Report for the First Quarter of 2014 of Changchai Company, Limited Changchai Company, Limited
Report for the First Quarter of 2014
April 2014
Report for the First Quarter of 2014 of Changchai Company, Limited Section I. Important Reminders
The Board of Directors, the Supervisory Committee, directors, supervisors and senior management staff of Changchai Company, Limited (hereinafter referred to as “the Company”) warrant that the information carried in 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.
Xue Guojun, company principal, He Jianguang, chief of the accounting work, and Jiang He, chief of the accounting organ (chief of accounting), hereby confirm that the financial statements enclosed in this report are factual, accurate and complete.
All directors have attended the board session for reviewing this report.
This report is prepared in both Chinese and English. Should there be any discrepancy between the two versions, the Chinese version shall prevail.
Report for the First Quarter of 2014 of Changchai Company, Limited Section II. Financial Highlights& Change of Shareholders
I. Main accounting data and financial indicators
Does the Company adjust retrospectively or restate accounting data of previous years due to change of the accounting policy or correction of any accounting error?
□ Yes√ No
|||||
|-|-|-|-|
||Jan.-Mar. 2014|Jan.-Mar. 2013|+/- (%)|
|Operating revenues (RMB Yuan)|742,596,945.82|814,251,387.30|-8.8%|
|Net profit attributable to shareholders of|19,532,558.06|18,934,558.56||
||||3.16%|
|the Company (RMB Yuan)||||
|Net profit attributable to shareholders of||||
||19,307,194.21|18,619,519.27|3.69%|
|the Company after extraordinary gains||||
|and losses (RMB Yuan)||||
|Net cash flows from operating activities|-44,717,639.28|71,419,143.58||
||||-162.61%|
|(RMB Yuan)||||
|Basic EPS (RMB Yuan/share)|0.03|0.03|0%|
|Diluted EPS (RMB Yuan/share)|0.03|0.03|0%|
|Weighted average ROE (%)|1.06%|1.02%|0.04%|
||31 Mar. 2014|31 Dec. 2013|+/- (%)|
|Total assets (RMB Yuan)|3,092,696,635.89|3,042,349,320.63|1.65%|
|Net assets attributable to shareholders of|1,843,956,967.72|1,809,577,062.45||
||||1.9%|
|the Company (RMB Yuan)||||

Items and amounts of extraordinary gains and losses
√ Applicable□ Inapplicable
||||
|-|-|-|
|Item|1 Jan. 2014-31 Mar. 2014|Explanation|
|Gains/losses on the disposal of non-current assets|||
|(including the offset part of the asset impairment|158,173.02||
|provisions)|||
|Government grants recognized in the current period,|||
|except for those acquired in the ordinary course of|||
||124,000.00||
|business or granted at certain quotas or amounts|||
|according to the government’s unified standards|||
|Capital occupation charges on non-financial enterprises|||
||296,666.67||
|that are recorded into current gains and losses|||
|Gains and losses on change in fair value from tradable|||
||526,224.94||
|financial assets and tradable financial liabilities, as well|||
|as investment income from disposal of tradable financial|||

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|assets and tradable financial liabilities and financial|||
|assets available for sales except for effective hedging|||
|related with normal businesses of the Company|||
|Non-operating income and expense other than the above|-699,077.09||
|Less: Income tax effects|159,439.66||
|Minority interests effects (after tax)|21,184.03||
|Total|225,363.85|--|

