ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE &
PROPERTIES (GROUP) CO., LTD.
FIRST QUARTER REPORT 2017
2017-032
April 2017
1
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Section I Important Statements
The board of directors (the “Board”), the supervisory board (the “Supervisory Board”), as
well as the directors, supervisors and senior executive officers of ShenZhen Special Economic
Zone Real Estate & Properties (Group) Co., Ltd. (the “Company”) hereby guarantee the
factuality, accuracy and completeness of the contents of this Report, and shall be jointly and
severally liable for any false representation, misleading statements or material omissions in
this Report.
All directors attended the board meeting for the review of this Report.
Zhou Jianguo, board chairman, Chen Maozheng, general manager, Tang Xiaoping,
accounting head for this Report, and Qiao Yanjun, head of the accounting department (head
of accounting), hereby guarantee that the financial statements carried in this Report are
factual, accurate and complete.
This Report and its abstract have been prepared in both Chinese and English. Should there be
any discrepancies or misunderstandings between the two versions, the Chinese version shall
prevail.
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Section II Key Financial Results and Shareholders’ Profile
I Key financial results
Indicate by tick mark whether the Company retroactively restated any of its accounting data due to changes of
accounting policies or correction of accounting errors.
□ Yes √ No
January-March 2017 January-March 2016 +/-%
Operating revenues (RMB) 272,038,375.78 332,573,819.86 -18.20%
Net profit attributable to shareholders of
34,621,550.04 31,138,409.00 11.19%
the Company (RMB)
Net profit attributable to shareholders of
the Company before exceptional profit and 34,426,151.00 31,099,423.53 10.70%
loss (RMB)
Net cash flows from operating activities
-30,280,598.74 127,807,035.61 -123.69%
(RMB)
Basic earnings per share (RMB/share) 0.0342 0.0308 11.04%
Diluted earnings per share (RMB/share) 0.0342 0.0308 11.04%
Weighted average return on equity (%) 1.30% 1.33% -0.03%
March 31, 2017 December 31, 2016 +/-%
Total assets (RMB) 3,852,659,213.36 3,785,600,783.23 1.77%
Net assets attributable to shareholders of
2,678,819,539.50 2,643,860,443.09 1.32%
the Company (RMB)
Exceptional profit/loss
√ Applicable □ Not applicable
Unit: RMB
Item January-March 2017 Note
Profit/loss on disposal of non-current assets (including offset asset
-3,584.80
impairment provisions)
Non-operating income and expense other than the above 264,116.86
Less: Corporate income tax 65,133.02
Total 195,399.04 --
Explanation of why the Company classified an item as exceptional profit/loss according to the definition in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Profit and Loss, or reclassified any exceptional profit/loss item given as an example in the
said explanatory announcement to recurrent profit/loss
□ Applicable √ Not applicable
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
No such cases in this Reporting Period.
II Total number of shareholders at the period-end and their shareholdings
1. Numbers of common shareholders and preference shareholders with resumed voting rights, as well as
shareholdings of top ten shareholders
Unit: share
Total number of preference
Total number of common shareholders with resumed
74,625 0
shareholders at the period-end voting rights at the period-end
(if any)
Top ten shareholders
Number of Pledged or frozen shares
Name of Nature of Shareholding Total shares held
restricted shares
shareholder shareholder percentage (%) at the period-end Status Number
held
Shenzhen
State-owned
Investment 63.55% 642,884,262 0
corporation
Holdings Co., Ltd
Shanjin Jinkong
Capital
Management Co., Domestic
Ltd. － Shanjin non-state-owned 1.02% 10,300,000 0
Jinkong corporation
Sustaining Fund
No. 1
Domestic
Lu Zhigao 0.32% 3,246,949 0
individual
Domestic
Tan Shiqing 0.13% 1,286,701 0
individual
Domestic
Yang Shuilian 0.13% 1,273,700 0
individual
Domestic
Yang Jianxiong 0.12% 1,255,750 0
individual
Central Huijin
Asset State-owned
0.12% 1,165,500 0
Management Co., corporation
Ltd.
