China Vanke Co., Ltd.
2010 First Quarterly Report
§1 Important Notice
1.1 The Board, the Supervisory Committee, Directors, members of the Supervisory Committee and
senior management of the Company warrant that in respect of the information contained in this
Quarterly Report, there are no misrepresentations or misleading statements, or material omission,
and individually and collectively accept full responsibility for the authenticity, accuracy and
completeness of the information contained in this Quarterly Report.
1.2 None of the Director, member of the Supervisory Committee and senior management staff fails to
assure or dispute with the authenticity, accuracy and completeness of the contents of this Quarterly
Report.
1.3 Chairman Wang Shi，Deputy Chairman Song Lin，Director Wang Yin and Director Jiang Wei were
not able to attend the board meeting in person due to their business engagements and had authorized
Director Yu Liang to represent them and vote on behalf of them. Independent Director Judy Tsui Lam
Sin Lai was not able to attend the board meeting in person due to her business engagements and had
authorised Independent Director David Li Ka Fai to represent her and vote on behalf of her.
Independent Director Charles Li was not able to attend the board meeting in person due to his
business engagements and had authorised Independent Director Qi Daqing to represent him and
vote on his behalf at the board meeting.
1.4 This quarterly financial and accounting reports of the Company have not been audited.
1.5 The Company’s Chairman Wang Shi, Director and President Yu Liang, and Executive Vice
President and Supervisor of Finance Wang Wenjin declare that the financial report contained in this
Quarterly Report is warranted to be true and complete.2
§2 Basic Corporate Information
2.1 Major accounting data and financial indicators
(Unit: RMB)
As at 31 March 2010 As at 31 December 2009 Changes (%)
Total assets 148,771,680,824 138,027,359,150 7.78%
Equity attributable to equity
shareholders of the Company
38,979,193,610 37,375,888,061 4.29%
Net assets per share 3.55 3.40 4.41%
January to March 2010 January to March 2009 Changes (％)
Net profit 1,126,579,449 768,764,019 46.54%
Net cash generated from
operating activities
(6,800,224,122) 3,684,640,137 -284.56%
Net cash generated from
operating activities per share
(0.62) 0.34 -282.35%
Basic earnings per share 0.10 0.07 42.86%
Diluted earnings per share 0.10 0.07 42.86%
Return on equity 2.94% 2.38%
Increase 0.56
percentage points
Note: 1. The net assets and net profit used to calculate the above-mentioned indicators refer to the equity and profit
attributable to equity shareholders of the Company.
2. The above-mentioned return on equity is calculated by weighted average method.
2.2 Total number of shareholders and shareholding of the top 10 shareholders of non-restricted
tradable shares as at the end of the Reporting Period
As at the end of 31 March 2010, the total number of shareholders of the Company was 1,539,514
(including 1,500,796 holders of A shares and 38,718 holders of B shares).
Total number of shareholders as at the end of the Reporting
Period
1,539,514
Shareholdings of the top 10 shareholders of non-restricted tradable shares
Name of shareholders (in full)
No. of non-restricted tradable
shares held as at the end of the
Reporting Period
Type
China Resources Co., Limited 1,619,094,766 A Share
China Life Insurance Company Limited– Dividend
Distribution–Individual Dividend- 005L-FH002 Shen
177,121,543 A Share
E Fund Shenzhen Stock Exchange 100 Exchange-Traded
Fund
152,177,373 A Share
Liu Yuansheng 133,791,208 A Share3
Rongtong Shenzhen Stock Exchange 100 Index Securities
Investment Fund
99,982,991 A Share
Toyo Securities Asia Limited-A/C Client. 87,203,996 B Share
HTHK/CMG FSGUFP-CMG First State China Growth FD 82,406,712 B Share
Naito Securities Co., Ltd. 68,340,132 B Share
Staff Committee of China Vanke Co., Ltd. 67,168,517 A Share
Harvest CSI 300 Securities Investment Fund 62,061,211 A Share
As at the end of 31 March 2010, the total number of shares of the Company was 10,995,210,218
including 9,680,254,750 A shares and 1,314,955,468 B shares.
