Stock Code: 000011, 200011 Stock Name: PRD, PRD-B Announcement No. 2021-41SHENZHEN PROPERTIES & RESOURCES DEVELOPMENT (GROUP)
LTD.THIRD QUARTERLY REPORT 2021
Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior management of the Companyhereby guarantee that the contents of this Report are true, accurate and complete and free of any misrepresentations, misleadingstatements or material omissions, and collectively and individually accept legal responsibility for such contents.
2. The Company’s legal representative, head of financial affairs, and head of the financial department (equivalent to financialmanager) hereby guarantee that the financial statements carried in this Report are true, accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes √ No
I Key Financial Information
(I) Key Accounting Data and Financial IndicatorsIndicate whether there is any retrospectively restated datum in the table below.
□ Yes √ No
ShenZhen Properties & Resources Development (Group) Ltd. (hereinafter referred to asthe “Company”) and all the members of the Company’s Board of Directors herebyguarantee that the contents of this Report are true, accurate and complete and free of anymisrepresentations, misleading statements or material omissions.
| Q3 2021 | YoY change (%) | Q1-Q3 2021 | YoY change (%) | |
| Operating revenue (RMB) | 640,625,548.94 | 92.60% | 3,181,490,688.19 | 81.42% |
| Net profit attributable to the listed company’s shareholders (RMB) | 98,290,796.67 | 602.63% | 774,666,320.42 | 302.61% |
| Net profit attributable to the listed company’s shareholders before exceptional gains and losses (RMB) | 97,412,536.02 | 596.54% | 767,271,027.23 | 303.42% |
| Net cash generated from/used in operating activities (RMB) | —— | —— | -543,010,578.00 | -19.93% |
| Basic earnings per share (RMB/share) | 0.1649 | 602.74% | 1.2998 | 302.54% |
| Diluted earnings per share (RMB/share) | 0.1649 | 602.74% | 1.2998 | 302.54% |
| Weighted average return on equity (%) | 2.34% | 2.96% | 19.47% | 13.75% |
| 30 September 2021 | 31 December 2020 | Change (%) | ||
| Total assets (RMB) | 13,943,431,527.25 | 12,207,356,912.54 | 14.22% | |
| Equity attributable to the listed company’s shareholders (RMB) | 4,257,833,837.26 | 3,727,917,440.03 | 14.21% | |
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
| Item | Q3 2021 | Q1-Q3 2021 | Note |
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | -10,950.00 | -25,398.90 | Scrapping disposal of miscellaneous assets |
| Government grants through profit or loss (exclusive of government grants continuously given in the Company’s ordinary course of business at fixed quotas or amounts as per the government’s policies and standards) | 124,374.48 | 350,456.49 | Subsidy of substituting vocational training with working and subsidy for stabilizing posts received from government |
| Gain/Loss incurred from contingency unrelated to the Company’s normal operating businesses. | 0.00 | -114,571.79 | Payment of lawsuit-related compensation |
| Non-operating income and expense other than the above | 974,984.02 | 9,036,208.35 | Demolition compensation received |
| Less: Income tax effects | 209,961.85 | 2,046,501.38 | |
| Non-controlling interests effects (net of tax) | 186.00 | -195,100.42 | |
| Total | 878,260.65 | 7,395,293.19 | -- |
Other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases in the Reporting Period.(III) Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
1. Accounts receivable stood at RMB280,305,194.87 as at 30 September 2021, up 49.34% compared to 31 December 2020, primarilydriven by an increase in property management revenue.
2. Prepayments stood at RMB81,332,572.95 as at 30 September 2021, up 60.92% compared to 31 December 2020, primarily drivenby an increase in prepayments for engineering services.
3. Inventories stood at RMB7,491,518,350.13 as at 30 September 2021, up 41.02% compared to 31 December 2020, primarily drivenby an increase in land bank.
4. Long-term prepaid expense stood at RMB18,613,574.71 as at 30 September 2021, up 56.91% compared to 31 December 2020,primarily driven by an increase in decoration expenditures.
5. Deferred income tax assets stood at RMB1,313,347,404.44 as at 30 September 2021, up 38.15% compared to 31 December 2020,primarily driven by an increase in provision for land value-added tax.