Domestic
Peng Wei 0.11% 1,129,082 0
individual
Wu Haoyuan Foreign 0.11% 1,109,300 0
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
individual
Guotai Junan
Foreign
Securities (Hong 0.10% 1,015,683 0
corporation
Kong) Limited
Top ten non-restricted shareholders
Type of shares
Name of shareholder Number of non-restricted shares held at the period-end
Type Number
Shenzhen Investment Holdings Co., RMB common
642,884,262 642,884,262
Ltd share
Shanjin Jinkong Capital
RMB common
Management Co., Ltd. － Shanjin 10,300,000 10,300,000
share
Jinkong Sustaining Fund No. 1
RMB common
Lu Zhigao 3,246,949 3,246,949
share
RMB common
Tan Shiqing 1,286,701 1,286,701
share
RMB common
Yang Shuilian 1,273,700 1,273,700
share
Domestically
Yang Jianxiong 1,255,750 listed foreign 1,255,750
share
Central Huijin Asset Management RMB common
1,165,500 1,165,500
Co., Ltd. share
RMB common
Peng Wei 1,129,082 1,129,082
share
Domestically
Wu Haoyuan 1,109,300 listed foreign 1,109,300
share
Domestically
Guotai Junan Securities (Hong
1,015,683 listed foreign 1,015,683
Kong) Limited
share
The Company has found among the above shareholders no related parties or acting-in-concert
Related or acting-in-concert parties
parties as defined in the Information Administration Measures for Changes in Shareholdings
among the shareholders above
in Listed Companies.
Top ten common shareholders
The 4th shareholder holds all of his shares in the Company in a credit securities account, and
conducting securities margin trading
the 3rd shareholder holds part of his shares in the Company in such an account.
(if any)
Indicate by tick mark whether any of the top ten common shareholders or the top ten non-restricted common
shareholders of the Company conducted any promissory repo during this Reporting Period.
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
□ Yea √ No
No such cases in this Reporting Period.
2. Total number of preference shareholders and shareholdings of the top ten of them
□ Applicable √ Not applicable
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Section III Significant Events
I Changes in the key financial results of this Reporting Period, as well as the reasons for such
changes
√ Applicable □ Not applicable
Operating revenues for the current period stood at RMB272.0384 million, down 18.20% year on
year, and operating costs for the current period stood at RMB202.2259 million, down 21.11% year
on year. These were mainly because affected by the real estate development progress and the sales
cycle, the sales of the Company’s real estate projects decreased year on year.
Taxes and surtaxes for the current period stood at RMB9.3485 million, down 59.18% year on year,
mainly because of the decreased sales revenue.
Selling expenses for the current period stood at RMB3.5002 million, up 34.50% year on year,
mainly because of the increased preliminary promotion expenses on new projects.
Finance costs for the current period stood at RMB-2.3750 million, down 36.44% year on year,
mainly because the contractual interest revenue from deposits increased.
The after-tax net amount of other comprehensive income for the current period stood at
RMB0.4822 million, up 111.19% year on year, mainly because the income from the
foreign-currency statement translation difference due to fluctuations in exchange rates increased.
The subtotal of cash inflows from operating activities for the current period stood at RMB373.9536
million, down 38.80% year on year, mainly because the cash received from sale of goods and
provision of service (sale of houses) decreased.
The subtotal of cash outflows from investing activities for the current period stood at RMB0.0176
million, down 95.46% year on year, mainly because of the decreased purchase of fixed assets.
The subtotal of cash outflows from financing activities for the current period stood at RMB10.3796
million, down 77.48% year on year, mainly because the repayments for principals and interest of
loans decreased.
Other current assets stood at RMB22.1561 million at the period-end, up 65.86% from the opening
amount, mainly because of the business tax and land VAT paid in advance in the current period.
Accounts payable stood at RMB105.3868 million at the period-end, down 37.50% from the opening
amount, mainly because the Company paid the balance payments for completed projects in the
current period.
Accounts received in advance stood at RMB413.0710 million at the period-end, up 26.77% from
the opening amount, mainly because the advances received for houses and construction service
increased.
Payroll payable stood at RMB21.8496 million at the period-end, down 43.90% from the opening
amount, mainly because the payroll provision made at the end of last year were paid in the current
period.
