Report Q3 2015 of China Merchants Property Development Co., Ltd.
Stock code: 000024, 200024 Stock short name: ZSDC, ZSJB
Announcement No.: [CMPD] 2015 - 101
Report Q3 2015
Section I Important Notice
Board of Directors and Board of Supervisors of the Company and its directors, supervisors and officers hereby guarantee that
this resolution is free from any fault, misleading statement or major omission and bear joint and several liabilities for the truthfulness,
accuracy and completeness of contents described herein.
All board members have been present at the board meeting for auditing the Q3 report.
The Report Q3 2015 has not been audited by the accounting firm.
The legal representative Sun Chengming, Chief Financial Director Wu Zhenqin and Manager of Finance Department Li Shifang
hereby state that the financial statements under the Report are authentic and complete.
The Report is made in Chinese and English. In case of any discrepancy, the Chinese version shall prevail.
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Report Q3 2015 of China Merchants Property Development Co., Ltd.
Section II Changes in Main Financial Data and Shareholders
I. Main accounting data and financial indices
No retroactive adjustment or restatement of accounting data for previous years due to changes in accounting policies and correction
of accounting errors
End of report period End of last year Increase or decrease
Total assets (yuan) 181,417,972,515.29 151,692,365,118.58 19.60%
Net assets attributable to the
shareholders of listed company 32,871,275,531.09 31,094,416,110.82 5.71%
(yuan)
From beginning of
Year-on-year increase Year-on-year increase or
Report period year to end of report
or decrease decrease
period
Business income (yuan) 5,932,085,076.85 -23.02% 23,906,033,514.31 0.64%
Net profits attributable to the
shareholders of listed company 73,504,383.25 -83.85% 2,219,006,547.94 -0.97%
(yuan)
Net profits attributable to
shareholders of listed company after
149,400,339.79 -68.01% 1,899,717,324.43 -17.76%
deducting non-recurring profits and
losses (yuan)
Net cash flow from business
-- -- -2,652,969,494.21 51.72%
activities (yuan)
Basic earnings per share (yuan
0.03 -83.33% 0.86 -1.15%
/share)
Diluted earnings per share (yuan
0.03 -83.33% 0.86 -1.15%
/share)
1.41 percentage point 1.23 percentage points l
Weighted average return on equity 0.22% 6.95%
s lower ower
Items and amount of non-recurring profits and losses
Unit: yuan
Items of non-recurring profits or losses Amount from beginning of year to end of
report period
Losses and profits on disposal of non-current assets 64,022.09
Government subsidies 11,958,706.10
Profits or losses from external entrusted loans 19,141,960.71
Other non-business incomes and expenditures deducted by the above items 8,297,525.04
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Report Q3 2015 of China Merchants Property Development Co., Ltd.
Other profits or losses recognized by CSRC 298,306,322.02
Affected amount of minority shareholders -9,792,112.92
Affected amount after income taxes -8,687,199.53
Total 319,289,223.51
Note 1: From January to September, the net profits attributable to the shareholders of listed company and operating income
maintained simultaneous increase. At the end of reporting period, the balance of advances received was RMB 53,272 million
increasing by RMB 17,673 million, up 50% from the year earlier.
In this quarter, operating income decreased by RMB 1,774 million, down 23.02% from the year earlier due to the carry-forward
progress of the Company’s property project, which resulted in the gross profits decreasing by RMB 20.24 million during the
reporting period. However, exchange losses generated from the foreign currency loans increased due to the fluctuation of foreign
exchange rate in August resulting in the sharp decrease of the net profits attributable to the shareholders of listed company from the
year earlier. From January to September, exchange losses included in the financial expenses amounted to RMB 382,317.4 thousand
(wherein the exchange losses amounting to RMB 428.31 million in the third quarter), while exchange losses included in the financial
expenses amounted to RMB 50,151.7 thousand in the same period last year.
Holding a certain amount of foreign currency loans is the important factor that comprehensive financing cost of the Company is
low; in view of the frequent fluctuation of foreign exchange rate, the Company successively substitute RMB loans for part of foreign
currency loans by taking into account the demand for foreign currency to reduce the fluctuation risk of foreign exchange rate.
Note 2: the long-term equity investment after change in control of Shenzhen Overseas Chinese Town Co., Ltd. (OCT) by the
Company is measured by fair value. The equity fair value is mainly inventory evaluation added value. From January to September,
2014, based on the ratio of actual carry-forward inventory area in the total salable area of inventory to be carried forward on the date
of control right change of OCT, the added value of long-term equity investment acknowledged by assessment added value subject to
corresponding written off is RMB 29,197,537.31.
Note 3: The Company acquired control over Beijing Guangying Residential Property Development Limited and consolidated
financial statements on May 1, 2015. Its identifiable net assets was measured as per the fair value by the Company on the date of
control right change and the investment income of RMB 432,538,803 is included due to inventory evaluation appreciation. In May to
September 2015, based on the ratio of actual carry-forward inventory area in the total salable area of inventory to be carried forward
on the date of control right change, the inventory evaluation appreciation subject to corresponding written off is RMB
458,087,030.62 (Net amount after deduction of income tax expenses and minority shareholders’ profit or loss is RMB
116,812,192.81). Due to control right change, other owners’ equity in connection with the previously held equities transferred and
included in the investment income is RMB 11,777,249.14.
