China Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
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China Merchants Property Development Co., Ltd.
The Third Quarterly Report For 2009
(Full Text)
§1. Important Notes
1.1 Board of Directors and the Supervisory Committee of China Merchants Property Development
Co., Ltd. (hereinafter referred to as the Company) and its directors, supervisors and senior
executives hereby confirm that there are no any fictitious statements, misleading statements, or
important omissions carried in this report, and shall take all responsibilities, individual and/or joint,
for the reality, accuracy and completion of the whole contents.
1.2 The Third Quarterly Financial Report of 2009 has not been audited by CPAs.
1.3 Sun Chengming – Legal Representative the Company, Huang Peikun –CFO, and Xu Yixia
–Manager of Financial Department hereby confirm that the Financial Report of the Third Quarterly
Report is true and complete.
1.4 This report has been prepared in Chinese and English version respectively. In the event of
differences in interpretation between the two versions, the Chinese report shall prevail.
§2. Company Profile
2.1 Main accounting highlights and financial indexes:
Unit: RMB
Sep. 30, 2009 Dec. 31, 2008 Increase/decrease scope
(%)
Total assets 42,449,156,659.00 37,437,014,995.00 13.39%
Owners’ equities attributable to the
shareholders of listed company 15,653,580,062.00 14,862,746,365.00 5.32%
Share capital (Share) 1,717,300,503.00 1,717,300,503.00 0.00%
Net assets per share attributable to the
shareholders of listed company
(RMB/Share)
9.12 8.65 5.43%
July-Sep. 2009
Increase/decrease
over the same
period of the last
year (%)
Jan.-Sep. 2009
Increase/decrease
over the same
period of the last
year (%)
Total operating income 2,411,599,990.0
0 419.90% 5,287,377,216.0
0 176.71%
Net profit attributable to the shareholders of
listed company 474,075,608.00 178.98% 960,923,356.00 147.24%
Net cash flow arising from operating
activities - - 5,152,035,316.0
0 284.82%
Net cash flow arising from operating
activities per share (RMB/Share) - - 3.00 236.38%
Basic earnings per share (RMB/Share) 0.276 82.78% 0.560 62.32%
Diluted earnings per share (RMB/Share) 0.276 82.78% 0.560 62.32%China Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
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Return on equity (%) 3.08% 48.79% 6.31% 33.40%
Return on equity after deducting
non-recurring gains and losses (%) 3.08% 47.37% 6.25% 25.50%
Unit: RMB
Items of non-recurring gains and losses Amount from year begin to
the end of report period Remarks
Gains and losses from the disposal of non-current asset -284,485.00
Governmental subsidy calculated into current gains and
losses, while closely related with the business of the
Company, excluding the fixed-amount or fixed-proportion
governmental subsidy according to the unified national
standard
1,274,727.00
Withdrawal of provisions for assets impairment due to factor
of force majeure such as natural disaster 113,042.00
Other non-operating income and expenditure beside for the
aforementioned items 8,114,931.00
Impact on income tax -719,319.00
Influenced amount of minority shareholders’ equity -21,394.00
Total 8,477,502.00 -
2.2 Total number of shareholders at the end of the report period and shares held by the top ten
shareholders with unrestricted conditions
Unit: Share
Total number of shareholders
at the end of report period 71,985
Particulars about the shares held by the top ten shareholders with unrestricted conditions
Full Name of shareholder Unrestricted shares held Type of shares
China Pacific Insurance (Group) Co., Ltd.－
Bonus－Individual bonus 25,509,415 RMB common share
Changsheng Tongde Theme Growth Stock Fund 19,109,486 RMB common share
China Pacific Insurance (Group) Co., Ltd.－
Traditional－General Insurance Products 13,867,567 RMB common share
Penghua Outstanding Corporate Governance
Stock Fund 13,339,936 RMB common share
ChinaAMC Blue Chip Core Mixed Fund 11,602,600 RMB common share
ChinaAMC Advantage Growth Fund 11,454,573 RMB common share
Bank of Communications Schroder Selected
Stock Fund 11,012,383 RMB common share
Penghua Dynamic Growth Mixed Stock Fund 9,957,859 RMB common share
Invesco Great Wall Selected Blue Chip Stock
Fund 9,367,100 RMB common share
Invesco Great Wall Dingyi Stock Open-ended
fund 9,000,000 RMB common share
Bank of Communications Schroder Blue Chip
Stock Fund 9,000,000 RMB common share
