China Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
1
Stock Code: 000024, 200024 No.:【CMPD】2010－008
Short Form of the Stock: CMPD, CMPD-B
China Merchants Property Development Co., Ltd.
The First Quarterly Report 2010 (Full Text)
§1. Important Notes
1.1 Board of Directors and the Supervisory Committee of China Merchants Property Development
Co., Ltd. (hereinafter referred to as the Company) and its directors, supervisors and senior
executives hereby confirm that there are no any fictitious statements, misleading statements, or
important omissions carried in this report, and shall take all responsibilities, individual and/or joint,
for the reality, accuracy and completion of the whole contents.
1.2 The First Quarterly Financial Report of 2010 has not been audited by CPAs.
1.3 Sun Chengming – Legal Representative the Company, Huang Peikun –CFO, and Xu Yixia
–Manager of Financial Department hereby confirm hereby confirm that the Financial Report of the
First Quarterly Report is true and complete.
1.4 This report has been prepared in Chinese and English version respectively. In the event of
differences in interpretation between the two versions, the Chinese report shall prevail.
§2. Company Profile
2.1 Main accounting highlights and financial indexes:
Unit: RMB
At the end of the report
period
At the period-end of the
last year
Changes of
increase/decrease (%)
Total assets (RMB) 47,429,575,549.00 47,897,160,497.00 -0.98%
Shareholders’ equity attributable to
shareholders of the listed company (RMB) 16,664,489,833.00 16,278,736,754.00 2.37%
Share capital (Share) 1,717,300,503.00 1,717,300,503.00 0.00%
Net asset per share attributable to
shareholders of listed company
(RMB/Share)
9.70 9.48 2.32%
In the report period The same period of last
year
Changes of
increase/decrease (%)
Total operating income (RMB) 2,424,036,323.00 823,094,572.00 194.50%
Net profit attributable to shareholders of the
listed company (RMB) 384,901,880.00 170,579,055.00 125.64%
Net cash flow arising from operating
activities (RMB) -793,859,169.00 94,612,265.00 -939.07%
Net cash flow arising from operating
activities per share (RMB/Share) -0.46 0.06 -866.67%
Basic earnings per share (RMB/Share) 0.22 0.10 120.00%
Diluted earnings per share (RMB/Share) 0.22 0.10 120.00%
Weighted average return on equity (%) 2.34% 1.13% 1.21%
Weighted average return on equity after 2.32% 1.08% 1.24%China Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
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deducting non-recurring gains and losses
(%)
Items of non-recurring gains and losses Amount in year-begin to
the end of report period
Gains and losses from the disposal of non-current assets -71,424.00
Other non-operating income and expenditure except for the aforementioned items 3,435,699.00
Influenced amount of income tax -284,088.00
Influenced amount of minority shareholders’ equities -179,928.00
Total 2,900,259.00
2.2 Total number of shareholders at the end of the report period and shares held by the top ten
shareholders with unrestricted conditions
Unit: Share
Total number of shareholders
at the end of report period
101,406
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Full name of shareholder
Amount of tradable shares
with unrestricted conditions
held at the end of report period
Type of shares
Fullgoal Tianrui Surging Area Selected Mixed Stock Fund 23,052,268 A shares
Dacheng Blue Chip Steady Stock Fund 16,499,924 A shares
Penghua Value Advanced Stock Fund 13,801,580 A shares
E Fund Shenzhen Stock Exchange 100 Exchange Traded
Fund 12,242,130 A shares
China Pacific Insurance (Group) Co., Ltd.－Traditional－
General Insurance Products -CT001Shen 11,405,620 A shares
Southern Longyuan Industry Theme Stock Fund 10,094,943 A shares
Invesco Great Wall Selected Blue Chip Stock Fund 9,367,100 A shares
Invesco Great Wall Resource Monopoly Stock Fund 8,689,366 A shares
DREYFUS PREMIER INVESTMENT FDS INC.-DREYFUS
GREATER CHINA FD 8,378,941 B shares
Rongtong Shenzhen Stock Exchange 100 Index Stock Fund 7,985,203 A shares
§3. Significant Events
3.1 Particulars about material changes in items of main accounting statement and financial index,
