上工申贝(600843)上工股份2002年年度报告

上工股份有限公司 ２００２ 年年度报告 二 ００ 三年四月 1 重 要 提 示 本公司董事会及其董事保证本报告所载资料不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及 连带责任。 公司董事长倪永刚先生、总经理王立喜先生、财务负责人徐晓晖女士声 明：保证年度报告中财务会计报告的真实、完整。 上工股份有限公司董事会 目 录 第一节 公司基本情况简介 第二节 会计数据和业务数据摘要 第三节 股本变动及股东情况 第四节 董事、监事、高级管理人员和员工情况 第五节 公司治理结构 第六节 股东大会情况简介 第七节 董事会报告 第八节 监事会报告 第九节 重要事项 第十节 财务报告 第十一节 备查文件目录 2 第一节 公司基本情况简介 １、公司简介 （１）公司沿革 公司的前身上海工业缝纫机公司于 １９９２ 年 １１ 月经上海市经济委员会批准， 由上海工业缝纫机厂、上海缝纫机四厂、上海缝纫机零件厂、上海缝纫机零件四 厂、上海缝纫机零件十厂、上海精工服装机械厂合并组建而成。１９９３ 年 ９ 月， 经上海市经济委员会“沪经企（１９９３）４０５ 号文”批准，上海工业缝纫机公司改 组为上海工业缝纫机股份有限公司。 根据一九九六年度股东大会决议， 经报国家工商行政管理局企业注册局 （国）名称变核外字〔１９９７〕第 ０４２ 号文核准，一九九七年八月二十二日上海市 工商行政管理局批准，更名为上工股份有限公司。 （２）经营概况 公司是以生产、销售工业缝制设备为主的国家大型一档骨干企业和出口基 地。是中国境内工业用缝制设备制造行业中迄今为止生产历史最久、引进国外先 进技术和设备金额最多、累计产销量最大的企业，也是上海市现代企业制度改革 的试点单位之一。主要产品有高速平缝、高速包缝、皮革、套结、缝包、锁眼及 其它特种工业机等共 １０ 个大类，２１ 个系列 １００ 多个品种。２００１ 年公司的“上工 牌”注册商标再次荣获上海市著名商标称号，同时，经国家工商行政管理总局批 准，认定“上工图形”（工业缝纫机）商标为中国驰名商标。三十多年来，原公 司已逐步形成了紧密的专业化协作、零件与整机配套、整机间品种互补的行业优 势，并不断扩大生产能力，以满足日益发展的服装鞋帽、皮革箱包、蓬帆化工等 行业设备配套要求。１９８５ 年以来，公司先后引进了日本著名缝纫机制造商 ＪＵＫＩ 的先进产品技术及加工设备，使产品迅速跨入国际水平。近年来，公司注重依靠 科技开发新品，发展高科技、高附加值、电脑智能化缝制设备。２０００ 年高新技 术产品的比重已达到 ５０％，公司的技术中心被认定为“上海市企业技术中心”， ２００１ 年经复审，公司继续被命名为“上海市高新技术企业”。 公司主要产品 ＧＣ１５－１ 型高速平缝机、ＧＪ４－２ 型钉扣机获国家优质奖，其 他 ２０ 余种产品分别获得各类产品质量奖、科技进步奖和新产品开发奖。公司全 面展开 ＩＳＯ９０００ 质量体系贯标工作，原主体工厂上海工业缝纫机厂和上海缝纫机 3 四厂分别于 １９９３ 年 ７ 月 ３０ 日和 １９９４ 年 ８ 月 １ 日获得国际权威机构（ＤＮＶ）颁发、 英国政府认可的质量体系认可证书。２００２ 年公司又顺利地通过了 ＩＳＯ９００１：２０００ 换版认证。各类产品畅销全国，远销东南亚、非洲、南美洲等四十多个国家和地 区。1997 年，经国家经贸委批准，公司组建了上工进出口有限公司，近年又相 继收购了上海飞人进出口有限公司、上海蝴蝶进出口有限公司，抓住加入 WTO 机遇，积极扩大国际贸易业务。在致力于发展缝制设备机电一体化、品种多样化、 产品高档化同时，公司通过股权收购，进入了办公机械制造、生化产业领域，逐 步形成一业为主、多业发展的经济模式。 公司继荣获 2000 年度“上海工业优秀企业”光荣称号后，又被中共上海市 工业工作委员会、上海市经济委员会命名为第四届（2000—2001 年）上海市最 佳工业企业形象单位。 ２、基本情况 （1）公司法定中文名称：上工股份有限公司 公司英文名称：SHANGGONG CO., LTD. 公司英文名称缩写：SGC （2）公司法定代表人：倪永刚 （3）公司董事会秘书：张一枫 证券事务代表：顾根荣 联系地址：上海市浦东新区世纪大道 1500 号东方大厦 12 楼 联系电话：(021)68407700-617 (021)68407515 传真：(021)63302939 电子信箱：shggg@public3.sta.net.cn （4）公司注册地址：上海市浦东新区罗山路 1201 号 公司办公地址：上海市浦东新区世纪大道 1500 号东方大厦 12 楼 邮政编码：200122 公司网址：http://www.shanggonggroup.com 电子信箱：shggg@public3.sta.net.cn （5）公司选定的信息披露报纸：《上海证券报》及香港《商报》 登载公司年度报告的中国证监会指定国际互联网网址： 4 http://www.sse.com.cn 公司年度报告备置地点：公司董事会办公室 （6）公司股票上市交易所：上海证券交易所 股票简称：上工股份（A）股 上工 B 股（B 股） 股票代码：600843 900924 （7）公司首次注册登记日期：1993 年 12 月 16 日 登记地点：上海市工商行政管理局 变更注册登记日：1997 年 8 月 22 日 登记地点：上海市工商行政管理局 （8）企业法人营业执照注册号：企股沪总字第 019029 号 （9）税务登记号码：国税沪字 310048132210544 （10）公司经营范围：生产销售缝制设备及零部件、缝纫机专用设备、制衣、 生产饮水机、饮用水、塑料制品、生产汽车零部件、技术开发与咨询、销售自产 产品（涉及许可经营的凭许可证经营） （11）股票主承销机构名称：上海万国证券公司 （12）未上市股票托管机构名称：中国证券登记结算有限责任公司上海分 公司 （13）公司聘请的会计师事务所 境内：上海众华沪银会计师事务所有限公司 办公地址：上海市延安东路 550 号 12 楼 境外：香港罗兵咸永道会计师事务所 办公地址：香港中环太子大厦二十二楼 （14）法律顾问：上海市震旦律师事务所 办公地址：上海市四川北路 1688 号 16 楼 5 第二节 会计数据和业务数据摘要 １． 公司本年度主要经营数据 （单位：人民币元） 利润总额 18,050,349.19 净利润 13,161,566.40 扣除非经常性损益后的净利润 5,927,894.46 主营业务利润 154,208,823.42 其他业务利润 16,449,976.61 营业利润 5,744,928.50 投资收益 4,913,201.08 补贴收入 2,087,924.99 营业外收支净额 5,304,294.62 经营活动产生的现金流量净额 28,288,880.82 现金及现金等价物净增加额 76,873,587.30 注：扣除非经常性损益的项目涉及金额（扣除所得税影响）：补贴收入 １，９０２，４３１．３３ 元，营业外收入 ６，１５２，６１３．５７ 元，营业外支出 ８５２，９５６．７６ 元， 投资收益 ３１，５８３．８０ 元。 ２、国际财务汇报准则调整对中国法定财务报表之影响如下： 净利润 资产净值 （人民币千元） （人民币千元） 根据中国法定财务报表所列报 13,162 514,992 国际财务汇报准则调整： 计入未予合并附属公司之业绩 （1,404） (647) 冲销资本化之费用 218 (378) 冲回于联营公司之投资减值准备 1,024 0 其他 0 (600) 经国际财务汇报准则调整后所列报 13,000 513,367 6 ３． 公司近三年的主要会计数据和财务指标：（合并报告） （单位：元） ２００２ 年度 ２００１ 年度 ２０００ 年度 项 目 调整后 调整前 主营业务收入 ８７５，２９９，７５２．１１ ９１６，２５９，９４４．３６ ５５９，０８４，５６７．９７ ５５９，０８４，５６７．９７ 净利润 １３，１６１，５６６．４０ ４５，８４０，０４１．９０ ３７，６７８，６３７．１３ ３５，００８，４６０．１７ 总资产 １，３５４，４５５，７１６．３４ １，３１７，４１１，１９９．５６ １，１２９，６６０，９０７．７４ １，３２４，７３５，３９４．８４ 股东权益 （不含少数股 ５１４，９９１，７４８．３６ ５０２，５６５，３２８．１２ ４６１，６２１，４２４．９６ ６６７，９２５，６９２．５５ 东权益） 每股收益 ０．０５２１ ０．１８１６ ０．１４９２ ０．１３８７ （摊薄） 每股收益 ０．０５２１ ０．１８１６ ０．１４９２ ０．１３８７ （加权） 扣除非经常性 损益后的每股 ０．０２３５ ０．１６１９ ０．１１８０ ０．１０１４ 收益 每股净资产 ２．０３９８ １．９９０６ １．８２８４ ２．６４５６ 调整后的每股 ２．００８８ １．９７４５ １．８１８８ ２．４４１４ 净资产 每股经营活动 产生的现金流 ０．１１２１ ０．０１３３ －０．０１３６ －０．０１３６ 量净额 净资产收益率 ２．５５５７ ９．１２１２ ８．１６２２ ５．２４１４ （摊薄）％ 扣除非经常性 损益后的 １．１６４３ ８．４３４２ ６．４９０２ ３．９３４９ 加权平均净资 产收益率％ 报告期利润表附表（按《公开发行证券的公司信息披露编报规则（第九号）要求计算》） 项 目 净资产收益率（％） 每股收益（元） 全面摊薄 加权平均 全面摊薄 加权平均 主营业务利润 ２９．９４ ３０．２６ ０．６１０８ ０．６１０８ 营业利润 １．１２ １．１３ ０．０２２８ ０．０２２８ 净利润 ２．５６ ２．５８ ０．０５２１ ０．０５２１ 扣除非经常性损 益后的净利润 １．１５ １．１６ ０．０２３５ ０．０２３５ 7 ４、股东权益变动情况： 项 目 股 本 资本公积 盈余公积 其中：法定公益金 未分配利润 股东权益合计 期初数 ２５２，４６６，３７０．００ ３５６，８５９，７７６．５０ ８，１４５，４２２．３４ ３，７０４，３９８．８８ －１０８，６１２，７７０．３７ ５０２，５６５，３２８．１２ 本期增加 ８２５，０００．００ ４，１４９，９０５．４６ ２，０７４，９５２．７３ １０９，６０３，８１６．８０ 本期减少 １００，５９２，１５５．８６ 期末数 ２５２，４６６，３７０．００ ２５７，０９２，６２０．６４ １２，２９５，３２７．８０ ５，７７９，３５１．６１ ９９１，０４６．４３ ５１４，９９１，７４８．３６ 变动原因 （１）弥补未分配利润 当年提取数 当年提取数 资本公积弥补及 （２）补贴拨款增加 当年收益增加 8 ５、业绩图表 主营业务收入（ 百万元） 出口创汇 （百万美元） １０００．００ ８７５．３０ ９１６．２６ ５０ ４５．１４ ４６．３７ ８００．００ ５５９．０８ ４０ ６００．００ ３０ ４００．００ １６．３６ ２０ ２００．００ １０ ０．００ ０ ２００２年 ２００１年 ２０００年 ２００２年 ２００１年 ２０００年 缝纫机产量（万架） 工业机产量 ８０ ７１．４４ 万架 ６０ ５５．８１ ５４．１９ 家用机产量 ４０ 万架 ３２．２８ ２０ ２３．５３ ２３．０５ １７．２５ 总产量 万架 ０ ２００２年 ２００１年 ２０００年 出口占销售收入比例％ ６０ ３８ ４２ ４０ ２８ ２０ ０ ２００２年 ２００１年 ２０００年 9 第三节 股本变动及股东情况 １、股本变动情况 （１） 股份变动情况（截止 ２００２ 年 １２ 月 ３１ 日） 数量单位（股） 本次变动前 本次变动增减（＋，－） 本次变动后 配 公积金 其 小 送股 增发 股 转股 他 计 一、未上市流通股份 １、发起人股份 其中： 国家持有股份 １１７，０１８，０８２ １１７，０１８，０８２ 境内法人持有股份 ９，３４８，２８８ ９，３４８，２８８ 境外法人持有股份 其他 ２、募集法人股 １３，０００，０００ １３，０００，０００ ３、内部职工股 ４、优先股或其他 未上市流通股份合计 １３９，３６６，３７０ １３９，３６６，３７０ 二、已上市流通股份 １、人民币普通股 １５，６００，０００ １５，６００，０００ ２、境内上市的外资股 ９７，５００，０００ ９７，５００，０００ ３、境外上市的外资股 ４、其他 已上市流通股份合计 １１３，１００，０００ １１３，１００，０００ 三、股份总数 ２５２，４６６，３７０ ２５２，４６６，３７０ （2）股票发行和上市情况 股票类别 发行日期 发行价格 发行数量 上市日期 A股 1993.10.10-11.30 5.80 元/股 2,200 万股 1994.3.11 （其中 1,000 万股法人股） B股 1994.1.8-1.12 3.654 元/股 7,500 万股 1994.1.18 （折合 0.42 美元） ２、股东情况 （１）年末股东人数 10 截止 ２００２ 年 １２ 月 ３１ 日止，本公司在册股东总数 ２９，７９６ 户。其中：Ａ 股股 东 １３，５１３ 户，Ｂ 股股东 １６，２８３ 户 。 （2）前十名股东持股情况（截止 2002 年 12 月 31 日） 质押或冻结 比例 股 东 名 称 年度内增减 年末持股数量 股份类别 的股份数量 股东性质 （％） 上海轻工控股（集团）公司 0 未流通 0 国家股 117,018,082 46.35 上海国际信托投资有限公司 0 未流通 未知 国有法人股 9,348,288 3.70 中国银行上海市分行 0 未流通 未知 社会法人股 4,771,000 1.89 上海三毛纺织股份有限公司 0 未流通 未知 社会法人股 1,762,800 0.70 兰 毅 -81,801 已流通 未知 B股 1,495,901 0.59 CBNY S/A PNC/SKANDIA SELECT FUND/CHINA +1,417,110 1,417,110 0.56 已流通 未知 B股 EQUITY AC 申银万国证券股份有限公司 1,300,000 0.51 0 未流通 未知 社会法人股 中国工商银行上海市第二支行 650,000 0.26 0 未流通 未知 社会法人股 MERRILL LYNCH 0 611,000 0.24 已流通 未知 B股 NOMINEES(HK) LTD 姜玉明 +3,300 511,100 0.20 已流通 未知 B股 （３）持有本公司 １０％以上的股东情况简介 ① 上海轻工控股（集团）公司系本公司控股股东，年初持有国家股 １１７，０１８，０８２ 股，占本公司总股本比例为 ４６．３５％，报告期内所持股份无变动，也 无质押、冻结情况。 上海轻工控股（集团）公司是经上海市人民政府批准，由上海市轻工业局、 上海市第二轻工业局改制组建的国有独资有限责任公司。１９９５ 年 １２ 月 ２７ 日经 上海市国有资产管理委员会（沪国资委授［１９９５］２１ 号文）授权，统一经营上海 轻工控股（集团）公司国有资产。注册资本：人民币叁拾陆亿伍仟叁佰叁拾万元， 法定代表人：张立平。经营范围：市国资委授权范围内的国有资产经营与管理， 实业投资、国内贸易（除专项规定）。 ② 公司与第（２）至第（１０）名股东之间不存在关联关系；未知前十名股东 之间是否存在关联关系及是否属于《上市公司持股变动信息披露管理办法》中规 定的一致行动人。 11 第四节 董事、监事、高级管理人员和员工情况 １、基本情况 持股数（股） 姓名 性别 年龄 任期起止日期 职 务 年初 年末 变动原因 倪永刚 董事长 男 ５５ ２０００．５－２００３．５ ６９００ ６９００ － 何忠源 副董事长 男 ５４ ２０００．５－２００３．５ ５１００ ５１００ － 王立喜 执行董事、总经理 男 ４３ ２０００．５－２００３．５ ３０００ ３０００ － 雷 杰 执行董事 男 ５７ ２０００．５－２００３．５ ４６００ ４６００ － 陈惠民 执行董事 男 ５７ ２０００．５－２００３．５ ４６００ ４６００ － 费方域 独立董事 男 ５４ ２０００．５－２００３．５ ２６００ ２６００ － 刘向东 独立董事 男 ５２ ２０００．５－２００３．５ ０ ０ － 贾春荣 董 事 男 ５４ ２０００．５－２００３．５ ０ ０ － 范伟民 监事会主席 男 ５３ ２０００．５－２００３．５ ０ ０ － 孙 震 监 事 男 ４７ ２０００．５－２００３．５ ４６００ ４６００ － 刘俊兰 监 事 女 ５０ ２０００．５－２００３．５ ０ ０ － 张恒亮 副总经理、总工程师 男 ５６ ２０００．５－２００３．５ ４６００ ４６００ － 徐晓晖 财务负责人 女 ４９ ２００２．１０－２００３．５ ０ ０ － 张一枫 董事会秘书 男 ５２ ２０００．５－２００３．５ ２３９０ ２３９０ － 董事、监事在股东单位任职情况 姓名 任职的股东名称 职务 任职期间 是否领取报酬、津贴 范伟民 上海轻工控股（集团）公司 党委、行政办公室主任 1996 年 1 月至今 是 贾春荣 上海市上投投资管理有限公司 副总经理 1999 年 3 月至今 是 2、年度报酬情况 报酬确定依据：目前，公司董事、监事及高级管理人员的工资、福利待遇实 行 基薪和加薪结合生产经营量化指标绩效挂钩考核的办法。 报告期内，公司董事、监事和高级管理人员共 １４ 人，年度报酬总额为 ９９．８７ 万元，其中年度报酬数额在 ５ 万元以下为 ７ 人；５ 万元—１０ 万元区间内为 ５ 人； １０ 万元以上为 ２ 人。 12 在公司领取报酬金额最高的前三名董事的报酬总额为 ４６．３４ 万元，前三名高 级管理人员的报酬总额为 ２３．５１ 万元。 经公司股东大会审议通过，本年度公司支付独立董事年度津贴为每人 ４ 万 元（含税）；经公司执行董事讨论，同意公司在年终一次性支付体外董事、监事、 （独立董事除外）人均交通津贴 ６，０００ 元（含税）。 3、报告期内，董事、监事、高级管理人员变动情况 由于工作变动原因，经董事会审议，同意卜伟平先生不再担任公司总经理职 务； 卜伟平先生和潘加宝先生因工作变动不再担任公司董事职务，分别获得董事会同 意、２００１ 年度股东大会批准。 经公司三届十六次董事会议审议，聘任王立喜先生为公司总经理。 经公司三届二十三次董事会议审议，同意孙云芳女士因工作变动不再担任公 司副总经理兼总会计师职务；聘任徐晓晖女士为公司财务负责人。 4、公司员工情况 至 ２００２ 年末，公司在册员工总数为 ４，００１ 人，除各种原因离岗外，实际 在岗人数为 ２，０２９ 人，其中：生产人员占 ８９．６％，工程技术人员占 ４．５％，财务人 员占 １．５％，销售人员占 １．６％，行政人员占 ２．８％。有大专学历以上人数为 ２６５ 名， 具有各类专业技术职称的人数为 ４５９ 人。具有博士、硕士学历和高级职称的人数 为 １６ 人，聘用的海外技术专家人数为 ４ 名。全公司现有退休人员 ２，１１０ 人，其 退休工资、医疗费用由社会统筹解决。 13 第五节 公司治理结构 １、公司治理情况 按照《上市公司治理准则》的要求，公司在总结经验的同时，重视不断完善 公司法人治理结构、规范公司运作，维护投资者利益，改进信息披露工作。 （１）报告期内，公司重点抓好规章制度建设，努力按《公司法》要求，建立 起一种能够在所有者与经营者之间起制衡关系的机制。公司修订了《章程》、《股 东大会议事规则》、《董事会议事规则》、《监事会议事规则》、《公司信息披 露管理办法》、《财务、会计管理和内控制度》、《董事会专门委员会战略、审 计、提名、薪酬与考核委员会实施细则》，并按要求对各专业委员会的组成人员 进行了调整，各专业委员会也按规定开展工作。此外，公司还制订了《公司独立 董事制度》、《董事任职条件及选聘程序》。 （2）2002 年 4 月，中国证监会和国家经贸会联合下发证监发[2002]32 号文， “关于开展上市公司建立现代企业制度检查的通知”，公司董事会组织了自查活 动，在对外担保和控股股东资金占用等方面，制订了防风险措施，促进了公司与 大股东之间的行为规范。 2、独立董事履行职责情况 报告期内，公司二位独立董事按照中国证监会《关于在上市公司建立独立董 事制度的指导意见》和公司《章程》的要求，本着对全体股东负责的态度，履行 职责，关心公司主营业务的经营状况，参与公司的重大决策，在董事会专门委员 会中分别担任召集人，充分发挥独立董事的作用。 根据董事会专门委员会实施细则，薪酬与考核委员会召开了一次会议，审议 对公司高层经营管理人员年度考核的方案；战略委员会围绕开展国际资本合作， 实现产业升级项目开展了一系列活动，审议购并预案，对目标公司进行实地考察， 充分发挥独立董事的专业知识和工作经验，保障了董事会决策科学性，切实维护 了中小股东的利益。 报告期内，独立董事根据有关规定还分别就公司董事、高层管理人员工作变 动、续签互保协议、制订重大技术改造项目等事项四次发表了独立意见。 ３、公司与控股股东在人员、资产、财务、机构、业务等方面的分开情况。 14 公司拥有独立的采购、销售、生产制造和辅助生产系统，具有独立完整的业 务及自主经营能力，公司与控股股东在人员，资产、财务、机构方面也实现了分 开，各自独立核算、独立承担责任和风险。 ４、高级管理人员的考评及激励机制 公司实行岗位责任制，董事会根据年度确定的经济目标和工作任务，对高级 管理人员的业绩和工作效率进行考评，初步建立了对高级管理人员的激励机制。 公司拟从实际出发，进一步修改年薪考核制度，修订和完善对全体高级管理人员 的激励机制。 ５、因资产并购导致公司财务报告长期股权投资（合并数）中出现持有本公 司法人股情况，目前因法人股过户尚未开始办理，故暂未解决。 15 第六节 股东大会情况简介 报告期内公司共召开了一次年度股东大会和一次临时股东大会。 １、２００１ 年度股东大会情况 ２００２ 年 ４ 月 １０ 日公司在《上海证券报》和香港《商报》上公告了召开 ２００１ 年度股东大会的通知。公布了会议召开时间、地点、会议议程等事项。 ２００１ 年度股东大会于 ２００２ 年 ５ 月 １０ 日在上海影城召开，出席会议的股东 及委托代理人有 ２１６ 名，代表股份 １３１，１４４，９７４ 股，占公司股份总数的 ５１．９５％ （其中 Ｂ 股股东及委托代理人 ３８ 名，代表股份数 １，００６，１９８ 股）。 经大会审议，表决通过了以下决议：《董事会工作报告》、《监事会工作报 告》、《关于会计政策、会计估计的变更及提取资产减值准备的议案》、《关于 以资本公积弥补未分配利润负数的议案》、《财务工作报告》、《２００１ 年度利 润分配预案》、《支付会计师事务所 ２００１ 年度审计报酬的议案》、《终止实施 “银海生化”收购项目的议案》、《董事会人选变动的议案》、《公司章程修正 案》、《股东大会议事规则》、《董事会议事规则》、《监事会议事规则》、《公 司独立董事制度》、《关于公司独立董事年度津贴标准的议案》、《关于修改董 事会下属专业委员会工作细则议案》、《调整专业委员会部分委员的议案》、《公 司董事任职条件及选聘程序》、《关于调整增发方案的议案》、《关于增发方案 调整后募集资金运用可行性分析的议案》。有关本次股东大会的决议公告刊登于 ２００２ 年 ５ 月 １４ 日的《上海证券报》及香港《商报》上。 ２、２００２ 年第一次临时股东大会情况 ２００２ 年 １１ 月 １６ 日公司在《上海证券报》和香港《商报》上公告了召开 ２００２ 年第一次临时股东大会的通知。公布了会议召开时间、地点、会议议程等事项。 公司 ２００２ 年第一次临时股东大会于 ２００２ 年 １２ 月 １７ 日在上海影城召开，出 席会议的股东及委托代理人有 １３６ 名，代表股份 １３１，４４５，１０５ 股，占公司股份总 数的 ５２．０６４４％（其中 Ｂ 股股东及委托代理人 ３５ 名，代表股份数 １，６２１，３８６ 股； Ａ 股流通股股东及委托代理人 ７６ 名，代表股份数 １３９，７４９ 股）。 经大会审议，表决通过了以下决议：《关于公司停止实施申报 ２００１ 年增发 Ａ 股并上市的议案》、《关于公司符合条件定向增发 Ｂ 股股票并上市的议案》、 16 《关于定向增发 Ｂ 股的议案》、《关于前次募集资金使用情况的说明》、《关于 本次定向增发 Ｂ 股募集资金项目可行性分析的议案》、《公司分别与中国华源集 团有限公司、上海华源制药股份有限公司续订互为贷款担保的议案》。有关本次 股东大会的决议公告刊登于 ２００２ 年 １２ 月 １９ 日的《上海证券报》及香港《商报》 上。 ３、选举、更换公司董事、监事情况 卜伟平先生、潘加宝先生因工作变动，经公司 ２００１ 年度股东大会审议通过， 同意其辞去公司董事职务。 17 第七节 董事会报告 １、公司报告期内经营情况讨论与分析 ２００２ 年是缝制设备行业市场竞争格局发生新变化的一年，也是公司在新形势 下，加快构筑发展平台的一年。 国内缝制设备生产能力大于市场需求量的局面仍然存在，产品结构不合理的 矛盾比较突出，常规产品的低价竞争十分激烈。 公司上半年对缝制设备中高速平缝机市场出现的变化反应不够及时，成本较 高，造成该种产品销售下降幅度较大。 下半年公司调整了经营计划，全力拓展主营业务，积极扩大市场占有份额， 重点扩大特种机的经营比重，努力提高产品质量，降低产品成本，降低经营费用， 使主营业务收入及净利润出现了回升的趋势。 报告期内，公司实现主营业务收入 ８７，５３０ 万元，同比减少 ４．４７ ％ ；实现主 营业务利润 １５，４２１ 万元，同比减少 ２１．１０％；实现净利润 １，３１６ 万元，同比减 少 ７１．２９ ％。 （１）公司主营业务范围及其经营状况 公司属缝纫设备机械制造行业，主营生产销售缝制设备及零部件、缝纫机专 用设备、技术开发与咨询。 ①据中国缝纫机协会统计，２００２ 年公司主导产品缝纫机的生产能力及产量 均居国内前列，普通机的市场占有率为 １５％，特种机的市场占有为 ５１％。 报告期内公司生产和销售各类工业缝纫机分别为 １７２，５１９ 台和 １９２，３５３ 台， 其中新产品数量占 ６２％，生产和销售各类家用缝纫机分别为 ５４１，８８６ 台和 ５４１，７７５ 台，公司产品出口占销售收入 ３８．３８％，全年出口创汇 ４，５１３．７６ 万美元，比上年 同期下降 ２．６７％。 ②报告期内主营业务收入，主营业务利润的构成情况： ａ、本报告期内，公司主营业务收入为 ８７，５３０ 万元，构成情况如下： 单位：万元 毛利率 主营业务收入比 主营业务成本比 毛利率比上 分行业或分产品 主营业务收入 主营业务成本 （％） 上年增减（％） 上年增减（％） 年增减（％） 缝制设备 ５６，９１５ ４５，８０７．８ １９．５２ －１６．５６ －１２．５７ －１５．８３ 18 办公用品 １８，０７６．８ １５，４９２．９ １４．２９ １１７．９５ １０９．５１ ３１．８３ 生化产品 ２，４２８．７ ２，０８４．７ １４．１６ －２．９３ ４．２９ －２９．５９ 房地产 ８５２．１ １６３．６ ８０．８０ －６７．４９ －８４．２６ ３３．９１ 其他 ９，２５７．４ ８，３１０．５ １０．２３ －７．４３ －６．８２ －５．３７ 其中：关联交易 关联交易的定价 原则 关联交易必要性、 持续性的说明 占主营业务收入 １０％以上的主要产品系缝制设备、办公用品，占主营业务利 润 １０％以上的主要产品系缝制设备、办公用品。 ｂ、本报告期内，公司主营业务利润为 １５，４２１ 万元，构成情况如下： 分行业或分产品 主营业务利润构成比例％ 缝制设备 ７１．５１ 办公用品 １６．０５ 生化产品 ２．１９ 房地产 ４．１６ 合 计 ９３．９１ Ｃ、主营业务分地区情况 单位：万元 地 区 主营业务收入 主营业务收入比上年增减（％） 境 内 ５３，９３２ ４．９６ 境 外 ３３，５９８ －１６．５２ （２）主要控股公司及参股公司的经营情况及业绩 单位：万元 公司名称 业务性质 净资产 总资产 注册资本 股权 净利润 上海宝灵工程设备成套有限公司 贸易 ５６．２ １９２．８ ５５ ９０％ ４．６ 上海永德经济发展有限公司 贸易 ２１３．６ ６５０．４ ２００ ８０％ －１３．２ 上海富华轻机有限公司 贸易 ６９４．６ ９６７．９ ５７６ ５５％ ６．３ 上海工业缝纫机物产总公司 贸易 ４５２．４ ４５９．４ ４６５ １００％ －１３．５ 南通上工缝纫机有限公司 贸易 ８３．６ ３４２．２ ８０ ６５％ ０．１ 无锡上工缝纫机有限公司 贸易 ４１．１ ６６．５ ５０ ８０％ －４．７ 达到本公司净利润 １０％的参股公司有 ０ 家。 （３）主要供应商、客户情况 本公司主营业务为缝制设备制造和销售。供应商主要为缝制设备零部件供应 商，前五名供应商合计的采购金额为 ２，５１５ 万元，占年度采购总额的比例为 ２５％。 本报告期内，公司前五名销售客户销售金额合计为 １３，０９０ 万元，占缝制设 备产品销售收入的 ２３％。 （４）在经营中出现的问题及解决方案 随着国际缝制产品的区域调整，国内缝纫设备制造业在激烈的竞争中不断发 展，针对公司部分产品市场竞争力不强、盈利空间缩小等状况，公司在实现上海 19 地区缝制设备制造业重组的基础上，以金融创新为手段，采用资本运作带动产业 升级的方式，在全球范围内，寻找战略合作伙伴，通过产品和资源互补，使公司 的技术、管理、营销等方面发生质变，提升公司在缝制设备制造领域的国际竞争 能力。 ２、公司报告期内投资情况 （１）募集资金使用情况 本报告期内，公司未有新增募股资金使用情况，亦无前期募集资金延续至本 期使用状况。 （２）报告期内，公司非募集资金投资项目情况 ① 国家外经贸部批复公司与意大利周氏贸易（集团）公司在意大利合资设 立“上海商品（意大利）贸易中心”。注册资本：２００ 万美元，其中：本公司出 资 ８０ 万美元，占 ４０％，目前正在办理有关手续，资金尚未投入。（详见 ２００２ 年 １０ 月 ２５ 日《上海证券报》和香港《商报》） ② 经国家经贸委和国家计委联合发文批准的本公司关于使用国债专项资金 实施“机电一体化工业缝制机械生产技术改造项目”计划总投资 １１，０６０ 万元， 目前正在组织编制项目可行性研究报告。（详见 ２００２ 年 １０ 月 ２５ 日《上海证券 报》和香港《商报》） （３）公司财务状况分析 ２００２ 年末总资产为 １，３５４，４５５，７１６．３４ 元，较年初增加 ３７，０４４，５１６．７８ 元， 增长 ２．８１％，主要原因系期末流动资产增加；长期负债为 １８，５６４，０５４．９１ 元，较 年初增加 ６，００９，５３１．０８ 元，增长 ４７．８７％，主要原因系长期借款增加；股东权益 为 ５１４，９９１，７４８．３６ 元，较年初增加 １２，４２６，４２０．２４ 元，增长 ２．４７ ％ ，主要原因 系增加当年盈利；年末公司应收帐款余额为 ３１２，５４５，０６９．８８ 元，较年初增长 ５．３％，主要原因是销售合理回款期内的应收帐款增加；年末公司其他应收款余额 为 ８７，９６２，５６１．４１ 元，较年初下降 ２７．１９％，主要原因是公司注重其他往来的清 理工作，减少不合理的资金占用所致；主营业务利润为 １５４，２０８，８２３．４２ 元，较 上年度减少 ２１．１０％，净利润为 １３，１６１，５６６．４０ 元，较上年度减少 ７１．２９％，主要 原因系 （１）处理历史库存，降低售价，减少利润 ６８５ 万元； （２）房地产收入同比减少，影响利润 ７５５ 万元； 20 （３）生化产品及其他非缝制设备销售减少，减利 ２９３ 万元； （４）因上半年度缝制设备中老产品价格下降、批量下降影响利润 １，４５２ 万 元 。 现 金 及 现 金 等 价 物 净 增 加 额 为 ７６，８７３，５８７．３０ 元 ， 较 上 年 同 期 增 加 １８８，４０６，５０４．３０ 元，主要原因系经营活动与投资活动的现金净流量较上年同期 增加。其中：经营活动产生的现金流量净额较上年增加 ２４，９２７，８４１．８６ 元，是因 为本期购买商品接受劳务支付的现金同比减少；投资活动产生的现金流量净额较 上年增加 １６２，５８５，０８１．６０ 元，是因为减少对外投资；筹资活动产生的现金流量 净额较上年减少 １，０３８，９１１．９７ 元，是因为减少权益性投资收入及增加本期利息 支出。 ４、生产经营环境、宏观政策、法规的变化对公司产生的影响。 目前，国家对缝纫机及零件的出口继续维持原来的退税率。 因公司被认定为“上海市高新技术企业”，有效期至 ２００３ 年 １２ 月 ３１ 日； 另外公司注册地为上海浦东新区，根据浦东开发区的税收政策，本公司 ２００３ 年 度实际所得税税率仍为 １５％。 本公司产品出口占销售收入的比重较高，国际形势的变化，将对公司的产品 出口带来一定的影响； 公司拟通过定向增发 Ｂ 股，收购德国 ＦＡＧ 公司控股子公司股权，并实现控股， 同时利用该子公司的技术，实现缝纫机产业升级，目前，该计划正在报批中，如 该计划能顺利实施，将对公司 ２００３ 年下半年及以后年度的生产经营产生重大影 响。 ５、新年度的经营计划 （１） 抓好资本经营和生产经营。实现 Ｂ 股定向增发，完成对国际同行业 企业的购并是今年资本经营的重点，与此同时加强公司的生产经营，以国际技术 标准对公司的主导产品实现监制，对部分产品实行 ＯＥＭ 生产，并做好部分产品由 国际转移到国内生产的准备工作。 （２） 抓好市场开发和产品开发。要加强市场的培育和深度开发，做好市 场的拓展工作，高度重视对市场和竞争对手的分析和研究，制订正确的营销策略， 要进一步加快新产品的开发、投产和上市的速度。 （３） 抓好硬件建设和软件建设。根据国家的政策和上海市的发展规划， 公司积极创造条件，在筹建以缝制机械制造为主的功能齐全的工业园区的同时， 21 加强企业的内部建设，推进管理现代化，积极移植国际合作伙伴的管理理念、模 式和手段，在企业的物流、资金流、信息流和科技研发、质量监控等方面，早日 实现与国际接轨。 ６、董事会日常工作情况： （１） 报告期内董事会的会议情况及决议内容 ２００２ 年度，公司董事会共召开九次董事会会议。 ①三届十六次董事会议于 ２００２ 年 ２ 月 ４ 日召开，审议通过了公司总经理人 选变动的议案。决议公告于 ２００２ 年 ２ 月 ５ 日《上海证券报》和香港《商报》。 ②三届十七次董事会议于 ２００２ 年 ４ 月 ８ 日召开，审议通过了公司 ２００１ 年度 《董事会工作报告》、《关于会计政策、会计估计的变更及提取资产减值准备的 议案》、《关于以资本公积弥补未分配利润负数的议案》、《财务工作报告》、 《２００１ 年度利润分配预案及 ２００２ 年度预计利润分配政策》、《支付会计师事务 所 ２００１ 年度审计报酬的议案》、《２００１ 年度报告和摘要》、《终止实施“银海 生化”收购项目的议案》、《董事会人选变动的议案》、《公司章程修正案》、 《股东大会议事规则（修订稿）》、《董事会议事规则（修订稿）》、《公司独 立董事制度》、《关于公司独立董事年度津贴标准的议案》、《关于修改董事会 下属专业委员会工作细则及调整部分组成人员的议案》、《公司董事任职条件及 选聘程序》、《公司信息披露管理办法》、《财务、会计管理和内控制度》、《关 于调整增发方案的议案》、《关于增发方案调整后募集资金运用可行性分析的议 案》。决定于 ２００２ 年 ５ 月 １０ 日召开 ２００１ 年度股东大会。决议公告于 ２００２ 年 ４ 月 １０ 日的《上海证券报》及香港《商报》。 ③三届十八次董事会议于 ２００２ 年 ４ 月 ２６ 日召开，审议通过了公司《２００２ 年 第一季度报告》。 ④三届十九次董事会议于 ２００２ 年 ６ 月 １２ 日召开，审议通过了公司《关于建 立现代企业制度的自查报告》。 ⑤三届二十次董事会议于 ２００２ 年 ７ 月 ２６ 日召开，审议通过了《公司与意大 利周氏贸易（集团）公司合资，在意大利组建上海商品（意大利）贸易中心的议 案》。 ⑥三届二十一次董事会议于 ２００２ 年 ８ 月 ９ 日召开，审议通过了《２００２ 年半 年度报告及摘要》、《对无法收回的投资项目，按“长期投资减值准备的暂行规 22 定”处理事宜》。决议公告于 ２００２ 年 ８ 月 １０ 日《上海证券报》和香港《商报》。 ⑦三届二十二次董事会议于 ２００２ 年 ９ 月 １０ 日以通讯方式召开，审议通过了 《公司分别与上海华源企业发展有限公司、上海建筑材料（集团）总公司续签互 为贷款担保协议》。决议公告于 ２００２ 年 ９ 月 １２ 日《上海证券报》和香港《商报》。 ⑧三届二十三次董事会议于 ２００２ 年 １０ 月 ２３ 日以通讯方式举行，审议通过 了《公司财务负责人变动议案》、《２００２ 年第三季度报告》、《关于使用国债 专项资金实施“机电一体化工业缝制机械生产技术改造项目”的议案》。决议公 告于 ２００２ 年 １０ 月 ２５ 日《上海证券报》和香港《商报》。 ⑨三届二十四次董事会议于 ２００２ 年 １１ 月 １４ 日召开，审议通过了《关于公 司停止实施申报 ２００１ 年增发 Ａ 股并上市的议案》、《关于公司符合条件定向增 发 Ｂ 股股票并上市的的议案》、《关于定向增发 Ｂ 股的议案》、《关于前次募集 资金使用情况的说明》、《关于本次定向增发 Ｂ 股募集资金项目可行性分析的议 案》、《公司分别与中国华源集团有限公司、上海华源制药股份有限公司续订互 为贷款担保协议》，决定于 ２００２ 年 １２ 月 １７ 日召开 ２００２ 年第一次临时股东大会。 决议公告于 ２００２ 年 １１ 月 １６ 日《上海证券报》和香港《商报》。 （２）董事会对股东大会决议的执行情况 ① 公司 ２００１ 年度股东大会审议通过了关于以资本公积弥补未分配利润负 数的议案，已于报告期内完成相关帐务处理。 ② 报告期内，根据公司 ２００２ 年第一次临时股东大会的决议和授权，公司董 事会停止实施申报 ２００１ 年增发 Ａ 股并上市的工作，同时积极着手申请定向增发 Ｂ 股的各项准备工作，年内已将申请材料上报中国证监会并进入审核程序。 ７、本次利润分配预案 （１）二○○二年度利润分配预案 经上海众华沪银会计师事务所有限公司按中国会计制度审计，２００２ 年度公 司实现合并净利润为 １３，１６１，５６６．４０ 元，（香港罗兵咸永道会计师事务所按国际 会计制度审计为 １３，０００ 千元）， 母公司净利润为 １１，７７５，７０６．９２ 元。 根据公司《章程》的规定，按母公司净利润提取 １０％法定公积金 １，１７７，５７０．６９ 元，提取 １０％法定公益金 １，１７７，５７０．６９ 元。２００２ 年度不计提任意公积金，当年 可供股东分配的利润为 ９，４２０，５６５．５４ 元，加按有关规定调整后的上年未分配利 润余额－８，０２０，６１４．５１ 元，累计可供股东分配的利润为 ９９１，０４６．４３ 元。 23 本公司原计划在 ２００２ 年度结束后分配利润一次，由于目前本公司正处于收 购兼并及技术改造的重要时期，资金需求量较大，为加快公司的发展，谋求股东 的长远利益，董事会决定调整原利润分配预案，２００２ 年度不进行派发现金股利 和送红股。 （２）二○○二年度资本公积金转增股本预案 公司年末资本公积金余额为 ２５７，０９２，６２０．６４ 元，拟以 ２００２ 年末股本总额 ２５２，４６６，３７０ 股为基数向全体股东每 １０ 股资本公积金转增 １．５ 股，共转增 ３７，８６９，９５６ 股，本次转增后资本公积金尚余 ２１９，２２２，６６４．６４ 元。 因资本公积金转增引致公司股本变化，由公司董事会负责办理相关事宜。 上述预案需提交公司 ２００２ 年度股东大会审议并通过。 ８、其他报告事项 报告期内，公司选定的信息披露报纸无变更，仍为《上海证券报》和香港《商 报》。 24 第八节 监事会报告 １、报告期内监事会工作情况 本报告期内监事会共召开了四次会议： （１）三届十次监事会议于 ２００２ 年 ４ 月 ８ 日召开，审议通过了《公司 ２００１ 年 年度监事会工作报告》、《监事会议事规则（修订稿）》、《关于会计政策、会 计估计的变更及提取资产减值准备的议案》、《关于以资本公积弥补未分配利润 负数的议案》、《２００１ 年度报告和摘要》。决议公告于 ２００２ 年 ４ 月 １０ 日《上 海证券报》和香港《商报》。 （２）三届十一次监事会议于 ２００２ 年 ４ 月 ２６ 日召开，审议通过了《公司 ２００２ 年第一季度报告》。 （３）三届十二次监事会议于 ２００２ 年 ８ 月 ９ 日召开，审议通过了《公司 ２００２ 年半年度报告及摘要》。 （４） 三届十三次监事会议于 ２００２ 年 １０ 月 ２３ 日召开，审议通过了《２００２ 年第三季度报告》。 ２、监事会对公司 ２００２ 年度有关事项的独立意见 （１）公司依法运作情况 公司依法召开股东大会、董事会议和监事会议，公司决策程序按照《章程》 规定的程序进行，公司运作力求高效、合法。公司建立了比较完善的内部控制制 度，公司董事、总经理在执行公司职务时，未发现有违反法律、法规、公司章程 及损害公司利益的行为。 （２）检查公司财务的情况 上海众华沪银会计师事务所有限公司出具的标准无保留意见的审计报告， 对公司会计报表和会计处理方法的评价是客观公正的。２００２ 年度财务报告真实 地反映了公司的财务状况和经营成果。 （３）关联交易情况 公司在关联交易行为时，价格合理，符合公允的原则，未发现内幕交易及损 害部分股东权益的行为。 25 （４）本年度，公司无重大收购、出售资产的交易行为。 第九节 重要事项 １、 重大诉讼、仲裁事项 本年度公司无重大诉讼、仲裁事项。 ２、报告期收购或出售资产情况 （１）报告期内公司无重大资产收购、出售或处置事项。 （２）以前期间发生的资产收购、出售或处置事项。 ２０００ 年 ９ 月 ２９ 日公司召开 ２０００ 年第一次临时股东大会，通过收购“银海 生化”９０％股权的议案，因市场形势发生急剧变化，继续实施该项目，难以实现 公司预期的效益目标，经双方协商，同意停止该项目实施。２００２ 年 ５ 月 １０ 日， 公司召开的 ２００１ 年度股东大会审议通过了董事会提请讨论的《终止实施“银海 生化”收购项目的议案》。（公告见 ２００２ 年 ４ 月 １０ 日及 ５ 月 １４ 日的《上海证 券报》及香港《商报》）。 ３、报告期内与关联方债权债务事项 单位：万元 向关联方提供资金 关联方向上市公司提供资金 关 联 方 发生额 余额 发生额 余额 其他应收款 其他应付款 上海轻工控股（集团）公司 ５７．７１ １７０．６７ 其他应收款 上海缝纫机螺丝厂 ３．０４ 其他应收款 上海工缝电器有限公司 ５２１．６３ 其他应收款 上海华强缝制设备厂 ７０２．４４ 其他应收款 上海浦江金属品厂 １１６．５６ 其他应收款 26 上海上工华莘精密机械有限公司 ４６０．７２ 其他应收款 上海上工饮水机有限公司 ２５２．１０ ２，１１４．２０ １７０．６７ 合计 ４、报告期内，公司重大合同及其履行情况信息 （１） 公司无托管、承包、租赁其他公司资产及其他公司托管、承包、租 赁上市公司资产的事项。 （２） 报告期内，公司与下列单位建立了互为等额担保的关系，至报告期 末公司为下列单位提供担保情况如下： 是否履 是否为关 担保单位 发生日期（协议签署日） 担保金额 担保类型 担保期 行完毕 联方担保 上海建筑材料（集团）总公司 ２００２．９．２８－２００４．９．２７ ９，０００ 万元 连带责任担保 二年 否 否 上海华源企业发展有限公司 ２００２．９．１１－２００４．９．１０ １０，０００ 万元 连带责任担保 二年 否 否 中国华源集团有限公司 ２００２．１１．３０－２００３．１１．２９ １０，０００ 万元 连带责任担保 一年 否 否 上海华源制药股份有限公司 ２００２．１１．３０－２００３．１１．２９ ２，０００ 万元 连带责任担保 一年 否 否 担保发生额合计 ３１，０００ 万元 担保余额合计 ３１，０００ 万元 其中：关联担保余额合计 ０ （３） 报告期内，公司未发生或以前期间发生但延续到报告期的重大委托他人 进行现金资产管理的事项． ５、承诺事项 报告期内，公司及持股 ５％以上股东没有在指定报纸和网站上披露承诺事项。 ６、报告期内聘任会计师事务所情况 报告期内，公司续聘上海众华沪银会计师事务所有限公司和香港罗兵咸永道 会计师事务所担任公司的年报审计工作。 本公司自 ９３ 年发行 Ａ 股、９４ 年发行 Ｂ 股至今，每年均有上述二户会计师事 务所分别为本公司出具境内、境外审计报告。他们为公司提供审计服务的连续年 限已达 ９ 年。 本年度支付给上海众华沪银会计师事务所有限公司的财务审计费用为 ３０ 万 元（上年度中期审计费用 ２０ 万元，年度审计费用 ３０ 万元，专项审计费用 ３６．９ 万元），承担审计期间住宿费 ０．９５ 万元。 27 支付给香港罗兵咸永道会计师事务所的财务审计费用为 ６６．７５ 万元（上年度 ６２ 万元），承担审计期间住宿费 ３．８２ 万元（上年度 ４．７７ 万元）。 ７、本报告期内，公司、公司董事会及董事未有受中国证监会稽查、中国证 监会行政处罚、通报批评、上海证券交易所公开谴责的情况。 28 第十节 财务报告 境内会计师报告 （一）审计报告 沪众会字(2003)第 ０５９９ 号 上工股份有限公司全体股东： 我们接受委托，审计了 贵公司 ２００２ 年 １２ 月 ３１ 日的资产负债表及合并资产 负债表、２００２ 年度的利润表及利润分配表和合并利润表及利润分配表以及 ２００２ 年度现金流量表及合并现金流量表。这些会计报表由 贵公司负责，我们的责任 是对这些会计报表发表审计意见。我们的审计是依据中国注册会计师独立审计准 则进行的。在审计过程中，我们结合 贵公司的实际情况，实施了包括抽查会计 记录等我们认为必要的审计程序。 我们认为，上述会计报表符合企业会计准则和企业会计制度的有关规定，在 所有重大方面公允地反映了 贵公司 ２００２ 年 １２ 月 ３１ 日的财务状况，２００２ 年度 的经营成果和现金流量，会计处理方法的选用遵循了一贯性原则。 上海众华沪银会计师事务所有限公司 中国注册会计师 林东模 中国注册会计师 李文祥 中国，上海 二〇〇三年四月十七日 29 上工股份有限公司 ２００２ 年度会计报表附注 1. 公司基本情况 上工股份有限公司（以下简称“本公司”）是中国缝制设备行业第一家上市公 司，本公司原名上海工业缝纫机股份有限公司，１９９７ 年 ５ 月 ２９ 日经 １９９６ 年度股 东大会决议，更名为“上工股份有限公司”。本公司以生产、销售工业用缝制设 备为主，主要产品有平缝、包缝、套结、钉扣、锁眼、双针、多针、链缝、绷缝 及其他特种工业缝纫机共 １０ 个大类，２１ 个系列，１００ 多个品种。主要产品以“上 工牌”、“双工牌”、“蝴蝶牌”、“蜜蜂牌”、“飞人牌”为注册商标。本公 司近年来积极进行新型缝纫设备的开发、研制。 截至 ２００２ 年 １２ 月 ３１ 日止本公司（合并子公司后）的资产总额为 １，３５４，４５６ 千元，负债总额为 ８２２，４６７ 千元，所有者权益为 ５１４，９９２ 千元，少数股东权益为 １６，９９７ 千元。２００２ 年本公司主营业务收入为 ８７５，３００ 千元，净利润为 １３，１６２ 千 元，累计未分配利润为 ９９１ 千元。 ２． 主要会计政策和会计估计 ２．１ 会计制度 本公司执行企业会计准则和企业会计制度及其补充规定。 2.2 会计年度 本公司的会计期间采用公历制，即自日历１月１日至１２月３１日为一个会计 年度。 2.3 记账本位币 本公司以人民币为记账本位币。 ２．４ 记账基础和计价原则 本公司以权责发生制为记账基础，以实际成本为计价原则。各项财产在取得时 按实际成本计量，其后如果发生减值，按企业会计制度规定计提相应的减值准备。 ２．５ 外币业务核算方法 本公司对发生的外币业务，以业务发生当日的汇率（指由中国人民银行公布 的外币市场汇价中间价，下同）将外币折算成人民币记账；期末对各种外币账户 的外币余额按期末日汇率进行调整，调整后的人民币金额与原账面金额之间的差 额作为汇兑损益，除与购建固定资产有关的专用借款产生的汇兑损益，在该资产 达到预定可使用状态前予以资本化、计入资产成本外，属于筹建期间发生的汇兑 损益于发生时计入长期待摊费用，于本公司开始生产经营的当月一次计入损益； 属于正常生产经营期间发生的汇兑损益，则直接计入当期损益。 ２．６ 现金等价物的确定标准 本公司将持有的期限短（一般是指从购买日起三个月内到期）、流动性强、易 于转换为已知金额现金、价值变动风险很小的投资列作现金等价物。 ２．７ 短期投资核算方法 ２．７．１ 本公司的短期投资按取得时实际支付的全部价款扣除其中包含的已宣 告但尚未领取的现金股利或利息入账。短期投资持有期间所收到的股利或利息等 冲减投资成本；处置时按实际收到的价款扣除账面成本后的差额确认为投资收益 或损失，计入当期损益。 ２．７．２ 期末本公司对短期投资按成本与市价孰低计量，采用单项比较法对市 价低于成本的差额，计提短期投资跌价准备，并计入当期损益。 ２．８ 坏账核算方法 ２．８．１ 本公司对坏账损失采用备抵法核算，期末对应收款项（包括应收账款 和其他应收款）按账龄分析法计提坏账准备，并计入当期损益。期末按应收款项 各级账龄的余额和下列比例计提坏账准备： 账龄 计提比例 １ 年以内 ５％ １— ２ 年 ２０％ ２— ３ 年 ５０％ ３ 年以上 １００％ ２．８．２ 本公司确认坏账的标准为：当债务人破产或者死亡，以其破产财产或 者遗产清偿后，仍然无法收回时；或当债务人逾期未履行其清偿责任，且具有明 显特征表明无法收回时，经公司董事会批准确认为坏账损失，冲销原提取的坏账 准备；坏账准备不足冲销的差额，计入当期损益。 ２．９ 存货核算方法 ２．９．１ 本公司的存货主要包括原材料、在产品、库存商品、委托加工材料、 包装物和低值易耗品等。存货购建时按实际成本入账，发出时以加权平均法计价， 包装物、低值易耗品在领用时按一次摊销法摊销。 ２．９．２ 期末本公司对存货按成本与可变现净值孰低计量，按单个存货项目的 可变现净值低于成本的差额，分项计提存货跌价准备，并计入当期损益。 ２．１０ 长期投资核算方法 ２．１０．１ 本公司对长期股权投资（包括股票投资和其他股权投资），按投资 取得时实际支付的价款扣除其中包含的已宣告但尚未领取的现金股利后的金额或 有关各方协商确认的价值入账。长期股权投资凡对被投资单位具有控制、共同控 制或重大影响的（通常指占被投资单位有表决权资本总额 ２０％或 ２０％以上，或虽不 足 ２０％但有重大影响），采用权益法核算；反之，则采用成本法核算。采用权益法 核算的长期股权投资，其取得时的成本与本公司在该被投资单位所有者权益中所 占份额的差额作为股权投资差额，分十年平均摊销，列入各摊销期的损益。 2.10.2 本公司对长期债权投资（包括债券投资和其他债权投资），按取得时 的实际成本入账。长期债券投资实际成本与债券面值的差额作为债券溢价或折价， 长期债券投资按期计息，同时按直线法在债券存续期间内摊销溢价或折价，计入 各期损益。 ２．１０．３ 期末本公司对长期投资按账面价值与可收回金额孰低计量，对单项 投资由于市价持续下跌或被投资单位经营状况恶化等原因导致其可收回金额低于 账面价值的差额，分项提取长期投资减值准备，并计入当期损益。 ２．１１ 固定资产计价和折旧方法 ２．１１．１ 本公司的固定资产是指使用期限超过一年，单位价值在人民币 ２，０００ 元以上，为生产商品、提供劳务、出租或经营管理而持有的有形资产。固定资产 以取得时的实际成本为原价入账，以年限平均法计提折旧。在不考虑减值准备的 情况下，按固定资产的类别、估计的经济使用年限和预计的净残值（原价的 ４％或 １０％）分别确定折旧年限和年折旧率如下： 折旧年限 年折旧率 房屋及建筑物 ２０－５０ １．９２％－４．５％ 31 机器设备 ５－１５ ６．４％－９％ 运输设备 ５－１０ ９．６％－１９．２％ 办公及其他设备 ５－１０ ９．６％－１９．２％ 在考虑减值准备的情况下，按单项固定资产扣除减值准备后的账面净额和剩余 折旧年限，分项确定并计提各期折旧。 ２．１１．２ 期末本公司对固定资产按账面价值与可收回金额孰低计量，对单项 资产由于市价持续下跌、技术陈旧、损坏或长期闲置等原因，导致其可收回金额 低于账面价值的差额，分项提取固定资产减值准备，并计入当期损益。 ２．１２ 在建工程核算方法 ２．１２．１ 本公司的在建工程按工程项目分别核算，以实际发生的全部支出入 账，并在工程达到预定可使用状态时，按工程全部成本结转固定资产。与购建在 建工程直接相关的借款利息支出和外币折算差额等借款费用，在工程项目达到预 定可使用状态前予以资本化，计入工程成本；在工程项目达到预定可使用状态后， 计入当期损益。 ２．１２．２ 期末本公司对在建工程按账面价值与可收回金额孰低计量，对单项 资产可收回金额低于账面价值的差额，分项提取在建工程减值准备，并计入当期 损益。 ２．１３ 无形资产计价和摊销方法 ２．１３．１ 本公司的无形资产是指为生产商品、提供劳务、出租或经营管理而 持有的没有实物形态的非货币性长期资产，主要包括土地使用权、专利权、非专 利技术、商标权等。无形资产按取得时的实际成本入账，在其预计使用期限内分 期平均摊销，计入各摊销期损益。 ２．１３．２ 期末本公司对无形资产按账面价值与可收回金额孰低计量，按单项 资产预计可收回金额低于其账面价值的差额，分项提取无形资产减值准备，并计 入当期损益。 ２．１４ 长期待摊费用和摊销方法 本公司的长期待摊费用是指已经支出、但将于正常生产经营后摊销或摊销期 超过一年的各项费用，主要包括开办费、租入固定资产的改良支出等。长期待摊 费用除开办费在开始生产经营当月一次计入损益外，均在各项目的预计受益期间 内平均摊销，计入各摊销期的损益。 ２．１５ 收入确认原则 ２．１５．１ 本公司的商品销售在商品所有权上的主要风险和报酬已转移给买 方，本公司不再对该商品实施继续管理权和实际控制权，与交易相关的经济利益 很可能流入企业，并且与销售该商品相关的收入和成本能够可靠地计量时，确认 营业收入的实现。 ２．１５．