ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE
& PROPERTIES (GROUP) CO., LTD.
FIRST QUARTER REPORT 2019
2019-032
April 2019
1
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of ShenZhen Special Economic Zone Real Estate &
Properties (Group) Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the
factuality, accuracy and completeness of the contents of this Report and its summary, and
shall be jointly and severally liable for any misrepresentations, misleading statements or
material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
Zhou Jianguo, the Chairman of the Board, Chen Maozheng, the General Manager, Tang
Xiaoping, the head for financial affairs, and Qiao Yanjun, the head of the financial
department (equivalent to financial manager) hereby guarantee that the Financial Statements
carried in this Report are factual, accurate and complete.
This Report and its summary have been prepared in both Chinese and English. Should there
be any discrepancies or misunderstandings between the two versions, the Chinese versions
shall prevail.
2
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2019 Q1 2018 Change (%)
Operating revenue (RMB) 424,535,370.83 149,537,691.65 183.90%
Net profit attributable to the listed
84,028,728.24 -5,982,684.72 1,504.53%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional 84,055,572.77 -6,292,418.64 1,435.82%
items (RMB)
Net cash generated from/used in operating
217,157,204.59 205,338,536.04 5.76%
activities (RMB)
Basic earnings per share (RMB/share) 0.0831 -0.0059
Diluted earnings per share (RMB/share) 0.0831 -0.0059
Weighted average return on equity (%) 2.49% -0.21%
31 March 2019 31 December 2018 Change (%)
Total assets (RMB) 4,830,618,474.80 4,665,891,514.25 3.53%
Equity attributable to the listed company’s
3,417,888,960.45 3,332,259,641.39 2.57%
shareholders (RMB)
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2019 Note
Gain or loss on disposal of non-current assets (inclusive of
-1,149.90
impairment allowance write-offs)
Non-operating income and expense other than the above -34,642.81
Less: Income tax effects -8,948.18
Total -26,844.53 --
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss
Items:
3
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
□ Applicable √ Not applicable
No such cases for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2019
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders at Number of preferred shareholders with resumed voting
76,443 0
the period-end rights at the period-end (if any)
Top 10 shareholders
Nature of Shareholdin Total shares Restricted shares Shares in pledge or frozen
Name of shareholder
shareholder g percentage held held Status Shares
Shenzhen Investment State-owned
63.55% 642,884,262
Holdings Co., Ltd legal person
Shandong Gold Financial
Holding Capital Management Domestic
Co., Ltd. － Shandong Gold non-state-owned 1.02% 10,300,000
Financial Holding Sustaining legal person
Fund 1
Domestic
Lu Zhigao 0.32% 3,246,949
natural person
Domestic
Tan Shiqing 0.13% 1,286,701
natural person
Domestic
Yang Shuilian 0.13% 1,273,700
natural person
Domestic
Yang Jianxiong 0.12% 1,255,750
natural person
Central Huijin Asset State-owned
0.12% 1,165,500
Management Co., Ltd. legal person
Domestic
Peng Wei 0.11% 1,129,082
natural person
Foreign natural
Wu Haoyuan 0.11% 1,109,300
person
Guotai Junan Securities Foreign legal
0.10% 1,015,683
(Hong Kong) Limited person
Top 10 unrestricted shareholders
Name of shareholder Unrestricted shares held Shares by type
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Type Shares
RMB-denominate
Shenzhen Investment Holdings Co., Ltd 642,884,262 642,884,262
d ordinary stock
Shandong Gold Financial Holding Capital
RMB-denominate
Management Co., Ltd. － Shandong Gold 10,300,000 10,300,000
d ordinary stock
Financial Holding Sustaining Fund 1
RMB-denominate
Lu Zhigao 3,246,949 3,246,949
d ordinary stock
RMB-denominate
Tan Shiqing 1,286,701 1,286,701
d ordinary stock
RMB-denominate
Yang Shuilian 1,273,700 1,273,700
d ordinary stock
Domestically
Yang Jianxiong 1,255,750 listed foreign 1,255,750
stock
RMB-denominate
Central Huijin Asset Management Co., Ltd. 1,165,500 1,165,500
d ordinary stock
Domestically
Peng Wei 1,129,082 listed foreign 1,129,082
stock
Domestically
Wu Haoyuan 1,109,300 listed foreign 1,109,300
stock
Domestically
Guotai Junan Securities (Hong Kong) Limited 1,015,683 listed foreign 1,015,683
stock
The Company has found no related parties or acting-in-concert parties as defined
Related or acting-in-concert parties among the
in the Administrative Measures for Shareholding Changes in Listed Companies
shareholders above
among the shareholders above.
