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To CITIC Group ZhongruiYuehua Shen Zi [2009] No.05355 To CITIC Group: We have audited the accompanying financial statements of CITIC Group (referred to as “the Group”), consisting of balance sheet and consolidated balance sheet as at 31 December 2008, income statement and consolidated income statement, statement of changes in owners’ equity and consolidated statement of changes in owners’ equity, cash flow statement and consolidated cash flow statement for the year then ended, and notes to the financial statements. Management’s Responsibility for the Financial Statements The Company’s Management is responsible for the preparation of these financial statements in accordance with the Accounting Standards for Business Enterprises, the Accounting Regulations for Financial Enter- prises and the Accounting Regulations for Business Enterprises. This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation of financial statements that are free from material misstatement, whether caused by fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. 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 Chinese Auditing Standards for Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assur- ance whether the financial statements are free from material misstatement. 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 judgment, including the assess- ments of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but 66 CITIC Group AUDITORS’ REPORT CITIC Group not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements are in accordance with the Accounting Standards for Business Enterprises, the Accounting Regulations for Financial Enterprises and the Accounting Regulations for Busi- ness Enterprises and, in all material respects, give a fair view of the Group’s financial position and con- solidated financial position as at 31 December 2008, the results of operations and consolidated results of operations, and cash flows and consolidated cash flows for the year then ended. RSM China Certified Public Accountants Certified Public Accountants Beijing, China 30 April 2009 Name of CPA: Zhang Fugen Name of CPA: Dong Haitao ANNUAL REPORT 2008 67 CONSOLIDATED BALANCE SHEET As at 31 December 2008 Expressed in thousands of RMB ASSETS Note 2008 2007 Current Assets: Cash and deposits 5、(1) 297,237,517 168,507,235 Short-term loans 5、(2) 497,430,133 485,987,816 Receivables 5、(3) 38,473,543 27,824,450 Short-term investments 5、(4) 128,407,057 114,487,458 Other current assets 5、(5) 55,354,010 27,754,581 Total Current Assets 1,016,902,260 824,561,540 Long-term Assets: Medium and long-term loans 5、(2) 305,428,879 276,110,566 Long-term investments 5、(4) 174,179,200 147,533,292 Fixed assets 5、(6) 105,128,669 61,976,491 Other long-term assets 5、(7) 29,948,325 8,579,395 Total Long-term Assets 614,685,073 494,199,744 Total Assets 1,631,587,333 1,318,761,284 68 CITIC Group CONSOLIDATED BALANCE SHEET CITIC GROUP CONSOLIDATED BALANCE SHEET (Continued) As at 31 December 2008 Expressed in thousands of RMB LIABILITIES AND INVESTOR'S EQUITY Note 2008 2007 Current Liabilities: Short-term deposits from customers 5、(8) 665,379,262 640,975,519 Short-term financing 5、(9) 45,246,340 35,493,796 Payables 5、(10) 81,510,485 54,785,243 Other current liabilities 5、(11) 12,631,904 5,430,567 Total Current Liabilities 804,767,991 736,685,125 Long-term Liabilities: Long-term deposits from customers 5、(12) 453,465,289 322,184,633 Medium and long-term borrowings 92,090,827 47,112,860 Long-term bond payables 5、(13) 53,999,153 54,671,861 Other long-term liabilities 5、(14) 35,799,020 17,002,390 Total Long-term Liabilities 635,354,289 440,971,744 Total Liabilities 1,440,122,280 1,177,656,869 Equity Capital 5、(15) 39,942,191 33,758,652 Reserves 5、(16) 55,247,676 48,848,702 Profit for the year 14,248,703 15,870,210 Equity Attributable to Shareholders of the Company 109,438,570 98,477,564 Minority interests 