冰山冷热(000530)大冷Ｂ2003年年度报告（英文版）

Dalian Refrigeration Co., Ltd. 2003 Annual Report DALIAN REFRIGERATION CO., LTD. 2003 ANNUAL REPORT (For Disclosing Overseas) Dalian Refrigeration Co., Ltd. 2003 Annual Report CONTENTS Important……………………………………………………………………………… 3 About the Company………………………………………………………………3 Summary of Accounting Data and Business Data…………… 4 Changes in Share Capital and Particulars about Shareholders……………………………………………………………………………6 The Directors, Supervisors, Senior Staff Members and Employees of the Company … … … … … … … … … … … … … … … 8 The Administrative System of the Company………………………9 Brief Introduction to the Shareholders General Meeting… 10 Report of the Board of Directors………………………………………… 11 Report of the Supervisory Board………………………………………… 21 Important Matters………………………………………………………………… 21 Financial Report…………………………………………………………………… 23 Contents of Reference Documents……………………………………… 53 Page １ Dalian Refrigeration Co., Ltd. 2003 Annual Report 目 录 第一章 重要提示 ………………………………………… 59 第二章 公司基本情况简介………………………………… 59 第三章 会计数据和业务数据摘要………………………… 60 第三章 股本变动及股东情况……………………………… 61 第四章 董事、监事、高级管理人员和员工情况………… 62 第五章 公司治理结构……………………………………… 64 第六章 股东大会情况简介………………………………… 64 第七章 董事会报告………………………………………… 65 第八章 监事会报告………………………………………… 73 第九章 重要事项…………………………………………… 73 第十章 财务报告…………………………………………… 74 第十一章 备查文件目录…………………………………………100 Page ２ Dalian Refrigeration Co., Ltd. 2003 Annual Report DALIAN REFRIGERATION CO., LTD. 2003 ANNUAL REPORT (For Disclosing Overseas) Important: The directors and the Board of Directors of Dalian Refrigeration Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there are not any important omissions, fictitious statements or serious misleading carried in this report, and shall take all responsibilities, individual and/or joint, for the reality, accuracy and completeness of the whole contents. This report is written respectively in Chinese and in English. In the event of any discrepancy between the two above-mentioned versions, the Chinese version shall prevail. Chairman of the Board of Directors of the Company Mr. Zhang He, Financial Majordomo and the head of Accounting Department Ms. Xu Xiaorui hereby confirm that the financial report of the annual report is true and complete. I. About the Company 1. Name of the Company in Chinese: 大连冷冻机股份有限公司 In English: Dalian Refrigeration Co., Ltd. Abbreviation in English: DRC 2. Legal Representative: Mr. Zhang He 3. Secretary of the Board of Directors: Ms. Lv Lianzhen Tel: 0086-411-86538100 Fax: 0086-411-86641470 E-mail: bingzhen@bingshan.com Authorized Representative for Securities Affairs: Ms. Ge Yan Tel: 0086-411-86538131 Fax: 0086-411-86654530 E-mail: geyan@bingshan.com Address: 888 Xinan Road, Shahekou District, Dalian 4. Registered/Office Address of the Company: 888 Xinan Road, Shahekou District, Dalian Post Code: 116033 Website: http://www.daleng.cn E-mail: dlzqb@bingshan.com 5. The Newspapers the Company Selects to Disclose Information: China Securities Daily, and Ta Kung Pao. The China Securities Regulatory Commission Designated Website Where the Annual Report Is Published: http://www.cninfo.com.cn The Place Where the Annual Report is Prepared and Placed: Securities Department of the Company 6. Stock Exchange Listed with: Shenzhen Stock Exchange Page ３ Dalian Refrigeration Co., Ltd. 2003 Annual Report Short Form of the Stock: DALENG GUFEN; DALENG-B Stock Code: 000530; 200530 7. Other Related Information: The Date When the Company Was Registered for the First Time: Dec. 18, 1993 Registered Address: 888 Xinan Road, Shahekou District, Dalian. Reg. Number of the Corporation Business License: DA GONG SHANG QI FA ZI 2102001100326. Number of the Taxation Registration: GUO SHUI DA ZI JIE 210204242361300 DI SHUI DA SAN ZI 210204242361303 The Domestic Certified Public Accountants Engaged by the Company: Dalian Hualian Certified Public Accountants Co., Ltd. Office Address: 24 Floor, Vanke Mansion at No. 67, Tongxing Street, Zhongshan District, Dalian The Overseas Certified Public Accountants Engaged by the Company: Price WaterHouseCoopers Zhongtian Certified Public Accountants Office Address: Rui’an Plaza 19/F, 333 Huaihai Zhong Road, Shanghai II. Summary of Accounting Data and Business Data 1. Summary of main business data in the report period (in RMB '000 yuan) Profit before taxation and minority shareholders' equity 116,453 Net profit 86,634 Operation profit 30,035 Share of profit enjoyable from associated company 88,809 Net cash generated from operating activities 110,812 Net increase of cash and equivalents -31,176 The net profit audited by Dalian Hualian Certified Public Accountants in accordance with the Chinese Accounting Standards in 2003 was 86,147 thousand yuan, and that audited by Price WaterHouseCoopers Zhongtian Certified Public Accountants in accordance with the International Financial Reporting Standards was 86,634 thousand yuan, with the difference 487 thousand yuan. Influence of the adjustment made according to the International Financial Report Standards on net profit and net assets (in RMB’000 yuan): Net profit Net assets 2003 2002 2003.12.31 2002.12.31 As reported in the Group’s statutory accounts 86,147 88,427 1,285,465 1,198,198 Adjustment due to change in accounting policy on statutory accounts - - - (8,218) As reported in the Group’s statutory accounts, as restated 86,147 88,427 1,285,465 1,189,980 Impact of adjustments - Accounting for installation 4,063 (6,174) (10,017) (14,080) Page ４ Dalian Refrigeration Co., Ltd. 2003 Annual Report service contract - Deferred taxation (3,790) (10,474) (14,264) (10,474) - Equity accounting of investments (3,161) (743) (14,991) (3,612) - Profit appropriation subsequent to balance sheet date - - - 35,001 - Interest income for due from Bingshan Group recognized in capital surplus in statutory account - 456 - - - Waived liabilities to third parties in capital surplus in statutory account 1,052 - - - - Others 2,323 (968) - (2,323) As restated for the Group under IFRS 86,634 70,524 1,246,193 1,194,492 2. Main accounting data and financial indexes in the past three years (by the end of the report period) Items 2003 2002 2001 Net amount of sales income (in RMB '000) 1,063,738 976,884 853,218 Operating profit (in RMB '000) 30,035 19,540 11,469 Share of profit enjoyable from associated company (in RMB '000) 88,809 83,438 79,001 Profit before taxation and minority shareholders' equity (in RMB '000) 116,453 97,511 72,717 Net profit (in RMB '000) 86,634 70,524 69,502 Total assets (in RMB’000) 1,925,066 1,880,642 1,836,202 Net assets (in RMB '000) 1,246,193 1,194,492 1,157,622 Net cash generated from operating activities (in RMB '000) 110,812 91,166 50,806 Net assets per share (in RMB) 3.56 3.41 3.31 Earnings per share (in RMB) 0.25 0.20 0.20 Return on equity 6.95% 5.90% 6.00% Net cash per share generated from operating activities (in RMB) 0.317 0.260 0.145 Note: (1) The above accounting data and financial indexes were prepared by Price WaterHouseCoopers Zhongtian Certified Public Accountants according to the International Financial Reporting Standards for reference of B-share investors. (2) There were no changes in the shares of the Company from the end of the report period to the date of disclosing this summary. 3. Particulars about the changes in shareholders’ equity in the report period, see the Consolidated Statement of Changes in Equity. Page ５ Dalian Refrigeration Co., Ltd. 2003 Annual Report III. Changes in Share Capital and Particulars about Shareholders 1. Changes in share capital (1) Statement of changes in share capital (Quantitative Unit: Share) Number at the beginning Number at the end of the period of the period I. Shares unlisted 1. Initiator shares 104,422,500 104,422,500 In which: State-owned shares 104,422,500 104,422,500 2. Raised legal person shares 32,222,250 32,222,250 Total of shares unlisted 136,644,750 136,644,750 II. Shares listed 1. Common shares (in RMB yuan) 98,370,225 98,370,225 2. Foreign-owned shares (B-shares) listed domestically 115,000,000 115,000,000 Total of shares listed 213,370,225 213,370,225 III. Total shares 350,014,975 350,014,975 (2) The stocks issuing and listing ① The issuance of stocks in the past three years: None. ② Neither the total shares of the Company nor the shareholdings were changed in the report period. 2. Particulars about the shareholders (1) By the end of the report period, the total number of shareholders was 64,999 with a comparable decrease of 6,041, including 51,414 holding A-shares with a comparable decrease of 5,418 and 13,585 holding B-shares with a comparable decrease of 623. (2) Particulars about shares held by the major shareholders (the top ten shareholders) Name of shareholder Number at BOY Number at EOY Proportion to the Type of (’0000 shares) (’0000 shares) total shares (%) shares Dalian Bingshan Group Co., Ltd. 10,442.25 10,442.25 29.83 A (State-owned shares) Sanyo Electric Co., Ltd. 3,500.15 3,500.15 10.00 B Guotai Junan Securities Co., Ltd. 918.63 1,095.4242 3.13 A Beijing Fuerli Investment Consultation Co., Ltd. 0.00 349.7563 1.00 A Jilin Jiuzhou Development Co. 315.00 315.00 0.90 A Taiyuan Zhaohe Investment Development Co. 315.00 315.00 0.90 A Shenyin & Wanguo Securities Co., Ltd. 283.70 283.70 0.81 A Zhentai Industrial Co., Ltd. 0.00 277.6205 0.79 A Dalian No. 1 Refrigerator Plant 194.425 194.425 0.56 A Dalian Huaxin Trust Investment Co., Ltd. 179.50 179.50 0.51 A There was the associated relationship between Dalian Bingshan Group Co., Ltd. and Dalian Page ６ Dalian Refrigeration Co., Ltd. 2003 Annual Report No. 1 Refrigerator Plant among the top ten shareholders of the Company. A-shares held by Guotai Junan Securities Co., Ltd., Beijing Fuerli Investment Consultation Co., Ltd. and Zhentai Industrial Co., Ltd. are the negotiable public shares. There was no pledge and freezing on the shares held by the shareholders holding over 5% of the total shares. The 35,001,500 B-shares subscribed by Sanyo Electric Co., Ltd. as a strategic investor could not be transferred or sold in two years commencing from the offering date of DALENG B-shares (Mar. 20, 1998). Up to now, the company has not sold its shares. (3) Introduction to the holding shareholder of the Company Dalian Bingshan Group Co., Ltd. (hereinafter referred to as the Group) held 29.83% of the total shares of the Company by the end of the year. The Group’s legal representative is Zhang He. The Group was established on May 22, 1996 and has the registered capital of 126,540 thousand yuan, being mainly engaged in the manufacture and installation of the complete sets of refrigerators, air conditioners, cold chains and electrical appliances, etc. for industrial and commercial purposes. Its minor businesses include the electronic and household electrical appliances, light industry, chemical industry, import and export trading, etc. The Group is a state-owned solely-funded company subordinate to Dalian Financial Bureau State-Owned Capital Department. There were no changes in the holding shareholder of the Company in the report period. (4) Introduction to other legal person shareholders holding over 10% (including 10%) of the total shares of the Company Sanyo Electric Co., Ltd. held 10% of the total shares of the Company by the end of the year. Sanyo Electric Co., Ltd. is one of the principal manufacturers of electrical appliances in Japan. (5) Particulars about shareholdings of the top ten negotiable shareholders Name of shareholders Number at EOY Proportion to the Type of (’0000 shares) total shares (%) shares Sanyo Electric Co., Ltd. 3,500.15 10.00 B Guotai Junan Securities Co., Ltd. 1,095.4242 3.13 A Beijing Fuerli Investment Consultation Co., Ltd. 349.7563 1.00 A Zhentai Industrial Co., Ltd. 277.6205 0.79 A Chaohuang Investment Co., Ltd. 97.00 0.28 B Shanghai Hong Kong Wanguo Securities Co., Ltd. 65.777 0.19 B Fang Yijun 62.398 0.18 B Tan Ying 62.16 0.18 A Skandia Global Funds Plc 53.00 0.15 B Wang Chanjuan 51.0296 0.15 B It is unknown whether there are associated relations between the top ten negotiable shareholders of the Company. Page ７ Dalian Refrigeration Co., Ltd. 2003 Annual Report IV. The Directors, Supervisors, Senior Staff Members and Employees of the Company 1. Directors, supervisors and senior staff members (1) Particulars Name Sex Position Age Term of duty Shareholding at BOY Shareholding at EOY Directors (9 persons): Zhang He M Chairman 66 01.5—04.5 25,650 25,650 Mu Chuanjiang M Vice Chairman 54 01.5—04.5 22,650 22,650 Yang Bin M Director 47 01.5—04.5 0 0 Xu Xiaorui F Director 40 03.5—04.5 3,000 3,000 Shimada Tadao M Director 59 03.5—04.5 0 0 Li Mei F Director 39 01.5—04.5 0 0 Lv Zhongli M Independent Director 62 02.5—04.5 7,125 7,125 Wang Dong M Independent Director 67 02.5—04.5 0 0 Zhang Guile M Independent Director 63 03.5—04.5 0 0 Supervisors (3 persons): Yu Fuchun M Chairman 45 01.5—04.5 7,800 7,800 Men Yuesheng M Supervisor 51 01.5—04.5 750 750 Zhu Guangxi M Supervisor 39 01.5—04.5 0 0 Senior staff members: Yang Bin M Standing Deputy General Manager03.4—04.5 0 0 Zhang Hongzhi M Deputy General Manager 45 01.5—04.5 21,125 21,125 Wang Dekun M Deputy General Manager 52 01.5—04.5 14,250 14,250 Wang Zhiqiang M Deputy General Manager 42 01.5—04.5 0 0 Hu Xitang M Deputy General Manager 36 01.5—04.5 0 0 Ding Jie M Deputy General Manager 41 01.5—04.5 0 0 Xu Xiaorui F Financial Majordomo 40 03.4—04.5 3,000 3,000 Positions in the shareholder’s company held by the directors and supervisors: Zhang He holds the position of the Chairman of Dalian Bingshan Group Co., Ltd. and Li Mei holds the position of the Vice President of Guotai Junan Securities Co., Ltd. (2) Annual remuneration standard The Company specified the remuneration standard for directors, supervisors and senior staff members in consideration of the actual conditions of production and operation on the basis of "lower than the two increases", i. e. the salary increase is lower than the increase of the annual labor productivity and than the increase of profit. The gross payroll of the directors, supervisors and senior staff members was 1,075 thousand yuan in Page ８ Dalian Refrigeration Co., Ltd. 2003 Annual Report this year. The total amount of remuneration paid to the first three directors who have the highest remuneration was 358 thousand yuan. The total amount of remuneration paid to the first three senior staff members who have the highest remuneration was 358 thousand yuan. Totally 13 persons, including directors, supervisors and senior staff members, received remuneration from the Company. Among them, two persons had the annual salary between 110 to 130 thousand yuan, five had the annual salary between 100 to 110 thousand yuan, two had the annual salary between 80 to 100 thousand yuan, three had the annual salary between 40 to 80 thousand yuan, and one had the annual salary less than 40 thousand yuan. Each independent director received an annual allowance of 25 thousand yuan. Li Mei, and Shimada Tadao received remuneration and allowance from the shareholder's unit or other associated unit without pay from the Company. (3) Changes In the report period, the constitution of the Board of Directors of the Company changed from 17 directors to 9 directors. The former directors Mr. Zhang Hongzhi, Mr. Wang Dekun, Mr. Yu Shoutao, Mr. Wang Zhiqiang, Mr. Liu Menghua, Mr. Chou Qiaoli, Mr. Zhang Xinfan, Mr. Zou Zhiming, Mr. Xu Hui, Mr. Kobayashi Hobun and Mr. Yoshida Sho no longer act as the directors. Mr. Zhang Guile was elected as the independent director of the Company and Ms. Xu Xiaorui and Mr. Shimada Tadao were elected as the directors of the Company. In the report period, Mr. Yu Shoutao, the former financial majordomo, resigned his position of the financial majordomo of the Company. The Board of Directors appointed Ms. Xu Xiaorui as the financial majordomo and Mr. Yang Bin as the standing deputy general manager. 2. Employees According to the statistics by Dec. 31, 2003, the Company had 1,934 employees including 1,201 production personnel (62.1% of the total), 310 technicians (16.0% of the total), 236 salesmen (12.2 of the total), 30 financial personnel (1.6% of the total), and 157 administrative personnel (8.1% of the total). There were 662 persons employed by the Company who had the educational background of university or technical college, accounting for 34.2%. The social insurance institute paid the retirement pension and medical expenses for retirees of the Company. V. The Administrative System of the Company 1. Administration of the Company By the end of this report period, there was no discrepancy between the actual administration of the Company and the requirement set out in the related document of the China Securities Regulatory Commission. 2. The independent directors' performance of duties Now the Company has three independent directors. These independent directors duly attended the Page ９ Dalian Refrigeration Co., Ltd. 2003 Annual Report meetings of the Board of Directors of the Company and actively presented their independent opinions, well performing their duties and protecting the legal rights and interests of minor shareholders of the Company. 3. Separation of the Company from the holding shareholders in business, personnel, assets, organizational mechanism and finance (1) Separation in business. The Company's business is independent of the holding shareholders. The Company has its own complete business system and the capability of independent operation. (2) Separation in personnel. The Company is independent in labor, personnel and salary management. The senior staff members of the Company, such as the general manager, deputy general managers, chief salesman and the secretary of the Board of Directors, receive remuneration from the Company without holding major positions in the shareholders' units. (3) Complete assets. The Company has the independent production system, auxiliary production system and supporting facilities. The Company owns the invisible assets including the industrial property right, trademark and non-patent technologies. The Company has its own purchase and sales systems. (4) Independent organizational mechanism. The Company has an organizational mechanism completely independent of the holding shareholders without joint office with the holding shareholder. (5) Independent accounting system. The Company has its own accounting department with the independent accounting system and the financial management system, and has its own bank accounts. 