The fourth shareholder holds all his shares in the Company in his accounts of
Top 10 ordinary shareholders involved in
credit. And the third shareholder holds some of his shares in the Company in such
securities margin trading (if any)
accounts.
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yea √ No
No such cases in the Reporting Period.
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
6
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
Operating revenue rose 183.90% during Q1 2019 compared to Q1 2018, primarily driven by the
sales revenue from the new projects of Chuanqi Jingyuan and Cuilinyuan.
Taxes and surcharges rose 3608.67% during Q1 2019 compared to Q1 2018, primarily driven by the
land VAT provision for the property sales revenue.
Finance costs declined 35.83% during Q1 2019 compared to Q1 2018, primarily driven by a lower
amount of interest income resulted from the decrease of term deposits for investment in bank’s
structured deposits.
Net cash generated from investing activities rose 121547.34% during Q1 2019 compared to Q1
2018, primarily driven by the recovery of the principal and interest of the RMB900 million
structured deposit upon maturity on 22 March 2019.
Other current assets went up 123.94% as at 31 March 2019 compared to 31 December 2018,
primarily driven by a higher amount of pre-paid VAT and land VAT.
Advances from customers went up 138.60% as at 31 March 2019 compared to 31 December 2018,
primarily driven by stronger property sales.
II Progress, Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
Since the controlling shareholder of the Company is planning a significant event that involves the
Company, upon the application to the Shenzhen Stock Exchange, trading in the stocks of the
Company (A-stock under the name of “SPG” and the code of “000029”; B-stock under the name of
“SPG-B” and the code of “200029”) was suspended starting from the opening of 14 September
2016. The Company disclosed the Announcement on Share Trading Suspension due to Planning of
Significant Event (No. 2016-022), the Announcement on Continued Share Trading Suspension due
to Planning of Significant Event (No. 2016-023) and the Announcement on Continued Share
Trading Suspension due to Planning of Significant Event (No. 2016-024) on 14 September 2016, 22
September 2016 and 29 September 2016, respectively. Upon ascertainment, the event constituted a
material asset restructuring. The Company disclosed the Announcement on Share Trading
Suspension due to Planning of Major Assets Restructuring (No. 2016-025) on 30 September 2016
and the Announcement on Signing Cooperation Agreement on Restructuring and Listing (No.
2016-027) on 10 October 2016.
The Company convened the 33rd Meeting of the 7th Board of the Directors on 11 November 2016,
which the Proposal on Continued Share Trading Suspension due to Planning of Major Assets
Restructuring was reviewed and approved. For details, see the Announcement on Continued Share
Trading Suspension after Expiration of Period of Share Trading Suspension due to Planning of
Major Assets Restructuring (No. 2016-039) disclosed on 14 November 2016.
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
The Company convened the 1st Extraordinary General Meeting of 2016 on 12 December 2016, on
which the Proposal on Continued Share Trading Suspension due to Planning of Major Assets
Restructuring was reviewed and approved. For details, see the Announcement on Application for
Continued Share Trading Suspension after Expiration of Period of Share Trading Suspension due
to Planning of Major Assets Restructuring (No. 2016-047) disclosed on 13 December 2016.
The Company held an online illustration meeting to investors on 10 March 2017, communicating
this major assets restructuring with them and answering questions that they were generally
concerned about with the information allowed to be disclosed. For details, see the Announcement on
Online Illustration Meeting to Investors (No. 2017-012) disclosed on 11 March 2017.
To ensure the smooth progress of this major assets restructuring, prevent abnormal fluctuations in
the prices of its stocks and protect the rights and interests of its non-controlling interests, the
Company has applied to the Shenzhen Stock Exchange for continued share trading suspension for
no more than 1 month as of 14 April 2019. For details, see the Announcement on Delay of Share
Trading Resumption due to the Major Assets Restructuring in Planning (No. 2019-026) disclosed
on 13 April 2019.
During the share trading suspension period, the Company shall disclose the progress of this major
assets restructuring at least every five trading days in strict accordance with the requirements of
applicable laws and regulations. At present, this major assets restructuring is proceeding smoothly.
This major assets restructuring is subject to great uncertainty. Therefore, investors are kindly
reminded to pay attention to possible investment risk.
