2003 4
2002 2001 2002 2001 100,714 44,478 1,618,973 1,584,367 (9,393) (12,671) - - 5,209 5,986 (38,646) (43,855) - - 48,031 26,417 - (16,400) - - - (7,591) - - - (5,835) - - - 769 - - (3,884) - 10,433 - (117) (246) 194 822 92,529 8,490 1,638,985 1,567,751
2
1 0 0 2 0 3 4 0 5 6 7 8 9 0 10
01 ()
02 2,061,034,424 1,411,854,056 1,721,363,768 1,124,377,582
100,713,868 44,477,765 102,318,511 40,225,249
- 34-
- 35-
- 36-
- 37-
- 38 -
- 39 -
324,129 - (324,129) - - 40 -
- 41 -
- 42 -
- 43 -
- 44 -
- 45 -
- 46 -
- 47 -
- 48 -
- 49 -
- 50 -
- 51 -
- 52 -
R ± ± 2002
2002 1 2-3 4 5 6-7 8-46
(2003)842 ( )2002 12 31 2002 2002 12 31 2002 2003 4 24
() ( ) 1993 ( ) (A ) (B )1993 () ( ) ( ) 241,709,280 50.32% () (1) (2) 1 1 12 31 (3) (4) (5) - 8 -
() () (6) (7) (8) - 9 -
() () (9) (10) 20 20 20% 20% 20% 10 10-10 -
() () (11) 2,000 20 35 3% 10% 2.57%4.85% 10 15 3% 10% 6% 9.7% 5 6 3% 10% 15% 19.4% 5 3% 10% 18% 19.4% (12) - 11 -
() () (13) 1. 2. 3. (14) 10 50-12 -
() () (15) (16) (17) (18) - 13 -
() () (19) (20) (1995)11 2002 12 31 (1996)2 10% 10% 50 (21) (22) 2002 1 1 (23) - 14 -
() (1) ( ) (a) (b) (c) (d) (e) (f) (g) (h) 15% 2002 27% ( 25T(1999)8063) 2002 2003 16.5% 33% ( (96)294 ) 15% (25T(2000)60002) 2001 2002 2003 16.5% ( (2001)50032) 2002 2003 2004 16.5% ( 25T(2001)50011) 2002 2003 2004 16.5% 15% (2) 17% 13%17% (3) 3%-5% (4) 7%3% - 15 -
() () () 1 2002 12 31 2001 12 31 338,121 193,738 323,021,526 247,109,103 323,359,647 247,302,841 () 9,529,821 8.2773 78,881,189 1,958,753 1.0611 2,078,433 80,959,622 2 200211 2002 12 31 (a) 24,100,000 21,095,375 (b) 100,000,000 120,000,000 124,100,000 141,095,375 200211 2002 12 31 146,057 4,778,450 (146,057) 4,778,450 123,953,943 136,316,925-16 -
() () 2 () (a) / 13,377,900 14,046,375 11,103,325 3,180,000 3,339,000 2,448,600 3,500,000 3,710,000 2,765,000 21,095,375 16,316,925 (b) 2002 12 31 2001 12 31-50,000,000-50,000,000 50,000,000-70,000,000-120,000,000 100,000,000 7%8%(20019%9.5%) 3 2002 12 31 2001 12 31 228,412,397 123,606,637-364,285 228,412,397 123,970,922 5%(5%) - 17 -
() () 4 (a) 2002 12 31 2001 12 31 (%) (%) 1 188,253,910 75 (7,041,907)184,087,510 75 (3,338,684) 1-2 15,113,033 6 (7,949,036)18,156,989 8 (6,752,707) 2-3 11,812,785 4 (8,229,236)15,677,873 6 (11,109,904) 3 37,164,702 15(33,383,086)26,942,071 11 (26,942,071) 252,344,430 100(56,603,265)244,864,443 100 (48,143,366) (b) (c) 77,913,398 31% 5%(5%) 5 (a) 2002 12 31 2001 12 31 (%) (%) 1 13,650,951 72 (828,259) 11,901,500 62 (3,124,900) 1-2 1,492,293 8 (291,465)7,228,556 36 (568,016) 2-3 3,206,052 17 (42,849) 210,065 1 (204,592) 3 482,242 3 (468,877) 274,840 1 (216,557) 18,831,538 100(1,631,450) 19,614,961 100(4,114,065) (b) (c) 10,309,268 55% 5%(5%) - 18 -
- 19 -
() () 6 (a) 2002 12 31 2001 12 31 (%) (%) 1 21,105,870 93 27,644,983 93 1-2 508,415 2 655,776 2 2-3 22,388-1,191,217 4 3 1,037,756 5 206,877 1 22,674,429 100 29,698,853 100 (b) (c) 16,043,207 71% 5%(5%) 7 200211 2002 12 31 110,315,054 101,993,665 121,364,510 139,252,581 150,179,123 203,653,076 381,858,687 444,899,322 200211 2002 12 31 8,203,297 10,114,752-18,318,049 7,391,158 6,273,477-13,664,635 14,903,752 3,779,004 (5,322,469) 13,360,287 30,498,207 20,167,233 (5,322,469) 45,342,971 351,360,480 399,556,351 4,349,497 972,972-20 -
() () 8 2001 12 31 2002 12 31 (a) 4,449,600 - - - - - 4,449,600 - (b) 16,194,498 (2,354,555) 5,996,521 (400,000) (8,313,273) 836,186 13,876,746 (1,918,369) (c) 9,577,189 (1,353,654) 6,015,995 - (2,392,715) - 13,200,469 (1,353,654) (d) 22,917,694 (780,000) 863,180 (200,000) (2,236,650) 780,000 21,544,224 (200,000) 53,138,981 (4,488,209) 12,875,696 (600,000) (12,942,638) 1,616,186 53,071,039 (3,472,023) (e) 14,000 - - - - - 14,000-53,152,981 (4,488,209) 12,875,696 (600,000) (12,942,638) 1,616,186 53,085,039 (3,472,023) - 21 -
() () 8 () (a) ( ) 1,400 1% 3,650,000-138 1% 550,000-48 1% 249,600-4,449,600-2002 12 31-22 -
