冰山冷热(000530)大冷Ｂ2002年年度报告（英文版）

Dalian Refrigeration Co., Ltd. 2002 Annual Report DALIAN REFRIGERATION CO., LTD. 2002 ANNUAL REPORT (For Disclosing Overseas) Page Dalian Refrigeration Co., Ltd. 2002 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 11 Brief Introduction to the Shareholders General Meeting 11 Report of the Board of Directors 12 Report of the Supervisory Board 20 Important Matters 21 Financial Report 22 Contents of Reference Documents 49 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 目 录 第一章 重要提示 56 第二章 公司基本情况简介 56 第三章 会计数据和业务数据摘要 57 第三章 股本变动及股东情况 58 第四章 董事 监事 高级管理人员和员工情况 59 第五章 公司治理结构 60 第六章 股东大会情况简介 61 第七章 董事会报告 61 第八章 监事会报告 66 第九章 重要事项 67 第十章 财务报告 67 第十一章 备查文件目录 92 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report DALIAN REFRIGERATION CO., LTD. 2002 ANNUAL REPORT (For Disclosing Overseas) Important: The directors and the Board of Directors of Dalian Refrigeration Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there are not 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. Chou Qiaoli and Mr. Xu Hui 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. Chairman of the Board of Directors of the Company Mr. Zhang He, Financial Majordomo Mr. Yu Shoutao and the head of Accounting Department Ms. Xu Xiaorui hereby confirm that the financial report of the annual report is true and complete. 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: 000530; 200530 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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. Reg. 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: Price WaterHouseCoopers Zhongtian Certified Public Accountants Office Address: Rui’an Plaza 19/F, 333 Huaihai Zhong Road, Shanghai 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 97,511 Profit after taxation and minority shareholders' equity 70,524 Operation profit 19,540 Share of profit enjoyable from associated company 83,438 Net cash generated from operating activities 91,166 Net increase of cash and equivalents 12,320 The net profit audited by Dalian Hualian Certified Public Accountants in accordance with the Chinese Accounting Standards in 2002 was 88,427 thousand yuan, and that audited by Price WaterHouseCoopers Zhongtian Certified Public Accountants in accordance with the International Financial Reporting Standards was 70,524 thousand yuan, with the difference 17,903 thousand yuan. Influence of the adjustment made according to the International Financial Report Standards on net profit and net assets (in RMB’000 yuan): Net profit Net assets 2002 2001 2002 2001 As reported in the Group’s statutory accounts 88,427 88,918 1,189,980 1,137,488 Adjustment due to change in accounting policy on statutory accounts - - - (2,737) As reported in the Group’s statutory accounts, as restated 88,427 88,918 1,189,980 1,134,751 Impact of adjustments - Impairment loss of property, plant and equipment - (19,135) - - - Accounting for installation service contract (7,781) (2,470) (15,687) (7,906) - Deferred taxation (10,474) 7,219 (10,474) - - Equity accounting of investments (743) (5,307) (3,612) (2,869) - Profit appropriation - - 35,001 35,001 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report subsequent to balance sheet date - Interest income for due from Bingshan Group recognized in capital surplus in statutory account 456 - - - - Others 639 277 (716) (1,355) As restated for the Group under IFRS 70,524 69,502 1,194,492 1,157,622 2. Main accounting data and financial indexes in the past three years (by the end of the report period) Items 2002 2001 2000 Net amount of sales income (in RMB '000) 976,884 853,218 873,822 Operating profit (in RMB '000) 19,540 11,469 26,916 Share of profit enjoyable from associated company (in RMB '000) 83,438 79,001 61,757 Profit before taxation and minority shareholders' equity (in RMB '000) 97,511 72,717 87,112 Profit after taxation and minority shareholders' equity (in RMB '000) 70,524 69,502 66,209 Total assets (in RMB’000) 1,880,642 1,836,202 1,730,768 Net assets (in RMB '000) 1,194,492 1,157,622 1,123,121 Net cash generated from operating activities (in RMB '000) 91,166 50,806 20,147 Net assets per share (in RMB) 3.41 3.31 3.21 Earnings per share (in RMB) 0.20 0.20 0.19 Return on equity 5.90% 6.00% 5.90% Net cash per share generated from operating activities (in RMB) 0.260 0.145 0.058 Note: (1) The above accounting data and financial indexes were prepared by Price WaterHouseCoopers Zhongtian Certified Public Accountants according to the International Financial Reporting 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) Number at the beginning Number at the end of the period of the period I. Shares unlisted 1. Initiator shares 104,422,500 104,422,500 In which: State-owned shares 104,422,500 104,422,500 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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 issuance 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 71,040 with a decrease of 5,192, including 56,832 holding A-shares with a decrease of 4,748 and 14,208 holding B- shares with a decrease of 444. (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. 534.55 918.63 2.62 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. A-shares held by Guotai-Jun’an Securities Co., Ltd. is the negotiable public shares. 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., 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). Up to now, the company has not sold its shares. Page Dalian Refrigeration Co., Ltd. 2002 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. In 2002 the Group made the sales of 4.53 billion yuan, the total profit of 286 million yuan and the foreign exchange on export of US$ 50.57 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, 2002, the company has the total assets of US$ 20.67 billion, and made the main business incomes of US$ 15.2 billion with the net profit of US$ 13 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 Term of duty Shareholding at BOY Shareholding at EOY Directors (17 persons): Zhang He M Chairman 65 01.5 04.5 25,650 25,650 Mu Chuanjiang M Vice Chairman 53 01.5 04.5 22,650 22,650 Zhang Hongzhi M Executive Director 44 01.5 04.5 21,125 21,125 Wang Dekun M Executive Director 51 01.5 04.5 14,250 14,250 Yu Shoutao M Executive Director 52 01.5 04.5 21,375 21,375 Wang Zhiqiang M Executive Director 41 01.5 04.5 0 0 Yang Bin M Executive Director 46 01.5 04.5 0 0 Liu Menghua M Director 60 01.5 04.5 0 0 Lu Zhongli M Independent Director 61 02.5 04.5 7,125 7,125 Wang Dong M Independent Director 66 02.5 04.5 0 0 Yu Qiaoli M Director 39 01.5 04.5 0 0 Zhang Xinfan M Director 35 02.5 04.5 0 0 Zou Zhiming M Director 59 01.5 04.5 10,687 10,687 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report Li Mei F Director 38 01.5 04.5 0 0 Xu Hui M Director 34 01.5 04.5 0 0 Xiaolin Fengwen M Director 60 01.5 04.5 0 0 Ji Tianzhang M Director 63 01.5 04.5 0 0 Supervisors (3 persons): Yu Fuchun M Chairman 44 01.5 04.5 7,800 7,800 Men Yuesheng M Supervisor 50 01.5 04.5 0 0 Zhu Guangxi M Supervisor 38 01.5 04.5 0 0 Senior staff members: 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 35 01.5 04.5 0 0 Ding Jie M Deputy General Manager 40 01.5 04.5 0 0 Yu Shoutao M Financial Majordomo Positions in the shareholder’s company held by the directors and supervisors: Mr. Zhang He holds the position of the Chairman of Dalian Bingshan Group Co., Ltd., Mr. Zhang Xinfan holds the position of the Deputy General Manager of Huaxia Securities Co., Ltd. Shenyang Branch, Ms. Li Mei holds the position of the Vice President of Guotai-Jun’an Securities Co., Ltd., Mr. Zou Zhiming holds the position of the President of Dalian Marine Diesel Engine Plant. (2) Annual remuneration standard 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 983 thousand yuan in this year. The total amount of remuneration paid to the first three directors who have the highest remuneration was 330 thousand yuan. The total amount of remuneration paid to the first three senior staff members who have the highest remuneration was 330 thousand yuan. Totally 13 persons, including directors, supervisors and senior staff members, received remuneration from the Company. Among them, two persons had the annual salary between 100 to 120 thousand yuan, five had the annual salary between 80 to 100 thousand yuan, two had the annual salary between 70 to 80 thousand yuan, three had the annual salary between 40 to 70 thousand yuan, and one had the annual salary less than 40 thousand yuan. Each independent director received an annual allowance of 25 thousand yuan. Liu Menghua, Zhang Xinfan, Zou Zhiming, Li Mei, Xu Hui, Xiaolin Fengwen and Jitian Zhang received remuneration and allowance from the shareholder's unit or other associated unit without Page Dalian Refrigeration Co., Ltd. 2002 Annual Report pay from the Company. (3) Changes In the report period, Mr. Wang Guotong and Ms. Bai Lin, the former directors, have no longer acted as a director of the Company. Mr. Lu Zhongli and Mr. Wang Dong were elected as the independent directors and Mr. Zhang Xinfan as the director. In the report period, Mr. Mu Chuanjiang, the former general manager, quitted the position of the General Manager of the Company for work reason. Mr. Zhang He, the Chairman of the Company, temporarily acts as the General Manager until a new General Manager is appointed by the Board of Directors. 2. Employees According to the statistics by Dec. 31, 2002, the Company had 2,069 employees including 1,259 production personnel (60.9% of the total), 341 technicians (16.5% of the total), 265 salesmen (12.8% of the total), 34 financial personnel (1.6% of the total), and 170 administrative personnel (8.2% of the total). There were 652 persons employed by the Company who had the educational background of university or technical college, accounting for 31.5%. 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 There was the following discrepancy between the actual administration of the Company and the requirement set out in the related document of the China Securities Regulatory Commission: the financial majordomo of the Company holds the same position in the holding shareholder’s company. The Company will settle this problem at the seventh meeting of the third Board of Directors to be held on Apr. 22, 2003. 2. The independent directors' performance of duties The Board of Directors has established the independent director system according to the requirement in the Directive Comments for Establishing the Independent Director System in Listed Companies issued by the China Securities Regulatory Commission. Now the Company has two independent directors. These independent directors duly attended the meetings of the Board of Directors of the Company and actively presented their independent opinions, well performing their duties and protecting the legal rights and interests of minor shareholders of the Company. 3. Separation of the Company from the holding shareholders in business, personnel, assets, organizational mechanism and finance (1) Separation in business. The Company's business is independent of the holding shareholders. The Company has its own complete business system and the capability of independent Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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 salesman and the secretary of the Board of Directors, receive remuneration from the Company without holding major positions in the shareholders' units. The financial majordomo of the Company is holding the same position in the holding shareholder’s company. (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 sales systems. (4) Independent organizational mechanism. The Company has an organizational mechanism completely independent of the holding shareholders without joint office with the holding shareholder. (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 2001 Shareholders General Meeting of the Company was held on May 22, 2002 at the head- office of the Company. The notice about that shareholders general meeting was published on the China Securities Daily and Ta Kung Pao dated Apr. 10, 2002. The bulletin about the resolutions of that shareholders general meeting was published on the China Securities Daily and Ta Kung Pao dated May 23, 2002. That meeting adopted the resolutions as follows: the 2001 Work Report of the Board of Directors; the 2001 Work Report of the Supervisory Board; the 2001 Final Accounting Report and the 2002 Financial Budget Report of the Company; the 2001 Profit Distribution Plan of the Company; the Report about Amendments to the Articles of Association; the Rules of Procedure for Shareholders General Meetings, the Rules of Procedure and Administrative Guideline for Meetings of the Board of Directors; the Rules of Procedure for Meetings of the Supervisory Board; election of the independent directors; the Report on the Allowance Standard for Independent Directors; the Report on Changes in Director Appointment; and the Report on Engaging an Audit Body in 2002. This meeting accepted that Mr. Wang Guotong and Ms. Bai Lin, the former directors, no longer acted as the directors of the Company. Mr. Lu Zhongli and Mr. Wang Dong were elected as the independent directors and Mr. Zhang Xinfan as the director at the meeting. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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, lithium bromide 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, fishing and catering service. The main businesses remained growing and the operation quality improved steadily. In 2002, the Company still concentrated its business on marketing with particular attention to the screw type compressor and the package projects, and made the sales income of 976,884 thousand yuan with a comparable increase of 14.49%. For the breakdown of the sale income listed on the basis of products, see the Explanatory Note 1 to the Accounting Report. In the report period, the Company’s brand “BINGSHAN” was evaluated by the State Ministry of Foreign Economic Relation and Trade as the “famous-brand commodity for export to be highly supported and developed”. The Company’s three products, i. e. the reciprocating refrigeration compressor, the screw refrigeration compressor and the cold storage package, were awarded the honor “famous-brand products in Liaoning Province”. The Company was awarded the “prize for quality control” by Liaoning Provincial government. Mr. Zhang He, the Chairman of the Company, was awarded the Business Achievement Prize for the first group of Chinese entrepreneurs. In the report period, the Company undertook several large package projects with the investment more than ten million yuan respectively, including one super poultry deep-processing project with the investment near 20 million yuan, which highly shows the Company’s comprehensive strength in undertaking large combined storage projects. In the report period, the Company passed the examination for ISO9001-2000 certification, which will bring the Company to a healthy system with sustaining improvement and further strengthen the Company’s process control capacity in design and manufacture of quality products. In the report period, the Company was approved by Dalian Municipal Scientific & Technical Bureau as the “high & new tech enterprise”, which will further promote healthy development of the business, bring more shares in domestic and overseas markets, and enhance the competitive power. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report In the report period, the Company completed development of 18 new products such as the screw type compressor, carried out several technical transformations and applied the ERP system management informatization, so as to have a higher power for later development and a more solid management foundation. In the report period, there was a comparable increase of the receivable accounts, which means that the operation quality needs to be improved. The group of joint ventures laid stress on sustainable development and their comprehensive strength has been enhanced further. By the end of 2002, the Company’s joint ventures had the total assets up to 2,768,320 thousand yuan with the net assets of 1,375,980 thousand yuan. In 2002, the Company’s joint ventures made the sales income totaling 2,270,690 thousand yuan with a comparable increase of 11.05%. The Company gained the returns on investment of 83,440 thousand yuan with a comparable increase of 5.62%. In 2002, two joint ventures of the Company made the income on main business increased by 30% or higher, four gained the net profit with a comparable increase higher than 30%, and six realized the return on equity higher than 15%. Sanyo Air-Conditioner Co., Ltd. has completed development of eight new products including the “W-ECO-MULTI” small-sized central air-conditioner, passed the examination for ISO9001-2000 certification, and has finally granted the qualification to independently produce ∅7 heat exchanger, becoming Japanese Sanyo Electric Co., Ltd.’s only overseas production base for “Hao-jing” air conditioner. Sanyo Cold Chain Co., Ltd. has completed development of more than ten new products such as the refrigeration-freezing showcase for chain stores and the European style refrigeration-freezing showcase, passed the examination for ISO9001-2000 certification, and tightened the cooperation with the world retail giant Wal-Mart. More than 50% of the supermarkets invested by Wal-Mart in China has used the refrigeration-freezing showcase produced by Sanyo Cold Chain Co., Ltd. Sanyo Compressor Co., Ltd. increased its capacity of producing Series B and C scroll compressors by 50% through investment and expansion, and successfully introduced the ERP management mode and the postdoctoral workstation. Sanyo Refrigeration Co., Ltd. completed development of four new products such as the FG-XM steam absorption refrigerator and the environment-protection type gas combustion heat pump, and was awarded the “prize for quality control” by Liaoning Provincial government. Its product lithium bromide absorption refrigerator was awarded the “famous-brand product in Liaoning Province” once again. (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. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report With a registered capital of 20.04 million yuan and 100% of its shares held by the Company, 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 18.18 million yuan in 2002. Dalian Bingshan Group Sales Co., Ltd. With a registered capital of three million yuan and 90% of its shares held by the Company, Dalian Bingshan Group Sales Co., Ltd. is engaged mainly in selling the products of the member enterprises of Dalian Bingshan Group, and made the sales of 52.74 million yuan in 2002. 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 95.21 million yuan in 2002. 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 of 27.13 million yuan in 2002. B. Shareholding companies For detailed information, see the Explanatory Note 8 to the Accounting Statements. (3) Major suppliers and customers The Company purchased goods from the first five suppliers with the total amount of 251.63 million yuan, accounting for 38.18% of the Company's annual total amount of purchase. The Company sold products to the first five customers with the total sales of 73.92 million yuan, accounting for 7.73% of the Company's total sales. (4) Difficulties and problems in operation and the countermeasures The Company had some problems in capital operation, especially in use of funds, although having made improvements in production operation in 2002. It can be seen from the financial report at the end of 2002 that the Company had more than 400 million yuan of monetary funds and, after the amount of the raised funds by issuing B-shares to be invested was deducted, the freely allocable fund was not less than 350 million yuan. Meanwhile, the Company has the short-term loan more than 200 million yuan, for which the Company has to pay extra interest of millions yuan each year. In order to well conduct the work of cost reduction, especially reduction of the interest cost, the Company has set about gradually reducing the short-term bank loan. (5) The business targets for the year 2002 of the Company set forth in the 2002 Financial Budget Report were the sales of 950 million yuan and the total amount of profit of 95.5 million yuan. Through hard working, the Company has satisfactorily attained these business targets. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 2. Investments of the Company By the end of 2002, the Company had established such joint ventures respectively with the companies from Japan, Hong Kong, the United States and the United Kingdom, as follows: Name of the company Registered address Key business Ratio of shares Thermo King Container Temperature Suzhou Temperature controller 10% Control (Suzhou) Co., Ltd. products for marine containers Thermo King-Dalian Transport Shenzhen Producing & selling cold 25% Refrigeration 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% circuit boards Grand Ocean Auto Air-condition- DETDZ Producing & selling auto air- 30% ing Engineering (Dalian) Co., Ltd. conditioners Dalian Bingshan H2O3 Environmental Dalian Producing ozone liquor 33% Solution Co., Ltd. treatment plants 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- hermetic 40% and 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 Dalian Bingshan Guardian Automation Dalian Automatic control technology 60% Co., Ltd. for refrigeration 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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report (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 108,949.36 thousand yuan has been put into the expansion project of Dalian Sanyo Compressor Co., Ltd., accounting for 67.6% of the due investment, with 53,155.8 thousand yuan put in this report period. By the end of 2002, construction of the new production building has been completed while various world-advanced production plants and machining centers were purchased, which greatly increases the production capacity and efficiency. The company earned the main business incomes of 406.36 million yuan in 2002 with a comparable increase of 7.35% and the net profit of 42.76 million yuan with a comparable decrease of 31.74% mainly due to exchange loss caused by great appreciation of Japanese yen. The fund of 54.99 million yuan has been put into the project of developing the large screw type refrigeration compressor, accounting for 91.7% of the due investment, with 16.8 million yuan put in this report period. Now the models such as KA315 and KA510 have been put in batches into the market, successfully substituting the imported ones in the petrochemical industry and other industries. These products have become an incomings yielding point for the Company. Now the Company has put into the raised fund of 282,139.36 thousand yuan, accounting for 83.1% 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 April 25, 2002, Thermo King Container Temperature Control (Suzhou) Co., Ltd. invested jointly by the Company and INGERSOLL-RAND (CHINA) Investment Company was established with the registered capital of US$ nine million, in which Dalian Refrigeration Co., Ltd. holds the share of 10%. The company is engaged in production of temperature control products and parts for marine containers. On May 21, 2002, Dalian Bingshan Guardian Automation Co., Ltd. invested jointly by the Company and British Guardian Control International Co., Ltd. was established with the total investment of 300 thousand pounds and the registered capital of 210 thousand pounds, in which this Company holds the share of 60%. The company is engaged in research and development of automatic control technologies for refrigeration and relevant industries. On September 6, 2002, Dalian Bingshan H2O3 Environment Solution Co., Ltd., invested jointly by the Company and American H2O3 Solutions, was established with the registered capital of US$ one million, in which Dalian Refrigeration Co., Ltd. holds the share of 33%. The company is engaged mainly in production of ozone liquor treatment plants used for the Page Dalian Refrigeration Co., Ltd. 2002 Annual Report applications of water sterilization and oxidation such as water sterilization for swimming pools, sterilization and reclamation of bath water, and sewage treatment and discharge. Moreover, the Company utilized its own funds in a chain of technical transformations, including the transformation of the heat exchanger line for the Package Product Dept., the management informatization of production system, the network safety and management of the technical system, and so on. 3. Financial status and business performance of the Company By Dec. 31, 2002, the financial status of the Company was described as follows: (1) The total assets were 1,880,642 thousand yuan, 44,440 thousand yuan more than that at the year beginning. The liquid assets decreased by 54,867 thousand yuan mainly due to the decrease of inventory. The non-liquid assets increased by 99,307 thousand yuan mainly due to purchase of fixed assets, profit made by the joint ventures, and new investment to the joint ventures. (2) The total liabilities were 656,807 thousand yuan, 6,890 thousand yuan more than that at the year beginning. The liquid liabilities decreased by 3,584 thousand yuan mainly due to decrease of the short-term bank borrowings. The non-liquid liabilities increased by 10,474 thousand yuan due to increase of the liabilities of deferred taxation. (3) The shareholders’ equity was 1,194,492 thousand yuan, 36,870 thousand yuan more than that in the previous year, mainly due to increase of the drawn public reserve fund and undistributed profit. (4) The operating profit was 19,540 thousand yuan, 8,071 thousand yuan more than that in the previous year, mainly due to increase of the sales. (5) The net profit was 70,524 thousand yuan, 1,022 thousand yuan more than that in the previous year, mainly due to increase of the operating profit. (6) The assets-liabilities ratio was 34.92% with a comparable decrease of 0.47 percentage points. (7) The gross profit margin was 13.52% with a comparable decrease of 1.29 percentage points. (8) The return on equity was 5.90% with a comparable decrease of 0.10 percentage points. 4. The business plan for the coming year The Company’s business targets for the year 2003 are as follows: Sales income: one billion yuan; Total amount of profit: 97 million yuan. (1) Build up the concept of large market and globalization, make great efforts to developing the market, and actively occupy the market, in order to have more market shares. (2) Take the opportunity of joint ventures and cooperation with foreign corporations to adjust the product mix and accelerate incorporation with the world capital. Lay stress on the joint venture and cooperation projects such as the dispenser project, the instant freezer project and the plate type heat exchanger project. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report (3) Promote the ERP informatization management and apply the informatization management throughout all links of product development, production organization and management, sales system and service so as to realize the integration and optimization of materials flow, information flow and value flow. (4) With stress laid on receivable accounts, well conduct the financial management and cost reduction. Establish and improve the precaution system for receivable accounts to bring about real time analysis and effective control. (5) Bring the demonstration role of models into play in the production and operation to promote the construction of corporate culture and the ideological and political work. 5. The routine work of the Board of Directors (1) Meetings of the Board of Directors and the resolutions in the report period The 3rd meeting of the 3rd Board of Directors The 3rd Board of Directors held the 3rd meeting at the conference room on 6/F of the head- office building on Apr. 8, 2002. The meeting reviewed and adopted the following resolutions: * the 2001 Work Report of the Board of Directors; * the 2001 Final Accounting Report and 2002 Financial Budget Report; * the 2001 Profit Distribution Preplan; * the 2002 Profit Distribution Policy and the Policy of Conversion of Capital Public Reserve into Additional Shares; * the Report about Amendments to the Articles of Association; * the Rules of Procedure for Shareholders General Meetings (draft); * the Rules of Procedure for Meetings of the Board of Directors (draft); * the Report on Candidates for Independent Directors; * the Report on Remuneration Standard for Independent Directors; * the Report on Changes in Director Appointment; * the Report on Changes in Senior Staff Appointment; * the Report on Changing Dalian Bingshan Imp./Exp. Co. from a Solely-Funded Subsidiary to a Shareholding Company; * the Report on Holding Shares of Dalian Bingshan Environment-Protection Equipment Engineering Co., Ltd. * the Report on Devaluation Provisions for the Assets to be Written Off; * the Report on Devaluation Provisions for the Intangible Assets to be Drawn; * the Report on Engaging an Audit Body in 2002; * the 2001 Annual Report; and * Matters about holding the 2001 shareholder general meeting. The 4th meeting of the 3rd Board of Directors The 3rd Board of Directors of the Company held the 4th meeting at the conference room on the sixth floor of the head-office building on April 22, 2002. The meeting reviewed and Page Dalian Refrigeration Co., Ltd. 2002 Annual Report adopted the Quarterly Report for the First Quarter of 2002. The 5th meeting of the 3rd Board of Directors The 3rd Board of Directors of the Company held the 5th meeting at the conference room on 6/F of the head-office building on Aug. 20, 2002. The meeting reviewed and adopted the following resolutions: * the 2002 Semiannual Report of the Company and its abstract; and * no profit to be distributed and no capital public reserves converted into additional shares in the mid year of 2002. The 6th meeting of the 3rd Board of Directors The 3rd Board of Directors of the Company held the 6th meeting at the conference room on 6/F of the head-office building on Oct. 23, 2002. The meeting reviewed and adopted the Quarterly Report for the Third Quarter of 2002. (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 2001 Shareholders General Meeting. The 2001 profit distribution plan of the Company has been implemented by the Board of Directors in June 2002. 