HAINAN PEARL RIVER HOLDINGS CO., LTD.
THE FIRST QUARTERLY REPORT 2012
§1. Important Notice
1.1 The Board of Directors, the Supervisory Committee, directors, supervisors and
senior executives of Hainan Pearl River Holdings Co., Ltd. (hereinafter referred to as
“the Company”) hereby guarantee that this report carries no false information,
misleading statements or major omissions, and will accept, individually and
collectively, the responsibility for factuality, accuracy and completeness of the
information set forth herein.
1.2 The Financial Report of this first quarterly report has not been audited by a CPA
firm.
1.3 Mr. Zheng Qing (Chairman of the Board and GM of the Company), Mr. Chen
Binglian (Standing Vice GM and Financial Principal of the Company) and Mr. Yang
Daoliang (Vice GM and Manager of the Financial Department) hereby confirm that
the Financial Report enclosed in this quarterly report is factual and complete.
§2. Company Profile
2.1 Main accounting data and financial indicators
Unit: (RMB) Yuan
31 Mar. 2012 31 Dec. 2011 Increase/decrease (%)
Total assets (Yuan) 1,341,737,875.50 1,311,949,739.44 2.27%
Owners’ equity attributable to shareholders of the
343,679,736.92 373,004,748.20 -7.86%
Company (Yuan)
Total share capital (share) 426,745,404.00 426,745,404.00 0.00%
Net assets per share attributable to shareholders of the
0.81 0.87 -6.90%
Company (Yuan/share)
Jan.-Mar. 2012 Jan.-Mar. 2011 Increase/decrease (%)
Gross revenue (Yuan) 64,997,421.96 83,788,041.95 -22.43%
Net profit attributable to shareholders of the Company
-27,330,011.28 3,145,839.09 -968.77%
(Yuan)
Net cash flows from operating activities (Yuan) -84,831,600.85 653,979.49 -13,071.60%
Net cash flows per share from operating activities
-0.20 0.00
(Yuan/share)
Basic EPS (Yuan/share) -0.06 0.01 -700.00%
Diluted EPS (Yuan/share) -0.06 0.01 -700.00%
Weighted average ROE (%) -7.63% 0.63% -8.26%
Weighted average ROE after deducting non-recurring gains
-8.07% -2.55% -5.52%
and losses (%)
Items of non-recurring gains and losses
√Applicable □Inapplicable
Unit: RMB Yuan
Amount from 1 Jan. 2012 to 31 Notes (if
Items of non-recurring gains and losses
Mar. 2012 applicable)
Gains and losses from disposal of non-current assets 0.00
Capital occupation fees received from non-financial enterprises recorded into current
1,557,486.72
gains and losses
Other non-business incomes and expenses except for items above 65,828.30
Effect on income tax -15,193.38
Effect on minority interests -5,429.54
Total 1,602,692.10 -
2.2 Total number of shareholders at period-end and shareholding of top ten
shareholders holding shares not subject to trading moratorium
Unit: Share
Total number of shareholders at the end of the reporting
44,293
period
Shares held by the top ten shareholders not subject to trading moratorium
Shares not subject to trading
Full name of shareholder Type of share
moratorium held at the period-end
Beijing Wanfa Real Estate Development Co., Ltd. 112,479,478 RMB ordinary shares
Chen Yunxuan 3,142,102 RMB ordinary shares
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Domestically listed foreign
Qu Chen 2,213,400
shares
Chongqing International Trust Co., Ltd. 2,077,800 RMB ordinary shares
Domestically listed foreign
Zhang Xiaoxia 1,949,250
shares
Zhang Chuntian 1,537,700 RMB ordinary shares
Zhang Huisheng 1,340,000 RMB ordinary shares
Ou Lei 1,206,348 RMB ordinary shares
Zhou Qin 1,174,300 RMB ordinary shares
Guangzhou Pearl River Industrial Development Co.,
1,150,000 RMB ordinary shares
Ltd.
