东贝Ｂ股(900956)2003年年度报告

黄石东贝电器股份有限公司 HUANGSHI DONGBEI ELECTRICAL APPLIANCE CO., LTD 2003 年 度 报 告 2004 年 4 月 22 日 2003 年度报告 重要提示 本公司董事会及其董事保证本报告所载资料不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司独立董事童增先生未出席公司二届十二次董事会；公司董事阮绍林先生 因故无法出席本次会议，授权杨百昌先生代为行使表决权。 本公司董事长杨百昌先生、财务副总杜海炎先生及财务部长裘福君先生声 明：保证年度报告中财务报告的真实、完整。 1 2003 年度报告 目 录 一、公司基本情况简介--------------------------------------------------------- 3 二、会计数据和业务数据摘要 -----------------------------------------------4 三、股本变动及股东情况------------------------------------------------------ 6 四、董事、监事、高管人员和员工情况-------------------------------------8 五、公司治理结构---------------------------------------------------------------10 六、股东大会情况简介 --------------------------------------------------------11 七、董事会报告------------------------------------------------------------------12 八、监事会报告-------------------------------------------------------------------17 九、重要事项----------------------------------------------------------------------18 十、财务报告--------------------------------------------------------------------- 19 十一、备查文件目录-------------------------------------------------------------39 2 2003 年度报告 一、公司基本情况简介 1． 公司法定名称： 中文：黄石东贝电器股份有限公司 英文：HUANGSHI DONGBEI ELECTRICAL APPLIANCE CO.,LTD 2． 公司法定代表人：杨百昌 3． 公司董事会秘书：廖汉钢 联系地址：湖北省黄石市铁山区武黄路 5 号 电话： (0714)5415858 传真：(0714)5415858 电子邮箱：stock@donper.com 公司证券事务代表：刘小奎 联系地址： 湖北省黄石市铁山区武黄路 5 号 电话： (0714)5415858 传真：(0714)5415858 电子邮箱：stock@donper.com 4． 公司注册地址：湖北省黄石市铁山区武黄路 5 号 办公地址：湖北省黄石市铁山区武黄路 5 号 邮政编码：435006 互联网址：http：//www.donper.com 电子邮箱：stock@donper.com 5． 公司信息披露报刊为： 《上海证券报》、《香港商报》 登载公司年度报告的中国证监会指定互联网址：http：//www.sse.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：上海证券交易所 股票简称：东贝 B 股 股票代码：900956 7． 其他： (1) 公司首次注册日期及地点：1999 年 3 月 10 日 湖北省黄石市 (2) 公司变更注册登记日期及地点 1999 年 11 月 2 日 湖北省黄石市 (3) 企业法人注册登记号：企股鄂总副字第 002678 号 (4) 税务登记号：420205707089475 (5) 公司所聘会计师事务所名称： 湖北大信会计师事务有限公司 浩华国际（中国·湖北）会计师事务所 办公地址：湖北省武汉市中山大道 1166 号金源世界中心 AB 座 7-8 楼 3 2003 年度报告 二、 会计数据和业务数据摘要 1．本年度会计数据(单位：人民币元) 项 目 金 额 利润总额 2,001,927.72 净利润 1,081,346.68 扣除非经常性损益后的净利润 -4,650,253.84 主营业务利润 47,147,264.22 其他业务利润 233,910.19 营业利润 -3,296,124.68 投资收益 4,870,363.80 补贴收入 141,300.00 营业外收支净额 286388.60 经营活动产生的现金流量净额 63245981.88 现金及现金等价物净增加额 52133996.64 按国际会计准则调整对税后利润的影响：(千元) 税后利润 股东权益 按国际会计准则调整后之金额： 1,562 383,888 本公司法定帐目所载之金额 1,081 388,147 非经常性损益项目及金额: 项 目 金 额 (元) 营业外收入 571,880.23 营业外支出 -285,491.63 短期投资损益 5,199,464.72 减值转回 104,447.20 补贴收入 141,300.00 合 计 5,731,600.52 与按《国际会计准则》编制会计报表差异对比： 单位：千元 税后利润 股东权益 本年数 上年数 2003 年 12 月 31 日 2002 年 12 月 31 日 按企业会计制度 1,081 92 388,147 386.839 调整事项 不动产、厂房和设备折旧 -2,311 -2,311 接受捐赠 254 254 -1,948 -1,948 债务减免 244 5,165 少数股东损益 -17 -437 按国际会计准则调整后之金额 1,562 5,074 383,888 382,326 4 2003 年度报告 税后利润差异的原因主要是国际会计准则将接受捐赠和债务减免作损益处理；股东权益差 异的原因主要是固定资产折旧计算标准不同。 2．公司近三年的主要会计数据和财务指标 2002 年 指标项目 2003 年 2001 年 调整后 调整前 主营业务收入（千元） 400,095.03 227,009.13 227,009.13 258,197.79 净利润（千元） 1,081.35 92.36 1,099.32 23,423.98 总资产（千元） 931,854.98 747,884.15 765,711.84 703,584.23 股东权益（千元） 388,146.71 386,839.33 387,846.29 382,018.58 每股收益（按净利润全面摊薄计算） （元） 0.005 0.0004 0.005 0.10 每股净资产（元） 1.652 1.646 1.65 1.63 调整后的每股净资产(元) 1.63 1.63 1.63 1.60 净资产收益率（按净利润全面摊薄计算） （%） 0.28 0.02 0.28 6.13 净资产收益率（按净利润加权平均计算） （%） 0.28 0.02 0.28 6.37 每股经营活动产生的现金流量净额（元） 0.27 -0.097 -0.097 0.11 按中国证监会《公开发行证券公司信息披露编报原则（第 9 号）》要求计算 2002 年报告期利润的净资产收益率和每股收益如下： 净资产收益率（%） 每股收益（元） 报 告 期 利 润 全面摊簿 加权平均 全面摊簿 加权平均 主营业务利润 12.147% 12.171% 0.201 0.201 营业利润 -0.849% -0.851% -0.014 -0.014 净利润 0.279% 0.279% 0.005 0.005 扣除非经常性损益后的净利润 -1.030% -1.032% -0.017 -0.017 3．报告期内股东权益变动情况 单位：人民币元 项 目 股本 资本公积 盈余公积 法定公益金 未分配利润 股东权益合计 期初数 235,000,000.00 89,738,772.98 14,760,914.04 7,380,457.02 47,339,638.12 386,839,325.14 本期增加 226,038.04 225,994.36 112,997.18 855,352.32 1,307,384.72 本期减少 期末数 235,000,000.00 89,964,811.02 14,986,908.40 7,493,454.20 48,194,990.44 388,146,709.86 变动原因： （1）、资本公积增加是由于债务重组收益增加所致。 （2）、盈余公积增加是由于本年度从净利润中提取法定公积金 112,997.18 元， 提取法定公益金 112,997.18 元所致。 （3）、未分配利润增加是由本年度实现净利润转入所致。 （4）、股东权益合计数增加是由于本年度净利润及资本公积金增加所致。 5 2003 年度报告 三、股本变动及股东情况 1．股本变动情况 （1）、股本变动情况表 单位：万股 本次变 本次变动增减（＋，－） 本次变 动前 动后 配股 送股 公积金 增发 其他 小计 转股 一、未上市流通股份 12000 12000 1、发起人股份 其中： 国家持有股份 11760 11760 境内法人持有股份 240 240 其他 2、募集法人股份 3、内部职工股 4、优先股或其他 未上市流通股份合计 1200 12000 二、已上市流通股份 1、人民币普通股 2、境内上市的外资股 11500 11500 3、境外上市的外资股 4、其他 已上市流通股份合计 11500 11500 三、股份总数 23500 23500 (2)股票发行与上市情况： a. 公司于 1999 年 6 月 23 日至 6 月 25 日，发行境内上市外资股（B 股）100,000,00 股，发行价格 0.198 美元（折合人民币 1.64 元），并于 1999 年 7 月 15 日在上海 证券交易所上市交易。 截止 1999 年 8 月 13 日，已行使全部超额配售选择权，以每股 0.198 美元， 额外发行共计 1,500 万股，该新增发的股份于 1999 年 8 月 13 日前在上海证券交 易所上市交易。 b. 公司 2003 年度股份总数及结构没有变化。 c. 公司自成立起不存在内部职工股。 4．股东情况介绍 (1)截止 2003 年末，公司股东总数为 22,355 户。 (2)截止 2003 年末，前十名股东持股情况。 6 2003 年度报告 股东名称（全称） 年度内 年末持股数 比 例 股份类别（已流 股东性质（国有股 增减 量（股） （％） 通或未流通） 东或外资股东） 黄石东贝冷机实业公司 0 117，600，000 50.04 未流通 国有股东 孙孟林 2,320,096 0.99 已流通 外资流通股东 周坚白 970,000 0.41 已流通 外资流通股东 常州洛克制冷电气股份 0 800,000 0.34 未流通 社会法人股东 有限公司 胡柏君 747,000 0.32 已流通 外资流通股东 周厚祥 560,699 0.24 已流通 外资流通股东 胡云菁 514,200 0.22 已流通 外资流通股东 武汉市新华五金厂 0 400,000 0.17 未流通 社会法人股东 浙江绍兴冲压件厂 0 400,000 0.17 未流通 社会法人股东 诸暨电机厂 0 400,000 0.17 未流通 社会法人股东 常熟碧溪无线电厂 0 400,000 0.17 未流通 社会法人股东 说明：(1)公司控股股东黄石东贝冷机实业公司（原黄石东贝冷机集团公司办理 了名称变更手续）在实施债转股过程中，依据黄石市国资局与东方、信达、华融三 家资产管理公司签订的《债转股协议》，将其授权持有公司 50.04%的国家股投入到 债转股后的新公司黄石东贝机电集团有限责任公司，目前该国家股股权转让事宜正 在等待国资委批准，由于等待批准所需时间较长，因此黄石东贝冷机集团公司与黄 石东贝机电集团有限责任公司于 2002 年 9 月 8 日签订了《股权托管协议》。目前公 司国有股由黄石东贝机电集团有限责任公司托管。公司已于 2002 年 9 月 12 日在《香 港商报》、《上海证券报》上作了详细披露。 (2)公司未知前十名股东之间是否存在关联关系，是否存在一致行动人情况， 其所持股份无质押和冻结。 (3)本公司无其他持有 10%以上股份的法人股东。 (4)公司控股股东介绍： 公司控股股东为黄石东贝冷机实业公司(由原黄石东贝冷机集团公司办理名称 变更手续形成)，法定代表人：杨百昌，成立日期：1994 年 6 月，注册资本：18000 万元，经济性质：国有企业。主营业务为生产冷饮机、雪绒机、冰淇淋机等制冷设 备；同时兼营压缩机铸件、制冷设备零部件的制造与维修。 公司的实际控制人为黄石东贝机电集团有限责任公司，法定代表人：杨百昌。 该公司成立于 2002 年 1 月，是黄石东贝冷机集团公司(现黄石东贝冷机实业公司) 根据其与东方、信达、华融三家资产管理公司签订的《债转股协议》，以其拥有的 主要经营性资产（包括持有本公司 50.04%的股权）作为出资与三家资产管理公司共 同组建的。该公司成立后，本公司控股股东由黄石东贝冷机实业公司变更为黄石东 贝机电集团有限责任公司，目前有关手续正在办理之中。该公司主营业务为：生产 冷饮机雪绒机冰淇淋机等制冷设备，同时经营压缩机铸件、制冷设备零部件的制造 与维修，高新技术开发。注册资本为：24184 万元。 (3)截止 2003 年末，前十名流通股股东持股情况。 7 2003 年度报告 序号 股东名称（全称） 年末持股数量（股） 股份类别 1 孙孟林 2,320,096 流通 B 股 2 周坚白 970,000 流通 B 股 3 胡柏君 747,000 流通 B 股 4 周厚祥 560,699 流通 B 股 5 胡云菁 514,200 流通 B 股 6 DEBORAH WANG LIN 371,000 流通 B 股 7 马建 338,545 流通 B 股 8 周丽华 333,600 流通 B 股 9 李兆裘 326,482 流通 B 股 10 张艳芳 300,420 流通 B 股 注：公司未知上述股东是否存在关联关系。 四、董事、监事、高管人员和员工情况 （一）基本情况 年初持 年末持 变动 姓名 职务 性别 年龄 任期起止日期 股数 股数 原因 杨百昌 董事长 男 49 2002.5.10-2005.5.10 0 0 朱金明 董事 男 41 2002.5.10-2005.5.10 0 0 石中坚 董事兼总经理 男 42 2002.5.10-2005.5.10 0 0 叶俊方 董事 男 49 2002.5.10-2005.5.10 0 0 刘传宋 董事 男 56 2002.5.10-2005.5.10 0 0 阮绍林 董事 男 56 2002.5.10-2005.5.10 0 0 童 增 独立董事 男 48 2002.5.10-2005.5.10 0 0 卢雁影 独立董事 女 46 2002.5.10-2005.5.10 0 0 曹 毅 独立董事 男 41 2002.5.10-2005.5.10 0 0 王固华 监事 男 56 2002.5.10-2005.5.10 0 0 杨子明 监事 男 57 2002.5.10-2005.5.10 0 0 余明华 监事 男 45 2002.5.10-2005.5.10 0 0 廖汉钢 董事会秘书 男 41 2002.5.10-2005.5.10 0 0 杜海炎 副总经理 男 40 2002.5.10-2005.5.10 0 0 说明： 1)公司董事、监事及高层管理人员在报告期内未持有公司的股份； 2)公司董事、监事在股东单位任职情况： 在股东单位 是否领取 姓名 任职的股东名称 任职期间 担任的职务 报酬、津贴 杨百昌 黄石东贝机电集团有限责任公司 董事长、总裁 2001.11.13-2004.11.13 是 朱金明 黄石东贝机电集团有限责任公司 董事、副总裁 2001.11.13-2004.11.13 是 石中坚 黄石东贝机电集团有限责任公司 董事 2001.11.13-2004.11.13 否 叶俊方 黄石东贝机电集团有限责任公司 副总裁 2001.11.13-2004.11.13 是 刘传宋 黄石东贝机电集团有限责任公司 副总裁 2001.11.13-2004.11.13 否 王固华 黄石东贝机电集团有限责任公司 监事、纪委书记 2001.11.13-2004.11.13 是 阮绍林 常州洛克电气有限公司 董事长 1992 年至今 是 8 2003 年度报告 （二）年度报酬情况 1、董事、监事和高管人员报酬的决策程序、报酬确定依据 2003 年度，公司董事、监事及高管的报酬按照年薪制形式发放，董事、监事年 薪由基本年薪和效益年薪组成，基本年薪按月发放，效益年薪根据年度经济指标完 成情况考核兑现。 2、 公司董事、监事及高级管理人员在公司领取报酬的有 3 人，其中董事一人， 高管一人，监事一人，年度报酬共为 18.36 万元。 3、 独立董事津贴每人每年 1.5 万元（含税），其他待遇为独立董事出席董事会、 股东会及行使职权所发生的差旅费、住宿费等费用据实报销。 4、 不在本公司领取报酬的有董事杨百昌先生、朱金明先生、叶俊方先生、刘 传宋先生、阮绍林先生。杨百昌先生、朱金明先生、叶俊方先生在集团公司领取薪 酬；刘传宋先生在集团公司另一子公司领取报酬，阮绍林先生在常州洛克制冷电气 有限公司领取报酬。 （三）报告期内公司董事、监事离、到任情况及高管人员聘任及解聘情况 在公司 2003 年 4 月 24 日召开的第二届董事会第六次会议上，经讨论同意公司 副总理方泽云先生因工作变动辞去公司副总经理职务。 （四）公司员工数量、专业构成、受教育程度及退休职工情况 截止 2003 年末，公司职工总数为 1469 人，公司离退休人员 133 人。 1、专业构成 类别 人数 所占比例% 生产人员 1373 93.46 销售人员 23 1.6 技术人员 55 3.7 财务人员 10 0.7 行政人员 8 0.5 合计 1469 100 2、受教育程度构成 类别 人数 所占比例% 大专及以上 125 8.5 中专 136 9.3 高中及以下 1208 82.2 合计 1469 100 9 2003 年度报告 五、公司治理结构 （一）公司治理情况 1、公司治理现状 公司严格按照《公司法》、 《证券法》、 《上海证券交易所股票上市规则》、 《上市 公司治理准则》等法律法规的要求，不断完善公司法人治理结构，规范公司运作。 2003 年 11 月，武汉证监局对公司进行了巡检，结合证监局的巡检整改意见， 公司进行了全面的整改，使公司的法人治理状况有了进一步提高。目前公司法人治 理情况基本符合《上市公司治理准则》等规范文件的要求，具体表现在以下几个方 面： （1）关于公司股东与股东大会：公司平等对待所有股东，保护所有股东的合 法权益，保证所有股东享有平等地位；认真回答股东的咨询，使股东能及时了解公 司的经营情况。公司制定了《股东大会议事规则》，按照中国证监会公布的《股东 大会规范意见》和《上交所上市规则》的要求召集、召开股东大会，使所有股东能 充分行使应有权利，股东大会聘请律师进行见证并出具法律意见书；公司关联交易 遵循“公开、公平、公正”的原则，未损害公司和股东的利益。 （2）关于控股股东与上市公司的关系：公司控股股东行为规范，并能依法行 使出资人的权利，无越权干预公司经营及牟取额外利益的行为。公司与控股股东已 实现了人员、资产、财务分开，机构和业务独立，独立核算、独立承担责任和风险， 公司董事会、监事会和内部机构能够独立运作。 （3）关于董事及董事会：公司按《公司章程》规定的程序选举董事，董事会 的人数及人员构成符合有关法律、法规的要求；公司董事会制订了《董事会议事规 则》，董事熟悉有关法律、法规，了解董事的权利、义务和责任。能以认真负责的 态度出席董事会会议和股东大会会议，对所议事项充分表达明确意见，能根据全体 股东的利益，忠实、诚信、勤勉地履行职责；公司按照中国证监会有关规定建立了 独立董事制度，公司目前的独立董事人数及构成符合有关规定的要求，董事会能严 格地执行股东大会决议。 （4）关于监事及监事会：公司严格按《公司章程》规定的程序选举监事，监 事会的构成符合有关法律、法规的规定；各位监事能以认真负责的态度出席监事会 会议，列席董事会会议和股东大会会议，履行自已的职责；监事会成员认真学习有 关法律法规，了解监事的权利、义务和责任，对公司财务和公司董事、经理及其他 高管人员履行职责进行监督。 （5）关于绩效评价与激励约束机制：公司已经建立了管理层的绩效评价和激 励约束机制，在公司领取报酬的董事、监事及高管采取年薪制方式，其年薪由基本 年薪和效益年薪组成，基本年薪按月支取，效益年薪根据公司经营业绩及量化指标 的完成情况领取。 （6）关于相关利益者：公司能够充分尊重银行及其他债权人、职工、客户、 供应商等其他相关利益者的合法权益，共同推动公司持续、健康发展。 10 2003 年度报告 （7）关于信息披露与透明度：公司制定了《信息披露制度》，指定董事会秘书 负责信息披露工作；公司能够按照法律、法规和《公司章程》的规定，真实、准确、 完整、及时地披露有关信息，并确保所有股东有平等的机会获得信息；公司能够按 照有关规定，及时披露大股东或公司控制人的详细资料和股份的变化情况。 （二）独立董事履行职责情况 公司经 2001 年度股东大会选举曹毅先生、童增先生、卢雁影女士为我公司独 立董事。独立董事在任职期间认真行使职权，积极参加公司的董事会、股东大会， 为公司的经营、规划出谋划策。对公司的重大关联交易及经营决策发表自己的独立 意见，有效地保证了公司重大决策的公平、公开、公正，保障了董事会决策的科学 性，维护公司整体利益及中小股东的利益。 （三）公司与公司控股股东五分开情况 1、在业务方面，公司的生产经营完全独立于控股股东，生产经营活动由公司 自主决策，公司无需依赖股东单位进行生产经营活动，拥有独立的采购、生产和销 售系统，业务机构完整。 2、在人员方面，公司劳动、人事及工资管理完全独立，独立支付员工工资， 并签订劳动合同，独立办理社会统筹；公司总经理及其他高级管理人员均在本公司 领取报酬。 3、 资产方面，公司与控股股东及其他股东产权关系明晰，具有独立完整的生 产经营系统，拥有独立知识产权，不存在大股东违规占用大公司资金的情况。 4、 机构设置方面，公司设立了健全的组织机构体系，所有机构设置程序合法、 机构职能独立；董事会、监事会等内部机构独立运作，不存在与控股股东职能部门 之间的从属关系。公司具有独立完整的生产经营和行政管理体系，完全独立于控股 股东，办公机构和生产经营场所亦与控股公司分开，具有独立行使职权的权力。 5、在财务方面，公司拥有一套独立的会计核算体系，实行独立核算、自负盈亏； 设立独立银行帐号，独立纳税。 综上所述，公司与控股股东在业务、人员、资产、机构、财务方面已做到完 全独立，具备了独立完整的业务及自主经营能力。 六、股东大会情况简介 一、股东大会召开情况 （一） 公司 2002 年度股东大会于 2003 年 5 月 28 日在黄石市海观山宾馆 举行，公司董事会提前一个月发出会议通知。出席本次会议的股东 6 人，代表股 数 12000 万股，占公司总股本的 51.06%，符合《公司法》、《公司章程》的规定。 会议审议通过如下决议： 11 2003 年度报告 1、公司董事会 2002 年度工作报告； 2、公司监事会 2002 年度工作报告； 3、公司 2002 年度报告及摘要； 4、公司 2002 年度财务决算及 2003 年度财务预算报告； 5、公司 2002 年度利润分配方案； 6、关于聘请公司 2003 年度审计师并授权董事会决定其报酬的议案。 本次股东大会由国浩律师集团（上海）事务所提供法律见证，决议已刊登于 2003 年 5 月 29 日的《上海证券报》 、《香港商报》。 二、董事、监事变更情况 公司报告期内没有选举、更换公司董事、监事的情况。 七、董事会报告 （一）主营业务范围及经营情况 本公司主要从事冰箱、冷柜用压缩机的生产和销售，主要产品为往复式制冷 压缩机。主要用户为国内知名冰箱、冷柜厂。 报告期内，面对日益激烈的市场竞争，公司抓住中国加入 WTO 后白色家电出 口强劲增长的机遇，充分发挥产品功率跨度大、品种多、适应范围广的优势，以东 贝牌压缩机被评为“中国名牌”为契机，努力拓展国际、国内两个市场，不断提高 公司产品市场占有率。全年共生产各类压缩机 236 万台、销售各类压缩机 222 万台， 同比分别增长 111.70%、110.2%，创历史最好水平。但由于生铁、铜材、硅钢片等 原材料价格的大幅上升，而压缩机价格持续下跌的影响，公司经营效益仍不理想。 公司主营业务收入、主营业务利润构成见下表： 按行业分： 主营业务收入 主营业务成本 营业毛利 行 业 本期数 上年数 本期数 上年数 本期数 上年数 (元) (元) (元) (元) (元) (元) 工 业 390,338,258.41 214,496,635.54 344,240,385.24 183,193,501.62 11.81% 14.59% 服务业 9,756,769.53 12,512,490.12 7,270,860.00 7,792,198.71 25.48% 37.72% 合 计 400,095,027.94 227,009,125.66 351,511,245.24 190,985,700.33 12.14% 15.87% 12 2003 年度报告 按产品分： 主营业务收入 主营业务成本 营业毛利 项 目 本期数 (元) 上年数 (元) 本期数 (元) 上年数 (元) 本期数 上年数 压缩机 386,789,890.89 214,496,635.54 340,401,045.98 183,193,501.62 11.81% 14.59% 压缩机产品分地区销售情况： 主营业务收入 主营业务成本 营业毛利 地区 本期数(元) 本期数(元) 本期数(元) 华 东 56,259,531.56 49,620,906.84 6,638,624.72 中 南 86,081,015.24 75,863,198.74 10,217,816.50 华 南 110,363,457.56 97,340,625.01 13,022,832.55 西 南 23,537,380.75 20,759,969.82 2,777,410.93 华 北 71,568,268.73 63,123,213.02 8,445,055.71 其 它 52,285,374.10 44,803,331.81 7,482,042.29 合 计 400,095,027.94 351,511,245.24 48,583,782.70 （二）主要控股公司及参股公司的经营情况及业绩 1、黄石市海观山宾馆有限责任公司 系公司下属控股子公司，其主营业务为宾馆旅游服务，注册资本金为 8655.87 万元，本公司占有 90%的股份。报告期内，宾馆实现主营业务收入 975.68 万元，净 利润-71.44 万元，期末总资产 15995.58 万元。 2、武汉晨信光电有限公司 系公司下属控股子公司。其主营业务为：光纤陶瓷插芯的制造与销售。本公司 持有该公司 90%的股权。该公司注册资本为人民币 1000 万元。报告期内，公司完 成主营业务收入：178.81 万元，净利润：-2.32 万元。 3、东贝太阳能有限公司 该公司经营情况详见报告期内非募集资金投资情况。 （三）主要供应商、客户情况 1、向前五名供应商采购材料的情况 本年度公司向前五名供应商采购的合计金额 15175.82 万元。占年度采购总额 的 37.39 %。 2、向前五名客户销售产品的情况 向前五名客户销售额合计 18540.78 万元，占公司销售总额的 47.93%。 （四）在经营中出现的问题与困难及解决方案 由于国内压缩机生产企业间的竞争异常激烈，加上国内总体产能过剩,导致压 13 2003 年度报告 缩机销售价格一直呈下滑趋势，与此同时，能源电力、钢材、铜、铝等原材料价格 的又大幅上涨，使公司处于两头挤压的状态，尽管公司年产、销量均比同期翻了一 番，超过了设备的设计生产能力，但公司的盈利水平仍没有得到提高。基于对 2004 年经营形势和经营环境的分析，结合公司的产能及其他有关情况，公司拟采取如下 措施提高经济效益：一是加快技术改造步伐，提高产品生产能力，迅速扩大生产规 模，向规模化生产要效益；二是继续开拓国际、国内市场，利用公司品种多、规格 全、技术领先的优势，扩大市场占有率；三是在内部管理上继续加强成本控制，严 格各项费用支出。 （五）公司投资情况 1、募集资金使用情况 公司募集资金已于 2001 年度全部使用完毕。 2、 报告期内非募集资金投资情况 报告期内公司根据一届十五次董事会决议,出资 200 万元受让冷新烈先生所 持有的武汉晨信光电有限责任公司 20%的股权,至此公司已累计持有该公司 90%的 股权。该公司全年实现净利润：-2.32 万元。 经公司二届六次董事会审议通过，公司与黄石东贝机电集团有限公司共同出 资成立黄石东贝太阳能有限公司。投入资金 400 万元，占其总股本的 80%。该公 司目前处于投产初期,全年实现主营业务收入：176.03 万元，净利润：-96.67 万 元。 根据公司二届董事会七次会议通过的《关于公司压缩机技改项目的议案》， 公司目前已完成技改设备投资 1965 万元，该项目将于 2004 年底以前完成，届时 公司将形成年产 300 万台压缩机、200 万台电机的生产能力。 （六）公司的财务状况及经营成果分析： 单位：元 2002 增长率（%） 指标名称 2003 调整后 调整前 调整后 调整前 总资产 931,854,979.10 747,884,154.14 748,454,154.14 24.60% 24.50% 长期负债 7,743,116.67 7,556,423.61 7,556,423.61 2.47% 2.47% 股东权益 388,146,709.86 386,839,325.14 387,846,290.86 0.34% 0.08% 主营业务利润 47,147,264.22 34,268,237.49 34,268,237.49 37.58% 37.58% 净利润 1,081,346.68 92,357.34 1,099,323.06 1070.83% -1.64% 公司总资产本年增加，主要是因为货币资金、短期投资、应收帐款以及存货增 加所致；主营业务利润增加,主要是主营产品销量大幅增加所致；净利润增长较大是 由于公司短期投资收益增长较多，而且公司 2002 年末的净利润按相关要求进行了 14 2003 年度报告 调整所致，详见会计报表附注中的第五项会计差错更正与期初调整事项说明。 （七）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 公司二届六次董事会会议于 2003 年 4 月 24 日召开，应到会董事 9 名，实到会 董事 7 名，授权董事 2 名。会议审议并通过了： （1） 公司 2002 年度董事会工作报告； （2） 公司 2002 年度总经理工作报告； （3） 公司 2002 年度报告及摘要； （4） 公司 2002 年度财务决算及 2003 年度财务预算； （5） 公司 2002 年度利润分配及下年利润分配政策； （6） 关于聘请公司 2003 年度审计师并授权董事会决定其报酬的预案； （7） 关于副总经理辞职的议案； （8） 关于投资成立黄石东贝太阳能有限公司的议案； （9） 关于召开 2002 年度股东大会的议案； （10）公司 2003 年第一季度报告。 本次董事会决议公告刊登于 2003 年 4 月 25 日《上海证券报》和《香港商报》。 公司二届七次董事会会议于 2003 年 7 月 16 日召开，应到董事 9 名，实到董事 5 名，董事阮绍林先生、独立董事曹毅先生、童增先生、卢雁影女士因故不能到会， 采用通讯方式进行了表决。会议审议并通过了： 关于公司压缩机技改项目的议案。 公司二届八次董事会会议于 2003 年 8 月 28 日召开，应到董事 9 名，实到董事 8 名，公司独立董事卢雁影女士授权独立董事童增先生行使表决。会议审议并通过 了： （1） 公司 2003 年半年度董事会工作报告； （2） 公司 2003 年半年度报告及摘要； 公司二届九次董事会会议于 2003 年 10 月 22 日召开，应到董事 9 名，实到董 事 5 名，董事阮绍林先生、独立董事曹毅先生、童增先生、卢雁影女士因故不能 到会，采用通讯方式进行了表决。会议通过了公司 2003 年第三季度报告。 2、董事会对股东大会决议的执行情况 报告期内，公司董事会根据《公司法》、 《公司章程》以及有关法律法规的要求， 执行了股东大会通过的各项决议。 （八）本年度公司利润分配预案 经湖北大信会计师事务有限公司审计，本公司 2003 年度实现净利润 1081346.68 元，提取 10%法定盈余公积金 112997.18 元，提取 10%法定公益金 112997.18 元， 加上年初未分配利润 47339638.12 元，本年度末可供股东分配的利润为 48194990.44 15 2003 年度报告 元。经研究公司 2003 年度利润分配方案拟定为：暂不进行利润分配，也不进行资 本公积金转增股本。本次利润分配预案需提交股东大会批准。 (九)、其他事项 1、注册会计师对控股股东及关联方资金占用情况的专项审计说明 根据中国证监会《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》的要求，湖北大信会计师事务有限公司出具了大信核字（2004）第 052 号的专项审核报告，具体审计情况如下： 一、公司大股东及其他关联方关系 (1) 存在控制关系的关联方 企业名称 注册地址 主营业务 与本企业关系 经济性质或类型 法定代表人 黄石东贝机电集 湖北省黄石市铁 制冷压缩机的 主要发起人 有限责任公司 杨百昌 团有限责任公司 山区武黄路 5 号 生产及销售 黄石市海观山宾 湖北省黄石市 住宿、饮食服务 控股子公司 有限责任公司 杨百昌 馆有限公司 天津路 2 号 武汉晨信光电有 武汉开发区高新 光电子器件及产 控股子公司 有限责任公司 杨百昌 限公司 科技产业园 品的生产及销售 (2) 不存在控制关系的关联方的名称及关系的性质 企业名称 与本企业的 备 注 关 系 （原企业名称） 常州市洛克制冷电气有限公司 股 东 之 一 常熟市天银机电有限公司 股 东 之 一 常熟市碧溪无线电厂 浙江力升机电制造有限公司 股 东 之 一 诸暨市电机厂 绍兴县兴贝冲压件有限公司 股 东 之 一 绍兴县冲压件总厂 武汉市新华五金厂 股 东 之 一 黄石东贝制冷有限公司 受同一母公司控制 黄石市制冷设备厂 黄石东贝铸造有限公司 受同一母公司控制 黄石市轻工铸造厂 黄石市东贝工模具有限责任公司 受同一母公司控制 东贝集团工模具厂 二、公司大股东及其他关联方占用资金及偿还情况 (1)其他应收款 单位：万元 单位名称 年初余额 本年借方累 本年贷方 年末余额 本年新增资 资金占 资金占 计发生额 累计发生额 金占用额 用原因 用方式 黄石东贝制冷 1,356.01 1,133.28 1,153.79 1,335.50 -20.51 购销业 无偿 有限公司 务往来 黄石东贝机电集 454.05 7,664.64 5,038.96 3,079.73 2,625.68 购销业 无偿 团有限责任公司 务往来 合 计 1,810.06 8,797.92 6,192.76 4,415.23 2,605.17 注：(1)黄石东贝机电集团有限责任公司本年新增资金占用的主要原因系部分销售压 缩机款尚未结算所致。 (2) 黄石东贝制冷设备有限公司本年资金占用减少 20.51 万元系预收部分帐款所 致。 (2)预付帐款 单位：万元 单位名称 年初余额 本年借方累 本年贷方累 年末余额 本年新增资 资金占 资金占 计发生额 计发生额 金占用额 用原因 用方式 16 2003 年度报告 常熟市天银机 423.2 738.88 1,363.59 -201.51 -624.71 购销业 无偿 电有限公司 务往来 常州市洛克制 761.7 2,480.85 2,584.53 658.33 -103.68 购销业 无偿 冷电气有限公 务往来 司 浙江力升机电 603.87 421.69 413.21 612.35 8.48 购销业 无偿 制造有限公司 务往来 黄石市东贝集团工 833.26 1,512.45 2,507.97 -162.26 -995.52 购销业 无偿 模具有限责任公司 务往来 黄石东贝铸造 858.49 5,025.03 5,156.47 727.04 -131.44 购销业 无偿 有限公司 务往来 合 计 10,178.90 12,025.77 1,258.29 -1,846.87 注：常熟市天银机电有限公司本年减少资金占用额 624.71 万元,常州洛克制冷 电气有限公司本年减少资金占用额 103.68 万元,黄石市东贝集团工模具有限公司本 年减少资金占用额 995.52 万元,黄石东贝铸造有限公司本年减少资金占用额 131.44 万元,其主要原因预付账款并入应付账款所致。 2、独立董事就公司对外担保情况的专项说明及独立意见 公司独立董事认为：公司不存在《通知》中指出的违规对外担保问题，公司在 对外担保决策方面有着严格的内控制度，公司董事会制定并通过了《对外担保决定 管理制度》，对被担保人及担保的决策程序作出了明确的规定。 八、监事会报告 (一)监事会会议召开情况 本报告期内监事会根据《公司法》、《证券法》及《黄石东贝电器股份有限公司 章程》的有关规定，本着对全体股东负责的态度，认真地履行了监事会职能。报告 期内，本公司监事会共召开一次会议，全体监事列席了各次董事会会议和股东大会， 参与公司重大决策，检查和监督公司依法运作情况。 1、第二届监事会第三次会议于 2003 年 4 月 24 日在公司会议室召开，全体监 事出席了会议。会议审议并通过了： (1)《2002 年度监事会工作报告》； (2) 黄石东贝电器股份有限公司 2002 年度报告和摘要； (3)公司 2002 年度利润分配预案的议案。 本次监事会决议公告刊登于 2003 年 4 月 25 日《上海证券报》和《香港商报》。 （二）监事会发表独立意见 公司监事会根据《公司法》、 《证券法》及《公司章程》的规定，全面履行对公 司董事、经理及其他高层管理人员的监督职能，列席各次董事会会议，出席股东大 会，对公司股东大会、董事会的召集、召开议事、决策等程序等进行了监督，发表 如下独立意见： 17 2003 年度报告 1．报告期内董事会认真地执行了股东大会决议及授权事项，公司能严格依法运 作，内控制度完善。公司的决策程序符合《公司法》、 《股份公司章程》的规定。公 司董事、经理履行公司职务时没有发现有违反法律、法规、公司章程和损害公司利 益的行为。 2． 湖北大信会计师事务有限公司出具的 2003 年度公司无保留意见的审计报 告，该报告真实客观地反映了公司的财务状况和经营成果，会计处理方法的选用遵 循了一贯性的原则。 3． 公司资产收购及关联交易均按市场公平交易的原则进行，交易程序合法合 规，信息披露详尽细致，没有发现内幕交易，没有损害股东的权益和造成公司资产 的流失。 九、重要事项 1.本年度内公司无重大诉讼,仲裁事项。 2.本年度内公司收购资产的情况： （1）根据公司一届十五次董事会决议，公司受让冷新烈先生所持武汉晨信光电 有限责任公司 20%的股权,至此公司已累计持有该公司 90%的股权。 3. 本年度内公司重大关联交易事项： （1） 购销商品、提供劳务发生的关联交易：本公司所发生关联交易均属正常 关联交易，详细情况见财务会计报表附注。 4. 报告期内公司无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；公司无重大对外担保事项。