CONTENTS 1 2 3 5 8 10 11 17 18 21 68
twb@sanhuan.com.cn 7 Annual Report 2011 1
1 2 : 3 2 Annual Report 2011
Annual Re eport 2011 3
2 1 1985 8 1 1658 2 1993 6 8 124,831.47 ICC 3 2002 4 12 506,7033 4 100 35 100 24.32 4 Annual Report 2011
0 0 2 2003.7 1984.4 1987.6 2003.1 2011.5 1999.6 863 1985 19899 1965 5 HANG UP MOONTRIDUS INTERNATIONAL INC TAIGENE METAL COMPANY L.L.C Annual Report 2011 5
1966 7 19533 6, 1960 4 4 5 6 6 Annual Report 2011
Annual Report 2011 7
8 Ann 1 2 3 4 5 6 1 * 2 nual Report 2011
1 Annual Re eport 2011 9
10 Annual Report 2011
4 1 (%) A % Annual Rep % port 2011 % 11
12 An 3 3 5 nnual Repor 2150 3553.7 9019.6 7200 2500 186601 68 rt 2011 75% 7 66% 61 51% 65% 98% 1. 70% 185 105 308 170 69 380 5185.07 1660 5349.52 2027 820.84 506 035.49 258 982.55 416 030.42 408 026.73 1617 737.97 2921 630.24 7370 877.45 1040 62.39 58. 859.85 1957 73.99 13694 15.69 24529 0.07 6300. 0.34 775.4.50 41.3 7.05 1567. 4.24.76 87 47 0 32
3895 86% 5446.97 1311.69 317.04 300.28 1 20062020 2 64MGOe NEOMAX 59.5MGOeBr=15.55KGsHcJ=8.2kOe 2010 3 12,000 NEOMAX EPS N38EH 2 2012 1 2 2 2011 2011 28 5 6 165 135 6 1500 10 65 630 Annual Report 2011 13
3 4 1 3 2011 2011 14 Annual Report 2011
2011 1 A Annual Rep 2011 port 2011 15
16 An nnual Repor rt 2011
Annual Report 2011 17
1 7 18 Annual Report 2011
[2003]56 [2005]120 2011 12 31 2011 12 31 25,000 2011 01 05 10,000 2011 05 20 25,000 2011 01 20 20,000 2011 01 11 20,000 7,000 14,000 9,000 2011. 1.52012.5.25 2011.5.202012.6.23 2010. 1.202012.5.23 2010. 1.112012.6.14 Annual Report 2011 19
20 An nnual Repor 2011 12 rt 2011 31 23.11% % 50,000 50,000
Beiji ing JingD u Tiawha Certified Public Ac A ccountants Annual Rep s Co.,Ltd. port 2011 21
22 An nnual Repor rt 2011 1,393,616,26 7,544,24 1,151,544,80 76,179,65 4,984,60 1,244,401,30 39,714,9 3,917,985,79 145,465,7 703,094,47 99,751,52 56,245,82 30,124,29 16,460,33 1,051,142,16 4,969,127,96 63.61 49.01 01.00 54.14 06.96 03.49 16.22 94.43 1, 16.00 77.91 25.31 20.11 98.70 31.44 69.47 63.90 2, 367,907,594.93 821,857,179.70 12,931,595.38 64,439,954.85 115,244,544.19 4,714,916.22 387,095,785.27 782,533,781.89 22,500,750.72 51,310,022.38 19,415,982.88 3,291,324.45 879,051,862.32 266,147,647.59 3 340,5 41,3 0 570,2 8 101,9 5 4, 9 711, 2 18,7 7 1,788, 9 131,8 2 8 725,9 51, 8 59,8 30, 5 7,5 2 1,006,3 9 2,794,5 587,883.06 359,162.01 210,324.00 984,912.98 108,624.09 113,988.15 773,981.84 138,876.13 850,606.75 906,230.19 152,343.76 800,845.97 124,298.70 559,894.68 394,220.05 533,096.18 72,130,4 41,259,1 270,399,4 552,5 6,019,6 31,824,0 118,684,7 18,773,9 559,644,0 689,579,5 23,425,0 44,871,9 19,906,0 2,130,8 779,913,4 1,339,557,4 448.78 162.01 478.16 592.02 604.66 028.24 798.62 981.84 094.33 509.75 014.89 942.04 079.56 855.44 401.68 496.01
1,552,401,87 170,000,00 421,127,33 48,264,22 73,966,53 48,849,7 5,584,9 66,098,00 2,288,593,17 40,294,99 40,294,99 2,328,888,17 507,600,00 137,253,78 134,709,92 1,383,899,96 2,163,463,67 476,776,1 2,640,239,79 4,969,127,96 73.50 00.00 39.17 22.50 34.10 17.09 18.74 01.71 72.63 99.39 99.39 72.02 00.00 84.42 23.33 68.77 76.52 1, 15.36 91.88 1, 63.90 2, 304,200,000.00 546,727,123.85 5,096,905.10 14,926,353.61 58,735,241.13 608,202.69 52,957,763.57 865,781,107.69 11,309,528.01 11,309,528.01 877,090,635.70 507,600,000.00 70,312,851.04 134,709,923.33 676,434,237.52 389,057,011.89 389,057,011.89 266,147,647.59 A 0 503,5 45,5 5 404,0 0 15,7 1 53,8 3 35,3 9 3,5 7 49,7 9 1,040,5 1 30,0 1 30, 0 1,070,6 0 507,6 4 137,2 3 90,3 2 696,4 9 1,431,6 292, 9 1,723,8 9 2,794,5 Annual Rep 530,250.00 590,000.00 013,934.33 719,179.95 812,180.07 361,836.58 560,552.29 704,794.82 569,054.88 69,950.21 041,721.91 111,672.12 680,727.00 600,000.00 253,784.42 382,991.73 451,926.43 688,702.58 163,666.60 852,369.18 533,096.18 port 2011 114,000,0 31,670,0 160,344,2 6,478,3 23,229,0 17,536,5 37,241,3 355,426,4 2,811,3 2,811,3 358,237,8 507,600,0 70,312,8 90,382,9 313,023,8 981,319,6 981,319,6 1,339,557,4 23 000.00 000.00 202.24 336.64 040.90 536.43 375.93 419.28 380.82 380.82 800.10 000.00 851.04 991.73 853.14 695.91 695.91 496.01
