China Merchants Property Development Co., Ltd. Report Q1 2015
Stock code: 000024, 200024 Stock short name: CMPD, CM-B
Announcement No.: [CMPD] 2015－030
China Merchants Property Development Co., Ltd. Report Q1 2015
§1 Important Notice
1.1 The Board of Directors and Board of Supervisors of the Company and its directors, supervisors and officers
hereby guarantee that this report is free from any fault, misleading statement or major omission and bear joint and
several liabilities for the truthfulness, accuracy and completeness of contents described herein.
1.2 All board members have been present at the board meeting for auditing the Q1 report.
1.3 The Report Q1 2015 has not been audited by the accounting firm.
1.4 The legal representative Sun Chengming, Chief Financial Director Wu Zhenqin and Manager of Finance
Department Li Shifang hereby state that: the financial statements in the Report are authentic and complete.
1.5 The Report is made in Chinese and English. In case of any discrepancy between the two, the Chinese version
shall prevail.
§2 Change in Main Financial Data and Shareholder
2.1 Main accounting data and financial index
There is no retroactive adjustment or restatement of accounting data for previous years due to change in
accounting policies and correction of accounting errors
Increase or decrease of the
end of this report period
Reporting period Amount of last year
compared with the same
period of previous year
Operating income (yuan) 6,004,766,989.10 7,250,648,108.95 -17.18%
Net profits attributable to the listed
653,187,033.25 755,433,248.27 -13.53%
company shareholders (yuan)
Net profits attributable to shareholders of
listed company after deducting 649,379,795.26 794,757,195.17 -18.29%
non-recurring profits and losses (yuan)
Net cash flows from operating activities
-6,851,977,379.07 -4,330,633,173.95 -58.22%
(yuan)
Basic earnings per share (yuan/share) 0.25 0.29 -13.79%
Diluted earnings per share (yuan/share) 0.25 0.29 -13.79%
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China Merchants Property Development Co., Ltd. Report Q1 2015
Decrease of 0.71 percentage
Weighted average rate of return on equity 2.08% 2.79%
points
Year-on-year increase or
End of report period End of last year
decrease
Total assets (yuan) 161,577,057,955.12 151,692,365,118.58 6.52%
Net assets attributable to the shareholders
31,755,625,844.01 31,094,416,110.82 2.13%
of listed company (yuan)
Note 1: the year-on-year decrease in the net profits attributable to the shareholders of listed company in Q1 2015 was primarily
caused by the year-on-year decrease in the carryover area in Q1 2015. Reminder to the investors: the achievement of profits of the
whole year may not be estimated by the performance in Q1 due to the unbalanced quarterly distribution of real estate project
completion and carryover time.
Note 2: the year-on-year decrease in the net cash flows produced by operating activities in Q1 2015 was primarily caused by the
significant increase in payment of land price and infrastructure expenditure.
Total capital stock of the Company as of the trading day before disclosure:
Total capital stock of the Company as of the trading day
2,575,950,754
before disclosure (share)
Items and amount of extraordinary profit or loss
Unit: yuan
Items of extraordinary profit or loss Amount from beginning of year to end of report period
Losses and profits on disposal of non-current assets 2,478,144.35
Government subsidies 4,321,610.93
Other non-operating revenues and expenditures except the foregoing items 3,480,912.35
Other profit or loss items recognized by CSRC -3,752,227.93
Affected amount of minority interest income -1,834,195.12
Affected amount of income taxes -887,006.59
Total 3,807,237.99
Note: the long-term equity investment after change in control of Shenzhen Overseas Chinese Town Co., Ltd. (OCT) by the Company
is measured by fair value. The equity fair value is mainly inventory evaluation appreciation. In the period, based on the ratio of actual
carry-forward inventory area in the total salable area of inventory to be carried forward on the date of control right change of OCT,
the appreciation of long-term equity investment acknowledged by assessed appreciation value subject to corresponding written off is
RMB 3,752,227.93.
