China Vanke Co., Ltd.
2012 First Quarterly Report
§1 Important Notice
1.1 The Board, the Supervisory Committee, Directors, members of the Supervisory Committee and
senior management of the Company warrant that in respect of the information contained in this
Quarterly Report, there are no misrepresentations or misleading statements, or material omission,
and individually and collectively accept full responsibility for the authenticity, accuracy and
completeness of the information contained in this Quarterly Report.
1.2 None of the Directors, members of the Supervisory Committee and senior management fails to
assure or disputes with the authenticity, accuracy and completeness of the contents of this Quarterly
Report.
1.3 Deputy Chairman Qiao Shibo and Director Jiang Wei were not able to attend the board meeting in
person due to their business engagements and had authorised Director Yu Liang to represent them
and vote on behalf of them. Director Wang Yin was not able to attend the board meeting in person due
to his business engagements and had authorised Director Xiao Li to represent him and vote on behalf
of him. Independent Director Hua Sheng was not able to attend the board meeting in person due to his
business engagements and had authorised Independent Director Zhang Liping to represent him and
vote on behalf of him.
1.4 This quarterly financial report of the Company has not been audited.
1.5 The Company’s Chairman Wang Shi, Director and President Yu Liang, and Executive Vice
President and Supervisor of Finance Wang Wenjin declare that the financial report contained in this
Quarterly Report is warranted to be true and complete.
§2 Basic Corporate Information
2.1 Major accounting data and financial indicators
(Unit: RMB’000)
As at 31 March 2012 As at 31 December 2011 Changes (%)
Total assets 310,737,990 296,534,297 4.79%
Equity attributable to equity
54,358,308 52,967,795 2.63%
shareholders of the Company
Share capital (share) 10,995,210 10,995,210 -
1
Net assets per share attributable
to equity shareholders of the 4.94 4.82 2.63%
Company(RMB)
January to March 2012 January to March 2011 Changes (%)
Revenue 9,752,549 7,541,373 29.32%
Profit attributable to equity
1,395,937 1,205,139 15.83%
shareholders of the Company
Net cash generated from
1,280,121 (1,975,209) 164.81%
operating activities
Net cash generated from
operating activities per share 0.12 (0.18) 164.81%
(RMB)
Basic earnings per share (RMB) 0.13 0.11 18.18%
Diluted earnings per share
0.13 0.11 18.18%
(RMB)
Decrease by 0.08
Return on equity 2.60% 2.68%
percentage point
Note: 1. The net assets and net profit used to calculate the above-mentioned indicators refer to the equity and profit
attributable to equity shareholders of the Company.
2. The above-mentioned return on equity is calculated using weighted average method.
2.2 Total number of shareholders and shareholdings of the top 10 shareholders of non-restricted
tradable shares as at the end of the reporting period
As at the end of 31 March 2012, the total number of shareholders of the Company was 901,745
(including 879,222 holders of A shares and 22,523 holders of B shares).
Total number of shareholders as at the end of the reporting period 901,745
Shareholdings of the top 10 shareholders of non-restricted tradable shares
Total number of non-restricted tradable
Name of shareholders (in full) shares held as at the end of the reporting Type
period
China Resources Co., Limited (“CRC”) 1,619,094,766 A Share
E Fund Shenzhen Stock Exchange 100
143,492,972 A Share
Exchange-Traded Fund
Liu Yuansheng 133,791,208 A Share
Bosera Theme Industry Stock Securities
117,000,000 A Share
Investment Fund
Rongtong Shenzhen Stock Exchange 100 Index
96,693,693 A Share
Securities Investment Fund
UBS AG 83,065,242 A Share
HTHK/CMG FSGUFP-CMG FIRST STATE
82,469,721 B Share
CHINA GROWTH FD
National Social Security Fund – Portfolio 103 77,000,000 A Share
Harvest Theme Selected Mixed Securities
70,999,531 A Share
Investment Fund
China International Domestic Demand Dynamic
68,000,000 A Share
Stock Fund
As at the end of 31 March 2012, the total number of shares of the Company was 10,995,210,218,
including 9,680,254,750 A shares and 1,314,955,468 B shares.