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
II Progress of significant events and their influence and solutions
√ Applicable □ Not applicable
Since the planning of controlling shareholders of the Company involves major issues, based on the
application submitted to Shenzhen Stock Exchange, certain shares of the Company (A share: short
name of stock: SSFA, stock code: 000029; B share: short name of stock: SSFB, stock code: 200029)
ware suspended from trading as of 14 Sep., 2016. The Company disclosed the Announcement on
Share Trading Suspension Due to Planning of Major Issues (No. 2016-022), the Announcement on
Continued Share Trading Suspension Due to Planning of Major Issues (No. 2016-023) and the
Announcement on Continued Share Trading Suspension Due to Planning of Major Issues (No.
2016-024) on 14 Sep. 2016, 22 Sep. 2016 and 29 Sep. 2016 respectively. Upon verification, the
issues constitute major assets reorganization. The listed company disclosed the Announcement on
Share Trading Suspension Due to Planning of Major Assets Reorganization (No. 2016-025) on 30
Sep. 2016 and the Announcement on Signing the Cooperation Agreement on Assets Reorganization
for Listing on Market (No. 2016-027) on 10 Oct. 2016.
Upon expiration of the suspension period of 1 month, based on the application submitted by the
Company, shares of the Company were suspended from trading continuously as of 14 Oct. 2016
after market opening. The listed company disclosed the Announcement on Relisting in the Period of
Major Assets Reorganization Progress Delay (No. 2016-028) on 14 Oct. 2016.
Prior to the expiration of the suspension period of 2 months, based on the Motion on Continued
Share Trading Suspension Due to Major Assets Reorganization reviewed and approved by the 33rd
Session of the 7th Board of the Directors held on 11 Nov. 2016, the Company applied to Shenzhen
Stock Exchange for continued suspension as of 14 Nov. 2016. The suspension period shall not
exceed 3 months accumulatively from the first day of suspension. The Company disclosed the
Announcement on Continued Share Trading Suspension after Expiration of Suspension Period Due
to Planning of Assets Reorganization (No. 2016-039) on 14 Nov. 2016.
Prior to the expiration of the suspension period of 3 months, the Company held the 1st Extraordinary
General Meeting on 12 Dec. 2016, reviewed and approved the Motion on Continued Share Trading
Suspension Due to Planning of Assets Reorganization, and disclosed the Announcement on
Application for Continued Share Trading Suspension after Expiration of Suspension Period Due to
Planning of Assets Reorganization (No. 2016-047). Upon the application, the Company shall
continue to suspend the trading of its shares as of 14 Dec, 2016 after market opening and undertook
that the suspension period shall not exceed 6 months accumulatively from the first day of
suspension (i.e., to 13 Mar. 2017).
Prior to the expiration of the suspension period of 6 months, the Company held the online
illustration meeting to investors on 10 Mar. 2017, exchanged and communicated relevant
information of the major assets reorganization event with investors and answered the questions that
have caused the general concern of investors. Please refer to the Announcement on Holding Online
Illustration Meeting to Investors (No. 2017-012) disclosed on 11 Mar. 2017 for details. Upon
application to the exchange, the Company issued the Announcement on Relisting Delay Due to
Planning of Major Assets Reorganization (No. 2017-013 and No. 2017-024) on 14 Mar. 2017 and
14 Apr. 2017 respectively. To ensure the smooth progress of the major assets reorganization work,
prevent abnormal fluctuation of the share price of the Company and protect the rights and interests
of medium and small shareholder investors, upon application to Shenzhen Stock Exchange, the
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Company will continue to suspend the trading of its shares for no more than 1 month as of 14 Apr.
2017 and is expected to disclose the major assets reorganization plan or report and apply for
relisting according to the requirements of the Standards for the Contents and Formats of
Information Disclosure by Companies Offering Securities to the Public No. 26—Major Assets
Reorganization of Listed Companies prior to 14 May 2017.
During the suspension period, the Company shall disclose the progress of relevant issues every five
business days at least in strict accordance with the requirements of relevant laws and regulations. At
present, all work involved with the major assets reorganization is proceeding smoothly.