2.2 Shareholding facts of total shareholders and top ten shareholders at the end of report period
Unit: share
Total number of common 93,305 (A-shares: 82,503, B-shares: 10,802)
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China Merchants Property Development Co., Ltd. Report Q1 2015
shareholders at the end of the
reporting period
Information of shares held by the top ten common shareholders
Quantity of Pledged or frozen status
Nature of the Shareholding ratio Quantity of shares
Name of shareholder restricted Shareholding
shareholder (%) held Quantity
share held status
China Merchants Shekou State-owned
40.38% 1,040,128,975 1,040,128,975 None None
Industrial Zone Co., Ltd. corporate
Full-space Investment Overseas
5.48% 141,216,075 141,216,075 None None
Limited Co., Ltd. corporate
China Merchants Securities Overseas
2.93% 75,353,745 73,863,367 None None
(Hong Kong) Co., Ltd. corporate
FOXTROT Overseas
INTERNATIONAL corporate 1.61% 41,580,000 41,580,000 None None
LIMITED
ORIENTURE Overseas
1.55% 39,904,717 39,904,717 None None
INVESTMENT LTD corporate
GOLDEN CHINA Overseas
1.03% 26,487,893 None None None
MASTER FUND institution
Domestic
National Social Security
non-state-owned 0.86% 22,189,608 None None None
Fund 118 Portfolio
corporate
Invesco Great Wall Selected Domestic
Blue Chip Stock Type non-state-owned 0.58% 15,000,052 None None None
Securities Investment Funds corporate
Domestic
Fullgoal Tianbo Innovative
non-state-owned 0.56% 14,341,528 None None None
Theme Stock Fund
corporate
GREENWOODS CHINA Overseas
0.51% 13,031,565 None None None
ALPHA MASTER FUND institution
Shareholding status of top ten un-restricted common shareholders
Class of share
Name of shareholder Quantity of un-restricted common shares
Class of share Quantity
GOLDEN CHINA MASTER FUND 26,487,893 B share 26,487,893
National Social Security Fund 118 Portfolio 22,189,608 A share 22,189,608
Invesco Great Wall Selected Blue Chip Stock
15,000,052 A share 15,000,052
Type Securities Investment Funds
Fullgoal Tianbo Innovative Theme Stock 14,341,528 A share 14,341,528
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China Merchants Property Development Co., Ltd. Report Q1 2015
Fund
GREENWOODS CHINA ALPHA MASTER
13,031,565 B share 13,031,565
FUND
Rongtong New Blue Chip Securities
12,000,056 A share 12,000,056
investment funds
NORGES BANK 11,641,091 B share 11,641,091
Invesco Great Wall Domestic Needs Growth
10,490,450 A share 10,490,450
No Two Shares Securities Investment Funds
National Social Security Fund 413 Portfolio 10,000,000 A share 10,000,000
National Social Security Fund 101 Portfolio 8,736,473 A share 8,736,473
1. Shekou Industrial Zone and its subsidiaries - Full Space Investment Limited,
FOXTROT INTERNATIONAL LIMITED and ORIENTURE INVESTMENT LTD
are Persons Acting in Concert; GOLDEN CHINA MASTER FUND and
GREENWOODS CHINA ALPHA MASTER FUND are Persons Acting in Concert.
Statement on related relationship and acting
Dafeng International, a subsidiary of Shekou Industrial Zone, has entrusted
in concert of the above-mentioned
73,863,367 shares of the Company to China Merchants Securities (Hong Kong) Co.,
shareholders
Ltd.
2. Invesco Great Wall Selected Blue Chip Stock Type Securities Investment Funds
and Invesco Great Wall Domestic Needs Growth No. Two Shares Securities
Investment Funds are operated under the same funds management company.
Description for top ten common shareholders
participating in securities margin trading (if None
any)
§3 Important Events
3.1 Facts and cause for significant change in main accounting statement item and financial index during the
report period
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China Merchants Property Development Co., Ltd. Report Q1 2015
Unit: RMB 10,000
Increase
Items of financial and
3/31/2015 12/31/2014 Main causes of changes
liabilities decrease
(±%)
Increase in house sales amount
Notes receivable 2,688 439 512%
receivable
Dividends receivable 4,020 6,420 -37% Dividend received from associates
Increase in current funds of associated
Other receivables 1,214,783 894,186 36%
and joint enterprises receivable
Notes payable 7,031 4,734 49% Increase in payables on projects
Payment for unpaid remuneration of
Payroll payable 16,452 39,875 -59%
employee
Counting and drawing interest on
Interests payable 33,853 19,214 76%
bank loan
Dividends paid by subsidiaries to
Dividends payable 10,573 16,073 -34%
minority shareholders
Issuing medium-term bond of RMB 1
Bonds payable 403,750 301,808 34%
billion
Increased payables due to assignment
Long-term payables 351,402 10,435 3267%
of interest of the dividends
Increase
January - January - and
Items of profit or loss Main causes of changes
March 2015 March 2014 decrease
(±%)
Increase in advertisement expenses,
Sales expenses 15,403 10,892 41%
sales and service charges and labor cost
Non-operating income 1,626 629 158% Increase of penalty confiscated
Decrease in investment income due to
Investment income 1,518 11,944 -87%
the adjustment of Equity Method
Increase
January - January - and
Cash flow items Main cause of changes
March 2015 March 2014 decrease
(±%)
Net cash flows arising Increase in prepaid land funds and
-685,198 -433,063 -58%
from operating activities deposit in the current period
Sub-total of cash outflows Increase in share acquisition payment
17,341 7,150 143%
from investing activities paid
Net cash flows from Increase in share acquisition payment
-14,941 -7,150 -109%
investing activities paid
Sub-total of cash inflows
1,056,640 348,257 203% Loans newly increased in this period
from financing activities
Newly-increased loans in the current
Net cash flows from
744,729 -26,394 2922% period are more than repayment
financing activities
amount
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China Merchants Property Development Co., Ltd. Report Q1 2015
3.2 Analysis and description of key progress and influence
Inquiry index for disclosure website of
Summary of important events Date of disclosure
interim report provided.
