China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) Stock Code: 000024, 200024 No.:【CMPD】2011-016 Short Form of the Stock: CMPD, CMPD-B China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) §1. Important Notes 1.1 Board of Directors and the Supervisory Committee of China Merchants Property Development Co., Ltd. (hereinafter referred to as the Company) and its directors, supervisors and senior executives hereby confirm that there are no any fictitious statements, misleading statements, or important omissions carried in this report, and shall take all responsibilities, individual and/or joint, for the reality, accuracy and completion of the whole contents. 1.2 The First Quarterly Financial Report of 2010 has not been audited by CPAs. 1.3 Sun Chengming – Legal Representative the Company, Huang Peikun –CFO, and Xu Yixia –Manager of Financial Department hereby confirm hereby confirm that the Financial Report of the First Quarterly Report is true and complete. 1.4 This report has been prepared in Chinese and English version respectively. In the event of differences in interpretation between the two versions, the Chinese report shall prevail. §2. Company Profile 2.1 Main accounting highlights and financial indexes: Unit: RMB Changes of At the end of the report At the period-end of the increase/decrease period last year (%) Total assets (RMB) 62,211,661,769.00 59,818,240,763.00 4.00% Shareholders’ equity attributable to 18,771,420,143.00 18,207,431,836.00 3.10% shareholders of the listed company (RMB) Share capital (Share) 1,717,300,503.00 1,717,300,503.00 0.00% Net asset per share attributable to shareholders of listed company 10.93 10.60 3.11% (RMB/Share) Changes of The same period of last In the report period increase/decrease year (%) Total operating income (RMB) 2,832,919,477.00 2,424,036,323.00 16.87% Net profit attributable to shareholders of the 561,570,608.00 384,901,880.00 45.90% listed company (RMB) Net cash flow arising from operating -928,182,873.00 -793,859,169.00 -16.92% activities (RMB) Net cash flow arising from operating -0.54 -0.46 -16.92% activities per share (RMB/Share) Basic earnings per share (RMB/Share) 0.33 0.22 50.00% Diluted earnings per share (RMB/Share) 0.33 0.22 50.00% 1 China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) up by 0.70 Weighted average return on equity (%) 3.04% 2.34% percentage points Weighted average return on equity after up by 0.71 deducting non-recurring gains and losses 3.03% 2.32% percentage points (%) Amount in year-begin to Items of non-recurring gains and losses the end of report period Gains and losses from the disposal of non-current assets -38,026.00 Government subsidies 1,120,000.00 Other non-operating income and expenditure except for the aforementioned items 525,138.00 Influenced amount of minority shareholders’ equities -460,254.00 Influenced amount of income tax -400,096.00 Total 746,762.00 2.2 Total number of shareholders at the end of the report period and shares held by the top ten shareholders with unrestricted conditions Unit: Share Total number of shareholders 88,291 (including 76,075 A-share holders and 12,216 at the end of report period B-share holders) Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions Amount of tradable shares Full name of shareholder with unrestricted conditions Type of shares held at the end of report period China Merchants Zhangzhou Development Zone Co., Ltd. 37,878,788 A shares Penghua Value Advantage Stock-linked Security Investment 22,999,562 A shares Fund China Life Insurance Company Co., Ltd.-traditional-ordinary 21,159,919 A shares insurance products-005L-CT001 Shen China International Fund Management Co., Ltd. China 20,000,000 A shares Advantage Securities Investment Fund Full Goal Selected Mixed Open-ended Security Investment 17,099,671 A shares Fund CNCA A/C COMPAGNIE FINANCIERE EDMOND DE ROTHSCHILD 16,064,502 B shares Invesco Great Wall Blue Chip votes Selected Securities 11,897,314 A shares Investment Fund Fullgoal Fund Management Co., Ltd. Innovation Theme Equity 10,011,118 A shares Securities Investment Fund China International Fund Management Co., Ltd. Domestic 10,009,817 A shares Power Equity Securities Investment Fund Dynamic growth of mixed-Peng Hua Securities Investment 9,999,918 A shares Fund 2 