600663_2005_陆家嘴_G陆家嘴2005年年度报告_2006-03-13.txt

上海陆家嘴金融贸易区开发股份有限公司 600663 2005 年年度报告 2 目 录 一、重要提示 3 二、公司基本情况简介 3 三、会计数据和业务数据摘要 4 四、股本变动及股东情况 6 五、董事、监事和高级管理人员 9 六、公司治理结构 12 七、股东大会情况简介 13 八、董事会报告 13 九、监事会报告 19 十、重要事项 19 十一、财务会计报告 22 十二、备查文件目录 26 3 一、重要提示 1、本公司董事会、监事会及董事、监事、高级管理人员保证本报告所载资料不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2、没有董事、监事、高级管理人员对年度报告内容的真实性、准确性、完整性无法保证或存在 异议。 3、公司全体董事出席董事会会议。 4、本年度财务报告已经上海众华沪银会计事务所分别根据国内和国际审计准则审计并出具了标 准无保留意见的审计报告。 5、本公司董事长杨小明、总经理朱国兴、会计机构负责人施国华声明：保证本年度报告中财务 报告的真实、完整。 二、公司基本情况简介 1、公司法定中文名称：上海陆家嘴金融贸易区开发股份有限公司 公司法定中文名称缩写：陆家嘴 公司英文名称：Shanghai Lujiazui Finance & Trade Zone Development Co.,Ltd. 公司英文名称缩写：SLDC 2、公司法定代表人：杨小明 3、公司董事会秘书：毕海琳 联系地址：中国上海市浦东大道 981 号 电话：58764039 传真：58873688 E-mail：hlbi@ 4、公司注册地址：中国上海市浦东大道 981 号 公司办公地址：中国上海市浦东大道 981 号 邮政编码：200135 公司国际互联网网址： 公司电子信箱：invest@ 5、公司信息披露报纸名称：上海证券报、香港文汇报 登载公司年度报告的中国证监会指定国际互联网网址： 公司年度报告备置地点：中国上海市浦东大道 981 号 6、公司 A 股上市交易所：上海交易所 公司 A 股简称：陆家嘴 公司 A 股代码：600663 公司 B 股上市交易所：上海交易所 公司 B 股简称：陆家 B 股 公司 B 股代码：900932 4 7、其他有关资料 公司首次注册登记日期：1992 年 8 月 30 日 公司首次注册登记地点：中国上海市浦东大道 981 号 公司法人营业执照注册号：企股沪总字第 019040 号 公司税务登记号码：310046527299021 公司聘请的境内会计师事务所名称：上海众华沪银会计事务所 公司聘请的境内会计师事务所办公地址：上海延安东路 550 号海洋大厦 12 楼 三、会计数据和业务数据摘要 （一）本报告期主要财务数据 单位:元 币种:人民币 项目 金额 利润总额 858,568,857.61 净利润 569,966,625.03 扣除非经常性损益后的净利润 555,622,282.03 主营业务利润 1,058,647,240.28 其他业务利润 4,322,899.20 营业利润 848,671,657.86 投资收益 -6,880,857.45 补贴收入 1,700,000.00 营业外收支净额 15,078,057.20 经营活动产生的现金流量净额 909,298,613.39 现金及现金等价物净增加额 597,948,781.06 （二）国内外会计准则差异 单位:千元 币种:人民币 净利润 股东权益 2005 年 2004 年 2005 年 2004 年 按中国法定财务报表所列报 569,967 494,433 6,344,085 5,996,482 摊销开办费用之时差 - 737 - - 买卖证券实现/未实现溢利 - -3,035 - - 冲销未实现销售土地之利润 - - -11,195 -11,195 冲销附属公司资产重估的收益 - - -109,048 员工及雇员福利金与奖金准备 -36,427 -12,506 - - 将无需支付的应付账款却认为收入 121 23,193 - - 确认递延税项与其他税项 13,932 17,293 16,944 19,369 商誉摊销的差异 1,316 - - - 其它 972 1,055 490 -2,190 基于上述调整而对少数股东权益产生之影响 - 32,721 - 409 按国际会计准则调整后所列报 549,881 553,891 6,350,324 5,893,827 5 （三）扣除非经常性损益项目和金额 单位:元 币种:人民币 非经常性损益项目 金额 各种形式的政府补贴 1,530,000.00 扣除资产减值准备后的其他各项营业外收入、支出 12,814,343.00 合计 14,344,343.00 （四）报告期末公司前三年主要会计数据和财务指标 单位:元 币种:人民币 2004 年 2003 年 2005 年 调整后 调整前 本期 比上 期增 减(%) 调整后 调整前 主营业务 收入 1,828,128,329.02 2,103,570,561.61 2,103,570,561.61 -13.09 2,271,274,831.46 2,271,274,831.46 利润总额 858,568,857.61 682,656,723.75 752,816,172.47 25.77 803,285,389.33 797,408,955.42 净利润 569,966,625.03 494,433,251.39 536,152,790.15 15.28 669,891,923.35 664,015,489.44 扣除非经 常性损益 的净利润 555,622,282.03 442,515,216.78 