The second interim general meeting of
shareholders of the Company in 2014 has
deliberated and passed related proposals
such as Proposal of the Company on
Issuing Plan for Publicly Issuing A Share
Convertible Bonds. On December 25,
2014, the Company received the
The detailed information has been disclosed
Acceptance Notice of Administrative
by the China Securities Journal, Securities
Licensing Application issued by the China
October 29, 2014, November 29, 2014, Times, Shanghai Securities News, Hong
Securities Regulatory Commission, which
December 3, 2014, December 26, 2014 Kong Commercial Daily, Securities Daily
has accepted and handled the application
and Cninfo.
for administrative licensing submitted by
http://www.cninfo.com.cn
the Company on the issue of the
convertible bond. The stock has been
suspended due to the major events planned
and prepared by the actual controller of
the Company. Currently, the application
has been at the stage of approval
suspension.
The detailed information has been disclosed
by the China Securities Journal, Securities
Integrated issues of real estate sector of
Times, Shanghai Securities News, Hong
the China Merchants Group Co., Ltd., the April 18, 2015, April 27, 2015
Kong Commercial Daily, Securities Daily
actual controller of the Company.
and Cninfo.
http://www.cninfo.com.cn
3.3 Commitments made by the Company or any shareholder with a shareholding over 5% of the
Company's shares in the report period or such commitments carried down into the report period
Commitmen Commitment
Commitments Commitment content Commitment time Performances
t party term
Till two years During the
After reform of non-tradable shares, land after the report period,
Commitment of Shekou
and other high-quality assets will be December 09, shareholder no commitments
equity division Industrial
continued to be input to support the 2005 longer holds the have been
reform Zone
Company development. shares of the strictly
Company fulfilled.
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China Merchants Property Development Co., Ltd. Report Q1 2015
Not to (directly or indirectly) engage in or
develop any businesses or projects with
business scopes similar to the Company;
not to establish, develop, participate in or
assist in any enterprises with any direct or
Till two years During the
indirect competition with the Company
after the report period,
Other commitments Shekou for the China Merchants Group and the
shareholder no commitments
for non-majority Industrial related parties or on behalf of any third March 19, 2008
longer holds the have been
shareholders Zone parties; not to engage in or participate in
shares of the strictly
(directly or indirectly in) activities that
Company fulfilled.
compete with the Company by taking
advantages of the information obtained
from the Company; and not to have any
other competing behaviors that infringe or
may infringe the Company interests.
Given the China Merchants Property
plans to issue publicly the convertible
bonds in 2015, the Shekou Industrial
Zone, being the controlling shareholder,
During the
makes commitment for the convertible
report period,
Shekou bonds issuance as follows: the
Commitment made Long-term commitments
Industrial Commitment party shall bear March 11, 2015
in IPO/refinancing Effective have been
Zone corresponding damage liabilities if any
strictly
irregularity actions by the China
fulfilled.
Merchants Property such as the
undisclosed land vacancy issues in the
report period caused losses to the
Company and the investors.
Has the commitment
performed in a Yes
timely manner
3.4 Predication of business performance from January to June 2014
N/A
3.5 Security investment
N/A
3.6 Notes on equities of other listed company held by the listing company
N/A
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China Merchants Property Development Co., Ltd. Report Q1 2015
3.7 Investment in derivatives
N/A
3.8 Registration form of reception of research, communication, interview, etc. during the report period
Category of Main discussion points and
Reception time Reception place Reception way Reception object
reception object information provided
January 04, 2015 Shenzhen Telephone Institution INDUSTRIAL
communication investors SECURITIES,
Haitong Securities,
Pacific Insurance,
New China Asset
January 05, 2015 Shenzhen Field research Institution Zeal Asset
investors Management
January 06, 2015 Shenzhen Telephone Individual Individual
communication investors investors
January 06, 2015 Shenzhen Telephone Institution Orient Securities
communication investors
① Introduction of the
January 07, 2015 Shenzhen Field research Institution Citic-prudential business condition of the
investors Fund, PINGAN Company;
Securities, Ping An ② Discussion on industrial
of China Asset development;
Management
③ Provision of declared
January 08, 2015 Shenzhen Telephone Institution Ping An of China information and the project
communication investors Asset brochure of the Company;
Management, GF ④ Visit to the on-sale
Securities buildings of the Company
January 09, 2015 Shenzhen Telephone Individual Individual and provision of sales
communication investors investors brochure.
January 11, 2015 Shenzhen Telephone Institution SHENYIN &
communication investors WANGUO
SECURITIES,
BOSERA FUNDS
January 12, 2015 Shenzhen Telephone Institution GF Securities
communication investors
January 13, 2015 Shenzhen Strategic Meeting Institution Guosen Securities
investors
January 14, 2015 Beijing Strategic Meeting Institution Deutsche Bank AG
investors
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China Merchants Property Development Co., Ltd. Report Q1 2015
January 14, 2015 Shanghai Strategic Meeting Institution UBS Securities
investors
January 15, 2015 Shenzhen Strategic Meeting Institution SINOLINK
investors SECURITIES
January 15, 2015 Shenzhen Telephone Individual Individual
communication investors investors
January 16, 2015 Chongqing Field research Institution Deutsche Bank AG
investors
January 16, 2015 Shenzhen Telephone Institution CITIC Securities,
communication investors SINOLINK
SECURITIES
January 19, 2015 Shenzhen Telephone Individual Individual
communication investors investors
January 21, 2015 Shenzhen Field research Institution HUA
investors INSURANCE, etc.
