TIDMCHNS 
 
RNS Number : 7717S 
China Shoto plc 
16 September 2010 
 

                                China Shoto plc 
                        ("China Shoto" or "the Company") 
 
                                Interim Results 
 
China Shoto plc, a leading Chinese battery producer and the largest supplier of 
back-up batteries to China's telecommunications operators, announces interim 
results for the six months ended 30 June 2010. 
 
Highlights 
1.     Profit before tax up 1.3% to GBP6.48m (H1 2009: GBP6.40m) 
2.     Substantial cost-control benefits: distribution and administrative 
expenses down by 38% to GBP13.7m (H1 2009: GBP22.2m) 
3.     Maintained status as largest back-up battery supplier to China's telecoms 
market 
4.     Back-up battery sales into markets other than the telecoms sector 
accounted for 17% (H1 2009: 9%) of total back-up battery revenue 
5.     Successful development of two new series of battery for wide application 
in telecoms and e-bike markets: 12V (Narrow Type) and 16V (Power Type) 
 
Chairman Yang Shanji said: "the Company will continue to develop sales and 
marketing in new domestic market sectors such as electric power, financial 
services, railways, and solar energy. The Company is also targeting the motor 
vehicle and energy storage markets. In addition, we remain committed in the 
long-term to developing international exports. Gaining recognition in new 
overseas markets in a global recession has been difficult but is a strategic 
necessity for the future. By establishing and developing strategic cooperation 
relationships with international companies, such as Eltek and Emerson Network, 
the Company is hoping to achieve increased levels of export market penetration." 
 
For further information, please contact: 
+-----------------------------------+------------------------------------+ 
| China Shoto plc                   | Tel: +44 (0) 20 7242 2666 / +86    | 
| Yang Shanji, Executive Chairman   | 159 6108 0515                      | 
|                                   | www.chinashoto.com                 | 
|                                   |                                    | 
+-----------------------------------+------------------------------------+ 
| Seymour Pierce Limited            | Tel: +44 (0) 20 7107 8000          | 
| Stewart Dickson                   | www.seymourpierce.com              | 
|                                   |                                    | 
+-----------------------------------+------------------------------------+ 
| Media enquiries:                  |                                    | 
| Allan Piper/ Jiang Lei            | Tel: +44 (0) 20 7242 2666 / +852   | 
| lei@firstcitypr.com               | 2854 2666                          | 
|                                   | www.firstcitypr.cn                 | 
+-----------------------------------+------------------------------------+ 
 
 
 
 
Chairman's Statement 
We informed shareholders on 16 August 2010 that trading conditions remained 
difficult, and while the results we are announcing today reflect those 
circumstances, I am able to report that the Company nonetheless continued to 
implement measures intended to overcome the continuing challenges. Among other 
advances during this period, we introduced significant cost controls, maintained 
our market share as the largest back-up battery supplier to the Chinese telecoms 
sector, and developed new products to address our drive into wider domestic 
markets such as electric power, railways, and electric bicycles. These steps 
further bolstered our involvement in environmentally-friendly developments such 
that we can report a small increase in profit before tax for the period despite 
our anticipated fall in sales, and we remain confident that we are 
well-positioned to meet the challenges ahead. 
 
For the first six months of 2010, sales revenue decreased 11% to GBP85.45m (H1 
2009: GBP96.46m). Profit before tax increased 1.3% to GBP6.48m (H1 2009: 
GBP6.40m). As a Foreign Investment Enterprise, the Company has benefited from 
preferential income tax policies. As these policies mature, the Company has seen 
an effective increase in its tax rate from 13% in 2009 to 22% in 2010. As a 
result, the Company recorded a profit after tax of GBP5.05m for the period (H1 
2009: GBP5.56m). 
 
We also reported in our August Trading Update that, in common with other Chinese 
battery manufacturers, our sales continue to be impacted by the lower levels of 
investment in 3G infrastructure by China's major telecoms operators. To some 
extent this reflects a fallback from unusually high spending in 2009 which was 
fuelled partially by the economic stimulus package from the Chinese Government. 
Even so, the Company has retained its strong market position in this sector, 
continuing as the single largest supplier to all three domestic telecoms 
providers - China Mobile, China Unicom and China Telecom - as well as to two 
other key players, Huawei Technology and ZTE Corporation. As we seek actively to 
develop new markets for our products, it is encouraging that during this 
challenging period we continued to take a near 26% share of China's telecoms 
market. 
 
Our results for the period were also impacted by adjustments to existing lead 
price linkage agreements which meant we were unable to increase our product 
prices to reflect increases in raw material costs to the same degree as 
previously. While this cut our gross margins to 23.6% (H1 2009: 30.8%) they 
still remain higher than those of our domestic competitors and reflect our drive 
to maintain tight cost controls. This has been achieved in part through 
continued technical innovation and the development of energy conservation and 
emission reductions as well as through savings on distribution and 
administrative expenses which fell 38% to GBP13.7m (H1 2009: GBP22.2m). 
 
In summary, against a difficult economic background, the Board believes the 
Company's continued commitment to Research and Development, its successes with 
new product development, and the opportunities raised by its strategic targeting 
of new domestic and international markets, position it well to meet the 
challenges ahead. I also note that in previous financial years, performance in 
the second half of the year has been better than that of the first six months. 
 
Operating Review 
In January 2010, the Company acquired a battery recycling capability through the 
acquisition of Rugao Tianpeng Metallurgy Co., Ltd. This acquisition is 
consistent with, and furthers, the Company's social and environmental 
responsibilities as a National Environmental Enterprise. As a result, the 
Company was in July entered into the 2010 Battery Recycling Enterprises 
Directory by China Mobile, effectively becoming one of seven partners qualified 
to recycle China Mobile's batteries, and potentially facilitating further 
increases of the Company's market share. It is expected that the recycling 
volume will increase substantially during the second half of 2010. 
 
