上海上菱电器股份有限公司

2000年年度报告

1

上海上菱电器股份有限公司

二○○○年年度报告

重要提示：本公司董事会保证本报告所载资料不存在任何虚假记载、误导性陈述或者重大

遗漏，并对其内容的真实性、准确性和完整性负个别及连带责任。

一、公司简介

１、公司法定中文名称：上海上菱电器股份有限公司

公司法定英文名称：SHANGHAI SHANGLING ELECTRIC APPLIANCES CO.,LTD.

公司英文缩写：SLEC

２、公司法定代表人：夏毓灼

３、公司董事会秘书：曹俊

联系地址：上海市浦东新区建平路 2号

电话：(021)58857888(总机)－2273

传真：(021)58857367

电子信箱：sldsh@shangling.com

４、公司注册及办公地址：上海市建平路２号

公司邮政编码：200135

公司国际互联网网址：http://www.shangling.com

电子信箱：sldsh@shangling.com

５、公司选定的信息披露报纸名称：

上海证券报（境内）、香港南华早报（境外）

登载公司年度报告的中国证监会指定国际互联网网址：http://www.sse.com.cn

公司年度报告备置地点：公司董事会秘书办公室

６、公司股票上市地：上海证券交易所

股票简称：上菱电器 上菱Ｂ股

Ａ股股票代码：600835；Ｂ股股票代码：900925

二、会计数据和业务数据摘要

１、公司本年度实现 （单位：人民币元）

利润总额 576,493,905.16

净利润 275,868,909.14

扣除非经常性损益后的净利润 260,121,291.71

主营业务利润 1,131,815,342.49

其他业务利润 12,057,951.10

营业利润 462,562,748.75

投资收益 116,410,829.40

2

补贴收入 54,717.43

营业外收支净额 -2,534,390.42

经营活动产生的现金流量净额 678,152,932.48

现金及现金等价物净增加额 428,534,876.07

注：扣除非经常性损益项目和涉及金额：（单位：人民币元）

1、国债利息 15,692,900.00

2、补贴收入 54,717.43

以上项目涉及金额共计 15,747,617.43

(单位：人民币千元)

根据中国法定帐目实现的净利润 275,869

根据国际会计准则实现的净利润 231,036

有关按两种不同会计准则计算净利润的差异形成原因如下：

净利润（人民币千元）

根据中国法定帐目 275,869

国际会计准则和其他调整:

. 于利润表提取职工奖福基金 -39,548

. 固定资产减值准备 -10,248

. 确认债务重组收益 5,148

. 商誉摊销差异 982

. 冲销职工住房款 1,817

. 其他 -2,984

经国际会计准则及其他调整后所列报 231,036

２、主要会计数据和财务指标（单位：人民币元）

项 目 2000 年 1999 年 1998 年

调整后 调整前 调整后 调整前

主营业务收入 3628284505.64 3503166528.14 3503166528.14 444323044.92 444323044.92

净利润 275868909.14 240646168.09 244333013.37 -4849916.66 3284791.33

总资产 7059816173.41 6880077974.15 6886955811.52 4964466467.28 4969582156.82

股东权益(不含少数股东权益) 2744244752.94 2637048454.06 2645724841.43 1087127973.88 1093192213.42

每股收益 0.615 0.537 0.545 -0.015 0.010

每股收益(按月平均加权法计算) 0.615 0.636 0.646 -0.015 0.010

扣除非经常性损益后的每股收益 0.580 0.355 0.365 -0.015 0.010

每股净资产 6.12 5.88 5.90 3.31 3.33

调整后每股净资产 5.87 5.64 5.67 3.16 3.18

每股经营活动产生的现金流量净额 1.51 0.55 0.55 -0.27 -0.27

净资产收益率(%) 10.05 9.13 9.24 -0.45 0.30

3

3、按全面摊薄和加权平均法计算的净资产收益率及每股收益

报告期利润 净资产收益率 每股收益（元）

全面摊薄 加权平均 全面摊薄 加权平均

主营业务利润 41.24% 42.06% 2.524 2.524

营业利润 16.86% 17.19% 1.032 1.032

净利润 10.05% 10.25% 0.615 0.615

扣除非经常性损益后的净利润 9.48% 9.67% 0.580 0.580

注：主要财务指标的计算公式：

全面摊薄每股收益＝报告期利润÷期末股份总数

全面摊薄净资产收益率＝报告期利润÷期末净资产

每股净资产＝年度末股东权益/年度末普通股股份总数

调整后的每股净资产＝ (年度末股东权益－三年以上的应收款项净额－待摊费用－待处理

(流动、固定)资产净损失－开办费－长期待摊费用－住房周转金负数金额)／年度末普通股股份

总数

　　Ｐ

加权平均每股收益（ＥＰＳ）＝

　　　Ｓｏ＋Ｓ１＋Ｓｉ×Ｍｉ÷Ｍｏ－Ｓｊ×Ｍｊ÷Ｍｏ

其中：Ｐ为报告期利润；ＳＯ为期初股份总数；Ｓ１为报告期因公积金转增股本或股票股利

分配等增加股份数；Ｓｉ为报告期因发行新股或债转股等增加股份数；Ｓｊ为报告期因回购或缩

股等减少股份数；Ｍｏ为报告期月份数；Ｍｉ为增加股份下一月份起至报告期期末的月份数；Ｍｊ

为减少股份下一月份起至报告期期末的月份数。

Ｐ

加权平均净资产收益率（ＲＯＥ）＝

Ｅｏ＋ＮＰ÷２＋Ｅｉ×Ｍｉ÷Ｍｏ－Ｅｊ×Ｍｊ÷Ｍｏ

其中：Ｐ为报告期利润；ＮＰ为报告期净利润；Ｅｏ为期初净资产；Ｅｉ为报告期发行新股

或债转股等新增净资产；Ｅｊ为报告期回购或现金分红等减少净资产；Ｍｏ为报告期月份数；Ｍｉ

为新增净资产下一月份起至报告期期末的月份数；Ｍｊ为减少净资产下一月份起至报告期期末的

月份数。

4、报告期内股东权益变动情况：（单位：人民币元）

项目 股本 资本公积 盈余公积 法定公益金 未分配利润 股东权益合计

期初数 448381080 1937916926.38 160848827.81 22918089.20 89901619.87 2637048454.06

本期增加 0 5390150.07 70025081.15 30867532.47 31781067.66 107196298.88

期末数 448381080 1943307076.45 230873908.96 53785621.67 121682687.53 2744244752.94

变动原因：

1、 资本公积增加是由于债务重组收益。

2、 盈余公积和法定公益金变动是由于本年度利润提取数额。

3、未分配利润变动是由于本年度利润增加。

4

三、股本变动及主要股东持股情况

１、股本变动情况

(１)股份变动情况表

单位：万股

期初数 本次变动增减(＋、－) 期末数

配股 送股 公积金转股 增发 其他 小计

(一)尚未流通股份

1、发起人股份 21,198.108 21,198.108

其中：

国家拥有股份 21,198.108 21,198.108

境内法人持有股份

外资法人持有股份

其他

2、募集法人股

3、内部职工股

4、优先股及其他

尚未流通股份合计 21,198.108 21,198.108

(二)已流通股份

1、境内上市的人民币 14,160 14,160

普通股

2、境内上市的外资股 9,480 9,480

3、境外上市的外资股

4、其他

已流通股份合计 23,640 23,640

(三)股份总数 44,838.108 44,838.108

(２)股票发行与上市情况

1999年 7 月 9 日公司新增发行社会公众股 A 股 12000 万股，发行价格为 11.80 元。其中向

A股老股东配售的 2160 万股和向社会公众公开发行的 6240 万股社会公众股A 股于 1999 年 8 月

5 日在上海证券交易所上市挂牌交易，向各家证券投资基金配售的 3600 万股社会公众股 A 股于

1999年 10月 8日起上市流通。

２、股东情况介绍

(１)报告期末公司股东总数为 28049户。

(２)主要股东持股情况：

股东名称 年末持股数量(股) 占总股本比例(％)

1、上海电气(集团)总公司 211,981,080 47.28

2、安顺基金 5,166,256 1.15

3、TOYO SECURITIES ASIA LTD. A/C

CLIENT（Ｂ股） 4,699,476 1.05

4、裕隆基金　　　　　　　　　　　 4,200,175 0.94

5

5、海通证券　　　　　　　　　　　 3,989,481 0.89

6、海通国际 3,293,500 0.73

7、金盛基金 3,163,742 0.71

8、兴安基金 2,869,600 0.64

9、新民生（Ｂ股） 1,964,588 0.44

10、钱月霞（Ｂ股） 1,875,000 0.42

注：①上海电气(集团)总公司持有本公司国家股股权为21,198.108万股，占总股本的 47.28

％。上海电气(集团)总公司法定代表人：夏毓灼先生，该公司经营范围：电力工程项目总承包，

设备总成套或设备分交，开展对外承包劳务业务，实业投资，机电产品及相关行业的设备制造

和销售，为国内和出口项目提供有关技术咨询及培训，市国资委授权范围内的国有资产经营与

管理，国内贸易。

②除特别注明外，其他均为Ａ股股东。

四、股东大会简介

１、股东大会情况:

2000年 4月 7 日，《上海证券报》、《香港南华早报》刊登了公司二届十一次董事会关于召开

1999年年度股东大会的公告。2000 年 5 月 19 日，《上海证券报》、《香港南华早报》刊登了公司

关于延期召开1999 年年度股东大会的公告。2000年 6月 15日，公司召开 1999年度股东大会。

出席股东大会的股东及授权代表282人，代表股份数 215075212 股，占公司总股本的 47.97%（其

中 B 股 2410140 股，占公司总股本的 0.54%）。经股东大会审议，通过了《1999 年度董事会工作

报告》、《1999 年度监事会报告》、《1999 年度财务决算和 2000 年度财务预算报告》、《1999 年度

利润分配方案》、《关于续聘境内会计师事务所的议案》、《关于续聘境外会计师事务所的议案》、

《关于修改公司章程的报告》、《选举夏毓灼先生为公司第三届董事会董事的议案》、《选举陈俊

民先生为公司第三届董事会董事的议案》、《选举范秉勋先生为公司第三届董事会董事的议案》、

《选举罗关龙先生为公司第三届董事会董事的议案》、《选举王树民先生为公司第三届董事会董

事的议案》、《选举徐伟先生为公司第三届董事会董事的议案》、《选举张传武先生为公司第三届

董事会董事的议案》、《选举姜安成先生为公司第三届董事会董事的议案》、《选举方林先生为公

司第三届董事会董事的议案》、《选举徐永勤女士为公司第三届监事会监事的议案》、《选举陆红

贵先生为公司第三届监事会监事的议案》、《选举赵光生先生为公司第三届监事会监事的议案》

等决议。1999 年度股东大会决议公告刊登于 2000 年 6 月 16 日的《上海证券报》、《香港南华早

报》。

2、报告期内选举、更换公司董事、监事情况：

（１） 经公司二届十二次董事会和 1999 年度股东大会审议通过，夏毓灼、陈俊民、范秉勋、

罗关龙、王树民、徐伟、张传武、姜安成、方林先生为本公司第三届董事会董事。

（２） 经公司二届五次监事会和 1999 年度股东大会审议通过，徐永勤女士、陆红贵先生、赵

光生先生为公司第三届监事会监事。经公司工会代表和职工代表推选，陈基铨先生、吕伯轩先

生为公司第三届监事会职工代表监事。

（３） 经公司三届一次董事会讨论通过，推选夏毓灼先生为公司第三届董事会董事长，推选

陈俊民先生、范秉勋先生为公司第三届董事会副董事长。经公司三届一次监事会讨论通过，推

6

选徐永勤女士为公司第三届监事会监事长。

五、董事会报告

1、 公司经营情况

（１） 公司所处行业以及公司在本行业中的地位，排名如下：

① 电梯产品的销售收入、利税总额等指标 2000 年度保持行业首位。(根据中国电梯协会统计资

料)

② 中央空调产品、列车空调、客车空调和冷藏车机组的各项经济指标和市场占有率在全国同行

业中均名列前茅。（根据中国工业空调协会统计资料）。

③ 印刷包装机械产品的生产产值、销售收入、出口创汇均居全国印机行业首位。（根据中国印刷

工业印刷机械行业协会统计资料）

（２） 公司主营业务的范围及其经营状况

目前，公司的主营业务为生产制冰、冷藏设备、空调设备；印刷包装机械；起重运输机械

等。

按行业分析：（单位：人民币元）

主营业务收入 主营业务利润

起重运输行业 2,697,213,383.02 956,572,678.16

冷冻空调设备行业 96,622,999.09 17,941,383.94

印刷包装机械行业 535,595,137.08 126,790,459.55

家用电器行业 301,974,748.32 21,466,397.93

总计： 3,631,406,267.51 1,122,770,919.58

（３） 公司全资附属公司及控股子公司的经营情况及业绩（单位：人民币元）

总资产 主营业务收入 净利润 股东权益

机电实业 3,783,504,749.14 2,697,213,383.02 233,511,780.35 1,245,378,587.90

通用冷冻 471,768,526.08 96,622,999.09 41,754,240.64 335,955,118.78

印包机械 715,594,759.87 535,595,137.08 23,199,965.06 281,332,275.81

绿洲实业 122,917,498.19 31,101,840.96 3,855,193.94 60,002,435.94

（４） 在经营中出现的问题与困难及解决方案

电梯产品、冷冻空调设备、印刷包装设备制造等主营业务在充分发挥各自优势的同时，也

面临了激烈的市场竞争。家电制造业务的市场竞争更趋激烈，市场占有率继续下降，应收帐款

回笼不足。

针对各项主营业务中出现的问题，公司及时调整了经营策略，并采取下列措施：

对于电梯产品、冷冻空调设备、印刷包装设备制造等业务，通过引进国外同行业的先进技

术与自身的开发研究，对产品结构进行了调整与优化，使产品国产化率得到了进一步提高；通

过对营销服务网点建设，重点加强了对营销人员的培训，全面实施了用户满意战略，初步建立

起快速反应机制和完善的售后服务体系。家用电器制造业务在调整中发展，落实减员增效、盘

活存量资产和健全激励机制等措施，并抓住与国际先进冰箱生产企业技术合作的契机，开发生

7

产中高档产品，以满足市场的有效需求。

2、 公司财务状况（单位：人民币元）

项目 2000年 1999年 增减幅度

总资产 7,059,816,173.41 6,880,077,974.15 2.61%

长期负债 -14,144,748.07 17,762,193.96 -179.63%

股东权益 2,744,244,752.94 2,637,048,454.06 4.07%

主营业务利润 1,131,815,342.49 1,031,193,438.95 9.76%

净利润 275,868,909.14 240,646,168.09 14.64%

变动原因：

1、 总资产的增加是因为本年度利润增加所致。

2、 长期负债的减少是因为其他长期负债减少所致。

3、 股东权益的增加是因为本年度利润增加所致。

4、 主营业务利润的增加是因为本年度主营业务收入增加所致。

5、 净利润的增加是因为本年度实现利润增加所致。

3、公司投资情况

（１） 截止 2000 年 12 月 31 日，公司长期投资合计 907,496,279.28 元，较上年度减少

25,362,561.21元，减少幅度为2.72%。

（２） 被投资公司情况

被投资公司名称 主要经营活动 权益比例

上海机电实业有限公司 承办机电业企业中外合资业务 100%

上海电气集团印刷包装机械有限公司 生产销售各类印刷包装设备及备品配件 100%

上海电气集团通用冷冻空调设备有限公司 生产销售各类冷冻设备、空调设备 100%

上海上菱仓储运输有限公司 仓储、运输 90%

上海上菱燃油取暖器厂 制造空调、燃油取暖器 90%

上海绿洲实业有限公司 投资人造板制造企业，销售人造板 69.72%

上海上菱长安电冰箱有限公司 生产销售家用电冰箱 51.22%

上海上菱电冰箱总厂洋泾配件厂 加工制造家用电器零配件 50%

上海宝山万里制绳厂 制造加工棉线带绳、家电配件 50%

上海亚波广告有限公司 各类广告设计、制作 40%

上海永新彩色显像管有限公司 生产销售彩色显像管、彩色显示器件 15%

上海电气集团财务有限责任公司 办理经中国人民银行批准的电气集团

各成员单位的金融业务 5%

(3)募集资金使用情况

① 公司通过增发新股募集资金投资 26574 万元收购了上海电气集团通用冷冻空调设备有限公

司100%股权；投资24845 万元收购了上海电气集团印刷包装机械有限公司 100%股权；投资27467

万元向上海真空电子器件股份有限公司收购了上海永新彩色显像管有限公司 15％ 股权。以上投

资项目均已完成，并在公司1999 年度报告中作了披露。

② 公司通过增发新股募集资金投资3914万元参股 69.72%组建了上海绿洲实业有限公司，该

公司已开始正式运营，以上情况在公司 2000年中期报告中作了披露。

8

③ 由于行业风险增大、市场竞争加剧、投资环境变化等原因，经公司三届四次董事会、2001年第一次临时股东大会审议通过，决定放弃投资参股上海富叶工贸发展有限公司、投资宁波华信

塑模制造有限公司、与上海东海电脑股份有限公司共同组建光驱项目等原募股投资项目，以上放

弃投资的项目涉及资金共计 12960万元。以上事项公告刊登于 2000 年 12月 7 日的《上海证券报》、

《香港南华早报》和 2001 年 2 月 21日的《上海证券报》、《香港南华早报》。

④ 经公司三届四次董事会、2001 年第一次临时股东大会审议通过，公司将放弃原募股投资项

目的该部分募股资金用于向上海久事公司收购上海永新彩色显象管有限公司 5%股权、向上海工

业投资（集团）有限公司收购上海永新彩色显象管有限公司 4%股权、向上海电气（集团）总公

司整体收购上海人造板机器厂，以上三个收购项目的收购价格分别为 13404 万元、10723 万元、

6455 万元，收购资金不足部分用公司自有资金补足。以上事项公告分别刊登于 2000 年 12 月 7日和 2001 年 2 月 21 日的《上海证券报》、《香港南华早报》。

⑤ 结余的募集资金 34895万元，均为本公司的银行存款。

（4）根据公司三届三次董事会决议，本公司按投资上海永新彩色显象管有限公司的投资比例以

该公司部分应分红利 1687.95万元对其增加了投资，用于该公司进行五期工程改造（投资建设 29

寸全平彩管生产线）。增加了投资后，原投资比例不变。

4、新年度的业务发展计划

随着增发募集资金投资项目的实施与调整到位，为公司的各项主营业务进一步做大做强创造

了条件，结合对家用电器制造业务的调整发展，核心主营业务将由从事家电产品制造向电梯、冷

冻空调设备、印刷包装机械等高科技机电一体化产品等领域转移，使资产质量得到根本改善，对

人造板制造等绿色环保投资项目的实施，将加快产业结构的合理多元化，对上海永新彩色显象管

有限公司等股权投资的回报，将推动整体盈利能力的提高。同时将加快实施计算机系统集成、增

持上海永新彩色显象管有限公司股权、收购上海人造板机器厂等募股投资项目，通过以高新技术

改造传统制造业，进而发展机电一体化高科技产业，初步形成多项优势产业的互补性发展的格局，

公司将在年内完成前次增发新股募集资金投资项目的实施，从而基本完成由生产型企业向综合性

高科技产业投资型公司转型，也为今后公司实现资本扩张与效益同步快速增长的目标打下坚实的

基础。

电梯制造业：

电梯制造业与国际领先电梯制造企业合资生产各类优质高效商用电梯、住宅电梯产品，提出

“技术开发出新品，市场开发拓网络，形象塑造争最佳，提高核心竞争力”的经营方针，围绕电

梯监控系统、无机房电梯、汽车梯等新产品的开发，巩固在产品方面的领先优势；加快建立高效

的市场营销网络和维修服务网络，确立在国内市场的领先地位；落实采购预算管理、加强财务监

督、企业风险控制等措施，建立直接、清晰、有效的管理机制；结合质量管理、人才开发、塑造

最佳工业企业形象等方面的建设，实施“技术、成本、服务、人才”战略，培养和发展使企业在

未来市场中居于有利地位的核心竞争力。电梯制造业作为公司具有核心竞争力的主营业务，2001

年将进一步巩固在国内同行业中的领先地位，经营业绩等各项主要技术经济指标在 2000 年的基

础上继续保持稳步增长。

冷冻设备制造业：

冷冻设备制造业与国际著名冷冻空调生产企业合资生产中央空调、列车空调、客车空调产品，

为继续保持产品在行业中的优势，进一步拓展原有主流产品的销售市场，积极开发新产品、引进

新技术，以开发和引进环保低噪、高效节能具有国际先进水平的新产品以及高技术含量的替代产

9

品，同时将拓展与国际著名冷冻空调生产企业在冷冻设备制造领域的合作，以形成新的竞争优势。

通用冷冻空调制造业作为公司具有发展潜力的主营业务，2001 年的经营业绩将在 2000 年的基础

上有所增长。

印刷包装机械制造业：

印刷包装机械制造业与国际知名印刷机械生产企业合资生产高性能卷筒纸胶印机，开发生产

程控切纸机、卷筒纸柔性版印刷机、全自动烫印模切机、半自动平型网版印刷机等创新产品，在

巩固发展中西部地区及东南沿海市场优势的同时，把加强网点建设和技术创新产品的市场拓展作

为市场营销的重点；根据企业发展的目标，发挥上市公司的资金优势，实施对合资企业的增资和

重点产品的投资，加快技术引进与设备改造。印刷包装机械制造业作为具有持续增长能力的主营

业务，将继续保持在国内同业中产品技术、产品创新、产品结构所处的领先优势，2001 年的经

营业绩将在 2000年的基础上有所增长。

家用电器制造业：

家用电器制造业将在调整中发展，为适应公司向投资控股型方式运行，家电制造业务将完成

向投资参股企业转移，并通过与国际先进冰箱生产企业的技术合作，开发生产具有较高技术含量

的上菱家用无氟电冰箱新品，同时建立与之相适应的营销管理体系，以满足市场的有效需求。2001

年随着家用电冰箱制造的调整逐步到位，其经营性盈亏对公司业绩的影响也会随之减小。

5、董事会日常工作情况

（１） 报告期内董事会的会议情况及决议内容

① 公 司 二 届十一次董事会会议于 2000年 4月 5日召开，会议审议通过了如下决议：《一

九九九年度报告及摘要》、《一九九九年度董事会工作报告》、《一九九九年度总经理业务报告》、

《一九九九年度财务决算和二○○○年度财务预算报告》、《一九九九年度利润分配预案》、《关

于公司四项资产减值准备提取和损失处理的内部控制制度的议案》、《关于董事会换届选举的议

案》、《关于董事会聘任高级管理人员的议案》、《关于修改公司章程的报告》、决定于 2000 年 5

月 24日召开一九九九年度股东大会。

② 公司二届十二次董事会会议于 2000 年 4 月 20 日召开，会议审议通过了如下决议：《关

于推选公司第三届董事会董事候选人的议案》。

③ 公司三届一次董事会会议于2000 年 6 月 15 日召开，会议审议通过了如下决议：《关于

推选公司董事长的议案》、《关于推选公司副董事长的议案》、《关于聘任公司总经理的议案》、

《关于聘任公司董事会秘书的议案》、《关于聘任公司高级管理人员的议案》。

④ 公司三届二次董事会会议于2000 年 8 月 21日召开，会议审议通过了《公司 2000 年度

中期报告及中期报告摘要》、公司董事会决定 2000 年中期不分配，也不进行公积金转增股本、《关

于同意上海机电实业有限公司向上海三菱电梯有限公司增加投资的议案》。

⑤ 公司三届三次董事会会议于 2000 年 9 月 20 日召开，会议审议通过了《关于向上海永

新彩色显象管有限公司增加的议案》。

⑥ 公司三届四次董事会会议于 2000 年 12 月 5 日召开，会议审议通过了《调整增发新股

募集资金投资项目》、《向上海工业投资（集团）有限公司收购上海永新彩色显象管有限公司 4%

股权》《向上海久事公司收购上海永新彩色显象管有限公司 5%股权》、《向上海电气（集团）总公

司整体收购上海人造板机器厂》、《投资设立上海上菱家用电器有限公司》、《提请股东大会授予

公司董事会相当于公司净资产 10%（包括 10%）以下投资项目决定权的提案》、决定于 2001 年 1

月 18日召开公司 2001年第一次临时股东大会。

10

（２） 报告期内公司利润分配方案的实施情况：

① 1999年度利润分配方案：

经公司二届十一次董事会、公司一九九九年度股东大会审议通过，公司一九九九年度利润分

配方案为：1999 年度利润分配方案：

以公司 1999 年末公司总股本 448381080 股为基数，向全体股东按每 10 股派发现金红利人民

币 1.00 元（含税），其中人民币普通股（A 股）扣税后为每 10 股派发现金人民币 0.85 元。境内

上市外资股（B 股）红利折成美元派发，按 2000 年 7 月 11 日汇率为 1 美元兑换人民币 8.2795元，折算后每股现金红利为美元 0.012078 元。

② 利润分配对象：

截止 2000 年 8 月 9 日下午交易结束后，在上海证券中央登记结算公司登记在册的本公司 A股股东以及 8 月 14 日登记在册的本公司 B 股股东（B 股的最后交易日为 8月 9 日）。

③ 股权登记日和除权基准日：

1、A股股权登记日为 2000 年 8 月 9 日，除息基准日为 8 月 10 日。

2、B 股股权登记日为 2000 年 8 月 14 日，除息基准日为 8 月 10 日，B 股的最后交易日为 8 月

9 日。

④ 实施情况：

1、 国家股股东现金红利已委托上海证券中央登记结算公司派发。

2、 本公司已将社会公众股 A 股股东的现金红利每股人民币 0.10 元（除税后为人民币 0.085元）及代理发放现金红利手续费足额划入上海证券中央登记结算公司指定的银行帐户，上海证券

中央登记结算公司通过清算系统在股权登记日后的第一个交易日（即除息日）将红利划入证券商

清算帐户，然后由证券商即时划入投资者资金帐户。

3、 境内上市外资股（B股）股东的现金红利及代理发放现金红利的手续费已由本公司足额划

入上海证券中央登记结算公司指定的银行帐户，上海证券中央登记结算公司通过其清算系统向 B股股东支付应得的红利。

6、公司管理层及员工情况

（１） 董事、监事、高级管理人员

姓名 　性别 年龄 职务 　 任期起止日期 年初持股数 年末持股数

（股） （股）

夏毓灼 　 男 60 董事长 2000.6.15-2003.6.14 0 0

陈俊民 　男 45 副董事长 2000.6.15-2003.6.14 0 0

范秉勋 　男 55 副董事长 2000.6.15-2003.6.14 0 0

方 林 　男 40 董事、总经理 2000.6.15-2003.6.14 0 0

罗关龙 　男 61 董事 2000.6.15-2003.6.14 0 0

徐 伟 　男 37 董事 2000.6.15-2003.6.14 0 0

王树民 　男 51 董事 2000.6.15-2003.6.14 0 0

张传武 　男 60 董事 2000.6.15-2003.6.14 0 0

姜安成 　男 51 董事 2000.6.15-2003.6.14 0 0

曹 俊 　男 41 董事会秘书 2000.6.15-2003.6.14 0 0

徐永勤 　女 53 监事长 2000.6.15-2003.6.14 0 0

陆红贵 　男 50 监事 2000.6.15-2003.6.14 0 0

11

陈基铨 　男 53 监事 2000.6.15-2003.6.14 6000 6000

赵光生 　男 60 监事 2000.6.15-2003.6.14 0 0

吕伯轩 　男 54 监事 2000.6.15-2003.6.14 0 0

周瑞筠 　 女 50 副总经理 2000.6.15-2003.6.14 0 0

沈雪文 　男 31 副总经理 2000.6.15-2003.6.14 0 0

周 伟 　男 45 副总经理 2000.6.15-2003.6.14 0 0

施世平 男 37 总会计师 2000.6.15-2003.6.14 0 0

陈富刚 　男 51 总工程师 2000.6.15-2003.6.14 0 0

① 在本公司领取年度报酬的董事、监事、高级管理人员有 6 人。其中，在 3 万元-3.4 万元年

度报酬区间内的 2人，在 3.5万元-3.8万元年度报酬区间内的4人。

② 夏毓灼、陈俊民、范秉勋、方林、罗关龙、徐伟、王树民、张传武、姜安成、徐永勤、陆

红贵、赵光生、吕伯轩、周瑞筠等均不在本公司领取报酬。

③ 在报告期内，公司董事会换届，选举产生了第三届董事会董事。第三届董事会聘请方林先

生担任公司总经理；聘请周瑞筠女士、沈雪文先生、周伟先生担任公司副总经理；聘请施世平

先生担任公司总会计师；聘请陈富刚先生担任公司总工程师。

（２） 截止 2000 年 12 月 31 日，公司在册职工总数为1757 人，其中生产人员 861 人， 销售人员 346人，技术人员60 人，财务人员 12人，行政人员 90 人；公司员工中具有大专以上学历

