上海振华重工(集团)股份有限公司2012年财务报表补充资料(英文版)

     Shanghai Zhenhua Heavy Industries Co., Ltd.
     2012 Financial Statements Notes Supplementary Material
     (Monetary Unit: RMB, except for specified otherwise)



I     Non-recurring gains/losses statements

                                                                            2012

      Gains/(losses) from disposal of non-current assets               97,051,399         309,460,277
      Government subsidy into current P&L                              28,730,126          64,641,129
      Gains/losses from fair value change resulted from
       holding tradable financial assets and tradable financial
       liabilities; investment income from disposal of tradable
       financial assets, tradable financial liabilities and
       financial assets available for sale, except for valid
       hedging related with regular operation                         143,917,526         101,066,137
      Net amount of other non-operating income and expenses
       except for above                                               (13,639,165)           7,112,466
                                                                      256,059,886         482,280,009
      Impact of income tax                                            (39,813,723)         (71,964,268)
      Impact of minority gains/losses (after tax)                        (622,804)          (2,141,455)
                                                                      215,623,359         408,174,286

      Non-recurring gains/losses statements preparation basis

      In accordance with CSRC Public Listed Company Information Disclosure Explanatory
      Announcement No. 1 –Non-recurring Gains/losses [2008], non-recurring gains/losses refer to
      those from transactions or events not directly related with the Company’s normal operations or
      although related with normal operation but affecting users of statements to make property
      judgment over operating result or profitability due to their special nature or accidental nature.

II    Earning Ratio of Net Assets & Earnings/(Loss) per Share

                                                                    Earnings/(Loss) per Share
                             Earning Ratio of Net
                                Assets(%)               Basic Earning/(loss)     Diluted Earning/(loss)
                                                               per Share                 per Share
                                  2012         2011           2012         2011         2012         2011

      (loss) /net profit
    belonging to
    shareholders of
    common shares          (7.09%)       0.20%           (0.24)        0.01         (0.24)            0.01
      Net loss
    attributable to
    shareholders of
    common shares
    after deducting
    non-recurring
    gains/losses           (8.56%)      (2.48%)          (0.29)       (0.09)        (0.29)        (0.09)




                                                    -1-
      Shanghai Zhenhua Heavy Industries Co., Ltd.
      2012 Financial Statements Notes Supplementary Material
      (Monetary Unit: RMB, except for specified otherwise)


III   Abnormality in major accounting statements and reasons

      Analysis of items whose date movement over 30% (inclusive) in consolidated statements
      and taking up to 5% (inclusive) of total daily assets in the consolidated statements or
      taking up to 10% (inclusive) of total profit in the report period:

                 B/S Item                Dec. 31, 2012          Dec. 31, 2011             Movement           Note
                                         Consolidation           Consolidation        Amount         %
    Monetary capital                  5,380,769,224          2,053,780,508      3,326,988,716    162%    (1)
    Tradable financial assets            26,009,477             61,678,770        (35,669,293)   -58%    (2)
    Bills receivable                    115,069,863             80,556,568         34,513,295     43%    (3)
    Interest receivable                  33,231,552                        -       33,231,552    100%    (4)
          Account receivable              3,710,721,111          4,788,249,121     (1,077,528,010)   -23%    (5)
    Other receivables                   413,305,303            809,660,285       (396,354,982)   -49%    (6)
          Stock                           7,581,683,025          6,186,736,599      1,394,946,426     23%    (7)
          Completed not settled           6,620,155,339          7,385,580,108       (765,424,769)   -10%    (8)
    Other current assets              1,000,000,000                        -    1,000,000,000    100%    (9)
    Long-term equity
      investment                            203,719,472            152,874,005        50,845,467       33%   (10)
    Real estate as investment           402,411,440                      -       402,411,440      100%   (11)
          Fixed assets                   14,075,197,757         14,254,180,211      (178,982,454)      -1%   (12)
          Construction in progress        3,692,553,744          4,552,618,260      (860,064,516)     -19%   (13)
          Short - term loans             11,936,687,998          8,036,435,881     3,900,252,117       49%   (14)
    Tradable financial liabilities                -              2,289,600        (2,289,600)    -100%   (15)
    Bills payable                       980,906,529            577,862,463       403,044,066       70%   (16)
    Accounts payable                  2,603,418,685          2,255,724,884       347,693,801       15%   (17)
    Prepayment received               1,035,763,588            115,627,343       920,136,245      796%   (18)
    Settled but work not
      completed                           2,389,804,893          1,946,769,101       443,035,792      23%    (19)
    Taxes and charges
      payable                              (46,966,814)           (461,588,744)      414,621,930     -90%    (20)
    Dividends payable                   33,825,412              53,453,390       (19,627,978)    -37%    (21)
    Other payables                     292,150,492             869,378,012      (577,227,520)    -66%    (22)
          Non-current liabilities due
      within one year                     3,667,922,000          3,571,294,900         96,627,100      3%    (23)
          Long-term loans                   873,684,500          3,083,527,600     (2,209,843,100)   -72%    (24)
    Bonds payable                     7,984,665,674          7,978,615,674          6,050,000      0%    (25)
    Expected liabilities                193,307,685            133,639,971         59,667,714     45%    (26)
          Capital stock                   4,390,294,584          4,390,294,584                  -      0%    (27)
          Capital reserve                 5,632,275,644          5,619,048,786         13,226,858      0%    (28)
          Undistributed profit            2,668,221,534          3,711,887,375     (1,043,665,841)   -28%    (29)




