China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Stock Code: 000024, 200024 Stock ID: CMPD, CMPD B
Announcement No. 【CMPD】2012－014
China Merchants Property Development Co., Ltd.
The 1st Quarterly Report 2012 (Full Text)
§1 Important Declaration
1.1 The Board of Directors and the directors of the Company guarantee that there are no significant omissions,
fictitious or misleading statements carried in the Report and we will accept individual and joint responsibilities for
the truthfulness, accuracy and completeness of the Report.
1.2 The financial statements carried in this report are not audited.
1.3 Mr. Lin Shaobin - the legal representative, Mr. Huang Peikun – the chief financial officer, and Ms. Xu Yixia –
the manager of accounting department declare: the financial reports carried in this report is secured for its
truthfulness and completeness.
1.4 This report is prepared both in English and Chinese. When there is any conflict in understanding, the Chinese
version shall prevail.
§2 Company Profile
2.1 Financial highlights
In RMB Yuan
Ended this report Ended previous
Changed by (%)
term year
Total asset (RMB) 84,043,438,505 79,666,494,368 5.49%
Owners’ equity attributable to the shareholders of the listed company
20,847,640,112 20,418,214,797 2.10%
(yuan)
Total capital share (shares) 1,717,300,503 1,717,300,503 0.00%
Net asset per share attributable to the shareholders of the listed
12.14 11.89 2.10%
company (Yuan/share)
Same period last
This report term Changed by (%)
year
Turnover (yuan) 3,606,361,060 2,832,919,477 27.30%
Net profit attributable to shareholders of the listed company (yuan) 429,425,315 561,570,608 -23.53%
Net Cash flow generated by business operation (RMB) -232,454,924 -928,182,873 74.96%
Net Cash flow per share generated by business operation (yuan/share) -0.14 -0.54 74.96%
Basic earnings per share (Yuan/share) 0.25 0.33 -24.21%
Diluted earnings per share (Yuan/share) 0.25 0.33 -24.21%
Weighted average net Decreased by
2.08% 3.04%
income/asset ratio (%) 0.96%
Weighted average net Decreased by
2.09% 3.03%
income/asset ratio less non-recurring gain/loss(%) 0.94%
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China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Non-recurring gain and loss items
√ applicable □ not applicable
In RMB Yuan
Amount from beginning of year to the end of report
Non-recurring gain and loss items
period
Gain/loss of non-current assets -218,023
Other non-business income and expenditures other than the above -907,503
Influenced amount of minority shareholders’ equity -105,478
Influenced amount of income tax 218,681
Total -1,012,323
2.2 Total of shareholders and the top 10 holders of unconditional shares
in shares
Total shareholders at the end of the report period (accounts) 56,630 accounts(A Share: 45,448, B share:11,182)
Top ten holders of the shares without subscription limitation
Amount of unconditional shares held at the end of
Full name of shareholder Categories
report term
National Social Insurance Foundation 102 Portfolio 15,700,000 A shares
Bank of Communications Schroders Fund Growth Stock 15,338,678 A shares
Fuguo Tianrui Fine Blend Open Fund 14,000,446 A shares
Guangdong Development Bank Growth Stock Fund 13,003,035 A shares
CM Zhangzhou Development Zone Ltd. 12,900,000 A shares
China People’s Life Insurance – dividend – dividend for individual
12,279,884 A shares
insurance
Yinhua – Dow Joans 88 Fine Selected Securities Investment Fund 12,099,687 A shares
Yifangda Shenzhen Index 100 Open Stock Fund 11,655,628 A shares
Kerui Securities Investment Fund 11,059,432 A shares
Bank of Communications Schroders Fund Blue Chip Investment 10,908,038 A股
§3 Significant Events
3.1 Details and causations of major change in major accounting subjects and financial indices
√ applicable □ not applicable
Items 2012.03.31 2011.12.31 Changed by % Major causes
Transactional
financial - 417,906 -100% Decreased by fluctuation of fair value of NDF contracts
assets
Notes
37,985,900 500,000 7497% Increase of notes from trading of the period
receivable
Non-current
asset due in 1 1,913,729 1,395,887 37% Increase of amortizable expenses
