冰山冷热(000530)大冷Ｂ2004年年度报告（英文版）

Dalian Refrigeration Co., Ltd. 2004 Annual Report DALIAN REFRIGERATION CO., LTD. 2004 ANNUAL REPORT (For Disclosing Overseas) Dalian Refrigeration Co., Ltd. 2004 Annual Report CONTENTS Important……………………………………………………………………………… 3 About the Company………………………………………………………………3 Summary of Accounting Data and Business Data…………… 4 Changes in Share Capital and Particulars about Shareholders……………………………………………………………………………5 The Directors, Supervisors, Senior Staff Members and Employees of the Company … … … … … … … … … … … … … … … 8 The Administrative System of the Company………………………12 Brief Introduction to the Shareholders General Meeting… 13 Report of the Board of Directors………………………………………… 13 Report of the Supervisory Board………………………………………… 22 Important Matters………………………………………………………………… 22 Financial Report…………………………………………………………………… 25 Contents of Reference Documents……………………………………… 57 Page １ Dalian Refrigeration Co., Ltd. 2004 Annual Report 目 录 第一章 重要提示 ………………………………………… 63 第二章 公司基本情况简介………………………………… 63 第三章 会计数据和业务数据摘要………………………… 64 第三章 股本变动及股东情况……………………………… 65 第四章 董事、监事、高级管理人员和员工情况………… 67 第五章 公司治理结构……………………………………… 69 第六章 股东大会情况简介………………………………… 70 第七章 董事会报告………………………………………… 70 第八章 监事会报告………………………………………… 79 第九章 重要事项…………………………………………… 80 第十章 财务报告…………………………………………… 82 第十一章 备查文件目录…………………………………………111 Page ２ Dalian Refrigeration Co., Ltd. 2004 Annual Report DALIAN REFRIGERATION CO., LTD. 2004 ANNUAL REPORT (For Disclosing Overseas) Important: The directors and the Board of Directors of Dalian Refrigeration Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there are not any important omissions, fictitious statements or serious misleading carried in this report, and shall take all responsibilities, individual and/or joint, for the reality, accuracy and completeness of the whole contents. This report is written respectively in Chinese and in English. In the event of any discrepancy between the two above-mentioned versions, the Chinese version shall prevail. Chairman of the Board of Directors of the Company Mr. Zhang He, Financial Majordomo and the head of Accounting Department Ms. Xu Xiaorui hereby confirm that the financial report of the annual report is true and complete. I. About the Company 1. Name of the Company in Chinese: 大连冷冻机股份有限公司 In English: Dalian Refrigeration Co., Ltd. Abbreviation in English: DRC 2. Legal Representative: Mr. Zhang He 3. Secretary of the Board of Directors: Ms. Lv Lianzhen Tel: 0086-411-86538100 Fax: 0086-411-86641470 E-mail: bingzhen@bingshan.com Authorized Representative for Securities Affairs: Ms. Ge Yan Tel: 0086-411-86538131 Fax: 0086-411-86654530 E-mail: geyan@bingshan.com Address: 888 Xinan Road, Shahekou District, Dalian 4. Registered/Office Address of the Company: 888 Xinan Road, Shahekou District, Dalian Post Code: 116033 Website: http://www.daleng.cn E-mail: dlzqb@bingshan.com 5. The Newspapers the Company Selects to Disclose Information: China Securities Daily, and Ta Kung Pao. The China Securities Regulatory Commission Designated Website Where the Annual Report Is Published: http://www.cninfo.com.cn The Place Where the Annual Report is Prepared and Placed: Securities Department of the Company Page ３ Dalian Refrigeration Co., Ltd. 2004 Annual Report 6. Stock Exchange Listed with: Shenzhen Stock Exchange Short Form of the Stock: DALENG GUFEN; DALENG-B Stock Code: 000530; 200530 7. Other Related Information: The Date When the Company Was Registered for the First Time: Dec. 18, 1993 Registered Address: 888 Xinan Road, Shahekou District, Dalian. Reg. Number of the Corporation Business License: DA GONG SHANG QI FA ZI 2102001100326. Number of the Taxation Registration: GUO SHUI DA ZI JIE 210204242361300 DI SHUI DA SAN ZI 210204242361303 The Domestic Certified Public Accountants Engaged by the Company: Dalian Hualian Certified Public Accountants Co., Ltd. Office Address: 24 Floor, Vanke Mansion at No. 67, Tongxing Street, Zhongshan District, Dalian The Overseas Certified Public Accountants Engaged by the Company: Price WaterHouseCoopers Zhongtian Certified Public Accountants Office Address: Rui’an Plaza 19/F, 333 Huaihai Zhong Road, Shanghai II. Summary of Accounting Data and Business Data 1. Summary of main business data in the report period (in RMB '000 yuan) Profit before taxation and minority shareholders' equity 144,820 Net profit 108,764 Operation profit 38,396 Share of profit enjoyable from associated company 105,474 Net cash generated from operating activities 28,631 Net decrease of cash and equivalents -92,040 The net profit audited by Dalian Hualian Certified Public Accountants in accordance with the Chinese Accounting Standards in 2004 was 100,955 thousand yuan, and that audited by Price WaterHouseCoopers Zhongtian Certified Public Accountants in accordance with the International Financial Reporting Standards was 108,764 thousand yuan, with the difference 7,809 thousand yuan. Influence of the adjustment made according to the International Financial Report Standards on net profit and net assets (in RMB’000 yuan): Net profit Net assets 2004 2003 2004.12.31 2003.12.31 As reported in the Group’s statutory accounts 100,955 86,147 1,352,748 1,285,465 Adjustment due to change in accounting policy on statutory accounts - - - - As reported in the Group’s statutory accounts, as restated 100,955 86,147 1,352,748 1,285,465 Page ４ Dalian Refrigeration Co., Ltd. 2004 Annual Report Impact of adjustments - Accounting for installation service contract 9,526 5,670 (491) (10,017) - Deferred taxation 1,597 (3,790) (12,667) (14,264) - Equity accounting of investments (3,953) (3,161) (18,944) (14,991) - Waived liabilities to third parties in capital surplus in statutory account 202 1,052 - - - Others 436 716 - - As restated for the Group under IFRS 108,764 86,634 1,320,646 1,246,193 2. Main accounting data and financial indexes in the past three years (by the end of the report period) Items 2004 2003 2002 Net amount of sales income (in RMB '000) 1,258,411 1,068,564 976,884 Operating profit (in RMB '000) 38,396 31,326 19,540 Share of profit enjoyable from associated company (in RMB '000) 105,474 88,042 83,438 Profit before taxation and minority shareholders' equity (in RMB '000) 144,820 116,453 97,511 Net profit (in RMB '000) 108,764 86,634 70,524 Total assets (in RMB’000) 1,935,420 1,925,066 1,880,642 Net assets (in RMB '000) 1,320,646 1,246,193 1,194,492 Net cash generated from operating activities (in RMB '000) 28,631 119,312 91,166 Net assets per share (in RMB) 3.77 3.56 3.41 Earnings per share (in RMB) 0.31 0.25 0.20 Return on equity 8.24% 6.95% 5.90% Net cash per share generated from operating activities (in RMB) 0.082 0.341 0.260 Note: (1) The above accounting data and financial indexes were prepared by Price WaterHouseCoopers Zhongtian Certified Public Accountants according to the International Financial Reporting Standards for reference of B-share investors. (2) There were no changes in the shares of the Company from the end of the report period to the date of disclosing this summary. 3. Particulars about the changes in shareholders’ equity in the report period, see the Consolidated Statement of Changes in Equity. III. Changes in Share Capital and Particulars about Shareholders 1. Changes in share capital Page ５ Dalian Refrigeration Co., Ltd. 2004 Annual Report (1) Statement of changes in share capital (Quantitative Unit: Share) Number at the beginning Number at the end of the period of the period I. Shares unlisted 1. Initiator shares 104,422,500 106,366,750 In which: State-owned shares 104,422,500 106,366,750 2. Raised legal person shares 32,222,250 30,278,000 Total of shares unlisted 136,644,750 136,644,750 II. Shares listed 1. Common shares (in RMB yuan) 98,370,225 98,370,225 2. Foreign-owned shares (B-shares) listed domestically 115,000,000 115,000,000 Total of shares listed 213,370,225 213,370,225 III. Total shares 350,014,975 350,014,975 (2) The stocks issuing and listing ① The issuance of stocks in the past three years: None. ② Neither the total shares of the Company nor the shareholdings were changed in the report period. 2. Particulars about the shareholders (1) By the end of the report period, the total number of shareholders was 66,203 with an increase of 1,204, including 52,960 holding A-shares with a comparable increase of 1,546 and 13,243 holding B-shares with a comparable decrease of 342. (2) Particulars about shares held by the major shareholders (the top ten shareholders) Name of shareholder Number at BOY Number at EOY Proportion to the Type of (’0000 shares) (’0000 shares) total shares (%) shares Dalian Bingshan Group Co., Ltd. (State-owned shares) 10,442.25 10,636.675 30.39 A Sanyo Electric Co., Ltd. 3,500.15 3,500.15 10.00 B Jilin Jiuzhou Development Co. 315.00 315.00 0.90 A Taiyuan Zhaohe Investment Development Co. 315.00 315.00 0.90 A Shenyin & Wanguo Securities Co., Ltd. 283.70 283.70 0.81 A Dalian Huaxin Trust Investment Co., Ltd. 179.50 179.50 0.51 A Dalian Thermal Power Co., Ltd. 175.00 175.00 0.50 A Dalian Marine Diesel Works 162.225 162.225 0.46 A Dalian Industrial Development & Investment Co. 0.00 162.225 0.46 A Huaxia Securities Co., Ltd. 157.50 157.50 0.45 A There was no associated relationship between the top ten shareholders of the Company. There was no pledge and freezing on the shares held by the shareholders holding over 5% of the total shares. The 35,001,500 B-shares subscribed by Sanyo Electric Co., Ltd. as a strategic investor could not be transferred or sold in two years commencing from the offering date of DALENG B-shares (Mar. 20, 1998). Up to now, the company has not sold its shares. Page ６ Dalian Refrigeration Co., Ltd. 2004 Annual Report (3) Introduction to the holding shareholder of the Company Dalian Bingshan Group Co., Ltd. (hereinafter referred to as the Group) held 30.39% of the total shares of the Company by the end of the year. The Group’s legal representative is Zhang He. The Group was established on May 22, 1996 and has the registered capital of 126,540 thousand yuan, being mainly engaged in the manufacture and installation of the complete sets of refrigerators, air conditioners, cold chains and electrical appliances, etc. for industrial and commercial purposes. Its minor businesses include the electronic and household electrical appliances, light industry, chemical industry, import and export trading, etc. The Group is a state-owned solely-funded company subordinate to Dalian Municipal People’s Government State-Owned Assets Supervision & Administration Commission. There were no changes in the holding shareholder of the Company in the report period. Dalian Municipal People’s Government State-Owned Assets Supervision & Administration Commission ↓100% Dalian Bingshan Group Co., Ltd. ↓30.39% Dalian Refrigeration Co., Ltd. (4) Introduction to other legal person shareholders holding over 10% (including 10%) of the total shares of the Company Sanyo Electric Co., Ltd. held 10% of the total shares of the Company by the end of the year. Sanyo Electric Co., Ltd. is one of the principal manufacturers of electrical appliances in Japan. (5) Particulars about shareholdings of the top ten negotiable shareholders Name of shareholder Number at EOY Proportion to the Type of (’0000 shares) total shares (%) shares Sanyo Electric Co., Ltd. 3,500.15 10.00 B Chaohuang Investment Co., Ltd. 97.00 0.28 B Huabao Industrial Multi-strategy Growth Securities Investment Fund 71.5634 0.20 A Huang Shuxian 70.00 0.20 B Shanghai Hong Kong Wanguo Securities Co., Ltd. 68.777 0.20 B Fang Yijun 62.398 0.18 B Kingsway Financial Services Group Limited 40.00 0.11 B Lin Lejian 38.6823 0.11 A Xian Guanchang 38.00 0.11 B Xian Xiaojing 38.00 0.11 B It is unknown whether there are associated relations between the top ten negotiable shareholders of the Company and between them and the top shareholders of the Company. Page ７ Dalian Refrigeration Co., Ltd. 2004 Annual Report IV. The Directors, Supervisors, Senior Staff Members and Employees of the Company 1. Directors, supervisors and senior staff members (1) Particulars Term of Shareholding Shareholding Name Position Age duty at BOY at EOY x Directors (9 persons): Zhang He M Chairman 67 04.6—07.6 25,650 25,650 Mu Chuanjiang M Vice chairman 55 04.6—07.6 22,650 22,650 Yang Bin M Director 48 04.6—07.6 0 0 Xu Xiaorui F Director 41 04.6—07.6 3,000 3,000 Shimada Tadao M Director 60 04.6—07.6 0 0 Cheng Geng M Director 37 04.6—07.6 0 0 Lv Zhongli M Independent director 63 04.6—07.6 7,125 7,125 Wang Dong M Independent director 68 04.6—07.6 0 0 Zhang Guile M Independent director 64 04.6—07.6 0 0 Supervisors (3 persons): Yu Fuchun M Chairman 46 04.6—07.6 7,800 7,800 Men Yuesheng M Supervisor 52 04.6—07.6 750 750 Chi Feng F Supervisor 33 04.6—07.6 0 0 Senior staff members: Zhang He M General manager 67 04.6—07.6 25,650 25,650 Yang Bin M Standing deputy 48 04.6—07.6 0 0 general manager Zhang Hongzhi M Deputy general 46 04.6—07.6 21,125 21,125 manager Wang Dekun M Deputy general 53 04.6—07.6 14,250 14,250 manager Wang Zhiqiang M Deputy general 43 04.6—07.6 0 0 manager Hu Xitang M Deputy general 37 04.6—07.6 0 0 manager Xu Xiaorui F Financial majordomo 41 04.6—07.6 3,000 3,000 The directors and supervisors who hold positions in the shareholders’ companies: Zhang He holding the position of the chairman of Dalian Bingshan Group Co., Ltd.; Mu Chuanjiang holding the position of the general manager of Dalian Bingshan Group Co., Ltd. The brief incumbency history of each of the present directors, supervisors and senior staff members and their holding or concurrently holding positions other than in the shareholder’s own unit: Holding positions or concurrently Name Brief incumbency history holding positions of units other than the shareholder’s own unit Zhang He Having acted as the vice chief The chairman of Dalian Bingshan engineer, the plant manager, and Baltimore Aircoil Refrigeration Co., Ltd.; Page ８ Dalian Refrigeration Co., Ltd. 2004 Annual Report the general manager and the chairman of Dalian Bingshan Group chairman of the company. Imp. & Exp. Co., Ltd.; and the chairman of Dalian Bingshan Metal Processing Co., Ltd. Mu Chuanjiang Having acted as the plant deputy The chairman of Dalian Bingshan Rubber manager, the deputy general & Plastics Co., Ltd. and the chairman of manager, and the general Dalian Bingshan Aquatic Environment manager and vice chairman of Co., Ltd. the company. Yang Bin Having acted as the chief of the The chairman of Beijing Bingshan Design Dept., the chief of the Package Refrigerator & Air Conditioner Business Planning Dept., the Co., Ltd.; the chairman of Beijing assistant to the general manager, Huashang Bingshan Package Refrigerator the deputy general manager, the & Air Conditioner Co., Ltd.; the standing deputy general manager chairman of Dalian Bingshan Group and the director of the company. Sales Co., Ltd.; and the chairman of Shanghai Bingshan Package Refrigerator & Air Conditioner Sales Service Co., Ltd. Xu Xiaorui Having acted as the deputy chief None and the chief of the Finance Dept., the assistant chief accountant, the financial majordomo and the director of the company. Shimada Tadao Having acted as the executive The chairman of Dalian Sanyo director of Sanyo Electric Co., Refrigeration Co., Ltd.; the chairman of Ltd., the chief of the Commercial Dalian Sanyo Cold Chain Co., Ltd.; and Strategy Dept. of the Commercial the chairman of Dalian Sanyo Air Enterprise Group, and the Conditioner Co., Ltd. representative director and the president of Sanyo Electric Air-Conditioner Co., Ltd. Cheng Geng Having acted as the general Unknown. manager of the Listing Dept. of Shenzhen Stock Exchange; the assistant to the president and the general manager and vice president of the Investment & Banking Dept. of Junan Securities Co. Lv Zhongli Having acted as the chief of the Unkown Industrial Dept., the assistant to the president and the chief auditor of Industrial and Page ９ Dalian Refrigeration Co., Ltd. 2004 Annual Report Commercial Bank of China Dalian Branch. Wang Dong Having acted as the associate Unkown professor and the professor of Northeast University of Finance and Economics. Zhang Guile Having acted as the associate Unkown professor, the professor, the dean of faculty, the member of the university Party committee, the member of the academic board of the university, and the head of the economics group of Northeast University of Finance and Economics. Yu Fuchun Having acted as the vice None chairman of the Trade Union of the company. Men Yuesheng Having acted as the chief of the None Assets Management Dept., the chief of the Audit & Supervision Dept. and the Price Dept. of the company. Chi Feng Having acted as the deputy chief None of the Assets Management Dept. of the company. Zhang Hongzhi Having acted as the deputy chief The chairman of Dalian Bingshan Group of the Chief Engineer’s Office, Cold-Drink Equipment Co., Ltd.; the the chief engineer and the deputy chairman of Dalian Bingshan Group general manager of the company. Refrigerator Co., Ltd.; and the chairman of Dalian Bingshan Group Refrigerator & Air-Conditioner Installation Co. Wang Dekun Having acted as the deputy chief None of the workshop, the chief of the Imp. & Exp. Dept., the assistant secretary of the Party committee, the chairman of the Trade Union, and the deputy general manager of the company. Wang Zhiqiang Having acted as the department’s None deputy chief and chief, the chief engineer and the deputy general manager of the company. Hu Xitang Having acted as the deputy chief None Page １０ Dalian Refrigeration Co., Ltd. 2004 Annual Report of the Political & Ideological Work Dept., the secretary of Committee for Discipline Inspection, the assistant secretary of the Party committee and the deputy general manager of the company. (2) Annual remuneration standard The Company specified the remuneration standard for directors, supervisors and senior staff members in consideration of the actual conditions of production and operation on the basis of "lower than the two increases", i. e. the salary increase is lower than the increase of the annual labor productivity and than the increase of profit. The gross payroll of the directors, supervisors and senior staff members was 1,180 thousand yuan in this year. The total amount of remuneration paid to the first three directors who have the highest remuneration was 390 thousand yuan. The total amount of remuneration paid to the first three senior staff members who have the highest remuneration was 390 thousand yuan. Totally 13 persons, including directors, supervisors and senior staff members, received remuneration from the Company. Among them, two persons had the annual salary between 120 to 140 thousand yuan, five had the annual salary between 100 to 120 thousand yuan, two had the annual salary between 80 to 100 thousand yuan, three had the annual salary between 40 to 80 thousand yuan, and one had the annual salary less than 40 thousand yuan. Each independent director received an annual allowance of 25 thousand yuan. Chen Geng, and Shimada Tadao received remuneration and allowance from the shareholder's unit or other associated unit without pay from the Company. (3) Changes In the report period, the Board of Directors of the Company went through the election upon expiration of office terms. The directors (9 persons totally) for the 4th Board of Directors of the Company were elected and they are: Zhang He, Mu Chuanjiang, Yang Bin, Xu Xiaorui, Shimada Tadao, Chen Geng, Lv Zhongli (independent director), Wang Dong (independent director), and Zhang Guile (independent director). The former director Li Mei no longer acts as the director of the Company. In the report period, the Supervisory Board of the Company went through the election upon expiration of office terms. The supervisors (3 persons totally) for the 4th Supervisory Board of the Company were elected and they are: Yu Fuchun, Men Yuesheng, and Chi Feng. The former supervisor Zhu Guangxi no longer acts as the supervisor of the Company. In the report period, after the election upon expiration of office terms, the Board of Directors of the Company re-appointed the senior executives: Zhang He as the general manager of the Company; Yang Bin as the standing deputy general manager of the Company; Zhang Hongzhi, Wang Dekun, Wang Zhiqiang and Hu Xitang as the deputy general managers of the Company; Xu Xiaorui as the financial majordomo of the Company; and Lv Lianzhen as the secretary of the Board of Directors of the Company. The former deputy general manager Ding Jie no longer acts as the deputy general manager of the Company for post change. Page １１ Dalian Refrigeration Co., Ltd. 2004 Annual Report 2. Employees According to the statistics by Dec. 31, 2004, the Company had 1,832 employees including 1,130 production personnel (61.7% of the total), 312 technicians (17.0% of the total), 225 salesmen (12.3 of the total), 28 financial personnel (1.5% of the total), and 137 administrative personnel (7.5% of the total). There were 688 persons employed by the Company who had the educational background of university or technical college, accounting for 37.6%. The social insurance institute paid the retirement pension and medical expenses for retirees of the Company. V. The Administrative System of the Company 1. Administration of the Company By the end of this report period, there was no discrepancy between the actual administration of the Company and the requirement set out in the related document of the China Securities Regulatory Commission. 