The major assets reorganization planned by the Company is still very uncertain, thus the investors
should take invest risk into account.
Summary of significant event Disclosure date Disclosure website
The Announcement on Postponed Resumption of
Share Trading due to Significant Asset
Significant asset reorganization 04/14/2017
Reorganization in Planning disclosed on
http://www.cninfo.com.cn
III Overdue commitments of the Company’s actual controller, shareholders, related parties
and acquirer, as well as the Company and other commitment makers in this Reporting Period
or ongoing at the period-end
□ Applicable √ Not applicable
No such cases in this Reporting Period.
IV Operating result forecast for January-June 2017
Warning of a forecast deficit or considerable YoY change in the accumulative net profit made during the period
from the beginning of the year to the end of the next reporting period, as well as explanation of why:
√ Applicable □ Not applicable
Forecast of operating results: Significant decrease in the same direction
Type of forecast data: Interval data
January-June
January-June 2017 +/-%
2016
Forecast accumulative net
5,500 -- 7,500 13,473 Down 59.18% -- 44.33%
profit (RMB’0,000)
Basic earnings per share
0.0544 -- 0.0741 0.1332 Down 59.16% -- 44.37%
(RMB /share)
Affected by the real estate development progress and the sales cycle, the sales of the Company’s
Note
real estate projects decreased year on year.
V Securities investments
□ Applicable √ Not applicable
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
No such cases in the Reporting Period.
VI Investments in derivative financial instruments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VII Visits paid to the Company in the Reporting Period for purposes of research,
communication, interview, etc.
√ Applicable □ Not applicable
Date of visit Way of visit Type of visitor Main inquiry information
About the fundamentals of the Company
and the asset reorganization progress,
01/16/2017 By phone Individual
with no written materials provided by the
Company
About the development and sales
progress of projects and the asset
02/08/2017 By phone Individual
reorganization progress, with no written
materials provided by the Company
About the annual business results, the
disclosure date of the annual report, the
asset reorganization progress and the
02/28/2017 By phone Individual
expected date for resumption of share
trading, with no written materials
provided by the Company
About the date for resumption of share
trading and the investor orientation to be
03/09/2017 By phone Individual
held, with no written materials provided
by the Company
About the asset reorganization progress
and the date for resumption of share
03/28/2017 By phone Individual
trading, with no written materials
provided by the Company
VIII Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
IX Occupation of the Company’s funds by the controlling shareholder or its related parties
for non-operating purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Section IV Financial Statements
I Financial statements
1. Consolidated balance sheet
Prepared by ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
March 31, 2017
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 1,227,934,197.10 1,266,057,324.40
Settlement reserve
Interbank lendings
Financial assets at fair value through
profit/loss
Derivative financial assets
Notes receivable 20,619,963.61 20,606,778.91
Accounts receivable 128,219,044.28 108,298,050.40
Accounts paid in advance 17,635,272.84 15,865,139.33
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract
reserve
Interest receivable
Dividends receivable 1,052,192.76 1,052,192.76
Other accounts receivable 70,882,107.84 67,514,794.65
Financial assets purchased under
agreements to resell
Inventories 1,813,668,861.11 1,734,553,042.10
Assets held for sale
Non-current assets due within one
year
Other current assets 22,156,110.66 13,358,714.45
Total current assets 3,302,167,750.20 3,227,306,037.00
Non-current assets:
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Loans and advances to customers
Available-for-sale financial assets 17,464,240.74 17,464,240.74
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investments 37,447,267.61 37,447,267.61
Investment property 410,566,561.89 416,227,686.30
Fixed assets 44,192,791.29 45,531,813.41