January 22, 2015 Shenzhen Telephone Institution Credit Suisse
communication investors Founder Securities
January 23, 2015 Shenzhen Field research Institution BOCI Securities,
investors CHINA
MERCHANTS
FUND, AIA China,
China AMC
January 23, 2015 Shenzhen Telephone Institution First Shanghai
communication investors Securities
January 26, 2015 Shenzhen Field research Institution China AMC
investors
January 27, 2015 Shenzhen Telephone Individual Individual
communication investors investors
January 28, 2015 Shenzhen Field research Institution SHENWAN
investors HONGYUAN
SECURITIES
January 29, 2015 Shenzhen Telephone Individual Individual
communication investors investors
January 29, 2015 Shenzhen Telephone Institution Libang Investment
communication investors
February 04, 2015 Shenzhen Telephone Individual Individual
communication investors investors
February 05, 2015 Shenzhen Field research Institution Galaxy Securities
investors
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China Merchants Property Development Co., Ltd. Report Q1 2015
February 09, 2015 Shenzhen Telephone Institution Orient Securities,
communication investors GF Securities
February 11, 2015 Shenzhen Telephone Institution China Investment
communication investors Securities
February 13, 2015 Shenzhen Telephone Individual Individual
communication investors investors
February 25, 2015 Shenzhen Telephone Institution GF Securities
communication investors
February 26, 2015 Shenzhen Telephone Institution Ping An of China
communication investors Asset Management
February 28, 2015 Shenzhen Telephone Individual Individual
communication investors investors
February 28, 2015 Shenzhen Telephone Institution Kingdon Capital
communication investors
March 02, 2015 Shenzhen Telephone Institution GF Securities
communication investors
March 03, 2015 Shenzhen Telephone Individual Individual
communication investors investors
March 09, 2015 Shenzhen Telephone Institution Shenwan
communication investors Hongyuan Group,
China International
Capital
Corporation
Limited, Ping An
Securities, Bank
Securities, Haitong
Securities
March 10, 2015 Shenzhen Telephone Institution GF Securities Co.,
communication investors Ltd., China Galaxy
Securities, Guotai
Jun'an Securities
March 10, 2015 Shenzhen Telephone Institution The Pacific Asset
communication investors Management
March 10, 2015 Shenzhen Telephone Individual Individual
communication investors investors
March 11, 2015 Shenzhen Telephone Individual Individual
communication investors investors
March 12, 2015 Beijing Strategic Meeting Institution PINGAN
investors Securities etc.
March 12, 2015 Shenzhen Telephone Individual Individual
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China Merchants Property Development Co., Ltd. Report Q1 2015
communication investors investors
March 13, 2015 Shenzhen Telephone Individual Individual
communication investors investors
March 13, 2015 Shenzhen Telephone Institution Yuanta Securities
communication investors
March 16, 2015 Shenzhen Field research Institution China Merchants
investors Securities,
Telligent Capital
Management
March 17, 2015 Shenzhen Telephone Individual Individual
communication investors investors
March 17, 2015 Shenzhen Telephone Institution The Pacific Asset
communication investors Management
March 18, 2015 Shenzhen Telephone Institution GTJA
communication investors
March 22, 2015 Shenzhen Telephone Individual Individual
communication investors investors
March 23, 2015 Shenzhen Telephone Institution GTJA
communication investors
March 24, 2015 Shenzhen Field research Institution Shinhan
investors Investment
March 25, 2015 Shenzhen Field research Institution China Securities,
investors China AMC,
Huatai Asset
Management, GR
Asset
March 25, 2015 Shenzhen Telephone Institution GF Securities
communication investors
March 25, 2015 Shenzhen Telephone Individual Individual
communication investors investors
March 27, 2015 Shenzhen Field research Institution Huatai Securities
investors
March 30, 2015 Shenzhen Telephone Individual Individual
communication investors investors
March 31, 2015 Shenzhen Field research Institution Samsung Securities
investors
March 31, 2015 Shenzhen Telephone Institution Shenwan
communication investors Hongyuan Group,
Yuanta Securities
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China Merchants Property Development Co., Ltd. Report Q1 2015
March 31, 2015 Shenzhen Telephone Individual Individual
communication investors investors
12
China Merchants Property Development Co., Ltd. Report Q1 2015
§4 Financial Statements
4.1 Consolidated balance sheet
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Ending balance Beginning balance
Current assets:
Monetary fund 23,461,569,409.51 22,983,386,443.02
Settlement reserves
Loans to other banks
Financial assets measured at fair
value with changes included in profits
and losses
Derivative financial assets
Notes receivable 26,883,371.16 4,390,000.00
Accounts receivable 81,740,000.60 68,311,944.30
Prepayments 2,689,304,917.22 3,619,194,870.49
Premiums receivable
Reinsurance premiums receivable
Reinsurance contract reserves
receivable
Interest receivable 16,595,520.19
Dividends receivable 40,195,980.00 64,195,980.00
Other receivables 12,147,826,607.63 8,941,860,794.39
Redemptory monetary capital for
sale
Inventory 107,800,293,368.81 101,018,636,735.26
Divided into assets held for sale
Non-current assets due within one