On 16 August 2010, the Board of the Company announced the closure of the factory 
operated by the Yangzhou Zhenghe Power Supply Co. Ltd ("Yangzhou Zhenghe"), in 
which the Company had a 59% interest. The factory accounted for approximately 3% 
of the Company's total production capacity. Employee resources have been 
redeployed to minimise the decrease in battery production capacity. 
 
The Board voluntarily made this decision as part of wider cost control measures 
and also to fulfill the Company's commitments to energy conservation and 
emission reduction targets as a National Environmentally Friendly Enterprise. 
The Company acquired Yangzhou Zhenghe in 2006 for a total consideration of 
GBP0.22m. 
 
Back-up batteries 
The Company is still the largest back-up battery supplier to China's three major 
telecom operators, as well as to Huawei Technology and ZTE Corporation. Sales to 
these customers accounted for 83% of the total revenues from back-up battery 
sales during the period (H1 2009: 91%). Sales revenues from back-up battery 
products decreased 19% to GBP72.69m in (H1 2009: GBP90.09m), accounting for 85% 
of the Company's total sales (H1 2009: 93%). 
 
Power Type batteries 
Sales revenues from power-type batteries increased 100% to GBP12.76m (H1 2009: 
GBP6.38m), accounting for 15% of the Company's total sales (H1 2009: 7%). The 
increase is mainly attributable to increased sales to electric bicycle retailers 
and distributors rather than manufacturers. Given the size of the Chinese 
population and the popularity of electric bicycles, the Directors believe that 
there is potential for growth which is expected to become profitable with 
increasing scale. 
 
Projects under Development 
During the reporting period, the Company successfully developed a 12V 
narrow-type gel battery for use in the telecoms industry, with capacities 
ranging from 90150Ah. The Company also successfully developed a 16V series of 
batteries for use with e-bikes with capacities ranging from 10Ah to 16Ah. These 
products are now being marketed, and revenues are expected to rise during the 
second half of 2010. 
 
The Company continues to develop a range of new products and to technically 
improve its existing products at its Research and Development facility at 
Nanjing. The Company believes that energy storage batteries offer further 
significant market potential. During the first half of 2010, the Company has 
attracted government grants totaling approximately RMB 2.1 million. 
 
Patents Granted 
During the first half of 2010, the Company was granted 18 patents by the China 
Intellectual Property Bureau, bringing the total number of patents granted to 
144 by 30 June 2010. This wide range of patents protects the technological 
advantages of our products. Thanks to our continuing Research and Development 
efforts, it is expected that a further number of new patents will be granted as 
the financial year progresses. 
 
Markets 
Whilst maintaining its leading position as a supplier to China's three telecom 
operators, as well as to Huawei Technology and ZTE Corporation, the Company 
actively continued during the period to explore new opportunities in telecoms 
base stations and the potential application of energy-saving products in 
telecoms power rooms. At the same time, the Company has sustained a concerted 
effort to develop its sales and marketing drives in new domestic market sectors 
such as electric power, financial services, railways and the solar-energy 
market. As a result, sales revenues from back-up batteries to customers outside 
the telecoms sector nearly doubled in percentage terms to 17% of total back-up 
battery sales revenues (H1 2009: 9%). 
 
China Shoto's main focus during the period continued to be the development of 
domestic markets, but as shareholders are already aware it has continued to 
explore new business opportunities internationally, and the Company continues to 
maintain sales offices in India, Singapore, Dubai, Russia and Germany. The 
Company also believes that significant opportunities exist in emerging markets 
such as Vietnam, Indonesia and South Africa. Export sales have remained 
stubbornly low (accounting for approximately 1% of total sales revenues) and the 
Company is continuing to seek new distribution channels. 
 
Financial Review 
During the first half of 2010, the Company achieved revenue of GBP85.45 million, 
a decrease of 11% (H1 2009: GBP96.46 million). Profit for the period decreased 
9% to GBP5.05 million (H1 2009: GBP5.56 million). Gross margin decreased 7.1% to 
23.7% (H1 2009: 30.8%). 
 
A number of trends have impacted on the financial performance of the Company. 
Firstly, changes to the lead price linkage formula have had an adverse impact on 
the Company's gross margin. Secondly, as a Foreign Investment Enterprise, the 
Company had enjoyed preferential tax rates in previous reporting periods. As 
these schemes mature the effective rate of taxation has increased, reaching 22% 
during the period. Thirdly, net cash flow from operating activities was 
-GBP27.90m, principally due to customers delaying payments as result of lower 3G 
infrastructure investments by China's major telecom operators and higher 
inventory levels. The Company continues to focus on the management of trade 
receivables to ensure sufficient working capital. 
 
Principal risks and uncertainties 
* The Chinese Government's increased requirements on environmental protection 
measures expose the Company to greater pressure on energy conservation and 
emission controls. This may also carry associated vocational health labour 
costs. 
 
* Reduced growth prospects in the back-up battery market: an unclear outlook on 
the speed of global economic recovery; falling battery prices in the competitive 
power-type battery market and uncertain economic conditions. 
 
* Potential RMB exchange-rate appreciation, particularly against a background of 
possible RMB interest-rate adjustments in line with inflation, may have some 
impact on the Company's export business. 
 
Lead Acid Battery Recycling Project 
In January 2010, the Company acquired a battery recycling capability through the 
acquisition of Rugao Tianpeng Metallurgy Co., Ltd. Through the recycling of used 
batteries, the Company expects to reduce its exposure to fluctuations in the 
price of lead raw material. Lead alloy smelted from used batteries can provide a 
cost saving of approximately 5%. During the period, 60% of the batteries 
recycled were originally manufactured by the Company with the remainder 
originating from other suppliers. The Company plans further efficiency 
improvements to its recycling and disposal capability. 
 
