Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
China International Marine Containers (Group) Co., Ltd.
Report for the First Quarter of 2012
§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 first quarter of 2012 have not been audited by an accounting
firm.
1.3 Li Jianhong (Principal of the Company) and Jin Jianlong (the person in charge of the
accounting project and 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
31 Mar. 2012 31 Dec. 2011 Increase/decrease (%)
Total assets (RMB’000) 63,371,505.00 64,361,714.00 -1.54%
Owners’ equity attributable to shareholders of the
18,940,843.00 18,633,154.00 1.65%
Company (RMB’000)
Share capital (share) 2,662,396,051.00 2,662,396,051.00 0.00%
Net assets per share attributable to shareholders
7.11 7.00 1.57%
of the Company (RMB/share)
Jan.-Mar. 2012 Jan.-Mar. 2011 Increase/decrease (%)
Gross revenue (RMB’000) 12,351,927.00 17,056,642.00 -27.58%
Net profit attributable to shareholders of the
375,305.00 1,358,250.00 -72.37%
Company (RMB’000)
Net cash flows from operating activities
525,875.00 -5,998,953.00 108.77%
(RMB’000)
Net cash flows per share from operating
0.1975 -2.2532 108.77%
activities (RMB/share)
Basic EPS (RMB/share) 0.1410 0.5102 -72.37%
Diluted EPS (RMB/share) 0.1408 0.5102 -72.40%
Weighted average ROE (%) 2.00% 8.02% -6.02%
Weighted average ROE after deducting
1.84% 7.80% -5.96%
non-recurring gains and losses (%)
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
Items of non-recurring gains and losses
√Applicable □Inapplicable
Unit: RMB’000
Amount from the year-begin
Items of non-recurring gains and losses Notes (if applicable)
to the period-end
Profit and loss from disposal of non-current assets 4,537.00
Government subsidies recorded into current gains and losses, excluding
those related closely to the routine business of the Company and
12,823.00
continuously enjoyed by the Company at fixed amounts or ratios
according to state policies and regulations
Gains/losses from fair value changes of transactional financial assets
and liabilities held by the Company, and investment gains from
disposal of transactional financial assets and liabilities and financial 8,143.00
assets available for sale, excluding effective hedging business related to
the Company’s common operations
Other non-operating incomes and expenses 1,893.00
Capital occupation fees collected from non-financial enterprises which
2,440.00
are recorded in the gains and losses for the current period
Income tax effects -983.00
Minority interests effects 336.00
Total 29,189.00 -
2.2 Total number of shareholders and shares held by the top ten shareholders not subject to
trading moratorium at the end of the reporting period
Unit: share
Total number of shareholders at the end of the reporting
202,404
period
Shares held by the top ten shareholders not subject to trading moratorium
Shares not subject to trading
Full name of shareholder Type of share
moratorium held at the 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 GRW FD
91,120,810 Domestically listed foreign shares
GTI 5496
LONG HONOUR INVESTMENTS LIMITED 25,322,106 Domestically listed foreign shares
GUOTAI JUNAN SECURITIES(HONGKONG)
25,076,298 Domestically listed foreign shares
LIMITED
NEW CHINA LIFE INSURANCE CO.,
LTD–DIVIDEND DISTRIBUTION–INDIVIDUAL 15,950,000 RMB ordinary shares
DIVIDEND-018L-FH002 SHEN
BANK OF CHINA–E FUND SHENZHEN STOCK 14,221,973 RMB ordinary shares
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
EXCHANGE 100 EXCHANGE TRADED FUND
TEMPLETON EMERGING MARKETS
12,801,432 Domestically listed foreign shares
INVESTMENT TRUST
BBH A/C VANGUARD EMERGING MARKETS
11,839,498 Domestically listed foreign shares
STOCK INDEX FUND
ICBC–RONGTONG SSE 100 INDEX FUND 9,525,783 RMB ordinary shares
§3. Significant Events
3.1 Significant changes in main accounting statement items and financial indicators as well as
reasons for such changes
√Applicable □Inapplicable
The first quarter of 2012 still marked a comparatively slack season in the global container market,
as it was in the fourth quarter of last year, which was mainly due to a weak global shipping
market, deinventory in the industry and weak export. In particular, the number of orders for
dry-cargo containers was obviously lower than that in the same period of last year, a peak season.