China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) §3 Significant Events 3.1 Details and causations of major change in major accounting subjects and financial indices √ applicable □ not applicable Unit: RMB Increase/dec Items 2011.03.31 2010.12.31 Main reasons for changes rease (± %) Decreased due to decrease in NDF Trading financial - 846,539 -100% contract and fluctuation in market assets price of NDF in the report period Other floating Increase in advance guarantee money 1,257,792,422 980,538,674 28% assets and earnest money for land bidding Long-term 711,035,130 597,610,091 19% Increases in loans investments Decreased in note settlement Notes payable 89,060,142 275,616,189 -68% amount Account received 12,854,724,907 11,268,654,826 14% Increase in the real estate sale items in advance Interests payable 167,123,120 109,123,639 53% Increases in loans increased minority shareholders’ Dividends payable 297,778,204 124,209,948 140% dividend payable Increase/dec Items Jan-Mar 2011 Jan-Mar 2010 Main reasons for changes rease (± %) Operating income 2,832,919,477 2,424,036,323 17% Increases of sales income of property Operating cost 1,554,169,324 1,443,764,646 8% Increases of sales cost of property Operating tax and Increase in sales income of property 369,580,105 279,890,107 32% extras caused the increase of taxes Increase in advertising expenses and Sales expense 71,424,568 55,215,258 29% labor costs Administrative Companies and staff increased in 68,386,835 50,880,224 34% expense scope of consolidated statement Financial expense 20,229,279 -1,503,577 1445% Increase in interest expense Gains from Reduce the fair value of the NDF changes of fair -786,656 15,632,821 -105% contracts value Adjustment to increase interest in Investment gains 20,043,550 3,915,704 412% associates Minority Decreased in settlement profit of shareholders’ 873,938 96,940,770 -99% joint-ventured company gains and losses 3.2 Analysis and explanation of significant events and their influence and solutions □Applicable √Inapplicable 3.2.1 None-standard opinions □applicable √ not applicable 3.2.2 Illegal providing of capital or guarantees to the holding shareholder or its related parties or external parties □applicable √ not applicable 3 China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) 3.2.3 Signing and execution of major business contracts □applicable √ not applicable 3.2.4 Misc. √ applicable □ not applicable The Company has been actively acting to meet with the requirement of Shenzhen Securities Regulatory Commission regarding internal control, and attached high importance to construction of internal control system. In the report term, the Company has conducted the operations including: The Enterprise Internal Control Criteria was approved by the Board of Directors and disclosed on March 22; the Internal Control Section was established, and the main members are assigned; internal control work plan was produced to clarify missions of each stage; external consulting agent has been primarily decided. 3.3 Fulfilling of commitment issues made by the Company, shareholder, or substantial controller √ applicable □ not applicable Implementati Item of Commitments Promisee Content of commitments on The Shekou Industrial Zone promised not to sell or transfer its own original non-outstanding shares within 24 months since the date when such shares obtained the right to be listed and traded (i.e. February 9, 2006); not Within the to sell the total number of shares exceeding 5% of the report period, total capital stock of the China Merchants Real Estate the Shekou through the listed trades at Shenzhen Stock Exchange Commitments for Share Shekou within 12 months after the expiration of the 24 months Industrial Merger Reform Industrial Zone Zone hereinabove; and not to sell the A-shares of the China fulfilled the Merchants Real Estate that it has at the price lower than commitment 120% of the mean arithmetical value of closing prices strictly. for 30 trading days prior to the announcement of the Split-Share Reform Solution through listed trades at Shenzhen Stock Exchange within 36 months after the expiration of the above-mentioned 24 months. The Shekou Industrial Zone promised to neither directly or indirectly conduct or develop the same or similar Within the business or projects with that of the Company, nor report period, found, develop, participate in, or assist any enterprise the Shekou Other commitments Shekou for Shekou Industrial Zone or on behalf of any related Industrial (including additional Industrial Zone party or the third party to directly or indirectly compete Zone commitments) with the Company; neither use the information obtained fulfilled the from the Company to conduct or participate in activities commitment to compete with the Company, nor conduct any other strictly. competitive activity hurting or possibly hurting interests of the Company. 