§3. Significant eventsChina Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
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3.1 Particulars about material changes in items of main accounting statement and financial index,
and explanations of reasons
√Applicable □Inapplicable
Unit: RMB
Item Sep. 30, 2009 Dec. 31, 2008 Increase/decrease
(± %) Main reasons for changes
Monetary capital 10,015,974,827 7,389,133,547 35.55%
Increasing income received from
property pre-sale brought along growth
in this item in the period
Transaction
financial assets 1,740,006 97,331,980 -98.21%
Due to declining delivery of NDF
contracts and price fluctuation in NDF
market in this period
Other receivables 530,022,773 778,506,128 -31.92%
Some capital paid for supporting
development of joint ventures and
affiliated companies were collected
bank in the period
Other current
assets 557,823,354 227,596,742 145.09% Expanding sales resulted in increase of
tax paid in advance in this period
Deferred income
tax assets 94,950,579 40,876,227 132.29% Due to the increasing deductable
temporary difference
Short-term loans 1,337,116,377 3,613,956,278 -63.00% Due to the repayment of some loans in
this period
Account received
in advance 8,174,461,259 2,731,472,693 199.27%
Increasing income received from
property pre-sale brought along growth
in this item in the period
Other current
liabilities 971,694,306 459,072,398 111.66%
Due to that land value-added tax
withdrawn by the Company had been
increased
Item Jan. to Sep.,
2009
Jan. to Sep.,
2008
Increase/decrease
(± %) Main reasons for changes
Operating
income 5,287,377,216 1,910,789,863 176.71% Income carried forward from property
sales had been raised in this period
Operating cost 3,052,074,092 1,106,404,510 175.86% Cost carried forward from property
sales had been raised in this period
Business tax and
surcharges 836,763,041 163,879,482 410.60% Taxes arising from property sales had
been raised in this period
Sales expense 173,644,402 128,230,528 35.42%
Property sales had been raised in this
period, correspondingly the sales
expenses also climbed up
Income from
changes in fair
value
-115,121,120 108,986,815 -205.63%
For the Company received more
income from DNF delivery in this
period, the fair value corresponding to
the original contract was thus offset.
Investment
income 257,788,655 14,553,312 1671.34%
The Company received more income
from investing joint ventures and NDF
delivery in this report period
3.2 Progress of significant events, their influences, and analysis and explanation of their solutions
□Applicable √Inapplicable
3.3 Implementations of commitments by the Company, shareholders and actual controller
√Applicable □Inapplicable
Commitments Content of commitments Implementation
Commitments for Share Shekou Industrial Zone committed that the original In the report period, ShekouChina Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
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Merger Reform non-negotiable shares shall not been traded or
transferred in 24 months since the trading right been
granted. Shares placed in Shenzhen Stock Exchange in
12 months upon the above 24 months shall not exceed
5% of the total shares of the Company. In 36 months
upon the above 24 months, the price of A-shares of the
Company shall not be lower than 120% of the
arithmetical average in 30 days prior to the publishing of
share reallocation announcement. Shekou Industrial
Zone committed to propose the equity mechanism plan
of management team, but it could be put in practice after
submitting to the Board and the approval of the
Shareholders’’ General Meeting; in accordance with the
exploitation plan and operation needs of the Company,
Shekou Industrial Zone would continue to inject
outstanding assets such as land to support the
development of the Company.
Industrial Zone fulfilled the
commitment strictly.
Commitments on share
restriction for trading
When previous increasing of shareholding, CMSIZ and
its subsidiaries promised not to reduce their shareholding
in the Company until September 24, 2010.
China Merchants Zhangzhou Development Zone Co.,
Ltd. subscribed the 37,878,788 shares in 2008, and
promised not to put these shares on sale in one year
since purchased.
In the report period, Shekou
Industrial Zone and its
underlying subsidiaries
strictly implemented the
commitment.
In the report period, China
Merchants Zhangzhou
Development Zone Co.,
Ltd. strictly implemented
the commitment.