6. The preplan of profit distribution or the preplan of converting the capital public reserve into additional shares As audited by Dalian Hualian Certified Public Accountants, the after-tax profit of the Company in 2002 was 88.426 million yuan. In accordance with the relevant regulations of the state and the Articles of Association of the Company, 10% of the after-tax profit, i. e. 8.843 million yuan, shall be set aside as the legal surplus public reserve, another 10%, i. e. 8.843 million yuan, as legal public welfare fund and 1.189 million yuan as the consolidated reserves for the subsidiary companies. A total of 18.875 million yuan was drawn. With the undistributed profit of 47.884 million yuan carried forward from the previous year, the profit available for distribution to shareholders is 117.435 million yuan. As audited by Price WaterHouseCoopers Zhongtian Certified Public Accountants, the after- tax profit of the Company in 2002 was 70.524 million yuan. With the remaining after-tax profit after drawing legal surplus public reserve, legal public welfare fund, consolidated reserves for the subsidiary companies plus the undistributed profit of 34.908 million yuan carried forward from the previous year, the profit available for distribution to shareholders is 87.104 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 profit available Page Dalian Refrigeration Co., Ltd. 2002 Annual Report for distribution to the shareholders for this year is 87.104 million yuan, 10% of which, i. e. 8.843 million yuan, will be drawn as the optional surplus public reserve, and 35.001 million yuan for payment of the dividends. The balance of 43.26 million yuan will be carried forward to the next year for distribution. The profit distribution preplan of the Company for 2002: With 350,014,975 shares in total by the end of 2002, 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. No capital public reserve is to be converted into additional shares in this year. This preplan should be presented to and reviewed and adopted at the 2002 shareholder general meeting. 7. The Company selects the China Securities Daily and Ta Kung Pao for disclosing information. VIII. The Report of the Supervisory Board The Supervisory Board held four meetings in the report period. The 3rd meeting of the 3rd Supervisory Board was held at the conference room on 6/F of the head-office building of the Company on Apr. 8, 2002. The meeting reviewed and adopted the 2001 Work Report of the Supervisory Board, the "Report of the Supervisory Board" in the 2001 Annual Report of the Company, and the Rules of Procedure for the Supervisory Board (draft). The 4th meeting of the 3rd Supervisory Board was held at the conference room on 6/F of the head-office building on April 22, 2002. The meeting reviewed and adopted the Quarterly Report for the First Quarter of 2002 of the Company. The 5th meeting of the 3rd Supervisory Board was held at the conference room on 5/F of the head-office building on August 20, 2002. The meeting reviewed and adopted the 2002 Semiannual Report of the Company and its abstract. The Company decided neither to distribute profit in the mid year of 2002 nor to convert the capital public reserve into additional shares. The 6th meeting of the 3rd Supervisory Board was held at the conference room on 6/F of the head-office building on October 23, 2002. The meeting reviewed and adopted the Quarterly Report for the Third Quarter of 2002 of the Company. 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 financial condition of the Company. Both Dalian Hualian Certified Public Accountants and Price WaterHouseCoopers Zhongtian Certified Public Accountants have presented the unqualified-opinions auditor's reports. The accounting report reflected the actual financial status and operation results of the Company. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report (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. (6) The procedures of withdrawing provisions for devaluation of assets in 2002 were legitimate and valid. (7) The procedures of offsetting part of provisions for devaluation of non-current assets and doubtful debts were legitimate and valid. 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 sale of assets, mergence, etc. 3. Important matters concerning associated transactions: For details about associated transactions taking place in purchase of goods, see the Explanatory Notes to the 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. At the 3rd meeting of the third Board of Directors, the Company estimated the profit distribution policy for 2002, 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 previous 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 2002 tallies with the above estimation. 8. In the report period, the certified public accountants engaged by the Company had no Page Dalian Refrigeration Co., Ltd. 2002 Annual Report changes. The remuneration paid to the certified public accountants in the report year is 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 2001) without other charges, and the travelling expenses were borne by that company; (2) all the payment made to Price WaterHouseCoopers Zhongtian Certified Public Accountants was the audit charge of 680 thousand yuan (also 680 thousand yuan in 2001) without other charges, and the travelling expenses were borne by that company. Now, the consecutive service tenure of Dalian Hualian Certified Public Accountants Co., Ltd. is ten years and that of Price WaterHouseCoopers Zhongtian Certified Public Accountants is five years. 9. In the report period, neither the Company nor the directors were punished by the supervision authorities. 10. The Company promised in the report period to settle the problem that the financial majordomo of the Company concurrently holds the same position for the holding shareholder. The problem has not been settled yet in the report period due to no candidates selected. The Company will settle this problem at the 7th meeting of the Board of Directors to be held on Apr. 22, 2003. X. Financial Report 1. Auditor's Report PwC ZT Shen Zi (2003) No. 1440 TO THE SHAREHOLDERS OF DALIAN REFRIGERATION COMPANY LIMITED We have audited the accompanying consolidated balance sheet of Dalian Refrigeration Company Limited (hereinafter referred to as the “Company”) and its subsidiaries (hereinafter together with the Company referred to as the “Group”) as of 31 December 2002, and the related consolidated income statement, statement of changes in equity, and cash flow statement 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. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31 December 2002, and of the consolidated results of its operations and its consolidated cash flows for the year then ended, in accordance with International Financial Reporting Standards. PricewaterhouseCoopers Zhong Tian CPAs Co., Ltd. Shanghai, the People’s Republic of China 22 April, 2003 2. Accounting Statements (attached) 3. Explanatory Notes to the Accounting Statements (All amounts in Renminbi (“RMB”) thousands unless otherwise stated) GENERAL INFORMATION Dalian Refrigeration Company Limited (the “Company”) was incorporated in the People’s Republic of China (the “PRC”) on 18 December 1993 as a joint stock limited company. The principal activities of the Company are 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 31 December 2002, the Group had 2,283 employees (2001: 2,136 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 the PRC in September 1993 and January 1998 respectively. The immediate and ultimate parent company of the Company is Dalian Bingshan Group Company Limited (“Bingshan Group”). As of 31 December 2002, 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 incorporation Registered capital interest Principal activities 2002 2001 2002 2001 Dalian Bingshan Group Refrigeration 9 January 1988 RMB 20,000,000 RMB 20,000,000 100.00% 100.00% Installation and testing of Installation Company refrigeration equipment Dalian Economic and Technological 18 May 1989 RMB 5,400,000 RMB 5,400,000 100.00% 100.00% Wholesale and retail of Development Zone Bingshan Trade machinery and equipment Company Dalian Economic and Technological 6 July 1992 RMB 600,000 RMB 600,000 100.00% 100.00% Wholesale and retail of Development Zone Daleng Trade instrument and meters Company Dalian Bingshan Air-Conditioning 22 December JPY 700,000,000 JPY 700,000,000 70.00% 70.00% Manufacture and sale of Equipment Company Limited (“Bingshan 1995 accessories of refrigeration Air-Conditioning”) equipment Dalian Bingshan Metal Processing 21 January USD 2,350,000 USD 2,350,000 64.25% 64.25% Process and sale of metal Page Dalian Refrigeration Co., Ltd. 2002 Annual Report Company Limited 1998 punching parts Dalian Bingshan Group Sales Company 12 March 1998 RMB 3,000,000 RMB 3,000,000 90.00% 90.00% Sale of refrigeration (“Sales Company”) equipment Dalian Bingshan Guardian Automation Co., 22 April 2002 GBP 210,000 N/A 60.00% N/A Research, design and Ltd. develop refrigerator automation parts ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these consolidated financial statements of the Group are set out below: A Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) which includes International Accounting Standards and Interpretation issued by the International Accounting Standards Board. This basis of accounting differs from that used in the preparation of the Group’s statutory financial statements (“PRC statutory financial statements”). The financial statements of the Company and its subsidiaries comprising the Group have been prepared in accordance with the relevant accounting principles and regulations applicable to them, as appropriate in the PRC. Appropriate adjustments have been made to these financial statements to conform with IFRS. The principal adjustments made to conform the PRC statutory consolidated financial statements of the Group to IFRS are shown in supplementary information. These financial statements have been prepared under the historical cost conversion except as disclosed in the accounting policies below. B Group accounting (1) Subsidiaries Subsidiaries, which are those entities in which the Group has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies, are consolidated. Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated; unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group. (2) Associates Investments in associates are accounted for by the equity method of accounting. Associates Page Dalian Refrigeration Co., Ltd. 2002 Annual Report are entities over which the Group generally has between 20% and 50% of the voting rights, or over which the Group has significant influence, but which it does not control. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the associates. C Foreign currency translation Items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (“the measurement currency”). The consolidated financial statements are presented in RMB, which is the measurement currency of the parent. Foreign currency transactions are translated into the measurement currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement in the year in which they arise. D Operating lease Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease. E Leasehold land Leases of land acquired are classified as operating leases. The pre-paid lease payments are amortized over the lease period of fifty years on a straight-line basis. F 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. Depreciation is provided for on a straight-line basis to write off the cost, after taking into account the residual value, of each asset over its estimated useful life. The estimated useful Page Dalian Refrigeration Co., Ltd. 2002 Annual Report lives are as follows: Buildings 20-40 years Machinery and equipment 5-20 years Motor vehicles 5-20 years 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. When assets are sold or retired, their costs and accumulated depreciation are eliminated from the accounts and any gain or loss resulting from their disposal is included in the income statement. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Interest costs on borrowings to finance the construction of property, plant and equipment are capitalised, during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed. G 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 ready for its intended use. H Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net assets of the acquired associates at the date of acquisition. Goodwill on acquisitions of associates is included in investments in associates. Goodwill is amortized using the straight-line method over its estimated useful life of 10 years. At each balance sheet date the Group assesses whether there is any indication of impairment. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report If such indications exist an analysis is performed to assess whether the carrying amount of goodwill is fully recoverable. A write down is made if the carrying amount exceeds the recoverable amount. I Impairment of long lived assets Property, plant and equipment and other non-current assets, including investments in associates, long-term investments, goodwill and leasehold land are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount which is the higher of an asset’s net selling price and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows. J Investments The Group classified its investments in debt and equity securities into the following categories: trading, held-to-maturity and available-for-sale. The classification is dependent on the purpose for which the investments were acquired. Management determines the classification of its investments at the time of the purchase and re-evaluates such designation on a regular basis. Investments that are acquired principally for the purpose of generating a profit from short- term fluctuations in price are classified as trading investments and included in current assets; for the purpose of these financial statements short term is defined as 12 months; Investments with a fixed maturity that management has the intent and ability to hold to maturity are classified as held-to-maturity and are included in non-current assets, except for maturities within 12 months from the balance sheet date which are classified as current assets; Investments intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, are classified as available-for-sale; and are included in non-current assets unless management has the express intention of holding the investment for less than 12 months from the balance sheet date or unless they will need to be sold to raise operating capital, in which case they are included in current assets. Purchases and sales of investments are recognized on the trade date, which is the date that the Group commits to purchase or sell the asset. Investments are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs. Trading and available-for-sale investments are subsequently carried at fair value. 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. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report Held-to-maturity investments are carried at amortized cost using the effective yield method. K Inventories Inventories are stated at the lower of cost or net realisable value. Cost is determined using the weighted average method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity) but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses. Provision is made for obsolete, slow-moving or defective items where appropriate. L Installation service contracts A installation service contract is a contract specifically negotiated for the installation of an asset or a combination of assets that are closely interelated or interdependent in terms of their design, technology and functions or their ultimate purpose or use. When the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable those costs will be recoverable. Contract costs are recognised when incurred. When the outcome of a contract can be estimated reliably, contract revenue and contract costs are recognised by using the stage of completion method. The stage of completion is measured by reference to the relationship contract costs incurred for work performed to date bear to the estimated total costs for the contract. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. The installment billings receivable according to the contract is recorded in “Progress billing”. The aggregate of the costs incurred and the profit/loss recognised on each contract is compared against the progress billings up to the year end. Where costs incurred and recognised profits (less recognised losses) exceed progress billings, the balance is presented in current asset as “gross amount due from customers for contract work”. Where progress billings exceed costs incurred plus recognised profits (less recognised losses), the balance is presented in current liability as “gross amount due to customers for contract work”. 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 receivables”. M Trade receivables Trade receivables are carried at original invoice amount less provision made for impairment Page Dalian Refrigeration Co., Ltd. 2002 Annual Report of these receivables. A provision for impairment of trade receivables is established when there is an objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The amount of the provision is the difference between the carrying amount and the recoverable amount, being the present value of expected cash flows, discounted at the market rate of interest for similar borrowers. N Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. O Borrowings and borrowing costs Borrowings are recognised initially at the proceeds received, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost using the effective yield method; any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period 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 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. P Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Currently enacted tax rates are used in the determination of deferred Page Dalian Refrigeration Co., Ltd. 2002 Annual Report income tax. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided on temporary differences arising on investments in associates, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Q Employee benefits 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 set percentages of the standard salary set by the provincial government, of which a portion 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. R Government grants Government grants 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. Government grants are recognized as a deduction from the appropriate expenses. S Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. At the 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. T Revenue recognition Apart from revenue recognition of installation service contract disclosed in Note 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 comprises the invoiced value for the sale of goods and services net of value- added tax, rebates and discounts, and after eliminating sales within the Group. Revenue from the sale of goods is recognized when significant risks and rewards of ownership of the goods are transferred to the buyer. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report (ii) Interest income Interest income is recognised on a time proportion basis, taking account of the principal outstanding and the effective rate over the period to maturity, when it is determined that such income will accrue to the Group. (iii) Dividend income Dividend income is recognized when the right to receive payment is established. U Dividends Dividends are recorded in the Group’s financial statements in the period in which they are approved by the Group’s shareholders. V Contingencies Contingent liabilities are not recognised 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 recognised in the financial statements but disclosed when an inflow of economic benefits is probable. W Subsequent Events Post-year-end events that provide additional information about a company’s position at the balance sheet date or those that indicate the going concern assumption is not appropriate, (adjusting events), are reflected in the financial statements. Post-year-end events that are not adjusting events are disclosed in the notes when material. X Comparatives Where necessary, comparative figures have been adjusted to conform with charges in presentation in the current year. FINANCIAL RISK MANAGEMENT (1) 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. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report (i) Credit risk The Group has no significant concentrations of credit risk. The Group has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history. (ii) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. (iii) Interest rate risk The Group’s income and operating cash flows are substantially independent of changes in market interest rates. The Group has no significant interest-bearing assets. The Group policy is to maintain all of its borrowings in fixed rate instruments. (iv) Foreign exchange risk The Group has no significant foreign exchange risk due to limited foreign currency transactions. (2) Fair value estimation The fair value of publicly traded securities is based on quoted market prices at 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. Quoted market prices or dealer quotes for the specific or similar instruments are used for long-term debt. The face values less any estimated credit adjustments for financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair values. 1. SALES, NET 2002 2001 Refrigeration engineering packages and accessories - Refrigerators 345,932 356,692 - Installation service 170,566 84,903 Sale of refrigerators 303,365 294,244 Sale of auxiliary machines 35,058 35,993 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report Others 127,356 84,759 982,277 856,591 Less: Surtaxes (5,393) (3,373) 976,884 853,218 2. FINANCE COSTS, NET 2002 2001 Interest expense on bank borrowings (Note 19(b)(i)) 12,676 15,797 Interest income from bank deposits (6,709) (13,833) 5,967 1,964 3. PROFIT BEFORE TAX AND MINORITY INTERESTS Profit before tax and minority interests was determined after charging/(crediting) the following: 2002 2001 Staff costs - salaries and wages 47,545 46,105 - provisions for staff welfare 6,325 5,691 - contribution to statutory pension scheme 9,059 8,350 Amortization of leasehold land 928 918 Depreciation of property, plant and equipment 21,584 21,918 Amortization of goodwill 768 766 (Gain) loss on disposal of property, plant and equipment (285) 47 Provision for doubtful debts 2,119 4,013 Write-off of bad debts 8,961 5,088 (Reversal of) provision for inventory obsolescence (1,115) 1,245 Provisions for staff welfare are made based on the following percentages of employees’ standard salaries: Percentage 2002 2001 Pension 19.0% 19.0% Staff welfare benefit 14.0% 14.0% Housing fund 7.0% 7.0% Medical insurance 8.0% 8.0% Unemployment insurance 2.0% 2.0% Employment injury insurance 1.2% 1.2% Maternity insurance 0.5% 0.5% 4. TAXATION (a) Value-added tax (“VAT”) Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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: 2002 2001 Current income tax expense 4,247 29,149 Deferred taxation arising from equity pickup of associates 10,474 (7,219) Share of tax of associates 9,546 8,058 24,267 29,988 Financial refund - Relating to the additional EIT on associates’ income - (29,323) 24,267 665 Pursuant to Circular [Da Cai Shui Zi (1997) 155] issued by Dalian Municipal Financial Bureau and the Dalian Municipal Tax Bureau on 21 October 1997, the Company is subject to EIT at a rate of 33% of its taxable income, but is also entitled to a financial refund of 18% of the Company’s taxable income from Dalian Finance Bureau with effect from 1 January 1997, resulting in an effective EIT rate of 15%. Pursuant to Cai Shui [2000] No.99 issued by the Ministry of Finance in October 2000, the above preferential tax treatment ceased from 1 January 2002. In accordance with relevant PRC tax laws, the Company should pay additional EIT equivalent to certain percentage of dividend income received from its associates. As of 31 December 2002, the Group provided deferred taxation amounting to approximately RMB 10.5 million for temporary difference arising from the additional EIT relating to unappropriated profits of its associates as of 31 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report December 2002. (ii) The reconciliation of the statutory tax rate to the effective tax rate was as follows: 2002 2001 Accounting profit before taxation and minority interests 97,511 100% 72,717 100% Tax at the statutory tax rate of 33% (2001: 33%) 32,178 33% 23,997 33% Tax effect of different tax rates of subsidiaries (2,490) (2.6%) (740) (1%) Tax effect of income that are not assessable in determining taxable income (2,247) (2.3%) (2,742) (4%) Tax effect of expenses that are not deductible in determining taxable income 161 0.2% 6,362 9% Temporary differences not recognized (a) (3,335) (3.3%) 3,111 4% Financial refund - - (29,323) (40%) Income tax expense 24,267 25% 665 1% (a) Temporary differences are not recognized because it is uncertain that tax liability will exist in the foreseeable future or taxable profits will be available against which the deductible temporary difference can be utilized. (iii) Deferred tax liability 2002 2001 At 1 January - 7,219 Charged to net profit 10,474 - Credit to net profit - (7,219) At 31 December 10,474 - (iv) EIT of subsidiaries and associates Taxation on profit of subsidiaries and associates is calculated at the applicable rates in accordance with the relevant tax regulations. Certain subsidiaries and associates enjoy preferential EIT policies with approvals from tax authorities. The effective EIT rates of subsidiaries and major associates for the year 2002 are as follows: Relationship with the Effective EIT rate in Name of the entity Company 2002 Dalian Bingshan Group Refrigeration Subsidiary 33% Installation Company Page Dalian Refrigeration Co., Ltd. 2002 Annual Report Dalian Economic and Technological Development Zone Bingshan Trade Subsidiary 15% Company Dalian Economic and Technological Development Zone Daleng Trade Subsidiary 15% Company Dalian Bingshan Air-Conditioning Subsidiary 7.5% Equipment Company Limited Dalian Bingshan Metal Processing Subsidiary 7.5% Company Limited Dalian Bingshan Group Sales Company Subsidiary 33% Dalian Bingshan Guardian Automation Subsidiary 33% Co., Ltd. Dalian Sanyo Compressor Company Associate 10% Limited Dalian Sanyo Refrigeration Company Associate 15% Limited Dalian Sanyo Cold-Chain Company Associate 10% Limited Thermo King-Dalian Transport Associate 15% Refrigeration Company Limited Dalian Sanyo Air Conditioner Company Associate 7.5% Limited 5. EARNINGS PER SHARE The calculation of basic earnings per share was based on the net profit for the year attributable to shareholders of approximately RMB 70,524,000 (2001: approximately RMB 69,502,000), divided by the weighted average number of 350,014,975 (2001: 350,014,975) shares. 