Report for the Third Quarter of 2010－Chiwan Wharf
Stock code: 000022 /200022 Short form: Chiwan Wharf A/Chiwan Wharf B Announcement Serial No.2010-029
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
REPORT FOR THE THIRD QUARTER OF 2010
§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 All directors attended the ninth special session of the Sixth Board of Directors in 2010, at which this Report was reviewed.
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 and Deputy Financial Manager Mr. Gao Limin hereby confirm that the Financial Statements in this report is true and complete.
1.6 This report is written in both English and Chinese. In case of any discrepancy between the two versions, Chinese version prevails.
§2 Company Profile
2.1 Main accounting data and financial highlights
Unit: RMB
As at 30 Sep.2010
As at 31 Dec.2009
+/-(%)
Total assets
6,147,008,258.00
5,527,873,569.00
11.20%
Total equity attributable to equity
holders of the Company
3,123,454,651.00
2,852,982,756.00
9.48%
Shares capital
644,763,730.00
644,763,730.00
0.00%
Net assets per share attributable to
equity holders of the Company
4.844
4.425
9.47%
Jul.-Sep.2010
To corresponding period of 2009(%)
Jan.-Sep.2010
To corresponding period of 2009(%)
Revenue
473,141,532.00
23.51%
1,306,903,417.00
19.09%
Net profit attributable to equity holders of the Company
171,149,943.00
39.65%
480,113,425.00
48.78%
Net cash flows from operating activities
-
-
632,091,777.00
35.49%
Net cash flows per share from operating activities
-
-
0.980
35.36%
Basic earnings per share
0.265
39.47%
0.745
49.00%
Diluted earnings per share
0.265
39.47%
0.745
49.00%
Weighted average return on equity(%)
5.63%
23.74%
15.88%
36.43%
Weighted average return on equity after extraordinary gain and losses(%)
5.63%
25.95%
15.82%
39.26%
1Report for the Third Quarter of 2010－Chiwan Wharf
Items of extraordinary gains and losses
Amount
Net gains on disposal of non-current assets
350,741.00
Government grants in current year profit
1,544,690.00
Other non-operating income/(expense),net
181,083.00
Tax effects
(522,061.00)
Minority interests effects(after tax)
292,030.00
Total
1,846,483.00
Explanations on items of extraordinary gains and losses:
Important extraordinary gains and losses mainly refer to government subsidies received by subsidiaries.
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
36,578 shareholders ,among which 28,707being shareholders of A shares and7,871being shareholders of 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, Hor other)
CHINA NANSHAN DEVELOPMENT (GROUP) INC.
370,802,900
A shares
KEEN FIELD ENTERPRISES LIMITED
51,475,773
B shares
CMBLSA RE FTIF TEMPLETON ASIAN GRW FD GTI 5496
37,347,061
B shares
BANK OF NEW YORK-MATTHEWS PACIFIC TIGER FUND
11,949,117
B shares
GOVERNMENT OF SINGAPORE INV. CORP.- A/C "C"
7,610,114
B shares
NATIONAL SOCIAL SECURITY FUND 102 PORTFOLIO
6,500,000
A shares
PLATINUM ASIA FUND
4,528,991
B shares
MIRAE ASSET ASIA PACIFIC INFRA SECTOR EQTY INVSTMT TRS 1
3,576,544
B shares
GSIC A/C MONETARY AUTHORITY OF SINGAPORE
3,343,364
B shares
EMPLOYEES PROVIDENT FUND
3,098,150
B shares
§3 Significant Events
3.1 Significant changes in major accounting data, financial highlights and reasons for these changes.
√Applicable □Non-applicable
30-Sep-2010
31-Dec-2009
+/-(%)
Long-term equity investments
1,122,764,382
346,061,938
224.44%
Short-term borrowings
1,240,080,000
777,040,000
59.59%
Minority interest
752,677,978
567,608,774
32.61%
冘
Long-term equity investments increased mainly because of the new investment project;
冘
Short-term borrowings increased due to funds raised for investment projects;
冘
Minority interest increased since net profits of holding subsidiary increased.