year
Other current assets 3,851,519,414.85 3,550,695,892.97
Total current assets 150,115,928,589.97 140,250,672,660.43
Non-current assets:
Loans released and advances
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China Merchants Property Development Co., Ltd. Report Q1 2015
Available-for-sale financial assets
Held-to-maturity investment
Long-term accounts receivable
Long-term equity investments 2,032,999,661.34 1,905,735,901.68
Investment property 5,382,121,758.70 5,447,243,949.46
Fixed assets 1,816,056,131.72 1,845,537,869.92
Construction in progress 87,305,385.66 84,973,050.61
Engineering material
Liquidation of fixed assets
Productive biological assets
Oil and gas assets
Intangible assets 507,688,641.49 511,546,467.17
Development expenses
Goodwill 159,560,861.23 159,560,861.23
Long-term deferred expenses 247,921,378.81 247,265,491.47
Deferred income tax assets 1,227,475,546.20 1,239,828,866.61
Other non-current assets
Total non-current assets 11,461,129,365.15 11,441,692,458.15
Total assets 161,577,057,955.12 151,692,365,118.58
Current liabilities:
Short-term loans 3,004,220,000.00 3,886,900,000.00
Borrowings from central bank
Receipt of deposits and deposits
from other banks
Loans from other banks
Financial liabilities which are
measured by fair value and their
changes are recorded in current profit or
loss.
Derivative financial liabilities
Notes payable 70,308,531.72 47,344,138.00
Accounts payable 13,246,761,631.28 15,213,477,059.40
Advance received 38,950,913,367.70 35,599,290,811.40
Funds from sales of repurchased
financial assets
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China Merchants Property Development Co., Ltd. Report Q1 2015
Service charges and commissions
payable
Payroll payable 164,521,991.64 398,745,343.32
Taxes payable 2,425,762,462.48 3,133,693,418.62
Interests payable 338,525,432.85 192,136,769.30
Dividends payable 105,730,312.41 160,730,318.08
Other payables 12,466,013,157.84 11,782,505,874.39
Reinsured accounts payable
Reserves for insurance contract
Receivings from securities trading
for customers
Receivings from vicariously sold
securities
Divided into liabilities held for
sale
Non-current liabilities due within
7,026,960,660.54 5,970,100,938.48
one year
Other current liabilities 3,620,259,848.50 3,729,367,673.26
Total current liabilities 81,419,977,396.96 80,114,292,344.25
Non-current liabilities:
Long-term loans 27,552,588,154.39 24,666,515,200.02
Bonds payable 4,037,495,125.76 3,018,076,924.57
Including: preferred shares
Perpetual capital
securities
Long-term payables 3,514,015,509.83 104,353,146.52
Long-term remuneration payable
Special payables:
Estimated liabilities
Deferred income 7,032,853.33 6,526,053.33
Deferred income tax liabilities 35,822,337.24 35,822,337.24
Other non-current liabilities
Total non-current liabilities 35,146,953,980.55 27,831,293,661.68
Total liabilities 116,566,931,377.51 107,945,586,005.93
Owners' equity:
Share capital 2,575,950,754.00 2,575,950,754.00
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China Merchants Property Development Co., Ltd. Report Q1 2015
Other equity instruments
Including: preferred shares
Perpetual capital
securities
Capital reserve 8,537,780,354.30 8,529,757,654.36
Less: treasury stocks
Other comprehensive income 78,901,353.52 78,901,353.52
Special reserve
Surplus reserve 1,246,228,257.72 1,246,228,257.72
General risk provisions
Undistributed profits 19,316,765,124.47 18,663,578,091.22
Total equity attributable to parent 31,755,625,844.01 31,094,416,110.82
company owners
Minority shareholders' equity 13,254,500,733.60 12,652,363,001.83
Total owners' equity 45,010,126,577.61 43,746,779,112.65
Total liabilities and owners' equity 161,577,057,955.12 151,692,365,118.58
Legal representative: Sun Chengming Accounting supervisor: Wu Zhenqin Legal representative of the accounting firm: Li
Shifang
4.2 Consolidated balance sheet of parent company
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Ending balance Beginning balance
Current assets:
Monetary fund 8,337,023,639.24 8,893,516,594.16
Financial assets measured at fair
value with changes included in profits and
losses
Derivative financial assets
Notes receivable
Accounts receivable
Prepayments
Interests receivable 31,006,992.46 25,144,020.00
Dividends receivable 2,037,168,805.28 2,037,168,805.28
Other receivables 30,135,353,618.26 29,205,557,475.48
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China Merchants Property Development Co., Ltd. Report Q1 2015
Inventory
Divided into assets held for sale
Non-current assets due within one
year
Other current assets
Total current assets 40,540,553,055.24 40,161,386,894.92
Non-current assets:
Available-for-sale financial assets
Held-to-maturity investment
Long-term accounts receivable
Long-term equity investments 9,000,588,238.51 8,926,259,288.07
Investment property
Fixed assets 1,079,665.23 1,153,721.49
Construction in progress
Engineering material
Liquidation of fixed assets
Productive biological assets
Oil and gas assets
Intangible assets
Development expenses
Goodwill
Long-term deferred expenses
Deferred income tax assets
Other non-current assets
Total non-current assets 9,001,667,903.74 8,927,413,009.56
Total assets 49,542,220,958.98 49,088,799,904.48
Current liabilities:
Short-term loans 2,390,000,000.00 3,275,000,000.00
Financial liabilities which are
measured by fair value and their changes
are recorded in current profit or loss.