And prices of dry-cargo containers fell to the bottom in the first quarter of 2012 while demand
for reefer containers and special containers remained stable. For the first three months of 2012,
the Company achieved a container sales income of RMB 5.326 billion; accumulatively sold
168,400 TEU of dry-cargo containers, down 66.19% as compared with the same period of last
year; accumulatively sold 47,700 TEU of reefer containers, up 9.00% over the same period of
last year; and accumulatively sold 15,300 TEU of special containers, down 12.57% on a
year-on-year basis. In the reporting period, the Company increased the freightage and adjusted
the transport capability. After the previous adjustment in the slack season, customer needs
gradually bottomed out, with the order quantity and prices for dry-cargo containers rising
markedly in March. It was expected that the order quantity for dry-cargo containers would be
sufficient in the second quarter and the Company would enter a traditional peak season. In terms
of the modularized building business, Yangzhou Tonglee successfully won the bidding for the
double-camp project of the Australia-based Rio Tinto.
In the first quarter of 2012, due to domestic economic slowdown and uncertainties in overseas
economy, the production & sales volume and income of the Company’s road transportation
vehicles business recorded a marked drop over the same period of last year. For the first quarter
of the year, 26,700 units were sold accumulatively, down 31.82% over the same period of last
year, generating a total sales income of RMB 3.357 billion, down 18.24% on a year-on-year basis.
In 2012, CIMC Vehicle Group will continue to carry forward the European BSG project in stages,
making use of the advanced technological resources of Europe, cooperating in development and
promoting interaction between Europe and China. It is expected to finish investment and
construction of the domestic base in the first half of 2012, as well as the building and re-building
of the European bases and plants by the end of 2012. Meanwhile, the Company intends to
introduce into China the 3rd-generation semi-trailers featuring modularization, production in
stages and retail-shop marketing.
In terms of the energy, chemical, liquefied food equipment business, strong market demand for
natural gas equipments continued, as it was in last year, and the chemical equipment business
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
kept growing fast. As a result, the first quarter recorded operating revenue of RMB 1.991 billion,
representing continuous year-on-year growth. In Feb. 2012, the “well head gas gathering system”
developed by Enric Compressor was awarded the “China Mechanical Industry Science and
Technology Third Prize” granted by China Mechanical Industry Science and Technology Awards
Office. Later in March, the Langfang new plant of CIMC Enric started construction.
In the first quarter of 2012, the offshore engineering business of the Company generated
operating revenue of RMB 1.014 billion (RMB 29 million for the first quarter of 2011),
representing a year-on-year growth of 3,341.62%. Construction in progress and delivery
proceeded well. On 16 Mar. 2012, the “SUPREME DRILLER” self-elevating drilling platform of
CIMC Raffles was delivered, marking a second SUPER M2 series self-elevating drilling platform
delivered by the Company. In Feb. 2012, trial voyage of the COSL PROMOTER deep-water
semi-submersible drilling platform was completed, which was a third deep-water
semi-submersible drilling platform built by CIMC Raffles for China National Offshore Oil Corp.,
expected to be delivered by the end of this April. Meanwhile, breakthroughs were made in
soliciting new offshore engineering orders. On 10 Feb. 2012, CIMC Raffles and the
Norway-based North Sea Rigs signed a general contract for building the North Dragon North Sea
deep-water semi-submersible drilling platform. CIMC Raffles and Global Maritime will
cooperate to work out the basic design for North Dragon and CIMC Raffles will complete the
detailed design independently and has the independent intellectual property right. This is a
second new order from North Sea after the COSL PROSPECTOR European North Sea
deep-water semi-submersible drilling platform signed in Dec. 2011, which means that
semi-submersible products of CIMC Raffles have been recognized in the international
mainstream market, with a better engineering general contracting capability.
