上海振华重工(集团)股份有限公司

（股票代码：600320 900947）

2010 年年度报告

二○一一年三月十日

上海振华重工(集团)股份有限公司 2010 年年度报告

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目 录

一、 重要提示............................................ 2

二、 公司基本情况........................................ 2

三、 会计数据和业务数据摘要.............................. 4

四、 股本变动及股东情况.................................. 6

五、 董事、监事和高级管理人员............................ 9

六、 公司治理结构....................................... 16

七、 股东大会情况简介................................... 21

八、 董事会报告......................................... 22

九、 监事会报告......................................... 40

十、 重要事项........................................... 41

十一、 财务会计报告..................................... 46

十二、 备查文件目录..................................... 47

上海振华重工(集团)股份有限公司 2010 年年度报告

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一、重要提示

(一) 公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载

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、

准确性和完整性承担个别及连带责任。

(二) 如有董事未出席董事会，应当单独列示其姓名

未出席董事姓名 未出席董事职务 未出席董事的说明 被委托人姓名

傅俊元 董事 因公出差 周纪昌

刘文生 董事 因公出差 周纪昌

杜志淳 独立董事 因公出差 徐维钧

(三) 普华永道中天会计师事务所有限公司为公司出具了标准无保留意见的

审计报告。

(四) 公司负责人周纪昌董事长、主管会计工作负责人康学增总裁及会计机

构负责人（会计主管人员）王珏财务总监声明：保证年度报告中财务报告的

真实、完整。

(五) 是否存在被控股股东及其关联方非经营性占用资金情况？

否

(六) 是否存在违反规定决策程序对外提供担保的情况？

否

上海振华重工(集团)股份有限公司 2010 年年度报告

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二、公司基本情况 (一) 公司信息

公司的法定中文名称 上海振华重工(集团)股份有限公司

公司的法定中文名称缩写 振华重工

公司的法定英文名称 SHANGHAI ZHENHUA HEAVY INDUSTRIES CO.,LTD

公司的法定英文名称缩写 ZPMC

公司法定代表人 周纪昌

(二) 联系人和联系方式

董事会秘书 证券事务代表

姓名 王珏 李敏

联系地址 上海市浦东南路 3470 号 上海市浦东南路 3470 号

电话 021-50390727 021-50390727

传真 021-58397000 021-58397000

电子信箱 IR@zpmc.com IR@zpmc.com

(三) 基本情况简介

注册地址 上海市浦东南路 3470 号

注册地址的邮政编码 200125

办公地址 上海市浦东南路 3470 号

办公地址的邮政编码 200125

公司国际互联网网址 http://www.zpmc.com

电子信箱 zpmc@public.sta.net.cn

(四) 信息披露及备置地点

公司选定的信息披露报纸名称 《上海证券报》《香港文汇报》

登载年度报告的中国证监会指定网站的网址 http://www.sse.com.cn

公司年度报告备置地点 公司法律与证券事务部

(五) 公司股票简况

公司股票简况

股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称

A 股 上海证券交易所 振华重工 600320 振华港机

B 股 上海证券交易所 振华 B 股 900947 -

(六) 其他有关资料

公司首次注册登记日期 1992 年 2 月 14 日

公司首次注册登记地点 上海市浦东南路 3470 号

首次变更

企业法人营业执照注

册号 310000400519752（市局）

税务登记号码 310115607206953

组织机构代码 60720695-3 公司聘请的会计师事务所名称 普华永道中天会计师事务所有限公司

公司聘请的会计师事务所办公地址 上海市湖滨路 202 号 11 楼

上海振华重工(集团)股份有限公司 2010 年年度报告

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三、会计数据和业务数据摘要

(一) 主要会计数据

单位：元 币种：人民币

项目 金额

营业利润 -864,065,654

利润总额 -847,608,870

归属于上市公司股东的净利润 -694,837,984

归属于上市公司股东的扣除非经常性损益后的净利润 -738,179,639

经营活动产生的现金流量净额 5,177,920,274

(二) 扣除非经常性损益项目和金额

单位：元 币种：人民币

项目 金额

非流动资产处置损益 -16,852,834

计入当期损益的政府补助（与企业业务密切相关，按照国家统

一标准定额或定量享受的政府补助除外） 65,779,633

除同公司正常经营业务相关的有效套期保值业务外，持有交易

性金融资产、交易性金融负债产生的公允价值变动损益，以及

处置交易性金融资产、交易性金融负债和可供出售金融资产取

得的投资收益

42,967,863

除上述各项之外的其他营业外收入和支出 -32,470,015

所得税影响额 -11,896,940

少数股东权益影响额（税后） -4,186,052

合计 43,341,655

(三) 报告期末公司前三年主要会计数据和财务指标

单位：元 币种：人民币

2008 年

主要会计数据 2010 年 2009 年

本期比上

年同期增

减(%) 调整后 调整前

营业收入 17,116,177,415 27,564,115,642 -37.90 27,443,405,347 27,443,405,347

利润总额 -847,608,870 764,351,771 -210.89 2,849,226,059 2,824,414,980

归属于上市公司股

东的净利润 -694,837,984 839,853,345 -182.73 2,575,874,458 2,551,063,379

归属于上市公司股

东的扣除非经常性

损益的净利润

-738,179,639 718,444,313 -202.75 1,485,308,131 1,459,832,071

经营活动产生的现

金流量净额 5,177,920,274 550,280,773 840.96 -4,075,527,362 -4,075,527,362

2008 年末 2010 年末 2009 年末

本期末比

上年同期 调整后 调整前

上海振华重工(集团)股份有限公司 2010 年年度报告

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末增减(%)

总资产 45,287,126,334 51,066,425,862 -11.32 53,360,773,352 53,582,768,850

所有者权益（或股

东权益） 15,268,046,094 15,812,245,251 -3.44 15,098,706,310 15,320,701,808

2008 年 主要财务指标 2010 年 2009 年

本期比上年同期

增减(%) 调整后 调整前

基本每股收益（元／股） -0.16 0.19 -184.21 0.59 0.58

稀释每股收益（元／股） -0.16 0.19 -184.21 0.59 0.58

扣除非经常性损益后的基本

每股收益（元／股） -0.17 0.16 -206.25 0.34 0.33

加权平均净资产收益率（%） -4.48 5.43 减少 9.91 个百分点 18.24 18.06

扣除非经常性损益后的加权

平均净资产收益率（%） -4.76 4.63 减少 9.39 个百分点 10.52 10.34

每股经营活动产生的现金流

量净额（元／股） 1.18 0.13 807.69 -0.93 -0.93

2008 年末 2010 年末 2009 年末

本期末比上年同期

末增减(%) 调整后 调整前

归属于上市公司股东的每股

净资产（元／股） 3.48 3.60 -3.33 3.44 3.49

(四) 采用公允价值计量的项目

单位:元 币种:人民币

项目名称 期初余额 期末余额 当期变动 对当期利润的影

响金额

金融资产 16,284,096 47,840,517 31,556,421 47,840,517

金融负债 8,531,815 21,895,367 13,363,552 -21,895,367

上海振华重工(集团)股份有限公司 2010 年年度报告

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四、股本变动及股东情况 (一) 股本变动情况

1、 股份变动情况表

报告期内，公司股份总数及股本结构未发生变化。

2、 限售股份变动情况

报告期内，本公司限售股份无变动情况。

(二) 证券发行与上市情况

1、 前三年历次证券发行情况

单位：股 币种:人民币

股票及其衍生证券的

种类

发行日期 发 行 价

格（元）

发行数量 上市日期 获准上市交易

数量

人民币普通股 2009 年 3 月 17 日 17.78 169,794,680 2012 年 3 月 19 日 220,733,084

人民币普通股 2009 年 6 月 24 日 815,144,904 2009 年 6 月 29 日 587,907,300

境内上市的外资股 2009 年 6 月 24 日 198,000,000 2009 年 6 月 30 日 198,000,000

2、 公司股份总数及结构的变动情况

报告期内没有因送股、配股等原因引起公司股份总数及结构的变动。

3、 现存的内部职工股情况

本报告期末公司无内部职工股。

(三) 股东和实际控制人情况

1、 股东数量和持股情况

单位：股

报告期末股东总数 422,455 户

前十名股东持股情况

股东名称 股东性质

持股

比例

(%)

持股总数 报告期内增

减

持有有限售

条件股份数

量

质押

或冻

结的

股份

数量

中国交通建设股份有限公司 国有法人 28.71 1,260,637,947 0 220,733,084 无

ZHEN HUA ENGINEERING COMPANY LIMITED 境外法人 17.08 749,677,500 0 749,677,500 无

OPPENHEIMER DEVELOPING MARKETS FUND 未知 0.94 41,264,662 2,970,200 0 未知

TOYO SECURITIES ASIA LTD. A/C CLIENT 未知 0.71 31,326,332 -6,846,870 0 未知

中国太平洋人寿保险股份有限公司－分

红－个人分红 未知 0.59 26,088,800 18,733,544 0 未知

SCBHK A/C GOVERNMENT OF SINGAPORE

INVESTMENT CORPORATION - A/C "C" 未知 0.49 21,430,926 4,132,364 0 未知

上海振华重工(集团)股份有限公司 2010 年年度报告

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NAITO SECURITIES CO., LTD. 未知 0.43 19,024,497 -2,524,022 0 未知

QUANTUM PARTNERS LP 未知 0.35 15,551,980 15,551,980 0 未知

ZHEN HWA HARBOUR CONSTRUCTION COMPANY

LIMITED 境外法人 0.33 14,285,700 0 14,285,700 无

嘉实沪深 300 指数证券投资基金 未知 0.23 10,124,228 -1,369,088 0 未知

前十名无限售条件股东持股情况

股东名称 持有无限售条件股份的数量 股份种类及数量

中国交通建设股份有限公司 1,039,904,863 人民币普通股

OPPENHEIMER DEVELOPING MARKETS FUND 41,264,662 境内上市外资股

TOYO SECURITIES ASIA LTD. A/C CLIENT 31,326,332 境内上市外资股

中国太平洋人寿保险股份有限公司－分红－个人分红 26,088,800 人民币普通股

SCBHK A/C GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION

- A/C "C" 21,430,926 境内上市外资股

NAITO SECURITIES CO., LTD. 19,024,497 境内上市外资股

QUANTUM PARTNERS LP 15,551,980 境内上市外资股

嘉实沪深 300 指数证券投资基金 10,124,228 人民币普通股

AIZAWA SECURITIES CO.,LTD. 9,553,661 境内上市外资股

MORGAN STANLEY & CO. INTERNATIONAL PLC. 9,208,050 人民币普通股

上述股东关联关系或一致行动的说明

上述前十大股东中，中国交通建设股份有限公司与 ZHEN

HUA ENGINEERING COMPANY LIMITED、ZHEN HWA HARBOUR

CONSTRUCTION COMPANY LIMITED 属关联方企业，最终控

股股东为中国交通建设集团有限公司。公司未知其余股

东之间是否存在关联关系，也未知是否属于《上市公司

股东持股变动信息披露管理办法》规定的一致行动人。

前十名有限售条件股东持股数量及限售条件

单位:股

有限售条件股份可上市

交易情况 有限售条件

股东名称

持有的有限

售条件股份

数量

可上市

交易时

间

新增可上市

交易股份数

量

限售条件

中国交通建

设股份有限

公司

220,733,084 2012 年 3

月 19 日 220,733,084

2008 年公司向中交股份非公开发行股票收购上海港机

100%股权和江天实业 60%股权，中交股份因此增加

169,794,680 股有限售条件的股份，锁定期限为本次非

公开发行结束之日起 36 个月,锁定期自 2009 年 3 月 17

日开始计算，后上述有限售条件的股份经 2008 年度派

送红股后增加到 220,733,084 股，公司将为中交股份向

上海证券交易所申请本次认购股票于 2012 年 3 月 19 日

上市流通。

2、控股股东及实际控制人情况

(1) 法人控股股东情况

上海振华重工(集团)股份有限公司 2010 年年度报告

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单位:元 币种:人民币

名称 法定代

表人 注册资本

成立日

期 主营业务

中国交通建

设股份有限

公司

周纪昌 14,825,000,000

2006 年

10 月 8

日

港口、航道、公路、桥梁的建设项目总承包；工程技术研究、

咨询；工程设计、勘察、施工、监理以及相关成套设备和材

料的采购、供应、安装；工业与民用建筑、铁路、冶金、石

化、隧道、电力、矿山、水利、市政的建设工程总承包；各

种专业船舶的建造总承包；专业船舶、施工机械的租赁及维

修；海上拖带、海洋工程的有关专业服务；船舶及港口配套

设备的技术咨询服务；进出口业务；房地产开发及物业管理；

国际技术合作与交流；物流业、运输业、酒店业、旅游业的

投资与管理。

(2) 法人实际控制人情况

单位: 元 币种:人民币

名称 法定代

表人 注册资本

成立日

期 主营业务

中国交通建

设集团有限

公司

周纪昌 4,503,834,100

2005 年

12 月 8

日

承包境外工程和境内国际招标工程；各种专业船舶总承包建

造，专业船舶、施工机械的租赁及维修；海上拖带、海洋工

程有关专业服务；船舶及港口配套设备的技术咨询服务；承

担国内外港口、航道、公路桥梁建设项目的总承包（包括工

程技术经济咨询、可行性研究、勘察、设计、施工、监理以

及相关成套设备、材料的采购和供应、设备安装）；承担工

业与民用建筑、铁路、冶金、石化、隧道、电力、矿山、水

利、市政建设工程的总承包；进出口业务；房地产开发及物

业管理；运输业、酒店业、旅游业的投资与管理。

(3) 控股股东及实际控制人变更情况

本报告期内公司控股股东及实际控制人没有发生变更。

(4) 公司与实际控制人之间的产权及控制关系的方框图

3、其他持股在百分之十以上的法人股东

截止本报告期末公司无其他持股在百分之十以上的法人股东。

上海振华重工(集团)股份有限公司 2010 年年度报告

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五、董事、监事和高级管理人员

(一) 董事、监事和高级管理人员持股变动及报酬情况

单位：股

姓名 职务 性

别

年

龄 任期起始日期 任期终止日期

年初持

股数

年末持

股数

变动

原因

报告期

内从公

司领取

的报酬

总额（万

元）（税

前）

是否在股

东单位或

其他关联

单位领取

报酬、津

贴

周纪昌 董事长 男 61 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 0 是

傅俊元 董事 男 50 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 0 是

刘文生 董事 男 51 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 0 是

康学增 执行董事、

总裁 男 53 2009 年 12 月 6 日 2010 年 4 月 10 日 0 0 46.88 否

严云福 执行董事、

副总裁 男 52 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 54.46 否

刘启中 执行董事、

副总裁 男 47 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 57.87 否

孙厉 执行董事、

副总裁 男 39 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 52.7 否

王珏 财务总监、

董秘、董事 男 47 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 49.75 否

杜志淳 独立董事 男 57 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 3 否

徐维钧 独立董事 男 70 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 12 否

李理光 独立董事 男 49 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 12 否

宓为建 独立董事 男 55 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 12 否

尤家荣 独立董事 男 57 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 12 否

黄红雨 副总裁 男 57 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 50.62 否

田洪 副总裁 男 48 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 50.52 否

曹文发 副总裁 男 64 2007 年 4 月 10 日 2010 年 4 月 10 日 5,200 3,900 减持 52.54 否

曹伟忠 副总裁 男 55 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 49.93 否

翟梁 副总裁 男 65 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 14.02 否

黄庆丰 副总裁 男 36 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 52.53 否

戴文凯 副总裁 男 44 2007 年 5 月 7 日 2010 年 4 月 10 日 0 0 58.74 否

费国 副总裁 男 49 2007 年 5 月 7 日 2010 年 4 月 10 日 0 0 53.17 否

周崎 副总裁 男 39 2007 年 5 月 7 日 2010 年 4 月 10 日 0 0 50.58 否

陈刚 副总裁 男 44 2007 年 5 月 7 日 2010 年 4 月 10 日 0 0 51.42 否

刘建波 副总裁 男 48 2007 年 5 月 7 日 2010 年 4 月 10 日 0 0 50.41 否

符敦鉴 监事长 男 72 2007 年 4 月 10 日 2010 年 4 月 10 日 0 0 16.43 否

包锦平 监事 男 46 2007 年 5 月 9 日 2010 年 4 月 10 日 0 0 32.5 否

上海振华重工(集团)股份有限公司 2010 年年度报告

10

陈斌 监事 男 36 2008 年 9 月 22 日 2010 年 4 月 10 日 89,440 89,440 38.17 否

钱鎔 高级管理

人员 女 45 2008 年 10 月 28 日 2010 年 4 月 10 日 34,060 34,060 38.76 否

董艺 高级管理

人员 男 31 2008 年 10 月 28 日 2010 年 4 月 10 日 0 0 32.95 否

莫晓健 高级管理

人员 男 36 2008 年 10 月 28 日 2010 年 4 月 10 日 19,500 21,000 增持 39.32 否

邢小健 高级管理

人员 男 49 2008 年 10 月 28 日 2010 年 4 月 10 日 0 0 41.07 否

张健 高级管理

人员 男 42 2008 年 10 月 28 日 2010 年 4 月 10 日 0 0 41.23 否

张振雄 高级管理

人员 男 59 2008 年 10 月 28 日 2010 年 4 月 10 日 3,250 3,250 37.22 否

王逢琇 高级管理

人员 男 52 2008 年 10 月 28 日 2010 年 4 月 10 日 0 0 30.93 否

沈秋圆 高级管理

人员 女 34 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 42.61 否

宋立 高级管理

人员 男 42 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 26.39 否

山建国 高级管理

人员 男 47 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 34.14 否

胡军 高级管理

人员 男 39 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 40.05 否

杨勤 高级管理

人员 男 40 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 37.78 否

袁蕴玉 高级管理

人员 女 32 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 35.94 否

陈云文 高级管理

人员 男 46 2009 年 4 月 1 日 2010 年 4 月 10 日 39,000 39,000 45.43 否

曹劼 高级管理

人员 男 44 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 44.34 否

张明海 高级管理

人员 男 49 2009 年 4 月 1 日 2010 年 4 月 10 日 20,259 20,259 47.12 否

丁晓冬 高级管理

人员 男 50 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 46.16 否

胡安康 高级管理

人员 女 55 2009 年 4 月 1 日 2010 年 3 月 31 日 0 0 22.5 否

何钢 高级管理

人员 男 51 2009 年 4 月 1 日 2010 年 4 月 10 日 26,000 26,000 40.23 否

张建国 高级管理

人员 男 59 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 45.19 否

严兵 高级管理

人员 男 42 2009 年 4 月 1 日 2010 年 4 月 10 日 19,160 18,960 减持 40.1 否

上海振华重工(集团)股份有限公司 2010 年年度报告

11

张惠新 高级管理

人员 男 54 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 50.62 否

邓之铭 高级管理

人员 男 62 2009 年 4 月 1 日 2010 年 4 月 10 日 15,080 15,080 29.95 否

李泽 高级管理

人员 男 43 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 44.93 否

张建勇 高级管理

人员 男 55 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 40.34 否

张光东 高级管理

人员 男 60 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 37.73 否

陆汉忠 高级管理

人员 男 36 2009 年 4 月 1 日 2010 年 4 月 10 日 0 0 42.88 否

合计 / / / / / 270,949 270,949 / 1990.15 /

注：公司第四届董事会以及第四届监事会的任职期限为 2007 年 4 月 10 日至 2010 年 4 月 10 日。截至

报告日，由于换届工作尚未完成，按《公司法》的相关规定，目前在职的公司董事、监事、高级管理

人员将继续履行职责。

董事、监事、高级管理人员最近 5 年的主要工作经历：

1.周纪昌：1950 年生，男，在读博士，高级工程师。历任交通部第一公路勘察设计院副院

长，中国公路桥梁建设总公司副总经理、副董事长，中国路桥（集团）总公司董事长、总裁、

党委书记，现任中国交通建设股份有限公司董事长。2006 年起任职公司董事长。

2.傅俊元：1961 年生，男，博士，高级会计师，曾任交通部审计处副处长、处长，中港集

团副总会计师兼财务部主任、总会计师，现任中国交通建设股份有限公司执行董事、财务总

监，2001 年起任职公司董事。

3.刘文生：1960 年生，男，工学学士，MBA，高级工程师。 历任天津航道局局长助理、副

局长，中国港湾建设（集团）总公司副总经济师兼企划部总经理，现任中国交通建设股份有

限公司董事会秘书、总经济师。2006 年起任职公司董事。

4.康学增：1958 年生，男，硕士，中国共产党员，高级经济师，高级工程师。历任中交第

一航务工程局有限公司一公司团委副书记、副总经理、总经理，中交第一航务工程局有限公

司副局长、党委委员、董事、总经理、党委副书记。2009 年 12 月起任职公司总裁、董事。

5.严云福：1959 年生，工程管理硕士，教授级高级工程师。历任公司技术部副主任、机械

设计部经理、副总工程师等职务。自 2003 年起任职公司副总裁兼总工程师，2004 年起任职

公司董事，现兼任陆上重工设计研究院院长。

6.刘启中：1964 年生，男，MBA，高级经济师，博士。历任公司经营部副经理、经理。自 1994

年 12 月起任职公司副总裁，1997 年任职公司董事。

7.孙厉：1972 年生，男，MBA，高级经济师，博士。历任公司经营部项目主管、副经理、总

经理助理。自 2001 年起任职公司董事兼副总裁。

8.王珏：1964 年生，男，MBA，注册会计师，高级会计师，历任中港三航局第三工程公司财

务科长，三航局五公司总会计师，三航局七公司总会计师，三航局审计处处长、财务处处长、

副总会计师，2005 年 11 月起任公司财务总监、董事会秘书，2006 年起任职公司董事。

9.杜志淳：1954 年生，男，中共党员，教授，硕导。历任华东政法学院组织部长、人事处

长、党委副书记兼纪委书记，司法部司法鉴定科学技术研究所党委书记兼所长。享受国家政

府特殊津贴，现任华东政法大学党委书记，上海市中信正义律师事务所兼职律师。

10.徐维钧：1941 年生，男，中共党员，上海市注册咨询专家、中国国际咨询公司专家，1967

年毕业于华东水利学院（现河海大学）水港系，曾任交通部三航局纪委书记，交通部第一航

务工程局局长，三航局总工程师。

11.李理光：1962 年生，男，博士，教授，博导。历任吉林工业大学汽车学院内燃机系副教

上海振华重工(集团)股份有限公司 2010 年年度报告

12

授，上海交通大学机械与内燃机学院教授，同济大学研究生院副院长，现任同济大学机械学

院院长。

12.宓为建：1956 年生，男，博士，教授，博导，中共党员。历任上海海运学院助教，讲师，

副教授，现任上海海事大学物流工程学院院长。

13.尤家荣：1954 年生，男，经济学硕士、管理学博士，教授。曾任上海财经大学审计处处

长，上海财经大学成人教育学院院长，兼任中国审计学会理事、中国会计学会会员等职。

14.黄红雨：1954 年生，男，工程管理硕士，高级工程师，曾任公司副总工程师等职。自 1997

年起任职公司副总裁，现兼任公司党委书记。

15.曹伟忠：1956 年生，曾任公司江阴基地安装部副经理、江阴基地常务副总经理、公司制

造部副经理、质检公司总经理、总经理助理。2003 年起任公司副总裁，2006 年起兼任公司

工会主席。

16.黄庆丰：1975 年生，男，MBA, 中共党员，历任质量项目主管、质检部轮胎吊检验室副

主任、售后服务部副总经理、质检公司常务副总经理、质检公司总经理、集团公司总经理助

理，2005 年 1 月起任公司副总裁。

17.戴文凯：1967 年生，男，在读博士，高级工程师，曾任我公司经营部副经理、经理、公

司副总经济师、总经济师，现任我公司副总裁。

18.费国：1962 年生，男，工程管理硕士，高级工程师，历任上海港机厂工程师、上海振华

港机公司电器五室主任、副总工程师、总工程师、开发办副主任，现任公司副总裁兼任电气

系统事业部总经理。

19.周崎：1972 年生，男，中共党员，工程管理硕士，高级工程师曾任公司电气室经理、副

总工程师、电气部总经理、总工程师，现任公司副总裁兼任陆上重工设计研究院副院长。

20.陈刚：1967 年生，男，中共党员，工学硕士，高级工程师，历任我公司技改部经理、副

总工程师、总工程师、机械办副主任，现任公司副总裁兼任海上重工设计研究院院长。

21.刘建波：1963 年生，男，中共党员，工程管理硕士，高级工程师，历任上海港机厂技术

室工程师、上海集装箱码头有限公司任工程技术部工务助理主任、上海振华港机公司长兴基

地副总经理、总经理，现任公司副总裁。

22.符敦鉴：1939 年生，男，本科，高级工程师，曾任公司技术部主任、副总工程师、副总

经理等职、总工程师，现任公司监事长。

23.包锦平：1965 年生，男，中共党员，工程管理硕士，高级工程师，曾任上海塑料制品四

厂团总支书记、上海振华港机公司电气经理部副主任、副总工程师，现任公司监事、海上重

工设计研究院副院长兼任院综合办公室主任。

24. 陈斌：1974 年生，男，工商管理硕士，高级工程师。1994 年 8 月起任职于上海振华港

口机械（集团）股份有限公司，历任公司质管部项目质量主管、质管部轮胎吊室副经理、质

管部经理，质检公司副总经理、总经理，质量安全办副主任等职，现任公司监事、质量安全

部经理。

25.钱鎔：1966 年生，女，硕士，会计师。曾任职于上海英凡特电子娱乐用品有限公司，日

本物流机器（株）上海事务厅。曾任公司财务部副经理、经理、副总会计师等职。现任公司

财务副总监兼财务部经理。

26.董艺：1980 年生，男，中共党员，大学本科，历任公司经营办项目部项目经理、主任经

济师、总经理助理，经营办市场部总经理助理，经营办主任助理，行政事务部经理等职，现

任海工钢结构经营部副总经理。

27.莫晓健：1975 年生，男，中共党员，工程管理硕士，工程师。历任上海三航安装工程公

司技术员、团委书记，公司制造部项目主管、副经理，生产计划部副总经理，重点项目经理

部总经理、生产办副主任。现任生产管理部经理兼港作轮公司总经理。

28.邢小健：1962 年生，男，中共党员，工商管理硕士，国务院政府津贴获得者，教授级高

级工程师。历任交通部第二航务工程局三公司船舶施工处副主任、主任，中交二航局三公司

上海振华重工(集团)股份有限公司 2010 年年度报告

13

副经理，中交二航局六公司经理，中交上海港口机械厂副厂长兼纪委书记，上海港机股份有

限公司副总经理，上海港机重工有限公司常务副总经理。现任上海振华重工（集团）张家港

港机公司总经理。

29.张健：1969 年生，男，硕士，历任上海港口机械制造厂二金工车间技术员、生产调度、

主任助理，上海港口机械制造厂常州分厂厂长，上海港机股份有限公司副总经理，上海港机

重工有限公司副总经理，公司经营办公室主任，现任公司港口机械经营部总经理。

30.张振雄：1952 年 7 月生，男，中共党员，硕士，教授级高级工程师。历任上海港口机械

制造厂技术室设计一组组长、设计室副主任、技术中心主任、总工程师公司、开发办公室副

主任。现任公司科技管理部经理。

31.王逢琇：1959 年生，男，中共党员，工商管理硕士。历任上海港口机械制造厂党委办公

室秘书、主任、组织人事部部长、副厂长、纪委书记、工会主席公司行政办公室副主任等职。

现任公司行政事务部经理兼任上海江天实业公司总经理。

32. 沈秋圆：1977 年生，女，MBA，高级经济师。 历任广东发展银行杭州分行职员，上海

振华港机公司经营办项目管理部项目主管、室经理、副总经理、总经理、经营办副主任等职。

现任公司港口机械经营部总经理。

33.宋立：1969 年生，男，汉族，会计师。曾任职于上海玩具进出口公司经理部财务主管，

自 1993 年起任职于上海振华港口机械（集团）股份有限公司，历任公司财务部副经理、经

理，财务办公室成本核算部总经理。现任公司财务部副经理。

34.山建国：1964 年生，男，本科。曾任职于上海港口机械制造厂，历任机械办工程师、主

任工程师、室经理，设计公司总经理、机械办副主任、主任。现任公司预算考核部经理。

35.胡军：1972 年生，男，硕士，高级工程师。历任公司电气办技术员、工程师、副总工程

师，电气办调试部总经理，电气办副主任。现任公司陆上重工设计研究院副院长兼任电气综

合配套所所长。

36.杨勤：1973 年生，男，本科，高级工程师。曾任职于湖南省长沙市水电八局、上海汇枫

工程设备有限公司。1997 年加入公司后，任职于公司机械办设计二公司副总经理、技术开

发办副主任。现任公司海上重工设计研究院副院长兼任海工机械设计所所长。

37.袁蕴玉：1979 年生，女，本科，经济师。曾任富士施乐（中国）有限公司行政助理，2002

年加入公司历任经营办项目管理部项目经理、主任经济师，经营办售后服务部副总经理，离

岸办副主任。现任公司离岸管理部经理兼任四处处长。

38.陈云文：1965 年生，男，中共党员，本科，高级工程师。曾任上海船厂电工车间制造部

经理。1993 年加入公司后曾任船务办副主任。现任公司海工项目管理部副经理。

39.曹劼：1967 年生，男，汉族，群众，大学本科，高级工程师。曾任山东威海船厂技术员，

山东淄博煤气公司工程师，上海拓缆科技有限公司工程师。2002 年起在公司船务办工作，

先后担任工程师，高级工程师，船舶制造部经理，海工一部总经理，船务办副主任等职务。

现任公司海工项目管理部经理。

40.张明海：1962 年生，男，工商管理硕士。曾任上海港口机械制造厂技术部工程师。1992

年起在公司机械室工作，先后担任机械室副经理、高级工程师、副总工程师、高级工程师，

岸桥一公司总经理、高级工程师，陆上重机公司总经理、高级工程师。现任公司陆上重工设

计研究院副院长兼任岸桥设计研究所所长。

41.丁晓冬：1961 年生，男，大专，高级工程师。曾任上海城建机械厂工程师。1992 年起在

公司质检科任项目主管，历任江阴基地质检部经理、副总经理，长兴基地常务副总经理，生

产办副主任，钢结构分公司总经理。本报告期末任公司钢结构事业部总经理。

42.何钢：1960 年生，男，工程管理硕士。曾任上海港驳船厂工人，上海港船厂设计主修。

1993 年起在公司先后担任技术部机械设计、主任工程师、室经理、副总工程师、场桥公司

总经理。现任公司陆上重工设计研究院副院长兼任院务办公室主任、场桥设计研究所所长。

43.张建国：1952 年生，男，中共党员，工程管理硕士，高级工程师。曾任上海铁路分局技

上海振华重工(集团)股份有限公司 2010 年年度报告

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术员、工程师。1993 年起在公司先后担任技术员、工程师、副总工程师、散货公司总经理。

现任公司陆上重工设计研究院副院长兼任散货机械设计研究所所长。

44.严兵：1969 年生，男，本科。历任上海 4306 厂助理工程师，公司机械办岸桥一公司总

经理，浮吊公司总经理。现任公司海上重工设计研究院副院长兼任浮吊设计研究所所长。

45.张惠新：1957 年生，男，高中，高级技师。1992 年起在公司先后担任制造部工人，江阴

基地安装公司副经理、经理，江阴基地总调度、副总经理，现任公司江阴分公司总经理。

46.邓之铭，1949 年生，男，中共党员，中专，工程师。曾任江西电化厂车间主任，吴县石

油机械厂车间副主任. 上海振华港机公司苏州基地副总、张江基地常务副总、常州基地常务

副总、长兴基地常务副总、长兴工业园区基地总经理。现为公司长兴工业园区高级技术顾问。

47.李泽：1968 年生，男，中共党员，工学硕士，高级工程师。曾任上海宝钢冶金建设公司

技术员、车间主任、副总工程师等职务，2001 年起先后担任上海振华港机公司质检公司项

目主管、主任工程师、副总经理，长兴基地副总经理、代总经理。现任南通分公司总经理兼

任南通重型装备公司总经理、南通振华龙源公司总经理。

48.张建勇：1956 年生，男，中共党员，大专，工程师。曾先后工作于上海航标厂，上海南

北机械电气工程有限公司。1994 年起先后担任公司浦东有限公司副总经理、总经理，南通

振华重型齿轮箱厂总经理。现任南通重齿分公司总经理。

49.张光东：1951 年生，男，中共党员，大专，工程师。曾任上海新建机器厂计划员、工艺

员、车间副主任，1993 起先后担任公司港机部主任工程师、江阴基地制造部经理、常州基

地总调度、常务副总经理、长兴基地总经理、计划部经理、总调度师，现任常州分公司总经

理。

50.陆汉忠：1975 年生，男，中共党员，硕士，高级工程师。曾任上海三航安装工程公司技

术员，上海振华港口机械（集团）股份有限公司工艺部技术员、副经理，长兴基地副总工程

师、副总经理兼总工程师。现任长兴分公司总经理。

51.曹文发：1947 年生，男，MBA，高级工程师，历任公司船舶部副经理，港作轮公司总经

理，公司副总工程师，2003 年起任公司副总裁。

52.翟梁：1946 年生，男，本科，高级工程师，历任公司电气部副经理、经理，1997 年起任

公司总工程师、副总裁,现已退休。

53.田洪：1963 年生，男，MBA，高级工程师，曾任上海港机厂机械设计人员、公司技术部

副经理、副总工程师、新技术开发部总经理，2004 年 3 月起任公司副总裁,现已离职。

54.胡安康：1956 年生，女，中共党员，博士。曾工作于四川物理研究所。历任沪东造船厂

造船研究所技术员、助工、高级工程师、民船总体室主任、副总工程师兼船舶开发研究所所

长、开发所所长、研究员，上海沪东—中华造船（集团）有限公司总工程师、副总经理，中

国船舶工业集团公司第七○八所研究所所长，曾任公司海工研究院院长，现已离职。

（二）在股东单位任职情况

姓名 股东单位名称 担任的职务 任期起始日期 是否领取报

酬津贴

周纪昌 中国交通建设股份有限公司 董事长 2009 年 12 月 29 日 是

傅俊元 中国交通建设股份有限公司 执行董事、财务

总监 2009 年 12 月 29 日 是

刘文生 中国交通建设股份有限公司 董事会秘书、总

经济师 2009 年 12 月 29 日 是

(三) 董事、监事、高级管理人员报酬情况

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董事、监事、高级管理人

员报酬的决策程序

按照公司章程的规定，董事、监事的薪酬由股东大会审议通过，高管层

报酬由公司总裁考核决定。

董事、监事、高级管理人

员报酬确定依据 实行基本工资和绩效薪资结合生产经营工作等量化指标考核。

董事、监事和高级管理人

员报酬的实际支付情况

除董事长周纪昌、董事傅俊元、董事刘文生不在公司领取报酬，其余董

事、监事和高级管理人员报酬均由公司支付。

(四) 公司董事、监事、高级管理人员变动情况

姓名 担任的职务 变动情形 变动原因

胡安康 海工研究院院长 离任 辞职

田洪 副总裁 离任 辞职

翟梁 副总裁 离任 退休

(五) 公司员工情况

在职员工总数 4,782

公司需承担费用的离退休职工人数 0

专业构成

专业构成类别 专业构成人数

工程技术人员 2,807

经营行政人员 600

生产管理人员 1,300

财务人员 75

教育程度

教育程度类别 数量（人）

中专 662

大专 1,923

本科 1,830

硕士 360

博士 7

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六、公司治理结构

(一) 公司治理的情况

1、公司治理结构完善情况

报告期内，公司严格按照《公司法》《证券法》《股票上市规则》《公司章程》及中国证

监会有关法律法规的要求，规范公司的日常运作，加强公司信息披露的工作，在完善公司法

人治理结构的建设、逐步建立现代企业制度方面不断努力。公司法人治理结构的实际情况已

基本符合《上市公司治理准则》等相关法律法规的要求：

①关于公司股东与股东大会：公司平等对待所有股东，确保股东能充分行使权利，保护

其合法权益；公司建立了股东大会议事规则，能够严格按照相关法律法规的要求召集、召开

股东大会，出席股东大会股东人数及其代表股份数均符合《公司法》和《公司章程》的有关

规定。

②关于控股股东与上市的关系：控股股东行为规范，严格遵循董事会和股东大会的各项

权利，控股股东不存在超越董事会、股东大会权限干预公司重大决策和依法开展生产经营活

动的情况。公司董事会、监事会和内部机构完全独立运作；公司《关联交易规则》的建立，

保证了关联交易决策程序的合法性。

③关于董事与董事会：公司董事会独立开展工作，公司制定了《董事会议事规则》，各

位董事以认真负责的态度出席董事会和股东大会，行使董事职责；独立董事克尽职守，独立

履行职责，关注广大中小股东的合法利益。

④关于监事和监事会：公司监事会的人数和人员构成符合法律、法规的要求；公司监事

能够按《监事会议事规则》认真履行自己的职责，能够本着对股东负责的精神，对公司财务

以及董事、经理和其他高级管理人员履行职责的合法合规性进行监督。

⑤关于绩效评价与激励约束机制：公司正不断改进公正、透明的董事、监事和经理人员

的绩效评价标准与激励约束机制；管理人员的聘任公开、透明，符合法律法规的规定。

⑥关于利益相关者：公司能够充分尊重和维护银行及其他债权人、职工、消费者等其他

利益相关者的合法权益，积极合作，相互能实现良好沟通，共同推动公司持续、健康地发展。

⑦关于信息披露与透明度：公司能够按照有关规定，及时履行信息披露义务。公司重视

对投资者关系管理工作，建立了定期邀请投资者了解公司、亲临生产基地参观、考察制度，

使投资者与公司之间建立良好沟通渠道，从而改善公司经营管理和治理结构，提高了公司核

心竞争力。

2、公司治理活动

报告期内，公司从加强基础管理工作入手，进行了一系列机构改革，进一步健全了内部

控制体系和制度建设，完善内部控制管理工作，持续提高公司治理水平，分别制定了《年报

信息披露重大差错责任追究制度》、《外部信息使用人管理制度》、《内幕信息知情人管理制度》

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等，增强了信息披露的真实性、准确性、完整性和及时性，进一步加强公司内幕信息保密工

作，维护公司信息披露的公开、公平、公正原则。2010 年 12 月,在中国资本市场建立 20 周

年和上海证券交易所成立 20 周年之际，由上海证券交易所主办的“2010 年度上市公司治理

专项奖评选活动”中公司喜获“2010 年度上市公司信息披露奖提名”，表明公司在公司治理、

信息披露方面得到了监管部门和公众的认可。

公司治理是一项长期的工作。公司将继续严格按照《公司法》、《证券法》和其他有关法

律法规的要求，进一步提高公司规范运作水平，强化公司治理工作，确保公司健康稳定持续

发展。

(二) 董事履行职责情况

1、 董事参加董事会的出席情况

董事姓名 是否独

立董事

本年应参

加董事会

次数

亲自出

席次数

以通讯

方式参

加次数

委托出

席次数

缺席次

数

是否连续两

次未亲自参

加会议

周纪昌 否 7 4 3 0 0 否

傅俊元 否 7 1 3 3 0 是

刘文生 否 7 1 3 3 0 是

康学增 否 7 4 3 0 0 否

刘启中 否 7 4 3 0 0 否

严云福 否 7 4 3 0 0 否

孙厉 否 7 4 3 0 0 否

王珏 否 7 4 3 0 0 否

杜志淳 是 7 3 3 1 0 否

徐维钧 是 7 4 3 0 0 否

李理光 是 7 4 3 0 0 否

宓为建 是 7 3 3 1 0 否

尤家荣 是 7 4 3 0 0 否

傅俊元董事、刘文生董事因公出差连续两次未能亲自出席董事会，均授权委托周纪昌董

事长代为出席表决。

年内召开董事会会议次数 7

其中：现场会议次数 4

通讯方式召开会议次数 3

2、 独立董事对公司有关事项提出异议的情况

报告期内，公司独立董事未对公司本年度的董事会议案及其他非董事会议案事项提出异议。

3、 独立董事相关工作制度的建立健全情况、主要内容及独立董事履职情况

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公司董事会根据中国证监会发布的《关于在上市公司建立独立董事制度的指导意见》的

要求，已经建立独立董事制度，独立董事在董事会所占比例超过三分之一，其产生的效应是

十分积极的。在董事会下建立战略委员会、审计委员会、薪酬与考核委员会、提名委员会等

专业委员会，并制定相关实施细则。公司五名独立董事徐维钧先生、杜志淳先生、宓为建先

生、李理光先生、尤家荣先生遵守有关法律、法规及公司章程的规定，克尽诚信与勤勉义务，

为做出正确的决策，在会前对所需要提请董事会决策的事项均作充分的了解，以认真负责的

态度出席董事会，关注公司发展，积极参加公司组织的各类宣传活动，独立履行职责，在事

先弄清情况的基础上参与公司决策，对所议事项进行了独立客观判断，表达明确的的意见，

维护了公司广大股东的整体利益。

公司已建立了《独立董事工作制度》和《独立董事年报工作制度》，重视持续加强年报工

作汇报和沟通制度。独立董事在上市公司 2010 年年报的编制和披露过程中，积极与年审注

册会计师的沟通，切实履行独立董事的责任和义务，勤勉尽责。

(三) 公司相对于控股股东在业务、人员、资产、机构、财务等方面的独立情况

业务方面独立情况

公司业务独立于控股股东，自主经营，业务结构完整。并且董事会

就关联方与公司之间发生的关联交易进行审议时，关联股东均已实

施表决回避，保证了该等关联交易决策程序的合法性。

人员方面独立情况

公司在劳动、人事及工资管理等方面实行独立管理。总裁、副总裁、

董事会秘书、财务总监等高级管理人员均在公司领取报酬，未在控

股股东单位领取报酬或担任职务。

资产方面独立情况 公司拥有独立的生产体系、辅助生产系统和配套设施，工业产权、

商标、非专利技术等无形资产均由公司拥有。

机构方面独立情况

公司设立了健全的组织机构体系，董事会、监事会、总裁、技术、

经营、生产制造等内部机构独立运作，不存在与控股股东职能部门

之间的从属关系。不存在控股股东干涉公司的正常生产经营情况。

财务方面独立情况 公司设有独立的财务部门，并建立了独立的会计核算体系和财务管

理制度，并在银行独立开户。

(四) 公司内部控制制度的建立健全情况

内部控制建设的总体方案

2010 年公司进一步健全内部控制体系和制度建设，继续建立健

全、充实完善公司的内部控制，强化内部控制管理工作，并使之

得到贯彻落实。

内部控制制度建立健全的工作计

划及其实施情况

公司在所有重大方面已建立较为健全的、合理的内部控制制度，

并已得到了有效遵循，这些内控制度能够对公司编制真实、公允

的财务报表提供合理保证，对公司各项业务活动的健康运行及国

家有关法规和内部规章制度的贯彻执行提供保证，对经营风险可

以起到有效的控制作用，公司现有的内部控制制度符合我国有关

上海振华重工(集团)股份有限公司 2010 年年度报告

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法规和证券监管部门的要求，基本适应公司管理要求和公司发展

的需要。随着国家法律法规的逐步完善以及公司持续发展的需

要，公司内部控制制度还将进一步健全和深化。

内部控制检查监督部门的设置情

况

公司设有监察部和审计部负责对内部控制的日常检查和监督工

作，及时发现和纠正制度执行中的偏差，确保内部控制制度的有

效实施，加强公司内部监察和审计监督能力，持续提高公司的内

部控制，公司内部控制检查监督部门不定期向董事会提交内控检

查监督工作报告。

内部监督和内部控制自我评价工

作开展情况

公司已建了较为完善的法人治理结构，从制度层面确保公司重大

决策及交易行为合法、规范、真实、有效，使各项制度能够适应

公司现行管理的要求和公司发展的需要;公司的各项内部控制在

生产经营等公司营运的各个环节中得到了一贯的、顺畅的和严格

的执行，基本达到了内部控制的整体目标;能够较好地保证公司

会计资料的真实性、合法性、完整性;能够确保公司所属财产物

资的安全、完整;能够按照法律、法规和公司章程规定的信息披

露的内容和格式要求，真实、准确、完整、及时地报送和披露信

息，确保公开、公平、公正地对待所有投资者，切实保护公司和

投资者的利益。

董事会对内部控制有关工作的安

排

根据公司业务特点及管理需要，建立财务管理、经营管理、生产

管理、物资采购、人事管理等方面的各项管理制度，形成了较规

范健全的控制管理体系，不断加强预算管理和内部审计、监察工

作，监督各项制度的执行并不定期向董事会提交报告。

与财务报告相关的内部控制制度

的建立和运行情况

公司按照《公司法》、《证券法》、《会计法》、《企业财务通则》、《企

业会计准则》等法律法规的规定建立了规范、完整、适合本公司

经营特征的会计制度、财务管理制度、财务内部控制制度以及相

关的操作规程，公司的财务会计人员具备了较高的专业素质并定

期进行专业更新培训，会计岗位实行职务分离、相互制约的原则

并定期轮换岗位。采取有效措施保证公司及下属各控股子公司准

确及时地进行财务管理、会计核算和编制财务会计报告，初步形

成了以产品标后预算管理为控制手段的财务核算管理和考核评

价指标体系，从事后分析向事中控制考核发展，对现金流量以安

全边际为基础，集中统一公司及各子公司的资金管理，提升资金

使用效率。

内部控制存在的缺陷及整改情况

公司管理层非常重视企业内部各项制度的不断更新和完善，定期

对内部控制在制度和实际执行过程中发现的情况做相应的调整。

通过内控评价，公司认为企业的内部控制制度体系运转正常，合

理控制了各种潜在的大风险，促进了公司各项经营生产目标和财

务目标的实现，未发现公司存在内部控制设计或执行方面的重大

缺陷。在今后的工作中，公司将进一步完善公司内部控制检查监

督机制，一经识别内部控制缺陷，公司将立即采取整改措施；持

续改进公司内部控制评价方法和工作机制，充分发挥内控评价工

作机制的效果，实现公司内控体系建设持续、动态、长效运营及

提高，为公司的快速健康发展奠定良好的基础。

上海振华重工(集团)股份有限公司 2010 年年度报告

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（五）高级管理人员的考评及激励情况

公司根据《公司法》与《公司章程》的规定进行董事、监事及高级管理人员的任免，并

已初步建立起一套适合公司实际情况的高级管理人员的培养、选聘、监督、考核、奖惩、约

束机制，制定了相应的高级管理人员管理办法。根据公司生产经营和发展需要，遵循能上能

下、德才兼备的原则，对高级管理人员进行任免、考核，由公司根据其勤勉尽职情况和工作

绩效进行全年考核，公司将逐步完善现有的绩效评价制度和薪酬制度，在公司全体高级管理

人员和核心技术人员中探索推行中长期激励制度，以不断激发高级管理人员的工作积极性，

创造新的业绩，确保公司效益最大化和规范运作。

（六）公司是否披露内部控制的自我评价报告或履行社会责任的报告：否

（七）公司建立年报信息披露重大差错责任追究制度的情况

为了提高公司治理水平，增强信息披露的真实性、准确性、完整性和及时性，提高年报

信息披露的质量和透明度，根据中国证监会和上海证券交易所的文件要求，结合公司实际情

况，经第四届董事会第二十八次会议于 2010 年 3 月 18 日审议通过制定《上海振华重工（集

团）股份有限公司年报信息披露重大差错责任追究制度》。

上海振华重工(集团)股份有限公司 2010 年年度报告

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七、股东大会情况简介

(一) 年度股东大会情况

会议届次 召开日期 决议刊登的信息披露报纸 决议刊登的信息披露日期

2009 年度股

东大会 2010年 6月 28日 《上海证券报》《香港文汇报》 2010 年 6 月 29 日

2009 年度股东年会审议通过以下各项议案：

一、《2009 年度董事会工作报告》

二、《2009 年度监事会工作报告》

三、《2009 年度独立董事述职报告》

四、《2009 年度总裁工作报告》

五、《2009 年年度报告全文及摘要》

六、《2009 年度财务报告》

七、《2009 年度公司利润分配方案》

八、《关于变更公司英文名称的议案》

九、《关于增加公司营业范围的议案》

十、《关于修改公司章程的议案》

十一、《关于公司发行中期票据的议案》

十二、《关于 2010 年续聘境内审计会计师事务所的议案》

十三、《关于增加 2010 年度银行综合授信额度的议案》

十四、《关于与中国交通建设股份有限公司签订日常关联交易框架协议的议案》

上海振华重工(集团)股份有限公司 2010 年年度报告

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八、董事会报告

(一) 管理层讨论与分析

1 、报告期内公司经营情况的回顾

（1） 总体经营情况

2010 年是公司面临市场形势最为严峻、风险集中释放、压力骤然增加、发展至关重要的一年。外部，

国际金融危机的持续滞后影响致使市场需求不振、传统港机订单数量和单价大幅下降，公司销售收入减少、

生产任务不足；内部，公司基础管理亟待加强，成本中的固定开支占比上升，还面临库存钢材价格高于市

场价及人民币升值等较高的既定风险。在上述内外部主客观因素的多重影响下，公司管理层严格遵照股东

大会和董事会决议，贯彻下达的年度发展战略和经营指标，根据董事会的决策部署，带领全体职工迎难而

上、快速反应，在困难中开局，在逆境中奋进，最大限度地降低亏损，呈现出总体企稳向好的态势，取得

了来之不易的成绩：2010 年公司完成营业收入为 171 亿元人民币，其中出口产品约占 65.89%，内销产品

约占 34.11%，净利润-7 亿元人民币,归属于母公司所有者的净利润-6.9 亿元人民币。

（2） 主营业务及其经营状况

公司主营业务范围为：设计、建造、安装和承包大型港口装卸系统和设备、海上重型装备、工程机械、

工程船舶和大型金属结构件及部件、配件；船舶修理；自产起重机租赁业务；销售公司自产产品；可用整

机运输专用船从事国际海运；钢结构工程专业承包。

总体分析：2010 年,公司生产经营工作受金融危机的影响逐步加深，2009 年底在手有效订单不足，传

统的港机市场需求萎缩较大,海外市场持续低迷,加之原材料价格上涨因素,使公司这类出口装备制造业企

业比单纯国内制造企业更是面临多一重的实际困难。在董事会的决策部署下，公司果断开展了以"抓市场、

调结构、夯基础、上水平"为核心的"二次创业"，公司上下认清形势、埋头苦干，艰难挺过了 2010 年。

2010 年尽管公司业绩出现下滑，但是公司“不畏困难，直面挑战，敢于超越”的振华精神在恶劣的形

势下得到进一步升华，公司“ZPMC”的品牌影响力在传统港口机械领域得到进一步巩固、在新兴市场领域

得到进一步认可，公司全员积极进取、乐观向上、忘我工作的精神状态得到进一步历练，全年各项基础管

理工作得到进一步夯实，取得了进步。

经营工作：拓展多元化经营，积极转型，公司"ZPMC"的品牌影响力在传统港口机械领域得到进一步巩

固、在新兴市场领域得到进一步认可，全年新签合同额 30.46 亿美元。一年以来，公司以“经营是龙头”

为指导思想，树立“全员经营”理念，鼓励盘活现有资产、承接自营项目，拓展经营渠道，转变经营方式，

实现了保持传统市场份额的同时逆势开拓新市场，如：1 月份公司与唐山市曹妃甸工业区管理委员会签订

曹妃甸自动化集装箱码头项目合作框架协议，代表了港口装卸机械的先进发展方向，为低碳经济时代集装

箱码头装卸系统的发展开辟了新途径；2 月份与美国港口集团签订了 8 台岸桥销售合同、与营口港签订 4

上海振华重工(集团)股份有限公司 2010 年年度报告

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台岸桥和 8台门机设备的销售合同；3 月份与韩国现代发展公司签订 8台岸桥和 38 台轮胎吊的销售合同、

与越南 TCIT 公司签订 6 台岸桥和 20 台轮胎吊的销售合同；6 月份公司与阿联酋阿布扎比国家石油建设公

司（NPCC）签订了一艘 3800 吨起重铺管船的销售合同、与中交天津航道局有限公司签订了一艘 11000m3

自航耙吸式挖泥船的销售合同；8 月份公司中标太中银铁路站台无柱式雨棚工程，正式进军铁路市场；11

月份公司与 F&G 签订海洋石油工程设备的设计、研发和制造的合作协议，提高公司在海工领域的国际竞争

力，与中交上海航道局签订一艘 10000m3自航耙吸式挖泥船的销售合同。

生产管理方面：公司上下集思广益、多策并举、打出管理组合拳，全面推行“效益管理年”活动，进

一步夯实了公司的基础管理工作，同时也锻炼了人才队伍的战斗能力，保证了重大项目交付的平稳顺利，

如：英国风力发电钢管桩项目圆满结束；澳洲钢结构项目成功交付；卢森堡MCS公司浅水铺管船是中国本

土企业向国际用户成功交付的第一艘铺管船；太中银铁路雨棚项目按计划顺利完工；向新加坡用户成功交

付一艘3000吨起重铺管船；为韩国三星重工制造的8000吨浮吊成功建造完成并交付使用；为熔盛重工完成

世界最大吨位龙门吊总装；西班牙4400吨铺管船项目完成试航；美国新海湾大桥项目和曹妃甸矿石码头二

期装卸系统项目也已处于收尾阶段。

①主营业务分行业、分产品情况表 单位:元 币种:人民币

分行业或

分产品 主营业务收入 主营业务成本

主营业

务利润

率(%)

主营业务

收入比上

年增减(%)

主营业务成

本比上年增

减(%)

主营业务利润率比

上年增减(%)

集装箱起重机 8,576,009,665 8,496,041,195 0.93 -49.21 -45.13 减少 7.37 个百分点

散货机械 3,690,151,188 3,834,464,868 -3.91 18.59 25.98 减少 6.10 个百分点

海上重型装备 2,591,343,260 2,339,329,475 9.73 -28.70 -5.54 减少 22.13 个百分点

钢结构 1,662,991,694 1,442,401,497 13.26 -43.67 -45.58 增加 3.04 个百分点

船舶运输及其他 188,650,160 115,932,839 38.55 440.35 396.79 增加 5.39 个百分点

合计 16,709,145,967 16,228,169,874 2.88 -37.23 -31.46 减少 8.17 个百分点

②主营业务分地区情况表

单位:元 币种:人民币

地区 主营业务收入 主营业务收入比上年增减（%）

中国大陆(外销) 444,454,357 -81.91

亚洲(除中国大陆) 4,228,363,483 -51.63

欧洲 2,371,124,435 -65.66

美洲 2,782,323,882 -27.30

中国大陆 5,699,644,190 80.43

非洲 719,833,090 -43.08

大洋洲 463,402,530 74.14

合计 16,709,145,967 -37.23

注：地区分部报表中中国大陆(外销)项下列示金额为公司出口外销至子公司－上海振华港口机械(香港)有限公司或关

联方中和物产株式会社，再由其销售至国内客户相关项目的主营业务收入。

③主要供应商、客户情况

上海振华重工(集团)股份有限公司 2010 年年度报告

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单位:万元 币种:人民币

前五名供应商采购金额合计 241,337 占采购总额比重 17%

前五名销售客户销售金额合计 275,624 占销售总额比重 16%

（3） 资产构成、财务状况及现金流量分析

资产负债表项目

资产负债表项目 2010年12月31日 2009年12月31日 差异变动金额及幅度 注释

合并 合并 金额 幅度（%）

货币资金 1,335,993,150 1,926,802,247 -590,809,097 -31% (1)

交易性金融资产 47,840,517 16,284,096 31,556,421 194% (2)

应收票据 35,237,260 6,574,000 28,663,260 436% (3)

应收账款 5,715,050,345 6,048,610,903 -333,560,558 -6% (4)

预付款项 1,319,830,607 2,079,241,507 -759,410,900 -37% (5)

其他应收款 362,869,690 667,893,033 -305,023,343 -46% (6)

存货 7,164,354,623 7,558,854,022 -394,499,399 -5% (7)

已完工尚未结算款 6,910,426,449 11,276,108,522 -4,365,682,073 -39% (8)

可供出售金融资产 196,622,150 - 196,622,150 100% (9)

固定资产 14,386,472,840 13,884,769,836 501,703,004 4% (10)

在建工程 5,068,570,017 5,172,992,294 -104,422,277 -2% (11)

无形资产 2,383,859,673 2,226,705,970 157,153,703 7% (12)

递延所得税资产 313,849,645 139,428,514 174,421,131 125% (13)

短期借款 13,198,365,451 13,635,926,987 -437,561,536 -3% (14)

交易性金融负债 21,895,367 8,531,815 13,363,552 157% (15)

应付票据 490,318,391 327,830,000 162,488,391 50% (16)

应付短期债券 - 4,100,533,000 -4,100,533,000 -100% (17)

已结算尚未完工款 2,365,098,981 2,347,535,659 17,563,322 1% (18)

应付职工薪酬 43,933,114 194,829,166 -150,896,052 -77% (19)

一年内到期的非流动负债 1,881,794,500 3,750,723,300 -1,868,928,800 -50% (20)

长期借款 5,621,976,500 3,863,392,000 1,758,584,500 46% (21)

股本 4,390,294,584 4,390,294,584 - 0% (22)

资本公积 5,676,010,609 5,525,371,782 150,638,827 3% (23)

未分配利润 3,693,538,327 4,388,376,311 -694,837,984 -16% (24)

分析：

(1) 货币资金： 货币资金的减少主要系本公司归还银行借款及短期融资券所致。

(2) 交易性金融资产： 交易性金融资产的增加主要系本公司于年末未到期交割的期外汇合同根

据年末市场汇率计算的的公允价值上升所致。

(3) 应收票据： 应收票据的增加主要系公司增加应收票据用于背书支付采购款所致。

(4) 应收账款： 应收账款的减少主要系本年度加大应收账款催收力度所致。

(5) 预付账款： 预付账款的减少主要系本年度预付钢材款减少所致。

(6) 其他应收款： 其他应收款的减少主要系应收第三方款项，产品现场服务借款减少所致。

(7) 存货: 存货的减少主要系生产领用库存钢材导致的库存原材料逐渐被消耗所致。

(8) 已完工尚未结算款： 已完工尚未结算款的减少主要系本年度业务量下降以及公司加大应收帐

上海振华重工(集团)股份有限公司 2010 年年度报告

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款回收力度所致。

(9) 可供出售金融资产： 可供出售金融资产的增加主要系本年持有的江西华伍制动器股份有限公

司的股权上市交易所致。

(10) 固定资产： 固定资产的增加主要系南汇基地基本建设及振华 15、振华 29 号船舶本年

转入固定资以及本年其他设备新增所致。

(11) 在建工程： 在建工程的减少主要系南汇基地基本建设及振华 15、振华 29 号船舶本年

转入固定资产所致。

(12) 无形资产： 无形资产的增加系南通基地新购土地使用权所致。

(13) 递延所得税资产： 递延所得税的增加主要系可抵扣亏损确认的递延所得税资产增加所致。

(14) 短期借款： 短期借款的减少主要系归还银行贷款所致。

(15) 交易性金融负债： 交易性金融负债的增加主要系本公司于年末未到期交割的期外汇合同根

据年末市场汇率计算的的公允价值上升所致。

(16) 应付票据： 应付票据的增加主要系控制现金流支出增加票据付款所致。

(17) 应付短期债券： 应付短期债券的减少主要系本公司于本年度归还到期短期融资债券所致。

(18) 已结算尚未完工款： 已结算尚未完工款的增加的主要系本公司本年度加强工程结算导致工程

结算款的增加所致。

(19) 应付职工薪酬： 应付职工薪酬的减少主要系本年未计提年终奖所致。

(20) 一年内到期的非流动负债： 一年内到期的非流动负债的减少主要系银行贷款到期归还所致。

(21) 长期借款： 长期借款的增加主要系本年新增长期借款以及预计在下一年度到期的长

期借款转出至流动负债所致。

(22) 股本： 本年末股本与去年末一致。

(23) 资本公积： 资本公积的增加主要由于可供出售金融资产本年末公允价值上升所致。

(24) 未分配利润： 未分配利润的减少主要由于本年经营净亏损所致。

利润表项目

利润表项目 2010年度 2009年度 差异变动金额及幅度 注释

合并 合并 金额 幅度（%）

营业收入 17,116,177,415 27,564,115,642 -10,447,938,227 -38% (25)

营业成本 16,598,961,345 24,582,920,042 -7,983,958,697 -32% (25)

营业税金及附加 28,123,571 41,172,974 -13,049,403 -32% (26)

管理费用 901,713,714 1,601,979,558 -700,265,844 -44% (27)

财务费用-净额 214,930,084 622,221,819 -407,291,735 -65% (28)

资产减值损失 220,263,970 95,872,822 124,391,148 130% (29)

公允价值变动收益 18,192,869 7,752,281 10,440,588 135% (30)

投资收益 25,482,001 3,643,520 21,838,481 599% (31)

营业外收入 89,169,390 220,573,424 -131,404,034 -60% (32)

营业外支出 72,712,606 19,334,780 53,377,826 276% (33)

所得税费用 135,091,991 14,783,437 120,308,554 814% (34)

归属于母公司股东的净

(亏损)/利润 -694,837,984 839,853,345 -1,534,691,329 -183% (35)

少数股东损益 -17,678,89 -60,718,137 43,039,242 -71% (36)

上海振华重工(集团)股份有限公司 2010 年年度报告

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分析：

(25) 营业收入、

营业成本：

营业收入和上年相比有较大的减少，主要是由于受金融危机的滞后影响导

致的订单、销售量的下降，以及美元、欧元等外币的贬值导致收入的下降。

毛利率的下降主要是由于市场需求不足、产品竞争激烈导致的产品价格下

降；营业额下降、销售量减少导致的人工、折旧等固定成本分摊上升等原

因所致。

(26) 营业税金及附加： 营业税金及附加的减少主要系本年营业收入下降所致。

(27) 管理费用： 管理费用减少主要系技术研发费以及员工薪酬下降所致，以及公司加强管

理，严控其他管理费用所致。

(28) 财务费用： 财务费用的减少主要系本年借款利息减少以及人民币升值引起的本期汇

兑收益上升所致。

(29) 资产减值损失： 资产减值损失的增加主要系坏账损失，存货跌价损失以及合同预计损失上

升所致。

(30) 公允价值变动收益： 公允价值变动收益的增加主要系交易性金融资产的公允价值变动收益上

升所致。

(31) 投资收益： 投资收益的增加主要系其他长期投资宣告分派的现金股利的增加及处置

其他长期投资-中港疏浚获得收益所致。

(32) 营业外收入： 营业外收入的减少主要系政府补助下降所致。

(33) 营业外支出： 营业外支出的增加主要系固定资产处置的净损失上升所致。

(34) 所得税费用: 所得税费用的减少主要系公司本年亏损所致。

(35) 归属于母公司股东的净(亏

损)/利润

本年归属于母公司股东的净亏损主要是由于本公司本年净亏损所致。

(36) 少数股东损益 少数股东损益的减少主要系本公司之非全资子公司当期亏损减少所致。

现金流量表项目

项目 2010年度 2009年度 差异变动金额及幅度 注

释

合并 合并 金额 幅度（%）

经营活动产生的现金流量净额 5,177,920,274 550,280,773 4,627,639,501 840.96% (37)

投资活动产生的现金流量净额 -1,041,525,586 -4,074,247,302 3,032,721,716 -74.44% (38)

筹资活动产生的现金流量净额 -4,791,355,717 1,731,627,397 -6,522,983,114 -376.70% (39)

现金及现金等价物净增加额 -654,961,029 -1,792,339,132 1,137,378,103 -63.46% (40)

分析：

(37) 经营活动产生的现金流量净额 经营活动产生的现金流量净额比去年同期增加主要系公司建立健全了

资金使用计划平衡会议制度，增加了货款收回及减少存货所致。

(38) 投资活动产生的现金流量净额 投资活动产生的现金流量净额比去年同期减少主要系公司压缩基建投

资所致。

(39) 筹资活动产生的现金流量净额 筹集活动产生的现金流量净额比去年同期减少主要系公司大幅归还银

行借款所致。

(40) 现金及现金等价物净增加额 现金及现金等价物净增加额比去年同期增加主要系公司加大货款催收

力度,归还银行借款及压缩基建投入所致。

(4) 交易性金融资产和负债分析

上海振华重工(集团)股份有限公司 2010 年年度报告

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公司主要从事外销业务，为规避外汇汇兑风险，与多家银行签订远期外汇合同。此外，公司与多家

银行签订了以浮动利率计息的长期借款。公司通过与银行签订利率掉期合同以规避长期银行借款的浮动

利率风险。

远期外汇合同和利率掉期合同于相关合同签署日以公允价值进行初始计量，并以公允价值进行后续

计量。

远期外汇合同及利率掉期合同，除指定为套期工具且套期高度有效的衍生工具，其公允价值变动形

成的利得或损失将根据套期关系的性质按照套期会计的要求确定计入损益的期间外，其余衍生工具的公

允价值变动计入当期损益。

公司为进行套期而将部分远期外汇合同指定为套期工具，其公允价值或现金流量变动预期可抵销被

套期项目的公允价值或现金流量变动。

套期分为公允价值套期和现金流量套期。公允价值套期和现金流量套期同时满足下列条件，方能运

用套期会计方法进行处理。

(a) 在套期开始时，公司对套期关系(即套期工具和被套期项目之间的关系)有正式的指定，并准备

了关于套期关系，风险管理目标和套期策略的正式书面文件。

(b) 该套期预期高度有效，且符合公司最初为该套期关系所确定的风险管理策略。

(c) 对预期交易的现金流量套期，预期交易应当很可能发生，且必须使公司面临最终影响损益的现

金流量变动风险。

(d) 套期有效性能够可靠的计量。

(e) 公司持续地对套期有效性进行评价，并确保该套期在套期关系被指定的会计期间内高度有效。

套期同时满足下列条件的，认定为高度有效。

(a) 在套期开始及以后期间，该套期预期会高度有效地抵销套期指定期间该套期风险引起的公允价

值或现金流量变动；

(b) 该套期的实际抵消结果在 80%至 125%的范围内。

作为公允价值套期的套期工具，其公允价值变动损益直接记入当期损益。

作为现金流量套期的套期工具，其期末按公允价值评估后产生的评估损益应区分有效套期部分和无

效套期部分。有效套期部分记入资本公积中的套期储备中，而无效套期部分列入当期损益。当预期未来

交易或承诺事项实现且确认为一项非金融资产或负债时，原记入资本公积中套期储备的评估损益将转入

此项资产或负债的初始成本中；当预期未来交易或承诺事项实现但不确认为一项资产或负债时，原记入

资本公积中套期储备的评估损益应当在被套期预期交易影响损益的相同期间转出，计入当期损益；当预

期未来交易预计不会发生时，原记入资本公积中套期储备的评估损益将转入当期损益。

同公允价值计量相关的内部控制制度情况

为加强金融衍生工具管理，防范和控制风险，规范衍生工具使用行为，公司依据国家相关法律法规

并结合公司实际，制定了《衍生工具内部管理办法》，在具体业务操作中严格按照此管理办法的规定执

行。程序是：由我公司财务部根据未来各个期间到期应收外币合同款进行测算，然后提交公司管理层审

上海振华重工(集团)股份有限公司 2010 年年度报告

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批；财务部外汇处负责即时跟踪远期外汇合约的市场行情，并就未进行套期保值的应收账款拟定保值方

案以锁定汇率风险；财务部拟定的衍生工具套期保值方案通过询价明确具体内容后提交管理层审批；审

批通过后，由财务部外汇处询价并由公司总裁或财务总监签订合约；已签订的衍生工具合约由财务部建

立台账，管理归档并按需向管理层报告。

截至报告期末与公允价值计量相关的项目 ：

单位：元

项目 2009 年 12 月 31 日 本年度公允价值变动损益 2010 年 12 月 31 日

金融资产 16,284,096 31,556,421 47,840,517

金融负债 8,531,815 13,363,552 21,895,367

（5）技术创新情况分析

公司自 1998 年以来在世界港机制造行业中始终保持排头兵的地位，近几年，在海洋工程科技研

发与实践方面也取得了不错的成绩。在科技创新的研发工作方面，每年投入达总产值的 3%以上。目前

公司共申请国内专利加国际专利 328 项，其中国内发明专利 105 项，实用新型 121 项，外观设计 7项；

国际发明 82 项，国际实用新型 13 项。有效的授权国内发明专利 49 项，实用新型 93 项，外观设计 7

项；国际发明 10 项。

自 2005 年新一代集装箱起重机项目获得国家科学技术进步一等奖、2008 年自主创新平台建设获

得国家科技进步二等奖后，2010 年公司以 4000 吨全回转浮吊、7500 吨全回转浮吊关键技术为为依托

的“海上重型起重装备全回转浮吊关键技术及应用”项目又再次荣获国家科技进步奖二等奖，这是对

公司海工创新能力的激励和肯定。这些成绩也充分说明，公司自主创新的能力在不断增强。

目前公司共荣获：国家科技进步奖一等奖 1 项，二等奖 2项；上海科技进步奖一等奖 4 项，二等

奖 3 项，三等奖 5 项。目前公司拥有的研发机构及荣誉称号主要有：国家首批创新型企业、上海市高

新技术企业、博士后工作站、装备制造业与高新技术产业自主创新品牌、国家级企业技术中心、国家

海上起重铺管核心装备工程技术研究中心、上海港口机械工程技术研究中心、中国世界名牌、中国工

业大奖表彰奖等。这些荣誉的取得，是公司坚持自主创新的结果。创新为我们赢得了荣誉，更为我们

带来了市场。

公司内部的科技创新活动也是方兴未艾，创新活动层出不穷。

2010 年公司在自主创新、产品开发方面取得的重要成果有：

一、8000 吨固定双臂架浮吊

在 2008 年成功推出世界最大的海上巨无霸 7500 吨全回转浮吊后，由公司自主开发设计制造的

8000 吨固定双臂架浮吊又成功问世！8000 吨浮吊是我公司专为韩国三星重工开发设计、制造的一艘

非自航、可变幅的、双臂架浮吊。浮吊每个臂架上设有四只 1000 吨主钩，共 8 只主钩。最大吊重为

8000 吨，对应的舷外幅度为 57 米，水面上最大起升高度为 120 米。本船的船长 170 米，船宽 67 米，

型深 11 米，吃水 6 米。主要用于大型船舶分段、海上平台模块等大型构件的运输及安装。该浮吊是

世界同类型浮吊中起重量最大、起升高度最高的起重机。

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二、3000 吨铺管船

公司自主研制开发的 3000 吨铺管船相继顺利交付卢森堡、新加坡用户。该铺管船由公司自主研

制和开发，总吨位 4 万余吨，满足了美国 ABS 船级社和国际海事组织的最新规范要求，全船采用了国

际先进的船舶装备，并安装了由公司自主研发的 12 台变频工作重型锚绞车，可铺设外径为 60 英寸的

海底管道，最大铺管水深可达 300 米，适合在全球各个海域作业。这也是迄今为止，中国本土企业第

一次成功向国际用户交付自制铺管船。

三、10000t/h 取料机

阿曼 SOHAR 10000T/H 取料机是公司向世界矿业巨头巴西淡水河谷集团提供的特大型设备之一，

生产能力为世界之最。阿曼 SOHAR 10000T/H 取料机的自主设计和研发，不仅仅满足了市场不断发展

的需求，同时也打破了国外对大吨位取料设备供应的垄断，提高了公司在散料运输堆场设备方面的核

心竞争力，实现了堆场设备全面走向世界。

四、曹妃甸矿石码头二期散货装卸系统总包工程

曹妃甸码头二期系统的投产，是我公司承接散货系统工程的又一个标志性的自主设计工程。一是

系统能力大，这是目前国际上最大的矿石接卸码头；，二是设备多，标的大。在项目研发中，曹妃甸

矿石码头二期系统除进一步推广国产化、采用移动小车进行流程切换、管控一体化、流程在线连续检

测及监控、大型装卸设备网络在线远程管理、中压变配电综合自动化等关键技术外，同时具有国内外

最新的先进技术，如设备配置国内额定能力最大且合理抓斗卸船机的额定能力达 3200t/h；完全自主

研制皮带机及堆料机的额定能力为 9000t/h；链斗机的额定能力为 3800t/h；强化综合环保措施链斗

式卸船机的应用，在系统输送过程中采用干式、湿式除尘相结合的方式进行抑尘外，更在堆场四周及

抓斗机的大料斗的三面采用防风网，进一步降低扬尘；流程“十点”转接，设计难度大； 拥有完全

知识产权的皮带机控制系统。

五、超大鹅颈大梁岸桥

公司自主研制的西班牙巴塞罗那 TERCAT 码头超大鹅颈大梁岸桥已经完成用户所有要求的主要功

能测试。其主要创新点有：折臂大梁长度属世界最大，其前伸距达 64 米，吊具下额度起重量达 61 吨，

轨上起升高度为 42 米；大梁折臂原理新颖，折臂系统可靠；大梁折臂原理新颖，折臂系统可靠。该

项目成功研发为有严格航空高度要求的码头应用大规格超大巴拿马岸桥提供了成功案例，也标志着

ZPMC 在设计、制作超大折臂大梁岸桥达到世界领先水平。

六、海上风电机组特种安装平台

海上风电机组安装平台是专门用于海上风电机组吊装的大型装备。ZPMC 自主研发的我国第一艘

5000 吨级、用于 3MW 海上风电机组吊装的特种安装平台，最大单件吊装重量 800 吨且可全回转。攻克

升降系统、高强钢齿条加工工艺、高强钢桩腿焊接技术、桩腿固定系统等技术难关。掌握大型海上风

电机组特种安装装备的设计与制造核心技术，填补了我国海上风电机组安装装备的空白，缩短了与国

外的差距，形成了自主知识产权。

七、海洋工程船舶动力定位系统集成技术

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随着世界各国持续加强对海洋资源的开采，各类作业船舶的工作范围逐渐由浅海向深海发展。船

舶动力定位系统具有作业精度高、响应时间短、不受作业水深限制等特点，是发展深海作业不可缺少

的关键性技术。目前，公司已解决三个关键技术瓶颈,一个是大尺寸螺伞齿轮加工,一个是深水密封,

一个是水下大功率永磁电机研制。动力定位实验船已完成基本实验,授权实用新型专利 3 项，填补了

我国在大功率推进器研制方面的空白，形成的具有自主知识产权的系列化大功率推进器及其配套产品

的核心技术和生产能力，将最终打破国外的技术垄断，提高我国海洋工程装备设计制造的核心竞争能

力。

八、美国新海湾大桥复杂异型钢构制作工艺技术

美国新海湾大桥是世界第一大单塔自锚抗 8 级以上地震悬索钢桥，项目制作之难,要求之高,均属

世界钢桥项目中顶级水准,公司通过不断的管理创新,工艺创新, 一个个难啃硬骨头都迎刃而解, 是

我公司制造工艺创新的典型代表作。项目经过三年多的研发制作，已成功发运 6船。其中包括钢塔第

1～3 吊装段，钢箱梁第 1～10 吊装段已发运完毕。该项目的成功制作，将极大地提升我国重型钢结构

制造业的国际地位，同时标志着世界桥梁制造的中国世纪已经拉开帷幕。

除上述主要科技创新的研发外，报告期内，公司在特大型（大跨距大起重量）造船用龙门吊研制、

自升式平台、自升式平台升降系统、风电设备减速箱、铺管设备、集装箱岸桥场桥综合试验研究、国

产环保型链斗机、自动化码头等方面也取得了多项成果。

（6）主要控股公司及参股公司的经营情况及业绩分析

单位：万元 币种：人民币

公司名称 主要产品或服务 注册资本 资 产 规

模

净利润

上海振华港机重工有限公司

(原名:上海振华重工长兴配

套件制造有限公司)

从事大型集装箱起重机及其减速箱齿轮之加工及

销售；船舶制造、加工、销售

550 28,044 25

上海振华重工长兴精密铸造

有限公司

从事精密铸造金属切割及冷作加工 500 2,689 4

上海振华港口机械(香港)有

限公司

设计、建造、销售各类港口设备工程船舶钢结构件

及其他部件

5,000 万港币 391,946 -241

上海振华船运有限公司 经营近洋国际海运，国内沿海及长江中、下游普通

货船运输，承运港口机械设备

12,000 168,168 6

南通振华重型装备制造有限

公司

安装大型港口设备、工程船舶和大型金属结构件及

其部件、配件；齿轮箱、集装箱厂桥、特重型桥梁

钢构、海上重型机械设备织造、安装；起重机租赁

业务；钢结构工程专业承包.

