Hewa Road, Hefei. Midea
Group has promised that if loss occurs due to
the said two buildings without ownership
certificates in the asset disposal process in the
future, it will assume the loss thus caused and
make compensation to the Company.
6. The commitment by Midea Group on
trademarks is detailed as follows. (1)
Concerning the “Midea” trademark: Upon
approval and implementation of the equity The use
transfer transaction, Midea Group has right of
promised that it will make sure that Hefei the
Midea Washing Machine Co., Ltd. uses the “Royalstar
“Midea” trademark in a proper manner. Hefei ”
Midea Washing Machine Co., Ltd. will be trademark
allowed to use the “Midea” trademark with a detailed in
trademark use fee not more than that paid by (2) expired
Controlling Commitment Midea Group (the controlling shareholder of 12/01/201 on March
Ongoing
shareholder on trademarks Midea Group) and its subsidiaries (currently 0 31, 2013
3‰ of the annual sales income generated by and was
products using the “Midea” trademark), and not
upon negotiation and signing of the renewed.
“Agreement for Trademark Use”. The And the
related-party transactions incurred due to the other
said use of the “Midea” trademark will be commitme
submitted to the decision-making organ of the nt
Company for approval according to the continues.
stipulated procedure. As such, interests of the
Company and its minority shareholders will
be safeguarded. (2) Concerning the
Wuxi Little Swan Company Limited First Quarter Report 2017
“Royalstar” trademark: Midea Group has
signed the “Contract for Trademark Use” with
Hefei Royalstar Group and obtained the
ordinary use rights of the “Royalstar” (both in
Chinese and English) trademark. As the
transferor in the transfer transaction of equity
interests of Royalstar Washing Equipment,
Midea Group has promised that within the
scope as agreed in the “Contract for
Trademark Use”, if any dispute arises
between Hefei Midea Washing Machine Co.,
Ltd. and Hefei Royalstar Group over the
former’s execution of the “Contract for
Trademark Use”, Little Swan will not be
involved. If Hefei Midea Washing Machine
Co., Ltd. and Little Swan have to assume any
responsibility or loss due to the aforesaid
dispute, Midea Group is willing to take on the
responsibility instead and make
compensations to Hefei Midea Washing
Machine Co., Ltd. and Little Swan at full
amount.
7. The commitment by Midea Group on social
security payment and tax risks is detailed as
follows. Midea Group has promised that upon
the completion of the said equity transfer
deal, if Hefei Midea Washing Machine Co.,
Ltd. is obliged to take on any responsibility or
pay relevant fares as required by relevant
government authorities due to its social
security payment before the said deal, Midea
Commitment
Group is willing to pay relevant fares for
on social
Controlling Hefei Midea Washing Machine Co., Ltd. to 12/01/201 Long-stan
security Ongoing
shareholder relevant government authorities in a timely 0 ding
payment and
manner and assume any other liability. If any
tax risks
loss thus occurs to Hefei Midea Washing
Machine Co., Ltd. or Little Swan, Midea
Group is willing to assume relevant
responsibilities for compensation. Upon the
completion of the said equity transfer deal, if
income tax evasion or any other tax risk is
found in Hefei Midea Washing Machine Co.,
Ltd., Midea Group is willing to assume
relevant legal responsibilities and risks and
Wuxi Little Swan Company Limited First Quarter Report 2017
pay relevant taxes in a timely manner to
relevant government authorities; and if any
loss thus occurs to Little Swan, Midea Group
will assume the corresponding responsibility
for compensation.
8. The commitment by Midea Group on
capital safety at the finance companies of the
Company: during the validity period of the
Financial Services Agreement, when Midea
Commitment Group occurred emergency situation of
Controlling 03/18/201 Three
on capital payment difficulty at finance companies, it Ongoing
shareholder 5 years
safety should adopt the effective measures such as
increase the capital fund of the finance
companies according to the actual needs of
solving the payment difficulty to ensure the
capital safety of the Company.
