深物业B:2021年第一季度报告全文(英文版)查看PDF公告

股票简称:深物业A 股票代码:000011

ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
1
SHENZHEN PROPERTIES & RESOURCES
DEVELOPMENT (GROUP) LTD.
FIRST QUARTERLYREPORT 2021
(Announcement No. 2021-21)
April 2021
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
2
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of ShenZhen Properties & Resources Development
(Group) Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality,
accuracy and completeness of the contents of this Report and its summary, and shall be
jointly and severally liable for any misrepresentations, misleading statements or material
omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
Liu Shengxiang, the Company’s legal representative, Cai Lili, the Company’s head of
financial affairs, and Liu Qiang, head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the Financial Statements carried in this Report are
factual, accurate and complete.
This Report and its summary have been prepared in both Chinese and English. Should there
be any discrepancies or misunderstandings between the two versions, the Chinese versions
shall prevail.
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
3
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2021 Q1 2020 Change (%)
Operating revenue (RMB) 891,026,732.66 861,546,080.08 3.42%
Net profit attributable to the listed
company’s shareholders (RMB)
214,420,219.16 152,014,318.10 41.05%
Net profit attributable to the listed
company’s shareholders before exceptional
items (RMB)
208,303,080.57 152,909,860.77 36.23%
Net cash generated from/used in operating
activities (RMB)
83,213,087.80 -609,307,576.52 -113.66%
Basic earnings per share (RMB/share) 0.3598 0.2551 41.04%
Diluted earnings per share (RMB/share) 0.3598 0.2551 41.04%
Weighted average return on equity (%) 5.59% 4.72% 0.87%
31 March 2021 31 December 2020 Change (%)
Total assets (RMB) 12,455,805,632.29 12,207,356,912.54 2.04%
Equity attributable to the listed company’s
shareholders (RMB)
3,942,068,204.39 3,727,917,440.03 5.74%
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2021 Note
Gain or loss on disposal of non-current assets (inclusive of
impairment allowance write-offs)
7,000.00
Government subsidies recognized in the current period, except for
those acquired in the ordinary course of business or granted at
certain quotas or amounts according to the government’s unified
standards
136,000.00
Non-operating income and expense other than the above 8,010,201.46
Less: Income tax effects 2,004,300.37
Non-controlling interests effects (net of tax) 31,762.50
Total 6,117,138.59 --
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
4
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or 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 for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2021
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders at the
period-end
55,834
Number of preferred shareholders with resumed
voting rights at the period-end (if any)
0
Top 10 shareholders
Name of shareholder
Nature of
shareholder
Shareholdi
ng
percentage
Total shares held
Restricted
shares held
Shares in pledge or
frozen
Status Shares
Shenzhen Investment Holdings
Corporation
State-owned legal
person
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
Chu Yuanyuan
Domestic natural
person
0.54% 3,241,100 0
Hong Kong Securities Clearing
Company Ltd.
Foreign legal
person
0.37% 2,205,280 0
Shenzhen Duty-Free Commodity
Enterprises Co., Ltd.
Domestic
non-state-owned
legal person
0.29% 1,730,300 1,730,300
Duan Shaoteng
Domestic natural
person
0.29% 1,699,765 0
China Construction Bank-Wanjia
Selected Mixed Type Securities
Investment Fund
Other 0.26% 1,529,489 0
Yang Yaochu
Domestic natural
person
0.25% 1,500,384 0
Bosera Fund-PICC Life
Insurance-Traditional General
Other 0.25% 1,477,500 0
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
5
Insurance Portfolio- Bosera Fund
–A-Stock Mixed Portfolio Single
Asset Management Plan of PICC Life
Insurance Company Limited
Top 10 unrestricted shareholders
Name of shareholder Unrestricted shares held
Shares by type
Type 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
Chu Yuanyuan 3,241,100
RMB-denominated
ordinary stock
3,241,100
Hong Kong Securities Clearing Company Ltd. 2,205,280
RMB-denominated
ordinary stock
2,205,280
Duan Shaoteng 1,699,765
RMB-denominated
ordinary stock
1,699,765
China Construction Bank-Wanjia Selected Mixed Type
Securities Investment Fund
1,529,489
RMB-denominated
ordinary stock
1,529,489
Yang Yaochu 1,500,384
Domestically listed
foreign stock
1,500,384
Bosera Fund-PICC Life Insurance-Traditional General
Insurance Portfolio- Bosera Fund –A-Stock Mixed
Portfolio Single Asset Management Plan of PICC Life
Insurance Company Limited
1,477,500
RMB-denominated
ordinary stock
1,477,500
Mai Furong 1,103,096
Domestically listed
foreign stock
1,103,096
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, the second largest
shareholder is the wholly-owned subsidiary of Shenzhen Investment
Holding Corporation, which exist related-party relationship with the
Company. And the Company does not know whether there are related
parties or acting-in-concert parties among the other 8 shareholders.
