Material for the 11th Session of the Sixth Board of Directors of SPG Proposal No. 8 (I)
SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE &
PROPERTIES (GROUP) CO., LTD.
REPORT FOR THE FIRST QUARTER OF 2011
§1 Important Notes
1.1 The Board of Directors, the Supervisory Committee as well as directors, supervisors and senior
executives of SHENZHEN Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
(hereinafter referred to as “the Company”) warrant that this report does not contain any false
information, misleading statement or material omission and will take individual and/or joint
liabilities for the factuality, accuracy and completeness of this report.
1.2 This report has not been audited by an accounting firm.
1.3 Mr. Zhou Jianguo, the company principal, Mr. Chen Maozheng, the principal of the accounting
work, and Mr. Chen Jincai, the person-in-charge of the accounting department (the accounting
principal), hereby confirm that the financial statements enclosed in this report is true and
complete.
[English translation for reference only. Should there be any discrepancy between the two versions,
the Chinese version shall prevail.]
§2 Company Profile
2.1 Main accounting data and financial indices
Unit: RMB Yuan
31 Mar. 2011 31 Dec. 2010 Increase/decrease (%)
Total assets (Yuan) 3,368,164,355.57 3,379,090,178.02 -0.32%
Owners’ equity attributable to shareholders of the
1,451,537,489.12 1,427,871,870.03 1.66%
Company (Yuan)
Share capital (share) 1,011,660,000.00 1,011,660,000.00 0.00%
Net assets per share attributable to shareholders
1.43 1.41 1.42%
of the Company (Yuan/share)
Jan.-Mar. 2011 Jan.-Mar. 2010 Increase/decrease (%)
Gross revenue (Yuan) 251,939,021.68 120,541,447.09 109.01%
Net profit attributable to shareholders of the
23,012,982.58 5,425,874.60 324.13%
Company (Yuan)
Net cash flows from operating activities (Yuan) 46,179,908.39 -69,895,651.39 166.07%
Net cash flows per share from operating
0.05 -0.07 166.67%
activities (Yuan/share)
Basic EPS (Yuan/share) 0.0227 0.0054 320.37%
Diluted EPS (Yuan/share) 0.0227 0.0054 320.37%
Weighted average ROE (%) 1.60% 0.40% 1.20%
Weighted average ROE after deducting
1.60% -0.32% 1.92%
non-recurring gains and losses (%)
Items of non-recurring gains and losses
√Applicable □Inapplicable
1
Material for the 11th Session of the Sixth Board of Directors of SPG Proposal No. 8 (I)
Unit: RMB Yuan
Items of non-recurring gains and losses Amount Notes (if applicable)
Gains/losses from fair value changes of transactional financial assets
and liabilities held by the Company, and investment gains from
disposal of transactional financial assets and liabilities and financial 17,326.36
assets available for sale, other than effective hedging business related
to the Company’s common operations
Other non-operating incomes and expenses -53,147.20
Income tax effects 8,530.53
Total -27,290.31 -
2.2 Total number of shareholders and shares held by the top ten shareholders not subject to trading
moratorium at the end of the reporting period
Unit: share
Total number of shareholders at the end of the
90,975
reporting period
Shares held by the top ten shareholders not subject to trading moratorium
Shares not subject to trading moratorium
Full name of shareholder Type of share
held at the period-end
Shenzhen Investment Holdings Co., Ltd. 642,884,262 RMB ordinary shares
China Power Investment Finance Co., Ltd. 3,336,701 RMB ordinary shares
Wang Zhongming 1,095,808 Domestically listed foreign shares
Wu Haoyuan 1,092,100 Domestically listed foreign shares
Guan Jinfeng 1,062,220 RMB ordinary shares
Xue Haoyuan 888,256 RMB ordinary shares
Jing Jianjun 881,047 RMB ordinary shares
Chen Jianping 820,000 RMB ordinary shares
Xu Taiying 780,000 RMB ordinary shares
Chen Ling 758,500 RMB ordinary shares
§3 Significant Events
3.1 Significant changes in major accounting data, financial highlights and reasons for these changes
√Applicable □Non-applicable
1. Net profit attributable to shareholders of the Company for the reporting period was RMB 23.01
million, up 324.13% from a year earlier. This is mainly because: ① Sales income from real estate
increased significantly; and ② Financial expenses for the reporting period decreased considerably.