2. The independent directors' performance of duties Now the Company has three independent directors. These independent directors duly attended the meetings of the Board of Directors of the Company and actively presented their independent opinions, well performing their duties and protecting the legal rights and interests of minor shareholders of the Company. 3. Separation of the Company from the holding shareholders in business, personnel, assets, organizational mechanism and finance (1) Separation in business. The Company's business is independent of the holding shareholders. The Company has its own complete business system and the capability of independent operation. (2) Separation in personnel. The Company is independent in labor, personnel and salary management. The senior staff members of the Company, such as the general manager, deputy general managers, chief salesman and the secretary of the Board of Directors, receive remuneration from the Company without holding major positions in the shareholders' units. (3) Complete assets. The Company has the independent production system, auxiliary production system and supporting facilities. The Company owns the invisible assets including the industrial property right, trademark and non-patent technologies. The Company has its own purchase and sales systems. (4) Independent organizational mechanism. The Company has an organizational mechanism completely independent of the holding shareholders without joint office with the holding shareholder. (5) Independent accounting system. The Company has its own accounting department with the independent accounting system and the financial management system, and has its own bank Page １２ Dalian Refrigeration Co., Ltd. 2004 Annual Report accounts. 4. Evaluation and encouragement system for senior staff members In the report period, the Company evaluated and encouraged senior staff members according to the procedure for evaluation of performance in assets operation instituted by the Company. VI. A Brief Introduction to the Shareholders General Meeting The 2003 shareholders’ general meeting of the Company was held in the morning on Jun. 3, 2004 at the head-office of the Company. The notice about that shareholders general meeting was published on China Securities Daily and Ta Kung Pao dated Apr. 22, 2004. The bulletin about the resolutions of that shareholders general meeting was published on China Securities Daily and Ta Kung Pao dated Jun. 4, 2004. That meeting adopted the resolutions as follows: * the 2003 Work Report of the Board of Directors; * the 2003 Work Report of the Supervisory Board; * the 2003 Final Accounting Report of the Company; * the 2003 Profit Distribution Plan of the Company; * the Report about Amending the Articles of Association of the Company; * the Report about Engaging an Audit Body for 2004; * election of the directors for the 4th Board of Directors of the Company; and * election of the supervisors from the shareholders’ representatives for the 4th Supervisory Board of the Company. At that meeting, the Board of Directors and the Supervisory Board of the Company went through the election upon expiration of office terms. The directors (9 persons totally) for the 4th Board of Directors of the Company were elected and they are: Zhang He, Mu Chuanjiang, Yang Bin, Xu Xiaorui, Shimada Chudan, Chen Geng, Lv Zhongli (independent director), Wang Dong (independent director), and Zhang Guile (independent director). The former director Li Mei no longer acts as the director of the Company. The supervisors (3 persons totally) for the 4th Supervisory Board of the Company were elected and they are: Yu Fuchun, Men Yuesheng, and Chi Feng. The former supervisor Zhu Guangxi no longer acts as the supervisor of the Company. VII. Report of the Board of Directors 1. Operation of the Company (1) The Company’s main business scope and its business status The Company is the largest industrial refrigerator producer and the largest exporter of refrigerator packages in China, and owns the only famous trademark in Chinese industrial refrigeration industry. The main products of the Company are: reciprocating refrigeration compressors, screw type refrigeration compressors, centrifugal type refrigeration compressors, and pressure vessels, combined storage, gas-conditioned freshness-keeping storage, plate type freezers, tunnel type freezers, block ice makers, flake ice makers and ice particle makers in five series (refrigerating, freezing, air-conditioning, cold storage, and freshness keeping) and six packages (air-conditioning package, civilwork cold storage package, combined cold storage package, ice-making package, Page １３ Dalian Refrigeration Co., Ltd. 2004 Annual Report special engineering package, and gas-conditioned freshness keeping package). These products can be used in such fields as national defense, scientific research, petroleum, chemical industry, textile, pharmacy, power plants, agriculture, stock raising, fishing and catering service. ① The main business In 2004, undergoing the adverse situation that the state made the macro adjustment and control, the raw material prices rose rapidly and the market competitions were increasingly intensive, the Company took the initiative and raised the idea of “calmly analyzing and taking active countermeasures to ensure the market share”. The following performances were made: the incomes on main business of 1,258,411 thousand yuan, with a comparable increase of 17.77%; the total amount of profit of 144,820 thousand yuan, with a comparable increase of 24.36%; and the net profit of 108,764 thousand yuan, with a comparable increase of 25.54%. For the breakdown of the incomes on main business listed on the basis of industries and geographic distribution, see the Explanatory Note 1 to the Accounting Report. In the report period, the Company contracted 12 package projects over five million yuan, including five large package projects over ten million yuan and two super large package projects over 20 million yuan. In the report period, the Company completed development of more than 20 new products including the optimized design of the centrifugal type water chiller, the semi-hermitic screw water chiller and the screw compressor special for petrochemical industry. Two new products, i. e. the CJZS812.5CDW marine ultra low-temperature refrigeration compressor and the modular ice-water unit, won the Science & Technology Prize of China machine-building industry for the year 2004. In the report period, the Company was honorably listed among the top ten advanced informatized enterprises in Dalian. The ERP has gone into operation in the whole Company. The Company’s major functional departments, including the accounting ledger system, the purchasing system, the inventory system, the sales system and the product delivery and production organization system, are integrated and operated in the Intranet, attaining the dynamic administration on Bingshan website and the online office automation in the whole Company. In the report period, the chairman Zhang He, as one in the first group in China, was honorably awarded the senior professional manager qualification certificate by China Enterprise Directors Association. In the report period, the Company made full use of the advantage of Bingshan Group as a whole and took active attempt to the Group-based gang purchase. In November, the first Group-based gang purchase of copper pipes was successful with the purchase amount more than 50 million yuan and saved cost more than one million yuan. In the report period, through mobilization among all employees and all-around cost reduction, the negative influence of rapid price rise of raw materials such as steel and iron was offset somewhat. The three expenses totaled 144.26 million yuan, with a comparable decrease of 12.17 million yuan. Of these expenses, the distribution costs decreased by 2.62 million yuan, the administrative expenses decreased by 3.75 million yuan, and the finance costs decreased by 5.8 million yuan, The expenses were well controlled. ② The group of joint ventures By the end of 2004, the group of joint venture companies of the Company had the total assets of 3,309.17 million yuan, with a comparable increase of 14.24%; and had the net assets of 1,630.77 million yuan, with a comparable increase of 9.09%. Page １４ Dalian Refrigeration Co., Ltd. 2004 Annual Report In 2004, the group of joint venture companies of the Company made the sales income of 3,531.71 million yuan, with a comparable increase of 27.63%. The sales income on exported products was 695.42 million yuan, with a comparable increase of 85.69%. The Company earned the returns on investment of 10,547 thousand yuan, with a comparable increase of 19.80%. In the report period, there were five joint venture companies that made the returns on investment accounting for 10% or higher of the total net profit of the Company and they are Sanyo Compressor Co., Ltd., Sanyo Air Conditioner Co., Ltd., Sanyo Cold Chain Co., Ltd., Sanyo Refrigeration Co., Ltd., and Thermo King-Dalian Transport Refrigeration Co., Ltd. In the report period, six joint venture companies of the Company made the sales income on main business with a comparable increase higher than 30%, four made the net profit with a comparable increase higher than 30%, and six made the net asset income ratio higher than 15%. Among these companies, three made the sales income on main business over 500 million yuan and four made the net profit over 50 million yuan. In the report period, Sanyo Compressor won the honor of “the first customer-satisfactory brand of compressor in quality in Chinese compressor market” in the First Satisfaction Inquiry on Product Quality in Chinese Market held by People’s Daily Information Center. The company successfully passed the supplier qualification examination of American YORK. The construction work of the R & D Center having the floor space of more than 12,000 m2 was commenced in October. After the construction is completed, it will be the highest-grade overseas R & D center for Sanyo Electric Co., Ltd. In the report period, Sanyo Cold Chain Co., Ltd. has successfully gone into cooperation with Chinese retailer giants such as Shanghai Agriculture, Industry & Commerce Group and Dashang Group. The company has formed the strategic partnership with Carrefour, winning 60% of its annual order. Showing a strong going-up trend in catering market, the company further kept near 100% of the share from KFC and Dicos. By establishing the R & D system, the Chinese part and the Japanese part jointly developed the series products of low-temperature medical apparatus and cold-storage cases, which further promoted its flagship position in the industry. In the report period, Sanyo Air Conditioner Co., Ltd. developed the new series of eco-friendly refrigerant products and started the substitution for eco-friendly refrigerants as the first one in China. The enthalpy difference lab for the triple split system passed all appraisements by Japan Refrigeration and Air Conditioning Industry Association (JRAIA), laying a solid foundation for mass export of air conditioners. The company has successfully put the commercial and home air conditioners into Japan, Central and North America, Middle East, Europe, West Asia and other regions. In the report period, Sanyo Refrigeration Co., Ltd. honorably won the “Recognition Award for China Environmental Labeling” from the State Environment Protection Administration of PR China. The GHP gas-combustion heat pump has gone through trial production and put into normal production. The company successfully passed the ASME field certification and examination, being qualified to go into the international market. (2) Business status and performances of the principal holding subsidiary companies and shareholding companies A. Holding subsidiary companies ① Dalian Bingshan Group Refrigerator & Air-conditioner Installation Co. Page １５ Dalian Refrigeration Co., Ltd. 2004 Annual Report With a registered capital of 20.04 million yuan and 100% of its shares held by the Company, Dalian Bingshan Group Refrigerator & Air-conditioner Installation Co. is engaged mainly in installation and test of complete sets of refrigeration equipment, and made the sales of 75.57 million yuan in 2004. ② Dalian Bingshan Group Sales Co., Ltd. With a registered capital of 18 million yuan and 90% of its shares held by the Company, Dalian Bingshan Group Sales Co., Ltd. is engaged mainly in selling the products of the member enterprises of Dalian Bingshan Group, and made the sales of 143.22 million yuan in 2004. ③ Dalian Bingshan Air-conditioning Equipment Co., Ltd. With a registered capital of 700 million Japanese yen and 70% of its shares held by the Company, Dalian Bingshan Air-conditioning Equipment Co., Ltd. is engaged mainly in production and sale of the terminal products for air conditioners such as fan coils and air processors. The company realized the sales of 115.13 million yuan in 2004. ④ Dalian Bingshan Metal Processing Co., Ltd. With a registered capital of US$ 2.35 million and 64.3% of its shares held by the Company, Dalian Bingshan Metal Processing Co., Ltd. produces and supplies metal plate works and stampings for the established joint venture companies and the Company, and made the sales of 42.81 million yuan in 2004. B. Shareholding companies For detailed information, see the Explanatory Note 8 to the Accounting Statements. (3) Major suppliers and customers The Company purchased goods from the first five suppliers with the total amount of 325.86 million yuan, accounting for 34.66% of the Company's annual total amount of purchase. The Company sold products to the first five customers with the total sales of 113.08 million yuan, accounting for 9.29% of the Company's total sales. (4) Difficulties and problems in operation and the countermeasures In 2004, the main problems and difficulties in production and operation of the Company were the sluggish market due to the state’s macro adjustment and control and rapid price rise of the raw materials, which had some negative influence on the Company’s plan of market development. For the above difficulties, the Company took countermeasures and put more efforts to market development on multiple aspects. First, advancing despite difficulties, the leaders at all levels personally conducted the market investigations and kept updated information about large projects directed by the state policies to take initiative in market development. Second, the Company promoted the product advertising with more exchanges with major customers, which fully arose the enthusiasm of agents, design institutes and other persons. Third, the Company fully played the role of overseas representative offices, marketing network and agents to expand the international market. (5) The business targets for the year 2004 set forth in the 2004 Financial Budget Report of the Company were the sales of 1,200 million yuan and the total amount of profit of 120 million yuan. Through hard working, the Company has satisfactorily attained these business targets. Page １６ Dalian Refrigeration Co., Ltd. 2004 Annual Report 2. Investments of the Company By the end of 2004, the Company had established such joint ventures respectively with the companies from Japan, Hong Kong, the United States and Britain as follows: Name of the company Registered address Main business Ratio of shares Thermo King Container Temperature Suzhou Temperature controller 10% Control (Suzhou) Co., Ltd. products for marine containers Thermo King-Dalian Transport Shenzhen Producing & selling cold 25% Refrigeration Co., Ltd. storage vehicles Grand Ocean Showa Auto Air- DETDZ Producing & selling auto air- 25% conditioning Engineering (Dalian) Co., Ltd. conditioners Dalian Honjo Chemical Co., Ltd. Dalian E & T Producing & selling lithium 30% Development Zone bromide liquor (DETDZ) Dalian Sanyo Meica Electronics Co., Ltd.DETDZ Producing & selling printed 30% circuit boards Dalian Bingshan Aquatic Environment Dalian Producing ozone liquor 33% Equipment Co., Ltd. treatment plants Dalian Sanyo Refrigeration Co., Ltd. DETDZ Producing & selling lithium 40% bromide refrigerators Dalian Sanyo Cold-Chain Co., Ltd. DETDZ Producing & selling refrigera- 40% tors for supermarkets Dalian Sanyo Compressor Co., Ltd. DETDZ Producing & selling semi-hermetic 40% and hermetic compressors Dalian Grand Ocean Transport Dalian Assembling & selling movable 40% Refrigeration Engineering Co., Ltd. refrigerators Dalian Sanyo Air Conditioner Co., DETDZ Producing & selling air- 40% Ltd. conditioners Dalian Sanyo Home Appliance Dalian Producing & selling small 40% Co., Ltd. household appliances Shenyang Sanyo Air Conditioner Co., Shenyang Production and sale of 40% Ltd. split wall-mounted air conditioners. Dalian Fuji-Bingshan Vending DETDZ Producing & selling vending 49% Machine Co., Ltd. machines Dalian P&A Recreation Development Dalian Designing & installing 50% Engineering Co., Ltd. recreational facilities Dalian Jiale Vending Machine Dalian sale of vending machines, 50% Sales Co., Ltd. soft drink, food and articles by using vending machines. Dalian Bingshan Guardian Dalian Automated control technology 60% Automation Co., Ltd. for refrigeration & other fields Dalian Bingshan Metal Processing Dalian Metal platework & stampings 64.3% Co., Ltd. Dalian Bingshan Air-conditioning Dalian Producing & selling terminal 70% Equipment Co., Ltd. products for air-conditioners Page １７ Dalian Refrigeration Co., Ltd. 2004 Annual Report Dalian Bingshan Ryosetsu Fast Frozen DETDZ Producing & selling fast frozen 70% Equipment Co., Ltd. equipment (1) The utilization of raised funds The Company raised net funds of 360 million yuan through issuing B shares in 1998, and used them for seven projects. Capital investment for one of these projects went down to the report period. The fund of 155,255.6 thousand yuan (equal to 2.228 billion Japanese yen), 100% of the due investment, has been put into the expansion project of Dalian Sanyo Compressor Co., Ltd. and 46,306.24 thousand yuan was put in this report period. The company earned the incomes on main business of 706,290 thousand yuan in 2004 with a comparable increase of 33.93%. Now, the Company has put into the raised fund of 333,455.6 thousand yuan, accounting for 100% of the due investment. (2) Description of the investment projects utilizing non-raised funds Dalian Fuji-Bingshan Vending Machine Co., Ltd., which was established by the Company together with Japanese Fuji Electric Co., Ltd. by using its own funds, started business on Jun. 10, 2004. The company has the registered capital of 1.8 billion Japanese yen, and the Company holds the shares of 49%. The company is mainly engaged in research & development, production and sale of vending machines. On Jul. 21, 2004, Fuji-Bingshan turned out the first vending machine. Dalian Jiale Vending Machine Sales Co., Ltd., which was established by the Company together with Japanese Fuji Electric Retail Equipment System Co., Ltd. by utilizing its own funds, started business on Nov. 11, 2004. The company has the registered capital of 0.5 billion Japanese yen, and the Company holds the shares of 50%. The company is mainly engaged in sale, setup and after-sale service of vending machines and in sale of soft drink, food and articles by using vending machines. In the report period, the Company acquired 30% of the shareholding of Wuhan New World Refrigeration Industry Co., Ltd. held by Wuhan Refrigeration Works. In the report period, by utilizing its own funds, the Company acquired 40% of the shareholding of Shenyang Sanyo Air Conditioner Co., Ltd. held by Japanese Sanyo Air Conditioner Co., Ltd. The company is mainly engaged in production and sale of split wall-mounted air conditioners. (3) Description of changes in the projects for which the investment has been put In the report period, Dalian Meica Electronics Co., Ltd. renamed its name as Dalian Sanyo Meica Electronics Co., Ltd. and the shareholding of the Company, i. e. 30%, remained unchanged. In the report period, Grand Ocean Auto Air-Conditioning Engineering (Dalian) Co., Ltd. accepted new shareholders and was renamed as Grand-Ocean Showa Auto Air-Conditioning Engineering (Dalian) Co., Ltd. The Company assigned its 5% shareholding of that company, i. e. 6.3 million yuan, to Japan Showa Electric Co., Ltd. The present shareholdings of that company are: 40% held by Hong Kong Grand Ocean Manufacturing Co., Ltd., 35% held by Japan Showa Electric Co., Ltd., and 25% held by the Company. 