5,695,842,020.93 5,695,842,020.93 4,602,178,894.60 4,017,051,792.35 18,726,527.57 87,357,513.95 334,771,543.09 131,115,020.46 13,156,497.18 10,373,437.17 9,439,163.94 1,104,036,563.50 13,764,893.52 9,390,585.60 4,241,663.02 1,108,410,871.42 183,473,606.50 924,937,264.92 767,306,973.94 157,630,290.98 1.51 1.51 924,937,264.92 767,306,973.94 157,630,290.98 2,801,661,287. 07 2,801,661,287. 07 2,338,866,508. 51 2,200,690,507. 93 4,955,688. 48 32,032,999. 52 58,521,225. 15 39,988,620. 31 2,677,467. 12 49,542,253. 38 9,439,163. 94 512,337,031. 94 2,743,641. 09 515,080,673. 03 71,811,357. 05 443,269,315. 98 443,269,315. 98 443,269,315. 98 443,269,315. 98 2,365,781,537.28 2,365,781,537.28 2,087,789,609.18 1,769,908,761.02 3,398,720.28 74,895,213.35 188,120,444.98 43,855,649.74 7,610,819.81 3,008,438.29 281,000,366.39 15,465,476.00 3,983,303.30 2,563,964.71 292,482,539.09 50,897,435.91 241,585,103.18 206,778,794.92 34,806,308.26 0.41 0.41 5,222,710.03 246,807,813.21 210,434,691.94 36,373,121.27 1,,083,251,221.57 1,,083,251,221.57 981,258,916.455 897,509,119.74 1,695,564.90 27,812,506.83 39,057,578.399 14,599,685.88 584,460.71 37,038,670.833 139,030,975.955 4,069,133.67 20,100.01 100.01 143,080,009.61 17,705,716.18 125,374,293.433 125,374,293.433 125,374,293.433 125,374,293.433 24 Annual Report 2011
5,5 2 5,8 4,9 3 2 3 5,8 1 1 1 1,8 1,9 7 1 9 1,0 8 3 1,1 585,411,475.91 238,077,046.34 27,416,371.34 850,904,893.59 905,168,219.05 322,281,854.64 257,077,509.92 339,290,158.54 823,817,742.15 27,087,151.44 2,000,000.00 934,273.23 1,340,800.26 5,947,687.49 10,222,760.98 136,519,987.10 41,500,000.00 178,019,987.10 167,797,226.12 37,687,559.00 37,687,559.00 882,529,166.83 920,216,725.83 783,000,000.00 130,806,774.05 2,132,901.09 915,939,675.14 004,277,050.69 11,726,595.46 851,840,380.55 315,921,906.08 167,762,286.63 2,386,549, 184,569, 11,237, 2,582,357, 2,157,388, 46,932, 114,173, 57,081, 2,375,576, 206,780, 46,122, 14, 1,033, 47,170, 11,652, 83,456, 95,109, 47,938, 563,200, 563,200, 373,000, 51,698, 348, 425,046, 138,153, 1,217, 295,777, 72,130, 367,907, A,714.00 2,40,972.02 13,349.75 3,035.77 2,57,461.69 2,10,784.95 23,531.99 10,909.78 11,688.41 2,56,347.36,694.10,000.00 2,642.51,336.61 2,701.91 11,367.00,068.91 11,732.30 9,000.00 63,000.00 63,000.00 63,479.33 6,334.61,813.94 69,186.06 6,654.97,146.15 15,448.78 46,594.93 31 Annual Rep 04,835,912.10 30,703,411.00 39,058,295.09 74,597,618.19 05,549,764.05 36,646,097.83 08,577,199.18 17,611,599.42 68,384,660.48 6,212,957.71 23,774,076.47 3,961,694.19 27,735,770.66 19,693,821.48 6.78 19,693,828.26 91,958,057.60 32,982,226.63 32,982,226.63 30,146,585.10 62,337,295.42 614,166.50 93,098,047.02 60,115,820.39 4,781,874.40 50,642,794.68 66,564,700.76 15,921,906.08 port 2011 1,013,295,8 101,254,7 8,239,8 1,122,790,3 1,096,192,3 32,666,2 31,914,7 59,496,5 1,220,269,9 97,479,5 31,480,3 104,4 1,239,5 32,824,3 5,476,3 5,476,3 27,348,0 167,982,2 167,982,2 158,146,5 28,903,8 90,6 187,141,0 19,158,8 2,019,7 91,310,0 163,440,5 72,130,4 25 801.49 713.83 813.18 328.50 326.07 258.04 740.40 598.43 922.94 594.44 363.38 463.84 546.79 374.01 315.48 6.78 322.26 051.75 226.63 226.63 585.10 848.20 613.49 046.79 820.16 718.94 081.79 530.57 448.78
26 An nnual Repor rt 2011
1 2 3 1 2 3 4 1 2 3 4 1 2 507,600,000.00 507,600,000.00 507,600,000.00 137,253,784.42 90,382,991.73 696,451,926.43 137,253,784.42 137,253,784.42 90,382,991.73 696,451,926.43 44,326,931.60 687,448,042.34 767,306,973.94 767,306,973.94 44,326,931.60 79,858,931.60 44,326,931.60 44,326,931.60 35,532,000.00 134,709,923.33 1,383,899,968.77 292,163,666..60 1,723,852,369.18 292,163,666..60 1,723,852,369.18 184,612,448..76 916,387,422.70 157,630,290..98 924,937,264.92 157,630,290..98 924,937,264.92 37,628,817..80 37,628,817.80 37,628,817..80 37,628,817.80 10,646,660.02 46,178,660.02 10,646,660.02 46,178,660.02 476,776,115..36 2,640,239,791.88 Annual Report 2011 27