2.3 Bond holdings of the Company’s top 10 bondholders as at the end of the reporting period
2
(1) Name of the top 10 bondholders of 08 Vanke G1 bonds and their bondholdings
No. Bondholder No. of bonds held
New China Life Insurance Company–Dividend Distribution–Individual Dividend -
1 5,548,262
018L - FH002 Shen
2 China Petroleum Finance Co., Ltd. 4,157,662
3 China Pacific Insurance (Group) Co. Ltd. 3,433,312
China Ping An Property and Casualty Insurance Company Limited – Traditional –
4 2,698,727
General Insurance Products
5 China Life Insurance Company Ltd. 2,619,042
6 Taiping General Insurance Company Limited 1,003,216
7 China Life Pension Company Limited–Internal Resources 924,010
8 Haitong-BOC-Futong Bank 897,256
China Life Property and Casualty Insurance Company Limited –Traditional – General
9 820,000
Insurance Products
10 China Property & Casualty Reinsurance Company Ltd. 776,162
(2) Name of the top 10 bondholders of 08 Vanke G2 bonds and their bondholdings
No. Bondholder No. of bonds held
1 Harvest Stable Earning Bond Securities Investment Fund 1,066,978
2 China AMC Bond Investment Fund 1,065,000
3 ICBC Credit Suisse Asset Management Co., Ltd – ICBC – Assets of Specific Clients 889,101
4 National Social Security Fund – Portfolio 801 849,518
5 Penghua Harvest Bond Fund 613,644
6 China AMC Classic Allocation Hybrid Fund 550,000
7 GF Securities Co., Ltd. 502,000
8 China Universal Capital Guaranteed Hybrid Fund 500,000
9 ICBC Credit Suisse Four-season Earning Bond Securities Investment Fund 480,842
10 Penghua Fengrun Bond Fund 480,000
§3 Management Discussion and Analysis
In the first quarter of this year, the sales area of commodity housing in the PRC reduced by 15.5%
from that of the same period last year. The sales area of commodity housing in 14 major cities
including Beijing, Shanghai, Shenzhen, Guangzhou, Tianjin, Shenyang, Hangzhou, Nanjing, Chengdu,
Wuhan, Dongguan, Foshan, Wuxi and Suzhou decreased by 25.5% year-on-year, with greater
fluctuations when compared by month.
Residential sales area in the abovementioned 14 cities in January dropped by 72% year-on-year,
reaching its lowest level since 2006; the sales area in February increased from January but decreased
by 27% when compared with that of the same period last year; in March, with the unlock of end users’
demand after the Chinese New Year and the gradual improvement of credit environment for first-time
home buyers, market transactions increased, driving the sales area in the abovementioned cities to rise
by 62% on a relatively moderate figure in March 2011 and leap by 96% from February.
During the reporting period, the sales area of commodity housing to approved pre-sales area of new
3
housing ratio in the abovementioned 14 cities rebounded from 0.7 in 2011 to over 1. It should be
noted that as the market transaction volume was still low, the rebound of the sales area of commodity
housing to approved pre-sales area of new housing ratio was mainly attributable to the decrease of
new housing supply. Compared with past years, the approved pre-sales area in major cities in January
and February this year reduced significantly, reaching its lowest level since 2006. Despite a rebound
in March, the total approved pre-sales area in the first quarter decreased by approximately 15% when
compared with that of the same period last year. Reduction of new housing supply had, to certain
extent, slowed down inventory build-up; however, considering the existing inventory level, the
abovementioned cities’ inventory level was still under great pressure.
Owing to lower market transactions and a tightened financing environment for the industry,
companies’ investment capabilities further declined during the reporting period. A number of
companies resorted to reducing construction projects and suspending land purchases. In the first
quarter, the floor area of residential properties in the PRC commencing construction decreased by
5.2% year-on-year, which was a rare phenomenon since the floor area commencing construction
decreased year-on-year in 2009. The decline in property development investment will have negative
impact on the market supply in future.
In the first quarter, the area of land sold in the 16 major cities where statistics are accessible by the
public (including Shenzhen, Guangzhou, Dongguan, Foshan, Shanghai, Hangzhou, Nanjing, Suzhou,
Ningbo, Beijing, Tianjin, Shenyang, Dalian, Chengdu, Wuhan and Chongqing) dropped by
approximately 13% year-on-year, to the lowest point in three years. 63% of the land lots changed
hands at the reserve price, while 25% of the land lots failed to sell at auctions, and there were hardly
any land lots sold at a price premium.