§3. Significant Events
3.1 Major changes in main accounting statement items and financial indicators, as
well as reasons for such changes
√Applicable □Inapplicable
31 Mar. Increase / decrease
Items 31 Dec. 2011 Main reasons for the changes
2012 (%)
Accounts Property service and hotel income of
10,684,970 7,047,354 51.62
receivable subsidiaries increased.
The Company obtained a borrowing with a
Short-term
210,000,000 45,000,000 366.67 term of one year from Chongqing International
borrowings
Trust Co., Ltd..
Accounts
Real estate advances were carried forward to
received in 3,726,810 19,556,675 -80.94
income.
advance
Non-current
The Company repaid to Chongqing
liabilities due 22,000,000 232,000,000 -90.52
International Trust Co., Ltd..
within one year
Long-term The subsidiary Mudanjiang secured a
191,000,000 81,000,000 135.80
borrowings long-term borrowing.
Jan.-Mar. Increase / decrease
Items Jan.-Mar. 2011 Main reasons for the changes
2012 (%)
Administrative
29,010,965 20,272,899 43.10 More subsidiaries were consolidated.
expense
Interest income from debt investment
Financial expense 14,322,084 -1,668,089 958.59
decreased.
Asset impairment
-2,058,389 54,520 -3,875.48 Some intra-Group amounts were collected.
loss
Other
Fair value changes of the equity interests of
comprehensive -1,995,000 5,985,000 -133.33
Southwest Securities
incomes
Net cash flows
Cash from real estate sale decreased and
from operating -84,831,601 653,979 -13,071.61
intra-Group payments increased.
activities
Net cash flows
from investing 19,126,094 -32,302,791 159.21 Cash paid for investment decreased.
activities
Net cash flows
from financing 54,013,907 -9,540,585 666.15 Cash received from borrowings increased.
activities
3.2 Progress of significant events as well as their influence and solutions
3.2.1 Non-standard audit opinion
□Applicable √Inapplicable
3.2.2 The Company provides funds for the controlling shareholder or its related
parties or provides external guarantees in violation of the prescribed procedure
□Applicable √Inapplicable
3.2.3 Significant contracts signed and executed concerning routine operation
□Applicable √Inapplicable
3.2.4 Other
□Applicable √Inapplicable
3.3 Commitments made by the Company, its shareholders and actual controller
Commitments made by the Company, its directors, supervisors, senior executives,
shareholders holding over 5% of the Company’s shares, actual controller and other
related parties in the reporting period, or such commitments carried down into the
reporting period
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□Applicable √Inapplicable
3.4 Warnings of possible loss or large-margin change of the accumulated net profit
made during the period from the beginning of the year to the end of the next reporting
period compared with the same period of the last year according to prediction, as well
as explanations on the reasons
□Applicable √Inapplicable
3.5 Other significant events
3.5.1 Securities investment
□Applicable √Inapplicable
3.5.2 Researches, interviews and visits received in reporting period.
No field researches, phone calls or written inquiries were received from investors in
the reporting period.
