Report for the First Quarter of 2011－Chiwan Wharf
Stock Abbr.: Chiwan Wharf A/Chiwan Wharf B Stock Code: 000022 /200022 Announcement Serial No.2011-016
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
REPORT FOR THE FIRST QUARTER OF 2011
§1 Important Notes
1.1 The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior
management staff of Shenzhen Chiwan Wharf Holdings Limited (hereinafter referred to as “the Company”)
hereby confirm that there exists no omission, misstatement, or misleading information in this report, and
accept, individually and collectively, the responsibility for the correctness, accuracy and completeness of the
contents of this report.
1.2 All Directors, Supervisors and Senior Management Staff agreed with and guaranteed the correctness, accuracy
and completeness of the contents of this Report.
1.3 All directors attended the board session for reviewing this report.
1.4 This quarterly Financial Statements was un-audited.
1.5 Chairman of the Board Mr. Zheng Shaoping, as well as Chief Financial Officer Mr. Zhang Jianguo and Deputy
Financial Manager Ms. Ma Zhihong hereby confirm that the Financial Statements in this report is true and
complete.
1.6 This report is written in both English and Chinese. In case of any discrepancy between the two versions, the
Chinese version prevails.
§2 Company Profile
2.1 Main accounting data and financial highlights
Unit: RMB
As at 31 Mar. 2011 As at 31 Dec. 2010 +/- (%)
Total assets 6,342,756,464.00 6,202,184,742.00 2.27%
Total equity attributable to equity holders
3,366,906,135.00 3,239,549,058.00 3.93%
of the Company
Shares capital 644,763,730.00 644,763,730.00 0.00%
Net assets per share attributable to equity
5.222 5.024 3.94%
holders of the Company
Jan. –Mar. 2011 Jan. –Mar. 2010 +/- (%)
Revenue 419,926,079.00 390,868,013.00 7.43%
Net profit attributable to equity holders
127,288,677.00 131,168,775.00 -2.96%
of the Company
Net cash flows from operating activities 181,271,709.00 153,730,137.00 17.92%
Net cash flows per share from operating
0.281 0.238 18.07%
activities
Basic earnings per share 0.197 0.203 -2.96%
Diluted earnings per share 0.197 0.203 -2.96%
Weighted average return on equity (%) 3.78% 4.49% -0.71%
Weighted average return on equity after
3.78% 4.49% -0.71%
extraordinary gains and losses (%)
Items of extraordinary gains and losses
√Applicable □Non-applicable
1
Report for the First Quarter of 2011－Chiwan Wharf
Unit: RMB
Items of extraordinary gains and losses Amount Notes (if applicable)
Net gain on disposal of non-current assets 36,067.00
Other non-operating income/(expense),net 149,992.00
Tax effects -38,747.00
Minority interests effect 2,550.00
Total 149,862.00 -
2.2 Total number of shareholders and shares held by top ten shareholders holding shares not subject to trading
moratorium as at the end of the reporting period
Unit: share
36,978 shareholders ,among which 28,022 are shareholders of A
Total number of shareholders
shares and 8,956 are shareholders of B shares
Top ten shareholders holding shares not subject to trading moratorium
Number of tradable shares held
Name of shareholder at the end of the reporting Type of shares (A, B, H or other)
period
CHINA NANSHAN DEVELOPMENT (GROUP) INC. 370,802,900 A shares
KEEN FIELD ENTERPRISES LIMITED 51,475,773 B shares
CMBLSA RE FTIF TEMPLETON ASIAN GRW FD GTI 5496 40,499,107 B shares
BANK OF NEW YORK-MATTHEWS PACIFIC TIGER FUND 6,379,850 B shares
GOVERNMENT OF SINGAPORE INV. CORP.- A/C "C" 5,489,615 B shares
EMPLOYEES PROVIDENT FUND 3,545,534 B shares
MIRAE ASSET ASIA PACIFIC INFRA SECTOR EQTY
3,422,844 B shares
INVSTMT TRS 1
TEMPLETON CANADA EMERGING MKTS FUND 2,671,924 B shares
FTIF-TEMPLETON EMERGING MKT SMALLER
2,522,279 B shares
COMPANIES FUND
OMERS ADMINISTRATION CORPORATION(SC03) 2,399,492 B shares
§3 Significant Events
3.1 Significant changes in major accounting data, financial highlights and reasons for these changes
√Applicable □Non-applicable
Jan.-Mar. 2011 Jan.-Mar. 2010 +/- +/-(%)
Financial expenses 12,991,587 1,173,440 11,818,147 1007.14%
Cash paid to acquire fixed assets, intangible
(20,458,240) (45,523,897) 25,065,657 -55.06%
assets and other long-term assets
Financial expenses increased from a year earlier mainly due to the increase of interest expenses caused by the
rise of principals of borrowings and loan interest rates;
Cash paid to acquire fixed assets, intangible assets and other long-term assets decreased from a year earlier
mainly because the Machong Project was put into operation in the corresponding period of last year.
