ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
Stock Code: 000011 200011 Stock Name: PRD PRD-B Announcement No. 2022-15
SHENZHEN PROPERTIES & RESOURCES DEVELOPMENT (GROUP)
LTD.FIRST QUARTERLY REPORT 2022
ShenZhen Properties & Resources Development (Group) Ltd. (hereinafter referred to as
the “Company”) and all the members of the Company’s Board of Directors hereby
guarantee that the contents of this Report are true accurate and complete and free of any
misrepresentations misleading statements or material omissions.Important Notes:
1. The Board of Directors the Supervisory Committee as well as the directors supervisors and senior management of the Company
hereby guarantee that the contents of this Report are true accurate and complete and free of any misrepresentations misleading
statements or material omissions and collectively and individually accept legal responsibility for such contents.
2. The Company’s legal representative head of financial affairs and head of the financial department (equivalent to financial
manager) hereby guarantee that the financial statements carried in this Report are true accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes √ No
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.√ Yes □ No
Reason for any retrospectively adjustment or restatement
Business combination under the same control
Q1 2021 Change (%)
Q1 2022
Before After After
Operating revenue (RMB) 1255811600.03 891026732.66 966073576.97 29.99%
Net profit attributable to the listed
219440470.15214420219.16213788114.742.64%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional 226479051.98 208303080.57 208228266.38 8.76%
gains and losses (RMB)
Net cash generated from/used in operating
-762389016.8383213087.8069504352.10-1196.89%
activities (RMB)
Basic earnings per share (RMB/share) 0.3682 0.3598 0.3587 2.65%
Diluted earnings per share (RMB/share) 0.3682 0.3598 0.3587 2.65%
Weighted average return on equity (%) 5.61% 5.59% 5.58% 0.03%
31 December 2021 Change (%)
31 March 2022
Before After After
Total assets (RMB) 14548051290.31 14581897151.76 14828951423.30 -1.89%
Equity attributable to the listed company’s
4510200892.924486110790.394586611170.32-1.67%
shareholders (RMB)
1ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2022 Note
Current gains and losses on subsidiaries acquired through business
mergers under same control from period-beginning to merger dates -6933601.34
net
Non-operating income and expense other than the above 8749.10
Less: Income tax effects 2187.28
Non-controlling interests effects (net of tax) 111542.31
Total -7038581.83 --
Other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No.
1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases in the Reporting Period.(III) Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
Unit: RMB
Balance sheet line
31 March 2022 31 December 2021 Change (%) Main reasons for the change
items
Payment for the land of the Yangzhou
project and payments for the acquisition
Monetary assets 1369448651.08 2337045771.27 -41.40%
of equity investments in five property
management companies
Transfer of prepayments for acquisition
Other non-current
2750873.08 45571997.85 -93.96% of equity investments to long-term
assets
equity investments
Transfer of advances from residential
Contract liabilities 630161183.26 1372977208.62 -54.10%
unit buyers to operating revenue
Increased security deposits from project
Other payables 1432254345.86 1029915289.45 39.07%
partners
Other current
51759712.19 77355792.16 -33.09% Decreased output tax-to-be
liabilities
Offsetting of long-term equity
investments and equity as a result of the
inclusion in the consolidated financial
Captial reserves 80488045.38 146986167.70 -45.24%
statements in February of the five
property management companies which
were acquired under common control
Offsetting of long-term equity
investments and equity as a result of the
inclusion in the consolidated financial
Surplus reserves 29637548.47 47574940.18 -37.70%
statements in February of the five
property management companies which
were acquired under common control
Income statemnet
Q1 2022 Q1 2021 Change (%) Main reasons for the change
line items
Carryforwards to revenue as a result of
Operating revenue 1255811600.03 966073576.97 29.99% the moving-in in Xuzhou Project Phase
II
Carryforwards to costs in Xuzhou