3. Financial status and business performance of the Company By Dec. 31, 2004, the financial status of the Company was described as follows: (1) The total assets were 1,935,420 thousand yuan, 10,354 thousand yuan more than that at the year beginning. The liquid assets decreased by 104,514 thousand yuan mainly due to the Page １８ Dalian Refrigeration Co., Ltd. 2004 Annual Report decrease of cash and cash equivalents. The non-liquid assets increased by 114,868 thousand yuan mainly due to profit made by the joint ventures, and new investment to the joint ventures. (2) The total liabilities were 579,153 thousand yuan, 68,728 thousand yuan less than that at the year beginning. The liquid liabilities decreased by 38,131 thousand yuan mainly due to decrease of the short-term bank borrowings. The non-liquid liabilities decreased by 30,597 thousand yuan mainly due to decrease of long-term bank borrowings. (3) The shareholders’ equity was 1,320,646 thousand yuan, 74,453 thousand yuan more than that in the previous year, mainly due to increase of the drawn public reserve fund and undistributed profit. (4) The gross profit was 175,790 thousand yuan, 247 thousand yuan less than that in the previous year, mainly due to decrease of gross profit margin. (5) The net profit was 108,764 thousand yuan, 22,130 thousand yuan more than that in the previous year, mainly due to increase of the operating profit and increase of share of profit of associates. (6) The assets-liabilities ratio was 29.92% with a comparable decrease of 3.74 percentage points. (7) The gross profit margin was 13.97% with a comparable decrease of 2.5 percentage points. (8) The return on equity was 8.24% with a comparable increase of 1.29 percentage points. 4. The business plan for the coming year The Company’s business targets for the year 2005 are as follows: Sales income: 1,500 million yuan Total amount of profit: 140 million yuan (1) Clearly identifying and keeping updated information about the orientation of the state’s policies for macro adjustment and control and the market trend, and paying close attention to the two markets. Making full use of the Company’s advantage in three series of products, i. e. refrigeration/cold storage, two-storage package and air conditioner package. Putting more efforts to sustainable markets such as food industry, petrochemical industry and energy industry. Accelerating formation of nationwide joint ventures to bring about selling, service and package installing in local areas. (2) Based on adjustment of the product mix, promoting new product development, technical transformation and cooperation through joint ventures and cooperative operation to build up the Company’s core competence. Attaching importance to the key technical transformation projects, including the new product development of CO2 & ammonia combined chiller unit and precise air conditioners for computer room, the reconstruction of the product lab, the import of the horizontal machining center, as well as the capital increase projects for Sanyo Compressor and Sanyo Cold Chain. (3) Bringing up innovations in business management to improve the economic operation quality. Paying more attention to cost reduction and applying the Group-based gang purchase for important materials. Making much of increase of the receivables and keeping them within limits. Highlighting the product quality and the quality of purchased materials. Further improving the ERP informatized management. (4) With combination of the ideological and political work and the production and operation, Page １９ Dalian Refrigeration Co., Ltd. 2004 Annual Report building up the “responsibility sense, crisis sense and urgency sense” and improving the leaders’ ability to command the market and accomplish their own jobs. 5. The routine work of the Board of Directors (1) Meetings of the Board of Directors and the resolutions in the report period ① The 10th meeting of the 3rd Board of Directors The 3rd Board of Directors of the Company held the 10th meeting at the conference room on 6/F of the head-office building on Apr. 20, 2004. The meeting reviewed and adopted the following resolutions: * the 2003 Work Report of the Board of Directors; * the 2003 Final Accounting Report and 2004 Financial Budget Report; * the 2003 Profit Distribution Preplan; * the Report for Drawing Provisions for Assets Depreciation for 2003; * the Report for Amending the Company’s Articles of Association; * the Company’s 2003 Annual Report; * the Company’s Quarterly Report for the First Quarter of 2004; * the Report about Engagement of an Audit Body for 2004; * the Report about Increase of the Investment to Dalian Bingshan Group Sales Co., Ltd.; * the Report about Director Candidates for the 4th Board of Directors; and * Matters about holding the 2003 shareholders’ general meeting. ② The 1st meeting of the 4th Board of Directors The 4th Board of Directors of the Company held the 1st meeting at the conference room on the 6/F of the head-office building on Jun. 3, 2004. At that meeting, Zhang He was elected as the chairman of the Company and Mu Chuanjiang as the vice chairman of the Company. Zhang He was appointed as the general manager of the Company and Yang Bin as the standing deputy general manager of the Company. Zhang Hongzhi, Wang Dekun, Wang Zhiqiang and Hu Xitang were appointed as the deputy general managers of the Company, Xu Xiaorui as the financial majordomo of the Company, and Lv Lianzhen as the secretary of the Board of Directors of the Company. ③ The 2nd meeting of the 4th Board of Directors The 4th Board of Directors of the Company held the 2nd meeting at the conference room on 6/F of the head-office building on Aug. 17, 2004. The meeting reviewed and adopted the Company’s 2004 Semi-Annual Report and its abstract. ④ The 3rd meeting of the 4th Board of Directors The 4th Board of Directors of the Company held the 3rd meeting at the conference room on 6/F of the head-office building on Oct. 19, 2004. The meeting reviewed and adopted the Company’s Quarterly Report for the Third Quarter of 2004. (2) The execution of the resolutions adopted on the general shareholders meeting by the Board of Directors The Board of Directors of the Company earnestly carried out all the resolutions adopted at the 2003 general shareholders meeting. The 2003 profit distribution plan of the Company has been implemented by the Board of Directors in July 2004. Page ２０ Dalian Refrigeration Co., Ltd. 2004 Annual Report 6. The preplan of profit distribution or the preplan of converting the capital public reserve into additional shares As audited by Dalian Hualian Certified Public Accountants, the after-tax profit of the Company in 2004 was 100.955 million yuan. In accordance with the relevant regulations of the state and the Articles of Association of the Company, 10% of the after-tax profit, i. e. 9.985 million yuan, shall be set aside as the legal surplus public reserve, another 10%, i. e. 9.985 million yuan, as legal public welfare fund and 1.561 million yuan as the consolidated reserves for the subsidiary companies. A total of 21.531 million yuan was drawn. With the undistributed profit of 102.845 million yuan carried forward from the previous year, the profit available for distribution to shareholders is 182.269 million yuan. As audited by Price WaterHouseCoopers Zhongtian Certified Public Accountants, the after-tax profit of the Company in 2004 was 108.764 million yuan. With the remaining after-tax profit after drawing legal surplus public reserve, legal public welfare fund, consolidated reserves for the subsidiary companies plus the undistributed profit of 67.387 million yuan carried forward from the previous year, the profit available for distribution to shareholders is 152.124 million yuan. In accordance with the Articles of Association of the Company and relevant regulations, the lower of the aforesaid distributable profits shall be distributed. Therefore, the profit available for distribution to the shareholders for this year is 152.124 million yuan, 10% of which, i. e. 9.985 million yuan, will be drawn as the optional surplus public reserve, and 35.001 million yuan for payment of the dividends. The balance of 107.138 million yuan will be carried forward to the next year for distribution. The profit distribution preplan of the Company for 2004: With 350,014,975 shares in total by the end of 2004, cash dividend of one yuan (including tax) for each ten shares will be paid. The cash dividends for B-shares will be converted into HK$ for payment. No capital public reserve is to be converted into additional shares in this year. This preplan should be presented to and reviewed and adopted at the 2004 shareholder general meeting. 7. The Company selects the China Securities Daily and Ta Kung Pao for disclosing information. 8. The Certified Public Accountants’ special description about the Company’s using the funds of its holding shareholder and other associated parties For the details, see the Chinese version. 9. The independent directors’ special description and independent opinion about the Company’s accumulated and current guarantee issuance and compliance with the related regulations The examination showed that the Company did not issue any guarantees for the holding shareholder, other associated parties with the shareholding less than 50%, any non-legal-person units and individuals, and the amount of guarantee issuance of the Company accounted for 0% of the net assets listed in the consolidated accounting statement in the last fiscal year. Now stipulations have been worked out in the Company’s Articles of Association Page ２１ Dalian Refrigeration Co., Ltd. 2004 Annual Report for the examination and approval procedure for issuing guarantees and the credit standing requirement for guaranteed objects. To sum up, we believe that the Company is well compliant with the related regulations. VIII. The Report of the Supervisory Board The Supervisory Board held four meetings in the report period. The 10th meeting of the 3rd Supervisory Board was held at the conference room on 6/F of the head-office building of the Company on Apr. 20, 2004. The meeting reviewed and adopted the 2003 Work Report of the Supervisory Board and the "Report of the Supervisory Board" in the 2003 Annual Report of the Company, and recommended the supervisor candidates for the 4th Supervisory Board of the Company. The 1st meeting of the 4th Supervisory Board was held at the conference room on 5/F of the head-office building on Jun. 3, 2004. At that meeting, Yu Fuchun was elected as the chairman of the 4th Supervisory Board of the Company. The 2nd meeting of the 4th Supervisory Board was held at the conference room on 5/F of the head-office building on Aug. 17, 2004. The meeting reviewed and adopted the 2004 Semiannual Report of the Company and its abstract. The 3rd meeting of the 4th Supervisory Board was held at the conference room on 5/F of the head-office building on Oct. 19, 2004. The meeting reviewed and adopted the Third Quarterly Report for the Third Quarter of 2004 of the Company. The Supervisory Board gave the independent comments on the following matters: (1) About legal operation of the Company. The Company had a legal resolution-making process and built a quite perfect internal control system. No acts of the directors and managers of the Company in the course of performing their duties were found to violate laws, regulations and the Articles of Association of the Company or to harm the interests of the Company. (2) About the financial condition of the Company. Both Dalian Hualian Certified Public Accountants and Price WaterHouseCoopers Zhongtian Certified Public Accountants have presented the unqualified-opinions auditor's reports. The accounting report reflected the actual financial status and operation results of the Company. (3) The Company had no acts raising funds in the report period. One project of the Company using the capital raised by issuing B-shares in 1998 was carried forward to this report period. The actual investment project was basically consistent with that promised. (4) The Company had no big acts to purchase and sell assets in the report period. (5) Associated transactions taking place on the Company in the report period mainly were purchase of goods from the associated companies. The above transactions were fair with no prejudice to the interests of the Company. (6) The procedures of withdrawing provisions for devaluation of assets in 2004 were legitimate and valid. IX. Important Matters 1. There were no important matters concerning lawsuit or arbitration in the report period of this year. Page ２２ Dalian Refrigeration Co., Ltd. 2004 Annual Report 2. In the report period, the Company had no important matters concerning purchase and sale of assets, mergence, etc. 3. Important matters concerning associated transactions: (1) For details of associated transactions taking place in purchase of goods, see the Explanatory Notes to the Accounting Statements. ① Dalian Sanyo Cold Chain Co., Ltd. a) Associated party: The associated company to the Company. b) Transaction description: Purchasing goods from and selling products to the associated party. c) Principles for pricing and transaction prices: The Company made the agreed prices for purchasing goods from or selling products to the associated party by reference to the defined fair market prices. d) Amount of money in transactions: 182.55 million yuan, including 181.99 million yuan of purchased goods from the associated party and 0.56 million yuan of sold products to the associated party. e) Proportion of the amount of money to that in the similar transactions: accounting for 19.36% of the Company’s annual total amount of purchase, and 0.05% of the Company’s total sales. f) Method of settling accounts: In cash. g) Influence of the matters concerning associated transactions on the Company’s profit: All the associated transactions were confirmed by signing economic contracts. The methods of pricing and of settling accounts were based on the market prices, complying with the basis of fair transactions and mutual agreement and having no harm to the interests of the Company and of the shareholders. h) Necessity and sustainability of the associated transactions: Associated transactions of the Company with the associated party were necessary for normal production and operation, and of positive significance for normal development of the Company and will continue in future. ② Dalian Sanyo Compressor Co., Ltd. a) Associated party: The associated company to the Company. b) Transaction description: Purchasing goods from and selling products to the associated party. c) Principles for pricing and transaction prices: The Company made the agreed prices for purchasing goods from or selling products to the associated party by reference to the defined fair market prices. d) Amount of money in transactions: 85.55 million yuan, including 44.52 million yuan of purchased goods from the associated party and 41.03 million yuan of sold products to the associated party. e) Proportion of the amount of money to that in the similar transactions: accounting for 4.74% of the Company’s annual total amount of purchase, and 3.37% of the Company’s total sales. f) Method of settling accounts: In cash. g) Influence of the matters concerning associated transactions on the Company’s profit: All the associated transactions were confirmed by signing economic contracts. The methods of pricing and of settling accounts were based on the market prices, complying with the basis of fair transactions and mutual agreement and having no harm to the interests of the Company and of the shareholders. h) Necessity and sustainability of the associated transactions: Associated transactions of the Company with the associated party were necessary for normal production and operation, and Page ２３ Dalian Refrigeration Co., Ltd. 2004 Annual Report of positive significance for normal development of the Company and will continue in future. (2) For details of the associated debts and claims, see the Special Audit Opinion on Dalian Refrigeration Co., Ltd.’s Using the Funds of Its Major Shareholders and Associated Parties and Guarantee Issuance by Breaching the Regulations issued by Dalian Hualian Certified Public Accountants Co., Ltd. 4. In the report period, neither assets of other companies were held under trust, contract and lease by the Company nor assets of the Company were held under trust, contract and lease by other companies. 5. In the report period, the Company had no important matters concerning guarantees. The amount of guarantee issued by the Company for the holding subsidiary in the report period was 0 yuan. The amount of guarantee issuance of the Company by breaching the regulations accounted for 0% of the net assets of the Company. The total amount of guarantee issued by the Company accounted for 0% of the net assets of the Company. 6. In the report period, no cash assets of the Company were consigned to others for management and there were no matters concerning loan by mandate. 7. In the report period, the certified public accountants engaged by the Company had no changes. The remuneration paid to the certified public accountants in the report year is as follows: (1) all the payment made to Dalian Hualian Certified Public Accountants was the audit charge of 250 thousand yuan (230 thousand yuan in 2003) without other charges, and the travelling expenses were borne by that company; (2) all the payment made to Price WaterHouseCoopers Zhongtian Certified Public Accountants was the audit charge of 680 thousand yuan (also 680 thousand yuan in 2003) without other charges, and the travelling expenses were borne by that company. Now, the consecutive service tenure of Dalian Hualian Certified Public Accountants Co., Ltd. is twelve years and that of Price WaterHouseCoopers Zhongtian Certified Public Accountants is seven years. 