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万科企业股份有限公司2013年第三季度报告全文(英文版) 下载公告
公告日期:2013-10-30
                                                 China Vanke Co., Ltd.
                                        2013 Third 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 Director 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 Yu Liang to represent them and vote on
      behalf of them. Director Chen Ying was not able to attend the board meeting in person due to his
      business engagements and had authorised Director Xiao Li to represent him and vote on behalf of him.
      Independent Director Zhang Liping was not able to attend the board meeting in person due to his
      business engagements and had authorised Independent Director Elizabeth Law 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 30 September 2013     As at 31 December 2012     Change (+/-)
Total assets                                                    461,418,138                379,094,856           21.72%
Equity attributable to the equity shareholders
                                                                 68,265,638                 63,825,554            6.96%
of the Company
Share capital (share)                                            11,014,872                 10,995,553            0.18%
Net assets per share attributable to equity
                                                                       6.20                       5.80            6.77%
shareholders of the Company (RMB)
                                                          July to September                                 January to
                                                                                  YOY change (+/-)                           YOY change (+/-)
                                                                  2013                                    September 2013
      Revenue                                                       20,708,147               44.84%            59,648,956               37.89%
      Profit attributable to equity shareholders of
                                                                     1,603,914               18.39%             6,160,219               21.27%
      the Company
      Net cash inflow from operating activities                               -                       -       (12,060,759)            -245.53%
      Net cash inflow from operating activities per
                                                                              -                       -             (1.09)            -244.92%
      share (RMB)
      Basic earnings per share (RMB)                                      0.146              18.70%                 0.560               21.21%
      Diluted earnings per share (RMB)                                    0.146              18.70%                 0.560               21.21%
                                                                                  Decreased by 0.06                          Increased by 0.03
      Return on equity                                                   2.38%                                     9.31%
                                                                               percentage point                        percentage point
    Note: 1. The net assets and net profit used to calculate the above-mentioned indicators refer to the equity attributable to
                  equity shareholders of the Company and profit attributable to equity shareholders of the Company respectively.
              2. The above-mentioned return on equity is calculated using weighted average method.
              3. As some of the beneficiaries exercised their stock options, the Company's share capital therefore increased by
                  19,319,001 shares from January to September 2013.
            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 30 September 2013, the total number of shareholders of the Company was 730,943 (including
            713,492 holders of A shares and 17,451 holders of B shares).
  Total number of shareholders as at the end of the reporting period                                                                             730,943
  Shareholdings of the top 10 shareholders
                                                   Classification        Percentage of           Total              Number of           Number of
          Name of shareholder                     of shareholder         shareholdings        number of             restricted          pledged or
                                                                                              shares held          shares held        lock-up shares
                                                   State-owned
China Resources Co., Limited (“CRC”)                                            14.70%      1,619,094,766                      0
                                                   legal person
Liu Yuansheng                                         Others                       1.21%        133,791,208                      0
China Life Insurance Company Limited –
Dividend Distribution–Individual                       Others                     1.17%        128,697,824                      0
Dividend-005L-FH002 Shen
Bosera Value Growth Securities Investment
                                                        Others                     1.01%        111,237,491                      0
Fund
China Minsheng Banking Corp. Ltd.-
Yinhua Shenzhen Stock Exchange 100                      Others                     1.00%        109,766,105                      0
Index Classified Securities Investment Fund
HTHK/CMG FSGUFP-CMG FIRST                             Foreign
                                                                                   0.93%        102,874,948                      0
STATE CHINA GROWTH FD                               shareholder
Bank of China-E Fund Shenzhen Stock
                                                        Others                     0.81%         88,797,727                      0