3.4 Estimated accumulative profit from the year beginning to the end of the next report period may be of deficits; or in comparison with the same period of the previous year, give the warning of great change and the notice to the reasons. □applicable √ not applicable 4 China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) 3.5 Major events needs to be explained 3.5.1 Investment in securities □applicable √ not applicable 3.5.2 Reception of investigations, communications, or interviews Contents discussed and Date Place Method Investor materials supplied Jan. 06, 2011 Hong Kong Strategy Conference ICBC Credit Suisse Jan. 07, 2011 Hong Kong Strategy Conference JEFFERIES Customers from Jan. 10, 2010 Shekou, Shenzhen Spot research CITIC Securities Telephone Jan. 11, 2011 Shekou, Shenzhen Investors Investigation Telephone Jan. 13 2011 Shekou, Shenzhen Investors Investigation Jan. 18, 2011 Shanghai Strategy Conference UBS Jan. 26 2011 Shekou, Shenzhen Strategy Conference JEFFERIES Introduction to operations of Feb. 16, 2011 Shekou, Shenzhen Strategy Conference United Securities the Company; discussion on development of industry; Feb. 16, 2011 Shekou, Shenzhen Spot research Dacheng Fund offered disclosed information Telephone and propaganda pamphlet on Feb. 17, 2011 Shekou, Shenzhen Investors project of the Company. Investigation Feb. 18, 2011 Shekou, Shenzhen Spot research Deutsche Bank Feb. 21, 2011 Shekou, Shenzhen Spot research Hai Tong Securities Telephone Mar. 9, 2011 Shekou, Shenzhen Investors Investigation Telephone Mar.13, 2011 Shekou, Shenzhen Investors Investigation CICC、CITI、Guotai Mar.31, 2011 Shekou, Shenzhen Spot research Junan Securities、and total 40 institutions 3.6 Investment in derivate financial instruments √ applicable □ not applicable Within the report period, the main market risk of positions in derivatives was the influence of the market quotation fluctuation of Non-Deliverable Forward (NDF) trades on the fair value change of open contracts. However, the Statement on risk analysis and control measures for fundamental purpose of the Company to carry out NDF position in derivatives within the report period trades is to lock up exchange rates avoiding the exchange (including but not limited to market, liquidity, credit, rate risk caused by borrowing foreign currency loans. operational and law risks.) Therefore, with true foreign exchange loans as the base of trades, the amounts and times of trades matched foreign exchange loans, covering the open of risks. The risks are controllable as the forward exchange rates are identified at the time when trades are happening. 5 China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) Being established by the Company, the trade-off system of financial derivatives restricts the types of financial derivatives whose trades the Company can participate in and clearly provides for the trade size, approval authorization, operating process, risk control and supervision, and information disclosure of such a trade, systematically ensuring the control of trade risks. As of end of 2010, the quotation of the one-year CNY/USD product in NDF market appreciated by approximately Changes in market price or fair value of invested 2.26%; At end of March 2011, the quotation nearly derivatives within the report period; and the specific appreciated 1.68%. The loss of NDF fair value resulting method and the set relevant assumptions and from price change in the first quarter 2011 is RMB 790,000, parameters that the Company used for analyzing fair with the investment loss from the settled NDF contracts values of derivatives shall be disclosed. reaching RMB 6,980,000. The Company analyzed fair values of derivatives by using the approach of market value, with the adjustment of fair values at the end of each month. Describe any significant change happening to the accounting policy and audit-specific principles of N/A derivatives within the report period comparing with the last report period. 