() () 8 () (b) ( ) 1997.07-2007.07 80% 4,000,000 8,460,586-5,554,129 (3,039,406) - 10,975,309 - ( ) 1995.03-2005.03 100% 1,000,000 436,184 400,000 - - (836,184) - - ( ) 1995.10-2010.10 60% 600,000 590,870-42,392 (115,000) - 518,262 (84,680) ( ) 1996.07-2006.07 60% 600,000 706,357 - - - - 706,357 (156,871) ( ) 1991.07-2006.07 51% 3,600,600 3,873,683 - - - (3,873,683) - - ( ) 1995.06-2005.06 100% 1,000,000 1,676,818 - - - - 1,676,818 (1,676,818) 2001.12-2011.12 90% 450,000 450,000 - - - (450,000) - - ( ) - - - 11,250,600 16,194,498 400,000 5,596,521 (3,154,406) (5,159,867) 13,876,746 (1,918,369) 51%90% 33%45% - 23 -
- 24 -
() () 8 () (c) 1985.04-49% 4,900,000 6,474,604-819,899 - - 7,294,503-2004.11 ( ) 1997.7-40% 1,600,000 1,748,931-289,723 (108,074) (1,930,580) - - ( ) 2007.7 ( ) 1995.10-20% 100,000 69,610 - - - - 69,610 (69,610) ( ) 2004.10 1993.8-33.37% 313,470 224,611 - - - - 224,611 (224,611) ( ) 2004.08 2002.3-41% 2,050,000-2,050,000 (568,750) - - 1,481,250 - ( ) 2012.3 ( ) 1991.07-2006.07 33% 2,329,800-2,602,883 359,920 (354,061) - 2,608,742-2001.12-2011.12 45% 450,000-450,000 12,320 - - 462,320 - ( ) 2001.12-2011.12 21% 1,059,433 1,059,433 - - - - 1,059,433 (1,059,433) 12,802,703 9,577,189 5,102,883 913,112 (462,135) (1,930,580) 13,200,469 (1,353,654), 40% 19% - 25 -
() () 8 () (d) 1999.09-5% 11,529,000-2002.01-2012.0112.5% 7,940,000-2,075,224 (200,000) 21,544,224 (200,000) (e) 14,000-14,000 2004-26 -
() () 9 200211 667,711,785 916,612,436 46,371,792 92,846,153 1,723,542,166 25,367,977 41,013,325 5,754,016 9,125,264 81,260,582 (9,399,478) (47,693,028) (5,564,758) (5,930,408) (68,587,672) 20021231 683,680,284 909,932,733 46,561,050 96,041,009 1,736,215,076 200211 285,148,216 426,148,690 31,577,643 57,456,580 800,331,129 30,910,598 69,960,977 4,238,633 13,501,803 118,612,011-1,585,321 - - 1,585,321 (8,356,168) (35,269,908) (4,104,205) (4,888,364) (52,618,645) 20021231 307,702,646 462,425,080 31,712,071 66,070,019 867,909,816 8,482,907 15,023,774-824,597 24,331,278 969,358 4,420,750 - - 5,390,108 (2,047,621) (290,019) - (319,529) (2,657,169) - (1,585,321) - - (1,585,321) 7,404,644 17,569,184-505,068 25,478,896 20021231 368,572,994 429,938,469 14,848,979 29,465,922 842,826,364 20011231 374,080,662 475,439,972 14,794,149 34,564,976 898,879,759-10 - 27 -
() () 11 D114 36,692,109 7,597,902 (18,334,342) 25,955,669 349,000,000 95% 7,207,738 16,009,092 (4,815,941) 18,400,889 27,680,000 70% 1,317,510 14,823,921 (4,275,586) 11,865,845 13,660,000 87% 8,628,301 1,484,437 (9,796,168) 316,570 58,000,000 98% 10,668,142 8,639,637 (12,146,324) 7,161,455 28,000,000???? 70% ( 100) 20,088,319 6,720,700 (13,789,110) 13,019,909 84,602,119 55,275,689 (63,157,471) 76,720,337 324,129 324,129 - (324,129) (324,129) - 4,362,173 2,416,218 (53,138) 6,725,253 80,239,946 69,995,084-28 -
() () 12 31,345,881 (18,962,359) 8,857,912 6,157,682 (2,632,072) 12,383,522 6 5,428,100 (3,553,413) 1,946,790 - (72,103) 1,874,687 26 107,000 - - 107,000-107,000 5 36,880,981 (22,515,772) 10,804,702 6,264,682 (2,704,175) 14,365,209-29 -
() () 13 2002 12 31 2001 12 31 158,675,442 83,755,166 5%(5%) 14 2002 12 31 2001 12 31 (%) (%) 1 217,322,253 97 76,091,532 98 1-2 4,975,681 2 547,582 1 2-3 491,006-433,457-3 1,118,095 1 776,342 1 223,907,035 100 77,848,913 100 5%(5%) 15 2002 12 31 2001 12 31 (%) (%) 1 19,973,867 87 10,016,004 76 1-2 - - 1,894,074 14 2-3 1,854,303 8 170,499 1 3 1,229,704 5 1,132,538 9 23,057,874 100 13,213,115 100 5%(5%) - 30 -
() () 16 2002 12 31 2001 12 31 24,170,928 13,294,010 (A ) 2,160,000 1,188,000 (B ) 21,700,000 11,935,000 5,554,266 2,985,390 53,585,194 29,402,400 17 2002 12 31 2001 12 31 (2,640,316) 18,368,664 753,279 53,025 4,453,295 432,751 6,331,873 431,694 8,898,131 19,286,134 18 2002 12 31 2001 12 31 31,042,849 42,510,010 21,415,591 15,928,050 1,570,722 5,467,163 24,903,839 20,803,899 78,933,001 84,709,122-31 -
() () 18 () (a) 2002 12 31 2001 12 31 (%) (%) 1 46,563,552 58 27,403,401 32 1-2 14,094,465 18 28,470,736 34 2-3 11,271,579 14 5,311,262 6 3 7,003,405 10 23,523,723 28 78,933,001 100 84,709,122 100 (b) ( (e)) 5%(5%) 19 2002 12 31 2001 12 31 (a) 4,467,850 3,000,000-600,000 41,500 441,609 4,509,350 4,041,609 (a) 20-32 -
() () 21 2002 12 31 2001 12 31 16,024,364 16,024,364 898,883 898,883 16,923,247 16,923,247 (1997)2543 [2000]600 22 23 9,674,126 7,739,360 17,413,486 2001 1 1 15% 27% ( (1)) - 33 -
