SHENZHEN PROPERTIES & RESOURCES
DEVELOPMENT (GROUP) LTD.
THE FIRST QUARTERLY REPORT 2009
§1. Important Notice
1.1 The Board of Directors, the Supervisory Committee as well as directors,
supervisors and senior executives of Shenzhen Properties & Resources Development
(Group) Ltd (hereinafter referred to as “the Company”) warrant that this report does
not contain any false or misleading statements or omit any material facts, and will
take all responsibilities, individual and joint for the authenticity, accuracy and
completeness of the report.
1.2 No directors, supervisors or senior executives have objections to the factuality,
accuracy or completeness of this Report.
1.3 All the directors of the Company personally attended the Board Meeting.
1.4 The financial report of the first quarter of 2009 has not been audited.
1.5 Mr. Chen Yugang, Chairman of the Board of the Company, Mr. Wang Hangjun,
Person in Charge of Accounting Work and Ms. Shen Xueying, Manager of Financial
Department, hereby confirm that the Financial Report enclosed in the report is true
and complete.
§2 Company Profile
2.1 Main accounting data and financial indices
Unit: RMB Yuan
At the period-end
At the period-end
of last year
Increase/decrease
than last year (%)
Total assets 2,443,344,731.01 2,110,845,898.28 15.75%
Owner’s equity attributable to parent company 589,083,979.42 570,615,365.41 3.24%
Share capital 541,799,175.00 541,799,175.00 0.00%
Net assets per share attributable to owners of parent company 1.0873 1.0532 3.24%
In report period
Same period of last
year
Increase/decrease
than last year (%)
Operating revenue 131,156,469.72 69,197,447.08 89.54%
Net profit attributable to owners of parent company 18,477,765.64 -5,031,278.25 467.26%
Net cash flow arising from operating activities 180,749,289.03 -63,737,110.11 383.59%
Net cash flow per share arising from operating activities 0.3336 -0.1176 383.59%
Basic earnings per share 0.0341 -0.0093 467.26%
Diluted earnings per share 0.0341 -0.0093 467.26%Rerun on equity 3.14% -0.91% 4.05%
Rerun on equity after deducting no-recurring gains and losses 2.83% -1.66% 4.49%
Items of non-recurring gains and losses Amount from the year-begin to the period-end
Gains and losses from change of fair value arising from transaction
financial assets held
653,082.76
Net amount of other non-operating incomes and expenses 1,459,164.18
Impact on income tax after deducting non-recurring gains and losses -299,913.19
Total 1,812,333.75
Note: Gains and losses from change of fair value arising from transaction financial
assets held was income from stocks; Net amount of other non-operating incomes and
expenses mainly was fine for delaying payment received.
2.2 Number of shareholders and shares held by the top ten shareholders with tradable
shares
Unit: Share
Total number of shareholders
As at the end of reporting period, the Company has 24,262 shareholders in total, including 17,188
ones of A shares and 7074 ones of B shares.
Particulars about the top ten shareholders with tradable shares
Name of shareholders
Tradable shares not subject
to moratorium held
Type of shares
Zeng Ying 3748178
A share: 500000
B share: 3248178
Wang Zhihai 2091200 A share
Su Youhe 1575360 B share
深圳市金牛红贸易有限公司 1127900 A share
Shen Ling 901100 A share
Xia Qianru 800001 B share
Yue Zhiyu 703401 A share
Zhang Yunlong 700000 A share
Zhu Yong 693737
A share : 190000
B share 503737
Lu Huixi 550000 A share
Li Hongmao 550000 A share
Explanation on associated relationship among the above
shareholders or consistent action
It is unknown whether there exists associated relationship or consistent
action among the top ten shareholders holding trade shares or not.