108,000 191,637 693

南通振华重工钢结构加工有

限公司

机械设备制作安装、钢结构加工、五金加工冷作、

除锈涂装、机械设备工程承包。

10 万美元 7,855 87

江阴振华港机钢结构制作有

限公司

生产港口机械零配件；钢结构件制作工程，机械设

备、电器设备的安装；并提供相关技术及售后服务.

10 万美元 329 -16

上海振华重工(集团)股份有限公司 2010 年年度报告

31

上海振华重工钢结构

有限公司

生产销售钢结构、港口机械零件；承接机械设备、

电器设备安装；提供相关技术及售后服务

15 万美元 558 10

上海振华重工(集团)常州油

漆有限公司

环氧树脂涂料、聚氨酯树脂涂料制造、加工。 4,980 18,501 557

中交上海港口机械制造厂有

限公司

从事各类港口起重装卸、散货、集装箱机械，港口

工程船(含浮式工程起重机)，物料搬运机械产品及

配件销售，各类机械设备关键部件原辅料仪器销售

及技术服务，维修安装，技术咨询

218,473 221,479 -4,501

上海江天实业有限公司 筹建综合楼，经济信息咨询，机电设备及产品、建

筑材料、装潢材料、五金交电、百货、金 属材料

的销售及售后服务，收费停车场，附设分支机构

15,700 12,306 -211

上海港机重工有限公司 生产港口起重机械及配件，物料搬运机械及配件、

隧道挖掘机械、高速铁路专用设备、钢结构制作，

各类大型工程船(含浮式起重机)及海洋工程设备

的修理、设计和制造，销售自产产品，并提供相关

安装、维修服务和技术咨询。

1,812 万美元 121,881 -710

中港集团上海港口工程装备

有限公司

从事各类港口起重装卸散货、集装箱机械，港口工

程船(含浮式工程起重机)，物料搬运机械产品及配

件销售及技术服务，货物吊装、捆扎与运输，设备

租赁，国内沿海及长江中下游普通货船运输，工程

设备及船舶经营、租赁、安装、船舶技术咨询，经

营本企业自产产品的出口业务和本企业所需的机

械设备、零配件、原辅材料的进口业务。

8,800 5,905 -2,873

上海振华重工(集团)张家港

港机有限公司

港口起重装卸、散货集装箱机械产品制造、加工及

维修、更新改造业务。

1500 19,969 -1,359

上海康尼机械制造有限公司 机械制造，减速机及配件制造加工；自有房屋的租

赁业务。

1,500 1,807 -133

南通振华港机配套有限公司 生产销售港口机械及配套件 5,500 万美元 37,200 -305

南通振华港机配件有限公司 生产销售港口机械用车轮、滑轮 2,500 万美元 3,410 -6

2、经营困难和解决方法 报告期内公司经营中出现一些挑战和困难，主要表现为下列方面：

①市场开拓和经营结构调整任务艰巨。尤其是国际金融危机的冲击仍未消退，公司海工和钢构

市场的规模贡献和效益贡献还没有完全显现。产能过剩压力巨大。

②内部各项基础管理还亟待完善，尤其是继续完善以成本控制为核心的核算体系。

③公司既定的风险还没有降低到理想状态，尤其是大项目风险和居高不下的资产负债率为代表

的资金信贷风险依然困扰公司发展。

面对这些经营中出现的困难，公司采用如下办法：

①全力以赴抢抓市场，调整经营结构。通过树立全员经营的理念、创新经营体制机制、推进经营结构

上海振华重工(集团)股份有限公司 2010 年年度报告

32

调整、持续转变经营方式初步实现了：国内外两轮驱动，国外与国内市场结构比 2:1，港机、海工钢构的

产品结构比 2:1，海工钢构的市场份额比例稳步提高。

②千方百计贯彻效益优先，夯实管理基础，。全面开展“效益管理年”活动，调整组织机构和实施薪

酬改革，规范劳动用工和干部队伍建设，下大力气抓大成本控制，加强分包队伍和产品外协管理，强化成

本预算考核，规范招投标管理，完善制度管理体系。

③多策并举抓好安全、质量、生产，提升管理水平，向管理要效益。高度重视安全管理。开展质量“零

缺陷”活动，建立重大项目协调会议制度，为提高整体生产管理水平，还开展了“文明生产运动”和“提

高生产率运动”。

④求真务实做好科技创新工作，发挥科技支撑作用。

⑤想方设法围绕重大问题，控制运营风险。

3、对公司未来发展的展望 （1）所处行业发展趋势、市场竞争格局及未来发展战略

2011 年仍然是世界经济复苏年，全球经济增长速度将放缓，经济增长存在不确定因素，威胁经济复苏

的风险仍然存在，但同时，当前中国经济发展正处在由回升向好向稳定增长转变的关键时期，2011 年世界

经济发展将面临比 2010 年更加错综复杂的形势。

2011 年是“十二五”规划的开局之年，做好 2011 年全年工作具有非常重要的意义。当前形势是重大

挑战也是难得机遇，我们必须科学判断、未雨绸缪、审慎应对，以市场为导向，以经济效益为中心，以公

司利润最大化为目标，以技术创新为动力，对外开拓市场，对内狠抓生产管理、保证质量，实行全面管控，

积极投入到“降本增效、控亏增盈”攻坚战中，遏制危机对公司带来的冲击。贯彻落实科学发展观，深入

推进“效益管理年”活动，按照“信心为魂，现金为王，降本为先，效益为重，发展为本，安全稳定为基”

的发展方略，努力创新创优，全面提质增效，实现转型发展。

董事会经认真研究市场前景、分析自身优势及面临的困难，2011 年要求公司管理层将进一步落实如下

发展战略：

一、以市场需求为导向，调整优化经营结构，提升经营创效能力。

经营班子要多方下手，变市场压力为动力，坚持国内国外两轮驱动，抢抓市场，全力打赢经营工作的

翻身仗。首先，要继续巩固并不断提高公司在世界港机市场中的领袖地位和市场份额：发挥品牌优势，提

高品牌亲和力，提高产品的科技含量，提升系统整合能力，完善和推广全自动化码头系统，提高产品节能、

信息化水平，切入物流机械和内河港机市场；其次，继续推进经济结构调整，加速开发海洋工程、钢结构、

能源环保市场：利用高端设计资源，发挥中交集团内部协同效益，完善内部海工资源整合，提高公司在海

工大型设备、关键技术方面的设计制造能力，重点关注国内外钢结构市场高端重大项目，谋划并大力开拓

海上风电、环保矿山机械、海水淡化成套系统等市场；第三，持续推进经营体制机制创新：商业模式要有

新探索，以全员经营的理念推行相关二级单位的自营项目指标，梳理售后服务网点，进一步完善海外经营

体系，筹建驻外办事处，打造国际化平台。

二、推进效益管理，夯实基础管理，以贯彻成本控制为重点，扎扎实实强管理，提高公司持续发展后

上海振华重工(集团)股份有限公司 2010 年年度报告

33

劲

在应对金融危机过程中，公司一方面“添衣加被”、抢抓市场，另一方面则要做到强身健体，苦练内

功，变“冬眠”为“冬泳”，不仅要化解金融危机的“眼前之急”，更要着眼增强企业可持续发展的“长

远之功”。公司要继续开展“效益管理年”活动，开源节流、降本增效。管理层要发动全体职工进一步解

放思想，倡导厉行节约，树立过“紧日子”的思想，坚持从实际出发，从大局出发，加强制度体系建设，

推动组织结构调整，全面构建预算和绩效考核体系，构建二级单位成本核算体系,加强成本管控工作；抓

好物质采购和分包外协管理，极限控制物化成本，有效控制人工成本；加强审计监督工作，强化效能监察；

提高财务和资金管理水平，做好税务筹划。建立和完善内控管理体系，着手精细化管理，追求内涵式发展，

全面提升整体管理水平，为公司未来实现跨越式发展打下坚实基础。

三、建立健全制度体系，形成风险管理长效机制，防止决策失误，实现公司合规、稳健、有效经营

建立和完善企业规章制度是建立企业风险防范体系的重要内容，加强风险管理就是要加强制度的建

设，强调以制度防范为基础。公司在生产经营过程中，主要面临着投资风险、财务风险、经营风险、生产

风险、外汇风险、法律风险等等。针对风险的特征，公司应当树立以事先防范和过程控制为主的防范理念，

要形成防范风险的目标层层分解，防范风险的责任层层明确，防范风险的措施层层到位。强化责任意识，

形成层层传递职责的工作机制和压力层层传递、层层落实的责任体系，控制好过程，建立风险防范体系，

减少事后纠纷。特别要重视公司几项突出的风险：关注以伊朗项目和先生产后销售项目为代表的大项目风

险，加强重大项目风险预警和防范的风险管理制度；关注汇率和信贷风险，跟踪汇率走势，进一步压缩银

行负债比例，通过多种风险规避策略提高财务风险管理水平；关注劳动用工风险，梳理并规范日常劳动用

工管理，有效预防和化解风险，提升人力资源管理合水平；关注投资风险，严控基本建设投资、股权投资，

防止盲目投资、重复建设。

四、以人为本，前瞻开拓，促进竞争型企业的建设

随着市场进一步复苏，公司各项产品的质量竞争、成本竞争、价格竞争和服务竞争将愈演愈烈，而决

定这些竞争活动成败的关键在于企业的人才质量和数量状况。为此，公司应在新年度进一步推进人力资源

培训与开发战略，内强素质，在人才队伍建设上狠下功夫，优化领导干部结构，抓好三支队伍建设，将竞

争机制引入干部队伍建设，建立工作效能评估机制，探讨股权激励机制，实行绩效量化细化考核，奖优罚

劣。应注重以高尚的目标引导人，科学的流程管理人，完善的机制激励人，战略的眼光培养人，终生的学

习塑造人，使管理人员的计划控制能力、组织协调能力、沟通能力以及创新能力得到提高和增强，使公司

现行的经营管理制度得到更加有效地贯彻和执行，使组织运行机制更加具有效率和活力，努力营造“政通、

人和、心齐、气顺、劲足”的良好氛围，为提升公司核心竞争力注入持久的动力。

（2）公司是否编制并披露新年度的盈利预测：否

（3）新年度经营计划、资金需求、使用计划及资金来源情况

上海振华重工(集团)股份有限公司 2010 年年度报告

34

2011 年度公司计划实现营业收入稳定增长，内部加强制度建设，夯实成本管理基础工作，逐步提升产

品的盈利能力，严格控制基本建设投入，保证公司持续、稳定、健康的发展。资本性开支主要用于公司各

生产基地基本建设和公司总部在建办公楼等项目，资金来源主要是公司自有资金以及通过多种融资手段、

多渠道筹集。

（4）对未来发展产生不利影响的风险因素及对策

① 市场风险：主要表现为全球港机市场容量和大型钢结构市场容量没有大幅提升趋势，将加剧竞争的激

烈性；国际能源价格波动较大，仍不稳定，对海工产品需求波动较大的风险，海工市场准入条件更加

严格，竞争更趋激烈。

受国际金融危机深度影响，国际航运业整体复苏形势不明，全球港机市场容量没有大幅提升趋势；国

际原油价格虽有提高，但波动较大，仍不稳定；墨西哥湾两次石油事件，使以石油平台为核心的海工市场

准入条件更加严格，竞争更趋激烈。

国内港口航运业仍将以内贸拉动为主，外贸恢复比较缓慢；受建造成本、建筑观念等多方面影响，国

内在大型基建方面仍倾向于混凝土结构，大型钢结构市场容量没有大幅提高；船舶需求在 2008-2010 年已

经释放，2011 年造船业市场将经受巨大考验。

经济形势的严峻性加剧竞争的激烈性。国际市场上原有的港机竞争对手通过价格战挤压公司利润空

间；客户方不断培植新的竞争对手从中牟利，使公司竞争压力持续增加。

对策：公司坚持科学发展观，以抓市场为核心，调整结构，推进经营体制机制创新，加强和谐经营建

设。通过加大自主创新和开发新产品的力度，提高产品的科技含量，在欧美市场进一步推广以全自动化码

头系统为代表的节能环保型港机产品，发展软实力，在高端市场下功夫，巩固港口机械全球领先地位，进

一步推进经营结构调整步伐，抓住国家发展新兴产业难得历史机遇，大力培育海洋工程市场，充分利用中

交股份 F&G 公司与公司自身设计制造资源。结合公司已经实施的英国风电、美国钢桥、新喀里多尼亚模块

等项目，在全球进一步提升振华钢构品牌影响力，为进一步夺取港珠澳大桥后续市场和海外大型钢结构市

场夯实基础。积极开拓能源环保市场，全面做强疏浚船舶制造业务，力争开辟风机制造市场，争取进入矿

山机械市场，逐步进入海水淡化和污水处理市场，积极探讨再制造市场开拓等等。

②经营风险：主要表现为管理基础风险，产能规模过大，原材料价格波动较大风险，劳动用工风险。

公司由以往的规模速度型发展回归到效益型发展是一项长期而艰巨的任务。公司传统产品生产周期

8-14 个月，海工产品生产周期更长，往往需要 2-3 年。要发展壮大海工产品，首先要对基本建设进行投入，

造成近年来公司对基建投入较大，造成产能规模过大，即使不发生金融危机，海工产品产生收益也需要一

个过程。钢材是公司生产的主要原材料，每年公司用钢量巨大，近年来钢价大幅波动给公司发展造成一定

的阻力。劳动用工管理不规范，各类制度建设相对不足。

对策：公司将以效益优先为要求，进一步夯实公司管理基础，建立预算和绩效考核体系，抓好采购

上海振华重工(集团)股份有限公司 2010 年年度报告

35

和分包外协管理，推行项目制管理，以防风险为重点，逐步将公司带入平稳持续发展轨道；将根据海工产

品的市场需求状况，对于市场容量较大，产品通用性强的产品，适度、少量先开工、先研发；逐步、合理、

适度的进行基本建设投入，盘活现有固定资产，整合生产基地资源，做到资产出效益；通过与多家主要供

应商建立战略合作良好关系，根据订单状况订货，力争取得有效稳定价格、保证供应数量，不断提高钢材

利用率；规范劳动用工管理，在《员工规范》制定、劳动合同管理、劳务派遣公司整顿等方面完善制度建

设。

③财务风险：主要表现为汇率风险和信贷风险

美国经济复苏的严峻性仍将在很大程度上影响中美汇率、贸易、金融摩擦，人民币升值压力巨大；国

内为遏制通胀压力，采取紧缩货币政策；公司汇率风险和信贷风险较 2010 年更趋严峻。

对策：对于汇率风险，公司一直重视对外汇风险管理政策和策略的研究，密切关注汇率变化，定期编制

汇率走势分析，严格执行金融衍生品交易相关的审批程序，做好产品币种汇率统计，进一步夯实外汇管理

基础工作，降低公司汇率风险。通过在合同中安排有利的结算条款（如签订与人民币汇率挂钩的合同，预

付款比例加大尽早结汇等），或在国家金融外汇政策许可的范围内，运用套期保值、外汇保理等适当的金

融工具或手段，控制和锁定汇率风险。对于信贷风险，公司通过减少原材料储备，减少对供应商的预付款，

压缩基建开支，通过多种方式（如中期票据、票据贴现）降低公司融资成本，加快资金周转，多种渠道筹

集资金，逐步达到减少银行利息支出的目的。

(二) 公司投资情况

单位:万元

报告期内投资额 3,492

投资额增减变动数 -22,328

上年同期投资额 25,820

投资额增减幅度(%) -86.47

被投资的公司情况

被投资的公司名称 主要经营活动

占被投资

公司权益

的比例(%)

备

注

江苏龙源振华海洋工程

有限公司

钢结构制作、安装，海上风电设施基础施工、设备安装及维护，海底电

缆系统工程施工、维护，海洋工程施工、设备安装及维修，及安装设备

租赁

50

上海振华重工(集团) 张

家港港机有限公司 港口起重装卸、散货集装箱机械产品制造、加工及维修、更新改造业务 90

江西华伍制动器股份有

限公司

起重电器系列各种工业制动装置、防风装置、吊具用液压控制装置、起

重运输机械部件、轻小型起重运输设备（陶瓷托辊）等产品的设计、制

造、销售、安装；自产产品及相关技术的出口业务（国家限定公司经营

或禁止出口的商品除外）；生产科研所需的原辅材料、机械设备、仪器

12.99

上海振华重工(集团)股份有限公司 2010 年年度报告

36

仪表、零配件及相关技术的进口业务（国家限定公司经营或禁止进口的

商品除外）；经营本企业的进料加工和“三来一补”业务。

1、 募集资金使用情况

报告期内，公司无募集资金或前期募集资金使用到本期的情况。

2、 非募集资金项目情况

报告期内，公司非募集资金投资重大项目主要有南通、长兴、南汇等基地基本建设、东方路

办公楼、振华 15、29 等项目。截至 2010 年 12 月 31 日，项目投资、进度、收益情况如下：

南通基地基本建设本年度已投入 68,978 万元，完工进度 85%；

长兴基地基本建设本年度已投入 10,986 万元，完工进度 80%；

基地在建大型机械及工程设备本年度已投入 39,105 万元，完工进度 98%；

南汇基地基本建设本年度已投入 668 万元，完工进度 82%；

东方路办公楼本年度已投入 12,026 万元，完工进度 85%；

振华 15 本年度已投入 19,884 万元，完工进度 100%；

振华 29 本年度已投入 11,197 万元，完工进度 100%；

以上项目增加了公司的产能和产效，收益在报告期内营业收入及利润中体现出来。其他项目

金额较小，属技术改造及零星补缺。

(三) 陈述董事会对公司会计政策、会计估计变更、重大会计差错更正、重大遗漏信息补

充以及业绩预告修正的原因及影响的讨论结果，以及对有关责任人采取的问责措施及处

理结果

报告期内，公司无会计政策、会计估计变更、重大会计差错更正、重大遗漏信息补充以及业绩预

告修正。

(四) 董事会日常工作情况

1、 董事会会议情况及决议内容

会议届次 召开日期 决议内容 决议刊登的信

息披露报纸

决议刊登的信息披

露日期

第四届董事会第

二十八次会议

2010 年 3 月 18 日 审议通过《2010 年度公司工作计

划》、《关于与龙源电力集团股份有

限公司成立合资公司的议案》等 7

项议案

上 海 证 券 报

B16；香港文汇

报 B4

2010 年 3 月 19 日

第四届董事会第

二十九次会议

2010 年 3 月 31 日 审议通过《2009 年度董事会工作报

告》、《2009 年度总裁工作报告》、

《2009 年度公司利润分配方案》等

18 项议案

上 海 证 券 报

B51；香港文汇

报 A24

2010 年 4 月 2 日

第四届董事会第

三十次会议

2010 年 4 月 28 日 审议通过《2010 年第一季度报告全

文及正文》、《关于调整与龙源电力

集团股份有限公司成立合资公司相

关事宜的议案》等 3项议案。

上 海 证 券 报

B112；香港文汇

报 B8

2010 年 4 月 30 日

上海振华重工(集团)股份有限公司 2010 年年度报告

37

第四届董事会第

三十一次会议

2010 年 6 月 4 日 审议通过《关于增加营业范围的议

案》、《关于召开 2009 年度股东大会

的议案》等 4 项议案。

上海证券报 24；

香港文汇报 B3

2010 年 6 月 5 日

第四届董事会第

三十二次会议

2010 年 6 月 28 日 审议通过《关于为 FLOUR 英国大嘉

宝海上风电项目提供25年保用期等

事项的议案》。

第四届董事会第

三十三次会议

2010 年 8 月 29 日 审议通过《2010 年半年度报告全文

及摘要》等 4 项议案。

上 海 证 券 报

B24；香港文汇

报 A12

2010 年 8 月 31 日

第四届董事会第

三十四次会议

2010 年 10月 28日 审议通过《2010 年第三季度报告全

文及正文》、《关于减持上海振华重

工（集团）常州油漆公司股权的议

案》等 5项议案。

上海证券报 16；

香港文汇报 A26

2010 年 10 月 30 日

2、 董事会对股东大会决议的执行情况

在 2010 年，共召开 1 次股东大会，通过了董事会提请股东大会审议的 14 个议案，除增加公司

营业范围相关事项仍在办理中，其他相关决议董事会已督促管理层执行完毕。

3、 董事会下设的审计委员会相关工作制度的建立健全情况、主要内容以及履职情况汇总报告

公司审计委员会于 2007 年成立，是董事会下设的专门工作机构，审计委员会由 5名董事组成，

其中独立董事 3 名，主任委员由独立董事专业会计人士担任。根据中国证监会、上交所有关规定，

公司董事会审计委员会勤勉尽责，按照公司《董事会审计委员会实施细则》履行了以下工作职责：

一、2010 年 12 月 17 日，收到普华永道中天会计师事务所有限公司发来的对公司 2010 年度审计的

初步工作计划。审计委员会认真审阅了公司 2010 年度审计工作计划及相关资料，并与普华永道中天

会计师事务所有限公司注册会计师协商确定了公司 2010 年度财务报告审计工作的时间如下表：

项目 日期 工作内容

与审计委员会召开计划沟通会议 2010 年 11 月下旬 与审计委员会沟通审计计划

预审 2010 年 12 月 6 日 –

2010 年 12 月 17 日

- 了解 2010 年 1-11 月重要内部控制并进行测试

- 跟进了解中期集团报表审阅时关注的高风险领

域的关键事项并初步评估对年度审计的影响

与管理层召开期中会议 2010 年 12 月下旬 与管理层沟通预审结果，安排期末审计事项

存货盘点 2011 年 1 月 4 日 实施存货盘点

实施固定资产，在建工程的盘点

期末审计 2011 年 1 月 17 日 –

2011 年 3 月 1 日

审计截止至2010年12月31日的母公司及集团财

务报表

与管理层召开期末总结会议 2011 年 2 月末 与管理层沟通审计结果

期末审计委员会沟通会议 2011 年 3 月初 与审计委员会沟通审计结果

A 股财务报表审计报告签字 2011 年 3 月初 签署 A股财务报表审计报告

上海振华重工(集团)股份有限公司 2010 年年度报告

38

二、对会计师事务所发送了两次书面督促函，在年审注册会计师进场前审阅了公司编制的财务会计

报表，形成了财务报表第一次审阅意见。

三、年审注册会计师进场后，董事会审计委员会加强与年审注册会计师的沟通，2010 年 12 月 17 日

公司为五位独立董事单独安排了一次与年审会计师的见面会，就审计过程中发现的问题以及审计报

告提交时间进行了沟通和交流。

四、公司年审注册会计师出具初步审计意见后，董事会审计委员会再一次审阅了公司 2010 年度财务

会计报表，形成了公司 2010 年财务会计报表第二次审阅意见。审议通过关于向董事会提交公司财务

报表的决议。

五、在普华永道中天会计师事务所有限公司出具 2010 年度审计报告后，董事会审计委员会召开年度

会议，对普华永道中天会计师事务所有限公司从事本年度公司的审计工作进行了总结，并就公司年

度财务会计报表以及关于下一年度聘请会计师事务所等议案进行表决并提交本次董事年会审核。

审计委员会：尤家荣 严云福 孙厉 杜志淳 宓为建

上海振华重工（集团）股份有限公司

2011 年 3 月 8 日

4、 董事会下设的薪酬委员会的履职情况汇总报告

根据公司《董事会薪酬与考核委员会实施细则》，公司董事会薪酬及考核委员会 2010 年的履职

情况报告如下：

1、根据董事会制定的 2010 年度经营绩效目标，结合公司 2010 年各项经营指标完成情况，确立了公

司董事、监事及高级管理人员的报酬总额。

2、报告期末，根据公司 2010 年度主要财务指标和生产经营目标完成情况，以及公司董事、监事、

高级管理人员分管工作范围、主要职责，依据公司的绩效评价体系，对公司董事、监事、高级管理

人员履职情况进行了绩效考核，认为皆是称职的，没有任何违纪行为的。

3、对公司 2010 年度公司董事、监事、高级管理人员所披露的薪酬情况进行了审核并认为：公司董

事、监事、高级管理人员年度薪酬的发放，符合公司薪酬制度与绩效考核标准，未有违反公司薪酬

管理制度及与公司薪酬管理制度不一致的情形发生。

薪酬与考核委员会：徐维钧、康学增、王珏、李理光、尤家荣

上海振华重工（集团）股份有限公司

2011 年 3 月 8 日

5、董事会对于内部控制责任的声明

上海振华重工(集团)股份有限公司 2010 年年度报告

39

公司董事会将切实承担起建立健全公司内部控制及其有效运行的全面责任，对公司内控制度的

制定和有效执行负责。公司将按照企业内部控制基本规范、企业内部控制配套指引等文件要求，继

续建立健全、充实完善公司的内部控制系统，并使之得到贯彻落实。

6、 公司对外部信息使用人管理制度的建立健全情况

为加强公司在编制、审议和披露定期报告及重大事项期间的外部信息报送和使用方面的管理，

根据中国证监会和上海证券交易所的文件要求，依据《公司法》、《证券法》、《公司章程》等有关规

定特制定，结合公司实际情况，第四届董事会第二十八次会议于 2010 年 3 月 18 日审议通过《上海

振华重工（集团）股份有限公司外部信息使用人管理制度》。

7、 内幕信息知情人管理制度的执行情况

公司自查，内幕信息知情人不存在公司股价的重大敏感信息披露前利用内幕信息买卖公司股份的情

况。

(五)利润分配或资本公积金转增股本预案

由于 2010 年度发生亏损，加之，银行有息负债的比例较高，为有效降低资金周转和经营风险，

公司 2010 年的利润分配方案为：不分配，也不进行资本公积金转增股本。

(六)公司前三年分红情况

单位：元 币种：人民币

分红年度 现金分红的数额（含税） 分红年度合并报表中归

属于上市公司股东的净

利润

占合并报表中归属于上

市公司股东的净利润的

比率(%) 2007 545,250,350 2,054,958,545 26.532008 114,823,089 2,551,063,379 4.50

上海振华重工(集团)股份有限公司 2010 年年度报告

40

九、监事会报告

(一) 监事会的工作情况

召开会议的次数 4

监事会会议情况 监事会会议议题

第四届监事会第十三次会议于 2010 年 3 月 31 日

在公司召开

审议并一致通过以下议案：（1）公司 2009 年度监

事会工作报告（2）公司 2009 年年度报告全文及

摘要（3）监事会关于公司 2009 年年度报告的审

议意见。

第四届监事会第十四次会议于 2010 年 4 月 28 日

在公司召开

审议并一致通过以下议案：（1）2010 年第一季度

报告全文及正文（2）监事会关于公司 2010 年第

一季度报告的审议意见。

第四届监事会第十五次会议于 2010 年 8 月 29 日

在公司召开

审议并一致通过以下议案：（1）2010 年半年度报

告全文及摘要（2）监事会关于公司 2010 年半年

度报告的审议意见

第四届监事会第十六次会议于 2010 年 10 月 28

日在公司召开

审议并一致通过以下议案：（1）2010 年第三季度

报告全文及正文（2）监事会关于公司 2010 年第

三季度报告的审议意见。

(二) 监事会对公司依法运作情况的独立意见

公司决策严格遵照《公司法》、《上市公司治理规则》等有关程序规定；股东大会、董事会、监事

会和经营班子之间责权明晰，各司其职，相互制衡，建立了完善的内部控制制度；公司董事会和高级

管理人员认真贯彻和执行年度股东大会决议精神，继续加强内部管理，敢于创新成功开拓国内外新市

场，以追求股东价值最大化为目标不断进取。公司董事、经理执行公司职务时无违反法律、法规、公

司章程行为或损害公司利益行为。

(三) 监事会对检查公司财务情况的独立意见

监事会对 2010 年年度财务报表进行了帐务审核。监事会认为，该财务报表真实反映了公司的财务

状况及经营成果，并已经普华永道中天会计师事务所有限公司根据国内审计准则审计，出具了无保留

意见的审计报告。

(四) 监事会对公司关联交易情况的独立意见

公司建立了关联交易规则，关联交易程序合法、价格合理，并无损害公司及广大股东的利益。

上海振华重工(集团)股份有限公司 2010 年年度报告

41

十、重要事项

(一) 重大诉讼仲裁事项

本年度公司无重大诉讼、仲裁事项。

(二) 破产重整相关事项及暂停上市或终止上市情况

本年度公司无破产重整相关事项。

(三) 公司持有其他上市公司股权、参股金融企业股权情况

1、 持有其他上市公司股权情况

单位：元

证券代码 证券简称最初投资成

本

占该公司

股权比例

（％）

期末账面价

值

报告期损

益

报告期所有

者权益变动

会计核算

科目

股份

来源

300095 华伍股份 19,400,000 12.99 196,622,150 0 150,638,827 可 供 出 售

金融资产 出资

注：经中国证券监督管理委员会证监许可[2010]889 号文核准，江西华伍制动器股份有限公司于 2010 年 7 月向境内投

资者公开发行 1,950 万股人民币普通股，并在深圳证券交易所挂牌上市交易。上市后，总股本为 7,700 万股，其中公

司持股 1,000 万股，占其总股本的 12.99%。本公司持有的股权自江西华伍上市之日起 36 个月内不得转让或者委托他

人管理。

2、 持有非上市金融企业股权情况

所持对象

名称

最初投

资成本

（元）

持有数量

（股）

占该公司

股权比例

（%）

期末账面

价值（元）

报告期损

益（元）

报告期所

有者权益

变动（元）

会计核算

科目 股份来源

申银万国

法人股 200,000 161,942 0.002978 200,000 0 0

长期股权

投资 认购

注：上述股份为公司全资子公司中交上海港口机械厂有限公司所持有的发起人股。

(四) 资产交易事项

1、 出售资产情况

单位:元 币种:人民币

交易对方 被出售资

产 出售日 出售价格

本年初起至

出售日该资

产为上市公

司贡献的净

利润

出售产生的

损益

是否为

关联交

易

资产

出售

定价

原则

所涉

及的

资产

产权

是否

已全

部过

户

所涉

及的

债权

债务

是否

已全

部转

移

该资产

出售贡

献的净

利润占

上市公

司净利

润的比

例(%)

关联关

系

中交上海

航道局有

限公司

中港疏浚

股份有限

公司

2010 年

10月14

日

34,080,378 8,559,889 8,559,889 是

按 市

场 价

格

是 是 -1.2

母公司

的全资

子公司

上海振华重工(集团)股份有限公司 2010 年年度报告

42

注：2009 年 9 月 27 日公司第四届董事会第二十五次会议审议通过了《关于拟出让所持中港疏浚股份有限公司股份的

议案》，相关转让手续于 2010 年 10 月 14 日完成。

(五) 报告期内公司重大关联交易事项

1、 与日常经营相关的关联交易

单位:元 币种:人民币

关联交易方 关联关系 关联交易

类型 关联交易内容

关联交易定价

原则

关联交易金

额

占同类交易金

额的比例(%)

中交股份 母公司 销售商品向我公司采购港

口机械

按市场价格作

为定价基础 43,825,750 0.26

中交第二航务工程局

有限公司

母公司的全

资子公司 销售商品

向我公司采购港

口机械 同上 30,000,000 0.18

中交第一航务工程局

有限公司

母公司的全

资子公司 销售商品

向我公司采购港

口机械 同上 16,145,072 0.09

中和物产株式会社 母公司的控

股子公司 销售商品

向我公司采购港

口机械 同上 10,708,490 0.06

中交第一公路工程局第

六工程有限公司

母公司的全

资子公司 销售商品

向我公司采购港

口机械 同上

1,764,102 0.01

中交第一公路工程局第

一工程有限公司

母公司的全

资子公司 销售商品

向我公司采购港

口机械 同上

1,764,102 0.01

中交第一航务工程勘察

设计院有限公司

母公司的全

资子公司 销售货物

向我公司采购港

口机械 同上 1,362,000 0.01

中交第三航务工程局

有限公司

母公司的全

资子公司 接受劳务

为本公司建造基

地及生产车间 同上 72,339,709 4.41

天津中交博迈科海洋

船舶重工有限公司

母公司的控

股子公司 接受劳务

为本公司提供设

备 同上 52,509,211 0.32

注：2010 年 6 月 28 日，公司 2009 年度股东大会决议通过《关于公司与中国交通建设股份有限公司签订日常关联

交易框架协议的议案》。2010 年-2012 年，我公司及其下属单位与中交股份及其下属机构在日常经营中发生的主营业务

方面的年度交易金额不超过 30 亿元人民币的关联交易，股东大会已授权公司管理层办理相关具体事宜。

2、 资产收购、出售发生的关联交易

单位:元 币种:人民币

关联方 关联关系 关联交易

类型

关联交易内

容

关联交易定

价原则

转让资产的账面价

值 转让价格

中交上海航道

局有限公司

母公司的全

资子公司 股权转让

中港疏浚股

份有限公司市场价格 25,520,489 34,080,378

上海振华重工(集团)股份有限公司 2010 年年度报告

43

3、关联债权债务往来 单位：元 币种：人民币

向关联方提供资金 关联方向上市公司提供资金 关联方 关联关系

发生额 余额 发生额 余额

中交股份 母公司 0 0 -919,699 33,472,814

香港振华工程有限 母公司的全资子公司 0 0 0 19,606,950

澳门振华海湾工程公

司 母公司的全资子公司 0 0 0 373,626

合计 0 0 -919,699 53,453,390

注：关联债权债务形成原因为本公司向关联方发放股利。

(六) 重大合同及其履行情况

1、 为公司带来的利润达到公司本期利润总额 10％以上（含 10％）的托管、承包、租赁事项

(1) 托管情况

本年度公司无托管事项。

(2) 承包情况

本年度公司无承包事项。

(3) 租赁情况

本年度公司无租赁事项。

2、 担保情况

单位:元 币种:人民币

公司对控股子公司的担保情况

报告期内对子公司担保发生额合计 62,141,000

报告期末对子公司担保余额合计（B） 198,681,000

公司担保总额情况（包括对控股子公司的担保）

担保总额（A+B） 198,681,000

担保总额占公司净资产的比例(%) 1.3

其中：

直接或间接为资产负债率超过 70％的被担保对

象提供的债务担保金额（D） 198,681,000

上述三项担保金额合计（C+D+E） 198,681,000

注：2008 年 9 月 22 日召开的 2008 年度第一次临时股东大会审议通过《关于公司对子公司上海振华港口机械（香

港）有限公司提供融资担保的议案》，同意公司对香港子公司提供融资支持，通过银行为其申请的贷款出具担保，上限

为 5亿美元。公司在报告期内发生的担保均系对上述香港子公司提供的。

3、 委托理财情况

本年度公司无委托理财事项。

4、 其他重大合同

上海振华重工(集团)股份有限公司 2010 年年度报告

44

（1）2010 年 1 月 14 日，公司与唐山市曹妃甸工业区管理委员会签订曹妃甸自动化集装箱

码头项目合作框架协议，已刊登在 2010 年 1 月 15 日的《上海证券报》《香港文汇报》上。

（2）2010 年 6 月，公司与阿联酋阿布扎比国家石油建设公司（NPCC）签订了一艘 3800 吨

起重铺管船的销售合同，与中交天津航道局有限公司签订了一艘 11000m3自航耙吸式挖泥船

的销售合同，已刊登在 2010 年 6 月 12 日的《上海证券报》《香港文汇报》上。

(七) 承诺事项履行情况

1、 公司或持股 5%以上股东在报告期内或持续到报告期内的承诺事项

承诺事项 承诺内容 履行情况

发行时所作承诺

2008 年公司向中交股份非公开增发收购上海港机厂结束后，中

交股份因此次非公开发行所增169,794,680股股票为有限售条

件的流通股，承诺锁定期限为本次非公开发行结束之日起 36

个月,锁定期自 2009 年 3 月 17 日开始计算，经 2008 年度送红

股后变更为 220,733,084 股。

目前为止中交股份严格履

行了承诺。

其他对公司中小股东

所作承诺

2008 年 4 月 8 日，公司召开第四届董事会第十一次会议，审议

通过《关于公司非公开发行股票方案的议案》等议案，同日，

公司接控股股东中交股份通知，按照中国证券监督管理委员会

的规定，中交股份对本次认购的公司非公开发行 A股股票承诺

在发行结束之日起三十六个月内不予转让。除此之外，中交股

份还作出如下承诺：中交股份及其全资、控股子公司目前所持

有的所有公司股份自 2008 年 4 月 8 日起三十六个月内不予减

持。

目前为止，中交股份严格

履行了承诺。

(八) 聘任、解聘会计师事务所情况

是否改聘会计师事务所： 否

原聘任 现聘任

境内会计师事务所名称 普华永道中天会计师事务所有

限公司

普华永道中天会计师事务所有

限公司

(九) 上市公司及其董事、监事、高级管理人员、公司股东、实际控制人处罚及整改情况

本年度公司及其董事、监事、高级管理人员、公司股东、实际控制人均未受中国证监会的稽查、

行政处罚、通报批评及证券交易所的公开谴责。

(十) 公司是否被列入环保部门公布的污染严重企业名单：否

(十一) 其他重大事项的说明

2010 年 6 月 28 日召开的 2009 年度股东大会审议通过了《关于公司发行中期票据的议案》，2011

年 2 月公司收到中国银行间市场交易商协会发出的《接受注册通知书》（中市协注【2011】MTN25 号），

同意接受公司中期票据注册。本次中期票据注册金额为 38 亿元人民币。

上海振华重工(集团)股份有限公司 2010 年年度报告

45

(十二) 信息披露索引

事项 刊载的报刊名称及版面 刊载日期

临2010-01公司与唐山市曹妃甸工业区管理委员会签订

曹妃甸自动化集装箱码头项目合作框架协议 上海证券报 B24；香港文汇报 B8 2010 年 1 月 15 日

临 2010-02 公司业绩预告 上海证券报 B25；香港文汇报 B5 2010 年 1 月 29 日

临 2010-03 第四届董事会第二十八次会议公告 上海证券报 B16；香港文汇报 B4 2010 年 3 月 19 日

临 2010-04 第四届董事会第二十九次会议决议公告 上海证券报 B51；香港文汇报 A24 2010 年 4 月 2 日

临 2010-05 第四届监事会第十三次会议决议公告 上海证券报 B51；香港文汇报 A24 2010 年 4 月 2 日

临 2010-06 第四届董事会第三十次会议决议公告 上海证券报 B112；香港文汇报 B8 2010 年 4 月 30 日

临2010-07第四届董事会第三十一次会议决议公告暨召

开 2009 年度股东大会会议通知 上海证券报 24；香港文汇报 B3 2010 年 6 月 5 日

临 2010-08 重大合同公告 上海证券报 27；香港文汇报 B4 2010 年 6 月 12 日

临 2010-092009 年度股东大会决议公告 上海证券报 B32；香港文汇报 C1 2010 年 6 月 29 日

临 2010-10 关 于 控 股 股 东 收 购 FRIEDE GODMAN

UNITED,LTD.的提示性公告 上海证券报 B40；香港文汇报 B2 2010 年 8 月 11 日

临 2010-11 第四届董事会第三十三次会议决议公告 上海证券报 B24；香港文汇报 A12 2010 年 8 月 31 日

临 2010-12 第四届董事会第三十四次会议决议公告 上海证券报 16；香港文汇报 A26 2010 年 10 月 30 日

刊载的互联网网站及检索路径 登陆上海证券交易所网站(WWW.SSE.COM.CN)输入公司股

票代码 600320 查阅。

上海振华重工(集团)股份有限公司 2010 年年度报告

46

十一、财务会计报告

上海振华重工(集团)股份有限公司 2010 年年度报告

47

十二、备查文件目录

1、载有法定代表人、主管会计工作负责人、会计机构负责人签名并盖章的会计报表。

2、 载有会计事务所盖章、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公开披露所有公司文件的正本及公告的原稿。

董事长：周纪昌

上海振华重工(集团)股份有限公司

2011 年 3 月 10 日

上海振华重工(集团)股份有限公司

2010年12月31日合并及公司资产负债表(除特别注明外，金额单位为人民币元)

资 产 附注 2010年12月31日

合并 2009年12月31日

合并 2010年12月31日

母公司 2009年12月31日

母公司 流动资产 货币资金 五(1) 1,335,993,150 1,926,802,247 1,107,432,861 1,381,173,585 交易性金融资产 五(2) 47,840,517 16,284,096 46,718,573 8,890,964 应收票据 五(3) 35,237,260 6,574,000 27,400,000 4,700,000 应收账款 五(4)、六(1) 5,715,050,345 6,048,610,903 5,485,639,052 5,357,890,240 预付款项 五(6) 1,319,830,607 2,079,241,507 1,265,928,970 2,034,188,630 应收股利 其他应收款 五(5)、六(2) 362,869,690 667,893,033 5,616,542,437 5,739,389,186 存货 五(7) 7,164,354,623 7,558,854,022 6,775,353,756 6,885,750,670 已完工尚未结算款 五(8) 6,910,426,449 11,276,108,522 5,832,717,062 10,194,994,466 流动资产合计 22,891,602,641 29,580,368,330 26,157,732,711 31,606,977,741

非流动资产 可供出售金融资产 五(9) 196,622,150 - 196,622,150 - 长期股权投资 五(10)、六(3) 41,748,939 57,760,489 3,583,958,506 3,605,452,056 固定资产 五(11) 14,386,472,840 13,884,769,836 7,226,814,415 6,716,281,406 在建工程 五(12) 5,068,570,017 5,172,992,294 2,546,919,849 2,900,309,420 无形资产 五(13) 2,383,859,673 2,226,705,970 1,648,713,710 1,638,863,895 商誉 五(14) 4,400,429 4,400,429 - - 递延所得税资产 五(15) 313,849,645 139,428,514 313,067,476 138,856,967 非流动资产合计 22,395,523,693 21,486,057,532 15,516,096,106 14,999,763,744

资产总计 45,287,126,334 51,066,425,862 41,673,828,817 46,606,741,485

后附财务报表附注为财务报表的组成部分。

企业法人代表人：周纪昌 主管会计工作负责人：康学增 会计机构负责人：王珏

- 3 -

上海振华重工(集团)股份有限公司

2010年12月31日合并及公司资产负债表(续)(除特别注明外，金额单位为人民币元)

负 债 及 股 东 权 益 附注 2010年12月31日

合并 2009年12月31日

合并 2010年12月31日

母公司 2009年12月31日

母公司 流动负债 短期借款 五(17) 13,198,365,451 13,635,926,987 9,027,425,001 6,218,848,987 交易性金融负债 五(2) 21,895,367 8,531,815 17,154,943 5,067,897 应付票据 五(18) 490,318,391 327,830,000 1,205,069,460 2,772,000,000 应付短期债券 五(19) - 4,100,533,000 - 4,100,533,000 应付账款 五(20) 1,907,554,545 2,570,025,245 1,911,764,081 2,288,967,418 预收款项 五(21) 1,573,735,688 1,520,183,126 1,533,708,745 1,455,075,590 已结算尚未完工款 五(8) 2,365,098,981 2,347,535,659 2,377,619,603 2,415,845,932 应付职工薪酬 五(22) 43,933,114 194,829,166 32,300,406 187,704,315 待抵扣税费 五(23) (580,077,681) (624,668,677) (594,163,613) (665,475,334) 应付利息 五(24) 86,928,615 80,872,327 83,884,504 77,343,001 应付股利 五(25) 61,422,320 54,373,089 52,951,107 53,870,806 其他应付款 五(26) 584,029,686 574,341,703 1,317,212,466 1,851,889,424 一年内到期的非流动负债 五(27) 1,881,794,500 3,750,723,300 1,881,794,500 3,750,723,300 流动负债合计 21,634,998,977 28,541,036,740 18,846,721,203 24,512,394,336

非流动负债 长期借款 五(28) 5,621,976,500 3,863,392,000 5,165,010,200 3,863,392,000 应付债券 五(29) 2,178,837,763 2,172,211,553 2,178,837,763 2,172,211,553 预计负债 五(30) 186,510,199 260,044,224 185,584,181 260,044,224 递延所得税负债 五(15) 24,180,952 18,774,420 7,007,787 1,333,644 其他非流动负债 五(31) 45,916,667 46,916,667 - - 非流动负债合计 8,057,422,081 6,361,338,864 7,536,439,931 6,296,981,421

负债合计 29,692,421,058 34,902,375,604 26,383,161,134 30,809,375,757

股东权益 股本 五(32) 4,390,294,584 4,390,294,584 4,390,294,584 4,390,294,584 资本公积 五(33) 5,676,010,609 5,525,371,782 5,922,623,428 5,771,984,601 盈余公积 五(34) 1,508,202,574 1,508,202,574 1,507,694,301 1,507,694,301 未分配利润 五(35) 3,693,538,327 4,388,376,311 3,470,055,370 4,127,392,242 归属于母公司股东权益合计 15,268,046,094 15,812,245,251 15,290,667,683 15,797,365,728 少数股东权益 五(36) 326,659,182 351,805,007 - - 股东权益合计 15,594,705,276 16,164,050,258 15,290,667,683 15,797,365,728

负债及股东权益总计 45,287,126,334 51,066,425,862 41,673,828,817 46,606,741,485

后附财务报表附注为财务报表的组成部分。

企业法人代表人：周纪昌 主管会计工作负责人：康学增 会计机构负责人：王珏

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上海振华重工(集团)股份有限公司

2010年度合并及公司利润表(除特别注明外，金额单位为人民币元)

2010年度 2009年度 2010年度 2009年度

合并 合并 母公司 母公司

五(37)、六(4) 17,116,177,415 27,564,115,642 17,287,312,088 28,554,844,132 减： 营业成本 五(37)、六(4) (16,598,961,345) (24,582,920,042) (17,129,794,351) (26,082,295,032) 营业税金及附加 (28,123,571) (41,172,974) (9,916,763) (3,052,237)

销售费用 五(38) (59,925,255) (68,231,101) (39,911,532) (38,008,156) 管理费用 五(39) (901,713,714) (1,601,979,558) (501,325,450) (1,180,561,527) 财务费用-净额 五(40) (214,930,084) (622,221,819) (218,428,168) (506,305,725) 资产减值损失 五(41) (220,263,970) (95,872,822) (228,372,294) (78,061,373)

加： 公允价值变动收益-净额 五(42) 18,192,869 7,752,281 25,740,563 3,823,067 投资收益 五(43)、六(5) 25,482,001 3,643,520 29,784,304 6,099,131

(864,065,654) 563,113,127 (784,911,603) 676,482,280 加： 营业外收入 五(44) 89,169,390 220,573,424 34,844,750 146,064,160 减： 营业外支出 五(45) (72,712,606) (19,334,780) (46,030,970) (14,452,598)

(847,608,870) 764,351,771 (796,097,823) 808,093,842 减： 所得税费用 五(46) 135,091,991 14,783,437 138,760,951 23,354,165

(712,516,879) 779,135,208 (657,336,872) 831,448,007 归属于母公司股东的净(亏损)/利润 五(35) (694,837,984) 839,853,345 (657,336,872) 831,448,007 少数股东损益 五(36) (17,678,895) (60,718,137) - -

基本每股(亏损)/收益 五(47) (0.16) 0.19 不适用 不适用

稀释每股(亏损)/收益 五(47) (0.16) 0.19 不适用 不适用

五(48) 150,638,827 - 150,638,827 -

(561,878,052) 779,135,208 (506,698,045) 831,448,007 归属于母公司股东的综合(亏损)/收益总额 (544,199,157) 839,853,345 (506,698,045) 831,448,007 归属于少数股东的综合(亏损)/收益总额 (17,678,895) (60,718,137) - -

后附财务报表附注为财务报表的组成部分。

企业法人代表人：周纪昌 主管会计工作负责人：康学增 会计机构负责人：王珏

六、其他综合收益

七、综合(亏损)/收益总额

五、每股(亏损)/收益(基于归属于母公司普通股股东合并

附注项 目

四、净(亏损)/利润

三、(亏损)/利润总额

二、营业(亏损)/利润

一、营业收入

- 5 -

上海振华重工(集团)股份有限公司

2010年度合并及公司现金流量表

(除特别注明外，金额单位为人民币元)

2010年度 2009年度 2010年度 2009年度

合并 合并 母公司 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 20,003,225,294 25,507,422,029 18,984,328,751 24,299,472,188 收到的税费返还 815,575,666 2,955,681,615 782,232,945 2,768,890,996 收到其他与经营活动有关的现金 五(49) 170,912,583 127,146,367 103,577,945 99,825,365 经营活动现金流入小计 20,989,713,543 28,590,250,011 19,870,139,641 27,168,188,549 购买商品、接受劳务支付的现金 (13,933,854,928) (25,384,051,680) (15,310,225,417) (27,811,563,113) 支付给职工以及为职工支付的现金 (1,226,081,564) (1,416,015,138) (565,646,830) (856,642,863) 支付的各项税费 (420,510,870) (687,309,703) (81,650,389) (366,499,308) 支付其他与经营活动有关的现金 五(49) (231,345,907) (552,592,717) (145,090,125) (300,475,101) 经营活动现金流出小计 (15,811,793,269) (28,039,969,238) (16,102,612,761) (29,335,180,385) 经营活动产生的现金流量净额 五(50)、六(6) 5,177,920,274 550,280,773 3,767,526,880 (2,166,991,836)

二、投资活动产生的现金流量

收回投资收到的现金 34,080,377 - 34,080,377 - 取得投资收益所收到的现金 18,413,174 727,717 22,470,622 695,328 处置子公司所收到的现金 - 2,730,580 76,140 51,058,819 处置固定资产、在建工程和无形资产收回的现金净额 156,126,905 134,648,129 3,748,944 134,616,017 收到其他与投资活动有关的现金 五(49) 10,246,987 13,923,288 8,455,356 11,453,606 投资活动现金流入小计 218,867,443 152,029,714 68,831,439 197,823,770 购建固定资产、在建工程和无形资产支付的现金 (1,229,993,029) (4,216,277,016) (423,619,710) (1,645,314,375) 投资支付的现金 (30,400,000) (10,000,000) (34,918,000) (10,000,000) 投资活动现金流出小计 (1,260,393,029) (4,226,277,016) (458,537,710) (1,655,314,375) 投资活动产生的现金流量净额 (1,041,525,586) (4,074,247,302) (389,706,271) (1,457,490,605)

三、筹资活动产生的现金流量

吸收投资收到的现金 502,000 - - - 其中：子公司吸收少数股东投资收到的现金 502,000 - - - 取得借款收到的现金 22,328,908,877 32,432,763,326 17,827,158,477 24,884,981,204 发行债券收到的现金 - 6,258,050,000 - 6,258,050,000 筹资活动现金流入小计 22,329,410,877 38,690,813,326 17,827,158,477 31,143,031,204 偿还债务支付的现金 (22,388,572,735) (33,689,586,946) (16,905,623,935) (25,750,580,740) 分配股利、利润或偿付利息支付的现金 (632,193,859) (920,542,470) (515,875,658) (816,332,281) 偿还短期债券支付的现金 (4,100,000,000) (2,300,000,000) (4,100,000,000) (2,300,000,000) 支付其他与筹资活动有关的现金 五(49) - (49,056,513) - - 筹资活动现金流出小计 (27,120,766,594) (36,959,185,929) (21,521,499,593) (28,866,913,021) 筹资活动产生的现金流量净额 (4,791,355,717) 1,731,627,397 (3,694,341,116) 2,276,118,183

四、汇率变动对现金及现金等价物的影响 - - - -

五、现金及现金等价物净增加额 五(50)、六(6) (654,961,029) (1,792,339,132) (316,520,507) (1,348,364,258) 加：年初现金及现金等价物余额 1,861,596,053 3,653,935,185 1,316,037,641 2,664,401,899

六、年末现金及现金等价物余额 五(50)、六(6) 1,206,635,024 1,861,596,053 999,517,134 1,316,037,641

后附财务报表附注为财务报表的组成部分。

企业法人代表：周纪昌 主管会计工作负责人：康学增 会计机构负责人：王珏

项 目附注

- 6 -

上海振华重工(集团)股份有限公司

2010年度公司股东权益变动表

(除特别注明外，金额单位为人民币元)

附注 股本 资本公积 减：库存股 盈余公积 未分配利润 股东权益合计

2009年1月1日年初余额 3,207,355,000 5,953,270,597 - 1,424,549,500 4,507,057,028 15,092,232,125

2009年度增减变动额

净利润 - - - - 831,448,007 831,448,007 直接综合收益

可供出售金融资产公允价值变动净额 - - - - - - 套期储备 - (13,519,197) - - - (13,519,197) 套期储备相关的所得税影响 - 2,027,881 - - - 2,027,881 股东投入和减少资本

股东投入资本 169,794,680 (169,794,680) - - - - 股份支付计入股东权益的金额 - - - - - - 其他 - - - - - - 利润分配

提取盈余公积 - - - 83,144,801 (83,144,801) - 对股东的分配 1,013,144,904 - - (1,127,967,992) (114,823,088) 其他 - - - - - - 股东权益内部结转

资本公积转增股本 - - - - - - 盈余公积转增股本 - - - - - - 盈余公积弥补亏损 - - - - - - 同一控制下企业合并的影响 - - - - - -

2009年12月31日年末余额 4,390,294,584 5,771,984,601 - 1,507,694,301 4,127,392,242 15,797,365,728

2010年1月1日年初余额 4,390,294,584 5,771,984,601 - 1,507,694,301 4,127,392,242 15,797,365,728

2010年度增减变动额

净亏损 - - - - (657,336,872) (657,336,872) 直接综合收益

可供出售金融资产公允价值变动净额 - 150,638,827 - - - 150,638,827 套期储备 - - - - - - 套期储备相关的所得税影响 - - - - - - 股东投入和减少资本

股东投入资本 - - - - - - 股份支付计入股东权益的金额 - - - - - - 其他 - - - - - - 利润分配

提取盈余公积 - - - - - - 对股东的分配 - - - - - - 其他 - - - - - - 股东权益内部结转

资本公积转增股本 - - - - - - 盈余公积转增股本 - - - - - - 盈余公积弥补亏损 - - - - - - 同一控制下企业合并的影响 - - - - - -

2010年12月31日年末余额 4,390,294,584 5,922,623,428 - 1,507,694,301 3,470,055,370 15,290,667,683

后附财务报表附注为财务报表的组成部分。

企业法人代表人：周纪昌 主管会计工作负责人：康学增 会计机构负责人：王珏

项目

- 8 -

上海振华重工(集团)股份有限公司

2010年度合并股东权益变动表(除特别注明外，金额单位为人民币元)

股本 资本公积 减：库存股 盈余公积 未分配利润

外币报表折

算差额

2009年1月1日年初余额 3,207,355,000 5,706,657,778 - 1,425,057,773 4,759,635,759 - 462,371,709 15,561,078,019

2009年度增减变动额

净利润 - - - - 839,853,345 - (60,718,137) 779,135,208 直接综合收益

可供出售金融资产公允价值变动净额 - - - - - - - - 收购子公司少数股东权益 - - - - - - - - 套期储备 - (13,519,197) - - - - - (13,519,197) 套期储备相关的所得税影响 - 2,027,881 - - - - - 2,027,881 股东投入和减少资本

股东投入资本 169,794,680 (169,794,680) - - - - - - 纳入合并范围子公司变动所引起的少数股东权益变动 - - - - - - (49,848,565) (49,848,565) 其他 - - - - - - - - 利润分配

提取盈余公积 - - - 83,144,801 (83,144,801) - - - 对股东的分配 1,013,144,904 - - - (1,127,967,992) - - (114,823,088) 其他 - - - - - - - - 股东权益内部结转

资本公积转增股本 - - - - - - - - 盈余公积转增股本 - - - - - - - - 盈余公积弥补亏损 - - - - - - - - 同一控制下企业合并的影响 - - - - - - - -

2009年12月31日年末余额 4,390,294,584 5,525,371,782 - 1,508,202,574 4,388,376,311 - 351,805,007 16,164,050,258

2010年1月1日年初余额 4,390,294,584 5,525,371,782 - 1,508,202,574 4,388,376,311 - 351,805,007 16,164,050,258

2010年增减变动额

净亏损 - - - - (694,837,984) - (17,678,895) (712,516,879) 直接综合收益

可供出售金融资产公允价值变动净额 - 150,638,827 - - - - - 150,638,827 收购子公司少数股东权益 - - - - - - - - 套期储备 - - - - - - - - 套期储备相关的所得税影响 - - - - - - - - 股东投入和减少资本

股东投入资本 - - - - - - 502,000 502,000 纳入合并范围子公司变动所引起的少数股东权益变动 - - - - - - - - 利润分配

提取盈余公积 - - - - - - - - 对股东的分配 - - - - - - (7,968,930) (7,968,930) 其他 - - - - - - - - 股东权益内部结转

资本公积转增股本 - - - - - - - - 盈余公积转增股本 - - - - - - - - 盈余公积弥补亏损 - - - - - - - - 同一控制下企业合并的影响 - - - - - - - -

2010年12月31日年末余额 4,390,294,584 5,676,010,609 - 1,508,202,574 3,693,538,327 - 326,659,182 15,594,705,276

后附财务报表附注为财务报表的组成部分。

企业法人代表人：周纪昌 主管会计工作负责人：康学增 会计机构负责人：王珏

股东权益合计 归属于母公司股东权益

附注项目 少数股东权益

- 7 -

上海振华重工(集团)股份有限公司 2010 年度财务报表及审计报告

上海振华重工(集团)股份有限公司 2010 年度财务报表及审计报告

页码 2010 年度财务报表及审计报告

审计报告 1 - 2

合并及公司资产负债表 3 - 4 合并及公司利润表 5 合并及公司现金流量表 6 合并股东权益变动表 7 公司股东权益变动表 8 财务报表附注 9 – 120

补充资料

　

普华永道中天会计师事务所有限公司 中国上海市卢湾区湖滨路 202 号 企业天地 2 号楼 普华永道中心 11 楼 邮政编码 200021 电话 +86 (21) 2323 8888 传真 +86 (21) 2323 8800 pwccn.com

- 1 -

审计报告

普华永道中天审字(2011)第 10027 号 (第一页，共二页)

上海振华重工(集团)股份有限公司全体股东： 我们审计了后附的上海振华重工(集团)股份有限公司(以下简称“振华重工

公司”)的财务报表，包括 2010 年 12 月 31 日的合并及公司资产负债表以

及 2010 年度的合并及公司利润表、合并及公司现金流量表、合并及公司

股东权益变动表和财务报表附注。 一、管理层对财务报表的责任 按照企业会计准则的规定编制财务报表是振华重工公司管理层的责任。这

种责任包括： (1) 设计、实施和维护与财务报表编制相关的内部控制，以使财务报表不存

在由于舞弊或错误而导致的重大错报； (2) 选择和运用恰当的会计政策； (3) 作出合理的会计估计。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上对财务报表发表审计意见。我们按

照中国注册会计师审计准则的规定执行了审计工作。中国注册会计师审计

准则要求我们遵守职业道德规范，计划和实施审计工作以对财务报表是否

不存在重大错报获取合理保证。

　

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普华永道中天审字(2011)第 10027 号 (第二页，共二页)

审计工作涉及实施审计程序，以获取有关财务报表金额和披露的审计证

据。选择的审计程序取决于注册会计师的判断，包括对由于舞弊或错误导

致的财务报表重大错报风险的评估。在进行风险评估时，我们考虑与财务

报表编制相关的内部控制，以设计恰当的审计程序，但目的并非对内部控

制的有效性发表意见。审计工作还包括评价管理层选用会计政策的恰当性

和作出会计估计的合理性，以及评价财务报表的总体列报。 我们相信，我们获取的审计证据是充分、适当的，为发表审计意见提供了

基础。 三、审计意见 我们认为，上述振华重工公司的财务报表已经按照企业会计准则的规定编

制，在所有重大方面公允反映了振华重工公司 2010 年 12 月 31 日的合并

及公司财务状况以及 2010 年度的合并及公司经营成果和现金流量。

普华永道中天 注册会计师 ___________________ 会计师事务所有限公司 王 笑 中国 上海市 注册会计师 ___________________ 2011 年 3 月 8 日 朱 伟

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 9 -

一 公司基本情况 上海振华重工(集团)股份有限公司(以下简称“本公司”或“母公司”)是由上海

振华港口机械有限公司(以下简称“振华公司”)于 1997 年 9 月 8 日改制成立的

股份有限公司。注册地为中华人民共和国上海市。 经国务院证券委员会证委发字(1997)第 42 号文件批准，本公司于 1997 年 7 月

15 日至 7 月 17 日向境外投资者发行了 1 亿股境内上市外资股(“B 股”)。B 股

于 1997 年 8 月 5 日在上海证券交易所挂牌上市交易。 经中国证券监督管理委员会证监发行字(2000)200 号文批准，本公司于 2000 年

12 月向境内投资者增资发行了 88,000,000 股人民币普通股(“A 股”)。该增资

发行的 A 股于 2000 年 12 月 21 日在上海证券交易所挂牌上市交易。 经中国证券监督管理委员会证监发行字(2004)165 号文批准，本公司于 2004 年

12 月 23 日向境内投资者增资发行了 114,280,000 股 A 股。该增资发行的 A 股分

批于 2004 年 12 月 31 日及 2005 年 1 月 31 日在上海证券交易所挂牌上市交易。 经中国证券监督管理委员会证监发行字(2007)346 号文批准，本公司于 2007 年

10 月 15 日向境内投资者增资发行了 125,515,000 股 A 股。该增资发行的 A 股分

批于 2007 年 10 月 23 日及 2008 年 1 月 23 日在上海证券交易所挂牌上市交易。 经中国证券监督管理委员会证监许可(2009)71 号文批准，本公司于 2008 年 9 月

22 日向本公司控股股东中国交通建设股份有限公司(以下简称“中交股份”)非公

开发行了 169,794,680 股 A 股。该非公开发行的 A 股为有限售条件的流通股，

预计将于 2012 年 3 月 17 日起在上海证券交易所挂牌上市交易。 经过上述历次股票发行及过往年度的红股派发，截止 2010 年 12 月 31 日止，本

公司股本增至 4,390,294,584 股，每股面值 1 元，共计 4,390,294,584 元。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 10 -

一 公司基本情况(续) 2005 年 12 月 18 日，中国路桥建设集团总公司与本公司原控股股东中国港湾建

设(集团)总公司经改制后合并成为中国交通建设(集团)有限公司 (以下简称“中交

集团”)。根据国务院国资委 2006 年 8 月 16 日《关于中国交通建设集团公司整

体重组并境内外上市的批复》(国资改革[2006]1063 号文)及 2006 年 9 月 30 日

《关于中国交通建设股份有限公司国有股权管理有关问题批复》(国资产权

[2006]1072 号文)批准的中交集团重组方案，以及中国证券监督管理委员会《关

于同意中国交通建设股份有限公司公告路桥集团国际建设股份有限公司、上海振

华港口机械(集团)股份有限公司收购报告书并豁免其要约收购义务的批复》(证监

公司字[2006]227 号)，中交集团于 2006 年 10 月 8 日独家发起设立中交股份，

并将其所持本公司的股权投入设立的中交股份。重组完成之后，中交股份即成为

本公司的控股股东。 根据国务院国有资产监督管理委员会国资产权[2006]195 号《关于上海振华港口

机械(集团)股份有限公司股权分置改革有关问题的批复》，本公司于 2006 年 3月 24 日进行股权分置改革。本公司全体非流通国有法人股股东中交集团向股权

分置改革方案所约定的股份变更登记日(2006 年 3 月 27 日)登记在册的流通 A 股

股东每 10 股支付 2.5 股对价股份，共 108,855,000 股境内法人股。自 2006 年 3月 29 日起，本公司所有法人股即获得上市流通权。关于有限售条件股份的上市

流通情况，详见附注五(32)。 本公司及子公司(以下合称“本集团”)主要从事设计、建造、安装和承包大型港

口装卸系统和设备、海上重型装备、工程机械、工程船舶和大型金属结构件及部

件、配件；船舶修理；自产起重机租赁业务，销售公司自产产品；可用整机运输

专用船从事国际海运及钢结构工程专业承包。 本财务报表由本公司董事会于 2011 年 3 月 8 日批准报出。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 11 -

二 主要会计政策和会计估计

(1) 财务报表的编制基础

本财务报表按照财政部于 2006 年 2 月 15 日颁布的《企业会计准则——基本准

则》和 38 项具体会计准则、其后颁布的企业会计准则应用指南、企业会计准则

解释及其他相关规定(以下合称“企业会计准则”)、以及中国证券监督管理委员

会《公开发行证券的公司信息披露编报规则第 15 号——财务报告的一般规定》

(2010 年修订)的披露规定编制。 (2) 遵循企业会计准则的声明

本公司 2010 年度财务报表符合企业会计准则的要求，真实、完整地反映了本公

司 2010 年 12 月 31 日的合并及公司财务状况以及 2010 年度的合并及公司经营

成果和现金流量等有关信息。

(3) 会计年度 会计年度为公历 1 月 1 日起至 12 月 31 日止。

(4) 记账本位币

记账本位币为人民币。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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二 主要会计政策和会计估计(续) (5) 外币折算

(a) 外币交易

外币交易按交易发生日的即期汇率将外币金额折算为人民币入账。 于资产负债表日，外币货币性项目采用资产负债表日的即期汇率折算为人民币，

所产生的折算差额除了为购建或生产符合资本化条件的资产而借入的外币专门借

款产生的汇兑差额按资本化的原则处理外，直接计入当期损益。以公允价值计量

的外币非货币性项目，采用公允价值确定日的即期汇率折算，所产生的折算差

额，作为公允价值变动直接计入当期损益。

于资产负债表日，以历史成本计量的外币非货币性项目，采用交易发生日的即期

汇率折算。

(b) 外币财务报表的折算 本集团境外子公司外币资产负债表中的资产和负债项目，采用资产负债表日的即

期汇率折算，股东权益中除未分配利润项目外，其他项目采用发生时的即期汇率

折算，未分配利润项目以折算后股东权益变动表中该项目的金额列示。外币利润

表中的收入与费用项目，采用交易年度平均汇率折算。上述折算产生的外币报表

折算差额，在股东权益中以单独项目列示。 外币现金流量以及境外子公司的现金流量采用年度平均汇率折算。汇率变动对现

金的影响额，在现金流量表中单独列示。 (6) 现金及现金等价物

列示于现金流量表中的现金是指库存现金及可随时用于支付的存款，现金等价物

是指持有的不超过三个月、流动性强、易于转换为已知金额现金及价值变动风险

很小的投资。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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二 主要会计政策和会计估计(续)

(7) 金融工具 (a) 金融资产

金融资产于初始确认时分类为：应收款项、可供出售金融资产和以公允价值计量

且其变动计入当期损益的金融资产。金融资产的分类取决于本集团对金融资产的

持有意图和持有能力。

(i) 应收款项 应收款项是指在活跃市场中没有报价、回收金额固定或可确定的非衍生金融资

产。

(ii) 以公允价值计量且其变动计入当期损益的金融资产 以公允价值计量且其变动计入当期损益的金融资产是指衍生性金融工具产生的金

融资产，该资产在资产负债表中以交易性金融资产列示。

(iii) 可供出售金融资产 可供出售金融资产包括初始确认时即被指定为可供出售的非衍生金融资产及未被

划分为其他类的金融资产。自资产负债表日起 12 个月内将出售的可供出售金融资

产在资产负债表中列示为其他流动资产。

(b) 金融负债 金融负债于初始确认时分类为以公允价值计量且其变动计入当期损益的金融负债

和其他金融负债。

(i) 以公允价值计量且其变动计入当期损益的金融负债 以公允价值计量且其变动计入当期损益的金融负债是指衍生性金融工具产生的金

融负债，该负债在资产负债表中以交易性金融负债列示。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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二 主要会计政策和会计估计(续)

(7) 金融工具(续)

(b) 金融负债(续)

(ii) 其他金融负债 其他金融负债包括：应付款项、借款及应付债券。 应付款项包括应付账款、其他应付款等，以公允价值进行初始计量，并采用实

际利率法按摊余成本进行后续计量。

借款及应付债券按其公允价值扣除交易费用后的金额进行初始计量，并采用实

际利率法按摊余成本进行后续计量。

当金融负债的现时义务全部或部分已经解除时，终止确认该金融负债或义务已

解除的部分。终止确认部分的账面价值与支付的对价之间的差额，计入当期损

益。

(c) 金融工具的公允价值确定 存在活跃市场的金融工具，以活跃市场中的报价确定其公允价值。不存在活跃市

场的金融工具，采用估值技术确定其公允价值。估值技术包括参考熟悉情况并自

愿交易的各方 近进行的市场交易中使用的价格、参照实质上相同的其他金融资

产的当前公允价值、现金流量折现法等。采用估值技术时，尽可能 大程度使用

可观察到的市场参数，减少使用与本集团特定相关的参数。

(8) 应收款项

应收款项是指应收账款和其他应收款。本集团对外销售商品或提供劳务形成的应

收账款，按从购货方或劳务接受方应收的合同或协议价款的公允价值作为初始确

认金额。

(a) 应收账款 对于应收账款，采用如下方法计提坏账准备： (i) 单项金额重大并单独计提坏账准备的应收账款 对于单项金额重大的应收账款，单独进行减值测试。当存在客观证据表明本集团

将无法按应收账款的原有条款收回款项时，计提坏账准备。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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二 主要会计政策和会计估计(续)

(8) 应收款项(续)

(a) 应收账款(续) (i) 单项金额重大并单独计提坏账准备的应收账款(续) 单项金额重大的判断依据或金额标准为：单项金额超过 60,000,000 元。 单项金额重大并单独计提坏账准备的计提方法为：根据应收账款的预计未来现金

流量现值低于其账面价值的差额进行计提。

(ii) 按组合计提坏账准备的应收账款 对于单项金额不重大的应收账款，与经单独测试后未减值的应收账款一起按信用

风险特征划分为若干组合，根据以前年度与之相同或相类似的、具有类似信用风

险特征的应收账款组合的实际损失率为基础，结合现时情况确定应计提的坏账准

备。 确定信用风险组合的依据如下：

组合 1 关联方应收账款 组合 2 第三方应收账款 按信用风险组合计提坏账准备的计提方法如下：

组合 1 除存在客观证据表明本集团将无法按应收账款的原有条款

收回款项外，不对应收关联方账款计提坏账准备。 组合 2 账龄分析法

组合中，采用账龄分析法的计提比例列示如下：

账龄

计提比例

一到六个月 -

七到十二个月 10%

一到二年 30%

二到三年 50%

三年以上 100%

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 16 -

二 主要会计政策和会计估计(续) (8) 应收款项(续)

(a) 应收账款(续)   (iii)  单项金额虽不重大但单项计提坏账准备的应收账款：      单项计提坏账准备的理由为：存在客观证据表明本集团将无法按应收账款的原有

条款收回款项。      坏账准备的计提方法为：根据应收账款的预计未来现金流量现值低于其账面价值

的差额进行计提。 

(b) 其他应收款 对于其他应收款，采用如下方法计提坏账准备： (i) 单项金额重大并单独计提坏账准备的其他应收款 对于单项金额重大的其他应收款，单独进行减值测试。当存在客观证据表明本集

团将无法按其他应收款的原有条款收回款项时，计提坏账准备。 单项金额重大的判断依据或金额标准为：单项金额超过 60,000,000 元。 单项金额重大并单独计提坏账准备的计提方法为：根据其他应收款的预计未来现

金流量现值低于其账面价值的差额进行计提。 (ii) 单项金额虽不重大但单项计提坏账准备的其他应收款： 单项计提坏账准备的理由为：存在客观证据表明本集团将无法按其他应收款的原

有条款收回款项。 坏账准备的计提方法为：根据其他应收款的预计未来现金流量现值低于其账面价

值的差额进行计提。

(c) 坏账损失确认标准

对于有确凿证据表明应收款项确实无法收回时，如债务单位已撤销、破产、资不

抵债、现金流量严重不足等，确认为坏账，并冲销已计提的相应坏账准备。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 17 -

二 主要会计政策和会计估计(续) (8) 应收款项(续)

(d) 应收款项转让

本集团向金融机构以不附追索权方式转让应收款项的，按交易的款项扣除已转销

的应收款项的账面价值和相关税费后的差额计入当期损益。 (9) 可供出售金融资产

可供出售金融资产按公允价值在资产负债表内确认。取得可供出售金融资产时发

生的相关交易费用计入初始确认金额。可供出售金融资产按照公允价值进行后续

计量，但在活跃市场中没有报价且其公允价值不能可靠计量的权益工具投资，按

照成本计量。 除减值损失外，可供出售金融资产公允价值变动直接计入股东权益，待该金融资

产终止确认时，原直接计入权益的公允价值变动累计额转入当期损益。

本集团于资产负债表日对可供出售金融资产的账面价值进行检查，如果有客观证

据表明发生减值的，计提减值准备。当可供出售金融资产的公允价值发生较大幅

度或非暂时性下降，原直接计入股东权益的因公允价值下降形成的累计损失予以

转出并计入减值损失。对已确认减值损失的可供出售权益工具投资，期后公允价

值上升直接计入股东权益。

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二 主要会计政策和会计估计(续) (10) 衍生性金融工具及套期会计

本集团主要从事外销业务，为规避外汇汇兑风险，本集团与多家银行签订远期外

汇合同。此外，本集团与多家银行签订了以浮动利率计息的长期借款。本集团通

过与银行签订利率掉期合同以规避长期银行借款的浮动利率风险。 远期外汇合同及利率掉期合同，于相关合同签署日以公允价值进行初始计量，并

以公允价值进行后续计量。除指定为套期工具且套期高度有效的衍生工具，其公

允价值变动形成的利得或损失将根据套期关系的性质按照套期会计的要求确定计

入损益的期间外，其余衍生工具的公允价值变动计入当期损益。 本集团为进行套期而将部分远期外汇合同指定为套期工具，其公允价值或现金流

量变动预期可抵销被套期项目的公允价值或现金流量变动。

套期分为公允价值套期和现金流量套期。公允价值套期和现金流量套期同时满足

下列条件，方能运用套期会计方法进行处理。 (a) 在套期开始时，本集团对套期关系(即套期工具和被套期项目之间的关系)

有正式的指定，并准备了关于套期关系，风险管理目标和套期策略的正式

书面文件。 (b) 该套期预期高度有效，且符合本集团 初为该套期关系所确定的风险管理

策略。

(c) 对预期交易的现金流量套期，预期交易应当很可能发生，且必须使本集团

面临 终影响损益的现金流量变动风险。 (d) 套期有效性能够可靠的计量。

(e) 本集团持续地对套期有效性进行评价，并确保该套期在套期关系被指定的

会计期间内高度有效。

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二 主要会计政策和会计估计(续) (10) 衍生性金融工具及套期会计(续)

套期同时满足下列条件的，认定为高度有效： (a) 在套期开始及以后期间，该套期预期会高度有效地抵销套期指定期间该套

期风险引起的公允价值或现金流量变动； (b) 该套期的实际抵销结果在 80%至 125%的范围内。

作为公允价值套期的套期工具，其公允价值变动损益直接记入当期损益。 作为现金流量套期的套期工具，其期末按公允价值评估后产生的评估损益应区分

有效套期部分和无效套期部分。有效套期部分记入资本公积中的套期储备中，而

无效套期部分列入当期损益。当预期未来交易或承诺事项实现且确认为一项非金

融资产或负债时，原记入资本公积中套期储备的评估损益将转入此项资产或负债

的初始成本中；当预期未来交易或承诺事项实现且确认为一项金融资产或负债

时，原记入资本公积中套期储备的评估损益将在其影响企业损益的相同期间转

出，计入当期损益。当预期未来交易或承诺事项实现但不确认为一项资产或负债

时，原记入资本公积中套期储备的评估损益应当在被套期预期交易影响损益的相

同期间转出，计入当期损益；当预期未来交易预计不会发生时，原记入资本公积

中套期储备的评估损益将转入当期损益。 (11) 存货 存货包括原材料、外购零部件、在制品、库存商品及周转材料，按成本与可变现

净值孰低列示。

存货发出时的成本按加权平均法核算。库存商品和在制品成本包括原材料、直接

人工以及在正常生产能力下按系统的方法分配的制造费用。 存货跌价准备按存货成本高于其可变现净值的差额计提。可变现净值按日常活动

中，以存货的估计售价减去至完工时估计将要发生的成本、估计的销售费用以及

相关税费后的金额确定。 本集团的存货盘存制度采用永续盘存制。 周转材料包括低值易耗品和包装物等，低值易耗品采用分次摊销法、包装物采用

一次转销法进行摊销。

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二 主要会计政策和会计估计(续)