Derivative financial liabilities
Notes payable
Accounts payable 263,661,394.81 320,143,894.81
Advance received
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China Merchants Property Development Co., Ltd. Report Q1 2015
Payroll payable 1,325,692.84 9,402,578.82
Taxes payable 3,660,691.70 656,908.61
Interests payable 224,723,281.25 139,423,235.44
Dividends payable
Other payables 14,175,622,292.28 14,165,111,926.02
Divided into liabilities held for sale
Non-current liabilities due within
3,081,156,550.00 4,012,581,100.00
one year
Other current liabilities
Total current liabilities 20,140,149,902.88 21,922,319,643.70
Non-current liabilities:
Long-term loans 10,953,960,340.00 9,695,442,200.00
Bonds payable 1,000,000,000.00
Including: preferred shares
Perpetual capital securities
Long-term payables
Long-term remuneration payable
Special payables:
Estimated liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 11,953,960,340.00 9,695,442,200.00
Total liabilities 32,094,110,242.88 31,617,761,843.70
Owners' equity:
Share capital 2,575,950,754.00 2,575,950,754.00
Other equity instruments
Including: preferred shares
Perpetual capital securities
Capital reserve 8,078,166,987.75 8,077,543,540.86
Less: treasury stocks
Other comprehensive income
Special reserve
Surplus reserve 1,195,276,864.72 1,195,276,864.72
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China Merchants Property Development Co., Ltd. Report Q1 2015
Undistributed profits 5,598,716,109.63 5,622,266,901.20
Total owners' equity 17,448,110,716.10 17,471,038,060.78
Total liabilities and owners' equity 49,542,220,958.98 49,088,799,904.48
4.3 Consolidated profit statement
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Amount incurred in the current period Amount incurred in the previous period
I. Total operating income 6,004,766,989.10 7,250,648,108.95
Including: operating income 6,004,766,989.10 7,250,648,108.95
Interest incomes
Earned insurance premium
Incomes from service
charges and commissions
II. Total operating cost 4,869,063,097.94 5,762,043,492.61
Including: operating cost 3,589,316,811.47 4,576,550,376.54
Interest payments
Service charges and
commission expenses
Refunded premium
Net amount of compensation
payout
Net amount of reserves for
reinsurance contract
Policy dividend payment
Reinsured expenses
Operating taxes and 766,063,061.75 732,766,975.28
surcharges
Sales expenses 154,030,602.12 108,924,801.50
Management expenses 142,895,221.55 126,611,884.99
Financial expenses 217,656,872.93 216,831,565.14
Assets impairment losses -899,471.88 357,889.16
Add: income from changes in fair
value(“-”indicates the loss)
Investment profit (“-” indicates
15,184,259.68 119,441,264.48
the loss)
Including: investment income
from affiliated enterprises and joint 15,184,259.68 93,997,490.74
ventures
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China Merchants Property Development Co., Ltd. Report Q1 2015
Exchange income (“-” indicates
the loss)
III. Operating profit (“-” indicates the
1,150,888,150.84 1,608,045,880.82
loss)
Add: non-operating income 16,264,691.70 6,294,217.87
Including: gains from disposal
2,484,735.85 400.00
of non-current assets
Less: non-operating expenses 5,984,024.07 6,920,979.31
Including: loss on disposal of
6,591.50 20,016.60
non-current assets
IV. Total profit (“-” indicates the total
1,161,168,818.47 1,607,419,119.38
loss)
Less: income tax 421,144,053.45 501,508,200.19
V. Net profit (“-” indicates the net loss) 740,024,765.02 1,105,910,919.19
Net profits attributable to parent 755,433,248.27
653,187,033.25
company owners
Gain and loss of minority 350,477,670.92
86,837,731.77
shareholders
VI. After-tax net of other comprehensive
incomes
After-tax net of other comprehensive
incomes owned by the owner of the
parent company
(I) Other comprehensive incomes
that cannot be classified into profit and
loss in the future
1. Re-measurement of
changes in net liabilities or net assets in
defined benefit plan
2. Share in other
comprehensive incomes that cannot be
reclassified into profit and loss in
investee by equity method
(II) Other comprehensive incomes
that would be classified into profit and
loss in the future
1. Shares in other
comprehensive incomes that can be
reclassified into profit and loss in
investee by equity method in the future
2. Loss and profit of
change in fair value of available-for-sale
financial assets
3. Loss and profit of
available-for-sale financial assets of
held-to-maturity investments
4. Effective part of hedge
profit and loss of cash flow
20
China Merchants Property Development Co., Ltd. Report Q1 2015
5. Translation difference in
the foreign currency financial statement
6. Others
Net of tax from other comprehensive
incomes owned by minority stockholders
VII. Total comprehensive income 740,024,765.02 1,105,910,919.19
Total consolidated income 653,187,033.25 755,433,248.27
attributable to parent company owners
Total consolidated income 86,837,731.77 350,477,670.92
