The First Quarterly Report 2009
1
Stock Code: 000029 Short Form of Stock: SHENSHENFANG A Notice No.: 2009-11
SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE &
PROPERTIES (GROUP) CO., LTD.
The First Quarterly Report 2009
§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 or
misleading statements or omit any material facts and all information set forth herein are true,
accurate and complete.
1.2 The first quarterly financial report has not been audited.
1.3 Zhou Jianguo, person in charge of the Company, Guo Hongzhuang, person in charge of
accounting, and Chen Jincai, person in charge of the accounting organ hereby confirm that the
Financial Report enclosed in the Annual Report is true and complete.
The First Quarterly Report is written in both English and Chinese. In case of any discrepancy
between the two versions, Chinese version prevails.
§2 Company Profile
2.1 Main accounting data and financial indicators
Unit: RMB
As at 31 Mar. 2009 As at 31 Dec. 2008 Increase/decrease (%)
Total assets 2,140,417,583.01 2,265,656,678.91 -5.53%
Owner’s equity attributable to parent
company 1,209,188,666.11 1,208,288,874.76 0.07%
Share capital 1,011,660,000.00 1,011,660,000.00 0.00%
Net assets per share attributable to
owners of parent company 1.195 1.194 0.08%
Jan.-Mar. 2009 Jan.-Mar. 2008 Increase/decrease (%)
Gross revenue 143,070,019.93 148,367,906.67 -3.57%
Net profit attributable to owners of
parent company 851,717.83 2,064,119.19 -58.74%
Net cash flow arising from operating
activities -29,201,597.35 -32,327,873.42 9.67%
Net cash flow per share arising from
operating activities -0.029 -0.032 9.38%
Basic earnings per share 0.0008 0.0020 -60.00%
Diluted earnings per share 0.0008 0.0020 -60.00%
Return on equity 0.07% 0.18% -0.11%
Return on equity after deducting
extraordinary gains and losses 0.07% 0.18% -0.11%
Items of extraordinary gains and losses Amount from the year-begin
to the end of reporting period
Profit or loss from change in fair value by holding tradable financial assets 59,467.00
Non-operating income and expense -37,315.26
Amount influenced by income tax 6,012.48The First Quarterly Report 2009
2
Total 28,164.22
Explanation on items of extraordinary gains and losses:
None
2.2 Total number of shareholders as at the end of reporting period and shares held by the top ten
shareholders not subject to trading moratorium
Unit: Share
Total number of shareholders as at the end of
reporting period
102,502
Shares held by the top ten shareholders holding shares not subject to trading moratorium
Name of shareholder (full name) Number of shares not subject to trading
moratorium Type of share
SHENZHEN INVESTMENT HOLDINGS CO.,
LTD. 655,800,149 RMB common shares
CHEN ZHENG ZHONG 3,471,272 RMB common shares
ZHOU YU PING 2,152,100 RMB common shares
LI GANG 905,417 RMB common shares
CHU KOON YUK 720,000 Domestically listed foreign shares
CHEN KANG LIANG 686,417 Domestically listed foreign shares
HU YAN FEN 604,100 Domestically listed foreign shares
ORE BURNS (AUSTRALIA) PTY.LIMITED 600,000 Domestically listed foreign shares
ZHU ZHI KAI 544,100 RMB common shares
PAN HUI ZHEN 503,220 RMB common shares
§3 Significant Events
3.1 Particulars about large-margin change in item of the main accounting statement and financial
index, as well as the reason
√Applicable □Inapplicable
1. Sale expense is RMB 2559300, up by 51.61% year-on-year, which was mainly due to taxes and
charges for handling certificates for Guangzhou Huangpu Project;
2. Financial expense is RMB 3829300, a drop of 46.31% over the same period of last year, which
was mainly because that the exchange rate change remained stable, resulting in decrease of exchange
losses;
3. Net profit attributable to owners of parent company is RMB 851,700, down by 58.74% than that of
last year, which caused by reduction of operating income, as well as increase sales tax and extra
charges.