公司委托理财情况如下： （1）公司2003年9月16日与上海中鹏资产管理公司签订委托理财合同，将 1,700.00万元的资金委托上海中鹏资产管理公司进行国债投资，委托期限自2003年9 月16日至2004年8月19日，约定年投资回报率不低于11.50%； （2）公司2003年12月18日与上海中鹏资产管理公司签订委托理财合同，将 2,000.00万元的资金委托上海中鹏资产管理公司进行国债投资，委托期限自2003年12 月18日至2004年6月6日，约定年投资回报率不低于11.50%； （3）公司 2003 年 7 月 1 日与上海人杰实业发展有限公司签订委托理财合同， 将 1,000.00 万元的资金委托上海人杰实业发展有限公司进行国债投资，委托期限自 2003 年 7 月 1 日至 2004 年 6 月 21 日，约定年投资回报率不低于 3.70%。 5.公司解聘、聘请会计师情况： 2003 年度支付该所的财务审计报酬 30 万元人民币。目前湖北大信会计师事务 所及浩华国际（中国·湖北）会计师事务所自 2002 年元月份起，已为公司提供审 计业务二年。 6.报告期内公司、公司董事会及董事无受到中国证监会与交易所处罚的情况。 18 2003 年度报告 十、财务会计报告 审 计 报 告 大信审字(2004)第 0264 号 黄石东贝电器股份有限公司全体股东： 我们审计了后附的黄石东贝电器股份有限公司（以下简称贵公司）2003 年 12 月 31 日的资产负债表和合并资产负债表、2003 年度的利润及利润分配表和合并利润及 利润分配表、2003 年度的现金流量表和合并现金流量表。这些会计报表的编制是贵 公司管理当局的责任，我们的责任是在实施审计程序的基础上对这些会计报表发表 意见。 我们按照中国注册会计师独立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做出的重大会计估 计，以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，上述会计报表符合国家颁布的企业会计准则和《企业会计制度》的 规定，在所有重大方面公允地反映了贵公司 2003 年 12 月 31 日的财务状况和 2003 年度的经营成果和现金流量。 大信会计师事务有限公司 中国注册会计师 中国·武汉 中国注册会计师 2004 年 4 月 20 日 19 2003 年度报告 黄石东贝电器股份有限公司 会计报表附注 一、公司简介 黄石东贝电器股份有限公司系由黄石东贝冷机集团公司、常州洛克制冷电气有 限公司、常熟市碧溪无线电厂、诸暨市电机厂、绍兴县冲压件总厂和武汉市新华五 金厂共同发起设立的股份有限公司，公司于一九九九年三月十日于湖北省工商局注 册登记。 一九九九年五月二十八日，公司获中国证券监督管理委员会批准发行 100,000,000股境内上市外资股(“B股”)。该B股已于一九九九年七月十五日在上海 证券交易所上市交易,并于一九九九年八月十三日之前全额行使超额配售权 15,000,000股。 B 股 发 行 完 成 后 ， 公 司 注 册 资 本 为 人 民 币 235,000,000 元 ， 股 本 总 额 为 235,000,000股，每股面值人民币1元。其中117,600,000股为国家股，经黄石市国有 资产管理局委托东贝冷机集团公司持有；2,400,000股为法人股由其他五位发起人持 有；115,000,000为B股流通股。 2002年9月10日公司原控股东黄石东贝冷机集团公司,根据黄石东贝冷机集团公 司《债转股协议》和国家经贸委同意黄石东贝冷机集团公司实施债转股的批准文件， 黄石东贝冷机集团公司以其拥有的主要经营性资产（包括持有公司50.04%的股份） 与东方、华融、信达三家资产管理公司共同设立了黄石东贝机电集团有限责任公司。 黄石东贝机电集团有限责任公司成立后，公司的控股股东由黄石东贝冷机集团公司 转为黄石东贝机电集团有限责任公司。由于黄石东贝冷机集团公司持有公司11760万 股的股权性质为国家股，股权转让须经财政部批准，黄石东贝冷机集团公司同意将 其持有的公司11760万股国家股股权在获得财政部批准前委托黄石东贝机电集团有 限责任公司管理。 公司于一九九九年十月二十一日获得外经贸资审字[1999]0098号批准证书，并 于一九九九年十一月二日取得企股鄂总副字第002678号营业执照，成为中外合资股 份有限公司。 公司主要从事制冷压缩机的生产和销售。 二、公司主要会计政策、会计估计和合并会计报表的编制方法 1、会计制度：公司及其控股子公司执行《企业会计准则》、 《企业会计制度》及 有关补充规定。 2、会计年度：采用公历年度，即从 1 月 1 日起至 12 月 31 日止为一个会计年度。 3、记账本位币：以人民币为记账本位币。 4、记账基础和计价原则：以权责发生制为记账基础，各项资产除按规定进行 了资产评估以评估值计价外，均按取得时的实际成本计价。 5、外币业务核算方法：公司发生涉及外币的经济业务按业务发生日中国人民 20 2003 年度报告 银行公布的市场汇价中间价折合为人民币记账，月末将外币账户余额按月末市场汇 价中间价折合为人民币金额进行调整，由此产生的各外币项目的人民币余额与原账 面余额的差额，与购建固定资产有关的予以资本化，属于筹建期间的计入长期待摊 费用，属于生产经营期间的计入当期损益。 6、现金等价物的确定标准：现金等价物是指本公司持有的自购买日起三个月 内到期、流动性强、易于转换为已知金额现金、价值变动风险很小的投资。 7、坏账准备的核算方法 (1) 坏账的确认：因债务人破产,依据法律程序清偿后确实无法收回的债权；因 债务人死亡，既无遗产清偿，又无义务承担人，确实无法收回的债权；因债务人逾 期三年未履行偿债义务，经董事会批准列作坏账的债权。符合上述条件的不能收回 的应收款项，按公司规定的审批核销权限分级批准后，作为坏账核销。 (2) 坏账准备按应收款项（包括应收账款和其他应收款）按账龄分析法计提， 计提的规定列示如下： 账 龄 计提比例（%） 1 年以内（含 1 年，以下类推） 5 1-2 年 10 2-3 年 30 3-4 年 50 4-5 年 80 5 年以上 100 8、存货的核算方法 (1) 公司存货主要包括：原材料、自制半成品、在产品、库存商品、低值易耗品； (2) 存货盘存制度采用永续盘存法,各类存货的入库按计划成本计价,期末调整为 实际成本,产成品发出按移动加权平均法计价; (3) 低值易耗品的摊销方法：低值易耗品领用按一次摊销法摊销； (4) 存货按成本与可变现净值孰低法计价，中期期末或年度终了，由于存货遭受 毁损、全部或部分陈旧过时或销售价格低于成本等原因，使存货成本不可收回的部分， 提取存货跌价准备；存货跌价准备按单个存货项目的成本高于其可变现净值的差额提 取。 9、长期股权投资及其减值准备的核算方法 (1) 长期股权投资在取得时按照初始投资成本入账。初始投资成本按以下方法 确定： A、以现金购入的长期股权投资，按实际支付的全部价款（包括支付的税金、手 续费等相关费用），作为初始投资成本；实际支付的价款中包含已宣告但尚未领取的 现金股利，按实际支付的价款减去已宣告但尚未领取的现金股利后的差额，作为初 始投资成本。 B、公司接受的债务人以非现金资产抵偿债务方式取得的长期股权投资，或以应 收债权换入长期股权投资的，按应收债权的账面价值加上应支付的相关税费，作为 21 2003 年度报告 初始投资成本。 C、以非货币性交易换入的长期股权投资，按换出资产的帐面价值加上应支付的 相关税费，作为初始投资成本。 (2) 公司持有被投资单位有表决权资本 20%(含 20%)以上，或虽不足 20%但具有 重大影响，采用权益法核算。公司持有被投资单位有表决权资本 20%以下，或虽投资 占 20%（含 20%）以上，但不具有重大影响，采用成本法核算。 采用成本法核算的单位，在被投资单位宣告分派利润或现金股利时，确认投资 收益；采用权益法核算的单位，期中或年末，按应分享或分担的被投资单位实现的 净利润或发生的净亏损的份额，确认投资损益。 (3) 长期股权投资采用权益法时，取得投资时的投资成本与享有被投资单位所 有者权益份额的差额，或因追加投资等原因对长期股权投资的核算由成本法改为权 益法时，投资成本与享有被投资单位所有者权益份额的差额计入“股权投资差额”。 股权投资差额按合同规定的投资期限平均摊销，合同没有规定投资期限的，初始投 资成本超过应享有被投资单位所有者权益份额之间的差额，按不超过 10 年的期限摊 销；初始投资成本低于应享有被投资单位所有者权益份额之间的差额，计入资本公 积。 (4) 处置股权投资时，将投资的账面价值与实际取得价款的差额，作为当期投 资损益。 (5) 长期投资减值准备的确认标准和计提方法: 期末对长期投资逐项进行检 查，按照账面价值与可收回金额孰低计量，由于市价持续下跌或被投资单位经营状 况恶化等原因导致可收回金额低于账面价值，对可收回金额低于账面价值的差额按 单项计提长期投资减值准备。 10、固定资产的分类、计价、折旧政策、及固定资产减值准备的计提方法 (1) 固定资产标准是指使用期限在一年以上的房屋、建筑物、机器、机械、运 输工具以及其他与生产、经营有关的设备、器具、工具等。不属于生产经营主要设 备的物品，单位价值在 2000 元以上，并且使用期限超过两年的也应作为固定资产。 (2) 固定资产计价方法：购建的固定资产，按购建时实际成本计价；企业接受 的债务人以非现金资产抵偿债务方式取得的固定资产，或以应收债权换入的固定资 产，按应收债权的帐面价值加上应支付的相关税费，作为入帐价值；以非货币性交 易换入的固定资产，按换出资产的帐面价值加上应支付的相关税费，作为入帐价值， 涉及补价的，按《企业会计准则——非货币性交易》的相关规定进行处理。 (3) 固定资产主要分为房屋建筑物、机器设备、运输设备和其它设备。 (4) 固定资产折旧采用直线法。 (5) 固定资产减值准备的确认标准和计提方法：期末按照账面价值与可收回金 额孰低计量，对由于市价持续下跌，或技术陈旧、损坏、长期闲置等原因导致固定 资产可收回金额低于账面价值的，按单项固定资产可收回金额低于账面价值的差额 计提固定资产减值准备。 11、在建工程核算方法 22 2003 年度报告 (1) 在建工程系指公司进行各项固定资产购建过程所发生的实际支出，包括新 建固定资产工程、改、扩建固定资产工程、大修理工程以及购入需要安装设备的安 装工程等。与上述工程有关的专门借款利息属于在固定资产达到预定可使用状态之 前发生的，计入在建固定资产的造价；在固定资产达到预定可使用状态后发生的利 息，计入当期损益。在建工程在达到预定可使用状态时转为固定资产。 (2) 在建工程减值准备的确认标准和计提方法： 期末对在建工程进行全面检 查，若在建工程长期停建并且预计在未来 3 年内不会重新开工，所建项目在性能上、 技术上已经落后并且所带来的经济利益具有很大的不确定性，或其他足以证明在建 工程已经发生减值的，按单项在建工程项目可收回金额低于账面价值的差额计提在 建工程减值准备。 12、无形资产计价和摊销政策 (1) 无形资产计价：无形资产在取得时，按实际成本计量。购入的无形资产， 按实际支付的价款作为实际成本；投资者投入的无形资产，按投资各方确认的价值 作为实际成本；为首次发行股票而接受投资者投入的无形资产，按该无形资产在投 资方的账面价值作为实际成本；接受的债务人以非现金资产抵偿债务方式取得的无 形资产，或以应收债权换入无形资产的，按应收债权的账面价值加上应支付的相关 税费作为实际成本；以非货币性交易换入的无形资产，按换出资产的帐面价值加上 应支付的相关税费作为实际成本，涉及补价的，按《企业会计准则——非货币性交 易》的相关规定进行处理；自行开发并按法律程序申请取得的无形资产，按依法取 得时发生的注册费、聘请律师等费用作为实际成本。 (2) 摊销方法:合同规定受益年限但法律没有规定有效年限的，摊销年限不超 过合同规定的受益年限；合同没有规定受益年限但法律规定有效年限的，摊销年限 不超过法律规定的受益年限；合同规定了受益年限，法律也规定了有效年限的，摊 销年限不超过受益年限和有效年限两者之中较短者；合同没有规定受益年限，法律 也没有规定有效年限的，摊销年限不超过 10 年。 (3) 无形资产减值准备的确认标准和计提方法：期末检查无形资产预计给公司 带来经济利益的能力，当存在 A 某项无形资产已被其它新技术所替代，使其为企业创造经济利益的能力受到 重大不利影响； B 某项无形资产的市价在当期大幅下跌，在剩余摊销年限内预期不会恢复； C 某项无形资产已超过法律保护期限，但仍具有部份使用价值； D 其它足以证明某项无形资产实质上已经发生了减值的情形； 按账面价值与可收回金额孰低计量，按单项无形资产项目预计可回收金额低于 账面价值的差额计提无形资产减值准备。 13、长期待摊费用摊销政策 公司长期待摊费用在费用项目的受益期限内分期平均摊销。 14、借款费用的会计处理方法 (1) 借款费用包括因借款而发生的利息、折价或溢价和辅助费用以及因外币借 23 2003 年度报告 款而发生的汇兑差额，因专门借款而发生的利息、折价或溢价的摊销和汇兑差额， 在同时具备下列三个条件时，借款费用予以资本化： A 资本支出已发生； B 借款费用已经发生； C 为使资本达到预定已使用状态所必要的购建活动已经开始。 其它的借款利息、折价或溢价的摊销和汇兑差额，在发生的当期确认为费用。 (2) 资本化金额 至当期止购建固定资产资本化利息的资本化金额，等于累计支出加权平均数乘 以资本化率，资本化率按以下原则确定： A 为购建固定资产只借入一笔专门借款，资本化率为该项借款的利率； B 为购建固定资产借入一笔以上的专门借款，资本化率为这些借款的加权平均利 率； (3) 暂停资本化 若固定资产的购建活动发生非正常中断，并且时间连续超过 3 个月，则暂停借 款费用资本化，将其确认为当期费用，直至资产的购建活动重新开始。 (4) 停止资本化 当所购建的固定资产达到预定可使用状态时，停止借款费用的资本化，以后发 生的借款费用于发生当期确认费用。 15、营业收入的确认：公司已将商品所有权上的重要风险和报酬转移给买方， 公司不再对该商品实施与所有权有关的继续管理权和实际控制权，相关的收入已经 收到或取得了收款的证据，并且与销售商品有关的收入和成本能够可靠地计量时， 确认营业收入的实现。 16、所得税的会计处理方法：采用应付税款法。 17、合并会计报表的编制方法 (1) 合并会计报表原则：对本公司持有被投资公司有表决权资本总额的 50%以 上，或虽不超过 50%但具有实际控制权的子公司合并其会计报表。 (2) 母公司及纳入合并范围的各子公司的会计报表为依据，合并时将母公司与 各子公司相互间的重要投资、往来、存货购销等内部交易及其未实现利润抵销后逐 项合并，并计算少数股东权益，对符合比例合并法的合营公司的资产、负债、收入、 费用、利润等按所占比例份额予以合并。子公司与母公司所采用的会计政策不一致 时调整后再行合并。 三、税项 公司适用的主要税种和税率如下: 税 项 计 税 基 础 税 率 增值税 商品销售收入 17% 城市维护建设税 实交流转税 7% 教育费附加税 实交流转税 3% 企业所得税 应纳税所得额 33% 24 2003 年度报告 四、控股子公司及合营企业 被投资单位全称 经营范围 注册资本 公司投资额 公司持股 是否 (万元) (万元) 比例(%) 合并 黄石市海观山宾馆有限责任公司 宾馆业务 86,558,749.22 81,162,700.00 90 是 光电器材 武汉晨信光电有限公司 10,000,000,00 9,000,000.00 90 是(注 1) 的研制开发 太阳能热水器的生 黄石东贝太阳能有限公司 5,000,000.00 4,000,000.00 80 是(注 2) 产、销售 注： （1）2003 年 4 月 15 日公司与武汉晨信光电有限公司股东冷新烈签订《股权 让协议》受让其持有的武汉晨光有限公司 20%的股权，股权转让价款 2,000,000.00 元,持股比例由 70%变更为 90%。 （2）公司 2003 年 6 月出资 4,000,000.00 元与黄石东贝机电集团公司共同设 立黄石东贝太阳能有限公司，公司持有被投资公司 80%的股权，本年纳入合范围。 五、会计差错更正及期初调整事项说明 1、公司依据黄石市国税局、黄石市地税局税务稽查结论补交 2002 年度增值税 279,953.93 元、所得税 143,211.78 元、地方教育发展费 13,800.01 元，合计金额 436,965.72 元; 2、公司依据中国证监会武汉证管办武证监巡查字[2003]26 号限期整改通知书， 补提 2002 年度存货跌价准备 570,000.00 元。 以上两项会计差错合计金额 1,006,965.72 元，公司调减了本年度期初留存收益 1,006,965.72 元 , 其 中 : 调 减 年 初 未 分 配 利 润 805,572.58 元 , 调 减 盈 余 公 积 201,393.14 元. 六、会计报表主要项目注释 1、货币资金 项 目 期末数 期初数 现金 4,389.41 4,490.49 银行存款 27,497,543.01 1,908,097.05 其他货币资金 87,840,293.50 61,295,641.74 合 计 115,342,225.92 63,208,229.28 注：(1)其它货币资金87,840,293.50元为票据承兑保证金存款; (2)期末货币资金无抵押、冻结等对变现有限制和存放在境外以及有潜在回 收风险的款项； (3)期末数较期初数增长82.48%，系借款增加所致。 2、短期投资 期末数47,000,000.00元 注：短期投资期末余额全部为委托理财投资 其中：（1）公司2003年9月16日与上海中鹏资产管理公司签订委托理财合同， 将1,700.00万元的资金委托上海中鹏资产管理公司进行证券投资，委托期限自2003 年9月16日至2004年8月19日，约定年投资回报率不低于11.50%； 25 2003 年度报告 （2）公司2003年12月18日与上海中鹏资产管理公司签订委托理财合同， 将2,000.00万元的资金委托上海中鹏资产管理公司进行证券投资，委托期限自2003 年12月18日至2004年6月6日，约定年投资回报率不低于11.50%； （3）公司2003年7月1日与上海人杰实业发展有限公司签订委托理财合同， 将1,000.00万元的资金委托上海人杰实业发展有限公司进行证券投资，委托期限自 2003年7月1日至2004年6月21日，约定年投资回报率不低于3.70%。 3、应收票据 期末数 10,421,525.00元 期初数 20,924,899.20元 其中: 银行承兑汇票 3,296,000.00 元 商业承兑汇票 6,800,000.00 元 注：期未无质押商业承兑汇票，本期未发生商业承兑汇票贴现情况。 4、应收账款 期末数 期初数 坏帐准备 账 龄 计提比例 金 额 占应收款总 坏帐准备金 金 额 占应收款总 坏账准备金 （%） (元) 额比例 (%) (元) (元) 额比例 (%) (元) 1 年以内 5 246,000,002.85 82.10 12,300,000.15 202,975,232.09 92.54 10,148,761.60 1-2 年 10 46,679,139.00 15.58 4,667,913.90 9,254,377.54 4.22 925,437.76 2-3 年 30 2,902,285.44 0.97 870,685.63 4,307,769.62 1.96 1,292,330.89 3-4 年 50 4,054,956.81 1.35 2,027,478.40 4-5 年 80 289,800.00 0.13 231,840.00 5 年以上 100 15,540.00 0.01 15,540.00 2,519,677.48 1.15 2,519,677.48 合 计 299,651,924.10 100.00 19,881,618.08 219,346,856.73 100.00 15,118,047.73 注：(1) 无持本公司 5%（含 5%）以上股份的股东单位欠款； (2) 应 收 账 款 期 末 余 额 中 欠 款 金 额 最 大 的 前 五 名 债 务 人 合 计 116,006,732.51 元，占应收帐款期末余额的 38.71%。 (3)由于本年生产规模扩大，资金需求量增大，公司加大了欠款的催收力度， 账龄较长的欠款基本收回。 (4)期末数较期初数增长 36.61%，系主营业务收入大幅增加所致。 5、其他应收款 坏帐准备 期末数 期初数 账 龄 计提比例 金 额 占应收帐款总 坏帐准备金 金 额 占应收帐款 坏账准备金 （%） (元) 额比例(%) (元) (元) 总额比例(%) (元) 1 年以内 5 47,517,241.68 90.29 2,375,862.09 31,599,156.82 80.14 1,531,332.82 1-2 年 10 4,662,874.27 8.86 466,287.43 7,616,702.61 19.32 761,670.26 2-3 年 30 448,495.78 0.85 134,548.73 60,018.45 0.15 18,005.54 3-4 年 50 134,184.87 0.34 67,092.44 4-5 年 80 5,593.50 0.01 4,474.80 5 年以上 100 15,031.80 0.04 15,031.80 合 计 52,628,611.73 100.00 2,976,698.25 39,430,688.05 100.00 2,397,607.66 注：(1)持有本公司5%(含5%)以上股份单位黄石东贝机电集团有限责任公司欠款 26 2003 年度报告 30,797,278.19元。 (2) 其 他 应 收 款 期 末 余 额 中 欠 款 金 额 最 大 的 前 五 名 债 务 人 合 计 46,772,870.30元，占其它应收款期末余额的88.87%。 (3)由于本年生产规模扩大，资金需求量增大，公司加大了欠款的催收力度， 账龄较长的欠款基本收回。 （4）期末数较期初数增长33.47%，系黄石东贝机电集团有限责任公司欠款 增加所致。 6、预付账款 账 龄 期末数 期初数 金额 (元) 比例 (%) 金额（元） 比例 (%) 1年以内 39,929,234.60 81.14 43,634,060.17 98.14 1-2年 9,280,214.2 18.86 827,347.17 1.86 合 计 49,209,448.80 100.00 44,461,407.34 100.00 注：无持有本公司5%(含5%)以上股份的股东单位欠款. 7、存货及存货跌价准备 项 目 期末数 期初数 金额 跌价准备 金额 跌价准备 原材料 26,476,549.89 293,797.52 23,554,206.72 253,492.95 在产品 22,432,220.84 8,894,061.23 产成品 28,679,927.04 465,552.80 16,869,789.20 570,000.00 库存商品 97,352.09 542,122.00 低值易耗品 163,789.32 169,567.29 委托加工产品 486,538.47 合 计 78,336,377.65 759,350.32 50,029,746.44 823,492.95 注：(1)期末数较期初数大幅上升的主要原因系公司本年扩大生产规模,产销量 比上年翻了一翻，导致期末在产品增加；另外上半年处于生产销售旺季,因此产成品 库存量有所增加。 (2)可变现净值:是指公司在正常经营过程中，以估计售价减去估计完工成 本及销售所必须的估计费用后的价值。 (3)公司依据中国证监会武汉证管办武证监巡查字[2003]26号限期整改通 知书，补提2002年度存货跌价准备570,000.00元。 8、长期投资 期末数 4,407,030.56 元。 (1) 其它投资 27 2003 年度报告 投资类型 被投资单位名称 投资 初始投资额 期初余额 本期增加 期末余额 减值准备 其他投资 北京北原文化 2,000,000.00 2,000,000.00 2,000,000.00 有限公司 注：(1)其它投资系公司与北京北原文化有限公司合拍电视剧《飞翔人生》所支 付的投资款,该剧已封镜,2004 年在全国范围内发行。 (2)长期投资本年未发生减值，故本期未计提减值准备。 (2) 股权投资差额 被投资单位名称 初始金额 摊销 期初余额 本期摊销额 摊余金额 (元) 期限 (元) (元) (元) 黄石市海观山宾馆有限公司 10 年 3,259,825.70 2,689,356.20 325,982.57 2,363,373.63 武汉晨信光电有限公司 10 年 46,775.28 3,118.35 43,656.93 合 计 3,306,600.98 2,689,356.20 329,100.92 2,407,030.56 注：2003年4月15日公司与武汉晨信光电有限公司股东冷新烈签订《股权让协议》 受让其持有的武汉晨信光电有限公司20%的股权，产生股权投资差额46,775.28元。 9、固定资产及累计折旧 原 值 期初数 本期增加 本期减少 期末数 项 目 (元) (元) (元) (元) 房屋建筑物 71,431,312.33 7,439,106.85 78,870,419.18 机器设备 215,777,180.94 66,439,340.46 12,600.00 282,203,921.40 运输设备 2,129,631.00 545,678.00 2,675,309.00 其他设备 146,411.77 16,358.63 162,770.40 合 计 289,484,536.04 74,440,483.94 12,600.00 363,912,419.98 累计折旧 期初数 本期增加 本期减少 期末数 项 目 (元) (元) (元) 房屋建筑物 13,352,257.95 2,353,356.15 15,705,614.10 机器设备 124,917,947.87 20,787,269.05 11,754.77 145,693,462.15 运输设备 335,510.72 272,695.36 608,206.08 其他设备 19,569.22 29,383.63 48,952.85 合 计 138,625,285.76 23,442,704.19 11,754.77 162,056,235.18 净 值 150,859,250.28 201,856,184.80 注：(1) 本期由在建工程转入的固定资产为70,625,510.10元。 (2) 期末用于借款抵押的房屋建筑物原值116,000,000.00元。 (3) 期末通过对固定资产的检查无减值情况，因此未计提减值准备。 10、工程物资 期末数 3,916,748.19 元 28 2003 年度报告 期初数 51,920,702.47 元 注：工程物资主要为 100 万台无氟压缩机项目预付的大型设备款,期末数比期初 数有较大下降系设备投入安装转入在建工程所致。 11、在建工程 工程项目名称 期初数 本期增加 本期转入固定资 其它减少 期末数 资金 (元) (元) 产(元) (元) (元) 来源 100 万台无氟压缩机项目 20,053,525.61 43,637,073.47 59,415,306.75 4,275,292.33 募集资金 联合国捐助项目 2,213,419.31 2,213,419.31 捐赠资金 活塞天蕊磨床 344,500.00 344,500.00 自筹资金 中心实验室 593,726.05 593,726.05 自筹资金 量热计 2,430,923.89 2,430,923.89 自筹资金 海观山一号楼改造 4,055,466.13 618,465.75 4,671,186.88 2,745.00 自筹资金 海观山二号楼改造 119,918.00 119,918.00 自筹资金 海观山五号楼改造 65,866.3 195,807.00 261,673.30 自筹资金 大会议室工程 856,128.92 856,128.92 自筹资金 其它零星工程 139,763.73 971,940.01 100,318.30 1,011,385.44 自筹资金 太阳能工程项目 802,592.60 802,592.60 自筹资金 合 计 30,873,237.94 46,225,878.83 70,625,510.10 6,473,606.67 注:(1)在建工程主要为新建项目，经检查无减值情况，因此未计提减值准备。 (2)在建工程本期无利息资本化金额。 (3)期末数比期初数有较大下降系工程完工投入固定资产所致。 12、无形资产 类 别 原始金额 期初数 本期增 本期转 本期摊销 减值准 期末数 剩余摊销年 取得 (元) （元） 加（元） 出（元） (元) 备（元） （元） 限（年） 方式 土地使用 投资 38 权 93,220,500.00 88,559,474.89 2,330,512.56 86,228,962.33 光电连接 器氧化锆 1,000,000.00 1,000,000.00 1,000,000.00 外购 陶瓷插技 术规范 合 计 94,220,500.00 89,559,474.89 3,330,512.56 86,228,962.33 注：无形资产经检查本年无减值情况，因此未计提减值准备。 13、短期借款 借款类别 期末数 期初数 抵押借款 50,130,000.00 2,138,000.00 担保借款 157,008,000.00 163,440,000.00 借款合计 207,138,000.00 165,578,000.00 注：(1) 借款抵押物系黄石海关山宾馆有限公司部份土地和公司部份机器设备， 29 2003 年度报告 机器设备原值 11,600.00 万元。 (2) 担保借款系由黄石东 贝机电集团有限责任公司和大冶有色金属公司 提供担保。 14、应付票据 期末数 187,680,587.00 元 期初数 99,746,969.60 元 注：(1)无欠持本公司 5%(含 5%)以上股份的股东单位的款项; (2)期末应付票据全部为银行承兑汇票; (3)期末应付票据中无已到期尚未承兑的票据及已到期无法承兑的票据； (4)期末数比期初数增长 88.16%,系公司生产规模扩大采购量增加，大量采 用票据结算方式所致。 15、应付账款 期末数 104,323,514.58 元 期初数 56,656,300.99 元 注：(1)无欠持本公司 5%(含 5%)以上股份的股东单位的款项； (2)期末余额比期初有较大上升系公司生产规模扩大，采购量增加所致。 16、应交税金 税 种 期末数 期初数 增值税 7,686,179.14 5,747,137.16 营业税 440,109.72 369,252.16 城市维护建设税 353,454.54 311,878.07 所得税 638,151.82 241,883.41 房产税 546,960.83 148,711.43 土地使用税 -18,000.43 409,900.00 其 它 205,362.00 19,002.67 合 计 9,852,217.62 7,247,764.90 17、其他未交款 项 目 期末数 期初数 教育费附加 154,642.61 139,722.91 堤防费 445,916.95 249,108.16 地方教育发展金等 905,654.31 519,677.35 合 计 1,506,213.87 908,508.42 30 2003 年度报告 18、其他应付款期末数 11,196,812.69 元 期初数 8,228,592.67 元 注：无欠持本公司 5%(含 5%)以上股份的股东单位的款项. 19、长期借款 借款类别 期末数 期初数 抵押借款 7,743,116.67 7,556,423.61 注：借款抵押物系黄石海关山宾馆有限公司一号楼房产，房屋建筑物原值 9,588,665.10 元 20、股本 数量单位：万股 项 目 期初数 本次变动增减（+、-） 期末数 配股 送股 公积金转股 其他 小计 一、尚未流通股份 12,000.00 12,000.00 1、发起人股份 12,000.00 12,000.00 其 中： 国家拥有股份 11,760.00 11,760.00 境内法人持有股份 240.00 240.00 其 他 2、募集法人股 3、公司职工股 4、优先股或其他 尚未流股份 合 计 12,000.00 12,000.00 二、已流通股份 11,500.00 11,500.00 1、境内上市的人民 币普通股 2、境内上市的外资股 11,500.00 11,500.00 3、境外上市的外资股 4、其 他 已流通股份合计 11,500.00 11,500.00 三、股份总数 23,500.00 23,500.00 21、资本公积 31 2003 年度报告 项 目 期初数 本期增加 本期减 期末数 (元) (元) 少 (元) (元) 股本溢价 80,502,782.00 80,502,782.00 股权投资准备—债务重组收益 5,904,181.50 110,548.21 6,014,729.71 其它资本公积 793,000.00 115,489.83 908,489.83 接受捐赠资产准备 2,538,809.48 2,538,809.48 合 计 89,738,772.98 226,038.04 89,964,811.02 注:(1)公司持有其股权 90%的子公司黄石海关山宾馆有限公司本期发生债务重 组收益 104,689.56 元;公司按权益法确认资本公积-股权投资准备 94,220.60 元; (2)公司持有其股权 70%的子公司武汉晨信光电有限公司本期获得资产捐赠收 益 23,325.16 元;公司按权益法确认资本公积-股权投资准备 16,327.61 元; (3)公司原欠天津康捷电光设备有限公司货款 500,000.00 元,2003 年 1 月 9 日 公司与债权人天津康捷电光设备有限公司签订《债务重组协议》,债权人同意公司偿 还 384,510.17 元现金后豁免剩余债务,导致本期增加债务重组收益 115,489.83 元。 22、盈余公积 项 目 期初数 本期增加数 本期减少数 期末数 (元) (元) (元) (元) 法定盈余公积 7,380,457.02 112,997.18 7,493,454.20 法定公益金 7,380,457.02 112,997.18 7,493,454.20 合 计 14,760,914.04 225,994.36 14,986,908.40 注:本期调减期初盈余公积 201,393.14 元,其中调减法定盈余公积 100,696.57 元,法定公益金 100,696.57 元(详见附注五) 23、未分配利润 项 目 金 额 (元) 本年度净利润 1,081,346.68 加:年初未分配利润 47,339,638.12 减:提取法定盈余公积金(10%) -112,997.18 提取法定公益金(10%) -112,997.18 减:分配的普通股股利 转作股本的普通股股利 年末未分配利润 48,194,990.44 注:本期调减年初未分配利润 805,572.58 元(详见附注五)。 24、主营业务收入、成本 32 2003 年度报告 项 目 主营业务收入 主营业务成本 本期数 上年数 本期数 上年数 压缩机 386,789,890.89 214,496,635.54 340,401,045.98 183,193,501.62 宾馆服务 9,756,769.53 12,512,490.12 7,270,860.00 7,792,198.71 光电产品 1,788,078.29 2,171,215.50 太阳能热水器 1,760,289.23 1,668,123.76 合 计 400,095,027.94 227,009,125.66 351,511,245.24 190,985,700.33 注：(1)主营业务收入本期数比上期数上升 54.22%,主要原因是本年公司扩大生 产规模，产销量比上年大幅上升所致。 (2)前五名销售商销售总额 195,784,848.93 元,占公司收入总额的比例的 48.93%。 25、主营业务税金及附加 项 目 计缴比例 本期数 上期数 (元) (元) 营业税 5% 418,998.60 625,624.51 城市维护建设税 7% 705,982.19 790,694.33 教育费附加 3% 308,178.62 338,869.00 合 计 1,436,518.48 1,755,187.84 26、财务费用 项 目 本期数 (元) 上期数 (元) 利息支出 16,528,686.41 14,185,972.80 减：利息收入 -2,593,884.20 -547,029.35 手 续 费 215,257.96 132,557.61 合 计 14,150,060.17 13,771,501.06 注：本期数比上期数有所上升,主要原因系本年短期借款增加所致。 27、投资收益 项 目 本期数 上期数 (元) (元) 股票投资收益 3,540,000.00 委托理财收益 1,656,986.00 1,738,888.00 投资基金收益 2,478.72 33 2003 年度报告 股权投资差额摊销 -329,100.92 -325,982.57 合 计 4,870,363.80 1,412,905.43 注：投资收益本期数比上期数增加 244.00%，主要系： （1）公司本年进行股票自营投资，获得投资收益 3,450,000.00 元。 （2）公司 2003 年 6 月 12 日与上海中鹏资产管理公司签订委托理财合同，将 20,000,000.00 元的资金委托上海中鹏资产管理公司进行证券投资， 委托期限自 2003 年 6 月 12 日至 2003 年 12 月 18 日，约定年投资回报率不低于 16.00%；2003 年 12 月 23 日收回本金 20,000,000.00 元，收到投资收益 1,656,986.00 元。 28、补贴收入 项 目 本期数 (元) 上期数 (元) 税收返还 141,300.00 注：依据中共黄石市委黄发[1999]21 号文《关于全面推进国有企业改革和发展 的若干意见》第十三条，为扶持改制企业发展，改制企业上交增值税（营业税）超 上年实际上交数的 20.00%以上地方留成部份由财政全额返还，公司本年收到营业税 返还 141,300.00 元。 29、支付的其它与经营活动有关的现金为 49,413,842.95 元, 其中： (1) 办公等各种费用 6,816,523.49 (2) 运输费 5,745,698.10 (3) 保险费 1,841,378.52 (4) 上缴管理费 1,781,327.15 (5) 其它往来支出 33,228,915.69 30、收到的其他与投资活动有关的现金 7,407,617.35 元 注：公司 100 万台无氟压缩机项目进口设备的采购由中技贸易股份公司代理, 本年工程完工决算,收回剩余资金 740.00 万元. 七、母公司财务报表 1、应收款项 (1) 应收账款 坏帐准 期末数 期初数 账 龄 备计提 占应收帐 占应收帐 比例 金 额 款总额比 坏帐准备金 金 额 款总额比 坏账准备金 （%） (元) 例(%) (元) (元) 例(%) (元) 1 年以内 5 242,598,076.73 81.97 12,129,903.84 200,953,870.75 92.56 10,047,693.53 1-2 年 10 46,443,090.80 15.69 4,644,309.08 9,036,537.86 4.16 903,653.79 2-3 年 30 2,844,032.76 0.96 853,209.83 4,307,769.62 1.98 1,292,330.89 3-4 年 50 4,054,956.81 1.37 2,027,478.40 4-5 年 80 289,800.00 0.14 231,840.00 5 年以上 100 15,540.00 0.005 15,540.00 2,519,677.48 1.16 2,519,677.48 合 计 295,955,697.10 100.00 19,670,441.15 217,107,655.71 100.00 14,995,195.69 34 2003 年度报告 注：(1) 无持本公司 5%（含 5%）以上股份的股东单位欠款； (2) 应 收 账 款 期 末 余 额 中 欠 款 金 额 最 大 的 前 五 名 债 务 人 合 计 116,006,732.51 元，占应收帐款期末余额的 39.20%。 (3) 由于本年生产规模扩大，资金需求量增大，公司加大了欠款的催收力 度，账龄较长的欠款基本收回。 (4)期末数较期初数增长 36.31%，系主营业务收入大幅增加所致。 (2) 其他应收款 坏帐准 期末数 期初数 账 龄 备计提 占应收帐款 占应收帐 比例 金 额 总额比例 坏帐准备金 金 额 款总额比 坏账准备金 （%） (元) (%) (元) (元) 例(%) (元) 1 年以内 5 115,295,653.00 95.90 2,330,355.68 53,461,017.48 87.46 1,294,137.29 1-2 年 10 4,598,792.82 3.82 459,879.28 7,452,914.50 12.19 745,291.45 2-3 年 30 333,918.90 0.28 100,175.67 60,018.45 0.0.98 18,005.54 3-4 年 50 134,184.87 0.22 67,092.44 4-5 年 80 5,593.50 0.009 4,474.80 5 年以上 100 15,031.80 0.023 15,031.80 合 计 120,228,364.72 100.00 2,890,410.63 61,128,760.60 100.00 2,144,033.32 注：(1)持有本公司5%(含5%)以上股份单位黄石东贝机电集团有限责任公司欠款 30,797,278.19元。 (2) 其 他 应 收 款 期 末 余 额 中 欠 款 金 额 最 大 的 前 五 名 债 务 人 合 计 46,772,870.30元，占其它应收款期末余额的38.90%。 (3)由于本年生产规模扩大，资金需求量增大，公司加大了欠款的催收力度， 账龄较长的欠款基本收回。 (4)期末数较期初数增长 96.68%，系黄石东贝机电集团有限责任公司、黄石 市海观山宾馆有限公司欠款增加所致。 2、长期投资 期末数 99,189,042.69 元 A 股权投资 公司名称 投资 投资 期初投资金额 本年追加投资 本年权益增减 其他变动 分得现金红 累计权益增减 期末投资金额 期限 比例 (元) 额(元) (元) (元) 利 (元) (元) (元) 黄石海观山宾 馆有限公司 90% 83,104,089.82 -643,015.49 94,220.60 -1,245,981.46 82,555,294.93 武汉晨信光电 有限公司 20 年 90% 7,000,000.00 1,953,224.72 30,561.28 16,327.61 30,561.28 9,000,113.61 黄石东贝太阳 能有限公司 80% 4,000,000.00 -773,396.42 -773,393.42 3,226,603.58 合 计 90,104,089.82 5,953,224.72 -1,385,850.63 110,548.21 -1,988,813.59 94,782,012.12 B 其他投资 35 2003 年度报告 公司名称 投资比例 期初投资金 本年追加投 本年权益增 其他变动 分得现金红 累计权益 期末投资金 比例 额(元) 资额 (元) 减 (元) (元) 利 (元) 增减 (元) 额 (元) 北京北原文化有限 40% 2,000,000.00 2,000,000.00 公司 C 股权投资差额 被投资单位名称 初始金额 摊销期限 期初余额 本期摊销额 摊余金额 黄石市海观山宾馆有限公司 3,259,825.70 10 年 2,689,356.21 325,982.57 2,363,373.64 武汉晨信光电有限公司 46,775.28 10 年 3,118.35 43,656.93 合 计 3,306,600.98 2,689,356.21 329,100.92 2,407,030.57 3、主营业务收入、成本 主营业务收入 主营业务成本 项 目 本期数 上年数 本期数 上年数 压缩机 386,789,890.89 214,496,635.54 340,401,045.98 183,193,501.62 4、投资收益 项 目 金 额（元） 权益法核算的投资收益 -1,385,850.62 股权投资差额摊销 -329,100.92 投资基金收益 2,478.72 合 计 -1,712,472.82 八、分部报告 1、分行业资料 主营业务收入 主营业务成本 营业毛利 行 业 本期数 (元) 上年数 (元) 本期数 (元) 上年数 (元) 本期数 (元) 上年数 (元) 工 业 390,338,258.41 214,496,635.54 344,240,385.24 183,193,501.62 11.81% 14.59% 服务业 9,756,769.53 12,512,490.12 7,270,860.00 7,792,198.71 25.48% 37.72% 合 计 400,095,027.94 227,009,125.66 351,511,245.24 190,985,700.33 12.14% 15.87% 2、分地区资料 行 业 主营业务收入 主营业务成本 营业毛利 本期数(元) 本期数(元) 本期数(元) 华 东 56,259,531.56 49,620,906.84 6,638,624.72 中 南 86,081,015.24 75,863,198.74 10,217,816.50 华 南 110,363,457.56 97,340,625.01 13,022,832.55 西 南 23,537,380.75 20,759,969.82 2,777,410.93 华 北 71,568,268.73 63,123,213.02 8,445,055.71 36 2003 年度报告 其 它 52,285,374.10 44,803,331.81 7,482,042.29 合 计 400,095,027.94 351,511,245.24 48,583,782.70 九、关联方关系及其交易 1、关联方关系 (1) 存在控制关系的关联方 企业名称 注册地址 主营业务 与本企业关系 经济性质或类型 法定代表人 黄石东贝机电集 湖北省黄石市铁山 制冷压缩机的 实际控制人 国有企业 杨百昌 团有限责任公司 区武黄路 5 号 生产及销售 黄石市海关山宾 湖北省黄石市天津 住宿、饮食服务 控股子公司 有限责任公司 杨百昌 馆有限公司 路2号 武汉晨信光电 武汉经济技术开发 光电子器件及产 控股子公司 有限责任公司 杨百昌 有限公司 区高新科技产业园 品的生产及销售 黄石东贝太阳能 湖北省黄石市铁山 太阳能热水器的 控股子公司 有限责任公司 杨百昌 有限公司 区武黄路 5 号 生产与销售 (2) 存在控制关系的关联方的注册资本及其变化 企业名称 期初数 本期增加数 本期减少数 期末数 （万元） （万元） （万元） （万元） 黄石东贝机电集团有限责任公司 24,184.00 24,184.00 黄石市海关山宾馆有限公司 8,655.80 8,655.80 武汉晨信光电有限公司 1,000.00 1,000.00 黄石东贝太阳能有限公司 500.00 500.00 (3) 存在控制关系的关联方所持股份或权益的变化 期初数 本期增加 本期减少 期末数 企业名称 金额 比例 金额 比例 金额 比例 金额 比例 （万元） （%） （万元） （%） （万元） （%） （万元） （%） 黄石东贝机电集团有限责任公司 11,760.00 50.04 11,760.00 50.04 黄石市海关山宾馆有限公司 8,116.27 90.00 8,116.27 90.00 武汉晨信光电有限公司 700.00 70.00 200.00 20.00 900.00 90.00 黄石东贝太阳能有限公司 400.00 80.00 400.00 80.00 (4) 不存在控制关系的关联方的名称及关系的性质 企业名称 与本企业的关系 备 注 常州市洛克制冷电气有限公司 股东之一 常熟市天银机电有限公司 股东之一 (原常熟市碧溪无线电厂司) 浙江力升机电制造有限公司 股东之一 原诸暨市电机厂 绍兴县兴贝冲压件有限公司 股东之一 原绍兴县冲压件总厂 武汉市新华五金厂 股东之一 黄石东贝制冷有限公司 受同一母公司控制 原黄石市制冷设备厂 黄石东贝轻工铸造有限公司 受同一母公司控制 原黄石市轻工铸造厂 黄石东贝工模具有限责任公司 受同一母公司控制 原黄石市东贝集团工模具厂 37 2003 年度报告 2、关联方交易 (1) 销售货物 关联方名称 2003 年度 2002 年度 金额 占年销货比 金额 占年销货比 （元） 例（%） （元） 例（%） 黄石东贝制冷有限公司 0.15 0.53 651,594.87 1,145,112.09 常熟市天银机电有限公司 1.49 5.93 6,335,519.00 12,724,474.00 黄石东贝工模具有限责任公司 2.90 2.22 12,369,362.75 4,758,636.51 黄石东贝机电集团有限责任公司 2.38 1.30 10,132,240.17 2,781,377.77 合 计 6.92 9.98 29,488,716.79 21,409,600.37 注：定价政策：按市场价定价 (2) 购买原材料 关联方名称 2003 年度 2002 年度 金额 占年购货比 金额 占年购货比 （元） 例（%） （元） 例（%） 常州市洛克制冷电气有限公司 5.95 8.26 20,904,225.92 14,210,854.02 浙江力升机电制造有限公司 1.01 5.52 3,531,693.15 9,479,633.24 黄石东贝轻工铸造有限公司 5.86 8.74 20,568,153.97 15,025,298.66 武汉新华五金厂 7.66 8.75 26,905,516.24 15,030,596.29 常熟市天银机电有限公司 3.27 4.84 11,483,713.68 8,314,902.45 绍兴县兴贝冲压件有限公司 1.53 229,618.29 2,622,479.37 黄石东贝工模具有限责任公司 4.24 3.89 14,885,378.51 6,697,504.33 合 计 27.99 41.53 98,508,299.77 71,381,268.36 注：定价政策：按市场价格定价 (3) 关联方往来款项余额 项 目 2003 年 12 月 31 日 2002 年 12 月 31 日 其他应收款： 黄石东贝机电集团有限责任公司公司 30,797,278.19 4,540,503.80 黄石东贝制冷有限公司 13,355,015.68 13,560,131.13 预付账款: 常州市洛克制冷电气有限公司 6,583,270.34 7,617,024.68 浙江力升机电制造有限公司 6,123,569.08 6,038,709.08 常熟市天银机电有限公司 4,231,999.00 黄石东贝轻工铸造有限公司 7,270,399.80 8,584,875.72 黄石东贝工模具有限责任公司 8,332,634.25 应付票据: 黄石东贝轻工铸造有限公司 92,586,000.00 48,700,000.00 38 2003 年度报告 武汉新华五金厂 10,400,000.00 6,360,000.00 浙江力升机电制造有限公司 300,000.00 550,000.00 绍兴县兴贝冲压件有限公司 700,000.00 400,000.00 常州市洛克制冷电气有限公司 5,000,000.00 2,800,000.00 应付账款: 绍兴县兴贝冲压件有限公司 2,412,797.60 3,675,892.10 武汉新华五金厂 1,386,293.42 1,723,900.99 常熟市天银机电有限公司 2,015,107.43 黄石东贝工模具有限责任公司 1,622,629.76 (4) 其它关联方交易事项 A、综合服务 2002 年 1 月公司与黄石东贝机电集团有限责任公司签订《综合服务协议》，东贝 集团向公司提供包括员工住房及其配套设施维护服务、交通用车服务、医疗保健服 务及员工托儿服务。作为使用上述服务之代价，公司需向东贝集团公司每年支付管 理费人民币 150 万元，以后每年以 10%比例递增，协议有效期为十年。据此协议，公 司本年向东贝集团公司支付管理费人民币 178.40 万元。 B、土地使用权租赁 2002 年 1 月公司与黄石东贝机电集团有限责任公司签订《土地使用权租赁协议》, 黄石东贝机电集团有限责任公司同意将位于黄石市铁山区武黄路 5 号面积为 15963.04 平方米的土地租赁给公司使用，租金为每年每平方米 2.25 元人民币，合计 每年租金 3.6 万元人民币,租赁期限为 50 年。公司本年支付东贝集团公司土地租赁 费 3.6 万元。 十、或有事项 截止报告日，公司无重大需要披露的或有事项。 十一、承诺事项 截止报告日，公司无重大需要披露的承诺事项。 十二、期后事项 截止报告日，公司无重大需要披露的期后事项。 十三、补充资料 与国际会计准则差异比较: 单位：千元 税后利润 股东权益 本年数 上年数 2003 年 12 月 31 日 2002 年 12 月 31 日 按企业会计制度 1,081 92 388,147 386.839 调整事项 39 2003 年度报告 不动产、厂房和设备折旧 -2,311 -2,311 接受捐赠 254 254 -1,948 -1,948 债务减免 244 5,165 少数股东损益 -17 -437 按国际会计准则调整后之金额 1,562 5,074 383,888 382,326 十一、备查文件目录 1、载有法定代表人、财务负责人签名并盖章的会计报表； 2、载有会计师事务所盖章、注册会计师签名并盖章的审计报告原件； 3、报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本及公告的原 稿。 公司法定代表人: 杨百昌 黄石东贝电器股份有限公司 二 OO 四年四月二十二日 40 2003 年度报告 资 产 负 债 表 编制单位：黄石东贝电器股份有限公司 2003 年 12 月 31 日 单位：人民币元 合并数 母公司数 项 目 注释号 期末数 期初数 期末数 期初数 流动资产： 货币资金 1 115,342,225.92 63,208,229.28 112,786,254.6 62,956,262.5 短期投资 2 47,000,000.00 应收票据 3 10,421,525.00 20,924,899.20 10,096,000.00 20,924,899.2 应收股利 应收利息 应收帐款 4 279,770,306.02 204,228,809.0 276,285,255.9 202,112,460. 其他应收款 5 49,651,913.48 37,033,080.39 117,337,954.0 58,984,727.2 预付帐款 6 49,209,448.80 44,461,407.34 47,993,616.68 43,528,561.7 应收补贴款 存货 7 77,577,027.33 49,206,253.49 72,482,825.74 47,944,063.7 待摊费用 待处理流动资产净 一年内到期的长期债权 其他流动资产 流动资产合计 628,972,446.55 419,062,678.7 636,981,907.1 436,450,974. 长期投资： 长期股权投资 8 4,407,030.56 4,689,356.20 99,189,042.69 94,793,446.0 长期债权投资 长期投资合计 4,407,030.56 4,689,356.20 99,189,042.69 94,793,446.0 固定资产： 固定资产原价 9 363,912,419.98 289,484,536.0 300,687,674.2 233,675,201. 减：累计折旧 9 162,056,235.18 138,625,285.7 145,989,961.1 126,339,824. 固定资产净值 201,856,184.80 150,859,250.2 154,697,713.0 107,335,376. 减：固定资产减值准备 固定资产净额 201,856,184.80 150,859,250.2 154,697,713.0 107,335,376. 工程物资 10 3,916,748.19 51,920,702.47 3,916,748.19 51,920,702.4 在建工程 11 6,473,606.67 30,873,237.94 5,273,609.77 25,775,858.5 固定资产清理 待处理固定资产净损失 固定资产合计 212,246,539.66 233,653,190.6 163,888,071.0 185,031,938. 无形资产及其他资产： 无形资产 12 86,228,962.33 89,559,474.89 长期待摊费用 919,453.66 其他长期资产 无形资产及其他资产合 86,228,962.33 90,478,928.55 递延税项： 递延税款借项 资产总计 931,854,979.10 747,884,154.1 900,059,020.8 716,276,358. 公司法人代表人： 主管会计工作的负责人： 会计主管人员： 41 2003 年度报告 资 产 负 债 表（续） 编制单位：黄石东贝电器股份有限公司 2003 年 12 月 31 日 单位：人民币元 注释 合并数 母公司数 项 目 号 期末数 期初数 期末数 期初数 流动负债： 短期借款 13 207,138,000.00 165,578,000.00 202,000,000.00 163,440,000.00 应付票据 14 187,680,587.00 99,746,969.60 187,680,587.00 99,746,969.60 应付帐款 15 104,323,514.58 56,656,300.99 98,738,111.18 51,359,269.31 预收帐款 1,228,495.12 1,228,495.12 应付内部单位款 应付工资 232,399.75 4,571.64 3,206.64 4,571.64 应付福利费 3,031,019.19 1,532,777.59 2,313,631.37 1,050,966.73 应付股利 应交税金 16 9,852,217.62 7,247,764.90 9,373,032.81 6,298,314.25 其他应交款 17 1,506,213.87 908,508.42 1,484,341.14 890,253.23 其他应付款 18 11,196,812.69 8,228,592.67 10,319,400.73 5,466,818.55 预提费用 24,913.71 122,636.71 一年内到期的长期负 债 其他流动负债 流动负债合计 524,985,678.41 341,254,617.64 511,912,310.87 329,485,658.43 长期负债： 长期借款 19 7,743,116.67 7,556,423.61 应付债券 长期应付款 住房周转金 其他长期负债 长期负债合计 7,743,116.67 7,556,423.61 递延税项： 递延税款贷项 负债合计 532,728,795.08 348,811,041.25 511,912,310.87 329,485,658.43 少数股东权益： 10,979,474.16 12,233,787.75 股东权益： 股本 20 235,000,000.00 235,000,000.00 235,000,000.00 235,000,000.00 资本公积 21 89,964,811.02 89,738,772.98 89,964,811.02 89,738,772.98 盈余公积 22 14,986,908.40 14,760,914.04 14,986,379.92 14,760,385.56 其中：公益金 7,493,454.20 7,380,457.02 7,493,189.96 7,380,192.78 未分配利润 23 48,194,990.44 47,339,638.12 48,195,519.01 47,291,541.59 股东权益合计 388,146,709.86 386,839,325.14 388,146,709.95 386,790,700.13 负债和股东权益总计 931,854,979.10 747,884,154.14 900,059,020.82 716,276,358.56 公司法人代表人： 主管会计工作的负责人： 会计主管人员： 42 2003 年度报告 利润及利润分配表 编制单位：黄石东贝电器股份有限公司 2003 年 12 月 31 日 单位：人民币元 注释 合并数 母公司数 项 目 号 本年累计数 上年同期数 本年累计数 上年同期数 一、主营业务收入 24 400,095,027.94 227,009,125.66 386,789,890.89 214,496,635.54 减：主营业务成本 24 351,511,245.24 190,985,700.33 340,401,045.98 183,193,501.62 主营业务税金及附加 25 1,436,518.48 1,755,187.84 970,943.16 1,067,000.87 二、主营业务利润 47,147,264.22 34,268,237.49 45,417,901.75 30,236,133.05 加：其他业务利润 233,910.19 1,273,138.64 224,979.56 1,273,138.64 减：营业费用 11,245,056.17 7,093,029.92 10,546,758.40 7,093,029.92 管理费用 25,282,182.75 15,110,554.47 17,632,548.22 10,009,803.54 财务费用 26 14,150,060.17 13,771,501.06 13,612,765.78 12,441,192.80 三、营业利润 -3,296,124.68 -433,709.32 3,850,808.91 1,965,245.43 加：投资收益 27 4,870,363.80 1,412,905.43 -1,712,472.82 -931,590.94 补贴收入 28 141,300.00 营业外收入 571,880.23 1,071,931.62 498,307.44 1,050,959.81 减：营业外支出 285,491.63 1,043,106.09 267,535.34 1,009,302.84 四、利润总额 2,001,927.72 1,008,021.64 2,369,108.19 1,075,311.46 减：所得税 1,239,136.41 982,954.12 1,239,136.41 982,954.12 减：少数股东收益 -318,555.37 -67,289.82 五、净利润 1,081,346.68 92,357.34 1,129,971.78 92,357.34 加：年初未分配利润 47,339,638.12 47,265,752.26 47,291,541.59 47,217,655.73 其他转入 六、可供分配的利润 48,420,984.80 47,358,109.60 48,421,513.37 47,310,013.07 减：提取法定盈余公积 112,997.18 9,235.74 112,997.18 9,235.74 提取法定公益金 112,997.18 9,235.74 112,997.18 9,235.74 七、可供股东分配的利润 48,194,990.44 47,339,638.12 48,195,519.01 47,291,541.59 减：应付优先股股利 提取任意盈余公积 应付普通股股利 转作股本普通股股利 八、未分配利润 48,194,990.44 47,339,638.12 48,195,519.01 47,291,541.59 公司法人代表人： 主管会计工作的负责人： 会计主管人员： 43 2003 年度报告 现 金 流 量 表 编制单位：黄石东贝电器股份有限公司 2003 年 12 月 31 日 单位：人民币元 项 目 行号 金 额 合并 母公司 一、 经营活动产生的现金流量： 1 收到的税费返还 3 141,410.00 收到的其他与经营活动有关的现金 4 6,474,397.20 2,057,329.44 现金流入小计 5 451,878,571.84 435,282,071.60 购买商品、接受劳务支付的现金 6 305,940,028.33 295,944,862.85 支付给职工以及为职工支付的现金 7 23,183,805.29 18,766,705.10 支付的各项税费 8 10,094,913.39 9,558,866.46 支付的其他与经营活动有关的现金 9 49,413,842.95 87,739,464.30 现金流出小计 10 388,632,589.96 412,009,898.71 经营活动产生的现金流量净额 11 63,245,981.88 23,272,172.89 二、 投资活动产生的现金流量： 12 收回投资所收到的现金 13 26,600,000.00 100,000.00 取得投资收益所收到的现金 14 5,199,464.72 2,478.72 处置固定资产、无形资产和其他长期资产 15 630.00 所收回的现金净额 收到的其他与投资活动有关的现金 16 7,407,617.35 7,407,617.35 现金流入小计 17 39,207,712.07 7,510,096.07 购建固定资产、无形资产和其他长期资产 18 5,346,046.91 1,899,511.07 所支付的现金 投资所支付的现金 19 73,500,000.00 4,000,000.00 支付的其他与投资活动有关的现金 20 现金流出小计 21 78,846,046.91 5,899,511.07 投资活动产生的现金流量净额 22 -39,638,334.84 1,610,585.00 三、 筹资活动产生的现金流量： 23 吸收投资所收到的现金 24 1,000,000.00 借款所收到的现金 25 65,630,000.00 61,000,000.00 收到的其他与筹资活动有关的现金 26 2,590,526.60 2,575,366.64 现金流入小计 27 69,220,526.60 63,575,366.64 偿还债务所支付的现金 28 24,070,000.00 22,440,000.00 分配股利、利润或偿还利息所支付的现金 29 16,414,567.58 15,979,196.30 支付的其他与筹资活动有关的现金 30 209,609.42 208,936.12 现金流出小计 31 40,694,177.00 38,628,132.42 筹资活动产生的现金流量净额 32 28,526,349.60 24,947,234.22 四、 汇率变动对现金的影响 33 五、 现金及现金等价物净增加额 34 52,133,996.64 49,829,992.11 企业法定代表人： 主管会计工作负责人： 会计主管： 44 2003 年度报告 现金流量表补充资料 编制单位：黄石东贝电器股份有限公司 2003 年 12 月 31 日 单位：人民币元 补 充 资 料 行号 金 额 1、将净利润调节为经营活动现金流量： 合并 母公司 净利润 35 1,081,346.68 1,129,971.78 加：少数股东损益 36 -318,555.38 加：计提的资产减值准备 37 5,278,518.31 5,359,475.14 固定资产折旧 38 23,442,712.19 19,650,136.89 无形资产摊销 39 3,330,512.56 长期待摊费用摊销 40 919,453.66 待摊费用减少（减：增加） 41 预提费用增加（减：减少） 42 -97,723.00 处置固定资产、无形资产和其 他长期资产的损失(减收益) 43 215.25 固定资产报废损失 44 财务费用 45 14,150,060.17 13,612,765.78 投资损失（减：收益） 46 -4,870,363.80 1,712,472.47 递延税款贷项（减：借项） 47 存货的减少（减：增加） 48 -28,764,435.81 -24,932,424.13 经营性应收项目的减少(减：增加) 49 -69,200,802.96 -114,816,849.34 经营性应付项目的增加(减：减少) 50 118,295,044.01 121,556,624.30 其 他 51 经营活动产生的现金流量净额 52 63,245,981.88 23,272,172.89 2、不涉及现金收支的投资和筹资活动 53 债务转为资本 54 一年内到期的可转换公司债券 55 融资租入固定资产 56 3、现金及现金等价物净增加情况： 57 现金的期末余额 58 115,342,225.92 112,786,254.64 减：现金的期初余额 59 63,208,229.28 62,956,262.53 加：现金等价物的期末余额 60 减：现金等价物的期初余额 61 现金及现金等价物净增加额 62 52,133,996.64 49,829,992.11 企业法定代表人： 主管会计工作负责人： 会计主管： 45 2003 年度报告 资产减值准备明细表 编制单位：黄石东贝电器股份有限公司 2003 年 12 月 31 日 单位：人民币元 项 目 期初余额 本期增加数 本期转回数 期末余额 一、坏账准备合计 17,515,655.39 5,342,660.94 22,858,316.33 其中：应收账款 15,118,047.73 4,763,570.35 19,881,618.08 其他应收款 2,397,607.66 579,090.59 2,976,698.25 二、短期投资跌价准备合计 其中：股票投资 债券投资 三、存货跌价准备合计 823,492.95 40,304.57 104,447.20 759,350.32 其中：库存商品 570,000.00 104,447.20 465,552.80 原材料 253,492.95 40,304.57 293,797.52 四、长期投资减值准备合计 其中：长期股权投资 长期债权投资 五、固定资产减值准备合计 其中：房屋、建筑物 机器设备 六、无形资产减值准备 其中：专利权 商标权 七、在建工程减值准备 八、委托贷款减值准备 公司法人代表人： 主管会计工作的负责人： 会计主管人员： 46 2003 年度报告 资产收益率及每股收益计算表 编制单位：黄石东贝电器股份有限公司 2003 年 12 月 31 日 单位：人民币元 净资产收益率% 每股收益 报告期利润 全面摊薄 加权平均 全面摊薄 加权平均 2003 年度 2003 年度 2003 年度 2003 年度 主营业务利润 12.147% 12.171% 0.201 0.201 营业利润 -0.849% -0.851% -0.014 -0.014 净利润 0.279% 0.279% 0.005 0.005 扣除非经常性损益后的净利 -1.030% -1.032% -0.017 -0.017 润 非经常性损益项目及金额 项 目 金 额 持股比例及所得税影响 净 额 营业外收入 571,880.23 171,798.73 400,081.50 营业外支出 -285,491.63 -90,268.72 -195,222.91 短期投资损益 5,199,464.72 520,516.58 4,678,948.14 减值转回 104,447.20 34,467.58 69,979.62 补贴收入 141,300.00 14,130.00 127,170.00 合 计 5,731,600.52 650,644.17 5,080,956.35 计算过程：全面摊薄净资产收益率=报告期利润/期末净资产 全面摊薄每股收益=报告期利润/期末股份总数 加权平权净资产收益率=P/(Eo+Np/2+Ei*Mi/Mo-Ej*Mj/Mo) 加权平权每股收益=P/(So+S1+Si*Mi/Mo-Sj*Mj/Mo) 项 目 金 额 主营业务利润 47,147,264.22 营业利润 -3,296,124.68 P：报告期利润 净利润 1,081,346.68 扣除非经常性损益后的净利润 -3,999,609.67 NP：报告期净利润 1,081,346.68 Eo：期初净资产 386,839,325.13 Ei：报告期发行新股或债转股等新增净资产 Ej：报告期回购或现金分红等减少净资产 Mo：报告期月份数 12.00 Mi：新增净资产下一月份起至报告期期末的月份数 Mj：减少净资产下一月份起至报告期期末的月份数 So：期初股本总数 235,000,000.00 S1：报告期因公积金转赠股本或股票股利分配等增加股份数 Si：报告期因发行新股或债转股等增加的股份数 Sj：报告期因回购或缩股等减少股份数 Mo：报告期月份数 12.00 Mi：新增股本下一月份起至报告期期末的月份数 Mj：减少股本下一月份起至报告期期末的月份数 期末净资产数 388,146,710.32 期末股份总数 235,000,000.00 47 黄石东贝电器股份有限公司 HUANGSHI DONGBEI ELECTRICAL APPLIANCE CO., LTD Annual Report 2003 April 22, 2004 1 Important Notes The Board of Directors of the Company hereby guarantees that there are no misstatement, misleading representation or important omissions in this report and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof. Mr. Tong Zeng, an independent director of the Company, did not attend the 12th meeting of the second board of directors of the Company. Mr. Yang Baichang, the board chairman of the Company, Mr. Du Haiyan, the deputy general manager in charge of finance and Mr. Qiu Fujun, the director of Finance Dept., represent and warrant the financial and accounting report in the annual report is true and complete. 2 Table of Contents I. Brief Introduction of the Company II. Highlights of Accounting Data and Business Data III. Particulars about Changes in Share Capital and Shareholders IV. Particulars about Directors, Supervisors, Senior Executives and Employees V. Company Administration Structure VI. Brief Introduction of Shareholders' General Meeting VII. Report of the Board of Directors VIII. Report of the Supervisory Committee IX. Important Events X. Financial Reports XI. List of Documents Available for Inspection I. Brief Introduction of the Company 1． Statutory Name of the Company In Chinese :黄石东贝电器股份有限公司 In English : Huangshi Dongbei Electrical Appliance Co., Ltd. 2． Legal Representative: Yang Bai Chang 3． Board Secretary: Liao Hangang Contact Address： No.5, Wuhuang Road, Tieshan District, Huangshi City, Hubei Province Tel： (0714) 5415858 Fax： (0714) 5415858 E-mail: stock@donper.com Securities Affair Representative: Liu Xiaokui Contact Address： No.5, Wuhuang Road, Tieshan District, Huangshi City, Hubei Province Tel： (0714) 5415858 Fax： (0714) 5415858 E-mail: stock@donper.com 4． Registered Address: No.5, Wuhuang Road, Tieshan District, Huangshi City, Hubei Province Business Address: No.5, Wuhuang Road, Tieshan District, Huangshi City, Hubei Province Zip Code: 435006 Website： http：//www.donper.com 3 E-mail : stock@donper.com 5． Newspapers for Information Disclosure: Shanghai Securities Daily, Hong Kong Commercial Daily Internet Website for Publishing the Annual Report： http：//www.sse.com.cn The Place for Placing the Annual Report: Securities Dept. of the Company 6． Stock Exchange for Listing: Shanghai Stock Exchange Stock Abbreviation: Dongbei B Stock Code : 900956 7． Others: (1) Date and place of the first registration: March 10, 1999 Huangshi City, Hubei Province (2) Date and place of registration change: November 2, 1999 Huangshi City, Hubei Province (3) Legal entity registration number: QGEZFZ No. 002678 (4) Tax registration number: 420205707089475 (5) Name of certified public accountants engaged by the Company: Hubei Daxin Certified Public Accountants Co., Ltd. Horwath International (China Hubei) Certified Public Accountants Business address: 7-8/F, Block AB, Jinyuan World Center, No. 1166 Zhongshan Road, Wuhan City, Hubei Province II. Highlights of Accounting Data and Business Data 1．