China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
Stock Code: 001872/201872 Stock Name: CM Port Group/CM Port Group B Announcement No. 2022-043
CHINA MERCHANTS PORT GROUP CO., LTD.
THE REPORT FOR THE FIRST QUARTER OF 2022
China Merchants Port Group Co., Ltd. (hereinafter referred to as the “Company”) and all the members of the
Company’s Board of Directors hereby guarantee that the contents of this Report are factual, accurate and
complete and free of any misrepresentations, misleading statements or material omissions.
Important Notes:
1. The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and
senior management of the Company hereby guarantee the factuality, accuracy and completeness of the contents of
this Report, and shall be jointly and severally liable for any misrepresentations, misleading statements or material
omissions therein.
2. Wang Xiufeng, the Company’s legal representative, Tu Xiaoping, the Company’s Chief Financial Officer and
the person-in-charge of the accounting organ hereby guarantee that the financial statements carried in this Report
are factual, accurate and complete.
3. Indicate by tick mark whether the financial statements herein have been audited by an independent auditor.
□Yes √ No
4. Securities Times, China Securities Journal, Shanghai Securities News, Ta Kung Pao (HK) and
www.cninfo.com.cn have been designated by the Company for information disclosure. And all information about
the Company shall be subject to what’s disclosed on the aforesaid media.
This Report has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese version shall prevail.
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2022 Q1 2021 YoY change (%)
Operating revenue (RMB) 4,020,203,113.25 3,574,128,378.48 12.48%
Net profit attributable to the listed
859,493,121.60 532,867,484.84 61.30%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before 838,801,864.90 524,972,071.00 59.78%
exceptional gains and losses (RMB)
Net cash generated from/used in
999,264,265.35 880,940,193.44 13.43%
operating activities (RMB)
1
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
Basic earnings per share (RMB/share) 0.45 0.28 60.71%
Diluted earnings per share (RMB/share) 0.45 0.28 60.71%
Weighted average return on equity (%) 2.13% 1.42% 0.71%
31 March 2022 31 December 2021 Change (%)
Total assets (RMB) 182,092,449,357.11 175,984,101,168.66 3.47%
Equity attributable to the listed
41,086,608,794.81 39,801,188,662.13 3.23%
company’s shareholders (RMB)
The total share capital at the end of the last trading session before the disclosure of this Report:
Total share capital at the end of the last trading
session before the disclosure of this Report 1,922,365,124
(share)
Fully diluted earnings per share based on the latest total share capital above:
Dividend of preference shares paid (RMB) No preference shares
Interest of perpetual bonds paid (RMB) No perpetual bonds
Fully diluted earnings per share based on the
0.4471
latest total share capital above (RMB/share)
(II) Exceptional Gains and Losses
Unit: RMB
Item Q1 2022 Note
Gain or loss on disposal of non-current assets (inclusive of
-959,260.23 -
impairment allowance write-offs)
Tax rebates, reductions or exemptions due to approval beyond
-
authority or the lack of official approval documents
Government subsidies charged to current profit or loss
(exclusive of government subsidies continually given in the
36,589,084.26 -
Company’s ordinary course of business at fixed quotas or
amounts as per the government’s policies and standards)
Capital occupation charges on non-financial enterprises that are
55,071,144.47 -
charged to current profit or loss
Gains due to that the investment costs for the Company to
obtain subsidiaries, associates and joint ventures are lower than
-
the enjoyable fair value of the identifiable net assets of the
investees when making the investments
Gain/Loss on non-monetary asset swap -
Gain/Loss on entrusting others with investments or asset
-
management
2
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
Asset impairment provisions due to acts of God such as natural
-
disasters
Gain/Loss from debt restructuring -
Expenses on business reorganization, such as expenses on staff
-
arrangements, integration, etc.
Gain/Loss on the part over the fair value due to transactions with
-
distinctly unfair prices
Current profit or loss on subsidiaries obtained in business
combinations involving enterprises under common control from -
the period-beginning to combination dates, net
Gain/Loss incurred from contingency unrelated to the
-
Company’s normal operating businesses.
Gain or loss on fair-value changes in held-for-trading financial
assets and liabilities & income from disposal of
held-for-trading financial assets and liabilities and
-28,601,507.19 -
available-for-sale financial assets (exclusive of the effective
portion of hedges that arise in the Company’s ordinary course
of business)
Reversed portions of impairment allowances for receivables
-
which are tested individually for impairment
Gain/loss on entrustment loans -
Gain/loss on change in fair value of investment property of
which the subsequent measurement is carried out adopting fair -
value method
Effect on current profit or loss when a one-off adjustment is
made to current profit or loss according to requirements of -
taxation, accounting and other relevant laws and regulations
Custodian fees earned from entrusted operation -
Non-operating income and expense other than the above 2,039,713.13 -
Other gains and losses that meet definition of exceptional gains
-
and losses
Less: Income tax effects 9,044,805.13 -
Non-controlling interests effects (net of tax) 34,403,112.61 -
Total 20,691,256.70 --
Other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
No such cases.
3
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases.