Our ownership of the recycling plant, located in Rugao in Jiangsu Province, may 
also help to attract customers as it offers a solution for customers to meet 
their own environmental obligations. 
 
Interim Dividend 
The challenging domestic battery market and higher lead prices, and resulting 
lower levels of profitability after tax all reflect a demanding operating 
environment. There were delays in payments from major customers and more cash 
tied up in production and final products. The Board, therefore, is not 
recommending an interim dividend for 2010, but will consider a final dividend 
payment in the light of the Company's financial performance at the end of the 
period to 31 December 2010. 
 
Outlook 
The Company has experienced difficult domestic trading conditions as expenditure 
on 3G infrastructure projects by the major telecoms operators fell approximately 
35-40% on a year-on-year basis. The Company will make a continued effort to 
develop energy conservation and emission-reduction products for the telecoms 
market and to consolidate its market share with China's three major telecom 
operators, as well as with Huawei Technology, and ZTE Corporation. 
 
The Company also recognises the need to diversify into wider domestic markets, 
where the margins are greater than for international sales. The new 12V 
narrow-type battery is an example of a move to increase the sales of back-up 
batteries in wider domestic markets in order to mitigate sales decreases in the 
domestic telecoms market. The Company will continue to develop sales and 
marketing in new domestic market sectors such as electric power, financial 
services, railways, and solar energy. The Company is also targeting the motor 
vehicle and energy storage markets. 
 
In addition, China Shoto remains committed in the longer-term to developing 
international export markets. Gaining recognition in new overseas markets in a 
global recession has been difficult but is a strategic necessity for the future. 
By establishing and developing strategic cooperation relationships with 
international companies, such as Eltek and Emerson Network, the Company is 
hoping to achieve increased levels of export market penetration. 
 
Yang Shanji 
Chairman 
+----------------------+--------+-------+--+----+-----------+--+----------------+--+ 
|                                                                               |  | 
|                                                                               |  | 
| Consolidated statement of comprehensive income                                |  | 
+-------------------------------------------------------------------------------+--+ 
| For the 6 months ended 30 June 2010      |                |                   |  | 
+------------------------------------------+----------------+-------------------+--+ 
|                      |   Period ended |   Period ended 30 |     Year ended 31 |  | 
|                      |   30 June 2010 |         June 2009 |     December 2009 |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
|                      |         GBP000 |            GBP000 |            GBP000 |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
|                      |   (Unaudited)  |      (Unaudited)  |        (Audited)  |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Revenue              |        85,452  |           96,464  |          212,569  |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Cost of sales        |       (65,203) |          (66,746) |         (144,547) |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Gross profit         |        20,249  |           29,718  |           68,022  |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Other operating      |         1,532  |              121  |            4,540  |  | 
| income               |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Distribution         |        (8,452) |          (15,142) |          (31,653) |  | 
| expenses             |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Administrative       |        (5,264) |           (7,048) |          (11,766) |  | 
| expenses             |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Other operating      |        (1,220) |             (479) |           (2,804) |  | 
| expenses             |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Profit from          |         6,845  |            7,170  |           26,339  |  | 
| operations           |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Finance income       |           344  |              188  |              440  |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Finance costs        |          (707) |             (960) |           (1,705) |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Profit before tax    |         6,482  |            6,398  |           25,074  |  | 
| from continuing      |                |                   |                   |  | 
| operations           |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Income tax expense   |        (1,433) |             (835) |           (1,610) |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Profit for the       |         5,049  |            5,563  |           23,464  |  | 
| periods/year         |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Attribute to :       |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Owners of the parent |         5,033  |            5,455  |           23,304  |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Non-controlling      |            16  |              108  |              160  |  | 
| interest             |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
|                      |         5,049  |            5,563  |           23,464  |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Profit for the       |         5,049  |            5,563  |           23,464  |  | 
| periods/year         |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Exchange difference  |         2,822  |           (4,449) |           (2,855) |  | 
| on translating       |                |                   |                   |  | 
| foreign operations   |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Total comprehensive  |         7,871  |            1,114  |           20,609  |  | 
| income for the       |                |                   |                   |  | 
| periods/year         |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
|                      |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Total comprehensive  |                |                   |                   |  | 
| income attribute to: |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Owners of the parent |         7,797  |            1,113  |           20,521  |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Non-controlling      |            74  |                1  |               88  |  | 
| interest             |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
|                      |         7,871  |            1,114  |           20,609  |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
|                      |                |                   |                   |  | 
+----------------------+----------------+-------------------+-------------------+--+ 
| Earnings per share for profit |     2010-6-30 |    2009-6-30 |        2009-12-31 | 
| attributable to the equity    |               |              |                   | 
| holders of the parent during  |  (Unaudited)  | (Unaudited)  |        (Audited)  | 
| the year                      |               |              |                   | 
+-------------------------------+---------------+--------------+-------------------+ 
|  -Basic                       |        21.56p |       23.37p |            99.83p | 
+-------------------------------+---------------+--------------+-------------------+ 
|  -Diluted                     |        20.92p |       23.22p |            98.34p | 
+-------------------------------+---------------+--------------+-------------------+ 
| Continuing operations         |               |              |                   | 
+-------------------------------+---------------+--------------+-------------------+ 
|  -Basic                       |        21.56p |       23.37p |            99.83p | 
+-------------------------------+---------------+--------------+-------------------+ 
|  -Diluted                     |        20.92p |       23.22p |            98.34p | 
+-------------------------------+---------------+--------------+-------------------+ 
|                      |        |       |  |    |           |  |                |  | 
+----------------------+--------+-------+--+----+-----------+--+----------------+--+ 
 
