China Merchants Property Development Co., Ltd. The 3rd Quarterly Report 2011 (Full text)
Stock Code: 000024, 200024 Stock ID: CMPD, CMPD B Announcement No. 【CMPD】2011-025
China Merchants Property Development Co., Ltd.
The 3rd Quarterly Report 2011 (Full text)
§1 Important Declaration
1.1 The Board of Directors and the directors of the Company guarantee that there are no significant omissions,
fictitious or misleading statements carried in the Report and we will accept individual and joint responsibilities for
the truthfulness, accuracy and completeness of the Report.
1.2 The 3rd Quarterly Report is not audited by CPA.
1.3 Mr. Lin Shaobin - the legal representative, Mr. Huang Peikun – the chief financial officer, and Ms. Xu Yixia –
the manager of accounting department declare: the financial reports carried in this report is secured for its
truthfulness and completeness.
1.4 This report is prepared both in English and Chinese. When there is any conflict in understanding, the Chinese
version shall prevail.
§2 Company Profile
2.1 Financial highlights
In RMB Yuan
2011.9.30 2010.12.31 Extent of Change (%)
Gross Assets (RMB) 71,675,215,687 59,818,240,763 19.82%
Owners’ equity attributable to the
20,164,782,237 18,207,431,836 10.75%
shareholders of the listed company (yuan)
Capital shares (shares) 1,717,300,503 1,717,300,503 0.00%
Net asset per share attributable to the
shareholders of the listed company 11.74 10.60 10.75%
(Yuan/share)
Changed over the same Changed over the same
Jul-Sept 2011 Jan-Sept 2011
period of last year (%) period of last year (%)
Turnover (yuan) 4,380,778,392 68.26% 12,472,263,536 30.13%
Net profit attributable to shareholders of the
615,944,786 63.51% 2,084,532,197 46.09%
listed company (yuan)
Net Cash flow generated by business
- - -2,741,396,512 -22.49%
operation (RMB)
Net Cash flow per share generated by
- - -1.60 -22.49%
business operation (yuan/share)
Basic earnings per share (Yuan/share) 0.36 63.51% 1.21 46.09%
Diluted earnings per share (Yuan/share) 0.36 63.51% 1.21 46.09%
Weighted average net
3.11% Increased by 0.94% 10.86% Increased by 2.45%
income/asset ratio (%)
Weighted average net
income/asset ratio less non-recurring 3.11% Increased by 0.96% 10.86% Increased by 2.47%
gain/loss(%)
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China Merchants Property Development Co., Ltd. The 3rd Quarterly Report 2011 (Full text)
Non-recurring gain and loss items
√ applicable □ not applicable
In RMB Yuan
Non-recurring gain and loss items Amount
Gain/loss of non-current assets -497,045
Government subsidies accounted into current gain/loss account, other than those closely
related to the Company’s common business, comply with the national policy and continues 1,619,000
to enjoy at certain fixed rate or amount.
Other non-business income and expenditures other than the above -1,703,461
Influenced amount of minority shareholders’ equity -493,530
Influenced amount of income tax 117,084
Total -957,952
2.2 Total of shareholders and the top 10 holders of unconditional shares
in shares
Total shareholders at the end of the report period
67,964
(accounts)
Top ten holders of the shares without subscription limitation
Amount of unconditional shares
Full name of shareholder Categories
held at the end of report term
CM Zhangzhou Development Zone Ltd. 34,760,600 A shares
National Social Insurance Foundation 102 Portfolio 23,436,423 A shares
Shangtou Morgan China Advantages Securities
20,270,000 A shares
Investment Fund
CNCA A/C COMPAGNIE FINANCIERE EDMOND
18,882,045 B shares
DE ROTHSCHILD
Fuguo Tianrui Fine Blend Open Fund 17,099,671 A shares
Nuo’an Value Growth Stock & Securities Investment
17,091,616 A shares
Fund
Shangtou Morgan Internal Power Stock Investment
13,899,848 A shares
Fund
China Life Insurance Ltd. – conventional insurance
13,159,919 A shares
product –005L-CT001
BOCI SECURITIES LIMITED 12,392,660 B shares
Yinhua – Dow Joans 88 Fine Selected Securities
12,099,687 A shares
Investment Fund
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China Merchants Property Development Co., Ltd. The 3rd Quarterly Report 2011 (Full text)