Construction in progress
Engineering materials
Disposal of fixed assets
Productive living assets
Oil-gas assets
Intangible assets 5,018,895.00 5,146,080.00
R&D expenses
Goodwill
Long-term deferred expenses 722,317.88 695,720.30
Deferred tax assets 35,079,388.75 35,781,937.87
Other non-current assets
Total non-current assets 550,491,463.16 558,294,746.23
Total assets 3,852,659,213.36 3,785,600,783.23
Current liabilities:
Short-term borrowings 124,994,816.81 111,709,916.44
Borrowings from the Central Bank
Money deposits accepted and
inter-bank deposits
Interbank borrowings
Financial liabilities at fair value
through profit/loss
Derivative financial liabilities
Notes payable
Accounts payable 105,386,778.56 168,614,299.95
Accounts received in advance 413,070,958.45 325,851,112.54
Financial assets sold for repurchase
Fees and commissions payable
Payroll payable 21,849,576.00 38,949,995.06
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Taxes payable 71,473,601.30 65,765,997.90
Interest payable 16,535,277.94 17,142,210.94
Dividends payable
Other accounts payable 373,142,664.29 358,208,718.03
Reinsurance premiums payable
Insurance contract reserve
Payables for acting trading of
securities
Payables for acting underwriting of
securities
Liabilities held for sale
Non-current liabilities due within one
35,301,097.69 37,234,933.67
year
Other current liabilities
Total current liabilities 1,161,754,771.04 1,123,477,184.53
Non-current liabilities:
Long-term borrowings 130,000,000.00 136,000,000.00
Bonds payable
Of which: Preference shares
Perpetual bonds
Long-term accounts payable 9,789,911.48 10,156,728.82
Long-term payroll payable
Special payables
Provisions
Deferred income
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 139,789,911.48 146,156,728.82
Total liabilities 1,301,544,682.52 1,269,633,913.35
Owners’ equity:
Share capital 1,011,660,000.00 1,011,660,000.00
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserve 978,244,910.11 978,244,910.11
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Less: Treasury shares
Other comprehensive income 10,990,078.06 10,652,531.69
Special reserve
Surplus reserve 59,394,668.24 59,394,668.24
Provisions for general risks
Retained earnings 618,529,883.09 583,908,333.05
Equity attributable to owners of the
2,678,819,539.50 2,643,860,443.09
Company
Minority interests -127,705,008.66 -127,893,573.21
Total owners’ equity 2,551,114,530.84 2,515,966,869.88
Total liabilities and owners’ equity 3,852,659,213.36 3,785,600,783.23
Legal representative: Zhou Jianguo Accounting head for this Report: Tang Xiaoping
Head of the accounting department: Qiao Yanjun
2. Balance sheet of the Company
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 821,144,924.94 818,261,250.52
Financial assets at fair value through
profit/loss
Derivative financial assets
Notes receivable
Accounts receivable 4,905,866.49 7,327,250.98
Accounts paid in advance
Interest receivable
Dividends receivable 169,393,952.18
Other accounts receivable 849,272,383.75 844,149,690.07
Inventories 524,249,843.53 538,828,597.52
Assets held for sale
Non-current assets due within one
year
Other current assets 11,108,692.40 1,884,516.01
Total current assets 2,380,075,663.29 2,210,451,305.10
Non-current assets:
Available-for-sale financial assets 12,000,000.00 12,000,000.00
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investments 297,461,748.63 297,461,748.63
Investment property 356,064,463.94 360,712,864.13
Fixed assets 26,168,832.35 26,785,752.21
Construction in progress
Engineering materials
Disposal of fixed assets
Productive living assets
Oil-gas assets
Intangible assets 248,400.00 331,200.00
R&D expenses
Goodwill
Long-term deferred expenses 581,762.10 623,881.08
Deferred tax assets 3,313,320.43 3,313,320.43
Other non-current assets
Total non-current assets 695,838,527.45 701,228,766.48
Total assets 3,075,914,190.74 2,911,680,071.58
Current liabilities:
Short-term borrowings
Financial liabilities at fair value
through profit/loss
Derivative financial liabilities
Notes payable
Accounts payable 20,699,117.44 32,687,289.94
Accounts received in advance 89,852,961.60 96,638,512.60
Payroll payable 11,471,418.25 16,433,909.11
Taxes payable 32,018,726.56 30,504,993.33
Interest payable 16,535,277.94 17,142,210.94
Dividends payable
Other accounts payable 231,540,128.49 232,434,218.15