() () 24 2002 12 31 2001 12 31-241,709,280 241,709,280-21,600,000 21,600,000-217,000,000 217,000,000 238,600,000 238,600,000 480,309,280 480,309,280 25 639,126,417 - - 639,126,417 6,141,025 - (1,143,719) 4,997,306 (a) 35,908,024 - (9,393,422) 26,514,602 (b) 54,820,470 - (7,739,360) 47,081,110 10,709,475 198,958-10,908,433 746,705,411 198,958 (18,276,501) 728,627,868 (a) (b) 1993 [1998]16 23-34 -
() () 26 97,860,057 96,397,996 144,790,020 339,048,073 15,152,286 14,395,951 13,573,822 43,122,059 113,012,343 110,793,947 158,363,842 382,170,132 10%, 50% 10% 27 18,304,493 100,713,868 (15,152,286) (14,395,951) (13,573,822) (48,030,928) 27,865,374 2003 4 24 2002 10% 0.10 48,030,928 2002 2002-35 -
() () 28 2002 2001 1,646,603 602,743 2,676,534 2,246,638 504,651 658,512 632,662 844,580 5,460,450 4,352,473 29 2002 2001 76,309,290 76,516,561 (75,196,735) (72,945,031) 1,112,555 3,571,530 16,761,155 33,916,623 (18,461,421) (42,665,580) (1,700,266) (8,748,957) 1,532,606 348,323 (947,997) (645,177) (3,102) (5,474,281) - 36 -
() () 30 2002 2001 4,405,938 17,266,854 (3,431,002) (2,586,942) 69,774 418,251 2,420,073 (831,994) 3,464,783 14,266,169 31 2002 2001 48,919 118,049 4,099,464 13,572,500-6,509,633 3,946,408-1,195,547 1,006,919 - (119,393) - (5,378,450) (3,574,833) 6,355,720 15,069,043-37 -
() () 32 2002 2001 1,750,295 1,651,929 33 2002 2001 ( 25) 9,393,422 12,671,079 1,804,502 5,275,321 2,615,625 536,080 13,813,549 18,482,480 34 2002 2001 7,806,326 4,702,313 6,637,397 2,023,136 252,620 3,492,591 3,160,122-3,921,320 5,165,209 21,777,785 15,383,249 35 2002 2001 37,528,639 4,490,088 (15,330,400) - 22,198,239 4,490,088 (2002) 40 2002 15,330,400-38 -
() 1 2002 12 31 2001 12 31 (%) (%) 1 144,721,618 90-219,542,438 93 (363,443) 1-2 - - - 23,852 - (23,852) 2-3 8,841 - (4,469) 5,508,108 2 (5,508,108) 3 15,792,887 10(15,792,887) 10,499,956 5(10,499,956) 160,523,346 100(15,797,356)235,574,354 100(16,395,359) 2 2002 12 31 2001 12 31 (%) (%) 1 18,893,269 84 (828,259) 19,860,935 78 (3,124,900) 1-2 2,996,098 13 (291,465) 5,269,525 20 (568,016) 2-3 49,597 - (42,849) 210,066 1 (204,592) 3 482,242 3 (468,877) 272,320 1 (216,557) 22,421,206 100 (1,631,450) 25,612,846 100 (4,114,065) - 39 -
() () 3 2002 1 1 2002 12 31 4,449,600 - - - - - 4,449,600-297,210,487-37,139,919 - (18,702,499) -315,647,907-10,309,006 (1,342,230) 5,596,521 - (3,590,591) 436,186 12,314,936 (906,044) 8,517,752 (294,221) 2,590,873 - (2,038,653) - 9,069,972 (294,221) 22,117,696-11,724,472 (200,000) (1,456,653) - 32,385,515 (200,000) 342,604,541 (1,636,451) 57,051,785 (200,000) (25,788,396) 436,186373,867,930(1,400,265) 14,000 - - - - - 14,000-342,618,541 (1,636,451) 57,051,785 (200,000) (25,788,396) 436,186373,881,930(1,400,265) - 40 -
() () 4 2002 2001 48,919 118,049 4,099,464 13,572,500-37,139,919 7,868,171-6,137,394 3,846,180-1,195,547 1,006,919 - (188,737) - (4,978,450) (1,782,508) 43,454,056 24,629,311-41 -
() (a) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) - 42 -
() (a) () () ( ) ( ) ( ) ( ) ( ) ( ) ( ) - 43 -
() (b) () 461,130 - - 461,130 5,000 - - 5,000 210,000 - - 210,000 13,143 - - 13,143 22,330 - - 22,330 21,500 - - 21,500 20,000 - - 20,000 18,000 - - 18,000 28,000 - - 28,000 9,000 - - 9,000 5,600 - - 5,600 15,000 - - 15,000 1,000 - - 1,000 5,000 - - 5,000 1,000 - (1,000) - 1,000 - - 1,000 1,000 - - 1,000 7,060 - - 7,060-44 -
() (c) () : % % % % 2,766 100 - - (2,718) - 48 100 10,861 82.64 1,980 - - - 12,841 82.64 18,842 70.75 499 - - - 19,341 70.75 15,593 68 330 - - - 15,923 68 194,863 90 23,988 - - - 218,851 90 15,185 80 96 - - - 15,281 80 16,538 77.33 - - (974) - 15,564 73.33 25,164 99 - - (2,209) - 22,955 99 10,697 98.82 - - (905) - 9,792 98.82 5,490 100 373 - - - 5,863 100 15,450 84.67 6,062 - - - 21,512 84.67 1,677 100 - - - - 1,677 100 8,461 80 2,514 - - - 10,975 80 436 60 400 40 (836) (100) - - 591 60 - - (73) - 518 60 706 60 - - - - 706 60 3,874 51 - - (3,874) (51) - - 450 90 - (450) (90) - - (d) ()8(c) - 45 -
