SHENZHEN PROPERTIES & RESOURCES DEVELOPMENT (GROUP) LTD.
THE FIRST QUARTERLY REPORT 2010
§1 Important Notes
1.1 The Board of Directors, the Supervisory Committee as well as directors, supervisors and senior
executives of Shenzhen Properties & Resources Development (Group) Ltd (hereinafter referred to
as “the Company”) individually and jointly accepted responsibility for the correctness, accuracy and
completeness of the contents of this report and confirmed that there was no false information,
misleading statement or material omissions.
1.2 None of the directors demonstrated uncertainty or disagreement about the truthfulness, accuracy,
and completeness of this quarterly report.
1.3 All directors attended the Board meeting.
1.4 The first quarterly financial report has not been audited by Accounting Firm.
1.5 Mr. Chen Yugang, Chairman of the Board of the Company, Mr. Wang Hangjun, Person in
Charge of Accounting Work and Ms. Shen Xueying, Manager of Financial Management
Department, hereby confirmed that the Financial Report enclosed in the quarterly report is true and
complete
§2 Company Profile
2.1 Main accounting data and financial indices
Unit: RMB Yuan
At the end of the
reporting period
At the end of last year Increase/decrease (%)
Total assets 2,907,826,201.25 2,834,417,954.60 2.59%
Owner’s equity attributable
to shareholders of listed
company
664,418,684.53 661,442,553.12 0.45%
Share capital (Share) 595,979,092.00 595,979,092.00 0.00%
Net asset per share
attributable to shareholders
of listed company
1.1148 1.1098 0.45%
Reporting period Same period of last year Increase/decrease (%)
Sales turnover (RMB
Yuan)
83,097,068.04 131,156,469.72 -36.64%
Net profit attributable to
shareholders of listed
company (RMB Yuan)
2,839,794.18 18,477,765.64 -84.63%
Net cash flow arising from -19,498,084.97 180,749,289.03 -110.79%2
operating activities (RMB
Yuan)
Net cash flow per share
arising from operating
activities (RMB Yuan/share)
-0.0327 0.3033 -110.78%
Basic earnings per share
(RMB Yuan/share)
0.0048 0.0310 -84.52%
Diluted earnings per share
(RMB Yuan/share)
0.0048 0.0310 -84.52%
Weighted average return on
equity (%)
0.43% 3.19% A decrease of 2.76 percent
Weighted average return on
equity after deducting
extraordinary gains and
losses (%)
-0.08% 2.87% A decrease of 2.95 percent
Items of extraordinary gains and losses Amount from 1 Jan. to 31 Mar. 2010
Gains on disposal of non-current assets 706.36
Gains and losses from change in fair value of
transaction financial assets
35,100.00
Other non-operating income and expense other than
abovementioned
3,348,782.57
Influence of income tax -9,684.40
Total 3,374,904.53
Note: Gains and losses from change in fair value of transaction financial assets are arising from stock yield; other
non-operating income and expense other than the abovementioned is payment without being paid.
2.2 Statement on total number of shareholders and shares held by the top ten shareholders not
subject to trading moratorium
Unit: share
Total number of
shareholders
By the end of the reporting period, the Company has 45112 shareholders in total,
including 35307 ones of A-share, 9805 ones of B-share
Shares held by the top ten shareholders not subject to trading moratorium
Full name of shareholders
Shares not subject to trading moratorium
held at the period-end
Type of share
ZENG YING 5,766,974
Domestically listed
foreign shares
WANG ZHI HAI 3,195,151 RMB common shares
SHEN LING 1,780,000 RMB common shares
SHENZHEN JINNIUHONG
TRADING CO., LTD.
1,550,000 RMB common shares
DONG BING YU 872,667 RMB common shares
LI BING ER 730,015 RMB common shares3
LI HONG MAO 671,020 RMB common shares
LI LING 670,095 RMB common shares
SUN HUNG KAI INVESTMENT
SERVICES LTD-CUSTOMERS A/C
560,000 Domestically listed
foreign shares
LIU YUN DE 550,000 RMB common shares
Explanation on associated relationship
among the above shareholders or
consistent action
The Company is not aware of whether there exists associated
relationship or consistent action among the top ten shareholders holding
trade shares or not.