Top 10 shareholders involved in securities margin trading
(if any)
N/A
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yes √ No
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
6
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□Applicable √ Not applicable
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
7
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
1. Prepayments stood at RMB75,086,951.68 as at 31 March 2021, rising 48.56% compared to 31 December 2020, primarily driven
by the increase in demolition service fee prepaid.
2. Long-term prepaid expense stood at RMB15,627,354.02 as at 31 March 2021, rising 31.74% compared to 31 December 2020,
primarily driven by the increase in decoration expenditures of rented offices with the Company as the lessee.
3. Contract liabilities stood at RMB863,750,204.45 as at 31 March 2021, rising 29.52% compared to 31 December 2020, primarily
driven by the increase in advances from commercial building sales.
4. Selling expense stood at RMB3,005,132.04 during Q1 2021, declining 35.91% compared to Q1 2020, primarily driven by the
decrease in sales service expense.
5. Finance costs stood at RMB11,763,247.61 during Q1 2021, declining 45.61% compared to Q1 2020, primarily driven by the
increase in capitalized interest expense.
6. Return on investment stood at RMB2,577,004.72 during Q1 2021, compared to RMB-10,994.73 in Q1 2020, with the change
primarily driven by the increase in returns on investments in joint ventures calculated using the equity method as a result of a
substantial increase in their net profits.
7. Non-operating income stood at RMB8,612,813.60 during Q1 2021, rising 997.85% compared to Q1 2020, primarily driven by the
receipt of demolition compensation.
8. Net cash generated from/used in operating activities stood at RMB83,213,087.80 during Q1 2021, compared to
RMB-609,307,576.52 in Q1 2020, with the change primarily driven by the increase in sales payments collected.
9. Net cash generated from/used in investing activities stood at RMB-7,912,883.72 during Q1 2021, compared to RMB-3,384,962.58
in Q1 2020, with the change primarily driven by the increase in office decoration expenditures.
10. Net cash generated from/used in financing activities stood at RMB-46,683,112.50 during Q1 2021, compared to
RMB772,655,600.48 in Q1 2020, with the change primarily driven by the new loan of RMB807 million in the same period of last
year, with no comparable loan in the current period.
II Progress, Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
1. Shenzhen International Trade Center Property Management Co., Ltd., a wholly-owned subsidiary of the Company, plans to invest
in the establishment of a wholly-owned subsidiary in the Vietnam-China Economic and Trade Cooperation Zone in Hai Phong,
Vietnam, in a bid to strengthen in-depth cooperation with important overseas customers, study and explore advanced cutting-edge
technologies, take an active part in the international industrial layout, and expand the international market. In January 2021, the
subsidiary in Vietnam completed its registration and received the Enterprise Registration Certificate from the Business Registration
Office of the Haiphong Department of Planning and Investment Decision. The details were disclosed on the designated media on
January 6.
2. The Company received the Notice of Shenzhen Investment Holdings Co., Ltd. on the Free Transfer of Shares of ShenZhen
Properties & Resources Development (Group) Ltd. (S.T.K. [2021] No. 38) from the controlling shareholder Shenzhen Investment
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
8
Holdings Co., Ltd. (SIHC). SIHC decided to transfer its 38,037,890 non-restricted tradable common shares on the A-shares market in
the Company (accounting for 6.382% of the total share capital of the Company) to Shenzhen State-owned Equity Management Co.,
Ltd. for free to replenish the social security funds.
On 17 March 2021, the Company received the Confirmation of Securities Transfer Registration issued by Shenzhen Branch of China
Securities Depository and Clearing Corporation Limited from Shenzhen State-owned Equity Management Co., Ltd. confirming that
the registration procedures for the free transfer of the above-mentioned state-owned shares had been completed on March 15. The
respective details were disclosed on the designated media on January 29 and March 18.