3.6 Investments in financial derivative products
□Applicable √Inapplicable
3.6.1 Positions of financial derivative products held at period-end
□Applicable √Inapplicable
§4 Attachments
4.1 Balance sheet
Prepared by HaiNan Pearl River Holdings Co., Ltd. 31 Mar. 2012 Unit: RMB Yuan
Closing balance Opening balance
Items
Consolidation The Company Consolidation The Company
Current Assets:
Monetary funds 40,816,244.61 1,097,043.35 52,507,843.73 515,955.59
Settlement reserves
Lendings to banks and other financial
institutions
Transactional financial assets
Notes receivable
Accounts receivable 10,684,969.84 1,527,249.05 7,047,354.39 1,233,403.30
Accounts paid in advance 73,942,145.83 50,000,000.00 76,803,784.89 50,000,000.00
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract
reserves
Interest receivable
Dividend receivable 260,015.00 260,015.00 260,015.00 260,015.00
Other accounts receivable 344,881,841.38 402,128,669.78 305,101,592.12 401,353,832.36
Financial assets purchased under
agreements to resell
Inventories 111,201,192.66 4,824,035.45 118,087,721.51 4,824,035.45
Non-current assets due within 1 year
Other current assets
Total current assets 581,786,409.32 459,837,012.63 559,808,311.64 458,187,241.70
Non-current assets:
Loans and advances granted
Available-for-sale financial assets 284,287,500.00 284,287,500.00 286,947,500.00 286,947,500.00
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment 51,545,341.80 300,847,393.49 51,861,567.21 301,163,618.90
Investing property 26,183,761.30 7,820,241.38 26,736,246.75 7,895,850.53
Fixed assets 333,377,815.42 18,654,676.85 325,412,316.44 19,120,348.43
Construction in progress 19,064,597.88 17,949,172.88
Engineering materials 606,206.60 606,206.60
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 32,270,627.23 1,588,788.33 32,558,549.97 1,600,704.24
R&D expense
Goodwill
Long-term deferred expenses 12,615,615.95 10,069,867.95
Deferred income tax assets
Other non-current assets
Total of non-current assets 759,951,466.18 613,198,600.05 752,141,427.80 616,728,022.10
Total assets 1,341,737,875.50 1,073,035,612.68 1,311,949,739.44 1,074,915,263.80
Current liabilities:
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Short-term borrowings 210,000,000.00 210,000,000.00 45,000,000.00
Borrowings from Central Bank
Customer bank deposits and due to
banks and other financial institutions
Borrowings from banks and other
financial institutions
Transactional financial liabilities
Notes payable
Accounts payable 23,817,698.17 2,482,949.70 22,624,982.35 2,482,949.70
Accounts received in advance 3,726,809.94 237,600.00 19,556,674.90 59,400.00
Financial assets sold for repurchase
Handling charges and commissions
payable
Employee’s compensation payable 5,881,770.30 412,461.93 6,909,929.01 537,236.72
Tax payable 5,076,476.37 -2,360,442.27 3,581,099.43 -2,478,194.48
Interest payable 111,705,338.96 79,774,449.68 99,701,134.38 69,588,108.07
Dividend payable 3,213,302.88 3,213,302.88 3,213,302.88 3,213,302.88
Other accounts payable 346,444,363.37 349,320,025.76 349,335,603.33 347,896,763.31
Reinsurance premiums payable
Insurance contract reserves
Funds for acting trading of securities
Funds for acting underwriting of
securities
Non-current liabilities due within 1
22,000,000.00 10,000,000.00 232,000,000.00 220,000,000.00
year
Other current liabilities
Total current liabilities 731,865,759.99 653,080,347.68 781,922,726.28 641,299,566.20
Non-current liabilities:
Long-term borrowings 191,000,000.00 81,000,000.00
Bonds payable
Long-term payables
Specific payables
Estimated liabilities
Deferred income tax liabilities 48,682,638.80 47,630,625.00 49,347,638.80 48,295,625.00