2Report for the Third Quarter of 2010－Chiwan Wharf
Jul.-Sep.2010
Jul.-Sep.2009
+/-(%)
Jan.-Sep.2010
Jan.-Sep.2009
+/-(%)
Invest income
36,940,353
21,387,181
72.72%
121,357,144
52,594,673
130.74%
Income tax (expenses)/income
(39,309,280)
(23,159,390)
69.73%
(105,248,401)
(59,403,083)
77.18%
冘
Invest income increased significantly due to the following reasons:
a. Partial equities of associate companies was sold, while there was no such case in the same period of last year;
b. Business volume of associate companies increased, so did their profits;
冘
Income tax (expenses)/income increased mainly because income tax rate of this year increased and favorite policy for income tax of some berths expired.
Jul.-Sep.2010
Jan.-Sep.2009
+/-(%)
Payments of the taxes and levies
(188,140,591)
(110,627,481)
70.07%
Cash received from disposals of investments
146,653,951
-
Cash repayments of borrowings
(319,440,000)
(689,040,000)
-53.64%
Cash payments for interest expenses and distribution of dividends or profits
(396,134,877)
(598,359,617)
-33.80%
冘
Reason for increasing of payments of the taxes and levies is the same as above;
冘
Cash received from disposals of investments increased due to the following reasons :
a. Partial equities of associate companies was sold;
b. Loans to associates were repaid;
冘
Cash repayments of borrowings decreased because the loan that is due decreased;
冘
Cash payments for interest expenses and distribution of dividends or profits decreased because cash dividends for 2009 reduced.
3.2 Progress of significant events, as well as analysis on their influence and solutions
3.2.1 Non-standard audit opinion
□Applicable √Non-applicable
3.2.2 The Company provides funds to the controlling shareholder or its related parties or provides guarantees to external parties in violation of prescribed procedures.
□Applicable √Non-applicable
3.2.3 Signing and execution of significant contracts concerning routine operation
√Applicable □Non-applicable
The fourth special session of the Sixth Board of Directors in 2010 of the Company was convened on 11 May 2010, at which the Report on Investing in Laizhou Port was reviewed and approved unanimously. And the relevant agreements and legal documents were signed in Hong Kong, China, in the afternoon of the same day. According to the said agreements, the Company subscribed capital and held 40% shares in China Overseas Harbour Affairs (Laizhou) Co., Ltd. at the price of RMB 749,655,300. The said investment event did not form a related-party transaction and was already disclosed on Securities Times, Ta Kung Pao and http://www.cninfo.com.cn on 12 May 2010.
The Company has paid up all the above-mentioned capital according to the said agreements by 25 Aug. 2010.
3Report for the Third Quarter of 2010－Chiwan Wharf
3.2.4 Others
□Applicable √Non-applicable
3.3 Special commitments made by the company and its shareholders
□Applicable √Non-applicable
3.4 Reason of expected significant changes in net profit for the first half of this year compared with last year
□Applicable √Non-applicable
3.5 Other significant events
3.5.1 Securities investment
□Applicable √Non-applicable
3.5.2 Particulars about meetings with investors in the reporting period
Type
Time
Location
Means
Investors
Topics discussed and information provided
July,2010
One-on-one meeting
AJ Securities Co.,Ltd, Tufton Oceanic far east limited, First Shanghai Venture Capital Management Co., Ltd., China international capital corporation limited, Invesco great wall fund management Co., Ltd., Harvest Fund Management Co.,Ltd
One-on-one meeting
