Shanghai Pudong Development Bank Co., Ltd. Annual Report 2003
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Shanghai Pudong Development Bank Co., Ltd. Annual Report 2003 Chapter 1 Important Notice The Board of Directors of the company guarantees that the information presented in this report is free from any false record, misleading statement or material omission, and accepts, individually and collectively, liability for its truthfulness, accuracy and completeness. Directors of the company Wang YiYi, Cheng XiYuan did not attend the meeting, and authorized other directors in writing to vote on their behalf. The financial statements of the Company for the year ended 31 December 2003 were audited by Da Hua Certified Public Accountants Co., Ltd. and Ernst and Young Accounting Firm, respectively in accordance with PRC generally accepted accounting principles (GAAP) and international accounting standards (IAS), and have obtained standard auditor’s report without any reserved opinions. The Board of Shanghai Pudong Development Bank Co., Ltd. The Chairman of the Board ZHANG Guangsheng, President JIN Yun, Financial Controller HUANG Jianping and Head of the Treasury and Finance Department FU Neng guarantee the truthfulness and completeness of the financial statements in the annual report. Chapter 2 Brief Introduction to the Company 1. Registered Company Name in English: SHANGHAI PUDONG DEVELOPMENT BANK CO., LTD. (Abbreviation: SPDB) 2. Legal Representative: Mr. ZHANG Guangsheng 3. Corporate Secretary: Mr. SHEN Si Representatives for Securities Affairs of the Board: Mr. YANG Guoping, Mr. WANG Jingbin Address: General Office to the Board, Shanghai Pudong Development Bank Co., Ltd., No. 12, Zhongshan Dong Yi Road, Shanghai, China 200002 Tel: 021-63611226 021-63296188 –General Office to the Board Fax: 021-63230807 E-mail address: [email protected] [email protected] [email protected] 4. Registered Address and Business Address Registered Address: No. 500 Pudong Nan Road, Pudong New Area, Shanghai, China Office Address: No 12, Zhongshan Dong Yi Road, Shanghai, China Post Code: 200002 Website Address: http://www.spdb.com.cn E-mail Address: [email protected] 5. Designated newspaper for information disclosure: “China Securities Daily”, “Shanghai Securities News”, “Securities Times” Internet website designated by China Securities Regulatory Commission for the publication of the Company’s annual report: http://www.sse.com.cn Copies of the Annual Report are available at: General Office to the Board, SPDB 1 6. Place of Stock Listing: Shanghai Stock Exchange Stock Abbreviation: Pu Fa Bank Stock Code: 600000 7. Other Relevant Information Date of Initial Registration: October 19th, 1992 Date of Registration Change: Registered Number of Business License of the Corporate Legal Entity: 3100001001236 Registered Number for Taxation: Guo Shui Hu Zi 31004413221158X Di Shui Hu Zi 31004413221158X Name of the Trustee for the non-marketable Stock: China Securities Depository and Clearing Co., Ltd. Shanghai Branch Name of the Domestic Accounting Firm appointed: Da Hua Certified Public Accountants Co., Ltd. Office Address: No. 146, Kunshan Road, Shanghai, China Name of the International Accounting Firm appointed: Ernst & Young Accounting Firm Office Address: 15th Floor, Hutchison House, 10 Harcourt Rood, Central, Hong Kong 8. The report is prepared in both Chinese and English. Should there exist any inconsistency between the two versions, the Chinese version shall prevail. Chapter 3 Summary of Key Financial and Performance Indicators 1. Key Profit Indicators for the Year (Unit: RMB ’000 yuan) Domestic Audit Int’l Audit (IAS) (PRC GAAP) Total profit 2,343,774 2,363,181 Net profit 1,566,088 1,579,091 Net profit excl. extraordinary items 1,535,690 1,579,091 Principal operating profit 5,183,725 2,363,181 Operating profit 5,199,097 2,363,181 Investment income 15,373 - Subsidy income - Net income from non-operating activities -8,830 - Net cash flow from operating activities 4,000,780 6,520,103 Net increase in cash and cash equivalents 3,934,064 3,934,063 Note: According to “Q&A for Information Disclosure Regulation for Companies Issuing Securities Publicly No.1: Extraordinary Profit and Loss”(revised version 2004), the extraordinary profit and loss deducted is the net income of non-operating activities, which amounts to RMB 45,371,000 yuan. 2. 