Significant changes of main accounting statement items and financial indicators:
Unit: RMB’000
31 Mar. 2012 / 31 Mar. 2011 / Increase/
Reason for the change
Jan.-Mar. 2012 Jan.-Mar. 2011 decrease
Fair value changes of short-term
Transactional financial assets 253,949 186,134 36.43% investments and derivative financial
instruments
Transactional financial liabilities Fair value changes of derivative
14,400 31,107 -53.71%
(current) financial instruments
Interest payable for this period
included interest on the
Interest payable 217,037 152,067 42.72% medium-term notes issued while the
MTN was not issued yet in the
same period of last year.
Payables for financial leasing
Long-term payables 195,385 86,846 124.98%
increased.
The container business recorded a
poorer performance than the
Operating revenue 12,351,927 17,056,642 -27.58%
average in past years while the
figure was high at the same period
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
of last year.
The container business recorded a
poorer performance than the
Operating cost 10,429,998 13,737,695 -24.08% average in past years while the
figure was high at the same period
of last year.
Inventory falling price reserves
Asset impairment loss -76,272 -7,546 -910.76%
made in past years were reversed.
Fair value changes of short-term
Gains and losses on fair value
23,122 -64,456 135.87% investments and derivative financial
changes
instruments
The adjusted amount under the
Investment income -14,028 9,523 -247.31% equity method of associates
decreased.
Non-operating income at the same
Non-operating income 25,199 86,620 -70.91% period of last year included a large
amount of government subsidy.
Income tax expense 229,838 508,744 -54.82% Pre-tax profit decreased.
The container business shrank over
Cash paid for goods and services 12,032,579 18,184,133 -33.83% last year and the expenditure on
procurement decreased accordingly.
Net cash paid to acquire Cash paid to acquire minority
subsidiaries or other operating 718,010 48,917 1,367.81% interests of the subsidiary—CIMC
units OFFSHORE
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
Internal control progress:
In this quarter, the Company appraised the internal control systems of its affiliated subsidiaries
according to the annual appraisal plan, with the appraisal results being part of the business
performance of the subsidiaries. It organized relevant units to prepare their 2011 annual internal
control self-evaluation reports, which were submitted to the Company’s Board of Directors and
the Audit Committee under it for review and approval. KPMG China issued an internal control
audit report with an unqualified opinion.
The Company kept improving internal control and transparency of its work, as well as enhancing
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
internal and external communication. In this quarter, the Company held an internal control
seminar to exchange experience on pilot implementation of internal control rules and discuss
further work. Meanwhile, it received visits from external professionals and had productive
discussions on internal control with them.
The Company believes that judging objectively according to the risk control standards of
world-class enterprises, passing the internal control pilot implementation is just a start for the
internal control campaign. For the internal control system to become a cornerstone for the
time-honored Company, the Company must push forward internal control improvement more
thoroughly, deeply, specifically and effectively according to the requirements of “better
performance, better strength and better culture”. In 2012, besides covering all aspects with the
internal control system, the Company will also focus on four major internal control tasks, i.e.
strategic planning for development of internal control talents, the internal control
standard-reaching campaign, the preparation of internal control brochures all at tiers and the
formulation of a financial KRI indicator system and a risk prewarning platform. All these are
proceeding in an orderly manner.
