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万科企业股份有限公司2013年第一季度报告全文(英文版) 下载公告
公告日期:2013-04-23
                                      China Vanke Co., Ltd.
                                    2013 First Quarterly Report
§1 Important Notice
1.1 The Board, the Supervisory Committee, Directors, members of the Supervisory Committee and
senior management of the Company warrant that in respect of the information contained in this
Quarterly Report, there are no misrepresentations or misleading statements, or material omission,
and individually and collectively accept full responsibility for the authenticity, accuracy and
completeness of the information contained in this Quarterly Report.
1.2 None of the Directors, members of the Supervisory Committee and senior management fails to
assure or disputes with the authenticity, accuracy and completeness of the contents of this Quarterly
Report.
1.3 Deputy Chairman Qiao Shibo and Director Wei Bin were not able to attend the board meeting in
person due to their business engagements and had authorised Director Chen Ying to represent them
and vote on behalf of them. Director Yu Liang was not able to attend the board meeting in person due
to personal reasons and had authorised Director Xiao Li to represent him and vote on behalf of him.
1.4 This quarterly financial report of the Company has not been audited.
1.5 The Company’s Chairman Wang Shi, Director and President Yu Liang, and Executive Vice
President and Supervisor of Finance Wang Wenjin declare that the financial report contained in this
Quarterly Report is warranted to be true and complete.
§2 Basic Corporate Information
2.1 Major accounting data and financial guidance
                                                                                       (Unit: RMB’000)
                                     As at 31 March 2013     As at 31 December 2012   Changes (%)
Total assets                                   418,181,891              379,094,858     10.31%
Equity attributable to equity
                                                65,578,004               63,825,554      2.75%
shareholders of the Company
Share capital (share)                           11,006,758               10,995,553      0.10%
Net assets per share attributable
to equity shareholders of the                         5.96                     5.80      2.64%
Company
                                      January to March 2013        January to March 2012              Changes (%)
Revenue                                             13,195,692                     9,752,549             35.31%
Profit attributable to equity
                                                      1,613,904                    1,395,937             15.61%
shareholders of the Company
Net cash generated from                             (2,383,261)                    1,280,121            -286.17%
operating activities
Net cash generated from                                   (0.22)                         0.12           -285.98%
operating activities per share
Basic earnings per share                                   0.15                          0.13            15.50%
Diluted earnings per share                                 0.15                          0.13            15.50%
Return on equity                                                                                      Decrease 0.11
                                                         2.49%                         2.60%
(weighted average)                                                                                   percentage points
Note: 1. The net assets used to calculate the above net assets per share and return on equity refers to the equity
         attributable to equity shareholders of the Company, while the profit used to calculate the earnings per share
         refers to the profit attributable to equity shareholders of the Company.
     2. The Company’s share capital during the reporting period increased by 11,204,441 shares due to the exercise of
         certain stock options under the A-Share Stock Option Incentive Scheme.
2.2 Total number of shareholders and shareholdings of the top 10 shareholders of non-restricted
tradable shares as at the end of the reporting period
As at the end of 31 March 2013, the total number of shareholders of the Company was 704,231
(including 687,129 holders of A shares and 17,102 holders of B shares).
Total number of shareholders as at the end of the reporting period                                             704,231
                      Shareholdings of the top 10 shareholders of non-restricted tradable shares
                                                         Total number of non-restricted tradable
         Name of shareholders (in full)                 shares held as at the end of the reporting          Type
                                                                          period
China Resources Co., Limited (“CRC”)                                             1,619,094,766           A Share
China Life Insurance Company Limited–Dividend
Distribution–Individual Dividend-005L – FH002                                      135,174,078           A Share
Shen
Liu Yuansheng                                                                        133,791,208           A Share
Bank of China – E Fund Shenzhen Stock
                                                                                     115,561,278           A Share
Exchange 100 Exchange-Traded Fund
Bosera Value Growth Securities Investment Fund                                       102,837,764           A Share
HTHK/CMG FSGUFP-CMG FIRST STATE
                                                                                     100,764,267           B Share
CHINA GROWTH FD
ICBC - Rongtong Shenzhen Stock Exchange 100
                                                                                      93,647,784           A Share
Index Securities Investment Fund
China Minsheng Bank - Yinhua Shenzhen 100
                                                                                      90,339,964           A Share
Index Classified Securities Investment Fund
UBS AG                                                                                78,721,210           A Share
Staff Committee of China Vanke Co., Ltd.                                              67,168,517           A Share
As at the end of 31 March 2013, the total number of shares of the Company was 11,006,757,559,
including 9,691,802,091 A shares and 1,314,955,468 B shares.
