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2011 Annual Report Shenzhen Chiwan Wharf Holdings Limited

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2011 Annual Report Shenzhen Chiwan Wharf Holdings Limited 2011 ANNUAL REPORT SHENZHEN CHIWAN WHARF HOLDINGS LIMITED 28 Mar. 2012 2011 Annual Report PART Ⅰ IMPORTANT NOTES AND CONTENTS Important Notes The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior management staff of Shenzhen Chiwan Wharf Holdings Limited (hereinafter referred to as “the Company”) hereby confirm that there exists no misstatement, misleading information or material omission in this report, and accept, individually and collectively, the responsibility for the factuality, accuracy and completeness of the contents of this report. This Annual Report has been reviewed and approved at the Third Session of the Seventh Board of Directors of the Company. Independent director Zhang Jianjun did not attend the meeting due to business reason and appointed Independent director Hao Zhujiang, as his proxy to attend and speak at the meeting on his behalf. Independent director Zhang Jianjun has given his consents to the full contents of this report. Chairman of the Board Mr. Zheng Shaoping, Chief Financial Officer Mr. Zhang Jianguo and Financial Manager Ms. Ma Zhihong hereby confirm that the Financial Report in the Annual Report is true, accurate and complete. The Annual Report is written in both English and Chinese. In case of any discrepancy between the two versions, Chinese version prevails. According to certain regulations issued by China Securities Regulatory Commission, the Company needn't to prepare Financial Statements under International Financial Reporting Standards, and thus all the financial data disclosed in this report were prepared under Chinese Accounting Standards. Table of Contents PART Ⅰ IMPORTANT NOTES AND CONTENTS ................................................................................1 PART Ⅱ COMPANY PROFILE................................................................................................................2 PART Ⅲ FINANCIAL AND BUSINESS HIGHLIGHTS .........................................................................3 PART IV CHANGES IN SHARE CAPITAL AND SHAREHOLDERS....................................................4 PART V DIRECTORS, SUPERVISORS, SENIOR MANAGEMENT STAFF & EMPLOYEES.........10 PART VI CORPORATE GOVERNANCE ...............................................................................................18 PART VII INTERNAL CONTROL ...........................................................................................................22 PART VIII GENERAL MEETING..............................................................................................................26 PART IX REPORT OF THE BOARD OF DIRECTORS.........................................................................27 PART X REPORT OF THE SUPERVISORY COMMITTEE................................................................45 PART XI SIGNIFICANT EVENTS ..........................................................................................................46 PART XII FINANCIAL STATEMENTS (See attached) ...........................................................................53 PART XIII DOCUMENTS FOR REFERENCE..........................................................................................53 1 2011 Annual Report PART Ⅱ COMPANY PROFILE A. Company's Name in Chinese 深圳赤湾港航股份有限公司（深赤湾） Company's Name in English Shenzhen Chiwan Wharf Holdings Limited (Chiwan Wharf) B. Legal Representative Mr. Zheng Shaoping, Chairman C. Company Secretary Ms. Bu Dan Authorized Representative Ms. Hu Jingjing Address 13/F., Chiwan Petroleum Building, Shenzhen, PRC Tel +86 755 26694222 Fax +86 755 26684117 E-mail [email protected] D. Place of Registration .Chiwan, Shenzhen, PRC Office Address 13/F., Chiwan Petroleum Building, Chiwan, Shenzhen, PRC Postal Code 518067 E-mail Address [email protected] Internet Website http://www.szcwh.com E. Newspaper for Information "Securities Times" and "Ta Kung Pao" Disclosure Website for Annual Report http://www.cninfo.com.cn Annual Report Preparation Secretariat of the Board of Directors F. Stock Exchange . Shenzhen Stock Exchange Stock Short Name Chiwan Wharf A/Chiwan Wharf B Stock Code 000022/200022 G. Other Information Date of Original Registration 19 Jul. 1990 Place of Registration Chiwan, Shenzhen Business Registration Number 440301501124494 Tax Registration Number Shen-Guo-Shui-Deng-Zi No. 440300618832968 Shen-Di-Shui-Deng-Zi No. 440301618832968 Organization Code 61883296-8 Accounting Firm PricewaterhouseCoopers Zhong Tian Certified Public Accountants Work office 35/F, Tower A, Kingkey 100, No. 5016, Shennan Road East, Shenzhen, China Signature of accountants Kong Yu, Yang Hua 2 2011 Annual Report PART Ⅲ FINANCIAL AND BUSINESS HIGHLIGHTS A. Main accounting data (unit: RMB) Increase or decrease of 2011 2010 2009 this year than last year Revenue 1,708,136,899 1,740,417,668 -1.85% 1,465,434,512 Operating profit 816,494,626 962,439,501 -15.16% 673,649,986 Total profit 816,337,301 964,414,981 -15.35% 679,900,108 Net profit attributable