Commitments made in
Acquisition Report or Reports
on Change in Interests
Inapplicable Inapplicable
Commitments made in
Material Assets Reorganization Inapplicable Inapplicable
Commitments made in issuing Inapplicable Inapplicable
Other commitments (including
additional commitments)
Shekou Industrial Zone promised to neither directly or
indirectly conduct or develop the same or similar
business or projects with that of the Company, nor
found, develop, participate in, or assist any enterprise for
Shekou Industrial Zone or related parties or any 3rd party
to directly or indirectly compete with the Company;
neither use the information obtained from the Company
to conduct or participate in activities to compete with the
Company, nor conduct any other competitive activity
hurting or possibly hurting interests of the Company.
In the report period, Shekou
Industrial Zone fulfilled the
commitment strictly.
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report
period to be loss probably or the warning of its material change compared with the corresponding
period of the last year and explanation of reason
□Applicable √Inapplicable
3.5 Particulars about the other significant events which needed explanations
(I) The Company neither provided capital for controlling shareholders or related parties, nor
disobeyed regulations and procedure to provide external guarantee;
(II) On July 24, 2009, the 5th meeting of the 6th board of directors approved that the Company
planned to non-publicly issue A shares. The objects were not more than 10 special investorsChina Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
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including the controlling shareholder – Shekou Industrial Zone. The total issuing amount was not
more than 0.2 billion shares, and capital planned to raise was not more than RMB 5 billion (not
deducting issuing expenses). The final issuing amount would be negotiated and decided by the
Company and sponsor organization (the main seller) according to the subscription and raised capital
demand of the Company.
Shekou Industrial Zone would subscribe the shares non-publicly issued this time in cash with the
same price of other purchasers which was not lower than 10% of the total raised capital in this
issuing. The subscribing price would be not lower than 90% of the average trading price of the
Company’s shares in the 20 trading days before pricing ex-date. The bidding price result would be
negotiated and decided by the board of directors and sponsor organization (the main seller)
according to regulations of Rules for the Non-public Issuance of Stocks by Listed Companies.
Shekou Industrial Zone did not take part in the procedure of checking price in the market, but it
promised to accept the result and purchase at the same price with other special investors.
On Aug. 17, 2009, the First Extraordinary Shareholders’ General Meeting 2009 of the Company
examined and approved the aforementioned issuance plan.
Details of the aforementioned issues could be found in relevant notice disclosed in Juchao Website
on Aug. 18, 2009.
The application on the Company’s non-publicly issuing A shares has reported to China Securities
Regulatory Commission.
3.5.1 Activities on receiving research, communication and interview in the report period
Date Place Way The received parties Contents discussed and
materials supplied
July 2 Chongqing Interim Strategy
Meeting
Organized by
Guosen Securities
Co., Ltd.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
July 3 Shenzhen Interim Strategy
Meeting
Organized by China
Jianyin Investment
Co., Ltd.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
July 8 Shekou,
Shenzhen Investigation CREDIT SUISSE
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
July 9 Shekou,
Shenzhen Investigation
Mitsubishi UFJ
Investment Co.,
Ltd.(Hong Kong)
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
July 22 Shekou,
Shenzhen Investigation
Cathay Life
Insurance Company
Ltd. and Daiwa
Securities
SMBC-Cathay Co.,
Ltd.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
July 23 Shekou,
Shenzhen Investigation
Yuanta Securities
CO., LTD.,
Shanghai Office
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
July 30 Shekou,
Shenzhen Investigation Robeco Hong Kong
Limited
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced andChina Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
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brochure for projects of the Company.
Aug. 7 Shekou,
Shenzhen Investigation BREVAN
HOWARD
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Aug. 10 Shekou,
Shenzhen Investigation Taiping Shengshi
Investment Co., Ltd.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Aug. 11 Shekou,
Shenzhen Investigation
Bank of China
Investment
Management Co.,
Ltd.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Aug. 13 Shekou,
Shenzhen Investigation
Taikang Life
Insurance Co., Ltd.