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 thePublic—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
II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders Unit: share
||||||||
|-|-|-|-|-|-|-|
|Total number of shareholders at the|||||||
|||66,815|||||
|period-end|||||||
|Total number of shareholders at the period-end|||||||
|||Shareholding||Number of|Pledged or frozen shares||
||Nature of||Number of||||
|Name of shareholder||percentage||restricted|Status of|Number of|
||shareholder||shares held||||
|||(%)||shares held|shares|shares|
|State-owned AssetsSupervision andAdministrationCommission ofChangzhou MunicipalPeople’s Government|On behalf ofthe State|30.02%|168,497,736|0|||
|BNP PARIBAS WEALTHMANAGEMENT HONGKONG BRANCH|Foreigncorporation|2.71%|15,199,417|0|||
|China Foreign EconomyAnd Trade Trust Co.,Ltd－New Share+ InterestArbitrage|Other|1.06%|5,952,348|0|||
|Changxin Funds -Industrial Bank -BlockTrade No. 3 AssetManagement Plan|Other|0.96%|5,369,939|0|||
|ING ASIA PRIVATE|Foreign|0.92%|5,189,901|0|||

Report for the First Quarter of 2014 of Changchai Company, Limited
||||||||
|-|-|-|-|-|-|-|
|BANK LIMITED|corporation||||||
|Wang Yuanquan|Domesticnaturalperson|0.91%|5,100,000|0|||
|Changxin Funds -Industrial Bank -BlockTrade No. 3 AssetManagement Plan|Other|0.86%|4,812,165|0|||
|Zhongrong InternationalTrust Co., Ltd.-08Rongxin NO. 83|Other|0.73%|4,120,501|0|||
|Zhonghai Trust Co., Ltd－Zhonghai Jufa－theagreed subscription of theMoney Trust 1 of the newshare|Other|0.65%|3,655,642|0|||
|Ping An Trust Co., Ltd-Ping An BBK AssembledFunds Trust|Other|0.59%|3,311,504|0|||
|Shareholdings of top 10 non-restricted shareholders|||||||
||||Number of non-restricted||Variety of shares||
|Name of shareholder|||||||
||||shares held||Variety|Number|
|State-owned Assets Supervision and AdministrationCommission of Changzhou Municipal People’sGovernment|||168,497,736||||
||||||RMB ordinary||
|||||||168,497,736|
||||||share||
|BNP PARIBAS WEALTH MANAGEMENT HONGKONG BRANCH|||15,199,417||Domestically||
||||||listed foreign|15,199,417|
||||||shares||
|China Foreign Economy And Trade Trust Co.,Ltd－New Share+ Interest Arbitrage|||5,952,348||RMB ordinary||
|||||||5,952,348|
||||||share||
|Changxin Funds - Industrial Bank -Block Trade No. 3Asset Management Plan|||5,369,939||RMB ordinary||
|||||||5,369,939|
||||||share||
|ING ASIA PRIVATE BANK LIMITED|||5,189,901||Domestically||
||||||listed foreign|5,189,901|
||||||shares||
|Wang Yuanquan|||5,100,000||RMB ordinary||
|||||||5,100,000|
||||||share||
|Changxin Funds - Industrial Bank -Block Trade No. 3Asset Management Plan|||4,812,165||RMB ordinary||
|||||||4,812,165|
||||||share||

Report for the First Quarter of 2014 of Changchai Company, Limited
|||||||
|-|-|-|-|-|-|
|Zhongrong International Trust Co., Ltd.-08 RongxinNO. 83|4,120,501||RMB ordinary|||
||||||4,120,501|
||||share|||
|Zhonghai Trust Co., Ltd－Zhonghai Jufa－the agreedsubscription of the Money Trust 1 of the new share|3,655,642||RMB ordinary|||
||||||3,655,642|
||||share|||
|Ping An Trust Co., Ltd- Ping An BBK AssembledFunds Trust|3,311,504||RMB ordinary|||
||||||3,311,504|
||||share|||
||It is unknown whether there was any associated relationship|||||
||among the top ten tradable shareholders and among the top|||||
|Explanation on associated relationship or/and persons||||||
||ten shareholders not subject to trading moratorium, or|||||
|acting in concert among the above-mentioned||||||
||whether they are persons acting in concert as described by|||||
|shareholders:||||||
||Measures for the Administrative of Disclosure of|||||
||Shareholder Equity Changes.|||||
||Because the shareholder--Mr. Wang Yuanquan had|||||
||participated in the financing and securities loans business|||||
||during the reporting period, he held the shares of the|||||
|Explanation on the top 10 shareholders participating in||||||
||Company of 5,100,000shares through the securities|||||
|the financing and securities loans business (if any)||||||
||guarantee account of the customer credit transactions|||||
||provided by|China Securities Co., Ltd.||with the proportion of||
||the share holding of 0.27%.|||||

