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Document No. 4: Report on the Company’s 2007 Profit Distribution Plan
| Report on the Company’s 2007 Profit Distribution Plan |
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Document No. 4 of the 2007 Annual General Meeting Report on the Company’s 2007 Profit Distribution Plan Dear Shareholders: The Company’s 2007 annual financial statements have been audited by Dalian Hualian Certified Public Accountants LLP. The following proposal is hereby submitted for the distribution of the Company’s 2007 profits. Effective January 1, 2007, the Company adopted the new accounting standards, resulting in a significant difference between the net profit reported in the parent company’s financial statements for the year 2007 and the net profit attributable to the parent company’s owners as presented in the consolidated financial statements. In accordance with the provisions of the Ministry of Finance’s Letter No. [2000]7, “Reply to the Request for Instructions on Profit Distribution Issues in the Preparation of Consolidated Financial Statements,” companies preparing consolidated financial statements shall base their profit distribution on the parent company’s distributable profits. Accordingly, the Company’s profit distribution is determined using the data from the parent company’s financial statements. According to the audit conducted by Dalian Hualian Certified Public Accountants LLP, the Company recorded a net profit of RMB 114.33 million for the year 2007. A statutory surplus reserve of RMB 11.433 million, representing 10% of the net profit, was appropriated, leaving distributable profits of RMB 102.897 million for the year. Adding the undistributed profits at the beginning of the year of RMB 237.33 million and deducting the RMB 52.502 million in ordinary share dividends paid for the year 2006, as well as the RMB 23.459 million appropriated as discretionary surplus reserve at 20%, the cumulative distributable profits available to shareholders amounted to RMB 264.266 million. Of this amount, RMB 22.866 million was appropriated as discretionary surplus reserve at 20%, RMB 52.502 million was allocated for dividend distribution, and the remaining RMB 188.898 million was carried forward for future distribution. Company’s 2007 Dividend Distribution Plan: Based on the total share capital of 350,014,975 shares as of the end of 2007, a cash dividend of RMB 1.50 per 10 shares (inclusive of tax) will be distributed; the cash dividend for B shares will be converted into Hong Kong dollars for payment. This year, the company will not capitalize its capital reserve to increase share capital. The above report is submitted for your review.
May 20, 2008 |
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Dalian Bingshan Group Co., Ltd.
Address: No. 106, Liaohe East Road, Dalian Economic & Technological Development Zone
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