上工申贝(600843)上工股份2001年年度报告

上工股份有限公司 ２００１ 年年度报告 二 ００ 二年四月 1 重 要 提 示 本公司董事会及其董事保证本报告所载资料不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担个别及连带责任。 目 录 公司简介 会计数据和业务数据摘要 股本变动及股东情况 董事、监事、高级管理人员和员工情况 公司治理结构 股东大会情况简介 董事会报告 监事会报告 重要事项 财务报告 有关资料 2 一、公司简介 １、公司沿革 公司的前身上海工业缝纫机公司于 １９９２ 年 １１ 月经上海市经济委员会批准，由 上海工业缝纫机厂、上海缝纫机四厂、上海缝纫机零件厂、上海缝纫机零件四厂、 上海缝纫机零件十厂、上海精工服装机械厂合并组建而成。１９９３ 年 ９ 月，经上海 市经济委员会“沪经企（１９９３）４０５ 号文”批准，上海工业缝纫机公司改组为上海 工业缝纫机股份有限公司。 根据一九九六年度股东大会决议， 经报国家工商行政管理局企业注册局 （国）名称变核外字〔１９９７〕第 ０４２ 号文核准，一九九七年八月二十二日上海市 工商行政管理局批准，更名为上工股份有限公司。 ２、经营概况 公司是以生产、销售工业缝制设备为主的国家大型一档骨干企业和出口基地。 是中国境内工业用缝制设备制造行业中迄今为止生产历史最久、引进国外先进技 术和设备金额最多、累计产销量最大的企业，也是上海市现代企业制度改革的试 点单位之一。主要产品有高速平缝、高速包缝、皮革、套结、缝包、锁眼及其它 特种工业机等共 １０ 个大类，２１ 个系列 １００ 多个品种。２００１ 年公司的“上工牌” 注册商标再次荣获上海市著名商标称号，同时，经国家工商行政管理总局批准， 认定“上工图形”（工业缝纫机）商标为中国驰名商标。三十多年来，原公司已 逐步形成了紧密的专业化协作、零件与整机配套、整机间品种互补的行业优势， 并不断扩大生产能力，以满足日益发展的服装鞋帽、皮革箱包、蓬帆化工等行业 设备配套要求。１９８５ 年以来，公司先后引进了日本著名缝纫机制造商 ＪＵＫＩ 的先进 产品技术及加工设备，使产品迅速跨入国际水平。近年来，公司注重依靠科技开 发新品，发展高科技、高附加值、电脑智能化缝制设备。２０００ 年高新技术产品的 比重已达到 ５０％，公司的技术中心被认定为“上海市企业技术中心”，２００１ 年经 复审，公司继续被命名为“上海市高新技术企业”。 公司主要产品 ＧＣ１５－１ 型高速平缝机、ＧＪ４－２ 型钉扣机获国家优质奖，其他 ２０ 余种产品分别获得各类产品质量奖、科技进步奖和新产品开发奖。公司全面展 开 ＩＳＯ９０００ 质量体系贯标工作，原主体工厂上海工业缝纫机厂和上海缝纫机四厂 分别于 １９９３ 年 ７ 月 ３０ 日和 １９９４ 年 ８ 月 １ 日获得国际权威机构（ＤＮＶ）颁发、英 国政府认可的质量体系认可证书。２０００ 年公司又顺利地通过了质量体系的换证复 审。各类产品畅销全国，远销东南亚、非洲、南美洲等四十多个国家和地区。1997 年，经国家经贸委批准，公司组建了上工进出口有限公司，近年又相继收购了上 海飞人进出口有限公司、上海蝴蝶进出口有限公司，抓住加入 WTO 机遇，积极扩 大国际贸易业务。在致力于发展缝制设备机电一体化、品种多样化、产品高档化 同时，公司通过股权收购，进入了办公机械制造、生化产业领域，逐步形成一业 为主、多业发展的经济模式。 公司继荣获 2000 年度“上海工业优秀企业”光荣称号后，又被中共上海市工 业工作委员会、上海市经济委员会命名为第四届（2000—2001 年）上海市最佳工 业企业形象单位。 二、会计数据和业务数据摘要 １． 公司本年度实现利润情况 （单位：人民币元） 利润总额 52,582,339.60 净利润 45,840,041.90 3 扣除非经常性损益后的净利润 40,867,013.75 主营业务利润 195,460,439.66 其他业务利润 9,524,874.57 营业利润 40,625,946.19 投资收益 6,983,365.26 补贴收入 1,629,030.84 营业外收支净额 3,343,997.31 经营活动产生的现金流量净额 3,361,038.96 现金及现金等价物净增加额 -111,532,917.00 注：扣除非经常性损益的项目涉及金额：补贴收入 １，６２９，０３０．８４ 元，营业外 收入 ５，０８６，１２２．４１ 元，营业外支出 １，７４２，１２５．１０ 元。 ２、国际会计准则对中国法定账目所作的调整如下： 本年净利润 资产净值 （人民币千元） （人民币千元） 根据中国法定财务报表所列报 45,840 502,565 国际会计准则及其他调整： 计入未予合并附属公司之业绩 (1,764) (803) 固定资产减值准备 (28,948) -- 拨备呆滞存货准备 （3,698） -- 冲销资本化之费用 （596） （596） 其他 529 （1,624） 经国际会计准则及其他调整后所列报 11,363 499,542 ３． 公司近三年的主要会计数据和财务指标：（合并报告） （单位：元） ２００１ 年度 ２０００ 年度 １９９９ 年度 项 目 调整后 调整前 调整后 调整前 主营业务 ９１６，２５９，９４４．３６ ５５９，０８４，５６７．９７ ５５９，０８４，５６７．９７ ３７８，２４９，９５６．４９ ３７８，２４９，９５６．４９ 收入 净利润 ４５，８４０，０４１．９０ ３７，６７８，６３７．１３ ３５，００８，４６０．１７ ５，９９８，８２０．００ ５，７２５，４８５．６６ 总资产 １，３１７，４１１，１９９．５６ １，１２９，６６０，９０７．７４ １，３２４，７３５，３９４．８４ １，０９３，２８８，９１９．９４ １，３０２，２６３，３６４．４９ 股东权益 （不含少数 ５０２，５６５，３２８．１２ ４６１，６２１，４２４．９６ ６６７，９２５，６９２．５５ ４２３，９４２，７８７．８３ ６３２，９１７，２３２．３８ 股东权益） 每股收益 ０．１８１６ ０．１４９２ ０．１３８７ ０．０２３８ ０．０２２７ （摊薄） 每股收益 ０．１８１６ ０．１４９２ ０．１３８７ ０．０２３８ ０．０２２７ （加权） 4 扣除非经常 性损益后的 ０．１６１９ ０．１１８０ ０．１０１４ －０．１１４１ －０．１１５２ 每股收益 每股净资产 １．９９０６ １．８２８４ ２．６４５６ １．６７９２ ２．５０６９ 调整后的每 １．９７４５ １．８１８８ ２．４４１４ １．６７６５ ２．２７３４ 股净资产 每股经营活 动产生的现 ０．０１３３ －０．０１３６ －０．０１３６ １．２３０４ １．２３０４ 金流量净额 净资产收益 ９．１２１２ ８．１６２２ ５．２４１４ １．４１５０ ０．９０４６ 率（摊薄）％ 扣除非经常 性损益后的 ８．４３４２ ６．４９０２ ３．９３４９ －６．８４５４ －４．５９５９ 加权平均净 单位：元 报告期利润 净资产收益率 每股收益 全面摊薄 加权平均 全面摊薄 加权平均 主营业务利润 38.89% 40.34% 0.7742 0.7742 营业利润 8.08% 8.38% 0.1609 0.1609 净利润 9.12% 9.46% 0.1816 0.1816 扣除非经营性损 益后的净利润 8.13% 8.43% 0.1619 0.1619 ４、股东权益变动情况： 项 目 股 本 资本公积 盈余公积 其中：法定公益金 末分配利润 股东权益合 计 期初数 ２５２，４６６，３７０．００ ３５６，８２２，８９３．６６ ４，５９２，７９１．８６ １，９２８，０８３．６４ –１５０，９００，１８１．７９ ４６１，６２１，４２４．９６ 本期增加 ３６，８８２．８４ ３，５５２，６３０．４８ １，７７６，３１５．２４ ４２，２８７，４１１．４２ ４０，９４３，９０３．１６ 本期减少 期末数 ２５２，４６６，３７０．００ ３５６，８５９，７７６．５０ ８，１４５，４２２．３４ ３，７０４，３９８．８８ –１０８，６１２，７７０．３７ ５０２，５６５，３２８．１２ 变动原因 债务重组 子公司盈利计提数 年度计提 当年利润 当年利润 ５、业绩图表 主营业务收入（百万元） 主营业务收入（百万元） １０００ １０００ 主营业务收入 主营业务收入 ５００ ５００ （百万元） （百万元） ０ ０ ２００１年 ２０００年 １９９９年 ２００１年 ２０００年 １９９９年 工业机产量（万架） 出口创汇（百万美元） ２５ ６０ ２０ 出口创汇 １５ 工业机产量 ４０ （百万美 １０ （万架） ２０ 元） ５ ０ ０ ２００１年 ２０００年 １９９９年 ２００１年 ２０００年 １９９９年 5 三、股本变动及股东情况 １、股本变动情况 （１） 股份变动情况（截止 ２００１ 年 １２ 月 ３１ 日） 数量单位（股） 本次变动前 本次变动增减（＋，－） 本次变动后 配 公积金 其 小 送股 增发 股 转股 他 计 一、未上市流通股份 １、发起人股份 其中： 国家持有股份 １１７，０１８，０８２ １１７，０１８，０８２ 国有法人持有股份 ９，３４８，２８８ ９，３４８，２８８ 境外法人持有股份 其他 ２、募集法人股 １３，０００，０００ １３，０００，０００ ３、内部职工股 ４、优先股或其他 未上市流通股份合计 １３９，３６６，３７０ １３９，３６６，３７０ 二、已上市流通股份 １、人民币普通股 １５，６００，０００ １５，６００，０００ ２、境内上市的外资股 ９７，５００，０００ ９７，５００，０００ ３、境外上市的外资股 ４、其他 已上市流通股份合计 １１３，１００，０００ １１３，１００，０００ 三、股份总数 ２５２，４６６，３７０ ２５２，４６６，３７０ （2）股票发行和上市情况 股票类别 发行日期 发行价格 发行数量 上市日期 A股 1993.10.10-11.30 5.80 元/股 2,200 万股 1994.3.11 （其中 1,000 万股法人股） B股 1994.1.8-1.12 3.654 元/股 7,500 万股 1994.1.18 （折合 0.42 美元） 6 ２、股东情况 （１）年末股东人数 截止 ２００１ 年 １２ 月 ３１ 日止，本公司在册股东总数 ２９，０７０ 户。其中：国家股 股东 １ 户，国有法人股股东 １ 户，社会法人股股东 １４７ 户，Ａ 股股东 １４，１４１ 户，Ｂ 股股东 １４，７８０ 户 。 （2）前十名股东持股情况（截止 2001 年 12 月 31 日） 名次 股 东 名 称 股份性质 期末持股数 占总股本比例（％） 1. 上海轻工控股（集团）公司 国家股 117,018,082 46.35 2. 上海国际信托投资公司 国有法人股 9,348,288 3.70 3. 中国银行上海市分行 社会法人股 4,771,000 1.89 4. 上海三毛纺织股份有限公司 社会法人股 1,762,800 0.70 5. 兰 毅 B股 1,577,702 0.62 6. 申银万国证券股份有限公司 社会法人股 1,300,000 0.51 7. 周丽华 B股 680,000 0.27 8. 中国工商银行上海市第二支行 社会法人股 650,000 0.26 MERRILL LYNCH 9. B股 611,000 0.24 NOMINEES(HK) LTD 10. 盛志平 B股 568,500 0.23 （３）持有本公司 １０％以上的股东情况简介 ① 上海轻工控股 （集团）公司系本公司控股股东，年初持有国家股 １１７，０１８，０８２ 股，占本公司总股本比例为 ４６．３５％，报告期内所持股份无变动，也 无质押、冻结情况。 上海轻工控股（集团）公司是经上海市人民政府批准，由上海市轻工业局、 上海市第二轻工业局改制组建的国有独资有限责任公司。１９９５ 年 １２ 月 ２７ 日经上 海市国有资产管理委员会（沪国资委授［１９９５］２１ 号文）授权，统一经营上海轻工 控股（集团）公司国有资产。注册资本：人民币叁拾陆亿伍仟叁佰叁拾万元，法 定代表人：张立平。经营范围：市国资委授权范围内的国有资产经营和管理，实 业投资和国内贸易。 ② 公司与第（２）至第（１０）名股东之间不存在关联关系。 四、董事、监事、高级管理人员和员工情况 １、基本情况 持股数（股） 姓名 性别 年龄 职 务 任期起止日期 年初 年末 倪永刚 男 ５４ 董事长 ２０００．５－２００３．５ ６９００ ６９００ 何忠源 男 ５３ 副董事长 ２０００．５－２００３．５ ５１００ ５１００ 卜伟平 男 ４６ 执行董事、总经理 ２０００．５－２００３．５ ５１６０ ５１６０ 陈惠民 男 ５６ 执行董事 ２０００．５－２００３．５ ４６００ ４６００ 雷 杰 男 ５６ 执行董事 ２０００．５－２００３．５ ４６００ ４６００ 王立喜 男 ４２ 执行董事 ２０００．５－２００３．５ ３０００ ３０００ 7 费方域 男 ５３ 独立董事 ２０００．５－２００３．５ ２６００ ２６００ 刘向东 男 ５１ 独立董事 ２０００．５－２００３．５ ０ ０ 潘加宝 男 ４５ 董 事 ２０００．５－２００３．５ ０ ０ 贾春荣 男 ５３ 董 事 ２０００．５－２００３．５ ０ ０ 范伟民 男 ５２ 监事会主席 ２０００．５－２００３．５ ０ ０ 孙 震 男 ４６ 监 事 ２０００．５－２００３．５ ４６００ ４６００ 刘俊兰 女 ４９ 监 事 ２０００．５－２００３．５ ０ ０ 张恒亮 男 ５５ 副总经理、总工程师 ２０００．５－２００３．５ ４６００ ４６００ 孙云芳 女 ３９ 副总经理、总会计师 ２０００．５－２００３．５ ２０００ ２０００ 张一枫 男 ５１ 董事会秘书 ２０００．５－２００３．５ ２３９０ ２３９０ 董事、监事、高级管理人员在股东单位任职情况 姓名 任职单位 职务 王立喜 上海轻工控股（集团）公司 工会副主席 范伟民 上海轻工控股（集团）公司 党委、行政办公室主任 贾春荣 上海市上投投资管理有限公司 副总经理 2、年度报酬情况 报酬支付原则：目前，公司董事、监事及高级管理人员的工资、福利待遇实行 基薪和加薪结合生产经营量化指标绩效挂钩考核的办法。 报告期内，公司董事、监事、高级管理人员共 １６ 人，在本公司领取薪酬的 １０ 名董事、监事、高级管理人员的年度报酬总额为 ８６ 万元，其中年度报酬数额在 ２ 万元—５ 万元区间内为 ２ 人；５ 万元—８ 万元区间内为 ２ 人；８ 万元—１１ 万元区间 内为 ４ 人；１１ 万元—１４ 万元区间内为 ２ 人。 在公司领取报酬金额最高的前三名董事的报酬总额为 ３１．２ 万元，前三名高级 管理人员的报酬总额为 ３３．２ 万元。 董事费方域、刘向东、潘加宝、贾春荣、王立喜五位先生和监事范伟民先生 不在本公司领取报酬，其报酬由派出的单位支付，经公司执行董事讨论，同意公 司在年终一次性支付体外董事、监事、（包括独立董事）人均交通津贴 ７，２００ 元 （含税）。 3、报告期内，董事、监事、高级管理人员变动情况 由于工作变动原因，魏昌建先生辞去公司监事会副主席、监事职务，并分别获 得监事会同意、２０００ 年度股东大会批准。 本报告期内，公司无聘任或解聘公司总经理、副总经理、财务负责人、董事 会秘书等高级管理人员的情况。 4、公司员工情况 至 ２００１ 年末，公司员工人数为 ４，０４９ 人，除各种原因离岗外，实际在岗人数 为 ２，０２７ 人，其中生产人员占 ７２％，工程技术人员占 ４．２％，管理人员占 １８％，服务 人员占 ４．８％。有大专学历以上人数为 ２７６ 名，具有各类专业技术职称的人数为 ４９３ 人。全公司退休职工人数为 ４，７０４ 人，其退休工资、医疗费用由社会统筹解决。 五、公司治理结构 公司上市以来，按照《公司法》、《证券法》、中国证监会有关规定和《上海 证券交易所股票上市规则》的要求，不断完善公司法人治理结构、规范公司运作， 维护投资者利益，改进信息披露工作。目前，公司正按照《上市公司治理准则》 8 的要求，研究修改公司《章程》及股东大会议事规则等文件。 １、 公司治理结构现状 （１）关于股东与股东大会：公司能够确保所有股东，特别是中小股东，按其 持有的股份，享有平等的地位，充分行使自己的权力，通过电话、传真、电子信 箱、网站及不定期组织交流活动等方式，建立起与股东保持有效沟通的渠道；公 司制订了股东大会的议事规则，按照中国证监会公布的《股东大会规范意见》的 要求，召集、召开股东大会，在出席会议登记的方式上，会议召开的时间和会场 的选择上有利于让尽可能多的股东参加会议，行使股东的表决权，并有律师见证； 公司关联交易活动遵循商业原则，定价依据充分披露，关联方股东在表决时放弃 表决权，公司已按规定不为股东及其关联方提供担保。 （２）关于控股股东与上市公司：公司控股股东依法行使出资人的权利，不干 涉公司的决策和生产经营活动；公司与控股股东在人员、资产、财务、机构和业 务方面做到“五分开”，公司董事会、监事会和内部机构能够独立运作。 （３）关于董事与董事会：公司按照《章程》规定的董事选聘程序，在股东大 会召开前披露董事候选人资料；董事会具备合理的专业结构，董事熟悉有关法律、 法规，了解董事的权利、义务和责任，能够以认真负责、勤勉诚信的态度履行职 责；公司已经制定了董事会议事规则，并从上市起，董事会就配备了一定比例的 体外董事，按照上市公司建立独立董事的有关规定，公司已有二名独立董事；董 事会还根据需要设立了战略、审计、薪酬等专门委员会。目前公司正对照《准则》 要求，将进一步修改公司《章程》，完善董事的选聘程序，推行累积投票制度， 与董事签订聘任合同，按董事会专门委员会要求，调整人选并充分发挥其作用。 （４）关于监事与监事会：公司监事会的人员和结构符合法律、法规要求；公 司监事会建立了监事会议事规则；监事能够认真履行职责，对公司财务以及公司 董事、经理和其他高级人员履行职责的合法合规性进行监督，维护公司及股东的 合法权益。 （５）关于绩效评价与激励约束机制：公司经理人员的聘任程序符合法律、法 规及公司《章程》的规定，高级经营管理人员定期向董事会报告工作，向职工代 表大会述职并接受评议。公司将结合企业的实际情况，进一步完善董事、监事和 经理人员的绩效评价标准与激励约束机制。 （６）关于利益相关者：公司尊重银行及其它债权人、职工、消费者、供应商、 社区等利益相关者的合法权利，发挥公司员工参与企业管理的积极性，重视公司 的社会责任，以推动公司持续、健康发展。 （７）关于信息披露与透明度：公司建立了信息披露制度，并由董事会办公室 具体负责信息披露工作、接待股东来访和咨询；公司能够按照法律、法规和公司 《章程》的规定，真实、准确、完整、及时地披露公司治理及股东权益变动等方 面的有关信息，并确保所有股东有平等的机会获得有关信息。 ２、 独立董事履行职责情况 二位独立董事积极参与公司的管理，十分关心公司主营业务的经营状况；在公 司与大股东进行的收购股权、受让商标等关联交易中，发挥自己的专业知识和工 作经验，充分发表自己的意见，认真负责地履行了独立董事的职责。 ３、公司与控股股东在人员、资产、财务、机构、业务等方面的分开情况 公司在劳动、人事及工资管理等方面是独立的，公司的高级管理人员均在本公 司领取报酬，未在控股股东单位担任行政职务；公司资产完整，且独立拥有自己 的商标等无形资产；公司设立独立的财务部门，建立了独立的会计核算体系和财 务管理制度，并在银行单独开设帐户；公司设立了完全独立于控股股东的组织机 构，不存在与控股股东合署办公的情况；公司拥有独立的采购、销售、生产制造 和辅助生产系统，具有独立完整的业务及自主经营能力。 9 ４、高级管理人员的考评及激励机制 公司董事会根据有关指标和标准对高级管理人员的业绩和绩效进行考评，并准 备在适当的时机进一步修改奖励制度，完善对董事、监事和高级管理人员的激励 机制。 六、股东大会情况简介 报告期内公司共召开了一次年度股东大会和两次临时股东大会。 １、２００１ 年第一次临时股东大会情况 ２００１ 年 １ 月 ２０ 日公司在《上海证券报》和香港《商报》上公告了召开 ２００１ 年第一次临时股东大会的通知，公布了会议召开时间、地点、会议议程等事项。 公司 ２００１ 年第一次临时股东大会于 ２００１ 年 ３ 月 ６ 日在上海影城召开。出席会议 的股东有 ３２０ 人，代表股份 １４，０９２．７５ 万股，占公司总股本的 ５５．８２％（其中：Ｂ 股股东 ５９ 名，代表股份 ４３９．２２ 万股，占公司 Ｂ 股股份的 ４．５０％），经大会审议， 表决通过了《关于公司收购上海蝴蝶进出口有限公司股权》的议案，有关本次股 东大会的决议公告刊登于 ２００１ 年 ３ 月 ７ 日的《上海证券报》及香港《商报》上。 ２、２０００ 年度股东大会情况 ２００１ 年 ４ 月 １２ 日公司在《上海证券报》和香港《商报》上公告了召开 ２０００ 年度股东大会的通知，公布了会议召开时间、地点、会议议程等事项。４ 月 ２８ 日， 公司又在上述报刊上刊登了延期召开年度股东大会的通知， 公布了会议延期的原 因及注意事项。 ２０００ 年度股东大会于 ２００１ 年 ６ 月 ８ 日在上海影城召开，出席会议的股东有 ６３８ 人，代表股份 １３，５５９．８８４２ 万股，占公司总股本的 ５３．７１％（其中：Ｂ 股股东 １５０ 名，代表股份 ４４７．８６７０ 万股，占公司 Ｂ 股股份的 ４．５９％）。经大会审议，表决通 过了以下决议：《董事会工作报告》、《监事会工作报告》、《财务工作报告》、 《２０００ 年度利润分配预案》、《监事会人选变动的议案》、《受让上海申贝办公 机械有限公司 ５０％股权的议案》、《关于审查公司公募增发资格的议案》、《董事 会关于前次募集资金使用情况的说明》、《关于 ２００１ 年申请增发 Ａ 股议案》、《本 次增发 Ａ 股募集资金运用可行性分析的议案》。有关本次股东大会的决议公告刊 登于 ２００１ 年 ６ 月 １２ 日的《上海证券报》及香港《商报》上。 ３、２００１ 年第二次临时股东大会情况 ２００１ 年 ８ 月 ２ 日公司在《上海证券报》和香港《商报》上公告了召开 ２００１ 年 第二次临时股东大会的通知，公布了会议召开的时间、地点、会议议程等事项。 公司 ２００１ 年第二次临时股东大会于 ２００１ 年 ９ 月 １１ 日在上海影城召开，出席 会议的股东有 ２６９ 名，代表股份 １３，２８４．９１３９ 万股，占公司总股本的 ５２．６２％，（其 中：Ｂ 股股东 ７７ 名，代表股份 １２２．９３９７ 万股，占公司 Ｂ 股股份的 １．２６％）。经大 会审议，表决通过了：修改公司《章程》的议案、《授权董事会扩大对外投资和 担保权限的议案》，有关本次股东大会的决议公告刊登于 ２００１ 年 ９ 月 １２ 日的《上 海证券报》及香港《商报》上。 ４、选举、更换公司董事、监事情况 魏昌建先生因工作变动，经公司 ２０００ 年度股东大会审议通过，同意其辞去公 司监事职务。 10 七、董事会报告 １、公司经营情况 （１）主营业务范围及其经营状况 公司主营业务范围：生产销售缝制设备及零部件、缝纫机专用设备、技术开 发与咨询。２００１ 年初缝制设备市场需求量上升，各厂家抓住时机，组织生产，市 场竞争十分激烈，至二季度，市场需求趋于平淡，公司围绕调整中求发展的目标， 加快科技创新和行业重组的步伐，积极做好产品结构的调整，在组织常规产品生 产的同时，充分发挥高附加值产品的品种优势，利用公司拥有的三个进出口公司 的优势，扩大国际市场的销售，发展国际合作，大幅度提高了主营业务收入，提 升了主营业务利润。 公司全年生产和销售各类工业缝纫机分别为 ２３．５３ 万台和 ２２．９７ 万台，其中 新产品数量占 ４０ ％ ，生产和销售各类家用缝纫机分别为 ３２．２８ 万台和 ３１．１１ 万台， 公司产品出口占销售收入 ４２％，全年出口创汇 ４，６３７．６ 万美元，比上年同期增长 １８３％。 本报告期内，公司主营业务收入为 ９１，６２６ 万元，比上年增长 ６３．８９％，其中 缝纫机销售收入占 ７４．４４ ％，办公用品销售收入占 ９．０５％，生化产品销售收入占 ２．７３％，房地产销售收入占 ２．８６％， 其他各类销售收入合计占 １０．９２％。 占主营业务收入 １０％以上的主要产品： 产品销售收入（万元） 产品销售成本（万元） 毛利率（％） 缝纫机 ６８，２０９ ５２，３９３ ２３．１９ 本报告期内，公司主营业务利润为 １９，５４６ 万元，比上年增长 ６８．４％，其主要 构成情况：缝纫机占 ８０．０１％，办公用品占 ４．４９％， 生化产品占 ２．５５％， 房产业占 ７．４３％。 （２）主要控股公司及参股公司的经营情况及业绩 公司控股子公司——上海申贝办公机械有限公司业务性质为工业企业，主要 经营：文化办公机械、碳素制品、文教用品、测试仪器、光学石英玻璃制品、医 用 Ｘ 线附属设备及附件等。其注册资本为：人民币叁仟叁佰玖拾壹万元正。截止 本报告期末，按 ５０％股权计算，资产规模为 １６，２１２ 万元，实现净利润 ３６３ 万元。 （３）主要供应商、客户情况 本公司主营业务为缝制设备制造和销售。供应商主要为缝制设备零部件供应 商，前五名供应商合计的采购金额占年度采购总额的比例为 ３６％，情况如下： 供应商 金额（万元） 上海新泰摩托车配件厂 ２，４６２．７ 江苏靖江市缝纫机配件厂 ７８６．７ 浙江鄞县华运工业缝纫机配件厂 ４４３．８ 浙江台州市求精工贸公司 ４２２ 浙江温州瓯海上工缝纫机零件厂 ３８９．８ 本报告期内，公司前五名销售额合计为 １２，６２１ 万元，占缝制设备产品销售收 入的 １９．８８％。 （４）在经营中出现的问题与困难及解决方案 由于缝制设备市场竞争十分激烈，公司需要提高新产品开发的速度，加大资金 投入量，提升主业盈利能力，培养造就一批营销、科研、管理等专业队伍。为此， 公司将进一步调整企业战略，从境内外招聘人才，实行新的激励机制，加快高新 技术产品的研发、生产速度，培育新的经济增长点，积极创造条件，增强企业的 融资能力。 ２、公司投资情况 11 （１）募集资金使用情况 本报告期内，公司未有新增募股资金使用情况，亦无前期募集资金至本期状 况。 （２）报告期内，公司非募集资金投资项目情况 ①出资 １２，４１０，５６１．１２ 元，受让上海蝴蝶进出口有限公司 ９０％的股权。该公司 全年出口创汇 １，７７７．５ 万美元，其中：家用缝纫机出口 ６１．１２ 万台，工业缝纫机 出口 ５．５９ 万台，净利润为 ８６．２ 万元。 ②出资 １，５１０ 万元， 受让上海飞人协昌缝制机械有限公司“蝴蝶”、“蜜蜂” 系列注册商标。 ③出资 １３３，２４１，７０２．３３ 元， 受让上海申贝办公机械有限公司 ５０％的股权。主 营业务收入为 ８，２９４ 万元，主营业务利润为 ８７７ 万元，本公司从该项目中获得投 资收益为－５６ 万元。 ④出资 ２１０ 万元，组建上海上工兴达衣车机械有限公司，本公司拥有 ６８％股权， 该公司注册资本为人民币 ３１０ 万元，经营范围：曲折缝系列工业缝纫机的生产、 销售及售后服务。该公司在报告期内已生产各类曲折缝系列工业机 ８，３７６ 台，销 售 ８，２３４ 台。 ⑤出资 １８０ 万元，组建上海上工方天机械有限公司，本公司拥有 ６０％股权，该 公司注册资本为人民币 ３００ 万元，经营范围：工业缝纫机及其配件、机械零件的 生产和销售。该公司在报告期内已生产锁眼、套结工业机 ８１８ 台，销售 ７９１ 台。 ⑥出资 ２５０ 万元，组建上海上工佳荣衣车有限公司，本公司拥有 ６２．５０％股权， 该公司注册资本为人民币 ４００ 万元，经营范围：家用缝纫机及配件的销售、装配 加工。该公司在报告期内已生产家用缝纫机 ３２２，７６５ 台，销售 ３１１，１１８ 台。 ⑦出资 ９０ 万元，组建上海上工企业管理有限公司，本公司拥有 ９０％股权，该 公司注册资本为人民币 １００ 万元，经营范围：企业管理、生产、销售缝制设备及 零部件。该公司受本公司委托，管理公司的各类商标，包括申请、注册、续展、 变更、转让、使用许可、定牌加工等。 ⑧出资 １９５ 万元，组建上海上工松达机械有限公司，本公司拥有 ６５％股权， 该公司注册资本为人民币叁佰万元，经营范围：缝制设备及零部件，缝纫机械专 用设备、普通机械技术开发、制造和售后服务。该公司在报告期已生产钉扣机、 裘皮机等 ３，４２２ 台，销售 ２，７４６ 台。 ⑨出资 １６８ 万元，组建上海上工佳源机电科技有限公司，本公司拥有 ５６％股 权，该公司注册资本叁佰万元，经营范围：开发、设计、制造、销售、机电一体 化缝制设备、轻工机械。该公司在报告期已生产电脑绣花机 ７１ 台，销售 ６５ 台。 ⑩再次受让上海四方同济净水有限公司部分股权，增资 １００ 万元，累计出资 ６９５ 万元，持股比例为 ６０．４％。 ３、公司财务状况 ２００１ 年末总资产为 １，３１７，４１１，１９９．５６ 元，较年初增加 １６．６２ ％，主要原因系 年末合并报表单位增加上海申贝办公机械有限公司和上海飞人进出口有限公司以 及上海蝴蝶进出口有限公司； 长期负债为 １２，５５４，５２３．８３ 元，较年初增加 １９４．２６ ％，主要原因系年末合并 报表单位增加上海申贝办公机械有限公司和上海飞人进出口有限公司以及上海蝴 蝶进出口有限公司； 股东权益为 ５０２，５６５，３２８．１２ 元，较年初增加 ８．８７ ％ ，主要原因系本年度利润 增加所致； 主营业务利润为 １９５，４６０，４３９．６６ 元，较上年度增加 ６８．４０ ％，主要原因系销 售额增加，成本降低，税负变动所致； 净利润为 ４５，８４０，０４１．９０ 元，较上年度增加 ２１．６６％，主要原因： 12 （１）增加新产品销售增利 １，４３０ 万元； （２）扩大产品生产和销售、降低采购成本及制造费用增利 ２，８８０ 万元； （３）新购入的子公司增加利润 １５８ 万元； （４）按同口径比，因规模扩大增加三项费用 ２，７６９ 万元； （５）减少股权性收益 ９３０ 万元。 ４、生产经营环境、宏观政策、法规的变化对公司产生的影响 （１）自 ２００１ 年起，缝纫机及零件进口的关税由 ２０％调整为 １８％。目前国家对 缝纫机及零件的出口继续维持原来的退税率。中国加入 ＷＴＯ 以后，国际合作、产 品出口必须严格符合国际环境（特别是知识产权保护方面）的要求，而国内市场 净化尚有一个过程，假冒的问题将对公司产品的销售价格带来冲击，给公司的生 产经营造成一定的影响。 （２）本公司 ２０００ 年被认定为“上海市高新技术企业”，２００１ 年 ６ 月经复审 后再次获得确认，有效期止：２００３ 年 １２ 月 ３１ 日。另外，公司注册地为上海浦东 新区，根据浦东开发区的税收政策，本公司 ２００２ 年度实际所得税税率仍为 １５％。 ５、新年度的经营计划 ２００２ 年公司预计全年收入约 １０ 亿元，同比增长 ９．１４％，主营业务成本全年约 ７９，１４０ 万元，同比增加 １１．０３％，计划费用支出 １７，５５０ 万元，同比增加 ６．７８％。年 度公司业务发展计划如下： （１）加强培育科技竞争能力，推动产品结构调整。通过合资、合作、项目 招标、与科研单位合作等方式，提高机电一体化产品销售额在公司销售额中的比 例。 （２）加强海内外市场建设，实现市场销售网络化。国内计划设立百家“上工 产品专卖店”，建立起相应的技术服务中心和物流中心，增强服务意识，扩大产 品市场占有率。充分发挥进出口公司的优势，扩大外贸业务，出口创汇额争取同 比增长 １０％以上。 （３）加强基础管理，提高企业经济效益。重点加强物资采购管理，提高资金 利用率；加强质量管理，做好 ＩＳＯ９００１（２０００ 版）的质量体系认证工作；加强品 牌管理，做到集中管理，有偿使用；提高企业信息化管理认识，推动信息化管理 上台阶。 （４）加强资本结构优化力度，不断地进行资源整合。要继续做好产业结构调 整工作，积极吸纳优质资产，提高资源利用率；要继续抓好投资项目的前期准备 工作，为企业再融资创造条件。 （５）加强人才队伍建设，增强企业竞争实力。要引进公司急需的各类优秀人 才，做到“能进来、能留住、能用好”；要根据市场化要求，健全对经营者绩效 评估体系，完善科技人员、营销人员的分配机制。 ６、董事会日常工作情况： （１） 报告期内董事会的会议情况及决议内容 ２００１ 年度，公司董事会共召开十次董事会会议 ①三届六次董事会议于 ２００１ 年 １ 月 １９ 日召开，审议通过了公司受让上海轻工 控股（集团）公司持有的上海蝴蝶进出口有限公司 ９０％的股权的议案，通过关于召 开 ２００１ 年第一次临时股东大会的议案。决议公告于 ２００１ 年 １ 月 ２０ 日《上海证券 报》和香港《商报》。 ②三届七次董事会议于 ２００１ 年 ２ 月 ２ 日召开，审议通过了公司出资组建上工 兴达衣车机械有限责任公司和生产锁眼、套结类特种机公司；同意延期召开 ２００１ 年第一次临时股东大会，决议公告于 ２００１ 年 ２ 月 ６ 日《上海证券报》和香港《商 报》。 ③三届八次董事会议于 ２００１ 年 ４ 月 １０ 日召开，审议通过了公司 ２０００ 年度 13 《董事会工作报告》、《财务工作报告》、《利润分配预案及 ２００１ 年度股利分配 政策》、《公司内部机构设置变动的报告》、《公司与上海建筑材料（集团）总 公司相互为对方的借款提供信用担保的议案》、《２０００ 年度报告与摘要》、《董 事会关于前次募集资金使用情况的说明》、《公司公募增发资格的议案》、《公 司 ２００１ 年增资的预案》、《本次募集资金运用可行性分析的议案》，通过关于召 开 ２０００ 年度股东大会的议案。决议公告于 ２００１ 年 ４ 月 １２ 日《上海证券报》和香 港《商报》。 ④三届九次董事会议于 ２００１ 年 ５ 月 １９ 日召开，审议通过了《公司受让上海 飞人协昌缝制机械有限公司“蝴蝶”、“蜜蜂”系列注册商标专用权议案》、《公 司为上海华源企业发展股份有限公司提供贷款额度叁仟万元担保的议案》，同意 上海轻工控股（集团）公司提议，将其提出的四项提案列入公司 ２０００ 年度股东大 会议程。决议公告于 ２００１ 年 ５ 月 ２２ 日《上海证券报》和香港《商报》。 ⑤三届十次董事会议于 ２００１ 年 ７ 月 ２４ 日召开，审议通过了《公司 ２００１ 年中 期报告及中期报告摘要》；《关于提取减值准备的暂行规定》、《贯彻执行减持 国有股“暂行办法”的议案》。决议公告于 ２００１ 年 ７ 月 ２６ 日《上海证券报》和 香港《商报》。 ⑥三届十一次董事会议于 ２０００ 年 ７ 月 ３１ 日以通讯方式举行，审议通过修改董 事会议事规则和总经理工作细则以及修改公司“章程”的部分条款，通过关于召 开 ２００１ 年第二次临时股东大会的议案。决议公告于 ２００１ 年 ８ 月 ２ 日《上海证券 报》和香港《商报》。 ⑦三届十二次董事会议于 ２００１ 年 ９ 月 １１ 日召开，审议通过扩大与上海华源企 业发展股份有限公司互为贷款担保额度的议案。决议公告于 ２００１ 年 ９ 月 １２ 日《上 海证券报》和香港《商报》。 ⑧三届十三次董事会议于 ２００１ 年 ９ 月 ２６ 日以通讯方式举行，审议通过扩大与 上海建筑材料（集团）总公司互为贷款担保额度的议案。决议公告于 ２００１ 年 ９ 月 ２８ 日《上海证券报》和香港《商报》。 ⑨三届十四次董事会议于 ２００１ 年 １１ 月 ２８ 日召开，审议通过与中国华源集团 有限公司、上海华源制药股份有限公司之间相互为对方借款提供信用担保的议 案，同意提名顾根荣先生为公司董事会证券事务代表。决议公告于 ２００１ 年 １１ 月 ３０ 日《上海证券报》和香港《商报》。 ⑩三届十五次董事会议于 ２００１ 年 １２ 月 ２６ 日召开，根据市政建设规划，审议 通过转让松江区松汇西路 ２８０ 号地块使用权的议案、公司制定的董事会专门委员 会暂行办法（试行）及各专门委员会职能和组成人选。 （２）董事会对股东大会决议的的执行情况 ①２００１ 年，公司第一次临时股东大会审议通过收购上海蝴蝶进出口有限公司 股权的议案，报告期内，公司已支付了购买 ９０％股权的全部款项，办理了产权转让 交割手续。（详见九、重要事项） ②公司 ２０００ 年度股东大会审议通过受让上海申贝办公机械有限公司 ５０％股权 的议案，报告期内，公司已支付了购买 ５０％股权的全部款项，办理了产权转让交割 手续。（详见九、重要事项） ③在报告期内，根据 ２０００ 年度股东大会的决议和授权，公司董事会积极着手 申请增发新股的工作，及时制作申请材料上报中国证监会，现根据市场形势和有 关规定，将对部分材料作补充修改，并提交股东大会审议通过后再报中国证监会。 ７、本次利润分配预案和预计 ２００２ 年度利润分配政策 （１）二 ００ 一年度利润分配预案 经上海众华沪银会计师事务所有限公司审计，２００１ 年度公司实现合并净利润 为 ４５，８４０，０４１．９０ 元，母公司净利润为 ４７，５８５，９９６．８６ 元。根据财政部及中国证 14 监会的相关文件要求，本公司对 ２００１ 年度进行了相关的会计处理，导致母公司未 分配利润上期发生数减至－１４８，１７８，１５２．７２ 元，加上当年实现的净利润，２００１ 年 期末，母公司未分配利润为－１００，５９２，１５５．８６ 元。因此提议 ２００１ 年度不进行利润 分配，也不进行资本公积金转增股本。 该预案尚需提交公司 ２００１ 年度股东大会审议。 （２）二 ００ 二年度利润分配政策 公司拟以资本公积金弥补上述未分配利润负数，如此议案经 ２００１ 年度股东大 会审议通过，公司拟在 ２００２ 年财务决算后分配利润一次；拟按照有关规定将可供 股东分配利润的不低于 ２０％部分用于股利分配；利润分配采用派发现金形式。 具体实施时，由董事会以分配预案的形式提交股东大会审议通过后实施，届 时董事会可根据公司盈利及发展状况对分配政策作相应调整。 ８、其他报告事项 报告期内，公司选定的信息披露报纸无变更，仍为《上海证券报》和香港《商 报》。 八、监事会报告 １、本报告期内，监事会共召开了四次会议： （１）三届六次监事会议于 ２００１ 年 １ 月 １９ 日召开，审议通过了公司受让上海 轻工控股（集团）公司持有的上海蝴蝶进出口有限公司 ９０％股权的议案。决议公告 于 ２００１ 年 １ 月 ２０ 日《上海证券报》和香港《商报》。 （２）三届七次监事会议于 ２００１ 年 ４ 月 １０ 日召开，审议通过了《２０００ 年度监 事会工作报告》、《２０００ 年度报告及年报摘要》，审查了公司前次募集资金的使 用情况，认为公司前次募集资金承诺的使用情况与实际使用情况及信息披露的内 容相符；同意魏昌建先生因工作调动辞去监事会副主席职务。其提出辞去监事职 务的申请将提请股东大会审议。决议公告于 ２００１ 年 ４ 月 １２ 日《上海证券报》和 香港《商报》。 （３）三届八次监事会议于 ２００１ 年 ５ 月 １９ 日召开，审议通过公司受让上海飞 人协昌有限公司“蝴蝶”“蜜蜂”系列注册商标专用权议案；根据上海轻工控股 （集团）公司提案，同意董事会在 ２０００ 年度股东大会中增加三项议案；审议公司 受让上海轻工控股（集团）公司所持上海申贝办公机械有限公司 ５０％股权的议案； 审议以募集资金 １．９６３ 亿元投资光电特种玻璃新材料技术改造项目；审议经过修 改后的公司增发 Ａ 股的议案。决议公告于 ２００１ 年 ５ 月 ２２ 日《上海证券报》和香 港《商报》。 （４）三届九次监事会议于 ２００１ 年 ７ 月 ２４ 日召开，审议通过了公司 ２００１ 年 中期报告及中期报告摘要、公司关于提取资产减值准备的暂行规定、贯彻执行减 持国有股《暂行办法》的议案。决议公告于 ２００１ 年 ７ 月 ２６ 日《上海证券报》和 香港《商报》。 ２、监事会按照《公司法》，公司《章程》行使职权，在本报告期内对公司财 务管理、内控制度、执行股东大会决议和董事会、总经理的决策及经营行为进行 了认真的检查和监督。现对下列事项发表独立意见： （１）公司依法运作情况 公司决策程序合法，建立了完善的内部控制制度，公司董事、总经理执行公 司职务时，无违反法律、法规、公司章程及损害公司利益的行为。 （２）检查公司财务的情况 经上海众华沪银会计师事务所有限公司审计，出具了无保留意见的审计报 15 告，真实反映了公司的财务状况和经营成果。 （３）公司收购、出售资产时，价格合理，未发现内幕交易及损害部分股东权 益的行为。公司与上海轻工控股（集团）公司发生的购买上海申贝办公机械有限 公司、上海蝴蝶进出口有限公司股权及受让“蝴蝶”、“蜜蜂”系列注册商标等 关联交易对优化公司资产，调整产业结构是十分必要的，有利于公司的长远发展， 符合全体股东的利益。 九、重要事项 １、 重大诉讼、仲裁事项 （１）本公司因上海永久股份有限公司向中国银行上海分行贷款而为其担保涉 及诉讼（详见 ２０００ 年 ７ 月 ６ 日《上海证券报》和香港《商报》），经法院调解， 上海永久股份有限公司于 ２００１ 年 ７ 月归还全部借款，本公司担保责任解除。 （２）上海飞人有限公司因欠本公司货款引起诉讼。根据上海市第一中级人民 法院（２０００）沪一中经初字第 ２０８ 号民事判决，上海飞人有限公司用其“飞人牌” 商标偿还欠款 ５，０６１，２６８．５１ 元。“飞人牌”商标经评估，由上海市资产评审中心 确认价值为人民币 ８２４ 万元。“飞人牌”商标的过户手续于 ２００１ 年 １０ 月办理完 毕。 ２、报告期内公司收购及出售资产、吸收合并事项。 根据市政建设规划，本公司三届十五次董事会议通过转让松江区松汇西路 ２８０ 号地块使用权，该行为属非关联交易，也是贯彻实施公司“十五”规划中有关厂 区布局调整，建设工业园区的一个组成部分，公司从该地块转让中获得补偿费 １，３９６ 万元。 ３、重大关联交易事项 （１）本公司三届六次董事会议及 ２００１ 年第一次临时股东大会通过受让上海轻 工控股（集团）公司所持有的上海蝴蝶进出口有限公司 ９０％股权的的决议，经上海 立信资产评估有限公司评估，上海市资产评审中心确认。整体资产帐面价值为 １４，０４６，４０２．４７ 元，评估价值为 １３，７８９，５１２．３５ 元，报告期内，公司已按评估价值， 支付了购买 ９０％股权的全部款项，计 １２，４１０，５６１．１２ 元， 办理了产权转让交割手续． （２）本公司三届九次董事会议决定受让上海飞人协昌缝制机械有限公司“蝴 蝶”“蜜蜂”系列注册商标。经上海立信资产评估有限公司评估，上海市资产评审 中心确认，上述商标价值为 １，１９２ 万元，根据协商，公司的受让价值为 １，５１０ 万 元， 报告期内，公司已支付了商标转让费，商标过户手续于 ２００１ 年 １０ 月办理完 毕。 （３）本公司三届九次董事会议及 ２０００ 年度股东大会通过受让上海申贝办公 机械有限公司 ５０％股权的决议，根据上海东洲资产评估有限公司评估，上海市资产 评审中心确认，转让部分的资产帐面价值为 １３４，０７８，７５２．６６ 元，评估价值为 ２６６，４８３，４０４．６６ 元，报告期内，公司已按评估确认值支付了购买 ５０％股权的全部 款项，计 １３３，２４１，７０２．３３ 元，办理了产权转让交割手续。 ４、重大合同及其履行情况 （１） 公司无托管、承包、租赁其他公司资产及其他公司托管、承包、租赁 上市公司资产的事项。 （２）重大担保。报告期内，经公司董事会审议通过，公司与下列单位建立了 互为等额担保的关系，至报告期末，公司为下列单位提供担保情况如下： 担保单位 担保金额（万元） 担保类型 上海建筑材料（集团）总公司 ６，５００ 连带责任担保 16 上海华源企业发展有限公司 ９，０００ 连带责任担保 中国华源集团有限公司 ５，０００ 连带责任担保 （３）报告期内，公司未发生委托他人进行现金资产管理事项。 ５、本报告期内，公司或持股 ５％以上股东没有在指定报纸和网站上披露承诺事 项。 ６、２００１ 年度公司续聘上海众华沪银会计师事务所有限公司和香港罗兵咸永 道会计师事务所担任公司的年报审计工作。 本公司支付给上海众华沪银会计师事务所有限公司费用情况如下： ２００１ 年度财务审计费用 ３０ 万元；２００１ 年中期财务审计费用 ２０ 万元；２００１ 年专项审计费用 ３６．９ 万元。 ２０００ 年度财务审计费用 １８ 万元；２０００ 年项目评估审计费用 ２０ 万元。 本公司支付给香港罗兵咸永道会计师事务所费用情况如下： ２００１ 年度财务审计费用 ６２ 万元，承担审计期间住宿费 ４．７７ 万元。 ２０００ 年度财务审计费用 ６４．６８ 万元，承担审计期间住宿费 ４．１７ 万元。 ７、本报告期内，公司、公司董事会及董事未有受中国证监会稽查、中国证 监会行政处罚、通报批评、上海证券交易所公开谴责的情况。 十、财务报告 （一）审计报告 沪众会字（２００２）第 ０４１６ 号 上工股份有限公司全体股东： 我们接受委托，审计了贵公司 ２００１ 年 １２ 月 ３１ 日的资产负债表和合并资产负 债表及 ２００１ 年度的利润及利润分配表和合并利润及利润分配表以及 ２００１ 年度的 现金流量表和合并现金流量表。这些会计报表由贵公司负责，我们的责任是对这 些会计报表发表审计意见。我们的审计是依据中国注册会计师独立审计准则进行 的。在审计过程中，我们结合贵公司实际情况，实施了包括抽查会计记录等我们 认为必要的审计程序。 我们认为，上述会计报表符合《企业会计准则》和《企业会计制度》的有关 规定，在所有重大方面公允地反映了贵公司及合并的 ２００１ 年 １２ 月 ３１ 日的财务状 况和 ２００１ 年度的经营成果以及现金流量情况，会计处理方法的选用遵循了一贯性 原则。 上海众华沪银会计师事务所 中国注册会计师 林东模 中国·上海 中国注册会计师 李文祥 二 ００ 二年四月八日 17 资产负债表 ２００１年１２月３１日 编制单位：上工股份有限公司 期末数 期初数 资 产 注释号 合并 母公司 合并 母公司 流动资产： 货币资金 5.1 167,958,733.54 107,941,146.91 279,491,650.54 232,927,224.46 短期投资 5.2 273,188.56 226,320.00 281,661.83 187,693.27 应收票据 5.3 56,572,238.73 43,472,238.73 40,138,496.06 4,388,496.06 应收股利 1,145,354.80 169,999.07 应收利息 应收帐款 5.4 214,666,437.57 112,277,661.25 161,894,049.99 109,045,126.79 其他应收款 5.5 89,008,796.15 76,276,639.21 91,819,833.66 94,224,531.79 预付帐款 5.6 35,883,203.66 1,308,395.58 29,223,929.67 7,732,155.09 应收补贴款 存货 5.7 196,285,422.28 88,002,081.00 118,619,721.16 70,001,767.59 待摊费用 5.8 1,217,973.79 10,780.05 29,561.67 一年内到期的长期债权投资 其他流动资产 流动资产合计 761,865,994.28 430,660,617.53 721,498,904.58 518,676,994.12 长期投资： 长期股权投资 5.9 198,992,634.55 331,579,457.70 104,803,157.79 171,773,259.76 长期债权投资 104,600.00 2,400.00 长期投资合计 199,097,234.55 331,579,457.70 104,805,557.79 171,773,259.76 其中:合并价差 86,371,833.13 7,150,092.32 其中:股权投资差额 86,371,833.13 7,150,092.32 固定资产： 固定资产原值 5.10 706,877,432.08 542,274,473.78 613,418,180.64 546,244,641.96 减：累计折旧 318,551,558.10 242,168,613.05 261,327,719.29 231,230,712.32 固定资产净值 388,325,873.98 300,105,860.73 352,090,461.35 315,013,929.64 减：固定资产减值准备 82,395,500.52 81,436,940.05 81,018,512.47 81,018,512.47 固定资产净额 305,930,373.46 218,668,920.68 271,071,948.88 233,995,417.17 工程物资 在建工程 5.11 5,933,058.27 805,947.76 15,569,351.87 4,456,464.85 固定资产清理 381,100.62 21,628.43 21,628.43 固定资产合计 312,244,532.35 219,474,868.44 286,662,929.18 238,473,510.45 无形资产及其他资产： 无形资产 5.12 41,459,677.05 28,902,468.75 16,449,292.28 4,622,855.38 长期待摊费用 5.13 2,743,761.33 244,223.91 其他长期资产 无形资产及其他资产合计 44,203,438.38 28,902,468.75 16,693,516.19 4,622,855.38 递延税项： 递延税款借项 资产总计 1,317,411,199.56 1,010,617,412.42 1,129,660,907.74 933,546,619.71 法定代表人：倪永刚 财务负责人：孙云芳 会计经办人员：杨淑静 资产负债表 ２００１年１２月３１日 金额单位：元 期末数 期初数 负债和股东权益 注释号 合并 母公司 合并 母公司 流动负债： 短期借款 5.14 485,380,000.00 315,620,000.00 374,370,700.00 258,220,000.00 应付票据 5.15 11,105,250.00 9,902,000.00 6,275,181.00 2,156,000.00 应付帐款 5.16 182,203,463.96 105,182,311.32 184,210,995.87 97,467,960.71 预收帐款 5.17 25,208,569.42 5,978,486.04 18,249,044.27 6,398,152.10 应付工资 4,860,973.55 235,006.61 应付福利费 2,833,659.40 1,003,686.39 658,464.14 148,941.70 应付股利 5.18 17,010,766.62 16,598,382.07 16,598,382.07 16,598,382.07 应交税金 5.19 (19,975,429.19) 4,920,057.67 (9,146,674.08) 13,950,884.75 其他应交款 2,110,681.56 1,221,706.42 2,221,284.59 2,166,019.75 其他应付款 5.20 73,553,137.03 39,582,009.87 57,681,223.38 69,364,385.69 预提费用 5.21 116,605.09 331,912.50 预计负债 一年内到期的长期负债 5.22 4,490,000.00 4,490,000.00 其他流动负债 (0.00) (0.00) 流动负债合计 784,407,677.44 500,008,639.78 656,175,520.35 470,960,726.77 长期负债： 长期借款 5.23 7,731,247.93 400,000.00 应付债券 长期应付款 5.24 4,823,275.90 1,474,782.00 1,474,782.00 1,474,782.00 专项应付款 2,791,666.25 其他长期负债 长期负债合计 12,554,523.83 1,874,782.00 4,266,448.25 1,474,782.00 递延税项： 递延税项贷项 655,536.91 负债合计 797,617,738.18 501,883,421.78 660,441,968.60 472,435,508.77 少数股东权益 17,228,133.26 7,597,514.18 股东权益： 股本 5.25 252,466,370.00 252,466,370.00 252,466,370.00 252,466,370.00 减：已归还投资 股本净额 252,466,370.00 252,466,370.00 252,466,370.00 252,466,370.00 资本公积 5.26 356,859,776.50 356,859,776.50 356,822,893.66 356,822,893.66 盈余公积 5.27 8,145,422.34 4,592,791.86 其中：公益金 3,704,398.88 1,928,083.64 未分配利润 5.28 (108,612,770.37) (100,592,155.86) (150,900,181.79) (148,178,152.72) 未确认投资损失 5.29 (6,293,470.35) (1,360,448.77) 股东权益合计 502,565,328.12 508,733,990.64 461,621,424.96 461,111,110.94 负债及股东权益总计 1,317,411,199.56 1,010,617,412.42 1,129,660,907.74 933,546,619.71 法定代表人：倪永刚 财务负责人：孙云芳 会计经办人员：杨淑静 利润及利润分配表 ２００１年度 编制单位：上工股份有限公司 本期发生数 上期发生数 项 目 注释号 合并 母公司 合并 母公司 一、主营业务收入 916,259,944.36 312,037,161.12 559,084,567.97 298,548,134.09 减：主营业务成本 717,458,700.63 219,564,299.90 437,663,021.71 227,765,265.77 主营业务税金及附加 3,340,804.07 1,053,448.15 5,353,582.70 1,364,067.88 二、主营业务利润 195,460,439.66 91,419,413.07 116,067,963.56 69,418,800.44 加：其他业务利润 5.30 9,524,874.57 6,593,200.89 11,924,713.01 10,350,466.23 减：营业费用 32,174,202.66 8,147,876.62 15,523,598.13 6,616,043.18 管理费用 101,210,676.37 46,568,808.01 61,282,948.01 47,873,863.14 财务费用 5.31 30,974,489.01 19,814,765.56 23,288,351.04 16,925,903.09 三、营业利润 40,625,946.19 23,481,163.77 27,897,779.39 8,353,457.26 加：投资收益 5.32 6,983,365.26 24,578,609.14 10,353,446.51 29,361,777.68 补贴收入 5.33 1,629,030.84 1,042,063.93 营业外收入 5.34 5,086,122.41 2,241,975.53 7,716,361.71 3,843,642.02 减：营业外支出 5.35 1,742,125.10 1,326,268.77 3,676,564.48 3,339,839.94 四、利润总额 52,582,339.60 48,975,479.67 43,333,087.06 38,219,037.02 减：所得税 9,287,590.43 1,389,482.81 5,684,393.05 2,796,938.54 减：少数股东损益 1,792,488.73 (148,390.94) 加：未确认投资损失 4,337,781.46 (118,447.82) 五、净利润 45,840,041.90 47,585,996.86 37,678,637.13 35,422,098.48 加：年初未分配利润 (150,900,181.79) (148,178,152.72) (187,597,387.04) (183,600,251.20) 其他转入 六、可供分配的利润 (105,060,139.89) (100,592,155.86) (149,918,749.91) (148,178,152.72) 减：提取法定盈余公积 1,776,315.24 490,715.94 提取法定公益金 1,776,315.24 490,715.94 职工奖福基金 提取储备基金 提取企业发展基金 利润归还投资 七、可供股东分配的利润 (108,612,770.37) (100,592,155.86) (150,900,181.79) (148,178,152.72) 减：应付优先股股利 提取任意盈余公积 应付普通股股利 (0.00) 转作股本的普通股股利 八、未分配利润 (108,612,770.37) (100,592,155.86) (150,900,181.79) (148,178,152.72) 法定代表人：倪永刚 财务负责人：孙云芳 会计经办人员:杨淑静 现金流量表续 编制单位：上工股份有限公司 项 目 行次 合并 母公司 一、经营活动产生的现金流量： 销售商品、提供劳务收到的现金 1 1,234,392,968.46 341,957,980.96 收到的税费返还 2 62,931,147.49 20,128.18 收到的其他与经营活动有关的现金 3 52,203,660.96 25,268,529.24 经营活动现金流入小计 5 1,349,527,776.91 367,246,638.38 购买商品、接受劳务支付的现金 6 1,071,110,070.22 233,049,798.24 支付给职工以及为职工支付的现金 7 75,878,082.99 39,114,020.73 支付的各项税费 8 53,074,480.85 30,576,271.04 支付的其他与经营活动有关的现金 9 146,104,103.89 50,826,336.29 经营活动现金流出小计 10 1,346,166,737.95 353,566,426.30 经营活动产生的现金流量净额 11 3,361,038.96 13,680,212.08 二、投资活动产生的现金流量： 收回投资所收到的现金 12 6,595,004.25 6,564,496.78 取得投资收益所收到的现金 13 8,334,092.37 16,123,830.59 处置固定资产、无形资产和其他长期资产所收回的现金 14 4,715,427.18 4,654,907.18 收到的其他与投资活动有关的现金 15 投资活动现金流入小计 16 19,644,523.80 27,343,234.55 购建固定资产、无形资产和其他长期资产所支付的现金 18 47,383,293.43 41,126,655.21 投资所支付的现金 19 126,615,899.87 161,616,024.05 支付的其他与投资活动有关的现金 20 投资活动现金流出小计 22 173,999,193.30 202,742,679.26 投资活动产生的现金流量净额 25 (154,354,669.50) (175,399,444.71) 法定代表人：倪永刚 财务负责人：孙云芳 会计经办人：杨淑静 现金流量表续 项 目 行次 合并 母公司 三、筹资活动产生的现金流量： 吸收投资所收到的现金 26 3,520,000.00 其中：子公司吸收少数股东权益性投资收到的现金 27 3,520,000.00 借款所收到的现金 28 690,570,000.00 558,470,000.00 收到的其他与筹资活动有关的现金 29 筹资活动现金流入小计 30 694,090,000.00 558,470,000.00 偿还债务所支付的现金 31 621,684,200.00 501,070,000.00 分配股利、利润或偿付利息所支付的现金 32 32,931,455.99 20,653,214.58 其中：支付少数股东的股利 33 100,000.00 支付的其他与筹资活动有关的现金 34 其中：子公司依法减资支付给少数股东的现金 35 筹资活动现金流出小计 36 654,615,655.99 521,723,214.58 筹资活动产生的现金流量净额 40 39,474,344.01 36,746,785.42 四、汇率变动对现金的影响 41 (13,630.47) (13,630.34) 五、现金及现金等价物净增加额 42 (111,532,917.00) (124,986,077.55) 法定代表人：倪永刚 财务负责人：孙云芳 会计经办人：杨淑静 现金流量表续 2001年度 金额单位：元 补 充 资 料 行次 合并 母公司 １、将净利润调节为经营活动的现金流量： 净利润（亏损以“－”号表示） 43 45,840,041.90 47,585,996.86 加：少数股东损益（亏损以“－”号表示） 44 1,792,488.73 减：未确定的投资损失 45 4,337,781.46 加：计提的资产减值准备 46 4,984,818.52 (6,366,487.02) 固定资产折旧 47 30,235,799.03 22,464,488.58 无形资产摊销 48 2,530,983.78 2,524,318.75 长期待摊费用摊销 49 1,440,164.14 0.00 待摊费用的减少（减：增加） 50 (826,470.36) (10,780.05) 预提费用的增加（减：减少） 51 (2,448,555.56) 处置固定资产、无形资产和其他长期资产的损失（减：收益） 52 (1,392,321.94) (165,091.05) 固定资产报废损失 53 70,337.23 5,757.55 财务费用 54 30,532,731.62 18,928,696.58 投资损失（减：收益） 55 (6,983,365.26) (24,578,609.14) 递延税款贷项（减：借项） 56 存货的减少（减：增加） 57 (45,125,164.53) (23,189,312.91) 经营性应收项目的减少（减：增加） 58 91,702,171.47 8,570,515.63 经营性应付项目的增加（减：减少） 59 (144,654,838.35) (32,089,281.70) 其 他 60 经营活动产生的现金流量净额 65 3,361,038.96 13,680,212.08 ２、不涉及现金收支的投资和筹资活动： 债务转为资本 66 一年内到期的可转换公司债券 67 融资租入固定资产 68 ３、现金及现金等价物净增加情况： 现金的期末余额 69 167,958,733.54 107,941,146.91 减：现金的期初余额 70 279,491,650.54 232,927,224.46 加：现金等价物的期末余额 71 减：现金等价物的期初余额 72 现金及现金等价物净增加额 73 (111,532,917.00) (124,986,077.55) 法定代表人：倪永刚 财务负责人：孙云芳 会计经办人：杨淑静 资产减值准备明细表 2001年度 编制单位：上工股份有限公司 年初余额 本年增加数 本年转回数 年末余额 项 目 合并 母公司 合并 母公司 合并 母公司 合并 母公司 一、坏帐准备合计 101,531,947.19 81,896,905.54 12,421,961.65 483,263.61 14,513,939.04 113,953,908.84 67,866,230.11 其中：应收帐款 71,457,540.49 53,249,667.86 10,691,453.74 483,263.61 8,910,324.64 82,148,994.23 44,822,606.83 其他应收款 30,074,406.70 28,647,237.68 1,730,507.91 5,603,614.40 31,804,914.61 23,043,623.28 二、短期投资跌价准备合计 其中：股票投资 债券投资 三、存货跌价准备合计 34,948,852.68 32,610,018.32 14,793,888.24 6,907,374.63 1,718,375.13 1,718,375.13 48,024,365.79 37,799,017.82 其中：库存商品 11,772,837.24 9,434,002.88 10,803,435.20 6,487,625.79 22,576,272.44 15,921,628.67 原材料 16,674,895.95 16,674,895.95 3,931,315.44 419,748.84 668,219.15 668,219.15 19,937,992.24 16,426,425.64 四、长期投资减值准备合计 4,663,771.66 4,663,771.66 2,172,761.33 2,172,761.33 116,000.00 116,000.00 6,720,532.99 6,720,532.99 其中：长期股权投资 4,663,771.66 4,663,771.66 2,172,761.33 2,172,761.33 116,000.00 116,000.00 6,720,532.99 6,720,532.99 长期债券投资 五、固定资产减值准备合计 81,018,512.47 81,018,512.47 1,376,988.05 418,427.58 82,395,500.52 81,436,940.05 其中：房屋、建筑物 10,967,333.74 10,967,333.74 231,354.38 231,354.38 11,198,688.12 11,198,688.12 机器设备 70,051,178.73 70,051,178.73 1,145,633.67 187,073.20 71,196,812.40 70,238,251.93 六、无形资产减值准备合计 其中：专利权 商标权 七、在建工程减值准备 716,942.62 716,942.62 八、委托贷款减值准备 法定代表人：倪永刚 财务负责人：孙云芳 会计经办人员：杨淑静 （二）会计报表：（见附表） （三）会计报表附注： 1. 