§3 Significant Events
3.1 Particular about large-margin change of main accounting statement items and
financial index and its reason
√Applicable □Inapplicable
1. Monetary capital at the period-end was RMB 566,943,162.66, up 108.66%
compared with the year-begin, mainly because payment for the property of theImperial Garden Project and the
Xinhua Town Project and loan for project increased
in the report period;
2. Payment in advance at the period-end was RMB 6,151,143.72, up 166.79%
compared with the year-begin, mainly because income tax of Imperial Garden paid in
advance by the Company increases in the report period;
3. Accounts receivable in advance at the period-end was RMB 270,469,557.02, up
302.78% compared with the year-begin, mainly because payment from sales of
Imperial Garden and Xinhua Town Project increased in the report period;
4. Interest payable at the period-end was RMB 0, down 100% compared with the
year-begin, mainly because the Company has paid off in the report period;
5. Long-term borrowings at the period-end was RMB 543,353,754.76, up 56.03%
compared with the year-begin, mainly because the Company increased loan for
Langqiao Garden Project in the report period;
6. Retained profit at the period-end was RMB -37,452,426.47, deficit decreased by
33.04% compared with the year-begin, mainly because the Company realized profit in
the report period;
7. The Company realized operating income amounting to RMB 131,156,469.27 in the
report period, up 89.54% year-on-year, mainly because income from property
business increased;
8. The Company realized operating cost in the report period amounting to RMB
73,047,028.27, up 62.49 year-on-year, mainly because increase of income from
property business caused increase of operating cost;
9. Business tax and surcharges of the Company was RMB 15,558,017.55 in the report
period, up 330.63% year-on-year, mainly because business tax and land additional
value tax increased due to increase of income from property;
10. Financial expense in the report period was RMB 3,308,205.15, down 34.07%
year-on-year, mainly because total amount of borrowings of parent company
decreased and loan interest rate decreased year-on-year;
11. Income from change of fair value in the report period was RMB 653,082.76, up
184.70%, mainly because market value of stocks held by the Company rose up in the
report period.
12. Investment income of the Company in the report period was RMB 556,287.03,
down 88.836% year-on-year, mainly because the Company gained income from
selling *ST Changgang Steel at the same period of last year.
13. Investment income from affiliated companies and joint enterprises in the report
period was RMB 592,446.93, up 235.28% year-on-year, mainly because profit
realized by Shenzhen ITC Tian’an Property Co., Ltd, joint enterprise of the Company,
increased by a large margin year-on-year due to lease relevant property in the report
period.
14. The Company achieved a non-business income of RMB 1,616,117.36 in the
reporting period, with an increase of 1091.00% over the same period of last year. And
this was mainly because the subsidiaries received relevant belated payments in the
reporting period;
15. The income tax expenses of the Company stood at RMB 5,567,068.25 in thereporting period, increasing by
134.13% compared to the same period of last year.
And this was mainly due to that Shenzhen Huangcheng Properties Co., Ltd. (the
Company’s subsidiary) achieved a considerable increase of profits in the reporting
period;
16. In the reporting period, the Company’s operation profit, total profit and net profit
respectively stood at RMB 22,585,669.71, RMB 24,044,833.89, and RMB
18,477,765.64, with those of the same period of last year respectively as RMB
-2,761,556.21, RMB -2,653,537.67, and RMB-5,031,278.25. And the increase of the
profits was mainly because the Company’s Imperial Garden Project was
accomplished at the end of 2008 and started to generate revenues in the reporting
period;
17. From the year-begin to the period-end, the net cash flows arising from operating
activities reached RMB 180,749,280.03, with that of the same period of last year
amounting to RMB -63,737,110.11. The main reason for the increase was that the
Company received revenues arising from selling properties of the Imperial Garden
Project and the Xinhua Town Project in the reporting period.
18. From the year-begin to the period-end, the net cash flows arising from investing
activities stood at RMB -54,579.46, with that of the same period of last year reaching
RMB -3,155,802.78. And the change was mainly resulted from the increase of cash
paid for purchasing fixed assets (for instance, the purchase of new taxies) by the
subsidiaries in the same period of last year.
19. From the year-begin to the period-end, the net cash flows arising from financing
activities stood at RMB 114,539,582.64, with that of the same period of last year
amounting to RMB -31,431,409.76. And the change was mainly resulted from the
increase of project loans received by the Company in the reporting period.