                                                          -2-
      Shanghai Zhenhua Heavy Industries Co., Ltd.
      2012 Financial Statements Notes Supplementary Material
      (Monetary Unit: RMB, except for specified otherwise)


III   Abnormality in major accounting statements and reasons (Cont’d)

                P/L Item               Dec. 31, 2012      Dec. 31, 2011           Movement               Note
                                       Consolidation       Consolidation      Amount           %
       Operating income                18,255,152,096     19,129,251,012     (874,098,916)         -5%   (30)
       Operating cost                 (17,362,670,351)   (18,171,294,303)     808,623,952          -4%   (30)
       General expenses                (1,126,863,747)    (1,130,888,776)       4,025,029           0%   (31)
    Financial expenses – net
                 amount                 (680,506,612)       151,425,776      (831,932,388)    -549%      (32)
       Asset impairment provision       (394,362,789)      (269,782,394)     (124,580,395)      46%      (33)
          Gains from fair value
             movement - net              (33,379,693)        33,444,020       (66,823,713)    -200%      (34)
           Investment income             141,093,032         13,049,092       128,043,940      981%      (35)
    Non – operating income          132,357,962        385,977,803      (253,619,841)     -66%      (36)
       Non – operating expenses         (20,215,602)        (4,763,931)      (15,451,671)     324%      (37)
         Corporate tax expenses           72,132,581        (18,109,717)       90,242,298     -498%      (38)
             Net (loss) / profit
       attributable to shareholders
            of parent company          (1,043,665,841)       30,294,335     (1,073,960,176)   -3545%     (39)
              Minority interest           (55,392,041)         (639,339)       (54,752,702)    8564%     (40)

      (1)       Monetary capital             Monetary capital increased mainly because the Group in report
                                             year strengthened efforts at the collection of accounts
                                             receivable and increased time deposit for the purpose of
                                             acquiring short-term loans.

      (2)       Tradable financial           Tradable financial assets decreased mainly due to delivery of
                assets                       forward forex contracts upon maturity.

      (3)       Bills receivable             Notes receivable increased mainly because the Group
                                             increased notes receivable endorsed to clear purchase
                                             payment.

      (4)       Interest receivable          Interest receivable increased mainly because in report period
                                             the Group accrued undue interest of new fixed-term loans.

      (5)       Account receivable           Accounts receivable decreased mainly because in report year
                                             sales income decreased and in the mean time strengthened
                                             collection of accounts receivable.

      (6)       Other receivables            Other receivables decreased mainly because in report period
                                             the Group received levy compensation on land and real estate
                                             from Changxing Land Reserve Center.

      (7)       Inventory                    Inventory increased mainly because in report period the Group
                                             increased raw material purchase as a result of heavy marine
                                             project development.


      (8)        Work completed              Work completed payment not cleared decreased mainly
                payment not cleared
                                             because in report year business volume declined and thus start-
                                             ups of projects dropped.

                                                     -3-
Shanghai Zhenhua Heavy Industries Co., Ltd.
2012 Financial Statements Notes Supplementary Material
(Monetary Unit: RMB, except for specified otherwise)


(9)     Other current assets           Other current assets increased mainly because in report period
                                       the Group purchased short-term bank financing products.
(10)    Real estate as                  Real estate as investment increased mainly because in report
    investment                      period the Group converted part of the office buildings,
                                        production base and related land use right for leasing.

(11)    Long-term equity                Long-term equity investment increased mainly because in
    investment                      report period the Company had more external investment in
                                        corporate and gains from associates and joint ventures
                                        adjusted on equity basis.

(12)      Fixed assets                  Fixed assets decreased mainly because in report year regular
                                        depreciation of fixed assets, disposal of part of production
                                        equipment, converted part of the office buildings, production
                                        base and related land use right for leasing, carried forward to
                                        real estate as investment.

