China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2009 (Complete Version)
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China Merchants Property Development Co., Ltd.
The 1st Quarterly Report 2009 (Full text)
§1 Important Declaration
1.1 The Board of Directors and the directors of the Company guarantee that there are no significant
omissions, fictitious or misleading statements carried in the Report and we will accept individual and joint
responsibilities for the truthfulness, accuracy and completeness of the Report.
1.2 None of the directors, supervisors, nor senior executives is holding uncertain opinion or disagreement
over the truthfulness, accuracy, and completeness over the 1st Quarterly Report.
1.3 All of the directors presented the board meeting at which this 1st Quarterly Report was examined.
1.4 The financial statements carried in this report are not audited.
1.5 Mr. Sun Chengming - the legal representative, Mr. Huang Peikun – the chief financial officer, and Ms.
Xu Yixia – the manager of accounting department declare: the financial reports carried in this report is
secured for its truthfulness and completeness.
§2 Company Profile
2.1 Financial highlights
In RMB Yuan
Ended this report
term
Ended previous
year Changed by (%)
Gross Assets 38,598,921,791 37,437,014,995 3.10%
Shareholders’ equity attributable to
shareholders of the Company 15,031,325,420 14,862,746,365 1.13%
Share capital 1,717,300,503 1,717,300,503 0.00%
Net asset per share attributable to
shareholders of the Company 8.75 8.65 1.16%
This report term Same period last
year Changed by (%)
Turnover 823,094,572 562,947,686 46.21%
Net profit attributable to the
shareholders of the listed company 170,579,055 36,961,879 361.50%
Cash flow generated by business
operation, net 94,612,265 -1,376,427,361 106.87%
Net Cash flow per share generated by
business operation 0.06 -1.63 103.68%
Basic gains per share 0.10 0.03 233.33%
Diluted gains per share 0.10 0.03 233.33%
Net earnings / asset 1.13% 0.47% Increased by 0.66 percent
Net earnings / capital ratio after
deducting of non-recurring gain/loss 1.08% 0.45% Increased by 0.63 percent
Non-recurring gain and loss items
Amount of the period from the
beginning of year to the end of report
term
Total 8,070,653China Merchants Property Development Co., Ltd. The 1st Quarterly Report 2009 (Complete
Version)
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Statements on non-recurring gain/loss items: In RMB Yuan
Non-recurring gain and loss items Amount of the period from the beginning of year to the end of report term
Other non-business gain/expenditure (net) 8,224,964
Impact of income tax and minor
shareholders’ gains/losses -154,311
Total 8,070,653
2.2 Total of shareholders and the top 10 holders of unconditional shares
In Shares
Total of shareholders 37,647
Top 10 holders of unconditional shares
Name of the shareholder Unconditional shares Category of shares
Changsheng Tongde Growth Stock Investment Fund 15,846,269 A shares
Penghua Power Growth Combined Stock Investment Fund 15,707,980 A shares
Penghua Fine Management Stock Investment Fund 15,000,000 A shares
Yifangda Value Growth Combined Stock Investment Fund 14,203,392 A shares
Yinhua Core Value Best Choice Stock Investment Fund 13,000,074 A shares
Guangfa Great Growth Combined Stock Investment Fund 12,417,302 A shares
Dacheng Blue Chip Steady Growth Stock Investment Fund 11,695,587 A shares
Bank of Communication Schroder Fund 11,149,022 A shares
Jinshun Changcheng Dingyi Open Stock Investment Fund 10,907,806 A shares
Jiashi Scheme Best Choice Combined Stock Investment Fund 10,106,498 A sharesChina Merchants Property
Development Co., Ltd. The 1st Quarterly Report 2009 (Complete Version)
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§3 Significant Events
3.1 Details and causations of major change in major accounting subjects and financial indices
√ applicable □ not applicable
In RMB Yuan
Items 2009.03.31 2008.12.31 Changed by
(±%) Major causes
Transactional financial assets 36,121,243 97,331,980 -62.89%
Influenced by fluctuation of
future USD rate, gains from
stock contract fluctuation
decreased
Prepayment received 3,810,741,112 2,731,472,693 39.51%
Increase of advances received
for selling of properties
Employees’ wage payable 62,952,182 121,900,048 -48.36%
Wages drawn at end of last
year paid in this term
Tax payable 156,719,583 270,545,613 -42.07% Tax paid
Interest payable 22,592,131 41,051,205 -44.97% Interest due paid