II. Total and top ten shareholders at the end of reporting period
1. Total and top ten common shareholders at the end of report period
Unit: share
Total number of common
shareholders at the end of report 99,026 (A-shares: 89,426, B-shares: 9,600)
period
Top ten common shareholders
Nature of Quantity of Quantity of Pledged or frozen
Name of shareholder Share
shareholder shares restricted shares shares
3
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Quant
Status
ity
China Merchants Shekou Industrial Zone Holdings State-owned
40.38% 1,040,128,975 1,040,128,975 None None
Co., Ltd. corporate
Overseas
FULL SPACE INVESTMENT LIMITED 5.48% 141,216,075 141,216,075 None None
corporate
Overseas
China Merchants Securities (HK) Co., Ltd. 2.96% 76,125,377 73,863,367 None None
corporate
Overseas
FOXTROT INTERNATIONAL LIMITED 1.61% 41,580,000 41,580,000 None None
corporate
Overseas
ORIENTURE INVESTMENT LTD 1.55% 39,904,717 39,904,717 None None
corporate
Overseas
GOLDEN CHINA MASTER FUND 1.03% 26,487,893 None None None
organization
Domestic
Sun Huigang natural 0.98% 25,310,000 None None None
person
Domestic
non-state-o
National Social Security Fund 118 Portfolio 0.86% 22,189,608 None None None
wned
corporate
Domestic
non-state-o
National Social Security Fund 108 Portfolio 0.68% 17,541,741 None None None
wned
corporate
Overseas
CITIGROUP GLOBAL MARKETS LIMITED 0.57% 14,760,893 None None None
organization
Top ten un-restricted common shareholders
Class of shares
Name of shareholder Quantity of un-restricted common shares
Class Quantity
GOLDEN CHINA MASTER FUND 26,487,893 B share 26,487,893
Sun Huigang 25,310,000 A share 25,310,000
National Social Security Fund 118 Portfolio 22,189,608 A share 22,189,608
National Social Security Fund 108 Portfolio 17,541,741 A share 17,541,741
CITIGROUP GLOBAL MARKETS LIMITED 14,760,893 A share 14,760,893
Fang Deji 13,640,535 A share 13,640,535
GREENWOODS CHINA ALPHA MASTER
13,031,565 B share 13,031,565
FUND
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Report Q3 2015 of China Merchants Property Development Co., Ltd.
Invesco Great Wall Selective Blue Chip Share
13,000,000 A share 13,000,000
Securities Investment Funds
Rongtong New Blue Chip Securities Investment
11,364,786 A share 11,364,786
Funds
National Social Security Fund 413 Portfolio 11,000,023 A share 11,000,023
China Merchants Shekou Industrial Zone Holdings Co., Ltd. (hereinafter
referred to as “CMSIZH”) and its subsidiaries - FULL SPACE INVESTMENT
LIMITED, FOXTROT INTERNATIONAL LIMITED and ORIENTURE
Statement on relationship and acting in concert of INVESTMENT LTD are Persons Acting in Concert; GOLDEN CHINA
the above-mentioned shareholders MASTER FUND and GREENWOODS CHINA ALPHA MASTER FUND are
Persons Acting in Concert. Dafeng International, a subsidiary of CMSIZH, has
entrusted 73,863,367 shares of the Company to China Merchants Securities
(Hong Kong) Co., Ltd.
Description of the top 10 common shareholders
None
envolved in securities margin trading (if any)
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Report Q3 2015 of China Merchants Property Development Co., Ltd.
Section III Important Events
I. Facts and causes for change in main accounting statement items and financial indices
during the report period
Unit: RMB 10,000
Increase or
Financial liabilities 2015.09.30 2014.12.31 decrease (± Main cause of change
%)
Land prepayment converted into
Prepayments 136,083 361,919 -62%
inventory
The increase of the due intercourse
Other receivables 1,616,843 894,186 81% funds of joint ventures and associated
enterprises
Other current assets 514,687 355,070 45% Increase of pre-paid tax
Short-term loans 30,000 388,690 -92% Payment of short-term debt
The increase of the payable project
Notes payable 55,993 4,734 1083%
funds with bills
Increase of advance payment for
Advances received 5,327,221 3,559,929 50%
building sales expense received
The payment of unpaid taxes and
Tax payable 141,242 313,369 -55%
dues
Interests payable 28,809 19,214 50% Increase of borrowings
Other payables 1,598,584 1,178,251 36% Increase of payables for partners
Issuing the tickets and convertible
Bonds payable 762,942 301,808 153%
bonds
The increasing payables by
Long-term payables 361,944 10,435 3368% transferring the rights and interests of
subsidiary companies
The fair-value adjustment of assets
Deferred income tax liabilities 48,048 3,582 1241%
by enterprise merger
Increase or
January - January -
Profits or losses decrease (± Main cause of change
September 2015 September 2014
%)
Year-on-year increase of interest
Financial expenses 115,514 49,584 133% exchange and foreign exchange loss
at current period
The original holding shares shall be
Investment income 54,288 21,572 152% remeasured in accordance with the
fair value for the changes of control
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Report Q3 2015 of China Merchants Property Development Co., Ltd.
right of the newly-added subsidiary
companies.
Increase or
January - January -
Cash flow decrease (± Main cause of changes
September 2015 September 2014
%)
Cash inflows for operating Increase of received payment for
4,633,691 3,529,602 31%
activities building sales expense
Net cash flows from operating Increase of received payment for
-265,297 -549,463 52%
activities building sales expense
Consolidation of newly-added
Sub-total of cash inflows from
70,090 4,003 1651% subsidiaries’ cash at the beginning of
investing activities
period
The increasing investment spending
Sub-total of cash outflows from
157,094 11,785 1233% of joint ventures and associated
investing activities
enterprises
Investment spending cash is greater
Net cash flows from investing
-87,004 -7,783 1018% than the increased net cash of
activities
acquisition subsidiaries
Cash inflows for financing
2,338,104 1,647,066 42% The increase of bank loans and bonds
activities
The year-on-year increase of bank
Net cash flows from financing
670,522 323,679 107% loans and bonds are more than that of
activities
return loans
II. Analysis and interpretation of key progress and influence
Disclosing website of interim report
Summary of important events Date of disclosure
provided
Approved in the 6th Temporary
Conference of the 7th Board of Directors
of the Company in 2015, the Company has
applied to China Securities Regulatory
Commission for withdrawal of the
Detailed information has been disclosed on
documents on applying for the public
China Securities Journal, Securities Times,
issuance of convertible bonds in 2014. The
August 12, 2015 Shanghai Securities News, Hong Kong
Company has received the Notice on
Commercial Daily, Securities Daily and
Review Termination of the Administrative
Cninfo http://www.cninfo.com.cn.