3.2 Progress of significant events
3.2.1 Non-standard audit opinion
□Applicable √Non-applicable
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Report for the First Quarter of 2011－Chiwan Wharf
3.2.2 The Company provides funds to the controlling shareholder or its related parties or provides guarantees to
external parties in violation of prescribed procedures
□Applicable √Non-applicable
3.2.3 Signing and execution of significant contracts concerning routine operation
□Applicable √Non-applicable
3.2.4 Other information
√Applicable □Non-applicable
Internal Control Progress
In accordance with the Circular Shen-Zheng-Ju-Gong-Si-Zi (2011) No.31 on Properly Handling Affairs Related to
Pilot Implementation of Internal Control Regulations in Listed Companies of Shenzhen, the Company has
formulated an internal control improvement plan. The said plan will be carried out upon review and approval at
the Fourth Special Session of the Sixth Board of Directors for 2011 and the First Special Session of the Audit
Committee under the Sixth Board of Directors for 2011 held on 27 April 2011.
3.3 Special commitments made by the Company, its shareholders and actual controller
Commitments in the reporting period or lasted to the reporting period made by the Company, its directors,
supervisors, senior executives, shareholders holding over 5% shares, actual controller and other related parties
□Applicable √Non-applicable
3.4 Reason of expected significant changes in net profit for the first half of this year compared with the same
period of last year
□Applicable √Non-applicable
3.5 Other significant events
3.5.1 Securities investment
□Applicable √Non-applicable
3.5.2 Particulars about meetings with investors in the reporting period
Topics
discussed
Type Time Location Means Investors and
information
provided
Promotional Jan. 2011 Shanghai UBS Clients of UBS Basic
activities Conference information
launched of
by security operations
firms and
investments
Receiving Jan. 2011 Conference One-on-one China Merchants Securities, UBS SDIC of the
visits from room of meeting Company
investors the and the
Company conference Goldman Sachs (Asia) L.L.C. financial
call status of the
Feb. 2011 One-on-one Changjiang Securities, Lion Fund, Dacheng Fund, SWS Company
meeting Research Co., Ltd., Bank of China Investment,
Matthews International Corporation, China AMC, First Information
State Cinda Fund, Haitong Securities, E Fund, China provided:
Merchants Fund, Industrial Securities, Rongtong Fund, Brochure of
Guosen Securities, Essence Securities, SYWG BNP the
Paribas Asset, Minsheng Royal Fund, Mizuho Company
Corporate Bank Ltd.
conference Guosen Securities
call
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Report for the First Quarter of 2011－Chiwan Wharf
Mar. 2011 One-on-one Theleme Partners LLP
meeting
3.6 Derivatives investment
□Applicable √Non-applicable
3.6.1 Derivatives held as at the end of the reporting period
□Applicable √Non-applicable
§4 Appendix（See http://www.cninfo.com.cn for details）
4.1 Balance Sheet
4.2 Income Statement
4.3 Cash Flow Statement
4.4 Report of the auditor's
Opinion of the auditor’s: Un-audited
For and on behalf of the Board
Zheng Shaoping
Chairman
Shenzhen Chiwan Wharf Holdings Limited
Dated 28th April, 2011
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Report for the First Quarter of 2011－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED AND COMPANY BALANCE SHEETS
AS AT 31 MARCH 2011
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
31-Mar-11 31-Dec-10 31-Mar-11 31-Dec-10
ASSETS
Consolidated Consolidated Company Company
Current assets
Cash at bank and on hand 932,643,471 781,720,083 581,069,273 494,364,355
Notes receivable 1,800,000 4,640,000 - 1,700,000