Non-current liability due in 1
year 3,685,038,000 1,810,099,402 103.58%
Increasing of long-term
borrowings due in 1 year
Items Jan-Mar 2009 Jan-Mar 2008 Changed (±
%) Major causes
Turnover 823,094,572 562,947,686 46.21%
Increasing of merchandise
property transferred in
Total operation cost 621,694,607 420,481,166 47.85%
Increasing of transferring cost
of merchandise property
Business tax and surcharge 88,109,440 64,281,328 37.07%
Increasing of merchandise
property transferred in
Sales expense 48,031,506 28,327,589 69.56% Expanding of business scale
Financial expenses -15,277,204 10,581,939 -244.37% Increasing of interest income
Investment income 79,670,156 -1,695,894 4797.83%
Adjustment of profit equity on
affiliates
Non-business income 12,605,745 7,590,457 66.07%
Anticipation liabilities
transferred back
3.2 Progress of significant events, their influence, countermeasures, and analysis
□applicable √ not applicableChina Merchants Property Development Co., Ltd. The 1st Quarterly Report 2009
(Complete Version)
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3.3 Fulfilling of commitment issues made by the Company, shareholder, or substantial controller
√ applicable □ not applicable
Commitments Content of Commitments Status of fulfilling
Commitment in share equity
relocation
The original non-negotiable shares shall not been traded or
transferred in 24 months since the trading right been granted.
Shares placed in Shenzhen Stock Exchange in 12 months upon the
above 24 months shall not exceed 5% of the total shares of the
Company. In 36 months upon the above 24 months, the price of
A-shares of the Company shall not be lower than 120% of the
arithmetical average in 30 days prior to the publishing of share
reallocation announcement.
Promise kept by CMSIZ in
the report term
Commitment of not to sell the
shares
When previous increasing of shareholding, CMSIZ and its
subsidiaries promised not to reduce their shareholding in the
Company until September 24, 2010.
China Merchants Zhangzhou Development Zone Co., Ltd.
subscribed the 37,878,788 shares in 2008, and promised not to put
these shares on sale in one year since purchased.
Promises kept by CMSIZ and
its subsidiaries
In the report term, China
Merchants Zhangzhou
Development Zone Co., Ltd.
has been keeping the promise.
Commitment made in acquisition
report or equity alternation report Not applicable Not applicable
Commitment made in major asset
restructuring Not applicable Not applicable
Commitment made at issuing Not applicable Not applicable
Other commitment (including
supplementary commitment)
CMSIZ, the controlling shareholder of the Company, promised
not to conduct or participate with 3rd parties in any business or
activities possibly competing with the Company in terms of
business, new commodities and new technology in any forms
(including but not limited to direct operation, indirect operation,
joint investment). Never use the information obtained from the
Company to conduct or participate in and competitive activities
against the Company.
In the report term, CMSIZ
was fully acting as committed.
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
3.5 Major events needs to be explained
3.5.1 Investment in securities
□applicable √ not applicable
3.5.2 Holding of shares in other listed companies
√ applicable □ not applicable
In RMB Yuan
Stock Code Stock ID Initial investment Share portion Book value at the
end of term
Gain/loss of the
report term
Change of owners’
equity in the report term
000004 ST Guonong 1,572,275.00 0.58% 1,743,773 0 0China Merchants Property Development Co., Ltd. The 1st
Quarterly Report 2009 (Complete Version)
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3.5.3 Summary of accepting investigations, communications, and visiting in the report term
Time/date Place Way Visitors Main content involved
and material provided
Jan 07 Shekou
Shenzhen Research Fortress、OCH-ZIFF、Goldman Sachs
Jan 08 Shekou
Shenzhen
Telephone
conference Organized by Orient Securities
Jan 09 Shanghai Strategy meeting Organized by Everbright Securities
Jan 13 Shekou
Shenzhen Research China Life Investment
Jan 14 Shekou
Shenzhen Research Yifangda Fund
Feb 06 Shekou
Shenzhen Research Hong Kong Huili Fund
Feb 10 Shekou
Shenzhen Research Changsheng Fund
Feb 11 Shekou
Shenzhen Group research Organized by Everbright Securities
Feb 12 Shekou
Shenzhen Research Hongta Securities
Feb 19 Shekou
Shenzhen Research Tiger Asia Management L.L.C.
