China Merchants Property Development Co., Ltd. Report Q3 2014
Stock code: 000024, 200024 Stock short name: ZSDC, ZSJB
Announcement No. [CMPD] 2014-068
China Merchants Property Development Co., Ltd. Report Q3 2014
§1 Important Notice
1.1 The Board of Directors and Board of Supervisors of the Company and its directors, supervisors and
officers hereby assure that this report is free from any false records, misleading statements or material omissions
and bear joint and several liabilities for the truthfulness, accuracy and completeness of contents described herein.
1.2 All board members have been present at the board meeting for auditing the Q3 report.
1.3 The Report Q3 2014 has not been audited by the accounting firm.
1.4 The legal representative Sun Chengming, Chief Financial Director Wu Zhenqin and Manager of Finance
Department Li Shifang hereby state that: the financial statements under the Report are authentic and complete.
1.5 The Report is made in Chinese and English. In case of any discrepancy between the two, the Chinese
version shall prevail.
§2 Change in Main Financial Data and Shareholder
2.1 Main financial data
Year-on-year increase or
End of reporting period End of previousyear
decrease
Total assets (yuan) 145,061,980,954.82 134,040,446,989.65 8.22 %
Net assets attributable to the
28,174,337,633.35 26,725,501,967.24 5.42 %
shareholders of listed company (yuan)
Increase or decrease
Year-on-year
of the end of current
From beginning of increase or decrease
reporting period
Reporting period year to end of from beginning of
compared with the
reporting period year to end of
same period of
reporting period
previous year
Operating income (yuan) 7,706,001,062.23 5.02 % 23,753,156,793.22 1.20 %
Net profits attributable to the
455,232,903.03 -56.83 % 2,240,667,651.88 -37.85 %
shareholders of listed company (yuan)
Net profits attributable to shareholders 466,979,855.34 -55.29 % 2,309,856,826.79 -29.19 %
of listed company after deducting
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China Merchants Property Development Co., Ltd. Report Q3 2014
non-recurring profits and losses (yuan)
Net cash flows from operating
-- -- -5,494,631,791.92 -792.24 %
activities (yuan)
Basic earnings per share (Yuan/share) 0.18 -56.10 % 0.87 -37.86 %
Diluted earnings per share
0.18 -56.10 % 0.87 -37.86 %
(Yuan/share)
Weighted average rate of return on Decrease of 2.40 Decrease of 6.26
1.63 % 8.18 %
equity percentage points percentage points
Note 1: The year-on-year decrease of net profits attributable to the shareholders of listed company realized from January to
September is mainly due to different product and regional structures of carry-forward real estate projects. The general gross margin
level for the carry-forward items this year is relatively low. In addition, the items with high gross margin this year are not yet carried
forward due to uneven distribution of completion date of real estate projects this year.
Note 2: during the reporting period, the Company has implemented the capitalization from capital public reserve plan. In accordance
with Information Disclosure Memorandum No. 21 - Matters Related to the Disclosure of Periodic Reports by Shenzhen Stock
Exchange, the Company has recalculated the earnings per share over the same period of last year based on the adjusted stock.
Note 3:In accordance with 2014 New Accounting Standards for Businesses, this year, the Company has made a retroactive
adjustment for the 2013 Financial Statements, leading to a decrease of RMB 11,777,249.14 retained earnings at the end of 2013 and
an increase of RMB 11,777,249.14 capital reserve. After adjustment, the total asset and the net assets attributable to the shareholders
of listed company are not changed.
Items and amount of extraordinary profit or loss
Amount from beginning of year to end of reporting
Items of extraordinary profit or loss
period
Losses and profits on disposal of non-current assets -197,456.97
Government subsidies 47,015,608.70
Other non-operating revenues and expenditures except the
foregoing items -15,141,751.48
Other profit or loss items recognized by CSRC -86,961,360.88
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China Merchants Property Development Co., Ltd. Report Q3 2014
Affected amount of income taxes -11,014,316.70
Affected amount of minority interest income -2,889,897.58
Total -69,189,174.91
Note: the long-term equity investment after change in control of Shenzhen Overseas Chinese Town Co., Ltd. (OCT) by the
Company is measured by fair value. The equity fair value is mainly inventory evaluation appreciation. From January to September
2014, based on the ratio of actual carry-forward inventory area in the total salable area of inventory to be carried forward on the date
of control right change of OCT, the appreciation of long-term equity investment recognized by evaluation appreciation for
corresponding resale is RMB -86,961,360.88.
