Abstract of the 2015 Semi-annual Report of Shenzhen Chiwan Wharf Holdings Limited
Stock code: 000022/200022 Stock abbreviation: Chiwan Wharf A/Chiwan Wharf B Announcement No.: 2015-073
Shenzhen Chiwan Wharf Holdings Limited
Abstract of the 2015 Semi-annual Report
1. Important reminders
This abstract is based on the full text of the semi-annual report. For more details, investors are suggested to read
the full text disclosed at the same time with this abstract on http://www.cninfo.com.cn, the website of Shenzhen
Stock Exchange or any other website designated by the CSRC.
This report is prepared in both Chinese and English. Should there be any discrepancy between the two versions,
the Chinese version shall prevail.
Company profile
Stock abbreviation Chiwan Wharf A, Chiwan Wharf B Stock code 000022, 200022
Stock exchange listed with Shenzhen Stock Exchange
Contact information Company Secretary Securities Affairs Representative
Name Mr. Wang Yongli Ms. Hu Jingjing
Tel. +86 755 26694222 +86 755 26694222
Fax +86 755 26684117 +86 755 26684117
E-mail cwh@cndi.com cwh@cndi.com
2. Financial highlights and change of shareholders
（1）Financial highlights
Does the Company adjust retrospectively or restate accounting data of previous years due to change of the
accounting policy or correction of any accounting error?
□ Yes √ No
Jan.-Jun. 2015 Jan.-Jun. 2014 YoY +/-（％）
Operating revenues (RMB Yuan) 880,788,008.78 875,981,241.59 0.55%
Net profit attributable to shareholders of
241,977,372.34 235,338,598.71 2.82%
the Company (RMB Yuan)
Net profit attributable to shareholders of
the Company after extraordinary gains 243,763,081.71 233,093,807.14 4.58%
and losses (RMB Yuan)
Net cash flows from operating activities
365,522,514.71 282,633,209.75 29.33%
(RMB Yuan)
Basic EPS (RMB Yuan/share) 0.375 0.365 2.74%
Diluted EPS (RMB Yuan/share) 0.375 0.365 2.74%
Weighted average ROE 5.76% 5.85% -0.09%
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Abstract of the 2015 Semi-annual Report of Shenzhen Chiwan Wharf Holdings Limited
30 Jun. 2015 31 Dec. 2014 +/-（％）
Total assets (RMB Yuan) 6,711,610,325.63 6,935,824,199.68 -3.23%
Net assets attributable to shareholders of
4,151,427,960.76 4,115,298,831.59 0.88%
the Company (RMB Yuan)
（2） Shareholdings of the top 10 common shareholders
Unit: share
Total number of preferred
Total number of
35,935 shareholders, including share holders who had
shareholders at the
26,373 A-share holders and resumed their voting right at 0
end of the reporting
9,562 B-share holders the end of the reporting
period
period (if any)
Shareholdings of top ten shareholders (all being non-restricted share holders)
Number of
Percent Increase/decrea Shares Type of
non-restricted
Nature of age of se in the pledged or shares
Name of shareholder shares held at
shareholder shareho reporting frozen (A, B, H
the
lding period (share) or other)
period-end
CHINA NANSHAN
32.52% 0 209,687,067 0 A share
DEVELOPMENT (GROUP) INC.
SHENZHEN MALAI STORAGE
25% 0 161,190,933 0 A share
CO., LTD.
KEEN FIELD ENTERPRISES Foreign
8.58% 0 55,314,208 0 B share
LIMITED shareholder
CMBLSA RE FTIF TEMPLETON Foreign
7.43% 0 47,914,954 Unknown B share
ASIAN GRW FD GTI 5496 shareholder
DEUTSCHE BANK Foreign
0.62% 1,150,748 3,996,830 Unknown A share
AKTIENGESELLSCHAFT shareholder
CMBNA/STICHTING PENS FND Foreign
0.54% 0 3,463,503 Unknown B share
ABP shareholder
Foreign
GIC PRIVATE LIMITED 0.52% 0 3,360,777 Unknown B share
shareholder
TEMPLETON ASIAN GROWTH Foreign
0.41% 0 2,657,852 Unknown B share
FUND shareholder
BBH A/C VANGUARD EMERGING Foreign
0.40% 0 2,595,918 Unknown B share
MARKETS STOCK INDEX FUND shareholder
KUMPULAN WANG PERSARAAN Foreign
0.37% 0 2,368,067 Unknown B share
(DIPERBADANKAN) shareholder
China Merchants Holdings (International) Company Limited
was a shareholder of China Nanshan Development (Group)
Inc., Shenzhen Malai Storage Co., Ltd. was a wholly-funded
Explanation on associated relationship or/and subsidiary of China Merchants Holdings (International)
persons acting in concert among the Company Limited, and Keen Field Enterprises Limited was
above-mentioned shareholders: also a wholly-funded subsidiary of China Merchants Holdings
(International) Company Limited. Other than that, the
Company does not know whether the other non-restricted
shareholders are related parties or not.