3.3 Commitments made by the Company, its shareholders and actual controller
Commitments made by the Company, its directors, supervisors, senior executives, shareholders
holding over 5% of the Company’s shares, actual controller and other related parties in the
reporting period, or such commitments carried down into the reporting period
□Applicable √Inapplicable
3.4 Warnings of possible loss or large-margin year-on-year change of the accumulative net profit
made during the period from the beginning of the year to the end of the next reporting period
according to prediction, as well as explanations on the reasons
□Applicable √Inapplicable
3.5 Other significant events
3.5.1 Securities Investment
√Applicable □Inapplicable
Unit: RMB’000
Proportion in
total
Number held
Initial Closing securities
Serial Type of Code of Abbr. of at the Gain/loss for the
investment carrying investments at
No. securities securities securities period-end reporting period
(RMB’000) amount the
(share)
period-end
(%)
CITIC
1 Stock 600030 12,359.00 1,000,000 11,590.00 5.43% -769.00
Securities
Gemdale
2 Stock 600383 10,213.00 1,600,000 9,584.00 4.49% -629.00
Group
3 Stock 000858 Wuliangye 10,013.00 270,000 8,867.00 4.15% -1,146.00
4 Stock 002024 Suning 11,836.00 1,100,000 10,725.00 5.02% -1,111.00
5 Stock 200581 Su Weifu-B 49,457.00 3,000,000 51,070.00 23.91% 2,927.00
6 Stock 200625 Changan B 14,763.00 5,000,000 13,051.00 6.11% -1,714.00
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
Sinotrans
7 Stock 00368 20,070.00 2,996,500 4,858.00 2.27% 2,404.00
Shipping-H
8 Stock G05.SI GoodPack 100,737.00 13,500,000 103,472.00 48.43% 12,931.00
Other securities investments held at the period-end - 410.00 0.19%
Gain/loss on securities investments sold in the
- - - - -2,211.00
reporting period
Total 229,448.00 - 213,627.00 100% 10,682.00
3.5.2 Researches, interviews and visits received in the reporting period
Main discussion and materials
Time Place Way of reception Type of visitor Visitor or caller
provided by the Company
The Company’s business
structure, the recent situation of
The Company Huatai United the industry and the Company’s
10 Jan. 2012 Field research Institution
building Securities main business, investment
progress and the outlook for
development in 2012
Business performance for 2011
One-to-many Strategy Seminar of
11 Jan. 2012 Shenzhen Institution and the financial environment
conference Industrial Securities
outlook for 2012
BNP Exchange
One-to-many
13 Jan. 2012 Hong Kong Institution Conference Hong Ditto
conference
Kong
The Company’s business
structure, the recent situation of
The Company Zeal Asset the industry and the Company’s
9 Feb. 2012 By phone Institution
building Management main business, investment
progress and the outlook for
development in 2012
The Company One-to-many ChinaAMC,
9 Feb. 2012 Institution Ditto
building conference HengTai Securities
The Company Standard Chartered
14 Feb. 2012 Field research Institution Ditto
building Bank
The Company Guangzhou
15 Feb. 2012 Field research Institution Ditto
building Securities
Harvest Fund,
Penghua Fund,
Fortune SG Fund,
Wanjia Asset,
The Company One-to-many
17 Feb. 2012 Institution Huashang Fund, Ditto
building conference
CITIC-Prudential
Fund, CCB
Principal Asset,
Sinolink Securities,
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
Dacheng Fund,
Rongtong Fund,
Guosen Securities,
Lion Fund,
Zhongshan
Securities
The Company
20 Feb. 2012 Field research Institution China Post Fund Ditto
building
The Company Goldman Sachs,
23 Feb. 2012 Field research Institution Ditto
building Fidelity Investments
Sumitomo Mitsui
28 Feb. 2012 Eastern plant Field research Institution Asset Mgmt Ditto
(Tokyo)
The Company China Southern
28 Feb. 2012 Field research Institution Ditto
building Fund
The Company’s business