 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
|                            |             |          |             |          |           | 
|                            |             |          |             |          |           | 
| Consolidated balance sheet |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| As at 30 June 2010         |    As at 30 |          |    As at 30 |          |  As at 31 | 
|                            |   June 2010 |          |   June 2009 |          |  December | 
|                            |             |          |             |          |      2009 | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
|                            | (Unaudited) |          | (Unaudited) |          | (Audited) | 
|                            |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Assets                     |     GBP000  |          |     GBP000  |          |   GBP000  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Non-current assets         |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Property, plant and        |     30,852  |          |     22,290  |          |   26,791  | 
| equipment                  |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Intangible assets          |      2,906  |          |      2,525  |          |    2,565  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Deferred tax assets        |        371  |          |         39  |          |      198  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
|                            |     34,129  |          |     24,854  |          |   29,554  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Current assets             |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Inventories                |     41,463  |          |     35,643  |          |   36,875  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Trade and other            |     68,547  |          |     47,828  |          |   47,079  | 
| receivables                |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Short-term investments     |      3,269  |          |     11,559  |          |    5,685  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Cash and cash equivalents  |     30,318  |          |     32,776  |          |   63,995  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
|                            |    143,597  |          |    127,806  |          |  153,634  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Total assets               |     177,726 |          |     152,660 |          |   183,188 | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Liabilities                |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Current liabilities        |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Bank borrowings            |     25,652  |          |     23,891  |          |   28,329  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Trade and other payables   |     61,716  |          |     75,028  |          |   72,173  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Income tax payable         |        498  |          |        194  |          |       60  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Dividend payable           |          2  |          |          -  |          |        -  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
|                            |     87,868  |          |     99,113  |          |  100,562  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
|                            |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Non-current liabilities    |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Bank borrowings            |      1,469  |          |           - |          |    1,366  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Long term payable-Payroll  |      8,341  |          |           - |          |    7,775  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Deferred income            |        489  |          |           - |          |      455  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
|                            |     10,299  |          |           - |          |    9,596  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Total liabilities          |     98,167  |          |     99,113  |          |  110,158  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
|                            |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Capital and reserves       |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Share capital              |      2,334  |          |      2,334  |          |    2,334  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Share premium              |      8,630  |          |      8,630  |          |    8,630  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Other reserve              |      2,916  |          |      2,916  |          |    2,916  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Statutory reserves         |     14,529  |          |      9,252  |          |   14,529  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Share option reserve       |        977  |          |        977  |          |      977  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Retained earning           |     36,899  |          |     20,460  |          |   33,033  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Foreign currency           |     12,569  |          |      8,246  |          |    9,805  | 
| translation reserve        |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Total equity attributable  |     78,854  |          |     52,815  |          |   72,224  | 
| to equity holders          |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Non-controlling interests  |        705  |          |        732  |          |      806  | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
| Total equity and           |    177,726  |          |    152,660  |          |  183,188  | 
| liabilities                |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
|                            |             |          |             |          |           | 
+----------------------------+-------------+----------+-------------+----------+-----------+ 
 
 
 
 
 
 
Consolidated statement of changes in equity 
 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
|               |                            Attributable to equity holders                            |                 |         | 
+---------------+--------------------------------------------------------------------------------------+-----------------+---------+ 
| For the six   |  Share  |  Share  |  Other   | Share  |Statutory  |Retained  |  Foreign    |  Total  |Non-controlling  | Total   | 
| months ended  |Capital  |Premium  |Reserves  |Option  | Reserves  |Earnings  |  currency   |         |    interest     |         | 
| 30 June 2010  |         |         |          |        |           |          |translation  |         |                 |         | 
| (Unaudited)   |         |         |          |        |           |          |  Reserve    |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Balance as at |   2,334 |   8,630 |    2,916 |    977 |    14,529 |  33,033  |       9,805 | 72,224  |            806  | 73,030  | 
| 31 December   |         |         |          |        |           |          |             |         |                 |         | 
| 2009          |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Total         |       - |       - |        - |      - |         - |   5,033  |       2,764 |  7,797  |             74  |  7,871  | 
| comprehensive |         |         |          |        |           |          |             |         |                 |         | 
| income        |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Dividends     |       - |       - |        - |      - |         - |  (1,167) |           - | (1,167) |           (175) | (1,342) | 
| paid          |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Balance as at |   2,334 |   8,630 |    2,916 |    977 |    14,529 |  36,899  |      12,569 | 78,854  |            705  | 79,559  | 
| 30 June 2010  |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
|               |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
|               |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
|               |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| For the six   |  Share  |  Share  |  Other   | Share  |Statutory  |Retained  |  Foreign    |  Total  |Non-controlling  | Total   | 
| months ended  |Capital  |Premium  |Reserves  |Option  | Reserves  |Earnings  |  currency   |         |    interest     |         | 
| 30 June 2009  |         |         |          |        |           |          |translation  |         |                 |         | 
| (Unaudited)   |         |         |          |        |           |          |  Reserve    |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Balance as at |   2,334 |   8,630 |    2,916 |    977 |     9,252 |  15,823  |     12,588  | 52,520  |            973  | 53,493  | 
| 1January 2009 |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Total         |       - |       - |        - |      - |         - |   5,455  |     (4,342) |  1,113  |              1  |  1,114  | 
| comprehensive |         |         |          |        |           |          |             |         |                 |         | 
| income        |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Dividends     |       - |       - |        - |      - |         - |    (818) |           - |   (818) |           (242) | (1,060) | 
| paid          |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Balance as at |   2,334 |   8,630 |    2,916 |    977 |     9,252 |  20,460  |      8,246  | 52,815  |            732  | 53,547  | 
| 31 December   |         |         |          |        |           |          |             |         |                 |         | 
| 2009          |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
|               |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
|               |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
|               |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| For the       |  Share  |  Share  |  Other   | Share  |Statutory  |Retained  |  Foreign    | Total   |Non-controlling  | Total   | 
| twelve months |Capital  |Premium  |Reserves  |Option  | Reserves  |Earnings  |  currency   |         |    interest     |         | 
| ended 31      |         |         |          |        |           |          |translation  |         |                 |         | 
| December 2009 |         |         |          |        |           |          |  Reserve    |         |                 |         | 
| (Audited)     |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Balance as at |   2,334 |   8,630 |    2,916 |    977 |     9,252 |  15,823  |     12,588  | 52,520  |            973  | 53,493  | 
| 1January 2009 |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Total         |       - |       - |        - |      - |         - |  23,304  |     (2,783) | 20,521  |             88  | 20,609  | 
| comprehensive |         |         |          |        |           |          |             |         |                 |         | 
| income        |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Transfer to   |       - |       - |        - |      - |     5,277 |  (5,277) |           - |       - |               - |       - | 
| statutory     |         |         |          |        |           |          |             |         |                 |         | 
| reserves      |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Dividends     |       - |       - |        - |      - |         - |    (817) |          -  |   (817) |           (255) | (1,072) | 
| paid          |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
| Balance as at |   2,334 |   8,630 |    2,916 |    977 |    14,529 |  33,033  |      9,805  | 72,224  |            806  | 73,030  | 
| 31 December   |         |         |          |        |           |          |             |         |                 |         | 
| 2009          |         |         |          |        |           |          |             |         |                 |         | 
+---------------+---------+---------+----------+--------+-----------+----------+-------------+---------+-----------------+---------+ 
 