4. Evaluation and encouragement system for senior staff members In the report period, the Company evaluated and encouraged senior staff members according to the procedure for evaluation of performance in assets operation instituted by the Company. VI. A Brief Introduction to the Shareholders General Meeting The 2002 shareholders general meeting of the Company was held in the morning on May 28, 2003 at the head-office of the Company. The notice about that shareholders general meeting was published on the China Securities Daily and Ta Kung Pao dated Apr. 24, 2003. The bulletin about the resolutions of that shareholders general meeting was published on the China Securities Daily and Ta Kung Pao dated May 29, 2003. That meeting adopted the resolutions as follows: * the 2002 Work Report of the Board of Directors; * the 2002 Work Report of the Supervisory Board; * the 2002 Final Accounting Report and the 2003 Financial Budget Report of the Company; * the 2002 Profit Distribution Plan of the Company; * the Report about Amending the Articles of Association of the Company; Page １０ Dalian Refrigeration Co., Ltd. 2003 Annual Report * the Report on Changes in Director Appointment; * the Report about Changes in the Constitution of the Board of Directors; * the election of Zhang Guile as the independent director of the Company; * the Report about Engaging an Audit Body for 2003; and * the Report about Shareholding in Dalian Bingshan Investment Co., Ltd. This meeting accepted the change in constitution of the Board of Directors from 17 directors to 9 directors. The directors after the change are: Zhang He, Mu Chuanjiang, Yang Bin, Xu Xiaorui, Shimada Tada, Li Mei, Lv Zhongli (independent director), Wang Dong (independent director), and Zhang Guile (independent director). VII. Report of the Board of Directors 1. Operation of the Company (1) The Company’s main business scope and its business status The Company is the largest industrial refrigerator producer and the largest exporter of refrigerator packages in China, and owns the only famous trademark in Chinese industrial refrigeration industry. The main products of the Company are: reciprocating refrigeration compressors, screw type refrigeration compressors, lithium bromide absorption refrigerators, and pressure vessels, combined storage, gas-conditioned freshness-keeping storage, plate type freezers, tunnel type freezers, block ice makers, flake ice makers and ice particle makers in five series (refrigerating, freezing, air-conditioning, cold storage, and freshness keeping) and six packages (air-conditioning package, civilwork cold storage package, combined cold storage package, ice-making package, special engineering package, and gas-conditioned freshness keeping package). These products can be used in such fields as national defense, scientific research, petroleum, chemical industry, textile, pharmacy, power plants, agriculture, stock raising, fishing and catering service. ① The main businesses In 2003, in standing the test of SARS epidemic situation and sustaining great price rise of the raw materials, the Company grabbed the opportunity that the state applied the policy of putting more investment to economic growth, and achieved the following performances: the incomes on main business of 1,063.738 million yuan, with a comparable increase of 8.89%; the profit on main business of 176.037 million yuan, with a comparable increase of 33.27%; the profit on business of 30.035 million yuan, with a comparable increase of 53.71%; and the net profit of 86.634 million yuan, with a comparable increase of 22.84%. For the breakdown of the incomes on main business listed on the basis of products, see the Explanatory Note 1 to the Accounting Report. In the report period, the Company contracted 14 package projects with more than five million yuan respectively, including six large package projects with more than ten million yuan respectively. In the report period, the Company attained a blowout-like increase of the sales volume of Page １１ Dalian Refrigeration Co., Ltd. 2003 Annual Report CJZT810C marine refrigeration compressors to 340 sets from less than one hundred sets in previous years. In the report period, the Company completed the application research on the household central air-conditioner heating system and the refrigerant substitutes and the development of 26 new products including the semi-hermetic screw type compressor. In the report period, the Company made new breakthroughs in joint venture and cooperation with foreign investors. For joint venture, the Company established Dalian Bingshan Ryosetsu Fast Frozen Equipment Co., Ltd. by joint investment with Japanese Ryosetsu Co., Ltd, and Dalian Fuji-Bingshan Vending Machine Co., Ltd. by joint investment with Japanese Fuji Electric Co., Ltd. For cooperation, the Company started cooperation with a well-known German corporation for production of panel-type heat exchangers, and cooperation with British London City University for research of new type compressors and new refrigerant substitutes. In the report period, the Company effectively controlled the costs through tapping internal potentials, well counteracted the negative influence brought by the great price rise of iron and steel and other raw materials, and attained a basically stable gross profit ratio. The three expenses totaled 157.197 million yuan, with a comparable increase of 31.471 million yuan. The operating expense increased by 23.48% due to more effort made to development of the market. The overhead expense increased by 28.57% due to the drawn provisions for bad debts and depreciation of the fixed assets. The financial expense decreased by 7.81% due to reduction of the short-term loan. ② The joint ventures By the end of 2003, the group of joint venture companies of the Company had the total assets of 2,896.78 million yuan, with a comparable increase of 4.64%; and had the net assets of 1,494.9 million yuan, with a comparable increase of 8.64%. In 2003, the group of joint venture companies of the Company made the sales income of 2,767.21 million yuan, with a comparable increase of 21.87%. The sales income on exported products was 374.5 million yuan, with a comparable increase of 63.70%. The Company earned the returns on investment of 88.81 million yuan, with a comparable increase of 6.44%. In the report period, there were four joint venture companies that made the returns on investment accounting for 10% or higher of the total net profit of the Company and they are Sanyo Air Conditioner, Sanyo Compressor, Sanyo Cold Chain, and Sanyo Refrigeration. In the report period, three of the joint venture companies of the Company made the sales income on main business with a comparable increase higher than 30%, two made the net profit with a comparable increase higher than 30%, and five made the net asset income ratio higher than 15%. In the report period, Sanyo Compressor Scroll Compressor Plant went into normal production three months ahead of time; turned out the first scroll compressor using the new refrigerants R407C and R410A in China; and established the first postdoctoral station in Dalian Economic & Technical Development Zone. In the report period, Sanyo Cold Chain completed the acquisition of Sanyo Food Systems, Page １２ Dalian Refrigeration Co., Ltd. 2003 Annual Report which further consolidates its composite strength; put the third generation of new products including Series HL refrigeration-freezing showcases into the market; and formally cut through the videoconference system, which will greatly cut off the overhead expense of the Company. In the report period, Sanyo Refrigeration’s Type G lithium bromide absorption refrigerator was listed in the 2003 National Key New Product Plan; the GHP gas-combustion heat pump was put into trial production, by which, Sanyo Refrigeration becomes the first manufacturer of GHP gas-combustion heat pumps; and the integrated certification for the four systems of ISO9001, ISO14001, OHSMS18001 and CCMS was passed. (2) Business status and performances of the principal holding subsidiary companies and shareholding companies A. Holding subsidiary companies ① Dalian Bingshan Group Refrigerator & Air-conditioner Installation Co. With a registered capital of 20.04 million yuan and 100% of its shares held by the Company, Dalian Bingshan Group Refrigerator & Air-conditioner Installation Co. is engaged mainly in installation and test of complete sets of refrigeration equipment, and made the sales of 74.85 million yuan in 2003. ② Dalian Bingshan Group Sales Co., Ltd. With a registered capital of three million yuan and 90% of its shares held by the Company, Dalian Bingshan Group Sales Co., Ltd. is engaged mainly in selling the products of the member enterprises of Dalian Bingshan Group, and made the sales of 62.75 million yuan in 2003. ③ Dalian Bingshan Air-conditioning Equipment Co., Ltd. With a registered capital of 700 million Japanese yen and 70% of its shares held by the Company, Dalian Bingshan Air-conditioning Equipment Co., Ltd. is engaged mainly in production and sale of the terminal products for air conditioners such as fan coils and air processors. The company realized the sales of 103.29 million yuan in 2003. ④ Dalian Bingshan Metal Processing Co., Ltd. With a registered capital of US$ 2.35 million and 64.3% of its shares held by the Company, Dalian Bingshan Metal Processing Co., Ltd. produces and supplies metal plate works and stampings for the established joint venture companies and the Company, and made the sales of 32.73 million yuan in 2003. B. Shareholding companies For detailed information, see the Explanatory Note 8 to the Accounting Statements. (3) Major suppliers and customers The Company purchased goods from the first five suppliers with the total amount of 295.11 million yuan, accounting for 32.23% of the Company's annual total amount of purchase. The Company sold products to the first five customers with the total sales of 87.41 million yuan, accounting for 8.3% of the Company's total sales. (4) Difficulties and problems in operation and the countermeasures Page １３ Dalian Refrigeration Co., Ltd. 2003 Annual Report In 2003, the main problems and difficulties in production and operation of the Company were great price rise of the raw materials and the sustaining high level of receivables, which had some negative influence on implementation of the Company’s plan of cost reduction and efficiency improvement. For great price rise of the raw materials, the Company took the following actions: 1) controlling the major two sources of design and manufacture; 2) improving the availability of equipment; 3) putting down all non-productive expenses; and 4) strictly controlling guarantee issuance. For the sustaining high level of receivables, the Company took the following actions: 1) using the receivables as the important index for assessing the performance of the principal of an enterprise; 2) establishing the warning system for receivables; and 3) urging repayment of the receivables. (5) The business targets for the year 2003 set forth in the 2003 Financial Budget Report of the Company were the sales of 1,000 million yuan and the total amount of profit of 97 million yuan. Through hard working, the Company has satisfactorily attained these business targets. 2. Investments of the Company By the end of 2003, the Company had established such joint ventures respectively with the companies from Japan, Hong Kong, the United States and Britain as follows: Name of the company Registered address Main business Ratio of shares Thermo King Container Temperature Suzhou Temperature controller 10% Control (Suzhou) Co., Ltd. products for marine containers Thermo King-Dalian Transport Shenzhen Producing & selling cold 25% Refrigeration Co., Ltd. storage vehicles Dalian Honjo Chemical Co., Ltd. Dalian E & T Producing & selling lithium 30% Development Zone bromide liquor (DETDZ) Dalian Meica Electronics Co., Ltd. DETDZ Producing & selling printed 30% circuit boards Grand Ocean Auto Air-condition- DETDZ Producing & selling auto air- 30% ing Engineering (Dalian) Co., Ltd. conditioners Dalian Bingshan Aquatic Environment Dalian Producing ozone liquor 33% Equipment Co., Ltd. treatment plants Dalian Sanyo Refrigeration Co., Ltd. DETDZ Producing & selling lithium 40% bromide refrigerators Dalian Sanyo Cold-Chain Co., Ltd. DETDZ Producing & selling refrigera- 40% tors for supermarkets Dalian Sanyo Compressor Co., Ltd. DETDZ Producing & selling semi-hermetic 40% and hermetic compressors Dalian Grand Ocean Transport Dalian Assembling & selling movable 40% Refrigeration Engineering Co., Ltd. refrigerators Dalian Sanyo Air Conditioner Co., DETDZ Producing & selling air- 40% Ltd. conditioners Page １４ Dalian Refrigeration Co., Ltd. 2003 Annual Report Dalian Sanyo Home Appliance Dalian Producing & selling small 40% Co., Ltd. household appliances Dalian Fuji-Bingshan Vending DETDZ Producing & selling vending 49% Machine Co., Ltd. machines Dalian P&A Recreation Development Dalian Designing & installing 50% Engineering Co., Ltd. recreational facilities Dalian Bingshan Guardian Dalian Automated control technology 60% Automation Co., Ltd. for refrigeration & other fields Dalian Bingshan Metal Processing Dalian Metal platework & stampings 64.3% Co., Ltd. Dalian Bingshan Air-conditioning Dalian Producing & selling terminal 70% Equipment Co., Ltd. products for air-conditioners Dalian Bingshan Ryosetsu Fast Frozen DETDZ Producing & selling fast frozen 70% Equipment Co., Ltd. equipment (1) The utilization of raised funds The Company raised net funds of 360 million yuan through issuing B shares in 1998, and used them for seven projects. Capital investment for two of these projects went down to the report period. ① The fund of 108,949.36 thousand yuan, 67.6% of the due investment, has been put into the expansion project of Dalian Sanyo Compressor Co., Ltd. and no fund was put in this report period. The company earned the main business incomes of 527.37 million yuan in 2003 with a comparable increase of 29.78%. ② The fund of 60 million yuan has been put into the project of developing the large screw type refrigeration compressor, accounting for 100% of the due investment, and 5.01 million yuan was put in this report period. Now the models such as KA315 and KA510 have been put in batches into the market, successfully substituting the imported ones in the petrochemical industry and other industries. This further improves the Company’s comprehensive strength in the production of screw type refrigeration compressors. Now the Company has put into the raised fund of 287,149.36 thousand yuan, accounting for 84.6% of the due investment. The unused raised funds of 52.31 million yuan are temporarily deposited in the foreign exchange account designated by the bank. (2) Description of the investment projects utilizing non-raised funds On May 6, 2003, by using its own fund, the Company established Dalian Bingshan Ryosetsu Fast Frozen Equipment Co., Ltd. through joint investment with Japanese Ryosetsu Co., Ltd was established, and holds 70% of the shares in that company’s registered capital of US$ 1 million. That company is engaged in production and sale of various Fast Frozen Equipment. At the end of 2003, by using its own fund, the Company established Dalian Fuji-Bingshan Vending Machine Co., Ltd. through joint investment with Japanese Fuji Electric Co., Ltd., and holds 49% of the shares in that company’s registered capital of 1.8 billion Japanese yen. That company is engaged in R & D, production and sale of vending machines. 3. Financial status and business performance of the Company Page １５ Dalian Refrigeration Co., Ltd. 2003 Annual Report By Dec. 31, 2003, the financial status of the Company was described as follows: (1) The total assets were 1,925,066 thousand yuan, 44,424 thousand yuan more than that at the year beginning. The liquid assets decreased by 19,346 thousand yuan mainly due to the decrease of due from related parties. The non-liquid assets increased by 63,770 thousand yuan mainly due to purchase of fixed assets, profit made by the joint ventures, and new investment to the joint ventures. (2) The total liabilities were 647,881 thousand yuan, 8,926 thousand yuan less than that at the year beginning. The liquid liabilities decreased by 12,716 thousand yuan mainly due to decrease of the short-term bank borrowings. The non-liquid liabilities increased by 3,790 thousand yuan due to increase of the liabilities of deferred taxation. (3) The shareholders’ equity was 1,246,193 thousand yuan, 51,701 thousand yuan more than that in the previous year, mainly due to increase of the drawn public reserve fund and undistributed profit. (4) The operating profit was 30,035 thousand yuan,10,495 thousand yuan more than that in the previous year, mainly due to increase of the sales and a stable gross profit ratio with a slight increase. (5) The net profit was 86,634 thousand yuan,16,110 thousand yuan more than that in the previous year, mainly due to increase of the operating profit. (6) The assets-liabilities ratio was 33.66% with a comparable decrease of 1.26 percentage points. (7) The gross profit margin was 16.55% with a comparable increase of 3.03 percentage points. (8) The return on equity was 6.95% with a comparable increase of 1.05 percentage points. 4. The business plan for the coming year The Company’s business targets for the year 2004 are as follows: Sales income: 1,200 million yuan Total amount of profit: 120 million yuan (1) Bringing up the Company’s competence in international market. We should aim at our competitors in international market and narrow the gap in terms of technical content in the products and other aspects as soon as possible while maintaining our advantage of low product price. (2) Accelerating the process of joint venture and cooperation. We should rapidly extend the industrial chain and increase the technical content in products and the market shares through joint venture and cooperation with large corporations in the world. (3) Putting more efforts to development of new products and technical transformation. We will complete 21 new product development projects and 29 technical transformation projects. (4) Promoting the campaign of all-round cost reduction to ensure the cost reduction of 29 million yuan. (5) Accelerating the informatization progress of the Company. Page １６ Dalian Refrigeration Co., Ltd. 2003 Annual Report 5. The routine work of the Board of Directors (1) Meetings of the Board of Directors and the resolutions in the report period ① The 7th meeting of the 3rd Board of Directors The 3rd Board of Directors held the 7th meeting at the conference room on 6/F of the head-office building on Apr. 22, 2003. The meeting reviewed and adopted the following resolutions: * the 2002 Work Report of the Board of Directors; * the 2002 Final Accounting Report and 2003 Financial Budget Report; * the 2002 Profit Distribution Preplan; * the 2003 Profit Distribution Policy and the Policy of Conversion of Capital Public Reserve into Additional Shares; * the Report about Amending the Articles of Association of the Company; * the Report about Changes in Director Appointment; * the Report about Changes in the Constitution of the Board of Directors; * the Report about Candidates for Independent Directors; * the Report about Engagement of Senior Staff Members; * the Report about Drawing the Assets Devaluation Provisions for the year 2002; * the Report about Writing Off Some Provisions for Fixed Asset Devaluation and Bad debts; * the Report about Engagement of an Audit Body in 2003; * the Report about Shareholding in Dalian Bingshan Investment Co., Ltd.; * the 2002 Annual Report; * the Quarterly Report for the First Quarter of 2003; and * Matters about holding the 2002 shareholder general meeting. ② The 8th meeting of the 3rd Board of Directors The 3rd Board of Directors of the Company held the 8th meeting at the conference room on the sixth floor of the head-office building on Aug. 20, 2003. The meeting reviewed and adopted the following resolutions: * the 2003 Semiannual Report and its abstract; and * the decision of neither distributing profit and nor converting capital public reserves into additional shares in the mid year of 2003. ③ The 9th meeting of the 3rd Board of Directors The 3rd Board of Directors of the Company held the 9th meeting at the conference room on 6/F of the head-office building on Oct. 22, 2003. The meeting reviewed and adopted the following resolutions: * the Quarterly Report for the Third Quarter of 2003; * the Resolution about Shareholding in Dalian Fuji-Bingshan Vending Machine Co., Ltd. (2) The execution of the resolutions adopted on the general shareholders meeting by the Board of Directors The Board of Directors of the Company earnestly carried out the resolutions adopted at the Page １７ Dalian Refrigeration Co., Ltd. 2003 Annual Report 2002 general shareholders meeting. The 2002 profit distribution plan of the Company has been implemented by the Board of Directors in July 2003. The resolution on shareholding in Dalian Bingshan Investment Co., Ltd. was not implemented properly due to immaturity of concerned conditions. The Board of Directors will pay close attention to any new development of this project. 