2.3 Bond holdings of the Company’s top 10 bondholders as at the end of the reporting period
(1) Name of the top 10 bondholders of 08 Vanke G1 bonds and their bondholdings
  No.                                        Bondholder                                       No. of bonds held
    New China Life Insurance Company–Dividend Distribution–Individual Dividend -
   1                                                                                                  5,548,262
    018L - FH002 Shen
   2    China Petroleum Finance Co., Ltd.                                                             4,157,662
   3    China Pacific Insurance (Group) Co. Ltd.                                                      3,433,312
   4    China Life Insurance Company Ltd.                                                             3,085,862
    China Ping An Property and Casualty Insurance Company Limited – Traditional –
   5                                                                                                  2,698,727
    General Insurance Products
   6    Taiping General Insurance Company Limited                                                     1,003,216
    China Life Property and Casualty Insurance Company Limited –Traditional – General
   7                                                                                                    829,133
    Insurance Products
   8    China Property & Casualty Reinsurance Company Ltd.                                              776,162
   9    Haitong-BOC-Futong Bank                                                                         722,532
    China Ping An Life Insurance Company Limited – Traditional – General Insurance
  10                                                                                                    542,000
    Products
(2) Name of the top 10 bondholders of 08 Vanke G2 bonds and their bondholdings
  No.                                        Bondholder                                       No. of bonds held
   1    Pacific Asset Management Co., Ltd. - Pacific Prudent Financial Plan One                       2,410,130
   2    Agricultural Bank of China Limited                                                            1,080,717
   3    Hongta Securities Co., Ltd.                                                                     928,000
   4    CNPC Pension Scheme – ICBC                                                                     788,960
   5    Bank of China – Manulife Teda Total Return Bond Fund                                           760,500
   6    Xinghua Securities Investment Fund                                                              650,000
   7    Industrial Bank Co., Ltd. - Tianhong Yongli Bond Fund                                           606,730
   8    CCB - Penghua Fengrun Bond Fund                                                                 599,993
   9    ICBC – Rongtong Suisui Tianli Bond Fund                                                        592,101
   10   Postal Saving Bank of China – Penghua Fengze Classification Bond Fund                          570,404
§3 Management Discussion and Analysis
The sales area of commodity residential housing in 14 cities, including Beijing, Shanghai, Shenzhen,
Guangzhou, Tianjin, Shenyang, Hangzhou, Nanjing, Chengdu, Wuhan, Dongguan, Foshan, Wuxi and
Suzhou, in January and February of the previous year was at its lowest since 2007. As the comparative
figure was relatively small, the sales area in these cities in the first quarter of this year saw a
significant year-on-year growth of 64.4%.
During the reporting period, the approved pre-sales area of the aforesaid 14 cities increased by 29.5%
year-on-year, indicating supply growth starting to lag behind the growth in sales. In March, the sales
area of commodity housing to approved pre-sales area of new housing ratio rose to 1.44 from 1.10 at
the beginning of the year; inventory of saleable new homes (those that have obtained sales permit but
have not yet been sold) dropped from 116 million sq m at the beginning of the year to 108 million sq
m, but was merely lower than its historical high by a slight degree.
Major cities had increased land supply since the second half of 2012. Compared to previous years,
there was a relatively sufficient supply of land in the first quarter. The area of land supply and sold in
the 16 major cities where statistics are accessible by the public (including Shenzhen, Guangzhou,
Dongguan, Foshan, Shanghai, Hangzhou, Nanjing, Suzhou, Ningbo, Beijing, Tianjin, Shenyang,
Dalian, Chengdu, Wuhan and Chongqing) increased by 46.6% and 39.0%, respectively, on a
year-on-year basis. With robust sales, more land lots changed hands with a price premium, while the
percentage of aborted auctions dropped to 8%, being the lowest rate since 2011.
During the reporting period, according to the six measures promulgated by the government to
strengthen regulation, curbing speculation- and investment-driven housing purchase and supporting
home purchase by end users will continue to be the focus of regulation. The Company will continue to
persevere with the strategies of “building quality housing for ordinary people” and “building
affordable and liveable homes”, actively adapt to the business environment and change in market
conditions, increase research on customer needs and ensure a right product mix meeting market needs.
In the first quarter, the Company achieved an accumulated sales area of 3.715,000 sq m, with a sales
amount of RMB43.65 billion, representing increases of 23.5% and 40.5%. Among the residential units
sold, homes smaller than 90 sq m accounted for 45%, while homes smaller than 144 sq m took up
90%. Small to medium sized ordinary commodity housing remained the major product of the
Company.
In Guangshen region, the Company realized a sales area of 1,286,000 sq m and sales revenue of
RMB16.04 billion; in Shanghai region, sales area and sales revenue amounted to 791,000 sq m and
RMB11.22 billion respectively; in Beijing region, sales area and sales revenue amounted to 962,000
sq m and RMB10.57 billion respectively; and in Chengdu region, sales area and sales revenue
amounted to 677,000 sq m and RMB5.81 billion respectively.
