山航B2010年年度审计报告(英文版) 2011-03-29.pdf

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1、 Shandong Airlines Co.,Ltd FINANCIAL STATEMENTS AND AUDITORS REPORT FOR THE YEAR ENDED DECEMBER 31st,2010 REANDA SHEN ZI 2011 No.1193 To the Shareholders of Shandong Airlines Co.,Ltd.:We have audited the accompanying financial statements of Shandong Airlines Co.,Ltd.(hereafter,the Company),which com

2、prise the statement of financial position and the consolidated statement of financial position as at 31 December 2010,the statement of comprehensive income and the consolidated statement of comprehensive income,the statement of cash flows and the consolidated statement of cash flows and the statemen

3、t of changes in equity and the consolidated statement of changes in equity for the year then ended and a summary of significant accounting policies and other explanatory notes.Managements responsibility for the financial statements The Companys management is responsible for the preparation and fair

4、presentation of these financial statements in accordance with Enterprise Accounting Standards of China.The responsibility includes:(1)designing,implementing and maintaining internal control relevant to the preparation of financial statements that are free from material misstatement,whether due to fr

5、aud or error;(2)selecting and applying appropriate accounting policies;(3)and making accounting estimates that are reasonable in the circumstances.Auditors responsibility Our responsibility is to express an opinion on the financial statements based on our audit.We conducted our audit in accordance w

6、ith the Chinese Certified Public Accountants Auditing Standards(hereafter,the Standards).The Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.An audit in

7、volves the performance of audit procedures to obtain audit evidence relevant to the amounts and disclosures in the financial statements.The procedures selected depend on the auditors judgment,including the assessment of the risks of material misstatement of the financial statements,whether due to fr

8、aud or error.In making those risk assessments,the auditors consider internal control relevant to the entitys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on

9、 the effectiveness of the entitys internal control.An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management,as well as evaluating the overall presentation of the financial statements.We believe that the audit

10、evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.Opinion In our opinion,the financial statements of the Company present fairly,in all material respects,the financial position of the Company as at 31 December 2010 and of its financial performance and it

11、s cash flows for the year then ended in accordance with the Enterprise Accounting Standards of China.Reanda Certified Public Accountants Co.,Ltd.Certified Public Accountant Sun Yibin Beijing,China Certified Public Accountant Yang Yunhui 25 March 2011 1 Balance Sheet Prepared by Shandong Airlines Co.

12、,Ltd.December 31,2010 Unit:RMB Items Balance at period-end Balance at year-begin Consolidation Parent Company Consolidation Parent Company Current assets:Monetary funds 333,572,647.76 328,897,146.25 194,065,742.69 179,813,989.83 Settlement provisions Capital lent Transaction finance asset 9,290,846.

13、62 9,290,846.62 11,341,846.48 11,341,846.48 Notes receivable Accounts receivable 192,444,914.49 185,873,337.88 142,545,895.96 140,731,572.47 Accounts paid in advance 28,353,455.80 28,201,391.84 22,504,262.48 22,370,882.70 Insurance receivable Reinsurance receivables Contract reserve of reinsurance r

14、eceivable Interest receivable 1,409,528.13 1,409,528.13 Dividend receivable 1,617,642.00 1,617,642.00 Other receivables 224,905,440.68 225,345,428.46 160,552,013.99 160,483,475.47 Purchase restituted finance asset Inventories 77,787,249.46 77,787,249.46 65,267,781.10 65,267,781.10 Non-current asset

15、due within one year Other current assets Total current assets 867,764,082.94 856,804,928.64 597,895,184.70 581,627,190.05 Non-current assets:Granted loans and advances Finance asset available for sales Held-to-maturity securities Long-term account receivable Long-term equity investment 88,352,100.00