２ 本公司提供的劳务在同一会计年度开始并完成的，在劳务已经提供， 收到价款或取得收取价款的证据时，确认营业收入的实现；劳务的开始和完成分 属不同会计年度的，在劳务合同的总收入、劳务的完成程度能够可靠地确定，与 交易相关的价款能够流入，已经发生的成本和为完成劳务将要发生的成本能够可 靠地计量时，按完工百分比法确认营业收入的实现；长期合同工程在合同结果已 经能够合理地预见时，按结账时已完成工程进度的百分比法确认营业收入的实现。 ２．１５．３ 本公司让渡资产使用权取得的利息收入和使用费收入，在与交易相 关的经济利益能够流入企业，且收入的金额能够可靠地计量时，确认收入的实现。 ２．１６ 所得税的会计核算方法 本公司所得税的会计核算采用应付税款法。 32 ２．１７ 合并会计报表的编制方法 ２．１７．１ 合并范围的确定原则：本公司根据财政部（１９９５）《关于印发〈合 并会计报表暂行规定〉的通知》和财会二字（９６）２ 号《关于合并报表合并范围请 示的复函》等文件的规定，对拥有控制权的子公司及拥有共同控制权的合营公司， 除已关停并转、宣告清理或破产、准备近期售出而短期持有等特殊情况以及对合 并而言影响微小者外，均纳入合并会计报表范围。 ２．１７．２ 合并会计报表的方法：本公司的合并会计报表系以母公司和纳入合 并范围的各下属公司的会计报表以及其它有关资料为依据，在对各公司之间的投 资、所有重大交易、往来及结余款项作出抵销后，合并各项目数额编制而成。对 合营公司的会计报表采用比例合并法合并。 ３．税（费）项 ３．１ 增值税 本公司按产销商品或提供劳务的增值额计缴增值税，主要商品和劳务的增值 税税率为 １７％。 ３．２ 营业税 本公司按应税营业收入的 ５％计缴营业税。 ３．３ 所得税 本公司按应纳税所得额和当期适用之税率计缴所得税，所得税税率为 １５％。 ３．４ 教育费附加 本公司按当期应交流转税的 ３％计缴教育费附加。 ４． 控股子公司及合营企业 注册资本 序号 子公司及合营企业全称 （万元） 经营范围 投资额（万元） 占股比例 １ 上海双重包缝机有限公司 1200 生产、开发、销售包缝机 840 70% ２ 上海工业缝纫机销售总公司 500 缝制设备、金属材料、机电设备等 500 100% 销售 ３ 上海上工进出口有限公司 3200 机电设备、仪表仪器等进出口 2880 90% ４ 上海工缝房地产发展有限公司 500 房地产开发、销售咨询、物业管理 450 90% ５ 上海上工针业有限公司 1400 生产销售缝纫机针、特种异形针 1320 94.30% ６ 上海四方同济净水有限公司 1055 饮用水生产、销售及相关技术开发 638 60.47% ７ 长沙华日生化实业有限公司 2500 柠檬酸系列产品、润滑油、凡士林 2250 90% ８ 上海飞人进出口有限公司 1000 缝纫设备及其他机电产品的进出口 900 90% ９ 上海上原科技开发有限公司 600 新型缝制设备设计、开发 420 70% １０ 上海上工佳荣衣车有限公司 400 缝纫机及配件的销售.装配加工 220 55% １１ 上海上工方天机械有限公司 300 工业缝纫机及其配件.机械零件的 180 60% 生产和销售 １２ 上海上工兴达衣车机械有限公司 310 曲折缝系列工业缝纫机的生产.销 210 67.74% 售 １３ 上海上工企业管理有限公司 100 企业管理. 生产销售缝制设备零部 90 90% 件 １４ 上海蝴蝶进出口有限公司 1000 各类缝制设备.机电产品等进出口 900 90% １５ 上海申贝办公机械有限公司 3507 办公机械设备的生产和销售 1753.5 50% 33 １６ 上海上工松达机械有限公司 300 生产、销售缝纫设备及配件 195 65% １７ 上海上工佳源机电有限公司 300 生产、销售缝纫设备及配件 168 56% １８ 上海宝灵工程设备成套有限公司 55 机电设备、五金交电、汽配等 49.5 90% １９ 上海永德经济发展有限公司 200 机电设备、家用电器、建筑五金销 160 80% 售 ２０ 上海富华轻机有限公司 $100 生产销售服装机械、贸易代理 $55 55% ２１ 上海工业缝纫机物产总公司 460 缝制设备及零件、金属材料及汽配 460 100% 等 ２２ 上海工业缝纫机技术开发公司 120 缝制设备“四技”服务等 120 100% ２３ 南通上工缝纫机有限公司 80 缝制设备及零件等 52 65% ２４ 无锡上工缝纫机有限公司 50 缝制设备及零件等 40 80 上述第 １－１７ 家子公司已纳入合并会计报表范围，其中第 ２ 家公司上海工业缝 纫机销售总公司期末净资产为负数，本公司对其的长期投资余额已减至零，因该 公司未出现无法持续经营的情况，故仍将其纳入合并报表范围。 第 １８－２４ 家子公司由于资产规模和损益金额对本公司整体影响较小，故未纳入 合并范围。 ５． 会计报表主要项目的注释 ５．１ 货币资金 项目 期末数 期初数 原币 (折合)人民币 原币 (折合)人民币 现金 259,661.97 194,937.24 银行存款 美元 2,031,420.01 16,814,672.82 2,007,565.82 16,615,819.25 日元 1,723.00 118.94 1,722.93 108.55 人民币 227,732,367.11 151,147,868.50 244,547,158.87 167,763,796.30 其他货币资金 25,500.00 - 244,832,320.84 167,958,733.54 ５．２ 短期投资 期末数 期初数 账面余额 跌价准备 账面净额 账面余额 跌价准备 账面净额 股票投资 141,500.00 - 141,500.00 41,500.00 - 41,500.00 债券投资 215,988.56 - 215,988.56 231,688.56 - 231,688.56 357,488.56 - 357,488.56 273,188.56 - 273,188.56 ５．３ 应收票据 期末数 期初数 银行承兑汇票 140,000.00 - 商业承兑汇票 58,852,443.59 56,572,238.73 58,992,443.59 56,572,238.73 34 ５．４ 应收账款 ５．４．１ 合并数 账 龄 期 末 数 期 初 数 账面余额 比例 坏账准备 账面余额 比例 坏账准备 (%) (%) 1 年以内 200,785,959.72 64.24 10,039,451.43 187,503,648.00 63.17 9,375,182.40 1-2 年 34,182,304.35 10.94 6,836,460.91 27,806,513.84 9.37 5,561,302.76 2-3 年 18,923,124.42 6.05 9,461,562.21 28,585,521.78 9.63 14,292,760.89 3 年以上 58,653,681.39 18.77 54,404,402.20 52,919,748.18 17.83 52,919,748.18 312,545,069.88 100.00 80,741,876.75 296,815,431.80 100.00 82,148,994.23 净额 231,803,193.13 214,666,437.57 上述应收账款期末数中，账龄 ３ 年以上的有 ４，２４９，２７９．１９ 元未计提坏账准备， 原因见附注 ６．３．１。 上述应收账款期末数中，无持有本公司 ５％（含 ５％）以上表决权股份的股东单位 欠款。 应收账款期末数中前五名金额合计为 ５１，４３１，０８２．２１ 元，占全部应收账款的 １６％。 ５．４．２ 母公司 账 龄 期 末 数 期 初 数 账面余额 比例 坏账准备 账面余额 比例 坏账准备 (%) (%) 1 年以内 109,964,347.30 70.40 5,498,217.37 102,784,813.70 65.43 5,139,240.70 1-2 年 8,655,796.38 5.54 1,731,159.29 13,088,744.12 8.33 2,617,748.82 2-3 年 8,315,630.88 5.32 4,157,815.44 8,322,185.90 5.30 4,161,092.95 3 年以上 29,268,539.05 18.74 29,268,539.05 32,904,524.36 20.94 32,904,524.36 156,204,313.61 100.00 40,655,731.15 157,100,268.08 100.00 44,822,606.83 净额 115,548,582.46 112,277,661.25 上述应收账款期末数中，无持有本公司 ５％（含 ５％）以上表决权股份的股东单位 欠款。 应收账款期末数中前五名金额合计为 ５１，４３１，０８２．２１ 元，占全部应收账款的 ３３％。 ５．５ 其他应收款 ５．５．１ 合并数 账 龄 期 末 数 期 初 数 账面余额 比例(%) 坏账准备 账面余额 比例(%) 坏账准备 1 年以内 38,656,037.70 43.95 1,932,801.90 75,063,765.60 62.13 3,753,188.28 35 1-2 年 20,111,483.13 22.86 4,022,296.63 18,430,638.25 15.26 3,686,127.64 2-3 年 5,132,927.70 5.84 2,566,464.00 5,907,416.46 4.89 2,953,708.24 3 年以上 24,062,112.88 27.35 22,390,700.96 21,411,890.45 17.72 21,411,890.45 87,962,561.41 100.00 30,912,263.49 120,813,710.76 100.00 31,804,914.61 净额 57,050,297.92 89,008,796.15 上述其他应收账款期末数中账龄 ３ 年以上的有 １，６７１，４１１．９２ 元未计提坏账准 备，原因见附注 ６．３．１。 上述其他应收款期末数中，包括应收持有本公司 ４６．３５％股份的股东上海轻工 控股（集团）公司 ５７７，１２６．１２ 元。 其他应收款期末数中前五名金额合计为 ２６，１５１，６１６．７０ 元，占全部其他应收 款的 ３０％。 ５．５．２ 母公司 账 龄 期 末 数 期 初 数 账面余额 比例（％） 坏账准备 账面余额 比例（％） 坏账准备 1 年以内 37,541,640.34 55.13 1,877,082.03 74,366,008.60 74.87 3,718,300.43 1-2 年 9,365,502.35 13.75 1,873,100.47 4,456,221.11 4.49 891,244.22 2-3 年 3,594,768.65 5.28 1,797,384.33 4,127,908.31 4.16 2,063,954.16 3 年以上 17,596,316.37 25.84 17,596,316.37 16,370,124.47 16.48 16,370,124.47 68,098,227.71 100.00 23,143,883.20 99,320,262.49 100.00 23,043,623.28 净额 44,954,344.51 76,276,639.21 上述其他应收款期末数中，包括应收持有本公司 ４６．３５％股份的股东上海轻工 控股（集团）公司 ５７７，１２６．１２ 元。 其他应收款期末数中前五名金额合计为 ２３，６５５，１８８．７２ 元，占全部其他应收 款的 ３５％。 ５．６ 预付账款 期末数 期初数 账龄 金额 比例（％） 金额 比例（％） 1 年以内 56,991,548.40 96.87 32,660,654.38 91.02 1-2 年 837,658.04 1.43 3,109,668.30 8.67 2-3 年 1,001,075.23 1.70 2,500.00 - 3 年以上 - - 110,380.98 0.31 58,830,281.67 100.00 35,883,203.66 100.00 上述预付账款期末数中，无持本公司 ５％（含 ５％）以上股份的股东单位的款项。 期末数比期初数增加 ６４％，主要系下属子公司本年内预付货款增加较多。 36 ５．７ 应收补贴款 期末数 期初数 出口退税 5,523,373.39 - ５．８ 存货 期末数 期初数 项目 账面余额 跌价准备 账面余额 跌价准备 原材料 51,345,447.60 16,205,409.96 61,393,308.92 21,917,652.63 在产品 29,866,250.52 5,141,874.99 45,819,797.06 6,788,021.36 库存商品 130,846,998.18 16,513,785.04 134,177,036.74 18,680,394.90 开发产品 10,380,646.82 - - - 委托加工材料 2,844,492.64 638,296.90 2,560,291.90 638,296.90 低值易耗品 1,633,019.26 - 359,353.45 - 226,916,855.02 38,499,366.89 244,309,788.07 48,024,365.79 净额 188,417,488.13 196,285,422.28 ５．９ 待摊费用 项目 期末数 期初数 保险费 - 21,568.35 租金 20,800.00 113,542.94 其他 4,562.00 1,082,862.50 25,362.00 1,217,973.79 ５．１０ 长期股权投资 ５．１０．１ 合并数 项目 期末数 期初数 账面余额 减值准备 账面净额 账面余额 减值准备 账面净额 股票投资 27,850,179.40 - 27,850,179.40 27,850,179.40 - 27,850,179.40 其他股权投资 161,894,261.41 6,439,923.35 155,454,338.06 177,862,988.14 6,720,532.99 171,142,455.15 其中: 对合营企业投 12,284,817.15 - 12,284,817.15 14,393,622.89 357,608.55 14,036,014.34 资 对其他企业投资 72,385,560.06 6,439,923.35 65,945,636.71 77,097,532.12 6,362,924.44 70,734,607.68 合并价差 77,223,884.20 - 77,223,884.20 86,371,833.13 - 86,371,833.13 189,744,440.81 6,439,923.35 183,304,517.46 205,713,167.54 6,720,532.99 198,992,634.55 (1)股票投资 期末数 股票名称 股份类别 股数 占股比例 账面余额 减值准备 期末净额 华联商厦股份有限公司 法人股 63,112 小于 5% 391,994.60 - 391,994.60 第一百货股份有限公司 法人股 24,461 小于 5% 128,224.80 - 128,224.80 37 广播电视集团 法人股 21,780 小于 5% 67,600.00 - 67,600.00 申银万国证券公司 法人股 101,214 小于 5% 200,000.00 － 200,000.00 永久股份有限公司 法人股 4,450,500 小于 5% 21,285,000.00 － 21,285,000.00 上海银行 法人股 551,400 小于 5% 551,400.00 － 551,400.00 新锦江股份有限公司 法人股 79,200 小于 5% 220,000.00 － 220,000.00 三毛纺织股份有限公司 法人股 1,358,830 小于 5% 3,669,800.00 － 3,669,800.00 宝鼎投资股份有限公司 法人股 7,500 小于 5% 7,500.00 － 7,500.00 双鹿电器股份有限公司 法人股 145,200 小于 5% 290,400.00 － 290,400.00 天津百货股份有限公司 法人股 65,000 小于 5% 220,000.00 － 220,000.00 上工股份有限公司 法人股 26,000 小于 5% 116,000.00 － 116,000.00 申能股份有限公司 法人股 106,200 小于 5% 437,360.00 － 437,360.00 联通国脉通讯股份有限公司 法人股 83,538 小于 5% 151,900.00 － 151,900.00 新黄浦置业股份有限公司 法人股 70,200 小于 5% 113,000.00 － 113,000.00 27,850,179.40 - 27,850,179.40 (2)对合营及其他企业的投资 期末数 投资 占股 其中：股权 被投资公司名称 期限 比例 账面余额 投资差额 减值准备 上海富华轻机有限公司 20 年 55% ３，８３３，０８８．３６ － － 上海缝纫机技术开发公司 20 年 100% １，３８３，８０４．１６ － － 上海工业缝纫机物产总公司 20 年 100% ４，５９１，２３４．７９ － － 上海永德经济发展有限公司 20 年 80% １，０９９，６７３．５２ － － 上海宝灵工程设备成套有限公司 20 年 90% ５０５，７５５．６４ － － 南通上工缝纫机有限公司 10 年 65% ５４２，７４５．２９ － － 无锡上工缝纫机有限公司 10 年 80% ３２８，５１５．３９ － － 合营企业投资小计 12,284,817.15 - - 上工泉州销售公司 10 年 33.3% 500,000.00 － 500,000.00 上工安庆销售公司 10 年 33.3% ５００，０００，００ － ５００，０００．００ 上工无锡销售公司 10 年 33.3% 484,000.00 － 484,000.00 上工辽宁销售公司 10 年 33.3% ５００，０００．００ － ５００，０００．００ 上海实嘉实业有限公司 10 年 10% １５０，０００．００ － １５０，０００．００ 上海轻工塑料制品有限公司 20 年 17% ３，４００，０００．００ － － 上海新光内衣厂（南非） 15 年 14.3% ３０８，０３３．９９ － ３０８，０３３．９９ 上海广濑精密工业有限公司 15 年 30% ２，３５２，８７６．００ － ９４９，１４４．６１ 上海重机缝纫机有限公司 20 年 30% ６，２９５，９２９．９５ － － 上工洋泾分厂 15 年 58% １１，８５９，８１２．３１ － － 嘉定方泰机架厂 15 年 26% ９８９，６９０．１８ － ９８９，６９０．１８ 上工毛桥烘漆厂 15 年 55% ３，２６９，３６６．７０ － 上工彭镇分厂 15 年 58% ３８５，３９７．９２ － ３８５，３９７．９２ 38 上工北勒五金厂 15 年 50% ３０２，９７７．５２ － ３０２，９７７．５２ 上工物资公司 10 年 5% １００，０００．００ － １００，０００．００ 上海缝纫机四厂泗泾联营厂 10 年 50% ２，５２２，９１９．８８ － － 上海钻石江桥制针厂 20 年 100% ２，７６５，９７２．５２ － － 上工针业（镇江）有限公司 15 年 60% ４８９，２１６．６４ － － １，０２３，８０３．２８ － １，０２３，８０３．２ 奉贤制针分厂 15 年 48% ８ 上工针业瑞金有限公司 15 年 70% 1,501,588.40 － － 上海上工佳汇缝纫设备有限公司 10 年 37% 1,600,723.21 － － 上海联工缝纫设备有限公司 20 年 51% 388,528.12 － - 湖南银海生物化学有限公司 30 年 10% 2,946,617.42 － - 上海豹驰长城印刷号码机械有限公司 15 年 40% 936,620.29 － － 上海富士施乐复印机有限公司 15 年 15.82% 9,285,464.91 － － 上海宝丽来影像有限公司 15 年 27% 5,822,926.69 － － 上海兄弟申贝工业有限公司 15 年 30% 2,135,648.43 － － 其他 33 户 - ９，５６７，４４５．７０ － ２４６，８７５．８５ 72,385,560.06 ６，４３９，９２３．３ 其他企业投资小计 ５ ８４，６７０，３７７．２１ － ６，４３９，９２３．３ 合营及其他企业投资合计 ５ (3)合并价差 被投资单位名称 初始金额 摊销期限 期初数 本期减少 期末数 上海飞人进出口有限公司 738,829.29 10 年 664,946.36 73,882.93 591,063.43 上海四方同济净水有限公司 569,004.30 10 年 512,103.88 56,900.43 455,203.45 上海蝴蝶进出口有限公司 377,712.13 10 年 339,940.92 37,771.21 302,169.71 长沙华日生化有限公司 5,992,060.20 10 年 5,243,052.70 599,206.02 4,643,846.68 上海申贝办公机械有限公司 83,801,883.44 10 年 79,611,789.27 8,380,188.34 71,231,600.93 91,479,489.36 86,371,833.13 9,147,948.93 77,223,884.20 5.10.2 母公司 项目 期末数 期初数 账面余额 减值准备 账面净额 账面余额 减值准备 账面净额 股票投资 26,899,559.40 - 26,899,559.40 26,899,559.40 - 26,899,559.40 其他股权投资 306,661,831.32 5,416,120.07 301,245,711.25 311,400,431.29 6,720,532.99 304,679,898.30 其中：控股合营企业投资 267,300,713.28 - 267,300,713.28 267,759,090.43 357,608.55 267,401,481.88 其他企业投资 39,361,118.04 5,416,120.07 33,944,997.97 43,641,340.86 6,362,924.44 37,278,416.42 333,561,390.72 5,416,120.07 328,145,270.65 338,299,990.69 6,720,532.99 331,579,457.70 39 (1)股票投资 占股 期末数 股票名称 股份类别 股数 比例 账面余额 减值准备 期末净额 华联商厦股份有限公司 法人股 63,112 小于 5% 339,634.60 - 339,634.60 第一百货股份有限公司 法人股 24,461 小于 5% 128,224.80 - 128,224.80 广播电视集团 法人股 21,780 小于 5% 67,600.00 - 67,600.00 申银万国证券公司 法人股 101,214 小于 5% 200,000.00 － 200,000.00 － 21,285,000.0 永久股份有限公司 法人股 4,450,500 小于 5% 21,285,000.00 0 上海银行 法人股 551,400 小于 5% 551,400.00 － 551,400.00 新锦江股份有限公司 法人股 79,200 小于 5% 220,000.00 － 220,000.00 三毛纺织股份有限公司 法人股 1,358,830 小于 5% 3,669,800.00 － 3,669,800.00 宝鼎投资股份有限公司 法人股 7,500 小于 5% 7,500.00 － 7,500.00 双鹿电器股份有限公司 法人股 145,200 小于 5% 290,400.00 － 290,400.00 申能股份有限公司 法人股 106,200 小于 5% 140,000.00 - 140,000.00 － 26,899,559.4 26,899,559.40 0 (2)对控股合营及其他企业的投资 期末数 投资 占股 其中：股权 被投资公司名称 期限 比例 账面余额 投资差额 减值准备 上工进出口有限公司 15 年 90% 14,214,676.11 - - 上工针业有限公司 15 年 94.29% 8,348,162.08 - - 上海飞人进出口有限公司 15 年 90% 11,282,328.31 591,063.43 - 上海双重包缝机有限公司 15 年 70% 10,253,499.77 - - 上海工业缝纫机销售总公司 15 年 100% - - - 上海工缝房地产发展有限公司 15 年 90% 7,486,637.08 - - 长沙华日华日生化有限公司 15 年 90% 32,761,581.41 4,643,846.68 - 上海上原科技开发有限公司 12 年 70% 81,530.67 - - 上海四方同济净水有限公司 15 年 60.47% 6,361,796.88 455,203.45 - 上海上工佳荣有限公司 15 年 55% 4,246,964.37 - - 上海上工方天机械有限公司 15 年 60% 2,184,365.35 - - 上海上工兴达衣车机械有限公司 15 年 67.74% 2,843,138.34 - - 上海上工企业管理有限公司 15 年 90% 1,283,255.77 - - 上海蝴蝶进出口有限公司 15 年 90% 14,354,348.26 302,169.71 - 上海上工松达机械有限公司 15 年 65% 3,388,828.50 - - 上海上工佳源机电有限公司 15 年 56% 2,404,863.54 - - 承上页 上海申贝办公机械有限公司 30 年 50% 133,519,919.69 71,231,600.93 - 上海富华轻机有限公司 20 年 55% ３，８３３，０８８．３６ － － 上海缝纫机技术开发公司 20 年 100% １，３８３，８０４．１６ － － 40 上海工业缝纫机物产总公司 20 年 100% ４，５９１，２３４．７９ － － 上海永德经济发展有限公司 20 年 80% １，０９９，６７３．５２ － － 上海宝灵工程设备成套有限公司 20 年 90% ５０５，７５５．６４ － － 南通上工缝纫机有限公司 10 年 65% ５４２，７４５．２９ － － 无锡上工缝纫机有限公司 10 年 80% ３２８，５１５．３９ － － 控股合营企业投资小计 267,300,713.28 71,231,600.93 上工泉州销售公司 10 年 33.3% 500,000.00 - 500,000.00 上工安庆销售公司 10 年 33.3% ５００，０００，００ － ５００，０００．００ 上工无锡销售公司 10 年 33.3% 484,000.00 - 484,000.00 上工辽宁销售公司 10 年 33.3% ５００，０００．００ － ５００，０００．００ 上海实嘉实业有限公司 10 年 10% １５０，０００．００ － １５０，０００．００ 上海轻工塑料制品有限公司 20 年 17% ３，４００，０００．００ － － 上海新光内衣厂（南非） 15 年 14.3% ３０８，０３３．９９ － ３０８，０３３．９９ 上海广濑精密工业有限公司 15 年 30% ２，３５２，８７６．００ － ９４９，１４４．６１ 上海重机缝纫机有限公司 20 年 30% ６，２９５，９２９．９５ － － 上海上工佳汇缝纫设备有限公司 10 年 9% ３６０，０００．００ － － 上工洋泾分厂 15 年 58% １１，８５９，８１２．３１ － － 上工毛桥烘漆厂 15 年 55% ３，２６９，３６６．７０ － － 上海缝纫机四厂泗泾联营厂 10 年 50% ２，５２２，９１９．８８ － － 其他 30 户 ６，８５８，１７９．２１ － ２，０２４，９４１．４７ 其他企业投资小计 ３９，３６１，１１８．０４ ５，４１６，１２０．０７ 合计 306,661,831.32 77,223,884.20 ５，４１６，１２０．０７ 5.11 长期债权投资 期末数 期初数 项目 账面余额 减值准备 账面净额 账面余额 减值准备 账面净额 债券投资 87,500.00 - 87,500.00 104,600.00 - 104,600.00 5.11.1 长期债券投资 初始投 本期应 累计应 期末数 种类 面值 资成本 年利率 到期日 计利息 计利息 账面余额 减值准备 电力债券 87,500.00 87,500.00 - - - 87,500.00 - 5.12 固定资产 办公及 项目 房屋及建筑物 机器设备 运输设备 其他设备 合计 原价： 期初数 211,552,707.61 445,024,102.16 21,068,904.66 29,231,717.65 706,877,432.08 本期增加 1,565,203.66 20,462,894.22 908,894.77 - 22,936,992.65 本期减少 688,304.90 10,841,909.47 596,730.29 11,282,181.65 23,409,126.31 期末数 212,429,606.37 454,645,086.91 21,381,069.14 17,949,536.00 706,405,298.42 41 累计折旧： 期初数 57,375,807.17 235,209,558.81 12,243,127.87 13,723,064.25 318,551,558.10 本期增加 7,243,030.13 30,305,461.64 1,684,042.91 136,881.90 39,369,416.58 本期减少 21,313.80 6,763,158.75 657,410.25 1,405,804.79 8,847,687.59 期末数 64,597,523.50 258,751,861.70 13,269,760.53 12,454,141.36 349,073,287.09 账面净值： 期初数 154,176,900.44 209,814,543.35 8,825,776.79 15,508,653.40 388,325,873.98 期末数 147,832,082.87 195,893,225.21 8,111,308.61 5,495,394.64 357,332,011.33 减值准备： 期初数 11,198,688.12 71,196,812.40 - - 82,395,500.52 本期增/(减) - (16,000.00) - - (16,000.00) 期末数 11,198,688.12 71,180,812.40 - - 82,379,500.52 账面净额： 期初数 142,978,212.32 138,617,730.95 8,825,776.79 15,508,653.40 305,930,373.46 期末数 136,633,394.75 124,712,412.81 8,111,308.61 5,495,394.64 274,952,510.81 ５．１３ 在建工程 资金 期末数 期初数 工程名称 来源 账面余额 减值准备 账面净额 账面余额 减值准备 账面净额 厂房改造 贷款 430,083.05 - 430,083.05 686,891.31 - 686,891.31 设备改造 自筹 - - - 419,677.61 - 419,677.61 江桥三废项目 自筹 1,710,462.40 - 1,710,462.40 1,587,646.59 - 1,587,646.59 新 ０１ 生产线 自筹 911,940.60 - 911,940.60 911,940.60 - 911,940.60 １２４０ 项目 自筹 304,591.43 249,531.43 55,060.00 779,132.86 362,006.43 417,126.43 ００ 军工柱体 自筹 549,826.07 - 549,826.07 490,309.63 - 490,309.63 自用办公房 自筹 2,245,846.00 - 2,245,846.00 - - - 其他 4,289,119.63 354,936.19 3,934,183.44 1,774,402.29 354,936.19 1,419,466.10 10,441,869.18 604,467.62 9,837,401.56 6,650,000.89 716,942.62 5,933,058.27 本 期 内 ， 在 建 工 程 增 加 总 额 为 ５，８２８，２６４．５１ 元，转入固定资产总额为 １，３６２，８４１．５２ 元，其他减少总额为 ６７３，５５４．７０ 元。 期末数比期初数增加 ６６％，主要系建造自用办公房本年投入 ２，２４５，８４６．００ 元 所致。 ５．１４ 无形资产 项目 原始金额 期初数 本期增加 本期减少 期末数 土地使用权 12,284,525.65 11,350,108.80 - 236,983.86 11,113,124.94 42 商标使用权 26,956,690.01 19,779,592.96 - 2,329,320.85 17,450,272.11 土地补偿费 3,520,535.20 8,321,968.29 - 168,807.46 8,153,160.83 专有技术 1,200,000.00 1,060,000.00 - 120,000.00 940,000.00 非专利技术 200,000.00 96,699.50 - 20,000.00 76,699.50 其他 611,370.00 851,307.50 980,000.00 1,001,934.96 829,372.54 44,773,120.86 41,459,677.05 980,000.00 3,877,047.13 38,562,629.92 ５．１５ 长期待摊费用 项目 期初数 本期增加 本期减少 期末数 装修费 573,648.11 - 114,729.60 458,918.51 其他 2,170,113.22 160,000.00 910,124.37 1,419,988.85 2,743,761.33 160,000.00 1,024,853.97 1,878,907.36 ５．１６ 短期借款 借款种类 期末数 期初数 信用借款 132,165,000.00 118,540,000.00 抵押借款 68,005,000.00 84,070,000.00 担保借款 317,895,000.00 282,770,000.00 质押借款 36,675,000.00 - 554,740,000.00 485,380,000.00 上述期末抵押借款是以公司的厂房（唐山路 ９０２ 号）、公兴路 ３６０ 号房产、西 藏南路 １４０７ 号房产、襄阳南路 １７５ 号房产、铂金 ３１９．４４５ 公斤、土地 ３６０７４ 平方 米、机器设备、运输设备、美元存单等为抵押物。 上述期末担保借款中，由上海华源企业发展有限公司担保 ９，７８７ 万元；由中国 华源集团担保 ９，９３０ 万元；上海华源制药股份有限公司担保 ２，０００ 元；由上海建 材（集团）总公司担保 ９，１５０ 万元；有中国经济技术投资担保公司上海分公司担 保 ４１２．５０ 万元；由上海号码机厂高东分厂担保 ３１０ 万元；由上海久和企业发展有 限公司担保 ２００ 万元。 上述期末质押借款系以本公司应收出口退税款作为质押物。 ５．１７ 应付票据 期末数 期初数 商业承兑汇票 16,643,340.22 11,105,250.00 应付票据期末数中，无持有本公司 ５％（含 ５％）以上表决权股份的股东单位应 43 付的票据。 ５．１８ 应付账款 期末数 期初数 184,762,730.93 182,203,463.96 应付账款期末数中除无持有本公司 ５％ （ 含 ５％）以上表决权股份的股东单位的款 项。 ５．１９ 预收账款 期末数 期初数 22,993,779.61 25,208,569.42 预收账款期末数中无持有本公司 ５％ （含 ５％）以上表决权股份的股东单位的款 项。 ５．２０ 应付股利 项目 期末数 期初数 法人股股利 1,977,819.38 17,010,766.62 本期减少主要系以为上海轻工控股（集团）公司代垫的费用 １５，０６５，５６３．２１ 元 抵冲了应付给其的法人股股利。 ５．２１ 应交税金 税金种类 期末数 期初数 营业税 2,074,720.08 2,773,166.07 增值税 (55,298,128.51) (24,943,424.53) 城建税 919,046.85 1,073,473.06 所得税 (2,007,633.39) 333,846.79 房产税 426,529.80 401,777.74 土地使用税 298,306.00 255,706.00 个人所得税 197,121.51 130,025.68 (53,390,037.66) (19,975,429.19) 期末数较期初数减少 １．６７ 倍，主要系下属的进出口公司未及时收到应收的出 口增值税的退税。 44 ５．２２ 其他应付款 期末数 期初数 66,885,083.17 73,533,137.03 其他应付款期末数中包括了应付持有本公司 ４６．３５％股份的股东上海轻工控股 （集团）公司 １，７０６，６７４．１５ 元。 ５．２３ 预提费用 项目 期末数 期初数 利息 79,317.65 60,835.09 租赁费 418,936.58 - 其他 5.387.00 55,770.00 503,641.23 116,605.09 ５．２４ 长期借款 借款种类 期末数 期初数 信用借款 10,853,279.01 7,731,247.93 抵押借款 1,975,000.00 - 担保借款 380,000.00 - 13,208,279.01 7,731,247.93 上述期末抵押借款系以铂金作为抵押物。 上述期末担保借款由上海光纤工程有限公司公司提供担保。 上述期末长期借款中，包括本公司的合营公司上海申贝办公机械有限公司的长 期借款 ３３３．３３ 万元，该公司的股东上海轻工控股（集团）公司承诺，如该些借款 发生超出现有账面金额，其超出部分由上海轻工控股（集团）公司予以承担。 期末数较期初数增长了 ７１％，主要系本公司控股子公司上海双重包缝机有限公 司本期增加了 ７００ 万元的银行长期借款。 ５．２５ 长期应付款 项目 期末数 期初数 ００ 军工柱体石英项目 1,274,389.76 1,214,389.76 高质量石英项目 500,000.00 500,000.00 ０１９－８６ 工程 317,997.48 317,997.48 其他 3,263,388.66 2,790,888.66 5,355,775.90 4,823,275.90 45 ５．２６ 递延税款贷项 期末数 期初数 636,535.85 655,536.91 ５．２７ 股本 项目 期末数 期初数 未上市流通股份： - - 发起人股份 139,366,370.00 139,366,370.00 其中： - - 国家持有股份 117,018,082.00 117,018,082.00 境内法人持有股份 22,348,288.00 22,348,288.00 境外法人持有股份 - - 其他 - - 募集法人股份 - - 内部职工股 - - 优先股或其他 - - 未上市流通股份合计 139,366,370.00 139,366,370.00 已上市流通股份： - - 人民币普通股 15,600,000.00 15,600,000.00 境内上市的外资股 97,500,000.00 97,500,000.00 境外上市的外资股 - - 其他 - - 已上市流通股份合计 113,100,000.00 113,100,000.00 股份总数 252,466,370.00 252,466,370.00 上述本公司的股份每股面值人民币 １ 元。 根据本公司第三届二十五次董事会决议，拟以 ２００２ 年末股本总额 ２５２，４６６，３７０ 股为基数向全体股东每 １０ 股资本公积转增 １．５ 股，该议案需提交 ２００２ 年股东大 会审议。 ５．２８ 资本公积 项目 期末数 期初数 股本溢价 186,939,992.21 287,532,148.07 资产评估增值准备 62,566,552.05 62,566,552.05 股权投资准备 20,662.57 20,662.57 其他 7,565,413.81 6,740,413.81 257,092,620.64 356,859,776.50 上述资本公积期末数比期初数减少 ９９，７６７，１５５．８６ 元，主要系由于根据股东大 会决议，以资本公积弥补亏损所致。 46 ５．２９ 盈余公积 项目 期末数 期初数 法定盈余公积 6,515,976.19 4,441,023.46 法定公益金 5,779,351.61 3,704,398.88 12,295,327.80 8,145,422.34 上述盈余公积期末数比期初数增加 ４，１４９，９０５．４６ 元，主要系由于本年净利润 计提所致。 ５．３０ 未分配利润 本期数 上期数 期初未分配利润 (108,612,770.37) (150,900,181.79) 加：本期净利润 13,161,566.40 45,840,041.90 其他转入 100,592,155.86 - 可供分配的利润 5,140,951.89 (105,060,139.89) 减：提取盈余公积 2,074,952.73 1,776,315.24 提取法定公益金 2,074,952.73 1,776,315.24 期末未分配利润 991,046.43 (108,612,770.37) ５．３１ 未确认投资损失 期末数 期初数 7,853,616.51 6,293,470.35 本公司控股子公司上海工业缝纫机销售总公司期末净资产为负数，本公司对其 的长期投资余额已减至零，因该公司未出现无法持续经营的情况，故仍将其纳入 合并报表范围，未确认投资损失期末余额为该公司期末净资产的负数额。 ５．３２ 主营业务收入 单位：万元 ５．３２．１ 合并数 项目 本期数 上期数 缝制设备 56,915 68,209 办公机械 18,077 8,294 房地产 852 2,621 生化 2,428 2,502 其他 9,258 10,000 87,530 91,626 本期主营业务收入中，前 ５ 名销售额 １３，０９０ 万元，占本期主营业务收入的 １５％。 ５．３２．２ 母公司 47 项目 本期数 上期数 缝制设备 ２７，５３５ ３１，２０４ ５．３３ 主营业务成本 单位：万元 ５．３３．１ 合并数 项目 本期数 上期数 缝制设备 45,807 52,394 办公机械 15,493 7,395 房地产 164 1,039 生化 2,085 1,999 其他 8,310 8,919 71,859 71,746 ５．３３．２ 母公司 项目 本期数 上期数 缝制设备 21,710 21,956 ５．３４ 主营业务税金及附加 项目 本期数 上期数 营业税 ９４２，５３１．５２ １，２２５，４７５．８８ 城市维护建设税 １，０５２，４５８．０２ １，５０９，２５４．５９ 教育费附加 ４９３，５６４．９９ ５９６，３０７．９１ 其他 ６，９４０．０７ ９，７６５．６９ ２，４９５，４９４．６０ ３，３４０，８０４．０７ ５．３５ 其他业务利润 项目 本期数 上期数 收入 支出 利润 收入 支出 利润 材料销售 26,479,821.7 24,360,053.3 2,119,768.43 25,079,819.7 23,377,456.49 1,702,363.21 3 0 0 租赁费收入 8,583,708.36 803,022.06 7,780,686.30 4,053,731.56 2,176,800.24 1,876,931.32 劳务收入 2,470,501.43 883,667.38 1,586,834.05 617,953.25 779,033.96 (161,080.71) 其他 11,158,720.6 6,196,032.81 4,962,687.83 8,856,216.13 2,749,555.38 6,106,660.75 4 48,692,752.1 32,242,775.5 16,449,976.6 38,607,720.6 29,082,846.07 9,524,874.57 6 5 1 4 本期数较上期数增长了 ７３％，主要系本期租赁收入的大幅增长。 48 ５．３６ 财务费用 项目 本期数 上期数 利息支出 35,855,361.17 31,812,466.48 减：利息收入 3,947,929.18 3,662,018.72 利息净支出／（净收益） 31,907,431.99 28,150,447.76 加：汇兑净损失／（净收益） 148,683.65 385,376.74 其他 1,148,512.46 2,438,664.51 33,204,628.10 30,974,489.01 ５．３７ 投资收益 ５．３７．１ 合并数 项 目 本期数 上期数 股票投资收益 76,706.75 2,638,803.23 收到成本法核算的被投资企业分配来的利润 8,338,150.61 5,994,343.97 期末调整的被投资公司所有者权益净增减的金额 (1,725,848,39) 424,909.78 股权投资转让收益 47,140.00 (17,930.39) 计提投资减值准备 (1,822,947.89) (2,056,761.33) 4,913,201.08 6,983,365.26 ５．３７．２ 母公司 项 目 本期数 上期数 股票投资收益 42,014.00 2,604,954.95 期末调整的被投资公司所有者权益净增减的金额 19,555,186.36 29,006,200.67 股权投资差额摊销 (9,147,948.93) (4,957,854.76) 股权投资转让收益 - (17,930.39) 计提投资减值准备 (799,144.61) (2,056,761.33) 9,650,106.82 24,578,609.14 ５．３８ 补贴收入 项目 本期数 上期数 增值税返还 - 23,500.00 出口贴息补贴 1,095,612.33 1,604,630.84 财政补贴 992,312.66 900.00 2,087,924.99 1,629,030.84 ５．３９ 营业外收入 项目 本期数 上期数 处理固定资产净收益 6,386,379.19 4,132,815.68 罚款及赔偿金收入 1,950.88 485,951.87 其他 127,073.65 467,354.86 49 6,515,403.72 5,086,122.41 ５．４０ 营业外支出 项 目 本期数 上期数 处理固定资产净损失 854,560.45 477,160.78 赔偿及罚款支出 107,652.33 207,297.04 捐赠支出 5,000.00 - 其他 243,896.32 1,057,667.28 1,211,109.10 1,742,125.10 ６．关联方关系及其交易 ６．１ 存在控制关系的关联方 ６．１．１ 存在控制关系的关联方简况 与本公 注册 经济性质 法定 企业名称 司关系 地址 主营业务 或类型 代表人 上海轻工控股（集团）公司 母公司 上海 资产管理、管理、投资、贸易 国有 张立平 上海宝灵工程设备成套有限公司 子公司 上海 建筑材料、装潢材料、金属材料 有限公司 雷杰 上海永德经济发展有限公司 子公司 上海 机电设备及配件、建筑五金气配等 有限公司 张一枫 上海富华轻机有限公司 子公司 上海 生产销售服装、缝制设备等 有限公司 倪永刚 上海工业缝纫机物产总公司 子公司 上海 缝制设备制造、经营及兼营百货 有限公司 陈惠民 上海工业缝纫机技术开发公司 子公司 上海 缝制设备、四技服务及制造 国有 徐贤钧 南通上工缝纫机有限公司 子公司 南通 缝制设备等 有限公司 蒋金荣 无锡上工缝纫机有限公司 子公司 无锡 缝制设备等 有限公司 胡炜 ６．１．２ 存在控制关系的关联方的注册资本及其变化（金额单位：万元） 企业名称 期初数 本期增／（减）数 期末数 上海宝灵工程设备成套有限公司 55.00 - 55.00 上海永德经济发展有限公司 200.00 - 200.00 上海富华轻机有限公司 $100.00 - $100.00 上海工业缝纫机物产总公司 460.00 - 460.00 上海工业缝纫机技术开发公司 120.00 - 120.00 南通上工缝纫机有限公司 80.00 - 80.00 无锡上工缝纫机有限公司 50.00 - 50.00 ６．１．３ 存在控制关系的关联方所持股份或权益及其变化（金额单位：万元） 期初数 本期增／（减）数 期末数 企业名称 金额 ％ 金额 ％ 金额 ％ 上海美狮综合经营公司 50.00 55 (50.00) 55 - - 上海宝灵工程设备成套有限公司 49.50 90 - - 49.50 90 上海永德经济发展有限公司 160.00 80 - - 160.00 80 50 上海富华轻机有限公司 316.50 55 - - 316.50 55 上海工业缝纫机物产总公司 460.00 100 - - 460.00 100 承上页 上海工业缝纫机技术开发公司 120.00 100 - - 120.00 100 南通上工缝纫机有限公司 52.00 65 - - 52.00 65 无锡上工缝纫机有限公司 40.00 80 - - 40.00 80 ６．２ 不存在控制关系但有关联交易的关联方 企业名称 与本公司关系 注册地址 上海缝纫机螺丝厂 同一母公司 上海 上海工缝电器有限公司 同一母公司 上海 上海华强缝制设备厂 同一母公司 上海 上海浦江金属品厂 同一母公司 上海 上海上工华莘精密机械有限公司 同一母公司 上海 上海上工饮水机有限公司 同一母公司 上海 ６．３ 关联交易事项 ６．３．１ 承担费用及损失 企业名称 交易内容 本期数 上期数 上海轻工控股（集团）公司 承担协保及养老费用等 ４，８４２，５６３．２１ － 上海轻工控股（集团）公司 承担应收款项可能的坏账损失 ５，９２０，６９１．１１ － 上海轻工控股（集团）公司 承担长期借款或有损失 ３，３３３，２７９．００ 本公司控股子公司上海上工针业有限公司是由原上海缝纫机针一厂和上海钻 石制针厂资产重组后建立的公司，根据与原这两家厂的主管单位上海轻工控股（集 团）公司签署的协议，２００２ 年发生的原先这两家厂的下岗职工及必养人员的协保、 解除合同等费用由上海轻工控股（集团）公司承担，２００２ 年共发生此类费用 ４，８４２，５６３．２１ 元，先由上海上工针业有限公司垫支，经审核后在本公司应付上海 轻工控股（集团）公司的股利中予以抵扣。 上海上工针业有限公司组建时由原上海缝纫机针一厂和上海钻石制针厂带入 的 应 收 款 项 至 ２００２ 年 底 账 面 余 额 为 ５，９２０，６９１．１１ 元 （ 其 中 ： 应 收 账 款 ４，２４９，２７９．１９ 元、其他应收款 １，６７１，４１１．９２ 元），由于该部分应收款项账龄较长， 已成为针业公司的不良资产，根据与上海轻工控股（集团）公司签署的协议，当 该部分不良资产发生实际损失时，上海轻工控股（集团）公司愿以同等金额的拨 款予以弥补该损失。上海上工针业有限公司 ２００２ 年末对于该部分应收款项未相应 计提坏账准备。 本 公 司 合 营 公 司 上 海 申 贝 办 公 机 械 有 限 公 司 ２００２ 年末长期借款中包括 51 ３，３３３，２７９ 元的借款，系 １９９４ 年以前原波道管、三废技改等项目的借款，该公司 股东上海轻工控股（集团）公司承诺，如该些借款发生超出现有账面金额，其超 出部分由上海轻工控股（集团）公司予以承担。 ６．３．２ 关联方占用资金 单位：万元 本期累计发生数 企业名称 交易内容 本期收到资金占用费 借方发生数 贷方发生数 上海轻工控股（集团）公司 代垫费用 １１，４４０ １１，４４０ － 上海缝纫机螺丝厂 代垫费用 ４４０ １，０２２ － 上海工缝电器有限公司 代垫费用 ９９９ ９７５ － 上海浦江金属品厂 代垫费用 １２ － － 上海上工华莘精密机械有限公司 代垫费用 ４９３ ７７２ － 上海上工饮水机有限公司 代垫费用 ７０ － － 上海华强缝制设备厂 提供借款 ８，１７１ ７，５９０ １６８ 上海永德经济发展有限公司 提供借款 － ５１１ － 上海华强缝制设备厂自 ２００１ 年 ９ 月至 ２００２ 年 １２ 月间，月平均占用本公司资 金 ７，５００ 万元，按同期银行存款利率 １．９８％计算，本期协商收取了资金占用费 １６８ 万元。 ６．４ 关联方应收应付款项余额 关联方名称 款项余额性质 期末数 期初数 上海轻工控股（集团）公司 其他应收款 ５７７，１２６．１２ ５７７，１２６．１２ 上海轻工控股（集团）公司 其他应付款 １，７０６，６７４．１５ ４．３７２，６８３．０５ 上海缝纫机螺丝厂 其他应收款 ３０，４０５．０１ ５，８５０，７１７．０１ 上海工缝电器有限公司 其他应收款 ５，２１６，３２５．５０ ４，９７７，４４８．７０ 上海浦江金属品厂 其他应收款 １，１６５，５５０．１９ １，０４２，３５０．