(III) Changes in Key Financial Statement Line Items and Their Explanation
Unit: RMB
Balance sheet items 31 March 2022 31 December 2021 Change (%) Explanation of changes
Accounts receivable 1,833,329,170.36 1,320,577,577.81 38.83% Increase in revenue
Other current liabilities 5,146,776,107.61 2,158,497,775.85 138.44% New short-term financing
Income statement items Q1 2022 Q1 2021 Change (%) Explanation of changes
Increased amount of the share of
Investment income 1,700,408,075.14 1,041,036,342.43 63.34%
profits of associates and joint ventures
The measurement method adopted for
concession royalties liabilities of TCP
Gains from changes in fair value -28,601,507.19 -168,400,154.98 83.02%
Participaes S.A. was changed to the
amortized cost method.
Cash flow statement items Q1 2022 Q1 2021 Change (%) Explanation of changes
Cash receipts from disposals and
16,908,644,162.50 1,730,000,000.00 877.38% Maturity of structured deposits
recovery of investments
Cash receipts from investments Decreased dividends from associates
90,541,536.09 1,083,443,879.50 -91.64%
income and joint ventures
Cash payments to acquire
16,688,874,317.28 977,561,289.86 1607.19% Purchase of structured deposits
investments
Cash receipts from borrowings 9,466,988,902.00 4,513,459,100.62 109.75% Increase in short-term borrowings
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting
Rights as well as Holdings of Top 10 Shareholders
Unit: share
32,309
Number of preferred shareholders
Number of ordinary shareholders (20,796 A-shareholders, 11,513 0
with resumed voting rights (if any)
B-shareholders)
4
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
Top 10 shareholders
Shares in
Nature of Shareholding Private shares pledge,
Name of shareholder Total shares held
shareholder percentage held marked or
frozen
CHINA MERCHANTS PORT
Foreign legal
INVESTMENT DEVELOPMENT 59.75% 1,148,648,648 1,148,648,648 0
person
COMPANY LIMITED
CHINA MERCHANTS GANGTONG
State-owned legal
DEVELOPMENT (SHENZHEN) 19.29% 370,878,000 0 0
person
CO., LTD.
SHENZHEN INFRASTRUCTURE
INVESTMENT FUND-SHENZHEN
Funds, wealth
INFRASTRUCTURE
management 3.37% 64,850,182 0 0
INVESTMENT FUND
products
PARTNERSHIP (LIMITED
PARTNERSHIP)
CHINA-AFRICA DEVELOPMENT State-owned legal
3.33% 64,102,564 0 0
FUND person
State-owned legal
BROADFORD GLOBAL LIMITED 2.88% 55,314,208 0 0
person
Domestic natural
ZHU HUI 0.15% 2,958,003 0 Unknown
person
CHINA MERCHANTS State-owned legal
0.13% 2,585,555 0 Unknown
SECURITIES (HK) CO., LTD. person
ARROWSTREET EMERGING
Foreign legal
MARKET ALPHA EXTENSION 0.11% 2,192,691 0 Unknown
person
TRUST FUND
Domestic natural
MAI SHUQING 0.11% 2,129,247 0 Unknown
person
HONG KONG SECURITIES Foreign legal
0.11% 2,070,402 0 Unknown
CLEARING COMPANY LTD. person
Top 10 public shareholders
Shares by type
Name of shareholder Public shares held
Type Shares
CHINA MERCHANTS GANGTONG
RMB ordinary
DEVELOPMENT (SHENZHEN) 370,878,000 370,878,000
share
CO., LTD.
SHENZHEN INFRASTRUCTURE 64,850,182 RMB ordinary 64,850,182
5
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
INVESTMENT FUND-SHENZHEN share
INFRASTRUCTURE
INVESTMENT FUND
PARTNERSHIP (LIMITED
PARTNERSHIP)
CHINA-AFRICA DEVELOPMENT RMB ordinary
64,102,564 64,102,564
FUND share
Domestically
BROADFORD GLOBAL LIMITED 55,314,208 listed foreign 55,314,208
share
RMB ordinary
ZHU HUI 2,958,003 2,958,003
share
Domestically
CHINA MERCHANTS
2,585,555 listed foreign 2,585,555
SECURITIES (HK) CO., LTD.
share
ARROWSTREET EMERGING Domestically
MARKET ALPHA EXTENSION 2,192,691 listed foreign 2,192,691
TRUST FUND share
RMB ordinary
MAI SHUQING 2,129,247 2,129,247
share
HONG KONG SECURITIES RMB ordinary
2,070,402 2,070,402
CLEARING COMPANY LTD. share
Domestically
SHEN HUAILING 1,721,049 listed foreign 1,721,049
share
China Merchants Gangtong Development (Shenzhen) Co., Ltd. is a controlled subsidiary of
Related or acting-in-concert parties Broadford Global Limited, and Broadford Global Limited is the controlling shareholder of
among the shareholders above China Merchants Port Investment Development Company Limited. The Company does not
know whether the other unrestricted shareholders are related parties or not.