6. Other non-current assets stood at RMB3,090,363.35 as at 30 September 2021, up 97.58% compared to 31 December 2020,primarily driven by an increase in expenditures on the construction and acquisition of long-lived assets.
7. Advances from customers stood at RMB1,060,418 as at 30 September 2021, up 124.06% compared to 31 December 2020,primarily driven by an increase in rents received.
8. Contract liabilities stood at RMB1,369,958,701.35 as at 30 September 2021, up 105.42% compared to 31 December 2020,primarily driven by an increase in advances received in the pre-sale of residential units.
9. Current portion of non-current liabilities stood at RMB67,002,418.06 as at 30 September 2021, up 82.45% compared to 31December 2020, primarily driven by an increase in bank loans due within one year.
10. Other current liabilities stood at RMB77,860,950.08 as at 30 September 2021, up 79.59% compared to 31 December 2020,primarily driven by an increase in differences between prices and taxable amounts with respect to contract liabilities.
11. Provisions stood at RMB1,413,049.50 as at 30 September 2021, down 41.05% compared to 31 December 2020, primarily drivenby payment according to court judgment.
12. Operating revenue stood at RMB3,181,490,688.19 during Q1~Q3 2021, up 81.42% compared to Q1~Q3 2020, primarily drivenby an increase in carryforwards of revenue from real estate projects.
13. Taxes and levies stood at RMB935,246,313.19 during Q1~Q3 2021, up 126.55% compared to Q1~Q3 2020, primarily driven byan increase in provision for land value-added tax.
14. Selling expense stood at RMB38,619,575.61 during Q1~Q3 2021, up 68.33% compared to Q1~Q3 2020, primarily driven by anincrease in sales promotion and agent expense.
15. Interest expense stood at RMB54,703,527.86 during Q1~Q3 2021, down 59.26% compared to Q1~Q3 2020, primarily driven byan increase in capitalized interest.
16. Asset impairment losses stood at RMB14,735.82 during Q1~Q3 2021, up 703.96% compared to Q1~Q3 2020, primarily drivenby a decrease in inventory valuation allowances.
17. Credit impairment losses stood at RMB-6,885,600.31 during Q1~Q3 2021, down 691.91% compared to Q1~Q3 2020, primarilydriven by a decrease in allowances for doubtful accounts.
18. Return on investment stood at RMB4,070,956.16 during Q1~Q3 2021, up 2008.54% compared to Q1~Q3 2020, primarily drivenby an increase in net profits of joint ventures.
19. Non-operating income stood at RMB11,820,776.71 during Q1~Q3 2021, up 141.02% compared to Q1~Q3 2020, primarilydriven by an increase in property demolition compensation income.
20. Income tax expense stood at RMB216,928,658.27 during Q1~Q3 2021, up 133.91% compared to Q1~Q3 2020, primarily drivenby an increase in gross profit.
21. Gain on fair value changes of investments in other equity instruments stood at RMB155,048.91 during Q1~Q3 2021, up 127.25%compared to Q1~Q3 2020, primarily driven by fair value changes.
22. Net cash generated from/used in operating activities stood at RMB-543,010,578 during Q1~Q3 2021, representing a decrease ofRMB90,243,620.82 compared to RMB-452,766,957.18 during Q1~Q3 2020, primarily driven by the payment for land and anincrease in property sales payments collected.
23. Net cash generated from/used in investing activities stood at RMB-16,727,397.68 during Q1~Q3 2021, representing an increaseof RMB477,472,399.59 compared to RMB-494,199,797.27 during Q1~Q3 2020, primarily driven by the payment for the acquisitionof interest in other company in the same period of last year.
24. Net cash generated from/used in financing activities stood at RMB-386,860,067.44 during Q1~Q3 2021, representing a decreaseof RMB2,204,396,442.64 compared to RMB1,817,536,375.20 during Q1~Q3 2020, primarily driven by additional bank loan in thesame period of last year.