§3 Significant Events
3.1 Significant changes in major accounting data, financial highlights and reasons for these changes.
√Applicable □Non-applicable
1. Closing balance of advances to suppliers was RMB 234,877,737.99, an increase of 401.20%
compared with the year-begin, which was mainly caused by prepayment for land located in Xuzhou
Tongshan and relevant taxation paid in advance by the Company increased in the reporting period;
2. Closing balance of short-term borrowing was RMB 50,000,000.00, a decrease of 75.00%
compared with the year-begin, which was mainly caused by repayment of bank loans in the
reporting period;
3. Closing balance of advances from customers was RMB 979,788,873.63, up 31.42% compared
with the year-begin, which was mainly because of increase of payment for sale of “Shen
Wuye-Shengang No. 1 Project in the reporting period;
4. Non-current liabilities due within one year was zero, a drop of 100.00% compared with the
year-begin, which was due to repayment at maturity in the reporting period;
5. Closing balance of long-term borrowing was RMB 474,100,000.00, up by 79.94% compared
with the year-begin, which was caused by new additional project-financing loan in the reporting
period;
6. In the reporting period, the Company realized operating revenue of RMB 83,097,068.04, a
decrease of 36.64% than that of last year, which was mainly because that the Company, during the
reporting period, has no new additional project that can be settled, the revenue carried down is
arising from a small quantity of residual buildings of Imperial Garden Project, resulting in revenue
from real estate business decreased over the same period of last year;
7. In the reporting period, business tax and surcharges was RMB 7,093,878.83, down by 54.40%
over the same period of last year, which was mainly because of decrease of revenue from real estate
business in the reporting period, resulting in decrease in business tax and Land VAT;
8. In the reporting period, financial expense was RMB 559,191.48, a drop of 83.10% than that of
last year, which was mainly because of decrease of total current fund loan and reduction of bank
loan interest rate over the same period of last year, as well as increase of interest income.
9. In the reporting period, gains on change in fair value was RMB 35,100.00, a decrease of 94.63%
than that of last year, which was caused by the decrease of market value of stocks held by the
Company in the reporting period;
10. In the reporting period, investment income was RMB 76,353.59, down by 86.27% over the
same period of last year, which was caused by the decrease of income received by jointly-run
enterprises in the reporting period;
11. In the reporting period, income form investment on affiliated enterprises and jointly-run4
enterprises was RMB 86,447.23, a drop of 85.41% over the same period of last year, which was
caused by the decrease of profits realized by Shenzhen ITC Tian An Properties Co., Ltd. (the
affiliated enterprise of the Company) in the reporting period;
12. In the reporting period, net non-operation income and expense was RMB 3,359,582.57, up by
130.24% over the same period of last year, which was mainly due to the increase of the subsidiary
company’s payment without being paid;
13. In the reporting period, income tax expense was RMB 1,097,949.52, a decrease of 80.28% over
the same period of last year, which was caused by the greater decrease of profit achieved by
Shenzhen Huangcheng Real Estate Co., Ltd.(the subsidiary of the Company) in the reporting
period;
14. In the reporting period, operating profit, total profit and net profit, which were achieved by the
Company in the reporting period, respectively stood at RMB 578,161.13, RMB 3,937,743.70 and
RMB 2,839,794.18, a drop of 97.44%, 83.62% and 84.63% respectively, which was mainly because
that the Company, during the reporting period, has no new additional project that can be settled, the
revenue that can be settled is arising from a small quantity of residual buildings of Imperial Garden
Project, resulting in revenue from real estate business decreased over the same period of last year;
15. From the beginning of year to the end of reporting period, net cash flow arising from operating
activities was RMB -19,498,084.97, a decrease of 110.79% over the same period of last year, which
was caused by increase of payment for land and taxation paid by the Company in the reporting
period;
16. From the beginning of year to the end of reporting period, net cash flow arising from investing
activities was RMB -12,725,413.00, a decrease of 23215.39% over the same period of last year,
which was caused by increase of cash paid to purchase fixed assets because the subsidiaries
replaced taxi vehicles.