Top 10 shareholders engaged in
N/A
securities margin trading (if any)
(II) Numbe r of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
6
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
III Other Significant Events
(I) Details of the Stock Option Incentive Plan of the Company during the Reporting Period:
The 1st Extraordinary Meeting of the 10th Board of Directors in 2022 and 1st Extraordinary Meeting of the 10th
Supervisory Committee in 2022 of the Company, held on 28 January 2022, reviewed and approved the Proposal
on Adjusting the Exercise Prices of the Stock Option Incentive Plan (Phase I) of the Company, the Proposal on
Adjusting the Numbers of Qualified Awardees and Stock Options to Be Granted of the Stock Option Incentive Plan
(Phase I) of the Company, the Proposal on the Failure to Meet the Exercise Conditions for the First Exercise
Schedule of the Stock Options (the First Batch to be Granted) of the Stock Option Incentive Plan (Phase I) of the
Company, and the Proposal on Canceling Some Stock Options in the Stock Option Incentive Plan (Phase I) of the
Company. Independent directors gave independent opinions of agreement. The Supervisory Committee of the
Company verified the proposals and gave opinions. For details, see the relevant announcements disclosed by the
Company on Cninfo (www.cninfo.com.cn) (Announcement No. 2022-007, 2022-008, 2022-009, and 2022-010).
On 14 February 2022, upon the review and confirmation of Shenzhen Branch of China Securities Depository and
Clearing Corporation Limited, the Company completed the cancellation of above stock options. For more details,
please refer to the Announcement on Completing the Cancellation of Some Stock Options in the Stock Option
Incentive Plan (Phase I) of the Company (Announcement No. 2022-011) disclosed by the Company on Cninfo
(www.cninfo.com.cn).
(II) Progress, Influence and Solutions in respect of Significant Events
1. Index to Information Disclosure
In the Reporting Period, the Company disclosed the following significant events:
Announcement No. Date Title
2022-001 8 January 2022 Announcement on the Exit of Investment Fund
Announcement on Voluntary Information Disclosure of Business
2022-002 15 January 2022
Volume Data of December 2021
Reminder of the Issuance of 2022 Phase I Super-short-term
2022-003 15 January 2022
Financing Bonds
Announcement on Issue Results of 2022 Phase I Super-short-term
2022-004 20 January 2022
Financing Bonds
Announcement on Resolutions of the 1st Special Meeting of the 10th
2022-005 29 January 2022
Board of Directors in 2022
Announcement on Resolutions of the 1st Special Meeting of the 10th
2022-006 29 January 2022
Supervisory Committee in 2022
Announcement on Adjusting the Exercise Prices of the Stock Option
2022-007 29 January 2022
Incentive Plan (Phase I) of the Company
7
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
Announcement on Adjusting the Numbers of Qualified Awardees
2022-008 29 January 2022 and Stock Options to Be Granted of the Stock Option Incentive Plan
(Phase I) of the Company
Announcement on the Failure to Meet the Exercise Conditions for
the First Exercise Schedule of the Stock Options (the First Batch to
2022-009 29 January 2022
be Granted) of the Stock Option Incentive Plan (Phase I) of the
Company
Announcement on Canceling Some Stock Options in the Stock
2022-010 29 January 2022
Option Incentive Plan (Phase I) of the Company
Announcement on Completing the Cancellation of Some Stock
2022-011 15 February 2022 Options in the Stock Option Incentive Plan (Phase I) of the
Company
Announcement on Voluntary Information Disclosure of Business
2022-012 15 February 2022
Volume Data of January 2022
Announcement on Resolutions of the 2nd Special Meeting of the 10th
2022-013 1 March 2022
Board of Directors in 2022
Announcement on Resolutions of the 2nd Special Meeting of the 10th
2022-014 1 March 2022
Supervisory Committee in 2022
Announcement on Resignation of Director and Supervisor and
2022-015 1 March 2022
By-election of Director and Supervisor
Reminder of the Issuance of 2022 Phase II Super-short-term
2022-016 2 March 2022
Financing Bonds
Announcement on Issue Results of 2022 Phase II Super-short-term
2022-017 5 March 2022
Financing Bonds
Announcement on the Due Payment of 2021 Phase VII Super &
2022-018 15 March 2022
Short-term Commercial Paper
Announcement on Voluntary Information Disclosure of Business
2022-019 15 March 2022
Volume Data of February 2022
Announcement on Progress of Incorporation of HK Wholly-owned
2022-020 19 March 2022
Subsidiary and Adjustment to Ownership Structure of the Subsidiary
2022-021 26 March 2022 Announcement on Online Investor Meeting on 2021 Annual Results
Reminder of the Issuance of 2022 Phase III Super-short-term
2022-022 26 March 2022
Financing Bonds
Announcement on Resolutions of the 5th Meeting of the 10th Board
2022-023 31 March 2022
of Directors
Announcement on Resolutions of the 5th Meeting of the 10th
2022-024 31 March 2022
Supervisory Committee
2022-025 31 March 2022 Announcement on 2021 Profit Distribution Plan
2022-026 31 March 2022 Abstract of 2021 Annual Report (Chinese and English Versions)
2022-027 31 March 2022 Announcement on the Confirmation of the Continuing Related-Party
8
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
Transactions in 2021 and the Estimation of Such Transactions in
2022
Announcement on the Related-Party Transaction Regarding Making
2022-028 31 March 2022 Deposits in and Obtaining Loans from China Merchants Bank in
2022
Announcement on the External Guarantee Progress of a
2022-029 31 March 2022 Majority-Owned Subsidiary of the Company in 2021 and the
Expected New External Guarantee Line in the Next 12 Months
Announcement on Renewing the Financial Service Agreement and
2022-030 31 March 2022 Related Party Transactions with China Merchants Group Finance
Co., Ltd.
