Report for the Third Quarter of 2009－Chiwan Wharf
1
Stock code: 000022 /200022 Short form: Chiwan Wharf A/Chiwan Wharf B Announcement Serial No. 2009-035
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
REPORT FOR THE THIRD QUARTER OF 2009
§1 Important Notes
1.1 The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior
management staff of Shenzhen Chiwan Wharf Holdings Limited (hereinafter referred to as “the Company”)
hereby confirm that there exists no omission, misstatement, or misleading information in this report, and
accept, individually and collectively, the responsibility for the correctness, accuracy and completeness of the
contents of this report.
1.2 All Directors, Supervisors and Senior Management Staff agreed with and guaranteed the correctness, accuracy
and completeness of the contents of this Report.
1.3 Due to business reason, Director and General Manager Zheng Shaoping did not attend the Seventh special
session of the Sixth Board of Directors in 2009, at which this report was reviewed and approved. Mr. Zheng
Shaoping has given his consents to the full contents of this report, and appointed Director Yuan Yuhui, as his
proxy to attend and speak at the meeting on his behalf.
1.4 This quarterly Financial Statements was un-audited.
1.5 Chairman of the Board Ms. Wang Fen, as well as Chief Financial Officer Mr. Zhang Jianguo hereby confirm
that the Financial Statements in this report is true and complete.
§2 Company Profile
2.1 Main accounting data and financial highlights
Unit: RMB
As at 30 Sep. 2009 As at 31 Dec. 2008 +/- (%)
Total assets 5,165,527,116.00 5,153,728,048.00 0.23%
Total equity attributable to equity holders of
the Company 2,755,941,796.00 2,755,264,347.00 0.02%
Share capital 644,763,730.00 644,763,730.00 0.00%
Net assets per share attributable to equity
holders of the Company 4.274 4.273 0.02%
Jul. – Sep. 2009 To corresponding
period of 2008 (%) Jan.- Sep. 2009 To corresponding
period of 2008 (%)
Revenue 383,070,887.00 -26.92% 1,097,429,027.00 -26.85%
Net profit attributable to equity holders of the
Company 122,554,875.00 -27.14% 322,699,314.00 -35.35%
Net cash flows arising from operating
activities - - 466,532,696.00 -44.52%
Net cash flows per share arising from
operating activities - - 0.724 -44.48%
Basic earnings per share 0.190 -27.20% 0.500 -35.40%
Diluted earnings per share 0.190 -27.20% 0.500 -35.40%
Return on equity 4.45% -30.36% 11.71% -38.24%
Return on equity after extraordinary gains and
losses items 4.39% -31.19% 11.43% -39.78%Report for the Third Quarter of 2009－Chiwan Wharf
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Items of extraordinary gains and losses
Unit: RMB
Items Jan. – Sep. 2009 The accompanying notes
Net gains/(losses) on disposal of non-current assets 8,902,734.00
Non-operating income /(expense)- net 1,079,148.00
Tax effects on extraordinary gains and losses -1,894,505.00
Minority interests on extraordinary gains and losses -392,803.00
Total 7,694,574.00
2.2 Total number of shareholders and shares held by top ten shareholders holding shares not subject to trading
moratorium as at the end of reporting period
Unit: share
Total number of shareholders 38,562 shareholders, of which 30,266 were shareholders holding A-shares and 8,296
holding B-shares
Top ten shareholders holding shares not subject to trading moratorium
Name of shareholders Number of tradable shares held at
the end of reporting period
Type of shares
(A, B, H or other shares)
