The Third Quarterly Report 2011
China International Marine Containers (Group) Co., Ltd.
Report for the Third Quarter of 2011
§1. Important Notes
1.1 The Board of Directors, the Supervisory Committee, as well as directors,
supervisors and senior executives of China International Marine Containers (Group)
Co., Ltd. (hereinafter referred to as “the Company”) hereby guarantee that this report
carries no false information, misleading statements or major omissions, and will
accept, individually and collectively, the responsibility for factuality, accuracy and
completeness of the information set forth herein.
1.2 Financial statements for the third quarter of 2011 have not been audited by an
accounting firm.
1.3 Li Jianhong (principal of the Company), Mai Boliang (the person in charge of the
accounting work) and Jin Jianlong (the person in charge of the accounting organ/the
principal of accounting) hereby confirm that the financial statements enclosed in the
quarterly report are factual and complete.
[English Translation for Reference Only. Should there be any discrepancy between the
two versions, the Chinese version shall prevail.]
§2. Company Profile
2.1 Main accounting data and financial indicators
Unit: RMB ’000
As at 30 Sept. 2011 As at 31 Dec. 2010 Increase/decrease (%)
Total assets 66,483,415.00 54,130,649.00 22.82%
Owners’ equity attributable to shareholders
18,533,639.00 16,223,057.00 14.24%
of the Company
Share capital (share) 2,662,396,051.00 2,662,396,051.00 0.00%
Net assets per share attributable to
6.9613 6.0934 14.24%
shareholders of the Company (RMB/share)
Increase/decrease Increase/decrease
Jul.-Sept. 2011 Jan.-Sept. 2011
year-on-year (%) year-on-year (%)
Gross revenue 14,516,468.00 -14.30% 50,994,566.00 33.57%
Net profit attributable to shareholders of the
513,778.00 -63.62% 3,321,407.00 42.86%
Company
Net cash flows from operating activities - - -3,208,680.00 16.92%
Net cash flows per share from operating
- - -1.21 16.92%
activities (RMB/share)
Basic EPS (RMB/share) 0.1930 -63.62% 1.2475 42.85%
Diluted EPS (RMB/share) 0.1930 -63.62% 1.2475 42.85%
Weighted average ROE (%) 2.80% -6.55% 19.17% 3.64%
Weighted average ROE after deducting
2.56% -6.29% 18.86% 5.01%
non-recurring gains and losses (%)
Items of non-recurring gains and losses
√Applicable □Inapplicable
Unit: RMB ’000
The Third Quarterly Report 2011
Items of non-recurring gains and losses Amount Note（If applicable）
Gains and losses from disposal of non-current assets -270.00
Government subsidies recorded into current gains and losses,
excluding those related closely to the routine business of the Company
159,864.00
and continuously enjoyed by the Company at fixed amounts or ratios
according to state policies and regulations
Gains and losses on change in fair value from tradable financial assets
and tradable financial liabilities, as well as investment income from
disposal of tradable financial assets and tradable financial liabilities -83,894.00
and financial assets available for sales except for effective hedging
related with normal businesses of the Company
Other non-operating incomes and expenses besides the above each
10,297.00
item mentioned
Capital occupation fees collected from non-financial enterprises which
6,481.00
are recorded in the gains and losses for the current period
Effect on income tax -38,870.00
Effect on minority interest -689.00
Total 52,919.00 -
2.2 Total number of shareholders and shareholding of top ten shareholders holding
tradable shares
Unit: share
Total number of shareholders at the period-end 206,155
Shareholding of top ten shareholders holding tradable shares
Number of tradable shares held at
Full name of shareholder Type of share
period-end
CHINA MERCHANTS (CIMC) INVESTMENT
679,927,917 Domestically listed foreign shares
LIMITED
COSCO CONTAINER INDUSTRIES LIMITED 432,171,843 RMB ordinary shares
COSCO CONTAINER INDUSTRIES LIMITED 148,320,037 Domestically listed foreign shares
CMBLSA RE FTIF TEMPLETON ASIAN
87,645,537 Domestically listed foreign shares
GRW FD GTI 5496
GUOTAI JUNAN SECURITIES(HONGKONG)
25,833,444 Domestically listed foreign shares
LIMITED
LONG HONOUR INVESTMENTS LIMITED 25,322,106 Domestically listed foreign shares
NEW CHINA LIFE INSURANCE CO.,
LTD.–DIVIDEND
19,046,871 RMB ordinary shares
DISTRIBUTION–INDIVIDUAL
DIVIDEND-018L-FH002 SHEN
SPD BANK－GF SMALL-CAP GROWTH
13,742,361 RMB ordinary shares
STOCK FUND
TEMPLETON EMERGING MARKETS
12,801,432 Domestically listed foreign shares
INVESTMENT TRUST_
BANK OF CHINA－E FUND SHENZHEN 12,095,067 RMB ordinary shares
The Third Quarterly Report 2011
STOCK 100 EXCHANGE TRADE FUND
BBH A/C VANGUARD EMERGING
10,546,598 Domestically listed foreign shares
MARKETS STOCK INDEX FUND
§3. Significant Events
3.1 Significant changes in main accounting statement items and financial indicators as
well as reasons for such changes
√Applicable □Inapplicable
For the period from Jan. to Sept. 2011, the European debt crisis continued, the global
physical economy was under downward pressure and the prospects for economic
recovery became less and less certain. Therefore, it was expected that it might be hard
to turn for the better in the fourth quarter. Such circumstances created favorable and
also unfavorable conditions for all business lines of the Group to varying degrees.