(12) 建造合同 对于为客户定制生产的固定造价的大型港口设备、海上重型装备及钢结构产品，

由于其开工与完工日期通常分属于不同的会计年度，因此本集团采用建造合同核

算其收入和成本。 如果单项建造合同销售的结果能够可靠地估计，则根据该项合同完工进度按完工

百分比法在资产负债表日确认该建造合同的收入与成本。 (a) 对于大型港口设备，其完工进度按建造合同于期末达到的收入确认节点相

应的完工百分比确定。本集团确立了下述三个收入确认节点： 第一节点：主体钢结构制作完成并已竖立。

第二节点：产品制造，安装及初步调试完成，产品出厂合格证明已出具，

运输提单已取得，产品准备发运。 第三节点：产品经购买方 终验收交付，并取得购买方出具的 终交机证

书。 本集团将对于前一年度已完成的建造合同按产品类别进行分析，并按达到

上述收入确认节点时的成本占实际总成本的比例，计算确定达到各收入确

认节点时应确认的完工百分比，并将其作为当期到达各收入确认节点相应

应确认的完工百分比。

(b) 对于海上重型装备，其完工进度按累计发生的合同成本占合同预计总成本

的比例确定。该累计发生的合同成本不包括就合同未来活动产生的相关成

本。 (c) 对于钢结构制作，其完工进度按累计完成的加工吨数占加工总吨数的比例

确定。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

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二 主要会计政策和会计估计(续)

(12) 建造合同(续) 如果单项建造合同的结果不能可靠地估计，则区别下列情况处理：

(i) 合同成本能够收回的，合同收入根据能够收回的实际合同成本加以确认，

合同成本则在其发生的当期确认为合同费用。 (ii) 合同成本不可能收回的，则在发生时立即确认为合同费用，不确认合同收

入。 当合同预计总成本大于总收入时，则立即将预计损失确认为当期费用。 合同分期结算的价款，账列已结算价款，于建造合同结算完毕后与相关的累计已

发生的成本及累计已确认的毛利进行冲转。于资产负债表日，累计已发生的成本

及累计已确认的毛利之和大于累计已结算价款的差额列入流动资产中的已完工尚

未结算款；反之，则列入流动负债中的已结算尚未完工款。

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二 主要会计政策和会计估计(续) (13) 长期股权投资

长期股权投资包括：本公司对子公司的长期股权投资；本集团对合营企业的长期

股权投资；以及本集团对被投资单位不具有控制、共同控制或重大影响，并且在

活跃市场中没有报价、公允价值不能可靠计量的长期股权投资(以下简称“其他

长期股权投资”)。

子公司是指本公司能够对其实施控制的被投资单位；合营企业是指本集团能够与

其他方对其实施共同控制的被投资单位。

对子公司的投资，在公司财务报表中按照成本法确定的金额列示，在编制合并财

务报表时按权益法调整后进行合并；对合营企业投资采用权益法核算；对其他长

期股权投资，采用成本法核算。

(a) 投资成本确定 采用成本法核算的长期股权投资按照初始投资成本计量。采用权益法核算的长期

股权投资，初始投资成本大于投资时应享有被投资单位可辨认净资产公允价值份

额的，以初始投资成本作为长期股权投资成本；初始投资成本小于投资时应享有

被投资单位可辨认净资产公允价值份额的，其差额计入当期损益，并相应调增长

期股权投资成本。

(b) 后续计量及损益确认方法 采用成本法核算的长期股权投资，被投资单位宣告分派的现金股利或利润，确认

为投资收益计入当期损益。 采用权益法核算的长期股权投资，本集团按应享有或应分担的被投资单位的净损

益份额确认当期投资损益。确认被投资单位发生的净亏损，以长期股权投资的账

面价值以及其他实质上构成对被投资单位净投资的长期权益减记至零为限，但本

集团负有承担额外损失义务且符合或有事项准则所规定的预计负债确认条件的，

继续确认投资损失并作为预计负债核算。被投资单位除净损益以外股东权益的其

他变动，在本集团持股比例不变的情况下，按照持股比例计算应享有或承担的部

分直接计入资本公积。被投资单位分派的利润或现金股利于宣告分派时按照本集

团应分得的部分，相应减少长期股权投资的账面价值。本集团与被投资单位之间

未实现的内部交易损益按照持股比例计算归属于本集团的部分，予以抵销，在此

基础上确认投资损益。本集团与被投资单位发生的内部交易损失，其中属于资产

减值损失的部分，全部确认该损失，相应的未实现损失不予抵销。

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二 主要会计政策和会计估计(续) (13) 长期股权投资(续)

(c) 确定对被投资单位具有控制、共同控制的依据

控制是指有权决定被投资单位的财务和经营政策，并能据以从其经营活动中获取

利益。在确定能否对被投资单位实施控制时，被投资单位当期可转换公司债券、

当期可执行认股权证等潜在表决权因素也同时予以考虑。 共同控制是指按照合同约定对某项经济活动所享有的控制，仅在与该项经济活动

相关的重要财务和经营决策需要分享控制权的投资方一致同意时存在。

(d) 长期股权投资减值 对子公司和合营企业的长期股权投资，当其可收回金额低于其账面价值时，账面

价值减记至可收回金额(附注二(17))。其他长期股权投资发生减值时，按其账面

价值超过按类似金融资产当时市场收益率对未来现金流量折现确定的现值之间的

差额，确认减值损失。减值损失一经确认，以后期间不予转回价值得以恢复的部

分。

(14) 固定资产 (a) 固定资产确认及初始计量

固定资产是指为生产商品、提供劳务、出租或经营管理而持有的、使用期限在一

年以上且单位价值较高的有形资产。包括房屋及建筑物、生产设备、运输工具、

其他设备及办公设备。 固定资产在与其有关的经济利益很可能流入本集团、且其成本能够可靠计量时予

以确认。购置或新建的固定资产按取得时的成本进行初始计量。本公司在进行公

司制改建时，国有股股东投入的固定资产，按国有资产管理部门确认的评估值作

为入账价值。 与固定资产有关的后续支出，在与其有关的经济利益很可能流入本集团且其成本

能够可靠的计量时，计入固定资产成本；对于被替换的部分，终止确认其账面价

值；所有其他后续支出于发生时计入当期损益。

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二 主要会计政策和会计估计(续) (14) 固定资产(续) (b) 固定资产的折旧方法

固定资产折旧采用年限平均法并按其入账价值减去预计净残值后在预计使用寿命

内计提。对计提了减值准备的固定资产，则在未来期间按扣除减值准备后的账面

价值及依据尚可使用年限确定折旧额。

固定资产的预计使用年限、净残值率及年折旧率列示如下： 预计使用寿命 预计净残值率 年折旧率 房屋及建筑物 30 年 0% 3.3% 生产设备 10 年 0% 10% 办公设备 5 年 0% 20% 运输工具(除船舶外) 5 年 0% 20% 船舶 5-14 年 根据国际市场船

舶废钢价格计算

确定

根据预计净残值及

预计使用寿命计算

确定 其他设备 3-5 年 0%/根据废钢价

格计算 20%/根据预计净残

值及预计使用寿命

而计算确定 对固定资产的预计使用寿命、预计净残值和折旧方法于每年年度终了进行复核并

作适当调整。

(c) 当固定资产的可收回金额低于其账面价值时，账面价值减记至可收回金额(附注

二(17))。

(d) 固定资产的处置 当固定资产被处置、或者预期通过使用或处置不能产生经济利益时，终止确认该

固定资产。固定资产出售、转让、报废或毁损的处置收入扣除其账面价值和相关

税费后的金额计入当期损益。

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二 主要会计政策和会计估计(续)

(15) 在建工程

在建工程按实际发生的成本计量。实际成本包括建筑费用、其他为使在建工程达

到预定可使用状态所发生的必要支出以及在资产达到预定可使用状态之前所发生

的符合资本化条件的借款费用。在建工程在达到预定可使用状态时，转入固定资

产并自次月起开始计提折旧。 当在建工程的可收回金额低于其账面价值时，账面价值减记至可收回金额(附注

二(17))。 (16) 无形资产 无形资产包括土地使用权、软件使用费和专有技术，按实际支付的价款或公司制

改建时经国有资产管理部门确认的评估值入账，并采用直线法在预计使用年限内

摊销。

外购土地及建筑物支付的价款应当在建筑物与土地使用权之间进行分配。难以合

理分配的，应当全部作为固定资产。 (a) 无形资产的摊销年限

预计使用年限 土地使用权 土地使用年限

软件使用费 5 年

专有技术 10 年

(b) 定期复核使用寿命和摊销方法 对使用寿命有限的无形资产的预计使用寿命及摊销方法于每年年度终了进行复核

并作适当调整。

(c) 无形资产减值 当无形资产的可收回金额低于其账面价值时，账面价值减记至可收回金额(附注

二(17))。

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二 主要会计政策和会计估计(续) (16) 无形资产(续) (d) 研究与开发

内部研究开发项目支出根据其性质以及研发活动 终形成无形资产是否具有较大

不确定性，被分为研究阶段支出和开发阶段支出。 研究阶段的支出，于发生时计入当期损益；开发阶段的支出，同时满足下列条件

的，予以资本化： • 完成该无形资产以使其能够使用或出售在技术上具有可行性； • 管理层具有完成该无形资产并使用或出售的意图； • 能够证明该无形资产将如何产生经济利益； • 有足够的技术、财务资源和其他资源支持，以完成该无形资产的开发，并

有能力使用或出售该无形资产； • 归属于该无形资产开发阶段的支出能够可靠地计量。 不满足上述条件的开发阶段的支出，于发生时计入当期损益。以前期间已计入损

益的开发支出不在以后期间重新确认为资产。已资本化的开发阶段的支出在资产

负债表上列示为开发支出，自该项目达到预定用途之日起转为无形资产。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

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二 主要会计政策和会计估计(续) (17) 长期资产减值 对子公司和合营企业的长期股权投资、固定资产、在建工程及无形资产，于资产

负债表日存在减值迹象的，进行减值测试。减值测试结果表明资产的可收回金额

低于其账面价值的，按其差额计提减值准备并计入减值损失。可收回金额为资产

的公允价值减去处置费用后的净额与资产预计未来现金流量的现值两者之间的较

高者。资产减值准备按单项资产为基础计算并确认，如果难以对单项资产的可收

回金额进行估计的，以该资产所属的资产组确定资产组的可收回金额。资产组是

能够独立产生现金流入的 小资产组合。

在财务报表中单独列示的商誉，无论是否存在减值迹象，至少每年进行减值测

试。减值测试时，商誉的账面价值分摊至预期从企业合并日协同效应中受益的资

产组或资产组组合。测试结果表明包含分摊的商誉的资产组或资产组组合的可收

回金额低于其账面价值的，确认相应的减值损失。减值损失金额先抵减分摊至该

资产组或资产组组合的商誉的账面价值，再根据资产组或资产组组合中除商誉以

外的其他各项资产的账面价值所占比重，按比例抵减其他各项资产的账面价值。

上述资产减值损失一经确认，即使资产价值在以后期间得以恢复，也不予转回。 (18) 借款费用 为购建固定资产和生产对外出售大型机械设备而发生的借款所产生的利息及汇兑

损益等借款费用，在资产支出及借款费用已经发生、为使资产达到预定可使用状

态所必要的购建活动已经开始时，开始资本化并计入该资产的成本。当购建和生

产的资产达到预定可使用状态时停止资本化，其后发生的借款费用计入当期损

益。如果资产的购建活动和生产活动发生非正常中断，并且中断时间连续超过 3个月，暂停借款费用的资本化，直至资产的购建活动和生产活动重新开始。 其他借款发生的借款费用，于发生时计入当期损益。 对于为购建符合资本化条件的资产而借入的专门借款，以专门借款当期实际发生

的利息费用减去尚未动用的借款资金存入银行取得的利息收入或进行暂时性投资

取得的投资收益后的金额确定专门借款借款费用的资本化金额。 对于为购建符合资本化条件的资产而占用的一般借款，按照累计资产支出超过专

门借款部分的资本支出加权平均数乘以所占用一般借款的加权平均实际利率计算

确定一般借款借款费用的资本化金额。实际利率为将借款在预期存续期间或适用

的更短期间内的未来现金流量折现为该借款初始确认金额所使用的利率。

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二 主要会计政策和会计估计(续) (19) 应付债券

发行的债券按实际发行价格总额确认为负债。债券发行价格总额与债券面值总额

的差额作为债券的溢/折价，在债券的存续期间内按实际利率法摊销计入当期损

益。

(20) 职工薪酬

职工薪酬主要包括工资、奖金、津贴和补贴、职工福利费、社会保险费及住房公

积金、工会经费和职工教育经费等其他与获得职工提供的服务相关的支出。 于职工提供服务的期间确认应付的职工薪酬，并根据职工提供服务的受益对象计

入相关资产成本和费用。

(21) 股利分配 股东大会批准的现金股利于批准的当期，确认为负债。

(22) 预计负债 因产品质量保证形成的现时义务，当履行该义务很可能导致经济利益的流出，且

其金额能够可靠计量时，确认为预计负债。 预计负债按照履行相关现时义务所需支出的 佳估计数进行初始计量，并综合考

虑与或有事项有关的风险、不确定性和货币时间价值等因素。货币时间价值影响

重大的，通过对相关未来现金流出进行折现后确定 佳估计数；因随着时间推移

所进行的折现还原而导致的预计负债账面价值的增加金额，确认为利息费用。 于资产负债表日，对预计负债的账面价值进行复核并作适当调整，以反映当前的

佳估计数。

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二 主要会计政策和会计估计(续) (23) 递延所得税资产和递延所得税负债

递延所得税资产和递延所得税负债根据资产和负债的计税基础与其账面价值的差

额(暂时性差异)计算确认。对于按照税法规定能够于以后年度抵减应纳税所得额

的可抵扣亏损，确认相应的递延所得税资产。对于既不影响会计利润也不影响应

纳税所得额(或可抵扣亏损)的非企业合并的交易中产生的资产或负债的初始确认

形成的暂时性差异，不确认相应的递延所得税资产和递延所得税负债。于资产负

债表日，递延所得税资产和递延所得税负债，按照预期收回该资产或清偿该负债

期间的适用税率计量。 递延所得税资产的确认以很可能取得用来抵扣可抵扣暂时性差异、可抵扣亏损和

税款抵减的应纳税所得额为限。 对与子公司及合营企业投资相关的应纳税暂时性差异，确认递延所得税负债，除

非本集团能够控制该暂时性差异转回的时间且该暂时性差异在可预见的未来很可

能不会转回。对与子公司及合营企业投资相关的可抵扣暂时性差异，当该暂时性

差异在可预见的未来很可能转回且未来很可能获得用来抵扣可抵扣暂时性差异的

应纳税所得额时，确认递延所得税资产。 同时满足下列条件的递延所得税资产和递延所得税负债以抵销后的净额列示： • 递延所得税资产和递延所得税负债与同一税收征管部门对本集团内同一纳

税主体征收的所得税相关； • 本集团内该纳税主体拥有以净额结算当期所得税资产及当期所得税负债的

法定权利。

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二 主要会计政策和会计估计(续) (24) 收入确认 收入的金额按照本集团在日常经营活动中销售产品和提供劳务时，已收或应收合

同或协议价款的公允价值确定。收入按扣除增值税、商业折扣、销售折让及销售

退回的净额列示。 与交易相关的经济利益能够流入本集团，相关的收入能够可靠计量且满足下列各

项经营活动的特定收入确认标准时，确认相关的收入：

(a) 对外销售的大型港口设备，海上重型装备及钢结构制作按照完工百分比法

确认收入(附注二(12))。 (b) 船舶运输收入在航次完成时予以确认。

(c) 散货机件销售于发出时确认收入。 (d) 利息收入按存款的存续期间的实际利率计算确认。 (e) 经营租赁收入按照直线法在租赁期内确认。

(25) 政府补助 政府补助为本集团从政府无偿取得的货币性资产或非货币性资产，包括税费返

还、财政补贴等。 政府补助在本集团能够满足其所附的条件并且能够收到时，予以确认。政府补助

为货币性资产的，按照收到或应收的金额计量。政府补助为非货币性资产的，按

照公允价值计量；公允价值不能可靠取得的，按照名义金额计量。

与资产相关的政府补助，确认为递延收益，并在相关资产使用寿命内平均分配，

计入当期损益。按照名义金额计量的政府补助，直接计入当期损益。 与收益相关的政府补助，用于补偿以后期间的相关费用或损失的，确认为递延收

益，并在确认相关费用的期间，计入当期损益；用于补偿已发生的相关费用或损

失的，直接计入当期损益。

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二 主要会计政策和会计估计(续) (26) 经营租赁 实质上转移了与资产所有权有关的全部风险和报酬的租赁为融资租赁。其他的租

赁为经营租赁。经营租赁的租金支出在租赁期内按照直线法计入相关资产成本或

当期损益。 (27) 企业合并 (a) 同一控制下的企业合并 合并方支付的合并对价及取得的净资产均按账面价值计量。合并方取得的净资产

账面价值与支付的合并对价账面价值的差额，调整资本公积(股本溢价)；资本公

积(股本溢价)不足以冲减的，调整留存收益。 为进行企业合并发生的直接相关费用于发生时计入当期损益。 (b) 非同一控制下的企业合并 购买方发生的合并成本及在合并中取得的可辨认净资产按购买日的公允价值计

量。合并成本大于合并中取得的被购买方于购买日可辨认净资产公允价值份额的

差额，确认为商誉；合并成本小于合并中取得的被购买方可辨认净资产公允价值

份额的差额，计入当期损益。 为进行企业合并发生的直接相关费用于发生时计入当期损益。

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二 主要会计政策和会计估计(续) (28) 合并财务报表的编制方法

编制合并财务报表时，合并范围包括本公司及全部子公司。

从取得子公司的实际控制权之日起，本集团开始将其纳入合并范围；从丧失实际

控制权之日起停止纳入合并范围。对于同一控制下企业合并取得的子公司，自其

与本公司同受 终控制方控制之日起纳入本公司合并范围，并将其在合并日前实

现的净利润在合并利润表中单列项目反映。 在编制合并财务报表，子公司与本公司采用的会计政策不一致的，按照本公司的

会计政策对子公司财务报表进行必要的调整。对于非同一控制下企业合并取得的

子公司，以购买日可辨认净资产公允价值为基础对其财务报表进行调整。 集团内所有重大往来余额、交易及未实现利润在合并财务报表编制时予以抵销。

子公司的股东权益及当期净损益中不属于本公司所拥有的部分分别作为少数股东

权益及少数股东损益在合并财务报表中股东权益及净利润项下单独列示。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

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二 主要会计政策和会计估计(续) (29) 重要会计政策变更

会计政策变更的内容和原因 审批程序 受影响的报表项目名称 影响金额

(a) 子公司超额亏损 于 2010 年 1 月 1 日以前，子公司少数股东分担的当期亏损超过了少数股东在该子公司

期初所有者权益中所享有份额，子公司章程或协议未规定少数股东有义务承担或者少

数股东没有能力承担的，超出部分冲减母公司的所有者权益。 根据财政部于 2010 年 7 月 14 日颁布的《企业会计准则解释第 4 号》第六条，自 2010年 1 月 1 日起，子公司少数股东分担的当期亏损超过了少数股东在该子公司期初所有

者权益中所享有的份额的，其余额仍冲减少数股东权益。 此项会计政策变更采用追溯调整法。

此项变更为《企业会计

准则解释第 4 号》所要

求的会计政策变更，故

无需本集团内部审批机

构批准。

对于本集团没有影响

-

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二 主要会计政策和会计估计(续) (30) 重要会计估计及其关键假设

本集团根据历史经验和其他因素，包括对未来事项的合理预期，对所采用的重要

会计估计和关键假设进行持续的评价。重要会计估计及关键假设列示如下： (i) 所得税及递延所得税

本公司于 2008 年度被认定为高新技术企业，并依据相关所得税法的规定按

15%的税率计算及缴纳企业所得税。根据相关规定，符合高新技术企业资质

的条件之一为企业研发支出占其主营业务收入的比例必须不低于规定比例，

其中年销售收入在 2 亿元以上的企业，该比例为 3%。主管税务机关在执行

税收优惠政策过程中，发现企业未达高新技术企业资质条件的，应提请认定

机构复核，复核期间，可暂停企业享受税收优惠。本公司 2010 年度实际发

生的研发投入共计 518,792,241 元，占本公司当年度营业收入的 3%。据

此，本公司认定满足高新技术企业资质要求，并按 15%的优惠税率计算及缴

纳企业所得税。同时，依据相关税法规定，本公司已在计算 2010 年度企业

所得税时，加计扣除了 174,250,942 元研发费用。上述研发支出加计扣除金

额及适用的优惠税率尚待相关主管税务机关于本公司所得税汇算清缴时予以

认定。如果主管税务机关的 终认定结果和本公司的认定存在差异，该差异

将对于本年度的所得税费用产生影响。 此外，本集团按照现行税收法规计算企业所得税及递延所得税，并考虑了适

用的所得税相关规定及税收优惠。在正常的经营活动中，涉及的很多交易和

事项的 终税务处理都存在不确定性，在计提所得税费用时，本集团需要作

出重大判断。本集团就未来预期的税务纳税调整项目是否需要缴纳额外税款

进行估计，并根据此确认相应的所得税负债。如果这些税务事项的 终认定

结果与 初入账的金额存在差异，该差异将对作出上述 终认定期间的所得

税费用和递延所得税的金额产生影响。

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二 主要会计政策和会计估计(续)

(30) 重要会计估计及其关键假设(续) (i) 所得税及递延所得税(续)

在评价暂时性差异时，本集团也考虑了递延税项资产可以收回的可能性。暂

时性差异主要包括资产减值准备、尚未获准税前抵扣的预提费用及固定资产

的折旧差异等事项的影响。递延所得税资产的确认是基于本集团的估计及假

设该递延所得税资产于可预见的将来通过本集团持续经营产生足够的应纳税

所得额而转回。 本集团已经基于现行的税法规定及当前 佳的估计及假设计提了本年所得税

负债及递延所得税项。未来可能因税法规定或相关情况的改变而需要对所得

税负债及递延所得税项作出相应的调整。 (ii) 建造合同

本集团对于大型港口设备采用建造合同核算其收入及成本。如果单项建造合

同销售的结果能够可靠地估计，则根据合同完工进度按完工百分比法在资产

负债表日确认该建造合同的收入与成本。完工进度按建造合同于期末达到的

收入确认节点相应的完工百分比确定。本集团每年对于前一年度已完成的建

造合同按产品类别进行分析，并按达到上述收入确认节点时的成本占总成本

的比例，计算确定达到各收入确认节点时应确认的完工百分比，并将其作为

当年到达各收入确认节点相应应确认的完工百分比。若建造合同于期末达到

收入确认节点时实际发生的成本占合同 终实际总成本的比例和本公司通过

上述按产品类别进行分析后确定的各收入确认节点相应的完工百分比存在差

异，则该差异将对于本集团在本年度确认的收入和成本产生影响。 此外，本集团在项目进行过程中，基于建造合同实际成本的发生情况及参考

历史上同类产品的实际成本，对于建造合同的预计总成本进行持续地复核及

修订，以使得该些合同的预计总成本近似于其 终实际成本。若未来该些合

同的实际总成本和预计总成本存在差异，则该差异将对于本集团在本年度确

认的成本产生影响。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 36 -

二 主要会计政策和会计估计(续)

(30) 重要会计估计及其关键假设(续) (iii) 固定资产折旧 本集团固定资产的折旧在预计使用寿命内以资产的入账价值减去预计净残值

后的金额按直线法计提。本集团定期对资产的预计使用寿命和预计净残值进

行评估，以确保折旧方法和折旧率与固定资产的预计经济利益实现模式一

致。

三 税项

本公司及本集团本年度适用的主要税种及其税率列示如下：

(a) 增值税

本集团的产品销售业务适用增值税，其中内销产品销项税率为 17%，外销产

品采用“免、抵、退”办法，退税率为 17%。

购买原材料、部分固定资产、燃料、动力、运费等支付的增值税进项税额可

以抵扣销项税。增值税应纳税额为当期销项税额抵减当期可以抵扣的进项税

额后的余额。

(b) 营业税

本集团船舶运输收入适用营业税，税率为 3%。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 37 -

三 税项(续) (c) 企业所得税

本集团按照《中华人民共和国企业所得税法》(以下简称“所得税法”)计算及缴纳企业所得税。 根据所得税法的相关规定，本集团设立于浦东新区及经济技术开发区内的

子公司所适用的企业所得税率将在 2008 年至 2012 年的 5 年期间内逐步过

渡到 25%，本年度适用企业所得税税率为 22%(2009 年度：20%)。本集团

其他境内子公司适用的企业所得税税率为 25%(2009 年度：25%)。 根据国发(2007)39 号《国务院关于实施企业所得税过渡优惠政策的通

知》，原享受定期减免税优惠的企业，在所得税法施行后继续按原税收法

律、行政法规及相关文件规定的优惠办法及年限享受至期满为止，但因未

获利而尚未享受税收优惠的，其优惠期限从 2008 年度起计算。 本公司及控股子公司适用的所得税税率情况如下：

注册地 2010 年度

适用税率 2009 年度

适用税率 本公司(注 1) 上海市浦东新区 15% 15%上海振华港机重工有限公司(原名:上海振华重

工长兴配套件制造有限公司) 上海市崇明县 25% 25%上海振华重工长兴精密铸造有限公司 上海市崇明县 25% 25% 上海振华港口机械(香港)有限公司(原名:上海

振华重工集团(香港)有限公司 )(注 2) 香港 16.5% 16.5%上海振华船运有限公司 上海市浦东新区 22% 20%南通振华重型装备制造有限公司 (注 3) 南通市 15% 15%南通振华重工钢结构加工有限公司 (注 4) 南通市 11% 10%江阴振华港机钢结构制作有限公司 (注 5) 江阴市 11% 10%上海振华重工钢结构有限公司 上海市南汇区 25% 25%上海振华重工(集团)常州油漆有限公司 常州市 25% 25%中交上海港口机械制造厂有限公司(注 6) 上海市南汇区 22% 20%上海江天实业有限公司 上海市浦东新区 22% 20%上海港机重工有限公司 (注 6) 上海市南汇区 22% 20%中港集团上海港口工程装备有限公司 上海市崇明县 25% 25%上海振华重工(集团)张家港港机有限公司 江苏省金港镇港区 25% 25%上海康尼机械制造有限公司 上海市南汇区 25% 25%南通振华港机配套有限公司 南通市 25% 25%南通振华港机配件有限公司 南通市 25% 25%

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 38 -

三 税项(续) (c) 企业所得税(续) 注 1：根据《高新技术企业认定管理办法》(国科发火[2008]172 号)和《高新技术

企业认定管理工作指引》(国科发火[2008]362 号)有关规定，以及《关于公

布上海市 2008 年第二批高新技术企业认定名单的通知》，本公司于 2008年度被认定为高新技术企业，并获发《高新技术企业证书》(证书编号：

GR200831000733)，该证书的有效期为 3 年。根据所得税法第二十八条

的有关规定，本公司本年实际适用的企业所得税税率为 15% (2009 年度：

15%)。 注 2：上海振华港口机械(香港)有限公司(原名:上海振华重工集团(香港)有限公司)

为注册于中国香港的法团，根据香港税务条例的规定，该公司本年实际适

用利得税税率为 16.5% (2009 年度：16.5%)。 注 3：根据《高新技术企业认定管理办法》(国科发火[2008]172 号)和《高新技术

企业认定管理工作指引》(国科发火[2008]362 号)有关规定，以及《关于公

示江苏省 2009 年第四批拟认定高新技术企业名单的通知》，南通振华重

型装备制造有限公司于 2009 年度被认定为高新技术企业，并获发《高新

技术企业证书》(证书编号：GR200932001125)，该证书的有效期为 3年。根据所得税法第二十八条的有关规定，该公司本年实际适用的企业所

得税税率为 15% (2009 年度：15%)。 注 4：南通振华重工钢结构加工有限公司为注册于南通经济技术开发区内的生产

型外商投资企业。经税务机关批准，该公司享受“两免三减半”的税收优

惠政策，2006 年度为该公司第一个获利年度。依据所得税法的规定，该公

司本年实际适用企业所得税税率为 11% (2009 年度：10%)。 注 5：江阴振华港机钢结构制作有限公司为注册于江阴经济技术开发区的生产型

外商投资企业。经税务机关批准，该公司享受“两免三减半”的税收优惠

政策，2007 年度为该公司第一个获利年度。依据新所得税法的规定，该公

司本年实际适用企业所得税税率为 11% (2009 年度：10%)。 注 6：中交上海港口机械制造厂有限公司及上海港机重工有限公司原均为注册于

上海浦东新区内的生产型企业，后变更注册地至上海市南汇区。经相关税

务机关批准，该两公司适用的企业所得税率将在 2008 年至 2012 年的 5 年

期间内逐步过渡到 25%。该两公司本年实际适用的企业所得税税率为 22% (2009 年度：20%)。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 39 -

四 企业合并及合并财务报表 (1) 子公司情况 (a) 通过设立或投资等方式取得的子公司

子公司类型 注册地 业务性质 注册资本 经营范围 企业类型 法人代表 组织机构代码 上海振华港机重工有 限公司(原名:上海振 华重工长兴配套件制 造有限公司) (注 1)

直接控股子公司 上海市

崇明县

机械制造 5,500,000 从事大型集装箱起重机及其减

速箱齿轮之加工及销售；船舶

制造、加工、销售

有限责任公司 曹伟忠 73404797-5

上海振华重工长兴精密 铸造有限公司

直接控股子公司 上海市

崇明县

机械制造 5,000,000 从事精密铸造金属切割及冷作

加工 有限责任公司 曹伟忠 72939252-0

上海振华港口机械(香港)有限公司(原名:上海振华重工集团 (香港)有限公司)(注 2)

直接控股子公司 香港 贸易销售 50,000,000 港币 设计、建造、销售各类港口设

备工程船舶钢结构件及其他部

件

有限责任公司 不适用 (注 2)

不适用 (注 2)

上海振华船运有限公司 直接控股子公司 上海市

浦东新区

航运 120,000,000 经营近洋国际海运，国内沿海

及长江中、下游普通货船运

输，承运港口机械设备

有限责任公司 曹文发 63060851-2

注 1：经上海市工商行政管理局核准，上海振华重工长兴配套件制造有限公司更名为上海振华港机重工有限公司。上述变更手续于 2010 年 6 月 24 日完成，

并于当日换领了新的企业法人营业执照。 注 2：经香港政府公司注册处核准，上海振华重工集团(香港)有限公司更名为上海振华港口机械(香港)有限公司，上述变更手续于 2010 年 6 月 25 日完成，并

于当日换领了新的商业登记证和注册证。上海振华港口机械(香港)有限公司系注册于香港的子公司。该公司不存在相应法人代表或组织机构代码。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 40 -

四 企业合并及合并财务报表(续) (1) 子公司情况(续) (a) 通过设立或投资等方式取得的子公司(续)

子公司类型 注册地 业务性质 注册资本 经营范围 企业类型 法人代表 组织机构代码

南通振华重型装备 制造有限公司

直接控股子公司 南通市 机械制造 1,080,000,000 安装大型港口设备、工程船

舶和大型金属结构件及其部

件、配件；齿轮箱、集装箱

厂桥、特重型桥梁钢构、海

上重型机械设备织造、安

装；起重机租赁业务；钢结

构工程专业承包

有限责任公司 曹伟忠 79195902-2

南通振华重工钢结构 加工有限公司

直接+间接

控股子公司

南通市 机械制造 100,000 美元 机械设备制作安装、钢结构

加工、五金加工冷作、除锈

涂装、机械设备工程承包

有限责任公司 常建华 79195616-3

江阴振华港机钢结构 制作有限公司

直接+间接

控股子公司

江阴市 机械制造 100,000 美元 生产港口机械零配件；钢结

构件制作工程，机械设备、

电器设备的安装；并提供相

关技术及售后服务

有限责任公司 王珏 79863516-X

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 41 -

四 企业合并及合并财务报表(续) (1) 子公司情况(续) (a) 通过设立或投资等方式取得的子公司(续)

子公司类型 注册地 业务性质 注册资本 经营范围 企业类型 法人代表 组织机构代码 上海振华重工钢结构 有限公司

间接控股子公司 上海市

南汇区

机械制造 150,000 美元 生产销售钢结构、港口机械

零件；承接机械设备、电器

设备安装；提供相关技术及

售后服务

有限责任公司 曹伟忠 66938205-5

南通振华港机配套 有限公司

间接控股子公司 南通市 机械制造 55,000,000 美元 生产销售港口机械及配套件 有限责任公司 曹伟忠 68353641-x

南通振华港机配件

有限公司 间接控股子公司 南通市 机械制造 25,000,000 美元 生产销售港口机械用车轮、

滑轮 有限责任公司 曹伟忠 68353642-8

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 42 -

四 企业合并及合并财务报表(续) (1) 子公司情况(续) (a) 通过设立或投资等方式取得的子公司(续)

年末实际出资额 实质上构成对子公司净投资

的其他项目余额

持股

比例 (%)表决权比

例 (%)是否合并

报表

少数股东

权益

少数股东权益中用于冲减

少数股东损益的金额

上海振华港机重工有限公司(原名:上 海振华重工长兴配套件制造有限 公司) 4,950,000 - 90% 90% 是 685,299 - 上海振华重工长兴 精密铸造有限公司 3,500,000 - 70% 70% 是 1,857,843 - 上海振华港口机械(香港)有限公司

(原名:上海振华重工集团 (香港)有限公司) - - 99.99% 99.99% 是 - -

上海振华船运有限 公司 66,000,000 - 55% 55% 是 156,433,323 -

南通振华重型装备 制造有限公司 1,080,000,000 - 100% 100% 是 - -

南通振华重工钢结构 加工有限公司 75,000 美元 - 100% 100% 是 - -

江阴振华港机钢结构 制作有限公司 75,000 美元 - 100% 100% 是 - -

上海振华重工钢结构 有限公司(注 1) 73,500 美元 - 49% 49% 是 629,972 -

南通振华港机配套 有限公司 55,000,000 美元 - 100% 100% 是 - -

南通振华港机配件 有限公司 5,000,000 美元 - 100% 100% 是 - -

- 159,606,437 -

注 1： 依据上海振华重工钢结构有限公司章程，本公司有权任免该公司董事会中的多数成员，实质上对上海振华钢结构有限公司拥有控制权，故将该公司纳入本集团财务报表合

并范围。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 43 -

四 企业合并及合并财务报表(续) (1) 子公司情况(续) (b) 通过同一控制下的企业合并取得的子公司

子公司类型 注册地 业务性质 注册资本 经营范围 企业类型 法人代表 组织机构代码 中交上海港口机械 制造厂有限公司

直接控股子公司 上海市

南汇区

机械制造 2,184,730,000 从事各类港口起重装卸、散

货、集装箱机械，港口工程

船(含浮式工程起重机)，物

料搬运机械产品及 配件销

售，各类机械设备关键部件

原辅料仪器销售及技术服

务，维修安装，技术咨询

有限责任公司 曹伟忠 13220596-4

上海江天实业有限公司 直接+间接

控股子公司

上海市

浦东新区

商业贸易 157,000,000 筹建综合楼，经济信息咨

询，机电设备及产品、建筑

材料、装潢材料、五金交

电、百货、金 属材料的销售

及售后服务，收费停车场，

附设分支机构

有限责任公司 王珏 13380509-9

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 44 -

四 企业合并及合并财务报表(续) (1) 子公司情况(续) (b) 通过同一控制下的企业合并取得的子公司(续)

子公司类型 注册地 业务性质 注册资本 经营范围 企业类型 法人代表 组织机构代码 上海港机重工有限公司 间接控股子公司 上海市

南汇区

机械制造 18,120,000 美元 生产港口起重机械及配件，物料

搬运机械及配件、隧道挖掘机

械、高速铁路专用设备、钢结构

制作，各类大型工程船(含浮式起

重机)及海洋工程设备的修理、设

计和制造，销售自产产品，并提

供相关安装、维修服务和技术咨

询

有限责任公司

曹伟忠 75613245-X

中港集团上海港口 工程装备有限公司

间接控股子公司 上海市

崇明县

机械制造 88,000,000 从事各类港口起重装卸散货、集

装箱机械，港口工程船(含浮式工

程起重机)，物料搬运机械产品及

配件销售及技术服务，货物吊

装、捆扎与运输，设备租赁，国

内沿海及长江中下游普通货船运

输，工程设备及船舶经营、租

赁、安装、船舶技术咨询，经营

本企业自产产品的出口业务和本

企业所需的机械设备、零配件、

原辅材料的进口业务

有限责任公司 余波 74879606-1

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 45 -

四 企业合并及合并财务报表(续) (1) 子公司情况(续) (b) 通过同一控制下的企业合并取得的子公司(续)

子公司类型 注册地 业务性质 注册资本 经营范围 企业类型 法人代表 组织机构代码 上海振华重工(集团)

张家港港机有限公司 直接+间接控股

子公司

张家港

金港镇

机械制造 15,000,000(注 1)

港口起重装卸、散货集装箱

机械产品制造、加工及维

修、更新改造业务

有限责任公司 刑小健 25150291-0

注 1： 于 2010 年 9 月 25 日，上海振华重工(集团)张家港港机有限公司增加注册资本 5,020,000 元，增资后该公司注册资本变更为 15,000,000 元。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 46 -

四 企业合并及合并财务报表(续) (1) 子公司情况(续) (b) 通过同一控制下的企业合并取得的子公司(续)

年末实际出资额 实质上构成对子公司净投资

的其他项目余额

持股

比例 (%)

表决权

比例 (%)是否合并

报表

少数股东

权益

少数股东权益中用于冲减

少数股东损益的金额

中交上海港口机械制造厂

有限公司 2,184,730,000 - 100% 100% 是 - - 上海江天实业有限公司 157,000,000 - 100% 100% 是 - - 上海港机重工有限公司 13,412,424 美元 - 74% 74% 是 105,400,812 (6,042,158) 中港集团上海港口工程装

备有限公司 47,801,600 - 54% 41% 是 26,974,912 (13,123,244) 上海振华重工(集团)张家港

港机有限公司 13,500,000 - 90% 90% 是 (856,724) (856,724) - 131,519,000 (20,022,126)

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 47 -

四 企业合并及合并财务报表(续) (1) 子公司情况(续) (c) 通过非同一控制下的企业合并取得的子公司

子公司类型 注册地 业务性质 注册资本 经营范围 企业类型 法人代表 组织机构代码 上海振华重工(集团) 常州油漆有限公司

直接控股子公司 常州市 油漆制造 49,800,000 环氧树脂涂料、聚氨酯树脂涂

料制造、加工 有限责任公司 莫晓健 72419768-9

上海康尼机械制造 有限公司

间接控股子公司 上海市

南汇区

机械制造 15,000,000 机械制造，减速机及配件制造

加工；自有房屋的租赁业务 有限责任公司 曹伟忠 63089967-1

年末实际出资额 实质上构成对子公司净

投资的其他项目余额

持股 比例 (%)

表决权比

例 (%)是否合

并报表

少数股东

权益

少数股东权益中用于

冲减少数股东损益的

金额 上海振华重工(集团) 常州油漆有限公司 25,400,000 - 51% 51% 是 35,533,745 -

上海康尼机械制造

有限公司 15,000,000 - 100% 74% 是 - - - 35,533,745 -

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 48 -

四 企业合并及合并财务报表(续) (2) 本年度不再纳入合并范围的主体

处置日净资产 年初至处置日净利润 上海振华长兴重工有限公司(注 1) 10,327,951 83,095

注 1：本集团于 2010 年 11 月 11 日完成了对上海振华长兴重工有限公司的注

销，故该公司不再纳入本集团财务报表合并范围。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 49 -

五 合并财务报表项目附注 1 货币资金

2010 年 12 月 31 日 2009 年 12 月 31 日 外币金额 汇率 人民币金额 外币金额 汇率 人民币金额

库存现金 –

人民币 - - 260,272 - - 1,106,796 加元 2,814 6.6043 18,585 2,814 6.4802 18,234 欧元 1,864 8.8065 16,415 11,585 9.7971 113,498 新西兰元 625 5.0965 3,185 625 4.9554 3,097 美元 258 6.6227 1,709 60,305 6.8282 411,775 其他货币 10,536 2,710 310,702 1,656,110 银行存款 – 人民币 - - 577,877,184 - - 958,225,805 美元 51,209,409 6.6227 339,144,553 49,605,661 6.8282 338,717,374 欧元 8,854,884 8.8065 77,980,536 11,102,549 9.7971 108,772,780 港元 36,157,785 0.8509 30,766,659 30,085,456 0.8805 26,490,244 阿曼里亚尔 4,823 17.7620 85,666 - - - 新加坡元 9,682 5.1191 49,563 7,899 4.8605 38,392 澳元 6,119 6.7139 41,082 452 6.1290 2,770 英镑 992 10.2182 10,136 288 10.978 3,163 加元 482 6.6043 3,183 2,361,080 6.4800 15,300,269 1,025,958,562 1,447,550,797 其他货币资金 – 人民币 - - 76,729,249 - - 205,131,480 美元 29,124,554 6.6227 192,883,184 32,140,918 6.8282 219,464,616 欧元 3,033,346 8.8065 26,713,162 1,242,153 9.7971 12,169,497 英镑 1,209,414 10.2182 12,358,034 - - - 新加坡元 203,207 5.1191 1,040,237 - - - 加元 3 6.6043 20 6,300,692 6.4802 40,829,747 309,723,886 477,595,340 1,335,993,150 1,926,802,247

于 2010 年 12 月 31 日，其他货币资金主要系为开立信用证和银行保函而存入银行的保证

金以及存放于银行的待结汇资金。 2 交易性金融资产和负债

2010 年 12 月 31 日 2009 年 12 月 31 日

资产 负债 资产 负债

远期外汇合同-公允价值评估收益/(损失) 47,840,517 (21,895,367) 16,284,096 (8,256,663)利率掉期合同-公允价值评估收益/(损失) - - - (275,152) 47,840,517 (21,895,367) 16,284,096 (8,531,815)

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 50 -

五 合并财务报表主要项目附注(续) 2 交易性金融资产和负债(续) (a) 远期外汇合同

于 2010 年 12 月 31 日，本集团与银行间已签约但尚未到期的远期外汇合同中： 以美元兑换人民币之合同本金合计为 525,000,000 美元；合同约定的到期汇率区

间为 6.4850 至 6.7660；合同将在 2011 年 1 月 19 日至 2011 年 12 月 23 日期间

内到期。 以人民币兑换美元之合同本金合计为人民币 982,412,500 元；合同约定的到期汇

率区间为 6.4420 至 6.6580；合同将在 2011 年 1 月 19 日至 2011 年 11 月 8 日

期间内到期。 以韩元兑换人民币之合同本金合计为 69,100,000,000 韩元；合同约定的到期汇

率区间为 0.000838 至 0.000867；合同将在 2011 年 2 月 9 日至 2012 年 1 月 6日期间内到期。 以上远期外汇合同在年末的公允价值评估损益系根据交易银行确认的金额或根据

其提供的年末市场汇率计算的金额认列。

(b) 利率掉期合同 于 2010 年 12 月 31 日，本公司无与银行间签订的尚未到期的利率掉期合同。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 51 -

五 合并财务报表主要项目附注(续) 3 应收票据

2010 年 12 月 31 日 2009 年 12 月 31 日 银行承兑汇票 35,237,260 6,574,000 于 2010 年 12 月 31 日，本集团未将任何应收票据质押给银行以获取短期借款。

4 应收账款

2010 年 12 月 31 日 2009 年 12 月 31 日

应收账款 5,982,610,275 6,286,708,534 减：坏账准备 (267,559,930) (238,097,631) 5,715,050,345 6,048,610,903

(a) 应收账款账龄分析如下： 2010 年 12 月 31 日 2009 年 12 月 31 日

一年以内 5,435,442,642 5,836,511,331 一到二年 343,943,037 238,479,261 二到三年 88,848,977 51,572,243 三年以上 114,375,619 160,145,699 5,982,610,275 6,286,708,534

(b) 应收账款按类别分析如下：

2010 年 12 月 31 日 2009 年 12 月 31 日 账面余额 坏账准备 账面余额 坏账准备 金额 占总额

比例

金额 计提

比例

金额 占总额 比例

金额 计提

比例

按组合计提坏账准备 信用风险组合 - 关联方 236,976,553 4% - - 445,871,101 7% - - - 第三方 5,745,633,722 96% (267,559,930) 5% 5,840,837,433 93% (238,097,631) 4% 5,982,610,275 100% (267,559,930) 4% 6,286,708,534 100% (238,097,631) 4%

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 52 -

五 合并财务报表主要项目附注(续) 4 应收账款(续)

(c) 于 2010 年 12 月 31 日，本公司无单项金额重大、或虽不重大但单独进行减值测试的

应收账款。 (d) 按组合计提坏账准备的应收账款中，采用账龄分析法的组合分析如下：：

2010 年 12 月 31 日 2009 年 12 月 31 日 账面余额 坏账准备 账面余额 坏账准备

金额 比例 金额 计提

比例

金额 计提

比例 金额 计提

比例 一年以内 5,364,583,636 93% (62,070,456) 1% 5,510,941,991 94% (30,132,054) 1%一到二年 211,116,892 4% (63,335,068) 30% 148,139,932 3% (44,441,980) 30%二到三年 55,557,575 1% (27,778,787) 50% 36,463,826 1% (18,231,913) 50%三年以上 114,375,619 2% (114,375,619) 100% 145,291,684 2% (145,291,684) 100%

5,745,633,722 100% (267,559,930) 5% 5,840,837,433 100% (238,097,631) 4%

(e) 以前年度已全额计提坏账准备，或计提坏账准备的比例较大，但在本年度全额收回或

转回，或在本年度收回或转回比例较大的应收账款情况如下： 转回或收回

原因

确定原坏账

准备的依据

转回或收回前累积 已计提坏账准备金额

转回或收回

金额 应收账款 1 诉讼了结 账龄 33,176,174 33,176,174 应收账款 2 大力追讨 账龄 3,632,634 3,632,634 应收账款 3 大力追讨 账龄 3,250,000 3,250,000 其他 大力追讨 账龄 12,573,067 12,573,067 52,631,875 52,631,875

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 53 -

五 合并财务报表主要项目附注(续) 4 应收账款(续) (f) 应收关联方的应收账款分析如下：

2010 年 12 月 31 日 2009 年 12 月 31 日 与本集团

关系 金额 占应收账款总

额的比例 (%)坏账

准备

金额 占应收账款总额

的比例 (%)坏账

准备

中和物产株式

会社 受同一母

公司控制 100,597,153 1.67% - 324,570,514 5.16% - 中交第二航务工程

局有限公司 受同一母

公司控制 30,000,000 0.50% - 1,630,000 0.03% - 中交第一公路工程

局第六工程有限

公司 受同一母

公司控制 25,800,000 0.43% - - - - 中交第一公路工程

局第一工程有限

公司 受同一母

公司控制 20,800,000 0.35% - - - - 中交第一航务工

程局有限公司 受同一母

公司控制 19,430,000 0.32% - - - - 中交第四航务工

程勘察设计院

有限公司 受同一母

公司控制 16,996,000 0.28% - - - - 中交股份

本公司之 母公司 11,882,400 0.20% - 11,882,400 0.19% -

中交第一航务工程

勘察设计院有限

公司

受同一母

公司控制 6,301,000 0.11% - 19,429,000 0.31% - 中交第二公路工程

局有限公司 受同一母

公司控制 2,778,000 0.05% - - - - 中交第三航务工程

局有限公司 受同一母

公司控制 2,192,000 0.03% - 2,192,000 0.03% - 中交上海航道局有

限公司 受同一母

公司控制 200,000 0.00% - 71,313,173 1.13% - 中国港湾工程有限

公司 受同一母

公司控制 - - 14,854,014 0.24% 236,976,553 3.94% - 445,871,101 7.09% -

(g) 于 2010 年 12 月 31 日，余额前五名的应收账款分析如下：

与本集团关系 金额 年限 占应收账款总额比例 A 公司 第三方 1,296,648,890 一年以内 22%B 公司 第三方 257,904,240 一年以内 4%C 公司 第三方 174,989,619 一年以内 3%D 公司 第三方 132,454,000 一年以内 2%E 公司 第三方 123,200,000 一年以内 2%

1,985,196,749 33%

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 54 -

五 合并财务报表主要项目附注(续) 4 应收账款(续)

(h) 应收账款中包括以下外币余额：

2010 年 12 月 31 日 2009 年 12 月 31 日 外币金额 汇率 折合人民币 外币金额 汇率 折合人民币 美元 427,330,039 6.6227 2,830,078,649 534,635,903 6.8282 3,650,600,873欧元 60,618,221 8.8065 533,834,363 147,929,895 9.7971 1,449,283,974阿曼里亚尔 14,520,000 17.7620 257,904,240 2,417,329 17.7556 42,921,127英镑 7,330,342 10.2182 74,902,901 693,720 10.9780 7,615,658沙特币 9,946,137 1.7559 17,464,422 22,580,155 1.8205 41,107,172加元 2,300,000 6.6043 15,189,890 2,300,000 6.4802 14,904,460新加坡元 1,750,598 5.1191 8,961,486 10,338,523 4.8605 50,250,391澳元 107,127 6.7139 719,240 656,000 6.1294 4,020,886港元 206,025 0.8509 175,307 206,025 0.8805 181,405 3,739,230,498 5,260,885,946

5 其他应收款

2010 年 12 月 31 日 2009 年 12 月 31 日

员工互助会款项 103,265,057 126,696,634 产品现场服务暂借款 74,414,166 139,663,177 应收第三方款项 52,585,530 133,177,078 出口退税款项 18,370,809 70,588,618 应收保险赔偿款项 15,245,719 15,245,719 投标保证金款项 13,718,400 10,190,000 政府补贴款项 4,966,500 42,000,000 废钢销售应收款 - 33,374,396 其他 91,802,517 108,456,619 374,368,698 679,392,241

减：坏账准备 (11,499,008) (11,499,208) 362,869,690 667,893,033

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 55 -

五 合并财务报表主要项目附注(续)

5 其他应收款(续)

(a) 其他应收款账龄分析如下： 2010 年 12 月 31 日 2009 年 12 月 31 日

一年以内 177,747,645 505,759,724 一到二年 94,262,315 91,615,950 二到三年 86,066,217 65,035,438 三年以上 16,292,521 16,981,129 374,368,698 679,392,241

(b) 其他应收款按类别分析如下：

2010 年 12 月 31 日 2009 年 12 月 31 日 账面余额 坏账准备 账面余额 坏账准备 金额 占总额

比例

金额 计提

比例

金额 占总额 比例

金额 计提

比例

单项金额重大并单

独计提坏账准备 171,935,240 46% - - 461,666,306 68% - - 单项金额虽不重大

但单独计提坏账

准备 202,433,458 54% (11,499,008) 6% 217,725,935 32% (11,499,208) 5% 374,368,698 100% (11,499,008) 3% 679,392,241 100% (11,499,208) 2%

(c) 于 2010 年 12 月 31 日，本公司未对单项金额重大并单独计提坏账准备的其他应收款

计提坏账准备。

(d) 于 2010 年 12 月 31 日，单项金额不重大但单独计提坏账准备的其他应收款分析如

下：

账面余额 坏账准备 计提比例 理由 其他应收款 1 7,429,936 (7,429,936) 100% (1)其他应收款 2 715,651 (715,651) 100%其他 3,353,421 (3,353,421) 100%

11,499,008 (11,499,008) 100% (1) 于 2010 年 12 月 31 日，本集团应收上海港机修配厂款项 7,429,936 元。因

该公司已经倒闭，本集团认为该项其他应收款无法收回，因此全额计提坏账

准备。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 56 -

五 合并财务报表主要项目附注(续)

5 其他应收款(续)

(e) 于 2010 年 12 月 31 日，余额前五名的其他应收款分析如下：

与本集团关系 金额 年限 占其他应收款

总额比例 A 公司 第三方 52,585,530 一年以内 14%B 公司 第三方 32,320,000 一到二年 9%C 公司 第三方 15,245,719 二到三年 4%D 公司 第三方 14,352,155 一到二年 4%E 公司 第三方 7,429,936 三年以上 2%

121,933,340 33% (f) 于 2010 年 12 月 31 日，其他应收款中无应收持有本公司 5%(含 5%)以上表决权股份

的股东单位的款项。

(g) 其他应收款中主要包括以下外币余额： 2010 年 12 月 31 日 2009 年 12 月 31 日

外币金额 汇率 折合人民币 外币金额 汇率 折合人民币

美元 18,211,667 6.6227 120,610,407 34,726,760 6.8282 237,121,263 欧元 2,051,110 8.8065 18,063,100 3,946,262 9.7971 38,661,923 138,673,507 275,783,186

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 57 -

五 合并财务报表主要项目附注(续) 6 预付账款

(a) 预付款项账龄分析如下： 2010 年 12 月 31 日 2009 年 12 月 31 日 金额 占总额比例 金额 占总额比例 一年以内 1,009,356,258 77% 1,571,023,881 76% 一到二年 294,997,053 22% 498,366,731 24% 二到三年 14,088,562 1% 8,089,416 - 三年以上 1,388,734 - 1,761,479 - 1,319,830,607 100% 2,079,241,507 100%

于 2010 年 12 月 31 日，账龄超过一年的预付款项为 310,474,349 元(2009 年 12月 31 日：508,217,626 元)，主要为预付海上重型装备产品中所用船体的委托加工

款项和预付钢材采购款，因为所采购产品尚未完工以及所采购的钢材尚未到货，

该款项尚未结清。 (b) 于 2010 年 12 月 31 日，余额前五名的预付款项分析如下：

与本集团关系 金额

占预付账款 总额比例 未结算原因

A 公司 第三方 722,308,582 55% 委托加工的船体建造

尚未完成 B 公司 第三方 82,000,000 6% 采购的产品尚未完成 C 公司 第三方 56,993,958 4% 采购钢材尚未到货 D 公司 第三方 55,967,939 4% 采购钢材尚未到货 E 公司 受同一母公司控制 52,509,211 4% 采购的产品尚未完成 969,779,690 73%

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 58 -

五 合并财务报表主要项目附注(续) 6 预付账款(续) (c) 预付关联方款项分析如下：

2010 年 12 月 31 日 2009 年 12 月 31 日

与本集团关

系 金额 占预付款项总

额的比例 (%)坏账

准备

金额 占预付款项总

额的比例 (%)坏账

准备 天津中交博迈科海洋船

舶重工有限公司 受同一母公

司控制 52,509,211 4% - - - - 中交上海航道装备工业有

限公司 受同一母公

司控制 - - - 38,896,000 2% - 52,509,211 4% - 38,896,000 2% -

于 2010 年 12 月 31 日，预付账款中无预付持有本公司 5%(含 5%)以上表决权股份的股

东单位的款项。 (d) 预付款项中包括以下外币余额： 2010 年 12 月 31 日 2009 年 12 月 31 日 外币金额 汇率 折合人民币 外币金额 汇率 折合人民币 美元 13,901,888 6.6227 92,068,034 18,228,206 6.8282 124,465,836 欧元 5,259,368 8.8065 46,316,624 12,562,785 9.7971 123,078,861 138,384,658 247,544,697

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 59 -

五 合并财务报表主要项目附注(续) 7 存货

(a) 存货分类如下： 2010 年 12 月 31 日 2009 年 12 月 31 日

账面 余额

存货跌

价准备

账面

价值

账面 余额

存货跌

价准备

账面

价值

原材料及外

购零部件 4,210,494,379 (101,982,289) 4,108,512,090 5,479,203,478 (51,976,492) 5,427,226,986在制品 3,062,378,476 (27,233,205) 3,035,145,271 2,107,409,201 - 2,107,409,201库存商品 12,315,991 - 12,315,991 12,425,016 - 12,425,016

周转材料 8,381,271 - 8,381,271 11,792,819 - 11,792,819 7,293,570,117 (129,215,494) 7,164,354,623 7,610,830,514 (51,976,492) 7,558,854,022

本集团在制品系已在建造中但尚未签订销售订单的海上重型装备产品。

(b) 存货跌价准备分析如下： 本年减少

2009 年

12 月 31 日

本年计提

转回 转销 2010 年

12 月 31 日

原材料及外购

零部件 51,976,492 50,005,797 - - 101,982,289 在制品 - 27,233,205 - - 27,233,205 51,976,492 77,239,002 - - 129,215,494

(c) 存货跌价准备情况如下： 计提存货跌价

准备的依据

本年转回存货 跌价准备的原因

本年转回金额占该项

存货年末余额的比例

原材料及外

购零部件 可变现净值低于原材料及外购零

部件账面价值的差额 无 - 在制品 可变现净值低于在制品账面价值

的差额 无 -

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 60 -

五 合并财务报表主要项目附注(续) 8 已完工尚未结算款/已结算尚未完工款

已完工尚未结算款 – 2010 年 12 月 31 日 2009 年 12 月 31 日

累计已发生成本 33,786,181,399 40,324,355,593加：累计已确认毛利 2,994,784,616 4,589,188,769减：累计已结算价款 (29,778,534,611) (33,567,131,338)

累计已确认的预计合同损失 (92,004,955) (70,304,502) 6,910,426,449 11,276,108,522

已结算尚未完工款 – 2010 年 12 月 31 日 2009 年 12 月 31 日

累计已结算价款 9,289,064,308 4,846,638,489减：累计已确认毛利 (327,433,956) (215,272,957) 累计已发生成本 (6,612,220,021) (2,284,217,313)加：累计已确认的预计合同损失 15,688,650 387,440

2,365,098,981 2,347,535,659 预计合同损失 –

2009 年 12 月 31 日 本年增加 本年减少 2010 年 12 月 31 日

已完工未结算 70,304,502 91,275,892 (69,575,439) 92,004,955已结算未完工 387,440 15,688,650 (387,440) 15,688,650

70,691,942 106,964,542 (69,962,879) 107,693,605

于 2010 年 12 月 31 日，尚在建造之中的建造合同的合同总金额(不含增值税)约为 24,708,073,910 元 (2009 年 12 月 31 日：48,824,182,252 元)。 已签订销售合同若延迟交货之可能罚款总额：

2010 年 12 月 31 日 2009 年 12 月 31 日

银行已签发有效保函 19,843,791,831 21,376,744,755银行未签发保函 2,034,532,823 1,355,854,087 21,878,324,654 22,732,598,842

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 61 -

五 合并财务报表主要项目附注(续)

9 可供出售金融资产

本集团持有江西华伍制动器股份有限公司(以下简称“江西华伍”)17.39%的股

权，并将该长期股权投资列示于其他长期股权投资中(附注五 10(b))。经中国证券

监督管理委员会证监许可[2010]889 号文核准，江西华伍于 2010 年 7 月向境内

投资者公开发行 1,950 万股人民币普通股(“A 股”)，并在深圳证券交易所挂牌

上市交易。上市后，江西华伍总股本为 7,700 万股，其中本集团持股 1,000 万

股，占其总股本的 12.99%。本公司持有的股权自江西华伍上市之日起 36 个月内

不得转让或者委托他人管理。 10 长期股权投资

2010 年 12 月 31 日 2009 年 12 月 31 日 合营企业(a) 28,508,939 -其他长期股权投资(b) 43,240,000 87,760,489 71,748,939 87,760,489减：长期股权投资减值准备 (30,000,000) (30,000,000) 41,748,939 57,760,489 本集团不存在长期股权投资变现的重大限制。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 62 -

五 合并财务报表主要项目附注(续) 10 长期股权投资(续) (a) 合营企业

本年增减变动

核算 方法 投资成本

2009 年

12 月 31 日

追加或

减少投资

按权益法调整

的净损益

(附注五(43))宣告分派的

现金股利 其他权

益变动

2010 年

12 月 31 日

持股

比例

表决权

比例

持股比例与表决权

比例不一致的说明 减值准备 本年计提

减值准备

江苏龙源振华海洋

工程有限公司 权益法 30,000,000 - 30,000,000 (1,491,061) - - 28,508,939 50% 50% 不适用 - -

于 2010 年 6 月 18 日，本集团与国电龙源电力集团股份有限公司合资成立江苏龙源振华海洋工程有限公司(以下简称“江苏龙

源”)。江苏龙源注册资本为 300,000,000 元，由投资双方各持股 50%。投资双方首期各出资 30,000,000 元。江苏龙源主要经

营钢结构制作、安装，海上风电设施基础施工、设备安装及维护，海底电缆系统工程施工、维护，海洋工程施工、设备安装及

维修，及安装设备租赁。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 63 -

五 合并财务报表主要项目附注(续) 10 长期股权投资(续) (b) 其他长期股权投资

本年增减变动 核算

方法 投资成本

2009 年

12 月 31 日 追加投资 减少投资重分类至可供 出售金融资产

2010 年

12 月 31 日

持股

比例

持股比例与表决权

比例不一致的说明 减值准备

本年计提 减值准备

本年宣告分派

的现金股利

21 世纪科技投资 有限公司 成本法 30,000,000 30,000,000 - -

- 30,000,000 8.96% 不适用 (30,000,000) -

-

南通振华宏晟重型锻压

有限公司 成本法 10,000,000 10,000,000 - - - 10,000,000 5% 不适用 - -

- 上海振华港口机械 (集

团)沈阳电梯有限公司 成本法 500,000 1,500,000 - - - 1,500,000 10% 不适用 - -

650,146 上海振华港机龙昌起重

设备有限公司 成本法 500,000 800,000 - - - 800,000 10% 不适用 - -

48,034 上海振华港机 (集团 )宁

波传动机械有限公司 成本法 300,000 740,000 - - - 740,000 7.40% 不适用 - -

3,274,480 申银万国法人股 成本法 200,000 200,000 - - - 200,000 小于 0.01% 不适用 - - 32,388 中港疏浚股份有限公司

(注 1) 成本法 25,520,489 25,520,489 - (25,520,489) - - - 不适用 - -

14,005,537 江西华伍制动器股份有

限公司(附注五(9)) 成本法 19,000,000 19,000,000 400,000 - (19,400,000) - - 不适用 - -

- 87,760,489 400,000 (25,520,489) (19,400,000) 43,240,000 (30,000,000) - 18,010,585

注 1:本集团于 2010 年 10 月 14 日将持有的中港疏浚股份有限公司 1.766%的股权以 34,080,378 元的现金对价转让给中交上海航道局有限

公司，转让后本集团不再持有中港疏浚股份有限公司的股份。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 64 -

五 合并财务报表主要项目附注 (续)

10 长期股权投资(续)

(c) 长期股权投资减值准备

2009 年

12 月 31 日 本年增加

本年减少 2010 年

12 月 31 日 其他长期股权投资- 21 世纪科技投资

有限公司 30,000,000 - - 30,000,000

(d) 对合营企业投资 2010 年 12 月 31 日 2010 年度

持股 比例

表决权

比例 资产总额 负债总额 净资产 营业收入 净利润

江苏龙源振华海洋工

程有限公司 50% 50% 64,511,413 7,493,534 57,017,879 8,090,414 2,982,121

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 65 -

五 合并财务报表主要项目附注 (续)

11 固定资产

2009 年

12 月 31 日

在建工程转入 本年其他增加 本年增加小计 本年计提折旧

本年其他减少

本年减少小计2010 年

12 月 31 日 原价合计 17,948,560,026 1,464,288,370 392,059,085 1,856,347,455 - (357,654,509) (357,654,509) 19,447,252,972

房屋、建筑物 7,543,296,820 370,513,330 10,071,050 380,584,380 - (4,565,666) (4,565,666) 7,919,315,534 生产设备 3,927,731,911 396,135,795 37,299,737 433,435,532 - (54,533,546) (54,533,546) 4,306,633,897 办公设备 153,503,441 925,200 828,032 1,753,232 - (4,665,869) (4,665,869) 150,590,804 运输工具 6,133,080,511 681,705,260 33,730,202 715,435,462 - (287,768,093) (287,768,093) 6,560,747,880 其他设备 190,947,343 15,008,785 310,130,064 325,138,849 - (6,121,335) (6,121,335) 509,964,857

累计折旧合计 (4,063,790,190) - - - (1,187,976,979) 190,987,037 (996,989,942) (5,060,780,132)

房屋、建筑物 (1,028,625,715) - - - (237,470,306) 2,286,992 (235,183,314) (1,263,809,029) 生产设备 (1,335,815,805) - - - (407,091,578) 50,803,751 (356,287,827) (1,692,103,632) 办公设备 (96,245,343) - - - (16,821,629) 2,424,343 (14,397,286) (110,642,629) 运输工具 (1,539,374,558) - - - (453,444,214) 131,816,869 (321,627,345) (1,861,001,903) 其他设备 (63,728,769) - - - (73,149,252) 3,655,082 (69,494,170) (133,222,939)

账面净值合计 13,884,769,836 1,464,288,370 392,059,085 1,856,347,455 (1,187,976,979) (166,667,472) (1,354,644,451) 14,386,472,840 房屋、建筑物 6,514,671,105 370,513,330 10,071,050 380,584,380 (237,470,306) (2,278,674) (239,748,980) 6,655,506,505 生产设备 2,591,916,106 396,135,795 37,299,737 433,435,532 (407,091,578) (3,729,795) (410,821,373) 2,614,530,265 办公设备 57,258,098 925,200 828,032 1,753,232 (16,821,629) (2,241,526) (19,063,155) 39,948,175 运输工具 4,593,705,953 681,705,260 33,730,202 715,435,462 (453,444,214) (155,951,224) (609,395,438) 4,699,745,977 其他设备 127,218,574 15,008,785 310,130,064 325,138,849 (73,149,252) (2,466,253) (75,615,505) 376,741,918

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 66 -

五 合并财务报表主要项目附注 (续)

11 固定资产 (续)

于 2010 年 12 月 31 日，原值为 688,014,353 元(2009 年 12 月 31 日：原值为

522,243,549 元)的设备已提足折旧但仍在继续使用。 2010 年度固定资产计提的折旧金额为 1,187,976,979 元 (2009 年度：

1,069,527,172 元)，由在建工程转入固定资产的原价为 1,464,288,370 元(2009 年

度：3,098,365,677 元)。 2010 年度计入营业成本、营业费用及管理费用的折旧费用分别为：

1,129,174,903 元、5,045,352 元(附注五(38))及 53,756,724 元(附注五(39))(2009年度：1,049,130,664 元、5,460,683 元及 14,935,825 元)。 于 2010 年 12 月 31 日，账面净值为 2,936,047,463 元、原价为 3,182,179,517 元

(2009 年 12 月 31 日：账面净值为 2,351,449,475 元、原价 2,497,734,565 元)的房屋及建筑物的房地产权证尚在办理过程中，本集团预计于 2011 年底取得相关

房屋及建筑物的房地产权证。 12 在建工程

2010 年 12 月 31 日 2009 年 12 月 31 日 账面余额 减值准备 账面价值 账面余额 减值准备 账面价值 南通基地基本建设 2,072,901,482 - 2,072,901,482 1,740,573,470 - 1,740,573,470 长兴基地基本建设 1,419,058,973 - 1,419,058,973 1,358,646,352 - 1,358,646,352 基地在建大型机械及

工程设备 1,141,858,174 - 1,141,858,174 1,199,867,645 - 1,199,867,645 东方路办公楼 340,196,539 - 340,196,539 219,940,100 - 219,940,100 东方路研发大楼 70,465,367 - 70,465,367 69,632,034 - 69,632,034 常州基地改造 16,713,611 - 16,713,611 14,047,500 - 14,047,500 南汇基地基本建设 6,325,191 - 6,325,191 336,505,442 - 336,505,442 江阴基地改造 1,050,680 - 1,050,680 1,050,680 - 1,050,680 振华 29 - - - 81,309,016 - 81,309,016 振华 15 - - - 78,839,280 - 78,839,280 康桥基地 - - - 37,491,937 - 37,491,937 常州油漆基本建设 - - - 35,088,838 - 35,088,838 5,068,570,017 - 5,068,570,017 5,172,992,294 - 5,172,992,294

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

67

五 合并财务报表主要项目附注(续) 12 在建工程(续) (a) 重大在建工程项目变动 工程名称 预算数 2009 年

12 月 31 日

本年增加 本年转入

固定资产

本年其他转出 (注 2)

2010 年

12 月 31 日

工程投入

占预算的

比例

工程进度

(注 1)借款费用资本

化累计金额

其中：本年借

款费用 资本化金额

本年借款

费用资本

化率

资金 来源

南通基地基本建设 5,985,150,000 1,740,573,470 689,776,096 (179,826,906) (177,621,178) 2,072,901,482 85% 85% 128,966,279 56,103,669 3.65% 自筹 长兴基地基本建设 8,477,000,000 1,358,646,352 109,857,003 (49,444,382) - 1,419,058,973 80% 80% 97,586,840 38,419,231 3.65% 自筹 基地在建大型机械

及工程设备 2,200,000,000 1,199,867,645 391,046,194 (387,965,991)

(61,089,674) 1,141,858,174 98% 98% 85,356,327

32,389,074 3.65% 自筹 东方路办公楼 400,000,000 219,940,100 120,256,439 - - 340,196,539 85% 85% 13,092,343 7,747,409 3.65% 自筹 东方路研发大楼 230,000,000 69,632,034 833,333 - - 70,465,367 93% 93% 4,880,625 37,727 3.65% 自筹 常州基地改造 22,000,000 14,047,500 2,666,111 - - 16,713,611 99% 99% - - 3.65% 自筹 南汇基地基本建设 496,000,000 336,505,442 6,676,213 (336,856,464) - 6,325,191 82% 82% 5,124,988 4,741,788 3.65% 自筹 江阴基地改造 53,000,000 1,050,680 - - - 1,050,680 94% 94% - - 3.65% 自筹 振华 29 250,000,000 81,309,016 111,972,629 (193,281,645) - - 100% 100% 3,535,080 1,124,608 3.65% 自筹 振华 15 280,000,000 78,839,280 198,841,413 (277,680,693) - - 100% 100% 3,441,052 1,090,448 3.65% 自筹 康桥基地 50,000,000 37,491,937 4,958,680 - (42,450,617) - 100% 100% - - 3.65% 自筹 常州油漆基本建设 55,000,000 35,088,838 4,143,451 (39,232,289) - - 100% 100% - - 3.65% 自筹 合计 5,172,992,294 1,641,027,562 (1,464,288,370) (281,161,469) 5,068,570,017 341,983,534 141,653,954

注 1：工程进度以预算及累计投入为基础进行估计。 注 2：本年其他转出主要包括：

(1) 南通基地预付土地款转入无形资产； (2) 原自建设备变更用途，转入存货用于生产销售； (3) 康桥基地于本年出售转出。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续)

13 无形资产

2009 年

12 月 31 日 本年增加 本年摊销 本年减少 2010 年

12 月 31 日 原价合计 2,357,387,115 236,004,510 - (14,543,065) 2,578,848,560土地使用权 2,283,891,796 226,305,398 - (14,543,065) 2,495,654,129软件使用费 24,422,247 9,699,112 - - 34,121,359专有技术 49,073,072 - - - 49,073,072

累计摊销合计 (130,681,145) - (65,034,895) 727,153 (194,988,887)土地使用权 (119,466,543) - (54,756,041) 727,153 (173,495,431)软件使用费 (11,214,602) - (4,962,605) - (16,177,207) 专有技术 - - (5,316,249) - (5,316,249)

账面价值合计 2,226,705,970 236,004,510 (65,034,895) (13,815,912) 2,383,859,673土地使用权 2,164,425,253 226,305,398 (54,756,041) (13,815,912) 2,322,158,698软件使用费 13,207,645 9,699,112 (4,962,605) - 17,944,152专有技术 49,073,072 - (5,316,249) - 43,756,823

除 1997 年度以后新增土地使用权为实际成本外，其他土地使用权的原始金额为

本公司改制时经国有资产管理部门确认的评估值。 2010 年度无形资产的摊销金额为 65,034,895 元 (附注五 (39))(2009 年度：

50,193,124 元)。 2010 年度，本集团研究开发支出共计 518,792,241 元(2009 年度：935,331,717元)。该些研究开发支出全部计入当期损益。 于 2010 年 12 月 31 日，本集团账面净值为 209,617,199 元(原价为 216,740,681元)(2009 年 12 月 31 日：账面净值为 705,530,460 元，原价为 735,426,322 元)的土地使用权证尚在办理过程中。本集团预计于 2011 年底取得该些土地使用权

对应的权证。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续) 14 商誉

2009 年

12 月 31 日 本年增加 本年减少 2010 年

12 月 31 日

上海振华重工(集团)

常州油漆有限公司 1,735,756 - - 1,735,756 上海康尼机械制造

有限公司 2,664,673 - - 2,664,673 4,400,429 - - 4,400,429

15 递延所得税资产和递延所得税负债 (a) 未经抵消的递延所得税资产

2010 年 12 月 31 日 2009 年 12 月 31 日 递延所得税

资产

可抵扣暂时性

差异及抵扣亏损

递延所得税 资产

可抵扣暂时性

差异及抵扣亏损 资产减值准备 67,930,966 452,873,105 44,937,806 299,585,374 预计负债 27,837,627 185,584,180 39,006,634 260,044,224 固定资产折旧 44,601,432 297,342,881 36,140,042 240,933,613 未支付的工资薪金 4,721,141 31,474,273 28,074,600 187,164,001未支付的利息 12,582,676 83,884,504 - -交易性金融负债的公允

价值变动 3,355,411 21,895,367 1,331,731 8,531,815 可抵扣亏损 198,460,163 1,323,067,761 - - 359,489,416 2,396,122,071 149,490,813 996,259,027

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续) 15 递延所得税资产和递延所得税负债(续) (b) 未经抵消的递延所得税负债

2010 年 12 月 31 日 2009 年 12 月 31 日

递延所得税

负债

应纳税暂时性

差异

递延所得税 负债

应纳税暂时性

差异 固定资产折旧 36,044,494 230,000,844 26,283,208 165,390,528 交易性金融资产的公

允价值变动 7,192,906 47,840,517

2,553,511 16,284,096 计入资本公积的可供

出售金融资产公允

价值变动 26,583,323 177,222,150

- - 69,820,723 455,063,511 28,836,719 181,674,624

(c) 本集团未确认递延所得税资产的可抵扣亏损分析如下： 2010 年 12 月 31 日 2009 年 12 月 31 日 可抵扣亏损 356,325,699 258,085,641 (d) 未确认递延所得税资产的可抵扣亏损将于以下年度到期： 2010 年 12 月 31 日 2009 年 12 月 31 日 2013 年 11,021,352 11,021,352 2014 年 247,064,289 247,064,289 2015 年 98,240,058 - 356,325,699 258,085,641

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续) 15 递延所得税资产和递延所得税负债(续) (e) 递延所得税资产和递延所得税负债互抵金额： 2010 年 12 月 31 日 2009 年 12 月 31 日

递延所得税资产 45,639,771 10,062,299 递延所得税负债 45,639,771 10,062,299

抵销后的递延所得税资产和递延所得税负债净额列示如下： 2010 年 12 月 31 日 2009 年 12 月 31 日 递延所得税资产

或负债净额

互抵后的可抵扣或

应纳税暂时性差额

递延所得税资产 或负债净额

互抵后的可抵扣或

应纳税暂时性差额

递延所得税资产 313,849,645 2,091,856,928 139,428,514 929,177,037 递延所得税负债 24,180,952 150,798,368 18,774,420 114,592,635 16 资产减值准备 本年减少

2009 年

12 月 31 日

本年

增加 转回 转销 2010 年

12 月 31 日

坏账准备 249,596,839 82,112,374 (52,632,075) (18,200) 279,058,938

其中：应收账款坏账准备 238,097,631 82,112,374 (52,631,875) (18,200) 267,559,930 其他应收款坏账准备 11,499,208 - (200) - 11,499,008

