冰山冷热(000530)大冷Ｂ2001年年度报告（英文版）

DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT TEXT (For Publishing Overseas) 1 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT CONTENTS Important 4 About the Company 4 Summary of Accounting Data and Business Data 5 Changes in Share Capital and Particulars about Shareholders 6 The Directors, Supervisors, Senior Staff Members and Employees of the Company 8 The Administrative System of the Company 10 Brief Introduction to the Shareholders General Meeting 12 Report of the Board of Directors 13 Report of the Supervisory Board 21 Important Matters 22 Financial Report 23 Contents of Reference Documents 54 2 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 目 录 第一章 重要提示 61 第二章 公司基本情况简介 61 第三章 会计数据和业务数据摘要 63 第三章 股本变动及股东情况 64 第四章 董事 监事 高级管理人员和员工情况 66 第五章 公司治理结构 69 第六章 股东大会情况简介 71 第七章 董事会报告 72 第八章 监事会报告 82 第九章 重要事项 83 第十章 财务报告 84 第十一章 备查文件目录 116 3 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Important: The directors and the Board of Directors of Dalian Refrigeration Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there are no any important omissions, fictitious statements or serious misleading carried in this report, and shall take all responsibilities, individual and/or joint, for the reality, accuracy and completeness of the whole contents. Mr. Wang Guotong don’t attend the meeting of the Board of Directors. This report is written respectively in Chinese and in English. In the event of any discrepancy between the two above-mentioned versions, the Chinese version shall prevail. I. About the Company 1. Name of the Company in Chinese: 大连冷冻机股份有限公司 In English: DALIAN REFRIGERATION CO., LTD. Abbreviation in English: DRC 2. Legal Representative: Mr. Zhang He 3. Secretary of the Board of Directors: Ms. Lu Lianzhen Tel: 0086-411-6653081-8100 Fax: 0086-411-6641470 Authorized Representative for Securities Affairs: Ms. Ge Yan Tel: 0086-411-6653081-8130 Fax: 0086-411-6654530 Address: 888 Xinan Road, Shahekou District, Dalian 4. Registered/Office Address of the Company: 888 Xinan Road, Shahekou District, Dalian Post Code: 116033 Website: http://www.bingshan.com E-mail: dlzj@mail.dlptt.ln.cn 5. The Newspapers the Company Selects to Disclose Information: China Securities Daily, and Ta Kung Pao. The China Securities Regulatory Commission Designated Website Where the Annual Report Is Published: http://www.cninfo.com.cn The Place Where the Annual Report is Prepared and Placed: Securities Department of the Company 6. Stock Exchange Listed with: Shenzhen Stock Exchange Short Form of the Stock: DALENG GUFEN; DALENG-B Stock Code: 0530; 2530 7. Other Related Information: The Date When the Company Was Registered for the First Time: Dec. 18, 1993 Registered Address: 888 Xinan Road, Shahekou District, Dalian. 4 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Number of the Corporation Business License: DA GONG SHANG QI FA ZI 21020011003266-1368. Number of the Taxation Registration: GUO SHUI DA ZI JIE 210204242361300 DI SHUI DA SAN ZI 210204242361303 The Domestic Certified Public Accountants Engaged by the Company: Dalian Hualian Certified Public Accountants Co., Ltd. Office Address: 24 Floor, Vanke Mansion at No. 67, Tongxing Street, Zhongshan District, Dalian The Overseas Certified Public Accountants Engaged by the Company: Authur Andersen & Co. Office Address: 111 Connaught Road Central, Hong Kong II. Summary of Accounting Data and Business Data 1. Summary of main business data in the report period (in RMB '000 yuan) Profit before taxation and minority shareholders' equity 72,717 Profit after taxation and minority shareholders' equity 69,502 Operation profit 11,469 Share of profit enjoyable from associated company 79,001 Net cash flow-in from operating activities 50,806 Net increase of cash and bank deposit 74,379 The net profit audited by Dalian Hualian Certified Public Accountants in accordance with the Chinese Accounting Standards in 2001 was 88.918 million yuan, and that audited by Arthur Andersen & Co. in accordance with the International Accounting Standards was 69.502 million yuan, with the difference 19.416 million yuan. Influence of the adjustment according to the International Accounting Standards on net profit and net assets: (in RMB’000 yuan) Net profit Net assets 2001 2000 2001 2000 As reported in the Group’s statutory accounts 88,918 78,153 1,137,488 1,102,706 Adjustment due to change in accounting policy on statutory accounts - - - (19,135) As reported in the Group’s statutory accounts, as restated 88,918 78,153 1,137,488 1,083,571 Impact of adjustments - Impairment loss of property, plant and equipment (19,135) - - 19,135 5 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT - Accounting for installation service contract (117) (7,789) (7,906) (7,789) - Deferred taxation 7,219 (7,219) - (7,219) - Sales cut-off (2,353) 1,715 - 2,353 - Equity accounting of investments (5,307) 1,753 (5,606) (299) - Profit appropriation after balance sheet date - - 35,001 35,001 - Others 277 (404) (1,355) (1,632) As restated for the Group under IFRS 69,502 66,209 1,157,622 1,123,121 2. Main accounting data and financial indexes in the past three years (by the end of the report period) Items 2001 2000 1999 Net amount of sales income (in RMB '000) 853,218 873,822 706,534 Operating profit (in RMB '000) 11,469 26,916 32,623 Share of profit enjoyable from associated company (in RMB '000) 79,001 61,757 32,918 Profit before taxation and minority shareholders' equity (in RMB '000) 72,717 87,112 70,554 Profit after taxation and minority shareholders' equity (in RMB '000) 69,502 66,209 64,200 Net assets (in RMB '000 1,157,622 1,123,121 1,091,873 Net assets per share (in RMB) 3.31 3.21 3.12 Earnings per share (in RMB) 0.20 0.19 0.18 Note: (1) The above accounting data and financial indexes were prepared by Arthur Andersen & Co. according to the International Accounting Standards for reference of B-share investors. (2) There were no changes in the shares of the Company from the end of the report period to the date of disclosing this summary. 3. Particulars about the changes in shareholders’ equity in the report period, see the consolidated statement of changes in equity. III. Changes in Share Capital and Particulars about Shareholders 1. Changes in share capital (1) Statement of changes in share capital Quantitative Unit: Share Amount at the beginning Amount at the end of the period of the period 6 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT I. Shares unlisted 1. Initiator shares 104,422,500 104,422,500 In which: State-owned shares 104,422,500 104,422,500 2. Raised legal person shares 32,222,250 32,222,250 Total of shares unlisted 136,644,750 136,644,750 II. Shares listed 1. Common shares (in RMB yuan) 98,370,225 98,370,225 2. Foreign-owned shares (B-shares) listed domestically 115,000,000 115,000,000 Total of shares listed 213,370,225 213,370,225 III. Total shares 350,014,975 350,014,975 (2) The stocks issuing and listing The issuances of stocks in the past three years: None. Both the total shares of the Company and the shareholdings were not changed in the report period. 2. Particulars about the shareholders (1) By the end of the report period, number of the shareholders was 76,232 including 61,580 holding A-shares and 14,652 holding B-shares. (2) Particulars about shares held by the major shareholders (the top ten shareholders) Name of shareholders Number at BOY Number at EOY Proportion to the Type of (’0000 shares) (’0000 shares) total shares (%) shares Dalian Bingshan Group Co., Ltd. (State-owned shares) 10,442.25 10,442.25 29.83 A Sanyo Electric Co., Ltd. 3,500.15 3,500.15 10.00 B Guotai-Jun'an Securities Co., Ltd. 0 534.55 1.53 A Jilin Jiuzhou Development Co. 315.00 315.00 0.90 A Taiyuan Zhaohe Investment Development Co. 315.00 315.00 0.90 A Shenyin Wanguo Securities Co., Ltd. 283.70 283.70 0.81 A Dalian No. 1 Refrigerator Plant 194.425 194.425 0.56 A Dalian Huaxin Trust Investment Co., Ltd. 179.50 179.50 0.51 A Dalian Thermal Power Group Co., Ltd. 175.00 175.00 0.50 A Dalian Rubber & Plastic Machinery Plant 165.375 165.375 0.47 A There was the relationship in business between Dalian Bingshan Group Co., Ltd. and Dalian No. 1 Refrigerator Plant and between Dalian Bingshan Group Co., Ltd. and Dalian Rubber & Plastic Machinery Plant among the top ten shareholders of the Company. There was no pledge and freezing on the shares held by the shareholders holding over 5% of the total shares. According to the Shares Subscription Agreement between the Company and Sanyo Electric Co., Ltd. signed on Dec. 4, 1997, 35,001,500 B-shares subscribed by Sanyo Electric Co., Ltd. as a strategic investor could not be transferred or sold in two years commencing from the offering date of DALENG B-shares (Mar. 20, 1998). 7 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT (3) Introduction to the legal person shareholders holding over 10% (including 10%) of the total shares of the Company Dalian Bingshan Group Co., Ltd. (hereinafter referred to as the Group) held 29.83% of the total shares of the Company by the end of the year. The Group’s legal representative is Zhang He. The Group was established on May 22, 1996 and has the registered capital of 126,540 thousand yuan, being mainly engaged in the manufacture and installation of the complete sets of refrigerators, air conditioners, cold chains and electrical appliances, etc. for industrial and commercial purposes. Its minor businesses include the electronic and household electrical appliances, light industry, chemical industry, import and export trading, etc. The Group is a state-owned solely-funded company subordinate to Dalian Financial Bureau State-Owned Capital Department, owning total assets of 6.75 billion yuan at present. In 2001 the Group made sales income more than 4 billion yuan, net profit of 227 million yuan and foreign exchange on export of US$ 41.18 million. Sanyo Electric Co., Ltd. held 10% of the total shares of the Company by the end of the year. Sanyo Electric Co., Ltd. is one of the principal manufacturers of electrical appliances in Japan. By Mar. 31, 2001, the company has the total assets of US$ 23.75 billion, and made the main business incomes of US$ 17.4 billion with the net profit of US$ 340 million. (4) There were no changes in the holding shareholders of the Company in the report period. IV. The Directors, Supervisors, Senior Staff Members and Employees of the Company 1. Directors, supervisors and senior staff members (1) Particulars Name Sex Position Age Tour of duty Shareholding at BOY Shareholding at EOY Directors (17 persons): Zhang He M Chairman 64 2001-2004 25,650 25,650 Mu Chuanjiang M Vice Chairman 52 2001-2004 22,650 22,650 Zhang Hongzhi M Executive Director 43 2001-2004 21,125 21,125 Wang Dekun M Executive Director 50 2001-2004 14,250 14,250 Yu Shoutao M Executive Director 51 2001-2004 21,375 21,375 Wang Zhiqiang M Executive Director 40 2001-2004 0 0 Yang Bin M Executive Director 45 2001-2004 0 0 Liu Menghua M Director 59 2001-2004 0 0 Lu Zhongli M Director 60 2001-2004 7,125 7,125 Wang Guotong M Director 46 2001-2004 0 0 8 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Yu Qiaoli M Director 38 2001-2004 0 0 Bai Lin F Director 41 2001-2004 0 0 Zou Zhiming M Director 58 2001-2004 10,687 10,687 Li Mei F Director 37 2001-2004 0 0 Xu Hui M Director 33 2001-2004 0 0 Xiaolin Fengwen M Director 59 2001-2004 0 0 Ji Tianzhang M Director 62 2001-2004 0 0 Supervisors (3 persons): Yu Fuchun M Chairman 43 2001-2004 7,800 7,800 Men Yuesheng M Supervisor 49 2001-2004 0 0 Zhu Guangxi M Supervisor 37 2001-2004 0 0 Senior staff members: Mu Chuanjiang M General manager Zhang Hongzhi M Deputy general manager Wang Dekun M Deputy general manager Wang Zhiqiang M Deputy general manager Yang Bin M Deputy general manager Hu Xitang M Deputy general manager 34 2001-2004 0 0 Ding Jie M Deputy general manager 39 2001-2004 0 0 Yu Shoutao M Financial Majordomo Lu Lianzhen F Secretary of the Board 49 2001-2004 0 0 of Directors (2) Annual remuneration The Company specified the remuneration standard for directors, supervisors and senior staff members in consideration of the actual conditions of production and operation on the basis of "lower than the two increases", i. e. the salary increase is lower than the increase of the annual labor productivity and than the increase of profit. The gross payroll of the directors, supervisors and senior staff members was 877.9 thousand yuan in the year. The total amount of remuneration paid to the first three directors who have the highest remuneration was 310 thousand yuan. The total amount of remuneration paid to the first three senior staff members who have the highest remuneration was 310 thousand yuan. Totally 13 persons, including directors, supervisors and senior staff members, received remuneration from the Company. Among them, three persons had the annual salary between 90 to 100 thousand yuan, five had the annual salary between 70 to 80 thousand yuan, two had the annual salary between 60 to 70 thousand yuan, one had the annual salary between 40 to 50 thousand yuan, and two had the annual salary less than 40 thousand yuan. Liu Menghua, Lu Zhongli, Wang Guotong, Bai Lin, Zou Zhiming, Li Mei, Xu Hui, Xiaolin Fengwen and Ji Tianzhang received remuneration and allowance from the shareholder's unit 9 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT or other associated unit without pay from the Company. (3) Changes In the report period, the Company carried out the election at expiration of office terms for the Board of Directors and the Supervisory Board. Li Zhimin, Wang Erzhong, Luo Xiaoping, Chen Geng, Hou Shaofeng, Wei Maoyun and Yamamura Akio did not hold the position of the director of the Company. Liu Qinglu did not hold the position of the supervisor of the Company. After the election at expiration of office terms for the Board of Directors in the report period, the senior staff members such as the general manager, deputy general managers, chief accountant, and secretary of the Board of Directors were re-appointed at the first meeting of the third Board of Directors. For detailed information, see the section Routine Work of the Board of Directors in the Report of the Board of Directors. 2. Employees According to the statistics by Dec. 31, 2001, the Company had 2,136 employees including 1,279 production personnel (59.9% of the total), 346 technicians (16.2% of the total), 278 salesmen (13.0% of the total), 36 financial personnel (1.7% of the total), and 197 administrative personnel (9.2% of the total). There were 642 persons in the Company who had the educational background of university or technical college, accounting for 30.1%. The social insurance institute paid the retirement pension and medical expenses for retirees of the Company. V. The Administrative System of the Company 1. Administration of the Company (1) About the shareholders and the shareholders general meeting The Company could ensure that all the shareholders, especially the medium or minority shareholders, enjoyed the equal footing among them and that all the shareholders could fully exercise their rights. With establishment of the Rules of Procedure for the general meeting, the Company convened and held general meetings strictly according to the Opinions on Regulation of General Meetings. The Company dealt with associated transactions in a fair manner at rational prices. (2) About the holding shareholders and the listed company The holding shareholders exercised their rights as the investor according to law, and did not intervene, directly or indirectly, the decision making and the activities of production and operation of the Company and did not harm the rights and interests of the Company and other shareholders. The Company is separated from the holding shareholders in personnel, assets and finance with its independent business and keeps separate accounts, assuming sole responsibility and bearing risks. 10 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT (3) About the directors and the Board of Directors The Company elected directors strictly according to the Articles of Association for the procedure of director elections. The number of the directors and the constitution of the Board of Directors complied with the laws and regulations. The Board of Directors fulfilled in earnest the duties stipulated in the laws, regulations and the Articles of Association. The Board of Directors had established the rules of procedure for board meetings. The directors attended the board meetings and clearly expressed their opinions on the matters for discussion. They actively took part in the related training to have knowledge about the rights, obligations and responsibilities of a directors. The Company is working out the system of independent directors. (4) About the supervisors and the Supervisory Board The members of the Supervisory Board and its constitution comply with the laws and regulations. The Supervisory Board had established the rules of procedure for board meetings. The Supervisory Board carried out supervision for the finance of the Company as well as the performance of duty of the directors, managers and other senior staff members to protect the legal rights and interests of the Company and the shareholders. (5) About the systems of performance evaluation and encouragement/restriction The Company is actively working out the fair and open standard and procedure for performance evaluation of directors, supervisors and managers and the encouragement & restriction system for managers. All the managers are appointed in an open manner and according to the laws and regulations. (6) About the persons interested The Company respects and protects the legal rights and interests of the bank and other creditors, employees and consumers for joint promotion of the sustainable and healthy development of the Company. (7) About the information disclosure and transparency The secretary of the Board of Directors is responsible for information disclosure. The Company has set up the system of information disclosure. The Company discloses the concerned information in accordance with the laws, statutes and other regulations and ensures that all the shareholders have the equal opportunities to obtain the information. 2. The independent directors' performance of duties The Board of Directors is revising the Articles of Association to set up the independent director system in accordance with the Guiding Opinions about Establishment of the Independent Director System in Listed Companies released by the China Securities Regulatory Commission. 