2.3 Bond holdings of the Company’s top 10 bondholders as at the end of Reporting Period
(1) Name of the top 10 bondholders of 08 Vanke G1 bonds and their bond holdings
No. Bondholder No. of bonds held
1
New China Life Insurance Company–Dividend Distribution–Individual
Dividend-018L-FH002 Shen
5,548,262
2 China Petroleum Finance Co., Ltd. 4,157,662
3 China Pacific Life Insurance Company Limited 3,433,312
4 China Life Insurance Company Ltd. 2,619,042
5
China Ping An Life Insurance Company Limited–Traditional–General Insurance
Products
2,218,727
6
China Life Property and Casualty Insurance Company Limited–Traditional– General
Insurance Products
1,820,000
7 Corporate Annuity Scheme of China National Petroleum Corporation – ICBC 1,010,569
8 China Life Pension Company Limited–Internal Resources 1,000,000
9 China Reinsurance (Group) Corporation 776,162
10
China Ping An Property and Casualty Insurance Company Limited –
Investment-oriented Insurance Products
751,630
(2) Name of the top 10 bondholders of 08 Vanke G2 bonds and their bond holdings
No. Bondholder No. of bonds held
1 ICBC/Credit Suisse Fund Company – ICBC – Selected clients’ assets 2,385,995
2 ICBC/Credit Suisse Tianli Bond Securities Investment Fund 2,346,450
3 China National Machinery Imp. & Exp. Corporation 1,946,689
4 206 Portfolio of National Social Security Fund, PRC 1,431,065
5 Fullgoal Tianfeng Surging Income Bond Securities Investment Fund 1,364,700
6 ChinaAMC Strategic Select Flexible Allocation Mixed Securities Investment Fund 970,609
7 801 Portfolio of National Social Security Fund, PRC 959,778
8 Corporate Annuity Scheme of China National Petroleum Corporation – ICBC 765,564
9 204 Portfolio of National Social Security Fund, PRC 735,442
10 Harvest Stable Growth Open-end Securities Investment Fund 709,9984
§3 Management Discussion and Analysis
During the Reporting Period, the PRC’s commodity housing market continued to grow from a
relatively low base of the corresponding period of the previous year. Between January and
March, the sales area and sales amount of commodity housing in the country rose by 34.2% and
55.2% respectively. When the sales area of commodity housing was compared with the approved
pre-sales area of new housing, it indicated a gradual improvement in the balance of supply and
demand in major cities in the first quarter, but a historical low inventory level.
Since the second half of 2009, market trend began to vary significantly in different regions. As
the demand for asset-backed investment was concentrated in a few popular cities, the growth in
housing prices in these cities far exceeded that of the national average. Entering 2010, owing to
the continued tight supply and expectations of further price rise, irrational housing purchase
began to emerge again in certain popular cities. By contrast, owner-occupation constituted the
mainstream demand in many second and third tier cities, resulting in a relatively more stable
market there. However, driven by the enthusiastic market sentiment in popular cities, some
second and third tier cities had recently begun to show signs of overheating.
To curb excessive rise in housing prices in certain cities, the government has promulgated
various stringent measures to restrict housing speculation, including differential housing credit
policies, and introduction of tax to regulate property consumption and gains from property
transaction. In respect of housing supply, the measures proposed to increase the effective supply
of land for residential purpose and requested local governments to ensure that a certain
proportion and quantity of low-income housing and ordinary commodity housing with small and
medium-sized units shall be built. The above-mentioned policies will have significant impact on
the market. It is believed that the trend of rapid rise in housing prices in the popular cities will
end and the spillover of euphoria to other cities will stop.
A market is a highly complex system. Change in any factor may set off complicated chain
reaction. While there is a positive relationship between demand and supply, there is also the
issue of time lag. China is a country with a vast territory. Each region varies in development
progress and market conditions. And in a market, there are a number of participants, who have
different views and ways of thinking. Their actions will have impact, whether big or small, on
the market. Given that the world is now facing unprecedented economic conditions, we will
have to wait to see if the industry will witness an end to the market volatility which started in
2007 or move towards a healthy and steady development.
During the Reporting Period, the Company realised accumulated sales area of 1,242,000 sq m,
with sales amount of RMB15.09 billion, representing a decrease of 18.5 per cent and an increase
of 23.5 per cent respectively, when compared with those of the corresponding period of the
previous year.