(13)    Construction in progress        Construction in progress decreased mainly because in report
                                        year the Company carried forward Dongfang Road office
                                        building, Nantong production base infrastructure construction
                                        and the base’s large equipment to fixed assets.

(14)    Short-term loans                Short-term deposits increased mainly because the Company
                                        borrowed new loans from banks.

(15)    Trading            financial    Tradable financial liabilities decreased mainly because
    liabilities                     forward foreign exchange contract delivered upon maturity.

(16)    Notes payable                   Notes payable increased mainly because in report period the
                                        Group issued notes to pay for materials.

(17)    Accounts payable                Accounts payable increased mainly because in report period
                                        the Group increased payables for purchase of materials and
                                        product manufacturing as a result of further efforts on
                                        development of heavy marine projects.

(18)     Prepayments received           Prepayment received increased mainly because the Group
                                        received advances for certain new contracts from clients in
                                        report year.

(19)     Work not completed,            Work not completed, payment cleared increased mainly
         payment cleared                because in report period the Group settled new projects.

(20)     Taxes and         charges      Taxes and charges payable increased mainly because in
         payable                        report period the Group issued more invoices for domestic
                                        projects and meanwhile timely filed tax return for to-be-
                                        cleared VAT.

(21)     Dividends payable              Dividends payable decreased mainly because paid income
                                        tax on behalf of shareholders.

                                              -4-
Shanghai Zhenhua Heavy Industries Co., Ltd.
2012 Financial Statements Notes Supplementary Material
(Monetary Unit: RMB, except for specified otherwise)


(22)     Other payables              Other payables decreased mainly because the Group timely
                                     filed tax return for to-be-cleared VAT.

(23)     Non-current liabilities   Non-current liabilities due within one year increased mainly
         due within one year:      because partial long-term loans would be due within one year so
                                   they were reclassified into non-current liabilities due within one
                                   year

(24)     long-term loans           Long-term loans decreased mainly because partial long-term
                                   loans would be due within one year so they were reclassified
                                   into non-current liabilities due within one year.

(25)     Bonds payable             Bonds payable increased mainly because of amortization of
                                   issuance cost in report year.

(26)     Expected liabilities      Expected liabilities increased mainly because of increase in
                                   after-sales service cost as a result of increase of delivery of
                                   completed machinery projects.

(27)     Capital stock             Capital stock remained the same as that of prior year end.

(28)     Capital stock             Capital reserve increased mainly because fair value of financial
                                   assets available for sale at period end increased

(29)     Undistributed profit      Undistributed profit decreased mainly because of net loss in
                                   report year.

(30)     Operating income          Operating income saw a reduction compared with that in the
         and cost                  previous year, mainly because of that under the influence of
                                   macro-economic environment new orders the Group took
                                   declined in this year, particularly due to decline in off-shore
                                   heavy duty products and steel structure products.

                                   Average gross margin of products increased mainly due to the
                                   Group’s strict control of production costs in report year.
(31)     General expenses:         General expenses decreased mainly because the Group’s
                                   employee remuneration and expenses decreased in report year.

(32)     Financial expense–       Financial expenses increased mainly because the Group
         net amount                suffered from decrease of exchange income and increase of
                                   interest cost as a result of RMB appreciation against US dollars.

(33)     Asset impairment          Asset impairment loss increased mainly because of increase of
         loss                      bad debt loss, inventory impairment loss and expected contract
                                   loss with the Group.

(34)     Fair value movement       Decrease of gains/losses of fair value change is mainly because
         gains-net amount          of delivery upon maturity and reversal of financial assets
                                   available for sale.

(35)     Investment income         Investment income increased mainly because investment
                                   income from financial assets available for sale the Group held in

                                           -5-
Shanghai Zhenhua Heavy Industries Co., Ltd.
2012 Financial Statements Notes Supplementary Material
(Monetary Unit: RMB, except for specified otherwise)

                                report year increased.

(36)     Non-operating          Non-operating decreased mainly because in report year
         income                 compensation income recognized with the Group from levy of
                                the Industrial Park completed with Changxing Land Reserve
                                Center decreased.

(37)     Non-operating          Non-operating expenses increased mainly because in report
         expenses               year loss from disposal of fixed assets and other non-operating
                                expenses increased.

(38)     Corporate income tax   Corporate income tax expenses decreased mainly the Group
         expenses               recognized deferred income tax assets as a result of loss in
                                report year.

(39)     Net (loss) / profit    Loss attributable to shareholders of parent company decreased
         attributable to        mainly because the Group suffered a loss in report year.
         shareholders of
         parent company

(40)     Minority interest      Increased due to current loss of non-wholly-owned subsidiaries
                                of the Group in report year.




                                        -6-

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