Summary of the significant event Disclosure date Index to the related announcement
Announcement on Delay of Share Trading
Delay of share trading resumption due to Resumption due to the Major Assets
13 April 2019
the major assets restructuring Restructuring in Planning disclosed on
www.cninfo.com.cn
Progress of any share repurchase:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,
Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the
Reporting Period
□ 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 2019
IV Operating Performance Forecast for H1 2019
Warning of a forecast loss on or a forecast significant year-on-year change in the net profit of H1 2019, as well as explanation of
why:
□ Applicable √ Not applicable
V Securities Investments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VI Investments in Derivative Financial Instruments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VII Communications with the Investment Community such as Researches, Inquiries and
Interviews during the Reporting Period
√ Applicable □ Not applicable
Type of communication Index to main information
Date Way of communication
party communicated
Asked about the progress of the assets
restructuring and the development and
21 January 2019 By phone Individual sales of property projects, with no
written materials provided by the
Company
Asked about the progress of the assets
restructuring, the annual operating
25 February 2019 By phone Individual results and the expected disclosure date
of the annual report, with no written
materials provided by the Company
Asked about the progress of the assets
restructuring and the fundamentals of the
26 March 2019 By phone Individual
Company, with no written materials
provided by the Company
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
VIII Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s Capital 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 2019
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
31 March 2019
Unit: RMB
Item 31 March 2019 31 December 2018
Current assets:
Monetary capital 2,276,863,878.07 2,048,522,435.93
Settlement reserve
Interbank loans granted
Trading financial assets
Financial assets at fair value through
profit or loss
Derivative financial assets
Notes and accounts receivable 37,795,313.34 33,426,991.65
Including: Notes receivable
Accounts receivable 37,795,313.34 33,426,991.65
Prepayments 6,863,055.57 4,177,767.88
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 45,546,717.47 45,018,027.61
Including: Interest receivable 2,453,067.78
Dividends receivable 1,052,192.76 1,052,192.76
Financial assets purchased under resale
agreements
Inventories 1,697,269,302.51 1,685,152,051.26
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 15,185,546.09 6,780,999.56
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Total current assets 4,079,523,813.05 3,823,078,273.89
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Available-for-sale financial assets 17,464,240.74 17,464,240.74
Investments in other debt obligations
Held-to-maturity investments
Long-term receivables
Long-term equity investments 12,561,107.24 12,561,107.24
Investments in other equity instruments
Other non-current financial assets
Investment property 617,354,068.63 623,930,838.15
Fixed assets 32,932,096.32 33,926,198.52
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets
R&D expense
Goodwill
Long-term prepaid expense 337,245.96 387,066.91
Deferred income tax assets 70,445,902.86 154,543,788.80
Other non-current assets
Total non-current assets 751,094,661.75 842,813,240.36
Total assets 4,830,618,474.80 4,665,891,514.25
Current liabilities:
Short-term borrowings 33,284,489.71 17,260,103.46
Borrowings from central bank
Interbank loans obtained
Trading financial liabilities
Financial liabilities at fair value through
profit or loss
Derivative financial liabilities
Notes and accounts payable 150,288,623.70 216,758,906.71
Advances from customers 373,229,740.75 156,426,152.86
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Financial assets sold under repurchase
agreements
Customer deposits and interbank
deposits
Payables for acting trading of securities
Payables for underwriting of securities
Payroll payable 37,531,177.96 45,836,830.05
Taxes payable 293,479,948.33 300,547,372.98
Other payables 648,470,536.41 721,819,898.48
Including: Interest payable 16,535,277.94 16,535,277.94
Dividends payable
Handling charges and commissions
payable
Reinsurance payables
Contractual liabilities
Liabilities directly associated with assets
classified as held for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities 1,536,284,516.86 1,458,649,264.54
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables 7,235,431.68 6,507,139.20
Provisions
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 7,235,431.68 6,507,139.20
Total liabilities 1,543,519,948.54 1,465,156,403.74
Owners’ equity:
Share capital 1,011,660,000.00 1,011,660,000.00
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 978,244,910.11 978,244,910.11
Less: Treasury stock
