Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
Report for the First Quarter of 2014
2014-013
Apr. 2014
Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. Section I. Important Reminders
The Board of Directors, the Supervisory Committee as well as all directors, supervisors and senior management staff of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. (hereinafter referred to as “the Company”) warrant that this report is factual, accurate and complete without any false record, misleading statement or material omission. And they shall be jointly and severally liable for that.
All directors attended the board session for reviewing this report.
Zhou Jianguo, company principal, Chen Maozheng, GM, Tang Xiaoping, chief of the accounting work, and Qiao Yanjun, chief of the accounting organ (chief of accounting), hereby confirm that the financial statements enclosed in this report are factual, accurate and complete.
This report is prepared in both Chinese and English. Should there be any discrepancy between the two versions, the Chinese version shall prevail.
Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. Section II. Financial Highlights& Change of Shareholders
I. Major accounting data and financial indexes
Does the Company adjust retrospectively or restate accounting data of previous years due to change of the accounting policy or correction of any accounting error?
□ Yes√ No
|||||
|-|-|-|-|
||Jan.-Mar. 2014|Jan.-Mar. 2013|YoY increase/decrease (%)|
|Operating revenues (RMB Yuan)|303,411,359.74|164,450,026.79|84.5%|
|Net profit attributable to shareholders of|22,025,565.57|3,508,651.86||
||||527.75%|
|the Company (RMB Yuan)||||
|Net profit attri butable to shareholders of||||
||22,069,560.39|3,501,642.35|530.26%|
|the Company after extraordinary gains and||||
|losses (RMB Yuan)||||
|Net cash flows from operating activities|147,785,842.22|270,776,251.76||
||||-45.42%|
|(RMB Yuan)||||
|Basic EPS (RMB Yuan/share)|0.0218|0.0035|522.86%|
|Diluted EPS (RMB Yuan/share)|0.0218|0.0035|522.86%|
|Weighted average ROE (%)|1.18%|0.21%|0.97%|
||31 Mar. 2014|31 Dec. 2013|Increase/decrease (%)|
|Total assets (RMB Yuan)|4,401,682,551.04|4,215,099,296.67|4.43%|
|Net assets attributable to shareho lders of|1,884,962,381.83|1,863,347,135.33||
||||1.16%|
|the Company (RMB Yuan)||||

Items and amounts of extraordinary gains and losses
√Applicable□Inapplicable
Unit: RMB Yuan
||||
|-|-|-|
|Item|Amount as of Jan.-Mar. 2014|Note|
|Gains/losses on the disposal of non-current asse ts (including the|||
||-94.00||
|offset part of asset impairment provisions)|||
|Other non-operating income and expenses other than the above|-57,365.75||
|Less: Income tax effects|-13,464.93||
|Total|-43,994.82|--|

Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item
□Applicable√Inapplicable
Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. II. Total number of shareholders at the period-end and shares held by the top ten
shareholders
Unit: Share
|||||||||
|-|-|-|-|-|-|-|-|
|Total number of shareholders at the||||||||
|||78,439||||||
|period-end||||||||
|Shares held by the top ten shareholders||||||||
||||Shareholdi|||Pledged or frozen shares||
||||||Number of the|||
|Name of shareholder|Nature of||ng|Number of the|restricted shares||Number of|
||shareholder||percentage|shares held||Status of shares||
||||||held||shares|
||||(%)|||||
|Shenzhen Investment HoldingsLtd.|State-ownedlegal person||63.55%|642,884,262||||
|Xia Jiusheng|Domesticnatural person||0.28%|2,874,565||||
|GUOTAI JUNANSECURITIES(HONGKONG)LIMITED|Overseas legalperson||0.18%|1,780,150||||
|Zhong Laiqun|Domesticnatural person||0.12%|1,210,000||||
|Xu Qiang|Domesticnatural person||0.12%|1,204,600||||
|Wu Haoyuan|Overseasnatural person||0.11%|1,109,300||||
|Wang Zhongming|Domesticnatural person||0.11%|1,095,808||||
|Wen Zhiping|Domesticnatural person||0.1%|1,043,242||||
|Qian Dingqing|Domesticnatural person||0.1%|1,000,000||||
|Qian Chao|Domesticnatural person||0.09%|951,988||||
|Shares held by the top ten non-restricted share holders||||||||
|||||||Type of shares||
|Name of shareholder||Number of non-restricted shares held||||||
|||||||Type|Number|
|Shenzhen Investment Holdings Ltd.||642,884,262||||RMB ordinary||
||||||||642,884,262|
|||||||shares||
|Xia Jiusheng||2,874,565||||RMB ordinary||
||||||||2,874,565|
|||||||shares||