28 An 1 2 3 1 2 3 4 1 2 3 4 1 2 nnual Repor rt 2011 507,600,000.00 507,600,000.00 507,600,000.00 133,597,887.40 133,597,887.40 3,655,897.02 3,655,897.02 3,655,897.02 137,253,784.42 77,845 77,845 12,537 12,537 12,537 90,382 5,562.39 5,562.39 7,429.34 7,429.34 7,429.34 2,991.73 525,052,560.85 525,052,560.85 171,399,365.58 206,778,794.92 206,778,794.92 35,379,429.34 12,537,429.34 22,842,000.00 696,451,926.43 266,268,017 266,268,017 25,895,649 34,806,308 1,566,813 36,373,121 10,477,471 10,477,471 292,163,666 7.22 1,510,364,02 7.22 1,510,364,02 9.38 213,488,34 8.26 241,585,10 3.01 5,222,71 1.27 246,807,81 1.89 33,319,47 1.89 33,319,47 6.60 1,723,852,36 27.86 27.86 41.32 03.18 0.03 3.21 71.89 71.89 69.18
1 2 3 1 2 3 4 1 2 3 4 1 2 507,600,000.00 70,312,851.04 507,600,000.00 70,312,851.04 507,600,000.00 70,312,851.04 90,382,991.73 90,382,991.73 44,326,931.60 44,326,931.60 44,326,931.60 134,709,923.33 313,023,853..14 981,319,695.91 313,023,853..14 981,319,695.91 363,410,384..38 407,737,315.98 443,269,315..98 443,269,315.98 443,269,315..98 443,269,315.98 79,858,931.60 35,532,000.00 44,326,931.60 35,532,000.00 35,532,000.00 676,434,237..52 1,389,057,011.89 Annual Report 2011 29
1 2 3 1 2 3 4 1 2 3 4 1 2 507,600,000.00 70,312,851.04 507,600,000.00 70,312,851.04 507,600,000.00 70,312,851.04 77,845,562.39 77,845,562.39 12,537,429.34 12,537,429.34 12,537,429.34 90,382,991.73 223,028,989.05 878,787,402.48 223,028,989.05 878,787,402.48 89,994,864.09 102,532,293.43 125,374,293.43 125,374,293.43 125,374,293.43 125,374,293.43 35,379,429.34 22,842,000.00 12,537,429.34 22,842,000.00 22,842,000.00 313,023,853.14 981,319,695.91 30 Annual Report 2011
48,993,384.30 5,468,965.9 5,402,647.56 59,864,997.77 0 4,980,9 1 8,175,5 6 7 13,156,4 988.50 08.68 497.18 A 50 3,24 3,74 Annual Rep 04,618.44 5 42,953.06 47,571.50 6 port 2011 53,469,754.36 10,401,521.53 5,402,647.56 69,273,923.45 31
32 Annual Report 2011
A Annual Rep port 2011 33
34 An nnual Repor rt 2011
A Annual Rep port 2011 35
36 An nnual Repor rt 2011 % 2.254.85 919.4 919.4 919.4 % 5 4 4 4
A Annual Rep port 2011 37
38 An nnual Repor rt 2011
% 17 5 57 25 Annual Report 2011 39
40 An nnual Repor rt 2011 4,822.62 2,447.35 13,040.12 18,624.52 5,356.21 165.30 14,334.52 4,916.16 9, 22, 3, 4, 7,,115.00 52.49,726.85,028.66,896.47,419.88 438.27
860.10 2,475.94 2,363.55 1,348,912.54 0.8107 6.3009 8.1625 0.081103 308,947.633 163,956.38 697.28 15,600.655 19,292.47 109,400.85 1,,167,453,339.000 1,,061,765,621.400 860.10 5,141.41 2,363.55 598,471.54 44.87 0.8509 6.6227 8.8065 0.0813 0.8509 369,079.56 264,851.28 731.86 34,050.02 20,814.60 48,631.80 315, 552,826.52 264, 639,386.68 38.18 16,624,442.9 6.3009 104,748,952.577 7,415,643.04 6.6227 49, 111,579.19 4 33,315.75 8,221,955.00 8.1625 0.081103 271,939.81 666,825.222 225,853,976.988 225,853,976.988 14,562.13 20,595,386.00 8.8065 0.0813 128,241.40 1, 673,581.07 24, 665,976.98 24, 665,976.98 1,,393,616,263.61 340, 587,883.06 20110803 20110803 20110803 20110906 20110712 20111017 20120203 200,000.00 20120203 100,000.00 20120203 200,000.00 20120306 500,000.00 20120112 58,850.00 20120417 154,440.00 1,213,290.00 Annual Report 2011 41
1,170,985,551.38 1,170,985,551.38 31,308,524.96 97.40 97.40 2.60 19,440,750.38 19,440,750.38 31,308,524.96 1.66 1.66 100.00 1,202,294,076.34 100.00 50,749,275.34 4.22 582,607,457.93 582,607,457.93 33,773,082.26 94.52 94.52 5.48 12,397,133.93 12,397,133.93 33,773,082.26 2.13 2.13 100.00 616,380,540.19 100.00 46,170,216.19 7.49 % % 1 1 2 2 3 3 4 4 5 5 1,155,975,875.49 5,768,219.09 2,291,636.64 1,676,859.36 2,073,472.50 3,199,488.30 98.72 0.49 0.20 0.14 0.18 0.27 11,559,758.75 288,410.96 1,145,818.32 1,173,801.55 2,073,472.50 3,199,488.30 568,548,499.55 5,798,259.04 1,805,768.10 3,130,264.43 902,542.27 2,422,124.54 97.59 0.99 0.31 0.54 0.15 0.42 5,688,484.99 289,912.96 902,884.06 2,191,185.11 902,542.27 2,422,124.54 1,170,985,551.38 100.00 19,440,750.38 582,607,457.93 100.00 12,397,133.93 ENERGY CONVERSION SYSTEMS 29,449, 893.96 1,858, 631.00 29,449,893.96 1,858,631.00 % 100.00 100.00 31,308, 524.96 31,308,524.96 100.00 254,618.44 A B 164,769,412.46 162,705,546.92 87,707,277.46 81,245,468.92 62,684,895.94 1 1 1 1 1 13.70 13.53 7.29 6.76 5.21 559,112,601.70 46.49 42 Annual Report 2011