3. Separation of the Company from the holding shareholders in business, personnel, assets, organizational mechanism and finance 11 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT (1) Separation in business: The Company's business is independent of the holding shareholders. The Company has its own complete business system and is capable of independent operation. (2) Separation in personnel: The Company is independent in labor, personnel and salary management. The senior staff members of the Company, such as the general manager, deputy general managers, chief accountant, chief salesman and the secretary of the Board of Directors, receive remuneration from the Company without holding major positions in the shareholders' units. (3) Complete assets: The Company has the independent production system, auxiliary production system and supporting facilities. The Company owns the invisible assets including the industrial property right, trademark and non-patent technologies. The Company has its own purchase and sale systems. (4) Independent organizational mechanism: The Company has an organizational mechanism completely independent of the holding shareholders without joint office with the holding shareholders. (5) Independent accounting system: The Company has its own accounting department with the independent accounting system and the financial management system, and has its own bank accounts. 4. Evaluation and encouragement system for senior staff members In the report period, the Company evaluated and encouraged senior staff members according to the procedure for evaluation of performance in assets operation instituted by the Company. VI. A Brief Introduction to the Shareholders General Meeting The ’00 Shareholders General Meeting of the Company was held on May 22, 2001 at the conference room of the head-office building. The notice about that shareholders general meeting was published on the China Securities Daily and Ta Kung Pao dated Apr. 17, 2001. The bulletin about the resolutions of that shareholders general meeting was published on the China Securities Daily and Ta Kung Pao dated May 23, 2001. Fifty six shareholders and shareholder proxies representing 172,220,050 shares (including 136,745,750 voting A-shares and 35,474,300 voting B-shares), which accounted for 49.2% of the total shares, attended the meeting, meeting the regulations of the Company’s Articles of Association and the Company Law. That meeting adopted the resolutions as follows: the ’00 Work Report of the Board of Directors; the ’00 Work Report of the Supervisory Board; the ’00 Final Accounting Report and the ’01 Financial Budget Report of the Company; the ’00 Profit Distribution Plan of the Company; the Report about Amendments to the Articles of Association; election of the directors of the third Board of Directors; and election the supervisors whose positions are occupied by the shareholders' 12 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT representatives of the third Supervisory Board. VII. Report of the Board of Directors 1. Operation of the Company (1) The Company’s main business scope and its business status The Company is the largest industrial refrigerator producer and the largest exporter of refrigerator packages in China, and owns the only famous trademark in Chinese industrial refrigeration industry. The main products of the Company are: reciprocating refrigeration compressors, screw type refrigeration compressors, absorption refrigerators, and pressure vessels, combined storage, gas-conditioned freshness-keeping storage, plate type freezers, tunnel type freezers, block ice makers, flake ice makers and ice particle makers in five series (refrigerating, freezing, air-conditioning, cold storage, and freshness keeping) and six packages (air-conditioning package, civilwork cold storage package, combined cold storage package, ice-making package, special engineering package, and gas-conditioned freshness keeping package). These products can be used in such fields as national defense, scientific research, petroleum, chemical industry, textile, pharmacy, power plants, agriculture, stock raising, and catering service. Promotion of the famous-brand strategy for stable development of the domestic market With close attentions to the state policies about investment and investment orientation, the Company made great efforts to large projects in 2001 and, especially, started from the national, provincial and municipal key projects and emphasized particularly on package projects and screw type products. The main business incomes of 853,220 thousand yuan was realized. In 2001 the Company carried out deeper reform of the marketing system, improved the marketing network, promoted the construction of the salesmen team, and built up the after-sale service system. The Company audaciously tried the localization of salesmen, which effectively aroused the initiative of salesmen, and incorporated the after-sale service into the market, winning the honor of the "advanced unit in the national user-satisfied project". Implementation of the "going out" strategy to further expand the international market In 2001, with accelerating the implementation of the "going out" strategy, the Company invested and established the overseas business for the first time, and set up the offices in Philippines, Indonesia and Vietnam. The Company created the "Bingshan International" website. The trademark "Bingshan" has been elected as the famous brand for export by the state for specially supporting and developing. These actions consolidated the key markets 13 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT in Southeast Asia, opened up the new markets in Korea, East Europe and South America, and stabilized and expanded the processing trade with the customers from Japan, the United States and Australia. The technologically-oriented adjustment of product mix and technical transformation gradually deepened. In 2001, the Company developed 12 new products including the refrigerator for tuna fishing boats, the marine screw-type compressor, and the clean air-conditioning system for medical use, and transformed and upgraded the conventional screw type refrigerator sets, in which the large siphon refrigeration system was used for the first time in China. Meanwhile the investment of 29.42 million yuan was put for a series of technical transformations. Importance attached to the innovation of management for improvement of the basic management. In 2001, the Company applied the two personnel employment systems, i. e. the competition for positions among middle-level cadres and the evaluation of design and process qualifications; established the bidding committee for material purchasing and overall applied bidding for material purchasing, by which, the purchasing cost was reduced greatly; successfully passed the annual supervision and examination for ISO9001; and made new progress in application of the computerized management in marketing, accounting, supply and production. Improvements made both in market opening up and in profit making, by which, the joint ventures were strengthened further. Three joint ventures of the Company made the main business incomes with a comparable growth over 30% in 2001, seven had the net profit with a comparable growth over 30%, and six achieved the net assets-earning rate over 15%. Thus the Company earned the returns on investment of 79,000 thousand yuan with a comparable growth of 27.92%. In 2001, Sanyo Refrigeration was awarded the "nomination prize in the '01 national quality control evaluation". Sanyo Compressor's capital increase and expansion proceeded smoothly, and the high power refrigeration compressor has been put into normal production. Sanyo Cold Chain carried out a large-scale upgrading transformation of the information system for production management, which effectively promoted the business informatization. Sanyo Air-Conditioner successfully developed the remote automation system and added more technical contents to the product. (2) Business status and performances of the principal holding subsidiary companies and shareholding companies A. Holding subsidiary companies Dalian Bingshan Group Refrigerator & Air-conditioner Installation Co. With a registered capital of 20 million yuan and 100% of its shares held by the Company, 14 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Dalian Bingshan Group Refrigerator & Air-conditioner Installation Co. is engaged mainly in installation and test of complete sets of refrigeration equipment, and made the sales of 40.36 million yuan in 2001. Dalian Bingshan Group Sales Co., Ltd. With a registered capital of 3 million yuan and 90% of its shares held by the Company, Dalian Bingshan Group Sales Co., Ltd. is engaged mainly in sale of the products of the member enterprises of Dalian Bingshan Group, and made the sales of 58.45 million yuan with the net profit of 1.44 million yuan in 2001. Dalian Bingshan Air-conditioning Equipment Co., Ltd. With a registered capital of 700 million Japanese yen and 70% of its shares held by the Company, Dalian Bingshan Air-conditioning Equipment Co., Ltd. is engaged mainly in production and sale of the terminal products for air conditioners such as fan coils and air processors. The company realized the sales of 83.04 million yuan with the net profit of 8.33 million yuan in 2001. Dalian Bingshan Metal Processing Co., Ltd. With a registered capital of US$ 2.35 million and 64.3% of its shares held by the Company, Dalian Bingshan Metal Processing Co., Ltd. produces and supplies metal plate works and stampings for the established joint venture companies and the Company, and made the sales 27.93 million yuan with the net profit of 1.27 million yuan in 2001. B. Shareholding companies For detailed information, see the section "Long-term equity investment" in the Notes Appended to the Accounting Statements. (3) Major suppliers and customers The Company purchased goods from the first five suppliers with the total amount accounting for 36.89% of the Company's annual total amount of purchase. The Company sold products to the first five customers with the total sales accounting for 7.23% of the Company's total sales. (4) Difficulties and problems in operation and the countermeasures The Company has made a certain achievements in market development in 2001 and, however, actually experienced the increasingly intensive market competitions as well. The gross profit rate of the leading products came down due to price competition among the domestic competitors. In addition, foreign competitors stepped out to occupy the Chinese market. As the tariffs are down adjusted after China's entry into the WTO, the Company's advantage in low cost of product will become weakened, facing the situation of more intensive competition. For the increasingly severe situation of market competition, the Company will put more efforts to the adjustment of product mix and technical transformation. The Company will 15 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT take the mode of cooperation with research institutes and self development and make breakthrough through joint venture and import, in order to narrow the gap with the foreign competitors. Meanwhile, the Company will carry out active innovation of management, further promote the work of cost reduction among all employees at all posts in the whole process, in order to keep the Company's advantage in the performance-price ratio of the leading products. (5) The business targets for 2001 specified in the '01 Financial Budget Report were the sales of 900 million yuan; the total amount of profit of 90 million yuan; and the foreign exchange from export of US$ 6.04 million. Through hard working, the Company has satisfactorily attained these business targets. 2. Investments of the Company By the end of 2001, the Company had established such joint ventures respectively with the companies from Japan, Hong Kong and the United States, as follows: Name of the company Registered address Key business Ratio of shares Thermo King-Dalian Transport Shenzhen Producing & selling cold 25% Producing Co., Ltd. storage vehicles Dalian Honjo Chemical Co., Ltd. Dalian E & T Producing & selling lithium 30% Development Zone bromide liquor (DETDZ) Dalian Meica Electronics Co., Ltd. DETDZ Producing & selling printed 30% boards Grand Ocean Auto Air-condition- DETDZ Producing & selling auto air- 30% ing Engineering (Dalian) Co., Ltd. conditioners Dalian Sanyo Refrigeration Co., Ltd. DETDZ Producing & selling lithium 40% bromide refrigerators Dalian Sanyo Cold-Chain Co., Ltd. DETDZ Producing & selling refrigera- 40% tors for supermarkets Dalian Sanyo Compressor Co., Ltd. DETDZ Producing & selling semi- 40% hermetic compressors Dalian Grand Ocean Transport Dalian Assembling & selling movable 40% Refrigeration Engineering Co., Ltd. refrigerators Dalian Sanyo Air Conditioner Co., DETDZ Producing & selling air- 40% Ltd. conditioners Dalian Sanyo Food Systems Co., DETDZ Producing & selling food 40% Ltd. & beverage equipment Dalian Sanyo Home Appliance Dalian Producing & selling small 40% Co., Ltd. household appliances Dalian P&A Recreation Development Dalian Designing & installing 50% Engineering Co., Ltd. recreational facilities 16 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Dalian Bingshan Metal Processing Dalian Metal platework & stampings 64.3% Co., Ltd. Dalian Bingshan Air-conditioning Dalian Producing & selling terminal 70% Equipment Co., Ltd. products for air-conditioners (1) The utilization of raised funds The Company raised net funds of 360 million yuan through issuing B shares in 1998, and used them for seven projects. Capital investment for two of these projects went down to the report period. The fund of 55,793.56 thousand yuan has been put into the expansion project of Dalian Sanyo Compressor Co., Ltd., accounting for 34.6% of the due investment. The company earned the main business incomes of 378.52 million yuan in 2001 with a comparative increase of 70.5%. The fund of 38.19 million yuan has been put into the project of developing the large screw type refrigeration compressor, accounting for 63.7% of the due investment. Now the models such as KA315 and KA510 have been put in batch into market, successfully substituting the imported ones in the petrochemical industry and other industries. The Company's sales of screw type refrigeration compressors have been more than that of the reciprocating type refrigeration compressors, with a great progress made in the adjustment of product mix. Now the Company has put into the raised fund of 212,183.56 thousand yuan, accounting for 62.5% of the due investment. The unused raised funds are temporarily deposited in the foreign exchange account designated by the bank. (2) Description of the investment projects utilizing non-raised funds On Mar. 18, 2001, by utilizing its own funds, the Company invested and established the joint venture Dalian P&A Recreation Development Engineering Co., Ltd. with Hong Kong P&A Engineering (China) Ltd. With the total investment of US$ 350 thousand, the company has the registered capital of US$ 250 thousand and the two investing parties hold the share of 50% each. This company is mainly engaged in design of artificial ice stadiums and skating rinks, supply, installation and maintenance of the package equipment and other supporting service, and research & development of swimming pools, fountains, fit-keeping facilities and other recreation facilities. On Aug. 10, 2001, Dalian Bingshan Environment Protection Equipment Engineering Co., Ltd. invested and established jointly by the Company and Dalian Environment Monitoring Center was established. The first installment of registered capital of the company is 500 thousand yuan in which Dalian Refrigeration Co., Ltd. holds the share of 50%. This company is engaged in development and innovation of the 17 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT technologies for treatment of sewage, waste gases, waste residues, noise and so on in the field of environment protection as well as sale of environment protection equipment. In October 2001, the Company signed a joint venture agreement with INGERSOLL- RAND (CHINA) Investment Company for jointly investing and establishing THERMO KING Container Temperature Control Co., LTD. With the total investment of US$ 22 million, the company has the registered capital of US$ 9 million in which Dalian Refrigeration Co., Ltd. holds the share of 10%. The company is engaged in temperature control products and parts for marine containers. Moreover, the Company utilized its own funds in a chain of technical transformations mainly for increasing the capacity of the production of semi-hermetic screw type and open screw type compressors, raising the output of cold fans and adding types of products, and expanding the export of castings. 3. Financial status and business performance of the Company By Dec. 31, 2001, the financial status of the Company was as follows: (1) The total assets were 1,836.2 million yuan, 105.43 million yuan more than that at the year beginning. The liquid assets increased by 88.32 million yuan mainly due to the increase of monetary funds. The fixed assets decreased by 22.01 million yuan mainly due to depreciation of fixed assets and impairment loss of property. The long-term investment increased by 39.59 million yuan mainly due to the increase of the returns on investment of the joint venture companies. The intangible and deferred assets decreased by 0.47 million yuan mainly due to amortization of intangible assets. (2) The total liabilities were 649.92 million yuan, 69.27 million yuan more than that at the year beginning. The liquid liabilities decreased by 2.51 million yuan mainly due to decrease of the short-term bank borrowings. The long-term liabilities increased by 71.78 million yuan mainly due to increase of the long-term bank borrowings. (3) The shareholders’ equity was 1,157.62 million yuan, 34.5 million yuan more than that in the previous year, mainly due to increase of the public reserve fund and undistributed profit. (4) The gross profit was 11.47 million yuan, 15.45 million yuan less than that in the previous year, mainly due to increase of the cost of sales, decrease of gross profit rate and impairment loss of property. (5) The net profit was 69.5 million yuan, 3.29 million yuan more than that in the previous year, mainly due to increase of the returns on investment of the joint venture companies. 4. The business plan for the coming year (1) To cope the challenge brought by China's entry into the WTO and make great efforts to development of both the domestic and the overseas markets. 