Liabilities held for sale
Non-current liabilities due within one
35,301,097.69 37,234,933.67
year
Other current liabilities
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Total current liabilities 437,418,727.97 463,076,067.74
Non-current liabilities:
Long-term borrowings 130,000,000.00 136,000,000.00
Bonds payable
Of which: Preference shares
Perpetual bonds
Long-term payables
Long-term payroll payable
Special payables
Provisions
Deferred income
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 130,000,000.00 136,000,000.00
Total liabilities 567,418,727.97 599,076,067.74
Owners’ equity:
Share capital 1,011,660,000.00 1,011,660,000.00
Other equity instruments
Of which: Preference shares
Perpetual bonds
Capital reserve 978,244,910.11 978,244,910.11
Less: Treasury shares
Other comprehensive income
Special reserve
Surplus reserve 36,265,054.83 36,265,054.83
Retained earnings 482,325,497.83 286,434,038.90
Total owners’ equity 2,508,495,462.77 2,312,604,003.84
Total liabilities and owners’ equity 3,075,914,190.74 2,911,680,071.58
3. Consolidated income statement
Unit: RMB
Item January-March 2017 January-March 2016
1. Operating revenues 272,038,375.78 332,573,819.86
Including: Sales income 272,038,375.78 332,573,819.86
Interest income
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Premium income
Fee and commission income
2. Operating costs 224,314,815.24 291,880,778.81
Including: Cost of sales 202,225,932.36 256,347,948.80
Interest expenses
Fee and commission expenses
Surrenders
Net claims paid
Net amount provided as insurance
contract reserve
Expenditure on policy dividends
Reinsurance premium
Taxes and surtaxes 9,348,504.25 22,904,132.21
Selling expenses 3,500,211.22 2,602,459.70
Administrative expenses 11,615,180.55 11,766,957.80
Finance costs -2,375,013.14 -1,740,719.70
Asset impairment loss
Add: Profit on fair value changes (“-”
means loss)
Investment income (“-” means loss) 650,000.00 689,000.00
Including: Share of profit/loss of
associates and joint ventures
Exchange gains (“-” means loss)
3. Operating profit (“-” means loss) 48,373,560.54 41,382,041.05
Add: Non-operating income 284,621.56 100,191.21
Including: Profit on disposal of
non-current assets
Less: Non-operating expense 24,089.50 48,210.58
Including: Loss on disposal of
3,584.80 335.00
non-current assets
4. Total profit (“-” means loss) 48,634,092.60 41,434,021.68
Less: Corporate income tax 13,968,640.73 10,258,603.13
5. Net profit (“-” means loss) 34,665,451.87 31,175,418.55
Net profit attributable to owners of
34,621,550.04 31,138,409.00
the Company
Minority interests’ income 43,901.83 37,009.55
6. Other comprehensive income net of tax 482,209.10 -4,308,115.12
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Other comprehensive income net of
tax attributable to owners of the 337,546.37 -2,983,400.13
Company
6.1 Other comprehensive income
that will not be reclassified into
profit/loss
6.1.1 Changes in net liabilities
or assets with a defined benefit plan upon
re-measurement
6.1.2 Share of other
comprehensive income of investees that
cannot be reclassified into profit/loss
under the equity method
6.2 Other comprehensive income
to be subsequently reclassified into 337,546.37 -2,983,400.13
profit/loss
6.2.1 Share of other
comprehensive income of investees that
will be reclassified into profit/loss under
the equity method
6.2.2 Profit/loss on fair value
changes of available-for-sale financial
assets
6.2.3 Profit/loss on
reclassifying held-to-maturity
investments into available-for-sale
financial assets
6.2.4 Effective profit/loss on
cash flow hedges
6.2.5 Currency translation
337,546.37 -2,983,400.13
differences
6.2.6 Other
Other comprehensive income net of
144,662.73 -1,324,714.99
tax attributable to minority interests
7. Total comprehensive income 35,147,660.97 26,867,303.43
Attributable to owners of the
34,959,096.42 28,155,008.87
Company
Attributable to minority interests 188,564.55 -1,287,705.44
8. Earnings per share
8.1 Basic earnings per share 0.0342 0.0308
8.2 Diluted earnings per share 0.0342 0.0308
Where business mergers under the same control occurred in this Reporting Period, the net profit achieved by the merged parties
19
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
before the business mergers was RMB0.00, with the corresponding amount for the last period being RMB0.00.