20. During the period from the year-begin to the period-end, the Company’s net
increase and balance of cash and cash equivalents respectively stood at RMB
295,234,434.80, and RMB 566,943,162.66, increasing respectively by 400.10% and
294.31%% compared to the same period of last year. And this was mainly because of
the Company’s reception of revenues arising from selling properties of the Imperial
Garden Project and the Xinhua Town Project, as well as the increase of project loans
received by the Company in the reporting period.
3.2 Analysis on the progress and impacts of significant events, as well as relevant
solutions
□Applicable √Inapplicable
3.3 Implementation of commitments made by the Company, shareholders and actual
controller.
√Applicable □Inapplicable
Shenzhen Investment Holdings Co., Ltd., the actual controller of the Company,
expressed that it would establish and perfect the internal control system for non-public
information management of listed company that it has gained, supervise insider not to
buy and sell securities of the Company with non-public information, and it would notadvise other persons to
buy and sell securities of the Company, and did not betray
non-public information; it would offer name list of insiders timely, truly, exactly and
completely, which was submitted by the Company to Shenzhen Securities Regulatory
Bureau and Shenzhen Stock Exchange for recordation.
In the reporting period, none of situations that actual controller or insiders of
information buy and sell stocks of the Company with non-public information occurred.
The Company submitted non-public information to Shenzhen Securities Regulatory
Bureau as the documents for reference by month.
3.4 Warnings of possible loss or large-margin change of the accumulated net profit
made during the period from the beginning of the year to the end of the next report
period compared with the same period of the last year according to prediction, as well
as explanations on the reasons
□Applicable √Inapplicable
Achievement forenotice Making up deficit
Items
From the year-begin to the end
of next period
Same period of last
year
Increase/decrease (%)
Expected amount of accumulative net
profit (RMB’0000)
6,000-8,000 -312 Increase of 2023%-2664%
Basic earning per share (Yuan/share) 0.1107-0.1476 -0.0058 Increase of 2008%-2644%
Explanation on achievement forenotice
Reason for large-margin change of achievements: Imperial Garden Project in sales has
been completed and occupied at the end of 2008, current sales of the project was good, and
it is estimated that income from the project realized as at the end of the next report period
will increased by a large margin.
The above forecast was preliminary estimation on current sales of Imperial Garden Project,
and we reminded investors to notice that as for actual profit in the first half year of 2009,
data in Semi-annual Report 2009 was prevailed.
3.5 Other significant events
3.5.1 Securities investment
√Applicable □Inapplicable
No. Securities type
Securities
code
Short form of
securities
Initial
investment
amount (RMB)
Shares
held
Book value at
the
period-end
Proportion in
total securities
investment at
the period-end
Gains and
losses in the
report period
1
Hong Kong
stock
688
CHINA
OVERSEAS
675,175.41 210,600 2,258,710.27 66.80% 276,130.61
2
Shenzhen A
share
000001
Shenzhen
Development A
793,620.71 47,190 752,208.60 22.25% 305,791.20
3
Shenzhen A
share
000030 ST Sunrise 268,735.50 30,000 110,100.00 3.26% 46,200.00
4
Hong Kong
stock
014
HYSAN
DEV
101,606.40 6,000 69,325.20 2.05% 3,069.195
Hong Kong
stock
144
CHINA MER
HOLD
59,270.40 4,000 62,939.52 1.86% 10,089.51
6
Hong Kong
stock
3311
CHINA STATE
CON
34,221.60 48,000 56,730.24 1.68% -423.34
7
Hong Kong
stock
455
YUNNAN
ENTER
12,789.00 50,000 18,963.00 0.56% 881.95
8
Shanghai A
share
601958 Jin Mu Gu Fen 16,570.00 1,000 14,740.00 0.44% 4,670.00
9
Shanghai A
share
780186 CRCC 9,080.00 1,000 9,400.00 0.28% -640.00
10
Shanghai A
share
601898 CHINA COAL 16,830.00 1,000 8,680.00 0.26% 2,210.00
Other securities held at the period-end 29,405.36 8,724 19,475.08 0.58% 5,103.64
Gains and losses from securities sold in the report period — — — — 0.00
Total 2,017,304.38 - 3,381,271.91 100.00% 653,082.76
3.5.2 Equity of other listed companies held by the Company
√Applicable □Inapplicable
Stock
code
Short
form of
stock
Initial
investment
amount
Equity
Proportion
in this
company
Book value at
the year-end
Profit and loss
in the reporting
period
Change in the
owners’ equity in
the reporting
period
Subject
for
accounting
calculation
Source of shares
000509
S*ST
T.H.
