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Renhe Commercial Holdings Company Limited Annual Report 2009 RENHE

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Renhe Commercial Holdings Company Limited Annual Report 2009 RENHE Renhe Commercial Holdings Company Limited RENHE RENHE Annual Report 2009 THE Annual Report 2009 CONTENTS 02 Corporate Information 57 Consolidated Statement of 03 Financial Highlight Comprehensive Income 04 Board Chairman’s Statement 58 Consolidated Balance Sheet 08 Management Discussion and Analysis 59 Balance Sheet 29 Directors and Senior Management Profile 60 Consolidated Statement of Changes 38 Report of the Directors in Equity 48 Corporate Governance Report 61 Consolidated Cash Flow Statement 54 Independent Auditor’s Report 63 Notes to the Financial Statements 56 Consolidated Income Statement 124 Five Years Financial Summary Renhe Commercial Holdings Company Limited 1 Corporate Information Directors Company Secretary Executive Directors Hung Fan Kwan FCPA, FCCA Dai Yongge (Chairman and Chief Executive Officer) Auditors Zhang Dabin Wang Hongfang KPMG Wang Chunrong Certified Public Accountants Wang Luding Lin Zijing Registered Office Cricket Square Non-Executive Directors Hutchins Drive Hawken Xiuli P.O. Box 2681 Jiang Mei Grand Cayman, KY1-1111 Zhang Xingmei Cayman Islands Ho Gilbert Chi Hang Chi Miao Principal Place of Business in Hong Kong Independent Non-Executive Directors Suites 603-606 Fan Ren-Da, Anthony One International Finance Centre Wang Shengli 1 Harbour View Street Wang Yifu Central Hong Kong Audit Committee Fan Ren-Da, Anthony (Chairman) China Office Wang Shengli No. 29 Mei Shun Street Wang Yifu Nangang District Harbin, Heilongjiang Remuneration Committee China 150001 Wang Shengli (Chairman) Dai Yongge Hong Kong Share Registrar Wang Yifu Computershare Hong Kong Investor Services Limited Nomination Committee Shops 1712-1716 Wang Shengli (Chairman) 17th Floor, Hopewell Centre Dai Yongge 183 Queen’s Road East Wang Yifu Wanchai Hong Kong Authorised Representatives Wang Hongfang Investor Relations Hung Fan Kwan FCPA, FCCA Company Website: www.renhebusiness.com The Stock Exchange of Hong Kong Limited Stock Code: 1387 2 Renhe Commercial Holdings Company Limited Financial Highlight Revenue Total assets as at 31 December RMB’000 RMB’000 2009 4,162,943 2009 13,606,298 2008 3,050,281 2008 7,343,161 2007 366,495 2007 2,659,938 2006 162,662 2006 1,638,817 2005 65,162 2005 872,217 Profit attributable to equity Cash at bank and on hand at shareholders of the Group 31 December RMB’000 RMB’000 2009 4,037,568 2009 4,904,426 2008 1,903,018 2008 3,233,578 2007 266,675 2007 1,517,447 2006 48,490 2006 5,904 2005 11,904 2005 19,340 Renhe Commercial Holdings Company Limited 3 Board Chairman’s Statement On behalf of the board of directors (the “Board”) of Renhe Commercial Holdings Company Limited (“Renhe Commercial” or the “Company”, together with its subsidiaries, collectively the “Group”), I am pleased to announce the annual results of the Group for the year ended 31 December 2009. Dai Yongge Chairman 4 Renhe Commercial Holdings Company Limited Board Chairman’s Statement In 2009, the Chinese government implemented a variety of effective fiscal and monetary measures in order to stabilize the financial market and spur economic recovery. As a result, the Chinese economy steadily recovered and market confidence gradually returned. Sensing the upturn, the Group further leverage on its established construction management and coordination expertise, superior marketing and promoting skill, strong mall operation ability and the distinct branding of the “First Tunnel” to achieve strong growth. For the year ended 31 December 2009, the Group’s core business revenue and gross profit amounted to RMB4,162.9 million and 3,103.8 million respectively, up 36.5% and 23.2% versus 2008. Profit attributable to shareholders was 4,037.6 million, an increase of 112.2% from 1,903.0 million recorded in the previous year. The Board has proposed a final dividend of RMB9.18 cents per share. During the period under review, the Group continued to work towards achieving its long-term goals. The Group further strengthen its leading position in the industry by expanding the scale of the Group’s business and geographical coverage. As of the end of 2009, the total gross floor area (“GFA”) of the Group’s underground malls increased remarkably year-on-year; continuing its fast pace of growth achieved in 2008. The Group has expanded from Harbin, Guangzhou, Zhengzhou and Shenyang to the prime commercial rings of medium and large cities including Handan, Wuhan, Dalian, Daqing, Weifang and Putian. This brings the Group a step closer to having a nationwide coverage. During the period under review, the Group commenced construction of four new projects, namely, Phase VI of Harbin project (March), the Hanzheng Street project in Wuhan (July), the Handan project in Hebei (September) and the Putian project in Fujian (December). Each project is progressing according to schedule. The Group’s existing malls in Harbin, Guangzhou and Shenyang are currently 100% leased. In tandem with rising new construction starts, both area transferred and cash amount received reached new heights. Aside from