With market demands for containers having experienced a peak in the first half of the
year, both orders and prices of dry-cargo containers dropped significantly in the third
quarter, but reefer containers and special-purposed containers still showed a strong
growth. For Jan.-Sept. 2011, the Group sold 1,239,200 TEU of dry-cargo containers
in total, up 35.24% from a year earlier; 131,900 TEU of reefer containers in total, up
126.24% over the same period of last year; and 62,200 TEU of special-purposed
containers in total, up 51.34% year on year. Despite a great, short-term fluctuation in
the prospects for the container industry, it is for sure that the demand will grow in the
coming one to two years.
In the road transportation vehicle business, the overseas demand remained strong, but
the domestic demand slowed down in the third quarter and likely the fourth due to
slowed-down domestic infrastructure investment and a credit squeeze. For Jan.-Sept.
2011, a total of 122,500 units of various vehicles were sold by the Group, up 6.99%
from a year earlier.
The energy, chemical and liquid food business maintained a strong growth, mainly
thanks to the buoyant demand for natural gas storage-transport vehicles and
engineering projects, cryogenic equipments and tank containers. In September, CIMC
Enric acquired, at the price of RMB 165 million, all equities of Nanjing Yangzi
Petrochemical Design Engineering Company (“YPDI”). YPDI has Grade-A
engineering design qualifications for chemical, petrochemical and pharmaceutical
projects, the Grade-A engineering consultancy qualification and other qualifications
for pressure vessel and pressure tube design. Besides, YPDI has a professional team
with rich experience and has done a great job in providing design services and
engineering general contracting services. It will help the Group build an engineering
platform for the energy and chemical business, increase the Group’s strength in
engineering, purchase and construction (EPC) supervision, and provide relevant
engineering services and integrated solutions for the existing and potential clients.
In the offshore engineering business, constructions in process went well. In July,
CIMC Raffles won a general contracting contract for building two 50,000-ton
multifunctional semi-submersible carriers. In September, the second deepwater
semi-submersible drilling platform—COSL INNOVATOR—built by CIMC Raffles
for China Oilfield Services Limited (“COSL”) successfully completed the trial run
and was delivered on 21 October 2011.
Significant movements of indicators and reasons for the movements:
Unit: RMB’000
The Third Quarterly Report 2011
30 Sept. 2011/ 31 Dec. 2010/
Movement Reasons for the movement
Jan.-Sept. 2011 Jan.-Sept. 2010
Transactional financial Changes in the fair value of
89,106 154,292 -42.25%
liabilities (non-current) derivative financial instruments
The influence of the shift to the
recording currency and fair value
Capital reserve 851,196 1,349,420 -36.92%
changes of available-for-sale
financial assets
Taxes and fares payable 1,081,591 789,155 37.06% Business growth
Short-term borrowings 11,654,758 8,309,309 40.26% More short-term financing needs
More financing needs due to
Long-term borrowings 5,617,468 3,912,148 43.59%
business growth
Accounts received in
2,790,697 1,935,731 44.17% Expanded sale
advance
Notes receivable 760,128 508,585 49.46% Expanded sale
Prepayments for land transfer
Other receivables 3,866,913 2,236,272 72.92%
increased.
Considerable growth in the
Long-term receivables 3,590,917 1,336,257 168.73%
financial lease business
Investment gains of the same
period of last year included losses
Investment gains 94,922 -24,574 486.27%
on disposing long-term equity
investments.
