2014 Semi-annual Report of Foshan Electrical and Lighting Co., Ltd.
FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
2014 Semi-annual Report
August 2014
2014 Semi-annual Report of Foshan Electrical and Lighting Co., Ltd.
Section I. Important Reminders, Contents & Explanation
The Board of Directors, the Supervisory Committee as well as all directors,
supervisors and senior management staff of Foshan Electrical and Lighting Co., Ltd.
(hereinafter referred to as “the Company”) warrant that this report is factual, accurate
and complete without any false record, misleading statement or material omission.
And they shall be jointly and severally liable for that.
All directors have attended in person the board session for reviewing this report
except the following:
Name Position Reason for not attending the Name of the proxy
session in person
Wu shenpo Director ON business Werner Jrgen Dietrich Hoffmann
Ye zaiyou Director ON business Liu xingming
The Company plans not to distribute cash dividends or bonus shares or turn capital
reserve into share capital.
Pan Jie, company principal & chief of the accounting work, and Yin Jianchun, chief
of the accounting organ (chief of accounting), hereby confirm that the Financial
Report enclosed in this report is factual, accurate and complete.
The future plans and some other forward-looking statements involved in this report
shall not be considered as virtual promises of the Company to investors. And
investors are kindly reminded to pay attention to possible risks.
This report is prepared in both Chinese and English. Should there be any discrepancy
between the two versions, the Chinese version shall prevail.
2014 Semi-annual Report of Foshan Electrical and Lighting Co., Ltd.
Contents
2014 Semi-annual Report .................................................................................................................. 1
Section I. Important Reminders, Contents & Explanation ............................................................ 2
Section II. Company Profile .............................................................................................................. 5
Section III. Highlights of Accounting Data & Financial Indicators .............................................. 7
Section IV. Report of the Board of Directors ................................................................................... 9
Section V. Significant Events ........................................................................................................... 24
Section VI. Change in Shares & Shareholders .............................................................................. 34
Section VII. Preferred Shares ......................................................................................................... 39
Section VIII. Directors, Supervisors & Senior Management Staff .............................................. 40
Section IX. Financial Report ........................................................................................................... 41
Section X. Documents Available for Reference ........................................................................... 147
2014 Semi-annual Report of Foshan Electrical and Lighting Co., Ltd.
Explanation
Term Refers to Contents
The Company, Company, FSL Refers to Foshan Electrical and Lighting Co., Ltd.
CSRC Refers to China Securities Regulation Commission
SZSE, the Stock Exchange Refers to Shenzhen Stock Exchange
Shareholders’ General Meeting of Foshan Electrical and
Shareholders’ General Meeting Refers to
Lighting Co., Ltd.
Board of Directors of Foshan Electrical and Lighting Co.,
Board of Directors Refers to
Ltd.
Supervisory Committee of Foshan Electrical and Lighting
Supervisory Committee Refers to
Co., Ltd.
Yuan, Thousand Yuan, Ten thousand RMB Yuan, RMB Thousand Yuan, RMB Ten thousand
Refers to
Yuan, One Hundred Million Yuan Yuan, RMB One Hundred Million Yuan
Reporting period, this reporting period Refers to 1 Jan. 2014-30 Jun. 2014
2014 Semi-annual Report of Foshan Electrical and Lighting Co., Ltd.
Section II. Company Profile
I. Basic information of the Company
Stock abbreviation FSZM/YZMB Stock code 000541/200541
Stock exchange listed
Shenzhen Stock Exchange
with
Chinese name of the
佛山电器照明股份有限公司
Company
Abbr. of the Chinese
name of the Company (if 佛山照明
any)
English name of the
FOSHAN ELECTRICAL AND LIGHTING CO., LTD
Company (if any)
Abbr. of the English name
FSL
of the Company (if any)
Legal representative of
Pan Jie
the Company
II. For Contact
Company Secretary Securities Affairs Representative
Name Lin Yihui Huang Yufen
No. 64, Fenjiang North Road, No. 64, Fenjiang North Road,
Contact address Chancheng District, Foshan City, Chancheng District, Foshan City,
Guangdong Province, P.R.China Guangdong Province, P.R.China
Tel. (0757)82966062 82810239 (0757)82966028
Fax (0757)82816276 (0757)82816276
E-mail fsl-yh@126.com fslhyf@163.com
III. Other information
1. Ways to contact the Company
Did any change occur to the registered address, office address and their postal codes, website address and email
address of the Company during the reporting period?
□ Applicable √ Inapplicable
The registered address, office address and their postal codes, website address and email address of the Company
did not change during the reporting period. The said information can be found in the 2013 Annual Report.
2014 Semi-annual Report of Foshan Electrical and Lighting Co., Ltd.
2. About information disclosure and where this report is placed
Did any change occur to information disclosure media and where this report is placed during the reporting period?
□ Applicable √ Inapplicable
The newspapers designated by the Company for information disclosure, the website designated by CSRC for
disclosing this report and the location where this report is placed did not change during the reporting period. The
said information can be found in the 2013 Annual Report.
3. Change of the registered information
Did any change occur to the registered information during the reporting period?
□ Applicable √ Inapplicable
The registration date and place of the Company, its business license No., taxation registration No. and
organizational code did not change during the reporting period. The said information can be found in the 2013
Annual Report.
2014 Semi-annual Report of Foshan Electrical and Lighting Co., Ltd.
Section III. Highlights of Accounting Data & Financial Indicators
I. Major accounting data and financial indicators
Does the Company adjust retrospectively or restate accounting data of previous years due to change of any
accounting policy or correction of any accounting error?