2.2 Shareholding facts of total shareholders and top ten shareholders at the end of reporting period
Unit: share
Total number of shareholders at
the end of the reporting period 72,656 (A-shares: 61,927, B-shares: 10,729)
(numbers)
Information of shares held by the top ten shareholders
Pledged or frozen
Quantity of status
Property of the Shareholding Quantity of
Name of shareholders restricted share
shareholder ratio (%) shares held
held Shareholding
Quantity
status
China Merchants Shekou Industrial Zone State-owned 40.38 % 1,040,128,975 1,040,128,975 (A) None None
Co., Ltd. corporate
Full Space Investment Limited Overseas 5.48 % 141,216,075 141,216,075 (B) None None
corporate
China Merchants Securities (HK) Co., Overseas 2.91 % 74,849,287 73,863,367 (B) None None
Ltd. corporate
The People’s Insurance Company Domestic 2.77 % 71,297,455 None None None
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China Merchants Property Development Co., Ltd. Report Q3 2014
(Group) of China-Dividends-Individual non-state-owned
insurance dividend corporate
FOXTROT INTERNATIONAL Overseas 1.61 % 41,580,000 41,580,000 (B) None None
LIMITED corporate
ORIENTURE INVESTMENT LTD Overseas 1.55 % 39,904,717 39,904,717 (B) None None
corporate
The People’s Insurance Company Domestic 1.50 % 38,540,800 None None None
(Group) of non-state-owned
China-Traditional-Composition of corporate
earnings
Fullgoal Tianbo Innovative Theme Stock Domestic 1.16 % 30,000,000 None None None
Fund non-state-owned
corporate
GOLDEN CHINA MASTER FUND Overseas 0.77 % 19,808,497 None None None
corporate
National Social Security Fund 102 Domestic 0.70 % 18,000,000 None None None
Portfolio non-state-owned
corporate
Shareholding status of top ten un-restricted shareholders
Class of shares
Quantity of held
Name of shareholders
un-restricted stock Class of
Quantity
shares
The People’s Insurance Company (Group) of 71,297,455 A share 71,297,455
China-Dividends-Individual insurance dividend
The People’s Insurance Company (Group) of 38,540,800 A share 38,540,800
China-Traditional-Composition of earnings
Fullgoal Tianbo Innovative Theme Stock Fund 30,000,000 A share 30,000,000
GOLDEN CHINA MASTER FUND 19,808,497 B share 19,808,497
National Social Security Fund 102 Portfolio 18,000,000 A share 18,000,000
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China Merchants Property Development Co., Ltd. Report Q3 2014
VALUE PARTNERS CLASSIC FUND 17,673,790 B share 17,673,790
National Social Security Fund 602 Portfolio 14,999,968 A share 14,999,968
Huaxin Trust CO., LTD. 14,651,478 A share 14,651,478
Dacheng Innovation Growth Mixed Fund(LOF) 13,894,156 A share 13,894,156
GREENWOODS CHINA ALPHA MASTER FUND 13,031,565 B share 13,031,565
1. Shekou Industrial Zone and its subsidiary Full Space Investment Limited, Dafeng International, FOXTROT INTERNATIONAL
LIMITED and ORIENTURE INVESTMENT LTD are persons acting in concert;
2. Among the Company shares held by China Merchants Securities (HK) Co., Ltd., 49,242,245 shares were purchased by Dafeng
International under entrustment in the previous year. After capitalization from capital public reserve in June 2014, Dafeng
International held a total of 73,863,367 shares;
§3 Important Events
3.1 Facts and cause for significant change in main accounting statement item and financial
index during the reporting period
Unit: RMB 10,000
Increase
Items of financial September 30, and
2013.12.31 Main cause of changes
liabilities 2014 decrease
(±%)
Increase of receivables for sales of
Accounts receivable 10,401.58 7,686.48 35 %
housings
Increase of deferred income tax
assets due to establishment of new
Deferred income tax
110,099.79 77,025.79 43 % corporation by office building
assets
investment of China Merchants
Property Investment Company
Notes payable 735.87 2,726.76 -73 % Due settlement of notes payable
Increase of dividends payable to
Dividend payable 45,594.27 12,092.72 277 % minority shareholders of
subsidiaries
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China Merchants Property Development Co., Ltd. Report Q3 2014
Reversal of estimated liabilities
Estimated liabilities - 1,047.34 -100 % due to settlement of pending
litigation
Other current Payment of accrued increment tax
248,590.25 356,049.11 -30 %
liabilities on land value
Capitalization from capital public
Share capital 257,595.08 171,730.05 50 %
reserves
Increase
January -
Items of profit or January - and
September Main cause of changes
loss September 2014 decrease
2013
(±%)
The gross profit ratio of the
carry-forward items at current
period is relatively low and the
Business taxes and
238,329.16 372,756.15 -36 % increment tax on land value
surcharges
decreases accordingly due to
carry-forward product and regional
structure
Year-on-year increase of interest
Financial expenses 49,584.01 16,007.97 210 % exchange and foreign exchange
loss at current period
Releasing of partial provision for
Asset impairment
83.68 -17,205.76 -100 % inventory over the same period last
loss
year
Non-operating
6,083.13 3,989.48 52 % Increase of government subsidy
income
Non-operating Increase of water conservancy
2,915.49 2,182.13 34 %
expense fund for power services
Mainly due to decrease of gross
Net profits profit margin from variety
attributable to the structure change of the
224,066.77 360,522.99 -38 %
listed company carry-forward products during the
shareholders reporting period. In addition, the
items with high gross margin
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China Merchants Property Development Co., Ltd. Report Q3 2014
within the reporting period are not
yet settled due to uneven
distribution of completion of
projects.
