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Poly Real Estate Group Co., Ltd. Auditors' Report Pcpar

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Poly Real Estate Group Co., Ltd. Auditors' Report Pcpar POLY REAL ESTATE GROUP CO., LTD. AUDITORS’ REPORT PCPAR [2015] NO.720297 POLY REAL ESTATE GROUP CO., LTD. Auditors’ Report (From January 1, 2014 to December 31, 2014) Table of Content Page 1. AUDITORS’ REPORT 1-2 2. FINANCIAL STATEMENTS BALANCE SHEET AND CONSOLIDATED BALANCE SHEET 1-5 INCOME STATEMENT AND CONSOLIDATED INCOME 6-8 STATEMENT STATEMENT OF CASH FLOWS AND CONSOLIDATED 9-11 STATEMENT OF CASH FLOWS STATEMENT OF CHANGES IN OWNERS’ EQUITY AND 12-21 CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS’ EQUITY NOTES TO THE FINANCIAL STATEMENTS 1-149 AUDITORS’ REPORT PCPAR [2015] No. 720297 To all shareholders of Poly Real Estate Group Co., Ltd.: We have audited the accompanying financial statements of Poly Real Estate Group Co., Ltd. (hereinafter referred to as “the Company”), which comprise the balance sheet and consolidated balance sheet as at December 31, 2014, the income statement and consolidated income statement, the statement of cash flows and consolidated statement of cash flows and the statement of changes in owners’ equity and consolidated statement of changes in owners’ equity for the year then ended and notes to the financial statements. Management's Responsibilities for the Financial Statements Management of the Company is responsible for the preparation and fair presentation of these financial statements. This responsibility includes: (1) preparing the financial statements in accordance with the requirements of Accounting Standards for Business Enterprises to achieve a fair presentation; (2) designing, implementing and maintaining internal control that is necessary to ensure that the financial statements are free from material misstatements, whether due to frauds or errors. Auditor's Responsibilities Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Auditing Standards for Certified Public Accountants in China. Those standards require that we comply with professional and ethical requirements of Chinese certified public accountants, and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgments, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, we consider the internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements. Auditors’ Report Page 1 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinions In our opinion, the financial statements of the Company are prepared, in all material respects, in accordance with Accounting Standards for Business Enterprises and present fairly the consolidated financial position and the financial position of the Company as at December 31, 2014 and the consolidated operating results and cash flows and the operating results and cash flows for the year then ended. BDO China Shu Lun Pan Certified Public Accountant of China: Certified Public Accountants LLP Certified Public Accountant of China: Shanghai, China March 15, 2015 This auditors’ report and the accompanying notes to the financial statements are English translation of the Chinese auditors’ report. In case of doubt as to the presentation of these documents, the Chinese version shall prevail. Auditors’ Report Page 2 POLY REAL ESTATE GROUP CO., LTD. BALANCE SHEET Balance as at December 31, 2014 (Amounts are expressed in RMB unless otherwise stated) Balance as at Balance as at Assets Note 14 December 31, 2014 January 1, 2014 Current assets Cash and cash equivalents 5,820,822,408.89 4,102,069,720.57 Financial assets measured at fair value through current profit and loss Derivative financial assets Notes receivable Accounts receivable 14.1 1,412,382.08 8,363,184.16 Advances to suppliers 3,396,230,366.39 1,828,927,853.35 Interests receivable Dividends receivable 14,397,769.00 526,906,936.33 Other receivables 14.2 70,354,021,264.38 49,448,567,701.54 Inventories 5,589,462,412.76 8,627,585,118.82 Assets classified as those held for sale Non-current assets maturing within one year Other current assets Total current assets 85,176,346,603.50 64,542,420,514.77 Non-current assets: Available-for-sale financial assets 376,802,985.00 520,802,985.00 Held-to-maturity investments Long-term receivables Long-term equity investments 14.3 12,977,388,687.83 9,079,640,383.66 Investment properties 719,713,013.42 658,810,146.58 Fixed assets 99,357,662.12 98,357,675.06 Construction in progress Project materials Disposal of fixed assets Productive biological assets Oil and gas assets