and Fortis Haitong
Investment
Management Co.,
Ltd.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Aug. 18 Shekou,
Shenzhen
Telephone
meeting
Organized by China
Jianyin Investment
Co., Ltd.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Aug. 20 Shekou,
Shenzhen Investigation Mizuho Securities
Co., Ltd.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Aug. 25 Shekou,
Shenzhen
Collective
investigation
Organized by Citic
Fund Management
Co., Ltd.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Aug. 26 Shekou,
Shenzhen Investigation KGI Shanghai
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Aug. 28 Shenzhen Forum of Real
Estate Industry
Organized by
Guotai Junan
Securities Co., Ltd.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Sep. 1 Shekou,
Shenzhen Investigation
COSMA Investment
Management CO.,
LTD.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Sep. 4 Qingdao Industry Forum
Organized by Hai
Tong Securities Co.,
Ltd.
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Sep. 9 Beijing
Finance and
Real Estate
Forum
Organized by
NOMURA
SECURITIES
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Sep. 10 Shanghai Real Estate Organized by 1. Introducing operation of the Company;China Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
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Industry
Meeting
Everbright
Securities Co., Ltd.
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Sep. 10 Shanghai
Information
Seminar of
Investors
Organized by China
International Capital
Corporation Limited
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Sep. 17 Shekou,
Shenzhen Investigation RESEARCH-WOR
KS
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
Sep. 18 Shekou,
Shenzhen Investigation Ping An Securities
Limited
1. Introducing operation of the Company;
2. Discussing the industry development; 3.
Providing the information announced and
brochure for projects of the Company.
3.6 Particulars about derivatives investment
√Applicable □Inapplicable
Risk analysis on position of derivatives in the report
period, together with measurements for controlling the
risks (including but not limit in market risks, current
risks, credit risks, operation risks as well as law risks)
The Company made forward foreign exchange business in
which principal delivery was not involved, was to lock up
exchange rate, fundamentally to avoid exchange risk when
borrowing foreign currency loans. Thus, business was made
on the basis of real foreign exchange loans. Amount and
time of deals were in good match with the exchange loans,
in order to keep the Company from exchange rate risks.
Forward exchange rate had already been confirmed when
making a deal. The Company had already established and
strictly implemented Trading System for Derivative
Financial Instruments, and engaged in NDF business with
authorization from the Board. The Company arranged
special person to follow up exchange rate of RMB and
foreign currency, neaten businesses, and make periodic
reports to the supervising leaders or the Board on the
could-be influences. Particulars about the businesses would
be accepting internal audit and audit & supervision from the
Company itself and external accounting firm respectively.
Particulars about the market price or fluctuation of fair
value of the derivatives invested in the report period.
As for analysis on fair value of derivatives, details
about the method shall be disclosed, as well as method
for setting relevant assumption and parameters.
By Sep. 30th of 2009, the notional principal of the forward
foreign exchange contracts of the Company totaled to USD
259,229,000, and these contracts would be matured from
Feb. 3rd to Sep. 8th of 2010. The fair value of the above
contracts as of period-end takes 11.31% of the net assets as
of this period of the Company. According to regulations of
accounting standards, the Company measured these
financial assets by their fair values at the end of this period;
gains or losses from change of fair value would be
respectively reckoned into current gains and losses as well
as transaction financial assets or liabilities.
At the beginning of the period, the fair value of forward
foreign exchange business contracts of the Company
amounted to RMB 97,331,980 and RMB 16,320,002 for
that at the end of this period. During the report period, gains
& losses obtained from change of fair value of these
forward foreign exchange businesses amounted to RMB
-115,121,120, and gains & losses arising from actualChina Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
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delivery of forward foreign exchange businesses was RMB
76,318,003.
Explanation on that whether there is material change
in accounting policy and accounting calculation
principles applicable to derivatives of the Company in
comparison with that of last report period
Compared to the last period, no material change had
happened to the accounting policy and detailed accounting
calculation method applicable for derivatives of the
Company.