164,769,412.46 87,707,277.46 62,684,895.94 5,989,994.84 3,246,724.80 13.70 7.29 5.21 0.50 0.27 324,398,305.50 26.97 % % 1 1 2 2 3 3 66,403,313.88 7,352,791.40 1,230,952.89 1,192,595.97 87.16 9.65 1.62 1.57 95,607,442.299 4,584,443.666 605,776.63 1,187,250.400 93.75 4.50 0.59 1.16 76,179,654.14 100.00 101,984,912.988 100.00 1 1 14,511,000. 00 2 13,715,240. 00 6,000,000. 00 3,159,500. 00 2,187,303. 90 39,573,043. 90 1 1 1 1 % % % 7,666,706.78 7,666,706.78 38,379.20 99.50 99.50 0.50 2,682,099.82 2,682,099.82 38,379.20 34.98 34.98 100.00 7,705,085.988 100.00 2,720,479.02 35.31 % % % 6,931,792.20 6,931,792.20 100.00 100.00 2,823,168.11 2,823,168.11 40.73 40.73 6,931,792.20 100.00 2,823,168.11 40.73 Annual Report 2011 43
% % 1 1 2 2 3 3 4 4 5 5 3,546,431.12 1,361,792.42 286,449.54 122,375.32 1,253,471.21 1,096,187.17 46.26 17.76 3.73 1.60 16.35 14.30 35,464.33 68,089.62 143,224.77 85,662.72 1,253,471.21 1,096,187.17 2,545,047.56 1,060,586.88 406,990.88 1,259,913.41 355,934.94 1,303,318.53 36.72 15.30 5.87 18.18 5.13 18.80 25,450.47 53,029.34 203,495.44 881,939.39 355,934.94 1,303,318.53 7,666,706.78 100.00 2,682,099.82 6,931,792.20 100.00 2,823,168.11 38,379.20 38,379.20 100.00 250,000.00 1,715,382.79 389,669.85 306,237.62 172,511.00 170,000.00 1 1 45 12 5 % 22.26 5.06 3.97 2.24 2.21 2,753,801.26 35.74 674,972,937.06 268,845,617.15 299,098,215.25 9,614,380.00 787,141.53 665,358,557.06 268,845,617.15 298,311,073.72 413,581,,497.54 168,495,,090.31 125,735,,343.14 3,665,851.99 409,915,645.55 168,495,090.31 1,803,113.92 123,932,229.22 11,886,055.56 11,886,055.56 8,771,,023.07 8,771,023.07 1,254,802,825.02 10,401,521.53 1,244,401,303.49 716,582,,954.06 5,468,965.91 711,113,988.15 3,665,851.99 1,803,113.92 7,692,215.87 483,292.81 1,743,687.86 1,499,265.20 9,614,380.00 787,141.53 5,468,965.91 8,175,508.68 3,242,953.06 10,401,521.53 4,714,916.22 35,000,000.00 13,866,626.57 4,907,355.27 39,714,916.22 18,773,981.84 44 Annual Report 2011
% % 30.60 27.00 30.60 27.00 517,380,956.88 535,490,626.10 294,563,652. 69 287,106,870. 11 222,817,304.19 248,383,755.99 354,968,523.72 1,087,513,989.42 126,130,599.97 5,720,006.78 9,115,109.25 4,500,000.00 131,850,606.755 13,615,109.25 131,850,606.755 13,615,109.25 41,497,375.11 77,919,762.36 135,245,709.22 10,220,006.78 145,465,716.00 145,465,716.00 103,281,954.86 80,105,321.67 11,923,226.59 68,182,095.08 30.60 30.60 13,500,000.00 46,025,278.30 21,038,335.84 67,063,614.14 27.00 27.00 5,720,000.00 5,720,000.00 5,720,000.00 8.00 8.00 4,500,000.00 4,500,000.00 4,500,000.00 6.61 6.61 6.78 6.78 6.78 24.99 24.99 929,463..64 Annual Report 2011 45
131,850,606.75 13,615,109.25 145,465,716.00 929,463..64 1,191,352,311.20 419,726,487.06 694,250,235.21 28,055,539.66 49,320,049.27 63,878,286.25 2,857,525.63 50,641,684.00 3,690,678.25 6,688,398.37 24,925,,506.46 17,887,,926.04 1,557,,512.29 5,480,,068.13 1,230,305,090.99 422,584,012.69 727,003,993.17 30,188,705.62 50,528,379.51 465,446,081.01 78,993,374.00 341,314,571.40 16,367,930.79 28,770,204.82 725,906,230.19 340,733,113.06 352,935,663.81 11,687,608.87 20,549,844.45 725,906,230.19 340,733,113.06 352,935,663.81 11,687,608.87 20,549,844.45 80,769,700.49 19,516,410.61 51,795,133.90 2,183,501.59 7,274,654.39 19,005,,168.42 12,758,,051.38 1,397,,869.61 4,849,,247.43 465,446,081.01 78,993,374.00 341,314,571.40 16,367,930.79 28,770,204.82 703,094,477.91 324,074,228.08 346,652,339.25 13,035,142.85 19,332,767.73 703,094,477.91 324,074,228.08 346,652,339.25 13,035,142.85 19,332,767.73 46 Annual Report 2011
26,,735,620.37 42,,454,429.84 865,650.78 29,,695,824.32 26,735,620.37 42,454,429.84 865,650.78 29,695,824.32 16,096,995.43 14,394,491.00 20,660,857.33 16, 096,995.43 14, 394,491.00 20, 660,857.33 99,,751,525.31 99,751,525.31 51,152,343.76 51, 152,343.76 % 14,394,491.00 16,096,995.43 28,059,938.84 10,786,624.94 148,000.00 42, 454,429.84 26, 735,620.37 30,491,486.43 38,846,563.78 148,000.00 69, 190,050.21 53,470,000.000 30,000,000.000 % 79.40 89.61 % 98.00 90.00 83,470,000.000 98.000 90.000 95,152,245.11 57,752,833.76 24,554,400.00 9,770,140.33 2,800,000.00 274,871.02 35,351,399.14 8,241,416.41 15,311,526.49 9,200,216.01 2,400,000.58 198,239.65 59,800,845.97 49,511,417.35 9,242,873.51 569,924.32 399,999.42 76,631.37 3,555,025.86 1,206,220.98 1,655,439.96 569,924.32 80,000.60 43,440.00 95,,152,245.11 57,,752,833.76 24,,554,400.00 9,,770,140.33 2,,800,000.00 274,871.02 38,,906,425.00 9,,447,637.39 16,,966,966.45 9,,770,140.33 2,,480,001.18 241,679.65 56,,245,820.11 48,,305,196.37 7,,587,433.55 319,998.82 33,191.37 Annual Report 2011 47