6. The preplan of profit distribution or the preplan of converting the capital public reserve into additional shares As audited by Dalian Hualian Certified Public Accountants, the after-tax profit of the Company in 2003 was 86.148 million yuan. In accordance with the relevant regulations of the state and the Articles of Association of the Company, 10% of the after-tax profit, i. e. 8.726 million yuan, shall be set aside as the legal surplus public reserve, another 10%, i. e. 8.726 million yuan, as legal public welfare fund and 1.47 million yuan as the consolidated reserves for the subsidiary companies. A total of 18.922 million yuan was drawn. With the undistributed profit of 79.345 million yuan carried forward from the previous year, the profit available for distribution to shareholders is 146.571 million yuan. As audited by Price WaterHouseCoopers Zhongtian Certified Public Accountants, the after-tax profit of the Company in 2003 was 86.634 million yuan. With the remaining after-tax profit after drawing legal surplus public reserve, legal public welfare fund, consolidated reserves for the subsidiary companies plus the undistributed profit of 43.26 million yuan carried forward from the previous year, the profit available for distribution to shareholders is 110.972 million yuan. In accordance with the Articles of Association of the Company and relevant regulations, the lower of the aforesaid distributable profits shall be distributed. Therefore, the profit available for distribution to the shareholders for this year is 110.972 million yuan, 10% of which, i. e. 8.726 million yuan, will be drawn as the optional surplus public reserve, and 35.001 million yuan for payment of the dividends. The balance of 67.245 million yuan will be carried forward to the next year for distribution. The profit distribution preplan of the Company for 2003: With 350,014,975 shares in total by the end of 2003, cash dividend of one yuan (including tax) for each ten shares will be paid. The cash dividends for B-shares will be converted into HK$ for payment. No capital public reserve is to be converted into additional shares in this year. This preplan should be presented to and reviewed and adopted at the 2003 shareholder general meeting. 7. The Company selects the China Securities Daily and Ta Kung Pao for disclosing information. 8. Self-examination report about fund intercourse of the Company with the holding shareholder and with other associated parties, use of the fund and any guarantee issuance (Sept. 30, 2003) According to the Notice about Regularizing Fund Intercourse of Listed Companies with Associated Parties and Several Issues about Guarantee Issuance of Listed Companies Page １８ Dalian Refrigeration Co., Ltd. 2003 Annual Report (ZHENG JIAN FA [2003] No. 56), we conducted self-examination of the fund intercourse of the Company with the holding shareholder and with other associated parties, use of the funds and guarantee issuance, as follows: (I) Fund intercourse of the Company with the holding shareholder and with other associated parties 1. The Company did not loan any funds to the holding shareholder with interest or without interest. On Jun. 30, 2003, the associated party to the Company – Dalian Bingshan Group Import & Export Co., Ltd. loaned five million yuan of fund from the Company with interest. Now the loan has been repaid completely. 2. The Company did not provide associated parties with any loan by mandate through banks or non-banking financial institutions. 3. The Company did not entrust the holding shareholder or other associated parties to engage in any investment activities. 4. The Company did not issue to the holding shareholder and other associated parties any trade acceptance draft without real transaction background. 5. The Company did not repay any debts for the holding shareholder and other associated parties. 6. Neither mutual advance payment of any period expenses such as wages, welfare, insurance premium and advertisement nor mutual payment of any costs and other expenses took place between the Company and the holding shareholder and between the Company and other associated parties. (II) The Company’s issuing guarantees 1. The Company did not issue any guarantees for the holding shareholder, other associated parties with the shareholding less than 50%, any non-legal-person units and individuals. 2. The total amount of guarantee issuance of the Company accounted for 0% of the net assets listed in the consolidated accounting statement for the last fiscal year. 3. In the Articles of Association of the Company, Article 6.3 “responsibilities of the directors” stipulates, “directors shall not issue any guarantees for the debts of any shareholders of the Company or other individuals by using the assets of the Company”. Now the stipulations have not been worked out for the examination and approval procedure for issuing guarantees and the credit standing requirement for guaranteed objects. 9. The Certified Public Accountants’ special description about the Company’s using the funds of its holding shareholder and other associated parties To: All shareholders of Dalian Refrigeration Co., Ltd. According to the Notice about Regularizing Fund Intercourse of Listed Companies with Associated Parties and Several Issues about Guarantee Issuance of Listed Companies, the document ZHENG JIAN FA [2003] No. 56 of China Securities Regulatory Commission, we gave our special examination on the information about use of the funds and any guarantee issuance by breaching law by your major shareholders and associated parties when we audited the 2003 Annual Accounting Report of Dalian Refrigeration Co., Ltd. (hereinafter referred to as “Daleng Page １９ Dalian Refrigeration Co., Ltd. 2003 Annual Report Gufen”). Hereunder is the description about the examination. I. Use of the operating funds The main items of operational intercourse of Daleng Gufen with the associated parties were the moneys on call generated in product and material sales between the two parties. The selling prices were agreed by the two parties according to the market prices of similar products and appropriately adjusted to any market price fluctuation. All items of intercourse with the associated parties by Dec. 31, 2003 were within the range of normal receivable accounts of sales. The internal sales and purchases between Daleng Gufen and the Installation Co., the Sale Co., Bingshan Air-Conditioner, Bingshan-Bishisetsu Quick-Freezer and other holding subsidiaries have been set off in preparation of the consolidated accounting statements. II. Use of the non-operating funds The main accounts due between Daleng Gufen and the holding shareholder – Dalian Bingshan Group Co., Ltd. were the ad rate of 2.3 million yuan borrowed by Bingshan Group from Daleng Gufen and paid to CCTV in January to February 2003, the investment of 16.5 million yuan to the joint operated company and the subsidiary, and the loan for technical transformation of 6 million yuan. The above-mentioned accounts have been repaid in February 2003. In consideration of the short time of using the funds, Daleng Gufen did not charge the payment for use of the funds from Bingshan Group. The major receivable accounts between Daleng Gufen and the holding subsidiary – Dalian Bingshan Group Sale Co., Ltd. were the accounts for commodity purchases and labor service paid by Daleng Gufen for and to be repaid by the Sale Co. The major items of non-operational intercourse of Daleng Gufen with other associated parties were some groat expenses, such as telephone rate and house rent, paid by Daleng Gufen for and to be repaid them. The items of fund intercourse of Daleng Gufen with the Installation Co., the Sale Co., Bingshan Air-Conditioner, Bingshan-Bishisetsu Quick-Freezer and other holding subsidiaries have been set off in preparation of the consolidated accounting statements. 10. The independent directors’ special description and independent opinion about the Company’s accumulated and current guarantee issuance and compliance with the related regulations The examination showed that the Company did not issue any guarantees for the holding shareholder, other associated parties with the shareholding less than 50%, any non-legal-person units and individuals, and the amount of guarantee issuance of the Company accounted for 0% of the net assets listed in the consolidated accounting statement in the last fiscal year. Now no stipulations were worked out in the Company’s Articles of Association for the examination and approval procedure for issuing guarantees and the credit standing requirement for guaranteed objects. The third Board of Directors will list this issue as an item on the agenda of the tenth meeting and submit it to the 2003 general shareholders meeting for review. To sum up, we believe that the Company is well compliant with the related regulations. Page ２０ Dalian Refrigeration Co., Ltd. 2003 Annual Report VIII. The Report of the Supervisory Board The Supervisory Board held three meetings in the report period. The 7th meeting of the 3rd Supervisory Board was held at the conference room on 6/F of the head-office building of the Company on Apr. 22, 2003. The meeting reviewed and adopted the 2002 Work Report of the Supervisory Board, and the "Report of the Supervisory Board" in the 2002 Annual Report of the Company. The 8th meeting of the 3rd Supervisory Board was held at the conference room on 5/F of the head-office building on August 20, 2003. The meeting reviewed and adopted the 2003 Semiannual Report of the Company and its abstract. The Company decided neither to distribute profit in the mid year of 2003 nor to convert the capital public reserve into additional shares. The 9th meeting of the 3rd Supervisory Board was held at the conference room on 6/F of the head-office building on October 22, 2003. The meeting reviewed and adopted the Quarterly Report for the Third Quarter of 2003 of the Company, and the Resolution about Shareholding in Dalian Fuji-Bingshan Vending Machine Co., Ltd. The Supervisory Board gave the independent comments on the following matters: (1) About legal operation of the Company. The Company had a legal resolution-making process and built a quite perfect internal control system. No acts of the directors and managers of the Company in the course of performing their duties were found to violate laws, regulations and the Articles of Association of the Company or to harm the interests of the Company. (2) About the financial condition of the Company. Both Dalian Hualian Certified Public Accountants and Price WaterHouseCoopers Zhongtian Certified Public Accountants have presented the unqualified-opinions auditor's reports. The accounting report reflected the actual financial status and operation results of the Company. (3) The Company had no acts raising funds in the report period. Two projects of the Company using the capital raised by issuing B-shares in 1998 was carried forward to this report period. The actual investment projects were basically consistent with those promised and the raised capital unused was deposited in the foreign exchange account designated by the bank. (4) The Company had no big acts to purchase and sell assets in the report period. (5) Associated transactions taking place on the Company in the report period mainly were purchase of goods from the associated companies. The above transactions were fair with no prejudice to the interests of the Company. (6) The procedures of withdrawing provisions for devaluation of assets in 2003 were legitimate and valid. IX. Important Matters 1. There were no important matters concerning lawsuit or arbitration in the report period of this year. 2. In the report period, the Company had no important matters concerning purchase and sale of assets, mergence, etc. Page ２１ Dalian Refrigeration Co., Ltd. 2003 Annual Report 3. Important matters concerning associated transactions: For details about associated transactions taking place in purchase of goods, see the Explanatory Notes to the Accounting Statements. 4. In the report period, neither assets of other companies were held under trust, contract and lease by the Company nor assets of the Company were held under trust, contract and lease by other companies. 5. In the report period, the Company had no important matters concerning guarantees. The amount of guarantee issued by the Company for the holding subsidiary in the report period was 0 yuan. The amount of guarantee issuance of the Company by breaching the regulations accounted for 0% of the net assets of the Company. The total amount of guarantee issued by the Company accounted for 0% of the net assets of the Company. 6. In the report period, no cash assets of the Company were consigned to others for management and there were no matters concerning loan by mandate. 7. At the 7th meeting of the third Board of Directors, the Company estimated the profit distribution policy for 2003, as follows: • the profit is distributed once at the end of year and not distributed in the mid year; • the profit is distributed at 40% to 60% of the annual profit distributable to the shareholders (including the profit realized in the current year and the profit undistributed in the previous year); • the dividends are paid in the form of cash or bonus stock or in combination of the two forms and, however, the proportion of dividends in cash to the distributed dividends is not lower than 50%. The Company's profit distribution preplan for 2003 tallies with the above estimation. 8. In the report period, the certified public accountants engaged by the Company had no changes. The remuneration paid to the certified public accountants in the report year is as follows: (1) all the payment made to Dalian Hualian Certified Public Accountants was the audit charge of 230 thousand yuan (180 thousand yuan in 2002) without other charges, and the travelling expenses were borne by that company; (2) all the payment made to Price WaterHouseCoopers Zhongtian Certified Public Accountants was the audit charge of 680 thousand yuan (also 680 thousand yuan in 2002) without other charges, and the travelling expenses were borne by that company. Now, the consecutive service tenure of Dalian Hualian Certified Public Accountants Co., Ltd. is eleven years and that of Price WaterHouseCoopers Zhongtian Certified Public Accountants is six years. 9. In the report period, neither the Company nor the directors were punished by the supervision authorities. Page ２２ Dalian Refrigeration Co., Ltd. 2003 Annual Report X. Financial Report 1. Auditor's Report PwC ZT Shen Zi (2004) No. 1557 TO THE SHAREHOLDERS OF DALIAN REFRIGERATION COMPANY LIMITED We have audited the accompanying consolidated balance sheet of Dalian Refrigeration Company Limited (hereinafter referred to as the “Company”) and its subsidiaries (hereinafter together with the Company referred to as the “Group”) as of 31 December 2003, and the related consolidated income statement, statement of changes in equity, and cash flow statement for the year then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31 December 2003, and of the consolidated results of its operations and its consolidated cash flows for the year then ended, in accordance with International Financial Reporting Standards. PricewaterhouseCoopers Zhong Tian CPAs Co., Ltd. Shanghai, the People’s Republic of China 20 April, 2004 2. Accounting Statements (attached) 3. Explanatory Notes to the Accounting Statements (All amounts in Renminbi (“RMB”) thousands unless otherwise stated) GENERAL INFORMATION Dalian Refrigeration Company Limited (the “Company”) was incorporated in the People’s Republic of China (the “PRC”) on 18 December 1993 as a joint stock limited company. The principal activities of the Company are manufacture, sale and installation of refrigeration equipment. The principal activities of its subsidiaries are shown as below. The Company together with its subsidiaries are hereinafter collectively referred to as the “Group”. The address of the Company’s registered office is No.888 Xinan Road, Shahekou District, Dalian. As of 31 December 2003, the Group had 1936 employees (2002: 2,283 employees). The Company’s domestic investment ordinary shares (“A share”) and domestically listed foreign investment ordinary shares (“B share”) have been listed on the Shenzhen Stock Exchange in the PRC in September 1993 and January 1998 respectively. Page ２３ Dalian Refrigeration Co., Ltd. 2003 Annual Report The immediate and ultimate parent company of the Company is Dalian Bingshan Group Company Limited (“Bingshan Group”). As of 31 December 2003, the Company had a direct equity interest in the following subsidiaries, all of which were incorporated in the PRC: Date of Percentage of equity Name of subsidiaries incorporation Registered capital interest Principal activities 2003 2002 2003 2002 Dalian Bingshan Group Refrigeration 9 January 1988 RMB 20,000,000 RMB 20,000,000 100.00% 100.00% Installation and testing of Installation Company (“Installation refrigeration equipment Company”) Dalian Economic and Technological 18 May 1989 RMB 5,400,000 RMB 5,400,000 100.00% 100.00% Wholesale and retail of Development Zone Bingshan Trade machinery and equipment Company Dalian Economic and Technological 6 July 1992 RMB 600,000 RMB 600,000 100.00% 100.00% Wholesale and retail of Development Zone Daleng Trade instrument and meters Company Dalian Bingshan Air-Conditioning 22 December JPY 700,000,000 JPY 700,000,000 70.00% 70.00% Manufacture and sale of Equipment Company Limited (“Bingshan 1995 accessories of refrigeration Air-Conditioning”) equipment Dalian Bingshan Metal Processing 21 January USD 2,350,000 USD 2,350,000 64.25% 64.25% Process and sale of metal Company Limited (“Metal Processing”) 1998 punching parts Dalian Bingshan Group Sales Company 12 March 1998 RMB 3,000,000 RMB 3,000,000 90.00% 90.00% Sale of refrigeration (“Sales Company”) equipment Dalian Bingshan Guardian Automation Co., 22 April 2002 GBP 210,000 GBP 210,000 60.00% 60.00% Research, design and Ltd. develop refrigerator automation parts Dalian Bingshan Lingshe Deepfreezing 6 May 2003 USD 1,000,000 N/A 70% N/A Manufacture and sale of Equipment Co.,Ltd. deepfreezing equipment Shanghai Bingshan Serial Refrigeration 30 September RMB 2,000,000 N/A 45% N/A Sale and installation of Equipment Sales Company 2003 refrigeration equipment ACCOUNTING POLICIES Page ２４ Dalian Refrigeration Co., Ltd. 2003 Annual Report The principal accounting policies adopted in the preparation of these consolidated financial statements of the Group are set out below: A Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) which includes International Accounting Standards and Interpretation issued by the International Accounting Standards Board. This basis of accounting differs from that used in the preparation of the Group’s statutory financial statements (“PRC statutory financial statements”). B Group accounting (1) Subsidiaries Subsidiaries, which are those entities in which the Group has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies, are consolidated. Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated; unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group. (2) Associates Investments in associates are accounted for by the equity method of accounting. Associates are entities over which the Group generally has between 20% and 50% of the voting rights, or over which the Group has significant influence, but which it does not control. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the associates. C Foreign currency translation Page ２５ Dalian Refrigeration Co., Ltd. 2003 Annual Report Items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (“the measurement currency”). The consolidated financial statements are presented in RMB, which is the measurement currency of the parent. Foreign currency transactions are translated into the measurement currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement in the year in which they arise. D Operating lease Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease. E Leasehold land Leases of land acquired are classified as operating leases. The pre-paid lease payments are amortized over the lease period of fifty years on a straight-line basis. F Property, plant and equipment and depreciation Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Depreciation is provided for on a straight-line basis to write off the cost, after taking into account the residual value, of each asset over its estimated useful life. The estimated useful lives are as follows: Buildings 20-40 years Machinery and equipment 5-20 years Motor vehicles 5-20 years Expenditure incurred after the property, plant and equipment have been put into operation, such as repairs and maintenance and overhaul costs, is recognized as an expense in the year in which it is incurred. In situations where it is probable that an expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset beyond its originally assessed standard of performance, the expenditure is capitalized as an additional cost of the asset. Page ２６ Dalian Refrigeration Co., Ltd. 2003 Annual Report When assets are sold or retired, their costs and accumulated depreciation are eliminated from the accounts and any gain or loss resulting from their disposal is included in the income statement. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Interest costs on borrowings to finance the construction of property, plant and equipment are capitalised, during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed. G Construction-in-progress Construction-in-progress represents buildings and plant under construction and machinery and equipment under installation and testing, and is stated at cost. This includes cost of construction, plant and equipment and other direct costs plus borrowing costs which include interest charges and exchange differences arising from foreign currency borrowings used to finance these projects during the construction period, to the extent these are regarded as an adjustment to interest costs. Construction-in-progress is not depreciated until such time as the assets are completed and ready for its intended use. H Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net assets of the acquired associates at the date of acquisition. Goodwill on acquisitions of associates is included in investments in associates. Goodwill is amortized using the straight-line method over its estimated useful life of 10 years. At each balance sheet date the Group assesses whether there is any indication of impairment. If such indications exist an analysis is performed to assess whether the carrying amount of goodwill is fully recoverable. A write down is made if the carrying amount exceeds the recoverable amount. I Impairment of long lived assets The assets of the company are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount which is the higher of an asset’s net selling price and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows. Page ２７ Dalian Refrigeration Co., Ltd. 2003 Annual Report J Investments The Group classified its investments in debt and equity securities into the following categories: trading, held-to-maturity and available-for-sale. The classification is dependent on the purpose for which the investments were acquired. Management determines the classification of its investments at the time of the purchase and re-evaluates such designation on a regular basis. Investments that are acquired principally for the purpose of generating a profit from short-term fluctuations in price are classified as trading investments and included in current assets; for the purpose of these financial statements short term is defined as 12 months; Investments with a fixed maturity that management has the intent and ability to hold to maturity are classified as held-to-maturity and are included in non-current assets, except for maturities within 12 months from the balance sheet date which are classified as current assets; Investments intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, are classified as available-for-sale; and are included in non-current assets unless management has the express intention of holding the investment for less than 12 months from the balance sheet date or unless they will need to be sold to raise operating capital, in which case they are included in current assets. Purchases and sales of investments are recognized on the trade date, which is the date that the Group commits to purchase or sell the asset. Investments are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs. Trading and available-for-sale investments are subsequently carried at fair value. Equity securities classified as available-for-sale investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured by alternative valuation methods are measured at cost less impairment. Gains or losses on remeasurement to fair value of available-for-sale investments are included in the net profit or loss for the period. Held-to-maturity investments are carried at amortized cost using the effective yield method. K Inventories Inventories are stated at the lower of cost or net realisable value. Cost is determined using the weighted average method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity) but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses. Provision is made for obsolete, slow-moving or defective items where appropriate. Page ２８ Dalian Refrigeration Co., Ltd. 2003 Annual Report L Installation service contracts An installation service contract is a contract specifically negotiated for the installation of an asset or a combination of assets that are closely interelated or interdependent in terms of their design, technology and functions or their ultimate purpose or use. When the outcome of a contract can be estimated reliably, contract revenue and contract costs are recognised by using the stage of completion method. The stage of completion is measured by reference to the relationship contract costs incurred for work performed to date bear to the estimated total costs for the contract. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. When the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable those costs will be recoverable. Contract costs are recognised when incurred. The installment billings receivable according to the contract is recorded in “Progress billing”. The aggregate of the costs incurred and the profit/loss recognised on each contract is compared against the progress billings up to the year end. Where costs incurred and recognised profits (less recognised losses) exceed progress billings, the balance is presented in current asset as “gross amount due from customers for contract work”. Where progress billings exceed costs incurred plus recognised profits (less recognised losses), the balance is presented in current liability as “gross amount due to customers for contract work”. Amounts received before the related work is performed are included in “advance from customers”. Amounts billed, but not yet paid by the customers, for work performed on a contract are included in “trade receivables”. M Trade receivables Trade receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for impairment of trade receivables is established when there is an objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The amount of the provision is the difference between the carrying amount and the recoverable amount, being the present value of expected cash flows, discounted at the market rate of interest for similar borrowers. N Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. O Borrowings and borrowing costs Page ２９ Dalian Refrigeration Co., Ltd. 2003 Annual Report Borrowings are recognised initially at the proceeds received, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost using the effective yield method; any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings. Transaction costs include fees and commissions paid to agents, advisers, brokers and dealers; levies by regulatory agencies and securities exchanges, and transfer taxes and duties. They do not include debt premium or discount, financing costs, or allocation of internal administrative or holding costs. Borrowing costs include interest charges and other costs incurred in connection with the borrowing of funds, including amortization of discounts or premiums relating to borrowings, amortization of ancillary costs incurred in connection with arranging borrowings and exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs. Borrowing costs are expensed as incurred, except when they are directly attributable to the acquisition, construction of property, plant and equipment that necessarily takes a substantial period of time to get ready for its intended use in which case they are capitalized as part of the cost of that asset. Capitalization of borrowing costs commences when expenditures for the asset and borrowing costs are being incurred and the activities to prepare the asset for its intended use are in progress. Borrowing costs are capitalized at the weighted average cost of the related borrowings until the asset is ready for its intended use. If the resulting carrying amount of the asset exceeds its recoverable amount, an impairment loss is recorded. P Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Currently enacted tax rates are used in the determination of deferred income tax. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided on temporary differences arising on investments in associates, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Q Employee benefits Pursuant to the PRC laws and regulations, contributions to the basic old age insurance for the Group’s local staff are to be made monthly to a government agency based on set percentages of the standard salary set by the provincial government, of which a portion is borne by the Group and the remainder is borne by the staff. The government agency is responsible for Page ３０ Dalian Refrigeration Co., Ltd. 2003 Annual Report the pension liabilities relating to such staff on their retirement. The Group accounts for these contributions on an accrual basis. R Government grants Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attached to them, if any, and that the grants will be received. S Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. At the balance sheet date, if it is no longer probable that an outflow of resources embodying economic benefit will be required to settle the obligation, the provision is reversed. T Revenue recognition Apart from revenue recognition of installation service contract disclosed in Note L, revenue is recognized on the following bases, provided it is probable that the economic benefits associated with a transaction will flow to the Group and the revenue and costs, if applicable, can be measured reliably. (i) Sales of goods Revenue comprises the invoiced value for the sale of goods and services net of value-added tax, rebates and discounts, and after eliminating sales within the Group. Revenue from the sale of goods is recognized when significant risks and rewards of ownership of the goods are transferred to the buyer. (ii) Interest income Interest income is recognised on a time proportion basis, taking account of the principal outstanding and the effective rate over the period to maturity, when it is determined that such income will accrue to the Group. (iii) Dividend income Dividend income is recognized when the right to receive payment is established. U Dividends Dividends are recorded in the Group’s financial statements in the period in which they are Page ３１ Dalian Refrigeration Co., Ltd. 2003 Annual Report approved by the Group’s shareholders. V Comparatives Where necessary, comparative figures have been adjusted to conform with charges in presentation in the current year. (1) Financial risk factors and financial risk management The Group’s activities expose it to a variety of financial risks, including credit risk, liquidity risk, interest rate risk and foreign exchange risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. (i) Credit risk The Group has no significant concentrations of credit risk. The Group has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history. (ii) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. (iii) Interest rate risk The Group’s income and operating cash flows are substantially independent of changes in market interest rates. The Group has no significant interest-bearing assets. The Group policy is to maintain all of its borrowings in fixed rate instruments. (iv) Foreign exchange risk The Group has no significant foreign exchange risk due to limited foreign currency transactions (2) Fair value estimation The fair value of publicly traded securities is based on quoted market prices at the balance sheet date. In assessing the fair value of non-trading securities and other financial instruments, the Group uses a variety of methods and makes assumptions that are based on market conditions Page ３２ Dalian Refrigeration Co., Ltd. 2003 Annual Report existing at each balance sheet date. Quoted market prices or dealer quotes for the specific or similar instruments are used for long-term debt. The face values less any estimated credit adjustments for financial assets and liabilities with a maturity of above one year are assumed to approximate their fair values. 1. SALES, NET 2003 2002 Refrigeration engineering packages and accessories - Refrigerators 315,139 345,932 - Installation service 122,524 170,566 Sale of refrigerators 394,466 303,365 Sale of auxiliary machines 35,651 35,058 Others 200,784 127,356 1,068,564 982,277 Less: Surtaxes (4,826) (5,393) 1,063,738 976,884 2. FINANCE COSTS, NET 2003 2002 Interest expense on bank borrowings (Note 19(b)(i)) 8,500 12,676 Interest income from bank deposits (2,999) (6,709) 5,501 5,967 3. PROFIT BEFORE TAX AND MINORITY INTERESTS a. Profit before tax and minority interests was determined after charging/(crediting) the following: 2003 2002 Staff costs - salaries and wages 48,810 47,545 - provisions for staff welfare benefit 7,088 6,325 - contribution to statutory pension scheme 9,408 9,059 Amortization of leasehold land 950 928 Page ３３ Dalian Refrigeration Co., Ltd. 2003 Annual Report Depreciation of property, plant and equipment 24,781 21,584 Amortization of goodwill 767 768 Gain on disposal of property, plant and equipment (183) (285) Provision for doubtful debts 7,430 2,119 Write-off of bad debts 10,000 8,961 Provision (Reversal) of inventory obsolescence 318 (1,115) b. Provisions for staff welfare are made based on the following percentages of employees’ standard salaries: Percentage 2003 2002 Pension 19.0% 19.0% Staff welfare benefit 14.0% 14.0% Housing fund 8.0% 7.0% Medical insurance 8.0% 8.0% Unemployment insurance 2.0% 2.0% Employment injury insurance 1.2% 1.2% Maternity insurance 0.5% 0.5% 4. TAXATION (a) Value-added tax (“VAT”) The Group is subject to VAT, which is a tax charged on top of the selling price at a general rate of 17%. An input credit is available whereby VAT previously paid on purchases of raw materials and semi-finished products can be used to offset the VAT on sales to determine the net VAT payable. (b) Surtaxes The Group is subject to the following surtaxes: • City development tax, a tax levied at 7% of net VAT payable; • Education supplementary tax, a tax levied at 3% of net VAT payable. (c) Enterprise income tax (“EIT”) (i) Details of taxation charged were as follows: 2003 2002 Current enterprise income tax 12,025 4,247 Page ３４ Dalian Refrigeration Co., Ltd. 2003 Annual Report expense Deferred taxation arising from equity pickup of associates 3,790 10,474 Share of enterprise income tax of associates 12,257 9,546 28,072 24,267 In accordance with relevant PRC tax laws, the Company should pay additional EIT equivalent to certain percentage of dividend income received from its associates. As of 31 December 2003, the Group provided deferred taxation amounting to approximately RMB 3,790,000 for temporary difference arising from the additional EIT relating to unappropriated profits of its associates as of 31 December 2003. (ii) The reconciliation of the statutory tax rate to the effective tax rate was as follows: 2003 2002 Accounting profit before taxation and minority interests 116,453 100% 97,511 100% Tax at the statutory tax rate of 33% (2002: 33%) 38,429 33% 32,178 33% Tax effect of different tax rates of subsidiaries (1,295) (1.1%) (2,490) (2.6%) Deferred tax liability credit to net profit (5,864) (5.0%) - - Tax effect of income that are not assessable in determining taxable income (5,352) (4.6%) (2,247) (2.3%) Tax effect of expenses that are not deductible in determining taxable income 1,215 1.0% 161 0.2% Temporary differences not recognized (a) 939 0.8% (3,335) (3.3%) Income tax expense 28,072 24% 24,267 25% (a) Temporary differences are not recognized because it is uncertain that tax liability will exist in the foreseeable future or taxable profits will be available Page ３５ Dalian Refrigeration Co., Ltd. 2003 Annual Report against which the deductible temporary difference can be utilized. (iii) Deferred tax liability 2003 2002 At 1 January 10,474 - Charged to net profit 9,654 10,474 Credit to net profit (5,864) - At 31 December 14,264 10,474 (iv) EIT of subsidiaries and associates Taxation on profit of subsidiaries and associates is calculated at the applicable rates in accordance with the relevant tax regulations. Certain subsidiaries and associates enjoy preferential EIT policies with approvals from tax authorities. The applicable EIT rates of subsidiaries and major associates for the year 2003 are as follows: Name of the entity Relationship with the Company Applicable EIT rate in 2003 Dalian Bingshan Group Refrigeration Installation Subsidiary 33% Company Dalian Economic and Technological Development Subsidiary 15% Zone Bingshan Trade Company Dalian Economic and Technological Development Subsidiary 15% Zone Daleng Trade Company Dalian Bingshan Air-Conditioning Equipment Subsidiary 10% Company Limited Dalian Bingshan Metal Processing Company Subsidiary 7.5% Limited Dalian Bingshan Group Sales Company Subsidiary 15% Dalian Bingshan Guardian Automation Co., Ltd. Subsidiary 0% Dalian Bingshan Lingshe Refrigeration Machine Subsidiary 15% Co.,Ltd. Shanghai Bingshan Refrigeration Subsidiary 33% Page ３６ Dalian Refrigeration Co., Ltd. 2003 Annual Report Air-Conditioning Equipment Sales Company Dalian Sanyo Compressor Company Limited Associate 10% Dalian Sanyo Refrigeration Company Limited Associate 15% Dalian Sanyo Cold-Chain Company Limited Associate 10% Thermo King-Dalian Transport Refrigeration Associate 15% Company Limited Dalian Sanyo Air Conditioner Company Limited Associate 7.5% 5. EARNINGS PER SHARE The calculation of basic earnings per share was based on the net profit for the year attributable to shareholders of approximately RMB 86,634,000 (2002: approximately RMB 70,524,000), divided by the weighted average number of 350,014,975 (2002: 350,014,975) shares. 