Increase
January -
January - and
Cash flow items September Main cause of changes
September 2014 decrease
2013
(±%)
Year-on-year increase of land
funds and infrastructure funds paid
Net cash flows from
-549,463.18 79,374.33 -792 % this period results in that cash
operating activities
outflow of operating activities is
more than the inflow
Decrease of cash dividends
Net cash flows from received from the associated
-7,782.61 -43,536.33 -82 %
investing activities company and increase of
investment expenditure
3.2 Impacts from New Accounting Standards for Businesses on the consolidated financial
statements
Ministry of Finance has revised the Accounting Standards for Enterprises No.2 - Long-term Equity Investments this year,
which regulates the accounting treatment for other changes in owners’ equity except net profits and losses, other comprehensive
incomes and profit distributions of invested company under the equity method, based on which, the Company made a retroactive
adjustment for the 2013 consolidated financial statements:
January 1, 2013 December 31, 2013
Basic
Invested transaction
Capital Retained
company information Capital reserve Retained earnings
reserve earnings
(+/-) (+/-)
(+/-) (+/-)
Diluted earnings
Beijing due to decrease
Guangying of shareholding
Residential ratio of the
Company in - - +11,777,249.14 -11,777,249.14
Property
Developme invested
nt Limited company
because of
additional
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China Merchants Property Development Co., Ltd. Report Q3 2014
issuance of
shares by the
invested
company
Total - - +11,777,249.14 -11,777,249.14
3.3 Analysis and description of key progress and influence
□ Applicable √ Inapplicable
3.4 Commitments made by the Company or any shareholder with a shareholding over 5% of
the Company's shares in the reporting period or such commitments carried down into the
reporting period
Commitment Commitment
Commitments Commitment content Commitment limit Performances
party time
Till two years
During the
after the
Commitment of Shekou After reform of non-tradable shares, land and reporting period,
December 9, shareholder no
equity division Industrial other high-quality assets will be continued to be commitments
2005 longer holds the
reform Zone input to support the Company development. have been strictly
shares of the
fulfilled.
Company
Not to (directly or indirectly) engage in or
develop any businesses or projects with
business scopes similar to the Company; not to
establish, develop, participate in or assist in any
enterprises with any direct or indirect Till two years
During the
Other competition with the Company for the Shekou after the
Shekou reporting period,
commitments for Industrial Zone and the related parties or on March 19, shareholder no
Industrial commitments
non-majority behalf of any third parties; not to engage in or 2008 longer holds the
Zone have been strictly
shareholders participate in (directly or indirectly in) activities shares of the
fulfilled.
that compete with the Company by taking Company
advantages of the information obtained from the
Company; and not to have any other competing
behaviors that infringe or may infringe the
Company interests.
3.5 Estimates of 2014 business performance
□ Applicable √ Inapplicable
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China Merchants Property Development Co., Ltd. Report Q3 2014
3.6 Security investment
□ Applicable √ Inapplicable
3.7 Investment in derivatives
□ Applicable √ Inapplicable
3.8 Registration form of reception of research, communication, interview, etc. during the
reporting period
Category of Main discussion points and
Reception time Reception place Reception way Reception object
reception object information provided
Company field Institution Guotai Junan Recent conditions of the
July 4, 2014 Shenzhen
research investors Securities Company
Institution Shenyin &
Company field Recent conditions of the
July 8, 2014 Shenzhen investors Wanguo
research Company
Securities
Company field Institution Trivest Advisors Recent conditions of the
July 10, 2014 Shenzhen
research investors Ltd Company
Company field Institution Industrial Recent conditions of the
July 17, 2014 Shenzhen
research investors Securities Company
Company field Institution Recent conditions of the
August 19, 2014 Shenzhen Value Partners
research investors Company
Company field Institution Guotai Junan Semiannual performance
August 21, 2014 Shenzhen
research investors Securities of the Company
Company field Institution Industrial Semiannual performance
August 22, 2014 Shenzhen
research investors Securities of the Company
Company field Institution Recent conditions of the
August 25, 2014 Shenzhen Citic Securities
research investors Company
Telephone Individual Individual Semiannual performance
August 25, 2014 Shenzhen
communication investors investors of the Company
Telephone Individual Individual Recent conditions of the
August 25, 2014 Shenzhen
communication investors investors Company
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China Merchants Property Development Co., Ltd. Report Q3 2014
Telephone Institution Recent conditions of the
August 26, 2014 Shenzhen PICC
communication investors Company
GF Securities Institution Recent conditions of the
August 27-28, 2014 Wuxi GF Securities
Strategy Meeting investors Company
Haitong
Institution Haitong Recent conditions of the
September 1, 2014 Suzhou Securities
investors Securities Company
Strategy Meeting
Telephone Individual Individual Recent sales of the