SWS research Co., Ltd
Everbright Securities Co., Ltd
Receiving visits from investors
Sep,2010
Conference room of the Company
Conference call
Templeton Emerging Markets
Topics discussed: 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-applicable
4Report for the Third Quarter of 2010－Chiwan Wharf
5
§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 29th October, 2010Report for the Third Quarter of 2010－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEET
FOR THE MONTH ENDED 30 SEPTEMBER 2010
(All amounts in Rmb unless otherwise stated)
[English translation for reference only]
30-Sep-10
31-Dec-09
30-Sep-10
31-Dec-09
ASSETS
The Group
The Group
The Company
The Company
Current assets
Cash at bank and on hand
724,161,591
741,096,267
224,052,730
453,407,958
Accounts receivable
255,516,053
209,177,364
13,443,066
9,860,135
Advances to suppliers
3,334,270
2,575,752
511,460
667,000
Interests receivable
-
384,750
50,657
389,807
Dividends receivable
-
-
-
268,588,679
Other receivables
11,775,542
21,760,241
375,910,791
360,320,056
Inventories
23,791,626
25,616,306
1,192,699
1,094,881
Total current assets
1,018,579,082
1,000,610,680
615,161,403
1,094,328,516
Non-current assets
Available-for-sale financial assets
7,020,000
7,140,000
7,020,000
7,140,000
Long-term receivables
55,383,648
108,037,599
11,004,304
11,004,304
Long-term equity investments
1,122,764,382
346,061,938
1,579,538,838
861,060,047
Investment properties
28,174,182
28,854,510
19,721,667
20,209,734
Fixed assets
2,149,669,347
2,209,046,448
161,628,903
169,912,242
Construction in progress
554,306,615
575,630,562
821,290
827,356
Disposal of fixed assets
113,134
-
113,134
-
Intangible assets
1,043,871,035
1,071,933,095
68,443,884
70,715,345
Goodwill
10,858,898
10,858,898
-
-
Long-term prepaid expenses
65,057,389
66,638,726
5,344,571
5,547,558
Deferred tax assets
32,437,713
44,288,280
10,149,371
20,457,200
Other non-current assets
58,772,833
58,772,833
-
-
Total non-current assets
5,128,429,176
4,527,262,889
1,863,785,962
1,166,873,786
TOTAL ASSETS
6,147,008,258
5,527,873,569
2,478,947,365
2,261,202,302
6Report for the Third Quarter of 2010－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEET
FOR THE MONTH ENDED 30 SEPTEMBER 2010
(All amounts in Rmb unless otherwise stated)
[English translation for reference only]
LIABILITIES AND
30-Sep-10
31-Dec-09
30-Sep-10
31-Dec-09
OWNERS’ EQUITY
The Group
The Group
The Company
The Company
Current liabilities
Short-term borrowings
1,240,080,000
777,040,000
483,440,000
143,440,000
Notes payable
3,111,750
20,466,600
-
-
Accounts payable
205,693,672
227,293,714
12,123,700
12,113,749
Advances from customers
7,821,395
5,057,162
4,821,365
3,281,709
Employee benefits payable
18,523,963
43,145,231
11,447,580
26,443,239
Taxes payable
36,468,351
79,069,847
(5,231,655)
775,935
Interests payable
2,057,383
492,546
818,363
592,370
Dividends payable
-
171,889,814
-
-
Other payables
117,797,784
122,165,581
339,369,956
267,187,595
Current portion of non-current liabilities
286,551,750
172,151,750
132,000,000
-
Total current liabilities
1,918,106,048
1,618,772,245
978,789,309
453,834,597
Non-current liabilities
Long-term borrowings
290,400,000
422,400,000
88,000,000
220,000,000
Deferred tax liabilities
1,298,000
1,324,400
1,298,000
1,324,400
Other non-current liabilities
61,071,581
64,785,394
-
-
Total non-current liabilities
352,769,581
488,509,794
89,298,000
221,324,400
Total liabilities
2,270,875,629
2,107,282,039
1,068,087,309
675,158,997
Owners' equity
Paid-in capital
644,763,730
644,763,730
644,763,730
644,763,730