Licensing Application by China Securities
Regulatory Commission ([2015] No.131).
China Securities Regulatory Commission
decided to terminate the review for the
above administrative license application.
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Report Q3 2015 of China Merchants Property Development Co., Ltd.
Relevant matters relating to the Issuance of
Detailed information has been disclosed on
A-shares by China Merchants Shekou
China Securities Journal, Securities Times,
Industrial Zone Holdings Co., Ltd. for September 18, 2015, September 24, 2015,
Shanghai Securities News, Hong Kong
Stock-for-stock of the Company and October 10, 2015
Commercial Daily, Securities Daily and
Issuance of A-shares to Specific Objects
Cninfo http://www.cninfo.com.cn.
for Raising of Supporting Funds
III. Existing commitments made by the Company or shareholders of 5% and above in/before
the report period
□ Applicable □ Inapplicable
Commitmen Performanc
Commitment Content Time Term
t party e
Till two During the
years after report
the period,
Commitment of After reform of non-tradable shares, land and
shareholder commitmen
equity division CMSIZH other high-quality assets will be continued to be December 9, 2005
no longer ts have
reform input to support the Company development.
holds the been
shares of the strictly
Company fulfilled.
WHEREAS, the convertible bonds to be issued
by China Merchants Property in public in 2015
During the
are required for issuance of convertible bond this
report
time, as the holding stockholder of CMSIZH
period,
makes a commitment: provided that the Company
Commitment made Long-term commitmen
CMSIZH and investors suffer losses arising out of the March 11, 2015
in IPO/refinancing effective ts have
violation of laws and rules including the matter of
been
leaving non-disclosed land idle during the report
strictly
period by China Merchants Property, the
fulfilled.
committing party shall undertake the
corresponding liability for damage.
Not to (directly or indirectly) engage in or
develop any businesses or projects with business
Till two During the
scopes similar to the Company; not to establish,
years after report
develop, participate in or assist in any enterprises
the period,
Other commitments with any direct or indirect competition with the
shareholder commitmen
for non-majority CMSIZH Company for the China Merchants Group and the March 19, 2008
no longer ts have
shareholders related parties or on behalf of any third parties;
holds the been
not to engage in or participate in (directly or
shares of the strictly
indirectly in) activities that compete with the
Company fulfilled.
Company by taking advantages of the information
obtained from the Company; and not to have any
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Report Q3 2015 of China Merchants Property Development Co., Ltd.
other competing behaviors that infringe or may
infringe the Company interests.
Has the commitment
performed in a Yes
timely manner
Cause for failed
performance and Inapplicable
next plan (if any)
IV. Estimates of 2015 Business Performance
Inapplicable
V. Security investment
Inapplicable
VI. Equities of other listed company held by the company
Inapplicable
VII. Investment in derivatives
Inapplicable
VIII. Research, communication, interview, etc. received during the reporting period
Category of the Main discussion points and
Time Place Method Party received
party information provided
Telephone
July 1, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 2, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 3, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 6, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 7, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 8, 2015 Shenzhen Individual investors Individual investors
communication
9
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Telephone ① Introduction to the
July 9, 2015 Shenzhen Individual investors Individual investors
communication Company’s business
operation;
Telephone
July 10, 2015 Shenzhen Individual investors Individual investors ② Discussion on industrial
communication
development;
Jefferies, China
July 10, 2015 Shenzhen Field research Institution investors ③ Provision of declared
AMC
information and the project
Monday, July 13, Telephone
Shenzhen Individual investors Individual investors brochure of the Company;
2015 communication
④ Visit to the on-sale
Telephone buildings of the Company
July 14, 2015 Shenzhen Individual investors Individual investors
communication and provision of sales
Telephone brochure.
July 15, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 16, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 17, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 20, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 21, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 21, 2015 Shenzhen Institution investors GF Securities
communication
Telephone
July 22, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 23, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 24, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 27, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 28, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 29, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 30, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
July 31, 2015 Shenzhen Individual investors Individual investors
communication
10
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Telephone
August 3, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 4, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 4, 2015 Shenzhen Institution investors PINGAN Securities
communication
Telephone
August 5, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 6, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 7, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 10, 2015 Shenzhen Individual investors Individual investors
communication
① Introduction to the
Telephone
August 10, 2015 Shenzhen Institution investors GTJA Company’s business
communication
operation;
Telephone
August 11, 2015 Shenzhen Individual investors Individual investors ② Discussion on industrial
communication
development;
Telephone
August 12, 2015 Shenzhen Individual investors Individual investors ③ Provision of declared
communication information and the project
Telephone brochure of the Company;
August 13, 2015 Shenzhen Individual investors Individual investors
communication ④ Visit to the on-sale
Telephone buildings of the Company
August 14, 2015 Shenzhen Individual investors Individual investors and provision of sales
communication
brochure.
Telephone
August 17, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 18, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 19, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 20, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 21, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 24, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 25, 2015 Shenzhen Individual investors Individual investors
communication
11
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Telephone
August 26, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 27, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 28, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
August 31, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
September 1, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
September 2, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
September 3, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
September 4, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
September 7, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
September 8, 2015 Shenzhen Individual investors Individual investors
communication
Telephone
September 9, 2015 Shenzhen Individual investors Individual investors
communication
September 10,
Shenzhen Field research Institution investors Samsung Securities
2015
September 10, Telephone
Shenzhen Individual investors Individual investors
2015 communication
September 11, Telephone
Shenzhen Individual investors Individual investors
2015 communication
September 14, Telephone
Shenzhen Individual investors Individual investors
2015 communication
September 15, Telephone
Shenzhen Individual investors Individual investors
2015 communication
September 16, Telephone
Shenzhen Individual investors Individual investors
2015 communication
September 17, Telephone
Shenzhen Individual investors Individual investors
2015 communication
China Securities,
September 17, Telephone
Shenzhen Institution investors Guotai Junan
2015 communication
Securities, GF
12
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Securities, Haitong
Securities, Orient
Securities, Essence
Securities,
Industrial
Securities,
Rongtong Fund,
Invesco Great Wall,
Greenwoods Asset,
etc.