6. LEASEHOLD LAND Movement in leasehold land for the year ended 31 December 2002 was as follows: 2002 2001 Cost Beginning of year 45,907 45,454 Additions 40 453 End of year 45,947 45,907 Accumulated amortization Beginning of year 3,795 2,877 Amortization for year 928 918 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report End of year 4,723 3,795 Net book value End of year 41,224 42,112 Beginning of year 42,112 42,577 Leasehold land represented the use rights of the land where the Company’s premise is located and lease payments pre-paid by the Company and its subsidiaries for leasing 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 payments are accounted for under operating leases and are charged to the income statement on a straight-line basis over the lease period of 50 years. 7. PROPERTY, PLANT AND EQUIPMENT Movements in property, plant and equipment were as follows: 2002 Motor Machinery Construction- Buildings vehicles and equipment in-progress Total Cost Beginning of year 191,477 10,836 314,157 1,916 518,386 Additions 441 818 12,909 33,074 47,242 Transfers 3,376 - 25,388 (28,764) - Disposals (7,480) (327) (14,880) - (22,687) End of year 187,814 11,327 337,574 6,226 542,941 Accumulated depreciation Beginning of year 70,246 4,915 148,274 - 223,435 Depreciation for the year 4,502 893 16,189 - 21,584 Disposals (4,158) (245) (13,227) - (17,630) End of year 70,590 5,823 150,976 - 227,389 Accumulated impairment loss Beginning of year 10,294 - 8,841 - 19,135 Reclassification (1,770) - 1,770 - - Reversal for the year(a) (1,300) - (365) - (1,665) End of year 7,224 - 10,246 - 17,470 Net book value End of year 110,000 5,504 176,352 6,226 298,082 Beginning of year 110,937 5,921 157,042 1,916 275,816 For the year ended 31 December 2002, additions to construction-in-progress did not include - Page Dalian Refrigeration Co., Ltd. 2002 Annual Report capitalized interest. (a) During the year 2002, the Company disposed of retired property, plant and equipment with net book value of approximately RMB3,392,000, which included reversal of impairment provision provided previously amounting to approximately RMB1,665,000. 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 subsidiary - - (90) - (90) 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 - - (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 8. INVESTMENTS IN ASSOCIATES 2002 2001 The Group’s share of associates’ net assets 501,246 424,324 Goodwill (a) 4,412 5,180 505,658 429,504 As of 31 December 2002, the Company had direct equity interests in the following associates, all of which were incorporated in the PRC: Page Dalian Refrigeration Co., Ltd. 2002 Annual Report Date of Percentage of equity Name of associates incorporation Registered capital interest Principal activities 2002 2001 2002 2001 Dalian Sanyo Compressor Company 15 September JPY 6,620,000,000 JPY 6,620,000,000 40.00% 40.00% Manufacture and sale of semi- Limited 1994 sealed compressors Dalian Sanyo Refrigeration Company 11 September JPY 2,000,000,000 JPY 2,000,000,000 40.00% 40.00% Manufacture and sale of Limited 1992 absorptive lithium-bromide cold storehouses Dalian Sanyo Cold-Chain Company 11 January 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 11 December USD 850,000 USD 850,000 40.00% 40.00% Installation of transportation Transport Refrigeration Engineering 1992 freezing equipment Company Limited Grand Ocean Auto Air - Conditioning 10 October 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 17 November JPY 300,000,000 JPY 300,000,000 30.00% 30.00% Manufacture and sale of electronic Limited 1994 control panel Dalian Honjo Chemical Company 19 March 1993 JPY 260,000,000 JPY 260,000,000 30.00% 30.00% Manufacture and sale of lithium- Limited bromide Thermo King-Dalian Transport 1 December 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 20 December JPY 1,400,000,000 JPY 1,400,000,000 40.00% 40.00% Manufacture and sale of air- Company Limited 1995 conditioner Dalian Sanyo Food Systems Company 22 December JPY 1,000,000,000 JPY 1,000,000,000 40.00% 40.00% Manufacture and sale of Limited 1995 refrigeration equipment Dalian Sanyo Home Appliance 27 October 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 10 August RMB 5,000,000 RMB 5,000,000 24.00% 24.00% Import of raw materials and Export Company 1988 export of products Dalian Bingshan – P&A Recreation 8 January 2001 USD 250,000 USD 250,000 50.00% 50.00% Develop technology of Development Engineering Limited environmental protection and sale of environmental protection equipment Dalian Bingshan Environmental 10 August RMB 500,000 RMB 500,000 50.00% 50.00% Design and build of man-made Protection Equipment Company 2001 ice-rink Limited Beijing Huashang Bingshan 24 September RMB 1,000,000 N/A 49.00% N/A Sale of air-conditioner and Refrigeration Equipment Co., Ltd. 2002 refrigerator Dalian Bingshan H2O3 6 September USD 1,000,000 N/A 33.00% N/A Develop, design, manufacture and Environmental Solution Co., Ltd. 2002 sale of water purifying equipments (a) Movement of goodwill: 2002 2001 At 1 January 5,180 5,946 Amortization (768) (766) At 31 December 4,412 5,180 9. AVAILABLE-FOR-SALE INVESTMENTS 2002 2001 Available-for-sale investments: Investments in unlisted shares at cost 47,616 45,811 Less: Provision for impairment in value (500) (500) 47,116 45,311 Held-to-maturity investments: Bonds - 30 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 47,116 45,341 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. The Board of Directors of the Company has the opinion that the carrying amount of above investments approximate to their fair values. As of 31 December 2002, investments in unlisted shares included: Name of investee company Share of equity interest Carrying amount 2002 2001 2002 2001 Guotai Junan Securities Co., Ltd. 1.02% 1.02% 37,890 37,890 Sun-Tek Technology Co., Ltd. 1.9% 1.9% 3,000 3,000 Dalian Bingshan Rubber and Plastics Machinery Co., Ltd. 2.14% 2.14% 2,308 2,308 Thermo King Container Temperature Control (Suzhou) Co., Ltd. 10% - 1,556 - Liaoning Maike Group Co., Ltd. 2.0% 2.0% 1,020 1,020 Others - - 1,342 1,093 47,116 45,311 10. INVENTORIES 2002 2001 Raw materials 38,405 41,228 Work in progress 76,493 116,848 Finished goods 151,446 153,153 266,344 311,229 Less: Provision for inventory obsolescence (4,601) (5,716) 261,743 305,513 Out of the total inventories as of 31 December 2002, approximately RMB 6 million (2001: RMB 6 million) were stated at net realizable value. For the year ended 31 December 2002, inventories expensed in the income statement amounted to approximately RMB 845 million (2001: approximately RMB 727 million). 11. GROSS AMOUNT DUE FROM CUSTOMERS FOR CONTRACT WORK 2002 2001 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report Costs incurred 47,593 99,150 Plus: Recognized profits 7,770 13,837 Less: Recognized losses (1,505) (1,699) Progress billings (33,932) (60,770) 19,926 50,518 12. TRADE RECEIVABLES 2002 2001 Accounts receivable 205,898 175,417 Notes receivable 36,487 15,502 242,385 190,919 Less: Provision for doubtful debts (26,684) (24,565) 215,701 166,354 13. SHARE CAPITAL As of 31 December 2002, 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) 2002 2001 2002 2001 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 14. 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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report commissions and professional fees. The addition of capital reserve in 2002 represents the shares of the Group in the capital reserve addition in an associate, which arose from donations. (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. Certain subsidiaries of the Company are joint ventures using Chinese and foreign investments. In accordance with the “Law of the PRC on Joint Ventures Using Chinese and Foreign Investment”, those subsidiaries’ Articles of Association and resolutions of the Board of Directors, appropriation from statutory profit after tax (having set off accumulated losses of previous years in advance) has been made to the Reserve Fund and Enterprise Expansion Fund which are included in statutory surplus reserves fund in the consolidated financial statements of the Group. (c) Statutory public welfare fund According to the relevant financial regulations of the PRC and the Company’s 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. During the year 2002, RMB 8,569,000 (2001: RMB 8,892,000) were provided for statutory public welfare fund. (d) Discretionary surplus reserve fund As stated in the Company’s articles of association, the Company can appropriate the lower of its retained earnings available for appropriation after providing statutory surplus reserve fund and statutory public welfare fund under PRC GAAP and IFRS to the discretionary surplus reserve fund. At the annual shareholders’ meeting on 22 May 2002, the shareholders approved to appropriate 10% of the lower of its 2001 retained earnings available for appropriation after providing statutory surplus reserve fund and statutory public welfare fund under Page Dalian Refrigeration Co., Ltd. 2002 Annual Report PRC GAAP and IFRS to the discretionary surplus reserve fund. 15. 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 the Ministry of Finance on 24 August 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. At the annual shareholders’ meeting on 22 May 2002, the shareholders approved the distribution of a cash dividend of RMB 0.10 per share (2001: RMB 0.10 per share), totaling RMB 35,001,000 (2001: RMB 35,001,000). As of 31 December 2002, the unappropriated profits available for distribution were approximately RMB 87,104,000 (2001: approximately RMB 78,548,000). (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 boards 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. 16. MINORITY INTERESTS 2002 2001 At 1 January 28,663 26,999 Capital contributions from minority shareholders 1,014 - Share of net profit of subsidiaries 2,720 2,550 Dividend paid (3,054) (886) At 31 December 29,343 28,663 17. GROSS AMOUNT DUE TO CUSTOMERS FOR CONTRACT WORK 2002 2001 Progress billings 74,563 25,233 Less: Costs incurred (49,414) (17,298) Recognized losses (profits) 2,544 (285) 27,693 7,650 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 18. TRADE AND OTHER PAYABLES 2002 2001 Trade payable 155,541 132,506 Advance from customers 66,187 111,978 Accrual and other current liabilities 15,851 10,410 Notes payable 36,545 5,381 Staff welfare payable (Note 3) 4,056 5,114 278,180 265,389 Movement of staff welfare payable was as follows: 2002 2001 Balance at beginning of year 5,114 3,689 Provision 6,325 5,691 Payment (7,383) (4,266) Balance at end of year 4,056 5,114 19. BORROWINGS (a) Short-term bank borrowings As of 31 December 2002, short-term bank loans were unsecured (2001: guaranteed by Binshan Group) and bore interest at 4.54%-5.04% (2001: 5.58%) per annum. (b) Long-term bank borrowings 2002 2001 (i) Guaranteed bank loans 79,000 79,000 As of 31 December 2002, long-term bank loans bore interest at 6.03% (2001: 6.03%) per annum and were guaranteed by Bingshan Group. The long-term bank loans are repayable on 20 March 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 31 December 2002, subsidy amounting to approximately RMB 4.8 million (2001: RMB 1.6 million) was received by the Company and credited into interest expense. 20. SUPPLEMENTARY INFORMATION TO CONSOLIDATED CASH FLOW STATEMENT Page Dalian Refrigeration Co., Ltd. 2002 Annual Report (a) Reconciliation from profit before tax and minority interests to cash generated from operations: 2002 2001 Profit before tax 97,511 72,717 Adjustments for: Amortization of leasehold land 928 918 Depreciation of property, plant and equipment 21,584 21,918 Impairment loss of property, plant and equipment - 19,135 (Gain) loss on disposal of property, plant and equipment (285) 47 Amortization of goodwill 768 766 Share of profit of associates (83,438) (79,001) Income from long-term investments (500) (3,346) (Reversal of) provision for inventory obsolescence (1,115) 1,245 Provision for doubtful debts 2,119 4,013 Write-off of bad debts 8,961 5,088 Interest expense 12,676 15,797 Interest income (6,709) (13,833) Operating profit before working capital changes 52,500 45,464 Decrease in inventories and gross amount due from customers for contract work 75,477 27,087 Decrease (Increase) in prepayments and other current assets 12,318 (10,244) Decrease (Increase) in due from related parties 28,762 (48,649) Increase in trade receivables (50,114) (26,098) Increase in gross amount due to customers for contract work 20,043 5,674 Decrease in due to related parties (19,621) (3,089) (Decrease) Increase in trade and other payables (20,011) 63,192 Cash generated from operations 99,354 53,337 (b) Analysis of the balances of cash and cash equivalents 2002 2001 Cash on hand 21 6 Bank current deposits 226,283 142,141 Bank time deposits 200,951 272,788 427,255 414,935 (c) Non-cash transactions 2002 2001 Dividends declared in the year 35,001 35,001 Add: Dividends payable, beginning of year 8,624 9,414 Less: Dividends offset with amounts due from (10,442) (10,442) Page Dalian Refrigeration Co., Ltd. 2002 Annual Report Bingshan Group Less: Dividends payable, end of year (9,235) (8,624) Dividends paid in cash 23,948 25,349 2002 2001 Disposal of property, plant and equipment 22,687 389 Less: Accumulated depreciation (17,630) (268) Less: Accumulated impairment loss (1,665) - Less: Net off with trade payables (3,569) - Add: Gain (loss) on disposal of property, plant and equipment 285 (47) Proceeds from disposal of property, plant and equipment 108 74 21. 