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Abstract of the 2015 Semi-annual Report of Shenzhen Chiwan Wharf Holdings Limited
（3）Shareholdings of the top 10 preference shareholders
□ Applicable √ Inapplicable
（4）Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Inapplicable
Change of the actual controller in the reporting period
□ Applicable √ Inapplicable
3. Discussion and analysis by the management
The Company is principally engaged in the handling, warehousing and transportation of containers and bulk
cargoes, as well as the provision of related services. We have 13 container and bulk cargo berths in Chiwan Wharf
in Shenzhen, 3 container berths in Mawan Wharf in Shenzhen and 5 bulk cargo berths in Machong Wharf in
Dongguan of Guangdong Province. We also have an investment in Laizhou Wharf in Shandong Province.
In the reporting period, the global economy continued with its modest recovery and growth in China’s economy
slowed down to 7.0%. With sluggish demand, China’s total volume of foreign trade dropped 6.9% from the same
period of last year. Growth in the wharf industry further shrank. The cargo throughput of China’s coastal wharfs
above the designated size went up 1.6% year on year, representing a decrease of 5.1 percentage points in growth.
We achieved a cargo throughput of 31.956 million tons, a year-on-year increase of 3.7%, higher than the national
average.
1. Container handling business
With falling freight rates due to the growing imbalance between global container shipping capacity supply and
demand, liner companies failed to achieve fundamental improvement in profitability. In the reporting period, the
container throughput of main wharfs in South China was almost the same with that in the same period of last year.
Affected by the slow recovery of the American and European economies as well as the liner alliances’ adjustments
to their shipping routes, we saw more fluctuations in our container handling business which mainly relies on
international transit. In the reporting period, we achieved a container throughput of 2.316 million TEU, down
3.3% on the year-on-year basis.
In the reporting period, we materialized a unified customs clearance and business model for Chiwan Wharf and
Mawan Wharf, which has significantly increased the efficiency. We also actively attracted new shipping routes
while keeping our main profitable shipping routes steady. By the end of June 2015, we had a total of 49
international liner routes to work with, an increase of 9 routes from the same period of last year. In the meantime,
we made full use of our information service platform—“Smart Wharf”—to strive to develop our barge service
business, resulting in a solid growth in the TEU volume of containers in this business.
2. Bulk cargo handling business
We mainly handle imports of grain and feedstuff as well as chemical fertilizers for our bulk cargo handling
business. In the reporting period, China’s total imports of grain and feedstuff continued to increase considerably
with more diversified sources and the main increment from grain and feedstuff varieties with no import quota
limits. Meanwhile, the total imports of chemical fertilizers witnessed a slight drop from the same period of last
year.
Keeping a watchful eye on market hot trends, we achieved a remarket result in our efforts to expand the imported
grain and feedstuff handling business, with some growth in our stable share in the imported grain and feedstuff
handling market of the Pearl River Delta as well as relatively steady rates. In the reporting period, we achieved a
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Abstract of the 2015 Semi-annual Report of Shenzhen Chiwan Wharf Holdings Limited
bulk cargo throughput of 8.758 million tons, representing a year-on-year growth of 12.0%. To be specific, Chiwan
Wharf achieved a bulk cargo throughput of 3.356 million tons, an increase of 9.1% from the same period of last
year due to the effectively improved efficiency and business performance as a result of our great efforts for
resource optimization; and Machong Wharf achieved a bulk cargo throughput of 5.401 tons, up 13.8% year on
year on the back of the strong performance of the Phase II Wharf and the warehousing resources.