Cost of sales 628064409.56 383928619.46 63.59% Project Phase II and changes in the
project portfolio
2ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
FMC was not included in the
Selling expense 3937994.28 3005132.04 31.04% consolidated financial statements in the
same period of last year
Return on
849549.56 2677947.14 -68.28% Decreased profits of associates
investment
Non-operating The same period of last year saw the
193104.688699283.46-97.78%
income arrival of demolition compensation
Non-operating
184355.58 607267.81 -69.64% Decreased termination compensation
expense
Cash flow statement
Q1 2022 Q1 2021 Change (%) Main reasons for the change
line items
Net cash generated Decreased property sales inflows and
from/used in -762389016.83 69504352.10 -1196.89% payment for the land of the Yangzhou
operating activities project
Net cash generated Payments for the acquisition of equity
from/used in -241934054.45 -8059550.72 2901.83% investments in five property
investing activities management companies
Net cash generated
from/used in 36943224.39 -40357300.00 -191.54% New bank loan
financing activities
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of preferred
Number of ordinary shareholders at the shareholders with resumed
454770
period-end voting rights at the
period-end (if any)
Top 10 shareholders
Sharehold Shares in pledge marked or
Nature of ing Total shares Restricted frozen
Name of shareholder
shareholder percentag held shares held
e Status Shares
Shenzhen Investment State-owned
50.57%3014146373326
Holdings Corporation corporation
Domestic
Shenzhen State-Owned
non-state-ow
Equity Operation and 6.38% 38037890 0
ned legal
Management Co. Ltd.person
China Orient Asset State-owned
3.90%232364000
Management Co. Ltd. legal person
Hong Kong Securities Foreign legal
0.79%47102060
Clearing Company Ltd. person
Domestic
Li Xinyi natural 0.44% 2600000 0
person
Domestic
Duan Shaoteng natural 0.29% 1755565 0
person
Domestic
Shenzhen Duty-Free
non-state-ow
Commodity Enterprises 0.29% 1730300 1730300
ned legal
Co. Ltd.person
Domestic
Yang Yaochu 0.26% 1520384 0
natural
3ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
person
Domestic
Zhang Yongsheng natural 0.25% 1500000 0
person
China International Capital
Corporation Hong Kong Foreign legal
0.20%12183340
Asset Management person
Limited-Clients’ capital 2
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted shares held
Class Shares
RMB-denominat
Shenzhen Investment Holdings Corporation 301411311 301411311
ed ordinary stock
Shenzhen State-Owned Equity Operation RMB-denominat
3803789038037890
and Management Co. Ltd. ed ordinary stock
RMB-denominat
China Orient Asset Management Co. Ltd. 23236400 23236400
ed ordinary stock
Hong Kong Securities Clearing Company RMB-denominat
47102064710206
Ltd. ed ordinary stock
RMB-denominat
Li Xinyi 2600000 2600000
ed ordinary stock
RMB-denominat
Duan Shaoteng 1755565 1755565
ed ordinary stock
Domestically
Yang Yaochu 1520384 listed foreign 1520384
stock
RMB-denominat
Zhang Yongsheng 1500000 1500000
ed ordinary stock
China International Capital Corporation
RMB-denominat
Hong Kong Asset Management 1218334 1218334
ed ordinary stock
Limited-Clients’ capital 2
RMB-denominat
Wu Wenkai 1200000 1200000
ed ordinary stock
The first largest shareholder Shenzhen Investment Holding Corporation is the
actual controlling shareholder of the Company and Shenzhen State-Owned Equity
Related or acting-in-concert parties among
Operation and Management Co. Ltd. And the Company does not know whether
the shareholders above
there are related parties or acting-in-concert parties among the other 8
shareholders.Top 10 ordinary shareholders involved in
N/A
securities margin trading (if any)
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
III Other Significant Events
√ Applicable □ Not applicable
(I) Matters on winning the bid of the land use right
On 18 February 2022 the Company and Yangzhou Lvfa Real Estate Co. Ltd. publicly won the use right of No. GZ342 state-owned
land in Pingshan Yangzhou with RMB835352910 by way of joint auction in the online listing auction of state-owned construction
land use right in Yangzhou. For more details please refer to the Announcement on Winning the Bid of the Land Use Right (No.:
2022-02) disclosed on Cninfo (www.cninfo.com.cn) by the Company on 19 February 2022.