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 Company Bingshan Group Ultimate parent company of the Company Dalian Sanyo Refrigeration Company Limited Associate of the Company (“DSRC”) Dalian Sanyo Cold-Chain Company Limited Associate of the Company (“DSCCC”) Dalian Sanyo Air Conditioner Company Associate of the Company Limited (“DSACC”) Dalian Sanyo Compressor Company Limited Associate of the Company (“DSCC”) Dalian Sanyo Food Systems Company Limited Associate of the Company (“DSFSC”) Grand Ocean Auto Air - Conditioning Associate of the Company Engineering (Dalian) Company Limited (“GOAAEC”) Dalian Grand Ocean Thermo King Transport Associate of the Company Refrigeration Engineering Company Limited (“DGOTKTREC”) Thermo King-Dalian Transport Refrigeration Associate of the Company Company Limited (“TKDTRC”) Dalian Bingshan Group Import and Export Associate of the Company Company (“Bingshan I&E”) Beijing Huashang Bingshan Refrigeration Associate of the Company Equipment Co., Ltd. (“BHBREC”) Dalian Binshan H2O3 Environmental Solution Associate of the Company Co., Ltd. (“DBHESC”) Page Dalian Refrigeration Co., Ltd. 2002 Annual Report Bingshan Group Cold Drink Equipment Wholly-owned subsidiary of Company Limited (“BGCDEC”) Bingshan Group Dalian No.1 Refrigeration Equipment Factory Wholly-owned subsidiary of (“D1REF”) Bingshan Group Dalian No.3 Refrigeration Equipment Factory Wholly-owned subsidiary of (“D3REF”) Bingshan Group China Dalian Switchgear Works (“CDSW”) Wholly-owned subsidiary of Bingshan Group Jinzhou Heavy Machinery Works (“JHMW”) Wholly-owned subsidiary of Bingshan Group Dalian Bingshan Duan Zao Co., Ltd. Subsidiary controlled by Bingshan (“DBDZC”) Group Dalian Refrigeration Auxiliary Equipment Subsidiary controlled by Bingshan Plant (“DRAEP”) Group Dalian Bingshan Rubber and Plastics Subsidiary controlled by Bingshan Machinery Company Limited (“DBRPMC”) Group Dalian Baltimore Aircool Refrigeration Subsidiary controlled by Bingshan Company Limited (“DBARC”) Group Dalian Zheng Xing Switchgear Plant Associate of Bingshan Group (“DZXSP”) Dalian Spindle Cooling Towers Company Associate of Bingshan Group Limited (“DSCTC”) Dalian Vacuum Flask Works (“DVFW”) Wholly-owned subsidiary of Bingshan Group Dalian Refrigeration Technique Service Center Wholly-owned subsidiary of (“DRTSC”) Bingshan Group (c) Significant transactions with related parties were as follows: 2002 2001 Purchase of raw materials and finished goods from - DSCC 82,361 68,249 - DSACC 49,013 81,632 - Bingshan I&E 45,426 41,062 - DBARC 40,706 44,784 - DSRC 34,123 38,917 - DRAEP 24,831 11,869 - CDSW 18,483 12,210 - DSCTC 15,143 21,860 - D1REF 14,591 13,929 - BGCDEC 11,444 5,655 - D3REF 8,490 7,290 - DZXSP 3,562 2,467 - DVFW 1,819 7,445 - DRTSC 1,604 2,653 - TKDTRC 1,146 - - DSCCC 1,015 48,331 - DBDZC 873 - - DBRPMC 803 - - JHMW 517 1,951 - DSFSC 16 1,267 - Others - 182 355,966 411,753 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report Sale of finished goods to - DSCC 25,552 29,705 - Bingshan I&E 25,276 23,014 - BHBREC 4,509 - - CDSW 4,118 - - TKDTRC 3,869 - - DSACC 3,052 - - DRAEP 2,487 6,586 - Bingshan Group 2,463 - - DRTSC 2,031 2,065 - DSCCC 1,275 - - D3REF 1,230 2,466 - D1REF 1,099 13,453 - DSCTC 386 431 - DSRC 1,325 1,079 - JHMW - 1,035 - BGCDEC - 681 - DBRPMC - 479 - Others 371 897 79,043 81,891 Purchase of machineries from - Bingshan I&E 28 1,269 Commission income received from - DSACC 2,900 4,992 - DSCCC 1,642 720 - DBARC 80 593 4,622 6,305 (d) Significant balances with related parties 2002 2001 Due from related parties - D1REF 11,520 8,529 - Bingshan I&E 6,837 31,219 - DSRC 6,708 6,238 - DSCCC 3,663 2,446 - DSACC 3,245 4,243 - TKDTRC 2,710 515 - GOAAEC 2,517 3,308 - DGOTKTREC 1,554 1,051 - JHMW 1,467 1,132 - DSCC 1,429 633 - Bingshan Group 865 8,273 - DBRPMC - 2,052 - Others 551 1,312 43,066 70,951 Due to related parties - BGCDEC 12,823 8,875 - DRAEP 6,520 - - D3REF 1,484 2,535 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report - CDSW 1,351 26 - DBARC 369 19,809 - DSCTC - 72 - Others 1,678 2,087 24,225 33,404 The amount due from Bingshan Group bore interest at a rate of 5.31% (2001: nil) per annum. Other amounts due from/to related parties were unsecured, non-interest bearing and had no fixed repayment dates. 22. SEGMENT REPORTING The Group conducts its business within one business segment – the business of manufacturing, sale and installation of refrigeration equipment in the PRC. No segment income statement has been prepared by the Group during the year ended 31 December 2002. The Group also operates within one geographical segment because its revenues are primarily generated in the PRC and its assets are located in the PRC. Accordingly, no geographical segment data is presented. 23. SUBSEQUENT EVENTS (a) On 13 January, 2003, upon receiving approval from Dalian Foreign Trade and Economic Bureau Waijingmao Zi Document 2 (2003) No.48, two associates, namely Dalian Sanyo Cold-chain Company Limited and Dalian Sanyo Food Systems Company Limited will merge in 2003. (b) On April 22, 2003, the board of directors of the Company resolved to appropriate 10% of its 2002 profit available for shareholders to 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. 24. CONTINGENT LIABILITIES As of 31 December 2002, the Group has no significant contingent liabilities. 25. APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the board of directors on 22 April 2003. XI. Reference Documents 1. The accounting statements bearing the signatures and seals of the legal representative, the financial majordomo and the accountants in charge. 2. The original copy of the auditor's report bearing the seal of the certified public accountants Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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: 0086-411-6654530 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report DALIAN REFRIGERATION COMPANY LIMITED AND ITS SUBSIDIARIES CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2002 (All amounts in Renminbi (“RMB”) thousands, except for earnings per share) Year ended 31 December Notes 2002 2001 Sales, net 1,21(c) 976,884 853,218 Cost of sales 21(c) (844,791) (726,878) Gross profit 132,093 126,340 Distribution costs (44,661) (48,858) Administrative expenses (75,098) (73,468) Other operating income, net 7,206 7,455 Profit from operations 19,540 11,469 Impairment loss of property, plant and equipment - (19,135) Finance costs, net 2 (5,967) (1,964) Share of profit of associates before tax 83,438 79,001 Dividend income from long-term investments 500 3,346 Profit before tax and minority interests 3 97,511 72,717 Income tax expense 4 (24,267) (665) Profit before minority interests 73,244 72,052 Minority interests 16 (2,720) (2,550) Net profit 70,524 69,502 Earnings per share - Basic 5 RMB 0.20 RMB 0.20 - Diluted Not applicable Not applicable The accompanying accounting policies and notes form an integral part of these consolidated financial statements. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report DALIAN REFRIGERATION COMPANY LIMITED AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2002 (All amounts in RMB thousands) As of 31 December Notes 2002 2001 ASSETS Non-current assets Leasehold land 6 41,224 42,112 Property, plant and equipment 7 298,082 275,816 Investments in associates 8 505,658 429,504 Available-for-sale investments 9 47,116 45,341 892,080 792,773 Current assets Inventories 10,21 261,743 305,513 Gross amount due from customers for contract work 11 19,926 50,518 Prepayments and other current assets 20,871 35,158 Due from related parties 21(d) 43,066 70,951 Trade receivables 12 215,701 166,354 Cash and cash equivalents 20(b) 427,255 414,935 988,562 1,043,429 Total assets 1,880,642 1,836,202 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report DALIAN REFRIGERATION COMPANY LIMITED AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEET (CONTINUED) AS OF 31 DECEMBER 2002 (All amounts in RMB thousands) As of 31 December Notes 2002 2001 EQUITY AND LIABILITIES Equity Share capital 13 350,015 350,015 Reserves 14,15 844,477 807,607 1,194,492 1,157,622 Minority interests 16 29,343 28,663 LIABILITIES Non-current liabilities Long-term bank borrowings 19(b) 79,000 79,000 Deferred tax liabilities 4 10,474 - 89,474 79,000 Current liabilities Gross amount due to customers for contract work 17 27,693 7,650 Dividends payable 20(c) 9,235 8,624 Due to related parties 21(d) 24,225 33,404 Trade and other payables 18 278,180 265,389 Short-term bank borrowings 19(a) 228,000 255,850 567,333 570,917 Total equity and liabilities 1,880,642 1,836,202 The accompanying accounting policies and notes form an integral part of these consolidated financial statements. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report DALIAN REFRIGERATION COMPANY LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2002 (All amounts in RMB thousands) Reserves Statutory Statutory Discretionary Unappro- Share Capital surplus public surplus reserve priated Total capital reserve reserve fund welfare fund fund profits reserves Total equity (Note 13) (Note 14(a)) (Note 14(b)) (Note 14(c)) (Note 14(d)) (Note 15) Balance at 1 January 2001 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 - - Appropriations to discretionary surplus reserve fund relating to 2000 - - - - 7,814 (7,814) - - Dividends relating to 2000 - - - - - (35,001) (35,001) (35,001) Net profit for 2001 - - - - - 69,502 69,502 69,502 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 15(b)) - - 1,233 65 - (1,298) - - Balance at 31 December 2001 350,015 555,805 89,854 53,543 29,857 78,548 807,607 1,157,622 Appropriations to discretionary surplus reserve fund relating to 2001 - - - - 8,639 (8,639) - - Dividends relating to 2001 - - - - - (35,001) (35,001) (35,001) Net profit for 2002 - - - - - 70,524 70,524 70,524 Profit appropriations to statutory reserves: - statutory surplus reserve fund - - 8,569 - - (8,569) - - - statutory public welfare fund - - - 8,569 - (8,569) - - Appropriations to statutory reserves by subsidiaries (Note 15(b)) - - 1,182 8 - (1,190) - - Other (Note 14(a)) - 1,347 - - - - 1,347 1,347 Balance at 31 December 2002 350,015 557,152 99,605 62,120 38,496 87,104 844,477 1,194,492 The accompanying accounting policies and notes form an integral part of these consolidated financial statements. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report DALIAN REFRIGERATION COMPANY LIMITED AND ITS SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2002 (All amounts in RMB thousands) Year ended 31 December Notes 2002 2001 CASH FLOWS FROM OPERATING ACTIVITIES: Cash generated from operations 20(a) 99,354 53,337 Interest income received 7,896 13,538 Interest expense paid (12,676) (16,069) Income tax paid (3,408) - Net cash generated from operating activities 91,166 50,806 CASH FLOWS FROM INVESTING ACTIVITIES: Increase in investments in associates (55,012) (9,879) Increase in long-term investments (1,805) - Proceeds from disposal of long-term investments 30 60 Net cash outflow from deconsolidation of a subsidiary - (14,902) Purchase of leasehold land and property, plant and equipment (11,750) (15,168) Proceeds from disposals of property, plant and equipment 20(c) 108 74 Dividends received from associates 43,071 39,577 Dividends received from long-term investments 350 3,346 Net cash (used in) generated from investing activities (25,008) 3,108 CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term bank borrowings (27,850) (11,000) Proceeds from long-term bank borrowings - 79,000 Repayments of long-term bank borrowings - (21,300) Capital contributions from minority shareholders 1,014 - Dividends paid 20(c) (23,948) (25,349) Dividends paid to minority shareholders (3,054) (886) Net cash (used in) generated from financing activities (53,838) 20,465 Net increase in cash and cash equivalents 12,320 74,379 Cash and cash equivalents at beginning of year 20(b) 414,935 340,556 Cash and cash equivalents at end of year 20(b) 427,255 414,935 The accompanying accounting policies and notes form an integral part of these consolidated financial statements. Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 大连冷冻机股份有限公司 2002 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 侴乔力 徐辉董事未出席董事会 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 本公司负责人张和 主管会计负责人于守涛及会计机构负责人徐小蕊保证 年度报告中财务报告的真实 完整 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 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 000530 200530 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 公司聘请的会计师事务所 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 境内 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 境外 普华永道中天会计师事务所有限公司 办公地址 上海市淮海中路 333 号瑞安广场 19 楼 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 97,511 除税及少数股东损益后利润 70,524 营业利润 19,540 依权益法认列之联营公司收益 83,438 营业活动之净现金流入 91,166 现金及现金等价物净增加 12,320 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 2002 年度 实现净利润 88,427 千元 经普华永道中天会计师事务所有限公司按照国际财务 报告准则审计 公司 2002 年度实现净利润 70,524 千元 境内外审计差异为 17,903 千元 按国际财务报告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 二年 二 一年 二 二年度 二 一年度 十二月三十一日 十二月三十一日 本集团法定账目金额 88,427 88,918 1,189,980 1,137,488 法定账目会计政策变更的影响 - - - (2,737) 调整后的本集团法定账目金额 88,427 88,918 1,189,980 1,134,751 调整 提取不动产 厂场及设备 减值损失 - (19,135) - - 安装业务收入及成本确认 (7,781) (2,470) (15,687) (7,906) 递延税项负债确认 (10,474) 7,219 (10,474) - 权益法核算投资收益 (743) (5,307) (3,612) (2,869) 期后盈余分配 - - 35,001 35,001 在法定账目下记录于资本 公积的冰山集团资金占用 费 456 - - - 其他 639 277 (716) (1,355) 根据国际财务报告准则调整后 金额 70,524 69,502 1,194,492 1,157,622 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 2002 2001 2000 销售收入 千元 976,884 853,218 873,822 营业利润 千元 19,540 11,469 26,916 应占联营公司利润 千元 83,438 79,001 61,757 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 除税及少数股东损益前利润 千元 97,511 72,717 87,112 除税及少数股东损益后利润 千元 70,524 69,502 66,209 总资产 千元 1,880,642 1,836,202 1,730,768 净资产 千元 1,194,492 1,157,622 1,123,121 营业活动之净现金流入 千元 91,166 50,806 20,147 每股净资产 元 3.41 3.31 3.21 每股收益 元 0.20 0.20 0.19 净资产收益率 5.90% 6.00% 5.90% 每股营业活动之净现金流入 元 0.260 0.145 0.058 注 1 以上数据和指标为普华永道中天会计师事务所有限公司按照国际财务 报告准则审计编制 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 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 1 报告期末股东总数为 71,040 户 同比减少 5,192 户 其中 A 股股东总数 为 56,832 户 同比减少 4,748 户 B 股股东总数为 14,208 户 同比减少 444 户 2 主要股东持股情况 前十名股东 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 534.55 918.63 2.62 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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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 公司前十名股东中 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 国泰君安证券股份有限公司所持有的 A 股 为可流通的社会公众股 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 2002 年实现销售收入 45.3 亿元 利润总额 2.86 亿元 出口创汇 5,057 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 2002 年 3 月 31 日 该公司总资产为 206.7 亿美元 实 现主营业务收入 152 亿美元 净利润 0.13 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 65 01.5 04.5 25,650 25,650 穆传江 男 副董事长 53 01.5 04.5 22,650 22,650 张宏智 男 执行董事 44 01.5 04.5 21,125 21,125 王德昆 男 执行董事 51 01.5 04.5 14,250 14,250 于守涛 男 执行董事 52 01.5 04.5 21,375 21,375 王志强 男 执行董事 41 01.5 04.5 0 0 杨 斌 男 执行董事 46 01.5 04.5 0 0 刘梦华 男 董事 60 01.5 04.5 0 0 吕中立 男 独立董事 61 02.5 04.5 7,125 7,125 王 栋 男 独立董事 66 02.5 04.5 0 0 侴乔力 男 董事 39 01.5 04.5 0 0 张昕帆 男 董事 35 02.5 04.5 0 0 邹志明 男 董事 59 01.5 04.5 10,687 10,687 李 梅 女 董事 38 01.5 04.5 0 0 徐 辉 男 董事 34 01.5 04.5 0 0 小林奉文 男 董事 60 01.5 04.5 0 0 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 吉田章 男 董事 63 01.5 04.5 0 0 监事 3位 于福春 男 监事会主席 44 01.5 04.5 7,800 7,800 门曰胜 男 监事 50 01.5 04.5 0 0 朱广熙 男 监事 38 01.5 04.5 0 0 高级管理人员 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 35 01.5 04.5 0 0 丁 杰 男 副总经理 40 01.5 04.5 0 0 于守涛 男 财务总监 