601333
2011
9,082.79
4,811.84
3,904.62
366.33
28,523.99
2011
6,870.28
2,233.14
4,637.14
15,519.10
2011
ANNUAL REPORT 2011
2011
011
015
018
026
038
051
052
075
078
089
198
ANNUAL REPORT 2011
1
Guangshen Railway Company Limited
2
1052
86 755-25588150 86 755-25588150
86 755-25591480
ir@gsrc.com
3
1052
518010
http://www.gsrc.com
ir@gsrc.com
4
http://www.sse.com.cn
http://www.hkexnews.hk
http://www.gsrc.com
1052
011
ANNUAL REPORT 2011
5
A 601333
H 00525
ADS — GSH
6
1996 3 6
440301103661840
440300192411663
19241166-3
202 2 11
22
2 21
1 39
15 12
A
A 166 36
H
H 183 17 1712 1716
4 13
1 4
012
1996 3 6
1996 5 H 00525 ADSs ( GSH)
2006 12 A 601333
— — 481.2
—
2011 12 31 231
110 19 13 11 1 1 108
10 1
2007
013
ANNUAL REPORT 2011
014
2,506,169,893
2,378,337,374
1,804,107,882
1,907,573,897
3,496,705,031
2011 2010 2009
1 (129,153,017) (95,848,816) (42,053,353)
2 66,106 536,552 1,932,466
3 4,010,982 5,493,241 3,374,917
4 (2,756,590) (7,158,784) (10,734,383)
5 24,375,136 19,232,195 7,088,659
6 (8,632) (16,133) 1,057,568
(103,466,015) (77,761,745) (39,334,126)
2011 2010 % 2009
14,690,835,167 13,484,448,180 8.95 12,385,756,598
2,506,169,893 2,092,113,139 19.79 1,747,148,960
2,378,337,374 1,995,135,332 19.21 1,699,668,608
1,804,107,882 1,555,890,792 15.95 1,357,328,545
1,907,573,897 1,633,652,537 16.77 1,396,662,671
3,496,705,031 3,528,235,309 (0.89) 2,869,417,724
015
ANNUAL REPORT 2011
016
2011 2010 % 2009
32,207,348,156 30,604,499,884 5.24 29,357,419,542
6,819,939,568 6,381,924,180 6.86 6,122,892,953
25,334,606,729 24,168,017,177 4.83 23,178,809,345
7,083,537,000 7,083,537,000 — 7,083,537,000
2011 2010 % 2009
0.25 0.22 13.64 0.19
0.25 0.22 13.64 0.19
— — — —
0.27 0.23 17.39 0.20
% 7.29 6.57 0.72 5.96
% 7.71 6.90 0.81 6.13
0.49 0.50 (2.00) 0.41
2011 2010 % 2009
3.58 3.41 4.99 3.27
% 21.18 20.85 0.33 20.86
017
ANNUAL REPORT 2011
2011 1 1 2011 12 31
(%) (%)
274,798,700 3.88 — — — — — 274,798,700 3.88
1 274,798,700 3.88 — — — — — 274,798,700 3.88
6,808,738,300 96.12 — — — — — 6,808,738,300 96.12
1 5,377,438,300 75.91 — — — — — 5,377,438,300 75.91
2 1,431,300,000 20.21 — — — — — 1,431,300,000 20.21
7,083,537,000 100.00 — — — — — 7,083,537,000 100.00
1 3
2
3
1
2011
378,542 A 377,996 H 546 378,351 A 377,808 H 543
018
2
(1) 10
(%)
2,629,451,300 37.12 —
HKSCC NOMINEES LIMITED 1,379,960,831 19.48 —
274,798,700 3.88 274,798,700
89,000,000 1.26 —
— 58,000,000 0.82 —
— 56,000,003 0.79 —
50,776,147 0.72 —
— 44,200,344 0.62 —
— 43,122,273 0.61 —
35,224,862 0.50 —
(1)
10
(2) HKSCC NOMINEES LIMITED
H 1,379,960,831 H
96.41
019
ANNUAL REPORT 2011
(2) 10
2,629,451,300 A
HKSCC NOMINEES LIMITED 1,379,960,831 H
— 89,000,000 A
— 58,000,000 A
— 56,000,003 A
50,776,147 A
— 44,200,344 A
— 43,122,273 A
— 35,224,862 A
— — — 008C — CT001 34,337,335 A
10
10 10
020
021
ANNUAL REPORT 2011
(3) 10
274,798,700 2012 12 24 274,798,700
(4) 571 XV
336
(%) (%)
A 2,629,451,300(L) 46.52(L) 37.12(L)
Credit Suisse Group AG H 99,651,045(L) 6.96(L) 1.41(L)
98,239,474(S) 6.86(S) 1.39(S)
The Bank of New York Mellon Corporation H 89,237,571(L) 6.23(L) 1.26(L)
60,639,071(P) 4.24(P) 0.86(P)
Hillhouse Capital Management, Ltd. H 86,286,000(L) 6.03(L) 1.22(L)
Gaoling Fund, L.P. H 86,026,000(L) 6.01(L) 1.21(L)
Blackrock, Inc. H 84,327,080(L) 5.89(L) 1.19(L)
2,915,790(S) 0.20(S) 0.04(S)
FIL Limited H 82,234,000(L) 5.75(L) 1.16(L)
(L) (S) (P)
022
023
ANNUAL REPORT 2011
3
1
1992 12 5 6,512,704
(2)
(3)
100% 37.12%
4 10 10%
10%
5
024
025
ANNUAL REPORT 2011
2012 3 27
48 2012 1 31 — —
2011 11 10 2012 1 30 —
56 2011 6 2 — 63.4
2008 10 10
56 2012 1 31 — —
2011 6 2 2012 1 30 —
51 2011 6 2 — —
52 2011 6 2 — —
47 2011 6 2 — 55.9
58 2011 6 2 — 6.9
38 2011 6 2 — 6.9
42 2011 6 2 — 5.6
56 2011 6 2 — —
45 2011 6 2 — —
43 2011 6 2 — —
50 2011 6 2 — —
48 2011 6 2 — 36.0
45 2011 6 2 — 37.5
51 2009 2 23 55.9
46 2010 12 28 54.9
2004 1 6
43 2008 12 19 55.8
(1)
2
026
1
48 2011 11
2001 3 2002 6 2003
6 2005 4 2006 9
2007 1
2009 9 2011 6
2012 1
56 2008 10
2008
10
56 2010 6
2010 5 2011 12
51 2009 6
2006 12
027
ANNUAL REPORT 2011
52 2008 6
2008 4
47 2008 12
2006 4 2008 11
2008 11 2010 5 2010 5
58 2011 6
6
38 2011 6 1999
2000 2002 2006
6 2011 1
028
42 2011 6 1989
1997 7 2007 7 1989 8 1994 2
1994 3 1996 5
2002 10 2004 4
56 2010 6 1977
2010 3
45 2008 6
2001
2006 4
2008 6
029
ANNUAL REPORT 2011
43 2011 6
2011 3
50 2005 5
1981 1996 2005
2005 4
48 1992
2001 2009 3 2010 6
45 2007
2007
2011 6
51 2009 2
1981
2000 5 2009 2 2009 2
030
46 1991 1989
2004 1 2010 12
43 1990 6
1996 6
2006 3 2008 12 2008 12
2
2012 1
2011 6
2011 6 2011 12
2010 5 2011 12
2006 12
2008 4
2010 3
2008 6
2006 4
2011 3
2006 4
3
1
031
ANNUAL REPORT 2011
1 2011 3 10 2011 6 2
2 2011 6 2 2010
3 2011 11 10 2011
4 2012 1 31
032
1
2011 12 31 352
10
18
2
3
033
ANNUAL REPORT 2011
2011 12 31 33,379 2010 32,179 1,200
1
2,680
1,223
29,476
33,379
2
55
2,154
4,715
26,455
33,379
3
034
035
ANNUAL REPORT 2011
036
4
9% 13%
18% 18%
4 5
7% 6%
1% 0.5%
0.1% 0.5%
0.69% 0.69%
0.4% 0.4%
2011 12 31 196 14,712
5