Did any shareholder of the Company carry out an agreed buy-back in the reporting period?
□ Yes√ No
Section III. Significant Events
I. Significant changes of the major accounting statement items and financial indicators for the reporting period, as well as the reasons for these changes
1. Accounts receivable increased61.27% from the opening amount mainly because the Company properly allowedcustomers’ buying on credit according to relevant agreements and plans to expand the market room. 2. Prepayments decreased37.07% from the opening amount mainly because the prepayments for materials decreased.
3. Other receivables increased76.47% from the opening amount mainly because subsidiary Housheng Investment granted a temporary loan to an external party.
4. Payroll payable decreased45.00% from the opening amount mainly because some of the salary and bonus
provisions made last year were paid in the reporting period.
Report for the First Quarter of 2014 of Changchai Company, Limited 5. Net cash flows from operating activities decreased from the opening amount mainly because the Company enhanced sales promotion and the accounts receivable increased.
II. Predict the operating results of Jan.-Jun. 2014
Warning of possible loss or considerable YoY change of the accumulated net profit made during the period-begin to the end of the next reporting period according to prediction, as well as explanations on the reasons:
□ Applicable√ Inapplicable
V. Securities investments
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||||Number|Shareho|Number|Shareho||Gain/los|||
||||Initial|||||Closing||||
|Variety||||of|lding|of|lding||s for||Source|
||Code of|Name of|investm|||||book||||
|of||||shares|percenta|shares|percenta||reportin|Account|of|
||securitie|securitie|ent cost|||||value||||
|securitie||||held at|ge at|held at|ge at||g period|ing title|securitie|
||s|s|(RMB|||||(RMB||||
|s||||period-b|period-b|period-e|period-e||(RMB||s|
||||Yuan)|||||Yuan)||||
|||||egin|egin|nd|nd||Yuan)|||
|Total|||0.00|0|--|0|--|0.00|0.00|--|--|

 Shareholdings in other listed companies
√Applicable□ Inapplicable
At the end of the reporting period, the Company held a number of 72.25 million “Foton Motor” shares and 50,000 “Ninghu Expressway” shares measured as available-for-sale financial assets.
IV. Researches, visits and interviews received in the reporting period
|||||||
|-|-|-|-|-|-|
|||||Visitor|Main discussion|
|||Way of|||and materials|
|Time of reception|Place of reception||Visitor type|||
|||reception|||provided by the|
||||||Company|
|||||Individualinvestor|The impact of|
||The Shenzhen Stock||||reform of|
|7 Jan. 2014|Exchange|Other|Individual||state-owned assets|
||Interaction Platform||||on the Company's|
||||||future|

Report for the First Quarter of 2014 of Changchai Company, Limited Section IV. Financial Statements
I. Financial statements
1. Consolidated balance sheet
Prepared by Changchai Company, Limited
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Current assets:|||
|Monetary funds|604,502,317.58|688,297,469.30|
|Settlement reserves|||
|Intra-group lendings|||
|Transactional financial assets|||
|Notes receivable|237,968,924.48|257,845,729.93|
|Accounts receivable|511,689,367.14|317,295,375.34|
|Accounts paid in advance|9,225,605.26|14,659,048.00|
|Premiums receivable|||
|Reinsurance premiums receivable|||
|Receivable reinsurance contract|||
|reserves|||
|Interest receivable|||
|Dividend receivable|||
|Other accounts receivable|22,452,214.04|12,723,300.47|
|Financial assets purchased under|||
|agreements to resell|||
|Inventories|402,065,523.72|473,238,876.29|
|Non-current assets due within 1 year|||
|Other current assets|||
|Total current assets|1,787,903,952.22|1,764,059,799.33|
|Non-current assets:|||
|Loans by mandate and advances|||
|granted|||
|Available-for-sale financial assets|380,300,500.00|368,754,000.00|
|Held-to-maturity investments|||