公司简介 上工股份有限公司（以下简称“公司”）是中国缝制设备行业第一家上市公司， 公司原名上海工业缝纫机股份有限公司，1997 年 5 月 29 日经 1996 年度股东大会 决议，更名为“上工股份有限公司”。公司以生产、销售工业用缝制设备为主， 主要产品有平缝、包缝、套结、钉扣、锁眼、双针、多针、链缝、绷缝及其他特 种工业缝纫机共 10 个大类，21 个系列，100 多个品种。主要产品以“上工牌”、 “双工牌”、“蝴蝶牌”、“蜜蜂牌”、“飞人牌”为注册商标。公司近年来积 极进行新型缝纫设备的开发、研制。 截至 2001 年 12 月 31 日止公司（合并子公司后）的资产总额为 131,741 万元， 负债总额为 79,762 万元，所有者权益为 50,256 万元，少数股东权益为 1,723 万元。 2001 年公司主营业务收入为 91,626 万元，净利润为 4,584 万元，累计未分配利润 为-10,861 万元。 2.公司主要会计政策、会计估计和合并会计报表的编制方法 2.1 会计制度 公司从 2001 年 1 月 1 日起执行《企业会计制度》。 2.2 会计年度 公司采用公历年度为会计年度，即从每年的 1 月 1 日至 12 月 31 日为一个会计 年度。 2.3 记帐本位币 公司以人民币为记帐本位币。 2.4 记帐基础和计价原则 公司以权责发生制为记帐基础，以历史成本为计价原则。 2.5 外币业务的核算方法 公司的外币业务以业务发生当日的汇率（指由中国人民银行公布的外汇市场汇 价中间价，下同）将外汇折合人民币入帐，期末对外汇帐户余额按期末日汇率折 合人民币进行调整，并作汇兑损益的会计处理。 2.6 现金等价物的确定标准 公司对持有的期限短，流动性强，易于转换为已知金额现金、价值变动风险 很小的投资，主要是自购买日起至到期日止不超过三个月的短期债券投资，确定 为现金等价物。 2.7 坏帐核算方法 公司的坏帐损失采用备抵法核算，期末按应收款项（包括应收帐款和其他应收 款）的余额及其帐龄依下述比例计提坏帐准备，实际发生坏帐时，在履行了规定 的审批手续后冲减坏帐准备。 帐龄 计提比例 1 年以内 5% 1-2 年 20% 2-3 年 50% 3 年以上 100% 2.8存货核算方法 (1)公司存货主要包括:在途物资、原材料、包装物、低值易耗品、库存商品、委 托加工物资、在制品等。 (2)存货计价方法：原材料、包装物、低值易耗品等采用计划成本进行日常核算， 18 通过“材料成本差异”帐户核算各类存货的实际成本与计划成本的差异，领用和 发出，按当月成本差异率计算发出原材料、包装物、低值易耗品等应分摊的成本 差异，将计划成本调节为实际成本。在制品和库存商品以实际成本计算。库存商 品发出时采用加权平均法计算成本。 (3)低值易耗品和包装物的摊销方法：公司低值易耗品和包装物领用时采用一次 摊销法计入有关成本、费用项目。 (4)存货跌价准备计提方法：期末根据存货结存情况，按成本与可变现净值孰低 的原则计提 存货跌价准备。 2.9 短期投资核算方法 公司的短期投资按实际成本计价，其投资收益采用成本法核算，期末根据成本 与市价孰低的原则采用总额比较法计提短期投资跌价准备。 2.10 长期投资核算方法 公司的长期投资按投资形式分成长期股权投资和长期债权投资。 (1)长期股权投资 长期股权投资包括股票投资和其他股权投资，按投资取得时实际支付的价款或 评估协议确定的价值入帐。长期股权投资凡占被投资单位权益性资本 20%以上（含 ２０％）或虽不足 ２０％，但对被投资单位有重大影响的，采用权益法核算；反之，则 采用成本法核算。长期股权投资取得时的成本与其在被投资单位股东权益中所占 份额的差额作为股权投资差额。 （２）长期债权投资 长期债权投资按取得时的实际成本核算。长期债券投资实际成本与债券面值的 差额作为溢价或折价，长期债券投资按期计息，采用直线法在存续期内摊销溢价 或折价。 （３）长期投资减值准备 长期投资减值准备是根据相关长期投资的项目或其资产的实际经营状况、公 允价值等情况经分析计提长期投资的减值准备。 ２．１１ 固定资产计价和折旧方法 公司的固定资产是指使用期限在一年以上，单位价值在 ２０００ 元以上的房屋及 建筑物、机器设备、运输工具以及其他与生产经营有关的设备、器具、工具等列 为固定资产，以取得时的实际成本为原价入帐，以平均年限法计提折旧，折旧年 限和净残值率如下： 固定资产分类 折旧年限 净残值率 房屋及建筑物 ２０－５０ １０％、４％ 机器设备 １０－１５ １０％、４％ 运输工具 ５－１０ １０％、４％ 办公设备 ５ １０％、４％ 公司期末固定资产按帐面净值和可收回金额孰低计价，对可收回金额低于其 帐面价值的差额计提固定资产减值准备。已计提减值准备的固定资产在计提折旧 时，按固定资产净额和尚可使用年限来确定折旧率和折旧额。 ２．１２ 在建工程核算方法 公司的在建工程采用实际成本核算，在建的固定资产尚未交付使用之前发生 的工程借款利息和有关费用计入工程成本。在建工程成本在工程达到预定可使用 时结转固定资产。 公司期末在建工程按帐面价值和可收回金额孰低计价，对可收回金额低于帐 19 面价值的差额计提在建工程减值准备。 ２．１３ 无形资产计价和摊销方法 公司的无形资产主要系商标权、土地使用权，其价值采用直线法按受益年限 平均摊销。 公司期末无形资产按帐面价值和可收回金额孰低计价，对可收回金额低于其帐 面价值的差额计提无形资产减值准备。 公司期末不存在可收回金额低于帐面价值的情况，故未计提无形资产减值准 备。 ２．１４ 开办费、长期待摊费用摊销方法 公司的开办费先在长期待摊费用中归集，从开始生产经营的当月起一次摊 销；长期待摊费用按受益期平均摊销。 ２．１５ 收入确认原则 （１）商品销售 公司将商品所有权上的重要风险和报酬转移给买方，公司不再对该商品实施 继续管理权和实际控制权，相关的收入已经收到或取得了收款的证据，并且与销 售该商品有关的成本能够可靠地计量时，确认营业收入的实现。 （２）提供劳务 公司对外劳务已经提供，其经济利益能够流入公司，并且与提供该劳务相关的 成本能够可靠地计量时，确认营业收入的实现。 ２．１６ 借款费用的核算方法 （１）借款费用资本化确认原则和资本化期间 依照《企业会计准则— 借款费用》的规定，为购建固定资产所借入的专门借 款，发生的利息、折价或溢价的摊销费用和汇兑差额，在同时符合以下条件时予 以资本化，计入该项资产的成本：①资产支出已经发生；②借款费用已经发生； ③为使资产达到预定可使用状态所必要的购建活动已经开始。其他的借款利息、 折价或溢价的摊销和汇兑差额，计入发生当期的损益。 当所购建的固定资产达到预定可使用状态时，停止借款费用的资本化，以后 发生的借款费用于发生当期确认为费用。 （２）每一会计期间的利息资本化金额根据至当期末止购建固定资产累计支出 加权平均数和资本化率计算确定，但利息、折价或溢价摊销的资本化金额不超过 专门借款实际发生的利息、折价或溢价的摊销金额。 ２．１７ 债务重组的核算方法 各项资产涉及债务重组的，公司作为债权人所收到的非现金资产，按重组债 权的帐面价值计价，如果涉及多项非现金资产，则按各项非现金资产公允价值占 非现金资产公允价值总额的比例，对重组债权的帐面价值进行分配，以确定各项 非现金资产的入帐价值。 ２．１８ 非货币性交易中换入资产的计价方法 各项资产涉及非货币性交易，以换出资产的帐面价值，加上应支付的相关税 费，加上所支付的补价（或减去所收到的补价并加上所确认的收益）作为换入资 产的入帐价值。如果同时换入多项资产，则按换入资产的公允价值占换入资产公 允价值总额的比例，对换出资产的帐面价值总额与应支付的相关税费进行分配， 以确定各项换入资产的入帐价值。 ２．１９ 合并会计报表的编制方法 （１）合并范围的确定原则 公司对其他单位投资占该单位权益性资本 ５０％以上（含 ５０％）或虽然占该单位权 益性资本不足 ５０％，但具有实际控制权的，该单位纳入合并范围。如果被投资单位 的总资产、销售收入和净利润较小，符合财政部财会二字（１９９６）２ 号《关于合并 20 报表合并范围的请示的复函》的规定，则该单位不予以合并。 （２）合并采用的会计方法 根据财政部财会字（１９９５）１１ 号《关于印发〈合并会计报表暂行规定〉的通 知》的有关规定，公司以母公司和纳入合并的子公司的会计报表以及其他资料为 依据，合并各项目数据编制合并会计报表。合并时，抵销了合并范围内公司间的 重大内部交易和往来款项。 ２．２０ 所得税会计处理方法 公司所得税的会计处理采用应付税款法。 ２．２１ 会计政策、会计估计的变更与会计差错的更正 公司原执行《股份有限公司会计制度》，根据财政部财会字（２０００）２５ 号文 《关于印发〈企业会计制度〉的通知》、财会字（２００１）１７ 号文《关于印发贯彻 实施〈企业会计制度〉有关政策衔接问题规定的通知》等文件规定和证监会计字 （２００１）６０ 号文《公开发行证券的公司信息披露规范问答》第 ５ 号的通知规定 Ａ、Ｂ 股关于同一经济事项会计估计一致的原则，公司从 ２００１ 年 １ 月 １ 日起执行《企业 会计制度》及其补充规定，主要会计政策变更如下： （１） 开办费原从经营当月起分五年平均摊销，现改为在经营的当月一次计入损 益； （２）职工住房补贴原计入无形资产分十年摊销，现改为一次计入公司当期的成本 费用； （３）期末固定资产原按帐面净值计价，现改为按固定资产净值与可收回金额孰低 原则计价，对可收回金额低于帐面价值的差额，提取固定资产减值准备。 （４）期末在建工程原按帐面价值计价，现改为按在建工程价值与可收回金额孰低 原则计价，对可收回金额低于帐面价值的差额，提取在建工程减值准备。 （５）期末无形资产原按帐面价值计价，现改为按无形资产价值与可收回金额孰低 原则计价，对可收回金额低于帐面价值的差额，提取无形资产减值准备。 （６）应收款项坏帐准备的计提比例原为：１ 年以内 ０．５％、１－２ 年 １％、２－３ 年 ５％、 ３ 年以上 ２０％，现改为：１ 年以内 ５％、１－２ 年 ２０％、２－３ 年 ５０％、３ 年以上 １００％。 会计政策的变更与会计差错的更正公司采用追溯调整法，调整资产负债表的 年初留存收益和相关项目的年初数，利润及利润分配表上年数栏已按调整后金额 填列。上述会计政策和会计估计变更对公司（合并子公司后）２００１ 年初的累计影 响 数 为 ２０７，８０２，８７９．５６ 元 ， 其 中 ： 开 办 费 摊 销 政 策 变 更 的 累 积 影 响 数 为 ２，０８０，５９６．５８ 元；职工住房补贴摊销政策变更的累积影响数为 １，７８６，２８５．６９ 元； 固定资产计价政策改变的累积影响数为 ８１，０１８，５１２．４７ 元；应收款项坏帐准备计 提比例改变的累积影响数为 ９２，９３４，３３６．６５ 元；存货跌价准备计提的累积影响数 为 ２９，９８３，１４８．１７ 元。调整后，公司（合并子公司后）的年初未分配利润调减 １８３，３９４，６８２．６３ 元，盈余公积年初数调减 ２１，５４９，１３６．１９ 元，少数股东权益年初 数调减 ９１７，４０１．０７ 元；未确认投资损失年初数调减 １，３６０，４４８．７７ 元；长期股权 投资（股权投资差额）年初数调增 ５８１，２１０．９０ 元。公司（合并子公司后）２０００ 年的 净利润调增 ２，６７０，１７６．９６ 元。 3. 税项 ３．１ 增值税 公司按产品的增值额计缴增值税，主要产品的税率为 １７％ 。 ３．２ 营业税 公司按营业收入的 ５％计缴营业税。 ３．３ 城市维护建设税 公司按当期应交增值税、营业税之和的 ７％计缴城市维护建设税。 21 ３．４ 教育费附加 公司按当期应交增值税、营业税之和的 ３％计缴教育费附加。 ３．５ 所得税 公司按应纳税所得额的 １５％计缴企业所得税。 4. 控股子公司及合营企业 单位：万元 子公司名称 注册资 经 营 范 围 投资额 控股比 本 例 上海双重包缝机有限公司 1200 生产、开发、销售包缝机 840 70% 上海工业缝纫机销售总公司 500 缝制设备、金属材料、机电设备等销售 500 100% 上海上工进出口有限公司 3200 机电设备、仪表仪器等进出口 2880 90% 上海工缝房地产发展有限公司 500 房地产开发、销售咨询、物业管理 450 90% 上海上工针业有限公司 1400 生产销售缝纫机针、特种异形针 1320 94.30% 上海四方同济净水有限公司 1055 饮用水生产、销售及相关技术开发 638 60.47% 长沙华日生化实业有限公司 2500 柠檬酸系列产品、润滑油、凡士林等 2250 90% 上海飞人进出口有限公司 1000 缝纫设备及其他机电产品的进出口 900 90% 上海上原科技开发有限公司 600 新型缝制设备设计、开发 420 70% 上海上工佳荣衣车有限公司 400 缝纫机及配件的销售.装配加工 250 62.5% 上海上工方天机械有限公司 300 工业缝纫机及其配件.机械零件的生产 180 60% 和销售 上海上工兴达衣车机械有限公 310 曲折缝系列工业缝纫机的生产.销售 210 67.74% 司 上海上工企业管理有限公司 100 企业管理.生产销售缝制设备及零部件 90 90% 上海蝴蝶进出口有限公司 1000 各类缝制设备.机电产品等进出口 900 90% 上海申贝办公机械有限公司 3507 办公机械设备的生产和销售 1753.5 50% 上海上工松达机械有限公司 300 生产、销售缝纫设备及配件 195 65% 上海上工佳源机电有限公司 300 生产、销售缝纫设备及配件 168 56% 以上 17 家单位纳入合并报表 范围 上海美狮综合经营公司 50 缝纫机及配件的销售 27.5 55% 上海宝灵工程设备成套有限公 55 机电设备、五金交电、汽配等 49.5 90% 司 上海永德经济发展有限公司 200 机电设备、家用电器、建筑五金销售 160 80% 上海富华轻机有限公司 $100 生产销售服装机械、贸易代理 $55 55% 上海工业缝纫机物产总公司 460 缝制设备及零件、金属材料及汽配等 460 100% 上海工业缝纫机技术开发公司 120 缝制设备“四技”服务等 120 100% ２０００ 年末控股及合营企业共 １５ 家。 ２００１ 年 １ 月以货币资金 １２，４１０，５６１．１２ 元收购了上海蝴蝶进出口有限公司 ９０％ 的股权。 ２００１ 年 ２ 月以货币资金 ２１０ 万元投资成立了上海上工兴达衣车机械有限公 司，公司占 ６７．７４％的股权。 ２００１ 年 ３ 月以货币资金 ２５０ 万元投资成立了上海上工佳荣衣车有限公司，公 司占 ６２．５０％的股权。 ２００１ 年 ５ 月以货币资金 ９０ 万元投资成立了上海上工企业管理有限公司，公司 占 ９０％的股权。 ２００１ 年 ５ 月以货币资金 １８０ 万元投资成立了上海上工方天机械有限公司，公 22 司占 ６０％的股权。 ２００１ 年 ６ 月以货币资金 １３３，２４１，７０２．３３ 元收购了上海申贝办公机械有限公司 ５０％的股权。由于公司对申贝公司的投资金额较大，并且申贝公司的资产规模、经 营利润对公司的财务状况和经营成果影响较大，故对申贝公司采用比例法进行合 并。 ２００１ 年 ７ 月以货币资金 １９５ 万元投资成立了上海上工松达机械有限公司，公 司占 ６５％的股权。 ２００１ 年 ７ 月以货币资金 １６８ 万元投资成立了上海上工佳源机电有限公司，公 司占 ５６％的股权。 截至 ２００１ 年 １２ 月 ３１ 日止，公司控股及合营企业共 ２３ 家，其中前 １７ 家单位 纳入 ２００１ 年合并报表范围，其中上海工业缝纫机销售总公司经追溯调整后，２００１ 年末净资产为负数，但其仍具有持续经营的能力，故仍将其纳入合并范围；后 ６ 家单位由于资产规模较小、经营利润较少，对公司整体的财务状况、经营成果影 响较小，故未纳入合并范围。 ５． 会计报表主要项目注释 ５．１ 货币资金 期初数 期末数 项目 原币 汇率 折合 ＲＭＢ 原币 汇率 折合 ＲＭＢ 现金 ６８，０３３．７８ １９４，９３７．２４ 银行存款 人民币 ２６３，２６１，０２６．６３ １５１，１４７，８６８．５０ 美元 １，９４１，５３７．４４ ８．２７８１ １６，０７２，２４１．０８ ２，００７，５６５．８２ ８．２７６６ １６，６１５，８１９．２５ 日元 １，２４７，５３６．００ ０．０７２４ ９０，３４９．０５ １，７２２．９３ ０．０６３ １０８．５５ 合计 ２７９，４９１，６５０．５４ １６７，９５８，７３３．５４ 期末货币资金数较期初减少 ４０％是由于 ２００１ 年购买申贝公司股权 １．３３ 亿元、 蝴蝶进出口公司股权 １，２４１ 万元和购买商标使用权 １，５１０ 万元所致。 ５．２ 短期投资和短期投资跌价准备 期初数 期末数 项目 投资金额 跌价准备 投资金额 跌价准备 股票投资 41,500.00 - 41,500.00 - 债券投资 240,161.83 - 231,688.56 - 合计 281,661.83 273,188.56 5.３ 应收票据 出票单位 出票日期 到期日 金额 上海精益工具有限公司 ２００１．１１．３１ ２００２．４．３１ ９，８１３，４００．００ 上海精益工具有限公司 ２００１．１１．１５ ２００２．５．１４ ６，３４０，５３０．００ 上海工业缝纫机厂经营公司 ２００１．１２．２５ ２００２．５．３１ ２，９３１，９３１．３８ 上海双欢贸易有限公司 ２００１．１１．２８ ２００２．５．２８ ５，５１３，０００．００ 上海机械设备进出口有限公司 ２００１．１０．３１ ２００２．４．３１ ５，２３２，５７２．００ 23 上海联合工业经贸有限公司 ２００１．１２．２９ ２００２．６．２４ ２，５００，０００．００ 上海联合工业经贸有限公司 ２００１．１２．２９ ２００２．６．２６ ２，５００，０００．００ 上海联合工业经贸有限公司 ２００１．１２．３０ ２００２．６．２８ ２，５００，０００．００ 上海联合工业经贸有限公司 ２００１．１２．３０ ２００２．６．２１ ２，５００，０００．００ 上海联合工业经贸有限公司 ２００１．１２．３０ ２００２．６．１８ ３，６４０，８０５．３５ 上海成源礼品有限公司 ２００１．１２．１０ ２００２．４．１２ ５，５００，０００．００ 上海成源礼品有限公司 ２００１．１２．１０ ２００２．５．１０ ７，０００，０００．００ 昌邑大有印染织造有限公司 ２００１．１１．２８ ２００２．５．２８ ６００，０００．００ 合计 56,572,238.73 5.4 应收帐款 5.4-1 合并数 期初数 期末数 帐龄 比例 比例 金额 坏帐准备 金额 坏帐准备 % % 1 年以内 １２２，３３０，４１７．１７ ５２．４２ ６，１１６，５２０．８６ １８７，５０３，６４８．００ ６３．１７ ９，３７５，１８２．４０ 1-2 年 ３８，５６６，２５６．２６ １６．５３ ７，７１３，２５１．２５ ２７，８０６，５１３．８４ ９．３７ ５，５６１，３０２．７６ 2-3 年 ２９，６５４，２９７．３５ １２．７１ １４，８２７，１４８．６８ ２８，５８５，５２１．７８ ９．６３ １４，２９２，７６０．８９ 3 年以上 ４２，８００，６１９．７０ １８．３４ ４２，８００，６１９．７０ ５２，９１９，７４８．１８ １７．８３ ５２，９１９，７４８．１８ 合计 ２３３，３５１，５９０．４８ １００．００ ７１，４５７，５４０．４９ ２９６，８１５，４３１．８０ １００．００ ８２，１４８，９９４．２３ 期末数中欠款金额前 ５ 名的单位合计数为 ５１，６０５，２５９．０１ 元，占全部应收帐 款金额的 １７．３９％。 上述应收帐款中无持 ５％（含 ５％）股份以上股东单位的欠款。 ５．４－２ 母公司数 期初数 期末数 帐龄 金额 比例％ 坏帐准备 金额 比例％ 坏帐准备 １ 年以内 ９５，６９８，８０２．５５ ５８．９７ ４，７８４，９４０．１３ １０２，７８４，８１３．７０ ６５．４３ ５，１３９，２４０．７０ １－２ 年 １３，２４１，２８７．６２ ８．１６ ２，６４８，２５７．５２ １３，０８８，７４４．１２ ８．３３ ２，６１７，７４８．８２ ２－３ 年 １５，０７６，４６８．５４ ９．２９ ７，５３８，２３４．２７ ８，３２２，１８５．９０ ５．３０ ４，１６１，０９２．９５ ３ 年以上 ３８，２７８，２３５．９４ ２３．５８ ３８，２７８，２３５．９４ ３２，９０４，５２４．３６ ２０．９４ ３２，９０４，５２４．３６ 合计 １６２，２９４，７９４．６５ １００．００ ５３，２４９，６６７．８６ １５７，１００，２６８．０８ １００．００ ４４，８２２，６０６．８３ 5.5 其他应收款 5.5-1 合并数 期初数 期末数 帐龄 金额 比例 坏帐准备 金额 比例 坏帐准备 % % 1 年以内 87,120,965.49 71.47 4,356,048.27 75,063,765.60 62.13 3,753,188.28 1-2 年 8,118,054.32 6.66 1,623,610.86 18,430,638.25 15.26 3,686,127.64 2-3 年 5,120,945.97 4.20 2,560,472.99 5,907,416.46 4.89 2,953,708.24 3 年以上 21,534,274.58 17.67 21,534,274.58 21,411,890.45 17.72 21,411,890.45 合计 121,894,240.36 100.00 30,074,406.70 120,813,710.76 100.00 31,804,914.61 24 期末数中欠款金额前 5 名的单位合计数为 21,155,455.22 元，占全部应收帐款 金额的 17.5%。 上述其他应收帐款中无持 5%（含 5%）股份以上股东单位的欠款。 5.5-2 母公司数 期初数 期末数 帐龄 金额 比例 坏帐准备 金额 比例% 坏帐准备 % 1 年以内 91,412,341.54 74.40 4,570,617.08 74,366,008.60 74.87 3,718,300.43 1-2 年 7,151,651.73 5.82 1,430,330.35 4,456,221.11 4.49 891,244.22 2-3 年 3,322,971.91 2.70 1,661,485.96 4,127,908.31 4.16 2,063,954.16 3 年以上 20,984,804.29 17.08 20,984,804.29 16,370,124.47 16.48 16,370,124.47 合计 122,871,769.47 100.00 28,647,237.68 99,320,262.49 100.00 23,043,623.28 5.6 预付帐款 期初数 期末数 帐龄 金额 比例 坏帐准备 金额 比例% 坏帐准备 % 1 年以内 24,271,870.22 82.91 - 32,660,654.38 91.02 - 1-2 年 1,757,810.57 6.00 - 3,109,668.30 8.67 - 2-3 年 1,029,352.68 3.52 - 2,500.00 - - 3 年以上 2,164,896.20 7.57 - 110,380.98 0.31 - 合计 29,223,929.67 100.00 - 35,883,203.66 100.00 - 上述预付帐款期末数中无持有公司 5%（含 5%）股份以上股东单位的欠款。 5.7 存货 期初数 期末数 项目 金额 跌价准备 金额 跌价准备 原材料 45,009,901.51 16,674,895.95 61,393,308.92 21,917,652.63 低值易耗品 567,585.56 - 359,353.45 - 委托加工物资 3,074,810.17 - 2,560,291.90 638,296.90 在产品 20,868,891.31 6,501,119.49 45,819,797.06 6,788,021.36 库存商品 84,047,385.29 11,772,837.24 134,177,036.74 18,680,394.90 合计 153,568,573.84 34,948,852.68 244,309,788.07 48,024,365.79 期末数较期初数增长 59%主要是由于生产经营规模的扩大和合并子公司的增 加。 5.8 待摊费用 项目 期初数 本期增加 本期摊销 期末数 保险费 - 61,564.00 39,995.65 21,568.35 租金 26,666.67 514,836.66 427,960.39 113,542.94 其他 2,895.00 4,429,714.29 3,349,746.79 1,082,862.50 合计 29,561.67 5,006,114.95 3,817,702.83 1,217,973.79 25 5.9 长期投资 5.9-1 合并数 ①长期投资汇总 期初数 本期增加 本期减少 期末数 项目 金额 减值准备 金额 金额 金额 减值准备 长期股权投资 109,466,929.45 4,663,771.66 143,837,368.43 49,647,891.67 205,713,167.54 6,720,532.99 长期债权投资 2,400.00 - 102,200.00 - 104,600.00 - 合计 109,469,329.45 4,663,771.66 143,939,568.43 49,647,891.67 205,817,767.54 6,720,532.99 期末数较期初数增长 88%的原因主要是本期以 1.33 亿元收购申贝公司 50%的 股权和 1,241 万元收购蝴蝶进出口公司 90%的股权. ②长期股权投资 a.股票投资 占被投资 被投资 股份 股票 投资 减值 公司注册 公司名称 性质 数量 金额 准备 资本比例 华联商厦股份有限公司 法人股 63,112 小于 5% 391,994.60 - 第一百货股份有限公司 法人股 24,461 小于 5% 128,224.80 - 广播电视集团 法人股 21,780 小于 5% 67,600.00 申银万国证券公司 法人股 101,214 小于 5% 200,000.00 - 永久股份有限公司 法人股 4,450,500 小于 5% 21,285,000.00 - 上海银行 法人股 551,400 小于 5% 551,400.00 新锦江股份有限公司 法人股 79,200 小于 5% 220,000.00 - 三毛纺织股份有限公司 法人股 1,358,830 小于 5% 3,669,800.00 - 宝鼎投资股份有限公司 法人股 7,500 小于 5% 7,500.00 双鹿电器股份有限公司 法人股 145,200 小于 5% 290,400.00 天津百货股份有限公司 法人股 65,000 小于 5% 220,000.00 - 上工股份有限公司 法人股 26,000 小于 5% 116,000.00 - 申能股份有限公司 法人股 106,200 小于 5% 437,360.00 联通国脉通讯股份有限公司 法人股 83,538 小于 5% 151,900.00 - 新黄浦置业股份有限公司 法人股 70,200 小于 5% 113,000.00 - 合计 27,850,179.40 - b.其他股权投资 被投资 投 占投资单位注册资 减值 本期权 累计权益 单位名称 资 本 准备 益 增减额 投资金额 比例 期 增减额 上工泉州销售公司 10 年 500,000.00 33.3% 500,000.00 - - 上工安庆销售公司 10 年 500,000.00 33.3% 500,000.00 - - 上工无锡销售公司 10 年 484,000.00 33.3% 484,000.00 - - 上工辽宁销售公司 10 年 500,000.00 33.3% 500,000.00 - - 上工实嘉实业有限公司 10 年 150,000.00 100% 150,000.00 - - 26 上海轻工塑料制品有限公司 20 年 3,400,000.00 17% 上海新光内衣厂（南非） 15 年 308,033.99 14.3% 308,033.99 - - 上海广濑精密工业有限公司 15 年 2,840,376.00 30% - - - 上海富华轻机有限公司 20 年 3,750,940.99 55% - -72,440.37 585,940.99 上海缝纫机技术开发公司 20 年 1,739,939.83 100% - -57,414.13 539,939.83 上海工业缝纫机物产总公司 20 年 4,726,054.15 100% - 56,773.59 126,054.15 上海永德经济发展有限公司 20 年 2,466,068.75 80% - 109,279.27 866,068.75 上海宝灵工程设备成套有限公司 20 年 464,017.46 90% - - -30,982.54 144,844.56 上海美狮综合经营公司 20 年 357,608.54 55% 357,608.55 - -142,391.46 上海重机缝纫机有限公司 20 年 7,465,094.44 30% - - 2,040,592.24 189,953.75 上海南通缝纫机销售有限公司 10 年 522,880.19 65% - - 2,880.19 109,551.18 上工洋泾分厂 15 年 9,484,049.32 58% - - 3,652,199.44 154,789.05 嘉定方泰机架厂 15 年 989,690.18 26% 989,690.18 - -757,075.39 上工毛桥烘漆厂 15 年 3,419,531.33 55% - - 150,000.00 上工彭镇分厂 15 年 385,397.92 58% 385,397.92 - - 上工北勒五金厂 15 年 302,977.52 50% 302,977.52 - - 上工经营公司 10 年 100,000.00 10% - - - 上工物资公司 10 年 100,000.00 5% 100,000.00 - - 上工裕力经贸公司 10 年 300,000.00 60% - - - 上工运输服务公司 20 年 3,399,298.67 100% 150,000.00 - 200,036.28 上海缝纫机四厂泗泾联营厂 10 年 2,530,276.30 50% - - - 上海钻石江桥制针厂 20 年 2,765,972.52 100% - - - 启东针厂 15 年 80,000.00 11% - - - 上工针业（镇江）有限公司 15 年 489,213.64 60% - - - 奉贤制针分厂 15 年 1,023,803.28 48% - - - 上工针业瑞金有限公司 15 年 1,501,588.40 70% - - - 上海上工佳汇缝纫设备有限公司 10 年 1,200,000.00 20% - - - 上海联工缝纫 上海联工缝纫设备有限公司 20 年 425,313.48 51% - -88,427.95 -84,686.52 湖南银海生物化学有限公司 30 年 2,946,617.42 10% -- - - 上海豹驰长城印刷号码机械有限 15 年 1,157,727.51 40% - -4,272.50 - 公司 上海富士施乐复印机有限公司 15 年 9,285,464.91 15.82% - - - 上海宝丽来影像有限公司 15 年 6,425,362.33 27% - -97,298.59 - 上海兄弟申贝工业有限公司 15 年 2,003,984.79 30% - -55,004.24 - 上海华之杰塑胶有限公司 15 年 883,275.69 25% - - - 其他 27 户 10,116,595.46 - 1,992,824. 83 合计 91,491,155.01 6,720,532. - 3,380,215.72 99 1,012,276. 27 ｃ．股权投资差额 被投资单位名称 初始金额 摊销 期初数 本期增加 本期减少 期末数 期限 上海飞人进出口有限公司 738,829.29 10 年 738,829.29 - 73,882.93 664,946.36 上海四方同济净水有限公司 569,004.30 10 年 569,004.31 - 56,900.43 512,103.88 上海蝴蝶进出口有限公司 377,712.13 10 年 - 377,712.13 37,771.21 339,940.92 长沙华日生化有限公司 5,992,060.20 10 年 5,842,258.72 - 599,206.02 5,243,052.70 上海申贝办公机械有限公司 83,801,883.44 10 年 - 83,801,883.44 4,190,094.17 79,611,789.27 合计 91,479,489.36 7,150,092.32 84,179,595.57 4,957,854.76 86,371,833.13 公司会计政策的变更采用追溯调整法，相应调增股权投资差额年初数 ５８１，２１０．９０ 元。 ③.长期债权投资 期初应 本期 期末应 债券种类 面值 年利率 购入金额 到期日 收利息 利息 收利息 87 年电力债券 104,600.00 - 104,600.00 2002.6.15 - - - 合计 104,600.00 104,600.00 5.9-2 母公司数 ①长期投资汇总 期初数 本期增加 本期减少 期末数 项目 金额 减值准备 金额 金额 金额 减值准备 长期股权投资 176,437,031.42 4,663,771.66 208,696,883.22 48,890,685.28 338,299,990.69 6,720,532.99 长期债权投资 - - - - - - 合计 176,437,031.42 4,663,771.66 208,696,883.22 48,890,685.28 338,299,990.69 6,720,532.99 ②长期股权投资 股票投资 占被投资 被投资 股份 股票 投资 减值 公司注册 公司名称 性质 数量 金额 准备 资本比例 华联商厦股份有限公司 法人股 63,112 小于 5% 339,634.60 - 第一百货股份有限公司 法人股 24,461 小于 5% 128,224.80 - 广播电视集团 法人股 21,780 小于 5% 67,600.00 申银万国证券公司 法人股 101,214 小于 5% 200,000.00 - 永久股份有限公司 法人股 4,450,500 小于 5% 21,285,000.00 - 上海银行 法人股 551,400 小于 5% 551,400.00 新锦江股份有限公司 法人股 79,200 小于 5% 220,000.00 - 三毛纺织股份有限公司 法人股 1,358,830 小于 5% 3,669,800.00 - 宝鼎投资股份有限公司 法人股 7,500 小于 5% 7,500.00 双鹿电器股份有限公司 法人股 145,200 小于 5% 290,400.00 申能股份有限公司 法人股 106,200 小于 5% 140,000.00 合计 - - - 26,899,559.40 - 28 b.其他股权投资 被投资 投资 占投资单位注册资本 减值 本期权益 累计权益 单位名称 期限 投资金额 比例 准备 增减额 增减额 上工泉州销售公司 10 年 500,000.00 33.3% 500,000.00 - - 上工安庆销售公司 10 年 500,000.00 33.3% 500,000.00 - - 上工无锡销售公司 10 年 484,000.00 33.3% 484,000.00 - - 上工辽宁销售公司 10 年 500,000.00 33.3% 500,000.00 - - 上工实嘉实业有限公司 10 年 150,000.00 100% 150,000.00 - - 上海轻工塑料制品有限公司 20 年 3,400,000.00 17% - - - 上海新光内衣厂（南非） 15 年 308,033.99 14.3% 308,033.99 - - 上海广濑精密工业有限公司 15 年 2,840,376.00 30% - - - 国际机电常州缝纫设备有限公司 10 年 1,500,000.00 100% 1,500,000.00 - - 上海富华轻机有限公司 20 年 3,750,940.99 55% - -72,440.37 585,940.99 上海缝纫机技术开发公司 20 年 1,739,939.83 100% -- -57,414.13 539,939.83 上海工业缝纫机物产总公司 20 年 4,726,054.15 100% - 56,773.59 126,054.15 上海永德经济发展有限公司 20 年 2,466,068.75 80% - 109,279.27 866,068.75 上海宝灵工程设备成套有限公司 20 年 464,017.46 90% - - -30,982.54 144,844.56 上海美狮综合经营公司 20 年 357,608.54 55% 357,608.55 - -142,391.46 上海重机缝纫机有限公司 20 年 7,465,094.44 30% - - 2,040,592.24 189,953.75 上海南通缝纫机销售有限公司 10 年 522,880.19 65% - - 2,880.19 109,551.18 上工进出口有限公司 15 年 15,354,411.55 90% - - -13,706,988.38 980,144.97 上工针业有限公司 15 年 6,317,439.53 94.29 - - -6,882,560.47 % 314,163.72 上海飞人进出口有限公司 15 年 11,234,743.14 90% - 1,000,706. 1,000,706.39 39 上海双重包缝机有限公司 15 年 14,821,523.57 70% - 6,421,523. 6,421,523.57 57 上海工业缝纫机销售总公司 15 年 100% - 上海工缝房地产发展有限公司 15 年 7,013,304.44 90% - -84,566.89 2,513,304.44 长沙华日华日生化有限公司 15 年 31,862,124,67 90% - 2,609,640. 4,294,249.34 54 上海上原科技开发有限公司 12 年 1,250,422.48 70% - - -2,949,557.52 1,493,159. 上海四方同济净水有限公司 15 年 7,367,660.10 60.47 - 609,362.35 475,556.22 % 上海上工佳荣有限公司 15 年 2,993,364.79 62.5% - 493,364.79 493,364.79 上海上工方天机械有限公司 15 年 2,037,704.56 60% - 237,704.56 237,704.56 上海上工兴达衣车机械有限公司 15 年 3,972,342.60 67.74 - 1,872,342. 1,872,342.60 % 60 上海上工企业管理有限公司 15 年 1,273,844.23 90% - 373,844.23 373,844.23 上海蝴蝶进出口有限公司 15 年 13,070,354.70 90% - 697,864.79 697,864.79 上海上工松达机械有限公司 15 年 2,588,518.43 65% - 638,518.43 638,518.43 上海上工佳源机电有限公司 15 年 1,634,561.40 56% - -45,438.60 -45,438.60 上海申贝办公机械有限公司 30 年 132,681,653.09 50% - 3,702,730. 3,702,730.11 11 其他 28 户 25,886,005.07 2,420,890.45 合计 311,400,431.29 - 6,720,532.99 14,970,573 2,357,493.83 .90 29 5.10 固定资产及折旧 原值 房屋及建筑物 机器设备 运输设备 办公设备 合计 期初数 174,707,618.83 407,904,875.32 14,298,732.75 16,506,953.74 613,418,180.64 本年增加 56,119,209.86 70,972,711.94 9,520,408.32 13,694,922.76 150,307,252.88 本年减少 19,274,121.08 33,853,485.10 2,750,236.41 970,158.85 56,848,001.44 期末数 211,552,707.61 445,024,102.16 21,068,904.66 29,231,717.65 706,877,432.08 累计折旧 房屋及建筑物 机器设备 运输设备 办公设备 合计 期初数 48,129,558.34 192,606,539.32 10,703,629.05 9,887,992.58 261,327,719.29 本年增加 20,560,640.86 61,173,083.20 3,307,798.09 4,662,670.77 89,704,192.92 本年减少 11,314,392.03 18,570,063.71 1,768,299.27 827,599.10 32,480,354.11 期末数 57,375,807.17 235,209,558.81 12,243,127.87 13,723,064.25 318,551,558.10 净值 房屋及建筑物 机器设备 运输设备 办公设备 合计 期初数 126,578,060.49 215,298,336.00 3,595,103.70 6,618,961.16 352,090,461.35 期末数 154,176,900.44 209,814,543.35 8,825,776.79 15,508,653.40 388,325,873.98 减值准备 期初数 本年增加 本年减少 期末数 房屋及建筑物 10,967,333.74 231,354.38 - 11,198,688.12 机器设备 70,051,178.73 1,145,633.67 - 71,196,812.40 合计 81,018,512.47 1,376,988.05 - 82,395,500.52 公司对固定资产计价政策的改变进行追溯调整，调增固定资产减值准备期初数 81,018,512.47 元。 房屋建筑物中唐山路 902 号的 16 幢厂房、华山路 2018 号办公房作为公司抵押 借款的抵押物，该些房产的评估价值为 1,521 万元； 机器设备、运输设备中有生产设备和车辆作为公司抵押借款的抵押物，该些设 备的评估价值为 1,887.40 万元。 5.11 在建工程 工程项目名称 期初数 本期增加 本期转入固定资产 其他减少数 期末数 数 污水处理工程 1,066,003.00 - 1,066,003.00 - - 厂房改造 928,499.48 1,339,814.83 481,423.00 1,100,000.00 686,891.31 设备改造 5,126,167.25 - 3,867,864.64 838,625.00 419,677.61 江桥三废项目 7,178,475.96 881,663.63 6,472,493.00 - 1,587,646.59 白云公寓品房 1,150,380.00 - 1,150,380.00 - - 新 01 生产线 - 911,940.60 - - 911,940.60 1240 项目 - 779,132.86 - - 779,132.86 00 军工柱体 - 490,309.63 - - 490,309.63 电弧法项目 - 511,375.33 511,375.33 - - 其他 119,826.18 4,043,949.37 2,191,280.61 198,092.65 1,774,402.29 合计 15,569,351.87 8,958,186.25 15,740,819.58 2,136,717.65 6,650,000.89 30 减值准备 期初数 本年增加 本年减少 期末数 1240 项目 - 362,006.43 - 362,006.43 其他 - 354,936.19 354,936.19 合计 - 716,942.62 716,942.62 上述期末工程资金来源均为自筹。 5.12 无形资产 项目 原始金额 期初数 本期增加 本期减少 期末数 土地使用权 12,284,525.65 10,626,436.90 1,282,833.09 559,161.19 11,350,108.80 商标使用权 26,956,690.01 939,581.88 20,161,268.51 1,321,257.43 19,779,592.96 土地补偿费 3,520,535.20 3,215,873.50 5,190,648.20 84,553.41 8,321,968.29 专有技术 1,200,000.00 1,200,000.00 - 140,000.00 1,060,000.00 非专利技术 200,000.00 - 116,699.50 20,000.00 96,699.50 其他 611,370.00 467,400.00 444,120.00 60,212.50 851,307.50 合计 44,773,120.86 16,449,292.28 27,195,569.30 2,185,184.53 41,459,677.05 公司对土地补偿费摊销政策的改变进行追溯调整，调减土地补偿费期初数 １，７８６，２８５．６９ 元。 期末数比期初数增长 １．５ 倍的原因是本期以货币资金、诉讼等 方式取得了“蝴蝶”牌、“蜜蜂”牌和“飞人”牌系列商标使用权，该些商标使 用权作价 ２，０１６ 万元。 5.13 长期待摊费用 项目 期初数 本期增加 本期减少 期末数 开办费 244,223.91 - 244,223.91 - 装修费 - 701,409.51 127,761.40 573,648.11 其他 - 3,482,515.96 1,312,402.74 2,170,113.22 合 计 244,223.91 4,183,925.47 1,684,388.05 2,743,761.33 公司对开办费摊销政策的改变进行追溯调整，调减开办费期初数 2,080,596.58 元。 5.14 短期借款 借款类别 期初数 期末数 抵押借款 50,050,700.00 84,070,000.00 担保借款 235,770,000.00 282,770,000.00 信用借款 88,550,000.00 118,540,000.00 合计 374,370,700.00 485,380,000.00 上述期末抵押借款是以公司的厂房（唐山路 ９０２ 号）、华山路 ２０１８ 号 ２４０３－ ２４０４ 室、西藏南路 １４０７ 号房产、襄阳南路 １７５ 号房产、铂金 １５９．７２２５ 公斤、土 地 ３６０７４ 平方米、机器设备、运输设备、美元存单等为抵押物。 上述期末担保借款中，由上海永久股份有限公司和上海工业经济担保有限共 同担保 ６，３３０ 万元；由上海华源企业发展有限公司担保 ８，７８７ 万元；由中国华源 集团担保 ３，２００ 万元；上海华源制药股份有限公司担保 ２，０００ 元；由上海建材（集 团）总公司担保 ７，５６０ 万元；有中国经济技术投资担保公司上海分公司担保 ２００ 31 万元；由上海久和企业发展有限公司担保 ２００ 万元。 ５．１５ 应付票据 应付票据 期初数 期末数 商业承兑汇票 6,275,181.00 11,105,250.00 上述应付票据中无欠持公司 5%（含 5%）以上股份的股东单位的款项。 5.16 应付帐款 应付帐款 期初数 期末数 184,210,995.87 182,203,463.96 上述应付帐款中无欠持公司 5%（含 5%）以上股份的股东单位的款项。 5.17 预收帐款 预收帐款 期初数 期末数 18,249,044.27 25,208,569.42 上述预收帐款中无欠持公司 ５％（含 ５％）以上股份的股东单位的款项。 ５．１８ 应付股利 应付股利 期初数 期末数 法人股股利 16,598,382.07 17,010,766.62 ５．１９ 应交税金 税目 期初数 期末数 增值税 -20,006,489.02 -24,943,424.53 营业税 4,098,422.03 2,773,166.07 所得税 4,141,097.45 333,846.79 城市维护建设税 2,567,232.15 1,073,473.06 房产税 12,793.61 401,777.74 土地使用税 9,253.79 255,706.00 个调税 31,015.91 130,025.68 合计 -9,146,674.08 -19,975,429.19 期末应交税金借方余额比期初增长 1.18 倍的原因是本期出口销售的增长而引 起的出口退税应退数的增加。 5.20 其他应付款 其他应付款 期初数 期末数 57,681,223.38 73,553,137.03 期末余额中有应付持有公司 46.35% 股 份 的 上 海 轻 工 （ 控 股 ） 集 团 公 司 4,372,683.05 元。 