2011 326,874
100 2,299.13
037
ANNUAL REPORT 2011
1996 2006
[2007]39
038
1
(1)
1 1 1 — — 100%
6 6 4 — — 100%
6 6 4 — — 100%
6 5 4 1 — 100%
6 5 4 1 — 100%
6 6 4 — — 100%
4 4 3 — — 100%
4 4 3 — — 100%
4 4 3 — — 100%
* 5 3 3 2 — 100%
19 1
6
2
4
0
039
ANNUAL REPORT 2011
(2)
0 — — — —
2 2 — — 100%
2 2 — — 100%
2 1 1 — 100%
2 2 — — 100%
2 1 1 — 100%
1 — 1 — 100%
1 — 1 — 100%
1 1 — — 100%
* 2 — 2 — 100%
* 2011 11
2
3
(1)
(2)
040
(3)
2011 2011
041
ANNUAL REPORT 2011
2011
2011
042
2011 2011
http//www.sse.com.cn http://www.gsrc.com
043
ANNUAL REPORT 2011
1
2
[2007]56
22
3
044
6 19 20 1 4
4
5
3.13
045
ANNUAL REPORT 2011
6
2011 6 2 1
2012 1 31 5
2011 6 2 2010 10
15 2011
7
046
8
2011 7
3 3 100
3 3 100
3 3 100
(*) 4 4 100
(*) 4 4 100
(*) 4 4 100
* 2011 6
2011
047
ANNUAL REPORT 2011
9
2011 11 2011
10
2011
2011 12 31 4
9
210 30
570 2011
11
2011 12 31
4 3
048
12
2002 — 404
2011
2011 12 31
049
ANNUAL REPORT 2011
13
14
10% 10%
3% 3%
050
2010 2011 6 2 2011 6 3
(www.sse.com.cn)
www.hkexnews.hk)
2011 2011 11 10 2011 11 11
(www.sse.com.cn)
www.hkexnews.hk)
051
ANNUAL REPORT 2011
2011
1
2011
9,082.79 6.95%
6,870.28 1.14% 146.91
8.95% 18.04 15.95% 0.25
13.64% 2011
2011
6 7
2010
2011
2011
0.10 40.00% 2011 2012 5 22
052
053
ANNUAL REPORT 2011
2
2012
2012 3 27
054
1
2011
26
2011 146.91 134.84 8.95%
80.27 13.87 42.56 10.22
54.64% 9.44% 28.97% 6.95% 25.06 20.92
19.79 18.04 15.56 15.95
055
ANNUAL REPORT 2011
2
(1)
2011 12 31
231 110 19 13
11 1 1 108 2011 12 31
2010
2011 2010 (%)
(*) 8,026,512,295 7,377,144,696 8.80
— 2,606,543,961 2,361,260,335 10.39
— 461,034,860 413,691,510 11.44
— (*) 4,958,933,474 4,602,192,851 7.75
90,827,938 84,922,591 6.95
— 39,046,241 36,947,822 5.68
— 3,663,328 3,093,633 18.42
— 48,118,369 44,881,136 7.21
— 66.76 63.91 4.46
— 125.85 133.72 (5.89)
—
— 28,523,993,000 27,472,004,000 3.83
— (*) 0.28 0.27 3.70
(1) 26
(2)
(3)
(4)
(5) 2010 6 18 5
056
(1)
(2)
(1)
(2) 2010 3 21 4 17
2011 1 11 (3) 2010 5
2011 1 11 (4) 26
* 2011
— 2010
(2)
— — 2011 12 31
2010
2011 2010 (%)
(*) 1,386,753,009 1,315,346,993 5.43
— 417,148,899 339,955,631 22.71
— 913,564,224 925,608,417 (1.30)
— (*) 56,039,886 49,782,945 12.57
68,702,788 67,931,717 1.14
— 22,331,366 20,962,772 6.53
— 46,371,422 46,968,945 (1.27)
(*) 20.18 19.36 4.24
— 18.68 16.22 15.17
— 19.70 19.71 (0.05)
— 15,519,097,000 15,191,432,000 2.16
— (*) 0.09 0.09 —
057
ANNUAL REPORT 2011
(1)
(2)
(3) 2011 4
1 0.20
(1)
(2) (3)
(4)
* 2011
— 2010
(3)
2011 12 31
2010
2011 2010 (%)
4,255,995,409 3,888,367,131 9.45
(1) 3,254,511,416 3,115,911,254 4.45
— 1,413,007,929 1,372,592,195 2.94
— 1,021,080,360 965,407,348 5.77
— 313,791,771 307,625,090 2.00
— 302,359,373 282,878,911 6.89
— 204,271,983 187,407,710 9.00
(2) 717,280,000 469,230,000 52.86
(3) 284,203,993 303,225,877 (6.27)
058
2010 11
(4)
2011 10.22 9.04 13.06%
(1)
(2)
059
ANNUAL REPORT 2011
3
2011 2010 (%)
9,892,067,985 9,178,767,706 7.77 —
— 3,658,008,278 3,235,867,510 13.05 (1)
(2) 45
— 2,286,174,514 1,876,061,727 21.86
— 1,530,658,641 1,457,768,677 5.00 (1)
(2)
— 1,335,417,130 1,314,424,178 1.60 —
— 647,011,074 828,211,155 (21.88) 2010
— 115,190,000 144,750,000 (20.42) 2011
— 319,608,348 321,684,459 (0.65) —
835,707,865 726,397,337 15.05 (1)
(2)
401,263,002 338,623,506 18.50 (1)
(2) 2010 12 1
1% 7%
950,372,022 1,013,652,722 (6.24) —
— 88,371,235 141,768,328 (37.67)
138,584,240 104,593,514 32.50
575,964,813 440,389,262 30.79 (1)
(2) 2011 22% 24%
060
4
1
% % %
13,669,260,713 9,892,067,985 27.63 8.65 7.77 0.59
2
%
13,669,260,713 8.65
5
(1) 2011 12 31 2010 12 31
2011 12 31 2010 12 31 (%)
32,207,348,156 30,604,499,884 5.24
26,065,419,315 26,410,481,321 (1.31)
6,141,928,841 4,194,018,563 46.44
6,819,939,568 6,381,924,180 6.86
3,574,590,418 3,567,086,758 0.21
3,245,349,150 2,814,837,422 15.29
25,387,408,588 24,222,575,704 4.81
322.07 5.24% 260.65 ,
1.31% 61.42
46.44%
061
ANNUAL REPORT 2011
68.20 6.86% 35.75
0.21% 32.45
15.29%
253.87 4.81%
21.18%
2
062
6
2011
2011 2010
3,496,705,031 3,528,235,309 (31,530,278)
(3,983,621,251) (1,217,889,809) 2,765,731,422
(805,385,119) (766,938,204) 38,446,915
2011 114.46 11.03
79.49
11.34
2011 3,726.76 225.90 ,
40.21 27.68
2011 8.05
3,844.69 2010
063
ANNUAL REPORT 2011
1 2012
2012
2012
(1)
(2)
(3)
(4)
(5)
2012 3 27 6 2012
28,500 15,500 2011 12 31
2
064
7
3,800 51% 8,937.01 8,795.47 (325.56)
1,850 100% 5,176.88 2,854.56 747.98
1,000 55% 2,724.22 940.35 (7.95)
300 76.66% 315.80 404.44 9.45
300 100% 300.11 (745.88) 245.50
240 100% 200.09 340.86 13.68
200 100% 854.38 318.25 186.33
200 100% 1,399.78 (524.31) (781.60)
150 100% 506.96 229.05 (1.30)
102 100% 1,678.90 620.42 454.71
100 50.50% 927.47 914.86 (25.53)
37.90 100% 342.32 326.46 0.68
* 10,705.47 26.98% 18,119.27 (22,266.21) (478.43)
34,305 49% 42,664.93 17,517.96 349.65
5,500 49% 38,216.26 8,180.06 723.64
*
065
ANNUAL REPORT 2011
(1) — —
(2)
(3)
(4)
H
(5)
066
1
2
3
64,371 66%
(220KM) 28,541 100%
GSM-R CTCS-2 9,278 100%
067
ANNUAL REPORT 2011
1
2011 3 24 2011 3 25
19
(www.
sse.com.cn)
(www.