6. LEASEHOLD LAND Movement in leasehold land for the year ended 31 December 2003 was as follows: 2003 2002 Cost Beginning of year 45,947 45,907 Additions - 40 End of year 45,947 45,947 Accumulated amortization Beginning of year 4,723 3,795 Amortization for year 950 928 End of year 5,673 4,723 Net book value End of year 40,274 41,224 Beginning of year 41,224 42,112 Page ３７ Dalian Refrigeration Co., Ltd. 2003 Annual Report Leasehold land represented the use rights of the land where the Company’s premise is located and lease payments pre-paid by the Company and its subsidiaries for leasing the land where the Company’s certain plant and the subsidiaries are situated. The effective periods for the rights are 50 years. Since all land in the PRC is owned by the State or is subject to collective ownership, the risks and rewards of the parcel of land remain with the State. As a result, such lease payments are accounted for under operating leases and are charged to the income statement on a straight-line basis over the lease period of 50 years. 7. PROPERTY, PLANT AND EQUIPMENT Movements in property, plant and equipment were as follows: 2003 Motor Machinery Construction-i Buildings vehicles and equipment n-progress Total Cost Beginning of year 187,814 11,327 337,574 6,226 542,941 Additions 275 1,351 6,129 12,336 20,091 Transfers 855 - 10,578 (11,433) - Disposals - (289) (1,565) - (1,854) End of year 188,944 12,389 352,716 7,129 561,178 Accumulated depreciation Beginning of year 70,590 5,563 151,236 - 227,389 Depreciation for the year 4,865 947 18,969 - 24,781 Disposals - (260) (1,133) - (1,393) End of year 75,455 6,250 169,072 - 250,777 Accumulated impairment loss Beginning of year 7,224 - 10,246 - 17,470 Reversal for the year(a) - - (398) - (398) End of year 7,224 - 9,848 - 17,072 Net book value Page ３８ Dalian Refrigeration Co., Ltd. 2003 Annual Report End of year 106,265 6,139 173,796 7,129 293,329 Beginning of year 110,000 5,764 176,092 6,226 298,082 For the year ended 31 December 2003, additions to construction-in-progress did not include capitalized interest. (a) During the year 2003, the Company disposed of retired machinery and equipment with net book value of approximately RMB 461,000, which included reversal of impairment provision provided previously amounting to approximately RMB 398,000. 2002 Motor Machinery Construction-i Buildings vehicles and equipment n-progress Total Cost Beginning of year 191,477 10,836 314,157 1,916 518,386 Additions 441 818 12,909 33,074 47,242 Transfers 3,376 - 25,388 (28,764) - Disposals (7,480) (327) (14,880) - (22,687) End of year 187,814 11,327 337,574 6,226 542,941 Accumulated depreciation Beginning of year 70,246 4,915 148,274 - 223,435 Depreciation for the year 4,502 893 16,189 - 21,584 Disposals (4,158) (245) (13,227) - (17,630) End of year 70,590 5,563 151,236 - 227,389 Accumulated impairment loss Beginning of year 8,524 - 10,611 - 19,135 Reversal for the year (a) (1,300) - (365) - (1,665) End of year 7,224 - 10,246 - 17,470 Net book value Page ３９ Dalian Refrigeration Co., Ltd. 2003 Annual Report End of year 110,000 5,764 176,092 6,226 298,082 Beginning of year 110,937 5,921 157,042 1,916 275,816 8. INVESTMENTS IN ASSOCIATES 2003 2002 The Group’s share of associates’ net assets 577,301 501,246 Goodwill (a) 3,645 4,412 580,946 505,658 As of 31 December 2003, the Company had direct equity interests in the following associates, all of which were incorporated in the PRC: Date of Percentage of equity Name of associates incorporation Registered capital interest Principal activities 2003 2002 2003 2002 Dalian Sanyo Compressor Company 15 September JPY 6,620,000,000 JPY 6,620,000,000 40.00% 40.00% Manufacture and sale of Limited 1994 semi-sealed compressors Dalian Sanyo Refrigeration Company 11 September JPY 2,000,000,000 JPY 2,000,000,000 40.00% 40.00% Manufacture and sale of absorptive Limited 1992 lithium-bromide cold storehouses Dalian Sanyo Cold-Chain Company 11 January 1994 JPY 1,400,000,000 JPY 1,400,000,000 40.00% 40.00% Manufacture and sale of supermarket Limited refrigerators Dalian Grand Ocean Thermo King 11 December USD 850,000 USD 850,000 40.00% 40.00% Installation of transportation Transport Refrigeration Engineering 1992 freezing equipment Company Limited Grand Ocean Auto Air - Conditioning 10 October 1993 USD 12,000,000 USD 12,000,000 30.00% 30.00% Manufacture and sale of auto air- Engineering (Dalian) Company Limited conditioning systems Dalian Meica Electronics Company 17 November JPY 300,000,000 JPY 300,000,000 30.00% 30.00% Manufacture and sale of electronic Limited 1994 control panel Dalian Honjo Chemical Company 19 March 1993 JPY 260,000,000 JPY 260,000,000 30.00% 30.00% Manufacture and sale of lithium- Limited bromide Thermo King-Dalian Transport 1 December USD 3,000,000 USD 3,000,000 25.00% 25.00% Manufacture and sale of freezing Refrigeration Company Limited 1990 carrier Page ４０ Dalian Refrigeration Co., Ltd. 2003 Annual Report Dalian Sanyo Air Conditioner Company 20 December JPY 1,400,000,000 JPY 1,400,000,000 40.00% 40.00% Manufacture and sale of Limited 1995 air-conditioner Dalian Sanyo Food Systems Company 22 December JPY 1,000,000,000 JPY 1,000,000,000 40.00% 40.00% Manufacture and sale of refrigeration Limited 1995 equipment Dalian Sanyo Home Appliance Company 27 October 1995 JPY 600,000,000 JPY 600,000,000 40.00% 40.00% Manufacture and sale of home Limited appliance Dalian Bingshan Group Import and 10 August 1988 RMB 5,000,000 RMB 5,000,000 24.00% 24.00% Import of raw materials and export of Export Company products Dalian Bingshan – P&A Recreation 8 January 2001 USD 250,000 USD 250,000 50.00% 50.00% Develop technology of environmental Development Engineering Limited protection and sale of environmental protection equipment Dalian Bingshan Environmental 10 August 2001 RMB 500,000 RMB 500,000 50.00% 50.00% Design and build of man-made Protection Equipment Company ice-rink Limited Beijing Huashang Bingshan Refrigeration 24 September RMB 1,000,000 RMB 1,000,000 49.00% 49.00% Sale of air-conditioner and Equipment Co., Ltd. 2002 refrigerator Dalian Bingshan H2O3 Environmental 6 September USD 1,000,000 USD 1,000,000 33.00% 33.00% Develop, design, manufacture and Solution Co., Ltd. 2002 sale of water purifying equipments Dalian Fushi Bingshan Vending Machine 15 September JPY 1,800,000,000 N/A 49.00% N/A Design, manufacture and sale of Co., Ltd. 2003 vending machines Dalian Bingshan Group Designing Co., 20 November RMB 2,000,000 N/A 20.00% N/A Design of Refrigeration equipment, Ltd. 2003 central air-conditioner, industrial refrigeration equipment and environmental protection equipment (a) Movement of goodwill: 2003 2002 At 1 January 4,412 5,180 Amortization (767) (768) Page ４１ Dalian Refrigeration Co., Ltd. 2003 Annual Report At 31 December 3,645 4,412 9. AVAILABLE-FOR-SALE INVESTMENTS 2003 2002 Available-for-sale investments: Investments in unlisted shares at cost 41,801 47,616 Less: Provision for impairment in value (500) (500) 41,301 47,116 Investments in unlisted shares are measured at cost less impairment, because these investments do not have a quoted market price in an active market and their fair value cannot be reliably measured by alternative valuation methods. The Board of Directors of the Company has the opinion that the carrying amount of above investments approximate to their fair values. As of 31 December 2003, investments in unlisted shares included: Name of investee company Share of equity interest Carrying amount 2003 2002 2003 2002 Guotai Junan Securities Co., Ltd. 0.82% 1.02% 30,320 37,890 Sun-Tek Technology Co., Ltd. 1.9% 1.9% 3,000 3,000 Dalian Bingshan Rubber and Plastics Machinery Co., Ltd. 2.14% 2.14% 2,308 2,308 Thermo King Container Temperature Control (Suzhou) Co., Ltd. 10% 10% 3,311 1,556 Liaoning Maike Group Co., Ltd. 2.0% 2.0% 1,020 1,020 Others - - 1,342 1,342 41,301 47,116 10. INVENTORIES Page ４２ Dalian Refrigeration Co., Ltd. 2003 Annual Report 2003 2002 Raw materials 50,927 38,405 Work in progress 115,935 76,493 Finished goods 103,389 151,446 270,251 266,344 Less: Provision for inventory obsolescence (4,919) (4,601) 265,332 261,743 Out of the total inventories as of 31 December 2003, approximately RMB 4,000,000 (2002: RMB 6,000,000) were stated at net realizable value. 11. GROSS AMOUNT DUE FROM CUSTOMERS FOR CONTRACT WORK 2003 2002 Costs incurred 78,988 47,593 Plus: Recognized profits 6,832 7,770 Less: Recognized losses (5,055) (1,505) Progress billings (30,506) (33,932) 50,259 19,926 12. TRADE RECEIVABLES 2003 2002 Accounts receivable 223,327 205,898 Notes receivable 9,537 36,487 232,864 242,385 Less: Provision for doubtful debts (34,114) (26,684) 198,750 215,701 13. SHARE CAPITAL As of 31 December 2003, the outstanding share capital represented state-owned shares, legal person shares, A shares and B shares. The B shares rank pari passu in all respects with the A shares except that A shares can only be owned and traded by investors in the PRC. The details of share capital (par value of RMB 1 each) were as follows: Page ４３ Dalian Refrigeration Co., Ltd. 2003 Annual Report Shares Amount (RMB) 2003 2002 2003 2002 Registered, issued and fully paid: - State-owned shares 104,422,500 104,422,500 104,422,500 104,422,500 - Legal person shares 32,222,250 32,222,250 32,222,250 32,222,250 - A shares 98,370,225 98,370,225 98,370,225 98,370,225 - B shares 115,000,000 115,000,000 115,000,000 115,000,000 350,014,975 350,014,975 350,014,975 350,014,975 14. RESERVES (a) Capital reserve In accordance with relevant regulations of the PRC and the articles of association of the Company, the followings shall be recorded as capital reserve: (i) share premium; (ii) donations; (iii) appreciation arising from revaluation of assets; and (iv) other items in accordance with the articles of association and relevant regulations in the PRC. Capital reserve may be utilized to offset prior years’ losses or for issuance of bonus shares. Share premium represents net assets acquired from promoters in excess of par value of the state-owned shares and the legal person shares issued, and proceeds from the issuance of A shares and B shares in excess of their par value, net of underwriting commissions and professional fees. The additions of capital reserve in 2002 and 2003 represent the shares of the Group in the capital reserve addition in an associate, which arose from donations. (b) Statutory surplus reserves fund In accordance with the Company Law of the PRC and the Company’s articles of association, the Company shall appropriate 10% of its annual statutory net profit (after offsetting any prior years’ losses) to the statutory surplus reserve fund account. When the balance of such reserve reaches 50% of the Company’s share capital, any further appropriation is optional. The statutory surplus reserve fund can be utilized to offset prior years’ losses or to issue bonus shares. However, such statutory surplus reserve must be maintained at a minimum of 25% of share capital after such issuance. Certain subsidiaries of the Company are Sino-foreign equity joint ventures. In accordance with the “Law of the PRC on Sino-foreign Equity Joint Ventures”, the articles of association and resolutions of the Board of Directors of these subsidiaries, Page ４４ Dalian Refrigeration Co., Ltd. 2003 Annual Report appropriation from statutory profit after tax (having set off accumulated losses of previous years in advance) has been made to the reserve fund and enterprise expansion fund which are included in statutory surplus reserves fund in the consolidated financial statements of the Group. (c) Statutory public welfare fund According to the relevant financial regulations of the PRC and the Company’s articles of association, the Company is also required to allocate 5% to 10% of its annual statutory net profit (after offsetting any prior years’ losses) to the statutory public welfare fund, which is to be used for the collective welfare of the employees of the Company. During the year 2003, RMB 9,479,000 (2002: RMB 8,569,000) were provided for statutory public welfare fund. (d) Discretionary surplus reserve fund As stated in the Company’s articles of association, the Company can appropriate the lower of its retained earnings available for appropriation (after providing statutory surplus reserve fund and statutory public welfare fund) as determined under PRC GAAP and IFRS to the discretionary surplus reserve fund. At the annual shareholders’ meeting on 28 May 2003, the shareholders approved to appropriate 10% of the lower of its 2002 retained earnings available for appropriation (after providing statutory surplus reserve fund and statutory public welfare fund) as determined under PRC GAAP and IFRS to the discretionary surplus reserve fund. 15. UNAPPROPRIATED PROFITS (a) Unappropriated profit is to be carried forward for future distribution. The distribution of dividends is made in accordance with the Company’s articles of association and the recommendation of the Board of Directors and is subject to approval by shareholders at general meetings. Pursuant to the Notice [1995] 31 issued by the Ministry of Finance on 24 August 1995, the amount of profit available for distribution to shareholders will be determined based on the lower of unappropriated profit in the financial statements determined in accordance with (i) PRC accounting standards and regulations, and (ii) IFRS. At the annual shareholders’ meeting on 28 May 2003, the shareholders approved the distribution of a cash dividend of RMB 0.10 per share (2002: RMB 0.10 per share), totaling RMB 35,001,000 (2002: RMB 35,001,000). As of 31 December 2003, the unappropriated profits available for distribution were Page ４５ Dalian Refrigeration Co., Ltd. 2003 Annual Report approximately RMB 108,609,000 (2002: approximately RMB 87,104,000). (b) Bingshan Air-Conditioning, Installation Company, and Metal Processing Company made appropriations to the statutory surplus reserve fund and statutory public welfare fund according to the resolutions of their boards of directors. In the consolidated financial statements, the Company’s share of the statutory surplus reserve fund and statutory public welfare fund has been recorded, based on the equity interests of Bingshan Air-conditioning, Installation Company, and Metal Processing Company . 16. MINORITY INTERESTS 2003 2002 At 1 January 29,343 28,663 Capital contributions from minority shareholders 2,342 1,014 Share of net profit of subsidiaries 1,747 2,720 Dividend paid (2,440) (3,054) At 31 December 30,992 29,343 17. GROSS AMOUNT DUE TO CUSTOMERS FOR CONTRACT WORK 2003 2002 Progress billings 78,122 74,563 Less: Costs incurred (69,630) (49,414) Recognized losses 2,917 2,544 11,409 27,693 18. TRADE AND OTHER PAYABLES 2003 2002 Trade payable 182,932 155,541 Advance from customers 149,620 66,187 Accrual and other current liabilities (152) 15,851 Notes payable 12,997 36,545 Staff welfare payable 6,258 4,056 351,655 278,180 Movement of staff welfare payable was as follows: Page ４６ Dalian Refrigeration Co., Ltd. 2003 Annual Report 2003 2002 Balance at beginning of year 4,056 5,114 Provision (Notes 3) 7,088 6,325 Payment (4,886) (7,383) Balance at end of year 6,258 4,056 19. BORROWINGS (a) Short-term bank borrowings As of 31 December 2003, short-term bank loans were unsecured (2002: unsecured) and bore interest at 4.54 (2002: 4.54%-5.04%) per annum. (b) Long-term bank borrowings 2003 2002 (i) Guaranteed bank loans 79,000 79,000 As of 31 December 2003, long-term bank loans bore interest at 5.58% (2001: 6.03%) per annum and were guaranteed by Bingshan Group. The long-term bank loans are repayable on 20 March 2005. (i) The Company is entitled to a subsidy from Dalian Finance Bureau equivalent to its interest expense paid for the RMB 79,000,000 bank loans. During the year ended 31 December 2003, subsidy amounting to approximately RMB 4,600,000 (2002: RMB 4,800,000) was received by the Company and credited into interest expense. 