 
 
 
 
+-----------------------------------+-------------+-------------+-----------+ 
| Consolidated statement of cash    |           6 |           6 |      Year | 
| flow                              |      months |      months |     ended | 
| For the period ended 30 June 2010 |       ended |       ended |        31 | 
|                                   |          30 |          30 |  December | 
|                                   |        June |        June |      2009 | 
|                                   |        2010 |        2009 |           | 
+-----------------------------------+-------------+-------------+-----------+ 
|                                   | (Unaudited) | (Unaudited) | (Audited) | 
|                                   |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
|                                   |             |             |           | 
|                                   |      GBP000 |      GBP000 |   GBP000  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Profit before tax from continuing |       6,482 |       6,398 |   25,074  | 
| operations                        |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Adjustments for:                  |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Amortization of intangible assets |          39 |          37 |       79  | 
|                                   |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Depreciation of property, plant   |       1,086 |       1,018 |    1,947  | 
| and equipment                     |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Losses on disposal of property,   |         182 |         262 |      558  | 
| plant and equipment               |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Provision for inventory           |           - |         327 |       93  | 
| impairment                        |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Impairment loss on loans and      |       1,005 |         868 |      763  | 
| receivables                       |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Financial income                  |       (344) |       (188) |    (440)  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Financial expense                 |         707 |         959 |    1,705  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Cash flow from operating          |             |       9,681 |   29,779  | 
| activities before changes         |             |             |           | 
+-----------------------------------+-------------+             +           + 
| of working capital and provisions |      9,157  |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Working capital changes:          |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| (Increase)/decrease in:           |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Inventories                       |    (4,588)  |    (10,920) |  (8,559)  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Trade and other receivables       |   (21,631)  |    (15,359) | (12,831)  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Increase/(decrease) in:           |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Trade and other payables          |    (9,840)  |      21,733 |   20,530  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Cash (used in) / generated from   |    (26,902) |       5,135 |   28,919  | 
| operations                        |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Income tax paid                   |      (995)  |       (800) |  (1,895)  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Net cash flows from operating     |    (27,897) |       4,335 |    27,024 | 
| activities                        |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Cash flows from investing         |             |             |           | 
| activities                        |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Financial income                  |         344 |         188 |      440  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Purchase of property, plant and   |     (3,354) |     (1,018) |  (7,461)  | 
| equipment                         |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Funds placed on deposits          |       2,416 |     (8,901) |   (1,739) | 
+-----------------------------------+-------------+-------------+-----------+ 
| Proceeds from disposal of         |           - |          23 |    1,490  | 
| property, plant and equipment     |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Net cash flows used in investing  |       (594) |     (9,708) |  (7,270)  | 
| activities                        |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Cash flows from financing         |             |             |           | 
| activities                        |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Increase in bank borrowings       |     26,803  |      65,947 |   49,875  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Decrease in bank borrowings       |   (31,511)  |    (71,431) | (49,768)  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Interest paid                     |       (708) |       (959) |  (1,705)  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Dividends paid                    |     (1,340) |     (1,060) |  (1,072)  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Net cash flows from financing     |    (6,756)  |    (7,503)  |  (2,670)  | 
| activities                        |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Net (decrease)/increase in cash   |    (35,247) |    (12,876) |    17,084 | 
| and cash equivalents              |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Cash and cash equivalents at      |     63,995  |      50,797 |   50,797  | 
| beginning of periods/year         |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
| Foreign exchange differences      |       1,570 |     (5,145) |  (3,886)  | 
+-----------------------------------+-------------+-------------+-----------+ 
| Cash and cash equivalents at end  |     30,318  |     32,776  |   63,995  | 
| of periods/year                   |             |             |           | 
+-----------------------------------+-------------+-------------+-----------+ 
 
 
 
 
 
 
Notes to the interim consolidated financial statements 
For the six months ended 30 June 2010 
 
1.    General information 
 
China Shoto plc is a public limited company incorporated in the United Kingdom 
on 10 May 2005 and is quoted on AIM. The principal place of business is 
Shuangdeng Science and Industrial Zone, Liangxu Town, Jiangyan City, Jiangsu 
Province, China. 
The interim consolidated financial information of the Company for the six months 
ended 30 June 2010 comprises China Shoto plc (the 'Company') and its subsidiary 
undertakings (the 'Group'). 
 