的有189人，占职工总数的 10.76%，具有专业技术职称的有 208 人，占职工总数的 11.84%；公

司现有的退休职工人数为 887人。

7、本次利润分配预案经上海大华会计师事务所有限公司审计，二○○○年度母公司实现税后利润

224,697,067.49 元，按 10%提取法定盈余公积金计 22,469,706.75 元，按 10%提取法定公益金

计 22,469,706.75 元,加年初未分配利润 103,365,926.63 元，本年度母公司可供股东分配的利

润为 283,123,580.62 元。经罗兵咸永道会计师事务所审计，二○○○年度未分配利润为196,431,000.00 元。

根据孰低分配原则，公司二○○○年度利润分配预案为：以公司 2000 年末的总股本

448,381,080 股为基数，向全体股东按每 10 股派送现金红利人民币 3 元（含税），计

134,514,324.00 元。剩余未分配利润 148,609,256.62元,结转以后年度分配。以公司 2000 年末的总股本 448,381,080 股为基数，向全体股东以资本公积转增股本，按每

10股转增 2股。

以上分配预案须经公司二???年度股东大会审议通过。

8、二○○一年度利润分配政策的预案

根据公司 2001 年度各项主营业务盈利预期及公司发展实际需要，预计利润分配政策如下：（1）公司 2001 年度年终进行利润分配；

（2）分配将采用派发现金红利或送红股形式，其中现金红利占股利分配的比例不低于 30%；

（3）公司 2001 年度实现的净利润用于股利分配的比例不低于 30%；

（4）公司董事会在经营业务未发生重大变化的情况下，将实施以上利润分配政策。

9、本公司选定的信息披露报纸为：上海证券报、香港南华早报。

六、监事会报告

公司监事会在 2000 年度按照公司法和本公司章程，列席了各次董事会会议，审阅了公司有

关财务报表，对公司经营管理过程提出了意见和建议。

（一）报告期内，公司监事会召开了五次会议：

1、 2000 年 4 月 5 日公司二届四次监事会在上海机电大厦召开。会议审议通过了以下议案：

12

①《一九九九年度监事会报告》

②《一九九九年年度报告及年报摘要》

③《关于公司四项资产减值准备提取和损失处理的内部控制制度的议案》

④《关于公司监事会换届选举的议案》

以上事项公告刊登于 2000 年 4 月 7 日的《上海证券报》、《香港南华早报》。

2、 2000 年 4 月 20 日公司二届五次监事会在上海锦江饭店小礼堂召开。

会议审议通过了《关于推选公司第三届监事会监事候选人的议案》

经监事会讨论通过，推选徐永勤女士、陆红贵先生、赵光生先生为公司第三届监事会监事候

选人，并提交公司一九九九年度股东大会审议通过。

根据公司章程的有关规定，经公司工会代表和职工代表推选，陈基铨、吕伯轩先生担任公司

第三届监事会职工代表监事。

以上事项公告刊登于 2000 年 4 月 22日的《上海证券报》、《香港南华早报》。

3、2000 年 6 月 15 日公司三届一次监事会在上海锦江饭店小礼堂召开。

会议审议通过了《关于推选公司监事长的议案》

推选徐永勤女士为公司第三届监事会监事长。

以上事项公告刊登于 2000 年 6 月 16日的《上海证券报》、《香港南华早报》。

4、2000 年 8 月 21 日公司三届二次监事会在上海锦江饭店小礼堂召开。

会议审议了《公司二○○○年度中期报告及中期报告摘要》。

以上事项公告刊登于 2000 年 8 月 23日的《上海证券报》、《香港南华早报》。

5、2000 年 12 月 5 日公司三届三次监事会在上海锦江饭店小礼堂召开。

与会监事经认真讨论研究，对公司三届四次董事会通过的议案和决策过程发表了一致意见，

认为：公司董事会审议通过的有关调整募集资金投资项目议案符合现行有关法律、法规的规定；

审议通过的有关整体收购上海人造板机器厂的提案属关联交易；该次董事会的决策过程遵守法律

法规，勤勉尽责，履行了诚信义务。

以上事项公告刊登于 2000 年 12月 7 日的《上海证券报》、《香港南华早报》。

（二）监事会认为：

1、报告期内公司切实履行了股东大会的各项决议，其决策程序符合《公司法》和《公司章程》

的规定。公司管理正在不断规范和完善。在执行公司职务时监事会未发现公司董事及经理层等高

级管理人员有违反法律、法规、公司章程或损害公司利益的行为。

2、报告期内，上海大华会计师事务所有限公司和香港罗兵咸永道会计师事务所出具了无保留意

见的审计报告，真实地反映了公司的财务状况和经营成果。

3、公司三届四次董事会本着维护广大股东的利益，提高募集资金使用效率，充分考虑到外部环境变化对公司发展的影响，对调整募集资金投资项目进行了认真审议，并形成决议提交股东大会

表决，符合现行有关法律、法规的规定。

4、公司三届四次董事会审议通过的《向上海电气（集团）总公司整体收购上海人造板机器厂》

提案属关联交易，审议程序遵照中国证监会的有关要求进行，本次关联交易的定价方式合理、程

序规范，不存在产业政策和法律方面的障碍，对全体股东是公平的，没有发现内幕交易，没有损

害股东的利益或造成公司资产流失。

七、重要事项

13

１、 重大诉讼、仲裁事项

本年度公司无重大诉讼、仲裁事项。

２、 报告期内公司、公司董事及高级管理人员无受监管部门处罚情况。

３、 在报告期内，公司董事会换届，选举产生了第三届董事会董事。

三届一次董事会推选夏毓灼先生为公司董事长；推选陈俊民、范秉勋先生为公司副董事长；

聘请方林先生担任公司总经理；聘请曹俊先生担任公司董事会秘书。

以上事项公告刊登于 2000年 6月 16日的《上海证券报》、《香港南华早报》。

4、报告期内公司收购及出售资产情况

（１） 根据公司三届四次董事会和 2001 年临时股东大会决议，公司出资 13404 万元向上海

久事公司收购上海永新彩色显象管有限公司 5%股权，有关股权收购手续正在办理之中。

（２） 根据公司三届四次董事会和 2001 年临时股东大会决议，公司出资 10723 万元向上海

工业投资（集团）有限公司收购上海永新彩色显象管有限公司 4%股权，有关股权收购手续正在

办理之中。

（３） 根据公司三届四次董事会和 2001 年临时股东大会决议，公司出资 6455 万元向上海电

气（集团）总公司整体收购上海人造板机器厂，有关股权收购手续正在办理之中。

以上事项公告分别刊登于 2000 年 12月 7 日和 2001 年 2 月 21 日的《上海证券报》、《香港

南华早报》。

5、重大关联交易事项

（1）购销商品发生的关联交易

关联交易方：上海上菱家用电器集团营销有限公司，该公司是受同一母公司控制的关联企

业。

交易内容：为本公司销售各种型号的电冰箱。

定价原则：综合考虑市价、成本因素，以互相协商方式确定冰箱产品交易价格。

交易金额：30751万元

占同类交易金额的比例：99.78%，

结算方式：现金和票据结算。

（2）资产、股权转让发生的关联交易

根据公司三届四次董事会和 2001 年临时股东大会决议，公司向上海电气（集团）总公司整

体收购上海人造板机器厂，有关股权收购手续正在办理之中。

关联交易方：上海电气（集团）总公司，该公司系本公司国家股控股股东。

关联交易内容：公司向上海电气（集团）总公司整体收购上海人造板机器厂。

定价原则：以经上海资产评审中心确认的上海东洲资产评估有限公司对上海人造板机器

厂整体资产评估的评估值为准。

资产帐面价值：截止 2000 年 11 月 30 日，上海人造板机器厂资产帐面价值为 6455万元人民币。

交易价格：6455 万元人民币。

结算方式：现金结算。

以上事项公告刊登于 2001年 2月 13日的《上海证券报》、《香港南华早报》。

（3）公司与关联方存在债权、债务、担保等事项:

其他应收款—上海上菱新事业发展总公司（以下简称新事业）3198.86万元。

形成原因：新事业公司原系上菱公司全资子公司，由于历史原因，该公司经营决策方面存

14

在较多问题，对上菱公司暂借款及其他债务 3198.86万元至今无法偿还。

对公司影响：由于新事业公司资产变现能力较差，该笔应收款项存在坏帐可能，公司已在

以前年度对该笔应收款项提取坏帐准备。

6、公司与控股股东在人员、资产、财务上的“三分开”情况

（1）人员方面：公司在劳动、人事及工资管理等方面完全独立；除总经理和一名副总经理以外，

其他高级管理人员均在公司领取薪酬。所有高级管理人员均未在股东单位担任重要职务。

（2）资产方面：公司拥有独立的生产系统、辅助生产系统和配套设施，并拥有独立的工业产权、

商标、非专利技术等无形资产；公司拥有独立的采购系统，公司家电产品的销售主要依赖于受

同一母公司控制的关联企业—上海上菱家用电器集团营销有限公司。

（3）财务方面：公司设立独立的财会部门，建立了独立的会计核算体系和财务管理制度；公司

在银行独立开户。

7、本年度公司聘任的会计师事务所为上海大华会计师事务所有限公司和香港罗宾咸永道会计师

事务所。

8、或有事项

(1) 公司对外担保的情况如下：

被担保单位名称 担保金额(万元)上海冰箱压缩机股份有限公司 25,000.00

上海飞乐音响股份有限公司 4,000.00

上海紫明机械有限公司 1,400.00

上海光华机械有限公司 2,540.00上海紫宏机械有限公司 650.00

上海精工机械电器厂 396.00

合 计 33,986.00

(2) 公司与关联公司的担保事项：

被担保单位名称 担保金额(万元)上海上菱新事业发展总公司 550.00

上海上菱电冰箱总厂洋泾配件厂 180.00

上海印刷包装机械总公司 4,570.00

上海高斯印刷设备有限公司 270.00小 计 5,570.00

9、本公司报告期内无更改名称或股票简称情况。

10、其他重要事项

根据公司与关联方上海上菱家用电器集团营销公司提供的还款计划，2000 年度应收帐款及

应收票据拟在 2001 年全部归还，并由上海电气（集团）总公司继续为此还款提供 2.2 亿元的担

保。

八、财务会计报告

1、审计报告（附后）

15

2、会计报表（附后）

3、会计报表附注（附后）

九、公司的其他有关资料

1、公司注册地点：中国上海浦东新区建平路２号

2、企业法人营业执照注册号：企股沪总字第 019028号(市局)

3、税务登记号码：310041607262023

4、公司未流通股票托管机构：上海证券中央登记结算公司

5、公司报告期内证券主承销机构名称：海通证券有限公司

6、会计师事务所：

上海大华会计师事务所有限公司 上海市昆山路 146号

香港罗宾咸永道会计师事务所 香港铜锣湾希慎道 10号新宁大厦 23楼

十、备查文件

1、载有董事长、财务负责人、会计主管亲笔签名并盖章的会计报表。

2、载有会计师事务所盖章、注册会计师签名并盖章的审计报告原件。

3、报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本及公告的原稿。

4、载有董事长亲笔签名的年度报告文本。

5、本公司的公司章程。

资产负债表

单位：（人民币）元

资产期末数

合并 母公司

期初数

合并 母公司

流动资金：

货币资金

短期投资

减：短期投资跌价准备

短期投资净额

应收票据

应收股利

应收利息

应收帐款

其他应收款

减：坏帐准备

应收款项净额

预付帐款

应收补贴款

存货

其中：工程施工

减：存货跌价准备（含工程

亏损准备）

存货净额

待摊费用

待处理流动资产净损失

一年内到期的长期债权投资

其他流动资产

流动资产合计

长期投资：

长期股权投资

长期债权投资

合并价差

长期投资合计

减：长期投资减值准备

长期投资净额

3,160,775,351.59

-

-

-

233,149,840.00

114,632,044.27

-

766,929,581.98

226,601,008.77

198,515,239.16

795,015,351.59

47,968,886.78

-

744,506,010.87

-

23,065,553.54

721,440,457.33

2,633,044.96

-

-

-

5,075,614,976.52

907,386,355.77

109,923.51

907,496,279.28

15,833,577.42

891,662,701.86

694,671,826.63

-

-

-

231,133,640.00

46,408,446.84

-

313,864,374.10

94,053,530.38

164,123,952.68

243,793,951.80

23,149,287.56

-

83,790,295.94

-

6,985,692.34

76,804,603.60

130,131.52

-

-

-

1,316,091,887.95

2,276,782,716.02

30,420.00

2,276,813,136.02

15,297,914.66

2,261,515,221.36

2,732,240,475.52

-

-

-

306,100,000.00

80,360,000.00

-

1,062,712,385.49

189,712,364.23

170,278,311.81

1,082,146,437.91

48,352,060.76

-

680,217,933.69

-

21,605,227.28

658,612,706.41

4,242,696.38

1,642,664.68

-

-

4,913,697,041.66

932,094,536.98

764,303.51

932,858,840.49

21,392,139.52

911,466,700.97

474,003,849.23

-

-

-

300,650,000.00

-

-

581,975,268.07

80,566,217.68

143,186,585.99

519,354,899.76

24,737,541.93

-

89,833,309.06

-

6,247,545.02

83,585,764.04

899,511.54

-

-

-

1,403,231,566.50

2,041,699,085.34

648,800.00

2,042,347,885.34

21,071,849.03

2,021,276,036.31

资产负债表

单位：（人民币）元

资产期末数

合并 母公司

期初数

合并 母公司

其中：合并价差（贷差以“

-”号表示合并报表填列）

其中：股权投资差额（贷差

以“-”号表示母公司报表填

列）

固定资产：

固定资产原价

减：累计折旧

固定资产减值准备

固定资产净值

工程物资

在建工程

固定资产清理

待处理固定资产净损失

固定资产合计

无形资产及其他资产：

无形资产

开办费

长期待摊费用

其他长期资产

其中：临时设施净额

无形资产及其他资产合计

递延税项：

递延税款借项

资产总计

218,425,903.22

218,425,903.22

1,435,420,711.58

570,471,415.32

864,949,296.26

-

165,591,748.79

-7,682.90

-

1,030,533,362.15

34,874,342.97

350,157.54

26,780,632.37

-

-

62,005,132.88

-

7,059,816,173.41

-

-

404,760,310.44

209,343,047.08

195,417,263.36

-

7,357,466.48

-

-

202,774,729.84

27,603,470.61

-

21,506,495.80

-

-

49,109,966.41

-

3,829,491,805.56

244,095,943.73

244,095,943.73

1,278,785,642.52

478,892,309.87

799,893,332.65

-

178,850,829.75

872,811.88

-

979,616,974.28

51,608,907.68

578,108.72

23,009,235.13

101,005.71

-

75,297,257.24

-

6,880,077,974.15

-

-

408,111,757.93

193,013,699.42

215,098,058.51

-

7,497,742.99

618,343.08

-

223,214,144.58

44,983,097.24

-

17,719,849.96

101,005.71

-

62,803,952.91

-

3,710,525,700.30

资产负债表

单位：（人民币）元

负债及股东权益期末数

合并 母公司

期初数

合并 母公司

流动负债：

短期借款

应付票据

应付帐款

预收帐款

代销商品款

应付工资

应付福利费

应付股利

应交税金

其他应交款

其他应付款

预提费用

一年内到期的长期负债

其他流动负债

预计负债

流动负债合计

长期负债：

长期借款

应付债券

长期应付款

住房周转金

其他长期负债

长期负债合计

递延税项：

递延税款贷项

负债合计

877,256,630.00

5,350,000.00

980,429,132.11

847,605,897.51

-

21,047,263.35

50,011,533.29

175,655,544.66

68,893,239.12

1,368,297.05

266,458,838.16

1,188,348.98

11,420,000.00

-

3,306,684,724.23

5,508,110.17

-

10,427,035.00

-30,079,893.24

-

-14,144,748.07

-

3,292,539,976.16

680,739,630.00

5,000,000.00

136,086,246.62

-

-

-

5,095,390.36

134,514,324.00

23,060,373.84

1,332,108.27

120,556,315.17

-

-

-

1,106,384,388.26

-

-

10,037,035.00

-31,156,722.50

-

-21,119,687.50

-

1,085,264,700.76

834,217,990.00

38,322,431.53

1,123,317,364.09

741,838,770.83

-

17,525,786.69

48,244,396.10

67,785,291.35

71,419,477.04

1,354,036.84

313,979,589.27

1,781,939.17

13,140,000.00

-

3,272,927,072.91

11,543,110.17

-

10,037,035.00

-4,917,843.17

1,099,891.96

17,762,193.96

-

3,290,689,266.87

629,300,990.00

38,322,431.53

199,510,016.59

-

-

-

6,541,923.46

44,838,108.00

28,003,144.29

1,377,777.96

108,173,260.74

-

-

-

1,056,067,652.57

325,000.00

-

10,037,035.00

-4,558,198.51

-

5,803,836.49

-

1,061,871,489.06

资产负债表

单位：（人民币）元

负债及股东权益期末数

合并 母公司

期初数

合并 母公司

少数股东权益（合并报表填

列）

股东权益：

股本

资本公积

盈余公积

其中：公益金

未确认的投资损失

调整期初未分配利润

未分配利润（未弥补亏损以

“-”号表示）

外币报表折算差额（合并报

表填列）

股东权益合计

负债和股东权益总计

备 注：

1,023,031,444.31

448,381,080.00

1,943,307,076.45

230,873,908.96

53,785,621.67

-

121,682,687.53

-

2,744,244,752.94

7,059,816,173.41

-

448,381,080.00

1,943,307,076.45

203,929,691.73

44,458,521.16

-

148,609,256.62

-

2,744,227,104.80

3,829,491,805.56

952,340,253.22

448,381,080.00

1,937,916,926.38

160,848,827.81

22,918,089.20

-

89,901,619.87

-

2,637,048,454.06

6,880,077,974.15

-

448,381,080.00

1,937,916,926.38

158,990,278.23

21,988,814.41

-

103,365,926.63

-

2,648,654,211.24

3,710,525,700.30

利润及利润分配表

单位：（人民币）元

项目本期数

合并 母公司

上期数

合并 母公司

一、主营业务收入

减：销售折让

主营业务收入净额

减：主营业务成本

主营业务税金及附加

二、主营业务利润（亏损以“-

”号填列）

加：其他业务利润（亏损以

“-”号填列）

减：存货跌价损失

营业费用

管理费用

财务费用

三、营业利润（亏损以“-”号

填列）

加：投资收益（损失以“-”