5.21 预提费用 项目 期初数 期末数 预提利息 331,912.50 60,835.09 32 其他 - 55,770.00 合计 331,912.50 116,605.09 5.２２ 一年内到期的长期负债 期初数 期末数 4,490,000.00 - 5.23 长期借款 期初数 期末数 信用借款 - 7,731,247.93 5.24 长期应付款 期初数 期末数 1,474,782.00 4,823,275.90 5.25 股本 本次变动增减（+，-） 项目 期初数 期末数 配股 送股 转股 一、尚未流通股份 1.发起人法人股 139,366,370.00 139,366,370.00 其中： 国家拥有股份 117,018,082.00 117,018,082.00 境内法人持有股份 22,348,288.00 22,348,288.00 外资法人拥有股份 其他 2.募集法人股 3.内部职工股 4.优先股或其他 尚未流通股份合计 139,366,370.00 139,366,370.00 二、已流通股份 1.境内上市的 RMB 普通股 15,600,000.00 15,600,000.00 2.境内上市的外资股 97,500,000.00 97,500,000.00 3 境外上市的外资股 4.其他 已流通股份合计 113,100,000.00 113,100,000.00 三、股份总数 252,466,370.00 252,466,370.00 5.26 资本公积 项目 期初数 本期增加 本期减少 期末数 股本溢价 287,532,148.07 - - 287,532,148.07 股权投资准备 20,662.57 - - 20,662.57 33 资产评估增值准备 62,566,552.05 - - 62,566,552.05 未分类的资本公积 6,703,530.97 36,882.84 - 6,740,413.81 合计 356,822,893.66 36,882.84 - 356,859,776.50 5.27 盈余公积 项目 期初数 本期增加 本期减少 期末数 法定盈余公积 2,664,708.22 1,776,315.24 - 4,441,023.46 公益金 1,928,083.64 1,776,315.24 - 3,704,398.88 合计 4,592,791.86 3,552,630.48 8,145,422.34 公司会计政策和会计估计的变更采用追溯调整法，相应调减盈余公积期初数 21,549,136.19 元。 5.28 未分配利润 项 目 本期数 上期数 原年初未分配利润 32,494,500.84 5,121,357.73 追溯调整影响数 -183,394,682.63 -192,718,744.77 调整后年初未分配利润 -150,900,181.79 -187,597,387.04 加：本年净利润 45,840,041.90 37,678,637.13 可供分配利润 -105,060,139.89 -149,918,749.91 减：提取法定盈余公积 1,776,315.24 490,715.94 提取法定公益金 1,776,315.24 490,715.94 提取普通股股利 - - 年末未分配利润 -108,612,770.37 -150,900,181.79 5.29 未确认投资损失 期初数 期末数 -1,360,448.77 -6,293,470.35 余额系未确认的子公司上海工业缝纫机销售总公司期末净资产的亏损数。 5.30-1 其他业务收入 其他业务收入 项目 本期发生数 上期发生数 原材料销售 25,079,819.70 22,129,986.92 劳务收入 617,953.25 - 租赁收入 4,053,731.56 - 其他 8,856,216.13 11,762,962.31 合计 38,607,720.64 33,892,949.23 34 5.30-2 其他业务成本 其他业务成本 项目 本期发生数 上期发生数 原材料销售 23,377,456.49 19,661,834.60 劳务 779,033.96 - 租赁 2,176,800.24 - 其他 2,749,555.38 2,306,401.62 合计 29,082,846.07 21,968,236.22 5.30-3 其他业务利润 其他业务利润 项目 本期发生数 上期发生数 原材料销售 1,702,363.21 2,468,152.32 劳务 -161,080.71 - 租赁 1,876,931.32 - 其他 6,106,660.75 9,456,560.69 合计 9,524,874.57 11,924,713.01 5.31 财务费用 项目 本期发生数 上期发生数 利息支出 31,812,466.48 24,480,163.26 减：利息收入 3,662,018.72 2,720,466.48 汇兑损益 385,376.74 286,183.46 其他 2,438,664.51 1,242,470.80 合计 30,974,489.01 23,288,351.04 本期利息支出较上期增长 30%的原因是本期短期借款的增加。 5.32 投资收益 5.32-1 合并数 项目 本期发生数 上期发生数 股票投资收益 2,638,803.23 5,048,753.82 债券投资收益 - - 股权转让收益 -17,930.39 2,804,519.46 联营或合营公司分配来的利润 5,994,343.97 164,812.25 年末调整被投资公司所有者权益净增减 424,909.78 522,900.11 股权投资减值准备 -2,056,761.33 1,812,460.87 合计 6,983,365.26 10,353,446.51 本期数较上期数减少 48%主要是因为本期提取了大量股权投资减值准备。 35 5.32-2 母公司数 项目 本期发生数 上期发生数 股票投资收益 2,604,954.95 5,046,532.22 债券投资收益 - - 股权转让收益 -17,930.39 2,304,519.46 联营或合营公司分配来的利润 - 164,812.25 年末调整被投资公司所有者权益净增减 29,006,200.67 20,181,638.28 股权投资差额摊销 -4,957,854.76 -148,185.40 股权投资减值准备 -2,056,761.33 1,812,460.87 合计 24,578,609.14 29,361,777.68 5.33 补贴收入 项目 本期发生数 上期发生数 增值税返还 23,500.00 931,385.35 营业税返还 - 财政补贴 900.00 - 出口贴息 1,604,630.84 110,678.58 合计 1,629,030.84 1,042,063.93 5.34 营业外收入 项目 本期发生数 上期发生数 处理固定资产净收益 4,132,815.68 1,741,757.86 罚款及赔偿金收入 485,951.87 1,147,611.76 其他 467,354.86 4,826,992.09 合计 5,086,122.41 7,716,361.71 5.35 营业外支出 项目 本期发生数 上期发生数 处理固定资产净损失 477,160.78 861,743.86 赔偿及罚款支出 207,297.04 815,858.33 固定资产盘亏 44,494.00 其他 1,013,173.28 1,998,962.29 合计 1,742,125.10 3,676,564.48 6. 分行业资料 6.1 合并数 金额单位：万元 营业收入 营业成本 营业毛利 行业 本期数 上期数 本期数 上期数 本期数 上期数 缝制设备 68,209 47,932 52,394 37,771 15,815 10,160 办公机械 8,294 7,395 899 房地产 2,621 6,639 1,039 4,871 1,582 1,768 36 生化 2,502 1,337 1,999 1,124 503 213 其他 10,000 - 8,919 1,081 合计 91,626 55,908 71,746 43,766 19,880 12,142 本期销售较上期数增长 64%是由于 2001 年缝纫机新产品的销售及出口产品的 销售有较大增长和合并子公司增加引起的销售增长。 本期主营业务收入中，前 5 名销售额合计 90,178,008.47 元，占 9.8%。 6.2 母公司数 金额单位：万元 营业收入 营业成本 营业毛利 行业 本期数 上期数 本期数 上期数 本期数 上期数 缝制设备 31,204 29,855 21,956 22,777 9,248 7,078 7. 关联方关系及其交易 7.1.1 存在控制关系的关联方 注册 与本企 经济 法定 子公司全称 主营业务 地址 业关系 性质 代表人 上海轻工控股（集团）公司 上海 资产管理、管理、投资、贸易 母公司 国有 张立平 上海美狮综合经营公司 上海 缝纫机及配件、日用百货、文化用品等 子公司 有限公司 冯桂珠 上海宝灵工程设备成套有限公司 上海 建筑材料、装潢材料、金属材料 子公司 有限公司 雷杰 上海永德经济发展有限公司 上海 机电设备及配件、建筑五金汽配等 子公司 有限公司 张一枫 上海富华轻机有限公司 上海 生产销售服装、缝制设备等 子公司 有限公司 倪永刚 上海工业缝纫机物产总公司 上海 缝制设备制造、经营及兼营百货 子公司 有限公司 陈惠民 上海工业缝纫机技术开发公司 上海 缝制设备、四技服务及制造 子公司 国有 徐贤钧 7.1.2 存在控制关系的关联方的注册资本及其变化 金额单位：万元 子公司全称 年初数 本期增/（减）数 期末数 上海美狮综合经营公司 50.00 - 50.00 上海宝灵工程设备成套有限公司 55.00 - 55.00 上海永德经济发展有限公司 200.00 - 200.00 上海富华轻机有限公司 $100.00 - $100.00 上海工业缝纫机物产总公司 460.00 - 460.00 上海工业缝纫机技术开发公司 120.00 - 120.00 7.１．３ 存在控制关系的关联方所持股权及其变化 金额单位：万元 所持股权 子公司全称 年初数 % 本期增/（减） 期末数 % 上海美狮综合经营公司 50.00 55 - 50.00 55 上海宝灵工程设备成套有限公司 49.50 90 - 49.50 90 上海永德经济发展有限公司 160.00 80 - 160.00 80 上海富华轻机有限公司 316.50 55 - 316.50 55 上海工业缝纫机物产总公司 460.00 100 - 460.00 100 上海工业缝纫机技术开发公司 120.00 100 - 120.00 100 37 7.１．４ 存在控制关系的关联方交易 (1) 供货原则 供货主要是满足生产所需要的原材料和零配件，通常供货价格参照市价，采用 签订合同的方式，依照合同确定的标的执行。 (2) 销货原则 依照公司制定的价格目录，主要采用签订销售合同的形式，分别不同客户采用 出厂价、批发价和零售价执行。 (3) 采购货物的大宗物品主要是零配件及黑色有色金属材料。 (4) 收购无形资产、股权 金额单位：万元 2000 年度 2001 年度 对方企业名称 金额 % 金额 % 上海飞人协昌缝制机械有限公司 - - 1,510.00 - 上海飞人有限公司 506.00 上海轻工控股（集团）公司 - - 13,324.17 - 上海轻工控股（集团）公司 - - 1,241.06 - １．公司和上海飞人协昌缝制机械有限公司均为受上海轻工控股（集团）公司 控制的公司，公司于 ２００１ 年 ６ 月以货币资金 １，５１０ 万元收购了该公司拥有的“蝴 蝶”牌和“蜜蜂”牌系列注册商标专用权，这两个商标专用权的评估价值为 １，１９２ 万元。 ２．公司和上海飞人有限公司均为受上海轻工控股（集团）公司控制的公司， 公司于 ２００１ 年 ６ 月通过债务重组的方式，以对该公司 ５０６ 万元的债权换取了其拥 有的“飞人”牌系列注册商标专用权，该商标专用权的评估价值为 ８２４ 万元。 ３．公司为受上海轻工控股（集团）公司控制的公司，２００１ 年 ６ 月公司以货币 资金 １３３，２４１，７０２．３３ 元收购了上海轻工控股（集团）公司持有的上海申贝办公机械 有 限 公 司 ５０％ 的 股 权 ， 上 海 申 贝 办 公 机 械 有 限 公 司 整 体 资 产 的 评 估 价 值 为 ２６６，４８３，４０４．６６ 元。 ４．公司为受上海轻工控股（集团）公司控制的公司，２００１ 年 ３ 月公司以货币 资金 １２，４１０，５６１．１２ 元收购了上海轻工控股（集团）公司持有的上海蝴蝶进出口有 限 公 司 ９０％ 的 股 权 ， 上 海 蝴 蝶 进 出 口 有 限 公 司 整 体 资 产 的 评 估 价 值 为 １３，７８９，５１２．３５ 元。 (5) 关联方应收、应付款项余额 项目 上年末 本年末 其他应收款 上海永德经济发展有限公司 - 5,106,799.23 上海美狮综合经营公司 - 45,313.25 项目 上年末 本年末 其他应付款 上海轻工（控股）集团公司 - 4,372,683.05 7.２ 不存在控制关系的关联方 企业名称 与本企业的关系 毛桥烘漆联营厂 联营 38 洋泾附件厂 联营 彭镇缝零配件厂 联营 泗泾联营厂 联营 上工裕力公司 联营 7.2.2 不存在控制关系的关联交易 （１） 采购货物 公司上年同期和本期向关联方采购货物有关明细资料如下： 2000 年度 2001 年度 供货企业名称 金额 % 金额 % 毛桥烘漆联营厂 9,290,000.00 1.92 6,078,878.38 1.04 洋泾附件厂 6,220,000.00 1.29 6,980,213.52 1.20 泗泾联营厂 580,000.00 0.12 378,956.04 0.06 上工裕力公司 8,160,000.00 1.69 4,884,577.65 0.84 (2) 关联方应收、应付款项余额 项目 上年末 本年末 应付帐款 毛桥烘漆联营厂 8,000,000.00 8,811,077.86 洋泾附件厂 6,580,000.00 8,906,311.40 彭镇缝零配件厂 - 304,166.37 泗泾联营厂 370,000.00 7,124.22 上工裕力公司 - 1,253,359.27 ７．３其他关联交易事项 ２００１ 年度，公司支付关键管理人员的报酬总额为 ８６．４ 万元，２０００ 年度为 ７７．９ 万元。公司的关键管理人员包括董事长、总经理、监事等共计 10 人。 8. 或有事项 截止 2001 年 12 月 31 日，本公司为上海华源集团有限公司提供银行借款担保 金额为 5,000 万元；为上海建筑材料（集团）总公司提供银行借款担保金额为 6,500 万元；为上海华源企业发展股份有限公司提供银行借款担保金额为 9,000 万元。 9. 承诺事项 截止本会计报表签发日，公司并未发生影响本会计报表阅读和理解的重大承 诺事项。 10. 资产负债表日后事项中的非调整事项 公司董事会于 2002 年 4 月 8 日举行会议，决议以资本公积弥补因追溯调整造 成的 2001 年末累积亏损 100,592,155.86 元，并将此决议提交股东大会审议通过。 １１．补充资料（境内外会计准则的差异） 单位：千元 净资产 净利润 按国际会计准则 ４９９，５４２ １１，３６３ １、合并范围不同的影响 ８０３ １，７６４ ２、固定资产减值准备 －－ ２８，９４８ ３、存货跌价准备 －－ ３，６９８ 39 ４、冲销资本化费用 ５９６ ５９６ ５、其它 １，６２４ （５２９） 按《企业会计制度》 ５０２，５６５ ４５，８４０ 40 上工股份有限公司 审计师报告书及财务报表 截至二零零一年十二月三十一日止年度 上工股份有限公司 截至二零零一年十二月三十一日止年度 目 录 页 次 国际审计师报告书 1 综合利润表 2 综合资产负债表 3-4 综合股东权益变动表 5 综合现金流量表 6 综合财务报表附注 7 - 36 补充资料 37 PricewaterhouseCoopers 22nd Floor Prince’ s Building Central Hong Kong Telephone (852) 2289 8888 Facsimile (852) 2810 9888 国际审计师报告书 致上工股份有限公司列位股东 (于中华人民共和国注册成立之股份有限公司) 我们已完成审计上工股份有限公司(“贵公司”)及其附属公司(“贵集团”)于二零 零一年十二月三十一日的综合资产负债表及截至该日止年度的综合利润表及综合现 金流量表。编制上述刊载于第 2 至 36 页的综合财务报表乃贵公司管理人员的责 任， 我们的责任是根据审计工作的结果，对该等财务报表作出意见。 我们是按照国际审计准则进行审计工作。此等准则要求我们策划和进行审计以合理 确定该等财务报表是否存有重大错误陈述。审计工作包括以抽查方式查核与财务报 表所载数额及披露事项有关之凭证，亦包括评估管理层于编制该等财务报表时所作 的重大估计和判断、所厘定的会计政策是否适合贵集团的具体情况。我们亦已衡量 该等财务报表所载资料在整体上是否充足。我们相信，我们的审计工作已为下列意 见建立合理的基础。 我们认为上述的财务报表于所有重大方面均真实与公平地反映贵集团于二零零一年 十二月三十一日的财务状况及贵集团截至该日止年度的业绩和现金流量，并符合国 际会计准则。 罗兵咸永道会计师事务所 执业会计师 香港，二零零二年四月八日 1 上工股份有限公司 綜合利潤表 截至二零零一年十二月三十一日止年度 附注 二零零一年 二零零零年 人民币千元 人民币千元 销售收入 3 813,653 530,981 销售成本 (639,013) (414,893) 毛利 174,640 116,088 其他业务利润 38,069 44,328 销售费用 (28,918) (17,619) 管理费用 (136,701) (90,548) 经营利润 4 47,090 52,249 财务支出 - 净额 5 (27,827) (21,076) 应占联营公司税前业绩 3,728 688 除税前利润 22,991 31,861 税项 7 (9,650) (5,712) 除税后利润 13,341 26,149 少数股东权益 21 (1,978) 4,661 净利润 11,363 30,810 每股盈利 8 人民币 0.045 元 人民币 0.12 元 第 7 至 36 页之附注乃此等财务报表之一部分。 2 上工股份有限公司 綜合資產負債表 于二零零一年十二月三十一日 附注 二零零一年 二零零零年 人民币千元 人民币千元 资产 非流动资产 固定资产 9 285,293 332,951 在建工程 10 9,147 18,883 无形资产 11 45,122 21,610 联营公司投资 12 160,854 25,026 可供出售之投资 13 37,565 41,539 537,981 440,009 流动资产 存货 14 164,098 135,940 应收账款及票据 15 252,597 180,187 应收关联公司款项 16 10,708 3,265 应收联营公司款项 16 212 223 其他应收款、预付款及按金 91,003 113,861 交易投资 17 6,768 6,314 现金及银行存款 18 158,159 287,487 683,545 727,277 资产合计 1,221,526 1,167,286 第 7 至 36 页之附注乃此等财务报表之一部分。 3 上工股份有限公司 綜合資產負債表(续) 于二零零一年十二月三十一日 附注 二零零一年 二零零零年 人民币千元 人民币千元 权益及负债 股本及储备 股本 19 252,466 252,466 储备 20 388,169 376,537 累计亏损 (141,093) (160,159) 499,542 468,844 少数股东权益 21 20,642 18,270 非流动负债 贷款 22 400 - 流动负债 应付账款及票据 171,896 142,738 应付主要股东款项 16 3,436 28,941 应付关联公司款项 16 - 87 应付联营公司款项 16 10,033 15,962 其他应付款及预提费用 58,079 103,692 应交税金 2,158 4,391 贷款 22 455,340 384,361 700,942 680,172 负债合计 701,342 680,172 权益及负债合计 1,221,526 1,167,286 于二零零二年四月八日，本公司之董事会核准印发此财务报表。 第 7 至 36 页之附注乃此等财务报表之一部分。 4 上工股份有限公司 综合股东权益变动表 截至二零零一年十二月三十一日止年度 股本 储备 累计亏损 总计 (附注 19) (附注 20) 人民币千元 人民币千元 人民币千元 人民币千元 二零零零年 二零零零年一月一日结余 252,466 369,245 (183,677) 438,034 出售附属公司 - (840) 840 - 本年利润 - - 30,810 30,810 分拨至储备基金 - 8,132 (8,132) - 二零零零年十二月三十一日结余 252,466 376,537 (160,159) 468,844 二零零一年 二零零一年一月一日结余 252,466 376,537 (160,159) 468,844 本年利润 - - 11,363 11,363 主要股东承担之税务负债 (附注 20(d)) - 19,335 19,335 中国法定财务报表以前年度累计 亏损重列导致之储备调整 (附注 20(e)) (21,549) 21,549 - 分拨至储备基金 - 13,846 (13,846) - 二零零一年十二月三十一日结余 252,466 388,169 (141,093) 499,542 第 7 至 36 页之附注乃此等财务报表之一部分。 5 上工股份有限公司 综合现金流量表 截至二零零一年十二月三十一日止年度 附注 二零零一年 二零零零年 人民币千元 人民币千元 经营活动之现金流量 来自经营业务之现金 23(a) 12,893 17,751 收取利息 1,889 3,403 支付利息 (29,346) (24,193) 缴付税项 (11,946) (1,286) 经营业务之现金流出凈额 (26,510) (4,325) 投资活动之现金流量 购置固定资产 9 (22,718) (96,732) 支付在建工程款项 10 (5,526) (7,544) 支付购买无形资产款项 11 (20,290) - 收购附属公司(已扣除收购所得之现金) 24 (8,677) (34,057) 增加联营公司之投资 12 (135,779) (2,143) 收购附属公司之额外权益 (4,058) - 增加可供出售之投资 (2,808) (726) 减少银行定期存款 171,243 77,845 出售附属公司(已扣除出售之现金) - 12,375 出售可供出售之投资之所得款 9,191 9,731 出售固定资产之所得款 23(b) 19,297 80,791 出售在建工程之所得款 1,120 - 已收可供出售之投资股息 173 240 已收联营公司股息 12 863 583 投资活动之现金流入凈额 2,031 40,363 融资活动之现金流量 偿还贷款 (12,910) (26,383) 偿还长期应付主要股东款项 - (3,808) 少数股东资本投入 3,477 5,649 附属公司派发股息予少数股东 21 (362) (148) 融资活动之现金流出凈额 (9,795) (24,690) 现金及现金等价物之(减少) /增加 (34,274) 11,348 现金及现金等价物之变动 年初结余 11,181 (167) (减少)/增加 (34,274) 11,348 年末结余 18 (23,093) 11,181 第 7 至 36 页之附注乃此等财务报表之一部分。 6 上工股份有限公司 综合财务报表附注 1 概述 上工股份有限公司(“本公司”)乃于中华人民共和国(“中国”)注册成立之 股份有限公司，并于上海证券交易所挂牌上市。本公司及其附属公司(“本 集团”)主要从事工业缝纫机的生产与销售。 本公司之地址如下: 中国上海 浦东新区世纪大道 1500 号 东方大厦 12 楼 2 主要会计政策 编制此等综合财务报表时所采用之主要会计政策如下: (a) 编制基础 本综合财务报表是按照国际会计准则而编制。此会计基准与编制本集团之 中国法定财务报表(“中国财务报表”)所使用的基准在若干方面有所不同。组 成本集团的本公司及其附属公司之中国财务报表乃按照其适用的中国有关 会计原则和规定而编制。该等中国财务报表已按国际会计准则作出适当的 调整，而有关的调整并没有反映于本公司及其附属公司之会计记录上。 除下述会计政策另有说明外，本综合财务报表乃按照历史成本会计法编 制。 (b) 会计政策之变更 本集团自二零零一年一月一日起采用了由国际会计师联会发出的下列新颁 布之国际会计准则： 国际会计准则第 39 号：《金融工具：确认与计量》 有关会计政策之变更毋需采用追溯调整法。 (c) 附属公司 附属公司是指本集团持有其半数以上投票权或能有效控制其经营之公司， 并已作综合计算。附属公司由集团拥有其有效控制权当日起至控制权停止 时已作综合计算。集团内部之交易、结余及交易中之未实现利润均于综合 计算时全部抵销；未实现之亏损(除非其成本不能恢复)亦已作抵销。 7 上工股份有限公司 综合财务报表附注 2 主要会计政策(续) (d) 联营公司 于联营公司之投资乃按权益会计法入账。联营公司是指本集团持有其 20% 至 50%投票权或对其管理有重大影响但未构成控制之公司。本集团与联营 公司之间的交易产生之未实现利润以本集团应占联营公司之权益为限进行 抵消；未实现损失也将被抵消，除非该交易有证据显示被转移之资产发生 了减值。本集团于联营公司之投资包括收购产生的商誉(扣除累计摊销)。当 于联营公司之投资之账面余额达至为零时，便不再采用权益会计法，除非 本集团就该联营公司已产生承担或有担保之承担。 (e) 外币换算 本集团以人民币为记账本位币。外币业务交易按交易当日的适用汇率换 算。以外币为本位币的货币性资产及负债均按资产负债表结算日以中国 人民银行公布的汇率换算为人民币。由此产生之汇兑差异于利润表列支。 (f) 固定资产 固定资产按历史成本减累计折旧及累计减值亏损列账。 各类固定资产折旧按其对本集团估计可使用年限及其预计残值以直线法撇 销其原值。采用的主要折旧年率为： 建筑物 5% 厂房及机器 10% 家具、固定设备及办公室设备 20% 汽车 20% 如资产之账面值高于其估计之可收回价值，资产之账面值将即时减少至可 收回价值。 出售固定资产之收益或亏损乃有关资产之出售所得款项净额与账面金额之 间的差额，并于利润表中确认。 修复固定资产至正常运行状态所发生的主要成本于利润表列支。固定资产 改良支出将予以资本化，并按其对本集团可使用之年限提取折旧。 8 上工股份有限公司 综合财务报表附注 2 主要会计政策(续) (g) 在建工程 在建工程指正在建造的厂房、及正在安装中之生产设备、机器及其他设 备。在建工程乃以成本列账，如账面值高于估计之可收回价值，则账面值 即时减少至可收回价值。成本包括建造费用、设备和机器购置成本以及使 该资产达到预定可使用状态前之建造期间用于在建工程的贷款所产生的利 息。 (h) 借贷成本 直接因收购、兴建或生产需长时间方可投入预定用途之资产有关之借贷成本 将予资本化，作为该资产的部分成本。 其他借贷成本于发生之年度列为开支项目。 (i) 无形资产 土地使用权 土地使用权是指为获得长期使用土地之权利而支付的款项，以成本入账， 并按土地剩余租赁期限或五十年两者较低者以直线法摊销。 商誉 商誉是指收购附属公司、联营公司或合营公司所支付的收购成本超出于收 购日本集团应占被收购公司净资产之公允价值的差额。收购联营公司之商 誉分别包括在联营公司投资投资中。商誉按其预计可使用年限或十年两者 中之较低者以直线法摊销。 出售某实体之损益包括与所出售实体有关之未摊销商誉结余。 其他无形资产 其他无形资产为收购商标之支出及专有技术，并按其预计受益年限或十年 两者较低者以直线法摊销。 减值 当有迹象显示出现减值时，无形资产(包括商誉)之账面值均需评估并即时撇 减至其可收回价值。 9 上工股份有限公司 综合财务报表附注 2 主要会计政策(续) (j) 投资 从二零零一年一月一日起，本集团采用了国际会计准则第 39 号，将其投资 划分下列类别: - 为交易而持有之投资； - 持有至到期日之投资；及 - 可供出售之投资 以为了从短期价格波动中获利为目的之投资归作为交易而持有之投资并列为 流动资产。对于有固定的期限，且管理层有能力和意愿持有至到期日之投资 归作持有至到期日之投资并列为非流动资产。对于持有时间不明确，可能因 流动性考虑或利率变动而售出之投资，归作可供出售之投资。除非管理层有 明确打算该等投资持有时间小于十二个月或该等投资将被出售以获取流动资 金，可供出售之投资将列为非流动资产。管理层于取得投资时对该等投资进 行分类并定期重估。 于本年内，本集团并不持有持有至到期日之投资。 对于存在活跃市场的为交易而持有及可供出售之投资以公允价值计量。有 关投资之公允价值变动所产生之未变现净损益于当期利润表确认。而对于 活跃市场上没有标价且其公允价值不可以可靠计量的投资，则以成本计 量。按成本值计量之投资均在资产负债表日进行减值评估。 (k) 租赁 本集团作为承租人 拥有资产之风险与回报基本上全部由出租人保留之租赁为经营性租赁。经 营性租赁之付款扣除从出租人收到之奖励金后，在租赁期内以直线法于利 润表内列支。 本集团作为出租人 以经营性租赁租出之资产包括在资产负债表中之固定资产，并按与其同类 之自有固定资产之估计可使用年限一致性之基准计提折旧。租赁收入扣除 支付予承租人之奖励金后，在租赁期内以直线法予以确认。 (l) 存货 存货按成本及可变现凈值两者之较低者列账。成本按先进先出法计算。制 成品及在制品之成本包括直接材料、直接人工和经适当分配的生产费用。 可变现净值是在正常业务情况下存货的预计销售价扣除完工成本及销售费 用所得的净值。 10 上工股份有限公司 综合财务报表附注 2 主要会计政策(续) (m) 应收账款及其他应收款 应收账款以原始发票金额扣减呆账拨备而列账，呆账拨备是按年末未收回 之余额评估而算出。坏账于确认时撇销。 凡被视为属呆账之其他应收款，均提拨准备。在资产负债表上列账之其他 应收款已扣除有关准备。 (n) 现金及现金等价物 现金及现金等价物于资产负债表中以成本列账。在现金流量表中，现金及 现金等价物为扣除于三个月内到期之短期贷款及三个月以上银行定期存款 后之现金及银行存款。 (o) 金融工具 列示于资产负债表的金融性资产及金融性负债包括现金及银行存款，投 资，应收款项，应付款项及贷款。投资和应收账款及其他应收款分别按附 注 2(j)和附注 2(m)所述基准所确定之账面值列账。其他金融性资产及金融 性负债按成本列账。 关于本集团金融性资产及金融性负债之披露列于附注 25。 (p) 退休金计划 本集团须根据有关地方政府之规则及条例向该政府统筹之员工退休统筹计 划供款，本集团支付该指定退休统筹计划之供款于产生时计入利润表。 (q) 税项 中国所得税乃按照适用于组成本集团之本公司及其附属公司的税率及估计 应课税收入拨备。 因以税项基准而计算之资产及负债与财务报表所列之账面值不同而产生之 暂时性差异，将按负债法计提递延税项。递延税项乃以目前适用之税率或 于资产负债表日之实际税率计入财务报表。暂时性差异对税项之影响，只 会在有关负债或资产于可预见之将来能实现始于资产负债表上确认。 递延税项资产只有当将来应课税利润可预见时，而暂时性差异可被运用时 才予以确认。 11 上工股份有限公司 综合财务报表附注 2 主要会计政策(续) (r) 准备 当集团因过去事项而承担了现时的法定义务或推定义务，而履行该义务很 可能要求含有经济利益的资源流出集团，且该义务的金额可以可靠地估计 时，有关准备将予以确认。 当本集团预计准备可获偿付，则将偿付金额确认为一项独立资产，惟只能 在偿付金额可实质确定时确认。 (s) 收入确认 收入于商品已转移且客户已接收时确认。销售乃减除销售税金及折扣，并 已剔除集团内部之销售。 本集团取得的其他收入以下列基准确认： 利息收入按应计法入账。 股息收入在确认本集团获得收取的权利后入账。 出售固定资产所得之收益于有关出售及转让合同生效时入账。 3 销售收入 本集团之销售收入主要来自中国，并主要为售予客户之缝纫机及相关零 件。此收入是指已扣除折扣及增值税后之发票凈值。因本集团 90%以上之 销售来自在中国境内的缝纫机销售，故没有披露分部资料。 12 上工股份有限公司 综合财务报表附注 4 经营利润 经营利润已扣除/(计入)以下项目： 二零零一年 二零零零年 人民币千元 人民币千元 固定资产之折旧(附注 9) 39,615 47,320 固定资产之减值 (包括于“管理费用”) (附注 9) 39,570 - 出售固定资产之收益(附注 23(b)) (9,847) (14,713) 经营性租赁之租金费用 8,779 6,319 冲回计提转让土地使用权之成本 - (7,308) 无形资产摊销(包括于“管理费用”) (附注 11) 2,216 153 收购联营公司产生商誉之摊销(包括于 “管理费用”)(附注 12) 4,190 - 营业前开支撇销 - 2,324 可供出售之投资减值准备 155 192 冲回联营公司之投资减值准备 (1,412) - (冲回)/计提呆坏账准备 - 应收账款 (28,699) 13,458 - 其他应收款、预付款及按金 13,853 (4,425) (冲回)/计提呆滞存货准备 (附注 14) (26,285) 6,443 减低存货至可变现净值 35,448 1,970 计提转让固定资产应纳之税项 1,478 6,082 出售附属公司收益 - (3,593) 出售可供出售之投资收益 (2,564) (2,838) 出售交易投资已实现收益 (695) (6,410) 员工成本(附注 6) 68,839 56,162 5 财务支出 - 净额 二零零一年 二零零零年 人民币千元 人民币千元 利息费用 - 银行贷款 29,346 24,193 汇兑净损失 370 286 银行利息收入 (1,889) (3,403) 27,827 21,076 13 上工股份有限公司 综合财务报表附注 6 员工成本 二零零一年 二零零零年 人民币千元 人民币千元 工资及薪金 52,063 32,349 提前退休补偿 6,062 12,348 退休金供款 (附注 26) 10,714 11,465 68,839 56,162 本年度本集团平均全职员工人数 4,254 2,674 7 税项 二零零一年 二零零零年 人民币千元 人民币千元 本年度税项 9,612 5,236 应占联营公司税项 (附注 12) 38 476 9,650 5,712 (a) 本公司与若干附属公司于上海浦东注册成立。根据国务院批准之上海浦 东开发区优惠政策的有关规定，本公司及该等附属公司之企业所得税税 率为 15%。 根据有关地方税务部门的批准，本集团其中一家附属公司可从一九九七 年五月起免征首三年企业所得税及期后连续两年可获 50%的企业所得税 减免优惠。 集团内其他附属公司之所得税乃按标准企业所得税税率 33%计提。 14 上工股份有限公司 综合财务报表附注 7 税项(续) (b) 本集团实际计提所得税与基于集团除税前利润及适用于本公司及其附属 公司与联营公司之基本税率所计算之税项差别如下： 二零零一年 二零零零年 人民币千元 人民币千元 除税前利润 22,991 31,861 按本公司及其附属公司与联营公司适用之税 率 15%至 33%计算之税项 3,230 4,771 毋须缴税之收入 (8,126) (9,712) 不能抵税之费用 14,546 10,653 税项 9,650 5,712 (c) 由于暂时性时间性差异项目的税务影响对本集团并不重大，故在财务报表 上并无 计提递延税项。 8 每股盈利 每股盈利是根据本集团本年度之净利润人民币 11,363,000 元(二零零零年： 人民币 30,810,000 元)及于年内已发行股份 252,466,370(二零零零年： 252,466,370)股计算。 由于本公司没有潜在构成摊薄的股份，故没有披露全面摊薄的每股盈利。 15 上工股份有限公司 综合财务报表附注 9 固定资产 家具、 厂房 固定设备 建筑物 及机器 及办公设备 汽车 总额 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 成本 二零零一年 一月一日结余 168,621 437,959 21,686 13,009 641,275 添置 11,178 5,041 3,864 2,635 22,718 收购附属公司 (附注 24) 3,430 - 458 491 4,379 由在建工程转入 (附注 10) 7,782 5,050 353 957 14,142 出售 (16,508) (9,516) (915) (2,407) (29,346) 二零零一年十二月 三十一日结余 174,503 438,534 25,446 14,685 653,168 累计折旧及减值 二零零一年 一月一日结余 49,679 240,474 8,263 9,908 308,324 收购附属公司 (附注 24) 48 - 168 46 262 出售 (10,911) (6,524) (791) (1,670) (19,896) 减值 10,378 29,192 - - 39,570 折旧 7,148 28,973 2,480 1,014 39,615 二零零一年十二月 三十一日结余 56,342 292,115 10,120 9,298 367,875 账面净值 于二零零一年 十二月 三十一日 118,161 146,419 15,326 5,387 285,293 于二零零零年 十二月 三十一日 118,942 197,485 13,423 3,101 332,951 16 上工股份有限公司 综合财务报表附注 9 固定资产(续) (a) 本集团所有建筑物均位于中国境内，并建于本集团已获授予无明确年限的 土地使用权所在土地上。 (b) 于二零零一年十二月三十一日，本集团将账面净值为人民币 78,296,000 元 (二零零零年：人民币 23,072,000 元)之建筑物及账面净值为人民币 7,770,000 元(二零零零年：人民币 22,141,000 元) 之若干机器设备抵押予某 些银行，作为其给予本集团贷款的担保 (附注 22(a))。 10 在建工程 二零零一年 二零零零年 人民币千元 人民币千元 年初余额 18,883 20,563 支付在建工程款项 5,526 7,544 收购附属公司 - 1,150 转入固定资产(附注 9) (14,142) (8,935) 出售 (1,120) - 出售附属公司 - (1,439) 年末余额 9,147 18,883 于二零零一年及二零零零年十二月三十一日止年度均没有资本化之利息计入 在建工程。 17 上工股份有限公司 综合财务报表附注 11 无形资产 土地使用权 商誉 商标 专有技术 总额 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 成本 二零零一年 一月一日结余 14,192 6,722 - 1,200 22,114 添置 5,190 - 20,160 - 25,350 收购附属公司(附注 24) - 378 - - 378 二零零一年十二月 三十一日结余 19,382 7,100 20,160 1,200 47,842 累计摊销 二零零一年 一月一日结余 351 153 - - 504 本年摊销 300 768 1,008 140 2,216 二零零一年十二月 三十一日结余 651 921 1,008 140 2,720 账面净值 于二零零一年 十二月三十一日结余 18,731 6,179 19,152 1,060 45,122 于二零零零年 十二月三十一日结余 13,841 6,569 - 1,200 21,610 不涉及现金之交易 于年内，从本公司之主要股东-上海轻工控股(集团)公司控制之公司 - 上海 飞人协昌缝制机械有限公司及上海飞人有限公司(“飞人公司”)，以人民币 20,160,000 元收购多项商标，其中计人民币 5,060,000 元乃通过冲减与飞人 公司往来账款的方式结算。 12 联营公司投资 二零零一年 二零零零年 人民币千元 人民币千元 除商誉外之应占净资产值 81,022 25,026 收购所产生之商誉减摊销 79,832 - 年末余额 160,854 25,026 18 上工股份有限公司 综合财务报表附注 12 联营公司投资(续) 于年内，合营公司投资之变动如下： 二零零一年 二零零零年 人民币千元 人民币千元 年初余额 25,026 23,254 增加 135,779 2,143 应占联营公司税前业绩 3,728 688 应占联营公司税项 (38) (476) 收到股息 (863) (583) 商誉摊销 (4,190) - 冲回减值拨备 1,412 - 年末余额 160,854 25,026 于二零零一年六月三十日，本集团以人民币 133,242,000 元之价格从本公司之 主要股东上海轻工控股(集团)公司收购了上海申贝办公机械有限公司(“上海 申贝”)50%之权益，产生商誉计人民币 84,022,000 元。上海申贝主要从事办 公设备及玻璃产品的生产与销售。上海申贝于二零零一年十二月三十一日及 从收购日起至二零零一年十二月三十一日止期间之财务资料如下： 二零零一年 人民币千元 固定资产 69,822 其他长期资产 53,196 流动资产 208,762 331,780 长期借款 1,000 少数股东权益 3,122 流动负债 221,580 225,702 净资产 106,078 销售收入 169,386 税前利润 7,503 税项 130 税后利润 7,633 少数股东权益 152 净利润 7,785 19 上工股份有限公司 综合财务报表附注 12 联营公司投资(续) 主要联营公司之详情列于附注 31。 13 可供出售之投资 二零零一年 二零零零年 人民币千元 人民币千元 年初余额 41,539 44,071 增加 2,808 726 收购附属公司 - 3,947 出售附属公司 - (120) 减值亏损准备 (155) (192) 出售 (6,627) (6,893) 年末余额 37,565 41,539 可供出售之投资包括对上市公司及非上市公司的投资。上市公司投资包括持 有于中国证券交易所上市的股份有限公司之法人股。根据中国政府有关部门 所颁布的《股份制有限公司规范意见》，除非经有关当局批准，此等法人股 不能自由转让或在股票市场买卖。此等投资以成本值列账。 于二零零一年十二月三十一日，由于不存在活跃市场且无固定期限，本集团 除法人股投资外，其他可供出售之投资均以成本价减除减值准备列账。 20 上工股份有限公司 综合财务报表附注 14 存货 二零零一年 二零零零年 人民币千元 人民币千元 原材料(成本值) 39,322 41,774 原材料(可变现净值) 1,723 - 在制品(成本值) 11,406 20,364 在制品(可变现净值) 5,564 - 产成品(成本值) 89,723 59,834 产成品(可变现净值) 16,362 13,968 164,098 135,940 于本年内，因有关拨备已不再需要，本集团冲回以前年度对存货计提之拨 备共人民币 26,285,000 元(附注 4)。 15 应收账款及票据 二零零一年 二零零零年 人民币千元 人民币千元 应收账款及票据 327,899 284,188 减：呆坏账准备 (75,302) (104,001) 应收账款及票据 - 净值 252,597 180,187 由于本集团有大量客户分布于中国各地，并覆盖各种生产及销售领域，且 有关销售到达多元化的最终市场，因此对有关应收账款及票据过于集中之 信贷风险乃有限的。基于此因素，管理层相信应收账款及票据在扣除有关 之呆坏账准备后，本集团并无额外之信贷风险。 16 应收/应付主要股东、关联公司及联营公司款项 有关款项乃正常业务发生之往来账款，该业务乃按一般商业条款以双方议 定之价格进行。此等款项并无抵押、免息及按正常商业条款偿还。 17 交易投资 交易投资于活跃市场上买卖，并于十二月三十日结算日营业时间结束时， 参照该等证券于有关证券交易所之售价，以市场价计价。 交易投资分类为流动资产，因预计于资产负债表日后十二个月内能兑现。 于现金流量表中，交易投资作为营运资本变动之一部分列示。 于损益表中，交易投资的公允价值变动计入其他业务收入。 21 上工股份有限公司 综合财务报表附注 18 现金及银行存款 二零零一年 二零零零年 人民币千元 人民币千元 现金及银行存款 142,247 100,332 银行定期存款 15,912 187,155 158,159 287,487 短期银行存款之加权平均年利率为 2.49%(二零零零年：3.77%)，该存款之 平均到期期限为 4 个月。 在现金流量表中，现金及现金等价物包括下列项目： 二零零一年 二零零零年 人民币千元 人民币千元 现金及银行存款 158,159 287,487 三个月以上银行定期存款 (15,912) (187,155) 三个月内到期之短期银行贷款 (165,340) (89,151) (23,093) 11,181 19 股本 二零零一年 二零零零年 人民币千元 人民币千元 注册，已发行及缴足之每股人民币一元之股本 国家股 117,018 117,018 法人股 22,348 22,348 已上市之 A 股 15,600 15,600 已上市之 B 股 97,500 97,500 252,466 252,466 (a) 根据本公司章程，所有股份均为注册普通股股份并享有同等股权。 (b) 于本年度，本公司之主要股东-上海轻工控股(集团)公司与若干法人公司签 订了有关转让其持有本公司之国家股份共 15,935,000 股之协议。有关事宜 尚待有关部门之批准， 22 上工股份有限公司 综合财务报表附注 20 储备 法定 法定 任意 资本公积 股份溢价 其他储备 盈余公积金 公益金 盈余公积 总额 (附注(a)) (附注(a)) (附注(d)) (附注 b (i)) (附注 b(ii)) (附注 b(iii)) 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 二零零零年 二零零零年 一月一日结余 59,310 290,314 - 9,013 9,430 1,178 369,245 出售附属公司 - - - (420) (420) - (840) 从本年利润中提取 - - - 4,066 4,066 - 8,132 二零零零年十二月 三十一日结余 59,310 290,314 - 12,659 13,076 1,178 376,537 二零零一年 二零零一年 一月一日结余 59,310 290,314 - 12,659 13,076 1,178 376,537 主要股东承担之税 务负债 (附注(d)) - - 19,335 - - - 19,335 法定财务报表以前 年度累计亏损 重列导致之调 整(附注(e)) - - - (10,775) (10,774) - (21,549) 从本年利润中提取 - - - 6,879 6,878 89 13,846 二零零一年十二月 三十一日结余 59,310 290,314 19,335 8,763 9,180 1,267 388,169 (a) 资本公积及股份溢价 资本公积包括本公司由国营企业改组为股份制企业时资产评估确认值与折股 的股本差额，除去因转增股份而削减之金额。股份溢价为本公司发行普通股 股份予投资者时的溢价。根据有关中国法规，资本公积及股本溢价只能用于 增加股本。 (b) 储备基金 (i) 法定盈余公积金 本集团需根据中国法定财务报表之税后利润的 10%提取法定盈余公积金。当 法定盈余公积金已达到注册股本的 50%时，可以不再提取。该公积金可用于 弥补亏损或增加股本。除了弥补亏损外，在使用法定公积金后，余额不得低 于注册股本的 25%。 23 上工股份有限公司 综合财务报表附注 20 储备(续) (b) 储备基金(续) (ii) 法定公益金 本集团需根据中国法定财务报表之税后利润的 10%提取法定公益金。此法定 公益金只限于使用在集体福利设施的资本性支出。而该等设施之所有权归本 集团所有。法定公益金(除公司清算外)不可用以派发给股东。 (iii) 任意盈余公积金 任意盈余公积金从未分配利润中提取或从法定公益金已使用数中转入，可用 作弥补亏损或增加股本。但提取与使用时须经股东大会决议通过。 (iv) 提取法定盈余公积金及法定公益金之金额应以中国会计准则编制之法 定财务报表的税后利润为准。 (c) 可供分配予股东之利润 根据中国有关法规，于提取各项储备基金后，可供派发股息之利润乃根据 中国法定财务报表及按国际会计准则调整后之财务报表的未分配利润，两 者较低的为利润分配标准。 (d) 此款项乃本集团于以往年度出让土地使用权按国家有关税法计提之税款， 本年度本公司之主要股东-上海轻工控股(集团)公司(“轻工集团”)发出函件 承诺本集团如果有关税项需要缴纳，将全部由轻工集团承担，按照国际会 计准则有关款项视为股东出资于其他储备入帐。 (e) 根据财政部发出之财会(2000)25 号文件，本集团从二零零一年一月一日 起，采用了股份有限公司须于二零零一年一月一日起采用的新《企业会计 制度》。本集团已采用新的会计基准，并从二零零一年一月一日起对呆坏 账准备、存货跌价准备、投资及固定资产减值准备之会计政策作出改变。 此等会计政策之变更于中国法定财务报表已作追溯采用。此变更导致中国 法定财务报表于二零零零年十二月三十一日之储备基金减少约人民币 21,549,000 元。 24 上工股份有限公司 综合财务报表附注 21 少数股东权益 二零零一年 二零零零年 人民币千元 人民币千元 年初余额 18,270 16,592 增资 3,477 6,849 收购附属公司(附注 24) 1,337 3,605 属于已出售附属公司 - (3,967) 应占附属公司净利润/(亏损) 1,978 (4,661) 收购附属公司之额外权益 (4,058) - 派发股息 (362) (148) 年末余额 20,642 18,270 22 贷款 附注 二零零一年 二零零零年 人民币千元 人民币千元 流动部分 银行贷款 (a) 454,990 380,821 其他贷款 (b) 350 3,540 455,340 384,361 非流动部分 银行贷款 (d) 400 - 贷款合计 455,740 384,361 25 上工股份有限公司 综合财务报表附注 22 贷款(续) (a) 本集团之若干贷款由下列公司提供担保： 二零零一年 二零零零年 人民币千元 人民币千元 主要股东 上海轻工控股(集团)公司 - 30,000 由主要股东控制之公司 上海永久股份有限公司 63,300 - 上海缝建房地产公司 - 12,300 63,300 12,300 第三者公司 上海华源企业发展股份有限公司 87,870 - 上海建筑材料(集团)总公司 75,600 - 中国华源集团有限公司 32,000 - 上海华源制药股份有限公司 20,000 - 中国经济技术投资担保公司上海分公司 2,000 - 上海久和企业发展有限责任公司 2,000 - 上海工业经济担保有限公司 - 130,300 282,770 172,600 于二零零一年十二月三十一日，本集团合共人民币 54,600,000 元(二零零零 年：人民币 51,051,000 元)之银行贷款，乃以银行定期存款人民币 15,402,000 元(二零零零年：人民币 15,005,000 元) 、账面净值合共人民币 78,296,000 元 (二零零零年年：人民币 23,072,000 元)之建筑物和账面净值合 共人民币 7,770,000 元(二零零零年：人民币 22,141,000 元)之若干机器设备 作抵押。 本集团同时为上海华源企业发展股份有限公司、上海建筑材料(集团)总公司 及中国华源集团有限公司作银行贷款担保，有关之详情见附注 27。 (b) 其他流动贷款主要为从金融机构取得之贷款，其中人民币 300,000 元由一家 第三者公司提供担保。 26 上工股份有限公司 综合财务报表附注 22 贷款(续) (c) 本集团贷款利率风险如下： 二零零一年 二零零零年 人民币千元 人民币千元 贷款总额 - 按固定利率 455,740 384,361 于资产负债表日之加权平均实际利率为： - 银行贷款 6.48% 6.36% - 其他贷款 7.44% 6.43% (d) 非流动贷款的账面值和公允值如下: 账面值 公允值 二零零一年 二零零零年 二零零一年 二零零零年 人民币千元 人民币千元 人民币千元 人民币千元 贷款总额 - 固定利率 400 - 424 - 公允值是根据本集团之董事所预计在资产负债表日适用之贷款利率作为贴 现率所折算的现金流量。短期贷款的账面值近似其公允值。 非流动贷款的期限: 二零零一年 二零零零年 人民币千元 人民币千元 介乎两年至五年 400 - 27 上工股份有限公司 综合财务报表附注 23 来自经营业务之现金 (a) 除税前利润及经营业务之现金流入量的调节： 二零零一年 二零零零年 人民币千元 人民币千元 除税前利润 22,991 31,861 调整： 固定资产之折旧 (附注 9) 39,615 47,320 无形资产之摊销 (附注 11) 2,216 153 收购联营公司产生之商誉摊销 (附注 12) 4,190 - 固定资产之减值 (附注 9) 39,570 - 应占联营公司之税前业绩 (附注 12) (3,782) (688) 可供出售之投资减值准备 (附注 13) 155 192 冲回联营公司投资减值准备 (附注 12) (1,412) - 出售附属公司收益 - (3,593) 出售可供出售之投资收益 (2,564) (2,838) 出售固定资产收益 (附注 23(b)) (9,847) (14,713) 利息收入 (1,889) (3,403) 股息收入 (173) (240) 利息支出 29,346 24,193 营运资本之变动(不包括收购及出售附属 公司之影响)： 存货 (25,494) 5,537 应收关联公司款项 (7,443) (709) 应付关联公司款项 (87) (10,352) 应收联营公司款项 11 1,823 应付联营公司款项 (5,929) 3,441 应付主要股东款项 (25,505) 28,941 应收账款及票据、其他应收款、预付款 及按金 (37,292) (41,107) 交易投资 (454) (6,314) 应付账款及票据、其他应付款及预提 费用 (3,384) (41,753) 经营业务之现金流入量 12,893 17,751 28 上工股份有限公司 综合财务报表附注 23 来自经营业务之现金(续) (b) 于现金流量表中，出售固定资产之所得款包括： 二零零一年 二零零零年 人民币千元 人民币元 成本(附注 9) 29,346 73,630 累计折旧 (附注 9) (19,896) (7,552) 账面净值 9,450 66,078 出售固定资产收益 9,847 14,713 出售固定资产之所得款 19,297 80,791 24 收购附属公司 于二零零一年三月三十一日，本集团以人民币 12,411,000 元之价格从本公 司之主要股东 - 上海轻工控股(集团)公司收购了上海蝴蝶进出口有限公司 90%之权益。该收购之附属公司从事缝纫机及零配件之进出口业务，其从 收购生效日起到二零零一年十二月三十一日止对本集团之贡献为销售收入 人民币 158,265,000 元及经营利润人民币 862,000 元，其于年末之资产及负 债分别为人民币 34,425,000 元及人民币 20,279,000 元。 收购之净资产及商誉如下： 人民币千元 收购价格 - 现金支付 12,411 收购净资产之公允值 (12,033) 商誉(附注 11) 378 29 上工股份有限公司 综合财务报表附注 24 收购(续) 由收购而产生之资产及负债如下： 人民币千元 现金及现金等价物 3,734 固定资产(附注 9) 4,117 存货 2,664 应收款项 17,320 应付款项 (6,264) 应交税金 (101) 贷款 (8,100) 少数股东权益(附注 21) (1,337) 收购净资产之公允值 12,033 商誉(附注 11) 378 总收购价格 12,411 减：收购附属公司之现金及现金等价物 (3,734) 因收购产生之净现金流出量 8,677 25 金融性资产及金融性负债 本集团之经营活动使之承担各种不同类型的金融风险，包括外币兑换风 险，利率风险，信贷风险及资金流动性风险。 (a) 外币兑换风险 本集团大部分交易以人民币结算。董事认为，本集团不存在重大外币兑换 风险。 (b) 利率风险 银行及其他贷款之利率和还款条款于附注 22 中披露。其他金融性资产及负 债不存在重大利率风险。 (c) 信贷风险 本集团之应收账款乃分布于中国各地的大量客户，现金存放在于中国注册 之银行。董事认为，本集团之金融性资产不存在重大的集中信贷风险。于 二零零一年十二月三十一日的金融性资产之账面值扣除呆坏账准备后已反 映其最大的信贷风险。 30 上工股份有限公司 综合财务报表附注 25 金融性资产及金融性负债(续) (d) 资金流动性风险 本集团拥有充足现金及交易证券，并能通过取得足够的银行承诺信贷工具 进行融资。 (e) 公允价值 以下的金融性资产及金融性负债的公允价值与其账面价值并无重大差异： 现金及银行存款、投资、应收/应付关联公司款项、应收/应付联营公司款 项、应收账款及票据、其他应收款及预付款、应付账款及票据、短期贷 款、其他应付款及预提费用。有关非流动部分贷款的公允价值之资料列示 于附注 22。 26 退休金 本集团已参与一项由政府组织之中央退休统筹计划。根据此项计划，本集 团需每年按正式员工工资总额的 25.5%(二零零零年：25.5%)供款。本集团 于本年度内之供款总额为人民币 10,714,000 元(二零零零年：人民币 11,465,000 元)。 本集团除每年作以上供款外，毋须承担其他付款责任。 27 或然负债 截至二零零一年十二月三十一日，本公司为下列公司之银行贷款作出担 保： 二零零一年 二零零零年 人民币千元 人民币千元 第三者公司 - 上海华源企业发展股份有限公司 (a) 90,000 - - 中国华源集团有限公司 (a) 50,000 - - 上海建筑材料(集团)总公司 (a) 65,000 - 主要股东控制之公司 - 上海永久股份有限公司 - 171,830 205,000 171,830 (a) 此等公司同时为本集团作银行贷款担保，详情已列于附注 22。 31 上工股份有限公司 综合财务报表附注 28 承担 资本性承担 于二零零一年十二月三十一日，本公司无重大的资本性承诺事项(二零零零 年：无)。 经营性租赁 - 本集团作为承租人 根据不可撤销的土地和建筑物的租赁合同计算的未来最低租金付款额如 下： 二零零一年 二零零零年 人民币千元 人民币千元 一年以内 2,318 960 一年至五年 5,437 4,452 五年以上 1,416 1,616 9,171 7,028 经营性租赁 - 本集团作为出租人 根据不可撤销的土地和建筑物的租赁合同计算的未来最低租金应收款额如 下: 二零零一年 二零零零年 人民币千元 人民币千元 一年以内 4,512 1,500 一年至五年 17,120 7,500 五年以上 22,535 22,350 44,167 31,350 29 关联关系及交易 (a) 关联关系 本公司之董事认为本公司之主要股东为在中国注册成立及持有本公司 46.35%股权之上海轻工控股(集团)公司。本公司之主要附属公司及联营公 司资料分别列于附注 30 及 31。 32 上工股份有限公司 综合财务报表附注 29 关联关系及交易(续) (b) 除于此财务报表其他附注所披露的关联交易资料外，于本年度在正常业务 中本集团与其关联公司达成下列主要交易： 二零零一年 二零零零年 人民币千元 人民币千元 向主要股东： - 收购附属公司(附注 24) 12,411 - - 收购联营公司(附注 12) 133,242 - - 购买土地使用权 - 42,000 向主要股东控制之公司： - 购买商标 20,160 - - 出售固定资产 - 6,714 向联营公司： - 购买原材料 38,050 36,998 董事认为以上交易乃按一般商业条款以双方议定之价格进行。 (c) 董事酬金 于本年度，董事酬金总额约为人民币 864,000 元(二零零零年：人民币 779,000 元)。 33 上工股份有限公司 综合财务报表附注 30 主要附属公司 于二零零一年十二月三十一日，本公司持有以下主要附属公司之投资，此 等均为于中国成立及经营的非上市公司： 公司名称 所占股权比例 主要业务 2001 2000 % % 直接持有 上海工业缝纫机销售总公司 100 100 销售工业缝纫机及 零件 上海工业缝纫机物产总公司 100 100 销售工业缝纫机及 零件 上海上工汽车运输服务公司 100 100 提供运输服务 上海上工针业有限公司 94 94 生产及销售缝纫机 针 上海工缝房地产发展有限公司 90 90 房地产开发、销售 咨询及物业管理 服务 长沙华日生化实业有限公司 90 90 生产及销售生化产 品 上海上原科技开发有限公司 70 70 缝制设备的开发、 设计及技术咨询 服务 上海四方同济净水有限公司 *60 51 生产及销售纯净水 上海蝴蝶进出口有限公司 (附注 24) 90 - 经营缝纫机、缝制 设备及零配件之 进出口业务 上海上工企业管理有限公司 **90 - 销售工业缝纫机及 提供管理服务 上海上工松达机械有限公司 **65 - 生产及销售工业缝 纫机及零件 34 上工股份有限公司 综合财务报表附注 30 主要附属公司(续) 公司名称 所占股权比例 主要业务 2001 2000 % % 间接持有 上海上工进出口有限公司 100 100 经营进出口业务 上海飞人进出口有限公司 *100 90 经营进出口业务 上工双重包缝机有限公司 90 90 生产及销售工业缝 纫机及零件 上海上工兴达衣车机械有限公司 **87 - 生产与销售工业缝 纫机及售后服务 上海上工佳荣衣车有限公司 **85 - 生产及销售家用缝 纫机及零件 上海上工方天机械有限公司 **80 - 生产及销售工业缝 纫机及零件 上海上工佳源机电科技有限公司 **61 - 生产及销售工业缝 纫机及零件 * 本公司于本年内收购了该等附属公司之额外权益。 ** 此等附属公司乃于本年内成立。 35 上工股份有限公司 综合财务报表附注 31 主要联营公司 于二零零一年十二月三十一日，本集团持有以下主要联营公司之投资，此 等均为于中国成立及经营的非上市公司： 公司名称 所占股权比例 主要业务 2001 2000 % % 上海工业缝纫机毛桥烘漆联营厂 50 50 烘漆生产 上海工业缝纫机厂洋泾分厂 50 50 缝纫机外壳加工 上海缝纫机四厂泗泾联营厂 50 50 缝纫机零件制造 上海申贝办公机械有限公司 50 - 办公设备制造及 (附注 12) 销售 上海工业缝纫厂嘉定机架厂 40 40 缝纫机机架制造 上海重机缝纫机有限公司 30 30 生产家用包缝机 上海广濑精密工业有限公司 *30 - 生产与销售旋梭 和精密机械零 件 上海佳汇缝制设备有限公司 *27 - 生产家用缝纫机 * 此等联营公司乃于本年内成立。 36 上工股份有限公司 补充资料 截至二零零一年十二月三十一日止年度 国际会计准则及其他调整对中国法定财务报表之影响如下： 二零零一年 本年净利润 资产净值 人民币千元 人民币千元 根据中国法定财务报表所列报 45,840 502,565 国际会计准则及其他调整： - 计入未予合并附属公司之业绩 (1,764) (803) - 固定资产减值准备 (28,948) - - 拨备呆滞存货准备 (3,698) - - 冲销资本化之费用 (596) (596) - 其他 529 (1,624) 经国际会计准则及其它调整后所列报 11,363 499,542 37 十一、有关资料 1、公司法定中文名称：上工股份有限公司 公司英文名称：SHANGGONG CO., LTD. 公司英文名称缩写：SGC 2、公司法定代表人：倪永刚 3、公司董事会秘书：张一枫 证券事务代表：顾根荣 联系地址：上海市浦东新区世纪大道 1500 号东方大厦 12 楼 联系电话：(021)68407700-617 (021)68407515 传真：(021)63302939 电子信箱：shggg@public3.sta.net.cn 4、公司注册地址：上海市浦东新区罗山路 1201 号 公司办公地址：上海市浦东新区世纪大道 1500 号东方大厦 12 楼 邮政编码：200122 公司网址：http://www.shanggonggroup.com 5、公司选定的信息披露报纸：《上海证券报》及香港《商报》 登载公司年度报告的中国证监会指定国际互联网网址： http://www.sse.com.cn 公司年度报告备置地点：公司董事会办公室 6、公司股票上市交易所：上海证券交易所 股票简称：上工股份（A）股 上工 B 股（B 股） 股票代码：600843 900924 7、公司首次注册登记日期：1993 年 12 月 16 日 登记地点：上海市工商行政管理局 变更注册登记日：1997 年 8 月 22 日 登记地点：上海市工商行政管理局 8、企业法人营业执照注册号：企股沪总字第 019029 号 9、税务登记号码：国税沪字 310048132210544 10、公司经营范围：生产销售缝制设备及零部件、缝纫机专用设备、制衣、 生产饮水机、饮用水、塑料制品、生产汽车零部件、技术开发与咨询、销售自产 产品（涉及许可经营的凭许可证经营） 11、股票主承销机构名称：上海万国证券公司 12、未上市股票托管机构名称：中国证券登记结算有限责任公司上海分公司 13、会计师事务所 境内：上海众华沪银会计师事务所有限公司 办公地址：上海市浦东新区浦东大道 288 号 境外：香港罗兵咸永道会计师事务所 办公地址：香港中环太子大厦二十二楼 14、法律顾问：上海市震旦律师事务所 办公地址：上海市四川北路 1688 号 16 楼 15、备查文件目录： ⑴载有法定代表人、总会计师、会计主管人员签名盖章的会计报表 ⑵载有会计师事务所盖章、注册会计师签名并盖章的审计报告原件 ⑶报告期内在指定报刊上公开披露过的所有公司文件的正本及公告原稿 本报告分别以中、英文编制，在对两种文本的理解上发生歧义 时，以中文文本为准。 41 ２ ０ ０ １ Ａｎｎｕａｌ Ｒｅｐｏｒｔ SHANGGONG CO., LTD. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 Important The Company’s Board of Directors and the individual directors in the Board guarantees that there are no important omissions, false statements or vital misunderstanding in this report; and the Board itself holds both individual and joint liability for the authenticity, accuracy, and integrity of its contents. CONTENTS INTRODUCTION TO THE COMPANY...... SUMMARY OF ACCOUNTING AND BUSINESS DATA...... CHANGES IN SHARE CAPITAL AND SHAREHOLDERS...... PROFILE OF DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT PERSONNEL… … ADMINISTRATIVE STRUCTURE OF THE COMPANY ANNUAL MEETING OF SHAREHOLDERS...... REPORT OF THE BOARD OF DIRECTORS...... REPORT OF THE SUPERVISORY BOARD...... REGULATORY INFORMATION...... REPORT OF THE INTERNATIONAL AUDITORS...... COMPANY DIRECTORY...... SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 INTRODUCTION TO THE COMPANY 1. The Evolution of the Company In November 1992, Shanghai Industrial Sewing Machine Corporation, the predecessor of the Company, was organized according to the approval granted by Shanghai Municipal Economic Commission, through the merger of Shanghai Industrial Sewing Machine Factory, Shanghai No.4 Sewing Machine Factory, Shanghai Sewing Machine Parts Factory, Shanghai No.4 Sewing Machine Parts Factory, Shanghai No.10 Sewing Machine Parts Factory and Shanghai Jinggong Garment Machinery Factory. In September, 1993, in accordance with the Circular No. Hu-Jing- Qi(1993) 405, approval was granted by Shanghai Municipal Economic Commission, and Shanghai Industrial Sewing Machine Corporation was reorganized into Shanghai Industrial Sewing Machine Co., Ltd.. In accordance with the resolution passed at the 1996 Annual General Meeting of Shareholders and the Circular (Guo) Ming-Cheng-Bian-He-Wai-Zi No. (1997) 042 issued by the China State Industrial and Commercial Administration as well as approved by the Shanghai Municipal Industrial and Commercial Administration on August 22, 1997, the Company changed its name to Shanggong Co., Ltd. 2. An Overview of the Company’s Activities The Company is a large-scaled, state-owned, first-grade, mainstay enterprise and export base. It is principally engaged in the manufacture and sale of industrial sewing machines and related spare parts. Of all industrial sewing machine manufacturers in China, it has the longest production history with the biggest cumulative production and sale volume. It has also imported the largest amount of advanced production equipment and technology. It is one of the experimental enterprises to participate in the reform of modern enterprise system in Shanghai. The Company manufactures more than 10 major categories of products with a total of 21 series and over 100 different models of industrial sewing machines. Examples include: high speed lockstitch sewing machines, high speed overlock sewing machines, leather products sewing machines, bartacking sewing machines, bag closing sewing machines, button hole sewing machines and other specialized sewing machines. In 2001, the Company’s registered brand name “Shanggong” was awarded again the title of Famous Trade Mark of Shanghai. During the same year, the trade figure of “Shang Gong” (industrial sewing machines) was awarded, with the approval of the State Industrial and Commercial Administration, the title of Renowned Trade Mark of People’s Republic of China. For the past 30 years, the original Company gradually established a dominant position in the industry by developing close cooperation with different factories to assemble the various parts to form complete sets of different products. Parallel to the development of more and more lines of garments, shoes, hats, leather goods, bags and luggage, awnings and canvas, chemical products, etc, the production capability has been continually expanded to meet these requirements. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 Since 1985, the Company has introduced, step by step, advanced production technology and processing equipment from Japan’s famous sewing machine manufacturer, JUKI Corporation. This has enabled the Company’s products to enter rapidly the international field. In the past few years, the Company has emphasized increased use of science and research to develop new products with high scientific and technical qualities, high additional value and, especially the increased use of computer chips in sewing machine equipment. As to the year 2000, the proportion of high-tech products among the total production had reached 50%. The Company’s Technological Research Center was named “Municipal Enterprise-based Technology Center”; and the Company itself was awarded again the title of “High and New Technology Enterprise of Shanghai”in 2001. The Company’s major products, the GC-15-1 High Speed Lockstitch Sewing Machine and GJ4-2 Button Attaching Sewing Machine, have won many national quality awards. More than 20 other products have received different awards for product quality, scientific and technological advances as well as development for new products. The Company has also been implementing comprehensively the standardization with ISO 9000 Quality System. The original major factories, Shanghai Industrial Sewing Machine Factory and Shanghai No.4 Sewing Machine Factory, have obtained the certificate of quality-control system issued by the international authority DNV and approved by the U.K. government. In 2000 the Company passed smoothly the re-approval and re-examination of the quality-control system. The various products are well sold not only inside China, but also in more than 40 countries and areas in Southeast Asia, Africa, South America, etc. Approved by the State Economic and Trade Commission, Shanghai Shanggong Imp & Exp. Co., Ltd., a subsidiary of the Company, was set up in 1997. In recent years, the Company has acquired successively Shanghai Flying Man Imp. & Exp. Co., Ltd. and Shanghai Butterfly Imp. & Exp. Co., Ltd., for realizing its strategy of seizing the access to WTO and enlarging its share in the international market. While promoting the diversification, superior qualification and mechanical-electrical integration of the products, the Company has set foot in the biochemical industry by capital acquisition. It means that the Company has built up its operating structure of diversified economy with focus on the core business. After having been awarded the title of “Outstanding Industrial Enterprise of Shanghai”in 2000, the Company was named as “The Best CI Enterprise of Industry (2000-2001)”, with the co-approval of the Communist Party Committee of Shanghai Industry and Shanghai Economic Commission. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 SUMMARY OF ACCOUNTING AND BUSINESS DATA 1. The Company ’s Total Profit for the Report Year and its Profit Structure: (RMB) Total Profit 52,582,339.60 Net Profit 45,840,041.90 Net Profit after Nonrecurrent Account Profit/Loss 40,867,013.75 Principal Operating Profit 195,460,439.66 Other Operating Profit 9,524,874.57 Administrative Profit 40,625,946.19 Investment Income 6,983,365.26 Subsidies 1,629,030.84 Non-operating Net Balance of Payment 3,343,997.31 Net Cash Flows Generated from Business Operation 3,361,038.96 Net Increase in Cash and Cash Equivalents -111,532,917.00 Notes: the deducted terms of nonrecurrent account profit/loss involve the following: subsidies RMB 1,629,030.84, non-operating income RMB 5,086,122.41, non- operating cost RMB 1,742,125.10. 2. The Impact of IAS and Other Adjustments on the PRC Statutory Financial Statements are as Following: 2001 Net profit Net assets RMB’000 RMB’000 As per the PRC statutory financial statements 45,840 502,565 IAS and other adjustments - Consolidation of results of subsidiaries (1,764) (803) - Impairment loss on property, plant and equipment (28,948) - - Provision for slow-moving inventories (3,698) - - Write-off of capitalised expenses (596) (596) - Others 529 (1,624) As restated after IAS and other adjustments 11,363 499,542 3. The Company ’s Main Accounting Data and Financial Index for the Last Three years (Combined statement): RMB Highlight 2001 2000 1999 Before Adjusted Before Adjustment Adjusted Adjustment Principal Operating 916,259,944.36 559,084,567.97 559,084,567.97 378,249,956.49 378,249,956.49 Income SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 Net Profit 45,840,041.90 37,678,637.13 35,008,460.17 5,998,820.00 5,725,485.66 Total Assets 1,317,411,199.56 1,129,660,907.74 1,324,735,394.84 1,093,288,919.94 1,302,263,364.49 Shareholders’Equity (not 502,565,328.12 461,621,424.96 667,925,692.55 423,942,787.83 632,917,232.38 including minority interest) Earning per 0.1816 0.1492 0.1387 0.0238 0.0227 Share(diluted) Earning per 0.1816 0.1492 0.1387 0.0238 0.0227 Share(Weighted) EPS after Nonrecurrent 0.1619 0.1180 0.1014 -0.1141 -0.1152 Account Profit/Loss Net assets value per Share 1.9906 1.8284 2.6456 1.6792 2.5069 Adjusted net assets value 1.9745 1.8188 2.4414 1.6765 2.2734 per Share Net Cash Flows per Share 0.0133 -0.0136 -0.0136 1.2304 1.2304 Generated from Operating Activities Return on Net Assets 9.1212 8.1622 5.2414 1.4150 0.9046 (diluted, %) Return on Net Assets 8.4342 6.4902 3.9349 -6.8454 -4.5959 (weighted average after nonrecurrent gain/loss, %) 4. Changes in Shareholders ’Equity: Item Share Capital Capital Statutory Statutory Profits Total Reserve Surplus Public Undistributed Shareholders’ Reserve Fund Welfare to Equity Fund Shareholders Opening 252,466,370.00 356,822,893.66 4,592,791.86 1,928,083.64 -150,980,181.79 461,621,424.96 amount Current 36,882.84 3,552,630.48 1,776,315.24 42,287,411.42 40,943,903.16 term increase Current term decrease Ending 252,466,370.00 356,859,776.50 8,145,422.34 3,704,398.88 -108,612,770.37 502,565,328.12 amount Reasons Liability Provision Annual Profit Profit for the restructure from the provision generated generated changes earning during the during the report term report term 5. Performance Charts: Principal operating revenue (RMB million) Labor Productivity (RMB ‘000/per capita) ９０ ８９．５１ ８７．５ １０００ ９１６．２６ ９００ ８０ ８００ ７０ ７００ ６０ ６００ ５５９．０８ ５０ ５００ ３７８．２４ ４０ ４００ ３００ ３０ ２００ ２０ １８．１７５ １００ １０ ０ ０ ２００１ ２０００ １９９９ ２００１ ２０００ １９９９ SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 Industrial sewing machines output (‘000 units) Export income (USD million) ２５０ ５０ ２３５．３ ２３０．５ ４６．３７ ４５ ２００ ４０ ３５ １５０ ３０ １３２．３ ２５ １００ ２０ １６．３６ １５ １１．８ ５０ １０ ５ ０ ０ ２００１ ２０００ １９９９ ２００１ ２０００ １９９９ SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 CHANGES IN SHAREHOLDERS AND SHARE CAPITAL 1. Changes in Share Capital: 1) Changes in share capital (as at December 31, 2001): Opening volume Increase/decrease in the Ending volume report period • Non-floating stock State A shares 117,018,082 117,018,082 State-owned legal 9,348,288 9,348,288 person A shares Collected legal person A 13,000,000 13,000,000 shares Total non-floating stock 139,366,370 139,366,370 • Floating stock Individual A shares 15,600,000 15,600,000 B shares 97,500,000 97,500,000 Total floating stock 113,100,000 113,100,000 • Total stock 252,466,370 252,466,370 2) Issuance and listing of shares: Classification Date of issue Issuance price per Issued volume of Date of listing share (RMB) shares A shares 10/10/1993- 5.80 22,000,000 11/03/1994 30/11/1993 (10,000,000 for legal person shares) B shares 08/01/1994- 3.654 75,000,000 18/01/1994 12/01/1994 (US$ 0.42) 2. Profile of the Shareholders: 1) Number of shareholders at the end of the report period As at December 31, 2001, total number of the Company’s registered shareholders is 29,070, among whom one is state-owned legal person shareholder, 147 are ordinary legal person A shareholders, and 14,141 individual A shareholders, 14,780 individual B shareholders. 2) The first ten major shareholders (as at December 31, 2001) No. Shareholder Classification Number of Occupied shares held as percentage in at Dec. 31, total share 2001 capital 1 Shanghai Light Industry Holding State A shares 117,018,082 46.35% (Group) Company 2 Shanghai International Trust and State owned legal 9,348,288 3.70% Investment Company person shares 3 Bank of China, Shanghai Branch Legal person shares 4,771,000 1.89% 4 Shanghai Sanmao Textile Co., Ltd. Legal person shares 1,762,800 0.70% 5 Lan Yi B shares 1,577,702 0.62% SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 6 Shenyin & Wanguo Securities Co., Legal person shares 1,300,000 0.51% Ltd. 7 Zhou Lihua B shares 680,000 0.27% 8 Industrial and Commerical Bank of Legal person shares 650,000 0.26% China, Shanghai No.2 Branch 9 Merrill Lynch Nominees (HK) Ltd. B shares 610,000 0.24% 10 Sheng Zhiping B shares 568,500 0.23% 3) Profile of shareholders who hold individually 10% or more of the Company’s total stock: (1) Shanghai Light Industry Holding (Group) Company, as holding shareholder, held 117,018,082 shares of the Company (occupying 46.35 of the total stock right) at the beginning of current period. During the report term, there was no change in the quantity of its holding shares, nor hypothecation or freeze occurred. With approval of Shanghai Municipal People ’s Government, the foundation of Shanghai Light Industry Holding (Group) Company, as a state- owned, exclusively invested, limited liability company, resulted from the restructure and merger of Shanghai Light Industry Bureau and Shanghai No.2 Light Industry Bureau. On the date Dec. 27th , 1995, the holding shareholder was authorized, by the Circular HuGuoZiWeiShou (1995) 21 of Shanghai Municipal Administration Commission for State-owned Assets, with the general administration of all the state-owned assets currently under its control. Registered capital: RMB 3,653,300,000; Legal representative: Zhang Liping; Principal business: Operation and management of State-owned assets within the authorized range and extent by the Shanghai Municipal Administration Commission for State-owned Assets; industrial investment; domestic trade. (2) There were no relevant transactions between the Company and its No. 2-10 principal shareholders. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 PROFILE OF DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT PERSONNEL 1. Managerial Personnel of the Company Name Sex Age Position Term of Shares held Shares held Office at the at the end beginning of the term of the term Ni Yonggang M 54 Chairman 2000.5-2003.5 6900 6900 He Zhongyuan M 53 Vice-Chairman 2000.5-2003.5 5100 5100 Bu Weiping M 46 Exe. Director 2000.5-2003.5 5160 5160 Gen. Manager Chen Huimin M 56 Exe. Director 2000.5-2003.5 4600 4600 Lei Jie M 56 Exe. Director 2000.5-2003.5 4600 4600 Wang Lixi M 42 Exe. Director 2000.5-2003.5 1000 3000 Fei Fangyu M 53 Independent 2000.5-2003.5 2600 2600 Director Liu Xiangdong M 51 Independent 2000.5-2003.5 0 0 Director Pan Jiabao M 45 Director 2000.5-2003.5 0 0 Jia Chunrong M 53 Director 2000.5-2003.5 0 0 Fan Weimin M 52 Chairman of 2000.5-2003.5 0 0 Supervisory Board Sun Zhen M 46 Supervisor 2000.5-2003.5 4600 4600 Liu Junlan F 49 Supervisor 2000.5-2003.5 0 0 Zhang Hengliang M 55 Deputy Gen. 2000.5-2003.5 4600 4600 Manager, Chief Engineer Sun Yunfang F 39 Deputy Gen. 2000.5-2003.5 2000 2000 Manager, Chief Accountant Zhang Yifeng M 51 Secretary of 2000.5-2003.5 2390 2390 Board Current position of some managerial personnel in the shareholder entities: Name Shareholder Position Wang Lixi Shanghai Light Industry Holding (Group) Vice Chairman of Labor Company Union Fan Weimin Shanghai Light Industry Holding (Group) Director of Administrative Company Office and Party Committee Jia Chunrong Shanghai Shangtou Investment Management Co. Vice General Manager 2. Annual Wage of the Managerial Personnel Payment principles: actually, the wage and welfare of the managerial personnel is divided into two parts, which are respectively basic salary and bonus. The latter is directly linked with the target-oriented evaluation for efficiency in the operation. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 During the report year, the Company’s senior management personnel consisted of 16 directors, supervisors and managers, among whom 10 individuals got a payment of RMB 860,000 from the Company. There were 2 persons whose individual salary ranged between RMB 20,000 and RMB 50,000. There were 2 persons whose salary ranged between RMB 50,000 and RMB 80,000. 4 persons earned an annual salary ranging between RMB 80,000 and RMB 110,000. And the other 2 individuals got an annual payment ranging between RMB 110,000 and RMB 140,000. The three directors with top payment were paid with a total amount of RMB 312,000, and the three managers most highly paid received the salary totally amounted to RMB 332,000. Five directors, Mr. Fei Fangyu, Mr. Liu Xiangdong, Mr. Pan Jiabao, Mr. Jia Chunrong, and Mr. Wang Lixi, together with the supervisor Mr. Fan Weimin, didn’t get salary from the Company. Their payment was given respectively in their dispatch entities. According to the decision of the executive directors, all the directors and supervisors from outside the Company (independent directors included) were paid averagely RMB 7,200 of communication subsidies at the end of the year (tax included). 3. Personnel Changes of Directors, Supervisors and Managers during the Report Period Because of work transference, Mr. Wei Changjian, resigned his position as supervisor and Vice-Chairman of the Supervisory Board. His resignation was accepted, respectively, by the Supervisory Board of the Company and the 2000 General Meeting of Shareholders. During the same term, there were no appointment or dismissal of senior managerial personnel, such as General Manager, Vice G.M., principal accountant or Secretary of Board. 4. Staff of the Company As at the end of 2001, the Company had 4,049 staff, of which, 2,027 persons (worker staff 72%, engineering staff 4.2%, administrative staff 18% and service staff 4.8%) were actually working at their positions. Among them, 276 persons were awarded academy college diploma or higher degree, and 493 persons had professional titles. The Company had a total number of 4,704 persons as retired staff, whose pension and medical costs were covered by the social pension security system. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 The Administrative Structure of the Company The Company strictly observes the , the , the and the relevant rules of China State Securities Supervision Commission. After listing itself in Shanghai Stock Exchange, the Company has been practicing, step by step, the optimization of its administrative structure, the standardization of its function, the protection of shareholders’interests, and the improvement of information release. Furthermore, in accordance with the principles of the , the Company is studying actually the amendment of its and of its discussion rules in the meetings of shareholders. 