(1) Operating income was RMB 251.94 million, up 109.01% from a year earlier. Sales income from
real estate—the main business—was 116.38 million, up 249.30% on a year-on-year basis. This is
mainly because Shantou Hualin Real Estate Development Co., Ltd., a subsidiary of the Company, put
on sale the Residence Block No.10 of Jinye Island International Garden.
(2) Business taxes and surcharges were RMB 23.91 million, up 211.29% from a year earlier. This is
mainly because operating income increased, and business tax, land VAT and other relevant taxes and
fares rose correspondingly.
(3) Selling expense was RMB 1.94 million, up 8.44% from a year earlier. This is mainly due to
increase of the expense on sale services.
(4) Administrative expense was RMB 13.70 million, down 3.99% from a year earlier.
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Material for the 11th Session of the Sixth Board of Directors of SPG Proposal No. 8 (I)
(5) Financial expense was RMB 3.70 million, down 77.92% from a year earlier. This is mainly due to
capitalization of interest of loans for the Guangming New District Project.
(6) Investment income was RMB 40,000, decreased significantly from a year earlier. This is mainly
because: ① In the same period of last year, the Company received income of RMB 9.64 million for
transferring 50% ownership of the Nantian Shopping Mall in Shatoujiao, Shenzhen; and ② In the
same period of last year, the Company received bonuses of RMB 12.58 million from associates and
joint ventures.
(7) Operating profit was RMB 31.69 million, up 383.73% from a year earlier. This is mainly because:
① The gross profit after business taxes increased 197.93% on a year-on-year basis as a result of
increase of the operating income; and ② Financial expense decreased.
2. Construction in process was RMB 1.70 million, up 228.82% as compared to the opening amount.
This is mainly due to the payment for elevator renewal of the Petrel Building.
3. Net cash flows from operating activities were RMB 46.18 million, up 166.07% from a year earlier,
which was mainly due to consideration drops in cash payments for goods and services as well as
other cash payments for other operating activities; Net cash flows from investing activities were
RMB -1.93 million, representing a significant year-on-year decrease, which was mainly because the
Company received no bonus from associates and joint ventures in the reporting period; Net cash
flows from financing activities were RMB -24.16 million, down 57.16% from a year earlier, which
was mainly due to increase of interest expense.
3.2 Progress of significant events as well as their influence and solutions
3.2.1 Non-standard audit opinion
□Applicable √Inapplicable
3.2.2 The Company provides funds for the controlling shareholder or its related parties or provides
external guarantees in violation of the prescribed procedure
□Applicable √Inapplicable
3.2.3 Significant contracts signed and executed concerning routine operation
□Applicable √Inapplicable
3.2.4 Other
□Applicable √Inapplicable
3.3 Commitments made by the Company, its shareholders and actual controller
Commitments made by the Company, its directors, supervisors, senior executives, shareholders
holding over 5% of the Company’s shares, actual controller and other related parties in the reporting
period, or such commitments carried down into the reporting period
√Applicable □Inapplicable
Commitment Commitment maker Contents of the commitment Execution
(I) Shenzhen Investment Holding Co., Ltd. made the The commitments
following commitments concerning the relevant matters of mentioned in (I) and
the share merger reform of SPG: “1. The Company shall (II) were fulfilled. As
abide by the relevant laws, regulations and rules, and for the commitment
fulfill the legal commitments; 2. The Company hereby mentioned in (III), the
declares that: The promisor shall faithfully fulfill its SASAC of the State
commitments and shoulder corresponding responsibilities; Council issued on 30
Unless the transferee agrees to and is able to fulfill the Sept. 2006 the
Share reform commitment Shenzhen Investment commitments, the promisor shall not transfer the held Proposed Methods for
Holdings Co., Ltd. shares. 3. The Company hereby declares that: Should the Equity Incentive Plans
promisor fail to fulfill its commitments prescribed in the Carried out in
relevant documents, it shall compensate the other State-controlled Listed
shareholders for their losses caused thereupon.” (II) Companies (Domestic)
Shenzhen Investment Holdings Co., Ltd. made the (Guo-Zi-Fa-Fen-Pei
following commitment concerning share trading [2006] No. 175), of
moratorium: “The SPG shares held by it shall not be listed which the Article 9
or transferred within 12 months from the date when the stated that the target
reform plan is implemented; When the aforesaid provision shares to be granted as
3
Material for the 11th Session of the Sixth Board of Directors of SPG Proposal No. 8 (I)
reaches its mature term, the originally non-tradable shares incentives shall not b
may be listed for trading at the stock exchange, with the paid by a single
proportion of the sold amount in SPG’s total shares not shareholder holding
exceeding 5% within 12 months, as well as not exceeding state-owned shares and
10% within 24 months.” (III) Shenzhen Investment state-owned equity
Holdings Co., Ltd. made a commitment to include an interests shall not be
equity incentive plan in the share reform, selling SPG quantified with no
shares (less than 10% of the total SPG shares) held by it to consideration without
the management of the Company within three years. authorization, and as a
result, the equity
incentive plan of the
Company could not be
implemented and thus
Shenzhen Investment
Holdings Co., Ltd. was
unable to fulfill its
commitment.