Commitments made
in time of asset
restructuring
Commitments made
in time of IPO or
refinancing
Stock ownership
incentive
commitments
Other commitments
made to Minority
interests
Executed on time or
Yes
not
Specific reasons for
failing to fulfill
commitments on N/A
time and plans for
next step
IV Operating result forecast for January-June 2017
Warning of a forecast deficit or considerable YoY change in the accumulative net profit made during the period
from the beginning of the year to the end of the next reporting period, as well as explanation of why:
□ Applicable √ Not applicable
Wuxi Little Swan Company Limited First Quarter Report 2017
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
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.
Wuxi Little Swan Company Limited First Quarter Report 2017
Section IV Financial Statements
I Financial statements
1. Consolidated balance sheet
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 4,181,117,303.03 4,272,077,211.11
Settlement reserve
Interbank lendings
Financial assets at fair value through profit/loss
Derivative financial assets
Notes receivable 1,478,890,302.67 1,297,609,202.29
Accounts receivable 1,400,073,560.81 1,465,654,497.90
Accounts paid in advance 133,343,509.48 131,513,792.18
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract reserve
Interest receivable 31,844,191.18 26,755,807.07
Dividends receivable
Other accounts receivable 16,322,824.31 23,693,886.54
Financial assets purchased under agreements to resell
Inventories 1,252,235,093.98 1,724,837,944.69
Assets held for sale
Non-current assets due within one year
Other current assets 8,264,728,111.43 8,385,724,282.16
Total current assets 16,758,554,896.89 17,327,866,623.94
Non-current assets:
Loans and advances to customers
Available-for-sale financial assets 200,000.00 200,000.00
Held-to-maturity investments
Long-term accounts receivable
Wuxi Little Swan Company Limited First Quarter Report 2017
Long-term equity investments
Investment property 63,891,876.25 64,854,903.25
Fixed assets 979,174,930.68 970,859,291.03
Construction in progress
Engineering materials
Disposal of fixed assets
Productive living assets
Oil-gas assets
Intangible assets 190,973,951.44 192,283,486.15
R&D expenses
Goodwill
Long-term deferred expenses 4,477,822.34 4,387,728.14
Deferred tax assets 351,507,376.69 299,879,029.23
Other non-current assets 53,717,810.80 25,655,775.90
Total non-current assets 1,643,943,768.20 1,558,120,213.70
Total assets 18,402,498,665.09 18,885,986,837.64
Current liabilities:
Short-term borrowings 123,455,086.90 183,813,064.12
Borrowings from the Central Bank
Money deposits accepted and inter-bank deposits
Interbank borrowings
Financial liabilities at fair value through profit/loss
Derivative financial liabilities
Notes payable 2,812,341,286.89 2,620,549,815.47
Accounts payable 3,283,950,717.98 3,335,089,672.06
Accounts received in advance 1,662,294,599.30 3,014,347,762.24
Financial assets sold for repurchase
Fees and commissions payable
Payroll payable 195,046,514.35 288,592,163.29
Taxes payable 486,228,300.38 412,238,029.96
Interest payable
Dividends payable 7,150,684.06 7,150,684.06
Other accounts payable 214,809,660.69 199,926,402.04
Reinsurance premiums payable
Wuxi Little Swan Company Limited First Quarter Report 2017
Insurance contract reserve
Payables for acting trading of securities
Payables for acting underwriting of securities
Liabilities held for sale
Non-current liabilities due within one year
Other current liabilities 2,220,797,766.56 1,844,413,154.26
Total current liabilities 11,006,074,617.11 11,906,120,747.50
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Long-term accounts payable
Long-term payroll payable 15,511,381.91 16,101,348.60
Special payables
Provisions 1,727,340.89 1,727,340.89
Deferred income 2,829,033.24 2,942,333.25