□ Yes √ No
Reporting period Same period of last year YoY +/- (%)
Operating revenues (RMB Yuan) 1,543,058,758.03 1,208,260,446.06 27.71%
Net profit attributable to shareholders of
188,959,139.45 153,047,291.37 23.46%
the Company (RMB Yuan)
Net profit attributable to shareholders of
the Company after extraordinary gains and 169,224,226.63 146,663,823.95 15.38%
losses (RMB Yuan)
Net cash flows from operating activities
138,441,766.77 11,712,252.61 1,082.03%
(RMB Yuan)
Basic EPS (RMB Yuan/share) 0.1931 0.1564 23.47%
Diluted EPS (RMB Yuan/share) 0.1931 0.1564 23.47%
Weighted average ROE (%) 6.68% 5.63% 1.05%
As at the end of the
As at the end of last year +/- (%)
reporting period
Total assets (RMB Yuan) 3,673,046,108.98 3,373,781,552.85 8.87%
Net assets attributable to shareholders of
2,920,569,091.65 2,890,581,921.74 1.04%
the Company (RMB Yuan)
II. Differences between accounting data under domestic and overseas accounting standards
1. Differences of net profit and net assets disclosed in financial reports prepared under international and
Chinese accounting standards
Unit: RMB Yuan
Net profit attributable to shareholders of the Net assets attributable to shareholders of the
Company Company
Reporting period Same period of last year Closing amount Opening amount
According to Chinese
188,959,139.45 153,047,291.37 2,920,569,091.65 2,890,581,921.74
accounting standards
Items and amounts adjusted according to international accounting standards
According to international
188,959,139.45 153,047,291.37 2,920,569,091.65 2,890,581,921.74
accounting standards
2014 Semi-annual Report of Foshan Electrical and Lighting Co., Ltd.
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards
Unit: RMB Yuan
Net profit attributable to shareholders of the Net assets attributable to shareholders of the
Company Company
Reporting period Same period of last year Closing amount Opening amount
According to Chinese
188,959,139.45 153,047,291.37 2,920,569,091.65 2,890,581,921.74
accounting standards
Items and amounts adjusted according to overseas accounting standards
According to overseas
188,959,139.45 153,047,291.37 2,920,569,091.65 2,890,581,921.74
accounting standards
3. Explain reasons for the differences between accounting data under domestic and overseas accounting
standards
□ Applicable √ Inapplicable
III. Items and amounts of extraordinary gains and losses
Unit: RMB Yuan
Item Amount Explanation
Gains/losses on the disposal of non-current assets (including the
-106,385.02
offset part of asset impairment provisions)
Government grants recognized in the current period, except for
those acquired in the ordinary course of business or granted at
323,499.80
certain quotas or amounts according to the country’s unified
standards
Gains and losses on change in fair value from tradable financial
assets and tradable financial liabilities, as well as investment
income from disposal of tradable financial assets and tradable
22,326,685.31
financial liabilities and financial assets available for sales except
for effective hedging related with normal businesses of the
Company
Other non-operation income and expenses other than the above 682,094.80
Less: Income tax effects 3,490,982.07
Total 19,734,912.82 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item
□ Applicable √ Inapplicable
No such cases during the reporting period.
2014 Semi-annual Report of Foshan Electrical and Lighting Co., Ltd.
Section IV. Report of the Board of Directors
I. Overview
In the reporting period, the economic environment at home and abroad was complex and
changeable, and the overseas markets were in a long and vulnerable recovery. The domestic
economy slowed down “structurally” and risks were building up in the real estate and financial
sectors. And the lighting industry where we belonged saw a structural over-capacity, fiercer market
competition, continuously falling product prices and acclerated enterprise wash-out and integration.
The industry was reaching a break point. In face of the ups and downs in the industry, with “seize
opportunities, promote development, attach importantce to management and increase profits” as the
guidance, the Board of Directors and the managemnt team diligently carried out all the work,
enhanced budgetary management and operating plan execution management, and input more efforts
in expanding domestic and overseas markets, which ensured a stable growth of the main business.
For the reporting period, the Company achieved operating revenues of RMB 1543.0588 million, up
27.71% over the same period of last year, of which the revenue from domestic sale reached RMB
1052.2441 million, up 19.51% year on year, and that from export reached RMB 490.8147 million,
up 49.72% year on year; total profits of RMB 228.9185 million, up 18.86% over the same period of
last year; and net profit attributable to shareholders of the Company of RMB 188.9591 million,
representing a year-on-year growth of 23.46%.
II. Main business analysis
YoY change of major financial data:
Unit: RMB Yuan
Reporting period Same period of last year YoY +/-% Main reasons for change
Operating revenues 1,543,058,758.03 1,208,260,446.06 27.71%
Operating costs 1,156,217,280.15 925,675,209.12 24.91%
Selling expenses 62,967,912.93 44,431,240.08 41.72% Sale increased.
Operating costs
Administrative expenses 104,495,339.45 77,932,401.53 34.08%
increased.
Interest of term deposits
Financial expenses -5,733,347.63 -3,963,817.89 -44.64%
increased.
Income tax expenses 41,689,863.95 39,614,342.25 5.24%
R&D inputs 34,671,618.47 33,914,703.00 2.23%
2014 Semi-annual Report of Foshan Electrical and Lighting Co., Ltd.
Cash received from
Net cash flows from
138,441,766.77 11,712,252.61 1,082.03% selling goods and
operating activities
services increased.
Cash paid for
Net cash flows from
-21,344,331.62 25,328,242.59 -184.27% external investment
investing activities
increased.
Cash paid as
Net cash flows from
-151,583,685.10 -284,036,742.40 -46.63% dividends and profit
financing activities