Capital surplus
145,316,555
145,410,155
154,512,828
154,606,428
Surplus reserve
383,570,404
355,134,736
383,570,404
355,134,736
Undistributed profits
1,963,157,741
1,721,028,196
228,013,094
431,538,411
Foreign exchange translation difference
(13,353,779)
(13,354,061)
-
-
Total equity attributable to equity holders of the Company
3,123,454,651
2,852,982,756
1,410,860,056
1,586,043,305
Minority interest
752,677,978
567,608,774
-
-
Total owners' equity
3,876,132,629
3,420,591,530
1,410,860,056
1,586,043,305
TOTAL LIABILITIES AND OWNERS’ EQUITY
6,147,008,258
5,527,873,569
2,478,947,365
2,261,202,302
7Report for the Third Quarter of 2010－Chiwan Wharf
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. 2010
Jul.-Sep. 2009
Items
The Group
The Company
The Group
The Company
Revenue
473,141,532
42,483,244
383,070,887
35,543,760
Less: cost of sales
(180,091,273)
(28,163,396)
(164,925,105)
(30,546,239)
Tax and levies on operations
(17,189,444)
(1,658,784)
(13,311,725)
(1,351,669)
General and administrative expenses
(27,224,306)
(9,021,911)
(32,505,382)
(14,994,834)
Finance income/(expenses) – net
(8,310,267)
(2,361,121)
1,194,800
(884,987)
Asset impairment reversals /(losses)
-
-
-
-
Add: Investment income
36,940,353
8,773,736
21,387,181
3,895,822
Including: Share of results of associates
36,940,353
5,116,806
21,387,181
(599,901)
Operating profit
277,266,595
10,051,768
194,910,656
(8,338,147)
Add: Non-operating income
1,863,127
482,630
2,598,591
401,336
Less: Non-operating expenses
(2,150,428)
(22,682)
(102,568)
(5,000)
Including: Loss on disposals of non-current assets
(2,079,971)
-
(24,769)
-
Total profit
276,979,294
10,511,716
197,406,679
(7,941,811)
Less: Income tax (expenses) /income
(39,309,280)
(2,084,565)
(23,159,390)
285,462
Net profit
237,670,014
8,427,151
174,247,289
(7,656,349)
Attributable to equity holders of the Company
171,149,943
122,554,875
Minority interest
66,520,071
51,692,414
Earnings per share(attributable to equity holders of the Company)
Basic earnings per share
0.265
0.190
Diluted earnings per share
0.265
0.190
Comprehensive income
725,400
725,400
(368,000)
(368,000)
Total Comprehensive income
238,395,414
9,152,551
173,879,289
(8,024,349)
Attributable to equity holders of the Company
171,875,343
122,186,875
Minority interest
66,520,071
51,692,414
8Report for the Third Quarter of 2010－Chiwan Wharf
SHENZHEN CHIWAN WHARF HOLDINGS LIMITED
CONSOLIDATED 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. 2010
Jan.-Sep. 2009
Items
The Group
The company
The Group
The company
Revenue
1,306,903,417
126,451,382
1,097,429,027
94,942,687
Less: cost of sales
(516,981,363)
(91,091,215)
(506,629,288)
(90,304,413)
Tax and levies on operations
(47,086,764)
(4,814,758)
(38,178,342)
(3,498,127)
General and administrative expenses
(82,611,953)
(28,899,832)
(81,584,183)
(32,332,347)
Finance income/(expenses) – net
(13,225,967)
(5,282,002)
(9,343,988)
(2,407,253)
Asset impairment reversals /(losses)
-
-
651,536
651,536
Add: Investment income
121,357,144
41,680,567
52,594,673
13,422,141
Including: Share of results of associates
121,047,144
32,823,491
47,065,231
(3,748,123)
Operating profit
768,354,514
38,044,142
514,939,435
(19,525,776)
Add: Non-operating income
4,332,301
834,675
10,434,874
461,177
Less: Non-operating expenses
(2,255,785)
(40,621)
(452,991)
(242,621)
Including: Loss on disposals of non-current assets
(2,137,429)
(12,939)
(122,628)
(29,907)
Total profit
770,431,030
38,838,196
524,921,318
(19,307,220)
Less: Income tax (expenses)/income
(105,248,401)
(4,379,633)
(59,403,083)
4,461,441
Net profit