Feb 19 Shekou
Shenzhen Group research Organized by Guotai Jun’an
Feb 24 Shekou
Shenzhen Research Taikang Asset Management
Feb 25 Shekou
Shenzhen Group research Organized by CITIC Securities
Feb 27 Shekou
Shenzhen Research GE Asset Management
Mar 31 Shekou
Shenzhen Online meeting Organized by Zhongtou Securties
Introduction of the
Company’s business
operation;
Development of the
industry;
Providing published
announcement and
information, and project
brochures
3.5.4 Statement on other significant events
√ applicable □ not applicable
(1) The Company didn’t provide any capital to the controlling shareholder, nor illegal providing of
external guarantees.
(2) In the report term, according to the authorization of the Board, provided Foshan Xincheng Property Co.,
Ltd. – one of the
indirect controlled subsidiaries, of guarantee for RMB50 million of bank loan. The share of joint
liabilities was RMB25 million
according to shareholding portion. The guarantee term was started since the contract takes effect and ended
at two years upon
expiration of the liability period under the contract.China Merchants Property Development Co., Ltd. The
1st Quarterly Report 2009 (Complete Version)
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§4 Attachments
4.1 Balance Sheet
Prepared by: China Merchants Properties Development Co., Ltd. March 31 2009 RMB Yuan
Items ConsolidaEtnedd ofP taerremnt company ConsoBliedgaitnendi ngP aorfe ntetr cmo mpany
Current asset:
Monetary capital 7,214,081,504 3,878,627,162 7,389,133,547 4,728,619,945
Settlement provision
Outgoing call loan
Transactional financial assets 36,121,243 0 97,331,980 0
Notes receivable
Account receivable 73,501,946 0 107,177,879 0
Prepayment 37,251,927 0 28,316,856 0
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Interest receivable 0 4,924,375 0 0
Dividend receivable 0 3,030,848,071 0 3,030,848,071
Other account receivable 682,151,045 14,546,386,486 778,506,128 14,588,369,018
Repurchasing of financial assets
Inventories 25,352,782,222 0 23,869,301,251 0
Non-current asset due in 1 year 30,097 0 40,129 0
Other current asset 235,281,713 0 227,596,742 0
Total of current asset 33,631,201,697 21,460,786,094 32,497,404,512 22,347,837,034
Non-current assets
Loans and payment on other’s behalf disbursed
Disposable financial asset 1,743,773 1,743,773 1,743,773 1,743,773
Expired investment in possess
Long-term receivable 1,000,793,830 865,862,737 971,960,034 838,808,511
Long-term share equity investment 808,525,269 1,442,068,686 771,232,269 1,442,068,686
Investment real estate 2,602,226,145 0 2,632,975,770 0
Fixed assets 276,856,261 314,887 284,573,922 320,838
Construction in process 43,767,508 0 39,614,982 0
Engineering goods
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 83,083 0 94,212 0
R&D expense
Goodwill
Long-term amortizable expenses 192,169,008 301,956 196,539,294 349,732
Differed income tax asset 41,555,217 0 40,876,227 0
Other non-current asset
Total of non-current assets 4,967,720,094 2,310,292,039 4,939,610,483 2,283,291,540
Total of assets 38,598,921,791 23,771,078,133 37,437,014,995 24,631,128,574
Current liabilities
Short-term loans 3,201,632,812 2,638,325,000 3,613,956,278 2,806,081,100
Loan from Central Bank
Deposit received and hold for others
Call loan received
Trade off financial liabilities 13,825,675 0 0 0China Merchants Property Development Co., Ltd. The 1st
Quarterly Report 2009 (Complete Version)
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Notes payable 133,759,939 0 143,287,841 0
Account payable 1,729,026,371 0 1,863,688,472 0
Prepayment received 3,810,741,112 0 2,731,472,693 0
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 62,952,182 1,361,874 121,900,048 4,237,517
Dividend payable 8,778,785 0 8,778,785 0
Tax payable 156,719,583 777,759 270,545,613 291,820
Interest payable 22,592,131 18,642,305 41,051,205 36,025,186
Other account payable 3,473,191,312 1,806,818,176 3,154,569,035 2,688,993,082