Fair value changes of short-term
Gains/losses on fair value
-157,761 144,896 -208.88% stock investments and derivative
changes
financial instruments
Administrative expense 2,555,864 1,821,885 40.29% Business growth
Selling expense 1,455,511 1,021,477 42.49% Business growth
The expenditure on purchases
Cash paid for goods and
45,793,215 30,098,044 52.15% increased due to a significant
services
growth in the container business.
Income increased due to a
Cash received from selling
47,167,914 30,326,221 55.54% significant growth in the container
goods or providing services
business.
Bank borrowings increased and
Cash received as
27,981,767 14,557,306 92.22% the Group launched a
borrowings
medium-term note issue this year.
Cash paid to acquire fixed,
The expenditure on long-term
intangible and other 1,560,867 801,583 94.72%
asset purchases increased.
long-term assets
Cash paid as dividends, The interest paid and the
1,654,201 709,929 133.01%
profit distribution or interest dividends distributed for the year
The Third Quarterly Report 2011
2010 increased.
3.2 Progress of significant events as well as their influence and solutions
3.2.1 Non-standard audit opinion
□Applicable √Inapplicable
3.2.2 The Company provides funds for the controlling shareholder or its related
parties or provides external guarantees in violation of the prescribed procedure
□Applicable √Inapplicable
3.2.3 Significant contracts signed and executed concerning routine operation
□Applicable √Inapplicable
3.2.4 Other
√Applicable □Inapplicable
Performance on the stock option incentive scheme：
On 28 Dec. 2009, the 16th Session of the 5th Board of Directors for year 2009 of
CIMC was held, at which the Stock Option Incentive Scheme of China International
Marine Containers (Group) Co., Ltd. (Draft), the Appraisal Measures for
Implementing Stock Option Incentive Scheme of China International Marine
Containers (Group) Co., Ltd., the Proposal on Submitting the Shareholders’ General
Meeting to Authorize the Board of Directors to Transact Matters Related with Stock
Option Incentive Scheme of CIMC and other relevant events were reviewed,
approved and then submitted to CSRC for record.
On 1 Sept. 2010, the Company convened the 5th Session of the 6th Board of Directors
for Year 2010, which reviewed and approved Proposal on Revising the Stock Option
Incentive Scheme of China International Marine Containers (Group) Co., Ltd (Draft),
and revised the original incentive scheme. With unanimous review by CSRC, on 17
Sept. 2010, the 1st Special Shareholders’ Meeting for Y2010 of the Company
reviewed and approved the Revised Stock Option Incentive Scheme of China
International Marine Containers (Group) Co., Ltd. (Draft) (hereafter referred to as
“Incentive Scheme of Stock Option (Drafted, Revised)”).
On 26 Jan. 2011, the Company officially accomplished the registration of the stock
options to be granted as incentives. A total number of 60 million stock options were to
be granted for this time, accounting for 2.25% of the Company’s total share capital.
For the first phase, a number of 54 million stock options were granted to 181 senior
executives and core technical personnel of the Company, with the exercise price at
RMB 12.39 and the granting date on 28 Sept. 2010.
On 13 Apr. 2011, the 2010 annual dividend distribution plan was reviewed and
approved at the 2010 Annual Shareholders’ General Meeting of the Company.
According to the plan, a cash dividend of RMB 3.50 (tax included) was distributed for
every 10 shares held by all shareholders on the basis of the Company’s total shares of
2,662,396,051 in number. On 22 Jul. 2011, the 8th Session of the 6th Board of
Directors for 2011 was convened, which resolved to adjust the exercise price for the
A-stock options to be granted to RMB 12.04 according to the revised stock incentive
plan.
On 21 Sept. 2011, the 13th Session of the 6th Board of Directors for 2011 was
convened, where the Proposal on List for Granting Reserved Options According to the
Stock Option Incentive Plan was reviewed and approved. The granting date of the
reserved options was fixed as 22 Sept. 2011, while the relevant exercise price was
RMB 17.57.