(II) Matters on engagement of senior management of the Company
The Company convened the 6th Meeting of the 10th Board of Directors on 21 February 2022 reviewing and approving the Proposal
on Engagement of General Manager of the Company Proposal on Engagement of Deputy General Managers and Head of Financial
4ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
Affairs and Proposal on Engagement of CFO of the Company. The Board agreed to engage Mr. Wang Hangjun as the General
Manager of the Company engage Mr. Chen Hongji Ms. Cai Lili Mr. Li Peng and Mr. Zhang Gejian as deputy general managers of
the Company with Ms. Cai Lili holding a concurrent post of head of financial affairs and engage Ms. Shen Xueying as CFO of the
Company. The tenure of above senior management is from the date when the proposals were reviewed and approved on the 6th
Meeting of the 10th Board of Directors to the expiration date of the 10th Board of Directors. For more details please refer to the
Announcement on Engagement of Senior Management of the Company (No.: 2022-04) disclosed on Cninfo (www.cninfo.com.cn) by
the Company on 22 February 2022.(III) Matters on progress of acquisition by the wholly-owned subsidiary of 100% equity in Shenzhen Property Management
Co. Ltd. Shenzhen Foreign Trade Property Management Co. Ltd. and three enterprises owned by Shenzhen Shenfubao
(Group) Co. Ltd. and related party transactions
During the Reporting Period as for the matters on acquisition by Shenzhen International Trade Center Property Management Co.Ltd. a wholly-owned subsidiary of the Company of 100% equity in Shenzhen Property Management Co. Ltd. Shenzhen Shenfubao
Property Development Co. Ltd. Shenzhen Shenfubao Hydropower Municipal Service Co. Ltd. Shenzhen Free Trade Zone Security
Service Co. Ltd. and Shenzhen Foreign Trade Property Management Co. Ltd. relevant procedures of industrial and commercial
change registration have been completed and the Notification of Change (Filing) from Shenzhen Administration for Market
Regulation was received. For more details please refer to the Announcement on the Progress of Acquisition by the Wholly-owned
Subsidiary of 100% Equity in Shenzhen Property Management Co. Ltd. and Related-party Transactions (No.: 2022-01)
Announcement on the Progress of Acquisition by the Wholly-owned Subsidiary of 100% Equity in Three Enterprises Owned by
Shenzhen Shenfubao (Group) Co. Ltd. and Related-party Transactions (No.: 2022-05) Announcement on the Progress of
Acquisition by the Wholly-owned Subsidiary of 100% Equity in Shenzhen Foreign Trade Property Management Co. Ltd. and
Related-party Transactions (No.: 2022-06) disclosed on Cninfo (www.cninfo.com.cn) by the Company respectively on 15 February
2022 and 25 February 2022.
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Properties & Resources Development (Group) Ltd.