１９ 上海上工华莘精密机械有限公司 其他应收款 ４，６０７，１５２．７７ ７，４０１，０１９．５２ 上海上工饮水机有限公司 其他应收款 ２，５２１，０１６．２３ １，８２５，６６８．３０ 上海华强缝制设备厂 其他应收款 ７，０２４，４４８．４０ １，２１４，７５６．６５ 上海永德经济发展有限公司 其他应收款 － ５，１０６，７９９．２３ ６．５ 其他关联交易事项 ２００２ 年度本公司关键管理人员的报酬（包括货币和非货币形式）总额为 ９９．８ 万元（２００１ 年度为 ８６．４ 万元）。２００２ 年度本公司关键管理人员包括董事、总经 理、副总经理和总会计师等共 １４ 人（２００１ 年度为 １０ 人）。 ７．或有事项 52 截至 ２００２ 年 １２ 月 ３１ 日，本公司为上海华源集团有限公司提供银行借款担保 金额为 １０，０００ 万元；为上海建筑材料（集团）总公司提供银行借款担保金额为 ９，０００ 万元；为上海华源企业发展股份有限公司提供银行借款担保金额为 １０，０００ 万元； 为上海华源制药股份有限提供银行借款担保 ２，０００ 万元。 截至 ２００２ 年 １２ 月 ３１ 日，本公司应收票据贴现金额为 ６，７９０ 万元，其中银行 承兑汇票 ３９０ 万元，商业承兑汇票 ６，４００ 万元。 除以上事项外，本公司未发生影响会计报表阅读和理解的重大或有事项。 ８．承诺事项 截至 ２００２ 年 １２ 月 ３１ 日，本公司未发生影响会计报表阅读和理解的重大承诺 事项。 ９．资产负债表日后事项中的非调整事项 截至本会计报表签发日，本公司控股子公司上海工业缝纫机销售总公司已将由 本公司提供担保的银行借款 ４４６ 万元归还。除此之外，本公司未发生影响本会计 报表阅读和理解的重大资产负债表日后事项中的非调整事项。 １０．其他重要事项 本公司 ２００２ 年第一次临时股东大会审议通过了关于定向增发 Ｂ 股的议案，本 次定向增发不超过 １ 亿股，拟募集资金约 ５０００ 万美元，现正在审批过程中。 １１． 补充资料 （境内外会计准则的差异） 单位：千元 净 资 产 净 利 润 按国际会计准则 ５１３，３６７ １３，０００ 合并范围不同的影响 ６４７ １，４０４ 冲销资本化费用 ３７８ （２１８） 其他 ６００ （１，０２４） 按《企业会计制度》 ５１４，９９２ １３，１６２ １２．会计报表之批准 本会计报表于 ２００３ 年 ４ 月 １７ 日业经本公司董事会批准通过。 53 国 际 审 计 师 报 告 书 致上工股份有限公司全体股东 (于中华人民共和国注册成立之股份有限公司) 我们已完成审计上工股份有限公司(“贵公司”)及其附属公司(“贵集团”)于二零 零二年十二月三十一日之综合资产负债表及截至该日止年度之综合利润表及综合 现金流量表。编制上述刊载于第 2 至 39 页的综合财务报表乃贵公司管理层的责 任，我们的责任是根据审计工作的结果，对该等综合财务报表作出意见。 我们是按照国际审计准则进行审计工作。此等准则要求我们策划和进行审计以合 理地确定该等财务报表是否存在重大错误陈述。审计工作包括以抽查方式查核与 财务报表所载数额及披露事项有关之凭证，亦包括评估管理层于编制该等财务报 表时所作之重大估计和判断、所厘定的会计政策是否适合贵集团之具体情况。我 们亦已衡量该等财务报表所载资料在整体上是否充足。我们相信，我们的审计工 作已为下列意见建立合理的基础。 我们认为上述按国际财务汇报准则编制的综合财务报表在所有重大方面公允地反 映了贵集团于二零零二年十二月三十一日的财务状况及贵集团截至该日止年度的 经营业绩和现金流量。 罗兵咸永道会计师事务所 执业会计师 香港，二零零三年四月十七日 54 上工股份有限公司 综合利润表 截至二零零二年十二月三十一日止年度 附注 二零零二年 二零零一年 人民币千元 人民币千元 销售收入 5 699,347 813,653 销售成本 (570,321) (639,013) 毛利 129,026 174,640 其他业务利润 26,448 38,069 销售费用 (24,624) (28,918) 管理费用 (83,545) (132,511) 经营利润 6 47,305 51,280 财务支出 - 净额 7 (30,287) (27,827) 应占联营公司之税前业绩 2,608 (462) 除税前利润 19,626 22,991 所得税 9 (5,589) (9,650) 除税后利润 14,037 13,341 少数股东损益 24 (1,037) (1,978) 净利润 13,000 11,363 每股盈利 10 人民币 0.051 元 人民币 0.045 元 载于第 7 至 39 页之附注乃此等综合财务报表之组成部分。 - 55 - 上工股份有限公司 综合资产负债表 于二零零二年十二月三十一日 附注 二零零二年 二零零一年 人民币千元 人民币千元 资产 非流动资产 固定资产 11 254,310 285,293 土地使用权 12 18,347 18,731 在建工程 13 9,569 9,147 无形资产 14 23,487 26,391 于联营公司之投资 15 161,707 160,854 可供出售之投资 16 37,105 37,565 504,525 537,981 流动资产 存货 17 161,566 164,098 应收关联公司款项 18 23,591 10,708 应收联营公司款项 18 2,895 212 应收账款 19 207,995 193,613 应收票据 52,908 58,984 其他应收款、预付款及按金 101,367 91,003 交易投资 20 5,889 6,768 现金及现金等价物 21 220,577 158,159 776,788 683,545 资产合计 1,281,313 1,221,526 载于第 7 至 39 页之附注乃此等综合财务报表之组成部分。 - 56 - 上工股份有限公司 综合资产负债表（续） 于二零零二年十二月三十一日 附注 二零零二年 二零零一年 人民币千元 人民币千元 权益 股本及储备 股本 22 252,466 252,466 储备 23 290,197 388,169 累计亏损 (29,296) (141,093) 股东权益 513,367 499,542 少数股东权益 24 20,348 20,642 负债 非流动负债 借款 25 7,400 400 流动负债 应付账款 154,380 161,291 应付票据 13,317 10,605 应交税金 - 2,158 借款 25 533,610 455,340 应付主要股东款项 18 71 3,436 应付关联公司款项 18 1,038 - 应付联营公司款项 18 13,357 10,033 其他应付款及预提费用 24,425 58,079 740,198 700,942 负债合计 747,598 701,342 权益及负债合计 1,281,313 1,221,526 载于第 7 至 39 页之附注乃此等综合财务报表之组成部分。 本公司董事会于二零零三年四月十七日核准印发此综合财务报表。 - 57 - 上工股份有限公司 综合股东权益变动表 截至二零零二年十二月三十一日止年度 股本 储备 (附注 22) (附注 23) 累计亏损 总计 人民币千元 人民币千元 人民币千元 人民币千元 二零零一年一月一日余额 252,466 376,537 (160,159) 468,844 净利润 - - 11,363 11,363 主要股东承担之税务负债 - 19,335 - 19,335 中国法定财务报表以前年度累计 亏损重列导致之储备调整 - (21,549) 21,549 - 分拨至储备基金 - 13,846 (13,846) - 二零零一年十二月三十一日余 额 252,466 388,169 (141,093) 499,542 净利润 - - 13,000 13,000 资本公积转至弥补累计亏损 - (100,592) 100,592 - 应占联营公司之有关撇销长期未 偿还之应付款项之储备 - 125 - 125 主要股东承担之员工福利负债 - 700 - 700 分拨至储备基金 - 1,795 (1,795) - 二零零二年十二月三十一日余 额 252,466 290,197 (29,296) 513,367 载于第 7 至 39 页之附注乃此等综合财务报表之组成部分。 - 58 - 上工股份有限公司 综合现金流量表 截至二零零二年十二月三十一日止年度 附注 二零零二年 二零零一年 人民币千元 人民币千元 经营活动之现金流量 经营业务产生之现金 26 34,620 12,893 已收利息 2,566 1,889 已付利息 (32,699) (29,346) 已付税项 (7,203) (11,946) 经营业务之现金流出净额 (2,716) (26,510) 投资活动之现金流量 购置固定资产 11 (7,892) (22,718) 支付在建工程款项 13 (1,616) (5,526) 支付土地使用权款项 - (5,190) 支付购买无形资产款项 - (15,100) 收购附属公司支付之款项，已扣除收购所得之现金 - (8,677) 增加于联营公司之投资 15 (362) (135,779) 收购附属公司之额外权益 - (4,058) 出售附属公司之部分权益予少数股东 24 200 - 增加可供出售之投资 - (2,808) 减少银行定期存款 99 171,243 出售可供出售之投资所得款 350 9,191 出售固定资产之所得款 26 4,040 19,297 出售在建工程之所得款 - 1,120 已收可供出售之投资股利 42 173 收取联营公司股利 15 1,698 863 投资活动之现金(流出)/流入净额 (3,441) 2,031 融资活动之现金流量 借款之增加 160,690 - 偿还借款 - (12,910) 少数股东资本投入 - 3,477 支付股利予股东 （15,065） - 支付股利予少数股东 24 (1,531) (362) 融资活动之现金流入/(流出)净额 144,094 (9,795) 现金及现金等价物之增加 / (减少) 137,937 (34,274) 现金及现金等价物年初结余 (23,093) 11,181 现金及现金等价物年末结余 21 114,844 (23,093) 载于第 7 至 39 页之附注乃此等综合财务报表之组成部分。 - 59 - 1 概述 上工股份有限公司(“本公司”)乃于中华人民共和国(“中国”)注册成立之 股份有限公司，并于上海证券交易所挂牌上市。本公司及其附属公司(“本 集团”)主要从事缝纫机及有关零件的生产与销售。 本公司之地址如下： 中国上海浦东新区世纪大道 1500 号东方大厦 12 楼 2 会计政策 编制此等综合财务报表时所采用之主要会计政策如下: A 编制基准 本综合财务报表是按照国际财务汇报准则而编制。此会计基准与本公司及 其附属公司编制法定财务报表时所采用的中国公认会计准则及有关财务会 计制度(以下简称“中国会计准则”)有所不同。 此综合财务报表以历史成本常规法为基础编制，可供出售之投资及交易投 资乃按公允价值列账(见附注 2(H))。 按照公认会计准则编制的财务报表需要运用估计和假设，该等估计和假设 将对财务报表于资产负债表日的资产和负债(包括或有资产和或有负债的披 露)的金额以及报告期内的收入和费用金额产生影响。尽管编制财务报表是 以管理层对现时事项作出合理的估计和假设为基础，但实际结果可能最终 与当时的估计有所不同。 - 60 - 2 会计政策 (续) B 集团报告 (1) 附属公司 附属公司是指本集团享有超过半数表决权资本或虽然表决权资本不超过半 数但对其财务及经营有控制权之公司。附属公司纳入综合范围。 附属公司自本集团享有对其的控制权日起纳入综合范围，并从本集团不再享 有对其的控制权日起终止纳入综合范围。收购附属公司采用购买法核算。收 购成本是指在收购日放弃资产、发行的股票或承担的债务的公允价值, 加上 可直接归入收购成本的费用。收购成本超过附属公司净资产的公允价值的部 分确认为商誉。见商誉之会计政策于附注 2(G)。集团内部交易、余额及未 实现利润均于综合计算时抵销。未实现亏损, 除非是成本不能补偿，亦已 予以抵销。必要时，将附属公司的会计政策调整到与本集团的会计政策保持 一致。 本集团之主要附属公司的详细资料已列于附注 32。 (2) 联营公司 联营公司是指本集团持有其 20%至 50%表决权资本，或本集团能对其行使 重大影响但未构成控制之公司。于联营公司之投资乃按权益会计法入账。按 此方法，对收购日后联营公司实现的利润或亏损，本集团按所占股权比例确 认入账，对收购日后联营公司的储备变动，本集团也按股权比例相应计入储 备。收购日后的累计变动调整投资之成本。本集团与联营公司之间交易产生 的未实现利润，按本集团所占联营公司之权益予以抵销。本集团与联营公司 之间交易产生的未实现亏损也按本集团所占联营公司之权益予以抵销，除非 有证据显示转让资产确已发生减值。本集团对联营公司之投资包括收购时的 商誉(扣除累计摊销)。当本集团对联营公司的投资损失等于或者超过所占联 营公司之权益时，除非本集团已为联营公司承担债务或付款，本集团不再进 一步确认损失。 本集团之主要联营公司的详细资料已列于附注 33。 - 61 - 2 会计政策 (续) C 外币折算 (1) 计量货币 本集团内所有公司的财务报表项目采用最能反映企业经营环境和交易的经 济实质的货币计量(“计量货币”)。综合财务报表以人民币作为计量货币， 该货币同时为本集团的计量货币。 (2) 交易及余额 外币交易采用交易发生日汇率换算为计量货币。外币交易之结算、以外币为 单位的货币资产及负债之换算所产生之汇兑损益计入综合利润表中。 以公允价值计量其他货币性金融资产所产生的换算差额包含在汇兑损益中。 (3) 集团公司 外国企业以外币编制的利润表及现金流量表按年度的平均汇价折算为本集 团之本位币。资产负债表则以十二月三十一日的汇价折算。由换算对外国企 业净投资所产生的汇兑差额计入股东权益。当出售外国企业时，该等汇兑差 额作为出售损益的一部分计入综合利润表中。 - 62 - 2 会计政策 (续) D 固定资产 所有的固定资产按历史成本减累计折旧及累计减值准备后列账。 折旧是按估计有效使用年限，并扣除估计残值后，以直线法计算，并用于冲 减每项资产的成本。有关之估计可使用年限如下： 建筑物 20 年 机器设备 10 年 家具、固定装置及办公设备 5 年 运输设备 5年 当资产账面值高于其预计可收回价值时，资产之账面值将即时减少至其可 收回价值。 固定资产清理收益或损失取决于清理收入与资产账面价值之比较，并包括 在营业利润之中。 在财务报表期间所发生的修理及维护费用应计入综合利润表中。如果对资 产进行的大修理可以产生超过现有资产原来估计的标准效益的未来经济收 益可以流入本集团时，则大修理费用支出计入资产成本并且在相关资产剩 余的使用年限计提折旧。 E 在建工程 在建工程指正在建造中之厂房及正在安装中之机器设备及其他资产。在建 工程按成本列账，并包括建造费用、机器设备的购置成本及其他直接成本。 在建工程不计提折旧直至有关资产完成及转移作既定用途为止。 - 63 - 2 会计政策 (续) F 土地使用权 土地使用权是指为获得长期使用土地之权利而支付的款项，以成本入账， 并按土地剩余使用期限或五十年两者中之较低者以直线法摊销。 以前年度之土地使用权包含在无形资产中并按历史成本减累计摊销及累计 减值准备后列账。对土地使用权之此重分类的变化对本集团之综合财务报 表无重大影响。 G 无形资产 (1) 商誉 商誉是指收购附属公司或联营公司所支付的收购成本超出于收购日本集团 应占被收购公司净资产之公允价值的差额。收购附属公司之商誉包括在无 形资产中，而收购联营公司之商誉包括在于联营公司之投资中。商誉按其 经济使用年限或十年两者中之较低者以直线法摊销。 负商誉是指本集团应占被收购公司净资产之公允价值超出收购成本的差 额。负商誉于资产负债表中列为商誉所属的类别。如果负商誉与本集团的 购买计划中确认且能可靠计量的预计未来损失和费用有关，但不代表购买 日的可辨认负债，则这一部分负商誉在未来的损失和费用得到确认时在综 合利润表中确认为收益，其余的负商誉，如果不超过所取得的可辨认非货 币性资产公允价值，则根据所取得的可辨认应折旧资产或应摊销资产的加 权平均剩余年限或十年两者中之较低者在综合利润表中确认为收益项目。 如果负商誉的余额超过所取得的可辨认非货币性资产的公允价值，则立即 确认为收益项目。 出售某企业之损益包括与所出售企业有关之未摊销商誉结余。 - 64 - 2 会计政策 (续) G 无形资产 (续) (2) 其他无形资产 购买专有技术及商标之支出予以资本化并按其经济使用年限或十年两者中 之较低者以直线法摊销。此等无形资产未经重新评估。 (3) 减值 当有迹象显示出现减值时，包括商誉在内的无形资产之账面值均需评估并 即时撇减至其可收回价值。 H 投资 本集团将其债务及权益性证券投资分为以下几类：为交易而持有的投资， 持有至到期日之投资和可供出售之投资。此分类取决于获取投资时的持有 目的。管理层于取得投资时对该等投资进行分类并定期重估。以为了从短 期价格波动中获利为目的投资归作为交易而持有的投资并列为流动资产， 本综合财务报表对短期的定义为三个月。有固定到期日且管理层明确打算 并能够持有至到期日之投资归作持有至到期日之投资，并列作非流动资产， 若到期日距资产负债表日小于十二个月则并入流动资产。对于持有时间不 明确，可能因考虑流动性或利率变动而售出之投资，归作可供出售之投资。 除非管理层有明确表示持有该等投资时间小于十二个月或该等投资将被出 售以获取流动资金，可供出售之投资列为非流动资产。 于本年度，本集团并未持有任何持有至到期日之投资。 投资的购买及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。可供出售之投资及交易投资于交易日 后以公允价值计量。可供出售之投资及交易投资的已实现的损益及由于其公 允价值变化所产生之未实现损益于当期综合利润表中确认。 投资之公允价值是依据竞争报价或运用现金流量的模型获取的现值。未上 市权益证券的公允价值是参照证券发行人的实际情况选用实际价格/收益比 率或价格/现金流量比率等进行估计的。不能有效地确认公允价值的权益证 券，按成本减去减值后的金额列账。 - 65 - 2 会计政策 (续) I 经营租赁 (1) 本集团公司为承租人 经营租赁指租赁资产所有权的绝大部分风险及回报皆由出租人承担的租赁。 经营租赁的租金费用(扣除出租人提供的优惠净额)在相应的租赁期限内按 直线法计入综合利润表。 (2) 本集团公司为出租人 以经营性租赁租出之资产包括在资产负债表中之固定资产，并按与其同类 之自有固定资产之估计可使用年限一致之基准计提折旧。租赁收入扣除给 予承租人之优惠后，在租赁期内以直线法予以确认。 J 存货 存货按成本及可变现净值两者孰低者列账。成本按加权平均法计算。产成 品和在产品的成本包括原材料、直接人工、其他直接成本和经适当分配的 间接生产费用(在正常经营条件下)，但不包括借贷成本。可变现净值为估计 正常销售价扣减估计完工成本及销售费用后的净额。 - 66 - 2 会计政策 (续) K 应收款项 应收款项以原始发票金额扣除减值准备列账。当有客观证据表明本集团无 法按原条款于到期前全额收回应收款项时，该等应收款项已存在减值。减 值准备金额为账面值与可收回金额的差异，可收回金额是预期现金流量按 市场取得之同类借款利率折现的现值。 L 现金及现金等价物 现金及现金等价物于综合资产负债表中以成本列账。在综合现金流量表中， 现金及现金等价物为扣除于三个月以内到期之短期借款、质押银行存款及 三个月以上到期之银行定期存款后的现金及银行存款。 M 借款 借款于综合资产负债表中以成本列账。购建固定资产借款发生的借款利息 在该等资产完成及用作既定用途前的期间予以资本化。其他的借款支出则 作为费用处理。 - 67 - 2 会计政策 (续) N 所得税 中国所得税是按税前利润减除不计税之收入及不作税务抵扣之费用的所得 额，以适用于本公司及其附属公司的税率计算。 对以税项基准而计算之资产及负债与综合财务报表所列之账面值不同而产 生之时间性差异，则以现行适用之税率按债务法于综合财务报表内按金额 计提递延税项。 递延税项资产只会在有关时间性差异于可预见之将来很可能实现时方予以 确认。 O 雇员福利 (1) 退休金计划 本集团参与集团内各公司所在地政府组织的定额供款退休金计划。根据退 休金计划指定的标准及规则，本集团需为其雇员供款。本集团发生之退休 金供款于发生之期间内计入综合利润表中。 (2) 辞退福利 辞退福利适用于本集团在雇员法定退休日期之前终止对该雇员的雇佣或 雇员自愿接受精减之情况下。只有当本集团有正式的具体辞退计划并且没有 撤回该计划的现实可能性或本集团为鼓励雇员自愿接受精减而提供了辞退 福利时，才明确表明本集团承诺实施辞退福利。 - 68 - 2 会计政策 (续) P 准备 当本集团因过去事项而承担了现时的法定或推定义务，而履行该义务很可 能要求含有经济利益的资源流出本集团，同时该义务的金额可以可靠地估 计时，确认为准备。当本集团预计准备可以得到补偿并且可最终确定时， 该补偿可被确认为一项单独的资产。 Q 收入确认 销售收入包括销售商品和提供劳务收入，为发票价格扣除增值税、折扣与 折让并抵销本集团内部销售后的余额。商品销售收入于本集团将商品所有 权上的主要风险和报酬转移给购货方时确认。 利息收入以本金及实际收益率在时间比例的基础上按权责发生制确认。股 利收入在确认本集团获得收款权利时入账。 R 股利 当本集团股东批准时，股利被记录于本集团之当期综合财务报表。 - 69 - 2 会计政策 (续) S 比较数字 必要时，比较数字已作调整，以符合本年度之呈报方式。 3 金融工具 综合资产负债表上的金融资产和金融负债包括现金及现金等价物、应收账 款及票据、其他应收款、交易投资、可供出售之投资、应付账款及票据、 其他应付款和借款。这些金融工具的确认和计量标准已在相关会计政策中 披露。 4 财务风险管理 A 信用风险 本集团的现金及现金等价物、应收关联公司及联营公司款项、应收账款、 应收票据及其他流动资产的账面价值即为受到与金融资产有关的信用风险 的最大影响。 本集团的现金交存于信誉良好之于中国注册的银行。存款的加权平均年利 率为 0.72%。 本集团大部分应收账款和应收票据主要来源于向第三方客户的销售商品之 货款。本集团经常评估客户的财务状况但通常不要求客户对应收账款提供 抵押。本集团对可能出现的坏账计提准备，而实际发生的坏账损失均在管 理层预计范围之内。 本集团并无其他金融资产涉及重大信用风险。 B 货币风险 人民币不能自由兑换为外币。 由于本集团之交易主要以人民币结算，本公 司董事认为本集团并无重大货币风险。 - 70 - 4 财务风险管理 （续） C 利率风险 本集团借款利率及还款期限已列于附注 25。 本公司及其附属公司董事认为，于二零零二年十二月三十一日，因金融资产 和负债相对于公允价值的差异并不重大，故其利率风险较小。 D 公允价值 以下的金融资产和负债的公允价值与其账面值并无重大差异：现金及银行存 款、可供出售之投资及交易投资、应收账款、应收票据、应收关联公司及联 营公司款项、其他应收款、预付款及按金、应付账款、应付票据、应付关联 公司及联营公司款项、其他应付款及预提费用及借款。有关借款的公允价值 已列于附注 25。 公允价值的评估是基于某一时点的市场资讯作出。该等评估涉及主观因素及 包含了重大判断的不确定性，因此无法精确评估。评估方法和假设基础的改 变可能对评估结果产生重大影响。 5 销售收入 本集团之销售收入主要来自中国，并主要为售予客户之缝纫机及相关零件。此 收入是指已扣除折扣及增值税后之发票净值。因本集团 90%以上之销售来自 在中国境内的缝纫机销售，故没有披露分部资料。 71 6 经营利润 经营利润已包括以下项目： 附注 二零零二年 二零零一年 人民币千元 人民币千元 固定资产之折旧 – 自有资产 11 36,112 39,615 收购联营公司产生之商誉摊销 15 8,380 4,190 员工成本 8 69,109 68,839 包括于其他业务利润 计提转让固定资产应纳之税项 - 1,478 出售固定资产之收益 26 (771) (9,847) 出售可供出售之投资损失/(收益) 110 (2,564) 经营性租赁之租金收入 (5,521) (5,926) 出售交易投资已实现收益 (131) (695) 包括于管理费用 (冲回)/计提呆坏账准备 - 应收账款 (9,285) (28,699) - 其他应收款、预付款及按金 3,234 13,853 固定资产之减值 - 39,570 在建工程减值 13 688 - 冲回呆滞存货准备 - (26,285) (冲回)/减低存货至可变现净值 (10,567) 35,448 土地使用权之摊销 12 384 300 无形资产之摊销 14 2,904 1,916 经营性租赁之租金费用 6,065 8,779 可供出售之投资减值准备 - 155 冲回联营公司之投资减值准备 - (1,412) 72 7 财务支出 - 净额 二零零二年 二零零一年 人民币千元 人民币千元 利息支出 - 银行及其他借款 32,699 29,346 利息收入 - 银行 (2,566) (1,889) 汇兑净损失 154 370 30,287 27,827 8 员工成本 二零零二年 二零零一年 人民币千元 人民币千元 工资及其他员工福利 56,232 52,063 辞退福利 1,599 6,062 退休金计划供款 (附注 27) 11,278 10,714 69,109 68,839 本集团于二零零二年十二月三十一日之全职员工人数为 3,883 (二零零一年： 3,502)。 9 税项 二零零二年 二零零一年 人民币千元 人民币千元 本年度税项 5,045 9,612 应占联营公司税项 (附注 15) 544 38 5,589 9,650 (a) 本公司与若干附属公司于上海浦东注册成立。根据上海浦东开发区优惠政策 的有关规定，本公司及该等附属公司之企业所得税税率为 15%。 根据有关地方税务部门的批准，本集团的一家附属公司可从一九九七年五月 起免征首三年企业所得税及期后连续两年可获 50%的企业所得税减免优惠。 本集团其他附属公司之所得税按标准企业所得税税率 33%计提。 73 9 税项（续） (b) 本集团实际计提所得税与基于本集团除税前利润及适用于本公司及其附属公 司与联营公司之基本税率所计算之税项差别如下： 二零零二年 二零零一年 人民币千元 人民币千元 除税前利润 19,626 22,991 按本公司及其附属公司与联营公司各自适用之税率 15%至 33%计算之税项 5,349 3,230 毋须缴税之收入 (5,132) (8,126) 不能抵税之费用 5,372 14,546 税项 5,589 9,650 (c) 由于暂时性时间性差异项目的税务影响对本集团并不重大，故在财务报表上 并无计提递延税项。 10 每股盈利 每股盈利是根据本年度之净利润人民币 13,000,000 元 (二零零一年：人民币 11,363,000 元) 及于年内已发行股份 252,466,370 (二零零一年：252,466,370) 计算。 由于本公司没有潜在构成摊薄的股份，故没有披露全面摊薄的每股盈利。 74 11 固定资产 家具、 固定装置 及 建筑物 机器设备 办公设备 运输设备 总额 人民币千 人民币千 人民币千 人民币千 人民币千 元 元 元 元 元 截至二零零一年十二月三十 一日 年初账面净值 118,942 197,485 13,423 3,101 332,951 属于收购附属公司 3,382 - 290 445 4,117 添置 11,178 5,041 3,864 2,635 22,718 由在建工程转入 (附注 13) 7,782 5,050 353 957 14,142 出售 (5,597) (2,992) (124) (737) (9,450) 减值准备 (附注 6) (10,378) (29,192) - - (39,570) 折旧 (附注 6) (7,148) (28,973) (2,480) (1,014) (39,615) 年末账面净值 118,161 146,419 15,326 5,387 285,293 于二零零一年十二月三十一 日 成本 174,503 438,534 25,446 14,685 653,168 累计减值准备 (10,378) (29,192) - - (39,570) 累计折旧 (45,964) (262,923) (10,120) (9,298) (328,305) 账面净值 118,161 146,419 15,326 5,387 285,293 截至二零零二年十二月三十 一日 年初账面净值 118,161 146,419 15,326 5,387 285,293 添置 - 6,432 1,008 452 7,892 由在建工程转入 (附注 13) - 372 88 46 506 出售 - (2,978) (130) (161) (3,269) 折旧 (附注 6) (6,574) (26,852) (1,440) (1,246) (36,112) 年末账面净值 111,587 123,393 14,852 4,478 254,310 于二零零二年十二月三十一 日 成本 174,480 436,330 25,519 14,508 650,837 累计减值准备 (10,378) (29,192) - - (39,570) 累计折旧 (52,515) (283,745) (10,667) (10,030) (356,957) 账面净值 111,587 123,393 14,852 4,478 254,310 (a) 本集团所有建筑物均位于中国境内，并建于本集团已获授予无明确年限的土地使 用权所在土地上。 (b) 用作银行借款抵押的建筑物及机器设备之账面净值分别为人民币 54,151,000 元 75 (二零零一年：人民币 78,296,000 元)及人民币 6,306,000 元 (二零零一年：人民币 7, 770,000 元) (附注 25)。 76 12 土地使用权 二零零二年 二零零一年 人民币千元 人民币千元 年初账面净值 18,731 13,841 本年增加 - 5,190 本年摊销 (附注 6) (384) (300) 年末账面净值 18,347 18,731 成本 19,382 19,382 累计摊销 (1,035) (651) 账面净值 18,347 18,731 13 在建工程 二零零二年 二零零一年 人民币千元 人民币千元 年初账面净值 9,147 18,883 添置 1,616 5,526 转至固定资产 （附注 １１） (506) (14,142) 出售 - (1,120) 减值准备 (688) - 年末账面净值 9,569 9,147 二零零二年没有资本化的借款利息 (二零零一年：无)。 77 14 无形资产 商标 专有技术 商誉 总额 人民币千元 人民币千 人民币千 元 元 人民币千元 截至二零零一年十二月三十一日 年初账面净值 6,569 1,200 - 7,769 本年增加 - - 20,160 20,160 属于收购附属公司 378 - - 378 本年摊销 (附注 6) (768) (140) (1,008) (1,916) 年末账面净值 6,179 1,060 19,152 26,391 于二零零一年十二月三十一日 成本 7,100 1,200 20,160 28,460 累计摊销 (921) (140) (1,008) (2,069) 账面净值 6,179 1,060 19,152 26,391 截至二零零二年十二月三十一日 年初账面净值 6,179 1,060 19,152 26,391 本年摊销 (附注 6) (768) (121) (2,015) (2,904) 年末账面净值 5,411 939 17,137 23,487 于二零零二年十二月三十一日 成本 7,100 1,200 20,160 28,460 累计摊销 (1,689) (261) (3,023) (4,973) 账面净值 5,411 939 17,137 23,487 78 15 于联营公司之投资 二零零二年 二零零一年 人民币千元 人民币千元 年初账面净值 160,854 25,026 增加投资额 362 135,779 应占联营公司之储备增加 125 - 应占联营公司税前业绩 2,608 (462) 应占联营公司税项 (附注 9) (544) (38) 应占联营公司税后业绩 2,064 (500) 收到股利 (1,698) (863) 冲回减值拨备 - 1,412 年末账面净值 161,707 160,854 截至二零零二年十二月三十一日止包括在于联营公司之投资中的商誉为人民 币 71,452,000 元，扣除了累计摊销人民币 12,570,000 元 (二零零一年：商誉为 人民币 79,832,000 元，扣除了累计摊销人民币 4,190,000 元)。 应 占 联 营 公 司 税 前 业 绩 中 的 人 民 币 8,380,000 元 (二零零一年：人民币 4,190,000)元) 为与收购联营公司相关之商誉摊销。 主要联营公司的详细资料列于附注 33。 16 可供出售之投资 二零零二年 二零零一年 人民币千元 人民币千元 年初账面净值 37,565 41,539 本年增加 - 2,808 减值准备 - (155) 出售 (460) (6,627) 年末账面净值 37,105 37,565 79 16 可供出售之投资 (续) 可供出售之投资包括对于中国境内成立之上市公司及非上市公司的投资，且本 集团对此类投资为不超过该等公司股本／实收资本 ２０％的投资。上市公司投资 包括持有于中国证券交易所上市的股份有限公司之法人股。根据中国政府有关 部门所颁布的《股份制有限公司规范意见》，除非经有关当局批准，此等法人 股不能自由转让或在股票市场买卖。此等投资以成本值列账。 于二零零一年十二月三十一日，由于不存在活跃市场且无固定期限，本集团 除法人股投资外，其他可供出售之投资均以成本价减除减值准备列账。 17 存货 二零零二年 二零零一年 人民币千元 人民币千元 原材料 (成本值) 31,716 39,322 原材料 (可变现净值) 1,800 1,723 在制品 (成本值) 20,444 11,406 在制品 (可变现净值) 4,274 5,564 产成品 (成本值) 70,921 89,723 产成品 (可变现净值) 32,411 16,360 161,566 164,098 18 应收/应付主要股东、关联公司及联营公司款项 此主要为正常业务发生之往来账款。有关款项并无抵押及无固定偿还期限， 其中有应收一家关联公司余额人民币 17,847,000 是按照年利率 1.98%收取利 息，其余之款项均为免息。 19 应收账款 二零零二年 二零零一年 人民币千元 人民币千元 应收账款 274,012 268,915 减：呆坏账准备 (66,017) (75,302) 应收账款 - 净值 207,995 193,613 由于本集团有大量客户分布于中国各地，并覆盖各种生产及销售领域，且有 80 关销售到达多元化的最终市场，因此对有关应收账款过于集中之信贷风险乃 有限的。基于此因素，管理层相信应收账款在扣除有关之呆坏账准备后，本 集团并无额外之信贷风险。 81 20 交易投资 交易投资于活跃市场上买卖，并于十二月三十日结算日营业时间结束时，参 照该等证券于有关证券交易所之售价，以市场价计价。 交易投资分类为流动资产，因预计于资产负债表日后十二个月内能兑现。 于现金流量表中，交易投资作为营运资本变动之一部分列示。 于利润表中，交易投资的公允价值变动计入其他业务利润。 21 现金及现金等价物 二零零二年 二零零一年 人民币千元 人民币千元 现金及银行存款 204,764 142,247 短期银行存款 15,813 15,912 220,577 158,159 短期银行存款之加权平均年利率为 １．２５％ （ 二零零一年：２．４９％）。该存款之平 均到期期限为一年。 银行借款共人民币 １４，０００，０００ （二零零一年：人民币 １４，０００，０００） 由银行存 款人民币 １５，８１３，０００ 元 （二零零一年：人民币 １５，４０２，０００ 元）作为质押 （附 注 ２５）。 在现金流量表中，现金及现金等价物分析如下： 二零零二年 二零零一年 人民币千元 人民币千元 现金及银行存款 220,577 158,159 三个月以上银行定期存款 (15,813) (15,912) 三个月内到期之短期银行借款 (89,920) (165,340) 114,844 (23,093) 82 22 股本 已上市 已上市 注册、已发行及缴足之 国家股 法人股 之 A股 之 B股 合计 人民币千 人民币千 每股人民币 1 元之股本 人民币千元 元 元 人民币千元 人民币千元 二零零一年十二月三十一及 二零零二年十二月三十一日 117,018 22,348 15,600 97,500 252,466 股数 117,018,082 22,348,288 15,600,000 97,500,000 252,466,370 根据本公司章程，所有股份均为注册普通股股份并享有同等股权。 23 储备 法定 法定 任意 资本公积 股本溢价 其他储备 盈余公积金 公益金 盈余公积金 (附注(b)) (附注(b)) (附注 b(iii)) (附注 a(i)) (附注 a(ii)) (附注 a(iii)) 总额 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 二零零一年一月一日余额 59,310 290,314 - 12,659 13,076 1,178 376,537 主要股东承担之税务负债 - - 19,335 - - - 19,335 法定财务报表以前年度累 计亏损重列导致之调整 - - - (10,775) (10,774) - (21,549) 从本年利润中提取 - - - 6,879 6,878 89 13,846 二 零 零 一 年 十 二 月 三十一 日 59,310 290,314 19,335 8,763 9,180 1,267 388,169 转至累计亏损(附注 b(ii)) - (100,592) - - - - (100,592) 应占联营公司之有关撇销 长期未偿还之应付款项 之储备 125 - - - - - 125 主要股东承担之员工福利 负债 - - 700 - - - 700 从本年利润中提取 - - - 897 898 - 1,795 二零零二年十二月三十一 日余额 59,435 189,722 20,035 9,660 10,078 1,267 290,197 83 ２３ 储备 （续） （ａ） 储备基金 （ｉ） 法定盈余公积金 本集团需每年根据中国法定财务报表之税后利润的 １０％提取法定盈余 公积金。当法定盈余公积金已达到注册资本的 ５０％时，可以不再提取。 该公积金可用于弥补亏损或增加资本。除了弥补亏损外，在使用法定 盈余公积金后，余额不得低于注册资本的 ２５％。 （ｉｉ） 法定公益金 本集团需每年根据中国法定财务报表之税后利润的 ５％ － １０％提取法定 公益金。此法定公益金只限于使用在本集团员工集体福利设施的资本 性支出，而该等设施之所有权归本集团所有。法定公益金（除公司清算 外）不可用以派发给股东。 （ｉｉｉ） 任意盈余公积金 任意盈余公积金从保留溢利中提取或从法定公益金已使用数中转入， 可用作弥补亏损，增加资本或派发股利。但提取与使用时须经股东大 会决议通过。 （ｉｖ） 从年度利润转入 提取法定盈余公积金及法定公益金之金额应以按中国会计准则编制之 法定财务报表的税后利润为准。 （ｂ） 资本公积及股本溢价 （ｉ） 资本公积包括本公司由国营企业改组为股份制企业时资产评估确认值 与折股的股本差额。股本溢价指企业投资者投入的资金超过其在注册 资本中所占份额的部分。根据有关中国法规，资本公积及股本溢价经 股东大会批准，可用于增加资本及弥补亏损。 （ｉｉ） 根据二零零一年五月十日举行之二零零一年度股东大会上议案批准， 累计亏损计人民币 １００，５９２，０００ 与股本溢价进行抵消。 84 ２３ 储备 （续） （ｂ） 资本公积及股本溢价 （续） （ｉｉｉ） 包括于其他储备中之金额为主要股东承担之税务及员工福利负债。 （ｃ） 可供分派予股东之利润 根据中国财政部发出之文件，于提拨各项储备后，可供分派予股东之利润是 按中国法定财务报表及按国际财务汇报准则调整后之财务报表，两者中之较 低者为利润分配标准。 24 少数股东权益 二零零二年 二零零一年 人民币千元 人民币千元 年初余额 ２０，６４２ １８，２７０ 增资 － ３，４７７ 出售附属公司之部分权益予少数股东 ２００ － 收购附属公司 － １，３３７ 应占附属公司净利润 １，０３７ １，９７８ 收购附属公司之额外权益 － （４，０５８） 派发股利 （１，５３１） （３６２） 年末余额 ２０，３４８ ２０，６４２ 85 25 借款 附注 二零零二年 二零零一年 人民币千元 人民币千元 流动部分 银行借款 (a) 533,260 454,990 其他借款 (b) 350 350 533,610 455,340 非流动部分 银行借款 (d) 7,400 400 借款总额 541,010 455,740 （ａ）银行借款中有抵押的部分为人民币 52,000,000 元（二零零一年： 人民币 54,600,000 元）。此银行借款抵押物为本集团之建筑物、 机器设备（附注 11)及银行存款（附注 21）。 本集团之若干银行借款由下列公司提供担保： 二零零二年 二零零一年 人民币千元 人民币千元 由主要股东控制之公司 上海永久股份有限公司 - 63,300 第三者公司 上海华源企业发展股份有限公司* 97,870 87,870 上海建筑材料(集团)总公司* 91,500 75,600 中国华源集团有限公司* 99,300 32,000 上海华源制药股份有限公司* 20,000 20,000 中国经济技术投资担保公司上海分公司 2,000 2,000 上海久和企业发展有限责任公司 2,000 2,000 上海江丰工贸有限公司 400 - 湖南银海生化有限公司 23,540 - 336,610 282,770 ＊ 本集团同时为此等公司作银行借款担保，有关之详情见附注 28。 (b) 其他借款主要为从金融机构取得之贷款，其中人民币 300,000 元 (二零零一年：人民币 300,000 元) 由一家第三者公司提供担 保。 86 25 借款 (续) (c) 本集团借款利率风险如下： 二零零二年 二零零一年 人民币千元 人民币千元 借款总额 - 按固定利率 526,460 455,740 - 按浮动利率 14,550 - 541,010 455,740 加权平均实际利率为： - 银行借款 6.14％ 6.48% - 其他借款 7.44％ 7.44% (d) 非流动借款的账面价值和公允价值如下: 账面值 公允值 二零零二年 二零零一年 二零零二年 二零零一年 人民币千元 人民币千元 人民币千元 人民币千元 借款总额 - 固定利率 7,400 400 7,387 424 公允价值是根据董事所预计于资产负债表日适用于本集团之借款利率的基础 上得出的贴现率而折现得出的现金流量。短期借款的账面价值近似其公允价 值。 非流动借款的期限如下： 二零零二年 二零零一年 人民币千元 人民币千元 介乎两年至五年 7,400 400 87 26 来自经营业务之现金 二零零二年 二零零一年 人民币千元 人民币千元 净利润 13,000 11,363 调整： 少数股东损益 1,037 1,978 税项 5,589 9,650 固定资产之折旧 (附注 11) 36,112 39,615 土地使用权之摊销 (附注 12) 384 300 在建工程之减值 (附注 13) 688 - 无形资产之摊销 (附注 14) 2,904 1,916 固定资产之减值 - 39,570 应占联营公司之税前业绩 (附注 15) (2,608) 462 可供出售之投资减值准备 - 155 冲回联营公司投资减值准备 - (1,412) 出售可供出售之投资损失/(收益) 110 (2,564) 出售固定资产收益 (771) (9,847) 利息收入 (2,566) (1,889) 股利收入 (42) (173) 利息支出 32,699 29,346 营运资本之变动(不包括收购及出售附属公司之影 响)： 存货 2,532 (25,494) 应收关联公司款项 (12,883) (7,443) 应付关联公司款项 1,038 (87) 应收联营公司款项 (2,683) 11 应付联营公司款项 3,324 (5,929) 应付主要股东款项 (3,365) (25,505) 应收账款及票据、其他应收款、预付款及按金 (18,670) (37,292) 交易投资 879 (454) 应付账款及票据、其他应付款及预提费用 (22,088) (3,384) 经营业务产生之现金流量 34,620 12,893 88 26 来自经营业务之现金 (续) 于现金流量表中，出售固定资产之所得款包括： 二零零二年 二零零一年 人民币千元 人民币千元 成本 １０，７２０ ２９，３４６ 累计折旧 （７，４６０） （１９，８９６） 账面净值 (附注 11) ３，２６９ ９，４５０ 出售固定资产收益 ７７１ ９，８４７ 出售固定资产之所得款 ４，０４０ １９，２９７ 27 退休金计划 本集团于中国境内之公司已参与由各自隶属之当地政府所组织的退休金供款 计划。根据该等计划，本集团需每月按员工基本工资总额之 22.5%(二零零一 年：25.5%)供款。本集团截至二零零二年十二月三十一日止年度于该等计划 之供款为人民币 11,278,000 元(二零零一年：人民币 10,714,000 元)。本集团除 每年作以上供款外，毋须承担任何其他责任。 28 或然负债 于二零零二年十二月三十一日，本集团为下列公司作银行借款担保： 二零零二年 二零零一年 人民币千元 人民币千元 第三者公司 上海华源企业发展股份有限公司* １００，０００ ９０，０００ 上海建筑材料(集团)总公司* ９０，０００ ６５，０００ 中国华源集团有限公司* １００，０００ ５０，０００ 上海华源制药股份有限公司* ２０，０００ － ３１０，０００ ２０５，０００ ＊ 此等公司亦分别为本集团作银行借款担保，详情列于附注 ２５。 89 29 承诺 资本承诺 于二零零二年十二月三十一日，本公司无重大的资本承诺事项(二零零一年： 无)。 经营租赁承诺 － 本集团公司为承租方 根据不可撤销之经营租赁合同计算的未来最低现金付款额为： 二零零二年 二零零一年 人民币千元 人民币千元 一年以内 4,570 2,318 二年至五年 8,537 5,437 五年以上 1,537 1,416 14,644 9,171 经营租赁承诺 - 本集团公司为出租方 根据不可撤销之经营租赁合同计算的未来最低现金应收款额为： 二零零二年 二零零一年 人民币千元 人民币千元 一年以内 1,966 4,512 二年至五年 9,015 17,120 五年以上 19,150 22,535 30,131 44,167 90 30 关联关系及交易 (a) 关联关系 本公司之董事认为本公司之主要股东为在中国注册成立及持有本公司 46.35% 股权之上海轻工控股(集团)公司。本公司之主要附属公司及联营公司资料分别 列于附注 31 及 32。 (b) 除于此财务报表其他附注所披露的关联交易资料外，于本年度在正常业务中 本集团与其关联公司达成下列主要交易： 二零零二年 二零零一年 人民币千元 人民币千元 向主要股东： - 收购附属公司 - 12,411 - 收购联营公司 - 133,242 向主要股东控制之公司： - 购买商标 - 20,160 - 提供流动资金 81,710 - - 收取流动资金利息 1,680 - 向联营公司： - 购买原材料 18,522 38,050 本公司董事认为此等交易是按一般商业条款和市场价格进行的。 (c) 董事酬金 于本年度，董事酬金总额约为人民币 999,000 元(二零零一年：人民币 864,000 元)。 31 期后事项 根据二零零三年四月十七日举行之董事会议之一项议案批准，本公司根据二 零零二年十二月三十一日股东持有之股份，通过从资本公积转增方式，按持有 每十股之原股份派发 1.5 股红股予公司股东，共计 37,869,956 股。派送红股之 建议尚须股东周年大会审议通过。 32 主要附属公司 于二零零二年十二月三十一日，本公司持有以下主要附属公司之投资，此等 均为于中国成立及经营的非上市公司： 公司名称 所占权益比例 主要业务 91 2002 2001 % % 直接持有 上海工业缝纫机销售总公司 100 100 销售工业缝纫机及零件 上海工业缝纫机物产总公司 100 100 销售工业缝纫机及零件 上海上工汽车运输服务公司 100 100 提供运输服务 上海上工针业有限公司 94 94 生产及销售缝纫机针 上海工缝房地产发展有限公司 90 90 房地产开发、销售咨询及物业管 理服务 长沙华日生化实业有限公司 90 90 生产及销售生化产品 上海上原科技开发有限公司 70 70 缝制设备的开发、设计及技术咨 询服务 上海四方同济净水有限公司 60 60 生产及销售纯净水 上海蝴蝶进出口有限公司 90 90 经营进出口业务 上海上工企业管理有限公司 90 90 销售工业缝纫机及提供管理服务 上海上工松达机械有限公司 65 65 生产及销售工业缝纫机及零件 92 32 主要附属公司 (续) 公司名称 所占权益比例 主要业务 2002 2001 % % 间接持有 上海上工进出口有限公司 100 100 经营进出口业务 上海飞人进出口有限公司 100 100 经营进出口业务 上工双重包缝机有限公司 90 90 生产及销售工业缝纫机及零件 上海上工兴达衣车机械有限公司 87 87 生产与销售工业缝纫机及售后服 务 上海上工佳荣衣车有限公司 *80 85 生产及销售家用缝纫机及零件 上海上工方天机械有限公司 80 80 生产及销售工业缝纫机及零件 上海上工佳源机电科技有限公司 61 61 生产及销售工业缝纫机及零件 ＊ 本集团于本年内出售了该附属公司 ５％之权益予少数股东。 93 33 主要联营公司 于二零零二年十二月三十一日，本集团持有以下主要联营公司之投资，此等 均为于中国成立及经营的非上市公司： 公司名称 所占权益比例 主要业务 2002 2001 % % 上海工业缝纫机毛桥烘漆联营厂 50 50 烘漆生产 上海工业缝纫机厂洋泾分厂 50 50 缝纫机外壳加工 上海缝纫机四厂泗泾联营厂 50 50 缝纫机零件制造 上海申贝办公机械有限公司 50 50 办公设备与玻璃产品制造及销 售 上海工业缝纫厂嘉定机架厂 40 40 缝纫机机架制造 上海重机缝纫机有限公司 30 30 生产与销售家用包缝机 上海广濑精密工业有限公司 30 30 生产与销售旋梭和精密机械零 件 上海佳汇缝制设备有限公司 *36 27 生产与销售家用缝纫机 ＊ 本集团于本年内收购了该联营公司之 ９％权益。 上工股份有限公司 94 补充资料 截至二零零二年十二月三十一日止年度 国际财务汇报准则调整对中国法定财务报表之影响如下： 二零零二年 净利润 资产净值 人民币千元 人民币千元 根据中国法定财务报表所列报 13,162 514,992 国际财务汇报准则调整： - 计入未予合并附属公司之业绩 (1,404) (647) - 冲销资本化之费用 218 (378) - 冲回于联营公司之投资减值准备 1,024 - - 其他 - (600) 经国际财务汇报准则调整后所列报 13,000 513,367 95 第十一节 备查文件目录 １、载有法定代表人、会计机构负责人、会计主管人员签名并盖章的会计报表。 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。 本报告分别以中、英文编制，在对两种文本的理解上发生歧义时， 以中文文本为准。 96 资产负债表 编制单位：上工股份有限公司 期末数 期初数 资 产 注释号 合并 母公司 合并 母公司 流动资产： 货币资金 5.1 244,832,320.84 161,780,457.77 167,958,733.54 107,941,146.91 短期投资 5.2 357,488.56 310,620.00 273,188.56 226,320.00 应收票据 5.3 58,992,443.59 42,191,008.44 56,572,238.73 43,472,238.73 应收股利 126,010.83 1,145,354.80 应收利息 应收帐款 5.4 231,803,193.13 115,548,582.46 214,666,437.57 112,277,661.25 其他应收款 5.5 57,050,297.92 44,954,344.51 89,008,796.15 76,276,639.21 预付帐款 5.6 58,830,281.67 11,867,470.19 35,883,203.66 1,308,395.58 应收补贴款 5.7 5,523,373.39 存货 5.8 188,417,488.13 93,621,063.01 196,285,422.28 88,002,081.00 待摊费用 5.9 25,362.00 1,217,973.79 10,780.05 一年内到期的长期债权投资 其他流动资产 流动资产合计 845,832,249.23 470,399,557.21 长期投资： 长期股权投资 5.10 183,304,517.46 328,145,270.65 198,992,634.55 331,579,457.70 长期债权投资 5.11 87,500.00 104,600.00 长期投资合计 183,392,017.46 328,145,270.65 199,097,234.55 331,579,457.70 其中:合并价差 77,223,884.20 86,371,833.13 其中:股权投资差额 77,223,884.20 86,371,833.13 固定资产： #REF! #REF! 