1. Overview of the Company ’s Actual Administrative Structure: (1) Shareholders and shareholders’meetings: the Company ensures the principle of “Equal shares carrying equal rights and benefits”, and guarantees the full exercise of rights among all the shareholders, especially the S&M shareholders. It has established efficient communication channel with the shareholders, by utilizing telephone, fax, e-mail, Internet and organizing non- periodical activities. The Company has also fixed the discussion rules in the shareholders’meetings, and convenes the meetings of shareholders according to the released by China State Securities Supervision Commission. With regard to the selection of the time and the venue of shareholders’meetings, the Company, taking the convenience of most shareholders into consideration, creates the facilities for a broader attendance and vote. Besides, the Company armed all the meetings of shareholders with the witness of lawyers. Concerning the related transactions, the Company has been always following the principles of the market economy and keeping the transparency of bids. On the decision about relevant transactions, the shareholders representing the related parties abstain from vote. And the Company has also stopped offering guarantee for shareholders or related parties. (2) Relationship between the holding shareholder and the Company: the holding shareholder runs its right according to law, and never intervenes in the policy- making or the operations of the Company. The Company has realized Pent- Separation with its holding shareholder, in respect of personnel, assets, accounting, entity structure and operations. Not only the Board of Directors and the Supervisory Board, but also other internal departments, can operate independently. (3) The Board of Directors and the directors: the Company strictly observes the procedures for electing directors fixed in the , revealing the information of all the candidates before the inauguration of the meetings of shareholders. The elected Board of Directors consists of professional and qualified members. All the directors are well SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 versed in the relevant laws and regulations and understand completely the rights, duties and responsibilities in their status. During the term of office, the directors can do their duty seriously, conscientiously and trustworthily. The Company has elaborated a set of rules and regulations for standardizing the discussions in the Board of Directors, and it has also armed the Board with several directors from outside the Company since its registration in Shanghai Stock Exchange. After the relevant regulations released for the participation of Independent Directors, the Company absorbed two Independent Directors in its Board body and established several special commissions respectively for strategy, audit and staff salary in accordance with the standards fixed by the concerned authorities. According to the , the Company is actually amending its , with the measures such as to optimize the procedures for screening directors, pursue the system of accumulative votes and sign contract of appointment with the individual directors. Furthermore, the Company does adjustment of its personnel to make full play of the individuals in accordance with the inquiries and suggestions of the special committees of the Board of Directors. (4) The Supervisory Board and the supervisors: the personnel and structure of the Supervisory Board is in line with the current regulations and laws. The Supervisory Board has its own standardized norms for discussion. All the members strictly run their duty, which is to supervise the accounting affairs of the Company, the legality of duties done by the directors, managers and other senior managerial personnel, and to protect the legal rights and benefits of the Company itself and of all the shareholders. (5) Efficiency evaluation and stimulus mechanism: the procedures for nominating and appointing senior managers conform strictly to the relevant laws, regulations and the . The senior personnel regularly report back on their work to the Board of Directors and the Assembly of Employees. The Company will further optimize the efficiency evaluation and stimulus mechanism for the function of directors, supervisors and managers. (6) The interested parties: the Company considers and respects the legal rights and interests of those interested parties, such as banks and other creditors, employees, consumers, suppliers and the neighborhood community. It also pays much attention to realize its social responsibility and to stimulate the initiative of the staff to participate into the management of the entity, with the purpose to promote its own continuous and healthy development. (7) The information release and its transparency: the Company has its own information press channels, and entrusts the Board of Directors with the information release, reception of shareholders’visit and their consultations. In accordance with the laws, regulations and its own , the Company releases the information about its administration situation and the changes in shareholders’equity with authenticity, accuracy, integrity, promptitude, and guarantee the equal opportunity for all the individual shareholders to obtain the same information. 2. The Fulfillment of Duties of the Independent Directors in the Board SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 The two independent directors in the Board actively participate into the management of the entity and know well about the current development and operations of the Company. They also contribute their professional knowledge and experience to the discussion and decisions of the Board when it is operating related transactions, for instance, the acquisition of shares or trade marks. In brief, they are running trustworthily the duties as independent directors. 3. The Realization of Structure Separation between the Company and its Holding Shareholder In respect of the personnel and wage administration, the Company runs independent labor and personnel management structure and wage system. All the senior management personnel draw their payment in the Company, and none of them holds administrative positions in the holding shareholder. The Company owns independently all its assets, trade mark property and other intangible assets. In respect of accounting affairs, the Company has independent accounting sector, and accounting system, financial administrative system as well. It also opens its own banking account. Besides operating geographically in different location, the Company has established an organic structure that is totally independent from that of its holding shareholder. It also runs independent business and management with its own framework of purchase, sales, production and auxiliary. 4. The Evaluation and Stimulus System Aimed at the Senior Management Personnel With a series of targets and norms, the Board of Directors completes the evaluation of performance and achievements for the senior management personnel. It also considers to optimizing the stimulus system for directors, supervisors, senior managers, and amending some standards of reward in an opportune moment. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 ANNUAL MEETING OF SHAREHOLDERS During the report period, the Company convened the Annual General Meeting of Shareholders and two Provisional General Meetings of Shareholders. 1. The 2001 First Provisional General Meeting of Shareholders On the date Jan. 20th , 2001, the Company released, in and , the announcement of convening the 2001 First Provisional General Meeting of Shareholders, which contained the time, the venue and the agenda of the meeting. On the date Mar. 6th , 2001, the Company’s First General Provisional Meeting of Shareholders was convoked at Shanghai Film Art Center. 320 shareholders attended the meeting, representing 140,927,500 shares of the Company, which accounted for 55.82% of the total capital stock (including 59 B stock shareholders, occupying 4,392,200 B shares, which represented 4.50% of the B-capital stock). In the meeting, the . The relevant resolution of the meeting was carried on and dated Mar. 7th , 2001. 2. The 2000 Annual General Meeting of Shareholders On the date April 12th , 2001, the Company released, in and , the announcement of convening the 2000 Annual General Meeting of Shareholders, which contained the time, the venue and the agenda of the meeting. On the date 28th of April, the Company announced the postponement of the annual meeting in the same newspapers, and explained in the announcement the reasons for such postponement and some points for attention. The Company held its 2000 Annual General Meeting of Shareholders at Shanghai Film Art Center on June 8, 2001. 638 shareholders were present at the meeting, representing a number of 135,598,842 shares, which accounted for 53.71% of total capital stock of the Company, among the shareholders, 150 B stock shareholders represented 4,478,670 B shares, accounting for 4.59% of the Company’s total B- capital stock. The meeting considered and passed the , the , the and the , the , the , the , the , the , and the . The relevant resolutions of the meeting were carried on and dated June 12, 2001. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 3. The 2001 Second Provisional General Meeting of Shareholders On the date August 2, 2001, the Company released, in and , the announcement of convening the 2001 Second Provisional General Meeting of Shareholders, which contained the time, the venue and the agenda of the meeting. On the date Sept. 11, 2001, the Company’s Second Provisional General Meeting of Shareholders was convoked at Shanghai Film Art Center. 269 shareholders attended the meeting, representing 132,849,139 shares of the Company, which accounted for 52.62% of the total capital stock (including 77 B stock shareholders, occupying 1,229,397 B shares, which represented 1.26% of total B-capital stock). In the meeting, the shareholders considered and passed the and the . The relevant resolutions of the meeting were revealed in and dated Sept. 12, 2001. 4. Election and Change of Personnel in the Board of Directors and the Supervisory Board The 2000 Annual General Meeting of Shareholders considered and passed the resignation of the supervisor, Mr. Wei Changjian, for reasons of job transference. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 REPORT OF THE BOARD OF DIRECTORS 1.The Business Profile of the Company (1) The structure of principal operations and the current business situation Principal operating activities of the Company: manufacture and sale of sewing machines, related components, spare parts and special-purposed sewing equipment, technological development and advisory services. At the beginning of 2001, there was an increasing demand in the market for sewing machinery. The factories of the Company seized the opportunity by raising the production and making efforts to get more marketing share. Since the second quarter, the demand in the market cooled down. With the strategy of “seeking development on basis of adjustment ”, the Company accelerated its steps to the scientific & technological innovation, the industrial restructure and the structural adjustment of products. In the production sector, the Company took full advantage of its high value-added products in the competition without neglecting the production of ordinary products. In the trade sector, the Company extended its international market share and explored international collaboration through its three import & export subsidiary undertakings. With such methods, the Company got a soar in its principal operating income, which also resulted in an increase of principal operating profit. In 2001, the Company’s production and sales volume of industrial sewing machines totaled 235,300 units and 229,700 units respectively, and the production of new models represented 40% of the total output. During the same term, the Company produced and sold 322,800 and 311,100 domestic sewing machines respectively. The export department, which realized 42% in the total sale s value and an increase of 183% from 2000, earned US$ 46,376,000 for the Company. During the report period, the principal operating income was RMB 916,260,000 representing a growth rate of 63.89%, in comparison with that of the year 2000. Among the principal income, the sale of sewing machines, office-using articles, biochemical products and real estates realized respectively 74.44%, 9.05%, 2.73%, 2.86%. And the rest 10.92% was created in other sale activities. Following are the sectors whose sales value individually occupies 10% or more in the principal operating income. Sales income Sales cost Gross profit rate (%) Sewing machines 682,090,000 523,930,000 23.19 During the report term, the principal operating profit was RMB 195,460,000, representing a growth rate of 68.4%, in comparison with that of the year 2000. The contribution shares of sewing machine sector, office articles sector, bio- chemical production and real estates sector were respectively 80.01%, 4.49%, 2.55% and 7.43%. (2) Business situation in principal subsidiary undertakings and associated undertakings The subsidiary undertaking of the Company, SMPIC Corporation is characterized as industrial enterprise, whose principal operations are located in machinery for office and cultural utilization, carbon products, culture and education articles, testing instruments, optical quartz glass products and accessories of medical X-ray SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 equipment. The registered capital of SMPIC is RMB 33,910,000. According to the calculation on basis of 50% share ownership, the real capital and the net profit amounted respectively RMB 162,120,000 and RMB 3,630,000 till the end of the report period. (3) Main suppliers and customers As the Company is mainly engaged in the production and sales of sewing machinery, most of the principal suppliers are those of spare parts of sewing machines. The first five suppliers offered 36% of the total purchase for the Company. Supplier Amount (RMB ‘000) Shanghai Xintai Motorcycle Parts Factory 24,627 Jiangsu Jinjiang Sewing Machine Parts Factory 7,867 Zhejiang Yinxian Huayun Industrial Sewing Machine Parts Factory 4,438 Zhejiang Taizhou Qiujing Industry & Trade Co. 4,220 Zhejiang Wenzhou Zhenhai Shanggong Sewing Machine Parts Factory 3,898 During the report period, the first five customers contributed a trade volume of RMB 126,210,000 for the Company, representing 19.88% of its total sales of sewing machinery. (4) The difficulties emerged in the business and the proposed solutions Because of the tight competition in the sewing machinery market, the Company was urged to accelerate its steps in the development for new products, to increase the investment in the principal operations for the elevation of earning capacity, and to form qualified professional teams of sales, management and scientific research. For surviving and developing in the competition, the Company will devote itself to adjusting the development strategy, recruiting qualified employees from home and abroad, practicing new stimulus system, and quickening the research and industrialization of high-tech products. Furthermore, it will also cultivate new economic sectors with potential development, heighten the capability of gain, and create opportunity for strengthening the raise of funds. 2. Investments by the Company (1) Utilization of funds raised in the report period No funds were raised during the report period, nor have any funds raised before the report term been used up to the present. (2) Investment projects with non-raised funds in the report year (a) The Company invested an amount of RMB 12,410,561.12 for the acquisition of 90% stock right of Shanghai Butterfly Imp. & Exp. Co., Ltd. During the report year, this new subsidiary earned US$ 17,775,000 from exports, among which the export for domestic sewing machines (611,200 units) and industrial sewing machines (55,900 units) created a net profit of RMB 862,000. (b) The Company has paid RMB 15,100,000 for the acquisition of the trade marks BUTTERFLY and BEE from Shanghai Flying Man Yah Chong Sewing Machinery Co., Ltd. (c) The Company has acquired 50% stock right of SMPIC Corporation, with a payment of RMB 133,241,702.33. During 2001, SMPIC realized a principal operating income of RMB 82,940,000 and a principal operating profit of RMB 8,770,000. The Company earned RMB –560,000 from the investment. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 (d) The Company has invested RMB 21,00,000 for co-establishing Shanghai Shanggong Xingda Sewing Machine Co., Ltd., whose registered capital values RMB 3,100,000. The Company occupies 68% share ownership in the co- invested company. (Operating activities of the company: production, sales and service after-sale of zigzag stitch sewing machines) During the current term, Shanghai Xingda realized a production of 8,376 zigzag stitch sewing machines and a sale of 8,234 units. (e) The Company has invested RMB 1,800,000 for co-establishing Shanghai Shanggong Fangtian Machinery Co., Ltd., whose registered capital values RMB 3,000,000. The Company owns 60% equity interest in the co-invested company. (Operating activities of the company: production and sales of industrial sewing machines, spares and components) Fangtian produced and sold respectively 818 and 791 units of button-holing machines and bartacking sewing machines during the report period. (f) The Company has invested RMB 2,500,000 for the establishment of Shanghai Shanggong Jiarong Sewing Machine Co., Ltd., occupying 62.50% share ownership in the company, whose registered capital values RMB 4,000,000. (Operating activities of the company: sales, assemblage and processing of domestic sewing machines and components) Shanggong Jiarong produced and sold respectively 322,675 and 311,118 units of domestic sewing machines during the report term. (g) The Company has invested RMB 900,000 for establishing Shanghai Shanggong Enterprise Management Co., Ltd., holding 90% of the total equity interest. The subsidiary company’s registered capital values RMB 1,000,000. (Operating activities of the company: enterprise management, production and sales of sewing equipment and spares) The subsidiary undertaking has been entrusted by the parent with the operation of all the trade marks of the Company, including their application, registration, extension, change, transfer, use right property and OEM affairs. (h) The Company has invested RMB 1,950,000 for the foundation of Shanghai Shanggong Songda Machinery Co., Ltd. and owned 65% stock right in this entity with a registered capital of RMB 3,000,000. (Operating activities: technological development, production and after-sale services of sewing machinery and components, special sewing machines and other common machinery) During the report year, the company produced and sold respectively 3,422 and 2,746 units of button sewing machines and fur sewing machines. (i) The Company has invested RMB 1,680,000 in the co-establishment of Shanghai Shanggong Jiayuan Mechanical & Electrical Technology Co., Ltd., which is an entity with a registered capital of RMB 3,000,000. The Company holds 56% stock right in the entity. (Operating activities: development, design, production and sale of mechanical-electrical integrated sewing machines and light industrial machinery) During the report term, Jiayuan produced and sold respectively 71 and 65 computer-embroidered machines. (j) During the report period, the Company reinvested RMB 1,000,000 for acquiring the stock ownership of Shanghai Sifang-Tongji Pure Water Co., Ltd. As to the end of 2001, the Company held 60.4% share right of the latter, with an accumulated investment of RMB 6,950,000. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 3. Financial Status of the Company -The total ending assets amounted to RMB 1,317,411,199.56, an increase by 16.62%, as compared to the opening data, which was mainly due to the participation into the consolidated sheet of Shanghai SMPIC Corporation, Shanghai Flying Man Imp. & Exp. Co., Ltd. and Shanghai Butterfly Imp. & Exp. Co., Ltd. -The ending long-term liability amounted to RMB 12,554,523.83, an increase by 194.26% as compared to the opening data, which was also mainly due to the participation into the consolidated sheet of Shanghai SMPIC Corporation, Shanghai Flying Man Imp. & Exp. Co., Ltd. and Shanghai Butterfly Imp. & Exp. Co., Ltd. -The ending shareholders’equity amounted to RMB 502,565,328.12, an increase by 8.87%, as compared to the opening data, which was mainly due to the increase of profit. -The ending principal operating profit amounted RMB 195,460,439.66, an increase by 68.40 %, as compared to the opening data, which was mainly due to the increase of sales value, the decrease of cost and the change in taxation burden. -The ending net profit amounted RMB 45,840,041.90, an increase by 21.66%, as compared to the opening data, which was mainly due to the following factors: § The blooming sale of new products contributed RMB 14,300,000 for the increase of profit. § The enlargement of the production and sales, together with the decrease of purchasing costs and production cost, resulted in an increase of profit by RMB 28,800,000. § The acquisition of new subsidiary undertakings resulted in an increase of profit by RMB 1,580,000. § The “three costs”generated by the extension of the Company’s assets caused a decrease of profit by RMB 27,690,000. § The shrunk profit in share ownership resulted in a decrease of profit by RMB 9,300,000. 4. Influence from the business circumstances, macro-policies and changes in regulations (1) Since the year 2001, the customs duty of imported sewing machines and relevant components is cut down from 20% to 18%, while the export-drawback is maintained in the sector of sewing machines and spare parts. With the country’s participation into WTO, all the product exports and international collaborations should conform strictly to the regulations and requirements of the international market (especially in the protection of intellectual property rights). But on the other hand, the purification of the domestic market remains to be improved, and the imitation and fake is still infecting the products’price and threatening the business of the Company. (2) In 2000, the Company was named as “High and New Technology Enterprise of Shanghai”. In June 2001, the Company passed through the re-examination and kept the title whose expiration date is Dec 31, 2003. Besides, the Company, with SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 the registration venue in Pudong New Area, enjoyed the favorable taxation policy, operating with a tax rate of 15%. 5. Business Development Program for the Coming Year During the coming year, the Company is predicted to realize a total income of RMB 1,000,000,000 and a principal operating cost of RMB 791,400,000, respectively an increase of 9.14% and 11.03% in comparison with 2001. Besides, the Company’s planned cost will reach RMB 175,500,000, representing an increase of 6.78% in comparison with 2001. (1) Elevating the scientific and technological ability of competition, and promoting the structural adjustment of products: the Company plans to improve the contribution proportion of machinery-electronics integrated products in the total sales of the Company, through the methods of co- investment, collaboration, public bidding and cooperation with scientific research institutions. (2) Strengthening the cultivation of market in home and abroad, and building the sales network: the Company plans to establish a chain of one hundred specialized shops of Shanggong products, build the corresponding centers for technological service and logistics service, and emphasize the service awareness among the staff. For enlarging the marketing share, parallel to these measures, the Company will also take advantage of its subsidiary international trading companies to extend more the exports, planning to get an increase of 10% in the exports income. (3) Tightening the basic management, and increasing the economic benefits: the Company will focus on the management of material purchase and the raise of capital utilization rate. It will also tighten the quality control and try best to pass through the re-examination of ISO9001 (Version 2000) quality system. Furthermore, the Company will implement the strategy of “concentrated management and compensated utilization” in the trade-mark operation, and improve the understanding and utilization of informationized management. (4) Heightening the optimization of capital structure, and promoting the integration of recourses: on the one hand, the Company will continue to adjust the industrial structure, absorb the good-quality assets and improve the utilization rate of recourses; on the other hand, the Company will pay much attention to the study and preparation for investment projects, with the purpose of further capitalization. (5) Emphasizing the training of qualified staff, and improving the competition ability of the entity: the Company will absorb more qualified human recourses and make great efforts to complete the target of “well recruited, well paid and well utilized”for the HR development. For fitting itself to the laws of the market, the Company is also planning to strengthen the achievement evaluation system for the managerial personnel and perfect the distribution system for sales staff. 