Special opinions issued by independent directors,
sponsors or financial consultants of the Company on
derivatives investment and risk controlling
Inapplicable
3.6.1 Particulars about the positions of derivatives investment at the end of report period
√Applicable □Inapplicable
Unit: RMB
Kind of contract Expired limit Amount of contract
in period-begin
Amount of contract
in period-end
Proportion of amount
of contract in
period-end in net asset
of the Company as of
report period-end
forward foreign
exchange contracts
Expired from Feb. 3,
2010 to Sep. 8, 2010 1,838,644,092.00 1,770,274,841.00 11.31%
Total - 1,838,644,092.00 1,770,274,841.00 11.31%
§4. Appendix
4.1 Balance sheet
Prepared by China Merchants Properties Development Co., Ltd. Sep. 30, 2009 Unit: RMB
Balance at period-end Balance at year-begin
Items Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 10,015,974,827.00 6,848,809,718.00 7,389,133,547.00 4,728,619,945.00
Settlement provisions
Capital lent
Transaction finance
asset 1,740,006.00 97,331,980.00
Notes receivable
Accounts receivable 98,966,936.00 107,177,879.00
Accounts paid in
advance 22,377,451.00 28,316,856.00
Insurance receivable
Reinsurance receivables
Contract reserve of
reinsurance receivable
Interest receivable 1,574,037.00
Dividend receivable 3,030,848,071.00 3,030,848,071.00
Other receivables 530,022,773.00 12,236,495,445.00 778,506,128.00 14,588,369,018.00
Purchase restituted
finance assetChina Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
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Inventories 26,123,813,898.00 23,869,301,251.00
Non-current asset due
within one year 26,753.00 40,129.00
Other current assets 557,823,354.00 227,596,742.00
Total current assets 37,352,320,035.00 22,116,153,234.00 32,497,404,512.00 22,347,837,034.00
Non-current assets:
Granted loans and
advances
Finance asset available
for sales 3,947,981.00 3,947,981.00 1,743,773.00 1,743,773.00
Held-to-maturity
investment
Long-term account
receivable 1,010,129,235.00 873,466,766.00 971,960,034.00 838,808,511.00
Long-term equity
investment 951,946,985.00 1,421,500,562.00 771,232,269.00 1,442,068,686.00
Investment property 2,541,693,224.00 2,632,975,770.00
Fixed assets 267,125,451.00 307,986.00 284,573,922.00 320,838.00
Construction in progress 47,449,164.00 39,614,982.00
Engineering material
Disposal of fixed asset
Productive biological
asset
Oil and gas asset
Intangible assets 60,825.00 94,212.00
Expense on Research
and Development
Goodwill
Long-term expenses to
be apportioned 179,533,180.00 206,404.00 196,539,294.00 349,732.00
Deferred income tax
asset 94,950,579.00 40,876,227.00
Other non-current asset
Total non-current asset 5,096,836,624.00 2,299,429,699.00 4,939,610,483.00 2,283,291,540.00
Total assets 42,449,156,659.00 24,415,582,933.00 37,437,014,995.00 24,631,128,574.00
Current liabilities:
Short-term loans 1,337,116,377.00 830,941,000.00 3,613,956,278.00 2,806,081,100.00
Loan from central bank
Absorbing deposit and
interbank deposit
Capital borrowed
Transaction financial
liabilities 18,060,008.00
Notes payable 328,720,981.00 143,287,841.00
Accounts payable 1,490,087,298.00 1,863,688,472.00
Accounts received in
advance 8,174,461,259.00 2,731,472,693.00
Selling financial asset ofChina Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
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repurchase
Commission charge and
commission payable
Wage payable 96,844,617.00 799,339.00 121,900,048.00 4,237,517.00
Taxes payable 310,123,457.00 5,990,955.00 270,545,613.00 291,820.00
Interest payable 29,443,865.00 19,223,473.00 41,051,205.00 36,025,186.00
Dividend payable 8,778,785.00 8,778,785.00
Other accounts payable 3,608,797,935.00 3,377,601,948.00 3,154,569,035.00 2,688,993,082.00
Reinsurance payables
Insurance contract
reserve
Security trading of
agency
Security sales of agency
Non-current liabilities
due within 1 year 2,205,038,000.00 1,700,000,000.00 1,810,099,402.00 1,550,000,000.00