§3 Significant Events
3.1 Details and causations of major change in major accounting subjects and financial indices
√ applicable □ not applicable In RMB Yuan
Changed
Items 2011.09.30 2010.12.31 Major causes
by %
Transactional Increased by handover of NDF contracts in the period and
2,492,009 846,539 194%
financial assets fluctuation of NDF market prices
Long-term share
847,232,601 597,610,091 42% Increase of investment in affiliates
equity investment
Construction in
57,093,544 23,327,061 145% Increase of expenditures for power supply facilities
process
Differed income tax
285,273,849 460,455,365 -38% Disburse of partial taxes
asset
Short-term loans 2,436,858,409 1,172,132,283 108% Expanding of business scale
Trade off financial Decreased by handover of NDF contracts in the period and
13,506,986 20,824,615 -35%
liabilities fluctuation of NDF market prices
Notes payable - 275,616,189 -100% Repaying of due notes
Employees’ wage
128,052,049 207,232,511 -38% Disburse of employees’ wages payable
payable
Interest payable 151,131,670 109,123,639 38% Increase of total borrowing
Dividend payable 360,988,522 124,209,948 191% Increase of dividend payable
Non-current liability
4,507,386,972 2,357,741,683 91% Transferring in of long term borrowings
due in 1 year
Long-term payable 78,365,312 58,587,176 34% Increase of mainbody maintainance fund
Jan-Sept. Changed
Items Jan-Sept 2011 Major causes
2010 by %
Turnover 12,472,263,536 9,584,685,607 30% Increase of property clearance
Business tax and
2,234,957,796 1,126,992,261 98% Increased along with increase of property clearance income
surcharge
Sales expense 285,999,689 163,617,872 75% Expanding of business scale
Administrative
226,762,007 155,641,596 46% Expanding of business scale
expense
Financial expenses -26,790,947 -2,793,807 859% Increase of exchange gains
Income from change
8,963,099 -860,876 1141% Increased by fluctuation of NDF fair markets
of fair value
Investment income 58,294,066 38,558,420 51% Increase of investment returns from affiliates
Income tax expenses 946,818,003 585,673,458 62% Increase of total profit
Minor shareholders’
653,710,054 361,821,446 81% Net profit from joint projects increaased
equity
3.2 Progress of significant events, their influence, countermeasures, and analysis
3.2.1 None-standard opinions
□applicable √ not applicable
3.2.2 Illegal providing of capital or guarantees to the holding shareholder or its related parties or external
parties
□applicable √ not applicable
3.2.3 Signing and execution of major business contracts
□applicable √ not applicable
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China Merchants Property Development Co., Ltd. The 3rd Quarterly Report 2011 (Full text)
3.2.4 Misc.
□applicable √ not applicable
3.3 Fulfilling of commitment issues made by the Company, shareholder, or substantial controller
√ applicable □ not applicable
The
Commitments Content of Commitments Status of fulfilling
undertaker
In the report term,
Commitment in share Will input properties including high quality lands to support the
CMSIZ CMSIZ was fully
equity relocation Company’s development after the share equity relocation.
acting as committed.
CMSIZ, the controlling shareholder of the Company, promised not to
conduct or participate with 3rd parties in any business or activities
Other commitments
possibly competing with the Company in terms of business, new In the report term,
(including
CMSIZ commodities and new technology in any forms (including but not CMSIZ was fully
supplementary
limited to direct operation, indirect operation, joint investment). Never acting as committed.
commitments)
use the information obtained from the Company to conduct or
participate in and competitive activities against the Company.
3.4 Estimated accumulative profit from the year beginning to the end of the next report period may be of
deficits; or in comparison with the same period of the previous year, give the warning of great change and
the notice to the reasons.
