2010
2010
2010
2010
CONTENTS
4
7
10
14
23
35
36
52
54
62
152
2010
1
Guangshen Railway Company Limited
2
1052
(86) 755-25587920 (86)755-25588146 (86) 755-61382173
(86) 755-25591480
ir@gsrc.com
3
1052
518010
http://www.gsrc.com
ir@gsrc.com
4
http://www.sse.com.cn
http://www.hkex.com.hk
http://www.gsrc.com
1052
5
A 601333
H 00525
ADS GSH
4
2010
6
1996 3 6
440301103661840
440300192411663
19241166-3
202 2 11
22
2 21
1 39
11 12
166 36
183 17 1712 1716
4 13
1 4
5
1996 3 6
1996 5 H 00525 (ADSs) GSH
2006 12 A 601333
481.2
2010 12 31 224 110
19 13 11 1 1 101
200 10
1
2007
6
2010
2,092,113,139
1,995,135,332
1,555,890,792
1,633,652,537
3,528,235,309
1 95,848,816
2 (536,552)
3 (5,493,241)
4 7,158,784
5 (19,232,195)
6 16,133
77,761,745
7
2010 2009 (%) 2008
13,484,448,180 12,385,756,598 8.87 11,688,654,739
1,995,135,332 1,699,668,608 17.38 1,482,674,300
1,555,890,792 1,357,328,545 14.63 1,211,827,625
1,633,652,537 1,396,662,671 16.97 1,227,290,462
0.22 0.19 15.79 0.17
0.22 0.19 15.79 0.17
0.23 0.20 15.00 0.17
(%) 6.57 5.96 0.61 5.49
(%) 6.90 6.13 0.77 5.56
3,528,235,309 2,869,417,724 22.96 1,885,440,617
0.50 0.41 21.95 0.27
2010 2009 (%) 2008
30,604,499,884 29,357,419,542 4.25 28,927,198,897
24,168,017,177 23,178,809,345 4.27 22,388,084,101
3.41 3.27 4.28 3.16
8
2010
1,554,746 24,222,576
(69,828)
1,484,918 24,222,576
15
15
2010
9
1
2
(1)
(2)
(3)
1
455,072 A 454,530 H 542
10
(%)
2,629,451,300 37.12
HKSCC NOMINEES LIMITED 1,387,068,831 19.58
274,798,700 3.88 274,798,700
50,776,147 0.72
20,000,868 0.28
20,000,000 0.28
005L-FH002 17,451,255 0.25
300 16,200,371 0.23
300 11,550,000 0.16
008C-CT001 11,300,000 0.16
10
2010
10
2,629,451,300
HKSCC NOMINEES LIMITED 1,387,068,831
50,776,147
20,000,868
20,000,000
005L-FH002 17,451,255
300 16,200,371
300 11,550,000
008C-CT001 11,300,000
AU SING KUNG 10,250,000
HKSCC NOMINEES LIMITED H 1,387,068,831 H
96.91
11
2
274,798,700 2012 12 22 274,298,700
3 571 336
(%) (%)
A 2,629,451,300(L) 46.52(L) 37.12(L)
Blackrock, Inc. H 99,949,640(L) 6.98(L) 1.41(L)
10,885,250(S) 0.76(S) 0.15(S)
Credit Suisse Group AG H 88,857,489(L) 6.21(L) 1.25(L)
87,442,358(S) 6.11(S) 1.23(S)
FIL Limited H 86,564,000(L) 6.05(L) 1.22(L)
(L) (S) (P)
4
1
1992 12 5 6,512,704
2
3
100% 37.12%
12
2010
5 10 10%
10%
6
13
1 2011 3 24
55 2010.06-2011.06 9,000
55 2008.10-2011.06 467,994
44 2010.06-2011.06 6,000
50 2009.06-2011.06 6,000
51 2008.06-2011.06 6,000
46 2009.06-2011.06 419,534
43 2008.06-2011.06 111,996
49 2008.06-2011.06 146,705
56 2008.06-2011.06 111,996
55 2010.06-2011.06 6,000
44 2008.06-2011.06 6,000
54 2008.06-2011.06 6,000
49 2008.06-2011.06 6,000
47 2010.06- 313,766
55 2008.04- 327,921
50 2009.02- 423,545
45 2010.12- 418,118
42 2008.12- 411,239
1
2
14
2010
55 2010 6
1979
7 1996 3 1996
3 2002 10 2002 10 2005 7
2005 7 2008 5 2008 5 2010 5
2010 5
55 2008 10
2008 10
44 2010 6 1986 8 1989
9 1989 9 2001 5
2001 5 2006 1 2006 1 2008 1
2008 1
50 2009 6
2006 12
15
51 2008 6
2005 2006
2006 9 2008 4 2008 4
46 2008 12
2006 4 2008 11
2008 11 2010 5 2010 5
43 2008 6
1986 1997
1997 2001 2001 4
49 2004 6
1987
CL Shield Foundation Ltd
56 2008 6
16
2010
55 2010 6 1977
2010 3
44 2008 6
2001
2006 4
2008 6
54 2008 6 1974
2007 6
49 2005 5
1981 1996 2005
2005 4
17
47 1992
2001
2009 3 2010 6
55 2007 1
1976
2007 1 2008 4
50 2009 2
1981 2000 5
2009 2 2009 2
45 1991 1989
2004 1
2010 12 2010 12
42 1990 6
1996 6
2006 3 2008 12 2008 12
18
2010
2
2010.05-
2008.01-
2006.12-
2008.04-
2010.03-
2008.06-
2007.06-
2006.04-
3
1
2
3
19
1 2010 6 10
2 2010 6 22 2009
3 2010 6 22 15
9
4 2010 12 28 18
1
2
3
2010 12 31 352
10
18
20
2010
2010 12 31 32,179 2009 33,170 991
1
2,555
1,552
28,072
32,179
2
61
1,818
4,454
25,846
32,179
3
21
4
9% 13%
18% 18%
4
5
7% 6%
1% 0.5%
0.4% 0.5%
0.5% 0.5%
0.2% 0.2%
6% 8%
2010 12 31 13,392
5
2010 417,329
100 1,254.42
22
2010
1
(1)
(2)
(3) 9 1
3
(4)
6 1
(5)
23
(6)
(7)
2010 12 31
2
(1)
[2007]39
(2)
[2010]109
2010 6 22
(3)
[2010]59 2010
2010 10 27
3
24
2010
1
4 4 3
5 5 3
4 4 3
5 3 3 2
5 5 3
5 5 3
5 5 3
5 5 3
5 5 3
14 15
5
2
3
0
2
3
(1)
(2)
(3)
2010 2010
25
26
2010
2010
27
2010
2010
www.sse.com.cn
2010 www.sse.