18 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Oriented to the market demand and according to the specified marketing strategy of the Company, we are to build up the market awareness among all the employees, improve the all-around management of the marketing system, consolidate the control of the whole process, and boost the brand advertising, in order to ensure a stable growth of the main business incomes of the Company. With applying the "going out" strategy, we will put great efforts to opening up the overseas market and gradually promoting the transnational operation. (2) To promote the execution of the Tenth Five-Year Plan and develop the Company up to the top level of technical innovation in the world. We will conduct extensive exchanges with the craft brothers, scientific research institutes and universities in the world, bring the postdoctor workstation and design & research institutes into full play, speed up the adjustment of product mix, intensify the technical transformations, and firmly go on development through transformation of the conventional industry by utilizing high and new technologies. (3) By taking the chance of China's entry into the WTO, we will put more efforts to attraction of foreign investment, and accelerate incorporation with international capital. The existing joint ventures should consolidate their own development capacity, expand the production and add the types of products, in order to strengthen their integrated competitiveness. Meanwhile, we should intensify the cooperation with world-famous corporations. (4) We are to promote the famous-brand strategy centered on quality, price and service so as to further upgrade the brand "Bingshan". (5) We are to deepen the reform of the personnel employment system and the salary distribution system based on the talent strategy, in order to improve the Company's encouragement system and the restriction system. (6) We are to greatly promote the management informatization and the shift from the qualitative management to the quantitative management, from the static management to the dynamic management, and from the after-the-fact management to the advanced control, in order to bring the Company's management to a higher level. 5. The routine work of the Board of Directors (1) Meetings of the Board of Directors and the resolutions in the report period The 12th meeting of the 2nd Board of Directors The 2nd Board of Directors held the 12th meeting at the conference room on 6/F of the head-office building on Apr. 14, 2001. Fifteen directors attended the meeting. The meeting was presided over by the chairman Zhang He. The meeting reviewed and adopted the following resolutions: * the ’00 Annual Report; * the ’00 Final Accounting Report and ’01 Financial Budget Report; 19 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT * the ’00 Profit Distribution Preplan; * the Report about Amendments to the Articles of Association; * recommendation of the director candidates for the third Board of Directors; * the matters concerning holding the ’00 Shareholders General Meeting. The first meeting of the 3rd Board of Directors The 3rd Board of Directors of the Company held the first meeting at the conference room of the head-office building on May 22, 2001. Seventeen directors attended the meeting. The meeting was presided over by the chairman Zhang He. The meeting reviewed and adopted the following resolutions: * electing Zhang He to be the chairman of the Board of Directors and Mu Chuan- jiang to be the vice chairman; * electing Zhang He, Mu Chuanjiang, Zhang Hongzhi, Wang Dekun, Yu Shoutao, Wang Zhiqiang and Yang Bin to be the executive directors; * appointing Mu Chuanjiang to be the general manager; * appointing Lu Lianzhen to be the secretary of the Board of Directors; * appointing Zhang Hongzhi, Wang Dekun, Wang Zhiqiang, Yang Bin, Hu Xitang and Ding Jie to be the deputy general managers; and * appointing Yu Shoutao to be the financial majordomo. The second meeting of the 3rd Board of Directors The 3rd Board of Directors of the Company held the second meeting at the conference room on 6/F of the head-office building on Aug. 15, 2001. Twelve directors attended the meeting. The meeting was presided over by the chairman Zhang He. The meeting reviewed and adopted the following resolutions: * the '01 Interim Report of the Company and its abstract; * no profit to be distributed and no capital public reserves converted into additional shares in the interim period of 2001; and * revision of and supplementary to the resolutions about "drawing the provisions for assets devaluation and the disposal". (2) The execution of the resolutions adopted on the Shareholders General Meeting by the Board of Directors The Board of Directors of the Company earnestly carried out all the resolutions adopted at the ’00 Shareholders General Meeting. The ’00 profit distribution plan of the Company has been implemented by the Board of Directors in July 2001. 6. The preplan of profit distribution or the preplan of converting the capital public reserve into additional shares (1) The preplan of profit distribution for this year As audited by Dalian Hualian Certified Public Accountants, the after-tax profit of the Company in 2001 was 88.918 million yuan. In accordance with the relevant 20 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT regulations of the state and the Articles of Association of the Company, 10% of the after-tax profit (8.892 million yuan) shall be set aside as the legal surplus public reserve, 10% as legal public welfare fund (8.892 million yuan) and 10% as optional surplus public reserve (8.892 million yuan), and 1.296 million yuan as the consolidated reserves for the subsidiary companies. A total of 27.972 million yuan was drawn. With the undistributed profit of 23.855 million yuan carried forward from the previous year, the profit available for distribution to shareholders is 84.801 million yuan. As audited by the international C. P. A. Arthur Andersen & Co., the after-tax profit of the Company in 2001 was 69.502 million yuan. With the remaining after-tax profit after drawing legal surplus public reserve, legal public welfare fund and optional surplus public reserve plus the undistributed profit of 22.386 million yuan carried forward from the previous year, the profit available for distribution to shareholders was 63.916 million yuan. In accordance with the Articles of Association of the Company and relevant regulations, the lower of the aforesaid distributable profits shall be distributed. Therefore, the distributable profit for this year is 63.916 million yuan, of which 35.001 million yuan will be distributed as dividends and the balance of 28.915 million yuan will be carried forward to the next year for distribution. The profit distribution preplan of the Company for 2001: with 350,014,975 shares in total by the end of 2001, cash dividend of one yuan (including tax) for each ten shares will be paid. The cash dividends for B-shares will be converted into HK$ for payment. (2) No capital public reserve is to be converted into additional shares in this year. VIII. The Report of the Supervisory Board The Supervisory Board held three meetings in the report period. The 9th meeting of the 2nd Supervisory Board was held at the conference room on 6/F of the head-office building on Apr. 14, 2001. All the three supervisors attended the meeting. The meeting reviewed and adopted the ’00 Annual Report of the Supervisory Board, the "Report of the Supervisory Board" in the '00 Annual Report of the Company, and the recommendation of the supervisor candidates for the third Supervisory Board. The first meeting of the 3rd Supervisory Board was held at the conference room on 5/F of the head-office building on May 22, 2001. All the three supervisors attended the meeting. Mr. Yu Fuchun was elected to be the chairman of the third Supervisory Board of the Company at the meeting. The second meeting of the 3rd Supervisory Board was held at the conference room on 5/F of the head-office building on Aug. 15, 2001. All the three supervisors attended the meeting. The meeting reviewed and adopted the ’01 Interim Report of the Company and its abstract; 21 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT and neither profit was distributed and nor capital public reserve was to be converted into additional shares in the interim period of 2001. The Supervisory Board gave the independent comments on the following matters: (1) About legal operation of the Company. The Company had a legal resolution-making process and built a quite perfect internal control system. No acts of the directors and managers of the Company in the course of performing their duties were found to violate laws, regulations and the Articles of Association of the Company or to harm the interests of the Company. (2) About the finance of the Company. Both Dalian Hualian Certified Public Accountants and Arthur Andersen & Co. have presented the unqualified-opinions auditor's reports. The accounting report reflected the actual financial status and operation results of the Company. (3) The Company had no acts raising funds in the report period. Two projects of the Company using the capital raised by issuing B-shares in 1998 was carried forward to this report period. The actual investment projects were basically consistent with those promised and the raised capital unused was deposited in the foreign exchange account designated by the bank. (4) The Company had no big acts to purchase and sell assets in the report period. (5) Associated transactions taking place on the Company in the report period mainly were purchase of goods from the associated companies. The above transactions were fair with no prejudice to the interests of the Company. IX. Important Matters 1. There were no important matters concerning lawsuit or arbitration in the report period of this year. 2. In the report period, the Company had no important matters concerning purchase and sales of assets, merge, etc. 3. Important matters concerning associated transactions: For details about associated transactions taking place in purchase of goods, see the Notes Appended to Accounting Statements. 4. In the report period, neither assets of other companies were held under trust, contract and lease by the Company nor assets of the Company were held under trust, contract and lease by other companies. 5. In the report period, the Company had no important matters concerning guarantees. 6. In the report period, no cash assets of the Company were consigned to others for management and there were no matters concerning loan by mandate. 7. On Jul. 13, 2001, the Company signed the Stock Assignment Agreement with Shanghai State-Owned Assets Operation Co., Ltd. to assign 7.57 million shares in the 22 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 37.89 million shares of Guotai-Jun'an Securities Co., Ltd. held by the Company to the latter at a price of 1.3 yuan/share. Since the shares of Guotai-Jun'an Securities Co., Ltd. held by the Company were the initiator shares, the assignment can not be handled until Guotai-Jun'an was incorporated for three years, i. e. Aug. 18, 2002. While signing the Stock Assignment Agreement, the Company signed the Stock Pledge Agreement with the latter for performance bon of the share assignment. 8. At the 12th meeting of the second Board of Directors, the Company estimated the profit distribution policy for 2001, as follows: • the profit is distributed once at the end of year and not distributed in the mid year; • the profit is distributed at 40% to 60% of the annual profit distributable to the shareholders (including the profit realized in the current year and the profit undistributed in the past year); • the dividends are paid in the form of cash or bonus stock or in combination of the two forms and, however, the proportion of dividends in cash to the distributed dividends is not lower than 50%. The Company's profit distribution preplan for 2001 tallies with the above estimation. 9. In the report period, the certified public accountants for the Company had no changes. The remuneration paid to the certified public accountants in the report year are as follows: (1) all the payment made to Dalian Hualian Certified Public Accountants was the audit charge of 180 thousand yuan (also 180 thousand yuan in 2000) without other charges, and their travelling expenses were borne by the Company; (2) all the payment made to Authur Andersen & Co. was the audit charge of 680 thousand yuan (also 680 thousand yuan in 2000) without other charges, and their travelling expenses were borne by the Company. 10. In the report period, neither the Company nor the directors were punished by the supervision authorities. 11. In the report period, the Company paid the income tax at the rate of 33% and Dalian Municipal Bureau of Finance rebated the tax at 18%. Thus the actual rate at which the Company paid the tax was 15%. Since Jan. 1, 2002, such a tax rate has become 33%. 12. After China entered the WTO, the tariff rate for imported refrigeration and air- conditioning products will be reduced from about 20% at present to about 10% in four years with a decrease about 3%, which has less influence on the Company. X. Financial Report 1. Auditor's report TO THE SHAREHOLDERS OF DALIAN REFRIGERATION COMPANY LIMITED: We have audited the accompanying consolidated balance sheet of Dalian Refrigeration 23 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Company Limited (hereinafter referred to as the “Company”) and its subsidiaries (hereinafter together with the Company referred to as the “Group”) as of December 31, 2001, and the related consolidated statements of income, changes in equity, and cash flows for the year then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated 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 consolidated financial statements give a true and fair view of the financial position of the Group as of December 31, 2001, and of the results of its operations and its cash flows for the year then ended, in accordance with International Financial Reporting Standards, as published by the International Accounting Standards Board. Certified Public Accountants Hong Kong, the People’s Republic of China April 8, 2002 2. Accounting statements (attached hereunder) 3. Notes Appended to Accounting Statements (Amounts expressed in thousands of Renminbi (“RMB”) unless otherwise stated) 1. ORGANIZATION AND PRINCIPAL OPERATIONS Dalian Refrigeration Company Limited (the “Company”) was incorporated in the People’s Republic of China (the “PRC”) on December 18, 1993 as a joint stock limited company. The principal activities of the Company are the manufacture, sale and installation of refrigeration equipment. The principal activities of its subsidiaries are shown as below. The Company together with its subsidiaries are hereinafter collectively referred to as the “Group”. The address of the Company’s registered office is No.888 Xinan Road, Shahekou District, Dalian. As of December 31, 2001, the Group had 2,136 employees (2000: 2,163 employees). The Company’s domestic investment ordinary shares (“A share”) and domestically listed foreign investment ordinary shares (“B share”) have been listed on the Shenzhen Stock Exchange in September 1993 and January 1998 respectively. The immediate and ultimate parent company of the Company is Dalian Bingshan 24 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Group Company Limited (“Bingshan Group”). As of December 31, 2001, the Company had a direct equity interest in the following subsidiaries, all of which were incorporated in the PRC: Date of Percentage of equity Name of subsidiaries registration Registered capital interest Principal activities 2001 2000 2001 2000 Dalian Bingshan Group Refrigeration January 9, RMB 20,000,000 RMB 15,000,000 100.00% 100.00% Installation and testing of Installation Company 1988 refrigeration equipment Dalian Economic and Technological May 18, RMB 5,400,000 RMB 5,400,000 100.00% 100.00% Wholesale and retail of Development Zone Bingshan Trade 1989 machinery and equipment Company Dalian Bingshan Group * Import and Export August 10, RMB 5,000,000 RMB 1,200,000 24.00% 100.00% Import of raw materials and Company (“Bingshan I&E”) 1988 export of products Dalian Economic and Technological July 6, 1992 RMB 600,000 RMB 600,000 100.00% 100.00% Wholesale and retail of Development Zone Daleng Trade Company instrument and meters Dalian Bingshan Air- Conditioning December JPY 700,000,000 JPY 700,000,000 70.00% 70.00% Manufacture and sale of Equipment Company Limited (“Bingshan 22, 1995 accessories of refrigeration Air- Conditioning”) equipment Dalian Bingshan Metal Processing Company January 21, USD 2,350,000 USD 2,350,000 64.25% 64.25% Process and sale of metal Limited 1998 punching parts Dalian Bingshan Group Sales Company March 12, RMB 3,000,000 RMB 3,000,000 90.00% 90.00% Sale of refrigeration (“Sales Company”) 1998 equipment * In May 2001, Bingshan Group injected capital of RMB 3.8 million to Bingshan I&E. After the capital injection, the paid-in capital of Bingshan I&E increased to RMB 5 million and the Group’s percentage of equity interest in Bingshan I&E decreased from 100% to 24%. Accordingly, Bingshan I&E became an associate of the Group. The carrying amount of assets and liabilities of Bingshan I&E as of the date of deemed disposal (which is the date of capital injection by Bingshan Group) were as follows: Cash and cash equivalents 14,902 25 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Trade receivables 4,500 Prepayments and other current assets 27,228 Inventories 4,576 Property, plant and equipment (Note 4) 79 Trade and other payables (49,715) Net assets as of the date of deemed disposal 1,570 Less: The Group’s long-term investment in Bingshan I&E as of capital injection date (1,570) Less: Cash and cash equivalents of Bingshan I&E as of capital injection date (14,902) Net cash outflow from deconsolidation of Bingshan I&E (14,902) 2. PRINCIPAL ACCOUNTING POLICIES The principal accounting policies adopted in preparing the consolidated financial statements of the Group are as follows: (a) Basis of preparation The financial statements are prepared under the historical cost convention except for fair value for available-for-sale investments and are also prepared in accordance with International Financial Reporting Standards (“IFRS”), as published by the International Accounting Standards Board, effective as of December 31, 2001. This basis of accounting differs from that used in the statutory accounts of the Group, prepared in accordance with accounting principles and accounting standards of PRC. The principal adjustments made to conform the statutory consolidated accounts of the Group and its subsidiaries to IFRS are shown in Note 24. (b) Adoption of new IFRS Effective from January 1, 2001, the Group adopted International Accounting Standards (“IAS”) 39 “Financial Instruments – Recognition and Measurement” (Note 26). The financial effects of the adopting IAS 39 did not have a significant effect to the opening balances to these financial statements, and there was no restatement of prior year comparatives. (c) Principles of consolidation The consolidated financial statements of the Group include those of the Company and its subsidiaries and also incorporate the Group’s interests in 26 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT associates on the basis as set out in Notes 1 and 5 respectively. All intercompany balances and transactions, including intercompany profits and unrealized profits and losses are eliminated on consolidation. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. The equity and net income attributable to minority shareholders’ interests are shown separately in the consolidated balance sheets and consolidated income statements respectively. The purchase method of accounting is used for acquired business. Results of subsidiaries and associates acquired or disposed of during the year are included in the consolidated financial statements from the date of acquisition or to the date of disposal. (d) Leasehold land Leasehold land is stated at cost less accumulated amortization and impairment in value. Amortization of leasehold land is provided for on the basis of straight- line method over its lease period of 50 years. (e) Property, plant and equipment and depreciation Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after the property, plant and equipment have been put into operation, such as repairs and maintenance and overhaul costs, is recognized as an expense in the year in which it is incurred. In situations where it is probable that an expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset beyond its originally assessed standard of performance, the expenditure is capitalized as an additional cost of the asset. Depreciation is provided for on a straight-line basis to write off the cost, after taking into account the estimated residual value, of each asset over its expected useful life. The expected useful lives are as follows: Buildings 20-40 years Machinery and equipment 5-28 years Motor vehicles 5-20 years The useful lives of assets and depreciation method are reviewed periodically to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from items of property, plant and equipment. When property, plant and equipment are sold or retired, their costs, accumulated 27 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT depreciation and accumulated impairment losses are eliminated from the accounts and any gain or loss resulting from their disposal is included in the income statement. (f) Construction-in-progress Construction-in-progress represents buildings and plant under construction and machinery and equipment under installation and testing, and is stated at cost. This includes cost of construction, plant and equipment and other direct costs plus borrowing costs which include interest charges and exchange differences arising from foreign currency borrowings used to finance these projects during the construction period, to the extent these are regarded as an adjustment to interest costs. Construction-in-progress is not depreciated until such time as the assets are completed and put into operational use. (g) Goodwill Goodwill represents the excess of the cost of an acquisition over the Group’s interest in the fair value of the net identifiable assets and liabilities acquired as at the date of the exchange transaction. Goodwill arising from the acquisition of investments in associates is included in the carrying amount of the investment. The identifiable assets and liabilities recognized upon acquisition are measured at their fair values as at that date. Goodwill is carried at cost less accumulated amortization and accumulated impairment losses. Goodwill is amortized on a straight line basis over its estimated useful life of 10 years. (h) Subsidiaries A subsidiary is a company over which the Company exercises control. Control exists when the Company has the power to govern the financial and operating policies of the subsidiary so as to obtain economic benefits from its activities. (i) Associates An associate is a company, not being a subsidiary or a joint venture, in which the Company has significant influence. Significant influence exists when the Company has the power to participate in, but not control, the financial and operating decisions of the associate. Investment in associates is accounted for using the equity method. An assessment of investment in associates is performed when there is an indication that the asset has been impaired or the impairment losses recognized in prior years no longer exist. (j) Investments The Group adopted IAS 39, Financial Instruments: Recognition and Measurement on January 1, 2001. Accordingly, investments are classified into the following categories: held-to-maturity, trading and available-for-sale. 28 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Investments with fixed or determinable payments and fixed maturity that the Group has the positive intent and ability to hold to maturity other than loans and receivables originated by the Group are classified as held-to-maturity investments. Investments acquired, principally for the purpose of generating a profit from short-term fluctuations in price are classified as trading. All other investments, other than loans and receivables originated by the Group, are classified as available-for-sale. Held-to-maturity investments are included in non-current assets unless they mature within 12 months of the balance sheet date. Available-for-sale investments are classified as current assets if management intends to realize them within 12 months of the balance sheet date. All purchases and sales of investments are recognized on the trade date. Investments are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs. Available-for-sale investments are subsequently carried at fair value without any deduction for transaction costs by reference to their quoted market price at the balance sheet date. Equity securities classified as available-for-sale investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured by alternative valuation methods are measured at cost less impairment. Gains or losses on remeasurement to fair value of available-for-sale investments are included in the net profit or loss for the period. Held-to-maturity investments are carried at amortized cost using the effective interest rate method. (k) Inventories Inventories are stated at the lower of cost and net realizable value. Cost, calculated on the weighted average basis, comprises all costs of purchase, costs of conversion and other relevant costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Provision is made for obsolete, slow-moving or defective items where appropriate. (l) Installation service contract When the outcome of an installation service contract can be estimated reliably, revenue and expense associated with the contract are recognized using the percentage of completion method, measured by reference to the percentage of total costs incurred to date to estimated total costs of the contract. When the outcome of an installation service contract can not be estimated 29 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT reliably, different treatments are classified as follows: If it is probable that costs incurred will be recoverable, revenue is recognized only to the extent of recoverable costs incurred, and total costs are recognized as current expenses in the year in which they are incurred. If it is probable that costs incurred will not be recoverable, total costs are recognized as current expenses immediately, and revenue is not recognized. If the accumulated profit of the contract, which is measured by reference to the percentage of total costs incurred to date to estimated total costs for the contract, exceeds the accumulated profit recognized in previous accounting years, the excessive amount is recognized as profit in the current year; whereas, the deficient amount is recognized as loss in the current year. If the expected aggregate costs incurred exceed the expected aggregate revenue, the expected loss is recognized as current expenses immediately. The installment billings receivable according to the contract is recorded in “Progress billing” and is offset against the costs incurred plus recognized profits less recognized losses when the whole project is completed. Contracts in progress at the balance sheet date are recorded at the net amount of costs incurred plus recognized profits less recognized losses and progress billings, and are presented in current asset as the “Gross amount due from customers for contract work” or in the current liability as the “Gross amount due to customers for contract work”, as applicable. Amounts received before the related work is performed are included in “Advance from customers”. Amounts billed, but not yet paid by the customers, for work performed on a contract are included in “Trade receivable”. (m) Receivables Receivables are stated at fair value of the consideration given and are carried at cost, after provision for impairment. (n) Cash and cash equivalents Cash represents cash on hand and deposits with banks which are repayable on demand. Cash equivalents represent short-term, highly liquid investments, which are readily convertible into known amounts of cash with original maturities of three months or less and are subject to an insignificant risk of change in value. (o) Provisions A provision is recognized when, and only when: The Group has a present obligation (legal or constructive) as a result of a past event; It is probable (i.e. more likely than not) that an outflow of resources embodying 30 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT economic benefits will be required to settle the obligation; and A reliable estimate can be made of the amount of the obligation. At balance sheet date, if it is no longer probable that an outflow of resources embodying economic benefit will be required to settle the obligation, the provision is reversed. (p) Liabilities and equity Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement on initial recognition. Interest, dividends, gains, and losses relating to a financial instrument classified as a liability, are reported as expense or income. Distribution to holders of financial instruments classified as equity are charged directly to equity. (q) Minority interests Minority interests include their proportion of the fair values of identifiable assets and liabilities recognized upon acquisition of a subsidiary. (r) Revenue recognition Apart from revenue recognition of installation service contract disclosed in Note 2(l), revenue is recognized on the following bases, provided it is probable that the economic benefits associated with a transaction will flow to the Group and the revenue and costs, if applicable, can be measured reliably. (i) Sales of goods Revenue represents the net invoiced value of goods (excluding value-added tax) net of sales discount, and is recognized when the significant risks and rewards of ownership of goods have been transferred to the buyer. (ii) Interest income Interest income is recognized on a time proportion basis that take into account the effective yield on the assets. (iii) Dividend income Dividend income is recognized when the right to receive payment is established. (s) Taxation The Company and its subsidiaries provide for Enterprise Income Tax (“EIT”) on the basis of their statutory profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for EIT purposes and after considering all available tax benefits. Other taxes are provided in accordance with the prevailing PRC tax regulations. Deferred taxation is provided under the balance sheet liability method in respect of temporary differences between the tax base of an asset or liability and its carrying amount in the balance sheet. The tax base of an asset or liability is the 31 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT amount attributed to that asset or liability for tax purposes. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled based on tax rates enacted or substantially enacted at the balance sheet date. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilized. There is no change of accounting policies as the result of adoption of revised IAS 12 “ Income Taxes”, which is effective from January 1, 2001 (Note 26). (t) Measurement currency and foreign currency translation Based on the economic substance of the underlying events and circumstances relevant to the Group, the measurement currency of the Company and its subsidiaries has been determined to be RMB. Transactions in other currencies are translated into the measurement currency at exchange rates prevailing at the time of the transactions. Monetary assets and liabilities denominated in other currencies at the balance sheet date are translated into the measurement currency at exchange rate prevailing at that date. Non-monetary assets and liabilities in other currencies are translated at historical rates. Exchange differences, other than those capitalized as a component of borrowing costs, are recognized in the income statement in the year in which they arise. (u) Borrowings and borrowing costs Borrowings are initially recognised at the proceeds received, net of transaction costs. They are subsequently carried at amortized costs using the effective interest rate method, the difference between net proceeds and redemption value being recognised in the net profit or loss for the period over the life of the borrowings. Transaction costs include fees and commissions paid to agents, advisers, brokers and dealers; levies by regulatory agencies and securities exchanges, and transfer taxes and duties. They do not include debt premium or discount, financing costs, or allocation of internal administrative or holding costs. Borrowing costs include interest charges and other costs incurred in connection with the borrowing of funds, including amortization of discounts or premiums relating to borrowings, amortization of ancillary costs incurred in connection with arranging borrowings and exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs. Borrowing costs are expensed as incurred, except when they are directly 32 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT attributable to the acquisition, construction of property, plant and equipment that necessarily takes a substantial period of time to get ready for its intended use in which case they are capitalized as part of the cost of that asset. Capitalization of borrowing costs commences when expenditures for the asset and borrowing costs are being incurred and the activities to prepare the asset for its intended use are in progress. Borrowing costs are capitalized at the weighted average cost of the related borrowings until the asset is ready for its intended use. If the resulting carrying amount of the asset exceeds its recoverable amount, an impairment loss is recorded. (v) Government grant Government grant are not recognized until there is reasonable assurance that the Company will comply with the conditions attached to them, if any, and that the grants will be received. (w) Pension scheme Pursuant to the PRC laws and regulations, contributions to the basic old age insurance for the Group’s local staff are to be made monthly to a government agency based on 26% (2000: 24%) of the standard salary set by the provincial government, of which 19% (2000: 19%) is borne by the Group and the remainder is borne by the staff. The government agency is responsible for the pension liabilities relating to such staff on their retirement. The Group accounts for these contributions on an accrual basis. (x) Financial instruments (i) Definition A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise. A financial asset is any asset that is: (a) cash; (b) a contractual right to receive cash or another financial asset from another enterprise; (c) a contractual right to exchange financial instruments with another enterprise under conditions that are potentially favorable; or (d) an equity instrument of another enterprise. A financial liability is any liability that is a contractual obligation: (a) to deliver cash or another financial asset to another enterprise; or (b) to exchange financial instruments with another enterprise under conditions that are potentially unfavorable. The financial assets and financial liabilities of the Group include cash and cash equivalents, receivables, investments, payables and borrowings. 33 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT (ii) Recognition and measurement Financial assets are initially recognised at cost which is the fair value of the consideration given. They are subsequently carried at either fair value, cost or amortized cost (using the effective interest rate method) according to IAS 39. Gains and losses arising from changes in the fair value of those available-for-sale financial assets that are measured at fair value subsequent to initial recognition are included in net profit or loss for the year. (iii) Presentation Financial instruments are offset when the Group has a legally enforceable right to offset and intends to settle either on a net basis or to realize the asset and settle the liability simultaneously. (y) Financial risk factors and financial risk management The Group’s activities expose it to a variety of financial risks, including credit risk, liquidity risk, interest rate risk and foreign exchange risk. (i) Credit risk Credit risk, or the risk of counterparties defaulting, is controlled by the application of credit terms and monitoring procedures. The carrying amounts of cash and cash equivalents, trade receivables, and other current assets represent the Group’s maximum exposure to credit risk in relation to financial assets. No other financial assets carry a significant exposure to credit risk. The Group has no significant concentration of credit risk with any single counterparty or group counterparties. (ii) Liquidity risk The group policy is to maintain sufficient cash and cash equivalents or have available funding through an adequate amount of committed annual credit facilities from banks to meet its commitments over the next year in accordance with its strategic plan. (iii) Interest rate risk The interest rates and terms of repayments of short-term and long-term bank borrowings are disclosed in Note 15. The Group’s income and operating cash flows are substantially independent of changes in market interest rate prices. (iv) Foreign exchange risk The Group has no significant foreign exchange risk due to limited foreign currency transactions. (z) Fair value estimation The fair value of publicly traded securities is based on quoted market prices at 34 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT the balance sheet date. In assessing the fair value of non-trading securities and other financial instruments, the Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date as follows: (i) Cash and cash equivalents The carrying amount approximates fair value because these assets either carry a current rate of interest or have a short period of time between the origination of the cash deposits and their expected maturity. (ii) Trade and other receivables, gross amount due from customers for contract work, trade and other payables, gross amount due to customers for contract work The carrying amounts of receivables and payables approximate fair value because these are subject to normal trade credit terms. (iii) Balances with related parties Carrying values are disclosed as fair values for balances with related parties as it is not practicable to