and explanations of reasons
√Applicable □Inapplicable
Items 2010.03.31 2009.12.31 Increase/decrease
(± %) Main reasons for changes
Transaction
financial assets 13,604,043 6,437,479 111%
Increased due to increase in NDF
contract and fluctuation in market price
of NDF in the report periodChina Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
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Account
receivable 74,654,727 118,962,896 -37% Decrease in electric bill receivable and
took back house account sold last year
Transaction
financial liabilities 4,377,347 12,829,413 -66% Decreased due to fluctuation in market
price of NDF in the report period
Staff salary
payable 84,069,999 162,832,982 -48% Payment for the salary withdrawn last
year
Taxes payable 240,298,502 589,859,453 -59% Payment for the taxes withdrawn last
year
Interests payable 30,684,178 21,872,418 40% Increases in loans
Dividends payable 46,196,258 107,751,887 -57% Payment for minority shareholders’
dividend payable last year
Items Jan-Mar 2010 Jan-Mar 2009 Increase/decrease
(± %) Main reasons for changes
Operating income 2,424,036,323 823,094,572 195% Increases of sales income of property
Operating cost 1,443,764,646 462,419,443 212% Increases of sales cost of property
Operating tax and
extras 279,890,107 88,109,440 218% Increase in sales income of property
caused the increase of taxes
Administrative
expense 50,880,224 38,405,719 32% Companies and staff increased in scope
of consolidated statement
Financial expense -1,503,577 -7,212,820 79% Increase in interest expense
Gains from
changes of fair
value
15,632,821 -76,006,380 121%
Actual delivery cost was reckoned into
investment gains, relevant losses of fair
values of NDF contract which was
confirmed at the end of last year were
offset.
Investment gains 3,915,704 87,734,540 -96%
Shenzhen CM OCT Investment Co.,
Ltd. was changed from joint-ventured
company to the subsidiary of the
Company on Oct. 1, 2009, thus the
investment gains on joint-ventured
company in this report period reduced.
Non-operating
income 5,608,501 12,605,745 -56% Projected liabilities were switched back
in the same period of last year
Income tax
expense 136,856,893 48,487,567 182%
Increase in sales income of property
caused the increase of taxes payable in
the report period
Minority
shareholders’
gains and losses
96,940,770 -1,900,413 -5201%
Increase in settlement profit of
joint-ventured company caused the
increase in minority shareholders’ gains
3.2 Analysis and explanation of significant events and their influence and solutions
□Applicable √Inapplicable
3.3 Implementations of commitments by the Company, shareholders and actual controller
√Applicable □Inapplicable
Item of Commitments Promisee Content of commitments Implementation
Commitments for Share Merger
Reform
Shekou
Industrial Zone
The Shekou Industrial Zone
promised not to sell or transfer
its own original non-outstanding
shares within 24 months since
the date when such shares
obtained the right to be listed and
traded (i.e. February 9, 2006);
not to sell the total number of
Within the report period,
the Shekou Industrial Zone
fulfilled the commitment
strictly.China Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
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shares exceeding 5% of the total
capital stock of the China
Merchants Real Estate through
the listed trades at Shenzhen
Stock Exchange within 12
months after the expiration of the
24 months hereinabove; and not
to sell the A-shares of the China
Merchants Real Estate that it has
at the price lower than 120% of
the mean arithmetical value of
closing prices for 30 trading days
prior to the announcement of the
Split-Share Reform Solution
through listed trades at Shenzhen
Stock Exchange within 36
months after the expiration of the
above-mentioned 24 months.
Commitments for share restricted
trade
Shekou
Industrial Zone
The Shekou Industrial Zone
promised not to transfer the
Company’s shares owned by it
within 36 months since the
completion of subscription of
privately-issued shares of the
Company on September 24,
2007.
Within the report period,
the Shekou Industrial Zone
fulfilled the commitment
strictly.