Other comprehensive income 12,164,976.79 10,564,385.97
Surplus reserves 95,906,222.59 95,906,222.59
General reserve
Retained earnings 1,319,912,850.96 1,235,884,122.72
Total equity attributable to owners of the
3,417,888,960.45 3,332,259,641.39
Company as the parent
Non-controlling interests -130,790,434.19 -131,524,530.88
Total owners’ equity 3,287,098,526.26 3,200,735,110.51
Total liabilities and owners’ equity 4,830,618,474.80 4,665,891,514.25
Legal representative: Zhou Jianguo Head for financial affairs: Tang Xiaoping
Head of the financial department: Qiao Yanjun
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 March 2019 31 December 2018
Current assets:
Monetary capital 1,692,144,983.38 1,344,486,378.53
Trading financial assets
Financial assets at fair value through
profit or loss
Derivative financial assets
Notes and accounts receivable 4,385,226.42 5,164,795.67
Including: Notes receivable
Accounts receivable 4,385,226.42 5,164,795.67
Prepayments 200,000.00 200,000.00
Other receivables 752,189,308.07 770,374,849.84
Including: Interest receivable 2,380,301.11
Dividends receivable
Inventories 560,769,131.19 543,912,100.37
Contractual assets
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Assets classified as held for sale
Current portion of non-current assets
Other current assets 254,848.94 215,745.41
Total current assets 3,009,943,498.00 2,664,353,869.82
Non-current assets:
Investments in debt obligations
Available-for-sale financial assets 12,000,000.00 12,000,000.00
Investments in other debt obligations
Held-to-maturity investments
Long-term receivables
Long-term equity investments 235,284,776.57 235,284,776.57
Investments in other equity instruments
Other non-current financial assets
Investment property 505,696,873.41 511,040,299.65
Fixed assets 21,314,880.57 21,942,842.11
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets
R&D expense
Goodwill
Long-term prepaid expense 300,043.27 346,015.72
Deferred income tax assets 16,699,980.23 16,699,980.23
Other non-current assets
Total non-current assets 791,296,554.05 797,313,914.28
Total assets 3,801,240,052.05 3,461,667,784.10
Current liabilities:
Short-term borrowings
Trading financial liabilities
Financial liabilities at fair value through
profit or loss
Derivative financial liabilities
Notes and accounts payable 12,589,061.32 16,743,360.96
Advances from customers 211,079,549.03 22,035,608.45
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Contractual liabilities
Payroll payable 19,067,339.43 19,687,728.50
Taxes payable 238,709,548.47 144,621,616.85
Other payables 595,250,326.56 594,392,900.98
Including: Interest payable 16,535,277.94 16,535,277.94
Dividends payable
Liabilities directly associated with assets
classified as held for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities 1,076,695,824.81 797,481,215.74
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Provisions
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities 1,076,695,824.81 797,481,215.74
Owners’ equity:
Share capital 1,011,660,000.00 1,011,660,000.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 964,711,931.13 964,711,931.13
Less: Treasury stock
Other comprehensive income
Surplus reserves 72,776,609.18 72,776,609.18
Retained earnings 675,395,686.93 615,038,028.05
Total owners’ equity 2,724,544,227.24 2,664,186,568.36
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Total liabilities and owners’ equity 3,801,240,052.05 3,461,667,784.10
3. Consolidated Income Statement
Unit: RMB
Item Q1 2019 Q1 2018
1. Revenue 424,535,370.83 149,537,691.65
Including: Operating revenue 424,535,370.83 149,537,691.65
Interest income
Premium income
Handling charge and commission
income
2. Costs and expenses 325,163,686.57 159,930,793.31
Including: Cost of sales 202,277,666.23 134,755,463.32
Interest expense
Handling charge and commission
expense
Surrenders
Net claims paid
Net amount provided as insurance
contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surcharges 98,423,101.84 2,653,864.82
Selling expense 13,343,017.90 12,456,944.31
Administrative expense 13,778,473.34 14,207,674.65
R&D expense
Finance costs -2,658,572.74 -4,143,153.79
Including: Interest expense 28,275.01 1,935,342.34
Interest income 3,125,874.09 6,619,779.87
Asset impairment loss
Credit impairment loss
Add: Other income
Return on investment (“-” for loss) 9,083,234.25 827,100.00
Including: Share of profit or loss of joint
ventures and associates
Foreign exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Gain on changes in fair value (“-” for loss)
Asset disposal income (“-” for loss)
3. Operating profit (“-” for loss) 108,454,918.51 -9,566,001.66
Add: Non-operating income 181.09 412,978.56
Less: Non-operating expense 35,973.80 20,424.16
4. Profit before tax (“-” for loss) 108,419,125.80 -9,173,447.26
Less: Income tax expense 24,342,268.36 -3,221,704.74
5. Net profit (“-” for net loss) 84,076,857.44 -5,951,742.52
5.1 By operating continuity
5.1.1 Net profit from continuing operations
84,076,857.44 -5,951,742.52
(“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to owners of the
