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Report on the Company’s 2014 Profit Distribution Plan
Document No. 4 for the 2014 Annual General Meeting
Report on the Company’s 2014 Profit Distribution Plan
Dear Shareholders:
The Company’s 2014 annual financial statements have been audited by Dahuа Certified Public Accountants. The following profit distribution plan is hereby proposed for the year 2014.
According to the audit conducted by Dahua Certified Public Accountants, the parent company recorded a net profit of RMB 111.895 million in 2014. A statutory surplus reserve of RMB 11.189 million was appropriated at a rate of 10%, leaving RMB 100.706 million available for distribution to shareholders in that year.
Adding the undistributed profits at the beginning of the year amounting to RMB 372.591 million, and after deducting the RMB 52.502 million in ordinary share dividends paid for the year 2013 and the RMB 29.066 million set aside as discretionary statutory surplus reserve at a rate of 20%, the cumulative profit available for distribution to shareholders totals RMB 391.729 million.
The Company’s 2014 profit distribution plan is as follows:
The Company shall appropriate RMB 22.379 million as discretionary statutory surplus reserve, at a rate of 20% of the Parent Company’s net profit of RMB 111.895 million for the year 2014.
The Company will calculate the dividend based on a total share capital of 360,164,975 shares following the completion of the restricted stock grant, with a cash dividend of RMB 1.50 per 10 shares (inclusive of tax), resulting in a total dividend payout of RMB 54.025 million; 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, 2015
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Dalian Bingshan Group Co., Ltd.
Address: No. 106, Liaohe East Road, Dalian Economic & Technological Development Zone
Phone:
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