2022-031 31 March 2022 Special Report on Deposit and Usage of Raised Fund in 2021
2022-032 31 March 2022 Announcement on Reappointment of Accounting Firm in 2022
2022-033 31 March 2022 Notice on Convening the 2021 Annual General Meeting
2022-034 31 March 2022 Announcement on Provision for Asset Impairment for 2021
Announcement on the Voluntary Information Disclosure of the 2021
2022-035 31 March 2022
Annual Results by the Majority-Owned Subsidiary
2. Progress of any Share Repurchase
□ Applicable √ Not applicable
3. Progress of any Reduction of the Repurchased Shares through Centralized Bidding
□ Applicable √ Not applicable
(III) Financial Investments
1. Securities Investments
Unit: RMB
Va N Acco G
Fu
rie a untin ai
Gain/loss on Cumulative nd
ty m g n/
Code of fair value fair value Purchased in Sold in the Acco in
of e Initial meas Beginning lo Ending carrying
securitie changes in the changes the Reporting Reporting untin g
se of investment cost urem carrying value ss value
s Reporting recorded into Period Period g title so
cu se ent in
Period equity urc
riti cu meth th
e
es rit od e
9
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
ies R
ep
or
ti
ng
Pe
ri
od
Other
Qi
non-c Se
ng Fair
urren lf-f
Sto da value
06198 124,405,138.80 145,443,863.52 -8,051,515.78 - - - - 136,959,885.55 t un
ck o meth
finan de
Po od
cial d
rt
assets
Other
Qi
non-c Se
ng Fair
urren lf-f
Sto da value
601298 331,404,250.30 637,280,000.00 -14,560,000.00 - - - - 622,720,000.00 t un
ck o meth
finan de
Po od
cial d
rt
assets
Inves
Jia
tment
ng
in Se
su Fair
other lf-f
Sto Ex value
600377 1,120,000.00 8,620,000.00 - -7,500,000.00 - 1,120,000.00 - - equit un
ck pre meth
y de
ss od
instru d
wa
ment
y
s
Inves
tment
Pet
in Se
roc Fair
other lf-f
Sto he value
400032 3,500,000.00 382,200.00 - - - - - 382,200.00 equit un
ck mi meth
y de
cal od
instru d
A1
ment
s
G Fair Inves Se
Sto
400009 ua 27,500.00 value 17,000.00 - - - - - 17,000.00 tment lf-f
ck
ng meth in un
10
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
Jia od other de
n equit d
1 y
instru
ment
s
A
nt
Held-
on Se
Fair for-tr
g lf-f
Sto value ading
600179 H 391,956.73 157,196.79 -11,965.11 - 50,200,000.00 - - 50,345,231.68 un
ck meth finan
ol de
od cial
di d
assets
ng
s
Total 460,848,845.83 -- 791,900,260.31 -22,623,480.89 -7,500,000.00 50,200,000.00 1,120,000.00 - 810,424,317.23 -- --
2. Investments in Derivative Financial Instrume nts
□ Applicable √ Not applicable
No such cases in the Reporting Period.
(IV) Progress of Projects Financed with Raised Funds
1. Funds Raised through Private Placement of Shares
Pursuant to the Reply of China Securities Regulatory Commission on the Approval of Shenzhen Chiwan Wharf
Holdings Limited Offering Shares to China Merchants Investment Development Company Limited for Asset
Acquisition and Raising the Matching Funds (ZJXK [2018] No. 1750) dated 31 October 2018, the Company
issued, in a private placement, a total of 128,952,746 shares of RMB-denominated ordinary shares (A-shares) to
two entities including China-Africa Development Fund at RMB17.16/share, raising a total of
RMB2,212,829,121.36 (with the net amount after deducting issuance costs being RMB2,185,997,340.15).
Following the arrival of the aforesaid funds, BDO China Shu Lun Pan Certified Public Accountants LLP issued a
Capital Verification Report (XKSBZ [2019] No. ZI10673).
As of 31 March 2022, a total of RMB9,976,754,817.17 of raised funds had been used, including: (1)
RMB582,722,414.48 as the replacement for the self-financings that had been in advance input into project to be
financed by raised funds; (2) RMB1,167,200,621.48 used after the arrival of the raised funds, including an
investment of RMB1,167,200,621.48 in the Haixing Harbor Renovation Project (Phase II) (2019:
RMB324,533,139.29; 2020: RMB424,734,590.46; 2021: RMB262,949,228.42; Q1 2022: RMB154,983,663.31);
(3) RMB26,831,781.21 for paying issuance costs; (4) RMB7,130,000,000.00 for purchasing structured deposits
(2019: RMB1,200,000,000.00; 2020: RMB2,650,000,000.00; 2021: RMB3,280,000,000.00); (5)
RMB1,070,000,000.00 for purchasing seven days call deposits (2021: RMB900,000,000.00; Q1 2022:
RMB170,000,000.00).