year
Trade off
financial 7,147,155 2,002,312 257% Increased by fluctuation of fair value of NDF contracts
liabilities
Notes payable 19,833,795 3,714,276 434% Increase of settlement by notes
Employees ’
122,830,467 260,490,068 -53% Decreased by disbursing of wage drawn in advance in previous year
wage payable
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China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Items Jan-Mar 2012 Jan-Mar 2011 Changed by % Major causes
Business tax
624,221,441 369,580,105 69% Increase of land VAT rate in the period
and surcharge
Sales expense 109,563,524 71,424,568 53% Business expanding and increase of ads
Financial
52,592,465 20,229,279 160% Expanding of loans
expenses
Income
from change -5,562,749 -786,656 -607% Decrease of NDF fair value
of fair value
Investment
5,028,136 20,043,550 -75% Decrease of investment gains from affiliates and joint ventures
income
Minor
shareholders’ 140,152,696 873,938 15937% Net profit from joint projects increaased
equity
3.2 Progress of significant events, their influence, countermeasures, and analysis
3.2.1 None-standard opinions
□applicable √ not applicable
3.2.2 Illegal providing of capital or guarantees to the holding shareholder or its related parties or external
parties
□applicable √ not applicable
3.2.3 Signing and execution of major business contracts
□applicable √ not applicable
3.2.4 Misc.
□applicable √ not applicable
3.3 Fulfilling of commitment issues made by the Company, shareholder, or substantial controller
Commitment made by the PLC, its directors, supervisors, executives, and shareholders with 5% or over shares of the Company, and
its substantial dominator in the report term or carried over to the report term:
√ applicable □ not applicable
Commitments The undertaker Content of Commitments Status of fulfilling
China
Merchants Will input properties including high quality lands to
Commitment in share In the report term, CMSIZ was
Shekou support the Company’s development after the share
equity relocation fully acting as committed.
Industrial Zone equity relocation.
Co., Ltd.
CMSIZ, the controlling shareholder of the Company,
promised not to conduct or participate with 3rd parties in
any business or activities possibly competing with the
Other commitments Company in terms of business, new commodities and
In the report term, CMSIZ was
(including supplementary Same as above new technology in any forms (including but not limited
fully acting as committed.
commitments) to direct operation, indirect operation, joint investment).
Never use the information obtained from the Company
to conduct or participate in and competitive activities
against the Company.
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China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
3.4 Estimated accumulative profit from the year beginning to the end of the next report period may be of
deficits; or in comparison with the same period of the previous year, give the warning of great change and
the notice to the reasons.
□applicable √ not applicable
3.5 Major events needs to be explained
3.5.1 Investment in securities
□applicable √ not applicable
3.5.2 Reception of investigations, communications, or interviews
Main content
Type of
Time/date Place Way Visitors involved and
visitors
material provided
Jan 11, 2012 Shanghai Field research Institution UBS
Telephone Institution
Jan 31, 2012 Shenzhen Orient Securities
communication
Telephone Institution
Jan 31, 2012 Shenzhen Ruixin Fangzheng
communication
Telephone Institution
Feb 2, 2012 Shenzhen Gaolin Capital
communication
Feb 03, 2012 Shenzhen Field research Institution Guangfa Fund
Telephone Institution
Feb 06, 2012 Shenzhen Ethan Capital Management Limited
communication
Institution Anxin Securities, Rongtong Fund, Huatai United
Feb 08, 2012 Shenzhen Field research
Securities
Institution Guotai Junan, Huaxia Fund, Zhongyin Fund, Jiashi
Feb 09, 2012 Shenzhen Field research
Fund
Institution Yinhua Fund, Huitianfu Fund, Jiashi Fund, Zhongjin
Feb 09, 2012 Shenzhen Field research 1. Business
Capital
summary; 2.