号填列）

补贴收入

营业外收入

减：营业外支出

四、利润总额（亏损总额以“-

”号填列）

减：所得税

减：少数股东损益（合并报

表填列、亏损以“-”号填列）

加:未确认的投资损失（合并

报表填列）

减:购买日前净利润

3,628,284,505.64

-

3,628,284,505.64

2,488,240,344.12

8,228,819.03

1,131,815,342.49

12,057,951.10

1,460,326.26

246,005,689.98

428,591,434.54

5,253,094.06

462,562,748.75

116,410,829.40

54,717.43

5,601,648.53

8,136,038.95

576,493,905.16

100,791,733.87

199,833,262.15

-

263,397,435.07

-

263,397,435.07

238,936,679.28

1,044,876.43

23,415,879.36

1,075,966.91

738,147.32

2,303,258.91

72,701,911.90

40,206,993.23

-91,458,465.09

319,162,311.50

-

19,614.69

2,897,061.87

224,826,399.23

129,331.74

-

-

3,503,166,528.14

-

3,503,166,528.14

2,463,984,616.93

7,988,472.26

1,031,193,438.95

6,892,766.31

5,380,238.10

214,680,939.51

377,039,988.45

-6,568,664.41

447,553,703.61

42,252,799.11

35,716,077.38

5,282,609.16

6,018,287.25

524,786,902.0100

97,455,708.07

186,685,025.85

-

473,219,890.94

-

473,219,890.94

400,784,516.08

2,564,891.44

69,870,483.4200

2,424,580.44

-

2,581,110.34

60,939,842.67

44,677,978.96

-35,903,868.11

242,367,689.21

-

1,530,480.74

2,159,404.17

205,834,897.6700

1,902,717.52

-

-

利润及利润分配表

单位：（人民币）元

项目本期数

合并 母公司

上期数

合并 母公司

五、净利润（净亏损以“-”号

填列）

加：年初未分配利润（未弥

补亏损以“-”号填列）

减：减少注册资本减少的未

分配利润

盈余公积转入

评估基准日前折股滚存未分

配利润

评估基准日至公司设立日划

归集团未分配利润

六、可供分配的利润（亏损以

“-”号填列）

减：提取法定盈余公积金

减：提取法定公益金

职工奖福基金（子公司为外

商投资企业，合并报表填列）

七、可供股东分配的利润（亏

损以“-”号填列）

减：应付优先股股利

提取任意盈余公积

应付普通股股利

转作股本的普通股股利

八、未分配利润（未弥补亏损

以“-”号填列）

附注：非常项目：

1.出售处置部门或被投资单位

2.自然灾害发生的损失

3.会计政策更改

4.其他

275,868,909.14

89,901,619.87

-

-

365,770,529.01

39,157,548.68

30,867,532.47

39,548,436.33

256,197,011.53

-

-

134,514,324.00

-

121,682,687.53

-

-

-

-

224,697,067.49

103,365,926.63

-

-

328,062,994.12

22,469,706.75

22,469,706.75

-

283,123,580.62

-

-

134,514,324.00

-

148,609,256.62

-

-

-

-

240,646,168.0900

-30,829,560.76

-

-

209,816,607.3300

19,454,779.12

19,454,779.12

36,167,321.22

134,739,727.8700

-

-

44,838,108.00

-

89,901,619.8700

-

-

-

-

203,932,180.1500

-18,677,136.86

-

-

185,255,043.2900

18,525,504.33

18,525,504.33

-

148,204,034.6300

-

-

44,838,108.00

-

103,365,926.6300

-

-

-

-

利润及利润分配表

单位：（人民币）元

报告期利润净资产收益率

全面摊薄 加权平均

每股收益

全面摊薄 加权平均

主营业务利润 41.24 42.06 2.52 2.52

营业利润 16.86 17.19 1.03 1.03

净利润 10.05 10.25 0.62 0.62

扣除非经常性损益后的净

利润

9.48 9.67 0.58 0.58

现金流量表

单位：（人民币）元

项 目 合并 母公司

一、经营活动产生的现金流量

销售商品、提供劳务收到的现金

收到的租金

收到的税费返还

收到的其他与经营活动有关的现金

收到的增值税销项税额和退回的增值税款

经营活动现金流入小计

购买商品、接收劳务所支付的现金

经营租赁所支付的现金

支付给职工以及为职工支付的现金

实际缴纳的增值税款

支付的所得税款

支付的除增值税、所得税以外的其他税费

支付的其他与经营活动有关的现金

经营活动现金流出小计

经营活动产生的现金流量净额

二、投资活动产生的现金流量净额：

收回投资所收到的现金

分得股利或利润所收到的现金

取得债券利息收入所收到的现金

处置固定资产、无形资产和其他长期资产而收回的现金净额

收到的其他与投资活动有关的现金

投资活动现金流入小计

购建固定资产、无形资产和其他长期资产所支付的现金

权益性投资所支付的现金

债权性投资所支付的现金

支付的其他与投资活动有关的现金

投资活动现金流出小计

4,243,738,865.41

4,500,795.10

54,717.43

105,103,922.15

4,353,398,300.09

2,467,008,340.88

11,335,916.72

250,005,190.52

197,974,510.81

103,102,986.28

15,609,032.36

630,209,390.04

3,675,245,367.61

678,152,932.48

421,702,685.23

109,060,042.76

144,000.00

1,346,419.00

3,987,156.06

536,240,303.05

107,928,539.29

58,479,259.02

-

403,031,484.00

569,439,282.31

602,336,871.62

-

-

33,950,004.02

636,286,875.64

314,557,086.46

-

26,350,738.51

10,458,677.27

2,032,049.26

2,467,592.07

40,250,346.50

396,116,490.07

240,170,385.5700

416,167,280.00

73,587,025.75

144,000.00

969,771.00

-

490,868,076.75

309,772.34

75,019,500.00

-

400,000,000.00

475,329,272.3400

现金流量表

单位：（人民币）元

项 目 合并 母公司

投资活动产生的现金流量净额

三、筹资活动产生的现金流量：

吸收权益性投资所收到的现金

其中：子公司吸收少数股东权益性投资收到的现金

发行债券所收到的现金

借款所收到的现金

收到的其他与筹资活动有关的现金

筹资活动现金流入小计

偿还债务所支付的现金

发生筹资费用所支付的现金

分配股利或利润所支付的现金

其中：子公司支付少数股东的股利

偿付利息所支付的现金

融资租赁所支付的现金

减少注册资本所支付的现金

其中：子公司依法减资支付给少数股东的现金

支付的其他与筹资活动有关的现金

筹资活动现金流出小计

筹资活动产生的现金流量净额

四、汇率变动对现金的影响：

汇率变动对现金的影响额

资产置换及报表合并范围变更影响净现金流入

五、现金及现金等价物净增加额：

现金及现金等价物净增加额

六、不涉及现金收支的投资和筹资活动：

以固定资产偿还债务

以投资偿还债务

以固定资产进行长期投资

以存货偿还债务

融资租赁固定资产

七、将净利润调节为经营活动的现金流量：

-33,198,979.26

1,786,060.49

1,786,060.49

-

1,389,655,020.00

558,615.15

1,391,999,695.64

1,366,971,380.00

-

185,382,977.85

140,544,869.85

55,681,288.24

-

-

-

-

1,608,035,646.09

-216,035,950.45

-383,126.70

428,534,876.07

-

-

-

-

-

15,538,804.41

-

-

-

1,092,538,020.00

538,615.15

1,093,076,635.15

1,041,424,380.00

-

44,838,108.00

-

41,855,359.73

-

-

-

-

1,128,117,847.73

-35,041,212.58

-

220,667,977.4000

-

-

-

-

-

现金流量表

单位：（人民币）元

项 目 合并 母公司

净利润（亏损以“-”号填列）

加：少数股东损益（亏损以“-”号填列）

减：未确认的投资损失

加：计提的坏帐准备或转销的坏帐

固定资产折旧

无形资产、长期待摊费用摊销

待摊费用的减少（减：增加）

预提费用的增加（减：减少）

处置固定资产、无形资产和其他长期资产的损失（减：收益）

固定资产盘亏报废损失

财务费用

投资损失（减：收益）

递延税款贷项（减：借项）

存货的减少（减：增加）

经营性应收项目的减少（减：增加）

经营性应付项目的增加（减：减少）

开办费摊销

其他

经营活动产生的现金流量净额

八、现金及现金等价物净增加情况：

货币资金的期末余额

减：货币资金的期初余额

现金等价物的期末余额

减：现金等价物的期初余额

现金及现金等价物净增加额

备 注：

275,868,909.14

199,833,262.15

-

78,247,504.19

95,503,651.38

11,702,335.10

1,659,798.94

342,145.17

1,766,643.97

198,046.58

56,218,165.46

-116,410,829.40

-

-60,657,947.17

330,067,626.42

-196,186,379.45

-

678,152,932.4800

3,160,775,351.59

2,732,240,475.52

-

-

428,534,876.0700

224,697,067.49

-

-

21,675,514.01

20,788,913.41

10,316,825.21

769,380.02

-

1,226,483.91

-

41,855,359.73

-319,162,311.50

-

6,043,013.12

321,626,118.76

-89,665,978.59

-

240,170,385.5700

694,671,826.63

474,003,849.23

-

-

220,667,977.40

上海上菱电器股份有限公司

已审会计报表

二零零零年十二月三十一日

大华会计师事务所有限公司

中国 上海

上海上菱电器股份有限公司

目 录

页次

一、 审计报告

二、 资产负债表

三、 利润及利润分配表

四、 现金流量表

五、 会计报表附注

1

2

3

4

5-47

1

审 计 报 告

华业字（2001）第 628 号

上海上菱电器股份有限公司全体股东：

我们接受委托，审计了 贵公司 2000 年 12 月 3l 日的资产负债表和合并

资产负债表、2000 年度的利润及利润分配表和合并利润及利润分配表以及现金

流量表和合并现金流量表。这些会计报表由 贵公司负责，我们的责任是对这

些会计报表发表审计意见。我们的审计是依据中国注册会计师独立审计准则进

行的。在审计过程中，我们结合 贵公司的实际情况，实施了包括抽查会计记

录等我们认为必要的审计程序。

我们认为，上述会计报表符合《企业会计准则》和《股份有限公司会计制

度》的有关规定，在所有重大方面公允地反映了 贵公司 2000 年 12 月 31 日的

财务状况以及 2000 年度的经营成果和现金流量变动情况，会计处理方法的选用

遵循了一贯性原则。

大华会计师事务所有限公司 中国注册会计师

中国 上海 昆山路 146 号 2001 年 3 月 26 日

上海上菱电器股份有限公司

会计报表附注

二零零零年度

人民币元

本附注为会计报表的组成部分5

一、公司基本情况

上海上菱电器股份有限公司(以下简称公司)是 1993 年 7 月 29 日经上海市

经济委员会以沪经企字第 331 号文批准设立的股份有限公司。1993 年 12

月 22 日由上海市工商行政管理局颁发企业法人营业执照，公司成立时的

注册资本为人民币 273,650,900.00 元，之后，公司又增发 B 股，并实施

了境内法人股向 B 股的转让行为，1999 年 6 月，经临时股东大会决议通过

并报经中国证监会核准，增发 12,000 万股人民币普通股，截止 99 年 7 月

止，公司变更后的注册资本为人民币 448,381,080.00 元，业经大华会计

师事务所有限公司以华业字（99）第 987 号验资报告验证，公司于 1999

年 10 月 27 日换领了注册号为企股沪字第 019028 号《营业执照》，法定代

表人：夏毓灼。

公司经济性质为股份有限公司，所属行业：工业。

经营范围：生产制冰、冷藏设备、空调设备、微波炉、燃油取暖器等家用

电器；印刷包装机械；电子计算机（器）及其外部设备；起重运输机械；

销售公司自产产品；投资举办符合国家鼓励允许的企业。

主要产品和提供的劳务：公司的主营业务包括生产制冰、冷藏设备、空调

设备；印刷包装机械；起重运输机械等领域，具体为：

起重运输机械：生产电梯、自动扶梯及维修保养。主要产品系引进日本三

菱制造技术的电梯和自动扶梯。

冷冻空调：生产销售各类冷冻设备、空调设备，并进行售后维修服务和工

程成套服务。主要产品有水冷活塞式冷水机组、风冷活塞式冷水机组（包

括风冷热泵）、离心式冷水机组、列车空调机组、客车空调机组、车用冷

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分6

一、公司基本情况（续）

藏机组等。

印刷包装机械：各类印刷、包装机械设备及备品配件，印刷包装机械原辅

材料，仪器仪表。主要产品有胶印机系列、自动模切烫印机系列、切纸机

系列、装订机系列、商业表格印刷生产线、瓦楞纸板及纸箱生产线、塑料

建材生产线、液体灌装生产线、柔性版印刷生产线等。

生产经营的简况：公司分别于 1998 年和 1999 年，通过资产重组及增发新

股的方式，将产业结构进行了大幅调整，主营业务也发生了质的变化，从

以资产置换方式进入电梯行业和已经完成募股投资项目的情况分析，公司

已从经营家用电器转向经营电梯、冷冻空调、印刷包装机械等高科技机电

一体化产品等领域；随着募股投资项目的落实调整到位，公司还将涉足计

算机系统集成等高科技领域并用以改造传统制造业，初步形成多项优势产

业的互补性发展的格局，也为公司进一步向综合性高科技产业投资型公司

转型奠定了基础。

二、公司重要会计政策

1. 会计制度

公司执行《股份有限公司会计制度》及其补充规定。

2. 会计期间

公司会计期间为公历一月一日起至十二月三十一日止。

3. 记帐本位币

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分7

二、公司重要会计政策（续）

公司记帐本位币为人民币。

4. 记帐基础及计价原则

公司记帐基础为权责发生制；计价原则为历史成本。

5. 外币核算方法

公司会计年度内涉及外币的经济业务，按发生当月月初中国人民银行公布

的市场汇价（中间价）折合人民币入帐。月末将外币帐户余额按月末市场

汇价（中间价）进行调整，发生的差额，与购建固定资产有关的予以资本

化，属于筹建期间的计入开办费，属于生产经营期的计入当期费用。

6. 现金等价物的确定标准

凡同时具备期限短、流动性强、易于转换为已知金额现金、价值变动风险

很小的投资，确认为现金等价物。本年度公司无现金等价物。

7. 坏帐核算方法

公司坏帐的确认标准：

（1）因债务人破产或死亡，以其破产财产或遗产清偿后，仍不能收回的

应收款项；

（2）因债务人逾期未履行偿债义务并且具有明显特征表明无法收回的应

收帐款。

以上确实不能收回的应收帐款，报经董事会批准后，作为坏帐。

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分8

二、公司重要会计政策（续）

公司坏帐核算采用备抵法。公司坏帐准备的计提范围为应收帐款和其他应

收款；坏帐准备的计提原则为按帐龄计提加逐项分析；坏帐准备的计提方

法为：主要客户按逐户分析计提坏帐准备，其他客户按帐龄分析计提准备；

帐龄分析计提的比例为：帐龄在一年以内的不计提，在一至二年（含一年）

的按 5％计提，在二至三年（含二年）的按 10％计提，在三至四年（含三

年）的按 50％计提，在四年以上的按 100％计提。

8. 存货核算方法

公司存货分类为：原材料、在产品、自制半成品、产成品、库存商品和低

值易耗品。各种存货按取得时的实际成本记帐；产成品等发出采用加权平

均法计价。低值易耗品按领用时一次摊销。

公司存货跌价准备核算方法：期末存货按成本与可变现净值孰低计价，并

按单个存货项目提取存货跌价准备计入当期损益。

9. 短期投资核算方法

根据《企业会计准则－投资》规定，短期投资以实际支付的全部价款（包

括税金、手续费和相关费用）扣除已宣告发放但未领取的现金股利（或已

到期尚未领取的债券利息）入帐；在处置时，按所收到的处置收入与短期

投资帐面价值的差额确认为当期投资损益。短期投资在中期期末或年末按

成本与市价孰低法计价，市价低于成本的部分确认为跌价准备。具体计提

方法为：按投资类别计算并确定所计提的跌价损失准备，并计入当期损益。

10. 长期投资核算方法

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分9

二、公司重要会计政策（续）

（1）长期债券投资的计价及收益确认方法：按取得时实际支付的全部价

款（扣除支付的税金、手续费等各项附加费用）扣除实际支付的分期付息

债券价款中包含的已到期尚未领取的债券利息后的余额作为实际成本记

帐，并按权责发生制原则按期计提利息，并计入投资收益。

（2）长期股权投资计价和收益确认方法：长期股权投资包括股票投资和

其他股权投资。长期股权投资，按投资时支付的全部价款或按评估、协议

确定的价值记帐。

投资企业对被投资单位无控制、无共同控制或者无重大影响的，长期股权

投资采用成本法核算；投资企业对被投资单位具有控制、共同控制或者重

大影响的，长期股权投资采用权益法核算。

（3）对外长期股权投资采用权益法核算时，其取得成本与其在被投资单

位所有者权益中所占份额之间的差额，计入长期股权投资差额，并按 10

年平均摊销计入损益。

（4）长期投资减值准备的提取方法：采用逐项计提的方法。公司对被投

资单位由于市价持续下跌或被投资单位经营情况变化等原因，导致其可收

回价值低于长期股权投资帐面价值，并且这种降低的价值在可预计的将来

期间内不能恢复时，按可收回金额低于长期股权投资帐面价值的差额，首

先冲抵该项投资的资本公积准备项目，不足冲抵的差额部分，计提长期投

资减值准备，计入当年度损益类帐项。已确认损失的长期投资的价值又得

以恢复的，应在原已确认的投资损失范围内转回。公司本年度未增加减值

准备。

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分10

二、公司重要会计政策（续）

11. 固定资产计价和折旧方法

（1）固定资产标准为：①使用期限超过一年的房屋、建筑物、机器、机

械、运输工具以及其他与经营有关的设备、器具、工具等；②单位价值在

2,000 元以上，并且使用期限超过两年的，不属于生产、经营主要设备的

物品。

（2）固定资产分类为：房屋及建筑物、机器设备、电子设备、运输设备

和其他设备。

（3）固定资产计价：按实际成本计价。

（4）固定资产折旧采用直线法平均计算，并按各类固定资产的原值和估

计的经济使用年限扣除残值(原值的 10％)制定其折旧率，固定资产各类折

旧率如下：

资产类别 估计的经济

使用年限

年折旧率 预计残值率

房屋建筑物 10－40 年 2.25－9% 10%

机器设备 10－15 年 6－9% 10%

电子设备 5-10 年 9－18% 10%

运输设备 6-12 年 7.5－15% 10%

其他设备 5-10 年 9－18% 10%

12. 在建工程核算方法

公司在建工程核算按实际发生的支出入帐，并在完工交付使用时，按工程

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分11

的实际成本确认为固定资产；在建工程借款所发生的利息支出在交付使用

前计入工程成本，交付使用后，计入当期财务费用。

二、公司重要会计政策（续）

13. 无形资产计价和摊销方法

公司无形资产按购入的实际支出或评估确认价值计价，并按各项目受益期

平均摊销。场地使用权从发生当年起按 40 年平均摊销。

14. 开办费和长期待摊费用摊销方法

（1）开办费：按 5年平均摊销；

（2）长期待摊费用摊销方法：

A．固定资产大修理支出从发生当年起按 8年摊销；

B．公用设施支出从发生当年起按 30 年摊销；

C．其他按受益期摊销。

15. 收入确认原则

销售商品：公司已将商品所有权上的重要风险和报酬转移给买方，公司不

再对该商品实施管理权和实际控制权，相关的收入已经收到或取得了收款

的证据，并且与销售该商品相关的成本能够可靠地计量时，确认营业收入

的实现。

提供劳务：在同一年度内开始并完成的，在劳务已经提供，收到价款或取

得收取价款的证据时，确认劳务收入；劳务的开始和完成分属不同年度的，

在劳务合同的总收入、劳务完成程度能够可靠地确定，与交易相关的价款

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分12

能够流入，已经发生的成本和为完成劳务将要发生的成本能够可靠地计量

时，按完工百分比法确认收入。

二、公司重要会计政策（续）

他人使用本公司资产：以与交易相关的经济利益能够流入企业，收入的金

额能够可靠地计量时，确认他人使用本公司资产收入的实现。

16. 所得税的会计处理方法

公司采用应付税款法。

17. 合并报表编制方法

公司合并范围及所采用的会计方法：根据财政部财会字[1995]11 号《关于

印发<合并会计报表暂行规定>的通知》和财会二字(96)2 号《关于合并报

表合并范围请示的复函》等文件的规定，以公司本部和纳入合并范围的子

公司 2000 年度的会计报表以及其他有关资料为依据，合并各项目数额编

制而成。合并时，公司的重大内部交易和资金往来均互相抵销。

公司在编制合并会计报表时，对原按外商投资企业会计制度和行业会计制

度编制的 2000 年度个别会计报表，已按《股份有限公司会计制度》的规

定进行了调整及重新表述。

合营公司根据《股份有限公司会计制度》规定按比例合并的方法进行合并，

即将合营公司的资产、负债、收入、费用、利润和现金流量均按照公司对

合营公司的投资比例进行合并，合并时，对公司与合营公司之间的内部交

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分13

易事项，均按比例予以抵销，但不抵销内部未实现的亏损。

18. 会计政策、会计估计和合并范围的变更

二、公司重要会计政策（续）

（1）会计政策、会计估计的变更：

根据财政部财会[2001]7 号“财政部关于印发《企业会计准则－无形资产》

等 8 项准则的通知”中《企业会计准则―债务重组》的有关规定，对本年

度及以前年度发生的债务重组，因原会计处理方法与该准则规定的方法不

同，按准则规定进行了追溯调整。会计政策变动的具体内容详见本附注五、

28。

（2）合并范围的变更：

本年度因公司使用募集资金与上海人造板机器厂合资组建了上海绿洲人造

板有限公司，而增加了合并会计报表范围，具体内容详见－附注四。

三、税项

1. 本公司适用的所得税、流转税及附加的税种与税率

税种 税率 计税基数

所得税 15％ 应纳税所得额

增值税 17％ 销售额

营业税 5％ 营业额

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分14

城建税 7％ 应纳营业税额、增值税额

2. 应交款

应交款 附加率 计算基数

教育费附加 3％ 应纳营业税额、增值税额

堤防费 1％ 应纳营业税额、增值税额

三、税项（续）

义优金 0.3％ 应纳营业税额、增值税额

河道管理费 0.25％ 应纳营业税额、增值税额

四、控股子公司及合营企业

公司所控制的境内外所有子公司及合营公司的情况及其合并范围：

被投资单位

全称经营范围 注册资本 母公司投资额

母公司

持股比例

是否

合并备注

上海上菱燃油

取暖器厂

生产、销售

燃油取暖器

2,336.8万元

人民币

21,031,200.00元

人民币90%

否*1

①

已中止经营,

进入清算阶段

上海上菱仓储

运输有限公司

仓储、运输 500万元

人民币

4,500,000.00元

人民币90%

否*1

①未经营

上海长安电冰

箱有限公司

生产、销售

电冰箱

8,200万元

人民币

42,000,000.00元

人民币51.22% 是

上海机电实业

有限公司

提供劳务，承办合

资、组织出口

6,643万元

人民币

907,246,373.73 元

人民币100% 是

上海电气集团

通用冷冻空调

设备有限公司

生产、销售冷冻空

调设备及技术服务

和工程成套服务

26,647 万元

人民币

265,734,677.82 元

人民币 100% 是

上海电气集团 经营印刷、包装机 24,844.96 248,449,562.82 元 100% 是

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分15

印刷包装机械

有限公司

械设备及备品备

件、原辅材料等

万元人民币 人民币

上海三菱电梯

有限公司

生产销售电梯、

自动扶梯

11,662.89

万美元

868,389,641.72 元

人民币52% 是

间接控制

子公司

上海冷气机厂 产、销冷冻空调设

备和工程成套服务

1,370万元

人民币

73,987,897.99元

人民币100% 是 同上

上海亚华印刷

机械有限公司

生产、经营印刷包

装机械设备

880万

美元

48,262,913.10元

人民币60% 是 同上

上海申威达机

械有限公司同上

584万元

美元

61,167,006.30元

人民币75% 是 同上

四、控股子公司及合营企业（续）

上海迪可印刷

器材转卖部销售印刷器材等

50万元

人民币

463,702.01 万元

人民币60%

否*1

②同上

制冷成套工程

部冷冻

20万元

人民币

311,784.82 元

人民币100%

否*1

②同上

冰雪工程部50万元

人民币

500,000.00 元

人民币100%

否*1

②同上

上海绿洲实业

有限公司

项目投资、生产设

备、人造板销售等

5,614万元

人民币

39,140,000.00元

人民币69.72% 是*2

本年度新增

子公司

浙江省沪千人造

板制造有限公司人造板生产及销售

2,000万元

人民币

15,213,939.51元

人民币51％ 是*2

本年度新增间接

控制子公司

上海紫光机械

有限公司

生产、经营印刷包

装机械设备

750万元

美元

49,992,260.93元

人民币50% 是*3

子公司之

合营公司

*1、未纳入本年度合并范围的主要原因为①上年度未合并报表的子公司：

上海上菱燃油取暖器厂仍处清算阶段；上海上菱仓储运输有限公司仍在筹

办且未经营。②根据财政部财会二字（1996）2 号《关于合并报表合并范

围请示的复函》的规定，未合并公司的资产标准，销售收入标准和利润标

准均未超过合并报表相关指标的 10%，故未予合并。

*2、2000 年 5 月，公司用募集资金和上海人造板机器厂合资组建了上海绿

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分16

洲实业有限公司，使本年度合并报表范围相应增加，因上海人造板机器厂

是以其拥有的浙江省沪千人造板制造有限公司的 51%股权作价投入，因而

合并范围同时增加了该被投资公司。

*3、由上海电气集团印刷包装机械有限公司投资的上海紫光机械有限公司

系中外双方共同控制的合营公司，本年度合并会计报表时，根据《股份有

限公司会计制度》的规定，采用比例合并的方法进行了合并，即将合营公

司的资产、负债、收入、费用、利润和现金流量均按照公司对合营公司的

投资比例 50%进行合并。

五、合并会计报表项目注释 :

1. 货币资金

项 目 2000-12-31 1999-12-31

原币 汇率 人民币 原币 汇率 人民币

现 金 147,631.06 302,158.61

银行存款－人民币 1,532,542,984.70 1,113,508,471.69

－美元 18,742,182.18 8.2781 155,149,658.30 20,375,750.04 8.2793 168,696,947.32

－日元 51,436,294.63 0.072422 3,725,119.33 44,412,988.50 0.080933 3,594,476.39

－港币 8,740,423.81 1.0606 9,270,093.50 8,191,614.14 1.0651 8,724,888.22

－德国马克 71,295.94 3.9398 280,891.75 115,090.58 4.2527 489,672.05

－瑞士法郎 947.33 5.1820 4,911.24

－欧元 81,165.48 7.7056 625,428.72

其他货币资金-人民币 1,417,643,044.23 1,424,500,000.00

－美元 5,000,000.00 8.2781 41,390,500.00 1,500,000.00 8.2793 12,418,950.00

合 计 3,160,775,351.59 2,732,240,475.52

银行存款年末余额中存放于上海电气集团财务有限责任公司（系经中国人

民银行批准设立）帐户中款项为人民币 638,376,543.15 元。

2. 应收票据

应收票据年末余额为人民币 233,149,840.00 元，期末已贴现未到期的票

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分17

据为人民币 85,156,723.00 元；其中应收关联方的票据为人民币

220,000,000.00 元，其明细资料在附注八中披露。

3. 应收股利

应收股利年末余额为人民币元 114,632,044.27 元，其中金额较大的有：

单位 内容 2000-12-31

上海永新彩色显象管有限公司 2000年 1-8 月股利 46,408,446.84

上海通惠开利空调设备有限公司 99年度股利 44,100,000.00

上海合众开利空调设备有限公司 99年度股利 22,050,000.00

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分17

应收股利年末余额增加了 42.65%，主要原因是计入了被投资单位上海永新

彩色显象管有限公司（董事会已宣告但尚未发放）2000 年 1－8 月的股利。

4. 应收帐款

2000-12-31 1999-12-31

帐龄 金额 占总额比例 坏帐准备 金额 占总额比例 坏帐准备

1 年以内 353,414,415.27 46.08% 4,656,841.54 788,990,280.87 74.24% 4,889,361.11

1－2 年 364,094,151.41 47.47% 110,069,489.32 256,083,863.72 24.10% 106,263,503.44

2－3 年 39,191,067.10 5.12% 6,080,200.56 10,693,900.42 1.01% 2,172,819.76

3 年以上 10,229,948.20 1.33% 9,472,988.10 6,944,340.48 0.65% 5,541,486.18

合计 766,929,581.98 100.00% 130,279,519.52 1,062,712,385.49 100.00% 118,867,170.49

本帐户期末余额中无持本公司 5%(含 5%)以上股份的股东单位欠款，期末

应收帐款中关联方欠款为人民币 315,015,439.71 元,明细资料在附注八中

披露。

本帐户期末余额中欠款金额最大的前五名非关联方债务人情况：

债务人名称 期末欠款余额 欠款原因 欠款时间广州东河房地产开发有限公司 15,799,298.87 结算期内 1-2年

上海万都物业发展有限公司 14,367,317.71 结算期内 1年

上海市静安房产市场 14,064,000.00 结算期内 1-2年

上海金豫置业有限公司 11,696,009.18 结算期内 1-2年北京宝骥材料设备有限责任公司 9,328,720.00 结算期内 1年

5. 预付帐款

2000-12-31 1999-12-31帐龄

金额 比例 金额 比例

1年以内 33,579,059.23 70.00% 31,874,865.10 65.92%

1－2 年 9,663,179.92 20.14% 11,229,491.03 23.22%

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分18

2-3 年 4,164,197.38 8.68% 4,960,502.64 10.27%

3 年以上 562,450.25 1.18% 287,201.99 0.59%

合计 47,968,886.78 100.00% 48,352,060.76 100.00%

本帐户期末余额中无持本公司 5%(含 5%)以上股份的股东单位欠款。本帐

户期末余额中金额最大的前五名客户情况：

客户名称 2000-12-31 结存原因 时间（帐龄）

上海浦东外贸公司 14,204,878.67 货到发票未开 1-2 年

日本三菱电机株式会社 3,584,790.85 货物未到 1年以内

环宇进出口公司 2,026,215.28 货物未到 1年以内

张家港润发机械公司 1,300,000.00 货物未到 1年以内

上海机械进出口公司 1,243,723.12 货物未到 1年以内

6. 其他应收款

2000-12-31 1999-12-31帐龄 金额 占总额

比例

坏帐准备 金额 占总额

比例

坏帐准备

1年以内 113,600,385.83 50.13% 545,550.00 85,460,355.94 45.05%

1－2年 32,534,875.55 14.36% 10,351,449.43 22,986,072.37 12.12% 4,262,471.95

2－3年 6,607,007.28 2.92% 5,386,085.31 19,702,613.21 10.38% 4,757,983.56

3年以上 73,858,740.11 32.59% 51,952,634.90 61,563,322.71 32.45% 42,390,685.81 合计 226,601,008.77 100.00% 68,235,719.64 189,712,364.23 100.00% 51,411,141.32

本帐户期末余额中无持本公司 5%(含 5%)以上股份的股东单位欠款，期末

其他应收款中关联方欠款为人民币 91,238,150.04 元，明细资料在附注八

中披露。

其他应收款中期末欠款额最大的前五名债务人情况：

债务人名称 期末欠款余额 欠款原因 欠款时间 备注

上菱新事业发展总公司 31,988,603.65 暂借款 4年以上 关联方

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分19

上海闵行海关 29,861,367.85 保证金 1年以内

上海永新彩色显象管有限公司 16,879,500.00 增资款 1年以内 关联方

上菱房地产公司 13,096,791.90 垫付款 4年以上 关联方

上海豪申开利空调设备有限公司 10,100,000.00 往来款 1年以内

7. 存货

2000-12-31 1999-12-31项目

金额 跌价准备 金额 跌价准备

原材料 272,172,877.45 9,011,069.42 242,092,843.21 6,946,396.95

辅助材料 837,853.00 1,683,086.65

低值易耗品 13,756,022.28 224,724.23 17,112,440.75 115,850.65

包装物 2,862.00 185,030.10

委托加工材料 20,510,344.70 2,850,300.00 22,922,975.69 2,850,300.00

在产品 190,748,271.12 2,579,744.66 169,747,309.39 2,173,787.94

自制半成品 30,145,114.94 208,596.66 43,380,049.27 645,692.73

产成品 216,332,665.38 8,191,118.57 183,094,198.63 8,873,199.01

合计 744,506,010.87 23,065,553.54 680,217,933.69 21,605,227.28

8. 待摊费用

类别 2000-1-1 本期增加 本期摊销 2000-12-31

保险费 730,085.69 1,309,072.85 1,640,640.46 398,518.08

房租 397,172.00 482,692.50 682,847.45 197,017.05

车辆险 25,010.78 25,010.78

简易模具费 1,606,231.94 1,434,445.60 1,903,293.36 1,137,384.18

期初存货待扣税金 509,445.90 509,445.90

装修费 132,519.00 66,259.50 66,259.50

新产品试制费 114,662.73 114,662.73

其他 974,750.07 1,051,267.83 1,192,151.75 833,866.15

合计 4,242,696.38 4,524,660.51 6,134,311.93 2,633,044.96

9. 长期投资

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分20

（1）明细项目

2000-1-1 2000-12-31项目

金额 减值准备本期增加 本期减少

金额 减值准备

长期股权投资 932,094,536.98 21,392,139.52 -23,407,877.72 1,300,303.49 907,386,355.77 15,833,577.42

长期债权投资 764,303.51 654,380.00 109,923.51

合计 932,858,840.49 21,392,139.52 -23,407,877.72 1,954,683.49 907,496,279.28 15,833,577.42

（2）长期股权投资

①股票投资年末余额为人民币 25,257,970.91 元，其明细内容如下：

被投资公司名称 股份性质 股数 股权比例 投资金额 期末市价总额 减值准备

氯碱化工 法人股 308,000 <5% 1,240,000.00双鹿电器 法人股 2,191,200 <5% 7,461,700.00

鄂武商 A 法人股 149,202 <5% 353,400.00

沪昌特钢 法人股 660,000 <5% 1,400,000.00

交通银行 法人股 1,578,150 <5% 1,893,780.00浦发银行 法人股 10,000,000 <5% 10,000,000.00

钢管股份 法人股 800,000 <5% 2,909,090.91

合计 25,257,970.91

②其他股权投资年末余额为人民币 660,154,774.63 元，其中：

损益调整 投资准备被投资单位名称 股权比例

年初投资

成本余额

本年投资

增减净额 本期增加 累计增加 本期增加 累计增加2000-12-31

上海宝山万里制绳厂 50% 275,313.03 -60,192.38 31,561.25 306,874.28

菱海电线厂 45% 650,894.04 -1,300,303.49 60,548.18 649,409.45 0

上菱电冰箱总厂洋泾

配件厂

50%10,726,911.28 240,567.59 -843,563.39 9,883,347.89

上菱燃油取暖器厂 90% 21,031,200.00 -7,639.61 26,808,868.49 47,840,068.49

亚波广告有限公司 40% 1,400,000.00 0 -178,492.33 1,221,507.67

上菱仓储运输公司 90% 4,500,000.00 0 -4,500,000.00 0

上海电气集团财务有

限责任公司5% 11,529,000.00 0 11,529,000.00

上海永新彩色显像管

有限公司*15% 274,672,500.00 -25,588,845.00 0 249,083,655.00

上海上菱家用电器有

限公司19% 19,000,000.00 19,000,000.00

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分21

上海二轻销售公司 5.25% 2,000,000.00 0 0 2,000,000.00

宝钢集团 <5% 500,000.00 0 0 500,000.00

其他 <5% 75,000.00 0 75,000.00

小计 327,360,818.35 -7,889,148.49 233,283.78 21,967,783.47 341,439,453.33

上海高斯印刷设备有

限公司40% 58,526,702.92 8,239,768.30 6,211,407.38 64,738,110.30

上海迪可印刷器材专

卖部60% 463,702.01 313,473.86 194,768.14 658,470.15

伯奈尔有限公司 23.14% 6,705,990.00 6,705,990.00

紫宏有限公司 10％ 2,483,940.00 2,483,940.00

申威达无锡联营厂 25％ 150,000.00 150,000.00

申威达昆山分厂 25％ 650,000.00 650,000.00

小计 68,980,334.93 8,553,242.16 6,406,175.52 75,386,510.45

上海合众开利空调设

备有限公司49% 102,118,480.22 -6,885,643.04 22,151,737.55 -12,170,831.93 83,062,005.25

上海通惠开利空调设

备有限公司49% 103,204,189.65 -7,254,875.21 21,102,945.09 -50,084,792.71 45,864,521.73

联合开利（上海）空

调有限公司39% 6,593,668.87 22,599,759.02 -4,805,049.64 -9,888,329.51 19,305,098.38

上海哈格诺克冷气机

有限公司49% 45,489,208.86 -1,949,370.79 21,333,655.24 13,780,985.67 16,454.37 57,337,278.11