3.6.1 Derivate financial instrument stock at end of report term √ applicable □ not applicable Unit: RMB Proportion of contract amount Contract amount Contract amount Gains/losses in in period-end in Contract kind in period-begin in period-end the report period net assets at the end of report period Foreign currency future contracts 2,337,860,822.00 1,481,794,019.00 -7,770,841.01 7.89% Total 2,337,860,822.00 1,481,794,019.00 -7,770,841.01 7.89% §4. Appendix 4.1 Balance sheet Prepared by China Merchants Properties Development Co., Ltd. March 31, 2011 Unit: RMB Balance at period-end Balance at year-begin Items Consolidation Parent Company Consolidation Parent Company Current assets: Monetary funds 9,725,294,348.00 2,779,248,350.00 9,676,385,052.00 3,701,866,661.00 Settlement provisions Capital lent Transaction finance asset 846,539.00 Notes receivable Accounts receivable 84,135,284.00 102,603,093.00 Accounts paid in advance 4,167,576.00 5,598,968.00 Insurance receivable 6 China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) Reinsurance receivables Contract reserve of reinsurance receivable Interest receivable Dividend receivable 2,169,117,072.00 2,169,117,072.00 Other receivables 4,070,362,837.00 20,191,574,576.00 4,144,714,137.00 19,692,350,788.00 Purchase restituted finance asset Inventories 40,779,027,313.00 38,699,347,411.00 Non-current asset due 1,523,830.00 936,793.00 within one year Other current assets 1,257,792,422.00 980,538,674.00 Total current assets 55,922,303,610.00 25,139,939,998.00 53,610,970,667.00 25,563,334,521.00 Non-current assets: Granted loans and advances Finance asset available for sales Held-to-maturity investment Long-term account 1,277,795,730.00 995,074,579.00 1,260,737,445.00 981,013,052.00 receivable Long-term equity 711,035,130.00 3,716,617,922.00 597,610,091.00 3,538,956,943.00 investment Investment property 3,399,439,216.00 3,438,215,323.00 Fixed assets 258,947,161.00 357,206.00 260,939,762.00 367,487.00 Construction in progress 28,638,013.00 23,327,061.00 Engineering material Disposal of fixed asset Productive biological asset Oil and gas asset Intangible assets Expense on Research and Development Goodwill Long-term expenses to be 162,506,393.00 165,985,049.00 apportioned Deferred income tax asset 450,996,516.00 460,455,365.00 Other non-current asset Total non-current asset 6,289,358,159.00 4,712,049,707.00 6,207,270,096.00 4,520,337,482.00 Total assets 62,211,661,769.00 29,851,989,705.00 59,818,240,763.00 30,083,672,003.00 Current liabilities: Short-term loans 1,298,019,007.00 1,156,227,000.00 1,172,132,283.00 998,021,500.00 Loan from central bank Absorbing deposit and interbank deposit Capital borrowed Transaction financial 20,746,137.00 20,824,615.00 liabilities Notes payable 89,060,142.00 275,616,189.00 Accounts payable 4,315,903,931.00 4,757,667,163.00 7 China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) Accounts received in 12,854,724,907.00 11,268,654,826.00 advance Selling financial asset of repurchase Commission charge and commission payable Wage payable 101,525,577.00 209,497.00 207,232,511.00 5,371,108.00 Taxes payable 519,176,323.00 6,968,969.00 614,789,018.00 5,240,509.00 Interest payable 167,123,120.00 125,010,585.00 109,123,639.00 83,065,942.00 Dividend payable 297,778,204.00 124,209,948.00 Other accounts payable 5,238,423,099.00 5,436,072,561.00 5,743,381,514.00 5,825,384,664.00 Reinsurance payables Insurance contract reserve Security trading of agency Security sales of agency Non-current liabilities due 1,829,406,800.00 66,227,000.00 1,856,422,159.00 500,000,000.00 within 1 year Other current liabilities 2,500,887,488.00 2,357,741,683.00 Total current liabilities 29,232,774,735.00 6,790,715,612.00 28,507,795,548.00 7,417,083,723.00 Non-current liabilities: Long-term loans 11,137,135,834.00 7,189,883,500.00 9,995,835,344.00 6,783,316,000.00 Bonds payable Long-term account 65,089,368.00 58,587,176.00 payable Special accounts payable Projected liabilities 105,011,770.00 106,289,589.00 Deferred income tax liabilities Other