3. On 18 July 2020, the Company released an announcement on the designated media, disclosing information on the plan of the
Company's controlling shareholder SIHC to reduce the number of its shares in the Company by no more than 11,919,581 shares in
the call auction within 6 months after 15 trading days from the date of disclosure. From 25 August 2020 to September 4, 2020, SIHC
accumulated a reduction of 5,959,696 shares in the Company in call auction, with the number of shares reduced by more than half.
The details were disclosed on the designated media on September 5.
On 9 February 2021, the Company received the Notification Letter on the Implementation of the PRD Share Reduction Plan from
SIHC. It was noted in the Letter that from 10 August 2020 to 9 February 2021, SIHC accumulatively reduced 5,959,696 shares in the
Company (account for 1.00% of the Company's total share capital) in call auction, adding that since the reduction period set in the
share reduction plan has expired, the implementation of this reduction plan has been concluded. The details were disclosed on the
designated media on February 10.
Overview of significant events Disclosure date Index to disclosure website for interim report
Wholly-owned subsidiary to establish a
wholly-owned subsidiary overseas
23 September 2020
Announcement No. 2020-43 on Wholly-owned
Subsidiary to Establish a Wholly-Owned Subsidiary
Overseas on www.cninfo.com.cn
6 January 2021
Announcement No. 2021-01 on Completion of
Registration of Vietnam Subsidiary on
www.cninfo.com.cn
The transfer of some state-owned shares
held by the controlling shareholder of the
Company Shenzhen Investment Holdings
Co., Ltd. to social security fund without
compensation
29 January 2021
Announcement No. 2021-02 on the Transfer of Some
State-owned Shares Held by Controlling Shareholders
to Social Security Fund without Compensation
18 March 2021
Announcement No. 2021-05 on the Completing the
Registration of Share Ownership Transfer regarding
Transfer of Some State-owned Shares Held by
Controlling Shareholders to Social Security Fund
without Compensation
The Company’s controlling shareholder to
reduce shareholding
18 July 2020
Announcement No. 2020-33 on the Company’s
Controlling Shareholder to Reduce Shareholding on
www.cninfo.com.cn
5 September 2020
Announcement No. 2020-41 on Progress of
Shareholding Reduction by the Company’s Controlling
Shareholder (Over Half of Its Reduction Plan)
10 February 2021
Announcement No. 2021-03 on Expiration and
Completion of Reducing Shareholding by the
Company’s Controlling Shareholders
Progress of any share repurchases:
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
9
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,
Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the
Reporting Period
□Applicable √ Not applicable
No such cases in the Reporting Period.
IV Financial Investments
1. Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Type of
securitie
s
Code of
securitie
s
Name of
securitie
s
Initial
investm
ent cost
Account
ing
measure
ment
method
Opening
carrying
amount
Gain/los
s on
fair-valu
e
changes
in the
current
period
Cumulat
ive
fair-valu
e
changes
through
equity
Purchas
ed in the
current
period
Sold in
the
current
period
Gain/los
s in the
current
period
Closing
carrying
amount
Account
ing title
Funding
source
Domesti
c/overse
as stock
400016

420016
Gintian
A,
Gintian
B
3,565,8
56.06
Fair
method
1,044,9
05.12
0.00
-50,535.
60
0.00 0.00 0.00
994,369
.52
Other
equity
instrum
ent
investm
ent
Obtaine
d in debt
restructu
ring
Total
3,565,8
56.06
--
1,044,9
05.12
0.00
-50,535.
60
0.00 0.00 0.00
994,369
.52
-- --
Disclosure date of
announcement on Board’s
consent for securities
investment
Disclosure date of
announcement on
shareholders’ meeting’s
consent for securities
investment (if any)
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
10
2. Investments in Derivative Financial Instruments
□Applicable √ Not applicable
No such cases in the Reporting Period.
V Progress of Projects Financed with Raised Funds
□Applicable √ Not applicable
VI Operating Performance Forecast for January-June 2021
Warning of a forecast loss on or a forecast significant year-on-year change in the accumulative net profit from the beginning of the
year to the end of the next reporting period, as well as explanation of why:
□ Applicable √ Not applicable
VII Significant Contracts Arising from the Company’s Ordinary Course of Business
□Applicable √ Not applicable
VIII Cash Entrusted for Wealth Management
□Applicable √ Not applicable
No such cases in the Reporting Period.