3.3 Fulfillment of commitments made by the Company, shareholders and the actual
The Third Quarterly Report 2011
controller
Commitments made by the Company, its directors, supervisors, senior executives,
shareholders with an over 5% shareholding, actual controller and other stakeholders
during the reporting period, or such commitments carried down into the reporting
period:
□Applicable √Inapplicable
3.4 Warnings of possible losses or major changes of the accumulative net profit
achieved during the period from year-begin to the end of the next reporting period
compared with the same period of last year, as well as explanation on reasons
□Applicable √Inapplicable
3.5 Other significant events that need to be explained
3.5.1 Investments into securities
√Applicable □Inapplicable
Unit: RMB ’000
Proportion in
Initial Shares held at Gains or losses
Serial Securities Stock Short form of Book value at total securities
investment period-end in the reporting
No. variety code stock period-end investment at
amount (share) period
period-end (%)
Treasury bonds
under
repurchase
1 Bond 204014 160,016.00 650,000 160,016.00 51.56% 0.00
agreements
obtained as a
bonds borrower
2 Stock 200581 Su Weifu-B 53,263.00 3,463,501 45,356.00 14.61% -39,067.00
Sinotrans
3 Stock 000368 20,188.00 2,996,500 4,251.00 1.37% -2,996.00
Shipping-H
4 Stock G05.SI GoodPack 101,328.00 13,500,000 100,419.00 32.35% -37,190.00
Other securities investments held at the
2,834.00 - 343.00 0.11% -48,646.00
period-end
Gain/loss on securities investments sold in the
- - - - 30,283.00
reporting period
Total 337,629.00 - 310,385.00 100% -97,616.00
Explanation on securities investment
The Company’s short-term investment, such as securities investment, has been listed
as the investment budget in The Investment Budget of Annual Financial Report for
Y2010 and Annual Financial Budget Report for Y2011, which also has been
submitted to annual board session for review and approval. The approval and
operation procedure for the short-term investment (such as securities investment) is
strictly in accordance with the Administration on Securities Investment of CIMC.
3.5.2 Researches, interviews and visits received in the reporting period
Main discussion and materials
Time Place Way of reception Visitor or caller
provided by the Company
The Company’s business
The Company Goldman Sachs
5 Jul. 2011 Field research structure, profile, main business
building Hongkong
status, industry status and
The Third Quarterly Report 2011
outlook for 2011
The Company Dongguan Secutities,
6 Jul. 2011 Field research Ditto
building Great Wall Securities
The Company
11 Jul. 2011 Field research Goldman Sachs Ditto
building
Essence Securities,
The Company
12 Jul. 2011 Field research UBS Huachuang, Ditto
building
Hengtai Securities
Client of China
13 Jul. 2011 Xiamen One-to-many conference Ditto
Securities Co., Ltd.
Zeal Asset
Management
The Company
14 Jul. 2011 Field research Limited, Fuh Hwa Ditto
building
Securities Investment
Trust Co., Ltd.
The Company
19 Jul. 2011 Field research Bosera Funds Ditto
building
Wanjia Asset
The Company
21 Jul. 2011 Field research Management Co., Ditto
building
Ltd.
The Company
24 Aug. 2011 Field research J．P．Morgan Ditto
building
Chang Xin Asset
The Company
25 Aug. 2011 Field research Management Co., Ditto
building
Ltd.
Shanghai Rising
The Company
31 Aug. 2011 Field research Investment Ditto
building
Management Limited
Shenzhen Wudang
The Company
5 Sept. 2011 Field research Asset Management Ditto
building
Ltd.
14 Sept. 2011 Hong Kong One-to-many conference Client of Jefferies Ditto
The Company The Royal Bank of
21 Sept. 2011 Field research Ditto
building Scotland Group PLC
The Company Anfuda Investment
22 Sept. 2011 Field research Ditto
building Co., Ltd.
Matthews from
The Company
27 Sept. 2011 Field research Mingji Int'l Industrial Ditto
building
Limited
JS Cresvale
The Company
29 Sept. 2011 Field research International Ditto
building
Securities Limited
30 Sept. 2011 The Company By phone Client of Morgan Ditto
The Third Quarterly Report 2011
building Stanley
The Company
30 Sept. 2011 Field research Guodu Securities Ditto
building
3.6 Investment in derivative products
√Applicable □Inapplicable
By 30 Sept. 2011, main financial instruments held by the
Company were forward exchanges or option contracts and
interest forward-forward swap contracts. Risk of foreign
exchange or option contract related to of risk from interest
Analysis on risks and control measures of holding positions of exchange market and certainty of future cash flow from
derivatives in the report period (including but not limited to foreign currency income. Control measures of derivative
market risk, liquidity risk, credit risk, operation risk, law risk, instrument showed in the following: being prudent in selecting
etc.) derivative financial instruments to invest in; aiming at
derivative transaction, the Company formulated strict and
regular inner examination and approval system and operation
process, and defined procedure of examination and approve to
control relevant risks.