CHINA NANSHAN DEVELOPMENT (GROUP) INC. 370,802,900 A shares
CHINA MERCHANTS SECURITIES (HK) CO., LTD. 50,973,894 B shares
CMBLSA RE FTIF TEMPLETON ASIAN GRW FD GTI 5496 30,150,692 B shares
BANK OF NEW YORK-MATTHEWS PACIFIC TIGER FUND 10,165,221 B shares
NATIONAL SOCIAL SECURITY FUND 102 COMBINATION 8,503,724 A shares
GOVERNMENT OF SINGAPORE INV. CORP.- A/C "C" 7,521,592 B shares
PLATINUM ASIA FUND 6,051,207 B shares
MIRAE ASSET ASIA PACIFIC INFRA SECTOR EQTY
INVSTMT TRS 1 3,737,421 B shares
GSIC A/C MONETARY AUTHORITY OF SINGAPORE 3,241,876 B shares
BBH BOS S/A MTB JP RE PCA ASIA OCEANIA H DIV EQ M
FUND 3,015,249 B shares
§3 Significant Events
3.1 Significant changes in major accounting data, financial highlights and reasons for these changes.
√Applicable □Non-applicable
Items As at 30 Sep. 2009 As at 31 Dec. 2008 +/-(%)
Accounts receivable 264,636,974 145,675,880 81.66%
Construction in progress 453,947,263 301,348,064 50.64%
● Increases of accounts receivable are due to the agreement with some clients about extending the payoff period
in 2009;
● Increases of construction in progress are resulted from continuous investments in Machong Port and the
projects of converting diesel-powered RTG engines into electric ones.Report for the Third Quarter of 2009－Chiwan Wharf
3
Items Jul. – Sep. 2009 Jul. – Sep. 2008 +/- (%) Jan. – Sep. 2009 Jan. – Sep. 2008 +/- (%)
Investment income 21,387,181 30,286,127 -29.38% 52,594,673 81,852,837 -35.74%
Minority interest 51,692,414 84,683,509 -38.96% 142,818,921 237,266,914 -39.81%
● Investment income decreased due to the decrease in net profit of associate companies with throughput falling
down;
● Minority interest decrease since net profits of holding subsidiary dropped.
Items Jan. – Sep. 2009 Jan. – Sep. 2008 +/- (%)
Cash received from rendering of services 988,677,004 1,475,695,261 -33.00%
Cash received from returns on investments 11,020,550 142,068,566 -92.24%
Net cash received from disposals of fixed assets,
intangible assets and other long-term assets 22,950,230 5,118,690 348.36%
Cash paid relating to other investing activities - 40,000,000 -100.00%
Cash received from borrowings 821,040,000 1,224,820,000 -32.97%
Cash repayments of borrowings 689,040,000 1,571,494,000 -56.15%
● Cash received from rendering of services decreased due to drop of throughput and extension of the payoff
period of some clients;
● Cash received from returns on investments decreased since the company received dividends from Media Port
Investment Ltd. at the same period in 2008, while none for this year;
● Net cash received from disposals of fixed assets, intangible assets and other long-term assets were increased
since Shenzhen Chiwan Transportation Company Ltd. sold assets related to the container highway
transportation business to Shenzhen Chiwan Oriental Logistics Company Ltd.;
● Decreases of cash paid relating to other investing activies are due to the additional investments in China
Merchants Maritime& Logistics (Shenzhen)Ltd. at the same period in 2008, while none for this year;
● Decreases of cash received from borrowings are due to the extension of the average loan duration;
● Decreases of cash repayments of borrowings are due to the return of loans for proposed projects at the same
period in 2008, while none for this year.
3.2 Process of significant events.
□Applicable √Non-applicable
3.3 Special commitments made by the company and its shareholders
□Applicable √Non-applicable
3.4 Reason of expected possible significant changes in net profit for this reporting year compared with last year
□Applicable √Non-applicable
3.5 Other significant events
During the reporting period, the Company has not provided fund for controlling shareholders or its related
parties, or supplied external guarantees against the regulations.Report for the Third Quarter of 2009－Chiwan Wharf
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3.5.1 Particulars about meetings with investors in the reporting period
Type Way Time Location Investor
Topics discussed
and information
provided
Ping An
Securities’
conference
Promotional July 2009 Beijing Clients of Ping An Securities
activities
launched by
security
firms
Goldman
Sachs ’
conference
July 2009 HK Clients of Goldman Sachs
July 2009 CITIC Securities Co., ltd., BNP Paribas equities
（ Asia ） limited, Edmond de Rothschild asset
management Hong Kong ltd., Founder securities co.,
ltd.