hkexnews.hk)
2011 4 14 2011 4 15
20
2011 6 2 2011 6 3
1
2011 8 18 2011 8 19
2
2011 10 25 2011 — —
3
2011 12 27 — —
4
068
2
(1) 2010 2010 0.09
637,518,330
(2)
3
4
5
2011 12 31
2011
2011
6 2011
2011 4
2011
2011
2011 2011
069
ANNUAL REPORT 2011
7
8
1
2011
441,739.47
2011 12 31 7,083,537,000 2011 10
1.00 708,353,700 2012 5 22 2011
A 2011 2011
A
H 2011 2012 5 31 H 2012 5
26 2012 5 31 H H
2012 5 25 H
183 17 1712 1716 H 2011
H 2012 3 27 2011
2012 5 22 2011
2011
070
2
10
(*) (%)
2010 0.90 637,518,330 1,555,890,792 40.97
2009 0.80 566,682,960 1,357,328,545 41.75
2008 0.80 566,682,960 1,211,827,625 46.76
*
1
2011 24% 25%
1% 20% 24%
25%
2
2011
3
2011 8
4
27
5
26
071
ANNUAL REPORT 2011
6
2011 12 31
7
2011 28.9%
2011 23.3% 37.12%
2011 11% 2011
74%
072
ANNUAL REPORT 2011
Chairman of the
Supervisory Committee
Mr. Xu Ling
5
12 2010 2010 2010 2010
2010
13 2011
1
2 2011
3 2011
075
ANNUAL REPORT 2011
076
2011
2012
2012 3 27
077
ANNUAL REPORT 2011
078
1
(%)
1,155,390,986 35
407,220,075 4
273,460,000 38
637,099,174 16
115,190,000 35
260,118,234 28
079
ANNUAL REPORT 2011
(%)
224,892,047 17
1,488,224,465 42
709,013,612 37
0.3%-5%
23,696,311 12
53,600,000 100
080
2004 11 15 2007 1 1
20 7,400 2011
5,360
2010 10 27 —
2013 12 31 2010 12 21 2010
2011 2013
2
2011 12 31 1,492 —
3
081
ANNUAL REPORT 2011
4
5
6
2011
082
1 10 10%
(1)
(2)
(3)
2007 1 1 20
7,400 2011 5,360
2
3
1
2
083
ANNUAL REPORT 2011
2011 6 2 2010 2011
2011
084
035
ANNUAL REPORT 2011
036
— 2011 3 25 http://
www.sse.com.cn
601333
2010 — 2011 3 25
2010 — 2011 3 25
B16 2011 3 25
B028
D060
E36
B16 2011 3 25
B028
D060
E36
— 2011 3 25
B16 2011 3 25
B028
D060
E32 E36
2010 B38 2011 4 13
B004
D013
E36
2010 — 2011 4 13
2011 — 2011 4 15
B57 2011 4 15
B025
D048
E15
B57 2011 4 15
B025
D048
E15
B35 2011 6 3
B004
D016
E3
087
ANNUAL REPORT 2011
B35 2011 6 3
B004
D016
E3
2010 B35 2011 6 3
B004
D016
E3
2010 — 2011 6 3
2010 B24 2011 6 17
B009
D005
C4
B24 2011 8 19
B014
D017
E14
B24 2011 8 19
B014
D017
E14
— 2011 8 19
2011 B8 2011 9 22
B009
D004
C4
B129 2011 10 26
B115
D033
E9
2011 — 2011 11 11
2011 B8 2011 11 11
B005
D028
E1
088
(2012) 10068
2011 12 31
2011
(1)
(2)
202 2 11 200021
: +86 (21) 2323 8888, : +86 (21) 2323 8800, www.pwccn.com
089
ANNUAL REPORT 2011
(2012) 10068
2011
12 31 2011
2012 3 27
090
2011 12 31
2011 2010 2011 2010
12 31 12 31 12 31 12 31
(1) 5,052,756,901 3,267,558,240 5,030,991,781 3,239,679,679
(2), (1) 613,999,414 592,819,076 611,046,155 588,280,725
(4) 25,016,472 8,984,363 24,164,578 8,979,047
34,421,839 12,383,725 34,421,839 12,371,851
246,232 246,232 12,859,527 14,163,316
(3), (2) 84,752,069 56,947,687 106,737,816 81,887,598
(5) 330,735,914 255,079,240 323,913,839 249,097,778
6,141,928,841 4,194,018,563 6,144,135,535 4,194,459,994
(6) 34,107,905 35,121,629 34,107,905 35,121,629
(7), (3) 179,746,214 174,487,113 258,302,329 253,043,228
(8) 23,978,332,395 24,459,723,095 23,896,782,890 24,375,774,412
(9) 911,962,483 752,862,417 911,962,483 752,844,417
(10) 553,150,736 566,798,091 521,295,173 533,955,879
(11) 281,254,606 281,254,606 281,254,606 281,254,606
(12) 1,800,204 5,963,624 1,789,344 5,844,780
(13) 108,078,842 112,620,766 106,658,942 111,390,717
(14) 16,985,930 21,649,980 16,985,930 21,649,980
26,065,419,315 26,410,481,321 26,029,139,602 26,370,879,648
32,207,348,156 30,604,499,884 32,173,275,137 30,565,339,642
091
ANNUAL REPORT 2011
2011 12 31
2011 2010 2011 2010
12 31 12 31 12 31 12 31
(16) 1,878,869,958 1,652,449,844 1,868,581,592 1,644,263,814
(17) 108,329,233 68,085,385 106,897,059 67,416,680
(18) 342,224,556 355,310,437 332,507,475 345,765,302
(19) 483,660,798 343,537,582 478,121,725 338,314,374
(22) 6,889,726 6,889,726 6,889,726 6,889,726
(20) 25,151 53,828 25,151 39,833
(21) 425,349,728 388,510,620 477,456,620 441,214,191
3,245,349,150 2,814,837,422 3,270,479,348 2,843,903,920
(22) 3,478,568,304 3,471,993,662 3,478,568,304 3,471,993,662
(23) 96,022,114 95,093,096 96,022,114 95,093,096
3,574,590,418 3,567,086,758 3,574,590,418 3,567,086,758
6,819,939,568 6,381,924,180 6,845,069,766 6,410,990,678
(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) 2,269,094,527 2,087,957,053 2,269,094,527 2,087,957,053
(27) 4,417,394,654 3,431,942,576 4,411,112,235 3,418,393,302
25,334,606,729 24,168,017,177 25,328,205,371 24,154,348,964
(28) 52,801,859 54,558,527 — —
25,387,408,588 24,222,575,704 25,328,205,371 24,154,348,964
32,207,348,156 30,604,499,884 32,173,275,137 30,565,339,642
092
2011
2011 2010 2011 2010
(29), (4) 14,690,835,167 13,484,448,180 14,339,356,051 13,249,297,548
(29), (4) (10,727,775,850) (9,905,165,043) (10,475,373,650) (9,745,871,716)
(30) (401,263,002) (338,623,506) (385,415,423) (328,939,712)
(31) (950,372,022) (1,013,652,722) (874,987,526) (963,136,230)
— (32) (88,371,235) (141,768,328) (88,928,764) (142,304,627)
(33) (26,405,266) 1,661,238 (26,405,266) 1,658,570
(34), (5) 9,522,101 5,213,320 22,157,174 19,584,562
5,259,101 1,360,570 5,259,101 1,360,570
2,506,169,893 2,092,113,139 2,510,402,596 2,090,288,395
(35) 10,751,721 7,615,707 10,700,502 7,310,840
(36) (138,584,240) (104,593,514) (138,573,952) (104,581,567)
(131,112,545) (96,318,072) (131,111,741) (96,310,091)
2,378,337,374 1,995,135,332 2,382,529,146 1,993,017,668
(37) (575,964,813) (440,389,262) (571,154,409) (434,752,251)
1,802,372,561 1,554,746,070 1,811,374,737 1,558,265,417
1,804,107,882 1,555,890,792 1,811,374,737 1,558,265,417
(1,735,321) (1,144,722) — —
(38) 0.25 0.22
(38) 0.25 0.22
— — — —
1,802,372,561 1,554,746,070 1,811,374,737 1,558,265,417
1,804,107,882 1,555,890,792 1,811,374,737 1,558,265,417
(1,735,321) (1,144,722) — —
093
ANNUAL REPORT 2011
2011
2011 2010 2011 2010
11,288,768,479 10,260,824,182 10,929,336,045 10,028,281,427
(39)(a) 156,748,966 82,018,765 159,537,235 71,342,021
11,445,517,445 10,342,842,947 11,088,873,280 10,099,623,448
(3,489,219,778) (2,898,785,851) (3,354,345,012) (2,796,626,252)
(3,443,303,706) (2,919,985,575) (3,272,729,174) (2,822,586,465)
(867,587,862) (722,842,631) (841,879,270) (706,534,796)
(39)(b) (148,701,068) (272,993,581) (134,488,062) (258,707,186)
(7,948,812,414) (6,814,607,638) (7,603,441,518) (6,584,454,699)
(40)(a), (6)(a) 3,496,705,031 3,528,235,309 3,485,431,762 3,515,168,749
557,316 31,155,879 556,867 31,136,735
4,263,000 3,852,750 18,201,862 9,691,499
144,338 — — —
(39)(c) 32,302,945 — 32,060,578 —
37,267,599 35,008,629 50,819,307 40,828,234
(943,388,850) (1,158,398,438) (939,589,190) (1,151,998,216)
(39)(d) (3,077,500,000) (94,500,000) (3,080,000,000) (100,000,000)
(4,020,888,850) (1,252,898,438) (4,019,589,190) (1,251,998,216)