Changes of market prices or fair values in the report period of Gains and losses from fair value changes of derivative
the invested derivatives, and the analysis on the fair value of the financial instrument was RMB -29,862,000 from Jan.-Sept.
derivatives should include how to use, and the relevant 2011. Fair value of derivative financial instrument was defined
assumptions and parameters according to market quote of financial institution.
Whether significant changes happened to the Company’s
accounting policy and specific accounting principles of the
No
derivatives in the reporting period compared with the last
reporting period
We are of the opinion that: The Company was able to
standardize its investment in derivative products according to
Specific opinion from independent directors, sponsors or
relevant regulations and rules of regulatory authorities and the
financial consultants on the Company’s derivatives investment
principle of prudence. The relevant internal approval
and risk control
mechanism and operation procedures were complete with
effective risk control.
3.6.1 Positions of derivatives held by the Company at period-end
√Applicable □Inapplicable
Unit: RMB’000
Proportion of the
contract amount
Contract amount at Contract amount at Gain/loss in at period-end in
Type of contract
period-begin period-end reporting period the Company’s
net assets at
period-end
1. Forward foreign exchange contract 4,673,302.00 2,658,477.00 -43,221.00 14.34%
2. Interest rate swaps 2,370,373.00 2,946,117.00 -19,326.00 15.90%
3. Option contracts –JPY 370,909.00 105,290.00 32,685.00 0.57%
The Third Quarterly Report 2011
Total 7,414,584.00 5,709,884.00 -29,862.00 30.81%
§ 4 Attachments
4.1 Balance sheet
Prepared by China International Marine Containers (Group) Co., Ltd. 30 Sept. 2011 Unit: RMB’000
Balance as at 30 Sept. 2011 Balance as at 31 Dec. 2010
Items
Consolidation The Company Consolidation The Company
Current assets:
Monetary funds 7,050,105.00 325,335.00 4,655,696.00 419,945.00
Settlement funds
Outgoing call loans
Transaction financial asset 393,117.00 160,016.00 525,661.00 162,298.00
Notes receivable 760,128.00 508,585.00 31,000.00
Account receivable 10,608,593.00 8,129,836.00
Prepayment 1,836,867.00 2,433,447.00
Insurance premium receivables
Reinsurance accounts
receivable
Reinsurance contract reserve
receivables
Interest receivable 2,849.00 4,732.00
Dividend receivable 4,434,673.00 4,243,437.00
Other accounts receivable 3,866,913.00 7,777,321.00 2,236,272.00 4,175,168.00
Financial assets purchased
under agreements to resell
Inventories 16,099,802.00 13,423,747.00
Non-current assets due within 1
1,424,198.00 1,185,502.00
year
Other current assets 730,318.00 688,030.00
Total current assets 42,772,890.00 12,697,345.00 33,791,508.00 9,031,848.00
Non-current assets:
Loan and payment on other’s
behalf disbursed
Available-for-sale financial
611,251.00 604,353.00 768,467.00 759,401.00
assets
Held to maturity investments
Long-term account receivable 3,590,917.00 1,336,257.00
Long-term equity investment 1,934,834.00 3,906,055.00 1,548,332.00 3,662,478.00
Investment property 109,505.00 77,356.00
Fixed asset 9,984,297.00 139,511.00 10,006,466.00 144,692.00
Project in process 2,527,231.00 13,784.00 1,697,664.00 25,224.00
Engineering material
Fixed asset disposal
The Third Quarterly Report 2011
Production biological asset
Oil-gas assets
Intangible assets 3,150,995.00 22,348.00 3,218,571.00 23,109.00
Development expense
Goodwill 1,228,254.00 1,168,594.00
Long-term deferred expense 24,173.00 6,156.00 27,978.00 4,999.00
Deferred tax assets 549,068.00 26,341.00 489,456.00
Other non-current assets
Total non-current assets 23,710,525.00 4,718,548.00 20,339,141.00 4,619,903.00
Total assets 66,483,415.00 17,415,893.00 54,130,649.00 13,651,751.00
Current liabilities:
Short-term borrowings 11,654,758.00 763,549.00 8,309,309.00 480,897.00
Borrowing from central Bank
