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csg holding co., ltd.
the third quarter report 2011
(excluding financial statement)
chairman of the board:
zeng nan
october 2011
stock code: 000012/200012 short form of stock: southern glass a/b notice no.: 2011-039
= 1 \* roman i important notes
the board of directors and the supervisory committee of csg holding co., ltd. (hereinafter referred to as the company), along with its directors, supervisors and senior executives hereby confirms that there are no important omissions, fictitious statements or serious misleading information carried in this report, and shall take all responsibilities, jointly and severally, for the truthfulness, accuracy and completeness of the whole contents.
no director, supervisor or senior executive stated any objection for the correctness, accuracy and completeness of the contents of this report.
the third quarter financial report of 2011 has not been audited.
mr. zeng nan, chairman of the board & ceo of the company, cfo mr. luo youming and principle of the financial department mr. huang yanbin confirm that the financial report enclosed in this report is true and complete.
this report is prepared both in chinese and in english. should there be any difference in interpretation of the text between the two versions, the chinese version shall prevail.
= 2 \* roman ii company profile
main accounting data and financial indexes
unit: rmb
30 september 201131 december 2010increase/decrease (%)total assets 14,933,070,06912,469,619,16719.76%total equity attributable to equity holders of the company6,783,759,4746,384,871,2096.25%capital (share)2,076,143,0602,076,721,060-0.03%total equity per share for equity holders of the company 3.273.076.51%the 3rd quarter in
2011increase/decrease in comparison with the same period of 2010 from 1 january to 30 september 2011increase/decrease in comparison with the same period of 2010 revenue2,067,750,476-0.28%6,506,284,57818.76%net profit attributable to equity holders of the company272,443,398-32.83%1,110,086,7406.58%net cash flows from operating activities--1,231,616,521-20.50%net cash flows from operating activities per share--0.59-20.48%basic earnings per share note0.13-35.00%0.536.00%diluted earnings per share note0.13-35.00%0.536.00%weighted average return on equity 4.11%decrease 3.05 percentage points16.76%decrease 1.64 percentage pointsweighted average return on equity after extraordinary gains and losses3.88%decrease 3.18 percentage points15.95%decrease 1.79 percentage pointsnote: the financial data in the same period last year have been adjusted as new paid-in capital.
items of extraordinary gains and lossesamount from 1 january to 30 september 2011gain and losses on disposal of non-current assets-198,005 government subsides recognized as gains and losses50,627,104 net income of share transfer4,392,843 net value of other non-operating expenses13,316,554tax effects on extraordinary gain and losses-10,117,463extraordinary gains and losses of minority interests-4,145,846total53,875,187total number of shareholders and statement of shares held by the top ten shareholders with unrestricted conditions at the end of the report period.
unit: sharetotal shareholders:234,511�including: 188,875 shareholders of a-share and 45,636 shareholders of b-share �particulars about the shares held by the top ten unrestricted shareholdersname of shareholderunrestricted shares heldshare typechina northern industries corporation75,167,934a-sharexing tong chan industrial development (shenzhen) co., ltd.67,740,000a-shareshenzhen international holdings (shenzhen) co., ltd.65,430,000a-sharechina ping an trust & investment co., ltd.60,035,000a-sharechina construction bank -yinhua core value select stock fund54,037,019a-sharebank of communication � boshi new growth stock fund 48,255,817a-sharebank of china � dacheng blue-chip steady securities fund 18,168,953a-shareicbc�guangfa jufeng stock fund 17,139,827a-sharebank of china
� e-fund shenzhen stock exchange 100etf16,647,657a-shareinvesco fund sseries 514,659,658b-share
= 3 \* roman iii significant events
particulars about material changes and reasons in items of main accounting statement and financial index.