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|Long-term accounts receivable|||
|Long-term equity investment|69,498,325.73|64,748,325.73|
|Investing property|61,145,626.43|61,697,711.63|
|Fixed assets|618,747,202.38|619,468,246.18|
|Construction in progress|90,296,182.40|78,207,347.80|
|Engineering materials|||
|Disposal of fixed assets|||
|Production biological assets|||
|Oil-gas assets|||
|Intangible assets|83,608,856.47|84,217,899.70|
|R&D expense|||
|Goodwill|||
|Long-term deferred expenses|||
|Deferred income tax assets|1,195,990.26|1,195,990.26|
|Other non-current assets|||
|Total of non-current assets|1,304,792,683.67|1,278,289,521.30|
|Total assets|3,092,696,635.89|3,042,349,320.63|
|Current liabilities:|||
|Short-term borrowings|27,000,000.00|30,000,000.00|
|Borrowings from Central Bank|||
|Customer bank deposits and due to|||
|banks and other financial institutions|||
|Intra-group borrowings|||
|Transactional financial liabilities|||
|Notes payable|268,330,000.00|246,300,000.00|
|Accounts payable|569,774,723.04|577,327,834.60|
|Accounts received in advance|40,426,674.17|38,090,958.80|
|Financial assets sold for repurchase|||
|Handling charges and commissions|||
|payable|||
|Employee’s compensation payable|31,476,345.36|57,122,045.12|
|Tax payable|-12,334,614.30|-23,761,875.83|
|Interest payable|||
|Dividend payable|4,263,814.61|3,891,433.83|
|Other accounts payable|188,514,821.79|174,454,382.17|

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|Reinsurance premiums payable|||
|Insurance contract reserves|||
|Payables for acting trading of|||
|securities|||
|Payables for acting underwriting of|||
|securities|||
|Non-current liabilities due within 1|||
|year|||
|Other current liabilities||1,939,407.40|
|Total current liabilities|1,117,451,764.67|1,105,364,186.09|
|Non-current liabilities:|||
|Long-term borrowings|||
|Bonds payable|||
|Long-term payables|||
|Specific payables|||
|Estimated liabilities|||
|Deferred income tax liabilities|50,763,900.00|49,031,925.00|
|Other non-current liabilities|63,694,052.94|61,894,052.94|
|Total non-current liabilities|114,457,952.94|110,925,977.94|
|Total liabilities|1,231,909,717.61|1,216,290,164.03|
|Owners’ equity (or shareholders’|||
|equity)|||
|Paid-up capital (or share capital)|561,374,326.00|561,374,326.00|
|Capital reserves|464,200,092.65|448,863,729.25|
|Less: Treasury stock|||
|Specific reserves|6,996,256.56|6,996,256.56|
|Surplus reserves|289,629,574.39|289,629,574.39|
|Provisions for general risks|||
|Retained profits|521,786,240.04|502,779,906.92|
|Foreign exchange difference|-29,521.92|-66,730.67|
|Total equity attributable to owners of|||
||1,843,956,967.72|1,809,577,062.45|
|the Company|||
|Minority interests|16,829,950.56|16,482,094.15|
|Total owners’ (or shareholders’) equity|1,860,786,918.28|1,826,059,156.60|
|Total liabilities and owners’ (or|||
||3,092,696,635.89|3,042,349,320.63|
|shareholders’) equity|||

