China International Marine Containers (Group) Co., Ltd. The First Quarterly Report 2009

Transcription

1 China International Marine Containers (Group) Co., Ltd. The First Quarterly Report Important Notice 1.1 The Board of Directors, the Supervisory Committee, as well as directors, supervisors and other senior management personnel of China International Marine Containers (Group) Co., Ltd. (hereinafter referred to as the Company ) hereby guarantee that this report carries no false information, misleading statements or major omissions, and accept, individually and collectively, the responsibility for the factuality, accuracy and completeness of the information set forth herein. 1.2 The Financial Report of the first quarterly report period has not been audited. 1.3 Fu Yuning (Chairman of the Board of the Company), Mai Boliang (the Company s Person-in-charge of accounting) and Jin Jianlong (Person-in-charge of the accounting agency and the accounting project) hereby confirm that the Financial Report enclosed in this quarterly report is factual and complete. 2. Company Profile 2.1 Main accounting data and financial indicators Unit: (RMB) Yuan 31 Mar Dec Increase/decrease (%) Total assets 34,314,579, ,557,863, % Owners equity attributable to the parent company 13,610,135, ,428,901, % Share capital 2,662,396, ,662,396, % Net assets per share attributable to owners of the parent company % Jan.-Mar Jan.-Mar Increase/decrease (%) Total operation income 4,258,608, ,987,885, % Net profit attributable to owners of the parent company 418,973, ,811, % Net cash flow arising from operating 1,032,627, ,110,878, % Net cash flow per share arising from operating % Basic earnings per share % 1

2 Diluted earnings per share % Return on equity 3.08% 2.48% 0.60% Return on equity after deducting extraordinary gains and losses -0.39% 2.77% -3.16% Amount from year-begin Items of extraordinary gains and losses to the end of the reporting period Profit and loss from disposal of non-current assets, -130, Governmental subsidies 14,149, Profit or loss from change in fair value by holding tradable financial assets and liabilities, and investment income from disposal of tradable financial assets and liabilities as well as salable financial 594,972, assets, excluding the effective hedging businesses related with the normal operations of the company Other non-operating income and expenses besides the above items 7,871, Profit and loss from outward entrusted loaning 2,585, The impact on taxes due to the above-mentioned items -145,122, Amount influenced by minority interest -2,530, Total 471,795, Notes to items of extraordinary gains and losses: 2.2 Total number of shareholders at the end of the reporting period, as well as the shares held by the top ten shareholders holding shares not subject to trading moratorium Unit: Share Total number of shareholders at period-end 311,981 Shares held by the top ten shareholders not subject to trading moratorium Name of shareholder (full name) Number of tradable shares not subject to trading moratorium held at period-end Type of share China Merchants (CIMC) Investment Limited 432,176,844 Domestically listed foreign shares COSCO Container Industries Limited 266,239,604 RMB ordinary shares COSCO Container Industries Limited 148,320,037 Domestically listed foreign shares China Merchants (CIMC) Holdings Limited 173,643,136 Domestically listed foreign shares CMBLSA RE FTIF TEMPLETON ASIAN GRW FD GTI ,257,531 Domestically listed foreign shares China Merchants Securities (HK) Co., Ltd. 56,882,988 Domestically listed foreign shares LONG HONOUR INVESTMENTS LIMITED 25,322,106 Domestically listed foreign shares HTHK/CMG FSGUFP-CMG FIRST STATE CHINA GROWTH FD Industrial & Commercial Bank of China Nuoan Stock Securities Investment Fund TEMPLETON EMERGING MARKETS INVESTMENT TRUST 24,250,634 Domestically listed foreign shares 18,000,000 RMB ordinary shares 12,801,432 Domestically listed foreign shares TOYO SECURITIES ASIA LIMITED-A/C 12,489,469 Domestically listed foreign shares 2