20. SUPPLEMENTARY INFORMATION TO CONSOLIDATED CASH FLOW STATEMENT (a) Reconciliation from profit before tax and minority interests to cash generated from operations: 2003 2002 Profit before tax 116,453 97,511 Adjustments for: Amortization of leasehold land 950 928 Page ４７ Dalian Refrigeration Co., Ltd. 2003 Annual Report Depreciation of property, plant and equipment 24,781 21,584 Gain on disposal of property, plant and equipment (183) (285) Amortization of goodwill 767 768 Share of profit of associates (88,809) (83,438) Income from long-term investments (2,586) (500) Provision (Reversal) of inventory obsolescence 318 (1,115) Provision for doubtful debts 7,430 2,119 Write-off of bad debts 10,000 8,961 Interest expense 8,500 12,676 Interest income (2,999) (6,709) Operating profit before working capital changes 74,622 52,500 (Increase) Decrease in inventories and gross amount due from customers for contract work (34,240) 75,477 (Increase) Decrease in prepayments and other current assets (9,989) 12,318 Decrease in due from related parties 24,854 28,762 Increase in trade receivables (479) (50,114) (Decrease) Increase in gross amount due to customers for contract work (16,284) 20,043 Increase (Decrease) in due to related parties 16,379 (19,621) Increase (Decrease) Increase in trade and other payables 73,475 (20,011) Cash generated from operations 128,338 99,354 (b) Analysis of the balances of cash and cash equivalents 2003 2002 Cash on hand 61 21 Bank current deposits 334,915 226,283 Bank time deposits 61,103 200,951 396,079 427,255 21. RELATED PARTY TRANSACTIONS (a) Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Page ４８ Dalian Refrigeration Co., Ltd. 2003 Annual Report (b) Name and relationship of related parties: Name Relationship with the Company Bingshan Group Ultimate parent company of the Company Dalian Sanyo Refrigeration Company Limited Associate of the Company (“DSRC”) Dalian Sanyo Cold-Chain Company Limited Associate of the Company (“DSCCC”) Dalian Sanyo Air Conditioner Company Associate of the Company Limited (“DSACC”) Dalian Sanyo Compressor Company Limited Associate of the Company (“DSCC”) Grand Ocean Auto Air - Conditioning Associate of the Company Engineering (Dalian) Company Limited (“GOAAEC”) Dalian Grand Ocean Thermo King Transport Associate of the Company Refrigeration Engineering Company Limited (“DGOTKTREC”) Thermo King-Dalian Transport Refrigeration Associate of the Company Company Limited (“TKDTRC”) Dalian Bingshan Group Import and Export Associate of the Company Company (“Bingshan I&E”) Dalian Bingshan – P&A Recreation Associate of the Company Development Engineering Company Limited (“DBPRDEC”) Dalian Bingshan Environmental Protection Associate of the Company Equipment Company Limited (“DBEPEC”) Beijing Huashang Bingshan Refrigeration Associate of the Company Equipment Co., Ltd. (“BHBREC”) Bingshan Group Cold Drink Equipment Wholly-owned subsidiary of Company Limited (“BGCDEC”) Bingshan Group Dalian No.1 Refrigeration Equipment Factory Wholly-owned subsidiary of (“D1REF”) Bingshan Group (*) Dalian No.3 Refrigeration Equipment Factory Wholly-owned subsidiary of (“D3REF”) Bingshan Group China Dalian Switchgear Works (“CDSW”) Wholly-owned subsidiary of Bingshan Group (*) Jinzhou Heavy Machinery Works (“JHMW”) Wholly-owned subsidiary of Bingshan Group (b) Name and relationship of related parties (continued): Page ４９ Dalian Refrigeration Co., Ltd. 2003 Annual Report Name Relationship with the Company Dalian Bingshan Duan Zao Co., Ltd. Subsidiary controlled by Bingshan (“DBDZC”) Group Dalian Refrigeration Auxiliary Equipment Subsidiary controlled by Bingshan Plant (“DRAEP”) Group Dalian Bingshan Rubber and Plastics Subsidiary controlled by Bingshan Machinery Company Limited (“DBRPMC”) Group Dalian Baltimore Aircool Refrigeration Subsidiary controlled by Bingshan Company Limited (“DBARC”) Group Dalian Zheng Xing Switchgear Plant Associate of Bingshan Group (“DZXSP”) Dalian Spindle Cooling Towers Company Associate of Bingshan Group Limited (“DSCTC”) Dalian Vacuum Flask Works (“DVFW”) Wholly-owned subsidiary of Bingshan Group Dalian Refrigeration Technique Service Center Wholly-owned subsidiary of (“DRTSC”) Bingshan Group (*) Dalian Bingshan Group Trading Company Wholly-owned subsidiary of Limited Bingshan Group (“DBTC”) Beijing Bingshan Refrigeration Serial Wholly-owned subsidiary of Equipment Company Limited(“BRSEC”) Bingshan Group * Bingshan Group disposed their equity share of these companies in 2003; thus, these companies are not disclosed as related parties in 2003 reports. (c) Significant transactions with related parties were as follows: 2003 2002 Purchase of raw materials and finished goods from - DBARC 73,101 40,706 - DSCC 71,017 82,361 - CDSW - 18,483 - DSCCC 45,289 1,015 - DRAEP 37,771 24,831 - Bingshan I&E 36,712 45,426 - DSRC 31,929 34,123 - D1REF - 14,591 - BGCDEC 23,300 11,444 - DSACC 22,892 49,013 Page ５０ Dalian Refrigeration Co., Ltd. 2003 Annual Report - DSCTC 18,569 15,143 - D3REF 13,700 8,490 - DBTC 5,767 - - DRTSC - 1,604 - DZXSP 4,636 3,562 - DVFW 2,936 1,819 - DBDZC 2,929 873 - DBPRDEC 2,074 - - TKDTRC 1,834 1,146 - DBEPEC 280 - - DBRPMC - 803 - JHMW - 517 - Others 58 16 394,794 355,966 Sale of finished goods to - DSCC 37,080 25,552 - Bingshan I&E 28,890 25,276 - DSACC 9,364 3,052 - BHBREC 7,273 4,509 - BRSEC 6,582 - - TKDTRC 6,133 3,869 - DSRC 3,215 1,325 - CDSW - 4,118 - DSCCC 1,001 1,275 - Bingshan Group 921 2,463 - DRTSC - 2,031 - DBPRDEC 370 - - DRAEP - 2,487 - D3REF - 1,230 - D1REF - 1,099 - DSCTC - 386 - Others 314 371 101,143 79,043 Purchase of machineries from - Bingshan I&E 1,637 28 Commission income received from - DSACC 2,850 2,900 - DBARC 200 80 Page ５１ Dalian Refrigeration Co., Ltd. 2003 Annual Report - DSCCC 99 1,642 3,149 4,622 (d) Significant balances with related parties 2003 2002 Due from related parties - DSACC 10,546 3,245 - DSCC 2,221 1,429 - D1REF - 11,520 - DSCCC 1,558 3,663 - BGCDEC 1,302 - DSRC 791 6,708 - BHBREC 467 - DBEPEC 459 - TKDTRC 257 2,710 - Bingshan I&E - 6,837 - GOAAEC - 2,517 - DGOTKTREC - 1,554 - JHMW - 1,467 - Bingshan Group - 865 - Others 611 551 18,212 43,066 Due to related parties - BGCDEC 13,087 12,823 - DBARC 12,799 369 - CDSW - 1,351 - DBTC 5,556 1,484 - D3REF 3,939 - - DRAEP 1,622 6,520 - DZXSP 958 - - DRTSC - - - Bingshan I&E 887 - - DSCTC 789 - - Others 967 1,678 40,604 24,225 The amounts due from/to related parties were unsecured, non-interest bearing and had no fixed repayment dates. Page ５２ Dalian Refrigeration Co., Ltd. 2003 Annual Report 22. SEGMENT REPORTING The Group conducts its business within one business segment – the business of manufacturing, sale and installation of refrigeration equipment in the PRC. No segment income statement has been prepared by the Group during the year ended 31 December 2003. The Group also operates within one geographical segment because its revenues are primarily generated in the PRC and its assets are located in the PRC. Accordingly, no geographical segment data is presented. 23. SUBSEQUENT EVENTS (a) In April, 2004, The company injected additional investment of approximately RMB 46,000,000 to Dalian Sanyo Compressor Company Limited (b) On April 20, 2004, the board of directors of the Company resolved to appropriate 10% of its 2003 profit available for shareholders to discretionary surplus reserve fund, and to distribute a cash dividend of RMB 0.10 per share to shareholders. However, the above profit appropriations are subject to approval by shareholders at the annual shareholders’ meeting. 24. APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the board of directors in April 20, 2004. XI. Reference Documents 1. The accounting statements bearing the signatures and seals of the legal representative, the financial majordomo and the accountants in charge. 2. The original copy of the auditor's report bearing the seal of the certified public accountants and the signatures and seals of the certified accountants. 3. The original copies of all the Company's documents and the original copies of the bulletins published on the newspapers designated by the China Securities Regulatory Commission in the report period. 4. Time for reference: from Monday to Friday 8:00 - 12:00 (a. m.) 1:00 - 5:00 (p. m.) Liaison persons: Song Wenbao, Qiu Tao. Tel: 0086-411-86654530 0086-411-86538130 Fax: 0086-411-86654530 Page ５３ Dalian Refrigeration Co., Ltd. 2003 Annual Report DALIAN REFRIGERATION COMPANY LIMITED AND ITS SUBSIDIARIES CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2003 (All amounts in Renminbi (“RMB”) thousands, except for earnings per share) Year ended 31 December Notes 2003 2002 Sales, net 1,21(c) 1,063,738 976,884 Cost of sales 21(c) (887,701) (844,791) Gross profit 176,037 132,093 Distribution costs (55,146) (44,661) Administrative expenses (96,550) (75,098) Other operating income, net 5,694 7,206 Profit from operations 30,035 19,540 Finance costs, net 2 (5,501) (5,967) Share of profit of associates before tax 8 88,809 83,438 Dividend income from long-term investments 2,586 500 Subsidy income 524 - Profit before tax and minority interests 3 116,453 97,511 Income tax expense 4 (28,072) (24,267) Profit before minority interests 88,381 73,244 Minority interests 16 (1,747) (2,720) Net profit 86,634 70,524 Earnings per share - Basic 5 RMB 0.25 RMB 0.20 - Diluted Not applicable Not applicable The accompanying accounting policies and notes form an integral part of these consolidated financial statements. Page ５４ Dalian Refrigeration Co., Ltd. 2003 Annual Report DALIAN REFRIGERATION COMPANY LIMITED AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2003 (All amounts in RMB thousands) As of 31 December Notes 2003 2002 ASSETS Non-current assets Leasehold land 6 40,274 41,224 Property, plant and equipment 7 293,329 298,082 Investments in associates 8 580,946 505,658 Available-for-sale investments 9 41,301 47,116 955,850 892,080 Current assets Inventories 10 265,332 261,743 Gross amount due from customers for contract work 11 50,259 19,926 Divedends receivable 9,724 - Prepayments and other current assets 30,860 20,871 Due from related parties 21(d) 18,212 43,066 Trade receivables 12 198,750 215,701 Cash and cash equivalents 20(b) 396,079 427,255 969,216 988,562 Total assets 1,925,066 1,880,642 Page ５５ Dalian Refrigeration Co., Ltd. 2003 Annual Report DALIAN REFRIGERATION COMPANY LIMITED AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEET (CONTINUED) AS OF 31 DECEMBER 2003 (All amounts in RMB thousands) As of 31 December Notes 2003 2002 EQUITY AND LIABILITIES Equity Share capital 13 350,015 350,015 Reserves 14,15 896,178 844,477 1,246,193 1,194,492 Minority interests 16 30,992 29,343 LIABILITIES Non-current liabilities Long-term bank borrowings 19(b) 79,000 79,000 Deferred tax liabilities 4(iii) 14,264 10,474 93,264 89,474 Current liabilities Gross amount due to customers for contract work 17 11,409 27,693 Dividends payable 2,949 9,235 Due to related parties 21(d) 40,604 24,225 Trade and other payables 18 351,655 278,180 Short-term bank borrowings 19(a) 148,000 228,000 554,617 567,333 Total equity and liabilities 1,925,066 1,880,642 The accompanying accounting policies and notes form an integral part of these consolidated financial statements. Page ５６ Dalian Refrigeration Co., Ltd. 2003 Annual Report DALIAN REFRIGERATION COMPANY LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2003 (All amounts in RMB thousands) Reserves Statutory Statutory Discretionary Share Capital surplus public surplus reserve Unappro-pri Total capital reserve reserve fund welfare fund fund ated profits reserves Total equity (Note 13) (Note 14(a)) (Note 14(b)) (Note 14(c)) (Note 14(d)) (Note 15) Balance at 1 January 2002 350,015 555,805 89,854 53,543 29,857 78,848 807,607 1,157,622 Appropriations to discretionary surplus reserve fund relating to 2002 - - - - 8,639 (8,639) - - Dividends relating to 2002 - - - - - (35,001) (35,001) (35,001) Net profit for 2002 - - - - - 70,524 70,524 70,524 Appropriations to statutory reserves: - statutory surplus reserve fund - - 8,569 - - (8,569) - - - statutory public welfare fund - - - 8,569 - (8,569) - - Profit appropriations to statutory reserves by subsidiaries (Note 14(a)) - - 1,182 8 - (1,190) - - Other(Note 14(a)) - 1,347 - - - - 1,347 1,347 Balance at 31 December 2002 350,015 557,152 99,605 62,120 38,496 87,104 844,477 1,194,492 Appropriations to discretionary surplus reserve fund relating to 2003 - - - - 9,696 (9,696) - - Dividends relating to 2003 - - - - - (35,001) (35,001) (35,001) Net profit for 2003 - - - - - 86,634 86,634 86,634 Profit appropriations to statutory reserves: - statutory surplus reserve fund - - 9,480 - - (9,480) - - - statutory public welfare fund - - - 9,479 - (9,479) - - Appropriations to statutory reserves by subsidiaries (Note 15(b)) - - 1,472 1 - (1,473) - - Other(Note 14(a)) - 68 - - - - 68 68 Balance at 31 December 2003 350,015 557,220 110,557 71,600 48,192 108,609 896,178 1,246,193 Page ５７ Dalian Refrigeration Co., Ltd. 2003 Annual Report DALIAN REFRIGERATION COMPANY LIMITED AND ITS SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2003 (All amounts in RMB thousands) Year ended 31 December Notes 2003 2002 CASH FLOWS FROM OPERATING ACTIVITIES: Cash generated from operations 20(a) 128,338 99,354 Interest income received 2,999 7,896 Interest expense paid (8,500) (12,676) Income tax paid (12,025) (3,408) Net cash generated from operating activities 110,812 91,166 CASH FLOWS FROM INVESTING ACTIVITIES: Increase in investments in associates (45,185) (55,012) Increase in long-term investments (1,755) (1,805) Proceeds from disposal of long-term investments - 30 Purchase of leasehold land and property, plant and equipment (20,091) (11,750) Proceeds from disposals of property, plant and equipment 246 108 Dividends received from associates 43,596 43,071 Dividends received from long-term investments 2,586 350 Net cash (used in) generated from investing activities (20,603) (25,008) CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term bank borrowings (80,000) (27,850) Capital contributions from minority shareholders 2,342 1,014 Dividends paid (41,287) (23,948) Dividends paid to minority shareholders (2,440) (3,054) Net cash (used in) generated from financing activities (121,385) (53,838) Net increase in cash and cash equivalents (31,176) 12,320 Cash and cash equivalents at beginning of year 20(b) 427,255 414,935 Cash and cash equivalents at end of year 20(b) 396,079 427,255 The accompanying accounting policies and notes form an integral part of these consolidated financial statements. Page ５８ Dalian Refrigeration Co., Ltd. 2003 Annual Report 大连冷冻机股份有限公司 2003 年年度报告 (境外披露) 重要提示：本公司董事会及其董事保证本报告所载资料不存在任何虚假记 载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性负个别及连 带责任。 本报告分别以中、英文两种文字编制，在对两种文本的理解上发生歧义时， 以中文文本为准。 本公司负责人张和、主管会计负责人及会计机构负责人徐小蕊保证年度报告 中财务报告的真实、完整。 （一） 公司基本情况简介 1、 公司法定中文名称：大连冷冻机股份有限公司 公司法定英文名称：Dalian Refrigeration Co., Ltd. 公司英文名称缩写：DRC 2、 公司法定代表人：张和先生 3、 公司董事会秘书：吕连珍女士 电话：0086-411-86538100 传真：0086-411-86641470 电子信箱：bingzhen@bingshan.com 证券事务代表：葛彦女士 电话：0086-411-86538131 传真：0086-411-86654530 电子信箱：geyan@bingshan.com 联系地址：大连市沙河口区西南路 888 号 4、 公司注册及办公地址：大连市沙河口区西南路 888 号 邮政编码：116033 互联网网址：http://www.daleng.cn 电子信箱：dlzqb@bingshan.com 5、 公司选定的信息披露报纸：《中国证券报》、《大公报》 登载年度报告的证监会指定网址：http://www.cninfo.com.cn 公司年度报告备置地点：公司证券部 6、 公司股票上市交易所：深圳证券交易所 股票简称：大冷股份；大冷 B 股票代码：000530；200530 7、 其他有关资料 公司首次注册登记日期：1993 年 12 月 18 日 登记地点：大连市沙河口区西南路 888 号 企业法人营业执照注册号：大工商企法字 2102001100326 税务登记号码：国税大字节 210204242361300 地税大三字 210204242361303 公司聘请的会计师事务所： Page ５９ Dalian Refrigeration Co., Ltd. 2003 Annual Report 境内：大连华连会计师事务所有限公司 办公地址：大连市中山区同兴街 67 号邮电万科大厦 24 层 境外：普华永道中天会计师事务所有限公司 办公地址：上海市淮海中路 333 号瑞安广场 19 楼 （二）会计数据和业务数据摘要 1、报告期主要业务数据摘要（单位：千元） 除税及少数股东损益前利润 116,453 净利润 86,634 营业利润 30,035 依权益法认列之联营公司税前收益 88,809 营业活动之净现金流入 110,812 现金及现金等价物净增加 -31,176 经大连华连会计师事务所有限公司按照中国会计准则审计，公司 2003 年度 实现净利润 86,147 千元；经普华永道中天会计师事务所有限公司按照国际财务 报告准则审计，公司 2003 年度实现净利润 86,634 千元。境内外审计差异为 487 千元。 按国际财务报告准则调整对净利润及净资产的影响（单位：千元）： 净利润 净资产 二○○三年 二○○二年 二○○三年度 二○○二年度 十二月三十一日 十二月三十一日 本集团法定账目金额 86,147 88,427 1,285,465 1,198,198 法定账目会计政策变更的影响 - - - (8,218) 调整后的本集团法定账目金额 86,147 88,427 1,285,465 1,189,980 调整 －安装业务收入及成本确认 4,063 (6,174) (10,017) (14,080) －递延税项负债确认 (3,790) (10,474) (14,264) (10,474) －权益法核算投资收益 (3,161) (743) (14,991) (3,612) －期后盈余分配 - - - 35,001 －在法定账目下记录于资本 公积冰山集团资金占用费 - 456 - - －在法定账目下记录于资本 公积的第三方债务免除 1,052 - - - －其他 2,323 (968) - (2,323) 根据国际财务报告准则调整后 金额 86,634 70,524 1,246,193 1,194,492 Page ６０ Dalian Refrigeration Co., Ltd. 2003 Annual Report 2、截止报告期末公司前三年的主要会计数据和财务指标 项目 2003 2002 2001 销售收入（千元） 1,063,738 976,884 853,218 营业利润（千元） 30,035 19,540 11,469 应占联营公司利润（千元） 88,809 83,438 79,001 除税及少数股东损益前利润（千元） 116,453 97,511 72,717 净利润（千元） 86,634 70,524 69,502 总资产（千元） 1,925,066 1,880,642 1,836,202 净资产（千元） 1,246,193 1,194,492 1,157,622 营业活动之净现金流入（千元） 110,812 91,166 50,806 每股净资产（元） 3.56 3.41 3.31 每股收益（元） 0.25 0.20 0.20 净资产收益率 6.95% 5.90% 6.00% 每股营业活动之净现金流入（元） 0.317 0.260 0.145 注：（1）以上数据和指标为普华永道中天会计师事务所有限公司按照国际财务报 告准则审计编制，供 B 股投资者参考。 （2）报告期末至摘要披露日，公司股本未发生变化。 3、报告期内股东权益变动情况，详见“合并股东权益变动表”。 （三）股本变动及股东情况 1、 股本变动情况 （1） 股份变动情况表 数量单位：股 期初数 期末数 一、未上市流通股份 1、 发起人股份 104,422,500 104,422,500 其中：国家股 104,422,500 104,422,500 2、 募集法人股份 32,222,250 32,222,250 未上市流通股份合计 136,644,750 136,644,750 二、 已上市流通股份 1、 人民币普通股 98,370,225 98,370,225 2、 境内上市外资股（B 股） 115,000,000 115,000,000 已上市流通股份合计 213,370,225 213,370,225 三、股份总数 350,014,975 350,014,975 （2）股票发行与上市情况 ①前三年历次股票发行情况：无。 ②报告期内，公司股份总数不变，股份结构也未发生变动。 2、股东情况 （1）报告期末股东总数为 64,999 户，同比减少 6,041 户，其中 A 股股东总数为 51,414 户，同比减少 5,418 户；B 股股东总数为 13,585 户，同比减少 623 户。 （2）主要股东持股情况（前十名股东） 股东名称 年初（万股） 年末（万股） 占总股本（%） 类别 大连冰山集团有限公司（国家股） 10,442.25 10,442.25 29.83 A Page ６１ Dalian Refrigeration Co., Ltd. 2003 Annual Report SANYO ELECTRIC CO., LTD. 3,500.15 3,500.15 10.00 B 国泰君安证券股份有限公司 918.63 1,095.4242 3.13 A 北京富而立投资咨询有限公司 0.00 349.7563 1.00 A 吉林九州开发公司 315.00 315.00 0.90 A 太原兆和投资发展公司 315.00 315.00 0.90 A 申银万国证券股份有限公司 283.70 283.70 0.81 A 振泰实业 0.00 277.6205 0.79 A 大连第一制冷设备厂 194.425 194.425 0.56 A 大连华信信托投资股份有限公司 179.50 179.50 0.51 A 公司前十名股东中，大连冰山集团有限公司与大连第一制冷设备厂之间存 在关联关系。国泰君安证券股份有限公司、北京富而立投资咨询有限公司、振泰 实业所持有的 A 股为可流通的社会公众股。 持股 5%以上的法人股东所持公司股份无质押、冻结情况。 三洋电机以战略投资者的身份所认购的 3,500.15 万股 B 股，自大冷 B 上市 之日（1998 年 3 月 20 日）起两年内不得转让或出售。目前该公司未出售所持股 票。 （3）控股股东介绍 大连冰山集团有限公司 年末持有公司股份 29.83%。法定代表人张和。该 公司成立于 1996 年 5 月 22 日，注册资本为 12,654 万元，以制造与安装工业和 商用冷冻、空调、冷链、电器等成套设备为主业，兼营电子、家电、轻工化工、 进出口贸易等,是隶属于大连市财政局国有资本处的国有独资公司。 报告期内公司控股股东未变更。 （4）其他持股 10%（含 10%）以上法人股东介绍 三洋电机株式会社 年末持有公司股份 10%。三洋电机是日本主要的机电产 品生产商之一。 （5）前十名流通股股东持股情况 股东名称 年末（万股） 占总股本（%） 类别 SANYO ELECTRIC CO., LTD. 3,500.15 10.00 B 国泰君安证券股份有限公司 1,095.4242 3.13 A 北京富而立投资咨询有限公司 349.7563 1.00 A 振泰实业 277.6205 0.79 A 超皇投资有限公司 97.00 0.28 B 上海香港万国证券 65.777 0.19 B 方伊君 62.398 0.18 B 谈颖 62.16 0.18 A SKANDIA GLOBAL FUNDS PLC 53.00 0.15 B 王婵娟 51.0296 0.15 B 公司前十名流通股股东之间是否存在关联关系不详。 （四）董事、监事、高级管理人员和员工情况 1、董事、监事、高级管理人员情况 （1）基本情况 Page ６２ Dalian Refrigeration Co., Ltd. 2003 Annual Report 姓名 性别 职务 年龄 任期 年初持股 年末持股 董事（9 位）： 张 和 男 董事长 66 01.5—04.5 25,650 25,650 穆传江 男 副董事长 54 01.5—04.5 22,650 22,650 杨 斌 男 董事 47 01.5—04.5 0 0 徐小蕊 女 董事 40 03.5—04.5 3,000 3,000 岛田忠男 男 董事 59 03.5—04.5 0 0 李 梅 女 董事 39 01.5—04.5 0 0 吕中立 男 独立董事 62 02.5—04.5 7,125 7,125 王 栋 男 独立董事 67 02.5—04.5 0 0 张贵乐 男 独立董事 63 03.5—04.5 0 0 监事（3 位）： 于福春 男 监事会主席 45 01.5—04.5 7,800 7,800 门曰胜 男 监事 51 01.5—04.5 750 750 朱广熙 男 监事 39 01.5—04.5 0 0 高级管理人员： 杨 斌 男 常务副总经理 47 03.4—04.5 0 0 张宏智 男 副总经理 45 01.5—04.5 21,125 21,125 王德昆 男 副总经理 52 01.5—04.5 14,250 14,250 王志强 男 副总经理 42 01.5—04.5 0 0 胡希堂 男 副总经理 36 01.5—04.5 0 0 丁 杰 男 副总经理 41 01.5—04.5 0 0 徐小蕊 女 财务总监 40 03.4—04.5 3,000 3,000 董事、监事在股东单位的任职情况如下：张和现任大连冰山集团有限公司董 事长；李梅现任国泰君安证券股份有限公司副总裁。 （2）年度报酬情况 公司根据年度生产经营实际情况，本着工资增长低于全年劳动生产率和利润 增长的“两低于”原则，确定董事、监事和高级管理人员报酬。 现任董事、监事和高级管理人员本年度报酬总额 107.5 万元；金额最高的 前三名董事的报酬总额为 35.8 万元；金额最高的前三名高级管理人员的报酬总 额为 35.8 万元。