com.cn
30
2010
1
3.13
2010 5 14 18
2
3
[2007]56
22
2010 12 31
31
4
5
2008 6 26 2007 10
15 2010
6
2010 8
8 8 100
8 7 87.5
8 8 100
32
2010
2010 19
7
2002 - 404 2007 1 1
2009
2009 12 31
2010 6 2009 12 31
20-F
2010 404
2011 2 2010 12 31
20-F
33
8
2010 12 31
4 3
9
2010
2010 12 31 3
8
868 2010
10
3.13
34
2010
2009 2010 6 22 2010 6 23
www.sse.com.cn
(www.hkex.com.hk)
2010 2010 12 21 2010 12 22
(www.sse.com.cn)
(www.hkex.com.hk)
35
2010
2010 134.84 8.87% 15.56
14.63% 0.22 15.79%
2010 0.09
40.91%
2010
2010
36
2010
2011 2012
2011 3 24
37
1
1
2010
2010 134.84 123.86 8.87%
81.04 13.61 31.16 9.04 60.10%
10.09% 23.11% 6.70% 20.92 17.47 19.74
15.56 13.57 14.63
38
2010
2
(1)
2010 12 31
224 110 19 13 11
1 1 101 2010 12 31
2009
2010 2009 (%)
810,412.57 719,571.68 12.62
236,126.03 204,664.85 15.37
41,369.15 37,842.31 9.32
532,917.39 477,064.52 11.71
8,492.26 8,183.82 3.77
3,694.78 3,349.44 10.31
309.36 279.90 10.53
4,488.12 4,554.49 (1.46)
63.91 61.10 4.60
133.72 135.18 (1.08)
27,472.00 27,233.10 0.88
0.29 0.26 11.54
●
(1)
(2) 2009 5 1
(3) 2010 6 18 5
(4) 2010 7 1 110 19
39
●
(1)
(2)
●
2009 12
2010
(1) 2010 3 21 4 17
(2)
(3)
(2)
2010 12 31
2009
2010 2009 (%)
136,082.19 121,011.82 12.45
33,995.56 28,518.59 19.20
92,560.84 83,640.81 10.66
9,525,79 8,852.42 7.61
6,793.17 6,198.71 9.59
2,096.28 1,762.24 18.96
4,696.89 4,436.47 5.87
20.03 19.52 2.61
15,191.43 13,446.70 12.98
0.09 0.09
40
2010
● (1)
(2)
(3) 2009 12 13
0.7
(3)
2010 12 31 2009
2010 2009 (%)
311,591.13 310,565.36 0.33
137,259.22 135,990.54 0.93
96,540.74 102,667.57 (5.97)
28,287.89 28,333.65 (0.16)
30,762.51 27,536.18 11.72
18,740.77 16,037.42 16.86
●
●
●
(4)
2010
9.04 2009 8.74 3.35%
41
3
2010 2009 (%)
9,178,767,706 8,599,425,625 6.74
3,235,867,510 2,974,805,082 8.78 1
2 2010
3
1,876,061,727 1,676,665,172 11.89 2010
1,457,768,677 1,395,332,942 4.47 1
2 2009 11 2010 4
1,314,424,178 1,256,244,663 4.63 2009
828,211,155 588,330,977 40.77 1 2010
2
144,750,000 373,321,406 (61.23) 2010 1 1
2010 1 1
42
2010
2010 2009 (%)
321,684,459 334,725,383 (3.90)
726,397,337 690,822,655 5.15 1 2010
2
338,623,506 291,621,805 16.12
1,013,652,722 851,896,142 18.99 1 2010
2
3 2010 1 1
141,768,328 207,753,061 (31.76) 2009
104,593,514 55,731,525 87.67
440,389,262 343,402,622 28.24
20% 22%
43
4
1
(%) (%) (%)
12,580,858,820 9,178,767,706 27.04 9.29 6.74 1.74
2
(%)
12,580,858,820 9.29
5
(1) 2010 12 31 2009 12 31
2010 2009
12 31 12 31 (%)
30,604,499,884 29,357,419,542 4.25
26,410,481,321 26,941,096,921 (1.97)
4,194,018,563 2,416,322,621 73.57
6,381,924,180 6,122,892,953 4.23
3,567,086,758 3,562,921,408 0.12
2,814,837,422 2,559,971,545 9.96
24,222,575,704 23,234,526,589 4.25
306.04 2009 4.25% 264.10 2009
1.97% 41.94 2009
73.57%
63.82 2009 4.23% 35.67 2009
0.12% 28.15 2009
9.96%
44
2010
2010 20.85%
2010 12 31
2010 12 31
(2)
2010 12 31
6
2010
2010 2009
3,528,235,309 2,869,417,724 658,817,585
(1,217,889,809) (2,120,593,406) 902,703,597
(766,938,204) (1,194,125,331) 427,187,127
2010 103.43 2009 5.28
68.15 2009
1.31
2010 3,500.86 2009 557.18 ,
12.53 2009 9.08
2010 0.00 2009 35.00
2009 7.67 2009
39.27 2009
45
7
3,800 51% 9,268.02 (183.91)
1,850 100% 5,570.70 893.05
1,000 55% 2,686.85 (60.39)
300 100% 369.40 (162.79)
200 100% 818.96 278.86
240 100% 428.30 141.77
300 76.66% 354.68 6.66
200 100% 1,905.34 26.22
150 100% 540.36 25.51
102 100% 1,495.21 353.48
100 50.5% 966.51 2.56
50 100% 167.66 78.23
37.9 100% 341.24 (10.25)
* 10,705.47 26.98% 26,152.41 (323.00)
34,305 49% 39,520.66 (122.53)
5,500 49% 27,926.09 400.20
*
46
2010
2
1 2011
2011
26
2011 8 2011 2011
(1)
(2)
(3)
(4)
(5)
2011 3 24 19 2011
29,000 17,000 2010 12 31
2
(1)
(2)
47
(3)
(4)
H
(5)
1
2
48
2010
1
14 2010 4 22 2010 4 23
(www.sse.com.cn)
(www.hkex.com.hk)
15 2010 6 22 2010 6 23
16 2010 8 24 2010 8 25
17 2010 10 27 2010 10 28
18 2010 12 28 2010 12 29
2
(1) 2009 2009 0.08
566,682,960
(2)
3
4
5
2010 12 31
www.sse.com.cn
6
49
2010 356,463.3
2010 12 31 7,083,537,000 10 0.90
637,518,330 2010
2008 1 1
10%
H 10 0.81
(%)
2009 566,682,960 1,357,328,545 41.75
2008 566,682,960 1,211,827,625 46.76
2007 566,682,960 1,430,835,500 39.61
2010 22% 25%
3% 20% 22% 25%
2010
2010 8
27
50
2010
26
2010 12 31
30%
30%
51
4
8 2009 2009 2009
2009 2010
2009
9
10 2010
11 2010
2010
52
2010
2010
2011 3 24
53
54
2010
1
(%)
191,368,576 82
347,848,716 3
1,115,027,873 36
428,288,033 12
144,750,000 42
171,153,708 21
115,074,716 10
1,367,444,151 55
431,988,111 24
0.3%-5%
17,826,553 11
52,400,000 100
2004 11 15
20 7,400 2010
5,240
2007 11 5
2010 12 31
2008 12 4 2008
2010 12 31
55
2010 10 27
2013 12 31 2010 12 21 2010
2011 2013
2
3
4
5
6
2010
56
2010
1 10 10
1
2
3
2007 1 1 20
7,400 2010 5,240
2
3
4
1
2
57
2010 6 22 2009 2010
2010
58
2010
8 B105 2010 4 23
D043 http://www.sse.com.cn
D65 601333
M2
2010 4 23
2010 4 23
14 B105 2010 4 23
D043
D65
M2
2010 4 23
B105 2010 4 23
D043
D65
M1-M2
B105 2010 4 23
D043
D65
M2
2009 2010 4 29
2009 B105 2010 4 29
D077
D4
D10
2009 B19 2010 5 18
A44
D5
E2
9 B16 2010 6 23
B004
C8
B4
2009 2010 6 23
59
2009 B16 2010 6 23
B004
C8
B4
15 B16 2010 6 23
B004
C8
B4
2009 B8 2010 7 7
A24
D002
D4
16 B169 2010 8 25
B060
D48
D9
B169 2010 8 25
B060
D48
D9
2010 8 25
11 B73 2010 10 28
B038
D56
E21
17 B73 2010 10 28
B038
D56
E21
B73 2010 10 28
B038
D56
E21
B73 2010 10 28
B038
D56
E21
H 2010 11 5
2010 2010 11 5
60
2010
2010 B25 2010 11 5
B009
C008
C4
2010 2010 12 22
2010 B6 2010 12 22
A28
D009
D4
18 B38 2010 12 29
B020
D017
D3
61
202
2
11
200021
+86 (21) 2323 8888
+86 (21) 2323 8800
pwccn.com
(2011) 10057
2010 12 31
2010
(1)
(2)
(3)
62
2010
(2011) 10057
2010
12 31 2010
2011 3 24
2010 12 31
2010 2009 2010 2009
12 31 12 31 12 31 12 31
(1) 3,267,558,240 1,629,650,944 3,239,679,679 1,602,619,116
(2), (1) 592,819,076 483,218,027 588,280,725 481,287,553
(4) 8,984,363 28,350,769 8,979,047 28,245,929
12,383,725 12,371,851
246,232 14,163,316 5,384,592