"applicable �%non-applicable
unit: rmb 0000
item
note
30 september 2011
31 december 2010
amount of change
increase/
decrease (%)
accounts receivable
(a)
55,429
24,220
31,209
129%
other receivables
(b)
4,296
6,662
(2,366)
(36%)
inventories
(c)
67,386
47,874
19,513
41%
other current assets
(d)
4,156
2,491
1,665
67%
construction in progress
(e)
216,094
78,608
137,487
175%
intangible assets
(f)
79,721
38,128
41,593
109%
research and development expenditure
(g)
1,653
314
1,339
426%
other non-current liabilities
(h)
8,144
23,303
(15,159)
(65%)
short-term borrowings
(i)
173,789
87,713
86,076
98%
employee benefits payable
(j)
10,294
18,700
(8,406)
(45%)
taxes payable
(k)
(595)
12,123
(12,718)
(105%)
interest payable
(l)
10,767
2,459
8,308
338%
other payables
(m)
65,985
16,139
49,846
309%
current portion of non-current liabilities
(n)
21,563
7,569
13,994
185%
long-term borrowings
(o)
126,093
72,820
53,272
73%
special payables
(p)
105
70
35
51%
other non-current liabilities
(q)
27,260
17,354
9,907
57%
special reserve
(r)
1,072
568
504
89%
from 1 january to 30 september 2011
from 1 january to 30 september 2010
amount of change
increase/
decrease (%)
taxes and surcharges
(s)
4,288
380
3,908
1029%
financial expenses
(t)
10,583
7,736
2,847
37%
asset impairment losses
(u)
615
360
255
71%
investment income
(v)
570
1,132
(563)
(50%)
non-operating income
(w)
6,587
3,643
2,944
81%
non-operating expenses
(x)
213
483
(270)
(56%)
note:
the increase of accounts receivable is because of the growth of sales, foreign sales settlement by l/c in particular.
the decrease of other receivables is because of the reduction of export tax rebate.
the increase of inventories is because of the enlargement of business scale of the company.
the increase of other current assets is because of the increase of assets held ready for sales.
the increase of construction in progress is because of the investment of projects construction as scheduled this year.
the increase of intangible assets is because of newly increase of land for production.
the increase of research and development expenditure is because part of the expenditure from r&d projects meets capitalization qualification, and listed as research and development expenditures in statement according to accounting rules.
the decrease of other non-current liabilities is because the land transfer fee paid in advance was carried forward as intangible assets.
the increase of short-term borrowings is because of the increase of bank loans and placement of short-term financing bond.
the decrease of employee benefits payable is because bonus fund for management team withdrawal last year was paid within this period.
the decrease of taxes payable is because of the increase of input tax that will offset at end of the report period.
the increase of interest payable is because the provision of accrued payable bond interest was not due for payment.
the increase of other payables is because equity transfer fee of guangzhou csg glass co., ltd was received in advance.
the increase of current portion of non-current liabilities is because part of the long-term loans will expire within one year.
the increase of long-term borrowings is because of the increase of loans from construction in progress.
the increase of special payables is because dongguan csg solar glass co, ltd., subsidiary of the company, received special appropriation from financial department of local government.
the increase of other non-current liabilities is because of the increase of interest-free loans from local government to yichang csg silicon co., ltd., subsidiary of the company increased.
the increase of special reserve is because of the provision of safety production charge for this year of yichang csg silicon co., ltd., subsidiary of the company.
the increase of taxes and surcharges is because that as a foreign investment enterprise, the company didn�t enjoy the reduction and exemption policy on city construction tax and educational surcharge any more.
the increase of financial expenses is because of the growth of bank loans and soaring interest rates.
the increase of asset impairment losses is because of the increase of balance of account receivable resulting in the growth of accrued bad debt provision.
the decrease of investment income is because of no transfer income from relevant financial assets available for sales in this year.
the increase of non-operating income is because of the increase of government grants.
the decrease of non-operating expenses is because of the loss from assets obsolescence reduced in this year.analysis and explanation of significant events and their influence and solutions
qualified opinion
�%applicable "non-applicable
particular about fund offers to controlling shareholders and associated parties, and external guarantee that against the regulation.
