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496536 Eng.Indd Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 廈門國際港務股份有限公司 XIAMEN INTERNATIONAL PORT CO., LTD* (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 3378) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012 Financial Highlights • Revenues amounted to approximately RMB3,642,048,000, representing an increase of approximately 18.6% over approximately RMB3,069,703,000 in 2011. Excluding the revenue from the segment of trading of merchandise, the Group’s revenue from other segments amounted to approximately RMB2,108,094,000, representing an increase of approximately 3.9% over approximately RMB2,028,272,000 in 2011. • Profi t attributable to owners of the Company amounted to approximately RMB284,935,000, representing an increase of approximately 0.2% over approximately RMB284,337,000 in 2011. • Earnings per share for profi t attributable to owners of the Company (basic and diluted) amounted to approximately RMB10.45 cents, representing an increase of approximately 0.2% over approximately RMB10.43 cents in 2011. • Proposed fi nal dividend of RMB5.5 cents per share (tax inclusive). FINANCIAL RESULTS The board of directors (the “Board”) of Xiamen International Port Co., Ltd (the “Company”) hereby announces the consolidated results of the Company and its subsidiaries (collectively the “Group”) for the year ended 31 December 2012 (the “Year”), together with the comparative fi gures for the year ended 31 December 2011. 1 CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2012 2012 2011 Note RMB’000 RMB’000 Revenues 4 3,642,048 3,069,703 Cost of sales (3,062,241) (2,481,890) Gross profi t 579,807 587,813 Other income 4 88,039 63,714 Other gains — net 110,549 3,039 Selling and marketing expenses (41,689) (32,791) General and administrative expenses (189,289) (172,230) Operating profi t 5 547,417 449,545 Finance income 6 31,342 21,972 Finance costs 6 (45,301) (24,041) 533,458 447,476 Share of profi ts less losses of associates 2,687 2,812 Profi t before income tax expense 536,145 450,288 Income tax expense 7 (111,220) (62,287) Profi t for the year 424,925 388,001 Attributable to: Owners of the Company 284,935 284,337 Non-controlling interests 139,990 103,664 424,925 388,001 Earnings per share for profi t attributable to owners of the Company during the year — Basic and diluted (in RMB cents) 9 10.45 10.43 Dividends — Final dividend proposed 8 149,941 81,786 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2012 2012 2011 RMB’000 RMB’000 Profi t for the year 424,925 388,001 Other comprehensive loss, net of tax — Fair value losses on available-for-sale fi nancial assets, net of tax (8,653) (20,668) Total comprehensive income for the year 416,272 367,333 Total comprehensive income for the year attributable to: — Owners of the Company 276,282 263,669 — Non-controlling interests 139,990 103,664 416,272 367,333 3 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2012 2012 2011 Note RMB’000 RMB’000 ASSETS Non-current assets Investment properties 74,363 63,455 Property, plant and equipment 3,281,472 3,230,765 Land use rights 985,665 994,383 Intangible assets 54,789 55,633 Interests in associates 567,228 35,766 Available-for-sale fi nancial assets 57,949 69,487 Long-term receivables and prepayments 140,013 — Deferred income tax assets 54,182 51,926 Total non-current assets 5,215,661 4,501,415 Current assets Inventories 228,032 261,274 Accounts and notes receivable 10 766,396 647,966 Other receivables and prepayments 268,850 184,279 Term deposits with initial term of over three months 77,107 72,097 Restricted cash 414,184 78,600 Cash and cash equivalents 827,918 926,176 Total current assets 2,582,487 2,170,392 Total assets 7,798,148 6,671,807 EQUITY Equity attributable to owners of the Company Share capital 2,726,200 2,726,200 Reserves 1,392,794 1,198,298 4,118,994 3,924,498 Non-controlling interests 1,152,475 1,028,148 Total equity 5,271,469 4,952,646 4 2012 2011 Note RMB’000 RMB’000 LIABILITIES Non-current liabilities Borrowings 781,216 291,266 Derivative fi nancial instrument — 3,658 Deferred government grants and income 117,708 115,732 Long-term payables and advances 80,064 — Early retirement benefi t obligations 919 1,962 Deferred income tax liabilities 38,804 14,827 Total non-current liabilities 1,018,711 427,445 Current liabilities