(3), (2) 56,947,687 43,992,255 81,887,598 62,107,723
(5) 255,079,240 231,110,626 249,097,778 228,371,516
4,194,018,563 2,416,322,621 4,194,459,994 2,408,016,429
(6) 35,121,629 44,229,191 35,121,629 44,229,191
(7), (3) 174,487,113 173,372,774 253,043,228 251,928,889
(8) 24,459,723,095 25,030,105,425 24,375,774,412 24,948,393,711
(9) 752,862,417 662,182,918 752,844,417 660,022,918
(10) 21,649,980 60,134,281 21,649,980 60,134,281
(11) 566,798,091 582,603,062 533,955,879 548,774,204
(12) 281,254,606 281,254,606 281,254,606 281,254,606
(13) 5,963,624 9,907,341 5,844,780 9,705,523
(14) 112,620,766 97,307,323 111,390,717 95,950,743
26,410,481,321 26,941,096,921 26,370,879,648 26,900,394,066
30,604,499,884 29,357,419,542 30,565,339,642 29,308,410,495
63
2010 12 31
2010 2009 2010 2009
12 31 12 31 12 31 12 31
(16) 1,652,449,844 1,466,007,353 1,644,263,814 1,461,607,787
(17) 68,085,385 61,933,678 67,416,680 60,126,433
(18) 355,310,437 305,869,667 345,765,302 295,813,085
(19) 343,537,582 268,799,029 338,314,374 263,535,884
(22) 6,889,726 6,889,726 6,889,726 6,889,726
(20) 53,828 45,077 39,833 45,077
(21) 388,510,620 450,427,015 441,214,191 494,704,588
2,814,837,422 2,559,971,545 2,843,903,920 2,582,722,580
(22) 3,471,993,662 3,465,801,271 3,471,993,662 3,465,801,271
(23) 95,093,096 97,120,137 95,093,096 97,120,137
3,567,086,758 3,562,921,408 3,567,086,758 3,562,921,408
6,381,924,180 6,122,892,953 6,410,990,678 6,145,643,988
(24) 7,083,537,000 7,083,537,000 7,083,537,000 7,083,537,000
(25) 11,564,580,548 11,564,580,548 11,564,461,609 11,564,461,609
(26) 2,087,957,053 1,932,130,511 2,087,957,053 1,932,130,511
(27) 3,431,942,576 2,598,561,286 3,418,393,302 2,582,637,387
24,168,017,177 23,178,809,345 24,154,348,964 23,162,766,507
(28) 54,558,527 55,717,244
24,222,575,704 23,234,526,589 24,154,348,964 23,162,766,507
30,604,499,884 29,357,419,542 30,565,339,642 29,308,410,495
64
2010
2010
2010 2009 2010 2009
(29), (4) 13,484,448,180 12,385,756,598 13,249,297,548 12,212,030,077
(29), (4) (9,905,165,043) (9,290,248,280) (9,745,871,716) (9,191,409,451)
(30) (338,623,506) (291,621,805) (328,939,712) (285,048,188)
(31) (1,013,652,722) (851,896,142) (963,136,230) (801,038,476)
(32) (141,768,328) (207,753,061) (142,304,627) (208,373,182)
(33) 1,661,238 (861,730) 1,658,570 (746,634)
(34), (5) 5,213,320 3,773,380 19,584,562 9,417,935
1,360,570 773,380 1,360,570 773,380
2,092,113,139 1,747,148,960 2,090,288,395 1,734,832,081
(35) 7,615,707 8,251,173 7,310,840 6,614,252
(36) (104,593,514) (55,731,525) (104,581,567) (54,738,255)
(96,318,072) (43,683,856) (96,310,091) (43,673,680)
1,995,135,332 1,699,668,608 1,993,017,668 1,686,708,078
(37) (440,389,262) (343,402,622) (434,752,251) (337,688,743)
1,554,746,070 1,356,265,986 1,558,265,417 1,349,019,335
1,555,890,792 1,357,328,545 1,558,265,417 1,349,019,335
(1,144,722) (1,062,559)
(38) 0.22 0.19
(38) 0.22 0.19
1,554,746,070 1,356,265,986 1,558,265,417 1,349,019,335
1,555,890,792 1,357,328,545 1,558,265,417 1,349,019,335
(1,144,722) (1,062,559)
65
2010
2009 1 1 7,083,537,000 11,564,500,889 1,797,228,577 1,942,817,635 55,948,467 22,444,032,568
2009
1,357,328,545 (1,062,559) 1,356,265,986
79,659 920,341 1,000,000
134,901,934 (701,584,894) (89,005) (566,771,965)
(26) 134,901,934 (134,901,934)
(27) (566,682,960) (89,005) (566,771,965)
2009 12 31 7,083,537,000 11,564,580,548 1,932,130,511 2,598,561,286 55,717,244 23,234,526,589
2010 1 1 7,083,537,000 11,564,580,548 1,932,130,511 2,598,561,286 55,717,244 23,234,526,589
2010
1,555,890,792 (1,144,722) 1,554,746,070
155,826,542 (722,509,502) (13,995) (566,696,955)
(26) 155,826,542 (155,826,542)
(27) (566,682,960) (13,995) (566,696,955)
2010 12 31 7,083,537,000 11,564,580,548 2,087,957,053 3,431,942,576 54,558,527 24,222,575,704
66
2010
2010
2009 1 1 7,083,537,000 11,564,461,609 1,797,228,577 1,935,202,946 22,380,430,132
2009
1,349,019,335 1,349,019,335
134,901,934 (701,584,894) (566,682,960)
(26) 134,901,934 (134,901,934)
(27) (566,682,960) (566,682,960)
2009 12 31 7,083,537,000 11,564,461,609 1,932,130,511 2,582,637,387 23,162,766,507
2010 1 1 7,083,537,000 11,564,461,609 1,932,130,511 2,582,637,387 23,162,766,507
2010
1,558,265,417 1,558,265,417
155,826,542 (722,509,502) (566,682,960)
(26) 155,826,542 (155,826,542)
(27) (566,682,960) (566,682,960)
2010 12 31 7,083,537,000 11,564,461,609 2,087,957,053 3,418,393,302 24,154,348,964
67
2010
2010 2009 2010 2009
10,260,824,182 9,757,390,102 10,028,281,427 9,582,914,468
(39)(a) 82,018,765 57,323,869 71,342,021 43,912,244
10,342,842,947 9,814,713,971 10,099,623,448 9,626,826,712
(2,898,785,851) (3,508,398,859) (2,796,626,252) (3,443,758,076)
(2,919,985,575) (2,669,393,031) (2,822,586,465) (2,599,924,403)
(722,842,631) (560,500,389) (706,534,796) (548,331,945)
(39)(b) (272,993,581) (207,003,968) (258,707,186) (171,689,237)
(6,814,607,638) (6,945,296,247) (6,584,454,699) (6,763,703,661)
(40)(a), (6)(a) 3,528,235,309 2,869,417,724 3,515,168,749 2,863,123,051
31,155,879 28,348,753 31,136,735 24,553,410
3,852,750 4,931,639 9,691,499 10,576,194
7,300,000
35,008,629 40,580,392 40,828,234 35,129,604
(1,158,398,438) (1,639,673,798) (1,151,998,216) (1,633,043,661)
(7,500,000) (7,500,000)
(39)(c) (94,500,000) (514,000,000) (100,000,000) (500,000,000)
(1,252,898,438) (2,161,173,798) (1,251,998,216) (2,140,543,661)
(1,217,889,809) (2,120,593,406) (1,211,169,982) (2,105,414,057)
1,000,000
1,000,000
3,499,093,333 3,499,093,333
3,500,093,333 3,499,093,333
(3,900,000,000) (3,900,000,000)
(734,338,204) (794,218,664) (734,338,204) (794,341,126)
(39)(d) (32,600,000) (32,600,000)
(766,938,204) (4,694,218,664) (766,938,204) (4,694,341,126)
(766,938,204) (1,194,125,331) (766,938,204) (1,195,247,793)
(40)(b), (6)(b) 1,543,407,296 (445,301,013) 1,537,060,563 (437,538,799)