IX Irregularities in Provision of Guarantees
□Applicable √ Not applicable
No such cases in the Reporting Period.
X Occupation of the Company’s Capital by the Controlling Shareholder or Its Related Parties
for Non-Operating Purposes
□Applicable √ Not applicable
No such cases in the Reporting Period.
XI Communications with the Investment Community such as Researches, Inquiries and
Interviews during the Reporting Period
√ Applicable □ Not applicable
Date Place
Way of
communicatio
n
Type of
communication
party
Communicatio
n party
Major discussion content and
information provided
Index to main
information
communicate
d
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
11
7 January 2021
The
Company
By Phone Individual Individual
Inquired of reason for slump in
stock
N/A
10 January 2021
The
Company
Other Individual Individual
Inquired of whether the
implementation of “Two Red
Lines” may influence the credit
of the Company
N/A
13 January 2021
The
Company
Other Individual Individual
Inquired of information about
the project of digital ecological
industrial park
N/A
26 January 2021
The
Company
Other Individual Individual
Inquired of information about
cash flow statements in 2020
Third Quarter Report
N/A
27 January 2021
The
Company
Other Individual Individual
Inquired of disclosure time of
2020 Annual Report
N/A
15 March 2021
The
Company
Other Individual Individual
Inquired of information about
employment of the Company
N/A
20 March 2021
The
Company
Other Individual Individual
Inquired of disclosure time of
2021 First Quarter Report
N/A
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
12
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Properties & Resources Development (Group) Ltd.
31 March 2021
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 4,236,786,272.36 4,206,266,629.32
Settlement reserve
Interbank loans granted
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 241,098,903.01 187,697,631.47
Accounts receivable financing
Prepayments 75,086,951.68 50,543,422.85
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 806,040,257.43 789,050,350.51
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 5,329,071,962.25 5,312,489,258.20
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 47,312,127.72 48,991,965.92
Total current assets 10,735,396,474.45 10,595,039,258.27
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
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Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 48,287,225.51 45,710,220.79
Investments in other equity
instruments
994,369.52 1,044,905.12
Other non-current financial assets
Investment property 478,003,522.78 484,738,506.83
Fixed assets 111,982,155.26 116,233,936.04
Construction in progress
Productive living assets
Oil and gas assets
Use rights assets 13,874,979.81
Intangible assets 427,470.54 482,049.51
R&D expense
Goodwill
Long-term prepaid expense 15,627,354.02 11,862,716.14
Deferred income tax assets 1,049,051,017.26 950,681,245.50
Other non-current assets 2,161,063.14 1,564,074.34
Total non-current assets 1,720,409,157.84 1,612,317,654.27
Total assets 12,455,805,632.29 12,207,356,912.54
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 365,648,385.01 468,269,685.65
Advances from customers 683,919.44 473,274.48
Contractual liabilities 863,750,204.45 666,893,629.72
Financial assets sold under
repurchase agreements
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Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of
securities
Payroll payable 150,533,526.05 177,190,197.36
Taxes payable 2,395,310,227.22 2,487,212,979.37
Other payables 891,059,926.80 847,142,613.09
Including: Interest payable 0.00 0.00
Dividends payable 12,202,676.04 12,202,676.04
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
liabilities
36,722,824.88 36,722,824.88
Other current liabilities 53,821,158.90 43,354,691.51
Total current liabilities 4,757,530,172.75 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: Preferred shares
Perpetual bonds
Lease liabilities 14,016,985.64
Long-term payables
Long-term payroll payable
Provisions 2,396,947.00 2,396,947.00
Deferred income 0.00 0.00
Deferred income tax liabilities 262.20 262.20
Other non-current liabilities 106,387,153.03 108,778,327.45
Total non-current liabilities 3,710,601,347.87 3,698,975,536.65
Total liabilities 8,468,131,520.62 8,426,235,432.71
Owners’ equity:
Share capital 595,979,092.00 595,979,092.00
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Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 80,488,045.38 80,488,045.38
Less: Treasury stock
Other comprehensive income -7,019,044.21 -6,749,589.41
Specific reserve
Surplus reserves 19,205,979.63 19,205,979.63
General reserve
Retained earnings 3,253,414,131.59 3,038,993,912.43
Total equity attributable to owners of
the Company as the parent
3,942,068,204.39 3,727,917,440.03
Non-controlling interests 45,605,907.28 53,204,039.80
Total owners’ equity 3,987,674,111.67 3,781,121,479.83
Total liabilities and owners’ equity 12,455,805,632.29 12,207,356,912.54
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 3,128,781,159.66 3,216,703,036.69
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 4,453,779.81 2,624,500.42
Accounts receivable financing
Prepayments
Other receivables 226,062,266.79 145,325,697.20