2,962,500.00 0.33% 802,199.55 0.00 0.00
Long-term
equity
investment
Directional
purchase of
corporate shares
Total 2,962,500.00 - 802,199.55 0.00 0.00
3.5.3 Equity of other non-listed financial enterprise and companies to be listed
□Applicable √Inapplicable
3.5.4 Offering capital to controlling shareholders or related parties and external
guarantee violating stated procedure
□Applicable √Inapplicable
3.5.5 Shareholders holding shares exceeding 50% proposed or implemented plan on
increasing shares in the report period
□Applicable √Inapplicable
3.5.6 Significant contracts
□Applicable √Inapplicable
3.5.7 Reception of investigations visits in the report period
1. In the report period, the Company never received visits of institutional investors
2. In the report period, the Company received individual investors through telephone,fax and E-mail. Calls
from investors are too much to list. Problems generalized
noticed by investors were as follows:
(1) Acquaint with themselves with progress of share merger reform and inquired
when executed share merger reform again;
(2) Hope the principal shareholder of the Company increased consideration, advised
the Company to reorganize assets and wish the Company to execute share merger
reform as soon as possible’
(3) Expect the Company to definite assets to be reorganized as promised in share
merger reform plan;
(4) Whether the proprietor of the Company would be changed or not when the share
merger reform was accomplished;
(5) Inquired specific procedures and way to vote on line;
(6) Inquired sales of Imperial Garden and the Xinhua Town;
(7) Inquired whether Meisi Company lawsuit would seriously influence operating
results of the Company in 2008;
(8) Acquaint with themselves with land reserves of the Company and concerned
whether production and operation of the Company were regular;
(9) Inquired whether the Company would make up the deficits and get surpluses in
2009 and whether there were risks of delisting.
When reception of telephone consulting, the Company protected right of investors
who gained information equally according to requirements of Guidelines of Equal
Information Disclosure of Listed Companies and principle of fair information
disclosure. There was no different treatment or disclosure of non-public information
in advance to investors.
3.5.8 Another Significant Events Explanation
√Applicable □Inapplicable
1. Concerning the “Haiyi Company” Lawsuit as disclosed in the annual reports from
1999 to 2007, as well as the 2008 semi-yearly report, the Company already lodged an
appeal to the Supreme People’s Court. And the lawsuit is currently in the process of
review.
On 7 Apr. 2009, the Company received 34 copies of Notice on Execution Resumption,
which were issued by Shenzhen Intermediate People’s Court concerning the
application of 8 companies (including Haiyi Industrial (Shenzhen) Co., Ltd.) for the
execution resumption of the 34 copies of written judgments issued in 1999 by
Guangdong Higher People’s Court. And the said lawsuit was published as a
provisional public notice by the Company on Securities Times, Ta Kung Pao and
http://www.cninfo.com.cn (the designated website for the Company’s information
disclosure) dated 9 Apr. 2009.
In order to protect the legal rights and interests of the Company and all its
shareholders, the Company raised an objection against the execution according to
laws.
2. With regard to case of “Meisi Company Lawsuit” disclosed continuously by the
Company in Annual Report between 2004 and 2007, extraordinary public notice on15 Apr. 2006, extraordinary
public notice on 5 Aug. 2006, extraordinary public notice
on 11 Apr. 2007, extraordinary public notice on 19 May 2007, extraordinary public
notice on 26 Feb. 2008, extraordinary public notice on 3 Jun. 2008, extraordinary
public notice on 31 Dec. 2008 and extraordinary public notice on 13 Feb. 2009.