17. rom the beginning of year to the end of reporting period, net cash flow arising from financing
activities was RMB -149,669,109.80, a decrease of 230.67% over the same period of last year,
which was because borrowing decreased and borrowings returned increased in the reporting period.
3.2 Process of significant events and influence, as well as analysis and explanation on resolving
proposal
□Applicable √Inapplicable
3.3 Special commitments made by the company, shareholders and actual controllers
√Applicable □Inapplicable
Shenzhen Construction Investment Holdings Co. (hereinafter referred to as “Construction
Holdings”) and Shenzhen Investment Management Co. (hereinafter referred to as “Investment
Management Company”) were nominal shareholders of the Company (Shares of the Company are
registered under the name of these two companies.). Later, these two companies and Shenzhen
Trade & Commerce Investment Holdings Co. combined on a legal basis and became one company
known as Shenzhen Investment Holdings Co., Ltd. (hereinafter referred to as “Investment
Holdings”). However, due to various reasons, the Company’s shares held by Construction Holdings
and Investment Management Company has not been transferred to Investment Holdings, which is
the actual controller of the Company.
1. Investment Holdings stated that it would establish and perfect the internal control over
undisclosed information of the listed company known by it, urge relevant insiders not to trade the
shares of the Company by making use of the undisclosed information, not suggest other buying and
selling shares of the Company, nor leak any undisclosed information of the Company. Meanwhile,5
it would provide an insider name list to the Company in a timely, factual, accurate and complete
way so that the Company could submit the name list to the Shenzhen Bureau of CSRC and the
Stock Exchange for records.
Execution situation: In the report period, it was found that no actual controller of the Company or
insiders bought and sold stocks of the Company by taking advantage of undisclosed information of
the Company. And the Company submitted monthly the particulars about the parties to which the
undisclosed information had been submitted to CSRC Shenzhen Bureau for reference.
2. Commitments made by non-tradable share holders in the share merger reform
(1) The Company’s non-tradable share holders Construction Holdings and Investment Management
Company made a common commitment to abide by laws, regulations and rules and perform
prescribed commitment duties. And they also made special commitments as follows:
Non-tradable shares held by Construction Holdings and Investment Management Company would
not be traded or transferred within 36 months since they acquired right of trade. After expiration of
the aforesaid commitment, originally non-tradable shares sold through the listing and trading
system on the Shenzhen Stock Exchange should not exceed 5 percents of total shares of the
Company within 12 months, as well as not exceed 10 percents within 24 months. In case these
companies acted against the above commitment and sold shares of the Company, the income from
sales of the shares would belong to the Company.
Execution situation: As at the date of issuing the announcement, Construction Holdings and
Investment Management Company failed to sell the shares of the Company.
(2) Investment Holdings made a commitment to abide by laws, regulations and rules and perform
prescribed commitment duties. And it also made special commitments as follows:
① Non-tradable shares held by Investment Holdings would not be traded or transferred within 36
months since they acquired right of trade. After expiration of the aforesaid commitment, originally
non-tradable shares sold through the listing and trading system on the Shenzhen Stock Exchange
should not exceed 5 percents of total shares of the Company within 12 months, as well as not
exceed 10 percents within 24 months. In case these companies acted against the above commitment
and sold shares of the Company, the income from sales of the shares would belong to the Company.
Execution situation: As at the date of issuing the announcement, Investment Holdings failed to sell
the shares of the Company that are actually controlled by it.