Including: Interest receivable
Dividends receivable
Inventories 658,057,076.23 653,885,107.24
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
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Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 496,729.09 496,729.09
Total current assets 4,017,851,011.58 4,019,035,070.64
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 1,073,753,105.90 1,071,176,101.18
Investments in other equity
instruments
1,224,869.52 1,275,405.12
Other non-current financial assets
Investment property 301,708,379.26 303,827,356.62
Fixed assets 47,543,764.29 51,091,963.72
Construction in progress
Productive living assets
Oil and gas assets
Use rights assets 649,585.03
Intangible assets
R&D expense
Goodwill
Long-term prepaid expense 389,195.94 432,440.01
Deferred income tax assets 241,148,792.13 252,331,518.26
Other non-current assets 1,344,668,234.55 1,197,407,234.55
Total non-current assets 3,011,085,926.62 2,877,542,019.46
Total assets 7,028,936,938.20 6,896,577,090.10
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 40,429,856.19 55,887,947.36
Advances from customers
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
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Contractual liabilities
Payroll payable 43,247,376.59 50,710,148.02
Taxes payable 1,107,591.55 3,736,082.67
Other payables 4,095,750,244.82 3,971,988,862.11
Including: Interest payable
Dividends payable 29,642.40 29,642.40
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
liabilities
31,573,154.86 31,573,154.86
Other current liabilities
Total current liabilities 4,212,108,224.01 4,113,896,195.02
Non-current liabilities:
Long-term borrowings 588,200,000.00 588,200,000.00
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 656,457.21
Long-term payables
Long-term payroll payable
Provisions
Deferred income
Deferred income tax liabilities
Other non-current liabilities 40,000,000.00 40,000,000.00
Total non-current liabilities 628,856,457.21 628,200,000.00
Total liabilities 4,840,964,681.22 4,742,096,195.02
Owners’ equity:
Share capital 595,979,092.00 595,979,092.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 53,876,380.11 53,876,380.11
Less: Treasury stock
Other comprehensive income -2,595,986.79 -2,545,451.19
Specific reserve
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
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Surplus reserves 19,205,979.63 19,205,979.63
Retained earnings 1,521,506,792.03 1,487,964,894.53
Total owners’ equity 2,187,972,256.98 2,154,480,895.08
Total liabilities and owners’ equity 7,028,936,938.20 6,896,577,090.10
3. Consolidated Income Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Revenue 891,026,732.66 861,546,080.08
Including: Operating revenue 891,026,732.66 861,546,080.08
Interest income
Premium income
Handling charge and
commission income
2. Costs and expenses 630,078,645.14 662,964,303.05
Including: Cost of sales 314,741,306.53 330,926,955.66
Interest expense
Handling charge and
commission expense
Surrenders
Net claims paid
Net amount provided as
policy reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and surcharges 253,169,175.96 266,678,061.72
Selling expense 3,005,132.04 4,689,041.03
Administrative expense 47,399,783.00 39,041,614.67
R&D expense
Finance costs 11,763,247.61 21,628,629.97
Including: Interest
expense
29,487,619.47 38,309,547.10
Interest
income
18,078,929.02 16,103,643.77
Add: Other income 1,380,702.88 1,170,615.61
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
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Return on investment (“-” for loss) 2,577,004.72 -10,994.73
Including: Share of profit or loss
of joint ventures and associates
2,577,004.72 -10,994.73
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Foreign exchange gain (“-” for
loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
Credit impairment loss (“-” for
loss)
-31,765.17 1,016,216.33
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for
loss)
3. Operating profit (“-” for loss) 264,874,029.95 200,757,614.24
Add: Non-operating income 8,612,813.60 784,515.00
Less: Non-operating expense 595,612.14 2,078,006.42
4. Profit before tax (“-” for loss) 272,891,231.41 199,464,122.82
Less: Income tax expense 66,209,144.78 71,031,397.02
5. Net profit (“-” for net loss) 206,682,086.63 128,432,725.80
5.1 By operating continuity
5.1.1 Net profit from continuing
operations (“-” for net loss)
206,682,086.63 128,432,725.80
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
shareholders of the Company as the
parent
214,420,219.16 152,014,318.10
5.2.2 Net profit attributable to
non-controlling interests
-7,738,132.53 -23,581,592.30
6. Other comprehensive income, net of
tax
-269,454.80 -1,413,997.45
Attributable to owners of the Company
as the parent
-269,454.80 -1,413,997.45
6.1 Items that will not be
reclassified to profit or loss
-50,535.60 -329,260.41
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
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6.1.1 Changes caused by
remeasurements on defined benefit
pension 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
-50,535.60 -329,260.41
6.1.4 Changes in the fair value of
the company’s credit risks
6.1.5 Other
6.2 Items that will be reclassified to
profit or loss
-218,919.20 -1,084,737.04