6. Routine Business of the Board of Directors SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 (1) Meetings and resolutions in the report year During the report period, ten meetings of the Board of Directors were convened. (a) The sixth meeting of the Third Board of Directors was held on Jan 19, 2001. At the meeting, the Board considered and passed the proposal for acquiring 90% of the total share equity of Shanghai Butterfly Imp. & Exp. Co., Ltd. from Shanghai Light Industry Holding (Group) General Company. It also passed the proposal for organizing the 2001 First Provisional General Meeting of Shareholders. The resolutions were released in and dated Jan 20, 2001. (b) The seventh meeting of the Third Board of Directors was held on Feb 2, 2001. At the meeting, the proposal was passed related to the foundation of Shanghai Shanggong Xingda Sewing Machine Co., Ltd. The Board also approved the proposal of initiating a new company especially for the production of bartacking sewing machines and button hole sewing machines. The postponement of the 2001 First Provisional General Meeting of Shareholders was also approved at the same meeting. The resolutions were released in and dated Feb 6, 2001. (c) The eighth meeting of the Third Board of Directors was held on April 10, 2001. At the meeting, the documents, such as the , the , the , the , the , the , the , the , the , and the , were considered and passed. The meeting also decided to convene the Company’s 2000 Annual General Meeting of Shareholders. The relevant resolutions were released in and dated April 14, 2001. (d) The ninth meeting of the Third Board of Directors was held on May 19, 2001. At the meeting, the Board considered and approved the following proposals: the and the . It also agreed, as suggested by Shanghai Light Industry Holding (Group) Company, to list four proposals of the latter into the agenda of the Company’s 2000 Annual General Meeting of Shareholders. The resolutions were released in and dated May 22, 2001. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 (e) The tenth meeting of the Third Board of Directors was held on July 24, 2001. At the meeting, the Board passed the , the and the . The resolutions were released in and dated July 26, 2001. (f) The eleventh meeting of the Third Board of Directors was held on July 31, 2001, with the method of remote communication. At the meeting, the Directors considered and passed the proposals for revising the rules of discussion in the Board, modifying the working norms of the General Manager and amending some terms in the . The proposal for calling for the 2001 Second Provisional General Meeting of Shareholders was also approved at the same meeting. The relevant resolutions were released in and dated Aug 2, 2001. (g) The twelfth meeting of the Third Board of Directors was held on Sept 11, 2001. The proposal of the enlargement of mutual guaranty of credit loan between the Company and Shanghai China Worldbest Enterprise Development Co., Ltd. was approved at the meeting. The resolutions were released in and on the date Sept 12th , 2001. (h) The thirteenth meeting of the Third Board of Directors, by remote communication, was held on Sept 26, 2001. The proposal of the enlargement of mutual guaranty of loan credit between the Company and Shanghai Construction Materials (Group) General Company was approved at the meeting. The relevant resolution was released in and dated Sept 28, 2001. (i) The fourteenth meeting of the Third Board of Directors was held on Nov 28, 2001. At the meeting, the Directors approved the proposals of establishing mutual credit guaranty relationship in borrowings with China Worldbest Group Co., Ltd. and Shanghai China Worldbest Pharmaceutical Company. At the same meeting was passed the nomination of Mr. Gu Genrong as Representative of Stock Affairs of the Board of Directors. The relevant resolutions were released in and dated Nov 30, 2001. (j) The fifteenth meeting of the Third Board of Directors was held on Dec 26, 2001. In accordance with the infrastructure planning of the municipal government, the Board considered and approved the proposal to transfer the use right of land at 280 Song Hui Xi Lu, District of Songjiang, Shanghai. The Directors also approved the and defined the functions and personnel of every committee. (2) Execution of the resolutions made by General Meeting of Shareholders (a) The 2001 First Provisional General Meeting of Shareholders approved the proposal about the stock right acquisition of Shanghai Butterfly Imp. & Exp. Co., Ltd. During the report period, the Company completed all the payment for acquiring 90% stock right of the latter and finished all the transfer SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 transactions of the property rights. (viewing Regulatory Information for details about the transaction) (b) The 2000 Annual General Meeting of Shareholders approved the proposal for acquiring the 50% share ownership of SMPIC Corporation. During the report term, the Company completed all the payment for acquiring the target stock right of the latter and finished all the transfer transactions of the property rights. (viewing Regulatory Information for details about the transaction) (c) During the report year, in accordance with the decision and authorization of the 2000 Annual General Meeting of Shareholders, the Board of Directors made great efforts to prepare documents for the application of enlarged issuance of shares, and had reported the application to China State Securities Supervision Commission. On the release of this report, the Company is amending and complementing the application materials, measuring them with relevant rules and the changes in the market. The Company will refer the amendment to the General Meeting of Shareholders and submit again the approved version to China State Securities Supervision Commission. 7. Proposal for Profit Appropriation in Current Period and Distribution Principles of Profit Generated in 2002 (1) 2001 proposal for profit appropriation As audited by Shanghai Zhonghua Certified Public Accountants, the consolidated net profit for the year 2001 was RMB 45,840,041.90, of which, an amount of RMB 47,585,996.86 was generated in the mother Company body. In accordance with the relevant regulations fixed in the circulars of the Ministry of Finance and China State Securities Supervision Commission, the Company completed some necessary adjustments on basis of the accounting index in 2001, thus causing the opening data of undistributed profit of the mother Company shrunk to RMB – 148,178,152.72. The ending undistributed profit of the mother Company, including the profit generated in current period, amounted RMB –100,592,155.86. As a result, the Company didn’t propose for distribution of dividend, nor for issuance of bonus shares by capitalizing the capital reserve. The proposal awaited the approval of the 2001 Annual General Meeting of Shareholders. (2) Distribution principles of profit generated in 2002 The Company plans to make up the above-mentioned deficit of profit by the statutory reserve fund. If the proposal pass through the consideration and approval of 2001 Annual General Meeting of Shareholders, the Company will make a profit appropriation after 2002 annual account settled, distributing approximately 20% of all the accumulated distributable profit into cash dividend. On realizing the appropriation, the Board of Directors will submit a proposal to the decision of General Meeting of Shareholders, and the Board will also make some necessary changes according to the earning ability and the development situation of the Company at that time. 8. Other Issues Reported During the report period, the Company still entrusted and with the information release. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 REPORT OF THE SUPERVISORY BOARD 1. During the report year, four sessions of the Supervisory Board were convened. (1) The sixth session of the Company’s Third Supervisory Board was held on the date Jan 19, 2001. The Supervisory Board considered and passed the acquisition proposal of 90% share ownership of Shanghai Butterfly Imp. & Exp. Co., Ltd. from Shanghai Light Industry Holding (Group) Company. The resolution of the session was revealed in and dated Jan 20, 2001. (2) The seventh session of the Company’s Third Supervisory Board was held on the date April 10, 2001. The Supervisory Board considered and passed the and the . The supervisors examined the utilization of the Company’s last raised fund and accepted the conclusion that the real use of such raised fund conformed strictly to the promised use and the relevant information released. At the same meeting, the Board also accepted the resignation of Mr. Wei Changjian as Vice Chairman of the Supervisory Board for reason of job transference. The resignation application still awaited the consideration of the General Meeting of Shareholders. The resolutions of the session were published in and dated April 12, 2001. (3) The eighth session of the Company’s Third Supervisory Board was held on the date May 19, 2001. The supervisors considered and passed the acquisition proposal of exclusive use right for the registered trade marks BUTTERFLY and BEE from Shanghai Flying Man Yah Chong Sewing Machine Co., Ltd. According to the suggestion of Shanghai Light Industry Holding (Group) Company, the Board approved that the Board of Directors added three proposals into the agenda of 2000 Annual General Meeting of Shareholders. It also considered the proposal of acquiring 50% stock right of SMPIC Corporation from Shanghai Light Industry Holding (Group) Company, the proposal of collecting RMB 196,300,000 and investing them into the technological transform project of the photoelectric special glass materials, and the revised proposal of the enlarged issuance of A shares of the Company. The resolutions of the session were revealed in and dated May 22, 2001. (4) The ninth session of the Company’s Third Supervisory Board was held on the date July 24, 2001. The Supervisory Board considered and passed the , the , the . The resolutions of the session were released in and dated July 26, 2001. 2. The Supervisory Board exercised its functions and powers in accordance with the and the , monitoring and examining strictly the accounting administration and the interior management. Furthermore, it SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 supervised the execution of the resolutions made by the General Meeting of Shareholders, and the decision-making of the Managers and the Directors. On such base, the Supervisory Board declared independently its opinion about the following items: (1) The law-abiding operations of the Company All the resolutions and decisions of the Board of Directors were processed according to the related regulations and laws. The Company has established an effective internal administrative system. No behaviors were found among the directors and the general manager, violating the laws, regulations or articles of the Company, nor acts infringing the interests of the Company. (2) The accounting measures of the Company Shanghai Zhonghua Certified Public Accountants expressed an independent opinion on the Company’s statements for the year base in their audit. These financial statements gave a true, objective, integrated and accurate view of the Company’s financial position and the results of its operations. (3) No behaviors harming the benefits of shareholders or behind-the-scene deals were found in the process of the Company’s assets acquisition or transfer, nor any abnormality, irrationality about the price in these deals were detected. During the report period, the Company operated the acquisition of stock right of SMPIC Corporation from Shanghai Light Industry Holding (Group) Company, and completed the acquisition of stock right and exclusive use right of trade marks (BUTTERFLY and BEE) of Shanghai Butterfly Imp. & Exp. Co., Ltd. All the above-mentioned relevant transactions were of vital importance for the Company’s assets optimization, its industrial restructure, its long-term development and all the shareholders’benefits, as well. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 REGULATORY INFORMATION 1. Important arbitrations and ligitations involved by the Company (1) The Company was involved in the case of litigation for having acted as guarantor for Shanghai Forever Co., Ltd. in its borrowing case with Bank of China, Shanghai Branch. (For details, viewing and dated July 6, 2000.) Through the mediation of the court, Shanghai Forever Co., Ltd. paid off all the borrowing in July 2001, so that the Company had been relieved of the guaranty responsibility. (2) Because of the debt dispute with Shanghai Flying Man Co., Ltd., the Company was involved in the ligitation. According to the civil judgment No. HuZhongJingChuZi208 done by Shanghai No.1 Intermediate People’s Court, Shanghai Flying Man Co., Ltd. compensated the debt of RMB 5,061,268.51 with its trade mark FLYING MAN. As evaluated by Shanghai Assets Evaluation Center, the real value of the trade mark amounted RMB 8,240,000. All the transfer procedures had been completed as to October 2001. 2. Acquisition, Sale of Assets and Merger in the Report Year In accordance with the infrastructure planning of the municipal government, the Fifteenth Meeting of the Company’s Third Board of Directors approved the transfer of the use right of land at 280 Song Hui Xi Lu, District of Songjiang. This transfer, characterized as non-relevant transaction, was also part of the Company’s “Tenth Quintuple-Year” planning, which was to adjust the layout of its factories and to construct a new industrial park. The Company earned RMB 13,960,000 from this transaction. 3. Significant relevant transactions (1) The sixth meeting of the Third Board of Directors and the 2001 First Provisional General Meeting of Shareholders passed the resolution about the acquisition of 90% stock ownership of Shanghai Butterfly Imp. & Exp. Co., Ltd. from Shanghai Light Industry Holding (Group) Company. As indicated in the evaluation report of Shanghai Lixin Assets Evaluation Co., Ltd. and confirmed by Shanghai Assets Evaluation Center, the stock right valued RMB 13,789,512.35, while the whole book value amounted RMB 14,046,402.47. Till the end of the report year, the Company had paid RMB 12,410,561.12, covering all the relevant cost. The transfer procedures of property rights also had been finished. (2) The ninth meeting of the Third Board of Directors passed the resolution about the acquisition of exclusive using right of the trade marks BUTTERFLY and BEE from Shanghai Flying Man Yah Chong Sewing Machine Co., Ltd. As indicated in the evaluation report of Shanghai Lixin Assets Evaluation Co., Ltd. and confirmed by Shanghai Assets Evaluation Center, these two trade marks valued RMB 11,920,000. According to the conclusion of negotiation, the Company offered RMB 15,100,000 for the transfer. The Company had paid all the relevant amount and the transfer procedures of property rights also had been finished till Oct, 2001. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 (3) Both the ninth meeting of the Third Board of Directors and the 2000 Annual General Meeting of Shareholders passed the resolution about the acquisition of 50% stock ownership of SMPIC Corporation. As indicated in the evaluation report of Shanghai Dongzhou Assets Evaluation Co., Ltd. and confirmed by Shanghai Assets Evaluation Center, the relevant book stock right valued RMB 134,078,752.66, while the whole value amounted RMB 266,483,404.66. Till the end of the report year, the Company had paid all the related cost amounted RMB 133,241,702.33 and had finished the transfer procedures of property rights. 4. Significant Contracts and the Fulfillment (1) The Company didn’t trust, contract or lease any of its assets to other companies. Nor did any other companies trust, contract or lease their assets to the Company during the report year. (2) Significant guaranty cases: according to the resolutions by the Board of Directors, the Company established equal-amount borrowing credit guaranty relationship with the following companies: Company Guaranteed Amount Relationship RMB’000 Shanghai Construction Material (Group) 65,000 Joint-Liability Guaranty General Company Shanghai China Worldbest Enterprise 90,000 Joint-Liability Guaranty Development Co., Ltd. China Worldbest Group Co., Ltd. 50,000 Joint-Liability Guaranty (3) During the report period, the Company did not trust other person or entity to fulfill the management of its cash assets. 5. The Company’s shareholders, which individually held 5% or more of the Company’s shares, didn’t release undertakings in the entrusted newspaper or web- site. Nor the Company itself. 6. The Company still appointed respectively Shanghai Zhonghua Certified Public Accountants and PricewaterhouseCoopers Certified Public Accountants, H.K. as the domestic and the international auditors for the Company’s annual financial statements. Please find here the details of the payment to Shanghai Zhonghua Certified Public Accountants during the report year: RMB300,000 for the 2001 annual audit, RMB 200,000 for the 2001 interim audit and RMB 369,000 for the special case audit. RMB 180,000 for the 2000 annual audit and RMB 200,000 for the evaluated case audit. Please find here the details of the payment to PriceWaterHouseCoopers Certified Public Accountants, H. K. during the report year: RMB 620,000 for the 2001 annual audit, RMB 47,700 for accommodation arrangements. RMB 646,800 for the 2000 annual audit, RMB 41,700 for accommodation arrangements. 7. During the report period, the Board of Directors, the individual Directors and the Company itself hadn’t received any check, administration punishment or notice of SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 criticism from China State Securities Supervision Commission. Nor had they been publicly condemned by Shanghai Stock Exchange. SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 SHANGGONG CO., LTD AUDITORS’REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2001 SHANGGONG CO., LTD FOR THE YEAR ENDED 31 DECEMBER 2001 Contents Pages Report of the international auditors 1 Consolidated income statement 2 Consolidated balance sheet 3-4 Consolidated statement of changes in shareholders ’equity 5 Consolidated cash flow statement 6 Notes to the consolidated financial statements 7 - 36 Supplementary information 37 PricewaterhouseCoopers 22nd Floor Prince’s building Central Hong Kong Telephone (852) 2289 8888 Facsimile (852) 2810 9888 REPORT OF THE INTERNATIONAL AUDITORS TO THE SHAREHOLDERS OF SHANGGONG CO., LTD (Incorporated as a joint stock limited company in the People ’s Republic of China) We have audited the accompanying consolidated balance sheet of Shanggong Co., Ltd (the “Company”) and its subsidiaries (the “Group”) as of 31 December 2001 and the related consolidated income and cash flow statements for the year then ended. These consolidated financial statements set out on pages 2 to 36 are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion the financial statements present fairly in all material respects the financial position of the Group as of 31 December 2001 and the results of its operations and its cash flows for the year then ended in accordance with International Accounting Standards. PricewaterhouseCoopers Certified Public Accountants Hong Kong, 8 April 2002 1 SHANGGONG CO., LTD CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2001 Notes 2001 2000 RMB’000 RMB’000 Sales 3 813,653 530,981 Cost of sales (639,013) (414,893) Gross profit 174,640 116,088 Other operating profit 38,069 44,328 Selling and distribution expenses (28,918) (17,619) Administrative expenses (136,701) (90,548) Operating profit 4 47,090 52,249 Finance costs - net 5 (27,827) (21,076) Share of results before tax of associates 3,728 688 Profit before tax 22,991 31,861 Tax 7 (9,650) (5,712) Profit after tax 13,341 26,149 Minority interests 21 (1,978) 4,661 Net profit 11,363 30,810 Earnings per share 8 RMB0.045 RMB0.12 The notes on page 7 to 36 form an integral part of these consolidated financial statements. 2 SHANGGONG CO., LTD CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2001 Notes 2001 2000 RMB’ 000 RMB’ 000 ASSETS Non-current assets Property, plant and equipment 9 285,293 332,951 Construction in progress 10 9,147 18,883 Intangible assets 11 45,122 21,610 Investments in associated undertakings 12 160,854 25,026 Available-for-sale investments 13 37,565 41,539 537,981 440,009 Current assets Inventories 14 164,098 135,940 Trade and bills receivables 15 252,597 180,187 Amounts due from related companies 16 10,708 3,265 Amounts due from associated undertakings 16 212 223 Other receivables, prepayments and deposits 91,003 113,861 Trading investments 17 6,768 6,314 Cash and bank balances 18 158,159 287,487 683,545 727,277 Total assets 1,221,526 1,167,286 The notes on page 7 to 36 form an integral part of these consolidated financial statements. 3 SHANGGONG CO., LTD CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2001 Notes 2001 2000 RMB’000 RMB’ 000 EQUITY AND LIABILITIES Capital and reserves Share capital 19 252,466 252,466 Reserves 20 388,169 376,537 Accumulated losses (141,093) (160,159) 499,542 468,844 Minority interests 21 20,642 18,270 Non-current liabilities Borrowings 22 400 - Current liabilities Trade and bills payables 171,896 142,738 Amount due to the major shareholder 16 3,436 28,941 Amounts due to related companies 16 - 87 Amounts due to associated undertakings 16 10,033 15,962 Other payables and accrued charges 58,079 103,692 Tax payable 2,158 4,391 Borrowings 22 455,340 384,361 700,942 680,172 Total liabilities 701,342 680,172 Total equity and liabilities 1,221,526 1,167,286 On 8 April 2002, the Company’s Board of Directors authorised these financial statements for issue. The notes on page 7 to 36 form an integral part of these consolidated financial statements. 4 SHANGGONG CO., LTD CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’EQUITY FOR THE YEAR ENDED 31 DECEMBER 2001 Share Accumulated capital Reserves losses Total (note 19) (note 20) RMB’ 000 RMB’ 000 RMB’ 000 RMB’ 000 2000 Balance at 1 January 2000 252,466 369,245 (183,677) 438,034 Disposal of subsidiaries - (840) 840 - Profit for the year - - 30,810 30,810 Transfer to reserve funds - 8,132 (8,132) - Balance at 31 December 2000 252,466 376,537 (160,159) 468,844 2001 Balance at 1 January 2001 252,466 376,537 (160,159) 468,844 Profit for the year - - 11,363 11,363 Tax liabilities assumed by the major shareholder (note 20(d)) - 19,335 - 19,335 Adjustments arising from restatement of accumulated losses of statutory financial statements (note 20(e)) - (21,549) 21,549 - Transfer to reserve funds - 13,846 (13,846) - Balance at 31 December 2001 252,466 388,169 (141,093) 499,542 The notes on page 7 to 36 form an integral part of these consolidated financial statements. 5 SHANGGONG CO., LTD CONSOLIDATED CASH FLOW STAEMENT FOR THE YEAR ENDED 31 DECEMBER 2001 Note s 2001 2000 RMB’000 RMB’000 Cash flows from operating activities Cash generated from operations 23(a) 12,893 17,751 Interest received 1,889 3,403 Interest paid (29,346) (24,193) Tax paid (11,946) (1,286) Net cash used in operating activities (26,510) (4,325) Cash flows from investing activities Purchase of property, plant and equipment 9 (22,718) (96,732) Payments for construction in progress 10 (5,526) (7,544) Payments for acquisition of intangible assets 11 (20,290) - Acquisition of subsidiaries, net of cash acquired 24 (8,677) (34,057) Increase in investments in associated undertakings 12 (135,779) (2,143) Acquisition of additional interests in subsidiaries (4,058) - Purchase of available-for-sale investments (2,808) (726) Decrease in bank fixed deposits 171,243 77,845 Disposal of subsidiaries, net of cash disposed - 12,375 Proceeds from disposal of available-for-sale investments 9,191 9,731 Proceeds from disposal of property, plant and equipment 23(b) 19,297 80,791 Proceeds from disposal of construction in progress 1,120 - Dividends received from available-for-sale investments 173 240 Dividends received from associated undertakings 12 863 583 Net cash generated from investing activities 2,031 40,363 Cash flows from financing activities Borrowings repaid (12,910) (26,383) Repayment of long-term payable to the major shareholder - (3,808) Capital injection by minority shareholders 3,477 5,649 Dividends paid to minority shareholders of subsidiaries 21 (362) (148) Net cash used in financing activities (9,795) (24,690) (Decrease)/increase in cash and cash equivalents (34,274) 11,348 Movement in cash and cash equivalents At start of year 11,181 (167) (Decrease)/increase (34,274) 11,348 At end of year 18 (23,093) 11,181 The notes on page 7 to 36 form an integral part of these consolidated financial statements. 