11
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
As of 31 March 2022, the interest income in the account of raised funds minus service charges stood at
RMB1,673,699.03 in Q1 2022; the amount of income from structured deposits was RMB41,738,931.50 in Q1
2022; and the amount of income from seven days call deposits was RMB28,583.34 in Q1 2022. As of 31 March
2022, the balance in the account of raised funds amounted to RMB486,724,025.07. The use and balance of the
raised funds are as follows:
Unit: RMB
Item Amount
Opening balance of raised funds (31 December 2021) 640,005,406.01
Less: raised funds that were directly used for project to be
154,983,663.31
financed by raised funds in Q1 2022
Add: Income from seven days call deposits in Q1 2022 28,583.34
Net interest income from raised funds in Q1 2022 1,673,699.03
Closing balance of raised funds (31 March 2022) 486,724,025.07
2. Funds Raised through Corporate Bonds
On 7 July 2020, the Company issued RMB2 billion of corporate bonds at the Shenzhen Stock Exchange, with a
coupon rate of 3.36% and a term of three years. The funds raised would be used to acquire 1,606,855,919 ordinary
shares in Zhanjiang Port (accounting for 27.3544% of Zhanjiang Port’s total issued shares) from the issuer’s
wholly-owned subsidiary Chiwan Wharf Holdings (Hong Kong) Limited. As of 31 March 2022, the handover of
the said equity interests has been completed.
(V) Communications with the Investment Community such as Researches, Inquiries and
Interviews Received during the Reporting Period
Way of Type of Index to basic information of
Date Place Communication party
communic commun researches
By phone, ication
or written party Basic business condition, investments
China inquiry and the financial condition of the
1 January 2022 to 31 Merchants (the Individu Company;
-
March 2022 Port EasyIR al Materials provided: None;
Building platform Index: SZSE EasyIR
of SZSE (http://irm.cninfo.com.cn/ircs/index)
or email)
Times of communications 20
Number of institutions communicated with 0
Number of individuals communicated with 20
Number of other communication parties 0
Tip-offs or leakages of substantial confidential information during the communications No
12
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
(VI) Progress Made on Internal Control
The focuses of risk control for Q1 2022 are as follows:
1. Establishme nt of internal control system
As of 31 March 2022, a total of 25 units were included in the assessment of the risk control system, covering the
Company's subsidiaries. The annual risk control planning and the formulation of the work plan were completed.
Additionally, the lists of members of the steering and working groups of the self-assessment of risk management
and internal control were adjusted, according to the staff turnover of the Company and its subsidiaries.
2. Further Improve ment in coverage of internal control evaluation process
In 2022, the subsidiaries included in the self-assessment of the internal control system of the Company have
streamlined the procedures of all businesses and covered their respective core businesses in the scope of internal
control assessment. A priority task in Q1 2022 was the internal control self-assessment by all departments of the
Headquarters of the Company, during which procedure design and implementation were streamlined and
inspected. In addition, procedure manuals were timely updated in line with changes in the actual business.
3. Carrying out the establishment and evaluation of internal control system on a regular basis
As of 31 March 2022, all units have renewed their internal control self-evaluation working papers in accordance
with the annual internal control evaluation plan and changes in business process and carried out the internal
control self-evaluation work on a quarterly basis. The internal control working group of the Company has
reviewed the internal control working papers submitted by each unit and notified the problems existing in the
self-evaluation of each unit.
4. Completing the internal control as planned
The Company, as scheduled, orderly promoted 31 key risk control tasks for the year. As of 31 March 2022, it
supported external project groups of internal control audit to complete internal control audit-related tasks and
obtained reports on internal control audit on time. In conformity with the "Three-year Full-Coverage" Plan for the
Supervision and Inspection of the Internal Control System, the internal control inspection over the development of
the Shenzhen Chiwan Port Development Co., Ltd. was completed, and a list of deficiencies identified through the
internal control assessment was compiled. Meanwhile, the Annual Risk Control Work Arrangement Conference
was held. The risk control personnel of all organizations received the training of courses on corporate risk control.
(VII) Deposits in and Loans Provided by a Finance Company
The Proposal on Signing Financial Service Agreement with Sinotrans & CSC Finance Co., Ltd. was reviewed and
approved on the 2nd Meeting of the 9th Board of Directors held by the Company on 23 August 2017, in which, the
Company was agreed to signed the Financial Service Agreement with Sinotrans & CSC Finance Co., Ltd.
(renamed China Merchants Group Finance Co., Ltd. from August 2017) with the period of three years.