1,115,650,944 1,560,951,957 1,102,619,116 1,540,157,915
2,659,058,240 1,115,650,944 2,639,679,679 1,102,619,116
68
2010
1996 3 6
1995[522]
1996 4 9 [1996]7 1,431,300,000
H 217,812,000 H 24,269,760 50 H
1996 5 14
2006 12 19 [2006]146
2,747,987,000 A
A
2007 1 1
10,169,924,967
2011 3 24
(1)
2006 2 15 38
15 2010
(2)
2010 2010 12 31
2010
(3)
1 1 12 31
(4)
69
2010
(5)
(a)
(b)
(6)
(7)
72
2010
(8)
(9)
(a)
(i)
(ii)
(iii)
(10)
73
(9)
(a)
(iv)
(1)
(2)
(3)
(b)
(c)
74
2010
(10)
(a)
(b)
(11)
(a)
(b)
(c)
(d)
75
(12)
(a)
(b)
76
2010
(12)
(c)
(d)
(19)
(13)
(a)
77
(13)
(b)
* 20-40 4% 2.40%-4.8%
* 16-100 0%-4% 6.00%-1.0%
20 4% 4.8%
8-20 4% 4.80%-12.0%
4-25 0%-4% 3.84%-25.0%
*
(16) (2)
50
(2)
(c) (19)
(d)
(14)
(19)
78
2010
(15)
3
(16)
(a)
36.5 50
(b)
5
(c)
(d)
(19)
79
(17)
(19)
(18)
(19)
(20)
80
2010
(21)
(22)
(23)
(a)
(b)
(c)
81
(23)
(d)
(24)
(25)
82
2010
(25)
(a)
(b)
(26)
(27)
(1)
(2) (3)
(28)
(a)
10% 18,712,000
22,870,000
83
(28)
(b)
(12)
(c)
(19)
(1)
(2)
(3)
(d)
(1)
(a)
84
2010
(1)
(a)
2010 12 31 2009 12 31
2010 12 31 2009 12 31
103,220,510 66,800,931
322,034 455,354
549,119 994,246
104,091,663 68,250,531
— (939,414)
2010 12 31
5% 5,200,000 2009 12 31
3,390,000
(b)
2010 12 31 2009 12 31
(22)
85
(1)
(c)
(d)
2010
12 31
2010 12 31
3,267,558,240 — — — 3,267,558,240
662,396,720 — — — 662,396,720
— — 2,000,000 104,400,000 106,400,000
3,929,954,960 — 2,000,000 104,400,000 4,036,354,960
1,732,116,829 — — — 1,732,116,829
167,650,000 167,650,000 3,828,410,274 — 4,163,710,274
1,899,766,829 167,650,000 3,828,410,274 — 5,895,827,103
86
2010
(1)
(d)
2009 12 31
1,629,650,944 — — — 1,629,650,944
527,210,282 — — — 527,210,282
— — 10,000,000 108,400,000 118,400,000
2,156,861,226 — 10,000,000 108,400,000 2,275,261,226
1,394,977,064 — — — 1,394,977,064
167,650,000 167,650,000 3,996,060,274 — 4,331,360,274
1,562,627,064 167,650,000 3,996,060,274 — 5,726,337,338
(1)
(e)
(i)
(ii)
87
(2)
2010 12 31 2009 12 31
2010 12 31 2009 12 31
(22) 3,471,993,662 3,465,801,271
(40)(c) (2,659,058,240) (1,115,650,944)
812,935,422 2,350,150,327
24,222,575,704 23,234,526,589
25,035,511,126 25,584,676,916
3% 9%
88
2010
20% 22% 25%
3% 5%
3% 4% 6% 17%
1% 5% 7%
3%
(1)
2007 3 16
2008 1 1
[2007]39
2008 2012 5 25%
2010 22%
2008 1 1 33% 25%
512
20%
(2)
3% 3% 5%
[2002]44
[2002]134
(3)
[2003]149 [2004]36 [2006]17
(4)
2010
12 1 1% 7%
89
38,000,000 28181658-2
18,500,000 19220364-5
10,000,000 27952367-6
3,000,000 19233842-7
3,000,000 73308186-4
2,400,000 19236987-2
2,000,000 19219627-0
2,000,000 73625774-9
1,500,000 19218182-9
1,020,000 19047914-6
1,000,000 23121626-3
500,000 23124048-2
379,000 19042912-2
90
2010
(%) (%)
48,204,994 51% 51% 44,693,029
18,500,000 100% 100%
5,500,000 55% 55% 4,267,340
2,000,000 76.66% 76.66% 921,896
3,000,000 100% 100%
2,400,000 100% 100%
2,000,000 100% 100%
2,000,000 100% 100%
1,500,000 100% 100%
500,000 100% 100%
1,800,000 50.5% 50.5% 4,676,262
500,000 100% 100%
379,000 100% 100%
88,283,994 54,558,527
91
(1)
2010 12 31 2009 12 31
62,111 1.00 62,111 33,502 1.00 33,502
3,140,134,177 1.00 3,140,134,177 1,536,071,470 1.00 1,536,071,470
121,256,363 0.85 103,180,677 75,817,570 0.88 66,755,854
48,626 6.62 322,034 66,687 6.83 455,354
3,243,636,888 1,603,282,678
23,819,408 1.00 23,819,408 26,289,687 1.00 26,289,687
46,811 0.85 39,833 51,224 0.88 45,077
23,859,241 26,334,764
3,267,558,240 1,629,650,944
(2)
2010 12 31 2009 12 31
600,070,115 492,369,349
(7,251,039) (9,151,322)
592,819,076 483,218,027
92
2010
(2)
(a)
2010 12 31 2009 12 31
566,245,877 446,011,666
6,415,864 23,314,699
6,595,497 4,939,078
20,812,877 18,103,906
600,070,115 492,369,349
(b)
2010 12 31 2009 12 31
541,932,659 90% — — 440,175,319 89% (117,829) —
58,137,456 10% (7,251,039) 12% 52,194,030 11% (9,033,493) 17%
600,070,115 100% (7,251,039) 1% 492,369,349 100% (9,151,322) 2%
(c) 2010 12 31
4,249,780 (4,249,780) 100% i
2,779,161 (2,669,161) 96% ii
332,098 (332,098) 100%
7,361,039 (7,251,039)
(i)
(ii)
93
(2)
(d) 5% 5%
2010 12 31 2009 12 31
292,504,260 — 108,340,775 —
(e) 2010 12 31
292,504,260 1 49%
202,104,700 1 34%
24,805,200 1 4%
13,913,499 1 2%
8,605,000 3 1%
541,932,659 90%
(f)
2010 12 31 2009 12 31
292,504,260 49% — 108,340,775 22% —
26,682,270 4% (19,351) 13,126,179 3% (113,446)
22,000 0% — — — —
319,208,530 53% (19,351) 121,466,954 25% (113,446)
(g) 2010 12 31 2009 12 31
94
2010
(3)
2010 12 31 2009 12 31
31,364,842 31,364,842
19,071,684 —
13,493,010 13,590,140
12,891,024 12,891,024
10,000,000 10,000,000
5,944,873 1,681,642
5,585,800 5,671,542
2,360,916 3,297,344
1,542,935 6,760,710
1,087,098 2,939,518
30,823,318 32,786,238
134,165,500 120,983,000
(77,217,813) (76,990,745)
56,947,687 43,992,255
(a)
2010 12 31 2009 12 31
41,245,401 29,781,351
2,399,605 4,004,168
3,541,514 5,307,840
86,978,980 81,889,641
134,165,500 120,983,000
95
(3)
(b)
2010 12 31 2009 12 31
86,820,560 65% (66,568,183) 77% 74,606,716 62% (66,568,183) 89%
47,344,940 35% (10,649,630) 22% 46,376,284 38% (10,422,562) 22%
134,165,500 100% (77,217,813) 58% 120,983,000 100% (76,990,745) 64%
(c) 2010 12 31
31,364,842 (31,364,842) 100% (i)
13,493,010 (12,312,317) 91% (ii)
12,891,024 (12,891,024) 100% (iii)
10,000,000 (10,000,000) 100% (iv)
2,434,400 (2,434,400) 100% (v)
2,071,736 (2,071,736) 100% (vi)
1,440,707 (1,440,707) 100% (vii)
5,118,695 (4,702,787) 93%
78,814,414 (77,217,813)
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
96
2010
(3)
(d) 5% 5%
2010 12 31 2009 12 31
6,895,868 — 4,854,658 —
(e) 2010 12 31
31,364,842 23%
19,071,684 14%
13,493,010 10%
12,891,024 10%
10,000,000 7%
86,820,560 64%
(f)
2010 12 31 2009 12 31
6,895,868 5% — 4,854,658 4% —
1,161,189 1% — 1,019,109 1% —
(6) 13,495,224 10% (12,312,317) 13,623,946 11% (12,312,317)
21,552,281 16% (12,312,317) 19,497,713 16% (12,312,317)
(g)
2010 12 31 2009 12 31
646,022 0.85 549,119 1,129,209 0.88 994,246
97
(4)
(a)
2010 12 31 2009 12 31