() () (e) 2002 2001-18,697,020 4,782,164-31,306,133 20,413,430-20,806,818 14,231,171-1,539,211 183,769 72,349,182 39,610,534-55,542,909 49,343,780-629,609 2,762,080-25,014,360 11,484,130-8,327,721 9,787,969-8,059,556 7,612,559-4,063,026 895,662 101,637,181 81,886,180-139,487 2,011,564 97 (2002 12 31 2001 12 31 12,256,392 )3% (2001 5.5%) - 46 -
() () (e) () 2002 12 31 2001 12 31 (42,510,010) (58,061,317) - (9,017,148) (139,487) (2,011,564) 11,606,648 26,580,019 (31,042,849) (42,510,010) /( ) - (3,645,493) (3,017,316) - 3,804,215 2,902,346 - - 4,095,787-1,309,121 2,450,550 - (7,204,608) (2,877,872) - (3,227,910) (245,956) - - 43,660-807,957 - (8,156,718) 3,351,199 () 2002 12 31 (2001 12 31 ) - 47 -
( ) 2002 12 31 2001 12 31 16,049,152 14,306,348 ( ) 12,640,486 15,800,608 3,160,122-48 -
2002
1 (%) / 558,695,05 34.51 34.37 1.16 1.16 9 131,840,80 7 8.14 8.11 0.27 0.27 100,713,86 8 6.22 6.20 0.21 0.21 98,961,755 6.11 6.09 0.21 0.21 4,420,127 ( ) 21,777,785 4,099,464 320,093 15,330,400 4 2002 12 31 2002 1 1 2002 12 31 52,257,431 7,832,5 (1,855,293) 58,234,715 77 48,143,366 8,459,8-56,603,265 99 4,114,065 (627,32 2) (1,855,293) 1,631,450 146,057 4,778,4 (146,057) 4,778,450 50 146,057 4,778,4 50 (146,057) 4,778,450 - - - - 30,498,207 20,167, (5,322,469) 45,342,971 233 14,903,752 3,779,0 04 (5,322,469) 13,360,287 7,391,158 6,273,4 77-13,664,635
8,203,297 10,114, 752-18,318,049 4,488,209 600,000 (1,616,186) 3,472,023 4,488,209 600,000 (1,616,186) 3,472,023 - - - - 24,331,278 5,390,108 (4,242,490) 25,478,896 8,482,907 969,358 (2,047,621) 7,404,644 15,023,774 4,420,7 (1,875,340) 17,569,184 50 824,597 - (319,529) 505,068 - - - - - - - - - - - - 4,362,173 2,416,2 (53,138) 6,725,253 18 - - - -
5 30%(30%) 5%(5%) 10%(10%) 2002 2001 12 31 12 31 323,359,647 247,302,841 76,056,806 31 (a) 228,412,397 123,970,922 104,441,475 84 (b) 158,675,442 83,755,166 74,920,276 89 (c) 223,907,035 77,848,913 146,058,122 188 (c) 2002 2001 2,061,034,4241,411,854,056 649,180,368 46 (d) 1,496,878,9151,074,563,632 422,315,283 39 (d) 89,656,155 52,121,079 37,535,076 72 (e) 333,730,212 227,458,486 106,271,726 47 (f) 22,198,239 4,490,088 17,708,151 394 (g) (a) (b) (e) (f)
(e) (f) (g) 2002 1,900 2002 2,100 5,960 3,000 2002 783 1,582 15% 27%
4 2002 2001 2002 2001 100,714 44,478 1,618,973 1,584,367 (9,393) (12,671) - - 5,209 5,986 (38,646) (43,855) - - 48,031 26,417 - (16,400) - - - (7,591) - - - (5,835) - - - 769 - - (3,884) - 10,433 - (117) (246) 194 822 92,529 8,490 1,638,985 1,567,751
( ) 2002 12 31
12 333 200021 : +86 (21) 6386 3388 : +86 (21) 6386 3300 ( ) ( ) ( ) 2002 12 31 2 29 2002 12 31 2003 4 24 2
2002 12 31 ( ) 2002 2001 2,061,034 1,411,854 (1,493,754) (1,071,439) 567,280 340,415 5 (21,749) (28,004) (89,656) (52,121) (331,975) (230,761) 3 123,900 29,529 / ( ) 736 (2,402) 6 (3,465) (14,266) 13,14 6,566 3,968 127,737 16,829 7 (26,138) (4,638) 101,599 12,191 21 (9,070) (3,701) 92,529 8,490 ( /) 8 0.19 0.02-2 -
2002 12 31 ( ) 2002 2001 9 805,406 856,657 10 82,117 88,292 11 1,874 1,946 12 12,302 8,654 13 11,958 13,840 14 11,847 8,224 15 25,808 26,601 951,312 1,004,214 16 399,556 351,361 17 584,362 466,104 16,317 23,951 18 323,361 247,303 1,323,596 1,088,719 2,274,908 2,092,933 19 480,309 480,309 20 1,062,175 1,020,355 96,501 67,087 1,638,985 1,567,751 21 59,907 53,575 23 6,980 9,163 22 19,966 17,977 26,946 27,140 24 537,942 314,284-3 -
4,453 433-129,750 25 6,675-549,070 444,467 576,016 471,607 2,274,908 2,092,933 2003 424-4 -
2002 12 31 ( ) ( 19) ( 19) 2001 1 1 480,309 693,911 98,415 145,446 96,975 1,034,747 68,153 1,583,209 (a) - (12,671) - - - (12,671) 12,671-2001 - - - - - - 8,490 8,490 - - 2,352 2,249 2,329 6,930 (6,930) - 2000 - - - - - - (24,015) (24,015) - 67 (2,906) (2,906) (2,906) (8,651) 8,718 67 2001 12 31 480,309 681,307 97,861 144,789 96,398 1,020,355 67,087 1,567,751 2002 1 1 480,309 681,307 97,861 144,789 96,398 1,020,355 67,087 1,567,751 (a) - (9,393) - - - (9,393) 9,393-2002 - - - - - - 92,529 92,529 - - 15,152 13,574 14,396 43,122 (43,122) - 2001 - - - - - - (26,417) (26,417) ( 23) - 9,036 - - - 9,036 (2,969) 6,067 - (945) - - - (945) - (945) 2002 12 31 480,309 680,005 113,013 158,363 110,794 1,062,175 96,501 1,638,985 (a) - 4 -
