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Hubei Sanonda Co., Ltd. Interim Report 2010

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Hubei Sanonda Co., Ltd. Interim Report 2010 HUBEI SANONDA CO., LTD. INTERIM REPORT 2010 Stock Code: 000553 (200553) Short Form of Stock: Sanonda A (B) August 2010 Important Notes 1. The Board of Directors, the Supervisory Committee as well as directors, supervisors and senior management of Hubei Sanonda Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there was no false information or misleading statement or significant omission in this report, and will accept, individually and collectively, the responsibilities for the authenticity, accuracy and completeness of the contents of this report. 2. All directors attended the Board meeting. 3. Mr. Li Zuorong, person in charge of the Company, Mr. He Xuesong, person in charge of accounting work and accounting organization, hereby confirm that the Financial Report of Interim Report 2010 is true and complete. 4. The financial report for the first half of 2010 has not been audited. Contents I. Company Profile-------------------------------------------------------------------------------1 II. Changes in Shares and Particulars about Share Capital---------------------------------3 III. Particulars about Directors, Supervisors and Senior Executives----------------------5 IV. Report of the Board of Directors-----------------------------------------------------------6 V. Significant Events-----------------------------------------------------------------------------8 VI. Financial Report (Un-audited) -----------------------------------------------------------15 VII. Documents Available for Reference----------------------------------------------------72 I. Company Profile (I) Basic information 1. Legal name of the Company In Chinese: 湖北沙隆达股份有限公司 Abbr. in Chinese: 沙隆达 In English: HUBEI SANONDA CO., LTD. Abbr. in English: SANONDA 2. Stock Exchange Listed With: Shenzhen Stock Exchange Short Form of the Stock: Sanonda A, Sanonda B Stock Code: 000553, 200553 3. Registered Address: No. 93, Beijing East Road, Jingzhou, Hubei Office Address: No. 93, Beijing East Road, Jingzhou, Hubei Post Code: 434001 Website of the Company: http://www.sanonda.cn E-mail of the Company: [email protected] 4. Legal Representative: Li Zuorong 5. Secretary of the Board of Directors: Li Zhongxi Contact Tel: 0716-8208632 Fax: 0716-8208899 E-mail: [email protected] Contact Address: No. 93, Beijing East Road, Jingzhou, Hubei Securities Affairs Representative: Liang Jiqin Tel: 0716-8208232 Fax: 0716-8208899 E-mail: [email protected] Contact Address: No. 93, Beijing East Road, Jingzhou, Hubei 6. Newspaper for Disclosing the Information Chosen by the Company: China Securities Journal, Securities Times and Ta Kung Pao Internet Web Site Designated by CSRC for Publishing the Interim Report of Company: http://www.cninfo.com.cn The Place Where the Interim Report is Prepared and Placed: Office of the Company 7. Other Relevant Information of the Company Initial registration date: Nov. 30, 1993 Initial registration organization: Hubei Province Administration Bureau for Industry and Commerce Registration date changed recently: 27 Oct. 2009 Registration code of corporate business license: 420000400004491 Organizational code: 70696228-7 Registration code of taxation: 421001706962287 Certified Public Accountants engaged by the Company: Name: Vocation International Certified Public Accountants Co., Ltd. Office Address: Room 208, Building B of Huatong Mansion, No. 19, Chegongzhuang West Road Yi, Haidian District, Beijing, PRC (II) Main financial data and indices Unit: RMB Yuan At the end of the At the period-end of Increase/decrease compared with report period last year the period-end of last year (%) Total assets 2,362,035,999.48 2,039,070,607.41 15.84% Owners’ equity attributable to 1,102,126,641.75 1,087,987,662.96 1.30% shareholders of the listed company Share capital 593,923,220.00 593,923,220.00 0.00% Net asset per share attributable to shareholders of the listed company 1.86 1.83 1.64% (Yuan/share) In the report period The same period of Increase/decrease year-on-year (from Jan. to Jun.) last year (%) Total operating income 796,268,170.38 985,283,990.84 -19.18% Operating profit 20,649,366.43 58,673,360.32 -64.81% Total profit 20,921,459.07 60,297,608.06 -65.30% Net profit attributable to shareholders of 12,409,697.08 44,124,619.58 -71.88% the listed company Net profit attributable to shareholders of the listed company after deducting 15,801,149.84 44,241,366.89 -64.28% non-recurring gains and losses Basic earnings per share (Yuan/share) 0.0209 0.0743 -71.87% Diluted earnings per share (Yuan/share) 0.0209 0.0743 -71.87% Net return on equity (%) 1.13% 3.99% -2.86% Net cash flows from operating activities -93,954,493.15 59,930,108.90 Net cash flows from operating activities -0.16 0.10 per share (Yuan/share) Attached: items of non-recurring gains and losses Items Amount Note (if applicable) Gains and losses on the disposal of non-current assets 603,607.10 