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SHENZHEN CHIWAN WAHRF HOLDINGS LIMITED Interim Report for the Six Months Ended 30 June 2002

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SHENZHEN CHIWAN WAHRF HOLDINGS LIMITED Interim Report for the Six Months Ended 30 June 2002 SHENZHEN CHIWAN WAHRF HOLDINGS LIMITED Interim Report for the Six Months Ended 30th June 2002 Important Note: The Board of Directors of Shenzhen Chiwan Wharf Holdings Limited (“the Company”) guarantees that there exist no omission, misstatement, or misleading information in this interim report. The Board of Directors of the Company is responsible, individually and jointly, for the authenticity, accuracy and integrity of the information contained in this report. Independent Director Mr. Zhang Limin was unable to attend the third meeting of the Fourth Board of Directors and thus appointed Independent Director Mr. Liu Ruiqi as his proxy to attend, act and vote for him and on his behalf at the aforesaid Board Meeting. Financial Report of the Company for the six months ended 30th June 2002 has not been audited. This report has been prepared in Chinese version and English version respectively. In case of difference in interpretation between the two versions, Chinese version shall prevail. Contents I. Company Profile ………………………………………………………………… 1 II. Changes in share capital and shareholders ………………………………..……. 2 III. Directors, supervisory committee members and senior management staff …..…. 3 IV. Statement by management staff …………………………………………………. 3 V. Significant events ……………………………………………………………..… 7 VI. Financial report ………………………………………………………………… 10 VII. Documents for reference ……………………………………………………..… 10 PART I COMPANY PROFILE A. Basic Introduction 1. Company's name in Chinese 深圳赤湾港航股份有限公司 Company's name in English Shenzhen Chiwan Wharf Holdings Limited (CWH) 2. Place of registration Port of Chiwan, Shenzhen, PRC Offices 11-12/F., Chiwan Petroleum Building, Port of Chiwan, Shenzhen, PRC Postal code 518068 E-mail [email protected] 3. Legal representative Ms. Wang Fen, Chairman 4. Company Secretary Ms. Pei Jiangyuan Authorized representative Ms. He Yingban and Mr. Tang Qingsong Address 11/F., Chiwan Petroleum Building Port of Chiwan, Shenzhen, PRC Tel +86 755 26817355, 26694620 Fax +86 755 26684117 E-mail [email protected] 5. Newspaper for information release "Securities Daily" and "Ta Kung Pao” Website for information release http:\\www.cninfo.com.cn Interim Report preparation Secretariat of the Board of Directors 6. Stock exchange Shenzhen Stock Exchange Short name of the stock Shen Chiwan A/Shen Chiwan B Stock Code 000022/200022 B. Financial Highlights (RMB) Item Jan.- June 2002 Jan.- June 2001 Net profit 77,208,989 12,851,262 Earnings per share 0.202 0.034 Return on net assets 6.27% 1.13% Net cash flow per share from operating activities 0.419 0.214 As at 30 June 2002 As at 31 Dec. 2001 Shareholders’ equity (minority interests excluded) 1,230,774,516 1,153,494,051 Net assets per share 3.226 3.023 1 Discrepancies between the figures calculated under Chinese Accounting Standard and under International Accounting Standard Net profit Net assets Item Jan.-June Jan.-June As at June 30, 2002 As at Dec. 31, 2001 2002 2001 Calculated under Chinese 77,208,989 25,855,915 1,191,552,122 1,114,271,657 Accounting Standard 1. Assets devaluation provision - (13,004,653) - - 2. dividends for 2001 - - 38,914,734 38,914,734 3. others - - 307,660 307,660 Calculated under International 77,208,989 12,851,262 1,230,774,516 1,153,494,051 Accounting Standard PART II CHANGES IN SHARE CAPITAL AND SHAREHOLDERS A. During the reporting period, total amount of shares issued by the Company and the shareholdings structure has not been changed. B. As at the end of 30 June 2002, 55463 shareholders of the Company were recorded. C. Top ten shareholders Amount of Propor- No. Name Type Code Shares tion Shares held by CHINA NANSHAN DEVELOPMENT (GROUP) 224,470,000 58.84% 1 0800004904 INCORPORATION (CND) Legal entity 2 00214193 NEWTON ORIENTAL FUND 3,015,631 0.79% B shares 3 00265943 CHEUNG KIT 1,045,260 0.27% B shares BTFE-VALUE PARTNERS INTELLIGENT FD- 936,121 0.25% B shares 4 00318494 CHINA B SHS FD 5 00296069 FU MING 775,050 0.20% B shares 6 0899013754 JINTONG SECURITIES CO. LTD 591,450 0.15% A shares 7 91169505 ZHENG YUYAO 511,565 0.13% B shares 8 0899023895 HONGFEI SECURITIES INVESTMENT FUND 500,000 0.13% A shares 9 91422875 YANG TIANDING 410,000 0.11% B shares 10 00309799 LONG QINFANG 370,000 0.10% B shares Total 232,625,077 60.97% * a) The above-mentioned amount of shares are the figures recorded as at June 30, 2002. 