During the reporting period, the Company persevered with its proactive sales strategy, achieving an
accumulated sales area of 3,009,000 sq m, with a sales amount of RMB31.07 billion. However, the
Company’s sales contract amount in January 2012 dropped year-on-year, as the comparable figure in
January 2011 was large (a number of customers who purchased property units at the end of 2010
signed their contracts in January 2011, thereby pushing up the sales contract amount in January 2011
to RMB20.1 billion, which accounted for 56.6% of the total contract amount in the first quarter of last
year). The Company’s sales amounts in February 2012 and March 2012 grew by 20.7% and 23.5%
respectively when compared with those of the same period last year
In Guangshen region, the Company realized sales area of 1,004,000 sq m and sales revenue of
RMB11.04 billion; in Shanghai region, sales area and sales revenue amounted to 504,000 sq m and
RMB6.17 billion respectively; in Beijing region, sales area and sales revenue amounted to 874,000 sq
m and RMB8.51 billion respectively; and in Chengdu region, sales area and sales revenue amounted
to 627,000 sq m and RMB5.36 billion respectively.
The Company adhered to its focus on small to medium sized ordinary commodity housing. Among
the residential units sold in the first quarter, the percentage of homes below 144 sq m slightly rose to
90%.
4
During the reporting period, the Company realized a booked area and booked revenue of 754,000 sq
m and RMB9.55 billion respectively, representing year-on-year increases of 83.3% and 31.5%
respectively. Meanwhile, the Company realized operating revenue and net profit of RMB9.75 billion
and RMB1.40 billion respectively, representing year-on-year increases of 29.3% and 15.8%
respectively. However, owing to the type of products booked for the period and market adjustment,
the booked gross profit margin of the Company’s property business declined by 4.2 percentage points
from 35.0% in the corresponding period of last year to 30.8%.
As at the end of the reporting period, the Company had an area of 13,040,000 sq m sold but not yet
booked in the consolidated statements as construction had yet to be completed. This area had a
contract amount of approximately RMB138.9 billion, representing an increase when compared with
that at the beginning of the year.
As at the end of the period under review, the cash and cash equivalents held by the Company
amounted to RMB39.05 billion, which was far more than the sum of short-term borrowings and long-
term borrowings due within one year of RMB17.80 billion. The net gearing ratio was 23.0%, which
was 0.8 percentage point less than that at the beginning of the year. The Company will persevere with
its “cash is king” strategy to ensure safe and sound operation in future.
As at the end of the first quarter, the completed properties (properties ready for sale) amounted to
RMB8.39 billon, accounting for 3.91% of the Company’s inventory.
During the period under review, the Company was involved in one city redevelopment project.
According to the current planning, the site area of the part available for development by China Vanke
and the plot ratio GFA thereof was approximately 129,000 sq m and approximately 394,000 sq m. In
the aspect of future project development, the Company will continue to monitor the land market for
any possible opportunities. But on the whole, the Company will adopt a prudent approach – it would
“rather forgo an opportunity than making a wrong acquisition”.
§4 Significant Events
4.1 Significant changes and reasons for such changes in major items of the accounting
statements and financial indicators of the Company
√Applicable □Not applicable
31 March 2012 31 December 2011 Change
Items Reasons for change
(RMB'000) (RMB'000) (+/-)
Increase in investment for the
Trade and other receivables 42,935,534 40,071,647 7.15% development of projects with associates
and jointly controlled entities
Increase in cash used in operating
Cash and cash equivalents 38,342,679 33,614,112 14.07%
activities and financing activities
Loans and borrowings (Current
17,804,344 23,570,276 -24.46% Change in debt structure
liabilities)
5
January to March January to March
Change
Items 2012 2011 Reasons for change
(+/-)
(RMB'000) (RMB'000)
Revenue 9,752,549 7,541,373 29.32% Increase in booked area
Increase in land and construction and
Cost of sales 6,046,667 4,070,990 48.53%
installation cost
Increase in expenses for the marketing
Distribution cost (582,236) (393,521) 47.96% of new residential projects to be
launched in subsequent periods
Profit for the year 1,530,547 1,189,965 28.62% Increase in operating profit
Profit Attributable to Equity
1,395,937 1,205,139 15.83% Increase in net profit during the period
shareholders of the Company
4.2 Progress of significant events and analysis of their impact and solutions
□Applicable √Not applicable
4.2.1 Non-standard opinions
□Applicable √Not applicable
4.2.2 Provision of fund or guarantee which violates the prescribed procedures by the Company
to controlling shareholders or their associates
□Applicable √Not applicable
4.2.3 Signing and implementation of major contracts in daily operation
□Applicable √Not applicable
4.2.4 Others
□Applicable √Not applicable
4.3 Implementation of the undertakings given by the Company, shareholders and beneficial
controllers
√ Applicable □Not applicable
Undertaking Undertaker Details Implementation
CRNC – the parent company of CRC, being the
Company’s original single largest shareholder and
the present single largest shareholder, gave a
significant undertaking to the Company in 2001:
CRNC would provide as much support to the
China Resources CRNC has
Company as it did in the past, as long as such
Other undertakings National Corporation fulfilled its
support was beneficial to the Company’s
(“CRNC”) undertakings.