Legal representative: Zhou Jianguo Accounting head for this Report: Tang Xiaoping
Head of the accounting department: Qiao Yanjun
4. Income statement of the Company
Unit: RMB
Item January-March 2017 January-March 2016
1. Operating revenues 70,517,089.34 102,235,267.63
Less: Operating costs 35,131,220.91 60,579,951.61
Taxes and surtaxes 3,211,986.71 10,080,103.29
Selling expenses 377,351.35 1,374,782.92
Administrative expenses 4,981,295.54 5,867,146.22
Finance costs -7,649,431.84 -2,105,327.23
Asset impairment loss
Add: profit on fair value changes (“-”
means loss)
Investment income (“-” means
170,043,952.18 689,000.00
loss)
Including: Share of profit/loss of
associates and joint ventures
2. Operating profit (“-” means loss) 204,508,618.85 27,127,610.82
Add: Non-operating income 48,516.00
Including: Profit on disposal of
non-current assets
Less: Non-operating expense 19,500.00
Including: Loss on disposal of
non-current assets
3. Total profit (“-” means loss) 204,508,618.85 27,156,626.82
Less: Corporate income tax 8,617,159.92 6,614,126.47
4. Net profit (“-” means loss) 195,891,458.93 20,542,500.35
5. Other comprehensive income net of
tax
5.1 Other comprehensive income that
will not be reclassified into profit and
loss
5.1.1 Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement
20
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
5.1.2 Share of other
comprehensive income of investees that
cannot be reclassified into profit/loss
under the equity method
5.2 Other comprehensive income to
be subsequently reclassified into
profit/loss
5.2.1 Share of other
comprehensive income of investees that
will be reclassified into profit/loss
under the equity method
5.2.2 Profit/loss on fair value
changes of available-for-sale financial
assets
5.2.3 Profit/loss on reclassifying
held-to-maturity investments into
available-for-sale financial assets
5.2.4 Effective profit/loss on cash
flow hedges
5.2.5 Currency translation
differences
5.2.6 Other
6. Total comprehensive income 195,891,458.93 20,542,500.35
7. Earnings per share
7.1 Basic earnings per share 0.1936 0.0203
7.2 Diluted earnings per share 0.1936 0.0203
5. Consolidated cash flow statement
Unit: RMB
Item January-March 2017 January-March 2016
1. Cash flows from operating activities:
Cash received from sale of
349,371,612.56 590,586,568.40
commodities and rendering of service
Net increase in money deposits from
customers and interbank placements
Net increase in loans from the
Central Bank
Net increase in funds borrowed from
other financial institutions
Cash received from premium of
original insurance contracts
Net cash received from reinsurance
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
business
Net increase in deposits of policy
holders and investment fund
Net increase in disposal of financial
assets at fair value through profit/loss
Interest, fees and commissions
received
Net increase in interbank borrowings
Net increase in funds in repurchase
business
Tax refunds received
Cash received from other operating
23,581,953.94 18,825,466.97
activities
Subtotal of cash inflows from operating
372,953,566.50 609,412,035.37
activities
Cash paid for goods and services 271,660,067.44 356,662,303.76
Net increase in loans and advances
to customers
Net increase in funds deposited in
the Central Bank and interbank
placements
Cash paid for claims of original
insurance contracts
Interest, fees and commissions paid
Cash paid as policy dividends
Cash paid to and for employees 46,874,822.62 35,667,883.58
Taxes paid 40,309,529.03 39,994,554.81
Cash paid for other operating
44,389,746.15 49,280,257.61
activities
Subtotal of cash outflows due to
403,234,165.24 481,604,999.76
operating activities
Net cash flows from operating
-30,280,598.74 127,807,035.61
activities
2. Cash flows from investing activities:
Cash received from retraction of
investments
Cash received as investment income 650,000.00 689,000.00
Net cash received from disposal of
fixed assets, intangible assets and other
long-term assets
Net cash received from disposal of
22
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
subsidiaries or other business units
Cash received from other
investing activities
Subtotal of cash inflows from investing
650,000.00 689,000.00
activities