September 3, 2014 Shenzhen
communication investors investors Company
Company field Institution Recent conditions of the
September 3, 2014 Shenzhen U-shine Fund
research investors Company
Institution CPIC, PICC
Company field Recent conditions of the
September 4, 2014 Shenzhen investors Asset
research Company
Management
Telephone Individual Individual Recent sales of the
September 9, 2014 Shenzhen
communication investors investors Company
Telephone Institution Recent sales of the
September 10, 2014 Shenzhen Galaxy Securities
communication investors Company
Telephone Individual Individual Recent sales of the
September 10, 2014 Shenzhen
communication investors investors Company
Company field Individual Individual Recent conditions of the
September 16, 2014 Shenzhen
research investors investors Company
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China Merchants Property Development Co., Ltd. Report Q3 2014
§4 Financial Statements
4.1 Consolidated balance sheet
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Ending balance Beginning balance
Current assets:
Monetary fund 21,919,358,973.44 24,240,458,796.50
Settlement reserves
Loans to other banks
Financial assets measured at fair
value with changes included in profits
and losses
Notes receivable 7,290,000.00 4,000,000.00
Accounts receivable 104,015,819.51 76,864,814.81
Prepayments 2,651,318,928.10 2,815,967,507.79
Premiums receivable
Reinsurance premiums receivable
Reinsurance contract reserves
receivable
Interest receivable 2,404.39 100,000.00
Dividend receivable
Other receivables 10,453,792,858.70 13,683,883,876.17
Redemptory monetary capital for
sale
Inventory 94,349,892,930.43 78,476,507,470.78
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China Merchants Property Development Co., Ltd. Report Q3 2014
Divided into assets held for sale
Non-current assets (expire in a
- 4,175,229.58
year)
Other current assets 4,085,004,685.54 3,550,197,939.60
Total current assets 133,570,676,600.11 122,852,155,635.23
Non-current assets:
Entrusted loans released and
advances
Available-for-sale financial assets
Held-to-maturity investment
Long-term accounts receivable
Long-term equity investments 1,849,718,317.34 1,653,194,214.56
Investment property 5,662,756,227.61 5,661,844,333.88
Fixed assets 1,868,995,501.91 2,038,420,991.55
Construction in progress 94,558,157.64 104,895,578.36
Engineering material
Liquidation of fixed assets
Productive biological assets
Oil and gas assets
Intangible assets 515,346,470.19 542,448,651.42
Development expenses
Goodwill 159,560,861.23 159,560,861.23
Long-term deferred expenses 238,529,817.32 257,668,842.73
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China Merchants Property Development Co., Ltd. Report Q3 2014
Deferred income tax assets 1,100,997,852.76 770,257,880.69
Other non-current assets 841,148.71
Total non-current assets 11,491,304,354.71 11,188,291,354.42
Total assets 145,061,980,954.82 134,040,446,989.65
Current liabilities:
Short-term loans 3,275,000,000.00 4,250,000,000.00
Borrowings from central bank
Receipt of deposits and deposits
from other banks
Loans from other banks
Financial liabilities which are
measured by fair value and their
changes are recorded in current profit or
loss
Notes payable 7,358,707.85 27,267,637.07
Accounts payable 12,063,378,892.41 12,010,832,454.50
Account received in advance 42,234,700,349.47 37,517,671,641.79
Financial assets sold for
repurchase
Service charges and commissions
payable
Payroll payable 281,067,626.31 385,894,712.53
Tax payable 1,171,182,340.00 1,464,425,877.10
Interests payable 161,428,340.98 152,361,058.07
Dividend payable 455,942,680.19 120,927,194.29
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China Merchants Property Development Co., Ltd. Report Q3 2014
Other payables 9,723,674,390.06 9,014,047,482.53
Reinsured accounts payable
Reserves for insurance contract
Receivings from vicariously traded
securities
Receivings from vicariously sold
securities
Divided into liabilities held for
sale
Non-current liability due within
7,595,938,717.45 6,331,007,932.13
one year
Other current liabilities 2,485,902,523.57 3,560,491,070.18
Total current liabilities 79,455,574,568.29 74,834,927,060.19
Non-current liabilities:
Long-term loans 21,964,826,121.61 17,051,917,894.42
Bonds payable 3,033,646,676.89 3,003,382,977.23
Long-term payable 105,456,930.82 102,745,035.90
Special payables
Estimated liabilities - 10,473,360.10
Deferred income tax liabilities 105,605,849.52 108,596,697.05
Other non-current liabilities 11,236,760.00 11,236,760.00
Total non-current liabilities 25,220,772,338.84 20,288,352,724.70
Total liabilities 104,676,346,907.13 95,123,279,784.89
Owners' equity (or shareholders'
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China Merchants Property Development Co., Ltd. Report Q3 2014
equity):
Paid-in capital (or share capital) 2,575,950,754.00 1,717,300,503.00
Capital reserve 7,632,648,079.93 8,458,826,075.70
Less: treasury stocks
Special reserve
Surplus reserve 1,133,515,392.99 1,133,515,392.99
General risk provisions
Undistributed profit 16,753,322,052.91 15,336,958,642.03
Translation difference in foreign
78,901,353.52 78,901,353.52
currency statements
Total equity attributable to the parent
28,174,337,633.35 26,725,501,967.24
company owners
Minority shareholders' equity 12,211,296,414.34 12,191,665,237.52
Total owners' equity (or shareholders'
40,385,634,047.69 38,917,167,204.76
equity)
Total liabilities and owner equity (or
145,061,980,954.82 134,040,446,989.65