II Shareholder Information(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as wellas Holdings of Top 10 Shareholders
Unit: share
| Number of ordinary shareholders at the period-end | 46,351 | Number of preferred shareholders with resumed voting rights at the period-end (if any) | 0 | |||
| Top 10 shareholders | ||||||
| Name of shareholder | Nature of shareholder | Shareholding | Total shares held | Restricted shares held | Shares in pledge, marked or frozen | |
| percentage | Status | Shares | ||||||
| Shenzhen Investment Holdings Corporation | State-owned corporation | 50.57% | 301,414,637 | 3,326 | ||||
| Shenzhen State-Owned Equity Operation and Management Co., Ltd. | Domestic non-state-owned legal person | 6.38% | 38,037,890 | 0 | ||||
| China Orient Asset Management Co., Ltd. | State-owned legal person | 3.90% | 23,236,400 | 0 | ||||
| Hong Kong Securities Clearing Company Ltd. | Foreign legal person | 0.99% | 5,906,124 | 0 | ||||
| Duan Shaoteng | Domestic natural person | 0.29% | 1,755,565 | 0 | ||||
| Shenzhen Duty-Free Commodity Enterprises Co., Ltd. | Domestic non-state-owned legal person | 0.29% | 1,730,300 | 1,730,300 | ||||
| Yang Yaochu | Domestic natural person | 0.25% | 1,500,384 | 0 | ||||
| Mai Furong | Domestic natural person | 0.19% | 1,103,096 | 0 | ||||
| Su Weipeng | Domestic natural person | 0.17% | 1,020,300 | 0 | ||||
| He Simo | Domestic natural person | 0.17% | 1,011,750 | 0 | ||||
| Top 10 unrestricted shareholders | ||||||||
| Name of shareholder | Unrestricted shares held | Shares by class | ||||||
| Class | Shares | |||||||
| Shenzhen Investment Holdings Corporation | 301,411,311 | RMB-denominated ordinary stock | 301,411,311 | |||||
| Shenzhen State-Owned Equity Operation and Management Co., Ltd. | 38,037,890 | RMB-denominated ordinary stock | 38,037,890 | |||||
| China Orient Asset Management Co., Ltd. | 23,236,400 | RMB-denominated ordinary stock | 23,236,400 | |||||
| Hong Kong Securities Clearing Company Ltd. | 5,906,124 | RMB-denominated ordinary stock | 5,906,124 | |||||
| Duan Shaoteng | 1,755,565 | RMB-denominated ordinary stock | 1,755,565 | |||||
| Yang Yaochu | 1,500,384 | Domestically listed foreign stock | 1,500,384 | |||||
| Mai Furong | 1,103,096 | Domestically listed foreign stock | 1,103,096 | |||||
| Su Weipeng | 1,020,300 | RMB-denominated ordinary stock | 1,020,300 | |||||
| He Simo | 1,011,750 | Domestically listed foreign stock | 1,011,750 | |||||
| Chen Yutang | 800,000 | RMB-denominated ordinary stock | 800,000 | |||||
| Related or acting-in-concert parties among the shareholders above | The first largest shareholder, Shenzhen Investment Holding Corporation, is the actual controlling shareholder of the Company and Shenzhen State-Owned Equity Operation and Management Co., Ltd. And the Company does not know whether there are related parties or acting-in-concert parties among the other 8 shareholders. | |||||||
| Top 10 ordinary shareholders involved in securities margin trading (if any) | N/A | |||||||
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
III Other Significant Events
√ Applicable □ Not applicable
1. During the Reporting Period, Shenzhen SZPRD Urban Renewal Co., Ltd., the Company’s wholly-owned subsidiary, won the bidfor the use right of the No. 2021WR023 land for construction in Humen Town of Dongguan City with RMB2,070,606,666 in theonline listing and transfer of the use right of the state-owned land for construction held by Dongguan City Public Resources Tradingon 28 August 2021. For more details, see the Announcement on Wholly-Owned Subsidiary Becoming Selected Winner of Bid forLand Use Right (Announcement No. 2021-26) disclosed by the Company on 27 August 2021 and the Announcement onWholly-Owned Subsidiary Becoming Winner of Bid for Land Use Right (Announcement No. 2021-27) disclosed by the Company on3 September 2021.