From a geographical perspective, the Company realised a sales area of 270,000 sq m and a sales
revenue of RMB4.16 billion in the Pearl River Delta region, representing decreases of 45.1 per
cent and 7.2 per cent, respectively, from those of the same period previous year. In the Yangtze
River Delta region, the Company realised a sales area of 268,000 sq m and a sales revenue of
RMB3.06 billion, representing decreases of 33.9 per cent and 14.9 per cent, respectively, from
those of the same period previous year. The Company realised a sales area of 450,000 sq m and
a sales revenue of RMB5.66 billion in the Bohai-Rim region, representing a decrease of 0.1 per5
cent and an increase of 93.7 per cent, respectively, from those of the same period previous year.
In the central and western region, the Company achieved a sales area of 254,000 sq m and a
sales revenue of RMB2.21 billion, representing increases of 43.1 per cent and 81.3 per cent,
respectively, from those of the same period previous year.
The Company continued to focus on demand from end-users, and small residential units below
90 sq m accounted for 56 per cent of the Company’s products on sale in the first quarter of 2010.
During the Reporting Period, the Company’s booked area and booked revenue reached 638,000
sq m and RMB6.96 billion, respectively, representing decrease of 39.9 per cent and 8.3 per cent,
respectively, from those of the same period last year. The Company’s revenue and net profit
during the Reporting Period amounted to RMB7.07 billion and RMB1.13 billion, respectively,
representing a decrease of 8.5 per cent and an increase of 46.5 per cent, respectively, from those
of the same period last year.
In accordance with the latest market and sales situation, the Company made an assessment of the
projects for which provisions for diminution in value were made at the end of 2008. Given that the
actual sales performance of Paradiso, Nanjing was better than expected, the provision of
diminution in value of RMB166.88 million for this project was fully reversed according to the
assessment results, leading to an increase of RMB125.16 million in profit attributable to the
equity shareholders of the Company for the Reporting Period. The provisions of diminution in
value made for the other three projects remained unchanged.
As at the end of the Reporting Period, the Company had an area of 4,333,000 sq m of project
resources sold but not yet completed nor booked, representing an aggregate contract amount of
approximately RMB45.84 billion. Area sold but not yet booked in the consolidated financial
statements amounted to 3,934,000 sq m, representing a contract amount of RMB42.33
billion.This had laid a solid foundation for the year 2010.
As at the end of the Reporting Period, the cash and cash equivalents held by the Company
amounted to RMB17.92 billion, which was higher than the aggregate amount of short term
borrowings and long term borrowings due within one year of RMB12.74 billion.Completed
properties (completed properties ready for sale) amounted to RMB5.9 billion, representing only
5.7 per cent of the total inventory of the Company. The Company had a sound financial position
and a healthy inventory composition that would support the Company to cope with any possible
changes in the market.
The Company has always believed that it is not in anyone’s interest when property price
increases too fast; the industry will only benefit from stable development. The Company strives
to gain a fair return through quick turnaround instead of profiting from appreciation of land over
time. The land bank of the Company has been remaining at a level sufficient for development
within the next two to three years. The Company was cautious in investment in 2009 and
adhered to the principle of “rather miss than make wrong acquisition” in certain cities where the
housing prices and land premium rose too fast. As such, the Company had stayed away from
land lots for which competition was extremely fierce. Its newly added projects were mostly
located in the second and third tier cities where housing price grew moderately and
owner-occupation made up the mainstream demand. In 2010, the Company will continue to
adhere to this prudent strategy for project development.6
§4 Significant Events
4.1 Significant changes and reasons for such changes in major items of the accounting
statements and financial indicators of the Company
√Applicable □Not applicable
Financial indicators
31/3/2010
(RMB ’000)
31/12/2009
(RMB ’000)
Change Reasons for changes
Cash and cash equivalents 17,917,618 23,001,924 -22.10% Increase in prepayment of land
premium for new project
Interest-bearing borrowings (short
term)
12,735,247 8,628,670 47.59% Increase in borrowings and change of
borrowing structure
Financial indicators
Jan-Mar 2010
(RMB ’000)
Jan-Mar 2009
(RMB ’000)
Change
Reasons for changes
Revenue 7,073,423 7,733,123 -8.53% Difference in composition of booked
properties
Cost of sales 4,625,315 5,386,237 -14.13% Decrease in booked properties
Profit attributable to equity
shareholders of the Company
1,126,579 768,764 46.54% Net profit increased in the reporting
period
4.2 Progress of significant events and analysis of their impact and solutions
√Applicable □Not applicable
The public issue of A shares and relevant matters were approved at the first extraordinary general meeting of 2009 on 15
September 2009. The related work is in progress.