Report for the First Quarter of 2014 of Changchai Company, Limited Legal representative: Xue Guojun Chief of the accounting work: He Jianguang Chief of the accounting organ: Jiang He
Report for the First Quarter of 2014 of Changchai Company, Limited 2. Balance sheet of the Company
Prepared by Changchai Company, Limited
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Current Assets:|||
|Monetary funds|580,438,353.38|649,755,641.89|
|Transactional financial assets|||
|Notes receivable|236,868,924.48|257,695,729.93|
|Accounts receivable|474,469,629.58|287,405,670.66|
|Accounts paid in advance|8,504,225.35|10,821,513.13|
|Interest receivable|||
|Dividend receivable|||
|Other accounts receivable|10,119,394.95|10,397,443.72|
|Inventories|329,629,729.94|401,992,702.79|
|Non-current assets due within 1 year|||
|Other current assets|||
|Total current assets|1,640,030,257.68|1,618,068,702.12|
|Non-current assets:|||
|Available-for-sale financial assets|380,300,500.00|368,754,000.00|
|Held-to-maturity investments|||
|Long-term accounts receivable|||
|Long-term equity investment|192,166,565.73|188,666,565.73|
|Investing property|61,145,626.43|61,697,711.63|
|Fixed assets|497,007,022.32|496,473,706.65|
|Construction in progress|88,710,366.04|77,785,739.64|
|Engineering materials|||
|Disposal of fixed assets|||
|Production biological assets|||
|Oil-gas assets|||
|Intangible assets|81,566,368.85|82,161,279.41|
|R&D expense|||
|Goodwill|||
|Long-term deferred expenses|||
|Deferred income tax assets|1,195,990.26|1,195,990.26|

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|Other non-current assets|||
|Total of non-current assets|1,302,092,439.63|1,276,734,993.32|
|Total assets|2,942,122,697.31|2,894,803,695.44|
|Current liabilities:|||
|Short-term borrowings|||
|Transactional financial liabilities|||
|Notes payable|268,330,000.00|239,300,000.00|
|Accounts payable|523,980,642.99|534,436,105.73|
|Accounts received in advance|40,125,298.29|48,173,277.25|
|Employee’s compensation payable|29,051,930.51|52,616,431.17|
|Tax payable|-4,502,617.56|-16,220,685.07|
|Interest payable|||
|Dividend payable|3,243,179.97|3,243,179.97|
|Other accounts payable|177,569,886.83|167,758,011.92|
|Non-current liabilities due within 1|||
|year|||
|Other current liabilities|||
|Total current liabilities|1,037,798,321.03|1,029,306,320.97|
|Non-current liabilities:|||
|Long-term borrowings|||
|Bonds payable|||
|Long-term payables|||
|Specific payables|||
|Estimated liabilities|||
|Deferred income tax liabilities|50,763,900.00|49,031,925.00|
|Other non-current liabilities|63,694,052.94|61,894,052.94|
|Total non-current liabilities|114,457,952.94|110,925,977.94|
|Total liabilities|1,152,256,273.97|1,140,232,298.91|
|Owners’ equity (or shareholders’|||
|equity)|||
|Paid-up capital (or share capital)|561,374,326.00|561,374,326.00|
|Capital reserves|474,875,497.68|460,891,884.95|
|Less: Treasury stock|||
|Specific reserves|6,996,256.56|6,996,256.56|
|Surplus reserves|289,629,574.39|289,629,574.39|

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|Provisions for general risks|||
|Retained profits|456,990,768.71|435,679,354.63|
|Foreign exchange difference|||
|Total owners’ (or shareholders’) equity|1,789,866,423.34|1,754,571,396.53|
|Total liabilities and owners’ (or|||
||2,942,122,697.31|2,894,803,695.44|
|shareholders’) equity|||