shareholder equity)
Legal representative:Sun Chengming Accounting supervisor:Wu Zhenqin
Legal representative of the accounting firm:Li Shifang
4.2 Consolidated balance sheet of parent company
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Ending balance Beginning balance
Current assets:
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China Merchants Property Development Co., Ltd. Report Q3 2014
Monetary fund 9,626,050,268.96 6,296,121,745.68
Financial assets measured at fair
value with changes included in profits
and losses
Notes receivable
Accounts receivable
Prepayments 0 193,000.00
Interest receivable 698,399.06 11,814,660.00
Dividend receivable 1,021,707,095.72 1,186,411,976.56
Other receivables 29,707,743,133.32 28,619,556,967.65
Inventory
Divided into assets held for sale
Non-current assets (expire in a
year)
Other current assets 3,650,084.20
Total current assets 40,359,848,981.26 36,114,098,349.89
Non-current assets:
Available-for-sale financial assets
Held-to-maturity investment
Long-term accounts receivable
Long-term equity investments 8,788,171,776.13 9,227,039,815.19
Investment property
Fixed assets 1,183,788.54 1,548,967.06
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China Merchants Property Development Co., Ltd. Report Q3 2014
Construction in progress
Engineering material
Liquidation of fixed assets
Productive biological assets
Oil and gas assets
Intangible assets
Development expenses
Goodwill
Long-term deferred expenses
Deferred income tax assets
Other non-current assets
Total non-current assets 8,789,355,564.67 9,228,588,782.25
Total assets 49,149,204,545.93 45,342,687,132.14
Current liabilities:
Short-term loans 3,275,000,000.00 2,250,000,000.00
Financial liabilities which are
measured by fair value and their
changes are recorded in current profit or
loss
Notes payable
Accounts payable 191,878,894.81
Account received in advance
Payroll payable 6,311,393.28 9,010,550.63
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China Merchants Property Development Co., Ltd. Report Q3 2014
Tax payable 298,730.19 4,569,810.63
Interests payable 63,118,391.61 90,378,579.30
Dividend payable
Other payables 16,643,595,379.90 15,791,231,019.71
Divided into liabilities held for
sale
Non-current liability due within
3,054,090,375.00 2,404,241,120.00
one year
Other current liabilities 357,710.82
Total current liabilities 23,234,293,164.79 20,549,788,791.09
Non-current liabilities:
Long-term loans 9,681,514,500.00 7,633,824,285.00
Bonds payable
Long-term payable
Special payables
Estimated liabilities
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 9,681,514,500.00 7,633,824,285.00
Total liabilities 32,915,807,664.79 28,183,613,076.09
Owners' equity (or shareholders'
equity):
Paid-in capital (or share capital) 2,575,950,754.00 1,717,300,503.00
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China Merchants Property Development Co., Ltd. Report Q3 2014
Capital reserve 8,068,429,937.53 8,927,054,193.00
Less: treasury stocks
Special reserve
Surplus reserve 1,082,563,999.99 1,082,563,999.99
General risk provisions
Undistributed profit 4,506,452,189.62 5,432,155,360.06
Translation difference in foreign
currency statements
Total owners' equity (or shareholders'
16,233,396,881.14 17,159,074,056.05
equity)
Total liabilities and owner equity (or
49,149,204,545.93 45,342,687,132.14
shareholder equity)
4.3 Consolidated statement of profits during reporting period
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Amount of current period Amount of previous period
I. Total operating income 7,706,001,062.23 7,337,867,073.26
Including: operating income 7,706,001,062.23 7,337,867,073.26
Interest incomes
Earned insurance premium
Incomes from fees and
commissions
II. Total operating cost 6,797,587,801.83 5,448,933,432.63
Including: operating cost 5,531,109,631.22 3,897,208,053.27
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China Merchants Property Development Co., Ltd. Report Q3 2014
Interest payments
Service charges and
commission expenses
Refunded premium
Net amount of
compensation payout
Net amount of reserves for
reinsurance contract
Policy dividend payment
Reinsured expenses
Business taxes and
769,271,865.81 1,148,130,766.37
surcharges
Sales expenses 186,593,343.38 191,368,774.77
Management expenses 140,926,760.49 125,186,417.87
Financial expenses 169,737,714.64 86,730,756.84
Asset impairment loss -51,513.71 308,663.51
Add: income from changes in fair
value (“-” indicates the loss)
Investment profit (“-”
72,396,735.93 23,438,064.02
indicates the loss)
Including: investment
income from affiliated enterprises and 72,396,735.93 23,438,064.02
joint ventures
Exchange income (“-”
indicates the loss)
III. Operating profit (“-” indicates the
980,809,996.33 1,912,371,704.65
loss)
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China Merchants Property Development Co., Ltd. Report Q3 2014
Add: non-operating incomes 25,334,455.57 28,120,053.54
Less: non-operating expenses 7,429,519.46 6,433,724.24
Including: loss on disposal
43,441.30 35,175.02
of non-current assets
IV. Total profit (“-” indicates the total
998,714,932.44 1,934,058,033.95
loss)
Less: income tax 332,146,405.38 526,125,432.21
V. Net profit (“-” indicates the net loss) 666,568,527.06 1,407,932,601.74
Including: Net profits of the
combined party before the combination
Net profits attributable to the
455,232,903.03 1,054,598,858.68
parent company owners
Gain and loss of minority
211,335,624.03 353,333,743.06
shareholders