non-current 3,816,700.00 3,816,700.00 liabilities Total non-current liabilities 11,311,053,672.00 7,189,883,500.00 10,164,528,809.00 6,783,316,000.00 Total liabilities 40,543,828,407.00 13,980,599,112.00 38,672,324,357.00 14,200,399,723.00 Owner’s equity (or shareholders’ equity): Paid-in capital (or share 1,717,300,503.00 1,717,300,503.00 1,717,300,503.00 1,717,300,503.00 capital) Capital public reserve 8,484,453,421.00 8,927,054,193.00 8,484,453,421.00 8,927,054,193.00 Less: Inventory shares Reasonable reserve Surplus public reserve 899,462,584.00 848,511,191.00 899,462,584.00 848,511,191.00 Provision of general risk Retained profit 7,502,477,833.00 4,378,524,706.00 6,940,907,225.00 4,390,406,393.00 Balance difference of 167,725,802.00 165,308,103.00 foreign currency translation Total owner’s equity 18,771,420,143.00 15,871,390,593.00 18,207,431,836.00 15,883,272,280.00 attributable to parent company Minority interests 2,896,413,219.00 2,938,484,570.00 Total owner’s equity 21,667,833,362.00 15,871,390,593.00 21,145,916,406.00 15,883,272,280.00 Total liabilities and owner’s 62,211,661,769.00 29,851,989,705.00 59,818,240,763.00 30,083,672,003.00 equity 8 China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) 4.2 Profit statement in the report period Prepared by China Merchants Properties Development Co., Ltd. Jan.-Mar. 2011 Unit: RMB This period Last period Items Consolidation Parent Company Consolidation Parent Company I. Total operating income 2,832,919,477.00 2,424,036,323.00 Including: Operating income 2,832,919,477.00 2,424,036,323.00 Interest income Insurance gained Commission charge and commission income II. Total operating cost 2,083,793,416.00 22,763,640.00 1,828,249,580.00 -1,280,504.00 Including: Operating cost 1,554,169,324.00 1,443,764,646.00 Interest expense Commission charge and commission expense Cash surrender value Net amount of expense of compensation Net amount of withdrawal of insurance contract reserve Bonus expense of guarantee slip Reinsurance expense Operating tax and extras 369,580,105.00 279,890,107.00 Sales expenses 71,424,568.00 55,215,258.00 Administration expenses 68,386,835.00 6,302,974.00 50,880,224.00 4,659,541.00 Financial expenses 20,229,279.00 16,460,666.00 -1,503,577.00 -5,940,045.00 Losses of devaluation of 3,305.00 2,922.00 asset Add: Changing income of fair value(Loss is listed with -786,656.00 15,632,821.00 “-”) Investment income (Loss 20,043,550.00 10,881,953.00 3,915,704.00 9,997,288.00 is listed with “-”) Including: Investment income on affiliated company 15,425,039.00 -339,021.00 -238,373.00 -1,140,195.00 and joint venture Exchange income (Loss is listed with “-”) III. Operating profit (Loss is 768,382,955.00 -11,881,687.00 615,335,268.00 11,277,792.00 listed with “-”) Add: Non-operating 2,454,722.00 5,608,501.00 income Less: Non-operating 847,610.00 2,244,226.00 expense Including: Disposal loss of 38,026.00 72,672.00 non-current asset IV. Total Profit (Loss is listed 769,990,067.00 -11,881,687.00 618,699,543.00 11,277,792.00 with “-”) Less: Income tax 207,545,521.00 136,856,893.00 2,362,536.00 V. Net profit (Net loss is listed 562,444,546.00 -11,881,687.00 481,842,650.00 8,915,256.00 with “-”) 9 China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) Net profit attributable to owner’s equity of parent 561,570,608.00 -11,881,687.00 384,901,880.00 8,915,256.00 company Minority shareholders’ 873,938.00 96,940,770.00 gains and losses VI. Earnings per share i. Basic earnings per share 0.33 0.22 ii. Diluted earnings per share 0.33 0.22 VII. Other consolidated income 2,417,699.00 851,199.00 447,208.00 VIII. Total consolidated income 564,862,245.00 -11,881,687.00 482,693,849.00 9,362,464.00 Total consolidated income attributable to owners of parent 563,988,307.00 -11,881,687.00 385,753,079.00 9,362,464.00 company Total consolidated income attributable to minority 873,938.00 96,940,770.00 shareholders 4.3 Cash flow statement Prepared by China Merchants Properties Development Co., Ltd. Jan.