Legal representative: Xue Guojun Chief of the accounting work: He Jianguang Chief of the accounting organ: Jiang He 3. Consolidated income statement
Prepared by Changchai Company, Limited
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2014|Jan.-Mar. 2013|
|I. Operating revenues|742,596,945.82|814,251,387.30|
|Including: Sales income|742,596,945.82|814,251,387.30|
|Interest income|||
|Premium income|||
|Handling charge and|||
|commission income|||
|II. Total operating cost|718,974,544.23|792,240,834.74|
|Including: Cost of sales|658,509,746.25|722,423,947.13|
|Interest expenses|||
|Handling charge and|||
|commission expenses|||
|Surrenders|||
|Net claims paid|||
|Net amount withdrawn for the|||
|insurance contract reserve|||
|Expenditure on policy dividends|||
|Reinsurance premium|||
|Taxes and associate charges|209,031.38|143,557.89|
|Selling and distribution expenses|27,228,368.05|29,454,345.37|
|Administrative expenses|34,984,302.76|42,694,660.07|
|Financial expenses|-1,956,904.21|-2,475,675.72|
|Asset impairment loss|||
|Add: Gain/(loss) from change in fair|||

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|value (“-” means loss)|||
|Gain/(loss) from investment (“-”|||
||526,224.94|77,588.11|
|means loss)|||
|Including: share of profits in associates|||
|and joint ventures|||
|Foreign exchange gains (“-” means|||
|loss)|||
|III. Business profit (“-” means loss)|24,148,626.53|22,088,140.67|
|Add: non-operating income|1,065,169.47|1,775,940.49|
|Less: non-operating expense|1,289,209.96|1,194,598.39|
|Including: loss from|||
|non-current asset disposal|||
|IV. Total profit (“-” means loss)|23,924,586.04|22,669,482.77|
|Less: Income tax expense|4,044,171.57|3,788,312.93|
|V. Net profit (“-” means loss)|19,880,414.47|18,881,169.84|
|Including: Net profit achieved by|||
|combined parties before the|||
|combinations|||
|Attributable to owners of the|||
||19,532,558.06|18,934,558.56|
|Company|||
|Minority shareholders’ income|347,856.41|-53,388.72|
|VI. Earnings per share|--|--|
|(I) Basic earnings per share|0.03|0.03|
|(II) Diluted earnings per share|0.03|0.03|
|Ⅶ. Other comprehensive incomes|15,336,363.40|-27,013,682.28|
|Ⅷ. Total comprehensive incomes|35,216,777.87|-8,132,512.44|
|Attributable to owners of the|||
||34,868,921.46|-8,079,123.72|
|Company|||
|Attributable to minority|||
||347,856.41|-53,388.72|
|shareholders|||

Legal representative: Xue Guojun Chief of the accounting work: He Jianguang Chief of the accounting organ: Jiang He 4. Income statement of the Company
Prepared by Changchai Company, Limited
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2014|Jan.-Mar. 2013|

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|I. Operating revenues|744,681,372.60|817,249,880.91|
|Less: operating costs|667,845,757.35|732,184,980.34|
|Business taxes and surcharges|||
|Distribution expenses|25,657,024.17|27,591,970.45|
|Administrative expenses|31,028,879.23|38,206,517.83|
|Financial costs|-3,091,376.45|-2,984,442.00|
|Impairment loss|||
|Add: gain/(loss) from change in fair|||
|value (“-” means loss)|||
|Gain/(loss) from investment (“-”|||
||2,446,600.00||
|means loss)|||
|Including: income form investment|||
|on associates and joint ventures|||
|II. Business profit (“-” means loss)|25,687,688.30|22,250,854.29|
|Add: non-business income|628,773.51|672,397.21|
|Less: non-business expense|1,244,209.96|1,194,484.89|
|Including: loss from non-current|||
|asset disposal|||
|III. Total profit (“-” means loss)|25,072,251.85|21,728,766.61|
|Less: income tax expense|3,760,837.77|3,409,314.99|
|IV. Net profit (“-” means loss)|21,311,414.08|18,319,451.62|
|V. Earnings per share|--|--|
|(I) Basic earnings per share|0.04|0.03|
|(II) Diluted earnings per share|0.04|0.03|
|VI. Other comprehensive income|13,983,612.73|-27,012,575.00|
|VII. Total comprehensive income|35,295,026.81|-8,693,123.38|