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
|||||
|-|-|-|-|
|GUOTAI JUNANSECURITIES(HONGKONG) LIMITED|1,780,150|Domestically||
|||listed foreign|1,780,150|
|||shares||
|Zhong Laiqun|1,210,000|RMB ordinary||
||||1,210,000|
|||shares||
|Xu Qiang|1,204,600|RMB ordinary||
||||1,204,600|
|||shares||
|Wu Haoyuan|1,109,300|Domestically||
|||listed foreign|1,109,300|
|||shares||
|Wang Zhongming|1,095,808|Domestically||
|||listed foreign|1,095,808|
|||shares||
|Wen Zhiping|1,043,242|RMB ordinary||
||||1,043,242|
|||shares||
|Qian Dingqing|1,000,000|RMB ordinary||
||||1,000,000|
|||shares||
|Qian Chao|951,988|RMB ordinary||
||||951,988|
|||shares||
|Explanation on associated relationship or||||
|persons acting in concert among the|Unknown|||
|above-mentioned shareholders||||
|Top 10 shareholders taking part in margin|The top 10 shareholders accounts were the guarantee securities accounts of the custo|||
|financing and securities lending (if any)|mer credit transactions of Yintai Securities Co., Ltd.|||

Did any shareholder of the Company carry out an agreed buy-back in the reporting period?
□ Yes√ No
Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. Section III. Significant Events
I. Significant changes of the major accounting statement items and financial indicators for the reporting period, as well as the reasons for these changes
Operating revenues and operating costs for the reporting period stood at RMB 303.4114 million and RMB 225.7772 million respectively, up84.50% and76.67% from the same period of last year, which was mainly because the SPG Chuanqi Hill project carried over incomes and costs.
Business tax and surtaxes for the reporting period stood at RMB 22.5320 million, up82.27% from the same period of last year, which was mainly because the operating revenues increased and the turnover tax increased accordingly.
Selling expenses for the reporting period stood at RMB 5.8455 million, up52.14% from the same period of last year, which was mainly because the marketing& promotion expenses and the agent commissions increased.
Financial expenses for the reporting period stood at RMB 4.7363 million, increasing from the same period of last year, which was mainly because the capitalized interest decreased.
Total profit for the reporting period stood at RMB 31.5815 million, up392.14% from the same period of last year; and net profit attributable to owners of the Company for the reporting period stood at RMB 22.0256 million, up527.75% from the same period of last year, which were mainly because the operating revenues and the operating gross profit increased.
Net cash flows from operating activities for the reporting period stood at RMB 147.7858 million, down45.42% from the same period of last year, which was mainly because the cash received from sale of goods and provision of service decreased14.49% and the cash paid for goods and service increased3.19%.
Net cash flows from financing activities for the reporting period stood at RMB -86.3211 million, up38.13% from the same period of last year, which was mainly because the bank loan repayments decreased.
Other current assets at the end of the reporting period stood at RMB 15.7158 million, up355.38% from the opening amount, which was mainly because the pre-paid turnover tax increased.
Accounts received in advance at the end of the reporting period stood at RMB 583.7987 million, up86.54% from the opening amount, which was mainly because the advances in sale of houses and construction increased.
Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. II. Progress and influence of significant events, as well as the analysis and explanation on solutions
Naught
||||
|-|-|-|
|||Website index for the disclosed relevant|
|Overview of the significant event|Date of disclosure||
|||interim report|

III. Commitments made by the Company or shareholders holding over5% of the Company’s shares in the reporting period or such commitments carried down into the reporting period
|||||||
|-|-|-|-|-|-|
||Commitment||Time of making|Period of||
|Commitment||Contents|||Fulfillment|
||maker||commitment|commitment||
|Commitment on share reform||||||
|Commitment in acquisition reports or||||||
|reports on equity changes||||||
|Commitments made upon the assets||||||
|reorganization||||||
|Commitments made upon IPO or||||||
|refinancing||||||
|Other commitments made to minority||||||
|shareholders||||||
|Executed in time or not?|Yes|||||
|Detailed reason for failing to execute and||||||
||Naught|||||
|the next plan (if any)||||||