September 18, Telephone ① Introduction to the
Shenzhen Individual investors Individual investors
2015 communication Company’s business
operation;
China Securities,
GF Securities, ② Discussion on industrial
Haitong Securities, development;
September 20,
Shenzhen Field research Institution investors Invesco Great Wall, ③ Provision of declared
2015
Rongtong Fund, information and the project
ICBC Credit brochure of the Company;
Suisse, etc. ④ Visit to the on-sale
buildings of the Company
September 21, Telephone
Shenzhen Individual investors Individual investors and provision of sales
2015 communication
brochure.
China Securities,
China AMC, E
September 22, Telephone
Shenzhen Institution investors Fund, Yuanta
2015 communication
Securities, China
Southern Fund, etc.
September 22, Telephone
Shenzhen Individual investors Individual investors
2015 communication
GTJA, China
International Fund
Management,
September 23, Telephone
Shenzhen Institution investors China AMC, GF
2015 communication
Fund, E Fund,
Invesco Great Wall
Fund, etc.
September 23, Telephone
Shenzhen Individual investors Individual investors
2015 communication
September 24, Telephone
Shenzhen Individual investors Individual investors
2015 communication
September 25, Telephone
Shenzhen Individual investors Individual investors
2015 communication
13
Report Q3 2015 of China Merchants Property Development Co., Ltd.
September 28, Telephone
Shenzhen Individual investors Individual investors
2015 communication
Morgan Stanley,
September 29, Telephone
Shenzhen Institution investors LBN ADVISERS,
2015 communication
DBS BANK, etc.
September 29, Telephone
Shenzhen Individual investors Individual investors
2015 communication
September 30, Telephone
Shenzhen Individual investors Individual investors
2015 communication
14
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Section IV Financial Statements
I. Financial Statements
1. Consolidated balance sheet
Prepared by: China Merchants Property Development Co., Ltd.
Unit: yuan
Item Balance at the end of the year Beginning balance
Current assets:
Monetary fund 26,246,525,198.14 22,983,386,443.02
Transaction settlement funds
Loans to other banks
Financial assets measured at fair
value with changes included in profits
and losses
Derivative financial assets
Notes receivable 27,000,000.00 4,390,000.00
Accounts receivable 78,339,214.47 68,311,944.30
Prepayments 1,360,831,117.31 3,619,194,870.49
Premiums receivable
Reinsurance premiums receivable
Reinsurance contract reserves
receivable
Interests receivable 41,972,190.86
Dividends receivable 64,195,980.00
Other receivables 16,168,428,279.93 8,941,860,794.39
Redemptory monetary capital for
sale
Inventories 120,188,427,897.78 101,018,636,735.26
Divided into assets held for sale
Non-current assets due within one
year
Other current assets 5,146,872,442.23 3,550,695,892.97
Total current assets 169,258,396,340.72 140,250,672,660.43
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Report Q3 2015 of China Merchants Property Development Co., Ltd.
Non-current assets:
Loans released and advances
Available-for-sale financial assets
Held-to-maturity investment
Long-term accounts receivable 745,790,678.30
Long-term equity investments 1,873,052,359.24 1,905,735,901.68
Investment property 5,285,000,347.54 5,447,243,949.46
Fixed assets 1,786,452,413.42 1,845,537,869.92
Construction in progress 78,473,382.06 84,973,050.61
Engineering material
Liquidation of fixed assets
Productive biological assets
Oil and gas assets
Intangible assets 498,837,600.33 511,546,467.17
Development expenses
Goodwill 159,560,861.23 159,560,861.23
Long-term deferred expenses 253,334,716.83 247,265,491.47
Deferred income tax assets 1,328,371,514.31 1,239,828,866.61
Other non-current assets 150,702,301.31
Total non-current assets 12,159,576,174.57 11,441,692,458.15
Total assets 181,417,972,515.29 151,692,365,118.58
Current liabilities:
Short-term loans 300,000,000.00 3,886,900,000.00
Borrowings from central bank
Receipt of deposits and deposits
from other banks
Loans from other banks
Financial liabilities which are
measured by fair value and their
changes are recorded in current profit or
loss.
Derivative financial liabilities
Notes payable 559,934,454.61 47,344,138.00
Accounts payable 11,270,043,225.71 15,213,477,059.40
Account received in advance 53,272,213,999.18 35,599,290,811.40
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Report Q3 2015 of China Merchants Property Development Co., Ltd.
Funds from selling out and
repurchasing financial assets
Service charges and commissions
payable
Payroll payable 288,264,490.72 398,745,343.32
Tax payable 1,412,422,983.51 3,133,693,418.62
Interests payable 288,088,054.01 192,136,769.30
Dividends payable 12,261,988.00 160,730,318.08
Other payables 15,985,835,722.28 11,782,505,874.39
Reinsured accounts payable
Reserves for insurance contract
Receivings from securities trading
for customers
Receivings from vicariously sold
securities
Divided into liabilities held for
sale
Non-current liabilities due within
4,343,136,480.00 5,970,100,938.48
one year
Other current liabilities 3,360,381,225.51 3,729,367,673.26
Total current liabilities 91,092,582,623.53 80,114,292,344.25
Non-current liabilities:
Long-term loans 30,355,350,623.00 24,666,515,200.02
Bonds payable 7,629,415,320.36 3,018,076,924.57
Including: preferred shares
Perpetual capital
securities
Long-term payables 3,619,436,078.67 104,353,146.52
Long-term remuneration payable
Special payables:
Estimated liabilities
Deferred income 6,188,186.66 6,526,053.33
Deferred income tax liabilities 480,480,528.40 35,822,337.24
Other non-current liabilities 65,143,682.65 0.00
Total non-current liabilities 42,156,014,419.74 27,831,293,661.68
Total liabilities 133,248,597,043.27 107,945,586,005.93
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Report Q3 2015 of China Merchants Property Development Co., Ltd.