Commitments made in
acquisition reports or N/A N/A N/A
reports on changes in equity
In Oct. 2009, Shenzhen Municipal SASAC sent the Letter
on Information Disclosure Affairs of SPG to Shenzhen
Commitments made in Investment Holdings Co., Ltd. and made the commitment
Shenzhen Municipal
significant assets that it shall not conduct equity transfer through agreement, Fulfilled
SASAC
restructuring assets restructuring or other matters with significant
influence on SPG (excluding shareholding reduction in the
secondary market) within 2009 and 2010.
Commitments made in
N/A N/A N/A
issuance of shares
Other commitments
(including supplementary N/A N/A N/A
ones)
3.4 Warnings of possible loss or large-margin year-on-year change of the accumulative net profit
made during the period from the beginning of the year to the end of the next reporting period
according to prediction, as well as explanations on the reasons
□Applicable √Inapplicable
3.5 Other significant events
3.5.1 Securities investments
√Applicable □Inapplicable
Unit: RMB Yuan
Proportion in
total
Number held
Initial Closing securities
Serial Code of Abbr. of at the Gain/loss for the
Type of securities investment carrying investments at
No. securities securities period-end reporting period
(Yuan) amount the
(share)
period-end
(%)
1 Stock 002137 SHIYIDA 5,150.00 975 11,602.50 4.87% 6,452.50
PETROCHIN
2 Stock 601857 50,100.00 3,000 35,700.00 14.99% -14,400.00
A
CHINA COAL
3 Stock 601898 16,830.00 1,000 10,790.00 4.53% -6,040.00
ENERGY
VANWARD
4 Stock 002543 30,000.00 1,000 27,710.00 11.63% -2,290.00
ELECTRIC
5 Stock 002563 SEMIR 67,000.00 1,000 57,350.00 24.08% -9,650.00
JASIC
6 Stock 300193 TECHNOLOG 13,250.00 500 12,210.00 5.13% -1,040.00
Y
4
Material for the 11th Session of the Sixth Board of Directors of SPG Proposal No. 8 (I)
7 Stock 300201 HANDLER 10,500.00 500 10,500.00 4.41% 0.00
SKYRAY
8 Stock 300165 INSTRUMEN 32,500.00 500 27,045.00 11.35% -5,455.00
T
QIAQIA
9 Stock 002557 20,000.00 500 18,125.00 7.61% -1,875.00
FOOD
YISHENG
10 Stock 002566 PHARMACE 19,950.00 500 18,205.00 7.64% -1,745.00
UTICAL
Other securities investments held at the period-end 13,240.00 - 8,940.00 3.75% -4,300.00
Gain/loss on securities investments sold in the reporting
- - - - 37,675.11
period
Total 278,520.00 - 238,177.50 100% -2,667.39
Explanation on securities investments
The stocks held by the Company were all IPO stocks that the Company succeeded in subscribing for
by lot, which were sold out for instant profit on dates of the IPOs.
3.5.2 Researches, interviews and visits received in the reporting period
Main discussion and information
Time Place Way of reception Visitor
provided by the Company
The investor asked about the Company’s
performance in the year and particulars
21 Jan. 2011 Company office By phone Individual investor about the real estate market. No written
materials were provided by the
Company.
The investor asked about the Company’s
performance in the year and the time for
21 Feb. 2011 Company office By phone Individual investor disclosure of the 2010 Annual Report.
No written materials were provided by
the Company.
The investor asked about the Company’s
performance in the year and the time for
15 Mar. 2011 Company office By phone Individual investor disclosure of the 2010 Annual Report.
No written materials were provided by
the Company.
The investor asked about the Company’s
performance in the year and the time for
28 Mar. 2011 Company office By phone Individual investor disclosure of the 2010 Annual Report.
No written materials were provided by
the Company.