IV. Predict the operating results of Jan.-Jun. 2014
Warning of possible loss or considerable YoY change of the accumulated net profit made during the period-begin to the end of the next reporting period according to prediction, as well as explanations on the reasons:
√ Applicable□ Inapplicable
Prediction: significant increase in the same direction
Type of the predicted data: interval data
||||||||||
|-|-|-|-|-|-|-|-|-|
||Jan.-Jun. 2014|||Jan.-Jun. 2013|+/- (%)||||
|Predicted accumulative net|||||||||
||3,000|--|3,500|1,305.03|Up|129.88%|--|168.19%|
|profit (RMB Ten thousand)|||||||||
|Basic EPS (RMB Yuan/share)|0.0297|--|0.0346|0.0129|Up|130.23%|--|168.22%|
|Explanation about the|||||||||
||The sales of the SPG Chuanqi Hill Project of the Company normally carried forward.||||||||
|predictions|||||||||

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. V. Securities investment
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||||||Sharehold||Sharehold|||||
||||Initial|Number||Number||Closing|Gain/loss|||
||||||ing||ing|||||
||||investmen|of shares||of shares||book|for report|||
|Variety of|Code of|Name of|||percentag||percentag|||Accounti|Source of|
||||t cost|held at||held at||value|period|||
|securities|securities|securities|||e at||e at|||ng title|stock|
||||(RMB|period-be||period-en||(RMB|(RMB|||
||||||period-be||period-en|||||
||||Yuan)|gin||d||Yuan)|Yuan)|||
||||||gin||d|||||
|Total|||0.00|0|--|0|--|0.00|0.00|--|--|
|Disclosure date of the board||||||||||||
|announcement on approval of||||||||||||
|the securities investment||||||||||||
|Disclosure date of the general||||||||||||
|meeting announcement on||||||||||||
|approval of the securities||||||||||||
|investment (if any)||||||||||||

Shareholdings in other listed companies
□Applicable√Inapplicable
VI. Derivative investments
Unit: RMB Ten Thousand Yuan
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||||Proportio||
|||||||||||n of the||
|||||||||||closing||
||||||||||||Actual|
|||Related-p|Type of|||||Impairme||investmen||
|||||Initial|||Opening||Closing||gain/loss|
|||arty|derivative|||Ending||nt||t amount||
|Operator|Relation|||investmen|Start date||investmen||investmen||in|
|||transactio|investmen|||date||provision||in the||
|||||t amount|||t amount||t amount||reporting|
|||n or not|t|||||(if any)||Company||
||||||||||||period|
|||||||||||’s closing||
|||||||||||net assets||
|||||||||||(%)||
|Total||||0|--|--|0|0|0|0%|0|
|Capital source for derivative investment||||Naught||||||||
|Litigation cases situation||||Naught||||||||
|Disclosure date of the board announcement||||||||||||
|approving the wealth management||||||||||||
|entrustment||||||||||||
|Disclosure date of the general meeting||||||||||||
|announcement approving the wealth||||||||||||
|management entrustment||||||||||||

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
|||
|-|-|
|Analysis on risks and control measures of||
|derivative products held in the reporting||
|period (including but not limited to market|Naught|
|risk, liquidity risk, credit risk, operation||
|risk, law risk, etc.)||
|Changes of market prices or fair values in||
|the repor ting period of the invested||
|derivatives. And the analysis on the fair||
||Naught|
|value of the derivatives should include the||
|specific use methods and the relevant||
|assumptions and parameters.||
|Whether significant changes occurred to||
|the Company’s accounting policy and||
|specific accounting principles of|Naught|
|derivatives in the reporting period||
|compared to the previous reporting period||
|Special opinion from independent||
|directors, sponsor or financial consultant||
||Naught|
|on the Company’s derivatives investment||
|and risk control||