8,777,546 98% 27,825,769 98%
206,817 2% — —
— — 525,000 2%
8,984,363 100% 28,350,769 100%
(b) 2010 12 31 2009 12 31 5% 5%
(c) 2010 12 31
5,805,077 65% 2010 5 (i)
2,134,200 24% 2010 11 (ii)
500,000 6% 2010 12 (iii)
186,817 2% 2009 12 (iv)
100,304 1% 2010 4 (v)
8,726,398 98%
(i)
(ii)
(iii) 2011
(iv)
(v) 2011
98
2010
(4)
(d)
2010 12 31 2009 12 31
5,805,077 65% — 14,701,313 52% —
(e) 2010 12 31 2009 12 31
(5)
2010 12 31 2009 12 31
147,219,756 137,328,368
80,764,004 75,107,525
22,645,123 15,277,109
4,450,357 3,397,624
255,079,240 231,110,626
2010 12 31 2009 12 31
(6)
2010 12 31 2009 12 31
44,229,191 48,136,337
(12,000,000) (8,000,000)
(32) 2,892,438 4,092,854
35,121,629 44,229,191
2007 1 1
6.54%
99
(7)
2010 12 31 2009 12 31
(a) 150,350,311 149,235,972
(b) 65,839,612 65,839,612
216,189,923 215,075,584
(c) (41,702,810) (41,702,810)
174,487,113 173,372,774
(a)
2009 2010
12 31 12 31
(34)
(i) 29,689,077 29,689,077 29,689,077 26.98% 26.98% (29,689,077)
153,890,000 84,971,396 (600,409) (246,231) 84,124,756 49% 49%
26,950,000 34,575,499 1,960,979 36,536,478 49% 49%
149,235,972 1,360,570 (246,231) 150,350,311 (29,689,077)
100
2010
(7)
(a)
(i)
2010 12 31 2010
261,524,120 407,028,469 (145,504,349) 5,003,640 (3,229,979)
395,206,600 223,523,424 171,683,176 24,581,254 (1,225,324)
279,260,920 204,696,681 74,564,239 615,517,778 4,001,997
(b)
2009 2010
12 31 12 31
(34)
37,500,000 37,500,000 37,500,000 1.4% 1.4% 3,852,750
13,608,000 13,608,000 13,608,000 0.44% 0.44%
(i) 1,717,879 1,717,879 1,717,879 33% 33%
1,000,000 1,000,000 1,000,000 2% 2%
(ii) 12,013,733 12,013,733 12,013,733 100% 100% (12,013,733)
65,839,612 65,839,612 (12,013,733) 3,852,750
101
(7)
(b)
(i) 20%
(ii) 20%
(c)
2010 12 31 2009 12 31
29,689,077 29,689,077
12,013,733 12,013,733
41,702,810 41,702,810
102
2010
(8)
2009 2010
12 31 12 31
32,023,293,575 904,005,495 — (407,698,258) 32,519,600,812
4,677,195,352 157,922,692 — (2,551,957) 4,832,566,087
14,437,510,423 212,187,579 — (55,914,163) 14,593,783,839
6,945,305,202 32,185,530 (492,100) (103,071,610) 6,873,927,022
1,531,256,102 202,062,830 4,709,175 (215,472,257) 1,522,555,850
4,432,026,496 299,646,864 (4,217,075) (30,688,271) 4,696,768,014
(6,993,139,482) (1,347,383,130) — 280,693,563 (8,059,829,049)
(1,055,967,499) (174,066,266) — 684,028 (1,229,349,737)
(1,798,597,257) (205,829,276) — 8,436,240 (1,995,990,293)
(1,542,568,733) (417,190,379) — 38,321,614 (1,921,437,498)
(751,347,812) (175,359,858) (1,222,410) 206,853,367 (721,076,713)
(1,844,658,181) (374,937,351) 1,222,410 26,398,314 (2,191,974,808)
25,030,154,093 24,459,771,763
3,621,227,853 3,603,216,350
12,638,913,166 12,597,793,546
5,402,736,469 4,952,489,524
779,908,290 801,479,137
2,587,368,315 2,504,793,206
(48,668) — — — (48,668)
(48,668) — — — (48,668)
25,030,105,425 24,459,723,095
3,621,227,853 3,603,216,350
12,638,913,166 12,597,793,546
5,402,736,469 4,952,489,524
779,908,290 801,479,137
2,587,319,647 2,504,744,538
103
(8)
2010 1,347,383,130 2009 1,289,738,243
1,337,278,212 9,702,840 402,078 2009
1,279,419,742 9,979,230 339,271
737,283,602 2009 915,481,616
2010 12 31 27,024,000 2009
12 31 27,190,000
(a)
2010 12 31 916,538,000 1,132,669,000
2009 12 31 1,329,751,000 1,563,153,000
104
2010
(9)
2010 12 31 2009 12 31
(a) (a)
247,404,531 — 247,404,531 220,596,749 — 220,596,749
205,796,118 — 205,796,118 6,770,957 — 6,770,957
GSMR 64,462,920 — 64,462,920 62,299,680 — 62,299,680
20,658,943 — 20,658,943 4,068,400 — 4,068,400
11,448,071 — 11,448,071 — — —
11,050,000 — 11,050,000 — — —
11,890,838 — 11,890,838 5,930,000 — 5,930,000
8,830,000 — 8,830,000 — — —
1,445,912 — 1,445,912 23,470,000 — 23,470,000
CTCS-2 — — — 93,700,000 — 93,700,000
— — — 29,313,308 — 29,313,308
8-11
— — — 14,990,000 — 14,990,000
— — — 13,031,706 — 13,031,706
177,682,131 (7,807,047) 169,875,084 195,819,165 (7,807,047) 188,012,118
760,669,464 (7,807,047) 752,862,417 669,989,965 (7,807,047) 662,182,918
(a)
2009 2010
12 31 12 31
52,000 — 52,000
396,000 — 396,000
1,000,000 — 1,000,000
6,359,047 — 6,359,047
7,807,047 — 7,807,047
105
(9)
(b)
2009 2010
12 31 12 31 % %
5,313,300,000 220,596,749 26,807,782 247,404,531 96% 96% 118,061,195
643,710,000 6,770,957 199,025,161 205,796,118 32% 32%
GSMR 80,572,800 62,299,680 2,163,240 64,462,920 80% 80%
29,800,000 4,068,400 16,590,543 20,658,943 69% 69%
15,400,000 11,448,071 11,448,071 74% 74%
20,000,000 11,050,000 11,050,000 55% 55%
17,806,400 5,930,000 5,960,838 11,890,838 67% 67%
33,940,000 23,470,000 8,038,671 (30,062,760) 1,445,911 93% 93%
17,810,000 8,830,000 8,830,000 50% 50%
CTCS-2 151,009,500 93,700,000 47,905,685 (141,605,685) 100% 100%
45,440,500 29,313,308 9,688,027 (39,001,335) 100% 100%
8-11 26,396,500 14,990,000 27,983,036 (42,973,036) 100% 100%
87,764,400 13,031,706 22,277,944 (35,309,650) 100% 100%
195,819,165 430,194,103 (448,331,136) 177,682,132
669,989,965 827,963,101 (737,283,602) 760,669,464 118,061,195
(10)
2010 12 31 2009 12 31 5% 5%
106
2010
(11)
2009 2010
12 31 12 31
808,638,090 2,428,342 — 811,066,432
791,212,756 — — 791,212,756
17,425,334 2,428,342 — 19,853,676
(226,035,028) (18,233,313) — (244,268,341)
(214,833,280) (15,988,052) — (230,821,332)
(11,201,748) (2,245,261) — (13,447,009)
582,603,062 566,798,091
576,379,476 560,391,424
6,223,586 6,406,667
2010 18,233,313 2009 19,278,179
2010 12 31 1,620,894 2009 12 31
1,620,894
2010 12 31 2009 12 31
(12)
2010 12 31 2009 12 31 281,254,606
2007 1 1
2009 1 1 2009
1 1
35
107
(12)
27.6%
2%
11.54%
10%
10%
(13)
2009 2010
12 31 12 31
9,907,341 138,941 (4,082,658) 5,963,624
108
2010
(14)
(a)
2010 12 31 2009 12 31
30,492,080 121,968,321 30,909,717 123,638,867
84,609,801 340,804,939 67,925,746 281,540,439
23,439,153 93,885,976 24,143,910 97,120,137
50,000 200,000 25,000 100,000
138,591,034 556,859,236 123,004,373 502,399,443
(b)
2010 12 31 2009 12 31