3 CLIENT. TEMPLETON DRAGON FUND,INC. 10,565,295 Domestically listed foreign shares 3. Significant Events 3.1 Particulars about major changes of items and financial indexes of the main accounting statements, as well as the reasons for changes Applicable Inapplicable In Mar. 2009, China s export volume and container handling volume closely relating to the container transportation demand both registered rebounds compared to the last period, with the decreases significantly narrowing over the same period of last year. In spite of that, the market demand for dry cargo container remained the same. Therefore, the Company basically kept its production half of dry cargo containers. Compared with the first and fourth quarters of 2008, the reporting quarter saw total sales of the Company s reefer containers amounting to 20,000 TEU, almost down by 50%; and total sales of the Company s special containers reaching 12,200 TEU, decreasing respectively by 57% and 15%. Affected by the economic situation and market environment, the market demand and orders of reefer containers and special containers were expected to face a certain degree of pressure and uncertainty in the future. In the first quarter, the Company achieved total sales of road transportation vehicles reaching 15,200 units, down by 44% compared to the same period of last year. The operation income of the first quarter decreased by 64.48% over the same period of last year, mainly because the Company s plants of dry cargo containers were still basically in a production halt, which considerably reduced the sales revenue, while those plants enjoyed a normal production in the same period of last year. The investment gains in the first quarter increased by 1,083.17% compared to the same period of last year, mainly due to that the Company sold part of the available-for-sale financial assets (the shares of China Merchants Bank). The net cash flows arising from operating rose by % over the same period of last year, mainly due to that the Company s plants of dry cargo containers were in a production halt, which led to a significant decrease of the expenses for purchasing raw materials; and that the accounts receivable in the third quarter of 2008 were recovered, which considerably reduced the occupancy rate of the operational funds. 3.2 Analysis and explanation on the progress of significant events and the influence, as well as the solutions Applicable Inapplicable 3

4 3.3 Execution of commitments made by the Company, shareholders and actual controller Applicable Inapplicable Commitments made Contents of commitments Execution Commitments concerning share merger reform COSCO Container Industries Limited (the original non-tradable share holder) made the commitments as follows: (1) According to relevant regulations, it would not list for trading or transfer the original non-tradable shares held by it through Shenzhen Stock Exchange within 12 months beginning from the first trading day after the implementation of the The relevant commitments made in Commitments concerning Company s share merger reform. the share merger reform were share trading moratorium (2) After expiration of the above commitment, in line with faithfully fulfilled. relevant regulations, the original non-tradable shares could be sold through listing and trading in Shenzhen Stock Exchange, but the proportion of the shares sold in the total shares of the Company should not exceed 5% within 12 months, as well as not exceed 10% within 24 months. Commitments made in the purchase report or the report on equity changes Commitments made in major assets reorganization Commitments made in stock issuance Other commitments (including supplementary commitments) 3.4 Warnings of possible losses or significant changes of the accumulative net profit made during the period from the year-begin to the end of the next reporting period compared to the same period of last year according to prediction, as well as explanations on the reasons Applicable Inapplicable 3.5 Other significant events Securities Investment Applicable Inapplicable No. Type of securities Securities code 1 H Short form of securities Sinotrans Shipping Ltd. Unit: (RMB) Yuan Initial investment Number of shares Book value at amount (Yuan) held (share) period-end Proportion in total Gains/losses in the securities reporting period investment (Yuan) (%) 21,831, ,996, ,099, % -105,

5 2 S G05.SI GoodPack 109,574, ,500, ,544, % -5,267, Other securities investment held at period-end 6,471, ,014, % 11, Gains/losses from securities investments sold in the reporting period Total 137,877, ,658, % -5,362, Notes concerning the securities investment: Interviews and visits in the reporting period Date Venue Way of communication Visitors Topics discussed and materials provided 12 Jan The Company Field research The Company s strategies and operation China Life Issuance development, the trends of the market Asset Management and the industry, financial position, Co., Ltd. capital expenditure, etc. CLSA, Morgan 12 Jan The Company By phone Stanley Asia Pacific Same as above Fund, J.P. Morgan 12 Feb The Company Field research Goldman Sachs Group Same as above 13 Feb Hong Kong By convening a meeting The Company attended the China Machinery Day Investor Meeting Same as above conducted by BNP Paribas Peregrine 17 Feb The Company Field research AP Fund Same as above 20 Feb The Company Field research Merrill Lynch Same as above 12 Mar The Company Field research UFJ Securities Co., Ltd. Same as above 12 Mar The Company Field research Brooke Capital Limited Same as above 23 Mar The Company Field research APG Asset Management Same as above Other significant events Applicable Inapplicable (1) The Company s subsidiary CIMC Vehicles (Group) Co., Ltd. (hereinafter referred to as CIMC Vehicles ), Qianghu Tairui Investment Co., Ltd. (hereinafter referred to as Tairui Investment ) and Shenzhen Jiusi Investment Co., Ltd. (hereinafter referred to as Jiusi Investment ) signed the sponsorship agreement in Shenzhen on 9 Jan. 2009, planning to establish, through joint capital, C&C Truck Co., Ltd. (hereinafter referred to as C&C Truck ). The C&C Truck was invested with a registered capital of RMB 1.2 billion, of 5