attributable to minority shareholders
VIII. Earnings per share:
(I). Basic earning per share 0.25 0.29
(II) Diluted earnings per share 0.25 0.29
Legal representative: Sun Chengming Accounting supervisor: Wu Zhenqin Legal representative of the accounting firm:
Li Shifang
4.4 Profit statement of parent company
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Amount incurred in the current period Amount incurred in the previous period
I. Operating income 6,240,000.00
Less: operating cost 616,272.67 632,269.18
Operating taxes and
551,694.43
surcharges
Sales expenses
Management expenses 10,371,896.79 9,653,136.82
Financial expenses 24,035,421.98 66,606,246.26
Assets impairment losses
Add: income from changes in fair
value(“-”indicates the loss)
Investment profit (“-”
4,753,994.16 444,690.06
indicates the loss)
Including: investment income
from affiliated enterprises and joint -270,549.56 -602,942.82
ventures
II. Operating profit (“-” indicates the
-24,581,291.71 -76,446,962.20
loss)
Add: non-operating incomes 1,030,500.14
Including: gains from
disposal of non-current assets
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China Merchants Property Development Co., Ltd. Report Q1 2015
Less: non-operating expenses 2,000.00
Including: loss on disposal of
non-current assets
III. Total profit (“-” indicates the total
-23,550,791.57 -76,448,962.20
loss)
Less: income tax
IV. Net profit (“-” indicates the loss) -23,550,791.57 -76,448,962.20
V. After-tax net of other comprehensive
incomes
(I) Other comprehensive incomes
that cannot be classified into profit and
loss in the future
1. Re-measurement of
changes in net liabilities or net assets in
defined benefit plan
2. Share in other
comprehensive incomes that cannot be
reclassified into profit and loss in
investee by equity method
(II) Other comprehensive incomes
that would be classified into profit and
loss in the future
1. Shares in other
comprehensive incomes that can be
reclassified into profit and loss in
investee by equity method in the future
2. Loss and profit of
change in fair value of
available-for-sale financial assets
3. Loss and profit of
available-for-sale financial assets of
held-to-maturity investments
4. Effective part of hedge
profit and loss of cash flow
5. Translation difference in
the foreign currency financial statement
6. Others
VI. Total Comprehensive Income -23,550,791.57 -76,448,962.20
VII. Earnings per share:
(I) Basic earnings per share
(II) Diluted earnings per share
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China Merchants Property Development Co., Ltd. Report Q1 2015
4.5 Consolidated cash flow statement
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Amount incurred in the current period Amount of previous period
I. Cash flows from operating activities:
Cash received from sales of
9,467,176,552.62 8,712,833,774.91
commodities and provision of services
Net increase of deposits from
customers and other banks
Net increase of borrowings from
central bank
Net increase of loans from other
financial institutions
Cash received from receiving
insurance premium of original
insurance contract
Net cash received from
reinsurance business
Net increase of policy holder
deposits and investment funds
Disposal of financial assets
measured at fair value with changes
included in profits and losses
Cash received from interests, fees
and commissions
Net increase of loans from other
banks
Net capital increase of repurchase
business
Refunds of taxes and levies
Cash received from other
2,584,887,037.69 1,537,028,051.18
operating activities
Sub-total of cash inflows from
12,052,063,590.31 10,249,861,826.09
operating activities
Cash paid for purchasing goods
9,920,009,437.90 9,896,232,646.93
and services
Net increase of customer's loans
and advances
Net increase of deposits in central
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China Merchants Property Development Co., Ltd. Report Q1 2015
bank and other banks
Cash paid for indemnity of
original insurance contract
Cash paid for interests, service
charges and commissions
Cash paid for policy dividends
Cash paid to and for employees 668,564,480.79 532,204,002.23
Payments of taxes 2,463,927,739.20 1,952,624,916.54
Other cash paid relating to
5,851,539,311.49 2,199,433,434.34
operating activities
Sub-total of cash outflows from
18,904,040,969.38 14,580,495,000.04
operating activities
Net cash flows from operating
-6,851,977,379.07 -4,330,633,173.95
activities
II. Cash flows from investing activities:
Cash received from withdrawal of
investments
Cash received from returns on
24,000,000.00
investments
Net cash received from disposal of
fixed assets, intangible assets and other 4,283.10 400.00
long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received relating to
investing activities
Sub-total of cash inflows from
24,004,283.10 400.00
investing activities
Cash paid to acquire fixed assets,
intangible assets & other long-term 6,293,051.92 12,826,776.98