预计合同损失 70,691,942 106,964,541 (664,501) (69,298,377) 107,693,605 存货跌价准备 51,976,492 77,239,002 - - 129,215,494 长期股权投资减值准备 30,000,000 - - - 30,000,000

402,265,273 266,315,917 (53,296,576) (69,316,577) 545,968,037

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续) 17 短期借款

短期借款的分类

2010 年 12 月 31 日 2009 年 12 月 31 日

保证借款 - 美元借款 2,225,227,200 3,509,078,000信用借款 - 人民币借款 6,000,000,000 4,608,000,000- 美元借款 4,929,546,076 4,201,298,050- 欧元借款 43,592,175 1,317,550,937 13,198,365,451 13,635,926,987

于 2010 年 12 月 31 日，2,026,546,200 元(2009 年 12 月 31 日：3,372,538,000元)的保证借款系由本公司之子公司上海振华港口机械(香港)有限公司(原名:上海振

华重工集团(香港)有限公司)借入的银行借款，由中国工商银行、中国农业银行、

交通银行、北京银行以及上海浦东发展银行所开具的备付信用证提供保证。 于 2010 年 12 月 31 日，198,681,000 元 (2009 年 12 月 31 日：136,540,000 元) 的保证借款系由本公司之子公司上海振华港口机械(香港)有限公司(原名:上海振华

重工集团(香港)有限公司)借入的银行借款，由本公司提供保证。 2010 年度，本集团短期借款加权平均年利率为 2.110% (2009 年度：4.239%)。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续)

18 应付票据

2010 年 12 月 31 日 2009 年 12 月 31 日

银行承兑汇票 490,318,391 289,830,000商业承兑汇票 - 38,000,000 490,318,391 327,830,000

上述应付票据均将于未来一年内到期支付。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续)

19 应付短期债券

面值总额 发行成本

2009 年 12 月 31 日 本年发行

本年

计提利息

本年发行

成本摊销 本年偿还 2010 年

12 月 31 日 短期融资债券 - 于 2009 年发行 4,100,000,000 (16,400,000) 4,100,533,000 - 113,926,082 14,512,877 (4,228,971,959) - 经中国银行间市场交易商协会中市协注(2009)CP120 号文《中国银行间市场交易商协会文件接受注册通知书》批准，本公司于

2009 年 11 月 19 日公开发行了 41,000,000 份短期融资债券，每份面值为 100 元，发行总额为 4,100,000,000 元，期限为一

年，年利率为 3.14%。该短期融资券已于 2010 年 11 月 18 日到期时一次性偿付本息。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续) 20 应付账款 2010 年 12 月 31 日 2009 年 12 月 31 日 应付材料采购及产品制造款 1,607,722,473 2,446,638,862 应付基建款 228,818,148 63,957,815 应付设备采购款 65,442,132 54,546,128 应付港使费 5,571,792 4,882,440 1,907,554,545 2,570,025,245 (a) 应付关联方的应付账款：

2010 年 12 月 31 日 2009 年 12 月 31 日 中交第三航务工程局有限公司 40,868,387 34,084,648中交第一航务工程局有限公司 8,528,476 10,884,063中交上海航道局上海达华测绘

有限公司 - 5,877,000 49,396,863 50,845,711

于 2010 年 12 月 31 日，应付账款中无应付持有本公司 5%(含 5%)以上表决权股

份的股东单位的款项。 (b) 于 2010 年 12 月 31 日，账龄超过一年的应付账款为 374,470,945 元(2009 年 12

月 31 日：389,948,995 元)，主要为应付国外进口件采购款，由于尚未到合同约

定的付款日期，该款项尚未进行 后清算，截至本财务报表批准报出日，已偿还

29,161,780 元(附注九)。

(c) 应付账款中包括以下外币余额： 2010 年 12 月 31 日 2009 年 12 月 31 日 外币金额 汇率 折合人民币 外币金额 汇率 折合人民币 美元 95,780,476 6.6227 634,325,358 64,570,558 6.8282 440,900,684欧元 9,992,203 8.8065 87,996,336 24,160,988 9.7971 236,707,616 722,321,694 677,608,300

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续) 21 预收账款

本集团年末预收账款均为预收产品销售款。

(a) 预收关联方的预收账款： 2010 年 12 月 31 日 2009 年 12 月 31 日 江苏龙源振华海洋工程有限公司 50,000,000 - 中交二航局第二工程有限公司 1,860,000 - 中交上海装备工程有限公司 407,760 100,000 中交上海航道局有限公司 200,000 - 中交第一公路工程局有限公司 200,000 - 中和物产株式会社 170,113 175,391 52,837,873 275,391

于 2010 年 12 月 31 日，预收账款中无预收持有本公司 5%(含 5%)以上表决权股

份的股东单位的款项。

(a) 于 2010 年 12 月 31 日，账龄超过一年的预收款项为 1,298,726,387 元(2009 年

12 月 31 日：无)，主要为预收一海上重型装备项目的产品销售款，鉴于该项目尚

未完成，该款项尚未结清。

(c) 预收款项中包括以下外币余额： 2010 年 12 月 31 日 2009 年 12 月 31 日 外币金额 汇率 折合人民币 外币金额 汇率 折合人民币 美元 211,957,114 6.6227 1,403,728,379 207,754,831 6.8282 1,418,591,539 欧元 2,429,906 8.8065 21,398,967 110,692 9.7971 1,084,459 英镑 39,414 10.2182 402,740 - 10.9780 - 加元 17,486 6.6043 115,483 697 6.4802 4,519 1,425,645,569 1,419,680,517

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续) 22 应付职工薪酬

2009 年

12 月 31 日

本年增加 本年减少 2010 年

12 月 31 日 工资、奖金、津贴和补贴 169,433,167 741,231,099 (904,830,811) 5,833,455职工福利费 3,102,491 17,678,391 (20,780,882) -社会保险费 2,942,287 203,822,469 (203,846,096) 2,918,660其中：医疗保险费 763,787 62,190,062 (62,057,525) 896,324

基本养老保险 1,976,200 123,207,024 (123,417,986) 1,765,238 失业保险费 107,594 11,157,219 (11,110,233) 154,580 工伤保险费 47,780 3,776,277 (3,772,797) 51,260 生育保险费 46,926 3,491,887 (3,487,555) 51,258

辅助养老保险 768,527 48,469,557 (38,665,751) 10,572,333住房公积金 105,684 32,072,365 (31,963,007) 215,042工会经费和职工教育经费 17,964,107 13,127,691 (6,702,581) 24,389,217其他 512,903 18,783,940 (19,292,436) 4,407 194,829,166 1,075,185,512 (1,226,081,564) 43,933,114

于 2010 年 12 月 31 日，应付职工薪酬中没有属于拖欠性质的应付款，上述年末

余额预计将于 2011 年度全部发放或使用完毕。 23 待抵扣税费

2010 年 12 月 31 日 2009 年 12 月 31 日

待抵扣增值税 (573,673,459) (604,286,421)待抵扣企业所得税 (13,671,757) (31,009,808)(待抵扣)/应交营业税 (3,712,650) 6,183,976应交个人所得税 7,100,947 1,655,586应交教育费附加 1,380,445 949,721应交城市维护建设税 873,098 546,290其他 1,625,695 1,291,979

(580,077,681) (624,668,677)

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续)

24 应付利息

2010 年 12 月 31 日 2009 年 12 月 31 日 应付借款利息 15,638,082 8,985,105应付中期票据利息 71,290,533 71,887,222 86,928,615 80,872,327

25 应付股利

2010 年 12 月 31 日 2009 年 12 月 31 日 中交股份 33,472,814 34,392,513香港振华工程有限公司 19,606,950 19,606,950 澳门振华港湾工程有限公司 373,626 373,626 应付子公司少数股东股利 7,968,930 - 61,422,320 54,373,089

26 其他应付款

2010 年 12 月 31 日 2009 年 12 月 31 日 待结算增值税金 404,686,979 378,305,768外包工程队押金 48,334,049 80,885,273 政府补贴款 34,782,185 -中交股份暂借款(注 1) 16,092,898 16,092,898 启东道达工程保证金 1,868,170 12,142,258 应付短期融资券承销费 - 7,450,000其他 78,265,405 79,465,506 584,029,686 574,341,703 注 1：于以前年度，本集团下属子公司江天实业自本公司之母公司中交股份处取

得 16,092,898 元借款，该借款不设抵押，不计息，无固定还款期限。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续)

26 其他应付款(续)

(a) 应付关联方的其他应付款： 于 2010 年 12 月 31 日，其他应付款中应付持有本公司 5%(含 5%)以上表决权

股份的股东及其他关联方的款项列示如下： 2010 年 12 月 31 日 2009 年 12 月 31 日 中交股份 34,092,898 16,092,898 中交上海装备工程有限公司 - 88,714 34,092,898 16,181,612

(b) 于 2010 年 12 月 31 日，账龄超过一年的其他应付款金额为 32,176,137 元(2009

年 12 月 31 日：24,735,951 元)，主要系自中交股份取得暂借款及应付外包工程

队押金款项。

27 一年内到期的非流动负债 2010 年 12 月 31 日 2009 年 12 月 31 日

信用借款 - 美元借款 231,794,500 2,782,491,500 - 人民币借款 1,650,000,000 400,000,000 - 欧元借款 - 568,231,800 1,881,794,500 3,750,723,300

本集团 2010 年度一年内到期的长期借款加权平均年利率为 1.671 % (2009 年

度：1.417%)。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 78 -

五 合并财务报表主要项目附注(续) 27 一年内到期的非流动负债(续) 金额前五名的一年内到期的长期借款：

2010 年 12 月 31 日 借款起始日 借款终止日 币种 利率(%)外币金额 人民币金额

A 银行 2009 年 7 月 7 日 2011 年 6 月 29 日 人民币 3.51% - 400,000,000 B 银行 2010 年 10 月 14 日 2011 年 11 月 14 日 人民币 3.51% - 400,000,000 C 银行 2009 年 6 月 9 日 2011 年 6 月 29 日 人民币 3.51% - 300,000,000 D 银行 2009 年 7 月 10 日 2011 年 6 月 29 日 人民币 3.51% - 300,000,000 E 银行 2010 年 7 月 6 日 2011 年 11 月 24 日 人民币 3.51% - 250,000,000 1,650,000,000

28 长期借款

2010 年 12 月 31 日 2009 年 12 月 31 日

信用借款 - 美元借款 4,933,911,500 2,765,421,000 - 人民币借款 600,000,000 1,000,000,000 - 欧元借款 88,065,000 97,971,000 5,621,976,500 3,863,392,000

本集团 2010 年度长期借款加权平均年利率为 2.153% (2009 年度：2.069%)。 (a) 金额前五名的长期借款 2010 年 12 月 31 日

借款起始日 借款终止日 币种 利率(%) 外币金额 人民币金额

A 银行 2010 年 11 月 1 日 2013 年 10 月 28 日 美元 Libor+2% 220,000,000 1,456,994,000 B 银行 2010 年 3 月 11 日 2012 年 2 月 11 日 人民币 3.51% - 600,000,000 C 银行 2009 年 5 月 7 日 2012 年 5 月 7 日 美元 Libor+2% 90,000,000 596,043,000 D 银行 2010 年 8 月 6 日 2013 年 8 月 6 日 美元 Libor+2.15% 69,000,000 456,966,300 E 银行 2009 年 7 月 8 日 2012 年 7 月 7 日 美元 Libor+1.1% 50,000,000 331,135,000

3,441,138,300

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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五 合并财务报表主要项目附注(续)

28 长期借款(续)

(b) 长期借款到期日分析如下： 2010 年 12 月 31 日 2009 年 12 月 31 日 一到二年 3,409,994,700 1,000,000,000 二到五年 2,211,981,800 2,863,392,000 5,621,976,500 3,863,392,000 29 应付债券

面值总额 发行成本

2009 年

12 月 31 日 本年发行 本年发行

成本摊销

2010 年

12 月 31 日

于 2009 年发行 第一期中期票据 1,800,000,000 (27,000,000) 1,777,324,886 - 5,421,445 1,782,746,331第二期中期票据 400,000,000 (6,000,000) 394,886,667 - 1,204,765 396,091,432总计 2,172,211,553 - 6,626,210 2,178,837,763

经中国银行间市场交易商协会中市协注(2009)MTN16 号文《中国银行间市场交易

商协会文件接受注册通知书》批准，本公司分别于 2009 年 3 月 13 日和 4 月 9 日

发行了 1,800,000,000 元和 400,000,000 元的中期票据，该中期票据期限为 5年，采用单利法按年计息，固定年利率分别为 4.10%和 4.00%，每年付息一次。

30 预计负债 2009 年

12 月 31 日

本年增加 本年减少 2010 年

12 月 31 日

预估售后服务成本 260,044,224 183,029,815 (256,563,840) 186,510,199 31 其他非流动负债

其他非流动负债系本公司之子公司于 2007 年上海港机厂自上海世博土地储备中

心取得的对于该子公司在长兴岛迁建基地的土地补偿款。该补偿金额按土地使用

期限平均摊销。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 80 -

五 合并财务报表主要项目附注(续) 32 股本

本年增减变动 2010 年 12 月 31 日

2009 年 12 月 31 日

发行新股 送股 有限售条件股份

上市流通 小计 有限售条件股份 - 国有法人持股 220,733,084 - - - - 220,733,084

外资持股 763,963,200 - - - - 763,963,200 其中：境外法人持股 763,963,200 - - - 763,963,200 境外自然人持股 - - - - - - 984,696,284 - - - - 984,696,284 无限售条件股份 - 人民币普通股 2,547,598,300 - - - - 2,547,598,300 境外上市的外资股 858,000,000 - - - - 858,000,000

3,405,598,300 - - - - 3,405,598,300 4,390,294,584 - - - - 4,390,294,584

于 2010 年 12 月 31 日，由中交股份所持有的 220,733,084 股有限售条件国有法人股，及由香港振华工程有限公司和澳门振华海湾工程 公司合计持有的 763,963,200 股有限售条件的境外法人股目前暂未实现流通。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 81 -

五 合并财务报表主要项目附注(续) 32 股本(续)

本年增减变动 2009 年 12 月 31 日

2008 年 12 月 31 日

发行新股 送股 有限售条件股份

上市流通 小计 有限售条件股份 - 国有法人持股 437,442,000 169,794,680 50,938,404 (437,442,000) (216,708,916) 220,733,084

外资持股 587,664,000 - 176,299,200 - 176,299,200 763,963,200 其中：境外法人持股 587,664,000 - 176,299,200 - 176,299,200 763,963,200 境外自然人持股 - - - - - - 1,025,106,000 169,794,680 227,237,604 (437,442,000) (40,409,716) 984,696,284 无限售条件股份 - 人民币普通股 1,522,249,000 - 587,907,300 437,442,000 1,025,349,300 2,547,598,300 境外上市的外资股 660,000,000 - 198,000,000 - 198,000,000 858,000,000

2,182,249,000 - 785,907,300 437,442,000 1,223,349,300 3,405,598,300 3,207,355,000 169,794,680 1,013,144,904 - 1,182,939,584 4,390,294,584

根据《上海振华港口机械(集团)股份有限公司关于股权分置改革方案实施公告》，国有法人持有的有限售条件股份中的

437,442,000 股自 2009 年 3 月 30 日起上市流通。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 82 -

五 合并财务报表主要项目附注(续) 33 资本公积

2009 年

12 月 31 日 本年增加 本年减少 2010 年

12 月 31 日 股本溢价 5,397,828,267 - - 5,397,828,267其他资本公积 －可供出售金融资产公允价

值变动相关递延所得税影

响 - - (26,583,323) (26,583,323)－可供出售金融资产公允价

值变动 (1,059,308) 177,222,150 - 176,162,842－收购子公司少数股东权益 (516,046) - - (516,046)－原制度资本公积转入 129,118,869 - - 129,118,869 5,525,371,782 177,222,150 (26,583,323) 5,676,010,609 2008 年

12 月 31 日 本年增加 本年减少

2009 年

12 月 31 日 股本溢价 3,541,206,911 2,026,416,036 (169,794,680) 5,397,828,267其他资本公积 －套期工具公允价值变动 13,519,197 - (13,519,197) -－套期工具公允价值变动相

关递延所得税影响 (2,027,881) 2,027,881 - -－可供出售金融资产公允价

值变动净额 (1,059,308) - - (1,059,308)－收购子公司少数股东权益 (516,046) - - (516,046)－同一控制下企业合并的影

响 2,026,416,036 - (2,026,416,036) -－原制度资本公积转入 129,118,869 - - 129,118,869 5,706,657,778 2,028,443,917 (2,209,729,913) 5,525,371,782

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 83 -

五 合并财务报表主要项目附注(续) 34 盈余公积

2009 年

12 月 31 日 本年增加 本年减少 2010 年

12 月 31 日

法定盈余公积金 1,215,823,906 - - 1,215,823,906任意盈余公积金 292,378,668 - - 292,378,668 1,508,202,574 - - 1,508,202,574

2008 年

12 月 31 日 本年增加 本年减少 2009 年

12 月 31 日

法定盈余公积金 1,132,679,105 83,144,801 - 1,215,823,906任意盈余公积金 292,378,668 - - 292,378,668 1,425,057,773 83,144,801 - 1,508,202,574

根据《中华人民共和国公司法》、本公司章程及董事会的决议，本公司按年度净

利润的 10%提取法定盈余公积金，当法定盈余公积金累计额达到股本的 50%以上

时，可不再提取。法定盈余公积金经批准后可用于弥补亏损，或者增加股本。本

公司 2010 年度未提取法定盈余公积 (2009 年度：83,144,801 元)。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 84 -

五 合并财务报表主要项目附注(续)

35 未分配利润

2010 年度 2009 年度

金额

提取或 分配比例 金额

提取或

分配比例 年初未分配利润 4,388,376,311 4,759,635,759 加：本年归属于母公司股东的净(亏

损)/利润 (694,837,984) 839,853,345 减：提取法定盈余公积 - 10% (83,144,801) 10% 应付股票股利 - (1,013,144,904) 应付现金股利 - (114,823,088) 年末未分配利润 3,693,538,327 4,388,376,311 于 2010 年 12 月 31 日，未分配利润中包含归属于母公司的子公司盈余公积余额

72,741,317 元(2009 年 12 月 31 日：72,741,317 元)。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 85 -

五 合并财务报表主要项目附注(续) 36 少数股东权益

归属于各子公司少数股东的权益变动表

2009 年

12 月 31 日

投资收益

/(亏损) 本年增资

股利分配

2010 年

12 月 31 日 上海港机重工有限公司 111,442,970 (6,042,158) - - 105,400,812上海振华船运有限公司 156,406,057 27,266 - - 156,433,323中港集团上海港口工程装备有限

公司 40,098,156 (13,123,244) - - 26,974,912上海振华重工(集团)常州油漆有

限公司 40,709,957 2,731,653 - (7,907,865) 35,533,745上海振华重工长兴精密铸造有限

公司 1,845,857 11,986 - - 1,857,843上海振华重工(集团)张家港港机

有限公司 - (1,358,724) 502,000 - (856,724)上海振华港机重工有限公司(原

名:上海振华重工长兴配套件制

造有限公司) 659,998 25,301 - - 685,299上海振华重工钢结构有限公司 642,012 49,025 - (61,065) 629,972合计 351,805,007 (17,678,895) 502,000 (7,968,930) 326,659,182

37 营业收入和营业成本

2010 年度 2009 年度 主营业务收入 16,709,145,967 26,620,371,733其他业务收入 407,031,448 943,743,909 17,116,177,415 27,564,115,642

2010 年度 2009 年度 主营业务成本 16,228,169,874 23,678,389,071其他业务成本 370,791,471 904,530,971 16,598,961,345 24,582,920,042

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 86 -

五 合并财务报表主要项目附注(续) 37 营业收入和营业成本(续)

(a) 主营业务收入和主营业务成本

(i) 按产品分析如下：

2010 年度 2009 年度 主营业务收入 主营业务成本 主营业务收入 主营业务成本

集装箱起重机 8,576,009,665 8,496,041,195 16,886,763,797 15,484,184,171散货机件 3,690,151,188 3,834,464,868 3,111,795,222 3,043,698,576海上重型装备 2,591,343,260 2,339,329,475 3,634,494,392 2,476,626,638钢结构 1,662,991,694 1,442,401,497 2,952,405,715 2,650,543,334船舶运输及其他 188,650,160 115,932,839 34,912,607 23,336,352

16,709,145,967 16,228,169,874 26,620,371,733 23,678,389,071 (ii) 按地区分析如下：

2010 年度 2009 年度 主营业务收入 主营业务成本 主营业务收入 主营业务成本 中国大陆 5,699,644,190 6,136,027,537 3,158,970,905 3,308,011,880亚洲(除中国大陆) 4,228,363,483 3,800,038,228 8,742,255,530 8,172,250,243美洲 2,782,323,882 2,424,816,876 3,827,386,628 2,852,599,892欧洲 2,371,124,435 2,424,070,827 6,904,226,938 5,978,125,679非洲 719,833,090 546,732,027 1,264,667,288 967,503,405大洋洲 463,402,530 443,199,467 266,112,868 206,408,186中国大陆(外销)(注 1) 444,454,357 453,284,912 2,456,751,576 2,193,489,786 16,709,145,967 16,228,169,874 26,620,371,733 23,678,389,071

注 1： 地区分部报表中 2010 和 2009 年度中国大陆(外销)项下列示金额为本公司出

口外销至本公司之子公司－上海振华港口机械(香港)有限公司(原名: 上海振

华重工集团(香港)有限公司)或关联方中和物产株式会社，再由其销售至国内

客户相关项目的主营业务收入及成本。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 87 -

五 合并财务报表主要项目附注(续) 37 营业收入和营业成本(续) (b) 其他业务收入和其他业务成本

2010 年度 2009 年度 其他业务收入 其他业务成本 其他业务收入 其他业务成本

销售材料 365,365,369 356,554,045 883,874,438 889,606,424设备租赁及其他 41,666,079 14,237,426 59,869,471 14,924,547

407,031,448 370,791,471 943,743,909 904,530,971 (c) 本集团前五名客户的营业收入情况 本集团前五名客户营业收入的总额为 2,756,238,537 元(2009 年度：5,088,282,619

元)，占本集团全部营业收入的比例为 16%(2009 年度：18%)，具体情况如下：

营业收入 占本集团全部营业收入

的比例(%)

A 公司 1,148,894,133 7% B 公司 673,335,262 4% C 公司 362,524,276 2% D 公司 295,579,849 2% E 公司 275,905,017 1% 2,756,238,537 16%

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 88 -

五 合并财务报表主要项目附注(续) 38 销售费用 2010 年度 2009 年度 职工薪酬 22,898,288 24,431,529 差旅费 8,810,894 6,740,821 固定资产折旧费(附注五(11)) 5,045,352 5,460,683 运输费 3,258,170 7,493,342 办公费 1,952,016 3,130,535 广告宣传费 1,792,770 2,239,238 展览费 1,387,693 215,434 招投标费 1,315,887 3,673,132 其他 13,464,185 14,846,387 59,925,255 68,231,101

39 管理费用 2010 年度 2009 年度 技术研发费 377,406,322 935,331,717 职工薪酬 252,623,697 392,172,944 无形资产摊销(附注五(13)) 65,034,895 50,193,124 固定资产折旧费(附注五(11)) 53,756,724 14,935,825 税金 38,331,889 38,039,999 办公费 31,637,006 39,483,757 业务招待费 24,517,955 21,586,910 聘请中介机构费 4,516,394 10,190,631 差旅费 4,311,248 11,739,472 咨询费 2,954,060 791,150 会议费 2,790,090 519,957 保险费 2,783,686 5,989,740 信息化费用 1,661,361 819,601 维修费 1,179,053 - 广告费 - 1,187,386 其他 38,209,334 78,997,345 901,713,714 1,601,979,558

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 89 -

五 合并财务报表主要项目附注(续) 40 财务费用- 净额 2010 年度 2009 年度 利息支出－ 399,836,613 624,781,180 其中：银行借款、短期融资券及中期票

据利息 399,836,613 621,789,429 票据贴现利息(附注五(18)) - 2,991,751

减：利息收入 (10,246,987) (13,923,288) 汇兑损失 33,692,253 71,343,591 减：汇兑收益 (259,474,165) (103,067,340) 短期融资券及中期票据发行成本折价摊

销(附注五(19)， (29)) 21,139,087 7,508,219 其他 29,983,283 35,579,457 214,930,084 622,221,819 41 资产减值损失

2010 年度 2009 年度 坏账损失(附注五(16)) 29,480,299 15,817,016存货跌价损失(附注五(16)) 77,239,002 12,839,592合同预计损失(附注五(16)) 106,300,040 67,216,214预付钢材款预计损失 7,244,629 - 220,245,970 95,872,822

42 公允价值变动收益-净额

2010 年度 2009 年度 交易性金融资产 - 公允价值变动收益(附注五(2)) 31,556,421 16,284,096交易性金融负债-

公允价值变动损失(附注五(2)) (13,363,552) (8,531,815) 18,192,869 7,752,281

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 90 -

五 合并财务报表主要项目附注(续) 43 投资收益

2010 年度 2009 年度 成本法核算其他长期股权投资收益 18,413,174 2,541,342权益法核算的长期股权投资损失(附注五(10)(a)) (1,491,061) -处置联营企业取得的收益 - 286,106处置其他长期股权投资取得的收益 8,559,888 816,072 25,482,001 3,643,520

44 营业外收入

2010 年度 2009 年度 计入 2010 年

度非经常性损

益的金额 非流动资产处置利得 13,504,068 4,834,536 13,504,068其中：固定资产处置利得 13,504,068 4,834,536 13,504,068政府补助(a) 65,779,633 194,401,845 65,779,633 其他 9,885,689 21,337,043 9,885,689 89,169,390 220,573,424 89,169,390

(a) 政府补助明细:

2010 年度 2009 年度

财政拨款 41,527,478 83,358,937 科技补助 24,252,155 111,042,908 65,779,633 194,401,845

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 91 -

五 合并财务报表主要项目附注(续) 45 营业外支出

2010 年度 2009 年度 计入 2010 年度

非经常性损益

的金额 非流动资产处置损失 30,356,902 2,474,798 30,356,902 其中：固定资产处置损失 30,356,902 2,474,798 30,356,902 对外捐赠 370,000 13,766,247 370,000其他 41,985,704 3,093,735 41,985,704 72,712,606 19,334,780 72,712,606

46 所得税费用

2010 年度 2009 年度 当期所得税 60,505,931 130,366,832递延所得税 (195,597,922) (145,150,269) (135,091,991) (14,783,437)

2010 年度 2009 年度 利润总额 (847,608,870) 764,351,771 按适用税率 15%计算的所得税费用

(2009 年度：15%) (127,141,331) 114,652,766购买国产设备抵免所得税 - (87,475,022)技术开发费加计扣除 (26,137,641) (66,200,637)非应纳税收入 (998) (40,113)不得扣除的成本、费用和损失 4,141,640 8,083,551税率差导致的对所得税费用的影响 (3,712,182) 9,381,613固定资产折旧费用税会差异汇算清缴

未认定部分转回 (2,493,709) -汇算清缴未认定预提利息费用本年度转回 (11,601,450) -汇算清缴未认定暂估材料款本年度转回 (39,241,067) -当期未确认递延所得税资产的可抵扣亏损 14,736,009 39,357,406上年度汇算清缴调整 56,358,738 (32,543,001)所得税费用 (135,091,991) (14,783,437)

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 92 -

五 合并财务报表主要项目附注(续)

47 每股(亏损)/收益 (a) 基本每股(亏损)/收益

基本每股(亏损)/收益以归属于母公司普通股股东的合并净(亏损)/利润除以母公司发

行在外普通股的加权平均数计算：

2010 年度 2009 年度

归属于母公司普通股股东的合并净(亏损)/利润 (694,837,984) 839,853,345发行在外普通股的加权平均数 4,390,294,584 4,390,294,584基本每股(亏损)/收益 (0.16) 0.19

(b) 稀释每股(亏损)/收益

稀释每股(亏损)/收益以根据稀释性潜在普通股调整后的归属于母公司普通股股东的

合并净(亏损)/利润除以调整后的本公司发行在外普通股的加权平均数计算。于 2010年度，本公司不存在具有稀释性的潜在普通股(2009 年度：无)，因此，稀释每股(亏损)/收益等于基本每股(亏损)/收益。

48 其他综合收益 2010年度 2009年度 可供出售金融资产产生的利得金额 177,222,150 - 减：可供出售金融资产产生的所得税影响 (26,583,323) - 小计 150,638,827 - 现金流量套期产生的综合收益 - 13,519,197 减：现金流量套期产生的其他综合收益的所得税影响 - (2,027,881) 前期计入其他综合收益当期转入损益的净额 - (11,491,316) 小计 - - 150,638,827 -

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 93 -

五 合并财务报表主要项目附注(续) 49 现金流量表项目注释

(a) 收到的其他与经营活动有关的现金 2010 年度 2009 年度 政府补助及奖励收到的现金 137,595,318 105,809,324 罚没利得收入收到的现金 3,043,053 9,448,347 互助会借款净收回额 23,431,577 - 其他 6,842,635 11,888,696 170,912,583 127,146,367 (b) 支付的其他与经营活动有关的现金 2010 年度 2009 年度 销售及管理费用支出 148,111,165 204,432,436 长滩项目和解费支出 38,752,432 - 财务费用手续费 29,983,283 35,579,457 捐赠支出 370,000 13,766,247 其他 14,129,027 28,620,256 偿还母公司暂借款 - 179,903,708 支付启东道达保证金 - 52,084,777 互助会借款净支出额 - 25,205,836 员工解职费用 - 13,000,000 231,345,907 552,592,717 (c) 收到的其他与投资活动有关的现金 2010 年度 2009 年度 利息收入 10,246,987 13,923,288 (d) 支付的其他与筹资活动有关的现金 2010 年度 2009 年度 处置子公司时归还少数股东的投资 - 49,056,513

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 94 -

五 合并财务报表主要项目附注(续) 50 现金流量表补充资料

(a) 现金流量表补充资料 将净利润调节为经营活动现金流量 2010 年度 2009 年度

净(亏损)/利润 (712,516,879) 779,135,208 加：资产减值准备 220,263,970 95,872,822 固定资产折旧 1,187,976,979 1,069,527,172 无形资产摊销 65,034,895 50,193,124

处置固定资产和其他长期资产的

损失/(收益) 16,852,834 (2,359,738) 公允价值变动收益 (18,192,869) (7,752,281) 财务(收入)/费用 (115,513,265) 639,001,361 投资收益 (25,482,001) (3,643,520) 递延所得税资产增加 (174,421,131) (4,724,841) 递延所得税负债增加/(减少) 5,406,532 (142,453,309) 存货的减少 317,260,397 171,560,901 建造合同款的减少/(增加) 4,346,243,732 (3,807,907,098) 经营性应收项目的减少 1,228,946,060 3,826,310,801 经营性应付项目的减少 (1,163,938,980) (2,112,479,829) 经营活动产生的现金流量净额 5,177,920,274 550,280,773 现金净变动情况 2010 年度 2009 年度 现金的年末余额 1,206,635,024 1,861,596,053 减：现金的年初余额 (1,861,596,053) (3,653,935,185) 现金净减少额 (654,961,029) (1,792,339,132)

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 95 -

五 合并财务报表主要项目附注(续) 50 现金流量表补充资料(续) (b) 取得或处置子公司 处置子公司 2010 年度 2009 年度 处置子公司的价格 - - 处置子公司收到的现金和现金等价物 76,140 51,058,819 减：子公司持有的现金和现金等价物 (76,140) (100,115,332) 处置子公司支付的现金净额 - (49,056,513) 处置子公司的净资产 2010 年度 2009 年度 流动资产 10,327,951 100,115,332 (c) 现金及现金等价物 2010 年

12 月 31 日 2009 年

12 月 31 日 现金 1,206,635,024 1,861,596,053 其中：库存现金 310,702 1,656,110 可随时用于支付的银行存款 1,025,958,562 1,447,550,797 可随时用于支付的其他货币资金 180,365,760 412,389,146 年末现金余额 1,206,635,024 1,861,596,053

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 96 -

六 母公司财务报表主要项目附注 1 应收账款

2010 年 12 月 31 日 2009 年 12 月 31 日

应收账款 5,710,534,408 5,545,196,974减：坏账准备 (224,895,356) (187,306,734) 5,485,639,052 5,357,890,240

(a) 应收账款账龄分析如下： 2010 年 12 月 31 日 2009 年 12 月 31 日

一年以内 5,395,813,507 5,301,644,809 一到二年 168,651,517 103,919,695 二到三年 49,612,406 12,661,015 三年以上 96,456,978 126,971,455 5,710,534,408 5,545,196,974

(b) 应收账款按类别分析如下：

2010 年 12 月 31 日 2009 年 12 月 31 日 账面余额 坏账准备 账面余额 坏账准备

金额 占总额

比例 金额 计提

比例 金额 占总额

比例 金额 计提

比例

按组合计提坏账准备 信用风险组合 - 关联方 271,975,308 5% - - 195,797,518 4% - - - 第三方 5,438,559,100 95% (224,895,356) 4% 5,349,399,456 96% (187,306,734) 4% 5,710,534,408 100% (224,895,356) 4% 5,545,196,974 100% (187,306,734) 3%

(c) 于 2010 年 12 月 31 日，本公司无单项金额重大、或虽不重大但单独进行减值测试的应

账收款。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

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六 母公司财务报表主要项目附注(续) 1 应收账款(续)

(d) 按组合计提坏账准备的应收账款中，采用账龄分析法的组合分析如下：

2010 年 12 月 31 日 2009 年 12 月 31 日 账面余额 坏账准备 账面余额 坏账准备

金额 比例 金额 计提

比例

金额 比例 金额 计提

比例 一年以内 5,123,838,199 94% (53,036,720) 1% 5,105,847,291 96% (22,828,862) 0%一到二年 168,651,517 3% (50,595,455) 30% 103,919,695 2% (31,175,908) 30%二到三年 49,612,406 1% (24,806,203) 50% 12,661,015 0% (6,330,508) 50%三年以上 96,456,978 2% (96,456,978) 100% 126,971,455 2% (126,971,455) 100%

5,438,559,100 100% (224,895,356) 4% 5,349,399,456 100% (187,306,734) 3%

(e) 以前年度已全额计提坏账准备，或计提坏账准备的比例较大，但在本年度全额收回或

转回，或在本年度收回或转回比例较大的应收账款情况如下： 转回或收回

原因

确定原坏账

准备的依据

转回或收回前累积 已计提坏账准备金额

转回或收回

金额 应收账款 1 诉讼了结 账龄 33,176,174 33,176,174 应收账款 2 大力追讨 账龄 3,632,634 3,632,634 其他 大力追讨 账龄 5,164,705 5,164,705 41,973,513 41,973,513

(f) 应收关联方的应收账款分析如下：

2010 年 12 月 31 日 2009 年 12 月 31 日 与本公司

关系 金额 占应收账款总

额的比例 (%)坏账

准备

金额 占应收账款总额

的比例 (%)坏账

准备

上海振华港口机械(香

港)有限公司(原名: 上海振华重工集团

(香港)有限公司) 子公司 219,269,760 3.84% - 105,055,345 1.89% - 中交第二航务工程局

第二工程有限公司 受同一母

公司控制 30,000,000 0.52% - - - - 中交第一航务工程局

第一工程有限公司 受同一母

公司控制 16,800,000 0.29% - - - - 中交第一航务工程勘

察设计院有限公司 受同一母

公司控制 4,939,000 0.09% - 19,429,000 0.35% - 上海振华重工(集团)张

家港港机有限公司 子公司 966,548 0.02% - - - - 中交上海航道局有限

公司 受同一母

公司控制 - - - 71,313,173 1.29% - 271,975,308 4.76% - 195,797,518 3.53% -

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 98 -

六 母公司财务报表主要项目附注(续) 1 应收账款(续) (g) 于 2010 年 12 月 31 日，余额前五名的应收账款分析如下：

与本公司关系 金额 年限

占应收账款

总额比例 A 公司 第三方 1,296,648,890 一年以内 23%B 公司 第三方 257,904,240 一年以内 5%C 公司 子公司 219,269,760 一年以内 4% D 公司 第三方 174,989,619 一年以内 3%E 公司 第三方 132,454,000 一年以内 2%

2,081,266,509 37% 2 其他应收款

2010 年 12 月 31 日 2009 年 12 月 31 日

子公司往来款 5,388,921,298 5,342,354,303 员工互助会款项 90,093,188 104,707,810 员工海外服务暂借款 67,951,258 130,218,770 应收单位借款 32,320,000 32,320,000 投标保证金款项 13,718,400 10,190,000 政府补贴款项 4,966,500 42,000,000 出口退税款项 4,018,655 43,745,948 其他 14,553,138 33,852,355 5,616,542,437 5,739,389,186

减：坏账准备 - - 5,616,542,437 5,739,389,186

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 99 -

六 母公司财务报表主要项目附注(续)

2 其他应收款(续)

(a) 其他应收款账龄分析如下： 2010 年 12 月 31 日 2009 年 12 月 31 日

一年以内 5,476,099,203 5,619,927,001 一到二年 68,307,557 56,266,914 二到三年 70,820,498 61,931,783 三年以上 1,315,179 1,263,488 5,616,542,437 5,739,389,186

(b) 其他应收款按类别分析如下：

2010 年 12 月 31 日 2009 年 12 月 31 日 账面余额 坏账准备 账面余额 坏账准备 金额 占总额

比例

金额 计提

比例

金额 占总额 比例

金额 计提

比例

单项金额重大并

单独计提坏账

准备

5,532,081,125 98% - -

5,522,918,536

96% - - 单项金额虽不重

大但单独计提

坏账准备

84,461,312 2% - -

216,470,650

4% - - 5,616,542,437 100% - - 5,739,389,186 100% - -

(c) 于 2010 年 12 月 31 日，本公司未对单项金额重大并单独计提坏账准备的其他应收款

计提坏账准备。 (d) 于 2010 年 12 月 31 日，本公司未对单项金额不重大但单独计提坏账准备的其他应收

款计提坏账准备。

(e) 于 2010 年 12 月 31 日，其他应收款中无持有本公司 5%(含 5%)以上表决权股份股东

的款项。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 100 -

六 母公司财务报表主要项目附注(续)

2 其他应收款(续)

(f) 应收关联方的其他应收款账款分析如下：

2010 年 12 月 31 日 2009 年 12 月 31 日 与本集团

关系

金额 占应收账款总

额的比例 (%)坏账

准备

金额 占应收账款总

额的比例 (%)坏账

准备

南通振华重型装备制造有限

公司 子公司 2,733,294,787 48.67% - 2,152,024,876 37.50% -

上海振华船运有限公司 子公司

1,332,117,702 23.72% - 835,760,828 14.56% - 上海振华港机重工有限公司 子公司 645,458,519 11.49% - 744,811,593 12.98% - 上海港机重工有限公司 子公司 467,367,810 8.32% - 1,505,942,227 26.24% - 上海振华重工(集团)张家港

港机有限公司 子公司 143,944,098 2.56% - 40,211,983 0.70% - 上海振华长兴精密铸造有限

公司 子公司 60,998,992 1.09% - 63,602,797 1.11% - 上海振华重工钢结构有限公

司 子公司 4,907,887 0.09% - - - - 上海江天实业有限公司 子公司 831,502 0.01% - - - - 5,388,921,297 95.95% - 5,342,354,304 93.09% -

(g) 于 2010 年 12 月 31 日，余额前五名的其他应收款分析如下：

与本公司关系 金额 年限 占其他应收款总

额比例

A 公司 子公司 2,733,294,787 一年以内 49% B 公司 子公司 1,332,117,702 一年以内 24% C 公司 子公司 645,458,519 一年以内 11% D 公司 子公司 467,367,810 一年以内 8% E 公司 子公司 143,944,098 一年以内 3% 5,322,182,916 95%

3 长期股权投资

2010 年 12 月 31 日 2009 年 12 月 31 日

子公司 3,542,409,567 3,547,891,567合营公司 28,508,939 -其他长期股权投资 13,040,000 57,560,489

3,583,958,506 3,605,452,056

本公司不存在长期投资变现的重大限制。

上海振华重工(集团)股份有限公司

2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 101 -

六 母公司财务报表主要项目附注(续) 3 长期股权投资(续) (a) 子公司

本年增减变动 核算

方法 投资成本

2009 年

12 月 31 日

追加或

减少投资

宣告分派的

现金股利

其他权 益变动

2010 年

12 月 31 日

持股

比例

表决权

比例

持股比例与表决权

比例不一致的说明 减值准备本年计提

减值准备

上海振华港机重工有限公司

(原名:上海振华重工长兴配

套件制造有限公司) 成本法 4,950,000 4,950,000 - - - 4,950,000 90% 90% 不适用 - - 上海振华重工长兴精密铸造有

限公司 成本法 3,500,000 3,500,000 - - - 3,500,000 70% 70% 不适用 - - 上海振华港口机械(香港)有限

公司(原名:上海振华重工集

团(香港)有限公司) 成本法 - - - - - - 99.99% 99.99% 不适用 - - 上海振华船运有限公司 成本法 140,260,673 140,260,673 - - - 140,260,673 55% 55% 不适用 - -

上海振华重工(集团)张家港港

机有限公司(附注四(1)) 成本法 - - 4,518,000 - - 4,518,000 30.12% 30.12% 不适用 - - 南通振华重型装备制造有限公

司 成本法 1,080,000,000 1,080,000,000 - - - 1,080,000,000 100% 100% 不适用 - - 南通振华重工钢结构

加工有限公司 成本法 598,110 598,110 - - - 598,110 100% 100% 不适用 - - 江阴振华港机钢结构

制作有限公司 成本法 579,983 579,983 - - - 579,983 100% 100% 不适用 - - 上海振华长兴重工有限公司

(附注四(2)) 成本法 10,000,000 10,000,000 (10,000,000) - - - - - 不适用 - - 上海振华港机常州油漆有限公

司 成本法 36,549,300 36,549,300 - - - 36,549,300 51% 51% 不适用 - - 中交上海港口机械制造厂有限

公司 成本法 2,201,086,744 2,201,086,744 - - - 2,201,086,744 100% 100% 不适用 - - 上海江天实业有限公司 成本法 70,366,757 70,366,757 - - - 70,366,757 60% 60% 不适用 - - 3,547,891,567 (5,482,000) - - 3,542,409,567 - -

上海振华重工(集团)股份有限公司

2010 年度财务报表附注

(除特别注明外，金额单位为人民币元)

- 102 -

六 母公司财务报表主要项目附注(续) 3 长期股权投资(续) (b) 合营企业

本年增减变动 核算

方法 投资成本

2009 年

12 月 31 日

追加或

减少投资

按权益法调整

的净损益

宣告分派的

现金股利 其他权

益变动

2010 年

12 月 31 日

持股

比例

表决权

比例

持股比例与表决权

比例不一致的说明 减值准备 本年计提减

值准备

江苏龙源振华海洋

工程有限公司 权益法 30,000,000 - 30,000,000 (1,491,061) - - 28,508,939 50% 50% 不适用 - - (c) 其他长期股权投资

本年增减变动 核算

方法 投资成本

2009 年

12 月 31 日 增加投资 减少投资

重分类至可供 出售金融资产

2010 年

12 月 31 日

持股

比例

表决权

比例

持股比例与表决权

比例不一致的说明 减值准备

本年计提

减值准备 宣告分派的现

金股利

中港疏浚股份有限公司 成本法 25,520,489 25,520,489 - (25,520,489) - - - - 不适用 - - 14,005,537 江西华伍制动器

股份有限公司 成本法 19,000,000 19,000,000 400,000 - (19,400,000) - - - 不适用 - - - 南通振华宏晟重型锻压

有限公司 成本法 10,000,000 10,000,000 - - - 10,000,000 5% 5% 不适用 - - - 上海振华港机龙昌起重

设备有限公司 成本法 500,000 800,000 - - - 800,000 10% 10% 不适用 - - 48,034 上海振华港口机械 (集

团)沈阳电梯有限公司 成本法 500,000 1,500,000 - - - 1,500,000 10% 10% 不适用 - - 650,146 上海振华港机(集团)宁

波传动机械有限公司 成本法 300,000 740,000 - - - 740,000 7.40% 7.40% 不适用 - - 3,274,480 57,560,489 400,000 (25,520,489) (19,400,000) 13,040,000 - - 17,978,197

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

- 103 -

六 母公司财务报表主要项目附注(续) 4 营业收入和营业成本

2010 年度 2009 年度 主营业务收入 16,578,082,493 25,910,045,361其他业务收入 709,229,595 2,644,798,771 17,287,312,088 28,554,844,132

2010 年度 2009 年度 主营业务成本 16,455,608,976 23,479,958,523其他业务成本 674,185,375 2,602,336,509 17,129,794,351 26,082,295,032

(a) 主营业务收入和主营业务成本 (i) 按产品分析如下：

2010 年度 2009 年度 主营业务收入 主营业务成本 主营业务收入 主营业务成本

集装箱起重机 8,496,903,683 8,574,525,771 16,161,069,562 15,082,045,758散货机件 3,852,176,937 4,026,646,359 3,161,652,899 3,143,926,218 海上重型装备 2,579,203,590 2,356,519,209 3,634,727,679 2,507,695,468钢结构 1,649,798,283 1,497,917,637 2,952,595,221 2,746,291,079

16,578,082,493 16,455,608,976 25,910,045,361 23,479,958,523

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

- 104 -

六 母公司财务报表主要项目附注(续) 4 营业收入和营业成本(续) (ii) 按地区分析如下： 2010 年度 2009 年度 主营业务收入 主营业务成本 主营业务收入 主营业务成本

中国大陆 5,480,727,117 6,056,763,192 2,783,093,360 2,890,367,974 亚洲(除中国大陆) 4,228,089,730 3,848,159,611 8,659,575,408 8,224,040,815 美洲 2,782,143,287 2,466,424,648 3,827,706,211 2,924,466,389 欧洲 2,370,970,736 2,492,374,549 6,904,803,435 6,139,671,866 非洲 719,786,396 557,438,335 1,264,772,887 986,650,941 中国大陆(外销) 532,992,854 579,917,884 2,203,958,972 2,106,281,106 大洋洲 463,372,373 454,530,757 266,135,088 208,479,432 16,578,082,493 16,455,608,976 25,910,045,361 23,479,958,523

(b) 其他业务收入和其他业务成本

2010 年度 2009 年度 其他业务收入 其他业务成本 其他业务收入 其他业务成本

销售材料 682,162,237 671,718,339 2,599,315,510 2,602,335,780 设备租赁及其他 27,067,358 2,467,036 45,483,261 729

709,229,595 674,185,375 2,644,798,771 2,602,336,509 (c) 本公司前五名客户的营业收入情况 本公司前五名客户营业收入的总额为 2,756,238,537 元(2009 年度：5,088,282,619

元)，占本公司全部营业收入的比例为 16%(2009 年度：18%)，具体情况如下：

营业收入 占本公司全部营业收入的比例(%)

A 公司 1,148,894,133 7%B 公司 673,335,262 4%C 公司 362,524,276 2%D 公司 295,579,849 2%E 公司 275,905,017 1% 2,756,238,537 16%

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

- 105 -

六 母公司财务报表主要项目附注(续) 5 投资收益

2010 年度 2009 年度 成本法核算的其他长期股权投资收益 22,470,622 2,508,954权益法核算的长期股权投资损失 (1,491,061) -处置其他长期股权投资取得的收益 8,559,888 -处置子公司取得的收益 244,855 3,590,177 29,784,304 6,099,131

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

- 106 -

六 母公司财务报表主要项目附注(续) 6 现金流量表补充资料

(a) 将净利润调节为经营活动现金流量 2010 年度 2009 年度 净(亏损)/利润 (657,336,872) 831,448,007 加：资产减值准备 228,372,294 78,061,373 固定资产折旧 751,758,161 605,112,510 无形资产摊销 43,445,224 34,889,144 处置固定资产和其他长期资产

的损失/(收益) 2,767,685 (4,222,410) 公允价值变动收益 (25,740,563) (3,823,067) 财务(收入)/费用 (64,490,401) 525,149,428 投资收益 (29,784,304) (6,099,131) 递延所得税资产的增加 (174,210,509) (13,324,368) 递延所得税负债增加/(减少) 5,674,143 (106,337,134) 存货的减少 33,157,912 738,336,569 建造合同款的减少/(增加) 4,285,590,968 (4,178,621,006) 经营性应收项目的(增加)/减少 (867,704,645) 3,489,627,986 经营性应付项目的增加/(减少) 236,027,787 (4,157,189,737) 经营活动产生的现金流量净额 3,767,526,880 (2,166,991,836)

(b) 现金净变动情况 2010 年度 2009 年度 现金的年末余额 999,517,134 1,316,037,641 减：现金的年初余额 (1,316,037,641) (2,664,401,899) 现金净减少额 (316,520,507) (1,348,364,258)

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

- 107 -

七 关联方关系及其交易

(1) 母公司情况

(a) 母公司基本情况 企业类型 注册地 法人代表 业务性质 组织机构代码 中交股份 股份公司 北京市东城区安定门

外大街丙 88 号

周纪昌 港口工程承包 及相关业务

710934369

中国交通建设集团有限公司为本公司 终控股公司。

(b) 母公司注册资本及其变化

2009 年

12 月 31 日 本年增加 本年减少 2010 年

12 月 31 日

中交股份 14,825,000,000 - - 14,825,000,000

(c) 母公司对本公司的持股比例和表决权比例 2010 年 12 月 31 日 2009 年 12 月 31 日 持股比例 表决权比例 持股比例 表决权比例

中交股份 28.71% 28.71% 28.71% 28.71%

于 2010 年 12 月 31 日，中交股份和其所控股的香港振华工程有限公司及澳门振华

海湾工程公司合计持有本公司 46.12%的股份(2009 年 12 月 31 日：46.12%)。

(2) 子公司情况 子公司的基本情况及相关信息见附注四。

(3) 合营企业情况

企业 类型 注册地

法人

代表 业务性质 注册资本 持股 比例

表决权

比例 组织机构代码

合营企业 – 江苏龙源振华海洋工

程有限公司 有限责

任公司 江苏

南通 费智 海洋工程施工 300,000,000 50% 50% 555857534

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

- 108 -

七 关联方关系及其交易(续) (4) 其他关联方情况 与本集团的关系 组织机构代码

香港振华工程有限公司 受同一母公司控制

并持有本公司 17.08%的股份 不适用(注 1)

澳门振华海湾工程公司 受同一母公司控制 并持有本公司 0.33%的股份

不适用(注 1)

中和物产株式会社 受同一母公司控制 不适用(注 1) 中交上海航道局有限公司 受同一母公司控制 13222855X 中交第一公路工程局有限公司 受同一母公司控制 101700452 中交第一航务工程局有限公司 受同一母公司控制 103061068 中交第二公路工程局有限公司 受同一母公司控制 220521254 中交第二航务工程局有限公司 受同一母公司控制 177685391 中交第三航务工程局有限公司 受同一母公司控制 132660000 中交第一航务工程勘察设计院有限公司 受同一母公司控制 401360728 中交第四航务工程勘察设计院有限公司 受同一母公司控制 190519558 中交上海装备工程有限公司 受同一母公司控制 134616310 中国港湾工程有限责任公司 受同一母公司控制 710933796 中交上海航道局上海达华测绘有限公司 受同一母公司控制 13378470X 中交上海航道装备工业有限公司 受同一母公司控制 133597103 中交天津航道局有限公司 受同一母公司控制 103061113 天津中交博迈科海洋船舶重工有限公司 受同一母公司控制 666122741 中交第一公路工程局第六工程有限公司 受同一母公司控制 103620456 中交第一公路工程局第一工程有限公司 受同一母公司控制 10264769X 中交第二航务工程局第二工程有限公司 受同一母公司控制 778492034

注 1：上述公司系注册在海外或者香港和澳门的子公司。该公司不存在相应法人

代表或组织机构代码。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

- 109 -

七 关联方关系及其交易(续) (5) 关联交易 (a) 销售货物 2010 年度 2009 年度

关联方 关联交易

内容

关联交易定

价方式及决

策程序 金额

占同类交易

金额的比例 金额 占同类交易

金额的比例

中交股份 销售货物 按市场价格 43,825,750 0.26% 2,802,735 0.01% 中交第二航务工程局

有限公司 销售货物 按市场价格 30,000,000 0.18% (1,523,761) (0.01%) 中交第一航务工程局

有限公司 销售货物 按市场价格 16,145,072 0.09% (21,858,735) (0.08%) 中和物产株式会社 销售货物 按市场价格 10,708,490 0.06% 330,911,765 1.24% 中交第一公路工程局

第六工程有限公司 销售货物 按市场价格 1,764,102 0.01% (17,181,538) (0.07%) 中交第一公路工程局

第一工程有限公司 销售货物 按市场价格 1,764,102 0.01% (16,605,538) (0.06%) 中交第一航务工程勘

察设计院有限公司 销售货物 按市场价格 1,362,000 0.01% 41,282,051 0.16% 中交上海航道局有限

公司 销售货物 按市场价格 - - 220,770,973 0.83%中交第三航务工程局

有限公司 销售货物 按市场价格 - - (4,289,915) (0.02%) 中交第二公路工程局

有限公司 销售货物 按市场价格 - - (2,752,410) (0.01%) 105,569,516 0.62% 531,555,627 2.00%

(b) 以下关联方为本集团提供劳务

2010 年度 2009 年度

关联方 关联交易

内容 关联交易定价方

式及决策程序 金额

占同类交易

金额的比例 金额 占同类交易

金额的比例

天津中交博迈科海洋

船舶重工有限公司 提供劳务 按市场价格 52,509,211 0.32% - -

(c) 以下关联方为本集团建造基地及生产车间

2010 年度 2009 年度

关联方 关联交易

内容 关联交易定价方

式及决策程序 金额

占同类交易

金额的比例 金额 占同类交易

金额的比例

中交第三航务工程局

有限公司 提供劳务 按市场价格 72,339,709 4.41% 99,682,050 1.99% 中交第一航务工程局

有限公司 接受劳务 按市场价格 - - 8,528,476 0.17% 72,339,709 4.41% 108,210,526 2.16%

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

- 110 -

七 关联方关系及其交易(续) (5) 关联交易(续) (d) 资产转让 2010 年度 2009 年度

关联方

关联交易

内容

关联交易定价方式

及决策程序

金额 占同类交易

金额的比例

金额 占同类交易

金额的比例

中交上海航道局有限公司 股权转让 按市场价格 34,080,378 100% - -

(e) 关键管理人员薪酬 2010 年度 2009 年度

关键管理人员薪酬 19,901,500 19,837,700

本集团 2010 年度关键管理人员人数为 54 人(2009 年度：56 人)。 (6) 关联方应收、应付款项余额 (a) 应收关联方款项：

2010 年 12 月 31 日 2009 年 12 月 31 日

账面余额 坏账准备 账面余额 坏账准备

应收账款 中和物产株式会社 100,597,153 - 324,570,514 -

中交第二航务工程局有限

公司 30,000,000 - 1,630,000 -

中交第一公路工程局第六

工程有限公司 25,800,000 - - -

中交第一公路工程局第一

工程有限公司 20,800,000 - - -

中交第一航务工程局有限

公司 19,430,000 - - -

中交第四航务工程勘察

设计院有限公司 16,996,000 - - - 中交股份 11,882,400 - 11,882,400 -

中交第一航务工程勘察设

计院有限公司 6,301,000 - 19,429,000 -

中交第二公路工程局有限

公司 2,778,000 - -

中交第三航务工程局有限

公司 2,192,000 - 2,192,000 - 中交上海航道局有限公司 200,000 - 71,313,173 - 中国港湾工程有限公司 - - 14,854,014 - 236,976,553 - 445,871,101 -

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

- 111 -

七 关联方关系及其交易(续)

(6) 关联方应收、应付款项余额(续)

(a) 应收关联方款项(续)：

2010 年 12 月 31 日 2009 年 12 月 31 日

账面余额 坏账准备 账面余额 坏账准备

预付账款

天津中交博迈科海洋船舶

重工有限公司 52,509,211 - - -

中交上海航道装备工业有

限公司 - - 38,896,000 - 52,509,211 - 38,896,000 - (b) 应付关联方款项：

2010 年 12 月 31 日 2009 年 12 月 31 日

应付账款 中交第三航务工程局有限公司 40,868,387 34,084,648 中交第一航务工程局有限公司 8,528,476 10,884,063 中交上海航道局上海达华测绘有限公司 - 5,877,000 49,396,863 50,845,711 其他应付款 中交股份 34,092,898 16,092,898 中交上海装备工程有限公司 - 88,714 34,092,898 16,181,612 预收账款 江苏龙源振华海洋工程有限公司 50,000,000 - 中交第二航务工程局第二工程有限公司 1,860,000 - 中交上海装备工程有限公司 407,760 100,000 中交上海航道局有限公司 200,000 - 中交第一公路工程局有限公司 200,000 - 中和物产株式会社 170,113 175,391 52,837,873 275,391 应付股利 中交股份 33,472,814 34,392,513 香港振华工程有限公司 19,606,950 19,606,950 澳门振华港湾工程有限公司 373,626 373,626 53,453,390 54,373,089

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

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七 关联方关系及其交易(续)

(7) 关联方承诺

以下为本集团于资产负债表日，已签约而尚不必在资产负债表上列示的与关联方有关的

承诺事项： 接受劳务 2010 年 12 月 31 日 2009 年 12 月 31 日 天津中交博迈科海洋船舶重工有限公司 180,800,722 - 销售商品 2010 年 12 月 31 日 2009 年 12 月 31 日 中交天津航道局有限公司 232,945,347 - 中交上海航道局有限公司 223,760,684 中交股份 127,114,421 - 中交第一航务工程局有限公司 1,803,646 - 中和物产株式会社 - 10,708,490 中交第一公路工程局有限公司 - 3,528,205 585,624,098 14,236,695

八 承诺事项

(1) 资本性支出承诺事项 以下为本集团于资产负债表日，已签约而尚不必在资产负债表上列示的资本性支出承

诺： 2010 年 12 月 31 日 2009 年 12 月 31 日 房屋、建筑物及机器设备 288,922,377 725,243,270

(2) 经营租赁承诺事项 根据已签订的不可撤销的经营性租赁合同，本集团未来 低应支付租金汇总如下： 2010 年 12 月 31 日 2009 年 12 月 31 日 一年以内 17,685,659 16,635,025 一到二年 17,985,726 16,985,659 二到三年 18,286,126 17,285,726 三年以上 170,343,464 188,129,589 224,300,975 239,035,999

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

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八 承诺事项(续)

(3) 前期承诺履行情况 本集团 2010 年 12 月 31 日之资本性支出承诺及经营租赁承诺已按照之前承诺履行。

(4) 信用证承诺事项

本集团为购买进口部件委托银行开立若干信用证。截至 2010 年 12 月 31 日止，

该等信用证项下尚未付款之金额约为 1,427,052,149 元(2009 年 12 月 31 日：

1,882,125,698 元)。

九 资产负债表日后事项 重要的资产负债表日后事项说明 项目 内容 对财务状况和经营

成果的影响数 偿还应付款项(附注五(20)(b))

偿还账龄超过一年的大额应付款项 资产和负债同时减

少 29,161,780 元

中期票据注册申请获准 本公司于 2011 年 2 月 15 日经中

国银行发行市场交易商协会中市协

注(2011)MTN25 号文《接受注册

通知书》批准，获准注册金额为

38 亿元的中期票据，该中期票据期

限为 5 年。本次中期票据发行由中

国银行股份有限公司和中信银行股

份有限公司联席主承销。

改善公司财务结构

及流动性风险

十 其他事项 本集团于 2009 年度与西班牙 ADHK 公司签订了总价值为 22 亿美元的海上重型装

备销售采购合同。截至 2010 年 12 月 31 日止，本集团已投入 853,117,292 元用

于该项目的备料和生产，但尚未对于该项目确认收入和成本。目前，ADHK 公司

就该销售采购合同项下的融资进行积极的筹措安排，未来如果 ADHK 公司无法获

得所需的融资，则将可能对于其履行该销售采购合同产生重大不确定性。本集团

将对于 ADHK 公司的融资安排进行持续的关注，并评估其对于本集团财务状况的

影响。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

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十一 金融工具及其风险 本集团的经营活动会面临各种金融风险：市场风险(主要为外汇风险和利率风险)、信

用风险和流动风险。本集团整体的风险管理计划针对金融市场的不可预见性，力求减

少对本集团财务业绩的潜在不利影响。 (1) 市场风险 (a) 外汇风险 本集团的主要生产位于中国境内，但主要业务以美元及欧元进行结算。故本集团已确

认的外币资产和负债及未来的外币交易(外币资产和负债及外币交易的计价货币主要为

美元及欧元)存在外汇风险。本集团总部财务部门负责监控集团外币交易和外币资产及

负债的规模，以 大程度降低面临的外汇风险；为此，本集团以签署远期外汇合约的

方式来达到规避外汇风险的目的。于 2010 年 12 月 31 日及 2009 年 12 月 31 日，本

集团持有的尚未到期的远期外汇合约情况披露于附注五(2)。 于 2010 年 12 月 31 日及 2009 年 12 月 31 日，本集团持有的外币金融资产和外币金

融负债折算成人民币的金额列示如下： 2010 年 12 月 31 日 美元项目 欧元项目 其他外币项目 合计 外币金融资产 - 货币资金 532,029,446 103,169,513 44,386,886 679,585,845

应收账款 2,830,078,653 533,834,361 375,317,485 3,739,230,499

其他应收款 120,610,407 18,063,100 4,494,819 143,168,326 3,482,718,506 655,066,974 424,199,190 4,561,984,670 外币金融负债 -

短期借款 7,154,773,276 43,592,175 - 7,198,365,451

应付账款 634,325,358 87,996,335 - 722,321,693

一年内到期的非流动负债 231,794,500 - - 231,794,500

长期借款 4,933,911,500 88,065,000 - 5,021,976,500 12,954,804,634 219,653,510 - 13,174,458,144

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

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十一 金融工具及其风险(续) (1) 市场风险(续) (a) 外汇风险(续) 2009 年 12 月 31 日 美元项目 欧元项目 其他外币项目 合计 外币金融资产 - 货币资金 558,593,765 121,055,775 82,688,626 762,338,166

应收账款 3,650,600,873 1,449,283,974 161,001,099 5,260,885,946

其他应收款 237,121,263 38,661,923 1,410,157 277,193,343 4,446,315,901 1,609,001,672 245,099,882 6,300,417,455 外币金融负债 -

短期借款 7,710,376,050 1,317,550,937 - 9,027,926,987

应付账款 440,900,684 236,707,616 - 677,608,300

一年内到期的非流动负债 2,782,491,500 586,231,800 - 3,368,723,300

长期借款 2,765,421,000 97,971,000 - 2,863,392,000

其他应付款 778,437,239 - - 778,437,239 14,477,626,473 2,238,461,353 - 16,716,087,826 于 2010 年 12 月 31 日，对于本集团各类美元金融资产和美元金融负债，如果人民币

对美元升值或贬值 1%，其它因素保持不变，则本集团将减少或增加亏损总额约

94,720,861 元(2009 年 12 月 31 日：增长或减少利润总额 100,313,106 元)。 于 2010 年 12 月 31 日，对于本集团各类欧元金融资产和欧元金融负债，如果人民币

对欧元升值或贬值 1%，其它因素保持不变，则本集团将增加或减少亏损总额约

4,354,135 元(2009 年 12 月 31 日：增长或减少利润 6,294,597 元)。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

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十一 金融工具及其风险(续) (1) 市场风险(续) (b) 利率风险 本集团的利率风险主要产生于长期银行借款及应付债券等长期带息债务。浮动利率的

金融负债使本集团面临现金流量利率风险，固定利率的金融负债使本集团面临公允价

值利率风险。本集团根据当时的市场环境来决定固定利率及浮动利率合同的相对比

例。于 2010 年 12 月 31 日，本集团长期带息债务主要为以美元和欧元计价的浮动利

率合同，以及以人民币计价的固定利率合同。以美元和欧元计价的浮动利率合同金额

为 5,021,976,500 元(2009 年 12 月 31 日：2,863,392,000 元)，以人民币计价的固定

利率合同金额为 2,778,837,763 元(2009 年 12 月 31 日：3,172,211,553 元)。 本集团总部财务部门持续监控集团利率水平。利率上升会增加新增带息债务的成本以

及本集团尚未付清的以浮动利率计息的带息债务的利息支出，并对本集团的财务业绩

产生重大的不利影响，管理层会依据 新的市场状况通过掉期合同来降低利率风险。

于 2010 年 12 月 31 日及 2009 年 12 月 31 日本集团持有的利率掉期合同情况披露于

附注五(2)。 于 2010 年度，如果以浮动利率计算的长期带息债务利率增加或减少 1 个百分点，而

其它因素保持不变，本集团的亏损总额会增加或减少约 50,219,765 元(2009 年度：减

少或增加利润总额约 28,633,920 元)。 (2) 信用风险 本集团对信用风险按组合分类进行管理。信用风险主要产生于银行存款、应收账款、

其他应收款和应收票据等。 本集团银行存款主要存放于国有银行和其它大中型上市银行，本集团认为其不存在重

大的信用风险，不会产生因对方单位违约而导致的任何重大损失。 此外，对于应收账款、其他应收款和应收票据，本集团设定相关政策以控制信用风险

敞口。本集团基于对客户的财务状况、从第三方获取担保的可能性、信用记录及其它

因素诸如目前市场状况等评估客户的信用资质并设置相应信用期。本集团会定期对客

户信用记录进行监控，对于信用记录不良的客户，本集团会采用书面催款、缩短信用

期或取消信用期等方式，以确保本集团的整体信用风险在可控的范围内。

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

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十一 金融工具及其风险(续) (3) 流动风险 本集团内各子公司负责其自身的现金流量预测。总部财务部门在汇总各子公司现金流

量预测的基础上，在集团层面持续监控短期和长期的资金需求，以确保维持充裕的现

金储备和可供随时变现的有价证券；同时总部财务部门对于授信协议及借款协议中规

定财务及非财务指标进行持续的监控，保证本集团能够从主要金融机构获得充足的授

信额度，以满足短期和长期的资金需求。 于资产负债表日，本集团各项金融资产及金融负债以未折现的合同现金流量(包括本金

及利息)按到期日列示如下： 2010 年 12 月 31 日

一年以内 一到二年 二到五年 五年以上 合计

金融资产 - 货币资金 1,335,993,150 - - - 1,335,993,150 应收账款 5,715,050,345 - - - 5,715,050,345 应收票据 35,237,260 - - - 35,237,260 可供出售金融资产 - - 196,622,150 - 196,622,150 其他应收款 362,869,690 - - - 362,869,690 7,449,150,445 - 196,622,150 - 7,645,772,595

金融负债 - 短期借款 13,351,938,595 - - - 13,351,938,595 应付款项 1,907,554,545 - - - 1,907,554,545 应付票据 490,318,391 - - - 490,318,391 应付利息 86,928,615 - - - 86,928,615 应付股利 61,422,320 - - - 61,422,320

一年内到期的非流动负债 1,931,282,547 - - - 1,931,282,547 长期借款 195,199,936 3,478,772,683 2,251,790,985 - 5,925,763,604 应付债券 89,800,000 89,800,000 2,308,960,000 - 2,488,560,000 其他应付款 1,573,735,688 - - - 1,573,735,688 19,688,180,638 3,568,572,683 4,560,750,985 - 27,817,504,306

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

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十一 金融工具及其风险(续) (3) 流动风险(续) 2009 年 12 月 31 日

一年以内 一到二年 二到五年 五年以上 合计

金融资产 - 货币资金 1,926,802,247 - - - 1,926,802,247 应收账款 6,048,610,903 - - - 6,048,610,903 应收票据 6,574,000 - - - 6,574,000 可供出售金融资产 - - - - - 其他应收款 667,893,033 - - - 667,893,033 8,649,880,183 - - - 8,649,880,183

金融负债 - 短期借款 13,733,755,367 - - - 13,733,755,367 应付款项 2,570,025,245 - - - 2,570,025,245 应付票据 327,830,000 - - - 327,830,000 应付利息 80,872,327 - - - 80,872,327 应付股利 54,373,089 - - - 54,373,089 一年内到期的非流动负债 3,774,573,708 - - - 3,774,573,708 长期借款 106,156,097 1,050,302,699 2,881,532,179 - 4,037,990,975 应付债券 89,800,000 89,800,000 2,398,760,000 - 2,578,360,000 其他应付款 1,520,183,126 - - - 1,520,183,126 22,257,568,958 1,140,102,699 5,280,292,179 - 28,677,963,836 (4) 公允价值

(a) 不以公允价值计量的金融工具 不以公允价值计量的金融资产和负债主要包括：应收款项、短期借款、应付款项、长

期借款和应付债券。 除下述金融资产和负债以外，其他不以公允价值计量的金融资产和负债的账面价值与

公允价值相差很小。

2010 年 12 月 31 日 2009 年 12 月 31 日 账面价值 公允价值 账面价值 公允价值

金融负债 - 长期借款 5,621,976,500 5,612,473,911 3,863,392,000 3,872,806,450应付债券 2,178,837,763 2,109,603,638 2,172,211,553 2,109,526,005

7,800,814,263 7,722,077,549 6,035,603,553 5,982,332,455

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

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十一 金融工具及其风险(续)

(4) 公允价值(续)

(a) 不以公允价值计量的金融工具(续) 长期借款以及不存在活跃市场的应付债券，以合同规定的未来现金流量按照市场上具

有可比信用等级并在相同条件下提供几乎相同现金流量的利率进行折现后的现值确定

其公允价值。

(b) 以公允价值计量的金融工具 根据在公允价值计量中对计量整体具有重大意义的 低层级的输入值，公允价值层级

可分为： 第一层级：相同资产或负债在活跃市场上(未经调整)的报价。 第二层级：直接(比如取自价格)或间接(比如根据价格推算的)可观察到的、除第一层

级中的市场报价以外的资产或负债的输入值。 第三层级：以可观察到的市场数据以外的变量为基础确定的资产或负债的输入值(不

可观察输入值)。 于 2010 年 12 月 31 日，以公允价值计量的金融资产及负债按上述三个层级列示如

下： 第一层级 第二层级 第三层级 合计 金融资产 - 交易性金融资产- 远期外汇合同 - 47,840,517 - 47,840,517 可供出售金融资产- 可供出售权益工具 - 196,622,150 - 196,622,150 - 244,462,667 - 244,462,667 金融负债 交易性金融负债- 远期外汇合同 - 21,895,367 - 21,895,367

上海振华重工(集团)股份有限公司 2010 年度财务报表附注 (除特别注明外，金额单位为人民币元)

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十一 金融工具及其风险(续)

(4) 公允价值(续)

(b) 以公允价值计量的金融工具(续)

于 2009 年 12 月 31 日，以公允价值计量的金融资产及负债按上述三个层级列示如下： 第一层级 第二层级 第三层级 合计 金融资产 - 交易性金融资产- 远期外汇合同 - 16,284,096 - 16,284,096 金融负债 - 交易性金融资产- 远期外汇合同 - 8,256,663 - 8,256,663 利率掉期合同 - 275,152 - 275,152 - 8,531,815 - 8,531,815 存在活跃市场的金融工具，以活跃市场中的报价确定其公允价值。不存在活跃市场的

金融工具，采用估值技术确定其公允价值。估值技术包括参考熟悉情况并自愿交易的

各方 近进行的市场交易中使用的价格、参照实质上相同的其他金融资产的当前公允

价值、现金流量折现法等。相关估值假设包括提前还款率、预计信用损失率、利率或

折现率。

Shanghai Zhenhua Heavy Industries Co., Ltd.

（Share code: 600320 900947）

Annual Report 2010

Mar.10, 2011

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

1

Contents

I. Important Notice ..............................................................................................................2 II. Company Profile ...............................................................................................................3 III. Summary of Accounting Data and Operational Indicators ...................5 IV Equity Movement and Shareholder's Profile ..................................................8 V. Directors, Supervisors and Senior Executives ...........................................12 VI. Corporate Governance Structure .......................................................................20 VII. Brief Introduction to Shareholder’s General Meeting...........................27 VIII. Report of the Board of Directors ......................................................................28

IX Report of the Supervisory Board..............................................................49 X. Substantial Events…… ……………………………………………………………………...51 XI Financial Report……………………………………………………………………………….58

XII. Reference available ………………………………………………………………………59

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

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I. Important Notice

(I) The Company’s board of directors, supervisory board, its directors, supervisors and senior executives guarantee that the report contained no fraud record, misleading statements or big omissions and are willing to bear specific and joint liabilities to the authenticity, accuracy and completeness of its content.

(II) List of directors who failed to attend the board meeting:

Director Position Reason Entrusted Fu Junyuan Director Business trip Zhou Jichang

Liu Wensheng Director Business trip Zhou Jichang Du Zhichun Independent Director Business trip Xu Weijun

(III) PricewaterhouseCoopers Zhong Tian CPAs Co. Ltd. issued standard unqualified audit

report for the Company. (IV) The Company Responsible person and Board Chairman Mr. Zhou Jichang, Responsible

Person for Finance and President Kang Xuezeng and Finance Department Chief (Chief Financial Controller) Wang Jue hereby declare that the financial reports in this Annual Report are true and complete.

(V) Occupancy of fund for non-operational purpose by controlling shareholder and its

related parties or not? No

(VI) External guaranties violating specified decision-making procedures or not? No

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II. Company Profiles (I) Information of the Company Statutory Chinese name of the Company 上海振华重工(集团)股份有限公司 Statutory Chinese Abbreviation 振华重工

Statutory English name of the Company SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD

English Abbreviation ZPMC Corporate legal representative Zhou Jichang

(II) Contacts

Secretary of the Board of Directors

Representative of securities affairs

Name Wang Jue Li Min

Address 3470, Pudong Road South, Shanghai

3470, Pudong Road South, Shanghai

Tel. 021-50390727 021-50390727 Fax 021-58397000 021-58397000 Email IR@zpmc.com IR@zpmc.com

(III) Basic information of the Company Registered address 3470, Pudong Road South, Shanghai Post code 200125 Office address 3470, Pudong Road South, Shanghai Post code 200125 Website http://www.zpmc.com Email zpmc@public.sta.net.cn

(IV) Information disclosure and reference

Designated media for information disclosureShanghai Security News, Hong Kong Wen Wei Po

Website designated by China Security Regulatory Commission for disclosure of annual report:

http://www.sse.com.cn

Annual report available at Securities and Law Affairs Office of the Company

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(V) Stock Profiles of the Company

Stock Profiles of the Company

Stock type Stock exchange

listed at Short form of

stock Share code

Short form of stock before

change

A-share Shanghai Stock

Exchange Zhenhua Heavy

Industry 600320 ZPMC

B-share Shanghai Stock

Exchange Zhenhua B-share

900947 -

(VI) Other related information The initial registration date Feb. 14,1992 The initial registered place 3470, Pudong Road South, Shanghai

Initial alteration

Registered code for business license of corporation

310000400519752（Municipal Bureau）

Registered code of tax 310115607206953 Organizational code 60720695-3

CPAs employed PricewaterhouseCoopers Zhong Tian CPAs Co., Ltd.