3.6 Derivative investments
□Applicable √Inapplicable
3.6.1 Derivative investments held at the end of the reporting period
□Applicable √Inapplicable
§4 Attachments
4.1 Balance sheet
Prepared by SHENZHEN Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
31 Mar. 2011 Unit: RMB Yuan
Closing balance Opening balance
Items
Consolidation The Company Consolidation The Company
Current Assets:
Monetary funds 399,308,395.19 163,123,174.84 379,720,636.21 191,108,590.15
Settlement reserves
Lendings to banks and other
5
Material for the 11th Session of the Sixth Board of Directors of SPG Proposal No. 8 (I)
financial institutions
Transactional financial assets 238,177.50 238,177.50 97,726.25 97,726.25
Notes receivable
Accounts receivable 19,378,838.67 5,743,308.61 17,152,478.36 5,694,673.47
Accounts paid in advance 26,031,932.94 662,400.00 26,890,551.77 1,199,429.00
Premiums receivable
Reinsurance premiums
receivable
Receivable reinsurance contract
reserves
Interest receivable
Dividend receivable
Other accounts receivable 43,130,801.01 286,755,915.13 47,534,939.51 277,483,418.47
Financial assets purchased
under agreements to resell
Inventories 2,202,639,800.16 1,425,044,328.01 2,224,938,706.49 1,413,212,628.44
Non-current assets due within 1
year
Other current assets
Total current assets 2,690,727,945.47 1,881,567,304.09 2,696,335,038.59 1,888,796,465.78
Non-current assets:
Entrusted loans and advances
granted
Available-for-sale financial
assets
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment 63,426,810.37 286,597,524.97 63,426,810.37 286,597,524.97
Investing property 524,623,959.89 459,296,219.43 530,109,494.13 464,169,328.80
Fixed assets 63,601,863.25 38,115,730.02 64,526,512.04 38,189,370.22
Construction in progress 1,709,860.00 520,000.00
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 6,171,371.67 201,166.67 6,213,266.67 212,066.67
R&D expense
Goodwill
Long-term deferred expenses 145,945.20 202,456.50
Deferred income tax assets 17,756,599.72 923,314.27 17,756,599.72 923,314.27
Other non-current assets
Total of non-current assets 677,436,410.10 785,133,955.36 682,755,139.43 790,091,604.93
Total assets 3,368,164,355.57 2,666,701,259.45 3,379,090,178.02 2,678,888,070.71
Current liabilities:
Short-term borrowings 13,800,000.00 14,800,000.00
Borrowings from Central Bank
Customer bank deposits and
due to banks and other financial
institutions
6
Material for the 11th Session of the Sixth Board of Directors of SPG Proposal No. 8 (I)
Borrowings from banks and
other financial institutions
Transactional financial
liabilities
Notes payable
Accounts payable 193,176,550.42 20,387,450.12 228,580,780.82 20,387,450.12
Accounts received in advance 405,578,966.36 15,857,453.60 395,332,270.89 15,424,301.60
Financial assets sold for
repurchase
Handling charges and
commissions payable
Employee’s compensation
34,845,822.20 14,630,628.72 39,338,801.36 14,865,546.49
payable
Tax payable -12,075,336.70 966,104.64 -13,333,458.44 1,444,204.58
Interest payable 16,355,524.37 16,546,858.71 16,535,277.94 16,535,277.94
Dividend payable
Other accounts payable 301,942,339.82 524,034,348.02 302,144,393.62 525,522,847.87
Reinsurance premiums payable
Insurance contract reserves
Payables for acting trading of
securities
Payables for acting
underwriting of securities
Non-current liabilities due
29,423,411.10 29,423,411.10 29,423,411.10 29,423,411.10
within 1 year
Other current liabilities
Total current liabilities 983,047,277.57 621,846,254.91 1,012,821,477.29 623,603,039.70
Non-current liabilities:
Long-term borrowings 1,051,343,552.83 851,343,552.83 1,056,703,120.34 856,703,120.34
Bonds payable
Long-term payables 10,273,333.25 9,779,108.83
Specific payables
Estimated liabilities
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 1,061,616,886.08 851,343,552.83 1,066,482,229.17 856,703,120.34