8. In the report period, neither the Company nor the directors were punished by the supervision authorities. Page ２４ Dalian Refrigeration Co., Ltd. 2004 Annual Report X. Financial Report 1. Auditor's Report 2005/SH-090/DK/ZJ TO THE SHAREHOLDERS OF DALIAN REFRIGERATION COMPANY LIMITED We have audited the accompanying consolidated balance sheet of Dalian Refrigeration Company Limited (hereinafter referred to as the “Company”) and its subsidiaries (hereinafter together with the Company referred to as the “Group”) as of 31 December 2004, and the related consolidated income statement, statement of changes in equity, and cash flow statement for the year then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31 December 2004, and of the consolidated results of its operations and its consolidated cash flows for the year then ended, in accordance with International Financial Reporting Standards. PricewaterhouseCoopers Zhong Tian CPAs Co., Ltd. 19 April, 2005 2. Accounting Statements (attached) 3. Explanatory Notes to the Accounting Statements (All amounts in Renminbi (“RMB”) thousands unless otherwise stated) GENERAL INFORMATION Dalian Refrigeration Company Limited (the “Company”) was incorporated in the People’s Republic of China (the “PRC”) on 18 December 1993 as a joint stock limited company. The principal activities of the Company are manufacture, sale and installation of refrigeration equipment. The principal activities of its subsidiaries are shown as below. The Company together with its subsidiaries are hereinafter collectively referred to as the “Group”. The address of the Company’s registered office is No.888 Xinan Road, Shahekou District, Dalian. As of 31 December 2004, the Group had 1,866 employees (2003: 1,936employees). The Company’s domestic investment ordinary shares (“A share”) and domestically listed foreign investment ordinary shares (“B share”) have been listed on the Shenzhen Stock Exchange in the Page ２５ Dalian Refrigeration Co., Ltd. 2004 Annual Report PRC in September 1993 and January 1998 respectively. The immediate and ultimate parent company of the Company is Dalian Bingshan Group Company Limited (“Bingshan Group”). As of 31 December 2004, the Company had direct equity interests in the following subsidiaries, all of which were incorporated in the PRC: Date of Percentage of equity Name of subsidiaries incorporation Registered capital interest Principal activities 2004 2003 2004 2003 Dalian Bingshan Group Refrigeration 9 January 1988 RMB 20,000,000 RMB 20,000,000 100.00% 100.00% Installation and testing of Installation Company (“Installation refrigeration equipment Company”) Dalian Economic and Technological 18 May 1989 N/A RMB 5,400,000 N/A 100.00% Wholesale and retail of Development Zone Bingshan Trade machinery and equipment Company (a) Dalian Economic and Technological 6 July 1992 N/A RMB 600,000 N/A 100.00% Wholesale and retail of Development Zone Daleng Trade instrument and meters Company (a) Dalian Bingshan Air-Conditioning 22 December JPY 700,000,000 JPY 700,000,000 70.00% 70.00% Manufacture and sale of Equipment Company Limited (“Bingshan 1995 accessories of refrigeration Air-Conditioning”) equipment Dalian Bingshan Metal Processing 21 January USD 2,350,000 USD 2,350,000 64.25% 64.25% Process and sale of metal Company Limited (“Metal Processing”) 1998 punching parts Dalian Bingshan Group Sales Company 12 March 1998 RMB 3,000,000 RMB 3,000,000 90.00% 90.00% Sale of refrigeration (“Sales Company”) equipment Dalian Bingshan Guardian Automation Co., 22 April 2002 GBP 210,000 GBP 210,000 60.00% 60.00% Research, design and Ltd. develop refrigerator automation parts Dalian Bingshan Lingshe Deepfreezing 6 May 2003 USD 1,000,000 USD 1,000,000 70% 70% Manufacture and sale of Equipment Co.,Ltd. deepfreezing equipment Shanghai Bingshan Serial Refrigeration 30 September RMB 2,000,000 RMB 2,000,000 45% 45% Sale and installation of Equipment Sales Company (b) 2003 refrigeration equipment (a) During the year ended 31 December 2004, the Company closed the subsidiaries, Dalian Page ２６ Dalian Refrigeration Co., Ltd. 2004 Annual Report Economic and Technological Development Zone Bingshan Trade Company and Dalian Economic and Technological Development Zone Daleng Trade Company. (b) The Company has control over Shanghai Bingshan Serial Refrigeration Equipment Sales Company by assigning three members of Board of Directors out of total five members and having power to govern the financial and operation policy of Shanghai Bingshan Serial Refrigeration Equipment Sales Company. The principal accounting policies adopted in the preparation of these consolidated financial statements of the Group are set out below: A Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The consolidated financial statements have been prepared under the historical convention, as modified by the revaluation of available-for-sale investments. This basis of accounting differs from that used in the preparation of the Group’s statutory financial statements (“PRC statutory financial statements”). The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. In 2004, the Group adopted the IFRS including i) IFRS3 (issued in 2004) Business Combinations, ii) IAS36 (revised in 2004) Impairment of Assets, iii) IAS38 (revised in 2004) Intangible Assets, which are relevant to its operations. The adoption of IFRS3 (issued in 2004), IAS36 (revised 2004) and IAS38 (revised in 2004) Intangible Assets resulted in a change in the accounting policy for goodwill (Note H). B Group accounting (1) Subsidiaries Subsidiaries, which are those entities in which the Group has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies, are consolidated. Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable Page ２７ Dalian Refrigeration Co., Ltd. 2004 Annual Report to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference for business combinations for which agreement date is before 31 March 2004, is recognised as the deduction of goodwill, while the difference for business combinationsis for which agreement date is on or after 31 March 2004 recognised directly in the income statement. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated; unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group. (2) Associates and Joint ventures Investments in associates and joint ventures are accounted for by the equity method of accounting. Associates are entities over which the Group generally has between 20% and 50% of the voting rights, or over which the Group has significant influence, but which it does not control. Joint ventures are the entities that are under the joint control of the Company and other ventures. The Group’s share of its associates or joint ventures’ post-acquisition profits or losses is recognised in the income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate or joint ventures equals or exceeds its interest in the associate or joint ventures, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint ventures. Unrealised gains on transactions between the Group and its associates or joint ventures are eliminated to the extent of the Group’s interest in the associates or joint ventures; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. C Foreign currency translation Items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (“the measurement currency”). The consolidated financial statements are presented in RMB, which is the measurement currency of the parent. Foreign currency transactions are translated into the measurement currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of non-monetary assets and liabilities Page ２８ Dalian Refrigeration Co., Ltd. 2004 Annual Report denominated in foreign currencies are recognized in the income statement in the year in which they arise. D Operating lease Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease. E Leasehold land Leases of land acquired are classified as operating leases. The pre-paid lease payments are amortized over the lease period of fifty years on a straight-line basis. F Property, plant and equipment and depreciation Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Depreciation is provided for on a straight-line basis to write off the cost, after taking into account the residual value, of each asset over its estimated useful life. The estimated useful lives are as follows: Buildings 20-40 years Machinery and equipment 5-20 years Motor vehicles 5-20 years Expenditure incurred after the property, plant and equipment have been put into operation, such as repairs and maintenance and overhaul costs, is recognized as an expense in the year in which it is incurred. In situations where it is probable that an expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset beyond its originally assessed standard of performance, the expenditure is capitalized as an additional cost of the asset. When assets are sold or retired, their costs and accumulated depreciation are eliminated from the accounts and any gain or loss resulting from their disposal is included in the income statement. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Interest costs on borrowings to finance the construction of property, plant and equipment are capitalised, during the period of time that is required to complete and prepare the asset for its Page ２９ Dalian Refrigeration Co., Ltd. 2004 Annual Report intended use. Other borrowing costs are expensed. G Construction-in-progress Construction-in-progress represents buildings and plant under construction and machinery and equipment under installation and testing, and is stated at cost. This includes cost of construction, plant and equipment and other direct costs plus borrowing costs which include interest charges and exchange differences arising from foreign currency borrowings used to finance these projects during the construction period, to the extent these are regarded as an adjustment to interest costs. Construction-in-progress is not depreciated until such time as the assets are completed and ready for its intended use. H Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net assets of the acquired associates at the date of acquisition. Goodwill on acquisitions of associates is included in investments in associates. Goodwill arising from business combination for which agreement date is before 31 March 2004 is amortized using the straight-line method over its estimated useful life of 10 years; Goodwill arising from business combination for which agreement date is on or after 31 March 2004 is recorded at cost less accumulated impairment losses. Goodwill arising from business combination for which agreement date is before 31 March 2004 will discontinue amortising and eliminate the carrying amount of the related accumulated amortization with a corresponding decrease in goodwill since 1 January 2005. At each balance sheet date the Group assesses whether there is any indication of impairment. If such indications exist an analysis is performed to assess whether the carrying amount of goodwill is fully recoverable. A write down is made if the carrying amount exceeds the recoverable amount. I Impairment of long lived assets The assets of the company are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount which is the higher of an asset’s net selling price and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows. J Investments The Group classified its investments in debt and equity securities into the following categories: Page ３０ Dalian Refrigeration Co., Ltd. 2004 Annual Report trading, held-to-maturity and available-for-sale. The classification is dependent on the purpose for which the investments were acquired. Management determines the classification of its investments at the time of the purchase and re-evaluates such designation on a regular basis. Investments that are acquired principally for the purpose of generating a profit from short-term fluctuations in price are classified as trading investments and included in current assets; for the purpose of these financial statements short term is defined as 12 months; Investments with a fixed maturity that management has the intent and ability to hold to maturity are classified as held-to-maturity and are included in non-current assets, except for maturities within 12 months from the balance sheet date which are classified as current assets; Investments intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, are classified as available-for-sale; and are included in non-current assets unless management has the express intention of holding the investment for less than 12 months from the balance sheet date or unless they will need to be sold to raise operating capital, in which case they are included in current assets. Purchases and sales of investments are recognized on the trade date, which is the date that the Group commits to purchase or sell the asset. Investments are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs. Trading and available-for-sale investments are subsequently carried at fair value. Equity securities classified as available-for-sale investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured by alternative valuation methods are measured at cost less impairment. Gains or losses on remeasurement to fair value of available-for-sale investments are included in the net profit or loss for the period. Held-to-maturity investments are carried at amortized cost using the effective yield method. K Inventories Inventories are stated at the lower of cost or net realisable value. Cost is determined using the weighted average method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity) but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses. Provision is made for obsolete, slow-moving or defective items where appropriate. L Installation service contracts An installation service contract is a contract specifically negotiated for the installation of an asset or a combination of assets that are closely interelated or interdependent in terms of their design, technology and functions or their ultimate purpose or use. When the outcome of a contract can be estimated reliably, contract revenue and contract costs are Page ３１ Dalian Refrigeration Co., Ltd. 2004 Annual Report recognised by using the stage of completion method. The stage of completion is measured by reference to the relationship contract costs incurred for work performed to date bear to the estimated total costs for the contract. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. When the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable those costs will be recoverable. Contract costs are recognised when incurred. The installment billings receivable according to the contract is recorded in “Progress billing”. The aggregate of the costs incurred and the profit/loss recognised on each contract is compared against the progress billings up to the year end. Where costs incurred and recognised profits (less recognised losses) exceed progress billings, the balance is presented in current asset as “gross amount due from customers for contract work”. Where progress billings exceed costs incurred plus recognised profits (less recognised losses), the balance is presented in current liability as “gross amount due to customers for contract work”. Amounts received before the related work is performed are included in “advance from customers”. Amounts billed, but not yet paid by the customers, for work performed on a contract are included in “trade receivables”. M Trade receivables Trade receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for impairment of trade receivables is established when there is an objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The amount of the provision is the difference between the carrying amount and the recoverable amount, being the present value of expected cash flows, discounted at the market rate of interest for similar borrowers. N Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. O Borrowings and borrowing costs Borrowings are recognised initially at the proceeds received, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost using the effective yield method; any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings. Transaction costs include fees and commissions paid to agents, advisers, brokers and dealers; Page ３２ Dalian Refrigeration Co., Ltd. 2004 Annual Report levies by regulatory agencies and securities exchanges, and transfer taxes and duties. They do not include debt premium or discount, financing costs, or allocation of internal administrative or holding costs. Borrowing costs include interest charges and other costs incurred in connection with the borrowing of funds, including amortization of discounts or premiums relating to borrowings, amortization of ancillary costs incurred in connection with arranging borrowings and exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs. Borrowing costs are expensed as incurred, except when they are directly attributable to the acquisition, construction of property, plant and equipment that necessarily takes a substantial period of time to get ready for its intended use in which case they are capitalized as part of the cost of that asset. Capitalization of borrowing costs commences when expenditures for the asset and borrowing costs are being incurred and the activities to prepare the asset for its intended use are in progress. Borrowing costs are capitalized at the weighted average cost of the related borrowings until the asset is ready for its intended use. If the resulting carrying amount of the asset exceeds its recoverable amount, an impairment loss is recorded. P Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Currently enacted tax rates are used in the determination of deferred income tax. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided on temporary differences arising on investments in associates, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Q Employee benefits Pursuant to the PRC laws and regulations, contributions to the basic old age insurance for the Group’s local staff are to be made monthly to a government agency based on set percentages of the standard salary set by the provincial government, of which a portion is borne by the Group and the remainder is borne by the staff. The government agency is responsible for the pension liabilities relating to such staff on their retirement. The Group accounts for these contributions on an accrual basis. R Government grants Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attached to them, if any, and that the grants will be received. Page ３３ Dalian Refrigeration Co., Ltd. 2004 Annual Report Grants related to income are deducted in reporting the related expense. S Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. At the balance sheet date, if it is no longer probable that an outflow of resources embodying economic benefit will be required to settle the obligation, the provision is reversed. T Revenue recognition Apart from revenue recognition of installation service contract disclosed in Note L, revenue is recognized on the following bases, provided it is probable that the economic benefits associated with a transaction will flow to the Group and the revenue and costs, if applicable, can be measured reliably. (i) Sales of goods Revenue comprises the invoiced value for the sale of goods and services net of value-added tax, rebates and discounts, and after eliminating sales within the Group. Revenue from the sale of goods is recognized when significant risks and rewards of ownership of the goods are transferred to the buyer. (ii) Interest income Interest income is recognised on a time proportion basis, taking account of the principal outstanding and the effective rate over the period to maturity, when it is determined that such income will accrue to the Group. (iii) Dividend income Dividend income is recognized when the right to receive payment is established. U Dividends Dividends are recorded in the Group’s financial statements in the period in which they are approved by the Group’s shareholders. V Comparatives Where necessary, comparative figures have been adjusted to conform with charges in presentation in the current year. Page ３４ Dalian Refrigeration Co., Ltd. 2004 Annual Report (a) Reclassification of subsidy income to other income. (b) Reclassification of amortization of goodwill from administrative expenses to share of profit of associates and joint ventures before tax. (c) Reclassification of surtax from deduction of sales to cost of sales. FINANCIAL RISK MANAGEMENT (1) Financial risk factors and financial risk management The Group’s activities expose it to a variety of financial risks, including credit risk, liquidity risk, interest rate risk and foreign exchange risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. (i) Credit risk The Group has no significant concentrations of credit risk. The Group has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history. (ii) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. (iii) Interest rate risk The Group’s income and operating cash flows are substantially independent of changes in market interest rates. The Group has no significant interest-bearing assets. The Group policy is to maintain all of its borrowings in fixed rate instruments. (iv) Foreign exchange risk The Group has no significant foreign exchange risk due to limited foreign currency transactions (2) Fair value estimation The fair value of publicly traded securities is based on quoted market prices at the balance sheet date. Page ３５ Dalian Refrigeration Co., Ltd. 2004 Annual Report In assessing the fair value of non-trading securities and other financial instruments, the Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of long-term debt for disclosure purpose is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group. The face values less any estimated credit adjustments for financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair values. 