Owners’ equity:
Share capital 2,575,950,754.00 2,575,950,754.00
Other equity instruments
Including: preferred shares
Perpetual capital
securities
Capital reserve 8,899,718,226.65 8,529,757,654.36
Less: treasury stocks
Other comprehensive income 91,097,894.84 78,901,353.52
Special reserves
Surplus reserve 1,246,228,257.72 1,246,228,257.72
General risk provisions
Undistributed profit 20,058,280,397.88 18,663,578,091.22
Total equity attributable to parent
32,871,275,531.09 31,094,416,110.82
company owners
Minority shareholders’ equity 15,298,099,940.93 12,652,363,001.83
Total owners’ equity 48,169,375,472.02 43,746,779,112.65
Total liabilities and owners’ equity 181,417,972,515.29 151,692,365,118.58
Legal representative: Sun Chengming Accounting supervisor: Wu Zhenqin Legal representative of the accounting firm:
Li Shifang
2. Consolidated balance sheet of parent company
Unit: yuan
Item Balance at the end of the year Beginning balance
Current assets:
Monetary fund 6,872,394,095.84 8,893,516,594.16
Financial assets measured at fair
value with changes included in profits
and losses
Derivative financial assets
Notes receivable
Accounts receivable
Prepayments
Interests receivable 34,636,578.09 25,144,020.00
Dividends receivable 2,096,966,208.84 2,037,168,805.28
18
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Other receivables 28,924,271,252.91 29,205,557,475.48
Inventories
Divided into assets held for sale
Non-current assets due within one
year
Other current assets
Total current assets
Non-current assets: 37,928,268,135.68 40,161,386,894.92
Available-for-sale financial assets
Held-to-maturity investment
Long-term accounts receivable 3,722,950,606.53
Long-term equity investments 9,202,813,063.88 8,926,259,288.07
Investment property
Fixed assets 1,266,451.72 1,153,721.49
Construction in progress
Engineering material
Liquidation of fixed assets
Productive biological assets
Oil and gas assets
Intangible assets
Development expenses
Goodwill
Long-term deferred expenses
Deferred income tax assets
Other non-current assets
Total non-current assets 12,927,030,122.13 8,927,413,009.56
Total assets 50,855,298,257.81 49,088,799,904.48
Current liabilities:
Short-term loans 300,000,000.00 3,275,000,000.00
Financial liabilities measured at
fair value with changes included in
current profits and losses
Derivative financial liabilities
Notes payable 267,303,103.23
Accounts payable 117,283,148.91 320,143,894.81
19
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Account received in advance
Payroll payable -741,365.49 9,402,578.82
Tax payable 987,128.09 656,908.61
Interests payable 104,986,521.54 139,423,235.44
Dividends payable
Other payables 16,938,763,973.36 14,165,111,926.02
Divided into liabilities held for
sale
Non-current liabilities due within
943,594,480.00 4,012,581,100.00
one year
Other current liabilities
Total current liabilities 18,672,176,989.64 21,922,319,643.70
Non-current liabilities:
Long-term loans 12,278,805,500.00 9,695,442,200.00
Bonds payable 2,982,000,000.00
Including: preferred shares
Perpetual capital
securities
Long-term payables
Long-term remuneration payable
Special payables:
Estimated liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 15,260,805,500.00 9,695,442,200.00
Total liabilities 33,932,982,489.64 31,617,761,843.70
Owners’ equity:
Share capital 2,575,950,754.00 2,575,950,754.00
Other equity instruments
Including: preferred shares
Perpetual capital
securities
Capital reserve 8,080,172,222.38 8,077,543,540.86
Less: treasury stocks
20
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Other comprehensive income
Special reserve
Surplus reserve 1,195,276,864.72 1,195,276,864.72
Undistributed profit 5,070,915,927.07 5,622,266,901.20
Total owners’ equity 16,922,315,768.17 17,471,038,060.78
Total liabilities and owners’ equity 50,855,298,257.81 49,088,799,904.48
3. Consolidated statement of profits during reporting period
Unit: yuan
Item Amount incurred in the current period Amount incurred in the previous period
I. Total operating income 5,932,085,076.85 7,706,001,062.23
Including: operating income 5,932,085,076.85 7,706,001,062.23
Interest incomes
Earned insurance premium
Incomes from service
charges and commissions
II. Total operating cost 5,607,682,223.75 6,797,587,801.83
Including: operating cost 3,990,577,334.72 5,531,109,631.22
Interest payments
Service charges and
commission expenses
Refunded premium
Net amount of compensation
payout
Net amount of reserves for
reinsurance contract
Policy dividend payment
Reinsured expenses
Operating taxes and
556,128,160.05 769,271,865.81
surcharges
Sales expenses 227,318,341.11 186,593,343.38
Administrative expenses; 133,811,603.91 140,926,760.49
Financial expenses 699,402,532.99 169,737,714.64
Assets impairment losses 444,250.97 -51,513.71
Add: income from changes in fair
21
Report Q3 2015 of China Merchants Property Development Co., Ltd.