The Proposal on Adjusting Limit of Deposits and Loans and Signing Supplementary Agreement to Financial
Service Agreement with China Merchants Group Finance Co., Ltd and the Related-party Transactions was
reviewed and approved on the 5th Meeting of the 9th Board of Directors held by the Company on 28 March 2019,
13
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
in which, the Company was agreed to signed Supplementary Agreement to Financial Service Agreement with
China Merchants Group Finance Co., Ltd.
The Proposal on Adjusting Limit of Deposits and Loans and Signing Supplementary Agreement II to Financial
Service Agreement with China Merchants Group Finance Co., Ltd and the Related-party Transactions was
reviewed and approved on the 11th Extraordinary Meeting of the 9th Board of Directors in 2019 and the 4th
Extraordinary General Meeting of 2019 held by the Company respectively on 22 November 2019 and 11
December 2019, in which, the Company was agreed to signed Supplementary Agreement II to Financial Service
Agreement with China Merchants Group Finance Co., Ltd.
The Company held the 5th Meeting of the 10th Board of Directors and the 2021 Annual General Meeting
respectively on 29 March and 21 April 2022, respectively, reviewing and approving the Proposal on Renewing the
Financial Service Agreement and Related Party Transactions with China Merchants Group Finance Co., Ltd. and
agreeing with the renewal of the Financial Service Agreement, with a term of three years, with China Merchants
Group Finance Co., Ltd. ("CMG Finance").
At the end of the Reporting Period, deposits in and loans provided by China Merchants Group Finance Co., Ltd.
were as follows:
Unit: RMB’0,000
Beginning Ending
Item Q1 Increase Q1 Decrease
balance balance
I. Deposits in China Merchants Group
217,823.09 520,708.57 622,254.54 116,277.12
Finance Co., Ltd.
II. Loans provided by China Merchants
396,421.70 14178.37 114,634.80 295965.27
Group Finance Co., Ltd.
14
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by China Merchants Port Group Co., Ltd.
31 March 2022
Unit: RMB
Item 31 March 2022 31 December 2021
Current assets:
Cash and bank balances 16,297,751,964.47 12,772,349,406.77
Settlement reserve
Interbank loans granted
Held-for-trading financial assets 5,162,880,867.29 6,921,831,502.55
Derivative financial assets
Notes receivable 4,731,611.95 6,081,611.95
Accounts receivable 1,833,329,170.36 1,320,577,577.81
Receivables financing 237,228,226.50 238,429,402.71
Prepayments 89,448,942.83 51,606,794.20
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 734,290,028.25 696,276,595.87
Including: Interest receivable
Dividend receivable 245,754,564.05 264,626,493.85
Financial assets purchased under resale
agreements
Inventories 214,271,478.26 194,920,136.12
Contract assets
Assets held for sale 337,442,757.28 337,442,757.28
Non-current assets due within one year 79,799,353.24 102,356,461.97
Other current assets 332,074,649.22 339,684,297.41
Total current assets 25,323,249,049.65 22,981,556,544.64
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables 6,193,605,753.05 6,162,713,861.02
Long-term equity investments 73,613,734,189.52 70,353,451,824.52
15
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
Investments in other equity instruments 171,625,961.43 180,251,798.43
Other non-current financial assets 786,471,266.90 809,515,244.87
Investment properties 5,252,221,130.02 5,298,238,414.88
Fixed assets 31,505,707,256.01 31,710,513,230.29
Construction in progress 2,615,862,787.57 2,557,584,953.92
Productive living assets
Oil and gas assets
Right-of-use assets 8,749,843,845.04 8,743,077,542.19
Intangible assets 18,728,171,994.66 18,475,412,380.93
Development expenditure 86,214,834.04 82,391,225.85
Goodwill 6,441,272,105.55 6,024,160,942.07
Long-term prepaid expenses 973,530,705.15 975,994,541.52
Deferred tax assets 397,304,208.76 398,145,710.84
Other non-current assets 1,253,634,269.76 1,231,092,952.69
Total non-current assets 156,769,200,307.46 153,002,544,624.02
Total assets 182,092,449,357.11 175,984,101,168.66
Current liabilities:
Short-term borrowings 12,879,494,775.70 13,651,452,805.36
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 1,895,987.17
Accounts payable 713,473,645.42 843,820,438.51
Receipts in advance 14,067,197.75 9,313,166.01
Contract liabilities 172,798,076.68 196,784,525.26
Financial assets sold under repurchase
agreements deposits and interbank
Customer
deposits
Payables for acting trading of securities
Payables for underwriting of securities
Employee benefits payable 600,080,059.05 820,416,415.47
Taxes payable 2,083,110,973.41 2,162,719,251.68
Other payables 2,010,303,559.98 2,140,108,341.08
Including: Interest payable
Dividends payable 194,303,033.81 48,803,019.31
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
16
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
Non-current liabilities due within one 8,391,131,832.68 8,268,209,284.17
yearOther current liabilities 5,146,776,107.61 2,158,497,775.85
Total current liabilities 32,011,236,228.28 30,253,217,990.56