VII. Researches, visits and interviews received in the reporting period
|||||||
|-|-|-|-|-|-|
||||||Main discussion and|
|Time of reception|Place of reception|Way of reception|Visitor type|Visitor|materials provided by the|
||||||Company|
||||||Knew of the annual|
||||||operation situation,|
||||||situation of the|
||||||development progress of|
|||Telephone|||the project and the|
|9 Jan. 2014|The office||Individual|Individual investor||
|||Communication|||influences on the operation|
||||||of the Company caused by|
||||||the nation and the policies;|
||||||had not offer the written|
||||||sources.|
||||||Inquired of the appointed|
||||||disclosure date of annual|
|||Telephone|||report and the sales|
|6 Mar. 2014|The office||Individual|Individual investor||
|||Communication|||situation of Guangming and|
||||||Longgang; had not offer the|
||||||written sources.|

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. Section IV. Financial Statements
I. Financial statements
1. Consolidated balance sheet
Prepared by Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Current Assets:|||
|Monetary funds|586,693,067.95|525,374,372.44|
|Settlement reserves|||
|Intra-group lendings|||
|Transactional financial assets|||
|Notes receivable|||
|Accounts receivable|18,245,428.58|14,102,124.06|
|Accounts paid in advance|12,887,163.72|12,206,598.30|
|Premiums receivable|||
|Reinsurance premiums receivable|||
|Receivable reinsurance contract|||
|reserves|||
|Interest receivable|||
|Dividend receivable|1,052,192.76|1,052,192.76|
|Other accounts receivable|59,196,954.77|54,672,501.81|
|Financial assets purchased under|||
|||0.00|
|agreements to resell|||
|Inventories|3,078,500,935.66|2,967,935,589.04|
|Non-current assets due within 1 year|||
|Other current assets|15,715,763.51|3,451,107.04|
|Total current assets|3,772,291,506.95|3,578,794,485.45|
|Non-current assets:|||
|Loans by mandate and advances|||
|granted|||
|Available-for-sale financial assets|||
|Held-to-maturity investments|||

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
||||
|-|-|-|
|Long-term accounts receivable|||
|Long-term equity investment|75,200,652.59|75,200,652.59|
|Investing property|461,778,596.34|466,314,091.90|
|Fixed assets|58,529,049.25|60,715,687.71|
|Construction in progress|||
|Engineering materials|||
|Disposal of fixed assets|||
|Production biological assets|||
|Oil-gas assets|||
|Intangible assets|6,615,481.80|6,753,566.79|
|R&D expense|||
|Goodwill|||
|Long-term deferred expenses|474,804.09|528,352.21|
|Deferred income tax assets|26,792,460.02|26,792,460.02|
|Other non-current assets|||
|Total of non-current assets|629,391,044.09|636,304,811.22|
|Total assets|4,401,682,551.04|4,215,099,296.67|
|Current liabilities:|||
|Short-term borrowings|23,000,000.00|23,000,000.00|
|Borrowings from Central Bank|||
|Customer bank deposits and due to|||
|banks and other financial institutions|||
|Intra-group borrowings|||
|Transactional financial liabilities|||
|Notes payable|||
|Accounts payable|346,177,985.24|389,345,271.46|
|Accounts received in advance|583,798,724.60|312,967,028.85|
|Financial assets sold for repurchase|||
|Handling charges and commissions|||
|payable|||
|Employee’s compensation payable|31,030,647.30|37,159,445.41|
|Tax payable|155,570,719.12|148,006,651.37|
|Interest payable|16,735,277.94|18,482,515.18|
|Dividend payable|||
|Other accounts payable|399,163,405.71|394,687,837.29|