(3,983,621,251) (1,217,889,809) (3,968,769,883) (1,211,169,982)
(805,218,354) (734,338,204) (805,183,012) (734,338,204)
(39)(e) (166,765) (32,600,000) (166,765) (32,600,000)
(805,385,119) (766,938,204) (805,349,777) (766,938,204)
— — — —
(40)(b), (6)(b) (1,292,301,339) 1,543,407,296 (1,288,687,898) 1,537,060,563
2,659,058,240 1,115,650,944 2,639,679,679 1,102,619,116
(40)(c) 1,366,756,901 2,659,058,240 1,350,991,781 2,639,679,679
094
2011
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
2011 1 1 7,083,537,000 11,564,580,548 2,087,957,053 3,431,942,576 54,558,527 24,222,575,704
2011
— — — 1,804,107,882 (1,735,321) 1,802,372,561
— — 181,137,474 (818,655,804) (21,347) (637,539,677)
(26) — — 181,137,474 (181,137,474) — —
(27) — — — (637,518,330) (21,347) (637,539,677)
2011 12 31 7,083,537,000 11,564,580,548 2,269,094,527 4,417,394,654 52,801,859 25,387,408,588
095
ANNUAL REPORT 2011
2011
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
2011 1 1 7,083,537,000 11,564,461,609 2,087,957,053 3,418,393,302 24,154,348,964
2011
— — — 1,811,374,737 1,811,374,737
— — 181,137,474 (818,655,804) (637,518,330)
(26) — — 181,137,474 (181,137,474) —
(27) — — — (637,518,330) (637,518,330)
2011 12 31 7,083,537,000 11,564,461,609 2,269,094,527 4,411,112,235 25,328,205,371
096
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
1052 2011
2012 3 27
(1)
2006 2 15 38
15 —
(2010
(2)
2011 2011 12 31
2011
097
ANNUAL REPORT 2011
(3)
1 1 12 31
(4)
(5)
(a)
(b)
(6)
098
(6)
(7)
(8)
(9)
(a)
(i)
099
ANNUAL REPORT 2011
(9)
(a)
(ii)
(iii)
(10)
(iv)
(1)
(2)
(3)
100
(9)
(b)
(c)
101
ANNUAL REPORT 2011
(10)
(a)
700
(b)
(c)
1
2
1
2
102
(10)
(c)
100% 100%
(d)
(11)
(a)
(b)
(c)
(d)
(e)
103
ANNUAL REPORT 2011
(12)
(a)
(b)
104
(12)
(b)
(c)
(d)
(18)
105
ANNUAL REPORT 2011
(13)
(a)
(b)
106
(13)
(b)
* 20-40 4% 2.40%-4.8%
* 16-100 0%-4% 1.0%-6.00%
20 4% 4.8%
8-20 4% 4.80%-12.0%
4-25 0%-4% 3.84%-25.0%
*
(16) (2)
50
(2)
(c) (18)
(d)
107
ANNUAL REPORT 2011
(14)
(18)
(15)
3
(16)
(a)
36.5 50
108
(16)
(b)
5
(c)
(d)
(18)
(17)
(18)
109
ANNUAL REPORT 2011
(18)
(19)
(20)
(21)
110
(22)
(a)
(b)
(c)
(d)
(e)
111
ANNUAL REPORT 2011
(23)
(24)
(a)
112
(24)
(b)
(25)
(26)
(27)
(1)
(2)
(3)
113
ANNUAL REPORT 2011
(28)
(a)
10% 18,357,000
22,437,000 2010 18,712,000 22,870,000
(b)
(11)
(c)
(18)
(1)
(2)
(3)
114
(1)
(a)
2011 12 31 2010 12 31
2011 12 31 2010 12 31
—
106,053,754 103,220,510
261,260 322,034
244,301 549,119
106,559,315 104,091,663
2011 12 31
╱ 5% ╱ 5,300,000 2010
12 31 5,200,000
115
ANNUAL REPORT 2011
(1)
(b)
2011
2.12% 2010 0.87%
2011 12 31 2010 12 31
(22)
(c)
(d)
2011 12 31
116
(1)
(d)
2011 12 31
—
5,052,756,901 — — — 5,052,756,901
733,419,554 — — — 733,419,554
— — — 98,400,000 98,400,000
5,786,176,455 — — 98,400,000 5,884,576,455
—
2,311,134,563 — — — 2,311,134,563
167,650,000 167,650,000 3,660,760,274 — 3,996,060,274
2,478,784,563 167,650,000 3,660,760,274 — 6,307,194,837
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
—
2,047,904,018 — — — 2,047,904,018
167,650,000 167,650,000 3,828,410,274 — 4,163,710,274
2,215,554,018 167,650,000 3,828,410,274 — 6,211,614,292
117
ANNUAL REPORT 2011
(1)
(e)
(i)
2011 12 31
2011 12 31 2010 12 31
—
3,478,568,304 3,405,771,054 3,471,993,662 3,422,720,871
(ii)
2011 12 31
118
(2)
2011 12 31 2010
12 31
2011 12 31 2010 12 31
(22) 3,478,568,304 3,471,993,662
(40)(c) (1,366,756,901) (2,659,058,240)
2,111,811,403 812,935,422
25,387,408,588 24,222,575,704
27,499,219,991 25,035,511,126
8% 3%
119
ANNUAL REPORT 2011
(1)
20%, 24% 25%
3% 5%
3% ,4%, 6% 17%
5% 7%
3%
2%
(2)
(a)
[2007]39
2008 2012 5
25% 2011 24%
25%
512
20%
120
(2)
(b)
3% 3% 5%
[2002]44
[2002]134
2011 52 2011 10
(c)
2010 12 1 1% 7%
5%
(d)
[2011]10
[2011]60 2011 1 1
2%
(e)
[2003]149 [2004]36 [2006]17
121
ANNUAL REPORT 2011
(1)
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
379,000 19042912-2
122
(1)
(%) (%)
48,204,994 — 51% — 51% 43,097,795 (1,595,234)
18,500,000 — 97.3% 2.7% 100% — —
5,500,000 — 55% — 55% 4,231,569 (35,771)
2,000,000 — 67.46% 9.2% 76.66% 943,960 —
3,000,000 — — 100% 100% — —
2,400,000 — 75% 25% 100% — —
2,000,000 — 41.5% 58.5% 100% — —
2,000,000 — — 100% 100% — —
1,500,000 — 100% — 100% — —
500,000 — 100% — 100% — —
1,800,000 — 50.5% — 50.5% 4,528,535 (126,380)
379,000 — 100% — 100% — —
87,783,994 — 52,801,859 (1,757,385)
(2)
(i) 792,079 (25,207)
(i)
123
ANNUAL REPORT 2011
(1)
2011 12 31 2010 12 31
—
50,197 1.00 50,197 62,111 1.00 62,111
—
4,922,601,827 1.00 4,922,601,827 3,140,134,177 1.00 3,140,134,177
130,403,925 0.81 105,718,462 121,256,363 0.85 103,180,677
41,464 6.30 261,260 48,626 6.62 322,034
5,028,581,549 3,243,636,888
—
23,789,863 1.00 23,789,863 23,819,408 1.00 23,819,408
413,583 0.81 335,292 46,811 0.85 39,833
24,125,155 23,859,241
5,052,756,901 3,267,558,240
(2)
2011 12 31 2010 12 31
619,242,796 600,070,115
(5,243,382) (7,251,039)
613,999,414 592,819,076
124
(2)
(a)
2011 12 31 2010 12 31
596,780,728 566,245,877
7,244,721 6,415,864
1,607,421 6,595,497
13,609,926 20,812,877
619,242,796 600,070,115
(b)
2011 12 31 2010 12 31
— — — — — — — —
5,243,382 1% (5,243,382) 100% 7,361,040 1% (7,251,039) 99%
— 1 487,659,692 79% — — 319,189,179 53% — —
— 2 126,339,722 20% — — 273,519,896 46% — —
619,242,796 100% (5,243,382) 1% 600,070,115 100% (7,251,039) 1%
125
ANNUAL REPORT 2011
(2)
(c) 2011 12 31
4,249,780 (4,249,780) 100% i
993,602 (993,602) 100%
5,243,382 (5,243,382)
i
(d) 5% 5%
2011 12 31 2010 12 31
296,449,066 — 292,504,260 —
(e)
2,117,657
126
(2)
(f) 2011 12 31
296,449,066 1 48%
92,030,000 1 15%
56,790,326 1 9%
54,813,695 1 9%
19,246,529 1 3%
519,329,616 84%
(g)
2011 12 31 2010 12 31
296,449,066 48% — 292,504,260 49% —
(6) 191,229,977 31% (19,351) 26,682,270 4% (19,351)
— — — 22,000 0% —
487,679,043 79% (19,351) 319,208,530 53% (19,351)
(h) 2011 12 31 2010 12 31
127
ANNUAL REPORT 2011
(3)
2011 12 31 2010 12 31
31,364,842 31,364,842
17,038,623 —
13,775,158 13,493,010
12,891,024 12,891,024
12,710,170 6,895,868
12,515,596 5,944,873
10,000,000 10,000,000
6,536,946 2,360,916
5,499,207 5,585,800
5,428,025 19,071,684
5,316,606 6,467
1,243,871 1,087,098
854,813 1,542,935
26,791,003 23,920,983
161,965,884 134,165,500
(77,213,815) (77,217,813)
84,752,069 56,947,687
128
(3)
(a)
2011 12 31 2010 12 31
64,731,995 41,245,401
7,594,604 2,399,605
864,409 3,541,514
88,774,876 86,978,980
161,965,884 134,165,500
(b)
2011 12 31 2010 12 31
68,031,024 42% (66,568,183) 98% 67,748,877 50% (66,568,183) 98%
10,889,717 7% (10,645,632) 98% 11,065,539 8% (10,649,630) 96%
— 1 35,599,715 22% — — 8,059,271 7% — —
— 2 47,445,428 29% — — 47,291,813 35% — —