31 March 2022
Unit: RMB
Item 31 March 2022 31 December 2021
Current assets:
Monetary assets 1369448651.08 2337045771.27
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable 150000.00 200000.00
Accounts receivable 365164518.93 289184881.92
Receivables financing
Prepayments 85905866.83 70981123.99
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 881944270.49 874825039.69
Including: Interest receivable 319763.90 292279.16
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 9816803373.14 9125134062.27
Contract assets
5ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
Assets held for sale
Current portion of non-current
assets
Other current assets 47697331.22 58996984.81
Total current assets 12567114011.69 12756367863.95
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables 23569548.83 23831889.11
Long-term equity investments 51074701.81 50360681.37
Investments in other equity
990506.151002551.95
instruments
Other non-current financial assets
Investment property 450682766.62 452419511.17
Fixed assets 109928218.63 114155590.40
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets 67814802.21 71472680.73
Intangible assets 1427179.92 1753389.33
Development costs
Goodwill 9446847.38 9446847.38
Long-term prepaid expense 22093846.52 22751829.74
Deferred income tax assets 1241157987.47 1279816590.32
Other non-current assets 2750873.08 45571997.85
Total non-current assets 1980937278.62 2072583559.35
Total assets 14548051290.31 14828951423.30
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Loans from other banks and
financial institutions
Held-for-trading financial
liabilities
Derivative financial liabilities
Notes payable
Accounts payable 296714520.57 349392792.21
Advances from customers 3754571.76 3744582.25
Contract liabilities 630161183.26 1372977208.62
Financial assets sold under
repurchase agreements
Customer deposits and deposits
from other banks and financial
institutions
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 189565734.33 230676486.23
Taxes and levies payable 3494984049.32 3312148714.14
6ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
Other payables 1432254345.86 1029915289.45
Including: Interest payable 0.00 0.00
Dividends payable 15542675.98 17542675.98
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
82811511.6083924701.83
liabilities
Other current liabilities 51759712.19 77355792.16
Total current liabilities 6182005628.89 6460135566.89
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 3610700000.00 3524500000.00
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 83137357.17 83081182.89
Long-term payables
Long-term employee benefits
payable
Provisions 1436353.14 1436353.14
Deferred income 0.00 0.00
Deferred income tax liabilities 239383.87 307853.79
Other non-current liabilities 117187234.59 126059683.08
Total non-current liabilities 3812700328.77 3735385072.90
Total liabilities 9994705957.66 10195520639.79
Owners’ equity:
Share capital 595979092.00 595979092.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 80488045.38 146986167.70
Less: Treasury stock
Other comprehensive income -7782599.39 -8174653.66
Specific reserve
Surplus reserves 29637548.47 47574940.18
General reserve
Retained earnings 3811878806.46 3804245624.10
Total equity attributable to owners of
4510200892.924586611170.32
the Company as the parent
Non-controlling interests 43144439.73 46819613.19
Total owners’ equity 4553345332.65 4633430783.51
Total liabilities and owners’ equity 14548051290.31 14828951423.30
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
7ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
2. Consolidated Income Statement
Unit: RMB
Item Q1 2022 Q1 2021
1. Revenues 1255811600.03 966073576.97
Including: Operating revenue 1255811600.03 966073576.97
Interest income
Insurance premium
income
Fee and commission
income
2. Costs and expenses 977118589.24 705939018.47
Including: Cost of sales 628064409.56 383928619.46
Interest expense
Fee and commission
expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and levies 264764712.67 253565596.07
Selling expense 3937994.28 3005132.04
Administrative expense 65085375.46 54331863.04
Development costs 1267710.00 0.00
Finance costs 13998387.27 11107807.86
Including: Interest
17192333.0729487619.47
expense
Interest
4135325.9718181433.61
income
Add: Other income 2171231.11 1735952.67
Return on investment (“-” for
849549.562677947.14
loss)
Including: Share of profit or
714020.442577004.72
loss of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value
(“-” for loss)
Credit impairment loss (“-” for
-31765.17
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
loss)
3. Operating profit (“-” for loss) 281713791.46 264516693.14
Add: Non-operating income 193104.68 8699283.46
Less: Non-operating expense 184355.58 607267.81
8ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
4. Gross profit (“-” for loss) 281722540.56 272608708.79
Less: Income tax expense 65957243.88 66558726.58
5. Net profit (“-” for net loss) 215765296.68 206049982.21
5.1 By operating continuity
5.1.1 Net profit from continuing
215765296.68206049982.21
operations (“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
219440470.15213788114.74
owners of the Company as the parent
5.2.2 Net profit attributable to