4.3 Implementation of the undertakings given by the Company, shareholders and beneficial
controllers
√ Applicable □Not applicable
Undertakings Details Implementation
Other undertakings
given to non major
shareholders
China Resources National Corporation (“CRNC”) – the parent company of
China Resources Co., Limited (“CRC”), being the Company’s original
single largest shareholder and the present single largest shareholder, gave a
significant undertaking to the Company in 2001: CRNC would provide as
much support to the Company as it did in the past, as long as such support
was beneficial to the Company’s development, and that it would remain
impartial in the event of any competition between the investment projects of
the Company and that of CRNC and its subsidiaries, and in the event of any
disagreements or disputes arising from horizontal competition.
CRNC has fulfilled its
undertaking.
4.4 Warning of and explanation for the accumulated net profit from the beginning of the year
to the end of the next reporting period forecast to be a probable loss or to be significantly
differed from that of the corresponding period of the previous year7
□Applicable √Not applicable
4.5 Other major events and their explanations
4.5.1 Securities investments
□Applicable √Not applicable
4.5.2 Equity interests held in other listed companies
√Applicable □Not applicable
(Unit: RMB)
Stock
code
Stock
abbreviation
Initial
investment
amount
Percentage of
shareholdings
Booked value
as at the end of
the Reporting
Period
Gains/(losses)
during the
Reporting
Period
Changes in equity
attributable to equity
shareholders during
the Reporting Period
000001 Shenzhen
Development
Bank Co., Ltd
11,582,347.80 0.10% 69,922,944.00 - (3,526,286.40)
600697 Changchun
Eurasia
Group Co.,
5,070,000.00 1.18% 47,349,439.20 - 1,371,630.58
600680 Shanghai
Potevio Co.,
Ltd
7,076,961.71 0.90% 51,277,366.60 - 11,838,532.96
600751 SST Tianjin
Marine
Shipping Co.,
143,600.00 0.04% 143,600.00 - -
Total 23,872,909.51 168,693,349.80 - 9,683,877.14
Note: 1. The above-mentioned equity interests are legal person shares held by the Company over the years. Up till
now, SST Tianjin Marine Shipping Co., Ltd has not undergone share reform;
2. The change in fair value of equity interests at the end of the Reporting Period led to an increase in the “Other
financial assets”, and a corresponding increase in “capital reserve”.
4.5.3 Investor relations activities such as meetings, communications and handling of inquiries
during the Reporting Period
Type of
Activities
Time Location Approach Classification of visitors
Issues
discussed and
information
provided
China Jianyin
Investment
Securities
meeting
2010.1 Shenzhen
Face to face
meeting
Investors including securities companies, funds,
etc
China Galaxy
meeting
2010.1 Beijing
Face to face
meeting
Investors including securities companies, funds,
etc
Deutsche Bank
meeting
2010.1
Beijing
Face to face
meeting
Investors including securities companies, funds,
etc
UBS meeting 2010.1 Shanghai
Face to face
meeting
Investors including securities companies, funds,
etc
(I) Major
issues
discussed:
(1) The
Company’
s daily
operations;
(2) The
Company’
s
developme8
Citi Securities
meeting
2010.1 Hong Kong
Face to face
meeting
Investors including securities companies, funds,
etc
Annual results
presentation
2010.3
Hong Kong,
Shenzhen
(Shanghai,
Beijing)
Face to face
meeting
Investors including securities companies, funds,
individual investors, etc
CLSA meeting 2010.3 Hong Kong
Face to face
meeting
Investors including securities companies, funds,
etc
Credit Suisse
meeting
2010.3 Hong Kong
Face to face
meeting
Investors including securities companies, funds,
etc
BNP meeting 2010.3 Hong Kong
Face to face
meeting
Investors including securities companies, funds,
etc
Daiwa meeting 2010.3 Tokyo
Face to face
meeting
Investors including securities companies, funds,
etc
Credit Suisse
meeting
2010.3 Hong Kong
Face to face
meeting
Investors including securities companies, funds,
etc
Note: The above-mentioned meetings included one-on-one meetings, small group meetings and large group
presentation. The Company received or met with investors from over 50 companies.
