Peng Plasma Solutions, Balance Sheets

(millions of Rmb, as of December 31)

Assets 2008 2009 2010

Cash 61.2 26.4 17.4
Accounts Receivable 201.2 198.8 292.9
Inventory 192.3 183.5 247.8
Prepaid Expenses 34.2 38.7 32.6
Current Assets 488.9 447.4 590.7

Gross fixed assets 437.2 493.4 565.9

Accum depreciation 98.6 156.8 218.8
Net fixed assets 338.6 336.6 347.1

Total Assets 827.5 784.0 937.9

Liabilities & Net Worth 2008 2009 2010e

Accounts Payable 107.0 105.3 140.5
Accrued expenses 43.7 35.8 44.2
Short-term debt 119.5 137.3 242.7
Current Liabilities 270.3 278.4 427.4

Long-term debt 127.8 120.6 113.2

Equity 429.4 385.1 397.3

Liabilities & Net Worth 827.5 784.0 937.9

 Peng Plasma Solutions, Statement of Income
(millions of Rmb, year ending December 31)

Income Item 2008 2009 2010

Sales 1,861.7 1,560.3 1,940.3
COGS 1,255.1 1,160.1 1,456.7
Gross margin 606.6 400.2 483.6

Marketing & selling 125.4 128.2 116.8

G&A expenses 162.7 158.3 160.8
EBITDA 318.5 113.7 205.9

Depreciation 50.5 58.2 62.0

EBIT 267.9 55.5 143.9

Interest 26.1 34.6 47.7

EBT 241.8 20.9 96.2
EBT margin (%) 13.0% 1.3% 5.0%
Taxes @ 25% 60.5 5.2 24.1
Net Income 181.4 15.7 72.2

Dividends 60.0 60.0 60.0

Retained earnings 121.4 (44.3) 12.2
 Peng Plasma Solutions, Statement of Retained Earnings
(millions of Rmb, year ending December 31)

2008/2009 2009/2010
Opening Retained Earnings Balance 121.4 77.1
Plus Net Income (2009) 15.7 72.2
Minus Dividends Paid (2009) (60.0) (60.0)
Closing Retained Earnings Balance 77.1 89.3