Exchange 100 Exchange-Traded Fund
Industrial and Commercial Bank of China –
Rongtong Shenzhen Stock Exchange 100                    Others                     0.80%         88,152,186                      0
Index Securities Investment Fund
New China Life Insurance
Company–Dividend Distribution–Individual              Others                     0.71%         77,728,549                      0
Dividend - 018L - FH002 Shen
Gao Hua-HSBC-GOLDMAN, SACHS
                                                        Others                     0.62%         68,247,255                      0
& CO
Remarks on strategic investor or ordinary
legal person becoming top 10 shareholders         Nil
after placing of new shares
Shareholdings of the top 10 holders of non-restricted shares
  Name of shareholder                               Number of non-restricted shares held                              Class of shares
China Resources Co., Limited (“CRC”)                                   1,619,094,766      Ordinary RMB-denominated shares (A shares)
Liu Yuansheng                                                              133,791,208      Ordinary RMB-denominated shares (A shares)
China Life Insurance Company Limited –
Dividend Distribution–Individual                                          128,697,824      Ordinary RMB-denominated shares (A shares)
Dividend-005L-FH002 Shen
Bosera Value Growth Securities Investment
                                                                           111,237,491      Ordinary RMB-denominated shares (A shares)
Fund
China Minsheng Banking Corp. Ltd.-
Yinhua Shenzhen Stock Exchange 100                                         109,766,105      Ordinary RMB-denominated shares (A shares)
Index Classified Securities Investment Fund
HTHK/CMG FSGUFP-CMG FIRST
                                                                           102,874,948        Domestic listed foreign shares (B shares)
STATE CHINA GROWTH FD
Bank of China-E Fund Shenzhen Stock
                                                                            88,797,727      Ordinary RMB-denominated shares (A shares)
Exchange 100 Exchange-Traded Fund
Industrial and Commercial Bank of China –
Rongtong Shenzhen Stock Exchange 100                                        88,152,186      Ordinary RMB-denominated shares (A shares)
Index Securities Investment Fund
New China Life Insurance
Company–Dividend Distribution–Individual                                  77,728,549      Ordinary RMB-denominated shares (A shares)
Dividend - 018L - FH002 Shen
Gao Hua-HSBC-GOLDMAN, SACHS
                                                                            68,247,255      Ordinary RMB-denominated shares (A shares)
& CO
Remarks on the connected relationship or      It is not known as to whether there are connections or persons deemed to be acting in concert
action in concert of the aforementioned       under “the Measures for the Administration of the Takeover of Listed Companies” among the
shareholders                                  above-mentioned shareholders.
Remarks on shareholders involved in           Nil
securities margin trading
            As at 30 September 2013, the total number of shares of the Company was 11,014,872,119 shares,
            including 9,699,916,651 A shares and 1,314,955,468 B shares.
            §3 Management Discussion and Analysis
            During the reporting period, the sales area of commodity housing in China increased by 14.9%
            year-on-year, while sales of commodity housing in 14 cities including Beijing, Shanghai, Shenzhen,
            Guangzhou, Tianjin, Shenyang, Hangzhou, Nanjing, Chengdu, Wuhan, Dongguan, Foshan, Wuxi and
            Suzhou remained modestly robust. However, owing to the relatively higher comparative figure of
            2012 same period, the sales area of residential properties of the aforementioned 14 cities in the third
            quarter dropped by 5.7% year-on-year.
            In the third quarter of 2013, the approved pre-sales area of new housing in the above-mentioned cities
            increased by 5.6% when compared with that in the second quarter. The supply of new housing in most
            of the cities was rather abundant except for Beijing, which saw a relatively tight supply of salable
            resources in the short term. The market’s demand and supply relationship was fairly reasonable. As at
            the end of September, the duration for the market to absorb housing inventory in the 14 cities
            increased slightly from 10.4 months at the end of June to 11.4 months. The relatively abundant
            amount of new housing supply did not support the continued rise of housing prices.
            During the reporting period, the Company continued to adhere to its product positioning with a focus
            on end-users and implemented its active sales promotion strategy. In the third quarter, the Company
            realized a sales area and sales amount of 3,823,000 sq m and RMB44.82 billion respectively,
            representing year-on-year increases of 25.2% and 32.7% respectively. From January to September, the
            Company’s accumulated sales area and sales amount amounted to 10,987,000 sq m and RMB128.50
            billion respectively, representing year-on-year increases of 21.0% and 33.4% respectively.
In the third quarter of 2013, the Company realized a booked area and booked revenue of 1,922,000 sq
m and RMB20.28 billion respectively, representing year-on-year increases of 48.3% and 44.1%
respectively. Meanwhile, the Company realized revenue and net profit of RMB20.71 billion and
RMB1.60 billion respectively, representing year-on-year increases of 44.8% and 18.4% respectively.
From January to September 2013, the Company achieved an accumulated booked area of 5,806,000
sq m and booked revenue of RMB58.50 billion, representing year-on-year increases of 47.6% and
37.9% respectively; as well as revenue and net profit of RMB59.65 billion and RMB6.16 billion
respectively, representing year-on-year increases of 37.9% and 21.3% respectively.