determine their fair values with sufficient reliability since these balances are non-interest bearing and have no fixed repayment terms. (iv) Long-term investment The carrying amount of long-term investment cannot be reliably estimated and disclosed because these investment does not have quoted market price in an active market and other methods reasonably estimating fair value for these investments are clearly inappropriate or unworkable. (v) Borrowings As of December 31, 2001, the carrying amount of borrowings approximates fair value based on current market interest rates for comparable instruments. (aa) Impairment of assets Leasehold land, property, plant and equipment, goodwill and investments in associates are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognised in income statements. The recoverable amount is the higher of an asset’s net selling price and value in use. The net selling price is the amount obtainable from the sale of an asset in an arm’s length transaction while value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating unit. 35 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognised for the asset no longer exist or have decreased. The reversal is recorded in income. Financial instruments are also reviewed for impairment at each balance sheet date. For financial assets carried at cost or amortized cost, whenever it is probable that the Company will not collect all amounts due according to the contractual terms of loans, receivables or held-to-maturity and available-for-sale investments, an impairment or bad debt loss is recognised in the income statement. Reversal of impairment losses previously recognised is recorded when the decrease in impairment loss can be objectively related to an event occurring after the write- down. Such reversal is recorded in income. However, the increased carrying amount is only recognised to the extent it does not exceed what cost or amortized cost would have been had the impairment not been recognised. Impairment of a financial asset carried at amortized cost is measured using the financial instrument’s original effective rate and not current market interest rates. (bb)Contingencies Contingent liabilities are not recognized in the financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognized in the financial statements but disclosed when an inflow of economic benefits is probable. (cc) Subsequent events Post-year-end events that provide additional information about the Group’s position at the balance sheet date (“adjusting events”), are reflected in the financial statements. Post-year-end events that are not adjusting events are disclosed in the notes when material. (dd)Changes in accounting policy A change in accounting policy should be made only if required by statute, or by an accounting standard setting body, or if the change will result in a more appropriate presentation of events or transactions in the consolidated financial statements of the Group. A change in accounting policy should be applied retrospectively unless specified otherwise by the new accounting standard or the amount of any resulting adjustment that relates to prior years is not reasonably determinable, in which case, the change in accounting policy should be applied prospectively. 3. LEASEHOLD LAND Movement in leasehold land for the year ended December 31, 2001 was as follows: 2001 2000 Cost 36 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Beginning of year 45,454 43,235 Additions 453 2,219 End of year 45,907 45,454 Accumulated amortization Beginning of year 2,877 1,994 Amortization for the year 918 883 End of year 3,795 2,877 Net book value End of year 42,112 42,577 Beginning of year 42,577 41,241 Leasehold land represented the use rights of the land where the Company’s premise is located which was contributed by Bingshan Group for exchange of the Company’s shares, and land use fees paid by the Company and its subsidiaries for using the land where the Company’s certain plant and the subsidiaries are situated. The effective periods for the rights are 50 years. Since all land in the PRC is owned by the state or is subject to collective ownership, the risks and rewards of the parcel of land remain with the state. As a result, such lease payment is accounted for under operating lease and is charged to the income statement on a straight-line basis over the lease term of fifty years. 4. PROPERTY, PLANT AND EQUIPMENT Movement in property, plant and equipment for the year ended December 31, 2001 was as follows: 2001 Motor Machinery Construction- Buildings vehicles and equipment in-progress Total Cost Beginning of year 182,236 12,735 298,857 5,802 499,630 Additions 751 994 8,587 8,903 19,235 Transfers 9,574 915 2,300 (12,789) - Reclassification (1,084) (3,705) 4,789 - - Decrease due to deconsolidation of a - - (90) - (90) 37 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT subsidiary (Note 1) Disposals - (103) (286) - (389) End of year 191,477 10,836 314,157 1,916 518,386 Accumulated depreciation Beginning of year 66,026 7,473 128,297 - 201,796 Depreciation for the year 4,557 1,056 16,305 - 21,918 Reclassification (337) (3,594) 3,931 - - Decrease due to deconsolidation of a subsidiary (Note 1) - - (11) - (11) Disposals - (20) (248) - (268) End of year 70,246 4,915 148,274 - 223,435 Accumulated impairment loss Beginning of year - - - - - Provision for the year 10,294 - 8,841 - 19,135 End of year 10,294 - 8,841 - 19,135 Net book value End of year 110,937 5,921 157,042 1,916 275,816 Beginning of year 116,210 5,262 170,560 5,802 297,834 As of December 31, 2001, there was no capitalized interest in construction-in- progress. 5. INVESTMENTS IN ASSOCIATES 2001 2000 The Group’s share of associates’ net assets 424,324 383,905 Goodwill 5,180 5,946 429,504 389,851 As of December 31, 2001, the Company had direct equity interests in the following 38 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT associates, all of which were incorporated in the PRC: Date of Percentage of equity Name of associates registration Registered capital interest Principal activities 2001 2000 2001 2000 Dalian Sanyo Compressor Company September JPY 6,620,000,000 JPY 6,620,000,000 40.00% 40.00% Manufacture and sale of semi- Limited 15, 1994 sealed compressors Dalian Sanyo Refrigeration Company September JPY 2,000,000,000 JPY 2,000,000,000 40.00% 40.00% Manufacture and sale of Limited 11, 1992 absorptive lithium-bromide cold storehouses Dalian Sanyo Cold-Chain Company January 11, JPY 1,400,000,000 JPY 1,400,000,000 40.00% 40.00% Manufacture and sale of Limited 1994 supermarket refrigerators Dalian Grand Ocean Thermo King December USD 850,000 USD 850,000 40.00% 40.00% Installation of transportation Transport Refrigeration Engineering 11, 1992 freezing equipment Company Limited Grand Ocean Auto Air - Conditioning October 10, USD 12,000,000 USD 12,000,000 30.00% 30.00% Manufacture and sale of auto air- Engineering (Dalian) Company 1993 conditioning systems Limited Dalian Meica Electronics Company November JPY 300,000,000 JPY 300,000,000 30.00% 30.00% Manufacture and sale of electronic Limited 17, 1994 control panel Dalian Honjo Chemical Company March 19, JPY 260,000,000 JPY 260,000,000 30.00% 30.00% Manufacture and sale of lithium- Limited 1993 bromide Thermo King-Dalian Transport December 1, USD 3,000,000 USD 3,000,000 25.00% 25.00% Manufacture and sale of freezing Refrigeration Company Limited 1990 carrier Dalian Sanyo Air Conditioner Company December JPY 1,400,000,000 JPY 1,400,000,000 40.00% 40.00% Manufacture and sale of air- Limited 20, 1995 conditioner Dalian Sanyo Food Systems Company December JPY 1,000,000,000 JPY 1,000,000,000 40.00% 40.00% Manufacture and sale of Limited 22, 1995 refrigeration equipment 39 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Dalian Sanyo Home Appliance October 27, JPY 600,000,000 JPY 600,000,000 40.00% 40.00% Manufacture and sale of home Company Limited 1995 appliance Dalian Bingshan Group Import and August 10, RMB 5,000,000 RMB 1,200,000 24.00% 100.00% Import of raw materials and Export Company (Note 1) 1988 export of products Dalian Bingshan – P&A Recreation January 8, USD 250,000 - 50.00% - Develop technology of Development Engineering Limited 2001 environmental protection and sale of environmental protection equipment Dalian Bingshan Environmental August 10, RMB 500,000 - 50.00% - Design and build of man-made protection Equipment Company 2001 ice-rink Limited 6. LONG-TERM INVESTMENTS 2001 2000 Available-for-sale investments: Investments in unlisted shares at cost 45,811 45,811 Less: Provision for impairment in value (500) (500) 45,311 45,311 Held-to-maturity investments: Bonds 30 90 45,341 45,401 Investments in unlisted shares are measured at cost less impairment, because these investments do not have a quoted market price in an active market and their fair value cannot be reliably measured by alternative valuation methods. As of December 31, 2001, investments in unlisted shares included: Name of investee company Share of equity interest Carrying amount 2001 2000 2001 2000 Guotai Junan Securities Company Limited 1.02% 1.02% 37,890 37,890 Sun-Tek Technology Company Limited 1.9% 1.9% 3,000 3,000 40 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Dalian Bingshan Rubber and Plastics Machinery Company Limited 2.14% 2.14% 2,308 2,308 Liaoning Maike Group Company Limited 2.0% 2.0% 1,020 1,020 Others 1,593 1,593 45,811 45,811 7. INVENTORIES 2001 2000 Raw materials 41,228 24,149 Work-in-process 116,848 114,600 Finished goods 153,153 182,736 311,229 321,485 Less: Provision for obsolescence (5,716) (4,471) 305,513 317,014 Out of the total inventories as of December 31, 2001, approximately RMB 6 million (2000: 12 million) were stated at net realizable value. For the year ended December 31, 2001, inventories expensed in the income statement amounted to approximately RMB 727 million (2000: approximately RMB 746 million). 8. GROSS AMOUNT DUE FROM CUSTOMERS FOR CONTRACT WORK 2001 2000 Costs incurred 99,150 154,692 Plus: Recognized profits 13,837 22,988 Less: Recognized losses (1,699) (4,051) Progress billings (60,770) (101,704) 50,518 71,925 9. TRADE RECEIVABLES 2001 2000 Accounts receivable 175,417 162,782 Notes receivable 15,502 4,667 190,919 167,449 Less: Provision for doubtful debts (24,565) (20,552) 166,354 146,897 41 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 10. SHARE CAPITAL As of December 31, 2001, the outstanding share capital represented state-owned shares, legal person shares, A shares and B shares. The B shares rank pari passu in all respects with the A shares except that A shares can only be owned and traded by investors in the PRC. The details of share capital (par value of RMB 1 each) were as follows: Shares Amount (RMB) 2001 2000 2001 2000 Registered, issued and fully paid: - State-owned shares 104,422,500 104,422,500 104,422,500 104,422,500 - Legal person shares 32,222,250 32,222,250 32,222,250 32,222,250 - A shares 98,370,225 98,370,225 98,370,225 98,370,225 - B shares 115,000,000 115,000,000 115,000,000 115,000,000 350,014,975 350,014,975 350,014,975 350,014,975 11. RESERVES (a) Capital reserve In accordance with relevant regulations of the PRC and the articles of association of the Company, the followings shall be recorded as capital reserve: (i) share premium; (ii) donations; (iii) appreciation arising from revaluation of assets; and (iv) other items in accordance with the articles of association and relevant regulations in the PRC. Capital reserve may be utilized to offset prior years’ losses or for issuance of bonus shares. Share premium represents net assets acquired from promoters in excess of par value of the state-owned shares and the legal person shares issued, and proceeds from the issuance of A shares and B shares in excess of their par value, net of underwriting commissions and professional fees. (b) Statutory surplus reserves fund In accordance with the Company Law of the PRC and the Company’s articles of association, the Company shall appropriate 10% of its annual statutory net profit (after offsetting any prior years’ losses) to the statutory surplus reserve fund account. When the balance of such reserve reaches 50% of the Company’s share capital, any further appropriation is optional. The statutory surplus reserve fund can be utilized to offset prior years’ losses or to issue bonus shares. However, such statutory surplus reserve must be maintained at a minimum of 25% of share capital after such issuance. (c) Statutory public welfare fund According to the relevant financial regulations of the PRC and the Company’s 42 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT articles of association, the Company is also required to allocate 5% to 10% of its annual statutory net profit (after offsetting any prior years’ losses) to the statutory public welfare fund, which is to be used for the collective welfare of the employees of the Company. (d) Discretionary surplus reserve fund As stated in the Company’s articles of association, the Company can appropriate its annual statutory net profit to the discretionary surplus reserve fund after making the appropriations of statutory surplus reserve fund and statutory public welfare fund. At the annual shareholders’ meeting on May 22, 2001, the shareholders approved to appropriate 10% of its 2000 statutory net profit to discretionary surplus reserve fund. 12. UNAPPROPRIATED PROFITS (a) Unappropriated profit is to be carried forward for future distribution. The distribution of dividends is made in accordance with the Company’s articles of association and the recommendation of the Board of Directors and is subject to approval by shareholders at general meetings. Pursuant to the Notice [1995] 31 issued by Ministry of Finance on August 24, 1995, the amount of profit available for distribution to shareholders will be determined based on the lower of unappropriated profit in the financial statements determined in accordance with (i) PRC accounting standards and regulations, and (ii) IFRS. As of December 31, 2001, the unappropriated profits available for distribution were approximately RMB 78,548,000 (2000: approximately RMB 65,200,000). At the annual shareholders’ meeting on May 22, 2001, the shareholders approved the distribution of a cash dividend of RMB 0.10 per share (2000: RMB 0.10 per share) totaling RMB 35,001,000 (2000: RMB 35,001,000). (b) Bingshan Air-Conditioning and Sales Company, subsidiaries of the Company, made appropriations to the statutory surplus reserve fund and statutory public welfare fund according to the resolutions of their board of directors. In the consolidated financial statements, the Company’s share of the statutory surplus reserve fund and statutory public welfare fund has been recorded, based on the equity interests of Bingshan Air-Conditioning and Sales Company held by the Company. 13. GROSS AMOUNT DUE TO CUSTOMERS FOR CONTRACT WORK 2001 2000 Progress billings 25,233 11,072 Less: Costs incurred (17,298) (8,451) 43 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Recognized profits (285) (645) 7,650 1,976 14. TRADE AND OTHER PAYABLES 2001 2000 Accounts payable 132,506 104,485 Advance from customers 111,978 123,621 Accrual and other current liabilities 10,410 12,916 Notes payable 5,381 2,000 Staff welfare payable (Note 19) 5,114 3,689 Salaries payable - 855 265,389 247,566 15. BORROWINGS (a) Short-term bank borrowings As of December 31, 2001, short-term bank loans bore interest at 5.58% (2000: 5.58% to 5.85%) per annum and were all guaranteed by Bingshan Group. (b) Long-term bank borrowings 2001 2000 (i) Secured bank loans 79,000 21,572 Less: Amounts due within one year - (21,572) 79,000 - As of December 31, 2001, long-term bank loans bore interest at 6.03% (2000: 2% to 5.94%) per annum and were guaranteed by Bingshan Group. The long- term bank loans are repayable on March 20, 2005. (i) The Company is entitled to a subsidy from Dalian Finance Bureau equivalent to its interest expense paid for the RMB 79 million bank loans. During the year ended December 31, 2001, subsidy amounting to approximately RMB 1.6 million (2000: Nil) was received by the Company and credited into interest expense. 16. REVENUE 2001 2000 Refrigeration engineering packages and accessories - Refrigerators 356,692 326,211 44 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT - Installation service (Note 2(l)) 84,903 149,582 Sale of refrigerators 294,244 301,002 Sale of auxiliary machines 35,993 30,408 Others 84,759 70,282 856,591 877,485 Less: Surtaxes (Note 20) (3,373) (3,663) 853,218 873,822 17. COST OF SALES 2001 2000 Refrigeration engineering packages and accessories - Refrigerators 310,078 292,407 - Installation service (Note 2(l)) 100,931 155,889 Sale of refrigerators 225,860 225,866 Sale of auxiliary machines 25,070 20,667 Others 64,939 50,789 726,878 745,618 18. FINANCE COST 2001 2000 Interest expense on bank borrowings (Note 15(b)(i)) 15,797 17,222 Interest income from bank deposits (13,833) (13,692) 1,964 3,530 19. PROFIT BEFORE TAXATION AND MINORITY INTERESTS Profit before taxation and minority interests was determined after charging the following: 2001 2000 Staff costs - salaries and wages 42,584 39,387 - provision for staff welfare 9,212 8,094 - contribution to statutory pension scheme 8,350 7,327 Amortization of leasehold land 918 883 Depreciation of property, plant and equipment 21,918 23,423 45 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT included in administrative expenses Amortization of goodwill included in administrative expenses 766 768 Bank charges 108 223 Loss on disposal of property, plant and equipment 47 249 Provision for doubtful debts 4,013 4,526 Write-off of bad debts 5,088 2,529 Provision for inventory obsolescence 1,245 - Impairment of long-term investment - 500 Provisions for staff welfare are made based on the following percentages of employees’ standard salaries: Percentage 2001 2000 Staff welfare benefit 14.0% 14.0% Housing fund 7.0% 6.0% Medical insurance 8.0% 9.0% Unemployment insurance 2.0% 2.0% Employment injury insurance 1.2% 0.7% Maternity insurance 0.5% 0.5% 20. TAXATION (a) Value-added tax (“VAT”) The Group is subject to VAT, which is a tax charged on top of the selling price at a general rate of 17%. An input credit is available whereby VAT previously paid on purchases of raw materials and semi-finished products can be used to offset the VAT on sales to determine the net VAT payable. (b) Surtaxes The Group is subject to the following surtaxes: City development tax, a tax levied at 7% of net VAT payable; Education supplementary tax, a tax levied at 3% of net VAT payable. (c) Enterprise income tax (“EIT”) (i) Details of taxation charged were as follows: 2001 2000 Current income tax expense 29,149 12,164 Deferred taxation arising from equity pickup of associates (a) (7,219) 7,219 46 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Share of tax of associates 8,058 5,430 29,988 24,813 Financial refund (29,323) (6,168) 665 18,645 Pursuant to the circular [Da Cai Shui Zi (1997) 155] issued by Dalian Municipal Financial Bureau and Dalian Municipal Tax Bureau on October 21, 1997, the Company is subject to EIT at a rate of 33% of its taxable income, but is also entitled to a refund (“Financial Refund”) of 18% of the Company’s taxable income from Dalian Finance Bureau with effect from January 1, 1997, resulting in an effective EIT rate of 15%. Pursuant to Cai Shui [2000] No.99 issued by Ministry of Finance in October 2000, the above preferential tax treatment would remain effective until December 31, 2001. (1) In accordance with relevant PRC tax laws, the Group should pay additional EIT equivalent to certain percentage of dividend income received from its associates. As of December 31, 2000, the Group provided deferred taxation amounting to approximately RMB 7.2 million for temporary difference arising from such additional EIT relating to unappropriated profits of its associates as of December 31, 2000. In 2001, as agreed with the local tax bureau and local finance bureau, the Group paid the additional EIT and received a full refund of such amount from the local finance bureau. Therefore, the deferred taxation liability was reversed in 2001 and accounted for as a reduction of income tax expense accordingly. (ii) The reconciliation of the statutory tax rate to the effective tax rate was as follows: 2001 2000 Accounting profit before taxation and minority interests 72,717 100% 87,112 100% Tax at the statutory tax rate of 33% (2000: 33%) 23,997 33% 28,747 33% Tax effect of different tax rates of subsidiaries (740) (1%) (3,188) (4%) Tax effect of income that are not deductible in (2,742) (4%) (2,450) (3%) 47 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT determining taxable income Tax effect of expenses that are not assessable in determining taxable income 6,362 9% 128 0% Temporary differences not recognized 3,111 4% 1,576 2% Financial refund (29,323) (40%) (6,168) (7%) Income tax expense 665 1% 18,645 21% 21. EARNINGS PER SHARE The calculation of basic and diluted earnings per share was based on the net profit for the year attributable to shareholders of RMB 69,502,000 (2000: approximately RMB 66,209,000), divided by 350,014,975 shares. 