2002 12 31 ( ) 2002 2001 ( 28) 321,925 333,886 3,431 2,587 (18,178) (5,971) 307,178 330,502-2,300 (78,678) (60,666) (2,050) (450) 7,688 46,761 508 50 4,486 4,585 110 330 (67,936) (7,090) 110,000 215,000 (239,750) (370,000) (26,417) (24,015) (2,611) (2,517) (4,406) (15,549) (163,184) (197,081) 76,058 126,331 247,303 120,972 323,361 247,303-5 -
1 2002 12 31 ( )1993 (A ) (B )1993 30 ( ) 241,709,280 50.32% 2 (a) (b) - 6 -
2002 12 31-7 - 2 () (b) 30 (c) (d)
2 () 2002 12 31 (d) 20-35 10-15 5-6 (e) (f) 50-8 -
2 () 2002 12 31 (g) (1) (2) 5 10 (h) (i) ( ) - 9 -
2 () 2002 12 31 (j) (1) (2) (k) (l) ( ) (m) () ( 28) ( 5) - 10 -
2 () 2002 12 31 (n) (o) (p) (q) (r) - 11 -
2 () (s) 2002 12 31 (1) (2) 2002 12 31 (3) (4) (t) - 12 -
( ) 3 2002 2001 1,493,754 1,071,439 ( 9) 113,809 97,810 16,736 18,430 30,418 15,176 ( 4) 342,370 242,084-7,833 5,276-15,818 1,997 - ( 11) 72 72 - ( 12) 2,617 1,873 - ( 9) 5,390 24,331 - ( 10) 2,415 4,363 - ( 12) - 5,835 - /( ) 4,833 (3,252) - 4,778 146 - (4,099) (13,573) 4 2002 2001 189,492 160,941-36,603 33,992 116,275 47,151 342,370 242,084 59.6 9,151 8,687-13 -
( ) - 14 -
( ) 5-15 - 2002 2001 587 5,178 (4,099) (13,573) ( 9) 5,390 24,331 ( 10) 2,415 4,363 ( 12) - 5,835 / ( ) 4,833 (3,252) 4,778 146 7,845 4,976 21,749 28,004 6 2002 2001-4,406 17,267 (3,431) (2,587) 70 418 2,420 (832) 3,465 14,266 7 2002 2001 22,198 4,490 ( 23) 3,884 127 ( 13) 1 21 ( 14) 55-26,138 4,638 15% 2002 27% 33%
( ) - 16 -
( ) 7 () 2002 2001 127,737 16,829 27% (200115%) 34,489 2,524 11,398 2,900 (a) (15,331) - 2,477 - (6,895) (786) 26,138 4,638 (a) (2002) 40 2002 15.3 8 2002 2001 92,529 8,490 480,309,000 480,309,000 0.19 0.02-17 -
( ) 9 2001 1 1 618,881 777,344 42,335 79,678 1,518,238 2001 65,036 134,362 5,209 11,321 215,928 2001 (28,055) (31,657) (2,473) (120) (62,305) 2001 12 31 655,862880,049 45,071 90,879 1,671,861 2002 25,368 41,014 5,754 9,125 81,261 2002 (9,399) (47,693) (5,565) (5,931) (68,588) 2002 12 31 671,831873,370 45,260 94,073 1,684,534 2001 1 1 264,359 372,387 29,120 45,993 711,859 2001 27,648 56,665 3,025 10,472 97,810 2001 (1,027) (16,369) (1,121) (279) (18,796) 2001 12 31 290,980412,683 31,024 56,186 790,873 2002 26,329 69,908 4,157 13,415 113,809 2002-1,585 - - 1,585 2002 (8,356) (35,270) (4,104) (4,888) (52,618) 2002 12 31 308,953448,906 31,077 64,713 853,649 2001 1 1 - - - - - 2001 8,482 15,024-825 24,331 2001 12 31 8,482 15,024-825 24,331-18 -
( ) 2002 970 4,420 - - 5,390 2002 (2,047) (290) - (320) (2,657) 2002 - (1,585) - - (1,585) 2002 12 31 7,405 17,569-505 25,479 2001 12 31 356,400452,342 14,047 33,868 856,657 2002 12 31 355,473406,895 14,183 28,855 805,406-19 -
( ) 10 2002 2001 92,655 246,729 59,344 61,401 (63,157) (215,475) 88,842 92,655 4,363-2,415 4,363 (53) - 6,725 4,363 82,117 88,292 11 2002 2001 2,163 2,163 217 145 72 72 289 217 1,874 1,946-20 -
( ) - 21 -
( ) 12 2001 1 1 15,957 2,415 18,372 2001-3,255 3,255 2001 (2,582) (3,253) (5,835) 2001 12 31 13,375 2,417 15,792 2002 6,158 107 6,265 2002 - - - 2002 12 31 19,533 2,524 22,057 2001 1 1 3,192 2,073 5,265 2001 1,529 344 1,873 2001 12 31 4,721 2,417 7,138 2002 2,617-2,617 2002 12 31 7,338 2,417 9,755 2001 1 1 - - - 2001 2,582 3,252 5,835 2001 (2,582) (3,252) (5,835) 2001 12 31 - - - 2002 - - - 2002 12 31 - - - 2001 12 31 8,654-8,654 2002 12 31 12,195 107 12,302-22 -
( ) 13 2002 2001 13,840 13,714-5,597 3,890 - ( 7) (1) (21) - (3,154) (3,515) 400 2,126 (5,160) - 436 (2,354) 11,958 13,840 30(b) 14 2002 2001 8,224 8,503-969 78 - ( 7) (55) - - (464) (63) 5,103 1,060 (1,930) - - (1,354) 11,847 8,224 30(c) - 23 -
( ) 15 2002 2001 26,601 20,631 864 7,940 (2,237) (1,190) 580 (780) 25,808 26,601 5% 11,529 12.5% 7,940 6,339 25,808 16 2002 2001 () 75,461 104,050 ( ) 8,215 664 ( ) 124,769 112,159 ( ) 819 3,243 ( ) 159,496 97,932 ( ) 30,796 33,313 399,556 351,361-24 -
( ) 17-25 - 2002 2001 474,851 353,499 (56,603) (48,143) 418,248 305,356 37,885 45,279 (1,631) (4,114) 36,254 41,165 ( 29(b)) 5,114 13,198 ( 29(b)) 4,746 6,385 120,000 100,000 18 19 584,362 466,104 2002 2001 323,361 247,303 2002 2001 ( ) ( ) 241,709 241,709 241,709 241,709 (A ) 21,600 21,600 21,600 21,600