Total liabilities 2,044,664,163.65 1,473,189,807.74 2,079,303,706.46 1,480,306,160.04
Owners’ equity (or shareholders’
equity)
Paid-up capital (or share
1,011,660,000.00 1,011,660,000.00 1,011,660,000.00 1,011,660,000.00
capital)
Capital reserves 978,244,858.10 978,244,858.10 978,244,858.10 978,244,858.10
Less: Treasury stock
Specific reserves
Surplus reserves 4,974,391.15 4,974,391.15
Provisions for general risks
Retained profits -554,156,026.96 -796,393,406.39 -577,169,009.54 -791,322,947.43
Foreign exchange difference 10,814,266.83 10,161,630.32
Total equity attributable to owners
1,451,537,489.12 1,193,511,451.71 1,427,871,870.03 1,198,581,910.67
of the Company
7
Material for the 11th Session of the Sixth Board of Directors of SPG Proposal No. 8 (I)
Minority interests -128,037,297.20 -128,085,398.47
Total owners’ equity 1,323,500,191.92 1,193,511,451.71 1,299,786,471.56 1,198,581,910.67
Total liabilities and owners’
3,368,164,355.57 2,666,701,259.45 3,379,090,178.02 2,678,888,070.71
equity
4.2 Income statement
Prepared by SHENZHEN Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
Jan. - Mar. 2011 Unit: RMB Yuan
Jan.-Mar. 2011 Jan.-Mar. 2010
Items
Consolidation The Company Consolidation The Company
I. Total operating revenues 251,939,021.68 11,941,480.33 120,541,447.09 16,111,000.70
Including: Sales income 250,982,015.89 11,941,480.33 120,541,447.09 16,111,000.70
Interest income 957,005.79
Premium income
Handling charge and
commission income
II. Total operating cost 220,271,235.37 17,010,355.65 136,233,185.12 37,542,902.07
Including: Cost of sales 177,026,400.92 5,723,092.90 95,741,406.70 10,347,406.93
Interest expenses
Handling charge and
commission expenses
Surrenders
Net claims paid
Net amount withdrawn for
the insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
Taxes and associate
23,906,003.19 2,391,732.05 7,679,556.05 2,726,458.06
charges
Selling and distribution
1,944,806.84 68,314.10 1,793,361.21 357,573.42
expenses
Administrative expenses 13,695,142.54 5,369,671.71 14,264,163.74 7,573,390.94
Financial expenses 3,698,881.88 3,457,544.89 16,754,697.42 16,538,072.72
Asset impairment loss
Add: Gain/(loss) from change in
-20,348.75 -20,348.75 13,381.00 13,381.00
fair value (“-” means loss)
Gain/(loss) from investment
37,675.11 37,675.11 22,228,503.98 9,641,894.66
(“-” means loss)
Including: share of profits in
12,586,609.32
associates and joint ventures
Foreign exchange gains (“-”
means loss)
III. Business profit (“-” means
31,685,112.67 -5,051,548.96 6,550,146.95 -11,776,625.71
loss)
Add: non-operating income 41,030.00 88,762.40 88,762.40
Less: non-operating expense 94,177.20 18,910.00 60,533.23
Including: loss from non-current
8
Material for the 11th Session of the Sixth Board of Directors of SPG Proposal No. 8 (I)
asset disposal
IV. Total profit (“-” means loss) 31,631,965.47 -5,070,458.96 6,578,376.12 -11,687,863.31
Less: Income tax expense 8,570,881.62 1,119,815.38
V. Net profit (“-” means loss) 23,061,083.85 -5,070,458.96 5,458,560.74 -11,687,863.31
Attributable to owners of the
23,012,982.58 -5,070,458.96 5,425,874.60 -11,687,863.31
Company
Minority shareholders’
48,101.27 32,686.14
income
VI. Earnings per share
(I) basic earnings per share 0.0227 -0.0050 0.0054 -0.0116
(II) diluted earnings per
0.0227 -0.0050 0.0054 -0.0116
share
Ⅶ. Other comprehensive incomes 652,636.51 15,106.60
Ⅷ. Total comprehensive incomes 23,713,720.36 -5,070,458.96 5,473,667.34 -11,687,863.31
Attributable to owners of the
23,665,619.09 -5,070,458.96 5,473,667.34 -11,687,863.31
Company
Attributable to minority
48,101.27
shareholders
Where there were business combinations under the same control in the reporting period, the
combined parties achieved net profits of RMB 0.00 before the combinations.
4.3 Cash flow statement
Prepared by SHENZHEN Special Economic Zone Real Estate & Properties (Group) Co., Ltd.