固定资产原值 5.12 706,405,298.42 539,452,379.68 706,877,432.08 542,274,473.78 减：累计折旧 349,073,287.09 263,469,386.81 318,551,558.10 242,168,613.05 固定资产净值 357,332,011.33 275,982,992.87 388,325,873.98 300,105,860.73 减：固定资产减值准备 82,379,500.52 81,436,940.05 82,395,500.52 81,436,940.05 固定资产净额 274,952,510.81 194,546,052.82 305,930,373.46 218,668,920.68 工程物资 在建工程 5.13 9,837,401.56 953,820.76 5,933,058.27 805,947.76 固定资产清理 381,100.62 固定资产合计 284,789,912.37 195,499,873.58 312,244,532.35 219,474,868.44 无形资产及其他资产： 无形资产 5.14 38,562,629.92 26,388,005.44 41,459,677.05 28,902,468.75 长期待摊费用 5.15 1,878,907.36 2,743,761.33 其他长期资产 无形资产及其他资产合计 40,441,537.28 26,388,005.44 44,203,438.38 28,902,468.75 递延税项： 递延税款借项 资产总计 1,354,455,716.34 1,020,432,706.88 555,545,205.28 579,956,794.89 法定代表人：倪永刚 财务负责人：徐晓晖 会计经办人：杨淑静 资产负债表 编制单位：上工股份有限公司 金额单位：元 期末数 期初数 负债和股东权益 注释号 合并 母公司 合并 母公司 流动负债： 短期借款 5.16 554,740,000.00 338,020,000.00 485,380,000.00 315,620,000.00 应付票据 5.17 16,643,340.22 16,582,000.00 11,105,250.00 9,902,000.00 应付帐款 5.18 184,762,730.93 85,023,036.77 182,203,463.96 105,182,311.32 预收帐款 5.19 22,993,779.61 4,805,174.58 25,208,569.42 5,978,486.04 应付工资 4,588,678.54 4,860,973.55 应付福利费 1,681,122.00 69,866.52 2,833,659.40 1,003,686.39 应付股利 5.20 1,977,819.38 1,532,818.86 17,010,766.62 16,598,382.07 应交税金 ５．２１ (53,390,037.66) 3,573,855.91 (19,975,429.19) 4,920,057.67 其他应交款 1,332,564.36 1,239,081.07 2,110,681.56 1,221,706.42 其他应付款 5.22 66,885,083.17 46,377,393.61 73,553,137.03 39,582,009.87 预提费用 5.23 503,641.23 116,605.09 预计负债 一年内到期的长期负债 548,000.00 其他流动负债 0.00 0.00 (0.00) (0.00) 流动负债合计 803,266,721.78 497,223,227.32 长期负债： 长期借款 5.24 13,208,279.01 400,000.00 7,731,247.93 400,000.00 应付债券 长期应付款 5.25 5,355,775.90 1,474,782.00 4,823,275.90 1,474,782.00 专项应付款 其他长期负债 长期负债合计 18,564,054.91 1,874,782.00 12,554,523.83 1,874,782.00 递延税项： 递延税项贷项 5.26 636,535.85 655,536.91 负债合计 822,467,312.54 499,098,009.32 13,210,060.74 1,874,782.00 少数股东权益 16,996,655.44 17,228,133.26 股东权益： 股本 5.27 252,466,370.00 252,466,370.00 252,466,370.00 252,466,370.00 减：已归还投资 股本净额 252,466,370.00 252,466,370.00 252,466,370.00 252,466,370.00 资本公积 5.28 257,092,620.64 257,092,620.64 356,859,776.50 356,859,776.50 盈余公积 5.29 12,295,327.80 2,355,141.38 8,145,422.34 其中：公益金 5,779,351.61 1,177,570.69 3,704,398.88 未分配利润 5.30 991,046.43 9,420,565.54 (108,612,770.37) (100,592,155.86) 外币报表折算差额 减：未确认投资损失 5.31 7,853,616.51 6,293,470.35 股东权益合计 514,991,748.36 521,334,697.56 502,565,328.12 508,733,990.64 负债及股东权益总计 1,354,455,716.34 1,020,432,706.88 533,003,522.12 510,608,772.64 法定代表人：倪永刚 财务负责人：徐晓晖 会计经办人：杨淑静 利润及利润分配表 ２００２年度 编制单位：上工股份有限公司 金额单位：元 本期发生数 上期发生数 项 目 注释号 合并 母公司 合并 母公司 一、主营业务收入 5.32 875,299,752.11 275,350,649.39 916,259,944.36 312,037,161.12 减：主营业务成本 5.33 718,595,434.09 217,103,273.56 717,458,700.63 219,564,299.90 主营业务税金及附加 5.34 2,495,494.60 2,076.50 3,340,804.07 1,053,448.15 二、主营业务利润 154,208,823.42 58,245,299.33 195,460,439.66 91,419,413.07 加：其他业务利润 5.35 16,449,976.61 7,841,336.05 9,524,874.57 6,593,200.89 减：营业费用 30,149,229.12 6,587,378.93 32,174,202.66 8,147,876.62 管理费用 101,560,014.31 39,850,366.73 101,210,676.37 46,568,808.01 财务费用 5.36 33,204,628.10 23,584,399.95 30,974,489.01 19,814,765.56 三、营业利润 5,744,928.50 (3,935,510.23) 40,625,946.19 23,481,163.77 加：投资收益 5.37 4,913,201.08 9,650,106.82 6,983,365.26 24,578,609.14 补贴收入 5.38 2,087,924.99 1,629,030.84 营业外收入 5.39 6,515,403.72 5,897,200.05 5,086,122.41 2,241,975.53 减：营业外支出 5.40 1,211,109.10 447,590.75 1,742,125.10 1,326,268.77 四、利润总额 18,050,349.19 11,164,205.89 52,582,339.60 48,975,479.67 减：所得税 5,310,143.30 (611,501.03) 9,287,590.43 1,389,482.81 减：少数股东损益 1,086,646.16 1,792,488.73 加：未确认投资损失 1,508,006.67 4,337,781.46 五、净利润 13,161,566.40 11,775,706.92 45,840,041.90 47,585,996.86 加：年初未分配利润 (108,612,770.37) (100,592,155.86) (150,900,181.79) (148,178,152.72) 其他转入 100,592,155.86 100,592,155.86 六、可供分配的利润 5,140,951.89 11,775,706.92 (105,060,139.89) (100,592,155.86) 减：提取法定盈余公积 2,074,952.73 1,177,570.69 1,776,315.24 提取法定公益金 2,074,952.73 1,177,570.69 1,776,315.24 职工奖福基金 提取储备基金 提取企业发展基金 利润归还投资 七、可供股东分配的利润 991,046.43 9,420,565.54 (108,612,770.37) (100,592,155.86) 减：应付优先股股利 提取任意盈余公积 应付普通股股利 转作股本的普通股股利 八、未分配利润 991,046.43 9,420,565.54 (108,612,770.37) (100,592,155.86) 法定代表人：倪永刚 财务负责人：徐晓晖 会计经办人:杨淑静 现金流量表 2002年度 编制单位：上工股份有限公司 金额单位：元 项 目 合 并 母公司 支付的其他与投资活动有关的现金 现金流出小计 11,453,345.45 2,873,453.00 投资活动产生的现金流量净额 8,230,412.10 20,849,147.17 三．筹资活动产生的现金流量： 吸收权益性投资所收到的现金 其中：子公司吸收少数股东权益性投资收到的现金 借款所收到的现金 606,330,000.00 429,070,000.00 收到的其他与筹资活动有关的现金 现金流入小计 606,330,000.00 429,070,000.00 偿还债务所支付的现金 530,612,000.00 406,670,000.00 分配股利、利润和利息所支付的现金 35,204,744.02 23,388,599.45 其中：子公司支付少数股东的股利 支付的其他与筹资活动有关的现金 现金流出小计 565,816,744.02 430,058,599.45 筹资活动产生的现金流量净额 40,513,255.98 (988,599.45) 四．汇率变动对现金的影响额 (158,961.60) 五．现金及现金等价物净增加额 76,873,587.30 53,839,310.86 法定代表人：倪永刚 财务负责人：徐晓晖 会计经办人：杨淑静 现金流量表 2002年度 编制单位：上工股份有限公司 金额单位：元 补充资料 合 并 母公司 1．将净利润调节为经营活动的现金流量 净 利 润 （亏损以＂－＂号填列） 13,161,566.40 11,775,706.92 加： 少数股东损益（亏损以＂－＂号填列） 1,086,646.17 减： 未确认投资损失 1,508,006.67 加： 计提的资产减值准备 (12,233,852.15) (14,083,859.25) 固定资产折旧 35,701,276.23 24,836,384.89 无形资产的摊销 3,877,047.13 3,494,463.31 长期待摊费用及其他长期资产的摊销 1,024,853.97 待摊费用的减少（减：增加） 1,192,611.74 10,780.00 预提费用的增加（减：减少） 387,036.14 处置固定资产．无形资产和其他长期资产的损失（减：收益） (6,568,965.10) (5,541,954.83) 固定资产盘亏．报废损失 财务费用 33,711,092.13 23,388,599.45 投资损失（减：收益） 4,515,357.49 (8,345,693.90) 递延税款贷项（减：借项） (19,001.07) 存货的减少（减：增加） 17,392,933.05 3,093,848.56 经营性应收项目的减少（减：增加） (28,573,291.26) 7,934,581.72 经营性应付项目的增加（减：减少） (34,858,423.38) (12,584,093.73) 其 他 经营活动产生的现金流量净额 28,288,880.82 33,978,763.14 2.不涉及现金收支的投资和筹资活动 债务转资本 一年内到期的可转换债券 融资租入固定资产 ３．现金及现金等价物净增加情况： 货币资金的期末余额 244,832,320.84 161,780,457.77 减：货币资金的期初余额 167,958,733.54 107,941,146.91 现金等价物的期末余额 减：现金等价物的期初余额 现金及现金等价物净增加额 ７６，８７３，５８７．３０ ５３，８３９，３１０．８６ 法定代表人：倪永刚 财务负责人：徐晓晖 会计经办人：杨淑静 资产减值准备明细表 2002年度 编制单位：上工股份有限公司 年初余额 本年增加数 本年转回数 年末余额 项 目 合并 母公司 合并 母公司 合并 母公司 合并 母公司 一、坏帐准备合计 113,953,908.84 67,866,230.11 9,168,969.94 2,466,081.26 11,468,738.54 6,532,697.02 111,654,140.24 63,799,614.35 其中：应收账款 82,148,994.23 44,822,606.83 5,296,835.29 563,728.60 6,703,952.77 4,730,604.28 80,741,876.75 40,655,731.15 其他应收款 31,804,914.61 23,043,623.28 3,872,134.65 1,902,352.66 4,764,785.77 1,802,092.74 30,912,263.49 23,143,883.20 二、短期投资跌价准备合计 其中：股票投资 债券投资 三、存货跌价准备合计 48,024,365.79 37,799,017.82 1,592,186.70 1,215,942.05 11,117,185.60 9,928,772.62 38,499,366.89 29,086,187.25 其中：库存商品 22,576,272.44 15,921,628.67 1,592,186.70 1,215,942.05 7,654,674.10 6,841,604.35 16,513,785.04 10,295,966.37 原材料 19,937,992.24 16,426,425.64 3,094,285.38 2,778,079.75 16,843,706.86 13,648,345.89 四、长期投资减值准备合计 6,720,532.99 6,720,532.99 1,972,947.89 949,144.61 2,253,557.53 2,253,557.53 6,439,923.35 5,416,120.07 其中：长期股权投资 6,720,532.99 6,720,532.99 1,972,947.89 949,144.61 2,253,557.53 2,253,557.53 6,439,923.35 5,416,120.07 长期债券投资 - - 五、固定资产减值准备合计 82,395,500.52 81,436,940.05 - - 16,000.00 - 82,379,500.52 81,436,940.05 其中：房屋、建筑物 11,198,688.12 11,198,688.12 11,198,688.12 11,198,688.12 机器设备 71,196,812.40 70,238,251.93 16,000.00 71,180,812.40 70,238,251.93 六、无形资产减值准备合计 - - - - - - - - 其中：专利权 - - 商标权 - - 七、在建工程减值准备 716,942.62 112,475.00 604,467.62 八、委托贷款减值准备 - 2002 Annual Report SHANGGONG CO., LTD. -1- Important The Company’ s Board of Directors and the individual directors in the Board guarantees that there are no important omissions, false statements or vital misunderstanding in this report; and the Board itself holds both individual and joint liability for the authenticity, accuracy, and integrity of its contents. As particular emphasis, the Chairman of the Board Mr. Ni Yonggang, the General Director Mr. Wang Lixi and the Accounting Manager Ms. Xu Xiaohui make the pledge for the authenticity and integrity of the attached financial statements. Board of Directors, Shanggong Co., Ltd. CONTENTS 1 Company Profile 2 Financial and Business Highlights 3 Variation of Share Capital and Information about Shareholders 4 Information about Directors, Supervisors, Senior Managerial Personnel and Staff 5 Administrative Structure of the Company 6 Brief Information about Shareholders’General Meetings 7 Report by the Board of Directors 8 Report by the Supervisory Committee 9 Significant Events 10 Financial Statements by Domestic Auditor Report and Statements by International Auditor 11 For Reference -2- I COMPANY PROFILE 1. Company Profile (1) Evolution of the Company In November 1992, Shanghai Industrial Sewing Machine Corporation, the predecessor of the Company, was restructured, following the approval by Shanghai Municipal Economic Commission, with the merger of Shanghai Industrial Sewing Machine Factory, Shanghai No.4 Sewing Machine Factory, Shanghai Sewing Machine Parts Factory, Shanghai No.4 Sewing Machine Parts Factory, Shanghai No.10 Sewing Machine Parts Factory and Shanghai Jinggong Garment Machinery Factory. In September 1993, in accordance with the Circular No. Hu-Jing-Qi(1993) 405, approval was given again by the same Shanghai Municipal Economic Commission, and Shanghai Industrial Sewing Machine Corporation was reorganized to Shanghai Industrial Sewing Machine Co., Ltd.. In line with the resolution passed in the Company’ s 1996 Annual General Meeting of Shareholders, the Circular (Guo) Ming-Cheng-Bian-He-Wai-Zi No. (1997) 042 issued by China State Industrial and Commercial Administration, as well as the approval by Shanghai Municipal Industrial and Commercial Administration on August 22, 1997, the name of the Company was changed to its currently- used Shanggong Co., Ltd. (2) Overview of the Company’ s Business Shanggong Co., Ltd. is a large-scaled, state-owned, first- grade, mainstay enterprise and export-base that is principally engaged in the manufacture and sale s of industrial sewing machines. Of all industrial sewing machine manufacturers in China, Shanggong owns the longest production history, the biggest accumulative production & sales volume and the largest amount of imported advanced equipment and technology. Listed among other experimental enterprises participating into the reform of modern enterprise system in Shanghai, the Company manufactures more than 10 major categories of products with a total of 21 series and over 100 different models of industrial sewing machines. Examples include: high speed lockstitch sewing machines, high speed overlock sewing machines, leather products sewing machines, bartacking sewing machines, bag closing sewing machines, button hole sewing machines and other specialized sewing machines. In 2001, the Company had its registered brand “Shanggong” awarded again the title of “Famous Trade Mark of Shanghai”. In the same year, the trade figure of “Shanggong”(industrial sewing machines) was awarded, with the approval of State Industrial and Commercial Administration, the title of “Renowned Trade Mark of People’ s Republic of China”. Along the past 30 years, the Company itself and its original body gradually established a dominant position in the sector by forming a complete set of production chain among different subsidiaries and perfecting the structure of products and components. Parallel to the development of more and more specialized production lines for garments, shoes, hats, leather goods, bags and luggage, awnings and canvas, chemical products, etc, the whole production capability has also been continually expanding to meet the marketing demands. Since 1985, Shanggong has introduced, step-by-step, from Japan’ s famous sewing -3- machine manufacturer JUKI Corporation the advanced production technology and processing equipment, which helped to enhance the Company’ s product quality to a worldwide high level. In the past few years, the Company has highly emphasized the utilization of S&T research with purpose of developing new sewing products attached with high scientific and technical contents, high additional value and computer-controlled functions. As to the year 2000, the proportion of high-tech products among the total quantity of production had reached 50%, and the Company’ s Tech. Research Center was also titled “Municipal Enterprise-based Technology Center”. In 2001, the Company itself was awarded again as “High & New Technology Enterprise”in Shanghai. Shanggong’s core products, GC-15-1 High Speed Lockstitch Sewing Machine and GJ4-2 Button Attaching Sewing Machine, have won the National Quality Award, when more than 20 other products have received a variety of awards for the excellent quality, adoption of new S&T advances as well as the continuous development of new products. The Company has also been implementing comprehensively the standardized management to adapt itself for ISO 9000 Quality System. Shanghai Industrial Sewing Machine Factory and Shanghai No.4 Sewing Machine Factory, both core subsidiaries of the Company, have obtained respectively on July 30th , 1993 and August 1st , 1994 certificates of quality-control system issued by the renowned international authority DNV and accepted by U.K. government. In 2002 Shanggong passed smoothly the re-approval and re-examination of the 2000 Version of ISO 9001. It has various products sold not only inside China, but also in more than 40 countries and regions in Southeast Asia, Africa, South America, etc. With approval of State Economic and Trade Commission, the Company set up in 1997 its international trading subsidiary Shanggong Imp. &Exp. Co., Ltd. With the purpose of seizing the opportunities created by the country’s participation in WTO and enlarging its worldwide marketing share, the Company acquired successively Shanghai Flying Man Imp. & Exp. Co., Ltd. and Shanghai Butterfly Imp. & Exp. Co., Ltd. in recent years. On promoting the diversification, qualification and mechanical-electrical integration of the products, the sewing machine manufacturer has also set foot in the production of office appliances and biochemical industry by capital acquisition. It marks that Shanggong has built up its operating structure of diversified economy with focus on the core business. After having been awarded the title of “2000 Outstanding Industrial Enterprise of Shanghai”, Shanggong was also named as “2000-2001 The Best CI Industrial Enterprise”, with the co-approval of the Industrial Affairs Committee of Municipal Communist Party Committee and Shanghai Economy Commission. 2. Other basic information about the Company (1) Legal name of the Company: SHANGGONG CO., LTD. Abbreviation: SGC (2) Legal representative of the Company: Ni Yonggang (3) Secretary to Board of Directors: Zhang Yifeng Representative of stock affairs: Gu Genrong Contact address: 12th floor, Orient Mansion, No. 1500 Century Avenue, Pu Dong New Area, Shanghai, 200122, PRC Tel: 86-21-6840 7700-617 86-21-6840 7515 Fax: 86-21-6330 2939 -4- E-mail: shggg@public3.sta.net.cn (4) Legal registered address of the Company: 1201 Luoshan Road, Pu Dong New Area, Shanghai, PRC Office address: 12th ofloor, Orient Mansion, No. 1500 Century Avenue, Pu Dong New Area, Shanghai, 200122, PRC Web-site: http://www.shanggonggroup.com (5) Entrusted newspaper for information release: and Internet address stipulated by China Securities Regulatory Committee to carry the Company’ s annual report: http://www.sse.com.cn Address for consulting the Company’ s annual report: Office of the Board of Directors (6) Authorized stock exchange: Shanghai Stock Exchange Stock code: A shares –600843 Abbreviation: Shanggong B shares –900924 Abbreviation: Shanggong B (7) Date of the Company’ s first registration: December 16, 1993 Place of registration: Shanghai Municipal Industrial and Commercial Administration Date of registration variation: August 22, 1997 Place of variation: Shanghai Municipal Industrial and Commercial Administration (8) Business license registration No.: QGHZZ019029 (9) Tax registration No.: GSHZ310048132210544 (10) Principal activities of the Company: manufacture and sales of sewing machines, related components, spare parts and specially purposed equipment for sewing machines; garment making; manufacture and sales of water dispensers, drinking water and plastic products; manufacture and sales of automotive components; technological development and technical advisory services; sales of other self- made products (licensed operations in those sectors where special permits are necessary) (11) Main underwriter of shares: Shanghai International Securities Co., Ltd. (12) Trustee of unlisted shares: China Securities Clearance an Registration Corporation Shanghai Subcompany (13) Public accountants hired by the Company Domestic auditor: Shanghai Zhonghua Certified Public Accountants 12F, 550 East Yan’an Road, Shanghai International auditor: PricewaterhouseCoopers Certified Public Accountants, HK 22nd Floor, Prince’ s Building, Central, Hong Kong (14) Advisor on legal affairs: Shanghai Zhendan Law Office 16/F, 1688 Si Chuan (northern) Road, Shanghai -5- II FINANCIAL AND BUSINESS HIGHLIGHTS 1. Business highlights during the report year: RMB’ Total Profit 18,050,349.19 Net Profit 13,161,566.40 Net Profit after Nonrecurrent Account Profit/Loss 5,927,894.46 Principal Operating Profit 154,208,823.42 Other Operating Profit 16,449,976.61 Administrative Profit 5,744,928.50 Investment Income 4,913,201.08 Subsidies 2,087,924.99 Non-operating Net Balance of Payment 5,304,294.62 Net Cash Flows Generated from Business Operation 28,288,880.82 Net Increase in Cash and Cash Equivalents 76,873,587.30 Notes: the deducted terms of non-recurrent account profit/loss (E.I.T. implication excluded) involve the following: subsidies RMB 1,902,431.33, non-operating income RMB 6,152,613.57, non-operating cost RMB 852,956.76, and investment income RMB 31,583.80. 2. The impact of IFRS adjustments on the PRC Statutory Financial Statements are as following: 2002 Net profit Net assets RMB’000 RMB’000 As per the PRC statutory financial statements 13,162 514,992 IFRS adjustments: - Consolidation of results of subsidiaries (1,404) (647) - Write-off of capitalized expenses 218 (378) - Write back of provision for investment in an associate 1,024 0 - Others 0 (600) As restated after IFRS adjustments 13,000 513,367 3. The Company ’ s main accounting data and financial index for the last three years (combined statement): RMB’ Highlight 2002 2001 2000 Adjusted Before Adjustment Principal Operating Income 875,299,752.11 916,259,944.36 559,084,567.97 559,084,567.97 Net Profit 13,161,566.40 45,840,041.90 37,678,637.13 35,008,460.17 Total Assets 1,354,455,716.34 1,317,411,199.56 1,129,660,907.74 1,324,735,394.84 Shareholders’Equity (minority 514,991,748.36 502,565,328.12 461,621,424.96 667,925,692.55 interest excluded) -6- interest excluded) Earning per Share (diluted) 0.0521 0.1816 0.1492 0.1387 Earning per Share (Weighted) 0.0521 0.1816 0.1492 0.1387 EPS after Non-recurrent 0.0235 0.1619 0.1180 0.1014 Account Profit/Loss Net assets value per Share 2.0398 1.9906 1.8284 2.6456 Adjusted net assets value per 2.0088 1.9745 1.8188 2.4414 Share Net Cash Flows per Share 0.1121 0.0133 -0.0136 -0.0136 Generated from Operating Activities Return on Net Assets (diluted, 2.5557 9.1212 8.1622 5.2414 %) Return on Net Assets (weighted 1.1643 8.4342 6.4902 3.9349 average after non-recurrent gain/loss, %) Profits in the report year (Calculation following ) Item Return on Net Assets (%) Earning per Share (RMB) Diluted Weighted Diluted Weighted Principal Operating Profit 29.94 30.26 0.6108 0.6108 Administrative Profit 1.12 1.13 0.0228 0.0228 Net Profit 2.56 2.58 0.0521 0.0521 Net Profit after Non-recurrent 1.15 1.16 0.0235 0.0235 Account Profit/Loss 4. Changes in shareholders’equity: RMB’ Item Share Capital Capital Statutory Statutory Profits Total Reserve Surplus Public Undistributed Shareholders’ Reserve Fund Welfare Equity Fund Opening 252,466,370.00 356,859,776.50 8,145,422.34 3,704,398.88 -108,612,770.37 502,565,328.12 amount Current 825,000.00 4,149,905.46 2,074,952.73 109,603,816.80 term increase Current 100,592,155.86 term decrease Ending 252,466,370.00 257,092,620.64 12,295,327.80 5,779,351.61 991,046.43 514,991,748.36 amount Reasons 1. make-up for Current-term Current-term Current-term Capital reserve for the undistributed appropriation appropriation appropriation coverage & changes profit increase of 2. increase of current-term subsidized earning allotment -7- 5. Performance charts: Production of sewing machines (‘000) Principal operating income (RMB’000,000) ８００ Industrial １０００ ７００ ９１６．２６ sewing ８７５．３ ６００ machines ８００ ５００ Domestic ４００ sewing ６００ ５５９．０８ ３００ machines Total ４００ ２００ production １００ ２００ ０ ０ ２０００ ２００１ ２００２ ２０００ ２００１ ２００２ Export incomes (USD’000,000) Exports’proportion in total sales value ４５ ５０ ４２ ４６．３７ ４５．１４ ４０ ３８ ４０ ３５ ３０ ２８ ３０ ２５ ２０ ２０ １５ １６．