22. SUPPLEMENTARY INFORMATION TO CONSOLIDATED CASH FLOW STATEMENTS (a) Reconciliation from profit before taxation and minority interests to cash generated from operations: 2001 2000 Profit before taxation and minority interests 72,717 87,112 Adjustments for: Amortization of leasehold land 918 883 Depreciation of property, plant and equipment 21,918 23,423 Impairment loss of property, plant and equipment 19,135 - Loss on disposal of property, plant and equipment 47 249 Amortization of goodwill 766 768 Share of profits from associates (79,001) (61,757) Income from long-term investments (3,346) (1,969) Impairment loss for long-term investments - 500 Provision for inventory obsolescence 1,245 - Provision for doubtful debts 4,013 4,526 Write-off of bad debts 5,088 2,529 Interest expense 15,797 17,222 Interest income (13,833) (13,692) 48 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Operating profit before working capital changes 45,464 59,794 Decrease (increase) in inventories and gross amount due from customers for contract work 27,087 (48,405) Increase in prepayments and other current assets (10,244) (6,936) (Increase) decrease in due from related parties (48,649) 15,130 Increase in trade receivables (26,098) (46,276) Increase in gross amount due to customers for contract work 5,674 1,976 Decrease in due to related parties (3,089) (22,754) Increase in trade and other payables 63,192 82,904 Cash generated from operations 53,337 35,433 (b) Analysis of the balances of cash and cash equivalents 2001 2000 Cash on hand 6 25 Bank current deposits 142,141 73,928 Bank time deposits 272,788 266,603 414,935 340,556 (c) Non-cash transactions 2001 2000 Dividends declared in the year 35,001 35,001 Add: Dividends payable, beginning of year 9,414 7,716 Less: Dividends offset with amounts due from Bingshan Group (10,442) (10,442) Less: Dividends payable, end of year (8,624) (9,414) Dividends paid in cash 25,349 22,861 23. RELATED PARTY TRANSACTIONS (a) Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. (b) Name and relationship of related parties: Name Relationship with the 49 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Company Bingshan Group Ultimate parent company of the Company Dalian Sanyo Refrigeration Company Associated company of the Limited (“DSRC”) Company Dalian Sanyo Cold-Chain Company Associated company of the Limited (“DSCCC”) Company Dalian Sanyo Air Conditioner Company Associated company of the Limited (“DSACC”) Company Dalian Sanyo Compressor Company Associated company of the Limited (“DSCC”) Company Dalian Sanyo Food Systems Company Associated company of the Limited (“DSFSC”) Company Grand Ocean Auto Air - Conditioning Associated company of the Engineering (Dalian) Company Company Limited (“GOAAEC”) Dalian Grand Ocean Thermo King Associated company of the Transport Refrigeration Engineering Company Company Limited (“DGOTKTREC”) Relationship with the Name Company Themo King-Dalian Transport Associated company of the Refrigeration Company Limited Company (“TKDTRC”) Dalian Bingshan Group Import and Associated company of the Export Company (“Bingshan I&E”) Company Bingshan Group Cold Drink Equipment Wholly-owned subsidiary of Company Limited (“BGCDEC”) Bingshan Group Dalian No.1 Refrigeration Equipment Wholly-owned subsidiary of Factory (“D1REF”) Bingshan Group Dalian No.3 Refrigeration Equipment Wholly-owned subsidiary of Factory (“D3REF”) Bingshan Group China Dalian Switchgear Works Wholly-owned subsidiary of (“CDSW”) Bingshan Group Jinzhou Heavy Machinery Works Wholly-owned subsidiary of 50 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT (“JHMW”) Bingshan Group Dalian Refrigeration Auxiliary Subsidiary controlled by Equipment Plant (“DRAEP”) Bingshan Group Dalian Bingshan Rubber and Plastics Subsidiary controlled by Machinery Company Limited Bingshan Group (“DBRPMC”) Dalian Baltimore Aircool Refrigeration Subsidiary controlled by Company Limited (“DBARC”) Bingshan Group Dalian Zheng Xing Switchgear Plant Associated company of (“DZXSP”) Bingshan Group Dalian Spindle Cooling Towers Associated company of Company Limited (“DSCTC”) Bingshan Group Dalian Vacuum Flask Works (“DVFW”) Wholly-owned subsidiary of Bingshan Group Dalian Refrigeration Technique Service Wholly-owned subsidiary of Center (“DRTSC”) Bingshan Group (c) Except for those disclosed in Note 15, significant transactions with related parties were as follows: 2001 2000 Purchase of raw materials and finished goods from - DSACC 81,632 114,827 - DSCC 68,249 59,163 - DSCCC 48,331 48,694 - DBARC 44,784 34,014 - Bingshan I&E 41,062 - - DSRC 38,917 28,284 - DSCTC 21,860 14,083 - D1REF 13,929 19,170 - CDSW 12,210 19,743 - DRAEP 11,869 17,995 - DVFW 7,445 3,713 - D3REF 7,290 10,843 - BGCDEC 5,655 6,120 - DRTSC 2,653 2,886 - DZXSP 2,467 1,504 - JHMW 1,951 214 51 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT - DSFSC 1,267 136 - Others 182 405 411,753 381,794 Sale of finished goods to - DSCC 29,705 9,128 - Bingshan I&E 23,014 - - D1REF 13,453 1,164 - DRAEP 6,586 4,038 - D3REF 2,466 3,003 - DRTSC 2,065 - - DSRC 1,079 414 - JHMW 1,035 - - BGCDEC 681 688 - DBRPMC 479 355 - DSCTC 431 312 - Others 897 350 81,891 19,452 Purchase of machineries from - Bingshan I&E 1,269 - Commission income from - DSACC 4,992 4,200 - DSCCC 720 1,430 - DBARC 593 - 6,305 5,630 (d) Significant balances with related parties 2001 2000 Due from related parties - Bingshan I&E 31,219 - - D1REF 8,529 5,620 - Bingshan Group 8,273 - - DSRC 6,238 6,810 - DSACC 4,243 179 - GOAAEC 3,308 3,700 52 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT - DSCCC 2,446 3,769 - DBRPMC 2,052 1,754 - JHMW 1,132 1,222 - DGOTKTREC 1,051 1,337 - CDSW - 1,949 - Others 2,460 526 70,951 26,866 Due to related parties - DBARC 19,809 632 - BGCDEC 8,875 7,502 - D3REF 2,535 1,403 - DSCTC 72 6,767 - Bingshan Group - 4,396 - DRAEP - 2,501 - Others 2,113 2,850 33,404 26,051 The amounts due from/to related parties were unsecured, non-interest bearing and had no fixed repayment dates. 24. IMPACT OF IFRS ADJUSTMENTS ON NET PROFIT AND NET ASSETS Net profit Net assets 2001 2000 2001 2000 As reported in the Group’s statutory accounts 88,918 78,153 1,137,488 1,102,706 Adjustment due to change in accounting policy on statutory accounts - - - (19,135) As reported in the Group’s statutory accounts, as restated 88,918 78,153 1,137,488 1,083,571 Impact of adjustments - Impairment loss of property, plant and equipment (19,135) - - 19,135 - Accounting for installation service contract (117) (7,789) (7,906) (7,789) 53 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT - Deferred taxation 7,219 (7,219) - (7,219) - Sales cut-off (2,353) 1,715 - 2,353 - Equity accounting of investments (5,307) 1,753 (5,606) (299) - Profit appropriation subsequent to balance sheet date - - 35,001 35,001 - Others 277 (404) (1,355) (1,632) As restated for the Group under IFRS 69,502 66,209 1,157,622 1,123,121 25. SUBSEQUENT EVENTS On April 8, 2002, the board of directors of the Company resolved to appropriate 10% of its 2001 statutory net profit to each of the statutory surplus reserve fund, statutory public welfare fund and discretionary surplus reserve fund, and to distribute a cash dividend of RMB 0.10 per share to shareholders. However, the above profit appropriations are subject to approval by shareholders at the annual shareholders’ meeting. 26. CHANGE IN ACCOUNTING POLICY Effective January 1, 2001, the Group is subject to new IAS 39 “Financial Instruments – Recognition and Measurement” and revised IAS 12 “Income Taxes” (Note 2). There is no significant financial impact arising from the adoption of these standards on the opening balances of the consolidated financial statements. 27. APPROVAL OF FINANCIAL STATEMENTS The consolidated financial statements were approved for issuance by the board of directors of the Company on April 8, 2002. XI. Reference Documents 1. The accounting statements bearing the signatures and seals of the legal representative, the chief accountant and the accountants in charge. 2. The original auditor's report bearing the seal of the certified public accountants and the signatures and seals of the certified accountants. 3. The original copies of all the Company's documents and the original copies of the bulletins published on the newspapers designated by the China Securities Regulatory Commission in the report period. 4. Time for reference: from Monday to Friday 8:00 - 12:00 (a. m.) 1:00 - 5:00 (p. m.) Liaison persons: Song Wenbao, Qiu Tao. Tel: 0086-411-6654530 Fax: 0086-4116654530 54 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT DALIAN REFRIGERATION COMPANY LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2001 (Amounts expressed in thousands of Renminbi) Note 2001 2000 ASSETS Non-current assets Leasehold land 3 42,112 42,577 Property, plant and equipment 4 275,816 297,834 Investments in associates 5 429,504 389,851 Long-term investments 6 45,341 45,401 Total non-current assets 792,773 775,663 Current assets Inventories 7 305,513 317,014 Gross amount due from customers for contract work 8 50,518 71,925 Prepayments and other current assets 35,158 51,847 Due from related parties 23 70,951 26,866 Trade receivables 9 166,354 146,897 Cash and cash equivalents 22(b) 414,935 340,556 Total current assets 1,043,429 955,105 Total assets 1,836,202 1,730,768 55 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT DALIAN REFRIGERATION COMPANY LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (CONTINUED) AS OF DECEMBER 31, 2001 (Amounts expressed in thousands of Renminbi) Note 2001 2000 EQUITY AND LIABILITIES Capital and reserves Share capital 10 350,015 350,015 Reserves 11 807,607 773,106 Total capital and reserves 24 1,157,622 1,123,121 Minority interests 28,663 26,999 Non-current liabilities Long-term bank borrowings 15 79,000 - Deferred tax liabilities 20 - 7,219 Total non-current liabilities 79,000 7,219 Current liabilities Gross amount due to customers for contract work 13 7,650 1,976 Dividends payable 22(c) 8,624 9,414 Due to related parties 23 33,404 26,051 Trade and other payables 14 265,389 247,566 Short-term bank borrowings 15 255,850 266,850 Current portion of long-term bank borrowings 15 - 21,572 Total current liabilities 570,917 573,429 Total equity and liabilities 1,836,202 1,730,768 56 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT DALIAN REFRIGERATION COMPANY LIMITED AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2001 (Amounts expressed in thousands of Renminbi (“RMB”), except for earnings per share) Note 2001 2000 Revenue 16 853,218 873,822 Cost of sales 17 (726,878) (745,618) Gross profit 126,340 128,204 Other operating income 39,216 40,144 Distribution costs (48,858) (42,959) Administrative expenses (73,468) (66,306) Other operating expenses (31,761) (32,167) Profit from operations 11,469 26,916 Impairment loss of property, plant and equipment (19,135) - Finance cost, net 18 (1,964) (3,530) Share of profits from associates 79,001 61,757 Dividend income from long-term investments 3,346 1,969 Profit before taxation and minority interests 19 72,717 87,112 Income tax expense 20 (665) (18,645) Profit after taxation but before minority interests 72,052 68,467 Minority interests (2,550) (2,258) Net profit for the year 24 69,502 66,209 Earnings per share 21 - Basic and diluted RMB 0.20 RMB 0.19 57 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT DALIAN REFRIGERATION COMPANY LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2001 (Amounts expressed in thousands of Renminbi) Reserves Statutory Statutory Discretionary Unappro- Share Capital surplus public surplus reserve priated Total capital reserve reserve fund welfare fund fund profit reserves Total equity (Note 10) (Note 11(a)) (Note 11(b)) (Note 11(c)) (Note 11(d)) (Note 12) Balance at January 1, 2000 350,015 555,765 72,161 38,603 16,851 58,478 741,858 1,091,873 Appropriations to discretionary surplus reserve fund made in 2000 - - - - 7,107 (7,107) - - Dividends declared in 2000 - - - - - (35,001) (35,001) (35,001) Others - 40 - - - - 40 40 Net profit for 2000 - - - - - 66,209 66,209 66,209 Profit appropriations to statutory reserves: - statutory surplus reserve fund - - 7,816 - - (7,816) - - - statutory public welfare fund - - - 7,817 - (7,817) - - Profit appropriations to statutory reserves by subsidiaries (Note 12(b)) - - 1,666 80 - (1,746) - - Balance at December 31, 2000 350,015 555,805 81,643 46,500 23,958 65,200 773,106 1,123,121 Adjustment of reserves due to change in accounting policy on statutory accounts - - (1,914) (1,914) (1,915) 5,743 - - 58 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT Appropriations to discretionary surplus reserve fund made in 2001 - - - - 7,814 (7,814) - - Dividends declared in 2001 - - - - - (35,001) (35,001) (35,001) Net profit for 2001 - - - - - 69,502 69,502 69,502 Profit appropriations to statutory reserves: - statutory surplus reserve fund - - 8,892 - - (8,892) - - - statutory public welfare fund - - - 8,892 - (8,892) - - Profit appropriations to statutory reserves by subsidiaries (Note 12(b)) - - 1,233 65 - (1,298) - - Balance at December 31, 2001 350,015 555,805 89,854 53,543 29,857 78,548 807,607 1,157,622 59 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT DALIAN REFRIGERATION COMPANY LIMITED AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2001 (Amounts expressed in thousands of Renminbi) Note 2001 2000 CASH FLOWS FROM OPERATING ACTIVITIES: Cash generated from operations 22(a) 53,337 35,433 Interest income received 13,538 13,554 Interest expense paid (16,069) (16,757) Income tax paid - (12,083) Net cash generated from operating activities 50,806 20,147 CASH FLOWS FROM INVESTING ACTIVITIES: Increase in investments in associates (9,879) (12,992) Increase in long-term investments - (400) Proceeds from disposal of long-term investments 60 30 Net cash outflow from deconsolidation of a subsidiary 1 (14,902) - Acquisition/purchase of leasehold land, property, plant and equipment (15,168) (15,687) Proceeds from disposals of property, plant and equipment 74 546 Dividends received from associates 39,577 31,739 Dividends received from long-term investments 3,346 1,969 Net cash generated from investing activities 3,108 5,205 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from short-term bank borrowings 255,850 266,850 Repayments of short-term bank borrowings (266,850) (249,850) Proceeds from long-term bank borrowings 79,000 - Repayments of long-term bank borrowings (21,300) (5,000) Dividends paid 22(c) (25,349) (22,861) Dividends paid to minority shareholders (886) (1,800) Others - 40 Net cash generated from (used in) financing activities 20,465 (12,621) Net increase in cash and cash equivalents 74,379 12,731 Cash and cash equivalents at beginning of year 22(b) 340,556 327,825 Cash and cash equivalents at end of year 22(b) 414,935 340,556 60 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 大连冷冻机股份有限公司 2001 年年度报告正文 (境外披露) 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 完整性负个别及连带责任 王国通董事未出席董事会 本报告分别以中 英文两种文字编制 在对两种文本的理解上发生 歧义时 以中文文本为准 一 公司基本情况简介 1 公司法定中文名称 大连冷冻机股份有限公司 公司法定英文名称 Dalian Refrigeration CO., LTD. 