Other current liabilities 971,694,306.00 77,559.00 459,072,398.00 77,559.00
Total current liabilities 18,579,166,888.00 5,934,634,274.00 14,218,421,770.00 7,085,706,264.00
Non-current liabilities:
Long-term loans 6,619,003,643.00 4,723,384,000.00 6,807,315,907.00 3,610,000,000.00
Bonds payable
Long-term account
payable 44,021,914.00 33,285,411.00
Special accounts
payable
Projected liabilities 81,150,850.00 90,466,298.00
Deferred income tax
liabilities 475,141.00 475,141.00 34,300.00 34,300.00
Other non-current
liabilities 8,009,156.00 7,984,305.00
Total non-current liabilities 6,752,660,704.00 4,723,859,141.00 6,939,086,221.00 3,610,034,300.00
Total liabilities 25,331,827,592.00 10,658,493,415.00 21,157,507,991.00 10,695,740,564.00
Owner’s equity (or
shareholders’ equity):
Paid-in capital (or share
capital) 1,717,300,503.00 1,717,300,503.00 1,717,300,503.00 1,717,300,503.00
Capital public reserve 8,548,308,151.00 8,929,833,989.00 8,548,544,784.00 8,928,070,622.00
Less: Inventory shares
Reasonable reserve
Surplus public reserve 670,226,504.00 619,275,111.00 670,226,504.00 619,275,111.00
Provision of general risk
Retained profit 4,647,255,592.00 2,490,679,915.00 3,858,062,286.00 2,670,741,774.00
Balance difference of
foreign currency translation 70,489,312.00 68,612,288.00
Total owner’s equity
attributable to parent
company
15,653,580,062.00 13,757,089,518.00 14,862,746,365.00 13,935,388,010.00
Minority interests 1,463,749,005.00 1,416,760,639.00China Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
11
Total owner’s equity 17,117,329,067.00 13,757,089,518.00 16,279,507,004.00 13,935,388,010.00
Total liabilities and owner’s
equity 42,449,156,659.00 24,415,582,933.00 37,437,014,995.00 24,631,128,574.00
4.2 Profit statement in the report period
Prepared by China Merchants Properties Development Co., Ltd. July-Sep. 2009 Unit: RMB
Items ConsolidatioTnh is perPioadr ent Company ConTsohlei dsaatmioen p eriodP oafr elanstt Cyeoamr pany
I. Total operating income 2,411,599,990.00 463,856,267.00
Including: Operating income 2,411,599,990.00 463,856,267.00
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 1,887,905,313.00 -5,917,507.00 441,715,730.00 -9,316,366.00
Including: Operating cost 1,423,795,830.00 314,999,465.00
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense
of compensation
Net amount of
withdrawal of insurance
contract reserve
Bonus expense of
guarantee slip
Reinsurance expense
Operating tax and extras 356,279,134.00 22,525,248.00
Sales expenses 59,048,409.00 57,775,900.00
Administration
expenses 50,722,630.00 6,753,629.00 36,353,995.00 3,527,701.00
Financial expenses -1,935,612.00 -12,671,136.00 10,062,058.00 -12,844,067.00
Losses of devaluation of
asset -5,078.00 -936.00
Add: Changing income
of fair value(Loss is listed
with “-”)
-6,749,968.00 110,964,093.00
Investment income
(Loss is listed with “-”) 69,038,059.00 -5,043,221.00 41,838,899.00 -1,311,260.00
Including: Investment
income on affiliated
company and joint venture
69,233,141.00 -742,855.00 37,724,452.00 -1,311,260.00
Exchange income (Loss
is listed with “-”)
III. Operating profit (Loss
is listed with “-”) 585,982,768.00 874,286.00 174,943,529.00 8,005,106.00
Add: Non-operating
income 4,249,938.00 6,214,164.00China Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
12
Less: Non-operating
expense 31,973.00 811,870.00 100,000.00
Including: Disposal loss
of non-current asset -13,799.00 -39,612.00
IV. Total Profit (Loss is
listed with “-”) 590,200,733.00 874,286.00 180,345,823.00 7,905,106.00
Less: Income tax
expense 127,559,974.00 16,693,272.00
V. Net profit (Net loss is
listed with “-”) 462,640,759.00 874,286.00 163,652,551.00 7,905,106.00
Net profit attributable to
owner’s of parent company 474,075,608.00 169,928,805.00
Minority shareholders’
gains and losses -11,434,849.00 -6,276,254.00
VI. Earnings per share
i. Basic earnings per share 0.276 0.1508
ii. Diluted earnings per share 0.276 0.1508