development, and that it would remain impartial in
the event of any competition between the investment
projects of the Company and that of CRNC and its
subsidiaries, and in the event of any disagreements
or disputes arising from horizontal competition.
4.4 Warning of and explanation for the accumulated net profit from the beginning of the year
to the end of the next reporting period forecast to be a probable loss or to be significantly
differed from that of the corresponding period of the previous year
□Applicable √Not applicable
4.5 Other major events and their explanations
4.5.1 Securities investments
□Applicable √Not applicable
6
4.5.2 Equity interests held in other listed companies
√Applicable □Not applicable
(Unit: RMB)
Changes in equity
Book Gains/(losses)
Initial
Stock Stock Percentage of value as at during the attributable to equity
investment
code abbreviation shareholdings the end of reporting
amount shareholders during
the period period
the reporting period
SST Tianjin
600751 Marine Shipping 143,600.00 0.04% 143,600.00 - -
Co., Ltd.
Total 143,600.00 - 143,600.00 - -
Note: Equity interests of SST Tianjin Marine Shipping Co., Ltd held by the Company are legal person shares over the
years. Up till now, the SST Tianjin Marine Shipping Co., Ltd has not undergone share reform.
4.5.3 Investor relations activities such as meetings, communications and visits during the
reporting period
Issues discussed
Type of
Time Location Approach Classification of visitors and information
Activities
provided
Face to (I) Major issues
Investors including securities discussed:
BNP meeting 2012.1 Hong Kong face
companies, funds, etc (1) The
meeting
Company’s daily
Credit Suisse Face to
Investors including securities operations;
Securities 2012.1 Hong Kong face (2) The
companies, funds, etc
meeting meeting Company’s
Face to development
Investors including securities strategies;
UBS meeting 2012.1 Shanghai face
companies, funds, etc (3) The
meeting
Company’s
Deutsche Face to
Investors including securities opinion on the
Bank 2012.1 Beijing face
companies, funds, etc changes in the
meeting meeting industry.
Face to (II) Major
Religare Investors including securities
2012.2 Hong Kong face information
meeting companies, funds, etc
meeting provided:
CITIC Face to Published
Investors including securities information
Securities 2012.2 Shenzhen face
companies, funds, etc including the
meeting meeting
Company’s
Goldman Face to regular reports.
Investors including securities
Sachs 2012.2 Shenzhen face
companies, funds, etc
meeting meeting
Hong Kong,
Annual Face to Investors including securities
Shenzhen
results 2012.3 face companies, funds, individual
(Shanghai,
presentation meeting investors, etc
Beijing)
Face to
CLSA Investors including securities
2012.3 Hong Kong face
meeting companies, funds, etc
meeting
Credit Suisse Face to
Investors including securities
Securities 2012.3 Hong Kong face
companies, funds, etc
meeting meeting
Goldman Face to
Investors including securities
Sachs 2012.3 Hong Kong face
companies, funds, etc
meeting meeting
7
Face to
Investors including securities
BNP meeting 2012.3 Hong Kong face
companies, funds, etc
meeting
Credit Suisse Face to
Investors including securities
Securities 2012.3 Hong Kong face
companies, funds, etc
meeting meeting
Face to
Investors including securities
UBS meeting 2012.3 Shanghai face
companies, funds, etc
meeting
Note: The above-mentioned meetings included one-on-one meetings, small group meetings and
large group presentation. The Company received or met with investors from over 50 companies.