16、 169,842,785.43 88,352,100.00 112,165,305.97 Investment property Fixed assets 6,616,497,360.85 6,551,672,655.53 6,631,600,764.96 6,619,089,545.44 Construction in progress 937,253,250.34 925,773,327.54 422,277,445.58 422,277,445.58 Engineering material Disposal of fixed asset Productive biological as

17、set Oil and gas asset Intangible assets 47,146,366.53 32,299,511.53 47,895,073.21 33,013,562.26 Expense on Research and Development Goodwill 10,220,816.22 Long-term expenses to be apportioned 229,830,196.19 229,493,082.25 216,546,250.96 216,370,254.46 Deferred income tax asset 126,735,195.78 126,425

18、,389.96 91,836,911.34 91,812,136.84 Other non-current asset Total non-current asset 8,056,035,285.91 8,035,506,752.24 7,498,508,546.05 7,494,728,250.55 Total assets 8,923,799,368.85 8,892,311,680.88 8,096,403,730.75 8,076,355,440.60 Current liabilities:Short-term loans 1,001,269,036.73 1,001,269,036

19、.73 739,819,020.88 739,819,020.88 Loan from central bank 2 Absorbing deposit and interbank deposit Capital borrowed Transaction financial liabilities 3,865,809.52 3,865,809.52 Notes payable 135,042,835.33 135,042,835.33 182,124,331.32 182,124,331.32 Accounts payable 1,008,600,051.49 1,009,216,769.85

20、 812,032,950.07 810,639,584.15 Accounts received in advance 202,453,668.78 200,972,965.98 117,956,240.43 117,467,352.04 Selling financial asset of repurchase Commission charge and commission payable Wage payable 236,150,660.44 236,130,188.66 135,033,537.40 135,018,545.42 Taxes payable 170,115,170.97

21、 169,899,177.32 177,564,425.49 177,319,512.46 Interest payable 9,656,528.23 9,569,756.23 4,001,134.66 4,001,134.66 Dividend payable 11,940.00 11,940.00 11,940.00 11,940.00 Other accounts payable 140,733,981.14 141,469,803.57 124,930,463.59 124,872,192.44 Reinsurance payables Insurance contract reser

22、ve Security trading of agency Security sales of agency Non-current liabilities due within 1 year 476,767,879.05 464,467,879.05 535,108,457.71 535,108,457.71 Other current liabilities Total current liabilities 3,384,667,561.68 3,371,916,162.24 2,828,582,501.55 2,826,382,071.08 Non-current liabilities

23、:Long-term loans 3,180,283,177.55 3,180,283,177.55 3,402,752,588.39 3,402,752,588.39 Bonds payable Long-term account payable 863,013,847.54 863,013,847.54 968,968,451.94 968,968,451.94 Special accounts payable Projected liabilities Deferred income tax liabilities 2,322,711.66 2,322,711.66 2,835,461.

24、62 2,835,461.62 Other non-current liabilities 73,390,628.74 73,390,628.74 27,718,573.00 27,718,573.00 Total non-current liabilities 4,119,010,365.49 4,119,010,365.49 4,402,275,074.95 4,402,275,074.95 Total liabilities 7,503,677,927.17 7,490,926,527.73 7,230,857,576.50 7,228,657,146.03 Owners equity(

25、or shareholders equity):Paid-in capital(or share capital)400,000,000.00 400,000,000.00 400,000,000.00 400,000,000.00 Capital public reserve 84,050,162.84 84,050,162.84 84,050,162.84 84,050,162.84 Less:Inventory shares Reasonable reserve Surplus public reserve 122,944,754.89 122,284,050.36 59,576,069

26、.03 58,915,364.50 Provision of general risk Retained profit 799,664,252.17 795,050,939.95 308,668,390.11 304,732,767.23 Balance difference of foreign currency translation Total owners equity attributable to parent company 1,406,659,169.90 1,401,385,153.15 852,294,621.98 847,698,294.57 Minority inter