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 8,135,652,014.40 7,144,839,870.89
Bonds payable 16,687,182,068.36 16,670,872,414.14
Including: Preferred shares
Perpetual bonds
Lease liabilities 1,045,874,394.81 1,055,194,906.09
Long-term payables 3,856,207,423.67 3,422,179,366.40
Long-term employee benefits payable 576,393,082.40 588,681,492.63
Provisions 106,971,600.94 24,247,302.42
Deferred income 1,064,415,486.55 1,075,957,884.91
Deferred tax liabilities 4,692,783,872.26 4,550,417,470.61
Other non-current liabilities 163,355,229.36 163,065,578.53
Total non-current liabilities 36,328,835,172.75 34,695,456,286.62
Total liabilities 68,340,071,401.03 64,948,674,277.18
Shareholders' equity:
Share capital 1,922,365,124.00 1,922,365,124.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 23,595,961,912.22 23,592,702,758.70
Less: Treasury stock
Other comprehensive income -575,458,060.07 -890,125,318.18
Special reserve 19,162,878.66 9,184,429.12
Surplus reserves 961,182,562.00 961,182,562.00
General reserve
Unappropriated profit 15,163,394,378.00 14,205,879,106.49
Total shareholders' equity attributable to 41,086,608,794.81 39,801,188,662.13
shareholders of the parent
Minority interests 72,665,769,161.27 71,234,238,229.35
Total shareholders' equity 113,752,377,956.08 111,035,426,891.48
Total liabilities and shareholders' equity 182,092,449,357.11 175,984,101,168.66
Legal Representative: Wang Xiufeng
Chief Financial Officer: Tu Xiaoping
Head of Accounting Department: Tu Xiaoping
17
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
2. Consolidated income statement for Q1
Unit: RMB
Item Q1 2022 Q1 2021
1. Operating income 4,020,203,113.25 3,574,128,378.48
Including: Operating income 4,020,203,113.25 3,574,128,378.48
Interest income
Premium income
Handling charge and commission income
2. Costs and expenses 3,257,382,937.14 2,845,927,469.64
Including: Operating costs 2,257,298,794.24 2,007,544,534.80
Interest expense
Handling charge and commission expense
Surrenders
Net claims paid
Net amount provided as policy reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surcharges 70,163,530.02 41,717,436.22
Selling expense
Administrative expenses 392,572,623.71 377,820,396.13
Research and development expenses 52,342,387.05 44,463,870.59
Finance expenses 485,005,602.12 374,381,231.90
Including: Interest expense 557,552,810.49 434,147,689.21
Interest income 95,418,037.96 91,196,956.90
Add: Other income 37,313,921.78 26,409,425.41
Investment income (Loss is marked with "-") 1,700,408,075.14 1,041,036,342.43
Including: Income from investments in associates
1,632,844,747.42 1,036,720,640.64
and joint ventures
Income from the derecognition of
financial assets at amortized cost (Loss is marked with "-")
Foreign exchange gain (Loss is
marked with "-")
Net gain on exposure hedges (Loss is
marked with "-")
Gains from changes in fair value (Loss -28,601,507.19 -168,400,154.98
18
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
is marked with "-" )
Gains from impairment of credit (Loss
-592,423.11 -3,542,445.15
is marked with "-" )
Gains from impairment of assets (Loss
is marked with "-" )
Gains on disposal of assets (Loss is
-212,878.09 13,401,172.17
marked with "-" )
3. Operating profit (Loss is marked with "-") 2,471,135,364.64 1,637,105,248.72
Add: Non-operating income 5,208,084.73 5,495,288.51
Less: Non-operating expenses 3,571,426.77 3,575,349.46
4. Gross profit (Loss is marked with "-") 2,472,772,022.60 1,639,025,187.77
Less: Income tax expenses 304,563,099.35 265,348,021.64
5. Net profit (Loss is marked with "-") 2,168,208,923.25 1,373,677,166.13
5.1 Categorization by continuity of operation
5.1.1 Net profit from continuing operation (Loss is
2,168,208,923.25 1,373,677,166.13
marked with "-")
5.1.2 Net profit from discontinued operation (Loss is
marked with "-")
5.2 Categorization by attribution of ownership
5.2.1 Net profit attributable to owners of the parent 859,493,121.60 532,867,484.84
5.2.2 Profit or loss attributable to minority shareholders 1,308,715,801.65 840,809,681.29
6. Other comprehensive income, net of tax 667,572,753.98 -384,544,155.52
Other comprehensive income attributable to owners of the
412,689,408.02 -100,904,072.35
parent, net of tax
6.1 Other comprehensive income that will not be
-101,330.09 555,000.00
reclassified to profit or loss
6.1.1 Changes from remeasurement of the defined
benefit plan
6.1.2 Other comprehensive income that cannot be
reclassified to profit or loss under the equity method
6.1.3 Fair value changes of investments in other equity
-101,330.09 555,000.00
instruments
6.1.4 Changes in the fair value of the company’s credit
risks
6.1.5 Other
6.2 Other comprehensive income that will be reclassified
412,790,738.11 -101,459,072.35
subsequently to profit or loss
19
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
6.2.1 Other comprehensive income that can be
6,527,928.11 4,801,689.64
reclassified to profit or loss under the equity method
6.2.2 Changes in the fair value of investments in other
debt obligations