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
||||
|-|-|-|
|Reinsurance premiums payable|||
|Insurance contract reserves|||
|Payables for acting trading of|||
|securities|||
|Payables for acting underwriting of|||
|securities|||
|Non-current liabilities due within 1|||
||346,101,860.53|331,482,489.72|
|year|||
|Other current liabilities|||
|Total current liabilities|1,901,578,620.44|1,655,131,239.28|
|Non-current liabilities:|||
|Long-term borrowings|732,612,334.78|814,213,536.85|
|Bonds payable|||
|Long-term payables|11,077,132.36|10,749,885.53|
|Specific payables|||
|Estimated liabilities|||
|Deferred income tax liabilities|||
|Other non-current liabilities|||
|Total non-current liabilities|743,689,467.14|824,963,422.38|
|Total liabilities|2,645,268,087.58|2,480,094,661.66|
|Owners’ equity (or shareholders ’|||
|equity)|||
|Paid-up capital (or share capital)|1,011,660,000.00|1,011,660,000.00|
|Capital reserves|978,244,858.10|978,244,858.10|
|Less: Treasury stock|||
|Specific reserves|||
|Surplus reserves|4,974,391.15|4,974,391.15|
|Provisions for general risks|||
|Retained profits|-118,860,568.56|-140,886,134.13|
|Foreign exchange difference|8,943,701.14|9,354,020.21|
|Total equity attributable to owners of|||
||1,884,962,381.83|1,863,347,135.33|
|the Company|||
|Minority interests|-128,547,918.37|-128,342,500.32|
|Total owners’ (or shareholders’) equity|1,756,414,463.46|1,735,004,635.01|
|Total liabilit ies and owners ’ (or|||
||4,401,682,551.04|4,215,099,296.67|
|shareholders’) equity|||

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. Legal representative: Zhou Jianguo Person-in- charge of the accounting work: Tang Xiaoping Chief of the accounting division: Qiao Yanjun
2. Balance sheet of the Company
Prepared by Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Current Assets:|||
|Monetary funds|322,988,646.06|362,953,152.47|
|Transactional financial assets|||
|Notes receivable|||
|Accounts receivable|4,863,423.99|4,359,289.23|
|Accounts paid in advance|||
|Interest receivable|||
|Dividend receivable|||
|Other accounts receivable|675,619,469.10|669,806,773.71|
|Inventories|1,742,664,962.02|1,830,603,734.72|
|Non-current assets due within 1 year|||
|Other current assets|||
|Total current assets|2,746,136,501.17|2,867,722,950.13|
|Non-current assets:|||
|Available-for-sale financial assets|||
|Held-to-maturity investments|||
|Long-term accounts receivable|||
|Long-term equity investment|328,371,367.19|328,371,367.19|
|Investing property|403,267,849.20|407,900,089.95|
|Fixed assets|33,573,017.35|34,263,366.14|
|Construction in progress|||
|Engineering materials|||
|Disposal of fixed assets|||
|Production biological assets|||
|Oil-gas assets|||
|Intangible assets|1,312,366.80|1,406,066.79|
|R&D expense|||

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
||||
|-|-|-|
|Goodwill|||
|Long-term deferred expenses|118,793.40|132,925.95|
|Deferred income tax assets|3,230,636.28|3,230,636.28|
|Other non-current assets|||
|Total of non-current assets|769,874,030.22|775,304,452.30|
|Total assets|3,516,010,531.39|3,643,027,402.43|
|Current liabilities:|||
|Short-term borrowings|||
|Transactional financial liabilities|||
|Notes payable|||
|Accounts payable|318,941,183.29|393,715,301.47|
|Accounts received in advance|65,637,513.00|82,398,193.00|
|Employee’s compensation payable|11,508,780.56|11,614,479.62|
|Tax payable|158,019,435.82|149,643,182.39|
|Interest payable|16,535,277.94|18,094,154.07|
|Dividend payable|||
|Other accounts payable|649,144,267.21|648,978,988.66|
|Non-current liabilities due within 1|||
||346,101,860.53|331,482,489.72|
|year|||
|Other current liabilities|||
|Total current liabilities|1,565,888,318.35|1,635,926,788.93|
|Non-current liabilities:|||
|Long-term borrowings|499,622,982.55|581,224,184.62|
|Bonds payable|||
|Long-term payables|||
|Specific payables|||
|Estimated liabilities|||
|Deferred income tax liabilities|||
|Other non-current liabilities|||
|Total non-current liabilities|499,622,982.55|581,224,184.62|
|Total liabilities|2,065,511,300.90|2,217,150,973.55|
|Owners’ equity (or shareholders ’|||
|equity)|||
|Paid-up capital (or share capital)|1,011,660,000.00|1,011,660,000.00|
|Capital reserves|978,244,858.10|978,244,858.10|