August
2009
Hamon Asset Management Ltd, China asset
management（hongkong） limited, RCM Asia pacific
limited, UBS global asset management （hongkong）
ltd, BNP Paribas equities（Asia）limited, BNP paribas
securities（Asia）limited, Comgest Far East Limited,
Minsheng royal fund management co., ltd., XA SPDB
Investment Management Co., Ltd., AIG Huatai Fund
Management Co., Ltd., IRST STATE CINDA Fund
Management Co., Ltd., FORTIS HAITONG
Investment Management Co., Ltd., CCB Principal
Asset Management Co., Ltd., ABN AMRO TEDA
fund management Co., ltd., SYWG Research Co.,
LTD., CRTZ Asset management Co., ltd., Shenzhen
Cowin Investment Co., Ltd., Sumitomo Mitsui Asset
Management Company, Limited, Toyo Securities Co.,
Ltd., SMC China Fund, Shenyin & Wanguo Securities
Co., Ltd.
Receiving
visits from
investors
Oral
interview,
Telephone
conference
September
2009
Conference
room of the
Company
China Southern Fund Management Co., ltd., Bank of
Communications Schroder Fund Management Co.,
Ltd., Gartmore Investment, Donghai Securities Co.,
Ltd., Guodu Securities Co., Ltd., CITIC Securities
Co., Ltd, Southwest Securities Co., Ltd., China Alpha
Investment Management Limited, China Life Asset
Management Company Limited, Shenzhen Sunshine
Fund Management Co., Ltd., Wanlian Securities,
South China Investment Management Co., Ltd., HYS
Investment Consultants, China Merchants Securities,
China Merchants Funds, Bank of China Investment,
Harvest Fund Management Co., ltd., China Southern
Fund Management Co., ltd., Industrial Securities Co.,
Ltd., Harfor Fund Management Co., Ltd., China
International Capital Corporation Limited, Green
Finance Investment Developing Co., Ltd., Ping An
Securities company ltd., Galaxy asset Management
Co., Ltd., China Universal Asset Management Co.,
Kylin Management LLC, Fidelity Management &
Research Company, Pure Heart Asset Management
Co., Ltd., China Ping An Trust & Investment Co.,
Ltd., GENESIS CO., LTD., Morgen Stanley Asia
Limited, Invesco Hong Kong Limited, Goldman
Sachs（Asia）L.L.C.
Basic information
of operations and
investments of the
Company and the
financial status of
the Company
Information
provided:
Brochure of the
Company
3.6 Derivatives investment
□Applicable √Non-applicable
3.6.1 Derivatives held as at the end of the report period
□Applicable √Non-applicableReport for the Third Quarter of 2009－Chiwan Wharf
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§4 Appendix（See Attachment）
4.1 Balance Sheet
4.2 Income Statement in the report period
4.3 Income Statement from year-begin to the end of report period
4.4 Cash Flow Statement
4.5 Report of the auditor's
Opinion of the auditor’s: Un-audited
For and on behalf of the Board
Wang Fen
Chairman
Shenzhen Chiwan Wharf Holdings Limited
Dated 30th October, 2009Report for the Third Quarter of 2009－Chiwan Wharf
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SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2009
(All amounts in RMB unless otherwise stated)
[English translation for reference only]
30-Sep-09 31-Dec-08 30-Sep-09 31-Dec-08
ASSETS The Group The Group The Company The Company
Current assets
Cash at bank and on hand 474,833,677 641,475,910 248,895,813 298,644,660
Notes receivable - 7,846,264 - 7,846,264
Dividends receivable - - - 404,741,735
Accounts receivable 264,636,974 145,675,880 17,406,495 11,338,751
Advances to suppliers 8,611,116 10,336,323 466,605 111,253
Interests receivable 185,250 454,878 6,933,420 5,277,795