Jan. - Mar. 2011 Unit: RMB Yuan
Jan.-Mar. 2011 Jan.-Mar. 2010
Items
Consolidation The Company Consolidation The Company
I. Cash flows from operating
activities:
Cash received from sale of
commodities and rendering of 258,390,722.61 13,908,156.90 298,073,680.46 142,123,424.73
service
Net increase of deposits from
customers and dues from banks
Net increase of loans from the
central bank
Net increase of funds borrowed
from other financial institutions
Cash received from premium of
original insurance contracts
Net cash received from
reinsurance business
Net increase of deposits of
policy holders and investment
fund
Net increase of disposal of
tradable financial assets
Cash received from interest,
handling charges and
commissions
Net increase of borrowings
9
Material for the 11th Session of the Sixth Board of Directors of SPG Proposal No. 8 (I)
from banks and other financial
institutions
Net increase of funds in
repurchase business
Tax refunds received
Other cash received relating to
14,628,161.69 3,562,178.97 19,401,454.62 87,827,890.57
operating activities
Subtotal of cash inflows from
273,018,884.30 17,470,335.87 317,475,135.08 229,951,315.30
operating activities
Cash paid for goods and
164,728,986.11 3,341,210.72 318,672,102.95 201,504,479.82
services
Net increase of customer
lendings and advances
Net increase of funds deposited
in the central bank and amount
due from banks
Cash for paying claims of the
original insurance contracts
Cash for paying interest,
handling charges and
commissions
Cash for paying policy
dividends
Cash paid to and for employees 20,919,947.22 5,455,441.60 17,195,086.64 4,510,696.09
Various taxes paid 20,901,550.15 3,559,606.04 14,416,143.28 5,018,501.20
Other cash payment relating to
20,288,492.43 13,728,295.76 37,087,453.60 14,402,876.03
operating activities
Subtotal of cash outflows from
226,838,975.91 26,084,554.12 387,370,786.47 225,436,553.14
operating activities
Net cash flows from operating
46,179,908.39 -8,614,218.25 -69,895,651.39 4,514,762.16
activities
II. Cash flows from investing
activities:
Cash received from disposal of
12,082,841.87 12,082,841.87
investments
Cash received from return on
37,675.11 37,675.11 5,287.01 5,287.01
investments
Net cash received from disposal
of fixed assets, intangible assets 31,450.00
and other long-term assets
Net cash received from disposal
of subsidiaries or other business
units
Other cash received relating
to investing activities
Subtotal of cash inflows
69,125.11 37,675.11 12,088,128.88 12,088,128.88
from investing activities
Cash paid to acquire fixed
assets, intangible assets and other 1,836,941.77 24,208.77 27,957.60 13,297.60
long-term assets
Cash paid for investment 160,800.00 160,800.00 39,440.00 39,440.00
Net increase of pledged loans
Net cash paid to acquire
subsidiaries and other business
units
10
Material for the 11th Session of the Sixth Board of Directors of SPG Proposal No. 8 (I)
Other cash payments relating to
investing activities
Subtotal of cash outflows from
1,997,741.77 185,008.77 67,397.60 52,737.60
investing activities
Net cash flows from investing
-1,928,616.66 -147,333.66 12,020,731.28 12,035,391.28
activities
III. Cash Flows from Financing
Activities:
Cash received from capital
contributions
Including: Cash received from
minority shareholder investments
by subsidiaries
Cash received from
151,000,000.00 150,000,000.00
borrowings
Cash received from issuance
of bonds
Other cash received relating to
financing activities
Subtotal of cash inflows from
151,000,000.00 150,000,000.00
financing activities
Repayment of borrowings 6,821,261.42 5,359,567.51 155,654,764.83 154,754,764.83
Cash paid for interest
expenses and distribution of 15,341,061.15 11,861,991.44 10,720,046.92 6,670,046.92
dividends or profit
Including: dividends or profit
paid by subsidiaries to minority
shareholders
Other cash payments relating
2,000,511.20 2,000,511.20
to financing activities
Sub-total of cash outflows from
24,162,833.77 19,222,070.15 166,374,811.75 161,424,811.75
financing activities
Net cash flows from financing
-24,162,833.77 -19,222,070.15 -15,374,811.75 -11,424,811.75
activities
IV. Effect of foreign exchange
rate changes on cash and cash -500,698.98 -1,793.25 -6,748.57 -238.43
equivalents
V. Net increase in cash and cash
19,587,758.98 -27,985,415.31 -73,256,480.43 5,125,103.26
equivalents
Add: Cash and cash
379,720,636.21 191,108,590.15 386,102,533.51 73,508,120.37
equivalents at the period-begin
VI. Cash and cash equivalents at
399,308,395.19 163,123,174.84 312,846,053.08 78,633,223.63
the period-end
4.4 Auditor’s report
Auditor’s opinion: un-audited
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