Report for the Third Quarter of 2011－Chiwan Wharf
Stock code: 000022 /200022 Short form: Chiwan Wharf A/Chiwan Wharf B Announcement Serial No.2011-039
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
REPORT FOR THE THIRD 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
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,
Chinese version prevails.
§2 Company Profile
2.1 Main accounting data and financial highlights
Unit: RMB
As at 30 Sep. 2011 As at 31 Dec. 2010 +/-(%)
Total assets 6,516,469,850.00 6,202,184,742.00 5.07%
Total equity attributable to equity
3,351,849,097.00 3,239,549,058.00 3.47%
holders of the Company
Shares capital 644,763,730.00 644,763,730.00 0.00%
Net assets per share attributable to
5.199 5.024 3.48%
equity holders of the Company
To corresponding To corresponding
Jul.-Sep. 2011 Jan.-Sep. 2011
period of 2010(%) period of 2010(%)
Revenue 436,986,039.00 -7.64% 1,281,969,613.00 -1.91%
Net profit attributable to equity holders of
129,046,618.00 -24.60% 387,404,046.00 -19.31%
the Company
Net cash flows from operating activities - - 541,749,317.00 -14.29%
Net cash flows per share from operating
- - 0.840 -14.29%
activities
Basic earnings per share 0.200 -24.53% 0.601 -19.33%
Diluted earnings per share 0.200 -24.53% 0.601 -19.33%
Weighted average return on equity(%) 3.93% -30.20% 11.73% -26.13%
Weighted average return on equity after
3.93% -30.20% 11.72% -25.92%
extraordinary gain and losses(%)
Items of extraordinary gains and losses
√Applicable □Non-applicable
1
Report for the Third Quarter of 2011－Chiwan Wharf
Unit: RMB
Items of extraordinary gains and losses Amount
Net gains on disposal of non-current assets -42,931.00
Other non-operating income/(expense),net 209,746.00
Minority interests effects(after tax) 38,939.00
Tax effects -34,435.00
Total 171,319.00
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 reporting period
Unit: share
38,355 shareholders ,among which 29,287 being
Total number of shareholders shareholders of A shares and 9,068 being shareholders of B
shares
Top ten shareholders holding shares not subject to trading moratorium
Name of shareholders Name of shareholders Name of shareholders
CHINA NANSHAN DEVELOPMENT (GROUP) INC. 370,878,000 A shares
KEEN FIELD ENTERPRISES LIMITED 51,708,881 B shares
CMBLSA RE FTIF TEMPLETON ASIAN GRW FD GTI 5496 47,090,003 B shares
GOVERNMENT OF SINGAPORE INV. CORP.- A/C "C" 5,907,699 B shares
EMPLOYEES PROVIDENT FUND 3,545,534 B shares
OMERS ADMINISTRATION CORPORATION(SC03) 3,238,309 B shares
TEMPLETON CANADA EMERGING MKTS FUND 2,671,924 B shares
TEMPLETON EMERGING MKT SMALLER COMPANIES FUND 2,522,279 B shares
CHINA MERCHANTS SECURITIES (HK) CO., LTD. 2,457,869 B shares
TEMPLETON EMERGING MKTS FUND INC 2,126,967 B shares
§3 Significant Events
3.1 Significant changes in major accounting data, financial highlights and reasons for these changes.
√Applicable □Non-applicable
30-Sep-2011 31-Dec-2010 +/-(%)
Cash at bank and on hand 482,482,614 781,720,083 -38.28%
Construction in progress 375,600,238 14,593,516 2473.75%
Minority interest 752,696,151 567,608,774 32.61%
Cash at bank and on hand decreased mainly due to the dividends distributed by the Company for the year
2010 in the reporting period;
Construction in progress increased mainly because the development of the No. 13 berth extension project in
the reporting period;
Minority interests increased mainly because controlled subsidiaries realized profits on an accumulative basis.