② Within one year since the non-tradable shares held by Construction Holdings and Investment
Management Company controlled by Investment Holdings acquired the right of trading, Shenzhen
Investment Holdings Co., Ltd will start up capital injection to the Company, that is, Shenzhen
Investment Holdings Co., Ltd will inject legitimate capital no less than RMB 500 million including
land resource in lump sum or in batches by replace or other legitimate way, will increase land
reserves of the Company and enhance profitability in the future. In case the aforesaid capital failed
to start completely within one year, Shenzhen Investment Holdings Co., Ltd will compensate 20%
of reorganization capital failing to start to the Company within 30 days when expiration of 1 year,
and continued to implement the capital injection which had been started. As for the capital injection
failing to start, Shenzhen Investment Holdings Co., Ltd will not implement. Note: Startup of capital
injection means capital injection program has been reviewed and approved by the Shareholders’
General Meeting of the Company. Shenzhen Investment Holdings Co., Ltd was willing to entrust
China Securities Depository and Clearing Corporation Limited Shenzhen Branch to freeze 30
million shares of the Company, which was under name of Shenzhen Construction Investment6
Holdings and actually controlled by Shenzhen Investment Holdings Co., Ltd, as guarantee for the
above commitment.
Execution situation: In Nov. 2009, Investment Holdings had applied to the China Securities
Depository and Clearing Corporation Limited Shenzhen Branch for freezing 30 million shares of
the Shen Wuye that are actually controlled by its and are registered under the name of Construction
Holdings；As at the date of issuing the announcement, replacement of assets failed to exceed one-year
commitment period.
③ Since non-tradable shares held by Shenzhen Investment Holdings Co., Ltd, Shenzhen
Construction Investment Holdings and Shenzhen Investment Co., Ltd acquired right to trade within
24 months, Shenzhen Investment Holdings Co., Ltd commit that they will support balance no less
than RMB 500 million with method of entrust loan in line with relevant provisions of laws and
administrative statutes to release nervous capital of the Company. The aforesaid balance means
accumulative incurred amount within 24 months since the date when non-tradable shares held by
Shenzhen Investment Holdings Co., Ltd, Shenzhen Construction Investment Holdings and
Shenzhen Investment Co., Ltd acquired right to trade, and each entrust loan for support will not be
less than 12 months; the above cash support of RMB 500 million excluded entrust loan offered
before the date when non-tradable shares held by Shenzhen Investment Holdings Co., Ltd,
Shenzhen Construction Investment Holdings and Shenzhen Investment Co., Ltd acquired right to
trade.
Execution situation: As at the date of issuing the announcement, Investment Holdings
provided the Company with entrustment loans of RMB 50 million through bank, which
occurred before the date that non-tradable shares obtained the right to list and
trade. On 18 Mar. 2010, the Company held the Shareholders’ General Meeting 2009, at which the
proposal on application to the controlling shareholder for entrustment loans was reviewed and
approved. The shareholders’ general meeting authorized the Board of Directors, in accordance with
actual demand of the Company’s operation, and on the basis of negotiation among the Company,
Investment Holdings and relevant banks, to handle such matters as conclusion of agreement on
entrustment loan no less than RMB 500 million, extension of refinance, retiring old debt with new
credit facilities and repayment. The Company had disclosed the said matter on 19 Mar. 2010 in
Securities Times, Ta Kung Pao and http://www.cninfo.com.cn.
The Board of Directors of the Company will apply to Investment Holdings for entrustment loan at
the proper time.
④ In case that net profit of the Company in any year of 2010, 2011 and 2012 was less than 2009,
Shenzhen Investment Holdings Co., Ltd will make up balance of net profit between the year and
2009 with cash.
Execution situation: The implementation of the said commitment depends on the net profit as of
year 2010.
3.4 Warnings of possible loss or large-margin change of the accumulated net profit made during the
period from the beginning of the year to the end of the next report period compared with the same
period of the last year according to prediction, as well as explanations on the reasons
□Applicable √Inapplicable7
3.5 Other significant events need to be explained
3.5.1 Securities investment
√Applicable □Inapplicable
No.