(19,234,683) (76,977,140) (19,643,584) (78,735,300)
(6,735,585) (26,949,791) (6,053,466) (24,243,676)
(25,970,268) (103,926,931) (25,697,050) (102,978,976)
(c)
2010 12 31 2009 12 31
9,872,077 6,209,933
109
(14)
(d)
2010 12 31 2009 12 31
2013 1,923,886 2,332,723
2014 3,877,210 3,877,210
2015 4,070,981 —
9,872,077 6,209,933
(e)
2010 12 31 2009 12 31
25,970,268 25,697,050
(25,970,268) (25,697,050)
(f)
2010 12 31 2009 12 31
112,620,766 452,932,305 97,307,323 399,420,467
110
2010
(15)
2009 2010
12 31 12 31
86,142,067 323,579 (1,984,817) (11,977) 84,468,852
9,151,322 89,894 (1,978,200) (11,977) 7,251,039
76,990,745 233,685 (6,617) — 77,217,813
41,702,810 — — — 41,702,810
48,668 — — — 48,668
7,807,047 — — — 7,807,047
135,700,592 323,579 (1,984,817) (11,977) 134,027,377
(16)
2010 12 31 2009 12 31
477,805,508 674,652,027
302,758,874 249,402,300
291,001,805 264,705,260
580,883,657 277,247,766
1,652,449,844 1,466,007,353
(a) 2010 12 31 94,788,364 2009 12 31 15,231,853
(b) 2010 12 31 2009 12 31 5% 5%
2010 12 31 2009 12 31
24,698,510 69,857,509
111
(16)
(c)
2010 12 31 2009 12 31
24,698,510 69,857,509
(6) 198,417,381 259,467,350
(6) 18,905,274 135,175
242,021,165 329,460,034
(d)
2010 12 31 2009 12 31
— — — 137,579 6.83 939,414
(17)
2010 12 31 2009 12 31
54,585,817 45,001,177
11,708,466 15,115,635
1,791,102 1,816,866
68,085,385 61,933,678
(a) 2010 12 31 10,726,589 2009 12 31 479,197
(b) 2010 12 31 2009 12 31 5% 5%
112
2010
(17)
(c)
2010 12 31 2009 12 31
— 335,610
(d) 2010 12 31 2009 12 31
(18)
2009 2010
12 31 12 31
6,530,320 2,008,870,865 (2,015,071,891) 329,294
— 117,201,795 (117,201,795) —
1,196,039 518,249,447 (518,761,560) 683,926
435,853 163,859,779 (164,253,427) 42,205
22,493 293,879,836 (293,874,473) 27,856
9,727 4,032,582 (4,032,543) 9,766
3,856 8,167,513 (8,167,166) 4,203
724,110 48,309,737 (48,433,951) 599,896
12,981 149,129,443 (149,129,443) 12,981
65,849,374 74,586,453 (55,542,042) 84,893,785
231,938,334 100,989,489 (63,747,799) 269,180,024
342,619 6,286,375 (6,418,567) 210,427
305,869,667 2,975,313,867 (2,925,873,097) 355,310,437
2010 12 31
2011 2011
2015
113
(19)
2010 12 31 2009 12 31
181,465,435 116,036,032
89,046,901 92,869,675
45,120,948 35,320,003
17,124,049 17,124,049
5,110,842 4,616,516
1,430,193 1,262,819
3,355,772 648,678
883,442 921,257
343,537,582 268,799,029
(20)
2010 12 31 2009 12 31
H 39,833 45,077
13,995 —
53,828 45,077
2010 12 31 2009
(27)
114
2010
(21)
2010 12 31 2009 12 31
153,634,400 155,030,471
120,184,960 90,564,633
19,640,880 52,361,098
1,016,913 33,616,913
94,033,467 118,853,900
388,510,620 450,427,015
(a) 2010 12 31 217,741,999 2009 12 31
98,753,351
(b) 2010 12 31 2009 12 31 5% 5%
2010 12 31 2009 12 31
8,714,334 9,441,682
(c)
2010 12 31 2009 12 31
8,714,334 9,441,682
(6) 22,522,670 55,869,786
(6) 6,991,105 9,399,156
38,228,109 74,710,624
(d) 2010 12 31 2009 12 31
115
(22)
2009 2010
12 31 12 31
(32)
09 MTN1 3,465,801,271 — 6,192,391 3,471,993,662
[2009]MTN112 2009 12 17 09
MTN1 5 3,500,000,000 34,523,580
3,465,476,420 4.79%
2010 12 31 5.018%
3,471,993,662
2009 2010
12 31 12 31
(32)
09 MTN1 6,889,726 167,650,000 (167,650,000) 6,889,726
(23)
2010 12 31 2009 12 31
95,093,096 97,120,137
116
2010
(24)
2009 2010
12 31 12 31
(b) 274,798,700 — 274,798,700
274,798,700 — 274,798,700
5,377,438,300 — 5,377,438,300
1,431,300,000 — 1,431,300,000
6,808,738,300 — 6,808,738,300
7,083,537,000 — 7,083,537,000
2008 2009
12 31 12 31
(a) 2,904,250,000 (2,904,250,000)
(b) 274,798,700 274,798,700
2,904,250,000 (2,629,451,300) 274,798,700
2,747,987,000 2,629,451,300 5,377,438,300
1,431,300,000 1,431,300,000
4,179,287,000 2,629,451,300 6,808,738,300
7,083,537,000 7,083,537,000
(a) A 1,480,944,000
A 2,904,250,000
2006 12 22 A
2007 12 22
1,480,944,000
117
(24)
(b) 2009 9 22
274,798,700
2010 12 31 274,798,700
(25)
2009 2010
12 31 12 31
11,553,642,963 — 11,553,642,963
10,937,585 — 10,937,585
11,564,580,548 — 11,564,580,548
2008 2009
12 31 12 31
11,553,642,963 — 11,553,642,963
(a) 10,857,926 79,659 10,937,585
11,564,500,889 79,659 11,564,580,548
(a)
(26)
2009 2010
12 31 12 31
1,628,071,989 155,826,542 1,783,898,531
304,058,522 — 304,058,522
1,932,130,511 155,826,542 2,087,957,053
118
2010
(26)
2008 2009
12 31 12 31
1,493,170,055 134,901,934 1,628,071,989
304,058,522 304,058,522
1,797,228,577 134,901,934 1,932,130,511
10%
50%
2010 10%
155,826,542 2009 10% 134,901,934
2010 6 22 2009
2008
(27)
2010 2009
2,598,561,286 1,942,817,635
1,555,890,792 1,357,328,545
(155,826,542) (134,901,934)
(566,682,960) (566,682,960)
3,431,942,576 2,598,561,286
(a) 2010 12 31 24,636,654 2009
12 31 24,184,701 451,953
2009 286,152
(b) 2010 6 22 2009 7,083,537,000
0.08 566,682,960 2009
566,682,960
(c) 2011 3 24 2010
7,083,537,000 0.09 637,518,330
119
(28)
2010 12 31 2009 12 31
44,693,029 45,594,192
4,676,262 4,663,604
4,267,340 4,539,107
921,896 920,341
54,558,527 55,717,244
(29)
(a)
2010 2009
8,104,125,684 7,195,716,788
3,115,911,254 3,105,653,561
1,360,821,882 1,210,118,196
12,580,858,820 11,511,488,545
232,450,192 241,403,785
166,361,205 154,086,043
136,947,361 118,478,249
71,449,612 67,762,875
71,483,687 51,167,432
53,657,055 38,789,751
33,298,935 30,161,401
137,941,313 172,418,517
903,589,360 874,268,053
13,484,448,180 12,385,756,598
120
2010
(29)
(b)
2010 2009
9,178,767,706 8,599,425,625
726,397,337 690,822,655
9,905,165,043 9,290,248,280
(c)
2010 2009
3,235,867,510 2,974,805,082
1,876,061,727 1,676,665,172
1,457,768,677 1,395,332,942
1,314,424,178 1,256,244,663
828,211,155 588,330,977
144,750,000 373,321,406
321,684,459 334,725,383
9,178,767,706 8,599,425,625
(d)
2010 2009
334,501,326 318,122,887
297,053,329 282,607,905
22,854,034 23,175,079
71,988,648 66,916,784
726,397,337 690,822,655
121
(29)
(e)
12,529,144,855 2009 10,841,907,314
93% 2009 88%
(%)
11,520,697,563 85%
1,115,027,873 8%
539,217,292 4%
469,230,000 4%
12,529,144,855 93%