1. SALES, NET 2004 2003 Refrigeration engineering packages and accessories - Refrigerators 422,551 418,430 - Installation service 165,022 122,524 Sale of refrigerators 539,119 394,466 Sale of auxiliary machines 64,730 35,651 Others 66,989 97,493 1,258,411 1,068,564 2. OTHER INCOME, NET 2004 2003 Sales of materials 5,021 4,799 Gain from transfer of shares in associates 2,485 - Others (342) 1,419 7,164 6,218 3. FINANCE COSTS, NET 2004 2003 Interest expense on bank borrowings (Note 20) 1,480 8,500 Interest income from bank deposits (1,777) (2,999) (297) 5,501 4. PROFIT BEFORE TAX AND MINORITY INTERESTS a. Profit before tax and minority interests was determined after charging/(crediting) the Page ３６ Dalian Refrigeration Co., Ltd. 2004 Annual Report following: 2004 2003 Staff costs - salaries and wages 51,245 48,810 - provisions for staff welfare benefit 6,721 7,088 - contribution to statutory pension scheme 9,583 9,408 Amortization of leasehold land in administrative expense 931 950 Depreciation of property, plant and equipment 26,268 24,781 Amortization of goodwill in share of profit of associates and joint ventures before tax 767 767 Gain on disposal of property, plant and equipment (465) (183) Provision for doubtful debts 14,614 17,430 Cost of inventories 1,077,387 887,701 b. Provisions for staff welfare are made based on the following percentages of employees’ standard salaries: Percentage 2004 2003 Pension 19.0% 19.0% Staff welfare benefit 14.0% 14.0% Housing fund 10.0% 8.0% Medical insurance 8.0% 8.0% Unemployment insurance 2.0% 2.0% Employment injury insurance 1.2% 1.2% Maternity insurance 0.5% 0.5% 5. TAXATION (a) Value-added tax (“VAT”) The Group is subject to VAT, which is a tax charged on top of the selling price at a general rate of 17%. An input credit is available whereby VAT previously paid on purchases of raw materials and semi-finished products can be used to offset the VAT on sales to determine the net VAT payable. (b) Surtaxes The Group is subject to the following surtaxes: * City development tax, a tax levied at 7% of net VAT payable; Page ３７ Dalian Refrigeration Co., Ltd. 2004 Annual Report * Education supplementary tax, a tax levied at 3% of net VAT payable. (c) Enterprise income tax (“EIT”) (i) Details of taxation charged were as follows: 2004 2003 Current enterprise income tax Expense 17,057 12,025 Deferred taxation arising from equity pickup of associates and Joint ventures (1,597) 3,790 Share of enterprise income tax of associates and Joint ventures 17,476 12,257 32,936 28,072 (ii) The reconciliation of the statutory tax rate to the effective tax rate was as follows: 2004 2003 Accounting profit before taxation and minority interests 144,820 100% 116,453 100% Tax at the statutory tax rate of 33% (2003: 33%) 47,791 33% 38,429 33% Tax effect of different tax rates of subsidiaries (3,021) (2.1%) (1,295) (1.1%) Tax effect of income that are not assessable in determining taxable income (12,377) (8.5%) (11,216) (9.6%) Tax effect of expenses that are not deductible in determining taxable income 332 0.2% 1,215 1.0% Others 211 0.1% 939 0.8% Income tax expense 32,936 23% 28,072 24% (iii) Deferred tax liability Page ３８ Dalian Refrigeration Co., Ltd. 2004 Annual Report 2004 2003 At 1 January 14,264 10,474 Charged to net profit 10,484 9,654 Credit to net profit (12,081) (5,864) At 31 December 12,667 14,264 In accordance with relevant PRC tax laws, the Company should pay additional EIT equivalent to certain percentage of dividend income declared by its associates and Joint ventures. As of 31 December 2004, the Group reversed deferred taxation amounting to approximately RMB 1,597,000 for temporary difference arising from the additional EIT relating to unappropriated profits of its associates and Joint ventures as of 31 December 2004. (iv) EIT of subsidiaries and associates Taxation on profit of subsidiaries and associates is calculated at the applicable rates in accordance with the relevant tax regulations. Certain subsidiaries and associates enjoy preferential EIT policies with approvals from tax authorities. The applicable EIT rates of subsidiaries and major associates for the year 2004 are as follows: Applicable EIT rate in Relationship with the Name of the entity Company 2004 Installation Company Subsidiary 33% Dalian Economic and Technological Development Zone Bingshan Trade Subsidiary 15% Company Dalian Economic and Technological Development Zone Daleng Trade Subsidiary 15% Company Bingshan Air-Conditioning Subsidiary 10% Metal Processing Subsidiary 7.5% Sales Company Subsidiary 33% Dalian Bingshan Guardian Automation Subsidiary 0% Co., Ltd. Page ３９ Dalian Refrigeration Co., Ltd. 2004 Annual Report Dalian Bingshan Lingshe Refrigeration Subsidiary 15% Machine Co.,Ltd. Shanghai Bingshan Refrigeration Air-Conditioning Equipment Sales Subsidiary 33% Company Dalian Sanyo Compressor Company Associate 10% Limited Dalian Sanyo Refrigeration Company Associate 18% Limited Dalian Sanyo Cold-Chain Company Associate 10% Limited Thermo King-Dalian Transport Associate 15% Refrigeration Company Limited Dalian Sanyo Air Conditioner Company Associate 10% Limited 6. EARNINGS PER SHARE The calculation of basic earnings per share was based on the net profit for the year attributable to shareholders of approximately RMB 108,764,000 (2003: approximately RMB 86,634,000), divided by the weighted average number of 350,014,975 (2003: 350,014,975) shares. 7. LEASEHOLD LAND Movement in leasehold land for the year ended 31 December 2003 was as follows: 2004 2003 Cost Beginning of year 45,947 45,947 Additions 526 - End of year 46,473 45,947 Accumulated amortization Beginning of year 5,673 4,723 Amortization for year 931 950 End of year 6,604 5,673 Page ４０ Dalian Refrigeration Co., Ltd. 2004 Annual Report Net book value End of year 39,869 40,274 Beginning of year 40,274 41,224 Leasehold land represented the use rights of the land where the Company’s premise is located and lease payments pre-paid by the Company and its subsidiaries for leasing the land where the Company’s certain plant and the subsidiaries are situated. The effective periods for the rights are 50 years. Since all land in the PRC is owned by the State or is subject to collective ownership, the risks and rewards of the parcel of land remain with the State. As a result, such lease payments are accounted for under operating leases and are charged to the income statement on a straight-line basis over the lease period of 50 years. 8. PROPERTY, PLANT AND EQUIPMENT Movements in property, plant and equipment were as follows: 2004 Machinery Motor and Construction Buildings vehicles equipment -in-progress Total Cost Beginning of year 188,944 12,389 352,716 7,129 561,178 Additions 1,456 2,735 13,795 10,382 28,368 Transfers 4,054 - 7,036 (11,090) - Disposals (409) (2,059) (2,345) - (4,813) End of year 194,045 13,065 371,202 6,421 584,733 Accumulated depreciation Beginning of year 75,455 6,250 169,072 - 250,777 Depreciation for the year 4,879 1,041 20,348 - 26,268 Disposals (214) (856) (2,059) - (3,129) End of year 80,120 6,435 187,361 - 273,916 Page ４１ Dalian Refrigeration Co., Ltd. 2004 Annual Report Accumulated impairment loss Beginning of year 7,224 - 9,848 - 17,072 Reversal for the year(a) - - (7) - (7) End of year 7,224 - 9,841 - 17,065 Net book value End of year 106,701 6,630 174,000 6,421 293,752 Beginning of year 106,265 6,139 173,796 7,129 293,329 For the year ended 31 December 2004, additions to construction-in-progress did not include capitalized interest. (a) During the year 2004, the Company disposed of retired property, plant and equipment which had been made impairment provision amounting to approximately RMB 7, 000 (2003: RMB 398,000). 2003 Machinery Motor and Construction Buildings vehicles equipment -in-progress Total Cost Beginning of year 187,814 11,327 337,574 6,226 542,941 Additions 275 1,351 6,129 12,336 20,091 Transfers 855 - 10,578 (11,433) - Disposals - (289) (1,565) - (1,854) End of year 188,944 12,389 352,716 7,129 561,178 Accumulated depreciation Beginning of year 70,590 5,563 151,236 - 227,389 Depreciation for the year 4,865 947 18,969 - 24,781 Disposals - (260) (1,133) - (1,393) End of year 75,455 6,250 169,072 - 250,777 Page ４２ Dalian Refrigeration Co., Ltd. 2004 Annual Report Accumulated impairment loss Beginning of year 7,224 - 10,246 - 17,470 Reversal for the year - - (398) - (398) End of year 7,224 - 9,848 - 17,072 Net book value End of year 106,265 6,139 173,796 7,129 293,329 Beginning of year 110,000 5,764 176,092 6,226 298,082 9. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 2004 2003 The Group’s share of associates and joint ventures’ net assets (a)(b) 687,469 577,301 Goodwill (c) 8,495 3,645 695,964 580,946 As of 31 December 2004, the Company had direct equity interests in the following associates and joint ventures, all of which were incorporated in the PRC: Date of Percentage of equity Name of associates and joint ventures incorporation Registered capital interest Principal activities 2004 2003 2004 2003 Dalian Sanyo Compressor Company 15 September JPY JPY 40.00% 40.00% Manufacture and sale of semi-sealed Limited (“DSCC”) 1994 6,200,000,000 6,200,000,000 compressors Dalian Sanyo Refrigeration Company 11 September JPY JPY 40.00% 40.00% Manufacture and sale of absorptive Limited (“DSRC”) 1992 2,000,000,000 2,000,000,000 lithium-bromide cold storehouses Dalian Sanyo Cold-Chain Company 11 January JPY JPY 40.00% 40.00% Manufacture and sale of supermarket Limited (“DSCCC”) 1994 2,400,000,000 2,400,000,000 refrigerators Dalian Grand Ocean Thermo King 11 December USD USD 40.00% 40.00% Installation of transportation freezing Transport Refrigeration Engineering 1992 850,000 850,000 equipment Company Limited (“DGOTKTREC”) Page ４３ Dalian Refrigeration Co., Ltd. 2004 Annual Report Grand Ocean Auto Air - Conditioning 10 October USD USD 25.00% 30.00% Manufacture and sale of auto air- Engineering (Dalian) Company 1993 8,000,000 8,000,000 conditioning systems Limited (“GOAAEC”) Dalian Meica Electronics Company 17 November JPY JPY 30.00% 30.00% Manufacture and sale of electronic Limited 1994 300,000,000 300,000,000 control panel Dalian Honjo Chemical Company 19 March 1993 JPY JPY 30.00% 30.00% Manufacture and sale of lithium- Limited 260,000,000 260,000,000 bromide Thermo King-Dalian Transport 1 December USD USD 25.00% 25.00% Manufacture and sale of freezing Refrigeration Company Limited 1990 3,000,000 3,000,000 carrier (“TKDTRC”) Dalian Sanyo Air Conditioner 20 December JPY JPY 40.00% 40.00% Manufacture and sale of Company Limited (“DSACC”) 1995 1,400,000,000 1,400,000,000 air-conditioner Dalian Sanyo Home Appliance 27 October JPY JPY 40.00% 40.00% Manufacture and sale of home Company Limited 1995 600,000,000 600,000,000 appliance Dalian Bingshan Group Import and 10 August RMB RMB 24.00% 24.00% Import of raw materials and export of Export Company (“Bingshan I&E”) 1988 5,000,000 5,000,000 products Dalian Bingshan – P&A Recreation 8 January 2001 USD USD 50.00% 50.00% Develop technology of environmental Development Engineering Limited 250,000 250,000 protection and sale of environmental (“DBPRDEC”) protection equipment Dalian Bingshan Environmental 10 August RMB RMB 50.00% 50.00% Design and build of man-made ice-rink Protection Equipment Company 2001 500,000 500,000 Limited (“DBEPEC”) Beijing Huashang Bingshan 24 September RMB RMB 49.00% 49.00% Sale of air-conditioner and refrigerator Refrigeration Equipment Co., Ltd. 2002 1,000,000 1,000,000 (“BHBREC”) Dalian Bingshan H2O3 Environmental 6 September USD USD 33.00% 33.00% Develop, design, manufacture and sale Solution Co., Ltd. (“DBHESC”) 2002 1,000,000 1,000,000 of water purifying equipments Dalian Fushi Bingshan Vending 15 September JPY JPY 1,800,000,000 49.00% 49.00% Design, manufacture and sale of Machine Co., Ltd. (“DFBVM”) 2003 1,800,000,000 vending machines Dalian Bingshan Group Designing 20 November RMB RMB 20.00% 20.00% Design of Refrigeration equipment, Co., Ltd. 2003 3,000,000 2,000,000 central air-conditioner, industrial refrigeration equipment and Page ４４ Dalian Refrigeration Co., Ltd. 2004 Annual Report environmental protection equipment Dalian Jiale Vending Machine Co., 19 July 2004 JPY - 50.00% - Sales of vending machine and related Ltd (“DJVM”)(Note) 500,000,000 business with vending machine Wuhan New World Refrigeration 3 January 2003 RMB RMB 30.00% - Design, production, sales of Industrial Co., Ltd (“WNWRI”) 30,000,000 30,000,000 refrigeration equipments, spare parts and supply of after-service Shenyang Sanyo Refrigeration 8 March 1993 USD USD 40.00% - Production and maintenance of air Company Limited (“SSACC”) 29,900,000 29,900,000 conditioner Note: Dalian Jiale Vending Machine Co.,Ltd is the joint venture of the Company. (a) Movement of the Group’s share of associates’ net assets: 2004 2003 At 1 January 577,301 501,246 Cost addition 82,579 45,253 Cost deduction (3,800) - Share of profit before enterprise income tax of associates 106,001 88,809 Share of enterprise income tax of associates (Note 5) (17,476) (12,257) Dividend declared (76,126) (45,750) At 31 December 668,479 577,301 (b) Movement of the Group’s share of joint venture’s net assets: 2004 2003 At 1 January - - Cost addition 18,750 - Share of profit before enterprise income tax of joint venture 240 - At 31 December 18,990 - (c) Movement of goodwill: Page ４５ Dalian Refrigeration Co., Ltd. 2004 Annual Report 2004 2003 At 1 January 3,645 4,412 Addition 5,617 - Amortization (767) (767) At 31 December 8,495 3,645 10. AVAILABLE-FOR-SALE INVESTMENTS 2004 2003 Available-for-sale investments: Investments in unlisted shares at cost 41,133 41,801 Less: Provision for impairment in value - (500) 41,133 41,301 Investments in unlisted shares are measured at cost less impairment, because these investments do not have a quoted market price in an active market and their fair value cannot be reliably measured by alternative valuation methods. The Board of Directors of the Company has the opinion that the carrying amount of above investments approximate to their fair values. As of 31 December 2003, investments in unlisted shares included: Name of investee company Share of equity interest Carrying amount 2004 2003 2004 2003 Guotai Junan Securities Co., Ltd. 0.82% 0.82% 30,320 30,320 Sun-Tek Technology Co., Ltd. 1.9% 1.9% 3,000 3,000 Dalian Bingshan Rubber and Plastics Machinery Co., Ltd. 2.14% 2.14% 2,308 2,308 Thermo King Container Temperature Control (Suzhou) Co., Ltd. 10% 10% 3,311 3,311 Liaoning Maike Group Co., Ltd. 2.0% 2.0% 1,020 1,020 Others - - 1,174 1,342 41,133 41,301 Page ４６ Dalian Refrigeration Co., Ltd. 2004 Annual Report 11. INVENTORIES 2004 2003 Raw materials 53,695 50,927 Work in process 120,458 115,935 Finished goods 66,286 98,470 240,439 265,332 12. GROSS AMOUNT DUE FROM CUSTOMERS FOR CONTRACT WORK 2004 2003 Costs incurred 52,220 78,988 Plus: Recognized profits - 6,832 Less: Recognized losses (41) (5,055) Progress billings (5,778) (30,506) 46,401 50,259 13. TRADE RECEIVABLES 2004 2003 Accounts receivable 239,569 223,327 Notes receivable 31,725 9,537 271,294 232,864 Less: Provision for doubtful debts (42,480) (34,114) 228,814 198,750 14. SHARE CAPITAL As of 31 December 2004, the outstanding share capital represented state-owned shares, legal person shares, A shares and B shares. The B shares rank pari passu in all respects with the A shares except that A shares can only be owned and traded by investors in the PRC or Qualified Foreign Institutional Investors. The details of share capital (par value of RMB 1 each) were as follows: Page ４７ Dalian Refrigeration Co., Ltd. 2004 Annual Report Shares Amount (RMB) 2004 2003 2004 2003 Registered, issued and fully paid: - State-owned shares 106,366,750 104,422,500 106,366,750 104,422,500 - Legal person shares 30,278,000 32,222,250 30,278,000 32,222,250 - A shares 98,370,225 98,370,225 98,370,225 98,370,225 - B shares 115,000,000 115,000,000 115,000,000 115,000,000 350,014,975 350,014,975 350,014,975 350,014,975 15. RESERVES (a) Capital reserve In accordance with relevant regulations of the PRC and the articles of association of the Company, the followings shall be recorded as capital reserve: (i) share premium; (ii) donations; (iii) appreciation arising from revaluation of assets; and (iv) other items in accordance with the articles of association and relevant regulations in the PRC. Capital reserve may be utilized to offset prior years’ losses or for issuance of bonus shares. Share premium represents net assets acquired from promoters in excess of par value of the state-owned shares and the legal person shares issued, and proceeds from the issuance of A shares and B shares in excess of their par value, net of underwriting commissions and professional fees. The additions of capital reserve in 2003 and 2004 represent the shares of the Group in the addition of the capital reserve in an associate, which arose from donations. (b) Statutory surplus reserves fund In accordance with the Company Law of the PRC and the Company’s articles of association, the Company shall appropriate 10% of its annual statutory net profit (after offsetting any prior years’ losses) to the statutory surplus reserve fund account. When the balance of such reserve reaches 50% of the Company’s share capital, any further appropriation is optional. The statutory surplus reserve fund can be utilized to offset prior years’ losses or to issue bonus shares. However, such statutory surplus reserve must be maintained at a minimum of 25% of share capital after such issuance. Certain subsidiaries of the Company are Sino-foreign equity joint ventures. In accordance with the “Law of the PRC on Sino-foreign Equity Joint Ventures”, the articles of association and resolutions of the Board of Directors of these subsidiaries, appropriation from statutory profit after tax (having set off accumulated losses of previous years in advance) has been made to the reserve fund and enterprise expansion fund which are included in statutory Page ４８ Dalian Refrigeration Co., Ltd. 2004 Annual Report surplus reserves fund in the consolidated financial statements of the Group. (c) Statutory public welfare fund According to the relevant financial regulations of the PRC and the Company’s articles of association, the Company is also required to allocate 5% to 10% of its annual statutory net profit (after offsetting any prior years’ losses) to the statutory public welfare fund, which is to be used for the collective welfare of the employees of the Company. During the year 2004, RMB 11,232,000 (2003: RMB 8,723,000) were provided for statutory public welfare fund. (d) Discretionary surplus reserve fund As stated in the Company’s articles of association, the Company can appropriate the lower of its retained earnings available for appropriation (after providing statutory surplus reserve fund and statutory public welfare fund) as determined under PRC GAAP and IFRS to the discretionary surplus reserve fund. At the annual shareholders’ meeting on 3 June 2004, the shareholders approved to appropriate 10% of the lower of its 2003 retained earnings available for appropriation (after providing statutory surplus reserve fund and statutory public welfare fund) as determined under PRC GAAP and IFRS to the discretionary surplus reserve fund. 16. UNAPPROPRIATED PROFITS (a) Unappropriated profit is to be carried forward for future distribution. The distribution of dividends is made in accordance with the Company’s articles of association and the recommendation of the Board of Directors and is subject to approval by shareholders at general meetings. Pursuant to the Notice [1995] 31 issued by the Ministry of Finance on 24 August 1995, the amount of profit available for distribution to shareholders will be determined based on the lower of unappropriated profit in the financial statements determined in accordance with (i) PRC accounting standards and regulations, and (ii) IFRS. At the annual shareholders’ meeting on 3 June 2004, the shareholders approved the distribution of a cash dividend of RMB 0.10 per share (2003: RMB 0.10 per share), totaling RMB 35,001,000 (2003: RMB 35,001,000). As of 31 December 2004, the unappropriated profits available for distribution were approximately RMB 152,124,000 (2003: approximately RMB 110,972,000). (b) Bingshan Air-Conditioning, Bingshan Guardian and Metal Processing Company made appropriations to the statutory surplus reserve fund and statutory public welfare fund according to the resolutions of their boards of directors. In the consolidated financial Page ４９ Dalian Refrigeration Co., Ltd. 2004 Annual Report statements, the Company’s share of the statutory surplus reserve fund and statutory public welfare fund has been recorded, based on the equity interests of Bingshan Air-conditioning, Bingshan Guardian, and Metal Processing Company . 17. MINORITY INTERESTS 2004 2003 At 1 January 30,992 29,343 Capital contributions from minority shareholders 3,516 2,342 Share of net profit of subsidiaries 3,120 1,747 Dividend paid (2,007) (2,440) At 31 December 35,621 30,992 18. GROSS AMOUNT DUE TO CUSTOMERS FOR CONTRACT WORK 2004 2003 Progress billings 22,541 78,122 Less: Costs incurred (17,504) (69,630) Recognized losses - 2,917 5,037 11,409 19. TRADE AND OTHER PAYABLES 2004 2003 Trade payable 198,604 195,929 Advance from customers 116,306 149,620 Accrual, staff welfare payable and other current liabilities 32,528 6,106 347,438 351,655 20. BORROWINGS (a) Short-term bank borrowings Page ５０ Dalian Refrigeration Co., Ltd. 2004 Annual Report 2004 2003 Non-guaranteed bank loans 52,000 148,000 Guaranteed bank loans (Note) 79,000 - 131,000 148,000 As of 31 December 2004, non-guaranteed bank loans bore interest at 4.54% (2003: 4.54%)per annum; Guaranteed bank loans bore interest at 5.58% (2003: 5.58%) and were guaranteed by Bingshan Group. The carrying amounts of shor-term borrowings approximate their fair value. (b) Long-term bank borrowings Carrying amount Fair value 2004 2003 2004 2003 Guaranteed bank loans (Note) 50,000 79,000 37,628 74,825 As of 31 December 2004, long-term bank loans bore interest at 5.85% (2003: 5.58%) per annum and were guaranteed by Bingshan Group. The long-term bank loans are repayable on 21 November 2009. The fair values are estimated by discounting the future cash flows at the borrowings rate of 5.85% (2003: 5.58%) Note: The Company is entitled to a subsidy from Dalian Finance Bureau equivalent to its interest expense paid for the guaranteed bank loans. During the year ended 31 December 2004, subsidy amounting to approximately RMB 4,717,000 (2003: RMB 4,600,000) was received by the Company and offset with interest expense. 