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Report on the Company’s 2014 Financial Final Accounts and 2015 Financial Budget
Document No. 3 for the 2014 Annual General Meeting
Regarding the Company’s 2014 Annual Financial Settlement
Report on the 2015 Fiscal Budget
Dear Shareholders:
We now submit the Company’s 2014 Financial Statements and 2015 Financial Budget to the Shareholders’ Meeting for your review and approval.
I. 2014 Fiscal Year Financial Settlement
According to the audit conducted by Dahuа Certified Public Accountants, the company’s asset position and the performance of its key financial and economic indicators for the year 2014 are as follows:
(1) Company Asset Status
At the end of 2014, the company’s total assets amounted to RMB 305,393 million, comprising RMB 133,778 million in current assets and RMB 171,615 million in non-current assets. Among the non-current assets, fixed assets totaled RMB 41,429 million, long-term equity investments amounted to RMB 103,923 million, construction-in-progress stood at RMB 1,852 million, available-for-sale financial assets were RMB 4,243 million, investment property was RMB 2,511 million, intangible assets amounted to RMB 15,391 million, and other assets totaled RMB 2,266 million.
At the end of 2014, the company’s total liabilities amounted to RMB 990.27 million, comprising RMB 937.50 million in current liabilities and RMB 52.77 million in non-current liabilities.
At the end of 2014, total equity amounted to RMB 206,366 million, with equity attributable to the parent company totaling RMB 196,703 million.
(II) Status of Achievement of the Company’s Key Financial and Economic Indicators
1. In 2014, operating revenue reached RMB 14,257.2 million, representing 84.36% of the planned RMB 16,900.0 million and a 7.16% decrease from RMB 15,357.1 million in the same period last year. This decline was primarily attributable to insufficient demand in domestic industries such as steel, petrochemicals, cement, and coal, which led to a significant reduction in valid orders for industrial refrigeration and general-purpose petrochemical equipment.
2. In 2014, total profit amounted to RMB 123.99 million, representing 88.56% of the planned target of RMB 140 million and a year-on-year decrease of 32.89% from RMB 184.75 million in the same period last year. This decline was primarily attributable to reduced revenue and significant price declines in industrial refrigeration and general petrochemical equipment. The substantial year-on-year drop in profit was largely due to the RMB 41.76 million in gains recorded last year from the acquisition and storage of land for warehousing purposes.
3. Net profit attributable to owners of the parent company amounted to RMB 115.44 million, a year-on-year decrease of 24.55%.
II. 2015 Fiscal Budget
The company’s 2015 operating plan targets are as follows:
1. Sales revenue: RMB 165,000 million, representing an approximate 16% increase compared with the RMB 142,572 million in sales revenue achieved in 2014.
2. Total profit: RMB 150 million, representing an approximate 21% increase compared with the total profit of RMB 123.99 million achieved in 2014.
The above report is submitted for your review.
May 20, 2015
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Dalian Bingshan Group Co., Ltd.
Address: No. 106, Liaohe East Road, Dalian Economic & Technological Development Zone
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