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 张昕帆先生现任华夏证券有限公司沈阳分公司副总经理 李梅女 士现任国泰君安证券股份有限公司副总裁 邹志明先生现任大连船用柴油机厂 厂长 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 98.3 万元 金额最高的 前三名董事的报酬总额为 33 万元 金额最高的前三名高级管理人员的报酬总额 为 33 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 10 12 万元区间 2 人 8 10 万元区间 5 人 7 8 万元区间 2 人 4 7 万元区间 3 人 4 万元以内 1 人 公司每位独立董事年度津贴为 25,000 元 刘梦华 张昕帆 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 原董事王国通先生 白琳女士不再担任公司董事 选举吕中立 先生 王栋先生为独立董事 张昕帆先生为董事 报告期内 原总经理穆传江先生因工作需要辞去公司总经理职务 在董事 会正式聘任总经理之前 暂由公司董事长张和先生代理行使公司总经理职责 2 公司员工情况 2002 年 12 月 31 日统计 公司现有员工 2,069 人 其中生产人员 1,259 人 占 60.9% 技术人员 341 人 占 16.5% 销售人员 265 人 占 12.8% 财务 人员 34 人 占 1.6% 行政人员 170 人 占 8.2% 公司大 中专以上学历 652 人 占 31.5% 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 报告期期末 公司治理的实际状况与中国证监会有关文件的要求存在如下 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 差异 公司财务总监兼任控股股东财务总监 公司将于 2003 年 4 月 22 日召开 的三届七次董事会议上予以解决 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 已建立了独立董事制度 目前公司有两名独立董事 该等 独立董事及时出席公司董事会议 积极发表独立意见 较好地履行了自身的职 责 切实地维护了公司中小股东的合法权益 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 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 公司财务总监目前兼任控股股东财务总监 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 2002 年 5 月 22 日上午在公司召开了 2001 年度股东大会 关于召 开本次股东大会的通知 刊登在 2002 年 4 月 10 日 中国证券报 大公报 关于本次股东大会的决议公告 刊登在 2002 年 5 月 23 日 中国证券报 大 公报 本次会议通过如下决议 公司董事会 2001 年度工作报告 公司监事会 2001 年度工作报告 公司 2001 年度财务决算和 2002 年度财务预算 公司 2001 年度分红方案 关于修改公司章程的报告 股东大会议事规则 董事会议事规 则及治理准则 监事会议事规则 选举独立董事 关于独立董事津贴标准的报 告 关于董事变更的报告 关于聘请 2002 年度审计机构的报告 本次会议同意 原董事王国通先生 白琳女士不再担任公司董事 选举吕中立先生 王栋先生 为独立董事 张昕帆先生为董事 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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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 主营业务持续增长 经营效益稳步提高 2002 年 公司继续以市场为核心 以螺杆压缩机和成套工程为侧重 实 现销售收入 976,884 千元 同比增长 14.49% 公司销售收入的产品分布情况 详见会计报告附注 1 报告期内 公司 冰山 品牌被国家外经贸部评为 重点支持和发展的名 牌出口商品 ;公司活塞式制冷压缩机 螺杆式制冷压缩机和冷库成套等三项产 品荣获 辽宁省名牌产品 ; 公司荣获 辽宁省质量管理奖 称号 公司董事 长张和先生荣获首届中国企业家创业事迹奖 报告期内 公司承接了多个 1,000 万元以上的大型成套工程,其中包括一 个近 2,000 万元的特大型禽类深加工项目 充分展示了公司承接大型组合库的 综合实力 报告期内 公司通过了 ISO9001-2000 认证审核,将促进公司形成持续改进 的良性机制 进一步提高公司设计及生产合格产品的过程控制能力 报告期内 公司被大连市科学技术局认定为 高新技术企业 将进一步 推动公司的良性发展 提高国内外市场占有率和竞争能力 报告期内 公司完成了螺杆压缩机等 18 项新产品 进行了多项技术改造 实施了 ERP 系统管理信息化 发展后劲更足 基础管理更扎实 报告期内 应收帐款同比有所增长 反映出经营质量还有待进一步提高 合资企业群注重可持续发展 综合实力进一步增强 2002 年末 公司合资企业群总资产为 276,832 万元 净资产为 137,598 万 元 2002 年 公司合资企业群实现销售收入 227,069 万元 同比增长 11.05% 公司获得投资收益 8,344 万元 同比增长 5.62% 2002 年 在公司合资企业群中 主营业务收入同比增长 30%以上的有两家 净利润同比增长 30%以上的有四家 净资产收益率 15%以上的有六家 三洋空调机完成了 W-ECO-MULTI 小型中央空调等 8 项新产品 通过了 ISO9001-2000 认证审核 正式拥有了 7 热交换器自主生产能力 并成为日本 三洋电机 好景 空调唯一海外生产基地 三 洋 冷 链 完 成 了 便 利 店 冷 柜 欧 式 冷 柜 等 10 多 项 新 产 品 通 过 了 ISO9001-2000 认证审核 其与国际零售业巨头沃尔玛的合作日趋紧密 沃尔玛 在中国投资的商场中有 50%以上选用了三洋冷链的陈列柜 三洋压缩机通过增资扩建 将 B C 系列涡旋式压缩机的生产能力提高了 50% 并成功引入了 ERP 管理模式及博士后工作站 三洋制冷完成了 FG-XM 蒸气型吸收式制冷机 绿色环保燃气热泵等 4 项新 产品 并荣获 辽宁省质量管理奖 称号 其溴化锂吸收式制冷机再次荣获 辽 宁省名牌产品 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 该公司注册资本为人民币 2,004 万元 本 公司拥有 100%的股权 主营成套制冷设备安装调试 2002 年实现销售收入 1,818 万元 大连冰山集团销售有限公司 该公司注册资本为人民币 300 万元 其中本公 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 司拥有 90%的股权 主营大连冰山集团成员企业的产品销售 2002 年实现销售 收入 5,274 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 2002 年实 现销售收入 9,521 万元 大连冰山金属加工有限公司 该公司注册资本为 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 2002 年实现销售收入 2,713 万元 B 参股公司 详见 会计报表附注 8 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 25,163 万元 占年度采购总额的 38.18% 公司前五名客户销售额合计为 7,392 万元 占公司销售总额的 7.57% 4 在经营中出现的问题与困难及解决方案 2002 年 公司在产品经营方面虽然取得了一定的成绩 但在资本运营方 面 特别是在资金使用方面还存在一定的问题 从 2002 年末财务报告可以看出 公司拥有 4 个多亿的货币资金 扣除 B 股募集资金待投入部分 可自由支配资 金不少于 3.5 亿元 与此同时 公司短期借款超过 2 亿元 每年公司为此需多 付利息几百万元 为了更好地做好降成本工作 尤其是降低利息成本 公司已开始逐步减少 银行短期借款 5 在公司 2002 年度财务预算报告中 提出 2002 年度公司经营计划指标如下 销售收入 95,000 万元 利润总额 9,550 万元 经过努力 公司较好地完成了上 述经营计划指标 2 公司投资情况 截止 2002 年末 公司分别与日本 香港 美国 英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 冷王集装箱温度控制 苏州 有限公司 苏州市 船用集装箱温控产品 10% 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% 大连冰山水环境设备有限公司 大连市 生产臭氧水处理设备 33% 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 全封闭压缩机 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% Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 大连冰山嘉德自动化有限公司 大连市 制冷等行业自动控制技术 60% 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 累计投入 10,894.936 万元 占应投资额的 67.6% 本报告期内投入 5,315.58 万元 2002 年末 新建厂房已 全部完工 同时引进了各种具有世界领先水平的生产设备 加工中心 极大地 提高了生产能力和生产效率 2002 年 该公司实现主营业务收入 40,636 万元 同比增长 7.35%;实现净利润 4,276 万元 同比下降 31.74% 主要是因日元大幅 升值而带来的汇兑损失 开发大型螺杆制冷压缩机项目 累计投入 5,499 万元 占应投资额的 91.7% 本报告期内投入 1,680 万元 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 已成为公司新的效益增长点 目前 公司已投入募集资金 28,213.936 万元 占总应投资额的 83.1% 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 2002 年 4 月 25 日 公司与英格索兰 中国 投资公司共同投资建立的冷 王集装箱温度控制 苏州 有限公司正式成立 该公司注册资本 900 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 2002 年 5 月 21 日 公司与英国嘉德控制国际有限公司合资兴建的大连冰 山嘉德自动化有限公司正式成立 该公司总投资 30 万英镑 注册资本 21 万英 镑 其中本公司拥有 60%股权 该公司主要从事制冷及相关行业自动控制技术 的研究与开发 2002 年 9 月 6 日 公司与美国 H2O3 Solutions 公司共同出资兴建的大连冰 山水环境设备有限公司正式成立 该公司注册资本为 100 万美元 其中大冷股 份拥有 33%的股权 该公司主要生产臭氧水处理设备 主要应用于对水进行彻 底消毒及氧化的领域 如游泳池水的消毒 洗浴水的消毒及循环使用 污水的 处理排放等 另外 公司还以自有资金进行了一系列技术改造, 主要涉及成套产品事业 部换热器生产线改造 生产系统管理信息化 技术系统网络安全及管理等方面 3 公司财务状况及经营成果 截止 2002 年 12 月 31 日 公司财务状况及经营成果如下 1 资产总计 1,880,642 千元 比年初增加 44,440 千元 其中 流动资产 减少 54,867 千元 主要是因存货减少 非流动资产增加 99,307 千元 主要是 因新购固定资产 合资企业实现利润及对合资企业新增投资 2 负债总计 656,807 千元 比年初增加 6,890 千元 其中 流动负债减少 3,584 千元 主要是因短期借款减少 非流动负债增加 10,474 千元 是因递延 税项负债增加 3 股东权益 1,194,492 千元 比上年增加 36,870 千元 主要是因计提公 积金 未分配利润增加 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 4 营业利润 19,540 千元 比上年增加 8,071 千元 主要是因销售收入增 加 5 净利润 70,524 千元 比上年增加 1,022 千元 主要是因营业利润增加 6 资产负债率为 34.92% 同比下降 0.47 个百分点 7 毛利率为 13.52% 同比下降 1.29 个百分点 8 净资产收益率为 5.90% 同比下降 0.10 个百分点 4 新年度的经营计划 2003 年公司经营计划指标 销售收入 100,000 万元 利润总额 9,700 万元 1 树立大市场和全球化观念 大力开拓市场 积极抢占市场 进一步提高市 场占有率 2 以合资合作为契机 搞好产品结构调整 加快与世界资本的融合 重点抓 好自动售货机 速冻机 板式换热器等合资合作项目 3 全面推进 ERP 信息化管理 要将信息化管理贯穿于产品开发 生产组织管 理 销售体系和服务的全过程 实现物流 信息流和价值流的统一和优化 4 以应收帐款为侧重 全面抓好财务管理和降成本工作 要建立和完善应收 帐款预警系统 实时分析 有效控制 5 与生产经营相结合 发挥典型示范作用 抓好企业文化建设和思想政治工 作 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 三届三次董事会议 公司三届董事会于 2002 年 4 月 8 日在公司六楼会议室召开了第三次会议 本次会议审议并通过了如下决议 公司 2001 年度董事会工作报告 公司 2001 年度财务决算和 2002 年度财务预算报告 公司 2001 年度利润分配预案 公司 2002 年度利润分配政策及公积金转增股本政策 关于修改公司章程的报告 股 东大会议事规则 草案 董事会议事规则 草案 关于独立董事候选人的报 告 关于独立董事津贴标准的报告 关于董事变更的报告 关于高级管理人员 变更的报告 关于大连冰山集团进出口公司由全资子公司变更为参股公司的报 告 关于参股大连冰山环保设备工程有限公司的报告 关于拟核销资产减值准 备的报告 关于计提无形资产减值准备的报告 关于聘请 2002 年度审计机构的 报告 公司 2001 年年度报告 关于召开 2001 年度股东大会的有关事项 三届四次董事会议 公司三届董事会于 2002 年 4 月 22 日在公司六楼会议室召开了第四次会议 本次会议审议通过了公司 2002 年第一季度季度报告 三届五次董事会议 公司三届董事会于 2002 年 8 月 20 日在公司六楼会议室召开了第五次会议 本次会议审议并通过了如下决议 公司 2002 年半年度报告及其摘要 公司 2002 年半年度不进行利润分配和资本公积金转增股本 三届六次董事会议 公司三届董事会于 2002 年 10 月 23 日在公司六楼会议室召开了第六次会 议 本次会议审议通过了公司 2002 年第三季度季度报告 董事会对股东大会决议的执行情况 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 公司董事会认真贯彻执行了 2001 年度股东大会的各项决议 公司 2001 年度分红方案由公司董事会于 2002 年 6 月实施完毕 6 本次利润分配预案或资本公积金转增股本预案 根据大连华连会计师事务所有限公司的审计 公司 2002 年实现税后利润为 8,842.6 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 884.3 万 元 10%法定公益金 884.3 万元 合并子公司提列储备 118.9 万元 共计提取 1,887.5 万元 加上上年度未分配利润 4,788.4 万元 可供股东分配的利润为 11,743.5 万元 根据国际会计师普华永道中天会计师事务所有限公司的审计 公司 2002 年 实现税后利润 7,052.4 万元 提取法定盈余公积金 法定公益金 合并子公司 提列储备后 加上上年度未分配利润 3,490.8 万元 可供股东分配的利润为 8,710.4 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 8,710.4 万元 其中提取 10%任意盈余公积金 884.3 万元 3,500.1 万元纳入分红派息 余额 4,326.0 万元结转下年度分配 公司 2002 年度分红预案 按 2002 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 本年度公司不以资本公积金转增股本 以上预案须提交公司 2002 年度股东大会审议通过 7 公司选定 中国证券报 大公报 为信息披露报纸 八 监事会报告 报告期内 监事会召开了四次会议 监事会三届三次会议于 2002 年 4 月 8 日在公司六楼会议室举行 会议审议通过了公司 2001 年度监事会工作报告 公 司 2001 年年度报告中的 监事会报告 监事会议事规则 草案 监事会三届 四次会议于 2002 年 4 月 22 日在公司六楼会议室举行 会议审议通过了公司 2002 年第一季度季度报告 监事会三届五次会议于 2002 年 8 月 20 日在公司五楼会 议室举行 会议审议通过了公司 2002 年半年度报告及其摘要 公司 2002 年半 年度不进行利润分配 也不进行资本公积金转增股本 监事会三届六次会议于 2002 年 10 月 23 日在公司六楼会议室举行 会议审议通过了公司 2002 年第三 季度季度报告 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普华永道中天会计 师事务所有限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 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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 联交易公平 未损害公司利益 6 公司计提的 2002 年度资产减值准备 其决议程序合法 依据充分 7 公司拟核销部分固定资产减值准备及坏帐 其决议程序合法 依据充 分 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 在三届三次董事会议上 公司预计 2002 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 2002 年度利润分配预案与上述预计相符 8 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 2001 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 给普华永道中天会计师事务所有限公司审计费用 68 万元 2001 年度也为 68 万 元 无其他费用 差旅费用由该公司承担 目前 大连华连会计师事务所有限 公司为公司提供审计服务的连续年限为 10 年 普华永道中天会计师事务所有限 公司为公司提供审计服务的连续年限为 5 年 9 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 10 报告期内公司承诺 将于年内解决公司财务总监的兼职问题 由于相应人 选尚未最终确定 报告期内暂未解决 公司将于 2003 年 4 月 22 日召开的三届 七次董事会议上予以解决 十 财务报告 1 审计报告 普华永道审字(2003)第 1440 号 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 二 二年十二月三十一日的合并资产负债表及二 二年度的合并利 润表 合并股东权益变动表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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 披露事项有关的证据 评价贵集团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 上述合并财务报表在所有重大方面公允地反映了贵集团二 二年十二月 三十一日的合并财务状况和截至该日止年度的合并经营成果及现金流量情况 并符合国际 财务报告准则 普华永道中天会计师事务所有限公司 二 三年四月二十二日 中国,上海 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 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 二年十二月三十一日 止 本集团员工总数为 2,283 人 二 一年 2,136 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 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 二年十二月三十一日 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 二 二 一 二 二年 二 一年 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 20,000,000 100.00% 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 大连冰山嘉德自动化有限公司 二 二年四月二十二 英镑 210,000 不适用 60% 不适用 研究 设计及开发制冷系 日 统自动化部件 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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财务报告准则 包括国际会计准则和解释 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 为符合国际财务报告准则对法定账目所作的主要调整的净影响揭示于 补充资料 除以下单独披露的会计政策外 本集团的合并财务报表皆按历史成本 法编制 (b) 合并报表 (1) 子公司 子公司系指本集团拥有其半数以上的表决权或拥有该子公司的财务和经营控制权的公 司 子公司自本集团对其拥有控制权之日起纳入本集团合并财务报表中 并于自本集团失 去对其拥有控制权之日不再纳入本集团合并财务报表 收购子公司以购买法入账 集团内部往来的余额和集团内部交易及其产生的未实现利润于合并时予以抵销 内部交易产生的未实现损失 除非是成本不能补偿 也予以抵销 对子公司的会 计政策在必要时进行调整以确保其与本集团所采用的会计政策一致 (2) 联营公司 于联营公司之投资以权益法核算 联营公司系指本公司持有其 20%至 50%的表决 权或本公司对其具有重大影响但不存在控制权的公司 对联营公司与本集团之间 的交易所产生的未实现收益按本集团拥有联营公司的权益比例予以抵销 在无确 凿证据证明资产减值的情况下 未实现损失也予以抵销 除非本集团与联营公司 之间存在契约约束或对其承担担保义务 在对联营公司投资账面价值减到零后 不再确认其进一步的亏损 (c) 外币折算 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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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 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 汇兑损益均列入当年度损 益 (d) 经营租赁 与资产所有权相关的风险及报酬实质上全部由出租人承担或享有的租赁列为经营租 赁 经营租赁的租金收入和支出按租赁年限以直线法计入利润表 (e) 土地租赁 为长期租赁土地所支付的价款 视同经营租赁 在其租赁期内 五十年 以直线法摊 销 (f) 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 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 20 年 运输设备 5 20 年 不动产 厂场和设备投入使用后发生的维修及保养支出于发生当期予以费用化 具有 未来经济效益的重大的不动产 厂场和设备改良及更新支出予以资本化 当不动产 厂场和设备出售或报废时 其账面原值及累计折旧从账面扣除 相应的处 置损益计入利润表 如果不动产 厂场和设备的账面价值高于其可收回金额 对可收回金额低于账面价值 的差额 予以计提减值准备 为了建造或安装不动产 厂场和设备发生的融资利息成本于不动产 厂场和设备建造 或安装期予以资本化 其他利息成本计入当期损益 (g) 在建工程 在建工程指建造中的房屋及建筑物和安装测试中的机器设备 按成本入账 此项成本 包括工程建造和设备购置安装的支出及其他直接成本 以及建造和安装测试期间为该 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 项资产所发生的借款成本 包括借款利息支出及作为利率调整而产生的外币借款之汇 兑损益 在建工程于完工并达到可使用状态时开始计提折旧 (h) 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 由收购联营公司股权而产生的商誉记录于对联营公司的投资余额中 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 管理层定期于资产负债表日核阅商誉是否存在减值 如果存在减值迹象 将对商誉账 面价值的可回收性进行分析 并核减账面价值超过可回收金额的部分 (i) 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 (j) 投资 根据取得投资时的意图 本集团将对债权及权益的投资划分为 为交易而持有之投资 持有至到期日之投资以及可供出售之投资 管理层于取得投资时对该等投资进行分类 后 还将定期重估 为了从价格的短期波动中获利而购置的投资归类于为交易而持有之投资并认列为流动 资产 有固定到期日且管理层明确打算并能够持有至到期日的投资归类于持有至到期 日之投资 并认列为非流动资产 其中将于十二个月内到期的部分 认列为流动资产 对于持有时间不明确 可能因流动性考虑或利率变动而售出之投资 归类于可供出售 之投资 并认列为非流动资产 当管理层有明确打算持有该等投资的时间小于十二个 月或该等投资将被出售以获取流动资金时 该可供出售之投资认列为流动资产 投资的购买和出售均于交易日确认 交易日指本集团确定承诺购买或出售该资产的日 期 购买成本包括交易成本 初始确认后 本集团以公允价值计量可供出售的投资 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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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 安装业务合同 指为安装一项资产或者在设计 技术 功能 最终用途等方面密切相 关的数项资产而订立的合同 如果合同的结果不能可靠地估计 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 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 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收账款 (m) 应收款 应收款项以发票金额减坏账准备后的净值列示 当有客观证据表明本集团无法按原条 款于到期时全额收回应收款时 对该款项计提减值准备 减值准备的金额是应收款项 帐面值与可收回值之间的差额 按预计的未来现金流入以市场利率折现来计算 (n) 现金及现金等价物 在现金流量表中 现金及现金等价物包括现金 随时可用于提取的银行存款和原始投 资期限不超过三个月 流动性强的短期投资 (o) 借款及借款费用 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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 (p) 递延税项 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 递延税项负债在确定时应予当期确认 递延所得 税资产 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资产外 不予确认 对联营公司投资产生的暂时性差异确认为递延税项 但当暂时性差异的回转时间受到 控制或很有可能暂时性差异在可预见的将来无法转回时除外 (q) 员工统筹退休金 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 工资总额的一定比例计提 其中本集团负责一部分 余下由职工负责 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 权责发生制将退休金计入当年度费用 (r) 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 政府 补助冲减当期相应费用 (s) 预计负债 本集团因过去事项而承担了现时的法定义务或推定义务 履行该义务很可能要求含有 经济利益的资源流出企业且该义务的余额可以可靠地估计时 对准备予以确认 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 于资产负债表日 本集团履行义务不再是很可能使含有经济利益的资源流出时 准备 应予转回 (t) 收入认列 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 除附注(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 (u) 股利分配 股利分配于本集团股东批准发放当期作为负债认列于资产负债表中 (v) 或有事项 或有负债不会反映在本集团的合并财务报表中 该等或有负债将在合并财务报表附注 中予以披露 除非该等或有负债造成本集团含有经济利益的资源流出的可能性很小 或有资产不会反映在本集团的合并财务报表中 如果该等或有资产很可能为本集团带 来经济利益的流入 该等或有资产将在合并财务报表附注中予以披露 (w) 期后事项 对于资产负债表日后发生的 能对资产负债表日存在的情况提供进一步证据的事项 本集团将对资产负债表进行调整 对于在资产负债表日后发生的不影响资产负债表日 存在情况的重大事项 本集团将在合并财务报表附注中予以披露 (x) 比较数字 若干比较数字已根据本年度财务报表分类进行了相应的调整 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 金融风险管理 1 金融风险及风险管理 本集团经营活动面临各种金融风险 包括信用风险 流动性风险 利率风险和外币风 险 集团整体的风险管理是关注不可预测的金融市场和寻求降低潜在的负面因素对集 团财务所带来的风险 信用风险 本集团未将信用风险集中于单个债务人或债务人群体 集团的政策是确保将产品销售 给有良好信用记录的客户 流动性风险 谨慎的流动性风险管理包括持有充足的现金 上市证券及从银行获得足够的银行信贷 额度和规避市场风险的能力 利率风险 本集团的收入和经营活动产生的现金基本与市场利率变动无关 本集团未持有重大的 附息资产 集团的政策是将其所有借款维持于固定利率 外币风险 因外币经营活动有限 本集团无重大汇率风险 2 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价格确定 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 长期负债的公允价值以特定或类似金融工具的市场 报价或卖方报价来评价 一年内到期的金融资产或负债的帐面价值 扣除备抵调整后 接近其公允价值 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 1. 销售收入 净额 二 二年度 二 一年度 成套及配套工程 制冷压缩机/机组 345,932 356,692 安装业务 170,566 84,903 销售制冷压缩机/机组 303,365 294,244 销售辅机 35,058 35,993 其他 127,356 84,759 982,277 856,591 减 销售附加税 (5,393) (3,373) 976,884 853,218 2. 财务成本,净额 二 二年度 二 一年度 银行借款利息费用 附注 19(b)(i) 12,676 15,797 银行存款利息收入 (6,709) (13,833) 5,967 1,964 3. 