21. SUPPLEMENTARY INFORMATION TO CONSOLIDATED CASH FLOW STATEMENT (a) Reconciliation from profit before tax and minority interests to cash generated from operations: 2004 2003 Profit before tax 144,820 116,453 Page ５１ Dalian Refrigeration Co., Ltd. 2004 Annual Report Adjustments for: Amortization of leasehold land 931 950 Depreciation of property, plant and equipment 26,268 24,781 Gain on disposal of property, plant and equipment (465) (183) Share of profit of associates and Joint ventures (105,474) (88,042) Income from available-for-sale investment (3,138) (2,586) Provision for doubtful debts 14,614 17,430 Interest expense 1,480 8,500 Interest income (1,777) (2,999) Operating profit before working capital changes 77,259 74,304 (Increase) Decrease in inventories and gross amount due from customers for contract work 28,751 (33,922) (Increase) Decrease in prepayments and other current assets 4,958 (9,989) Decrease in due from related parties 8,367 24,854 Increase in trade receivables (44,678) (479) (Decrease) Increase in gross amount due to customers for contract work (6,372) (16,284) Increase (Decrease) in due to related parties (10,593) 16,379 Increase (Decrease) Increase in trade and other payables (13,781) 73,475 Cash generated from operations 43,911 128,338 (b) Analysis of the balances of cash and cash equivalents 2004 2003 Cash on hand 88 61 Bank current deposits 303,951 334,915 Bank time deposits - 61,103 304,039 396,079 22. RELATED PARTY TRANSACTIONS (a) Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Page ５２ Dalian Refrigeration Co., Ltd. 2004 Annual Report (b) Name and relationship of related parties: Name Relationship with the Company Bingshan Group Ultimate parent company of the Company DSRC Associate of the Company DSCCC Associate of the Company DSACC Associate of the Company DSCC Associate of the Company GOAAEC Associate of the Company DGOTKTREC Associate of the Company TKDTRC Associate of the Company Bingshan I&E Associate of the Company DBPRDEC Associate of the Company DBEPEC Associate of the Company DBHESC Associate of the Company BHBREC Associate of the Company DFBVM Associate of the Company DJVM Associate of the Company WNWRI Associate of the Company SSACC Associate of the Company Bingshan Group Cold Drink Equipment Wholly-owned subsidiary of Company Limited (“BGCDEC”) Bingshan Group Dalian No.3 Refrigeration Equipment Factory Wholly-owned subsidiary of (“D3REF”) Bingshan Group Dalian Bingshan Group Jinzhou Heavy Machine Wholly-owned subsidiary of Co., Ltd. (“DBGJHM”) Bingshan Group Dalian Bingshan Duan Zao Co., Ltd. Subsidiary controlled by Bingshan (“DBDZC”) Group Dalian Refrigeration Auxiliary Equipment Plant Subsidiary controlled by Bingshan (“DRAEP”) Group Dalian Bingshan Rubber and Plastics Machinery Subsidiary controlled by Bingshan Company Limited (“DBRPMC”) Group Dalian Baltimore Aircool Refrigeration Company Subsidiary controlled by Bingshan Limited (“DBARC”) Group Dalian Zheng Xing Switchgear Plant (“DZXSP”) Associate of Bingshan Group Dalian Spindle Cooling Towers Company Associate of Bingshan Group Limited (“DSCTC”) Dalian Vacuum Flask Works (“DVFW”) Wholly-owned subsidiary of Bingshan Group Dalian Bingshan Group Trading Company Wholly-owned subsidiary of Limited (“DBTC”) Bingshan Group Beijing Bingshan Refrigeration Serial Equipment Wholly-owned subsidiary of Company Limited(“BRSEC”) Bingshan Group Page ５３ Dalian Refrigeration Co., Ltd. 2004 Annual Report (c) Significant transactions with related parties were as follows: 2004 2003 Purchase of raw materials and finished goods from - DBARC 48,358 73,101 - DSCC 44,515 71,017 - DSCCC 182,003 45,289 - DRAEP 20,167 37,771 - Bingshan I&E 1,884 36,712 - DSRC 9,151 31,929 - BGCDEC 22,318 23,300 - DSACC 23,165 22,892 - DSCTC 10,855 18,569 - D3REF 7,232 13,700 - DBTC 572 5,767 - DZXSP 578 4,636 - DVFW - 2,936 - DBDZC 2,671 2,929 - DBPRDEC - 2,074 - TKDTRC 1,963 1,834 - DBHESC 1,070 15 - Others 60 323 376,562 394,794 Sale of finished goods to - DSCC 49,186 37,080 - Bingshan I&E 54,790 28,890 - DSACC 8,354 9,364 - BHBREC 18,375 7,273 - BRSEC 8,815 6,582 - TKDTRC 11,041 6,133 - DSRC 1,557 3,215 - DSCCC 1,001 1,715 - Bingshan Group - 921 - DBPRDEC 1,479 370 - DRAEP 2,661 - - DBEPEC 338 52 - WNWRI 7,283 - - DFBVMC 285 - Page ５４ Dalian Refrigeration Co., Ltd. 2004 Annual Report - DBTC 1,238 - - Others 42 262 167,159 101,143 Purchase of machineries from - Bingshan I&E - 1,637 Commission income received from - DSACC 1,037 2,850 - DBARC 500 200 - DSCCC 1,277 99 - DSRC - 263 3,077 3,149 Subsidy income which has offset administrative expenses - Bingshan Group 2,000 - Subsidy income which has offset financial costs - Bingshan Group 3,200 - (d) Significant balances with related parties 2004 2003 Due from related parties - DSACC 1,791 10,546 - DSCC 1,115 2,221 - DSCCC 2,643 1,558 - BRSEC 255 1,302 - DSRC - 791 - BHBREC 1,460 467 - DBEPEC 557 459 - TKDTRC - 257 - DBPRDEC 557 - - Bingshan I&E 1,291 - - WNWRI 77 - - Others 99 611 9,845 18,212 Page ５５ Dalian Refrigeration Co., Ltd. 2004 Annual Report Due to related parties - BGCDEC 16,557 13,087 - DBARC 6,300 12,799 - DBTC 572 5,556 - D3REF 838 3,939 - DRAEP 1,863 1,622 - DZXSP 639 958 - Bingshan I&E - 887 - DSCTC 774 789 - DBDZC 1,039 505 - TKDTRC 1,377 - - DBGJHM 7 112 - Others 45 350 30,011 40,604 The amounts due from/to related parties were unsecured, non-interest bearing and had no fixed repayment dates. 23. SEGMENT REPORTING The Group conducts its business within one business segment – the business of manufacturing, sale and installation of refrigeration equipment in the PRC. No segment income statement has been prepared by the Group during the year ended 31 December 2004. The Group also operates within one geographical segment because its revenues are primarily generated in the PRC and its assets are located in the PRC. Accordingly, no geographical segment data is presented. 24. SUBSEQUENT EVENTS (a) On 19 April, 2005, the board of directors of the Company resolved to appropriate 10% of its 2004 profit available for shareholders to discretionary surplus reserve fund, and to distribute a cash dividend of RMB 0.10 per share to shareholders. However, the above profit appropriations are subject to approval by shareholders at the annual shareholders’ meeting. 25. APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the board of directors on 19 April, 2005. Page ５６ Dalian Refrigeration Co., Ltd. 2004 Annual Report XI. Reference Documents 1. The accounting statements bearing the signatures and seals of the legal representative, the financial majordomo and the accountants in charge. 2. The original copy of the auditor's report bearing the seal of the certified public accountants and the signatures and seals of the certified accountants. 3. The original copies of all the Company's documents and the original copies of the bulletins published on the newspapers designated by the China Securities Regulatory Commission in the report period. 4. Time for reference: from Monday to Friday 8:00 - 12:00 (a. m.) 1:00 - 5:00 (p. m.) Liaison persons: Song Wenbao Tel: 0086-411-86654530 0086-411-86538130 Fax: 0086-411-86654530 Page ５７ Dalian Refrigeration Co., Ltd. 2004 Annual Report DALIAN REFRIGERATION COMPANY LIMITED CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 (All amounts in Renminbi (“RMB”) thousands, except for earnings per share) Year ended 31 December Notes 2004 2003 Sales, net 1,22(c) 1,258,411 1,068,564 Cost of sales 22(c) (1,082,621) (892,527) Gross profit 175,790 176,037 Distribution costs (52,523) (55,146) Administrative expenses (92,035) (95,783) Other income, net 2 7,164 6,218 Profit from operations 38,396 31,326 Finance costs, net 3 297 (5,501) Share of profit of associates and joint ventures 105,474 88,042 before tax Dividend income from available-for-sale 653 2,586 investments Profit before tax and minority interests 4 144,820 116,453 Income tax expense 5 (32,936) (28,072) Profit before minority interests 111,884 88,381 Minority interests 17 (3,120) (1,747) Net profit 108,764 86,634 Earnings per share - Basic 6 RMB 0.31 RMB 0.25 - Diluted Not applicable Not applicable The accompanying accounting policies and notes form an integral part of these consolidated financial statements. Page ５８ Dalian Refrigeration Co., Ltd. 2004 Annual Report DALIAN REFRIGERATION COMPANY LIMITED CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2004 (All amounts in RMB thousands) As of 31 December Notes 2004 2003 ASSETS Non-current assets Leasehold land 7 39,869 40,274 Property, plant and equipment 8 293,752 293,329 Investments in associates and joint ventures 9 695,964 580,946 Available-for-sale investments 10 41,133 41,301 1,070,718 955,850 Current assets Inventories 11 240,439 265,332 Gross amount due from customers for 12 46,401 50,259 contract work Divedends receivable 9,262 9,724 Prepayments and other current assets 25,902 30,860 Due from related parties 22(d) 9,845 18,212 Trade receivables 13 228,814 198,750 Cash and cash equivalents 21(b) 304,039 396,079 864,702 969,216 Total assets 1,935,420 1,925,066 Page ５９ Dalian Refrigeration Co., Ltd. 2004 Annual Report DALIAN REFRIGERATION COMPANY LIMITED CONSOLIDATED BALANCE SHEET (CONTINUED) AS OF 31 DECEMBER 2004 (All amounts in RMB thousands) As of 31 December Notes 2004 2003 EQUITY AND LIABILITIES Equity Share capital 14 350,015 350,015 Reserves 15,16 970,631 896,178 1,320,646 1,246,193 Minority interests 17 35,621 30,992 LIABILITIES Non-current liabilities Long-term bank borrowings 20(b) 50,000 79,000 Deferred tax liabilities 5(iii) 12,667 14,264 62,667 93,264 Current liabilities Gross amount due to customers for contract 18 5,037 11,409 work Dividends payable 3,000 2,949 Due to related parties 22(d) 30,011 40,604 Trade and other payables 19 347,438 351,655 Short-term bank borrowings 20(a) 131,000 148,000 516,486 554,617 Total equity and liabilities 1,935,420 1,925,066 The accompanying accounting policies and notes form an integral part of these consolidated financial statements. Page ６０ Dalian Refrigeration Co., Ltd. 2004 Annual Report DALIAN REFRIGERATION COMPANY LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2004 (All amounts in RMB thousands) Reserves Statutory Statutory Discretionary Share Capital surplus public surplus reserve Unappro-pri Total capital reserve reserve fund welfare fund fund ated profits reserves Total equity (Note 13) (Note 14(a)) (Note 14(b)) (Note 14(c)) (Note 14(d)) (Note 15) Balance at 1 January 2003 350,015 557,152 99,605 62,120 38,496 87,104 844,477 1,194,492 Appropriations to discretionary surplus reserve fund relating to 2003 - - - - 8,843 (8,843) - - Dividends relating to 2003 - - - - - (35,001) (35,001) (35,001) Net profit for 2003 - - - - - 86,634 86,634 86,634 Appropriations to statutory reserves: - statutory surplus reserve fund - - 8,726 - - (8,726) - - - statutory public welfare fund - - - 8,723 - (8,723) - - Profit appropriations to statutory reserves by subsidiaries - - 1,472 1 - (1,473) - - Other(Note 15(a)) - 68 - - - - 68 68 Balance at 31 December 2003 350,015 557,220 109,803 70,844 47,339 110,972 896,178 1,246,193 Appropriations to discretionary surplus reserve fund relating to 2004 - - - - 8,584 (8,584) - - Dividends relating to 2004 - - - - - (35,001) (35,001) (35,001) Net profit for 2004 - - - - - 108,764 108,764 108,764 Profit appropriations to statutory reserves: - statutory surplus reserve fund - - 11,234 - - (11,234) - - - statutory public welfare fund - - - 11,232 - (11,232) - - Appropriations to statutory reserves by subsidiaries (Note 16(b)) - 1,561 - - (1,561) - - Other(Note 15(a)) - 690 - - - - 690 690 Balance at 31 December 2004 350,015 557,910 122,598 82,076 55,923 152,124 970,631 1,320,646 Page ６１ Dalian Refrigeration Co., Ltd. 2004 Annual Report DALIAN REFRIGERATION COMPANY LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 (All amounts in RMB thousands) Year ended 31 December Notes 2004 2003 CASH FLOWS FROM OPERATING ACTIVITIES: Cash generated from operations 21(a) 43,911 128,338 Interest income received 1,777 2,999 Income tax paid (17,057) (12,025) Net cash generated from operating activities 28,631 119,312 CASH FLOWS FROM INVESTING ACTIVITIES: Increase in investments in associates and joint ventures (96,692) (45,185) Increase in available-for-sale investments - (1,755) Proceeds from transfer of shares in associates 6,285 - Proceeds from disposal of available-for-sale 168 - investments Purchase of leasehold land and property, plant and (28,894) (20,091) equipment Proceeds from disposals of property, plant and 2,142 246 equipment Dividends received from associates and joint 76,126 43,596 ventures Dividends received from available-for-sale 1,115 2,586 investments Net cash used in investing activities (39,750) (20,603) CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term bank borrowings (46,000) (80,000) Interest expense paid (1,480) (8,500) Capital contributions from minority shareholders 3,516 2,342 Dividends paid (34,950) (41,287) Dividends paid to minority shareholders (2,007) (2,440) Net cash used in financing activities (80,921) (129,885) Net decrease in cash and cash equivalents (92,040) (31,176) Cash and cash equivalents at beginning of year 21(b) 396,079 427,255 Cash and cash equivalents at end of year 21(b) 304,039 396,079 The accompanying accounting policies and notes form an integral part of these consolidated financial statements. Page ６２ Dalian Refrigeration Co., Ltd. 2004 Annual Report 大连冷冻机股份有限公司 2004 年年度报告 (境外披露) 重要提示：本公司董事会及其董事保证本报告所载资料不存在任何虚假记 载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性负个别及连 带责任。 本报告分别以中、英文两种文字编制，在对两种文本的理解上发生歧义时， 以中文文本为准。 本公司负责人张和、主管会计负责人及会计机构负责人徐小蕊保证年度报告 中财务报告的真实、完整。 （一） 公司基本情况简介 1、 公司法定中文名称：大连冷冻机股份有限公司 公司法定英文名称：Dalian Refrigeration Co., Ltd. 公司英文名称缩写：DRC 2、 公司法定代表人：张和先生 3、 公司董事会秘书：吕连珍女士 电话：0086-411-86538100 传真：0086-411-86641470 电子信箱：bingzhen@bingshan.com 证券事务代表：葛彦女士 电话：0086-411-86538130 传真：0086-411-86654530 电子信箱：geyan@bingshan.com 联系地址：大连市沙河口区西南路 888 号 4、 公司注册及办公地址：大连市沙河口区西南路 888 号 邮政编码：116033 互联网网址：http://www.daleng.cn 电子信箱：dlzqb@bingshan.com 5、 公司选定的信息披露报纸：《中国证券报》、《大公报》 登载年度报告的证监会指定网址：http://www.cninfo.com.cn 公司年度报告备置地点：公司证券部 6、 公司股票上市交易所：深圳证券交易所 股票简称：大冷股份；大冷 B 股票代码：000530；200530 7、 其他有关资料 公司首次注册登记日期：1993 年 12 月 18 日 登记地点：大连市沙河口区西南路 888 号 企业法人营业执照注册号：大工商企法字 2102001100326 税务登记号码：国税大字节 210204242361300 地税大三字 210204242361303 公司聘请的会计师事务所： Page ６３ Dalian Refrigeration Co., Ltd. 2004 Annual Report 境内：大连华连会计师事务所有限公司 办公地址：大连市中山区同兴街 67 号邮电万科大厦 24 层 境外：普华永道中天会计师事务所有限公司 办公地址：上海市淮海中路 333 号瑞安广场 19 楼 （二）会计数据和业务数据摘要 1、报告期主要业务数据摘要（单位：千元） 除税及少数股东损益前利润 144,820 净利润 108,764 营业利润 38,396 依权益法认列之联营及合营公司税前收益 105,474 营业活动之净现金流入 28,631 现金及现金等价物净减少 -92,040 经大连华连会计师事务所有限公司按照中国会计准则审计，公司 2004 年度 实现净利润 100,955 千元；经普华永道中天会计师事务所有限公司按照国际财务 报告准则审计，公司 2004 年度实现净利润 108,764 千元。境内外审计差异为 7,809 千元。 按国际财务报告准则调整对净利润及净资产的影响（单位：千元）： 净利润 净资产 二○○四年 二○○三年 二○○四年度 二○○三年度 十二月三十一日 十二月三十一日 本集团法定账目金额 100,955 86,147 1,352,748 1,285,465 法定账目会计政策变更的影响 - - - - 调整后的本集团法定账目金额 100,955 86,147 1,352,748 1,285,465 调整 －安装业务收入及成本确认 9,526 5,670 (491) (10,017) －递延税项负债确认 1,597 (3,790) (12,667) (14,264) －权益法核算投资收益 (3,953) (3,161) (18,944) (14,991) －在法定账目下记录于资本 公积的第三方债务免除 202 1,052 - - －其他 436 716 - - 根据国际财务报告准则调整后 金额 108,764 86,634 1,320,646 1,246,193 2、截止报告期末公司前三年的主要会计数据和财务指标 项目 2004 2003 2002 销售收入（千元） 1,258,411 1,068,564 976,884 营业利润（千元） 38,396 31,326 19,540 Page ６４ Dalian Refrigeration Co., Ltd. 2004 Annual Report 应占联营公司利润（千元） 105,474 88,042 83,438 除税及少数股东损益前利润（千元） 144,820 116,453 97,511 净利润（千元） 108,764 86,634 70,524 总资产（千元） 1,935,420 1,925,066 1,880,642 净资产（千元） 1,320,646 1,246,193 1,194,492 营业活动之净现金流入（千元） 28,631 119,312 91,166 每股净资产（元） 3.77 3.56 3.41 每股收益（元） 0.31 0.25 0.20 净资产收益率 8.24% 6.95% 5.90% 每股营业活动之净现金流入（元） 0.082 0.341 0.260 注：（1）以上数据和指标为普华永道中天会计师事务所有限公司按照国际财务报 告准则审计编制，供 B 股投资者参考。 （2）报告期末至摘要披露日，公司股本未发生变化。 3、报告期内股东权益变动情况，详见“合并股东权益变动表”。 （三）股本变动及股东情况 1、 股本变动情况 （1） 股份变动情况表 数量单位：股 期初数 期末数 一、未上市流通股份 1、 发起人股份 104,422,500 106,366,750 其中：国家股 104,422,500 106,366,750 2、 募集法人股份 32,222,250 30,278,000 未上市流通股份合计 136,644,750 136,644,750 二、 已上市流通股份 1、 人民币普通股 98,370,225 98,370,225 2、 境内上市外资股（B 股） 115,000,000 115,000,000 已上市流通股份合计 213,370,225 213,370,225 三、股份总数 350,014,975 350,014,975 （2）股票发行与上市情况 ①前三年历次股票发行情况：无。 ②报告期内，公司股份总数不变，股份结构也未发生变动。 2、股东情况 （1）报告期末股东总数为 66,203 户，比 2003 年末增加 1,204 户，其中 A 股股 东总数为 52,960 户，同比增加 1,546 户；B 股股东总数为 13,243 户，同比减少 342 户。 （2）主要股东持股情况（前十名股东） 股东名称 年初（万股） 年末（万股） 占总股本（%） 类别 大连冰山集团有限公司（国家股） 10,442.25 10,636.675 30.39 A SANYO ELECTRIC CO., LTD. 3,500.15 3,500.15 10.00 B 吉林省九州开发公司 315.00 315.00 0.90 A Page ６５ Dalian Refrigeration Co., Ltd. 2004 Annual Report 太原兆和投资发展公司 315.00 315.00 0.90 A 申银万国证券股份有限公司 283.70 283.70 0.81 A 大连华信信托投资股份有限公司 179.50 179.50 0.51 A 大连热电集团股份有限公司 175.00 175.00 0.50 A 大连船用柴油机厂 162.225 162.225 0.46 A 大连市工业发展投资公司 0.00 162.225 0.46 A 华夏证券有限公司 157.50 157.50 0.45 A 公司前 10 名股东之间不存在关联关系。 持股 5%以上的法人股东所持公司股份无质押、冻结情况。 三洋电机以战略投资者的身份所认购的 3,500.15 万股 B 股，自大冷 B 上市 之日（1998 年 3 月 20 日）起两年内不得转让或出售。目前该公司未出售所持股 票。 （3）控股股东介绍 大连冰山集团有限公司 年末持有公司股份 30.39%。法定代表人张和。该 公司成立于 1996 年 5 月 22 日，注册资本为 12,654 万元，以制造与安装工业和 商用冷冻、空调、冷链、电器等成套设备为主业，兼营电子、家电、轻工化工、 进出口贸易等,是隶属于大连市人民政府国有资产监督管理委员会的国有独资公 司。 报告期内公司控股股东未变更。 大连市人民政府国有资产监督管理委员会 ↓100% 大连冰山集团有限公司 ↓30.39% 大连冷冻机股份有限公司 （4）其他持股 10%（含 10%）以上法人股东介绍 三洋电机株式会社 年末持有公司股份 10%。三洋电机是日本主要的机电产 品生产商之一。 （5）前十名流通股股东持股情况 股东名称 年末（万股） 占总股本（%） 类别 SANYO ELECTRIC CO., LTD. 3,500.15 10.00 B 超皇投资有限公司 97.00 0.28 B 华宝兴业多策略增长证券投资基金 71.5634 0.20 A 黄淑娴 70.00 0.20 B 上海香港万国证券 68.777 0.20 B 方伊君 62.398 0.18 B KINGSWAY FINANCIAL SERVICES GROUP LIMITED 40.00 0.11 B 林乐建 38.6823 0.11 A 冼观昌 38.00 0.11 B 冼晓静 38.00 0.11 B 公司前十名流通股股东之间，以及前十名流通股股东和前十名股东之间是否存在关联关系不详。 Page ６６ Dalian Refrigeration Co., Ltd. 2004 Annual Report （四）董事、监事、高级管理人员和员工情况 1、董事、监事、高级管理人员情况 （1）基本情况 姓名 性别 职务 年龄 任期 年初持股 年末持股 董事（9 位）： 张 和 男 董事长 67 04.6—07.6 25,650 25,650 穆传江 男 副董事长 55 04.6—07.6 22,650 22,650 杨 斌 男 董事 48 04.6—07.6 0 0 徐小蕊 女 董事 41 04.6—07.6 3,000 3,000 岛田忠男 男 董事 60 04.6—07.6 0 0 陈 耿 男 董事 37 04.6—07.6 0 0 吕中立 男 独立董事 63 04.6—07.6 7,125 7,125 王 栋 男 独立董事 68 04.6—07.6 0 0 张贵乐 男 独立董事 64 04.6—07.6 0 0 监事（3 位）： 于福春 男 监事会主席 46 04.6—07.6 7,800 7,800 门曰胜 男 监事 52 04.6—07.6 750 750 迟 枫 女 监事 33 04.6—07.6 0 0 高级管理人员： 张 和 男 总经理 67 04.6—07.6 25,650 25,650 杨 斌 男 常务副总经理 48 04.6—07.6 0 0 张宏智 男 副总经理 46 04.6—07.6 21,125 21,125 王德昆 男 副总经理 53 04.6—07.6 14,250 14,250 王志强 男 副总经理 43 04.6—07.6 0 0 胡希堂 男 副总经理 37 04.6—07.6 0 0 徐小蕊 女 财务总监 41 04.6—07.6 3,000 3,000 董事、监事在股东单位的任职情况如下：张和现任大连冰山集团有限公司 董事长；穆传江现任大连冰山集团有限公司总经理。 现任董事、监事、高级管理人员的主要工作经历和在除股东单位外的其他单 位任职或兼职情况如下： 在除股东单位外其他单位 姓名 主要工作经历 任职或兼职情况 历任副总工程师、厂长、公司总 大连冰山巴尔的摩空气盘管制冷有限公司 张和 经理、董事长。 董事长；大连冰山集团进出口有限公司董 事长；大连冰山金属加工有限公司董事长。 历任副厂长、公司副总经理、总 大连冰山橡塑股份有限公司董事长；大连 穆传江 经理、副董事长。 冰山水环境设备有限公司董事长。 历任公司设计处处长、经营计划 北京冰山制冷空调成套设备有限公司董事 部部长、总经理助理、副总经理、 长；北京华商冰山制冷空调成套设备有限 杨斌 常务副总经理、董事。 公司董事长；大连冰山集团销售有限公司 董事长；上海冰山冷冻空调成套设备销售 服务有限公司董事长。 Page ６７ Dalian Refrigeration Co., Ltd. 2004 Annual Report 历任公司财务部副部长、部长、 徐小蕊 无 副总会计师、财务总监、董事。 历任三洋电机株式会社执行董 大连三洋制冷有限公司董事长；大连三洋 事、商业企业集团商业战略本部 冷链有限公司董事长；大连三洋空调机有 岛田忠男 部长，三洋电机空调株式会社代 限公司董事长。 表董事、社长。 历任深圳证券交易所上市部总经 理，君安证券公司总裁助理兼投 陈耿 资银行部总经理、副总裁，国泰 不详 君安证券股份有限公司副总裁、 总裁。 历任工商银行大连市分行工业处 吕中立 不详 长、行长助理、总稽核。 王栋 历任东北财经大学副教授、教授。 不详 历任东北财经大学副教授、教授、 张贵乐 系主任、校党委委员、校学术委 不详 员会委员、校经济学科组组长。 于福春 历任公司工会副主席。 无 历任公司资产管理部部长、审计 门曰胜 无 监察部部长、物价部部长。 历任公司资产管理部副部长、部 迟枫 无 长。 历任公司总师办副主任、总工程 大连冰山集团冷饮设备有限公司董事长； 张宏智 师、副总经理。 大连冰山集团冷冻设备有限公司董事长； 大连冰山集团制冷空调安装公司董事长。 历任公司车间副主任、进出口处 王德昆 处长、党委副书记、工会主席、 无 副总经理。 历任公司副部长、部长、总工程 王志强 无 师、副总经理。 历任公司政工部副部长、纪委书 胡希堂 无 记、党委副书记、副总经理。 （2）年度报酬情况 公司根据年度生产经营实际情况，本着工资增长低于全年劳动生产率和利润 增长的“两低于”原则，确定董事、监事和高级管理人员报酬。 现任董事、监事和高级管理人员本年度报酬总额为 118 万元；金额最高的 前三名董事的报酬总额为 39 万元；金额最高的前三名高级管理人员的报酬总额 为 39 万元。在公司领取薪酬的董事、监事和高级管理人员共计 13 人，其中 12 —14 万元区间 2 人，10—12 万元区间 5 人，8—10 万元区间 2 人，4—8 万元区 间 3 人，4 万元以内 1 人。 公司每位独立董事年度津贴为 25,000 元。 陈耿、岛田忠男等不在公司领取报酬、津贴，在股东单位或其他关联单位领 Page ６８ Dalian Refrigeration Co., Ltd. 2004 Annual Report 取报酬、津贴。 （3）变动情况 报告期内，公司董事会进行了换届选举，选举产生了公司第四届董事会董 事（共计 9 名）：张和、穆传江、杨斌、徐小蕊、岛田忠男、陈耿、吕中立（独 立董事）、王栋（独立董事）、张贵乐（独立董事）。原董事李梅女士不再担任公 司董事。 报告期内，公司监事会进行了换届选举，选举产生了公司第四届监事会监 事（共计 3 名）：于福春、门曰胜、迟枫。原监事朱广熙先生不再担任公司监事。 报告期内，公司董事会在完成换届选举后，对高级管理人员进行了重新聘任。 聘任张和先生为公司总经理；聘任杨斌先生为公司常务副总经理；聘任张宏智先 生、王德昆先生、王志强先生、胡希堂先生为公司副总经理；聘任徐小蕊女士为 公司财务总监；聘任吕连珍女士为公司董事会秘书。