�%applicable "non-applicable
particular about signing and implementation on significant contracts of ordinary management
�%applicable "non-applicable
others
"applicable �%non-applicable
implementation of incentive plan
according as restricted a shares incentive plan (hereinafter referred to incentive plan) approved by shareholders general meeting, the company issued 49.14 million restricted a-shares through private offering in total to 244 specific employees privately in july 2008, at price of rmb 8.58 per share. the raised fund was rmb 421,621,200.
on 18 june 2009 and 20 january 2010, the company has bought back and wrote off total 14,407,500 restricted a shares respectively. among these, amount 12,062,500 restricted a shares has been bought back and wrote off because the achievement index of the company in 2008 didn�t satisfied unlocking conditions, amount 2,345,000 restricted a shares has been bought back and wrote off because 22 former incentive staffs resigned and didn�t accord with the qualification of incentive plan.
on 13 may 2010, the company implemented 2009 annual equity distribution plan, namely sending rmb 3.50 (tax included) in cash for every 10 shares to all shareholders, and provided share capital converted from capital reserves with 7 shares increased for each 10 shares at the same time. the amount of incentive restricted a shares added from 34,732,500 shares to 59,045,250 shares
on 26 march 2010, the 13th meeting of the 5th board of directors examined and considered that the phase = 2 \* roman ii restricted shares held by incentive staffs satisfied unlocking conditions according to the regulations of restricted a shares incentive plan. on 25 june 2010, there were total 19,035,750 restricted a shares held by 214 incentive staffs met qualification of unlock and has been listed for trading.
on 30 july 2010 and 28 january 2011, the company has bought back and wrote off total 2,439,500 restricted a shares respectively because there were 14 former incentive staffs had resigned and didn�t accord with the qualification of incentive plan.
on 18 march 2011, the 20th meeting of the 5th board of directors examined and considered that the phase = 3 \* roman iii restricted shares held by incentive staffs satisfied unlocking conditions according to the regulations of restricted a shares incentive plan. on 24 june 2010, there were total 18,632,000 restricted a shares held by 206 incentive staffs met qualification of unlock and has been listed for trading.
on 14 october 2011, there were total 306,000 restricted a shares held by 2 original incentive staffs has been bought back and wrote off because 2 former incentive staffs resigned and didn�t accord with the qualification of inventive plan.
details of the aforesaid could be found in relevant notices published on china securities journal, securities times, hong kong wen wei po and juchao information website (www.cninfo.com.cn) dated 19 june 2009 as well as published on china securities journal, securities times, hong kong commercial daily and juchao information website (www.cninfo.com.cn) dated 22 january, 26 may, 24 june, 31 july 2010, and 29 january, 22 march, 16 april, 4 june, 23 june and 15 october 2011.
corporate bonds
on 23 november 2009, the 2nd extraordinary shareholders� general meeting 2009 of the company approved proposal on issuing corporate bonds, and agreed the company to issue unsecured corporate bonds with the amount of rmb 2 billion, the duration lasted less than 7 years (including 7). the bonds with single period or multiple periods both were allowed, and the company didn�t plan to distribute and sell bonds to the original shareholders preferentially. these raised funds intend to be used in paying back for short-term bank borrowings and complementing operation capitals of the company. on the premise of fulfilling listed conditions, shareholders� general meeting of shareholders authorized board of directors to deal with the listing issues of the corporate bonds according to relevant regulations of stock exchanges.
on 11 october 2010, the bond issuance of the company received the approval of reply on public bond issuance of csg holding co., ltd. (zjxk[2010] no. 1369) issued from csrc.
on 18 october 2010, the notice of company bond issuance 2010 published with totaling amount of rmb 2 billion, rmb 100 per piece for issue price. the issuance adopted the combination of publicly offered to social investors on net and agreement offered to institution investor off net.