Securities
companies
During
the
Reporting
Period
Shenzhen,
Guangzhou,
Zhongshan,
Zhuhai,
Fuzhou,
Changsha,
Haikou,
Shanghai,
Nanjing,
Suzhou,
Hangzhou,
Beijing,
Tianjin,
Shenyang,
Dalian,
Anshan,
Qingdao,
Wuhan,
Chengdu,
Chongqing,
Xian, etc
Small group
or
one-on-one
Shenyin Wanguo ,CLSA, South West Securities,
Citi Securities, Huatai United Securities,
Changjiang Securities, UBS, CICC, Bohai
Securities, Daiwa Securities, Everbright
Securities, China Galaxy Securities, Credit Suisse
Securities, Essence Securities, China JianYin
Investment Securities, ABN Amro BANK, JP
Morgan, Merrill Lynch, Royal Bank of Scotland,
Morgan Stanley, Great Wall Securities,
Mitsubishi UFJ Securities, Goldman Sachs
Gaohua, CITIC Securities, Guangfa Securities,
CSC Securities, Nomura, Deutsche Bank, BNP,
Piper Jaffray Asia Securities Limited, Phillip
Securites Group, DBS Vickers, etc
nt
strategies;
(3) The
Company’s
opinion on the
changes in the
industry.
(II) Major
information
provided:
1） Published
informati
on
including
the
Company
’s regular
reports.9
Fund and other
investment
companies and
individual
investors
During
the
Reporting
Period
Shenzhen,
Guangzhou,
Zhongshan,
Zhuhai,
Fuzhou,
Changsha,
Haikou,
Shanghai,
Nanjing,
Suzhou,
Hangzhou,
Beijing,
Tianjin,
Shenyang,
Dalian,
Anshan,
Qingdao,
Wuhan,
Chengdu,
Chongqing,
Xian,etc
Small group
or
one-on-one
China AMC, Taikang Life, , Yinhua Fund, China
Universal, First-Trust Fund, China Merchants
Fund, Penghua Fund, Bank of Communications
Schroders Fund, Cephei Investment, CCB
Principal Asset Management, E Fund, Congrong
Investment, Rongtong Fund, Avenue Capital,
Caxton Associates, GSI Management Limited,
Wellington, University of Pennsylvania, Orange
Capital, Merchant Gates, LaSalle Investment
Management, Deutsche Asset Management, T.
Rowe Price International, JF Asset Management,
Martin Currie Investment Management, Grand
River Investments, First State Investments,
Oaktree Capital Management, Western Asset
Management, Keefe Bruyette & Woods,
Mitsubishi UFJ Asset Management, Ballie
Gifford, Duquesne Capital Mgt, Pyrford
International, Christensen, Pictet Asset
Management, Goldman Sachs Principal
Strategies, Chugoku Bank, Robeco, Clairvoyance
Capital, Morgan Stanley Asset Mgt,
AllianzBerstein, Weitz Funds, Partner Funds,
Tiger Asia Asset, Hamblin Watsa, Henderson TR
Pacific, One Investment & Trinity Street, Jupiter,
State Teachers Retirement System of Ohio,
Broad Peak Investment Advisers Pte Ltd. , BT
Investment Management, GMO, Invesco Hong
Kong Limited, GLG Partners, Capital Research,
etc
4.5.4 Other major events and their explanations
√Applicable □Not applicable
(1) The Company did not provide any funds for use by its controlling shareholder and its related parties, nor did the Company provide
any guarantee to third parties in violation of regulations and procedures;
(2) Status of the Company’s corporate bonds
During the Reporting Period, the Company’s credit standing was stable. After the reporting period, the Company’s corporate
bonds – “08 Vanke G1” (bond code: 112005) and “08 Vanke G2” (bond code: 112006) had been tracked and rated by China Chengxin
Securities Rating Co., Ltd. (中诚信证券评估有限公司). The rating company maintained AAA rating for the Company’s secured
corporate bonds “08 Vanke G1” and AA+ rating for non-secured corporate bonds “08 Vanke G2”. The Company’s overall corporate
credit rating was maintained at AA+, and the rating outlook was raised from stable to positive.
4.6 Investment in derivatives
√Applicable □Not applicable
Remarks on risk analysis and management of derivative
positions during the year under review (including but not
limited to market risk, liquidity risk, credit risk, operational risk
and legal risk, etc.)