原副总经理丁杰先生因工作 调动不再担任公司副总经理。 2、公司员工情况 2004 年 12 月 31 日统计：公司现有员工 1,832 人，其中生产人员 1,130 人， 占 61.7%；技术人员 312 人，占 17.0%；销售人员 225 人，占 12.3%；财务人员 28 人，占 1.5%；行政人员 137 人，占 7.5%。 公司大、中专以上学历 688 人，占 37.6%。公司退休职工的养老金及医疗费 等由社会保险机构负责。 （五）公司治理结构 1、 公司治理情况 报告期期末，公司治理的实际状况与中国证监会有关文件的要求不存在差 异。 2、独立董事履行职责情况 目前公司有三名独立董事。该等独立董事及时出席公司董事会议，积极发 表独立意见，较好地履行了自身的职责，切实地维护了公司中小股东的合法权益。 3、公司与控股股东在业务、人员、资产、机构、财务等方面的分开情况 （1）业务分开：公司业务独立于控股股东，公司具有独立完整的业务及自主经 营能力。 （2）人员分开：公司在劳动、人事及工资管理等方面独立；公司总经理、副总 经理、营销负责人、董事会秘书等高级管理人员在公司领取薪酬，未在股东单位 担任重要职务。 （3）资产完整：公司拥有独立的生产系统、辅助生产系统和配套设施；工业产 权、商标、非专利技术等无形资产由公司拥有，公司独立拥有采购和销售系统。 （4）机构独立：公司设立了完全独立于控股股东的组织机构，不存在与控股股 东合署办公的情况。 （5）财务独立：公司设有独立的财会部门，建立了独立的会计核算体系和财务 管理制度，独立在银行开户。 4、高级管理人员的考评及激励机制 报告期内公司对高级管理人员依据公司建立的资产经营业绩考核办法进行 考评和奖励。 （六）股东大会情况简介 Page ６９ Dalian Refrigeration Co., Ltd. 2004 Annual Report 公司于 2004 年 6 月 3 日上午在公司召开了 2003 年度股东大会。关于召开 本次股东大会的通知，刊登在 2004 年 4 月 22 日《中国证券报》、《大公报》。关 于本次股东大会的决议公告，刊登在 2004 年 6 月 4 日《中国证券报》、 《大公报》。 本次会议通过如下决议：公司董事会 2003 年度工作报告；公司监事会 2003 年度 工作报告；公司 2003 年度财务决算报告；公司 2003 年度分红方案；关于修改公 司章程的报告；关于聘请 2004 年度审计机构的报告；选举产生了公司第四届董 事会董事；选举产生了公司第四届监事会由股东代表出任的监事。 本次会议对公司董事会及监事会进行了换届选举。选举产生了公司第四届 董事会董事（共计 9 名）：张和、穆传江、杨斌、徐小蕊、岛田忠男、陈耿、吕 中立（独立董事）、王栋（独立董事）、张贵乐（独立董事）。原董事李梅女士不 再担任公司董事。选举产生了公司第四届监事会监事（共计 3 名）：于福春、门 曰胜、迟枫。原监事朱广熙先生不再担任公司监事。 （七）董事会报告 1、公司经营情况 （1）主营业务的范围及其经营情况 公司是中国最大的工业制冷设备生产企业和中国最大的制冷成套设备出口 商家，并拥有中国工业制冷设备行业中唯一的驰名商标。 公司主要产品有用于国防、科研、石油、化工、纺织、医药、发电、农牧 渔和饮食服务等行业的活塞式、螺杆式、离心式制冷压缩机以及压力容器、组合 库、气调保鲜库、平板式速冻机、隧道式速冻机、块冰机、片冰机、颗粒机等， 共计 5 个系列（制冷、冷冻、空调、冷藏、保鲜）、6 大成套（空调成套、土建 冷库成套、组合冷库成套、制冰成套、特种工程成套和气调保鲜成套） 。 ①主营业务 2004 年，在国家宏观调控、原材料价格大幅上涨及市场竞争日益加剧的严 峻形势下，公司充分发挥主观能动性，提出了“提早准备、积极应对、主动出击、 确保市场”的基本思路，实现主营业务收入 1,258,411 千元，同比增长 17.77%； 实现利润总额 144,820 千元，同比增长 24.36%；实现净利润 108,764 千元，同 比增长 25.54%。公司主营业务收入的行业、地区分布情况，详见会计报告附注 1。 报告期内，公司承接了十二个 500 万元以上的成套工程,其中 1,000 万元以 上的大型成套工程有五个，2,000 万元以上的超大型成套工程有两个。 报告期内，公司完成了离心式冷水机组的优化设计、半封闭螺杆冷水机组、 石化专用螺杆压缩机组等 20 多项新产品，其中 CJZS812.5CDW 船用超低温制冷压 缩机组、模块化冰水装置两项新产品荣获 2004 年度中国机械工业科学技术奖。 报告期内，公司荣获大连市十大信息化先进企业。公司 ERP 全面展开，实 现了财务总帐系统、采购系统、库存系统、销售系统及发货、生产组织系统等重 要职能部门的集成应用和联网运营，实现了冰山网站的动态管理和网上办公自动 化的全面应用。 报告期内，公司董事长张和荣获由中国企联颁发的我国首批高级职业经理 人资格证书。 报告期内，公司充分利用冰山集团整体优势，积极尝试集团联合采购。11 月份，首次集团联合采购铜管取得成功，采购总金额超过 5,000 万元，节约成本 100 万元以上。 报告期内，公司通过全员、全方位降成本，在一定程度上消化了钢铁等原 Page ７０ Dalian Refrigeration Co., Ltd. 2004 Annual Report 材料大幅涨价所带来的负面影响。三项费用总计 14,426 万元，同比下降 1,217 万元，其中营业费用下降 262 万元，管理费用下降 375 万元，财务费用下降 580 万元，费用控制得较好。 ②合资企业 2004 年末，公司合资企业群总资产为 330,917 万元，同比增长 14.24%；净 资产为 163,077 万元，同比增长 9.09%。 2004 年，公司合资企业群实现销售收入 353,171 万元，同比增长 27.63%， 其中出口产品销售收入 69,542 万元，同比增长 85.69%；公司获得投资收益 10,547 万元，同比增长 19.80%。 报告期内，投资收益占公司净利润 10%以上的合资企业有五家，分别是三洋 压缩机、三洋空调机、三洋冷链、三洋制冷、大冷王。 报告期内，在公司合资企业群中，主营业务收入同比增长 30%以上的有六家， 净利润同比增长 30%以上的有四家，净资产收益率 15%以上的有六家；主营业务 收入超过 5 亿元的有三家，净利润超过 5,000 万元的有四家。 报告期内，三洋压缩机在人民日报社市场信息中心主办的“首届中国市场 产品质量用户满意度调查”中荣获“中国压缩机市场产品质量用户满意第一品牌” 称号。继成为飞达仕公司全球供应商后，又顺利通过美国约克公司的供应商资格 2 审核。建筑面积达 12,000 多 m 的研发中心于十月份正式破土动工，建成后将成 为三洋电机在海外规格最高的研发中心。 报告期内，三洋冷链成功携手上海农工商集团、大商集团等中国零售业巨 头。同家乐福形成了战略伙伴关系，获得家乐福 60%的年采订单。在餐饮市场增 势明显，继续保持 KFC、德克士店内接近 100%的占有率。建立了中日共同研发体 系，联合研制低温医疗设备及冷藏柜系列产品，进一步强化了行业龙头地位。 报告期内，三洋空调机研发出具有环保冷媒新系列品种，在国内率先开始 了环保冷媒的替换工作。一拖三焓差试验室全面通过日本冷冻工业协会的鉴定， 为空调机大量出口奠定了坚实基础。成功将商用家用空调机组打入日本、中北美 洲、中东、欧洲、西亚等地。 报告期内，三洋制冷荣获国家环保总局颁发的“中国环境标志优秀奖”。GHP 燃气热泵已完成试生产，并实现产业化。顺利通过 ASME 现场认证审核，取得进 军国际市场资格。 （2）主要控股公司及参股公司的经营情况及业绩 A、控股公司 ①大连冰山集团制冷空调安装公司 该公司注册资本为人民币 2,004 万元，本公 司拥有 100%的股权，主营成套制冷设备安装调试，2004 年实现销售收入 7,557 万元。 ②大连冰山集团销售有限公司 该公司注册资本为人民币 1,800 万元，其中本公 司拥有 90%的股权，主营大连冰山集团成员企业的产品销售，2004 年实现销售收 入 14,322 万元。 ③大连冰山空调设备有限公司 该公司注册资金 7 亿日元，其中本公司拥有 70% 的股权，主营风机盘管、空气处理机等空调末端产品的生产和销售，2004 年实 现销售收入 11,513 万元。 ④大连冰山金属加工有限公司 该公司注册资本为 235 万美元，其中本公司拥有 64.3%的股权，主要为已成立的合资企业及本公司配套生产钣金、冲压件，2004 年实现销售收入 4,281 万元。 Page ７１ Dalian Refrigeration Co., Ltd. 2004 Annual Report B、参股公司 详见“会计报表附注”中的“长期股权投资”。 （3）主要供应商、客户情况 公司向前五名供应商合计的采购金额为 32,586 万元，占年度采购总额的 34.66%。 公司前五名客户销售额合计为 11,308 万元，占公司销售总额的 9.29%。 （4）在经营中出现的问题与困难及解决方案 2004 年，公司在生产经营中所遇到的主要问题与困难是国家宏观调控和原 材料涨价所导致的需求与价格成本之间的矛盾，在一定程度上影响到公司的市场 开拓计划。 针对上述困难，公司从多个方面加大了市场开拓力度。第一，各级领导知 难而进，亲自进行市场调研，重点跟踪国家政策导向的一些大项目信息，取得了 抢占市场的主动权。第二，加强企业集约化管理，不断提高产品的价格竞争优势。 加大产品宣传力度，加强与重点客户的交流沟通，充分调动代理商、设计院等各 类人员的积极性。第三，通过开办海外办事处、营销网络、发挥代理商作用等措 施，大力开拓国际市场。 （5）在公司 2004 年度财务预算报告中，提出 2004 年度公司经营计划指标如下： 销售收入 120,000 万元；利润总额 12,000 万元。经过努力，公司较好地完成了 上述经营计划指标。 2、公司投资情况 截止 2004 年末，公司分别与日本、香港、美国、英国等兴建了如下合资企 业： 企业名称 注册地址 主营业务 持股比例 冷王集装箱温度控制（苏州）有限公司 苏州市 船用集装箱温控产品 10% 大冷王运输制冷有限公司 深圳市 生产销售冷藏运输车 25% 大洋昭和汽车空调（大连）有限公司 大连开发区 生产销售汽车空调 25% 大连本庄化学有限公司 大连开发区 生产销售溴化锂溶液 30% 大连三洋明华电子有限公司 大连开发区 生产销售电子线路板 30% 大连冰山水环境设备有限公司 大连市 生产臭氧水处理设备 33% 大连三洋制冷有限公司 大连开发区 生产销售溴化锂制冷机 40% 大连三洋冷链有限公司 大连开发区 生产销售超市冷藏设备 40% 大连三洋压缩机有限公司 大连开发区 生产销售半、全封闭压缩机 40% 大连大洋运输冷冻工程有限公司 大连市 组装销售冷藏移动设备 40% 大连三洋空调机有限公司 大连开发区 生产销售空调机 40% 大连三洋家用电器有限公司 大连市 生产销售小型家用电器 40% 沈阳三洋空调有限公司 沈阳市 生产销售分体壁挂式空调机 40% 大连富士冰山自动售货机有限公司 大连开发区 生产销售自动售货机 49% 大连冰山保安休闲产业工程有限公司 大连市 设计安装休闲设施 50% 大连佳乐自动售货机经营有限公司 大连市 销售经营自动售货机 50% 大连冰山嘉德自动化有限公司 大连市 制冷等行业自动控制技术 60% 大连冰山金属加工有限公司 大连市 生产钣金、冲压件 64.3% 大连冰山空调设备有限公司 大连市 生产销售空调末端产品 70% 大连冰山菱设速冻设备有限公司 大连开发区 生产销售各种速冻设备 70% Page ７２ Dalian Refrigeration Co., Ltd. 2004 Annual Report （1）募集资金使用情况 公司 1998 年发行 B 股所得款项净额为人民币 3.6 亿元，共有七个投资项目， 其中有一个投资项目的资金投入延续到报告期内。 大连三洋压缩机有限公司的增资扩建项目，累计投入 15,525.56 万元，折 合 22.28 亿日元，占应投资额的 100%。本报告期内投入 4,630.624 万元。2004 年，该公司实现主营业务收入 70,629 万元，同比增长 33.93%。 目前，公司已投入募集资金 33,345.56 万元，占总应投资额的 100%。 （2）非募集资金投资项目说明 2004 年 6 月 10 日，公司以自有资金与日本富士电机株式会社合资兴建的大 连富士冰山自动售货机有限公司正式开业。该公司注册资本为 18 亿日元，其中 本公司拥有 49%股权。该公司主要从事自动售货机的研发、生产与销售。2004 年 7 月 21 日，富士冰山第一台自动售货机正式下线。 2004 年 11 月 11 日，公司以自有资金与日本富士电机零售设备系统株式会 社合资兴建的大连佳乐自动售货机经营有限公司正式开业。该公司注册资本为 5 亿日元，其中本公司拥有 50%股权。该公司主要从事自动售货机的销售、设置、 售后服务，以及通过自动售货机进行饮料、食品、物品的销售。 报告期内，公司以自有资金收购了武汉冷冻机厂持有的武汉新世界制冷工 业有限公司 30%的股权。 报告期内，公司以自有资金收购了日本国三洋空调株式会社持有的沈阳三 洋空调有限公司 40%的股权。 （3）已投资项目变动情况说明 报告期内，大连明华电子有限公司将公司名称变更为大连三洋明华电子有限 公司。本公司持有其股权比例不变，仍为 30%。 报告期内，大洋汽车空调工程（大连）有限公司引入新股东，并更名为大洋 昭和汽车空调（大连）有限公司。本公司以 630 万元的价格将所持有的该公司 5%的股权转让给日本昭和电工株式会社。该公司目前的股权结构如下：香港大洋 制造有限公司持股 40%；日本昭和电工株式会社持股 35%；本公司持股 25%。 3、公司财务状况及经营成果 截止 2004 年 12 月 31 日，公司财务状况及经营成果如下： （1）资产总计 1,935,420 千元，比年初增加 10,354 千元。其中：流动资产减 少 104,514 千元，主要是因归还借款使货币资金减少；非流动资产增加 114,868 千元，主要是因合资企业实现利润及对合资企业新增投资。 （2）负债总计 579,153 千元，比年初减少 68,728 千元。其中：流动负债减少 38,131 千元，主要是因短期借款减少；非流动负债减少 30,597 千元，主要是因 长期借款减少。 （3）股东权益 1,320,646 千元，比上年增加 74,453 千元，主要是因计提公积 金、未分配利润增加。 （4）销售毛利 175,790 千元，比上年减少 247 千元，主要是因钢铁等原材料 价格大幅上涨使成本增加。。 （5）净利润 108,764 千元，比上年增加 22,130 千元，主要是因公司费用控制 较好使营业利润增加，以及合资企业投资收益增加。 （6）资产负债率为 29.92%，同比下降 3.74 个百分点。 （7）毛利率为 13.97%，同比下降 2.5 个百分点。 Page ７３ Dalian Refrigeration Co., Ltd. 2004 Annual Report （8）净资产收益率为 8.24%，同比上升 1.29 个百分点。 4、新年度的经营计划 2005 年公司经营计划指标： 销售收入：150,000 万元； 利润总额：14,000 万元； （1）充分认识和把握宏观政策导向及市场走势，紧紧抓住两个市场。进一 步发挥公司冷冻冷藏、两库成套、空调成套三大支柱的优势，重点开拓食品工业、 石化行业、能源行业等持续发展的市场。继续加快在全国组建销售合资公司，逐 步实现销售本地化、服务本地化、成套安装本地化的格局。 （2）以产品结构调整为主线，加大新产品开发、技术改造及合资合作力度， 提高企业核心竞争力。重点抓好二氧化碳、氨复叠低温机组、机房专用精密空调 机组等新产品开发，产品实验室改造、引进卧式加工中心等技术改造，以及三洋 压缩机、三洋冷链增资等项目。 （3）加强企业管理创新，提高经济运行质量。全面抓好降成本工作，重要 物资逐步实行集团统一采购。高度重视和遏制应收帐款的增长。重点抓好产品质 量和采购质量。继续抓好 ERP 信息化管理。 （4）加强思想政治工作与生产经营相结合，牢牢树立“责任感、危机感、 紧迫感”，提高各级领导驾驭市场和本职工作的能力。 5、董事会日常工作情况 （1）报告期内董事会的会议情况及决议内容 ①三届十次董事会议 公司三届董事会于 2004 年 4 月 20 日在公司六楼会议室召开了第十次会议。 本次会议审议并通过了如下决议：公司 2003 年度董事会工作报告；公司 2003 年 度财务决算和 2004 年度财务预算报告；公司 2003 年度利润分配预案；关于计提 2003 年度资产减值准备的报告；关于修改公司章程的报告；公司 2003 年年度报 告；公司 2004 年第一季度季度报告；关于聘请 2004 年度审计机构的报告；关于 对大连冰山集团销售有限公司增加投资的报告；关于公司第四届董事会董事候选 人的报告；关于召开 2003 年度股东大会的有关事项。 ②四届一次董事会议 公司四届董事会于 2004 年 6 月 3 日在公司六楼会议室召开了第一次会议。 本次会议选举张和先生为公司董事长，穆传江先生为公司副董事长；聘任张和先 生为公司总经理；聘任杨斌先生为公司常务副总经理；聘任张宏智先生、王德昆 先生、王志强先生、胡希堂先生为公司副总经理；聘任徐小蕊女士为公司财务总 监；聘任吕连珍女士为公司董事会秘书。 ③四届二次董事会议 公司四届董事会于 2004 年 8 月 17 日在公司六楼会议室召开了第二次会议。 本次会议审议通过了公司 2004 年半年度报告及其摘要。 ④四届三次董事会议 公司四届董事会于 2004 年 10 月 19 日在公司六楼会议室召开了第三次会议。 本次会议审议通过了公司 2004 年第三季度季度报告。 （2） 董事会对股东大会决议的执行情况 公司董事会较好地贯彻执行了 2003 年度股东大会的各项决议。 公司 2003 年度分红方案由公司董事会于 2004 年 7 月实施完毕。 6、本次利润分配预案或资本公积金转增股本预案 Page ７４ Dalian Refrigeration Co., Ltd. 2004 Annual Report 根据大连华连会计师事务所有限公司的审计，公司 2004 年实现税后利 润为 10,095.5 万元，根据国家有关规定及公司章程提取 10%法定盈余公积金 998.5 万元，10%法定公益金 998.5 万元，合并子公司提列储备 156.1 万元，共 计提取 2,153.1 万元，加上上年度未分配利润 10,284.5 万元，可供股东分配的 利润为 18,226.9 万元。 根据国际会计师普华永道中天会计师事务所有限公司的审计，公司 2004 年 实现税后利润 10,876.4 万元，提取法定盈余公积金、法定公益金、合并子公司 提列储备后，加上上年度未分配利润 6,738.7 万元，可供股东分配的利润为 15,212.4 万元。 根据公司章程有关规定，按照孰低原则进行分配。因此，本年度可供股东分 配的利润为 15,212.4 万元，其中提取 10%任意盈余公积金 998.5 万元，3,500.1 万元纳入分红派息，余额 10,713.8 万元结转下年度分配。 公司 2004 年度分红预案： 按 2004 年末总股本 350,014,975 股计算，每 10 股派 1 元现金（含税），B 股的现金股利折算成港币支付。 本年度公司不以资本公积金转增股本。 以上预案须提交公司 2004 年度股东大会审议通过。 7、公司选定《中国证券报》、《大公报》为信息披露报纸。 8、大连华连会计师事务所注册会计师对公司控股股东及其他关联方占用资金情 况的专项说明 大连冷冻机股份有限公司全体股东： 根据中国证监会[证监发（2003）56 号]《关于规范上市公司与关联方资金 往来及上市公司对外担保若干问题的通知》规定以及中国证监会、国务院国有资 产监督管理委员会[证监发（2003）56 号]《关于规范上市公司对外担保若干问 题的通知》要求，我们在对大连冷冻机股份有限公司（以下简称“大冷股份”） 2004 年度会计报表进行审计时，就其大股东及关联方资金占用和违规担保情况 的相关资料进行了专项审核，现将有关审核情况说明如下： 一、经营性资金占用： 2004.1.1——2004.12.31 公司名称 会计科目 2004.1.1 2004.12.31 借方 贷方 深圳大冷王运输制冷有限公 应收账款 374,869.43 12,918,283.56 12,346,545.51 946,607.48 司 应付账款 118,192.14 90,605.84 898,392.80 925,979.10 应收账款 841,024.39 4,073,067.49 4,913,742.08 349.80 大连三洋制冷有限公司 预付账款 1,233,717.95 8,992,820.00 10,226,537.95 应付账款 46,380.00 526,380.00 480,000.00 大洋昭和汽车空调（大连）有 应收账款 77,532.15 58,399.46 135,931.61 限公司 大连三洋冷链有限公司 应收票据 6,000,000.00 2,000,000.00 4,000,000.00 应收账款 287,791.49 2,154,748.64 903,434.01 1,539,106.12 Page ７５ Dalian Refrigeration Co., Ltd. 2004 Annual Report 预付账款 1,511,591.55 59,316,863.60 59,516,863.56 1,311,591.59 应付账款 241,824.28 153,401,395.71 153,406,795.71 247,224.28 预收账款 200,000.00 200,000.00 应收票据 1,500,000.00 1,500,000.00 应收账款 1,898,803.60 8,856,520.21 9,718,014.99 1,037,308.82 大连三洋空调机有限公司 预付账款 354,634.50 14,782,845.11 14,619,661.24 517,818.37 应付账款 111,425.00 8,855,357.00 9,077,971.74 334,039.74 预收账款 2,020,597.35 2,020,597.35 应收票据 879,808.25 10,323,790.28 10,623,276.49 580,322.04 应收账款 1,596,676.72 47,709,776.45 48,169,436.54 1,137,016.63 大连三洋压缩机有限公司 应付票据 1,923,208.19 1,923,208.19 应付账款 44,892.50 52,127,753.46 52,082,860.96 预收账款 300,000.00 300,000.00 预付账款 33,000.00 27,000.00 60,000.00 大连三洋家用电器有限公司 应付账款 15,220.00 27,350.00 42,570.00 预付账款 30,000.00 11,068,350.00 11,098,350.00 大连斯频德冷却塔有限公司 应付账款 322,609.00 243,140.00 574,540.00 654,009.00 应收票据 2,020,000.00 20,000,000.00 18,020,000.00 4,000,000.00 应收账款 1,180,698.15 37,111,008.41 36,142,751.14 2,148,955.42 大连冰山集团进出口有限公 预付账款 227,959.89 227,959.89 司 应付账款 20,389,765.91 21,247,943.16 858,177.25 预收账款 300,000.00 435,000.00 135,000.00 大连冰山保安休闲产业工程 应收账款 369,750.00 1,718,640.00 1,531,015.00 557,375.00 有限公司 预付账款 458,800.00 1,133,300.00 1,035,000.00 557,100.00 大连冰山环保设备有限公司 应付账款 9,667.20 10,176.00 508.80 北京冰山制冷空调成套设备 应收票据 3,400,000.00 3,400,000.00 有限公司 应收账款 4,017,920.84 10,313,041.00 14,132,070.28 198,891.56 大连冰山集团冷冻设备有限 应付票据 800,000.00 1,800,000.00 1,300,000.00 300,000.00 公司 预收账款 87,550.00 3,112,873.25 2,768,628.25 431,795.00 北京华商冰山制冷空调成套 应收账款 1,459,882.81 1,459,882.81 设备公司 预收账款 268,680.51 21,498,282.08 21,229,601.57 武汉新世界制冷工业有限公 应收票据 963,611.32 100,000.00 863,611.32 司 应收账款 500,000.00 475,000.00 25,000.00 Page ７６ Dalian Refrigeration Co., Ltd. 2004 Annual Report 预收账款 698,804.47 8,021,488.05 7,322,733.98 50.40 应付账款 270,200.00 28,279.42 -241,920.58 大连冰山水环境设备有限公 应收账款 33,290.00 33,290.00 司 应付账款 1,209,800.00 1,210,500.00 700.00 大连冰山橡塑股份有限公司 应付账款 406,222.64 2,563,685.29 2,358,989.19 201,526.54 大连冰山巴尔的摩空气盘管 应付票据 5,250,240.37 9,130,364.27 3,880,123.90 有限公司 应付账款 12,799,221.27 63,077,295.00 56,577,887.73 6,299,814.00 大连冰山集团金州重型机器 应付账款 111,800.00 105,000.00 6,800.00 有限公司 应收账款 56,475.74 13,983.00 56,842.74 13,616.00 大连正兴电气控制有限公司 应付账款 561,910.00 3,857,440.00 3,906,890.04 611,360.04 大连富士冰山自动售货机有 应收账款 170,134.07 152,799.90 17,334.17 限公司 预收账款 185,223.43 185,223.43 应收账款 1,448,700.00 1,448,700.00 大连冰山物资贸易有限公司 应付票据 261,187.63 261,187.63 应付账款 5,621,988.58 5,663,715.63 613,427.21 571,700.16 应付票据 600,000.00 2,000,000.00 1,850,000.00 450,000.00 大连第三制冷设备厂 应付账款 3,838,250.08 11,562,601.86 8,461,321.79 736,970.01 应付票据 1,450,000.00 3,700,000.00 3,750,000.00 1,500,000.00 大连冰山冷饮设备有限公司 应付账款 13,086,597.30 33,092,144.05 36,562,661.76 16,557,115.01 大连冰山锻造设备有限公司 应付账款 505,253.39 2,590,923.77 3,124,598.92 1,038,928.54 大连冰山集团有限公司 其他应收款 3,225.08 33,765.88 36,990.96 说明：大冷股份与各关联方之间的经营性往来主要是双方的产品及材料销售 业务形成的暂欠款，销售价格由双方根据市场同类产品价格议定，当市场价格发 生变化时，根据市场价格的波动作适当调整。2004 年 12 月 31 日与各关联方的 往来余额，属于正常的经营应收款项。 大冷股份与大连冰山集团制冷空调安装公司、大连冰山集团销售有限公司、 大连冰山菱设速冻设备有限公司、大连冰山嘉德自动化有限公司、大连冰山金属 加工有限公司、大连冰山空调设备有限公司等控股子公司之间的内部购销及往来 款项在编制合并报表时已经抵销。 二、非经营性资金占用： Page ７７ Dalian Refrigeration Co., Ltd. 2004 Annual Report 2004.1.1——2004.12.31 公司名称 会计科目 2004.1.1 2004.12.31 借方 贷方 大连冰山集团有限公司 其他应收款 3,539.30 3,860,208.95 3,863,748.25 大连三洋制冷有限公司 其他应收款 240,000.00 240,000.00 大连三洋冷链有限公司 其他应收款 240,000.00 240,000.00 大连三洋空调机有限公司 其他应收款 570,000.00 570,000.00 大连三洋压缩机有限公司 其他应收款 240,000.00 240,000.00 大连三洋家用电器有限公司 其他应收款 80,000.00 80,000.00 大连斯频德冷却塔有限公司 其他应收款 570,000.00 570,000.00 大连冰山巴尔的摩空气盘管 其他应收款 160,000.00 160,000.00 制冷有限公司 大连冰山橡塑股份有限公司 其他应收款 160,000.00 160,000.00 大连冰山集团进出口有限公 其他应收款 105,564.20 105,564.20 司 大连冰山保安休闲产业工程 其他应收款 61.41 196.48 257.89 有限公司 大连冰山水环境设备有限公 其他应收款 101.20 204.60 305.80 司 北京冰山制冷空调成套设备 其他应收款 66,844.02 10,752.54 56,091.48 有限公司 大连冰山物资贸易有限公司 其他应收款 991.46 991.46 大连佳乐自动售货机经营有 其他应收款 35,000.00 35,000.00 限公司 武汉新世界制冷工业有限公 其他应收款 118,386.78 66,251.40 52,135.38 司 说明：大冷股份与控股股东——大连冰山集团有限公司之间的应收款项主要 是大冷股份代垫的电话费、往来款等，因资金占用时间较短，大冷股份未向冰山 集团收取资金占用费。 大冷股份与其他关联方之间的非经营性往来主要是大冷股份为其垫付的电 话费、代扣房租等小额代垫费用。 大冷股份与大连冰山集团制冷空调安装公司、大连冰山集团销售有限公司、 大连冰山菱设速冻设备有限公司、大连冰山嘉德自动化有限公司、大连冰山金属 加工有限公司、大连冰山空调设备有限公司等控股子公司之间的往来在编制合并 Page ７８ Dalian Refrigeration Co., Ltd. 2004 Annual Report 报表时已经抵销。 三、违规担保情况： 大冷股份本年度不存在违规担保情况。 中国注册会计师：裴燚 大连华连会计师事务所有限公司 中国注册会计师：隋国军 2005 年 4 月 18 日 9、独立董事对公司累计和当期对外担保情况、执行相关规定情况的专项说明及 独立意见 根据证监发[2003]56 号，我们基于独立判断的立场，对大连冷冻机股份有 限公司对外担保情况及执行相关规定情况进行了深入核查。经审查，公司未为控 股股东及公司持股 50%以下的其他关联方、任何非法人单位或个人提供担保；公 司对外担保总额占最近一个会计年度合并会计报表净资产的 0%。目前公司章程 已对对外担保的审批程序、被担保对象的资信标准做出规定。 我们认为，公司较好地执行了相关规定。 （八）监事会报告 报告期内，监事会召开了四次会议。监事会三届十次会议于 2004 年 4 月 20 日在公司六楼会议室举行。会议审议通过了公司 2003 年度监事会工作报告；公 司 2003 年年度报告中的“监事会报告”；推荐了公司第四届监事会监事候选人。 监事会四届一次会议于 2004 年 6 月 3 日在公司五楼会议室举行。会议选举于福 春先生为公司第四届监事会主席。监事会四届二次会议于 2004 年 8 月 17 日在公 司五楼会议室举行。会议审议通过了公司 2004 年半年度报告及其摘要。监事会 四届三次会议于 2004 年 10 月 19 日在公司五楼会议室举行。会议审议通过了公 司 2004 年第三季度季度报告。 对下列事项，监事会发表独立意见如下： 1、公司依法运作情况。公司决策程序合法，已建立了比较完善的内部控制 制度，公司董事、经理执行公司职务时无违反法律、法规、公司章程或损害公司 利益的行为。 2、公司财务情况。大连华连会计师事务所有限公司和普华永道中天会计师 事务所有限公司均出具了无保留意见的审计报告。财务报告真实反映了公司的财 务状况及经营成果。 3、报告期内公司无募集资金行为。公司 1998 年发行 B 股所募资金的使用 有一项延续到报告期内，实际投入项目和承诺一致。 4、报告期内公司无重大收购、出售资产行为。 5、报告期内公司所发生的关联交易主要是向关联公司购买商品。上述关联 交易公平，未损害公司利益。 6、公司计提的 2004 年度资产减值准备，其决议程序合法、依据充分。 Page ７９ Dalian Refrigeration Co., Ltd. 2004 Annual Report （九）重要事项 1、本年度公司无重大诉讼、仲裁事项。 2、报告期内公司无重大收购及出售资产、吸收合并等事项。 3、重大关联交易事项 （1） 购买商品发生的关联交易，详见“会计报表附注”。 ①大连三洋冷链有限公司 a) 关联交易方：本公司的联营公司。 b) 交易内容：向关联方采购货物及销售产品。 c) 定价原则及交易价格：本公司参照明确、公允的市场价格来确定同关联 方间采购货物或销售产品的协议价格。 d) 交易金额：18,255 万元，其中向关联方采购货物 18,199 万元，向关联 方销售产品 56 万元。 e) 占同类交易金额比例：占年度采购总额 19.36%；占年度销售总额 0.05%。 f) 结算方式：现金结算。 g) 关联交易事项对公司利润的影响：各项关联交易均以签订经济合同形式 确认，定价结算办法是以市场价格为基础，体现公平交易、协商一致的 原则，不存在损害公司和股东利益的情况。 h) 关联交易的必要性和持续性：本公司与关联方的关联交易是正常生产经 营所必需的，对公司的良性发展具有积极意义，以后仍将延续进行。 ②大连三洋压缩机有限公司 i) 关联交易方：本公司的联营公司。 j) 交易内容：向关联方采购货物及销售产品。 k) 定价原则及交易价格：本公司参照明确、公允的市场价格来确定同关联 方间采购货物或销售产品的协议价格。 l) 交易金额：8,555 万元，其中向关联方采购货物 4,452 万元，向关联方 销售产品 4,103 万元。 m) 占同类交易金额比例：占年度采购总额 4.74%；占年度销售总额 3.37%。 n) 结算方式：现金结算。 o) 关联交易事项对公司利润的影响：各项关联交易均以签订经济合同形式 确认，定价结算办法是以市场价格为基础，体现公平交易、协商一致的 原则，不存在损害公司和股东利益的情况。 p) 关联交易的必要性和持续性：本公司与关联方的关联交易是正常生产经 营所必需的，对公司的良性发展具有积极意义，以后仍将延续进行。 （2） 关联债权债务往来，详见大连华连会计师事务所有限公司出具的《大连冷 冻机股份有限公司大股东及关联方资金占用及违规担保情况的专项审核 意见》。 4、报告期内公司未发生托管、承包、租赁其他公司资产或其他公司托管、承包、 租赁公司资产的事项。 5、报告期内公司无重大担保事项。报告期内公司对控股子公司提供担保金额为 0 万元。报告期内公司违规担保总额占公司净资产的比例为 0%，公司担保总额占 公司净资产的比例为 0%。 6、报告期内公司未委托他人进行现金资产管理，无委托贷款事项。 7、报告期内公司聘任会计师事务所未有变更。报告年度支付给聘任会计师事务 Page ８０ Dalian Refrigeration Co., Ltd. 2004 Annual Report 所的报酬情况如下：（1）支付给大连华连会计师事务所有限公司审计费用 25 万 元（2003 年度为 23 万元），无其他费用，差旅费用由该公司承担；（2）支付给 普华永道中天会计师事务所有限公司审计费用 68 万元（2003 年度也为 68 万元）， 无其他费用，差旅费用由该公司承担。目前，大连华连会计师事务所有限公司为 公司提供审计服务的连续年限为 12 年，普华永道中天会计师事务所有限公司为 公司提供审计服务的连续年限为 7 年。 8、报告期内公司、公司董事会及董事均未受监管部门稽查或处罚。 Page ８１ Dalian Refrigeration Co., Ltd. 2004 Annual Report （十）财务报告 1、审计报告 2005/SH-090/DK/ZJ 致：大连冷冻机股份有限公司全体股东 我们审计了大连冷冻机股份有限公司（以下简称“贵公司”）及其子公司（以下与贵公 司合称“贵集团”）2004 年 12 月 31 日的合并资产负债表和 2004 年度的合并利润表、合并 股东权益变动表及合并现金流量表。编制会计报表是贵公司管理阶层的责任。我们的责任是 在实施审计工作的基础上对这些会计报表发表意见。 我们按照国际审计准则计划和实施审计工作，以合理确信会计报表是否不存在重大错 报。审计工作包括在抽查的基础上检查支持会计报表金额和披露的证据，评价管理当局在编 制会计报表时采用的会计政策和作出的重大会计估计，以及评价会计报表的整体反映。我们 相信，我们的审计工作为发表意见提供了合理的基础。 我们认为，上述贵集团的会计报表是依据国际财务报告准则编制，在所有重大方面公允 地反映了贵集团 2004 年 12 月 31 日的财务状况以及截至该日止之年度经营成果和现金流量。 普华永道中天会计师事务所有限公司 2005 年 4 月 19 日 2、会计报表（附后） 3、会计报表附注（除另有说明外，所有金额均以人民币千元为单位） 组织结构及主要业务活动 大连冷冻机股份有限公司（“本公司”）系于一九九三年十二月十八日在中华人民共和 国（“中国” ）注册成立的股份有限公司。本公司主要从事生产、销售及安装制冷设备。 本公司的子公司的主要经营业务列示如下，本公司及其子公司在下文合称“本集团”。 本公司的注册地址为大连市沙河口区西南路 888 号。截至二○○四年十二月三十一日 止，本集团员工总数为 1,866 人（二○○三年：1,936 人）。 本公司之境内上市人民币普通股（“Ａ股”）及境内上市外资股（“Ｂ股”）分别于一九 九三年九月及一九九八年一月在深圳证券交易所上市。 本公司之直接及最终控股公司为大连冰山集团有限公司（“冰山集团”）。 于二○○四年十二月三十一日，本公司直接持有下列注册于中国的子公司股权： Page ８２ Dalian Refrigeration Co., Ltd. 2004 Annual Report 子公司名称 注册日期 注册资本 权益比例 主要业务 二○○四 二○○三 二○○四年 二○○三年 年十二月 年十二月 十二月三十一日 十二月三十一日 三十一日 三十一日 大连冰山集团制冷空调安装公司（“安装 一九八八年一月九日 人民币 20,000,000 人民币 20,000,000 100.00% 100.00% 安装及调试制冷设备 公司”） 大连经济技术开发区冰山经贸公司 (a) 一九八九年五月十八日 不适用 人民币 5,400,000 不适用 100.00% 批发及零售机械设备 大连经济技术开发区大冷经贸公司 (a) 一九九二年七月六日 不适用 人民币 600,000 不适用 100.00% 批发及零售仪器仪表 大连冰山空调设备有限公司（“冰山空 一九九五年十二月二十 日元 700,000,000 日元 700,000,000 70.00% 70.00% 生产及销售制冷配套设备 调”） 二日 大连冰山金属加工有限公司（“金属加 一九九八年一月二十一 美元 2,350,000 美元 2,350,000 64.25% 64.25% 加工及销售板金冲压件 工” ） 日 大连冰山集团销售有限公司（“销售公 一九九八年三月十二日 人民币 3,000,000 人民币 3,000,000 90.00% 90.00% 销售制冷空调冷链 司”） 大连冰山嘉德自动化有限公司 二○○二年四月二十二 英镑 210,000 英镑 210,000 60% 60% 研究，设计及开发制冷系 日 统自动化部件 大连冰山菱设速冻设备有限公司 二○○三年五月六日 美元 1,000,000 美元 1,000,000 70% 70% 保鲜、储藏、冷冻设备的 开发、制造和销售 上海冰山冷冻空调成套设备销售服务有 二○○三年九月三十日 人民币 人民币 2,000,000 45% 45% 制冷空调设备，机械电器 限公司 (b) 2,000,000 设备的销售、安装、维 修服务 (a) 本公司于二○○四年经批准注销了大连经济技术开发区冰山经贸公司及大连经济 技术开发区大冷经贸公司。 (b) 本公司通过委任超半数董事会成员并可以实质上控制上海冰山冷冻空调成套设备 销售服务公司的财务及经营政策而拥有对上海冰山冷冻空调成套设备销售服务有限公 司的控制权。 主要会计政策 编制本集团之合并财务报表所采用的主要会计政策如下： Page ８３ Dalian Refrigeration Co., Ltd. 2004 Annual Report (a) 合并财务报表的编制基准 除可供出售的投资以公允价值计价外，合并财务报表系在历史成本的基础上依据国 际会计准则委员会颁布的国际财务报告准则（包括国际会计准则和解释）编制。此 准则与本集团编制法定账目时所采用的适用于中国的有关财务及会计制度之间存 在 若干差异。按照国际财务报告准则编制财务报表要求使用一定的会计估计,同时要 求管理层在适用本集团会计政策时运用相应的判断。 于二○○四年度，本集团新采用的国际财务报告准则包括：i）国际财务报告准则 3 （2004 年发布）企业合并；ii）国际会计准则 36(2004 年修订）资产减值；iii) 国际会计准则 38(2004 年修订)无形资产。 国际财务报告准则 3 的采用及国际会计准则 36、38 的修订导致有关商誉的会计政 策的变化参见附注(h)。 (b) 合并报表 (1) 子公司 子公司系指本集团拥有其半数以上的表决权或拥有该子公司的财务和经营控制权的公 司。 子公司自本集团对其拥有控制权之日起纳入本集团合并财务报表中，并于自本集团失 去对其拥有控制权之日不再纳入本集团合并财务报表。 收购子公司以购买法入账。本集团以公允价值计量交易成本及为取得交易而发生的其 他相关成本。企业合并过程中产生的可辨认资产和负债以取得时的公允价值作为初始 计量，不考虑少数股东所占份额。收购成本超过本集团所占被收购公司可辨认资产和 负债公允价值中的权益份额的部分确认为商誉；对于 2004 年 3 月 31 日以前签订的收 购协议，如果收购成本低于被收购公司净资产公允价值的部分冲减商誉；对于 2004 年 3 月 31 日或以后签订的收购协议，如果收购成本低于被收购公司净资产公允价值的部 分直接计入当期损益。 集团内部往来的余额和集团内部交易及其产生的未实现利润于合并时予以抵销。内 部交易产生的未实现损失，在无确凿证据证明资产减值的情况下，也予以抵销。对 子公司的会计政策在必要时进行调整以确保其与本集团所采用的会计政策一致。 (2) 联营及合营公司 于联营及合营公司之投资以权益法核算。联营公司系指本公司持有其 20%至 50% 的表决权或本公司对其具有重大影响但不存在控制权的公司。合营公司是指本公司 与其他合营者能共同控制的被投资单位。 Page ８４ Dalian Refrigeration Co., Ltd. 2004 Annual Report 被投资联营及合营公司的净利润及净损失对本集团的影响计入当期损益，其他储备 项目的变动对本集团的影响计入相关储备。除非本集团与联营公司之间存在契约约 束或对其承担担保义务，在对联营公司投资账面价值减到零后，不再确认其进一步 的亏损。 对联营及合营公司与本集团之间的交易所产生的未实现收益按本集团拥有联营及 合营公司的权益比例予以抵销。在无确凿证据证明资产减值的情况下，未实现损失 也予以抵销。 (c) 外币折算 根据本集团有关经营活动及经营环境的经济实质，本公司及其子公司以人民币为计量 货币。外币交易均以交易发生日的适用汇率换算为计量货币。于资产负债表日，以外 币计价的货币性资产和负债乃按该日的适用汇率折算成计量货币。以历史成本计价的 非货币性资产和负债系按交易发生的汇率折算成计量货币。汇兑损益均列入当年度损 益。 (d) 经营租赁 与资产所有权相关的风险及报酬实质上全部由出租人承担或享有的租赁列为经营租 赁。经营租赁的租金收入和支出按租赁年限以直线法计入利润表。 (e) 土地租赁 为长期租赁土地所支付的价款，视同经营租赁，在其租赁期内（五十年）以直线法摊销。 (f) 不动产、厂场及设备和折旧 不动产、厂场及设备按成本减累计折旧及累计减值损失计价。资产的原始成本包括购 买价及将该项资产达到可供使用的状态和地点所需要支付的直接可归属成本。 折旧系按不动产、厂场及设备原值减去估计残值后，在估计使用年限内按直线法计提。 主要估计的使用年限如下： 房屋及建筑物 20－40 年 机器设备、家具及办公设备 5－20 年 运输设备 5－20 年 不动产、厂场和设备投入使用后发生的维修及保养支出于发生当期予以费用化。具有 未来经济效益的重大的不动产、厂场和设备改良及更新支出予以资本化。 Page ８５ Dalian Refrigeration Co., Ltd. 2004 Annual Report 当不动产、厂场和设备出售或报废时，其账面原值及累计折旧从账面扣除，相应的处 置损益计入利润表。 如果不动产、厂场和设备的账面价值高于其可收回金额，对可收回金额低于账面价值 的差额，予以计提减值准备。 为了建造或安装不动产、厂场和设备发生的融资利息成本于不动产、厂场和设备建造 或安装期予以资本化，其他利息成本计入当期损益。 (g) 在建工程 在建工程指建造中的房屋及建筑物和安装测试中的机器设备，按成本入账。此项成本 包括工程建造和设备购置安装的支出及其他直接成本，以及建造和安装测试期间为该 项资产所发生的借款成本，包括借款利息支出及作为利率调整而产生的外币借款之汇 兑损益。 在建工程于完工并达到可使用状态时开始计提折旧。 (h) 商誉 商誉系本集团收购成本超过所收购联营公司可辨认资产和负债公允价值中的权益份额 的部分。由收购联营公司股权而产生的商誉记录于对联营公司的投资余额中。于二○ ○四年三月三十一日以前签订的收购协议所形成的商誉在本年度以成本减累计摊销及 累计减值损失计价，其成本按直线法在估计受益年限（十年）内摊销；于二○○四年 三月三十一日或以后签订的收购协议所形成的商誉以成本减累计减值损失计价。 上述在于二○○四年三月三十一日以前签订的收购协议所形成的商誉将自二○○五年 一月一日起停止摊销，并将累计摊销金额冲抵商誉成本。 管理层定期于资产负债表日核阅商誉是否存在减值。如果存在减值迹象，将对商誉账 面价值的可回收性进行分析，并核减账面价值超过可回收金额的部分。 (i) 资产减值 当某些事件发生或环境变化导致公司资产的账面价值可能无法回收时，应对该等资产 进行减值核阅。若资产的账面价值超过其可回收价值时，应就其差额确认减值损失并 计入当年度费用。资产的可回收价值系按其净销售价格和可使用价值中孰高者确认。 净销售价格系指在公平交易情况下出售该项资产可获得的价款，而可使用价值系指继 续使用该项资产并在使用年限末出售该项资产而获得的未来现金流量的现值。可回收 价值应按个别资产予以估计，若不可行则应按现金流量产生单位分别予以估计。 (j) 投资 Page ８６ Dalian Refrigeration Co., Ltd. 2004 Annual Report 根据取得投资时的意图，本集团将对债权及权益的投资划分为：为交易而持有之投资， 持有至到期日之投资以及可供出售之投资。管理层于取得投资时对该等投资进行分类 后，还将定期重估。 为了从价格的短期波动中获利而购置的投资归类于为交易而持有之投资并认列为流动 资产。有固定到期日且管理层明确打算并能够持有至到期日的投资归类于持有至到期 日之投资，并认列为非流动资产；其中将于十二个月内到期的部分，认列为流动资产。 对于持有时间不明确，可能因流动性考虑或利率变动而售出之投资，归类于可供出售 之投资，并认列为非流动资产。