上海开利运输冷气设

备有限公司40% 23,921,136.40 2,848,189.64 6,930,543.98 30,851,680.38

上海格拉索冷冻设备

有限公司49% 5,380,534.06 235,452.91 291,770.75 5,672,304.81

制冷成套工程部 100% 311,784.82 700.89 2,212.60 313,997.42

冰雪制冷工程部 100% 500,000.00 500,000.00

常熟亚联公司 18.75% 401,924.77 401,924.77

精工机电公司 2% 20,000.00 20,000.00

小计 287,940,927.65 6,509,869.98 62,867,631.68 -51,138,441.15 16,454.37 243,328,810.85

合计 684,282,080.93 -1,379,278.51 71,654,157.62 -22,764,482.16 16,454.37 660,154,774.63

*注：根据 99 年 5 月签订的股权转让协议，公司受让上海真空电子器件股

份有限公司拥有的上海永新彩色显像管有限公司 15%的股权，并于 1999 年

12 月 31 日前用募股资金支付了全部收购款项，有关手续于 2000 年 7 月全

部办理完毕。按照目前股权转让的实际操作情况，中华人民共和国对外经

济贸易合作部的批复及财政部颁发的财会字[1998]66 号“印发《关于执行

具体会计准则和〈股份有限公司会计制度〉有关会计问题解答》的通知”

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分22

的规定，确定本次股权收购日为 1999 年 12 月 31 日。

③股权投资差额年末余额为人民币 221,973,610.23 元，其明细内容为：

股权投资差额被投资单位名称

初始金额 形成原因 摊销期限 本期摊销额 摊余金额

上海宝山万里制绳厂 124,013.62 成本法转权益法 2年 62,006.81 0

上菱洋泾配件厂 233,861.41 成本法转权益法 5年 46,772.28 140,316.85小计 357,875.03 108,779.09 140,316.85

23,934,991.75 评估与原帐面差异 10年 2,393,499.18 19,746,368.18上海申威达机械有限公司

654,651.83 四项准备追溯 10年 65,465.18 540,087.74

16,063,245.79 评估与原帐面差异 10年 1,606,324.58 13,252,177.79上海紫光机械有限公司

1,410,324.06 四项准备追溯 10年 141,032.40 1,163,517.36

10,706,612.90 评估与原帐面差异 10年 1,070,661.29 8,832,955.64上海亚华机械有限公司

1,813,660.29 四项准备追溯 10年 181,366.03 1,496,269.74

上海高斯机械有限公司 5,397,965.86 评估与原帐面差异 10年 539,796.60 4,453,321.81上海迪可印刷器材专卖部 -79,917.19 评估与原帐面差异 10年 -7,991.72 -65,931.65

小计 59,901,535.29 5,990,153.54 49,418,766.61

-738,078.12 评估与原帐面差异 10年 -73,807.81 -627,366.40上海冷气机厂

18,079,210.84 四项准备追溯 10年 1,807,921.08 14,915,348.95上海开利运输冷气设备有

限公司

-1,200,000.00评估与原帐面差异

10年 -120,000,00 -980,000.00

小计 16,141,132.72 1,614,113.27 13,307,982.55

上海三菱电梯有限公司 197,315,692.00 评估与原帐面差异 10年 19,731,569.20 157,852,553.60浙江省沪千人造板制造有

限公司1,319,990.13 股权转让溢价 10年 65,995.51 1,253,990.62

合计 221,973,610.23

（3）长期债权投资年末余额为人民币 109,923.51 元，其明细内容为：

债券种类 面值购入

金额

到期日 期初应

收利息

本期应

收利息

期末应

收利息2000-12-31

减值准备

期末余额电力建设债券 109,923.51 109,923.51 2002.6.30 109,923.51

（4）长期投资减值准备年末余额为人民币 15,833,577.42 元，主要是：

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分23

被投资单位名称 期末减值准备余额 计提原因 投资比例

上海上菱长安电冰箱有限公司 15,297,914.66 持续经营有困难，长期资产减值准备 51.22%

上海精工机电公司 20,000.00 亏损、预计可收回值低于帐面值 2%常熟亚联制冷设备公司 201,665.34 股权转让、预计可收回值低于帐面值 18.75%

制冷设备成套工程部 313,997.42 亏损、预计可收回值低于帐面值 100%

合计 15,833,577.42

10. 固定资产

固定资产分类 2000-1-1 本期增加 本期减少 2000-12-31

(1)固定资产原值

房屋建筑物 358,783,847.16 48,616,299.23 1,322,329.25 406,077,817.14

机器设备 747,638,035.64 111,050,811.63 5,398,995.64 853,289,851.63

电子设备 59,469,444.91 7,282,496.90 3,367,088.38 64,164,006.43

运输设备 83,034,184.96 3,026,487.96 2,608,404.20 83,452,268.72

其他设备 29,860,129.85 1,187,176.35 1,831,385.54 28,436,767.66

合 计 1,278,785,642.52 171,163,272.07 14,528,203.01 1,435,420,711.58

(2)累计折旧

房屋建筑物 75,390,787.84 17,393,759.45 355,812.84 92,428,734.45

机器设备 297,761,055.02 67,834,933.80 3,736,361.08 361,859,627.74

电子设备 37,104,903.85 7,998,319.04 2,782,160.12 42,321,062.77

运输设备 51,448,899.62 6,791,366.02 2,080,921.64 56,159,344.00

其他设备 17,186,663.54 2,081,740.51 1,565,757.69 17,702,646.36

合 计 478,892,309.87 102,100,118.82 10,521,013.37 570,471,415.32

(3)净值 799,893,332.65 864,949,296.26

11. 在建工程

2000-1-1 本期增加 本期转入固定资产 其他减少工程名称

金额 其中:利息资本化数 金额 金额 金额

微波炉二期工程 5,357,136.90 202,060.00

CFC 项目 21,626,335.65 0 556,949.75 20,544,640.55

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分24

冰箱流水线 39,052,506.69 299,860.28

喷涂设备 1,900,000.00 0

CAD 系统 651,985.00 0 651,985.00

锅炉房改造工程 253,784.18 0 253,784.18

三菱电梯四期工程 69,274,491.28 0 12,487,300.00 81,761,791.28

三菱电梯维修保养基地 1,000,000.00 0 1,000,000.00

航天局 805 所 20,067,500.00 0 26,826,580.00

上海万都中心大厦 14,667,198.40 0

电梯生产设备更新 46,017,281.01

陕西分公司办公楼 2,487,700.00

其他 4,999,891.65 0 2,577,309.29

合计 178,850,829.75 501,920.28

2000-12-31工程名称

金额 其中:利息资本化数预算数 资金来源 项目进度

微波炉二期工程 5,357,136.90 202,060.00 2460 万元 自筹及借入资金 90%

CFC 项目 1,638,644.85 2193 万元 自筹资金及赠款 90%

冰箱流水线 39,052,506.69 299,860.28 4000 万元 自筹资金 90%

喷涂设备 1,900,000.00 自筹资金 90%

CAD 系统

锅炉房改造工程

三菱电梯四期工程

三菱电梯维修保养基地

航天局 805 所 46,894,080.00 6000 万元 自筹资金

上海万都中心大厦 14,667,198.40 3300 万元 自筹资金

电梯生产设备更新 46,017,281.01 6500 万元 自筹资金

陕西分公司办公楼 2,487,700.00 自筹资金

其他 7,577,200.94 自筹资金

合计 165,591,748.79

12. 无形资产

种类 原始金额 2000-1-1 本期增加 本期转出 本期摊销 2000-12-31

场地使用权 26,361,140.01 23,973,467.40 12,339,380.00 1,857,736.43 34,455,110.97

职工住房使用权 30,783,974.26 27,067,240.28 26,304,025.28 763,215.00

专有技术 793,680.00 133,200.00 79,368.00 53,832.00

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分25

商标使用权 1,044,000.00 435,000.00 69,600.00 365,400.00

合计 58,982,794.27 51,608,907.68 12,339,380.00 26,304,025.28 2,769,919.43 34,874,342.97

13. 开办费

项目 2000-1-1 本期增加 本期摊销 2000-12-31 备注开办费 578,108.72 227,951.18 350,157.54 3－4年

14. 长期待摊费用

类别 2000-1-1 本期增加 本期摊销 2000-12-31

技术转让费 4,388,975.61 747,828.23 2,194,487.88 2,942,315.96

租赁费 3,668,000.00 262,000.00 3,406,000.00

狄柴浜箱涵 3,805,032.00 163,515.41 3,641,516.59

中试工场土建工场 1,154,571.84 237,933.36 916,638.48

研究所消音楼 839,707.55 167,941.51 671,766.04

研究所装修 841,280.07 185,169.84 656,110.23

职工住房补贴 71,246.43 71,246.43

大修理支出 1,550,138.74 110,724.20 1,439,414.54

专用模具费用 6,198,616.22 11,279,411.47 4,799,879.19 12,678,148.50

其他递延支出 491,666.67 448,622.03 511,566.67 428,722.03

合计 23,009,235.13 12,475,861.73 8,704,464.49 26,780,632.37

15. 短期借款

2000-12-31 1999-12-13借款类别

币种 原币 本 位 币 币种 原币 本 位 币

银行借款 人民币 858,217,000.00 人民币 798,617,000.00美元 2,300,000.00 19,039,630.00 美元 4,300,000.00 35,600,990.00

其中：抵押 12,225,000.00 16,225,000.00

担保 人民币 845,992,000.00 782,392,000.00

担保 美元 2,300,000.00 19,039,630.00 4,300,000.00 35,600,990.00 信用

合 计 877,256,630.00 834,217,990.00

16. 应付帐款

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分26

应付帐款年末余额为人民币 980,429,132.11 元，其中没有应付给持本公

司 5%(含 5%)以上股份的股东单位的款项。期末应付帐款中应付关联方款

项为人民币 386,125.52 元，明细资料在附注八中披露。

17. 预收帐款

预收货款年末余额为人民币 847,605,897.51 元，其中没有预收持本公司

5%(含 5%)以上股份的股东单位的款项。

18. 应付股利

应付股利年末余额为人民币 175,655,544.66 元，其中：

根据公司第三届董事会第五次会议审议通过的决议，2000 年度利润分配预

案为：按每 10 股派发现金红利人民币 3元（含税），以资本公积转增股本，

按每 10 股转增 2股。

下属子公司已宣告尚未支付给其他投资方的股利余额为人民币

41,141,220.66 元。

19. 未交税金

税种 2000-12-31

增值税 32,585,264.62

营业税 1,538,479.82

城建税 3,395,217.15

所得税 30,929,309.41

房产税 191,706.79

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分27

其他 253,261.33

小计 68,893,239.12

20. 其他应付款

其他应付款年末余额为人民币 266,458,838.16 元，其中无应付给持本公

司 5%(含 5%)以上股份的股东单位的款项。期末其他应付款中应付关联方

款项为人民币 84,873,859.72 元，明细资料在附注八中披露。

21. 预提费用

费用类别 2000-12-31 1999-12-31 结存原因

预提房租水电费等 620,275.93 605,275.93年末尚未支付的水电费及房租支

出等预提养老医疗保险 532,516.05

预提育林费 35,557.00

预提利息 1,064,567.36

预提保险金 112,095.88 预提应计的养老保险费 合计 1,188,348.98 1,781,939.17

22. 一年内到期的长期负债

借款类别 2000-12-31 1999-12-31

币种 金额 币种 金额

担保借款 人民币 11,420,000.00 人民币 13,140,000.00

上述一年内到期的长期负债中已逾期尚未归还的借款为人民币

3,200,000.00 元，明细情况如下：

贷款银行 借款条件 币种 年利率 到期日 金额

农行崇明支行 担保 RMB 11.088％ 00.06.20 1,600,000.00

农行崇明支行 担保 RMB 11.088％ 00.12.20 1,600,000.00

合计 3,200,000.00

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分28

子公司上海上菱长安电冰箱有限公司向农行崇明支行借入长期借款人民币

320 万元，因无偿还能力，无法归还而逾期。

23. 长期借款

贷款银行 2000-12-31 1999-12-31

币种 原币 人民币 币种 原币 人民币

借款期

限

年利率 借款

条件

中国高新投资集

团公司

人民

币

人民

币325,000.00 96 个月

本利等

额偿还担保

农行崇明支行 人民

币1,620,000.00

人民

币4,820,000.00

98.12-

2002.07

11.088

％担保

中国农业发展银

行上海市分行

人民

币3,888,110.17

人民

币6,398,110.17

97.09-

2003.09

挂帐停

息担保

合计 5,508,110.17 11,543,110.17

24. 其他长期负债

类别 2000-12-31 1999-12-31 结存原因

项目拨款 1,099,891.96 系上海冷气机厂收到的项目拨款

住房周转金 -30,079,893.24 -4,917,843.17

合计 -30,079,893.24 -3,817,951.21

25. 股本

股本年末余额为人民币 448,381,080.00 元，每股面值 1 元，其股本结构

为：普通股 A/B 股。

本次变动增减(+,-)项目 本次变动前 比例

增法 小计本次变动后 比例

一. 尚未上市流通股份

1.发起人股份

其中:

(1)国家拥有股份

(2)境内法人持有股份 211,981,080.00 47.28% 211,981,080.00 47.28%

(3)境外法人持有股份

2.募集法人股份

3.内部职工股

4.优先股或其他

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分29

未上市流通股份合计 211,981,080.00 47.28% 211,981,080.00 47.28%

二. 已上市流通股份

1.人民币普通股 141,600,000.00 31.58% 141,600,000.00 31.58%

2.境内上市的外资股 94,800,000.00 21.14% 94,800,000.00 21.14%

3.境外上市的外资股 0 0

4.其他 0 0

已上市流通股份合计 236,400,000.00 52.72% 236,400,000.00 52.72%

三. 股份总数 448,381,080.00 100.00% 448,381,080.00 100.00%

26. 资本公积

项 目 2000-1-1 本期增加 本期减少 2000-12-31

股本溢价 1,749,956,721.61 1,749,956,721.61

接受捐赠资产准备 9,359,325.42 9,359,325.42

资产评估增值准备 67,120,174.07 67,120,174.07

股权投资准备

被投资单位接受捐赠准备

被投资单位评估增值准备 6,943,924.70 241,770.70 7,185,695.40

被投资单位股权投资准备 464,425.12 464,425.12

其他资本公积转入 99,233,634.08*注 5,148,379.37 104,382,013.45

被投资单位外币资本折算

差额

住房周转金转入 4,838,721.38 4,838,721.38

合 计 1,937,916,926.38 5,390,150.07 1,943,307,076.45

*注：年初资本公积－其他资本公积转入调增 3,145,165.90 元，系以前年

度债务重组收益追溯调整所致。

27. 盈余公积

项 目 2000-1-1 本期增加 本期减少 2000-12-31

法定盈余公积金 53,323,626.29*1 39,157,548.68 92,481,174.97其中：子公司提取数 929,274.79 16,687,841.93 17,617,116.72

公益金 22,918,089.20*1 30,867,532.47 53,785,621.67

其中：子公司提取数 929,274.79 8,397,825.72 9,327,100.51

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分30

任意盈余公积金 84,607,112.32 84,607,112.32

小 计 160,848,827.81 70,025,081.15 230,873,908.96

*1：公司因追溯调整以前年度利润相应调减了期初法定盈余公积金

1,182,155.33 元、公益金 1,182,155.33 元。

28. 未分配利润

1999 年年报所披露的年末未分配利润额 99,358,862.48

2000 年对期初未分配利润的调整数*注 1 -9,457,242.61

调整后 2000 年年初未分配利润额 89,901,619.87

加：2000 年度合并净利润 275,868,909.14

盈余公积转入数

减：提取法定盈余公积金 39,157,548.68

其中：子公司提取数 16,687,841.93

提取法定公益金 30,867,532.47

其中：子公司提取数 8,397,825.72

提取任意盈余公积

外商投资子公司提取的奖福基金 39,548,436.33

减：预分 2000 年现金红利 134,514,324.00

本年度未分配利润转增股本

2000 年 12 月 31 日未分配利润余额 121,682,687.53

注 1：因下列原因调减了公司以前年度的净利润：

调整原因 金额

①98 年度债务重组收益追溯调整至资本公积 2,070,468.45

②99 年度债务重组收益追溯调整至资本公积 1,074,697.45

③98 年度在建工程转让少计成本补转（欠付工程款） 2,206,429.00

④按各年生产产品品种追溯调整各年度专用模具发生费用

其中：98 年度以前专用模具发生费用 3,857,810.54

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分31

99 年度应计专用模具发生费用 2,612,147.83

合计 11,821,553.27

因上述各项因素的调整，调减了2000年年初留存收益人民币11,821,553.27

元，其中：未分配利润调减人民币 9,457,242.61 元，盈余公积调减了人

民币 2,364,310.66 元；利润及利润分配表上年数栏的年初未分配利润调

减人民币 8,134,707.99 元。

根据公司董事会 2000 年度利润分配预案：

（1）按 2000 年度净利润的 10％提取法定盈余公积金 22,469,706.75 元；

（2）按 2000 年度净利润的 10％提取法定公益金 22,469,706.75 元；

（3）公司第三届董事会第五次会议审议通过了 2000 年度利润分配预案：

按每 10 股派发现金红利人民币 3元（含税），以资本公积转增股本,按每 10

股转增 2股。

29. 财务费用

费用项目 2000 年 1999 年

利息支出 55,835,038.76 54,026,471.24

减：利息收入 57,624,581.42 62,180,712.97

利息净支出 -1,789,542.66 -8,154,241.73

汇兑损失 3,743,964.65 219,412.63

减：汇兑收益 -71,894.91 1,462,879.24

汇兑净损失 3,672,069.74 -1,243,466.61

其他 3,370,566.98 2,829,043.93

合 计 5,253,094.06 -6,568,664.41

30. 其他业务利润

其他业务利润 2000 年度发生额为人民币 12,057,951.10 元，其中无占报

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分32

告期当期利润总额 10%(含 10%)以上的项目。

其他业务利润本年度比上年度增加了近 680 万元，原因系合并子公司的租

赁收入增加所致。

31. 投资收益

项 目 2000 年 1999 年

股票投资收益 4,402,452.65 41,464,409.01

债权投资收益 15,692,900.00 5,969.482.42

其他联营公司已宣告发放的利润（成本法） 46,676,046.84 123,573.70

年末调整的被投资公司所有者权益净增减 71,654,157.62 39,061,713.08

其他收益 -62,675.20 437,055.81

股权投资差额摊销 -27,510,614.61 -23,715,093.70

长期投资减值准备 5,558,562.10 -21,088,341.21

合 计 116,410,829.40 42,252,799.11

本年度投资收益比上年度增加了 59.27%，原因有二，其一：计入了其他联

营公司上海永新彩色显象管有限公司已宣告发放的利润，其二：是按年末

调整的被投资公司所有者权益较上年大幅增加。

32. 补贴收入

补贴收入 2000 年度发生额为人民币 54,717.43 元，均为增值税退税收入。

33. 营业外收入

营业外收入 2000 年度发生额为人民币 5,601,648.53 元,其中无收入额占

报告期当期利润总额 10％(含 10％)以上的项目。

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

五、合并报表项目注释（续）

本附注为会计报表的组成部分33

34. 营业外支出

营业外支出 2000 年度发生额为人民币 8,136,038.95 元，其中无支出额占

报告期当期利润总额 10％(含 10％)以上的项目。

35. 支付的其他与经营活动有关的现金支出

支付的其他与经营活动有关的现金支出 2000 年度发生额为人民币

647,686,286.50 元,其中金额较大的项目情况如下：

项目名称 本年度发生额

经营费及管理费支出 495,266,361.83

暂支款 33,026,484.70

归还上年度应付股东欠款 66,918,710.00

36. 支付的其他与投资活动有关的现金支出

支付的其他与投资活动有关的现金支出 2000 年度发生额为人民币

403,031,484.00 元,均系短期投资，包括委托债券投资 4亿元。

六、母公司报表主要项目注释

1. 应收帐款

2000-12-31 1999-12-31帐龄

金额 占总额比例 金额 占总额比例

1年以内 57,371,810.32 18.28% 489,414,730.43 84.10%

1－2 年 256,252,504.87 81.64% 92,560,537.64 15.90%

2－3 年 240,058.91 0.08% 0

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

六、母公司本部主要项目注释（续）

本附注为会计报表的组成部分34

3 年以上 0

合计 313,864,374.10 100.00% 581,975,268.07 100.00%

本帐户期末余额中无持本公司 5%(含 5%)以上股份的股东单位欠款，其中

关联方往来款明细资料在附注八中披露。

2. 其他应收款

2000-12-31 1999-12-31帐龄

金额 占总额比例 金额 占总额比例

1年以内 26,853,647.89 28.55% 22,282,844.70 27.66%

1－2 年 12,123,525.77 12.89% 2,347,159.78 2.91%

2－3 年 1,368,344.32 1.45% 568,579.53 0.71%

3 年以上 53,708,012.40 57.11% 55,367,633.67 68.72%

合计 94,053,530.38 100.00% 80,566,217.68 100.00%

本帐户期末余额中无持本公司 5%(含 5%)以上股份的股东单位欠款，其中

关联方往来款明细资料在附注八中披露。

其他应收款中期末欠款额最大的前五名债务人情况：

债务人 欠款原因 金额 帐龄

上菱新事业发展总公司 暂借款 31,988,603.65 4 年以上

上海永新彩色显象管有限公司 增资款 16,879,500.00 1 年以内

上菱房地产公司 垫付款 13,096,791.90 4 年以上

上海上菱长安电冰箱有限公司 承担担保还款 11,076,738.60 1 年以内

上菱仓储运输公司 垫付款 4,618,010.00 4 年以上

3. 长期投资

（1） 明细项目：

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

六、母公司本部主要项目注释（续）

本附注为会计报表的组成部分35

期初数 期末数项目

金额 减值准备本期增加 本期减少

金额 减值准备

长期股权投资 2,041,699,085.34 21,071,849.03 236,383,934.17 1,300,303.49 2,276,782,716.02 15,297,914.66

长期债权投资 648,800.00 618,380.00 30,420.00

合计 2,042,347,885.34 21,071,849.03 236,383,934.17 1,918,683.49 2,276,813,136.02 15,297,914.66

（2）长期股权投资

①股票投资

被投资公司名称 股份性质 股数 股权比例 投资金额 期末市价总额 减值准备

氯碱化工 法人股 308,000 <5% 1,240,000.00

双鹿电器 法人股 2,191,200 <5% 7,461,700.00

鄂武商 A 法人股 117,990 <5% 353,400.00

沪昌特钢 法人股 660,000 <5% 1,400,000.00

交通银行 法人股 1,578,150 <5% 1,893,780.00

浦发银行 法人股 1,000,000 <5% 10,000,000.00

钢管股份 法人股 800,000 <5% 2,909,090.91

合计 25,257,970.91

②其他股权投资

损益调整 投资准备被投资单位名称 股权比例

年初投资

成本余额

本年投资

增减净额 本期增加 累计增加 本期增加 累计增加期末余额

宝山万里制绳厂 50% 275,313.03 -60,192.38 31,561.25 306,874.28

菱海电线厂 45% 650,894.04 -1,300,303.49 60,548.18 649,409.45 0

洋泾配件厂 50% 10,726,911.28 240,567.59 -843,563.39 9,883,347.89

上菱燃油取暖器厂 90% 21,031,200.00 -7,639.61 26,808,868.49 47,840,068.49

亚波广告有限公司 40% 1,400,000.00 0 -178,492.33 1,221,507.67

上菱仓储运输公司 90% 4,500,000.00 0 -4,500,000.00 0

上海长安电冰箱有限公

司51.22% 42,000,000.00 -5,773,934.37 -26,702,085.34 15,297,914.66

上海机电实业有限公司 100% 907,246,373.73 191,056,349.43 332,113,700.93 19,708.00 1,239,379,782.66

上海电气集团通用冷冻

设备有限公司100% 265,734,677.82 40,746,857.70 68,526,570.20 241,770.70 686,487.82 334,947,735.84

上海电气集团印刷包装

有限公司100% 248,449,562.82 20,726,539.47 30,019,287.40 278,468,850.22

上海绿洲实业有限公司 69.72% 0 39,140,000.00 2,710,691.55 2,710,691.55 41,850,691.55

上海电气集团财务有限

责任公司5% 11,529,000.00 11,529,000.00

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

六、母公司本部主要项目注释（续）

本附注为会计报表的组成部分36

上海永新彩色显像管有

限公司*15% 274,672,500.00 -25,588,845.00 249,083,655.00

上海上菱家用电器有限

公司19% 19,000,000.00 19,000,000.00

上海二轻销售公司 5.25% 2,000,000.00 2,000,000.00

宝钢集团 <5% 500,000.00 500,000.00

其他 <5% 75,000.00 75,000.00

合计 1,790,791,432.72 31,250,851.51 249,699,787.56 428,635,948.21 241,770.70 706,195.82 2,251,384,428.26

*注：关于公司受让上海真空电子器件股份有限公司拥有的上海永新彩色

显像管有限公司 15%的股权情况详见附注五、9。

③股权投资差额

股权投资差额被投资单位名称

初始金额 形成原因 摊销期限 本期摊销额 摊余金额

宝山万里制绳厂 124,013.62 成本法转权益法 2年 62,006.81 0

洋泾配件厂 233,861.41 成本法转权益法 5年 46,772.28 140,316.85合计 357,875.03 108,779.09 140,316.85

（3）长期债权投资

债券种类 面值购入

金额

到期

日

期初应

收利息

本期应

收利息

期末应

收利息期末余额

减值准备

期末余额

电力建设债券 30,420.00 30,420.00 30,420.00

*注：因到期无法兑现，由一年内到期的长期债权投资转入。

（4）长期投资减值准备

被投资单位名称 期末减值准备余额 计提原因 投资比例

上海长安电冰箱有限公司 15,297,914.66 严重亏损、持续经营有困难 51.22%

4. 投资收益

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

六、母公司本部主要项目注释（续）

本附注为会计报表的组成部分37

项 目 2000 年 1999 年

股票投资收益*1 1,606,121.42 41,464,409.01

债权投资收益 15,692,900.00 5,969,482.42

联营或合营公司分配来的利润 46,658,446.84 71,953.70

年末调整的被投资公司所有者

权益净增减

249,699,787.56215,680,026.38

股权投资差额摊销 -108,779.09 -183,389.05

长期投资减值准备 5,773,934.37 -21,071,849.03

其他收益 -160,099.60 437,055.78

合 计 319,162,311.50 242,367,689.21

5. 主营业务收入和主营业务成本

营业收入 营业成本 毛利 行业

2000 年 1999 年 2000 年 1999 年 2000 年 1999 年

家用电器 263,397,435.07 473,219,890.94 238,936,679.28 400,784,516.08 24,460,755.79 72,435,374.86

七、分行业资料

2000 年度行业收入占主营业务收入 10％(含 10％)以上的行业的营业收入、

营业成本、营业毛利如下：

营业收入 营业成本 毛利行业

2000 年 1999 年 2000 年 1999 年 2000 年 1999 年

家用电器 267,246,733.82 484,624,758.87 243,979,396.14 413,468,218.60 23,267,337.68 71,156,540.27电梯及自动扶梯 2,695,490,783.02 2,769,933,073.33 1,733,762,038.54 1,865,224,528.44 961,728,744.48 904,708,544.89通用冷冻设备 97,208,846.95 42,303,541.36 78,499,504.42 33,286,449.75 18,709,342.53 9,017,091.61印刷包装机械 540,534,650.93 206,305,154.58 412,867,668.39 152,005,420.14 127,666,982.54 54,299,734.44

人造纤维板 27,803,490.92 0 19,131,736.63 0 8,671,754.29 0合计 3,628,284,505.64 3,503,166,528.14 2,488,240,344.12 2,463,984,616.93 1,140,044,161.52 1,039,181,911.21

八、关联方关系及其交易的披露

（一）存在控制关系的关联方情况

1、 存在控制关系的关联方

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分38

八、关联方关系及其交易的披露 （续）

企业名称 注册地址 主营业务与本企业

关系

经济性质

或类型

法定

代表人

上海电气（集团）总公司 上海四川中路 110 号 承包、投资、生产、销售 母公司 有限责任 夏毓灼

上海上菱长安电冰箱有限

公司

上海崇明县城桥镇北门路

22 号

生产、销售电冰箱 子公司 有限责任 王伟新

上海上菱仓储运输有限公

司

上海浦东新区王港虹三村 仓储、运输 子公司 有限责任 葛文宾

上海上菱燃油取暖器厂 浦东新区唐家弄路 228 号 生产、销售燃油取暖器 子公司 有限责任 葛文宾

上海机电实业有限公司 上海恒丰路 600 号 承办合资、组织出口、提

供劳务等

子公司 股份制

(全资)