During the reporting period, the Company realized a booked area and booked revenue of 1,234,000 sq
m and RMB12.55 billion respectively, representing year-on-year increases of 63.7% and 31.5%
respectively. Meanwhile, the Company realized operating revenue and net profit of RMB13.20 billion
and RMB1.61 billion respectively, representing year-on-year increases of 35.3% and 15.6%
respectively. The booked gross profit margin of the Company’s property business declined by 2.4
percentage points from 30.8% in the corresponding period of last year to 28.4%, which was higher
than 27.4% of the full year of 2012.
As at the end of the first quarter, the Company had an area of 15,767,000 sq m sold but not yet booked
in the consolidated statements as construction had yet to be completed. This area and its
corresponding contract amount of approximately RMB169.54 billion represented increases of 16.4%
and 18.0% respectively when compared with those of the beginning of the year.
As at the end of the reporting period, the Company’s net gearing ratio was 29.6%, while cash held by
the Company amounted to RMB52.26 billion, which was more than the sum of short-term borrowings
and long-term borrowings due within one year of RMB44.07 billion. The Company had a sound and
solid financial position.
                   In the first quarter, the Company achieved a floor area commenced construction of 4,020,000 sq m
                   and completed area of 1,031,000 sq m, accounting for 24.3% and 8.0% of the annual plan.
                   As at the end of the reporting period, the completed properties (properties ready for sale) amounted to
                   RMB14.29 billon, accounting for 4.95% of the Company’s inventory, representing a decrease of 1.36
                   percentage points from that at the beginning of the year.
                   During the reporting period, the Company acquired 21 new development projects, with a site area
                   attributable to Vanke's equity holding of approximately 1.80 million sq m (corresponding planned
                   GFA of approximately 5.13 million sq m) and an average land premium per floor area of
                   approximately RMB2,776/sq m. In future, the Company will continue to adhere to a prudent project
                   development strategy, monitor the land market for any possible opportunities, and replenish its land
                   bank for future development needs in a reasonable manner.
                   §4 Significant Events
                   4.1 Significant changes and reasons for such changes in major items of the accounting
                   statements and financial guidance of the Company
                   √Applicable □Not applicable
                                            31 March 2013           31 December 2012             Change
                Items                                                                                                       Reasons for change
                                              (RMB'000)                (RMB'000)                  (+/-)
Current liabilities - Loans and
                                                   44,066,542               35,557,359                23.93%     Change in debt structure
borrowings
Current taxation                                     6,450,413                8,720,876              -26.03%     Paid tax at the beginning of this year
                                          January to March          January to March
                                                                                                 Change
                Items                           2013                      2012                                              Reasons for change
                                                                                                  (+/-)
                                             (RMB'000)                 (RMB'000)
Turnover
                                                   13,195,692                 9,752,549               35.31%     Increase in booked sales
Cost of sales                                                                                                    Increase in land, construction and
                                                   (8,807,186)              (6,046,667)               45.65%
                                                                                                                 installation cost of booked projects
Finance costs                                        (444,480)                (278,663)               59.50%     Increased in the borrowings
Share of profits less losses of
                                                        (4,564)                (14,728)                          Increased in profit of associates
associates                                                                                            69.01%
Share of profits less losses of                                                                                  Decreased in profit of jointly controlled
                                                        39,612                   90,991
jointly controlled entities                                                                          -56.47%     entities
                   4.2 Progress of significant events and analysis of their impact and solutions
                   √Applicable □Not applicable
                   1. A-Share Stock Option Incentive Scheme
                       On 8 April 2011, the first extraordinary general meeting of the Company considered and passed the Company’s
                    A-Share Stock Option Incentive Scheme (Revised Draft) and related matters. The Company’s A-Share Stock Option
                    Incentive Scheme (“Scheme”) was thereby implemented. On 9 May 2011, the registration of the grant of stock
                    options was completed. The Company granted 108,435,000 stock options to 810 beneficiaries. The abbreviation of
                    the stock options is Vanke JLC1 while the stock option code is 037015.
                        The initial exercise price of the stock options was RMB8.89. The Company implemented the proposal on
                    dividend distribution for the year 2010 on 27 May 2011, and distributed a cash dividend of RMB1.0 (including tax)
                    to all shareholders for every 10 existing shares held. In accordance with the relevant regulations and the resolutions
                    passed at the shareholders meeting, the Board made adjustment to the exercise price of the stock options to
                    RMB8.79. The Company implemented the proposal on dividend distribution for the year 2011 on 5 July 2012, and
   distributed a cash dividend of RMB1.3 (including tax) to all shareholders for every 10 existing shares held. The
   Company made a further adjustment to the

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