2. During the Reporting Period, the Company received the Letter on Changing Commitment on Avoiding Horizontal Competitionfrom the controlling shareholder Shenzhen Investment Holdings Co., Ltd. which had been approved on the 25
th Meeting of the 9
th
Board of Directors and the 26
th Meeting of the 9
th Supervisory Committee held on 10 September 2021, as well as the 1
st
Extraordinary General Meeting of 2021 by voting. For more details, see the Announcement on Application of ControllingShareholder for Changing Commitment on Avoiding Horizontal Competition (Announcement No. 2021-32) and the AnnouncementNo. 2021-34 on Resolutions of the1
stExtraordinary General Meeting of 2021 disclosed by the Company on 11 September 2021 and28 September 2021, respectively.
IV Quarterly Financial Statements(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Properties & Resources Development (Group) Ltd.
30 September 2021
Unit: RMB
| Item | 30 September 2021 | 31 December 2020 |
| Current assets: | ||
| Monetary assets | 3,237,455,455.40 | 4,206,266,629.32 |
| Settlement reserve | ||
| Loans to other banks and financial institutions | ||
| Held-for-trading financial assets | ||
| Derivative financial assets | ||
| Notes receivable | ||
| Accounts receivable | 280,305,194.87 | 187,697,631.47 |
| Receivables financing | ||
| Prepayments | 81,332,572.95 | 50,543,422.85 |
| Premiums receivable | ||
| Reinsurance receivables | ||
| Receivable reinsurance contract reserve | ||
| Other receivables | 826,262,329.99 | 789,050,350.51 |
| Including: Interest receivable | ||
| Dividends receivable | ||
| Financial assets purchased under resale agreements | ||
| Inventories | 7,491,518,350.13 | 5,312,489,258.20 |
| Contract assets |
| Assets held for sale | ||
| Current portion of non-current assets | ||
| Other current assets | 55,122,942.93 | 48,991,965.92 |
| Total current assets | 11,971,996,846.27 | 10,595,039,258.27 |
| Non-current assets: | ||
| Loans and advances to customers | ||
| Debt investments | ||
| Other debt investments | ||
| Long-term receivables | ||
| Long-term equity investments | 49,781,176.95 | 45,710,220.79 |
| Investments in other equity instruments | 1,194,011.36 | 1,044,905.12 |
| Other non-current financial assets | ||
| Investment property | 458,208,170.14 | 484,738,506.83 |
| Fixed assets | 107,168,499.23 | 116,233,936.04 |
| Construction in progress | ||
| Productive living assets | ||
| Oil and gas assets | ||
| Right-of-use assets | 11,640,096.44 | |
| Intangible assets | 435,544.07 | 482,049.51 |
| Development costs | ||
| Goodwill | 7,955,840.29 | |
| Long-term prepaid expense | 18,613,574.71 | 11,862,716.14 |
| Deferred income tax assets | 1,313,347,404.44 | 950,681,245.50 |
| Other non-current assets | 3,090,363.35 | 1,564,074.34 |
| Total non-current assets | 1,971,434,680.98 | 1,612,317,654.27 |
| Total assets | 13,943,431,527.25 | 12,207,356,912.54 |
| Current liabilities: | ||
| Short-term borrowings | ||
| Borrowings from the central bank | ||
| Loans from other banks and financial institutions | ||
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | ||
| Accounts payable | 363,097,115.88 | 468,269,685.65 |
| Advances from customers | 1,060,418.00 | 473,274.48 |
| Contract liabilities | 1,369,958,701.35 | 666,893,629.72 |
| Financial assets sold under repurchase agreements | ||
| Customer deposits and deposits from other banks and financial institutions | ||
| Payables for acting trading of securities | ||
| Payables for underwriting of securities | ||
| Employee benefits payable | 148,442,697.63 | 177,190,197.36 |
| Taxes and levies payable | 2,993,796,653.66 | 2,487,212,979.37 |
| Other payables | 931,830,115.73 | 847,142,613.09 |
| Including: Interest payable | ||
| Dividends payable | 12,202,676.04 | 12,202,676.04 |
| Fees and commissions payable | ||
| Reinsurance payables | ||
| Liabilities directly associated with assets held for sale | ||
| Current portion of non-current liabilities | 67,002,418.06 | 36,722,824.88 |