A civil action against the Company and Luohu Economic Development Co., Ltd. (as
joint defendants) was taken by Meisi Company to Shenzhen Municipal Futian District
People’s Court, hereafter, the Company considered that the object of action is the
larger, belonging to the case with significant influence within the area, which
Shenzhen Intermediate People’s Court should have the jurisdiction over the case. the
Company, in accordance with the provisions of the Law of Civil Procedure of the
PRC, raised its objection at the time of submitting a written reply to claim for
transferring the case to Shenzhen Intermediate People’s Court for trial. As examined
and checked, Shenzhen Municipal Futian Distric People’s Court believed that the said
objection is tenable and decided to transfer the case to Shenzhen Intermediate
People’s Court for trial, and provided for the service of notice ((2009) SFFMSC Zi
No. 939) to the Company in Mar. 2009.
§4 Appendix
4.1 Balance sheet
Prepared by Shenzhen Properties & Resources Development (Group) Ltd
31 Mar, 2009 Unit: RMB Yuan
Amount at the period-end Amount at the period-begin
Items
Consolidation Parent company Consolidation Parent company
Current Assets:
Monetary funds 566,943,162.66 6,265,765.05 271,708,727.86 7,802,612.88
Transaction financial asset 3,381,271.91 110,100.00 2,670,729.47 63,900.00
Notes receivable
Account receivable 68,698,176.96 60,807,452.63 68,605,911.80 60,405,970.89
Account paid in advance 6,151,143.72 2,305,629.53
Other account receivable 67,163,594.79 389,152,790.65 67,222,142.10 441,309,610.51
Buying back the sale of financial assets
Inventories 1,192,080,251.62 106,244,864.34 1,153,726,292.83 106,048,264.34
Non-current assets due within 1 year
Other current assets
Total current assets 1,904,417,601.66 562,580,972.67 1,566,239,433.59 615,630,358.62
Non-current assets:
Loans and advance
Available for sale financial assets
Held to maturity investments 3,000.00 3,000.00
Long-term account receivable
Long-term equity investment 81,865,677.83 184,501,310.46 81,273,230.90 183,908,863.53
Investing property 222,482,575.72 131,262,703.19 224,041,978.19 133,384,070.84
Fixed assets 100,999,929.93 45,666,142.48 104,013,870.31 46,337,392.67Construction in progress
Engineering material
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 117,775,174.97 119,402,340.92
Development expense
Goodwill
Long-term deferred expenses 2,477,912.95 2,367,638.90 2,549,186.42 2,409,176.42
Deferred tax assets 13,322,857.95 13,322,857.95
Other non-current assets
Total of non-current assets 538,927,129.35 363,797,795.03 544,606,464.69 366,039,503.46
Total assets 2,443,344,731.01 926,378,767.70 2,110,845,898.28 981,669,862.08
Current liabilities:：
Short-term borrowings 324,000,000.00 119,000,000.00 369,000,000.00 164,000,000.00
Transaction financial liabilities
Notes payable
Account payable 114,688,841.44 35,842,419.58 137,040,777.65 36,748,755.23
Account received in advance 270,469,557.02 250,503.00 67,150,023.78 122,312.00
Financial assets sold for repurchase
Handling charges and commissions payable
Employee’s compensation payable 54,942,493.29 12,434,479.42 67,254,232.19 16,228,231.70
Tax payable 90,776,374.61 631,796.88 82,322,778.74 1,198,324.42
Dividend payable
Interest payable 620,737.50 620,737.50
Other account payable 195,577,752.50 403,271,084.83 187,732,899.73 384,394,686.18
Non-current liabilities due within 1 year 80,000,000.00 70,000,000.00 100,000,000.00 90,000,000.00
Other current liabilities
Total current liabilities 1,130,455,018.86 641,430,283.71 1,011,121,449.59 693,313,047.03