Jul.-Sep.2011 Jul.-Sep.2010 +/-(%) Jan.-Sep.2011 Jan.-Sep.2010 +/-(%)
General and administrative
(31,103,111) (27,224,306) 14.25% (108,016,071) (82,611,953) 30.75%
expenses
Financial expenses (19,126,367) (8,310,267) 130.15% (47,732,311) (13,225,967) 260.90%
Minority interest 39,440,117 66,520,071 -40.71% 117,587,377 185,069,204 -36.46%
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Report for the Third Quarter of 2011－Chiwan Wharf
General and administrative expenses increased mainly due to the rising labor cost；
The significant increase of Financial expenses was due to the increased loan interest rates；
Minority interest decrease since net profits of holding subsidiary dropped.
Jan.-Sep.2011 Jan.-Sep.2010 +/-(%)
Cash received from disposals of investments - 146,653,951 -100.00%
Cash paid to purchase fixed assets, intangible assets and
(411,459,288) (106,261,991) 287.21%
other long-term assets
Cash paid relating to others investing activities (220,284,181) (749,655,300) -70.62%
Cash received as investment 91,940,000 - 100.00%
Cash received from borrowings 1,026,050,000 764,880,000 34.15%
Cash repayments of borrowings (996,050,000) (319,440,000) 211.81%
Cash received from disposals of investments decreased mainly because: ① In the same period of last year,
the Company was paid for selling some equities of China Merchants Maritime Logistics (Shenzhen) Ltd.;
and ②loans to associates were repaid in the corresponding period of last year；
Cash paid to purchase fixed assets, intangible assets and other long-term assets increased mainly because
more funds were input in the reporting period for the construction of the No. 13 berth extension project and
the Dongguan Machong Port project;
Cash paid relating to others investing activities decreased mainly because the Company purchased 40% share
of China Overseas Harbour Affairs (Laizhou) Co., Ltd. in the same period of last year;
Cash received as investment increased mainly because the Company received the capital contribution from
Yihai Kerry Investment Company Limited;
Cash received from borrowings increased mainly because funds needed for new projects rose on a
year-on-year basis;
Cash repayments of borrowings increased mainly because loans that was due increased when compared with
the same period of last year.
3.2 Progress of significant events, as well as analysis on their influence and solutions
3.2.1 Non-standard audit opinion
□Applicable √Non-applicable
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 Others
√Applicable □Non-applicable
Internal control progress:
As required by the Circular on Doing a Good Job in Pilot Internal Control Regulation in Listed Companies of Shenzhen
(Shen-Zheng-Ju-Gong-Si-Zi〔2011〕No. 31), the Company has completed the phase of identify control deffection, with details as
follows:
A. Various internal control procedures have been checked and a list of risks has been made.
B. A description has been given to the control procedure related to financial statements.
C. Through risk comparison and practice tests, the phase of identify control deffection has been finished and a list of internal
control defects has been formulated.
D. A remediation plan has been worked out upon discussion.
The Company is now in the phase of remediation, we are trying to remediate the internal control issues which were found in the
previous phase according to the remediation plan,.
As scheduled, PricewaterhouseCoopers Zhong Tian Certified Public Accountants Co., Ltd., the Company’s internal control auditor,
has finished the on-site work of its preliminary audit and submitted to the Company a list of problems found in its internal control
audit, upon which and the Company’s internal control defect list the remediation plan is produced upon discussion.
In line with the schedule for internal control improvement for 2011, the Company has finished the first phase (preparation) and the
second phase (identify control deffection) of the internal control improvement project, and is currently going through the third phase
(remediation). The internal control improvement project is right on schedule, with no derivation or delay.