Accounting Data for the Report Year (Unit: RMB) Item Amount Total profit 2,001,927.72 Net profit 1,081,346.68 Net profit after deducting non-recurring gains and losses -4,650,253.84 Profit from key business 47,147,264.22 Profit from other business 233,910.19 Operating profit -3,296,124.68 Investment income 4,870,363.80 Subsidy income 141,300.00 Net non-operating income and expenses 286388.606 Net cash flow from operating activities 63245981.88 Net increase of cash and cash equivalents 52133996.64 The influence of the adjustment pursuant to international accounting standards (IAS) on after-tax profit: (RMB '000) After-tax profit Shareholders' equity Amount after adjustment pursuant to IAS: 1,562 383,888 Amount stated in the statutory account of the Company 1,081 388,147 I. Items and amount of non-recurring gains and losses: 4 Item Unit (Yuan) Non-operating income 571,880.23 Non-operating expenses -285,491.63 Gains and losses from short-term 5,199,464.72 investment Impairment writeback 104,447.20 Subsidy income 141,300.00 Total 5,731,600.52 Difference with the financial statements prepared pursuant to international accounting standards: Unit: RMB'000 After-tax profit Shareholders' equity Balance Balance December 31, 2003 December 31, 2002 of this of the year previous year Pursuant to enterprise 1,081 92 388,147 386.839 accounting system Adjustment Real estate, factory -2,311 -2,311 building and equipment depreciation Acceptance of donation 254 254 -1,948 -1,948 Deduction and exemption 244 5,165 of debts Minority gains or losses -17 -437 Amount after adjustment 1,562 5,074 383,888 382,326 pursuant to IAS: The main reason of the difference of after-tax profit: The acceptance of donation and reduction and exemption of debts are taken as gains and losses pursuant to IAS. The difference of shareholders' equity is mainly due to different calculation standards of fixed asset depreciation. 2．Highlights of accounting data and financial indicators in the latest three years Item 2003 2002 2001 After Before adjustment adjustment Income from key business (RMB '000) 400,095.03 227,009.13 227,009.13 258,197.79 Net profit (RMB '000) 1,081.35 92.36 1,099.32 23,423.98 Total assets (RMB '000) 931,854.98 747,884.15 765,711.84 703,584.23 Shareholders' equity (RMB '000) 388,146.71 386,839.33 387,846.29 382,018.58 5 Earnings per share (fully diluted) (RMB) 0.005 0.0004 0.005 0.10 Net assets per share（RMB） 1.652 1.646 1.65 1.63 Net assets per share after adjustment (RMB) 1.63 1.63 1.63 1.60 Return on net assets (fully diluted) (%) 0.28 0.02 0.28 6.13 Return on net assets (Weighted average) (%) 0.28 0.02 0.28 6.37 Net cash flows per share from operating -0.097 0.11 activities (RMB) 0.27 -0.097 2002 return on net assets and earnings per share calculated according to the requirements of No. 9 Rule on Information Disclosure by Companies Publicly Issuing Securities issued by CSRC are as follows: Return on net assets Earnings per share (%) (RMB) Profit for the report period Fully Weighted Fully Weighted diluted average diluted average Profit from key business 12.147% 12.171% 0.201 0.201 Operating profit -0.849% -0.851% -0.014 -0.014 Net profit 0.279% 0.279% 0.005 0.005 Net profit after deducting -1.030% -1.032% -0.017 -0.017 non-recurring gains and losses 3．Particulars about Changes in Shareholders' Equity in the Report Period Unit: RMB Statutory Total Capital Surplus Undistributed Item Share capital public welfare shareholders' surplus reserve profit fund equities Beginnin g balance 235,000,000.00 89,738,772.98 14,760,914.04 7,380,457.02 47,339,638.12 386,839,325.14 Increase in curent period 226,038.04 225,994.36 112,997.18 855,352.32 1,307,384.72 Decrease in current period Ending balance 235,000,000.00 89,964,811.02 14,986,908.40 7,493,454.20 48,194,990.44 388,146,709.86 Reasons for change: (1) Capital surplus increased due to the increase of proceeds from debt restructuring. (2) Surplus reserve increased due to appropriating net profit of RMB 112,997.18 for statutory common reserve fund and RMB 112,997.18 for statutory public welfare fund in 6 the report year. (3) Retained profit increased due to the inward transfer of the net profit earned this year. (4) Total shareholders' equity increased due to the increase of the net profit for the year and capital common reserve fund. III. Particulars about Changes in Share Capital and Shareholders 1. Particulars about the changes of share capital (1) Table of the changes in share capital Unit: million shares 7 Before Increase/decrease this time (+ , - ) After this this change change Shar Bon Capital Seco Othe Subt e us ization ndar rs otal allot shar of y ment es commo offer n reserve fund I. Non-negotiable shares 1. Promoter's shares 120.00 120.00 Including： State-owned shares 117.60 117.60 Domestic corporate 2.40 2.40 shares Others 2. Raised corporate shares 3. Staff shares 4. Preferred shares or others Total non-negotiable 120.00 120.00 shares II. Negotiable shares 1. RMB common shares 2. Domestically listed 115.00 115.00 foreign investment shares 3. Overseas listed foreign investment shares 4. Others Total negotiable shares 115.00 115.00 III. Total shares 235.00 235.00 (2) Share issuance and listing: a. The Company issued 100,000,00 domestically listed foreign investment shares (B shares) at the price of USD 0.198 per share from June 23, 1999 and June 25, 1999, 8 which were listed at Shanghai Stock Exchange on July 15, 1999. As of August 13, 1999, the Company exercised all excess placement options. It additionally issued 15 million shares in total at the price of USD 0.198 per share. The newly issued shares were listed at Shanghai Stock Exchange on August 13, 1999. b. The total number of shares and share structure of the Company remained unchanged in 2003. c. The Company has had no staff shares since its establishment. 2. Introduction to shareholders (1) As of the end of 2003， the total number of the Company's shareholders was 22,355. (2) As of the end of 2003, the shareholding of the top ten shareholders was as follows: Unit: shares Name of shareholder (full Increase Quantity of Proportion Type of share Nature of name) or shares held at (%) (Note 4) shareholder decrease the end of year (Negotiable or ( state-owned within non-negotiabl shareholder or the year e) foreign capital shareholder) Huangshi Dongbei 0 117，600，000 50.04 Non-negotia State-owned Refrigerating Machine ble shareholder Group Co., , Ltd. Sun Menlin 2,320,096 0.99 Negotiable Shareholders of foreign capital negotiable shares Zhou Jianbai 0 970,000 0.41 Negotiable Shareholders of foreign capital negotiable shares Changzhou Luoke 0 800,000 0.34 Non-negotia Social corporate Refrigeration Electrical ble shareholder Co., Ltd. Hu Baijun 747,000 0.32 Negotiable Shareholders of foreign capital negotiable shares Zhou Houxiang 560,699 0.24 Negotiable Shareholders of foreign capital negotiable shares Hu Yunqing 514,200 0.22 Negotiable Shareholders of foreign capital negotiable 9 shares Wuhan Xinhua Hardware 0 400,000 0.17 Non-negotia Social corporate Factory ble shareholder Zhejiang Shaoxing 0 400,000 0.17 Non-negotia Social corporate Pressing Factory ble shareholder Zhuji Electrical 0 400,000 0.17 Non-negotia Social corporate Machinery Factory ble shareholder Changshu Bixi Radio 0 400,000 0.17 Non-negotia Social corporate Factory ble reholder Notes: (1) Huangshi Dongbei Refrigerating Machine Industrial Co. (its predecessor Huangshi Dongbei Refrigerating Machine Group Co., Ltd. settled the procedure of name change), the controlling shareholder of the Company, implemented the conversion of debts into shares according to the Agreement for Conversion of Debts into Shares signed by Huangshi State Asset Bureau with three asset management company, i.e., Orient, Xinda and Huarong, put 50.04% of the state shares of the Company which it was authorized to hold into Huangshi Dongbei Electromechanical Group Co., Ltd., (Dongbei Group) the new company established after the conversion of debts into shares, according to the Agreement for Conversion of Debts into Shares signed by Huangshi State Asset Bureau with three asset management company, i.e., Orient, Xinda and Huarong. As the transfer of state shares is subject to the approval of Ministry of Finance and the procedure is complicated and takes long time, Huangshi Dongbei Refrigerating Machine Group Co., Ltd. and Huangshi Dongbei Electromechanical Group Co., Ltd. signed Equity Trusteeship Agreement on September 8, 2002. The state-owned shares of the Company are held by Huangshi Dongbei Electromechanical Group Co., Ltd. in trust at present. The Company disclosed this matter in details on Hong Kong Commercial Daily and Shanghai Securities Daily on September 12, 2002. (2) The Company does not know whether there is related relation between the top ten shareholders and whether persons taking concerted action exist. The shares held by the Company are neither pledged nor frozen. (3) The Company does not have any corporate shareholder holding over 10% of its shares. (4) Introduction of the controlling shareholder The controlling shareholder of the Company is Huangshi Dongbei Refrigerating Machine Group Co., Ltd. Legal representative：Yang Baichang. Date of establishment: June 1994. Registered capital: RMB 180 million. Economic nature: State-owned enterprise. Key sideline: Production of refrigeration equipment including cold drink machines and ice cream machines. Sideline: Manufacturing and repair of compressor casts and parts of refrigeration equipment. The actual controller of the Company is Huangshi Dongbei Electromechanical Group Co., Ltd. Legal representative: Yang Baichang. Date of establishment: June 1994. Date of establishment: January 1992. This company was jointly established by Huangshi Dongbei Refrigerating Machine Group Co., Ltd. which contributed capital with its main operating 10 assets (including 50.04% equity of the Company held by it) with three asset management company, i.e., Orient, Xinda and Huarong, according to the Agreement for Conversion of Debts into Shares signed by Huangshi Dongbei Refrigerating Machine Group Co., Ltd. and the said three asset management companies. After the establishment of this company, the controlling shareholder of the Company changed from Huangshi Dongbei Refrigerating Machine Group Co. to Huangshi Dongbei Electromechanical Group Co., Ltd. Relevant procedure is under handling at present. The key business of this company: Production of refrigeration equipment including cold drink machines and ice cream machines. Sideline: Manufacturing and repair of compressor casts and parts of refrigeration equipment and high technology development. Registered capital: RMB 241.84 million (3) As of the end of 2003, the shareholding of the top ten shareholders holding negotiable shares was as follows: No. Name of shareholder (full Number of shares held Type of share name) at the end of year (shares) 1 Sun Menlin 2,320,096 Negotiable B shares 2 Zhou Jianbai 970,000 Negotiable B shares 3 Hu Baijun 747,000 Negotiable B shares 4 Zhou Houxiang 560,699 Negotiable B shares 5 Hu Yunjing 514,200 Negotiable B shares 6 DEBORAH WANG LIN 371,000 Negotiable B shares 7 Ma Jian 338,545 Negotiable B shares 8 Zhou Lihua 333,600 Negotiable B shares 9 Li Zhaoqiu 326,482 Negotiable B shares 10 Zhang Yanfang 300,420 Negotiable B shares Note: The Company did not know whether the above shareholders had relation. IV. Particulars about Directors, Supervisors, Senior Executives and Employees (I) Basic information Name Title Sex Age Date of starting and ending Shares held at Shares Reason year-beginning held at for year-end change Yang Board Male 49 2002.5.10-2005.5.10 0 0 Baichang chairman Zhu Director Male 41 2002.5.10-2005.5.10 0 0 Jinming Director Male Shi and General 42 2002.5.10-2005.5.10 0 0 Zhongjian Manager Ye Junfang Director Male 49 2002.5.10-2005.5.10 0 0 11 Liu Director Male 56 2002.5.10-2005.5.10 0 0 Chuansong Ran Director Male 56 2002.5.10-2005.5.10 0 0 Shaolin Tong Independent Male 48 2002.5.10-2005.5.10 0 0 Zheng director Lu Independent Female 46 2002.5.10-2005.5.10 0 0 Yanying director Chao Yi Independent Male 41 2002.5.10-2005.5.10 0 0 director Wang Male Supervisor 56 2002.5.10-2005.5.10 0 0 Guhu Yang Male Supervisor 57 2002.5.10-2005.5.10 0 0 Zhiming Yu Male Supervisor 45 2002.5.10-2005.5.10 0 0 Minghua Liao Board Male 41 2002.5.10-2005.5.10 0 0 Hangang secretary Du Deputy GM Male 40 2002.5.10-2005.5.10 0 0 Haiyan Notes: (1) The directors, supervisors and senior executives of the Company did not hold shares of the Company in the report period. (2) The positions held by the directors and supervisors of the Company at corporate shareholders: Whether receiving remuneration Name Name of shareholder Position Term of office and subsidy from corporate shareholder （Yes or no） Yang Huangshi Dongbei Board Baicha Electromechanical Group chairman and 2001.11.13-2004.11.13 Yes ng Co., Ltd. president Zhu Huangshi Dongbei Director and Jinmin Electromechanical Group Vice 2001.11.13-2004.11.13 Yes g Co., Ltd. president Shi Huangshi Dongbei Zhongj Electromechanical Group Director 2001.11.13-2004.11.13 No ian Co., Ltd. Ye Huangshi Dongbei Vice 2001.11.13-2004.11.13 Yes Junfan Electromechanical Group president 12 g Co., Ltd. Liu Huangshi Dongbei Vice Chuans Electromechanical Group 2001.11.13-2004.11.13 No president ong Co., Ltd. Supervisor Huangshi Dongbei Wang and secretary Electromechanical Group 2001.11.13-2004.11.13 Yes Guhua of discipline Co., Ltd. committee Supervisor Huangshi Luoke Ran and secretary Refrigeration Electrical 1992 to present Yes Shaolin of discipline Co., Ltd. committee (II)Annual remuneration 1.The procedure of deciding the remuneration of the directors, supervisors and senior executives and the basis for determining remuneration In 2003, the remuneration of the directors, supervisors and senior executives of the Company was paid by the Company according to annual salary system. The annual salary of directors and supervisors is composed of basic annual salary and efficiency-related annual salary. The basis salary is paid on monthly basis. The efficiency-related annual salary is paid according to the result of the appraisal of the status of fulfillment of annual economic target. 2.Among the directors, supervisors and senior executives of the Company, 3 persons received remuneration from the Company, including 1 director, 1 senior executive and 1 supervisor, whose total annual remuneration was RMB 0.1836 million. 3.The annual subsidy of each independent director is RMB 15,000 (including tax). Other benefit: The traveling expenses and accommodation costs incurred by independent directors for attending meetings of the board of directors and shareholders' meetings and exercising powers and functions are reimbursed according to the actual amount. 4.The directors who did not receive remuneration from the Company include Mr. Yang Baichang, Mr. Zhu Jinming, Mr. Ye Junfang, Mr. Liu Chuansong and Mr. Ruan Shaolin. Mr. Yang Baichang, Mr. Zhu Jinming and Mr. Ye Junfang received remuneration from the Group Company. Mr. Liu Chuansong received remuneration from another subsidiary of the Group Company. Mr. Ruan Shaolin received remuneration from Changzhou Luoke Refrigeration Electrical Co., Ltd. (III)The leaving of office and assumption of office of directors and supervisors and the appointment and dismissal of senior executives in the report period After discussion, the sixth meeting of the second board of directors of the Company held on April 24, 2003 passed a resolution for approving the resignation of Mr. Fang Zeyun, the deputy general manager of the Company, from the position of deputy general manager due to work change. (IV)The quantity, specialty composition and education background of the employees and retired employees of the Company As of the end of 2003, the total number of employees of the Company was 1469. The number of retired employees of the Company was 133. 