2.    Accounting policies 
 
The consolidated financial statements of China Shoto plc and its subsidiary 
undertakings (the 'Group') and the individual financial statements of China 
Shoto plc (the 'Company') have been prepared in accordance with those 
International Financial Reporting Standards and Interpretations in force 
('IFRS'), as adopted by the European Union, and those parts of the Companies Act 
2006 applicable to companies preparing financial statements under IFRS. 
The interim financial statements are unaudited and do not constitute statutory 
accounts as defined in Section 434 (3) of the Companies Act 2006. The principal 
accounting policies adopted in the preparation of the interim financial 
statements have been consistently applied to all the periods represented, unless 
otherwise stated. 
The comparative figures for the year ended 31 December 2009 were derived from 
the statutory accounts for that year which have been delivered to the Registrar 
of the Companies. Those accounts received an unqualified audit report which did 
not contain statements under sections 498(2) or (3) of the Companies Act 2006. 
The Board of Directors approved this interim statement on 16 September 2010. 
Foreign currencies 
The functional currency of the subsidiary undertakings is Renminbi ('RMB'), and 
the unaudited interim consolidated financial information of the subsidiary 
undertakings have been drawn up in RMB. The presentation currency of the Group 
is pounds sterling and therefore the interim consolidated financial information 
has been translated from RMB to pounds sterling at the following exchange rates: 
+----------------+----------------+----------------+ 
|                | Period-end     | Average rates  | 
|                | rates          |                | 
+----------------+----------------+----------------+ 
| June 30 2010   | GBP1 = RMB     | GBP1 = RMB     | 
|                | 10.2135        | 10.4092        | 
+----------------+----------------+----------------+ 
| June 30 2009   | GBP1 = RMB     | GBP1 = RMB     | 
|                | 11.2387        | 10.2127        | 
+----------------+----------------+----------------+ 
| December 31    | GBP1 = RMB     | GBP1 = RMB     | 
| 2009           | 10.978         | 10.7197        | 
+----------------+----------------+----------------+ 
 
 
3.    Segmental Information 
The Group is comprised of the following segments: 
The Power Type Batteries ('PTB') segment is comprised of power-aided bicycle 
batteries. 
The Back-up batteries business segment includes Value Regulated Lead Acid 
Batteries and Flooded and Gel Batteries. 
Allocation basis and transfer pricing 
Segment results, assets and liabilities include items directly attributable to a 
segment as well as those that can be allocated on a reasonable basis. 
 
The following tables present certain sales, profit regarding the Group's 
business segments for the period ended 30 June 2010 and 2009. 
 
+-------------------+-----------+-----------+--------------+-----------+ 
| Six months to     |   Back-up |      PTB  | Eliminations |    Total  | 
|                   | Batteries |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| June 2010         | 2010-6-30 | 2010-6-30 |    2010-6-30 | 2010-6-30 | 
| (Unaudited)       |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
|                   |    GBP000 |    GBP000 |       GBP000 |    GBP000 | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Revenue:          |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Sales to external |   72,692  |   12,760  |           -  |   85,452  | 
| customers         |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Inter-segment     |        -  |      113  |        (113) |        -  | 
| sales             |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Total revenue     |   72,692  |   12,873  |        (113) |   85,452  | 
+-------------------+-----------+-----------+--------------+-----------+ 
|                   |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Results:          |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Segment profit    |    6,914  |     (296) |           -  |    6,618  | 
+-------------------+-----------+-----------+--------------+-----------+ 
|                   |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Unallocated corporate expenses            |              |     (136) | 
+-------------------------------------------+--------------+-----------+ 
| Profit from operations before taxation    |              |    6,482  | 
+-------------------------------------------+--------------+-----------+ 
| Income taxation   |           |           |              |   (1,433) | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Profit for the    |           |           |              |    5,049  | 
| period            |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
|                   |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
 
+-------------------+-----------+-----------+--------------+-----------+ 
| Six months to     |   Back-up |      PTB  | Eliminations |    Total  | 
|                   | Batteries |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| June 2009         | 2009-6-30 | 2009-6-30 |    2009-6-30 | 2009-6-30 | 
| (Unaudited)       |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
|                   |    GBP000 |    GBP000 |       GBP000 |    GBP000 | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Revenue:          |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Sales to external |   90,089  |    6,375  |           -  |   96,464  | 
| customers         |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Inter-segment     |   38,214  |        -  |     (38,214) |        -  | 
| sales             |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Total revenue     |  128,303  |    6,375  |     (38,214) |   96,464  | 
+-------------------+-----------+-----------+--------------+-----------+ 
|                   |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Results:          |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Segment profit    |    7,140  |     (607) |           -  |    6,533  | 
+-------------------+-----------+-----------+--------------+-----------+ 
|                   |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Unallocated corporate expenses            |              |     (135) | 
+-------------------------------------------+--------------+-----------+ 
| Profit from operations before taxation    |              |    6,398  | 
+-------------------------------------------+--------------+-----------+ 
| Income taxation   |           |           |              |     (835) | 
+-------------------+-----------+-----------+--------------+-----------+ 
| Profit for the    |           |           |              |    5,563  | 
| period            |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
|                   |           |           |              |           | 
+-------------------+-----------+-----------+--------------+-----------+ 
 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| Twelve months  |   Back up |      |     PTB | | Eliminations |    | Continuing | 
| to             | Batteries |      |         | |              |    | operations | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| December 2009  |     2009  |      |   2009  | |        2009  |    |      2009  | 
| (Audited)      |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
|                |    GBP000 |      |  GBP000 | |       GBP000 |    |     GBP000 | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| Revenue:       |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| Sales to       |  196,531  |      | 16,038  | |            - |    |   212,569  | 
| external       |           |      |         | |              |    |            | 
| customers      |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| Inter-segment  |         - |      |  9,676  | |      (9,676) |    |          - | 
| sales          |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
|                |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| Total revenue  |  196,531  |      | 25,714  | |      (9,676) |    |   212,569  | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
|                |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
|                |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| Results:       |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| Segment profit |   26,011  |      |   (669) | |            - |    |    25,342  | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
|                |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| Unallocated    |           |      |         | |              |    |      (268) | 
| corporate      |           |      |         | |              |    |            | 
| expenses       |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
|                |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| Profit from    |           |      |         | |              |    |    25,074  | 
| operations     |           |      |         | |              |    |            | 
| before         |           |      |         | |              |    |            | 
| taxation       |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| Income         |           |      |         | |              |    |    (1,610) | 
| taxation       |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
| Profit for the |           |      |         | |              |    |    23,464  | 
| year           |           |      |         | |              |    |            | 
+----------------+-----------+------+---------+-+--------------+----+------------+ 
 