Other non-current liabilities
Total non-current liabilities 239,682,638.80 47,630,625.00 130,347,638.80 48,295,625.00
Total liabilities 971,548,398.79 700,710,972.68 912,270,365.08 689,595,191.20
Owners’ equity (or shareholders’ equity)
Paid-up capital (or share capital) 426,745,404.00 426,745,404.00 426,745,404.00 426,745,404.00
Capital reserves 528,456,655.97 531,472,995.51 530,451,655.97 533,467,995.51
Less: Treasury stock
Special reserves
Surplus reserves 109,487,064.39 109,487,064.39 109,487,064.39 109,487,064.39
Provisions for general risks
Retained profits -721,009,387.44 -695,380,823.90 -693,679,376.16 -684,380,391.30
Foreign exchange difference
Total equity attributable to owners of the
343,679,736.92 372,324,640.00 373,004,748.20 385,320,072.60
Company
Minority interests 26,509,739.79 26,674,626.16
Total owners’ equity 370,189,476.71 372,324,640.00 399,679,374.36 385,320,072.60
Total liabilities and owners’ equity 1,341,737,875.50 1,073,035,612.68 1,311,949,739.44 1,074,915,263.80
4.2 Income Statement
Prepared by HaiNan Pearl River Holdings Co., Ltd. Jan.- Mar. 2012 Unit: RMB Yuan
Jan.-Mar. 2012 Jan.-Mar. 2011
Items
Consolidation The Company Consolidation The Company
I. Total operating revenues 64,997,421.96 290,669.10 83,788,041.95 66,970.00
Including: Sales income 64,997,421.96 290,669.10 83,788,041.95 66,970.00
Interest income
Premium income
Handling charge and commission
income
II. Total operating cost 91,367,681.55 10,974,876.29 77,514,884.47 -638,688.20
Including: Cost of sales 41,163,681.51 88,898.40 47,473,716.01 13,289.25
Interest expenses
Handling charges and
commission expenses
Surrenders
Net claims paid
Net amount withdrawn for the
insurance contract reserve
Expenditure on policy dividends
Reinsurance premium
Taxes and associate charges 5,567,111.72 16,165.47 9,623,362.23 10,772.66
Selling and distribution expenses 3,362,228.94 1,758,476.10
Administrative expenses 29,010,964.80 4,922,725.14 20,272,898.86 4,679,926.15
Financial expenses 14,322,083.85 6,993,479.28 -1,668,088.97 -3,776,517.17
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Asset impairment loss -2,058,389.27 -1,046,392.00 54,520.24 -1,566,159.09
Add: Gain/(loss) from change in fair
value (“-” means loss)
Gain/(loss) from investment
-316,225.41 -316,225.41
(“-” means loss)
Including: share of profits in associates
-316,225.41 -316,225.41
and joint ventures
Foreign exchange gains (“-” means loss)
III. Business profit (“-” means loss) -26,686,485.00 -11,000,432.60 6,273,157.48 705,658.20
Add: non-operating income 67,839.50 430,386.00
Less: non-operating expense 2,011.20 57,527.34 12,915.00
Including: loss from non-current asset
15,200.25 12,915.00
disposal
IV. Total profit (“-” means loss) -26,620,656.70 -11,000,432.60 6,646,016.14 692,743.20
Less: Income tax expense 874,240.95 2,462,752.80
V. Net profit (“-” means loss) -27,494,897.65 -11,000,432.60 4,183,263.34 692,743.20
Attributable to owners of the
-27,330,011.28 -11,000,432.60 3,145,839.09 692,743.20
Company
Minority shareholders’ income -164,886.37 1,037,424.25
VI. Earnings per share
(I) basic earnings per share -0.06 0.01
(II)diluted earnings per share -0.06 0.01
Ⅶ. Other comprehensive incomes -1,995,000.00 -1,995,000.00 5,985,000.00 5,985,000.00
Ⅷ. Total comprehensive incomes -29,489,897.65 -12,995,432.60 10,168,263.34 6,677,743.20
Including: Attributable to owners of the
-29,325,011.28 -12,995,432.60 9,130,839.09 6,677,743.20
Company
Attributable to minority
-164,886.37 1,037,424.25
shareholders
Where there were business combinations under the same control in the reporting period, the combined parties achieved net profits of
RMB 0.00 before the combinations.