Stock
variety
Stock
code
Short form of
Stock
Initial
investment
amount
(RMB Yuan)
Shares
held
Book value at
period-end
Proportion
in total
securities
investment
at
period-end
(%)
Profits and
losses in
reporting period
1
Shenzhen
A Share
000030 ST Sunrise 268,735.50 30,000 267,300.00 100.00 35,100.00
Other securities investment at the end of
period
Investment gains/(losses) arising from
sale of securities — — —
—
Total 268,735.50 - 267,300.00 100.00 35,100.00
3.5.2 Equity of other listed companies held by the Company
√Applicable □Inapplicable
Stock
code
Short
form of
Stock
Initial
investment
amount
Ratio to
equity of
invested
company
(%)
Book value at
year-end
Profits and
losses in the
reporting
period
Change of
owners’
equity in the
reporting
period
Accounting
subject
Source of
stock
000509
S*ST
T.H. 2,962,500.00 0.33% 802,199.55 0.00 0.00
Long-term
equity
investment
Purchasing
legal person
shares
directionally
Total 2,962,500.00 - 802,199.55 0.00 0.00
3.5.3 Equity of Pre-IPO and unlisted financial enterprises held by the Company
□Applicable √Inapplicable
3.5.4 Offering capital to controlling shareholders or related parties and external guarantee in
violation of the procedure specified
□Applicable √Inapplicable
3.5.5 Shareholders holding shares exceeding 30% proposed or implemented plan on increasing
shares in the report period
□Applicable √Inapplicable
3.5.6 Significant contracts8
√Applicable □Inapplicable
On 10 Feb. 2010, the Company obtained the use right of state-owned construction land of 2010-001
plot located at Xuzhou Tongshan County. The Company had disclosed the said matter on 11 Feb.
2010 in Securities Times, Ta Kung Pao and http://www.cninfo.com.cn.
Whereafter, the Company entered into the Grant Contract of State-owned Land Use Right with
Bureau of Land and Resources of Tongshan County, with contract value reaching RMB 192.3
million and an area of 96869 square meters, residence as usages of land, as well as 70 years of land
use age.
3.5.7 Reception of research, interviews and visits in the reporting period
Reception
time
Reception place Reception way
Reception
object
Major discussion content and the
information provided by the Company
5 Jan. 2010
The Office of BOD Communication
by Telephone
Individual
investor
Asked about the basic information of the
Company and sales of Shengang No.1 Project
27 Jan. 2010
The Office of BOD Communication
by Telephone
Individual
investor
Asked about the basic information of the
Company and when to start the assets
restructuring committed in the Share Merger
Reform
2 Feb. 2010
The Office of BOD Communication
by Telephone
Individual
investor
Asked about the basic information of the
Company and time of disclosing annual report
10 Mar. 2010
The Office of BOD Communication
by Telephone
Individual
investor
Asked about the basic information of the
Company and progress of the assets
restructuring committed in the Share Merger
Reform
25 Mar. 2010
The Office of BOD Communication
by Telephone
Individual
investor
Asked about the basic information of the
Company and whether the project “Xinhua
Town” can be carried down in 2010 or not
7 Apr. 2010
The Office of BOD Communication
by Telephone
Individual
investor
Asked about the basic information of the
Company and relevant story in the clarifying
public notice
12 Apr. 2010
The Office of BOD Communication
by Telephone
Individual
investor
Asked about the basic information of the
Company and the progress of the “Haiyi”
Lawsuit
19 Apr. 2010
The Office of BOD Communication
by Telephone
Individual
investor
Asked about reason for share price falling
and progress of the assets restructuring
committed in the Share Merger Reform
3.5.8 Explanation on other significant events
√Applicable □Inapplicable
1. Significant lawsuit and arbitration
① During the reporting period, there was no new significant lawsuit or arbitration.
② During the reporting period, no new progress happened to significant lawsuits and arbitrations9
disclosed in the previous years. For details, please refer to “Section X. Significant Events” in the
Annual Report 2009 published on http://www.cninfo.com.cn on 9 Feb. 2010.