Other commitments (including
additional commitments)
Shekou
Industrial Zone
The Shekou Industrial Zone
promised to neither directly or
indirectly conduct or develop the
same or similar business or
projects with that of the
Company, nor found, develop,
participate in, or assist any
enterprise for Shekou Industrial
Zone or on behalf of any related
party or the third party to directly
or indirectly compete with the
Company; neither use the
information obtained from the
Company to conduct or
participate in activities to
compete with the Company, nor
conduct any other competitive
activity hurting or possibly
hurting interests of the Company.
Within the report period,
the Shekou Industrial Zone
fulfilled the commitment
strictly.
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report
period to be loss probably or the warning of its material change compared with the corresponding
period of the last year and explanation of reason
□Applicable √Inapplicable
3.5 Other significant events which need explanations
3.5.1 Particulars about securities investmentChina Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
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√Applicable □Inapplicable
Unit: RMB
No. Securitie
s kinds Stock code Short form of
the stock
Initial
investment
amount
(RMB)
Amount
held
(Share)
Book value at
period-end
(RMB)
Total
investment
proportion
of securities
in
period-end
(%)
Gains and
losses in report
period
(RMB)
1 A shares 000004 ST Guonong 1,572,275.00 489,824.00 5,574,197.00 100.00% 0.00
Other stock investment held at the end of
report period 0.00 - 0.00 0.00% 0.00
Gain/loss of the sold securities investment
in the report period - - - - 0.00
Total 1,572,275.00 - 5,574,197.00 100% 0.00
3.5.2 Registration form for receiving research, communication and interview in the report period
Date Place Method Investor Contents discussed and
materials supplied
Jan. 12, 2010 Shekou, Shenzhen Spot research China Securities
Co., Ltd.
Jan. 19, 2010 Shekou, Shenzhen Spot research Changjiang
Securities
Jan. 25, 2010 Shekou, Shenzhen Spot research Guotai Junan
Securities
Jan. 26, 2010 Shekou, Shenzhen Spot research Goldman Sachs
Jan. 27, 2010 Shekou, Shenzhen Spot research Bohai Securities
Feb. 5, 2010 Shekou, Shenzhen Spot research Customers from
CITIC Securities
Feb. 10, 2010 Shekou, Shenzhen Inquired in written
form Investors
Feb. 22, 2010 Shekou, Shenzhen Inquired in written
form Investors
Feb. 23, 2010 Shekou, Shenzhen Inquired in written
form Investors
March 1, 2010 Shekou, Shenzhen Spot research Guangzhou
Securities
March 2, 2010 Shekou, Shenzhen Spot research Daiwa Securities
Group
March31, 2010 Shekou, Shenzhen Spot research ESSENCE
SECURITIES
March 12, 2010 Shekou, Shenzhen Inquired in written
form Investors
March 15, 2010 Shekou, Shenzhen Inquired in written
form Investors
March 15, 2010 Shekou, Shenzhen Inquired in written
form
Individual
investors
March 18, 2010 Shekou, Shenzhen Spot research Zhongshan
Securities
Introduction to operations of the
Company; discussion on
development of industry;
offered disclosed information
and propaganda pamphlet on
project of the Company.China Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
6
March 22, 2010 Shekou, Shenzhen Inquired in written
form Investors
March 25, 2010 Shekou, Shenzhen Spot research Taishin Securities
March 26, 2010 Shekou, Shenzhen Spot research Customers from
J.P. MORGEN
March 29, 2010 Shekou, Shenzhen Spot research Customers from
UBS
March 29, 2010 Shekou, Shenzhen Inquired in written
form Investors
March 31, 2010 Shekou, Shenzhen Inquired in written
form Investors
3.5.3 Particulars about the explanations on other significant events
√Applicable □Inapplicable
1. In the report period, the Company continued to provide phased joint guarantee for purchaser of
commercial housing, the guarantee term was from the date of issuing loan from the mortgage bank
to the date that the bank completed handling Certificate of Land Property for purchasers. If
purchaser of commercial housing did not implement the debtors’ liabilities during the guarantee
period, the Company had the rights to take back the sold houses, thus the guarantee could not cause
actual losses to the Company. Ended as March 31, 2010, the Company provided guarantees RMB
137.06 million for the aforesaid guarantee.