to equity holders of the 505,645,137 596,680,156 -15.26% 418,864,844 Company Net profit attributable to equity holders of the 505,629,810 595,310,399 -15.06% 412,521,386 Company after extraordinary gains and losses Net cash flows from operating 746,190,596 926,845,569 -19.49% 726,501,993 activities Increase or decrease of As at 31 Dec. 2011 As at 31 Dec. 2010 this year-end than last As at 31 Dec. 2009 year-end Total assets 6,540,228,435 6,202,184,742 5.45% 5,527,873,569 Total liabilities 2,434,164,364 2,395,026,910 1.63% 2,107,282,039 Total equity attributable to 3,467,796,751 3,239,549,058 7.05% 2,852,982,756 equity holders of the Company Share capital 644,763,730 644,763,730 0.00% 644,763,730 B. Main financial index (unit: RMB) Increase or 2011 2010 decrease of this 2009 year than last year Basic earnings per share 0.784 0.925 -15.24% 0.650 Diluted earnings per share 0.784 0.925 -15.24% 0.650 Basic earnings per share after 0.784 0.923 -15.06% 0.640 extraordinary gains and losses Weighted average return on net assets 15.19% 19.70% -4.51% 15.08% Weighted average return on net assets 15.19% 19.65% -4.46% 14.85% after extraordinary gains and losses Net cash flow per share arising from 1.157 1.437 -19.49% 1.127 operating activities Increase or decrease of this As at 31 Dec. 2011 As at 31 Dec. 2010 As at 31 Dec. 2009 year-end than last year-end Net assets per share attributable to equity 5.378 5.024 7.05% 4.425 holders of the Company Asset-liability ratio 37.22% 38.62% -1.40% 38.12% 3 2011 Annual Report C. Extraordinary gains and losses Items 2011 2010 2009 Net gains on disposal of non-current assets (1,889,222) (672,955) 8,218,321 Government grants in current year profit - 1,200,000 1,450,000 Receivables impairment reversal by individual - - 1,815,259 assessment Other non-operating income/ (expense), net 1,731,897 1,448,435 (3,418,198) Tax effects 33,863 (350,605) (1,572,070) Minority interests effects (after tax) 138,789 (255,118) (149,854) Total 15,327 1,369,757 6,343,458 PART IV CHANGES IN SHARE CAPITAL AND SHAREHOLDERS A. Changes in Share Capital 1. Changes in the stock of shares of the Company Unit: share Before the change Increase (+)/decrease (-) After the change Issue of Bonus Reserves Number Percentage additional Other Subtotal Number Percentage issue to stocks shares 1. Shares subject to trading moratorium 673,252 0.104% 117,677 117,677 790,929 0.123% a. State-owned shares b. State-owned legal person shares c. Other domestic shares Among which: Shares held by domestic non-state-owned corporations Shares held by domestic individuals d. Shares held by overseas shareholders Among which: Shares held by overseas corporations Shares held by overseas individuals e. Shares held by senior management staff 673,252 0.104% 117,677 117,677 790,929 0.123% 2. Shares not subject to trading moratorium 644,090,478 99.896% -117,677 -117,677 643,972,801 99.877% a. Ordinary shares denominated in RMB 464,789,805 72.087% 0 0 464,789,805 72.087% b. Domestically listed foreign shares 179,300,673 27.809% -117,677 -117,677 179,182,996 27.790% c. Overseas listed foreign shares d. Others 3. Total shares 644,763,730 100% 644,763,730 100% ※ Shares held by senior executives were changed by shares mainly subject to trading moratorium held by newly-appointed senior management. 4 2011 Annual Report 2. Changes in shares subject to trading moratorium Shares subject Increased Shares subject to trading Shares shares subject Name of to trading Time of moratorium at released in to trading Reason shareholder moratorium at releasing the year 2011 moratorium in the year end beginning 2011 Zheng Shaoping 186,018 26,529 0 159,489 January 2011 Wang Fen 61,974 0 0 61,974 January 2011 Fan Zhaoping 40,407 0 0 40,407 January 2011 Yuan Yuhui 10,530 0 0 10,530 The January 2011 Zhang Ning 134,020 23,777 0 110,243 Company January 2011 Zhao Chaoxiong 58,758 10,042 0 48,716 Law and January 2011 other Ni Keqin 34,803 5,724 0 29,079 relevant January 2011 Qu Jiandong 0 0 84,199 84,199 laws and February 2011 Zhao Qiang 0 0 63,711 63,711 regulations February 2011 Zhang Jianguo 89,547 15,460 0 74,087 January 2011 Xiong Haiming 0 0 70,355 70,355 February 2011 Pei Jiangyuan 46,704 8,565 0 38,139 January 2011 Total 662,761 90,097 218,265 790,929 3. Issuance and listing of shares a. The Company was approved to issue 310,470,000 ordinary shares at a par value of RMB1.00 per share in February 1993, with 224,470,000 being the promoter's shares; 46,000,000 shares (the "A shares”) being issued to PRC investors (of which 6,000,000 shares were allotted to the employees of the Company), and 40,000,000 shares (the "B shares”) being issued to overseas investors. The A shares were issued at RMB3.10 per share and the B shares at RMB3.18 per share, which were payable at HKD2.83 per share. On 5 May 1993, the Company's A and B shares were listed and traded on Shenzhen Stock Exchange. b. In June 1994, bonus shares were issued in a proportion of “one bonus share for every ten shares”. On 16 June and 21 June 1994, respectively, 4,600,000 bonus A shares and 4,000,000 bonus B shares were listed and traded on Shenzhen Stock Exchange.
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