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/(计入)下列各项: 二 二年度 二 一年度 人工成本 工资和薪金 47,545 46,105 提取各项职工福利 6,325 5,691 提取法定退休金 9,059 8,350 土地租赁摊销 928 918 不动产 厂场及设备折旧 21,584 21,918 商誉摊销 768 766 处置不动产 厂场及设备 收益 损失 (285) 47 提取坏账准备 2,119 4,013 冲销坏账 8,961 5,088 转回 提取存货损失准备 (1,115) 1,245 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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 二 二年度 二 一年度 养老金 19.0% 19.0% 职工福利费 14.0% 14.0% 住房公积金 7.0% 7.0% 医疗保险 8.0% 8.0% 待业保险金 2.0% 2.0% 工伤基金 1.2% 1.2% 生育基金 0.5% 0.5% 4. 税项 a. 增值税 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. 销售税附加 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 所得税费用的明细如下 二 二年度 二 一年度 当年度所得税 4,247 29,149 以权益法核算联营公司投资收益而导致 的递延所得税项 10,474 (7,219) 认列的联营公司的所得税 9,546 8,058 24,267 29,988 财政返还 退还由于认列联营公司投资收益而补 缴的所得税 - (29,323) 24,267 665 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% Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 依财政部于二 年十月颁布的财税[2000]99 号文 上述优惠政策到二 二年一月一日结束 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 截至二 二年十二月三十一日 本集团根据联营公司于 二 二年十二月三十一日的未分配利润所导致的临时性差异提取了人民币 10.5 百万元的递延税项负债 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 二年度 二 一年度 除税及少数股东损益前 利润 97,511 100% 72,717 100% 按 法 定 税率 33% 二 一 年 33% 计 算的所得税额 32,178 33% 23,997 33% 子公司不同税率之影响 (2,490) (2.6%) (740) (1%) 不须纳税的收益之影响 (2,247) (2.3%) (2,742) (4%) 不可抵扣的费用之影响 161 0.2% 6,362 9% 未确认之临时性差异(a) (3,335) (3.3%) 3,111 4% 财政返还 - - (29,323) (40%) 所得税费用 24,267 25% 665 1% (a) 由于无法合理估计该项应纳税负债在可预见的将来是否存在 未来是 否有足够的应纳税所得用来抵扣该项临时性差异 递延税项负债及资 产不予确认 递延税项负债 二 二年度 二 一年度 年初余额 - 7,219 当年计提 10,474 - 当年转回 - (7,219) 年末余额 10,474 - 合并子公司及联营公司所得税 合并子公司和联营公司之所得税依据中国有关税法的适用税率计算 部分合 并子公司和联营公司经税务机关确认 可享有减免税收优惠 本集团的合并 子公司和主要联营公司的 2002 年度实际适用所得税率列示如下 2002 年度实际适用所 公司名称 与本公司关系 得税率 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 大连冰山集团制冷空调安装公司 子公司 33% 大连经济技术开发区冰山经贸公司 子公司 15% 大连经济技术开发区大冷经贸公司 子公司 15% 大连冰山空调设备有限公司 子公司 7.5% 大连冰山金属加工有限公司 子公司 7.5% 大连冰山集团销售有限公司 子公司 33% 大连冰山嘉德自动化有限公司 子公司 33% 大连三洋压缩机有限公司 联营公司 10% 大连三洋制冷有限公司 联营公司 15% 大连三洋冷链有限公司 联营公司 10% 大冷王运输制冷有限公司 联营公司 15% 大连三洋空调机有限公司 联营公司 7.5% 5. 每股盈利 二 二年度基本每股盈利系以二 二年度净利润约人民币 70,524,000 元 二 一年度 约人民币 69,502,000 元 除以已发行的加权平均股数 350,014,975 股 二 一年度 350,014,975 股 计算 6. 土地租赁 土地租赁于二 二年度之变动如下 二 二年度 二 一年度 原值 年初余额 45,907 45,454 本年增加 40 453 年末余额 45,947 45,907 累计摊销 年初余额 3,795 2,877 本年摊销 928 918 年末余额 4,723 3,795 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 净值 年末余额 41,224 42,112 年初余额 42,112 42,577 土地租赁系指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 7. 不动产 厂场及设备 不动产 厂场及设备之变动如下 二 二年度 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 年初余额 191,477 10,836 314,157 1,916 518,386 本年增加 441 818 12,909 33,074 47,242 在建工程转入 3,376 - 25,388 (28,764) - 本年减少 (7,480) (327) (14,880) - (22,687) 年末余额 187,814 11,327 337,574 6,226 542,941 累计折旧 年初余额 70,246 4,915 148,274 - 223,435 本年折旧 4,502 893 16,189 - 21,584 本年减少 (4,158) (245) (13,227) - (17,630) 年末余额 70,590 5,823 150,976 - 227,389 减值准备 年初余额 10,294 - 8,841 - 19,135 重分类 (1,770) - 1,770 - - 本年转回 (a) (1,300) - (365) - (1,665) 年末余额 7,224 - 10,246 - 17,470 净值 年末余额 110,000 5,504 176,352 6,226 298,082 年初余额 110,937 5,921 157,042 1,916 275,816 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 于二 二年度 在建工程的增加中无资本化利息 (a) 在二 二年度 本公司处置了帐面净值约人民币 3,392,000 元的不动产 厂场 及设备 并转回了以前年度计提的约人民币 1,665,000 元的减值准备 二 一年度 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 年初余额 182,236 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 - - (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 - - (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 8. 于联营公司之投资 二 二年 二 一年 十二月三十一日 十二月三十一日 本集团占联营公司净资产之份额 501,246 424,324 商誉(a) 4,412 5,180 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 505,658 429,504 于二 二年十二月三十一日 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 二 二 一 二 二年 二 一年 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 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 大连冰山集团进出口公司 进出 一九八八年八月十 人民币 5,000,000 人民币 5,000,000 24.00% 24.00% 进口原料及出口产品 口公司 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 美元 250,000 50.00% 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 人民币 500,000 50.00% 50.00% 环保处理技术开发和创新 环 日 保设备销售 北京华商冰山制冷空调成套设备公 二 二年九月二 人民币 1,000,000 不适用 49% 不适用 销售空调及电冰箱 司 十四日 大连冰山水环境设备有限公司 二 二年九月六 美元 1,000,000 不适用 33% 不适用 开发 设计生产及销售水净化 日 设备 (a) 商誉变动如下 二 二年度 二 一年度 年初余额 5,180 5,946 摊销 (768) (766) 年末余额 4,412 5,180 9. 可供出售之投资 二 二年 二 一年 十二月三十一日 十二月三十一日 可供出售的投资 投资于未上市公司之成本 47,616 45,811 减 减值准备 (500) (500) Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 47,116 45,311 持有至到期日的投资 债券投资 - 30 47,116 45,341 由于可供出售的对未上市公司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 该类投资以成本减减值准备计量 本公司之董事会认为以上投资的帐 面价值接近于其公允价值 于二 二年十二月三十一日 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 二 二年 二 一年 二 二年 二 一年 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 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 冷王集装箱温度控制有限公 司 10% - 1,556 - 辽宁省迈克集团股份有限公 司 2.0% 2.0% 1,020 1,020 其他 - - 1,342 1,093 47,116 45,311 10. 存货 二 二年 二 一年 十二月三十一日 十二月三十一日 原材料 38,405 41,228 在产品 76,493 116,848 产成品 151,446 153,153 266,344 311,229 减 存货损失准备 (4,601) (5,716) 261,743 305,513 于二 二年十二月三十一日 上述存货中约人民币 6 百万元 二 一年 人民币 6 百万元 系以可变现净值计价 于二 二年度 认列为费用的存货成本约为人民币 845 百万元 二 一年度 人 民币 727 百万元 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 11. 在建合约工程 二 二年 二 一年 十二月三十一日 十二月三十一日 累计已发生的合同成本 47,593 99,150 加 累计已确认的合同毛利 7,770 13,837 减 累计已确认的预计亏损 (1,505) (1,699) 工程结算 (33,932) (60,770) 19,926 50,518 12. 应收账款 二 二年 二 一年 十二月三十一日 十二月三十一日 应收账款 205,898 175,417 应收票据 36,487 15,502 242,385 190,919 减 坏账准备 (26,684) (24,565) 215,701 166,354 13. 股本 于二 二年十二月三十一日 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 二年 二 一年 二 二年 二 一年 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 115,000,000 115,000,000 115,000,000 115,000,000 350,014,975 350,014,975 350,014,975 350,014,975 14. 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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report (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 二 二年本公司的资本公积金的增加是由于本公司的一家联营公司接受捐赠致 使本公司所持有的资本公积金份额增加所引起的 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% 本公司的部分子公司为中外合资企业 根据 中华人民共和国中外合资企业法 子公司的章程及其董事会的决议 从法定税后利润(弥补以前年度亏损)提取的储 备基金和企业发展基金于本集团合并财务报表中列示于法定盈余公积金 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 在二 二年度 本公司计提了人民币 8,569,000 元的法定公益金 二 一年 度 人民币 8,892,000 元 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 二年五月二十二日 本公司股东大会批准根据二 一年度按中国会计 准则与国际财务报告准则编制的财务报表两者在提取法定盈余公积金和法定公益 金后的可供分配利润之孰低者 以 10%提取任意盈余公积金 15. 未分配利润 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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 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财 务报告准则编制的财务报表中未分配利润孰低原则确认 于二 二年五月二十二日 本公司股东大会批准按每股人民币 0.10 元 二 一年 每股人民币 0.10 元 向股东分派现金股利总计约为人民币 35,001,000 元 二 一年 约为人民币 35,001,000 元 于二 二年十二月三十一日 可供股东分配的利润约为人民币 87,104,000 元 二 一年 约为人民币 78,548,000 元 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 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 16. 少数股东权益 二 二年度 二 一年度 年初余额 28,663 26,999 少数股东投资成本增加 1,014 - 子公司少数股东损益 2,720 2,550 支付少数股东股利 (3,054) (886) 年末余额 29,343 28,663 17. 预收在建合约工程款 二 二年 二 一年 十二月三十一日 十二月三十一日 工程结算 74,563 25,233 减 累计已发生的合同成本 (49,414) (17,298) 累计已确认的合同损失 毛利 2,544 (285) 27,693 7,650 18. 应付账款及其他应付款 二 二年 二 一年 十二月三十一日 十二月三十一日 应付账款 155,541 132,506 预收账款 66,187 111,978 预提费用及其他流动负债 15,851 10,410 应付票据 36,545 5,381 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 应付福利费 附注 3 4,056 5,114 278,180 265,389 职工福利费于二 二年度的变动如下 二 二年度 二 一年度 年初余额 5,114 3,689 本年提取 6,325 5,691 本年支付 (7,383) (4,266) 年末余额 4,056 5,114 19. 借款 (a) 短期银行借款 于二 二年十二月三十一日 短期银行借款的年利率为 4.54%-5.04% 二 一年 5.58% 无担保(二 一年 由冰山集团担保 (b) 长期银行借款 二 二年 二 一年 十二月三十一日 十二月三十一日 (i) 担保银行借款 79,000 79,000 于二 二年十二月三十一日 长期银行借款的年利率为 6.03% 二 一年 6.03% 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 二年度 本公司实际收到的贴息款约人民币 4,800,000 元 二 一年度 1,600,000 元 已冲抵当年度的利息费用 20. 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 二年度 二 一年度 除税及少数股东损益前利润 97,511 72,717 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 调整项目 土地租赁摊销 928 918 不动产 厂场及设备折旧 21,584 21,918 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 收益 损失 (285) 47 商誉摊销 768 766 依权益法认列之联营公司收益 (83,438) (79,001) 长期投资收益 (500) (3,346) 冲回 提取存货损失准备 (1,115) 1,245 提取坏账准备 2,119 4,013 冲销坏账 8,961 5,088 利息费用 12,676 15,797 利息收入 (6,709) (13,833) 营运资金变动前营业利润 52,500 45,464 存货及在建合约工程减少 75,477 27,087 预付账款及其他流动资产减少 增加 12,318 (10,244) 应收关联方款项减少 增加 28,762 (48,649) 应收账款增加 (50,114) (26,098) 预收在建合约工程款增加 20,043 5,674 应付关联方款项减少 (19,621) (3,089) 应付账款及其他应付款 减少 增加 (20,011) 63,192 营业活动产生的现金 99,354 53,337 (b) 现金及现金等价物余额分析 二 二年 二 一年 十二月三十一日 十二月三十一日 库存现金 21 6 银行活期存款 226,283 142,141 银行定期存款 200,951 272,788 427,255 414,935 (c) 不影响现金流量之交易 二 二年度 二 一年度 本年度宣布的股利 35,001 35,001 加 年初应付股利 8,624 9,414 减 与应收冰山集团款项抵销的应付股利 (10,442) (10,442) 减 年末应付股利 (9,235) (8,624) 以现金支付的股利 23,948 25,349 二 二年度 二 一年度 处置不动产 厂场及设备的原值 22,687 389 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 减 不动产 厂场及设备的累计折旧 (17,630) (268) 减 不动产 厂场及设备的减值准备 (1,665) - 减 不动产 厂场及设备处置抵消债务 (3,569) - 加 处置不动产 厂场及设备收益 损失 285 (47) 处置不动产 厂场及设备收到的现金 108 74 21. 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 北京华商冰山制冷空调成套设备公司 北 本公司之联营公司 京华商 大连冰山水环境设备有限公司 冰山水环 本公司之联营公司 境 冰山集团冷饮设备有限公司 冷饮设 冰山集团之全资子公司 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 大连冰山集团锻造有限公司 冰山锻造 冰山集团之控股子公司 冰山冷冻设备有限公司 冷冻设备 冰山集团之控股子公司 大连冰山橡胶塑料机械股份有限公司 大 冰山集团之控股子公司 连橡塑 大连冰山巴尔的摩空气盘管制冷有限公司 冰山集团之控股子公司 巴尔的摩 大连正兴开关厂 正兴开关 冰山集团之联营公司 大连斯频德冷却塔有限公司 斯频德 冰山集团之联营公司 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 术 冰山集团之全资子公司 (c) 本集团重大关联方交易如下 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 二 二年度 二 一年度 采购原材料及产成品 三洋压缩机 82,361 68,249 三洋空调 49,013 81,632 进出口公司 45,426 41,062 巴尔的摩 40,706 44,784 三洋制冷 34,123 38,917 冷冻设备 24,831 11,869 开关总厂 18,483 12,210 斯频德 15,143 21,860 第一制冷 14,591 13,929 冷饮设备 11,444 5,655 第三制冷 8,490 7,290 正兴开关 3,562 2,467 保温瓶厂 1,819 7,445 制冷技术 1,604 2,653 大冷王运输 1,146 - 三洋冷链 1,015 48,331 冰山锻造 873 - 大连橡塑 803 - 金州重型机器厂 517 1,951 三洋饮食 16 1,267 其他 - 182 355,966 411,753 二 二年度 二 一年度 销售产成品 三洋压缩机 25,552 29,705 进出口公司 25,276 23,014 北京华商 4,509 - 开关总厂 4,118 - 大冷王运输 3,869 - 三洋空调 3,052 - 冷冻设备 2,487 6,586 冰山集团 2,463 - 制冷技术 2,031 2,065 三洋制冷 1,325 1,079 三洋冷链 1,275 - 第三制冷 1,230 2,466 第一制冷 1,099 13,453 斯频德 386 431 金州重型机器厂 - 1,035 冷饮设备 - 681 大连橡塑 - 479 其他 371 897 79,043 81,891 采购机器设备 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 进出口公司 28 1,269 代理销售佣金收入 三洋空调 2,900 4,992 三洋冷链 1,642 720 巴尔的摩 80 593 4,622 6,305 (d) 与关联方间之重大余额 二 二年 二 一年 十二月三十一日 十二月三十一日 应收关联方款项 第一制冷 11,520 8,529 进出口公司 6,837 31,219 三洋制冷 6,708 6,238 三洋冷链 3,663 2,446 三洋空调 3,245 4,243 大冷王运输 2,710 515 大洋汽车 2,517 3,308 大洋运输 1,554 1,051 金州重型机器厂 1,467 1,132 三洋压缩机 1,429 633 冰山集团 865 8,273 大连橡塑 - 2,052 其他 551 1,312 43,066 70,951 应付关联方款项 冷饮设备 12,823 8,875 冷冻设备 6,520 - 第三制冷 1,484 2,535 开关总厂 1,351 26 巴尔的摩 369 19,809 斯频德 - 72 其他 1,678 2,087 24,225 33,404 应收冰山集团款按年利率 5.31% 二 一年 无 计提资金占用费 其他本集 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 22. 分部报告 本集团仅于一个行业内经营业务 即生产 销售及安装制冷设备 本集团于二 二 年度并无编制任何分部利润表 同时 由于本集团的收入主要来自中国 其资产亦位 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 于中国 本集团仅于一个地域内经营业务 因此 本报表亦未呈列任何地域分部数据 23. 资产负债表日后事项 (a) 二 三年一月十三日 根据大连外经贸局批复的 外经贸局外经贸资二函 2003 48 号 文件的规定 本公司的两所联营公司 大连三洋冷链和大连三洋 饮食将于二 三年合并 (b) 于二 三年四月二十二日 本公司董事会决议有二 二年度按中国会计准则 与国际财务报告准则编制的财务报表两者在提取法定盈余公积金和法定公益金后 的可供分配利润之孰低者的 10%提取任意盈余公积金 并对所有股东分配每股人 民币 0.10 元的 2002 年度现金股利 此项分配方案尚需经股东大会批准 24. 或有负债 于二 二年十二月三十一日 本集团无重大或有负债 25. 财务报表的批准 本合并财务报表于二 三年四月二十二日经董事会批准 十一 备查文件目录 1 载有法定代表人 财务总监 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 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 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 大连冷冻机股份有限公司及其子公司 合并利润表 二 二年度 所有金额除每股盈利外 均以人民币千元为单位 附注 二 二年度 二 一年度 销售收入 净额 1, 21(c) 976,884 853,218 销售成本 21(c) (844,791) (726,878) 销售毛利 132,093 126,340 销售费用 (44,661) (48,858) 管理费用 (75,098) (73,468) 其他业务收支 净额 7,206 7,455 营业利润 19,540 11,469 不动产 厂场及设备减值损失 - (19,135) 财务成本 净额 2 (5,967) (1,964) 依权益法认列之联营公司税前收益 83,438 79,001 长期投资收益 500 3,346 除税及少数股东损益前利润 3 97,511 72,717 所得税费用 4 (24,267) (665) 除少数股东损益前税后利润 73,244 72,052 少数股东损益 16 (2,720) (2,550) 净利润 70,524 69,502 每股盈利 基本 5 人民币0.20 元 人民币0.20 元 摊薄 不适用 不适用 后页所载会计政策及附注为本合并财务报表的组成部分 Page Dalian Refrigeration Co., Ltd. 2002 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 二年十二月三十一日 所有金额均以人民币千元为单位 附注 二 二年十 二 一年十 二月三十一日 二月三十一日 资产 非流动资产 土地租赁 6 41,224 42,112 不动产 厂场及设备 7 298,082 275,816 于联营公司之投资 8 505,658 429,504 可供出售之投资 9 47,116 45,341 892,080 792,773 流动资产 存货 10,21 261,743 305,513 在建合约工程 11 19,926 50,518 预付账款及其他流动资产 20,871 35,158 应收关联方款项 21(d) 43,066 70,951 应收账款 12 215,701 166,354 现金及现金等价物 20(b) 427,255 414,935 988,562 1,043,429 资产总计 1,880,642 1,836,202 Page Dalian Refrigeration Co., Ltd. 2002 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 二年十二月三十一日 所有金额均以人民币千元为单位 附注 二 二年十 二 一年十 二月三十一日 二月三十一日 股东权益及负债 股东权益 股本 13 350,015 350,015 储备 14,15 844,477 807,607 1,194,492 1,157,622 少数股东权益 16 29,343 28,663 负债 非流动负债 长期银行借款 19(b) 79,000 79,000 递延税项负债 4 10,474 - 89,474 79,000 流动负债 预收在建合约工程款 17 27,693 7,650 应付股利 20(c) 9,235 8,624 应付关联方款项 21(d) 24,225 33,404 应付账款及其他应付款 18 278,180 265,389 短期银行借款 19(a) 228,000 255,850 流动负债合计 567,333 570,917 股东权益及负债总计 1,880,642 1,836,202 后页所载会计政策及附注为本合并财务报表的组成部分 Page Dalian Refrigeration Co., Ltd. 2002 Annual Report 大连冷冻机股份有限公司及其子公司 合并股东权益变动表 二 二年度 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 附注 13 附注 14(a) 附注 14(b) 附注 14(c) 附注 14(d) 附注 15 二 一年一月一日余额 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) 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 附注 15(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 二 二年度提取的任意盈余公 积金 - - - - 8,639 (8,639) - - 二 二年度宣布的股利分配 - - - - - (35,001) (35,001) (35,001) 二 二年度净利润 - - - - - 70,524 70,524 70,524 利润分配 提取法定盈余公积金 - - 8,569 - - (8,569) - - 提取法定公益金 - - - 8,569 - (8,569) - - 子公司提取法定储备 附注 15(b) - - 1,182 8 - (1,190) - - 其他 附注 14(a) - 1,347 - - - - 1,347 1,347 二 二年十二月三十一日余额 350,015 557,152 99,605 62,120 38,496 87,104 844,477 1,194,492 后页所载会计政策及附注为本合并财务报表的组成部分 Page Dalian Refrigeration Co., Ltd. 2002 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 二年度 所有金额均以人民币千元为单位 附注 二 二年度 二 一年度 营业活动之现金流量 营业活动产生的现金 20(a) 99,354 53,337 收取利息 7,896 13,538 支付利息 (12,676) (16,069) 支付所得税 (3,408) - 营业活动之净现金流入 91,166 50,806 投资活动之现金流量 增加于联营公司之投资 (55,012) (9,879) 增加长期投资 (1,805) - 处置长期投资收到的现金 30 60 合并范围变更而导致的净现金流出 - (14,902) 土地租赁增加及购置不动产 厂场及设备 (11,750) (15,168) 处置不动产 厂场及设备收到的现金 20(c) 108 74 收取联营公司股利 43,071 39,577 收取长期投资股利 350 3,346 投资活动之净现金 流出 流入 (25,008) 3,108 融资活动之现金流量 短期银行借款净减少 (27,850) (11,000) 长期银行借款增加 - 79,000 偿还长期银行借款 - (21,300) 少数股东投资成本增加 1,014 - 支付股利 20(c) (23,948) (25,349) 支付少数股东股利 (3,054) (886) 融资活动之净现金 流出 流入 (53,838) 20,465 现金及现金等价物净增加 12,320 74,379 现金及现金等价物 年初余额 20(b) 414,935 340,556 现金及现金等价物 年末余额 20(b) 427,255 414,935 后页所载会计政策及附注为本合并财务报表的组成部分 Page