2. Ended as March 31, 2010, the Company supplied joint liabilities guarantee for the bank loans of
wholly-owned subsidiary—China Merchants Power Supply, the guarantee amount was USD 30
million(its equivalents to RMB 204.85 million). The guarantee period was expired from occurring
day of loan to implementation of all the liquidation obligations in the loan contract. The Company
supplied joint liabilities guarantee for the bank loans of controlling subsidiary—Zhuhai Yuanfeng
Property Co., Ltd. (hereinafter refers to as Zhuhai Yuanfeng) and the guarantee amount was RMB
76.5 million. The guarantee period was from effective day of guarantee contract to 2 years later after
the expiration of implementation period of liabilities in the loan contract.
In the report period, it is never happen that the Company provide capital for controlling shareholders
or related parties, and provide external guarantee disobeying regulations except the aforementioned
items.
3.6 Particulars about derivatives investment
√Applicable □Inapplicable
Statement on risk analysis and control measures for
position in derivatives within the report period
(including but not limited to market, liquidity, credit,
operational and law risks.)
Within the report period, the main market risk of positions
in derivatives was the influence of the market quotation
fluctuation of Non-Deliverable Forward (NDF) trades on
the fair value change of open contracts. However, the
fundamental purpose of the Company to carry out NDF
trades is to lock up exchange rates avoiding the exchange
rate risk caused by borrowing foreign currency loans.
Therefore, with true foreign exchange loans as the base of
trades, the amounts and times of trades matched foreign
exchange loans, covering the open of risks. The risks are
controllable as the forward exchange rates are identified at
the time when trades are happening.
Being established by the Company, the trade-off system of
financial derivatives restricts the types of financial
derivatives whose trades the Company can participate inChina Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
7
and clearly provides for the trade size, approval
authorization, operating process, risk control and
supervision, and information disclosure of such a trade,
systematically ensuring the control of trade risks.
Changes in market price or fair value of invested
derivatives within the report period; and the specific
method and the set relevant assumptions and
parameters that the Company used for analyzing fair
values of derivatives shall be disclosed.
As of end of 2009, the quotation of the one-year CNY/USD
product in NDF market appreciated by approximately
2.12%; at end of March 2010, the quotation nearly
appreciated 2.2% Expectation on NDF from Market was
one with small extent appreciation on basic stability on
exchange rate of Renminbi, the gains of fair value changes
in first quarter of 2010 was RMB 15.63 million, the
delivered NDF contract investment gains was RMB -6.98
million. The analysis to fair value of derivatives of the
Company was adopted market method and fair value of
derivatives was adjusted at the end of each month.
Describe any significant change happening to the
accounting policy and audit-specific principles of
derivatives within the report period comparing with
the last report period.
N/A
3.6.1 Particulars about derivatives investment held at the end of report period
√Applicable □Inapplicable
Unit: RMB
Contract kind Contract amount
in period-begin
Contract amount
in period-end
Gains/losses in
the report period
Proportion of
contract amount
in period-end in
net assets at the
end of report
period
Forward Exchange
Transaction 1,981,741,658.00 2,387,493,688.00 8,649,415.00 14.33%
Total 1,981,741,658.00 2,387,493,688.00 8,649,415.00 14.33%
§4. Appendix
4.1 Balance sheet
Prepared by China Merchants Properties Development Co., Ltd. March 31, 2010 Unit: RMB
Balance at period-end Balance at year-begin