value (“-” indicates the loss)
Investment profit (“-” indicates
49,761,336.68 72,396,735.93
the loss)
Including: investment income
from affiliated enterprises and joint 37,180,169.02 72,396,735.93
ventures
Exchange income (“-” indicates
the loss)
III. Operating profit (“-” indicates the
374,164,189.78 980,809,996.33
loss)
Add: non-operating income 17,025,508.02 25,334,455.57
Including: gains from disposal
19,778.65 6,862.68
of non-current assets
Less: non-operating expenditure 6,711,102.96 7,429,519.46
Including: loss from disposal of
97,674.52 43,441.30
non-current assets
IV. Total profit (“-” indicates the total
384,478,594.84 998,714,932.44
loss)
Less: income tax 265,057,336.73 332,146,405.38
V. Net profit (“-” indicates the net loss) 119,421,258.11 666,568,527.06
Net profits attributable to parent
73,504,383.25 455,232,903.03
company owners
Gain and loss of minority
45,916,874.86 211,335,624.03
shareholders
VI. After-tax net of other comprehensive
16,216,982.02
incomes
After-tax net of other comprehensive
incomes owned by the owner of the 12,057,326.13
parent company
(I) Other comprehensive incomes
that cannot be classified into profit and
loss in the future
1. Re-measurement of
changes in net liabilities or net assets in
defined benefit plan
2. Share in other
comprehensive incomes that cannot be
reclassified into profit and loss in
investee by equity method
22
Report Q3 2015 of China Merchants Property Development Co., Ltd.
(II) Other comprehensive incomes
that would be classified into profit and 12,057,326.13
loss in the future
1. Shares in other
comprehensive incomes that can be
reclassified into profit and loss in
investee by equity method in the future
2. Loss and profit of change
in fair value of available-for-sale
financial assets
3. Loss and profit of
available-for-sale financial assets of
held-to-maturity investments
4. Effective part of hedge
profit and loss of cash flow
5. Translation difference in
12,057,326.13
the foreign currency financial statement
6. Others
Net of tax from other comprehensive
4,159,655.89
incomes owned by minority stockholders
VII. Total comprehensive income 135,638,240.13 666,568,527.06
Total consolidated income
85,561,709.38 455,232,903.03
attributable to parent company owners
Total consolidated income
50,076,530.75 211,335,624.03
attributable to minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share 0.03 0.18
(II) Diluted earnings per share 0.03 0.18
Legal representative: Sun Chengming Accounting supervisor: Wu Zhenqin Legal representative of the accounting firm:
Li Shifang
4. Parent company’s profits during reporting period
Unit: yuan
Item Amount incurred in the current period Amount incurred in the previous period
I. Operating income 8,200,000.00 1,910,000.00
Less: operating cost 610,694.89 821,384.23
Operating taxes and 459,200.00 107,151.00
23
Report Q3 2015 of China Merchants Property Development Co., Ltd.
surcharges
Sales expenses
Administrative expenses; 5,950,753.10 16,140,300.01
Financial expenses 18,615,927.39 59,677,976.23
Assets impairment losses
Add: income from changes in fair
value (“-” indicates the loss)
Investment profit (“-”
71,567,295.85 25,671,132.64
indicates the loss)
Including: investment income
from affiliated enterprises and joint -12,794.51 -2,308,848.89
ventures
II. Operating profit (“-” indicates the
54,130,720.47 -49,165,678.83
loss)
Add: non-operating income
Including: gains from
disposal of non-current assets
Less: non-operating expenses 695,296.86
Including: loss from disposal
28,000.00
of non-current assets
III. Total profit (“-” indicates the total
53,435,423.61 -49,165,678.83
loss)
Less: income tax
IV. Net profit (“-” indicates the loss) 53,435,423.61 -49,165,678.83
V. After-tax net of other comprehensive
incomes
(I) Other comprehensive incomes
that cannot be classified into profit and
loss in the future
1. Re-measurement of
changes in net liabilities or net assets in
defined benefit plan
2. Share in other
comprehensive incomes that cannot be
reclassified into profit and loss in
investee by equity method
(II) Other comprehensive incomes
that would be classified into profit and
24
Report Q3 2015 of China Merchants Property Development Co., Ltd.
loss in the future
1. Shares in other
comprehensive incomes that can be
reclassified into profit and loss in
investee by equity method in the future
2. Loss and profit of
change in fair value of
available-for-sale financial assets
3. Loss and profit of
available-for-sale financial assets of
held-to-maturity investments
4. Effective part of hedge
profit and loss of cash flow
5. Translation difference in
the foreign currency financial statement
6. Others
VI. Total Consolidated Income 53,435,423.61 -49,165,678.83
VII. Earnings per share:
(I) Basic earnings per share
(II) Diluted earnings per share
5. Consolidated year-to-date profits of the report period
Unit: yuan
Item Amount incurred in the current period Amount incurred in the previous period
I. Total operating income 23,906,033,514.31 23,753,156,793.22
Including: operating income 23,906,033,514.31 23,753,156,793.22
Interest incomes
Earned insurance premium
Incomes from service
charges and commissions
II. Total operating cost 20,605,701,756.37 19,643,264,503.28
Including: operating cost 15,977,087,585.08 15,922,177,904.69
Interest payments
Service charges and
commission expenses
Refunded premium
Net amount of compensation
25
Report Q3 2015 of China Merchants Property Development Co., Ltd.