Telephone Institution Industrial summary;
Feb 09, 2012 Shenzhen Zhongjin
communication 3. Disclosed
Telephone Institution information and
Feb 09, 2012 Shenzhen Hanlun Fund
communication brochures 4. Visiting
of properties for
Feb 10, 2012 Shenzhen Field research Institution CITIC Securities
sale<0}
Telephone Institution
Feb 13, 2012 Shenzhen Huili Foundation
communication
Feb 16, 2012 Shenzhen Field research Institution Investigation organized by Shenyin Wanguo
Feb 17, 2012 Shenzhen Field research Institution Dongxing Securities
Feb 17, 2012 Chongqing Field research Institution Guotai Junan and its clients
Mar 01, 2012 Chongqing Field research Institution Orient Securities
Mar 06 2012 Beijing Field research Institution Guotai Junan, Huaxia Fund
Mar 19, 2012 Shenzhen Field research Institution Guotai Junan, Huaxia Fund
Telephone Institution
Mar 20, 2012 Shenzhen JEFFERIES
communication
Mar 21 2012 Shenzhen Field research Institution Shanghai Jinli Invetment
Mar 21 2012 Tianjin Field research Institution Jiashi Foundation
Guangzhou, Institution
Mar 22, 2012 Field research Shanghai Jinli Invetment
Foshan
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China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Nanjing, Institution
Mar 22, 2012 Field research Jiashi Foundation
Zhenjiang
Mar 26, 2012 Shenzhen Field research Institution open door/BNP(Paris Securities)
Mar 28, 2012 Chengdu Field research Institution Guosen Securities
Mar 29, 2012 Shenzhen Field research Institution Construction Bank International, UG found
Mar 30, 2012 Chengdu Field research Institution Zhongjin and clients
3.6 Investment in derivate financial instruments
√ applicable □ not applicable
In the report term, the major market risks of derivate investment products were the
Statement on analyzing and controlling of impacts of fluctuation of NDF contracts on the fair values. However the Company’s
risks with derivate investment in the report purpose to involve in NDF trade was to lockup the exchange rate and avoid the risks
term (including but not limited to market brought by borrowing of foreign currencies, thus it was on the basis of real borrowings
risks, liquidity risks, credit risks, operation in foreign currency, its trading amount and timing are matching with the borrowings of
risks, and legal risks. foreign currency and covers the risks. The exchange rate of the future contract has been
fixed as soon as been traded, therefore the risks are under control.
At end of March 2012, the 1-year RMB/USD NDF has quoted equal to 0.60% of
Change of derivate instrument market price devalue, while at end of December 2011, it was 1.43% of devalue, the market is still
or fair value, information disclosing on the expecting minor devalue on the NDF. Fluctuation of fair value of NDF in September
fair value, relative estimation and setting of 2011 caused RMB5.56 million of loss, no NDF contract handover has happened in the
indexes report period. Market price basis is adopted by the Company in analyzing of derivate
instrument fair value, and the fair values are adjusted at end of each month.