３６ １０ １０ ５ ０ ０ ２０００ ２００１ ２００２ ２０００ ２００１ ２００２ -8- III VARIATION OF SHARE CAPITAL AND INFORMATION ABOUT SHAREHOLDERS 1. Variation of share capital: 1) Changes in share capital (as of December 31, 2002): Opening Increase/decrease in the report period Ending volume Ration Bonus Shares Enlarged Others Total volume shares shares by issuance public reserve § Non-floating shares 1. Sponsors’shares State-owned shares 117,018,082 117,018,082 Shares owned by domestic 9,348,288 9,348,288 legal persons Shares owned by foreign legal persons 2. Collected legal person 13,000,000 13,000,000 shares 3. Shares issued for staff 4. Priority shares & others Total non-floating shares 139,366,370 139,366,370 § Floating stock 1. Individual A shares 15,600,000 15,600,000 2. B shares 97,500,000 97,500,000 3. B shares issued outside 4. Others Total floating stock 113,100,000 113,100,000 § Total stock 252,466,370 252,466,370 2) Issuance and exchange of shares: Classification Date of issuance Issuance price per Issued volume of Date of listing share (RMB’) shares A shares 10/10/1993- 5.80 22,000,000 11/03/1994 30/11/1993 (10,000,000 legal person shares included) B shares 08/01/1994- 3.654 75,000,000 18/01/1994 12/01/1994 (US$ 0.42) 2. Information about shareholders: (1) Number of shareholders at the end of the report period As of December 31, 2002, total number of the Company’s registered shareholders is 29,796, among whom one is state-owned legal person shareholder, 147 are ordinary legal person A shareholders, and 13,513 individual A shareholders, 16,283 individual B shareholders. (2) The first ten major shareholders (as of December 31, 2002) Shareholder Increase/de Quantity held as of Percentage Floating Quantity Classifi- crease Dec. 31, 2002 (%) or non- in pawn cation during the floating or frozen report year Shanghai Light Industry 0 117,018,082 46.35 Non- Unknown 46.35% Holding (Group) Company floating Shanghai International Trust 0 9,348,288 3.70 Non- Unknown 3.70% -9- and Investment Company floating Bank of China, Shanghai 0 4,771,000 1.89 Non- Unknown 1.89% Branch floating Shanghai Sanmao Textile 0 1,762,800 0.70 Non- Unknown 0.70% Co., Ltd. floating Lan Yi -81,801 1,495,901 0.59 Floating Unknown 0.62% CBNY PNC / Skandia Select +1,417,110 1,417,110 0.56 Floating Unknown Fund / China Equity AC Shenyin & Wanguo 0 1,300,000 0.51 Non- Unknown 0.51% Securities Co., Ltd. floating Industrial and Commerical 0 650,000 0.26 Non- Unknown 0.26% Bank of China, Shanghai floating No.2 Branch Merrill Lynch Nominees 0 611,000 0.24 Floating Unknown 0.24% (HK) Ltd. Jiang Yuming +3,300 511,100 0.20 Floating Unknown 0.23% (3) Profile of major shareholders who hold individually 10% or more of the Company’ s total stock: (a) Shanghai Light Industry Holding (Group) Company, as holding shareholder, held 117,018,082 shares of the Company (occupying 46.35% in the total stock right) at the beginning of current period. During the report term, there was no change in the quantity of its holding shares, nor hypothecation or freeze occurred. With approval of Shanghai Municipal People’s Government, the foundation of Shanghai Light Industry Holding (Group) Company, as state-owned, exclusively invested, limited liability entity, resulted from the restructure and merger of Shanghai Light Industry Bureau and Shanghai No.2 Light Industry Bureau. On Dec 27th , 1995, with approval from Shanghai Municipal Administration Commission for State-owned Assets in its Circular HuGuoZiWeiShou (1995) 21, the holding shareholder was authorized to a general administration of all the state-owned assets then under its control. The holding shareholder, Zhang Liping as legal representative, owns a registered capital of RMB 3,653,300,000 and its business scope covers the following items: Operation and management of State-owned assets within the authorized range and extent by the Shanghai Municipal Administration Commission for State-owned Assets, industrial investment and domestic trade (except specific circles). (b) There were no relevant transactions between Shanggong Co. and its other nine principal shareholders. It remains unknown if any related transactions existed between the top ten shareholders, or if anyone among them could be considered as Concerted Parties according to the definition set in the . - 10 - IV ABOUT DIRECTORS, SUPERVISORS, SENIOR MANAGERIAL PERSONNEL AND STAFF 1. Managerial personnel of the Company Name Position Sex Age Term of Office Shares held Shares held Variation at the at the end of cause beginning of the term the term Ni Yonggang Chairman M 55 2000.5-2003.5 6,900 6,900 - He Vice-Chairman M 54 2000.5-2003.5 5,100 5,100 - Zhongyuan Wang Lixi Exe. Director M 43 2000.5-2003.5 3,000 3,000 - General Manager Lei Jie Exe. Director M 57 2000.5-2003.5 4,600 4,600 - Chen Huimin Exe. Director M 57 2000.5-2003.5 4,600 4,600 - Fei Fangyu Independent M 54 2000.5-2003.5 2,600 2,600 - Director Liu Independent M 52 2000.5-2003.5 0 0 - Xiangdong Director Jia Chunrong Director M 54 2000.5-2003.5 0 0 - Fan Weimin Chairman of M 53 2000.5-2003.5 0 0 - Supervisory Board Sun Zhen Supervisor M 47 2000.5-2003.5 4,600 4,600 - Liu Junlan Supervisor F 50 2000.5-2003.5 0 0 - Zhang Deputy General M 56 2000.5-2003.5 4,600 4,600 - Hengliang Manager, Chief Engineer Xu Xiaohui Chief F 49 2002.10-2003.5 0 0 - Accountant Zhang Yifeng Secretary of M 52 2000.5-2003.5 2,390 2,390 - Board Current position of the Company’ s Directors and Supervisors in shareholder entities: Name Shareholder Position Term of Office Payment or not Fan Weimin Shanghai Light Industry Director, Admin. & Jan, 1996 – Yes Holding (Group) Company Party Affairs Office present Jia Chunrong Shanghai Shangtou Vice General Jan, 1996 – Yes Investment Management Co. Manager present 2. Annual remuneration of the managerial personnel Remuneration policy: actually, the wage and welfare of the managerial personnel is divided into two parts, which are respectively basic salary and bonus. The latter is directly linked with the target-oriented evaluation for efficiency in the operation. During the report year, the Company’ s senior management personnel consisted of 14 directors, supervisors and managers, whose total payment amounted RMB 998,700. There were 7 persons whose individual salary didn’t hit upwards RMB 50,000. There - 11 - were 5 persons whose salary ranged between RMB 50,000 and RMB 100,000. And the other 2 individuals got annually more than RMB 100,000 from the Company. The three directors with top payment got a total amount of RMB 463,400, while the three managers most highly paid received a salary totally amounted to RMB 235,100. According to the decision of the General Meeting of Shareholders, the Independent Directors received individually an annual subsidy of RMB 40,000 (taxation included). The Meeting of Executive Directors also set the decision to pay RMB 6,000 to each director and supervisor from outside the Company as communication subsidies (except the independent directors). 3. Personnel changes of Directors, Supervisors and Managers during the report period Taking into consideration the work transference, the Board of Directors discussed and approved the resignation respectively of General Manager and Director Pu Weiping, and Director Pan Jiabao. The personnel changes were also considered and approved by the Company’ s 2001 General Meeting of Shareholders. The sixteenth meeting of the Third Board of Directors decided to set Mr. Wang Lixi at the position of General Manager. The twenty-third meeting of the Third Board of Directors approved the resignation of Chief Account Sun Yunfang for work transference, and agreed to designate Ms. Xu Xiaohui as successor. 4. Staff of the Company As at the end of 2002, the Company had 4,001 employers, among whom, 2,029 persons (89.6% were workers in manufacture sector, 4.5% were engineers or technical, 1.5% were accounting persons, 1.6% were sales staff, and the rest 2.8% were administration personnel) were actually working at their positions. Classified by intellectual levels, 265 persons were awarded academy college diploma or higher degree, and 459 persons had professional titles. The Company had a total number of 2,110 retired persons, whose pension and medical costs were covered by the social pension security system. - 12 - V ADMINISTRATIVE STRUCTURE OF THE COMPANY 1. Overview of the Company’ s actual administrative structure In accordance with the principles set in the Norms of Administration for Listed Companies, Shanggong attaches much importance to perfect the internal administrative structure, standardize the operation procedures, protect the interests of common shareholders and optimize the information-release. (1) During the report year, the Company paid prior attention to establish a well-built structure of regulations and norms, and to achieve a well-balanced mechanism between the property owners and the operators under the guide of . Shanggong Co. has amended not only , but also a series of internal administration documents, such as , , , and . Besides, the Company has renewed its and is running the specific committees in lines with the Rules. It also elaborated and . (2) In April 2002, China Securities Regulatory Committee and State Economy and Trade Commission co- issued Circular ZhengJianFa No32. 2002 “Notice to the Examination about the Modern Enterprise Administration System in Listed Companies”. Shanggong immediately organized self-examination and set measures against the risks caused by exterior guaranty and cases in which the holding shareholder occupies the financial resources of the Company. 2. Fulfillment of duties of the Independent Directors in the Board The two Independent Directors fulfill loyally the responsibilities fixed by the and the . During the report period, they actively participated in the management and policy-decision, kept themselves well-known about the development and operations of the Company and acted as conveners in two of the specific divisions of the Board of Directors. Under the lines of the , the division for remuneration and examination affairs held a meeting checking the proposal for valuation of high- leveled management personnel; the strategic division launched a series of research activities with purpose of realizing international capital collaboration and upgrading the industrial structure. In the on-site investigation, the Independent Director took advantage of his professional experience, secured a rational decision and safeguarded the interests of medium and minor shareholders. - 13 - During the same year, the Independent Directors have also expressed independent opinion about the personnel variation of management body, the renewal of mutual guaranty contract and the elaboration of hi-tech transformation. 3. Realization of structure separation between the Company and its holding shareholder Shanggong Co. owns independently a complete chain of purchasing, sales, production and auxiliary systems, which ensures the operation and management without external intervention. The Company also realizes a separation from the holding shareholder in personnel, assets, accounting and organization, and affords responsibility and risks on its own. 4. Evaluation and incentive system for senior management personnel Shanggong practices the administration system dividing responsibility by positions. This system makes it possible for the Company to evaluate the performance of its senior management personnel with concrete standards and targets. Having established a framework of evaluation mechanism, Shanggong is perfecting gradually the incentive system to stimulate the dynamics and invention of senior managerial persons. 5. Some explanation Judging from the consolidated balance sheet, the Company holds its own legal person stock under the article of long-term investment in stock. This situation, caused by assets merger, wouldn’t be resolved soon due to the absence of related regulations to guide the transference of legal person shares. - 14 - VI BRIEF INFORMATION ABOUT SHAREHOLDERS’ GENERAL MEETINGS During the report period, the Company convened the Annual General Meeting of Shareholders and another Provisional General Meeting of Shareholders. 1. 2001 Annual General Meeting of Shareholders On April 10th , 2002, Shanggong released, respectively in and , the announcement of convening the 2001 Annual General Meeting of Shareholders, and informed the public the time, venue and agenda of the meeting. Exactly one month later, the Company held as scheduled the 2001 Annual General Meeting of Shareholders at Shanghai Film Art Center. 216 shareholders and trustees attended the meeting, representing 131,144,974 shares and 51.95% of total stock right of the Company. (Among the attendants, there were 38 B stock shareholders and trustees who represented totally 1,006,198 B shares.) The annual meeting considered and passed the following proposals: , , , , , , , , , , , , , , , , , , and . All the related resolutions were carried on and dated May 14th , 2002. 2. 2002 First Provisional General Meeting of Shareholders On the date Nov 16th , 2002, the Company made the public known about the convention of 2002 First Provisional General Meeting of Shareholders, and the time, venue and agenda of the meeting by an announcement released in and . On Dec 17th , 2002, the 2002 First Provisional General Meeting of Shareholders was gathered at Shanghai Film Art Center. 136 shareholders and trustees, with a stock property of 131,445,105 shares or 52.0644% of the total stock capital, attended the provisional meeting. (Among the attendants, there were 35 B stock shareholders and - 15 - trustees whose stock right accumulated to 1,621,386 B shares; and there were also 76 A stock shareholders and trustees representing 139,749 shares.) The provisional meeting reviewed and approved six proposals, which were , , , , , and . All the resolutions were published on Dec 19th , 2002 in and . 3. Election and personnel variation in the Board of Directors and Supervisors The 2001 Annual General Meeting of Shareholders considered and passed the resignation of both Directors Mr. Pu Weiping and Mr. Pan Jiabao, for reasons of job transference. - 16 - VII REPORT BY THE BOARD OF DIRECTORS 1. Summary and analysis of the Company’ s business performance During 2002, in which the competition structure has changed a lot among the sewing machines’ manufacturers, the Company has also accelerated its steps building the development platform for adapting itself to the new marketing environments. The reality in the domestic market is that the supply of sewing equipments doesn’t suit the demand for its exceeding quantity and unbalanced structure, and the low-price competition in common products is very fierce. During the first half of the report year, the Company didn’t perform rapid reaction to the market changes in the sector of high-speed lockstitch sewing machines, which caused a climb of producing cost and a drop of marketing share. In the second half of the year, the Company adjusted its business program with a series of measures and achieved the bottom-out of its principal operating income and net profit. The measures are viewed as focusing on the principal business, enlarging the market share, elevating the proportion of specialized equipments, improving the product quality, reducing the production costs and operation costs. As a result, the Company realized a principal operating income of RMB 875,300,000, a decrease of 4.47%; a principal operating profit of RMB 154,210,000, 21.10% less than that of the anterior period; and a net profit of RMB 13,160,000, a descent of 71.29%. (1) The structure of principal operations and the current business situation The Company, as manufacturer of sewing machines & equipments, is mainly engaged in the production and sales of sewing machines, related compone nts, special-purposed sewing equipment, technological development and advisory services. (a) Quoting the survey done by China Association of Sewing Machines Manufacturers, the Company is among the biggest players in the domestic market, by its production capacity and the annual output. The marketing share of Shanggong in common machines is 15%, while that of special-purposed machines is 51%. During the report year, the production and sales of industrial sewing machines totaled 172,519 and 192,353 units respectively, and the production of new models represented 62% of the total output. In the same term, Shanggong produced and sold respectively 541,886 and 541,775 domestic sewing machines. The export arm of the Company realized a sales value of USD 45,137,600, 38.38% in the total sales value and a decrease by 2.67% in comparison with that of 2001. (b) Composition of principal operating income and profit a. The principal operating income in the report year amounted RMB 875,300,000: RMB ‘000 Composition Principal Increase/ Principal Increase/ Gross profit Increase/ operating income decrease operating cost decrease rate (%) decrease (%) (%) (%) Sewing machines 569,150 -16.56 458,078 -12.57 19.52 -15.83 Office appliances 180,768 117.95 154,929 109.51 14.29 31.83 Biochemical products 24,287 -2.93 20,847 4.29 14.16 -29.59 Real estates 8,521 -67.49 1,636 -84.26 80.80 33.91 Others 92,574 -7.43 83,105 -6.82 10.23 -5.37 - 17 - Including: related transactions Price-fix policy Necessity & continuance of related transactions The sectors of sewing machines and office appliances consist of those major series whose individual sales value contributed 10% or more both to the Company’ s principal operating income and in its total principal operating profit. b. In the report year, the Company realized a principal operating profit amounted RMB 154,210,000, with the composition as following: By sector or products Proportion in principal operation profits (%) Sewing machines 71.51 Office appliances 16.05 Biochemical products 2.19 Real estates 4.16 Total 93.91 c. Principal operating income by regional division RMB ‘000 Region Principal operating income Increase / decrease (%) Domestic 539,320 4.96 Abroad 335,980 -16.52 (2) Business situation in major subsidiary undertakings and associated undertakings RMB ‘000 Company Business Net assets Total assets Registered Stock right Net profits scope capital proportion Shanghai Baoling Complete Trading 562 1,928 550 90% 46 Engineering Equipment Co. Shanghai Yongde Economic Trading 2,136 6,504 2,000 80% -132 Development Co., Ltd. Shanghai Fuhua Light Trading 6,946 9,679 5,760 55% 63 Industrial Machinery Co., Ltd. Shanghai Industrial Sewing Trading 452, 4,594 4,650 100% -135 Machines Materials Trading Co Nantong Shanggong Sewing Trading 836 3,422 800 65% 1 Machines Co., Ltd. Wuxi Shanggong Sewing Trading 411 665 500 80% -47 Machines Co., Ltd. None among the subsidiary or associated undertakings contributes 10% or more to the Company’ s net profit. (3) Main suppliers and customers As the Company is mainly engaged in the production and sales of sewing machinery, most of the principal suppliers are those of spare parts of sewing machines. The first five suppliers, with an amount of RMB 25,150,000, occupied 25% in total purchase for the Company. During the report period, the first five customers contributed a trade volume of RMB 130,900,000 and 23% to the Company’s total sales of sewing machinery. (4) The difficulties emerged in the business and the proposed solutions Because of the region-structural adjustment in the international sewing machines’ production, the Chinese sewing machinery sector is growing stably in the tight competition. With purpose of changing the situation that some products haven’t accurate target consumers and the margin shrinks gradually, the Company, after completing the sewing machinery industrial restructure in Shanghai, is further striving for enhancing its international competitivity and realizing qualitative changes in tech, management and sales, through adopting capital operations to the industrial upgrade, seeking foreign strategic partner and getting reciprocal cooperation in products and resources. - 18 - 2. Investments by the Company (1) Utilization of funds raised in the report year No funds were raised during the report period, nor have any funds raised in anterior report terms been used up to the present. (2) Investment projects with non-raised funds in the report year (a) The former MOFTEC approved the Company to establish a coinvested Shanghai Merchants Italian Trading Center with the Italian company Zhou’ s Trading (Group) Co. The registered capital of the newly- founded company should be USD 2 millions, among which Shanggong would invest USD 800,000, 40% of the total. The legal procedures haven’t been completed, nor has the investment been set. (details in and dated Dec. 25th , 2002) (b) According to the co-approval by State Economy & Trade Commission and State Development Planning Commission, the Company will launch a technology transformation project to the production of machinery-electronics integrated sewing machines, using the specialized capital of national bonds. Now the Company is preparing the feasibility report for this project with a cost of RMB 110,600,000. (viewing and dated Dec. 25th , 2002 for reference) 3. Financial status of the Company • The total assets up to the end of the report year valued RMB 1,354,455,716.34, an increase by RMB 37,044,516.78 and 2.81% as compared with the beginning data. The increase was mainly due to the enlargement of ending current assets. • The ending long-term liability amounted to RMB 18,564,054.91, an increase by RMB 6,009,631.08 and 47.87% to the beginning of the period. The principal cause lay in the increase of long-term borrowings. • The ending shareholders’ equity amounted to RMB 514,991,748.36, RMB 12,426,420.24 and 2.47% more than that of the opening amount. The main cause was known as the accumulation in current-term profits. • The ending principal operating profit was RMB 154,208,823.42, 21.10% less than that of the anterior year. That was mainly due to the drop in sales of sewing equipments and the decline of gross profits as consequence. • The end-of-year accounts receivable valued RMB 312,545,069.88, 5.3% more than the beginning amount, mainly due to the increase of accounts receivable during the reasonable pay-back period for sales. • The ending amount of other receivable reached RMB 87,962,561.41, representing a decrease of 27.19%, because the Company attached importance to the clearance of other current accounts and controlled irrational occupation of capital • The end-of-year net profit amounted to RMB 13,161,566.40, shrinking 71.29%, due to the following factors: -The disposal of inventories and the decline of sales-price caused a decrease of RMB 6,850,000 of the Company’ s profits. - 19 - -The shrunk income in real estates resulted in a decrease of profit by RMB 7,550,000. -The drop of sales in bio-chemical and non-sewing-equipment products decreased the profits by RMB 2,930,000. -The drop of price of those traditional sewing machines and the decrease of sales’ volume during the first half of the report year resulted in a decline of profit by RMB 14,520,000. • The net-increase in cash and cash equivalents ended by RMB 76,873,587.30, an increase of RMB 188,406,504.30 than the opening data. The main factor lay in the increase of cash flow generated from operating and investment activities. - Net cash generated from operating activities ended by an increase of RMB 24,927,841.86, which is mainly due to the decrease of cash outflow by purchase of goods and payments to staff. - Net cash generated from investing activities realized an increase of RMB 162,585,081.60, mainly due to the decrease of cash paid for investments. - Net cash generating from financing activities decreased by RMB 1,038,911.97, for the decline of income from equity investments and the ascent of interest paid. 4. Influence from the business circumstances, macro-policies and changes in regulations The export-drawback rate is maintained in the sector of sewing machines and spare parts. And Shanggong is named as “High and New Technology Enterprise of Shanghai”, a title that will not expire till the end of 2003. Besides, the Company enjoyed the favorable taxation policy with the registration address in Pudong Development Zone, and followed an income-tax rate of 15%. Because of high participation of exports in the Company’ s sales volume, the international circumstances will attach influence on the Company’ s export performance. Actually, Shanggong is planning to get the holding position of the stock right in a subsidiary undertaking of German FAG Co. by issuance of B shares to Specifically- targeted Subscriber, and to use the advanced technology of the latter to upgrade its own product structure. As to the release of the report, the project is in expectation of approval. The possible success of this project will seal significant influence to the Company’s operations during 2003 and the next few years. 