27、ests 13,462,271.78 13,251,532.27 Total owners equity 1,420,121,441.68 1,401,385,153.15 865,546,154.25 847,698,294.57 Total liabilities and owners 8,923,799,368.85 8,892,311,680.88 8,096,403,730.75 8,076,355,440.60 3 equity Profit Statement Prepared by Shandong Airlines Co.,Ltd.January-December,2010

28、Unit:RMB Items Amount in this period Amount in last period Consolidation Parent Company Consolidation Parent Company I.Total operating income 7,292,615,957.10 7,284,474,069.23 5,366,113,363.68 5,362,673,481.18 Including:Operating income 7,292,615,957.10 7,284,474,069.23 5,366,113,363.68 5,362,673,48

29、1.18 Interest income Insurance gained Commission charge and commission income II.Total operating cost 6,461,293,024.92 6,454,275,861.75 5,095,949,275.87 5,094,605,991.37 Including:Operating cost 5,487,590,890.83 5,484,462,677.17 4,110,033,275.19 4,111,698,242.88 Interest expense Commission charge an

30、d commission expense Cash surrender value Net amount of expense of compensation Net amount of withdrawal of insurance contract reserve Bonus expense of guarantee slip Reinsurance expense Operating tax and extras 205,209,128.98 204,810,196.58 158,797,763.77 158,446,999.40 Sales expenses 480,347,949.1

31、2 480,347,949.12 346,387,720.51 346,387,720.51 Administration expenses 136,465,813.62 133,056,074.42 228,619,847.42 225,696,583.77 Financial expenses 150,515,922.36 150,659,261.66 251,871,219.83 252,180,082.66 Losses of devaluation of asset 1,163,320.01 939,702.80 239,449.15 196,362.15 Add:Changing

32、income of fair value(Loss is listed with“-”)-5,916,809.38-5,916,809.38-12,118,965.63-12,118,965.63 Investment income(Loss is listed with“-”)-1,720,112.18-1,720,112.18 3,715,867.94 3,715,867.94 Including:Investment income on affiliated company and joint venture Exchange income(Loss is listed with“-”)

33、III.Operating profit (Loss is listed with“-”)823,686,010.62 822,561,285.92 261,760,990.12 259,664,392.12 Add:Non-operating income 29,012,243.89 29,012,243.84 155,122,260.87 155,122,260.87 Less:Non-operating expense 8,153,807.83 8,068,071.01 13,521,945.17 13,520,445.27 Including:Disposal loss of non-

34、current asset 7,708,562.86 7,622,991.01 13,495,868.42 13,494,368.52 IV.Total Profit (Loss is listed with“-”)844,544,446.68 843,505,458.75 403,361,305.82 401,266,207.72 Less:Income tax 209,969,159.25 209,818,600.17 100,618,103.42 100,412,795.16 V.Net profit(Net loss is listed with“-”)634,575,287.43 6

35、33,686,858.58 302,743,202.40 300,853,412.56 Net profit attributable to owners equity of parent company 634,364,547.92 633,686,858.58 302,282,325.68 300,853,412.56 Minority shareholders gains and losses 210,739.51 0.00 460,876.72 0.00 4 VI.Earnings per share i.Basic earnings per share 1.59 0.76 ii.Di

36、luted earnings per share 1.59 0.76 VII.Other consolidated income VIII.Total consolidated income 634,575,287.43 633,686,858.58 302,743,202.40 300,853,412.56 Total consolidated income attributable to owners of parent company 634,364,547.92 633,686,858.58 302,282,325.68 300,853,412.56 Total consolidate

37、d income attributable to minority shareholders 210,739.51 0.00 460,876.72 0.00 Cash Flow Statement Prepared by Shandong Airlines Co.,Ltd.January-December,2010 Unit:RMB Items Amount in this period Amount in last period Consolidation Parent Company Consolidation Parent Company I.Cash flows arising fro

38、m operating activities:7,352,842,476.95 7,338,125,353.04 5,372,538,176.19 5,371,074,050.51 Cash received from selling commodities and providing labor services Net increase of customer deposit and interbank deposit Net increase of loan from central bank Net increase of capital borrowed from other fin