structure, the recent situation of
The Company Ping An Securities, the industry and the Company’s
6 Mar. 2012 Field research Institution
building HSBC Jintrust main business, investment
progress and the outlook for
development in 2012
Cathay Securities
The Company
9 Mar. 2012 Field research Institution Investment Trust, Ditto
building
Fubon Financial
The Company
23 Mar. 2012 By phone Institution JP Morgan Chase Ditto
building
The Company
23 Mar. 2012 Field research Institution Harvest Fund Ditto
building
Jefferies Annual
One-to-many Performance 2011 annual performance
26 Mar. 2012 Hong Kong Institution
conference Exchange exchange
Conference
The Company’s business
structure, the recent situation of
Allianz Global the industry and the Company’s
26 Mar. 2012 Eastern plant Field research Institution
Investors main business, investment
progress and the outlook for
development in 2012
UG Investment,
Minsheng Royal
The Company Fund, China
29 Mar. 2012 Field research Institution Ditto
building Merchants
Securities, First
State Investments
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
The Company
30 Mar. 2012 Field research Institution Dacheng Fund Ditto
building
3.6 Investment in derivative products
√Applicable □Inapplicable
By 31 Mar. 2012, 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
Analysis on risks and control measures of holding
interest exchange market and certainty of future cash flow from foreign
positions of derivatives in the report period
currency income. Control measures of derivative instrument showed in the
(including but not limited to market risk, liquidity
following: being prudent in selecting derivative financial instruments to
risk, credit risk, operation risk, law risk, etc.)
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
Gains and losses from fair value changes of derivative financial instrument
period of the invested derivatives, and the analysis
was RMB 12,372,000 from Jan.-Mar. 2012. Fair value of derivative
on the fair value of the derivatives should include
financial instrument was defined according to market quote of financial
how to use, and the relevant assumptions and
institution.
parameters
Whether significant changes happened to the
Company’s accounting policy and specific
accounting principles of the derivatives in the No
reporting period compared with the last reporting
period
We are of the opinion that: The Company was able to standardize its
Specific opinion from directors, investment in derivative products according to relevant regulations and rules
independent
sponsors or financial consultants on the Company’s of regulatory authorities and the principle of prudence. The relevant internal
approval mechanism and operation procedures were complete with effective
derivatives investment and risk control
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 at
Contract amount at Contract amount at Gain/loss in reporting
Type of contract period-end in the
period-begin period-end period
Company’s net assets
at period-end
1. Forward foreign exchange contract 3,931,523.23 3,352,510.37 4,347.00 17.70%
2. Interest rate swaps 2,677,882.50 2,916,149.02 3,792.00 15.40%
3. Option contracts –JPY 230,333.00 34,510.50 4,233.00 0.18%
Total 6,839,738.73 6,303,169.89 12,372.00 33.28%
§4 Attachments
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
4.1 Balance sheet
Prepared by China International Marine Containers (Group) Co., Ltd. 31 Mar. 2012 Unit: RMB’000
Closing balance Opening balance
Items
Consolidation The Company Consolidation The Company
Current Assets:
Monetary funds 6,876,642.00 527,110.00 7,788,126.00 430,350.00
Settlement reserves
Lendings to banks and other
financial institutions
Transactional financial assets 253,949.00 42,994.00 186,134.00
Notes receivable 808,753.00 1,030,528.00