3.2 Progress of the significant events and its effects, as well as explanation on solutions analysis
□Applicable √Inapplicable
3.3 Fulfillment of commitments made by the Company, shareholders and the actual controller
□Applicable √Inapplicable
3.4 Warnings of possible losses or major changes of the accumulative net profit achieved during the
period from the beginning of the year to the end of the next reporting period compared with the
same period of last year according to prediction, as well as the reasons
□Applicable √InapplicableThe First Quarterly Report 2009
3
3.5 Other significant events
3.5.1 Stock investment
√Applicable □Inapplicable
Unit: RMB Yuan
No. Stock
variety Stock code Short form of
Stock
Initial
investment Shares held Book value at
period-end
Proportion of
total
securities
investment at
period-end
(%)
Profits and losses
in reporting
period
1 Tradable
A share 601939
CHINA
CONSTRUCTIO
N BANK
58,050.00 9,000.00 38,700.00 18.27% -19,350.00
2 Tradable
A share 601857 PETROCHINA 50,100.00 3,000.00 34,230.00 16.16% -15,870.00
3 Tradable
A share 601328
BANK OF
COMMUNICATI
ONS
31,600.00 4,000.00 25,720.00 12.14% -5,880.00
4 Tradable
A share 601088 CHINA
SHENHUA 36,990.00 1,000.00 20,700.00 9.77% -16,290.00
5 Tradable
A share 002165 HONGBAOLI 6,045.00 750.00 15,855.00 7.49% 9,810.00
6 Tradable
A share 601169 BANK OF
BEIJING 12,500.00 1,000.00 11,890.00 5.61% -610.00
7 Tradable
A share 601168 WESTERN
MINING 13,480.00 1,000.00 11,770.00 5.56% -1,710.00
8 Tradable
A share 002128
OPENCUT
COAL
INDUSTRY
4,900.00 650.00 9,925.50 4.69% 5,025.50
9 Tradable
A share 601998 CITIC BANK 11,600.00 2,000.00 9,560.00 4.51% -2,040.00
10 Tradable
A share 601898
CHINA COAL
ENERGY
16,830.00 1,000.00 8,680.00 4.10% -8,150.00
Other stock investment at term end 24,010.00 - 24,765.00 11.69% 755.00
Profit and loss from selling stock investment - - - - 6,625.24
Total 266,105.00 - 211,795.50 100% -47,684.26
Explanation on securities investment
None
3.5.2 Statement on reception of investigations, communications and visits
Date Reception site Way Reception object Topic discussed and information
provided
12 Jan. 2009 Office Communication by
telephone
Individual
investors
Inquiring the projects of the Company
without written materials
10 Feb. 2009 Office Communication by
telephone
Individual
investors
Inquiring the extraordinary
shareholders’ general meeting of the
Company without written materials
10 Mar.2009 Office Communication by
telephone
Individual
investors
Inquiring the disclosure date of the
Company’s annual report and financial
status without written materialsThe First Quarterly Report 2009
4
20 Mar.2009 Office Communication by
telephone
Individual
investors
Inquiring the releasing from trading
moratorium of the firs principal
shareholder of the Company without
written materials
3.5.3 Other significant events
□Applicable √Inapplicable
§4 Appendix
4.1 Balance Sheet
Prepared by SHENZHEN Special Economic Zone Real Estate & Properties (Group) Co., Ltd 31 Mar. 2009
Unit: RMB Yuan
Amount at the period-end Amount at the period-begin
Total
Consolidation Parent company Consolidation Parent company
Current assets
Cash and cash equivalents 231,010,861.28 100,426,543.24 328,413,393.57 188,891,010.32
Settlement fund
Outgoing call loan
Trading financial assets 211,795.50 211,795.50 189,488.50 189,488.50
Notes receivable
Accounts receivable 13,915,763.33 7,368,906.53 14,937,238.37 7,598,911.50
Prepayment 22,557,440.49 525,169.88 24,332,129.12 478,423.65