-Mar. 2011 Unit: RMB Amount in this period Amount in last period Items Consolidation Parent Company Consolidation Parent Company I. Cash flows arising from operating activities: Cash received from selling commodities and providing 4,423,016,856.00 2,376,845,424.00 labor services Net increase of customer deposit and interbank deposit Net increase of loan from central bank Net increase of capital borrowed from other financial institution Cash received from original insurance contract fee Net cash received from reinsurance business Net increase of insured savings and investment Net increase of disposal of transaction financial asset Cash received from interest, commission charge and commission Net increase of capital borrowed Net increase of returned business capital Write-back of tax received 15,222,784.00 Other cash received 459,539,494.00 91,901,745.00 282,302,017.00 73,708,970.00 concerning operating activities Subtotal of cash inflow 4,882,556,350.00 91,901,745.00 2,674,370,225.00 73,708,970.00 10 China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) arising from operating activities Cash paid for purchasing commodities and receiving 3,516,857,557.00 2,144,687,245.00 340,000,000.00 labor service Net increase of customer loans and advances Net increase of deposits in central bank and interbank Cash paid for original insurance contract compensation Cash paid for interest, commission charge and commission Cash paid for bonus of guarantee slip Cash paid to/for staff and 294,299,282.00 5,761,928.00 229,860,929.00 4,515,097.00 workers Taxes paid 893,677,175.00 331,132.00 632,574,717.00 296,099.00 Other cash paid 1,105,905,209.00 902,037,943.00 461,106,503.00 671,751,687.00 concerning operating activities Subtotal of cash outflow 5,810,739,223.00 908,131,003.00 3,468,229,394.00 1,016,562,883.00 arising from operating activities Net cash flows arising -928,182,873.00 -816,229,258.00 -793,859,169.00 -942,853,913.00 from operating activities II. Cash flows arising from investing activities: Cash received from recovering investment Cash received from investment income Net cash received from disposal of fixed, intangible and 3,630.00 3,430.00 other long-term assets Net cash received from disposal of subsidiaries and other units Other cash received concerning investing activities Subtotal of cash inflow 3,630.00 3,430.00 from investing activities Cash paid for purchasing fixed, intangible and other 19,200,263.00 2,030,375.00 long-term assets Cash paid for investment 98,000,000.00 178,000,000.00 28,125,469.00 Net increase of mortgaged loans Net cash received from subsidiaries and other units Other cash paid 6,819,097.00 6,977,067.00 concerning investing activities Subtotal of cash outflow 124,019,360.00 178,000,000.00 37,132,911.00 from investing activities Net cash flows arising -124,015,730.00 -178,000,000.00 -37,129,481.00 from investing activities III. Cash flows arising from 11 China Merchants Property Development Co., Ltd. The First Quarterly Report 2011 (Full Text) financing activities Cash received from 51,250,000.00 absorbing investment Including: Cash received from absorbing minority 51,250,000.00 shareholders’ investment by subsidiaries Cash received from loans 2,146,077,138.00 862,794,500.00 2,109,233,376.00 550,000,000.00 Cash received from issuing bonds Other cash received concerning financing activities Subtotal of cash inflow 2,197,327,138.00 862,794,500.00 2,109,233,376.00 550,000,000.00 from financing activities Cash paid for settling debts 905,905,283.00 731,794,500.00 989,658,613.00 400,000,000.00 Cash paid for dividend and profit distributing or interest 250,343,741.00 59,396,640.00 124,798,842.00 43,444,187.00 paying Including: Dividend and profit of minority shareholder 154,627,031.00 61,556,629.00 paid by subsidiaries Other cash paid 889,447,969.00 concerning financing activities Subtotal of cash outflow 1,156,249,024.00 791,191,140.00 2,003,905,424.00 443,444,187.00 from financing activities Net cash flows arising 1,041,078,114.00 71,603,360.00 105,327,952.00 106,555,813.00 from financing activities IV. Influence on cash and cash equivalents due to fluctuation in 2,658,433.00 7,588.00 -581,586.00 exchange rate V. Net increase of cash and cash -8,462,056.00 -922,618,310.00 -726,242,284.00 -836,298,100.00 equivalents Add: Balance of cash and cash equivalents at the period 8,914,595,308.00 3,691,866,660.00 8,775,661,067.00 6,258,540,842.00 -begin VI. Balance of cash and cash 8,906,133,252.00 2,769,248,350.00 8,049,418,783.00 5,422,242,742.00 equivalents at the period -end 4.4 Auditor’ report Auditor’s opinions: Un-audited 12