assets
Cash paid to acquire investments 167,120,344.87 58,671,105.19
Net increase of pledge loans
Net cash received from payment
of subsidiaries and other business units
Cash payments relating to other
investment activities
Sub-total of cash outflows from
173,413,396.79 71,497,882.17
investing activities
Net cash flows from investing activities -149,409,113.69 -71,497,482.17
III. Cash flows from financing
activities:
Cash received from capital
515,300,000.00 36,788,300.00
contribution
Including: cash from the
515,300,000.00 36,788,300.00
investment of minority shareholders of
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China Merchants Property Development Co., Ltd. Report Q1 2015
the subsidiaries
Cash received from borrowings 5,665,126,014.37 3,445,780,180.83
Cash from issue of bonds 1,000,000,000.00
Other cash received relating to
3,385,975,022.96
financing activities
Sub-total of cash inflows from
10,566,401,037.33 3,482,568,480.83
financing activities
Cash repayments of amounts
2,638,042,377.94 3,579,257,370.29
borrowed
Cash payments for interest
expenses and distribution of dividends 481,069,809.56 167,253,691.34
or profit
Including: dividends and profits
paid by subsidiaries to minority 52,702,869.43 5,000,000.00
shareholders
Other cash payments relating to
financing activities
Sub-total of cash outflows from
3,119,112,187.50 3,746,511,061.63
financing activities
Net cash flows from financing
7,447,288,849.83 -263,942,580.80
activities
IV. Influence of exchange rate change
32,280,609.42 22,165,455.69
on cash and cash equivalents
V. Net increase of cash and cash
478,182,966.49 -4,643,907,781.23
equivalents
Add: balance of cash and cash
22,947,760,259.27 24,235,680,921.50
equivalents at the beginning of period
VI. Balance of cash and cash
23,425,943,225.76 19,591,773,140.27
equivalents at the end of period
4.6 Cash flow statement of parent company
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Amount incurred in the current period Amount incurred in the previous period
I. Cash flows from operating activities:
Cash received from sales of
6,240,000.00
commodities and provision of services
Refunds of taxes and levies
Cash received from other
328,199,378.72 1,061,500,174.26
operating activities
Sub-total of cash inflows from
334,439,378.72 1,061,500,174.26
operating activities
Cash paid for purchasing goods
and services
Cash paid to and on behalf of 18,297,640.66 19,505,347.93
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China Merchants Property Development Co., Ltd. Report Q1 2015
employees
Payments of taxes 2,623,591.78 5,945,088.42
Other cash paid relating to
990,127,396.73 630,480,507.48
operating activities
Sub-total of cash outflows from
1,011,048,629.17 655,930,943.83
operating activities
Net cash flows from operating
-676,609,250.45 405,569,230.43
activities
II. Cash flows from investing activities:
Cash received from withdrawal of
investments
Cash received from returns on
166,213,570.06
investments
Net cash received from disposal of
fixed assets, intangible assets and other
long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received relating to
investing activities
Sub-total of cash inflows from
166,213,570.06
investing activities
Cash paid to acquire fixed assets,
intangible assets & other long-term
assets
Cash paid to acquire investments 129,640,344.87 58,671,105.19
Net cash received from payment
of subsidiaries and other business units
Cash payments relating to other
investment activities
Sub-total of cash outflows from 129,640,344.87 58,671,105.19
investing activities
Net cash flows from investing activities -129,640,344.87 107,542,464.87
III. Cash flows from financing
activities:
Cash received from capital
contribution
Cash received from borrowings 1,700,000,000.00 1,292,230,425.01
Cash from issue of bonds 1,000,000,000.00
Other cash received relating to
financing activities
Sub-total of cash inflows from
2,700,000,000.00 1,292,230,425.01
financing activities
Cash repayments of amounts
2,260,706,650.00 2,856,945,635.00
borrowed
Cash payments for interest 189,536,709.60 83,223,530.89
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China Merchants Property Development Co., Ltd. Report Q1 2015
expenses and distribution of dividends
or profit
Other cash payments relating to
financing activities
Sub-total of cash outflows from 2,450,243,359.60 2,940,169,165.89
financing activities
Net cash flows from financing 249,756,640.40 -1,647,938,740.88
activities
IV. Influence of exchange rate change
55,434.46
on cash and cash equivalents
V. Net increase of cash and cash -556,492,954.92 -1,134,771,611.12
equivalents
Add: balance of cash and cash 8,893,516,594.16 6,296,121,745.68
equivalents at the beginning of period
VI. Balance of cash and cash 8,337,023,639.24 5,161,350,134.56
equivalents at the end of period
4.7 Audit report
The Q1 report is yet to be audited.
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