在公司领取薪酬的董事、监事和高级管理人员共计 13 人，其中 11—13 万元区间 2 人，10—11 万元区间 5 人，8—10 万元区间 2 人，4—8 万元 区间 3 人，4 万元以内 1 人。 公司每位独立董事年度津贴为 25,000 元。 李梅、岛田忠男等不在公司领取报酬、津贴，在股东单位或其他关联单位领 取报酬、津贴。 （3）变动情况 报告期内，公司董事会构成发生变动，由原来的 17 名董事调整为 9 名董事。 原董事张宏智先生、王德昆先生、于守涛先生、王志强先生、刘梦华先生、侴乔 力先生、张昕帆先生、邹志明先生、徐辉先生、小林奉文先生、吉田章先生不再 担任公司董事，选举张贵乐先生为公司独立董事，徐小蕊女士、岛田忠男先生为 公司董事。 报告期内，原财务总监于守涛先生辞去公司财务总监职务。公司董事会聘 Page ６３ Dalian Refrigeration Co., Ltd. 2003 Annual Report 任徐小蕊女士为公司财务总监，聘任杨斌先生为公司常务副总经理。 2、公司员工情况 2003 年 12 月 31 日统计：公司现有员工 1,934 人，其中生产人员 1,201 人， 占 62.1%；技术人员 310 人，占 16.0%；销售人员 236 人，占 12.2%；财务人员 30 人，占 1.6%；行政人员 157 人，占 8.1%。 公司大、中专以上学历 662 人，占 34.2%。公司退休职工的养老金及医疗费 等由社会保险机构负责。 （五）公司治理结构 1、 公司治理情况 报告期期末，公司治理的实际状况与中国证监会有关文件的要求不存在差 异。 2、独立董事履行职责情况 目前公司有三名独立董事。该等独立董事及时出席公司董事会议，积极发 表独立意见，较好地履行了自身的职责，切实地维护了公司中小股东的合法权益。 3、公司与控股股东在业务、人员、资产、机构、财务等方面的分开情况 （1）业务分开：公司业务独立于控股股东，公司具有独立完整的业务及自主经 营能力。 （2）人员分开：公司在劳动、人事及工资管理等方面独立；公司总经理、副总 经理、营销负责人、董事会秘书等高级管理人员在公司领取薪酬，未在股东单位 担任重要职务。 （3）资产完整：公司拥有独立的生产系统、辅助生产系统和配套设施；工业产 权、商标、非专利技术等无形资产由公司拥有，公司独立拥有采购和销售系统。 （4）机构独立：公司设立了完全独立于控股股东的组织机构，不存在与控股股 东合署办公的情况。 （5）财务独立：公司设有独立的财会部门，建立了独立的会计核算体系和财务 管理制度，独立在银行开户。 4、高级管理人员的考评及激励机制 报告期内公司对高级管理人员依据公司建立的资产经营业绩考核办法进行 考评和奖励。 （六）股东大会情况简介 公司于 2003 年 5 月 28 日上午在公司召开了 2002 年度股东大会。关于召开 本次股东大会的通知，刊登在 2003 年 4 月 24 日《中国证券报》、《大公报》。关 于本次股东大会的决议公告，刊登在 2003 年 5 月 29 日《中国证券报》、 《大公报》。 本次会议通过如下决议：公司董事会 2002 年度工作报告；公司监事会 2002 年度 工作报告；公司 2002 年度财务决算和 2003 年度财务预算；公司 2002 年度分红 方案；关于修改公司章程的报告；关于董事变更的报告；关于董事会构成变动的 报告；选举张贵乐为公司独立董事；关于聘请 2003 年度审计机构的报告；关于 参股大连冰山投资有限公司的报告。 本次会议对公司董事会构成进行了变动，由原来的 17 名董事调整为 9 名董 事。调整后的 9 名董事为：张和、穆传江、杨斌、徐小蕊、岛田忠男、李梅、吕 中立（独立董事）、王栋（独立董事）、张贵乐（独立董事）。 Page ６４ Dalian Refrigeration Co., Ltd. 2003 Annual Report （七）董事会报告 1、公司经营情况 （1）主营业务的范围及其经营情况 公司是中国最大的工业制冷设备生产企业和中国最大的制冷成套设备出口 商家，并拥有中国工业制冷设备行业中唯一的驰名商标。 公司主要产品有用于国防、科研、石油、化工、纺织、医药、发电、农牧 渔和饮食服务等行业的活塞式、螺杆式制冷压缩机、溴化锂吸收式制冷机以及压 力容器、组合库、气调保鲜库、平板式速冻机、隧道式速冻机、块冰机、片冰机、 颗粒机等，共计 5 个系列（制冷、冷冻、空调、冷藏、保鲜）、6 大成套（空调 成套、土建冷库成套、组合冷库成套、制冰成套、特种工程成套和气调保鲜成套）。 ①主营业务 2003 年，公司经受住了“非典”疫情及原材料持续大幅涨价的考验，抓住 了国家以投资拉动经济的契机，实现主营业务收入 1,063,738 千元，同比增长 8.89%；实现销售毛利 176,037 千元,同比增长 33.27%；实现营业利润 30,035 千 元，同比增长 53.71%；实现净利润 86,634 千元，同比增长 22.84%。公司主营业 务收入的产品分布情况，详见会计报告附注 1。 报告期内，公司承接了十四个 500 万元以上的成套工程,其中 1,000 万元以 上的大型成套工程有六个。 报告期内，公司 CJZT810C 船用制冷压缩机组销售实现高速增长，由往年不 足百台提高到 340 台。 报告期内，公司完成了户式中央空调采暖系统、替代制冷剂应用研究、半 封闭螺杆压缩机系列化等 26 项新产品。 报告期内，公司合资合作又有新突破。合资方面，公司与日本菱设株式会 社合资兴建了大连冰山菱设速冻设备有限公司，与日本富士电机株式会社合资兴 建了大连富士冰山自动售货机有限公司。合作方面，公司开始与德国某知名企业 合作生产板式换热器，与英国伦敦城市大学合作研究新型压缩机和新型制冷剂替 代等项目。 报告期内，公司通过内部挖潜有效地控制了成本，较好地应对了钢铁等原 材料大幅涨价所带来的负面影响，毛利率稳中有升。三项费用总计 157,197 千元， 同比增长 31,471 千元，其中营业费用因市场开拓力度加大而增长 23.48%，管理 费用因计提坏帐准备及固定资产折旧而增长 28.57%，财务费用因短期借款压缩 而下降 7.81%。 ②合资企业 2003 年末，公司合资企业群总资产为 289,678 万元，同比增长 4.64%；净 资产为 149,490 万元，同比增长 8.64%。 2003 年，公司合资企业群实现销售收入 276,721 万元，同比增长 21.87%， 其中出口产品销售收入 37,450 万元，同比增长 63.70%；公司获得投资收益 8,881 万元，同比增长 6.44%。 报告期内，投资收益占公司净利润 10%以上的合资企业有四家，分别是三洋 空调机、三洋压缩机、三洋冷链、三洋制冷。 报告期内，在公司合资企业群中，主营业务收入同比增长 30%以上的有三家， 净利润同比增长 30%以上的有两家，净资产收益率 15%以上的有五家。 报告期内，三洋压缩机涡旋工厂扩建提前三个月正式投产；在国内率先推 出新冷媒 R407C 和 R410A 涡旋压缩机；在大连经济技术开发区首家创建博士后工 Page ６５ Dalian Refrigeration Co., Ltd. 2003 Annual Report 作站。 报告期内，三洋冷链完成了对三洋饮食的吸收合并，综合实力大大增强； HL 系列超市冷冻冷藏展示柜等第三代新产品正式上市；视频会议系统正式开通， 将大幅削减公司的管理费用。 报告期内，三洋制冷 G 型溴化锂吸收式制冷机产品入选《2003 年度国家重 点新产品计划》；GHP 燃气热泵正式投入试生产，成为国内首家生产 GHP 燃气热 泵的厂家；国内首家通过 ISO9001/ISO14001/OHSMS18001/CCMS 四体系一体化认 证。 （2）主要控股公司及参股公司的经营情况及业绩 A、控股公司 ①大连冰山集团制冷空调安装公司 该公司注册资本为人民币 2,004 万元，本公 司拥有 100%的股权，主营成套制冷设备安装调试，2003 年实现销售收入 7,485 万元。 ②大连冰山集团销售有限公司 该公司注册资本为人民币 300 万元，其中本公司 拥有 90%的股权，主营大连冰山集团成员企业的产品销售，2003 年实现销售收入 6,275 万元。 ③大连冰山空调设备有限公司 该公司注册资金 7 亿日元，其中本公司拥有 70% 的股权，主营风机盘管、空气处理机等空调末端产品的生产和销售，2003 年实 现销售收入 10,329 万元。 ④大连冰山金属加工有限公司 该公司注册资本为 235 万美元，其中本公司拥有 64.3%的股权，主要为已成立的合资企业及本公司配套生产钣金、冲压件，2003 年实现销售收入 3,273 万元。 B、参股公司 详见“会计报表附注 8”。 （3）主要供应商、客户情况 公司向前五名供应商合计的采购金额为 29,511 万元，占年度采购总额的 32.23%。 公司前五名客户销售额合计为 8,741 万元，占公司销售总额的 8.3%。 （4）在经营中出现的问题与困难及解决方案 2003 年，公司在生产经营方面的主要问题与困难是原材料的大幅涨价及应 收帐款的居高不下，在一定程度上影响到公司的降成本、增效益计划。 针对原材料大幅涨价，公司主要采取如下举措：一是从设计、制造两大源 头加强控制；二是提高设备利用率；三是压缩一切非生产性开支；四是适时适量 加大原材料储备。 针对应收帐款居高不下，公司主要采取如下举措：一是将应收帐款指标作 为对销售人员的重要考核指标；二是建立应收帐款预警系统；三是加大应收帐款 催收力度。 （5）在公司 2003 年度财务预算报告中，提出 2003 年度公司经营计划指标如下： 销售收入 100,000 万元；利润总额 9,700 万元。经过努力，公司较好地完成了上 述经营计划指标。 2、公司投资情况 截止 2003 年末，公司分别与日本、香港、美国、英国等兴建了如下合资企 业： Page ６６ Dalian Refrigeration Co., Ltd. 2003 Annual Report 企业名称 注册地址 主营业务 持股比例 冷王集装箱温度控制（苏州）有限公司 苏州市 船用集装箱温控产品 10% 大冷王运输制冷有限公司 深圳市 生产销售冷藏运输车 25% 大连本庄化学有限公司 大连开发区 生产销售溴化锂溶液 30% 大连明华电子有限公司 大连开发区 生产销售电子线路板 30% 大洋汽车空调工程（大连）有限公司 大连开发区 生产销售汽车空调 30% 大连冰山水环境设备有限公司 大连市 生产臭氧水处理设备 33% 大连三洋制冷有限公司 大连开发区 生产销售溴化锂制冷机 40% 大连三洋冷链有限公司 大连开发区 生产销售超市冷藏设备 40% 大连三洋压缩机有限公司 大连开发区 生产销售半、全封闭压缩机 40% 大连大洋运输冷冻工程有限公司 大连市 组装销售冷藏移动设备 40% 大连三洋空调机有限公司 大连开发区 生产销售空调机 40% 大连三洋家用电器有限公司 大连市 生产销售小型家用电器 40% 大连富士冰山自动售货机有限公司 大连开发区 生产销售自动售货机 49% 大连冰山保安休闲产业工程有限公司 大连市 设计安装休闲设施 50% 大连冰山嘉德自动化有限公司 大连市 制冷等行业自动控制技术 60% 大连冰山金属加工有限公司 大连市 生产钣金、冲压件 64.3% 大连冰山空调设备有限公司 大连市 生产销售空调末端产品 70% 大连冰山菱设速冻设备有限公司 大连开发区 生产销售各种速冻设备 70% （1）募集资金使用情况 公司 1998 年发行 B 股所得款项净额为人民币 3.6 亿元，共有七个投资项目， 其中有两个投资项目的资金投入延续到报告年度内。 ①大连三洋压缩机有限公司的增资扩建项目，累计投入 10,894.936 万元， 占应投资额的 67.6%。本报告期内未投入资金。2003 年，该公司实现主营业务收 入 52,737 万元，同比增长 29.78%。 ②开发大型螺杆制冷压缩机项目，累计投入 6,000 万元，占应投资额的 100%。本报告期内投入 501 万元。目前 KA315、KA510 等型号已批量投放市场， 在石油化工等行业较好地替代了进口产品，大大增强了公司在螺杆制冷压缩机产 品上的综合实力。 目前，公司已投入募集资金 28,714.936 万元，占总应投资额的 84.6%。 尚未投入使用的募集资金 5,231 万元暂存于银行指定的外汇帐户。 （2）非募集资金投资项目说明 2003 年 5 月 6 日，公司以自有资金与日本菱设株式会社合资兴建的大连冰 山菱设速冻设备有限公司正式成立。该公司注册资本 100 万美元，其中本公司拥 有 70%股权。该公司主要从事各种速冻设备的生产与销售。 2003 年末，公司以自有资金与日本富士电机株式会社合资兴建的大连富士 冰山自动售货机有限公司正式成立。该公司注册资本为 18 亿日元，其中本公司 拥有 49%股权。该公司主要从事自动售货机的研发、生产与销售。 3、公司财务状况及经营成果 截止 2003 年 12 月 31 日，公司财务状况及经营成果如下： （1）资产总计 1,925,066 千元，比年初增加 44,424 千元。其中：流动资产减 少 19,346 千元，主要是因应收关联方款项减少；非流动资产增加 63,770 千元， 主要是因新购固定资产、合资企业实现利润及对合资企业新增投资。 Page ６７ Dalian Refrigeration Co., Ltd. 2003 Annual Report （2）负债总计 647,881 千元，比年初减少 8,926 千元。其中：流动负债减少 12,716 千元，主要是因短期借款减少；非流动负债增加 3,790 千元，是因递延 税项负债增加。 （3）股东权益 1,246,193 千元，比上年增加 51,701 千元，主要是因计提公积 金、未分配利润增加。 （4）营业利润 30,035 千元，比上年增加 10,495 千元，主要是因销售收入增 加及毛利率上升。 （5）净利润 86,634 千元，比上年增加 16,110 千元，主要是因营业利润增加。 （6）资产负债率为 33.66%，同比下降 1.26 个百分点。 （7）毛利率为 16.55%，同比上升 3.03 个百分点。 （8）净资产收益率为 6.95%，同比上升 1.05 个百分点。 4、新年度的经营计划 2004 年公司经营计划指标： 销售收入：120,000 万元； 利润总额：12,000 万元； （1）努力培养公司的国际竞争力。瞄准国际竞争对手，在维持产品价格优势的 同时，尽快缩小产品技术含量等方面的差距。 （2）加快合资合作步伐。通过与国际大公司的合资合作，迅速延伸产业链，提 高产品技术含量和市场占有率。 （3）加大新产品开发和技术改造力度。完成新产品开发 21 项，技术改造 29 项。 （4）加强全面降成本工作。确保降低成本 2,900 万元。 （5）加速公司信息化进程。 5、董事会日常工作情况 （1）报告期内董事会的会议情况及决议内容 ①三届七次董事会议 公司三届董事会于 2003 年 4 月 22 日在公司六楼会议室召开了第七次会议。 本次会议审议并通过了如下决议：公司 2002 年度董事会工作报告；公司 2002 年 度财务决算和 2003 年度财务预算报告；公司 2002 年度利润分配预案；公司 2003 年度利润分配政策及公积金转增股本政策；关于修改公司章程的报告；关于董事 变更的报告；关于董事会构成变动的报告；关于独立董事候选人的报告；关于高 级管理人员聘任的报告；关于计提 2002 年度资产减值准备的报告；关于核销部 分固定资产减值准备及坏帐的报告；关于聘请 2003 年度审计机构的报告；关于 参股大连冰山投资有限公司的报告；公司 2002 年年度报告；公司 2003 年第一季 度季度报告；关于召开 2002 年度股东大会的有关事项。 ②三届八次董事会议 公司三届董事会于 2003 年 8 月 20 日在公司六楼会议室召开了第八次会议。 本次会议审议通过了如下决议：公司 2003 年半年度报告及其摘要；公司 2003 年 半年度不进行利润分配和资本公积金转增股本。 ③三届九次董事会议 公司三届董事会于 2003 年 10 月 22 日在公司六楼会议室召开了第九次会议。 本次会议审议通过了如下决议：公司 2003 年第三季度季度报告；关于参股大连 富士冰山自动售货机有限公司的决议。 （2） 董事会对股东大会决议的执行情况 公司董事会较好地贯彻执行了 2002 年度股东大会的各项决议。 Page ６８ Dalian Refrigeration Co., Ltd. 2003 Annual Report 公司 2002 年度分红方案由公司董事会于 2003 年 7 月实施完毕。 关于参股大连冰山投资有限公司，由于相关条件尚不成熟，导致报告期内该 决议未得到贯彻执行。公司董事会将密切关注该项目的最新进展。 6、本次利润分配预案或资本公积金转增股本预案 根据大连华连会计师事务所有限公司的审计，公司 2003 年实现税后利润为 8,614.8 万元，根据国家有关规定及公司章程提取 10%法定盈余公积金 872.6 万 元，10%法定公益金 872.6 万元，合并子公司提列储备 147.0 万元，共计提取 1,892.2 万元，加上上年度未分配利润 7,934.5 万元，可供股东分配的利润为 14,657.1 万元。 根据国际会计师普华永道中天会计师事务所有限公司的审计，公司 2003 年 实现税后利润 8,663.4 万元，提取法定盈余公积金、法定公益金、合并子公司提 列储备后，加上上年度未分配利润 4,326.0 万元，可供股东分配的利润为 11,097.2 万元。 根据公司章程有关规定，按照孰低原则进行分配。因此，本年度可供股东分 配的利润为 11,097.2 万元，其中提取 10%任意盈余公积金 872.6 万元，3,500.1 万元纳入分红派息，余额 6,724.5 万元结转下年度分配。 公司 2003 年度分红预案： 按 2003 年末总股本 350,014,975 股计算，每 10 股派 1 元现金（含税），B 股的现金股利折算成港币支付。 本年度公司不以资本公积金转增股本。 以上预案须提交公司 2003 年度股东大会审议通过。 7、公司选定《中国证券报》、《大公报》为信息披露报纸。 8、公司关于与控股股东及其他关联方资金往来、资金占用以及对外担保情况的 自查报告（2003 年 9 月 30 日） 按照《关于规范上市公司与关联方资金往来及上市公司对外担保若干问题的 通知》（证监发[2003]56 号），现对公司与控股股东及其他关联方之间的资金往 来、资金占用以及对外担保情况进行自查。相关情况如下： 一、公司与控股股东及其他关联方的资金往来情况 1、公司未有偿或无偿地拆借公司的资金给控股股东使用。2003 年 6 月 30 日，公司关联方大连冰山集团进出口有限公司有偿拆借公司资金 500 万元，目前 已全部归还公司。 2、公司未通过银行或非银行金融机构向关联方提供委托贷款。 3、公司未委托控股股东或其他关联方进行投资活动。 4、公司未为控股股东及其他关联方开具没有真实交易背景的商业承兑汇票。 5、公司未代控股股东及其他关联方偿还债务。 6、公司与控股股东及其他关联方之间未互相垫支工资、福利、保险、广告 等期间费用，也未互相代为承担成本和其他支出。 二、公司对外担保情况 1、公司未为控股股东及公司持股 50%以下的其他关联方、任何非法人单位 或个人提供担保。 2、公司对外担保总额占最近一个会计年度合并会计报表净资产的 0%。 3、公司章程第六章第 6.3 条“董事的责任”中已明确规定， “董事不得以公 司资产为本公司的股东或者其他个人债务提供担保”。目前还未对对外担保的审 批程序、被担保对象的资信标准做出规定。 Page ６９ Dalian Refrigeration Co., Ltd. 2003 Annual Report 9、大连华连会计师事务所注册会计师对公司控股股东及其他关联方占用资金情 况的专项说明 大连冷冻机股份有限公司全体股东： 根据中国证监会[证监发（2003）56 号]《关于规范上市公司与关联方资金 往来及上市公司对外担保若干问题的通知》规定，我们在对大连冷冻机股份有限 公司（以下简称“大冷股份”）2003 年度会计报表进行审计时，就其大股东及关 联方资金占用和违规担保情况的相关资料进行了专项审核，现将有关审核情况说 明如下： 一、经营性资金占用 2003.1.1—2003.12.31 2003.12.31 公司名称 会计科目 2003.1.1 借方 贷方 深圳大冷王运输制 应收帐款 2,968,224.55 6,133,431.68 8,726,786.80 374,869.43 冷有限公司 大连三洋制冷有限 应收帐款 742,000.00 2,775,376.93 2,819,376.93 698,000.00 公司 预付帐款 90,806.24 29,910,614.52 29,952,702.81 48,717.95 大洋汽车空调工程 预付帐款 2,477,210.68 -173,000.00 2,304,210.68 有限公司 应收票据 7,000,000.00 4,147,523.84 11,147,523.84 大连三洋冷链有限 应收帐款 127,368.50 127,368.50 公司 预付帐款 1,314,208.55 350,990.00 153,607.00 1,511,591.55 应收票据 6,300,000.00 11,556,000.00 17,856,000.00 大连三洋空调机有 应收帐款 365,051.33 365,051.33 限公司 预付帐款 2,031,827.50 14,881,489.89 16,558,682.89 354,634.50 大连三洋压缩机有 应收票据 2,000,000.00 2,488,444.16 3,608,635.91 879,808.25 限公司 应收帐款 2,256,139.06 31,137,403.51 32,488,241.45 905,301.12 大连本庄化学有限 预付帐款 2,024.50 2,024.50 公司 大连明华电子有限 预付帐款 2,617.00 2,617.00 公司 大连三洋家用电器 预付帐款 33,000.00 33,000.00 有限公司 大连斯频德冷却塔 预付帐款 3,213.40 15,877,148.00 15,850,361.40 30,000.00 有限公司 大连冰山集团保温 预付帐款 175,670.71 2,410,136.20 2,585,806.91 瓶有限公司 大连冰山集团金州 预付帐款 1,578,768.86 3,785,000.00 5,363,768.86 重型机器有限公司 应收票据 7,320,000.00 5,300,000.00 2,020,000.00 大连冰山集团进出 应收帐款 32,567,815.70 32,462,577.69 105,238.01 口有限公司 预付帐款 9,730,490.58 8,962,347.11 18,692,837.69 大连冰山保安休闲 应收帐款 369,750.00 369,750.00 产业工程有限公司 预付帐款 2,073,750.00 2,073,750.00 大连冰山环保设备 预付帐款 738,800.00 280,000.00 458,800.00 Page ７０ Dalian Refrigeration Co., Ltd. 2003 Annual Report 有限公司 北京冰山制冷空调 应收帐款 251,563.00 18,200,003.89 15,735,349.65 2,716,217.24 成套设备有限公司 大连冰山集团有限 其他应收款 34,769.67 31,544.59 3,225.08 公司 大连冰山集团制冷 其他应收款 31,281,235.38 45,617,212.98 76,898,448.36 空调安装公司 大连冰山集团销售 其他应收款 2,980,170.00 2,980,170.00 有限公司 说明：大冷股份与各关联方之间的经营性往来主要是双方的产品及材料销售 业务形成的暂欠款，销售价格由双方根据市场同类产品价格议定，当市场价格发 生变化时，根据市场价格的波动作适当调整。2003 年 12 月 31 日与各关联方的 往来，属于正常的销售应收款项。 大冷股份与安装公司、销售公司、冰山空调设备、冰山菱设速冻设备等控股 子公司之间的内部销售及采购在编制合并报表时已抵消。 二、非经营性资金占用 2003.1.1—2003.12.31 公司名称 会计科目 2003.1.1 2003.12.31 借方 贷方 大连冰山集团有限 其他应收款 764,096.17 32,929,356.90 33,689,913.77 3,539.30 公司 大连冰山集团制冷 其他应收款 36,951.78 36,951.78 空调安装公司 大连冰山集团销售 其他应收款 17,255,387.46 12,050,002.54 11,932,517.16 17,372,872.84 有限公司 大连冰山空调设备 其他应收款 160,000.00 160,000.00 有限公司 大连冰山菱设速冻 其他应收款 283,377.28 247,277.20 36,100.08 设备有限公司 大连三洋制冷有限 其他应收款 240,000.00 240,000.00 公司 大连三洋冷链有限 其他应收款 240,000.00 240,000.00 公司 大连三洋空调机有 其他应收款 570,000.00 570,000.00 限公司 大连三洋压缩机有 其他应收款 240,000.00 240,000.00 限公司 大连三洋家用电器 其他应收款 80,000.00 80,000.00 有限公司 大连斯频德冷却塔 其他应收款 570,000.00 570,000.00 有限公司 大连冰山巴尔的摩 空气盘管制冷有限 其他应收款 160,000.00 160,000.00 公司 Page ７１ Dalian Refrigeration Co., Ltd. 2003 Annual Report 大连冰山橡塑股份 其他应收款 160,000.00 160,000.00 有限公司 大连冰山保安休闲 其他应收款 92.64 137.13 168.36 61.41 产业工程有限公司 大连冰山水环境设 其他应收款 101.20 101.20 备有限公司 北京冰山制冷空调 其他应收款 22,190.21 22,190.21 成套设备有限公司 北京冰山华商冰山 制冷空调成套设备 其他应收款 13,827.31 13,827.31 公司 大连冰山物资贸易 其他应收款 9,930.00 3,401.46 12,340.00 991.46 有限公司 大连富士冰山自动 其他应收款 320,986.92 896,797.96 1,217,784.88 售货机有限公司 武汉新世界制冷工 其他应收款 37,923.06 37,923.06 业有限公司 说明：大冷股份与控股股东—大连冰山集团有限公司之间的应收款项主要是 2003 年 1-2 月冰山集团向大冷股份暂借的中央电视台广告费 230 万元、对联营 公司及子公司的投资款 1,650 万元、技改借款 600 万元，上述款项于 2003 年 2 月份归还，因资金占用时间较短，大冷股份未向冰山集团收取资金占用费。 大冷股份与控股子公司—大连冰山集团销售有限公司之间的应收款项主要 是大冷股份为销售公司垫付其对外采购商品及接受劳务的款项。 大冷股份与其他关联方之间的非经营性往来主要是大冷股份垫付的电话费、 代扣房租等小额代垫费用。 大冷股份与安装公司、销售公司、冰山空调设备、冰山菱设速冻设备等控股 子公司之间的往来在编制合并报表时已抵消。 三、违规担保情况： 大冷股份本年度不存在违规担保情况。 大连华连会计师事务所有限公司 中国注册会计师：裴燚 中国注册会计师：隋国军 2004 年 4 月 14 日 10、独立董事对公司累计和当期对外担保情况、执行相关规定情况的专项说明及 独立意见 根据证监发[2003]56 号，我们基于独立判断的立场，对大连冷冻机股份有 限公司对外担保情况及执行相关规定情况进行了深入核查。经审查，公司未为控 股股东及公司持股 50%以下的其他关联方、任何非法人单位或个人提供担保；公 司对外担保总额占最近一个会计年度合并会计报表净资产的 0%。目前公司章程 还未对对外担保的审批程序、被担保对象的资信标准做出规定。公司三届十次董 事会议将此专门作为一项议题进行了审议，并将提交 2003 年度股东大会审议。 我们认为，公司较好地执行了相关规定。 Page ７２ Dalian Refrigeration Co., Ltd. 2003 Annual Report （八）监事会报告 报告期内，监事会召开了三次会议。监事会三届七次会议于 2003 年 4 月 22 日在公司六楼会议室举行。会议审议通过了公司 2002 年度监事会工作报告；公 司 2002 年年度报告中的“监事会报告”。监事会三届八次会议于 2003 年 8 月 20 日在公司五楼会议室举行。会议审议通过了公司 2003 年半年度报告及其摘要； 公司 2003 年半年度不进行利润分配，也不进行资本公积金转增股本。监事会三 届九次会议于 2003 年 10 月 22 日在公司六楼会议室举行。会议审议通过了公司 2003 年第三季度季度报告；关于参股大连富士冰山自动售货机有限公司的决议。 对下列事项，监事会发表独立意见如下： 1、公司依法运作情况。公司决策程序合法，已建立了比较完善的内部控制 制度，公司董事、经理执行公司职务时无违反法律、法规、公司章程或损害公司 利益的行为。 2、公司财务情况。大连华连会计师事务所有限公司和普华永道中天会计师 事务所有限公司均出具了无保留意见的审计报告。财务报告真实反映了公司的财 务状况及经营成果。 3、报告期内公司无募集资金行为。公司 1998 年发行 B 股所募资金的使用 有两项延续到报告期内，实际投入项目和承诺投入项目一致，尚未使用的募集资 金存于银行指定外汇帐户。 4、报告期内公司无重大收购、出售资产行为。 5、报告期内公司所发生的关联交易主要是向关联公司购买商品。上述关联 交易公平，未损害公司利益。 6、公司计提的 2003 年度资产减值准备，其决议程序合法、依据充分。 （九）重要事项 1、本年度公司无重大诉讼、仲裁事项。 2、报告期内公司无重大收购及出售资产、吸收合并等事项。 3、重大关联交易事项 （1） 购买商品发生的关联交易，详见“会计报表附注”。 （2） 关联债权债务往来，详见大连华连会计师事务所有限公司出具的《大连冷 冻机股份有限公司大股东及关联方资金占用及违规担保情况的专项审核 意见》。 4、报告期内公司未发生托管、承包、租赁其他公司资产或其他公司托管、承包、 租赁公司资产的事项。 5、报告期内公司无重大担保事项。报告期内公司对控股子公司提供担保金额为 0 万元。报告期内公司违规担保总额占公司净资产的比例为 0%，公司担保总额占 公司净资产的比例为 0%。 6、报告期内公司未委托他人进行现金资产管理，无委托贷款事项。 7、在三届七次董事会议上，公司预计 2003 年度利润分配政策如下：分配次数为 1 次，中期不分配，年末分配；分配比例为该年度可供股东分配利润的 40%-60% （包括该年度实现利润和上年度未分配利润） ；分配形式为派发现金或送红股或 两者相结合，其中现金股息占股利分配的比例不低于 50%。 公司 2003 年度利润分配预案与上述预计相符。 8、报告期内公司聘任会计师事务所未有变更。报告年度支付给聘任会计师事务 Page ７３ Dalian Refrigeration Co., Ltd. 2003 Annual Report 所的报酬情况如下：（1）支付给大连华连会计师事务所有限公司审计费用 23 万 元（2002 年度为 18 万元），无其他费用，差旅费用由该公司承担；（2）支付给 普华永道中天会计师事务所有限公司审计费用 68 万元（2002 年度也为 68 万元）， 无其他费用，差旅费用由该公司承担。目前，大连华连会计师事务所有限公司为 公司提供审计服务的连续年限为 11 年，普华永道中天会计师事务所有限公司为 公司提供审计服务的连续年限为 6 年。 9、报告期内公司、公司董事会及董事均未受监管部门稽查或处罚。 （十）财务报告 1、审计报告 普华永道审字(2004)第 1557 号 致：大连冷冻机股份有限公司全体股东 我们审计了大连冷冻机股份有限公司（以下简称“贵公司”）及其子公司（以下与贵公 司合称“贵集团”）2003 年 12 月 31 日的合并资产负债表和 2003 年度的合并利润表、合并 股东权益变动表及合并现金流量表。编制会计报表是贵公司管理阶层的责任。我们的责任是 在实施审计工作的基础上对这些会计报表发表意见。 我们按照国际审计准则计划和实施审计工作，以合理确信会计报表是否不存在重大错 报。审计工作包括在抽查的基础上检查支持会计报表金额和披露的证据，评价管理当局在编 制会计报表时采用的会计政策和作出的重大会计估计，以及评价会计报表的整体反映。我们 相信，我们的审计工作为发表意见提供了合理的基础。 我们认为，上述贵集团的会计报表是依据国际财务报告准则编制，在所有重大方面公允 地反映了贵集团 2003 年 12 月 31 日的财务状况以及截至该日止之年度经营成果和现金流量。 普华永道中天会计师事务所有限公司 2004 年 4 月 20 日 中国•上海 2、会计报表（附后） 3、会计报表附注（除另有说明外，所有金额均以人民币千元为单位） 组织结构及主要业务活动 大连冷冻机股份有限公司（“本公司”）系于一九九三年十二月十八日在中华人民共和 国（“中国” ）注册成立的股份有限公司。本公司主要从事生产、销售及安装制冷设备。 本公司的子公司的主要经营业务列示如下，本公司及其子公司在下文合称“本集团”。 本公司的注册地址为大连市沙河口区西南路 888 号。截至二○○三年十二月三十一日 止，本集团员工总数为 1,936 人（二○○二年：2,283 人）。 Page ７４ Dalian Refrigeration Co., Ltd. 2003 Annual Report 本公司之境内上市人民币普通股（“Ａ股”）及境内上市外资股（“Ｂ股”）分别于一九 九三年九月及一九九八年一月在深圳证券交易所上市。 本公司之直接及最终控股公司为大连冰山集团有限公司（“冰山集团”）。 于二○○三年十二月三十一日，本公司直接持有下列注册于中国的子公司股权： 子公司名称 注册日期 注册资本 权益比例 主要业务 二○○三 二○○二 二○○三年 二○○二年 年十二月 年十二月 十二月三十一日 十二月三十一日 三十一日 三十一日 大连冰山集团制冷空调安装公司（“安装 一九八八年一月九日 人民币 20,000,000 人民币 20,000,000 100.00% 100.00% 安装及调试制冷设备 公司”） 大连经济技术开发区冰山经贸公司 一九八九年五月十八日 人民币 5,400,000 人民币 5,400,000 100.00% 100.00% 批发及零售机械设备 大连经济技术开发区大冷经贸公司 一九九二年七月六日 人民币 600,000 人民币 600,000 100.00% 100.00% 批发及零售仪器仪表 大连冰山空调设备有限公司（“冰山空 一九九五年十二月二十 日元 700,000,000 日元 700,000,000 70.00% 70.00% 生产及销售制冷配套设备 调”） 二日 大连冰山金属加工有限公司（“金属加 一九九八年一月二十一 美元 2,350,000 美元 2,350,000 64.25% 64.25% 加工及销售板金冲压件 工”） 日 大连冰山集团销售有限公司（“销售公 一九九八年三月十二日 人民币 3,000,000 人民币 3,000,000 90.00% 90.00% 销售制冷空调冷链 司”） 大连冰山嘉德自动化有限公司 二○○二年四月二十二 英镑 210,000 英镑 210,000 60% 60% 研究，设计及开发制冷系 日 统自动化部件 大连冰山菱设速冻设备有限公司 二○○三年五月六日 美元 1,000,000 不适用 70% 不适用 保鲜、储藏、冷冻设备的 开发、制造和销售 上海冰山冷冻空调成套设备销售服务有 二○○三年九月三十日 人民币 2,000,000 不适用 45% 不适用 制冷空调设备，机械电器 限公司 设备的销售、安装、维 修服务 主要会计政策 编制本集团之合并财务报表所采用的主要会计政策如下： Page ７５ Dalian Refrigeration Co., Ltd. 2003 Annual Report (a) 合并财务报表的编制基准 除可供出售的投资以公允价值计价外，合并财务报表系在历史成本的基础上依据国 际会计准则委员会颁布的国际财务报告准则（包括国际会计准则和解释）编制。此 准则与本集团编制法定账目时所采用的适用于中国的有关财务及会计制度之间存 在若干差异。 (b) 合并报表 (1) 子公司 子公司系指本集团拥有其半数以上的表决权或拥有该子公司的财务和经营控制权的 公司。 子公司自本集团对其拥有控制权之日起纳入本集团合并财务报表中，并于自本集团失 去对其拥有控制权之日不再纳入本集团合并财务报表，收购子公司以购买法入账。 集团内部往来的余额和集团内部交易及其产生的未实现利润于合并时予以抵销。内 部交易产生的未实现损失，除非是成本不能补偿，也予以抵销。对子公司的会计政 策在必要时进行调整以确保其与本集团所采用的会计政策一致。 (2) 联营公司 于联营公司之投资以权益法核算。联营公司系指本公司持有其 20%至 50%的表决权 或本公司对其具有重大影响但不存在控制权的公司。对联营公司与本集团之间的交 易所产生的未实现收益按本集团拥有联营公司的权益比例予以抵销。在无确凿证据 证明资产减值的情况下，未实现损失也予以抵销。除非本集团与联营公司之间存在 契约约束或对其承担担保义务，在对联营公司投资账面价值减到零后，不再确认其 进一步的亏损。 (c) 外币折算 根据本集团有关经营活动及经营环境的经济实质，本公司及其子公司以人民币为计量 货币。外币交易均以交易发生日的适用汇率换算为计量货币。于资产负债表日，以外 币计价的货币性资产和负债乃按该日的适用汇率折算成计量货币。以历史成本计价的 非货币性资产和负债系按交易发生的汇率折算成计量货币。汇兑损益均列入当年度损 益。 (d) 经营租赁 与资产所有权相关的风险及报酬实质上全部由出租人承担或享有的租赁列为经营租 赁。经营租赁的租金收入和支出按租赁年限以直线法计入利润表。 Page ７６ Dalian Refrigeration Co., Ltd. 2003 Annual Report (e) 土地租赁 为长期租赁土地所支付的价款，视同经营租赁，在其租赁期内（五十年）以直线法摊销。 (f) 不动产、厂场及设备和折旧 不动产、厂场及设备按成本减累计折旧及累计减值损失计价。资产的原始成本包括购 买价及将该项资产达到可供使用的状态和地点所需要支付的直接可归属成本。 折旧系按不动产、厂场及设备原值减去估计残值后，在估计使用年限内按直线法计提。 主要估计的使用年限如下： 房屋及建筑物 20－40 年 机器设备、家具及办公设备 5－20 年 运输设备 5－20 年 不动产、厂场和设备投入使用后发生的维修及保养支出于发生当期予以费用化。具有 未来经济效益的重大的不动产、厂场和设备改良及更新支出予以资本化。 当不动产、厂场和设备出售或报废时，其账面原值及累计折旧从账面扣除，相应的处 置损益计入利润表。 如果不动产、厂场和设备的账面价值高于其可收回金额，对可收回金额低于账面价值 的差额，予以计提减值准备。 为了建造或安装不动产、厂场和设备发生的融资利息成本于不动产、厂场和设备建造 或安装期予以资本化，其他利息成本计入当期损益。 (g) 在建工程 在建工程指建造中的房屋及建筑物和安装测试中的机器设备，按成本入账。此项成本 包括工程建造和设备购置安装的支出及其他直接成本，以及建造和安装测试期间为该 项资产所发生的借款成本，包括借款利息支出及作为利率调整而产生的外币借款之汇 兑损益。 在建工程于完工并达到可使用状态时开始计提折旧。 (h) 商誉 商誉系本集团收购成本超过所收购联营公司可辨认资产和负债公允价值中的权益份额 的部分。由收购联营公司股权而产生的商誉记录于对联营公司的投资余额中。商誉以 成本减累计摊销及累计减值损失计价，其成本按直线法在估计受益年限（十年）内摊 销。 Page ７７ Dalian Refrigeration Co., Ltd. 2003 Annual Report 管理层定期于资产负债表日核阅商誉是否存在减值。如果存在减值迹象，将对商誉账 面价值的可回收性进行分析，并核减账面价值超过可回收金额的部分。 (i) 资产减值 当某些事件发生或环境变化导致公司资产的账面价值可能无法回收时，应对该等资产 进行减值核阅。若资产的账面价值超过其可回收价值时，应就其差额确认减值损失并 计入当年度费用。资产的可回收价值系按其净销售价格和可使用价值中孰高者确认。 净销售价格系指在公平交易情况下出售该项资产可获得的价款，而可使用价值系指继 续使用该项资产并在使用年限末出售该项资产而获得的未来现金流量的现值。可回收 价值应按个别资产予以估计，若不可行则应按现金流量产生单位分别予以估计。 (j) 投资 根据取得投资时的意图，本集团将对债权及权益的投资划分为：为交易而持有之投资， 持有至到期日之投资以及可供出售之投资。管理层于取得投资时对该等投资进行分类 后，还将定期重估。 为了从价格的短期波动中获利而购置的投资归类于为交易而持有之投资并认列为流动 资产。有固定到期日且管理层明确打算并能够持有至到期日的投资归类于持有至到期 日之投资，并认列为非流动资产；其中将于十二个月内到期的部分，认列为流动资产。 对于持有时间不明确，可能因流动性考虑或利率变动而售出之投资，归类于可供出售 之投资，并认列为非流动资产。当管理层有明确打算持有该等投资的时间小于十二个 月或该等投资将被出售以获取流动资金时，该可供出售之投资认列为流动资产。 投资的购买和出售均于交易日确认，交易日指本集团确定承诺购买或出售该资产的日 期。购买成本包括交易成本。 初始确认后，本集团以公允价值计量可供出售的投资。如可供出售的股权类投资无活 跃市场的公开交易价格且其公允价值无法合理确定时，该类投资以成本减减值损失计 量。 公允价值变动形成的可供出售的投资之利得或损失，计入其形成当期的净损益。 持有至到期日的投资，运用实际利率法，以摊余成本计量。 (k) 存货 存货按成本与可变现净值孰低法列记。成本按加权平均法计算，包括所有采购成本、 加工成本以及使存货达到目前的状态和地点而发生的其他相关成本。可变现净值为估 计正常售价减估计生产完成和销售所必需的费用后的净值。当存货有过时、滞销及瑕 疵等情况时，则提取存货损失准备。 Page ７８ Dalian Refrigeration Co., Ltd. 2003 Annual Report (l) 安装业务合同 安装业务合同，指为安装一项资产或者在设计、技术、功能、最终用途等方面密切相 关的数项资产而订立的合同。 如果合同的结果能够可靠地估计，合同的收入与费用根据完工百分比法在资产负债表 日确认。完工进度系采用累计实际发生的合同成本占合同预计总成本的比例确定。当 合同预计总成本大于总收入时，则立即将预计损失列为当年度费用。 如果合同的结果不能可靠地估计，合同收入根据能够收回的实际合同成本加以确认， 合同成本则在其发生的当年度确认为费用。 按合同分期应收取的款项，账列工程结算。在资产负债表日，如果累计已发生的合同 成本加累计已确认的合同毛利减累计已确认的预计亏损大于工程结算，列于流动资产 －在建合约工程；反之，则列于流动负债－预收在建合约工程款。合同履行前所收之 款项列记于预收账款。已开票结算，但尚未收到之合同款项记入应收账款。 (m) 应收款项 应收款项以发票金额减坏账准备后的净值列示。当有客观证据表明本集团无法按原条 款于到期时全额收回应收款时，对该款项计提减值准备。减值准备的金额是应收款项 帐面值与可收回值之间的差额，按预计的未来现金流入以市场利率折现来计算。 (n) 现金及现金等价物 在现金流量表中，现金及现金等价物包括现金、随时可用于提取的银行存款和原始投 资期限不超过三个月、流动性强的短期投资。 (o) 借款及借款费用 借款以收到的对价扣除交易费用后的净额确认其初始成本，其后按以实际利率法计算 的摊余成本计量。收到的净额与未来现金支出现值之间的差额在借款期限内计入当期 损益。 交易费用包括支付给代理商、顾问、经纪商和自营商的手续费和佣金、监管机构和证 券交易所征收的款项及证券交易税。交易费用不包括债券溢价或折价、筹资费用和内 部管理费用或持有成本的摊销额。 借款费用包括利息费用及其他与借款相关的费用，包括借款折溢价的摊销、借款安排 的辅助性支出的摊销及作为利率调整而产生的外币借款的汇兑损益。 