In order to limit the risk associated with the fluctuations of interest
rate, the Company entered into interest rate swap (IRS) agreements to
hedge two floating rate foreign currency loans, one in the amount of
US$67.75 million and the other in the amount of US$23.61 million.
The Company would charge the counterparty an interest according to
floating rate, in order to pay the floating-rate interest to the original
lender, and pay a fixed rate to the counterparty.
IRS is used to control the risk arising from the change in interest rate
by fixing a forward interest rate on the notional amount during the
term of the foreign currency loan.10
Change in market price or fair value of the derivatives invested
during the year under review, as well as the method, related
assumptions and parameters used to analyse the fair value of
derivatives should be disclosed
The effect of the change in the aforementioned IRS value on the
Company’s profit or loss during the Reporting Period amounted to
RMB(1,082,691.69). The value of the IRS was determined based on
the price quoted in the agreement dated March 31 2010.
Remarks on whether there has been a material change in the
accounting policy and accounting measurement principles for
the Company’s derivatives during the year under review as
compared with those of the previous reporting year
Nil
Special advice on derivative investment and risk control by
independent directors, sponsors and financial advisors
The Company’s independent directors are of the view that financial
instruments such as IRS reduced the probable loss associated with
foreign currency loan in the event of significant fluctuations in interest
rate. The relevant arrangement of the Company has been prudent and
reasonable.
4.6.1 Derivative positions as at the end of the Reporting Period
√Applicable □Not applicable
Unit: RMB’000
Type of contracts
Contract amount as at the
beginning of the period
Contract amount as at
the end of the period
Profit/loss during the
Reporting Period
Contract amount as at the end of
the period as a percentage of net
assets as at the end of the period
Interest rate swap
(IRS) agreement
462,610.55 623,635.71 (1,082.69) 1.60%
Total 462,610.55 623,635.71 (1,082.69) 1.60%11
Consolidated income statement for the three months ended 31 March 2010
(Expressed in Renminbi Yuan)
Jan-Mar 2010 Jan-Mar 2009
Revenue 7,073,423,236 7,733,122,762
Cost of sales (4,625,315,341) (5,386,236,972)
Gross profit 2,448,107,895 2,346,885,790
Other income 76,319,293 20,721,291
Distribution costs (293,290,365) (238,578,263)
Administrative expenses (304,213,705) (287,992,162)
Other operating expenses (2,750,648) (22,931,072)
Profit from operations 1,924,172,470 1,818,105,584
Financial income 36,551,524 75,160,324
Financial costs (147,183,112) (242,337,537)
Net finance costs (110,631,588) (167,177,213)
Share of profits less losses of associates 13,906,776 30,843,113
Share of profits less losses of jointly controlled entities (4,956,802) (11,871,665)
Profit before income tax 1,822,490,856 1,669,899,819
Income tax (646,535,697) (781,357,267)
Profit for the year 1,175,955,159 888,542,552
Attributable to:
Equity shareholders of the Company 1,126,579,449 768,764,019
Minority interests 49,375,710 119,778,533
Profit for the year 1,175,955,159 888,542,552
Basic and diluted earnings per share 0.10 0.0712
Consolidated statement of comprehensive for the three months ended 31 March 2010
(Expressed in Renminbi Yuan)
Jan-Mar 2010 Jan-Mar 2009
Profit for the year 1,175,955,159 888,542,552
Other comprehensive income for the period
Exchange differences on translation of financial
statements of foreign subsidiaries
1,871,614 (463,166)
Available-for-sale securities, net movement
in the fair value reserve 6,126,402 30,724,335
Total comprehensive income for the period 1,183,953,175 918,803,721
Attributable to:
Equity shareholders of the Company 1,134,577,465 799,025,188
Minority interests 49,375,710 119,778,533
Total comprehensive income for the period 1,183,953,175 918,803,72113
Consolidated balance sheet at 31 March 2010
(Expressed in Renminbi Yuan)
31 Mar. 2010 31 Dec. 2009
Non-current assets
Property, plant and equipment 1,372,219,166 1,387,295,710