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Report for the Third Quarter of 2011－Chiwan Wharf
3.3 Special commitments made by the company and its shareholders
□Applicable √Non-applicable
3.4 Reason of expected significant changes in net profit for the first half of this year compared with 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 and
Type Time Location Means Investors
information provided
Receiving July. 2011 Conference One-on-one Topics discussed: Basic
Jianghai Securities
visits room of meeting information of operations
from Aug. 2011 the Industrial Securities Co., Ltd and investments of the
investors Company Company and the financial
status of the Company
Sep. 2011 Magellan Financial Group, BOC
Information provided:
International(China) Limited, BOCI
Brochure of the Company
Research Limited
3.6 Derivatives investment
□Applicable √Non-applicable
3.6.1 Derivatives held as at the end of the report period
□Applicable √Non-applicable
§4 Appendix（See Attachment）
4.1 Balance Sheet
4.2 Income Statement in the report period
4.3 Income Statement from year-begin to the end of report period
4.4 Cash Flow Statement
4.5 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 26th October, 2011
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Report for the Third Quarter of 2011－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEET
FOR THE MONTH ENDED 30 SEPTEMBER 2011
(All amounts in Rmb unless otherwise stated)
[English translation for reference only]
30-Sep-11 31-Dec-10 30-Sep-11 31-Dec-10
ASSETS
The Group The Group The Company The Company
Current assets
Cash at bank and on hand 482,482,614 781,720,083 137,276,220 494,364,355
Notes receivable - 4,640,000 - 1,700,000
Accounts receivable 221,755,440 179,772,755 16,774,943 9,336,968
Advances to suppliers 27,421,283 31,256,172 650,500 316,780
Interests receivable 51,667 1,318,202 221,568 91,902
Dividends receivable - - 260,620,436 304,203,089
Other receivables 60,924,354 52,765,361 285,297,108 365,862,136
Inventories 24,716,629 23,888,526 1,026,441 1,099,168
Total current assets 817,351,987 1,075,361,099 701,867,216 1,176,974,398
Non-current assets
Available-for-sale financial
5,300,000 6,640,000 5,300,000 6,640,000
assets
Long-term receivables - - 11,004,304 11,004,304
Long-term equity investments 1,453,355,923 1,149,921,886 1,990,932,189 1,589,644,572
Investment properties 34,983,168 29,379,544 26,787,001 20,991,116
Fixed assets 2,535,097,036 2,652,957,915 144,702,447 156,903,932
Construction in progress 375,600,238 14,593,516 4,803,844 450,900
Intangible assets 1,045,387,468 1,074,247,819 66,022,229 68,371,761
Goodwill 15,244,795 10,858,898 - -
Long-term prepaid expenses 62,691,042 63,848,189 5,164,951 5,299,666
Deferred tax assets 49,787,267 52,083,662 23,183,838 21,221,357
Other non-current assets 121,670,926 72,292,214 - -
Total non-current assets 5,699,117,863 5,126,823,643 2,277,900,803 1,880,527,608
TOTAL ASSETS 6,516,469,850 6,202,184,742 2,979,768,019 3,057,502,006
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Report for the Third Quarter of 2011－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEET
FOR THE MONTH ENDED 30 SEPTEMBER 2011(CONTINUE)
(All amounts in Rmb unless otherwise stated)
[English translation for reference only]
30-Sep-11 31-Dec-10 30-Sep-11 31-Dec-10
LIABILITIES AND OWNERS’ EQUITY
The Group The Group The Company The Company
Current liabilities
Short-term borrowings 1,536,050,000 1,225,550,000 601,050,000 478,550,000
Notes payable 4,376,000 1,895,750 3,165,000 -
Accounts payable 211,384,742 214,723,251 9,495,231 16,221,238
Advances from customers 5,142,196 4,769,320 4,049,559 3,643,835
Employee benefits payable 31,754,240 36,929,912 24,406,327 15,275,662
Taxes payable 70,821,258 100,583,520 3,840,939 605,756
Interests payable 7,382,250 2,958,406 3,344,819 1,829,970
Dividends payable 213,351,043 213,351,043 - -
Other payables 56,454,022 45,027,806 865,808,886 570,336,042
Current portion of non-current liabilities 132,451,750 412,951,750 - 212,500,000
Total current liabilities 2,269,167,501 2,258,740,758 1,515,160,761 1,298,962,503
Non-current liabilities
Long-term borrowings - - - -
Special payable 79,498,695 69,119,645 - -
Deferred tax liabilities 1,003,200 1,324,800 1,003,200 1,324,800
Other non-current liabilities 62,255,206 65,841,707 - -
Total non-current liabilities 142,757,101 136,286,152 1,003,200 1,324,800
Total liabilities 2,411,924,602 2,395,026,910 1,516,163,961 1,300,287,303
Owners' equity
Paid-in capital 644,763,730 644,763,730 644,763,730 644,763,730
Capital surplus 169,541,355 144,909,755 153,087,628 154,106,028