 
Geographical segments 
Six months to 30 June 2010 (Unaudited) 
 
+---------+----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
|                    |        India          |      Singapore        |        Other          |        Total          | 
+--------------------+-----------------------+-----------------------+-----------------------+-----------------------+ 
|         |          | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 | 
+---------+----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
|         |          |    GBP000 |    GBP000 |    GBP000 |    GBP000 |    GBP000 |    GBP000 |    GBP000 |    GBP000 | 
+---------+----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Exports |          |      162  |    2,527  |      234  |      158  |    1,704  |      776  |    2,100  |    3,461  | 
| sales   |          |           |           |           |           |           |           |           |           | 
| to      |          |           |           |           |           |           |           |           |           | 
+---------+----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
 
Twelve months to 31 December 2009 (Audited) 
+---------+----------+------+--------+------+---------+------+---------+------+--------+ 
|                    |         India |      Singapore |          Other |         Total | 
+--------------------+---------------+----------------+----------------+---------------+ 
|         |          |      |   2009 |      |    2009 |      |    2009 |      |   2009 | 
+---------+----------+------+--------+------+---------+------+---------+------+--------+ 
|         |          |      | GBP000 |      |  GBP000 |      |  GBP000 |      | GBP000 | 
+---------+----------+------+--------+------+---------+------+---------+------+--------+ 
| Exports |          |      | 5,704  |      |  1,032  |      |  2,908  |      | 9,644  | 
| sales   |          |      |        |      |         |      |         |      |        | 
| to      |          |      |        |      |         |      |         |      |        | 
+---------+----------+------+--------+------+---------+------+---------+------+--------+ 
 
All export sales originate from the Back-up Batteries segment. 
 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
|                                      |           |           |           |           |           |           | 
+--------------------------------------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| For the period ended 30 June                     |           |           |           |           |           | 
| 2010 (Unaudited)                                 |           |           |           |           |           | 
+--------------------------------------------------+-----------+-----------+-----------+-----------+-----------+ 
|              |        Back-up        |         PTB           |     Eliminations      |     Consolidated      | 
|              |      Batteries        |                       |                       |                       | 
+--------------+-----------------------+-----------------------+-----------------------+-----------------------+ 
| Assets       | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 | 2010-6-30 | 2009-6-30 | 
| and          |           |           |           |           |           |           |           |           | 
| liabilities: |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
|              |    GBP000 |    GBP000 |    GBP000 |    GBP000 |    GBP000 |    GBP000 |    GBP000 |    GBP000 | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Segment      |  166,155  |  146,499  |   13,957  |    6,822  |   (2,636) |     (806) |  177,476  |  152,515  | 
| assets       |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Unallocated  |           |           |           |           |           |           |      250  |      145  | 
| assets       |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Total        |           |           |           |           |           |           |  177,726  |  152,660  | 
| assets       |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
|              |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Segment      |   91,969  |   97,382  |    8,782  |    2,485  |   (2,636) |     (806) |   98,115  |   99,061  | 
| liabilities  |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Unallocated  |           |           |           |           |           |           |       52  |       52  | 
| liabilities  |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Total        |           |           |           |           |           |           |   98,167  |   99,113  | 
| liabilities  |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
|              |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Other        |           |           |           |           |           |           |           |           | 
| segment      |           |           |           |           |           |           |           |           | 
| information: |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Finance      |      327  |      185  |       17  |        3  |         - |         - |      344  |      188  | 
| income       |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Finance      |     (667) |     (917) |      (40) |      (43) |         - |         - |     (707) |     (960) | 
| costs        |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Capital      |           |           |           |           |           |           |           |           | 
| expenditure: |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Property     |    3,330  |    1,451  |       64  |       14  |         - |         - |    3,394  |    1,465  | 
| ,plant       |           |           |           |           |           |           |           |           | 
| and          |           |           |           |           |           |           |           |           | 
| equipment    |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Intangible   |      189  |         - |         - |         - |         - |         - |      189  |         - | 
| assets       |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
| Depreciation |      993  |      938  |      132  |      117  |         - |         - |    1,125  |    1,055  | 
| and          |           |           |           |           |           |           |           |           | 
| amortization |           |           |           |           |           |           |           |           | 
+--------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+ 
 
 
 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Twelve months to 31 December 2009             |          |              |          |              | 
| (Audited)                                     |          |              |          |              | 
+-----------------------------------------------+----------+--------------+----------+--------------+ 
|              |   Back-up |          |    PTB  |          | Eliminations |          | Consolidated | 
|              | Batteries |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Assets and   |      2009 |          |    2009 |          |         2009 |          |         2009 | 
| liabilities: |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
|              |    GBP000 |          |  GBP000 |          |       GBP000 |          |       GBP000 | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Segment      |  169,119  |          | 10,835  |          |            - |          |     179,954  | 
| assets       |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Unallocated  |           |          |         |          |              |          |       3,234  | 
| assets       |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Total        |           |          |         |          |              |          |     183,188  | 
| assets       |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
|              |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Segment      |  104,141  |          |  5,454  |          |            - |          |     109,595  | 
| liabilities  |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Unallocated  |           |          |         |          |              |          |          563 | 
| liabilities  |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Total        |           |          |         |          |              |          |     110,158  | 
| liabilities  |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
|              |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Other segment            |          |         |          |              |          |              | 
| information:             |          |         |          |              |          |              | 
+--------------------------+----------+---------+----------+--------------+----------+--------------+ 
| Finance      |      440  |          |       - |          |            - |          |         440  | 
| income       |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Finance      |    1,705  |          |       - |          |            - |          |       1,705  | 
| costs        |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Capital      |           |          |         |          |              |          |              | 
| expenditure: |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Property,    |    7,417  |          |     38  |          |            - |          |       7,455  | 
| plant and    |           |          |         |          |              |          |              | 
| equipment    |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Intangible   |        6  |          |       - |          |            - |          |           6  | 
| assets       |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
| Depreciation |    1,782  |          |    244  |          |            - |          |       2,026  | 
| and          |           |          |         |          |              |          |              | 
| amortization |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
|              |           |          |         |          |              |          |              | 
+--------------+-----------+----------+---------+----------+--------------+----------+--------------+ 
 