| Other current liabilities | 77,860,950.08 | 43,354,691.51 |
| Total current liabilities | 5,953,049,070.39 | 4,727,259,896.06 |
| Non-current liabilities: | ||
| Insurance contract reserve | ||
| Long-term borrowings | 3,556,900,000.00 | 3,587,800,000.00 |
| Bonds payable | ||
| Including: Preference shares | ||
| Perpetual bonds | ||
| Lease liabilities | 12,010,238.46 | |
| Long-term payables | ||
| Long-term employee benefits payable | ||
| Provisions | 1,413,049.50 | 2,396,947.00 |
| Deferred income | ||
| Deferred income tax liabilities | 262.20 | 262.20 |
| Other non-current liabilities | 109,103,765.34 | 108,778,327.45 |
| Total non-current liabilities | 3,679,427,315.50 | 3,698,975,536.65 |
| Total liabilities | 9,632,476,385.89 | 8,426,235,432.71 |
| Owners’ equity: | ||
| Share capital | 595,979,092.00 | 595,979,092.00 |
| Other equity instruments | ||
| Including: Preference shares | ||
| Perpetual bonds | ||
| Capital reserves | 80,488,045.38 | 80,488,045.38 |
| Less: Treasury stock | ||
| Other comprehensive income | -7,148,084.88 | -6,749,589.41 |
| Specific reserve | ||
| Surplus reserves | 19,205,979.63 | 19,205,979.63 |
| General reserve | ||
| Retained earnings | 3,569,308,805.13 | 3,038,993,912.43 |
| Total equity attributable to owners of the Company as the parent | 4,257,833,837.26 | 3,727,917,440.03 |
| Non-controlling interests | 53,121,304.10 | 53,204,039.80 |
| Total owners’ equity | 4,310,955,141.36 | 3,781,121,479.83 |
| Total liabilities and owners’ equity | 13,943,431,527.25 | 12,207,356,912.54 |
Legal representative: Liu Shengxiang Head of financial affairs: Cai LiliHead of the financial department: Liu Qiang
2. Consolidated Income Statement for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2021 | Q1~Q3 2020 |
| 1. Revenues | 3,181,490,688.19 | 1,753,697,717.30 |
| Including: Operating revenue | 3,181,490,688.19 | 1,753,697,717.30 |
| Interest income | ||
| Insurance premium income | ||
| Fee and commission income | ||
| 2. Costs and expenses | 2,211,935,483.11 | 1,527,399,689.48 |
| Including: Cost of sales | 1,084,925,841.75 | 873,302,042.71 |
| Interest expense | ||
| Fee and commission expense | ||
| Surrenders | ||
| Net insurance claims paid | ||
| Net amount provided as insurance contract reserve | ||
| Expenditure on policy dividends | ||
| Reinsurance premium expense | ||
| Taxes and levies | 935,246,313.19 | 412,829,423.52 |
| Selling expense | 38,619,575.61 | 22,942,832.34 |
| Administrative expense | 157,577,080.86 | 132,861,676.49 |
| Development costs | ||
| Finance costs | -4,433,328.30 | 85,463,714.42 |
| Including: Interest expense | 54,703,527.86 | 134,280,009.60 |
| Interest income | 60,783,256.33 | 48,882,862.25 |
| Add: Other income | 4,384,524.06 | 4,850,559.92 |
| Return on investment (“-” for loss) | 4,070,956.16 | 193,069.98 |
| Including: Share of profit or loss of joint ventures and associates | 4,070,956.16 | 193,069.98 |
| Income from the derecognition of financial assets at amortized cost (“-” for loss) | ||
| Exchange gain (“-” for loss) | ||
| Net gain on exposure hedges (“-” for loss) | ||
| Gain on changes in fair value (“-” for loss) | ||
| Credit impairment loss (“-” for loss) | -6,885,600.31 | 1,163,290.17 |
| Asset impairment loss (“-” for loss) | 14,735.82 | 1,832.91 |
| Asset disposal income (“-” for loss) | ||
| 3. Operating profit (“-” for loss) | 971,139,820.81 | 232,506,780.80 |
| Add: Non-operating income | 11,820,776.71 | 4,904,450.96 |
| Less: Non-operating expense | 2,813,222.58 | 3,180,142.69 |
| 4. Gross profit (“-” for loss) | 980,147,374.94 | 234,231,089.07 |
| Less: Income tax expense | 216,928,658.27 | 92,741,690.38 |
| 5. Net profit (“-” for net loss) | 763,218,716.67 | 141,489,398.69 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | 763,218,716.67 | 141,489,398.69 |
| 5.1.2 Net profit from discontinued operations (“-” for net loss) | ||
| 5.2 By ownership | ||
| 5.2.1 Net profit attributable to owners of the Company as the parent | 774,666,320.42 | 192,412,552.18 |