Other receivables 21,096,529 10,180,699 381,676,180 132,957,981
Inventories 27,391,156 27,808,298 1,186,292 837,989
Total current assets 796,754,702 843,778,252 656,564,805 861,756,428
Non-current assets
Available-for-sale financial assets 5,890,000 5,440,000 5,890,000 5,440,000
Long-term receivables 184,039,141 184,039,141 11,004,304 164,228,079
Long-term equity investments 326,159,314 282,844,083 841,906,053 853,904,176
Investment properties 28,383,292 29,048,953 20,372,423 20,860,490
Fixed assets 2,123,757,158 2,261,881,360 173,255,819 184,480,910
Construction in progress 453,947,263 301,348,064 244,129 168,540
Disposal of fixed assets 375,897 - 135,830 -
Intangible assets 1,081,002,290 1,075,111,068 71,474,516 73,752,628
Goodwill 10,858,898 10,858,898 - -
Long-term prepaid expenses 67,644,199 67,625,291 5,615,220 5,818,207
Long-term prepayment 58,772,833 58,772,833 - -
Deferred tax assets 27,942,129 32,980,105 9,329,706 12,635,845
Total non-current assets 4,368,772,414 4,309,949,796 1,139,228,000 1,321,288,875
TOTAL ASSETS 5,165,527,116 5,153,728,048 1,795,792,805 2,183,045,303Report for the Third Quarter of 2009－Chiwan Wharf
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SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2009(CONTINUED)
(All amounts in RMB unless otherwise stated)
[English translation for reference only]
LIABILITIES AND 30-Sep-09 31-Dec-08 30-Sep-09 31-Dec-08
OWNERS’ EQUITY The Group The Group The Company The Company
Current liabilities
Short-term borrowings 909,040,000 829,840,000 143,440,000 178,640,000
Notes payable 16,110,870 8,681,000 - -
Accounts payable 48,551,704 58,507,695 9,266,644 13,231,145
Advances from customers 7,709,531 650,306 6,137,322 16,388
Employee benefits payable 23,713,222 39,286,759 17,993,012 21,825,885
Dividends payable - 271,365,815 - -
Taxes payable 37,074,674 27,885,431 (7,165,542) 1,448,453
Interests payable - 4,864,951 107,925 2,909,946
Other payables 127,428,542 104,635,820 119,098,195 209,280,593
Deferred revenue 4,951,750 4,951,750 - -
Total current liabilities 1,174,580,293 1,350,669,527 288,877,556 427,352,410
Non-current liabilities
Long-term borrowings 457,600,000 404,800,000 220,000,000 132,000,000
Deferred revenue 66,023,332 69,737,144 - -
Deferred tax liabilities 954,000 864,000 954,000 864,000
Total non-current liabilities 524,577,332 475,401,144
220,954,000
132,864,000
Total liabilities 1,699,157,625 1,826,070,671 509,831,556 560,216,410
Owners' equity
Paid-in capital 644,763,730 644,763,730 644,763,730 644,763,730
Capital surplus 144,530,555 144,170,555 153,726,828 153,366,828
Surplus reserve 355,134,736 355,134,736 355,134,736 355,134,736
Undistributed profits 1,624,862,666 1,624,545,217 132,335,955 469,563,599
Foreign exchange translation differences (13,349,891) (13,349,891) - -
Total equity attributable to equity holders of the
Company
2,755,941,796 2,755,264,347 1,285,961,249 1,622,828,893
Minority interest 710,427,695 572,393,030 - -
Total owners' equity 3,466,369,491 3,327,657,377 1,285,961,249 1,622,828,893
TOTAL LIABILITIES AND OWNERS’ EQUITY 5,165,527,116 5,153,728,048 1,795,792,805 2,183,045,303Report for the Third Quarter of 2009－Chiwan Wharf
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SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED AND COMPANY INCOME STATEMENT
IN THE REPORT PERIOD
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Jul.- Sep. 2009 Jul.- Sep. 2008