( ) (B ) 217,000 217,000 217,000 217,000 238,600 238,600 238,600 238,600 480,309 480,309 480,309 480,309-26 -
( ) 20 (a) (i) (ii) (iii) (iv) (b) 2002 15.2 14.4 ( ) 10% 50% 25% 10% (c) 10% 13.6 2002 0.10 48 ( 31) 2003-27 -
( ) 21 2002 2001 53,575 50,091-2,300 9,070 3,701 (2,611) (2,517) (127) - 59,907 53,575 22 2002 2001 (a) 16,024 16,024 3,942 1,953 19,966 17,977 (a) 1997 2000 6.5 9.5 [1997]2543 [2000]600 23-28 - 2002 2001 9,163 9,036 (6,067) - ( 7) 3,884 127 6,980 9,163 2002 15%
( ) 27% 2.5-29 -
( ) 24 25 2002 2001 365,324 147,575 ( 29(b)) 31,043 42,510 ( 29(b)) 3,645 7,013 ( 29(b)) 14,372 9,219 123,558 107,967 537,942 314,284 (3 12 ) 26 2002 12 31 (2001 ) 27 2002 2001 16,049 14,306-30 -
( ) 28 2002 2001 127,737 16,829 ( 3) 113,809 97,810 ( 3) 2,689 1,945 ( 3) 7,805 34,529 ( )/ ( 3) 4,833 (3,252) 4,778 146 /( ) (736) 2,402 ( 6) (3,431) (2,587) ( 6) 4,406 17,267 ( 3) 7,833 5,276 ( 3) 15,818 1,997 (6,566) (3,968) 278,975 168,394 ( )/ (130,589) 158,343 3,005 4,097 ( )/ (64,700) 71,022 /( ) 235,193 (50,137) ( ) /( ) 41 (17,833) 321,925 333,886-31 -
( ) 29 (a) 2002 2001 (i) - 55,543 49,344-630 2,762-25,014 11,484-8,328 9,788-8,060 7,613-4,063 896 101,638 81,887 (ii) - 18,697 4,782-31,306 20,413-20,807 14,231-1,539 184 72,349 39,610 (iii) - 139 2,012 3%(20015.5%) - 32 -
( ) 29 () (b) 2002 2001 42,510 58,061-9,017 139 2,012 (11,606) (26,580) 31,043 42,510 /() - (3,645) (3,018) - 3,804 2,902 -- 4,096-1,309 2,451 -(3,228) (246) - (7,205) (2,878) - - 44-808 - (8,157) 3,351 (c) 2002 624,000 (2001135,000 ) - 33 -
( ) 30 (a) 2002 2001 2002 2001 % % 100 100 5,000 5,000 82 82 10,861 10,861 71 71 15,798 15,798 68 68 14,620 14,620 90 90 189,000 189,000 80 80 16,000 16,000 77 77 13,920 13,920 99 99 28,000 28,000 98.82 98.82 9,000 9,000 100 100 5,600 5,600 84.67 84.67 12,700 12,700-34 -
( ) 30 (b) 2002 2001 2002 2001 % % 100 100 - - 80 80 10,975 8,461-60 - - 60 60 434 507 60 60 549 549-51 - 3,873-90 - 450 11,958 13,840 (c) 49 49 7,294 6,475-40 - 1,749 20 20 - - CIS 33.37 33.37 - - 41-1,481-33 - 2,609-45 - 463-11,847 8,224 31 2003 4 24 0.10 48-35 -
( ) : 2002 2001 2002 2001 100,714 44,478 1,618,973 1,584,367 (9,393) (12,671) - - 5,209 5,986 (38,646) (43,855) - - 48,031 26,417 - (16,400) - - - (7,591) - - - (5,835) - - - 769 - - (3,884) - 10,433 - (117) (246) 194 822 92,529 8,490 1,638,985 1,567,751
( ) SHANGHAI DIESEL ENGINE COMPANY LIMITED (incorporated in the People s Republic of China with limited liability) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002-37 -
Mailing Address: 12th Floor Shui On Plaza 333 Huai Hai Zhong Lu Shanghai 200021 People s Republic of China Telephone: +86 (21) 6386 3388 Facsimile: +86 (21) 6386 3300 AUDITORS REPORT Shanghai Diesel Engine Company Limited (incorporated in the People s Republic of China with limited liability) We have audited the accompanying consolidated balance sheet of Shanghai Diesel Engine Company Limited ( the Company ) and its subsidiaries ( the Group ) as of 31 December 2002 and the related consolidated income and cash flow statements for the year then ended. These financial statements set out on pages 2 to 26 are the responsibility of the Company s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31 December 2002 and of the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Business is undertaken in the registered name of PricewaterhouseCoopers China limited, incorporated in Bermuda with limited liabilities. Registered address is Clarendon House. 2 Church Street, Hamilton, Bermuda.
Mailing Address: 12th Floor Shui On Plaza 333 Huai Hai Zhong Lu Shanghai 200021 People s Republic of China Telephone: +86 (21) 6386 3388 Facsimile: +86 (21) 6386 3300 PricewaterhouseCoopers China Limited Shanghai, China 24 April 2003 Business is undertaken in the registered name of PricewaterhouseCoopers China limited, incorporated in Bermuda with limited liabilities. Registered address is Clarendon House. 2 Church Street, Hamilton, Bermuda.