6 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 1 General Shanggong Co., Ltd (the “Company”) is a joint stock limited company incorporated in the People’s Republic of China (the “PRC”). The Company is listed on the Shanghai Stock Exchange. The Company and its subsidiaries (the “Group”) are mainly engaged in the manufacturing and selling of industrial sewing machines. The address of the Company is as follows: 12th Floor, Orient Mansion, No. 1500 Century Avenue, PuDong New Area, Shanghai, PRC 2 Principal accounting policies The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below: (a) Basis of preparation The consolidated financial statements have been prepared in accordance with International Accounting Standards (“IAS”). This basis of accounting differs in certain respects from that used in the preparation of the Group’s statutory financial statements in the PRC (the “PRC statutory financial statements”). The financial statements of the Company and its subsidiaries comprising the Group have been prepared in accordance with the relevant accounting principles and regulations applicable to them as appropriate in the PRC. Appropriate adjustments have been made to these PRC statutory financial statements to conform with IAS. Differences arising from the restatement have not been incorporated in the statutory accounting records of the Company and its subsidiaries. The consolidated financial statements have been prepared under the historical cost convention except as disclosed in the accounting policies below. (b) Change in accounting policy The Group adopted the following new international accounting standards issued by the International Accounting Standards Committee (“IASC”) commencing from 1 January 2001: IAS 39 “Financial Instruments: Recognition and Measurement” Such change in accounting policy was not required to be applied retrospectively in these financial statements. 7 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 2 Principal accounting policies (continued) (c) Subsidiary undertakings Subsidiary undertakings, which are those entities in which the Group has an interest of more than one half of the voting rights or otherwise has power to exercise control over the operations are consolidated. Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date that control ceases. All intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated; unrealised losses are also eliminated unless cost cannot be recovered. (d) Associated undertakings Investments in associated undertakings are accounted for by the equity method of accounting. These are undertakings over which the Group generally has between 20% and 50% of the voting rights, or over which the Group has significant influence, but which it does not control. Unrealised gains on transactions between the Group and its associated undertakings are eliminated to the extent of the Group’s interest in the associated undertakings; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. The Group’s investment in associated undertakings includes goodwill (net of accumulated amortisation) on acquisition. Equity accounting is discontinued when the carrying amount of the investment in an associated undertaking reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associated undertaking. (e) Foreign currency translation The Group maintains its books and records in Renminbi. Foreign currency transactions are accounted for at the exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into Renminbi at the exchange rates quoted by the People’s Bank of China ruling at the balance sheet date. Exchange differences arising in these cases are dealt with in the income statement. (f) Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Depreciation of property, plant and equipment is calculated on a straight-line basis to write off the cost of each asset to their residual values over their estimated useful life to the Group. The principal annual rates used for this purpose are: Buildings 5% Plant and machinery 10% Furniture, fixtures and office equipment 20% Motor vehicles 20% Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. 8 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 2 Principal accounting policies (continued) (f) Property, plant and equipment (continued) Gains or losses on disposal of property, plant and equipment are determined by comparing the net proceeds with the carrying amount of the relevant asset, and are recognised in the income statement. Major costs incurred in restoring property, plant and equipment to its normal working condition are charged to the income statement. Improvements of property, plant and equipment are capitalised and depreciated over their estimated useful life to the Group. (g) Construction in progress Construction in progress represents premises under construction and production plant, machinery and other equipment under installation and is stated at cost unless where its carrying amount is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Cost includes the cost of construction, purchase cost of plant and machinery as well as interest expenses arising from borrowings used to finance the construction during the period of time that is required to complete and prepare the asset for its intended use. (h) Borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to be ready for their intended use are capitalised as part of the costs of the assets. All other borrowing costs are recognised as an expense in the year in which they are incurred. (i) Intangible assets Land use rights Land use rights are up-front payments to acquire long-term interest in land. These payments are stated at cost and amortised on a straight-line basis over the unexpired period of the rights or 50 years, whichever is shorter. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net assets of the acquired subsidiary, associated undertaking or joint venture at the date of acquisition. Goodwill on acquisition of associated undertakings is included in investments in associated undertakings. Goodwill is amortised using the straight-line method over its estimated useful life and 10 years, whichever is shorter. The gains or loss on disposal of an entity includes the unamortised balance of goodwill relating to the entity disposed of. 9 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 2 Principal accounting policies (continued) (i) Intangible assets (continued) Other intangible assets Other intangible assets represent expenditure on acquired trademarks and know-how and is amortised using the straight-line method over its estimated beneficiary period and 10 years, whichever is shorter. Impairment Where an indication of impairment exists, the carrying amount of any intangible asset including goodwill is assessed and written down immediately to its recoverable amount. (j) Investments At 1 January 2001 the Group adopted IAS 39 and classified its investments into the following categories: - trading; - held-to-maturity; and - available-for-sale. Investments that are acquired principally for the purpose of generating a profit from short-term fluctuations in price are classified as trading investments and included in current assets. Investments with fixed maturity that management has the intent and ability to hold to maturity are classified as held-to-maturity and are included in non- current assets. Investments intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, are classified as available-for-sale investments. These are included in non-current assets unless management has the express intention of holding the investment for less than 12 months from the balance sheet date or unless they will need to be sold to raise operating capital, in which case they are included in current assets. Management determines the appropriate classification of its investments at the time of the purchase and re-evaluates such designation on a regular basis. During the year the Group did not hold any investments in held-to-maturity. For those investments that an active market exists, trading and available-for-sale investments are measured at their fair values. The net unrealised gains or losses arising from the changes in fair value of investments are recognised in the income statement. For those that do not have a quoted market price in an active market and whose fair value cannot be reliably measured, they are measured at cost and impairment assessed at each balance sheet date. 10 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 2 Principal accounting policies (continued) (k) Leases Where the Group is the lessee Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight- line basis over the period of the lease. Where the Group is the lessor Assets leased out under operating leases are included in property, plant and equipment in the balance sheet. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment. Rental income (net of any incentives given to lessees) is recognised on a straight line basis over the lease term. (l) Inventories Inventories are stated at the lower of cost or net realisable value. Cost is determined by the first-in, first-out method. The cost of finished goods and work in progress comprises direct materials, direct labour and an appropriate proportion of production overheads. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses. (m) Trade receivables and other receivables Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts at the year end. Bad debts are written off when identified. Provision is made against other receivables to the extent they are considered to be doubtful. Other receivables in the balance sheet are stated net of such provision. (n) Cash and cash equivalents Cash and cash equivalents are carried in the balance sheet at cost. For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand and deposits held at call with banks net of short-term borrowings due within 3 months and bank fixed deposits with maturity over 3 months. 11 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 2 Principal accounting policies (continued) (o) Financial instruments Financial assets and financial liabilities carried on the balance sheet include cash and bank balances, investments, receivables, payables and borrowings. Investments and trade and other receivables are stated at carrying amounts as determined in accordance with note 2(j) and note 2(m) respectively. Other financial assets and financial liabilities are stated at cost. Disclosures about financial assets and financial liabilities of the Group are provided in note 25. (p) Retirement benefits The Group has to make defined contributions to the staff retirement scheme managed by the local government in accordance with its rules and regulations. The Group’s contributions to the retirement benefit scheme are charged to the income statement as and when incurred. (q) Taxation PRC income taxes are provided for based on the estimated assessable profits and tax rates applicable to the Company and its subsidiaries comprising the Group. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Tax rates enacted or substantively enacted by the balance sheet date are used to determine deferred income tax. The tax effect of temporary differences is recognised in the financial statements to the extent that it is probable a liability or an asset will crystallise in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. (r) Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, the reimbursement is recognised as a separate asset but only where the reimbursement is virtually certain. 12 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 2 Principal accounting policies (continued) (s) Revenue recognition Sales are recognised upon delivery of products and customer acceptance. Sales are shown net of sales taxes and discounts, and after eliminating sales within the Group. Other revenues earned by the Group are recognised on the following basis: Interest income - on an effective yield basis. Dividend income - when the Group’s right to receive payment is established. Gain on disposal of property, plant and equipment - when the sale and purchase agreement is effective. 3 Sales Sales are mainly made in the PRC and mainly represent the sale of sewing machines and related spare parts to customers, at invoiced value net of discounts and value-added tax. No segment information is provided as over 90% of the Group’s sales are derived from the sale of sewing machines in the PRC. 13 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 4 Operating profit The following items have been charged/(credited) in arriving at operating profit: 2001 2000 RMB’000 RMB’000 Depreciation of property, plant and equipment (note 9) 39,615 47,320 Impairment of property, plant and equipment (included in “administrative expenses”) (note 9) 39,570 - Gain on disposal of property, plant and equipment (note 23(b)) (9,847) (14,713) Operating lease rental expenses 8,779 6,319 Reversal of provision for acquisition cost of land use rights for sale - (7,308) Amortisation of intangible assets (included in “administrative expenses”) (note 11) 2,216 153 Amortisation of goodwill on acquisition of an associated undertaking (included in “administrative expenses”) (note 12) 4,190 - Write-off of pre-operating expenses - 2,324 Provision for impairment of available-for-sale investments 155 192 Reversal of provision for impairment of investments in associated undertakings (1,412) - (Reversal of provision)/provision for bad and doubtful debts - Trade receivables (28,699) 13,458 - Other receivables, prepayments and deposits 13,853 (4,425) (Reversal of provision)/provision for slow-moving inventories (note 14) (26,285) 6,443 Write-down of inventories to net realisable value 35,448 1,970 Provision for taxes on disposal of property, plant and equipment 1,478 6,082 Gain on disposal of subsidiaries - (3,593) Profit on sale of available-for-sale investments (2,564) (2,838) Profit on sale of trading investments (695) (6,410) Staff costs (note 6) 68,839 56,162 14 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 5 Finance costs - net 2001 2000 RMB’000 RMB’000 Interest expense on bank borrowings 29,346 24,193 Net foreign exchange transaction losses 370 286 Bank interest income (1,889) (3,403) 27,827 21,076 6 Staff costs 2001 2000 RMB’000 RMB’000 Wages and salaries 52,063 32,349 Termination benefits 6,062 12,348 Retirement benefits contribution (note 26) 10,714 11,465 68,839 56,162 Average number of full-time employees employed by the Group during the year 4,254 2,674 7 Tax 2001 2000 RMB’000 RMB’000 Current tax 9,612 5,236 Share of tax of associates (note 12) 38 476 9,650 5,712 (a) The Company and certain subsidiaries are subject to PRC enterprise income tax of 15%, the preferential tax rate for enterprises incorporated and established in the Pudong Development Zone of Shanghai. Pursuant to the approvals of the relevant local tax authorities, one of the subsidiaries of the Group is exempted from enterprise income tax for the first three years commencing from May 1997 and a 50% reduction of the enterprise income tax for the two consecutive years thereafter. Income taxes of other subsidiaries of the Group are provided at the standard rate of 33%. 15 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 7 Tax (continued) (b) The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the basic tax rates applicable to the Company, its subsidiaries and associates as follows: 2001 2000 RMB’000 RMB’000 Profit before tax 22,991 31,861 Tax calculated at the tax rates ranging from 15% to 33% as applicable to the Company and its subsidiaries and associates 3,230 4,771 Income not subject to tax (8,126) (9,712) Expenses not deductible for tax purposes 14,546 10,653 Tax charge 9,650 5,712 (c) No provision for deferred taxation has been made in the financial statements as the effect of temporary timing differences is not material to the Group. 8 Earnings per share The calculation of earnings per share is based on the net profit for the year of the Group of RMB11,363,000 (2000: RMB RMB30,810,000) and the number of shares in issue of 252,466,370 (2000: 252,466,370) shares during the year. No fully diluted earnings per share is presented as the Company has no dilutive potential shares. 16 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 9 Property, plant and equipment Furniture, fixtures and Plant and office Motor Buildings machinery equipment vehicles Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost At 1 January 2001 168,621 437,959 21,686 13,009 641,275 Additions 11,178 5,041 3,864 2,635 22,718 Acquisition of a subsidiary 3,430 - 458 491 4,379 (note 24) Transfer from construction in progress 7,782 5,050 353 957 14,142 (note 10) Disposals (16,508) (9,516) (915) (2,407) (29,346) At 31 December 2001 174,503 438,534 25,446 14,685 653,168 Accumulated depreciation and impairment At 1 January 2001 49,679 240,474 8,263 9,908 308,324 Acquisition of a subsidiary (note 24) 48 - 168 46 262 Disposals (10,911) (6,524) (791) (1,670) (19,896) Impairment charge 10,378 29,192 - - 39,570 Depreciation charge 7,148 28,973 2,480 1,014 39,615 At 31 December 2001 56,342 292,115 10,120 9,298 367,875 Net book amount At 31 December 2001 118,161 146,419 15,326 5,387 285,293 At 31 December 2000 118,942 197,485 13,423 3,101 332,951 (a) The Group’s buildings are all situated in the PRC and on the land for which the Group has been granted land use rights for an unspecified period. (b) As at 31 December 2001, buildings with net book amount of RMB78,296,000 (2000: RMB23,072,000) and certain machinery with net book amount of RMB7,770,000 (2000: RMB22,141,000) were pledged to certain banks as security for loans granted to the Group (note 22(a)). 17 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 10 Construction in progress 2001 2000 RMB’000 RMB’000 At beginning of year 18,883 20,563 Payments for construction 5,526 7,544 Acquisition of a subsidiaries - 1,150 Transfer to property, plant and equipment (note 9) (14,142) (8,935) Disposals (1,120) - Disposal of subsidiaries - (1,439) At end of year 9,147 18,883 No interest was capitalised into construction in progress for the years ended 31 December 2001 and 2000. 11 Intangible assets Land use Trademar rights Goodwill ks Know-how Total RMB’ 000 RMB’000 RMB’ 000 RMB’ 000 RMB’ 000 Cost At 1 January 2001 14,192 6,722 1,200 22,114 Additions 5,190 - 20,160 - 25,350 Acquisition of a subsidiary (note 24) 378 - - 378 At 31 December 2001 19,382 7,100 20,160 1,200 47,842 Accumulated amortisation At 1 January 2001 351 153 - 504 Amortisation charge 300 768 1,008 140 2,216 At 31 December 2001 651 921 1,008 140 2,720 Net book value At 31 December 2001 18,731 6,179 19,152 1,060 45,122 At 31 December 2000 13,841 6,569 1,200 21,610 Non-cash transaction During the year, the acquisition of certain trademarks from Shanghai Feiren Xiechang Sewing Machine Co., Ltd and Shanghai Feiren Co., Ltd, companies controlled by the major shareholder of the Company, Shanghai Light Industrial Holding (Group) Company, amounted to RMB20,160,000, of which RMB5,060,000 was settled by way of offsetting the current account balance with Shanghai Feiren Co., Ltd. 18 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 12 Investments in associated undertakings 2001 2000 RMB’000 RMB’000 Share of net assets other than goodwill 81,022 25,026 Goodwill on acquisition 79,832 - 160,854 25,026 Movements of investment in associated undertakings during the year are as follows: 2001 2000 RMB’000 RMB’000 At beginning of year 25,026 23,254 Additions 135,779 2,143 Share of results before tax 3,728 688 Share of tax (38) (476) Dividends received (863) (583) Amortisation of goodwill (4,190) - Reversal of provision 1,412 - At end of year 160,854 25,026 On 30 June 2001, the Group acquired 50% of the equity interest in SMPIC Corporation Ltd (“SMPIC”) from Shanghai Light Industrial Holding (Group) Company at a cash consideration of RMB133,242,000 with a goodwill of RMB84,022,000 arising. Upon the completion of the acquisition, SMPIC became an associated undertaking of the Company. SMPIC is mainly engaged in the manufacturing and sale of office equipment and glass products. The financial information of SMPIC as at 31 December 2001 and for the period from the acquisition date to 31 December 2001 is as follows: 2001 RMB’000 Property, plant and equipment 69,822 Other long-term assets 53,196 Current assets 208,762 331,780 Long-term borrowings 1,000 Minority interests 3,122 Current liabilities 221,580 225,702 Net assets 106,078 19 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 12 Investments in associated undertakings (continued) Sales 169,386 Profit before tax 7,503 Tax 130 Profit after tax 7,633 Minority interests 152 Net profit 7,785 Details of the principal associated undertakings are shown in note 31. 13 Available-for-sale investments 2001 2000 RMB’000 RMB’000 At beginning of year 41,539 44,071 Additions 2,808 726 Acquisition of a subsidiary - 3,947 Disposal of subsidiaries - (120) Provision for impairment loss (155) (192) Disposals (6,627) (6,893) At end of year 37,565 41,539 Available-for-sale investments include investments in listed and unlisted companies. Investments in listed companies represent various legal person shares in certain listed companies in the PRC. Pursuant to the “Standard Opinion on Joint Stock Companies Limited by Shares”issued by relevant PRC authorities, legal person shares are not transferable and not allowed to be traded on the stock markets except with the approval of relevant authorities. Such investments are measured at cost. At 31 December 2001, available-for-sale investments other than the investments in legal person shares of the Group have neither a quoted market price in an active market nor a fixed maturity, and are measured at cost less provision for impairment. 20 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 14 Inventories 2001 2000 RMB’000 RMB’000 Raw materials (at cost) 39,322 41,774 Raw materials (at net realisable value) 1,723 - Work in progress (at cost) 11,406 20,364 Work in progress (at net realisable value) 5,564 - Finished goods (at cost) 89,723 59,834 Finished goods (at net realisable value) 16,360 13,968 164,098 135,940 During the year, the Group reversed RMB26,285,000 (note 4) being part of inventories write down made in previous years that was subsequently not required. 15 Trade and bills receivables 2001 2000 RMB’000 RMB’000 Trade and bills receivable s 327,899 284,188 Less: Provision for bad and doubtful debts (75,302) (104,001) Trade and bills receivables - net 252,597 180,187 Concentrations of credit risk with respect to trade and bills receivables are limited due to the Group’s large number of customers, who are mainly dispersed in the PRC, cover the spectrum of manufacturing and distribution and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Group’s trade and bills receivables. 16 Amounts due from/to the major shareholder, related companies and associated undertakings These represent current account balances arising from transactions entered into in the ordinary course of business, which were carried out at mutual agreed prices in accordance with normal commercial terms and conditions. The amounts are unsecured, non-interest bearing and repayable under normal commercial terms. 21 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 17 Trading investments The trading investments are traded in active markets and are valued at market value at the close of business on 31 December by reference to respective stock exchange quoted bid prices. Trading investments are classified as current assets because they are expected to be realised within twelve months of the balance sheet date. In the cash flow statement, trading investments are presented within the section on operating activities as part of changes in working capital. In the income statement, changes in fair value of trading investments are recorded in other operating income. 18 Cash and bank balances 2001 2000 RMB’000 RMB’000 Cash at bank and in hand 142,247 100,332 Bank fixed deposits 15,912 187,155 158,159 287,487 The weighted average effective interest rate on short-term bank deposits was 2.49% (2000: 3.77%) per annum and these deposits have an average maturity of 4 months. For the purposes of the cash flow statement, the cash and cash equivalents comprise the following: 2001 2000 RMB’000 RMB’000 Cash and bank balances 158,159 287,487 Bank fixed deposits with maturity over 3 months (15,912) (187,155) Short-term bank borrowings due within 3 months (165,340) (89,151) (23,093) 11,181 22 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 19 Share capital 2001 2000 RMB’000 RMB’000 Registered, issued and fully paid of RMB1.00 each Shares held by the State 117,018 117,018 Shares held by legal persons 22,348 22,348 Listed A shares 15,600 15,600 Listed B shares 97,500 97,500 252,466 252,466 (a) Pursuant to the Company’s articles of association, all shares are registered ordinary shares and carry equal rights. (b) During the year, Shanghai Light Industrial Holding (Group) Company, the major shareholder of the Company, signed agreements with certain legal person companies in respect of its disposal of the state-owned shares of the Company of 15,935,000 shares. The transaction is subject to the approval of relevant authorities. 