Accounts receivable 6,863,942.00 8,110,784.00
Accounts paid in advance 2,524,406.00 1,930,496.00
Premiums receivable
Reinsurance premiums
receivable
Receivable reinsurance contract
reserves
Interest receivable 2,017.00 2,020.00
Dividend receivable 5,403,046.00 5,403,255.00
Other accounts receivable 2,317,339.00 6,457,000.00 2,709,665.00 6,798,779.00
Financial assets purchased
under agreements to resell
Inventories 16,281,823.00 15,468,352.00
Non-current assets due within 1
2,710,368.00 2,635,287.00
year
Other current assets 847,780.00 865,633.00
Total current assets 39,487,019.00 12,430,150.00 40,727,025.00 12,632,384.00
Non-current assets:
Entrusted loans and advances
granted
Available-for-sale financial
625,986.00 613,615.00 571,954.00 564,155.00
assets
Held-to-maturity investments
Long-term accounts receivable 2,289,315.00 2,311,235.00
Long-term equity investment 1,943,681.00 4,593,151.00 1,957,187.00 4,341,151.00
Investing property 146,204.00 126,983.00
Fixed assets 10,797,092.00 138,951.00 10,885,435.00 137,642.00
Construction in progress 2,190,256.00 11,617.00 1,898,330.00 14,457.00
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
Intangible assets 3,120,949.00 22,145.00 3,172,222.00 22,246.00
R&D expense
Goodwill 1,228,902.00 1,207,504.00
Long-term deferred expenses 45,451.00 5,222.00 34,892.00 5,683.00
Deferred income tax assets 736,534.00 57,960.00 704,098.00 71,554.00
Other non-current assets 760,116.00 764,849.00
Total of non-current assets 23,884,486.00 5,442,661.00 23,634,689.00 5,156,888.00
Total assets 63,371,505.00 17,872,811.00 64,361,714.00 17,789,272.00
Current liabilities:
Short-term borrowings 6,310,997.00 262,943.00 8,030,912.00 363,009.00
Borrowings from Central Bank
Customer bank deposits and
due to banks and other financial
institutions
Borrowings from banks and
other financial institutions
Transactional financial
14,400.00 15,539.00 31,107.00 21,290.00
liabilities
Notes payable 2,158,079.00 3,295,226.00
Accounts payable 7,393,582.00 7,328,966.00
Accounts received in advance 2,361,325.00 2,662,742.00
Financial assets sold for
repurchase
Handling charges and
commissions payable
Employee’s compensation
1,860,479.00 671,094.00 2,012,608.00 671,840.00
payable
Tax payable 769,431.00 64,348.00 916,118.00 63,652.00
Interest payable 217,037.00 195,216.00 152,067.00 133,106.00
Dividend payable 116,246.00 116,253.00
Other accounts payable 3,737,330.00 44,540.00 3,393,837.00 72,733.00
Estimated liabilities (current) 801,524.00 736,179.00
Reinsurance premiums payable
Insurance contract reserves
Payables for acting trading of
securities
Payables for acting
underwriting of securities
Non-current liabilities due
2,362,523.00 1,094,167.00 2,560,318.00 1,094,352.00
within 1 year
Other current liabilities
Total current liabilities 28,102,953.00 2,347,847.00 31,236,333.00 2,419,982.00
Non-current liabilities:
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
Long-term borrowings 79,002.00 74,992.00 74,836.00 74,836.00
Transactional financial
8,834,127.00 4,421,860.00 6,572,585.00 4,223,180.00
liabilities (non-current)
Bonds payable 3,989,019.00 3,989,019.00 3,988,438.00 3,988,438.00
Long-term payables 195,385.00 86,846.00
Specific payables 10,730.00 8,940.00
Estimated liabilities
Deferred income tax liabilities 660,397.00 581,500.00
Other non-current liabilities 226,831.00 198,564.00
Total non-current liabilities 13,995,491.00 8,485,871.00 11,511,709.00 8,286,454.00
Total liabilities 42,098,444.00 10,833,718.00 42,748,042.00 10,706,436.00
Owners’ equity (or shareholders’
equity)
Paid-up capital (or share
2,662,396.00 2,662,396.00 2,662,396.00 2,662,396.00
capital)
Capital reserves 824,311.00 259,631.00 799,261.00 199,322.00
Less: Treasury stock
Specific reserves
Surplus reserves 2,953,160.00 2,953,160.00 2,953,160.00 2,953,160.00