665,182,629
34,458,563
465,518,235
(14,845,779)
Attributable to equity holders of the Company
480,113,425
322,699,314
Minority interest
185,069,204
142,818,921
Earnings per share(attributable to equity holders of the Company)
Basic earnings per share
0.745
0.500
Diluted earnings per share
0.745
0.500
Comprehensive income
(93,318)
(93,600)
360,000
360,000
Total Comprehensive income
665,089,311
34,364,963
465,878,235
(14,485,779)
Attributable to equity holders of the Company
480,020,107
323,059,314
Minority interest
185,069,204
142,818,921
9Report for the Third Quarter of 2010－Chiwan Wharf
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. 2010
Jan.-Sep. 2009
Jan.-Sep.2010
Jan.-Sep. 2009
Items
The Group
The Group
The company
The company
1. Cash flows from operating activities
Cash received from rendering of services
1,255,220,500
988,677,004
123,334,144
98,290,947
Refund of taxes and levies
-
71,864
-
-
Cash received relating to other operating activities
16,197,938
27,141,415
369,699,724
5,981,150
Sub-total of cash inflows
1,271,418,438
1,015,890,283
493,033,868
104,272,097
Cash paid for goods and services
(258,659,665)
(261,342,675)
(66,427,851)
(65,135,288)
Cash paid to and on behalf of employees
(152,885,776)
(138,141,811)
(41,538,002)
(36,443,884)
Payments of taxes and levies
(188,140,591)
(110,627,481)
(6,585,255)
(6,328,525)
Cash paid relating to other operating activities
(39,640,629)
(39,245,620)
(316,969,550)
(35,626,010)
Sub-total of cash outflows
(639,326,661)
(549,357,587)
(431,520,658)
(143,533,707)
Net cash flows from operating activities
632,091,777
466,532,696
61,513,210
(39,261,610)
2. Cash flows from investing activities
Cash received from disposals of investments
146,653,951
-
94,000,000
408,041,327
Cash received from returns on investments
310,000
11,020,550
277,241,892
380,810,525
Net cash received from disposals of fixed assets, intangible assets
11,623,449
22,950,230
915,341
839,160
Net cash received from disposals of subsidiary or other operating units
-
1,961,995
-
2,458,847
Sub-total of cash inflows
158,587,400
35,932,775
372,157,233
792,149,859
Cash paid to purchase fixed assets, intangible assets and other long-term assets
(106,261,991)
(202,572,087)
(3,823,003)
(4,089,023)
Cash paid relating to others investing activities
(749,655,300)
-
(779,655,300)
(521,017,552)
Sub-total of cash outflows
(855,917,291)
(202,572,087)
(783,478,303)
(525,106,575)
Net cash flows from investing activities
(697,329,891)
(166,639,312)
(411,321,070)
267,043,284
3. Cash flows from financing activities
Cash received from borrowings
764,880,000
821,040,000
483,440,000
319,440,000
Sub-total of cash inflows
764,880,000
821,040,000
483,440,000
319,440,000
Cash repayments of borrowings
(319,440,000)
(689,040,000)
(143,440,000)
(266,640,000)
Cash payments for interest expenses and distribution of dividends or profits
(396,134,877)
(598,359,617)
(218,545,683)
(330,330,521)
Cash paid relating to other financing activities
(1,001,685)
(176,000)
(1,001,685)
-
Sub-total of cash outflows
(716,576,562)
(1,287,575,617)
(362,987,368)
(596,970,521)
Net cash flows from financing activities
48,303,438
(466,535,617)
120,452,632
(277,530,521)
4. Effect of foreign exchange rate changes on cash and cash equivalents
-
-
-
-
5. Net (decrease)/increase in cash and cash equivalents
(16,934,676)
(166,642,233)
(229,355,228)
(49,748,847)
Add: Cash and cash equivalents at beginning of year
741,096,267
641,475,910
453,407,958
298,644,660
6. Cash and cash equivalent at end of year
724,161,591
474,833,677
224,052,730
248,895,813
10