Deposits received and held for
others
Call loan received
Transaction financial liabilities 56,882.00 45,173.00 3,810.00 556.00
Notes payable 2,124,415.00 2,538,623.00 200,000.00
Account payable 8,490,493.00 9,117,500.00
Account received in advance 2,790,697.00 1,935,731.00
Financial assets sold under
agreements to repurchase
Handling charges and
commission payable
Payroll payable 1,689,498.00 503,550.00 1,365,532.00 368,275.00
Taxes payable 1,081,591.00 68,794.00 789,155.00 59,080.00
Interest payable 124,152.00 100,881.00 13,168.00 5,522.00
Dividend payable 49,342.00 16,046.00
Other payables 2,668,067.00 44,607.00 2,388,367.00 9,407.00
Account due to reinsurance
Insurance contract reserve
Entrusted trading of securities
Entrusted selling of securities
Non-current liabilities due
2,937,117.00 768,101.00 2,844,521.00 2,729,353.00
within 1 year
Estimated liabilities(current) 710,093.00 649,573.00
Other current liabilities
Total current liabilities 34,377,105.00 2,294,655.00 29,971,335.00 3,853,090.00
Non-current liabilities:
Long-term borrowings 5,617,468.00 4,815,019.00 3,912,148.00 2,473,381.00
Transaction financial
89,106.00 78,588.00 154,292.00 136,846.00
liabilities(non-current)
Bonds payable 3,987,470.00 3,987,470.00
The Third Quarterly Report 2011
Long-term payables 62,037.00 118,858.00
Specific payables 16,883.00 16,442.00
Estimated liabilities
Deferred taxes liabilities 606,854.00 572,866.00 50,291.00
Other non-current liabilities 234,202.00 178,008.00
Total non-current liabilities 10,614,020.00 8,881,077.00 4,952,614.00 2,660,518.00
Total liabilities 44,991,125.00 11,175,732.00 34,923,949.00 6,513,608.00
Owner’s equity (or shareholders’
equity):
Paid-in capital (or share capital) 2,662,396.00 2,662,396.00 2,662,396.00 2,662,396.00
Capital reserve 851,196.00 200,872.00 1,349,420.00 852,264.00
Less: treasury stock
Specific reserves
Surplus reserves 2,861,050.00 2,861,050.00 3,577,588.00 3,577,588.00
General risk provision
Retained earnings 12,523,197.00 515,843.00 10,689,335.00 1,579,889.00
Foreign exchange difference -364,200.00 -2,055,682.00 -1,533,994.00
Total equity attributable to owners
18,533,639.00 6,240,161.00 16,223,057.00 7,138,143.00
of the Company
Minority interest 2,958,651.00 2,983,643.00
Total owner’s equity 21,492,290.00 6,240,161.00 19,206,700.00 7,138,143.00
Total liabilities and owner’s
66,483,415.00 17,415,893.00 54,130,649.00 13,651,751.00
equity
4.2 Income statement for Jul.-Sept. 2011
Prepared by China International Marine Containers (Group) Co., Ltd. Jul.-Sept. 2011 Unit: RMB’000
Jul.- Sept. 2011 Jul.- Sept. 2010
Items
Consolidation The Company Consolidation The Company
I. Total sales 14,516,468.00 16,939,399.00 279.00
Including: Sales 14,516,468.00 16,939,399.00 279.00
Interests income
Premium income
Handling charges and
commission income
II. Total cost of sales 13,706,610.00 160,709.00 15,334,812.00 7,867.00
Including: Cost of sales 12,108,909.00 1.00 13,872,913.00 14.00
Interests expenses
Handling charges and
commission income
Insurance discharge payment
Claim expenses-net
Provision for insurance contract
reserves-net
The Third Quarterly Report 2011
Insurance policy dividend paid
Reinsurance expense
Business taxes and surcharges 120,507.00 3,888.00 10,281.00
Distribution expenses 486,920.00 463,128.00
Administrative expenses 839,913.00 81,168.00 789,694.00 25,348.00
Financial costs 144,800.00 75,652.00 196,131.00 -17,495.00
Impairment loss 5,561.00 2,665.00
Add: gain/(loss) from change in
-69,505.00 -16,725.00 58,555.00 5,744.00
fair value (“-” means loss)
Investment income (“-” means
23,715.00 245,428.00 32,447.00 47,204.00
loss)
Including: income from
investment on affiliated enterprise -2,897.00 3,974.00
and jointly enterprise
Foreign exchange difference
(“-” means loss)
III. Operating profit (“-” means
764,068.00 67,994.00 1,695,589.00 45,360.00
loss)
Add: non-business income 96,838.00 166.00 19,790.00 675.00