161,965,884 100% (77,213,815) 48% 134,165,500 100% (77,217,813) 58%
129
ANNUAL REPORT 2011
(3)
(c) 2011 12 31
31,364,842 (31,364,842) 100% (i)
13,775,158 (12,312,317) 89% (ii)
12,891,024 (12,891,024) 100% (iii)
10,000,000 (10,000,000) 100% (iv)
68,031,024 (66,568,183)
(i)
(ii)
(iii)
(iv)
(d) 2011 12 31
2,434,400 (2,434,400) 100% (v)
2,071,736 (2,071,736) 100% (vi)
1,440,707 (1,440,707) 100% (vii)
4,942,874 (4,698,789) 95%
10,889,717 (10,645,632)
(v)
(vi)
(vii)
130
(3)
(e) 5%( 5%)
2011 12 31 2010 12 31
12,710,170 — 6,895,868 —
(f) 2011 12 31
31,364,842 19%
17,038,623 11%
13,775,158 8%
12,891,024 8%
12,710,170 8%
87,779,817 54%
131
ANNUAL REPORT 2011
(3)
(g)
2011 12 31 2010 12 31
(3)(c)
12,710,170 8% — 6,895,868 5% —
(6) 5,827,682 3% — 1,161,189 1% —
17,038,623 11% — — — —
( (6)) 13,798,398 9% (12,312,317) 13,495,224 10% (12,312,317)
49,374,873 31% (12,312,317) 21,552,281 16% (12,312,317)
(h)
2011 12 31 2010 12 31
301,346 0.81 244,301 646,022 0.85 549,119
(4)
(a)
2011 12 31 2010 12 31
24,269,921 97% 8,777,546 98%
746,551 3% 206,817 2%
25,016,472 100% 8,984,363 100%
132
(4)
(b)
(c) 2011 12 31 2010 12 31 5% 5%
(d) 2011 12 31
22,148,512 89% 2011 11 (i)
730,000 3% 2011 12 (i)
637,000 3% 2011 3 (i)
400,000 2% 2010 12 (ii)
300,000 1% 2011 10 (i)
24,215,512 98%
(i)
(ii)
(e)
2011 12 31 2010 12 31
22,148,512 89% — 5,805,077 65% —
(f) 2011 12 31 2010 12 31
133
ANNUAL REPORT 2011
(5)
(a)
2011 12 31 2010 12 31
167,556,637 — 167,556,637 147,219,756 — 147,219,756
106,129,502 (21,590,044) 84,539,458 80,764,004 — 80,764,004
74,147,832 — 74,147,832 22,645,123 — 22,645,123
4,491,987 — 4,491,987 4,450,357 — 4,450,357
352,325,958 (21,590,044) 330,735,914 255,079,240 — 255,079,240
(b)
2010 2011
12 31 12 31
— 21,590,044 — — 21,590,044
2011 12 31
134
(6)
2011 12 31 2010 12 31
35,121,629 44,229,191
(8,000,000) (12,000,000)
(32) 6,986,276 2,892,438
34,107,905 35,121,629
2007 1 1
6.54%
(7)
2011 12 31 2010 12 31
(a) 155,609,412 150,350,311
(b) 65,839,612 65,839,612
221,449,024 216,189,923
(c) (41,702,810) (41,702,810)
179,746,214 174,487,113
135
ANNUAL REPORT 2011
(7)
(a)
2010 2011
12 31 (34) 12 31
(i) 29,689,077 29,689,077 — — — 29,689,077 26.98% 26.98% (29,689,077) —
153,890,000 84,124,756 1,713,265 — — 85,838,021 49% 49% — —
26,950,000 36,536,478 3,545,836 — — 40,082,314 49% 49% — —
150,350,311 5,259,101 — — 155,609,412 (29,689,077) —
(i)
2011 12 31 2011
181,192,677 403,854,786 (222,662,109) 3,814,625 (4,784,296)
426,649,326 251,469,690 175,179,636 29,105,626 3,496,460
382,162,573 300,361,934 81,800,639 634,824,029 7,236,399
136
(7)
(b)
2010 2011
12 31 12 31 (34)
37,500,000 37,500,000 — 37,500,000 1.40% 1.40% — — 4,203,000
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% — — 60,000
(ii) 12,013,733 12,013,733 — 12,013,733 100% 100% (12,013,733) — —
65,839,612 — 65,839,612 (12,013,733) — 4,263,000
(i) 20%
(ii) 20%
(c)
2011 12 31 2010 12 31
29,689,077 29,689,077
12,013,733 12,013,733
41,702,810 41,702,810
137
ANNUAL REPORT 2011
(8)
2010 2011
12 31 12 31
32,519,600,812 1,093,332,766 — (441,619,677) 33,171,313,901
4,832,566,087 239,369,522 (10,490,110) (1,827,622) 5,059,617,877
14,593,783,839 345,424,674 1,548,699 (183,960,118) 14,756,797,094
6,873,927,022 43,968,491 — (43,881,666) 6,874,013,847
1,522,555,850 91,311,819 90,000 (102,986,397) 1,510,971,272
4,696,768,014 373,258,260 8,851,411 (108,963,874) 4,969,913,811
(8,059,829,049) (1,367,397,645) — 238,993,438 (9,188,233,256)
(1,229,349,737) (182,743,386) 1,171,629 731,525 (1,410,189,969)
(1,995,990,293) (208,499,469) — 15,032,680 (2,189,457,082)
(1,921,437,498) (402,185,277) — 24,742,120 (2,298,880,655)
(721,076,713) (169,198,563) (4,650) 98,881,598 (791,398,328)
(2,191,974,808) (404,770,950) (1,166,979) 99,605,515 (2,498,307,222)
24,459,771,763 23,983,080,645
3,603,216,350 3,649,427,908
12,597,793,546 12,567,340,012
4,952,489,524 4,575,133,192
801,479,137 719,572,944
2,504,793,206 2,471,606,589
(48,668) (4,709,220) — 9,638 (4,748,250)
— (1,957,237) — — (1,957,237)
(48,668) (2,751,983) — 9,638 (2,791,013)
24,459,723,095 23,978,332,395
3,603,216,350 3,649,427,908
12,597,793,546 12,567,340,012
4,952,489,524 4,573,175,955
801,479,137 719,572,944
2,504,744,538 2,468,815,576
138
(8)
2011 1,367,397,645 2010 1,347,383,130
1,359,407,031 7,990,614 0 2010
1,337,278,212 9,702,840 402,078
830,895,523 2010 737,283,602
2011 12 31 35,482,000
2010 12 31 27,024,000
(a)
163,497,869
(b)
2011 12 31 992,588,000 ( 1,241,561,000
2010 12 31 916,538,000
1,132,669,000
139
ANNUAL REPORT 2011
(9)
2011 12 31 2010 12 31
(a) (a)
422,181,112 — 422,181,112 205,796,118 — 205,796,118
281,246,993 — 281,246,993 247,404,531 — 247,404,531
19,648,431 — 19,648,431 390,532 — 390,532
44 8,638,619 — 8,638,619 — — —
10KV 8,256,529 — 8,256,529 8,060,969 — 8,060,969
8,052,379 — 8,052,379 — — —
6,676,257 — 6,676,257 — — —
6,035,338 — 6,035,338 — — —
GSMR — — — 64,462,920 — 64,462,920
— — — 20,658,943 — 20,658,943
— — — 11,448,071 — 11,448,071
— — — 11,050,000 — 11,050,000
— — — 11,890,838 — 11,890,838
— — — 8,830,000 — 8,830,000
158,637,872 (7,411,047) 151,226,825 170,676,542 (7,807,047) 162,869,495
919,373,530 (7,411,047) 911,962,483 760,669,464 (7,807,047) 752,862,417
(a)
2010 2011
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 (396,000) 7,411,047
140
(9)
(b)
2010 2011
12 31 (8) 12 31 % %
5,313,300,000 247,404,531 33,842,462 — — 281,246,993 96% 96% 118,061,195 — —
643,710,000 205,796,118 216,384,994 — — 422,181,112 66% 66% — — —
GSMR
80,572,800 64,462,920 9,788,140 (74,251,060) — — 100% 100% — — —
29,800,000 20,658,943 7,826,284 (28,485,227) — — 100% 100% — — —
15,400,000 11,448,071 3,751,040 (15,199,111) — — 100% 100% — — —
20,000,000 11,050,000 796,124 (11,846,124) — — 100% 100% — — —
17,806,400 11,890,838 5,764,106 (17,654,944) — — 100% 100% — — —
17,810,000 8,830,000 8,052,000 (16,882,000) — — 100% 100% — — —
50,783,000 390,532 19,279,997 (22,098) — 19,648,431 57% 57% — — —
44 20,039,500 — 8,638,619 — — 8,638,619 43% 43% — — —
10KV
10,682,736 8,060,969 195,560 — — 8,256,529 77% 77% — — —
18,545,628 — 8,052,379 — — 8,052,379 43% 43% — — —
11,986,500 — 6,676,257 — — 6,676,257 56% 56% — — —
6,896,100 — 6,035,338 — — 6,035,338 88% 88% — — —
170,676,542 679,116,270 (666,554,959) (24,599,981) 158,637,872 — — —
760,669,464 1,014,199,570 (830,895,523) (24,599,981) 919,373,530 118,061,195
141
ANNUAL REPORT 2011
(10)
2010 2011
12 31 12 31
811,066,432 4,904,298 (338,010) 815,632,720
791,212,756 — — 791,212,756
19,853,676 4,904,298 (338,010) 24,419,964
(244,268,341) (18,551,653) 338,010 (262,481,984)
(230,821,332) (15,988,052) — (246,809,384)