13 1.Specialty composition Type Number of person Proportion % Production personnel 1373 93.46 Sales personnel 23 1.6 Technical personnel 55 3.7 Financial personnel 10 0.7 Administrative personnel 8 0.5 Total 1469 100 2.Education background composition Type Number of person Proportion % Junior college and above 125 8.5 Technical secondary school 136 9.3 Senior high school and below 1208 82.2 Total 1469 100 V. Company Administration Structure (I) Status of company administration 1. Status quo of company administration Strictly according to the requirements of laws and regulations including the Company Law, the Securities Law, Stock Listing Rules of Shanghai Stock Exchange and Standards of Administration of Listed Companies, the Company has constantly perfected its legal person administration structure. In November 2003, Wuhan Securities Supervision Bureau conducted patrol inspection of the Company. The Company carried out all-round rectification according to the rectification instructions given by Securities Supervision Bureau after patrol inspection so as to further improved its corporate administration. At present, the corporate administration of the Company basically meets the requirements of criteria documents including Standards of Administration of Listed Companies. The particulars are as follows: (1) Shareholders and shareholders' general meeting: The Company is able to equally treat all shareholders, protect the legal rights and interests of all shareholders, ensure all shareholders enjoy equal position and seriously answer shareholders' questions to enable shareholders to timely know the operating status of the Company. The Company formulated Rules of Procedure of Shareholders' General Meeting, convened and held shareholders' general meetings according to the requirements of Opinions on Standards of Shareholders' General Meeting and Listing Rules of Shanghai Stock Exchange so that all shareholders could fully exercise their due rights. The shareholders' general meetings 14 engaged lawyers to act as witnesses and issue legal opinions. The related transactions of the Company complied with the principles of "openness, fairness and impartiality" and did not harm the interests of the Company and shareholders. (2) Relationship between the controlling shareholder and the Company: The controlling shareholder of the Company is able to act in standardized way and exercise the investor's rights according to law and did not interfere with the Company's operation and seek additional benefit by overstepping its authority. The Company has been independent from its controlling shareholder in respect of personnel, assets, finance, organization and business. The Company carries out independent accounting and independently bears liabilities and risks. The board of directors, the supervisory committee and internal organs of the Company are able to operate independently. (3) The directors and the board of directors: The Company elected directors strictly according to the procedure provided by the Articles of Association of the Company. The number and composition of the board of directors of the Company meet the requirements of laws and regulations. The board of directors of the Company formulated the Rules of Procedure of the Board of Directors. All directors are familiar with relevant laws and regulations and understand their rights, obligations and duties. They are able to attend board meetings and shareholders' general meetings in serious and responsible manner, express explicit opinions on the matters examined and perform their duties faithfully and diligently. The Company has established independent director system according to relevant regulations of CSRC. The current number and composition of independent directors of the Company meet the requirements of relevant regulations. The board of directors is able to strictly implement the resolutions of the shareholders' general meeting. (4) Supervisors and the supervisory committee: The Company elected supervisors strictly according to the procedure provided by the Articles of Association of the Company. The number and composition of the supervisory committee of the Company meet the requirements of laws and regulations. All supervisors are able to be present at the meetings of the supervisory committee and attend board meetings and shareholders' general meetings as non-voting delegates in serious and responsible manner and perform their duties seriously. The members of the supervisory committee are able to study relevant laws and regulations earnestly, understand their rights, obligations and duties and supervise the finance of the Company and the duty performance of the directors, managers and other senior executives of the Company. (5) Performance appraisal and stimulation and restriction mechanism: The Company has established performance appraisal and stimulation and restriction mechanisms applicable to the management. Annual salary system applies to the directors, supervisors and senior executive who receive remuneration from the Company. Their annual salary is composed of basic annual salary and efficiency-related annual salary. The basic annual salary is paid on monthly basis. The efficiency-related annual salary is paid according to the status of the fulfillment of the Company's operating results and quantified target. (6) Interested parties: The Company was able to fully respect the legal rights and 15 interests of the interested parties including banks, creditors, employees, customers and suppliers and jointly promote its sustained and healthy development. (7) Information disclosure and transparency: The Company established Information Disclosure System and designated the board secretary to be responsible for information disclosure. The Company was able to truly, accurately, completely and timely disclose information strictly according to the provisions of laws, regulations and the Articles of Association of the Company, ensure all shareholders have equal and timely opportunities to obtain the information and timely disclose the details of its largest shareholder or controller and the change of shares according to relevant regulations. (II) Duty performance of independent directors 2001 annual shareholders' general meeting of the Company elected Mr. Cao Yi, Mr. Tong Zeng and Mdm Lu Yanying as the independent directors of the Company. During their term of office, independent directors seriously exercised their powers and functions, actively attended the Company's board meetings and shareholders' general meetings and gave counsel on the operation and planning of the Company. Meanwhile, they expressed their own independent opinions on the important operation decisions of the Company, promoted the fairness and openness of the Company's important decisions, ensured the reasonableness of the decisions of the board of directors and safeguarded the overall interests of the Company and interests of middle and small shareholders. (III） The separation of the Company from its controlling shareholder in five respects 1. As for business, the Company's production and operation is completely independent of its controlling shareholder. Its production and operating activities are independently decided by the Company. The Company needs not depend on corporate shareholders for conducting production and operating activities. It owns independent purchase, production and sales system and complete business organ. 2. As for personnel, the Company is completely independent in respect of management of labor, personnel and wage, pays wages to its employees, signs labor contract and arrange overall social insurance independently. The general manger and other senior executives of the Company all receive remuneration from the Company. 3. As for assets, the property right relationship between the Company and its controlling shareholder and other shareholders is clear. The Company has independent and complete production and operation system and independent intellectual property rights. The controlling shareholder has not occupied the funds of the Company. 4. As for organization setup, the Company has established sound organizational system. All organization setup procedure and organizational functions are independent. The internal organs including the board of directors and the supervisory committee operate independently and have no subordinate relationship with the functional departments of the controlling shareholder. The Company owns independent and complete production, operation and administration system, which is completely independent of the controlling shareholder. The offices and production and operation site are also separated from those of the controlling shareholder. It has the power of independently exercising its functions and powers. 16 5. As for finance, the Company owns a set of independent accounting system and independent bank account, independently pays taxes, conducts independent accounting and is responsible for its own profits or losses. To sum up, the Company has been completely independent of its controlling shareholder in respect of business, personnel, assets, organization and finance and has independent and complete business and the ability of indepependant operation. VI. Brief Introduction of Shareholders' General Meeting I. Holding of shareholders' general meeting （一） 2002 annual shareholders' general meeting of the Company was held in Haiguanshan Hotel, Huangshi City on May 28, 2003. The board of directors of the Company issued meeting notice a month in advance. 6 shareholders attended this meeting, representing 120 million shares which account for 51.06% of the total share capital of the Company. The holding of the meeting complied with the provisions of the Company Law and the Articles of Association of the Company. The meeting examined and adopted the following resolutions: 1.2002 work report of the board of directors of the Company; 2.2002 work report of the supervisory committee of the Company; 3.2002 annual report of Company and its summary; 4.Final accounting report of the Company for 2002 and its financial budget report for 2003; 5. 2002 profit distribution plan of the Company; 6.The proposal for engaging the auditor of the Company for 2003 and authorizing the board of directors to decide its remuneration. This meeting was legally witnessed by Guohao Lawyers' Group (Shanghai) Office. The announcement of its resolutions was published on Shanghai Securities Daily and Hong Kong Commercial Daily on May 29, 2003. II. Changes in directors and supervisors The directors and supervisors of the Company were neither elected nor replaced in the report period. VII. Report of the Board of Directors (I)Scope and operating status of main operation The Company is mainly engaged in the production and sales of compressors for 17 refrigerators and ice box. Its key product is reciprocating type refrigerating compressor. Its main users are well-known domestic refrigerator and ice box manufacturers. Facing increasingly fierce market competition，the Company seized the opportunity brought by the strong growth of the export of white electrical household appliances after China's entry to WTO, gave full play to the advantages of its product including large span of power, wide variety and extensive scope of application, endeavored to develop international and domestic markets and constantly enhanced the market share of its products with compressors of Dongbei Brand being appraised as "famous-brand Chinese products" as a turning point. In the report year, the output and sales volume of compressors of all kinds were 2.36 million and 2.22 million respectively, which increased by 111.70% and 110.2% respectively over the same period of the previous year and set a historic record. However, due to the sharp rise of the price of raw materials including pig iron, copper products and silicon steel sheets and the continuously lowering price of compressors, the Company's operating results were still not ideal. Refer to the following table for the income and profit from main operation of the Company: In terms of line of business: Income from main operation Cost of main operation Operating gross profit Amount of Amount of Amount of Amount of Amount Amount Line of current period previous year current period previous year of current of business (RMB) (RMB) (RMB) (RMB) period previous (RMB) year (RMB) Industry 390,338,258.41 214,496,635.54 344,240,385.24 183,193,501.62 11.81% 14.59% Service 9,756,769.53 12,512,490.12 7,270,860.00 7,792,198.71 industry 25.48% 37.72% Total 400,095,027.94 227,009,125.66 351,511,245.24 190,985,700.33 12.14% 15.87% In terms of product: Operating gross Income from main operation Cost of main operation profit Item Amount of Amount of Amount of Amount of Amount of Amount of current previous year current period previous year current previous period (RMB) (RMB) (RMB) (RMB) period year 386,789,890. Compressors 214,496,635.54 340,401,045.98 183,193,501.62 11.81% 14.59% 89 Sales of compressor products in terms of areas: Operating gross Area Income from main operation Cost of main operation profit 18 Amount of current period Amount of current period Amount of current (RMB) (RMB) period (RMB) East 56,259,531.56 49,620,906.84 6,638,624.72 China Centra 86,081,015.24 75,863,198.74 10,217,816.50 l south South 110,363,457.56 97,340,625.01 13,022,832.55 China Southw 23,537,380.75 20,759,969.82 2,777,410.93 est North 71,568,268.73 63,123,213.02 8,445,055.71 China Others 52,285,374.10 44,803,331.81 7,482,042.29 Total 400,095,027.94 351,511,245.24 48,583,782.70 (II)Operating status and results of main controlled subsidiaries and joint ventures 1. Huangshi Haiguanshan Hotel Co., Ltd. (Haiguanshan Hotel) With registered capital of RMB 86.5587 million, it is a controlled subsidiary of the Company and mainly engaged in hotel business and tourist services. The Company owns 90% equity of this company. In the report period，the hotel earned income of RMB 9.7568 million from main operation and net profit of RMB - 0.7144 million. Its total assets at the end of period were RMB 159.9558 million. 2. Wuhan Chenxin Photoelectric Co., Ltd. (Wuhan Chenxin) It is a controlled subsidiary of the Company. It is mainly engaged in the manufacturing and sale of optical fiber ceramic core insert. The Company holds 90% equity of this company. The registered capital of this company is RMB 10 million. In the report period，it earned income of RMB 1.7881 million from main operation and net profit of RMB - 23,200. 3. Dongbei Solar Energy Co., Ltd. Refer to the particulars about the investment projects utilizing non-raised funds in the report period for the detailed operating status of this company. (III)Main suppliers and customers 1. Purchase of materials from the top five suppliers The total amount of purchase from the top five suppliers was RMB 151.7582 million in the report year. , which accounted for 37.39% of the total annual purchase amount. 2. Sales of products to the top five customers The total amount of sales to the top five customers was RMB 185.4078 million which accounted for 47.93% of the total sales of the Company. (IV)Problems and difficulties occurred in operation and their solutions The competition beween domestic compressor manufacturers has been extremely 19 fierce. In addition, the overall domestic production capacity is superfluous so that the selling price of compressor has kept falling. Meanwhile, the price of energy including electric power and raw materials including steel products, copper and aluminium has risen sharply. As a result, the Company has been in a status of being extruded on both sides. Though the Company's annual output and sales volume both doubled over the same period of the previous year and exceeded the designed production capacity of equipment, its earning level was not enhanced. Based on the analysis of the operation situation and business environment in 2004 and in light of the Company's production capacity and other relevant conditions，the Company plans to take the following measures to improve its economic results: (1) To speed up technical renovation, enhance production ability，quickly enlarge production scale and seek efficiency from large scale production; (2) To continue to develop international and domestic markets， give play to its advantages including wide variety, complete specification and advanced technology and enlarge market share; (3) To continue to strengthen cost control and strictly control all expenses. (V)The investment of the Company 1.Utilization of raised funds The raised funds of the Company were used up in 2001. 