VI. Earnings per share: --
(I) Basic earnings per share 0.18 0.41
(II) Diluted earnings per share 0.18 0.41
VII. Other consolidated income
Including: items that will not be
reclassified to profit or loss in
subsequent periods
Items that will be reclassified
subsequently to profit or loss when
specific conditions are met
VIII. Total consolidated income 666,568,527.06 1,407,932,601.74
Total consolidated income 455,232,903.03 1,054,598,858.68
attributable to the owner of the parent
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China Merchants Property Development Co., Ltd. Report Q3 2014
company
Total consolidated income
211,335,624.03 353,333,743.06
attributable to minority shareholders
4.4 Parent company's profits during reporting period
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Amount of current period Amount of previous period
I. Operating income 1,910,000.00 11,010,000.00
Less: operating cost 821,384.23 616,368.32
Business taxes and surcharges 107,151.00 617,661.00
Sales expenses
Management expenses 16,140,300.01 13,603,143.91
Financial expenses 59,677,976.23 77,840,820.04
Asset impairment loss
Add: income from changes in fair
value (“-” indicates the loss)
Investment profit (“-”
25,671,132.64 -189,187.00
indicates the loss)
Including: investment income
from affiliated enterprises and joint -2,308,848.89 -189,187.00
ventures
II. Operating profit (“-” indicates the
-49,165,678.83 -81,857,180.27
loss)
Add: non-operating incomes
22
China Merchants Property Development Co., Ltd. Report Q3 2014
Less: non-operating expenses
Including: loss on disposal of
non-current assets
III. Total profit (“-” indicates the total
-49,165,678.83 -81,857,180.27
loss)
Less: income tax
IV. Net profit (“-” indicates the loss) -49,165,678.83 -81,857,180.27
V. Earnings per share: --
(I) Basic earnings per share Inapplicable Inapplicable
(II) Diluted earnings per share Inapplicable Inapplicable
VI. Other consolidated incomes
Including: items that will not be
reclassified to profit or loss in
subsequent periods
Items that will be reclassified
subsequently to profit or loss when
specific conditions are met
VII. Total consolidated income -49,165,678.83 -81,857,180.27
4.5 Consolidated year-to-date profits of the reporting period
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Amount of current period Amount of previous period
I. Total operating income 23,753,156,793.22 23,471,435,394.52
Including: operating income 23,753,156,793.22 23,471,435,394.52
Interest incomes
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China Merchants Property Development Co., Ltd. Report Q3 2014
Earned insurance premium
Incomes from fees and
commissions
II. Total operating cost 19,643,264,503.28 17,126,589,406.42
Including: operating cost 15,922,177,904.69 12,589,719,333.16
Interest payments
Service charges and
commission expenses
Refunded premium
Net amount of
compensation payout
Net amount of reserves for
reinsurance contract
Policy dividend payment
Reinsured expenses
Business taxes and
2,383,291,566.10 3,727,561,490.14
surcharges
Sales expenses 468,531,591.83 463,388,566.53
Management expenses 372,586,559.19 357,897,903.88
Financial expenses 495,840,101.19 160,079,728.23
Asset impairment loss 836,780.28 -172,057,615.52
Add: income from changes in fair
value (“-” indicates the loss)
Investment profit (“-”
215,715,151.44 305,617,822.95
indicates the loss)
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China Merchants Property Development Co., Ltd. Report Q3 2014
Including: investment
income from affiliated enterprises and 215,715,151.44 359,630,004.60
joint ventures
Exchange income (“-”
indicates the loss)
III. Operating profit (“-” indicates the
4,325,607,441.38 6,650,463,811.05
loss)
Add: non-operating incomes 60,831,335.20 39,894,756.82
Less: non-operating expenses 29,154,934.95 21,821,278.85
Including: loss on disposal
218,503.87 945,458.54
of non-current assets
IV. Total profit (“-” indicates the total
4,357,283,841.63 6,668,537,289.02
loss)
Less: income tax 1,296,643,173.79 2,002,712,262.59
V. Net profit (“-” indicates the net loss) 3,060,640,667.84 4,665,825,026.43
Including: Net profits of the
combined party before the combination
Net profits attributable to the
2,240,667,651.88 3,605,229,893.19
parent company owners
Gain and loss of minority
819,973,015.96 1,060,595,133.24
shareholders
VI. Earnings per share:
(I) Basic earnings per share 0.87 1.40
(II) Diluted earnings per share 0.87 1.40
VII. Other consolidated income
Including: items that will not be
reclassified to profit or loss in
25
China Merchants Property Development Co., Ltd. Report Q3 2014
subsequent periods
Items that will be reclassified
subsequently to profit or loss when
specific conditions are met
VIII. Total consolidated income 3,060,640,667.84 4,665,825,026.43
Total consolidated income
attributable to the owner of the parent 2,240,667,651.88 3,605,229,893.19
company
Total consolidated income
819,973,015.96 1,060,595,133.24
attributable to minority shareholders
4.6 Parent company's year-to-date profits of the reporting period
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Amount of current period Amount of previous period
I. Operating income 2,410,000.00 22,090,000.00
Less: operating cost 1,878,636.39 1,632,685.24
Business taxes and surcharges 2,347,719.26 1,239,249.00
Sales expenses
Management expenses 36,291,553.95 28,235,451.12
Financial expenses 142,799,590.32 276,033,038.68
Asset impairment loss
Add: income from changes in fair
value (“-” indicates the loss)
