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Contents3CompanyProfile4FinancialHighlights9Chairman’sStatement15ReportoftheDirectors31ReportoftheSupervisors34CorporateGovernanceReport47ManagementDiscussionandAnalysis5564SignificantEvents69FinancialReport316CompanyInformationTSINGTAOBREWERYCO.,LTD.2ANNUALREPORT20093HA5318TsingtaoBreweryCompanyLimited(the“Company”or“theCompany”,togetherwithitssubsidiaries,the“Group”),theearliestbreweryinChina,cantraceitsrootbackto1903whenitspredecessor,theState-ownedTsingtaoBreweryFactory,wasestablished.TheCompanywasregisteredon16June1993,andthenissuedH-sharesinHongKongwhichwerelistedonTheStockofExchangeofHongKongLimited(the“StockExchange”)on15July1993,beingthefirstdomesticenterpriselistedonanoverseasstockexchange.InJuly1993,theCompanyissuedA-sharesinChina,whichwerelistedonShanghaiStockExchangeon27August1993.ThebusinessscopeoftheCompanyistheproductionandsalesofbeer,andotherrelatedbusiness.TheCompanyoccupiesleadingpositioninthedomesticbeerindustryintermofsizeandmarketsharewith53breweriesin18provinces,citiesandregionsalloverChina.ItsproductTsingtaobeerhasbecomethemostwell-knownChinesebrandintheinternationalmarketandhasbeendistributedtomorethanseventycountriesandregionsthroughouttheworld.CompanyProfileTSINGTAOBREWERYCO.,LTD.4FinancialHighlights.Group20092008200720062005Turnover17,760,53615,781,38213,529,89211,677,16010,019,857Profitbeforeincometax1,739,3331,108,089992,580627,820531,662Incometaxexpense(440,221)(374,317)(413,812)(179,063)(188,356)Profitattributabletominorityinterests(45,821)(34,218)(39,857)(890)(36,717)ProfitattributabletoshareholdersoftheCompany1,253,291699,554538,911447,867306,589Totalassets14,867,45312,532,23111,545,2359,577,9839,575,458Totalliabilities(6,304,299)(6,114,616)(5,556,900)(3,878,260)(4,042,382)Minorityinterests(342,574)(335,377)(479,150)(452,294)(576,686)EquityattributabletotheCompany’sshareholders8,220,5806,082,2385,509,1855,247,4294,956,390Group2009200820071.Earningspershare(RMB)0.9530.5350.4122.()Returnonnetassets(weightedaverage)18.57%11.85%10.22%Returnonnetassets(fullydiluted)15.25%11.50%9.78%3.Netassetsemployedpershare(RMB)6.084.654.214.Shareholdersequityratio55.29%48.53%47.72%1.PreparedinaccordancewithHongKongFinancialReportingStandard(“HKFRS”)(UNIT:RMB'000)ANNUALREPORT20095FinancialHighlights.1Operatingprofit1,588,725TotalProfit1,739,333NetprofitattributabletoshareholdersoftheCompany1,253,291NetprofitattributabletoshareholdersoftheCompanyafterdeductionofextraordinaryprofitandloss1,117,694Netcashflowsfromoperatingactivities3,361,001Note:Extraordinaryitemsinclude:Lossondisposalofnon-currentassets(39,837)Governmentsubsidiesincludedintheprofitandlossoftheperiod199,388Fairvaluelossesandrealisedgainonderivativefinancialassets—net(1,006)Disposalgainsofavailable-for-salefinancialassets7,294Write-backofprovisionofreceivablessubjecttoindividualimpairmenttest10,000Othernon-operationalincomeandexpensesexcludingtheaboveitems—net(8,943)Sub-total166,896Incometaxeffects124,885Minorityinterestseffects(netoftax)(6,414)Total135,5972H2.ThefinancialstatementsoftheGrouparepreparedundertheHongKongFinancialReportingStandardsfordisclosurepurposesofitsHShareslistedonTheStockExchangeofHongKongLimited.TherewasnodifferencebetweentheconsolidatedfinancialstatementspreparedundertheHongKongFinancialReportingStandards(“HKFRS”)andthegenerallyacceptedaccountingprinciplesinChina(“PRCGAAP”).Theitemsandtheamountsaresetoutasfollows:2.PreparedinaccordancewithPRCGAAP1.2009financialinformationoftheGroup(UNIT:RMB'000)TSINGTAOBREWERYCO.,LTD.6FinancialHighlightsNetProfitattributabletotheCompany’sshareholdersNetAssetsattributabletotheCompany’sshareholdersItemsCurrentperiodLastperiodOpeningbalanceClosingbalanceUnderPRCGAAP1,253,291699,5548,220,5806,082,238AdjustmentsunderHKFRSUnderHKFRS1,253,291699,5548,220,5806,082,2383.Majoraccountinginformation200920082007Operatingincome18,026,10816,023,44213,709,220Totalprofit1,739,3331,108,0891,004,123NetprofitattributabletotheCompany’sshareholders1,253,291699,554558,142NetprofitattributabletotheCompany’sshareholdersafterdeductionofextraordinaryprofitsandlosses1,117,694597,510426,308Basicprofitpershare0.95280.53470.4266Dilutedprofitpershare0.95280.53470.4266Basicprofitpershareafterdeductionofextraordinaryprofitandloss0.84970.45670.3259(%)Fullydilutedreturnonnetassets(%)15.2511.5010.13(%)Weightedaveragereturnonnetassets(%)18.5711.8510.41(%)Fullydilutedreturnonnetassetsafterdeductionofextraordinaryprofitsandlosses(%)13.609.827.74(%)Weightedaveragereturnonnetassetsafterdeductionofextraordinaryprofitsandlosses(%)16.5610.127.95Netcashflowfromoperatingactivities3,361,0011,509,5861,094,094Netcashflowfromoperatingactivitiespershare2.561.150.84Totalassets14,867,45312,532,23111,545,235Equity(orshareholdersequity)attributabletotheCompany’sshareholders8,220,5806,082,2385,509,185NetassetspershareattributabletotheCompany’sshareholders6.084.654.21(UNIT:RMB’000)3.Principalfinancialdataandfinancialindicators(UNIT:RMB’000)ANNUALREPORT20097FinancialHighlights4.EquityattributabletotheCompany’sshareholdersMinorityin