6 which RMB 540 million came from CIMC Vehicles, taking up 45% of the registered capital. For details, please refer to Public Notice of CIMC on External Investment (Public Notice No.: CIMC ) disclosed on 23 Jan (2) On 16 Mar. 2009, the Company signed the cooperation agreement on development-oriented financing with China Development Bank. For details, please refer to Public Notice of CIMC on Signing the Cooperation Agreement on Development-oriented Financing with China Development Bank (Public Notice No.: CIMC ) disclosed on 23 Jan Attachment 4.1 Balance sheet Prepared by China International Marine Containers (Group) Co., Ltd. 31 Mar Unit: (RMB) Yuan Items Closing balance Opening balance Consolidation Parent company Consolidation Parent company Current assets: Monetary funds 4,358,181, ,050, ,101,353, ,150, Transaction financial assets 139,192, ,445, ,553, Notes receivable 482,220, ,406, Accounts receivable 3,594,503, ,193,731, Prepayments 1,035,234, ,014,391, Interest receivable 2,925, ,412, Dividend receivable 10,804, ,960,384, ,792, ,962,468, Other receivables 848,024, ,741,425, ,116, ,934,969, Inventories 7,854,630, ,833,378, Non-current assets due within 1 year 172,833, ,064, Other current assets 403,019, ,183, Total current assets 18,901,565, ,457,414, ,818,379, ,327,587, Non-current assets: Financial assets available for sale 904,475, ,410, ,264,613, ,239,956, Investments held to maturity Long-term accounts receivable 387,138, ,903, Long-term equity investment 1,706,503, ,617,520, ,602,598, ,541,719, Investment real estate 79,966, ,244, Fixed assets 7,116,140, ,763, ,153,777, ,957, Construction in progress 1,094,549, ,174, ,560, ,662, Construction materials Fixed assets disposal 6

7 Productive biological assets Oil assets Intangible assets 2,583,077, ,847, ,645,457, ,990, Development expenses Goodwill 1,146,955, ,150,251, Long-term deferred expenses 43,741, ,504, ,210, ,184, Deferred income tax assets 350,470, ,871, Other non-current assets Total of non-current assets 15,413,014, ,673,218, ,739,484, ,962,468, Total assets 34,314,579, ,130,632, ,557,863, ,290,055, Current liabilities: Short-term borrowings 2,412,519, ,670, ,206,688, ,000, Transaction financial liabilities 242,015, ,443, ,109, Notes payable 1,129,174, ,013,448, Accounts payable 3,571,228, ,391,266, Accounts received in advance 756,038, ,964, Payroll payable 658,346, ,017, ,307, ,309, Taxes payable 526,590, ,480, ,815, ,860, Interest payable 78,804, ,280, ,852, ,385, Dividend payable 32,486, ,456, Other payables 1,649,067, ,992, ,583,477, ,048, Estimated liabilities (current) 541,247, ,046, Non-current liabilities due within 1 year 80,540, ,358, ,557, Other current liabilities 541,247, ,046, Total current liabilities 11,678,054, ,439, ,399,120, ,011,268, Non-current liabilities: Long-term borrowings 6,892,466, ,886,643, ,548,215, ,002,938, Bonds payable Long-term payables Special payables 8,644, ,633, Deferred income 21,833, ,685, Estimated liabilities 41,438, ,383, Deferred income tax liabilities 527,943, ,641, ,379, ,081, Other non-current liabilities Total non-current liabilities 7,492,324, ,955,284, ,224,295, ,126,019, Total liabilities 19,170,378, ,646,723, ,623,415, ,137,287, Owners equity (or shareholders equity): Paid-in capital (or share capital) 2,662,396, ,662,396, ,662,396, ,662,396, Capital reserve 1,155,480, ,142, ,352,772, ,118,064, Less: treasury stock Surplus reserve 3,577,588, ,577,588, ,577,588, ,577,588,