| 5.2.2 Net profit attributable to non-controlling interests | -11,447,603.75 | -50,923,153.49 |
| 6. Other comprehensive income, net of tax | -398,495.47 | 2,562,432.70 |
| Attributable to owners of the Company as the parent | -398,495.47 | 2,562,432.70 |
| 6.1 Items that will not be reclassified to profit or loss | 155,048.91 | -569,080.59 |
| 6.1.1 Changes caused by remeasurements on defined benefit schemes | ||
| 6.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | ||
| 6.1.3 Changes in the fair value of investments in other equity instruments | 155,048.91 | -569,080.59 |
| 6.1.4 Changes in the fair value arising from changes in own credit risk | ||
| 6.1.5 Other | ||
| 6.2 Items that will be reclassified to profit or loss | -553,544.38 | 3,131,513.29 |
| 6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | ||
| 6.2.2 Changes in the fair value of other debt investments | ||
| 6.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
| 6.2.4 Credit impairment allowance for other debt investments | ||
| 6.2.5 Reserve for cash flow hedges | ||
| 6.2.6 Differences arising from the translation of foreign currency-denominated financial statements | -553,544.38 | 3,131,513.29 |
| 6.2.7 Other | ||
| Attributable to non-controlling interests | ||
| 7. Total comprehensive income | 762,820,221.20 | 144,051,831.39 |
| Attributable to owners of the Company as the parent | 774,267,824.95 | 194,974,984.88 |
| Attributable to non-controlling interests | -11,447,603.75 | -50,923,153.49 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 1.2998 | 0.3229 |
| 8.2 Diluted earnings per share | 1.2998 | 0.3229 |
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees beforethe combinations was RMB0, with the amount for the same period of last year being RMB0.Legal representative: Liu Shengxiang Head of financial affairs: Cai LiliHead of the financial department: Liu Qiang
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2021 | Q1~Q3 2020 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 4,042,420,125.09 | 2,899,288,769.77 |
| Net increase in customer deposits and deposits from other banks and financial institutions | ||
| Net increase in borrowings from the central bank | ||
| Net increase in loans from other financial institutions | ||
| Premiums received on original insurance contracts | ||
| Net proceeds from reinsurance | ||
| Net increase in deposits and investments of policy holders | ||
| Interest, fees and commissions received | ||
| Net increase in loans from other banks and financial institutions | ||
| Net increase in proceeds from repurchase transactions | ||
| Net proceeds from acting trading of securities | ||
| Tax and levy rebates | 27,939,475.62 | 12,858,739.05 |
| Cash generated from other operating activities | 203,438,724.30 | 418,683,926.79 |
| Subtotal of cash generated from operating activities | 4,273,798,325.01 | 3,330,831,435.61 |
| Payments for commodities and services | 2,887,214,350.83 | 1,128,024,166.75 |
| Net increase in loans and advances to customers | ||
| Net increase in deposits in the central bank and other banks and financial institutions | ||
| Payments for claims on original insurance contracts | ||
| Net increase in loans to other banks and financial institutions | ||
| Interest, fees and commissions paid | ||
| Policy dividends paid | ||
| Cash paid to and for employees | 531,706,928.53 | 472,672,344.40 |
| Taxes and levies paid | 1,263,721,854.47 | 2,012,684,115.79 |
| Cash used in other operating activities | 134,165,769.18 | 170,217,765.85 |
| Subtotal of cash used in operating activities | 4,816,808,903.01 | 3,783,598,392.79 |
| Net cash generated from/used in | -543,010,578.00 | -452,766,957.18 |
| operating activities | ||
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | ||
| Return on investment | ||
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 26,112.57 | 4,608.08 |
| Net proceeds from the disposal of subsidiaries and other business units | ||
| Cash generated from other investing activities | ||