Items Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 8,074,523,883.00 5,422,242,742.00 9,489,490,935.00 6,268,540,842.00
Settlement provisions
Capital lent
Transaction finance asset 13,604,043.00 6,437,479.00
Notes receivable 4,990,000.00
Accounts receivable 74,654,727.00 118,962,896.00China Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
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Accounts paid in advance 6,154,439.00 8,747,313.00
Insurance receivable
Reinsurance receivables
Contract reserve of
reinsurance receivable
Interest receivable
Dividend receivable 1,090,720,147.00 1,090,720,147.00
Other receivables 1,756,585,946.00 13,454,898,923.00 1,926,509,243.00 12,504,314,805.00
Purchase restituted finance
asset
Inventories 31,705,772,358.00 30,461,181,900.00
Non-current asset due
within one year 26,754.00 26,754.00 0.00
Other current assets 564,559,273.00 624,800,651.00
Total current assets 42,200,871,423.00 19,967,861,812.00 42,636,157,171.00 19,863,575,794.00
Non-current assets:
Granted loans and
advances
Finance asset available for
sales 5,574,197.00 5,574,197.00 4,898,240.00 4,898,240.00
Held-to-maturity
investment
Long-term account
receivable 1,077,217,117.00 939,437,754.00 1,062,146,037.00 924,366,671.00
Long-term equity
investment 616,256,506.00 3,490,515,105.00 616,512,618.00 3,481,655,301.00
Investment property 2,754,696,975.00 2,787,842,250.00
Fixed assets 293,973,009.00 312,642.00 299,615,954.00 318,634.00
Construction in progress 18,335,830.00 19,254,007.00
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 42,767.00 54,121.00
Expense on Research and
Development
Goodwill
Long-term expenses to be
apportioned 176,660,051.00 110,852.00 180,194,127.00 158,628.00
Deferred income tax asset 285,947,674.00 290,485,972.00
Other non-current asset
Total non-current asset 5,228,704,126.00 4,435,950,550.00 5,261,003,326.00 4,411,397,474.00
Total assets 47,429,575,549.00 24,403,812,362.00 47,897,160,497.00 24,274,973,268.00
Current liabilities:
Short-term loans 1,399,805,314.00 630,397,000.00 1,372,929,609.00 630,397,000.00
Loan from central bankChina Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
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Absorbing deposit and
interbank deposit
Capital borrowed
Transaction financial
liabilities 4,377,347.00 12,829,413.00
Notes payable 235,464,115.00 257,896,108.00
Accounts payable 1,926,239,576.00 2,705,521,285.00
Accounts received in
advance 9,430,033,544.00 9,498,461,291.00
Selling financial asset of
repurchase
Commission charge and
commission payable
Wage payable 84,069,999.00 1,352,442.00 162,832,982.00 6,052,306.00
Taxes payable 240,298,502.00 8,609,332.00 589,859,453.00 4,514,867.00
Interest payable 30,684,178.00 15,198,931.00 21,872,418.00 9,898,520.00
Dividend payable 46,196,258.00 107,751,887.00
Other accounts payable 4,988,884,317.00 3,892,946,100.00 5,835,329,987.00 3,928,393,230.00
Reinsurance payables
Insurance contract reserve
Security trading of agency
Security sales of agency
Non-current liabilities due
within 1 year 1,428,402,300.00 750,000,000.00 1,303,501,721.00 650,000,000.00
Other current liabilities 1,977,640,165.00 77,559.00 1,843,563,001.00 77,559.00
Total current liabilities 21,792,095,615.00 5,298,581,364.00 23,712,349,155.00 5,229,333,482.00
Non-current liabilities:
Long-term loans 6,688,002,089.00 4,173,128,000.00 5,720,303,012.00 4,123,128,000.00
Bonds payable
Long-term account
payable 48,442,069.00 46,469,703.00
Special accounts payable
Projected liabilities 108,052,194.00 108,052,194.00
Deferred income tax
liabilities 960,461.00 960,461.00 731,713.00 731,713.00
Other non-current
liabilities 7,292,795.00 7,218,243.00
Total non-current liabilities 6,852,749,608.00 4,174,088,461.00 5,882,774,865.00 4,123,859,713.00
Total liabilities 28,644,845,223.00 9,472,669,825.00 29,595,124,020.00 9,353,193,195.00
Owner’s equity (or
shareholders’ equity):
Paid-in capital (or share
capital) 1,717,300,503.00 1,717,300,503.00 1,717,300,503.00 1,717,300,503.00
Capital public reserve 8,488,374,112.00 8,930,974,884.00 8,487,926,904.00 8,930,527,676.00