何子良

上海电气集团印刷包装机

械有限公司

上海中兴路 408 号 各类印刷包装机械设备等 子公司 股份制

(全资)

莫子敏

上海电气集团通用冷冻空

调设备有限公司

上海恒丰路 600 号 各类冷冻设备、空调设备

等

子公司 股份制

(全资)

张国兴

上海三菱电梯有限公司 上海闵行江川路 811 号 生产销售电梯、自动扶梯 机电实业

公司控制

中外合资 夏毓灼

上海冷气机厂 上海共和新路 1301号 冷冻空调低湿设计安装 通用冷冻

公司控制

国有企业 姜克勤

制冷成套工程部 上海周家嘴路 901 号 制冷设备成套服务 冷气机厂

控制

国有非法

人

翁平

冰雪制冷电气科技工程部 上海周家嘴路 889 号 同上 同上 集体企业 戴玉昆

上海亚华印刷机械有限公

司

上海茶陵北路 20号 生产经营印刷包装机械 印刷包装

公司控制

中外合资 刘家年

上海申威达机械有限公司 上海浦东南路 2266号 生产经营印刷包装机械 同上 中外合资 顾锦善

上海迪可印刷器材专卖部 上海石泉西路 158 号 销售印刷器材等 同上 国内联营 肖星南

上海紫光机械有限公司 上海蒙自路 169 号 生产经营印刷包装机械 间接控制 中外合资 刘家年

上海绿洲实业有限公司 上海建平路 2 号 项目投资、人造板销售等 子公司 有限责任 汪锦星

浙江省沪千人造板制造有

限公司

浙江省淳安县千岛湖镇青春

路 38号

人造板生产、销售 间接控制 有限责任 汪锦星

2、存在控制关系的关联方的注册资本及其变化

企业名称 1999-12-31 本年增加数 本年减少数 2000-12-31

上海电气（集团）总公司RMB

4,730,680,000.00

RMB

4,730,680,000.00

上海上菱长安电冰箱有限公司 RMB 82,000,000.00 RMB 82,000,000.00上海上菱仓储运输有限公司 RMB 5,000,000.00 RMB 5,000,000.00

上海上菱燃油取暖器厂 RMB 21,031,200.00 RMB 21,031,200.00

上海机电实业有限公司 RMB 66,430,000.00 RMB 66,430,000.00

上海电气集团印刷包装机械有限公司

RMB 248,449,562.82 RMB 248,449,562.82

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分39

八、关联方关系及其交易的披露 （续）

上海电气集团通用冷冻空调设

备有限公司RMB 266,470,000.00 RMB 266,470,000.00

上海三菱电梯有限公司 USD 116,689,000.00 USD 116,689,000.00

上海冷气机厂 RMB 13,700,000.00 RMB 13,700,000.00制冷成套工程部 RMB 200,000.00 RMB 200,000.00

冰雪制冷电气科技工程部 RMB 500,000.00 RMB 500,000.00

上海亚华印刷机械有限公司 USD 8,800,000.00 USD 8,800,000.00

上海申威达机械有限公司 USD 5,840,000.00 USD 5,840,000.00上海迪可印刷器材专卖部 RMB 500,000.00 RMB 500,000.00

上海绿洲实业有限公司RMB

56,140,000.00RMB 56,140,000.00

浙江省沪千人造板制造有限公司

RMB20,000,000.00

RMB20,000,000.00

3、存在控制关系的关联方所持股份或权益及其变化

企业名称 1999-12-31 本年增加 本年减少 2000-12-31

上海上菱长安电冰箱有限公司 51.22% 51.22%

上海上菱仓储运输有限公司 90% 90%

上海上菱燃油取暖器厂 90% 90%

上海机电实业有限公司 100% 100%

上海电气集团印刷包装机械有限公司 100% 100%

上海电气集团通用冷冻设备有限公司 100% 100%

上海三菱电梯有限公司 52% 52%

上海冷气机厂 100% 100%

制冷成套工程部 100% 100%

冰雪制冷电气科技工程部 100% 100%

上海亚华印刷机械有限公司 60% 60%

上海申威达机械有限公司 75% 75%

上海迪可印刷器材专卖部 60% 60%上海绿洲实业有限公司 69.72% 69.72%浙江省沪千人造板制造有限公司 51% 51%

4、存在控制关系的关联方的交易事项

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分40

八、关联方关系及其交易的披露 （续）

本年度无存在控制关系的关联方交易事项。

5、本公司与关联方其他应收款、其他应付款余额

年末余额

(人民币万元)

占全部应收(付)款项

余额的比重(%)项 目

2000 年 1999 年 2000 年 1999 年

其他应收款：

上菱仓储运输有限公司 461.80 461.80 2.03% 2.43%

上海电气（集团）总公司 106.23 40.79 0.57% 0.21%

制冷成套工程部 16.55 0.09%

冰雪制冷电气科技工程部 15.18 0.08%

其他应付款：

上海上菱燃油取暖器厂 5,012.93 5,012.93 18.81% 16.06%

（二）不存在控制关系的关联方情况

1、不存在控制关系的关联方

企业名称 与本企业的关系

上海宝山万里制绳厂 联营公司

菱海电线厂 同上

上菱电冰箱总厂洋泾配件厂 同上

上海亚波广告有限公司 同上

上海永新彩色显像管有限公司 同上

上海电气集团财务有限责任公司 同上

上海二轻销售公司 同上

宝钢集团 同上

上海高斯印刷设备有限公司 上海电气集团印刷包装机械有限公

司的联营公司

上海伯奈尔有限公司 上海亚华印刷机械有限公司的联营

公司

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分41

八、关联方关系及其交易的披露 （续）

上海紫宏有限公司 上海紫光印刷机械有限公司的联营

公司

上海申威达机械有限公司无锡联营厂 上海申威达机械有限公司联营公司

上海申威达机械有限公司昆山联营厂 同上

上海紫光机械有限公司昆山分厂 上海紫光印刷机械有限公司的联营

公司

上海合众开利空调设备有限公司 上海电气集团通用冷冻空调设备有

限公司的联营公司

上海通惠开利空调设备有限公司 同上

联合开利（上海）空调有限公司 同上

上海哈格诺克冷气机有限公司 由上海冷气机厂参股

上海开利运输冷气设备有限公司 同上

上海格拉索冷冻设备有限公司 同上

常熟亚联制冷设备厂 同上

精工机电公司 同上

上海上菱家用电器(集团)总公司 受同一母公司:上海电气(集团)总

公司的控制

上海电气实业公司 同上

上海印刷包装机械总公司 同上

上海上菱家用电器集团营销有限公司 受上菱家用电器(集团)总公司的控

制

上海三菱电机.上菱空调机电器有限公

司

同上

上海三菱电机.上菱微波炉电器有限公

司

同上

上海上菱天安电冰箱有限公司 同上

上海上菱新事业发展总公司 同上

上菱房地产公司 受上菱新事业发展总公司的控制

上海紫光机械有限公司合营公司（由上海电气集团印刷包

装机械有限公司投资 50％）

上海上菱家用电器有限公司受上菱家用电器(集团)总公司的控

制

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分42

八、关联方关系及其交易的披露 （续）

2、不存在控制关系的关联方交易

（1）采购货物

本企业 2000 年度及 1999 年度向关联方采购货物的有关明细资料如下：

2000年 1999年关联方 金额人民

币(万元)占年度购货百分比(%)

计价标准关联方 金额人民

币(万元)占年度购货百分比(%)

计价标准

下属各联营厂 1,465.80 11.06% 协议价格 下属各联营厂 2,931.12 11% 协议价格

本企业向关联方采购货物的价格由双方协商决定,2000 年度与 1999 年度的

采购价格与市价均基本一致。

（2）销售货物

本企业 2000 年度和 1999 年度向非合并报表范围内的存在控制关系的关联

方销售货物有关明细资料如下：

2000年

关联方名称 交易内容交易金额

(万元)

占同类交易金额

的比例(%)定价原则 结算方式

对公司利润影

响(占毛利)

上海上菱家用电器集团营销公司

家电销售 26,282.65 98.35% 协议价格*1 现金结算 2.04%*2

1999年

关联方名称 交易内容交易金额

(万元)

占同类交易金额

的比例(%)定价原则 结算方式

对公司利润影

响(占毛利)上海上菱家用电

器集团营销公司家电销售 41,488.24 85.61% 协议价格 现金结算 6.08%

*1：本企业销售给关联企业的产品价格由双方协商决定，2000 年度和 1999

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分43

年度本公司销售给关联企业的产品售价略低于本公司的正常售价。

八、关联方关系及其交易的披露 （续）

*2：本年度关联方销售对公司利润的影响大幅度下降，原因系经重组后，

公司的综合获利能力大幅度增加所致。

（3）本公司与关联方应收应付款项余额

年末余额(人民币万元)占全部应收(付)款项余额

的比重(%)项 目

2000年 1999年 2000年 1999年

应收帐款：上海上菱家用电器集团营销公司 31,338.95 58,068.96 40.86% 54.64%

上海上菱家用电器(集团)总公司 76.58 0.07%

上海开利运输冷气设备有限公司 122.42 0.12%

上海哈格诺克冷气机有限公司 162.60 100.25 0.21% 0.09%应收票据：

上海上菱家用电器集团营销公司 22,000.00 30,065.00 94.36% 98.22%

应付帐款：

上海上菱家用电器集团营销公司 110.20 0.10%下属各联营厂 38.61 1,607.58 0.04% 1.43%

根据 2001 年 3 月 13日上海上菱家用电器集团营销公司提交的的还款计划，

上海上菱家用电器集团营销公司拟在 2001 年全部归还应收帐款及应收票

据，并由上海电气集团总公司继续为此还款提供 2.2 亿元的担保。

（4）本公司与关联方其他应收款、其他应付款余额

年末余额

(人民币万元)

占全部其他应收(付)

款金额的比重(%)项 目

2000年 1999年 2000年 1999年

其他应收款上菱新事业发展总公司 3,198.86 3,198.86 14.12% 16.83%

上菱天安电冰箱有限公司 -170.48 -154.81 -0.75% -0.81%

上海电气实业公司 1,031.51 4.55%

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分44

亚华昆山联营厂 608.14 2.68%

上海电气集团印刷包装总公司 653.00 2.88%

上海亚波广告有限公司 -98.00 -98.00 -0.43% 0.52%

八、关联方关系及其交易的披露 （续）

上菱家用电器(集团)总公司 3.97 0.02%

上菱维修中心 335.13 1.48%上海三菱电机.上菱微波炉电器有限公司 -14.54 -0.08%

上菱房地产公司 1,309.68 1,309.68 5.78 6.89%

上海印刷包装机械总公司 653.00 3.43%

上菱仓储运输公司 461.80 2.04%上海永新彩色显象管有限公司 1,687.95

其他应付款

上海上菱家用电器(集团)总公司 73.30 700.00 0.27% 2.24%

上海上菱技术服务部 -446.17 -1.43%上菱销售公司 201.14 0.75%

上海电气实业公司 537.13 1.72%

上菱新事业发展总公司 3,200.00 12%

此外，公司年末银行存款余额中有人民币 638,376,543.15 元存放于上海

电气集团财务有限责任公司帐户中。

（5）公司与关联方的担保事项：

被担保单位名称 担保金额(万元)

上海上菱新事业发展总公司 550.00

上海上菱电冰箱总厂洋泾配件厂 180.00

上海印刷包装机械总公司 4,570.00

上海高斯印刷设备有限公司 270.00

小 计 5,570.00

（6）关键管理人员报酬

姓名 职位 姓名 职位

陈基铨 监事 周伟 副总经理

曹俊 董事会秘书 施世平 总会计师

沈雪文 副总经理 陈富刚 总工程师

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分45

在本公司领取年度报酬的董事、监事、高级管理人员有六人，年度报酬在

人民币 3-3.4 万元之间的为 2人，3.5-3.8 万元之间的为 4人。

九、或有事项

（1） 公司对外提供担保的情况如下 :

被担保单位名称 担保金额(万元)

上海冰箱压缩机股份有限公司 25,000.00

上海飞乐音响股份有限公司 4,000.00

上海紫明机械有限公司 1,400.00

上海光华机械有限公司 2,540.00

上海紫宏机械有限公司 650.00

上海精工机械电器厂 396.00

合 计 33,986.00

（2）重大未决诉讼事项

本年度公司无需要特别披露的重大未决诉讼事项。

（3）抵押事项

本年度下属合营公司上海紫光机械有限公司短期借款中的抵押借款为：

抵押物 抵押物价值 借款金额 RMB

房屋 RMB19,679,500.00 10,225,000.00定期存单 USD 325,934.86 2,000,000.00

十、重大承诺事项

除前次股东大会上审议并通过的需要用募股资金继续在 2001 年投资的项

目外，本公司未增加新的重大资本承诺。

十一、资产负债表日后事项

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分46

其他长期负债中年末余额中住房周转金为人民币-30,079,893.24 元，将在

2001 年按财会（2001）5 号文的规定处理。

十一、资产负债表日后事项（续）

除上述事项外，本公司无需要披露的重大资产负债表日后事项。

十二、债务重组事项

2000 年债权人名称

重组方式 重组内容 涉及帐面金额 重组确定金额 重组收益金额

上海大桥精细化工厂 折扣 应付货款 2,000,000.00 1,400,000.00 600,000.00

吴县市新颖金属材料厂 折扣 应付货款 1,320,000.00 924,000.00 396,000.00

上海浦洋工贸公司 折扣 应付货款 770,000.00 539,000.00 231,000.00

上海宝山张士金属表带厂 折扣 应付货款 650,000.00 455,000.00 195,000.00

上海航空电器厂 折扣 应付货款 550,000.00 385,000.00 165,000.00

上海宝山多利涂料装璜设备厂 折扣 应付货款 635,294.00 480,000.00 155,294.00

浦东泾南纸箱厂 折扣 应付货款 1,000,000.00 850,000.00 150,000.00

常熟市橡塑五金厂 折扣 应付货款 500,000.00 350,000.00 150,000.00

江西浔阳电子仪器厂 折扣 应付货款 500,000.00 350,000.00 150,000.00

上海浦东新区明星仓库 折扣 应付仓储费 500,000.00 350,000.00 150,000.00

锡山市电冰箱配件厂 折扣 应付货款 576,471.00 430,000.00 146,471.00

上海浦东新区同乐包装材料厂 折扣 应付货款 1,340,000.00 1,200,000.00 140,000.00

上海洋泾灯具厂 折扣 应付货款 420,830.88 295,000.00 125,830.88

上海市崇明县磁性密封件厂 折扣 应付货款 400,000.00 280,000.00 120,000.00

上海浦东民丰机械厂 折扣 应付货款 400,000.00 280,000.00 120,000.00

江阴市家用电器配件厂 折扣 应付货款 400,000.00 280,000.00 120,000.00

厦门中州国际有限公司 折扣 应付货款 441,972.41 330,000.00 111,972.41

佛山通宝股份有限公司 折扣 应付货款 350,000.00 245,000.00 105,000.00

上海沪日塑料五金厂 折扣 应付货款 300,000.00 200,000.00 100,000.00

上海东江塑料五金厂 折扣 应付货款 300,000.00 210,000.00 90,000.00

镇江市电冰箱组件厂 折扣 应付货款 300,000.00 210,000.00 90,000.00

锡山特种压敏胶厂 折扣 应付货款 300,000.00 210,000.00 90,000.00

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分47

上海可蒙化工制冷气体经营部 折扣 应付货款 300,000.00 210,000.00 90,000.00

十二、债务重组事项（续）

上海浦东申保化工气体公司 折扣 应付货款 300,000.00 210,000.00 90,000.00

江阴市塑料制品二厂 折扣 应付货款 317,647.00 240,000.00 77,647.00

浙江省东阳市自立实业有限公司 折扣 应付货款 300,000.00 225,000.00 75,000.00

无锡减震厂复合阻尼材料分厂 折扣 应付货款 519,941.00 450,000.00 69,941.00

上海电线五厂二分厂 折扣 应付货款 232,080.86 162,456.60 69,624.26

杭州城东橡胶制品厂 折扣 应付货款 230,000.00 161,000.00 69,000.00

上海浦东大春玻璃建材有限公司 折扣 应付货款 215,400.00 150,780.00 64,620.00

锡山东亭现代办公纸厂 折扣 应付货款 200,000.00 140,000.00 60,000.00

上海华洲纺印包装材料厂 折扣 应付货款 200,000.00 140,000.00 60,000.00

其他 3,802,173.28 3,081,194.47 720,978.82

合计 20,571,810.43 15,423,431.07 5,148,379.37

十三、非货币性交易事项

本公司无其他需要披露的非货币性交易事项

十四、其他重要事项

公司自 2001 年 1 月 1 日起执行《企业会计制度》，根据财政部财会字（2001）

17 号文规定，由于会计政策变更应予追溯调整的会计事项，公司将在年报

披露后认真研究《企业会计制度》，结合公司实际情况对应采用追溯调整

部分予以追溯调整，如该等调整事项对公司的财务状况和经营成果产生重

大影响的，将在 2001 年中期报告中披露。

除上述事项外，本公司无其他需要披露的其他重要事项

十五、会计报表的批准

上海上菱电器股份有限公司

会计报表附注 （续）

二零零零年度

人民币元

本附注为会计报表的组成部分48

本会计报表及附注经本公司董事会于 2001 年 3 月 26日的决议通过及批准。

SHANGHAI SHANGLING ELECTRIC APPLIANCES CO., LTD.2000 ANNUAL REPORT

Important Note: The board of directors of this company guarantees that there is not any falserecord, misleading statement or major omission in the information contained in this report, and thecompany will take the individual and joint responsibilities for the truthfulness, correctness andcompleteness of its contests.

I. Brief Introduction to the Company1. Legal Chinese name of the company: 上海上菱电器股份有限公司

Legal English name of the company: SHANGHAI SHANGLING ELECTRIC APPLIANCES CO., LTD.Abbreviated English name of the company: SLEC

2. Legal representative of the company: Xia Yuzhuo3. Secretary of the board of directors: Cao Jun

Contact address: 2 Jian Ping Road, Pudong New Area, ShanghaiTelephone: (021) 58857888 (exchange) – 2273Fax: (021) 58857367E-mail: sldsh@shangling.com

4. Registered business address of the company: 2 Jian Ping Road, ShanghaiPost code of the company: 200135Web site of the company: http://www.shangling.com

5. The designated newspapers for publishing company’s information:Shanghai Securities Daily (domestic) and Hong Kong South China Morning Post (overseas)The web site designated by China Securities Regulatory Commission (CSRC) for publishingcompany’s annual reports: http://www.sse.com.cnLocality where the annual report of the company is available for inspection: The office of boardsecretary of the company

6. Listing locality of the corporate stocks of this company: Shanghai Securities ExchangeShortened name of the stocks: Shangling Electric Appliances Shangling B shareCode of A share: 600835; Code of B share: 900925

II. Summary of Accounting and Business Data1. The company realized in this fiscal year (Unit: RMB yuan) total profits 576,493,905.16 net profits net profits after non-recurring gains and losses profits from main business operations 1,131,815,342.49 other business profits 12,057,951.10 operating profits 462,562,748.75 earnings on investments 116,410,829.40 income from subsidies 54,717.43 net amount of non-business revenue and expenditure -2,534,390.42 net amount of cash flow incurred in operating activities 678,152,932.48

net accrual of cash and cash equivalents 428,534,876.07Notes: Deductions of the non-recurring gains and losses and the sums involved: (Unit: RMB yuan)

1. interest on treasury bonds 15,692,900.002. income from subsidies 54,717.43The total amount involved in the above items 15,747,617.43

(Unit: in thousands of RMB yuan)Net profits realized on the basis of PRC statutory accountsNet profits realized on the basis of the international accounting standard

Causes for the difference in net profit calculations using these two different accountingstandards are as follows:

Net profits (in thousands of RMB yuan)On the basis of PRC statutory accountsThe international accounting standard and other adjustments:. Withdrawal of employee bonus and welfare funds according to the profit statement - 39,548

. Reserve for depreciation of fixed assets - 10,248

. Recognized income from debt reformation 5,148

. Difference in amortization on goodwill 982

. Writing off of the employee housing fund 1,817

. Miscellaneous - 2,984

Listed after adjustments according to the international accounting standard and other adjustments 231,036

2. Major accounting data and financial indices (Unit: RMB yuan)Item 2000 1999 1998

after adjustment before adjustment after adjustment before adjustmentmain businessincome

3628284505.64 3503166528.14 3503166528.14 444323044.92 444323044.92

net profits 240646168.09 244333013.37 -4849916.66 3284791.33total assets 7059816173.41 6880077974.15 6886955811.52 4964466467.28 4969582156.82shareholders’equity (minorityinterest excluded)

2878759076.94 2637048454.06 2645724841.43 1087127973.88 1093192213.43

earnings per share 0.537 0.545 -0.015 0.010earnings per share(according to themonthly weightedaverage method)

0.636 0.646 -0.015 0.010

earnings per shareafter non-recurringgains and losses

0.355 0.365 -0.015 0.010

net asset value pershare

5.88 5.90 3.31 3.33

net asset value pershare afteradjustmentnet amount of cashflow incurred fromoperating activitiesper share

1.51 0.55 0.55 -0.27 -0.27

net asset rate ofearnings (%)

9.13 9.24 -0.45 0.30

3. Net asset rate of earnings and earnings per share calculated according to the fully diluted andweighted average methods

profits in the report period net asset rate of earnings earnings per share (yuan)fully diluted weighted average fully diluted weighted average

profits from main businessoperations

39.32% 41.01% 2.524 2.524

operating profits 16.07% 16.76% 1.032 1.032net profits 9.58% 9.995% 0.615 0.615net profits after non-recurringgains and losses

9.04% 9.42% 0.580 0.580

Notes: Calculation formula for main financial indices:Fully diluted earnings per share = profits in the report period ÷ total number of shares at the endof report periodFully diluted net asset rate of earnings = profits in the report period ÷ net assets at the end ofreport periodNet asset value per share = shareholders’ equity at the year end ÷ total number of shares of the

ordinary stock at year endNet asset value per share after adjustment = (shareholders’ equity at year end – net amount ofaccounts receivable for over three years – expenses to be apportioned – net (current and fixed)asset losses in suspense – initial expenses – long-term expenses to be apportioned – negativeamount of working capital fund for housing) ÷ total number of ordinary shares at year end

Weighted average earnings per share (EPS) = P So + S1 + Si × Mi ÷ Mo – Sj × Mj ÷ Mo

where, P is the profits in the report period; So is the total number of shares at the beginning ofreport period; S1 is the number of shares increased due to transfer of accumulation fund intoshareholder equity or distribution of stock dividends in the report period; Si is the number ofshares increased due to shares newly issued or shares converted from debts in the report period; Sj

is the number of shares reduced due to buying back or stock reverse split-up in the report period;Mo is the number of months in the report period; Mi is the number of months starting from themonth next to the month when the shares increased to the end of the report period; Mj is thenumber of months starting from the month next to the month when the shares decreased to the endof the report period.

Weighted average net asset rate of earnings (ROE) = P Eo + NP÷2 + Ei×Mi÷Mo – Ej×Mj÷Mo

where, P is the profits in the report period; NP is the net profits in the report period; Eo is thenet assets at the beginning of the report period; Ei is the net assets increased by shares newlyissued or shares converted from debts in the report period; Ej is the net assets reduced due tobuying back or cash dividends in the report period; Mo is the number of months in the reportperiod; Mi is the number of months starting from the month next to the month when the net assetsincreased to the end of the report period; Mj is the number of months starting from the month nextto the month when the net assets decreased to the end of the report period.

3. Changes in shareholders’ equity during the report period: (Unit: RMB yuan)

item share capital capital surplus profit surplus legal publicwelfare fund

undistributedprofit

total shareholders’equity

balance broughtforward

448381080 1937916926.38 160848827.81 22918089.20

value increasedin this period

0 5390150.07 70026679.49 30868331.64

balance carriedforward

448381080 1943307076.45 230875507.30 53786420.84

Causes of changes:1. The increase in capital surplus was due to the income from debt reformation.2. The changes in profit surplus and legal public welfare fund were resulted from the amount of

profits derived in this year.3. Change in the undistributed profit was resulted from the increase of profits in this fiscal year.

III. Changes in Share Capital and Shares Held by Principal Shareholders1. Changes in share capital(1) Statement of changes in shares Unit: in ten thousands of shares

shares brought forward increase or decrease this time (+、-) shares carried forward

right shares bonus shares shares transferred from accumulation fund additionally issued shares miscellaneous sub-total

(I) Shares not in circulation yet

1. promoter’s shares 21,198.108 21, 198.108

including:

shares held by the state 21,198.108 21,198.108

shares held by domestic legal bodies

shares held by legal bodies of foreign capital

miscellaneous

2. raised shares held by legal bodies

3. employee shares

4. preferential shares and miscellaneous

Total shares not in circulation yet 21,198.108 21,198.108

(I) Shares in circulation

1. RMB ordinary shares listed 14,160 14,160

within the borders

2. foreign-currency shares listed 9,480 9,480

within the borders

3. foreign-currency shares listed

beyond the borders

4. miscellaneous

Total shares in circulation 23,640 23,640

(III) Total shares 44,838.108 44,838.108

(2) Issuance and listing of sharesThis company, on July 9, 1999, additionally issued 120,000,000 new ordinary A shares to the

public with an issue price of RMB 11.80 yuan per share. Among them, the 21,600,000 right sharesrationed to the existing A shareholders and the 62,400,000 shares issued to the public were listedfor transaction at Shanghai Securities Exchange on August 5, 1999, while the other 36,000,000

public shares rationed to various securities investment funds were listed and started circulating onOctober 8, 1999.

2. Description of shareholders(1) The total number of shareholders at the end of the report period amounted to 28,049.(2) Shares held by principal shareholders are as follows:

shareholder’s name shares held at year end (share) percentage in total share capital (%)1. Shanghai Electric (Group) Company 211,981,080 47.282. An Shun Mutual Fund 5,166,256 1.153. TOYO SECURITIES ASIA LTD. A/CCLIENT (B share) 4,699,476 1.054. Yu Long Mutual Fund 4,200,175 0.945. Hai Tong Securities 3,989,481 0.896. Hai Tong International 3,293,500 0.737. Jin Cheng Mutual Fund 3,163,742 0.718. Xin An Mutual Fund 2,869,600. 0.649. New Min Sheng (B share) 1,964,588 0.4410. Qian Yuexia (B share) 1,875,000 0.42

Notes: ① Shanghai Electric (Group) Company holds the state-owned stock equity of211.981,080 shares of this company, accounting for 47.28% of the total share capital. The legalrepresentative of Shanghai Electric (Group) Company is Mr. Xia Yuzhuo. The said company’sbusiness scopes: general contracting, general supplying or sub-supplying of complete sets ofequipment or individual equipment of power engineering projects, overseas labor services,industrial investment, manufacture and sales of mechanical and electrical products as well asequipment for related industries, technical consultation and training for domestic and exportprojects, operation and management of state-owned properties within the scope authorized by theShanghai Municipal State-Owned Assets Management Commission, domestic trade, etc.. ② All the shareholders are shareholders of A shares unless otherwise specified.