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
investments in other debt obligations
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Allowance for credit
impairments in investments in other debt
obligations
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign
currency-denominated financial
statements
-218,919.20 -1,084,737.04
6.2.7 Other
Attributable to non-controlling
interests
7. Total comprehensive income 206,412,631.83 127,018,728.35
Attributable to owners of the Company
as the parent
214,150,764.36 150,600,320.65
Attributable to non-controlling
interests
-7,738,132.53 -23,581,592.30
8. Earnings per share
8.1 Basic earnings per share 0.3598 0.2551
8.2 Diluted earnings per share 0.3598 0.2551
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
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the combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
4. Income Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Operating revenue 21,929,527.54 9,570,288.89
Less: Cost of sales 9,362,877.96 7,201,252.82
Taxes and surcharges 178,848.22 1,448,803.87
Selling expense 127,251.59 11,069.00
Administrative expense 16,002,920.61 11,018,364.52
R&D expense
Finance costs -9,932,128.28 -15,068,444.79
Including: Interest expense 6,333,034.48
Interest income 16,286,641.67 15,074,747.59
Add: Other income 102,972.08
Return on investment (“-” for
loss)
31,125,117.93 36,174,277.60
Including: Share of profit or
loss of joint ventures and associates
2,577,004.72 -10,994.73
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
Credit impairment loss (“-” for
loss)
13,225.50
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
loss)
2. Operating profit (“-” for loss) 37,431,072.95 41,133,521.07
Add: Non-operating income 7,293,820.40 18,036.00
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Less: Non-operating expense 269.72 2,000,000.00
3. Profit before tax (“-” for loss) 44,724,623.63 39,151,557.07
Less: Income tax expense 11,182,726.13 9,533,067.22
4. Net profit (“-” for net loss) 33,541,897.50 29,618,489.85
4.1 Net profit from continuing
operations (“-” for net loss)
33,541,897.50 29,618,489.85
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income, net of
tax
-50,535.60 -329,260.41
5.1 Items that will not be reclassified
to profit or loss
-50,535.60 -329,260.41
5.1.1 Changes caused by
remeasurements on defined benefit
pension schemes
5.1.2 Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
5.1.3 Changes in the fair value of
investments in other equity instruments
5.1.4 Changes in the fair value of
the company’s credit risks
-50,535.60 -329,260.41
5.1.5 Other
5.2 Items that will be reclassified to
profit or loss
5.2.1 Other comprehensive income
that will be reclassified to profit or loss
under the equity method
5.2.2 Changes in the fair value of
investments in other debt obligations
5.2.3 Other comprehensive income
arising from the reclassification of
financial assets
5.2.4 Allowance for credit
impairments in investments in other
debt obligations
5.2.5 Reserve for cash flow hedges
5.2.6 Differences arising from the
translation of foreign
currency-denominated financial
statements
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5.2.7 Other
6. Total comprehensive income 33,491,361.90 29,289,229.44
7. Earnings per share
7.1 Basic earnings per share 0.0563 0.0497
7.2 Diluted earnings per share 0.0563 0.0497
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
and rendering of services
1,091,637,435.67 308,259,221.14
Net increase in customer deposits and
interbank deposits
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, handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax rebates
Cash generated from other operating
activities
144,447,762.47 278,533,921.65
Subtotal of cash generated from
operating activities
1,236,085,198.14 586,793,142.79
Payments for commodities and
services
295,983,391.70 659,349,883.60
Net increase in loans and advances to
customers
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
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Net increase in deposits in the central
bank and in interbank loans granted
Payments for claims on original
insurance contracts
Net increase in interbank loans
granted
Interest, handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 192,980,462.47 170,204,761.13
Taxes paid 564,218,068.71 309,457,486.32
Cash used in other operating
activities
99,690,187.46 57,088,588.26
Subtotal of cash used in operating
activities
1,152,872,110.34 1,196,100,719.31
Net cash generated from/used in
operating activities
83,213,087.80 -609,307,576.52
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
9,344.57
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
investing activities
9,344.57
Payments for the acquisition of fixed
assets, intangible assets and other
long-lived assets
7,922,228.29 3,384,962.58
Payments for investments
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
activities
7,922,228.29 3,384,962.58
Net cash generated from/used in -7,912,883.72 -3,384,962.58
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
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investing activities
3. Cash flows from financing activities:
Capital contributions received 140,000.00 490,000.00
Including: Capital contributions by