Accounts and notes payable 11 752,417 645,989 Other payables and accruals 458,815 473,885 Derivative fi nancial instrument 1,225 — Borrowings 266,264 148,292 Taxes payable 29,247 23,550 Total current liabilities 1,507,968 1,291,716 Total liabilities 2,526,679 1,719,161 Total equity and liabilities 7,798,148 6,671,807 Net current assets 1,074,519 878,676 Total assets less current liabilities 6,290,180 5,380,091 5 NOTE: 1. General information The Company was established in the People’s Republic of China (the “PRC”) on 25 May 1998 as a wholly state-owned company under the Company Law of the PRC and was transformed into a joint stock limited company on 3 March 2005. The Company’s H-shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Main Board”) on 19 December 2005. The Group is principally engaged in container, bulk and general cargo loading and unloading businesses at Dongdu port area, Haicang port area in Xiamen and Qingzhou Operating Area in Fuzhou City, provision of ancillary value-added port services (including port-related logistics, shipping agency, tugboat berthing and unberthing services, tallying), building materials manufacturing, processing and selling, trading of merchandise, and investment holding. The directors of the Company regard Xiamen Port Holding Group Co., Ltd. (“Xiamen Port Holding”) as being the parent company of the Company. These consolidated fi nancial statements were approved for issue by the Board of the Company on 21 March 2013. 2. Basis of preparation The consolidated fi nancial statements of the Company have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certifi ed Public Accountants (“HKICPA”). The consolidated fi nancial statements have been prepared under the historical cost convention, as modifi ed by the revaluation of available-for-sale fi nancial assets and derivative fi nancial instrument. 3. Accounting policies The Group has adopted the following new amendment to existing standards which is currently relevant for the Group’s business and mandatory for the fi rst time for the fi nancial year beginning 1 January 2012: • The amendment to HKFRS 7 “Financial instruments: Disclosures” The following new standards, amendments and interpretations to existing standards are mandatory for the fi rst time for the fi nancial year beginning 1 January 2012, but are not currently relevant for the Group: HKFRS 1 (Amendment) First-time Adoption of Hong Kong Financial Reporting Standards on Hyperinfl ation and Fixed dates HKAS 12 (Amendment) Income taxes — Deferred tax: Recovery of Underlying Assets The HKICPA has also issued certain new/revised standards, amendments or interpretations to existing standards (collectively the “New or Revised HKFRSs”) which are not yet effective for the fi nancial year beginning 1 January 2012 and have not been early adopted by the Group. The Group will adopt these New or Revised HKFRSs in accordance with their respective effective dates. As proportional consolidation of joint ventures is no longer allowed according to HKFRS 11 and HKAS 28 (revised 2011), should interests in jointly controlled entities be equity accounted for in the consolidated fi nancial statements of the Group, the total assets and total liabilities would therefore both decrease by RMB342,288,000 as at 31 December 2012, total revenue and expenses for the year ended 31 December 2012 would decrease by RMB142,857,000 and RMB115,236,000 respectively, and the investment income in jointly controlled entities would increase by RMB21,700,000, but with no impact on the net assets and net profi t of the Group. Other than this, the Group does not anticipate that any of the above New or Revised HKFRSs would have signifi cant impact on the Group’s fi nancial statements. 6 4. Revenues and segment information (a) Revenues and other income The Group’s revenues (representing turnover) and other income are analysed as follows: 2012 2011 RMB’000 RMB’000 Revenues 3,642,048 3,069,703 Other income Government subsidies 41,659 33,005 Dividend income 1,368 987 Rental income 33,815 25,733 Others 11,197 3,989 88,039 63,714 Total 3,730,087 3,133,417 (b) Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identifi ed as the senior executive management team, including the chairman and the chief executive offi cer that makes strategic decisions.
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