IV. Brief Description of the General Meeting of Shareholders1. Description of the general meeting of shareholders

On April 7, 2000, Shanghai Securities Daily and Hong Kong South China Morning Postpublished the announcement of the eleventh meeting of the second board of directors of thiscompany on the holding of the 1999 annual meeting of shareholders. On May 19, 2000, ShanghaiSecurities Daily and Hong Kong South China Morning Post published the announcement of thecompany on the postponement of the 1999 annual meeting of shareholders. The company held its1999 annual meeting of shareholders on June 15, 1999. 282 shareholders and authorizedrepresentatives, representing 215,075,212 shares, which accounted for 47.97% of the shareholdingequity of the company (including 2,410,140 B shares, which accounted for 0.54% of theshareholding equity) attended the meeting. The following reports and proposals were examinedand approved or resolutions were adopted on them at the general meeting of shareholders. Thereports and proposals included 《1999 Annual Work Report of the Board of Directors》,《1999Annual Report of the Board of Supervisors》,《1999 Final Financial Report and 2000 BudgetReport》,《1999 Profit Distribution Plan》,《Proposal for Reappointment of the Certified PublicAccountant’s Firm within Borders》,《Proposal for Reappointment of the Certified PublicAccountant’s Firm beyond Borders》,《Report on Amendment of Articles of Associationof theCompany》,《Proposal to Elect Mr. Xia Yuzhuo Director of the Third Board of Directors of the

Company》,《Proposal to Elect Mr. Chen Junmin Director of the Third Board of Directors of theCompany》,《Proposal to Elect Mr. Fan Bingxun Director of the Third Board of Directors of theCompany》,《Proposal to Elect Mr. Luo Guanlong Director of the Third Board of Directors of theCompany》,《Proposal to Elect Mr. Wang Shumin Director of the Third Board of Directors of theCompany》,《Proposal to Elect Mr. Xu Wei Director of the Third Board of Directors of theCompany》,《Proposal to Elect Mr. Zhang Zhuanwu Director of the Third Board of Directors of theCompany》,《Proposal to Elect Mr. Jiang Ancheng Director of the Third Board of Directors of theCompany》,《Proposal to Elect Mr. Fang Lin Director of the Third Board of Directors of theCompany》,《Proposal to Elect Madam Xu Yongqin Supervisor of the Third Board of Supervisorsof the Company》, 《Proposal to Elect Mr. Lu Honggui Supervisor of the Third Board ofSupervisors of the Company》and 《Proposal to Elect Mr. Zhao Quangsheng Supervisor of theThird Board of Supervisors of the Company》. The announcement on all the resolutions adopted atthe 1999 general meeting of shareholders was published in Shanghai Securities Daily and HongKong South China Morning Post on June 16, 2000.2. Elections and changes of members in both the board of directors and board of supervisors

during this report period:(1) Examined and approved by the twelfth meeting of the second board of directors and the 1999

general meeting of shareholders of the company, Messrs. Xia Yuzhuo, Chen Junmin, FanBingxun, Luo Guanlong, Wang Shumin, Xu Wei, Zhang Zhuanwu, Jiang Ancheng and FangLin would act as directors of the third board of directors of this company.

(2) Examined and approved by the fifth meeting of the second board of supervisors and the 1999annual meeting of shareholders of the company, Madam Xu Yongqin, Mr. Lu Honggui and Mr.Zhao Guangsheng would act as supervisors of the third board of supervisors of this company.Elected by the union and worker representatives of the company, Messrs. Chen Jiquan and LuBaixuan would act as the worker supervisors in the third board of supervisors of this company.

(3) Discussed and approved by the first meeting of the third board of directors of this company,Mr. Xia Yuzhuo was elected the chairman of the third board of directors of this company, andMessrs. Chen Junmin and Fan Bingxun were elected vice chairmen of the third board ofdirectors of this company. Discussed and approved by the first meeting of the third board ofsupervisors of this company, Madam Xu Yongqin was elected the chairman of the third boardof supervisors of this company.

V. Director’s Report1. Business performance of the company(1) The industrial sectors into which this company falls, and its ranking positions in these sectors.① In 2000, this company took the first place in such indices as sales revenue, profit and tax

turnover of elevator products in this industrial sector of China. (Based on the statistical data byChina Association of Elevator Manufacturers)

② All the economic indices and market shares of such products as central air conditioners, trainair-conditioners, passenger car air-conditioners and refrigerator truck units of this companywere ahead of other manufacturers in this industry of China. (Based on the statistical data byChina Association of Industrial Air-Conditioner Manufacturers)

③ The output value, sales revenue and export earnings of the printing and packaging machinerymanufactured by this company ranked first among all the printing machinery manufacturers in

China. (Based on the statistical data by China Association of Printing and Printing MachineryIndustries)

(2) Scope and performance of main businesses of the company At present, the company is mainly engaged in the production of ice-making, refrigerating andair-conditioning equipment; printing and packaging machinery; lifting and conveying machinery,etc.Analysis based on industrial sectors: (Unit: RMB yuan)

main business revenue main business profitlifting and conveying machinery 2,697,213,383.02 956,572,678.16refrigerating and air-conditioning equipment 96,622,999.09 17,941,383.94printing and packaging machinery 535,595,137.08 126,790,459.55household electrical appliances 301,974,748.32 21,466,397.93Total 3,631,406,267.51 1,122,770,919.58

(3) Operation and business performance of fully-owned affiliated subsidiaries and controlledsubsidiary companies (Unit: RMB yuan)

total assets main business revenue net profits shareholders’ equityMechanical & ElectricalIndustrial Co.

3,783,504,749.14 2,697,213,383.02 233,511,780.35 1,245,378,587.90

General Refrigerating & Air-Conditioning Equipment Co.

471,768,526.08 96,622,999.09 41,754,240.64 335,955,118.78

Printing & PackagingMachinery Co.

715,594,759.87 535,595,137.08 23,199,965.06 281,332,275.81

Lu Zhou Industrial Co. 122,917,498.19 31,101,840.96 3,855,193.94 60,002,435.94

(4) Problems and difficulties arising in operation and the solutionsWhile bringing its advantages in its main business operations, the manufacture of elevator

products, refrigerating and air-conditioning equipment and printing and packaging equipment, tofull play, the company is also faced with a keen market competition. The market competition isincreasingly fierce, in particular, for the household electric appliances sector, and its market sharesare still dwindling, and the accounts receivable have not been collected adequately.

Facing all the problems arising in the main business operations, the company has readjustedits business strategy in time and the following measures have been taken:

For the elevator products, refrigerating and air-conditioning equipment, printing andpackaging equipment, the company has readjusted and optimized the product structures in thesesectors through introducing advance manufacturing technologies from foreign companies of therelevant industries or by our own R & D efforts. As a result, the percentages of locally madecomponents of these products have been further increased. Besides, a quick-response mechanismand a prefect after-sale service system have been preliminarily set up through establishing themarketing networks, laying stress on the training of marketing personnel and fully implementingthe strategy to make customers satisfied.

The household electric appliances sector has been developed in the course of readjustment,and measures have been taken to increase efficiency by cutting down employees, revive the stockassets and perfect the incentive mechanism. Moreover, grasping the good opportunity to maketechnical cooperation with world advanced refrigerator manufacturer, medium- and high-gradenew products have been developed to meet the effective demands in the market.

2. Financial condition of the company (Unit: RMB yuan) item 2000 1999 increase or decrease percentage

total assets 7,059,816,173.41 6,880,077,974.15 2.61%

long-term liabilities -14,144,748,07 17,762,193.96 -179.63%

shareholders’ equity 2,878,759,076.94 2,637,048,454.06 9.17%

main business profits 1,131,815,,342.49 1,031,193,438.95 9.76%

net profits 240,646,168.09

Causes of changes:1. The change in total assets was resulted from the profit increase in this year.2. Reduction in long-term liabilities was due to decrease of long-term debts.3. The increase in shareholders’ equity was resulted from profit increase in this year.4. The increase in main business profits was resulted from the increase in the main business

revenue in this year.5. The increase in net profits was resulted from the increase of profits realized in this year.

3. Investments of the company(1) As of December 31, 2000, the total long-term investments of this company amounted to907,496,279.28 yuan, which was 25,362,561.21 yuan less than that of the previous year, reducingby 2.72% %.(2) The invested companies

name of invested company main business operation equity percentageShanghai Mechanical & ElectricalIndustrial Co., Ltd.

undertaking operation of Sino-foreign jointventures in mechanical & electrical industries

100%

Printing & Packaging Machinery Co., Ltd.of Shanghai Electric Group

manufacture and sales of various kinds ofprinting & packaging equipment and their

replacement and spare parts

100%

General Refrigerating & Air-ConditioningEquipment Co., Ltd. of Shanghai ElectricGroup

manufacture and sales of various kinds ofrefrigerating and air-conditioning equipment

100%

Shanghai Shangling Warehouse &Transportation Co., Ltd.

warehousing and transportation 90%

Shanghai Shangling Fuel HeatingApparatus Factory

manufacture of air-conditioners and fuelheating apparatus

90%

Shanghai Lu Zhou Industrial Co., Ltd. Investing in plywood manufacturingenterprises and sales of plywood

69.72%

Shanghai Shangling Chang An RefrigeratorCo., Ltd.

manufacture and sales of householdrefrigerators

51.22%

Yangjin Fittings Sub-Factory of ShanghaiShangling Refrigerator Co., Ltd.

processing and production of fittings forhousehold appliances

50%

Shanghai Baoshan Wan Li Rope Works manufacture and processing of cotton ropesand household appliance fittings

50%

Shanghai Ya Bo Advertising Co., Ltd. design and making of various kinds ofadvertisements

40%

Shanghai Novel CPT Co., Ltd. manufacture and sales of color video tubesand color display devices

15%

Financial Co., Ltd. of Shanghai ElectricGroup

Handle financial transactions approved by thePeople’s Bank of China for member

companies of Shanghai Electric Group

5%

(3) Utilization of raised capital① With the capital raised from additionally issued new shares, the company invested

265,740,000 yuan to acquire the 100% stock equity of General Refrigerating and Air-Conditioning Equipment Co., Ltd. of Shanghai Electric Group, invested 248,450,000 yuan to

acquire the 100% stock equity of Printing & Packaging Equipment Co., Ltd. of ShanghaiElectric Group, and invested 274,670,000 yuan to acquire 15% stock equity of ShanghaiNovel CPT Co., Ltd. from Shanghai Electrovacuum Devices Co., Ltd.. These investmentprojects have all been accomplished, and were revealed in the 1999 annual report of thiscompany.

② The company invested 39,140,000 yuan raised from additionally issued new shares toestablish Shanghai Lu Zhou Industrial Co., Ltd., taking 69.72% of its stock equity. The saidcompany has been in formal operation, and this project was revealed in the 2000 interimreport of this company.

③ Because of the increased risks, ever-increasing keen market competition and changes in theinvestment environment of the relevant industries, it was decided, after being examined andapproved by the by the fourth meeting of the third board of directors and the first 2001interim general meeting of shareholders, that the company would withdraw from someprojects to be invested with the capital raised from floating stocks. These projects includethose to buy shares in Shanghai Fu Ye Industrial & Trading Development Co., Ltd., to investin Ningbo Hua Xin Plastic Dies Making Co., Ltd., and to establish an optical disk drivefactory jointly with Shanghai Dong Hai Computer Co., Ltd., . The capital involved in theseinvestment projects given up would amount to 129,600,000 yuan. The announcements onthese events were published in Shanghai Securities Daily and Hong Kong South ChinaMorning Post on December 7, 2000 and February 21, 2001.

④ Examined and approved by the fourth meeting of the third board of directors and the first2001 interim general meeting of shareholders, the company would acquire 5% stock equity ofShanghai Novel CPT Co., Ltd. from Shanghai Jiu Shi Company, acquire 4% stock equity ofShanghai Novel CPT Co., Ltd. from Shanghai Industrial Investment (Group) Co., Ltd. andfully acquire Shanghai Plywood Machinery Works from Shanghai Electric (Group) Co., withthe capital raised from floating stocks, which was once planned to be invested in the given upprojects mentioned above. The acquisition prices of these three projects would amount to134,040,000 yuan, 107,230,000 yuan and 64,550,000 yuan respectively. The deficiency in thecapital for these acquisitions will be made up with the self-possessed fund of the company.The announcements on these events were published in Shanghai Securities Daily and HongKong South China Morning Post on December 7, 2000 and February 21, 2001 respectively.

⑤ The balance of the raised capital, which amounts to 348,950,000 yuan, will be the bankdeposit of this company.

(4) According to the resolution adopted at the third meeting of the third board of directors, thecompany would increase its investment in Shanghai Novel CPT Co., Ltd., in proportion to itsinvestment percentage, with some of its dividends receivable, which amounted to 16,879,500 yuan.The increased investment would be used for its modification project phase V (investment in theproduction line of fully flat-faced 29” color picture tubes). After the investment is increased, theinvestment percentage of the company will remain unchanged.

4. Business development plan for the coming year The implementation and readjustment of the projects to be invested with the capital raisedfrom additionally issued shares have provided conditions for all the main businesses of thecompany to grow and expand further. As the household electric appliances sector develops in the

course of readjustment, the core main business of the company will shift from household electricappliances to such hi-tech and mechtronics products as elevators, refrigerating and air-conditioning equipment, and printing and packaging machinery. This will radically improve thequality of assets of the company. The investment in the green and environment friendly projects,such as that in the plywood manufacturing industry, will expedite the process to set up areasonable and diversified industrial structure. The earnings from investments to acquire the stockequity of Shanghai Novel CPT Co., Ltd. will improve the overall capacity to earn profits of thecompany. In the meantime, the investment projects to implement computer system integration, tobuy more stock equity of Shanghai Novel CPT Co., Ltd. and acquire Shanghai PlywoodMachinery Works with the capital raised by floating stocks will be speeded up. A situation ofcomplementary development of various advantageous industries shall be preliminarily createdthrough reforming the traditional manufacturing industry with high and new technologies anddeveloping the hi-tech and mechtronics industries. The company will accomplish, within this year,the implementation of all the projects to be invested with the capital raised from new sharesadditionally issued last time, to transform the company from a manufacturing enterprise into acompany for investment in comprehensive hi-tech industries. This will also lay a solid foundationfor the company to realize fast capital expansion in step with fast growth of economic benefit inthe future.Elevator manufacturing sector:

The elevator manufacturing sector of this company has established a joint venture with aworld leading elevator manufacturer to manufacture various kinds of high-quality and high-efficiency commercial elevators and elevators for residential buildings. An operation policy “todevelop new products through technical development, expand the marketing network throughmarket development, strive to be best in image building and improve the core competitive power”is put forward. The development of new products will center on the elevator monitoring system,penhouse-free elevators and car elevators to consolidate its leading advantages in products. Thehigh-efficiency marketing network and maintenance service network shall be set up at anaccelerated rate to establish its leading position in the domestic market. Measures shall be taken toimplement procurement budget control, strengthen financial supervision and carry out risk controlin the enterprise to establish a direct, well-defined and efficient management mechanism. Thestrategy of “technology, cost, service and talented persons” shall be implemented in conjunctionwith quality management, talent development and image-building of the best industrial enterpriseto cultivate and develop the core competitive power, which will enable the enterprise to take theinside track in the future market. The elevator manufacturing sector is the main business with corecompetitive power of this company. In 2001, it will further consolidate its leasing position amongall the manufacturers in this industry of China, and its business performance and all the maintechnical and economic indices will continue to grow steadily from those of 2000.Refrigerating equipment manufacturing sector:

The refrigerating equipment manufacturing enterprises of this company have established jointventures with world famous refrigerating and air-conditioning equipment manufacturers tomanufacture central air-conditioners, train and bus air-conditioners. To maintain their productadvantages in this industry, while expanding consistently the market for the existing main products,they will take the initiative in developing new products and introducing new technologies todevelop environment friendly and hi-tech new products, which are of world advanced level and

with low noise, high efficiency and low power consumption, to substitute for import products.Moreover, they will further cooperate with world famous manufacturers of refrigerating and air-conditioning equipment in the field of manufacture of refrigerating equipment to create newadvantages in competition. The general refrigerating and air-conditioning equipmentmanufacturing sector is the main business with great potential for development in this company,and its business performance in 2001 will be improved from that in 2000.Household electric appliances manufacturing sector:

The household electric appliances sector will develop in the course of readjustment. To adaptitself to the transformation of this company into an investment and stock-holding company, thehousehold electric appliances manufacturing sector will accomplish the transformation to aninvestment and equity participation enterprise. Besides, it will develop the new Shangling brandFreon-free refrigerators that contain more new technologies through technical cooperation withworld advanced refrigerator manufacturers, and in the meantime the appropriate marketing andmanagement systems shall be established to meet the efficient demands in the market. In 2001, itsoperational profits and losses will have less impact on the business performance of this companyas the readjustment of the household electric appliances manufacturing sector is implemented stepby step.5.. Routine work of the board of directors(1) Board meetings and the related resolutions during the report period① The eleventh meeting of the second board of directors of the company was held on April 5,

2000, and the following resolutions were examined and approved at the meeting: 《1999Annual Report of the Company and Its Summary》,《1999 Annual Work Report of Board ofDirectors》,《1999 Business Report by the Managing Director》,《1999 Final Financial Reportand 2000 Financial Budget Report》,《Proposal for Profit Distribution in 1999》,《Proposal ofthe Internal Control System for Withdrawing Reserves for Depreciation in Four Assets andDisposal of Losses》, 《Proposal for the Change and Election of the Board of Directors》,《Proposal for the Board of Directors to Appoint Higher Management Personnel》and 《Reporton the Amendment of the Articles of Association of the Company》. It was also decided at themeeting that the 1999 annual general meeting of shareholders was to be held on May 24, 2000.

② The twelfth meeting of the second board of directors of the company was held on April 20,2000, and the following resolution was examined and approved at the meeting: 《Proposal forthe Election of Candidates for Directors of the Third Board of Directors of the Company》.

③ The first meeting of the third board of directors of the company was held on June 15, 2000, atthe meeting the following resolutions were examined and approved: 《Proposal for theElection of the Chairman of the Board of Directors of the Company》,《Proposal for theElection of Vice-Chairmen of the Board of Directors of the Company》,《Proposal for theAppointment of the Managing Director of the Company》,《Proposal for the Appointment of theSecretary of the Board of Directors of the Company》and 《Proposal for the Appointment ofHigher Management Personnel of the Company》.

④ The second meeting of the third board of directors of the company was held on August 21,2000, at the meeting the following resolutions were examined and approved: 《2000 InterimReport of the Company and Its Summary》and《Proposal for Approving Shanghai Mechanical

& Electrical Industrial Co., Ltd. to Increase Its Investment in Shanghai Mitsubishi ElevatorsCo., Ltd.》, and it was also decided by the board of directors at the meeting that no mid-year

profit distribution would be made and no accumulation fund would be transferred to increasethe capital stock.

⑤ The third meeting of the third board of directors of the company was held on September20,2000, at the meeting the 《Proposal for Increasing Investment in Shanghai Novel CPT Co.,Ltd.》was examined and approved.

⑥ The fourth meeting of the third board of directors of the company was held on December 5,2000, at the meeting the following resolutions were examined and approved: 《Readjustmentof Projects to be Invested with the Capital Raised from Additionally Issued New Shares》,《Acquisition of the 4% Stock Equity of Shanghai Novel CPT Co., Ltd. from ShanghaiIndustrial Investment (Group) Co., Ltd.》,《Acquisition of the 5% Stock Equity of ShanghaiNovel CPT Co., Ltd. from Shanghai Jiu Shi Co.》,《Full Acquisition of Shanghai PlywoodMachinery Works from Shanghai Electric (Group) Co.》,《Invest to Establish ShanghaiShangling Household Electric Appliances Co., Ltd.》and 《Proposal for the General Meeting of

Shareholders to Authorize the Board of Directors the Power to Decide on Projects with anInvestment lower than 10% (including 10%) of the Net Assets of the Company》, and it was

also decided at the meeting that the first 2001 interim general meeting of shareholders was tobe held on January 18, 2001.

(2) Implementation of the profit distribution plan of the company in the report period① 1999 profit distribution plan Examined and approved by the eleventh meeting of the second board of directors and the1999 annual general meeting of shareholders of the company, the 1999 profit distribution plan ofthe company was as follows:

With the 448,381,080 shares of the shareholding equity of the company at the year end of1999 as the radix, cash bonus was to be alloted to all the shareholders, with RMB 1.00 yuan (taxincluded) for every 10 shares. For RMB ordinary shares (A shares), cash RMB 0.85 yuan wasalloted to every 10 shares after tax. For foreign currency shares listed within the borders (B shares),the bonus was to be alloted after it is converted into USD, at the exchange rate of 1 USD to RMB8.2795 yuan on July 11, 2000. After the conversion, the cash bonus for a share was 0.012078USD.② Allotees of the profit distribution

All the shareholders of A shares of this company who were recorded at Shanghai SecuritiesCentral Registration & Clearing Co. before transaction was closed on the afternoon of August 9,2000, and all the shareholders of B shares of this company who were recorded on August 14 (thelast trading day was August 9).③ Date of record and rights-off date1. For A shares, the date of record was August 9, 2000 and the exdividend date was August 10.2. For B shares, the date of record was August 14, 2000 and the exdividend date was August 10.

The last trading day for B shares was August 9.④ Implementation:

1. Shanghai Securities Central Registration & Clearing Co. was entrusted to allot all the cashbonuses for shareholders of state-owned shares.

2. This company remitted the full amount of the cash bonuses for shareholders of public Ashares, RMB 0.10 yuan per share (RMB 0.085 yuan after tax) and the service fee forallotting the cash bonuses to the bank account designated by Shanghai Securities Central

Registration & Clearing Co.. On the first trading day after the date of record (i.e. theexdivident date), Shanghai Securities Central Registration & Clearing Co. remitted thebonuses to the clearing accounts of securities dealers through its clearing system, and thenthe securities dealers remitted the bonuses to the capital accounts of investors.

3. The full amount of the cash bonuses and the service fee for allotting the cash bonuses forshareholders of foreign currency shares (B shares) listed within the borders was remitted bythis company to the bank account designated by Shanghai Securities Central Registration &Clearing Co.. Shanghai Securities Central Registration & Clearing Co. in turn paid thebonuses receivable to all the shareholders of B shares through its clearing system.

6. Management personnel and staff of the company(1) Directors, supervisors and senior management personnel

name sex age post tenure shares held atbeginning of

the year(share)

sharesheld at

year end(share)

Xia Yuzhuo male 60 boardchairman

2000.6.15~2003.6.14

0 0

Chen Junmin male 45 vice boardchairman

2000.6.15~2003.6.14

0 0

Fan Bingxun male 55 vice boardchairman

2000.6.15~2003.6.14

0 0

Fang Lin male 40 director,managingdirector

2000.6.15~2003.6.14

0 0

Luo Quanlong male 61 director 2000.6.15~2003.6.14

0 0

Xu Wei male 37 director 2000.6.15~2003.6.14

0 0

Wang Shumin male 51 director 2000.6.15~2003.6.14

0 0

ZhangZhuanwu

male 60 director 2000.6.15~2003.6.14

0 0

Jiang Ancheng male 51 director 2000.6.15~2003.6.14

0 0

Cao Jun male 41 secretary ofboard

2000.6.15~2003.6.14

0 0

Xu Yongqin female 53 chairman ofboard of

supervisors

2000.6.15~2003.6.14

0 0

Lu Honggui male 50 supervisor 2000.6.15~2003.6.14

0 0

Chen Jiquan male 53 supervisor 2000.6.15~2003.6.14

6000 6000

ZhaoGuangsheng

male 60 supervisor 2000.6.15~2003.6.14

0 0

Lu Boxuan male 54 supervisor 2000.6.15~2003.6.14

0 0

Zhou Ruiyun female 50 deputymanagingdirector

2000.6.15~2003.6.14

0 0

Shen Xuiwen male 31 deputymanagingdirector

2000.6.15~2003.6.14

0 0

Zhou Wei male 45 deputymanagingdirector

2000.6.15~2003.6.14

0 0

Shi Shiping male 30 deputymanagingdirector

2000.6.15~2003.6.14

0 0

Chen Fugang male 50 chiefengineer

2000.6.15~2003.6.14

0 0

① There are six directors, supervisors or senior management personnel who receive yearlysalaries from this company, and two of them are paid an annual salary within a range from30,000 to 34,000 yuan, while the other four are paid an annual salary within a range of 35,000to 38,000 yuan.

② Xia Yuzhuo, Chen Junmin, Fan Bingxun, Fang Lin, Luo Quanlong, Xu Wei, Wang Shumin,Zhang Zhuanwu, Jiang Ancheng, Xu Yongqin, Lu Honggui, Zhao Guangsheng, Lu Boxuanand Zhou Ruiyun do not receive salaries from this company.

③ During the report period, the board of directors was changed and the third board of directorswas elected. The third board of directors appointed Mr. Fang Lin to act as the managingdirector of the company, Madam Zhou Ruiyun, Mr. Shen Xuiwen and Mr. Zhou Wei to act asdeputy managing directors of the company. Mr. Shi Shiping was appointed to act as the chiefaccountant of the company and Mr. Chen Fugang to act as the chief engineer of the company.

(2) As of December 31, 2000, the total number of registered employees of the company is 1757,including 861 production workers, 346 marketing personnel, 60 technical personnel, 12financial personnel and 90 administrative personnel. Among all the employees of the company,189 persons have acquired a certificate of educational background above college graduate,accounting for 10.76% of the employees, and 208 persons have been granted a professional ortechnical title, accounting for 11.84% of the employees. At present, the number of retiredemployees of this company amounts to 887.

7.

8. Newspapers chosen for publishing information of this company are Shanghai Securities Dailyand South China Morning Post.

VI. Report of the Board of SupervisorsAccording to the Company Law and the articles of association of the company, in 2000, the

board of supervisors of the company attended all the meetings of board of directors as nonvotingdelegates, examined all the related financial statements and made comments and suggestions onthe operation and management of the company.(I) Five meetings of the board of supervisors were held during this report period:1. On April 5, 2000, the fourth meeting of the second board of supervisors of the company was

held at Shanghai Mechanical & Electrical Mansion. The following resolutions were approved atthat meeting:

① 《1999 Annual Report of the Board of Supervisors》② 《1999 Annual Report of the Company and Its Summary》③ 《Proposal of the Internal Control System for Withdrawing Reserves for Depreciation in FourAssets and Disposal of Losses》④ 《Proposal for the Change and Election of the Board of Supervisors》

The announcement on the above-mentioned events was published in Shanghai SecuritiesDaily and Hong Kong South China Morning Post on April 7, 2000.2. The fifth meeting of the second board of supervisors of the company was held on April 20,

2000 at the small auditorium of Shanghai Jin Jiang Hotel.

At the meeting, 《Proposal for the Election of Candidates for Supervisors of the Third Boardof Supervisors of the Company》was approved, and after discussion the board of supervisorselected Madam Xu Yongqin, Mr. Lu Hongqui and Mr. Zhao Guangsheng supervisor candidates forthe third board of supervisor, and they were submitted to the 1999 general meeting of shareholdersfor examination and approval.

According to the relevant provisions in the articles of association of the company, elected bythe union and worker representatives of the company, Messrs. Chen Jiquan and Lu Boxuan wouldact as the worker supervisors in the third board of supervisors of the company.

The announcement on the above-mentioned events was published in Shanghai SecuritiesDaily and Hong Kong South China Morning Post on April 22, 2000.3. The first meeting of the third board of supervisors of the company was held on June 15, 2000 at

the small auditorium of Shanghai Jin Jiang Hotel.At the meeting, the 《Proposal for Election of Chairman of the Board of Supervisors of the

Company》was examined and approved.Madam Xu Yongqin was elected the chairman of the third board of supervisors of the

company.The announcement on the above-mentioned events was published in Shanghai Securities

Daily and Hong Kong South China Morning Post on June 16, 2000.4. The second meeting of the third board of supervisors of the company was held on August 21,

2000 at the small auditorium of Shanghai Jin Jiang Hotel.At the meeting the《2000 Interim Report of the Company and Its Summary》was examined

and approved.The announcement on the above-mentioned event was published in Shanghai Securities Daily

and Hong Kong South China Morning Post on August 23, 2000.5. The third meeting of the third board of supervisors of the company was held on December 5,

2000 at the small auditorium of Shanghai Jin Jiang Hotel.At that meeting, all the supervisors present at the meeting discussed seriously all the

resolutions and decisions made by the fourth meeting of the third board of directors and madeunanimous comments on them, They are of the opinion that the resolution adopted by the board ofdirectors to readjust the projects to be invested with the capital raised from floating stocks is incompliance with the relevant laws and regulations in force, the proposal for the full acquisition ofShanghai Plywood Machinery Works falls in an intercompany transaction, the decision process atthat meeting of board of directors complies with laws and regulations, and the board of directors isdiligent in fulfilling its duties and has redeemed its obligation in good faith.