 Legal representative: Xue Guojun Chief of the accounting work: He Jianguang Chief of the accounting organ: Jiang He 5. Consolidated cash flow statement
Prepared by Changchai Company, Limited
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2014|Jan.-Mar. 2013|
|I. Cash flows from operating activities:|||
|Cash received from sale of|||
||633,248,454.62|809,467,550.66|
|commodities and rendering of service|||

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|Net increase of deposits from|||
|customers and dues from banks|||
|Net increase of loans from the central|||
|bank|||
|Net increase of funds borrowed from|||
|other financial institutions|||
|Cash received from premium of|||
|original insurance contracts|||
|Net cash received from reinsurance|||
|business|||
|Net increase of deposits of policy|||
|holders and investment fund|||
|Net increase of disposal of tradable|||
|financial assets|||
|Cash received from interest, handling|||
|charges and commissions|||
|Net increase of intra-group|||
|borrowings|||
|Net increase of funds in repurchase|||
|business|||
|Tax refunds received|12,207,933.66|14,771,186.10|
|Other cash received relating to|||
||3,986,052.18|4,027,490.48|
|operating activities|||
|Subtotal of cash inflows from operating|||
||649,442,440.46|828,266,227.24|
|activities|||
|Cash paid for goods and services|593,122,072.37|648,268,258.31|
|Net increase of customer lendings|||
|and advances|||
|Net increase of funds deposited in the|||
|central bank and amount due from|||
|banks|||
|Cash for paying claims of the original|||
|insurance contracts|||
|Cash for paying interest, handling|||
|charges and commissions|||
|Cash for paying policy dividends|||
|Cash paid to and for employees|80,343,377.26|81,987,302.47|
|Various taxes paid|11,153,867.39|10,113,491.21|

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|Other cash payment relating to|||
||9,540,762.72|16,478,031.67|
|operating activities|||
|Subtotal of cash outflows from|||
||694,160,079.74|756,847,083.66|
|operating activities|||
|Net cash flows from operating activities|-44,717,639.28|71,419,143.58|
|II. Cash flows from investing activities:|||
|Cash received from withdrawal of|||
||0.00|0.00|
|investments|||
|Cash received from return on|||
||176,244.94|77,588.11|
|investments|||
|Net cash received from disposal of|||
|fixed assets, intangible assets and other|158,173.02|197,020.04|
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other business units|||
|Other cash received relating to|||
||20,000.00|5,179,450.00|
|investing activities|||
|Subtotal of cash inflows from|||
||354,417.96|5,454,058.15|
|investing activities|||
|Cash paid to acquire fixed assets,|||
|intangible assets and other long-term|32,774,332.39|27,916,821.47|
|assets|||
|Cash paid for investment|1,250,000.00|0.00|
|Net increase of pledged loans|||
|Net cash paid to acquire subsidiaries|||
|and other business units|||
|Other cash payments relating to|||
||11,512,486.41|16,000,000.00|
|investing activities|||
|Subtotal of cash outflows from|||
||45,536,818.80|43,916,821.47|
|investing activities|||
|Net cash flows from investing activities|-45,182,400.84|-38,462,763.32|
|III. Cash flows from financing|||
|Activities:|||
|Cash received from capital|||
|contributions|||
|Including: Cash received from|||
|minority shareholder investments by|||
|subsidiaries|||

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|Cash received from borrowings||17,000,000.00|
|Cash received from issuance of|||
|bonds|||
|Other cash received relating to|||
|financing activities|||
|Subtotal of cash inflows from financing|||
||0.00|17,000,000.00|
|activities|||
|Repayment of borrowings|3,000,000.00|10,000,000.00|
|Cash paid for interest expenses and|||
||0.00|254,655.94|
|distribution of dividends or profit|||
|Including: dividends or profit paid|||
|by subsidiaries to minority shareholders|||
|Other cash payments relating to|||
|financing activities|||
|Sub-total of cash outflows from|||
||3,000,000.00|10,254,655.94|
|financing activities|||
|Net cash flows from financing activities|-3,000,000.00|6,745,344.06|
|IV. Effect of foreign exchange rate|||
||-62,201.92|-1,007.36|
|changes on cash and cash equivalents|||
|V. Net increase in cash and cash|||
||-92,962,242.04|39,700,716.96|
|equivalents|||
|Add: Opening balance of cash and|||
||610,882,216.18|744,494,588.07|
|cash equivalents|||
|VI. Closing balance of cash and cash|||
||517,919,974.14|784,195,305.03|
|equivalents|||