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 20,067,756.04 20,771,022.74
Total liabilities 11,026,142,373.15 11,926,891,770.24
Owners’ equity:
Share capital 632,487,764.00 632,487,764.00
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserve 1,202,834,758.89 1,191,490,133.01
Less: Treasury shares
Other comprehensive income 44,468,922.57 70,757,524.61
Special reserve
Surplus reserve 332,594,722.29 332,594,722.29
Provisions for general risks
Retained earnings 4,153,721,163.61 3,756,517,718.81
Equity attributable to owners of the Company 6,366,107,331.36 5,983,847,862.72
Wuxi Little Swan Company Limited First Quarter Report 2017
Minority interests 1,010,248,960.58 975,247,204.68
Total owners’ equity 7,376,356,291.94 6,959,095,067.40
Total liabilities and owners’ equity 18,402,498,665.09 18,885,986,837.64
2. Balance sheet of the Company
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 2,392,057,674.52 2,397,428,457.92
Financial assets at fair value through profit/loss
Derivative financial assets
Notes receivable 1,167,769,362.91 1,088,559,252.21
Accounts receivable 2,703,374,457.44 2,310,254,576.98
Accounts paid in advance 91,519,964.89 89,477,823.29
Interest receivable 23,257,010.49 18,798,031.69
Dividends receivable
Other accounts receivable 11,244,547.08 16,176,106.89
Inventories 795,962,784.83 1,068,494,123.28
Assets held for sale
Non-current assets due within one year
Other current assets 4,886,453,220.85 4,965,682,855.69
Total current assets 12,071,639,023.01 11,954,871,227.95
Non-current assets:
Available-for-sale financial assets 150,000.00 150,000.00
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investments 1,375,785,041.57 1,375,785,041.57
Investment property 7,457,569.02 7,546,955.16
Fixed assets 508,411,436.85 490,047,802.72
Construction in progress
Engineering materials
Disposal of fixed assets
Productive living assets
Oil-gas assets
Intangible assets 91,918,592.57 92,591,167.64
Wuxi Little Swan Company Limited First Quarter Report 2017
R&D expenses
Goodwill
Long-term deferred expenses 2,182,777.60 1,817,228.83
Deferred tax assets 235,361,232.00 197,091,251.29
Other non-current assets 31,229,500.20 18,313,858.80
Total non-current assets 2,252,496,149.81 2,183,343,306.01
Total assets 14,324,135,172.82 14,138,214,533.96
Current liabilities:
Short-term borrowings 79,489,819.18 123,943,093.80
Financial liabilities at fair value through profit/loss
Derivative financial liabilities
Notes payable 1,889,791,518.86 1,508,017,904.49
Accounts payable 4,144,096,482.16 3,913,090,507.89
Accounts received in advance 966,664,635.76 1,854,711,663.46
Payroll payable 145,780,276.01 216,530,836.37
Taxes payable 329,229,818.80 249,034,768.38
Interest payable
Dividends payable 7,150,684.06 7,150,684.06
Other accounts payable 132,711,123.11 143,124,857.82
Liabilities held for sale
Non-current liabilities due within one year
Other current liabilities 1,428,776,934.56 1,173,641,937.69
Total current liabilities 9,123,691,292.50 9,189,246,253.96
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Long-term payables
Long-term payroll payable
Special payables
Provisions
Deferred income
Deferred tax liabilities
Wuxi Little Swan Company Limited First Quarter Report 2017
Other non-current liabilities
Total non-current liabilities
Total liabilities 9,123,691,292.50 9,189,246,253.96
Owners’ equity:
Share capital 632,487,764.00 632,487,764.00
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserve 1,361,027,672.05 1,350,656,531.65
Less: Treasury shares
Other comprehensive income 27,861,473.36 37,515,343.84
Special reserve
Surplus reserve 319,944,578.39 319,944,578.39
Retained earnings 2,859,122,392.52 2,608,364,062.12
Total owners’ equity 5,200,443,880.32 4,948,968,280.00
Total liabilities and owners’ equity 14,324,135,172.82 14,138,214,533.96