| Subtotal of cash generated from investing activities | 26,112.57 | 4,608.08 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 14,930,846.83 | 28,396,835.53 |
| Payments for investments | ||
| Net increase in pledged loans granted | ||
| Net payments for the acquisition of subsidiaries and other business units | 1,822,663.42 | 465,807,569.82 |
| Cash used in other investing activities | ||
| Subtotal of cash used in investing activities | 16,753,510.25 | 494,204,405.35 |
| Net cash generated from/used in investing activities | -16,727,397.68 | -494,199,797.27 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | 140,000.00 | 840,000.00 |
| Including: Capital contributions by non-controlling interests to subsidiaries | 140,000.00 | 840,000.00 |
| Borrowings received | 2,172,000,000.00 | |
| Cash generated from other financing activities | ||
| Subtotal of cash generated from financing activities | 140,000.00 | 2,172,840,000.00 |
| Repayment of borrowings | 100,000.00 | 1,033,000.00 |
| Interest and dividends paid | 386,900,067.44 | 354,270,624.80 |
| Including: Dividends paid by subsidiaries to non-controlling interests | ||
| Cash used in other financing activities | ||
| Subtotal of cash used in financing activities | 387,000,067.44 | 355,303,624.80 |
| Net cash generated from/used in financing activities | -386,860,067.44 | 1,817,536,375.20 |
| 4. Effect of foreign exchange rates changes on cash and cash equivalents | -526,623.85 | -1,054,883.75 |
| 5. Net increase in cash and cash equivalents | -947,124,666.97 | 869,514,737.00 |
| Add: Cash and cash equivalents, beginning of the period | 4,168,154,911.83 | 3,285,345,233.47 |
| 6. Cash and cash equivalents, end of the period | 3,221,030,244.86 | 4,154,859,970.47 |
(II) Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the NewStandards Governing Leases from 2021
√ Applicable □ Not applicable
Whether the Company needs to adjust items in the balance sheet at the beginning of the year
√ Yes □ No
Consolidated Balance Sheet
Unit: RMB
| Item | 31 December 2020 | 1 January 2021 | Adjusted |
| Current assets: | |||
| Monetary assets | 4,206,266,629.32 | 4,206,266,629.32 | |
| Settlement reserve | |||
| Loans to other banks and financial institutions | |||
| Held-for-trading financial assets | |||
| Derivative financial assets | |||
| Notes receivable | |||
| Accounts receivable | 187,697,631.47 | 187,697,631.47 | |
| Receivables financing | |||
| Prepayments | 50,543,422.85 | 50,543,422.85 | |
| Premiums receivable | |||
| Reinsurance receivables | |||
| Receivable reinsurance contract reserve | |||
| Other receivables | 789,050,350.51 | 789,050,350.51 | |
| Including: Interest receivable | |||
| Dividends receivable | |||
| Financial assets purchased under resale agreements | |||
| Inventories | 5,312,489,258.20 | 5,312,489,258.20 | |
| Contract assets | |||
| Assets held for sale | |||
| Current portion of non-current assets | |||
| Other current assets | 48,991,965.92 | 48,991,965.92 | |
| Total current assets | 10,595,039,258.27 | 10,595,039,258.27 | |
| Non-current assets: | |||
| Loans and advances to customers | |||
| Debt investments | |||
| Other debt investments | |||
| Long-term receivables | |||
| Long-term equity investments | 45,710,220.79 | 45,710,220.79 | |
| Investments in other equity instruments | 1,044,905.12 | 1,044,905.12 | |
| Other non-current |
| financial assets | |||
| Investment property | 484,738,506.83 | 484,738,506.83 | |
| Fixed assets | 116,233,936.04 | 116,233,936.04 | |
| Construction in progress | |||
| Productive living assets | |||
| Oil and gas assets | |||
| Right-of-use assets | 14,992,421.49 | 14,992,421.49 | |
| Intangible assets | 482,049.51 | 482,049.51 | |
| Development costs | |||
| Goodwill | |||
| Long-term prepaid expense | 11,862,716.14 | 11,862,716.14 | |
| Deferred income tax assets | 950,681,245.50 | 950,681,245.50 | |
| Other non-current assets | 1,564,074.34 | 1,564,074.34 | |
| Total non-current assets | 1,612,317,654.27 | 1,627,310,075.76 | 14,992,421.49 |
| Total assets | 12,207,356,912.54 | 12,222,349,334.03 | 14,992,421.49 |