6.2.3 Other comprehensive income arising from the
reclassification of financial assets
6.2.4 Allowance for credit impairments in investments
in other debt obligations
6.2.5 Reserve for cash flow hedges
6.2.6 Translation differences of financial statements
406,262,810.00 -106,260,761.99
denominated in foreign currencies
6.2.7 Other
Other comprehensive income attributable to minority
254,883,345.96 -283,640,083.17
interests, net of tax
7. Total comprehensive income attributable to 2,835,781,677.23 989,133,010.61
Shareholders of the parent 1,272,182,529.62 431,963,412.49
Minority shareholders 1,563,599,147.61 557,169,598.12
8. Earnings per share
8.1 Basic earnings per share 0.45 0.28
8.2 Diluted earnings per share 0.45 0.28
20
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
3. Consolidated Cash Flow Statement for Q1
Unit: RMB
Item Q1 2022 Q1 2021
1. Cash flows from operating activities:
Cash receipts from sales of goods and rendering of services 3,599,371,273.07 3,264,569,109.89
Net increase in customer deposits and interbank deposits
Net increase in borrowings from the central bank
Net increase in loans from other financial institutions
Premiums received on original insurance contracts
Net proceeds from reinsurance
Net increase in deposits and investments of policy holders
Interest, handling charges and commissions received
Net increase in interbank loans obtained
Net increase in proceeds from repurchase transactions
Net proceeds from acting trading of securities
Receipts of tax refunds 1,001,300.35 757,301.82
Other cash receipts relating to operating activities 244,231,744.88 166,292,401.99
Sub-total of cash inflows 3,844,604,318.30 3,431,618,813.70
Cash payments for goods purchased and services received 1,122,144,087.79 923,792,637.84
Net increase in loans and advances to customers
Net increase in deposits in the central bank and in interbank loans
granted
Payments for claims on original insurance contracts
Net increase in interbank loans granted
Interest, handling charges and commissions paid
Policy dividends paid
Cash payments to and on behalf of employees 1,130,909,192.25 1,051,108,651.64
Payments of various types of taxes 391,860,341.00 396,738,259.71
Other cash payments relating to operating activities 200,426,431.91 179,039,071.07
Sub-total of cash outflows 2,845,340,052.95 2,550,678,620.26
Net Cash Flows from Operating Activities 999,264,265.35 880,940,193.44
2. Cash flows from investing activities:
Cash receipts from disposals and recovery of investments 16,908,644,162.50 1,730,000,000.00
Cash receipts from investments income 90,541,536.09 1,083,443,879.50
21
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
Net cash receipts from disposal of fixed assets, intangible assets
56,999.00 13,739,634.14
and other long-term assets
Net cash receipts from disposal of subsidiaries and other
operating units
Other cash receipts relating to investing activities 92,386,492.18 184,258,181.77
Sub-total of cash inflows 17,091,629,189.77 3,011,441,695.41
Cash payments to acquire or construct fixed assets, intangible
542,182,983.32 762,007,467.39
assets and other long-term assets
Cash payments to acquire investments 16,688,874,317.28 977,561,289.86
Net increase in pledged loans granted
Net cash payments for acquisitions of subsidiaries and other
8,748,637.26
business units
Other cash payments relating to investing activities 9,373,443.62 5,967,866.95
Sub-total of cash outflows 17,240,430,744.22 1,754,285,261.46
Net cash flows from investing activities -148,801,554.45 1,257,156,433.95
3. Cash flows from financing activities:
Cash receipts from capital contributions
Including: Cash receipts from capital contributions from
Minority shareholder of subsidiary
Cash receipts from borrowings 9,466,988,902.00 4,513,459,100.62
Other cash receipts relating to financing activities
Sub-total of cash inflows 9,466,988,902.00 4,513,459,100.62
Cash repayments of borrowings 6,229,427,431.03 7,886,158,730.55
Cash payments for distribution of dividends or profits or
484,875,519.45 519,589,430.57
settlement of interest expenses
Including: Payments for distribution of dividends or profits to
2,881,000.00 37,213,769.69
Minority shareholder of subsidiary
Other cash payments relating to financing activities 57,936,905.74 1,760,847.73
Sub-total of cash outflows 6,772,239,856.22 8,407,509,008.85
Net cash flows from financing activities 2,694,749,045.78 -3,894,049,908.23
4. Effect of foreign exchange rate changes on cash and cash
-25,315,406.26 -4,855,902.26
equivalents
5. Net increase in cash and cash equivalents 3,519,896,350.42 -1,760,809,183.10
Add: Opening balance of Cash and Cash Equivalents 12,727,355,238.36 11,899,943,358.25
6. Closing balance of cash and cash equivalents 16,247,251,588.78 10,139,134,175.15
22
China Merchants Port Group Co., Ltd. The report for the First Quarter of 2022
(II) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes √ No
These financial statements have not been audited by such an auditor.
The Board of Directors
China Merchants Port Group Co., Ltd.
30 April 2022
23