Business highlights of the Company are set out as follows:
Reporting period Same period of last year
Main business indicator YoY +/-%
(Jan.-Jun. 2015) (Jan.-Jun. 2014)
Total throughput (thousand tons) 31956 30821 3.7%
Among which:
2316 2395 -3.3%
Container throughput (thousand TEU)
Chiwan Wharf 1687 1775 -5.0%
Mawan Wharf (joint venture) 629 621 1.3%
Bulk cargo throughput (thousand tons) 8758 7823 12.0%
Chiwan Wharf 3356 3075 9.1%
Machong Wharf 5401 4748 13.8%
Hours charged for tow trucks (thousand 539 543 -0.7%
hours)
Hours charged for tugboats (hour) 15609 14581 7.1%
In the reporting period, we continued with our efforts in delicacy management, further improving our business
performance through optimizing our debt structure, introducing a contractor competitive mechanism, the massive
commercialization of our technical innovation results, the innovation in our project management model, etc.
Meanwhile, due to our effective control over the controllable costs despite rising land rents and labor cost, our
operating costs grew slower than our business volume.
The global economy will still encounter various uncertainties in the second half of 2015. The Chinese economy
will be running steadily as a string of growth stabilization policies are unveiled, though the situation of foreign
trade is still severe. We will closely cooperate with the government to expand the Tonggu Channel to cater for
increasingly large ships. To deal with changes in the liner market, we will vigorously seek for new shipping routes
and cargo sources. We will also refine our client service to keep stability in our main cooperating shipping routes
and business. In order to keep a balance between resource allocation and business growth, we will try to maintain
the steady growth trend in our bulk cargo handling business and continue to push forward the construction of
warehousing facilities at the back of Machong Wharf as well as the upgrading of resources at Chiwan Wharf. We
will also enhance business solicitation, adjust our competitive strategy and keep clients and rates relatively stable.
With the purpose of increasing our business performance, we will focus on the application of delicacy
management tools, the innovation in our business model and technique and energy saving & consumption
reduction.
No major changes occurred to the profit structure or sources of the Company during the reporting period.
YoY movements in the main financial data are set out as follows:
Unit: RMB Yuan
Item Jan.-Jun. 2015 Jan.-Jun. 2014 YoY +/-% Main reasons for movements
Operating
880,788,008.78 875,981,241.59 0.55% -
revenues
Operating costs 463,427,511.59 462,666,123.14 0.16% -
Administrative 84,201,871.92 77,865,679.19 8.14% -
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Abstract of the 2015 Semi-annual Report of Shenzhen Chiwan Wharf Holdings Limited
expenses
Financial
34,170,800.29 37,195,762.94 -8.13% -
expenses
Chiwan Container Terminal
Co., Ltd., one of the
Company’s controlled
Income tax subsidiaries, passed the
34,458,531.16 53,240,327.00 -35.28%
expenses hi-tech enterprise examination
in 2015 and has thus been
entitled to a preferential
income tax rate of 15%.
Net cash flows
from operating 365,522,514.71 282,633,209.75 29.33% -
activities
The construction of the recent
Net cash flows Machong Wharf project was
from investing (12,068,746.10) (57,419,206.24) 78.98% basically completed and the
activities relevant fixed asset inputs
decreased.
Borrowings decreased and the
Net cash flows controlled subsidiary
from financing (514,366,523.61) (158,429,813.22) -224.67% Chiwan Container Terminal
activities Co., Ltd. paid dividends to
minority shareholders.
Net increase in
cash and cash (160,462,810.25) 67,291,599.59 -338.46% Due to the factors above.
equivalents
4. Matters related to financial reporting
(1) Explain any changes in the accounting policies, accounting estimates and measurement methods as
compared with the financial reporting of last year
□ Applicable √ Inapplicable
(2) Explain any retrospective restatement due to correction of significant accounting errors in the reporting
period
□ Applicable √ Inapplicable
(3) Explain any changes in the consolidation scope as compared with the financial reporting of last year
√ Applicable □ Inapplicable
Grossalan Investments Limited, a subsidiary of the Company registered in the British Virgin Islands, has been
deconsolidated in the reporting period. For details, see “Changes in the Consolidation Scope”, Note (7) to the
Consolidated Financial Statements in “Section VIII Financial Report”.
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Abstract of the 2015 Semi-annual Report of Shenzhen Chiwan Wharf Holdings Limited
(4) Explanation of the Board of Directors and the Supervisory Committee concerning the “non-standard
audit report” issued by the CPAs firm for the reporting period
□ Applicable √ Inapplicable
For and on behalf of the Board
Zheng Shaoping
Chairman
Shenzhen Chiwan Wharf Holdings Limited
Dated 27 August 2015
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