Office address of CPAs employed 11F., No. 202, Hubin Road, Shanghai

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III. Summary of Accounting Data and Operational Indicators (I) Major accounting data

Unit: RMB Yuan

Item Amount Operating profit -864,065,654Total profit -847,608,870Net profit attributable to shareholders of the listed company -694,837,984Net profit after deducting non-recurring gains/losses attributable to shareholders of the listed company

-738,179,639

Net cash flow from operating activities 5,177,920,274 (II) Item and amount after deducting non-recurring gains/losses

Unit: RMB Yuan Item Amount

Gains/losses from disposal of non-current assets -16,852,834Government subsidy into current profit and loss statement (except for those related to the Company’s operation, enjoyed by certain state standard or certain quota)

65,779,633

Gains/losses from fair value movement of tradable financial assets, tradable financial liabilities held except for valid hedging business related with company’s normal operation, and investment income acquired from disposal of tradable financial assets, tradable financial liabilities and financial assets available for sale

42,967,863

Non-operating income/expense apart from above -32,470,015Income tax impact -11,896,940Minor shareholders’ equity impact（after tax） -4,186,052

Total 43,341,655

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(III) Major accounting data and financial indicators over the last three years at the end of report period

Unit: RMB Yuan 2008 Key

accounting data

2010 2009 Increase/Decrease (%) After

adjustment Before

adjustment Operating income 17,116,177,415 27,564,115,642 -37.90 27,443,405,347 27,443,405,347

Total profit -847,608,870 764,351,771 -210.89 2,849,226,059 2,824,414,980Net profit attributable to shareholders of the listed company

-694,837,984 839,853,345 -182.73 2,575,874,458 2,551,063,379

Net profit after deducting irregular gains/losses attributable to shareholders of the listed company

-738,179,639 718,444,313 -202.75 1,485,308,131 1,459,832,071

Net cash flow from operating activities

5,177,920,274 550,280,773 840.96 -4,075,527,362 -4,075,527,362

End of 2008 End of 2010 End of 2009 Up over end of

prior year (%) After adjustment

Before adjustment

Total assets 45,287,126,334 51,066,425,862 -11.32 53,360,773,352 53,582,768,850Owners’ equity (or shareholders’ equity)

15,268,046,094 15,812,245,251 -3.44 15,098,706,310 15,320,701,808

2008 Major financial indicators 2010 2009 Increase/Decrease

(%) After adjustment

Before adjustment

Basic EPS (yuan/share) -0.16 0.19 -184.21 0.59 0.58Diluted EPS (yuan/share) -0.16 0.19 -184.21 0.59 0.58 Basic EPS (yuan/share) after deducting non-recurring gains/losses

-0.17 0.16 -206.25 0.34 0.33

Weighted average earning ratio over net assets（%）

-4.48 5.43 Less 9.91 points 18.24 18.06

Weighted average net assets earning ratio after deducting non-recurring gain/loss （%）

-4.76 4.63 Less 9.39 points 10.52 10.34

Net cash flow from operating activities per share (yuan/share)

1.18 0.13 807.69 -0.93 -0.93

End of 2008 End of

2010 End of 2009 Up over end of prior year (%) After

adjustment Before

adjustment Net asset per share attributable to parent company shareholders (yuan/share)

3.48 3.60 -3.33 3.44 3.49

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(IV) Items calculated by fair value Unit: RMB Yuan

Item Name Starting balance Closing balanceCurrent

movement Impact on current

profit Financial assets 16,284,096 47,840,517 31,556,421 47,840,517Financial liabilities

8,531,815 21,895,367 13,363,552 -21,895,367

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IV Equity Movement and Shareholder's Profile

(I) Particulars about equity movement 1. Particulars about capital stock change In report period, there incurred no change in capital stock or capital stock structure. 2. Table of movement of shares with sales limitations In report period, there incurred no changes in shares with sales limitation. (II) Particulars about securities issuance and listing of the Company 1. Issues of last three years

Unit: share RMB

Share & derivation Issue Date

Issue

Price

(yuan)

Shares issued Listing Date Tradable shares

granted

RMB Common Shares 2009-3-17 17.78 169,794,680 2012-3-19 220,733,084

RMB Common Shares 2009-6-24 815,144,904 2009-6-29 587,907,300

Shares by foreign

investment listed on

domestic market

2009-6-24 198,000,000 2009-6-30 198,000,000

2. Movement of total shares and share composition In report period there incurred no change in the Company’s total shares or stock structure as caused by bonus shares or allocated shares. 3. Current internal employee shares By end of report period, there exist no internal employee shares.

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(II) Shareholders and actual controller profiles 1. Number of shareholders and shareholding profile

Unit: share Number of shareholders at period end 422,455 shareholders

Particulars about shares held by top 10 shareholders

Name of shareholders Nature of sharehold

ers

Proportion (%)

Total shares Increase/

decrease in this report

period

Shares with sales

limitation

Shares pledged

or frozen

CHINA COMMUNICATIONS CONSTRUCTION CO., LTD.

State corporate 28.71 1,260,637,947 0 220,733,084 No

ZHEN HUA ENGINEERING COMPANY LIMITED

Foreign corporate 17.08 749,677,500 0 749,677,500 No

OPPENHEIMER DEVELOPING MARKETS FUND Unknown 0.94 41,264,662 2,970,200 0 Unknown

TOYO SECURITIES ASIA LTD. A/C CLIENT Unknown 0.71 31,326,332 -6,846,870 0 Unknown

China Pacific Life Insurance Co., Ltd. - dividends - individual dividends Unknown 0.59 26,088,800 18,733,544 0 Unknown

SCBHK A/C GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION - A/C "C"

Unknown 0.49 21,430,926 4,132,364 0 Unknown

NAITO SECURITIES CO., LTD. Unknown 0.43 19,024,497 -2,524,022 0 UnknownQUANTUM PARTNERS LP Unknown 0.35 15,551,980 15,551,980 0 UnknownZHEN HWA HARBOUR CONSTRUCTION COMPANY LIMITED

Foreign corporate 0.33 14,285,700 0 14,285,700 No

Jiashi HuShen 300 Index Securities Investment Fund Unknown 0.23 10,124,228 -1,369,088 0 Unknown

Particulars about top 10 shareholders of shares without sales limitation

Name of shareholders Shares without sales limitation Type of shares

CHINA COMMUNICATIONS CONSTRUCTION CO., LTD. 1,039,904,863 RMB Common Shares

OPPENHEIMER DEVELOPING MARKETS FUND 41,264,662 Shares by foreign investment listed on domestic market

TOYO SECURITIES ASIA LTD. A/C CLIENT 31,326,332 Shares by foreign investment listed on domestic market

China Pacific Life Insurance Co., Ltd. - dividends - individual dividends 26,088,800 RMB Common Shares

SCBHK A/C GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION - A/C "C" 21,430,926 Shares by foreign investment

listed on domestic market

NAITO SECURITIES CO., LTD. 19,024,497 Shares by foreign investment listed on domestic market

QUANTUM PARTNERS LP 15,551,980 Shares by foreign investment listed on domestic market

Jiashi HuShen 300 Index Securities Investment Fund 10,124,228 RMB Common Shares

AIZAWA SECURITIES CO.,LTD. 9,553,661 Shares by foreign investment listed on domestic market

MORGAN STANLEY & CO. INTERNATIONAL PLC. 9,208,050 RMB Common Shares

Explanation on the associated relationship or consistent action

Among above top 10 shareholders, CHINA COMMUNICATIONS CONSTRUCTION CO., LTD. constitutes related party relationship with ZHEN HUA ENGINEERING COMPANY LIMITED, ZHEN HWA HARBOUR CONSTRUCTION COMPANY LIMITED, with ultimate controller being China Communications Group Corporation. The Company is not aware of whether they have associated relationship among them or belong to the consistent actionists as defined in Administrative Rules on Disclosure of Information on Stock Change of Listed Company’s Shareholders.

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Shares held by top 10 shareholders and sales limitations Unit: share

Tradable conditions Shareholders with sales limitations

shares with limitations Listing

time Listing time

Limitations

CHINA COMMUNICATIONS CONSTRUCTION CO., LTD.

220,733,084 2012-3-19 220,733,084

In 2008 the Company issued non-public shares to China Communications Corporation to acquire Shanghai Port Machinery’s 100% stake and Jiangtian Industrial’s 60% stake, China Communications Corporation as a result had 169,794,680 more shares with sales restriction, with 36-month no-listing term from closing day of the said non-public issue, starting from Mar. 17, 2009, increased to 220,733,084 shares after bonus shares were given. The Company will apply for China Communications Corporation to Shanghai Stock Exchange for the said shares to be listed on Mar. 19, 2012.

2. Controlling shareholder and actual controller profiles (1) Particulars about the corporate controlling shareholder

Unit: RMB Yuan

Name Legal representativ

e

Registered capital

Date of incorporation

Principal activities

CHINA COMMUNICATIONS CONSTRUCTION CO., LTD.

Zhou Jichang 14,825,000,000 2006 －

10－8

engaging in the general contracting of construction projects for ports, channels, highways and bridges both home and abroad, including technical and economic consultation of engineering, feasibility study, survey, construction, supervision, procurement and supply for related complete set of equipment or materials, and equipment installation; undertaking the general contracting of the construction of industrial and civil works, railway, metallurgy, petrochemical, power and water conservancy facilities, channel, mine and municipal works; import and export business; real estate development and property management, investment and management of logistics, transportation, hotel and tourist industries.

(2) Particulars about the actual corporate controller

Unit: RMB Yuan

Name Legal representative

Registered capital

Date of incorporation Principal activities

CHINA COMMUNICATIONS CONSTRUCTION GROUP CO., LTD.

Zhou Jichang 4,503,834,100 2005-12-8

engaging in the general contracting of construction projects for ports, channels, highways and bridges both home and abroad (including technical and economic consultation of engineering, feasibility study, survey, construction, supervision, procurement and supply for related complete set of equipment or materials, and equipment installation); undertaking the general contracting of the construction of industrial and civil works, railway, metallurgy, petrochemical, power and water conservancy facilities, channel, mine and municipal works; import and export business; real estate development and property management, investment and management of transportation, hotel and tourist industries.

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(3) Particulars about changes of the controlling shareholder and actual controller No change occurred concerning controller or actual controller. (4) Block Diagram Showing Property and Controlling Relationship between the Actual Controller and the Company

3. Other corporate shareholders holding over 10% of the Company’s shares As of end of report period, there existed no such shareholders.

Shanghai Zhenhua Heavy Industries Co., Ltd.

0.33%

Zhenhua Engineering Co., Ltd. Zhenhua Harbor Engineering

(Macao) Co., Ltd.

17.08%

28.71%

State-owned Assets Regulatory Commission of the State Council

China Communications Construction Group Co., Ltd.

China Communications Construction Co., Ltd.

Holding 100% Holding 100%

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V. Directors, Supervisors and Senior Executives

(I) Chang of holdings and remuneration of directors, supervisors and senior executives Unit: share

Name Title Sex Age Tenure starting from

Tenure ending on

Shares held at

the beginnin

g of year

Shares held at end of year

Reasons for chang

es

Total Paid by

the Compan

y in report

period (in RMB

10,000)(before

tax)

Paid by other

related company

or not

Zhou Jichang chairman M 61 2007-4-10 2010-4-10 0 0 0 Yes Fu Junyuan director M 50 2007-4-10 2010-4-10 0 0 0 Yes Liu Wensheng director M 51 2007-4-10 2010-4-10 0 0 0 Yes Kang Xuezeng

exe. director, president M 53 2009-12-6 2010-4-10 0 0 46.88 No

Yan Yunfu exe. director, VP M 52 2007-4-10 2010-4-10 0 0 54.46 No Liu Qizhong exe. director, VP M 47 2007-4-10 2010-4-10 0 0 57.87 No Sun Li exe. director, VP M 39 2007-4-10 2010-4-10 0 0 52.7 No

Wang Jue CFO, Secretary of the Board of Directors, director

M 47 2007-4-10 2010-4-10 0 0 49.75 No

Du Zhichun Independent Director M 57 2007-4-10 2010-4-10 0 0 3 No

Xu Weijun Independent Director M 70 2007-4-10 2010-4-10 0 0 12 No

Li Liguang Independent Director M 49 2007-4-10 2010-4-10 0 0 12 No

Mi Weijian Independent Director M 55 2007-4-10 2010-4-10 0 0 12 No

You Jiarong Independent Director M 57 2007-4-10 2010-4-10 0 0 12 No

Huang Hongyu VP M 57 2007-4-10 2010-4-10 0 0 50.62 No Tian Hong VP M 48 2007-4-10 2010-4-10 0 0 50.52 No Cao Wenfa VP M 64 2007-4-10 2010-4-10 5,200 3,900 deduc

ed 52.54 No

Cao Weizhong VP M 55 2007-4-10 2010-4-10 0 0 49.93 No Di Liang VP M 65 2007-4-10 2010-4-10 0 0 14.02 No Huang Qingfeng VP M 36 2007-4-10 2010-4-10 0 0 52.53 No Dai Wenkai VP M 44 2007-5-7 2010-4-10 0 0 58.74 No Fei Guo VP M 49 2007-5-7 2010-4-10 0 0 53.17 No Zhou Qi VP M 39 2007-5-7 2010-4-10 0 0 50.58 No Chen Gang VP M 44 2007-5-7 2010-4-10 0 0 51.42 No Liu Jianbo VP M 48 2007-5-7 2010-4-10 0 0 50.41 No Fu Dunjian Chief Supervisor M 72 2007-4-10 2010-4-10 0 0 16.43 No Bao Jinping Supervisor M 46 2007-5-9 2010-4-10 0 0 32.5 No Chen Bin Supervisor M 36 2008-9-22 2010-4-10 89,440 89,440 38.17 No Qian Rong Senior Executive F 45 2008-10-2

8 2010-4-10 34,060 34,060 38.76 No

Dong Yi Senior Executive M 31 2008-10-28 2010-4-10 0 0 32.95 No

Mo Xiaojian Senior Executive M 36 2008-10-28 2010-4-10 19,500 21,000 Added

holding 39.32 No Xing Xiaojian Senior Executive M 49 2008-10-2

8 2010-4-10 0 0 41.07 No

Zhang Jian Senior Executive M 42 2008-10-28 2010-4-10 0 0 41.23 No

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Zhang Zhenxiong Senior Executive M 59 2008-10-2

8 2010-4-10 3,250 3,250 37.22 No Wang Fengxiu Senior Executive M 52 2008-10-2

8 2010-4-10 0 0 30.93 No Shen Qiuyuan Senior Executive F 34 2009-4-1 2010-4-10 0 0 42.61 No Song Li Senior Executive M 42 2009-4-1 2010-4-10 0 0 26.39 No Shan Jianguo Senior Executive M 47 2009-4-1 2010-4-10 0 0 34.14 No Hu Jun Senior Executive M 39 2009-4-1 2010-4-10 0 0 40.05 No Yang Qin Senior Executive M 40 2009-4-1 2010-4-10 0 0 37.78 No Yuan Yunyu Senior Executive F 32 2009-4-1 2010-4-10 0 0 35.94 No Chen Yunwen Senior Executive M 46 2009-4-1 2010-4-10 39,000 39,000 45.43 No Cao Jie Senior Executive M 44 2009-4-1 2010-4-10 0 0 44.34 No Zhang Minghai Senior Executive M 49 2009-4-1 2010-4-10 20,259 20,259 47.12 No Ding Xiaodong Senior Executive M 50 2009-4-1 2010-4-10 0 0 46.16 No Hu Ankang Senior Executive F 55 2009-4-1 2010-3-31 0 0 22.5 No He Gang Senior Executive M 51 2009-4-1 2010-4-10 26,000 26,000 40.23 No Zhang Jianguo Senior Executive M 59 2009-4-1 2010-4-10 0 0 45.19 No

Yan Bing Senior Executive M 42 2009-4-1 2010-4-10 19,160 18,960 deduced 40.1 No

Zhang Huixin Senior Executive M 54 2009-4-1 2010-4-10 0 0 50.62 No Deng Zhiming Senior Executive M 62 2009-4-1 2010-4-10 15,080 15,080 29.95 No Li Ze Senior Executive M 43 2009-4-1 2010-4-10 0 0 44.93 No Zhang Jianyong Senior Executive M 55 2009-4-1 2010-4-10 0 0 40.34 No Zhang Guangdong Senior Executive M 60 2009-4-1 2010-4-10 0 0 37.73 No Lu Hanzhong Senior Executive M 36 2009-4-1 2010-4-10 0 0 42.88 No

Total / / / / / 270,949 270,949 / 1990.15 /

Note: the tenure of the Company’s 4th board of directors and the supervisory board runs from April 10, 2007 to April 10, 2010. Till report day, as the renewal of tenure not yet completed, existing directors, supervisors and senior executives continue their performance as prescribed in the Company Law. Brief resumes of the Directors, Supervisors and Senior Executives in previous 5 years: 1. Zhou Jichang, born in 1950, male, doctor student, senior engineer; was Vice President with No. 1 Highway Survey & Design Institute of Ministry of Communications, deputy general manager and vice chairman of board of directors with China Highway & Bridge Construction Co. Ltd., chairman of board of directors, president and Party Secretary with China Highway and Bridge Construction Co. Ltd.; is now chairman of the board of directors with China Communications Construction Co. Ltd., is chairman of board of directors of the Company since 2006. 2. Fu Junyuan, was born in 1961, male, doctor, senior accountant, had held the posts of Vice Section Chief and Section Chief of Audit Section of MOC, Vice General Accountant and Financial Section Chief of China Harbor Engineering Group. He is currently executive director and General Accountant of China Communications Construction Company. He has worked as Director of the Company since 2001. 3. Liu Wensheng, was born in 1960, male, Bachelor of Science, MBA, senior engineer; was assistant and deputy director with Tianjin Shipping Channel Bureau, vice chief economist and general manager of planning office with China Harbor Construction (Group) Company, is now secretary of board of directors and chief economist with China Communications Construction Co. Ltd., has been director of

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

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the Company since 2006. 4. Kang Xuezeng, born in 1958, male, master, CPC member, senior economist, senior engineer, was CCCC First Navigation Engineering Bureau Co., Ltd. First Company vice secretary of Youth League, deputy general manager, general manager, CCCC First Navigation Engineering Bureau Co., Ltd. vice bureau director, member of Party committee, Director, general manager, vice chairman of Party committee. Is president and director of company since Dec. 2009. 5. Yan Yunfu, was born in 1959, male, master of engineering management, professor-level senior engineer，was Vice Chief of Technical Department, Manager of Mechanical Design Department, Vice General Engineer of the Company. He has been the Vice President and General Engineer of the Company since 2003, acted as Director of the Company since 2004; is now simultaneously president of Land Heavy Industry Design and Research Institute. 6. Liu Qizhong, was born in 1964, male, MBA, senior economic manager, doctor; was Vice Manager, Manager of Operating Department of the Company. He has acted as Vice President of the Company since Dec., 1994, acted as Director of the Company since 1997. 7. Sun Li, was born in 1972, male, MBA, senior economic manager, doctor; was Project Supervisor of Operating Department, Vice Manager and Assistant of General Manager of the Company. He has acted as Director and Vice President of the Company since 2001. 8. Wang Jue, was born in 1964, male, MBA, CPC member, CPA and senior accountant, successively held the posts of Director of the 3rd Engineering Company, General Accountant of the 5th and 7th Engineering Company, Director of the Audit Section, Director of the Financial Section and Vice General Accountant of the 3rd Harbor Engineering Bureau of China Harbor Engineering (Group) Company. Has been the Chief Controller and Secretary of the Board of Directors of the Company since Nov.2005; has been director since 2006. 9. Du Zhichun, born in 1954, male, CPC member, professor in law, instructor of mater students, was chief of Organizational Department, director of Personnel Department, vice CPC secretary and Secretary of Disciplinary Committee, of East China University of Political Science and Law; CPC secretary and director of judicial verification research institute under Ministry of Justice; enjoys state government subsidy; now CPC secretary of East China University of Political Science and Law, part-time lawyer of Shanghai Zhongxin Zhengyi Law Firm. 10. Xu Weijun, born in 1941, CPC member, Shanghai registered consultant, expert with China International Consulting Co.; graduated in 1967 from port department of East China Irrigation College (now Hehai University); secretary of disciplinary committee of Ministry of Communications’ No. 3 Harbor Bureau; director of No. 1 Navigating Bureau of Ministry of Communications, general engineer with No. 3 Harbor Bureau. 11. Li Liguang, born in 1962, male, doctor, professor, instructor of doctorate students; associate professor and doctorate instructor with Jilin Industrial University’s Auto School Diesel Engine Department; professor with School of Machinery and Diesel Engine of Shanghai Jiaotong University; vice president with Graduate School of Tongji University; is now president with Mechanical School of Tongji University. 12. Mi Weijian, born in 1956, male, doctor, professor, doctorate instructor, CPC member; was assistant professor at Shanghai Shipping Institute, lecturer, associate professor; is now president of Logistics and Engineering School of Shanghai Marine University. 13. You Jiarong, born in 1954, male, master in economy and doctor in management, and professor at Shanghai Finance and Economy University; was director of audit department of Shanghai University of Finance and Economy; is now president of Adult Education School of Shanghai University of Finance and Economy, simultaneously director with China Audit Association, member of China Accounting Association, Shanghai Accounting Society member; director of Shanghai Internal Audit Society etc. 14. Huang Hongyu, was born in 1954, male, master’s degree in engineering administration, senior economist, worked as Vice General Engineer of the Company. He has been Vice President of the Company since 1997. 15. Cao Weizhong, was born in 1956, male, worked as Vice Manager of Installation Section, Managing General Manager of Jiangyin Base, Vice Manager of Production Department of the Company, General Manager of QC Company, Assistant to General Manager. He has been General Engineer and Vice President of the Company since 2003; has been chairman of the Trade Union since 2006.

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16. Huang Qingfeng, was born 1975, male, MBA, CPC member, used to be quality project chief, quality control department tire crane inspection office vice director, deputy manager of after-sales department, standing deputy general manager of Quality Control Company, general manager of Quality Inspection Company, assistant general manager of the Group; from Jan. 2005 on is VP of the Company 17. Dai Wenkai, born in 1967, male, doctor student, senior engineer, was deputy manager, manager of Operating Department, vice general economist of the Company; is now general economist of the Company 18. Fei Guo, born in 1962, male, master in engineering management, senior engineer, was engineer with Shanghai Port Machinery Plant; director of Electric Appliance Office 5 and vice general engineer with Shanghai Zhenhua Port Machinery Co., Ltd.; is now VP of the Company and simultaneously GM with the Electric System Business Unit. 19. Zhou Qi, born in 1972, male, CPC member, master in engineering management, senior engineer; was manager and deputy general engineer, general manager of the Electric Appliance Office of the Company; is now VP of the Company and simultaneously VP of Land Heavy Industry Design and Research Institute. 20. Chen Gang, born in 1967, male, CPC member, master in engineering, senior engineer, was manager and deputy general manager of Technological Office of the Company; is now VP of the Company and simultaneously VP of Land Heavy Industry Design and Research Institute. 21. Liu Jianbo, born in 1963, male, CPC member, master in engineering, senior engineer, was engineer at technological office of Shanghai Port Machinery Plant; assistant director in engineering with Technology Office of Shanghai Container Dock Co., Ltd., deputy general manager of ZPMC Changxing Base; is now general manager at ZPMC Changxing Base. 22. Fu Dunjian, born in 1939, male, bachelor’s degree, senior engineer, worked as Technology Department Chief, Vice General Engineer, Vice General Manager of the Company, General Engineer and now Chairman of the Supervisory Board 23. Bao Jinping, born in 1965, male, CPC member, master in engineering, senior engineer, was secretary of League General Branch with Shanghai Plastics Product No. 4 Plant; vice director and vice general manager of Electric Appliance Office of ZPMC; is now supervisor of the Company and VP and Comprehensive Office Chief of the Company and simultaneously VP of Land Heavy Industry Design and Research Institute. 24. Chen Bin, born in 1974, male, MBA, senior engineer, from Aug. 1994 on was with ZPMC, used to be chief of project quality control, deputy manager of tire crane office of quality control office, manager of quality control office, deputy general manager and general manager of quality control company, vice director of quality and safety office; is now supervisor of the Company and manager of Quality Safety Office. 25. Qian Rong, female, born in 1966, master degree, accountant, was working with Shanghai Yingfante Electronic Leisure Product Co., Ltd., Japanese Logistics Machinery Shanghai Office; was deputy manager, manager and vice chief accountant of Finance Department of the Company; is now director of Financial Office of the Company; 26. Dong Yi, make, born in 1980, CPC member, university, was project manager, chief economist, general manager assistant; general manager assistant, director assistant with market office of operation and market department; manager of administrative office; is now deputy manager of Marien Engineering Steel Structure Operating Office. 27. Mo Xiaojian, born in 1975, male, CPC member, master in engineering, engineer, was technician and League secretary with Shanghai Harbor No. 3 Bureau Installation Co., Ltd.; project chief, deputy manager with the Company, manufacturing division, deputy general manager with production planning department, general manager with key project managing department, vice director with production office, is now manager of production management section and simultaneously GM of Port Operation Tug company. 28. Xing Xiaojian, born in 1962, male, CPC member, MBA, enjoys State Council’s government allowance, professor-level senior engineer, was vice director and director with vessel construction department of Ministry of Communications No. 2 Harbor Engineering Bureau No. 3 Company, deputy manager of China Communications No. 2 Harbor Bureau No. 3 Company, manager of China Communications No. 2 Harbor Bureau No. 6 Company, vice director and disciplinary secretary with China Communications Shanghai Port Machinery Plant; deputy general manager with Shanghai Port Machinery Co., Ltd., standing deputy general manager with Shanghais Port Machinery Heavy Industry

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Co, Ltd.; is now GM of ZPMC Zhangjiagang Port Machinery Co., Ltd. 29. Zhang Jian, born in 1969, male, master, was technician, coordinator and director assistant with No. 2 workshop of Shanghai Port Machinery Manufacturing Plant, director with Shanghai Port Machinery Manufacturing Plant Changzhou Branch, deputy general manager with Shanghai Port Machinery Co., Ltd., deputy general manager with Shanghais Port Machinery Heavy Industry Co, Ltd, director with operation office of the Company; is now GM of the Company’s Machinery Operation Unit. 30. Zhang Zhenxiong, born in 1952, male, CPC member, master, professor-level senior engineer, was leader of Design Group One with Technical Office of Shanghai Port Machinery Manufacturing Plant, vice director of design office, director with technical center, chief engineer, vice director of the development office; is now manager of the Company’s Science and Technology Management Unit. 31. Wang Fengxiu, male, born in May, 1959, CPC member, MBA, was secretary, director of Party Committee, chief of Organizational and Personnel Department, vice plant director, disciplinary committee secretary, trade union chairman with Shanghai Port Machinery Manufacturing Plant; is now manager of the Company’s administrative office and simultaneously general manager with Shanghai Jiangtian Industrial Corporation. 32. Shen Qiuyuan, born in 1977, female, MBA, senior economist. Was clerk with Guangdong Development Bank Hangzhou Branch, Shanghai Zhenhua Port Machinery Co., Ltd. project chief of operational project management department, office manager, deputy general manager, general manager, vice director of Operational Office of the Company; is now GM of the Company’s Port Machinery Operation Unit. 33. Song Li, born in 1969, male, Han, accountant, was Shanghai Toy Import and Export Co., Ltd. management office financial chief, from 1993 on, was Shanghai Zhenhua Port Machinery (Group) Co., Ltd., deputy manager, manager of financial department; financial office cost accounting division general manager; is now deputy manager of financial department of the Company. 34. Shan Jianguo, born in 1964, male, university, was with Shanghai Port Machinery Manufacturing Factory, was machinery office engineer, director engineer, office manager, design company general manager, machinery office vice director, director; is now manager of appraisal office of the Company. 35. Hu Jun, born in 1972, male, master, senior engineer, was technician of electrics office, engineer, vice general engineer, electric office testing section general manager, electrics office vice director; is now VP of Land Heavy Industry Design and Research Institute and simultaneously director of Electric Comprehensive Supporting Division. 36. Yang Qin, born in 1973, male, university, senior engineer, used to be with Hunan Changsha Water and Power No.8 Bureau, Shanghai Huifeng Engineering Equipment Co., Ltd.; joined the Company in 1997, was the Company’s machinery office No. 2 Design Company deputy general manager, technical development office vice director; is now the Company’s; is now VP of the Company’s Marine Heavy Industry Research Institute and simultaneously director of Marine Industry Machinery Design Institute. 37. Yuan Yunyu, born in 1979, female, university diploma, economist; was administrative assistant with Fuji Xerox (China); joined the Company in 2002, was operational office project section project manager, director economist, operational office after-sales section deputy general manager; the Company’s Off-shore Office vice director; is now manager of the Company’s Offshore Management Unit and simultaneously director of the 4th Department. 38. Chen Yunwen, born in 1965, male, CPC member, university, senior engineer, was Shanghai Ship Factory Electric Workshop Manufacturing Section manager; is vice director of Shipping Office since joining the Company in 1993; is now deputy manager of the Company’s Marine Engineering Project Management Division. 39. Cao Jie, born in 1967, male, Han nationality, non-party member, with university diploma, senior engineer, used to be technician with Shandong Weihai Ship Factory, engineer with Shandong Zibo Gas Co., Ltd., engineer with Shanghai Tuolan Science and Technology Co., Ltd.; from 2002 on, has been with shipping affairs of the Company, has been engineer, senior engineer, vessel building section manager, marine engineering No. 1 department general manager; the Company’s shipping affairs office vice director; is now deputy manager of the Company’s Marine Engineering Project Management Division. 40. Zhang Minghai, born in 1962, male, MBA., used to be Shanghai Port Machinery Manufacturing Factory Technology Department engineer; worked at the Company’s machinery office from1992 on, used to be machinery office deputy manager, senior engineer, vice chief engineer, senior engineer, Shore Bridge No. 1 Company general manager, senior engineer; land heavy machinery company’s

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

17

general manager, senior engineer, is now VP of the Company’s Land Heavy Industry Design and Research Institute and simultaneously director of Gantry Crane Design and Research Institute. 41. Ding Xiaodong, born in 1961, male, college diploma, senior engineer, used to be Shanghai Urban Construction Factory engineer; from 1992 on was project manager of quality inspection division of the Company, Jiangyin base quality inspection office manager, deputy general manager, Changxing base standing deputy general manager, production office vice director; Steel Structure branch company’s general manager; is GM of the Company’s Steel Structure Business Unit at report period end. 42. He Gang, born in 1960, male, master in engineering management, used to be worker with Shanghai Gangbo Shipyard, Shanghai Port Shipyard worker, majoring at Shanghai Port Shipyard; from 1993 on was with the Company, used to be machinery designer at technical office, director engineer, office manager, vice chief engineer; the Company’s field bridge company’s general manager. is now VP of the Company’s Land Heavy Industry Design and Research Institute and simultaneously director of Institute Office, director of Yard Crane Design and Research Institute. 43. Zhang Jianguo, born in 1952, male, CPC member, master in engineering management, senior engineer, used to be technician and engineer with Shanghai Railway Branch Bureau, from 1993 on, used to be technician, engineer, vice chief engineer with the Company; the Company’s Bulk company’s general manager; is now VP of the Company’s Land Heavy Industry Design and Research Institute and simultaneously director of Bulk Machinery Design and Research Institute. 44. Yan Bing, born in 1969, male, university, was Shanghai 4306 Factory assistant engineer, Shanghai Zhenhua Port Machinery (Group) Co., Ltd. Machinery Office Shore Bridge No. 1 Company’s general manager; the floating crane company’s general manager; is now VP of the Company’s Marine Heavy Industry Research Institute and simultaneously director of Floating Crane Design and Research Institute. 45. Zhang Huixin, born in 1957, male, high school diploma, senior technician, from 1992 on was worker at the manufacturing division of the Company, Jiangyin base installation company’s manager, manager, Jiangyi base general controller, deputy general manager; is now the Company’s Jiangyin branch general manager. 46. Deng Zhiming, born in 1949, male, CPC member, professional school diploma, engineer; was Jiangxi Electric Chemical Factory workshop director, Wuxian County Petroleum Machinery Factory workshop vice director, Shanghai Zhenhua Port Machinery Co., Ltd. Suzhou base deputy general manager, Zhangjiang base standing deputy general manager, Changzhou base standing deputy general manager, Changxing base standing deputy general manager; Changxing Industrial Park base general manager; is now senior technical advisor with the Company’s Changxing Industrial Park. 47. Li ze, born in 1968, male, CPC member, engineering master, senior engineer, used to be technician with Shanghai Bao Steel Metallurgy Construction Company, workshop director, vice chief engineer etc.; from 2001 on, used to be Shanghai Zhenhua Port Machinery Co., Ltd. quality inspection company’s project chief, director engineer, deputy general manager, Changxing base deputy general manager, acting general manager; is now GM of Nantong Branch and simultaneously GM of Nantong Heavy Equipment Company and GM of Nantong Zhenhua Longyuan Company. 48. Zhang Jianyong, born in 1956, male, CPC member, college diploma, engineer; used to work with Shanghai Harbor Mark Factory, Shanghai Nanbei Machinery Electric Engineering Co., Ltd.; from 1994 on, use the Company’s Pudong Co., Ltd.’ deputy general manager, general manager; Nantong Zhenhua Heavy Gear Box Factory general manager; is now GM of Nantong Heavy Gear Branch. 49. Zhang Guangdong, born in 1951, male, CPC member, college diploma, engineer; was planner, craftsman, workshop vice director with Shanghai Xinjian Machinery Factory; from 1993 on, was the Company’s Port Machinery division director engineer, Jiangyin Manufacturing division manager, Changzhou base general controller, standing deputy general manager, Changxing base general manager, planning office manager, general controller; is now Changzhou branch general manager. 50. Lu Hanzhong, born in 1975, male, CPC member, master, senior engineer; was Shanghai Sanhang Installation Engineering Company’s technician, Shanghai Zhenhua Port Machinery (Group) Co., Ltd. work craft office technician, deputy manager, Changxing base vice chief engineer, deputy general manager and chief engineer; is now Changxing branch general manager. 51. Cao Wenfa, was born in 4, 1947, male, MBA, senior engineer, successively worked as Vice Manager of Vessel Department, General Manager of Port Operating Vessel Company, Vice General Engineer of the Company. He has acted as Vice President of the Company since 2003. 52. Di Liang, was born in 1946, male, bachelor’s degree, senior engineer, worked as Vice Manager,

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Manager of Electric Section of the Company. He has been General Engineer and Vice President of the Company since 1997; is now retired. 53. Tian Hong, was born in 1963, male, MBA, senior engineer, worked as technician of mechanical design of Shanghai Port Machinery Factory, Vice Manager of Technology Section of ZPMC, Vice General Engineer, and General Manager of Innovation Development Section. He has been Vice President of the Company since Mar.2004; is now resigned. 54. Hu Ankang, born in 1956, female, CPC member, doctorate degree, used to work with Sichuan Physics Research Institute, was technician, assistant engineer, senior engineer, civil vessel body office director, vice chief engineer and Vessel Development and Research Institute, director of Development Institute, research fellow with Hudong Shipyard Ship-building Research Institute; Shanghai Hudong – Zhonghua Ship-building (Group) Co., Ltd. chief engineer, deputy general manager; director of China Vessel Industry Group Corporation No. 708 Institute; used to be president of the Company’s Marine Engineering Research Institute; is now resigned. (II) Particulars about office-holding with shareholding companies

Name Name of shareholding companies

Title Tenure Paid or not

Zhou Jichang

CHINA COMMUNICATIONS CONSTRUCTION CO., LTD.

Chairman 2009－12－29 Yes

Fu Junyuan

CHINA COMMUNICATIONS CONSTRUCTION CO., LTD.

Executive Director, CFO

2009－12－29 Yes

Liu Wensheng

CHINA COMMUNICATIONS CONSTRUCTION CO., LTD.

Secretary with the Board, Economist General

2009－12－29 Yes

(III). Remuneration of Directors, Supervisors and senior executives Decision-making procedures for remuneration of Directors, Supervisors and senior executives

In accordance with the Articles of Association, the remuneration of Directors and Supervisors are subject to the approval of Annual Shareholder’s General Meeting and the remuneration of the management are assessed and approved by the President.

Calculation basis for remuneration of Directors, Supervisors and senior executives

Basic salary plus performance bonus, combined with assessment utilizing quantizing index of production and operation.

Total pay received by all directors, supervisors and senior executives

Chairman Zhou Jichang, Director Fu Junyuan, Director Liu Wensheng are not paid by the Company, whereas all other director, supervisor and senior executives are paid by the Company.

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(IV) Particulars about directors’ change

Name Former position The Change Reason

Hu Ankang President of Marine

Engineering Research Institute

Leaving post resigned

Tian Hong Vice president Leaving post resigned Di Liang Vice president Leaving post retired

(V) Particulars about employee condition of the Company Total headcount in employment 4,782Particulars about staff condition of the Company

0

In specialties Classification Number

Engineering and technical staff 2,807Operation and administrative staff 600Production management staff 1,300Financial staff 75

In educational level Educational Level Number

Vocational or high school 662Junior full time college 1,923Bachelor 1,830Master 360Doctor 7

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VI. Corporate Governance Structure (I) Particulars about corporate governance of the Company 1. Perfection of corporate governance structure During the report period, the Company has focused on standardizing routine operation, enforcing information disclosure and the establishment and development of the legal representative management system according to the Company Law, Securities Law, Rules for Listed Securities, Article of Associations and other regulations promulgated by CSRC. The actual management status primarily complies with Regulation Codes of Listing Company as follows: ① Shareholders and the Shareholder’ Meeting: The Company treats all shareholders equally, protects the legal benefit for the shareholders, and ensures the sufficient enforcement of their rights. The company established standing orders of shareholders’ meeting. The company convenes the shareholders’ meeting strictly according to the standing orders of shareholders’ meeting. The number of shareholders attended and shares represented conform to the regulation of Company Law and Article of Association. ② Ultimate shareholders and listing: Ultimate shareholder acts in a normal way and strictly respects all rights of the Board of Directors and Shareholder’s General Meeting .It doesn’t perform any illegal or executive function which goes beyond the authorizations granted by the Board of Directors and Shareholder’s General Meeting or intervenes with the significant decision made by the Company and its lawful operations. The Board of Directors, the Supervisory Board and internal institutions can operate independently. In this reporting period, the Company established Related Party Transaction Regulation to ensure the validity of the decision procedure of related party transactions. ③ The Directors and the Board of Directors: The Board of Directors acts independently. The Company has established Standing Orders of the Board of Directors and Regulations on Performance of Independent Director. Every director is able to present the meetings of the Board of Directors and Shareholders’ General Meeting in a critical and responsible manner, and performs obligations and responsibilities as a director. Independent directors fully and independently perform their duties and concern the legal welfare of minority shareholders. ④ Supervisors and the Supervisory Board: The number of the supervisors and member comply with laws and regulations; the Supervisors are able to perform their duties according to Standing Orders of the Supervisory Board. Being responsible to shareholders, the supervisors are able to perform their responsibility with due diligence and supervise the finance, performance of the Directors, managers and other senior executives to ensure the compliance with the laws. ⑤ Performance and incentive system: The Company is positively working on the institution of a fair and open incentive system for the evaluation and motivation of directors, supervisors and managers. Employment of management staff is fair and open according to laws and regulations.

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⑥ Other stakeholders: The Company fully respects and protects the rights and interests of banks, creditors, employees, customers and other relative beneficial parties, positively cooperates and effectively communicates with these parties to promote continual and healthy development of the Company. ⑦ Information disclosure and openness: The Company is able to duly perform its obligation on information disclosure according to related regulations. During the report period, the Company attached much importance to the management of investor relationship and established a system which helps investors to keep abreast of the Company, and periodically invites investors to visit and investigate the production bases of the Company. As a result, the Company has built up a smooth communication channel between investors and the Company to improve the management, corporate governance structure of the Company and its core competitiveness. 2. Corporate governance activities In report period, the Company tightened its management as a basis for conducting a series of institutional reforms, as a result having completed the entire internal control mechanism and system construction, perfected internal control performance, improved management level. It established the Responsibility Investigation Rules for Significant Errors in Annual Information Disclosure, Managerial Rules for External Information User, Managerial Rules for Inside Information Informant, which enhanced authenticity, accuracy, completeness and timeliness of information disclosure, further strengthened the secret-keeping of inside information of the Company and maintained the principles of openness, fairness and justness in information disclosure. In December of 2010 when China celebrated its 20th anniversary of the establishment of capital market and the 20th anniversary of the set up of Shanghai Stock Exchange, the Company won nomination for “2010 Listed Company Information Disclosure Award” in the “2010 Listed Company Special Governance Campaign Selection” sponsored by Shanghai Stock Exchange, suggesting that the Company has won recognition by the regulating authorities and the public for its governance and information disclosure. Corporate governance is a long-lasting activity. The Company will continuously follow requirements of Company Law, Securities Law and other laws and regulations to further raise the level of standard operation, strengthen governance work and ensure the healthy and stable development of the Company.

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(II) Duty Performance of Directors 1. Attendance of Directors at meetings of the Board of Directors

Name Independent Director or

not

Expected attendances

Actual attendances

Number of attendances by correspondence

Entrusted attendances Absences

Two absences

in succession

or not Zhou

Jichang No 7 4 3 0 0 No

Fu Junyuan No 7 1 3 3 0 Yes

Liu Wensheng No 7 1 3 3 0 Yes

Kang Xuezeng No 7 4 3 0 0 No

Liu Qizhong No 7 4 3 0 0 No

Yan Yunfu No 7 4 3 0 0 No Sun Li No 7 4 3 0 0 No

Wang Jue No 7 4 3 0 0 No Du

Zhichun Yes 7 3 3 1 0 No

Xu Weijun Yes 7 4 3 0 0 No Li Liguang Yes 7 4 3 0 0 No Mi Weijian Yes 7 3 3 1 0 No

You Jiarong Yes 7 4 3 0 0 No

Directors Fu Junyuan and Liu Wensheng failed to attend two meetings in a row in person due to business trips, having entrusted Zhou Jichang Chairman to be present and votes

Number of board meetings in report year 7 Including: number of field meeting 4 Number of meeting by correspondence 3

2. Dissent expressed by Independent Directors on related issues of the Company During the report period, Independent Directors of the Company did not express dissent on resolutions approved by the Board of Directors and any other issues.

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3. Construction of Independent directors Work Procedures, highlights and fulfillment of Independent directors Following CSRC Guides to Establishing Independent Director System at Listed Company, the Company established Independent Director Work System, independent directors accounting for over 1/3 in the board of directors, which has positive effects. Special committees including Strategic Committee, Auditing Committee, Remuneration and Appraisal Committee, Nominating Committee etc. under the leadership of the board of directors, and related detailed implementation rules have been established. Five independent directors Mr. Xu Weijun, Mr. Du Zhichun, Mr. Mi Weijian, Mr. Li Liguang and Mr. You Jiarong strictly followed related laws and regulations and articles of association, performed their duties faithfully and diligently. In order to make appropriate and correct decisions, they made full understanding of events to be proposed to the board of directors. They attended board meetings in a serious way, cared about company development, took active part in all kinds of promotional activities the Company organized, independently fulfilled their duties, took part in company decision-making on the basis of previous understanding, made independent objective judgment over proposed events, expressed clear opinions and maintained the entire benefit of the Company’s shareholders. The Company has established the Independent Director Work System, the Independent Director Annual Report Work System and attached great importance to the strengthening of annual work report and communication systems. Independent directors actively communicated with the annual auditors and CPA’s in the preparation and disclosure of the 2010 annual report, having fulfilled their duty as independent directors faithfully and diligently. (III) Independences of the Company from its Ultimate Shareholder in Respects of Business Operation, Personnel, Assets, Organization and Finance

Operation

The operation of the Company is separated from the ultimate shareholder. The Company operates independently with an integral system. Shareholders from related parties stay away from voting on related party transaction to ensure the validity of the decision procedure of related party transaction.

Personnel

Labor, personnel and remuneration management is independently operated. General Managers, Vice General Managers, Secretary of the Board of Directors, Finance Controller and other senor executives receive remuneration from the Company without receiving any remuneration or hold any post in main shareholders company.

Assets The Company has independent production system, auxiliary production system and pertinent machinery. Intangible asset including industrial know-how, trade mark, and non-patent technique belongs to the Company.

Organization

The Company set up an overall management organization. Internal departments such as the Board of Directors, the Supervisory Board, General Manager, technical department, sales department and production department operate independently and are not subject to functional departments of the ultimate shareholder. Considering the actual daily operational status of the Company, the ultimate shareholder doesn’t interfere with the operation or production of the Company as its controlling shareholder, while the Company operates well independently.

Finance The Company holds independent finance department with the establishment of an independent accounting and settlement system as well as a financial management system and individual bank accounts.

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24

(IV) Internal control system construction General scheme of internal control construction

In 2010 the Company further perfected internal control system construction, continuously established and perfected internal controls, strengthened internal control management, and ensured the systems be implemented.

Working planning and implementation of internal control system’s establishment and perfection

The Company has established complete and healthy internal control systems in all significant aspects, which have been effectively followed. These internal control systems are able to ensure reasonable guaranty for the preparation of authentic and fair financial statements, for a healthy operation of all operational activities and the implementation of state laws and internal regulations. In the meantime, they could effectively control operational risks. The existing internal control rules of the Company comply with requirements of national laws, securities regulations. They can basically satisfy the demand of company management and development. With completion of state laws and regulations and the demand for sustainable development of the Company, internal control systems of the Company will further be completed and perfected.

Setting of supervising departments of internal control

The Company houses Supervision Division and Audit Division to conduct regular check-up and supervision over internal control, timely finds out and then corrects errors in implementation, ensures effective implementation of internal control systems, strengthens internal supervision and auditing competence, continuously improves internal control. The supervision divisions make irregular report to the board on internal control inspection.

Execution of internal supervision and self-evaluation

The Company has established rather complete corporate governance structure, which ensures the legality, standardization, authenticity and effectiveness of significant decision-makings and transactions, make various rules fit the Company’s demand for development and requirement of modern management. Various internal control systems have been implemented smoothly and strictly in all links of the Company’s operation, and the overall target of internal control has been reached, which can fairly ensure the authenticity, legality, completeness of the Company’s accounting data, ensure the safety and completeness of the Company’s properties and assets, be able to report and disclose information authentically, accurately, completely and timely in compliance with the content and format of laws, regulations and articles of association, to ensure treating all investors openly, fairly and justly, ensure the protection of the benefits of the Company and its investors.

Arrangement of the board on internal control

In respective of the Company’s business features and demand for management, the Company has set up various management systems including financial management, operational management, production management, material purchase, personnel management etc. As a result, fairly complete and healthy internal control system has been formed. It has continuously strengthened budget management and internal audit and supervision, to supervise the implementation of various systems and report on irregular basis to the board of directors.

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25

Perfection of internal control concerning financial accounting

The Company has established standard, complete accounting systems, financial management systems and financial internal control systems and related operating rules applicable to the operational features of the Company based on requirements of laws and regulations including Company Law, Securities Law, Accounting Law, Enterprise Finance General Norms, Enterprise Accounting Norms etc. The financial staff of the Company owns professional quality and accepts regular professional training opportunities. Accounting posts are set individually with mutual control principle. The Company takes effective measures to ensure the Company and its controlled subsidiaries accurately and timely conduct financial management and accounting and preparation of financial report. As a result, a system of financial accounting management and evaluation indicators with product post-tender budget management as control mechanism has been formed. Evaluation moves from post-event evaluation to mid-event control assessment. Capital management focuses on unified management of the Company and its subsidiaries on the basis of cash flow safely margin, to raise the efficiency in capital use.

Flaws of internal control and corrections or improvement

The management values greatly the continuous renewal and perfection of the Company’s internal control systems, timely adjusts problems found in regular check up over implementation of internal control systems. After internal evaluation of internal control, the company believes the internal control system operates normally and potential risks have been reasonably controlled, prompted the realization of various targets in operation and production and finance. No significant errors have been found in the internal control design or the implementation. In future, the Company will further perfect the internal control inspection mechanism. Once a flaw is spotted, the Company will take measures for correction or improvement. The Company will continue to improve internal control evaluation methods and working mechanism, make full play of the effectiveness of internal control working mechanism, maintain continuous, dynamic and long-lasting operation and improvement of internal control systematic construction, thus to lay good foundation for healthy development of the Company.

(V) Evaluation and motivation of senior executives: The Company appointed and removed Directors, Supervisors and senior executives in accordance with Company Law and Article of Associations. It has preliminarily established a practical system for cultivation, selection, supervision, evaluation, rewards and disciplinary sanctions, and control of senior executives, and promulgated relevant management method of senior executives. Focusing on both political integrity and professional competence, the Company evaluates, appoints and removes senior executives based on actual requirements of its operation and development and the senior executives shall take a lower as well as a higher post. The Company will continuously improve the existing performance assessment and remuneration system and carry out the middle and long range incentive system based on diligence and performance among all the senior executives and core technicians in order to motivate senior executives to create new accomplishments and ensure maximum benefit and standard operation of the Company.

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26

(VI) Whether the Company discloses report on internal control self-evaluation and social obligations fulfillment: No. (VII) Establishing of responsibility investigation system for significant information errors in annual report

In order to increase the corporate governance level, increment the authenticity, accuracy, integrity and punctuality of information disclosure, and improve the quality and transparency of annual report disclosure, according to requirements of CSRC and Shanghai Stock Exchange, considering reality of the Company, the 28th meeting of the 4th board approved on Mar. 18, 2010 the Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report Information Disclosure Significant Error Responsibility Investigation System.

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27

VII. Brief Introduction to Shareholder’s General Meeting

(I) Particulars about Annual Shareholder’s General Meeting

Meeting Date Info Disclosure Media Disclosure Date 2009 Annual Shareholder’s General Meeting

2010-6-28 Shanghai Security News, Hong Kong Wen Wei Po

2010-6-29

The Company convened 2008 Annual Shareholder’s General Meeting, which reviewed and passed the following motions: I. 2009 Board of Directors’ Work Report; II. 2009 Work Report of the Supervisory Board; III. 2009 Independent Directors’ Work Report; IV. 2009 Work Report of the President; V. 2009 Annual Report and Abstract; VI. 2009 Financial Accounts Report; VII. 2009 Profit Distribution Preparatory Plan; VIII. Bill on Company English Name Change; IX. Bill on Enlargement of the Company’s Business Coverage; X. Bill on Amendment to Articles of Association; XI. Bill on Issuing Medium-term Notes; XII. Bill on Continuing to Employ Domestic CPAs in 2010; XIII. Bill on Adding Bank Composite Line of Credit for 2010; XIV. Bill on Signing of Frame Agreement on Routine Transactions with CHINA

COMMUNICATIONS CONSTRUCTION CO., LTD.

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28

VIII. Report of the Board of Directors

(I). Discussion and analysis by the management of the Company

1. Retrospect of the operational status of the Company during the report period

(1) General operations of the Company 2010 turned out to be the most serious year for the Company with risks coming out at the same time, sudden addition of pressure. It’s the most crucial year for the development of the Company. Externally, extending impact of international financial crisis caused a weak market demand, a big drop of orders for traditional port machinery, decrease of revenue and insufficiency of productivity. Internally, basic management needs strengthening. Cost covers a bigger ratio in fixed expenses. Meanwhile, the Company faces fixed risks of stocked steel price higher than market price and appreciation of RMB. Under the impact of all the internal and external factors, both objective and subjective, the management of the Company strictly followed resolutions of the shareholder’s general meeting and board’s meetings to implement the annual strategic development and operational targets. Based on decisions of the board, the management reacted quickly to lead its employees to confront difficulties in an attempt to minimize losses and as a result turned the development tendency for the better and gained not bad results: in the year 2010, the Company completed an operating revenue of 17.1 billion yuan, export product accounting for 65.89%, domestic sales accounting fro 34.11%, net profit -700 million yuan, net profit attributable to parent company’s shareholders -690 million yuan. (2) Major operations and the operation status The Company is engaged in the design, building, installation and contracting of large-scale port loading/unloading systems and equipment, marine heavy equipment, engineering machinery, engineering vessels and heavy-duty metal structures and parts and accessorial parts; repair of vessels; leasing of self-manufactured cranes; sales of self-manufactured products; the Company’s specialized fully-erected crane-carrying vessels can undertake international marine transportation business; specialized contracts for metal structures engineering project. Overall analysis: in 2010 the Company got a deeper impact by the financial crisis. At 2009 year end, not sufficient orders were obtained. Traditional port machinery market shrank. Overseas market remained weak. In addition to price rise for raw materials, the Company, as an export-oriented one, faced more difficulties than mere domestic-oriented companies. Under the leadership of the board, the Company conducted a “Second Business Venturing” focusing on “stressing on market, adjusting structure, laying good foundation, raising quality level”, With the endless efforts of the whole company, it successfully survived the year 2010. Despite of a slump in performance in 2010, the Company “braved difficulties, confronted challenges, and dared to surpass” in the Zhenhua spirit in the worst situation and the Company was further distillated. The company "ZPMC" brand influence in the traditional areas of port machinery has been further consolidated, in emerging markets, it has been further recognized. The whole company is full aggressive, optimistic, with selfless work state of further experience, the basic management throughout the year to further consolidate the achieved progress. Operating work: expanding diversified operation, actively engaging in transition; the company’s "ZPMC" brand influence in the traditional areas of port machinery has been further consolidated, has been further recognized in emerging markets throughout the year. The amount of $ 3,046,000,000 of new contracts has been gained. In the past year, the company uses "Business is the Leader" as the guiding ideology; fosters the "full operation" concept, encouraging the existing inventory of assets, undertakes self-operating items, expands business channels and changes management methods to achieve the market share while maintaining the traditional contrarian opening up of new markets, such as: in January the company in Tangshan city Caofeidian Industrial Zone Management Committee signed Caofeidian Automation Container Dock Framework Agreement, representing advanced development trend of the port handling machinery, container terminal for low-carbon

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

29

economy handling system, opened up new avenues of development; in February, with the United States Port Group, signed a sales contract of 8 Quaysides; signed with the Yingkou Port 4 quayside gantry cranes and 8 quayside gantry cranes equipment sales contracts; in March with Hyundai Development Corporation signed 8 quay cranes and 38 tire cranes sales contract; signed with Vietnam TCIT for 6 sets of quayside cranes and 20 tire cranes sales contracts; in June, with Abu Dhabi National Oil Construction Company (NPCC), signed a 3800 tons pipe laying and lifting vessels sales contract; and with China Communications Tianjin Dredging Co., Ltd. signed a 11000m3 trailing suction dredger sales contracts; in August, the Company won the bid Taizhongyin rail platform no-pillar canopy engineering, entered the rail market; in November, the Company and F&G entered into contract for offshore oil engineering equipment design, development and manufacturing agreement, which enhanced the international competitiveness in marine engineering area; with China Communications Shanghai Dredging signed a sales contract for 10000m3 self-propelled trailing suction hopper dredgers. Production management: utilizing collective wisdom across the company, multi-strategies, management of a portfolio play, engaging in full implementation of "benefit management year" activities, further reinforced the company's basic management, but also tempered the fighting ability of personnel to ensure the delivery of major items in a stable and smooth way, such as: British Wind Power Steel Pipe Pile project ended successfully; Australia Steel Structure Item successfully delivered; the shallow water pipe-lay vessel for Luxembourg MCS company is the first pipe-laying vessel a local enterprises successfully delivered to an international customers; Taizhongyin rail canopy item successfully completed according to plan; deliver successfully a pipe laying and lifting vessel of 3,000 tons to a Singapore user; an 8,000 ton floating crane for Samsung Heavy Industries successfully completed and delivered; the world's largest tonnage of gantry crane assembly for RSHI completed; the 4,400 tons pipe-laying ship Item for Spain completed for trials; the United States New Bay Bridge Item and the Caofeidian Ore Terminal Handling System Phase II have also been reached the finishing stage. ① Main business in sector and product

Unit: RMB Yuan

Sector or product Major operating income Major

operating cost

Major

operating

profit

ratio (%)

Major

operating

income

up (%)

Major

operating

cost up

(%)

Major operating

profit ratio up (%)

Container crane 8,576,009,665 8,496,041,195 0.93 -49.21 -45.13 Less 7.37 points

Bulk-cargo

machinery parts 3,690,151,188 3,834,464,868-3.91 18.59 25.98 Less 6.10 points

Ocean heavy

equipment 2,591,343,260 2,339,329,4759.73 -28.70 -5.54 Less 22.13 points

Steel structure 1,662,991,694 1,442,401,497 13.26 -43.67 -45.58 Up 3.04 points

Vessel shipping

and others 188,650,160 115,932,83938.55 440.35 396.79 Up 5.39 points

Total 16,709,145,967 16,228,169,874 2.88 -37.23 -31.46 Less 8.17 points

② Main business in region

Unit: RMB Yuan Region Major operating income Major operating income up（%）

Main land, China(Exporting) 444,454,357 -81.91

Asia (Excluding Main Land, China) 4,228,363,483 -51.63

Europe 2,371,124,435 -65.66

America 2,782,323,882 -27.30

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Main land, China 5,699,644,190 80.43

Africa 719,833,090 -43.08

Oceania 463,402,530 74.14

Total 16,709,145,967 -37.23

Note: In this part, amounts listed in the Mainland China (export) item refer to the major operating income and cost the Company firstly exports to its subsidiary ZPMC Hong Kong Co., Ltd. and related party Chuwa Bussan Co., Ltd., and the latter sells to domestic customers.

③ Key suppliers and clients

Unit: RMB 10,000 Yuan

Purchase from top five suppliers 241,337 Proportion of total 17%

Sales to top five clients 275,624 Proportion of total 16%

(3) Analysis of assets composition, financial status and cash flow of the Company B/S Items

Item Dec. 31, 2010 Dec. 31, 2009 Movement Note

Consolidated Consolidated Amount %

Monetary capital 1,335,993,150 1,926,802,247 -590,809,097 -31% (1)

Tradable financial assets 47,840,517 16,284,096 31,556,421 194% (2)

Bills receivable 35,237,260 6,574,000 28,663,260 436% (3)

Account receivable 5,715,050,345 6,048,610,903 -333,560,558 -6% (4)

Advances 1,319,830,607 2,079,241,507 -759,410,900 -37% (5)

Other receivables 362,869,690 667,893,033 -305,023,343 -46% (6)

Stock 7,164,354,623 7,558,854,022 -394,499,399 -5% (7)

Completed not settled 6,910,426,449 11,276,108,522 -4,365,682,073 -39% (8)

Financial assets available for

sale 196,622,150 - 196,622,150 100% (9)

Fixed assets 14,386,472,840 13,884,769,836 501,703,004 4% (10)

Construction in progress 5,068,570,017 5,172,992,294 -104,422,277 -2% (11)

Intangible assets 2,383,859,673 2,226,705,970 157,153,703 7% (12)

Deferred corporate tax assets 313,849,645 139,428,514 174,421,131 125% (13)

Short - term loans 13,198,365,451 13,635,926,987 -437,561,536 -3% (14)

Tradable financial liabilities 21,895,367 8,531,815 13,363,552 157% (15)

Bills payable 490,318,391 327,830,000 162,488,391 50% (16)

Short-term bonds payable - 4,100,533,000 -4,100,533,000 -100% (17)

Prepayment 2,365,098,981 2,347,535,659 17,563,322 1% (18)

Employee remuneration

payable 43,933,114 194,829,166 -150,896,052 -77% (19)

Non-current liabilities due

within one year 1,881,794,500 3,750,723,300 -1,868,928,800 -50% (20)

Long-term loans 5,621,976,500 3,863,392,000 1,758,584,500 46% (21)

Capital stock 4,390,294,584 4,390,294,584 - 0% (22)

Capital reserve 5,676,010,609 5,525,371,782 150,638,827 3% (23)

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Undistributed profit 3,693,538,327 4,388,376,311 -694,837,984 -16% (24)

Analysis：

(1) Monetary capital: Decreased due to payoff of bank loans and short-term financing bonds

(2) Tradable financial assets: Increased due to increase of fair value of undelivered not-yet-due time forex contracts as calculated on the basis of closing market exchange rate

(3) Bills receivable: Increased due to increase of bills receivable for endorsement to make purchase payment

(4) Account receivable: Decreased due to decrease of accounts receivable as a result of drop of sales volume

(5) Advances: Decreased due to decrease of prepayment for steel material purchase

(6) Other receivables: Decreased due to decrease of receivables from third parties, product field service loans and tax refund for export

(7) Stock: Decreased due to consumption of stocked steel material for production

(8) Completed not settled: Decreased due to big drop of business volume and stronger collection of accounts receivable

(9) Financial assets available for sale:

Increased due to the listing for trade of the stocks the Company holds of Jiangxi Huawu Brake Co., Ltd.

(10) Fixed assets: Increased due to the transfer into fixed assets of Nanhui Site Infrastructure Construction and Zhenhua No. 15, Zhenhua No. 29 vessels, also due to addition of new facilities

(11) Construction in progress: Decreased due to the transfer into fixed assets of Nanhui Site Infrastructure Construction and Zhenhua No. 15, Zhenhua No. 29 vessels

(12) Intangible assets: Increased due to purchase of land use rights for Nantong Site(13) Deferred corporate tax

assets: Increased due to increase of the confirmed deferred corporate income tax assets compensable for losses

(14) Short - term loans: Decreased due to payback of bank loans (15) Tradable financial

liabilities: Increased due to increase of fair value of undelivered not-yet-due time forex contracts as calculated on the basis of closing market exchange rate

(16) Bills payable: Increased due to increase of bills for payment instead of cash as a result of cash control

(17) Short term bonds payable:

Decreased due to payback of short-term financing bonds in report year

(18) Settled but work not completed:

Increased due to increase of project settlement as a result of the Group’s tightening of project settlement

(19) Employee salary payable: Decreased due to accrual of year-end bonus

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32

(20) Non-current liabilities due within one year: Decreased due to payback of bank loans upon maturity

(21) Long term loans: Increased due to addition of long-term loans and expected out-transfer of long-term loans due in the follow year into current liabilities

(22) Capital stock: Remaining the same as end of prior year (23) Capital reserve: Increased due to increase of fair value of financial assets

available for sale at report year end (24) Undistributed profit: Decreased due to net operating loss of report year

P/L Items

Item 2010 2009 Movement Note

Consolidated Consolidated Amount %

Operating income 17,116,177,415 27,564,115,642 -10,447,938,227 -38% (25)

Operating cost 16,598,961,345 24,582,920,042 -7,983,958,697 -32% (25)

Operating tax and

addition 28,123,571 41,172,974 -13,049,403 -32% (26)

General expenses 901,713,714 1,601,979,558 -700,265,844 -44% (27)

Financial expense - net 214,930,084 622,221,819 -407,291,735 -65% (28)

Asset devaluation loss 220,263,970 95,872,822 124,391,148 130% (29)

Gains/(loss) from

movement of fair value 18,192,869 7,752,281 10,440,588 135% (30)

Investment income 25,482,001 3,643,520 21,838,481 599% (31)

Non-operating income 89,169,390 220,573,424 -131,404,034 -60% (32)

Non-operating cost 72,712,606 19,334,780 53,377,826 276% (33)

Corporate income tax 135,091,991 14,783,437 120,308,554 814% (34)

Net profit / loss

attributable to shareholders

of parent company -694,837,984 839,853,345 -1,534,691,329 -183% (35)

Minority interest -17,678,89 -60,718,137 43,039,242 -71% (36)

Analysis：

(25) operating income operating cost

Operating income dropped considerably against prior year, mainly due to the extending impact of the financial crisis causing decrease in order placement and sales volume; depreciation of US dollars and Euros causes decrease in revenue. Decrease in margin is mainly caused by product price dropping caused by insufficient market demand and fierce product competition; by increase of cost in labor and depreciation as a result of dropping down of operational volume, and decrease in sales volume.

(26) operating cost Decreased due to dropping of operational income (27) General expenses: Decreased due to dropping of R&D expenses and employee

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salary, in addition to the enhancement of the Company in expense control and other management

(28) Financial expense - net Decreased due to decrease of loan interest expenses and increase of forex income as a result of RMB appreciation

(29) Asset devaluation loss Increased due to increase of bad debt loss, stock devaluation loss and expected contract loss

(30) Gains/(loss) from movement of fair value

Increased due to rise of gains from fair value movement of financial assets available for sale

(31) Investment income

Increased due to increase of announced dividends from other long-term investment and due to the gains from disposal of other long-term investment – in equity of CHEC Dredging

(32) Non-operating income Decreased due to drop of government subsidy (33) Non-operating cost Increased due to rise of net loss from disposal of fixed assets(34) Corporate income tax Decreased due to loss of the Company in report year (35) Net profit / loss

attributable to shareholders of parent company

Net loss attributable to shareholders of parent company is mainly caused by the net loss of the Group in report year

(36) Minority interest Decreased due to current loss of non-wholly-owned subsidiaries of the Group

Cash flow statement Item

Item 2010 2009 Movement Note

Consolidated Consolidated Amount %

Net cash flow-in from

operating activities 5,177,920,274 550,280,773 4,627,639,501 840.96% (37)

Net cash flow in investment

activities -1,041,525,586 -4,074,247,302 3,032,721,716 -74.44% (38)

Net cash flow in capital

raising activities -4,791,355,717 1,731,627,397 -6,522,983,114 -376.70% (39)

Net addition of cash and cash

equivalents -654,961,029 -1,792,339,132 1,137,378,103 -63.46% (40)

Analysis： (37)

Net cash flow-in from operating

activities

Increased over last year mainly due to the use of planned funds balance meeting system; increased the recovery of money and reduced inventory

(38) Net cash flow in investment

activities

Decreased over the same period last year mainly due to decreased infrastructure investment

(39) Net cash flow in capital raising

activities

Decreased over the same period last year mainly due to the substantial return of bank loans

(40) Net addition of cash and cash

equivalents

Increased over last year mainly due to the company’s efforts in payment collection and the return on bank loans and compression of infrastructure investment

(4) Tradable financial assets and liabilities The Company is mainly engaged in exporting business. In order to avoid foreign exchange risks, the

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Company enters into time foreign exchange contract with many banks for long term loans on flexible interest rate. Swap contracts on interest rate are signed with banks to avoid flexible interest rate risks of long term loans. Forward foreign exchange contracts and interest rate swap contracts are booked by actual cost and their fair value is evaluated by year end. Time foreign exchange contract and interest rate swap contract, besides being hedging tool subject to hedging accounting, are both used as derivative tools, gains/losses of which at end-of-year are directly booked into current profit/loss statement. In order to hedge, the Company designates partial forward foreign exchange contracts as hedging tool, fair value or cash flow movement expectation of which can offset the movement of the fair value or cash flow of hedged items.

Hedging is classified into fair value hedging and cash flow hedging. Only when fair value hedging and cash flow hedging simultaneously meet the following conditions can hedging accounting method be used:

(a) When hedging starts, the Company has official designation of hedging relations (i.e. relations

between hedging tool and hedged item) and has prepared official written documents of hedging relations, risk managing goals and hedging strategies.

(b) The hedging expectation is highly effective and is in compliance with the risk managing strategy designated initially for the hedging relation by the Company.

(c) In case of hedging cash flow of expected transaction, the expected transaction should most probably happen and it must put the Company against cash flow risk impacting eventual profit.

(d) Effectiveness of hedging can be reliably valued. (e) The Company makes continuous valuation of the effectiveness of hedging and ensures the

hedging is highly effective in the designated term of hedging relations. Hedging is considered highly effective in case of meeting the following conditions simultaneously: (a) At the beginning of hedging and during later process, the hedging expectation will highly effectively

offset fair value or cash flow movement caused by the hedging risks during the designated hedging term.

(b) The actual offset effect ranges between 80% and 125%.

Gains or losses valued by fair value at period end of the hedging tool for fair value are directly accounted into current income statement. Gains or losses valued by fair value at period end of the hedging tool for cash flow are differentiated into effective hedging and non-effective hedging, the former booked into hedging reserve in capital reserve while the latter into current income statement. When the future transaction or promise incurs and is confirmed as an asset or liability, the valued gains/losses booked into hedging reserve in capital reserve will be transferred into cost of the related asset or liability; when the future transaction or promise incurs and is not confirmed as an asset or liability, the valued gains/losses booked into hedging reserve in capital reserve will be transferred into current income statement; when the future transaction does not incur, the valued gains/losses booked into hedging reserve in capital reserve will be transferred directly into current income statement. Internal control systems related with valuation of fair value In order to well manage financial derivative tools, the Company established Derivative Tool Internal Managing Measures, which is to be followed in concrete operations. Procedures to be followed are as follows: the Company’s foreign exchange office estimates receivable contract amount in future periods, submits to Fund Office of Finance Department, which is to follow closely the market state of affairs of the forward foreign exchange contracts, makes hedging planning for un-hedged derivative tools to lock up rate risks; the hedging plan is to be submitted to the management for approval; the

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fund office of the finance department inquires after approval and contracts shall be established by President or financial director; special booking is made by the fund office for the derivative tool contracts, filed and reported to the management when necessary. By the report period items related with valuation of fair value

Unit: yuan

Item Dec.31, 2009 Gains/losses movement of fair value report period

Dec.31, 2010

Financial assets 16,284,096 31,556,421 47,840,517Financial liabilities 8,531,815 13,363,552 21,895,367

（5）Technical innovation analysis From 1998 on, the Company has stood on leading position of the industry in port machinery. In recent years, research and practice of marine engineering technology has also achieved good results. The Company invests 3% of grand output each year in technology and innovation. By now, the Company owns 328 patents, including 105 domestic invention, practical new type 121, outlook design 7; international inventions 82, international practical new type 13. The Company owns 49 domestic authorized invention patents; practical new type 93, outlook design 7; 10 international invention patents. Since 2005, a new generation of container crane item won the State Science and Technology Progress Award; the 2008 autonomous innovation platform won second prize of the State Science and Technology Progress Award; in 2010, with the key technology of the 4,000 tons all rotary floating crane, 7500 ton full rotary floating crane as the basis of the "heavy lifting equipment, offshore floating crane key technology and application" Item, the Company once again won the second prize of National Science and Technology Progress Award, which is the company's innovative ability of marine motivation and recognition. These results also indicate that the ability of independent innovation of the company is in the growing.

Now, the Company has won: National Science Advance one 1st prize, one 2nd prize; Shanghai Science Advance four 1st prizes, three 2nd prizes and five 3rd prizes. Honorable R&D institutes and honors: National first bunch of innovative enterprise, Shanghai Hi-tech enterprise, post-doctorate station, self-innovative brand in equipment industry and hi-tech industry, national enterprise technology center, National Marine Crane and Pipe-laying Core Equipment Engineering Technology Research Center, Shanghai Port Machinery Engineering Technology Research Center , China World famous brand, China industry grand prize performance award etc. The awards and honors have yielded market opportunities for the Company. Technological innovation within the company is in the ascendant, innovation coming one after another. Self-innovation and product development in 2010 is summarized as follows: I. 8,000 tons floating crane with double fixed arms Successfully launched in 2008 was the world's largest 7500 ton sea giant full rotation floating crane, soon after which the company independently developed, designed and manufactured 8,000 tons floating crane with fixed double arms successfully! The 8000 ton floating crane is built for South Korean company Samsung Heavy Industries as a non-self-propelled, amplitude crane with double fixed arms. Each arm of the floating crane is equipped with four 1,000 tons main hooks, a total of eight main hooks. Maximum lifting weight is 8000 tons, corresponding outboard margin being 57 meters, the maximum lifting height over water 120 meters. The length of the ship is 170 meters, 67 meters in breadth, depth 11 meters, 6 meters draft. It is mainly used for the transportation and installation of large structures including ship sections, offshore platform modules and other large components. The floating crane is one in the world of

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the same type with the largest lifting height and weight. II. 3,000 tons of pipe laying ship Pipe laying vessels of 3,000 tons the company independently developed have been successfully delivered to Luxembourg, Singapore users. The pipe-laying vessel has been designed and developed by the company independent, with a total tonnage of more than 4 million, having satisfied the ABS Classification Society of the United States and the International Maritime Organization's latest regulatory requirements. The whole ship uses the internationally advanced equipment, and is installed 12 heavy-duty anchor winches with frequency conversion developed by the company independently, able to lay 60-inch diameter pipeline, the largest pipe-laying depth up to 300 meters, suitable for all waters in the world. This is also the first successful Chinese company to deliver to the international user self-made pipe-laying ship. III. 10000t/h Re-claimer The Oman SOHAR 10000T/H re-claimer is one of the largest piece of equipment the company delivered to the world mining giant Brazilian Vale do Rio Doce Group, its production capacity being the largest in the world. The Oman SOHAR 10000T/H re-claimer is independently designed and developed, not only having met the evolving needs of the market, but also having broken the monopoly of supply of equipment in large tonnage by foreign suppliers, having improved the company's core competencies in bulk yard transport equipment, marking the entry into the world. IV. Caofeidian ore terminal total package project for bulk handling systems the second phase Caofeidian terminal second phase systems into production marks that our company again undertakes the bulk system engineering and a symbol of independent design project. First, the system has large capacity, which is the world's largest ore unloading terminal; and second, quantity of equipment is large, being a large target. In the R&D of the Caofeidian ore terminal second phase systems in addition to further promoting the localization of the moving car in process switching, control integration, process-line continuous detection and monitoring, large-scale network of online remote management handling equipment, medium voltage power distribution integrated automation and other key technologies, both domestic and international latest advanced technology, such as device configuration with the domestic maximum rated capacity and reasonable grab ship unloader rated capacity reaching 3200t/h; capacity of belt conveyor and stacker with completely independently developed reaches 9000t/h; bucket machine rated capacity being 3800t/h; the application of strengthened comprehensive environment-friendly bucket ship unloader, in the process dry and wet dust is carried in a combined way to control dust, also used is the wind network around the yard and the three sides of large hopper of the grab machine, to further reduce dust; process "ten point" transfer, whose design is difficult; the belt control system has full intellectual property. V. Large gooseneck beam Quayside The company has completed the testing in key functions of the large gooseneck beam quay crane the Company independently developed for TERCAT terminal Barcelona, Spain, according to the requirements of the user. The main innovations are: folding arm beam length is the world's largest, reaching forward up to 64 meters away, spreader lifting capacity of 61 tons under the line, rail lifting height 42 meters; beam folding arm principle new, folding arm system reliable; the item successfully developed to the strict application of aviation restriction provides a success story for a high degree of super-large size for Panama Quayside, also marks that ZPMC has reached world leading level in the design, production of large folding arm beam Quayside. VI. Marine wind power group installation platform Marine wind power group installation platform is large equipment specially used for marine wind power group lifting, a 5000-ton 3MW marine power group lifting and installation platform ZPMC developed independently, with maximum single lifting capability of 800 tons, fully rotating, solving the key technical

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problems like lifting system, high-tension steel gear bar processing craft, high-tension steel pole foot welding, pole foot fixing system etc. The Company mastered key technology in design and building of large marine wind power group’s special lifting equipment, filling the gap of our country in the said filed, having shortened the gap with overseas and obtained self-owned intellectual right.

VII. Marine engineering vessel power positioning system integrity technology With the moving of resources development moving from shallow sea to deep sea, vessel power positioning system is becoming the indispensable key technology with such features as high operating accuracy, short-time response, no limitation from operating water depth etc. The technology filled the gap in our country. It has won 3 invention patents, having filled the gap in high-power thruster, mastered core technology and productivity of high-power thruster and parts with self-owned intellectual property rights, braking through foreign monopoly, having improved competitiveness of ocean engineering equipment design and building of our country.

VIII. The U. S. New Bay Bridge complicated special steel structure craft technology This is a bridge with single tower self-anchored 8-magnitute anti-quake steel string structure bridge. The difficulty of production, requiring highly, is at the top level of the world’s steel bridge project. The company, through continuous management innovation, process innovation, cracked one hard nut after another. It is representative of our company’s typical manufacturing process innovation. After three years of research, development and production, it has successfully shipped six ships, including the steel tower segment erection 1 to 3, the steel box girder 1 to 10 lifting segment, shipment completed. The success of the project will greatly enhance China's international status of heavy steel manufacturing, also marked that the bridge building of the world has kicked off the Chinese century. In addition to these major technology innovation and research and development, in the report period, the Company has also made a number of results over giant (large span and large weight lifting) shipbuilding gantry crane, jack-up platforms, jack-up platform lift system, wind power equipment gear boxes, pipe laying equipment, container quay and yard cranes comprehensive test research, domestic environment-friendly bucket machines, automated terminal etc.

(6) Analysis of operation status and accomplishment of major holding and share-participating subsidiaries

Unit: RMB 10,000 yuan

Company Major product or service Registered capital

Asset scale

Net profit

Shanghai Zhenhua Port Machinery Heavy Industry Co., Ltd.(former: ZPMC ChangXing Spare Parts Manufacture Co., Ltd.)

large container cranes and the gear box gear processing and marketing; ship manufacturing, processing, marketing

550 28,044 25

ZPMC ChangXing Precision Forge Co., Ltd.