Investment profit (“-”
79,510,570.48 -1,479,947.00
indicates the loss)
Including: investment income -2,668,039.06 -1,479,947.00
from affiliated enterprises and joint
26
China Merchants Property Development Co., Ltd. Report Q3 2014
ventures
II. Operating profit (“-” indicates the
-101,396,929.44 -286,530,371.04
loss)
Add: non-operating incomes
Less: non-operating expenses 2,000.00 9,163,879.51
Including: loss on disposal of
non-current assets
III. Total profit (“-” indicates the total
-101,398,929.44 -295,694,250.55
loss)
Less: income tax
IV. Net profit (“-” indicates the loss) -101,398,929.44 -295,694,250.55
V. Earnings per share:
(I) Basic earnings per share Inapplicable Inapplicable
(II) Diluted earnings per share Inapplicable Inapplicable
VI. Other consolidated incomes
Including: items that will not be
reclassified to profit or loss in
subsequent periods
Items that will be reclassified
subsequently to profit or loss when
specific conditions are met
VII. Total consolidated income -101,398,929.44 -295,694,250.55
4.7 Cash flow statement year-to-date profits of the reporting period
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
27
China Merchants Property Development Co., Ltd. Report Q3 2014
Item Amount of current period Amount of previous period
I. Cash flows from operating activities:
Cash received from sale of goods
28,427,510,441.71 29,826,137,629.51
or rendering of services
Net increase of deposits from
customers and other banks
Net increase of borrowings from
central bank
Net increase of loans from other
financial institutions
Cash received from receiving
insurance premium of original
insurance contract
Net cash received from reinsurance
business
Net increase of policy holder
deposits and investment funds
Net increase of disposal of trading
financial assets
Cash received from interests, fees
and commissions
Net increase of loans from other
banks
Net capital increase of repurchase
business
Refunds of taxes and levies 27,348,837.85 15,808,867.22
Cash received from other operating
6,841,156,957.77 4,193,297,175.59
activities
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China Merchants Property Development Co., Ltd. Report Q3 2014
Sub-total of cash inflows from
35,296,016,237.33 34,035,243,672.32
operating activities
Cash paid for goods and services 27,074,310,400.10 20,155,096,718.59
Net increase of customer's loans
and advances
Net increase of deposits in central
bank and other banks
Cash paid for indemnity of original
insurance contract
Cash paid for interests, service
charges and commissions
Cash paid for policy dividends
Cash paid to and on behalf of
1,194,355,095.30 983,126,518.84
employees
Payments of all types of taxes 6,883,850,156.54 5,816,514,372.81
Other cash paid relating to
5,638,132,377.31 6,286,762,781.45
operating activities
Sub-total of cash outflows from
40,790,648,029.25 33,241,500,391.69
operating activities
Net cash flows from operating activities -5,494,631,791.92 793,743,280.63
II. Cash flows from investing activities:
Cash received from disposal of
80,123.00
investments
Cash received from return on
39,967,345.86 326,819,319.15
investments
Net cash received from disposal of
fixed assets, intangible assets and other 59,464.00 85,915.50
long-term assets
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China Merchants Property Development Co., Ltd. Report Q3 2014
Net cash received from disposal of
subsidiaries and other business units
Other cash received relating to
investing activities
Sub-total of cash inflows from investing
40,026,809.86 326,985,357.65
activities
Cash paid to acquire fixed assets,
intangible assets & other long-term 41,181,847.17 38,244,369.82
assets
Cash paid to acquire investments 76,671,105.19 30,500,000.00
Net increase of pledge loans
Net cash received from payment of
132,381,505.46
subsidiaries and other business units
Other cash payments relating to
561,222,801.84
investing activities
Sub-total of cash outflows from
117,852,952.36 762,348,677.12
investing activities
Net cash flows from investing activities -77,826,142.50 -435,363,319.47
III. Cash flows from financing
activities:
Cash received from capital
254,265,704.18 118,041,079.00
contribution
Including: cash from the
investment of minority shareholders of 254,265,704.18 118,041,079.00
the subsidiaries
Cash received from borrowings 16,216,394,880.82 14,700,287,816.88
Cash from issue of bonds
Proceeds received from other
30
China Merchants Property Development Co., Ltd. Report Q3 2014
financing activities
Sub-total of cash inflows from
16,470,660,585.00 14,818,328,895.88
financing activities
Cash repayments of amounts
11,087,713,675.00 9,789,887,950.00
borrowed
Cash payments for interest
expenses and distribution of dividends 2,143,694,391.98 1,532,365,144.23
or profit
Including: dividends and profits
paid by subsidiaries to minority 271,684,819.75 149,669,583.36
shareholders
Other cash payments relating to
2,461,000.00
financing activities
Sub-total of cash outflows from
13,233,869,066.98 11,322,253,094.23
financing activities
Net cash flows from financing activities 3,236,791,518.02 3,496,075,801.65
IV. Influence of exchange rate change
14,566,593.34 -27,139,455.87
on cash and cash equivalent
V. Net increase of cash and cash
-2,321,099,823.06 3,827,316,306.94
equivalent
Add: balance of cash and cash
24,240,458,796.50 18,218,506,517.70
equivalent at the beginning of period
VI. Balance of cash and cash equivalent
21,919,358,973.44 22,045,822,824.64
at the end of period