82,026,483 42,626,851 Total Investor's Equity 191,465,053 141,104,415 Total Liabilities and Investor's Equity 1,631,587,333 1,318,761,284 ANNUAL REPORT 2008 69 CONSOLIDATED INCOME STATEMENT For the year ended 31 December 2008 Expressed in thousands of RMB Note 2008 2007 Operating income 5、(17) 154,491,279 109,352,266 Operating costs 5、(18) 98,441,501 80,723,091 Operating expenses 5、(19) 22,420,853 15,327,715 Investment income 6,728,656 23,688,278 Business taxes and surcharges 4,154,647 3,309,665 Operating Profit 36,202,934 33,680,073 Add: non-operating income 646,490 715,456 Less: non-operating expenses 217,574 917,414 Profit before Provision for Impairment Losses 36,631,850 33,478,115 Less: provision for impairment losses 5、(20) 10,782,323 6,929,174 Profit after Provision for Impairment Losses 25,849,527 26,548,941 Less: income tax 5,695,728 7,204,353 Net Profit 20,153,799 19,344,588 Net profit attributable to shareholders of the company 14,248,703 15,870,210 Minority interests 5,905,096 3,474,378 70 CITIC Group CONSOLIDATED STATEMENT OF CHANGES IN OWNERS’ EQUITY CITIC GROUP CONSOLIDATED STATEMENT OF CHANGES IN OWNERS’ EQUITY For the year ended 31 December 2008 Expressed in thousands of RMB Owners’equity attributable to shareholders of the company Total Minority owner's interests Foreign exchange equity Paid-in capital (or Retained Capital reserves Surplus reserves translation Subtotal Share capital) earnings difference I.Balance at the End of Last Year 33,758,652 52,296,111 8,666,961 6,489,615 992,641 102,203,980 42,311,510 144,515,490 Add：Change of accounting policy - -4,214,476 - -46,807 22,373 -4,238,910 170,123 -4,068,787 Prior year adjustments - 393,686 - 118,808 - 512,494 145,218 657,712 II.Balance at the Beginning of the Year 33,758,652 48,475,321 8,666,961 6,561,616 1,015,014 98,477,564 42,626,851 141,104,415 III.Changes in equity for the year 6,183,539 -1,909,255 797,322 7,125,975 -1,236,575 10,961,006 39,399,632 50,360,638 ("-" decrease) (I) Net Profit for the year - - - 14,248,703 - 14,248,703 5,905,096 20,153,799 (II)Gain/Loss recognized directly in equity - -1,909,255 119,214 -341,647 -1,236,575 -3,368,263 33,494,536 30,126,273 Subtotal of (I)and (II) - -1,909,255 119,214 13,907,056 -1,236,575 10,880,440 39,399,632 50,280,072 (III) Equity holders' contribution and 80,567 - - - - 80,567 - 80,567 decrease of capital ANNUAL REPORT 2008 (IV) Appropriations of profits - - 678,108 -678,108 - - - - (V)Transfers within equity 6,102,973 - - -6,102,973 - - - - IV. Balance at the end of the year 39,942,191 46,566,066 9,464,283 13,687,591 -221,561 109,438,570 82,026,483 191,465,053 71 CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2008 Expressed in thousands of RMB Item Row Amount 1. Cash Flows from Operating Activities: Cash received from sales of goods or rendering of other services 1 67,044,118 Cash received from customers' savings and deposits from banks and other financial institutions 2 158,982,533 Net cash received from deposits with the central bank 3 - Cash received from all types of assurance 4 3,681,164 Cash received from interest, charges and commission 5 61,949,747 Net cash received from lending 6 323,374 Net cash received from buying back 7 60,347,413 Refund of taxes 8 639,011 Other cash received relating to operating activities 9 42,166,773 Sub-total of cash inflows 10 395,134,133 Cash paid for goods and services 11 58,939,120 Net cash paid for loans to customers 12 88,873,853 Net cash paid in deposits in banks and other financial institutions 13 9,777,770 Cash paid for all types of assurance 14 130,732 Cash paid for interest, charges and commission 15 20,914,163 Cash paid to and on behalf of employees 16 9,068,871 Cash paid for all types of taxes 17 12,890,495 Other cash paid relating to operating activities 18 57,757,213 Sub-total of cash outflows 19 258,352,217 Net cash flows from operating activities 20 136,781,916 2.
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