VII. Other consolidated
income -11,756.00 -11,756.00
VIII. Total consolidated
income 462,629,003.00 862,530.00 163,652,551.00 7,905,106.00
Total consolidated income
attributable to owners of
parent company
474,063,852.00 169,928,805.00
Total consolidated income
attributable to minority
shareholders
-11,434,849.00 -6,276,254.00
4.3 Profit statement from year-begin to the end of report period
Prepared by China Merchants Properties Development Co., Ltd. Jan.-Sep. 2009 Unit: RMB
Amount in this period Amount in last period
Items Consolidation Parent Company Consolidation Parent Company
I. Total operating income 5,287,377,216.00 1,910,789,863.00
Including: Operating income 5,287,377,216.00 1,910,789,863.00
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 4,236,491,338.00 1,463,319.00 1,554,007,666.00 25,250,520.00
Including: Operating cost 3,052,074,092.00 1,106,404,510.00
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense
of compensation
Net amount of
withdrawal of insurance
contract reserve
Bonus expense ofChina Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
13
guarantee slip
Reinsurance expense
Operating tax and extras 836,763,041.00 163,879,482.00
Sales expenses 173,644,402.00 128,230,528.00
Administration
expenses 141,541,430.00 15,752,466.00 110,510,037.00 13,255,419.00
Financial expenses 32,581,415.00 -14,289,147.00 44,978,148.00 11,995,101.00
Losses of devaluation of
asset -113,042.00 4,961.00
Add: Changing income
of fair value(Loss is listed
with “-”)
-115,121,120.00 108,986,815.00
Investment income
(Loss is listed with “-”) 257,788,655.00 -6,868,490.00 14,553,312.00 -9,277,632.00
Including: Investment
income on affiliated
company and joint venture
179,118,035.00 -2,568,124.00 32,265,948.00 -3,006,808.00
Exchange income (Loss
is listed with “-”)
III. Operating profit (Loss
is listed with “-”) 1,193,553,413.00 -8,331,809.00 480,322,324.00 -34,528,152.00
Add: Non-operating
income 22,125,313.00 19,049,202.00
Less: Non-operating
expense 1,387,639.00 2,874,668.00 100,000.00
Including: Disposal loss
of non-current asset 305,008.00 -10,359.00
IV. Total Profit (Loss is
listed with “-”) 1,214,291,087.00 -8,331,809.00 496,496,858.00 -34,628,152.00
Less: Income tax
expense 269,613,177.00 115,149,708.00
V. Net profit (Net loss is
listed with “-”) 944,677,910.00 -8,331,809.00 381,347,150.00 -34,628,152.00
Net profit attributable to
owner’s of parent company 960,923,356.00 388,657,810.00
Minority shareholders’
gains and losses -16,245,446.00 -7,310,660.00
VI. Earnings per share
i. Basic earnings per share 0.560 0.3450
ii. Diluted earnings per share 0.560 0.3450
VII. Other consolidated
income -236,633.00 1,763,367.00 -86,575,026.00
VIII. Total consolidated
income 944,441,277.00 -6,568,442.00 294,772,124.00 -34,628,152.00
Total consolidated income
attributable to owners of
parent company
960,686,723.00 302,082,784.00
Total consolidated income
attributable to minority
shareholders
-16,245,446.00 -7,310,660.00
4.4 Cash flow statement from year-begin to the end of report periodChina Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
14
Prepared by China Merchants Properties Development Co., Ltd. Jan.-Sep. 2009 Unit: RMB
Amount in this period Amount in last period
Items Consolidation Parent Company Consolidation Parent Company
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor
services
10,797,563,292.00 4,204,614,771.00
Net increase of customer deposit
and interbank deposit
Net increase of loan from central
bank
Net increase of capital borrowed
from other financial institution
Cash received from original
insurance contract fee
Net cash received from
reinsurance business
Net increase of insured savings
and investment
Net increase of disposal of
transaction financial asset
Cash received from interest,
commission charge and commission
Net increase of capital borrowed
Net increase of returned
business capital
Write-back of tax received 1,347,949.00 2,655,454.00
Other cash received concerning