Less: Inventory shares
Reasonable reserve
Surplus public reserve 785,793,010.00 734,841,617.00 785,793,010.00 734,841,617.00China Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
10
Provision of general risk
Retained profit 5,599,811,490.00 3,548,025,533.00 5,214,909,610.00 3,539,110,277.00
Balance difference of
foreign currency translation 73,210,718.00 72,806,727.00
Total owner’s equity
attributable to parent company 16,664,489,833.00 14,931,142,537.00 16,278,736,754.00 14,921,780,073.00
Minority interests 2,120,240,493.00 2,023,299,723.00
Total owner’s equity 18,784,730,326.00 14,931,142,537.00 18,302,036,477.00 14,921,780,073.00
Total liabilities and owner’s
equity 47,429,575,549.00 24,403,812,362.00 47,897,160,497.00 24,274,973,268.00
4.2 Profit statement in the report period
Prepared by China Merchants Properties Development Co., Ltd. Jan.-Mar. 2010 Unit: RMB
Items ConsolidatioTnh is perPioadr ent Company ConsolidatioLna st periPoadr ent Company
I. Total operating income 2,424,036,323.00 823,094,572.00
Including: Operating income 2,424,036,323.00 823,094,572.00
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 1,828,249,580.00 -1,280,504.00 629,758,991.00 -21,588,765.00
Including: Operating cost 1,443,764,646.00 -5,940,045.00 462,419,443.00
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal
of insurance contract reserve
Bonus expense of
guarantee slip
Reinsurance expense
Operating tax and extras 279,890,107.00 88,109,440.00
Sales expenses 55,215,258.00 48,031,506.00
Administration expenses 50,880,224.00 4,659,541.00 38,405,719.00 4,300,933.00
Financial expenses -1,503,577.00 -7,212,820.00 -25,889,608.00
Losses of devaluation of
asset 2,922.00 5,703.00
Add: Changing income of
fair value(Loss is listed with
“-”)
15,632,821.00 -76,006,380.00
Investment income (Loss
is listed with “-”) 3,915,704.00 9,997,288.00 87,734,540.00 8,064,384.00
Including: Investment
income on affiliated company
and joint venture
-238,373.00 -1,140,195.00 37,293,000.00China Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
11
Exchange income (Loss is
listed with “-”)
III. Operating profit (Loss is
listed with “-”) 615,335,268.00 11,277,792.00 205,063,741.00 29,653,149.00
Add: Non-operating
income 5,608,501.00 12,605,745.00
Less: Non-operating
expense 2,244,226.00 503,277.00
Including: Disposal loss of
non-current asset 72,672.00 190,055.00
IV. Total Profit (Loss is listed
with “-”) 618,699,543.00 11,277,792.00 217,166,209.00 29,653,149.00
Less: Income tax 136,856,893.00 2,362,536.00 48,487,567.00
V. Net profit (Net loss is listed
with “-”) 481,842,650.00 8,915,256.00 168,678,642.00 29,653,149.00
Net profit attributable to
owner’s equity of parent
company
384,901,880.00 8,915,256.00 170,579,055.00 29,653,149.00
Minority shareholders’
gains and losses 96,940,770.00 -1,900,413.00
VI. Earnings per share
i. Basic earnings per share 0.2241 0.0993
ii. Diluted earnings per share 0.2241 0.0993
VII. Other consolidated income 851,199.00 447,208.00 -78,087.00
VIII. Total consolidated income 482,693,849.00 9,362,464.00 168,600,555.00 29,653,149.00
Total consolidated income
attributable to owners of parent
company
385,753,079.00 9,362,464.00 170,579,055.00 29,653,149.00
Total consolidated income
attributable to minority
shareholders
96,940,770.00 -1,978,500.00
4.3 Cash flow statement
Prepared by China Merchants Properties Development Co., Ltd. Jan.-Mar. 2010 Unit: RMB
Amount i Items Consolidation n thiPsa preenrito Cd ompany ConsolAidmatoiounn t in lasPta preenrito Cd o mpany
I. Cash flows arising from
operating activities:
Cash received from selling
commodities and providing
labor services
2,376,845,424.00 1,907,252,226.00
Net increase of customer
deposit and interbank deposit
Net increase of loan from
central bank
Net increase of capital
borrowed from other financial
institution
Cash received from
original insurance contract fee
Net cash received fromChina Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
12
reinsurance business