Less: non-business expense 14,684.00 248.00 4,216.00 156.00
Including: loss from
-6,771.00 148.00 1,196.00
non-current asset disposal
IV. Total profit (“-” means loss) 846,222.00 67,912.00 1,711,163.00 45,879.00
Less: tax expense 259,524.00 -3,476.00 224,096.00 23,856.00
V. Net profit (“-” means loss) 586,698.00 71,388.00 1,487,067.00 22,023.00
Attributable to equity holders of
513,778.00 71,388.00 1,412,395.00 22,023.00
the Company
Minority interests 72,920.00 74,672.00
VI. Earnings per share
(I) Basic earnings per share 0.1930 0.5305
(II) Diluted earnings per share 0.1930 0.5305
Ⅶ. Other composite income -173,502.00 -104,422.00 -105,374.00 -98,091.00
Ⅷ. Total composite income 413,196.00 -33,034.00 1,381,693.00 -76,068.00
Attributable to owners of the
366,807.00 -33,034.00 1,280,441.00 -76,068.00
Company
Attributable to minority
46,389.00 101,252.00
shareholders
4.3 Income statement for Jan.-Sept. 2011
Prepared by China International Marine Containers (Group) Co., Ltd. Jan.-Sept. 2011 Unit: RMB’000
Jan.-Sept. 2011 Jan.-Sept. 2010
Items
Consolidation The Company Consolidation The Company
I. Total sales 50,994,566.00 700.00 38,177,288.00 340.00
The Third Quarterly Report 2011
Including: Sales 50,994,566.00 700.00 38,177,288.00 340.00
Interests income
Premium income
Handling charges and
commission income
II. Total cost of sales 46,437,877.00 410,143.00 35,472,703.00 78,332.00
Including: Cost of sales 41,608,809.00 40.00 32,119,642.00 14.00
Interests expenses
Handling charges and
commission income
Insurance discharge payment
Claim expenses-net
Provision for insurance contract
reserves-net
Insurance policy dividend paid
Reinsurance expense
Business taxes and surcharges 193,661.00 3,888.00 29,469.00
Distribution expenses 1,455,511.00 1,021,477.00
Administrative expenses 2,555,864.00 366,716.00 1,821,885.00 78,882.00
Financial costs 544,762.00 39,499.00 448,221.00 -564.00
Impairment loss 79,270.00 32,009.00
Add: gain/(loss) on change in
-157,761.00 -25,444.00 144,896.00 13,221.00
fair value (“-” means loss)
Gain/(loss) on investment (“-”
94,922.00 468,132.00 -24,574.00 145,507.00
means loss)
Including: income from
investment on associate and 25,842.00 26,556.00
jointly-run ventures
Gain or loss on foreign
exchange difference (“-” means
loss)
III. Operating profit (“-” means
4,493,850.00 33,245.00 2,824,907.00 80,736.00
loss)
Add: non-business income 199,851.00 1,352.00 214,638.00 30,189.00
Less: non-business expense 29,960.00 558.00 9,717.00 156.00
Including: loss from disposal of
270.00 -460.00 1,243.00
non-current assets
IV. Total profit (“-” means loss) 4,663,741.00 34,039.00 3,029,828.00 110,769.00
Less: tax expense 1,283,642.00 -41,163.00 457,612.00 17,817.00
V. Net profit (“-” means loss) 3,380,099.00 75,202.00 2,572,216.00 92,952.00
Attributable to equity holders
3,321,407.00 75,202.00 2,324,951.00 92,952.00
of the Company
Minority interests 58,692.00 247,265.00
The Third Quarterly Report 2011
VI. Earnings per share
(I) Basic earnings per share 1.2475 0.8733
(II) Diluted earnings per share 1.2475 0.8733
Ⅶ. Other composite income -124,309.00 -119,575.00 -612,183.00 -347,884.00
Ⅷ. Total composite income 3,255,790.00 -44,373.00 1,960,033.00 -254,932.00
Attributable to owners of the
3,160,854.00 -44,373.00 1,751,916.00 -254,932.00
Company
Attributable to minority
94,936.00 208,117.00
shareholders
4.4 Cash flow statement for Jan.-Sept. 2011
Prepared by China International Marine Containers (Group) Co., Ltd. Jan.-Sept. 2011 Unit: RMB’000
Jan.-Sept. 2011 Jan.-Sept. 2010
Items
Consolidation The Company Consolidation The Company
1. Cash flows from operating
activities:
Cash received from sales of
47,167,914.00 30,326,221.00
goods or rending of services
Net increase of deposits
received and held for others
Net increase of loans from
central bank
Net increase of call loans
from other financial institutions
Cash received against
original insurance contract