operating activities 1,250,535,398.00 4,197,256,719.00 893,647,564.00 77,135,999.00
Subtotal of cash inflow arising
from operating activities 12,049,446,639.00 4,197,256,719.00 5,100,917,789.00 77,135,999.00
Cash paid for purchasing
commodities and receiving labor
service
4,140,838,730.00 5,904,551,422.00
Net increase of customer loans
and advances
Net increase of deposits in
central bank and interbank
Cash paid for original insurance
contract compensation
Cash paid for interest,
commission charge and commission
Cash paid for bonus of
guarantee slip
Cash paid to/for staff and
workers 353,886,452.00 7,411,012.00 405,082,867.00 13,042,094.00
Taxes paid 1,078,187,484.00 1,149,211.00 658,658,076.00 27,189,256.00
Other cash paid concerning
operating activities 1,324,498,657.00 880,548,883.00 920,251,183.00 2,577,201,170.00
Subtotal of cash outflow arising
from operating activities 6,897,411,323.00 889,109,106.00 7,888,543,548.00 2,617,432,520.00
Net cash flows arising from
operating activities 5,152,035,316.00 3,308,147,613.00 -2,787,625,759.00 -2,540,296,521.00China Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
15
II. Cash flows arising from investing
activities:
Cash received from recovering
investment 1,522,182.00 40,702,142.00 40,702,142.00
Cash received from investment
income 413,971.00 12,515,977.00
Net cash received from disposal
of fixed, intangible and other
long-term assets
160,494.00 229,823.00
Net cash received from disposal
of subsidiaries and other units 103,002.00
Other cash received concerning
investing activities 75,344,057.00
Subtotal of cash inflow from
investing activities 77,440,704.00 53,550,944.00 40,702,142.00
Cash paid for purchasing fixed,
intangible and other long-term assets 31,197,012.00 56,563,830.00
Cash paid for investment 7,337,852.00 157,957,709.00 90,000,000.00
Net increase of mortgaged loans
Net cash received from
subsidiaries and other units -3,010,125.00
Other cash paid concerning
investing activities 60,872,194.00
Subtotal of cash outflow from
investing activities 38,534,864.00 272,383,608.00 90,000,000.00
Net cash flows arising from
investing activities 38,905,840.00 -218,832,664.00 -49,297,858.00
III. Cash flows arising from financing
activities
Cash received from absorbing
investment 75,000,000.00 226,985,250.00
Including: Cash received from
absorbing minority shareholders’
investment by subsidiaries
75,000,000.00 226,985,250.00
Cash received from loans 5,037,063,977.00 4,298,346,000.00 5,812,540,085.00 2,851,295,800.00
Cash received from issuing
bonds
Other cash received concerning
financing activities
Subtotal of cash inflow from
financing activities 5,112,063,977.00 4,298,346,000.00 6,039,525,335.00 2,851,295,800.00
Cash paid for settling debts 7,107,178,142.00 5,010,102,100.00 2,765,582,797.00 1,185,295,800.00
Cash paid for dividend and
profit distributing or interest paying 626,589,538.00 479,459,685.00 624,289,608.00 415,999,592.00
Including: Dividend and profit
of minority shareholder paid by
subsidiaries
1,330,292.00
Other cash paid concerning
financing activities
Subtotal of cash outflow from
financing activities 7,733,767,680.00 5,489,561,785.00 3,389,872,405.00 1,601,295,392.00
Net cash flows arising from
financing activities -2,621,703,703.00 -1,191,215,785.00 2,649,652,930.00 1,250,000,408.00
IV. Influence on cash and cash -438,335.00 -37,684.00 14,372,735.00 -919,807.00China Merchants Property Development Co., Ltd. The Third Quarterly Report for 2009 (Full Text)
16
equivalents due to fluctuation in
exchange rate
V. Net increase of cash and cash
equivalents 2,568,799,118.00 2,116,894,144.00 -342,432,758.00 -1,340,513,778.00
Add: Balance of cash and cash
equivalents at the period -begin 7,358,057,106.00 4,728,619,945.00 3,544,984,914.00 2,454,024,042.00
VI. Balance of cash and cash
equivalents at the period -end 9,926,856,224.00 6,845,514,089.00 3,202,552,156.00 1,113,510,264.00
4.5 Auditor’s report
Auditor’s opinions: Un-audited