(13,447,009) (2,563,601) 338,010 (15,672,600)
566,798,091 (13,647,355) — 553,150,736
560,391,424 (15,988,052) — 544,403,372
6,406,667 2,340,697 — 8,747,364
2011 18,551,653 2010 18,233,313
2011 12 31 1,620,894 2010 12
31 1,620,894
2011 12 31 2010 12 31
142
(11)
2011 12 31 2010 12 31 281,254,606
2007 1 1
2009 1 1
2009 1 1
35 —
—
26.5%
2%
11.21%
10%
1%
143
ANNUAL REPORT 2011
(12)
2010 2011
12 31 12 31
5,963,624 144,501 (4,307,921) 1,800,204
(13)
(a)
2011 12 31 2010 12 31
36,297,197 145,188,787 30,492,080 121,968,321
73,773,288 295,093,152 84,609,801 340,804,939
22,712,531 90,850,124 23,439,153 93,885,976
2,914,356 11,657,423 — —
50,000 200,000 50,000 200,000
135,747,372 542,989,486 138,591,034 556,859,236
144
(13)
(b)
2011 12 31 2010 12 31
(19,231,094) (76,924,375) (19,234,683) (76,977,140)
(8,437,436) (33,749,745) (6,735,585) (26,949,791)
(27,668,530) (110,674,120) (25,970,268) (103,926,931)
(c)
2011 12 31 2010 12 31
15,085,314 15,168,331
(d) 18,911,939 9,872,077
33,997,253 25,040,408
(d)
2011 12 31 2010 12 31
2013 — 1,923,886
2014 3,521,342 3,877,210
2015 4,070,981 4,070,981
2016 11,319,616 —
18,911,939 9,872,077
145
ANNUAL REPORT 2011
(13)
(e)
2011 12 31 2010 12 31
27,668,530 25,970,268
(27,668,530) (25,970,268)
(f)
2011 12 31 2010 12 31
108,078,842 432,315,366 112,620,766 452,932,305
(14)
2011 12 31 2010 12 31
5%( 5%)
146
(15)
2010 2011
12 31 12 31
84,468,852 110,000 (3,998) (2,117,657) 82,457,197
7,251,039 110,000 — (2,117,657) 5,243,382
77,217,813 — (3,998) — 77,213,815
— 21,590,044 — — 21,590,044
41,702,810 — — — 41,702,810
48,668 4,709,220 — (9,638) 4,748,250
7,807,047 — — (396,000) 7,411,047
134,027,377 26,409,264 (3,998) (2,523,295) 157,909,348
(16)
2011 12 31 2010 12 31
814,129,029 477,805,508
488,140,615 302,758,874
274,168,085 291,001,805
193,856,307 166,271,118
108,575,922 414,612,539
1,878,869,958 1,652,449,844
(a) 2011 12 31 176,601,197 2010 12 31
94,788,364 ╱
14,957,555 (1)
147
ANNUAL REPORT 2011
(16)
(b) 2011 12 31 2010 12 31 5% 5%
2011 12 31 2010 12 31
43,129,401 24,698,510
(c)
2011 12 31 2010 12 31
43,129,401 24,698,510
(6) 280,302,498 198,417,381
(6) 22,311,804 18,905,274
345,743,703 242,021,165
(d) 2011 12 31 2010 12 31
(17)
2011 12 31 2010 12 31
85,683,886 54,585,817
16,709,647 11,708,466
5,935,700 1,791,102
108,329,233 68,085,385
148
(17)
(a) 2011 12 31 6,289,970 2010 12 31
10,726,589
(b) 2011 12 31 2010 12 31 5% 5%
(c) 2011 12 31 2010 12 31
(18)
2010 2011
12 31 12 31
329,294 2,400,180,039 (2,390,170,575) 10,338,758
— 132,847,895 (132,847,895) —
683,926 603,905,872 (603,969,900) 619,898
42,205 204,098,617 (204,140,822) —
27,856 323,268,340 (323,272,864) 23,332
9,766 13,175,660 (13,185,426) —
4,203 13,431,797 (13,420,597) 15,403
599,896 49,931,458 (49,950,191) 581,163
12,981 162,912,210 (162,912,210) 12,981
84,893,785 73,605,059 (65,085,898) 93,412,946
269,180,024 3,463,480 (35,030,868) 237,612,636
210,427 6,184,519 (6,167,609) 227,337
355,310,437 3,383,099,074 (3,396,184,955) 342,224,556
2011 12 31
2012 2012
2015
149
ANNUAL REPORT 2011
(19)
2011 12 31 2010 12 31
316,731,240 181,465,435
95,918,800 89,046,901
43,598,552 45,120,948
17,124,049 17,124,049
3,732,482 3,355,772
2,993,436 5,110,842
2,646,552 1,430,193
915,687 883,442
483,660,798 343,537,582
(20)
2011 12 31 2010 12 31
H 25,151 39,833
— 13,995
25,151 53,828
2011 12 31 2010
(27)
150
(21)
2011 12 31 2010 12 31
124,257,670 153,634,400
156,554,350 120,184,960
29,952,591 19,640,880
850,148 1,016,913
113,734,969 94,033,467
425,349,728 388,510,620
(a) 2011 12 31 198,926,419 2010 12 31
217,741,999
7,895,585 (1)
(b) 2011 12 31 2010 12 31 5% 5%
2011 12 31 2010 12 31
1,269,157 8,714,334
(c)
2011 12 31 2010 12 31
1,269,157 8,714,334
(6) 23,277,537 22,522,670
(6) 5,801,371 6,991,105
30,348,065 38,228,109
151
ANNUAL REPORT 2011
(21)
(d) 2011 12 31 2010 12 31
(22)
2010 2011
12 31 (32) 12 31
09 MTN1 3,471,993,662 — 6,574,642 3,478,568,304
[2009]MTN112 2009 12 17
09 MTN1 5 3,500,000,000 34,523,580
3,465,476,420 4.79%
2011 12 31 5.018%
3,478,568,304
2010 2011
12 31 (32) 12 31
09 MTN1 6,889,726 167,650,000 (167,650,000) 6,889,726
152
(23)
2010 2011
12 31 12 31
—
33,946,015 — (737,245) 33,208,770
28,128,012 — (1,472,415) 26,655,597
13,010,536 — (268,184) 12,742,352
9,840,000 — (288,000) 9,552,000
— 4,100,000 — 4,100,000
10,168,533 — (405,138) 9,763,395
95,093,096 4,100,000 (3,170,982) 96,022,114
(24)
2010 2011
12 31 12 31
(a) 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
153
ANNUAL REPORT 2011
(24)
2009 2010
12 31 12 31
(a) 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
(a) 2009 9 22
274,798,700
2009 12
21 2011 12 31
274,798,700
(25)
2010 2011
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
154
(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
(26)
2010 2011
12 31 12 31
1,783,898,531 181,137,474 1,965,036,005
304,058,522 — 304,058,522
2,087,957,053 181,137,474 2,269,094,527
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
10%
50%
2011 10%
181,137,474 2010 10% 155,826,542
155
ANNUAL REPORT 2011
(26)
2011 6 2 2010
2009
(27)
2011 2010
3,431,942,576 2,598,561,286
1,804,107,882 1,555,890,792
(181,137,474) (155,826,542)
(637,518,330) (566,682,960)
4,417,394,654 3,431,942,576
(a) 2011 12 31 24,526,633
2010 12 31 24,636,654
207,266 2010 451,953
(b) 2011 6 2 2010
7,083,537,000 0.09 637,518,330
2010 566,682,960
(c) 2012 3 27 2011
7,083,537,000 0.10 708,353,700
156
(28)
2011 12 31 2010 12 31
43,097,795 44,693,029
4,528,535 4,676,262
4,231,569 4,267,340
943,960 921,896
52,801,859 54,558,527
(29)
(a)
2011 2010
(i) 8,026,512,295 7,377,144,696
(i) 4,255,995,409 3,888,367,131
(i) 1,386,753,009 1,315,346,993
13,669,260,713 12,580,858,820
237,558,075 232,450,192
220,619,086 166,361,205
138,670,310 136,947,361
80,047,464 53,657,055
79,907,622 71,449,612
74,364,351 71,483,687
30,751,990 33,298,935
159,655,556 137,941,313
1,021,574,454 903,589,360
14,690,835,167 13,484,448,180
157
ANNUAL REPORT 2011
(29)
(a)
(i)
2011
(b)
2011 2010
9,892,067,985 9,178,767,706
835,707,865 726,397,337
10,727,775,850 9,905,165,043
(c)
2011 2010
3,658,008,278 3,235,867,510
2,286,174,514 1,876,061,727
1,530,658,641 1,457,768,677
1,335,417,130 1,314,424,178
647,011,074 828,211,155
115,190,000 144,750,000
319,608,348 321,684,459
9,892,067,985 9,178,767,706
158
(29)
(d)
2011 2010
391,672,705 334,501,326
325,353,872 297,053,329
23,989,901 22,854,034
94,691,387 71,988,648
835,707,865 726,397,337
(e)
13,201,372,598 2010 12,529,144,855
89.4% 2010 93%
(%)
12,076,872,523 82%
1,155,390,986 8%
407,220,075 3%
443,820,000 3%
214,030,000 1%
59,430,000 0.4%
13,201,372,598 89.40%
159
ANNUAL REPORT 2011