Lease prepayments 81,577,777 81,966,326
Investment properties 125,607,420 228,143,158
Construction in progress 656,295,796 593,208,234
Interest in associates 882,127,607 709,512,280
Interest in jointly controlled entities 2,758,203,679 2,763,877,398
Other financial assets 264,959,407 255,622,796
Deferred tax assets 1,368,025,585 1,265,649,479
Other non-current asset - -
Total non-current assets 7,509,016,437 7,285,275,381
Current assets
Inventories 35,431,337 59,998,046
Properties held for development 51,665,821,109 43,259,163,354
Properties under development 46,279,969,395 41,872,964,957
Completed properties for sale 5,906,160,193 5,311,972,269
Trade and other receivables 19,457,663,911 17,235,320,841
Financial derivatives - 740,471
Cash and cash equivalents 17,917,618,442 23,001,923,831
Total current assets 141,262,664,387 130,742,083,769
TOTAL ASSETS 148,771,680,824 138,027,359,150
EQUITY
Share capital 10,995,210,218 10,995,210,218
Reserves 27,983,983,392 26,866,813,259
Awarded Shares purchased for the Employees’
Share Award Scheme
- (486,135,416)
Total equity attributable to equity
shareholders of the Company
38,979,193,610 37,375,888,061
Minority interests 8,414,316,978 8,032,624,393
TOTAL EQUITY 47,393,510,588 45,408,512,45414
Consolidated balance sheet at 31 March 2010 (continued)
(Expressed in Renminbi Yuan)
Non-current liabilities
Interest-bearing borrowings and bonds 22,435,579,145 23,296,534,102
Deferred tax liabilities 1,162,251,129 1,221,268,786
Other long term liabilities 7,891,827 8,408,145
Provisions 37,608,857 34,355,815
Total non-current liabilities 23,643,330,958 24,560,566,848
Current liabilities
Interest-bearing borrowings 12,735,247,377 8,628,670,478
Financial derivatives 342,221 -
Trade and other payables 60,809,859,674 55,244,411,867
Current taxation 4,189,390,006 4,185,197,503
Total current liabilities 77,734,839,278 68,058,279,848
TOTAL LIABILITIES 101,378,170,236 92,618,846,696
TOTAL EQUITY AND LIABILITIES 148,771,680,824 138,027,359,150
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Consolidated cash flow statement for the three months ended 31 March 2010
(Expressed in Renminbi Yuan)
Jan-Mar.2010 Jan-Mar.2009
Cash received from sales of products 12,391,917,311 11,389,454,211
Other cash received from business operating activities 1,019,658,673 602,877,516
Cash generated from operating activities 13,411,575,984 11,992,331,727
Cash paid for purchasing of merchandise and services 15,201,450,723 4,914,160,199
Cash paid to employees or paid for employees 609,565,536 384,843,889
Tax paid for tax 2,003,606,662 1,536,684,664
Other cash paid for business operating activities 2,397,177,185 1,472,002,838
Cash used in operating activities 20,211,800,106 8,307,691,590
Net cash used in operating activities (6,800,224,122) 3,684,640,137
Proceeds from disposal of interest in other long term
investments - 80,000,000
Proceeds from investment income - 62,210,241
Proceeds from disposal fixed assets 124,484 364,892
Other cash received relating to investing activities 34,627,249 53,697,588
Cash generated from investing activities 34,751,733 196,272,721
Acquisition of fixed assets 22,032,731 14,017,126
Cash paid for acquisition of investments 1,114,037,239 13,706,499
Cash paid for acquisition of subsidiaries 313,882,526 152,911,830
Cash used in investing activities 1,449,952,496 180,635,455
Net cash used in investing activities (1,415,200,763) 15,637,266
Capital injection from minority interests of subsidiaries 781,153,094 -
Proceeds from loans and borrowings 5,227,976,679 6,946,354,133
Cash generated from financing activities 6,009,129,773 6,946,354,133
Repayment of loans and borrowings 1,893,605,140 3,100,394,756
Dividend paid to equity shareholders of the Company
and Interest paid 572,002,620 606,567,512
Cash used in financing activities 2,465,607,760 3,706,962,268
Net cash generated from financing activities 3,543,522,013 3,239,391,865
Effect of foreign exchange rates (2,202,651) 3,966,682
Net increase/(decrease) in cash and cash equivalents (4,674,105,523) 6,943,635,950
Cash and cash equivalents at 1 January 22,002,774,938 19,978,285,930
Cash and cash equivalents at 31 March 17,328,669,415 26,921,921,880