2.Investment with non-raised funds in the report period According to the resolution of the 15th meeting of the first board of directors, the Company invested RMB 2 million in acquiring 20% equity of Wuhan Chenxin Photoelectric Co., Ltd. held by Mr. Leng Xinlie in the report period. After the acquisition, the Company held 90% equity of this company. This company earned net profit of RMB - 23,200 in 2003. As examined and adopted by the 6th meeting of the second board of directors of the Company, the Company and Huangshi Dongbei Electromechanical Group Co., Ltd. jointly established Huangshi Dongbei Solar Energy Co., Ltd. The Company invested RMB 4 million，which account for 80% of its total share capital. This company is in the initial stage of production at present. It earned income of RMB 1.7603 million from main operation and net profit of RMB - 0.9667 million in 2003. According to the Proposal Concerning the Project of Compressor’s Technical Renovation of the Company adopted at the 7th meeting of the second board of directors of the Company, the Company has invested RMB 19.65 million in the equipment for technical renovation. This project will be completed before the end of 2004, when the Company will have the capacity of annually producing 3 million compressors and 2 million electrical motors. (VI)Analysis of the Company's financial position and operating results: Unit: RMB Indicator 2003 2002 Growth rate (%) 20 After Before After adjustment Before adjustment adjustment adjustment Total assets 931,854,979.10 747,884,154.14 748,454,154.14 24.60% 24.50% Long-term liabilities 7,743,116.67 7,556,423.61 7,556,423.61 2.47% 2.47% Shareholders' equity 388,146,709.86 386,839,325.14 387,846,290.86 0.34% 0.08% Profit from main operation 47,147,264.22 34,268,237.49 34,268,237.49 37.58% 37.58% Net profit 1,081,346.68 92,357.34 1,099,323.06 1070.83% -1.64% The total assets of the Comany increased in the report year mainly due to the increase of monetary capital, short-term investment, accounts receivable and inventories; Profit from main operation increased mainly due to the sharp increase of the sales volume of key products; Net profit increased by big margin due to the great growth of short-term investment income and the adjustment of the Company's net profit as at the end of 2002 according to relevant requirements. Refer to Note 5 in the notes to financial statements - the notes to the correction of accounting errors and adjustments at the beginning of period for details. (VII) Routine work of the board of directors 1. Board meetings and resolutions in the report period The 6th meeting of the second board of directors of the Company was held on April 24, 2003. 9 directors were supposed to attend the meeting and 7 of them were actually present. Two directors authorized representatives to attend the meeting. The meeting examined and adopted the following: （1） 2002 work report of the board of directors of the Company; （2） 2002 work report of the general manager of the Company; （3） 2002 annual report of Company and its summary; （4） Final accounting report of the Company for 2002 and its financial budget report for 2003; （5） The profit distribution preplan of the Company for 2002 and its profit distribution policy for the next year; （6） The proposal for engaging the auditor of the Company for the year 2003 and authorizing the board of directors to decide its remuneration; （7） The proposal concerning the resignation of deputy general manager; （8） The proposal for establishing Huangshi Dongbei Solar Energy Co., Ltd.; （9） The proposal for holding 2002 annual shareholders' general meeting; （10）The report of the Company for the first quarter of 2003. The announcement of the resolutions of this meeting was published on Shanghai Securities Daily and Hong Kong Commercial Daily on April 25, 2003. 21 The 7th meeting of the second board of directors of the Company was held on July 16, 2003. 9 directors were supposed to attend the meeting and 5 of them were actually present. Director Mr. Ruan Shaolin, independent directors Mr. Cao Yi, Mr. Tong Zeng and Ms Lu Yanying did not attend the meeting for certain reason. The meeting took vote by communication. The meeting examined and adopted the following: The proposal concerning the project of compressor's technical renovation. The 8th meeting of the second board of directors of the Company was held on August 28, 2003. 9 directors were supposed to attend the meeting and 8 of them were actually present. Independent director Ms Lu Yanying authorized independent director Mr. Tong Zeng to exercise voting right on her behalf. The meeting examined and adopted the following: （1） 2003 semiannual work report of the board of directors of the Company; （2） 2003 semiannual report of the Company and its summary; The 9th meeting of the second board of directors of the Company was held on October 22, 2003. 9 directors were supposed to attend the meeting and 5 of them were actually present. Director Mr. Ruan Shaolin, independent directors Mr. Cao Yi, Mr. Tong Zeng and Ms Lu Yanying did not attend the meeting for certain reason. The meeting took vote by communication. The meeting adopted the report of the Company for the third quarter of 2003. 2. Implementation by the board of directors of the resolutions of the shareholders' general meeting In the report period，the board of directors of the Company strictly implemented all resolutions adopted by the shareholders' general meeting according to the requirements of the Company Law, the Articles of Association of the Company and relevant laws and regulations. (VIII) The profit distribution preplan of the Company for the report year As audited by Hubei Daxin Certified Public Accountants Co., Ltd., the net profit of the Company for 2003 was RMB 1081346.68. 10% of the net profit of the Company, i.e., RMB 112997.18, is to be appropriated for statutory surplus common reserve fund and 10% thereof, i.e., RMB 112997.18, is to be appropriated for statutory public welfare fund. With the year-beginning undistributed profit of RMB 47339638.12 being added, the total profit available for distribution to shareholders at the end of the report year is RMB 48194990.44. After review, the Company drew up the profit distribution plan of neither distributing profit nor capitalizing capital surplus for 2003. This profit distribution preplan 22 is to be submitted to shareholders' general meeting for approval. (IX) Other matters 1. The special audit statement of certified public accountants on the fund occupation by the controlling shareholder and related parties According to the requirements of the Circular on Certain Issues Relating to Standardization of Fund Transfer Between Listed Companies and Their Related Parties and Guarantees Provided by Listed Companies issued by CSRC, Hubei Daxin Certified Public Accountants Co., Ltd. issued DXHZ (2004) No. 52 special audit report. The particulars about the audit are as follows: I. The relatinship with the controlling shareholder and other related parties (1) The related parties with controlling relationship Company name Registered address Main operation Relationship Economic nature Legal with the or type representative Company 5 Wuhuang Road, Production and Main Limited liability Yang Huangshi Dongbei Tieshan District, sales of promoter company Baichang Electromechanical Huangshi City, refrigerating Group Co., Ltd. Hubei Province compressors Huangshi 2 Tianjin Road, Accommodation Controlled Limited liability Yang Haiguanshan Huangshi City, and catering subsidiary company Baichang Hotel Co., Ltd. Hubei Province service Wuhan Production and Controlled Limited liability Yang Wuhan Chenxin Development Area sales of subsidiary company Baichang Photoelectric Co., High-tech optoelectronic Ltd. Industrial Park devices and products (2) Name of related companies without controlling relationship and the nature of the relationship Company Name Relationship with the Remarks Company (former company name) Changzhou Luoke Refrigeration One of shareholders of Electrical Co., Ltd. the Company Changshu Tianyin One of shareholders of Electromechanical Co., Ltd. the Company Changshu Bixi Radio Factory Zhejiang Lisheng Electromechanical One of shareholders of Manufacturing Co., Ltd. the Company Zhuji Electrical Machinery Plant One of shareholders of Shaoxing Punching Press Parts Shaoxing Xingbei Pressing Co.,Ltd Lt the Company General Factory One of shareholders of Wuhan Xinhua Hardware Factory the Company Huangshi Dongbei Refrigeration Controlled by the same Huangshi Refrigerating Equipment Co., Ltd. parent company Factory Huangshi Dongbei Foundry Co., Controlled by the same Ltd. parent company Huangshi Light Industry Foundry Huangshi Dongbei Industrial Mould Controlled by the same Dongbei Group Industrial Mould Co., Ltd. parent Factory II. The status of occupation and repayment of funds by the controlling shareholder and 23 other related parties of the Company. (1) Other receivables Unit: RMB million Company name Balance at Accumulativ Accumulative Year Newly Reason Manner beginning e transaction transaction end increased for fund of fund of year amount on amount on balance amount of occupat occupatio debit side in credit side in fund ion n current year current year occupation in current year Huangshi 13.5601 11.3328 11.5379 13.355 -0.2051 Purchas No Dongbei 0 e and compensa Refrigeration sale tion Co., Ltd. busines s transact ions 4.5405 76.6464 50.3896 30.797 26.2568 Purchas No Huangshi 3 e and compensa Dongbei sale tion busines Electromecha s transact nical Group ions Co., Ltd. Total 18.1006 87.9792 61.9276 44.152 26.0517 3 Note(1) The funds occupied by Huanghsi Dongbei Electromechanical Group Co., Ltd. newly increased in the report year mainly because part of payment for comparessors was not settled. (2) The amount of funds occupied amount of fund occupied by Huangshi Dongbei Refigerating Equipment Co., Ltd. decreased by RMB 0.2051 million due to the receipt of part of payment in advance. (2)Prepayment Unit：million Company name Balance at Accumulativ Accumulati Year end Newly Reason for Manner of beginning of e transaction ve balance increased fund fund year amount on transaction amount of occupation occupation debit side in amount on fund current year credit side occupatio in current n in year current year Changshu Tianyin 4.232 7.3888 13.6359 -2.0151 -6.2471 Purchase No compensation Electromechanical and sale Co., Ltd. business transactions Changzhou Luoke 7.617 24.8085 25.8453 6.5833 -1.0368 Purchase No compensation Refrigeration and sale Electrical Co., business Ltd. transactions Zhejiang Lisheng 6.0387 4.2169 4.1321 6.1235 0.0848 Purchase No compensation Electromechanical and sale Manufacturing business 24 Co., Ltd. transactions 8.3326 15.1245 25.0797 -1.6226 -9.9552 Purchase No compensation and sale Dongbei Group business Industrial Mould Factory transactions 8.5849 50.2503 51.5647 7.2704 -1.3144 Purchase No and sale compensation business Huangshi Dongbei Foundry Co., Ltd. transactions Total 101.7890 120.2577 12.5829 -18.4687 Note: the amount of the funds occupied by Changshu Tianyin Electromechanical Co., LTD . decreased by RMB 6.2471 million in the report year;The amount of the funds occupied by Changzhou Luoke Refrigeration Electrical Co., Ltd. decreased by RMB 1.0368 million in the report year;The amount of the funds occupied by Huangshi Dongbei Group Industrial Mould Co., Ltd. decreased by RMB 9.9552million in the report year;The mount of the funds occupied by Huanshi Dongbei Foundry Co., Ltd. decreased by RMB 1.3144 million in the report year. The main cause is the incorporation of prepayments into accounts payable. 2. The special statement and independent opinions of independent directors on the Company’s external guarantee. In the opinion of the independent directors of the Company, the Company did not provide external guarantee againt the provisions of the Circular. The Company has strict internal control system in respect of decisions on external guarantee. The board of directors of the Company formulated and adopted Regulations on Management of External Guarantee, which define guaranteed persons and decision-making procedure of guarantee. VIII. report of the supervisory Committee (I) About the meetings of the supervisory committee Taking the attitude of being responsible to all shareholders, the supervisory committee duly exercised its functions in the report period in accordance with relevant provisions of the Company Law, Securities Law and the Articles of Association of the Company. The supervisory committee held one meeting in the report period. All supervisors attended all meetings of the board of directors and shareholders’ general meetings as non-voting delegates, participated in making important decisions of the Company and inspected and supervised the Company’s operation according to Law. 1. The 3rd meeting of the second supervisory committee was held in the meeting room of the Company on April 24, 2003. All supervisors attended the meeting. The meeting examined and adopted the following: (1) 2002 work Report of the Supervisory Committee of the Company; (2) 2002 annual report of Huangshi Dongbei Electrical Appliance Co., Ltd. and its summary; (3) The proposal concerning the profit distribution preplan of the Company for 2002. 25 The announcement of the resolutions of this meeting was published on Shanghai Securities Daily and Hong Kong Commercial Daily on April 25, 2003. (II) Independent opinions of the supervisory committee. The supervisory committee all-roundly exercised its function of supervising the acts of the directors, managers and other senior executives of the Company , attended all board meetings and shareholders’ general meetings as non-voting delegate and supervised the procedure of the convening, holding, discussion and decision making of shareholders’ general meetings and board meetings in accordance with relevant provisions of the Company Law, Securities Law and the Articles of Association of the Company in the report period. It expressed the following independent opinions: 1.In the report period, the board of directors seriously implemented the resolutions of shareholders’ general meeting and the matters authorized by shareholders’ general meeting. The company was able to operate strictly according to laws and establish perfect internal control system. The decision making procedure of the company complied with relevant provisions of the Company Law and the Articles of Association of the Joint Stock Company. The supervisory committee did not find any act of the Company’s directors and managers that violated laws, regulations, the articles of association of the Company or harmed the Company’s interests. 2. The unqualified auditor’s report issued by Hubei Daxin Certified public Accountants Co., Ltd. for the Company for 2003 objectively and truly reflected the financial position and operating results of the company. Appropriate accounting process has been selected and applied consistently. 3. The asset acquisition and related transactions of the Company were carried out according to the principle of fair market transaction. The transaction procedure was legal and complied with regulations and information was disclosed in details. Neither insider trading nor act that caused harm to the rights and interests of shareholders or the loss of the Company’s assets was found. IX. Important Events 1. The Company was not involved in any material lawsuit or arbitration in the report year. 2. The asset acquisition in the report year: (1) According to the resolution of the 15th meeting of first board of directors of the Company, the company acquired 20% equity of Wuhan Chenxin Photoelectric Co., Ltd. held by Mr.Leng Xinlie. The Company has held 90% equity of this company on accumulative basis. 3. The material related transactions in the report year: (1)Related transactions in respect of purchase and sale of commodities and provision of labor services; the related transactions in which the Company was involved were normal . Refer to the notes of financial and accounting statements for details. 4. In the report period, the Company did not lease the assets of other companies nor did other companies hold in trust, contract for or lease the assets of the Company. The company did not provide material guarantee to other companies. The particulars about the noney management entrusted by the Company: 26 (1) On September 16, 2003, the company signed money management entrustment contract with Shanghai Zhongpeng Asset Management Co. to entrust Shanghai Zhongpen Asset Management Co. to invest funds of RMB 17 million in national bonds. The term of entrustment is from September 16, 2003 to August 19, 2004. The agreed annual rate of return on investment is not lower than 11.50%; (2) On December 18, 2003, the Company signed money management entrustment contract with Shanghai Zhongpeng Asset Management Co. to entrust Shanghai Zhongpeng Asset Management Co. to invest funds of RMB 20 million in national bonds. The term of entrustment is from December 18, 2003 to June 6, 2004. The agreed annual rate of return on investment is not lower than 11.50%; (3) On July1, 2003 the company signed money management entrustment contract with Shanghai Renjie Industrial Development Co., Ltd. to entrust Shanghai Renjie Industrial Development Co., Ltd. to invest funds of RMB 10 million in national bonds. The term of entrustment is from July 1, 2003 to June 21, 2004. the agreed annual rate of return on investment is not lower than 3.70%. 5. The dismissal and engagement of accountants: The financial audit remuneration of RMB 0.3 million was paid to this certified public accountants in 2003. Hubei Daxin Certified Public Accountants and Horwath International (Hubei China) Certified Public Accountants have provided auditing services to the company for over two years since January 2002. 