59,800,845.97 49,511,417.35 9,242,873.51 569,924.32 399,999.42 76,631.37 56,,245,820.11 48,,305,196.37 7,,587,433.55 319,998.82 33,191.37 35,526,946. 26 35,526,946.26 5,402,647.56 4,538,721.44 5,678,145.17 113,750.00 6,129,714.83 16,460,331.44 2,306,160.53 1,431,876.35 1,080,590.54 550,457.12 2,190,810.14 7,559,894.68 69,950.21 69,950.21 54,053,230.05 16,732,471.17 40,702,753.44 11,829,591.25 70,785,701.22 52,532,344.69 2012 2013 2014 2015 2016 5,238,787.67 2,779,402.68 3,811,400.90 4,902,879.92 5,238,787.67 2,779,402.68 3,811,400.90 16,732,471.17 11,829,591.25 48 Annual Report 2011
27,873,478.30 37,854,301.19 758,333.33 30,835,697.90 97,321,810.72 48,993,384.30 5,468,965.91 5,402,647.566 4,980,988.50 8,175,508.68 504,618.44 3,242,953.06 53,469,754.36 10,401,521.53 5,402,647.56 59,864,997.777 13,156,497.18 3,747,571.50 69,273,923.45 1 2 1 2 10,562,295.95 5,380,589.51 5,181,706.44 34,874,116.98 10,208,140.00 24,665,976.98 50,750,924.81 39,323,195.36 11,427,729.45 225,853,976.98 8 225,853,976.98 8 10,562,295.95 5,380,589.51 5,181,706.44 34,874,116.98 10,208,140.00 24,665,976.98 50,750,924.81 39,323,195.36 11,427,729.45 225,853,976.98 225,853,976.98 45,436,412.93 276,604,901.79 9 45,436,412.93 276,604,901.79 478,,160,000.00 63,,000,000.00 804,,200,000.00 207,,041,873.50 15, 000,000.00 414, 000,000.00 74, 530,250.00 1,552,,401,873.50 503, 530,250.00 3,100,000.00 44,500,000.00 19,532,790.00 3,609,083.50 500,000. 00 15,000,000. 00 3,311,350.00 1,218,900.00 23,141,873.50 4,530,250.00 Annual Report 2011 49
130,000,000.00 40,000,000.00 45,590,000.00 170,000,000.00 45,590,000.00 20111008 20111028 20110713 20120108 20120128 20120112 80,000,000.00 50,000,000.00 40,000,000.00 170,000,000.00 1 1 2 2 3 3 387,910,716.43 14,329,058.06 3,151,470.08 15,736,094.60 92.11 3.40 0.75 3.74 378,600,955.92 5,986,732.63 5,364,861.28 14,061,384.50 93.71 1.48 1.33 3.48 421,127,339.17 100.00 404,013,934.33 100.00 1 1 2 2 3 3 45,299,819.89 302,212.72 228,747.92 2,433,441.97 93.86 0.63 0.47 5.04 11,544,712.95 820,766.97 669,336.04 2,684,363.99 73.44 5.22 4.26 17.08 48,264,222.50 100.00 15,719,179.95 100.00 1 2 3 4 5 6 7 8 34,491,021.83 17,114,615.31 149,026.94 76.42 293.68 18.36 148,638.48 1,215,253.74 842,262.25 275,047,039.58 27,474,070.99 34,453,983.10 9,562,208.42 21,430,797.67 2,068,766.91 749,568.98 642,641.12 6,234,123.11 120,722.69 2,062,615.77 260,646,,931.05 24,339,,627.48 32,713,,814.88 8,676,,249.48 20,707,,459.24 1,991,,266.36 716,,865.49 621,,974.31 6,168,,066.60 120,,722.69 1,249,,038.51 48,891,130.36 20,249,058.82 1,889,195.16 886,035.36 723,632.11 77,518.91 181,341.97 20,666.81 1,281,310.25 1,655,839.51 53,812,180.07 345,392,555.24 325,238,,201.21 73,966,534.10 50 Annual Report 2011
1 1 2 2 3 3 50,760 48,535,70 3,848,76 2,374,58 11,338,95 66,098,00 0 00.75 62.33 80.56 58.07 01.71 107,218,736.1 424,323.0 1,492,378.3 51,568,350.7 3,648,741.9 908,020.4 480.0 47,085.0 235,252.4 23,925.5 20,461.5 48,849,717.0 5,584,918.74 809,962.83 1,599,375.43 1,151,214.03 3,560,552.29 73.43 5.82 3.60 17.15 100.00 5,100,000. A 11 06 32 73 91 47 00 00 48 53 52 09 4 3 3 3 9 4,038, 6,840, 5,579, 33,246, 49,704, 00 23,414,599.90 8,990,089.04 304,428.10 300,000.00 33,009,117.04 7,285,882.35 40,294,999.39 Annual Rep 53 15 35,810.37,348.90,110.69,524.86,794.82 5,1 0 17, 4 9, 0 0 4 27, 5 2, 9 30, port 2011 3,487,471.09 186,598.02 716,770.10 5,730,236.19 692,395.34 303,931.12 480.00 70,867.21 47,085.00 98,154.38 158,596.98 20,457.87 100,062.30 5,361,836.58 8.13 13.76 11.22 66.89 100.00 100,000.00,475,452.71,411,841.10 404,428.10 300,000.00,591,721.91,450,000.00,041,721.91 50,760 51