Surplus reserve 421,692,405 383,570,404 421,692,405 383,570,404
Undistributed profits 2,129,270,910 2,079,724,472 244,060,295 574,774,541
Foreign exchange translation
(13,419,303) (13,419,303) - -
difference
Total equity attributable to equity
3,351,849,097 3,239,549,058 1,463,604,058 1,757,214,703
holders of the Company
Minority interest 752,696,151 567,608,774 - -
Total owners' equity 4,104,545,248 3,807,157,832 1,463,604,058 1,757,214,703
TOTAL LIABILITIES AND OWNERS’
6,516,469,850 6,202,184,742 2,979,768,019 3,057,502,006
EQUITY
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Report for the Third Quarter of 2011－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED AND COMPANY INCOME STATEMENT
IN THE REPORT PERIOD
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Jul.-Sep. 2011 Jul.-Sep. 2010
Items
The Group The Company The Group The Company
Revenue 436,986,039 47,804,622 473,141,532 42,483,244
Less: cost of sales (189,317,656) (32,661,421) (180,091,273) (28,163,396)
Tax and levies on operations (18,595,099) (2,109,794) (17,189,444) (1,658,784)
General and administrative
(31,103,111) (10,382,259) (27,224,306) (9,021,911)
expenses
Finance income/(expenses) – net (19,126,367) (10,919,597) (8,310,267) (2,361,121)
Asset impairment reversals/(losses) - - - -
Add: Investment income 28,379,161 10,704,726 36,940,353 8,773,736
Including: Share of results of
28,379,161 7,698,446 36,940,353 5,116,806
associates
Operating profit 207,222,967 2,436,277 277,266,595 10,051,768
Add: Non-operating income 71,946 24,917 1,863,127 482,630
Less: Non-operating expenses (94,931) (5,047) (2,150,428) (22,682)
Including: Loss on disposals of
(46,722) (5,047) (2,079,971) -
non-current assets
Total profit 207,199,982 2,456,147 276,979,294 10,511,716
Less: Income tax (expenses)/income (38,713,247) 1,258,152 (39,309,280) (2,084,565)
Net profit 168,486,735 3,714,299 237,670,014 8,427,151
Attributable to equity holders of the
129,046,618 171,149,943
Company
Minority interest 39,440,117 66,520,071
Earnings per share(attributable to
equity holders of the Company)
Basic earnings per share 0.200 0.265
Diluted earnings per share 0.200 0.265
Comprehensive income (83,600) (83,600) 725,400 725,400
Total Comprehensive income 3,630,699 238,395,414 9,152,551
168,403,135
Attributable to equity holders of the
Company 128,963,018 171,875,343
Minority interest 39,440,117 66,520,071
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Report for the Third Quarter of 2011－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED INCOME STATEMENT
FROM YEAR-BEGIN TO END OF REPORT PERIOD
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Jan.-Sep. 2011 Jan.-Sep. 2010
Items
The Group The company The Group The company
Revenue 1,281,969,613 141,279,991 1,306,903,417 126,451,382
Less: cost of sales (549,126,730) (94,931,566) (516,981,363) (91,091,215)
Tax and levies on operations (53,587,545) (6,044,851) (47,086,764) (4,814,758)
General and administrative expenses (108,016,071) (44,619,512) (82,611,953) (28,899,832)
Finance income/(expenses) – net (47,732,311) (30,445,028) (13,225,967) (5,282,002)
Asset impairment reversals/(losses) - - - -
Add: Investment income 86,823,358 34,886,070 121,357,144 41,680,567
Including: Share of results of
86,463,358 23,312,480 121,047,144 32,823,491
associates
Operating profit 610,330,314 125,104 768,354,514 38,044,142
Add: Non-operating income 359,049 234,674 4,332,301 834,675
Less: Non-operating expenses (192,234) (28,242) (2,255,785) (40,621)
Including: Loss on disposals of
(113,846) (28,222) (2,137,429) (12,939)
non-current assets
Total profit 610,497,129 331,536 770,431,030 38,838,196
Less: Income tax (expenses)/income (105,505,706) 5,601,826 (105,248,401) (4,379,633)
Net profit 504,991,423 5,933,362 665,182,629 34,458,563
Attributable to equity holders of the
387,404,046 480,113,425
Company
Minority interest 117,587,377 185,069,204
Earnings per share(attributable to
equity holders of the Company)
Basic earnings per share 0.601 0.745
Diluted earnings per share 0.601 0.745
Comprehensive income (1,018,400) (1,018,400) (93,318) (93,600)
Total Comprehensive income 4,914,962 665,089,311 34,364,963
503,973,023
Attributable to equity holders of the
480,020,107
Company 386,385,646
Minority interest 185,069,204
117,587,377
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Report for the Third Quarter of 2011－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED CASH FLOW STATEMENT
FROM YEAR-BEGIN TO END OF REPORT PERIOD
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Jan.-Sep. Jan.-Sep. Jan.-Sep. Jan.-Sep.