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China Merchants Property Development Co., Ltd. Report Q3 2014
4.8 Parent company's cash flow statement year-to-date profits of the reporting period
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Amount of current period Amount of previous period
I. Cash flows from operating activities:
Cash received from sale of goods
2,410,000.00 22,090,000.00
or rendering of services
Refunds of taxes and levies
Cash received from other operating
5,781,010,203.48 4,421,323,868.12
activities
Sub-total of cash inflows from
5,783,420,203.48 4,443,413,868.12
operating activities
Cash paid for goods and services
Cash paid to and on behalf of
11,453,390.37 13,635,785.05
employees
Payments of all types of taxes 13,967,791.77 25,560,131.43
Other cash paid relating to
5,640,911,795.07 1,338,336,583.58
operating activities
Sub-total of cash outflows from
5,666,332,977.21 1,377,532,500.06
operating activities
Net cash flows from operating activities 117,087,226.27 3,065,881,368.06
II. Cash flows from investing activities:
Cash received from disposal of
470,000,000.00
investments
Cash received from return on
243,069,431.04 2,410,780,300.87
investments
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China Merchants Property Development Co., Ltd. Report Q3 2014
Net cash received from disposal of
fixed assets, intangible assets and other
long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received relating to
investing activities
Sub-total of cash inflows from investing
713,069,431.04 2,410,780,300.87
activities
Cash paid to acquire fixed assets,
intangible assets & other long-term 20,880.00 1,344,750.00
assets
Cash paid to acquire investments 88,671,105.19 2,844,741,275.00
Net cash received from payment of
subsidiaries and other business units
Other cash payments relating to
investing activities
Sub-total of cash outflows from
88,691,985.19 2,846,086,025.00
investing activities
Net cash flows from investing activities 624,377,445.85 -435,305,724.13
III. Cash flows from financing
activities:
Cash received from capital
contribution
Cash received from borrowings 8,326,821,400.00 5,699,190,000.00
Cash from issue of bonds
Proceeds received from other
financing activities
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China Merchants Property Development Co., Ltd. Report Q3 2014
Sub-total of cash inflows from
8,326,821,400.00 5,699,190,000.00
financing activities
Cash repayments of amounts
4,611,076,875.00 6,049,727,950.00
borrowed
Cash payments for interest
expenses and distribution of dividends 1,107,213,263.04 867,569,654.44
or profit
Other cash payments relating to
financing activities
Sub-total of cash outflows from
5,718,290,138.04 6,917,297,604.44
financing activities
Net cash flows from financing activities 2,608,531,261.96 -1,218,107,604.44
IV. Influence of exchange rate change
-20,067,410.80 -282,395.07
on cash and cash equivalent
V. Net increase of cash and cash
3,329,928,523.28 1,412,185,644.42
equivalent
Add: balance of cash and cash
6,296,121,745.68 5,277,807,877.29
equivalent at the beginning of period
VI. Balance of cash and cash equivalent
9,626,050,268.96 6,689,993,521.71
at the end of period
4.9 Audit Report
The Q3 report is yet to be audited.
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China Merchants Property Development Co., Ltd. Report Q3 2014
§5 Other Reporting Data
5.1 Illegal external guarantee
Inapplicable.
5.2 Occupation of non-operating funds of the listed company by controlling shareholders and
their related parties
Unit: RMB 10,000
New
Total
Name of occupied Estimated
repayment Estimated
shareholder Occurrence Beginning funds Ending Estimated repayment
Occupation time during repayment
or related reason balance during balance repayment time
reporting method
party reporting (month)
period
period
Funds Funds
Jones Tech December 2012 - January
shifted to 6,243 6,243 - shifted to Inapplicable
Limited 2014
investment investment
Funds Funds
Holly Profit December 2012 - January
shifted to 9,255 9,255 - shifted to Inapplicable
Limited 2014
investment investment
Blue Cove Funds Funds
December 2012 - January
International shifted to 4,481 4,481 - shifted to Inapplicable
2014
Ltd investment investment
Powerwise Funds Funds
December 2012 - January
International shifted to 8,903 8,903 - shifted to Inapplicable
2014
Ltd investment investment
Total 28,882 28,882 -- --
5.3 Transaction of funds between listed company and controlling shareholders and their
associated companies
Unit: RMB 10,000
Amount
Repayme
incurred in
Name of transaction Category of credits Beginning nt during Ending Interest Interest
the
parties and debts balance reporting balance incomes payments
reporting
period
period
35
China Merchants Property Development Co., Ltd. Report Q3 2014
Jones Tech Limited Other receivables 6,243.21 6,243.21 -
Powerwise
Other receivables 8,902.69 8,902.69 -
International Ltd
Holly Profit Limited Other receivables 9,255.06 9,255.06 -
Blue Cove
Other receivables 4,481.22 4,481.22 -
International Ltd
Shekou Industrial
Accounts payable - 345,290.00 345,290.00
Zone
Shekou Industrial
Other payables 7,948.89 7,948.89
Zone
China Merchants
Guangming Science Other payables 147.67 146.95 0.72
Park
Shenzhen China
Merchants Financial Other payables 71,458.14 549.00 72,007.14
Service Co., Ltd.
Dafeng
International Group Other payables 13,266.19 13,266.19
LLC
China Merchants
Zhangzhou
Other payables 20,000.00 20,000.00
Development Zone
Co., Ltd.
China Merchants
Holdings (HK) Co., Other payables 88.12 88.12
Ltd.
36