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
||||
|-|-|-|
|Less: Treasury stock|||
|Specific reserves|||
|Surplus reserves|||
|Provisions for general risks|||
|Retained profits|-539,405,627.61|-564,028,429.22|
|Foreign exchange difference|||
|Total owners’ (or shareholders’) equity|1,450,499,230.49|1,425,876,428.88|
|Total liabilities and owners ’ (or|||
||3,516,010,531.39|3,643,027,402.43|
|shareholders’) equity|||

Legal representative: Zhou Jianguo Person-in- charge of the accounting work: Tang Xiaoping Chief of the accounting division: Qiao Yanjun
3. Consolidated income statement
Prepared by Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2014|Jan.-Mar. 2013|
|I. Total operating revenues|303,411,359.74|164,450,026.79|
|Including: Sales income|303,411,359.74|164,450,026.79|
|Interest income|||
|Premium income|||
|Handling charge and|||
|commission income|||
|II. Total operating cost|271,772,373.18|158,041,116.08|
|Including: Cost of sales|225,777,212.75|127,798,763.77|
|Interest expenses|||
|Handling charge and|||
|commission expenses|||
|Surrenders|||
|Net claims paid|||
|Net amount withdrawn for the|||
|insurance contract reserve|||
|Expenditure on policy dividends|||
|Reinsurance premium|||
|Taxes and associate charges|22,531,989.99|12,362,162.94|

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
||||
|-|-|-|
|Selling and distribution expenses|5,845,510.99|3,842,289.72|
|Administrative expenses|12,881,354.11|14,204,653.30|
|Financial expenses|4,736,305.34|-166,753.65|
|Asset impairment loss|||
|Add: Gain/(loss) from change in fair|||
|value (“-” means loss)|||
|Gain/(loss) from investment ( “-”|||
|means loss)|||
|Including: share of profits in associates|||
|and joint ventures|||
|Foreign exchange gains ( “-” means|||
|loss)|||
|III. Business profit (“-” means loss)|31,638,986.56|6,408,910.71|
|Add: non-operating income|8,505.10|60,002.01|
|Less: non-operating expense|65,964.85|51,690.00|
|Including: loss from non- current asset|||
||490.00||
|disposal|||
|IV. Total profit (“-” means loss)|31,581,526.81|6,417,222.72|
|Less: Income tax expense|9,570,923.75|2,866,073.78|
|V. Net profit (“-” means loss)|22,010,603.06|3,551,148.94|
|Including: Net profit achieved by|||
|combined parties before the|0.00|0.00|
|combinations|||
|Attributable to owners of the|||
||22,025,565.57|3,508,651.86|
|Company|||
|Minority shareholders’ income|-14,962.51|42,497.08|
|VI. Earnings per share|--|--|
|(I) Basic earnings per share|0.0218|0.0035|
|(II) Diluted earnings per share|0.0218|0.0035|
|VII. Other comprehensive incomes|-600,774.61|651,847.47|
|VIII. Total comprehensive incomes|21,409,828.45|4,202,996.41|
|Attributable to owners of the|||
||21,615,246.50|3,929,393.59|
|Company|||
|Attributable to minority|||
||-205,418.05|273,602.82|
|shareholders|||

Legal representative: Zhou Jianguo Person-in-charge of the accounting work: Tang Xiaoping
Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. Chief of the accounting division: Qiao Yanjun
4. Income statement of the Company
Prepared by Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2014|Jan.-Mar. 2013|
|I. Total sales|153,453,272.36|13,672,747.76|
|Less: cost of sales|95,091,577.71|5,315,662.69|
|Business taxes and surcharges|13,453,829.35|2,534,340.48|
|Distribution expenses|2,402,830.52|2,672,681.67|
|Administrative expenses|6,232,053.73|6,676,864.98|
|Financial costs|3,500,985.90|145,063.67|
|Impairment loss|||
|Add: gain/(loss) from change in fair|||
|value (“-” means loss)|||
|Gain/(loss) from investment (“-” means|||
|loss)|||
|Including: income form investment on|||
|associates and joint ventures|||
|II. Business profit (“-” means loss)|32,771,995.15|-3,671,865.73|
|Add: non-business income|4,000.00|60,002.01|
|Less: non-business expense||18,000.00|
|Including: loss from non- current asset|||
|disposal|||
|III. Total profit (“-” means loss)|32,775,995.15|-3,629,863.72|
|Less: income tax expense|8,153,193.54||
|IV. Net profit (“-” means loss)|24,622,801.61|-3,629,863.72|
|V. Earnings per share|--|--|
|(I) Basic earnings per share|0.0243|-0.0036|
|(II) Diluted earnings per share|0.0243|-0.0036|
|VI. Other comprehensive income|||
|VII. Total comprehensive income|24,622,801.61|-3,629,863.72|