借款费用一般于发生当期予以费用化，除非用借款购建的资产需较长一段时间的购建 方能投入使用，则与该项资产直接有关的借款费用予以资本化。当购建成本及借款费 用开始发生且为该等资产达到预定用途的购建活动正在进行时，借款费用才开始资本 Page ７９ Dalian Refrigeration Co., Ltd. 2003 Annual Report 化。资本化的借款费用根据该项资产达到预定用途前所平均占用的资金计算。若由于 借款费用资本化而导致资产的账面价值超过其可回收价值，则应计提该资产的减值准 备。 (p) 递延税项 递延税项系采用资产负债表的负债法计提。递延所得税反映按财务报告计算的资产与 负债与按税法计算的资产与负债之间的暂时性差异的税务净影响。递延所得税资产和 负债的计量系基于资产负债表日所颁布的法定或实际税率，并根据该等临时性差异的 预计回转年份所适用的税率而得出。递延税项负债在确定时应予当期确认。递延所得 税资产，除可合理估计未来有足够的应课税利润用来抵扣该项递延资产外，不予确认。 对联营公司投资产生的暂时性差异确认为递延税项，但当暂时性差异的回转时间受到 控制或很有可能暂时性差异在可预见的将来无法转回时除外。 (q) 员工统筹退休金 本集团参加由一政府机构管理的确定提拨的统筹退休金计划。本集团须按照职工基本 工资总额的一定比例计提，其中本集团负责一部分，余下由职工负责。该等统筹退休 金交由中国政府有关部门统筹安排，退休职工的退休金由该部门统筹支付。本集团按 权责发生制将退休金计入当年度费用。 (r) 政府补助 政府补助仅在能够合理保证本集团能符合补助条件并可收到补助的情况下确认。 (s) 预计负债 本集团因过去事项而承担了现时的法定义务或推定义务，履行该义务很可能要求含有 经济利益的资源流出企业且该义务的余额可以可靠地估计时，对准备予以确认。 于资产负债表日，本集团履行义务不再是很可能使含有经济利益的资源流出时，准备 应予转回。 (t) 收入认列 当交易产生的未来经济利益很可能流入本集团，且有关收入和成本能够可靠地计量时， 才对收入加以确认。除附注(l)中有关安装业务合同的收入认列基准外，本集团按下列 基准认列收入： (a) 销售收入 销售收入指发票金额（不含增值税）扣除销售折让后的净额，在与商品所有权有关的 主要风险和报酬转移给买方时予以确认。 Page ８０ Dalian Refrigeration Co., Ltd. 2003 Annual Report (b) 利息收入 利息收入按使用本集团现金的时间和适用利率计算确认。 (c) 股利收入 股利收入在取得收取股利的权利时确认。 (u) 股利分配 股利分配于本集团股东批准发放当期作为负债认列于资产负债表中。 (v) 比较数字 若干比较数字已根据本年度财务报表分类进行了相应的调整。 金融风险管理 金融风险及风险管理 本集团经营活动面临各种金融风险，包括信用风险、流动性风险、利率风险和外币风 险。集团整体的风险管理是关注不可预测的金融市场和寻求降低潜在的负面因素对集 团财务所带来的风险。 (1) 信用风险 本集团未将信用风险集中于单个债务人或债务人群体。集团的政策是确保将产品销售 给有良好信用记录的客户。 (2) 流动性风险 谨慎的流动性风险管理包括持有充足的现金、上市证券及从银行获得足够的银行信贷 额度和规避市场风险的能力。 (3) 利率风险 本集团的收入和经营活动产生的现金基本与市场利率变动无关。本集团未持有重大的 附息资产。集团的政策是将其所有借款维持于固定利率。 (4) 外币风险 Page ８１ Dalian Refrigeration Co., Ltd. 2003 Annual Report 因外币经营活动有限，本集团无重大汇率风险。 公允价值的估计 公开交易的证券之公允价值系依据资产负债表日的市场价格确定。 非公开交易的证券及其他金融工具的公允价值系通过各种方法并依据资产负债表日市 场实际情况作出的假设进行评价。长期负债的公允价值以特定或类似金融工具的市场 报价或卖方报价来评价。 一年以上到期的金融资产或负债的账面价值（扣除备抵调整后）接近其公允价值。 1. 销售收入，净额 二○○三年度 二○○二年度 成套及配套工程 －制冷压缩机/机组 315,139 345,932 －安装业务 122,524 170,566 销售制冷压缩机/机组 394,466 303,365 销售辅机 35,651 35,058 其他 200,784 127,356 1,068,564 982,277 减：销售附加税 (4,826) (5,393) 1,063,738 976,884 2. 财务成本,净额 二○○三年度 二○○二年度 银行借款利息费用（附注 19(b)(i)） 8,500 12,676 银行存款利息收入 (2,999) (6,709) 5,501 5,967 3. 除税及少数股东损益前利润 a. 除税及少数股东损益前利润已扣除/(计入)下列各项: Page ８２ Dalian Refrigeration Co., Ltd. 2003 Annual Report 二○○三年度 二○○二年度 人工成本 －工资和薪金 48,810 47,545 －提取职工福利费 7,088 6,325 －提取法定退休金 9,408 9,059 土地租赁摊销 950 928 不动产、厂场及设备折旧 24,781 21,584 商誉摊销 767 768 处置不动产、厂场及设备收益 (183) (285) 提取坏账准备 7,430 2,119 冲销坏账 10,000 8,961 存货损失准备(转回) 318 (1,115) b. 各项职工福利的计提比例（占职工基本工资总额）如下： 计提比例 二○○三年度 二○○二年度 养老金 19.0% 19.0% 职工福利费 14.0% 14.0% 住房公积金 8.0% 7.0% 医疗保险 8.0% 8.0% 待业保险金 2.0% 2.0% 工伤基金 1.2% 1.2% 生育基金 0.5% 0.5% 4. 税项 a. 增值税 增值税为价外税，一般税率为 17%。依法规规定，购进半成品或原材料等所支付 的进项税额可抵扣销售货物时应缴纳的销项税额。 b. 销售附加税 本集团须缴纳以下销售附加税： • 城市维护建设税，税额按应付增值税净额的 7%计征； • 教育费附加，税额按应付增值税净额的 3%计征。 c. 企业所得税 Page ８３ Dalian Refrigeration Co., Ltd. 2003 Annual Report (i) 所得税费用的明细如下： 二○○三年度 二○○二年度 当年度企业所得税 12,025 4,247 以权益法核算联营公司投资收益而导致 的递延所得税项 3,790 10,474 认列的联营公司的企业所得税 12,257 9,546 28,072 24,267 依据中国有关法律的规定，本集团对于自联营公司收取的股利须按一定比例 补缴企业所得税。截至二○○三年十二月三十一日，本集团根据联营公司于 二○○三年十二月三十一日的未分配利润所导致的暂时性差异提取了人民币 约 3,790,000 元的递延税项负债。 (ii) 所得税费用与按会计所得额计算之所得税费用的调节表如下所示： 二○○三年度 二○○二年度 除税及少数股东损益前 利润 116,453 100% 97,511 100% 按法定税率 33%（二○ ○二年：33%）计算的 所得税额 38,429 33% 32,178 33% 子公司不同税率之影响 (1,295) (1.1%) (2,490) (2.6%) 递延税项负债当年回转 (5,864) (5.0%) - - 不须纳税的收益之影响 (5,352) (4.6%) (2,247) (2.3%) 不可抵扣的费用之影响 1,215 1.0% 161 0.2% 未确认之暂时性差异(a) 939 0.8% (3,335) (3.3%) 所得税费用 28,072 24% 24,267 25% (a) 由于无法合理估计该项应纳税资产（负债）在可预见的将来是否能够转回 （存在），未来是否有足够的应纳税所得用来抵扣该项临时性差异，递延税项资 产（负债）不予确认。 (iii) 递延税项负债 二○○三年度 二○○二年度 年初余额 10,474 - 当年计提 9,654 10,474 Page ８４ Dalian Refrigeration Co., Ltd. 2003 Annual Report 当年转回 (5,864) - 年末余额 14,264 10,474 (iv) 合并子公司及联营公司企业所得税 合并子公司和联营公司之所得税依据中国有关税法的适用税率计算。部分合并 子公司和联营公司经税务机关确认，可享有减免税收优惠。本集团的合并子公 司和主要联营公司的 2003 年度实际适用所得税率列示如下： 2003 年度实际适用所 公司名称 与本公司关系 得税率 大连冰山集团制冷空调安装公司 子公司 33% 大连经济技术开发区冰山经贸公司 子公司 15% 大连经济技术开发区大冷经贸公司 子公司 15% 大连冰山空调设备有限公司 子公司 10% 大连冰山金属加工有限公司 子公司 7.5% 大连冰山集团销售有限公司 子公司 15% 大连冰山嘉德自动化有限公司 子公司 0% 大连冰山菱设速冻设备有限公司 子公司 15% 上海冰山冷冻空调成套设备销售服务有限 子公司 33% 公司 大连三洋压缩机有限公司 联营公司 10% 大连三洋制冷有限公司 联营公司 15% 大连三洋冷链有限公司 联营公司 10% 大冷王运输制冷有限公司 联营公司 15% 大连三洋空调机有限公司 联营公司 7.5% 5. 每股盈利 Page ８５ Dalian Refrigeration Co., Ltd. 2003 Annual Report 二○○三年度基本每股盈利系以二○○三年度净利润约人民币 86,634,000 元（二○○ 二年度：约人民币 70,524,000 元）除以已发行的加权平均股数 350,014,975 股（二○ ○二年度：350,014,975 股）计算。 6. 土地租赁 土地租赁于二○○三年度之变动如下： 二○○三年度 二○○二年度 原值 年初余额 45,947 45,907 本年增加 - 40 年末余额 45,947 45,947 累计摊销 年初余额 4,723 3,795 本年摊销 950 928 年末余额 5,673 4,723 净值 年末余额 40,274 41,224 年初余额 41,224 42,112 土地租赁系指本公司厂区所在地的土地使用权及本公司及其子公司为取得厂区所在地 的土地使用权而支付的出让金。土地使用权的期限均为五十年。 因为所有中国的土地均由国家或集体拥有，上述土地的风险和收益仍归国家所有。因 此，该等土地使用费视同经营性租赁核算，并在租赁期（五十年）内按直线法摊销。 7. 不动产、厂场及设备 不动产、厂场及设备之变动如下： 二○○三年度 房屋及 运输设备 机器设备、 在建工程 合计 Page ８６ Dalian Refrigeration Co., Ltd. 2003 Annual Report 建筑物 家具及 办公设备 原值 年初余额 187,814 11,327 337,574 6,226 542,941 本年增加 275 1,351 6,129 12,336 20,091 在建工程转入 855 - 10,578 (11,433) - 本年减少 - (289) (1,565) - (1,854) 年末余额 188,944 12,389 352,716 7,129 561,178 累计折旧 年初余额 70,590 5,563 151,236 - 227,389 本年折旧 4,865 947 18,969 - 24,781 本年减少 - (260) (1,133) - (1,393) 年末余额 75,455 6,250 169,072 - 250,777 减值准备 年初余额 7,224 - 10,246 - 17,470 本年转回 (a) - - (398) - (398) 年末余额 7,224 - 9,848 - 17,072 净值 年末余额 106,265 6,139 173,796 7,129 293,329 年初余额 110,000 5,764 176,092 6,226 298,082 于二○○三年度，在建工程的增加中无资本化利息。 (a) 在二○○三年度，本公司处置了账面净值约人民币 461,000 元的机器设备，并转 回了以前年度计提的约人民币 398,000 元的减值准备。 二○○二年度 机器设备、 房屋及 家具及 建筑物 运输设备 办公设备 在建工程 合计 原值 Page ８７ Dalian Refrigeration Co., Ltd. 2003 Annual Report 年初余额 191,477 10,836 314,157 1,916 518,386 本年增加 441 818 12,909 33,074 47,242 在建工程转入 3,376 - 25,388 (28,764) - 本年减少 (7,480) (327) (14,880) - (22,687) 年末余额 187,814 11,327 337,574 6,226 542,941 累计折旧 年初余额 70,246 4,915 148,274 - 223,435 本年折旧 4,502 893 16,189 - 21,584 本年减少 (4,158) (245) (13,227) - (17,630) 年末余额 70,590 5,563 151,236 - 227,389 减值准备 年初余额 8,524 - 10,611 - 19,135 本年转回 (1,300) - (365) - (1,665) 年末余额 7,224 - 10,246 - 17,470 净值 年末余额 110,000 5,764 176,092 6,226 298,082 年初余额 110,937 5,921 157,042 1,916 275,816 8. 于联营公司之投资 二○○三年 二○○二年 十二月三十一日 十二月三十一日 本集团占联营公司净资产之份额 577,301 501,246 商誉(a) 3,645 4,412 580,946 505,658 于二○○三年十二月三十一日，本公司直接持有下列注册于中国的联营公司股权： 联营公司名称 注册日期 注册资本 权益比例 主要业务 Page ８８ Dalian Refrigeration Co., Ltd. 2003 Annual Report 二○○三 二○○二 二○○三年 二○○二年 年十二月 年十二月 十二月三十一日 十二月三十一日 三十一日 三十一日 大连三洋压缩机有限公司（“三洋压 一九九四年九月十 日元6,620,000,000 日元6,620,000,000 40.00% 40.00% 生产及销售半封闭压缩机 缩机”） 五日 大连三洋制冷有限公司（“三洋制 一九九二年九月十 日元2,000,000,000 日元2,000,000,000 40.00% 40.00% 生产及销售吸收式溴化锂制冷 冷”） 一日 机 大连三洋冷链有限公司（“三洋冷 一九九四年一月十 日元1,400,000,000 日元1,400,000,000 40.00% 40.00% 生产及销售超级市场冷冻冷藏 链”） 一日 设备 大连大洋运输冷冻工程有限公司 一九九二年十二月 美元 850,000 美元 850,000 40.00% 40.00% 安装运输冷藏设备 （“大洋运输” ） 十一日 大洋汽车空调工程(大连)有限公司 一九九三年十月十 美元 12,000,000 美元 12,000,000 30.00% 30.00% 生产及销售汽车空调系统 （“大洋汽车”） 日 大连明华电子有限公司 一九九四年十一月 日元 300,000,000 日元 300,000,000 30.00% 30.00% 生产及销售电子控制线路板 十七日 大连本庄化学有限公司 一九九三年三月十 日元 260,000,000 日元 260,000,000 30.00% 30.00% 生产及销售溴化锂溶液 九日 大冷王运输制冷有限公司（ “大冷王 一九九○年十二月 美元 3,000,000 美元 3,000,000 25.00% 25.00% 生产及销售冷藏运输车的制冷 运输”） 一日 设备 大连三洋空调机有限公司（ “三洋空 一九九五年十二月 日元1,400,000,000 日元1,400,000,000 40.00% 40.00% 生产及销售空调机 调”） 二十日 大连三洋饮食设备有限公司（“三洋 一九九五年十二月 日元1,000,000,000 日元1,000,000,000 40.00% 40.00% 生产及销售冷藏冷冻柜 饮食”） 二十二日 大连三洋家用电器有限公司 一九九五年十月二 日元 600,000,000 日元 600,000,000 40.00% 40.00% 生产及销售小型家用电器 十七日 大连冰山集团进出口公司（ “进出口 一九八八年八月十 人民币 5,000,000 人民币 5,000,000 24.00% 24.00% 进口原料及出口产品 公司”） 日 大连冰山保安休闲产业工程有限公 二○○一年一月八 美元 250,000 美元 250,000 50.00% 50.00% 人造冰场和滑雪场的设计，成套 司（“冰山保安” ） 日 设备供应，安装，维修保养 大连冰山环保设备有限公司（“冰山 二○○一年八月十 人民币 500,000 人民币 500,000 50.00% 50.00% 环保处理技术开发和创新，环保 Page ８９ Dalian Refrigeration Co., Ltd. 2003 Annual Report 环保”） 日 设备销售 北京华商冰山制冷空调成套设备公 二○○二年九月二 人民币 1,000,000 人民币 1,000,000 49.00% 49.00% 销售空调及电冰箱 司（“北京华商” ） 十四日 大连冰山水环境设备有限公司 二○○二年九月六 美元 1,000,000 美元 1,000,000 33.00% 33.00% 开发，设计生产及销售水净化设 日 备 大连富士冰山自动售货机有限公司 二○○三年九月十 日 元 不适用 49.00% 不适用 自动售货机开发、制造、销售、 五日 1,800,000,000 安装维修等 大连冰山集团设计研究有限公司 二○○三年十一月 人民币 2,000,000 不适用 20.00% 不适用 冷冻冷藏设备、中央空调、工业 二十日 制冷设备、环保设备石化通用 机械的设计、技术咨询 (a) 商誉变动如下： 二○○三年度 二○○二年度 年初余额 4,412 5,180 摊销 (767) (768) 年末余额 3,645 4,412 9. 可供出售之投资 二○○三年 二○○二年 十二月三十一日 十二月三十一日 可供出售的投资： 投资于未上市公司之成本 41,801 47,616 减：减值准备 (500) (500) 41,301 47,116 由于可供出售的对未上市公司股权类投资无活跃市场的公开交易价格，且其公允价值 无法合理确定，该类投资以成本减减值准备计量。本公司之董事会认为以上投资的账 面价值接近于其公允价值。 于二○○三年十二月三十一日，投资于未上市公司之明细如下： 被投资公司名称 占被投资公司注册资本比例 账面价值 二○○三年 二○○二年 二○○三年 二○○二年 十二月三十一日 十二月三十一日 十二月三十一日 十二月三十一日 Page ９０ Dalian Refrigeration Co., Ltd. 2003 Annual Report 国泰君安证券股份有限公司 0.82% 1.02% 30,320 37,890 新太科技股份有限公司 1.9% 1.9% 3,000 3,000 大连冰山橡胶塑料机械股份 有限公司 2.14% 2.14% 2,308 2,308 冷王集装箱温度控制有限公 司 10% 10% 3,311 1,556 辽宁省迈克集团股份有限公 司 2.0% 2.0% 1,020 1,020 其他 - - 1,342 1,342 41,301 47,116 10. 存货 二○○三年 二○○二年 十二月三十一日 十二月三十一日 原材料 50,927 38,405 在产品 115,935 76,493 产成品 103,389 151,446 270,251 266,344 减：存货损失准备 (4,919) (4,601) 265,332 261,743 于二○○三年十二月三十一日，上述存货中约人民币 4,000,000 元（二○○二年：人 民币 6 百万元）系以可变现净值计价。 11. 在建合约工程 二○○三年 二○○二年 十二月三十一日 十二月三十一日 累计已发生的合同成本 78,988 47,593 加：累计已确认的合同毛利 6,832 7,770 减：累计已确认的预计亏损 (5,055) (1,505) 工程结算 (30,506) (33,932) 50,259 19,926 Page ９１ Dalian Refrigeration Co., Ltd. 2003 Annual Report 12. 应收账款 二○○三年 二○○二年 十二月三十一日 十二月三十一日 应收账款 223,327 205,898 应收票据 9,537 36,487 232,864 242,385 减：坏账准备 (34,114) (26,684) 198,750 215,701 13. 股本 于二○○三年十二月三十一日，发行在外的股份包括国有股、法人股、A 股和 B 股。A 股与 B 股同股同权，但 A 股只能由中国境内的投资者拥有和交易。 本公司股本结构（每股人民币 1 元）如下： 股数 金额（人民币元） 二○○三年 二○○二年 二○○三年 二○○二年 十二月三十一日 十二月三十一日 十二月三十一日 十二月三十一日 注册、发行及实收之股本 －国有股 104,422,500 104,422,500 104,422,500 104,422,500 －法人股 32,222,250 32,222,250 32,222,250 32,222,250 －A 股 98,370,225 98,370,225 98,370,225 98,370,225 －B 股 115,000,000 115,000,000 115,000,000 115,000,000 350,014,975 350,014,975 350,014,975 350,014,975 14. 储备 (a) 资本公积 依照中国有关法律及本公司章程规定，下列项目应记入资本公积： (i)股本溢价；(ii)受赠资产；(iii)资产重估增值的部分；及(iv)其他依据公司 章程及中国有关规定的项目。资本公积可用于弥补以前年度亏损或增加股本。 Page ９２ Dalian Refrigeration Co., Ltd. 2003 Annual Report 股本溢价为以国有股及法人股面值从发起人处换取净资产而产生的股本溢价及发 行 A 股及 B 股之总发行收入超过股票面值，并扣除承销佣金以及中介机构费用后 的净额。 二○○二及二○○三年度本公司的资本公积的增加是由于本公司的联营公司接受 捐赠致使本公司所持有的资本公积份额增加所引起的。 (b) 法定盈余公积 根据中国公司法和本公司章程，本公司须按法定账目税后利润（弥补以前年度的 亏损后）提取 10%的法定盈余公积。当该公积金之余额已达本公司股本的 50%时可 不再提取。法定盈余公积经批准后，可用于弥补以前年度亏损或转增股本，但使 用该公积金后，其余额不得少于本公司股本的 25%。 本公司的部分子公司为中外合资企业，根据《中华人民共和国中外合资企业法》、 子公司的章程及其董事会的决议，从法定税后利润(弥补以前年度亏损)提取的储 备基金和企业发展基金于本集团合并财务报表中列示为法定盈余公积。 (c) 法定公益金 根据中国有关财务规定和本公司章程，本公司须按法定账目税后利润（弥补以前 年度的亏损后）提取 5%至 10%的法定公益金，作为职工集体福利的资本性支出。 在二○○三年度，本公司计提了人民币 9,479,000 元的法定公益金（二○○二年 度：人民币 8,569,000 元）。 (d) 任意盈余公积金 根据本公司章程，本公司可以按中国会计准则与国际财务报告准则编制的财务报 表，两者在提取法定盈余公积金和法定公益金后的可供分配利润之孰低者，可以 提取任意盈余公积金。 于二○○三年五月二十八日，本公司股东大会批准根据二○○二年度按中国会计 准则与国际财务报告准则编制的财务报表，两者在提取法定盈余公积金和法定公 益金后的可供分配利润之孰低者，以 10%提取任意盈余公积金。 15. 未分配利润 未分配利润留待将来作利润分配之用。股利的分派系依照本公司章程及董事会之 建议进行，尚待股东大会决议通过。依据中国财政部一九九五年八月二十四日颁 布的[1995]第 31 号通知，剩余可供股东分配的利润应按中国会计准则与国际财 务报告准则编制的财务报表中未分配利润孰低原则确认。 Page ９３ Dalian Refrigeration Co., Ltd. 2003 Annual Report 于二○○三年五月二十八日，本公司股东大会批准按每股人民币 0.10 元（二○○ 二年：每股人民币 0.10 元）向股东分派现金股利总计约为人民币 35,001,000 元 （二○○二年：约为人民币 35,001,000 元）。 于二○○三年十二月三十一日，可供股东分配的利润约为人民币 108,609,000 元 （二○○二年：约为人民币 87,104,000 元）。 本公司的子公司冰山空调、安装公司和金属加工根据其各自的公司章程及董事会决 议提取了二○○三年度的法定盈余公积金和法定公益金。在本合并财务报表中，已 按本公司拥有冰山空调、安装公司和金属加工的权益比例，将该法定盈余公积金和 法定公益金中属于本公司的部分提取储备。 16. 权益 二○○三年度 二○○二年度 年初余额 29,343 28,663 少数股东投资成本增加 2,342 1,014 子公司少数股东损益 1,747 2,720 支付少数股东股利 (2,440) (3,054) 年末余额 30,992 29,343 17. 预收在建合约工程款 二○○三年 二○○二年 十二月三十一日 十二月三十一日 工程结算 78,122 74,563 减：累计已发生的合同成本 (69,630) (49,414) 累计已确认的合同损失 2,917 2,544 11,409 27,693 18. 应付账款及其他应付款 二○○三年 二○○二年 十二月三十一日 十二月三十一日 应付账款 182,932 155,541 预收账款 149,620 66,187 Page ９４ Dalian Refrigeration Co., Ltd. 2003 Annual Report 预提费用及其他流动负债 (152) 15,851 应付票据 12,997 36,545 应付福利费 6,258 4,056 351,655 278,180 职工福利费于二○○三年度的变动如下： 二○○三年度 二○○二年度 年初余额 4,056 5,114 本年提取（附注 3） 7,088 6,325 本年支付 (4,886) (7,383) 年末余额 6,258 4,056 19. 借款 (a) 短期银行借款 于二○○三年十二月三十一日，短期银行借款的年利率为 4.54%（二○○二年： 4.54%-5.04%），无担保(二○○二年：无担保）。 (b) 长期银行借款 二○○三年 二○○二年 十二月三十一日 十二月三十一日 (i) 担保银行借款 79,000 79,000 于二○○三年十二月三十一日，长期银行借款的年利率为 5.58%（二○○二年： 6.03%），均由冰山集团提供担保。长期银行借款均于二○○五年三月二十日到期。 (1) 该笔人民币 79,000,000 元银行借款的利息费用由大连市财政局予以贴 息。于二○○三年度，本公司实际收到的贴息款约人民币 4,600,000 元 （二○○二年度：4,800,000 元）已冲抵当年度的利息费用。 20. 合并现金流量表补充信息 Page ９５ Dalian Refrigeration Co., Ltd. 2003 Annual Report (a) 除税及少数股东损益前利润和营业活动的现金流量的调节如下： 二○○三年度 二○○二年度 除税及少数股东损益前利润 116,453 97,511 调整项目： 土地租赁摊销 950 928 不动产、厂场及设备折旧 24,781 21,584 处置不动产、厂场及设备收益 (183) (285) 商誉摊销 767 768 依权益法认列之联营公司收益 (88,809) (83,438) 长期投资收益 (2,586) (500) 计提(冲回)存货损失准备 318 (1,115) 提取坏账准备 7,430 2,119 冲销坏账 10,000 8,961 利息费用 8,500 12,676 利息收入 (2,999) (6,709) 营运资金变动前营业利润 74,622 52,500 存货及在建合约工程（增加）减少 (34,240) 75,477 预付账款及其他流动资产（增加）减少 (9,989) 12,318 应收关联方款项减少 24,854 28,762 应收账款增加 (479) (50,114) 预收在建合约工程款（减少）增加 (16,284) 20,043 应付关联方款项增加（减少） 16,379 (19,621) 应付账款及其他应付款增加（减少） 73,475 (20,011) 营业活动产生的现金 128,338 99,354 (b) 现金及现金等价物余额分析 二○○三年 二○○二年 十二月三十一日 十二月三十一日 库存现金 61 21 银行活期存款 334,915 226,283 银行定期存款 61,103 200,951 396,079 427,255 Page ９６ Dalian Refrigeration Co., Ltd. 2003 Annual Report 21. 关联方交易 (a) 在财务或经营决策中，如果一方直接或间接地控制或有重大影响于另一方， 则将其视为关联方。如果两方同受一方控制或重大影响，亦将其视为关联方。 (b) 关联方名称与关系 名 称 与本公司之关系 冰山集团 本公司之最终控股公司 三洋制冷 本公司之联营公司 三洋冷链 本公司之联营公司 三洋空调 本公司之联营公司 三洋压缩机 本公司之联营公司 大洋汽车 本公司之联营公司 大洋运输 本公司之联营公司 大冷王运输 本公司之联营公司 进出口公司 本公司之联营公司 冰山保安 本公司之联营公司 冰山环保 本公司之联营公司 北京华商 本公司之联营公司 冰山集团冷饮设备有限公司 （“冷饮设备”） 冰山集团之全资子公司 大连第一制冷设备厂（“第一制冷”） 冰山集团之全资子公司 (*) 大连第三制冷设备厂（“第三制冷”） 冰山集团之全资子公司 大连开关总厂（“开关总厂”） 冰山集团之全资子公司 (*) 金州重型机器厂 冰山集团之全资子公司 大连冰山集团锻造有限公司（“冰山锻造”） 冰山集团之控股子公司 冰山冷冻设备有限公司 （“冷冻设备”） 冰山集团之控股子公司 大连冰山橡胶塑料机械股份有限公司 （ “大连 冰山集团之控股子公司 橡塑”） 大连冰山巴尔的摩空气盘管制冷有限公司 冰山集团之控股子公司 （“巴尔的摩”） 大连正兴开关厂（“正兴开关”） 冰山集团之联营公司 大连斯频德冷却塔有限公司 （“斯频德”） 冰山集团之联营公司 大连保温瓶厂（“保温瓶厂”） 冰山集团之全资子公司 大连制冷技术服务中心（“制冷技术”） 冰山集团之全资子公司 (*) 大连冰山集团物资贸易有限公司（“冰山物 冰山集团之控股子公司 资”） 北京冰山制冷空调成套设备有限公司（“北京 冰山集团之控股子公司 冰山”） * 2003 年初，冰山集团出让了所持有这些企业的股权，2003 年年末报表披露信 息中不再把这些企业归列为关联方。 Page ９７ Dalian Refrigeration Co., Ltd. 2003 Annual Report (c) 本集团重大关联方交易如下： 二○○三年度 二○○二年度 采购原材料及产成品 －巴尔的摩 73,101 40,706 －三洋压缩机 71,017 82,361 －开关总厂 - 18,483 －三洋冷链 45,289 1,015 －冷冻设备 37,771 24,831 －进出口公司 36,712 45,426 －三洋制冷 31,929 34,123 －第一制冷 - 14,591 －冷饮设备 23,300 11,444 －三洋空调 22,892 49,013 －斯频德 18,569 15,143 －第三制冷 13,700 8,490 －冰山物资 5,767 - －制冷技术 - 1,604 －正兴开关 4,636 3,562 －保温瓶厂 2,936 1,819 －冰山锻造 2,929 873 －冰山保安 2,074 - －大冷王运输 1,834 1,146 －冰山环保 280 - －大连橡塑 - 803 －金州重型机器厂 - 517 －其他 58 16 394,794 355,966 二○○三年度 二○○二年度 销售产成品 －三洋压缩机 37,080 25,552 －进出口公司 28,890 25,276 －三洋空调 9,364 3,052 －北京华商 7,273 4,509 －北京冰山 6,582 - －大冷王运输 6,133 3,869 －三洋制冷 3,215 1,325 －开关总厂 - 4,118 －三洋冷链 1,001 1,275 Page ９８ Dalian Refrigeration Co., Ltd. 2003 Annual Report －冰山集团 921 2,463 －制冷技术 - 2,031 －冰山保安 370 - －冷冻设备 - 2,487 －第三制冷 - 1,230 －第一制冷 - 1,099 －斯频德 - 386 －其他 314 371 101,143 79,043 采购机器设备 －进出口公司 1,637 28 代理销售佣金收入 －三洋空调 2,850 2,900 －巴尔的摩 200 80 －三洋冷链 99 1,642 3,149 4,622 (d) 与关联方间之重大余额 二○○三年 二○○二年 十二月三十一日 十二月三十一日 应收关联方款项 －三洋空调 10,546 3,245 －三洋压缩机 2,221 1,429 －第一制冷 - 11,520 －三洋冷链 1,558 3,663 －北京冰山 1,302 - －三洋制冷 791 6,708 －北京华商 467 - －冰山环保 459 - －大冷王运输 257 2,710 －进出口公司 - 6,837 －大洋汽车 - 2,517 －大洋运输 - 1,554 －金州重型机器厂 - 1,467 －冰山集团 - 865 －其他 611 551 Page ９９ Dalian Refrigeration Co., Ltd. 2003 Annual Report 18,212 43,066 应付关联方款项 －冷饮设备 13,087 12,823 －巴尔的摩 12,799 369 －开关总厂 - 1,351 －冰山物资 5,556 1,484 －第三制冷 3,939 - －冷冻设备 1,622 6,520 －正兴开关 958 - －制冷技术 - - －进出口公司 887 - －斯频德 789 - －其他 967 1,678 40,604 24,225 与关联方之往来余额均无担保，不计息且无固定偿还期限。 22. 分部报告 本集团仅于一个行业内经营业务，即生产、销售及安装制冷设备。本集团于二○○三 年度并无编制任何分部利润表。同时，由于本集团的收入主要来自中国，其资产亦位 于中国，本集团仅于一个地域内经营业务。因此，本报表亦未呈列任何地域分部数据。 23. 资产负债表日后事项 (a) 二○○四年四月，本公司向三洋压缩机追加人民币约 46,000,000 元的投资。 (b) 于二○○四年四月二十日，本公司董事会决议按二○○三年度按中国会计准则与国 际财务报告准则编制的财务报表两者在提取法定盈余公积金和法定公益金后的可 供分配利润之孰低者的 10%提取任意盈余公积金，并对所有股东分配每股人民币 0.10 元的 2003 年度现金股利。此项分配方案尚需经股东大会批准。 24. 财务报表的批准 本合并财务报表于二○○四年四月二十日经董事会批准。 （十一）备查文件目录 1、载有法定代表人、财务总监、会计主管人员签名盖章的会计报表。 2、载有会计师事务所盖章、注册会计师签名并盖章的审计报告原件。 Page １００ Dalian Refrigeration Co., Ltd. 2003 Annual Report 3、报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本及公告 的原稿。 4、查询时间：星期一至星期五 8:00—12:00(AM) 1:00— 5:00(PM) 联系人员：宋文宝、邱涛 联系电话：0086-411-86654530 0086-411-86538130 传 真：0086-411-86654530 Page １０１ Dalian Refrigeration Co., Ltd. 2003 Annual Report 大连冷冻机股份有限公司 合并利润表 二○○三年度 （所有金额除每股盈利外，均以人民币千元为单位） 附注 二○○三年度 二○○二年度 销售收入，净额 1, 21(c) 1,063,738 976,884 销售成本 21(c) (887,701) (844,791) 销售毛利 176,037 132,093 销售费用 (55,146) (44,661) 管理费用 (96,550) (75,098) 其他业务收支，净额 5,694 7,206 营业利润 30,035 19,540 财务成本，净额 2 (5,501) (5,967) 依权益法认列之联营公司税前收益 8 88,809 83,438 长期投资收益 2,586 500 补贴收入 524 - 除税前及少数股东损益前利润 3 116,453 97,511 所得税费用 4 (28,072) (24,267) 除少数股东损益前税后利润 88,381 73,244 少数股东损益 16 (1,747) (2,720) 净利润 86,634 70,524 每股盈利 －基本 5 人民币0.25 元 人民币0.20 元 －摊薄 不适用 不适用 后页所载主要会计政策及附注为本合并会计报表的组成部分 Page １０２ Dalian Refrigeration Co., Ltd. 2003 Annual Report 大连冷冻机股份有限公司 合并资产负债表 二○○三年十二月三十一日 （所有金额均以人民币千元为单位） 附注 二○○三年十 二○○二年十 二月三十一日 二月三十一日 资产 非流动资产 土地租赁 6 40,274 41,224 不动产、厂场及设备 7 293,329 298,082 于联营公司之投资 8 580,946 505,658 可供出售之投资 9 41,301 47,116 955,850 892,080 流动资产 存货 10 265,332 261,743 在建合约工程 11 50,259 19,926 应收股利 9,724 - 预付账款及其他流动资产 30,860 20,871 应收关联方款项 21(d) 18,212 43,066 应收账款 12 198,750 215,701 现金及现金等价物 20(b) 396,079 427,255 969,216 988,562 资产总计 1,925,066 1,880,642 后页所载主要会计政策及附注为本合并会计报表的组成部分 Page １０３ Dalian Refrigeration Co., Ltd. 2003 Annual Report 大连冷冻机股份有限公司 合并资产负债表（续） 二○○三年十二月三十一日 （所有金额均以人民币千元为单位） 附注 二○○三年十 二○○二年十 二月三十一日 二月三十一日 股东权益及负债 股东权益 股本 13 350,015 350,015 储备 14,15 896,178 844,477 1,246,193 1,194,492 少数股东权益 16 30,992 29,343 负债 非流动负债 长期银行借款 19(b) 79,000 79,000 递延税项负债 4(iii) 14,264 10,474 93,264 89,474 流动负债 预收在建合约工程款 17 11,409 27,693 应付股利 2,949 9,235 应付关联方款项 21(d) 40,604 24,225 应付账款及其他应付款 18 351,655 278,180 短期银行借款 19(a) 148,000 228,000 流动负债合计 554,617 567,333 股东权益及负债总计 1,925,066 1,880,642 后页所载主要会计政策及附注为本合并会计报表的组成部分 Page １０４ Dalian Refrigeration Co., Ltd. 2003 Annual Report 大连冷冻机股份有限公司 合并股东权益变动表 二○○三年度 （所有金额均以人民币千元为单位） 储备 法定 任意 股东权益 股本 资本公积金 盈余公积金 法定公益金 盈余公积金 未分配利润 储备合计 合计 附注 13 附注 14(a) 附注 14(b) 附注 14(c) 附注 14(d) 附注 15 二○○二年一月一日余额 350,015 555,805 89,854 53,543 29,857 78,548 807,607 1,157,622 二○○二年度提取的任意盈余公 积金 - - - - 8,639 (8,639) - - 二○○二年度宣布的股利分配 - - - - - (35,001) (35,001) (35,001) 二○○二年度净利润 - - - - - 70,524 70,524 70,524 利润分配 －提取法定盈余公积金 - - 8,569 - - (8,569) - - －提取法定公益金 - - - 8,569 - (8,569) - - 子公司提取法定储备 - - 1,182 8 - (1,190) - - 其他（附注 14(a)） - 1,347 - - - - 1,347 1,347 二○○二年十二月三十一日余额 350,015 557,152 99,605 62,120 38,496 87,104 844,477 1,194,492 二○○三年度提取的任意盈余公 积金 - - - - 9,696 (9,696) - - 二○○三年度宣布的股利分配 - - - - - (35,001) (35,001) (35,001) 二○○三年度净利润 - - - - - 86,634 86,634 86,634 利润分配 －提取法定盈余公积金 - - 9,480 - - (9,480) - - －提取法定公益金 - - - 9,479 - (9,479) - - 子公司提取法定储备 （附注 15(b)） - 1,472 1 - (1,473) - - 其他（附注 14(a)） - 68 - - - - 68 68 二○○三年十二月三十一日余额 350,015 557,220 110,557 71,600 48,192 108,609 896,178 1,246,193 后页所载主要会计政策及附注为本合并会计报表的组成部分 Page １０５ Dalian Refrigeration Co., Ltd. 2003 Annual Report 大连冷冻机股份有限公司 合并现金流量表 二○○三年度 （所有金额均以人民币千元为单位） 附注 二○○三年度 二○○二年度 营业活动之现金流量 营业活动产生的现金 20(a) 128,338 99,354 收取利息 2,999 7,896 支付利息 (8,500) (12,676) 支付所得税 (12,025) (3,408) 营业活动之净现金流入 110,812 91,166 投资活动之现金流量 增加于联营公司之投资 (45,185) (55,012) 增加长期投资 (1,755) (1,805) 处置长期投资收到的现金 - 30 土地租赁增加及购置不动产、厂场及设备 (20,091) (11,750) 处置不动产、厂场及设备收到的现金 246 108 收取联营公司股利 43,596 43,071 收取长期投资股利 2,586 350 投资活动之净现金（流出）流入 (20,603) (25,008) 融资活动之现金流量 短期银行借款净减少 (80,000) (27,850) 少数股东投资成本增加 2,342 1,014 支付股利 (41,287) (23,948) 支付少数股东股利 (2,440) (3,054) 融资活动之净现金（流出）流入 (121,385) (53,838) 现金及现金等价物净增加 (31,176) 12,320 现金及现金等价物，年初余额 20(b) 427,255 414,935 现金及现金等价物，年末余额 20(b) 396,079 427,255 后页所载主要会计政策及附注为本合并会计报表的组成部分 Page １０６