Non-current liabilities:
Long-term borrowings 543,353,754.76 40,000,000.00 348,229,343.34 40,000,000.00
Bonds payable
Long-term payables
Specific payables
Accrued liabilities 61,254,234.44 61,254,234.44 61,254,234.44 61,254,234.44
Deferred tax liabilities
Other non-current liabilities 118,335,992.47 9,886,144.84 118,763,754.44 9,886,144.84
Total non-current liabilities 722,943,981.67 111,140,379.28 528,247,332.22 111,140,379.28
Total liabilities 1,853,399,000.53 752,570,662.99 1,539,368,781.81 804,453,426.31
Owner’s equity (or shareholder’ equity)
Paid-up capital (or share capital) 541,799,175.00 541,799,175.00 541,799,175.00 541,799,175.00
Capital reserves 25,332,931.52 226,883.79 25,332,931.52 226,883.79
Less: Treasury stockSurplus reserves 62,919,127.11 62,919,127.11 62,919,127.11 62,919,127.11
Provisions for general risks
Retained profits -37,452,426.47 -431,137,081.19 -55,930,192.11 -427,728,750.13
Foreign exchange difference -3,514,827.74 -3,505,676.11
Total owners' equity attributable to parent company 589,083,979.42 173,808,104.71 570,615,365.41
177,216,435.77
Minority interest 861,751.06 861,751.06
Total owner’s equity 589,945,730.48 173,808,104.71 571,477,116.47 177,216,435.77
Total liabilities and owner’s equity 2,443,344,731.01 926,378,767.70 2,110,845,898.28 981,669,862.08
13.2 Income statement
Prepared by Shenzhen Properties & Resources Development (Group) Ltd
Jan.-Mar. 2009 Unit: RMB Yuan
In this period The same period of last year
Items
Consolidation Parent company Consolidation Parent company
I. Total sales 131,156,469.72 7,172,247.55 69,197,447.08 4,948,354.53
Including: Sales 131,156,469.72 7,172,247.55 69,197,447.08 4,948,354.53
II. Total cost of sales 109,780,169.80 11,184,915.96 76,168,973.62 15,990,340.49
Including: Cost of sales 73,047,028.27 2,429,553.61 44,955,436.90 1,788,573.64
Taxes and associate charges 15,558,017.55 373,882.24 3,612,839.38 260,318.93
Sales expenses 2,708,438.21 3,421,683.20
Administrative expenses 15,158,480.62 6,528,798.52 19,161,292.00 10,243,544.22
Financial expenses 3,308,205.15 1,852,681.59 5,017,722.14 3,697,903.70
Impairment loss
Add: Gain/(loss) from change in fair value (“-”
means loss)
653,082.76 46,200.00 -771,017.31 38,951.28
Gain/(loss) from investment (“-” means loss) 556,287.03 556,287.03 4,980,987.64 2,638,090.74
Including: income form investment on affiliated
enterprise and jointly enterprise
592,446.93 592,446.93 176,699.88 176,699.88
Foreign exchange difference (“-” means loss)
III. Business profit (“-” means loss) 22,585,669.71 -3,410,181.38 -2,761,556.21 -8,364,943.94
Add: non-operation income 1,616,117.36 98,803.50 135,694.23 28,013.00
Less: non-business expense 156,953.18 96,953.18 27,675.69 500.00
Including: loss from non-current asset disposal
IV. Total profit (“-” means loss) 24,044,833.89 -3,408,331.06 -2,653,537.67 -8,337,430.94
Less: Tax expense 5,567,068.25 2,377,740.58
V. Net profit (“-” means loss) 18,477,765.64 -3,408,331.06 -5,031,278.25 -8,337,430.94
Attributable to parent company 18,477,765.64 -3,408,331.06 -5,031,278.25 -8,337,430.94
Minority interest
VI. Earnings per share
(I) Basic earnings per share 0.0341 -0.0063 -0.0093 -0.0154
(II) Diluted earnings per share 0.0341 -0.0063 -0.0093 -0.0154
13.3 Cash flow statementPrepared by Shenzhen Properties & Resources Development (Group) Ltd
Jan.-Mar. 2009 Unit: RMB Yuan
In this period The same period of last year
Items
Consolidation Parent company Consolidation Parent company
I. Cash flows from operating activities:
Cash received from sale of commodities and rendering of service 352,145,753.86 5,981,331.53 90,272,908.07
4,948,354.53
Net increase of disposal of transaction financial assets
Tax refunds received
Other cash received relating to operating activities 18,414,789.79 100,117,626.32 25,903,519.29
63,500,844.19
Subtotal of cash inflows from operating activities 370,560,543.65 106,098,957.85 116,176,427.36
68,449,198.72
Cash paid for goods and services 100,351,192.06 180,064.05 94,427,799.91 50,578.35
Cash paid to and for employees 40,352,104.85 5,598,613.16 40,749,395.57 5,391,989.55
Various taxes paid 21,836,602.74 2,083,151.46 12,656,177.71 2,437,657.59
Payment of cash relating to operating activities 27,271,354.97 44,584,294.31 32,080,164.28 51,126,296.53
Subtotal of cash outflows from operating activities 189,811,254.62 52,446,122.98 179,913,537.47
59,006,522.02
Net cash flows from operating activities 180,749,289.03 53,652,834.87 -63,737,110.11 9,442,676.70
II. Cash Flows from investment activities:
Cash received from return of investments 4,048,208.24 3,905,517.20
Cash received from investment income
Net cash received from disposal of fixed assets, intangible assets and
other long-term assets
841,859.26 841,859.26 42,850.00
Net cash received from disposal of subsidiary or other operating
business units
Other cash received relating to investment activities
Subtotal of cash inflows from investment activities 841,859.26 841,859.26 4,091,058.24 3,905,517.20
Cash paid to acquire fixed assets, intangible assets and other long-term
assets
896,438.72 663,039.46 7,038,957.00 76,928.00
Cash paid to investment 207,904.02
Net increase of pledged loans
Net cash paid for acquisition of subsidiaries and other business units
Payment of cash relating to other investment activities
Subtotal of cash outflows from investment activities 896,438.72 663,039.46 7,246,861.02 76,928.00
Net cash flows from investment activities -54,579.46 178,819.80 -3,155,802.78 3,828,589.20
III. Cash Flows from financing activities:
Cash received from absorbing investment
Including: Cash received from increase in minority interest
Cash received from borrowings 319,000,000.00 119,000,000.00 20,000,000.00 20,000,000.00
Cash received from issuance of bonds
Other cash received relating to financing activities 10,628.54
Subtotal of cash inflows from financing activities 319,000,000.00 119,000,000.00 20,010,628.54
20,000,000.00
Cash repayments of amounts borrowed 188,875,588.58 169,000,000.00 35,779,282.67 19,000,000.00
Cash paid interest expenses and distribution of dividends or profit 13,067,831.57 5,368,502.50
12,781,361.83 7,144,630.64
Including: dividends or profit paid to minority interestOther cash payments relating to financing
activities 2,516,997.21 2,881,393.80 40,160.00
Sub-total of cash outflows from financing activities 204,460,417.36 174,368,502.50 51,442,038.30
26,184,790.64
Net cash flow from financing activities 114,539,582.64 -55,368,502.50 -31,431,409.76 -6,184,790.64
IV. Effect of foreign exchange rate changes on cash and cash equivalents 142.59 -55,482.34
V. Increase in cash and cash equivalents 295,234,434.80 -1,536,847.83 -98,379,804.99 7,086,475.26
Add: Cash and cash equivalents at year-begin 271,708,727.86 7,802,612.88 242,161,687.34 10,363,712.41
VI. Cash and cash equivalents at the period-end 566,943,162.66 6,265,765.05 143,781,882.35 17,450,187.67
13.4 Auditors’ Report
Auditor’ opinion: un-audited
Board of Directors of
Shenzhen Properties & Resources Development (Group) Ltd
29 Apr. 2009