| Current liabilities: | |||
| Short-term borrowings | |||
| Borrowings from the central bank | |||
| Loans from other banks and financial institutions | |||
| Held-for-trading financial liabilities | |||
| Derivative financial liabilities | |||
| Notes payable | |||
| Accounts payable | 468,269,685.65 | 468,269,685.65 | |
| Advances from customers | 473,274.48 | 473,274.48 | |
| Contract liabilities | 666,893,629.72 | 666,893,629.72 | |
| Financial assets sold under repurchase agreements | |||
| Customer deposits and deposits from other banks and financial institutions | |||
| Payables for acting trading of securities | |||
| Payables for underwriting of securities | |||
| Employee benefits payable | 177,190,197.36 | 177,190,197.36 | |
| Taxes and levies payable | 2,487,212,979.37 | 2,487,212,979.37 | |
| Other payables | 847,142,613.09 | 847,142,613.09 | |
| Including: Interest payable | |||
| Dividends payable | 12,202,676.04 | 12,202,676.04 | |
| Fees and commissions payable | |||
| Reinsurance payables | |||
| Liabilities directly associated with assets held for sale |
| Current portion of non-current liabilities | 36,722,824.88 | 36,722,824.88 | |
| Other current liabilities | 43,354,691.51 | 43,354,691.51 | |
| Total current liabilities | 4,727,259,896.06 | 4,727,259,896.06 | |
| Non-current liabilities: | |||
| Insurance contract reserve | |||
| Long-term borrowings | 3,587,800,000.00 | 3,587,800,000.00 | |
| Bonds payable | |||
| Including: Preference shares | |||
| Perpetual bonds | |||
| Lease liabilities | 14,992,421.49 | 14,992,421.49 | |
| Long-term payables | |||
| Long-term employee benefits payable | |||
| Provisions | 2,396,947.00 | 2,396,947.00 | |
| Deferred income | |||
| Deferred income tax liabilities | 262.20 | 262.20 | |
| Other non-current liabilities | 108,778,327.45 | 108,778,327.45 | |
| Total non-current liabilities | 3,698,975,536.65 | 3,713,967,958.14 | 14,992,421.49 |
| Total liabilities | 8,426,235,432.71 | 8,441,227,854.20 | 14,992,421.49 |
| Owners’ equity: | |||
| Share capital | 595,979,092.00 | 595,979,092.00 | |
| Other equity instruments | |||
| Including: Preference shares | |||
| Perpetual bonds | |||
| Capital reserves | 80,488,045.38 | 80,488,045.38 | |
| Less: Treasury stock | |||
| Other comprehensive income | -6,749,589.41 | -6,749,589.41 | |
| Specific reserve | |||
| Surplus reserves | 19,205,979.63 | 19,205,979.63 | |
| General reserve | |||
| Retained earnings | 3,038,993,912.43 | 3,038,993,912.43 | |
| Total equity attributable to owners of the Company as the parent | 3,727,917,440.03 | 3,727,917,440.03 | |
| Non-controlling interests | 53,204,039.80 | 53,204,039.80 | |
| Total owners’ equity | 3,781,121,479.83 | 3,781,121,479.83 | |
| Total liabilities and owners’ equity | 12,207,356,912.54 | 12,222,349,334.03 | 14,992,421.49 |
Notes to the adjustmentsThe Company has implemented the new IFRS 16 Leases since 1 January 2021, and according to the accumulated number of impactsbased on the execution of the new lease standard, the Company will adjust the amount of relevant items in the financial statements atthe beginning of the first year of execution, and will not adjust information for comparable periods. For operational leasing prior tothe date of initial adoption, the Company will measure the lease liabilities according to the present value discounted at theincremental borrowing rate on the date of initial adoption based on the remaining lease payments, and make necessary adjustments tothe right-of-use assets at an amount equal to the lease liabilities.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the NewStandards Governing Leases from 2021
□ Applicable √ Not applicable
(III) Independent Auditor’s ReportIndicate by tick mark whether the financial statements above have been audited by an independent auditor.
□ Yes √ No
These financial statements have not been audited by such an auditor.
Board of DirectorsShenzhen Properties & Resources Development (Group) Ltd.30 October 2021