2 b) CND is the only shareholder holding more than 5% of the Company's shares. Shares held by CND was not changed within the reporting period. CND did not pledge or freeze or entrust its shares to the others’ management during the reporting period. c) CND does not have any relations with the other nine shareholders among the top ten shareholders. The Company does not know if there is any inter-relations among the other nine shareholders. D. Controlling shareholder of the Company did not change during the reporting period. PART III DIRECTORS, SUPERVISORY COMMITTEE MEMBERS AND SENIOR MANAGEMENT STAFF A. Shares held by the Company’s Directors, Supervisory Committee Members and senior management staff remained unchanged throughout the reporting period. Newly-elected Independent Director Mr. Liu Ruiqi and Mr. Zhang Limin do not hold any shares of the Company. B. Changes in Directors, Supervisory Committee Members and senior management staff The Fourth Board of Directors as well as the Fourth Supervisory Committee were elected on the 2001 Annual General Meeting held on May 10, 2002. Ms. Wang Fen, Mr. Fan Zhaoping, Mr. Han Guimao, Mr. Yuan Yuhui, Mr. Liu Zhangjun, Mr. Zheng Shaoping, Mr. Tian Junyan, Mr. Liu Ruiqi and Mr. Zhang Limin (the latter two being Independent Director) were elected as Directors for the Company’s Fourth Board of Directors. Mr. Huang Chuanqi, Ms. Mary-Jean Wong, Mr. Yu Liming, Mr. Zhang Ning and Mr. Nie Qi were elected as Members of the Company’s Fourth Supervisory Committee. Mr. Liu Zhangjun was appointed by the Fourth Board of Directors as the Company’s General Manager, while Mr. Lu Baodi and Ms. Chen Yonglian as Deputy General Manager, Mr. Zhang Jianguo as Chief Financial Officer, and Ms. Pei Jiangyuan as Company Secretary. PART IV STATEMENT BY MANAGEMENT STAFF A. Financial Status With China’s entry into WTO and the comeback of global economy, as well as the global manufacturing base and procurement center moving towards China, import and export volume of China grew rapidly in the first half of 2002, which offered favorable opportunities for the development of oceangoing transportation and port business. Due to its export-oriented economy and solid foundation, the Pear River Delta ranked among the areas in China that responded willingly and thus benefited from such opportunities to the utmost. In seizing the commercial opportunities, the Company paid more efforts to develop its container terminal business as well as its bulk and general cargo terminal business. With the volumes of all of its core businesses growing rapidly, the Company achieved a turnover of RMB315m during the reporting period, 55.75% up over corresponding period of 2001 or 57.2% of the target for the whole year, while the increase of operating cost was just 14.8%. A net profit of RMB77m was accomplished, 500.8% up over corresponding period of 2001. 3 Financial highlights of the Company for the first six months of 2002 are listed as follows. Unit RMB’000 Item Jan.-June 2002 Jan.-June 2001 +/- Reason Business growth, especially rapid Turnover 315,352 202,476 55.75% growth of container throughput Fall of unit cost due to the increase Operating cost 144,781 126,146 14.77% of facility utilization rate Rapid growth of core business and Gross profit 170,570 76,330 123.46% decline of unit cost Administrative expense 32,888 29,700 10.73% Shrink of bank loan facilities and fall Financial expense-net 13,691 16,776 -18.39% of interest rate Net profit 77,209 12,851 500.80% Increase of gross profit Net increase or decrease in cash and cash (60,528) 24,614 -345.91% Repayment of bank loans equivalents As at As at June 30, 2002 Dec. 31, 2001 Total assets 2,209,806 2,222,760 -0.58% Repayment of bank loans Shareholders’ equity 1,230,775 1,153,494 6.70% Increase of net profit B. Business Performance during the First Half of 2002 1. Core businesses The Company is mainly engaged in the handling, warehousing and transportation of containers as well as bulk and general cargo at Chiwan Port of Shenzhen, and also other related services. The Company achieved a throughput of 9.02m tons during the reporting period, 59.6% up over corresponding period of 2001, or 22.6% of the total throughput of Shenzhen while only 19.1% being recorded for the corresponding period of 2001. Container throughput of the Company for the reporting period rise 85.4% up to 676,676TEU, which signifies 21.1% share on Shenzhen container market while only 17.1% being recorded for the corresponding period of 2001. Growth rate of container throughput of the Company for the first half of 2002 (i.e 85.4%)exceeds the growth rate of 50.3% for all the Shenzhen container terminals. The Company achieved a bulk and general cargo throughput of 3.288 million tons, up 21.6% over the corresponding period of 2001 and almost the same one-third share on Shenzhen bulk and general cargo market as corresponding period of 2001. Land transportation engages mainly in the tow-truck service at the container terminals of Shenzhen as well as container trucking service outside. Container trucking volume of 1.948million TEU KM was recorded for the reporting period, up 33.4% over corresponding period of 2001.
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