当管理层有明确打算持有该等投资的时间小于十二个 月或该等投资将被出售以获取流动资金时，该可供出售之投资认列为流动资产。 投资的购买和出售均于交易日确认，交易日指本集团确定承诺购买或出售该资产的日 期。购买成本包括交易成本。 初始确认后，本集团以公允价值计量可供出售的投资。如可供出售的股权类投资无活 跃市场的公开交易价格且其公允价值无法合理确定时，该类投资以成本减减值损失计 量。 公允价值变动形成的可供出售的投资之利得或损失，计入其形成当期的净损益。 持有至到期日的投资，运用实际利率法，以摊余成本计量。 (k) 存货 存货按成本与可变现净值孰低法列记。成本按加权平均法计算，包括所有采购成本、 加工成本以及使存货达到目前的状态和地点而发生的其他相关成本。可变现净值为估 计正常售价减估计生产完成和销售所必需的费用后的净值。当存货有过时、滞销及瑕 疵等情况时，则提取存货损失准备。 (l) 安装业务合同 安装业务合同，指为安装一项资产或者在设计、技术、功能、最终用途等方面密切相 关的数项资产而订立的合同。 如果合同的结果能够可靠地估计，合同的收入与费用根据完工百分比法在资产负债表 日确认。完工进度系采用累计实际发生的合同成本占合同预计总成本的比例确定。当 合同预计总成本大于总收入时，则立即将预计损失列为当年度费用。 如果合同的结果不能可靠地估计，合同收入根据能够收回的实际合同成本加以确认， 合同成本则在其发生的当年度确认为费用。 按合同分期应收取的款项，账列工程结算。在资产负债表日，如果累计已发生的合同 成本加累计已确认的合同毛利减累计已确认的预计亏损大于工程结算，列于流动资产 －在建合约工程；反之，则列于流动负债－预收在建合约工程款。合同履行前所收之 Page ８７ Dalian Refrigeration Co., Ltd. 2004 Annual Report 款项列记于预收账款。已开票结算，但尚未收到之合同款项记入应收账款。 (m) 应收款项 应收款项以发票金额减坏账准备后的净值列示。当有客观证据表明本集团无法按原条 款于到期时全额收回应收款时，对该款项计提减值准备。减值准备的金额是应收款项 帐面值与可收回值之间的差额，按预计的未来现金流入以市场利率折现来计算并计入 当期损益。 (n) 现金及现金等价物 在现金流量表中，现金及现金等价物包括现金、随时可用于提取的银行存款和原始投 资期限不超过三个月、流动性强的短期投资。 (o) 借款及借款费用 借款以收到的对价扣除交易费用后的净额确认其初始成本，其后按以实际利率法计算 的摊余成本计量。收到的净额与未来现金支出现值之间的差额在借款期限内计入当期 损益。 交易费用包括支付给代理商、顾问、经纪商和自营商的手续费和佣金、监管机构和证 券交易所征收的款项及证券交易税。交易费用不包括债券溢价或折价、筹资费用和内 部管理费用或持有成本的摊销额。 借款费用包括利息费用及其他与借款相关的费用，包括借款折溢价的摊销、借款安排 的辅助性支出的摊销及作为利率调整而产生的外币借款的汇兑损益。 借款费用一般于发生当期予以费用化，除非用借款购建的资产需较长一段时间的购建 方能投入使用，则与该项资产直接有关的借款费用予以资本化。当购建成本及借款费 用开始发生且为该等资产达到预定用途的购建活动正在进行时，借款费用才开始资本 化。资本化的借款费用根据该项资产达到预定用途前所平均占用的资金计算。若由于 借款费用资本化而导致资产的账面价值超过其可回收价值，则应计提该资产的减值准 备。 (p) 递延税项 递延税项系采用资产负债表的负债法计提。递延所得税反映按财务报告计算的资产与 负债与按税法计算的资产与负债之间的暂时性差异的税务净影响。递延所得税资产和 负债的计量系基于资产负债表日所颁布的法定或实际税率，并根据该等临时性差异的 预计回转年份所适用的税率而得出。递延税项负债在确定时应予当期确认。递延所得 税资产，除可合理估计未来有足够的应课税利润用来抵扣该项递延资产外，不予确认。 对联营公司投资产生的暂时性差异确认为递延税项，但当暂时性差异的回转时间受到 控制或很有可能暂时性差异在可预见的将来无法转回时除外。 Page ８８ Dalian Refrigeration Co., Ltd. 2004 Annual Report (q) 员工统筹退休金 本集团参加由一政府机构管理的确定提拨的统筹退休金计划。本集团须按照职工基本 工资总额的一定比例计提，其中本集团负责一部分，余下由职工负责。该等统筹退休 金交由中国政府有关部门统筹安排，退休职工的退休金由该部门统筹支付。本集团按 权责发生制将退休金计入当年度费用。 (r) 政府补助 政府补助仅在能够合理保证本集团能符合补助条件并可收到补助的情况下确认。与收 益相关的政府补助用于冲减相应的费用。 (s) 预计负债 本集团因过去事项而承担了现时的法定义务或推定义务，履行该义务很可能要求含有 经济利益的资源流出企业且该义务的余额可以可靠地估计时，对准备予以确认。 于资产负债表日，本集团履行义务不再是很可能使含有经济利益的资源流出时，准备 应予转回。 (t) 收入认列 当交易产生的未来经济利益很可能流入本集团，且有关收入和成本能够可靠地计量时， 才对收入加以确认。除附注(l)中有关安装业务合同的收入认列基准外，本集团按下列 基准认列收入： (a) 销售收入 销售收入指发票金额（不含增值税）扣除销售折让后的净额，在与商品所有权有关的 主要风险和报酬转移给买方时予以确认。 (b) 利息收入 利息收入按使用本集团现金的时间和适用利率计算确认。 (c) 股利收入 股利收入在取得收取股利的权利时确认。 (u) 股利分配 股利分配于本集团股东批准发放当期作为负债认列于资产负债表中。 Page ８９ Dalian Refrigeration Co., Ltd. 2004 Annual Report (v) 比较数字 若干比较数字已根据本年度财务报表分类进行了相应的调整。 (a) 将补贴收入重分类至其他业务收入； (b) 将摊销的商誉从管理费用重分类至于联营及合营公司之投资收益； (c) 将销售税金及附加从销售收入的抵减项重分类至产品销售成本。 金融风险管理 (1) 金融风险及风险管理 本集团经营活动面临各种金融风险，包括信用风险、流动性风险、利率风险和外币风 险。集团整体的风险管理是关注不可预测的金融市场和寻求降低潜在的负面因素对集 团财务所带来的风险。 (1) 信用风险 本集团未将信用风险集中于单个债务人或债务人群体。集团的政策是确保将产品销售 给有良好信用记录的客户。 (2) 流动性风险 谨慎的流动性风险管理包括持有充足的现金、上市证券及从银行获得足够的银行信贷 额度和规避市场风险的能力。 (3) 利率风险 本集团的收入和经营活动产生的现金基本与市场利率变动无关。本集团未持有重大的 附息资产。集团的政策是将其所有借款维持于固定利率。 (4) 外币风险 因外币经营活动有限，本集团无重大汇率风险。 (2)公允价值的估计 公开交易的证券之公允价值系依据资产负债表日的市场价格确定。 非公开交易的证券及其他金融工具的公允价值系通过各种方法并依据资产负债表日市 场实际情况作出的假设进行评价。供披露而使用的长期负债的公允价值以未来现金流 以本集团所适用的市场利率折现来评价。 Page ９０ Dalian Refrigeration Co., Ltd. 2004 Annual Report 一年以内到期的金融资产或负债的账面价值（扣除备抵调整后）接近其公允价值。 1. 销售收入，净额 二○○四年度 二○○三年度 成套及配套工程 －制冷压缩机/机组 422,551 418,430 －安装业务 165,022 122,524 销售制冷压缩机/机组 539,119 394,466 销售辅机 64,730 35,651 其他 66,989 97,493 1,258,411 1,068,564 2. 其他业务收支,净额 二○○四年度 二○○三年度 销售材料收入净额 5,021 4,799 转让联营公司投资取得的收入 2,485 - 其他 (342) 1,419 7,164 6,218 3. 财务成本,净额 二○○四年度 二○○三年度 银行借款利息费用（附注 20） 1,480 8,500 银行存款利息收入 (1,777) (2,999) (297) 5,501 4. 除税及少数股东损益前利润 a. 除税及少数股东损益前利润已扣除/(计入)下列各项: Page ９１ Dalian Refrigeration Co., Ltd. 2004 Annual Report 二○○四年度 二○○三年度 人工成本 －工资和薪金 51,245 48,810 －提取职工福利费 6,721 7,088 －提取法定退休金 9,583 9,408 土地租赁摊销 931 950 不动产、厂场及设备折旧 26,268 24,781 商誉摊销 767 767 处置不动产、厂场及设备收益 (465) (183) 提取坏账准备 14,614 17,430 存货成本 1,077,387 887,701 b. 各项职工福利的计提比例（占职工基本工资总额）如下： 计提比例 二○○四年度 二○○三年度 养老金 19.0% 19.0% 职工福利费 14.0% 14.0% 住房公积金 10.0% 8.0% 医疗保险 8.0% 8.0% 待业保险金 2.0% 2.0% 工伤基金 1.2% 1.2% 生育基金 0.5% 0.5% 5. 税项 a. 增值税 增值税为价外税，一般税率为 17%。依法规规定，购进半成品或原材料等所支 付的进项税额可抵扣销售货物时应缴纳的销项税额。 b. 销售附加税 本集团须缴纳以下销售附加税： • 城市维护建设税，税额按应付增值税净额的 7%计征； • 教育费附加，税额按应付增值税净额的 3%计征。 c. 企业所得税 (i) 所得税费用的明细如下： Page ９２ Dalian Refrigeration Co., Ltd. 2004 Annual Report 二○○四年度 二○○三年度 当年度企业所得税 17,057 12,025 以权益法核算联营及合营公司投资收益 而导致的递延所得税项 (1,597) 3,790 认列的联营及合营公司的企业所得税 17,476 12,257 32,936 28,072 (ii) 所得税费用与按会计所得额计算之所得税费用的调节表如下所示： 二○○四年度 二○○三年度 除税及少数股东损益前利 润 144,820 100% 116,453 100% 按法定税率 33%（二○○三 年：33%）计算所得税额 47,791 33% 38,429 33% 子公司不同税率之影响 (3,021) (2.1%) (1,295) (1.1%) 不须纳税的收益之影响 (12,377) (8.5%) (11,216) (9.6%) 不可抵扣的费用之影响 332 0.2% 1,215 1.0% 其他 211 0.1% 939 0.8% 所得税费用 32,936 23% 28,072 24% (iii) 递延税项负债 二○○四年度 二○○三年度 年初余额 14,264 10,474 当年计提 10,484 9,654 当年转回 (12,081) (5,864) 年末余额 12,667 14,264 (5) 依据中国有关法律的规定，本集团对于自联营及合营公司宣告分配的股利须 按一定比例补缴企业所得税。截至二○○四年十二月三十一日，本集团根据 联营公司于二○○四年十二月三十一日的未分配利润所导致的暂时性差异冲 销了人民币约 1,597,000 元的递延税项负债。 (iv) 合并子公司及联营公司企业所得税 Page ９３ Dalian Refrigeration Co., Ltd. 2004 Annual Report 合并子公司和联营公司之所得税依据中国有关税法的适用税率计算。部分合并 子公司和联营公司经税务机关确认，可享有减免税收优惠。本集团的合并子公 司和主要联营公司的 2004 年度实际适用所得税率列示如下： 2004 年度实际适用所 公司名称 与本公司关系 得税率 安装公司 子公司 33% 大连经济技术开发区冰山经贸公司 子公司 15% 大连经济技术开发区大冷经贸公司 子公司 15% 冰山空调 子公司 10% 金属加工 子公司 7.5% 销售公司 子公司 33% 大连冰山嘉德自动化有限公司 子公司 0% 大连冰山菱设速冻设备有限公司 子公司 15% 上海冰山冷冻空调成套设备销售服务有限 子公司 33% 公司 大连三洋压缩机有限公司 联营公司 10% 大连三洋制冷有限公司 联营公司 18% 大连三洋冷链有限公司 联营公司 10% 大冷王运输制冷有限公司 联营公司 15% 大连三洋空调机有限公司 联营公司 10% 6. 每股盈利 二○○四年度基本每股盈利系以二○○四年度净利润约人民币 108,764,000 元（二○ ○三年度：约人民币 86,634,000 元）除以已发行的加权平均股数 350,014,975 股（二 ○○三年度：350,014,975 股）计算。 Page ９４ Dalian Refrigeration Co., Ltd. 2004 Annual Report 7. 土地租赁 土地租赁于二○○四年度之变动如下： 二○○四年度 二○○三年度 原值 年初余额 45,947 45,947 本年增加 526 - 年末余额 46,473 45,947 累计摊销 年初余额 5,673 4,723 本年摊销 931 950 年末余额 6,604 5,673 净值 年末余额 39,869 40,274 年初余额 40,274 41,224 土地租赁系指本公司厂区所在地的土地使用权及本公司及其子公司为取得厂区所在地 的土地使用权而支付的出让金。土地使用权的期限均为五十年。 因为所有中国的土地均由国家或集体拥有，上述土地的风险和收益仍归国家或集体所 有。因此，该等土地出让金视同经营性租赁核算，并在租赁期（五十年）内按直线法 摊销。 8. 不动产、厂场及设备 不动产、厂场及设备之变动如下： 二○○四年度 机器设备、 房屋及 家具及 建筑物 运输设备 办公设备 在建工程 合计 Page ９５ Dalian Refrigeration Co., Ltd. 2004 Annual Report 原值 年初余额 188,944 12,389 352,716 7,129 561,178 本年增加 1,456 2,735 13,795 10,382 28,368 在建工程转入 4,054 - 7,036 (11,090) - 本年减少 (409) (2,059) (2,345) - (4,813) 年末余额 194,045 13,065 371,202 6,421 584,733 累计折旧 年初余额 75,455 6,250 169,072 - 250,777 本年折旧 4,879 1,041 20,348 - 26,268 本年减少 (214) (856) (2,059) - (3,129) 年末余额 80,120 6,435 187,361 - 273,916 减值准备 年初余额 7,224 - 9,848 - 17,072 本年转回 (a) - - (7) - (7) 年末余额 7,224 - 9,841 - 17,065 净值 年末余额 106,701 6,630 174,000 6,421 293,752 年初余额 106,265 6,139 173,796 7,129 293,329 于二○○四年度，在建工程的增加中无资本化利息。 (a) 在二○○四年度，本公司处置了账面净值约人民币 7,000 元（二○○三年：人民币 398,000 元）的不动产、厂场及设备。 Page ９６ Dalian Refrigeration Co., Ltd. 2004 Annual Report 二○○三年度 机器设备、 房屋及 家具及 建筑物 运输设备 办公设备 在建工程 合计 原值 年初余额 187,814 11,327 337,574 6,226 542,941 本年增加 275 1,351 6,129 12,336 20,091 在建工程转入 855 - 10,578 (11,433) - 本年减少 - (289) (1,565) - (1,854) 年末余额 188,944 12,389 352,716 7,129 561,178 累计折旧 年初余额 70,590 5,563 151,236 - 227,389 本年折旧 4,865 947 18,969 - 24,781 本年减少 - (260) (1,133) - (1,393) 年末余额 75,455 6,250 169,072 - 250,777 减值准备 年初余额 7,224 - 10,246 - 17,470 本年转回 - - (398) - (398) 年末余额 7,224 - 9,848 - 17,072 净值 年末余额 106,265 6,139 173,796 7,129 293,329 年初余额 110,000 5,764 176,092 6,226 298,082 9. 于联营及合营公司之投资 二○○四年 二○○三年 十二月三十一日 十二月三十一日 本集团占联营及合营公司净资产之份额(a)(b) 687,469 577,301 商誉(c) 8,495 3,645 695,964 580,946 Page ９７ Dalian Refrigeration Co., Ltd. 2004 Annual Report 于二○○四年十二月三十一日，本公司直接持有下列注册于中国的联营及合营公司股 权： 联营公司名称 注册日期 注册资本 权益比例 主要业务 二○○四 二○○三 二○○四年 二○○三年 年十二月 年十二月 十二月三十一日 十二月三十一日 三十一日 三十一日 大连三洋压缩机有限公司（“三洋压 一九九四年九月十 日元6,200,000,000 日元6,200,000,000 40.00% 40.00% 生产及销售半封闭压缩机 缩机”） 五日 大连三洋制冷有限公司（“三洋制 一九九二年九月十 日元2,000,000,000 日元2,000,000,000 40.00% 40.00% 生产及销售吸收式溴化锂制冷 冷”） 一日 机 大连三洋冷链有限公司（“三洋冷 一九九四年一月十 日元2,400,000,000 日元2,400,000,000 40.00% 40.00% 生产及销售超级市场冷冻冷藏 链”） 一日 设备 大连大洋运输冷冻工程有限公司 一九九二年十二月 美元 850,000 美元 850,000 40.00% 40.00% 安装运输冷藏设备 （“大洋运输”） 十一日 大洋汽车空调工程(大连)有限公司 一九九三年十月十 美元 8,000,000 美元 8,000,000 25.00% 30.00% 生产及销售汽车空调系统 （“大洋汽车”） 日 大连明华电子有限公司 一九九四年十一月 日元 300,000,000 日元 300,000,000 30.00% 30.00% 生产及销售电子控制线路板 十七日 大连本庄化学有限公司 一九九三年三月十 日元 260,000,000 日元 260,000,000 30.00% 30.00% 生产及销售溴化锂溶液 九日 大冷王运输制冷有限公司（“大冷王 一九九○年十二月 美元 3,000,000 美元 3,000,000 25.00% 25.00% 生产及销售冷藏运输车的制冷 运输”） 一日 设备 大连三洋空调机有限公司（“三洋空 一九九五年十二月 日元1,400,000,000 日元1,400,000,000 40.00% 40.00% 生产及销售空调机 调”） 二十日 大连三洋家用电器有限公司 一九九五年十月二 日元 600,000,000 日元 600,000,000 40.00% 40.00% 生产及销售小型家用电器 十七日 大连冰山集团进出口公司（“进出口 一九八八年八月十 人民币 5,000,000 人民币 5,000,000 24.00% 24.00% 进口原料及出口产品 公司”） 日 大连冰山保安休闲产业工程有限公 二○○一年一月八 美元 250,000 美元 250,000 50.00% 50.00% 人造冰场和滑雪场的设计，成套 司（“冰山保安” ） 日 设备供应，安装，维修保养 Page ９８ Dalian Refrigeration Co., Ltd. 2004 Annual Report 大连冰山环保设备有限公司（“冰山 二○○一年八月十 人民币 500,000 人民币 500,000 50.00% 50.00% 环保处理技术开发和创新，环保 环保”） 日 设备销售 北京华商冰山制冷空调成套设备公 二○○二年九月二 人民币 1,000,000 人民币 1,000,000 49.00% 49.00% 销售空调及电冰箱 司（“北京华商” ） 十四日 大连冰山水环境设备有限公司 二○○二年九月六 美元 1,000,000 美元 1,000,000 33.00% 33.00% 开发，设计生产及销售水净化设 日 备 大连富士冰山自动售货机有限公司 二○○三年九月十 日 元 日元 49.00% 49.00% 自动售货机开发、制造、销售、 五日 1,800,000,000 1,800,000,000 安装维修等 大连冰山集团设计研究有限公司 二○○三年十一月 人民币 3,000,000 人民币 2,000,000 20.00% 20.00% 冷冻冷藏设备、中央空调、工业 二十日 制冷设备、环保设备石化通用 机械的设计、技术咨询 大连佳乐自动售货机经营有限公司 二○○四年七月十 日元 500,000,000 不适用 50.00% 不适用 自动售货机的销售以及以自动 (注) 九日 售货机为载体而进行的经营 武汉新世界制冷工业有限公司 二○○三年一月三 人民币 30,000,000 人民币 30,000,000 30.00% - 开发、生产、加工、销售制冷空 日 调设备与备件、装配及售后服 务 沈阳三洋空调有限公司 一九九三年三月八 美元 29,900,000 美元 29,900,000 40.00% - 空调器制造、空调器维修、本公 日 司产品销售、运输服务 (注)大连佳乐自动售货机经营有限公司为本公司的合营公司. (a) 本集团占联营公司净资产之份额变动如下： 二○○四年度 二○○三年度 年初净值 577,301 501,246 本年增加 82,579 45,253 本年减少 (3,800) - 所占联营公司税前利润 106,001 88,809 所占税金份额(附注 5) (17,476) (12,257) 股利分配 (76,126) (45,750) 年末净值 668,479 577,301 (b) 本集团占合营公司净资产之份额变动如下： Page ９９ Dalian Refrigeration Co., Ltd. 2004 Annual Report 二○○四年度 二○○三年度 年初净值 - - 本年增加 18,750 - 所占合营公司税前利润 240 - 年末净值 18,990 - (c) 商誉变动如下： 二○○四年度 二○○三年度 年初余额 3,645 4,412 本年增加 5,617 - 摊销 (767) (767) 年末余额 8,495 3,645 10. 可供出售之投资 二○○四年 二○○三年 十二月三十一日 十二月三十一日 可供出售的投资： 投资于未上市公司之成本 41,133 41,801 减：减值准备 - (500) 41,133 41,301 由于可供出售的对未上市公司股权类投资无活跃市场的公开交易价格，且其公允价值 无法合理确定，该类投资以成本减减值准备计量。本公司之董事会认为以上投资的账 面价值接近于其公允价值。 于二○○四年十二月三十一日，投资于未上市公司之明细如下： 被投资公司名称 占被投资公司注册资本比例 账面价值 二○○四年 二○○三年 二○○四年 二○○三年 十二月三十一日 十二月三十一日 十二月三十一日 十二月三十一日 国泰君安证券股份有限公司 0.82% 0.82% 30,320 30,320 新太科技股份有限公司 1.9% 1.9% 3,000 3,000 大连冰山橡胶塑料机械股份 有限公司 2.14% 2.14% 2,308 2,308 冷王集装箱温度控制有限公 10% 10% 3,311 3,311 Page １００ Dalian Refrigeration Co., Ltd. 2004 Annual Report 司 辽宁省迈克集团股份有限公 司 2.0% 2.0% 1,020 1,020 其他 - - 1,174 1,342 41,133 41,301 11. 存货 二○○四年 二○○三年 十二月三十一日 十二月三十一日 原材料 53,695 50,927 在产品 120,458 115,935 产成品 66,286 98,470 240,439 265,332 12. 在建合约工程 二○○四年 二○○三年 十二月三十一日 十二月三十一日 累计已发生的合同成本 52,220 78,988 加：累计已确认的合同毛利 - 6,832 减：累计已确认的预计亏损 (41) (5,055) 工程结算 (5,778) (30,506) 46,401 50,259 13. 应收账款 二○○四年 二○○三年 十二月三十一日 十二月三十一日 应收账款 239,569 223,327 应收票据 31,725 9,537 271,294 232,864 减：坏账准备 (42,480) (34,114) 228,814 198,750 Page １０１ Dalian Refrigeration Co., Ltd. 2004 Annual Report 14. 股本 于二○○四年十二月三十一日，发行在外的股份包括国有股、法人股、A 股和 B 股，A 股与 B 股同股同权，但 A 股只能由中国境内的投资者或合格的境外机构投资者拥有和 交易。 本公司股本结构（每股人民币 1 元）如下： 股数 金额（人民币元） 二○○四年 二○○三年 二○○四年 二○○三年 十二月三十一日 十二月三十一日 十二月三十一日 十二月三十一日 注册、发行及实收之股本 －国有股 106,366,750 104,422,500 106,366,750 104,422,500 －法人股 30,278,000 32,222,250 30,278,000 32,222,250 －A 股 98,370,225 98,370,225 98,370,225 98,370,225 －B 股 115,000,000 115,000,000 115,000,000 115,000,000 350,014,975 350,014,975 350,014,975 350,014,975 15. 储备 (a) 资本公积 依照中国有关法律及本公司章程规定，下列项目应记入资本公积： (i)股本溢价；(ii)受赠资产；(iii)资产重估增值的部分；及(iv)其他依据公司章程及 中国有关规定的项目。资本公积可用于弥补以前年度亏损或增加股本。 股本溢价为以国有股及法人股面值从发起人处换取净资产而产生的股本溢价及发 行 A 股及 B 股之总发行收入超过股票面值，并扣除承销佣金以及中介机构费用后 的净额。 二○○三及二○○四年度本公司的资本公积的增加是由于本公司的联营公司接受 捐赠致使本公司所持有的资本公积份额增加所引起的。 (b) 法定盈余公积 根据中国公司法和本公司章程，本公司须按法定账目税后利润（弥补以前年度的 亏损后）提取 10%的法定盈余公积。当该公积之余额已达本公司股本的 50%时可 不再提取。法定盈余公积经批准后，可用于弥补以前年度亏损或转增股本，但使 用该公积后，其余额不得少于本公司股本的 25%。 Page １０２ Dalian Refrigeration Co., Ltd. 2004 Annual Report 本公司的部分子公司为中外合资企业，根据《中华人民共和国中外合资企业法》、 子公司的章程及其董事会的决议，从法定税后利润(弥补以前年度亏损)提取的储备 基金和企业发展基金于本集团合并财务报表中列示为法定盈余公积。 (c) 法定公益金 根据中国有关财务规定和本公司章程，本公司须按法定账目税后利润（弥补以前 年度的亏损后）提取 5%至 10%的法定公益金，作为职工集体福利的资本性支出。 在二○○四年度，本公司计提了人民币 11,232,000 元的法定公益金（二○○三年 度：人民币 8,723,000 元）。 (d) 任意盈余公积 根据本公司章程，本公司可以按中国会计准则与国际财务报告准则编制的财务报 表，两者在提取法定盈余公积和法定公益金后的可供分配利润之孰低者，可以提 取任意盈余公积。 于二○○四年六月三日，本公司股东大会批准根据二○○三年度按中国会计准则 与国际财务报告准则编制的财务报表，两者在提取法定盈余公积和法定公益金后 的可供分配利润之孰低者，以 10%提取任意盈余公积。 16. 未分配利润 (a) 未分配利润留待将来作利润分配之用。股利的分派系依照本公司章程及董事 会之建议进行，尚待股东大会决议通过。依据中国财政部一九九五年八月二十四 日颁布的[1995]第 31 号通知，剩余可供股东分配的利润应按中国会计准则与国 际财务报告准则编制的财务报表中未分配利润孰低原则确认。 于二○○四年六月三日，本公司股东大会批准按每股人民币 0.10 元（二○○三年： 每股人民币 0.10 元）向股东分派现金股利总计约为人民币 35,001,000 元（二○ ○三年：约为人民币 35,001,000 元）。 于二○○四年十二月三十一日，可供股东分配的利润约为人民币 152,124,000 元 （二○○三年：约为人民币 110,972,000 元）。 (b) 本公司的子公司冰山空调、冰山嘉德和金属加工根据其各自的公司章程及董 事会决议提取了二○○四年度的法定盈余公积和法定公益金。在本合并财务报表 中，已按本公司拥有冰山空调、冰山嘉德和金属加工的权益比例，将该法定盈余 公积和法定公益金中属于本公司的部分提取储备。 Page １０３ Dalian Refrigeration Co., Ltd. 2004 Annual Report 17. 少数股东权益 二○○四年度 二○○三年度 年初余额 30,992 29,343 少数股东投资成本增加 3,516 2,342 子公司少数股东损益 3,120 1,747 支付少数股东股利 (2,007) (2,440) 年末余额 35,621 30,992 18. 预收在建合约工程款 二○○四年 二○○三年 十二月三十一日 十二月三十一日 工程结算 22,541 78,122 减：累计已发生的合同成本 (17,504) (69,630) 累计已确认的合同损失 - 2,917 5,037 11,409 19. 应付账款及其他应付款项 二○○四年 二○○三年 十二月三十一日 十二月三十一日 应付账款 198,604 195,929 预收账款 116,306 149,620 预提费用、应付福利费及其他流动负债 32,528 6,106 347,438 351,655 20. 借款 (a) 短期银行借款 二○○四年 二○○三年 十二月三十一日 十二月三十一日 Page １０４ Dalian Refrigeration Co., Ltd. 2004 Annual Report 无担保银行借款 52,000 148,000 担保银行借款（注） 79,000 - 131,000 148,000 于二○○四年十二月三十一日，无担保短期银行借款的年利率为 4.54%（二○○ 三年：4.54%）；担保银行借款的年利率为 5.58%（二○○三年：5.58%），由冰山 集团提供担保。 短期借款的账面价值接近其公允价值。 (b) 长期银行借款 账面价值 公允价值 二○○四年 二○○三年 二○○四年 二○○三年 十二月三十一日 十二月三十一日 十二月三十一日 十二月三十一日 担保银行借款(注) 50,000 79,000 37,628 74,825 于二○○四年十二月三十一日，长期银行借款的年利率为 5.85%（二○○三年： 5.58%），由冰山集团提供担保。借款于二○○九年十一月二十一日到期。 长期借款公允价值按未来现金流以借款所适用的利率 5.85% (2003: 5.58%)折现来 计算。 (1) 注: 担保银行借款的利息费用由大连市财政局予以贴息。于二○○四年度，本 公司实际收到的贴息款约人民币 4,717,000 元（二○○三年度：4,600,000 元） 已冲抵当年度的利息费用。 21. 合并现金流量表补充信息 (a) 除税及少数股东损益前利润和营业活动的现金流量的调节如下： 二○○四年度 二○○三年度 除税及少数股东损益前利润 144,820 116,453 调整项目： 土地租赁摊销 931 950 不动产、厂场及设备折旧 26,268 24,781 处置不动产、厂场及设备收益 (465) (183) Page １０５ Dalian Refrigeration Co., Ltd. 2004 Annual Report 依权益法认列之联营及合营公司收益 (105,474) (88,042) 可供出售之投资的投资收益 (3,138) (2,586) 提取坏账准备 14,614 17,430 利息费用 1,480 8,500 利息收入 (1,777) (2,999) 营运资金变动前营业利润 77,259 74,304 存货及在建合约工程减少（增加） 28,751 (33,922) 预付账款及其他流动资产减少（增加） 4,958 (9,989) 应收关联方款项减少 8,367 24,854 应收账款增加 (44,678) (479) 预收在建合约工程款减少 (6,372) (16,284) 应付关联方款项（减少）增加 (10,593) 16,379 应付账款及其他应付款（减少）增加 (13,781) 73,475 营业活动产生的现金 43,911 128,338 (b) 现金及现金等价物余额分析 二○○四年 二○○三年 十二月三十一日 十二月三十一日 库存现金 88 61 银行活期存款 303,951 334,915 银行定期存款 - 61,103 304,039 396,079 22. 关联方交易 (a) 在财务或经营决策中，如果一方直接或间接地控制或有重大影响于另一方，则 将其视为关联方。如果两方同受一方控制或重大影响，亦将其视为关联方。 (b) 关联方名称与关系 名 称 与本公司之关系 冰山集团 本公司之最终控股公司 三洋制冷 本公司之联营公司 三洋冷链 本公司之联营公司 三洋空调 本公司之联营公司 三洋压缩机 本公司之联营公司 Page １０６ Dalian Refrigeration Co., Ltd. 2004 Annual Report 大洋汽车 本公司之联营公司 大洋运输 本公司之联营公司 大冷王运输 本公司之联营公司 进出口公司 本公司之联营公司 冰山保安 本公司之联营公司 冰山环保 本公司之联营公司 冰山水环境 本公司之联营公司 北京华商 本公司之联营公司 富士冰山自动售货机 本公司之联营公司 大连佳乐自动售货机 本公司之联营公司 武汉新世界制冷 本公司之联营公司 沈阳三洋空调 本公司之联营公司 冰山集团冷饮设备有限公司 （“冷饮设备”） 冰山集团之全资子公司 大连第三制冷设备厂（“第三制冷”） 冰山集团之全资子公司 金州重型机器厂 冰山集团之全资子公司 大连冰山集团锻造有限公司（“冰山锻造”） 冰山集团之控股子公司 冰山冷冻设备有限公司 （“冷冻设备”） 冰山集团之控股子公司 大连冰山橡胶塑料机械股份有限公司 （ “大连 冰山集团之控股子公司 橡塑”） 大连冰山巴尔的摩空气盘管制冷有限公司 冰山集团之控股子公司 （“巴尔的摩”） 大连正兴开关厂（“正兴开关”） 冰山集团之联营公司 大连斯频德冷却塔有限公司 （“斯频德”） 冰山集团之联营公司 大连保温瓶厂（“保温瓶厂”） 冰山集团之全资子公司 大连冰山集团物资贸易有限公司（“冰山物 冰山集团之控股子公司 资”） 北京冰山制冷空调成套设备有限公司（“北京 冰山集团之控股子公司 冰山”） (c) 本集团重大关联方交易如下： 二○○四年度 二○○三年度 采购原材料及产成品 －巴尔的摩 48,358 73,101 －三洋压缩机 44,515 71,017 －三洋冷链 182,003 45,289 －冷冻设备 20,167 37,771 －进出口公司 1,884 36,712 －三洋制冷 9,151 31,929 －冷饮设备 22,318 23,300 －三洋空调 23,165 22,892 －斯频德 10,855 18,569 －第三制冷 7,232 13,700 Page １０７ Dalian Refrigeration Co., Ltd. 2004 Annual Report －冰山物资 572 5,767 －正兴开关 578 4,636 －保温瓶厂 - 2,936 －冰山锻造 2,671 2,929 －冰山保安 - 2,074 －大冷王运输 1,963 1,834 －冰山水环境 1,070 15 －其他 60 323 376,562 394,794 二○○四年度 二○○三年度 销售产成品 －三洋压缩机 49,186 37,080 －进出口公司 54,790 28,890 －三洋空调 8,354 9,364 －北京华商 18,375 7,273 －北京冰山 8,815 6,582 －大冷王运输 11,041 6,133 －三洋制冷 1,557 3,215 －三洋冷链 1,715 1,001 －冰山集团 - 921 －冰山保安 1,479 370 －冷冻设备 2,661 - －冰山环保 338 52 －武汉新世界 7,283 - －富士冰山自动售货机 285 - －冰山物资 1,238 - －其他 42 262 167,159 101,143 采购机器设备 －进出口公司 - 1,637 代理销售佣金收入 －三洋空调 1,037 2,850 －巴尔的摩 500 200 －三洋冷链 1,277 99 －三洋制冷 263 - 3,077 3,149 Page １０８ Dalian Refrigeration Co., Ltd. 2004 Annual Report 已冲减管理费用的补贴收入 －冰山集团 2,000 - 已冲减财务费用的补贴收入 －冰山集团 3,200 - (d) 与关联方间之重大余额 二○○四年 二○○三年 十二月三十一日 十二月三十一日 应收关联方款项 －三洋空调 1,791 10,546 －三洋压缩机 1,115 2,221 －三洋冷链 2,643 1,558 －北京冰山 255 1,302 －三洋制冷 - 791 －北京华商 1,460 467 －冰山环保 557 459 －大冷王运输 - 257 －冰山保安 557 - －进出口公司 1,291 - －武汉新世界 77 - －其他 99 611 9,845 18,212 应付关联方款项 －冷饮设备 16,557 13,087 －巴尔的摩 6,300 12,799 －冰山物资 572 5,556 －第三制冷 838 3,939 －冷冻设备 1,863 1,622 －正兴开关 639 958 －进出口公司 - 887 －斯频德 774 789 －冰山锻造 1,039 505 －大冷王运输 1,377 - －金州重型机器厂 7 112 －其他 45 350 30,011 40,604 Page １０９ Dalian Refrigeration Co., Ltd. 2004 Annual Report 与关联方之往来余额均无担保，不计息且无固定偿还期限。 23. 分部报告 本集团仅于一个行业内经营业务，即生产、销售及安装制冷设备。本集团于二○○四 年度并无编制任何分部利润表。同时，由于本集团的收入主要来自中国，其资产亦位 于中国，本集团仅于一个地域内经营业务。因此，本报表亦未呈列任何地域分部数据。 24. 资产负债表日后事项 (a)于二○○五年四月十九日，本公司董事会决议按二○○四年度按中国会计准则与国 际财务报告准则编制的财务报表两者在提取法定盈余公积和法定公益金后的可供 分配利润之孰低者的 10%提取任意盈余公积，并对所有股东分配每股人民币 0.10 元的 2004 年度现金股利。此项分配方案尚需经股东大会批准。 25. 财务报表的批准 本合并财务报表于二○○五年四月十九日经董事会批准。 Page １１０ Dalian Refrigeration Co., Ltd. 2004 Annual Report （十一）备查文件目录 1、载有法定代表人、财务总监、会计主管人员签名盖章的会计报表。 2、载有会计师事务所盖章、注册会计师签名并盖章的审计报告原件。 3、报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本及公告 的原稿。 4、查询时间： 星期一至星期五 8:00—12:00(AM) 1:00— 5:00(PM) 联系人员：宋文宝 联系电话：0086-411-86654530 0086-411-86538130 传 真：0086-411-86654530 Page １１１ Dalian Refrigeration Co., Ltd. 2004 Annual Report 大连冷冻机股份有限公司 合并利润表 二○○四年度 （所有金额除每股盈利外，均以人民币千元为单位） 附注 二○○四年度 二○○三年度 销售收入，净额 1, 22(c) 1,258,411 1,068,564 销售成本 22(c) (1,082,621) (892,527) 销售毛利 175,790 176,037 销售费用 (52,523) (55,146) 管理费用 (92,035) (95,783) 其他业务收支，净额 2 7,164 6,218 营业利润 38,396 31,326 财务成本，净额 3 297 (5,501) 依权益法认列之联营及合营公司税前收益 105,474 88,042 可供出售之投资的投资收益 653 2,586 除税及少数股东损益前利润 4 144,820 116,453 所得税费用 5 (32,936) (28,072) 除少数股东损益前税后利润 111,884 88,381 少数股东损益 17 (3,120) (1,747) 净利润 108,764 86,634 每股盈利 －基本 6 人民币0.31 元 人民币0.25 元 －摊薄 不适用 不适用 后页所载主要会计政策及附注为本合并会计报表的组成部分 Page １１２ Dalian Refrigeration Co., Ltd. 2004 Annual Report 大连冷冻机股份有限公司 合并资产负债表 二○○四年十二月三十一日 （所有金额均以人民币千元为单位） 附注 二○○四年十 二○○三年十 二月三十一日 二月三十一日 资产 非流动资产 土地租赁 7 39,869 40,274 不动产、厂场及设备 8 293,752 293,329 于联营公司之投资 9 695,964 580,946 可供出售之投资 10 41,133 41,301 1,070,718 955,850 流动资产 存货 11 240,439 265,332 在建合约工程 12 46,401 50,259 应收股利 9,262 9,724 预付账款及其他流动资产 25,902 30,860 应收关联方款项 22(d) 9,845 18,212 应收账款 13 228,814 198,750 现金及现金等价物 21(b) 304,039 396,079 864,702 969,216 资产总计 1,935,420 1,925,066 后页所载主要会计政策及附注为本合并会计报表的组成部分 Page １１３ Dalian Refrigeration Co., Ltd. 2004 Annual Report 大连冷冻机股份有限公司 合并资产负债表（续） 二○○四年十二月三十一日 （所有金额均以人民币千元为单位） 附注 二○○四年十 二○○三年十 二月三十一日 二月三十一日 股东权益及负债 股东权益 股本 14 350,015 350,015 储备 15,16 970,631 896,178 1,320,646 1,246,193 少数股东权益 17 35,621 30,992 负债 非流动负债 长期银行借款 20(b) 50,000 79,000 递延税项负债 5(iii) 12,667 14,264 62,667 93,264 流动负债 预收在建合约工程款 18 5,037 11,409 应付股利 3,000 2,949 应付关联方款项 22(d) 30,011 40,604 应付账款及其他应付款 19 347,438 351,655 短期银行借款 20(a) 131,000 148,000 流动负债合计 516,486 554,617 股东权益及负债总计 1,935,420 1,925,066 后页所载主要会计政策及附注为本合并会计报表的组成部分 Page １１４ Dalian Refrigeration Co., Ltd. 2004 Annual Report 大连冷冻机股份有限公司 合并股东权益变动表 二○○四年度 （所有金额均以人民币千元为单位） 储备 法定 任意 股东权益 股本 资本公积金 盈余公积金 法定公益金 盈余公积金 未分配利润 储备合计 合计 附注 13 附注 14(a) 附注 14(b) 附注 14(c) 附注 14(d) 附注 15 二○○三年一月一日余额 350,015 557,152 99,605 62,120 38,496 87,104 844,477 1,194,492 二○○三年度提取的任意盈余公 积金 - - - - 8,843 (8,843) - - 二○○三年度宣布的股利分配 - - - - - (35,001) (35,001) (35,001) 二○○三年度净利润 - - - - - 86,634 86,634 86,634 利润分配 －提取法定盈余公积金 - - 8,726 - - (8,726) - - －提取法定公益金 - - - 8,723 - (8,723) - - 子公司提取法定储备 - - 1,472 1 - (1,473) - - 其他（附注 15(a)） - 68 - - - - 68 68 二○○三年十二月三十一日余额 350,015 557,220 109,803 70,844 47,339 110,972 896,178 1,246,193 二○○四年度提取的任意盈余公 积金 - - - - 8,584 (8,584) - - 二○○四年度宣布的股利分配 - - - - - (35,001) (35,001) (35,001) 二○○四年度净利润 - - - - - 108,764 108,764 108,764 利润分配 －提取法定盈余公积金 - - 11,234 - - (11,234) - - －提取法定公益金 - - - 11,232 - (11,232) - - 子公司提取法定储备 （附注 16(b)） - 1,561 - - (1,561) - - 其他（附注 15(a)） - 690 - - - - 690 690 二○○四年十二月三十一日余额 350,015 557,910 122,598 82,076 55,923 152,124 970,631 1,320,646 后页所载主要会计政策及附注为本合并会计报表的组成部分 Page １１５ Dalian Refrigeration Co., Ltd. 2004 Annual Report 大连冷冻机股份有限公司 合并现金流量表 二○○四年度 （所有金额均以人民币千元为单位） 附注 二○○四年度 二○○三年度 营业活动之现金流量 营业活动产生的现金 21(a) 43,911 128,338 收取利息 1,777 2,999 支付所得税 (17,057) (12,025) 营业活动之净现金流入 28,631 119,312 投资活动之现金流量 增加于联营及合营公司之投资 (96,692) (45,185) 增加可供出售之投资 - (1,755) 转让于联营公司之投资收到的现金 6,285 - 处置可供出售之投资收到的现金 168 - 土地租赁增加及购置不动产、厂场及设备 (28,894) (20,091) 处置不动产、厂场及设备收到的现金 2,142 246 收取联营及合营公司股利 76,126 43,596 收取可供出售长期投资股利 1,115 2,586 投资活动之净现金流出 (39,750) (20,603) 融资活动之现金流量 短期银行借款净减少 (46,000) (80,000) 支付利息 (1,480) (8,500) 少数股东投资成本增加 3,516 2,342 支付股利 (34,950) (41,287) 支付少数股东股利 (2,007) (2,440) 融资活动之净现金流出 (80,921) (129,885) 现金及现金等价物净减少 (92,040) (31,176) 现金及现金等价物，年初余额 21(b) 396,079 427,255 现金及现金等价物，年末余额 21(b) 304,039 396,079 后页所载主要会计政策及附注为本合并会计报表的组成部分 Page １１６