4.3 Cash Flow Statement
Prepared by HaiNan Pearl River Holdings Co., Ltd. Jan.- Mar. 2012 Unit: RMB Yuan
Jan.-Mar. 2012 Jan.-Mar. 2011
Items
Consolidation The Company Consolidation The Company
I. Cash flows from operating activities:
Cash received from sale of
42,553,330.68 0.00 77,387,121.79 555,480.00
commodities and rendering of service
Net increase of deposits from
customers and dues from banks
Net increase of loans from the central
bank
Net increase of funds borrowed from
other financial institutions
Cash received from premium of
original insurance contracts
Net cash received from reinsurance
business
Net increase of savings of policy
holders and investment fund
Net increase of disposal of tradable
financial assets
Cash received from interest, handling
charges and commissions
Net increase of borrowings from
banks and other financial institutions
Net increase of funds in repurchase
business
Tax refunds received
Other cash received relating to
37,808,298.50 1,373,838.56 16,327,870.68 22,784,792.47
operating activities
Subtotal of cash inflows from operating
80,361,629.18 1,373,838.56 93,714,992.47 23,340,272.47
activities
Cash paid for goods and services 17,377,694.88 19,468,484.74
Net increase of customer lendings and
advances
Net increase of funds deposited in the
central bank and amount due from banks
Cash for paying claims of the original
insurance contracts
Cash for paying interest, handling
charges and commissions
Cash for paying policy dividends
Cash paid to and for employees 29,396,413.07 1,187,592.57 23,225,073.68 1,394,068.58
Various taxes paid 5,904,014.25 239,894.28 27,558,243.17 567,823.07
Other cash payment relating to
112,515,107.83 2,356,865.95 22,809,211.39 6,317,991.03
operating activities
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Subtotal of cash outflows from operating
165,193,230.03 3,784,352.80 93,061,012.98 8,279,882.68
activities
Net cash flows from operating activities -84,831,600.85 -2,410,514.24 653,979.49 15,060,389.79
II. Cash flows from investing activities:
Cash received from disposal of
22,500,000.00 22,500,000.00 82,000,000.00 82,000,000.00
investments
Cash received from return on
investments
Net cash received from disposal of
fixed assets, intangible assets and other 537,291.00 6,790.00 6,000.00
long-term assets
Net cash received from disposal of
subsidiaries or other business units
Other cash received relating to
15,191,444.71 15,191,444.71
investing activities
Subtotal of cash inflows from investing
23,037,291.00 22,500,000.00 97,198,234.71 97,197,444.71
activities
Cash paid to acquire fixed assets,
intangible assets and other long-term 3,911,196.60 8,398.00 5,901,026.00 1,300,000.00
assets
Cash paid for investment 19,500,000.00 118,500,000.00 116,500,000.00
Net increase of pledged loans
Net cash paid to acquire subsidiaries
5,100,000.00 5,100,000.00
and other business units
Other cash payments relating to
investing activities
Subtotal of cash outflows from investing
3,911,196.60 19,508,398.00 129,501,026.00 122,900,000.00
activities
Net cash flows from investing activities 19,126,094.40 2,991,602.00 -32,302,791.29 -25,702,555.29
III. Cash flows from financing activities:
Cash received from capital
contributions
Including: Cash received from
minority shareholder investments by 0.00
subsidiaries
Cash received from borrowings 320,000,000.00 210,000,000.00 7,000,000.00
Cash received from issuance of
bonds
Other cash received relating to
financing activities
Subtotal of cash inflows from financing
320,000,000.00 210,000,000.00 7,000,000.00
activities
Repayment of borrowings 258,000,000.00 210,000,000.00 500,000.00
Cash paid for interest expenses and
4,486,092.67 16,040,585.00 14,300,000.00
distribution of dividends or profit
Including: dividends or profit paid
by subsidiaries to minority shareholders
Other cash payments relating to
3,500,000.00
financing activities
Sub-total of cash outflows from
265,986,092.67 210,000,000.00 16,540,585.00 14,300,000.00
financing activities
Net cash flows from financing activities 54,013,907.33 -9,540,585.00 -14,300,000.00
IV. Effect of foreign exchange rate
changes on cash and cash equivalents
V. Net increase in cash and cash
-11,691,599.12 581,087.76 -41,189,396.80 -24,942,165.50
equivalents
Add: Cash and cash equivalents at
52,507,843.73 515,955.59 136,376,851.19 47,697,821.48
the period-begin
VI. Cash and cash equivalents at the
40,816,244.61 1,097,043.35 95,187,454.39 22,755,655.98
period-end
4.4 Auditor’s report
Auditor’s opinion: un-audited
HaiNan Pearl River Holdings Co., Ltd.
Chairman of the Board of Directors: Zheng Qing
25 Apr. 2012
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