Cash paid to acquire fixed assets,
intangible assets and other long-term 17,621.00 388,078.34
assets
Cash paid for investment
Net increase in pledged loans
Net cash paid to acquire subsidiaries
and other business units
Cash paid for other investing
activities
Subtotal of cash outflows due to
17,621.00 388,078.34
investing activities
Net cash flows from investing activities 632,379.00 300,921.66
3. Cash flows from financing activities:
Cash received from capital
contributions
Including: Cash received from
minority shareholder investments by
subsidiaries
Cash received as borrowings
Cash received from issuance of
bonds
Cash received from other financing
activities
Subtotal of cash inflows from financing
activities
Repayment of borrowings 7,914,918.53 38,150,556.53
Cash paid for interest expenses and
2,464,710.97 7,944,234.76
distribution of dividends or profit
Including: dividends or profit paid
by subsidiaries to minority interests
Cash paid for other financing
activities
Sub-total of cash outflows due to
10,379,629.50 46,094,791.29
financing activities
Net cash flows from financing
-10,379,629.50 -46,094,791.29
activities
4. Effect of foreign exchange rate -95,420.10 34,460.72
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
changes on cash and cash equivalents
5. Net increase in cash and cash
-40,123,269.34 82,047,626.70
equivalents
Add: Opening balance of cash and
1,265,767,290.57 1,169,756,306.36
cash equivalents
6. Closing balance of cash and cash
1,225,644,021.23 1,251,803,933.06
equivalents
6. Cash flow statement of the Company
Unit: RMB
Item January-March 2017 January-March 2016
1. Cash flows from operating activities:
Cash received from sale of
69,759,767.31 221,850,248.45
commodities and rendering of service
Tax refunds received
Cash received from other operating
6,653,936.44 10,582,340.01
activities
Subtotal of cash inflows from operating
76,413,703.75 232,432,588.46
activities
Cash paid for goods and services 23,224,035.38 48,782,972.69
Cash paid to and for employees 12,654,048.17 8,486,973.77
Taxes paid 23,798,753.26 25,079,724.96
Cash paid for other operating
4,332,281.70 34,321,124.76
activities
Subtotal of cash outflows due to
64,009,118.51 116,670,796.18
operating activities
Net cash flows from operating
12,404,585.24 115,761,792.28
activities
2. Cash flows from investing activities:
Cash received from retraction of
investments
Cash received as investment income 650,000.00 689,000.00
Net cash received from disposal of
fixed assets, intangible assets and other
long-term assets
Net cash received from disposal of
subsidiaries or other business units
Cash received from other investing
activities
Subtotal of cash inflows from investing
650,000.00 689,000.00
activities
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
Cash paid to acquire fixed assets,
intangible assets and other long-term 6,949.00 12,396.00
assets
Cash paid for investment
Net cash paid to acquire subsidiaries
and other business units
Cash paid for other investing
activities
Subtotal of cash outflows due to
6,949.00 12,396.00
investing activities
Net cash flows from investing activities 643,051.00 676,604.00
3. Cash flows from financing activities:
Cash received from capital
contributions
Cash received as borrowings
Cash received from issuance of
bonds
Cash received from other financing
activities
Subtotal of cash inflows from financing
activities
Repayment of borrowings 7,914,918.53 38,150,556.53
Cash paid for interest expenses and
2,242,863.97 7,565,068.09
distribution of dividends or profit
Cash paid for other financing
activities
Sub-total of cash outflows due to
10,157,782.50 45,715,624.62
financing activities
Net cash flows from financing
-10,157,782.50 -45,715,624.62
activities
4. Effect of foreign exchange rate
-6,179.32 1,879.08
changes on cash and cash equivalents
5. Net increase in cash and cash
2,883,674.42 70,724,650.74
equivalents
Add: Opening balance of cash and
818,261,250.52 852,492,165.42
cash equivalents
6. Closing balance of cash and cash
821,144,924.94 923,216,816.16
equivalents
II Auditor’s report
Is this Report audited?
25
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2017
□ Yes √ No
This Report is not audited.
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