公司英文名称缩写 DRC 2 公司法定代表人 张和先生 3 公司董事会秘书 吕连珍女士 电话 0086-411-6653081-8100 传真 0086-411-6641470 证券事务代表 葛彦女士 电话 0086-411-6653081-8130 传真 0086-411-6654530 61 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 联系地址 大连市沙河口区西南路 888 号 4 公司注册及办公地址 大连市沙河口区西南路 888 号 邮政编码 116033 互联网网址 http://www.bingshan.com 电子信箱 dlzj@mail.dlptt.ln.cn 5 公司选定的信息披露报纸 中国证券报 大公报 登载年度报告的证监会指定网址 http://www.cninfo.com.cn 公司年度报告备置地点 公司证券部 6 公司股票上市交易所 深圳证券交易所 股票简称 大冷股份 大冷 B 股票代码 0530 2530 7 其他有关资料 公司首次注册登记日期 1993 年 12 月 18 日 登记地点 大连市沙河口区西南路 888 号 企业法人营业执照注册号 大工商企法字 21020011003266-1368 税务登记号码 国税大字节 210204242361300 地税大三字 210204242361303 公司聘请的境内会计师事务所 大连华连会计师事务所有限公司 办公地址 大连市中山区同兴街 67 号邮电万科大厦 24 层 公司聘请的境外会计师事务所 安达信公司 办公地址 香港中环干诺道中 111 号 62 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 二 会计数据和业务数据摘要 1 报告期主要业务数据摘要 单位 千元 除税及少数股东损益前利润 72,717 除税及少数股东损益后利润 69,502 营业利润 11,469 依权益法认列之联营公司收益 79,001 营业活动的净现金流入 50,806 现金及现金等价物净增加 74,379 经大连华连会计师事务所有限公司按照中国会计准则审计 公司 2001 年度实现净利润 8,891.8 万元 经安达信公司按照国际会计准则 审计 公司 2001 年度实现净利润 6,950.2 万元 境内外审计差异为 1,941.6 万元 按国际会计准则调整对净利润及净资产的影响 单位 千元 净利润 净资产 二 一年 二 年 二 一年度 二 年度 十二月三十一日 十二月三十一日 本公司法定账目金额 88,918 78,153 1,137,488 1,102,706 法定账目会计政策变更的影响 - - - (19,135) 调整后的本公司法定账目金额 88,918 78,153 1,137,488 1,083,571 调整 提取不动产 厂场及设备 减值损失 (19,135) - - 19,135 安装业务收入及成本确认 (117) (7,789) (7,906) (7,789) 递延税项负债确认 7,219 (7,219) - (7,219) 销售收入截止 (2,353) 1,715 - 2,353 权益法核算投资收益 (5,307) 1,753 (5,606) (299) 期后盈余分配 - - 35,001 35,001 63 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 其他 277 (404) (1,355) (1,632) 根据国际会计准则调整后金额 69,502 66,209 1,157,622 1,123,121 2 截止报告期末公司前三年的主要会计数据和财务指标 项目 2001 2000 1999 销售收入净额 千元 853,218 873,822 706,534 营业利润 千元 11,469 26,916 32,623 应占联营公司利润 千元 79,001 61,757 32,918 除税及少数股东损益前利润 千元 72,717 87,112 70,554 除税主少数股东损益后利润 千元 69,502 66,209 64,200 净资产 千元 1,157,622 1,123,121 1,091,873 每股净资产 元 3.31 3.21 3.12 每股收益 元 0.20 0.19 0.18 注 1 以上数据和指标为安达信公司按照国际会计准则审计编制 供 B 股投资者参考 2 报告期末至摘要披露日 公司股本未发生变化 3 报告期内股东权益变动情况 详见 合并股东权益增减变动表 三 股本变动及股东情况 1 股本变动情况 1 股份变动情况表 数量单位 股 期初数 期末数 一 未上市流通股份 发起人股份 104,422,500 104,422,500 其中 国家股 104,422,500 104,422,500 募集法人股份 32,222,250 32,222,250 未上市流通股份合计 136,644,750 136,644,750 已上市流通股份 人民币普通股 98,370,225 98,370,225 境内上市外资股 B 股 115,000,000 115,000,000 64 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 已上市流通股份合计 213,370,225 213,370,225 三 股份总数 350,014,975 350,014,975 2 股票发行与上市情况 前三年历次股票发行情况 无 报告期内 公司股份总数不变 股份结构也未发生变动 2 股东情况介绍 1 报告期末股东总数为 76,232 户 其中 A 股股东总数为 61,580 户 B 股股东总数为 14,652 户 2 主要股东持股情况 前 10 名股东 股东名称 年初 万股 年末 万股 占总股本 % 类别 大连冰山集团有限公司 国家股 10,442.25 10,442.25 29.83 A SANYO ELECTRIC CO., LTD. 3,500.15 3,500.15 10.00 B 国泰君安证券股份有限公司 0 534.55 1.53 A 吉林九州开发公司 315.00 315.00 0.90 A 太原兆和投资发展公司 315.00 315.00 0.90 A 申银万国证券股份有限公司 283.70 283.70 0.81 A 大连第一制冷设备厂 194.425 194.425 0.56 A 大连华信信托投资股份有限公司 179.50 179.50 0.51 A 大连热电集团股份有限公司 175.00 175.00 0.50 A 大连橡胶塑料机械厂 165.375 165.375 0.47 A 公司前 10 名股东中 大连冰山集团有限公司与大连第一制冷设备 厂 大连橡胶塑料机械厂之间存在关联关系 持股 5%以上的法人股东所持公司股份无质押 冻结情况 根据公司与日本三洋电机株式会社于 1997 年 12 月 4 日签订的股份 认购协议 三洋电机以战略投资者的身份所认购的 3,500.15 万股 B 股 自大冷 B 上市之日 1998 年 3 月 20 日 起两年内不得转让或出售 目 65 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 前该公司未出售所持股票 3 持股 10% 含 10% 以上法人股东介绍 大连冰山集团有限公司 年末持有公司股份 29.83% 法定代表人 张和 该公司成立于 1996 年 5 月 22 日 注册资本为 12,654 万元 以 制造与安装工业和商用冷冻 空调 冷链 电器等成套设备为主业 兼 营电子 家电 轻工化工 进出口贸易等,是隶属于大连市财政局国有 资本处的国有独资公司 该公司目前总资产 67.5 亿元 2001 年实现销 售收入 40 多亿元 净利润 2.27 亿元 出口创汇 4,118 万美元 三洋电机株式会社 年末持有公司股份 10% 三洋电机是日本主要 的机电产品生产商之一 截止 2001 年 3 月 31 日 该公司总资产为 237.5 亿美元 实现主营业务收入 174 亿美元 净利润 3.4 亿美元 4 报告期内公司控股股东未变更 四 董事 监事 高级管理人员和员工情况 1 董事 监事 高级管理人员情况 1 基本情况 姓名 性别 职务 年龄 任期 年初持股 年末持股 董事 17 位 张 和 男 董事长 64 2001 2004 25,650 25,650 穆传江 男 副董事长 52 2001 2004 22,650 22,650 张宏智 男 执行董事 43 2001 2004 21,125 21,125 王德昆 男 执行董事 50 2001 2004 14,250 14,250 于守涛 男 执行董事 51 2001 2004 21,375 21,375 王志强 男 执行董事 40 2001 2004 0 0 杨 斌 男 执行董事 45 2001 2004 0 0 66 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 刘梦华 男 董事 59 2001 2004 0 0 吕中立 男 董事 60 2001 2004 7,125 7,125 王国通 男 董事 46 2001 2004 0 0 侴乔力 男 董事 38 2001 2004 0 0 白 琳 女 董事 41 2001 2004 0 0 邹志明 男 董事 58 2001 2004 10,687 10,687 李 梅 女 董事 37 2001 2004 0 0 徐 辉 男 董事 33 2001 2004 0 0 小林奉文 男 董事 59 2001 2004 0 0 吉田章 男 董事 62 2001 2004 0 0 监事 3位 于福春 男 监事会主席 43 2001 2004 7,800 7,800 门曰胜 男 监事 49 2001 2004 0 0 朱广熙 男 监事 37 2001 2004 0 0 高级管理人员 穆传江 男 总经理 张宏智 男 副总经理 王德昆 男 副总经理 王志强 男 副总经理 杨 斌 男 副总经理 胡希堂 男 副总经理 34 2001 2004 0 0 丁 杰 男 副总经理 39 2001 2004 0 0 于守涛 男 财务总监 吕连珍 女 董事会秘书 49 2001 2004 0 0 董事 监事在股东单位的任职情况如下 张和先生现任大连冰山集 团有限公司董事长 小林奉文先生现任三洋电机 香港 有限公司董事 长 总经理 王国通先生现任大连第一制冷设备厂厂长 白琳女士现任 华夏证券有限公司职员 吉田章先生现任三洋电机株式会社执行董事 三洋电机 中国 有限公司董事长 李梅女士现任国泰君安证券股份有 限公司副总裁 刘梦华先生现任大连冰山橡塑股份有限公司副总经理 邹志明先生现任大连船用柴油机厂厂长 徐辉先生现任大连棒棰岛啤酒 股份有限公司总会计师 总经理 67 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 2 年度报酬情况 公司根据年度生产经营实际情况 本着工资增长低于全年劳动生产 率和利润增长的 两低于 原则 确定董事 监事和高级管理人员报酬 现任董事 监事和高级管理人员本年度报酬总额为 87.79 万元 金 额最高的前三名董事的报酬总额为 31 万元 金额最高的前三名高级管 理人员的报酬总额为 31 万元 在公司领取薪酬的董事 监事和高级管 理人员共计 13 人 其中 9 10 万元区间 3 人 7 8 万元区间 5 人 6 7 万元区间 2 人 4 5 万元区间 1 人 4 万元以内 2 人 刘梦华 吕中立 王国通 白琳 邹志明 李梅 徐辉 小林奉文 吉田章等不在公司领取报酬 津贴 在股东单位或其他关联单位领取报 酬 津贴 3 变动情况 报告期内 公司进行了董事会和监事会的换届选举工作 原董事李 志民 王尔忠 罗小平 陈耿 侯少锋 魏茂云 山村昭雄不再担任公 司董事 原监事刘庆禄不再担任公司监事 报告期内 公司董事会在完成了换届工作后 于三届一次董事会议 上对公司总经理 副总经理 财务负责人 董事会秘书等高级管理人员 进行了重新聘任 详细内容见董事会报告中的 董事会日常工作情况 2 公司员工情况 2001 年 12 月 31 日统计 公司现有员工 2,136 人 其中生产人员 1,279 人 占 59.9% 技术人员 346 人 占 16.2% 销售人员 278 人 占 13.0% 68 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 财务人员 36 人 占 1.7% 行政人员 197 人 占 9.2% 公司大 中专以上学历 642 人 占 30.1% 公司退休职工的养老金 及医疗费等由社会保险机构负责 五 公司治理结构 1 公司治理情况 1 关于股东与股东大会 公司能够确保所有股东 特别是中小股东享有平等地位 确保所有 股东能够充分行使自己的权利 公司建立了股东大会议事规则 能够严 格按照股东大会规范意见的要求召集 召开股东大会 公司关联交易公 平 关联交易价格合理 2 关于控股股东与上市公司 控股股东依法行使出资人的权利 没有直接或间接干预公司的决策 和生产经营活动 没有损害公司及其他股东的权益 公司与控股股东实行人员 资产 财务分开 机构 业务独立 各 自独立核算 独立承担责任和风险 3 关于董事与董事会 公司严格按照公司章程规定的董事选聘程序选举董事 公司董事会 的人数和人员构成符合法律 法规的要求 董事会认真履行法律 法规 和公司章程规定的职责 公司董事会建立了董事会议事规则 公司董事 以认真负责的态度出席董事会 对所议事项表达明确的意见 能够积极 69 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 参加有关培训 了解作为董事的权利 业务和责任 公司正在建立独立 董事制度 4 关于监事与监事会 公司监事会的人员和构成符合法律 法规的要求 监事会建立了监 事会议事规则 监事会对公司财务以及公司董事 经理和其他高级管理 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 公司正积极着手建立公正 透明的董事 监事和经理人员的绩效评 价标准和程序及经理人员的激励与约束机制 经理人员的聘任公开 透 明 符合法律 法规的规定 6 关于利益相关者 公司尊重和维护银行及其他债权人 职工 消费者等利益相关者的 合法权益 共同推动公司持续 健康地发展 7 关于信息披露与透明度 公司董事会秘书负责信息披露事项 公司建立了信息披露制度 公 司按照法律 法规及其他相关规定 披露公司的有关信息 并确保所有 股东有平等的机会获得信息 2 独立董事履行职责情况 公司董事会按照中国证监会发布的 关于在上市公司建立独立董事 制度的指导意见 的要求 正在修订公司章程相关规定 建立独立董事 制度 70 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 3 公司与控股股东在业务 人员 资产 机构 财务等方面的分开情 况 1 业务分开 公司业务独立于控股股东 公司具有独立完整的业务 及自主经营能力 2 人员分开 公司在劳动 人事及工资管理等方面独立 公司总经 理 副总经理 财务负责人 营销负责人 董事会秘书等高级管理人员 在公司领取薪酬 未在股东单位担任重要职务 3 资产完整 公司拥有独立的生产系统 辅助生产系统和配套设施 工业产权 商标 非专利技术等无形资产由公司拥有 公司独立拥有采 购和销售系统 4 机构独立 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 5 财务独立 公司设有独立的财会部门 建立了独立的会计核算体 系和财务管理制度 独立在银行开户 4 高级管理人员的考评及激励机制 报告期内公司对高级管理人员依据公司建立的资产经营业绩考核办 法进行考评和奖励 六 股东大会情况简介 公司于 2001 年 5 月 22 日上午在公司会议室召开了 2000 年度股东 大会 关于召开本次股东大会的通知 刊登在 2001 年 4 月 17 日 中国 71 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 证券报 大公报 关于本次股东大会的决议公告 刊登在 2001 年 5 月 23 日 中国证券报 大公报 出席会议的股东及股东代理人共计 56 人 代表股份 17,222.005 万股 其中所持 A 股表决权 13,674.575 万股 所持 B 股表决权 3,547.43 万股 占公司总股本 49.2% 符合公 司章程及公司法的规定 本次会议通过如下决议 公司董事会 2000 年 度工作报告 公司监事会 2000 年度工作报告 公司 2000 年度财务决算 和 2001 年度财务预算 公司 2000 年度分红方案 关于修改公司章程的 报告 选举产生了公司第三届董事会董事 选举产生了公司第三届监事 会由股东代表出任的监事 七 董事会报告 1 公司经营情况 1 主营业务的范围及其经营情况 公司是中国最大的工业制冷设备生产企业和中国最大的制冷成套设 备出口商家 并拥有中国工业制冷设备行业中唯一的驰名商标 公司主要产品有用于国防 科研 石油 化工 纺织 医药 发电 农牧渔和饮食服务等行业的活塞式 螺杆式制冷压缩机 溴化锂吸收式 制冷机以及压力容器 组合库 气调保鲜库 平板式速冻机 隧道式速 冻机 块冰机 片冰机 颗粒机等 共计 5 个系列 制冷 冷冻 空调 冷藏 保鲜 6 大成套 空调成套 土建冷库成套 组合冷库成套 制冰成套 特种工程成套和气调保鲜成套 72 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 积极推进名牌战略 国内市场开拓稳中求进 2001 年 公司紧盯国家投资政策和方向 以抓大项目 特别是抓 国家 省市重点工程项目为切入点 以成套工程 螺杆产品为侧重 实 现主营业务收入 85,322 万元 2001 年 公司进一步改革营销体系 完善营销网络 加强销售队 伍建设 强化售后服务机制 大胆进行营销人员本土化试点 更好地调 动了销售人员的积极性 切实将售后服务工作融入了市场 并荣获 全 国用户满意工程先进单位 有序实施 走出去 战略 国际市场进一步拓宽 2001 年 公司加快了 走出去 战略的推进速度 首次到海外投 资建厂 建立了菲律宾 印尼和越南驻外办事处 推出了 冰山国际 网站 冰山 商标被选为国家重点支持和发展的出口名牌 通过上述 举措 巩固了东南亚重点市场 开辟了朝鲜 东欧 拉美等新兴市场 稳定并扩大了与日本 美国 澳大利亚的加工贸易 以技术创新为导向 产品结构调整及技术改造逐步深化 2001 年 公司推出了金枪鱼钓船用冷冻装置 船用螺杆压缩机 医疗洁净空调系统等 12 项新产品 对传统螺杆机组进行了升级改型 并在国内首次应用大型虹吸制冷系统 同时 投入 2,942 万元进行了一 系列技术改造 注重管理创新 基础管理更加完善 2001 年 公司启用了中层干部竞聘 设计和工艺资格评定等两项 73 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 新的用人机制 成立了物资采购招标委员会 全面推行招标采购 有效 降低了采购成本 顺利通过了 ISO9001 年度监督审查 计算机信息化管 理在营销 财务 供应 生产等环节的应用有了新的进展 市场开拓与效益提高两不误 合资企业整体实力进一步增强 2001 年 在公司充满活力的合资企业群中 主营业务收入同比增 长 30%以上的有三家 净利润同比增长 30%以上的有七家 净资产收益 率 15%以上的有六家 公司由此得到的投资收益为 7,900 万元 同比增 长 27.92% 2001 年 三洋制冷荣获 2001 年全国质量管理奖提名奖 三洋压 缩机增资扩建进展顺利 大马力制冷压缩机正式投产 三洋冷链对生产 管理信息系统进行大规模升级改造 有力推进了企业信息化进程 三洋 空调机研制成功远程自控系统 产品高技术含量进一步提高 2 主要控股公司及参股公司的经营情况及业绩 A 控股公司 大连冰山集团制冷空调安装公司 该公司注册资金为人民币 2,000 万 元 本公司拥有 100%的股权 主营成套制冷设备安装调试 2001 年实 现销售收入 4,036 万元 大连冰山集团销售有限公司 该公司注册资金为人民币 300 万元 其 中本公司拥有 90%的股权 主营大连冰山集团成员企业的产品销售 2001 年实现销售收入 5,845 万元 实现净利润 144 万元 大连冰山空调设备有限公司 该公司注册资金 7 亿日元 其中本公司 74 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 拥有 70%的股权 主营风机盘管 空气处理机等空调末端产品的生产和 销售 2001 年实现销售收入 8,304 万元 净利润 833 万元 大连冰山金属加工有限公司 该公司注册资金为 235 万美元 其中本 公司拥有 64.3%的股权 主要为已成立的合资企业及本公司配套生产钣 金 冲压件 2001 年实现销售收入 2,793 万元 净利润 127 万元 B 参股公司 详见 会计报表附注 中的 长期股权投资 3 主要供应商 客户情况 公司向前五名供应商合计的采购金额为 25,545 万元 占年度采购 总额的 36.89% 公司前五名客户销售额合计为 6,520 万元 占公司销售总额的 7.23% 4 在经营中出现的问题与困难及解决方案 2001 年 公司在市场开拓方面虽然取得了一定的成绩 但也切实 体味到了市场竞争的日益激烈 由于国内同行的压价竞争 公司主导产 品的毛利率进一步下降 另外 国际竞争对手明显加快了抢夺中国市场 的步伐 入世后 随着关税的逐步下调 公司的产品成本优势将不断减 弱 将面临更为激烈的竞争局面 针对日益恶化的市场竞争形势 公司将以更大的力度进行产品结构 调整和技术改造 以厂院结合 自我开发为基本模式 以合资引进为突 破口 缩小与国际同行的技术差距 与此同时 积极进行管理创新 进 75 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 一步搞好全员 全方位 全过程的降成本工作 继续保持公司主导产品 在性能价格比上的优势 2 公司投资情况 截止 2001 年末 公司分别与日本 香港 美国等兴建了如下合资 企业 企业名称 注册地址 主营业务 持股比例 大冷王运输制冷有限公司 深圳市 生产销售冷藏运输车 25% 大连本庄化学有限公司 大连开发区 生产销售溴化锂溶液 30% 大连明华电子有限公司 大连开发区 生产销售电子线路板 30% 大洋汽车空调工程 大连 有限公司 大连开发区 生产销售汽车空调 30% 大连三洋制冷有限公司 大连开发区 生产销售溴化锂制冷机 40% 大连三洋冷链有限公司 大连开发区 生产销售超市冷藏设备 40% 大连三洋压缩机有限公司 大连开发区 生产销售半封闭压缩机 40% 大连大洋运输冷冻工程有限公司 大连市 组装销售冷藏移动设备 40% 大连三洋空调机有限公司 大连开发区 生产销售空调机 40% 大连三洋饮食设备有限公司 大连开发区 生产销售饮食设备 40% 大连三洋家用电器有限公司 大连市 生产销售小型家用电器 40% 大连冰山保安休闲产业工程有限公司 大连市 设计安装休闲设施 50% 大连冰山金属加工有限公司 大连市 生产钣金 冲压件 64.3% 大连冰山空调设备有限公司 大连市 生产销售空调末端产品 70% 1 募集资金使用情况 公司 1998 年发行 B 股所得款项净额为人民币 3.6 亿元 共有七个 投资项目 其中有两个投资项目的资金投入延续到报告年度内 大连三洋压缩机有限公司的增资扩建项目 已投入 5,579.356 万 元 占应投资额的 34.6% 2001 年 该公司实现主营业务收入 37,852 万元 同比增长 70.5% 开发大型螺杆制冷压缩机项目 已投入 3,819 万元 占应投资额 76 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 的 63.7% 目前 KA315 KA510 等型号已批量投放市场 在石油化工等 行业较好地替代了进口产品 公司螺杆式制冷压缩机的销售收入已超过 公司活塞式制冷压缩机 公司产品结构调整取得了重大进展 目前 公司已投入募集资金 21,218.356 万元 占总应投资额的 62.5% 尚未投入使用的募集资金暂存于银行指定的外汇帐户 2 非募集资金投资项目说明 2001 年 3 月 18 日 公司以自有资金与香港保安水利工程 中国 有限公司合资兴建的大连冰山保安休闲产业工程有限公司正式成立 该 公司总投资 35 万美元 注册资本 25 万美元 投资双方各占 50%股权 该公司主要从事人造冰场和滑冰场的设计 成套设备供应 安装维修保 养和相关服务以及游泳池 喷泉 健身等休闲设施的研究开发 2001 年 8 月 10 日 公司与大连市环境监测中心共同出资兴建的大 连冰山环保设备工程有限公司正式成立 该公司首期注册资本为 50 万 元 其中大冷股份拥有 50%的股权 该公司经营范围为污水 废气 废 渣 噪声等环保处理技术开发和创新 以及环保设备的销售 2001 年 10 月 公司与英格索兰 中国 投资公司签署合资协议 共同投资建立冷王集装箱温度控制有限公司 该公司注册资本 900 万美 元 投资总额 2,200 万美元 其中大冷股份拥有 10%股权 该公司经营 范围为船用集装箱温度控制产品及零部件 另外 公司还以自有资金 2,942 万元进行了一系列技术改造, 主要 77 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 用于提高半封闭螺杆 开启式螺杆压缩机的加工能力 扩大冷风机产量 及增加品种 以及扩大出口铸件产量等方面 3 公司财务状况及经营成果 截止 2001 年 12 月 31 日 公司财务状况及经营成果如下 1 资产总额 183,620 万元 比年初增加 10,543 万元 其中 流动 资产增加 8,832 万元 主要是因货币资金的增加 固定资产减少 2,201 万元 主要是因固定资产折旧及计提固定资产减值准备 长期投资增加 3,959 万元 主要是因合资企业实现利润 无形及递延资产减少 47 万 元 主要是因无形资产摊销 2 负债总额 64,992 万元 比年初增加 6,927 万元 其中 流动负 债减少 251 万元 主要是因短期借款减少 长期负债增加 7,178 万元 主要是因长期借款增加 3 股东权益 115,762 万元 比上年增加 3,450 万元 主要是因计 提公积金 未分配利润增加 4 营业利润 1,147 万元 比上年减少 1,545 万元 主要是因主营 业务成本增加 毛利率下降及计提减值准备 5 净利润 6,950 万元 比上年增加 329 万元 主要是因合资企业 投资收益增加 4 新年度的经营计划 1 积极应对入世挑战 大力开拓国内外市场 以市场为导向 按照公司既定的营销战略 通过强化全员抓市场的 78 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 意识 强化营销体系全方位的管理 强化成套工程全过程的控制 强化 品牌宣传力度等具体举措 确保公司主营业务收入的稳定增长 加快实施 走出去 战略 大力开拓海外市场 逐步推进跨国经营 2 推进公司 十五 规划实施 瞄准世界技术创新水平的前沿 与 世界同行 科研院所及大专院校广泛交流 充分发挥博士后工作站和设 计研究院的作用 加快产品结构调整 加大技术改造力度 坚定不移地 走用高新技术改造传统产业的发展之路 3 以入世为契机 进一步加大招商引资力度 加快与国际资本的融 合 现有合资企业要加强自己的开发能力 扩大规模 增加品种 以增 强综合竞争力 同时要进一步扩大与国际知名公司的广泛合作 4 以质量 价格 服务为核心 大力推进名牌战略 继续提升 冰 山 品牌 5 以实施人才战略为主体 深化人事用工制度改革和工资分配制度 改革 进一步完善公司的激励机制和约束机制 6 大力推进管理信息化 促进定性管理向定量管理 静态管理向动 态管理 事后管理向超前控制的转变 推进公司管理再上新台阶 5 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 二届十二次董事会议 公司二届董事会于 2001 年 4 月 14 日在公司六楼会议室召开了第十 二次会议 出席本次会议的董事 15 名 会议由董事长张和先生主持 79 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 本次会议审议并通过了如下决议 公司 2000 年年度报告 公司 2000 年 度财务决算和 2001 年度财务预算 公司 2000 年度利润分配预案 公司 2001 年度利润分配政策 关于修改公司章程的报告 推荐了公司三届 董事会董事候选人名单 关于召开 2000 年度股东大会的有关事项 三届一次董事会议 公司三届董事会于 2001 年 5 月 22 日在公司会议室召开了第一次会 议 出席本次会议的董事 17 名 会议由原董事长张和先生主持 本次 会议审议并通过了如下决议 选举张和为公司董事长 穆传江为公司副 董事长 选举张和 穆传江 张宏智 王德昆 于守涛 王志强 杨斌 为公司执行董事 聘任穆传江为公司总经理 聘任吕连珍为公司董事会 秘书 聘任张宏智 王德昆 王志强 杨斌 胡希堂 丁杰为公司副总 经理 聘任于守涛为公司财务总监 三届二次董事会议 公司三届董事会于 2001 年 8 月 15 日在公司六楼会议室召开了第二 次会议 出席本次会议的董事 12 名 会议由董事长张和先生主持 本 次会议审议并通过了如下决议 公司 2001 年中期报告及其摘要 公司 2001 年中期不进行利润分配和资本公积金转增股本 关于修改补充 公 司资产减值准备的计提及处理 的决议 董事会对股东大会决议的执行情况 公司董事会认真贯彻执行了 2000 年度股东大会的各项决议 公司 2000 年度分红方案由公司董事会于 2001 年 7 月实施完毕 80 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 6 本次利润分配预案或资本公积金转增股本预案 1 本年度利润分配预案 根据大连华连会计师事务所有限公司的审计 公司 2001 年实现税 后利润为 8,891.8 万元 根据国家有关规定及公司章程提取 10%法定盈 余公积金 889.2 万元 10%法定公益金 889.2 万元 10%任意盈余公积金 889.2 万元 合并子公司提列储备 129.6 万元 共计提取 2,797.2 万元 加上上年度未分配利润 2,385.5 万元 可供股东分配的利润为 8,480.1 万元 根据国际会计师安达信公司的审计 公司 2001 年实现税后利润 6,950.2 万元 提取法定盈余公积金 法定公益金 任意盈余公积金后 加上上年度未分配利润 2,238.6 万元 可供股东分配的利润为 6,391.6 万元 根据公司章程有关规定 按照孰低原则进行分配 因此 本年度可 供股东分配的利润为 6,391.6 万元 其中 3,500.1 万元纳入分红派息 余额 2,891.5 万元结转下年度分配 公司 2001 年度分红预案 按 2001 年末总股本 350,014,975 股计算 每 10 股派 1 元现金 含 税 B 股的现金股利折算成港币支付 2 本年度公司不以资本公积金转增股本 7 公司选定 中国证券报 大公报 为信息披露报纸 81 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 八 监事会报告 报告期内 监事会召开了三次会议 监事会二届九次会议于 2001 年 4 月 14 日在公司六楼会议室举行 3 名监事全部出席 会议审议通 过了公司 2000 年度监事会工作报告 公司 2000 年年度报告中的 监事 会报告 推荐了参加三届监事会的监事候选人名单 监事会三届一次 会议于 2001 年 5 月 22 日在公司五楼会议室举行 3 名监事全部出席 会议选举于福春先生为公司第三届监事会主席 监事会三届二次会议于 2001 年 8 月 15 日在公司五楼会议室举行 3 名监事全部出席 会议审 议通过了公司 2001 年中期报告及其摘要 公司 2001 年中期不进行利润 分配 也不进行资本公积金转增股本 对下列事项 监事会发表独立意见如下 1 公司依法运作情况 公司决策程序合法 已建立了比较完善的 内部控制制度 公司董事 经理执行公司职务时无违反法律 法规 公 司章程或损害公司利益的行为 2 公司财务情况 大连华连会计师事务所有限公司和安达信公司 均出具了无保留意见的审计报告 财务报告真实反映了公司的财务状况 及经营成果 3 报告期内公司无募集资金行为 公司 1998 年发行 B 股所募资金 的使用有两项延续到报告期内 实际投入项目和承诺投入项目一致 尚 未使用的募集资金存于银行指定外汇帐户 4 报告期内公司无重大收购 出售资产行为 82 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 5 报告期内公司所发生的关联交易主要是向关联公司购买商品 上述关联交易公平 未损害公司利益 九 重要事项 1 本年度公司无重大诉讼 仲裁事项 2 报告期内公司无重大收购及出售资产 吸收合并等事项 3 重大关联交易事项 购买商品发生的关联交易 详见 会计报表附注 4 报告期内公司未发生托管 承包 租赁其他公司资产或其他公司托 管 承包 租赁公司资产的事项 5 报告期内公司无重大担保事项 6 报告期内公司未委托他人进行现金资产管理 无委托贷款事项 7 公司于 2001 年 7 月 13 日与上海国有资产经营有限公司签署了 股 份转让协议 将公司所持有的国泰君安证券股份有限公司 3,789 万股 中的 757 万股 以每股 1.3 元的价格转让给后者 因公司持有的国泰君 安股份为发起人股份 转让过户手续需在国泰君安设立满三年 即 2002 年 8 月 18 日后正式办理 公司在签署 股份转让协议 的同时 与后 者签署了 股份质押协议 作为股份转让的履约保证 8 在二届十二次董事会议上 公司预计 2001 年度利润分配政策如下 分配次数为 1 次 中期不分配 年末分配 分配比例为该年度可供股东 分配利润的 40%-60% 包括该年度实现利润和上年度未分配利润 分 83 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 配形式为派发现金或送红股或两者相结合 其中现金股息占股利分配的 比例不低于 50% 公司 2001 年度利润分配预案与上述预计相符 9 报告期内公司聘任会计师事务所未有变更 报告年度支付给聘任会 计师事务所的报酬情况如下 1 支付给大连华连会计师事务所有限公 司审计费用 18 万元 2000 年度也为 18 万元 无其他费用 差旅费用 由该公司承担 2 支付给安达信公司审计费用 68 万元 2000 年度也 为 68 万元 无其他费用 差旅费用由该公司承担 10 报告期内公司 公司董事会及董事均未受监管部门稽查或处罚 11 报告期内公司执行 33%所得税率 由大连市财政局返还 18% 实际 税负 15% 从 2002 年 1 月 1 日起 公司实际税负变为 33% 12 加入 WTO 以后 制冷空调产品进口关税税率将在四年内从目前的 20% 左右降至 10%左右 每年降低 3%左右 对公司影响较小 十 财务报告 1 审计报告 致 大连冷冻机股份有限公司全体股东 我们已对大连冷冻机股份有限公司 以下简称 贵公司 及其子公 司 以下与贵公司合称 贵集团 于二 一年十二月三十一日的合 并资产负债表及二 一年度的合并利润表 合并股东权益增减变动表 84 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 及合并现金流量表进行了审计 编制合并财务报表是贵公司管理阶层的 责任 我们的责任是依据我们的审计对此合并财务报表发表意见 我们的审计是依据国际审计准则进行的 此准则要求我们规划和执 行审计工作以期能就财务报表是否存有重大错误 作合理的确定 审计 工作包括抽查与财务报表所载数额和披露事项有关的证据 评价贵公司 管理阶层所采用的会计原则和所作出的重大会计估计 及衡量财务报表 的整体呈列 我们相信 我们的审计工作已为下列意见建立了合理的基 础 我们认为 上述合并财务报表真实和公允地反映了贵集团二 一 年十二月三十一日的合并财务状况和二 一年度的合并经营成果及合 并现金流量 并符合国际会计准则委员会颁布的国际会计准则 二 二年四月八日 2 会计报表 附后 3 会计报表附注 除另有说明外 所有金额均以人民币千元为单位 1 组织结构及主要业务活动 大连冷冻机股份有限公司 本公司 系于一九九三年十二月十八日在中华人 民共和国 中国 注册成立的股份有限公司 本公司主要从事生产 销售及 安装制冷设备 本公司的子公司的主要经营业务列示如下 本公司及其子公司 在下文合称 本集团 本公司的注册地址为大连市沙河口区西南路 888 号 截 至二 一年十二月三十一日止 本集团员工总数为 2,136 人 二 年 2,163 人 本公司之境内上市人民币普通股 股 及境内上市外资股 股 分别 于一九九三年九月及一九九八年一月在深圳证券交易所上市 85 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 本公司之直接及最终控股公司为大连冰山集团有限公司 冰山集团 于二 一年十二月三十一日 本公司直接持有下列注册于中国的子公司股权 子公司名称 注册日期 注册资本 权益比例 主要业务 二 一 二 二 一年 二 年 年十二月 年十二月 十二月三十一日 十二月三十一日 三十一日 三十一日 大连冰山集团制冷空调安装公司 一九八八年一月九日 人民币 20,000,000 人民币 15,000,000 100.00% 100.00% 安装及调试制冷设备 大连经济技术开发区冰山经贸公司 一九八九年五月十八日 人民币 5,400,000 人民币 5,400,000 100.00% 100.00% 批发及零售机械设备 大连冰山集团进出口公司 进出口公 一九八八年八月十日 人民币 5,000,000 人民币 1,200,000 24.00% 100.00% 进口原料及出口产品 司 * 大连经济技术开发区大冷经贸公司 一九九二年七月六日 人民币 600,000 人民币 600,000 100.00% 100.00% 批发及零售仪器仪表 大连冰山空调设备有限公司 冰山空 一九九五年十二月二十 日元 700,000,000 日元 700,000,000 70.00% 70.00% 生产及销售制冷配套设备 调 二日 大连冰山金属加工有限公司 一九九八年一月二十一 美元 2,350,000 美元 2,350,000 64.25% 64.25% 加工及销售板金冲压件 日 大连冰山集团销售有限公司 销售公 一九九八年三月十二日 人民币 3,000,000 人民币 3,000,000 90.00% 90.00% 销售制冷空调冷链 司 * 于二 一年五月 冰山集团向进出口公司增资人民币 380 万元 进出口 公司 的实收资本增至人民币 500 万元 而本集团占进出口公司的股权比重 由 100 降至 24 因此 进出口公司成为本集团的一家联营公司 进出口公司于股权变动日 冰山集团资本投入日 的资产及负债之账面价值列 示如下 现金及现金等价物 14,902 应收账款 4,500 预付账款及其他流动资产 27,228 存货 4,576 不动产 厂场及设备 注释 4 79 应付账款及其他应付款 (49,715) 于股权变动日之净资产 1,570 减 本集团于进出口公司之长期投资账面 余额 (1,570) 86 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 减 进出口公司之现金及现金等价物 (14,902) 合并范围变更而导致的净现金流出 (14,902) 2 主要会计政策 编制本集团之合并财务报表所采用的主要会计政策如下 (a) 合并财务报表的编制基准 除可供出售的投资以公允价值计价外 合并财务报表系在历史成本的基础上依据 国际会计准则委员会颁布的国际会计准则编制 此准则与本集团编制法定账目时 所采用的适用于中国的有关财务及会计制度之间存在若干差异 为符合国际会计 准则对法定账目所作的主要调整的净影响揭示于注释 24 (b) 新颁布的国际会计准则 自二 一年一月一日起 本集团遵循国际会计准则第三十九号 金融工具 确 认和计量 注释 26 采用该准则未对财务报表的期初数产生重大影响 也未 重编二 年度的比较数字 (c) 合并财务报表的编制方法 合并财务报表包括本公司及其子公司 注释 1 的财务报表及本集团对联 营公司之权益 注释 5 在编制合并财务报表时 已冲销集团间的内部交易及往来余额 包括集团 间未实现利润及损失 合并财务报表对类似条件下的相同交易或者其他事 项采用统一的会计政策 应付少数股东权益及少数股东损益已分别列示于 合并资产负债表及合并利润表 收购企业系采用购买法入账 收购或出售 的子公司或联营公司在收购日之后或出售日之前的经营成果计入合并财务 报表 (d) 土地租赁 土地租赁以成本减累计摊销及累计减值损失入账 其成本按直线法在租赁 期内 五十年 摊销 87 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT (e) 不动产 厂场及设备和折旧 不动产 厂场及设备按成本减累计折旧及累计减值损失计价 资产的原始 成本包括购买价及将该项资产达到可供使用的状态和地点所需要支付的直 接可归属成本 不动产 厂场及设备达到可供使用状态和地点后的相关后续支出 如维修 保养费用等 如果由此可能流入本集团的未来经济利益超过了原先估计的 绩效标准 则应增加这些资产的账面价值 此外的任何其他后续支出都应 在发生的当年度确认为费用 折旧系按不动产 厂场及设备原值减去估计残值后 在估计使用年限内按 直线法计提 主要估计的使用年限如下 房屋及建筑物 20 40 年 机器设备 家具及办公设备 5 28 年 运输设备 5 20 年 不动产 厂场及设备的估计可使用年限及折旧方法定期予以核阅 以保证 与预期的经济效益流入模式相匹配 不动产 厂场及设备报废或处置时 除冲销其相关成本 累计折旧及累计 减值损失外 所形成的利得或损失列入当年度利润表 (f) 在建工程 在建工程指建造中的房屋及建筑物或安装中的设备 按成本列记 成本包 括建造和购置成本及其他直接可归属成本 以及建造期间发生的与该等资 产有关的借款利息支出及作为利率调整而产生的外币借款汇兑损益 当该等资产完工并可以使用时 其成本将转至不动产 厂场及设备并提列 折 旧 (g) 商誉 商誉系本集团收购成本超过所收购联营公司可辨认资产和负债公允价值中 的权益份额的部分 本集团的商誉皆由收购联营公司股权而产生 故记录 88 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 于对联营公司的投资余额中 于股权收购日 收购的可辨认资产和负债以 公允价值计价 商誉以成本减累计摊销及累计减值损失计价 其成本按直 线法在估计受益年限 十年 内摊销 (h) 子公司 子公司是指被本公司所控制的公司 控制即本公司能够控制该子公司的财 务和经营政策 并藉此从该公司的经营活动中获得经济利益 (i) 联营公司 联营公司系指除子公司及合营企业以外 本公司对其具有重大影响的公司 重大影响即本公司能够参与但并非控制其财务及经营决策 于联营公司之 投资以权益法核算 当于联营公司之投资存在减值的迹象或以前年度已确 认的减值损失不复存在时 将重新评估投资的账面价值 (j) 投资 自二 一年一月一日起 本集团遵循国际会计准则第三十九号 金融工 具 确认和计量 投资被分类为如下类别 持有至到期日的投资 为交易 而持有的投资及可供出售的投资 持有至到期日的投资系指具有固定或可 确定金额和固定期限 且企业明确计划并能够持有至到期日的投资 而本 集团源生的贷款和应收款项不包括在内 为交易而持有的投资系指主要为 从价格的短期波动中获利而进行的投资 可供出售的投资系指除上述投资 及本集团源生的贷款和应收款项外的其他投资 除非将于资产负债表日后十二个月之内到期 持有至到期日的投资属于非 流动资产 管理层计划于资产负债表日后十二个月之内变现的可供出售的 投资属于流动资产 投资的购买与出售均于交易日确认 投资初始以成本计量 成本系指付出对价的公允价值 包括交易费用 初始确认后 本集团以公允价值计量可供出售的投资 以资产负债表日的 市场交易价格计算的交易费用无需在公允价值内抵扣 89 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 如可供出售的股权类投资无活跃市场的公开交易价格且其公允价值无法合 理确定时 该类投资以成本减减值损失计量 公允价值变动形成的可供出售的投资之利得或损失 计入其形成当期的净 损益 持有至到期日的投资 运用实际利率法 以摊余成本计量 (k) 存货 存货按成本与可变现净值孰低法列记 成本按加权平均法计算 包括所有 采购成本 加工成本以及使存货达到目前的状态和地点而发生的其他相关 成本 可变现净值为估计正常售价减估计生产完成和销售所必需的费用后 的净值 当存货有过时 滞销及瑕疵等情况时 则提取存货损失准备 (l) 安装业务合同 如果合同的结果能够可靠地估计 合同的收入与费用根据完工百分比法在 资产负债表日确认 完工进度系采用累计实际发生的合同成本占合同预计 总成本的比例确定 如果合同的结果不能可靠地估计 则按下列情况处理 合同成本能够收回的 合同收入根据能够收回的实际合同成本加以确认 合 同成本则在其发生的当年度确认为费用 合同成本不能够收回的 则在发生时立即确认为当年度费用 不确认合同收 入 依累计实际发生的合同成本占合同预计总成本的比例计算之累计在建合同 毛利 大于以前年度累计已确认在建合同毛利时 其超过部分为当年度收 益 反之 则该部分列为当年度损失 当合同预计总成本大于总收入时 则立即将预计损失列为当年度费用 按合同分期应收取的款项 账列工程结算 于各工程合同完工后与相关的 生产成本冲转 在资产负债表日 如果累计已发生的合同成本加累计已确 认的合同毛利减累计已确认的预计亏损大于工程结算 列于流动资产 在 建合约工程 反之 则列于流动负债 预收在建合约工程款 合同履行前 所收之款项列记于预收账款 已开票结算 但尚未收到之合同款项记入应 90 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 收账款 (m) 应收款 应收款初始以所付出的对价的公允价值列示 此后以成本减去减值损失计 价 (n) 现金及现金等价物 现金系库存现金及存放于银行的 可以随时用于支付的存款 现金等价物 系期限短 流动性强且易于转换为已知金额现金的投资 该等投资的原始 期限不超过三个月且价值变动风险很小 (o) 准备 本集团当以下条件均满足时 对准备予以确认 (a) 因过去事项而承担了现时的法定义务或推定义务 (b) 履行该义务很可能要求含有经济利益的资源流出企业 (c) 该义务的余额可以可靠地估计 于资产负债表日 本集团履行义务不再是很可能要求含有经济利益的资源 流出时 准备应予转记 (p) 负债和权益 金融工具按有关合同约定的实质列为负债或权益 金融工具若为负债 则 其有关利息 股利 收益和损失均作为当年度损益 金融工具若为权益 则其向所有者的分派均直接抵减权益 (q) 少数股东权益 少数股东权益系指被收购子公司的可辨认资产及负债的公允价值中少数股 东所占的部分 (r) 收入认列 91 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 当交易产生的未来经济利益很可能流入本集团 且有关收入和成本能够可 靠地计量时 才对收入加以确认 除注释 2(l)中有关安装业务合同的收入 认列基准外 本集团按下列基准认列收入 (a) 销售收入 销售收入指发票金额 不含增值税 扣除销售折让后的净额 在与商 品所有权有关的主要风险和报酬转移给买方时予以确认 (b) 利息收入 利息收入按使用本集团现金的时间和适用利率计算确认 (c) 股利收入 股利收入在取得收取股利的权利时确认 (s) 税项 本公司及其子公司的企业所得税是依据法定账目所载的税前利润 增减不 须纳税或不可扣除的各项收支项目 并考虑所有的税赋优惠后按适用税率 计算 其他税项依据适用于本集团的中国政府有关税务法规提列 递延税项系采用资产负债表的负债法计提 递延所得税反映按财务报告计 