6. The Company, its board of directors and directors were not punished by CSRC and stock exchange in the report period. X. Financial and accounting Report Auditor’s Report To the shareholders of Huangshi Dongbei Electrical Appliance Company Limited (Incorporated in the People’s Republic of China with limited liabilities) We have audited the accompanying consolidated balance sheet of Huangshi Dongbei Electrical Appliance Company Limited and its subsidiaries (hereinafter referred to as the “Group”) as of 31st December 2003, and related consolidated statements of income, changes in shareholders’ equity and cash flows for the year then ended. These consolidated financial statements set out on page 2 to 25 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 examination, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and 27 significant estimates made by the 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 31st December 2003 and of the consolidated results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. HORWATH CHINA (HUBEI) Certified Public Accountants April 2004 Huangshi Dongbei Electrical Appliance Company Limited NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2003 (Amounts expressed in thousands of Renminbi Yuan “RMB” unless otherwise stated) 1. ORGANIZATION AND OPERATIONS Huangshi Dongbei Electrical Appliance Company Limited (the “Company”) was established on 10th March 1999 by way of promotion, as a joint stock limited company in the People’s Republic of China (“PRC”). Huangshi Dongbei Refrigeration Group (“Dongbei Group”) acted as the major promoter, together with five other promoters, Changzhou Luoke Refrigerating Equipment Company Limited, Changshu Bixi Wireless Equipment Factory, Zhuji Electric Motors Factory, Shaoxing Casting Materials General Factory and Wuhan Xinhua Metal Factory. The Company was registered in the Industrial and Commercial Administration Bureau of Hubei Province on 10th March 1999. On 28th May 1999, the Company obtained approval from the China Securities Regulatory Committee (“CSRC”) for the issue of 100,000,000 domestically listed foreign investment shares (‘B shares”) to foreign investors. The B shares were traded on the Shanghai Securities Exchanges (“SSE”) beginning 15th July 1999. The over-allotment 28 option of 15,000,000 shares was fully exercised before 13th August 1999. After the issue of the B shares, the total registered capital of the Group is RMB 235,000,000, divided into 235,000,000 shares with a par value of RMB 1 each. Dongbei Group holds 117,600,000 state-owned shares on behalf of Huangshi Municipal State-owned Assets Administration Bureau. Other promoters and foreign and domestic investors hold 2,400,000 legal person shares and 115,000,000 B shares respectively. The Group received the notice from Dongbei Group on September 10, 2002. According to the > and the approval for debts conversion to share capital from state economic and trade commission, Dongbei Group has jointly established Huangshi Dongbei Electromechanical group with China orient asset management corporation, China Cinda asset management corporation and China Huarong asset management corporation, by contributing main operating assets including 117,600,000 state-owned shares. After Huangshi Dongbei Electromechanical group established, Dongbei Electromechanical group replaced Dongbei Group becoming the controlling shareholder of the Group. Because of the shares originally held by Dongbei Group is state-owned, the transfer of the shares ownership must be approved by Ministry of Finance people’s republic of China. Dongbei Group agreed that Huangshi Dongbei Electromechanical group is entitled to manage the state-owned shares before formal approval. The Group was granted approval certificate No. [1999] 0098 on 21st October 1999 and business license No. 002678 on 2nd November, 1999 as a foreign-invested joint stock limited company. The Group principally engages in the manufacture and sales of refrigeration compressors. 2. THE PRINCIPAL ACCOUNTING POLICIES The principal accounting policies adopted in preparing the consolidated financial statements of the Group to conform to the International Accounting Standards ("IAS") are as follows: 29 (a) Basis of presentation The accompanying consolidated financial statements are prepared in accordance with IAS issued by the International Accounting Standards Committee (“IASC”). This basis of accounting differs in certain aspects from that used in the statutory accounts of the Group prepared in accordance with PRC Accounting Standards for Enterprises. The principal adjustments made to conform the statutory accounting of the Group to IAS are shown in Note 25. (b) Subsidiary undertakings Subsidiary undertakings, which are those companies in which the Group, directly or indirectly, has an interest of more than one half of the voting rights or otherwise has power to exercise control over the operations, have been consolidated. Subsidiaries are consolidated from the date on which effective control is transferred to the Group and are no longer consolidated from the date when that control ceases. All intercompany transactions, balances and unrealized surpluses and deficits on transactions between Group companies have been eliminated. Minority interests represent the interests of outside members in the operating results and net assets of subsidiaries. (c) Associate Investments in associate are accounted for by the equity method of accounting. Associates are companies over which the Group has between 20% and 50% of the voting rights, and over which the Group exercises significant influence, but which it does not control. Equity accounting involves recognizing in the income statement the Group’s share of the associates’ profit or loss for the year. The Group’s interest in the associates is carried in the consolidated balance sheet at an amount that reflects its share of the net assets of the associates. (d) Foreign currency translation The Group maintains its books and records in RMB, which is not a freely convertible currency. Foreign currency transactions are translated into RMB at the exchange rates at the dates of transactions announced by the People’s Bank of China. Non-monetary assets and liabilities in foreign currencies are translated at historical rates. Monetary assets and liabilities in foreign currencies will be adjusted according to the market exchange rates at the end of year. Exchange differences arising from changes in exchange rates subsequent to the dates of transactions for monetary assets and liabilities denominated in foreign currencies are included in the income statement. 30 (e) Financial assets and financial liabilities Financial assets and financial liabilities carried on the balance sheet include cash and bank balances, investments, trade receivables, trade payables and borrowings. Investments and trade receivables are stated at carrying amounts determined in accordance with Note 2(f) and Note 2(1) respectively. Other financial assets and financial liabilities are stated at cost. Disclosures about financial assets and financial liabilities of the Group are set out in Note 24. (f) Non-current investments Non-current investments are carried at costs and revalued annually. Provision is made when there is a permanent diminution in value of an individual investment and is recognized as an expense in the period in which the diminution is identified. Reduction may be reversed when there is a rise in the value of the investment, or if the reasons for reduction no longer exist. (g) Intangible asset Intangible asset comprises goodwill and unique technical right. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net assets of the acquired subsidiary at the date of acquisition. Goodwill is amortized by the straight-line method over 10 years, being the best estimate of its useful life. Goodwill is subject to a write-down to its recoverable amount for any impairment loss. Unique technical right is amortized by the straight-line method over the best estimate of its useful life and recorded at carrying amount subject to a write-down to recoverable amount for an impairment loss. Goodwill 10 years Unique technical right 2years (h) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price and any directly attributable expenses for bringing it to working condition and location for its intended use. Expenditure incurred after the property, plant and equipment have been put into operation is recognized as an expense in the period in which it is incurred. In case that the expenditure has resulted in an increase in the future economic benefits expected to be 31 obtained from the use of the asset, the expenditure is capitalized as an additional cost of the asset. Depreciation is calculated using the straight-line method to write off the cost, after taking into account the estimated residual value of 10% of cost, of each asset over its expected useful life. The expected useful lives are as follows: Land and buildings 30 years Plant and equipment 9-13 years Motor vehicles 9-13 years Office equipment 5 years Where the carrying amount of an individual asset exceeds its estimated recoverable amount, it is written down immediately to its recoverable amount. After recognition of the impairment loss, the depreciation charge is accordingly adjusted and based on the revised carrying amount. An impairment loss recognized in prior years will be reversed if, and only if, there has been a change in the estimates used to determine recoverable amount since the last impairment loss was recognized. It is reversed only to the extent that it does not increase the carrying amount of an asset above the carrying amount that would have been determined for the asset (net of depreciation) had no impairment loss been recognized in prior years. Gains or losses on disposals of property, plant and equipment are determined by comparing the net sales proceeds with carrying amount of the relevant assets, and are recognized in the income statement. (i) Construction-in-progress Construction-in-progress represents buildings and machinery and equipment under construction or installation and is stated at cost that includes cost of acquisition, construction and other direct costs as well as interest expenses arising from loans used to finance the construction during the period of time that is required to complete and prepare the asset for its intended use. No provision for depreciation is made on construction-in-progress until such time as the relevant assets are completed and put into operational use. When the carrying value of an individual piece of construction-in-progress, inclusive of capitalized interest, exceeds its net realizable value, the asset is written down to the 32 latter value. (j) Borrowing costs Borrowing costs are recognized as an expense in the period, in which they are incurred, except to the extent that they are allowed to be capitalized. Borrowing costs directly attributable to the acquisition, construction, or production of a qualifying asset may be capitalized when it is probable that they will result in future economic benefits to the enterprise, and the costs can be measured reliably. Capitalization commences when: Expenditures on a qualifying asset are being incurred. Borrowing costs are being incurred. Activities necessary to prepare the asset for its intended sale or use are in progress. Capitalization ceases when: The asset is materially ready for its intended use or sale. Active development is suspended for extended periods. Construction is completed in part and the completed part can be used independently. The amount to be capitalized is the borrowing costs that could have been avoided if the expenditure on the qualifying asset had not been made: If funds are specifically borrowed to obtain a particular asset, the amount of borrowing costs qualified for capitalization is the actual costs incurred during the period, less income earned on temporary investment of those borrowings. If funds are borrowed generally and used to obtain an asset, the amount of borrowing costs to be capitalized should be determined by applying the weighted average of the borrowing costs to the expenditure on that asset. The amount capitalized during a period should not exceed the amount of borrowing costs incurred during that period. (k) Inventories Inventories comprising raw materials, work in progress and finished goods, are stated at the lower of cost, calculated on the weighted average basis, or net realizable value. Cost of goods comprises direct materials, direct labor and an appropriate proportion of all production overheads. Net realizable value is determined on the basis of estimated selling prices less the estimated cost of completion and related selling and distribution expenses. 33 (l) Trade receivables Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts at the year end. Bad debts are written when identified, and recognized in the income statement for the year. (m) Cash and cash equivalents Cash comprises cash on hand and bank deposits. Cash equivalents represent short-term highly liquid investments that readily convert to known amounts of cash and that are subject to and insignificant risk of changes in value. (n) Retirement benefits The Group has to make defined contributions to the staff retirement scheme managed by the local government in accordance with its rules and regulations. Payments to a retirement benefit scheme are charged to the income statement as and when incurred. (0) Taxation The Group provides for enterprise income tax on the basis of its statutory profit for financial reporting purposes, adjusted for income and expense items, which are not assessable or deductible for income tax purposes and after considering all available tax preferences. Other taxes are provided in accordance with the prevailing PRC tax regulations as in Note 8. Deferred taxation is provided under the balance sheet, using the liability method, in respect of significant temporary differences between the carrying amount of assets and liabilities for financial reporting purpose and the amount used for income tax purpose. Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available against which the deductible temporary differences can be utilized. (p) Donations Donations comprise equipment received from the Industrial Development Organization in the United Nations. Income from donation is recognized using the straight-line method over the expected useful life of the relevant equipment received. The expected useful life is 10 years. (q) Revenue recognition Revenue mainly comprises sales of goods which is recognized when the Group has transferred to the buyer the significant risks and rewards of ownership of the goods, net of sales taxes and discounts, and after eliminating sales within the Group. 34 Other revenues earned by the Group are recognized on the following bases: Interest income: on an effective yield basis unless collectibility is in doubt. Dividend income: when the Group’s right to receive payment is established. (r) Related parties Parties are considered to be related if one party has the ability, directly or indirectly, 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 ones if they are subject to common control or common significant influence. Lists of related parties, related transactions and balances are set out in Note 23 3. CHANGES IN THE CONSOLIDATION SCOPE (a) In 2002, the Group held Chenxing(the associate) 70% shares. In 2003, the Group purchases another 20% shares of Chenxing. So, the Group holds 90% shares. (b) In 2003, the Group invested RBM 4,000,000 to set up Huangshi Dongbei Solar Energy Co. Ltd. together with Huangshi Dongbei Electromechanical Group. The Group holds 80% of the company’s shares and consolidated its financial statements this year. 4. CHANGE OF ACCOUNTING ESTIMATE AND PRIOR YEAR ADJUSTMENT (a) According to Huangshi local tax authority, the Group needs to pay for the additional tax and fine for year 2002 totaling RBM 436,000. (b) According to China Securities Regulatory Commission, the Group needs to provide additional slow-moving stock provision RBM 570,000 for year 2002. Due to the above two adjustments, the Group’s last year retained earning was reduced by RBM 1,006,000. 5. BUSINESS SEGMENTS INFORMATION OF THE GROUP Segment information by business Sales Costs Gross profit rate Business 2003 2002 2003 2002 2003 2002 (%) (%) Refrigeration 386,790 214,497 341,401 184,852 11.99 13.82 compressors Hotel service 9,757 12,512 7,671 7,889 25.48 36.95 35 Electrical product 1,788 2,208 -21.42 Solar energy water 1,760 1,668 5.23 heater Total 400,095 227,009 352,948 192,741 12.14 15.10 As all the sales and services of the Group are generated from the PRC, no geographical segment information is presented. 6. PROFIT BEFORE TAXATION Profit before taxation was determined after charging the following items: 2003 2002 Depreciation of property, plant and equipment 25,773 16,905 Amortization of intangible asset 1,329 326 Provision for slowing moving inventories (64) 570 Provision for doubtful debts 5,343 (2,845) Salaries 19,242 10,349 Contribution to pension fund 4,426 2,380 Provision for staff welfare 2,694 1,449 Management fee to Dongbei Group 1,784 1,644 (a) The Group participates in a government agency managed pension scheme (“the Scheme”) under the prevailing PRC legislation. The Group contributes to the scheme based on 23% of the payroll approved by labor management agency. The Scheme is responsible for the entire pension obligations payable to retired employees. The Group has no further obligation beyond the amount of its contributions. (b) Provision for staff welfare has been made at 14% of employees’ salaries. 