Items 2011 2010 2011 2010
The Group The Group The company The company
1. Cash flows from operating activities
Cash received from rendering of services 1,241,282,991 1,255,220,500 134,921,669 123,334,144
Refund of taxes and levies - - - -
Cash received relating to other operating activities 20,595,029 16,197,938 296,649,976 369,699,724
Sub-total of cash inflows 1,261,878,020 1,271,418,438 431,571,645 493,033,868
Cash paid for goods and services (302,477,754) (258,659,665) (71,452,499) (66,427,851)
Cash paid to and on behalf of employees (165,680,960) (152,885,776) (44,894,953) (41,538,002)
Payments of taxes and levies (199,959,516) (188,140,591) (6,835,065) (6,585,255)
Cash paid relating to other operating activities (52,010,473) (39,640,629) (344,229,689) (316,969,550)
Sub-total of cash outflows (720,128,703) (639,326,661) (467,412,206) (431,520,658)
Net cash flows from operating activities 541,749,317 632,091,777 (35,840,561) 61,513,210
2. Cash flows from investing activities
Cash received from disposals of investments - 146,653,951 423,300,000 94,000,000
Cash received from returns on investments 1,584,863 310,000 56,381,107 277,241,892
Net cash received from disposals of fixed assets,
389,749 11,623,449 157,083 915,341
intangible assets
Net cash received from disposals of subsidiary or
- - - -
other operating units
Sub-total of cash inflows 1,974,612 158,587,400 479,838,190 372,157,233
Cash paid to purchase fixed assets, intangible
(411,459,288) (106,261,991) (5,471,572) (3,823,003)
assets and other long-term assets
Cash paid relating to others investing activities (220,284,181) (749,655,300) (379,200,000) (779,655,300)
Sub-total of cash outflows (631,743,469) (855,917,291) (384,671,572) (783,478,303)
Net cash flows from investing activities (629,768,857) (697,329,891) 95,166,618 (411,321,070)
3. Cash flows from financing activities
Cash received as investment 91,940,000 - - -
Cash received from borrowings 1,026,050,000 764,880,000 643,550,000 483,440,000
Sub-total of cash inflows 1,117,990,000 764,880,000 643,550,000 483,440,000
Cash repayments of borrowings (996,050,000) (319,440,000) (733,550,000) (143,440,000)
Cash payments for interest expenses and
(330,671,304) (396,134,877) (324,743,567) (218,545,683)
distribution of dividends or profits
Cash paid relating to other financing activities (2,486,625) (1,001,685) (1,670,625) (1,001,685)
Sub-total of cash outflows (1,329,207,929) (716,576,562) (1,059,964,192) (362,987,368)
Net cash flows from financing activities (211,217,929) 48,303,438 (416,414,192) 120,452,632
4. Effect of foreign exchange rate changes on
- - - -
cash and cash equivalents
5. Net (decrease)/increase in cash and cash
(299,237,469) (16,934,676) (357,088,135) (229,355,228)
equivalents
Add: Cash and cash equivalents at beginning of
781,720,083 741,096,267 494,364,355 453,407,958
year
6. Cash and cash equivalent at end of year 482,482,614 724,161,591 137,276,220 224,052,730
9