算的资产与负债与按税法计算的资产与负债之间的临时性差异的税务净影 响 递延所得税资产和负债的计量系基于资产负债表日所颁布的法定或实 际税率 并根据该等临时性差异的预计回转年份所适用的税率而得出 递 延税项负债应予当期确认 递延税项资产 除可合理估计未来有足够的应 课税利润用来抵扣该项递延税项资产外 不予确认 会计政策并未因于二 一年一月一日采用的经修订的国际会计准则第十 二号 所得税 而有所改变 注释 26 (t) 计量货币及外币换算 92 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 根据本集团有关经营活动及经营环境的经济实质 本公司及其子公司以人 民币为计量货币 外币交易均以交易发生日的适用汇率换算为计量货币 于资产负债表日 以外币计价的货币性资产和负债乃按该日的适用汇率折 算成计量货币 以历史成本计价的的非货币性资产和负债系按交易发生的 汇率折算成计量货币 汇兑损益除已资本化者以外均列入当年度损益 (u) 借款及借款费用 借款以收到的对价扣除交易费用后的净额确认其初始成本 其后按以实际 利率法计算的摊余成本计量 收到的净额与未来现金支出现值之间的差额 在借款期限内计入当期损益 交易费用包括支付给代理商 顾问 经纪商和自营商的手续费和佣金 监 管机构和证券交易所征收的款项及证券交易税 交易费用不包括债券溢价 或折价 筹资费用和内部管理费用或持有成本的摊销额 借款费用包括利息费用及其他与借款相关的费用 包括借款折溢价的摊销 借款安排的辅助性支出的摊销及作为利率调整而产生的外币借款的汇兑损 益 借款费用一般于发生当期予以费用化 除非用借款购建的资产需较长一段 时间的购建方能投入使用 则与该项资产直接有关的借款费用予以资本化 当购建成本及借款费用开始发生且为该等资产达到预定用途的购建活动正 在进行时 借款费用才开始资本化 资本化的借款费用根据该项资产达到 预定用途前所平均占用的资金计算 若由于借款费用资本化而导致资产的 账面价值超过其可回收价值 则应计提该资产的减值准备 (v) 政府补助 政府补助仅在能够合理保证本集团能符合补助条件并可收到补助的情况下 确认 (w) 退休金费用 本集团参加由一政府机构管理的确定提拨的统筹退休金计划 本集团须按 照职工基本工资总额的 26 计提 其中本集团负责 19 余下由职工负责 二 年 24 其中本集团负责 19 该等统筹退休金交由中国 政府有关部门统筹安排 退休职工的退休金由该部门统筹支付 本集团按 93 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 权责发生制将退休金计入当年度费用 (x) 金融工具 (1) 定义 金融工具指形成一个企业的金融资产并形成另一个企业的金融负债或 权益性工具的合同 金融资产指下列某项资产 (1) 现金 (2) 从另一个企业收取现金或另一金融资产的合同权利 (3) 在潜在有利的条件下 与另一个企业交换金融工具的合同权利 (4) 另一个企业的权益性工具 金融负债指属于下列某项合同义务的负债 (1) 向另一个企业交付现金或另一金融资产的合同义务 (2) 在潜在不利的条件下 与另一个企业交换金融工具的合同义务 本集团的金融资产和金融负债包括现金及现金等价物 应收款 投资 应付款及借款 (2) 确认和计量 当金融资产以成本进行初始确认后 本集团对各类金融工具根据国际 会计准则第三十九号分别以可靠的公允价值 成本或摊余成本 以实 际利率法计算 计量 以公允价值计量的为交易而持有的金融资产/负 债及可供出售的金融资产在初始确认后 其公允价值变动形成的利得 和损失 计入当年度损益 (3) 列报 如金融资产和负债的相互抵销在法律上可以实施 且本集团意图对其 进行抵销或以出售资产价款偿还负债 则金融资产和负债可以相互抵 销 94 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT (y) 金融风险及风险管理 本集团经营活动给本集团带来了各种金融风险 包括信用风险 流动性风 险 利率风险和外币风险 (1) 信用风险 信用风险或对方违约风险 通过限制信用期限及执行监控程序来控制 现金及现金等价物 应收款项及其他流动资产之账面净值已反映了本 集团有关财务资产的最高信贷风险 本集团并无其他财务资产有重大 的信贷风险 本集团未将信用风险集中于单个债务人或债务人群体 (2) 流动性风险 本集团通过持有充足的现金及现金等价物或每年从银行获得足够的银 行信贷额度来满足其对未来一年内的经营计划所作的承诺 (3) 利率风险 短期借款与长期借款之利率及还款期限载于注释 15 市场利率价格的变动不会显著影响本集团的经营业绩及营业活动现金 流量 (4) 外币风险 因外币经营活动有限 本集团无重大汇率风险 (z) 公允价值的估计 公开交易的证券之公允价值系依据资产负债表日的市场报价而确定 非公开交易的证券及其他金融工具的公允价值系通过以下各种方法并依据 资产负债表日市场实际情况作出的假设进行评价 95 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT (1) 现金及现金等价物 由于现金及现金等价物享有现时利率 或自存款发生至其预期存款期 满的期限较短 因此现金及银行存款的账面值与其公允价值大致相同 (2) 应收款项及其他应收款 在建合约工程 应付账款及其他应付款 预收在建 合约工程款 由于上述应收及应付款是在一般商业信用条款下发生的 因此其账面 价值与其公允价值大致相同 (3) 与关联方之余额 由于与关联方之余额不计息 且无固定偿还期限 因此其公允价值据 账面价值予以披露 (4) 长期投资 长期投资在活跃市场无交易价格 且无其他任何可行且适当的方法合 理地估计其公允价值 (5) 借款 于二 一年十二月三十一日 根据可比较金融工具之现时市场利率 本集团估计借款之公允价值与其账面价值大致相同 (aa) 资产减值 当某些事件发生或环境变化导致土地租赁 不动产 厂场和设备 商誉和 对联营公司之投资的账面价值可能无法回收时 应对该等资产进行减值核 阅 若一项资产的账面价值超过其可回收价值时 应就其差额确认减值损 失并计入当年度费用 一项资产的可回收价值系按其净销售价格和可使用 价值中孰高者确认 净销售价格系指在公平交易情况下出售该项资产可获 得的价款 而可使用价值系指继续使用该项资产并在使用年限末出售该项 资产而获得的未来现金流量的现值 可回收价值应按个别资产予以估计 若不可行则应按现金流量产生单位分别予以估计 96 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 若有迹象表明上述减值损失不复存在或得以减少 则回转以前年度认列的 该项减值损失 此项回转列为当期收益 金融工具亦在每个资产负债表日被予以评价 以判断是否存在减值 对于 以成本或摊余成本计量的金融资产 如果很可能不能按贷款 应收账款或 持有至到期日的投资的合同条款收回所有到期金额 则确认减值损失或计 提坏账损失 在后续期间 如果减值或坏账损失降低 且这种降低客观上 与减记之后发生的事项有关 则金融资产的减记金额应直接或通过调整坏 账备抵转回 但该转回不应导致该金融资产的账面金额超过不确认减值情 况下的成本或摊余成本 转回的金额列入当期收益 确认以摊余成本计量的金融资产的减值时采用该金融工具最初的实际利率 而非现行市场利率 (bb) 或有事项 或有负债不在财务报表中予以确认 除非含有经济利益的资源流出的可能 性极小 否则或有负债应在财务报表注释中披露 或有资产不在财务报表中予以确认 只有当或有资产的经济利益很可能流 入时 才在财务报表注释中披露 (cc) 资产负债表日后事项 本集团调整财务报表中已确认的金额 以反映资产负债表日已存在的状况 作出重新估计等调整事项 非调整重大事项则在财务报表注释中披露 (dd) 会计政策变更 根据法律或会计准则制定机构的要求变更会计政策 或会计政策的变更将 更能恰当地反映本集团合并财务报表中的事项或交易时 应当变更会计政 策 变更会计政策时应采用追溯调整法 除非相关法律或会计准则制定机构有 特别的要求或产生的与以前年度相关的调整金额无法合理地确定 则应采 用未来适用法 97 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 3 土地租赁 土地租赁于二 一年度之变动如下 二 一年度 二 年度 原值 年初余额 45,454 43,235 本年增加 453 2,219 年末余额 45,907 45,454 累计摊销 年初余额 2,877 1,994 本年摊销 918 883 年末余额 3,795 2,877 净值 年末余额 42,112 42,577 年初余额 42,577 41,241 土地使用权系指冰山集团作价入股的本公司厂区所在地的土地使用权及本公司 及其子公司为取得厂区所在地的土地使用权而支付的使用费 土地使用权的期 限均为五十年 因为所有中国的土地均由国家或集体拥有 上述土地的风险和收益仍归国家所 有 因此 该等土地使用费视同经营性租赁核算 并在租赁期 五十年 内按 直线法摊销 4 不动产 厂场及设备 不动产 厂场及设备于二 一年度之变动如下 二 一年度 98 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 机器设备 房屋及 家具及 建筑物 运输设备 办公设备 在建工程 合计 原值 182,236 年初余额 12,735 298,857 5,802 499,630 本年增加 751 994 8,587 8,903 19,235 在建工程转入 9,574 915 2,300 (12,789) - 重分类 (1,084) (3,705) 4,789 - - 由于合并范围变 更而减少 注释 1 - - (90) - (90) 本年减少 - (103) (286) - (389) 年末余额 191,477 10,836 314,157 1,916 518,386 累计折旧 年初余额 66,026 7,473 128,297 - 201,796 本年折旧 4,557 1,056 16,305 - 21,918 重分类 (337) (3,594) 3,931 - - 由 于 合 并范 围 变 更而减少 注释 1 - - (11) - (11) 本年减少 - (20) (248) - (268) 年末余额 70,246 4,915 148,274 - 223,435 减值准备 年初余额 - - - - - 本年计提 10,294 - 8,841 - 19,135 年末余额 10,294 - 8,841 - 19,135 净值 年末余额 110,937 5,921 157,042 1,916 275,816 年初余额 116,210 5,262 170,560 5,802 297,834 99 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 于二 一年十二月三十一日 在建工程余额中无资本化利息 5 于联营公司之投资 二 一年 二 年 十二月三十一 十二月三十一 日 日 本集团占联营公司净资产之份额 424,324 383,905 商誉 5,180 5,946 429,504 389,851 于二 一年十二月三十一日 本公司直接持有下列注册于中国的联营公司股 权 联营公司名称 注册日期 注册资本 权益比例 主要业务 二 一 二 二 一年 二 年 年十二月 年十二月 十二月三十一日 十二月三十一日 三十一日 三十一日 大连三洋压缩机有限公司 三洋 一九九四年九月十 日元 6,620,000,000 日元 6,620,000,000 40.00% 40.00% 生产及销售半封闭压缩机 压缩机 五日 大连三洋制冷有限公司 三洋制 一九九二年九月十 日元 2,000,000,000 日元 2,000,000,000 40.00% 40.00% 生产及销售吸收式溴化锂制冷 冷 一日 机 大连三洋冷链有限公司 三洋冷 一九九四年一月十 日元 1,400,000,000 日元 1,400,000,000 40.00% 40.00% 生产及销售超级市场冷冻冷藏 链 一日 设备 大连大洋运输冷冻工程有限公司 一九九二年十二月 美元 850,000 美元 850,000 40.00% 40.00% 安装运输冷藏设备 大洋运输 十一日 大洋汽车空调工程(大连)有限公司 一九九三年十月十 美元 12,000,000 美元 12,000,000 30.00% 30.00% 生产及销售汽车空调系统 大洋汽车 日 大连明华电子有限公司 一九九四年十一月 日元 300,000,000 日元 300,000,000 30.00% 30.00% 生产及销售电子控制线路板 十七日 大连本庄化学有限公司 一九九三年三月十 日元 260,000,000 日元 260,000,000 30.00% 30.00% 生产及销售溴化锂溶液 九日 大冷王运输制冷有限公司 大冷 一九九 年十二月 美元 3,000,000 美元 3,000,000 25.00% 25.00% 生产及销售冷藏运输车的制冷 100 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 王运输 一日 设备 大连三洋空调机有限公司 三洋 一九九五年十二月 日元 1,400,000,000 日元 1,400,000,000 40.00% 40.00% 生产及销售空调机 空调 二十日 大连三洋饮食设备有限公司 三 一九九五年十二月 日元 1,000,000,000 日元 1,000,000,000 40.00% 40.00% 生产及销售冷藏冷冻柜 洋饮食 二十二日 大连三洋家用电器有限公司 一九九五年十月二 日元 600,000,000 日元 600,000,000 40.00% 40.00% 生产及销售小型家用电器 十七日 进出口公司 注释 1 一九八八年八月十 人民币 5,000,000 人民币 1,200,000 24.00% 100.00% 进口原料及出口产品 日 大连冰山保安休闲产业工程有限公 二 一年一月八 美元 250,000 - 50.00% - 人造冰场和滑雪场的设计 成 司 日 套设备供应 安装 维修保 养 大连冰山环保设备有限公司 二 一年八月十 人民币 500,000 - 50.00% - 环保处理技术开发和创新 环 日 保设备销售 6 长期投资 二 一年 二 年 十二月三十一 十二月三十一 日 日 可供出售的投资 投资于未上市公司之成本 45,811 45,811 减 减值准备 (500) (500) 45,311 45,311 持有至到期日的投资 债券投资 30 90 45,341 45,401 如可供出售的股权类投资无活跃市场的公开交易价格且其公允价值无法合理确 定时 该类投资以成本减减值准备计量 于二 一年十二月三十一日 投资于未上市公司之明细如下 被投资公司名称 占被投资公司注册资本比例 账面价值 101 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 二 一年 十 二 年 十二 二 一年 十 二 年 十二 二月三十一日 月三十一日 二月三十一日 月三十一日 国泰君安证券股份有限公司 1.02% 1.02% 37,890 37,890 新太科技股份有限公司 1.9% 1.9% 3,000 3,000 大连冰山橡胶塑料机械股份 有限公司 2.14% 2.14% 2,308 2,308 辽宁省迈克集团股份有限公 司 2.0% 2.0% 1,020 1,020 其他 1,593 1,593 45,811 45,811 7 存货 二一年 二 年 十二月三十一 十二月三十一 日 日 原材料 41,228 24,149 在产品 116,848 114,600 产成品 153,153 182,736 311,229 321,485 减 存货损失准备 (5,716) (4,471) 305,513 317,014 于二 一年十二月三十一日 上述存货中约人民币 6,023,000 元 二 年 人民币 11,988,000 元 系以可变现净值计价 于二 一年度 认列为费用的存货成本约为人民币 727,000,000 元 二 年度 人民币 746,000,000 元 8 在建合约工程 二 一年 二 年 十二月三十一 十二月三十一 日 日 102 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 累计已发生的合同成本 99,150 154,692 加 累计已确认的合同毛利 13,837 22,988 减 累计已确认的预计亏损 (1,699) (4,051) 工程结算 (60,770) (101,704) 50,518 71,925 9 应收账款 二 一年 二 年 十二月三十一 十二月三十一 日 日 应收账款 175,417 162,782 应收票据 15,502 4,667 190,919 167,449 减 坏账准备 (24,565) (20,552) 166,354 146,897 10 股本 于二 一年十二月三十一日 发行在外的股份包括国有股 法人股 A 股和 B 股 A 股与 B 股同股同权 但 A 股只能由中国境内的投资者拥有和交易 本公司股本结构 每股人民币 1 元 如下 股数 金额 人民币元 二 一年 二 年 二 一年 二 年 十二月三十一日 十二月三十一日 十二月三十一日 十二月三十一日 注册 发行及实收之股本 国有股 104,422,500 104,422,500 104,422,500 104,422,500 法人股 32,222,250 32,222,250 32,222,250 32,222,250 A股 98,370,225 98,370,225 98,370,225 98,370,225 股 115,000,000 115,000,000 115,000,000 115,000,000 103 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 350,014,975 350,014,975 350,014,975 350,014,975 11. 储备 a 资本公积金 依照中国有关法律及本公司章程规定 下列项目应记入资本公积金 (i)股本溢价 (ii)受赠资产 (iii)资产重估增值的部分 及(iv)其他依据公司 章程及中国有关规定的项目 资本公积金可用于弥补以前年度亏损或增加 股本 股本溢价为以国有股及法人股面值从发起人处换取净资产而产生的股本溢 价及发行 A 股及 B 股之总发行收入超过股票面值 并扣除承销佣金以及中 介机构费用后的净额 (b)法定盈余公积金 根据中国公司法和本公司章程 本公司须按法定账目税后利润 弥补以前 年度的亏损后 提取 10%的法定盈余公积金 当该公积金之余额已达本公 司股本的 50%时可不再提取 法定盈余公积金经批准后 可用于弥补以前 年度亏损或转增股本 但使用该公积金后 其余额不得少于本公司股本的 25 (c)法定公益金 根据中国有关财务规定和本公司章程 本公司须按法定账目税后利润 弥 补以前年度的亏损后 提取 5%至 10%的法定公益金 作为职工集体福利的 资本性支出 (d)任意盈余公积金 根据本公司章程 本公司在提取法定盈余公积金和法定公益金后 可以提 取任意盈余公积金 于二 一年五月二十二日 本公司股东大会批准按二 年度法定账 目税后利润的 10 提取任意盈余公积金 104 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 12. 未分配利润 (a)未分配利润留待将来作利润分配之用 股利的分派系依照本公司章程及 董事会之建议进行 尚待股东大会决议通过 依据中国财政部一九九五年 八月二十四日颁布的[1995]第 31 号通知 剩余可供股东分配的利润应按中 国会计准则与国际会计准则编制的财务报表中未分配利润孰低原则确认 于二 一年十二月三十一日 可供股东分配的利润约为人民币 78,548,000 元 二 年 约为人民币 65,200,000 元 于二 一年五月二十二日 本公司股东大会批准按每股人民币 0.10 元 二 年 每股人民币 0.10 元 向股东分派现金股利总计人民币 35,001,000 元 二 年 人民币 35,001,000 元 (b)本公司的子公司冰山空调和销售公司根据其各自的董事会决议提取了二 一年度及二 年度的法定盈余公积金和法定公益金 在本合并财 务报表中 已按本公司拥有冰山空调和销售公司的权益比例 将该法定盈 余公积金和法定公益金中属于本公司的部分提取储备 13. 预收在建合约工程款 二 一年 二 年 十二月三十一 十二月三十一 日 日 工程结算 25,233 11,072 减 累计已发生的合同成本 (17,298) (8,451) 累计已确认的合同毛利 (285) (645) 7,650 1,976 14. 应付账款及其他应付款 二 一年 二 年 十二月三十一 十二月三十一 日 日 105 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 应付账款 132,506 104,485 预收账款 111,978 123,621 预提费用及其他流动负债 10,410 12,916 应付票据 5,381 2,000 应付福利费 注释 19 5,114 3,689 应付工资 - 855 265,389 247,566 15. 借款 (a)短期银行借款 于二 一年十二月三十一日 短期银行借款的年利率为 5.58 二 年 5.58 至 5.85 均由冰山集团提供担保 (b)长期银行借款 二 一年 二 年 十二月三十一 十二月三十一 日 日 (i) 担保银行借款 79,000 21,572 减 一年内到期部分 - (21,572) 79,000 - 于二 一年十二月三十一日 长期银行借款的年利率为 6.03 二 年 2 至 5.94 均由冰山集团提供担保 长期银行借款均于二 五年三月二十日到期 (1) 该笔人民币 7,900 万元银行借款的利息费用由大连市财政局予以贴息 于二 一年度 本公司实际收到的贴息款约人民币 160 万元 二 年度 无 已冲抵当年度的利息费用 106 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 16. 销售收入 二 一年度 二 年度 成套及配套工程 制冷压缩机/机组 356,692 326,211 安装业务 注释 2(l) 84,903 149,582 销售制冷压缩机/机组 294,244 301,002 销售辅机 35,993 30,408 其他 84,759 70,282 856,591 877,485 减 销售附加税 注释 20 (3,373) (3,663) 853,218 873,822 17. 销售成本 二 一年度 二 年度 成套及配套工程 制冷压缩机/机组 310,078 292,407 安装业务 注释 2(l) 100,931 155,889 销售制冷压缩机/机组 225,860 225,866 销售辅机 25,070 20,667 其他 64,939 50,789 726,878 745,618 18. 财务成本 二 一年度 二 年度 银行借款利息费用 注释 15(b)(i) 15,797 17,222 银行存款利息收入 (13,833) (13,692) 1,964 3,530 107 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 19. 除税及少数股东损益前利润 除税及少数股东损益前利润已扣除下列各项: 二 一年度 二 年度 人工成本 工资和薪金 42,584 39,387 提取各项职工福利 9,212 8,094 提取法定退休金 8,350 7,327 土地租赁摊销 918 883 不动产 厂场及设备折旧 21,918 23,423 商誉摊销 记录于管理费用中 766 768 银行手续费 108 223 处置不动产 厂场及设备损失 47 249 提取坏账准备 4,013 4,526 冲销坏账 5,088 2,529 提取存货损失准备 1,245 - 提取长期投资减值准备 - 500 各项职工福利的计提比例 占职工基本工资总额 如下 计提比例 二 一年度 二 年度 职工福利金 14.0% 14.0% 住房公积金 7.0% 6.0% 医疗保险 8.0% 9.0% 待业保险金 2.0% 2.0% 工伤基金 1.2% 0.7% 生育基金 0.5% 0.5% 20. 税项 (a)增值税 108 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 本集团依法缴纳增值税 增值税为价外税 一般税率为 17% 依增值税法 规定 购进半成品或原材料等所支付的进项税额可抵扣销售货物时应缴纳 的销项税额 (b)销售附加税 本集团须缴纳以下销售附加税 城市维护建设税 税额按应付增值税净额的 7%计征 教育费附加 税额按应付增值税净额的 3%计征 (c)企业所得税 (2) 所得税费用的明细如下 二 一年度 二 年度 当年度所得税 29,149 12,164 (7,219) 以权益法核算联营公司投资收益而 7,219 导致的递延所得税项 (a) 认列的联营公司的所得税 8,058 5,430 29,988 24,813 财政返还 (29,323) (6,168) 665 18,645 依据大连市财政局及大连市地税局一九九七年十月二十一日颁发的大 财税字[1997]155 号文件 自一九九七年一月一日起本公司的企业所得 税先按应纳税所得额的 33%计征 再按本公司应纳税所得额的 18%由 大连市财政局返还 实际企业所得税的税负为 15% 依财政部于二 年十月颁布的财税[2000]99 号文 上述优惠政策 可保留到二 一年十二月三十一日 (a) 依据中国有关法律的规定 本集团对于自联营公司收取的股利须 按一 定比例补缴企业所得税 于二 年十二月三十一日 本 集团根据联营公司于二 年十二月三十一日的未分配利润数 额导致的临时性差异提取了人民币 7,219,000 元的递延税项负债 109 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 于二 一年 经大连市地税局及大连市财政局同意 本集团缴 纳了联营公司上述企业所得税 并已从大连市财政局获得了该等 税款的全额返还 因此 本集团于二 一年回转此递延税项负 债并冲减当年度所得税费用 (3) 所得税费用与按会计所得额计算之所得税费用的调节表如下所示 二 一年度 二 年度 除税及少数股东损益前 利润 72,717 100% 87,112 100% 按法定税率 33% 二 年 33 计算 的所得税额 23,997 33% 28,747 33% 子公司不同税率之影响 (740) (1%) (3,188) (4%) 不须纳税的收益之影响 (2,742) (4%) (2,450) (3%) 不可抵扣的费用之影响 6,362 9% 128 0% 未确认之临时性差异 3,111 4% 1,576 2% 财政返还 (29,323) (40%) (6,168) (7%) 所得税费用 665 1% 18,645 21% 21. 每股盈利 二 一年度基本和摊薄每股盈利系以二 一年度净利润约人民币 69,502,000 元 二 年度 约人民币 66,209,000 元 除以已发行的股数 350,014,975 股计算 22. 合并现金流量表补充信息 (a)除税及少数股东损益前利润和营业活动的现金流量的调节如下 二 一年度 二 年度 除税及少数股东损益前利润 72,717 87,112 110 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 调整项目 土地租赁摊销 918 883 不动产 厂场及设备折旧 21,918 23,423 提取不动产 厂场及设备减值损失 19,135 - 处置不动产 厂场及设备损失 47 249 商誉摊销 766 768 依权益法认列之联营公司收益 (79,001) (61,757) 长期投资收益 (3,346) (1,969) 提取长期投资减值准备 - 500 提取存货损失准备 1,245 - 提取坏账准备 4,013 4,526 冲销坏账 5,088 2,529 利息费用 15,797 17,222 利息收入 (13,833) (13,692) 营运资金变动前营业利润 45,464 59,794 存货及在建合约工程减少 增加 27,087 (48,405) 预付账款及其他流动资产增加 (10,244) (6,936) 应收关联方款项 增加 减少 (48,649) 15,130 应收账款增加 (26,098) (46,276) 预收在建合约工程款增加 5,674 1,976 应付关联方款项减少 (3,089) (22,754) 应付账款及其他应付款增加 63,192 82,904 营业活动产生的现金 53,337 35,433 (b)现金及现金等价物余额分析 二 一年 二 年 十二月三十一 十二月三十一 日 日 库存现金 6 25 银行活期存款 142,141 73,928 银行定期存款 272,788 266,603 414,935 340,556 111 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT (c)不影响现金流量之交易 二 一年度 二 年度 本年度宣布的股利 35,001 35,001 加 年初应付股利 9,414 7,716 减 与应收冰山集团款项抵销的应付股 (10,442) (10,442) 利 减 年末应付股利 (8,624) (9,414) 以现金支付的股利 25,349 22,861 23. 关联方交易 (a)在财务或经营决策中 如果一方直接或间接地控制或有重大影响于另一 方 则将其视为关联方 如果两方同受一方控制或重大影响 亦将其视为 关联方 (b)关联方名称与关系 名 称 与本公司之关系 冰山集团 本公司之最终控股公司 三洋制冷 本公司之联营公司 三洋冷链 本公司之联营公司 三洋空调 本公司之联营公司 三洋压缩机 本公司之联营公司 三洋饮食 本公司之联营公司 大洋汽车 本公司之联营公司 大洋运输 本公司之联营公司 大冷王运输 本公司之联营公司 进出口公司 本公司之联营公司 冰山集团冷饮设备有限公司 冷饮 冰山集团之全资子公司 设备 大连第一制冷设备厂 第一制冷 冰山集团之全资子公司 大连第三制冷设备厂 第三制冷 冰山集团之全资子公司 大连开关总厂 开关总厂 冰山集团之全资子公司 金州重型机器厂 冰山集团之全资子公司 112 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 冰山冷冻设备有限公司 冷冻设 冰山集团之控股子公司 备 大连冰山橡胶塑料机械股份有限公司 冰山集团之控股子公司 大连橡塑 大连冰山巴尔的摩空气盘管制冷有限 冰山集团之控股子公司 公司 巴尔的摩 大连正兴开关厂 正兴开关 冰山集团之联营公司 名 称 与本公司之关系 大连斯频德冷却塔有限公司 斯频 冰山集团之联营公司 德 大连保温瓶厂 保温瓶厂 冰山集团之全资子公司 大连制冷技术服务中心 制冷技 冰山集团之全资子公司 术 (c)除已于注释 15 中披露的交易外 本集团重大关联方交易如下 二 一年度 二 年度 采购原材料及产成品 三洋空调 81,632 114,827 三洋压缩机 68,249 59,163 三洋冷链 48,331 48,694 巴尔的摩 44,784 34,014 进出口公司 41,062 - 三洋制冷 38,917 28,284 斯频德 21,860 14,083 第一制冷 13,929 19,170 开关总厂 12,210 19,743 冷冻设备 11,869 17,995 保温瓶厂 7,445 3,713 第三制冷 7,290 10,843 冷饮设备 5,655 6,120 制冷技术 2,653 2,886 正兴开关 2,467 1,504 金州重型机器厂 1,951 214 三洋饮食 1,267 136 113 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 其他 182 405 411,753 381,794 二 一年度 二 年度 销售产成品 三洋压缩机 29,705 9,128 进出口公司 23,014 - 第一制冷 13,453 1,164 冷冻设备 6,586 4,038 第三制冷 2,466 3,003 制冷技术 2,065 - 三洋制冷 1,079 414 金州重型机器厂 1,035 - 冷饮设备 681 688 大连橡塑 479 355 斯频德 431 312 其他 897 350 81,891 19,452 采购机器设备 进出口公司 1,269 - 代理销售佣金收入 三洋空调 4,992 4,200 三洋冷链 720 1,430 巴尔的摩 593 - 6,305 5,630 (d)与关联方间之重大余额 二 一年 二 年 十二月三十一 十二月三十一 日 日 应收关联方款项 进出口公司 31,219 - 114 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 第一制冷 8,529 5,620 冰山集团 8,273 - 三洋制冷 6,238 6,810 三洋空调 4,243 179 大洋汽车 3,308 3,700 三洋冷链 2,446 3,769 大连橡塑 2,052 1,754 金州重型机器厂 1,132 1,222 大洋运输 1,051 1,337 开关总厂 - 1,949 其他 2,460 526 70,951 26,866 应付关联方款项 巴尔的摩 19,809 632 冷饮设备 8,875 7,502 第三制冷 2,535 1,403 斯频德 72 6,767 冰山集团 - 4,396 冷冻设备 - 2,501 其他 2,113 2,850 33,404 26,051 本集团与关联方之往来余额均无担保 不计息且无固定偿还期限 24. 按国际会计准则所作之调整对净利润及净资产的影响 净利润 净资产 二 一年 二 年 二 一年度 二 年度 十二月三十一日 十二月三十一日 本集团法定账目金额 88,918 78,153 1,137,488 1,102,706 法定账目会计政策变更的影响 - - - (19,135) 调整后的本集团法定账目金额 88,918 78,153 1,137,488 1,083,571 115 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 调整 提取不动产 厂场及设备 减值损失 (19,135) - - 19,135 安装业务收入及成本确认 (117) (7,789) (7,906) (7,789) 递延税项负债确认 7,219 (7,219) - (7,219) 销售收入截止 (2,353) 1,715 - 2,353 权益法核算投资收益 (5,307) 1,753 (5,606) (299) 期后盈余分配 - - 35,001 35,001 其他 277 (404) (1,355) (1,632) 根据国际会计准则调整后金额 69,502 66,209 1,157,622 1,123,121 25. 资产负债表日后事项 于二 二年四月八日 本公司董事会决议按二 一年度法定税后利润的 10 分别提取法定盈余公积金 法定公益金及任意盈余公积金 并对所有股东分 配每股人民币 0.10 元的现金股利 此项分配方案尚需经股东大会批准 26. 会计政策变更 自二 一年一月一日起 本集团采用新生效的国际会计准则第三十九号 金 融工具 确认和计量 和经修订后的国际会计准则第十二号 所得税 注释 2 执行上述新的准则未对合并财务报表期初数产生重大影响 27. 财务报表批准 本合并财务报表已于二 二年四月八日经董事会批准对外公布 十一 备查文件目录 1 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 2 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 3 报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正 本及公告的原稿 116 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 4 查询时间 星期一至星期五 8:00 12:00(AM) 1:00 5:00(PM) 联系人员 宋文宝 邱涛 联系电话 0086-411-6654530 传 真 0086-411-6654530 117 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 大连冷冻机股份有限公司及其子公司 合并资产负债表 二 一年十二月三十一日 所有金额均以人民币千元为单位 注释 二 一 二 资产 非流动资产 土地租赁 3 42,112 42,577 不动产 厂场及设备 4 275,816 297,834 于联营公司之投资 5 429,504 389,851 长期投资 6 45,341 45,401 非流动资产合计 792,773 775,663 流动资产 存货 7 305,513 317,014 在建合约工程 8 50,518 71,925 预付账款及其他流动资产 35,158 51,847 应收关联方款项 23 70,951 26,866 应收账款 9 166,354 146,897 现金及现金等价物 22(b) 414,935 340,556 流动资产合计 1,043,429 955,105 资产总计 1,836,202 1,730,768 118 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 大连冷冻机股份有限公司及其子公司 合并资产负债表 续 二 一年十二月三十一日 所有金额均以人民币千元为单位 注释 二 一 二 股东权益及负债 股东权益 股本 10 350,015 350,015 储备 11 807,607 773,106 股东权益合计 24 1,157,622 1,123,121 少数股东权益 28,663 26,999 非流动负债 长期银行借款 15 79,000 - 递延税项负债 20 - 7,219 非流动负债合计 79,000 7,219 流动负债 递延收入 13 7,650 1,976 应付股利 22(c) 8,624 9,414 应付关联方款项 23 33,404 26,051 应付账款及其他应付款 14 265,389 247,566 短期银行借款 15 255,850 266,850 一年内到期的长期银行借款 15 - 21,572 流动负债合计 570,917 573,429 股东权益及负债总计 1,836,202 1,730,768 119 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 大连冷冻机股份有限公司及其子公司 合并利润表 二 一年度 所有金额除每股盈利外 均以人民币千元为单位 注释 二 一 二 销售收入 16 853,218 873,822 销售成本 17 (726,878) (745,618) 销售毛利 126,340 128,204 其他业务收入 39,216 40,144 销售费用 (48,858) (42,959) 管理费用 (73,468) (66,306) 其他业务支出 (31,761) (32,167) 营业利润 11,469 26,916 不动产 厂场及设备减值损失 (19,135) - 财务成本 净额 18 (1,964) (3,530) 依权益法认列之联营公司收益 79,001 61,757 长期投资收益 3,346 1,969 除税及少数股东损益前利润 19 72,717 87,112 所得税费用 20 (665) (18,645) 除少数股东损益前税后利润 72,052 68,467 少数股东损益 (2,550) (2,258) 净利润 24 69,502 66,209 每股盈利 21 基本和摊薄 人民币0.20 元 人民币0.19 元 120 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 大连冷冻机股份有限公司及其子公司 合并股东权益增减变动表 二 一年度 所有金额均以人民币千元为单位 储备 法定 任意 股东权益 股本 资本公积金 盈余公积金 法定公益金 盈余公积金 未分配利润 储备合计 合计 注释 10 注释 11(a) 注释 11(b) 注释 11(c) 注释 11(d) 注释 12 二 年一月一日余额 350,015 555,765 72,161 38,603 16,851 58,478 741,858 1,091,873 二 年度提取的任意盈余公 积金 - - - - 7,107 (7,107) - - 二 年度宣布的股利分配 - - - - - (35,001) (35,001) (35,001) 其他 - 40 - - - - 40 40 二 年度净利润 - - - - - 66,209 66,209 66,209 利润分配 提取法定盈余公积金 - - 7,816 - - (7,816) - - 提取法定公益金 - - - 7,817 - (7,817) - - 子公司提取法定储备 注释 12(b) - - 1,666 80 - (1,746) - - 二 年十二月三十一日余额 350,015 555,805 81,643 46,500 23,958 65,200 773,106 1,123,121 法定账目会计政策变更对储备的 影响 - - (1,914) (1,914) (1,915) 5,743 - - 二 一年度提取的任意盈余公 积金 - - - - 7,814 (7,814) - - 二 一年度宣布的股利分配 - - - - - (35,001) (35,001) (35,001) 121 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 二 一年度净利润 - - - - - 69,502 69,502 69,502 利润分配 提取法定盈余公积金 - - 8,892 - - (8,892) - - 提取法定公益金 - - - 8,892 - (8,892) - - 子公司提取法定储备 注释 12(b) - - 1,233 65 - (1,298) - - 二 一年十二月三十一日余额 350,015 555,805 89,854 53,543 29,857 78,548 807,607 1,157,622 122 DALIAN REFRIGERATION CO., LTD. 2001 ANNUAL REPORT 大连冷冻机股份有限公司及其子公司 合并现金流量表 二 一年度 所有金额均以人民币千元为单位 注释 二 一 二 营业活动之现金流量 营业活动产生的现金 22(a) 53,337 35,433 收取利息 13,538 13,554 支付利息 (16,069) (16,757) 支付所得税 - (12,083) 营业活动之净现金流入 50,806 20,147 投资活动之现金流量 增加于联营公司之投资 (9,879) (12,992) 增加长期投资 - (400) 处置长期投资收到的现金 60 30 由于合并范围变更导致的净现金流出 1 (14,902) - 土地租赁增加及购置不动产 厂场及 (15,168) (15,687) 设备 处置不动产 厂场及设备收到的现金 74 546 收取联营公司股利 39,577 31,739 收取长期投资收益 3,346 1,969 投资活动之净现金流入 3,108 5,205 融资活动之现金流量 短期银行借款增加 255,850 266,850 偿还短期银行借款 (266,850) (249,850) 长期银行借款增加 79,000 - 偿还长期银行借款 (21,300) (5,000) 支付股利 22(c) (25,349) (22,861) 支付少数股东股利 (886) (1,800) 其他 - 40 融资活动之净现金流入 流出 20,465 (12,621) 现金及现金等价物净增加 74,379 12,731 现金及现金等价物 年初余额 22(b) 340,556 327,825 现金及现金等价物 年末余额 22(b) 414,935 340,556 123