7. STAFF COSTS 2003 2002 Salaries 19,242 10,349 Staff welfare 2,694 1,449 Retirement benefits 4,426 2,380 Total 26,362 14,178 8. FINANCE COSTS 2003 2002 36 Interest expense 16,529 14,186 Interest income (2,594) (547) Others 215 133 Total 14,150 13,772 9. 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%. Input VAT paid on purchase of raw materials, semi-finished products, etc., can be used to offset the output VAT payable on sales to determine the net VAT payable. (b) Enterprise Income Tax (“EIT”) The applicable income tax rate for the Group is 33% in 2003. (c) Surtaxes The Group is subject to the following surtaxes: City construction tax, a tax levied at 7% of VAT and business tax paid; Education supplementary tax, a tax levied at 3% of VAT and business tax paid. 10. EARNINGS PER SHARE Earnings per share were calculated based on the consolidated net profit for the year ended 31 December 2003 of approximately RMB 1,562,000 (2002: RMB 5,074,000) divided by the number of 235,000,000 shares in issue during the year. 11. NON-CURRENT INVESTMENTS 2003 2002 Other investments 2,000 2,000 12. PROPERTY, PLANT AND EQUIPMENT Land and Plant and Motor Office Construction- Total buildings Machinery vehicles equipment –in-progress 37 C t Beginning of year 164,069 215,013 2,032 1,008 82,794 464,916 Additions 1,812 1,440 545 17 3,814 Transfers from 5,627 64,999 (70,626) construction in Others (1,777) (1,777) Disposals (12) (12) End of year 171,508 282,204 2,675 163 10,391 466,941 A l t dd i ti Beginning of year 17,467 127,113 309 126 145,015 Charges 4,684 20,787 273 29 25,773 Disposals (12) (12) End of year 22,151 147,888 582 155 170,776 N b k l End of year 149,357 134,316 2,093 8 10,391 296,165 Beginning of year 146,602 87,900 1,723 882 82,794 319,901 13. INTANGIBLE ASSET Cost Accumulated amortization Net book value Balance Balance Balance Charge Balance Item brought Additions carried brought for the carried 2003 2002 forward forward forward year forward Goodwill 3,260 47 3,307 571 329 900 2,407 2,689 Unique technical right 1,000 1,000 1,000 1,000 1,000 Total 4,260 47 4,307 571 1329 1900 2,407 3,689 38 14. INVENTORIES 2003 2002 Raw materials 26,963 23,724 Work-in-progress 22,432 8,894 Finished goods 28,941 17,412 Less: provision for slowing (759) (823) Total 77,577 49,207 15. NOTES AND ACCOUNTS RECEIVABLE 2003 2002 Notes receivable 10,422 20,925 Accounts receivable 299,652 219,347 Less: Provision for doubtful (19,882) (15,118) debts Total 290,192 225,154 16. PREPAYMENTS AND OTHER RECEIVABLES The balances of prepayments and other receivable are RMB29, 232,000.00 (2002: RMB9,656,000) and RMB6,021,000 (2002: RMB 19,837,000) respectively. 17. CASH AND BANK BALANCES 2003 2002 Cash on hand 4 4 Cash at bank 115,338 63,204 Total 115,342 63,208 Included in cash at bank is amount of RMB 87,840,000held for security deposit for accepted bills of exchange. 18. SHARE CAPITAL As of 31st December 2003, details of share capital (par value of RMB 1 each) were as follows: 39 Share percentage Number of share Amount (%) ’000 ’000 State-owned shares 50 117,600 117,600 Legal person shares 1 2,400 2,400 B shares 49 115,000 115,000 Total 100 235,000 235,000 19. RESERVES (a) Capital reserve Capital reserve includes share premium. Share premium represents net assets acquired from promoters in excess of par value of the state-owned shares and legal person share, and proceeds from the issue of B shares in excess of their par value less underwriting commissions, professional fees and promotional expenses. (b) Statutory Surplus Reserve In accordance with the PRC Company Law and the Company’s articles of association, the Group shall appropriate 10% of its annual statutory net profit (after offsetting any prior years’ losses) to the statutory surplus reserve (“SSR”) account until the balance of SSR reaches 50% of the Group’s share capital and thereafter any further appropriation is optional. SSR can be utilized to offset prior years’ losses or for issue of bonus shares. However, such SSR must be maintained at a minimum of 25% of share capital after such use. (c) Statutory Public Welfare Fund According to the relevant financial regulations of the PRC and the Company’s articles of association, the Group is required to allocate 10% of its annual statutory net profit to a statutory public welfare fund to be used for the collective welfare of its employees. The directors recommended that 10% of statutory profit after taxation of the Group determined in accordance with PRC accounting standards and regulations for the year ended 31st December, 2003 should each be appropriated to statutory surplus reserve and statutory public welfare fund. The appropriations are subject to approval by shareholders at general meeting. 20. RETAINED EARNINGS In accordance with the Company’s articles of association, provisions of statutory surplus reserve and statutory public welfare fund should be based on profit after taxation determined in accordance with PRC accounting standards and regulations. The amount of 40 profit available for distribution to the shareholders is determined based on the lower of the retained earnings determined under the accounting principles and financial regulations applicable in the PRC and that determined under IAS. 21. LOANS (a) Long-term bank loans 2003 2002 -Secured against collaterals 7,743 7,556 (b) Short-term bank loans 2003 2002 -Guaranteed by Huangshi Group 157,008 163,440 & Daye Colored Metal Co. Ltd. -Secured against collaterals 50,130 2,138 Total 207,138 165,578 Certain loans of the Group were secured against the blocks of the Huangshi Haiguanshan Hotel (the “Hotel”). Buildings with original cost of RMB11,600,000. 22. CASH GENERATED FROM OPERATIONS 2003 2002 Profit after taxation 1,562 5,074 Adjustments for: Minority interest 301 370 Provision for doubtful debts 5,343 (2,845) Provision for slowing moving inventories （64） 570 Depreciation 25,773 16,905 Amortization of intangible asset 1,329 326 Interest income (2,594) (547) Interest expense and other financial cost 16,744 14,319 Investment gain (5,199) (1,739) Amortization of donations received (254) (254) 41 Old accounts payable written back (244) (5,166) Changes in deferred assets and accrued liabilities (46,081) (471) Cash generated from operating activities before (3,384) 26,542 working capital changes Changes in working capital(excluding the effects of acquisition and disposal) (Increase) in inventories (28,306) (15,645) (Increase) in notes and accounts receivable (69,802) (24,214) Decrease (increase) in due from related parties 31,428 (22,616) (Increase) in prepayments and other receivables (5,760) (1,853) Increase in notes and accounts payable 83,389 23,714 Increase in due to related parties 52,213 7,835 Increase (decrease) in taxes payable 3,202 (12,571) Increase (decrease) in other current liabilities 3,368 (553) Cash generated from operations 66,348 (19,361) 23. RELATED PARTY TRANSACTIONS (a) Names of related parties and relationship Name Relationship with the Group Huangshi Dongbei Electromechanical group Actual controller Changzhou Luoke Refrigerating Equipment Company Limited Promoter of the Group (“Changzhou Refrigerating ”) Changshu Tian Yin Electromechanical co Ltd Promoter of the Group (“Tian Yin Co”) Zhe Jiang Li Sheng Electromechanical co Ltd Promoter of the Group (“Li Sheng Co”) Shaoxing XingBei Casting Materials General Factory (“Shaoxing Promoter of the Group Casting”) Wuhan Xinhua Metal Factory (“Wuhan Metal”) Promoter of the Group 42 Huangshi Molding plant (“Molding Plant”) Fellow Subsidiary Huangshi Refrigeration Equipment plant Fellow Subsidiary (“Equipment Plant”) Dongbei Molding Mechanical Co Ltd Fellow Subsidiary (“Mechanical Plant”) (b) Significant related party transactions: 2003 2002 Sales of finished goods to Equipment Plant 652 1,145 Tian Yin Co 6,336 12,724 Mechanical Plant 12,369 4,759 HuangshiDongbei Electromechanical 10,132 2,781 group Total 29,489 21,409 Purchase of raw materials from Changzhou Refrigerating 20,904 14,211 Li Sheng Co 3,532 9,480 Molding Plant 20,568 15,025 Wuhan Metal 26,905 15,031 Tian Yin Co 11,484 8,315 Shaoxing Casting 230 2,622 Mechanical Plant 14,885 6,698 Total 98,508 71,382 Management of the Group is of the opinion that the above transactions were conducted in the ordinary course of business and on normal commercial terms. 43 (c) Significant related party balances: 2003 2002 Due from related parties HuangshiDongbei Electromechanical 30,797 4,541 group Molding Plant 7,270 8,585 Mechanical Plant 8,333 Equipment Plant 13,355 13,560 Changzhou Refrigerating 6,583 7,617 Li Sheng Co 6,124 6,039 Tian Yin Co 4,232 Total 64,129 52,907 Less: Provision for doubtful debts 521 906 Net book value 63,608 52,001 Due to related parties Molding Plant 92,586 48,700 Wuhan Metal 11,786 8,084 Li Sheng Co 300 550 Shaoxing Casting 3,113 4,076 Changzhou Refrigerating 5,000 2,800 Tian Yin Co 2,015 Mechanical Plant 1,623 Total 116,423 64,210 Amounts due from and due to related parties arose from the above transactions and payments on behalf of Dongbei Group are unsecured, non-interest bearing and have no fixed repayment terms. 44 (d) Significant operation/management agreements As part of the corporate reorganization, the Group has entered into the following significant management agreements with Huangshi Dongbei Electromechanical group. The directors of the Company have represented that these agreements are reached in the ordinary course of business and on normal commercial terms. (1) Comprehensive service agreement Pursuant to this agreement, Huangshi Dongbei Electromechanical group shall provide the Group with comprehensive services including maintenance of staff quarters and related complementary facilities, medical and health care service, shuttle bus service and kindergarten service for the children of the Group’s staff, etc. In consideration of the above services, the Group is to pay Huangshi Dongbei Electromechanical group management fees of approximately RMB 1.5 million per annum. The agreement is effective from 1st January 2002 for a period of ten years. The Group paid RMB 1,784,000 in 2003. (2) Lease of land use rights Under the agreement of January 2002, the Group has leased from Huangshi Dongbei Electromechanical group the land use rights of the land where the Group’s production facilities are located, at an annual rental of RMB 36,000 for 50 years. The Group paid RMB 36,000 in 2003. (3) Provide loan guarantee In 2003, the group borrowed short-term loan totaling RMB 103,000,000 from Industrial and Commercial Bank of China、Bank of Communications、Hua Xia Bank、 China Merchants Bank respectively. Huangshi Dongbei Electromechanical Group guarantees all these loans. 24. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (a) Interest rate risk The directors believe that Group’s the exposure to interest rate risk of financial assets and liabilities as of 31 December 2003was minimal since their deviation from their respective fair values was not significant. (b) Credit risk 45 The details of the amounts due from related parties are shown in Note 23. Trade receivables are spread among a number of customers in the PRC and cash is deposited with registered banks in the PRC. The Directors are of the opinion that the Group has no significant concentrations of credit risk on financial assets. The carrying amounts of the financial assets after deducting the provision for bad and doubtful debts best represent their maximum credit risk exposure as at 31st December 2003. (c) Foreign currency risk Most of the transactions of the Group were settled in Renminbi. In the opinion of the Directors, the Group would not have significant foreign currency risk exposure. (d) Fair value The carrying amounts of the following financial assets and the financial liabilities approximate to their fair values: cash and bank balances, investments, trade receivables, amounts due from related parties, other receivables, prepayments, trade payables, other payables and loans. 25. IMPACT OF IAS ADJUSTMENTS ON PROFIT AFTER TAXATION AND SHAREHOLDERS’ EQUITY Profit after Taxation Shareholders’ Equity 2003 2002 2003 2002 As reported in the statutory accounts 1,081 92 388,147 386,839 IAS adjustments: Depreciation on property, plant and -2,311 -2,311 equipment Donations received 254 254 -1,948 -2,202 Old accounts payable written back 244 5,165 Minority interest -17 -437 As restated to conform to IAS 1,562 5,074 383,888 382,326 46 XI. List of Documents available for Inspection 1.Financial statements bearing the seal and signature of legal representative and financial controller; 2.The original of the auditor’s report bearing the seal of the certified public accountants and the signature of C.P.A.; 3.The originals of all the Company’s documents and the original manuscripts of announcements publicly disclosed on the newspapers designated by China Securities Regulatory Commission in the report period. The Board of Directors of Huangshi Dongbei Electrical Appliance Co., Ltd. April 22, 2004 47 Huangshi Dongbei Electrical Appliance Company Limited CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2003 (Expressed in thousands of Renminbi Yuan (“RMB”), except for earnings per share) Note 2003 2002 Sales, net 5 400,095 227,009 Cost of sales 5 (352,948) (192,741) Gross profit 47,147 34,268 Other operating income 234 1,273 Distribution cost (11,245) (7,093) General and administrative expenses (25,282) (15,111) Amortization of goodwill 13 (329) (326) Profit from operations 10,525 13,011 Finance costs 8 (14,150) (13,772) Investment income 5,199 1,739 Gain from donation 254 254 Gain from written back of liabilities 244 5,166 Other income 428 29 Profit before taxation 6 2,500 6,427 Taxation 9 (1,239) (983) Profit after taxation 1,261 5,444 Minority interests 301 (370) Net profit 1,562 5,074 Earnings per share 10 RMB0.007 RMB0.026 The accompanying notes form an integral part of these financial statements. 48 Huangshi Dongbei Electrical Appliance Company Limited CONSOLIDATED BALANCE SHEET AS OF 31ST DECEMBER, 2003 (Expressed in thousands of Renminbi Yuan) Note 2003 2002 ASSETS Non-current assets Non-current investments 11 2,000 Property, plant and equipment 12 296,165 Intangible asset 13 2,407 others Total non-current assets 300,572 Current assets short-term investment 47,000 Inventories 14 77,577 Notes and accounts receivable, net 15 290,192 Due from related parties 23c 63,608 Prepayments and other receivables 16 35,253 Cash and bank balances 17 115,342 Total current assets 628,972 Total Assets 929,544 EQUITY AND LIABILITIES Capital and reserves Share capital 18 235,000 Reserves 19 93,178 Retained earnings 20 55,710 Total shareholders' equity 383,888 Minority interests 10,979 Non-current liabilities Long term bank loan 21a 7,743 Deferred income from donations received 1,948 Total non-current liabilities 9,691 Current liabilities Short-term bank loans 21b 207,138 Notes and accounts payable 175,582 Due to related parties 23c 116,423 Taxes payable 11,358 Receipts in advance Others 14,485 Total current liabilities 524,986 Total liabilities 534,677 Total equity and liabilities 929,544 The accompanying notes form an integral part of these financial statements. 49 Huangshi Dongbei Electrical Appliance Company Limited CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEAR ENDED 31ST DECEMBER, 2003 (Expressed in thousands of Renminbi Yuan) Statutory Statutory Total Share Capital Retained Total surplus public shareholders' capital reserve earnings reserves reserve welfare fund equity Note 18 19a 19b 19c 20 year ended 1st 235,000 78,192 7,380 7,380 54,374 147,326 382,326 January 2003 Profit after 1,562 1,562 1,562 taxation Appropriation 113 113 (226) Balance at 31st 235,000 78,192 7,493 7,493 55,710 148,888 383,888 December, 2003 The accompanying notes form an integral part of these financial statements. 50 Huangshi Dongbei Electrical Appliance Company Limited CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER, 2003 (Expressed in thousands of Renminbi Yuan) Note 2003 2002 CASH FLOWS FROM OPERATING ACTIVITIES 4Cash generated from operations 22 63,348 (19,361) Interest paid (16,529) (14,186) Net cash from operating activities 46,819 (33,547) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of fixed assets (5,346) (33,080) Proceeds on disposal of fixed assets 2 Acquisition of associate (4,000) (3,000) Acquisition of other investment (73,500) (10,000) Cash received on acquisition of subsidiary Disposals of other investment 26,500 10,000 Returns on investment 5,197 1,739 Interest received 2,594 547 others 7,408 37,109 Net cash used in investing activities (41,147) 3,317 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 41,560 5,180 Cash held for security deposits (26,544) (27,198) Others 4,902 6,521 Net cash from financing activities 19,918 (15,497) Net decrease in cash and bank balances 25,590 (45,727) Cash and bank balance at beginning of year 1,912 47,639 Cash and bank balance at end of year 27,502 1,912 The accompanying notes form an integral part of these financial statements. 51