Other non-operating incomes and expenses besides the -331,514.46 above Fees paid by the Company to Sanonda Group Corporation and China Other items in compliance with definition of -4,850,000.00 National Agrochemical non-recurring gains and losses Corporation for their providing guarantees to the Company Impact on income tax 1,144,476.84 Impact on minority interests 41,977.76 Total -3,391,452.76 - Notes: There exists no difference between PRC GAAP and IFRS. II. Changes in Share Capital and Particulars about Share Capital (I) Statement on changes in share Shares of the Company remained unchanged in the report period. (II) Number of shareholders and shares held by them Unit: Share Total number of 80,409 (including 54,049 A-share holders) shareholders Particulars about shares held by the top ten shareholders Shares subject to Name of Nature of Shareholding Total number of Shares pledged or trading moratorium shareholder shareholders ratio (%) shares held frozen held SANONDA GROUP State-owned 20.02% 118,887,202 0 0 CORPORATION corporation STATE-OWNED ASSETS ADMINISTRATION The state 0.76% 4,489,266 0 0 BUREAU OF QICHUN COUNTY Domestic natural Huang Hua 0.53% 3,172,702 0 0 person Domestic natural Li Dongliang 0.52% 3,105,223 0 0 person Domestic natural Yuan Haixiang 0.51% 3,002,349 0 0 person Domestic natural Huang Yangsheng 0.45% 2,678,950 0 0 person JINGZHOU SHASHI Domestic DISTRICT UNION non-state-owned 0.42% 2,500,000 0 0 RURAL CREDIT corporation COOPERATION Domestic natural Luo Qian 0.41% 2,435,666 0 0 person Domestic natural Hong Qina 0.41% 2,412,494 0 0 person Domestic natural Zhou Baoping 0.38% 2,254,327 0 0 person Particulars about the top ten shareholders holding share not subject to moratorium Shares not subject to trading moratorium Name of shareholder Type of shares held by the shareholder SANONDA GROUP CORPORATION 118,887,202 RMB ordinary shares STATE-OWNED ASSETS ADMINISTRATION BUREAU OF 4,489,266 RMB ordinary shares QICHUN COUNTY Huang Hua 3,172,702 RMB ordinary shares Li Dongliang 3,105,223 RMB ordinary shares Yuan Haixiang 3,002,349 RMB ordinary shares Huang Yangsheng 2,678,950 RMB ordinary shares JINGZHOU SHASHI DISTRICT UNION RURAL CREDIT 2,500,000 RMB ordinary shares COOPERATION Luo Qian 2,435,666 RMB ordinary shares Hong Qina 2,412,494 RMB ordinary shares Zhou Baoping 2,254,327 RMB ordinary shares Explanation on The State-owned Assets Administration Bureau among the shareholder above holds shares of associated relationship the Company on behalf of the state. There exists no related-party relationship between the among the top ten controlling shareholder and other shareholders not subject to trading moratorium. And it is shareholders or unknown whether the shareholders above are acting-in-concert parties as prescribed in the acting-in-concert Administrative Methods for Acquisition of Listed Companies. (III) Number of shares held by the top ten shareholders subject to moratorium and trading moratorium Up until 18 Sept. 2009, all restricted shares of the Company had been released. (IV) The controlling shareholder and actual controller of the Company remained unchanged in the report period. III. Particulars about Directors, Supervisors and Senior Executives (I) Changes in shares held by directors, supervisors and senior executives Shares held by directors, supervisors and senior executives remained unchanged in the report period. (II) Particulars about engagement and dismissal of directors, supervisors and senior executives On 3 Feb. 2010, the 23rd Meeting of the 5th Board of Directors was convened, at which the proposal on adding Ai Qiuhong as an independent director candidate for the 5th Board was reviewed and approved. And the said proposal was passed by voting at the 1st Provisional Shareholders’ General Meeting in 2010 convened on 26 Feb. 2010. On 26 Feb. 2010, the 1st Provisional Shareholders’ General Meeting in 2010 was convened, at which Ms. Liu Jun, Mr. Jiang Chenggang and Mr. Wu Hairong were elected as supervisors for the 6th Supervisory Committee. And Mr. Zhang Jianguo and Mr. Zhou Cheng were elected by voting as staff-representative supervisors for the 6th Supervisory Committee at the 11th Workers’ Congress held on 3 Dec. 2009. IV. Report of the Board of Directors (I) Overall status of operating activities During the report period, the weak pesticide and chemical market continued with a serious overcapacity in the industry as a whole. As a result, it was difficult for the Company to sell products, prices of some main products dropped sharply and the overall profitability also decreased. For the report period, the Company achieved an operating income of RMB 796 million, down by 19.18% year on year; a foreign exchange income from export amounting to USD 49.16 million, representing a year-on-year drop of 15.33%; a total profit standing at RMB 20.92 million, decreasing by 65.30% on the year-on-year basis; and a net profit of RMB 12.41 million, down by 71.88% as compared with the corresponding period of last year.
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