Items The Group The Company The Group The Company
Revenue 383,070,887 35,543,760 524,181,377 50,232,603
Including: Revenue 383,070,887 35,543,760 524,181,377 50,232,603
Total cost (209,547,412) (47,777,729) (277,919,316) (58,707,287)
Less: cost (164,925,105) (30,546,239) (215,588,768) (36,478,927)
Tax and levies on operations (13,311,725) (1,351,669) (17,795,535) (1,747,401)
General and administrative
expenses (32,505,382) (14,994,834) (31,985,268) (9,553,728)
Finance income/(expenses) – net 1,194,800 (884,987) (12,549,745) (10,927,231)
Asset impairment losses - - - -
Changes of fair value - - - -
Add: Investment income 21,387,181 3,895,822 30,286,127 1,932,673
Including: Share of profit of
associates 21,387,181 (599,901) 30,286,127 997,457
Operating profit 194,910,656 (8,338,147) 276,548,188 (6,542,011)
Add: Non-operating income 2,598,591 401,336 549,290 6,800
Less: Non-operating expenses (102,568) (5,000) (356,904) (55,000)
Including: Loss on disposals of
non-current assets (24,769) - (12,518) -
Total profit 197,406,679 (7,941,811) 276,740,574 (6,590,211)
Less: Income tax (expenses)/income (23,159,390) 285,462 (23,850,998) 1,365,780
Net profit 174,247,289 (7,656,349) 252,889,576 (5,224,431)
Attributable to equity holders of the
Company 122,554,875 168,206,067
Minority interest 51,692,414 84,683,509
Earnings per share(attributable to
equity holders of the Company)
Basic earnings per share 0.190 0.261
Diluted earnings per share 0.190 0.261
Comprehensive income (368,000) (368,000) (14,423,538) (508,400)
Total Comprehensive income 173,879,289 (8,024,349) 238,466,038 (5,732,831)
Attributable to equity holders of the
Company 122,186,875 160,044,341
Minority interest 51,692,414 78,421,697Report for the Third Quarter of 2009－Chiwan Wharf
9
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED AND COMPANY INCOME STATEMENT
FROM YEAR-BEGIN TO END OF REPORT PERIOD
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Jan.- Sep. 2009 Jan.- Sep. 2008
Items The Group The company The Group The company
Revenue 1,097,429,027 94,942,687 1,500,161,828 154,235,047
Including: Revenue 1,097,429,027 94,942,687 1,500,161,828 154,235,047
Total cost (635,084,265) (127,890,604) (775,899,124) (163,070,171)
Less: cost (506,629,288) (90,304,413) (599,518,616) (105,108,297)
Tax and levies on operations (38,178,342) (3,498,127) (51,520,541) (5,189,135)
Sales expense - - - -
General and administrative
expenses (81,584,183) (32,332,347) (97,244,774) (34,471,433)
Finance income/(expenses) – net (9,343,988) (2,407,253) (27,615,193) (18,301,306)
Asset impairment losses 651,536 651,536 - -
Add: Investment income 52,594,673 13,422,141 81,852,837 34,634,869
Including: Share of profit of
associates 47,065,231 (3,748,123) 81,852,837 (2,586,569)
Operating profit 514,939,435 (19,525,776) 806,115,541 25,799,745
Add: Non-operating income 10,434,874 461,177 1,043,208 22,576
Less: Non-operating expenses (452,991) (242,621) (1,967,399) (714,462)
Including: Loss on disposals of
non-current assets (122,628) (29,907) (770,666) (425,122)
Total profit 524,921,318 (19,307,220) 805,191,350 25,107,859
Less: Income tax (expenses)/income (59,403,083) 4,461,441 (68,754,164) 573,945
Net profit 465,518,235 (14,845,779) 736,437,186 25,681,804
Attributable to equity holders of the
Company 322,699,314 499,170,272
Minority interest 142,818,921 237,266,914
Earnings per share (attributable to
equity holders of the Company)