Provisions for general risks
Retained profits 13,160,397.00 1,163,906.00 12,785,092.00 1,267,958.00
Foreign exchange difference -659,421.00 -566,755.00
Total equity attributable to owners
18,940,843.00 7,039,093.00 18,633,154.00 7,082,836.00
of the Company
Minority interests 2,332,218.00 2,980,518.00
Total owners’ equity 21,273,061.00 7,039,093.00 21,613,672.00 7,082,836.00
Total liabilities and owners’
63,371,505.00 17,872,811.00 64,361,714.00 17,789,272.00
equity
4.2 Income Statement
Prepared by China International Marine Containers (Group) Co., Ltd. Jan.-Mar. 2012 Unit: RMB’000
Jan.-Mar. 2012 Jan.-Mar. 2011
Items
Consolidation The Company Consolidation The Company
I. Total operating revenues 12,351,927.00 178.00 17,056,642.00 700.00
Including: Sales income 12,351,927.00 178.00 17,056,642.00 700.00
Interest income
Premium income
Handling charge and
commission income
II. Total operating cost 11,740,218.00 105,208.00 15,276,163.00 38,487.00
Including: Cost of sales 10,429,998.00 10.00 13,737,695.00 28.00
Interest expenses
Handling charge and
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
commission expenses
Surrenders
Net claims paid
Net amount withdrawn for
the insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
Taxes and associate
100,675.00 3,857.00 28,944.00
charges
Selling and distribution
480,987.00 532,147.00
expenses
Administrative expenses 700,733.00 78,076.00 796,056.00 58,634.00
Financial expenses 104,097.00 23,265.00 188,867.00 -20,175.00
Asset impairment loss -76,272.00 -7,546.00
Add: Gain/(loss) from change in
23,122.00 4,167.00 -64,456.00 -1,222.00
fair value (“-” means loss)
Gain/(loss) from investment
-14,028.00 -2,211.00 9,523.00 23.00
(“-” means loss)
Including: share of profits in
-14,221.00 5,996.00
associates and joint ventures
Foreign exchange gains (“-”
means loss)
III. Business profit (“-” means
620,803.00 -103,074.00 1,725,546.00 -38,986.00
loss)
Add: non-operating income 25,199.00 251.00 86,620.00 68.00
Less: non-operating expense 5,946.00 4,387.00
Including: loss from non-current
-4,537.00 1,726.00
asset disposal
IV. Total profit (“-” means loss) 640,056.00 -102,823.00 1,807,779.00 -38,918.00
Less: Income tax expense 229,838.00 1,229.00 508,744.00 502.00
V. Net profit (“-” means loss) 410,218.00 -104,052.00 1,299,035.00 -39,420.00
Attributable to owners of the
375,305.00 -104,052.00 1,358,250.00 -39,420.00
Company
Minority shareholders’
34,913.00 -59,215.00
income
VI. Earnings per share
(I) basic earnings per share 0.1410 0.5102
(II) diluted earnings per
0.1408 0.5102
share
Ⅶ. Other comprehensive incomes -57,877.00 37,095.00 59,313.00 -1,463.00
Ⅷ. Total comprehensive incomes 352,341.00 -66,957.00 1,358,348.00 -40,883.00
Attributable to owners of the 315,867.00 -66,957.00 1,419,881.00 -40,883.00
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
Company
Attributable to minority
36,474.00 -61,533.00
shareholders
4.3 Cash Flow Statement
Prepared by China International Marine Containers (Group) Co., Ltd. Jan.-Mar. 2012 Unit: RMB’000
Jan.-Mar. 2012 Jan.-Mar. 2011
Items
Consolidation The Company Consolidation The Company
I. Cash flows from operating
activities:
Cash received from sale of
commodities and rendering of 13,429,508.00 13,179,786.00
service
Net increase of deposits from
customers and dues from banks
Net increase of loans from the
central bank
Net increase of funds borrowed
from other financial institutions
Cash received from premium of
original insurance contracts
Net cash received from
reinsurance business
Net increase of deposits of
policy holders and investment
fund
Net increase of disposal of
tradable financial assets
Cash received from interest,
handling charges and
commissions
Net increase of borrowings
from banks and other financial
institutions