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2002 (All amounts in Renminbi thousands unless otherwise stated) Notes 2002 2001 Sales 2,061,034 1,411,854 Cost of sales (1,493,754) (1,071,439) Gross profit 567,280 340,415 Other operating loss 5 (21,749) (28,004) Distribution costs (89,656) (52,121) Administrative expenses (331,975) (230,761) Profit from operation 3 123,900 29,529 Profit/(Loss) from available-for-sale investments 736 (2,402) Finance costs, net 6 (3,465) (14,266) Share of result of unconsolidated subsidiaries and associates 13,14 6,566 3,968 Profit before tax 127,737 16,829 Income tax expense 7 (26,138) (4,638) Group profit before minority interest 101,599 12,191 Minority interest 21 (9,070) (3,701) Net profit 92,529 8,490 Basic and diluted earnings per share (Rmb Yuan per share) 8 RMB 0.19 RMB 0.02 The accompanying notes form an integral part of these consolidated financial statements. - 2 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2002 (All amounts in Renminbi thousands) ASSETS Notes 2002 2001 Non-current assets Property, plant and equipment Construction in progress 9805,406 10 82,117 856,657 88,292 Land use rights 11 1,874 1,946 Intangible assets Investments in unconsolidated subsidiaries 12 12,302 13 11,958 8,654 13,840 Investments in associates 14 11,847 8,224 Available-for-sale investments 15 25,808 26,601 951,312 1,004,214 Current assets Inventories 16399,556 351,361 Receivables and prepayments Trading investments 17584,362 16,317 466,104 23,951 Cash and cash equivalents 18323,361 247,303 1,323,596 1,088,719 Total assets 2,274,908 2,092,933 EQUITY AND LIABILITIES Capital and reserves Share capital 19480,309 480,309 Reserves 201,062,175 1,020,355 Retained earnings 96,501 67,087 1,638,985 1,567,751 Minority interest 21 59,907 53,575 LIABILITIES Non-current liabilities Deferred tax liabilities Other liabilities 23 6,980 22 19,966 9,163 17,977 26,946 27,140 Current liabilities Trade and other payables 24537,942 314,284 Current tax liabilities Borrowings 4,453-433 129,750 Provisions 25 6,675-549,070 444,467 Total liabilities 576,016 471,607 Total equity and liabilities 2,274,908 2,092,933 On 24 April 2003, the Board of Directors of Shanghai Diesel Engine Company Limited authorized these financial statements for issue. The accompanying notes form an integral part of these consolidated financial statements. - 3 -
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2002 (All amounts in Renminbi thousands) Statutory Discretionary Statutory Share capital Capital surplus common reserve funds common reserve funds public w elfare funds Total reserves (Note 19) (Note 19) Retained earnings Total equity and reserves Balance at 1 January 2001 480,309 693,911 98,415 145,446 96,975 1,034,747 68,153 1,583,209 Transfer to retained earnings (a) - (12,671) - - - (12,671) 12,671 - Net profit for 2001 - - - - - - 8,490 8,490 Appropriation to reserves - - 2,352 2,249 2,329 6,930 (6,930) - Dividends relating to 2000 - - - - - - (24,015) (24,015) Others - 67 (2,906) (2,906) (2,906) (8,651) 8,718 67 Balance at 31 December 2001 480,309 681,307 97,861 144,789 96,398 1,020,355 67,087 1,567,751 Balance at 1 January 2002 480,309 681,307 97,861 144,789 96,398 1,020,355 67,087 1,567,751 Transfer to retained earnings (a) - (9,393) - - - (9,393) 9,393 - Net profit for 2002 - - - - - - 92,529 92,529 Appropriation to reserves - - 15,152 13,574 14,396 43,122 (43,122) - Dividends relating to 2001 - - - - - - (26,417) (26,417) Deferred tax (Note 23) - 9,036 - - - 9,036 (2,969) 6,067 Others - (945) - - - (945) - (945) Balance at 31 December 2002 480,309 680,005 113,013 158,363 110,794 1,062,175 96,501 1,638,985 (a) The transfer to the retained earnings from the capital surplus represents the realisation of revaluation surplus of revalued assets. The accompanying notes form an integral part of these consolidated financial statements. - 4 -
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2002 (All amounts in Renminbi thousands) CASH FLOWS FROM OPERATING ACTIVITIES - 5-2002 2001 Cash generated from operations (Note 28) 321,925 333,886 Interest received 3,431 2,587 Tax paid (18,178) (5,971) Net cash generated from operating activities 307,178 330,502 Acquisition of subsidiary, net of cash acquired - 2,300 Purchase of property, plant and equipment, intangible assets and payments on construction projects (78,678) (60,666) Additional investments in unconsolidated subsidiaries and associates (2,050) (450) Proceeds from sale of property, plant and equipment 7,688 46,761 Disposal of unconsolidated subsidiaries and associates 508 50 Dividends received 4,486 4,585 Principal of debt securities received 110 330 Net cash used in investing activities (67,936) (7,090) Proceeds from borrowings 110,000 215,000 Repayments of borrowings (239,750) (370,000) Dividends paid to group shareholders (26,417) (24,015) Dividends paid to minority interest (2,611) (2,517) Interest paid (4,406) (15,549) Net cash used in financing activities (163,184) (197,081) Increase in cash and cash equivalents 76,058 126,331 Cash and cash equivalents at beginning of year 247,303 120,972
Cash and cash equivalents at end of year 323,361 247,303 The accompanying notes form an integral part of these consolidated financial statements. - 6 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 1 GENERAL INFORMATION Shanghai Diesel Engine Company Limited ( the Company ) was established as a joint stock limited company in the People s Republic of China (the PRC ) in 1993 subsequent to a reorganisation to rationalise its structure in preparation for the listing of its shares. Its domestically listed Renminbi shares (A shares) and domestically listed foreign investment shares (B shares) have been listed on the Shanghai Securities Exchange since 1993. The Company, together with its subsidiaries, are hereinafter collectively referred to as the Group. The principal activities of the Group are the manufacture and sale of diesel engines, fuel injection pumps and components of diesel engines, using Dong Feng as the trademark. Operating assets of the Group are primarily located in the PRC. Particulars of the Company s principal subsidiaries and its associates are set out in Note 30. Shanghai Dongfeng Machinery (Group) Company, who holds 241,709,280 shares of the Company s state-owned shares, or 50.32% of total capital, is regarded as the Company s holding company. 2 ACCOUNTING POLICIES (a) Basis of preparation The consolidated financial statements have been prepared based on the management accounts of the Company and its consolidated subsidiaries. Those management accounts are prepared in accordance with the PRC accounting regulations, which differ in certain respects from International Financial Reporting Standards ( IFRS ). These financial statements have incorporated adjustments made to the management accounts in order to conform with IFRS. These financial statements have been prepared under the historical convention unless otherwise disclosed in the accounting policies below. The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on - 7 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) management s best knowledge of current event and actions, actual results ultimately may differ from those estimates. (b) Consolidated subsidiaries, unconsolidated subsidiaries and associates Subsidiaries 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. The existence and effect of potential voting rights that are presently exercisable or presently convertible are considered when assessing whether the Group controls another entity. 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. Certain relatively insignificant and non-core business subsidiaries are not consolidated. All material intercompany transactions, balances and unrealised gains on transactions between the Company and its consolidated subsidiaries are eliminated; unrealized losses are also eliminated unless cost can not be recovered. Where necessary, accounting policies of consolidated subsidiaries have been changed to ensure consistency with the policies adopted by the Group. - 8 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 2 ACCOUNTING POLICIES (continued) (b) Consolidated subsidiaries, unconsolidated subsidiaries and associates (continued) Investments in unconsolidated subsidiaries and associates are accounted for by the equity method of accounting. Under this method the Company s share of the post-acquisition profits or losses of unconsolidated subsidiaries and associates is recognized in the income statement and its share of post-acquisition movements in reserves is recognized in reserves. The cumulative post-acquisition movements are adjusted against the cost of the investment. Associates are entities over which the Group generally has between 20% and 50% of the voting rights, or over which the Group has significant influence, but which it does not control. Unrealised gains on transactions between the Group and its unconsolidated subsidiaries and associates are eliminated to the extent of the Group s interest in unconsolidated subsidiaries and associates; unrealized losses also eliminated unless the transactions provides evidence of an impairment of the asset transferred. When the Group s share of losses in an unconsolidated subsidiary and associate equals or exceeds its interest in the unconsolidated subsidiary and associate, the Group does not recognise further losses, unless the Group has incurred