52 An nnual Repor rt 2011 109 27 137 90, + 5,678,262 5,665,145 13,116 5,678,262 2,165,013 3,513,248 5,678,262 9,450,201.98 7,803,582.44 7,253,784.42 382,991.73 +,432.34,548.40,883.94,432.34,858.29,574.05,432.34 996,410.24 10,840,020.33 6,864,751.08 25,345.92 18,726,527.57 44,326, 69 69 76 4 3 1,38 1 5,67 1 4,01 3,865,038,670 3,853,889,832 11,148,837 3,865,038,670 961,022,841 2,904,015,829 3,865,038,670 4 3 1 8 1 2 7 3,931.60 96,451,926.43 96,451,926.43 67,306,973.94 44,326,931.60 35,532,000.00 83,899,968.77 4,095,600.82 78,262,432.34 7,579,588.59 7,051,792.35.15 2,35.26 2,32.89 3.15 2,35.09 1,05.06 1,30.15 2,35 686,187.36,506,956.45,200,419.07 5,157.40,398,720.28 525,052,5 525,052,5 206,778,7 12,537,4 22,842,0 696,451,9 7,132,0 54,784,701.87 21,130,303.07 33,654,398.80 54,784,701.87 51,549,448.43 03,235,253.44 54,784,701.87 109 27 137 134,7 560.85 560.85 794.92 429.34 000.00 926.43 025.91 2,354,78 10,99 1,769,90 1,761,12 1,728,77 32,34 1,761,12 702,34 1,058,77 1,761,12,450,201.98,803,582.44,253,784.42 709,923.33 10.00% 84,701.87 96,835.41 08,761.02 20,758.80 78,945.11 41,813.69 20,758.80 49,067.22 71,691.58 20,758.80
45, 32, 2, 1, 4, 87, 162, 79, 14, 10, 9, 9, 8, 7, 4, 3, 3, 3, 1, 1, 1, 11, 334, 86 5 4 53 10 2 131 4 8 13,067,821.36,272,797.04,645,389.51,434,892.88 462,788.36 355,202.40 282,567.07 211,451.83,624,603.50,357,513.95,832,799.95,504,705.72,944,037.58,111,789.48,606,724.37,303,991.38,767,595.20,817,214.86,280,338.50,689,202.13,555,025.86,268,804.56,747,485.30,111,906.62,095,639.24 797,572.98 324,562.00 284,930.00 245,584.21 111,822.00,369,811.15,771,543.09 6,652,480.48 5,947,687.49 4,993,333.36 3,933,059.31 0,649,066.29 2,132,901.09 1,115,020.46 4,980,988.50 8,175,508.68 3,156,497.18 9, 10, A 929,463.64 439,163.94 4,809.59 373,437.17 Annual Rep 28,15 34,73 5,84 1,26 42 97 24 26 2,98 74,89 76,97 50,84 9,10 5,49 8,50 4,30 6,05 5,31 2,96 54 4,24 1,96 1,37 2,23 1,65 29 32 34 13 8 5,33 188,12 30,9 3,9 2 20,7 4,7 6 43,8 2,6 4,9 7,6 3,0 3,0 port 2011 59,346.48 33,450.36 41,770.80 61,476.15 25,858.34 79,585.85 42,165.10 67,300.00 84,260.27 95,213.35 76,075.15 49,325.02 09,284.09 91,460.88 08,862.55 08,674.07 55,588.35 13,984.30 62,148.12 49,284.86 45,600.10 69,603.28 75,153.80 36,892.19 53,806.70 92,775.04 27,062.50 45,385.00 32,939.17 82,474.00 34,065.81 20,444.98 999,582.92 961,694.19 219,133.33 752,557.71 768,096.53 614,166.50 855,649.74 618,983.80 991,836.01 610,819.81 008,438.29 008,438.29 53
54 An nnual Repor rt 2011 929,463 11,923,2 21,362,3 9,439,1 *15% 3.64 226.59 6, 390.53 9, 163.94 3, 14,489.24 14,489.24 105,863.25 13,489,142.03 84,203.27 71,195.73 13,764,893.52 4,241,663.02 4,241,663.02 4,752,057.72 93,000.00 251,370.00 50,555.08 1,939.78 9,390,585.60 070,391.88 078,830.17 008,438.29 13 1 15 2 2 3 19 18 1,10 16 1 275,130.45 275,130.45 3,933,073.31 1,177,584.80 79,687.44 5,465,476.00 11,761,970.46 892,619.51 421,752.06 190,000.00 122,800.00 100,000.00 13,489,142.03 2,563,964.71 2,563,964.71 142,000.00 170,820.00 44,306.94 1,062,211.65 3,983,303.30 92,443,993.47 8,970,386.97 83,473,606.50 08,410,871.42 66,261,630.71 18,336,026.00 414,248.63 1,556,015.58 1,208,003.24 1,225,719.98 13,4 13,7 11 13 4, 4, 4, 9, 53,6 2,7 50,8 292,4 43,8 3,7 4 2,4 5 9 14,489.24 14,489.24 105,863.25 489,142.03 84,203.27 71,195.73 764,893.52,526,345.70 657,423.43 421,752.05 815,052.13 512,500.00 0.00 3,933,073.31 241,663.02 241,663.02 752,057.72 93,000.00 251,370.00 50,555.08 1,939.78 390,585.60 686,620.33 789,184.42 897,435.91 482,539.09 872,380.86 776,766.33 451,265.74 425,004.01 580,831.26 952,850.23
/ / 18 7 7 5 5 A 83,473,606.50 767,306,973.94 2,782,458.81 764,524,515.13 507,600,000.00 12 507,600,000.00 1.51 1.51 Annual Rep 50,8 4 206,77 1 7,35 3 199,42 0 507,60 2 0 507,60 1 1 5,22 5,22 5,22 port 2011 897,435.91 78,794.92 57,267.27 21,527.65 00,000.00 12 00,000.00 0.41 0.39 22,710.03 22,710.03 22,710.03 55