Insurance receivables
Reinsurance Receivable
Provision of reinsurance
contract reserve receivable
Interests receivable
Other receivables 49,688,949.37 640,781,242.49 44,004,157.29 607,212,015.51
Financial assets purchased
under agreement to resell
Inventories 923,567,416.02 174,561,959.31 945,592,254.25 181,274,439.65
Non-current assets due within
1-year
Other current assets
Total current assets 1,240,952,225.99 923,875,616.95 1,357,468,661.10 985,644,289.13
Non-current assets：
Loan and payment on other's
behalf disbursed
Available-for-sale financial
assets
Investment held to maturity
Long-term receivables
Long-term equity investment 92,830,359.32 302,909,360.35 92,830,359.32 302,909,360.35
Investment property 711,818,076.50 634,896,435.50 719,025,078.32 641,638,730.03
Fixed assets 69,475,641.78 41,146,371.20 70,894,484.45 41,729,025.52
Construction in progress
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assetsThe First Quarterly Report 2009
5
Intangible assets 6,102,665.00 6,430,760.00
R&D expenses
Goodwill
Long-term deferred expenses 758,625.60 527,346.90
Deferred tax assets 18,479,988.82 4,235,725.42 18,479,988.82 4,235,725.42
Other non-current assets
Total non-current assets 899,465,357.02 983,187,892.47 908,188,017.81 990,512,841.32
Total assets 2,140,417,583.01 1,907,063,509.42 2,265,656,678.91 1,976,157,130.45
Current liabilities：
Short-term loans 59,200,000.00 59,200,000.00
Loans from central bank
Deposits received and hold for
others
Call loan received
Held-for-trading financial
liabilities
Notes payable
Accounts payable 189,192,656.41 26,826,053.90 230,446,779.80 32,708,884.80
Advance from customers 119,144,759.32 7,005,891.92 130,134,521.89 5,211,019.92
Financial assets sold under
agreements to repurchase
Fees and commissions payable
Payroll payable 21,895,858.44 10,282,165.69 25,202,232.34 10,720,641.23
Taxes payable -2,673,515.91 4,660,432.92 2,251,929.90 4,250,387.71
Interests payable 7,888,053.54 7,888,053.54 7,888,053.54 7,888,053.54
Other payables 259,985,856.86 357,664,372.68 262,914,117.22 355,621,239.01
Amount due to reinsurance
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Non-current liabilities due
within 1-year 10,461,764.71 10,461,764.71 10,461,764.71 10,461,764.71
Other current liabilities
Total current liabilities: 605,895,433.37 424,788,735.36 728,499,399.40 486,061,990.92
Non-current liabilities:
Long-term loans 326,696,210.73 240,796,210.73 330,343,020.83 243,543,020.83
Bonds payable
Long-term payables 7,612,577.91 7,490,170.24
Specific payables
Provision for liabilities 2,196,714.08 2,196,714.08 2,196,714.08 2,196,714.08
Deferred taxes liabilities
Other non-current liabilities
Total non-current liabilities: 336,505,502.72 242,992,924.81 340,029,905.15 245,739,734.91
Total liabilities 942,400,936.09 667,781,660.17 1,068,529,304.55 731,801,725.83
Shareholders' Equity:
Share capital 1,011,660,000.00 1,011,660,000.00 1,011,660,000.00 1,011,660,000.00
Capital surplus 978,244,858.10 978,244,858.10 978,244,858.10 978,244,858.10The First Quarterly Report 2009
6
Less：Treasury Stock
Surplus reserve 118,910,686.94 113,936,295.79 118,910,686.94 113,936,295.79
General risk provision
Retained earnings -914,659,740.44 -864,559,304.64 -915,511,458.27 -859,485,749.27
Foreign exchange difference 15,032,861.51 14,984,787.99
Total shareholders' equity
attributable to holding company 1,209,188,666.11 1,239,281,849.25 1,208,288,874.76 1,244,355,404.62