on 25 october 2010, the bond offering was closed with the situation as: the bond divided into two varieties with 5-year and 7-year, in which variety i was the 5-year product with rmb 1 billion issuance scale, variety ii was the 7-year product with rmb 1 billion issuance scale. at the same time, attached with option of up-regulate coupon rate of issuer and re-sale option of investors. more details found in notice of issuance results on company bond 2010 published at china securities journal, securities times, hong kong commercial daily and juchao website (www.cninfo.com.cn) dated 26 october 2010. the bond listed on 10 november 2010. the short form of the stock for 5-year bond is �10csg01�, and the stock code is 112021; the short form of the stock for 7-year bond is �10csg02�, and the stock code is 112022.
non-public issue of a stock to specific investors
the company planed to issue less than 0.25 billion shares of a stock to no more than 10 specific investors through private placement. the total amount raised couldn�t be beyond rmb 4 billion. this event has been approved on the 2nd extraordinary shareholders� meeting of 2011, and still waiting for approval from csrc. more details can be found in relevant notices published at china securities journal, securities times, hong kong commercial daily and juchao website (www.cninfo.com.cn) dated 19 january, 22 march and 8 april 2011.
short-term financing bond
on 15 april 2011, the annual shareholders� general meeting of the company approved the proposal of issuing short-term financing bond. the meeting agreed the company to apply for short-term financing bond issuance with rmb0.7 billion limit. on 5 august 2011, the registration of the short-term financing bond with rmb 0.7 billion in total, expires till august 2013, was approved on 34th registration meeting 2011 held by registration committee of the national association of financial market institutional investors. co-lead underwriters for the aforesaid short-term financing bond were china construction bank corporation ltd and china merchants bank co., ltd. and offering publicly to institutional investors of association of bond market national wide by means of group placing after bookkeeping for file. the offering can implement by phases within expiration date of registration. totaling rmb 0.7 billion short-term financing bonds, 365 days for term, were offered by the company successfully on 15 september 2011. relevant details can be found in china bond information net (www.chinabond.com.cn) and china money net (www.chinamoney.com.cn).
progress of internal control construction
according to the requirement of notice of relevant works of pilot specification on internal control for listed company in shenzhen (szjgsz[2011] no. 31 issued by shenzhen securities regulatory bureau, the implementation plan of internal control for csg holding co., ltd. was approved on 2nd meeting of the 6th board of directors held on 21 april 2011. monthly and quarterly report of internal control works of the company were submitted on time within report period. meanwhile, examination was conducted by the company in process of internal control, midterm auditing for internal control was implemented by the company in cooperated with external auditors; moreover, the company has improved the standard of defects assessment and designed the template of defects evaluation.implementations of commitments by the company, shareholders and actual controller
"applicable �%non-applicable
item of commitmentspromiseecontent of commitmentsimplementationcommitments for share merger reformthe original non-tradable shareholder shenzhen international holdings (sz) limited and xing tong chan industrial development (shenzhen) co., ltd.the company has implemented share merger reform in may 2006. till june 2008, the share of the original non-tradable shareholders which holding over 5% total shares of the company had all released. therein, the original non-tradable shareholder shenzhen international holdings (sz) limited (with former name of yiwan industrial development (shenzhen) co., ltd. ) and xing tong chan industrial development (shenzhen) co., ltd. both are wholly-funded subsidiaries to shenzhen international holdings limited (hereinafter shenzhen international for short) listed in hong kong united stock exchange main board. on 9 july 2009, shenzhen international held the shareholders� general meeting and authorized its board of directors to sale the csg a share held by shenzhen international at price of no less than rmb 8.5. at the same time, shenzhen international made commitment that it would strictly carry out related regulations of securities law, administration of the takeover of listed companies procedures and guiding opinions on the listed companies� transfer of original shares released from trading restrictions issued by csrc during implementing share decreasingly-held plan and take information disclosure responsibility timely.by the end of the report period, the original non-tradable shareholders of the company have strictly carried out their promises.
commitments made in acquisition report or reports on change in interests---commitments made in material assets reorganization ---commitments made in issuing ---other commitments (including additional commitments)---estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning of its material change compared with the corresponding period of the last year and explanation of reason
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