maximizing shareholders return, this further strengthen the Group’s financial and cash flow position in anticipation for the Group’s growth strategy in the coming years. In order to maintain a steady and sustainable growth, the Group took the initiative to expand its project reserves. During the period under review, the Group secured government approvals for six new projects. These projects are located in prime commercial rings of Luoyang in Henan, Wuhu in Anhui, Qingdao in Shandong, Handan in Hebei, Putian in Fujian and Kunming in Yunnan. Together they added about 1,334,840 square metres (“sq.m.”) of GFA to the Group’s project reserves, a multiple increase to the 594,100 sq.m. new projects secured in 2008. The expansion is aligned with our Group’s strategy to steadily expand our coverage nationwide. The Group’s success in securing new projects in various cities also indicates a vote of confidence from various local governments on our execution ability and management skills of underground malls. Renhe Commercial Holdings Company Limited 5 Board Chairman’s Statement As part of the Group’s acquisition plans, the Group issued new shares on 16th July 2009 and raised HK$3.72 billion of new capital. This new capital not only boosted the Group’s financial position, it placed the Group favorably to continue to expand nationwide and also laid down the foundation for future revenue growth. The Group’s strong performance in 2009 once again shows that the unique “Renhe” business model is both successful and replicable. The Group believes that underground space development has huge potential. Underground space development is key to bringing a society forward. Numerous countries, particular developed ones, placed great importance to underground space and has allocated significant resources to develop this segment. There are experts that forecast that one-third of the world’s population will work and live in underground space by the end of the 21st century. As compared to developed countries, China is still in a preliminary stage of developing underground space. China’s rapid economic growth and accelerating urbanization may lead to various challenges for mainland cities. This include sharp upsurge of urban population, inadequate land resources, high property prices, traffic congestion, rising consumption of energy and pollution. One way to tackle these issues is to make full use of underground space. As such we believe underground space development has tremendous potential in the coming decades. As the leading developer and operator of underground malls, Renhe is poised to capitalize on this rising trend. Since the 1990s, the Chinese government has established and further refined various laws and regulations related to the development of underground space. Concurrently, various policies have been launched to encourage and support private enterprises and foreign companies to invest in the development and use of underground space. The Group believes that there will be further refinements to related laws and regulations as underground space development matures. Nevertheless, the Group believes that the government’s support towards underground space development is unlikely to change in the foreseeable future. Meanwhile, the Group believes that barriers to entry remain high and no significant competitor will surface in the foreseeable future. This is due to complicated construction and coordination process at prime and busy location. In addition, our accumulated experience in mall operation as well as leasing and marketing capabilities are both superior and difficult to replicate. The Board is optimistic of the Group’s growth prospect. At present, there are substantial underdeveloped underground space at prime commercial areas in China for the Group to take advantage of. The Group will step up its development efforts and selectively take up projects based on their commercial values. As such, the Group plans to strengthen its market leading position and grow the company from strength to strength. The Group also strives to maximize value for shareholders while also creating value for society. 6 Renhe Commercial Holdings Company Limited Board Chairman’s Statement Renhe owes its every bit of success to members of the board, the management and all other employees. I would like to thank all members of the board for their positive inputs, and our shareholders and business partners for their full support and trust in us. I would also like to thank the management and all employees wholeheartedly for their team work and commitment. On behalf of the Board, I sincerely thank various local governments for their support in Renhe Commercial, and contribution towards the success of our projects. Dai Yongge Chairman 26 April 2010 Renhe Commercial Holdings Company Limited 7 Management Discussion and Analysis Business Review The global economy started the year challenging and only showed some signs of recovery in the second half of 2009. Nevertheless, with the implementation of multiple stimulus measures, coupled with effective fiscal and monetary policies, China’s economy recovered ahead of others and recorded a promising 8.7% annual economic growth.
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