Shenyin Wanguo, Guotai Junan,
Shenzhen, Daiwa Securities, Minsheng
Guangzhou, Securities, CLSA, CITIC
Foshan, Securities, Deutsche Bank,
UBS, Goldman Sachs, Credit
Dongguan,
Suisse Securities, JP Morgan,
Zhuhai,
CICC, Huatai United Securities,
Zhongshan, Standard Chartered Bank, China
Haikou, Fuzhou, Securities, Goldman Sachs
During Xiamen, Gaohua, Guangfa Securities,
Changsha, Small
the Haitong Securities, Merrill
Securities
Shanghai, group or Lynch Securities, Yuanta
companies reporting
Nanjing, one-on-one Securities, Changjiang
period Hangzhou, Securities, Citi, Morgan
Ningbo, Beijing, Stanley, Orient Securities,
Tianjin, Shenyang, Dongxing Securities, Galaxy
Securities, Sinolink Securities,
Dalian, Qingdao,
BOC International, Samsung
Wuhan, Chengdu,
Securities, Macquarie, BNP,
Chongqing, Xi’an, Jefferies, Religare, UOB
Kunming, KayHian, Keefe, Bruyette &
Guiyang, etc Woods Asia, Oliver Wyman,
DBS Vickers (HK) Ltd etc
8
Guangfa Fund, Orient
Securities, Rongtong Fund,
Goldman Sachs (Asia) Co., Ltd,
Shenzhen Jinchaoyang
Enterprise Management Ltd (深
圳金朝阳企业管理顾问有限公
司), CICC Asset Management,
China Universal Asset
Management, Manulife Teda
Fund, Fuanda Fund, Daiwa
Asset Management, New China
Life, Changsheng Fund, China
Life, Bosera Fund, Harvest
Fund, China AMC, Fortis
Haitong Fund, Yinhua Fund,
Dacheng Fund, Southern Fund,
E Fund, Fullgoal Fund, Ethan
Capital, Wells Capital
Management, PNC Capital,
Moon Capital, Dialectic Capital,
Heitman LLC, Libra Capital
Shenzhen, ManagementKowloon
Guangzhou, Development Company
Limited, Hwangdbs Investment
Foshan,Dongguan,
Management, Discovery Capital
Zhuhai,
Management LLC, Prince Street
Zhongshan, Capital Management, Matthews
Haikou, Fuzhou, International Capital
Funds, other Xiamen, Management, GSI Fund (HK),
investment During Changsha, JF Asset Management, FMR,
Small
companies the Shanghai, Capital Group, Cheuvreux
group or
and reporting Nanjing, Credit Agricole, Boodell &
one-on-one Company, Marsico Capital, TT
individual period Hangzhou
investors Ningbo, Beijing, International, Trusted Sources,
Shenyang, Dalian, Barclays Capital, UBS GAM, F
& C, Keywise, Lazard Asset
Qingdao, Wuhan,
Management, Baillie Gifford,
Chengdu,
Och-Ziff, Wellington
Chongqing, Xi’an, Management, SAC Capital,
Kunming, CSPB, Havenport, Trivest, East
Guiyang, etc Capital, Merchants Gate
Capital, Capital, Norges Bank
Investment Management, Broad
Peak Investment Advicers,
Putnam, EFMI Limited (HK,
holowesko partners, Waddell &
Reed, Algebris, Ashmore EMM,
Deutsche Asset Mgmt, Zeal
Asset Management, Allianze，
Open Door, Pictet Asset
Management, Fortress
Investment Group, Maverick
Capital Ltd, Hokan Zurich
Insurance Company Ltd, Bank
of Singapore Ltd, TIAA-CREF
Investment Management Inc，
Sparx, CQS (Hong Kong) Ltd,
Samena Capital Hong Kong
Limited, SCHRODERS, FIL
Investment Management
(Singapore), Cascabel
Management, Soros etc
9
4.5.4 Other major events and their explanations
√ Applicable □Not applicable
(1) Corporate bonds of the Company
During the reporting period, the Company had a good credit standing. There had not been any change in the
Company’s issued bonds, namely “08 Vanke G1” and “08 Vanke G2”.
(2) Establishment of internal control system
In 2012, the Company continued to adopt a pragmatic internal control approach and attach great importance to actual
business risks. The Company has set a specific theme of internal control for each month and promoted internal control
in respect of a specialized field for each month. All the departments at the Company’s headquarters formulate their
annual internal control system establishment scheme, while frontline subsidiaries establish their risk management plan.