 Legal representative: Zhou Jianguo Person-in- charge of the accounting work: Tang Xiaoping
Chief of the accounting division: Qiao Yanjun
Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. 5. Consolidated cash flow statement
Prepared by Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2014|Jan.-Mar. 2013|
|I. Cash flows from operating activities:|||
|Cash received from sale of|||
||536,867,934.15|627,871,867.98|
|commodities and rendering of service|||
|Net increase of deposits from|||
|customers and dues from banks|||
|Net increase of loans from the central|||
|bank|||
|Net increase of funds borrowed from|||
|other financial institutions|||
|Cash received from pre mium of|||
|original insurance contracts|||
|Net cash received from reinsurance|||
|business|||
|Net increase of deposits of policy|||
|holders and investment fund|||
|Net increase of disposal of tradable|||
|financial assets|||
|Cash received from interest, handling|||
|charges and commissions|||
|Net increase of intra- group|||
|borrowings|||
|Net increase of funds in repurchase|||
|business|||
|Tax refunds received|||
|Other cash received relating to|||
||55,124,854.67|41,732,492.96|
|operating activities|||
|Subtotal of cash inflows from operating|||
||591,992,788.82|669,604,360.94|
|activities|||
|Cash paid for goods and services|313,312,730.53|303,618,068.17|
|Net increase of customer lendings|||
|and advances|||
|Net increase of funds deposited in the|||
|central bank and amount due from|||
|banks|||

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
||||
|-|-|-|
|Cash for paying claims of the original|||
|insurance contracts|||
|Cash for paying interest, handling|||
|charges and commissions|||
|Cash for paying policy dividends|||
|Cash paid to and for employees|33,019,280.01|31,113,894.74|
|Various taxes paid|37,159,568.11|26,454,731.30|
|Other cash payment relating to|||
||60,715,367.95|37,641,414.97|
|operating activities|||
|Subtotal of cash outflows from|||
||444,206,946.60|398,828,109.18|
|operating activities|||
|Net cash flows from operating activities|147,785,842.22|270,776,251.76|
|II. Cash flows from investing activities:|||
|Cash received from withdrawal of|||
|investments|||
|Cash received from return on|||
|investments|||
|Net cash received from disposal of|||
|fixed assets, intangible assets and other|1,196.00||
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other business units|||
|Other cash received relating to|||
|investing activities|||
|Subtotal of cash inflows from|||
||1,196.00||
|investing activities|||
|Cash paid to acquire fixed assets,|||
|intangible assets and other long- term|163,137.00|665,014.76|
|assets|||
|Cash paid for investment|||
|Net increase of pledged loans|||
|Net cash paid to acquire subsidiaries|||
|and other business units|||
|Other cash payments relating to|||
|investing activities|||
|Subtotal of cash outflows from|||
||163,137.00|665,014.76|
|investing activities|||
|Net cash flows from investing activities|-161,941.00|-665,014.76|

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
||||
|-|-|-|
|III. Cash Flows from Financing|||
|Activities:|||
|Cash received from capital|||
|contributions|||
|Including: Cash received from|||
|minority shareholder investments by|||
|subsidiaries|||
|Cash received from borrowings|||
|Cash received from issuance of|||
|bonds|||
|Other cash received relating to|||
|||2,500,000.00|
|financing activities|||
|Subtotal of cash inflows from financing|||
|||2,500,000.00|
|activities|||
|Repayment of borrowings|66,981,831.26|122,127,100.98|
|Cash paid for interest expenses and|||
||19,339,225.39|19,892,153.55|
|distribution of dividends or profit|||
|Including: dividends or profit paid|||
|by subsidiaries to minority shareholders|||
|Other cash payments relating to|||
|financing activities|||
|Sub-total of cash outflows from|||
||86,321,056.65|142,019,254.53|
|financing activities|||
|Net cash flows from financing activities|-86,321,056.65|-139,519,254.53|
|IV. Effect of foreign exchange rate|||
||65,850.94|-27,885.45|
|changes on cash and cash equivalents|||
|V. Net increase in cash and cash|||
||61,368,695.51|130,564,097.02|
|equivalents|||
|Add: Opening balance of cash and|||
||519,284,372.44|463,713,702.77|
|cash equivalents|||
|VI. Closing balance of cash and cash|||
||580,653,067.95|594,277,799.79|
|equivalents|||