56 An 1 2 3 nnual Repor rt 2011 23,74 3,67 27,41 201,18 35,25 30,14 22,41 11,08 10,20 10,06 9,30 4,28 1,11 35 3 3,83 339,29 5,94 2,13 924,9 13,1 80,7 3,5 4,1 126,1 10,3 8,9 541,4 571,7 208,0 201,1 27,0 1,167,7 42,419.51 73,951.83 6,371.34 88,000.00 59,937.56 47,158.21 7,764.58 82,551.79 02,488.08 69,512.73 03,991.38 80,338.50 1,906.62 55,202.40 34,399.19 36,907.50 90,158.54 47,687.49 32,901.09 937,264.92 56,497.18 769,700.49 555,025.86 56,998.86 70,174.92 21,687.10 373,437.17 900,436.76 69,950.21 462,824.02 751,635.09 066,085.36 88,000.00 087,151.44 762,286.63 21,41 13,69 24 3,70 39,05 12,29 32,78 28,81 7,38 7,31 10,11 4,57 2,96 2,23 97 1,43 6,70 117,61 3,96 61 241,5 7,6 79,8 4,2 2,2 32,4 3,0 2,7 363,2 164,9 158,4 13,6 6,2 315,9 15,301.83 93,000.00 48,640.68 01,352.58 58,295.09 93,062.74 88,197.41 14,201.10 87,432.68 17,064.50 15,356.60 75,974.07 62,148.12 36,892.19 79,585.85 32,829.71 08,854.45 11,599.42 61,694.19 14,166.50 585,103.18 610,819.81 864,385.76 245,600.10 21,975.26 288,834.26 434,737.00 008,438.29 768,374.42 20,810.00 219,871.08 999,317.83 485,313.96 693,000.00 212,957.71 921,906.08
/( /( () () 5,678 5,678 4,571 1,10 4,914 2,305 153 83 11 2,330 2,330 2,041 291 2,742 1,052 109 82 1,896,654.48,896,654.48,689,667.98 07,206,986.5 4,658,286.84,723,238.45,871,924.14,445,688.20,903,942.67 0,151,599.03 0,151,599.03,294,012.27,866,025.05 2,240,664.67 2,695,837.59 9,706,641.48 2,629,361.46,452,408.76 315,9 851,8 1,167,7 3 1,167,4 1,167,7 16,945,366 16,945,366 20,115,789 3,170,423 54,469,677 23,164,933 22,143,253 879,038 1,252,554 35,629,938 35,629,938 46,495,596 10,865,658 52,292,431 17,984,889 9,987,180 1,502,599 6,158,411 A 921,906.08 840,380.55 762,286.63 308,947.63 453,339.00 762,286.63 6.45 6.45 9.45 3.00 7.06 3.57 3.37 8.15 4.51 8.25 8.25 6.91 8.66 1.51 9.41 0.00 9.66 1.05 Annual Rep 466,5 150,6 315,9 3 315,5 315,9 1,393,61 225,85 1,167,76 5,695,8 5,695,8 4,591,8 1,104,0 4,969, 2,328,8 176,0 84,3 13, 2,365,7 2,365,7 2,087,7 281,0 2,794,5 1,070,6 119,6 84, 7,6 port 2011 564,700.76 642,794.68 921,906.08 369,079.56 552,826.52 921,906.08 16,263.61 53,976.98 62,286.63 842,020.93 842,020.93 805,457.43 036,563.50 127,963.90 888,172.02 015,177.51 324,726.35 156,497.18 781,537.28 781,537.28 789,609.18 000,366.39 533,096.18 680,727.00 693,821.48 131,961.12 610,819.81 57
() % % 1,658.00 24.32 24..32 2 9019.61 5 1.00 51.00 721446715 2500 98.00 98.00 73630826X 2150 3553.70 7 5.00 6 6.00 75.00 66.00 720476568 60055385 7200 65.00 65.00 195270720 180 56.00 56.00 713349894 186601.68 7 0.00 70.00 607335958 3895 86.00 86.00 249793632 58 Annual Report 2011 % % % % 500 75.00 75.00 73424571X
3 3,984.22 5,107.74 18,161.84 32,385.94 26,391.57 2,525.24 975.27 201111 % 2,594.40 5,000.00 0. 22.2 3. 5. 4. 0.4 0. 20111231 A % % 30.6 27.00 2 60 9, 28 5, 19 9, 69 7, 63 7, 44 1, 17 Annual Rep % 30.6 7.00 386.24 023.72 673.41 880.96 732.73 652.99 856.56 27 port 2011 60893353 8 72774471 3 4.85 42.33 4.09 3.33 3.27 0.70 0.36 75,661.60 59
60 An nnual Repor rt 2011 150, 200, 150, 210, 60, 30, 10, 50, 80, 80, 30, 80, 10, 40, 60, 20, 40,,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00,000,000.00
5,100,000.00 780.82 2.84 631.40 3.24 57.56 100.00 143.28 100.00 62,684,895.94 164,769,412.46 87,707,277.46 3,246,724.80 5,989,994.84 626,848,966 1,647,694.12 877,072.777 32,467.25 59,899.955 32,879,260.66 29,890,472.98 13,952,976.82 4,836,048.06 1,504,858.57 328,792.61 298,904.73 139,529.77 48,360.48 15,048.58 2,589,807.00 8,751,299.52 5,100,000.00 812,469.91 370,219.28 29,835,232.67 4,870,330.49 5,100,000.00 812,469.91 1 25,079.00 23,400.00 2 22,749.00 15,000.00 3 20,013.00 20,000.00 67,841.00 58,400.00 Annual Report 2011 61
661,517,788.811 170,770,620.511 832,288,409.322 30,949,893.96 76.63 19.78 96.41 3.59 10,431,229.62 10,431,229.62 30,949,893.96 1.58 1.25 100.00 863,238,303.288 100.00 41,381,123.58 4.79 231,863,065.64 43,826,489.699 275,689,555.333 33,414,451.26 75.01 14.18 89.19 10.81 5,290,077.17 5,290,077.17 33,414,451.26 2.28 1.92 100.00 309,104,006.599 100.00 38,704,528.43 12.52 1 1 2 2 3 3 4 4 5 5 656,085, 468.89 1,120, 066.97 926, 594.97 115, 279.60 2,074, 417.97 1,195, 960.41 99.18 0.17 0.14 0.02 0.31 0.18 6,560,854.68 56,003.35 463,297.49 80,695.72 2,074,417.97 1,195,960.41 225,880,941.98 2,302,880.78 120,692.71 2,342,576.08 342,381.26 873,592.83 97.42 0.99 0.05 1.01 0.15 0.38 2,258,809.42 115,144.04 60,346.36 1,639,803.26 342,381.26 873,592.83 661,517, 788.81 100.00 10,431,229.62 231,863,065.64 100.00 5,290,077.17 62 Annual Report 2011