Statement on major alternation in
accounting polices and accounting basis on
None
derivate instruments comparing with last
year
Particular comments of the independent
directors on investment of derivate Not applicable
instruments and risk controlling
3.6.1 Derivate financial instrument stock at end of report term
√ applicable □ not applicable
In RMB Yuan
Amount of the contract
Amount of the contract Amount of the contract Gain/loss in the
Category of contracts at end of term on the net
at beginning of term at end of term report term
asset (%)
ＮＤＦContracts 630,090,000 630,090,000 -5,562,749 3.02%
Total 630,090,000 630,090,000 -5,562,749 3.02%
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China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
§4 Attachments
4.1 Balance Sheet
Prepared by China Merchants Property Development Co., Ltd. Ended March 31, 2012 RMB Yuan
Ending balance Balance at the beginning of year
Items
Consolidated Parent company Consolidated Parent company
Current asset:
Monetary capital 16,941,482,933.00 5,163,598,854.00 14,483,798,016.00 5,036,890,168.00
Settlement provision
Outgoing call loan
Transactional financial assets 417,906.00
Notes receivable 37,985,900.00 500,000.00
Account receivable 107,416,311.00 91,555,827.00
Prepayment 5,640,043.00 7,602,167.00
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable
Dividend receivable 2,820,507,241.00 2,820,507,241.00
Other account receivable 7,761,317,900.00 27,464,105,105.00 6,165,013,340.00 25,073,202,106.00
Repurchasing of financial assets
Inventories 51,660,313,047.00 51,440,184,642.00
Non-current asset due in 1 year 1,913,729.00 41,361,444.00 1,395,887.00
Other current asset 1,850,482,193.00 1,752,296,690.00
Total of current asset 78,366,552,056.00 35,489,572,644.00 73,942,764,475.00 32,930,599,515.00
Non-current assets
Disburse of consigned loans
Available-for-sale financial asset
Expired investment in possess
Long-term receivable 162,827,000.00 157,577,000.00
Long-term share equity investment 829,550,066.00 4,030,766,218.00 814,539,459.00 3,899,618,991.00
Investment real estates 3,229,998,426.00 3,267,157,629.00
Fixed assets 428,415,788.00 376,814.00 436,229,939.00 383,021.00
Construction in process 62,671,015.00 61,579,832.00
Engineering goods
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets
R&D expense
Goodwill
Long-term amortizable expenses 288,266,554.00 252,345,459.00
Differed income tax asset 675,157,600.00 734,300,575.00
Other non-current asset
Total of non-current assets 5,676,886,449.00 4,031,143,032.00 5,723,729,893.00 3,900,002,012.00
Total of assets 84,043,438,505.00 39,520,715,676.00 79,666,494,368.00 36,830,601,527.00
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China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Current liabilities
Short-term loans 3,283,300,000.00 2,746,300,000.00 2,873,202,269.00 1,846,300,000.00
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities 7,147,155.00 2,002,312.00
Notes payable 19,833,795.00 3,714,276.00
Account payable 3,476,652,022.00 4,559,318,989.00
Prepayment received 18,919,638,974.00 16,882,302,009.00
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 122,830,467.00 3,224,206.00 260,490,068.00 8,042,607.00
Tax payable 1,413,780,096.00 7,216,070.00 1,272,500,931.00 7,398,033.00
Interest payable 154,324,358.00 134,797,214.00 119,179,993.00 87,596,150.00
Dividend payable 49,582,916.00 49,582,916.00
Other account payable 6,522,451,580.00 7,711,821,299.00 6,871,412,819.00 8,073,869,394.00
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year 4,060,356,000.00 3,506,036,000 3,608,045,000.00 3,182,545,000.00
Other current liability 3,230,317,947.00 3,179,599,549.00
Total of current liability 41,260,215,310.00 14,109,394,789 39,681,351,131.00 13,205,751,184.00
Non-current liabilities
Long-term borrowings 17,747,273,375.00 9,102,501,275.00 15,621,434,375.00 7,261,992,275.00