Production of precision foundry, metal cutting and cooling process.

500 2,689 4

Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd.

Sales of port machinery, engineering vessel, steel structure and other parts

50,000,000 HK$

391,946 -241

Shanghai Zhenhua Shipping Co., Ltd.

Operation of sea transportation in home and abroad coastal waters; ordinary transportation in the middle and lower reaches of Yangtze River; transportation of port machinery

12,000 168,168 6

Nantong Zhenhua Heavy Equipment Manufacturing Co. Ltd.

Installation of heavy port equipment, engineering vessels, heavy metal structure and its parts; Gear box, container yard crane, super heavy-duty bridge steel structure, heavy marine machinery equipment, weaving, installation; lease of cranes; contracting of steel structures etc.

108,000 191,637 693

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Nantong Zhenhua Heavy Industry Steel Structure Processing Co. Ltd.

machinery manufacturing and installing, steel structure processing, hardware processing, de-rusting and painting, machinery engineering contracting etc.

100,000 USD

7,855 87

Jiangyin Zhenhua Steel Structure Manufacturing Co. Ltd.

Port machinery spare parts production; steel structure production engineering, mechanical equipment, electrical equipment installation; and to provide relevant technology and post-sales service

100,000 USD

329 -16

Shanghai Zhenhua Port Machinery Steel Structure Co., Ltd.

Manufacturing and sales of steel structures and port machinery parts; installation of electric & port machinery equipment; providing related technology & service

150,000 USD

558 10

Shanghai Zhenhua Heavy Industry (Group) Changzhou Paint Co., Ltd.

Manufacturing and processing of epoxy resin paint, polyurethane resin paint

4,980 18,501 557

CCCC Shanghai Port Machinery Plant Co., Ltd.

Sale of port bulk & container cranes & machinery, port engineering vessel (incl. barge engineering vessel), cargo carrying machinery and parts; sale, technical service, maintenance, installation and technical consulting of key parts & original and associate instruments of machinery

218,473 221,479 -4,501

Shanghai Jiangtian Industrial

Organizing construction of composite buildings; business info consulting; sale and service of mechanic & electric equipment & product, building material, decorating material, hardware, goods, metal; toll park; affiliating branches

15,700 12,306 -211

Shanghai Port Machinery Heavy Industry Co., Ltd.

Manufacturing of port cranes and parts; making of cargo carrying machinery & parts, tunnel digging machinery, express railway special equipment, steel structure; repair, design & making of large engineering vessel ( incl. barge crane) & ocean engineering equipment

18,120,000 USD

121,881 -710

China Port Group Shanghai Port Engineering Equipment Co., Ltd.

Sale of port bulk & container cranes & machinery, port engineering vessel (incl. barge engineering vessel), cargo carrying machinery and parts; lifting, loading, binding & transporting of cargos; equipment leasing; ordinary cargo shipping along domestic coast and in upper & lower Yangtze River; operation, leasing, installation of engineering equipment and vessel; vessel technology consulting; exporting of self-made products; importing of self-needed machinery, equipment, parts, raw and auxiliary materials

8,800 5,905 -2,873

Shanghai Zhenhua Heavy Industry (Group) Zhangjiagang Assembly Co., Ltd.

Making, processing, repair and rebuilding of port crane, bulk & container machinery

1500 19,969 -1,359

Shanghai Kangni Machinery Manufacturing Co., Ltd. (

Machinery making; making and processing of reducer and parts; leasing of self-use building

1,500 1,807 -133

Nantong Zhenhua Port Machinery Mating Co., Ltd.

Production and sales of port machinery and spare parts

55,000,000 USD

37,200 -305

Nantong Zhenhua Port Machinery Parts Co., Ltd.

Port machinery production and sales of wheels, pulleys,

25,000,000 USD

3,410 -6

(7) Operational difficulties and their counter measures 1. In report period, the Company met across the following operating difficulties: ① Market development and operational structural adjustment is especially difficult. Especially the international

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financial crisis has not yet subsided, and the contribution of marine engineering and steel structure market of the company to the size and benefits has not yet fully apparent. Tremendous pressure is shown of excess production capacity.

② The basis of internal management also needs improvement, in particular, continuing to improve cost control as the core accounting system.

③ The company has not reduced the existing risks to the ideal state; especially the large project risks and high fund credit risk featuring high asset-liability ratio still plagues the company.

2. In view of this, the Company has adopted the following solutions: ① Go all out to seize the market, adjust operating structure. By establishing the concept of full operation,

management system and innovation mechanism, and promoting business restructuring, continuous changes in the mode of operation, initially the following has been realized: two-wheel driven both at home and abroad, foreign and domestic market structure at 2:1; port machinery, machine steel structure product mix ratio 2:1; the market share of marine steel has steadily increased.

② Do everything possible to implement effective priority, strengthening the management foundation. Fully carry out "effective management" activities; adjust organizational structure and implement pay reform; regulate labor and employment and leader team construction; make great efforts to exercise cost control; to strengthen sub-contracting teams and products co-management; strengthen cost budget assessment; standardize tender management and improve systematic management system.

③ Do a good job in safety, quality, production; enhance the management level, to gain effectiveness from management. Attaches great importance to safety management. Carry out the "zero defect" with quality campaign. Establish coordination meeting system for major items. Enhance the overall production management level. Also launched the "courtesy production movement " and "raising productivity movement ".

④ Be pragmatic to do the work of scientific and technological innovation, with science and technology playing a supportive role.

⑤ Try to focus on major issues, control operational risk. 3. Prospects of the Company (1) Tendency, competition, opportunities and challenges in the sector 2011 is still a year for the world economic recovery, and the global economic growth will slow down. Uncertain factors in economic growth exist. Risks threatening the economic recovery still exist. But at the same time, China's current economic development is at the crucial period from rising to going steady growth. World economic development will face a more complicated situation in 2011 than in 2010. 2011 is the first year of the "12th Five Year Plan". Doing the work well of the year 2011 implies great significance. The current situation is a major challenge and a rare opportunity. We must have scientific judgments, make precautions, prudent response, be market-oriented, focus on economic efficiency, target at the objective of maximizing profit of the Company, make technology innovation as the driving force, expand market development externally, pay close attention to production management, quality assurance internally, implement a comprehensive control, be actively involved in the tough fight "cost efficiency and control losses and increased profits", contain the impact of the crisis on the company. Implement the scientific concept of development, further promote the "effective management" activities, in accordance with the "confidence for the soul, cash the king, cost control first, efficiency as the most important, development-oriented, security and stability-based" development strategy, and strive to create and innovate, comprehensively improve quality and efficiency, and achieve restructuring and development. The Board of Directors, after careful study of the market prospects, analysis of their own advantages and the difficulties faced, asks the management to further implement the development strategies as follows: I. Be market demand-oriented, adjust and optimize operational structure, enhance operating capacity in creating gains The management team should be start from multi-points, turn market pressures into driving force, adhere to the two-wheel driving both at home and abroad, seize the market, to win business turnaround work. First, we must

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40

continue to consolidate and continue to improve port machine leader’s position and market share in the world market: to play a brand, increase brand affinity, increase the technological content of products, enhance system integration capabilities, improve and promote the fully automated terminal system to improve product energy-saving capacity and the information level, cut into the logistics machinery and inland river port machine market; Second, continue to promote economic restructuring and accelerate the development of marine engineering, steel structures, energy and environmental protection market: use high-end design resources, play the internal cooperative effectiveness and benefits within CCCC Group, improve the internal integration of marine resources, raise the ability in large marine equipment, key technology design and manufacturing capabilities, focusing on major domestic and international steel markets high-end items, planning and making efforts to open up offshore wind power, environmental protection mining machinery, sea water desalination sets systems market; third, continue to promote institutional innovation management: the new business model should be explored; with the concept of full staff operation advocate the relevant secondary business units for self-operation targets; combing after-sales service network to further improve the overseas operating system, and building overseas offices, to create an international platform. II. Promote effective management, solid foundation management, focus on implementing cost control, solid strong management, improve the company's continuous development potential In response to the financial crisis, the Company on the one hand, "adds clothes and covering" seized the market, on the other hand, exercised to be fit and healthy, trains hard inner skills, turn "dormant" to "winter swimming", not only to resolve financial crisis as the "eyes of the anxious", but also to enhance the sustainable development focusing on "long-term success." The Company will continue its "effective management" activities, open up resources and cut costs, to be more cost efficient. The management is necessary to mobilize all employees to further emancipate the mind, promote austerity, set off "hard-living" thinking, to proceed from reality, from the overall situation, strengthen the system construction, and promote organizational restructuring, build budget and a comprehensive performance appraisal system, construct secondary unit’s cost accounting system, and enhancing cost control work; make good grasp of material procurement and subcontracting outsourcing management, ultimately control material costs and labor cost; strengthen auditing supervision work, strengthen performance monitoring; improve financial and capital management, make good tax planning. Establish and improve internal control management system, working on lean production management, pursue content-type development, to enhance the overall management level, lay a solid foundation for the company's future development. III. Establish a sound institutional system, form a long-term risk management mechanism to prevent making mistakes and achieve sound and effective corporate operation in compliance with laws and regulations Establishing and perfecting rules and regulations is the key content to establish the enterprise risk prevention system. To improve risk management is to strengthen the system construction, emphasis on prevention-based system. The Company, in the process of production, mainly faces investment risk, financial risk, operational risk, production risk, foreign exchange risk, legal risk and so on. Considering the characteristics of the risks, the company should establish a concept of pre-emptive and preventive control of risks, to form layers of clear responsibility for risk prevention, risk prevention measures in place at various levels. Strengthen the sense of responsibility, forming layers of the working mechanism of transferring functions and the pressure transfer layers, layers of implementation of the accountability system; control the process, establishment of risk prevention system, reducing subsequent disputes. Pay particular attention to the company’s several prominent risks: concern for Iran Item and the large projects featuring sales after production involving large risks, strengthening early warning and prevention of major risks Item risk management system; care for interest rate and credit risk, track exchange rate, further compress bank debt ratio, through a variety of strategies to improve the level of financial risk management; concern labor and employment risk, sort and regulate the daily management of labor and employment, effective prevention and mitigate risks, improve the level of human resource management together; concern investment risk, and control infrastructure investment, equity investment, to prevent blind investment and duplicated construction. IV. People-oriented, forward-looking and development, to promote the construction of enterprises featuring competition With the further recovery of the market, the company’s product quality competition, cost competition, price

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

41

competition and service competition will be heated. What determines the success or failure is competitive activities of the personnel quality and quantity of business conditions. To this end, the company should be in the new year to further promote human resources training and development strategy, with strong quality, in the development of qualified personnel to make vigorous efforts to optimize the structure of leading cadres, do a good job on the construction of three ranks, to introduce competition into the cadre ranks, establish work performance evaluation mechanism, explore the equity incentive mechanism, the implementation of detailed quantitative performance evaluation, bonus and forfeit. It should focus on guiding people with lofty goals, managing people with scientific process, a sound mechanism to encourage people, strategic vision to train people, create lifelong learning, to improve and enhance people’s capability to control, organize, coordinate, communicate and innovate, so that the existing management system can be more effectively implemented and enforced, the organization and operation mechanism more efficient and dynamic; to create a "policy-transparent, people-cooperatives, heart-harmonious, easy-going, energetic" atmosphere, to inject lasting power into the company to enhance the core competitiveness. (2) Whether the Company prepares and discloses anticipation of new year’s profit: No. (3) Operating plan, fund demand, use plan and origin The company plans to achieve steady growth in revenue in 2011, the internal institutional improvement and cost management reinforcement, gradually increase the profitability of products, strictly control capital investment in infrastructure construction, ensure that the company remain sustained, stable and healthy development. Capital expenditure is mainly used for the production base of basic construction and company’s headquarters office building under construction, the main source of funds is self-owned funds of the company plus a variety of financing instruments, multi-channel collection. (4) Risks and counter measures

Market risks:① mainly featuring global port machinery market capacity and large steel structure market see no rising trends, which will exacerbate the intensity of competition; international energy price fluctuates, remains stable, fluctuations in demand for marine products, the risk of large, marine market access conditions more stringent, more intense competition The depth of the international financial crisis blurs the overall recovery of the international shipping industry; the global port machinery market capacity sees no sharp-rising trends; Although international crude oil prices increase, but fluctuations are big, remaining stable; the two Gulf of Mexico oil events have made the marine market access conditions more stringent, causing more intense competition. Domestic port shipping industry will continue to rely on domestic trade as the locomotive, but slow recovery featuring foreign trade; limited by construction costs, architectural concept and other aspects, the domestic infrastructure still tends to center on large concrete structures, large steel structure did not substantially increase the market capacity; ship demand in 2008-2010 has been released, and in 2011 a huge shipbuilding market will undergo the test. The severe economic situation intensified competition. Former port machinery rivals on the international market squeeze the company’s profit space through price war; Clients constantly cultivate new competitors and gain profit from it, putting the company facing continuous competitive pressure. Solution: The company adheres to the scientific development point of view, to grasp the market as the core, structural adjustment, to promote operating systems and mechanisms innovation, to strengthen the building of a harmonious operation. Through increasing innovation and development of new products, improve the technological content of products; promote a fully automated terminal system for energy-saving environmental protection in the U.S. and European markets; develop soft power; make efforts in the high-end market, and consolidate a global leader in port machinery, further advance the pace of structural adjustment operations, seize the historical opportunity to develop new industries, vigorously cultivate marine engineering market, take advantage of China Communications Corporation F&G and the Company’s design and manufacturing resources. Take the advantage of the already started projects including the UK wind power, the United States Steel Bridge, New Caledonia module, to further enhance the global brand influence of Zhenhua Steel Structure brand, reinforce the foundation for further market share gaining after winning the Hong Kong-Zhuhai-Macao Bridge.

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

42

Actively explore the energy and environmental markets. Strengthen the comprehensive dredging ship manufacturing operation. Strive to open up wind power machinery manufacturing market, to gain access to mining machinery market, and gradually into the seawater desalination and wastewater treatment market, and actively explore the remanufacturing market development and so on.

Operating risks:② featuring management basis risks, productive capacity excessively large, raw material price fluctuation, labor risks That the company turns from previous size or speed-oriented development to efficiency-oriented development is a long and arduous task. The Company's traditional product cycle is 8-14 months, the marine production cycle even longer, often requiring 2-3 years. To expand and develop marine products, we must first invest in infrastructure, resulting in investment in infrastructure in recent years, resulting in production scale excessive, if not a financial crisis, marine products need a process to generate revenue. Steel is the main raw material produced of the company. Each year a huge amount of steel is consumed. In recent years , sharp fluctuations in steel prices caused the company some resistance in development. Employment management is not standardized, various types of system construction is relatively insufficient. Solution: The company will be giving priority to efficiency, further reinforce the company’s management infrastructure, to establish budgets and performance appraisal system, do a good job managing the procurement and subcontracting agreements, implement item-based management, focus on preventing risks, and gradually take the company into a smooth sustainable development track; The Company will be based on demand for marine products in the market conditions, considering some products having larger market capacity, large versatility, first start the research and building of these products in a moderate way; then make gradual, reasonable and appropriate capital investment in infrastructure and revitalize the existing fixed assets, integrate production base of resources, so that assets generate benefit; to establish good relations of strategic cooperation with several major suppliers, ordering according to the order situation, and strive to achieve the effective price stability, to ensure supply for the increasing utilization of steel; regulate labor management, the "employee specifications" development, management of labor contracts, labor dispatch company and so improve the institution building rectification.

Financial risk: exchange rate risk③ and credit risks

The grim U.S. economic recovery will largely affect Sino-US exchange rate, trade, financial frictions, a huge pressure of RMB appreciation; to curb inflationary pressure, China is tightening monetary policy; the company faces more exchange rate risk and credit risk than 2010. Solution: the Company has always been paying great attention to foreign exchange risk management and doing research on such policies and strategies; Pay close attention to changes in exchange rates; prepare regular analysis of exchange rates trends, male strict implementation of financial derivatives-related approval procedures; make good product currency exchange rate statistics, further reinforce the basic work on foreign exchange management, reducing the company's exchange rate risk. Through arrangements of favorable settlement of the contract terms (such as signing a contract with the exchange rate linked to RMB; to increase the ratio of advances, foreign exchange settled as soon as possible etc.) or within limits of national financial and foreign exchange policies, with the use of hedging, foreign exchange and other appropriate factoring financial instruments or means to control and lock the exchange rate risk. For credit risk, by reducing raw material reserves, reducing the advance payment to suppliers, compressing infrastructure spending through a variety of ways (such as medium-term notes, bills discounted), reduce corporate financing costs, accelerate cash flow, raise funds through multiple channels, and gradually reduce bank interest expenses.

(II) Investment of the Company

Unity: 10.000 yuan

Investment report period 3,492change -22,328Investment prior year 25,820

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

43

Growth (%) -86.47 Companies invested in

Name of Company Major operations

Equity proportion

(%) Remark

Jiangsu Zhenhua Longyuan Marine Engineering Co., Ltd.

Steel structure production, installation, offshore wind power facility construction, equipment installation and maintenance, submarine cable system construction, maintenance, marine construction, equipment installation and maintenance, and installation equipment leasing

50

Shanghai Zhenhua Heavy Industry (Group) Zhang Jiagang Port Machinery

Making, processing, repair and rebuilding of port crane, bulk & container machinery 90

Jiangxi Huawu Brake Co., Ltd.

Lifting appliances series of various industrial brakes, wind equipment, spreader with hydraulic control device, hoisting and conveying machinery parts, light and small handling equipment (ceramic roller) and other product design, manufacture, sale, installation; self-made products and related technologies export business (except for nationally limited or prohibited export goods); production of raw and auxiliary materials required for the scientific research, machinery and equipment, instruments, spare parts and related technology import business (except for goods state limits or prohibits for import ); management of incoming materials and the " processing and compensation Trades”

12.99

1. Use of raised fund In report period, no fund was raised or fund previously raised lasted till report period.

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44

2. Particulars about projects funded by non-raised fund In report period, non-raised funds are used in significant projects under Items including Nantong, Changxing Island ,Nanhui Base Infrastructure Construction, office building on Dongfang Road, Zhenhua vessels No.15, 29 items. By Dec. 31, 2010, progress is as follows:

Nantong Base infrastructure, invested 689,780,000 yuan, 85% completed; Changxing Base Infrastructure Construction, invested 109,860,000 yuan, 80% completed; Base large machinery and engineering equipment in construction: invested 391,050,000 yuan, 98% completed; Nanhui Base infrastructure, invested 6,680,000 yuan, 82% completed; Office building on Dongfang Road, invested 120,260,000 yuan, 85% completed; Zhenhua 15 invested 198,840,000 yuan, 100% completed; Zhenhua 29 invested 111,970,000 yuan 100% completed;

The above projects contributed to the Company’s productivity and efficiency; income is reflected in report period operating income and profit. Other projects are of very small amount, referring to technological innovation and small supplementation.

(III) Statement of reviews of the board on accounting policies, accounting estimate change, major accounting error correction, significant information supplementation, reasons and impact of amendment to result expectation, measures of responsibility-seeking to responsible persons and the result. In report period, there exist no such things as accounting policies, accounting estimate change, major accounting error correction, significant information supplementation, reasons and impact of amendment to result expectation.

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45

(IV) Routine work of the Board of Directors 1. Meetings and resolutions of the Board of Directors

Meeting Date Decisions Media for decision disclosure

Date of decision

disclosure

28th meeting of 4th board of directors

2010-3-18 Reviewed and passed 7 proposals including 2010 Work Plan, Motion on Establishing JV with Longyuan Power Group Corporation etc.

Shanghai Securities News B16, Hong Kong Wen Wei Po B4

2010-3-19

29th meeting of 4th board of directors

2010-3-31 Reviewed and passed 18 proposals including 2009 the Board of Directors’ Working Report, 2009 the President’ Working Report, 2009 Profit Sharing Preplan

Shanghai Securities News B51, Hong Kong Wen Wei Po A24

2010-4-2

30th meeting of 4th board of directors

2010-4-28 Reviewed and approved 3 motions including the 2010 First Quarter Report Full & Original Text, Motion on Adjustment of Issues Including Establishing JV with Longyuan Power Group Corporation

Shanghai Securities News B112, Hong Kong Wen Wei Po B8

2010-4-30

31st meeting of 4th board of directors

2010-6-4 Reviewed and approved four motions, including "Motion to Increase Business Coverage"," Motion on Convening the 2009 Annual General Meeting

Shanghai Securities News 24, Hong Kong Wen Wei Po B3

2010-6-5

32nd meeting of 4th board of directors

2010-6-28 Reviewed and approved "Motion on providing 25-year warranty for FLOUR British Jiabao Marine Wind Power Project. "

33rd meeting of 4th board of directors

2010-8-29 Reviewed and approved four motions including the "2010 Interval Report and the Highlights"

Shanghai Securities News B24, Hong Kong Wen Wei Po A12

2010-8-31

34th meeting of 4th board of directors

2010-10-28 Reviewed and approved five motions including the "2010 Third Quarter Report Full and Original Text", “Motion on Reducing Equity Holding of Shanghai Zhenhua Heavy Industries Changzhou Paint Co., Ltd.

Shanghai Securities News 16, Hong Kong Wen Wei Po A26

2010-10-30

2. Implementation by the Board of Directors of resolutions approved by Shareholders’ General Meeting In 2010, one shareholders general meeting was held. It reviewed and passed 14 proposals from the board. Except for the issue that the increasing of the company’s business coverage is still in progress, other related resolutions have been executed by the management as urged by the board.

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46

3. General report on working system construction and perfection, major content and duty performance of the audit committee under the board

The auditing committee was established in 2007 under the board, consisting of 5 directors, including 3 independent directors, with independent director and professional accountant being the chief. The committee fulfilled the following duties according to CSRC’s regulations and the committees working procedures: 1. On Dec. 17, 2010, the committee received preliminary review plan for 2010 annual report from

PWC and reviewed carefully and fixed the working schedule for 2010 audit with PWC as follows:

Item Date Description Meeting with Audit Committee for Planning and Communication

Late November 2010 Communicate with the Audit Committee about the audit plan

Preview of final audit 2010-12-6 – 2010-12-17

-to survey from January to November 2010 on important internal controls and testing - to learn more about key issues in high-risk areas concerned when reviewing the interim group report and make preliminary assessment of the impact of the annual audit

Interval Meeting with the Management

Late December 2010 to communicate with management on the preliminary results and arrange final audit matters

Stock Taking 2011-1-4 Conducting stock taking Conducting taking of fixed assets and construction in progress

End of Period Audit 2011-1-17 – 2011-3-1

Audit financial statements of the Parent Company and the Group s of Dec. 31, 2010

Meeting with Management for Closing Evaluation

End of February 2011 Discuss the audit result with the management

Closing Meeting for Communication with Audit Committee

Early March 2011 Discuss the audit result with the Audit Committee

Signature for A-share Financial Statements

Early March 2011 Sign A-Share Financial Statements and Audit Report

2. Sent two urging letters to CPA’s, reviewed annual report by the Company before CPA’s coming in, and opinions were formed. 3. After CPAs came in, close contacts are made with CPAs, on Dec. 17, 2010 a meeting was arranged between 5 independent directors and CPA’s, exchanged opinions over problem found in the auditing process and delivery time of the audit report. 4. Reviewed again the 2010 financial statements after CPAs produced preliminary opinions and produced 2nd reviewing opinion. Passed the resolution to deliver the financial statements to the board of directors. 5. PWC Zhongtian CPA’s produced the 2010 audit report and the committee held the annual meeting, to summarize the work of auditing by PWC and voted on the annual financial statements and employment of next year’s auditor etc. and submitted to the 2010 annual board meeting for approval.

Auditing Committee :You Jiarong, Yan Yunfu, Sun Li, Du Zhichun, Mi Weijian

Shanghai Zhenhua Heavy Industries Co., Ltd.Mar. 8, 2011

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

47

4. Duty fulfillment of the Remuneration & Appraisal Committee of the Board of Directors Based on the Detailed Procedures of the special committees, the remuneration committee under the board, together with the assessment committee, report on 2010 performance to the board as follows:

1. Total remuneration of directors, supervisors and senior executives are decided by connecting 2010 operating performance targets and fulfillment of 2010 operating index. 2. Assessment of performance is made to directors, supervisors and senior executives according to fulfillment of 2010 operating performance targets, duty fulfillment etc, and it is thus concluded that all of them are qualified for their job and no violation to laws or regulations ever found out. 3. Reviewing the annual remuneration of directors, supervisors and senior executives on the payroll and concluded the remuneration disclosed in the annual report is in conformity with reality. Allowance of the independent directors is based on related laws and regulations and the criterion approved by the shareholder’s general meeting.

Remuneration & Appraisal Committee:

Xu Weijun, Wang Jue, Li Liguang, You JiaronShanghai Zhenhua Heavy Industries Co., Ltd.

Mar. 8, 2011 5. Board’s declaration on internal control responsibilities The Board will effectively assume overall responsibility to establish a sound internal control and for the effective operation of internal control system. The company will follow the basic norms of internal control, internal control guidelines and other supporting documentation requirements, continue to establish and improve, enrich and perfect the company's internal control system, and make it implemented. 6. Systems on external users of internal information In order to manage well in systems on external users of internal information in the course of the preparation, review and disclosure of regular reports and significant events. According to the CSRC and the Shanghai Stock Exchange documentation requirements, according to the "Company Law", "Securities Law", "Articles of Association" and other relevant provisions, combined with the actual situation of the Company, the 28th meeting of 4th board held on Mar. 18, 2010 reviewed and passed Proposal on Establishing Shanghai Zhenhua Heavy Industries Co., Ltd. Managerial System of External Information Users 7. Insiders management system implementation As a result of the corporate self-examination, insiders have not been found to have traded the Company’s shares prior to the disclosure of sensitive information or using insider information on the situation.

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48

(V). Preliminary plan for profit sharing or capital reserve transfer into capital stock As the year 2010 suffers a loss, in addition to high ratio of bank liabilities with interest, in order to lower capital turnover and operating risk, preliminary profit sharing plan is decided as follows: not to share profit, or to transfer capital reserve into capital stock （III）Profit distribution in previous 3 years

Unit: RMB Yuan

Year Cash (before tax) distributed

Net profit of Consolidated Statements

attributable to shareholders of listed

company

Ratio of Net profit of Consolidated Statements

attributable to shareholders of listed

company (%) 2007 545,250,350 2,054,958,545 26.532008 114,823,089 2,551,063,379 4.50

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

49

IX Report of the Supervisory Board (I) Performance of Supervisory Board

Number of meetings 4

Supervisory board meeting Agenda of meeting

13th meeting of 4th Supervisory Board was held on Mar. 31, 2010 in company.

Reviewed and passed the following proposals: （1）2009 Working Report of the Supervisory Board;（2）2009 Annual Report and Highlights（3）Supervisory Board’s Opinion on 2009 Annual Report

14th meeting of 4th Supervisory Board was held on Apr. 28, 2010 in company.

Reviewed and passed the following proposals: （1）2010 First Quarter Report Full and Original Text（2） Supervisory Board’s Opinion on 2010 First Quarter Report

15th meeting of 4th Supervisory Board was held on Aug. 29, 2010 in company.

Reviewed and passed the following proposals: （1）2010 Annual Report and Highlights（2）Supervisory Board’s Opinion on 2010 Interim Report and Highlights

16th meeting of 4th Supervisory Board was held on Oct. 28, 2010 in company.

Reviewed and passed the following proposals: （ 1 ） 2010 Third Quarter Report Full and Original Text （2） Supervisor’s Opinion on 2010 Third Quarter Report

(II) Independent Opinions on Operational Legitimacy by the Supervisory Board The Supervisory Board concluded the Company policies and decisions have been made in accord with procedures stipulated in the Corporate Law and Regulatory Rules of Listed Corporation; the Company owns complete internal control system, with the General Meeting, Board of Directors, Supervisory Board and senior executives sharing clear responsibilities and well balancing; the Board of Directors and the senior executives pursued a target of maximizing profitability by exploring market domestic and abroad, through strengthening internal control system, strictly respecting the decisions and strategies set general shareholders’ meeting; no violations to or harms against laws, regulations, articles of association have been found among the performance of the company’s directors or executives.

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

50

(III) Independent Opinions on the Financial Status of the Company The Supervisory Board audited the 2010 financial status and concluded the statements reflected the real financial status and operating result and found the statements have also been audited by PWC Zhongtian CAP’s and PWC China Co. Ltd. based on CAS and IAS respectively and an audit report without retained opinions has been provided.

(IV）Independent Opinions on Related Transactions The company owns set of rules on related transactions and all such actions abided by laws and rules and were priced reasonably. No harm to the interest of the Company and shareholders has been found out.

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51

X. Substantial Events

(I) Particulars about substantial lawsuits and arbitrations There exist no substantial lawsuits and arbitrations during the report period. (II) Re-organizing upon bankruptcy, suspension of listing or termination of listing There exists no such event. (III) Stock holding in other listed companies and participation of shares in financial companies 1. Equity holding in other listed company

Unit: yuan

Securities Code

Abbr. Investment cost (yuan)

Ratio in total equity（%）

Closing book value

(yuan)

Report period

gains/losses (yuan)

Report period equity

movement (yuan)

Accounting entry

Share origin

300095 Huwu Share

19,400,000 12.99 196,622,150 0 150,638,827

Financial assets available for sale

Paid capital

Note: As approved by the China Securities Regulatory Commission Zhengjian Xuke [2010] No. 889 file, Jiangxi Huawu Brake Co., Ltd. in July 2010 issued public offering to domestic investors 19.5 million RMB common shares, and listed at Shenzhen Stock Exchange for trading. After listing, the total share capital reached 77 million shares, of which the Company owned 10 million shares, accounting for 12.99% of its total share capital. Shares of Jiangxi Huawu held by the Company shall not be transferred or entrusted to others to manage within 36 months from the date of listing. 2. Equity holding in non-financial enterprises

Equity of

Investment cost

(yuan)

Holding (shares

)

Ratio in total

equity（%）

Closing book value (yuan)

Report period

gains/losses (yuan)

Report period equity

movement (yuan)

Accounting entry

Share origin

Shenyin & Wanguo legal person shares

200,000 161,942 0.002978 200,000 0 0 Long-term equity investment

Purchase through allocation

Note: The listed equity refers to the promoter’s shares of the Company’s fully-owned subsidiary China Communications Shanghai Port Machinery Factory Co., Ltd.

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

52

(IV) Assets transactions 1. Assets sales

Unit: RMB Yuan

Other party

Asset sold Date Price

Net profit to listed company from year start to sales day

Gains/losses from the

sales

Related transaction or not

Pricing

basis

ownership transferred or not

Credit and liabilities related

transferred or not

Ratio of net

profit to listed

company

against total net

profit

Relation

CCCC Shanghai Dredging Co., Ltd.

CHEC Dredging Co., Ltd.

2010-10-14 34,080,378 8,559,889 8,559,889 Yes

Market Price

Yes Yes -1.2

Parent Company ’ s fully-owned subsidiary

Note: On September 27, 2009 the Company’s twenty-fifth session of the Fourth Board of Directors approved the "Motion on Transfer of Shares of CHEC Dredging Co., Ltd." relevant transfer procedures conducted on October 14, 2010. (V) Substantial related transactions in the report period 1. Related transactions in connection with routine operations

Unit: RMB Yuan

Related Party Relation Type Transaction Pricing Amount Ratio in same

transaction (%)

China

Communications

Construction Co., Ltd.

Parent

Company

Sale of

goods

Purchase port

machinery from

the Company

Based on

market price 43,825,750 0.26

CCCC Second

Harbor Engineering

Co., Ltd.

Parent

Company’s

fully-owned

subsidiary

Sale of

goods

Purchase port

machinery from

the Company

Based on

market price 30,000,000 0.18

CCCC First Harbor

Engineering Co., Ltd.

Parent

Company’s

fully-owned

subsidiary

Sale of

goods

Purchase port

machinery from

the Company

Based on

market price 16,145,072 0.09

Chuwa Bussan Co.,

Ltd.

Parent

Company’s

controlled

subsidiary

Sale of

goods

Purchase port

machinery from

the Company

Based on

market price 10,708,490 0.06

CCCC First Highway

Engineering Bureau

No.6 Engineering Co.,

Ltd.

Parent

Company’s

fully-owned

subsidiary

Sale of

goods

Purchase port

machinery from

the Company

Based on

market price

1,764,102 0.01

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

53

CCCC First Highway

Engineering Bureau

No.1 Engineering Co.,

Ltd.

Parent

Company’s

fully-owned

subsidiary

Sale of

goods

Purchase port

machinery from

the Company

Based on

market price

1,764,102 0.01

CCCC No. 1 Harbor

Engineering Survey

and Design Institute

Co., Ltd.

Parent

Company’s

fully-owned

subsidiary

Sales of

goods

Purchase port

machinery from

the Company

Based on

market price 1,362,000 0.01

CCCC No.3 Harbor

Engineering Bureau

Co., Ltd.

Parent

Company’s

fully-owned

subsidiary

Labor

receipt

Build base and

workshop for the

Group

Based on

market price 72,339,709 4.41

Tianjin CCCC

Bomesc Marine

Industry Co., Ltd.

Parent

Company’s

controlled

subsidiary

Labor

receipt

Supply

equipment for the

Company

Based on

market price 52,509,211 0.32

Note: June 28, 2010, the Company 2009 Annual General Meeting approved "Motion on the Company Signing Framework Agreement with CHINA COMMUNICATIONS CONSTRUCTION CO., LTD. on Routine Related Transactions." From 2010 to 2012, our company and its subordinate units and the China Communications Corporation and its subsidiary bodies could undertake related party transactions in the daily operation on annual basis with transaction amount not exceeding 3 billion yuan. The Annual General Meeting has authorized the Company’s management to handle relevant specific matters. 2. Related transaction of asset purchase or sale

Unit: RMB Yuan

Related Party Relation Type Transaction Pricing Book value of

transferred assets Transfer price

CCCC

Shanghai

Dredging Co.,

Ltd.

Parent

Company’s

fully-owned

subsidiary

Equity

transfer

CHEC

Dredging

Co., Ltd.

market

price 25,520,489 34,080,378

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54

3. Related credits and liabilities Unit: RMB Yuan

Fund provided to related

party

Related party provides fund to the

Company Related Party Relation

Current

Amount Balance

Current

Amount Balance

China

Communications

Construction Co.,

Ltd.

Parent Company 0 0 -919,699 33,472,814

Hong Kong Zhenhua

Engineering Co. Ltd.

Parent Company’s

fully-owned subsidiary 0 0 0 19,606,950

Macau Zhenhua

Harbor Engineering

Co., Ltd.

Parent Company’s

fully-owned subsidiary 0 0 0 373,626

Total 0 0 -919,699 53,453,390

Note: Reason for formation of related credits and liabilities is the result of the Company offering dividends to related parties. (VI). Major contracts and related implementations: 1. Entrustment, contracting and leasing events bringing above 10% (inclusive) profit against the Company’s total profit in report period (1) Entrustment In report period, there’s no trusteeship event occurred in the Company. (2) Contracting In report period, there are no contracting events occurred in the Company. (3) Leases In report period, there are no leases event occurred in the Company.

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

55

2. Guaranties Unit: RMB Yuan

Guaranties for subsidiaries Total guaranties for subsidiaries incurred in report period

62,141,000

Total guaranties for subsidiary balance in report period (B)

198,681,000

Total guaranties of the Company（including those for subsidiaries） Total guarantee amount（A+B） 198,681,000 Proportion of net assets of the Company (%) 1.3 Including: Direct or indirect guarantees for the guaranteed parties with an assets-liabilities ratio over 70% (D)

198,681,000

Total of the above 3 kinds of guarantee（C+D+E）

198,681,000

Note: The 2008 first interval general meeting held on Sep. 22, 2008 reviewed and passed “Proposal on the Company Providing Financial Guaranties to Subsidiary Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd.”, agreeing to provide support on financing to Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd., providing guaranties for bank loans, maximum $500 million. All guaranties the Company provided in report period are those to Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd.

3. Entrusted financing occurred in the Company In report period, there’s no entrusted financing event occurred in the Company. 4. Other substantial contracts (1) January 14, 2010, the Company and Tangshan City Caofeidian Industrial Zone Management Committee signed Caofeidian Automated Container Terminal Framework Agreement, published in the January 15, 2010 Shanghai Security News, Hong Kong Wen Wei Po (2) June 2010, the company and the United Arab Emirates Abu Dhabi National Petroleum Construction Company (NPCC) signed a 3,800 tons pipe laying and lifting vessel sales contract; with CCCC Tianjin Dredging Co., Ltd. signed a sales contract on a 11000m3 self-propelled trailing suction hopper dredger, published in the June 12, 2010 Shanghai Security News, Hong Kong Wen Wei Po

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

56

(VII) Implementation of commitments 1. Commitments of the Company or shareholders holding 5% stake in report period or lasted till report period

Type of Commitments

The Commitments Fulfillment

Commitments made in issue

In 2008 after the Company closed the purchase of the Shanghai Port Machinery Plant upon issuing to China Communications Corporation a non-public offering 169,794,680 shares restricted for circulation, having promised to lock up 36 months from the date of completion of the offering, locking period from March 17, 2009; changed to 220,733,084 shares after bonus offer for 2008.

Up to now, China Communications Corporation has strictly followed their commitments.

Promised made to medium and minor shareholders

On Apr. 8, 2008 the Company held 11th meeting of 4th board. The meeting reviewed and passed proposals including Proposal on Scheme of Non-public Issue of Shares; the same day, the Company received notice from its controller China Communications Corporation that according to CSRC stipulations, China Communications Corporation promises that the non-publicly issued A-shares it accepted will not be transferred within 36 months from issue day; apart from that, China Communications Corporation also promises that none of the shares of the Company that are held by China Communications Corporation and its fully-owned subsidiaries and controlled subsidiaries will not be reduced within 36 months from Apr. 8, 2008.

Up to now, China Communications Corporation has strictly followed their commitments.

(VIII) Particulars about appointment and dismissal of CPAs’ Whether re-employed CPAs’ No Formerly employed Now employs Names of domestic accounting PWC Zhongtian CPA Co. Ltd. PWC Zhongtian CPA Co. Ltd.

(IX) Particulars about penalties and corrective actions imposed by CSRC over directors, supervisors, senior managers, shareholders and actual controller During the report period, the Company, the Board of Directors and directors have not been checked by CSRC, given administration punishment and circling comment, and publicly criticized by Securities Exchange. (X) Whether the company is included in the list of polluting enterprises released by the environmental protection authorities: No.

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

57

(XI) Other significant events The 2009 Annual General Meeting held on June 28, 2010 approved the " Motion on Issuing the company's Medium-term Notes". In February 2011 the company received "Accepting Registration Notice "from China Association of Financial Market (Shizhong Xie Zhu [2011] MTN25), agreeing to accept registration of the medium-term notes of the company. Amount of this medium-term notes reaches up to 3.8 billion yuan. (XII) Information disclosure index

Items Newspaper and pages for info disclosure Date

Lin 2010-01 Company signed Framework

Agreement on Caofeidian Automated Container

Terminal with Tangshan Caofeidian Industrial Zone

Management Committee

Shanghai Securities News B24, Hong

Kong Wen Wei Po B8 2010-1-15

Lin 2010-02 Pre-notice on Performance of the

Company

Shanghai Securities News B25, Hong

Kong Wen Wei Po B5 2010-1-29

Lin 2010-03 4th Board of Directors 28th Meeting

Decisions Announcement

Shanghai Securities News B16, Hong

Kong Wen Wei Po B4 2010-3-19

Lin 2010-04 4th Board of Directors 29th Meeting

Decisions Announcement

Shanghai Securities News B51, Hong

Kong Wen Wei Po A24 2010-4-2

Lin 2010-05 Fourth Supervisory Board 13rd Meeting

Decisions Announcement

Shanghai Securities News B51, Hong

Kong Wen Wei Po A24 2010-4-2

Lin 2010-06 4th Board of Directors 30th Meeting

Decisions Announcement

Shanghai Securities News B112, Hong

Kong Wen Wei Po B8 2010-4-30

Lin 2010-074th Board of Directors 31st Meeting

Decisions Announcement and Notice on Convening

2009 Annual General Meeting

Shanghai Securities News 24, Hong

Kong Wen Wei Po B3 2010-6-5

Lin 2010-08 Announcement on Significant ContractsShanghai Securities News 27, Hong

Kong Wen Wei Po B4 2010-6-12

Lin 2010-09 the 2009 Annual General Meeting

Decisions Announcement

Shanghai Securities News B32, Hong

Kong Wen Wei Po C1 2010-6-29

Lin 2010-10 Reminding Announcement on

Controller Purchasing FRIEDE GODMAN UNITED,

LTD.

Shanghai Securities News B40, Hong

Kong Wen Wei Po B2 2010-8-11

Lin 2010-114th Board of Directors 33rd Meeting

Decisions Announcement

Shanghai Securities News B24, Hong

Kong Wen Wei Po A12 2010-8-31

Lin 2010-12 4th Board of Directors 34th Meeting

Decisions Announcement

Shanghai Securities News 16, Hong

Kong Wen Wei Po A26 2010-10-30

Web for disclosure Visit SSE website （www.sse.com.cn） and enter the stock codes

of the Company 600320 or 900947 for further information.

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

58

XI Financial Report

Shanghai Zhenhua Heavy Industries Co., Ltd. Annual Report 2010

59

XII. Reference Available 1. Financial statements sealed and signed by the legal representative, CFO and person in charge of accounting organ 2. Originals of Audit Report with seal and signatures of CPAs’ and auditors 3. The originals of all the company’s documents and public bulletins released in the newspapers defined by China Securities Regulation Committee within the report period

Chairman：Zhou Jichang

Shanghai Zhenhua Heavy Industries Co., Ltd. Mar. 10, 2011

Shanghai Zhenhua Heavy Industries Co., Ltd.

Consolidated and Parent Company's Balance Sheet on Dec. 31, 2010(In RMB yuan except for otherwise specified)

Assets Notes Dec. 31, 2010Consolidated

Dec. 31, 2009Consolidated

Dec. 31, 2010 ParentCompany

Dec. 31, 2009 ParentCompany

Current assets Monetary capital V(1) 1,335,993,150 1,926,802,247 1,107,432,861 1,381,173,585 Tradable financial assets V(2) 47,840,517 16,284,096 46,718,573 8,890,964 Bills receivable V(3) 35,237,260 6,574,000 27,400,000 4,700,000 Account receivable V(4)、VI(1) 5,715,050,345 6,048,610,903 5,485,639,052 5,357,890,240 Advances V(6) 1,319,830,607 2,079,241,507 1,265,928,970 2,034,188,630 Dividends receivable Other receivables V(5)、VI(2) 362,869,690 667,893,033 5,616,542,437 5,739,389,186 Stock V(7) 7,164,354,623 7,558,854,022 6,775,353,756 6,885,750,670 Completed not settled V(8) 6,910,426,449 11,276,108,522 5,832,717,062 10,194,994,466 Total current assets 22,891,602,641 29,580,368,330 26,157,732,711 31,606,977,741

Non-current assetsFinancial assets available for sale V(9) 196,622,150 - 196,622,150 - Long term equity investment V(10)、VI(3) 41,748,939 57,760,489 3,583,958,506 3,605,452,056 Fixed assets V(11) 14,386,472,840 13,884,769,836 7,226,814,415 6,716,281,406 Construction in progress V(12) 5,068,570,017 5,172,992,294 2,546,919,849 2,900,309,420 Intangible assets V(13) 2,383,859,673 2,226,705,970 1,648,713,710 1,638,863,895 Goodwill V(14) 4,400,429 4,400,429 - - Deferred corporate tax assets V(15) 313,849,645 139,428,514 313,067,476 138,856,967 Total non-current assets 22,395,523,693 21,486,057,532 15,516,096,106 14,999,763,744

Total assets 45,287,126,334 51,066,425,862 41,673,828,817 46,606,741,485

Attached notes is part of the financial statements.

Enterprise legal representative: Zhou Jichang Accounting responsible person: Kang XuezengAccounting department chief: Wang Jue

Shanghai Zhenhua Heavy Industries Co., Ltd.

Consolidated and Parent Company's Balance Sheet on Dec. 31, 2010(In RMB yuan except for otherwise specified)

Liabilities and shareholder's equity Notes Dec. 31, 2010Consolidated

Dec. 31, 2009Consolidated

Dec. 31, 2010 ParentCompany

Dec. 31, 2009 ParentCompany

Current liabilitiesShort-term loan V(17) 13,198,365,451 13,635,926,987 9,027,425,001 6,218,848,987 Tradable financial liabilities V(2) 21,895,367 8,531,815 17,154,943 5,067,897 Bills payable V(18) 490,318,391 327,830,000 1,205,069,460 2,772,000,000 Short-term bonds payable V(19) - 4,100,533,000 - 4,100,533,000 Accounts payable V(20) 1,907,554,545 2,570,025,245 1,911,764,081 2,288,967,418 Prepayment V(21) 1,573,735,688 1,520,183,126 1,533,708,745 1,455,075,590 Settles but not completed V(8) 2,365,098,981 2,347,535,659 2,377,619,603 2,415,845,932 Employee salary payable V(22) 43,933,114 194,829,166 32,300,406 187,704,315 Taxes to be deducted V(23) (580,077,681) (624,668,677) (594,163,613) (665,475,334) Interest payable V(24) 86,928,615 80,872,327 83,884,504 77,343,001 Dividends payable V(25) 61,422,320 54,373,089 52,951,107 53,870,806 Other payables V(26) 584,029,686 574,341,703 1,317,212,466 1,851,889,424 Non-current liabilities due within one year V(27) 1,881,794,500 3,750,723,300 1,881,794,500 3,750,723,300 Total current liabilities 21,634,998,977 28,541,036,740 18,846,721,203 24,512,394,336

Non-current liabilitiesLong term loans V(28) 5,621,976,500 3,863,392,000 5,165,010,200 3,863,392,000 Bonds payable V(29) 2,178,837,763 2,172,211,553 2,178,837,763 2,172,211,553 Expected liabilities V(30) 186,510,199 260,044,224 185,584,181 260,044,224 Deferred corporate tax liabilities V(15) 24,180,952 18,774,420 7,007,787 1,333,644 Other non-current liabilities V(31) 45,916,667 46,916,667 - - Total non-current liabilities 8,057,422,081 6,361,338,864 7,536,439,931 6,296,981,421

Total liabilities 29,692,421,058 34,902,375,604 26,383,161,134 30,809,375,757

Owner's equityCapital stock V(32) 4,390,294,584 4,390,294,584 4,390,294,584 4,390,294,584 Capital reserve V(33) 5,676,010,609 5,525,371,782 5,922,623,428 5,771,984,601 Surplus reserve V(34) 1,508,202,574 1,508,202,574 1,507,694,301 1,507,694,301 Undistributed profit V(35) 3,693,538,327 4,388,376,311 3,470,055,370 4,127,392,242 Total owner's equity belong to parent co. 15,268,046,094 15,812,245,251 15,290,667,683 15,797,365,728 Minority interest V(36) 326,659,182 351,805,007 - - Total owner's equity 15,594,705,276 16,164,050,258 15,290,667,683 15,797,365,728

Total liabilities and owner's equity 45,287,126,334 51,066,425,862 41,673,828,817 46,606,741,485

Attached notes is part of the financial statements.

Enterprise legal representative: Zhou Jichang Accounting responsible person: Kang XuezengAccounting department chief: Wang Jue

- 3 -

Shanghai Zhenhua Heavy Industries Co., Ltd.

Profit and Loss Statements 2010(In RMB yuan except for otherwise specified)

2,010 2,009 2,010 2,009 Consolidated Consolidated Parent Company Parent Company

V(37)、VI(4) 17,116,177,415 27,564,115,642 17,287,312,088 28,554,844,132 Less operating cost V(37)、VI(4) (16,598,961,345) (24,582,920,042) (17,129,794,351) (26,082,295,032)

business tax and addition (28,123,571) (41,172,974) (9,916,763) (3,052,237) selling expenses V(38) (59,925,255) (68,231,101) (39,911,532) (38,008,156) general expenses V(39) (901,713,714) (1,601,979,558) (501,325,450) (1,180,561,527) financial expenses - net amount V(40) (214,930,084) (622,221,819) (218,428,168) (506,305,725) asset devalution provision V(41) (220,263,970) (95,872,822) (228,372,294) (78,061,373)

Add Gains from fair value movement (loss) V(42) 18,192,869 7,752,281 25,740,563 3,823,067 Investment income V(43)、VI(5) 25,482,001 3,643,520 29,784,304 6,099,131

(864,065,654) 563,113,127 (784,911,603) 676,482,280 Add non-operating income V(44) 89,169,390 220,573,424 34,844,750 146,064,160 Less non-operating expenses V(45) (72,712,606) (19,334,780) (46,030,970) (14,452,598)

(847,608,870) 764,351,771 (796,097,823) 808,093,842 Less Corporate tax expenses V(46) 135,091,991 14,783,437 138,760,951 23,354,165

(712,516,879) 779,135,208 (657,336,872) 831,448,007 Net loss/profit belonging to shareholders of pa V(35) (694,837,984) 839,853,345 (657,336,872) 831,448,007 Miniority interest V(36) (17,678,895) (60,718,137) - -

Fundamental (losses)/gains V(47) (0.16) 0.19 n.a. n.a.Diluted (losses)/gains V(47) (0.16) 0.19 n.a. n.a.

V(48) 150,638,827 - 150,638,827 -

(561,878,052) 779,135,208 (506,698,045) 831,448,007 total loss/ income attributable to parent company's shareholers (544,199,157) 839,853,345 (506,698,045) 831,448,007 total loss/income attributable to minority shareholers (17,678,895) (60,718,137) - -

Attached notes is part of the financial statements.

Enterprise legal representative: Zhou Jichang Accounting responsible person: Kang XuezengAccounting department chief: Wang Jue

VI. Other composite income

VII. Total composite loss/income

V.(losses)/gains/per share (based on consolidated net

NoteItem

IV. Net loss/profit

III. Total loss/profit

II. Operating profit/loss

I. Operating income

- 5 -

Shanghai Zhenhua Heavy Industries Co., Ltd.

Cash flow statements 2010 Consolidated and Company(In RMB yuan except for otherwise specified)

2,010 2,009 2,010 2,009 Consolidated Consolidated Parent Company Parent Company

I. Cash flow from operating activities Cash from sales of commodities and services 20,003,225,294 25,507,422,029 18,984,328,751 24,299,472,188 Taxes and expense return 815,575,666 2,955,681,615 782,232,945 2,768,890,996 Cash from other operation related activities V(49) 170,912,583 127,146,367 103,577,945 99,825,365 Total cash flow-in 20,989,713,543 28,590,250,011 19,870,139,641 27,168,188,549 Cash paid for commodities and services (13,933,854,928) (25,384,051,680) (15,310,225,417) (27,811,563,113) Cash paid for/to staff (1,226,081,564) (1,416,015,138) (565,646,830) (856,642,863) Taxes and expenses paid (420,510,870) (687,309,703) (81,650,389) (366,499,308) Other cash payment for other operation-related activities V(49) (231,345,907) (552,592,717) (145,090,125) (300,475,101) Total cash flow-out (15,811,793,269) (28,039,969,238) (16,102,612,761) (29,335,180,385) Net cash flow from operating activities V(50),VI(6) 5,177,920,274 550,280,773 3,767,526,880 (2,166,991,836)

II. Cash flow from investment activitiesCash received from investments 34,080,377 - 34,080,377 -

Cash from collection of investment income 18,413,174 727,717 22,470,622 695,328 Cash flow-in purchasing subsidiary - 2,730,580 76,140 51,058,819 Net cash receipt from disposal of fixed assets, construction in progress and inta 156,126,905 134,648,129 3,748,944 134,616,017 Othe cash receipt related to investment activities V(49) 10,246,987 13,923,288 8,455,356 11,453,606 Total cash flow-in from investment activities 218,867,443 152,029,714 68,831,439 197,823,770 Cash paid for purchase of fixed assets, construction in progress and intangible (1,229,993,029) (4,216,277,016) (423,619,710) (1,645,314,375) Cash paid for investment (30,400,000) (10,000,000) (34,918,000) (10,000,000) Tota cash flow-out for investment activities (1,260,393,029) (4,226,277,016) (458,537,710) (1,655,314,375) Net cash flow from investment activities (1,041,525,586) (4,074,247,302) (389,706,271) (1,457,490,605)

III. Cash flow from capital raising activities Cash from investment absorption 502,000 - - - Including: Cash received from subsidiary's absorption of investment from min 502,000 - - - Cash from loans 22,328,908,877 32,432,763,326 17,827,158,477 24,884,981,204 Cash receipt from bond issues - 6,258,050,000 - 6,258,050,000 Total cash flow-in from capital raising activities 22,329,410,877 38,690,813,326 17,827,158,477 31,143,031,204 Cash paid for clearing debts (22,388,572,735) (33,689,586,946) (16,905,623,935) (25,750,580,740) Cash paid for distributed dividends, profit or interest (632,193,859) (920,542,470) (515,875,658) (816,332,281) Cash paid to pay off short-term bonds (4,100,000,000) (2,300,000,000) (4,100,000,000) (2,300,000,000) Othe cash paid for capital raising-related activities V(49) - (49,056,513) - - Total cash flow-out in capital raising activities (27,120,766,594) (36,959,185,929) (21,521,499,593) (28,866,913,021) Net cash flow from capital-raising activities (4,791,355,717) 1,731,627,397 (3,694,341,116) 2,276,118,183

IV. Impact on cash flow or equivalent by exchange rate change - - - -

V. net addition of cash and cash equivalent V(50),VI(6) (654,961,029) (1,792,339,132) (316,520,507) (1,348,364,258) Add: starting balance of cash and cash equivalent 1,861,596,053 3,653,935,185 1,316,037,641 2,664,401,899

VI. Closing balance of cash and cash equivalent V(50),VI(6) 1,206,635,024 1,861,596,053 999,517,134 1,316,037,641

Attached notes is part of the financial statements.

Enterprise legal representative: Zhou Jichang Accounting responsible person: Kang XuezengAccounting department chief: Wang Jue

Item Note

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Shanghai Zhenhua Heavy Industries Co., Ltd.

2010 Company Shareholder's Equity Movement Statements(In RMB yuan except for otherwise specified)

Note Capital stock Capital Reserve Share Surplus Reserve Undistributed Profit Total Equity

Starting balance at Jan.1, 2009 3,207,355,000 5,953,270,597 - 1,424,549,500 4,507,057,028 15,092,232,125

Movement in 2009Net profit - - - - 831,448,007 831,448,007

Direct comprehensive incomeNet movement of fair value of financial assets available for sale - - - - - - Hedging reserve - (13,519,197) - - - (13,519,197) Impact of corporate tax related to hedging reserve - 2,027,881 - - - 2,027,881 Added or Lessed capital from ownersCapital investment added by owner 169,794,680 (169,794,680) - - - - Amount of share payment into owner's equity - - - - - - Others - - - - - - Profit DistributionAccrued surplus reserve - - - 83,144,801 (83,144,801) - Distribution to shareholders 1,013,144,904 - - (1,127,967,992) (114,823,088) Others - - - - - - Internal transfer of owner's equityCapital reserve into capital stock - - - - - - Surplus reserve into capital stock - - - - - - Surplus reserve compensation on loss - - - - - - Impact of merger under same controller - - - - - -

Closing balance on Dec. 31, 2009 4,390,294,584 5,771,984,601 - 1,507,694,301 4,127,392,242 15,797,365,728

Starting balance on Jan.1, 2010 4,390,294,584 5,771,984,601 - 1,507,694,301 4,127,392,242 15,797,365,728

Movement in 2010Net loss - - - - (657,336,872) (657,336,872)

Direct comprehensive incomeNet movement of fair value of financial assets available for sale - 150,638,827 - - - 150,638,827 Hedging reserve - - - - - - Impact of corporate tax related to hedging reserve - - - - - - Added or Lessed capital from ownersAdded by owners - - - - - - Amount of share payment into owner's equity - - - - - - Others - - - - - - Profit DistributionAccrued surplus reserve - - - - - - Distribution to shareholders - - - - - - Others - - - - - - Internal transfer of owner's equityCapital reserve into capital stock - - - - - - Surplus reserve into capital stock - - - - - - Surplus reserve compensation on loss - - - - - - Impact of merger under same controller - - - - - -

Closing balance on Dec. 31, 2010 4,390,294,584 5,922,623,428 - 1,507,694,301 3,470,055,370 15,290,667,683

Attached notes is part of the financial statements.

Enterprise legal representative: Zhou Jichang Accounting responsible person: Kang XuezengAccounting department chief: Wang Jue

Item

- 8 -

Shanghai Zhenhua Heavy Industries Co., Ltd.

2010 Consolidated Shareholder's Equity Movement Statements(In RMB yuan except for otherwise specified)

capital stock Capital reserve Less: shares

in stock Surplus reserve Undistribute profit

Foreigncurrency

statementstranslationdifference

Starting balance on Jan. 1, 2009 3,207,355,000 5,706,657,778 - 1,425,057,773 4,759,635,759 - 462,371,709 15,561,078,019

Movement in 2009Net profit - - - - 839,853,345 - (60,718,137) 779,135,208 Direct comprehensive incomeNet change of fair value of financial assets available for sale - - - - - - - - Purchase of subsidiary minority interest - - - - - - - - Hedging reserve - (13,519,197) - - - - - (13,519,197) Impact of corporate tax related to hedging reserve - 2,027,881 - - - - - 2,027,881 Added or Lessed capital from ownersCapital investment added by owner 169,794,680 (169,794,680) - - - - - - Minority equity movement by change of subsidiaries consolidated - - - - - - (49,848,565) (49,848,565) Others - - - - - - - - Profit DistributionAccrued surplus reserve - - - 83,144,801 (83,144,801) - - - Distribution to shareholders 1,013,144,904 - - - (1,127,967,992) - - (114,823,088) Others - - - - - - - - Internal transfer of owner's equityCapital reserve into capital stock - - - - - - - - Surplus reserve into capital stock - - - - - - - - Surplus reserve compensation on loss - - - - - - - - Impact of merger under same controller - - - - - - - -

Closing balance on Dec. 31, 2009 4,390,294,584 5,525,371,782 - 1,508,202,574 4,388,376,311 - 351,805,007 16,164,050,258

Starting balance on Jan.1, 2010 4,390,294,584 5,525,371,782 - 1,508,202,574 4,388,376,311 - 351,805,007 16,164,050,258

Movement in 2010Net loss - - - - (694,837,984) - (17,678,895) (712,516,879) Direct comprehensive incomeNet movement of fair value of financial assets available for sale - 150,638,827 - - - - - 150,638,827 Purchase of subsidiary minority interest - - - - - - - - Hedging reserve - - - - - - - - Impact of corporate tax related to hedging reserve - - - - - - - - Invested or withdrawn capital from ownersCapital invested from owner - - - - - - 502,000 502,000 Minority equity movement by change of subsidiaries consolidated - - - - - - - - Profit DistributionAccrued surplus reserve - - - - - - - - Distribution to shareholders - - - - - - (7,968,930) (7,968,930) Others - - - - - - - - Internal transfer of owner's equityCapital reserve into capital stock - - - - - - - - Surplus reserve into capital stock - - - - - - - - Surplus reserve compensation on loss - - - - - - - - Impact of merger under same controller - - - - - - - -

Closing balance on Dec. 31, 2010 4,390,294,584 5,676,010,609 - 1,508,202,574 3,693,538,327 - 326,659,182 15,594,705,276

Attached notes is part of the financial statements.

Enterprise legal representative: Zhou Jichang Accounting responsible person: Kang XuezengAccounting department chief: Wang Jue

Total shareholder'sequity

Equity Belonging to Parent Company

NoteItem Minority interest

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Shanghai Zhenhua Heavy Industries Co., Ltd. FINANICAL STATEMENTS & AUDITORS REPORT 2010

Shanghai Zhenhua Heavy Industries Co., Ltd. FINANICAL STATEMENTS & AUDITORS REPORT 2010 FINANICAL STATEMENTS & AUDITORS REPORT 2010

AUDITOR’S REPORT 1 - 2

Consolidated and Company's B/S 3 - 4 Consolidated and Company's P/L 5 Consolidated and Company's Cash Flow Statements 6 Consolidated Shareholder's Equity Movement Statements 7 Company Shareholder's Equity Movement 8 Finanical Statements notes 9 -120

Supplementary information

　

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Auditors’ Report

PricewaterhouseCoopers Zhongtian Shen Zi (2011) No. 10027 (Page 1 of 2)

TO THE SHAREHOLDERS OF Shanghai Zhenhua Heavy Industries Co., Ltd. We have audited the accompanying consolidated as well as company’s financial statements of Shanghai Zhenhua Heavy Industries Co., Ltd. (“Zhenhua Heavy Industry”) including the company’s and the consolidated balance sheets as of 31 December 2010, the 2010’s P&L, shareholders’ equity movement statements, cash flow statements and notes to the financial statements. I. The Management’s responsibilities on the Statements Preparing financial statements in accordance with Enterprise Accounting Norms are the responsibilities of the management with Zhenhua Heavy Industry. These responsibilities include: (1) design, implement and maintain interior control connected with the preparation of the statements to avoid any significant mistakes due to cheating or errors; (2) choosing and using appropriate accounting policies; (3) making reasonable accounting estimates. II. The CPA’s Responsibilities Our responsibilities are to provide audit opinions based on our auditing. We conducted the audit on the basis of China CPA Norms, which require us to abide by professional virtues and norms to plan and conduct audit to ensure there exist no serious reporting errors in the financial statements.

　

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PricewaterhouseCoopers Zhongtian Shen Zi (2011) No. 10027

(Page 1 of 2) The audit Includes implementing the audit procedures to acquire financial statements figures and audit evidence. Audit procedures are chose based on CPA’s judgment, including the estimate of risks for possible misreports due to cheating or errors. When estimating risks, we will consider the interior controls related with financial statements preparation to design appropriate audit procedures, but not to provide opinions on effectiveness of the interior controls. The audit also Includes the evaluating of the appropriateness of utilization of accounting policies and accounting estimates by the management, and the evaluating of the total reporting of the financial statements. We believe we have acquired sufficient and appropriate audit evidences, which provide the basis for the auditor’s opinions. III. Auditor’s Opinions In our opinion, the accompanying financial statements of Zhenhua Heavy Industry has been prepared according to stipulations of the enterprise accounting norms and present fairly, in all material respects, the financial position of the Consolidation and Zhenhua Heavy Industry as of 31 December 2010 and of the results of its operations and its cash flows for the year then ended.

PricewaterhouseCoopers China Limited CPA___________________ WANG Xiao Shanghai, China Mar. 8, 2010 CPA___________________ Zhu Wei

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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I. General information Shanghai Zhenhua Heavy Industries Co., Ltd. (hereinafter “the Company” or “Parent Company”) was established in Shanghai, on 8 September 1997 as part of an exercise to reorganise its predecessor, Shanghai Zhenhua Port Machinery Company Limited. The Company is registered in P. R. China’s Shanghai. As approved by ZhengWeiFaZi (1997) No. 42 document issued by the Securities Commission under the State Council, the Company issued 100 million listed foreign investment shares (B-shares) to overseas investors from July 15, 1997 till July 17, 1997. The B-shares were listed for trading at Shanghai Stock Exchange on Aug. 5, 1997. As approved by GongsiZi (2000) No. 200 of China Securities Regulatory Commission, the Company added issuing of 88 million RMB common shares (A-shares) to domestic investors in Dec. 2000. The A-shares were listed for trading at Shanghai Stock Exchange on Dec. 21, 2000. In accordance with ZhenJianFaXingZi (2004) No. 165 by China Securities Regulatory Commission, the Company issued 114,280,000 A-shares to domestic investors on Dec. 23, 2004. The said issuances were listed at Shanghai Stock Exchange respectively on Dec. 31, 2004 and Jan. 31, 2005 for trading. In accordance with ZhenJianFaXingZi (2007) No. 346 by China Securities Regulatory Commission, the Company issued 125,515,000 A-shares to domestic investors on Oct. 22, 2007. The said issuances were listed at Shanghai Stock Exchange respectively on Oct. 23, 2007 and Jan. 23, 2008 for trading. As approved by CSRC Zheng Jian Xuke (2009) No. 71 document, the Company issued non-publicly 169,794,680 A-shares on Sep. 22, 2008, to its controller China Communications Construction Co., Ltd. (“China Communications Corporation”). The issued A-shares are conditioned circulating shares, expected to be traded at Shanghai Stock Exchange from May 17, 2012 on. As of Dec. 31, 2010, after all issues of shares and bonus shares distribution, capital stock of the Company is increased to 4,390,294,584 shares, par value per share 1 yuan, totally 4,390,294,584 yuan.

On Dec. 18, 2005, China Road and Bridge Construction Group General Company combined with the company’s controlling holder China Harbor Construction (Group) General Company after reorganization into China Transportation Construction (Group) Co. Ltd. (hereafter called Communications Group). In accordance with the Reply to Issue Concerning Listing of China Communications Construction Co. Ltd. Entirely after Reorganization on Both Domestic and Overseas Market (Guozi Gaige [2006] No. 1063) by State Assets Commission on Aug. 16, 2006, Reply to Issue Concerning Management of State Stock of China Communications Construction Co. Ltd. (Guozi Chanquan [2006] No. 1072) on Sep. 30, 2006, which granted the reorganization proposal of Communications

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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Group, and in addition to the Reply to Approve China Communications Construction Co. Ltd.’s Announcement of Purchase Report of Road and Bridge Construction Co. Ltd. and Shanghai Zhenhua Port Machinery (Group) Co. Ltd. and the Exemption of Purchase Offer Obligations (Zhengjian Gongsi Zi [2006] No. 227), on Oct. 8, 2006 Communications Group solely initiated the establishment of China Communications Construction Co. Ltd. (hereafter Communications Company), and invested the stock rights of the Company it held into the newly established Communications Company. With completion of reorganization, Communications Company thus becomes the controlling shareholder of the Company. On Mar. 24, 2006, the Company implemented stock reform, in accordance with CSRC Guozi Chanquan [2006] No. 195 Reply to Issues Concerning Stock Reform of ZPMC. Communications Group, the Company’s State Corporate Shareholder of Non-circulating Shares, paid a total consideration of 108,855,000 shares on the basis of 2.5 shares for every 10 to circulating A-share holders at registration on the agreed upon registration day (i.e. Mar. 27) as concerned in the stock reform. From Mar. 29, 2006 on, all state-owned legal person shares have acquired the right of listing. For the listing of shares with sales conditions, see Note V (32).

The Company and its subsidiaries (together called “the Group”) are engaged in design, building, installation of heavy port handling system and machinery, heavy ocean equipment, engineering machinery, engineering vessels, large metal structures & components, parts; leasing of self-manufactured cranes; sales of self-produced products; professional contracting of international ocean shipping and steel structure engineering with special vessels for whole-machine transportation. This financial report is disclosed on Mar. 8, 2011 through approval by the Company’s board of directors.

II. Major accounting policies and accounting estimates (1) Basis of preparation for financial statements

The financial statements are prepared on the basis of Enterprise Accounting Standards – Basic Standards and 38 concrete accounting standards issued on Feb. 15, 2006, guidelines and explanation of the accounting standards, and other related stipulations (hereafter totally called “Enterprise Accounting Standards”) and CSSRC’s Listed Company with Public Securities Information Disclosure Coding Rules No. 15 – General Rules on Financial Report (Revised in 2010).

(2) Declaration on abiding by the Enterprise Accounting Standards

The Company follows the requirements of enterprise accounting standards in preparing 2010 financial statements, which authentically and completely reflect the consolidated and the Company’s financial status on Dec. 31 of 2010 and the consolidated and the Company’s operating result and cash flow during 2010.

(3) Accounting year

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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Calendar year, from January 1 till December 31.

(4) Monetary Currency RMB is the monetary currency of the Group.

(5) Foreign currency translation

(a) Foreign currency transaction

Transactions denominated in foreign currencies are translated into RMB by the sight rate on the transaction day. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into RMB at the exchange rates at sight. Exchange differences arising from these translations are taken to the income statement, with exception that gains/losses related to special foreign currency fund borrowing during fixed assets purchase period are capitalized. Foreign currency of non-monetary items valued by fair value are translated into RMB on the sight standard rate of the date of fair value recognition, difference from translation directly booked into current income statement as fair value movement. On B/S day, non-monetary foreign current items valued by historical cost are translated still by the sight standard rate of transaction day, RMB amount remaining unchanged.

(b) Foreign currency statements translation

All assets and liabilities in the foreign currency balance statements of the Group’s overseas subsidiaries consolidated into the Group are translated into RMB at the exchange rate at sight on B/S day. Shareholders equity is translated into RMB at the exchange rate at sight on the day of the transaction, except for undistributed profit, which is confirmed by the amount in the profit distribution statement after translation. Entries reflecting occurrence amount in the income statements and profit distribution statements are translated into RMB at average exchange rates for the year, differences thus occurred are listed as individual entry under shareholder’s equity. Foreign currency cash flow and overseas subsidiary’s cash flow are translated by annual average rate. Impact of rate movement on cash is individually reflected in cash flow statements.

(6) Cash and cash equivalents

Cashes in the cash flow statement means cash on hand and deposits held at call with banks; cash equivalents comprise investment due within 3 months, with high liquidity, easily translated into affirmative amount of cash, and with little value change risk.

(7) Financial instruments

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(a) Financial assets Financial assets are classified at the beginning of recognition into: Receivables, Available-for-sale financial assets and financial assets calculated by fair value, whose movement booked into current income statement. Classification of financial assets is determined by the intention and capability of the group in holding the financial assets.

(i) Receivables Receivables are non-derivative financial assets which have no quotation on active market,

whose collectable amount is fixed or can be determined.

(ii) Financial assets calculated by fair value, whose movement booked into current income statement

Financial assets calculated by fair value, whose movement booked into current income

statement, refer to the financial assets originated from derivative financial instruments, which are shown in B/S as marketable financial assets.

(iii) Available-for-sale financial assets Available-for-sale financial assets are marketable non-derivative financial assets fixed at the

beginning of recognition and financial assets not classified into Others. Available-for-sale financial assets to be sold within 12 months from B/S day are booked in B/S as Other current assets.

(b) Financial Liabilities Financial Liabilities are classified at the initial recognition into financial liabilities measured

by fair value and booked into current P&L, and other financial liabilities.

(i) Financial Liabilities calculated by fair value, whose movement booked into current income statement

Financial liabilities calculated by fair value, whose movement booked into current income

statement, refer to the financial Liabilities originated from derivative financial instruments and the said liabilities are listed in B/S as marketable financial Liabilities.

(ii) Other Financial Liabilities Other Financial Liabilities include: payables, loans and bonds payable. Payables include accounts payable, other payables, valued by fair value initially, followed

up by valuing post-amortization cost on the basis of actual interest rate. Loans and bonds payable are initially valued by the amount of fair value after deducting

transaction expenses, and followed up by valuing post-amortization cost on the basis of actual interest rate.

When present obligation of financial liabilities is entirely or partially dismantled, the related financial liabilities or those whose obligation has been dismantled are terminated as recognition. The difference between the book value of the those terminated and the consideration paid is booked into current P&L.

(c) Confirmation of the fair value of financial instruments

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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Financial instruments with active market decide their fair value by the quotation on the

active market, while financial instruments without active market decide its fair value by evaluation technology. Evaluation technology includes prices used by latest market transaction among all parties who are willing to trade and are familiar with the situation, referring to current fair value of actually the same other financial assets and cash flow discounting methods etc. When evaluation technology is utilized, observable market parameter should be used as much as possible to decrease the use of parameters specially related with the Group.

(8) Receivables Receivables refer to accounts receivable and other receivables. The Group confirms the

initial amount of accounts receivable from exported goods or provided labor by the fair value of contracted agreed upon price receivable from purchaser or labor acceptor.

(a) Accounts receivable As of accounts receivable, bad debt provision is made in the following way: (i) Accounts receivable with big single amount and individual bad debt provision is made As of accounts receivable with single big amount, individual test is made on value

depreciation. When proof shows the Group is not able to collect the account receivable as prescribed, bad debt provision is made.

Standard of single big amount: single amount exceeds 60,000,000 yuan. Method of bad debt provision being made with big single amount: based on the difference

of the present value of the expected future cash flow of the account receivable lower than its book value.

(ii) Accounts receivable whose bad debt provision is totally made in groups: Accounts receivable not with big single amount, together with accounts receivable whose

value is not decreased after being individual test, are classified into groups by credit risk features and bad debt provision is made, on the basis of actual loss rate of prior period accounts receivable of the same or similar kind, with similar credit risk features, combining present situation.

Credit risk groups are determined by the following criteria:

Group 1 Accounts receivable from related party Group 2 Accounts receivable from third party Method of bad debt provision being made by credit risk groups:

Group 1 Bad debt provision shall not be made of accounts receivable

from related party except proof shows the Group is not able to collect them.

Group 2 Debt age analysis method

Among the groups, proportion of accrual on aging analysis basis is listed as follows: Term overdue % of provision

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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1－6 months -7－12 months 10%1－2 years 30%2－3 years 50%3 years above 100%

(iii) Accounts receivable not of big single amount but individually provided for bad debt: Reason for individual accrual of bad debt provision: proof shows the Group will not be able

to the accounts receivable on the basis of former clauses. Method of accrual of bad debt provision: accrued according to the difference between the

present value of its expected future cash flow lower than its book value

(b) Other receivables As of other receivables, bad debt provision is made as follows: (i) Other receivables of big single amount and individually provided for bad debt: As for other receivables of big single amount, individual devaluation test is made. When

proof exists to show the Group will not be able to collect them according to prescribed clauses, bad debt provision is made.

Standard of single big amount: single amount exceeds 60,000,000 yuan. Method of bad debt provision being made with big single amount: based on the difference

of the present value of the expected future cash flow of the other receivables lower than its book value.

(ii) Bad debt provision of other receivables not of big single amount but individually provided

for bad debt: Reason for individual accrual of bad debt provision: proof shows the Group will not be able

to the other receivables on the basis of former clauses. Method of accrual of bad debt provision: accrued according to the difference between the

present value of its expected future cash flow lower than its book value

(c) Bad debt loss confirmation standard

To the proven non-collectable receivables such as when debtors dissolved or bankrupt or insufficient assets to cover debts or insufficient cash flow, bad debt loss is confirmed and will offset accrued corresponding bad debt provision.

(d) Transfer of receivables

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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In case of account receivable the Group transfers to financial institutions with no retrospective rights retained, the difference between the transaction amount and the moved receivables’ book value and related taxes is taken into current period income statement.

(9) Available-for-sale financial assets

Available-for-sale financial assets are recognized by fair value in the B/S. Transaction expenses incurred while obtaining the available-for-sale financial assets are booked into the initial recognition amount. Follow-up valuation of the available-for-sale financial assets is made by their fair value, while equity instrument investment without quotation on active market whose fair value can not be reliably valued is valued on cost basis. Except for devaluation losses, the movement of fair value of available-for-sale financial assets is directly booked into owner’s equity. When the said financial assets are terminated for recognition, accumulative movement amount of the fair value of the equity formerly booked into equity is transferred to current P&L. As of B/S day, the Group makes check-up on the book value of available-for-sale financial assets. If proof shows devaluation has incurred, depreciation reserve is made. In case their fair value decreased significantly or not on a temporary basis, accumulative losses from fair value decrease formerly booked into owner’s equity is transferred out and booked into devaluation losses. As of available-for-sale equity instrument investment whose devaluation loss has been confirmed, the increase of future fair value will be booked into owner’s equity.