Net increase of insured
savings and investment
Net increase of disposal of
transaction financial asset
Cash received from interest,
commission charge and
commission
Net increase of capital
borrowed
Net increase of returned
business capital
Write-back of tax received 15,222,784.00 2,496.00
Other cash received
concerning operating activities 282,302,017.00 73,708,970.00 511,295,947.00
Subtotal of cash inflow
arising from operating activities 2,674,370,225.00 73,708,970.00 2,418,550,669.00 0.00
Cash paid for purchasing
commodities and receiving
labor service
2,144,687,245.00 340,000,000.00 1,608,732,603.00
Net increase of customer
loans and advances
Net increase of deposits in
central bank and interbank
Cash paid for original
insurance contract
compensation
Cash paid for interest,
commission charge and
commission
Cash paid for bonus of
guarantee slip
Cash paid to/for staff and
workers 229,860,929.00 4,515,097.00 149,212,811.00 4,535,598.00
Taxes paid 632,574,717.00 296,099.00 293,683,061.00 59,112.00
Other cash paid
concerning operating activities 461,106,503.00 671,751,687.00 272,309,929.00 732,577,450.00
Subtotal of cash outflow
arising from operating activities 3,468,229,394.00 1,016,562,883.00 2,323,938,404.00 737,172,160.00
Net cash flows arising
from operating activities -793,859,169.00 -942,853,913.00 94,612,265.00 -737,172,160.00
II. Cash flows arising from
investing activities:
Cash received from
recovering investment
Cash received from
investment income
Net cash received from
disposal of fixed, intangible and
other long-term assets
3,430.00 23,214.00
Net cash received from
disposal of subsidiaries and
other units
Other cash received
concerning investing activities 41,836,353.00China Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
13
Subtotal of cash inflow
from investing activities 3,430.00 41,859,567.00 0.00
Cash paid for purchasing
fixed, intangible and other
long-term assets
2,030,375.00 10,796,020.00
Cash paid for investment 28,125,469.00
Net increase of mortgaged
loans
Net cash received from
subsidiaries and other units 4,000,000.00
Other cash paid
concerning investing activities 6,977,067.00
Subtotal of cash outflow
from investing activities 37,132,911.00 14,796,020.00 0.00
Net cash flows arising
from investing activities -37,129,481.00 27,063,547.00 0.00
III. Cash flows arising from
financing activities
Cash received from
absorbing investment
Including: Cash received
from absorbing minority
shareholders’ investment by
subsidiaries
Cash received from loans 2,109,233,376.00 550,000,000.00 1,222,780,648.00 950,000,000.00
Cash received from issuing
bonds
Other cash received
concerning financing activities
Subtotal of cash inflow
from financing activities 2,109,233,376.00 550,000,000.00 1,222,780,648.00 950,000,000.00
Cash paid for settling debts 989,658,613.00 400,000,000.00 1,340,066,114.00 937,756,100.00
Cash paid for dividend and
profit distributing or interest
paying
124,798,842.00 43,444,187.00 176,520,818.00 125,066,909.00
Including: Dividend and
profit of minority shareholder
paid by subsidiaries
61,556,629.00
Other cash paid
concerning financing activities 889,447,969.00
Subtotal of cash outflow
from financing activities 2,003,905,424.00 443,444,187.00 1,516,586,932.00 1,062,823,009.00
Net cash flows arising
from financing activities 105,327,952.00 106,555,813.00 -293,806,284.00 -112,823,009.00
IV. Influence on cash and cash
equivalents due to fluctuation in
exchange rate
-581,586.00 -150,831.00 2,386.00
V. Net increase of cash and cash
equivalents -726,242,284.00 -836,298,100.00 -172,281,303.00 -849,992,783.00
Add: Balance of cash and
cash equivalents at the period
-begin
8,775,661,067.00 6,258,540,842.00 7,358,057,106.00 4,728,619,945.00
VI. Balance of cash and cash
equivalents at the period -end 8,049,418,783.00 5,422,242,742.00 7,185,775,803.00 3,878,627,162.00China Merchants Property Development Co., Ltd. The First Quarterly Report 2010 (Full Text)
14
4.4 Auditor’ report
Auditor’s opinions: Un-audited