 
 
4.    Income tax 
+-------------------------------+-------------+-------------+-----------+ 
|                               |   30-Jun-10 |   30-Jun-09 | 31-Dec-09 | 
+-------------------------------+-------------+-------------+-----------+ 
|                               | (Unaudited) | (Unaudited) | (Audited) | 
+-------------------------------+-------------+-------------+-----------+ 
|                               |      GBP000 |      GBP000 |    GBP000 | 
+-------------------------------+-------------+-------------+-----------+ 
| Income tax expense is as      |             |             |           | 
| follows:                      |             |             |           | 
|                               |             |             |           | 
+-------------------------------+-------------+-------------+-----------+ 
| Current income tax            |       1,588 |         835 |     1,791 | 
+-------------------------------+-------------+-------------+-----------+ 
| Deferred income tax:          |             |             |           | 
+-------------------------------+-------------+-------------+-----------+ 
| Origination and reversal of   |       (155) |           - |     (181) | 
| temporary differences         |             |             |           | 
+-------------------------------+-------------+-------------+-----------+ 
|                               |       1,433 |         835 |     1,610 | 
+-------------------------------+-------------+-------------+-----------+ 
 
 
 
5.    Dividends 
+----------------------------------+-------------+-------------+-----------+ 
|                                  |   30-Jun-10 |   30-Jun-09 | 31-Dec-09 | 
+----------------------------------+-------------+-------------+-----------+ 
|                                  | (Unaudited) | (Unaudited) | (Audited) | 
+----------------------------------+-------------+-------------+-----------+ 
|                                  |      GBP000 |      GBP000 |    GBP000 | 
+----------------------------------+-------------+-------------+-----------+ 
| Dividends on ordinary shares     |       1,167 |         818 |       817 | 
| declared and paid during the six |             |             |           | 
| months period                    |             |             |           | 
+----------------------------------+-------------+-------------+-----------+ 
 
China Shoto plc declared an annual dividend of 5p per ordinary share amounting 
to GBP1,167,238.50 on 28 April 2010, which was approved by the shareholders on 
the AGM on 22 June 2010 and was paid on 30 June 2010.The group's subsidiary 
Yangzhou Zhenghe Power Supply Co., Ltd declared an annual dividend amounting to 
RMB 4,432,848.49 of which RMB 1,800,000 (equivalent to GBP172,891) was paid to 
the minority shareholder on 15 March 2010, which was approved by the board of 
director on 21 February 2010. 
6.    Earnings per share from continuing operations 
Earnings for the purpose of basic and diluted earnings per share are the net 
profit for six months ended 30 June 2010 attributable to equity holders of the 
parent of GBP5,033,000(for six months ended 30 June 2009: GBP5,455,000 2009: 
GBP23,304,000) 
 
The profit from continuing operations for the financial period attributable to 
equity holders of the parent is as follows: 
+------------------------------+-------------+-------------+-----------+ 
|                              |      30-Jun |      30-Jun |    31-Dec | 
|                              |        2010 |        2009 |      2009 | 
+------------------------------+-------------+-------------+-----------+ 
|                              | (Unaudited) | (Unaudited) | (Audited) | 
+------------------------------+-------------+-------------+-----------+ 
|                              |      GBP000 |      GBP000 |    GBP000 | 
+------------------------------+-------------+-------------+-----------+ 
| Profit from continuing       |       5,033 |       5,455 |    23,304 | 
| operations                   |             |             |           | 
| attributable to equity       |             |             |           | 
| holders of the parent        |             |             |           | 
+------------------------------+-------------+-------------+-----------+ 
 
The weighted average number of ordinary shares used in the calculation of 
earnings per share from continuing operations has been derived as follows: 
+--------------------------------+--------------------------------+-------------+------------+ 
|                                |                         30-Jun |      30-Jun |     31-Dec | 
+                                +--------------------------------+-------------+------------+ 
|                                |                           2010 |        2009 |       2009 | 
+--------------------------------+--------------------------------+-------------+------------+ 
|                                |                    (Unaudited) | (Unaudited) |  (Audited) | 
+--------------------------------+--------------------------------+-------------+------------+ 
| Number of ordinary shares      |                                |             |            | 
+--------------------------------+--------------------------------+-------------+------------+ 
| Weighted average number of     |                     23,343,770 |  23,343,770 | 23,343,770 | 
| ordinary shares - basic        |                                |             |            | 
+--------------------------------+--------------------------------+-------------+------------+ 
| Dilutive effect of share       |                        709,761 |     149,860 |   353,832  | 
| options                        |                                |             |            | 
+--------------------------------+--------------------------------+-------------+------------+ 
| Weighted average number of     |                     24,053,531 |  23,493,630 | 23,697,602 | 
| ordinary shares - diluted      |                                |             |            | 
+--------------------------------+--------------------------------+-------------+------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR SFFFIIFSSEEU 
 

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