Bond payable
Long-term payable 87,877,133.00 83,565,123.00
Special payable
Anticipated liabilities
Differed income tax liability
Other non-recurring liabilities 3,150,040.00 3,150,040.00
Total of non-current liabilities 17,838,300,548.00 9,102,501,275.00 15,708,149,538.00 7,261,992,275.00
Total of liability 59,098,515,858.00 23,211,896,064.00 55,389,500,669.00 20,467,743,459.00
Owners’ equity (or shareholders’ equity)
Capital paid in (or share capital) 1,717,300,503.00 1,717,300,503.00 1,717,300,503.00 1,717,300,503.00
Capital reserves 8,387,070,659.00 8,927,054,193.00 8,387,070,659.00 8,927,054,193.00
Less: Shares in stock
Special reserves
Surplus reserves 968,028,769.00 917,077,376.00 968,028,769.00 917,077,376.00
Common risk provision
Retained profit 9,687,471,326.00 4,747,387,540.00 9,258,046,011.00 4,801,425,996.00
Different of foreign currency translation 87,768,855.00 87,768,855.00
Total of owner’s equity belong to the parent company 20,847,640,112.00 16,308,819,612.00 20,418,214,797.00 16,362,858,068.00
Minor shareholders’ equity 4,097,282,535.00 3,858,778,902.00
Total of owners’ equity 24,944,922,647.00 16,308,819,612.00 24,276,993,699.00 16,362,858,068.00
Total of liabilities and owners’ equity 84,043,438,505.00 39,520,715,676.00 79,666,494,368.00 36,830,601,527.00
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China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
4.2 Income Statement
Prepared by China Merchants Property Development Co., Ltd. January – March 2012 in RMB
Amount of the Current Term Amount of the Previous Term
Items Parent Parent
Consolidated Consolidated
company company
I. Total revenue 3,606,361,060.00 2,832,919,477.00
Incl. Business income 3,606,361,060.00 2,832,919,477.00
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 2,765,115,171.00 53,856,053.00 2,083,793,416.00 22,763,640.00
Incl. Business cost 1,898,368,645.00 1,554,169,324.00
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net insurance policy reserves provided
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 624,221,441.00 369,580,105.00
Sales expense 109,563,524.00 71,424,568.00
Administrative expense 80,362,181.00 5,991,007.00 68,386,835.00 6,302,974.00
Financial expenses 52,592,465.00 47,865,046.00 20,229,279.00 16,460,666.00
Asset impairment loss 6,915.00 3,305.00
Plus: Gains from change of fair value (“-“ for loss) -5,562,749.00 -786,656.00
Investment gain (“-“ for loss) 5,028,136.00 -182,403.00 20,043,550.00 10,881,953.00
Incl. Investment gains from affiliates 1,755,369.00 -852,773.00 15,425,039.00 -339,021.00
Gains from currency exchange (“-“ for loss)
III. Operational profit (“-“ for loss) 840,711,276.00 -54,038,456.00 768,382,955.00 -11,881,687.00
Plus: Non business income 870,668.00 2,454,722.00
Less: Non-business expenses 1,745,394.00 847,610.00
Incl. Loss from disposal of non-current assets 298,023.00 38,026.00
IV. Gross profit (“-“ for loss) 839,836,550.00 -54,038,456.00 769,990,067.00 -11,881,687.00
Less: Income tax expenses 270,258,539.00 207,545,521.00
V. Net profit (“-“ for net loss) 569,578,011.00 -54,038,456.00 562,444,546.00 -11,881,687.00
Net profit attributable to the owners of parent company 429,425,315.00 -54,038,456.00 561,570,608.00 -11,881,687.00
Minor shareholders’ equity 140,152,696.00 873,938.00
VI. Earnings per share:
(I) Basic earnings per share 0.25 0.33
(II) Diluted earnings per share 0.25 0.33
VII. Other misc. incomes 2,417,699.00
VIII. Total of misc. incomes 569,578,011.00 -54,038,456.00 564,862,245.00 -11,881,687.00
Total of misc. incomes attributable to the owners of the
429,425,315.00 -54,038,456.00 563,988,307.00 -11,881,687.00
parent company
Total misc gains attributable to the minor shareholders 140,152,696.00 873,938.00
Merger of entities under common control, the net profit realized by the merged party was RMB0.00.