Net increase of funds in
repurchase business
Tax refunds received 518,092.00 923,424.00
Other cash received relating to
418,101.00 1,879,412.00 168,341.00 1,130,298.00
operating activities
Subtotal of cash inflows from
14,365,701.00 1,879,412.00 14,271,551.00 1,130,298.00
operating activities
Cash paid for goods and
12,032,579.00 18,184,133.00
services
Net increase of customer
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
lendings and advances
Net increase of funds deposited
in the central bank and amount
due from banks
Cash for paying claims of the
original insurance contracts
Cash for paying interest,
handling charges and
commissions
Cash for paying policy
dividends
Cash paid to and for employees 1,093,353.00 24,003.00 936,803.00 19,037.00
Various taxes paid 601,542.00 6,579.00 532,957.00 430.00
Other cash payment relating to
112,352.00 1,510,942.00 616,611.00 2,688,231.00
operating activities
Subtotal of cash outflows from
13,839,826.00 1,541,524.00 20,270,504.00 2,707,698.00
operating activities
Net cash flows from operating
525,875.00 337,888.00 -5,998,953.00 -1,577,400.00
activities
II. Cash flows from investing
activities:
Cash received from disposal of
investments
Cash received from return on
23.00 23.00
investments
Net cash received from disposal
of fixed assets, intangible assets 6,104.00 5.00 1,877.00
and other long-term assets
Net cash received from disposal
of subsidiaries or other business 4,217.00
units
Other cash received relating
to investing activities
Subtotal of cash inflows
6,104.00 4,222.00 1,900.00 23.00
from investing activities
Cash paid to acquire fixed
assets, intangible assets and other 582,127.00 2,538.00 510,662.00 6,107.00
long-term assets
Cash paid for investment 76,129.00 298,633.00 92,271.00 160,231.00
Net increase of pledged loans
Net cash paid to acquire
subsidiaries and other business 718,010.00 48,917.00
units
Payment of cash relating to
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
other investing activities
Subtotal of cash outflows from
1,376,266.00 301,171.00 651,850.00 166,338.00
investing activities
Net cash flows from investing
-1,370,162.00 -296,949.00 -649,950.00 -166,315.00
activities
III. Cash Flows from Financing
Activities:
Cash received from capital
contributions
Including: Cash received from
minority shareholder investments
by subsidiaries
Cash received from
6,268,559.00 200,000.00 11,344,274.00 2,750,000.00
borrowings
Cash received from issuance
of bonds
Other cash received relating to
financing activities
Subtotal of cash inflows from
6,268,559.00 200,000.00 11,344,274.00 2,750,000.00
financing activities
Repayment of borrowings 5,889,690.00 100,000.00 3,472,397.00 250,000.00
Cash paid for interest
expenses and distribution of 138,089.00 42,694.00 160,678.00 41,375.00
dividends or profit
Including: dividends or profit
paid by subsidiaries to minority
shareholders
Other cash payments relating
1,430.00 1,430.00
to financing activities
Sub-total of cash outflows from
6,029,209.00 144,124.00 3,633,075.00 291,375.00
financing activities
Net cash flows from financing
239,350.00 55,876.00 7,711,199.00 2,458,625.00
activities
IV. Effect of foreign exchange
rate changes on cash and cash -32,502.00 -55.00 18,394.00 -1,307.00
equivalents
V. Net increase in cash and cash
-637,439.00 96,760.00 1,080,690.00 713,603.00
equivalents
Add: Cash and cash
6,563,253.00 427,874.00 3,797,415.00 419,945.00
equivalents at year-begin
VI. Cash and cash equivalents at
5,925,814.00 524,634.00 4,878,105.00 1,133,548.00
the end of the year
4.4 Auditor’s report
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Report for the First Quarter of 2012 of China International Marine Containers (Group) Co., Ltd.
Auditor’s opinion: un-audited
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