(10) Derivative financial tool and hedging accounting

The Group is mainly engaged in exporting business. In order to avoid foreign exchange risks, the Company enters into time foreign exchange contract with many banks for long term loans on flexible interest rate. Swap contracts on interest rate are signed with banks to avoid flexible interest rate risks of long term loans. Forward foreign exchange contracts and interest rate swap contracts are initially valued by fair value on contract day, and follow-up valuation is made by fair value. Except for hedging tool which are highly effective whose gains/losses from movement of fair value are booked into P&L period confirmed by according to hedging nature and accounting requirement, fair value movement of other derivative tools is booked into current P&L. In order to hedge, the Group designates partial forward foreign exchange contracts as hedging tool, fair value or cash flow movement expectation of which can offset the movement of the fair value or cash flow of hedged items. Hedging is classified into fair value hedging and cash flow hedging. Only when fair value hedging and cash flow hedging simultaneously meet the following conditions can hedging accounting method be used: (a) When hedging starts, the Group has official designation of hedging relations (i.e.

relations between hedging tool and hedged item) and has prepared official written documents of hedging relations, risk managing goals and hedging strategies

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(b) The hedging expectation is highly effective and is in compliance with the risk managing strategy designated initially for the hedging relation by the Group.

(c) In case of hedging cash flow of expected transaction, the expected transaction should most probably happen and it must put the Group against cash flow risk impacting eventual profit.

(d) Effectiveness of hedging can be reliably valued. (e) The Group makes continuous valuation of the effectiveness of hedging and ensures

the hedging is highly effective in the designated term of hedging relations. Hedging is considered highly effective in case of meeting the following conditions simultaneously: (a) At the beginning of hedging and during later process, the hedging expectation will

highly effectively offset fair value or cash flow movement caused by the hedging risks during the designated hedging term.

(b) The actual offset effect ranges between 80% and 125%.

Gains or losses valued by fair value at period end of the hedging tool for fair value are directly accounted into current income statement. Gains or losses valued by fair value at period end of the hedging tool for cash flow are differentiated into effective hedging and non-effective hedging, the former booked into hedging reserve in capital reserve while the latter into current income statement. When the future transaction or promise incurs and is confirmed as an asset or liability, the valued gains/losses booked into hedging reserve in capital reserve will be transferred into cost of the related asset or liability; when the future transaction or promise incurs and is confirmed as a financial asset or liability, estimated gains/losses formerly booked into the pledging reserve under capital reserve will be transferred out in the period it influences and will be booked into current P&L; when the future transaction or promise incurs and is not confirmed as an asset or liability, the valued gains/losses booked into hedging reserve in capital reserve will be transferred into current income statement; when the future transaction does not incur, the valued gains/losses booked into hedging reserve in capital reserve will be transferred directly into current income statement.

(11) Stock

Stock includes raw materials purchased spare parts and semi-products, reported in the lower between cost and cashable net value.

The cost of stock when delivered is calculated on the basis of weighted average. Cost of goods in stock and semi-products includes raw material cost, direct labor cost and manufacturing cost calculated in systematic way under normal productivity.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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When stock cost higher than net realizable value, the part less than the net realizable value is provided as devaluation provision. Stock devaluation provision is made based on individual items when cost higher than net realizable value. The net realizable value of items in normal manufacturing process is calculated on the amount of estimated selling price deducting future cost, selling expenses and taxes till the completeness of the manufacture. Stock taking of inventories: Perpetual inventory taking system is used. Turn-over materials include perishables and packing materials etc. Perishables are amortized by turns while packing is amortized at one time.

(12) Building contracts

For customized large port equipment with fixed price, because the start and the finishing of the project are in different accounting years, the Company uses building-contract method to calculate the revenue and the cost. If the selling result of individual building contract can be reliably estimated, the revenue and expenses can be recognized in proportion of completeness on the day of balance sheet. (a) Project progress proportion is made on the report day according to the revenue

recognition stage stipulated in the contract. The Company confirmed the following 3 revenue recognition stages:

Stage 1: body steel structure completed and erected; Stage 2: manufacturing, installation and initial testing completed, product ex-plant qualification certificate issued, shipping documents acquired, product ready to be shipped; Stage 3: product finally delivered after being checked and approved by purchaser, final delivery certificate issued by purchaser acquired.

The Group will analyze the building contracts completed in prior year and recognize progress proportion of each revenue recognition stage on the basis of the proportion of the cost of the revenue recognition stage in real total costs and recognize it as the progress proportion at various stages in current period.

(b) For heavy ocean equipment, progress of completeness is recognized by the

proportion of accumulated cost incurred in total expected cost. The accumulated cost does not include that related to contracted future activities.

(c) Progress of completeness of steel structures is determined by the proportion of

cumulative tons of processing completed in total tons of processing. When individual building contract result is not able to be reliably estimated, the following methods are used:

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(i) When contract cost can be covered, contract revenue is recognized according to real contract cost that can be covered, contract cost is recognized as expenses in the period when cost incurs.

(ii) When contract cost can not be covered, it can be recognized as expenses immediately when it incurs; no contract revenue is confirmed.

When expected total contract cost exceeds total revenue, the expected losses should be immediately recognized as expenses in current period. When contract value is settled in installments, the settled installment is recognized as settled value, which will be transferred and set off with related accumulated costs and confirmed margin on the day of building contract completed. On the balance sheet day, when the addition of accumulated costs and confirmed margin exceeds the accumulated settled value, the difference is listed as completed but not yet settled item in current assets. Otherwise, it will be listed in settled but not completed item in current liabilities.

(13) Long term equity investment

Long term equity investment including: Long term equity investment into the Company’s subsidiaries; Long term equity investment into the joint undertaking; Long term equity investment for which the Group exercises no control or co-control over the investee company, with no quotation on active market, whose fair value can not be reliably valued (hereafter “Others long term equity investment”) Subsidiary is the investee company over which the Company exercises control; a joint undertaking is an investee over which the Company exercises control together with other parties. Investment to subsidiaries is recorded in the amount confirmed by cost method in the Company’s individual financial statements, and consolidated after adjustment in equity method while compiling consolidated statements. A joint undertaking is accounted on equity basis; while other long term equity investment is accounted on cost basis.

(a) Confirmation of investment cost Long term equity investment accounted on cost basis is valued by original cost. As of long term equity investment on equity basis, when initial investment is bigger than the recognizable net asset of the investee enjoyed at the time of investing, initial investment is considered as long term equity investment cost; when initial investment is smaller than the recognizable net asset of the investee enjoyed at the time of investing, the difference is booked into current P&L and corresponding long term equity investment cost is adjusted to increase.

(b) Follow-up valuation and gains/losses recognition method

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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Long term share investment accounted in cost method is valued by original cost. Cash dividend or profit announced by the investee is confirmed into current period’s investment income. In equity method, gains/losses of investment are recognized by the amount of investee’s current period net profit or net loss share enjoyable or bearable by the Group. The confirmed investee’s net loss is limited to zero in the book value of the long term share investment. Whereas when the Group bears extra liability for loss and when the extra liability meets requirements for stipulated probable events, investment loss and expected liability is further confirmed. For the movement of investee’s equity other than net gains/losses, when proportion of hold remains unchanged, the Group calculates the part it enjoys or bears in accordance with its proportion of share holding and directly book it into capital reserve. The announced investee’s distributed profit or cash dividends shall correspondingly deduct the book value of long term equity investment of the Group at the time of the announcement. However when cash dividends exceed already confirmed investment gains but do not exceed that part of the investee’s book value profit realized after the investment is made which is enjoyed by the Group in proportion of holding, it is confirmed as current period investment income. Gains/losses from internal transactions between the Group and the investee enjoyed by the group according to proportion of share-holding are confirmed as investment gains/losses after setoff is made. When loss from internal transactions between the Group and the investee belongs to asset devaluation loss, the loss is fully confirmed, unrealized gains/losses from which will not be setoff.

(c) Basis for determining the control or co-control over investee

Control means having the power to decide on investee’s financial and operating policies, and thus obtaining gains from its operation. When deciding whether being able to control over the investee, potential voting rights of the investee including current transferable company bonds, current executive warranty etc. will also be considered. Co-control means enjoying control over certain economic event according to contract, which only exists when investors unanimously agree who share the control over the financial and operating policies only concerning the said economic event.

(d) Long term equity investment devaluation As of long term equity investment in subsidiary or joint undertaking, when collectable amount is lower than the book value, the book value is decreased to the collectable amount (Note II (17)). When other long term equity investment experiences devaluation, devaluation loss is determined by the difference of the book value over the present value determined by the discounted future cash flow of similar financial assets from current market earning ratio. Once devaluation loss is determined, recovered value in future periods shall not be returned.

(14) Fixed assets (a) Validation of fixed assets and initial valuation

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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Fixed assets consist of tangible assets related to operation with rather high individual value, for use of at least above one year owned or held for manufacturing goods, providing service, leasing or business management, including bbuildings and constructions, manufacturing equipment, transportation facilities, other equipment and office equipment. Fixed assets are confirmed when financial benefits related will probably flow into the Group and their costs can be reliably valued. Fixed assets purchased or newly constructed are initially valued by cost at acquisition. Fixed assets invested by the state shareholders during the Company’s reconstruction in the form of corporation are booked by the value appraised by the state-asset managerial authorities. Follow-up expenses related to fixed assets, when related economic benefits will most probably flow in the Group and related cost can be reliably valued, are accounted into fixed assets cost; for the replaced part, related book value ceases confirmation; all other follow-up expenses are booked into current income statement at the time of incurrence.

(b) Fixed assets depreciation method

Depreciation of fixed assets is made in average year method and is accrued by deducting expected net residual value from purchase value within the expected years for use. When devaluation provision have been made to fixed assets, the depreciation ratio and amount will be decided on the net book value after devaluation and the remained years for use. Fixed assets expected years for use, net residual value ratio and annual depreciation ratio are listed as below: Expected years

for useExpected net

residual value ratio Annual depreciation

ratio House and building - costs

30 years 0% 3.3%

Manufacturing equipment

10 years 0% 10%

Office equipment 5 years 0% 20% Transportation means (other than vessels)

5 years 0% 20%

Vessels 5-14 years Based on international

market price of wasted vessel

steel

Calculated in average years after purchase value less

net residual value

Other equipment 3 - 5 years 0%/ settled by price of wasted

steel

20%/determined by expected net residual

value and expected life of use

Double check is made to the estimated life of use, estimated net residual value and method of depreciation at the end of each report year and necessary adjustment is made.

(c) When collectable amount of fixed assets is lower than its book value, the book valued is deducted to the collectable amount (see Note II <17>).

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(d) Disposal of fixed assets

Fixed assets terminate recognition when they are disposed of, or expected to generate no economic benefits. Difference between disposal income from fixed assets sales, transfer, waste or damage and the book value and taxes is taken into current period P&L.

(15) Construction in progress

Construction in progress is booked as project costs in real expenditure. Project costs consist of building expenses, other necessary expenses which make the construction in progress reach expected status of use, and loan expenses occurred before it reaches the condition for use which meets qualification of capitalization. When the project under construction reaches the expected condition for use, it is transferred into fixed assets items and depreciation will be made from the following month. When collectable amount of construction in progress is lower than its book value, the book valued is deducted to the collectable amount (see Note II <17>).

(16) Intangible assets

Intangible assets consist of land use rights and software use cost. They are booked in really paid price or in the estimated value at the re-structuring of the Company, and are amortized in straight line method in the following expected years for use:

Paid price in purchasing land and building is distributed between building and land use right. When difficult to distribute, it is recognized as fixed assets.

(a) Intangible asset amortization years

Expected years for use Land use rights years of land useSoftware use cost 5 yearsPatented technologies 10 years

(b) Regular double-check of life in use and amortization method Double check is made by end of each year to expected life in use and amortization method

of intangible assets with limited use of life and adjustment is thus made.

(c) Intangible asset devaluation

When collectable amount of intangible assets is lower than its book value, the book valued is deducted to the collectable amount (see Note II <17>).

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(d) Research and Development Expenses of internal research and development projects are classified into that in research stage and that in development stage, according to their nature and whether there exists much uncertainty in the ultimate intangible assets resulted from the research and development. Expenses in research stage are put into current P&L at occurrence; expenses in development stage are capitalized when simultaneously satisfying the following conditions:

It is technically feasible to complete the intangible assets to make them usable and marketable;

The management has the intention to complete the intangible assets and to use them or to sell them;

It’s able to prove how the intangible assets yield financial benefits; Enough technology and financial resources and other resources support and will

enable the completion of the development of the intangible assets and make them to be used to sold;

Expenses belonging to the intangible assets can be reliably measured. Expenses of development stage not satisfying the conditions are put into current P&L. Development expenses booked into P&L of prior years will not be re-recognized as assets. Expenses of development stage already capitalized are shown as development expenses on B/S, to be transferred into intangible assets from the day when the project reaches its planned goal.

(17) Long-term asset devaluation

When signs of devaluation exist on B/S day with long term equity investment in subsidiaries and associates, fixed assets, construction in progress and intangible assets, simulating test is made to the devaluation. When test result shows collectible amount is lower than its book value, provision is made on basis of the difference and booked into devaluation loss. The collectible amount is the higher between net amount of asset’s fair value deducting disposal expenses and the present value of expected future cash flow. Asset devaluation provision is calculated and confirmed by individual piece of asset. In case collectible amount of individual asset is difficult to value, collectible amount of asset group to which the said individual asset belongs is confirmed. Asset group refers to the minimum asset portfolio which independently generates cash in-flow. Goodwill individually reported in the financial statements, no matter whether there exists sign of devaluation, test of devaluation is conducted at least once a year. In the test, the book value of the goodwill is amortized into the asset group or asset portfolio beneficiary from the concord effect at enterprise consolidation day. The lower part of the collectable amount of the asset group or portfolio in which goodwill is enclosed over the book value, as shown by the test result, is confirmed as devaluation loss. The loss is firstly to compensate the book value of the goodwill amortized in the asset group or portfolio, and then to compensate the book value of other assets in the proportion of the book value of other assets except for the goodwill in the asset group or portfolio.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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Once asset devaluation provision is made, it shall not be transferred back even though the asset value is resumed in later period.

(18) Loan expenses

Loan expenses such as interest and foreign exchange differences from loans for purchasing fixed assets are capitalized and calculated into that asset’s cost, at the time when asset expenditure and loan expenses incur and when purchasing or building activities start as a necessity to make that asset reach expected usable condition. When the purchased or built fixed asset reached expected usable condition, capitalization stops and loan expenses that follow are taken into current profit/loss statement. In case purchasing activities of assets ceases accidentally and term of cease exceeds 3 months on end, capitalization of loan expenses stops until purchasing activities resumes.

Expenses of other loans are accounted into current period’s income statement. Amount of expenses of special loans to be capitalized which are borrowed to purchase fixed assets applicable to be capitalized is determined by the actual interest expenses in current period minus interest income of those part not yet used or by the invest income from temporary investment. Amount of expenses of general loans to be capitalized which are borrowed to purchase fixed assets applicable to be capitalized is determined by the weighted average amount of expenses of accumulated asset expenses exceeding that of special loans to multiply the weighted average actual interest rate of the general expenses. Actual interest rate means that used to recognize initial amount of the loans translated by discounted future cash flow in the expected loan existence term or short applicable term.

(19) Bonds payable

Bonds issued are recognized as liabilities in total real issuing price. Difference between bond issuing price and bond face value is booked as bond premium/discount, amortized on real interest rate basis into current P&L during bond existence period.

(20) Employee remuneration

Employee’s remuneration consists of salary, bonus, allowance and subsidy, benefits, social security and housing fund, trade union fund and education fund and other expenses related to services provided by employees. Staff remuneration is confirmed by employee service period and booked into related asset cost and expenses based on beneficial objects of the services provided by employees.

(21) Profit and dividends distribution Cash dividends approved by general annual meeting are confirmed as liabilities within the period of the approval.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(22) Expected liabilities

When fulfillment of present obligation generated from product quality warranty may possibly cause outflow of financial interest, expected liabilities are confirmed when the obligation amount can be reliably valued. Expected liabilities are initially valued by the best estimates to be spent on fulfillment of related present obligation, combining risks and uncertainty with probabilities and time value of currency. In case currency’s time value is significant, best estimate is made by discounted future cash flow-out thus related. Addition to the book value of expected liabilities generated from recovery of discount with passing of time is confirmed as interest expense. The book value of expected liabilities is double-checked and thus adjusted as of B/S day to reflect present best estimates.

(23) Deferred corporate tax assets and liabilities

The Company confirms deferred income tax assets and deferred income tax liabilities by the difference between the taxable base and the book value (provisional difference). Compensable loss which can compensate future periods’ taxable amount by taxable laws and regulations is confirmed as deferred income taxable asset. In regard to provisional differences generated from initial confirmation of assets or liabilities as a result of non-enterprise consolidation transaction which neither influences accounting profit nor affects taxable amount (or compensable loss), corresponding deferred income tax assets and deferred income tax liabilities are not confirmed. On B/S day, deferred income tax assets and deferred income tax liabilities are calculated by tax rate applicable to the period of term the assets or liabilities are expected to be collected back.

The confirmation of deferred income tax assets is limited to the taxable amount to compensate compensable provisional difference, compensable loss and setoff of tax payment.

Deferred income tax liabilities generated from investment-related provisional difference of subsidiaries, associates and joint ventures are confirmed as liabilities, except for when the Group is able to control the return time of provisional difference and when the provisional difference will not be returned in foreseen future. Deferred income tax assets generated from investment-related provisional difference of subsidiaries, associates and joint ventures are confirmed as deferred income tax assets, when the provisional difference is able to be transferred back in the foreseeable future and when possible taxable income which is used to compensate the provisional difference can be possibly obtained in future.

Deferred income tax assets and deferred income tax liabilities simultaneously meeting the following conditions are listed in the offset net amount:

Deferred income tax assets and deferred income tax liabilities are related to the income

tax collected to the same tax paying body in the group by the same taxation collector.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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The tax paying body of the Group owns the legal rights to calculated current period’s income tax assets and current income tax liabilities.

(24) Revenue recognition

Revenue is confirmed by the fair value of the contracted or agreed upon price related to commodity sales and service providing in routine operating activities of the Group. Revenue is recorded by the net value after deducting VAT, business discount, selling discount and return of sales. Revenue is confirmed when related benefits can flow into the Group, sales can be reliably calculated and when revenue meets the special sales income recognition standards of the following operating activities:

(a) Revenue from sales of large port equipment and ocean heavy equipment is

recognized by the proportion of completeness. (See Note II <10>) (b) Income from ship transportation is recognized at the completion of the voyage. (c) Revenue from sales of parts in bulk is confirmed upon delivery. (d) Interest income is recognized by deposit term and real interest rate. (e) Operating leasing income is recognized in leasing period by straight line method.

(25) Government subsidy

Government subsidy refers to monetary assets or non-monetary assets obtained from the government free of charge, including tax return and financial subsidies etc. Government subsidy is recognized at receipt when satisfy the Group’s conditions. Monetary assets are booked by amount received or receivable. Non-monetary assets are booked by fair value; when fair value is not reliable, amount in name is used. Government subsidy related to assets is confirmed as deferred income and is evenly allocated in the use life of related assets and booked into current P&L. Government subsidy measured in named amount is booked into current P&L.\ Government subsidy related with income when used to compensate related expenses or losses in future periods is recognized as deferred income and is booked into current P&L in the period when related expenses are recognized. That which is used to compensate paid expenses or losses is booked directly into current P&L.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(26) Operating leases

When all risks and rewards related to assets ownership are actually transferred, the lease is recognized as financing leasing; other leases are operating ones. Operating lease expenses are recognized as current expenses on straight line basis within lease period.

(27) Enterprise merger (a) Merger of enterprises under the same controller Merger consideration paid and the net assets acquired by the merger party are valued by

book value. The difference between the book value of the net assets acquired by the merger party and the merger consideration paid is adjusted to the capital reserve. When capital reserve is not sufficient to compensate, retained interest is thus adjusted.

Direct expenses related to enterprise merger are booked into current P&L at the time of

incurrence. (b) Merger of enterprises not under the same controller Merger cost of the merger party and recognizable net assets acquired in the merger are

valued by fair value. The difference of the merger cost larger than fair value of the recognizable assets of the purchased on purchase day is confirmed as goodwill. The difference of the merger cost smaller than fair value of the recognizable assets of the purchased on purchase day is booked into current P&L.

Direct expenses related to enterprise merger are booked into enterprise merger cost. (28) Preparation of consolidated statements

The consolidated statements consist of those of the Company and the consolidated subsidiaries.

Subsidiary is consolidated from the date on which effective control over the subsidiary is exercised by the Company; subsidiary is no longer consolidated from the date when that control ceases. All material inter company transactions, balance and unrealized profit on transactions between group companies are compensated. In the consolidated statements, minority interests which are not owned by the Company are listed under shareholder’s equity as individual entry. When there exists discrepancy between accounting policies adopted by subsidiaries and the Company, statements of subsidiaries are adjusted according to the Company’s policies upon consolidation. When subsidiary acquired through merger of enterprise not under the same controller, its financial statements are adjusted on the basis of fair value of the recognizable net assets as of purchase day. All significant accounts’ balance, transaction and unrealized profit within the Group are off-set in preparation of the consolidated statements. Owners’ equity of subsidiaries and that

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 20 -

part of the current net profit and loss not attributable to the Company is shown under shareholders’ equity and net profit in consolidated financial and current net profit and loss statements as minority interest and minority gains and losses. (30) Major changes in accounting policies Changes of accounting policies and

reasons Approval

Procedures

Statement Entries

Impacted

Impact Amount

(a) Excessive loss of subsidiary

As prior to Jan. 1, 2010, current loss that subsidiary’s minor shareholders exceeds the quota in the starting owner’s equity the minor shareholders share. When subsidiary’s article of association or agreement does not prescribe that the minor shareholders should bear that loss or when minor shareholders are not able to bear, the excessive part offsets owner’s equity of parent company. According to the Enterprise Accounting Norms Interpretation No. 4 Article 6 promulgated by Ministry of Finance on Jul. 14, 2010, from Jan. 1, 2010 on, in case current loss that subsidiary’s minor shareholders exceeds the quota in the starting owner’s equity the minor shareholders share, the balance offsets owner’s equity of parent company. Retrospective adjustment is made according to this accounting policy change.

This policy change is made by the Enterprise Accounting Norms Interpretation No. 4, wherefore not subject to approval by the Group

No impact on the Group

-

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(31) Major accounting estimates and key hypotheses

The Group makes continuous valuation to major accounting estimates and key judgement adopted. Major accounting estimates and key hypotheses are listed as follows: (i) Corporate income tax and deferred income tax

The Company was recognized as a hi-tech enterprise in 2008 and a 15% rate of corporate income tax is set for the Company according to laws and regulations. As stipulated by laws and regulations, one qualification for a hi-tech enterprise is that R&D expenses should not be lower than the designated percentage of the enterprise’s major operating income, e.g. 3% is required for an enterprise whose annual sales exceeds 200 million yuan. When taxation authorities find in the execution of preferential taxation policies the enterprise fails to meet hi-tech qualification, they shall remind recognizing authorities to double-check, during which time the enterprise is suspended from enjoying preferential taxation policies. Actual expenses of the Company in 2010 on R&D are 518,792,241 yuan, taking up 3% of major operating income of the year. Therefore, the Company is recognized as a hi-tech and a 15% preferential rate is enjoyed. Meanwhile, in accordance with related taxation laws and regulations, the Company added a reduction of R&D expenses totally amounting to 174,250,942 yuan in the calculation of 2010 corporate tax, which is subject to confirmation by the taxation authorities. Shall any difference arise, the difference will impact the corporate tax expenses of the year.

Besides, the Group calculates corporate tax and deferred corporate tax according to current laws and regulations, having considering applicable regulations on corporate tax and taxation preference. In normal operating activities, many taxation events are not finally certain. Therefore the Group has to make significant judgements while accruing corporate tax. The Group estimates whether it needs to pay extra tax on expected taxation adjustment items and confirms corresponding corporate tax liabilities. In case difference occurs between the final confirmation and initial booking, the difference will exercise influence over the amount of corporate tax and deferred corporate tax in the duration concerned. In the valuation of temporary difference, the Group also takes into consideration the collectability of deferred tax assets. Temporary difference majorly consists of difference concerning bad debt provision, prepaid expenses not yet approved for tax deduction, stock impairment reserve and fixed asset depreciation. Recognition of deferred corporate assets is based on the Group’s estimate or hypothesis that the deferred corporate assets be returned by means of acquiring sufficient taxable amount through sustainable operation in the foreseeable future. The Group has accrued sufficient corporate tax liabilities and deferred corporate tax based on existing taxation regulations, best current estimate and hypothesis. It is possible the corporate tax liabilities and deferred corporate tax be adjusted subject to the possible change of taxation regulations or other related issues.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(ii) Building contract

Revenue and cost of the building of large port equipment is recognized by proportion of completion. When the sales result of an individual building contract can be reliably estimated, revenue and cost related to the building contract is recognized on completeness progress in percentage on the B/S. Completeness progress is recognized by the percentage of revenue confirmation point of the contract as of the end of report period. The Group makes analysis annually of building contracts completed in prior year on the basis of product category, and confirms the completeness percentage at various confirmation points of revenue calculated by the percentage of cost against the overall cost at the said revenue point, using it as the corresponding completeness percentage of each revenue point for the year. In case actual cost of the building contract incurred at the revenue confirmation point as of report period end differs from the percentage of completeness at the revenue confirmation point after the analysis of the products in category, the difference will impact on the revenue and cost confirmed by the Group in report year. In the course of the contracts, based on actual cost of the contracts and historical cost structure of similar contracts, the Group double checks and revises expected total cost to make it closer to actual ultimate cost. In case of difference, the difference will impact on major operating cost in current period of the Group. In addition, the Group makes continuous double-check and revision over the estimated building contract cost according to cost of the contract actually incurred and based on historical actual cost of similar product, in order to make the estimated cost of the building contract close to the actual eventual cost. In case the actual total cost of the contract differs from the estimated total cost, the difference will impact the cost confirmed by the Group for the present year.

(iii) Depreciation of fixed assets Depreciation of fixed assets is accrued by straight line method through deducting

expected net residual value from the booking value of the assets in the expected life. The Group makes regular valuation to the expected use life and expected net residual value to ensure depreciation method and depreciation ratio in line with expected financial benefits of the fixed assets.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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III Taxes

Tax bearing of the Company and the Group is listed as follows:

(a) VAT

VAT is applicable to the Company’s sales. Domestic sales output tax ratio is 17%, export sales output tax ratio is subject to “exemption, compensation, refund”, refunding ratio is 17%. The Company’s input tax for purchasing raw materials, fuel, power (commodity, transportation fee) offsets the output tax. The Company’s VAT payable is the balance after offset between current period’s input and output taxes.

(b) Business tax

Ocean shipping business of Shanghai Zhenhua Shipping Co., Ltd., the Company’s subsidiary, applies to business tax, rate being 3%.

(c) Corporate income tax

Corporate income tax is calculated and paid in accordance with P.R. China Corporate Income Tax Law (“Income Tax Law”). Meanwhile, on the basis of the new corporate tax law, subsidiaries of the Company registered in Pudong New Area and Economy and Technology Zone will gradually adopt the rate of 25% in the 5 years’ period from 2008 till 2012. Applicable income tax rate current year is 22% (2009: 20%). Other domestic subsidiaries of the Group adopts 25% rate (2009: 25%). In conformity to Guofa (2007) No. 39 document State Council’s Notification on Implementing Transmitting Favorable Taxation Policy, enterprises who formerly enjoyed fixed-period exemption or deduction of tax policy continue to enjoy former favorable policy till expiration of former period upon implementation of the new taxation law. For such enterprises who have not yet been profitable thus not yet enjoyed any favorable policy, the period of enjoying former favorable policy starts from the year 2008.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 24 -

Corporate tax rates enjoyed by the Company and its controlled subsidiaries:

Registered in Applicable tax rate in

2010

Applicable tax rate in

2009

The Company (Note1) Shanghai Pudong

New Area 15% 15%Shanghai Zhenhua Port Machinery Heavy

Industry Co., Ltd. (former: ZPMC Changxing Spare Parts Co. Ltd.)

Shanghai Chongming

County 25% 25%

Shanghai Zhenhua Changxing Precision Forge Co. Ltd.

Shanghai Chongming

County 25% 25%Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd. (former: ZPMC (Hong Kong) Co. Ltd.) (Note 2) Hong Kong 16.5% 16.5%

Shanghai Zhenhua Shipping Co. Ltd. Shanghai Pudong

New Area 22% 20%Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. (Note 3) Nantong 15% 15%Nantong ZPMC Steel Structure Processing Co., Ltd. (Note 4) Nantong 11% 10%Jingyin ZPMC Steel Structure Manufacturing Co., Ltd. (Note 5) Jiangyin 11% 10%Shanghai Zhenhua Heavy Industries Steel Structure Co., Ltd. Shanghai Nanhui 25% 25%ZPMC (Group) Changzhou Paint Co., Ltd. Changzhou 25% 25%China Communications Shanghai Port Machinery Manufacturing Plant (Note 6) Shanghai Nanhui 22% 20%

Shanghai Jiangtian Industrial Co., Ltd. Shanghai Pudong

New Area 22% 20%Shanghai Port Machinery Heavy Industry Co., Ltd. (Note 6) Shanghai Nanhui 22% 20%China Port Group Shanghai Port Engineering Equipment Co., Ltd.

Shanghai Chongming

County 25% 25%

Shanghai Zhenhua Heavy Industries (Group) Zhangjiagang Co., Ltd.

Port Area, Jingang Town,

Jiangsu 25% 25%Shanghai Kangni Machinery Manufacturing Co., Ltd. Shanghai Nanhui 25% 25%Nantong ZPMC Accessory Co., Ltd. Nantong 25% 25%Nantong ZPMC Accessories Co., Ltd. Nantong 25% 25%

Note (1): In accordance with stipulations in the Hi-tech Enterprise Recognition Managing Measures (Guo Ke Fa Huo [2008] No. 172) and Guide to Hi-tech Enterprise Recognition Managing Work (Guo Ke Fa Huo [2008] No. 362), with the Notice on Disclosure of List of Second Bunch of Enterprises of Shanghai Recognized as Hi-tech Enterprises in 2008, the Company is recognized as a hi-tech enterprise, and got the Hi-tech Enterprise Certificate (Code: GR200831000733, valid 3 years). According to Article 28 of Income Tax Law, actual current year rate applicable is 15% (2009: 15%).

Note (2): Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd. (former: ZPMC (Hong

Kong) Co. Ltd.) is a legal entity registered in Hong Kong, China. Based on Hong Kong’s taxation regulations, the company actually fits in a profit tax rate of 16.5% (2009：16.5%).

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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Note (3): According to High-tech Enterprise Recognition Managing Measures (Guokefahuo[2008] No. 172) and Enterprise Recognition Managing Guides (Guokefahuo[2008] No. 362), Notice on Announcing Jiangsu 4th 2009 List of Enterprises to be Recognized as High-tech Ones, Nantong Zhenhua Heavy-load Equipment Manufacturing Co., Ltd. Is recognized in 2009 as a High-tech enterprise and obtained High-tech Enterprise Certificate (No. GR200932001125), valid 3 years. According to Article 28 of Income Tax Law, actual current year rate applicable is 15% (2009: 15%).

Note (4): Nantong ZPMC Steel Structure Processing Co., Ltd. is a manufacturer with foreign investment registered in Nantong Economy and Technology Development Zone. As approved by taxation authorities, the company enjoys a preferential tax policy which is “two exemptions and three half-reductions”. The year 2006 is the first profitable year of the company. In compliance with stipulations of the taxation law, the company enjoys 11% corporate tax rate for report year (10% for 2009).

Note (5): Jiangyin ZPMC Steel Structure Processing Co., Ltd. is a manufacturer with foreign investment registered in Jiangyin Economy and Technology Development Zone. As approved by taxation authorities, the company enjoys a preferential tax policy which is “two exemptions and three half-reductions”. The year 2007 is the first profitable year of the company. In compliance with stipulations of the new taxation law, the company enjoys 11% corporate tax rate for report year (10% for 2009).

Note (6): China Communications Shanghai Port Machinery Manufacturing Plant Co., Ltd. and Shanghai Port Machinery Heavy Industry Co., Ltd. are both manufacturing enterprises incorporated in Shanghai Pudong New Area, later altered to Shanghai Nanhui. As approved by taxation authorities, income tax rate applicable to both companies will gradually move to 25% in 5 years from 2008 to 2012, current year rate is 22% (2009: 20%) .

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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IV Consolidation and Consolidated Statements (1) Subsidiaries (a) Subsidiaries obtained through establishing or investment

Type of Subsidiary

Registered in

Type of business

Registered capital Business Scope Enterprise Type

Legal person

Organizational Code

Shanghai Zhenhua Port

Machinery Heavy Industry Co., Ltd. (former: ZPMC Changxing Spare Parts Co. Ltd.) Note 1

directly controlled subsidiary

Shanghai Chongmin

g County

Machinery making

5,500,000 manufacture & sales of Large container cranes & Gear-box gears

limited liability

company

Cao Weizhong

73404797-5

Shanghai Zhenhua Changxing Precision

Casting Co. Ltd.

directly controlled subsidiary

Shanghai Chongmin

g County

Machinery making

5,000,000 precision Casting & metal cutting &cold processing

limited liability

company

Cao Weizhong

72939252-0

Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd. (former: ZPMC (Hong Kong) Co. Ltd.)

(Note 2)

directly controlled subsidiary

Hong Kong

trade and sales

HK$ 50,000,000 Design, manufacture And sale of steel Structures and spare parts for cranes

limited liability

company

n.a. (Note 2)

n.a. (Note 2)

Shanghai Zhenhua Shipping Co. Ltd.

directly controlled subsidiary

Shanghai Pudong

New Area

shipping transportation

120,000,000 near ocean shipping, national costal and Changjiang M & L Shipping of port Machinery

limited liability

company

Cao Wenfa

63060851-2

Note 1: As approved by Shanghai Municipal Industrial and Commercial Administration Bureau, Shanghai Zhenhua Heavy Industries Changxing Spare Parts

Manufacturing Co., Ltd. is renamed as Shanghai Zhenhua Port Machinery Heavy Industry Co., Ltd., alteration formalities completed on Jun. 24, 2010 and the new legal entity business license obtained on the day.

Note 2: As approved by Hong Kong Government Company Registration Centre, Shanghai Zhenhua Heavy Industries (Hong Kong) Co., Ltd. is renamed Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd., formalities concerning the alteration were completed on June 25, 2010

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 27 -

and the new business certificate and the registration certificate were obtained. Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd. is a subsidiary incorporated in Hong Kong. Thus legal person or organizational code is not applicable.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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Type of

SubsidiaryRegistered

inType of

businessRegistered

capital Business Scope Enterprise

TypeLegal

personOrganizational

Code

Nantong ZhenhuHeavy EquipmenManufacturing Co., Ltd.

directly controlled subsidiary

Nantong Machinery making

1,080,000,000 installation of large port facilities, engineering vessel and large metal structure and parts; leasing of cranes; contracting of steel structure project

limited liability

company

Cao Weizhong

79195902-2

Nantong ZPMC Stee

Structure Processing CoLtd.

Directly + Indirectly

Controlled subsidiary

Nantong Machinery making

USD 100,000 manufacturing and installation of machinery, processing of steel structure, hardware processing, decaling and coating, contracting of machinery projects

limited liability

company

Chang Jianhua

79195616-3

Jingyin ZPMC SteeStructure ManufacturinCo., Ltd.

Directly + Indirectly

Controlled subsidiary

Jiangyin Machinery processing

USD 100,000 manufacturing of machinery parts, sale of self-produced goods, steel structure building project, installation of machinery

limited liability

company

Wang Jue 79863516-X

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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IV Consolidation and Consolidated Statements (Cont’d) (1) Subsidiaries (Cont’d) (a) Subsidiaries obtained through establishing or investment (Cont’d)

Type of

SubsidiaryRegistered

inType of

businessRegistered capital Business Scope Enterprise

TypeLegal

personOrganizational

Code Shanghai Zhenhua HeavyIndustries Steel Structure

Co., Ltd. (c)

Indirectly controlled subsidiary

Shanghai Nanhui

Machinery making

USD 150,000 Shanghai Zhenhua Port Machinery Steel Structure Co., Ltd. (c)

limited liability

company

Cao Weizhong

66938205-5

Nantong ZPMC AccessorCo., Ltd.

Indirectly controlled subsidiary

Nantong Machinery making

USD 55,000,000 Manufacturing and sales of port machinery and parts

limited liability

company

Cao Weizhong

68353641-x

Nantong ZPMC Accessory Co., Ltd.

Indirectly controlled subsidiary

Nantong Machinery making

USD 25,000,000 Manufacturing and sales of wheels and pulleys for port machinery and parts

limited liability

company

Cao Weizhong

68353642-8

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(1) Subsidiaries (a) Subsidiaries obtained through establishing or investment

Paid at end of year Balance of net investment to

subsidiary in natureShare

Proportion (%)

Voting Proportion

(%)

Consolidated or

not

Minority interest Amount of minority interest to offset minority

gains and losses

Shanghai ZPMC Heavy Industry Co., Ltd. (Former: ZPMC Changxing Spare Parts Co. Ltd.) 4,950,000 - 90% 90% Yes 685,299 - Shanghai Zhenhua Changxing Precision Casting Co. Ltd. 3,500,000 - 70% 70% Yes 1,857,843 - Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd. (former: ZPMC (Hong Kong) Co. Ltd.) - - 99.99% 99.99% Yes - - Shanghai Zhenhua Shipping Co. Ltd. 66,000,000 - 55% 55% Yes 156,433,323 - Nantong Zhenhua Heavy Equipment Manufacturing Co., Ltd. 1,080,000,000 - 100% 100% Yes - - Nantong ZPMC Steel Structure Processing Co., Ltd. USD 75,000 - 100% 100% Yes - - Jingyin ZPMC Steel Structure Manufacturing Co., Ltd. USD 75,000 - 100% 100% Yes - - Shanghai Zhenhua Heavy Industries Steel Structure Co., Ltd. (1) USD 73,500 - 49% 49% Yes 629,972 - Nantong ZPMC Accessory Co., Ltd. USD 55,000,000 - 100% 100% Yes - - Nantong ZPMC Accessories Co., Ltd. USD 5,000,000 - 100% 100% Yes - - - 159,606,437 -

Note 1: Based on Articles of Association of Shanghai Zhenhua Heavy Industries Steel Structure Co., Ltd., the Company is entitled to appoint majority of board members of the

former and thus actually owns control over the former. Therefore the former is consolidated into the Group.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(1) Subsidiaries (b) Subsidiaries acquired from consolidation of enterprises under the same controller

Type of

SubsidiaryRegistered

inType of

businessRegistered capital Business Scope Enterprise

TypeLegal

personOrganizational

Code China CommunicationShanghai PorMachinery Manufacturing PlanCo., Ltd.

directly controlled subsidiary

Shanghai Nanhui

Machinery making

2,184,730,000 Sales of port machinery including cranes, bulk and container machinery, port engineering vessel (incl. barge crane vessels), cargo carrying machinery and parts; sales of key parts of various machinery equipment, raw materials and auxiliary materials, instrumentation, technical service, installation and maintenance, technical consulting

limited liability

company

Cao Weizhong

13220596-4

Shanghai JiangtiaIndustrial Co., Ltd.

Directly + Indirectly

Controlled subsidiary

Shanghai Pudong

New Area

Commerce and trade

157,000,000 Organizing construction of composite buildings; business info consulting; sale and service of mechanic & electric equipment & product, building material, decorating material, hardware, goods, metal; toll park; affiliating branches

limited liability

company

Wang Jue

13380509-9

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(1) Subsidiaries (b) Subsidiaries acquired from consolidation of enterprises under the same controller

Type of

SubsidiaryRegistered

inType of

businessRegistered capital Business Scope Enterprise

TypeLegal

person Organizationa

l Code

Shanghai Port Machinery Heavy Industry

Co., Ltd.

Indirectly Controlled subsidiary

Shanghai

Nanhui

Machinery making

USD18,120,000 Manufacturing of port cranes and parts; making of cargo carrying machinery & parts, tunnel digging machinery, express railway special equipment, steel structure; repair, design & making of large engineering vessel ( incl. barge crane) & ocean engineering equipment

limited liability

company

Cao Weizhong

75613245-X

China Port Group Shanghai Port

Engineering Equipment Co., Ltd.

Indirectly Controlled subsidiary

Shanghai Chongming County

Machinery making

88,000,000 Sale of port bulk & container cranes & machinery, port engineering vessel (incl. barge engineering vessel), cargo carrying machinery and parts; lifting, loading, binding & transporting of cargos; equipment leasing; ordinary cargo shipping along domestic coast and in upper & lower Yangtze River; operation, leasing, installation of engineering equipment and vessel; vessel technology consulting; exporting of self-made products; importing of self-needed machinery, equipment, parts, raw and auxiliary materials

limited liability

company

Yu Bo 74879606-1

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 33 -

(1) Subsidiaries (b) Subsidiaries acquired from consolidation of enterprises under the same controller

Type of

SubsidiaryRegistere

d inType of

businessRegistered

capital Business Scope Enterprise

TypeLegal

personOrganization

al Code Shanghai Zhenhua

Heavy Industries (Group) ZhangjiagangPort Machinery Co., Ltd.

Directly +Indirectly Controlled subsidiary

Jingang Town,

Zhangjiagang

Machinery making

15,000,000(Note:1)

Making, processing, repair and rebuilding of port crane, bulk & container machinery

limited liability

company

Xing Xiaojian

25150291-0

Note 1: On Sep. 25, 2010, ZPMC Zhangjiagang Port Machinery Co., Ltd. increased its registered capital by 5,020,000 yuan, to 15,000,000 yuan.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 34 -

(1) Subsidiaries (b) Subsidiaries acquired from consolidation of enterprises under the same controller

Paid at end of year Balance of net investment

to subsidiary in natureShare

Proportion (%)

Voting Proportio

n (%)

Consolidated or not

Minority interest Amount of minority interest to offset minority

gains and losses

China Communications Shanghai Port Machinery Manufacturing Plant Co., Ltd. 2,184,730,000 - 100% 100% Yes - -

Shanghai Jiangtian Industrial Co., Ltd. 157,000,000 - 100% 100% Yes - -

Shanghai Port Machinery HeavyIndustry Co., Ltd. $13,412,424 - 74% 74% Yes 105,400,812 (6,042,158) China Port Group Shanghai PorEngineering Equipment Co., Ltd 47,801,600 - 54% 41% Yes 26,974,912 (13,123,244)

Shanghai Zhenhua Heavy Industries (Group) ZhangjiagangAssembly Co., Ltd. 13,500,000 - 90% 90% Yes (856,724) (856,724) - 131,519,000 (20,022,126)

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 35 -

(c) Subsidiaries acquired from consolidation of enterprises not under the same controller

Type of

SubsidiaryRegistered

inType of

businessRegistered

capital Business Scope Enterprise

TypeLegal

person Organizational

Code

Shanghai Zhenhua Heavy Industries (Group

Changzhou Paint Co., Ltd.

Directly Controlled subsidiary

Changzhou Paint manufacturing

49,800,000 Manufacturing and processing of epoxy resin paint, polyurethane resin paint

limited liability company

Mo Xiaojian

72419768-9

Shanghai Kangni Machinery Manufacturin

Co., Ltd. (f)

Indirectly controlled subsidiary

Shanghai Nanhui

Machinery making

15,000,000 Machinery making; making and processing of reducer and parts; leasing of self-use building

limited liability company

Cao Weizhong

63089967-1

Paid in at end of year Balance of net investment to subsidiary

in nature

Share Proportion

(%)

Voting Proportion

(%)

Consolidated or not

Minority interest Amount of minority interest to offset

minority gains and losses

Shanghai Zhenhua Heavy

Industries (Group) ChangzhouPaint Co., Ltd. 25,400,000 - 51% 51% Yes 35,533,745 -

Shanghai Kangni MachinerManufacturing Co., Ltd. (f) 15,000,000 - 100% 74% Yes - -

- 35,533,745 -

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 36 -

(2) Companies no longer consolidated from report year on

Net assets on dispos

al dayNet profit from year star

t till disposal day Shanghai Zhenhua Changxing Heavy

Industry Co., Ltd.(Note 1) 10,327,951 83,095 Note (1): The Group had Shanghai Zhenhua Changxing Heavy Industry Co., Ltd. terminated on Nov. 11, 2010, thus it is no longer consolidated.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 37 -

V. Notes to major items in the consolidated financial statements 1. Monetary capital

Dec. 31, 2010 Dec. 31, 2009

Foreign currency amount

Translation rate RMB amount

Foreign currency amount

Translation rate RMB amount

Cash in stock –

RMB - - 260,272 - - 1,106,796

Canadian

dollar 2,814 6.6043 18,585 2,814 6.4802 18,234 Euro 1,864 8.8065 16,415 11,585 9.7971 113,498 NZD 625 5.0965 3,185 625 4.9554 3,097 USD 258 6.6227 1,709 60,305 6.8282 411,775

Other

monetary 10,536 2,710 310,702 1,656,110 Bank deposits – RMB - - 577,877,184 - - 958,225,805 USD 51,209,409 6.6227 339,144,553 49,605,661 6.8282 338,717,374 Euro 8,854,884 8.8065 77,980,536 11,102,549 9.7971 108,772,780 HK dollar 36,157,785 0.8509 30,766,659 30,085,456 0.8805 26,490,244 OMR 4,823 17.7620 85,666 - - -

Singapore

dollar 9,682 5.1191 49,563 7,899 4.8605 38,392

Australian

dollar 6,119 6.7139 41,082 452 6.1290 2,770 Pound 992 10.2182 10,136 288 10.978 3,163

Canadian

dollar 482 6.6043 3,183 2,361,080 6.4800 15,300,269 1,025,958,562 1,447,550,797

Other monetary

funds – RMB - - 76,729,249 - - 205,131,480 USD 29,124,554 6.6227 192,883,184 32,140,918 6.8282 219,464,616 Euro 3,033,346 8.8065 26,713,162 1,242,153 9.7971 12,169,497 Pound 1,209,414 10.2182 12,358,034 - - - HK dollar 203,207 5.1191 1,040,237 - - -

Canadian

dollar 3 6.6043 20 6,300,692 6.4802 40,829,747 309,723,886 477,595,340 1,335,993,150 1,926,802,247

On Dec. 31, 2010, other monetary funds mainly consists of bank deposits for L/C and bank guaranty letter and forex capital at bank to be settled.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 38 -

2 Tradable financial assets and liabilities

Dec. 31, 2010 Dec. 31, 2009 Assets Liabilities Assets Liabilities

forward foreign exchange contract-fair value estimated gains/losses 47,840,517 (21,895,367) 16,284,096 (8,256,663)interest rate swap contract-fair value estimated gains/losses - - - (275,152) 47,840,517 (21,895,367) 16,284,096 (8,531,815)

(a) Forward foreign exchange contract

On Dec. 31, 2010, in the forward foreign exchange contract established by the Group with bank but not due, total amount of principal in USD for RMB contract is USD 525,000,000 agreed exchange rate is 6.4850 to 6.7660; contract is due between Jan.19, 2011 and Dec. 23, 2011.

Contract principal RMB for USD is 982,412,500 yuan; contracted exchange rate is 6.4420 to 6.6580; contract is due between Jan.19, 2011 and Nov. 8, 2011.

Contract principal RMB for WON is 69,100,000,000 yuan; contracted exchange rate is 0.000838 to 0.000867; contract is due between Feb. 9, 2011 and Jan. 6, 2012.

Closing fair value estimated gains/losses of above forward foreign exchange contract are shown in transactional bank confirmed amount or the amount based on end-of-year market exchange rate.

(b) Interest rate swap contract On Dec. 31, 2010, the Company holds no interest rate swap contract with banks.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 39 -

3 Bills receivable

Dec. 31, 2010 Dec. 31, 2009 Bank acceptance draft 35,237,260 6,574,000 On Dec. 31, 2010, the Group had had no draft receivable pledged to banks to obtain short- term

loans.

4 Account receivable

Dec. 31, 2010 Dec. 31, 2009

Account receivable 5,982,610,275 6,286,708,534Less: bad debt provision (267,559,930) (238,097,631) 5,715,050,345 6,048,610,903

(a) Account receivable aging provision:

Dec. 31, 2010 Dec. 31, 2009 Within one year 5,435,442,642 5,836,511,331 One to two years 343,943,037 238,479,261 Two to three years 88,848,977 51,572,243 Above three years 114,375,619 160,145,699 5,982,610,275 6,286,708,534

(b) Accounts receivable in types:

Dec. 31, 2010 Dec. 31, 2009 book value balance bad debt provision Book value balance bad debt provision amount propor

tion in total

amount Proportion

of accru

al

amount proportion in total

amount proportion of accrual

Total bad debt

provision accrued in groups

Credit risk groups - related party 236,976,553 4% - - 445,871,101 7% - - - Third party 5,745,633,722 96% (267,559,930) 5% 5,840,837,433 93% (238,097,631) 4% 5,982,610,275 100% (267,559,930) 4% 6,286,708,534 100% (238,097,631) 4%

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 40 -

(c) On Dec. 31, 2010, the Group had no bad debt provision for account receivable with big single

amount or not single amount not big but being tested separately. (d) Among account receivable from total bad debt provision made in groups, portfolio analysis by ages:

Dec. 31, 2010 Dec. 31, 2009 book value balance bad debt provision Book value balance bad debt provision

amount proportion in total

amount Proportion of

accrual

amount proportion in total

amount proportion

of accru

al Within one year 5,364,583,636 93% (62,070,456) 1% 5,510,941,991 94% (30,132,054) 1%One to two years 211,116,892 4% (63,335,068) 30% 148,139,932 3% (44,441,980) 30%Two to three years 55,557,575 1% (27,778,787) 50% 36,463,826 1% (18,231,913) 50%Above three years 114,375,619 2% (114,375,619) 100% 145,291,684 2% (145,291,684) 100%

5,745,633,722 100% (267,559,930) 5% 5,840,837,433 100% (238,097,631) 4%

(e) Account of accounts receivable fully provided for bad debts in relatively big proportion in prior

yeas but fully collected or returned in current year or collected or returned in large proportion: Reason for

return or collection

Former bad debts basis

Return or collection amount of accumulative

bad debt provision amount

Amount of return or collection

Account

receivable1 Law suit sett

ledDebt age 33,176,174 33,176,174

Account receivable2

Vigorous recovery

Debt age 3,632,634 3,632,634

Account receivable3

Vigorous recovery

Debt age 3,250,000 3,250,000

Others

Vigorous recovery

Debt age 12,573,067 12,573,067

52,631,875 52,631,875

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 41 -

(f) account receivable from related parties

Dec. 31, 2010 Dec. 31, 2009 Relation with

the Group amount Proportion in

total (%)bad debt provision

amount Proportion in total (%)

bad debt provision

Chuwa Bussan Co., Ltd.

Controlled by the same parent company 100,597,153 1.67% - 324,570,514 5.16% -

China Communications No.2 Harbor Engineering Bureau Co., Ltd.

Controlled by the same parent company 30,000,000 0.50% - 1,630,000 0.03% -

China Communications No.2 Highway Engineering Bureau No.6 Co., Ltd.

Controlled by the same parent company 25,800,000 0.43% - - - -

China Communications No.2 Highway Engineering Bureau No.1 Co., Ltd.

Controlled by the same parent company 20,800,000 0.35% - - - -

CCCC First Harbor

Engineering Co., Ltd.

Controlled by the same parent company 19,430,000 0.32% - - - -

China Communications No. 4 Harbor Engineering Survey & Design Institute Co., Ltd._ Zhanjiang Longteng Qiutuan Project Team

Controlled by the same parent company 16,996,000 0.28% - - - -

China Communications

Corporation

Controlled by the same parent company 11,882,400 0.20% - 11,882,400 0.19% -

China Communications No. 1 Harbor Engineering Survey & Design Institute Co., Ltd.

Controlled by the same parent company 6,301,000 0.11% - 19,429,000 0.31% -

China Communications No. 2 Highway Engineering Bureau Co., Ltd.

Controlled by the same parent company 2,778,000 0.05% - - - -

China Communications No. 3 Harbor Engineering Bureau Co., Ltd.

Controlled by the same parent company 2,192,000 0.03% - 2,192,000 0.03% -

China Communications

Shanghai Harbor Bureau Co., Ltd.

Controlled by the same parent company 200,000 0.00% - 71,313,173 1.13% -

China Harbour Engineering Co., Ltd.

Controlled by the same parent company - - 14,854,014 0.24%

236,976,553 3.94% - 445,871,101 7.09% -

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 42 -

(g) On Dec. 31, 2010, top 5 accounts receivable balance

Relation with the

Group amount Year Proportion in total

A Company Third party 1,296,648,890Within

one year 22%B Company

Third party 257,904,240Within

one year 4%C Company

Third party 174,989,619Within

one year 3%D Company

Third party 132,454,000Within

one year 2%E Company

Third party 123,200,000Within

one year 2%

1,985,196,749 33%

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 43 -

(h) Account receivable includes the following foreign currency balance:

Dec. 31, 2010 Dec. 31, 2009 Foreign

currency amount

Translation rate In RMB

Foreign currency amount

Translation rate In RMB

USD 427,330,039 6.6227 2,830,078,649 534,635,903 6.8282 3,650,600,873EURO 60,618,221 8.8065 533,834,363 147,929,895 9.7971 1,449,283,974OMR 14,520,000 17.7620 257,904,240 2,417,329 17.7556 42,921,127Pound 7,330,342 10.2182 74,902,901 693,720 10.9780 7,615,658Saudi dollar 9,946,137 1.7559 17,464,422 22,580,155 1.8205 41,107,172Canadian dollar 2,300,000 6.6043 15,189,890 2,300,000 6.4802 14,904,460Singapore dollar 1,750,598 5.1191 8,961,486 10,338,523 4.8605 50,250,391Australian dollar 107,127 6.7139 719,240 656,000 6.1294 4,020,886HK dollar 206,025 0.8509 175,307 206,025 0.8805 181,405 3,739,230,498 5,260,885,946

5 Other receivables

Dec. 31, 2010 Dec. 31, 2009

Fund of employee Mutual Assistance 103,265,057 126,696,634 Product field service temporary loan 74,414,166 139,663,177 Receivables from third party 52,585,530 133,177,078 Tax refund on export 18,370,809 70,588,618 Receivable from insurance

compensation 15,245,719 15,245,719 Bidding guaranty deposit 13,718,400 10,190,000 Government subsidy 4,966,500 42,000,000 Receivable from sales of waste steel - 33,374,396 Others 91,802,517 108,456,619 374,368,698 679,392,241

Less: bad debt provision (11,499,008) (11,499,208) 362,869,690 667,893,033

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 44 -

(a) Other receivables aging provision: Dec. 31, 2010 Dec. 31, 2009

Within one year 177,747,645 505,759,724 One to two years 94,262,315 91,615,950 Two to three years 86,066,217 65,035,438 Above three years 16,292,521 16,981,129 374,368,698 679,392,241

(b) Other receivables in type:

Dec. 31, 2010 Dec. 31, 2009 book value balance bad debt provision book value balance bad debt provision amount propor

tion in total

amount Proportion of accrual

amount proportion in total

amount Proportion

of accru

al

Big single amount, provided for bad debt separately 171,935,240 46% - - 461,666,306 68% - -

Single amount not big, but provided for bad debt separately 202,433,458 54% (11,499,008) 6% 217,725,935 32% (11,499,208) 5%

374,368,698 100% (11,499,008) 3% 679,392,241 100% (11,499,208) 2%

(c) On Dec. 31, 2010, the Company did not made bad debt provision for Other receivables with big

single amount and provided for bad debt provision separately.

(d) Analysis of bad debt provision the Company made for Other receivables with no big single amount but provided for bad debt provision separately on Dec. 31, 2010:

book value

balancebad debt provision

Proportion of accrual

Reason

Other receivables1 7,429,936 (7,429,936) 100% (1)Other receivables2 715,651 (715,651) 100%Others 3,353,421 (3,353,421) 100%

11,499,008 (11,499,008) 100% (1) On Dec. 31, 2010, Receivables of the group from Shanghai Port Machinery Repair

Plant is 7,429,936 yuan. Since it has been closed down, the Group believes that the said other receivables will not be able to collect, therefore fully made for bad debt provision.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 45 -

(e) On Dec. 31, 2010, top 5 other receivable balance:

Relation amount Year Proportion in total

A Company Third party 52,585,530Within one

year 14%B Company

Third party 32,320,000One to two

years 9%C Company

Third party 15,245,719Two to three

years 4%D Company

Third party 14,352,155One to two

years 4%E Company

Third party 7,429,936above three

years 2%

121,933,340 33% (f) On Dec. 31, 2010, other receivables do not contain the amount from shareholders holding

above 5% (including 5%).

(g) Other receivables include the follow foreign currency balance: Dec. 31, 2010 Dec. 31, 2009

Foreign currency amount

Translation rate In RMB

Foreign currency amount

Translation rate In RMB

USD 18,211,667 6.6227 120,610,407 34,726,760 6.8282 237,121,263 EURO 2,051,110 8.8065 18,063,100 3,946,262 9.7971 38,661,923 138,673,507 275,783,186

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 46 -

6 Advances

(a) Advances aging provision: Dec. 31, 2010 Dec. 31, 2009

amount

proportion in total amount

proportion in total

Within one

year 1,009,356,258 77% 1,571,023,881 76% One to two

years 294,997,053 22% 498,366,731 24% Two to three

years 14,088,562 1% 8,089,416 - Above three

years 1,388,734 - 1,761,479 - 1,319,830,607 100% 2,079,241,507 100%

On Dec. 31, 2010, advances older than one year is 310,474,349 yuan (Dec. 31, 2009：508,217,626 yuan), mainly payment for contracted processing for marine heavy product and for steel purchase, not yet settled because purchased product not yet completed, steel purchased not delivered.

(b) On Dec. 31, 2010, top 5 advances:

Relation with Group Amount

Proportion in total Reason of unsettlement

A Company Third party 722,308,582 55%

Vessel body built under entrustment not compl

eted B Company

Third party 82,000,000 6% Purchased product

not completed C Company

Third party 56,993,958 4% Purchase steel not shi

pped in D Company

Third party 55,967,939 4% Purchase steel not shi

pped in E Company Under control of sa

me parent company 52,509,211 4% Purchased product

not completed 969,779,690 73%

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 47 -

(c) Advances to related parties

Dec. 31, 2010 Dec. 31, 2009 Relation

with group

Amount Proportion in total (%)

bad debt provision

Amount Proportion in total (%)

bad debt provision

Tianjin China

Communications Bomaike Marine Vessel Heavy Industry Co., Ltd.

Under control of same parent company 52,509,211 4% - - - -

China

Communications Harbor Equipment Industry Co., Ltd.

Under control of same parent company - - - 38,896,000 2% -

52,509,211 4% - 38,896,000 2% -

On Dec. 31, 2010, Advances do not include any to shareholders holding 5% (inclusive) shares of the Company.

(d) Advances include the follow foreign currency balance: Dec. 31, 2010 Dec. 31, 2009 Foreign

currency amount

Translation rate In RMB

Foreign currency amount

Translation rate In RMB

USD 13,901,888 6.6227 92,068,034 18,228,206 6.8282 124,465,836 EURO 5,259,368 8.8065 46,316,624 12,562,785 9.7971 123,078,861 138,384,658 247,544,697

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 48 -

7 Inventories

(a) Inventory classified as follows: Dec. 31, 2010 Dec. 31, 2009

book value balance

Inventories devaluation

provision

Book value book value balance

Inventories devaluation

provision

Book value

raw

materials and purchased parts 4,210,494,379 (101,982,289) 4,108,512,090 5,479,203,478 (51,976,492) 5,427,226,986

Semi products 3,062,378,476 (27,233,205) 3,035,145,271 2,107,409,201 - 2,107,409,201stock goods 12,315,991 - 12,315,991 12,425,016 - 12,425,016

turnover materials 8,381,271 - 8,381,271 11,792,819 - 11,792,819

7,293,570,117 (129,215,494) 7,164,354,623 7,610,830,514 (51,976,492) 7,558,854,022 Semi products are marine heavy load equipment in building but order not placed

(b) Inventories devaluation provision: Deduction report period

Dec. 31, 2009

accrued report year

returntransferred

sales Dec. 31, 2010

raw materials and purchased parts 51,976,492 50,005,797 - - 101,982,289

Semi products - 27,233,205 - - 27,233,205 51,976,492 77,239,002 - - 129,215,494

(c) Inventories devaluation provision: Inventory devaluation provision

based onReason for return of

devaluation provision in report year

Proportion of the return in the balance

raw

materials and purchased parts

Difference of cashable net value lower than book value of raw

materials and purchased parts No -

Semi products

Difference of cashable net value lower than book value of raw

materials and purchased parts No -

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 49 -

8 Work completed payment not settled/Payment settled work not completed

Work completed payment not settled – Dec. 31, 2010 Dec. 31, 2009

Accumulated cost incurred 33,786,181,399 40,324,355,593Add: Accumulated margin confirmed 2,994,784,616 4,589,188,769Less: Accumulated settled payment (29,778,534,611) (33,567,131,338)

Accumulated confirmed expected contract loss (92,004,955) (70,304,502)

6,910,426,449 11,276,108,522

Payment settled work not completed – Dec. 31, 2010 Dec. 31, 2009

Accumulated settled payment 9,289,064,308 4,846,638,489Less: Accumulated confirmed (margin)/losses (327,433,956) (215,272,957) Accumulated cost incurred (6,612,220,021) (2,284,217,313) Add: Accumulated confirmed expected contract loss 15,688,650 387,440

2,365,098,981 2,347,535,659 Expected contract losses –

Dec. 31, 2009Addition report

periodDeduction

report period Dec. 31, 2010

Work completed not settled 70,304,502 91,275,892 (69,575,439) 92,004,955Settled work not completed 387,440 15,688,650 (387,440) 15,688,650

70,691,942 106,964,542 (69,962,879) 107,693,605

On Dec. 31, 2010, amount of contracts still in construction is about 24,708,073,910 yuan (excluding VAT) (Dec. 31, 2009: 48,824,182,252 yuan). Probable fines in case of delay in delivery as contracted:

Dec. 31, 2010 Dec. 31, 2009

bank issued valid guaranty letter 19,843,791,831 21,376,744,755bank not issued guaranty letter 2,034,532,823 1,355,854,087

21,878,324,654 22,732,598,842

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 50 -

9 Available-for-sale financial assets

The Group holds 17.39% stake of Jiangxi Huawu Brake Co., Ltd. (“Jiangxi Huawu”), and the said long term equity investment is shown in Others Long term equity investment (Note V 10 (b)). As approved by CSRC Zhengjian Xuke [2010]889 document, Jiangxi Huawu publicly issued 19.5 million RMB common shares (A-share) to domestic investors in July of 2010 and was listed at Shenzhen Stock Exchange for trade. After the listing, Jiangxi Huawu has a total capital of 77 million shares, including 10 million shares held by the Group, accounting for 12.99% of the total capital stock. The stake the Company holds of Jiangxi Huawu shall not be traded or entrusted a third party to manage within 36 months from the listing day of Jiangxi Huawu.

10 Long term equity investment

Dec. 31, 2010 Dec. 31, 2009 Joint undertaking(a) 28,508,939 -Others long term equity investment(b) 43,240,000 87,760,489 71,748,939 87,760,489Less:depreciation reserve of long term equity investment

(30,000,000) (30,000,000)

41,748,939 57,760,489

There are no limits to cashability of the Group’s long term equity investment.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 51 -

(a) Joint undertaking

Report year movement

accounting

basis Initial

investmentDec. 31,

2009

addition or deduction of

investment

Net gains/losses adjusted on equity basis(note 5 (43))

cash dividends annou

nced

other equity

movement

Dec. 31, 2009

Holding ratio

Voting rights r

atio

Remark on the discrepancy

between holding ratio and voting

rights ratio

Depreciation

reserve

accrued report

year Depreciation reserve

Jiangsu Longyuan

Zhenhua Marine Engineering Co., Ltd. equity 30,000,000 - 30,000,000 (1,491,061) - - 28,508,939 50% 50% n.a. - -

As of June 18, 2010, the Group and China Longyuan Power Group Corporation jointly set up Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd. (“Jiangsu Longyuan”), with a registered capital of 300,000,000 yuan, each party holding 50% stake. Each party initially paid in 30,000,000 yuan. Jiangsu Longyuan mainly operates in the building and installation of steel structures; facilities infrastructure construction, facilities installation and maintenance of marine wind power; construction and maintenance of sea bottom cable systematic projects; marine engineering construction, facilities installation and maintenance; installation equipment leasing.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 52 -

(b) Others long term equity investment

Report year movement

accounting

basis Initial

nvestmentDec. 31,

2009Capital addi

tion

Capital decrease

Reclassified to financial assets

Dec. 31, 2010

Holding ratio

Remark on the discrepancy

between holding ratio and voting

rights ratioDepreciation

reserve

accrued report year Depreciatio

n reserve

Cash dividends

announced for report

year

21 Century Science and Technology Investment Co., Ltd. cost 30,000,000 30,000,000 - -

- 30,000,000 8.96% n. a. (30,000,000) -

-

Nantong Zhenhua Hongcheng Heavy Load Forging Co., ltd. cost 10,000,000 10,000,000 - - - 10,000,000 5% n. a. - -

- Shanghai Zhenhua Port

Machinery (Group) cost 500,000 1,500,000 - - - 1,500,000 10% n. a. - -

650,146 Shanghai Zhenhua Port

Machinery (Group) Longchang Lift Equipment Co. Ltd. cost 500,000 800,000 - - - 800,000 10% n. a. - -

48,034

Shanghai Zhenhua Port Machinery (Group) Ningbo Transmission Machinery Co. Ltd cost 300,000 740,000 - - - 740,000 7.40% n. a. - -

3,274,480

Shenyin & Wanguo Legal Person Shares cost 200,000 200,000 - - - 200,000 小于 0.01% n. a. - -

32,388

CHEC Dredging Co. Ltd.(Note 1) cost 25,520,489 25,520,489 - (25,520,489) - - - n. a. - -

14,005,537

Jiangxi Huawu Brake Co., Ltd.(note 5 (9)) cost 19,000,000 19,000,000 400,000 - (19,400,000) - - n. a. - -

-

87,760,489 400,000 (25,520,489) (19,400,000) 43,240,000 (30,000,000) - 18,010,585

Note 1: On Oct. 14, 2010 the Group transferred the 1.766% equity stake of CHEC Dredging Co. Ltd. it held to China Communications

Shanghai Harbor Bureau Co., Ltd. at a cash consideration of 34,080,378 yuan, after which the Group no longer holds any stake of CHEC Dredging Co. Ltd.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 53 -

(c) depreciation reserve of long term equity investment

Dec. 31, 2009

Addition report period

Deduction

report period Dec. 31, 2010

Other long term equity

investment- 21 Century Science

and Technology Investment Co., Ltd. 30,000,000 - - 30,000,000

(d) Investment in joint undertakings Dec. 31, 2010 2010

Holding

ratio Voting

ratio Total assetsTotal liabiliti

es Net assets Operating in

come Net profit Jiangsu Longyuan

Zhenhua Marine Engineering Co., Ltd. 50% 50% 64,511,413 7,493,534 57,017,879 8,090,414 2,982,121

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 54 -

11 Fixed assets

Dec. 31, 2009

Transfer from Construction in

progressOther addition

report period Addition report

period Accrued current year

Other deduction

report period

Deduction report

period Dec. 31, 2010 Total purchase value 17,948,560,026 1,464,288,370 392,059,085 1,856,347,455 - (357,654,509) (357,654,509) 19,447,252,972

House and building 7,543,296,820 370,513,330 10,071,050 380,584,380

-(4,565,666) (4,565,666) 7,919,315,534

Manufacturing equipment 3,927,731,911 396,135,795 37,299,737 433,435,532

-(54,533,546) (54,533,546) 4,306,633,897

Office equipment 153,503,441 925,200 828,032 1,753,232 - (4,665,869) (4,665,869) 150,590,804 Transportation

facilities 6,133,080,511 681,705,260 33,730,202 715,435,462-

(287,768,093) (287,768,093) 6,560,747,880 Other equipment 190,947,343 15,008,785 310,130,064 325,138,849 - (6,121,335) (6,121,335) 509,964,857

Total accumulative depreciation (4,063,790,190) - - - (1,187,976,979) 190,987,037 (996,989,942) (5,060,780,132)

House and building (1,028,625,715) - - - (237,470,306) 2,286,992 (235,183,314) (1,263,809,029)

Manufacturing equipment (1,335,815,805) - - - (407,091,578) 50,803,751 (356,287,827) (1,692,103,632)

Office equipment (96,245,343) - - - (16,821,629) 2,424,343 (14,397,286) (110,642,629) Transportation

facilities (1,539,374,558) - - - (453,444,214) 131,816,869 (321,627,345) (1,861,001,903) Other equipment (63,728,769) - - - (73,149,252) 3,655,082 (69,494,170) (133,222,939)

Total book net amount 13,884,769,836 1,464,288,370 392,059,085 1,856,347,455 (1,187,976,979) (166,667,472) (1,354,644,451) 14,386,472,840

House and building 6,514,671,105 370,513,330 10,071,050 380,584,380 (237,470,306) (2,278,674) (239,748,980) 6,655,506,505

Manufacturing equipment 2,591,916,106 396,135,795 37,299,737 433,435,532 (407,091,578) (3,729,795) (410,821,373) 2,614,530,265

Office equipment 57,258,098 925,200 828,032 1,753,232 (16,821,629) (2,241,526) (19,063,155) 39,948,175 Transportation

facilities 4,593,705,953 681,705,260 33,730,202 715,435,462 (453,444,214) (155,951,224) (609,395,438) 4,699,745,977 Other equipment 127,218,574 15,008,785 310,130,064 325,138,849 (73,149,252) (2,466,253) (75,615,505) 376,741,918

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 55 -

On Dec. 31, 2010, facilities with a purchase value of 688,014,353 yuan (2009: 522,243,549 yuan) have been fully depreciated but still in service. In 2010, fixed asset depreciation accrued is 1,187,976,979 yuan (2009: 1,069,527,172 yuan); purchase value transferred from Construction in Progress 1,464,288,370 yuan (2009: 3,098,365,677 yuan). In 2010, depreciation booked into operating costs, operating expenses and general expenses is respectively 1,129,174,903 yuan, 5,045,352 yuan (Note V [38]) and 53,756,724 yuan (Note 39) (2009: 1,049,130,664 yuan, 5,460,683 yuan and 14,935,825 yuan). As of Dec. 31, 2010, real estate certificates for houses and buildings with net book value around 2,936,047,463 yuan, purchase value 3,182,179,517 yuan (Dec. 31, 2009 book value 2,351,449,475 yuan, purchase value 2,497,734,565 yuan) are in the process of application, which is expected to be completed by end of 2011.

12 Construction in progress

Dec. 31, 2010 Dec. 31, 2009 book value

balance Depreciat

ion reserve

Book value book value balance

Depreciationreserve

Book value

Nantong base

infrastructure construction 2,072,901,482 - 2,072,901,482 1,740,573,470 - 1,740,573,470

Changxing base infrastructure 1,419,058,973 - 1,419,058,973 1,358,646,352 - 1,358,646,352

Base heavy machinery and engineering equipment in construction 1,141,858,174 - 1,141,858,174 1,199,867,645 - 1,199,867,645

Office building on Dongfang Road 340,196,539 - 340,196,539 219,940,100 - 219,940,100

R&D Building on Dongfang Road 70,465,367 - 70,465,367 69,632,034 - 69,632,034

Changzhou site rebuilding 16,713,611 - 16,713,611 14,047,500 - 14,047,500

Nanhui base infrastructure construction 6,325,191 - 6,325,191 336,505,442 - 336,505,442

Jiangyin site rebuilding 1,050,680 - 1,050,680 1,050,680 - 1,050,680

Zhenhua No.29 - - - 81,309,016 - 81,309,016 Zhenhua No.15 - - - 78,839,280 - 78,839,280 Kangqiao base - - - 37,491,937 - 37,491,937 Changzhou paint base

infrastructure construction - - - 35,088,838 - 35,088,838

5,068,570,017 - 5,068,570,017 5,172,992,294 - 5,172,992,294

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

56

(a) Movement of significant projects in progress

Construction budget Dec. 31, 2009 Addition report

periodTransfer into fixed assets

Other transfer out report year

(Note 2)

Dec. 31, 2010 Investment ratio against budget

Progress (Note 1)

Cumulative amount of loan

capitalization

Including: amount of

loan capitalization

report year

loan capitaliza

tion rate report

year

capit

al origi

n

Self raise

Nantong base infrastruconstruction 5,985,150,000 1,740,573,470 689,776,096 (179,826,906) (177,621,178) 2,072,901,482

85% 85% 128,966,279 56,103,669 3.65%

Self raise

Changxing base infrastruconstruction 8,477,000,000 1,358,646,352 109,857,003 (49,444,382) - 1,419,058,973

80% 80% 97,586,840 38,419,231 3.65%

Self raise

Base heavy machinery andengineering equipment in construction 2,200,000,000 1,199,867,645 391,046,194 (387,965,991)

(61,089,674) 1,141,858,174

98% 98% 85,356,327

32,389,074 3.65%

Self raise

Office building on DongRoad 400,000,000 219,940,100 120,256,439 - - 340,196,539

85% 85% 13,092,343 7,747,409 3.65%

Self raise

R&D Building on DongRoad 230,000,000 69,632,034 833,333 - - 70,465,367

93% 93% 4,880,625 37,727 3.65%

Self raise

Changzhou site rebuilding 22,000,000 14,047,500 2,666,111 - - 16,713,611

99% 99% - - 3.65%

Self raise

Nanhui base infrastruconstruction 496,000,000 336,505,442 6,676,213 (336,856,464) - 6,325,191

82% 82% 5,124,988 4,741,788 3.65%

Self raise

Jiangyin site rebuilding 53,000,000 1,050,680 - - - 1,050,680

94% 94% - - 3.65%

Self raise

Zhenhua No.29 250,000,000 81,309,016 111,972,629 (193,281,645) - -

100% 100% 3,535,080 1,124,608 3.65%

Self raise

Zhenhua No.15 280,000,000 78,839,280 198,841,413 (277,680,693) - -

100% 100% 3,441,052 1,090,448 3.65%

Self raise

Kangqiao base 50,000,000 37,491,937 4,958,680 - (42,450,617) -

100% 100% - - 3.65%

Self raise

Changzhou paint infrastructure construction 55,000,000 35,088,838 4,143,451 (39,232,289) - -

100% 100% - - 3.65%

Self raise

Total 5,172,992,294 1,641,027,562 (1,464,288,370) (281,161,469) 5,068,570,017 341,983,534 141,653,954

Note 1: Progress is determined by investment of budget and accumulated investment. Note 2: Other transfer out includes:

(1) Nantong site payment in advance transferred into Intangible assets; (2) Former self-built facilities altered in use purpose, transferred into stock to be used for production and sales; (3) Kangqiao site is sold in report year, thus is transferred out.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 57 -

13 Intangible assets

Dec. 31, 2009 Addition

report periodAmortization current

periodDeduction

report period

Dec. 31, 2010

Purchase value total 2,357,387,115 236,004,510 - (14,543,065) 2,578,848,560Land use right 2,283,891,796 226,305,398 - (14,543,065) 2,495,654,129Software use fee 24,422,247 9,699,112 - - 34,121,359Special technology 49,073,072 - - - 49,073,072 Cumulative amortization (130,681,145) - (65,034,895) 727,153 (194,988,887)Land use right (119,466,543) - (54,756,041) 727,153 (173,495,431)Software use fee (11,214,602) - (4,962,605) - (16,177,207) Special technology - - (5,316,249) - (5,316,249)

Total book amount 2,226,705,970 236,004,510 (65,034,895) (13,815,912) 2,383,859,673Land use right 2,164,425,253 226,305,398 (54,756,041) (13,815,912) 2,322,158,698Software use fee 13,207,645 9,699,112 (4,962,605) - 17,944,152Special technology 49,073,072 - (5,316,249) - 43,756,823 Except for 1997 when added land use right is real cost, other purchase price of land use right is estimates at reform of the Company as confirmed by State-owned Assets Administration. Intangible asset amortization in 2010 is 65,034,895yuan (Note 5 (39))(2009: 50,193,124 yuan). In 2010, the Group totally expended 518,792,241 yuan on R&D (2009: 935,331,717 yuan), which has all been booked into current P&L. As of Dec. 31, 2010, the Group’s land use right certificates for land with net book value is 209,617,199 yuan (purchase value: 216,740,681 yuan) (Dec. 31, 2009: net book value: 705,530,460 yuan, purchase value 735,426,322) are in the process of application, expected to be completed by end of 2011.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 58 -

14 Goodwill

Dec. 31, 2009

Addition report period

Deduction report period

Dec. 31, 2010

Shnghai Zhenhua

Heavy Industry (Group) changzhou Paint Infrastructure Co., Ltd. 1,735,756 - - 1,735,756

Shanghai Kangni Machinery making Co., Ltd. 2,664,673 - - 2,664,673

4,400,429 - - 4,400,429 15 Deferred corporate tax assets and liabilities

(a) Deferred corporate tax assets before offset

Dec. 31, 2010 Dec. 31, 2009 Deferred

corporate tax assets

Compensable provisional difference

Deferred corporate tax

assets

Compensable provisional

difference and compensated

loss Assets depreciation reserve 67,930,966 452,873,105 44,937,806 299,585,374 Expected liabilities 27,837,627 185,584,180 39,006,634 260,044,224 Depreciation of fixed assets 44,601,432 297,342,881 36,140,042 240,933,613 Salaries unpaid 4,721,141 31,474,273 28,074,600 187,164,001Unpaid interest 12,582,676 83,884,504 - -Movement of fair value

of financial liabilities 3,355,411 21,895,367 1,331,731 8,531,815 Compensable loss 198,460,163 1,323,067,761 - - 359,489,416 2,396,122,071 149,490,813 996,259,027

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 59 -

(b) Deferred corporate tax liabilities before offset

Dec. 31, 2010 Dec. 31, 2009

Deferred corporate tax liabilities

Tax payable provisional difference

Deferred corporate tax liabilities

Tax payable provisional difference

Depreciation of fixed assets 36,044,494 230,000,844 26,283,208 165,390,528 Fair value movement

of marketable financial assets 7,192,906 47,840,517

2,553,511 16,284,096

Movement of fair value available-for-sale financial assets booked into capital reserve 26,583,323 177,222,150

- - 69,820,723 455,063,511 28,836,719 181,674,624

(c) Compensable loss of deferred corporate tax assets the Group not confirmed Dec. 31, 2010 Dec. 31, 2009 Compensable loss 356,325,699 258,085,641 (d) Compensable loss of deferred corporate tax assets the Group not confirmed will be due in the

following years: Dec. 31, 2010 Dec. 31, 2009 2013 11,021,352 11,021,352 2014 247,064,289 247,064,289 2015 98,240,058 - 356,325,699 258,085,641

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 60 -

(e) Mutual offset amount of deferred corporate tax assets and deferred corporate tax liabilities: Dec. 31, 2010 Dec. 31, 2009

Deferred corporate tax assets 45,639,771 10,062,299 Deferred corporate tax liabilities 45,639,771 10,062,299

Net value of deferred corporate tax assets and deferred corporate tax liabilities after offset: Dec. 31, 2010 Dec. 31, 2009 Deferred

corporate tax assets / liabilities net value

Temporary difference of

compensables after offset or taxes payable

Deferred corporate tax assets / liabilities net value

Temporary difference of

compensables after offset or taxes payable

Deferred

corporate tax assets

313,849,645 2,091,856,928 139,428,514 929,177,037 Deferred

corporate tax liabilities

24,180,952 150,798,368 18,774,420 114,592,635 16 Assets depreciation reserve

Deduction report period

Dec. 31,

2009Addition

report period return transferred sales Dec. 31,

2010

bad debt provision 249,596,839 82,112,374 (52,632,075) (18,200) 279,058,938

Including: Account receivable bad debt provision 238,097,631 82,112,374 (52,631,875) (18,200) 267,559,930

Other receivables bad debt provision 11,499,208 - (200) - 11,499,008

Expected contract loss 70,691,942 106,964,541 (664,501) (69,298,377) 107,693,605

Inventories devaluation provision 51,976,492 77,239,002 - - 129,215,494

Long term equity investment Depreciation reserve 30,000,000 - - - 30,000,000

402,265,273 266,315,917 (53,296,576) (69,316,577) 545,968,037

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 61 -

17 Short term loans

Types of short term loans

Dec. 31, 2010 Dec. 31, 2009

Guaranteed loans - USD loans 2,225,227,200 3,509,078,000

Credit loans - RMB loans 6,000,000,000 4,608,000,000- USD loans 4,929,546,076 4,201,298,050- EURO loans 43,592,175 1,317,550,937 13,198,365,451 13,635,926,987

On Dec. 31, 2010, guaranteed loans of 2,026,546,200 yuan( as of Dec. 31, 2009：

3,372,538,000 yuan) are that borrowed from the bank by the Company’s subsidiary Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd. (former: Shanghai Group (Hong Kong) Co., Ltd.), for which warranty was provided with stand-by L/C from ICBC, ABC, Bank of Communications, Beijing Bank and SPD Bank. On Dec. 31, 2010, guaranteed loans of 198,681,000 yuan (as of Dec. 31, 2009 ：

136,540,000 yuan) are that borrowed from the bank by the Company’s subsidiary Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd. (former: Shanghai Group (Hong Kong) Co., Ltd.), for which the Company provided warranty. Weighted average annual interest rate of loans for the Group in 2010 is 2.110% (2009: 4.239%).