3. Consolidated income statement
Unit: RMB
Item January-March 2017 January-March 2016
1. Operating revenues 5,690,391,543.42 4,239,779,074.70
Including: Sales income 5,690,391,543.42 4,239,779,074.70
Interest income
Premium income
Fee and commission income
2. Operating costs 5,288,019,742.72 3,845,333,762.02
Including: Cost of sales 4,228,707,468.84 3,047,294,578.28
Interest expenses
Fee and commission expenses
Surrenders
Net claims paid
Net amount provided as insurance contract reserve
Expenditure on policy dividends
Reinsurance premium
Taxes and surtaxes 29,239,701.58 25,562,733.25
Wuxi Little Swan Company Limited First Quarter Report 2017
Selling expenses 862,300,832.44 631,396,475.18
Administrative expenses 189,893,301.82 153,743,559.27
Finance costs -18,400,643.85 -30,693,728.10
Asset impairment loss -3,720,918.11 18,030,144.14
Add: Profit on fair value changes (“-” means loss)
Investment income (“-” means loss) 103,187,613.01 27,283,315.31
Including: Share of profit/loss of associates and joint ventures
Exchange gains (“-” means loss)
3. Operating profit (“-” means loss) 505,559,413.71 421,728,627.99
Add: Non-operating income 12,773,084.59 7,684,539.49
Including: Profit on disposal of non-current assets 378,918.14 99,572.65
Less: Non-operating expense 331,135.41 2,293,319.12
Including: Loss on disposal of non-current assets 24,360.00
4. Total profit (“-” means loss) 518,001,362.89 427,119,848.36
Less: Corporate income tax 79,585,643.44 66,073,486.70
5. Net profit (“-” means loss) 438,415,719.45 361,046,361.66
Net profit attributable to owners of the Company 397,203,444.77 317,052,211.46
Minority interests’ income 41,212,274.68 43,994,150.20
6. Other comprehensive income net of tax -32,896,936.37 12,551,896.48
Other comprehensive income net of tax attributable to owners
-26,288,602.05 11,324,431.84
of the Company
6.1 Other comprehensive income that will not be
reclassified into profit/loss
6.1.1 Changes in net liabilities or assets with a defined
benefit plan upon re-measurement
6.1.2 Share of other comprehensive income of investees
that cannot be reclassified into profit/loss under the equity method
6.2 Other comprehensive income to be subsequently
-26,288,602.05 11,324,431.84
reclassified into profit/loss
6.2.1 Share of other comprehensive income of investees
that will be reclassified into profit/loss under the equity method
6.2.2 Profit/loss on fair value changes of
-26,287,126.90 11,325,961.79
available-for-sale financial assets
6.2.3 Profit/loss on reclassifying held-to-maturity
investments into available-for-sale financial assets
6.2.4 Effective profit/loss on cash flow hedges
6.2.5 Currency translation differences -1,475.15 -1,529.95
6.2.6 Other
Wuxi Little Swan Company Limited First Quarter Report 2017
Other comprehensive income net of tax attributable to
-6,608,334.32 1,227,464.64
minority interests
7. Total comprehensive income 405,518,783.08 373,598,258.14
Attributable to owners of the Company 370,914,842.72 328,376,643.30
Attributable to minority interests 34,603,940.36 45,221,614.84
8. Earnings per share
8.1 Basic earnings per share 0.63 0.50
8.2 Diluted earnings per share 0.63 0.50
4. Income statement of the Company
Unit: RMB
Item January-March 2017 January-March 2016
1. Operating revenues 4,189,686,640.88 3,090,853,563.00
Less: Operating costs 3,213,206,584.63 2,259,939,915.08
Taxes and surtaxes 19,175,030.95 19,651,012.59
Selling expenses 559,809,986.80 481,965,327.52
Administrative expenses 164,027,140.24 125,466,388.65
Finance costs -16,399,560.75 -25,425,553.41
Asset impairment loss -1,435,675.97 13,164,671.57
Add: profit on fair value changes (“-” means loss)
Investment income (“-” means loss) 44,422,835.24 7,682,222.22
Including: Share of profit/loss of associates and joint ventures
2. Operating profit (“-” means loss) 295,725,970.22 223,774,023.21