The announcement on the above-mentioned events was published in Shanghai SecuritiesDaily and Hong Kong South China Morning Post on December 7, 2000.(II) The board of supervisors is of the opinion that:1. During this report period, the company carried out all the resolutions of the general meeting of

shareholders accurately, and the decision processes complied with the provisions given in theCompany Law and the articles of association of the company. The management of the companyis increasingly standardized and perfected. And no violation of laws, regulations and articles ofassociation or infringement upon the interest of the company by directors, managing directorsand other top management personnel of the company has been found when they fulfill theduties assigned by the company.

2. During this report period, the uncensored audit reports issued by Shanghai Da Hua CertifiedPublic Accountants Co., Ltd. and Hong Kong PRICEWATERHOUSECOOPER CertifiedAccountants Office truly represent the financial condition and operation results of the company.

3. To safeguard the interests of shareholders, improve the availability factor of capital raised fromfloating stocks, and take into full consideration the impacts of external environment changes onthe development of the company, the fourth meeting of the third board of directors examinedseriously the readjustment of projects to be invested with the capital raised from floating stocks,and adopted a relevant resolution, which was then submitted to the general meeting ofshareholders for voting. This practice is in compliance with the laws and regulations in force.

4. The 《Proposal for the Full Acquisition of Shanghai Plywood Machinery Works from ShanghaiElectric (Group) Co.》examined and approved at the fourth meeting of the third board ofdirectors falls in the intercompany transaction, and it was examined according to the relevantrequirements specified by China Securities Regulatory Commission. The price fixing method inthis intercompany transaction was reasonable, the process was up to the standard and there wasno obstacle in respect to industrial policy and law. This transaction was fair to all theshareholders, and no insider dealing, infringement upon shareholder’s interest or losses ofcompany assets was found.

VII. Important Events1. Major lawsuits and arbitration There was no major lawsuit and arbitration in this company during this year.2. During this report period, neither the company nor any director and senior managementpersonnel was punished by the supervisory department.3. During the report period, the board of directors was changed and the directors of third board of

directors were elected. At the first meeting of the third board of directors, Mr. Xia Yuzhuo was elected boardchairman of the company, and Messrs. Chen Junmin and Fan Bingxun were elected vice boardchairmen of the company. The third board of directors appointed Mr. Fang Lon to act as themanaging director of the company and Mr. Cao Jun to act as the secretary of the board ofdirectors.

The announcement on the above-mentioned events was published in Shanghai SecuritiesDaily and Hong Kong South China Morning Post on June 16, 2000.4. Acquisitions and sales of assets during this report period(1) According to a resolution adopted at the fourth meeting of the third board of directors and the

2001 interim general meeting of shareholders of the company, the company provided a fundamounting to 134,040,000 yuan to acquire the 5% stock equity of Shanghai Novel CPT Co.,Ltd. from Shanghai Jiu Shi Co., and the relevant formalities for the stock equity acquisition arebeing carried out.

(2) According to a resolution adopted at the fourth meeting of the third board of directors and the2001 interim general meeting of shareholders of the company, the company provided a fundamounting to 107,230,000 yuan to acquire the 4% stock equity of Shanghai Novel CPT Co.,Ltd. from Shanghai Industrial Investment (Group) Co., Ltd. and the relevant formalities for thestock equity acquisition are being carried out.

(3) According to the resolution adopted by the fourth meeting of the third board of directors and

the 2001 interim general meeting of shareholders of the company, the company provided afund amounting to 64,550,000 yuan to fully acquire Shanghai Plywood Machinery Works fromShanghai Electric (Group) Company and the relevant formalities for the stock equityacquisition are being carried out.

The announcements on the above-mentioned events were published in Shanghai SecuritiesDaily and Hong Kong South China Morning Post on December 7, 2000 and February 21, 2001respectively.5. Major intercompany transactions(1) Intercompany transaction concerning purchase and sale of products Transactor of the intercompany transaction: Shanghai Shanghling Household ElectricAppliance Group Marketing Co., Ltd., which is one of the affiliated companies controlled by thesame parent company.

Content of transaction: Selling refrigerators of various models for this companyPrice fixing principle: The transaction value of refrigerator products was determined by

taking the market price and coat factor into an overall consideration and through mutualconsultation.

Transaction volume: 307,510,000 yuanPercentage in the total transaction volume of the same products: 99.78%Methods of settling accounts: cash settlement and bill clearing.

(2) Intercompany transaction of assets and stock equity transfer According to the resolution adopted at the fourth meeting of the third board of directors andthe 2001 interim general meeting of shareholders of the company, this company would fullyacquire Shanghai Plywood Machinery Works from Shanghai Electric (Group) Co., and therelevant formalities for the stock equity acquisition are being carried out. Transactor: Shanghai Electric (Group) Co., which is the shareholder of state-owned shares ofthis company.

Content of transaction: This company would fully acquire Shanghai Plywood MachineryWorks from Shanghai Electric (Group) Company.

Price fixing principle: The price was determined on the basis of the appraisal value of theoverall assets of Shanghai Plywood Machinery Works assessed by Shanghai Dong Zhou AssetsAssessment Co., Ltd. and confirmed by Shanghai Assets Appraisal Center.

Book value of the assets: The book value of the assets of Shanghai Plywood MachineryWorks as of November 30, 2000 amounted to RMB 64,550,000 yuan.

Transaction value: RMB 64,550,000 yuan.Method of settling accounts: cash settlement.The announcement on the above-mentioned event was published in Shanghai Securities Daily

and Hong Kong South China Morning Post on February 13, 2001.(3) Financial claims, debts and guarantees with affiliated companies:

Other accounts receivable – 31,988,600 yuan from Shanghai Shangling New BusinessDevelopment Co. (hereinafter referred to as New Business)Cause of formation: New Business is a former fully owned subsidiary company of ShanglingCo.. Due to some historical reasons, that company has a lot of problems in business policy-making, and it has not been able to repay Shangling Co. the money on call and other debtsamounting to 31,988,600 yuan.

Impact on the company: Because of the weaker liquidity of New Business Co., this accountreceivable may become a bad debt. This company has withdrawn the reserve for this bad debt.

6. This company is independent from the controlling shareholders in personnel, assets and finance.(1) In personnel: The company is entirely independent in the management of labor, personnel and

wages, with the exception of the managing director and one of the deputy managing directors,all the other senior management personnel of the company receive salaries from the company.Besides, none of the senior management personnel of the company takes important post in theshareholding companies.

(2) In Assets: The company possesses its own production systems, auxiliary production systemsand supporting facilities, and its own intangible assets such as industrial property rights, trademarks and non-patented technologies. Besides, the company has its own procurement system,and the marketing of household electric appliances products of this company primarilydepends on Shanghai Shangling Household Electric Appliances Group Marketing Co., Ltd.,which is an affiliated company controlled by the same parent company.

(3) In finance: An independent finance and accounting department is set up in this company,independent book keeping system and financial management system have been established,and an independent bank account of this company is opened.

7. Shanghai Da Hua Certified Accountants Co., Ltd. and Hong KongPRICEWATEHOUSECOOPERS Certified Accountants Office were appointed as the certifiedaccountants offices of this company in this fiscal year.

8. Contingent liabilitiesExternal guarantees of this company are as follows: Guaranteed Enterprise Amount of Guarantee (10 thousand yuan) Shanghai Refrigerator Compressor Co., Ltd. 25,000.00 Shanghai Fei Le Acoustics Co., Ltd. 4,000.00 Total 29,000.00

9. No change in company name or abbreviated stock name was made during this report period.10. Other important events According to the repayment agreement between this company and the affiliated ShanghaiShangling Household Electric Appliances Group Marketing Co., all the accounts receivable willbe repaid in 2001, and Shanghai Electric (Group) Co. will continue to provide a repaymentguarantee amounting to 220,000,000 yuan.

VIII. Financial and Accounting Reports1. Audit report (see the appendixes)2. Accounting statements (see the appendixes)3. Explanatory notes to accounting statements (see the appendixes)

IX. Other Related Information of the Company1. Registered address of the company: 2 Jian Ping Road, Pudong New Area, Shanghai, China2. Registration No. of legal entity business license: QiGuHuZhongZhi No.019028 (Shi Ju)3. Tax registration No.: 3100416072620234. Trustee of uncirculated shares of the company: Shanghai Securities Central Registration &

Clearing Company

5. Name of the lead underwriter for securities during this report period: Hai Tomng Securities Co.,Ltd.

6. Certified accountants offices:Shanghai Da Hua Certified Accountants Co., Ltd.146 Kun Shan Road, ShanghaiHong Kong PRICEWATERHOUSECOOPERS Certified Accountants Office23F Sunning Plaza, 10 Hysan Avenue, Causeway Bay, Hong Kong

X. Documents for Reference1. Accounting statements signed and stamped personally by the board chairman, chief accountant

and financial executive.2. The original copy of the audit report with the stamp of the certified accountants office and the

signature and stamp of the certified accountant.3. All the originals of announcements and documents openly published by this company in

newspapers designated by China Regulatory Commission during this report period.4. The annual report personally signed by the board chairman.5. The articles of association of the company.

SHANGHAI SHANGLING ELECTRIC APPLIANCES CO., LTD.(Incorporated in the People’s Republic of China with limited liability)

AUDITOR’S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2000

Shanghai Shangling Electric Appliances Co., Ltd.For the year ended 31 December 2000

Contents

Pages

Report of the international auditors 1

Consolidated income statement 2

Consolidated balance sheet 3 to 4

Consolidated statement of changes in shareholders’ equity 5

Consolidated cash flow statement 6

Notes to the financial statements 7 to 34

Supplementary information 35

1

Report of the international auditors

To the members of Shanghai Shangling Electric Appliances Co., Ltd.(Incorporated in the People’s Republic of China with limited liability)

We have audited the accompanying balance sheet of Shanghai Shangling Electric Appliances Co.,Ltd. and its subsidiaries (the “ Group”) as of 31 December 2000 and the related income and cashflow statements for the year then ended. These financial statements set out on pages 2 to 34 arethe responsibility of the Company’s management. Our responsibility is to express an opinion onthese financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significant estimates made by management,as well as evaluating the overall financial statement presentation. We believe that our auditprovides a reasonable basis for our opinion.

In our opinion the financial statements give a true and fair view of the financial position of theGroup as of 31 December 2000 and of the results of its operations and its cash flows for the yearthen ended in accordance with International Accounting Standards.

PricewaterhouseCoopersCertified Public Accountants

Hong Kong, 26 March 2001

PricewaterhouseCoopers22nd Floor Prince’s BuildingCentral Hong KongTelephone (852) 2289 8888

Facsimile (852) 2577 2692

Shanghai Shangling Electric Appliances Co., Ltd.Consolidated income statementFor the year ended 31 December 2000

2

Notes 2000 1999RMB’000 RMB’000

Sales 3 3,546,731 3,457,307

Cost of sales (2,443,093) (2,426,058)

Gross profit 1,103,638 1,031,249

Other operating income 21,633 58,732

Selling expenses (239,334) (219,016)

Administrative expenses (504,284) (454,391)

Other operating expenses (8,216) (6,269)

Loss on disposal of subsidiaries - (66,075)

Operating profit 5 373,437 344,230

Finance income – net 7 65,012 62,285

Share of results before tax of associates 104,332 56,635

Profit before tax 542,781 463,150

Tax 8 (121,824) (112,247)

Profit from ordinary activities 420,957 350,903

Minority interests (189,526) (146,507)

Net profit 231,431 204,396

Earnings per share 9 RMB0.516 RMB0.542

The notes on pages 7 to 34 form an integral part of these financial statements.

Shanghai Shangling Electric Appliances Co., Ltd.Consolidated balance sheetAs at 31 December 2000

3

Notes 2000 1999RMB’000 RMB’000 RMB’000 RMB’000

ASSETS

Non-current assets

Property, plant and equipment 10 1,080,102 1,038,641

Construction in progress 128,067 141,711

Intangible assets 11 82,877 93,123

Investments 12 678,139 678,519

1,969,185 1,951,994

Current assets

Inventories 13 694,047 628,469

Amount due from the parentcompany - 403,137

Amounts due from fellowsubsidiaries 14 448,336 796,528

Trade receivables 381,700 436,909

Bills receivable 12,338 5,170

Other receivables, prepaymentsand deposits 338,831 276,229

Cash and bank balances 15 3,149,013 2,317,447

5,024,265 4,863,889

Total assets 6,993,450 6,815,883

The notes on pages 7 to 34 form an integral part of these financial statements.

Shanghai Shangling Electric Appliances Co., Ltd.Consolidated balance sheet (continued)As at 31 December 2000

4

Notes 2000 1999RMB’000 RMB’000 RMB’000 RMB’000

EQUITY AND LIABILITIES

Capital and reserves

Share capital 16 448,381 448,381

Reserves 17 2,134,078 2,066,175

Retained earnings 196,431 77,499

2,778,890 2,592,055

Minority interests 18 1,149,210 1,058,283

Non-current liabilities

Borrowings 19 3,888 6,398

Other liabilities 1,076 1,100

4,964 7,498

Current liabilities

Bills payable 5,000 37,692

Trade payables 954,262 1,093,530

Amount due to the parent company - 66,919

Amounts due to fellow subsidiaries 20 32,000 13,366

Amounts due to associatedundertakings 20 3,190 8,223

Amounts due to related companies 20 13,445 3,230

Deposits received in advance 843,635 735,840

Other payables and accrued charges 307,943 338,384

Borrowings 19 856,252 814,007

Current tax liabilities 44,659 46,856

3,060,386 3,158,047

Total liabilities 3,065,350 3,165,545

Total equity and liabilities 6,993,450 6,815,883

On 26 March 2001, the Company’s Board of Directors authorised these financial statements for issue.

The notes on pages 7 to 34 form an integral part of these financial statements.

Shanghai Shangling Electric Appliances Co., Ltd.Consolidated statement of changes in shareholders’ equityFor the year ended 31 December 2000

5

Share capital(Note16)

Reserves(Note17(a))

Retainedearnings/

(accumulatedlosses) Total

RMB’000 RMB’000 RMB’000 RMB’000Year ended 31 December 1999Balance at 1 January 1999

As previously reported 328,381 777,559 (79,683) 1,026,257Effect of adopting IAS38 (Note2(b)) - - (27,804) (27,804)As restated 328,381 777,559 (107,487) 998,453

Adjustments arising from restatement ofretained earnings of statutoryfinancial statements - (21,864) 21,864 -

Additions for the yearAs previously reported 120,000 1,269,206 207,029 1,596,235Effect of adopting IAS38 (Note2(b)) - - (2,633) (2,633)As restated 120,000 1,269,206 204,396 1,593,602

Transfer to reserve funds - 41,274 (41,274) -Dividends proposed for 1999 - - (44,838) (44,838)Effect of adopting IAS10 (Note2(b)) - - 44,838 44,838Balance at 31 December 1999 448,381 2,066,175 77,499 2,592,055

Year ended 31 December 2000Balance at 1 January 2000

As previously reported 448,381 2,066,175 63,098 2,577,654Effect of adopting IAS38 (Note2(b)) - - (30,437) (30,437)Effect of adopting IAS10 (Note2(b)) - - 44,838 44,838As restated 448,381 2,066,175 77,499 2,592,055

Dividend relating to 1999 - - (44,838) (44,838)Additions for the year - 242 231,431 231,673Transfer to reserve funds - 67,661 (67,661) -Balance at 31 December 2000 448,381 2,134,078 196,431 2,778,890

The notes on pages 7 to 34 form an integral part of these financial statements.

Shanghai Shangling Electric Appliances Co., Ltd.Consolidated cash flow statementFor the year ended 31 December 2000

6

Notes 2000 1999RMB’000 RMB’000

Cash flow from operating activities

Cash generated from operations 21 821,176 442,516

Interest received 58,251 63,431

Interest paid (56,416) (51,166)

Tax paid (125,211) (86,683)

Net cash from operating activities 697,800 368,098

Cash flow from i nvesting activities

Purchase of property, plant and equipment (44,301) (178,781)

Payments for construction in progress (101,880) (10,490)

Increase of intangible assets (748) -

Increase of investments in associated undertakings (18,648) (6,485)

Acquisition of other long-term investments (19,133) (287,043)

Decrease/(increase) in amount due from the parentcompany 403,137 (364,709)

Decrease in amount due to the parent company (66,919) (172,358)

Proceeds from disposal of property, plant andequipment 2,846 5,807

Acquisition of a subsidiary, net of cash acquired 22 5,773 (451,031)

Proceeds from disposal of associated undertakings 990 1,295

Dividend received from other long-term investments 26,459 53,090

Dividend received from associated undertakings 91,704 86,081

Net cash from/(used in) investing activities 279,280 (1,324,624)

Cash flow from financing activitiesProceeds/(repayment) of borrowings 197,950 (14,465)

Issuance of A shares (net amount) - 1,388,740

Dividends paid to group shareholders (44,838) -

Dividends paid to minority shareholders (139,411) (176,181)

Net cash from financing activities 13,701 1,198,094

Increase in cash and cash equivalents 990,781 241,568

Movement in cash and cash equivalentsAt start of year 2,003,692 1,762,124Increase 990,781 241,568

At end of year 15 2,994,473 2,003,692

The notes on pages 7 to 34 form an integral part of these financial statements.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

7

1 General

Shanghai Shangling Electric Appliances Co., Ltd. (the “Company”) is a joint stocklimited company incorporated in the People’s Republic of China (the “PRC”). TheCompany and its subsidiaries (the “Group”) are mainly engaged in the manufacturingand sale of household refrigerators, elevators, air-conditioners, artificial boards, printingand packing machinery.

The address of the Company’s registered office is as follows:

No. 2 Jianping Road,Pudong district, Shanghai.PRC

2 Accounting policies

The principal accounting policies adopted in the preparation of these consolidatedfinancial statements are set out below:

(a) Basis of preparation

The consolidated financial statements have been prepared in accordance withInternational Accounting Standards (“ IAS”). This basis of accounting differs from thatused in the preparation of the Group's statutory financial statements (“ PRC statutoryfinancial statements”). The financial statements of the Company and its subsidiariescomprising the Group have been prepared in accordance with the relevant accountingprinciples and regulations applicable to them, as appropriate in the PRC. Appropriateadjustments have been made to these financial statements to conform with IAS.Differences arising from the restatement have not been incorporated in the statutoryaccounting records of the Company and its subsidiaries.

The consolidated financial statements have been prepared under the historical costconvention.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

8

2 Accounting policies (continued)

(b) Change in accounting policies

The Group adopted the following revised and new accounting standards issued by theInternational Accounting Standards Committee (“IASC”) commencing from 1 January2000:

IAS 10 “Events After the Balance Sheet Date”IAS 38 “Intangible Assets”

During the year, the Group changed its accounting policy with respect to the treatmentfor dividends declared after the balance sheet date. To conform to the treatment in IAS 10“Events After the Balance Sheet Date”, the Group now disclosed the dividend declaredafter the balance sheet date as a subsequent event rather than recognised those dividendsas a liability at the balance sheet date. This change in accounting policy has beenaccounted for restrospectively to these financial statements, the opening retained earningswere thus restated accordingly. The change has the effect of an increase in retainedearnings as at 1 January 2000 by RMB44,838,000.

During the year, the Group also changed its accounting policy with respect to therecognition of usage rights of staff quarters, which represent costs incurred for theacquisition or construction of those quarters less the proceeds receivable from employeesupon the transfer of the usage rights of the quarters to the employees when the relevantemployees have fulfilled the required conditions. In previous years, the cost of usagerights of staff quarters were amortised over the period of the expected benefit of 10 yearson a straight-line basis. Following the adoption of the new IAS 38, cost of usage rights ofstaff quarters are charged to the income statement as they incurred. This change inaccounting policy has been applied restrospectively to these financial statements, theopening retained earnings were thus restated accordingly. The change has the effect of adecrease in retained earnings as at 1 January 2000 and 1 January 1999 byRMB30,437,000 and RMB27,804,000 respectively.

Comparative figures of these financial statements have been adjusted to conform with theabove changes in accounting policies.

(c) Subsidiary undertakings

Subsidiary undertakings, which are those companies in which the Group, directly orindirectly, has an interest of more than one half of the voting rights or otherwise haspower to exercise control over the operations, have been consolidated. Subsidiaries areconsolidated from the date on which effective control is transferred to the Group and areno longer consolidated from the date of that control ceases. All intercompany transactions,balances and unrealised surpluses and deficits on transactions between Group companieshave been eliminated. Minority interests represent the interests of outside members in theoperating results and net assets of subsidiaries. Separate disclosure is made for minorityinterests.

A listing of the Group’s major subsidiaries is set out in Note 29. The financial effect ofthe acquisition of subsidiaries is shown in Note 22.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

9

2 Accounting policies (continued)

(d) Associated undertakings

Investments in associated undertakings are accounted for by the equity method ofaccounting. Associates are undertakings over which the Group has between 20% and50% of the voting rights, and over which the Group exercises significant influence, butwhich it does not control. Equity accounting involves recognising in the incomestatement the Group’s share of the associates’ profit or loss for the year. The Group’sinterest in the associates is carried in the consolidated balance sheet at an amount thatreflects its share of the net assets of the associates.

A listing of the Group’s major associated undertakings is shown in Note 30.

(e) Foreign currencies

The Group maintains its books and records in Renminbi. Foreign currency transactionsare accounted for at the applicable rates of exchange ruling at the dates of the transactions.Monetary assets and liabilities denominated in foreign currencies are translated intoRenminbi at the exchange rates quoted by the People’s Bank of China ruling at thebalance sheet date. Exchange differences are included in the income statement.

(f) Financial assets and financial liabilities

Financial assets and financial liabilities carried on the balance sheet include cash andbank balances, investments, trade receivables, trade payables and borrowings.Investments and trade receivables are stated at carrying amounts determined inaccordance with Note 2(h) and Note 2(l) respectively. Other financial assets andfinancial liabilities are stated at cost.

Disclosures about financial assets and financial liabilities of the Group are provided inNote 23.

(g) Intangible assets

Intangible assets comprise goodwill and purchased know-how.

Goodwill represents the excess of the cost of an acquisition over the fair value of theGroup’s share of the net assets of the acquired subsidiary undertaking at the date ofacquisition. Goodwill is amortised using the straight-line method over the shorter of thejoint venture period of the acquired subsidiary undertakings or 20 years. The carryingamount of goodwill is reviewed annually and written down for permanent impairmentwhere it is considered necessary.

Purchased know-how is amortised on a straight-line basis over the period of its expectedbenefit or 5 years, whichever is the shorter.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

10

2 Accounting policies (continued)

(h) Investments

Investments are stated at cost and provision is only made where, in the opinion of theDirectors, there is a permanent diminution in value. Where there has been a permanentdiminution in the value of an investment, it is recognised as an expense in the period inwhich the diminution is identified. Profit or loss on disposal of an investment,representing the difference between the net sales proceeds and carrying amount, arerecognised in the income statement as it arises.

(i) Property, plant and equipment

All property, plant and equipment is stated at historical cost less depreciation.Depreciation is calculated to write off the cost of each asset on a straight-line basis overits expected useful life to the Group, taking into account its estimated residual value. Theprincipal annual rates used for this purpose are:

Buildings 2.5 - 10%Plant and machinery 5 - 20%Furniture, fixtures and office equipment 5 - 20%Motor vehicles 8.33 - 20%

Land use rights are stated at cost less accumulated amortisation. Land use rights areamortised on a straight-line basis over the shorter of the unexpired period of the leasesand 50 years.

Where the carrying amount of an asset is greater than its estimated recoverable amount, itis written down immediately to its recoverable amount.

Gains or losses on disposals of property, plant and equipment are determined bycomparing the net sales proceeds with carrying amount of the relevant assets, and arerecognised in the income statement.

Major costs incurred in restoring property, plant and equipment to its normal workingcondition are charged to the income statement. Improvements of fixed assets arecapitalised and depreciated over their expected useful lives to the Group.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

11

2 Accounting policies (continued)

(j) Construction in progress

Construction in progress represents premises under construction and production plants,machinery and other equipment under installation and is stated at cost. Cost includes thecost of construction, purchase cost of plant and machinery as well as interest expensesarising from borrowings used to finance the construction during the period of time that isrequired to complete and prepare the asset for its intended use.

(k) Inventories

Inventories comprising raw materials, work in progress and finished goods are stated atthe lower of cost and net realisable value. Cost is determined by the weighted averagecosting method. The cost of finished goods and work in progress comprises directmaterials, direct labour and an appropriate proportion of production overheads. Netrealisable value is the estimated selling price in the ordinary course of business, less thecosts of completion and selling expenses.

(l) Trade receivables

Trade receivables are carried at original invoice amount less an estimate made fordoubtful receivables based on a review of all outstanding amounts at the year end. Baddebts are written when identified, and recognised in the income statement for the year.

(m) Cash and cash equivalents

For the purpose of the cash flow statement, cash and cash equivalents comprise cash onhand and deposits held at banks net of short-term borrowings.

(n) Warranty

The Group recognises the estimated liability to repair or replace products still underwarranty at the balance sheet date. This provision is calculated based on past history ofthe level of repairs and replacements.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

12

2 Accounting policies (continued)

(o) Retirement benefits

The Group has to make defined contributions to the staff retirement scheme managed bythe local government in accordance with its rules and regulations. Payments to aretirement benefit scheme are charged to the income statement as and when incurred.

(p) Taxation

PRC income taxes are provided for based on the estimated assessable profits and tax ratesapplicable to the Company and other companies comprising the Group. Deferred incometax is provided, using the liability method, for all temporary differences arising betweenthe tax bases of assets and liabilities and their carrying values for financial reportingpurposes. Currently enacted tax rates are used to determine deferred income tax.

(q) Revenue recognition

Revenue mainly comprises sales of goods which is recognised when the Group hastransferred to the buyer the significant risks and rewards of ownership of the goods, netof sales taxes and discounts, and after eliminating sales within the Group.

Other revenues earned by the Group are recognised on the following bases:

Interest income - on an effective yield basis unless collectibility is in doubt.Dividend income - when the Group’s right to receive payment is established.