5. Business development program for the coming year (1) Optimizing the capital operations and production management: top priority will be paid to realizing the B shares’issuance to specifically- targeted subscriber and the acquisition of foreign companies in the industrial community. In the meanwhile, Shanggong will strengthen its internal production management, monitoring the manufacture of core products with international tech. standards, promoting OEM style in some sectors and preparing for the partial transference of production from overseas to domestic. (2) Strengthening marketing development and product development: on accelerating the development, put- into-production and go-to- market of new products, Shanggong will also attach more attention to the cultivation and profound research of market, and the exploration of new markets. Furthermore, the Company still takes - 20 - awareness of the importance of analyzing the market and the competitors and projecting the correct sales strategies. (3) Accelerating the construction of “hardware”and “software”: according to national policies and municipal development planning, Shanggong is, on the one hand, preparing for founding a multifunctional industrial park with sewing machinery manufacture as core business, on the other hand, creating actively environments for internal construction and management modernization. And with purpose of standardizing itself to international levels, the Company will also transplant the advanced manage ment experience, idea and measures from its foreign partner, and try to digest them in the processes such as logistics, capital flows, information transmission, S&T development and quality control. 6. Routine activities of the Board of Directors (1) Meetings and resolutions in the report year During the report year, the Board of Directors gathered in nine meetings. (a) The 16th meeting of the Third Board of Directors, convened on Feb. 4th , 2002, considered and passed the variation of General Manager of the Company. The corresponding resolution was published in and dated Feb. 5th , 2002. (b) The 17th meeting of the Third Board of Directors was held on Feb 2, 2001 and a series of proposals and reports were deliberated and approved. Among them there were , , , , , , , , , , , , , , , , , , , and . The meeting also agreed to convene the 2001 Annual General Meeting of Shareholders on May 10th , 2002. The relative resolutions were released in and dated April 10th , 2002. (c) On April 26th , 2003, the Third Board of Directors held its 18th meeting and passed the Company’ s 2002 First Quarter Report. (d) The 19th meeting of the Third Board of Directors gathered on June 12th , 2002, considered and approved the . - 21 - (e) The 20th meeting of the Third Board of Directors on July 26th , 2002, discussed and passed the proposal to co-establish Shanghai Products (Italian) Trading Center with the Italian company Zhou’s Trading (Group) Co. (f) The 21st meeting of the Third Board of Directors on Aug. 9th , 2002, reviewed and passed the Company’ s , and made the decision to treat the non-performing investment according to . The next day published the resolutions in and . (g) The 22nd meeting of the Third Board of Directors, held through communication on Sept. 10th , 2002, considered and approved the proposals for the renewal of mutual loan guaranty contract by the Company respectively with Shanghai Worldbest Enterprise Development Co., Ltd. and Shanghai Construction Materials (Group) Co. and released the resolutions on Sept. 12th , 2002. (h) The Third Board of Directors gathered for its 23rd meeting on Oct. 23rd, 2002 also by communication methods. In the meeting were considered and passed the proposal for transference of accounting chief, the 2002 Third Quarter Report and the proposal for using the specialized capital of national bonds and realizing the technology transformation to the production of machinery-electronics integrated sewing machines. The related resolutions were carried in and of the date Oct. 25th , 2002. (i) On Nov. 14th , 2002, the 24th meeting of the Third Board of Directors reviewed and passed , , , , , and . It also decided to convene the 2002 First Provisional General Meeting of Shareholders on Dec. 17th , 2002. The resolutions were carried in and on Nov. 16th , 2002. (2) Execution of the resolutions made by General Meeting of Shareholders (a) The 2001 Annual General Meeting of Shareholders approved the proposal to make up the deficit of undistributed profit by capital reserve fund, and the related accounting procedures have been completed. (b) With the resolution and authorization by 2001 First Provisional General Meeting of Shareholders, the Board of Directors has stopped the application for issuing additional A shares and has been preparing for the additional B shares’issuance to specifically- targeted subscriber. During the report year, all the application documents have been handed to China Security Regulatory Committee. 7. Proposal for profit appropriation in 2002 (1) 2002 proposal for profit appropriation - 22 - As audited by Shanghai Zhonghua Certified Public Accountants (adopting PRC accounting standards), the consolidated net profit for the year 2002 amounted RMB 13,161,566.40, of which, an amount of RMB 11,775,706.92 was generated in the mother Company. (Quoting the IAS auditing report by PricewaterhouseCoopers Certified Public Accountants, H.K, the consolidated net profit for the year 2002 valued RMB 13,000,000.) In accordance with the Association of Articles of the Company, Shanggong has set aside RMB 1,177,570.69, 10% of the mother Company profit, for statutory capital reserve fund and the same amount for statutory public welfare fund. The Company has also decided not to appropriate discretionary reserve fund for the report period. As a result, the profit available for distribution generated in the report year, an amount of RMB 9,420,565.54, together with the adjusted indisposed profit at the beginning of the year amounted RMB –8,020,614.51, constituted the profit accumulatively distributable for shareholders totaling RMB 991,046.43. Taking into account the growth acceleration of the Company and the long-term earning of the shareholders, the Board of Directors set the decision to adjust the profit appropriation proposal and not to distribute dividend or bonus shares, with purpose of meeting the large capital demand caused by the crucial acquisition and technological transformation. (2) Proposal for capitalizing the reserve fund for issuance of bonus shares The ending sum of capital reserve fund amounted RMB 257,092,620.64. The Company plans to capitalize the reserve fund for issuing bonus shares to all the shareholders at a ratio of 1.5 bonus shares for every 10 existing. That means a total volume of 37,869,956 shares will be distributed among the existing 252,466,370 shares, and the remaining capital reserve fund will decline to RMB 219,222,664.64. For that the capitalization of reserve fund will cause a variation of the Company’ s stock capital, the Board of Directors has been authorized with the mission to handle all the related articles. This proposal still awaits the approval of the 2002 Annual General Meeting of Shareholders. 8. Other issues to be reported During the report year, Shanggong still entrusts and as its information release carriers. - 23 - VIII REPORT OF THE SUPERVISORY BOARD 1. During the report year, the Supervisory Board took four meetings: (1) The 10th meeting of the Company’ s Third Supervisory Board was he ld on April 8th , 2002. The Board reviewed and approved , , , , . The resolutions were carried on and dated April 10th , 2002. (2) The 11th meeting of the Third Supervisory Board gathered on April 26th , 2002 and reviewed of the Company. (3) On August 19th , 2002, the 12th meeting of the Third Board of Supervisors considered and agreed the Company’ s . rd (4) On Oct. 23 , 2002, was reviewed and passed by the 13th meeting of the Third Supervisory Board. 2．Independent opinions of the Supervisory Board about the operations in 2002 (1) The law-abiding operations of the Company During the report year, the Company convened general meetings of shareholders, Directors and Supervisors strictly in conformity with legal procedures, and made decisions exactly in accordance with the rules fixed in . It also made every effort to execute legal and efficient operations and has established an effective internal administrative system. No behaviors were found among the Directors, nor the General Manager, violating the laws, regulations or articles of the Company, nor acts infringing the interests of the Company. (2) The accounting measures of the Company Shanghai Zhonghua Certified Public Accountants expressed an independent, clean audit opinion on the Company’s statements for the year base in their audit. These financial statements gave a true, objective, integrated and accurate view of the Company’ s financial position and the results of its operations. (3) Transparency of related transactions No behaviors harming the benefits of shareholders or behind-the-scene deals were found in the process of the Company’ s assets acquisition or transfer, nor any abnormality, irrationality about the price in these deals were detected. (4) There were no significant acquisitions or sales of property in which the Company has been involved during the report year. - 24 - IX REGULATORY INFORMATION 1. Important arbitrations and ligitations involved by the Company The Company hasn’tinvolved in any arbitration or ligitation during the report year. 2. Acquisition and sales of assets in the report year (1) During the report year, the Company hasn’t made significant acquisition, sales or proposal of assets. (2) Acquisition, sales and proposal of assets during anterior years On March 29th , 2000, the Company convened its 2000 First Provisional General Meeting of Shareholders, in which was approved the proposal to acquire 90% stock right of Hunan Yinhai Biochemicals Co., Ltd. Because of the radical changes in the market, it must be impossible for the Company to reach its beneficial goals for the acquisition. After negotiation with the target company, Shanggong has made the decision to end the acquisition. The related document drafted by the Board of Directors, , also has been approved in the 2001 Annual General Meeting of Shareholders on May 10th , 2002. (resolutions available in and dated April 10th , 2002 and May 14th , 2002 respectively). 3. Claims and liabilities between the Company and other related parties RMB’000 Financings to related parties Funds furnished by related parties Related party Sum incurred Balance Sum incurred Balance Other Other Shanghai Light Industry receivable receivable Holding (Group) Co. 577.1 1,706.7 Other Shanghai Sewing Machine receivable Screws Factory 30.4 Other Shanghai Gongfeng Electric receivable Appliances Co. 5,216.3 Other Shanghai Huaqiang Sewing receivable Equipments Factory 7,024.4 Other Shanghai Pujiang Metal receivable Articles Factory 1,165.6 Other Shanghai Shanggong Huaxin receivable Precision Industry Co., Ltd 4,607.2 Other Shanghai Shanggong Water receivable Dispensers Co., Ltd. 2,521.0 Total 21,142.0 1,706.7 - 25 - 4. Significant Contracts and their Fulfillment (1) The Company didn’t trust, contract or lease any of its assets to other companies. Nor did any other companies trust, contract or lease their assets to the Company during the report year. (2) The Company established equal-amount borrowing credit guaranty relationship with the following companies: Company Incurred Guaranteed Relationship Valid Completed Related parties date amount period or not guaranty or not RMB’000 Shanghai Construction 28.09.2002- 90,000 Joint- Two No No Material (Group) 27.09.2004 Liability years General Company Guaranty Shanghai China 11.09.2002- 100,000 Joint- Two No No Worldbest Enterprise 10.09.2004 Liability years Development Co., Ltd. Guaranty China Worldbest Group 30.11.2002- 100,000 Joint- One No No Co., Ltd. 29.11.2003 Liability year Guaranty Shanghai Worldbest 30.11.2002- 20,000 Joint- One No No Pharmaceutics Co., Ltd. 29.11.2003 Liability year Guaranty Total guaranty incurred 310,000 Remaining sum 310,000 In which, related guaranty sum 0 (3) During the report period, the Company did not trust others to fulfill management of its cash assets. 5. Significant undertakings Neither the shareholders who individually hold 5% or more of the Company’s shares, nor the Company itself, released undertakings in the entrusted newspaper or authorized Internet sites. 6. Accounting firms employed The Company still appointed respectively Shanghai Zhonghua Certified Public Accountants and PricewaterhouseCoopers Certified Public Accountants, H.K. as the domestic and the international auditors for the Company’ s annual financial statements. Since 1993 and 1994, the years in which the Company issued its A shares and B shares respectively in Shanghai Stock Exchange, both the above- mentioned accounting firms have been acting as domestic and international auditors for the Company for successively 9 years. The total payments to Shanghai Zhonghua Certified Public Accountants and PriceWaterHouseCoopers Certified Public Accountants, H. K. amounted respectively RMB 300,000 and 667,500. These payments included accommodation fee of RMB 9,500 for the former and RMB 38,200 for the latter. - 26 - 7. During the report period, the Board of Directors, the individual Directors and the Company itself hadn’t received any check, administration punishment or notice of criticism from China Securities Regulatory Committee, nor been publicly condemned by Shanghai Stock Exchange. - 27 - X FINANCIAL STATEMENTS BY DOMESTIC AUDITOR Domestic Auditors’Report Huzhongkuaizi(2003)No.0599 To the shareholders of Shanggong Co., Ltd. We have accepted the entrustment from Shanggong Co., Ltd. (the Company) and have audited the accompanying balance sheet of Shanggong Co., Ltd. (the “Company”) and its subsidiaries (the “Group”) as of 31 December, 2002 and the related consolidated cash flow statements, profit / loss and profit distribution statements 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 financial statements based on our audit. We conducted our audit in accordance with PRC Independent Standards on Auditing for certified accountants. During the auditing, we fulfilled the necessary procedures that are closely suitable to the situation of the Company, including doing spot check on accounting records, books, etc. In our opinion, the financial statements, according with the regulations of “Accounting Norms for Enterprises”and “Accounting System for Limited Companies”, give a true and fair view of the financial position of the Company as of 31 December, 2002 and of the results of its operations and its cash flows in all significant aspects for the period then ended. The measures are following the consistent principals for accounting. Shanghai Zhong Hua Certified Public Accountants PRC Certified Public Accountant Lin Dong Mo PRC Certified Public Accountant Li Wen Xiang - 28 - PricewaterhouseCoopers 22nd Floor Prince’s building Central Hong Kong Telephone (852) 2289 8888 Facsimile (852) 2810 9888 INTERNATIONAL AUDITORS’REPORT TO THE SHAREHOLDERS OF SHANGGONG CO., LTD. (Incorporated as a joint stock limited company in the People ’ s Republic of China) We have audited the accompanying consolidated balance sheet of Shanggong Co., Ltd. (the “Company”) and its subsidiaries (the “Group”) as of 31 December 2002 and the related consolidated income and cash flow statements for the year then ended. These consolidated financial statements set out on pages 2 to 39 are the responsibility of the Company’ s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion the consolidated financial statements present fairly in all material respects the financial position of the Group as of 31 December 2002 and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. PricewaterhouseCoopers Certified Public Accountants Hong Kong, 17 April 2003 - 29 - Shanggong Co., Ltd. Consolidated income statement For the year ended 31 December 2002 Notes 2002 2001 RMB’000 RMB’000 Sales 5 699,347 813,653 Cost of sales (570,321) (639,013) Gross profit 129,026 174,640 Other operating profit 26,448 38,069 Distribution costs (24,624) (28,918) Administrative expenses (83,545) (132,511) Profit from operations 6 47,305 51,280 Finance costs - net 7 (30,287) (27,827) Share of results of associates before tax 2,608 (462) Profit before tax 19,626 22,991 Income tax 9 (5,589) (9,650) Profit after tax 14,037 13,341 Minority interests 24 (1,037) (1,978) Net profit 13,000 11,363 Earnings per share 10 RMB0.051 RMB0.045 The accompanying notes on pages 7 to 39 form an integral part of these consolidated financial statements. - 30 - Shanggong Co., Ltd. Consolidated balance sheet As of 31 December 2002 Notes 2002 2001 RMB’000 RMB’000 ASSETS Non-current assets Property, plant and equipment 11 254,310 285,293 Land use rights 12 18,347 18,731 Construction in progress 13 9,569 9,147 Intangible assets 14 23,487 26,391 Investments in associates 15 161,707 160,854 Available-for-sale investments 16 37,105 37,565 504,525 537,981 Current assets Inventories 17 161,566 164,098 Amounts due from related companies 18 23,591 10,708 Amounts due from associates 18 2,895 212 Trade receivables 19 207,995 193,613 Bills receivable 52,908 58,984 Other receivables, prepayments and deposits 101,367 91,003 Trading investments 20 5,889 6,768 Cash and cash equivalents 21 220,577 158,159 776,788 683,545 Total assets 1,281,313 1,221,526 The accompanying notes on pages 7 to 39 form an integral part of these consolidated financial statements. - 31 - Shanggong Co., Ltd. Consolidated balance sheet (continued) As of 31 December 2002 Notes 2002 2001 RMB’000 RMB’000 SHAREHOLDERS’EQUITY Capital and reserves Share capital 22 252,466 252,466 Reserves 23 290,197 388,169 Accumulated losses (29,296) (141,093) Total shareholders’equity 513,367 499,542 Minority interests 24 20,348 20,642 LIABILITIES Non-current liabilities Borrowings 25 7,400 400 Current liabilities Trade payables 154,380 161,291 Bills payable 13,317 10,605 Current tax liabilities - 2,158 Borrowings 25 533,610 455,340 Amount due to the major shareholder 18 71 3,436 Amounts due to related companies 18 1,038 - Amounts due to associates 18 13,357 10,033 Other payables and accrued charges 24,425 58,079 740,198 700,942 Total liabilities 747,598 701,342 Total equity and liabilities 1,281,313 1,221,526 The accompanying notes on pages 7 to 39 form an integral part of these consolidated financial statements. These consolidated financial statements have been approved for issue by the board of directors on 17 April 2003. - 32 - Shanggong Co., Ltd. Consolidated statement of changes in shareholders’equity For the year ended 31 December 2002 Share capital Reserves Accumulated (note 22) (note 23) losses Total RMB’000 RMB’000 RMB’000 RMB’000 Balance at 1 January 2001 252,466 376,537 (160,159) 468,844 Net profit - - 11,363 11,363 Tax liabilities assumed by the major - 19,335 - 19,335 shareholder Adjustments arising from restatement of accumulated losses of statutory financial statements - (21,549) 21,549 - Transfer to reserve funds - 13,846 (13,846) - Balance at 31 December 2001 252,466 388,169 (141,093) 499,542 Net profit - - 13,000 13,000 Transfer to accumulated losses - (100,592) 100,592 - Share of reserves of an associate in respect of its write-back of long outstanding payables - 125 - 125 Staff benefits liabilities assumed by the major shareholder - 700 - 700 Transfer to reserve funds - 1,795 (1,795) - Balance at 31 December 2002 252,466 290,197 (29,296) 513,367 The accompanying notes on pages 7 to 39 form an integral part of these consolidated financial statements. - 33 - Shanggong Co., Ltd. Consolidated cash flow statement For the year ended 31 December 2002 Notes 2002 2001 RMB’000 RMB’000 Cash flows from operating activities Cash generated from operations 26 34,620 12,893 Interest received 2,566 1,889 Interest paid (32,699) (29,346) Tax paid (7,203) (11,946) Net cash used in operating activities (2,716) (26,510) Cash flows from investing activities Purchase of property, plant and equipment 11 (7,892) (22,718) Payments for construction in progress 13 (1,616) (5,526) Payments for land use rights - (5,190) Payments for acquisition of intangible assets - (15,100) Acquisition of subsidiaries, net of cash acquired - (8,677) Increase in investments in associates 15 (362) (135,779) Acquisition of additional interests in subsidiaries - (4,058) Disposal of certain interest in a subsidiary to minority shareholder 24 200 - Purchase of available-for-sale investments - (2,808) Decrease in bank fixed deposits 99 171,243 Proceeds from disposal of available-for-sale 350 9,191 investments Proceeds from disposal of property, plant and 26 4,040 19,297 equipment Proceeds from disposal of construction in progress - 1,120 Dividends received from available-for-sale investments 42 173 Dividends received from associates 15 1,698 863 Net cash (used in)/from investing activities (3,441) 2,031 Cash flows from financing activities Proceeds from borrowings 160,690 - Repayments of borrowings - (12,910) Capital injection by minority shareholders - 3,477 Dividends paid to group shareholders (15,065) - Dividends paid to minority shareholders 24 (1,531) (362) Net cash from/(used in) financing activities 144,094 (9,795) Net increase/(decrease) in cash and cash equivalents 137,937 (34,274) Cash and cash equivalents at beginning of year (23,093) 11,181 Cash and cash equivalents at end of year 21 114,844 (23,093) The accompanying notes on pages 7 to 39 form an integral part of these consolidated financial statements. - 34 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 General Shanggong Co., Ltd. (the “Company”) is a joint stock limited company incorporated in the People’ s Republic of China (the “PRC”). The Company is listed on the Shanghai Stock Exchange. The Company and its subsidiaries (the “Group”) are mainly engaged in the manufacturing and sale of sewing machine s and related spare parts. The address of the Company is as follows: 12th Floor, Orient Mansion, No. 1500 Century Avenue, Pudong New Area, Shanghai, PRC. Accounting policies The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below: Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). This basis of accounting differs from that used in the management accounts of the Company and its subsidiaries which were prepared in accordance with generally accepted accounting principles and financial regulations applicable to enterprises in the PRC (“PRC GAAP”). The consolidated financial statements have been prepared under the historical cost convention, except that as disclosed in note 2(H), available -for-sale and trading investments are stated at fair value. The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’ s best knowledge of current event and actions, actual results ultimately may differ from those estimates. - 35 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 2 Accounting policie s (continued) 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. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition plus costs directly attributable to the acquisition. The excess of the cost of acquisition over the fair value of the ne t assets of the subsidiary acquired is recorded as goodwill. See note 2(G) for the accounting policy on goodwill. 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. Details of the Group’ s principal subsidiaries are shown in note 32. (2) Associates Associates 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. Investments in associates are accounted for by the equity method of accounting. Under this method the Company’ s share of the post-acquisition profits or losses of associates is recognised in the income statement and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the cost of the investment. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’ s interests in the associates; unrealised losses are also eliminated unless the trans action provides evidence of an impairment of the asset transferred. The Group’ s investments in associates include goodwill (net of accumulated amortisation) on acquisition. When the Group’ s share of losses in an associate equals or exceeds its interest in the associate, the Group will not recognise further losses, unless the Group has incurred obligations or made payments on behalf of the associate. Particulars of the Group’ s principal associates are shown in note 33. - 36 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 2 Accounting policies (continued) Foreign currency translation (1) Measurement currency 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 Renminbi (“RMB”), which is the measurement currency of the Group. (2) Transactions and balances Foreign currency transactions are translated into the measure ment 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 consolidated income statement. Translation differences on other monetary financial assets measured at fair value are included in foreign exchange gains and losses. (3) Group companies Income statements and cash flows of foreign entities are translated into the Group’s reporting currency at average exchange rates for the year and their balance sheets are translated at the exchange rates ruling on 31 December. Exchange differences arising from the translation of the net investment in foreign entities are taken to shareholders’equity. When a foreign entity is sold, such exchange differences are recognised in the consolidated income statement as part of the gain or loss on sale. - 37 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 2 Accounting policies (continued) Property, plant and equipment All property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment charge. Depreciation is calculated on the straight-line method to write off the cost of the assets to their residual values over their estimated useful lives as follows: Buildings 20 years Plant and machinery 10 years Furniture, fixtures and office equipment 5 years Motor vehicles 5 years Where the carrying amount of an asset is greater than its estimated recove rable amount, it is written down immediately to its recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in operating profit. Repairs and maintenance are charged to the consolidated income statement during the financial period in which they are incurred. The cost of major renovations is included in the carrying amount of the asset when it is probable that future economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to the Group. Major renovations are depreciated over the remaining useful life of the related asset. Construction in progress Construction in progress represents plant and properties under construction and machine ry and other equipment under installation and is stated at cost. This includes cost of construction, plant and equipment and other direct costs. Construction in progress is not depreciated until such time as the relevant assets are completed and put into its intended use. - 38 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 2 Accounting policies (continued) Land use rights Land use rights are up-front payments to acquire long-term interest in land. These payments are stated at cost and amortised on a straight-line basis over the unexpired period of the rights or 50 years, whichever is shorter, net off accumulated impairment charge. In previous years, land use rights were included in intangible assets and were stated at cost less accumulated amortisation and accumulated impairment charge. This change in classification of land use rights does not have a significant effect on the consolidated financial statements. Intangible assets (1) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’ s share of the net assets of the acquired subsidiary or associate at the date of acquisition. Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill on acquisition of associates is included in investments in associates. Goodwill is amortised using the straight-line method over its economic useful life or 10 years, whichever is shorter. Negative goodwill represents the excess of the fair value of the Group’ s share of the net assets acquired over the cost of acquisition. Negative goodwill is presented in the same balance sheet classification as goodwill. To the extent that negative goodwill relates to expectations of future losses and expenses that are identified in the Group’ s plan for the acquisition and can be measured reliably, but which do not represent identifiable liabilities, that portion of negative goodwill is recognised in the consolidated income statement when the future losses and expenses are recognised. Any remaining negative goodwill, not exceeding the fair values of the non-monetary assets acquired, is recognised in the consolidated income statement over the remaining weighted average useful life of those assets or 10 years, whichever is shorter. Negative goodwill in excess of the fair values of those assets is recognised in the income statement immediately. The gains or loss on disposal of an entity includes the carrying amount of goodwill relating to the entity disposed of. - 39 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 2 Accounting policies (continued) G Intangible assets (continued) (2) Other intangible assets Expenditure to acquire know-how and trademark are capitalised and amortised using the straight-line method over its economic useful life or 10 years, whichever is shorter. Intangible assets are not revalued. (3) Impairment Where an indication of impairment exists, the carrying amount of any intangible asset including goodwill is assessed and written down immediately to its recoverable amount. 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 sho rt term is defined as three 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 expressed 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. During the year the Group did not hold any held-to-maturity investments. Purchases and sales of investments are recognised on the trade date, which is the date that the Group commits to purchase or sell the asset. Cost of purchase includes transaction costs. Available -for-sale and trading investments are subsequently carried at fair value. Realised and unrealised gains and losses arising from changes in the fair value of available -for-sale and trading investments are included in the consolidated income statement in the period in which they arise. - 40 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 2 Accounting policies (continued) H Investments (continued) The fair values of investments are based on quoted bid prices or amounts derived from cash flow models. Fair values for unlisted equity securities are estimated using applicable price/earnings or price/cash flow ratios refined to reflect the specific circumstances of the issuer. Equity securities for which fair values cannot be measured reliably are recognised at cost less impairment. Operating leases (1) The Group companies are the lessee Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives receive d from the lessor) are charged to the consolidated income statement on a straight-line basis over the period of relevant leases. (2) The Group companies are the lessor Assets leased out under operating leases are included in property, plant and equipment in the balance sheet. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment. Rental income (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term. 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. - 41 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 2 Accounting policie s (continued) Trade receivables Trade receivables are carried at original invoice amount less provision made for impairment 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. Cash and cash equivalents Cash and cash equivalents are carried in the consolidated balance sheet at cost. For the purposes of the consolidated cash flow statement, cash and cash equivalents compr ise cash on hand and deposits held at call with banks, net of short-term borrowings due within three months, pledged bank deposits and bank fixed deposits with maturity over three months. Borrowings Borrowings are carried in the consolidated balance sheet at cost. 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. - 42 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 2 Accounting policies (continued) Income taxes The charge for PRC income tax is based on the result for the year as adjusted for items which are non-payable or non-deductible and is provided at the rates applicable to the Company and its subsidiaries. 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 consolidated financial statements. Currently enacted tax rates are used in the determination of deferred 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. Employee benefits (1) Pension scheme The Group participates in a defined contribution retirement scheme organised by the respective municipal governments where the Group companies operate. The Group is required to make contributions for its employees in accordance with prescribed rules and regulations of the pension scheme. Contributions to the scheme are charged to the consolidated income statement in the year to which they relate. (2) Termination benefits Termination benefits are payable whenever an employee’ s employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either terminate the employment of current employees according to a detailed formal plan without possibility of withdrawal or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. - 43 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 2 Accounting policies (continued) Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. Revenue recognition 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 recognised when significant risks and rewards of ownership of the goods are transferred to the buyer. 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. Dividend income is recognised when the right to receive payment is established. Dividends Dividends are recorded in the Group’ s consolidated financial statements in the period in which they are approved by the Group’ s shareholders. - 44 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 2 Accounting policies (continued) S Comparatives Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current year. Financial instruments Financial assets and financial liabilities carried on the consolidated balance sheet include cash and cash equivalents, trade and bills receivables, other receivables, trading investments, available -for-sale investments, trade and bills payables, other payables and borrowings. The accounting policies on recognition and measurement of these items are disclosed in the respective accounting policies. Financial risk management Credit risk The carrying amount of cash and cash equivalents, amounts due from related companies and associates, trade receivables, bills receivable and other current assets represented the Group’ s maximum exposure to credit risk in relation of financial assets. Cash is placed with reputable registered banks and the weighted average effective interest rate on deposits was 0.72% per annum. Majority of the Group’ s trade receivables and bills receivable relate to sales of goods to third party customers. The Group performs ongoing credit evaluations of its customers’financial condition and generally does not require collateral on trade receivables. The Group maintains a provision for doubtful debts and actual losses have been within management’ s expectation. No other financial assets carry a significant exposure to credit risk. Currency risk RMB is not freely convertible into foreign currencies. Since most of the transactions of the Group were settled in RMB, in the opinion of the directors, the Group would not have significant foreign currency risk exposure. - 45 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 4 Financial risk management (continued) Interest rate risk The interest rates and terms of repayment of borrowings are disclosed in note 25. The directors of the Company and its subsidiaries believe that the exposure to intere st rate risk of financial assets and liabilities as of 31 December 2002 was minimal since their deviation from their respective fair values was not significant. Fair value The carrying amounts of the following financial assets and financial liabilities approximate to their fair values: cash and bank balances, available -for-sale and trading investments, trade receivables, bills receivable, amounts due from related companies and associates, other receivables, prepayments and deposits, trade payables, bills payable, amounts due to related companies and associates, other payables and accrued charges and borrowings. Information on the fair value of borrowings is included in note 25. Fair value estimates are made at a specific point in time and are based on relevant market information. These estimates are subjective in nature and involved uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in valuation methods and assumptions could significantly affect the estimates. Sales Sales are mainly made in the PRC and mainly represents the sale of sewing machines and related spare parts to customers, at invoiced value net of discounts and value -added tax. No segment information is presented as over 90% of the Group’ s sales are derived from the sale of sewing machines in the PRC. - 46 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Profit from operations The following items have been included in arriving at profit from operations: Notes 2002 2001 RMB’000 RMB’000 Depreciation on property, plant and equipment - owned assets 11 36,112 39,615 Amortisation of goodwill on acquisition of an associate 15 8,380 4,190 Staff costs 8 69,109 68,839 Included in other operating profit Provision for taxes on disposal of property, plant and equipment - 1,478 Gain on disposal of property, plant and 26 (771) (9,847) equipment Loss/(gain) on sale of available-for-sale investments 110 (2,564) Operating lease rental income (5,521) (5,926) Gain on sale of trading investments (131) (695) Included in administrative expenses Impairment charge / (reversal of impairment) for bad and doubtful debts - trade receivables (9,285) (28,699) - other receivables, prepayments and deposits 3,234 13,853 Impairment of property, plant and - 39,570 equipment Impairment of construction in progress 13 688 - Reversal of provision for slow-moving - (26,285) inventories (Reversal of write-down) / write-down of inventories to net realisable value (10,567) 35,448 Amortisation of land use rights 12 384 300 Amortisation of intangible assets 14 2,904 1,916 Operating lease rental expenses 6,065 8,779 Impairment of available-for-sale investments - 155 Reversal of impairment of investments in associates - (1,412) - 47 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Finance costs - net 2002 2001 RMB’000 RMB’000 Interest expenses - bank and other borrowings 32,699 29,346 Interest income - banks (2,566) (1,889) Net foreign exchange transaction losses 154 370 30,287 27,827 Staff costs 2002 2001 RMB’000 RMB’000 Wages, salaries and other staff benefits 56,232 52,063 Termination benefits 1,599 6,062 Pension scheme contributions (note 27) 11,278 10,714 69,109 68,839 The number of full-time employees employed by the Group at 31 December 2002 was 3,883 (2001: 3,502). Income tax expense 2002 2001 RMB’000 RMB’000 Current tax 5,045 9,612 Share of tax of associates (note 15) 544 38 5,589 9,650 (a) The Company and certain subsidiaries are subject to PRC enterprise income tax at the preferential tax rate of 15% for enterprises incorporated and established in the Pudong Development Zone of Shanghai. Pursuant to the approvals of the relevant local tax authorities, one of the subsidiaries of the Company is exempted from enterprise income tax for the first three years commencing from May 1997 and a 50% reduction of the enterprise income tax for the two consecutive years thereafter. Income taxes of other subsidiaries of the Group are provided at the standard rate of 33%. - 48 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 9 Income tax expense (continued) (b) The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the tax rates applicable to the Company, its subsidiaries and associates as follows: 2002 2001 RMB’000 RMB’000 Profit before tax 19,626 22,991 Tax calculated at the tax rates ranging from 15% to 33% as applicable to the Company and its subsidiaries and associates 5,349 3,230 Income not subject to tax (5,132) (8,126) Expenses not deductible for tax purposes 5,372 14,546 Tax charge 5,589 9,650 (c) No provision for deferred taxation has been made in the financial statements as the effect of temporary timing differences is not material to the Group. Earnings per share The calculation of earnings per share is based on the net profit attributable to shareholders for the year of RMB13,000,000 (2001: RMB11,363,000) and the number of shares in issue of 252,466,370 (2001: 252,466,370) during the year. The Company has no dilutive potential shares and diluted earnings per share are not presented. - 49 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Property, plant and equipment Furniture, fixtures Plant and and office Motor Buildings machinery equipment vehicles Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Year ended 31 December 2001 Opening net book amount 118,942 197,485 13,423 3,101 332,951 Acquisition of subsidiaries 3,382 - 290 445 4,117 Additions 11,178 5,041 3,864 2,635 22,718 Transfer from construction in progress (note 13) 7,782 5,050 353 957 14,142 Disposals (5,597) (2,992) (124) (737) (9,450) Impairment charge (note 6) (10,378) (29,192) - - (39,570) Depreciation charge (note 6) (7,148) (28,973) (2,480) (1,014) (39,615) Closing net book amount 118,161 146,419 15,326 5,387 285,293 At 31 December 2001 Cost 174,503 438,534 25,446 14,685 653,168 Accumulated impairment charge (10,378) (29,192) - - (39,570) Accumulated depreciation (45,964) (262,923) (10,120) (9,298) (328,305) Net book amount 118,161 146,419 15,326 5,387 285,293 Year ended 31 December 2002 Opening net book amount 118,161 146,419 15,326 5,387 285,293 Additions - 6,432 1,008 452 7,892 Transfer from construction in progress (note 13) - 372 88 46 506 Disposals - (2,978) (130) (161) (3,269) Depreciation charge (note 6) (6,574) (26,852) (1,440) (1,246) (36,112) Closing net book amount 111,587 123,393 14,852 4,478 254,310 At 31 December 2002 Cost 174,480 436,330 25,519 14,508 650,837 Accumulated impairment charge (10,378) (29,192) - - (39,570) Accumulated depreciation (52,515) (283,745) (10,667) (10,030) (356,957) Net book amount 111,587 123,393 14,852 4,478 254,310 (a) The Group’s buildings are all situated in the PRC and on the land for which the Group has been granted land use rights for an unspecified period. (b) Bank borrowings are secured on buildings and plant and machinery to the net book amount of RMB54,151,000 (2001: RMB78,296,000) and RMB6,306,000 (2001: RMB7,770,000), respectively (note 25). - 50 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Land use rights 2002 2001 RMB’000 RMB’000 Opening net book amount 18,731 13,841 Additions - 5,190 Amortisation charge (note 6) (384) (300) Closing net book amount 18,347 18,731 Cost 19,382 19,382 Accumulated amortisation (1,035) (651) Net book amount 18,347 18,731 Construction in progress 2002 2001 RMB’000 RMB’000 Opening net book amount 9,147 18,883 Additions 1,616 5,526 Transfer to property, plant and equipment (note 11) (506) (14,142) Disposals - (1,120) Impairment charge (688) - Closing net book amount 9,569 9,147 No interest costs on borrowings are capitalised during the year (2001: Nil). - 51 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Intangible assets Goodwill Know-how Trademarks Total RMB’000 RMB’000 RMB’000 RMB’000 Year ended 31 December 2001 Opening net book amount 6,569 1,200 - 7,769 Additions - - 20,160 20,160 Acquisition of subsidiaries 378 - - 378 Amortisation charge (note 6) (768) (140) (1,008) (1,916) Closing net book amount 6,179 1,060 19,152 26,391 At 31 December 2001 Cost 7,100 1,200 20,160 28,460 Accumulated amortisation (921) (140) (1,008) (2,069) Net book amount 6,179 1,060 19,152 26,391 Year ended 31 December 2002 Opening net book amount 6,179 1,060 19,152 26,391 Amortisation charge (note 6) (768) (121) (2,015) (2,904) Closing net book amount 5,411 939 17,137 23,487 At 31 December 2002 Cost 7,100 1,200 20,160 28,460 Accumulated amortisation (1,689) (261) (3,023) (4,973) Net book amount 5,411 939 17,137 23,487 - 52 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Investments in associates 2002 2001 RMB’000 RMB’000 At beginning of year 160,854 25,026 Increase in investments 362 135,779 Share of increase in reserves 125 - Share of results before tax 2,608 (462) Share of tax (note 9) (544) (38) Share of results after tax 2,064 (500) Dividends received (1,698) (863) Reversal of provision for impairment - 1,412 At end of year 161,707 160,854 Investments in associates at 31 December 2002 include goodwill of RMB71,452,000, net of accumulated amortisation of RMB12,570,000 (2001: goodwill of RMB79,832,000, net of accumulated amortisation of RMB4,190,000). The share of results before tax includes RMB8,380,000 (2001: RMB4,190,000) representing the amortisation charge of goodwill in respect of acquisition of an associate. Details of the principal associates are shown in note 33. Available-for-sale investments 2002 2001 RMB’000 RMB’000 At beginning of year 37,565 41,539 Additions - 2,808 Provision for impairment - (155) Disposals (460) (6,627) At end of year 37,105 37,565 Available- for-sale investments represent listed and unlisted investments in the PRC incorporated companies of not more than 20% of their share capital/paid up capital. Investments in listed companies represent various legal person shares in certain listed companies in the PRC. Pursuant to the “Standard Opinion on Joint Stock Companies Limited by Shares” issued by relevant PRC authorities, legal person shares are not transferable and not allowed to be traded on the stock markets except with the approval of relevant authorities. Such investments are measured at cost. At 31 December 2002, available-for-sale investments other than the investments in legal person shares of the Group have neither a quoted market price in an active market nor a fixed maturity, and are measured at cost after assessment of impairment. - 53 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Inventories 2002 2001 RMB’000 RMB’000 Raw materials (at cost) 31,716 39,322 Raw materials (at net realisable value) 1,800 1,723 Work in progress (at cost) 20,444 11,406 Work in progress (at net realisable value) 4,274 5,564 Finished goods (at cost) 70,921 89,723 Finished goods (at net realisable value) 32,411 16,360 161,566 164,098 Amounts due from/to the major shareholder, related companies and associates These mainly represent current account balances arising from transactions entered into in the normal course of business. The amounts are unsecured and with no fixed repayment term, of which an amount due from a related company of RMB17,847,000 is interest bearing at 1.98% per annum, other amounts are interest free. Trade receivables 2002 2001 RMB’000 RMB’000 Trade receivables 274,012 268,915 Less: Provision for bad and doubtful debts (66,017) (75,302) Trade receivables –net 207,995 193,613 Concentrations of credit risk with respect to trade receivables are limited due to the Group’ s large number of customers, who are mainly dispersed in the PRC, cover the spectrum of manufacturing and distribution and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Group’s trade receivables. - 54 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Trading investments The trading investments are traded in active markets and are valued at market value at the close of business on 31 December by reference to respective stock exchange quoted bid prices. Trading investments are classified as current assets because they are expected to be realised within twelve months of the balance sheet date. In the cash flow statement, trading investments are presented within the section on operating activities as part of changes in working capital. In the income statement, changes in fair value of trading investments are recorded in other operating profit. Cash and cash equivalents 2002 2001 RMB’000 RMB’000 Cash at bank and in hand 204,764 142,247 Short-term bank deposits 15,813 15,912 220,577 158,159 The weighted average effective interest rate on short-term bank deposits was 1.25% (2001: 2.49%) per annum and these deposits have an average maturity of one year. Bank borrowings of RMB14,000,000 (2001: RMB14,000,000) are secured on bank deposits of RMB15,813,000 (2001: RMB15,402,000) (note 25). For the purposes of the cash flow statement, the cash and cash equivalents comprise the following: 2002 2001 RMB’000 RMB’000 Cash and bank balances 220,577 158,159 Bank fixed deposits with maturity over 3 months (15,813) (15,912) Short-term bank borrowings due within 3 months (89,920) (165,340) 114,844 (23,093) - 55 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Share capital Legal Registered, issued and person A shares, B shares, fully State shares shares listed listed Total paid of RMB1.00 each RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 At 31 December 2001 and 31 December 2002 117,018 22,348 15,600 97,500 252,466 22,348,28 Number of shares 117,018,082 8 15,600,000 97,500,000 252,466,370 Pursuant to the Company’ s articles of association, all shares are registered ordinary shares and carry equal rights. Reserves Statutory Statutory public Discretionary Capital Share Other surplus welfare surplus reserve premium reserve reserve fund reserve (note(b)) (note(b)) (note b(iii)) (note a(i)) (note a(ii)) (note a(iii)) Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Balance at 1 January 2001 59,310 290,314 - 12,659 13,076 1,178 376,537 Tax liabilities assumed by the major shareholder - - 19,335 - - - 19,335 Adjustments arising from restatement of accumulated losses of statutory financial statements - - - (10,775) (10,774) - (21,549) Transfer from profit for the year - - - 6,879 6,878 89 13,846 Balance at 31 December 2001 59,310 290,314 19,335 8,763 9,180 1,267 388,169 Transfer to accumulated losses (note b(ii)) - (100,592) - - - - (100,592) Share of reserves of an associate in respect of its write-back of long outstanding payables 125 - - - - - 125 Staff benefits liabilities assumed by the major shareholder - - 700 - - - 700 - 56 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Transfer from profit for the year - - - 897 898 - 1,795 Balance at 31 December 2002 59,435 189,722 20,035 9,660 10,078 1,267 290,197 - 57 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 23 Reserves (continued) (a) Reserve funds (i) Statutory surplus reserve The Group is required each year to transfer 10% of the profit after tax as reported under the PRC statutory financial statements to the statutory surplus reserve until the balance reaches 50% of the registered share capital. This reserve can be used to reduce any losses incurred or to increase ordinary shares. Except for the reduction of losses incurred, any other usage should not result in this reserve balance falling below 25% of the registered capital. (ii) Statutory public welfare fund The Group is required each year to transfer 5% - 10% of the profit after tax as reported under the PRC statutory financial statements to the statutory public welfare fund. This reserve is restricted to capital expenditure for staff collective welfare facilities which are owned by the Group. The statutory public welfare fund is not available for distribution to the shareholders except upon liquidation of the Company. (iii) Discretionary surplus reserve The discretionary surplus reserve can be set up by means of appropriation from the retained earnings or transfer from statutory public welfare fund. Subject to approval by shareholders in general meeting, the reserve can be used to reduce any losses incurred, to increase ordinary shares or for paying dividends. Any transfer to the reserve also requires the approval of shareholders at general meeting. (iv) Transfer from profit for the year The amount transferred to the statutory surplus reserve and statutory public welfare fund shall be based on the profit after tax in the statutory financial statements prepared in accordance with PRC GAAP. (b) Capital reserve and share premium (i) Capital reserve comprises mainly surplus between the appraised value of assets transferred to the Company and the value of shares issued when the Company was converted from a state -owned enterprise into a joint stock limited company. Share premium represents the premium on the issue of ordinary shares. Pursuant to relevant PRC regulations, capital reserve and share premium can be used to increase ordinary shares and to reduce any losses incurred, subject to approval by shareholders at general meeting. - 58 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 23 Reserves (continued) (b) Capital reserve and share premium (continued) (ii) Pursuant to a resolution passed at the 2001 Annual General Meeting held on 10 May 2001, accumulated losses of RMB100,592,000 was written off against share premium. (iii) Included in other reserve are tax liabilities and staff benefits liabilities assumed by the major shareholder. (c) Profit distributable to shareholders Pursuant to a document issued by the Ministry of Finance of the PRC, the profit after appropriation to reserves and available for distribution to shareholders shall be the lower of the accumulated distributable profits as determined based on PRC accounting regulations and the accumulated distributable profits adjusted according to IFRS. Minority interests 2002 2001 RMB’000 RMB’000 At 1 January 20,642 18,270 Capital injection - 3,477 Disposal of certain interest in a subsidiary to a minority shareholder 200 - Acquisition of a subsidiary - 1,337 Share of net profit of subsidiaries 1,037 1,978 Acquisition of additional interests in subsidiaries - (4,058) Dividends paid (1,531) (362) At 31 December 20,348 20,642 - 59 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Borrowings Notes 2002 2001 RMB’000 RMB’000 Current portion Bank borrowings (a) 533,260 454,990 Other borrowings (b) 350 350 533,610 455,340 Non-current portion Bank borrowings (d) 7,400 400 Total borrowings 541,010 455,740 (a) The borrowings include secured bank borrowings in a total amount of RMB52,000,000 (2001: RMB54,600,000). The bank borrowings are secured over certain of the buildings and plant and machinery of the Group (note 11) and over certain of the bank deposits (note 21). Certain bank borrowings of the Group were guaranteed by the following companies: 2002 2001 RMB’000 RMB’000 Company controlled by the major shareholder Shanghai Forever Co., Ltd. - 63,300 Third party companies Shanghai Huayuan Enterprise Development Co., Ltd.* 97,870 87,870 Shanghai Construction Material (Group) Company* 91,500 75,600 China Huayuan Group Co., Ltd.* 99,300 32,000 Shanghai Huayuan Medicine Co., Ltd.* 20,000 20,000 Shanghai Economic Technique Investment Guarantee Company Shanghai Branch 2,000 2,000 Shanhai Jiuhe Enterprise Development Co., Ltd. 2,000 2,000 Shanghai Jiangfeng Industrial Trading Company 400 - Hunan Yinhai Bio-chemistry Co., Ltd. 23,540 - 336,610 282,770 * The Group has provided cross guarantees for bank borrowings granted to these companies. Details are shown in note 28. (b) Other current borrowings mainly represent loans granted by financial institutions, and RMB300,000 (2001: RMB300,000) of which was guaranteed by a third party. - 60 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 25 Borrowings (continued) (c) The interest rate exposure of the borrowings of the Group is as follows: 2002 2001 RMB’000 RMB’000 Total borrowings - at fixed rates 526,460 455,740 - at floating rates 14,550 - 541,010 455,740 Weighted average effective interest rates: - bank borrowings 6.14% 6.48% - other borrowings 7.44% 7.44% (d) The carrying amounts and fair values of non-current borrowings are as follows: Carrying amounts Fair values 2002 2001 2002 2001 RMB’000 RMB’000 RMB’000 RMB’000 Total borrowings - at fixed rates 7,400 400 7,387 424 The fair values are based on discounted cash flows using a discount rate based upon the borrowing rate which the directors expect would be available to the Group at the balance sheet date. The carrying amounts of short-term borrowings approximate their fair values. Maturity of non-current borrowings: 2002 2001 RMB’000 RMB’000 Between 2 and 5 years 7,400 400 - 61 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Cash generated from operations 2002 2001 RMB’000 RMB’000 Net profit 13,000 11,363 Adjustments for: Minority interests 1,037 1,978 Income tax expense 5,589 9,650 Depreciation of property, plant and equipment (note 11) 36,112 39,615 Armotisation of land use rights (note 12) 384 300 Impairment of construction in progress (note 13) 688 - Amortisation of intangible assets (note 14) 2,904 1,916 Impairment of property, plant and equipment - 39,570 Share of results of associates before tax (note 15) (2,608) 462 Impairment of available-for-sale investments - 155 Reversal of provision for investments in associates - (1,412) Loss / (gain) on disposal of available-for-sale investments 110 (2,564) Gain on disposal of property, plant and equipment (771) (9,847) Interest income (2,566) (1,889) Dividend income (42) (173) Interest expenses 32,699 29,346 Changes in working capital (excluding the effects of acquisition and disposal of subsidiaries): Inventories 2,532 (25,494) Amounts due from related companies (12,883) (7,443) Amounts due to related companies 1,038 (87) Amounts due from associates (2,683) 11 Amounts due to associates 3,324 (5,929) Amount due to the major shareholder (3,365) (25,505) Trade and bills receivables, other receivables, prepayments and deposits (18,670) (37,292) Trading investments 879 (454) Trade and bills payables, other payables and accrued charges (22,088) (3,384) Cash generated from operations 34,620 12,893 - 62 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 26 Cash generated from operations (continued) In the cash flow statement, proceeds from disposal of property, plant and equipment comprise: 2002 2001 RMB’000 RMB’000 Cost 10,729 29,346 Accumulated depreciation (7,460) (19,896) Net book amount (note 11) 3,269 9,450 Gain on disposal of property, plant and equipment 771 9,847 Proceeds from disposal of property, plant and equipment 4,040 19,297 Pension scheme The PRC companies within the Group participate in certain employee pension scheme managed by local governmental organisations. According to the relevant provisions, the Group is required to make contributions to local government organisations based on 22.5% (2001: 25.5%) of the basic salaries of the employees. The total contribution incurred by the Group for the year ended 31 December 2002 amounted to appropriately RMB11,278,000 (2001: RMB10,714,000). The Group has no further liabilities other than the above contributions. Contingent liabilities At 31 December 2002, the Group had provided guarantees for bank borrowings granted to the following companies: 2002 2001 RMB’000 RMB’000 Third party companies - Shanghai Huayuan Enterprise Development Co., Ltd.* 100,000 90,000 - Shanghai Construction Material (Group) Company* 90,000 65,000 - China Huayuan Group Co., Ltd.* 100,000 50,000 - Shanghai Huayuan Medicine Co., Ltd.* 20,000 - 310,000 205,000 * These companies have provided cross guarantees in respect of bank borrowings granted to the Group. Details are shown in note 25. - 63 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Commitments Capital commitments The Group had no material capital commitments as at 31 December 2002 (2001: Nil). Operating lease commitments - where the Group companies are the lessee The future aggregate minimum lease payments under non-cancellable operating leases are as follows: 2002 2001 RMB’000 RMB’000 Not later than 1 year 4,570 2,318 Later than 1 year and not later than 5 years 8,537 5,437 Later than 5 years 1,537 1,416 14,644 9,171 Operating lease commitments - where the Group companies are the lessor The future aggregate minimum lease payments receivable under non-cancellable operating leases are as follows: 2002 2001 RMB’000 RMB’000 Not later than 1 year 1,966 4,512 Later than 1 year and not later than 5 years 9,015 17,120 Later than 5 years 19,150 22,535 30,131 44,167 - 64 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Related party relationships and transactions (a) Relationships In the opinion of the directors, Shanghai Light Industrial Holding (Group) Company, a company incorporated in the PRC and which owns 46.35% of the Company’ s ordinary shares, is the major shareholder of the Company. Particulars of principal subsidiarie s and associates are shown in note 31 and note 32, respectively. (b) Save as those disclosed in other notes of these financial statements, in the course of ordinary activities, the Group had the following material transactions with its related parties during the year: 2002 2001 RMB’000 RMB’000 Major shareholder - Acquisition of a subsidiary - 12,411 - Acquisition of an associate - 133,242 Companies controlled by the major shareholder - Acquisition of trademarks - 20,160 - Providing cash advance 81,710 - - Interest charge on cash advance 1,680 - Associates - Purchase of raw materials 18,522 38,050 The directors are of the opinion that the transactions set out above were carried out at mutual agreed prices in accordance with normal commercial terms and conditions. (c) Directors’remuneration The total remuneration of the directors for the year was approximately RMB999,000 (2001: RMB864,000). Post balance sheet event Pursuant to a resolution passed at the board of directors meeting held on 17 April 2003, a bonus issue of a total of 37,869,956 shares in the proportion of 1.5 shares for every 10 shares were distributed to the shareholders of the Company based on the number of shares held by shareholders as at 31 December 2002 by way of capitalisation of capital reserve. The proposed bonus issue is subject to approval by the shareholders in the next annual general meeting. - 65 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Principal subsidiaries At 31 December 2002, the Company had investments in the following principal subsidiaries, all of which are unlisted companies established and are operating in the PRC: Attributable Name equity interest Principal activities 2002 2001 % % Directly held Shanghai Industrial Sewing 100 100 Sale of industrial sewing Machine Supply and Marketing machines and related Company spare parts Shanghai Industrial Materials 100 100 Sale of industrial sewing Trading Company machines and related spare parts Shanghai Shanggong Motor Vehicles 100 100 Provision of transportation Transportation Services Company services Shanghai Shanggong Needle Co., 94 94 Manufacturing and sale of Ltd. needle of sewing machines Shanghai Industrial Sewing 90 90 Properties development and Properties Development Co. Ltd. provision of consultation and management services Changsha Huari Biology and 90 90 Manufacturing and sales of Chemical Industrial Co., Ltd. biological and chemical products Shanghai Shangyuan Technology 70 70 Development and design of Development Co., Ltd. sewing machines and provision of consultation services Shanghai Sifangtongji Purified 60 60 Manufacturing and sale of Water Co., Ltd. purified water Shanghai Butterfly Import and 90 90 Provision of import and Export Co., Ltd. export business Shanghai Shanggong Enterprise 90 90 Sale of sewing machines Management Co., Ltd. and provision of management services - 66 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 32 Principal subsidiaries (continued) Attributable Name equity interest Principal activities 2002 2001 % % Directly held(continued) Shanghai Shanggong Songda 65 65 Manufacturing and sale of Machinery Co., Ltd. sewing machines and spare parts Indirectly held Shanghai Shanggong Import & 100 100 Provision of import and export Export Co., Ltd. business Shanghai Flyingman Import and 100 100 Provision of import and export Export Co., Ltd. business Shanghai Shuangchong Sewing 90 90 Manufacturing and sale of Machine Co., Ltd. sewing machines and spare parts Shanghai Shanggong Xinda Sewing 87 87 Manufacturing and sale of Machine Co., Ltd. sewing machines and spare parts and provision of after sale services Shanghai Shanggong Jiarong *80 85 Manufacturing and sale of Sewing Machine Co., Ltd. household sewing machines and spare parts Shanghai Shanggong Fangtian 80 80 Manufacturing and sale of Machinery Co., Ltd. sewing machines and spare parts Shanghai Shanggong Jiayuan 61 61 Manufacturing and sale of Machinery & Electronic sewing machines and spare Technology Co., Ltd. parts * 5% equity interest in the subsidiary held by the Group was disposed of to a minority shareholder during the year. The English names of all companies listed above are direct translations of their registered names in Chinese. - 67 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 Principal associates At 31 December 2002, the Group had investments in the following principal associates, all of which are unlisted companies established and are operating in the PRC: Attributable Name equity interest Principal activities 2002 2001 % % Shanghai Industrial Sewing 50 50 Manufacturing of paint Machine Maoqiao Paint Coating coating Factory Shanghai Industrial Sewing 50 50 Manufacturing of sewing Machine Factory Yangjing Branch machine parts Shanghai Sewing Machine No. 4 50 50 Manufacturing of sewing Factory Sijing Associated Factory machine parts SMPIC Corporation Ltd. 50 50 Manufacturing and sale of office equipment and glass products Shanghai Industrial Sewing 40 40 Manufacturing and sale of Machine Factory Jiading Machine sewing machine parts Factory Shanghai Juki Sewing Machine Co., 30 30 Manufacturing and sale of Ltd. household sewing machines Shanghai Hirose Precision Industry 30 30 Manufacturing and sale of Co., Ltd. precision sewing machine parts Shanghai Jiahui Sewing machine *36 27 Manufacturing and sale of Co., Ltd. household sewing machines * An additional 9% equity interest of the associate was acquired by the Group during the year. The English names of all companies listed above are direct translations of their registered names in Chinese. - 68 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 - 69 - Shanggong Co., Ltd. Notes to the consolidated financial statements For the year ended 31 December 2002 The impact of IFRS adjustments on the PRC statutory financial statements are as follows: 2002 Net profit Net assets RMB’000 RMB’000 As per the PRC statutory financial statements 13,162 514,992 IFRS adjustments - Consolidation of results of subsidiaries (1,404) (647) - Write off of capitalised expenses 218 (378) - Write back of provision for investment in an associate 1,024 - - Others - (600) As restated after IFRS adjustments 13,000 513,367 - 70 - Shanggong Co., Ltd. As of December 31 st, 2002 XI FOR REFERENCE 1. Financial statements signed by the legal representative, chief accountant and accounting manager 2. Original audit report signed by the certified public accountant and sealed by the accounting firm 3. Original documentation and announcements about the Company, carried in the newspaper assigned by China Security Regulatory Committee within the report year If the English version of this annual report involves any different meanings from the original Chinese version, the latter shall be effective. 71