Legal representative: Zhou Jianguo Person-in- charge of the accounting work: Tang Xiaoping Chief of the accounting division: Qiao Yanjun
6. Cash flow statement of the Company
Prepared by Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. Unit: RMB Yuan
||||
|-|-|-|
|Item|Jan.-Mar. 2014|Jan.-Mar. 2013|
|I. Cash flows from operating activities:|||
|Cash received from sale of|||
||136,354,777.19|438,428,405.24|
|commodities and rendering of service|||
|Tax refunds received|||
|Other cash received relating to|||
||5,978,276.14|9,031,305.16|
|operating activities|||
|Subtotal of cash inflows from operating|||
||142,333,053.33|447,459,710.40|
|activities|||
|Cash paid for goods and services|76,163,778.31|102,973,918.96|
|Cash paid to and for employees|8,583,597.00|7,211,617.13|
|Various taxes paid|13,770,871.34|9,287,497.80|
|Other cash payment relating to|||
||1,820,565.59|14,589,887.19|
|operating activities|||
|Subtotal of cash outflows from|||
||100,338,812.24|134,062,921.08|
|operating activities|||
|Net cash flows from operating activities|41,994,241.09|313,396,789.32|
|II. Cash flows from investing activities:|||
|Cash received from retraction of|||
|investments|||
|Cash received from return on|||
|investments|||
|Net cash received from disposal of|||
|fixed assets, intangible assets and other|||
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other business units|||
|Other cash received relating to|||
|investing activities|||
|Subtota l of cash inflows from|||
|investing activities|||
|Cash paid to acquire fixed assets,|||
|intangible assets and other long- term|14,296.00|589,298.76|
|assets|||
|Cash paid for investment|||
|Net cash paid to acquire subsidiaries|||
|and other business units|||

Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
||||
|-|-|-|
|Other cash payments relating to|||
|investing activities|||
|Subtotal of cash outflows from|||
||14,296.00|589,298.76|
|investing activities|||
|Net cash flows from investing activities|-14,296.00|-589,298.76|
|III. Cash Flows from Financing|||
|Activities:|||
|Cash received from capital|||
|contributions|||
|Cash received from borrowings|||
|Cash received from issuance of|||
|bonds|||
|Other cash received relating to|||
|||2,500,000.00|
|financing activities|||
|Subtotal of cash inflows from financing|||
|||2,500,000.00|
|activities|||
|Repayment of borrowings|66,981,831.26|112,127,100.98|
|Cash paid for interest expenses and|||
||14,962,712.63|16,188,653.53|
|distribution of dividends or profit|||
|Other cash payments relating to|||
|financing activities|||
|Sub-total of cash outflows fr om|||
||81,944,543.89|128,315,754.51|
|financing activities|||
|Net cash flows from financing activities|-81,944,543.89|-125,815,754.51|
|IV. Effect of foreign exchange rate|||
||92.39|-117.73|
|changes on cash and cash equivalents|||
|V. Net increase in cash and cash|||
||-39,964,506.41|186,991,618.32|
|equivalents|||
|Add: Opening balance of cash and|||
||362,953,152.47|190,825,250.83|
|cash equivalents|||
|VI. Closing balance of cash and cash|||
||322,988,646.06|377,816,869.15|
|equivalents|||

Legal representative: Zhou Jianguo Person-in- charge of the accounting work: Tang Xiaoping Chief of the accounting division: Qiao Yanjun
Report for the First Quarter of 2014 of Shenzhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. II. Audit report
Is this report audited?
□ Yes√ No
This report is not audited.