39、ancial institution Cash received from original insurance contract fee Net cash received from reinsurance business Insured savings and net increase of investment Net increase of disposal of transaction financial asset Cash received from interest,commission charge and commission Net increase of capita

40、l borrowed Net increase of returned business capital Write-back of tax received 97,024,882.28 100,423,221.27 144,094,051.53 143,549,876.83 Other cash received concerning operating activities 7,449,867,359.23 7,438,548,574.31 5,516,632,227.72 5,514,623,927.34 Subtotal of cash inflow arising from oper

41、ating activities 4,295,519,127.79 4,291,454,969.98 3,288,589,954.21 3,290,761,891.91 Cash paid for purchasing commodities and receiving labor service Net increase of customer 5 loans and advances Net increase of deposits in central bank and interbank Cash paid for original insurance contract compens

42、ation Cash paid for interest,commission charge and commission Cash paid for bonus of guarantee slip 827,331,854.08 824,315,034.77 614,147,622.35 612,051,079.62 Cash paid to/for staff and workers 497,696,065.27 496,457,992.65 199,428,230.46 198,501,653.16 Taxes paid 154,241,682.28 154,456,869.48 97,1

43、19,270.28 96,311,963.23 Other cash paid concerning operating activities 5,774,788,729.42 5,766,684,866.88 4,199,285,077.30 4,197,626,587.92 Subtotal of cash outflow arising from operating activities 1,675,078,629.81 1,671,863,707.43 1,317,347,150.42 1,316,997,339.42 Net cash flows arising from opera

44、ting activities II.Cash flows arising from investing activities:Cash received from recovering investment 2,853,033.15 2,853,033.15 2,098,225.94 2,098,225.94 Cash received from investment income 26,880.00 26,880.00 327,572,914.09 327,572,914.09 Net cash received from disposal of fixed,intangible and

45、other long-term assets Net cash received from disposal of subsidiaries and other units Other cash received concerning investing activities 2,879,913.15 2,879,913.15 329,671,140.03 329,671,140.03 Subtotal of cash inflow from investing activities 1,085,247,694.21 1,073,446,055.08 1,002,204,067.04 1,00

46、1,881,192.04 Cash paid for purchasing fixed,intangible and other long-term assets Cash paid for investment Net increase of mortgaged loans 43,095,223.17 50,740,053.00 Net cash received from subsidiaries and other units 15,902,881.83 15,902,881.83 Other cash paid concerning investing activities 1,144

47、,245,799.21 1,140,088,989.91 1,002,204,067.04 1,001,881,192.04 Subtotal of cash outflow from investing activities-1,141,365,886.06-1,137,209,076.76-672,532,927.01-672,210,052.01 Net cash flows arising from investing activities III.Cash flows arising from financing activities Cash received from absor

48、bing investment 6 Including:Cash received from absorbing minority shareholders investment by subsidiaries 1,619,256,428.26 1,619,256,428.26 2,228,373,619.53 2,228,373,619.53 Cash received from loans Cash received from issuing bonds 11,459,417.00 11,459,417.00 Other cash received concerning financing

49、 activities 1,630,715,845.26 1,630,715,845.26 2,228,373,619.53 2,228,373,619.53 Subtotal of cash inflow from financing activities 1,543,956,930.32 1,535,656,930.32 2,345,081,757.10 2,345,081,757.10 Cash paid for settling debts 228,396,529.91 228,062,165.48 195,890,585.87 195,890,585.87 Cash paid for

50、 dividend and profit distributing or interest paying Including:Dividend and profit of minority shareholder paid by subsidiaries 292,679,544.51 292,679,544.51 327,783,543.29 327,783,543.29 Other cash paid concerning financing activities 2,065,033,004.74 2,056,398,640.31 2,868,755,886.26 2,868,755,886