8 General risk reserve Retained profits 8,088,897, ,595,597, ,669,924, ,064,613, Foreign exchange difference -1,874,226, ,276,814, ,833,779, ,269,893, Total equity attributable to owners of the parent company 13,610,135, ,483,909, ,428,901, ,152,768, Minority interest 1,534,066, ,505,547, Total owners equity 15,144,201, ,483,909, ,934,448, ,152,768, Total liabilities and owners equity 34,314,579, ,130,632, ,557,863, ,290,055, Income Statement Prepared by China International Marine Containers (Group) Co., Ltd. Jan.-Mar Unit: (RMB) Yuan Amount in this period Amount in the previous period Items Consolidation Parent company Consolidation Parent company Ⅰ. Total operation revenue 4,258,608, , ,987,885, , Including: operation revenue 4,258,608, , ,987,885, , Interest income Ⅱ. Total operation cost 4,268,949, ,736, ,465,603, ,993, Including: cost of operation 3,589,862, , ,755,701, , Interest expenses Business taxes and surcharges 3,816, ,858, Selling expenses 144,472, ,024, Administrative expenses 430,538, ,488, ,253, ,599, Financial expenses 105,684, ,246, ,785, ,593, Asset impairment loss -5,423, ,982, Add: gain/loss from changes in fair value ( - for loss) loss) Gain/loss from investment ( - for Including: investment gains from affiliated enterprises and joint ventures Gains/losses from foreign exchange difference ( - for loss) -79,109, ,976, ,282, ,870, ,941, ,527, ,271, ,180, ,380, ,869, Ⅲ. Operation profit ( - for loss) 564,491, ,797, ,271, ,668, Add: non-business income 22,636, ,255, ,888, ,956, Less: non-business expense 745, ,421, , Including: losses from non-current asset disposal 130, , Ⅳ. Total profit ( - for loss) 586,382, ,052, ,738, ,978, Less: income tax expenses 144,028, ,068, ,082, ,468, Ⅴ. Net profit ( - for loss) 442,354, ,984, ,656, ,490,

9 company Attributable to owners of parent 418,973, ,811, Minority interest 23,381, ,845, Ⅵ. Earnings per share (I) Basic earnings per share (II) Diluted earnings per share Cash Flow Statement Prepared by China International Marine Containers (Group) Co., Ltd. Jan.-Mar Unit: (RMB) Yuan Items Amount of this period Amount of the previous period Consolidation Parent company Consolidation Parent company 1. Cash flows from operating Cash received from sales of goods or rendering of services 5,328,294, ,142,320, , Net increase in disposal of transaction financial assets Tax and fare refunded 233,567, ,615, Other cash received from operating 851,429, ,612,449, ,659, ,899,369, Sub-total of cash inflows from operating 6,413,290, ,612,449, ,091,594, ,899,398, Cash paid for goods and services 4,551,447, ,625,959, Cash paid to and on behalf of employees 362,163, ,437, ,589, ,870, Taxes and fares paid 194,883, , ,366, , Other cash paid relating to operating 272,170, ,370,992, ,558, ,205,226, Sub-total of cash outflows from operating 5,380,663, ,386,680, ,202,472, ,220,346, Net cash flows from operating 1,032,627, ,769, ,110,878, ,320,948, Cash flows from investing : Cash received from return of investments 715,433, ,433, ,017, Cash received from investment income 353, ,763, , ,263, Net cash received from disposal of fixed assets, intangible assets and other 71, , long-term assets Net cash received from disposal of subsidiaries and other operating units 100,000,

10 Other cash received from investing 16,364, ,392, Sub-total of cash inflows of investing 732,221, ,196, ,704, ,263, Cash paid for acquiring fixed assets, intangible assets and other long-term 366,473, ,768, ,581, ,441, assets Cash paid for investments 207,767, ,842, ,682, ,650, Net cash paid for acquisition of subsidiaries and other operating units Other cash paid relating to investing 6,374, Sub-total of cash outflows of investing 574,240, ,610, ,135,637, ,091, Net cash flows of investing 157,981, ,586, ,010,933, ,828, Cash flows of financing Cash received from absorbing investments Including: Cash received from minority shareholders of subsidiaries Cash received from borrowings 2,057,257, ,772, ,060,927, ,282,286, Cash received from bonds issuing Other cash received relating to financing Sub-total of cash inflows of financing 2,057,257, ,772, ,060,927, ,282,286, Cash paid for settling debts 1,704,545, ,847, ,873,717, ,658, Cash paid for distribution of dividends or profit or reimbursing 162,821, ,744, ,341, ,814, interest Including: dividends or profits paid to minority shareholders by subsidiaries Other cash paid relating to financing Sub-total of cash outflows of financing 1,867,366, ,591, ,045,058, ,472, Net cash flows of financing 189,891, ,819, ,015,869, ,195,814, Effect of foreign exchange rate changes on cash and cash equivalents -123,671, ,636, ,794, ,885, Net increase of cash and cash equivalents 1,256,828, ,900, ,736, ,847,

11 Add: Opening balance of cash and cash equivalents 6. Closing balance of ash and cash equivalents 2,822,175, ,150, ,015,348, ,131, ,079,003, ,050, ,844,612, ,284, Auditor s report Auditor s opinion: un-audited. China International Marine Containers (Group) Co., Ltd. Apr. 28,