Add: Non-operating income 1,412,826.87 2,209,315.20
Including: Profit on disposal of non-current assets 56,502.60 99,572.65
Less: Non-operating expense 298,795.41 1,374,415.91
Including: Loss on disposal of non-current assets
3. Total profit (“-” means loss) 296,840,001.68 224,608,922.50
Less: Corporate income tax 46,081,671.31 34,660,291.98
4. Net profit (“-” means loss) 250,758,330.37 189,948,630.52
5. Other comprehensive income net of tax -9,653,870.47 8,512,924.14
5.1 Other comprehensive 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 Share of other comprehensive income of investees that
cannot be reclassified into profit/loss under the equity method
Wuxi Little Swan Company Limited First Quarter Report 2017
5.2 Other comprehensive income to be subsequently reclassified
-9,653,870.47 8,512,924.14
into profit/loss
5.2.1 Share of other comprehensive income of investees that
will be reclassified into profit/loss under the equity method
5.2.2 Profit/loss on fair value changes of available-for-sale
-9,653,870.47 8,512,924.14
financial assets
5.2.3 Profit/loss on reclassifying held-to-maturity investments
into available-for-sale financial assets
5.2.4 Effective profit/loss on cash flow hedges
5.2.5 Currency translation differences
5.2.6 Other
6. Total comprehensive income 241,104,459.90 198,461,554.66
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
5. Consolidated cash flow statement
Unit: RMB
Item January-March 2017 January-March 2016
1. Cash flows from operating activities:
Cash received from sale of commodities and rendering of service 3,956,810,503.02 3,078,123,735.58
Net increase in money deposits from customers and interbank
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 at fair value through
profit/loss
Interest, fees and commissions received
Net increase in interbank borrowings
Net increase in funds in repurchase business
Tax refunds received 16,580,287.82
Cash received from other operating activities 21,257,432.18 29,195,276.02
Subtotal of cash inflows from operating activities 3,994,648,223.02 3,107,319,011.60
Cash paid for goods and services 2,973,752,966.09 1,460,899,639.17
Net increase in loans and advances to customers
Wuxi Little Swan Company Limited First Quarter Report 2017
Net increase in funds deposited in the Central Bank and
interbank placements
Cash paid for claims of original insurance contracts
Interest, fees and commissions paid
Cash paid as policy dividends
Cash paid to and for employees 368,240,959.82 298,371,022.35
Taxes paid 173,229,722.56 226,899,499.05
Cash paid for other operating activities 648,424,186.37 547,600,585.13
Subtotal of cash outflows due to operating activities 4,163,647,834.84 2,533,770,745.70
Net cash flows from operating activities -168,999,611.82 573,548,265.90
2. Cash flows from investing activities:
Cash received from retraction of investments 1,535,000,000.00 1,895,000,000.00
Cash received as investment income 103,187,613.01 27,283,315.31
Net cash received from disposal of fixed assets, intangible assets
425,120.74 116,500.00
and other long-term assets
Net cash received from disposal of subsidiaries or other business
units
Cash received from other investing activities 14,223,931.51 20,632,286.64
Subtotal of cash inflows from investing activities 1,652,836,665.26 1,943,032,101.95
Cash paid to acquire fixed assets, intangible assets and other
53,959,515.98 3,643,548.60
long-term assets
Cash paid for investment 1,630,000,000.00 3,146,000,000.00
Net increase in pledged loans
Net cash paid to acquire subsidiaries and other business units
Cash paid for other investing activities
Subtotal of cash outflows due to investing activities 1,683,959,515.98 3,149,643,548.60
Net cash flows from investing activities -31,122,850.72 -1,206,611,446.65
3. Cash flows from financing activities:
Cash received from capital contributions
Including: Cash received from minority shareholder
investments by subsidiaries
Cash received as borrowings
Cash received from issuance of bonds
Cash received from other financing activities
Subtotal of cash inflows from financing activities
Repayment of borrowings 60,357,981.22
Wuxi Little Swan Company Limited First Quarter Report 2017
Cash paid for interest expenses and distribution of dividends or
profit
Including: dividends or profit paid by subsidiaries to minority
interests
Cash paid for other financing activities
Sub-total of cash outflows due to financing activities 60,357,981.22
Net cash flows from financing activities -60,357,981.22
4. Effect of foreign exchange rate changes on cash and cash
equivalents
5. Net increase in cash and cash equivalents -260,480,443.76 -633,063,180.75
Add: Opening balance of cash and cash equivalents 4,171,689,917.21 2,792,685,328.69
6. Closing balance of cash and cash equivalents 3,911,209,473.45 2,159,622,147.94
6. Cash flow statement of the Company
Unit: RMB
Item January-March 2017 January-March 2016
1. Cash flows from operating activities:
Cash received from sale of commodities and rendering of service 2,642,335,799.19 1,884,113,725.72
Tax refunds received
Cash received from other operating activities 8,534,729.25 17,939,349.96
Subtotal of cash inflows from operating activities 2,650,870,528.44 1,902,053,075.68
Cash paid for goods and services 1,837,967,509.35 1,162,262,194.02
Cash paid to and for employees 270,566,541.10 212,137,786.99
Taxes paid 90,098,052.42 155,701,868.69
Cash paid for other operating activities 451,445,149.64 417,610,973.90
Subtotal of cash outflows due to operating activities 2,650,077,252.51 1,947,712,823.60
Net cash flows from operating activities 793,275.93 -45,659,747.92
2. Cash flows from investing activities:
Cash received from retraction of investments 885,000,000.00 1,000,000,000.00
Cash received as investment income 44,422,835.24 7,682,222.22
Net cash received from disposal of fixed assets, intangible assets
105,897.44 116,500.00
and other long-term assets
Net cash received from disposal of subsidiaries or other business
units
Cash received from other investing activities 11,123,931.51 15,104,692.20
Subtotal of cash inflows from investing activities 940,652,664.19 1,022,903,414.42
Cash paid to acquire fixed assets, intangible assets and other
26,323,172.01 1,142,846.70
long-term assets
Wuxi Little Swan Company Limited First Quarter Report 2017
Cash paid for investment 910,000,000.00 1,586,000,000.00
Net cash paid to acquire subsidiaries and other business units
Cash paid for other investing activities
Subtotal of cash outflows due to investing activities 936,323,172.01 1,587,142,846.70
Net cash flows from investing activities 4,329,492.18 -564,239,432.28
3. Cash flows from financing activities:
Cash received from capital contributions
Cash received as borrowings
Cash received from issuance of bonds
Cash received from other financing activities
Subtotal of cash inflows from financing activities
Repayment of borrowings 44,453,274.62
Cash paid for interest expenses and distribution of dividends or
profit
Cash paid for other financing activities
Sub-total of cash outflows due to financing activities 44,453,274.62
Net cash flows from financing activities -44,453,274.62
4. Effect of foreign exchange rate changes on cash and cash
equivalents
5. Net increase in cash and cash equivalents -39,330,506.51 -609,899,180.20
Add: Opening balance of cash and cash equivalents 2,353,708,554.75 1,866,443,114.64
6. Closing balance of cash and cash equivalents 2,314,378,048.24 1,256,543,934.44
II Auditor’s report
Is this Report audited?
□ Yes √ No
This Report is not audited.
Wuxi Little Swan Company Limited
Legal representative: Fang Hongbo
April 22, 2017