Basic earnings per share 0.500 0.774
Diluted earnings per share 0.500 0.774
Comprehensive income 360,000 360,000 (24,862,646) (4,190,200)
Total Comprehensive income 465,878,235 (14,485,779) 711,574,540 21,491,604
Attributable to equity holders of the
Company 323,059,314 483,610,227
Minority interest 142,818,921 227,964,313Report for the Third Quarter of 2009－Chiwan Wharf
10
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED CASH FLOW STATEMENT
FROM YEAR-BEGIN TO END OF REPORT PERIOD
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Jan.- Sep. 2009 Jan.- Sep.2008 Jan.- Sep. 2009 Jan.- Sep. 2008
Items The Group The Group The company The company
1. Cash flows from operating activities
Cash received from rendering of services 988,677,004 1,475,695,261 98,290,947 131,895,367
Refund of taxes and levies 71,864 - - -
Cash received relating to other operating
activities 27,141,415 54,381,303 5,981,150 26,049,117
Sub-total of cash inflows 1,015,890,283 1,530,076,564 104,272,097 157,944,484
Cash paid for goods and services (261,342,675) (342,941,789) (65,135,288) (70,754,555)
Cash paid to and on behalf of employees (138,141,811) (164,065,610) (36,443,884) (43,611,127)
Payments of taxes and levies (110,627,481) (120,891,345) (6,328,525) (5,351,901)
Cash paid relating to other operating
activities (39,245,620) (61,250,085) (35,626,010) (12,160,331)
Sub-total of cash outflows (549,357,587) (689,148,829) (143,533,707) (131,877,914)
Net cash flows from operating activities 466,532,696 840,927,735 (39,261,610) 26,066,570
2. Cash flows from investing activities
Cash received from disposals of investments - - 408,041,327 134,000,000
Cash received from returns on investments 11,020,550 142,068,566 380,810,525 402,645,144
Net cash received from disposals of fixed
assets, intangible assets 22,950,230 5,118,690 839,160 530,000
Net cash received from disposals of
subsidiary or other operating units 1,961,995 - 2,458,847 -
Sub-total of cash inflows 35,932,775 147,187,256 792,149,859 537,175,144
Cash paid to purchase fixed assets,
intangible assets and other long-term assets (202,572,087) (205,732,115) (4,089,023) (7,769,977)
Cash paid relating to others investing
activities - (40,000,000) (521,017,552) (238,023,511)
Sub-total of cash outflows (202,572,087) (245,732,115) (525,106,575) (245,793,488)
Net cash flows from investing activities (166,639,312) (98,544,859) 267,043,284 291,381,656
3. Cash flows from financing activities
Cash received from borrowings 821,040,000 1,224,820,000 319,440,000 331,820,000
Sub-total of cash inflows 821,040,000 1,224,820,000 319,440,000 331,820,000
Cash repayments of borrowings (689,040,000) (1,571,494,000) (266,640,000) (601,160,000)
Cash payments for interest expenses and
distribution of dividends or profits (598,359,617) (769,209,815) (330,330,521) (450,030,550)
Cash paid relating to other financing activities (176,000) - - -
Sub-total of cash outflows (1,287,575,617) (2,340,703,815) (596,970,521) (1,051,190,550)
Net cash flows from financing activities (466,535,617) (1,115,883,815) (277,530,521) (719,370,550)
4. Effect of foreign exchange rate changes on
cash and cash equivalents - - - -
5. Net increase in cash and cash equivalents (166,642,233) (373,500,939) (49,748,847) (401,922,324)
Add: Cash and cash equivalents at beginning of
year 641,475,910 781,587,534 298,644,660 570,266,835
6. Cash and cash equivalent at end of year 474,833,677 408,086,595 248,895,813 168,344,511