(30)
2011 2010
354,585,496 321,058,757
27,226,498 7,229,830
19,451,008 10,334,919
401,263,002 338,623,506
(31)
2011 2010
776,326,687 788,702,380
48,781,330 37,376,800
21,057,958 24,213,448
19,690,788 13,386,244
15,988,052 15,988,052
14,634,767 19,606,449
13,187,177 13,710,102
7,990,614 9,702,840
32,714,649 90,966,407
950,372,022 1,013,652,722
160
(32) —
2011 2010
(22) 167,650,000 167,650,000
(22) 6,574,642 6,192,391
(95,612,051) (41,511,047)
(6) (6,986,276) (2,892,438)
12,065,878 7,608,908
2,777,895 2,395,838
1,901,147 2,324,676
88,371,235 141,768,328
(33)
2011 2010
21,590,044 —
4,709,220 —
106,002 (1,661,238)
26,405,266 (1,661,238)
161
ANNUAL REPORT 2011
(34)
2011 2010
(a) 4,263,000 3,852,750
(b) 5,259,101 1,360,570
9,522,101 5,213,320
(a)
2011 2010
4,203,000 3,852,750
60,000 —
4,263,000 3,852,750
(b)
2011 2010
3,545,836 1,960,979
1,713,265 (600,409)
5,259,101 1,360,570
162
(35)
2011
2011 2010
(a) 4,010,982 5,493,241 4,010,982
1,959,528 469,256 1,959,528
66,106 536,552 66,106
4,715,105 1,116,658 4,715,105
10,751,721 7,615,707 10,751,721
(a)
2011 2010
(23) 3,170,982 3,387,761
— 2,105,480
840,000 —
4,010,982 5,493,241
(36)
2011
2011 2010
123,947,187 96,318,072 123,947,187
7,165,358 — 7,165,358
7,471,695 8,275,442 7,471,695
138,584,240 104,593,514 138,584,240
163
ANNUAL REPORT 2011
(37)
2011 2010
571,422,889 455,702,705
4,541,924 (15,313,443)
575,964,813 440,389,262
2011 2010
2,378,337,374 1,995,135,332
24% 2010 22% 570,800,970 438,929,773
42,331 118,416
5,237,249 1,592,387
(2,285,304) (1,146,930)
2,716,708 895,616
(547,141) —
575,964,813 440,389,262
164
(38)
(a)
2011 2010
1,804,107,882 1,555,890,792
7,083,537,000 7,083,537,000
0.25 0.22
(b)
2011
2010
(39)
(a)
2011 2010
45,370,992 29,127,322
39,236,347 6,151,707
36,369,390 29,620,327
35,772,237 17,119,409
156,748,966 82,018,765
165
ANNUAL REPORT 2011
(39)
(b)
2011 2010
48,781,330 37,376,800
21,057,958 24,213,448
19,690,788 13,386,244
14,650,338 15,422,033
14,634,767 19,606,449
— 32,720,218
29,885,887 130,268,389
148,701,068 272,993,581
(c)
2011 2010
28,202,945 —
4,100,000 —
32,302,945 —
(d)
2011 2010
3,077,500,000 94,500,000
(e)
2011 2010
166,765 32,600,000
166
(40)
(a)
2011 2010
1,802,372,561 1,554,746,070
26,405,266 (1,661,238)
1,367,397,645 1,347,383,130
18,551,653 18,233,313
4,307,921 4,082,658
129,153,017 95,848,816
113,255,862 173,842,391
(9,522,101) (5,213,320)
4,541,924 (15,313,443)
(28,975,568) (23,968,614)
(8,753,332) (104,943,943)
77,970,183 485,199,489
3,496,705,031 3,528,235,309
(b)
2011 2010
1,366,756,901 2,659,058,240
(2,659,058,240) (1,115,650,944)
(1,292,301,339) 1,543,407,296
167
ANNUAL REPORT 2011
(40)
(c)
2011 12 31 2010 12 31
(1) 5,052,756,901 3,267,558,240
(3,686,000,000) (608,500,000)
1,366,756,901 2,659,058,240
168
(a) 2011 2011 12 31
14,339,356,051 351,479,116 — 14,690,835,167
101,902,675 695,652 — 102,598,327
(186,290,520) — — (186,290,520)
5,259,101 — — 5,259,101
(26,405,266) — — (26,405,266)
(1,384,649,703) (5,607,516) — (1,390,257,219)
2,382,529,146 9,974,384 (14,166,156) 2,378,337,374
(571,154,409) (4,810,404) — (575,964,813)
1,811,374,737 5,163,980 (14,166,156) 1,802,372,561
32,173,275,137 233,639,169 (199,566,150) 32,207,348,156
6,845,069,766 88,894,018 (114,024,216) 6,819,939,568
— (3,463,480) — (3,463,480)
155,609,412 — — 155,609,412
1,274,895,653 2,125,909 — 1,277,021,562
169
ANNUAL REPORT 2011
(b) 2010 2010 12 31
13,249,297,548 245,977,707 (10,827,075) 13,484,448,180
43,911,642 606,887 (115,044) 44,403,485
(181,451,299) — — (181,451,299)
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)
150,350,311 — — 150,350,311
953,938,049 4,829,927 — 958,767,976
2011 12,076,872,523 2010 11,520,697,563
82% 2010 85%
10%
170
(1)
2011 2010
— 7,769,115,497 7,569,569,892
— 3,254,511,415 3,115,911,254
— 831,859,814 835,216,417
— (i) 221,385,797 —
12,076,872,523 11,520,697,563
82% 85%
(i) 2011 2011
(2)
2011 2010
2,721,038,773 2,487,995,321
200,692,722 178,917,375
2,921,731,495 2,666,912,696
25% 27%
171
ANNUAL REPORT 2011
(3)
2011 12 31 2010 12 31
18,017,032 24,805,200
193,856,307 166,271,118
(1)
(2)
(3)
107,054,682 26.98% 26.98% 19133769-2
343,050,000 49% 49% 23122544-2
55,000,000 49% 49% 19218256-5
172
(4)
19034882-4
19035314-8
19033336-6
19219009-8
19050162-2
19046638-8
19050756-5
19046312-8
29412295-0
18378414-2
19047681-8
18379388-2
23112798-1
72376107-3
19048078-8
19046209-6
19037353-6
19221461-9
X1740185-5
73214532-8
73973716-6
23112797-3
76570555-5
79292059-2
79774392-7
173
ANNUAL REPORT 2011
(5)
(a)
2011 2010
(1)
1,155,390,986 35% 1,115,027,873 36%
(i) — — 191,368,576 82%
407,220,075 4% 347,848,716 3%
273,460,000 38% — —
(2)
637,099,174 16% 428,288,033 12%
115,190,000 35% 144,750,000 42%
260,118,234 28% 171,153,708 21%
224,892,047 22% 115,074,716 10%
1,488,224,465 42% 1,367,444,151 55%
(3)
0.3%-5%
709,013,612 37% 431,988,111 24%
(4)
23,696,311 12% 17,826,553 11%
(i) 2011 2011
174
(5)
(b)
2011 2010
(2) 53,600,000 52,400,000
(c)
2011 2010
4,140,334 4,144,022
(d) 2011 12 31 14,920,000 —
(e)
2011 2010
17,038,623 —
175
ANNUAL REPORT 2011
(6)
2011 12 31 2010 12 31
296,449,066 292,504,260
191,229,977 26,682,270
92,030,000 —
54,813,695 —
19,246,529 13,913,499
10,157,392 —
5,691,672 88,175
2,446,556 —
2,431,725 —
4,412,408 12,680,596
— 22,000
487,679,043 319,208,530
79% 53%
2011 12 31 19,351
2010 12 31 19,351
176
(6)
2011 12 31 2010 12 31
12,710,170 6,895,868
5,827,682 1,161,189
5,316,606 6,467
511,076 1,154,722
1,486,081 1,182,907
— 13,798,398 13,495,224
— (12,312,317) (12,312,317)
17,038,623 —
37,062,556 9,239,964
31% 16%
22,148,512 5,805,077
89% 65%
246,232 246,232
100% 100%
43,129,401 24,698,510
280,302,498 198,417,381
75,783,578 61,606,639
79,807,448 47,015,211
29,237,921 137,928
24,406,524 —
20,478,756 23,322,863
16,950,501 19,529,136
— 8,149,837
33,637,770 38,655,767
22,311,804 18,905,274
345,743,703 242,021,165
18% 15%
177
ANNUAL REPORT 2011
(6)
2011 12 31 2010 12 31
1,269,157 8,714,334
23,277,537 22,522,670
187,116 10,000,000
10,450,000 1,000,000
12,640,421 11,522,670
5,801,371 6,991,105
30,348,065 38,228,109
7% 10%
(7)
(a)
2011 12 31 2010 12 31
10,023,220 4,762,577
(b) —
2011 12 31 2010 12 31
(2) 1,110,000,000 1,184,000,000
178
(1)
2011 12 31 2010 12 31
—
283,880,006 99,313,000
1,717,800,000 1,744,503,000
(2)
2004 11 15
2007 1 1 20
74,000,000 2011 53,600,000 2010
52,400,000
(3)
2010 12 31
179
ANNUAL REPORT 2011
(1)
(16)(a) 22,853,140
(21)(a)
(2)
2012 3 27 708,353,700
(27)
(1)
2011 12 31 2010 12 31
616,039,185 595,281,412
(4,993,030) (7,000,687)
611,046,155 588,280,725
180
(1)
(a)
2011 12 31 2010 12 31
594,415,926 562,444,213