2. On 10 Feb. 2010, the Company obtained the use right of state-owned construction land of
2010-001 plot located at Xuzhou Tongshan County. The Company had disclosed the said matter on
11 Feb. 2010 in Securities Times, Ta Kung Pao and http://www.cninfo.com.cn.
3. To develop the Company’s land located in Xuzhou, and build up and promote the brand of “Shen
Wuye Real Estate”, the Company established Shen Wuye Group Xuzhou Dapeng Real Estate
Development Co., Ltd., which is engaged in development and operation of the Company’s real
estate project located in Xuzhou region. The Company had disclosed the said matter on 12 Apr.
2010 in Securities Times, Ta Kung Pao and http://www.cninfo.com.cn.
3.6 Implementation of cash dividends policy during the reporting period
□Applicable √Inapplicable
§4 Attachment
4.1 Balance sheet
Prepared by Shenzhen Properties & Resources Development (Group) Ltd
31 Mar. 2010 Unit: RMB Yuan
Closing balance Opening balance
Item
Consolidation Parent company Consolidation Parent company
Current assets:
Monetary funds 648,156,016.15 2,555,502.71 830,055,588.25 2,539,358.76
Settlement fund reserve 267,300.00 267,300.00 232,200.00 232,200.00
Notes receivable
Account receivable 68,650,121.06 59,636,241.98 66,938,998.94 61,464,246.43
Advances to suppliers 234,877,737.99 145,311,440.00 46,862,874.11 500,000.00
Dividend receivable 325,739,041.74 325,739,041.74
Other account receivable 51,864,826.17 160,609,712.11 54,030,054.90 89,557,866.50
Financial assets purchased
under agreements to resell
Inventories 1,328,305,714.33 66,446,135.31 1,255,676,772.24 66,446,135.31
Non-current assets due
within 1 year
Other current assets
Total current assets 2,332,121,715.70 760,565,373.85 2,253,796,488.44 546,478,848.74
Non-current assets:
Loans and advance
Available for sale financial
assets
Held to maturity investments
Long-term account
receivable10
Long-term equity
investment
79,783,857.21 228,963,857.21 79,697,503.62 178,877,503.62
Investment real estate 253,616,399.49 171,470,783.47 257,105,965.94 173,874,690.52
Fixed asset 76,704,137.56 41,915,315.32 76,985,792.12 39,860,661.03
Project in construction
Engineering material
Fixed asset disposal
Bearer biological asset
Oil and gas assets
Intangible assets 111,266,511.17 112,893,677.12
Development expense
Goodwill
Long-term expense to be
apportioned
2,280,495.02 2,280,495.02 2,243,026.34 2,243,026.34
Deferred income tax assets 52,053,085.10 51,695,501.02
Other non-current assets
Total of non-current assets 575,704,485.55 444,630,451.02 580,621,466.16 394,855,881.51
Total assets 2,907,826,201.25 1,205,195,824.87 2,834,417,954.60 941,334,730.25
Current liabilities:
Short-term borrowings 50,000,000.00 50,000,000.00 200,000,000.00 50,000,000.00
Transactional financial
liabilities
Notes payable
Accounts payable 92,529,260.89 34,157,082.81 112,470,139.39 37,032,127.61
Advances from customers 979,788,873.63 2,382,406.00 745,527,226.22 1,026,694.63
Financial assets sold under
agreements to repurchase
Handling charges and
commissions payable
Payroll payable 45,534,601.69 9,059,230.30 51,982,204.97 9,345,999.43
Taxes and fares payable 201,018,169.24 1,472,251.40 205,331,877.94 2,912,148.33
Dividend payable
Interest payable
Other accounts payable 212,897,209.65 396,686,626.52 208,240,882.65 125,331,899.26
Non-current liabilities due
within 1 year
200,000,000.00
Other current liabilities
Total current liabilities 1,581,768,115.10 493,757,597.03 1,723,552,331.17 225,648,869.26
Non-current liabilities:
Long-term borrowings 474,100,000.00 263,480,000.00
Debentures payable
Long-term payables
Specific-purpose account11
payables
Accrued liabilities 69,284,708.83 69,284,708.83 69,284,708.83 69,284,708.83
Deferred income tax
liabilities
Other non-current
liabilities
117,392,605.73 12,315,309.38 115,796,274.42 12,315,309.38
Total non-current liabilities 660,777,314.56 81,600,018.21 448,560,983.25 81,600,018.21
Total liabilities 2,242,545,429.66 575,357,615.24 2,172,113,314.42 307,248,887.47
Owner’s equity (or
Shareholders’ equity)
Paid-in capital (or share
capital)
595,979,092.00 595,979,092.00 595,979,092.00 595,979,092.00
Share capital 25,332,931.52 226,883.79 25,332,931.52 226,883.79
Less: Treasury Stock
Surplus reserve 69,712,050.51 69,712,050.51 69,712,050.51 69,712,050.51
General risk provision
Retained earnings -23,197,076.21 -36,079,816.67 -26,036,870.39 -31,832,183.52
Foreign exchange
difference
-3,408,313.29 -3,544,650.52
Total owners' equity
attributable to holding
company
664,418,684.53 629,838,209.63 661,442,553.12 634,085,842.78
Minority interests 862,087.06 862,087.06
Total owners’ equity 665,280,771.59 629,838,209.63 662,304,640.18 634,085,842.78
Total liabilities and owners’
equity
2,907,826,201.25 1,205,195,824.87 2,834,417,954.60 941,334,730.25
4.2 Income statement
Prepared by Shenzhen Properties & Resources Development (Group) Ltd
Jan. - Mar. 2010 Unit: RMB Yuan
Jan. – Mar. 2010 Jan. – Mar. 2009
Items
Consolidation Parent company Consolidation Parent company
I. Total operating revenue 83,097,068.04 7,350,856.95 131,156,469.72 7,172,247.55
Including: Sales 83,097,068.04 7,350,856.95 131,156,469.72 7,172,247.55
II. Total operating cost 82,630,360.50 11,720,743.69 109,780,169.80 11,184,915.96
Including: Cost of sales 56,831,611.01 3,118,742.91 73,047,028.27 2,429,553.61
Taxes and associate
charges
7,093,878.83 383,666.00 15,558,017.55 373,882.24
Selling and distribution
expenses
2,205,666.09 2,708,438.21
Administrative
expenses
15,940,013.09 7,175,602.37 15,158,480.62 6,528,798.52
Financial expenses 559,191.48 1,398,155.07 3,308,205.15 1,852,681.5912
Asset impairment loss -355,422.66
Add: Gain/(loss) from
change in fair value (“-”
means loss)
35,100.00 35,100.00 653,082.76 46,200.00
Gain/(loss) from
investment (“-” means loss)
76,353.59 76,353.59 556,287.03 556,287.03
Including: income form
investment on affiliated
enterprises and jointly-run
enterprises
86,447.23 86,447.23 592,446.93 592,446.93
Foreign exchange difference
(“-” means loss)
III. Business profit (“-”
means loss)
578,161.13 -4,258,433.15 22,585,669.71 -3,410,181.38
Add: non-operation
income
3,743,756.60 10,800.00 1,616,117.36 98,803.50
Less: non-business
expense
384,174.03 156,953.18 96,953.18
Including: loss from
non-current asset disposal
IV. Total profit (“-” means
loss)
3,937,743.70 -4,247,633.15 24,044,833.89 -3,408,331.06
Less: Income tax
expense
1,097,949.52 5,567,068.25
V. Net profit (“-” means
loss)
2,839,794.18 -4,247,633.15 18,477,765.64 -3,408,331.06
Attributable to parent
company
2,839,794.18 -4,247,633.15 18,477,765.64 -3,408,331.06
Minority interests
VI. Earnings per share
(I) basic earnings per
share
0.0048 -0.0071 0.0310 -0.0057
(II) diluted earnings per
share
0.0048 -0.0071 0.0310 -0.0057
Ⅶ. Other comprehensive
income
136,337.23 -9,151.63
Ⅷ. Total comprehensive
income
2,976,131.41 -4,247,633.15 18,468,614.01 -3,408,331.06
Attributable to owners of
parent company
2,976,131.41 -4,247,633.15 18,468,614.01 -3,408,331.06
Attributable to minority
shareholders
4.3 Cash flow statement13