As at the end of the reporting period, the Company had an area of 17,377,000 sq m sold but not yet
booked, which was stated in the consolidated statements as construction had yet to be completed. This
area had a contract amount of approximately RMB192.86 billion. The area and contract amount were
28.3% and 34.3% higher than those at the beginning of the year.
As at the end of September, among the Company’s different types of inventories, completed
properties (completed properties ready for sale) amounted to RMB17.83 billion, accounting for 5.3%.
A reasonable mix of inventories had been maintained.
Between January and September, the Company had a floor area of 13,623,000 sq m commenced
construction and a completed area of 6,516,000 sq m, representing year-on-year increases of 56.4%
and 48.7% respectively, representing the completion of 82.4% and 50.5% of the respective plans set at
the beginning of the year. As construction of a number of projects acquired this year gradually
commenced, it is expected that the actual area commencing construction for the full year may exceed
the area planned at the beginning of the year. Meanwhile, it is expected that the area to be completed
for the full year will be basically the same as that had been planned at the start of the year.
Since this year, land markets across China had showed significant difference in performance. In third-
and fourth-tier cities, which make up the majority of the country, there were not many changes in land
sales when compared with those of the same period last year. On the other hand, the land markets in
some popular cities continued to heat up, with intense auctions. The starting price, reserve price and
average actual selling price continued to rise, and reached new highs in recent years.
In view of business expansion, the Company replenished its land bank with a moderate number of
promising sites in major cities to meet its actual development needs during the reporting period. In the
third quarter, the Company acquired an aggregate of 32 new projects, with a total site area attributable
to China Vanke’s equity holding of approximately 2,680,000 sq m, corresponding to a planned GFA
attributable to the Company’s equity holding of approximately 7,750,000 sq m. Although a majority
of the projects acquired in the third quarter were located in the highly competitive first-tier cities, the
Company had not relaxed its investment standards. Instead, the Company adhered to its prudent
investment principles when making investment decisions, insisted on thorough consideration of the
rationality of land prices, and avoided those sites which created overly optimistic expectations and
excessive competition. As at the end of the reporting period, the GFA of the Company’s projects under
planning attributable to China Vanke’s equity holding amounted to 45,680,000 sq m, which was
sufficient to meet the Company’s development and operation needs in the coming two to three years.
  In future, the Company will continue to focus on reasonable investment opportunities, while ensuring
  operational soundness.
  The Company’s persistent strategy of proactive sales and prudent investment has been keeping the
  Company in a healthy financial and assets position. As at the end of the reporting period, the
  Company’s cash and cash equivalents amounted to RMB37.06 billion, which was basically the same
  as that of 2013 interim period. Excluding receipts in advance, the Company’s other liabilities
  accounted for 41.52% of the Company’s total assets. The Company’s net gearing ratio dropped by
  1.58 percentage points as compared to that of the interim period to 39.90%, which remained at a
  relatively low level as compared to the industry average.
  §4 Significant Events
  4.1 Significant changes and reasons for such changes in major items of the accounting
  statements and financial indicators of the Company
  √Applicable □Not applicable
                                 30/9/2013       31/12/2012     Change
              Items                                                                  Reasons for change
                                (RMB’000)       (RMB’000)      (+/-)
                                                                         Expansion of scale of operation, increase
Inventories                      337,823,979     253,622,152    33.20%
                                                                         in acquired projects
Investment properties              2,080,347       1,714,136    21.36%   Increase in investment properties
Interest in associates             4,708,238       2,915,844    61.47%   Increase in investment of associates
                                Jan-Sep 2013    Jan-Sep 2012    Change
              Items                                                                  Reasons for change
                                 (RMB’000)      (RMB’000)      (+/-)
Revenue                           59,648,956      43,257,310    37.89%   Increase in booked area
Cost of sales                    (43,043,695)    (28,896,138)   48.96%   Increase in booked area
Administrative expenses           (1,990,281)     (1,623,066)   22.62%   Increase in sales area
Profit  Attributable      for                                            Increase in booked profit of joint venture
                                   1,316,925       1,066,285    23.51%
Non-controlling interests                                                projects
  4.2 Progress of significant events and analysis of their impact and solutions
  √Applicable □Not applicable
      On 8 April 2011, the first extraordinary general meeting of the Company in 2011 considered and passed the
  Company’s A-Share Stock Option Incentive Scheme (Revised Draft). 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 

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