□applicable √ not applicable
3.5 Major events needs to be explained
3.5.1 Investment in securities
□applicable √ not applicable
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China Merchants Property Development Co., Ltd. The 3rd Quarterly Report 2011 (Full text)
3.5.2 Reception of investigations, communications, or interviews
√ applicable □ not applicable
Main content involved and material
Time/date Place Way Visitors
provided
Shekou Telephone
2011.07.03 Orient Securities
Shenzhen communication
Shekou Telephone
2011.07.05 Individual investors
Shenzhen communication
Shekou
2011.07.07 Field research Lianhe Huatai, Jiashi Fund
Shenzhen
Shekou
2011.07.07 Field research Guotai Junan and its clients
Shenzhen
Shekou
2011.08.09 Field research CITIC Securities and its clients
Shenzhen
Shekou Construction Bank International and its
2011.08.10 Field research
Shenzhen clients
Shekou Telephone
2011.08.09 JEFFERIES
Shenzhen communication
Shekou Dongguan Securities, No.1 Securites,
2011.08.19 Field research
Shenzhen Anbang Asset Management
Shekou
2011.08.25 Field research Zhongtou Securities (1) Company business operation
Shenzhen
Shekou situation
2011.08.26 Field research Xiangcai Securities
Shenzhen (2) Industrial development
Shekou discussion
2011.09.07 Field research British Investment Co.
Shenzhen (3) To provide announcements and
Shekou Telephone promotion brochures
2011.09.08 Individual investors
Shenzhen communication (4) Visiting the sites of properties on
Shekou Telephone sale, providing the prospectus
2011.09.08 Guotai Junan
Shenzhen communication
Shekou Telephone
2011.09.09 Ping’an Securities
Shenzhen communication
Shekou
2011.09.09 Field research Guoxin Securities and its clients
Shenzhen
Shekou Telephone
2011.09.15 Ruixin Fangzheng
Shenzhen communication
Shekou Telephone
2011.09.15 Orient Securities
Shenzhen communication
Shekou Telephone
2011.09.16 Individual investors
Shenzhen communication
2011.09.16 Beijing Field research Investor
Shekou Telephone
2011.09.16 Jinli Investment
Shenzhen communication
Shekou
2011.09.16 Field research CITIC Securities and its clients
Shenzhen
2011.09.24 Shanghai Field research Minsheng Securities
Shekou Telephone
2011.09.28 Ping’an Securities
Shenzhen communication
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China Merchants Property Development Co., Ltd. The 3rd Quarterly Report 2011 (Full text)
3.6 Investment in derivate financial instruments
√ applicable □ not applicable
In the report term, the major market risks of derivate investment products
were the impacts of fluctuation of NDF contracts on the fair values. However
the Company’s purpose to involve in NDF trade was to lockup the exchange
rate and avoid the risks brought by borrowing of foreign currencies, thus it
Statement on analyzing and controlling of risks with was on the basis of real borrowings in foreign currency, its trading amount
derivate investment in the report term (including but not and timing are matching with the borrowings of foreign currency and covers
limited to market risks, liquidity risks, credit risks, the risks. The exchange rate of the future contract has been fixed as soon as
operation risks, and legal risks. been traded, therefore the risks are under control.
The Company has established the “Regulations of Trade of Derivate Financial
Instruments” which limited the categories, scale, authorization, operation
procedures, risk control, and information disclosure over the derivate
instruments. It provides a systematic ground for controlling of risks.
At end of December 2011, the 1-year RMB/USD NDF has quoted equal to
0.71% of devalue, while at end of December 2010, it was 2.26% of increase,
Change of derivate instrument market price or fair fluctuation of fair value of NDF in September 2011 caused RMB8.96 million
value, information disclosing on the fair value, relative of gains, whereas the NDF contract handover has caused losses of RMB23.13
estimation and setting of indexes million. Market price basis is adopted by the Company in analyzing of
derivate instrument fair value, and the fair values are adjusted at end of each
month.
Statement on major alternation in accounting polices
and accounting basis on derivate instruments comparing None
with last year
Particular comments of the independent directors on
Not applicable
investment of derivate instruments and risk controlling
3.6.1 Derivate financial instrument stock at end of report term
√ applicable □ not applicable
In RMB Yuan
Amount of the contract
Amount of the contract Amount of the contract Gain/loss in the
Category of contracts at end of term on the net
at beginning of term at end of term report term
asset (%)
ＮＤＦContracts 2,337,860,822 1,143,882,000 -14,161,928 5.67%
Total 2,337,860,822 1,143,882,000 -14,161,928 5.67%
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