Intangible assets 9,362,180.39 6,617,058.33 Development expenses Goodwill Long-term deferred expenses 10,833.32 Deferred income tax assets 79,987,716.53 28,671,331.15 Other non-current assets Total non-current assets 14,262,612,245.29 10,392,910,413.10 Total assets 99,438,958,848.79 74,935,330,927.87 The accompanying notes form an integral part of these financial statements. Page 1 POLY REAL ESTATE GROUP CO., LTD. BALANCE SHEET (CONTINUED) Balance as at December 31, 2014 (Amounts are expressed in RMB unless otherwise stated) Balance as at Balance as at Liabilities and owners' equity Note 14 December 31, 2014 January 1, 2014 Current liabilities: Short-term borrowings 1,000,000,000.00 Financial assets measured at fair value through current profit and loss Derivative financial liabilities Notes payable 3,893,254.77 Accounts payable 1,713,149,730.09 624,378,877.75 Advance from customers 5,438,273,601.77 9,416,182,037.19 Employee compensation payable 10,037,248.74 16,799,536.54 Taxes and surcharges payable -581,151,447.46 -497,399,894.63 Interests payable 666,666.67 Dividends payable Other payables 49,927,956,702.93 32,998,572,508.10 Liabilities classified as those held for sale Non-current liabilities maturing within one year 3,464,294,740.00 3,175,594,740.00 Other current liabilities Total current liabilities 60,977,120,497.51 45,734,127,804.95 Non-current liabilities: Long-term borrowings 10,678,122,355.00 6,631,617,095.00 Bonds payable 1,000,000,000.00 Including: preferred shares Perpetual capital securities Long-term payables Long-term employee compensation payable Special payables Estimated liabilities Deferred income Deferred income tax liabilities Other non-current liabilities Total non-current liabilities 11,678,122,355.00 6,631,617,095.00 Total liabilities 72,655,242,852.51 52,365,744,899.95 Owners' equity Share capital 10,729,745,027.00 7,137,994,391.00 Other equity instruments Including: preferred shares Perpetual capital securities Capital reserves 7,405,712,174.72 10,820,301,541.43 Less: treasury stock Other comprehensive income -40,994.46 2,028.00 Special reserves Surplus reserves 1,714,475,367.27 1,100,917,160.02 Undistributed profits 6,933,824,421.75 3,510,370,907.47 Total owners’ equity 26,783,715,996.28 22,569,586,027.92 Total liabilities and owners' equity 99,438,958,848.79 74,935,330,927.87 The accompanying notes are an integral part of the financial statements of the financial statements. Page 2 POLY REAL ESTATE GROUP CO., LTD. CONSOLIDATED BALANCE SHEETS Balance as at December 31, 2014 (Amounts are expressed in RMB unless otherwise stated) Balance as at Balance as at Assets Note 5 December 31, 2014 January 1, 2014 Current assets: Cash and cash equivalents 5.1 40,069,512,626.00 33,752,969,830.80 Balances with clearing companies Loans to banks and other financial institutions Financial assets measured at fair value through current profit and loss Derivative financial assets Notes receivable 5.2 3,150,000.00 3,224,500.00 Accounts receivable 5.3 3,349,567,715.28 2,331,813,449.76 Advances to suppliers 5.4 22,565,616,676.99 19,275,863,743.91 Premiums receivable Reinsurance accounts receivable Reinsurance contract reserves receivable Interests receivable Dividends receivable Other receivables 5.5 17,678,063,008.80 7,736,887,404.08 Financial assets purchased under resale agreements Inventories 5.6 267,192,101,934.69 239,907,295,955.86 Assets classified as those held for sale Non-current assets maturing within one year Other current assets Total current assets 350,858,011,961.76 303,008,054,884.41 Non-current assets: Disbursement of advances and loans Available-for-sale financial assets 5.7 399,554,214.53 535,554,214.53 Held-to-maturity investments Long-term receivables Long-term equity investments 5.8 3,545,764,026.72 2,846,528,728.37 Investment properties 5.9 7,038,840,353.40 4,714,890,472.13 Fixed assets 5.10 2,477,630,766.49 1,985,039,517.32 Construction in progress Project materials Disposal of fixed assets Productive biological assets Oil and gas assets Intangible assets 5.11 18,488,958.62 14,535,584.92 Development expenses Goodwill 5.12 10,342,507.30 10,342,507.30 Long-term deferred expenses 5.13 31,407,816.22 27,485,719.48 Deferred income tax assets 5.14 1,385,602,725.31 797,422,692.06 Other non-current assets Total non-current assets 14,907,631,368.59 10,931,799,436.11 Total assets 365,765,643,330.35 313,939,854,320.52 The accompanying notes are an integral part of the financial statements of the financial statements.
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