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China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
4.3 Cash Flow Statement
Prepared by China Merchants Property Development Co., Ltd. January – March 2012 in RMB
Amount of the Current Term Amount of the Previous Term
Items
Consolidated Parent company Consolidated Parent company
I. Net cash flow from business operation
Cash received from sales of products and providing
5,615,868,070.00 4,423,016,856.00
of services
Net increase of customer deposits and capital kept
for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial
bodies
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Net increase of trade financial asset disposal
Cash received as interest, processing fee, and
commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Tax returned 6,750.00
Other cash received from business operation 827,649,199.00 370,740,794.00 459,539,494.00 91,901,745.00
Sub-total of cash inflow from business activities 6,443,524,019.00 370,740,794.00 4,882,556,350.00 91,901,745.00
Cash paid for purchasing of merchandise and
3,996,265,062.00 3,516,857,557.00
services
Net increase of client trade and advance
Net increase of savings in central bank and brother
company
Cash paid for original contract claim
Cash paid for interest, processing fee and
commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 335,381,117.00 5,157,052.00 294,299,282.00 5,761,928.00
Taxes paid 867,339,244.00 1,084,183.00 893,677,175.00 331,132.00
Other cash paid for business activities 1,476,993,520.00 2,048,133,534.00 1,105,905,209.00 902,037,943.00
Sub-total of cash outflow from business activities 6,675,978,943.00 2,054,374,769.00 5,810,739,223.00 908,131,003.00
Cash flow generated by business operation, net -232,454,924.00 -1,683,633,975.00 -928,182,873.00 -816,229,258.00
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains
Net cash retrieved from disposal of fixed assets,
30,780.00 3,630.00
intangible assets, and other long-term assets
Net cash received from disposal of subsidiaries or
other operational units
Other investment-related cash received
Sub-total of cash inflow due to investment
30,780.00 3,630.00
activities
Cash paid for construction of fixed assets, intangible
3,751,329.00 19,200,263.00
assets and other long-term assets
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China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2012 (Full Text)
Cash paid as investment 85,685,238.00 184,430,000.00 98,000,000.00 178,000,000.00
Net increase of loan against pledge
Net cash received from subsidiaries and other
5,244,360.00
operational units
Other cash paid for investment activities 6,819,097.00
Sub-total of cash outflow due to investment
94,680,927.00 184,430,000.00 124,019,360.00 178,000,000.00
activities
Net cash flow generated by investment -94,650,147.00 -184,430,000.00 -124,015,730.00 -178,000,000.00
III. Cash flow generated by financing
Cash received as investment 98,000,000.00 51,250,000.00
Incl. Cash received as investment from minor
98,000,000.00 51,250,000.00
shareholders
Cash received as loans 3,615,439,000.00 2,697,009,000.00 2,146,077,138.00 862,794,500.00
Cash received from bond placing
Other financing-related cash received
Subtotal of cash inflow from financing activities 3,713,439,000.00 2,697,009,000.00 2,197,327,138.00 862,794,500.00
Cash to repay debts 627,191,269.00 483,009,000.00 905,905,283.00 731,794,500.00
Cash paid as dividend, profit, or interests 320,495,556.00 219,227,556.00 250,343,741.00 59,396,640.00
Incl. Dividend and profit paid by subsidiaries to
154,627,031.00
minor shareholders
Other cash paid for financing activities
Subtotal of cash outflow due to financing
947,686,825.00 702,236,556.00 1,156,249,024.00 791,191,140.00
activities
Net cash flow generated by financing 2,765,752,175.00 1,994,772,444.00 1,041,078,114.00 71,603,360.00
IV. Influence of exchange rate alternation on cash and
102,343.00 217.00 2,658,433.00 7,588.00
cash equivalents
V. Net increase of cash and cash equivalents 2,438,749,447.00 126,708,686.00 -8,462,056.00 -922,618,310.00
Plus: Balance of cash and cash equivalents at the
13,659,974,240.00 5,036,890,168.00 8,914,595,308.00 3,691,866,660.00
beginning of term
VI. Balance of cash and cash equivalents at the end of
16,098,723,687.00 5,163,598,854.00 8,906,133,252.00 2,769,248,350.00
term
4.4 Auditors’ Report (Not audited)
10