6,656,265 5,985,833
1,607,421 6,288,841
13,359,573 20,562,525
616,039,185 595,281,412
(b)
2011 12 31 2010 12 31
— — — — — — — —
4,993,030 1% (4,993,030) 100% 7,110,686 1% (7,000,687) 98%
— 1 486,290,091 79% — — 317,550,224 53% — —
— 2 124,756,064 20% — — 270,620,502 46% — —
616,039,185 100% (4,993,030) 1% 595,281,412 100% (7,000,687) 1%
181
ANNUAL REPORT 2011
(1)
(c) 2011 12 31
4,249,780 (4,249,780) 100% i
743,250 (743,250) 100%
4,993,030 (4,993,030)
i
(d)
2,117,657
(e) 5% 5%
2011 12 31 2010 12 31
295,207,289 — 291,915,804 —
182
(1)
(f) 2011 12 31
295,207,289 1 48%
92,030,000 1 15%
56,790,326 1 9%
54,813,695 1 9%
19,246,529 1 3%
518,087,839 84%
(g)
2011 12 31 2010 12 31
295,207,289 48% — 291,915,804 49% —
191,102,153 31% (19,351) 25,631,772 4% (19,351)
— — — 22,000 0% —
486,309,442 79% (19,351) 317,569,576 53% (19,351)
(h) 2011 12 31 2010 12 31
183
ANNUAL REPORT 2011
(2)
2011 12 31 2010 12 31
31,364,842 31,364,842
17,038,623 —
13,775,158 13,493,010
12,891,024 12,891,024
12,687,953 6,895,868
12,505,596 5,944,873
10,000,000 10,000,000
9,082,971 9,082,971
6,500,899 2,360,916
5,499,207 5,585,800
5,428,025 19,071,684
5,316,606 6,467
1,231,161 974,208
854,813 1,542,935
38,968,623 39,084,683
183,145,501 158,299,281
(76,407,685) (76,411,683)
106,737,816 81,887,598
184
(2)
(a)
2011 12 31 2010 12 31
86,916,677 57,481,118
7,594,604 2,225,141
860,063 3,527,577
87,774,157 95,065,445
183,145,501 158,299,281
(b)
2011 12 31 2010 12 31
68,031,024 37% (66,568,183) 98% 67,748,877 43% (66,568,184) 98%
9,968,271 5% (9,839,502) 99% 10,042,339 6% (9,843,499) 98%
— 1 58,527,970 32% — — 34,358,438 22% — —
— 2 46,618,236 26% — — 45,969,627 29% — —
183,145,501 100% (76,407,685) 42% 158,299,281 100% (76,411,683) 48%
185
ANNUAL REPORT 2011
(2)
(c) 2011 12 31
31,364,842 (31,364,842) 100% (3)(c)
13,775,158 (12,312,317) 89% (3)(c)
12,891,024 (12,891,024) 100% (3)(c)
10,000,000 (10,000,000) 100% (3)(c)
68,031,024 (66,568,183)
(d) 2011 12 31
2,434,400 (2,434,400) 100% (3)(d)
2,071,736 (2,071,736) 100% (3)(d)
1,008,458 (1,008,458) 100% (3)(d)
4,453,677 (4,324,908) 97%
9,968,271 (9,839,502)
(e) 5% 5%
2011 12 31 2010 12 31
12,687,953 — 6,895,868 —
186
(2)
(f) 2011 12 31
31,364,842 17%
17,038,623 9%
13,775,158 8%
12,891,024 7%
12,687,953 7%
87,757,600 48%
(g)
2011 12 31 2010 12 31
12,687,953 7% — 6,895,868 4% —
5,811,377 3% — 1,161,189 1% —
17,038,623 % — — — —
13,798,398 8% (12,312,317) 13,495,224 9% (12,312,317)
22,966,777 13% — 26,479,167 17% —
72,303,128 40% (12,312,317) 48,031,448 31% (12,312,317)
187
ANNUAL REPORT 2011
(2)
(h)
2011 12 31 2010 12 31
301,346 0.81 244,301 646,022 0.85 549,119
(3)
2011 12 31 2010 12 31
(a) 80,273,994 80,273,994
(7)(a) 155,609,412 150,350,311
(b) 52,108,000 52,108,000
287,991,406 282,732,305
(7)(a) (29,689,077) (29,689,077)
258,302,329 253,043,228
188
(3)
(a)
2010 2011
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% — — 7,277,864
5,500,000 5,500,000 — 5,500,000 55% 55% — — —
1,760,000 1,760,000 — 1,760,000 67.46% 67.46% — — —
1,800,000 1,800,000 — 1,800,000 75% 75% — — 92,368
(i) 830,000 830,000 — 830,000 41.5% 41.5% — — 695,960
1,500,000 1,500,000 — 1,500,000 100% 100% — — —
500,000 500,000 — 500,000 100% 100% — — 4,547,103
1,800,000 1,800,000 — 1,800,000 50.5% 50.5% — — 21,778
379,000 379,000 — 379,000 100% 100% — — —
80,273,994 — 80,273,994 — — 12,635,073
(i) 58.5%
(b)
2010 2011
12 31 12 31
37,500,000 37,500,000 — 37,500,000 1.40% 1.40% — — 4,203,000
13,608,000 13,608,000 — 13,608,000 0.44% 0.44% — — —
1,000,000 1,000,000 — 1,000,000 2% 2% — — 60,000
52,108,000 — 52,108,000 — — 4,263,000
189
ANNUAL REPORT 2011
(4)
(a)
2011 2010
(i) 8,026,512,295 7,377,144,696
(i) 4,255,995,409 3,888,367,131
(i) 1,386,753,009 1,315,346,993
13,669,260,713 12,580,858,820
237,540,075 232,450,192
220,619,086 166,361,205
(ii) — 74,178,361
79,907,622 66,507,098
24,136,314 26,029,302
13,436,383 13,691,229
94,455,858 89,221,341
670,095,338 668,438,728
14,339,356,051 13,249,297,548
(i)
2011
(ii) 2011
190
(4)
(b)
2011 2010
9,892,067,985 9,178,767,706
583,305,665 567,104,010
10,475,373,650 9,745,871,716
(c)
2011 2010
3,658,008,278 3,235,867,510
2,286,174,514 1,876,061,727
1,530,658,641 1,457,768,677
1,335,417,130 1,314,424,178
647,011,074 828,211,155
115,190,000 144,750,000
319,608,348 321,684,459
9,892,067,985 9,178,767,706
191
ANNUAL REPORT 2011
(4)
(d)
2011 2010
279,224,809 263,852,203
218,390,374 243,920,436
20,437,426 19,493,642
65,253,056 39,837,729
583,305,665 567,104,010
(e)
13,179,722,237 2010 12,529,144,855
91.4% 2010 95%
(%)
12,076,872,523 84%
1,155,390,986 8%
385,569,714 3%
443,820,000 3%
214,030,000 1%
59,430,000 0.4%
13,179,722,237 91.4%
192
(5)
2011 2010
(a) 16,898,073 18,223,992
(7)(a) 5,259,101 1,360,570
22,157,174 19,584,562
(a)
5% 5
2011 2010
7,277,864 8,383,754
4,547,103 3,534,841
4,203,000 3,852,750
695,960 1,041,534
92,368 956,955
16,816,295 17,769,834
193
ANNUAL REPORT 2011
(6)
(a)
2011 2010
1,811,374,737 1,558,265,417
26,405,266 (1,658,570)
1,362,800,615 1,342,698,454
17,565,006 17,246,665
4,284,082 3,976,527
129,152,663 95,840,835
113,483,245 173,842,391
(22,157,174) (19,584,562)
4,731,775 (15,439,974)
(28,134,954) (20,726,262)
(6,474,377) (109,227,669)
72,400,878 489,935,497
3,485,341,762 3,515,168,749
(b)
2011 2010
1,350,991,781 2,639,679,679
(2,639,679,679) (1,102,619,116)
(1,288,687,898) 1,537,060,563
194
(6)
(c)
2011 12 31 2010 12 31
5,030,991,781 3,239,679,679
(3,680,000,000) (600,000,000)
1,350,991,781 2,639,679,679
195
ANNUAL REPORT 2011
2011
2011 2010
129,153,017 95,848,816
(66,106) (536,552)
(4,010,982) (5,493,241)
2,756,590 7,158,784
127,832,519 96,977,807
(24,375,136) (19,232,195)
8,632 16,133
103,466,015 77,761,745
1 —— [2008] 1 (2008)
H 2011
12 31 2011
(%)
2011 2010 2011 2010 2011 2010
7.29 6.57 0.25 0.22 0.25 0.22
7.71 6.90 0.27 0.23 0.27 0.23
196
30%
5% 10%
2011 2010
12 31 12 31 (%)
1 5,052,756,901 3,267,558,240 55%
2 34,421,839 12,383,725 178%
3 25,016,472 8,984,363 178%
4 84,752,069 56,947,687 49%
5 330,735,914 255,079,240 30%
6 23,978,332,395 24,459,723,095 (2%)
7 1,800,204 5,963,624 (70%)
8 108,329,233 68,085,385 59%
9 483,660,798 343,537,582 41%
10 4,417,394,654 3,431,942,576 29%
2011 2010
11 14,690,835,167 13,484,448,180 9%
12 (10,727,775,850) (9,905,165,043) 8%
13 — (88,371,235) (141,768,328) (38%)
14 (26,405,266) 1,661,238 (1,689%)
15 9,522,101 5,213,320 83%
16 10,751,721 7,615,707 41%
17 (138,584,240) (104,593,514) 32%
18 (575,964,813) (440,389,262) 31%
19 (1,735,321) (1,144,722) 52%
197
ANNUAL REPORT 2011
(20-F
198
ANNUAL REPORT 2011
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