non-controlling interests to subsidiaries
140,000.00 490,000.00
Borrowings obtained 807,000,000.00
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
140,000.00 807,490,000.00
Repayments of borrowings
Payments for interest and dividends 46,823,112.50 34,834,399.52
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
activities
Subtotal of cash used in financing
activities
46,823,112.50 34,834,399.52
Net cash generated from/used in
financing activities
-46,683,112.50 772,655,600.48
4. Effect of foreign exchange rate
changes on cash and cash equivalents
237,436.15 1,083,303.30
5. Net increase in cash and cash
equivalents
28,854,527.73 161,046,364.68
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
4,197,009,439.56 3,446,391,598.15
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
and rendering of services
8,452,796.79 5,388,532.54
Tax rebates
Cash generated from other operating
activities
176,427,722.21 150,366,853.96
Subtotal of cash generated from
operating activities
184,880,519.00 155,755,386.50
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
26
Payments for commodities and
services
21,070,926.08 27,546,580.74
Cash paid to and for employees 16,422,540.08 13,488,663.13
Taxes paid 4,902,594.08 5,805,090.10
Cash used in other operating
activities
102,653,754.14 344,578,504.62
Subtotal of cash used in operating
activities
145,049,814.38 391,418,838.59
Net cash generated from/used in
operating activities
39,830,704.62 -235,663,452.09
2. Cash flows from investing activities:
Proceeds from disinvestment 565,000,000.00
Return on investment
Net proceeds from the disposal of
fixed assets, intangible assets and other
long-lived assets
2,344.57
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
investing activities
2,344.57 565,000,000.00
Payments for the acquisition of fixed
assets, intangible assets and other
long-lived assets
5,955,921.97 2,290,332.09
Payments for investments 117,000,000.00
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
activities
122,955,921.97 2,290,332.09
Net cash generated from/used in
investing activities
-122,953,577.40 562,709,667.91
3. Cash flows from financing activities:
Capital contributions received
Borrowings obtained
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
27
Repayments of borrowings
Payments for interest and dividends 6,325,812.50
Cash used in other financing
activities
Subtotal of cash used in financing
activities
6,325,812.50
Net cash generated from/used in
financing activities
-6,325,812.50
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
equivalents
-89,448,685.28 327,046,215.82
Add: Cash and cash equivalents,
beginning of the period
3,190,160,215.19 2,450,935,673.17
6. Cash and cash equivalents, end of the
period
3,100,711,529.91 2,777,981,888.99
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases from 2021
√ Applicable □ Not applicable
Whether the Company needs to adjust items in balance sheets 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
Accounts receivable 187,697,631.47 187,697,631.47
Prepayments 50,543,422.85 50,543,422.85
Other receivables 789,050,350.51 789,050,350.51
Inventories 5,312,489,258.20 5,312,489,258.20
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:
Long-term equity
investments
45,710,220.79 45,710,220.79
Investments in other equity
1,044,905.12 1,044,905.12
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
28
instruments
Investment property 484,738,506.83 484,738,506.83
Fixed assets 116,233,936.04 116,233,936.04
Use rights assets 14,992,421.49 14,992,421.49
Intangible assets 482,049.51 482,049.51
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:
Accounts payable 468,269,685.65 468,269,685.65
Advances from customers 473,274.48 473,274.48
Contractual liabilities 666,893,629.72 666,893,629.72
Payroll payable 177,190,197.36 177,190,197.36
Taxes payable 2,487,212,979.37 2,487,212,979.37
Other payables 847,142,613.09 847,142,613.09
Including: Interest
payable
0.00
Dividends
payable
12,202,676.04 12,202,676.04
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:
Long-term borrowings 3,587,800,000.00 3,587,800,000.00
Lease liabilities 14,992,421.49 14,992,421.49
Provisions 2,396,947.00 2,396,947.00
Deferred income 0.00
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
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
29
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
Capital reserves 80,488,045.38 80,488,045.38
Other comprehensive
income
-6,749,589.41 -6,749,589.41
Surplus reserves 19,205,979.63 19,205,979.63
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 adjustment
The Company has implemented the new IFRS 16 Leases since 1 January 2021, and according to the accumulated number of impacts
based on the execution of the new lease standard, the Company will adjust the amount of relevant items in the financial statements at
the beginning of the first year of execution, and will not adjust information for comparable periods. For operational leasing prior to
the date of initial adoption, the Company will measure the lease liabilities according to the present value discounted at the
incremental borrowing rate on the date of initial adoption based on the remaining lease payments, and make necessary adjustments to
the right-of-use assets at an amount equal to the lease liabilities.