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liability due in 1 year 3,685,038,000 1,430,000,000 1,810,099,402 1,550,000,000
Other current liability 500,648,847 77,559 459,072,398 77,559
Total of current liability 16,798,906,749 5,896,002,673 14,218,421,770 7,085,706,264
Non-current liabilities
Long-term borrowings 5,227,315,907 3,910,000,000 6,807,315,907 3,610,000,000
Bond payable
Long-term payable 35,422,124 0 33,285,411 0
Special payable
Expected liabilities 83,076,298 0 90,466,298 0
Differed income tax liability 34,300 34,300 34,300 34,300
Other non-recurring liabilities 8,058,856 0 7,984,305 0
Total of non-current liabilities 5,353,907,485 3,910,034,300 6,939,086,221 3,610,034,300
Total of liability 22,152,814,234 9,806,036,973 21,157,507,991 10,695,740,564
Owners’ equity (or shareholders’ equity)
Capital paid in (or share capital) 1,717,300,503 1,717,300,503 1,717,300,503 1,717,300,503
Capital reserves 8,546,544,784 8,928,070,623 8,548,544,784 8,928,070,622
Less: Shares in stock
Surplus reserves 670,226,504 619,275,111 670,226,504 619,275,111
Common risk provision
Retained profit 4,028,641,341 2,700,394,923 3,858,062,286 2,670,741,774
Different of foreign currency translation 68,612,288 0 68,612,288 0
Total of owner’s equity belong to the parent company 15,031,325,420 13,965,041,160 14,862,746,365
13,935,388,010
Minor shareholders’ equity 1,414,782,137 0 1,416,760,639 0
Total of owners’ equity 16,446,107,557 13,965,041,160 16,279,507,004 13,935,388,010
Total of liabilities and owners’ equity 38,598,921,791 23,771,078,133 37,437,014,995 24,631,128,574China
Merchants Property Development Co., Ltd. The 1st Quarterly Report 2009 (Complete Version)
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4.2 Income Statement of the report term
Prepared by: China Merchants Property Development Co., Ltd. Jan-Mar 2009 RMB Yuan
Current term Same period last year
Items
Consolidated Parent company Consolidated Parent company
I. Total revenue 823,094,572 0 562,947,686 0
Incl. Business income 823,094,572 0 562,947,686 0
Interest income - -
Insurance fee earned - -
Fee and commission received - -
II. Total business cost 621,694,607 -29,653,149 420,481,166 15,835,483
Incl. Business cost 462,419,443 0 280,937,967 0
Interest expense - -
Fee and commission paid - -
Insurance discharge payment - -
Net claim amount paid - -
Net insurance policy reserves provided - -
Insurance policy dividend paid - -
Reinsurance expenses - -
Business tax and surcharge 88,109,440 0 64,281,328 0
Sales expense 48,031,506 0 28,327,589 0
Administrative expense 38,405,719 4,300,933 36,344,419 4,568,152
Financial expenses -15,277,204 -33,954,082 10,581,939 11,267,331
Asset impairment loss 5,703 7,924 -
Plus: Gains from change of fair value (“-“ for loss) -76,006,380 0 -76,529,799 0
Investment gain (“-“ for loss) 79,670,156 0 -1,695,894 0
Incl. Investment gains from affiliates 37,293,000 0 -1,657,304 0
Gains from currency exchange (“-“ for loss) - -
III. Operational profit (“-“ for loss) 205,063,741 29,653,149 64,240,827 -15,835,483
Plus: Non business income 12,605,745 0 7,590,457 0
Less: Non-business expenses 503,277 0 184,167 0
Incl. Loss from disposal of non-current assets 190,055 0 97,102 0
IV. Gross profit (“-“ for loss) 217,166,209 29,653,149 71,647,117 -15,835,483
Less: Income tax expenses 48,487,567 0 38,882,775 0
V. Net profit (“-“ for net loss) 168,678,642 29,653,149 32,764,342 -15,835,483
Net profit attributable to the owners of parent
company 170,579,055 36,961,879
Minor shareholders’ equity -1,900,413 -4,197,537
VI. Earnings per share:
(I) Basic earnings per share 0.10 0.03
(II) Diluted earnings per share 0.10 0.03China Merchants Property Development Co., Ltd. The 1st Quarterly
Report 2009 (Complete Version)
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4.3 Cash Flow Statement from the beginning of year to the end of report term.