3 Sales

Sales of the Group is mainly derived from the PRC at invoiced value net of discounts andvalue-added tax.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

13

4 Business segments information of the Group

Year ended 31 December 2000

Householdelectric

appliances ElevatorsAir-

conditioners

Printing andpacking

machineryArtificial

boards Total

RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Sales 263,397 2,695,490 97,209 462,832 27,803 3,546,731

Operating profit/(loss) (48,385) 410,362 (15,603) 21,813 5,250 373,437

Interest expenses (44,109) (1,249) (3,495) (7,535) (28) (56,416)

Exchange gain/(loss) (35) (3,753) - 29 - (3,759)

Interest income 3,938 51,528 509 2,022 254 58,251

Dividend income 63,796 - - 344 2,796 66,936

Share of results beforetax of associates 133 - 81,876 22,323 - 104,332

Profit/(loss) before tax (24,662) 456,888 63,287 38,996 8,272 542,781

Tax (129) (85,279) (22,462) (11,675) (2,279) (121,824)

Profit/(loss) fromordinary activities (24,791) 371,609 40,825 27,321 5,993 420,957

Minority interests (9) (179,810) - (6,433) (3,274) (189,526)

Net profit/(loss) (24,800) 191,799 40,825 20,888 2,719 231,431

Segment assets 1,967,844 3,841,697 217,918 515,246 81,682 6,624,387

Associates 14,820 - 241,115 113,128 - 369,063

Total assets 1,982,664 3,841,697 459,033 628,374 81,682 6,993,450

Segment liabilities (973,359) (1,579,101) (140,916) (364,455) (7,519) (3,065,350)

Total liabilities (973,359) (1,579,101) (140,916) (364,455) (7,519) (3,065,350)

Capital expenditure 25,240 1,692 246 16,104 29,565 72,847

Depreciation 30,261 84,840 4,776 12,773 1,379 134,029

Amortisation 2,765 1,867 1,697 5,919 66 12,314

Impairment charge 8,226 - - - - 8,226

Other non-cash expenses 10,550 31,702 401 7,305 - 49,958

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

14

4 Business segments information of the Group (continued)

Year ended 31 December 1999

Householdelectric

appliances ElevatorsAir-

conditioners

Printing andpacking

machineryArtificial

boards Total

RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Sales 473,220 2,769,933 42,304 171,850 - 3,457,307

Operating profit/(loss) (60,771) 397,157 (1,827) 9,671 - 344,230

Interest expenses (44,306) (2,100) (2,015) (2,745) - (51,166)

Exchange gain/(loss) (20) 1,390 - 23 - 1,393

Interest income 4,145 59,160 80 46 - 63,431

Dividend income 48,627 - - - 48,627

Share of results beforetax of associates 507 - 44,627 11,501 - 56,635

Profit/(loss) before tax (51,818) 455,607 40,865 18,496 - 463,150

Tax (5,260) (88,016) (13,029) (5,942) - (112,247)

Profit/(loss) fromordinary activities (57,078) 367,591 27,836 12,554 - 350,903

Minority interests 32,741 (176,059) - (3,189) - (146,507)

Net profit/(loss) (24,337) 191,532 27,836 9,365 - 204,396

Segment assets 1,998,032 3,617,512 221,776 616,446 - 6,453,766

Associates 13,454 - 239,828 108,835 - 362,117

Total assets 2,011,486 3,617,512 461,604 725,281 - 6,815,883

Segment liabilities (932,397) (1,644,309) (166,740) (422,099) - (3,165,545)

Total liabilities (932,397) (1,644,309) (166,740) (422,099) - (3,165,545)

Capital expenditure 128,168 147,676 1,116 10,236 - 287,196

Depreciation 36,275 89,108 1,976 9,113 - 136,472

Amortisation 2,763 1,867 848 2,920 - 8,398

Impairment charge 5,000 - - - - 5,000

Other non-cash expenses 33,844 - - - - 33,844

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

15

5 Operating profit

The following items have been charged/(credited) in arriving at operating profit:

Notes 2000 1999RMB’000 RMB’000

Depreciation on property, plant and equipment 10 134,029 136,472Loss on disposal of property, plant and equipment 1,914 2,850Loss on disposal of construction in progress - 6,505Repairs and maintenance expenditure 35,303 23,925Amortisation of intangible assets:- goodwill 11 9,470 5,635- know-how 11 2,844 2,763Operating lease rentals of property 11,425 7,586Provision for diminution in value of construction in

progress - 5,000Impairment of property, plant and equipment 10 8,226 -Provision for diminution in value of investments - 33,844Provision for slow moving inventories 2,408 -Provision /(write-back of provision) for bad and

doubtful debts 49,958 (2,842)Staff costs 6 257,754 169,666

6 Staff costs

2000 1999

RMB’000 RMB’000

Salaries 214,998 136,087

Retirement benefits (Note 24) 42,756 33,579

257,754 169,666

Average number of persons employed by the Group duringthe year 5,393 4,693

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

16

7 Finance income - net

2000 1999RMB’000 RMB’000

Interest income

- from fellow subsidiaries 2,121 1,055

- from the parent company - 4,621

- banks 56,130 57,755

58,251 63,431

Other investments

- dividend income 66,936 48,627

Net foreign exchange transaction (losses)/gains (3,759) 1,393

Interest expenses

- bank borrowings (54,403) (47,091)

- others (2,013) (4,075)

(56,416) (51,166)

65,012 62,285

8 Tax

2000 1999RMB’000 RMB’000

Current tax 98,794 99,478

Share of tax of associates 23,030 12,769

121,824 112,247

As the Company is situated in Pudong District of Shanghai, the income tax rateapplicable to the Company is 15% in accordance with the preferential income tax policyon the development of Pudong as approved by the State Council. Income taxes ofsubsidiaries are provided based on the rates as applicable to the relevant subsidiaries.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

17

8 Tax (continued)

The tax on the Group’s profit before tax differs from the theoretical amount that wouldarise using the basic tax rates applicable to the Company and its subsidiaries as follows:

2000 1999RMB’000 RMB’000

Profit before tax 542,781 463,150

Tax calculated at the tax rates applicable to the Companyand its subsidiaries ranging from 15% to 33% 106,858 102,390

Income not subject to tax (8,064) (2,912)

Tax charge 98,794 99,478

No provision for deferred tax has been made in the financial statements as the effect oftiming difference to the Group is not significant.

9 Earnings per share

The calculation of earnings per share is based on the net profit for the year ended 31December 2000 of RMB231,431,000 (1999: RMB204,396,000) and the weighted averagenumber of shares in issue during the year of 448,381,080 (1999: 377,361,381 shares).

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

18

10 Property, plant and equipment

Land userights andbuildings

Plant andmachinery

Furniture,fixtures

and officeequipment

Motorvehicles Total

RMB’000 RMB’000 RMB’000 RMB’000 RMB’000Year ended 31 December 1999Opening net book amount 329,411 477,127 7,802 43,462 857,802Acquisition of subsidiaries 25,955 50,184 7,937 5,669 89,745Additions 102,285 80,801 10,523 3,842 197,451Transfer from construction in

progress 59,216 4,287 272 102 63,877Disposals (22,413) (6,870) (1,339) (3,140) (33,762)Depreciation charge (42,642) (73,450) (6,668) (13,712) (136,472)Closing net book amount 451,812 532,079 18,527 36,223 1,038,641

At 31 December 1999Cost 545,612 884,901 45,126 86,103 1,561,742Accumulated depreciation (93,800) (352,822) (26,599) (49,880) (523,101)Net book amount 451,812 532,079 18,527 36,223 1,038,641

Year ended 31 December 2000Opening net book amount 451,812 532,079 18,527 36,223 1,038,641Acquisition of subsidiaries (Note22) 1,299 27,247 - - 28,546Additions 13,339 22,945 5,046 2,971 44,301Transfer from construction in

progress 37,205 78,424 - - 115,629Disposals (938) (2,087) (1,120) (615) (4,760)Depreciation charge (41,672) (79,706) (5,084) (7,567) (134,029)Impairment charge - (7,834) (392) - (8,226)Closing net book amount 461,045 571,068 16,977 31,012 1,080,102

At 31 December 2000Cost 596,262 1,012,112 43,171 87,144 1,738,689Accumulated depreciation (135,217) (433,210) (25,802) (56,132) (650,361)Impairment charge - (7,834) (392) - (8,226)Net book amount 461,045 571,068 16,977 31,012 1,080,102

The Group’s buildings are situated in the PRC. The Group’s land have been granted rightsto use from six to nineteen years.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

19

11 Intangible assets

Goodwill Know-how TotalRMB’000 RMB’000 RMB’000

CostBalance brought forward 88,436 16,773 105,209Acquisition of subsidiaries (Note 22) 1,320 - 1,320Additions - 748 748Balance carried forward 89,756 17,521 107,277

Accumulated amortisationBalance brought forward 5,635 6,451 12,086Charge for the year 9,470 2,844 12,314Balance carried forward 15,105 9,295 24,400

Net book valueAt 31 December 2000 74,651 8,226 82,877At 31 December 1999 82,801 10,322 93,123

12 Investments

Notes 2000 1999RMB’000 RMB’000

Associated undertakings (a) 369,063 362,117

Other investments (b) 309,076 316,402

678,139 678,519

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

20

12 Investments (continued)

(a) Associated undertakings

2000 1999RMB’000 RMB’000

Opening net book amount 355,632 14,226

Increase in investments during the year 22,600 384,563

Share of results after tax 81,302 43,866

Dividends received (91,704) (86,081)

Disposals (1,300) (942)

Closing net book amount 366,530 355,632

Amounts due from associated undertakings 2,533 6,485

369,063 362,117

Details of the major associated undertakings are shown in Note 30.

Amounts due from associated undertakings represent current accounts which areunsecured, non-interest bearing and with no fixed repayment terms.

(b) Other investments2000 1999

RMB’000 RMB’000

Opening net book amount 316,402 41,632

Additions 19,133 288,762

Disposals (26,459) (13,992)

Closing net book amount 309,076 316,402

Other investments include investments in listed and unlisted companies and governmentbonds. Investment in listed companies represents various legal person shares in certainlisted companies in the PRC. Pursuant to the "Standard Opinion on Joint StockCompanies Limited by Shares" issued by relevant PRC authorities, legal person sharesare not transferable or allowed to be traded on the stock markets except with the approvalof relevant authorities.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

21

13 Inventories

2000 1999

RMB’000 RMB’000

Raw materials (at cost) 247,457 279,832

Raw materials (at net realisable value) 29,385 -

Work in progress (at cost) 208,929 185,273

Finished goods (at cost) 208,276 163,364

694,047 628,469

14 Amounts due from fellow subsidiaries

Notes 2000 1999

RMB’000 RMB’000

Shanghai Shangling HouseholdAppliances (Group) TradingCompany Ltd. (“Trading Co.”) (a) 429,462 777,959

Shanghai Shangling Estate Company (“Estate Co.”) (b) 13,097 13,097

Others (c) 5,777 5,472

448,336 796,528

(a) This mainly comprises trade and bills receivables resulted from finished goods sold toTrading Co. Pursuant to a repayment schedule issued by Trading Co. on 13 March2001, Trading Co. has committed to repay all the balance of trade receivables due to theCompany as at 31 December 2000 by the end of 31 December 2001 by installment, ofwhich RMB 220,000,000 has been guaranteed by Electric Group, the parent companyof the Group, for full repayment.

(b) The amount are non-interest bearing and with no fixed repayment terms, but securedwith certain properties of Estate Co.

(c) Other amounts due from fellow subsidiaries represent current account balances whichare unsecured, non-interest bearing and with no fixed repayment terms.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

22

15 Cash and bank balances

2000 1999RMB’000 RMB’000

Cash at bank and in hand 1,359,919 934,705Short-term bank deposits 1,150,056 1,382,742

2,509,975 2,317,447

Short-term deposits in a financial institution* 639,038 -

3,149,013 2,317,447

*This represents cash deposited with a financial institution of the parent company,Shanghai Electric (Group) Corporation (“Electric Group”). The establishment offinancial institution is approved by the People’s Bank of China.

The weighted average effective interest rate on short-term bank deposits was 2.33%(1999: 2.89%) per annum.

For the purpose of the cash flow statement, the cash and cash equivalents comprise thefollowing:

2000 1999

RMB’000 RMB’000

Cash and bank balances 3,149,013 2,317,447Short-term bank borrowings (154,540) (313,755)

2,994,473 2,003,692

16 Share capital

2000 1999

RMB’000 RMB’000

Registered, issued and fully paid of RMB 1.00 each

State shares 211,981 211,981A shares, listed 141,600 141,600

353,581 353,581B shares, listed 94,800 94,800

448,381 448,381

Pursuant to articles 8 and 10 of the Company's articles of association, A and B shares areregistered ordinary shares and carry equal rights.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

23

17 Reserves

(a) Reserve funds

The balances of the reserve funds as at 31 December 2000 are as follows:

Capitalreserve

(Note(b))

Sharepremium(Note(b))

Statutorysurplusreserve

(Note a(i))

Statutorypublic

welfarefund

(Note a(ii))

Discre -tionarysurplusreserve

(Note a(iii)) TotalRMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Balance brought forward 77,588 1,816,383 62,826 28,792 80,586 2,066,175Addition 242 - - - - 242Transfer from retained

earnings (Note a(iv)) - - 37,975 29,686 - 67,661Balance carried

forward 77,830 1,816,383 100,801 58,478 80,586 2,134,078

(i) Statutory surplus reserve

The Group is required to transfer 10% of the profit after taxation as reported under thePRC statutory financial statements to the statutory surplus reserve until the balancereaches 50% of the registered capital. This reserve can be used to reduce any lossesincurred or to increase share capital. Except for the reduction of losses incurred, anyother usage should not result in this reserve balance falling below 25% of the registeredcapital.

(ii) Statutory public welfare fund

The Group is required to transfer 10% of the profit after taxation as reported under thePRC statutory financial statements to the statutory public welfare fund. This reserve isrestricted to capital expenditure for staff collective welfare facilities which are owned bythe Group. The statutory public welfare fund is not available for distribution to theshareholders (except upon liquidation of the Company).

(iii) Discretionary surplus reserve

The discretionary surplus reserve can be set up by means of appropriation from theretained profits or transferred from statutory public welfare fund. The reserve can beused to reduce any losses incurred, to increase share capital or for paying dividends. Anytransfer to the reserve also requires the approval of shareholders in general meeting.

(iv) The amount transferred to the statutory surplus reserve and statutory publicwelfare fund shall be based on the profit after taxation in the statutory financialstatements prepared in accordance with PRC accounting standards.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

24

17 Reserves (continued)

(b) Capital reserve and share premium

Capital reserve comprises mainly surplus between the appraised value of assetstransferred to the Company and the value of shares issued when the Company wasconverted from a state-owned enterprise into a joint stock limited company. Pursuant torelevant PRC regulations, capital reserve and share premium can only be used to increaseshare capital.

(c) Profit distributable to shareholders

Pursuant to a document issued by the Ministry of Finance, the profit after appropriation toreserves and available for distribution to shareholders shall be the lower of theaccumulated distributable profits as stated in the PRC statutory financial statements andthe accumulated distributable profits adjusted according to IAS.

18 Minority interests

2000 1999RMB’000 RMB’000

At beginning of year 1,058,283 1,002,476

Acquisition (Note 22) 30,349 37,757

Disposals - (32,231)

Share of profits of subsidiaries 189,526 146,507

Dividends declared/paid (128,948) (96,226)

At end of year 1,149,210 1,058,283

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

25

19 Borrowings

2000 1999

RMB’000 RMB’000

Current portion

Bank borrowings 835,632 774,082Other borrowings 20,620 39,925

856,252 814,007

Non-current portion

Bank borrowings - 6,398

Other borrowings 3,888 -

3,888 6,398

Total borrowings 860,140 820,405

Certain borrowings of the Group were guaranteed by the following companies:

2000 1999

RMB’000 RMB’000

Shanghai Electric (Group) Corporation 263,500 193,000Shanghai Shangling Household Appliances (Group)

Company 42,500 43,350

Shanghai Refrigerator Compressor Co., Ltd. 238,040 216,060

Shanghai Electric (Group) Financial Co., Ltd 55,000 -

Shanghai Fei Le Audio Equipment Co., Ltd. 33,500 -

Shanghai Electric Industrial Co., Ltd. 23,000 -

Shanghai Purlux Machinery Co., Ltd. 29,890 -

685,430 452,410

The Group has provided cross guarantees for bank borrowings granted to ShanghaiRefrigerator Compressor Co., Ltd. and Shanghai Fei Le Audio Equipment Co., Ltd..Details are shown in Note 25.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

26

19 Borrowings (continued)

The interest rate exposure of the borrowings of the Group is as follows:

2000 1999RMB’000 RMB’000

Total borrowings- at fixed rates 860,140 820,405- at floating rates - -

860,140 820,405

Weighted average effective interest rates:

- bank borrowings 6.72% 6.90%

- other borrowings 6.20% 6.60%

The carrying amounts and fair values of non-current borrowings are as follows:

Carrying amounts Fair values2000 1999 2000 1999

RMB’000 RMB’000 RMB’000 RMB’000

Non-current bank borrowings - 6,398 - 6,830Other borrowings 3,888 - 3,270 -

3,888 6,398 3,270 6,830

The fair values are based on discounted cash flows using a discount rate based upon theborrowing rate which the Directors expect would be available to the Group at the balancesheet date. The carrying amounts of short-term borrowings and debentures approximatetheir fair values.

Maturity of non-current borrowings:

2000 1999RMB’000 RMB’000

Between 1 and 2 years - 5,020Between 2 and 5 years 3,888 1,378

3,888 6,398

20 Amounts due to fellow subsidiaries, associated undertakings and related companies

These represent current account balances arising from transactions entered into in thenormal course of business. The amounts are unsecured, non-interest bearing and will berepaid within one year.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

27

21 Cash generated from operations

2000 1999Notes RMB’000 RMB’000

Net profit 231,431 204,396

Adjustments for:Minority interests 18 189,526 146,507Tax 8 121,824 112,247Depreciation 5 134,029 136,472Loss on disposal of subsidiaries - 66,075Loss/(gain) on disposal of associated undertakings 310 (353)Gain on disposal of other investments - (39,098)Share of results after tax of associates 12(a) (81,302) (43,866)Amortisation 5 12,314 8,398Loss on disposal of property, plant and equipment 5 1,914 2,850Impairment of property, plant and equipment 5 8,226 -Construction in progress written off - 6,505Provision for construction in progress - 5,000Provision/(write-back of provision) for bad and

doubtful debts 5 49,958 (2,842)

Provision for slow moving inventories 5 2,408 -Interest expenses 7 56,416 51,166Interest income 7 (58,251) (63,431)

Changes in working capital (excluding the effects ofacquisition and disposal):

Increase in inventories (64,546) (37,566)Decrease in amounts due to associated undertakings (5,033) (15,977)Decrease/(increase) in amounts due from fellow

subsidiaries 348,192 (92,979)Increase in amounts due to fellow subsidiaries 18,634 12,831Decrease in amounts due from related companies - 35,653Increase in amount due to a related company 10,215 1,784

Increase in bills receivable, trade receivables, otherreceivables, prepayments, deposits and other assets (61,927) (6,265)

Decrease in trade payables, bills payable, otherpayables, accrued charges and deposits received (93,162) (44,991)

Cash generated from operations 821,176 442,516

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

28

22 Acquisition of subsidiaries

In May 1999, the Company entered into an agreement with a third party, ShanghaiArtificial Board Machinery Co., Ltd. (“SABMC”) to establish Shanghai Oasis IndustrialCo. Ltd (“SOIC”). Pursuant to the agreement, the Company and SABMC havecontributed RMB39,140,000 and RMB17,000,000 during the year, representing 69.72%and 30.28% respectively of the registered capital of SOIC. The contribution made by theCompany was satisfied by cash, whereas SABMC’s contribution was satisfied by cash ofRMB1,786,060 and by the injection of its holding of 51% equity interest in ZhejiangChun’an Huqian Artificial Board Co., Ltd. (“ZCHAB”), for a valuation ofRMB15,213,940, to SOIC with effect from 1 July 2000. ZCHAB is an unlisted companyincorporated in the PRC, and is mainly engaged in the manufacturing of artificial boards.

Details of net assets of SOIC and ZCHAB acquired/incorporated and goodwill onacquisition of such subsidiaries are as follows:

2000RMB’000

Consideration:Cash and cash equivalents paid on acquisition/incorporation 39,140Fair value of net assets acquired (37,820)Goodwill 1,320

Fair value adjustments were made to the book value of net assets acquired.

The assets and liabilities arising from the above transactions are as follows:

Cash and cash equivalents 44,913Property, plant and equipment 28,546Construction in progress 105Trade receivables, bills receivable and prepayments 2,592Inventories 3,440Trade payables and other payables (9,237)Short-term borrowings (1,000)Tax liabilities (1,190)Minority interests (30,349)

37,820Goodwill 1,320Total consideration 39,140

Cash paid (39,140)Cash and bank balances in subsidiaries acquired 44,913Net cash inflow in respect of subsidiaries acquired 5,773

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

29

23 Financial assets and financial liabilities

(a) Interest rate risk

The interest rates and terms of repayment of bank borrowings are disclosed in Note 19.Other financial assets and financial liabilities do not have material interest rate risk.

(b) Credit risk

The details of the amounts due from fellow subsidiaries are shown in Note 14. Tradereceivables are spread among a number of customers in the PRC and cash is depositedwith registered banks and a financial institution in the PRC. The Directors are of theopinion that the Group has no significant concentrations of credit risk on financial assets.The carrying amounts of the financial assets after deducting the provision for bad anddoubtful debts best represent their maximum credit risk exposure as at 31 December 2000.

(c) Foreign currency risk

Most of the transactions of the Group were settled in Renminbi. In the opinion of theDirectors, the Group would not have significant foreign currency risk exposure.

(d) Fair value

The carrying amounts of the following financial assets and the financial liabilitiesapproximate to their fair values: cash and bank balances, investments, trade receivables,amounts due from fellow subsidiaries, other receivables, prepayment and deposits, tradepayables, other payables, accrued charges, deposits received and borrowings.Information on the fair value of borrowings and interest rate exposure is included in Note19.

24 Retirement benefits

The Group participates in a government operated central retirement benefits schemewhereby the Group is obliged to make an annual defined contribution based on 25.5% ofthe total salary of permanent staff. The Group has no further liabilities other than theabove contributions.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

30

25 Contingent liabilities

At 31 December 2000, the Group had provided guarantees for bank borrowings grantedto the following companies:

Notes 2000 1999RMB’000 RMB’000

Associated undertakings:Shanghai Shangling Refrigerator General

Factory Yang Jing Spare Parts Factory 1,800 1,800Shanghai Carrier Transicold Equipment

Co., Ltd. 5,000 -

Fellow subsidiaries:Shanghai Shangling Household Appliances

(Group) Company - 6,000Shanghai Shangling New Enterprise

Development Company (a) 5,500 11,800

Related companies:Shanghai Mitsubishi Electric • Shangling

Airconditioner & Electric AppliancesCo., Ltd. - 80,000

Shanghai Mitsubishi Electric • ShanglingMicrowave Oven & Electric AppliancesCo., Ltd. - 17,000

Third parties:Shanghai Refrigerator Compressor Co., Ltd. (b) 250,000 237,000Shanghai Fei Le Audio Equipment Co., Ltd. (b) 40,000 40,000

302,300 393,600

(a) Shanghai Shangling Household Appliances (Group) Company has given counterguarantees to the Group in respect of the guarantees given by the Group to the companyas shown above.

(b) Shanghai Refrigerator Compressor Co., Ltd. and Shanghai Fei Le Audio Equipment Co.,Ltd. have provided cross guarantees in respect of bank borrowings granted to the Group.Details are shown in Note 19.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

31

26 Commitments

As at 31 December 2000, the Group had the following commitments:

Capital commitments

Capital commitments in respect of construction projects:2000 1999

RMB’000 RMB’000

Contracted but not provided for 99,015 80,820Not contracted but approved by the board ofdirectors - 2,602

Operating lease commitments

The future aggregate minimum lease payments under non-cancellable operating leaseare as follows:

2000 1999RMB’000 RMB’000

Not later than 1 year 10,670 836

Later than 1 year and not later than 5 years 20,502 4,228

Later than 5 years 39,859 1,902

71,031 6,966

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

32

27 Related party transactions and relationships

(a) Apart from those related party transactions disclosed in other notes above, in the courseof ordinary activities, the Group had the following material transactions with its relatedparties during the year:

2000 1999RMB’000 RMB’000

Parent company:Disposal of other investments - 53,090

Fellow subsidiaries:Sale of goods 258,742 414,882

Related companies:Purchase of raw materials - 40,249

The directors are of the opinion that the above transactions were carried out at mutualagreed prices in accordance with normal commercial terms and conditions.

(b) Relationships

In the opinion of the Directors, the ultimate parent company of the Group is ShanghaiElectric (Group) Corporation, a state-owned enterprise incorporated in the PRC. Detailsof major subsidiaries and associated undertakings are shown in Note 29 and Note 30respectively.

(c) Directors’ remuneration

A listing of the members of the board of directors is shown in the Annual Report. Noremuneration was paid to the directors by the Group in 2000 (1999: Nil). Directors’remuneration for the year were wholly borne by the parent company and its fellowsubsidiaries.

28 Subsequent event

On 26 March 2001, the Board of Directors proposed a cash dividend of RMB0.30 (1999:RMB0.10) per share. In addition, the Board of Directors also proposed to increase sharecapital, in the proportion of 2 new shares for every 10 shares held, by way of transferfrom share premium. These proposals are subject to approval by the shareholders in thenext annual general meeting.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

33

29 Major subsidiaries

At 31 December 2000, the Group had investments in the following major subsidiaries, all ofwhich are unlisted companies established and are operating in the PRC:

Name Attributableequity interest

Principal activities

2000%

1999%

Directly held:

Shanghai Machinery Industrial Co., Ltd. 100 100 Investment holding

Shanghai Shangling Oil Fan HeaterFactory

90 90 Manufacturing ofoil fan heaters

Shanghai Shangling Warehouse andTransportation Company

90 90 Provision of transportation andstorage service

Shanghai Shangling Chang’anRefrigerator Co., Ltd.

51 51 Manufacturing of refrigerators

Shanghai Electric Group Printing &Packing Machinery Co., Ltd.

100 100 Manufacturing of printing andpacking machinery

Shanghai Electric Group GeneralRefrigeration & Air-conditioningEquipment Co., Ltd.

100 100 Manufacturing of air-conditioners

Shanghai Luzhou Industrial Co., Ltd. 69.72 - Investment holding andsale of artificial boards

Indirectly held:

Shanghai Mitsubishi Elevator Co., Ltd. 52 52 Manufacturing of elevators

Shanghai Shen Wei Da Machinery Co.,Ltd.

75 75 Manufacturing of printing andpacking machinery

Shanghai Yawa Printing MachineryCo., Ltd.

60 60 Manufacturing of printing andpacking machinery

Shanghai Refrigerating Machine Works 100 100 Manufacturing of air-conditioners

Zhejiang Chun’an Huqian ArtificialBoard Co., Ltd.

35.56 - Manufacturing of artificialboards

The English names of all companies listed above are direct translations of their registerednames in Chinese.

Shanghai Shangling Electric Appliances Co., Ltd.Notes to the consolidated financial statements

34

30 Major associated undertakings

At 31 December 2000, the Group had investments in the following major associatedundertakings, all of which were unlisted companies established and are operating in the PRC:

Name Attributableequity interest

Principal activities

2000%

1999%

Shanghai Bao Shan String Factory 50 50 Manufacturing of parts forrefrigerators

Shanghai Shangling Refrigerator General Factory Yang Jing Spare Parts Factory 50 50 Manufacturing of parts for

refrigerators

Shanghai Purlux Machinery Co., Ltd. 50 50 Manufacturing and sale of printingand packing machinery

Shanghai Hezhong Carrier Air-conditioningEquipment Co., Ltd. 49 49 Manufacturing of air-conditioners

Shanghai Tonghui Carrier Air-conditioningEquipment Co., Ltd.

49 49 Manufacturing of air-conditioners

Shanghai Hagenuk Refrigerating MachineCo., Ltd. 49 49 Manufacturing of air-conditioners

Shanghai Grasso Refrigeration EquipmentCo., Ltd.

49 49 Manufacturing of air-conditioners

Shanghai Ling Hai Electric CablesCompany Ltd.

- 45 Manufacturing of parts forrefrigerators

Shanghai Carrier Transportation EquipmentCo., Ltd. 40 40 Manufacturing of air-conditioners

Shanghai An Bo Advertising Co., Ltd. 40 40 Provision of advertising services

Shanghai Goss Graphic Systems Co., Ltd. 40 40 Manufacturing of printing andpacking machinery

United Carrier (Shanghai) Engineering andServices Co., Ltd. 39 39 Manufacturing of air-conditioners

Shanghai Shen Wei Da Machinery(Kunshan associated) Co., Ltd. 25 25 Manufacturing of printing and

packing machinery

Shanghai Bernal • Yawa Printing andPacking Machinery Co., Ltd. 23 23 Manufacturing and sale of printing

and packing machinery

The English names of all companies listed above are direct translations of their registerednames in Chinese.

Shanghai Shangling Electric Appliances Co., Ltd.Supplementary informationFor the year ended 31 December 2000

35

The impact of IAS and other adjustments on the PRC statutory financial statements are as follows:

2000

Net profit Net assetsNotes RMB’000 RMB’000

As per the PRC statutory financial statements 275,869 2,744,245

IAS and other adjustments

- Provision for staff welfare funds in incomestatement (a) (39,548) -

- Impairment charge on property, plant andequipment (10,248) (6,700)

- Gains on debts restructuring (b) 5,148 -

- Difference in goodwill amortisation 982 1,723

- Effect of prior year adjustment on usage rights ofstaff quarters (Note 2(b)) 1,817 (28,620)

- Reversal of dividends declared for 2000 after thebalance sheet date (Note 2(b)) - 134,514

- Underprovision for warranty expenses - (12,526)

- Reversal of income recognised on exchange assets - (47,251)

- Others (2,589) (6,495)

As restated after IAS and other adjustments 231,431 2,778,890

Note:

(a) Provision for staff welfare funds was treated as a profit appropriation in the statutoryfinancial statements, whereas it was recognised in the income statement as an expense inaccordance with IAS. The above difference in accounting treatment has no impact on thenet assets.

(b) Gains on debts restructuring was credited to capital surplus in the PRC statutory financialstatements, whereas it was recognised in the income statement as an income in accordancewith IAS. The above difference in accounting treatment has no impact on net assets.