20 Reserves Statutory Statutory Discretionary common public common Capital Share Other reserve welfare reserve reserve premium reserve funds funds funds Total (note (a)) (note (a)) (note (d)) (note b(i)) (note b(ii)) (note b(iii)) RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Year ended 31 December 2000 At 1 January 2000 59,310 290,314 - 9,013 9,430 1,178 369,245 Disposal of subsidiaries - - - (420) (420) - (840) Transfer from profit for the year - - - 4,066 4,066 - 8,132 At 31 December 2000 59,310 290,314 - 12,659 13,076 1,178 376,537 Year ended 31 December 2001 At 1 January 2001 59,310 290,314 - 12,659 13,076 1,178 376,537 Tax liabilities assumed by the major shareholder (note (d)) - - 19,335 - - - 19,335 Adjustments arising from restatement of accumulated losses of statutory financial statements (note (e)) - - - (10,775) (10,774) - (21,549) Transfer from profit for the year - - - 6,879 6,878 89 13,846 At 31 December 2001 59,310 290,314 19,335 8,763 9,180 1,267 388,169 23 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 24 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 20 Reserves (continued) (a) Capital reserve and share premium Capital reserve comprises mainly surplus between the appraised value of assets transferred to the Company and the value of shares issued when the Company was converted from a state-owned enterprise into a joint stock limited company. Share premium represents the premium on the issue of ordinary shares. Pursuant to relevant PRC regulations, capital reserve and share premium can only be used to increase share capital. (b) Reserve funds (i) Statutory surplus reserve The Group is required each year to transfer 10% of the profit after tax as reported under the PRC statutory financial statements to the statutory surplus reserve until the balance reaches 50% of the registered share capital. This reserve can be used to make up any losses incurred or to increase share capital. Except for the reduction of losses incurred, any other usage should not result in this reserve balance falling below 25% of the registered capital. (ii) Statutory public welfare fund The Group is required each year to transfer 10% of the profit after taxation as reported under the PRC statutory financial statements to the statutory public welfare fund. This reserve is restricted to capital expenditure for employees’collective welfare facilities which are owned by the Group. The statutory public welfare fund is not available for distribution to shareholders (except in liquidation). (iii) Discretionary surplus reserve The discretionary surplus reserve can be set up by means of appropriation from the retained profits or transfer from statutory public welfare fund. Subject to approval by shareholders in general meeting, the reserve can be used to reduce any losses incurred or to increase share capital. Any transfer to the reserve also requires the approval of shareholders in general meeting. (iv) The amount transferred to the statutory surplus reserve and statutory public welfare fund shall be based on the profit after taxation in the statutory financial statements prepared in accordance with PRC accounting standards. (c) Profit distributable to shareholders Pursuant to relevant PRC regulations, profit distributable to shareholders shall be the lower of the retained earnings after appropriation of reserve funds as stated in the PRC statutory financial statements and the financial statements prepared under IAS. 25 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 20 Reserves (continued) (d) The amount represents taxes accrued according to the relevant tax regulations in the PRC in respect of disposal of land use rights in previous years. Pursuant to a letter issued by Shanghai Light Industrial Holding (Group) Company (“SLIHC”), the major shareholder of the Company, in December 2001, SLIHC has agreed to undertake the payment of such taxes to relevant tax authorities should the Company be demanded for payment of such taxes. The reversal of relevant taxes amount is reflected in these accounts as contribution from shareholders and an equivalent amount is recorded in the other reserve account according to IAS. (e) Pursuant to a document “Cai Kuai (2000)[25]”promulgated by the Ministry of Finance, the Group adopted the new “Accounting Regulations for Business Enterprises”, which should be implemented by joint stock limited enterprises effective from 1 January 2001. The Group has adopted the new accounting standards and changed its accounting policies in respect of provisions for bad and doubtful debts, provision for inventories, impairment of investments and fixed assets with effect from 1 January 2001. These changes in accounting policies have been accounted for in the statutory financial statements retrospectively. The changes have the effect of a decrease in reserve funds as at 31 December 2000 by approximately RMB21,549,000 in the statutory financial statements. 21 Minority interests 2001 2000 RMB’000 RMB’000 At beginning of year 18,270 16,592 Capital injection 3,477 6,849 Acquisition of a subsidiary (note 24) 1,337 3,605 Disposal of subsidiaries - (3,967) Share of net profit/(loss) of subsidiaries 1,978 (4,661) Acquisitions of additional interests in subsidiaries (4,058) - Dividends paid (362) (148) At end of year 20,642 18,270 26 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 22 Borrowings Notes 2001 2000 RMB’000 RMB’000 Current Bank borrowings (a) 454,990 380,821 Other borrowings (b) 350 3,540 455,340 384,361 Non-current Bank borrowings (d) 400 - Total borrowings 455,740 384,361 (a) Certain bank borrowings of the Group are supported by corporate guarantees provided by the following companies: 2001 2000 RMB’000 RMB’000 Major shareholder Shanghai Light Industry Holding (Group) Company - 30,000 Companies controlled by the major shareholder Shanghai Forever Co., Ltd 63,300 - Shanghai Feijian Co., Ltd - 12,300 63,300 12,300 Third party companies Shanghai Huayuan Enterprise Development Co., Ltd 87,870 - Shanghai Construction Material (Group) Company 75,600 - China Huayuan Group Co., Ltd 32,000 - Shanghai Huayuan Medicine Co., Ltd 20,000 - Shanghai Economic Technique Investment Guarantee Company Shanghai Branch 2,000 - Shanghai Jiuhe Enterprise Development Co., Ltd 2,000 - Shanghai Industrial Economic Guarantee Co. Ltd - 130,300 282,770 172,600 As at 31 December 2001, bank borrowings totalling RMB54,600,000 (2000: RMB51,051,000) were secured by the Group’s bank fixed deposits of RMB15,402,000 (2000: 15,005,000), buildings with a total net book amount of RMB78,296,000 (2000: RMB23,072,000) and certain machinery with a total net book amount of RMB7,770,000 (2000: RMB22,141,000). The Group has provided cross guarantees for bank borrowings granted to Shanghai Huayuan Enterprise Development Co., Ltd, Shanghai Construction Material (Group) Company and China Huayuan Group Co., Ltd. Details are shown in note 27. 27 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 22 Borrowings (continued) (b) Other current borrowings represent mainly loans granted by financial institutions, and RMB300,000 of which was guaranteed by a third party. (c) The interest rate exposure of the borrowings of the Group is as follows: 2001 2000 RMB’000 RMB’000 Total borrowings - at fixed rates 455,740 384,361 The weighted average effective interest rates at the balance sheet date were as follows: - Bank borrowings 6.48% 6.36% - Other borrowings 7.44% 6.43% (d) The carrying amounts and fair values of non-current borrowings are as follows: Carrying amounts Fair values 2001 2000 2001 2000 RMB’000 RMB’ 000 RMB’000 RMB’ 000 Total borrowings - at fixed rates 400 - 424 - The fair values are based on discounted cash flows using a discount rate based upon the borrowing rate which the directors expect would be available to the Group at the balance sheet date. The carrying amounts of short-term borrowings approximate their fair values. Maturity of non-current borrowings: 2001 2000 RMB’000 RMB’000 Between 2 and 5 years 400 - 28 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 23 Cash generated from operations (a) Reconciliation of profit before tax to cash generated from operations: 2001 2000 RMB’000 RMB’000 Profit before tax 22,991 31,861 Adjustments for: Depreciation of property, plant and equipment (note 9) 39,615 47,320 Amortisation of intangible assets (note 11) 2,216 153 Amortisation of goodwill on acquisition of an associated company (note 12) 4,190 - Impairment of property, plant and equipment (note 9) 39,570 Share of results before tax of associates (note 12) (3,728) (688) Provision for impairment of available-for-sale investments (note 13) 155 192 Reversal of provision for investment in associates (note 12) (1,412) - Gain on disposal of subsidiaries - (3,593) Gain on disposal of available-for-sale investments (2,564) (2,838) Gain on disposal of property, plant and equipment (note 23(b)) (9,847) (14,713) Interest income (1,889) (3,403) Dividend income (173) (240) Interest expenses 29,346 24,193 Changes in working capital (excluding the effects of acquisition and disposal of subsidiaries): Inventories (25,494) 5,537 Amounts due from related companies (7,443) (709) Amounts due to related companies (87) (10,352) Amounts due from associated undertakings 11 1,823 Amounts due to associated undertakings (5,929) 3,441 Amount due to the major shareholder (25,505) 28,941 Trade and bills receivables, other receivables, prepayments and deposits (37,292) (41,107) Trading investments (454) (6,314) Trade and bills payables, other payables and accrued charges (3,384) (41,753) Cash generated from operations 12,893 17,751 29 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 23 Cash generated from operations (continued) (b) In the cash flow statement, proceeds from disposal of property, plant and equipment comprise: 2001 2000 RMB’000 RMB’000 Cost (note 9) 29,346 73,630 Accumulated depreciation (note 9) (19,896) (7,552) Net book amount 9,450 66,078 Gain on disposal of property, plant and equipment 9,847 14,713 Proceeds from disposal of property, plant and equipment 19,297 80,791 24 Acquisition of a subsidiary On 31 March 2001, the Group acquired 90% of the equity interest in Shanghai Butterfly Import and Export Co., Ltd. from its major shareholder, Shanghai Light Industrial Holding (Group) Company, at a consideration of RMB12,411,000. The acquired subsidiary is engaged in the provision of import and export business and it contributed revenues of RMB158,265,000 and operating profit of RMB862,000 to the Group for the period from the acquisition date to 31 December 2001, and its assets and liabilities at 31 December 2001 were RMB34,425,000 and RMB20,279,000 respectively. 30 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 24 Acquisition of a subsidiary (continued) Details of net assets acquired and goodwill are as follows: RMB’ 000 Purchase consideration - cash paid 12,411 Fair value of net assets acquired (12,033) Goodwill (note 11) 378 The assets and liabilities arising from the acquisition are as follows: RMB’ 000 Cash and cash equivalents 3,734 Property, plant and equipment (note 9) 4,117 Inventories 2,664 Receivables 17,320 Payables (6,264) Tax payable (101) Borrowings (8,100) Minority interests (note 21) (1,337) Fair value of net assets acquired 12,033 Goodwill (note 11) 378 Total purchase consideration 12,411 Less: Cash and cash equivalents in subsidiary acquired (3,734) Cash outflow on acquisition 8,677 31 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 25 Financial assets and financial liabilities The Group’s activities expose it to a variety of financial risks, including foreign exchange risk, interest rate risk, credit risk and liquidity risk. (a) Foreign exchange risk Most of the transactions of the Group were settled in Renminbi. In the opinion of the directors, the Group would not have significant foreign currency risk exposure. (b) Interest rate risk The interest rates and terms of repayment of bank and other borrowings are disclosed in note 22. Other financial assets and liabilities do not have material interest rate risk. (c) Credit risk Trade receivables of the Group are spread among a large number of customers in the PRC and cash is deposited with registered banks in the PRC. The directors are of the opinion that the Group has no significant concentrations of credit risk on financial assets. The carrying amounts of the financial assets after deducting the provision for bad and doubtful debts best represent their maximum credit risk exposure as at 31 December 2001. (d) Liquidity risk The Group maintains sufficient cash and marketable securities, and availability of funding through an adequate amount of committed credit facilities. (e) Fair value The carrying amounts of the following financial assets and the financial liabilities approximate to their fair values: cash and bank balances, investments, amount due form/to related companies, amount due from/to associated companies, trade and bills receivables, other receivables and prepayments, trade and bills payables, borrowings, other payables and accrued charges. Information on the fair values of non-current borrowings is included in note 22. 26 Retirement benefits The Group participates in a government operated central retirement benefits scheme whereby the Group is obliged to make an annual defined contribution based on 25.5% (2000: 25.5%) of the total salary of permanent staff. The total contribution incurred by the Group for the year ended 31 December 2001 amounted to RMB10,714,000 (2000: RMB11,465,000). The Group has no further liabilities other than the above contributions. 32 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 27 Contingent liabilities At 31 December 2001, the Group has provided guarantees for bank borrowings granted to the following companies: Note 2001 2000 RMB’000 RMB’000 Third party companies - Shanghai Huayuan Enterprise Development Co., Ltd (a) 90,000 - - China Huayuan Group Co., Ltd (a) 50,000 - - Shanghai Construction Material (Group) Company (a) 65,000 - Company controlled by the major shareholder - Shanghai Forever Co., Ltd - 171,380 205,000 171,380 (a) These companies have provided cross guarantees in respect of bank borrowings granted to the Group. Details are shown in note 22. 28 Commitments Capital commitments The Group had no material capital commitments as at 31 December 2001 (2000: nil). Operating lease commitments - where the Group is the lessee The future aggregate minimum lease payments under non cancellable operating leases in respect of land and buildings are as follows: 2001 2000 RMB’000 RMB’000 Not later than 1 year 2,318 960 Later than 1 year and not later than 5 years 5,437 4,452 Later than 5 years 1,416 1,616 9,171 7,028 33 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 28 Commitments (continued) Operating lease commitments - where the Group is the lessor The future aggregate minimum lease payments receivable under non cancellable operating leases in respect of land and buildings are as follows: 2001 2000 RMB’000 RMB’000 Not later than 1 year 4,512 1,500 Later than 1 year and not later than 5 years 17,120 7,500 Later than 5 years 22,535 22,350 44,167 31,350 29 Related party relationships and transactions (a) Relationships In the opinion of the directors, Shanghai Light Industrial Holding (Group) Company, a company incorporated in the PRC and which owns 46.35% of the Company’s share capital, is the major shareholder of the Company. Details of principal subsidiaries and associated undertakings are shown in note 30 and note 31 respectively. (b) Save as those disclosed in other notes of these financial statements, in the course of ordinary activities, the Group had the following material transactions with its related parties during the year: 2001 2000 RMB’000 RMB’000 Major shareholder - Acquisition of a subsidiary (note 24) 12,411 - - Acquisition of an associated company (note 12) 133,242 - - Purchase of land use rights - 42,000 Companies controlled by the major shareholder - Acquisition of trademark 20,160 - - Disposal of property, plant and equipment - 6,714 Associated undertakings - Purchase of raw materials 38,050 36,998 The directors are of the opinion that the transactions set out above were carried out at mutual agreed prices in accordance with normal commercial terms and conditions. 34 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 29 Related party relationships and transactions (continued) (c) Directors ’remuneration The total remuneration of the directors for the year was approximately RMB864,000 (2000: RMB779,000). 30 Principal subsidiaries At 31 December 2001, the Company had investments in the following principal subsidiaries, all of which are unlisted companies established and are operating in the PRC: Attributable Name equity interest Principal activities 2001 2000 % % Directly held Shanghai Industrial Sewing 100 100 Sale of industrial sewing machines Machine Supply and Marketing and related spare parts Company Shanghai Industrial Materials 100 100 Sale of industrial sewing machines Trading Company and related spare parts Shanghai Shanggong Motor 100 100 Provision of transportation services Vehicles Transportation Services Company Shanghai Shanggong Needle Co., 94 94 Manufacturing and sale of needle of Ltd sewing machines Shanghai Industrial Sewing 90 90 Properties development and Properties Development Co. Ltd provision of consultation and management services Changsha Huari Biology and 90 90 Manufacturing and sales of Chemical Industrial Co., Ltd biological and chemical products Shanghai Shangyuan Technology 70 70 Development and design of sewing Development Co., Ltd machines and provision of consultation services Shanghai Sifangtongji Purified *60 51 Manufacturing and sale of purified Water Co., Ltd water Shanghai Butterfly Import and 90 - Provision of import and export Export Co., Ltd. (note 24) business Shanghai Shanggong Enterprise **90 - Sale of sewing machines and Management Co., Ltd provision of management services 30 Principal subsidiaries (continued) 35 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS Attributable Name equity interest Principal activities 2001 2000 % % Directly held Shanghai Shanggong Songda **65 - Manufacturing and sale of sewing Machinery Co., Ltd machines and spare parts Indirectly held Shanghai Shanggong Import & 100 100 Provision of import and export Export Co., Ltd business Shanghai Flyingman Import and *100 90 Provision of import and export Export Co., Ltd business Shanghai Shuangchong Sewing 90 90 Manufacturing and sale of sewing Machine Co., Ltd machines and spare parts Shanghai Shanggong Xinda Sewing **87 - Manufacturing and sale of sewing Machine Co., Ltd machines and spare parts and provision of after sale services Shanghai Shanggong Jiarong **85 - Manufacturing and sale of Sewing Machine Co., Ltd household sewing machines and spare parts Shanghai Shanggong Fangtian **80 - Manufacturing and sale of sewing Machinery Co., Ltd machines and spare parts Shanghai Shanggong Jiayuan **61 - Manufacturing and sale of sewing Machinery & Electronic machines and spare parts Technology Co., Ltd * Additional interests in these subsidiaries were acquired by the Company during the year. ** These subsidiaries were incorporated during the year. The English names of all companies listed above are direct translations of their registered names in Chinese. 31 Principal associate d undertakings 36 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS At 31 December 2001, the Group had investments in the following principal associates, all of which are unlisted companies established and operating in the PRC: Attributable equity Name interest Principal activities 2001 2000 % % Shanghai Industrial Sewing Machine 50 50 Manufacturing of paint Maoqiao Paint Coating Factory coating Shanghai Industrial Sewing Machine 50 50 Manufacturing of sewing Factory Yangjing Branch machine parts Shanghai Sewing Machine No. 4 50 50 Manufacturing of sewing Factory Sijing Associated Factory machine parts SMPIC Corporation Ltd (note 12) 50 - Manufacturing and sale of office equipment and glass products Shanghai Industrial Sewing Machine 40 40 Manufacturing of sewing Factory Jiading Machine Factory machine parts Shanghai Juki Sewing Machine Co., 30 30 Manufacturing of household Ltd sewing machines Shanghai Hirose Precision Industry *30 - Manufacturing of precision Co., Ltd sewing machine parts Shanghai Jiahui Sewing machine *27 - Manufacturing and sale of Co., Ltd. household sewing machine * These associated undertakings were incorporated during the year. The English names of all companies listed above are direct translations of their registered names in Chinese. 37 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS The impact of IAS and other adjustments on the PRC statutory financial statements are as follows: 2001 Net profit Net assets RMB’000 RMB’000 As per the PRC statutory financial statements 45,840 502,565 IAS and other adjustments - Consolidation of results of subsidiaries (1,764) (803) - Impairment loss on property, plant and equipment (28,948) - - Provision for slow-moving inventories (3,698) - - Write-off of capitalised expenses (596) (596) - Others 529 (1,624) As restated after IAS and other adjustments 11,363 499,542 38 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS DIRECTORY OF THE COMPANY 1. Legal name of the Company: Shanggong Co., Ltd. Abbreviation: SGC 2. Legal representative of the Company: Ni Yonggang 3. Secretary of Board of Directors: Zhang Yifeng Representative of Stock Affairs: Gu Genrong Address: 12th floor, Orient Mansion, No. 1500 Century Avenue, Pu Dong New Area, Shanghai, 200122 Tel: 86-21-68407700-617 86-21-68407515 Fax: 86-21-63302939 E-mail: shggg@public3.sta.net.cn 4. Legal registered address of the Company: 1201 Luoshan Road, Pu Dong New Area, Shanghai Office Address: 12th ofloor, Orient Mansion, No. 1500 Century Avenue, Pu Dong New Area, Shanghai, 200122 Web-site: http://www.shanggonggroup.com 5. Entrusted newspaper for news release: and Web-site for carrying annual report stipulated by China State Securities Supervision Commission: http://www.sse.com.cn Address for consulting the Company’s Annual report: Office of the Board of Directors 6. Place of share listing: Shanghai Stock Exchange Stock code: A share –600843 Abbreviation: Shanggong A share B share – 900924 Abbreviation: Shanggong B share 7. Date of the Company’s first registration: December 16, 1993 Place of registration: Shanghai Municipal Industrial and Commercial Administration Bureau Date of change in registration: August 22, 1997 Place of change in registration: Shanghai Municipal Industrial and Commercial Administration Bureau 8. Business license registration No.: QGHZZ019029 9. Tax registration No.: GSHZ310048132210544 10. Principal activities of the Company: manufacture and sale of sewing machines, related components, spare parts and specially purposed equipment for sewing machines; garment making; manufacture and sale of water dispensers, drinking water and plastic products; manufacture and sale of automotive components; technological development and technical advisory services; sale of other self-made products (licensed operations in those sectors where a special permit is necessary) 11. Main underwriter of shares: Shanghai International Securities Co., Ltd. 12. Trustee of unlisted shares: Shanghai Securities Central Clearance an Registration Corporation 13. Public accounting firms: Domestic: Shanghai Zhonghua Certified Public Accountants 39 SHANGGONG CO., LTD NOTES TO THE FINANCIAL STATEMENTS 288 Pu Dong Avenue, Pu Dong New Area, Shanghai International: PricewaterhouseCoopers Certified Public Accountants 22nd Floor, Prince’s Building, Central, Hong Kong 14. Advisor on legal affairs: Shanghai Zhendan Law Office 16/F, 1688 Si Chuan (northern) Road, Shanghai 15. Related documents for reference: (1) The financial statements signed by the legal person representative, chief accountant and accounting manager; (2) The original audit report signed by the certified public accountant and sealed by the accounting firm; (3) The original documentation and announcements carried in the newspaper assigned within the reported year If the English version of this annual report involves any different meanings from the original Chinese version, the latter shall be effective. 40