Accounts receivable 196,624,159 179,772,755 19,182,261 9,336,968
Advances to suppliers 32,648,681 31,256,172 2,308,260 316,780
Interests receivable 1,394,035 1,318,202 167,735 91,902
Dividends receivable - - 304,203,089 304,203,089
Other receivables 53,880,412 52,765,361 349,878,868 365,862,136
Inventories 24,798,636 23,888,526 1,030,311 1,099,168
Total current assets 1,243,789,394 1,075,361,099 1,257,839,797 1,176,974,398
Non-current assets
Available-for-sale financial assets 6,730,000 6,640,000 6,730,000 6,640,000
Long-term receivables - - 11,004,304 11,004,304
Long-term equity investments 1,171,885,195 1,149,921,886 1,790,135,148 1,589,644,572
Investment properties 36,959,689 29,379,544 28,635,348 20,991,116
Fixed assets 2,606,593,559 2,652,957,915 147,365,190 156,903,932
Construction in progress 17,903,394 14,593,516 - 450,900
Intangible assets 1,064,630,246 1,074,247,819 67,594,807 68,371,761
Goodwill 10,858,898 10,858,898 - -
Long-term prepaid expenses 63,016,062 63,848,189 5,254,761 5,299,666
Deferred tax assets 48,097,813 52,083,662 20,251,757 21,221,357
Other non-current assets 72,292,214 72,292,214 - -
Total non-current assets 5,098,967,070 5,126,823,643 2,076,971,315 1,880,527,608
TOTAL ASSETS 6,342,756,464 6,202,184,742 3,334,811,112 3,057,502,006
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Report for the First Quarter of 2011－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED AND COMPANY BALANCE SHEETS
AS AT 31 MARCH 2011 (CONTINUED)
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
31-Mar-11 31-Dec-10 31-Mar-11 31-Dec-10
LIABILITIES AND OWNERS’ EQUITY
Consolidated Consolidated Company Company
Current liabilities
Short-term borrowings 1,225,550,000 1,225,550,000 478,550,000 478,550,000
Notes payable 2,653,050 1,895,750 - -
Accounts payable 183,482,235 214,723,251 12,754,342 16,221,238
Advances from customers 2,137,271 4,769,320 662,191 3,643,835
Employee benefits payable 19,826,873 36,929,912 11,492,470 15,275,662
Taxes payable 97,848,006 100,583,520 (444,852) 605,756
Interests payable 6,128,017 2,958,406 4,367,757 1,829,970
Dividends payable 213,351,043 213,351,043 - -
Other payables 59,616,761 45,027,806 855,001,359 570,336,042
Current portion of non-current
412,951,750 412,951,750 212,500,000 212,500,000
liabilities
Total current liabilities 2,223,545,006 2,258,740,758 1,574,883,267 1,298,962,503
Non-current liabilities
Long-term borrowings - - - -
Special payable 72,654,853 69,119,645 - -
Deferred tax liabilities 1,346,400 1,324,800 1,346,400 1,324,800
Other non-current liabilities 64,654,956 65,841,707 -
-
Total non-current liabilities 138,656,209 136,286,152 1,346,400 1,324,800
Total liabilities 2,362,201,215 2,395,026,910 1,576,229,667 1,300,287,303
Owners' equity
Share capital 644,763,730 644,763,730 644,763,730 644,763,730
Capital surplus 146,188,155 144,909,755 154,174,428 154,106,028
Surplus reserve 383,570,404 383,570,404 383,570,404 383,570,404
Undistributed profits 2,205,803,149 2,079,724,472 576,072,883 574,774,541
Foreign exchange translation
(13,419,303) (13,419,303) - -
difference
Total equity attributable to equity
3,366,906,135 3,239,549,058 1,758,581,445 1,757,214,703
holders of the Company
Minority interest 613,649,114 567,608,774 - -
Total owners' equity 3,980,555,249 3,807,157,832 1,758,581,445 1,757,214,703
TOTAL LIABILITIES AND OWNERS’
6,342,756,464 6,202,184,742 3,334,811,112 3,057,502,006
EQUITY
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Report for the First Quarter of 2011－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED AND COMPANY INCOME STATEMENTS
FOR the Three Months Ended March 31 2011
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Jan.-Mar. Jan.-Mar. Jan.-Mar. Jan.-Mar.