84,028,728.24 -5,982,684.72
Company as the parent
5.2.1 Net profit attributable to
48,129.20 30,942.20
non-controlling interests
6. Other comprehensive income, net of tax 2,286,558.31 2,797,799.68
Attributable to owners of the Company as the
1,600,590.82 1,958,459.78
parent
6.1 Items that will not be reclassified to
profit or loss
6.1.1 Changes caused by remeasurements
on defined benefit pension schemes
6.1.2 Other comprehensive income that
will not be reclassified to profit or loss under the
equity method
6.1.3 Changes in the fair value of
investments in other equity instruments
6.1.4 Changes in the fair value of the
company’s credit risks
6.1.5 Other
6.2 Items that will be reclassified to profit
1,600,590.82 1,958,459.78
or loss
6.2.1 Other comprehensive income that
will be reclassified to profit or loss under the
equity method
6.2.2 Changes in the fair value of
investments in other debt obligations
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
6.2.3 Gain/Loss on changes in the fair
value of available-for-sale financial assets
6.2.4 Other comprehensive income
arising from the reclassification of financial
assets
6.2.5 Gain/Loss arising from the
reclassification of held-to-maturity investments
to available-for-sale financial assets
6.2.6 Allowance for credit impairments in
investments in other debt obligations
6.2.7 Reserve for cash flow hedges
6.2.8 Differences arising from the
translation of foreign currency-denominated 1,600,590.82 1,958,459.78
financial statements
6.2.9 Other
Attributable to non-controlling interests 685,967.49 839,339.90
7. Total comprehensive income 86,363,415.75 -3,153,942.84
Attributable to owners of the Company as the
85,629,319.06 -4,024,224.94
parent
Attributable to non-controlling interests 734,096.69 870,282.10
8. Earnings per share
8.1 Basic earnings per share 0.0831 -0.0059
8.2 Diluted earnings per share 0.0831 -0.0059
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.
Legal representative: Zhou Jianguo Head for financial affairs: Tang Xiaoping
Head of the financial department: Qiao Yanjun
4. Income Statement of the Company as the Parent
Unit: RMB
Item Q1 2019 Q1 2018
1. Operating revenue 193,299,003.22 14,713,168.57
Less: Cost of sales 31,591,927.69 6,208,841.78
Taxes and surcharges 79,883,135.16 1,844,377.36
Selling expense 10,905,238.86 175,734.43
Administrative expense 5,229,110.88 5,252,961.05
R&D expense
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ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Finance costs -2,692,984.60 -6,393,134.73
Including: Interest expense 1,233,680.56
Interest income 7,768,291.80 13,903,498.96
Asset impairment loss
Credit impairment loss
Add: Other income
Return on investment (“-” for
9,083,234.25 827,100.00
loss)
Including: Share of profit or
loss of joint ventures and associates
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
Asset disposal income (“-” for
loss)
2. Operating profit (“-” for loss) 77,465,809.48 8,451,488.68
Add: Non-operating income 40.01
Less: Non-operating expense
3. Profit before tax (“-” for loss) 77,465,849.49 8,451,488.68
Less: Income tax expense 17,108,190.61 1,908,478.09
4. Net profit (“-” for net loss) 60,357,658.88 6,543,010.59
4.1 Net profit from continuing
60,357,658.88 6,543,010.59
operations (“-” for net loss)
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income, net of
tax
5.1 Items that will not be reclassified
to profit or loss
5.1.1 Changes caused by
remeasurements on defined benefit
pension schemes
5.1.2 Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
5.1.3 Changes in the fair value of
investments in other equity instruments
5.1.4 Changes in the fair value of
20
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
the company’s credit risks
5.1.5 Other
5.2 Items that will be reclassified to
profit or loss
5.2.1 Other comprehensive income
that will be reclassified to profit or loss
under the equity method
5.2.2 Changes in the fair value of
investments in other debt obligations
5.2.3 Gain/Loss on changes in the
fair value of available-for-sale financial
assets
5.2.4 Other comprehensive income
arising from the reclassification of
financial assets
5.2.5 Gain/Loss arising from the
reclassification of held-to-maturity
investments to available-for-sale
financial assets
5.2.6 Allowance for credit
impairments in investments in other
debt obligations
5.2.7 Reserve for cash flow hedges
5.2.8 Differences arising from the
translation of foreign
currency-denominated financial
statements
5.2.9 Other
6. Total comprehensive income 60,357,658.88 6,543,010.59
7. Earnings per share
7.1 Basic earnings per share 0.0597 0.0065
7.2 Diluted earnings per share 0.0597 0.0065
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2019 Q1 2018
1. Cash flows from operating activities:
Proceeds from sale of commodities
687,255,636.15 508,376,103.06
and rendering of services
Net increase in customer deposits
and interbank deposits
21
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Net increase in proceeds from
disposal of financial assets at fair value