Minority interest -11,172,019.19 -11,161,500.40
Total shareholder's equity 1,198,016,646.92 1,239,281,849.25 1,197,127,374.36 1,244,355,404.62
Total liabilities & shareholder's
equity 2,140,417,583.01 1,907,063,509.42 2,265,656,678.91 1,976,157,130.45
4.2 Income Statement as of report period
Prepared by SHENZHEN Special Economic Zone Real Estate & Properties (Group) Co., Ltd 31 Mar. 2009
Unit: RMB Yuan
This report period Same period of last year
Items
Consolidation Parent company Consolidation Parent company
I. Total revenue 143,070,019.93 26,905,916.22 148,367,906.67 15,726,044.03
Including: revenue 143,070,019.93 26,905,916.22 148,367,906.67 15,726,044.03
Interests income
Insurance fee income
Fee and commission income
II. Total cost of sales 139,460,138.12 32,024,463.07 141,367,004.52 35,176,676.97
Including: Cost of sales 104,728,020.92 16,371,003.71 107,262,384.03 11,055,543.73
Interests expenses
Service charge and
commission income
Insurance discharge payment
Claim expenses-net
Provision for insurance
contract reserve-net
Insurance policy dividend
paid
Reinsurance expense
Business taxes and
surcharges 12,550,939.93 4,800,169.49 9,672,645.57 3,019,745.01
Distribution expenses 2,559,295.38 417,576.30 1,688,027.20 481,964.95
Administrative expenses 15,792,585.23 7,836,581.77 15,611,141.31 7,064,208.02
Financial costs 3,829,296.66 2,599,131.80 7,132,806.41 13,555,215.26
Impairment loss
Plus: gain/loss on change in fair
value (“-”for loss) 59,467.00 59,467.00 -235,090.00 -235,090.00
gain/loss on investment(“-”for
loss) 6,625.24 6,625.24
Including: income from
investment on associates and jointly
ventures
Gain or loss on foreign
exchange difference (“-”for loss)
III. Operating profit(“-”for loss) 3,675,974.05 -5,052,454.61 6,765,812.15 -19,685,722.94The First
Quarterly Report 2009
7
Plus: non-operating income 692.40 2,993.06
Less: non-operating expense 38,007.66 39.04 82,636.22
Including: loss from disposal
of non-current asset
IV. Total profit(“-”for loss) 3,638,658.79 -5,052,493.65 6,686,168.99 -19,685,722.94
Less: income tax expense 2,797,459.75 21,061.72 4,639,404.32
V. Net profit(“-”for loss) 841,199.04 -5,073,555.37 2,046,764.67 -19,685,722.94
Including: Attributable to equity
holders of the parent company 851,717.83 2,064,119.19 -19,685,722.94
Minority interest -10,518.79 -17,354.520
VI. Earnings per share
(I) basic earnings per share 0.0008 0.0020
(II) diluted earnings per share 0.0008 0.0020
4.3 Cash Flow Statement from Jan. to Mar. 2009
Prepared by SHENZHEN Special Economic Zone Real Estate & Properties (Group) Co., Ltd Jan.-Mar. 2009
Unit: RMB Yuan
This report period Same period of last year
Items
Consolidation Parent company Consolidation Parent company
1. Cash flows from operating
activities
Cash received from sales of
goods or rending of services 127,327,673.68 28,659,931.94 110,922,332.23 23,351,575.66
Net increase of deposits
received and held for others
Net increase of loans from
central bank
Net increase of inter-bank
loans from other financial assets
Cash received against
original insurance contract
Net Cash received from
reinsurance
Net increase of client deposit
and investment
Cash received from disposal
of held-for-trading financial assets
Cash received as Interests,
fees and commissions received
Net increase of inter-bank
fund received
Cash received under
repurchasing, net
Tax returned
Other cash received from
operating activities 14,790,428.57 2,507,757.08 23,853,494.09 16,253,356.75