Legal representative: Xue Guojun Chief of the accounting work: He Jianguang Chief of the accounting organ: Jiang He 6. Cash flow statement of the Company
Prepared by Changchai Company, Limited
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2014|Jan.-Mar. 2013|
|I. Cash flows from operating activities:|||
|Cash received from sale of|||
||635,031,653.87|806,717,049.56|
|commodities and rendering of service|||
|Tax refunds received|12,207,933.66|14,771,186.10|
|Other cash received relating to|||
||3,657,949.42|3,549,610.74|
|operating activities|||

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|Subtotal of cash inflows from operating|||
||650,897,536.95|825,037,846.40|
|activities|||
|Cash paid for goods and services|617,029,101.59|655,750,607.03|
|Cash paid to and for employees|70,381,645.71|72,118,774.59|
|Various taxes paid|9,514,379.15|9,942,021.71|
|Other cash payment relating to|||
||8,244,209.96|11,248,564.85|
|operating activities|||
|Subtotal of cash outflows from|||
||705,169,336.41|749,059,968.18|
|operating activities|||
|Net cash flows from operating activities|-54,271,799.46|75,977,878.22|
|II. Cash flows from investing activities:|||
|Cash received from retraction of|||
|investments|||
|Cash received from return on|||
||2,446,600.00|0.00|
|investments|||
|Net cash received from disposal of|||
|fixed assets, intangible assets and other|158,173.02|197,020.04|
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other business units|||
|Other cash received relating to|||
|investing activities|||
|Subtotal of cash inflows from|||
||2,604,773.02|197,020.04|
|investing activities|||
|Cash paid to acquire fixed assets,|||
|intangible assets and other long-term|28,917,352.39|24,018,015.52|
|assets|||
|Cash paid for investment|||
|Net cash paid to acquire subsidiaries|||
|and other business units|||
|Other cash payments relating to|||
|investing activities|||
|Subtotal of cash outflows from|||
||28,917,352.39|24,018,015.52|
|investing activities|||
|Net cash flows from investing activities|-26,312,579.37|-23,820,995.48|
|III. Cash flows from financing|||
|activities:|||
|Cash received from capital|||

Report for the First Quarter of 2014 of Changchai Company, Limited
||||
|-|-|-|
|contributions|||
|Cash received from borrowings|||
|Cash received from issuance of|||
|bonds|||
|Other cash received relating to|||
|financing activities|||
|Subtotal of cash inflows from financing|||
||0.00|0.00|
|activities|||
|Repayment of borrowings|0.00|0.00|
|Cash paid for interest expenses and|||
|||0.00|
|distribution of dividends or profit|||
|Other cash payments relating to|||
|financing activities|||
|Sub-total of cash outflows from|||
||0.00|0.00|
|financing activities|||
|Net cash flows from financing activities|0.00|0.00|
|IV. Effect of foreign exchange rate|||
|changes on cash and cash equivalents|||
|V. Net increase in cash and cash|||
||-80,584,378.83|52,156,882.74|
|equivalents|||
|Add: Opening balance of cash and|||
||574,440,388.77|708,748,963.75|
|cash equivalents|||
|VI. Closing balance of cash and cash|||
||493,856,009.94|760,905,846.49|
|equivalents|||

Legal representative: Xue Guojun Chief of the accounting work: He Jianguang Chief of the accounting organ: Jiang He II. Audit report
Is this report audited?
□ Yes√ No
This report is not audited.