through profit or loss
Interest, handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax rebates 74,607.97
Cash generated from other operating
10,152,937.27 27,054,470.97
activities
Subtotal of cash generated from
697,483,181.39 535,430,574.03
operating activities
Payments for commodities and
207,428,364.66 233,840,761.90
services
Net increase in loans and advances
to customers
Net increase in deposits in the
central bank and in interbank loans
granted
Payments for claims on original
insurance contracts
Net increase in financial assets held
for trading purposes
Net increase in interbank loans
granted
Interest, handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 41,274,575.65 37,500,909.89
22
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Taxes paid 155,769,904.37 33,664,886.97
Cash used in other operating
75,853,132.12 25,085,479.23
activities
Subtotal of cash used in operating
480,325,976.80 330,092,037.99
activities
Net cash generated from/used in
217,157,204.59 205,338,536.04
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 900,000,000.00
Return on investment 11,365,734.25 827,100.00
Net proceeds from the disposal of
fixed assets, intangible assets and other
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
911,365,734.25 827,100.00
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 42,278.00 77,948.00
long-lived assets
Payments for investments
Net increase in pledged loans
granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
42,278.00 77,948.00
activities
Net cash generated from/used in
911,323,456.25 749,152.00
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions
by non-controlling interests to
subsidiaries
Borrowings obtained
Net proceeds from the issuance of
bonds
23
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayments of borrowings 106,000,000.00
Payments for interest and dividends 1,511,319.32
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
activities
Subtotal of cash used in financing
107,511,319.32
activities
Net cash generated from/used in
-107,511,319.32
financing activities
4. Effect of foreign exchange rate
-229,218.70 -331,487.62
changes on cash and cash equivalents
5. Net increase in cash and cash
1,128,251,442.14 98,244,881.10
equivalents
Add: Cash and cash equivalents,
1,148,522,435.93 1,207,079,090.29
beginning of the period
6. Cash and cash equivalents, end of
2,276,773,878.07 1,305,323,971.39
the period
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2019 Q1 2018
1. Cash flows from operating activities:
Proceeds from sale of commodities
401,066,898.41 15,665,006.27
and rendering of services
Tax rebates 2,122.45
Cash generated from other operating
20,292,638.39 186,998,218.65
activities
Subtotal of cash generated from
421,361,659.25 202,663,224.92
operating activities
Payments for commodities and
40,363,877.13 26,588,669.89
services
Cash paid to and for employees 10,332,086.06 7,672,327.20
Taxes paid 28,622,025.86 7,159,077.72
Cash used in other operating
5,750,799.60 34,247,886.16
activities
Subtotal of cash used in operating
85,068,788.65 75,667,960.97
activities
24
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Net cash generated from/used in
336,292,870.60 126,995,263.95
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 900,000,000.00
Return on investment 11,365,734.25 827,100.00
Net proceeds from the disposal of
fixed assets, intangible assets and other
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
911,365,734.25 827,100.00
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other
long-lived assets
Payments for investments
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
activities
Net cash generated from/used in
911,365,734.25 827,100.00
investing activities
3. Cash flows from financing activities:
Capital contributions received
Borrowings obtained
Net proceeds from the issuance of
bonds
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayments of borrowings 106,000,000.00
Payments for interest and dividends 1,233,680.56
Cash used in other financing
activities
Subtotal of cash used in financing
107,233,680.56
activities
25
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. First Quarter Report 2019
Net cash generated from/used in
-107,233,680.56
financing activities
4. Effect of foreign exchange rate
-13,487.07
changes on cash and cash equivalents
5. Net increase in cash and cash
1,247,658,604.85 20,575,196.32
equivalents
Add: Cash and cash equivalents,
444,486,378.53 726,801,673.89
beginning of the period
6. Cash and cash equivalents, end of
1,692,144,983.38 747,376,870.21
the period
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New
Standards Governing Financial Instruments, Revenue or Leases
□ Applicable √ Not applicable
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any New
Standards Governing Financial Instruments or Leases
□ Applicable √ Not applicable
III Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes √ No
These financial statements have not been audited by such an auditor.
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