3-year Key Financial and Performance Indicator Comparison (Unit: RMB ’000 Yuan) Item 2003 2003 2002 2002 2000 2001 Domestic Int’l Audit Domestic Int’l Audit Domestic Int’l Audit Audit (IAS) Audit (IAS) Audit (IAS) (PRC (PRC (PRC ( post-adjus GAAP) GAAP) GAAP) tments) (post-adjust (post-adjust ments) ments) 2 Principal 12,027,2 13,523,200 8,156,459 9,340,715 6,092,818 7,125,329 operating income 37 Net profit 1,566,0 1,579,091 1,285,309 1,242,012 1,061,878 1,018,084 88 Total assets 371,056,6 370,833,489 279,300,719 279,740,753 173,690,683 173,918,513 98 Outstanding 322,114,0 balance of 322,114,094 243,913,237 148,271,288 94 deposits Outstanding 255,111,3 255,847,958 174,377,477 97,153,749 balance of loans 39 Shareholders Equity (excl. 12,010,92 12,104,365 8,351,976 8,432,415 7,548,668 7,672,403 minority 3 interests) EPS (yuan) (fully 0.400 0.403 0.356 0.344 0.441 0.422 diluted) EPS (yuan)(average 0.403 0.406 0.356 0.344 0.441 0.422 weighted) EPS (yuan) (excl. extraordinary 0.392 0.406 0.353 0.344 0.442 0.422 items) Net assets per 3.068 3.092 2.310 2.333 3.132 3.184 share (yuan) Net assets per share (yuan) 3.065 3.089 2.308 2.330 3.125 2.991 (adjusted) Net cash flow per share from 1.022 1.665 0.858 5.450 0.775 4.553 operating activities (yuan) ROE (%) 13.04 13.05 15.39 14.73 14.07 13.27 ROE (excl. extraordinary) 12.79 13.05 15.33 14.73 14.12 13.27 (%) (fully diluted) ROE (excl. extraordinary) 14.19 15.94 15.27 15.19 14.21 (%) (average 14.05 weighted) Note: 1. The indicators are calculated according to the 21 Clause of “Standards for Content and Format of Information Disclosure of Companies Issuing Securities Publicly No. 2: Content and Format of Annual Report”(amended in 2003) and “Standards for Content and Format of Information Disclosure of Companies Issuing Securities Publicly No. 9: Calculation and Disclosure of ROE and EPS”. 2. The company issued 300 million new A-shares in January 2003. Accordingly, its total share capital increased to 3.915 billion from 3.615 billion at the year-end of 2002. 3. Key Financial Indicators and Variances between the Financial Statements Audited by Domestic and International auditors (Unit: RMB ’000 yuan) Net profit Net assets Total assets 2003 Total 2003 2003 Liabilities 2003 12,010,92 1,566,088 371,056,698 359,045,775 Based on PRC GAAP 3 Add: net interest income from 113,506 - - - 3 inter-bank borrowings, bills discounting, etc., calculated on accrual basis Add: income from transactions of securities on market -99,824 138,663 178,844 40,181 value basis Add: net income from 5,727 802 91,283 90,481 derivative transactions Add: deferred taxes resulted from above -6,405 -46,023 -46,023 - adjustments Add: reversal of proposed - - - - dividends attributable Other re-classification - - -447,313 -447,313 adjustments Total variance 13,004 93,442 -223,209 -316,651 IAS supplemental financial 1,579,092 12,104,365 370,833,489 358,729,124 statement The variances are mainly due to the following facts: 1. that PRC GAAP is on cash basis, while IAS is on accrual basis; 2. that PRC GAAP is based on the lower of the cost and market price, while IAS is on market price basis; 3. that PRC GAAP is on cash basis, while IAS is on fair value basis; 4. that the above-mentioned accounting adjustments result in income tax adjustments. 4. Loan Provisions in Financial Statements Audited by Domestic and International Auditor (Unit: RMB ’000 yuan) Domestic Audit (PRC GAAP) Int l Audit (IAS) At 1st January,2003 4,945,005 4,945,006 Provisions 2,086,999 2,098,281 Amounts recovered 57,667 57,661 Amounts carried forward 141,747 -141,747 Amounts written off 679,719 -679,719 At 31st December,2003 6,268,205 6,279,482 5. 3-year Supplemental Financial Data (Unit: RMB ’000 yuan) Item 2003 Domestic 2003 Int l Audit 2002 Domestic Au 2001 Domestic Audit (PRC GAAP) (IAS) dit (PRC GAAP) Audit (PRC GAAP) Total liabilities 359,045,775 358,729,124 271,340,243 166,624,016 Total deposits 322,114,094 322,114,094 243,913,237 148,271,288 Incl. Long-term 116,562,950 85,065,572 58,407,550 deposits 116,562,950 Inter-bank 3,055,379 4,870,264 1,174,403 borrowing 3,055,379 Total loans 255,111,339 255,847,958 174,377,477 97,151,469 Incl. Short-term 164,873,841 107,986,036 68,372,185 loan 164,873,841 Import & export 1,887,661 1,887,661 756,392 216,560 4 advances and negotiation Bills discounted 27,835,302 27,835,302 31,715,814 7,369,147 Mid and 55,568,354 27,860,111 13,866,865 long-term loans 55,568,355 Overdue loans 437,102 437,101 504,650 1,222,051 Bad loans 4,205,360 4,205,360 5,120,518 5,760,079 Loan losses 15,775 15,775 260,510 107,696 Note: Calculation method for relevant financial indicators: 1. Total deposits include short-term deposits, short-term saving deposits, remittance payable as well as temporary deposits, long-term deposits, long-term saving deposits, long-term guarantee deposits and entrusted funds; 2.