To enhance the effectiveness of control and management, the Company will prepare a development plan for IT
application system in respect of the key aspects of control and management.
In the first quarter, the Company carried out special self-inspection and rectification work with respect to financial
matters; all frontline subsidiaries conducted specialized internal control evaluation and inspection in accordance with
the annual scheme and monthly theme; the Company launched its online file management system.
4.6 Investment in derivatives
√ Applicable □Not applicable
In order to limit the risk associated with the fluctuations of
interest rate, the Company entered into an interest rate swap
(“IRS”) agreement to hedge floating rate foreign currency
Remarks on risk analysis and management of derivative loan. The Company would charge the counterparty an interest
positions during the reporting period (including but not according to a floating rate, in order to pay the floating-rate
limited to market risk, liquidity risk, credit risk, interest to the original lender, while paying a fixed rate to the
operational risk and legal risk, etc.) counterparty.
In terms of the time limit and amount of foreign currency
loan, IRS limited the risk of fluctuations of interest rate
through fixed forward rate.
Change in market price or fair value of the derivatives The effect of the change in the IRS value on the Company’s
invested during the reporting period, as well as the profit or loss during the reporting period amounted to
method, related assumptions and parameters used to RMB(10,353,617.67). The value of the IRS was determined
analyse the fair value of derivatives should be disclosed based on the fair value assessed on 31 March 2012.
Remarks on whether there has been a material change in
the accounting policy and accounting measurement
principles for the Company’s derivatives during the Nil
reporting period as compared with those of the previous
reporting period
The Company’s independent directors are of the view that
financial instruments such as IRS could ward off the possible
Special advice on derivative investment and risk control
loss associated with foreign currency loan in the event of
by independent directors, sponsors and financial
significant fluctuations in interest rate. The relevant
advisors
arrangement of the Company has been prudent and
reasonable.
4.6.1 Derivative positions as at the end of the reporting period
√ Applicable □Not applicable
Unit: RMB’000
Contract amount as at the
end of the period as a
Contract amount as Contract amount Profit/loss during
percentage of the
Type of contracts at the beginning of as at the end of the the reporting
Company’s net assets as at
the period period period
the end of the reporting
period
Interest rate swap (IRS)
3,079,879.92 3,076,653.84 (10,353.62) 5.66%
agreement
Total 3,079,879.92 3,076,653.84 (10,353.62) 5.66%
10
Consolidated income statement
for the year ended 31 March 2012
(Expressed in Renminbi Yuan)
2012 2011
Jan.–Mar. Jan.–Mar.
RMB’000 RMB’000
Revenue 9,752,549 7,541,373
Cost of sales (6,046,667) (4,070,990)
Gross profit 3,705,882 3,470,383
Other revenue 159,335 117,098
Other net income 70,752 32,062
Distribution costs (582,236) (393,521)
Administrative expenses (520,165) (574,061)
Other operating expenses (44,348) (44,788)
Profit from operations 2,789,220 2,607,173
Finance costs (278,663) (251,868)
Share of profits less losses of associates (14,728) (6,564)
Share of profits less losses
of jointly controlled entities 90,991 (11,240)
Profit before taxation 2,586,820 2,337,501
Income tax (1,056,273) (1,147,536)
Profit for the year 1,530,547 1,189,965
Attributable to:
Equity shareholders of the Company 1,395,937 1,205,139
Non-controlling interests 134,610 (15,174)
Profit for the year 1,530,547 1,189,965
Basic earnings per share (RMB) 0.13 0.11
11
Consolidated statement of comprehensive income
for the year ended 31 March 2012
(Expressed in Renminbi Yuan)
2012 2011
Jan.–Mar. Jan.–Mar
RMB’000 RMB’000
Profit for the year 1,530,547 1,189,965
Other comprehensive income (after tax and
reclassification adjustments)
Exchange differences on translation of financial
statements of overseas subsidiaries (39,652) 40,280