Prepared by Shenzhen Properties & Resources Development (Group) Ltd
Jan. - Mar. 2010 Unit: RMB Yuan
Jan. – Mar. 2010 Jan. – Mar. 2009
Items
Consolidation Parent company Consolidation Parent company
I. Cash flows from operating
activities:
Cash received from sale of
commodities and rendering
of service
350,943,343.07 172,820.06 352,145,753.86 5,981,331.53
Net increase of disposal of
tradable financial assets
Tax refunds received
Other cash received
relating to operating
activities
21,973,574.72 1,749,959.33 18,414,789.79 100,117,626.32
Sub-total of cash inflows 372,916,917.79 1,922,779.39 370,560,543.65 106,098,957.85
Cash paid for goods and
services
268,908,977.84 13,287.62 100,351,192.06 180,064.05
Cash paid to and for
employees
40,955,550.93 97,286.50 40,352,104.85 5,598,613.16
Various taxes paid 48,163,198.40 22,957.45 21,836,602.74 2,083,151.46
Other cash paid relating to
operating activities
34,387,275.59 1,729,168.87 27,271,354.97 44,584,294.31
Sub-total of cash outflows 392,415,002.76 1,862,700.44 189,811,254.62 52,446,122.98
Net cash flows from
operating activities
-19,498,084.97 60,078.95 180,749,289.03 53,652,834.87
II. Cash flows from investing
activities
Cash received from disposals
of investments
1,550,000.00
Cash received from returns
on investments
Net cash received from
disposals of fixed assets and
intangible assets
172,530.00 841,859.26 841,859.26
Net cash received from
disposal of subsidiaries and
other business units
Other cash received relating
to investing activities
Sub-total of cash inflows 1,722,530.00 841,859.26 841,859.26
Cash paid to purchase fixed
assets, intangible assets and
other long-term assets
14,447,943.00 43,935.00 896,438.72 663,039.4614
Cash paid for investments
Net increase in pledged loans
Net cash paid from
obtaining subsidiaries and
other business units
Cash paid relating to other
investing activities
Sub-total of cash outflows 14,447,943.00 43,935.00 896,438.72 663,039.46
Net cash flows from
investing activities
-12,725,413.00 -43,935.00 -54,579.46 178,819.80
III. Cash flows from
financing activities
Cash received from
absorbing investment
Including: Cash received by
subsidiaries from increase in
minority interests
Cash received from
borrowings
212,000,000.00 319,000,000.00 119,000,000.00
Cash received from issuing
debentures
Other cash received relating
to financing activities
Sub-total of cash inflows 212,000,000.00 319,000,000.00 119,000,000.00
Cash repayments of
borrowings
351,380,000.00 188,875,588.58 169,000,000.00
Cash payments for interest
expenses and distribution of
dividends or profits
9,629,609.80 13,067,831.57 5,368,502.50
Including: Cash
payments for dividends or
profits to minority
shareholders of subsidiaries
Cash payments relating to
other financing activities
659,500.00 2,516,997.21
Sub-total of cash outflows 361,669,109.80 204,460,417.36 174,368,502.50
Net cash flows from
financing activities
-149,669,109.80 114,539,582.64 -55,368,502.50
IV. Effect of foreign
exchange rate changes on
cash and cash equivalents
-6,964.33 142.59
V. Net (decrease)/increase
in cash and cash equivalents
-181,899,572.10 16,143.95 295,234,434.80 -1,536,847.83
Add: Cash and cash 830,055,588.25 2,539,358.76 271,708,727.86 7,802,612.8815
equivalents at beginning of
year
VI. Cash and cash
equivalent at end of year
648,156,016.15 2,555,502.71 566,943,162.66 6,265,765.05
4.4 Auditor’s report
Auditor’s opinion: un-audited
Board of Directors of
Shenzhen Properties & Resources Development (Group) Ltd
26 Apr. 2010