Prepared by: China Merchants Property Development Co., Ltd. Jan-Mar 2009 RMB Yuan
Current term Same period last year
Items
Consolidated Parent
company Consolidated Parent
company
I. Net cash flow from business operation
Cash received from sales of products and providing of
services 1,907,252,226 0 1,156,901,464 0
Net increase of customer deposits and capital kept for
brother company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial
bodies
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Net increase of trade financial asset disposal
Cash received as interest, processing fee, and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Tax returned 2,496 0 373 0
Other cash received from business operation 511,295,947 0 801,791,332 23,921,551
Sub-total of cash inflow from business activities 2,418,550,669 0 1,958,693,169 23,921,551
Cash paid for purchasing of merchandise and services 1,608,732,603 0 2,776,152,584 0
Net increase of client trade and advance
Net increase of savings in central bank and brother
company
Cash paid for original contract claim
Cash paid for interest, processing fee and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 149,212,811 4,535,598 176,431,750 7,647,178
Taxes paid 293,683,061 59,112 171,798,456 14,598,569
Other cash paid for business activities 272,309,929 732,577,450 210,737,740 1,847,239,729
Sub-total of cash outflow from business activities 2,323,938,404 737,172,160 3,335,120,530 1,869,485,476
Cash flow generated by business operation, net 94,612,265 -737,172,160 -1,376,427,361 -1,845,563,925
II. Cash flow generated by investing
Cash received from investment retrieving 0 0 40,702,143 40,702,143
Cash received as investment gains
Net cash retrieved from disposal of fixed assets, intangible
assets, and other long-term assets 23,214 0 14,780 0
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received 41,836,353 0 10,010,125 0
Sub-total of cash inflow due to investment activities 41,859,567 0 50,727,048 40,702,143
Cash paid for construction of fixed assets, intangible assets
and other long-term assets 10,796,020 0 34,411,618 0China Merchants Property Development Co., Ltd. The 1st
Quarterly Report 2009 (Complete Version)
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Cash paid as investment 0 0 20,000,000 30,000,000
Net increase of loan against pledge
Net cash received from subsidiaries and other operational
units 4,000,000 0 136,787,960 0
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 14,796,020 0 191,199,578 30,000,000
Net cash flow generated by investment 27,063,547 0 -140,472,530 10,702,143
III. Cash flow generated by financing
Cash received as investment 0 0 126,985,250 0
Incl. Cash received as investment from minor shareholders 0 0 126,985,250 0
Cash received as loans 1,222,780,648 950,000,000 2,266,522,283 1,747,136,100
Cash received from bond placing
Other financing-related cash received
Subtotal of cash inflow from financing activities 1,222,780,648 950,000,000 2,393,507,533 1,747,136,100
Cash to repay debts 1,340,066,114 937,756,100 410,627,556 291,136,100
Cash paid as dividend, profit, or interests 176,520,818 125,066,909 163,783,751 112,900,965
Incl. Dividend and profit paid by subsidiaries to minor
shareholders
Other cash paid for financing activities
Subtotal of cash outflow due to financing activities 1,516,586,932 1,062,823,009 574,411,307 404,037,065
Net cash flow generated by financing -293,806,284 -112,823,009 1,819,096,226 1,343,099,035
IV. Influence of exchange rate alternation on cash and cash
equivalents -150,831 2,386 -1,547,610 81,458
V. Net increase of cash and cash equivalents -172,281,303 -849,992,783 300,648,725 -491,681,289
Plus: Balance of cash and cash equivalents at the beginning
of term 7,358,057,106 4,728,619,945 3,544,984,914 2,454,024,042
VI. Balance of cash and cash equivalents at the end of term 7,185,775,803 3,878,627,162 3,845,633,639
1,962,342,753
4.4 Auditors’ Report
Auditor’s opinion: not audited.