obligations or made payments on behalf of the unconsolidated subsidiaries and associates. Provisions are recorded for long-term impairment in value. A listing of the Group s consolidated subsidiaries, unconsolidated subsidiaries and associates is set out in Note 30. (c) Foreign currency translation Foreign currency transactions are translated into Renminbi using the exchange rates stipulated by the People s Bank of China prevailing on the first day of the month in which the transactions took place. Foreign exchange gains and losses resulted from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies into Renminbi at the exchange rates stipulated by the People s Bank of China at the balance sheet date are recognised in the income statement. (d) Property, plant and equipment - 9 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) All property, plant and equipment are stated at historical cost less depreciation except for those existed on the reorganization of the Company, which are shown at revalued amount according to valuation by external independent valuers less subsequent depreciation. Each year the difference between depreciation based on the revalued amount of the asset (the depreciation charged to the income statement) and depreciation based on the asset s original cost is transferred from capital surplus to retained earnings. Depreciation is calculated on the straight-line method to write off the cost of each asset to their residual values over their estimated useful lives as follows: Buildings Plant and machinery Motor vehicles Furniture, fixtures and office equipment 20-35 years 10-15 years 5-6 years 5 years Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. - 10 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 2 ACCOUNTING POLICIES (continued) (d) Property, plant and equipment(continued) Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in operating profit. When revalued assets are sold, the amounts included in capital surplus are transferred to retained earnings. Repairs and maintenance are charged to the income statement during the financial period in which they are incurred. The cost of major renovations is included in the carrying amount of the asset when it is probable that future economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to the Group. Major renovations are depreciated over the remaining useful life of the related asset. (e) Construction in progress Construction in progress represents capital assets under construction, being installed or tested and is stated at cost. Cost comprises cost of machinery and equipment, installation, testing and other direct costs including interest costs on borrowings to finance the construction of property, plant and equipment, which are capitalized during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed. Construction in progress is transferred to property, plant and equipment upon completion. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. (f) Land use rights Land use rights are stated at cost less accumulated amortization. Amortization is calculated using the straight-line method over the approved use period of 50 years. (g) Intangible assets (1) Research and development Research expenditure is recognised as an expense as incurred. Costs incurred on development projects (relating to the design and testing of new or improved products) are recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development - 11 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) expenditures are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are amortised from the commencement of the commercial production of the product on a straight-line basis over the period of its expected benefit. (2) Other intangible assets Other intangible assets, including design fee and computer software, are stated at acquired cost less accumulated amortization. Amortization is calculated using the straight-line method over their beneficial periods, typically between 5 to 10 years. - 12 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 2 ACCOUNTING POLICIES(continued) (h) Available-for-sale investments 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 twelve 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. (i) Impairment of long lived assets Property, plant and equipment and other non-current assets, including intangible assets 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) Operating leases (1) A Group company is the lessee Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease. (2) A Group company is the lessor Assets leased out under operating leases are included in property, plant and equipment in the balance sheet. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment. Rental income (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term. (k) Inventories Inventories are stated at the lower of cost and 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. Net realisable value is the estimated selling price in the ordinary course of business, less the costs to completion and selling expenses. (l) 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 - 13 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 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. - 14 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 2 ACCOUNTING POLICIES(continued) (m) Trading investments The trading investments are traded in active markets and are valued at market value at the close of business on 31 December by reference of Securities Exchange quoted bid prices. Trading investments are classified as current assets because they are expected to be realized within twelve months of the balance sheet date. In the cash flow statement, trading investments are presented within the section on operating activities as part of changes in working capital (Note 28). In the income statement, changes in fair values of trading investments are recorded in other operating loss (Note 5). (n) Cash and cash equivalents Cash and cash equivalents are carried in the balance sheet at cost. For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand and deposits held at call with banks. (o) 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 recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. (p) Employee benefits The Group participates in a government defined contribution retirement scheme, under which the Group pays contributions into a government unified retirement fund at fixed percentage of wages and salaries of existing full time employees and will have no legal or constructive obligations to pay further contributions. The regular contributions of the Group constitute net periodic cost for the year in which they are due and as such are included in staff cost. (q) Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an - 15 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. - 16 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 2 ACCOUNTING POLICIES(continued) (r) Revenue recognition Revenue comprises the invoiced value for the sale of goods net of value-added tax, rebates and discounts, and after eliminating sales between the Company and its consolidated subsidiaries. Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods are transferred to the buyer. (s) Financial risk management Financial instruments carried on the balance sheet include cash and cash equivalents, investments in unconsolidated subsidiaries, investment in associates, other long-term investments, receivables and prepayments, trading investments, payables and borrowings. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item. Financial risks The Group s activities expose it to a variety of financial risks, including: (1) Credit risk The Group has no significant concentrations of credit risk. Cash is put in different banks and financial institution. Trade receivables are spread among a number of customers. The Group has policies in place to ensure that sale of products are made to customers with an appropriate credit history. (2) Interest rate risk The Group s income and operating cash flows are substantially independent of changes in market interest rate. The Group has no balance of borrowings as at 31 December 2002. Other financial assets and liabilities do not have material interest rate risk. (3) Foreign exchange risk - 17 -
SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) The Group operates mainly domestically and therefore is not exposed to significant foreign exchange risks. (4) Fair value The face values less any estimated credit adjustment for financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair values. The fair value of financial assets and liabilities for disclosure purposes is estimated by discounting the future cash flows at the current market rate available to the Group for similar financial instruments. (t) Comparatives Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current year. 3 PROFIT FROM OPERATION The following items have been included in arriving at profit from operation: 2002 2001 Cost of inventory recognized as expense 1,493,754 1,071,439 Depreciation on property, plant and equipment (Note 9)113,809 97,810 Research and development expenditure 16,736 18,430 Warranty expense 30,418 15,176 Staff costs (Note 4) 342,370 242,084 Included in Administrative expenses : - Increase in provision for doubtful debts 7,833 5,276 - Increase in provision for inventory obsolescence 15,818 1,997 - Amortisation of land use rights (Note 11) 72 72-18 -