Sub-total of cash inflow from
operating activities 142,118,102.25 31,167,689.02 134,775,826.32 39,604,932.41
Cash paid for goods and
services 98,745,362.69 7,131,562.05 90,181,421.08 7,618,367.59
Net increase of loans and
advancesThe First Quarterly Report 2009
8
Net increase of deposit in
central bank, banks and other
financial institutions
Cash paid for original
contract claim
Cash paid for interests, fees
and commission
Cash paid for policy
dividend
Cash paid to and for
employees 20,183,232.23 6,947,225.78 21,459,026.79 8,698,423.46
Cash paid for all types of
taxes 17,019,000.75 4,275,406.85 17,870,970.48 7,194,423.09
Other cash paid relating to
operating activities 35,372,103.93 34,952,794.94 37,592,281.39 22,158,962.16
Sub-total of cash outflows 171,319,699.60 53,306,989.62 167,103,699.74 45,670,176.30
Net cash outflow in
operating activities -29,201,597.35 -22,139,300.60 -32,327,873.42 -6,065,243.89
2. Cash Flows from Investing
Activities
Cash received from return of
investments 37,160.00 37,160.00 31,850,000.00
Cash received from
investment income 6,625.24 6,625.24 723,822.66
Net cash received from
disposal of fixed assets, intangible
assets and other long-term assets
18,487.00
Net cash received from
disposal of subsidiaries and other
operating units
Other cash received relating
to investing activities 2,179.07
Sub-total of cash inflows of
investing activities 45,964.31 43,785.24 18,487.00
Cash paid for acquisition of
fixed assets, intangible assets and
other long-term assets
107,447.00 37,150.00 75,797.00 7,379.00
Cash paid for acquisition of
investments
Net increase of pledge loans
Net cash paid for acquisition
of subsidiaries and other operating
units
Other cash paid relating to
investing activities 44,070.00 44,070.00
Sub-total of cash outflows of
investing activities 107,447.00 37,150.00 119,867.00 51,449.00
Net cash inflow from
investing activities -61,482.69 6,635.24 -101,380.00 -51,449.00
3. Cash Flows from Financing
Activities:
Cash received from
investment
Including: Cash received
from minority shareholders of
subsidiariesThe First Quarterly Report 2009
9
Cash received from
borrowings 70,150,000.00 70,000,000.00
Cash received from bonds
issuing
Cash received relating to
financing activities
Sub-total of cash inflows of
financing activities 70,150,000.00 70,000,000.00
Cash paid for repayments of
borrowings 62,846,810.10 61,946,810.10 49,586,224.78 49,586,224.78
Cash paid for dividends,
profit distribution or interest 5,276,956.46 4,384,966.46 4,934,243.14 6,028,919.01
Including: dividends or
profits paid to minority
shareholders by subsidiaries
Other cash paid relating to
financing activities 21,981.14 21,981.14
Sub-total of cash outflows of
financing activities 68,123,766.56 66,331,776.56 54,520,467.92 55,615,143.79
Net cash inflow from
financing activities -68,123,766.56 -66,331,776.56 15,629,532.08 14,384,856.21
4. Effect of foreign exchange rate
changes -15,685.69 -25.16 -982,405.88 -74,476.04
5. Net decrease in cash and cash
equivalents -97,402,532.29 -88,464,467.08 -17,782,127.22 8,193,687.28
Add : Cash and cash
equivalents at the beginning of the
year
328,413,393.57 188,891,010.32 451,915,145.77 219,453,189.28
6. Cash and cash equivalents at
the end of the year 231,010,861.28 100,426,543.24 434,133,018.55 227,646,876.56
4.5 Auditor’s report
Auditor’s opinion: un-audited
Board of Directors of
Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd
21 Apr. 2009