Balance sheet of the Company as the parent
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 3,216,703,036.69 3,216,703,036.69
Accounts receivable 2,624,500.42 2,624,500.42
Other receivables 145,325,697.20 145,325,697.20
Inventories 653,885,107.24 653,885,107.24
Other current assets 496,729.09 496,729.09
Total current assets 4,019,035,070.64 4,019,035,070.64
Non-current assets:
Long-term equity
investments
1,071,176,101.18 1,071,176,101.18
Investments in other equity
instruments
1,275,405.12 1,275,405.12
Investment property 303,827,356.62 303,827,356.62
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
30
Fixed assets 51,091,963.72 51,091,963.72
Use-of-right assets 727,535.23 727,535.23
Long-term prepaid
expense
432,440.01 432,440.01
Deferred income tax assets 252,331,518.26 252,331,518.26
Other non-current assets 1,197,407,234.55 1,197,407,234.55
Total non-current assets 2,877,542,019.46 2,878,269,554.69 727,535.23
Total assets 6,896,577,090.10 6,897,304,625.33 727,535.23
Current liabilities:
Accounts payable 55,887,947.36 55,887,947.36
Payroll payable 50,710,148.02 50,710,148.02
Taxes payable 3,736,082.67 3,736,082.67
Other payables 3,971,988,862.11 3,971,988,862.11
Dividends
payable
29,642.40 29,642.40
Current portion of
non-current liabilities
31,573,154.86 31,573,154.86
Total current liabilities 4,113,896,195.02 4,113,896,195.02
Non-current liabilities:
Long-term borrowings 588,200,000.00 588,200,000.00
Lease liabilities 727,535.23 727,535.23
Other non-current
liabilities
40,000,000.00 40,000,000.00
Total non-current liabilities 628,200,000.00 628,927,535.23 727,535.23
Total liabilities 4,742,096,195.02 4,742,823,730.25 727,535.23
Owners’ equity:
Share capital 595,979,092.00 595,979,092.00
Capital reserves 53,876,380.11 53,876,380.11
Other comprehensive
income
-2,545,451.19 -2,545,451.19
Surplus reserves 19,205,979.63 19,205,979.63
Retained earnings 1,487,964,894.53 1,487,964,894.53
Total owners’ equity 2,154,480,895.08 2,154,480,895.08
Total liabilities and owners’
equity
6,896,577,090.10 6,897,304,625.33 727,535.23
Notes to adjustment
The Company has implemented the new IFRS 16 Leases since 1 January 2021, and according to the accumulated number of impacts
ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2021
31
based on the execution of the new lease standard, the Company will adjust the amount of relevant items in the financial statements at
the beginning of the first year of execution, and will not adjust information for comparable periods. For operational leasing prior to
the date of initial adoption, the Company will measure the lease liabilities according to the present value discounted at the
incremental borrowing rate on the date of initial adoption based on the remaining lease payments, and make necessary adjustments to
the 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 New
Standards Governing Leases from 2021
□Applicable √ Not applicable
III Independent Auditor’s Report
Indicate 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.