Available-for-sale securities: net movement in
the fair value reserve - -
(39,652) 40,280
Total comprehensive income for the year 1,490,895 1,230,245
Attributable to:
Equity shareholders of the Company 1,356,285 1,245,418
Non-controlling interests 134,610 (15,174)
Total comprehensive income for the year 1,490,895 1,230,244
12
Consolidated statement of financial position
at 31 March 2012
(Expressed in Renminbi Yuan)
31 Mar 2012 31 Dec 2011
RMB’000 RMB’000
Non-current assets
Property, plant and equipment 2,905,674 2,777,889
Investment properties 1,185,599 1,126,105
Interest in associates 2,138,204 2,160,824
Interest in jointly controlled entities 4,341,936 4,183,142
Other financial assets 523,885 523,790
Other non-current asset 14,400 463,793
Deferred tax assets 2,635,757 2,326,242
13,745,455 13,561,785
Current assets
Inventories 215,002,576 208,661,350
Trade and other receivables 42,935,534 40,071,647
Pledged deposits 711,746 625,403
Cash and cash equivalents 38,342,679 33,614,112
296,992,535 282,972,512
Current liabilities
Loans and borrowings 17,804,344 23,570,276
Financial derivative 27,395 17,042
Trade and other payables 177,444,109 168,893,596
Current taxation 8,072,281 8,243,247
203,348,129 200,724,161
Net current assets 93,644,406 82,248,351
Total assets less current liabilities 107,389,861 95,810,136
13
Consolidated statement of financial position
at 31 March 2012(continued)
(Expressed in Renminbi Yuan)
31 Mar 2012 31 Dec 2011
RMB’000 RMB’000
Non-current liabilities
Loans and borrowings 37,118,035 26,822,359
Deferred tax liabilities 1,083,585 1,104,762
Provisions 54,738 38,678
Other non-current liabilities 12,796 11,798
38,269,154 27,977,597
NET ASSETS 69,120,707 67,832,539
CAPITAL AND RESERVES
Share capital 10,995,210 10,995,210
Reserves 43,363,098 41,972,585
Total equity attributable to equity shareholders
of the Company 54,358,308 52,967,795
Non-controlling interests 14,762,399 14,864,744
TOTAL EQUITY 69,120,707 67,832,539
)
)
) Directors
)
）
14
Consolidated cash flow statement
for the three months ended 31 March 2012
(Expressed in Renminbi Yuan)
2012 2011
Jan.–Mar. Jan.–Mar
RMB’000 RMB’000
Cash received from sales of products 21,280,298 24,922,860
Other cash received from business operating
activities 2,683,234 1,341,500
Cash generated from operating activities 23,963,532 26,264,360
Cash paid for purchasing of merchandise and
services 13,456,878 20,459,979
Cash paid to employees or paid for employees 1,166,860 1,068,536
Tax paid for tax 5,013,645 4,682,669
Other cash paid for business operating activities 3,046,028 2,028,385
Cash used in operating activities 22,683,411 28,239,569
Net cash used in operating activities 1,280,121 (1,975,209)
Proceeds from sales of investments 4,000 -
Dividends received 8,550 -
Proceeds from disposal of property, plant and
equipment 29 5
Proceeds from other investment activities 78,004 305,063
Cash generated from investing activities 90,583 305,068
Acquisitions of property, plant and equipment and
construction in progress 39,048 67,885
Acquisitions of interest in associates, jointly
controlled entities and other investments 71,450 230,842
Acquisitions of subsidiaries,net of cash acquired 149,580 64,998
Other cash paid relating to investing activities - 42,569
Cash used in investing activities 260,078 406,294
Net cash used in investing activities (169,495) (101,226)
15
Consolidated cash flow statement
for the three months ended 31 March 2012
(Expressed in Renminbi Yuan)
2012 2011
Jan.–Mar. Jan.–Mar
RMB’000 RMB’000
Net proceeds from issue of shares upon placing 66,613 705,519
Proceeds from loans and borrowings 12,577,474 4,753,091
Cash generated from financing activities 12,644,087 5,458,610
Repayment of loans and borrowings 7,957,741 5,370,000
Dividend paid to equity shareholders of the
Company and Interest paid 1,064,324 864,029
Cash used in financing activities 9,022,065 6,234,029
Net cash generated from financing activities 3,622,022 (775,419)
Effect of foreign exchange rates (4,081) (9,815)
Net increase/(decrease) in cash and cash
equivalents 4,728,567 (2,861,669)
Cash and cash equivalents at 1 January 33,614,112 35,096,935
Cash and cash equivalents at 31 March 38,342,679 32,235,266
16