payout
Net amount of reserves for
reinsurance contract
Policy dividend payment
Reinsured expenses
Operating taxes and
2,506,371,192.81 2,383,291,566.10
surcharges
Sales expenses 561,579,407.78 468,531,591.83
Administrative expenses; 406,300,455.64 372,586,559.19
Financial expenses 1,155,138,595.09 495,840,101.19
Assets impairment losses -775,480.03 836,780.28
Add: income from changes in fair
value (“-” indicates the loss)
Investment profit (“-” indicates
542,875,991.12 215,715,151.44
the loss)
Including: investment income
from affiliated enterprises and joint 79,415,813.36 215,715,151.44
ventures
Exchange income (“-” indicates
the loss)
III. Operating profit (“-” indicates the
3,843,207,749.06 4,325,607,441.38
loss)
Add: non-operating income 44,381,024.17 60,831,335.20
Including: gains from disposal
170,147.65 21,046.90
of non-current assets
Less: non-operating expenditure 24,060,770.94 29,154,934.95
Including: loss from disposal of
106,125.56 218,503.87
non-current assets
IV. Total profit (“-” indicates the total
3,863,528,002.29 4,357,283,841.63
loss)
Less: income tax 1,355,959,616.59 1,296,643,173.79
V. Net profit (“-” indicates the net loss) 2,507,568,385.70 3,060,640,667.84
Net profits attributable to parent
2,219,006,547.94 2,240,667,651.88
company owners
Gain and loss of minority
288,561,837.76 819,973,015.96
shareholders
VI. After-tax net of other comprehensive 16,404,225.05
26
Report Q3 2015 of China Merchants Property Development Co., Ltd.
incomes
After-tax net of other comprehensive
incomes owned by the owner of the 12,196,541.32
parent company
(I) Other comprehensive incomes
that cannot be classified into profit and
loss in the future
1. Re-measurement of
changes in net liabilities or net assets in
defined benefit plan
2. Share in other
comprehensive incomes that cannot be
reclassified into profit and loss in
investee by equity method
(II) Other comprehensive incomes
that would be classified into profit and 12,196,541.32
loss in the future
1. Shares in other
comprehensive incomes that can be
reclassified into profit and loss in
investee by equity method in the future
2. Loss and profit of change
in fair value of available-for-sale
financial assets
3. Loss and profit of
available-for-sale financial assets of
held-to-maturity investments
4. Effective part of hedge
profit and loss of cash flow
5. Translation difference in
12,196,541.32
the foreign currency financial statement
6. Others
Net of tax from other comprehensive
4,207,683.73
incomes owned by minority stockholders
VII. Total comprehensive income 2,523,972,610.75 3,060,640,667.84
Total consolidated income
2,231,203,089.26 2,240,667,651.88
attributable to parent company owners
Total consolidated income
292,769,521.49 819,973,015.96
attributable to minority shareholders
27
Report Q3 2015 of China Merchants Property Development Co., Ltd.
VIII. Earnings per share:
(I) Basic earnings per share 0.86 0.87
(II) Diluted earnings per share 0.86 0.87
6. Parent company’s year-to-date profits of the report period
Unit: yuan
Item Amount incurred in the current period Amount incurred in the previous period
I. Operating income 14,440,000.00 2,410,000.00
Less: operating cost 1,839,607.26 1,878,636.39
Operating taxes and
1,578,389.10 2,347,719.26
surcharges
Sales expenses
Administrative expenses; 26,346,258.64 36,291,553.95
Financial expenses 1,996,189.94 142,799,590.32
Assets impairment losses
Add: income from changes in fair
value (“-” indicates the loss)
Investment profit (“-”
289,928,508.79 79,510,570.48
indicates the loss)
Including: investment income
from affiliated enterprises and joint 57,134.59 -2,668,039.06
ventures
II. Operating profit (“-” indicates the
272,608,063.85 -101,396,929.44
loss)
Add: non-operating income 1,040,500.16
Including: gains from
disposal of non-current assets
Less: non-operating expenses 695,296.86 2,000.00
Including: loss from disposal
28,000.00
of non-current assets
III. Total profit (“-” indicates the total
272,953,267.15 -101,398,929.44
loss)
Less: income tax
IV. Net profit (“-” indicates the loss) 272,953,267.15 -101,398,929.44
V. After-tax net of other comprehensive
incomes
28
Report Q3 2015 of China Merchants Property Development Co., Ltd.
(I) Other comprehensive incomes
that cannot be classified into profit and
loss in the future
1. Re-measurement of
changes in net liabilities or net assets in
defined benefit plan
2. Share in other
comprehensive incomes that cannot be
reclassified into profit and loss in
investee by equity method
(II) Other comprehensive incomes
that would be classified into profit and
loss in the future
1. Shares in other
comprehensive incomes that can be
reclassified into profit and loss in
investee by equity method in the future
2. Loss and profit of
change in fair value of
available-for-sale financial assets
3. Loss and profit of
available-for-sale financial assets of
held-to-maturity investments
4. Effective part of hedge
profit and loss of cash flow
5. Translation difference in
the foreign currency financial statement
6. Others
VI. Total Consolidated Income 272,953,267.15 -101,398,929.44
VII. Earnings per share:
(I) Basic earnings per share
(II) Diluted earnings per share
7. Cash flow statement year-to-date profits of the report period
Unit: yuan
Item Amount incurred in the current period Amount incurred in the previous period
I. Cash flows from operating activities:
Cash received from sales of 38,455,647,263.04 28,427,510,441.71
29
Report Q3 2015 of China Merchants Property Development Co., Ltd.