18 Bills payable

Dec. 31, 2010 Dec. 31, 2009

Bank acceptance drafts 490,318,391 289,830,000Commercial acceptance drafts - 38,000,000 490,318,391 327,830,000

Above drafts will all be due within one year.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 62 -

19 Short term bonds payable

Total face value Issuance cost Dec. 31, 2009Issues

current period

Interest accrued

report yearIssuance cost amortized

report year Paid report year Dec. 31, 2010

Short term financing bonds - issued in 2009 4,100,000,000 (16,400,000) 4,100,533,000 - 113,926,082 14,512,877 (4,228,971,959) -

As approved by China Interbank Market Traders Association Zhong Shi Xie Zhu [2009] CP120 China Interbank Market Traders Association Documents Acceptance of Registration Notice, the Company publicly issued 41,000,100 shares of short-term bonds on Nov. 19, 2009, par value 100 yuan per share, total amount 4,100,000,000 yuan, term one year, annual rate 3.14%. Principal and interest had been paid back at one lump on Nov. 18, 2010 when due.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 63 -

20 Accounts payable Dec. 31, 2010 Dec. 31, 2009 Material purchase and product

manufacturing 1,607,722,473 2,446,638,862

Infrastructure building 228,818,148 63,957,815 Equipment purchase 65,442,132 54,546,128 Port use expenses 5,571,792 4,882,440 1,907,554,545 2,570,025,245 (a) Accounts payable to related parties

Dec. 31, 2010 Dec. 31, 2009 China Communications No. 3 Harbor Engineering Bureau Co., Ltd. 40,868,387 34,084,648CCCC First Harbor Engineering Co., Ltd. 8,528,476 10,884,063China Communications

Shanghai Harbor Bureau Shanghai Dahua Survey and Design Co., Ltd. - 5,877,000

49,396,863 50,845,711 On Dec. 31, 2010, the balance contains no payables to shareholders who hold 5%

(inclusive) of the Company’s voting share. (b) By Dec. 31, 2010, accounts payable aging above 1 year amount to 374,470,945 yuan (Dec.

31, 2009: 389,948,995yuan), mainly being payables of imported parts. Because the contracted payment day is not due, settlement has not been made. As of approval release day of this financial statement, 29,161,780 yuan has been paid off (Note IX).

(c) Account payable includes the following foreign currency balance:

Dec. 31, 2010 Dec. 31, 2009 Foreign

currency amount

Translation rate In RMB

Foreign currency amount

Translation rate In RMB

USD 95,780,476 6.6227 634,325,358 64,570,558 6.8282 440,900,684EURO 9,992,203 8.8065 87,996,336 24,160,988 9.7971 236,707,616 722,321,694 677,608,300

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 64 -

21 Prepayment

Prepayment of the Group refers to all that for product sales by end of report year. (a) Prepayment from related parties Dec. 31, 2010 Dec. 31, 2009 Jiangsu Longyuan Zhenhua Marine

Engineering Co., Ltd. 50,000,000

- China Communications No. 2

Harbor Bureau No. 2 Engineering Co., Ltd. 1,860,000

- China Communications Shanghai

Equipment Engineering Co., Ltd. 407,760

100,000 China Communications Shanghai

Harbor Bureau Co., Ltd. 200,000

- CCCC First Highway Engineering

Bureau Co., Ltd. 200,000

- Chuwa Bussan Co., Ltd. 170,113 175,391 52,837,873 275,391

By Dec. 31, 2010, the balance contains no prepayments from shareholders who hold 5% (inclusive) of the Company’s voting share.

(a) As of Dec. 31, 2010, prepayment paid in over one year old amounts to 1,298,726,387 yuan

(Dec. 31, 2009: no), mainly consisting of the prepayment for sales of products from one marine heavy equipment project. As the project is still in progress, the payment is not yet settled.

(c) Prepayment includes the following foreign currency balance: Dec. 31, 2010 Dec. 31, 2009

Foreign currency amount

Translation rate In RMB

Foreign currency amount

Translation rate In RMB

USD 211,957,114 6.6227 1,403,728,379 207,754,831 6.8282 1,418,591,539 EURO 2,429,906 8.8065 21,398,967 110,692 9.7971 1,084,459 Pound 39,414 10.2182 402,740 - 10.9780 - Canadian

dollar 17,486 6.6043 115,483 697 6.4802 4,519 1,425,645,569 1,419,680,517

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 65 -

22 Payables to employees

Dec. 31, 2009

Addition report period

Deduction report period

Dec. 31, 2010

Salary, bonus, allowance

and subsidy 169,433,167 741,231,099 (904,830,811) 5,833,455Staff welfare 3,102,491 17,678,391 (20,780,882) -Social security 2,942,287 203,822,469 (203,846,096) 2,918,660Including: medical insurance 763,787 62,190,062 (62,057,525) 896,324

pension 1,976,200 123,207,024 (123,417,986) 1,765,238Unemployment fund 107,594 11,157,219 (11,110,233) 154,580Labor injury fund 47,780 3,776,277 (3,772,797) 51,260Birth insurance 46,926 3,491,887 (3,487,555) 51,258

Auxiliary pension 768,527 48,469,557 (38,665,751) 10,572,333Housing fund 105,684 32,072,365 (31,963,007) 215,042Trade union fund and

employee education fund 17,964,107 13,127,691 (6,702,581) 24,389,217Others 512,903 18,783,940 (19,292,436) 4,407 194,829,166 1,075,185,512 (1,226,081,564) 43,933,114

As of Dec. 31, 2009, salaries and bonus payable to employees do not include those postponed in payment, expected to be paid off in the year 2011.

23 To be compensated taxes

Dec. 31, 2010 Dec. 31, 2009

VAT to be compensated (573,673,459) (604,286,421)(to be compensated)/corporate tax (13,671,757) (31,009,808)(to be compensated)/Business Tax payable (3,712,650) 6,183,976Individual Income Tax payable 7,100,947 1,655,586Education Addition payable 1,380,445 949,721Urban Construction payable 873,098 546,290Others 1,625,695 1,291,979

(580,077,681) (624,668,677)

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 66 -

24 Interest payable

Dec. 31, 2010 Dec. 31, 2009 Interest on loan payable 15,638,082 8,985,105Interest on Intermediate-term bills payable 71,290,533 71,887,222 86,928,615 80,872,327

25 Dividends payable

Dec. 31, 2010 Dec. 31, 2009 China Communications Corporation 33,472,814 34,392,513Hong Kong Zhenhua Engineering Co., Ltd. 19,606,950 19,606,950 Macau Zhenhua Bay Engineering Co., Ltd. 373,626 373,626 Subsidiary minority dividends payable 7,968,930 - 61,422,320 54,373,089

26 Other payables

Dec. 31, 2010 Dec. 31, 2009 VAT to be settled 404,686,979 378,305,768Contracting construction team deposit 48,334,049 80,885,273 Government subsidy 34,782,185 -Temporary loans of China Communications (Note (1)) 16,092,898 16,092,898 Qidong Daoda project warranty deposit 1,868,170 12,142,258 Payables for short-term financial bills’ undertaking expenses - 7,450,000Others 78,265,405 79,465,506 584,029,686 574,341,703 Note (1): In prior years, the Group’s subsidiary Jiangtian Industrial obtained borrowing of 16,092,898 yuan from China Communications Corporation, the Company’s parent company. The borrowing is not subject to pledging, or interest, or fixed payback term.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 67 -

(a) Other payables to related parties: On Dec. 31, 2010, other payables payable to shareholders and other related parties who

hold 5% (inclusive) voting shares of the Company are as follows: Dec. 31, 2010 Dec. 31, 2009 China Communications

Corporation 34,092,898 16,092,898

China Communications Shanghai Equipment Engineering Co., Ltd.

- 88,714

34,092,898 16,181,612

(b) On Dec. 31, 2010, other payables aging above 1 year amount to 32,176,137 yuan (Dec. 31, 2009, 24,735,951 yuan), mainly consisting temporary borrowings from China Communications Corporation and payables for contracting construction team deposit.

27 Non-current liabilities due within one year Dec. 31, 2010 Dec. 31, 2009 Credit loans - USD loans 231,794,500 2,782,491,500 - RMB loans 1,650,000,000 400,000,000 - EURO loans - 568,231,800 1,881,794,500 3,750,723,300

Weighted average annual interest rate of long-term loans due within one year of the Group

in 2009 is 1.671% (2009: 1.417%). Top 5 long-term loans in amount due within 1 year:

Dec. 31, 2010 Starting day of loans

Closing day of loans Currency Rate (%)Foreign

currency amount

RMB amount

A bank 2009-7-7 2011-6-29 RMB 3.51% - 400,000,000 B bank 2010-10-14 2011-11-14 RMB 3.51% - 400,000,000 C bank 2009-6-9 2011-6-29 RMB 3.51% - 300,000,000 D bank 2009-7-10 2011-6-29 RMB 3.51% - 300,000,000 E bank 2010-7-6 2011-11-24 RMB 3.51% - 250,000,000 1,650,000,000

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 68 -

28 Long term loans

Dec. 31, 2010 Dec. 31, 2009 Credit loans - USD loans 4,933,911,500 2,765,421,000 - RMB loans 600,000,000 1,000,000,000 - EURO loans 88,065,000 97,971,000 5,621,976,500 3,863,392,000

Weigh Weighted average annual interest rate of long-term loans of the Group in 2010 is 2.153%

(2009: 2.069%). (a) Top 5 long term loans Dec. 31, 2010

Starting day of loans

Closing day of loans Currency

Rate (%)

Foreign currency amount RMB amount

A bank 2010-11-1 2013-10-28 USD Libor+2% 220,000,000 1,456,994,000 B bank 2010-3-11 2012-2-11 RMB 3.51% - 600,000,000 C bank 2009-5-7 2012-5-7 USD Libor+2% 90,000,000 596,043,000 D bank 2010-8-6 2013-8-6 USD Libor+2.15% 69,000,000 456,966,300 E bank 2009-7-8 2012-7-7 USD Libor+1.1% 50,000,000 331,135,000 3,441,138,300

(b) Due day of long term loans: Dec. 31, 2010 Dec. 31, 2009 1 to 2 years 3,409,994,700 1,000,000,000 2 to 5 years 2,211,981,800 2,863,392,000 5,621,976,500 3,863,392,000 29 Bonds payable

Total face

value Issuance cost Dec. 31, 2009Issues current

period

Issuance cost

amortization report year Dec. 31, 2010

Issued in 2010 First Intermediateterm bills 1,800,000,000 (27,000,000) 1,777,324,886 - 5,421,445 1,782,746,331Second Intermediate-term bills 400,000,000 (6,000,000) 394,886,667 - 1,204,765 396,091,432Total 2,172,211,553 - 6,626,210 2,178,837,763

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 69 -

As approved by the Zhong Shi Xie Zhu (2009) MTN16 Notification of Registration Filing from Association of Traders Among Bank of China, the Company publicly issued its 2009 intermediate-term bills on Mar. 13, 2009 and Apr. 9, 2009, total amount 1,800,000,000 yuan, 400,000,000 yuan, term 5 years, fixed annual interest rate 4.10%, 4.00%, interest to be paid once a year.

30 Expected liabilities Dec. 31, 2009 Addition

report periodDeduction

report period Dec. 31, 2010

Estimated after-

sales service cost 260,044,224 183,029,815 (256,563,840) 186,510,199 31 Other non-current liabilities

Other non-current liabilities refer to the compensation payment obtained in 2007 by the Company’s subsidiary Shanghai Port Machinery Plant from Shanghai World Expo Land Reserve Centre for the land of the subsidiary in Changxing Island Removing Base. The said compensation is amortized in even years according to land use term.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 70 -

32 Capital Stock

Report year movement Dec. 31, 2010

Dec. 31, 2009

New share issues Bonus shares

Trading of conditioned

circulating shares total Shares with sales limitation - State corporate shares 220,733,084 - - - - 220,733,084

Foreign investment shares 763,963,200 - - - - 763,963,200 Including: Domestic corporate

shares 763,963,200 - - - 763,963,200 Overseas corporate

shares - - - - - - 984,696,284 - - - - 984,696,284 Shares without sales limitation RMB common shares 2,547,598,300 - - - - 2,547,598,300 Foreign investment shares

listed on overseas market 858,000,000 - - - - 858,000,000 3,405,598,300 - - - - 3,405,598,300

4,390,294,584 - - - - 4,390,294,584 As of Dec. 31, 2010, conditioned state legal person share of 220,733,084 shares held by China Communications Corporation, and 763,963,200 conditioned overseas legal person shares held by Hong Kong Zhenhua Engineering Company and Macau Zhenhua Harbor Engineering Company are not yet tradable.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 71 -

Report year movement Dec. 31, 2009

Dec. 31, 2008

New share issues Bonus shares

Trading of conditioned

circulating shares subtotal Shares with sales limitation - State corporate shares 437,442,000 169,794,680 50,938,404 (437,442,000) (216,708,916) 220,733,084

Foreign investment shares 587,664,000 - 176,299,200 - 176,299,200 763,963,200 Including: Domestic corporate

shares 587,664,000 - 176,299,200 - 176,299,200 763,963,200 Overseas corporate

shares - - - - - - 1,025,106,000 169,794,680 227,237,604 (437,442,000) (40,409,716) 984,696,284 Shares without sales limitation RMB common shares 1,522,249,000 - 587,907,300 437,442,000 1,025,349,300 2,547,598,300 Foreign investment shares

listed on overseas market 660,000,000 - 198,000,000 - 198,000,000 858,000,000 2,182,249,000 - 785,907,300 437,442,000 1,223,349,300 3,405,598,300

3,207,355,000 169,794,680 1,013,144,904 - 1,182,939,584 4,390,294,584 Based on Shanghai Zhenhua Port Machinery Co., Ltd. Announcement on Implementation of Stock Reform Scheme, 437,442,000 conditioned shares held by state legal persons are tradable since Mar. 30, 2009.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 72 -

33 Capital reserve

Dec. 31, 2009Addition report

periodDeduction report

period Dec. 31, 2010 Capital stock premium 5,397,828,267 - - 5,397,828,267－Other capital reserve －Impact related to

deferred tax of fair value movement of available-for-sale financial assets - - (26,583,323) (26,583,323)

－Movement of fair value of financial assets available for sale (1,059,308) 177,222,150 - 176,162,842

－Purchase of subsidiary minority interest (516,046) - - (516,046)

－Transfer from capital reserve based on former norms 129,118,869 - - 129,118,869

5,525,371,782 177,222,150 (26,583,323) 5,676,010,609

Dec. 31, 2008Addition report

periodDeduction report

period Dec. 31, 2009 Capital stock premium 3,541,206,911 2,026,416,036 (169,794,680) 5,397,828,267－Other capital reserve －Hedging tool fair value

movement 13,519,197 - (13,519,197) -－Deferred corporate tax

impact related to Hedging tool fair value movement (2,027,881) 2,027,881 - -

－Net movement of fair value of financial assets available for sale (1,059,308) - - (1,059,308)

－Purchase of subsidiary minority interest (516,046) - - (516,046)

－Impact of merger of enterprises under same controller 2,026,416,036 - (2,026,416,036) -

－Transfer from capital reserve based on former norms 129,118,869 - - 129,118,869

5,706,657,778 2,028,443,917 (2,209,729,913) 5,525,371,782

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 73 -

34 Surplus reserve

Dec. 31, 2009Addition report

period

Deduction report period Dec. 31, 2010

Statutory surplus reserve 1,215,823,906 - - 1,215,823,906Discretionary surplus reserve 292,378,668 - - 292,378,668 1,508,202,574 - - 1,508,202,574

Dec. 31, 2008Addition report

period

Deduction report period Dec. 31, 2009

Statutory surplus reserve 1,132,679,105 83,144,801 - 1,215,823,906Discretionary surplus reserve 292,378,668 - - 292,378,668 1,425,057,773 83,144,801 - 1,508,202,574

According to P. R. China Company Law, the Company’s Article of Association and board

meeting decisions, the Company accrues 10% of its net profit as statutory surplus reserve. When statutory surplus reserve accumulated reached 50% of the capital stock, the Company can stop accruing. Statutory surplus reserve can be used to compensate loss upon approval, or to increase capital stock. The Company did not accrue statutory surplus reserve in 2010 (2009: 83,144,801 yuan).

35 Profit distribution

2010 2009

amount Proportion amount Proportion Starting undistributed profit 4,388,376,311 4,759,635,759 Add: net profit / loss attributable to

parent company report year (694,837,984) 839,853,345 Less: statutory surplus reserve - 10% (83,144,801) 10% Share dividends payable - (1,013,144,904) Cash dividends payable - (114,823,088) Closing undistributed profit 3,693,538,327 4,388,376,311 As of Dec. 31, 2010, undistributed profit includes 72,741,317 yuan balance of surplus reserve

attributable to parent company’s subsidiaries (Dec. 31, 2009,72,741,317 yuan).

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 74 -

36 Minority interest

Minority interest attributable to subsidiaries:

Dec. 31, 2009Investment gains/(loss)

Capital added in report year

Dividends allo

catedDec. 31,

2010 Shanghai Port Machinery Heavy Industry Co., Ltd. 111,442,970 (6,042,158) -

-105,400,812

Shanghai Zhenhua Shipping Co., Ltd. 156,406,057 27,266 - - 156,433,323China Harbour Group Shanghai

Port Engineering Equipment Co., Ltd. 40,098,156 (13,123,244) - - 26,974,912

Shanghai Zhenhua Heavy Industries (Group) Changzhou Paint Co., Ltd. 40,709,957 2,731,653 - (7,907,865) 35,533,745Shanghai Zhenhua Heavy Industries Changxing Precision Casting Co., Ltd. 1,845,857 11,986 - - 1,857,843Shanghai Zhenhua Heavy

Industries (Group) Zhangjiagang Port Machinery Co., Ltd. - (1,358,724) 502,000 - (856,724)

Shanghai Zhenhua Port Machinery Heavy Industry Co., Ltd. (Former Shanghai Zhenhua Heavy Industries Changxing Spare Parts Manufacturing Co., Ltd.) 659,998 25,301 - - 685,299

Shanghai Zhenhua Heavy Industries Steel Structure Co., Ltd. 642,012 49,025 -

(61,065)

629,972Total 351,805,007 (17,678,895) 502,000 (7,968,930) 326,659,182

37 Operating income and operating cost

2010 2009 Major operating income 16,709,145,967 26,620,371,733Other operating income 407,031,448 943,743,909 17,116,177,415 27,564,115,642

2010 2009 Major operating cost 16,228,169,874 23,678,389,071Other operating cost 370,791,471 904,530,971 16,598,961,345 24,582,920,042

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 75 -

(a) Major operating income and major operating cost

(i) In products:

2010 2009

Major operating

income Major operating

costMajor operating

income Major operating

cost container cranes 8,576,009,665 8,496,041,195 16,886,763,797 15,484,184,171bulk machinery 3,690,151,188 3,834,464,868 3,111,795,222 3,043,698,576Marine heavy equipment 2,591,343,260 2,339,329,475 3,634,494,392 2,476,626,638Steel structures 1,662,991,694 1,442,401,497 2,952,405,715 2,650,543,334Vessel shipping and others 188,650,160 115,932,839 34,912,607 23,336,352

16,709,145,967 16,228,169,874 26,620,371,733 23,678,389,071

(ii) In regions:

2010 2009 Major operating

iMajor operating

tMajor operating

i Major operating

t Mainland China 5,699,644,190 6,136,027,537 3,158,970,905 3,308,011,880

Asia (excluding Mainland China) 4,228,363,483 3,800,038,228 8,742,255,530 8,172,250,243America 2,782,323,882 2,424,816,876 3,827,386,628 2,852,599,892Europe 2,371,124,435 2,424,070,827 6,904,226,938 5,978,125,679Africa 719,833,090 546,732,027 1,264,667,288 967,503,405Oceania 463,402,530 443,199,467 266,112,868 206,408,186Mainland China (export) (Note 1) 444,454,357 453,284,912 2,456,751,576 2,193,489,786 16,709,145,967 16,228,169,874 26,620,371,733 23,678,389,071(I) Note 1: In this part, amounts listed in the 2010 and 2009 Mainland China (export) item

refer to the major operating income and cost the Company firstly exports to its subsidiary Shanghai Zhenhua Port Machinery (Hong Kong) Co., Ltd. (former: Shanghai Group (Hong Kong) Co., Ltd.) or related party Chuwa Bussan Co., Ltd., and the latter sells to domestic customers.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 76 -

(b) Other operating income and other operating cost

2010 2009

Other operating

income Other operating

costOther operating

income Other operating

cost Sales of materials 365,365,369

356,554,045 883,874,438

889,606,424

Equipment leasing and others 41,666,079

14,237,426 59,869,471

14,924,547407,031,448 370,791,471 943,743,909 904,530,971

(c) Income from top 5 clients

Income from top 5 clients is 2,756,238,537 yuan (as of 2009,5,088,282,619 yuan), taking 16% (as of 2009,18%) of total sales income of the Group. Details are as follows:

Operating income Proportion in total operating

income of the Group (%)

A company 1,148,894,133 7%B company 673,335,262 4%C company 362,524,276 2%D company 295,579,849 2%E company 275,905,017 1% 2,756,238,537 16%

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 77 -

38 Financial expenses 2010 2009 Employee salary 22,898,288 24,431,529 Travel expenses 8,810,894 6,740,821 Fixed assets depreciation (Note V (11)) 5,045,352 5,460,683 Transportation expenses 3,258,170 7,493,342 Office expenses 1,952,016 3,130,535 Advert expenses 1,792,770 2,239,238 Exhibition expenses 1,387,693 215,434 Tender expenses 1,315,887 3,673,132 Others 13,464,185 14,846,387 59,925,255 68,231,101

39 General expenses 2010 2009 R & D expenses 377,406,322 935,331,717 Employee salary 252,623,697 392,172,944 Intangible assets amortization (Note V

(13)) 65,034,895 50,193,124

Fixed assets depreciation (Note V (11)) 53,756,724 14,935,825 Taxes 38,331,889 38,039,999 Office expenses 31,637,006 39,483,757 PR expenses 24,517,955 21,586,910 Expenses on employing intermediary 4,516,394 10,190,631 Travel expenses 4,311,248 11,739,472 Consultation expenses 2,954,060 791,150 Conference expenses 2,790,090 519,957 Insurance expenses 2,783,686 5,989,740 Informationization expenses 1,661,361 819,601 Maintenance expenses 1,179,053 - Advert expenses - 1,187,386 Others 38,209,334 78,997,345 901,713,714 1,601,979,558

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 78 -

40 Financial expenses -- Net 2010 2009 Interests expenses－ 399,836,613 624,781,180 Including: loans from bank, short-term

financing bonds and Interest Intermediate-term bills 399,836,613 621,789,429

Bills discount interest (Note V (18)) - 2,991,751 Time value of hedge tools (10,246,987) (13,923,288)

Less: interest income 33,692,253 71,343,591 Foreign exchange loss (259,474,165) (103,067,340) Less: foreign exchange income

21,139,087 7,508,219 Amortization of issue cost of short-term

financing bonds and intermediate-term bills (Note V (19), (29)) 29,983,283 35,579,457

214,930,084 622,221,819 41 Asset devaluation loss

2010 2009

Bad debt loss(Note V <16>) 29,480,299 15,817,016Inventories devaluation loss (Note I <16>) 77,239,002 12,839,592Expected contract loss (Note V <16>) 106,300,040 67,216,214Expected loss from prepayment for steel materials 7,244,629 - 220,245,970 95,872,822

42 Fair value movement -- Net

2010 2009 tradable financial Assets － Fair value movement gains (Note V <2>) 31,556,421 16,284,096tradable financial Liabilities －

Fair value movement losses (Note V <2>) (13,363,552) (8,531,815) 18,192,869 7,752,281

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 79 -

43 Investment income

2010 2009

Income from other long term equity investment in cost method 18,413,174 2,541,342Loss from other long term equity investment in equity method (Note V (10) (a)) (1,491,061) -Income from disposal of associated enterprises - 286,106Income from disposal of other long term equity investment 8,559,888 816,072 25,482,001 3,643,520

44 Non-operating income

2010 2009 Amount booked into 2010 non-

recurring gains/losses

Non Current assets disposal income 13,504,068 4,834,536

13,504,068

Including: Proceeds from disposal of fixed assets 13,504,068 4,834,536

13,504,068

Government subsidies (a) 65,779,633 194,401,845 65,779,633 Others 9,885,689 21,337,043 9,885,689 89,169,390 220,573,424 89,169,390

(a) Government subsidies:

2010 2009 Fiscal transfer 41,527,478 83,358,937

Science and technology subsidy 24,252,155 111,042,908 65,779,633 194,401,845

45 Non-operating expense

2010 2009 Amount booked

into 2010 non-recurring

gains/losses

Non Current assets disposal loss 30,356,902 2,474,798 30,356,902 Including: Losses from disposal of fixed assets 30,356,902 2,474,798

30,356,902

donation 370,000 13,766,247 370,000Others 41,985,704 3,093,735 41,985,704 72,712,606 19,334,780 72,712,606

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 80 -

46 Corporate tax

2010 2009 Current period corporate tax 60,505,931 130,366,832Deferred corporate tax (195,597,922) (145,150,269) (135,091,991) (14,783,437)

2010 2009 Profit (847,608,870) 764,351,771 Corporate tax expenses calculated by the rate of

15% (In 2009,15%) (127,141,331) 114,652,766Corporate tax exempted or deducted from purchase of domestic equipment - (87,475,022)Addition and deduction of technological development expenses (26,137,641) (66,200,637)Non-taxable income (998) (40,113)Non-deductible cost, expenses and loss 4,141,640 8,083,551Impact of tax rate on corporate tax expenses (3,712,182) 9,381,613Return of depreciation of fixed assets difference between tax and final settlement. Does not recognize part of the back. (2,493,709) -Return current year of final settlement not recognized accrued interest expense (11,601,450) -Return current year of provisionally estimated material payment not identified (39,241,067) -Compensable loss of deferred corporate tax assets unconfirmed current period 14,736,009 39,357,406Adjustment of final settlement prior year 56,358,738 (32,543,001)Corporate tax expenses (135,091,991) (14,783,437)

47 Earning (loss) per share (a) Basic Earning (loss) per share

Basic Earnings (loss) per share is calculated by dividing consolidated net profit belonging to common share holders of parent company by the weighted average number of common shares publicly issued by parent company:

2010 2009 Consolidated net profit (loss) belonging to common share holders of parent company (694,837,984) 839,853,345weighted average number of common shares publicly issued by parent company 4,390,294,584 4,390,294,584Basic Earnings (loss) per share (0.16) 0.19

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 81 -

(b) Diluted Earnings (loss) per share

Diluted earnings (loss) per action is calculated by the consolidated net profit (loss) attributable to parent company common shareholders after adjustment upon diluting potential common shares divided by the average number of common shares. In 2010 the Company had no diluting potential common shares (2009: no). Thus, diluted earnings (loss) per share equals basic earnings (loss) per share.

48 Other comprehensive earnings 2010 2009 Dividend income from financial assets available-for-sale 177,222,150 - Less: Less: impact of income tax for dividend income

from financial assets available-for-sale (26,583,323)

- Subtotal 150,638,827 - Comprehensive earnings from cash flow hedging - 13,519,197 Less: impact of income tax for other comprehensive

earnings from cash flow hedging - (2,027,881)

Net transfer of prior period’s other comprehensive earnings from cash flow hedging into current P&L

- (11,491,316)

Subtotal - - 150,638,827 -

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 82 -

49 Cash flow statements notes (a) Cash receipt related with other operational activities 2010 2009

Cash receipt of government allowance and bonus 137,595,318 105,809,324

Cash receipt from income from fines 3,043,053 9,448,347 Net return from mutual association 23,431,577 - Others 6,842,635 11,888,696 170,912,583 127,146,367 (b) Cash payment related with other operational activities 2010 2009 Selling and general expenses 148,111,165 204,432,436 Reconciliation expenses on Long

Beach project 38,752,432 - Financial expenses formality cost 29,983,283 35,579,457 Donations 370,000 13,766,247 Others 14,129,028 28,620,256 Temporary loans paid off to parent

company - 179,903,708 Qidong Daoda warranty deposit paid - 52,084,777 Net expenses of Mutual Assistance

Association loans - 25,205,836 Employee dismissal expenses - 13,000,000 231,345,907 552,592,717 (c) Cash receipt related with other investment activities 2010 2009 Interest income 10,246,987 13,923,288 (d) Cash payment related with other fund raising activities 2010 2009 Refund of minority investment upon

disposal of subsidiaries - 49,056,513

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 83 -

50 Supplementary information of cash flow statements (a) Supplementary information of cash flow statements Adjust net profit to cash flow in operating activities 2010 2009 Net (loss) Profit (712,516,879) 779,135,208 Add: assets devaluation provision 220,263,970 95,872,822 Fixed assets depreciation 1,187,976,979 1,069,527,172 Intangible assets amortization 65,034,895 50,193,124

Loss/(Gains) from disposal of fixed

assets and other long term assets 16,852,834 (2,359,738) Fair value movement gains (18,192,869) (7,752,281) financial (income) expenses (115,513,265) 639,001,361 Investment gains (25,482,001) (3,643,520)

Deferred corporate tax assets

increase (174,421,131) (4,724,841)

Deferred corporate tax liabilities

increase/(decrease) 5,406,532 (142,453,309) Stock decrease 317,260,397 171,560,901

Construction contract amount

decrease /（increase） 4,346,243,732 (3,807,907,098) Operating receivables decrease 1,228,946,060 3,826,310,801 Operating payables increase (1,163,938,980) (2,112,479,829) Net cash flow from operation activities 5,177,920,274 550,280,773 Net cash movement 2010 2009 Closing cash balance 1,206,635,024 1,861,596,053 Less: starting cash balance (1,861,596,053) (3,653,935,185) Net decrease of cash (654,961,029) (1,792,339,132)

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 84 -

(b) Acquiring or disposing subsidiaries Disposing subsidiaries 2010 2009 Price of disposing subsidiaries - - Cash and cash equivalent from disposing of

subsidiaries 76,140 51,058,819 Less: Cash and cash equivalent subsidiaries

held (76,140) (100,115,332) Net cash spending in disposing subsidiaries - (49,056,513) Net assets of disposed subsidiaries 2010 2009 Current assets 10,327,951 100,115,332 (c) Cash and cash equivalent Dec. 31, 2010 Dec. 31, 2009 Cash 1,206,635,024 1,861,596,053 Including: Cash in stock 310,702 1,656,110 Bank deposits disposable 1,025,958,562 1,447,550,797 Other monetary funds disposable 180,365,760 412,389,146 Closing cash balance 1,206,635,024 1,861,596,053

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 85 -

VI. Notes to major items in the parent company’s statements 1 Account receivable

Dec. 31, 2010 Dec. 31, 2009

Account receivable 5,710,534,408 5,545,196,974Less: bad debt provision (224,895,356 (187,306,734) 5,485,639,052 5,357,890,240

(a) Account receivable age analysis: Dec. 31, 2010 Dec. 31, 2009

Within one year 5,395,813,507 5,301,644,809 One to two years 168,651,517 103,919,695 Two to three years 49,612,406 12,661,015 above three years 96,456,978 126,971,455 5,710,534,408 5,545,196,974

(b) Account receivable in types:

Dec. 31, 2010 Dec. 31, 2009 book value balance bad debt provision book value balance bad debt provision

amount

proportion in

total amount ratio amount ratio amount

Proportion of accrual

Total bad debt

provision made in groups

Credit risk portfolio - related party 271,975,308 5% - - 195,797,518 4% - - - Third party 5,438,559,100 95% (224,895,356) 4% 5,349,399,456 96% (187,306,734) 4% 5,710,534,408 100% (224,895,356) 4% 5,545,196,974 100% (187,306,734) 3%

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 86 -

(c) On Dec. 31, 2010, the Group had no bad debt provision for account receivable with big single

amount or not single amount not big but being tested separately. (d) Among account receivable from total bad debt provision made in groups, portfolio analysis by

ages:

Dec. 31, 2010 Dec. 31, 2009 book value balance bad debt provision book value balance bad debt provision

amount ratio amount Proportion of

accrual

amount ratio amount Proportion of accrua

l

Within one year 5,123,838,199 94% (53,036,720) 1% 5,105,847,291 96% (22,828,862) 0%One to two years 168,651,517 3% (50,595,455) 30% 103,919,695 2% (31,175,908) 30%Two to three years 49,612,406 1% (24,806,203) 50% 12,661,015 0% (6,330,508) 50%above three years 96,456,978 2% (96,456,978) 100% 126,971,455 2% (126,971,455) 100%

5,438,559,100 100% (224,895,356) 4% 5,349,399,456 100% (187,306,734) 3%

(e) Account of accounts receivable fully provided for bad debts in relatively big proportion in prior

yeas but fully collected or returned in current year or collected or returned in large proportion: Reason for

return or collection

Former bad debts basis

Return or collection amount of accumulative

bad debt provision amount

Amount of return or collection

Account

receivable1 Law suit sett

ledDebt age 33,176,174 33,176,174

Account receivable2

Vigorous recovery

Debt age 3,632,634 3,632,634

Others

Vigorous recovery

Debt age 5,164,705 5,164,705

41,973,513 41,973,513

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 87 -

(f) Account receivable from related parties

Dec. 31, 2010 Dec. 31, 2009 Relation

with the Group

Amount Proportion in total (%)

bad debt provision

amount Proportion in total (%)

bad debt

provision

Shanghai Zhenhua

Port Machinery (Hong Kong) Co., Ltd. (former: Shanghai Group (Hong Kong) Co., Ltd.)

subsidiary 219,269,760 3.84% - 105,055,345 1.89% -

China Communications No. 2 Harbor Engineering Bureau No. 2 Engineering Co., Ltd.

Under control of same parent company 30,000,000 0.52% - - - -

China Communications No. 1 Harbor Engineering Bureau No. 1 Engineering Co., Ltd.

Under control of same parent company 16,800,000 0.29% - - - -

China Communications No. 1 Harbor Engineering Survey & Design Institute Co., Ltd.

Under control of same parent company 4,939,000 0.09% - 19,429,000 0.35% -

ZPMC Zhangjiagang Port Machinery Co., Ltd.

subsidiary 966,548 0.02% - - - -

China

Communications Shanghai Harbor Bureau Co., Ltd.

Under control of same parent company - - - 71,313,173 1.29% -

271,975,308 4.76% - 195,797,518 3.53% -

(g) On Dec. 31, 2010, top 5 accounts receivable balance:

Relation amount Year

Proportion in total

A Company

Third party 1,296,648,890Within one

year 23%B Company

Third party 257,904,240Within one

year 5%C Company

subsidiary 219,269,760 Within one

year 4% D Company

Third party 174,989,619Within one

year 3%E Company

Third party 132,454,000Within one

year 2%

2,081,266,509 37%

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 88 -

2 Other receivables Dec. 31, 2010 Dec. 31, 2009

Subsidiaries current amount 5,388,921,298 5,342,354,303 Fund of employee Mutual Assistance 90,093,188 104,707,810 Employee service abroad temporary

loan 67,951,258 130,218,770 Company loans receivable 32,320,000 32,320,000 Bidding guaranty deposit 13,718,400 10,190,000 Government subsidy 4,966,500 42,000,000 Tax refund on export 4,018,655 43,745,948 Others 14,553,138 33,852,355 5,616,542,437 5,739,389,186

Less: bad debt provision - - 5,616,542,437 5,739,389,186

(a) Other receivables ages: Dec. 31, 2010 Dec. 31, 2009

Within one year 5,476,099,203 5,619,927,001 One to two years 68,307,557 56,266,914 Two to three years 70,820,498 61,931,783 above three years 1,315,179 1,263,488 5,616,542,437 5,739,389,186

(b) Other receivables in type:

Dec. 31, 2010 Dec. 31, 2009 book value balance bad debt provision book value balance bad debt provision amount proport

ion in total

amount Proportion of

accrual

amount proportion in total

amount Proportion

of accru

al

Big single amount, provided for bad debt separately

5,532,081,125 98% - -

5,522,918,536

96% - - Single amount

not big, but provided for bad debt separately

84,461,312 2% - -

216,470,650

4% - - 5,616,542,437 100% - - 5,739,389,186 100% - -

(c) On Dec. 31, 2010, the Company did not made bad debt provision for Other receivables with big single amount and provided for bad debt provision separately.

(d) On Dec. 31, 2010, the Company did not made bad debt provision for Other receivables with no

big single amount but provided for bad debt provision separately.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 89 -

(e) On Dec. 31, 2010, other receivables do not contain the amount from shareholders holding above 5% (including 5%).

(f) Age analysis of other receivables from related parties:

Dec. 31, 2010 Dec. 31, 2009 Relation

with the Group

amount Proportion in total (%)

bad debt provision

amount Proportion in total (%)

bad debt provision

Nantong Zhenhua Heavy

Industry Equipment Manufacturing Co., Ltd.

subsidiary 2,733,294,787 48.67% - 2,152,024,876 37.50% -

Shanghai Zhenhua Shipping Co., Ltd.

subsidiary

1,332,117,702 23.72% - 835,760,828 14.56% -

Shanghai Zhenhua Port Machinery Heavy Industry Co., Ltd.

subsidiary 645,458,519 11.49% - 744,811,593 12.98% -

Shanghai Port Machinery Heavy Industry Co., Ltd.

subsidiary 467,367,810 8.32% - 1,505,942,227 26.24% -

ZPMC Zhangjiagang General Assembly Co., Ltd.

subsidiary 143,944,098 2.56% - 40,211,983 0.70% -

Shanghai Zhenhua Changxing Precision Foundry Co., Ltd.

subsidiary 60,998,992 1.09% - 63,602,797 1.11% -

Shanghai Zhenhua Heavy Industries Steel Structure Co., Ltd.

subsidiary 4,907,887 0.09% - - - -

Shanghai Jiangtian Industrial Co., Ltd.

subsidiary 831,502 0.01% - - - -

5,388,921,297 95.95% - 5,342,354,304 93.09% -

(g) On Dec. 31, 2010, top 5 of amount other receivables:

Relation amount Year Proportion in

total

A Company subsidiary 2,733,294,787Within one

year 49% B Company

subsidiary 1,332,117,702 Within one

year 24% C Company

subsidiary 645,458,519 Within one

year 11% D Company

subsidiary 467,367,810Within one

year 8% E Company

subsidiary 143,944,098Within one

year 3% 5,322,182,916 95%

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 90 -

3 Long term equity investment

Dec. 31, 2010 Dec. 31, 2009

subsidiary 3,542,409,567 3,547,891,567Cooperative company 28,508,939 -Other long term equity investment 13,040,000 57,560,489

3,583,958,506 3,605,452,056

There are no limits to cashability of the Group’s long term equity investment.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 91 -

(a) Subsidiaries Report year movement

accounting basis Initial investment Dec. 31, 2009

addition or deduction of

investment

cash dividends

announced

other equity

movement Dec. 31, 2010

Proportion of

shares

Proportion of

voting rights

Remarks on difference between

proportion of shares and voting

rights

Depreciation

reserve

accrued report

year Depreciation reserve

Shanghai Zhenhua Port

Machinery Heavy Industry Co., Ltd.(Former: Shanghai Zhenhua Heavy Industries Changxing Parts Manufacturing Co., Ltd.) cost 4,950,000 4,950,000 - - - 4,950,000 90% 90%

n.a

- - Shanghai Zhenhua Heavy

Industries Changxing Precision Casting Co., Ltd. cost 3,500,000 3,500,000 - - - 3,500,000 70% 70%

n.a

- - Shanghai Zhenhua Port

Machinery (Hong Kong) Co., Ltd. (former: Shanghai Group (Hong Kong) Co., Ltd.) cost - - - - - - 99.99% 99.99%

n.a

- - Shanghai Zhenhua Shipping

Co., Ltd. cost 140,260,673 140,260,673 - - - 140,260,673 55% 55%n.a

- - ZPMC Zhangjiagang Port

Machinery Co., Ltd.(Note IV.(1)) cost - - 4,518,000 - - 4,518,000 30.12% 30.12%

n.a- -

Nantong Zhenhua Heavy Industry Equipment Manufacturing Co., Ltd. cost 1,080,000,000 1,080,000,000 - - - 1,080,000,000 100% 100%

n.a- -

Nantong Zhenhua Heavy Industry Steel Structure Processing Co., Ltd. cost 598,110 598,110 - - - 598,110 100% 100%

n.a

- - Jingyin Zhenhua Port

Machinery Steel Structure Manufacturing Co., Ltd. cost 579,983 579,983 - - - 579,983 100% 100%

n.a

- - Shanghai Zhenhua Changxing

Heavy Industry Co., Ltd.(Note IV (2)) cost 10,000,000 10,000,000 (10,000,000) - - - - -

n.a- -

Shanghai Zhenhua Port Machinery Changzhou Paint Co., Ltd. cost 36,549,300 36,549,300 - - - 36,549,300 51% 51%

n.a

- - China Communications

Shanghai Port Machinery making Factory Co., Ltd. cost 2,201,086,744 2,201,086,744 - - - 2,201,086,744 100% 100%

n.a- -

Shanghai Jiangtian Industrial Co., Ltd. cost 70,366,757 70,366,757 - - - 70,366,757 60% 60%

n.a- -

3,547,891,567 (5,482,000) - - 3,542,409,567 - -

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 92 -

(b) Joint undertaking

Report year movement

accounting

basis Initial

investmentDec. 31,

2009

addition or deduction of

investment

Net gains afteradjusting on

equity

cash dividends

announced

other equity

movement

Dec. 31, 2010

Proportion of

shares

Proportion of voting rights

Remarks on difference

between proportion of

shares and voting rights

Depreciation

reserve

accrued report year Depreciatio

n reserve

Jiangsu

Longyuan Zhenhua Marine Engineering Co., Ltd. equity 30,000,000 - 30,000,000 (1,491,061) - - 28,508,939 50% 50% n. a. - -

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 93 -

(c) Other long term equity investment

Report year movement

accounting

basis Initial

investmentDec. 31,

2009

addition of nvestmen

tdeduction of

investment

Reclassified to financial assets

available for sale Dec. 31, 2010

Proportion of shares

Proportion

of voting rights

Remarks on difference

between proportion of

shares and voting rights

Depreciation reserve

accrued report year Depreciation reserve

cash dividends

announced

CHEC Dredging Co.

Ltd. cost 25,520,489 25,520,489 - (25,520,489) - - - - n. a. - - 14,005,537 江西华伍制动器

股份有限公司 cost 19,000,000 19,000,000 400,000 - (19,400,000) - - - n. a. - - - Nantong Zhenhua

Hongcheng Heavy Load Forging Co., ltd. cost 10,000,000 10,000,000 - - - 10,000,000 5% 5% n. a. - - -

Shanghai Zhenhua Port Machinery (Group) Longchang Lift Equipment Co. Ltd. cost 500,000 800,000 - - - 800,000 10% 10% n. a. - - 48,034

Shanghai Zhenhua Port Machinery (Group) cost 500,000 1,500,000 - - - 1,500,000 10% 10% n. a. - - 650,146

Shanghai Zhenhua Port Machinery (Group) Ningbo Transmission Machinery Co. Ltd cost 300,000 740,000 - - - 740,000 7.40% 7.40% n. a. - - 3,274,480

57,560,489 400,000 (25,520,489) (19,400,000) 13,040,000 - - 17,978,197

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 94 -

4 Operating income and cost

2010 2009 Major operating income 16,578,082,493 25,910,045,361Other operating income 709,229,595 2,644,798,771 17,287,312,088 28,554,844,132

2010 2009 Major operating cost 16,455,608,976 23,479,958,523Other operating cost 674,185,375 2,602,336,509 17,129,794,351 26,082,295,032

(a) Major operating income and major operating cost (i) In products:

2010 2009

Major operating

income Major operating

costMajor operating

income Major operating

cost

Container crane 8,496,903,683 8,574,525,771 16,161,069,562 15,082,045,758Bulk parts 3,852,176,937 4,026,646,359 3,161,652,899 3,143,926,218 Marine heavy equipment 2,579,203,590

2,356,519,209 3,634,727,679

2,507,695,468

Steel structure 1,649,798,283 1,497,917,637 2,952,595,221 2,746,291,07916,578,082,493 16,455,608,976 25,910,045,361 23,479,958,523

(ii) In regions: 2010 2009

Major operating income

Major operating cost

Major operating income

Major operating cost

Mainland China (export) 532,992,854 579,917,884 2,203,958,972

2,106,281,106

Asia (excluding Mainland China) 4,228,089,730 3,848,159,611 8,659,575,408

8,224,040,815

Europe 2,370,970,736 2,492,374,549 6,904,803,435 6,139,671,866 America 2,782,143,287 2,466,424,648 3,827,706,211 2,924,466,389 Mainland China 5,480,727,117 6,056,763,192 2,783,093,360 2,890,367,974 Africa 719,786,396 557,438,335 1,264,772,887 986,650,941 Oceania 463,372,373 454,530,757 266,135,088 208,479,432 16,578,082,493 16,455,608,976 25,910,045,361 23,479,958,523

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 95 -

(b) Other operating income and Other operating cost

2010 2009

Other operating

income Other

operating costOther operating

income Other

operating cost Sales of materials 682,162,237 671,718,339 2,599,315,510 2,602,335,780 Equipment leasing and others 27,067,358 2,467,036 45,483,261 729

709,229,595 674,185,375 2,644,798,771 2,602,336,509 (c) Operating income from top 5 clients

Income from top 5 clients is 2,756,238,537 yuan (as of 2009, 5,088,282,619 yuan), taking 16% of total sales income of the Group. (2009, taking 18%). Details as follows:

Operating income Proportion in total operating income

of the Company (%)

A Company 1,148,894,133 7%B Company 673,335,262 4%C Company 362,524,276 2%D Company 295,579,849 2%E Company 275,905,017 1% 2,756,238,537 16%

5 Investment income

2010 2009

Income from other long term equity investment on cost basis 22,470,622 2,508,954Income from other long term equity investment on equity basis (1,491,061) -Income from disposal of other long term equity investment 8,559,888 -Income from disposal of subsidiaries 244,855 3,590,177 29,784,304 6,099,131

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 96 -

6 Supplementary information of cash flow statements

(a) Adjust net profit to cash flow in operating activities 2010 2009 Net (loss) Profit (657,336,872) 831,448,007 Add: assets devaluation provision 228,372,294 78,061,373 Fixed assets depreciation 751,758,161 605,112,510 Intangible assets amortization 43,445,224 34,889,144 Loss/(gains) from disposal of fixed

assets and other long term assets 2,767,685 (4,222,410) Fair value movement gains (25,740,563) (3,823,067) financial (income)/ expenses (64,490,401) 525,149,428 Investment gains (29,784,304) (6,099,131) Deferred corporate tax assets increase (174,210,509) (13,324,368) Deferred corporate tax liabilities

increase/(decrease) 5,674,143 (106,337,134) Stock decrease 33,157,912 738,336,569 Construction contract amount decrease

/（increase） 4,285,590,968 (4,178,621,006) Operating receivables

(increase)/decrease (867,704,645) 3,489,627,986 Operating payables

increase/(decrease) 236,027,787 (4,157,189,737) Net cash flow from operation activities 3,767,526,880 (2,166,991,836)

(b) Net cash movement 2010 2009 Closing cash balance 999,517,134 1,316,037,641 Less: starting cash balance (1,316,037,641) (2,664,401,899) Net decrease of cash (316,520,507) (1,348,364,258)

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 97 -

VII Related parties and related transaction

(1) Parent company profiles

(a) Profiles of parent

company

Type Registered place Legal rep

resentatives

Type of business

Organizational code

China Communications Corporation

Corporate

Company

No. 88, C Andingmen Wai

Street, Dongcheng District, Beijing

Zhou Jicha

ng

Port project contracting and

related businesses

710934369

China Communications Construction Group Corporation is the ultimate controller of the Company

(b) Parent company’s registered capital and the movement

Dec. 31, 2009 Addition report period

Deduction report period

Dec. 31, 2010

China Communications Corporation

14,825,000,000 - - 14,825,000,000

(c) Parent company’s holding proportion and voting proportion in the Company: Dec. 31, 2010 Dec. 31, 2009 Holding

ProportionVoting

Proportion Holding

Proportion Voting

Proportion China Communications

Corporation 28.71% 28.71% 28.71% 28.71% As of Dec.31, 2010, China Communications Corporation and its controlled Hong Kong Zhenhua Engineering Co., Ltd. and Macau Zhenhua Bay Engineering Co., Ltd. together hold 46.12% of the Company’s stake (Dec. 31, 2009: 46.12%).

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 98 -

(2) Subsidiaries

For information of subsidiaries, refer to Note IV.

(3) Associated enterprises Type

Reg. Address

egal rep. Biz Type

Registered capital

Holding ratio

Voting ratio

Organizational code

Joint undertaking – Jiangsu Longyuan

Zhenhua Marine Engineering Co., Ltd.

Limited compan

y

Nantong,

Jiangsu

Fei Zhi

Marine engineering construct

ion 300,000,000 50% 50% 555857534

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 99 -

(4) Other related parties Relation with the Group Organizational

Code Hong Kong Zhenhua Engineering Co., Ltd. Under control of same

parent company and holding 17.08% stake

of the Company

n.a. (Note 1)

Macau Zhenhua Bay Engineering Co., Ltd. Under control of same parent company

and holding 0.33% stake of the Company

n.a. (Note 1)

Chuwa Bussan Co., Ltd. Under control of same parent company

n.a. (Note 1)

China Communications Shanghai Harbor Bureau Co., Ltd.

Under control of same parent company

13222855X

CCCC First Highway Engineering Bureau Co., Ltd.

Under control of same parent company

101700452

CCCC First Harbor Engineering Co., Ltd.

Under control of same parent company

103061068

China Communications No. 2 Highway Engineering Bureau Co., Ltd.

Under control of same parent company

220521254

China Communications No.2 Harbor Engineering Bureau Co., Ltd.

Under control of same parent company

177685391

China Communications No. 3 Harbor Engineering Bureau Co., Ltd.

Under control of same parent company

132660000

China Communications No. 1 Harbor Engineering Survey & Design Institute Co., Ltd.

Under control of same parent company

401360728

China Communications No. 4 Harbor Engineering Survey & Design Institute Co., Ltd.

Under control of same parent company

190519558

China Communications Shanghai Equipment Engineering Co., Ltd.

Under control of same parent company

134616310

China Harbour Engineering Co., Ltd. Under control of same parent company

710933796

China Communications Shanghai Harbor Bureau Shanghai Dahua Survey and Design Co., Ltd.

Under control of same parent company

13378470X

China Communications Shanghai Harbor Equipment Industry Co., Ltd.

Under control of same parent company

133597103

China Communications Tianjin Harbor Bureau Co., Ltd.

Under control of same parent company

103061113

Tianjin China Communications Bomaike Marine Vessel Heavy Industry Co., Ltd.

Under control of same parent company

666122741

Note 1: Companies thus concerned are subsidiaries incorporated overseas or in Hong Kong or Macau. These companies do not have legal persons or organizational code.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 100 -

(5) Related transactions (a) Selling products 2010 2009

Related parties

Transaction

content

Pricing and

decision making

procedures amount

Proportion in same

kind amount Proportion in

same kind China

Communications Corporation

Selling products

Market price 43,825,750 0.26% 2,802,735 0.01%

China Communications No.2 Harbor Engineering Bureau Co., Ltd.

Selling products

Market price 30,000,000 0.18% (1,523,761) (0.01%)

CCCC First Harbor Engineering Co., Ltd.

Selling products

Market price 16,145,072 0.09% (21,858,735) (0.08%)

Chuwa Bussan Co., Ltd.

Selling products

Market price 10,708,490 0.06% 330,911,765 1.24%

CCCC First Highway Engineering Bureau 6th Engineering Co., Ltd.

Selling products

Market price 1,764,102 0.01% (17,181,538) (0.07%)

CCCC First Highway Engineering Bureau First Engineering Co., Ltd.

Selling products

Market price 1,764,102 0.01% (16,605,538) (0.06%)

China Communications No. 1 Harbor Engineering Survey & Design Institute Co., Ltd.

Selling products

Market price 1,362,000 0.01% 41,282,051 0.16%

China Communications Shanghai Harbor Bureau Co., Ltd.

Selling products

Market price - - 220,770,973 0.83%

China Communications No. 3 Harbor Engineering Bureau Co., Ltd.

Selling products

Market price - - (4,289,915) (0.02%)

China Communications No. 2 Highway Engineering Bureau Co., Ltd.

Selling products

Market price - - (2,752,410) (0.01%)

105,569,516 0.62% 531,555,627 2.00%

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 101 -

(b) The following related party provided labor service for the Group

2010 2009

Related parties

Transaction

content

Pricing and decision making

procedures amount

Proportion in same

kind amount

Proportion in same

kind China

Communications Tianjin Harbor Bureau Co., Ltd.

providing labor Market price 52,509,211 0.32% - -

(c) The following related party built docks and workshops for the Group

2010 2009

Related parties

Transaction

content

Pricing and decision making

procedures amount

Proportion in same

kind amount

Proportion in same

kind China

Communications No. 3 Harbor Engineering Bureau Co., Ltd.

providing labor Market price 72,339,709 4.41% 99,682,050 1.99%

CCCC First Harbor Engineering Co., Ltd.

providing labor Market price - - 8,528,476 0.17%

72,339,709 4.41% 108,210,526 2.16%

(d) Asset transfer 2010 2009

Related parties

Transaction

content

Pricing and decision making

procedures

amount Proportion in same

kind

amount Proportion in same

kind China

Communications Shanghai Harbor Bureau Co., Ltd.

Equity transfer Market price 34,080,378 100% - -

(e) Key executives salaries

2010 2009 Key executives salaries 19,901,500 19,837,700

Number of key executives of the Group in 2010 is 54 (2009: 56).

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(5) Balance of receivables and payables of related parties (a) Receivables from related parties:

Dec. 31, 2010 Dec. 31, 2009

book value

balancebad debt provision

book value balance bad debt provision

Acco

unt receivable Chuwa Bussan Co., Ltd.会社 100,597,153 - 324,570,514 -

China Communications No.2 Harbor Engineering Bureau Co., Ltd. 30,000,000 - 1,630,000 -

China Communications No.2 Highway Engineering Bureau No.6 Co., Ltd. 25,800,000 - - -

China Communications No.2 Highway Engineering Bureau No.1 Co., Ltd. 20,800,000 - - -

CCCC First Harbor Engineering Co., Ltd. 19,430,000 - - -

China Communications No. 4 Harbor Engineering Survey & Design Institute Co., Ltd._Zhanjiang Longteng Qiutuan Project Team 16,996,000 - - -

China Communications Corporation 11,882,400 - 11,882,400 -

China Communications No. 1 Harbor Engineering Survey & Design Institute Co., Ltd. 6,301,000 - 19,429,000 -

China Communications No. 2 Highway Engineering Bureau Co., Ltd. 2,778,000 - -

China Communications No. 3 Harbor Engineering Bureau Co., Ltd. 2,192,000 - 2,192,000 -

China Communications Shanghai Harbor Bureau Co., Ltd. 200,000 - 71,313,173 -

China Harbour Engineering Co., Ltd. - - 14,854,014 -

236,976,553 - 445,871,101 -

Dec. 31, 2010 Dec. 31, 2009

book value

balancebad debt provision

book value balance bad debt provision

Account payment in advance

Tianjin China Communications Bomaike Marine Vessel Heavy Industry Co., Ltd. 52,509,211 - - -

China Communications Shanghai Harbor Equipment Industry Co., Ltd. - - 38,896,000 -

52,509,211 - 38,896,000 -

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(b) Payables to related parties: Dec. 31, 2010 Dec. 31, 2009 Accounts

payable China Communications No. 3 Harbor Engineering Bureau Co., Ltd. 40,868,387 34,084,648

CCCC First Harbor Engineering Co., Ltd. 8,528,476 10,884,063

China Communications Shanghai Harbor Bureau Shanghai Dahua Survey and Design Co., Ltd. - 5,877,000

49,396,863 50,845,711 Other

payables China Communications Corporation 34,092,898 16,092,898

China Communications Shanghai Equipment Engineering Co., Ltd. - 88,714

34,092,898 16,181,612 Account

payment received in advance

Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd. 50,000,000 -

CCCC Second Harbor Engineering Co., Ltd. 1,860,000 -

China Communications Shanghai Equipment Engineering Co., Ltd. 407,760 100,000

China Communications Shanghai Harbor Bureau Co., Ltd. 200,000 -

CCCC First Highway Engineering Bureau Co., Ltd. 200,000 -

Chuwa Bussan Co., Ltd. 170,113 175,391 52,837,873 275,391 Dividends

payable China Communications Corporation 33,472,814 34,392,513

Hong Kong Zhenhua Engineering Co., Ltd. 19,606,950 19,606,950

Macau Zhenhua Bay Engineering Co., Ltd. 373,626 373,626

53,453,390 54,373,089

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(7) Promises with related parties

Listed are promises contracted but not necessarily shown on B/S with related parties

as of B/S day: Labor receipt Dec. 31, 2010 Dec. 31, 2009

Tianjin China Communications Bomaike Marine Vessel Heavy Industry Co., Ltd. 180,800,722 -

Selling goods Dec. 31, 2010 Dec. 31, 2009

China Communications Tianjin Harbor Bureau Co., Ltd. 232,945,347 -

China Communications Shanghai Harbor Bureau Co., Ltd. 223,760,684

China Communications Corporation 127,114,421 -

CCCC First Harbor Engineering Co.,

Ltd. 1,803,646 - Chuwa Bussan Co., Ltd. - 10,708,490

CCCC First Highway Engineering

Bureau Co., Ltd. - 3,528,205 585,624,098 14,236,695

VIII Promises

(1) Capital expense promises List in the following is the capital expenses promises not yet to be confirmed in the financial

statements but the contracts have been signed on the reporting day. Dec. 31, 2010 Dec. 31, 2009 House, building and equipment 288,922,377 725,243,270

(2) Operating leasing promises According to non-revocable operating leasing contracts signed, the minimum rent to be paid is

listed as follows: Dec. 31, 2010 Dec. 31, 2009 Within one year 17,685,659 16,635,025 One to two years 17,985,726 16,985,659 Two to three years 18,286,126 17,285,726 above three years 170,343,464 188,129,589 224,300,975 239,035,999

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(3) Implementation of prior promises

Promises of the Group as of Dec. 31, 2010 concerning capital expenses and operating leasing

have been implemented accordingly.

(4) L/C promises

The company entrusted bank to issue several L/C’s to purchase imported components or parts. As of Dec.31, 2010, payables under the L/C’s amounted to 1,427,052,149 yuan (Dec. 31, 2009: 1,882,125,698 yuan).

IX B/S future events Important B/S future events Item highlights Impact on financial

status and operating results

Payment of payables (Note V

(20)(b))

To pay off big amount payables aging over 1 year

Assets and liabilities

decreased by 29,161,780 yuan

respectively Medium term notes registration

approved The company’s application for registration of 3.8 billion yuan medium notes has been approved as of Feb. 15, 2011, term 5 years, via the Notice of Registration Acceptance Zhong Shi Xie Zhu (2011)MTN25 from Bank of China Issuing Market Traders Association. The said issuing is undertaken jointly by Bank of China Co., Ltd. and China CITIC Bank Co., Ltd.

To improve the Company’s

financial structure, limit liquidity risks

X Other Events The Group entered in 2009 with Spanish ADHK Company contract with total value of USD

2.2 billion for purchase of heavy load equipment. As of Dec. 31, 2010, the Group has invested 853,117,292 yuan to prepare materials and production and is talking with ADHK Company and related banks for financing arrangements for issues under the contract. Considering the talking results, the Group expects ADHK Company will be most likely to get the financing needed and will conclude the US$2.2 billion purchase contract. In case ADHK is not able to acquire financing needed, uncertainty is involved in the contract. The Group will watch closely over the financing arrangements of ADHK Company and make estimate over impact on financial status of the Group.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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XI Financial instruments & risks Operation of the Group faces various financial risks: market risks (mainly foreign exchange risks

and interest rate risks), credit risks and liquidity risks. The overall risk control planning of the Group aims at the unpredictability of financial market, in an attempt to minimize the potential impact on the financial result of the Group

(1) Market risks (a) Forex risks Major production of the Group is located within the boarder of China, but major businesses are

settled in USD and EURO. Therefore there exist risks with already-confirmed foreign currency assets and liabilities and future foreign currency transaction (foreign currency assets and liabilities and foreign currency transaction are mainly priced by USD and EURO). The Group’s financial department is responsible for the controlling of the Group’s foreign currency transaction and the size of foreign currency assets and liabilities, to minimize forex risks. Considering above, the Group controls its forex risks via establishing time forex contracts. As of Dec. 31, 2010 and Dec. 31, 2009, status of time forex contracts not due are shown in Note V (2).

As of Dec. 31, 2010 and Dec. 31, 2009, RMB amount of the Group’s foreign currency financial

assets and financial Liabilities are listed as follows: Dec. 31, 2010

USD EURO Other foreign currency items Total

foreign currency Financial assets -

foreign currency capital 532,029,446 103,169,513 44,386,886 679,585,845 Account receivable 2,830,078,653 533,834,361 375,317,485 3,739,230,499 Other receivables 120,610,407 18,063,100 4,494,819 143,168,326 3,482,718,506 655,066,974 424,199,190 4,561,984,670 foreign currency

Financial Liabilities -

short term loans 7,154,773,276 43,592,175 - 7,198,365,451 accounts payable 634,325,358 87,996,335 - 722,321,693 non-current liabilities due

within 1 year

231,794,500 - - 231,794,500

long term loans 4,933,911,500 88,065,000 - 5,021,976,500 12,954,804,634 219,653,510 - 13,174,458,144

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(a) Forex risks (Cont’d) Dec. 31, 2009

USD EUROOther foreign

currency items Total foreign currency

Financial assets -

foreign currency capital 558,593,765 121,055,775 82,688,626 762,338,166 Account receivable 3,650,600,873 1,449,283,974 161,001,099 5,260,885,946 Other receivables 237,121,263 38,661,923 1,410,157 277,193,343 4,446,315,901 1,609,001,672 245,099,882 6,300,417,455 foreign currency

Financial Liabilities -

short term loans 7,710,376,050 1,317,550,937 - 9,027,926,987 accounts payable 440,900,684 236,707,616 - 677,608,300 non-current liabilities

due within 1 year

2,782,491,500 586,231,800 - 3,368,723,300

long term loans 2,765,421,000 97,971,000 - 2,863,392,000 Other payables 778,437,239 - - 778,437,239 14,477,626,473 2,238,461,353 - 16,716,087,826 As of Dec. 31, 2010, concerning the Group’s various USD financial assets and USD financial

liabilities，when RMB appreciates or depreciates 1 percent point against USD while other factors remain unchanged, the Group will decrease or increase a total loss of about 94,720,861 yuan (Dec. 31, 2009: total increased or decreased profit amount being 100,313,106 yuan). As of Dec. 31, 2010, concerning the Group’s various EURO financial assets and EURO financial liabilities，when RMB appreciates or depreciates 1% against EURO while other factors remain unchanged, the Group will decrease or increase a total loss of about 4,354,135 yuan (Dec. 31, 2009: total increased or decreased profit amount being 6,294,597 yuan).

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(b) Interest rate risks Interest rate risks of the Group mainly originate from long-term liabilities with interest including

long term bank loans and bonds payable. Financial liabilities with flexible rates confronts the Group with cash flow interest rate risks, while financial liabilities with fixed rates put the Group against fair value interest rate risks. The Group fixes the fraction of contracts with fixed rates and those with flexible rates based on corresponding market environment. As of Dec. 31, 2010, the Group’s long-term liabilities with interests include only contracts with flexible rates priced in USD and EURO, and contracts with fixed rates priced in RMB. Amount of contracts with flexible rates priced in USD and EURO is 5,021,976,500 yuan (Dec. 31, 2009: 2,863,392,000 yuan); and the amount of contracts with fixed rates priced in RMB is 2,778,837,763 yuan (Dec. 31, 2009: 3,172,211,553 yuan).

The financial division of the Group keeps close watch over the interest rates level of the Group.

Since the rise of interest rates will increase the cost of newly added liabilities with interests, interest expenses on unpaid liabilities with interests priced in flexible rates, and will significantly impact the financial results of the Group, the management will lower the rate risks via swap contracts based on current market status. Status of interest rate swap contracts of the Group as of Dec. 31, 2010 and Dec. 31, 2009 is shown in Note V (2).

As of 2010, when the rate of long-term liabilities with flexible rates increases or decreases by 1

percent point while other factors remain unchanged, the Group will decrease or increase a total loss of about 50,219,765 yuan (2009: total increased or decreased profit amount being 28,633,920 yuan).

(2) Credit risks The Group manages credit risks by portfolio classification. Credit risks mainly originate from bank

loans, accounts receivable, other receivables, and notes receivable. Bank deposits of the Group are mainly put in state-owned banks and other large or medium-

sized listed banks. Therefore, the Group believes they suffer no significant credit risks or cause any significant losses as a result of contract breach of the counterparts.

In addition, speaking of accounts receivable, other receivables, and notes receivable, the Group

established related policies to control credit risks. The Group evaluates clients’ credit qualification and sets corresponding credit terms on the basis of clients’ financial status, possibility of obtaining guaranty from a third-party, credit record and other factors including current market status rating. The Group monitors clients’ credit record on regular basis. When client is found with bad credit record, the Group will sent out written calls, shorten credit terms or cancel credit terms, in an attempt to ensure that the Group’s overall credit risks be within control.

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(3) Liquidity risks Subsidiaries within the Group are responsible for their own prediction of cash flow. The financial

section of the head office continues to monitor the capital demand for short-term and long-term capital at the group level after collecting all predictions of subsidiaries, to ensure sufficient cash reserve and cashable securities. Meanwhile, the financial section of the head office continues to monitor the financial and non-financial factors prescribed in credit agreements and loan agreements, to ensure the Group should get sufficient line of credit from key financial institutions to satisfy capital demand both in short term and long term.

As of B/S day, various financial assets and liabilities of the Group are listed as follows by due

dates in undiscounted contracted cash flow: Dec. 31, 2010

Within one year

One to two years

Two to five years

Above five years Total

Financial assets - foreign currency capital 1,335,993,150 - - - 1,335,993,150 Account receivable 5,715,050,345 - - - 5,715,050,345 Notes receivable 35,237,260 - - - 35,237,260 Available-for-sale

financial assets - - 196,622,150 - 196,622,150 Other receivables 362,869,690 - - - 362,869,690 7,449,150,445 - 196,622,150 - 7,645,772,595

Financial Liabilities - short term loans 13,351,938,595 - - - 13,351,938,595 Payables 1,907,554,545 - - - 1,907,554,545 Notes payable 490,318,391 - - - 490,318,391 Interests payable 86,928,615 - - - 86,928,615 Dividends payable 61,422,320 - - - 61,422,320 non-current liabilities due

within 1 year 1,931,282,547 - - - 1,931,282,547 long term loans 195,199,936 3,478,772,683 2,251,790,985 - 5,925,763,604 Bonds payable 89,800,000 89,800,000 2,308,960,000 - 2,488,560,000 Other payables 1,573,735,688 - - - 1,573,735,688 19,688,180,638 3,568,572,683 4,560,750,985 - 27,817,504,306

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(3) Liquidity risks (Cont’d) Dec. 31, 2009

Within one year One to two yearsTwo to five

years

Above five year

s Total Financial assets - foreign currency capital 1,926,802,247 - - - 1,926,802,247 Account receivable 6,048,610,903 - - - 6,048,610,903 Notes receivable 6,574,000 - - - 6,574,000 Available-for-sale

financial assets - - - - - Other receivables 667,893,033 - - - 667,893,033 8,649,880,183 - - - 8,649,880,183

Financial Liabilities - short term loans 13,733,755,367 - - - 13,733,755,367 Payables 2,570,025,245 - - - 2,570,025,245 Notes payable 327,830,000 - - - 327,830,000 Interests payable 80,872,327 - - - 80,872,327 Dividends payable 54,373,089 - - - 54,373,089 non-current liabilities

due within 1 year 3,774,573,708 - - - 3,774,573,708 long term loans 106,156,097 1,050,302,699 2,881,532,179 - 4,037,990,975 Bonds payable 89,800,000 89,800,000 2,398,760,000 - 2,578,360,000 Other payables 1,520,183,126 - - - 1,520,183,126 22,257,568,958 1,140,102,699 5,280,292,179 - 28,677,963,836 (4) Fair value

(a) Financial instruments not measured by fair value Financial assets and liabilities not measured by fair value mainly include: Receivables, short term

loans, payables, long term loans and bonds payable. Except for financial assets and liabilities listed below, the book value of other financial assets and

liabilities shares very little difference with fair value. Dec. 31, 2010 Dec. 31, 2009

Book value fair value Book value fair value

Financial Liabilities - long term loans 5,621,976,500 5,612,473,911 3,863,392,000 3,872,806,450Bonds payable 2,178,837,763 2,109,603,638 2,172,211,553 2,109,526,005

7,800,814,263 7,722,077,549 6,035,603,553 5,982,332,455

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

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(a) Financial instruments not measured by fair value (Cont’d) For long term loans and bonds payable not having activating market, fair value is determined by

the present value of contracted future cash flow after being discounted by comparable market credit class and the interest rate of also the same cash flow under the same conditions.

(b) Financial instruments measured by fair value According to the lowest tier of the input value most significant to fair value measuring, fair value

can be classified into the following tiers: Tier One: quotation of the same kind of assets or liabilities on activating market. Tier Two: input value of assets or liabilities observable directly (e.g. obtaining from price) or

indirectly (e.g. estimated on the basis of price) except for market quotation at Tier One. Tier Three: input value (unobservable input value) based on variants other than observable

market data. On Dec. 31, 2010, financial assets and liabilities measured by fair value are listed as follows

based on above 3 tiers: Tier One Tier Two Tier Three Total Financial assets - Marketable financial

assets- Time forex contract - 47,840,517 - 47,840,517 Available-for-sale financial

assets- Equity tool available for

sale - 196,622,150 - 196,622,150 - 244,462,667 - 244,462,667 Financial Liabilities Marketable financial

liabilities- Time forex contract - 21,895,367 - 21,895,367

SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. Notes to FINANICAL STATEMENTS 2010 (Unit being RMB yuan except for otherwise specified)

- 112 -

On Dec. 31, 2009, financial assets and liabilities measured by fair value are listed as followsbased on above 3 tiers:

Tier One Tier Two Tier Three Total Financial assets - Marketable financial

assets- Time forex contract - 16,284,096 - 16,284,096 Financial Liabilities - Marketable financial

liabilities- Time forex contract - 8,256,663 - 8,256,663 Interest rate swap

contract - 275,152 - 275,152 - 8,531,815 - 8,531,815 Financial instruments with active market decide their fair value by the quotation on the active

market, while financial instruments without active market decide its fair value by evaluation technology. Evaluation technology includes prices used by latest market transaction among all parties who are willing to trade and are familiar with the situation, referring to current fair value of actually the same other financial assets and cash flow discounting methods etc. Related evaluation hypotheses also include fraction of payment in advance, expected credit loss rate, interest rate or discount rate.