(30)
2010 2009
321,058,757 278,512,577
10,334,919 9,074,934
7,229,830 4,034,294
338,623,506 291,621,805
122
2010
(31)
2010 2009
788,702,380 642,935,438
52,400,000 51,200,000
37,376,800 13,818,000
24,213,448 25,117,282
19,606,449 17,383,373
15,988,052 15,988,052
13,710,102 16,693,494
13,386,244 14,876,620
9,702,840 9,979,230
38,566,407 43,904,653
1,013,652,722 851,896,142
(32) —
2010 2009
— 220,287,897
(22) 167,650,000 6,889,726
(41,511,047) (24,440,486)
(6) (2,892,438) (4,092,854)
7,608,908 6,509,826
(22) 6,192,391 324,851
2,395,838 46,529
2,324,676 2,227,572
141,768,328 207,753,061
(33)
2010 2009
(1,661,238) 413,730
— 448,000
(1,661,238) 861,730
123
(34)
2010 2009
(7)(a) 1,360,570 773,380
(7)(b) 3,852,750 3,000,000
5,213,320 3,773,380
(35)
2010
2010 2009
469,256 1,630,503 469,256
536,552 1,932,466 536,552
(a) 5,493,241 3,374,917 5,493,241
1,116,658 1,313,287 1,116,658
7,615,707 8,251,173 7,615,707
(a)
2010 2009
(23) 3,387,761 3,374,917
2,105,480 —
5,493,241 3,374,917
124
2010
(36)
2010
2010 2009
96,318,072 43,683,856 96,318,072
— 1,000 —
8,275,442 12,046,669 8,275,442
104,593,514 55,731,525 104,593,514
(37)
2010 2009
455,702,705 337,612,896
(15,313,443) 5,789,726
440,389,262 343,402,622
2010 2009
1,995,135,332 1,699,668,608
22% 2009 20% 438,929,773 339,933,722
118,416 (996,005)
1,592,387 4,279,239
(1,146,930) (589,776)
895,616 775,442
440,389,262 343,402,622
125
(38)
(a)
2010 2009
1,555,890,792 1,357,328,545
7,083,537,000 7,083,537,000
0.22 0.19
(b)
2010
2009
(39)
(a)
2010 2009
29,127,322 24,440,486
29,620,327 —
6,151,707 23,477,857
17,119,409 9,405,526
82,018,765 57,323,869
126
2010
(39)
(b)
2010 2009
32,720,218 41,285,700
24,213,448 25,170,519
15,422,033 19,106,900
13,386,244 18,614,017
52,400,000 51,200,000
37,376,800 10,468,686
19,606,449 17,383,373
77,868,389 23,774,773
272,993,581 207,003,968
(c)
2010 2009
94,500,000 514,000,000
2010 2009
32,600,000 —
127
(40)
(a)
2010 2009
1,554,746,070 1,356,265,986
(1,661,238) 861,730
1,347,383,130 1,289,398,972
18,233,313 19,278,179
4,082,658 5,277,693
95,848,816 42,053,353
173,842,391 229,919,446
(5,213,320) (3,773,380)
(15,313,443) 5,789,726
(23,968,614) (29,187,573)
(104,943,943) (177,335,292)
485,199,489 130,868,884
3,528,235,309 2,869,417,724
(b)
2010 2009
2,659,058,240 1,115,650,944
(1,115,650,944) (1,560,951,957)
1,543,407,296 (445,301,013)
(c)
2010 12 31 2009 12 31
(1) 3,267,558,240 1,629,650,944
(608,500,000) (514,000,000)
2,659,058,240 1,115,650,944
128
2010
(a) 2010 2010 12 31
13,249,297,548 245,977,707 (10,827,075) 13,484,448,180
41,019,204 606,887 (115,044) 41,511,047
(167,650,000) (167,650,000)
1,360,570 1,360,570
1,658,570 2,668 1,661,238
(1,363,921,646) (5,777,455) (1,369,699,101)
1,993,017,668 19,526,997 (17,409,333) 1,995,135,332
(434,752,251) (5,637,011) (440,389,262)
1,558,265,417 13,889,986 (17,409,333) 1,554,746,070
30,565,339,642 249,132,241 (209,971,999) 30,604,499,884
6,410,990,678 94,863,569 (123,930,067) 6,381,924,180
(97,929,814) (3,059,675) (100,989,489)
953,938,049 4,829,927 958,767,976
129
(b) 2009 2009 12 31
12,212,030,077 173,726,521 12,385,756,598
23,971,221 680,734 (211,469) 24,440,486
(227,177,623) (227,177,623)
773,380 773,380
(746,634) (115,096) (861,730)
(1,308,147,922) (5,806,922) (1,313,954,844)
1,686,708,078 18,605,085 (5,644,555) 1,699,668,608
(337,688,743) (5,713,879) (343,402,622)
1,349,019,335 12,891,206 (5,644,555) 1,356,265,986
29,308,410,495 231,602,978 (182,593,931) 29,357,419,542
6,145,643,988 73,800,963 (96,551,998) 6,122,892,953
(1,200,000) (1,200,000)
1,542,678,583 4,521,379 1,547,199,962
2010 11,520,697,563 2009 10,400,547,538
85% 2009 84% 10%
130
2010
(1)
2010 2009
(i) (ii)
7,569,569,892 6,542,333,066
3,115,911,254 3,105,653,561
835,216,417 752,560,911
11,520,697,563 10,400,547,538
85% 84%
(2)
2010 2009
2,487,995,321 2,404,966,047
178,917,375 162,560,889
2,666,912,696 2,567,526,936
27% 28%
(3)
2010 12 31 2009 12 31
24,805,200 273,299,689
166,271,118 —
131
(1)
(2)
(3)
19133769-2 107,054,682
23122544-2 343,050,000
19218256-5 55,000,000
(4)
19034882-4
19035314-8
19033336-6
19219009-8
19050162-2
19046638-8
29412295-0
18378414-2
19047681-8
18379388-2
23112798-1
72376107-3
19050756-5
19048078-8
19046312-8
19046209-6
19037353-6
132
2010
(5)
(a)
2010 2009
(1)
1,115,027,873 36% 1,069,052,819 34%
191,368,576 82% 220,000,193 91%
347,848,716 3% 208,860,383 2%
(2)
428,288,033 12% 347,968,908 12%
144,750,000 42% 369,256,800 51%
171,153,708 21% 115,454,837 19%
115,074,716 10% 241,753,480 17%
1,367,444,151 55% 1,530,479,386 64%
(3)
0.3%-5%
431,988,111 24% 631,148,578 37%
(4)
17,826,553 11% 2,520,220 1%
133
(5)
(b)
2010 2009
(2) 52,400,000 51,200,000
(c)
2010 2009
4,144,022 3,562,597
134
2010
(6)
2010 12 31 2009 12 31
292,504,260 108,340,775
26,662,919 13,012,733
26,682,270 13,126,179
(19,351) (113,446)
22,000 —
319,189,179 121,353,508
53% 25%
6,895,868 4,854,658
1,161,189 1,019,109
1,182,907 1,311,629
13,495,224 13,623,946
(12,312,317) (12,312,317)
9,239,964 7,185,396
16% 16%
5,805,077 14,701,313
65% 52%
246,232 —
100% —
135
(6)
2010 12 31 2009 12 31
24,698,510 69,857,509
198,417,381 259,467,350
61,606,639 43,552,873
47,015,211 44,744,980
23,322,863 28,509,128
19,529,136 18,713,705
8,149,837 59,155,066
— 20,125,200
278,332 8,896,478
38,515,363 35,769,920
18,905,274 135,175
242,021,165 329,460,034
15% 22%
— 335,610
— 1%
8,714,334 9,441,682
22,522,670 55,869,786
10,000,000 13,207,655
12,522,670 42,662,131
6,991,105 9,399,156
38,228,109 74,710,624
10% 17%
136
2010
(7)
(a)
2010 2009
4,762,577 24,812,228
(b) —
2010 2009
(2) 1,184,000,000 1,258,000,000
(1)
2010 12 31 2009 12 31
99,313,000 248,630,000
1,744,503,000 1,357,620,000
(2)
2004 11 15
2007 1 1 20
74,000,000 2010
52,400,000 2009 51,200,000
137
2011 3 24 637,518,330
(27)
(1)
2010 12 31 2009 12 31
595,281,412 490,188,523
(7,000,687) (8,900,970)