Items 2011 2010 2011 2010
Consolidated Consolidated Company Company
Revenue 419,926,079 390,868,013 43,564,862 42,509,736
Less: cost of sales (170,438,229) (157,847,395) (28,311,652) (27,951,282)
Tax and levies on operations (17,048,042) (14,009,955) (1,888,416) (1,593,394)
General and administrative
(31,119,872) (26,513,116) (9,969,129) (8,021,769)
expenses
Finance income/(expenses) – net (12,991,587) (1,173,440) (11,172,345) (574,195)
Asset impairment reversals/
- - - -
(losses)
Add: Investment income 21,963,309 22,628,185 8,526,793 (220,539)
Including: Share of results of
21,963,309 22,628,185 2,490,576 (2,550,191)
associates
Operating profit 210,291,658 213,952,292 750,113 4,148,557
Add: Non-operating income 228,164 357,819 172,227 342,395
Less: Non-operating expenses (42,105) (39,191) (493) (17,939)
Including: Loss on disposals of
(34,068) (22,373) (493) (12,939)
non-current assets
Total profit 210,477,717 214,270,920 921,847 4,473,013
Less: Income tax (expenses)/income (37,148,700) (31,651,241) 376,495 (1,993,231)
Net profit 173,329,017 182,619,679 1,298,342 2,479,782
Attributable to equity holders of the
127,288,677 131,168,775
Company
Minority interest 46,040,340 51,450,904
Earnings per share(attributable to
equity holders of the Company)
Basic earnings per share 0.197 0.203
Diluted earnings per share 0.197 0.203
Other Comprehensive income 68,400 717,600 68,400 717,600
Total Comprehensive income 173,397,417 183,337,279 1,366,742 3,197,382
Attributable to equity holders of the
127,357,077 131,886,375
Company
Minority interest 46,040,340 51,450,904
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Report for the First Quarter of 2011－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS
FOR the Three Months Ended March 31 2011
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Jan.-Mar. Jan.-Mar. Jan.-Mar. Jan.-Mar.
2011 2010 2011 2010
Items Consolidated Consolidated company company
1. Cash flows from operating activities
Cash received from rendering of services 400,811,721 352,741,492 32,256,203 24,906,717
Refund of taxes and levies - - - -
Cash received relating to other operating
5,021,751 76,324 275,817,357 99,652,595
activities
Sub-total of cash inflows 405,833,472 352,817,816 308,073,560 124,559,312
Cash paid for goods and services (99,680,971) (81,377,866) (22,453,558) (22,287,478)
Cash paid to and on behalf of employees (67,001,610) (54,405,787) (16,322,124) (13,501,532)
Payments of taxes and levies (54,784,366) (42,140,169) (1,864,292) (2,139,587)
Cash paid relating to other operating
(3,094,816) (21,163,857) (49,272,689) (54,544,573)
activities
Sub-total of cash outflows (224,561,763) (199,087,679) (89,912,663) (92,473,170)
Net cash flows from operating activities 181,271,709 153,730,137 218,160,897 32,086,142
2. Cash flows from investing activities
Cash received from disposals of
- - 72,800,000 -
investments
Cash received from returns on
- - 4,192,586 2,329,652
investments
Net cash received from disposals of fixed
169,500 1,500,000 169,500 -
assets and intangible assets
Sub-total of cash inflows 169,500 1,500,000 77,162,086 2,329,652
Cash paid to purchase fixed assets,
(20,458,240) (45,523,897) (3,078,157) (873,490)
intangible assets and other long-term assets
Cash paid relating to others investing
- - (198,000,000) -
activities
Sub-total of cash outflows (20,458,240) (45,523,897) (201,078,157) (873,490)
Net cash flows from investing activities (20,288,740) (44,023,897) (123,916,071) 1,456,162
3. Cash flows from financing activities
Cash received from borrowings - - - -
Sub-total of cash inflows - - - -
Cash repayments of borrowings - (17,600,000) - -
Cash payments for interest expenses
(10,059,581) (2,720,413) (7,539,908) (1,369,313)
and distribution of dividends or profits
Cash paid relating to other financing
- (299,574) - -
activities
Sub-total of cash outflows (10,059,581) (20,619,987) (7,539,908) (1,369,313)
Net cash flows from financing activities (10,059,581) (20,619,987) (7,539,908) (1,369,313)
4. Effect of foreign exchange rate changes
- - - -
on cash and cash equivalents
5. Net (decrease)/increase in cash and
150,923,388 89,086,253 86,704,918 32,172,991
cash equivalents
Add: Cash and cash equivalents at
781,720,083 741,096,267 494,364,355 453,407,958
beginning of year
6. Cash and cash equivalent at end of year 932,643,471 830,182,520 581,069,273 485,580,949
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