Net cash received from
reinsurance
Net increase of client deposit
and investment
Net increase of disposal of
held-for-trading financial assets
Cash received as interest,
handling charges and
commissions
Net increase of call loans
Net increase of cash received
under repurchasing
Tax and fare refunds 3,056,116.00 862,403.00
Other cash received from
287,509.00 7,019,830.00 358,360.00 4,757,615.00
operating activities
Sub-total of cash inflow
50,511,539.00 7,019,830.00 31,546,984.00 4,757,615.00
from operating activities
The Third Quarterly Report 2011
Cash paid for goods and
45,793,215.00 30,098,044.00
services
Net increase of loans and
advances from customers
Net increase of deposits in
central bank, banks and other
financial institutions
Cash paid for original
contract claims
Cash paid for interest, fees
and commissions
Cash paid for policy
dividend
Cash paid to and for
2,921,448.00 78,502.00 1,796,816.00 51,137.00
employees
Cash paid for various taxes
1,858,137.00 27,165.00 1,149,744.00 233,868.00
and fares
Other cash paid relating to
3,147,419.00 10,618,731.00 2,364,612.00 4,470,301.00
operating activities
Sub-total of cash outflows
53,720,219.00 10,724,398.00 35,409,216.00 4,755,306.00
from operating activities
Net cash flows from
-3,208,680.00 -3,704,568.00 -3,862,232.00 2,309.00
operating activities
II. Cash Flows from Investing
Activities
Cash received from
70,853.00 45,853.00 12,066.00 12,066.00
investment retractions
Cash received from
34,405.00 267,251.00 26,074.00 300,086.00
investment income
Net cash received from
disposal of fixed assets, intangible 9,460.00 1,975.00 5,093.00 102.00
assets and other long-term assets
Net cash received from
disposal of subsidiaries and other 11,238.00
operating units
Other cash received relating
to investing activities
Sub-total of cash inflows of
114,718.00 315,079.00 43,233.00 323,492.00
investing activities
Cash paid for acquisition of
fixed assets, intangible assets and 1,560,867.00 35,463.00 801,583.00 4,651.00
other long-term assets
Cash paid for acquisition of 419,529.00 321,764.00 425,338.00 286,173.00
The Third Quarterly Report 2011
investments
Net increase of pledge loans
Net cash paid for acquisition
of subsidiaries and other operating 49,431.00 419,152.00
units
Other cash paid relating to
investing activities
Sub-total of cash outflows of
2,029,827.00 357,227.00 1,646,073.00 290,824.00
investing activities
Net cash flows from
-1,915,109.00 -42,148.00 -1,602,840.00 32,668.00
investing activities
III. Cash Flows from Financing
Activities:
Cash received from
405,796.00
investment
Including: cash received by
subsidiaries from minority
shareholders
Cash received from
27,981,767.00 8,782,083.00 14,557,306.00 4,867,046.00
borrowings
Cash received from bonds
issuing
Other cash received relating
to financing activities
Sub-total of cash inflows of
27,981,767.00 8,782,083.00 14,963,102.00 4,867,046.00
financing activities
Cash paid for repayment of
19,474,509.00 4,026,511.00 8,370,667.00 3,114,013.00
borrowings
Cash paid for dividends,
1,654,201.00 1,099,505.00 709,929.00 423,145.00
profit distribution or interest
Including: dividends or
profits paid to minority
shareholders by subsidiaries
Other cash paid relating to
financing activities
Sub-total of cash outflows
21,128,710.00 5,126,016.00 9,080,596.00 3,537,158.00
of financing activities
Net cash flows from
6,853,057.00 3,656,067.00 5,882,506.00 1,329,888.00
financing activities
IV. Effect of foreign exchange
6,836.00 -1,477.00 -129,856.00 -2,306.00
rate on cash and cash equivalents
V. Net decrease in cash and cash
1,736,104.00 -92,126.00 287,578.00 1,362,559.00
equivalents
The Third Quarterly Report 2011
Add : Opening amount of
3,797,415.00 417,461.00 4,396,525.00 137,680.00
cash and cash equivalents
VI. Closing balance of cash and
5,533,519.00 325,335.00 4,684,103.00 1,500,239.00
cash equivalents
4.5 Auditor’s report
Audit opinion: Un-audited