588,280,725 481,287,553
(a)
2010 12 31 2009 12 31
562,444,213 444,387,848
5,985,833 23,008,043
6,288,841 4,939,078
20,562,525 17,853,554
595,281,412 490,188,523
(b)
2010 12 31 2009 12 31
541,344,203 91% — — 439,586,863 90% (117,829) —
53,937,209 9% (7,000,687) 13% 50,601,660 10% (8,783,141) 17%
595,281,412 100% (7,000,687) 1% 490,188,523 100% (8,900,970) 2%
138
2010
(1)
(c) 2010 12 31
4,249,780 (4,249,780) 100% i
2,779,161 (2,669,161) 96% ii
81,746 (81,746) 100%
7,110,687 (7,000,687)
i
ii
(d) 5% 5%
2010 12 31 2009 12 31
291,915,804 — 107,752,319 —
(e) 2010 12 31
291,915,804 1 49%
202,104,700 1 34%
24,805,200 1 4%
13,913,499 1 2%
8,605,000 3 1%
541,344,203 90%
139
(1)
(f)
2010 12 31 2009 12 31
291,915,804 49% — 107,752,319 22% —
25,631,772 4% (19,351) 13,126,179 3% (113,446)
22,000 0% — — — —
317,569,576 53% (19,351) 120,878,498 25% (113,446)
(g) 2010 12 31 2009 12 31
(2)
2010 12 31 2009 12 31
31,364,842 31,364,842
19,071,684 —
13,493,010 13,590,140
12,891,024 12,891,024
10,000,000 10,000,000
9,082,971 9,082,971
5,944,873 3,875,540
2,360,916 2,938,740
1,542,935 6,760,710
974,208 571,768
51,572,818 47,213,936
158,299,281 138,289,671
(76,411,683) (76,181,948)
81,887,598 62,107,723
140
2010
(2)
(a)
2010 12 31 2009 12 31
57,481,118 39,016,895
2,225,141 3,990,231
3,527,577 5,096,534
95,065,445 90,186,011
158,299,281 138,289,671
(b)
2010 12 31 2009 12 31
95,903,531 61% (66,568,183) 69% 83,689,687 61% (66,568,183) 80%
62,395,750 39% (9,843,500) 16% 54,599,984 39% (9,613,765) 18%
158,299,281 100% (76,411,683) 85% 138,289,671 100% (76,181,948) 55%
(c) 2010 12 31
31,364,842 (31,364,842) 100% (3)(c)
13,493,010 (12,312,317) 91% (3)(c)
12,891,024 (12,891,024) 100% (3)(c)
10,000,000 (10,000,000) 100% (3)(c)
2,434,400 (2,434,400) 100% (3)(c)
2,071,736 (2,071,736) 100% (3)(c)
1,008,458 (1,008,458) 100% (3)(c)
4,527,747 (4,328,906) 96%
77,791,217 (76,411,683)
141
(2)
(d) 5% 5%
2010 12 31 2009 12 31
6,895,868 — 4,854,658 —
(e) 2010 12 31
31,364,842 20%
19,071,684 12%
13,493,010 9%
12,891,024 8%
10,000,000 6%
86,820,560 55%
(f)
2010 12 31 2009 12 31
6,895,868 4% — 4,854,658 4% —
1,161,189 1% — 1,019,109 1% —
13,495,224 9% (12,312,317) 13,623,946 10% (12,312,317)
26,479,167 17% — 20,685,714 15% —
48,031,448 31% (12,312,317) 40,183,427 30% (12,312,317)
142
2010
(2)
(g)
2010 12 31 2009 12 31
646,022 0.85 549,119 1,129,209 0.88 994,246
(3)
2010 12 31 2009 12 31
(a) 80,273,994 80,273,994
150,350,311 149,235,972
52,108,000 52,108,000
282,732,305 281,617,966
(29,689,077) (29,689,077)
253,043,228 251,928,889
143
(3)
(a)
2009 2010
12 31 12 31
48,204,994 48,204,994 48,204,994 51% 51%
18,000,000 18,000,000 18,000,000 97.3% 97.3% 8,383,754
5,500,000 5,500,000 5,500,000 55% 55%
1,760,000 1,760,000 1,760,000 67.46% 67.46% 45,968
1,800,000 1,800,000 1,800,000 75% 75% 956,955
830,000 830,000 830,000 41.5% 41.5% 1,041,534
1,500,000 1,500,000 1,500,000 100% 100%
500,000 500,000 500,000 100% 100% 3,534,841
1,800,000 1,800,000 1,800,000 50.5% 50.5%
379,000 379,000 379,000 100% 100% 408,190
80,273,994 80,273,994 14,371,242
144
2010
(4)
(a)
2010 2009
8,104,125,684 7,195,716,788
3,115,911,254 3,105,653,561
1,360,821,882 1,210,118,196
12,580,858,820 11,511,488,545
232,450,192 241,403,785
166,361,205 154,086,043
74,178,361 92,180,200
66,507,098 67,762,875
26,029,302 23,043,141
13,691,229 2,005,919
89,221,341 120,059,569
668,438,728 700,541,532
13,249,297,548 12,212,030,077
(b)
2010 2009
9,178,767,706 8,599,425,625
567,104,010 591,983,826
9,745,871,716 9,191,409,451
145
(4)
(c)
2010 2009
3,235,867,510 2,974,805,082
1,876,061,727 1,676,665,172
1,457,768,677 1,395,332,942
1,314,424,178 1,256,244,663
828,211,155 588,330,977
144,750,000 373,321,406
321,684,459 334,725,383
9,178,767,706 8,599,425,625
(d)
2010 2009
263,852,203 277,436,934
243,920,436 251,270,578
19,493,642 20,071,396
39,837,729 43,204,918
567,104,010 591,983,826
146
2010
(4)
(e)
12,529,144,855 2009 10,841,907,314
95% 2009 89%
(%)
11,520,697,563 87%
1,115,027,873 8%
539,217,292 4%
469,230,000 4%
12,529,144,855 95%
(5)
2010 2009
(7)(a) 1,360,570 773,380
(7)(b) (3) 18,223,992 8,644,555
19,584,562 9,417,935
147
(6)
(a)
2010 2009
1,558,265,417 1,349,019,335
(1,658,570) 746,634
1,342,698,454 1,284,687,709
17,246,665 18,291,531
3,976,527 5,168,681
95,840,835 43,534,528
173,842,391 230,130,912
(19,584,562) (9,417,935)
(15,439,974) 5,519,475
(20,726,262) (29,554,525)
(109,227,669) (191,228,464)
489,935,497 156,225,170
3,515,168,749 2,863,123,051
(b)
2010 2009
2,639,679,679 1,102,619,116
(1,102,619,116) (1,540,157,915)
1,537,060,563 (437,538,799)
(c)
2010 12 31 2009 12 31
3,239,679,679 1,602,619,116
(600,000,000) (500,000,000)
2,639,679,679 1,102,619,116
148
2010
2010 2009
95,848,816 42,053,353
(536,552) (1,932,466)
(5,493,241) (3,374,917)
7,158,784 10,734,383
96,977,807 47,480,353
(19,232,195) (7,088,659)
16,133 (1,057,568)
77,761,745 39,334,126
1 [2008] 1 (2008)
149
H
1,554,746 24,222,576
(69,828)
1,484,918 24,222,576
15
15
2010
(%)
2010 2009 2010 2009 2010 2009
6.57 5.96 0.22 0.19 0.22 0.19
6.90 6.13 0.23 0.20 0.23 0.20
150
2010
30%
5% 10%
2010 2009
12 31 12 31 (%)
1 3,267,558,240 1,629,650,944 100.51
2 8,984,363 28,350,769 (68.31) 2010
3 21,649,980 60,134,281 (64.00) 2010
4 5,963,624 9,907,341 (39.81)
5 3,431,942,576 2,598,561,286 32.07
6 13,484,448,180 12,385,756,598 8.87
7 (9,905,165,043) (9,290,248,280) 6.62
8 (141,768,328) (207,753,061) (31.76)
9 1,661,238 (861,730)
10 5,213,320 3,773,380 38.16
11 (104,593,514) (55,731,525) 87.67
151
20-F
152
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广深铁路股份有限公司
独立董事对公司对外担保情况的
专项说明及独立意见
根据《上海证券交易所股票上市规则》及《广深铁路股
份有限公司章程》的有关规定，按照中国证券监督管理委员
会、国务院国有资产监督管理委员会颁布的《关于规范上市
公司与关联方资金往来及上市公司对外担保若干问题的通
知》［证监发（2003）56号］的要求，我们在对公司2010年
财务报告进行核查时，就公司对外担保情况进行了专项核
查，发表如下独立意见：报告期内，公司无对外担保的情况。
独立董事签名：
戴其林 周志伟 吕玉辉
2011 年 3 月 24 日