ENERGY SYSTEMS B C CONVERSIO S N 29 1 30 62,684, 9,449,893.96 1,500,000.00 0,949,893.96,895.94 855,6 64,136,8 64,992,5 64,992,5 1,012,490 31,263,374 32,275,865 32,275,865 29,449,89 1,500,00 30,949,89 626,848, 164,769 153,191 81,245 62,684 50,318 512,210 682.85 848.27 531.12 531.12 0.77 4.77 5.54 5.54 93.96 00.00 93.96,96 3,412.46,381.78,468.92,895.94,866.04,025.14 164,76 153,19 62,68 8,21 4,51 4,21 62 398,22 1.32 98.68 100.00 100.00 3.14 96.86 100.00 100.00 A 100.00 100.00 2,879,260.66 69,412.46 91,381.78 84,895.94 15,000.00 16,911.98 19,628.83 27,697.92 24,928.91 552,57 552,57 552,57 451,83 451,83 451,83 Annual Rep 32 % 76.27 76.27 76.27 37.30 37.30 37.30 port 2011 28,792.61 % 19.09 17.75 9.41 7.26 5.83 59.34 19.09 17.75 7.26 0.95 0.52 0.49 0.07 46.13 64.58 0.85 0.85 44.63 1.40 1.40 63
1 1 2 2 3 3 4 4 5 5 71,080.80 244,607.28 1,198.92 310,909.91 227,885.94 8.31 28.59 0.14 36.33 26.63 710.82 12,230.36 839.24 310,909.91 227,885.94 471,496. 00 1,198. 92 310,909. 91 10,806. 00 218,079. 94 46.57 0.12 30.70 1.07 21.54 4,714.96 599.46 217,636.94 10,806.00 218,079.94 855,682.85 100.00 552,576.27 1,012,490. 77 100.00 451,837.30 34,122,414.37 17,882,820.14 10,106,623.44 1,509,021.62 306,237.62 63,927,117.19 34,122,414.37 17,882,820.14 10,106,623.44 1,509,021.62 306,237.62 1 12 1 12 12 1 45 52.50 27.52 15.55 2.32 0.47 63,927,117.19 98.36 34,122,414.37 17,882,820.14 10,106,623.44 1,509,021.62 239,685.91 171,440.27 104,842.52 52.50 27.52 15.55 2.32 0.37 0.26 0.16 64,136,848.27 98.68 % % 48,226,207.23 48,226,207.23 48,226,207.23 51.00 24,473,522.51 24,473,522.51 24,473,522.51 98.00 130,401,187.59 130,401,187.59 130,401,187.59 75.00 186,245,209.64 142,757,149.64 43,488, 060.00 186,245,209.64 66.00 51.00 98.00 75.00 66.00 25,000,000.00 64 Annual Report 2011
53,562,114.98 53,562,114.98 53,562,114.98 65.00 1,653,032.23 1,653,032.23 1,653,032.23 56.00 143,345,166.42 107,818,118.22 35,527, 048.20 143,345,166.42 70.00 49,161,625.29 49,161,625.29 49,161,625.29 86.00 65.00 56.00 70.00 86.00 12,802,297.13 1,371,328.67 103,281,954.86 80,105,321.67 11,923, 226.59 68,182,095.08 30.60 13,500,000.00 45,701,223.61 21,362, 390.53 67,063,614.14 27.00 30.60 27.00 5,720,000.00 5,720,000.00 5,720,000.00 8.00 4,500,000.00 4,500, 000.00 4,500,000.00 6.61 6.78 6.78 6.78 24.99 8.00 6.61 24.99 929,463.64 689,579,509.75 92,954, 272.14 782,533,781.89 40,103,089.44 2,788,981,026.97 12,680,260.10 2,200,690,507.93 1,076,519,598.07 6,731,623.50 897,509,119.74 2,788,981,026.97 2,198,976,500.00 1,076,519,598.077 897,509,119.74 2,474,438,298.52 314,542,728.45 2,086,648,454.67 112,328,045.33 991,061,444.899 85,458,153.188 822,114,231.77 75,394,887.97 2,788,981,026.97 2,198,976,500.00 1,076,519,598.077 897,509,119.74 711,112,683.74 2,077,868,343.23 193,929,116.03 2,005,047,383.97 349,345,609.566 727,173,988.51 323,107,377.27 574,401,742.47 2,788,981,026.97 2,198,976,500.00 1,076,519,598.077 897,509,119.74 40,103,089.44 9,439,163.94 34,030,232.54 3,008,438.29 49,542,253.38 37,038,670.83 Annual Report 2011 65
66 An 1 2 3 nnual Repor rt 2011 25,00 12,80 1,37 92 40,10 11,9 21,3 9,4 00,000.00 02,297.13 71,328.67 29,463.64 03,089.44 923,226.59 362,390.53 439,163.94 1,198,202.36 20,000,000.00 1,351,666.80 10,387,409.00 1,092,954.38 34,030,232.54 6,070,391.8 9,078,830. 3,008,438.2 443, 2, 6, 39, 49, 1, 3, 589, 350, 206, 367, 72, 295, 4,2 13,4 4,8 4,3 1,1 3,2 4 2,7 88 17 29,269,315.98,677,467.12,075,783.02 490,096.68 9,638.48,988,620.31,542,253.38,160,469.01,540,121.43,030,359.35,481,663.04,780,347.36,907,594.93,130,448.78,777,146.15 227,173.78 489,142.03 4,809.59 887,660.33 79,117.51 17,546.78 261,570.73 479,111.92 782,458.81 125 4 6 37 57 91 48 97 72 163 91 5,374,293.43 584,460.71 4,876,799.13 490,096.68 84,457.96 6,931,866.00 7,038,670.83 678,817.50 7,808,181.86 1,364,572.58 8,762,409.66 7,479,594.44 2,130,448.78 3,440,530.57 1,310,081.79
42.69 42.53 1.51 1.51 767,306,973.94 2,782,458.81 764,524,515.13 1,431,688,702.58 35,532,000.00 6 12 2,163,463,676.52 1,797,576,189.55 42.69% 42.53% Annual Report 2011 67
68 Annual Report 2011