-3675173.47-7738132.53
non-controlling interests
6. Other comprehensive income net of
392054.27-269454.80
tax
Attributable to owners of the
392054.27-269454.80
Company as the parent
6.1 Items that will not be
-12045.80-50535.60
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit
schemes
6.1.2 Other comprehensive
income that will not be reclassified to
profit or loss under the equity method
6.1.3 Changes in the fair value
of investments in other equity -12045.80 -50535.60
instruments
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified
404100.07-218919.20
to profit or loss
6.2.1 Other comprehensive
income that will be reclassified to 0.00 0.00
profit or loss under the equity method
6.2.2 Changes in the fair value
0.000.00
of other debt investments
6.2.3 Other comprehensive
income arising from the reclassification 0.00 0.00
of financial assets
6.2.4 Credit impairment
0.000.00
allowance for other debt investments
6.2.5 Reserve for cash flow
0.000.00
hedges
6.2.6 Differences arising from
the translation of foreign
404100.07-218919.20
currency-denominated financial
statements
6.2.7 Other 0.00 0.00
Attributable to non-controlling
interests
7. Total comprehensive income 216157350.95 205780527.41
Attributable to owners of the
219832524.42213518659.94
Company as the parent
Attributable to non-controlling
-3675173.47-7738132.53
interests
8. Earnings per share
8.1 Basic earnings per share 0.3682 0.3587
8.2 Diluted earnings per share 0.3682 0.3587
9ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
Where business combinations under common control occurred in the current period the net profit achieved by the acquirees before
the combinations was RMB-6933601.34 with the amount for the same period of last year being RMB-632104.42.Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2022 Q1 2021
1. Cash flows from operating
activities:
Proceeds from sale of commodities
505056812.761183661425.89
and rendering of services
Net increase in customer deposits
and deposits from other banks and
financial institutions
Net increase in borrowings from
the central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest fees and commissions
received
Net increase in loans from other
banks and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading
of securities
Tax and levy rebates 523079.87 1762.86
Cash generated from other
393205832.81182904556.94
operating activities
Subtotal of cash generated from
898785725.441366567745.69
operating activities
Payments for commodities and
949559047.62351437840.76
services
Net increase in loans and advances
to customers
Net increase in deposits in the
central bank and other banks and
financial institutions
Payments for claims on original
insurance contracts
Net increase in loans to other banks
and financial institutions
Interest fees and commissions paid
Policy dividends paid
Cash paid to and for employees 258508367.52 245988285.05
Taxes and levies paid 242002874.71 569889323.38
Cash used in other operating
211104452.42129747944.40
activities
Subtotal of cash used in operating
1661174742.271297063393.59
activities
Net cash generated from/used in -762389016.83 69504352.10
10ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
operating activities
2. Cash flows from investing
activities:
Proceeds from disinvestment
Return on investment
Net proceeds from the disposal of
fixed assets intangible assets and 9344.57
other long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other
investing activities
Subtotal of cash generated from
9344.57
investing activities
Payments for the acquisition of
fixed assets intangible assets and 1300024.45 8068895.29
other long-lived assets
Payments for investments 240634030.00
Net increase in pledged loans
granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
241934054.458068895.29
activities
Net cash generated from/used in
-241934054.45-8059550.72
investing activities
3. Cash flows from financing
activities:
Capital contributions received 140000.00
Including: Capital contributions
by non-controlling interests to 140000.00
subsidiaries
Borrowings received 86200000.00
Cash generated from other
financing activities
Subtotal of cash generated from
86200000.00140000.00
financing activities
Repayment of borrowings
Interest and dividends paid 48154777.50 40497300.00
Including: Dividends paid by
subsidiaries to non-controlling
interests
Cash used in other financing
1101998.11
activities
Subtotal of cash used in financing
49256775.6140497300.00
activities
Net cash generated from/used in
36943224.39-40357300.00
financing activities
4. Effect of foreign exchange rates
-438124.09237436.15
changes on cash and cash equivalents
5. Net increase in cash and cash
-967817970.9821324937.53
equivalents
Add: Cash and cash equivalents
1963966564.414372686831.73
beginning of the period
6. Cash and cash equivalents end of
996148593.434394011769.26
the period
(II) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
11ShenZhen Properties & Resources Development (Group) Ltd. First Quarterly Report 2022
□ Yes √ No
These financial statements have not been audited by such an auditor.Board of Directors
Shenzhen Properties & Resources Development (Group) Ltd.
27 April 2022
12
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