commodities and provision of services
Net increase of deposits from
customers and other banks
Net increase of borrowings from
central bank
Net increase of loans from other
financial institutions
Cash received from receiving
insurance premium of original
insurance contract
Net cash received from reinsurance
business
Net increase of policy holder
deposits and investment funds
Disposal of financial assets
measured at fair value with changes
included in profits and losses
Cash received from interests, fees
and commissions
Net increase of loans from other
banks
Net capital increase of repurchase
business
Refunds of taxes and levies 8783.44 27348837.85
Cash received from other operating
7,881,250,024.51 6,841,156,957.77
activities
Sub-total of cash inflows from
46,336,906,070.99 35,296,016,237.33
operating activities
Cash paid for purchasing goods
30,026,820,709.97 27,074,310,400.10
and services
Net increase of customer’s loans
and advances
Net increase of deposits in central
bank and other banks
Cash paid for indemnity of original
insurance contract
Cash paid for interests, service
charges and commissions
Cash paid for policy dividends
30
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Cash paid to and on behalf of
1,540,098,711.17 1,194,355,095.30
employees
Payments of taxes 7,985,057,195.79 6,883,850,156.54
Other cash paid relating to
9,437,898,948.27 5,638,132,377.31
operating activities
Sub-total of cash outflows from
48,989,875,565.20 40,790,648,029.25
operating activities
Net cash flows from operating activities -2,652,969,494.21 -5,494,631,791.92
II. Cash flows from investing activities:
Cash received from withdrawal of
1382.92
investments
Cash received from returns on
70,391,655.05 39,967,345.86
investments
Net cash received from disposal of
fixed assets, intangible assets and other 269,793.10 59,464.00
long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received relating to
630,235,033.61
investing activities
Sub-total of cash inflows from investing
700,897,864.68 40,026,809.86
activities
Cash paid to acquire fixed assets,
intangible assets & other long-term 21,448,670.77 41,181,847.17
assets
Cash paid to acquire investments 792,711,112.45 76,671,105.19
Net increase of pledge loans
Net cash received from payment of
10,596,600.00
subsidiaries and other business units
Cash payments relating to other
746,180,075.09
investment activities
Sub-total of cash outflows from
1,570,936,458.31 117,852,952.36
investing activities
Net cash flows from investing activities -870,038,593.63 -77,826,142.50
III. Cash flows from financing
activities:
Cash received from capital
1,024,481,567.06 254,265,704.18
contribution
31
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Including: cash from the
investment of minority shareholders of 1,024,481,567.06 254,265,704.18
the subsidiaries
Cash received from borrowings 14,229,686,423.00 16,216,394,880.82
Cash from issue of bonds 4,740,901,280.52
Other cash received relating to
3,385,975,022.96
financing activities
Sub-total of cash inflows from
23,381,044,293.54 16,470,660,585.00
financing activities
Cash repayments of amounts
13,849,496,463.48 11,087,713,675.00
borrowed
Cash payments for interest
expenses and distribution of dividends 2,808,332,068.90 2,143,694,391.98
or profit
Including: dividends and profits
paid by subsidiaries to minority 203,985,011.70 271,684,819.75
shareholders
Other cash payments relating to
18,000,000.00 2,461,000.00
financing activities
Sub-total of cash outflows from
16,675,828,532.38 13,233,869,066.98
financing activities
Net cash flows from financing activities 6,705,215,761.16 3,236,791,518.02
IV. Influence of exchange rate change
80,931,081.80 14,566,593.34
on cash and cash equivalents
V. Net increase of cash and cash
3,263,138,755.12 -2,321,099,823.06
equivalents
Add: balance of cash and cash
22,947,760,259.27 24,240,458,796.50
equivalents at the beginning of period
VI. Balance of cash and cash
26,210,899,014.39 21,919,358,973.44
equivalents at the end of period
8. Parent company’s cash flow statement year-to-date profits of the report period
Unit: yuan
Item Amount incurred in the current period Amount incurred in the previous period
I. Cash flows from operating activities:
Cash received from sales of
14,445,000.00 2,410,000.00
commodities and provision of services
Refunds of taxes and levies
32
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Cash received from other operating
59,174,561,839.34 5,781,010,203.48
activities
Sub-total of cash inflows from
59,189,006,839.34 5,783,420,203.48
operating activities
Cash paid for purchasing goods
and services
Cash paid to and on behalf of
42,945,572.38 11,453,390.37
employees
Payments of taxes 33,398,732.25 13,967,791.77
Other cash paid relating to
55,137,388,306.21 5,640,911,795.07
operating activities
Sub-total of cash outflows from
55,213,732,610.84 5,666,332,977.21
operating activities
Net cash flows from operating activities 3,975,274,228.50 117,087,226.27
II. Cash flows from investing activities:
Cash received from withdrawal of
470,000,000.00
investments
Cash received from returns on
63,301,830.25 243,069,431.04
investments
Net cash received from disposal of
fixed assets, intangible assets and other 35,000.00
long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received relating to
118,340,816.33
investing activities
Sub-total of cash inflows from investing
181,677,646.58 713,069,431.04
activities
Cash paid to acquire fixed assets,
intangible assets & other long-term 397,628.00 20,880.00
assets
Cash paid to acquire investments 481,715,731.99 88,671,105.19
Net cash received from payment of
subsidiaries and other business units
Cash payments relating to other
3,381,125,632.39
investment activities
Sub-total of cash outflows from
3,863,238,992.38 88,691,985.19
investing activities
33
Report Q3 2015 of China Merchants Property Development Co., Ltd.
Net cash flows from investing activities -3,681,561,345.80 624,377,445.85
III. Cash flows from financing
activities:
Cash received from capital
contribution
Cash received from borrowings 3,550,000,000.00 8,326,821,400.00
Cash from issue of bonds 3,000,000,000.00
Other cash received relating to
financing activities
Sub-total of cash inflows from
6,550,000,000.00 8,326,821,400.00
financing activities
Cash repayments of amounts
7,042,339,075.00 4,611,076,875.00
borrowed
Cash payments for interest
expenses and distribution of dividends 1,817,556,161.65 1,107,213,263.04
or profit
Other cash payments relating to
18,000,000.00
financing activities
Sub-total of cash outflows from
8,877,895,236.65 5,718,290,138.04
financing activities
Net cash flows from financing activities -2,327,895,236.65 2,608,531,261.96
IV. Influence of exchange rate change
13,059,855.63 -20,067,410.80
on cash and cash equivalents
V. Net increase of cash and cash
-2,021,122,498.32 3,329,928,523.28
equivalents
Add: balance of cash and cash
8,893,516,594.16 6,296,121,745.68
equivalents at the beginning of period
VI. Balance of cash and cash
6,872,394,095.84 9,626,050,268.96
equivalents at the end of period
II. Audit Report
The Q3 report is yet to be audited.
34
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