442,452,665.60 25.56 657,723,205.44 650,259,056.23 经营活动产 生的现金流 量净额 909,298,613.39 631,496,722.56 631,496,722.56 43.99 1,265,836,518.61 1,265,836,518.61 2004 年末 2003 年末 2005 年末 调整后 调整前 本期 末比 上期 增减 (%) 调整后 调整前 总资产 11,011,288,592.53 9,546,357,300.14 9,607,809,663.10 15.35 8,897,787,121.58 8,889,468,231.86 股东权益 （不含少 数股东权 益） 6,344,084,836.44 5,996,482,344.99 6,022,860,794.04 5.80 5,602,413,054.58 5,594,094,164.86 2004 年 2003 年 2005 年 调整后 调整前 本期 比上 期增 减(%) 调整后 调整前 每股收益 0.31 0.26 0.29 15.28 0.36 0.36 最新每股 收益 净资产收 益率（%） 8.98 8.25 8.90 增加 0.74 个百 分点 11.96 11.87 扣除非经 常性损益 的净利润 为基础计 算的净资 产收益率 （%） 8.76 7.38 7.35 增加 1.38 个百 分点 11.74 11.62 每股经营 活动产生 的现金流 0.49 0.34 0.34 43.99 0.68 0.68 6 量净额 2004 年末 2003 年末 2005 年末 调整后 调整前 本期 末比 上期 增减 (%) 调整后 调整前 每股净资产 3.40 3.21 3.22 5.80 3.00 3.00 调整后的每 股净资产 3.36 3.17 3.19 5.87 2.93 2.93 （五）按中国证监会发布的《公开发行证券公司信息披露编报规则》第 9 号的要求计算的净资产收益 率及每股收益 单位:元 币种:人民币 净资产收益率（%） 每股收益 报告期利润 全面摊薄 加权平均 全面摊薄 加权平均 主营业务利润 16.69 16.95 0.57 0.57 营业利润 13.38 13.59 0.45 0.45 净利润 8.98 9.12 0.31 0.31 扣除非经常性损益后的净利润 8.76 8.90 0.30 0.30 （六）报告期内股东权益变动情况及变化原因 单位:元 币种:人民币 项目 股本 资本公积 盈余公积 法定公益金 未分配利润 股东权益合计 期初数 1,867,684,000.00 1,435,148,924.38 1,430,813,833.63 449,016,389.43 1,262,835,586.98 5,996,482,344.99 本期增加 137,789.02 366,587,442.55 25,320,928.61 569,966,625.03 936,691,856.60 本期减少 92,690,739.22 496,398,625.93 589,089,365.15 期末数 1,867,684,000.00 1,342,595,974.18 1,797,401,276.18 474,337,318.04 1,336,403,586.08 6,344,084,836.44 报告期内资本公积的减少为合并抵消因素所致。盈余公积的增加为根据公司章程与股东大会决议在 税后利润提取所致。未分配利润的增加为本年利润转入所致，减少为提取盈余公积、子公司提取职工奖 福基金与本年度内分配现金股利所致。 四、股本变动及股东情况 （一）股本变动情况 1、股份变动情况表 单位:股 本次变动前 本次变动增减（＋，－） 本次变动后 数量 比例 (%) 发行 新股 送股 公积金 转股 其他 小计 数量 比例 (%) 一、未上市流通股份 1、发起人股份 1,179,920,000 63.18 1,179,920,000 63.18 其中： 国家持有股份 1,121,120,000 60.03 1,121,120,000 60.03 境内法人持有股份 58,800,000 3.15 58,800,000 3.15 境外法人持有股份 其他 2、募集法人股份 17,640,000 0.94 17,640,000 0.94 3、内部职工股 7 4、优先股或其他 未上市流通股份合计 1,197,560,000 64.12 1,197,560,000 64.12 二、已上市流通股份 1、人民币普通股 160,524,000 8.59 160,524,000 8.59 2、境内上市的外资 股 509,600,000 27.29 509,600,000 27.29 3、境外上市的外资 股 4、其他 已上市流通股份合计 670,124,000 35.88 670,124,000 35.88 三、股份总数 1,867,684,000 100 1,867,684,000 100 公司认为必要或证券监管机构要求披露的其他内容 本公司股权分置改革方案在 2005 年 12 月 8 日经 A 股市场相关股东会议表决通过，根据股改方案 及相关程序，本公司在 2006 年 1 月 5 日实施对价支付，每 10 股流通 A 股获得 3.5 股的对价，1 月 6 日本公司 A 股股票复牌交易。因此公司股份的变动发生在 2006 年 1 月，故本报告期内公司股份未发 生变动。 2、股票发行与上市情况 (1) 前三年历次股票发行情况 截止本报告期末至前三年，公司未有增发新股、配售股份等情况。 (2)公司股份总数及结构的变动情况 本报告期内没有因送股、配股等原因引起公司股份总数及结构的变动。 (3) 现存的内部职工股情况 本报告期末公司无内部职工股。 （二）股东情况 1、股东数量和持股情况 单位:股 报告期末股东总数 161,490 户,其中 A 股股东为 101,944 户，B 股股东为 59,546 户。 前十名股东持股情况 股东名称 股东 性质 持股比 例(%) 持股总数 年度内增减 股份类 别 持有非流通股 数量 质押或 冻结的 股份数 量 上海陆家嘴（集团）有限公司 （授权经营） 国 有 股东 60.03 1,121,120,000 0 未 流 通 1,121,120,000 无 上海国际信托投资有限公司 国 有 股东 3.15 58,800,000 0 未 流 通 58,800,000 无 TOYO SECURITIES ASIA LTD. A/C CLIENT 外 资 股东 0.83 15,597,621 86,137 已 流 通 0 未知 NAITO SECURITIES CO., LTD. 外 资 股东 0.76 14,292,900 -368,800 已 流 通 0 未知 申银万国证券股份有限公司 国 有 股东 0.47 8,820,000 0 未 流 通 8,820,000 质押 上海陆家嘴(集团)有限公司 国 有 股东 0.47 8,820,000 0 未 流 通 8,820,000 无 京华山一国际(香港)有限公司 外 资 股东 0.46 8,631,569 -54,800 已 流 通 0 未知 THE NOMURA SECURITIES CO. LTD. 外 资 股东 0.30 5,725,989 -124,444 已 流 通 0 未知 8 AIZAWA SECURITIES CO.,LTD. 外 资 股东 0.30 5,710,222 146,082 已 流 通 0 未知 HARVEST CHINA EQUITIES INVESTMENT COMPANY LIMITED 外 资 股东 0.29 5,588,275 5,588,275 已 流 通 0 未知 前十名流通股股东持股情况 股东名称 持有流通股数量 股份种类 TOYO SECURITIES ASIA LTD. A/C CLIENT 15,597,621 境内上市外资股 NAITO SECURITIES CO., LTD. 14,292,900 境内上市外资股 京华山一国际(香港)有限公司 8,631,569 境内上市外资股 THE NOMURA SECURITIES CO. LTD. 5,725,989 境内上市外资股 AIZAWA SECURITIES CO.,LTD. 5,710,222 境内上市外资股 HARVEST CHINA EQUITIES INVESTMENT COMPANY LIMITED 5,588,275 境内上市外资股 Golden China Master Fund 5,261,482 境内上市外资股 GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 4,492,621 境内上市外资股 DEUTSCHE BANK LONDON 4,307,803 境内上市外资股 WANG SHANG KEE &/OR CHIN WAN LAN 4,095,591 境内上市外资股 上述股东关联关 系或一致行动关 系的说明 公司前 10 名流通股东均为 B 股股东，公司未知其是否存在关联关系或者是否属于一致行动 人。 公司第一大股东上海陆家嘴（集团）有限公司为国有股东授权经营单位，与公司第六大股东是一 致行动人。 2、控股股东及实际控制人简介 （1）法人控股股东情况 公司名称：上海陆家嘴（集团）有限公司（授权经营的国有独资公司） 法人代表：杨小明 注册资本：1,743,195,704 元 成立日期：1990 年 8 月 1 日 主要经营业务或管理活动：房地产开发经营，市政基础设施，建设投资，投资咨询，实体投资， 国内贸易（除专项规定），资产管理经营，信息。 （2）法人实际控制人情况 公司名称：上海市国有资产监督管理委员会和上海市浦东新区国有资产管理办公室 （3）控股股东及实际控制人变更情况 本报告期内公司控股股东及实际控制人没有发生变更。 9 （4）公司与实际控制人之间的产权及控制关系的方框图 100％ 60.5%（授权经营） 3、其他持股在百分之十以上的法人股东 单位:元 币种:人民币 股东名称 法人代表 注册资本 成立日期 主要经营业务或管理活动 无 五、董事、监事和高级管理人员 （一）董事、监事、高级管理人员情况 单位:股 币种:人民币 姓名 职务 性 别 年 龄 任期起始 日期 任期终止 日期 年初持 股数 年末持股 数 股份增 减数 变动 原因 报告期内 从公司领 取的报酬 总额(万 元) 杨小明 董事长 男 53 2005-05- 30 2008-05- 29 3,000 3,000 0 0 朱国兴 董事、总经 理 男 58 2005-05- 30 2008-05- 29 2,000 2,000 0 31 毛德明 董事 男 55 2005-05- 30 2008-05- 29 0 0 0 0 徐而进 董事 男 38 2005-05- 30 2008-05- 29 0 0 0 0 施国华 董事 男 52 2005-05- 30 2008-05- 29 0 0 0 0 瞿承康 董事 男 49 2005-05- 30 2008-05- 29 0 0 0 0 姚锡棠 独立董事 男 72 2005-05- 30 2008-05- 29 0 0 0 5 陆启耀 独立董事 男 59 2005-05- 30 2008-05- 29 0 0 0 5 黄锡熊 独立董事 男 53 2005-05- 30 2008-05- 29 0 0 0 5 严军 监事长 男 53 2005-05- 30 2008-05- 29 2,000 2,000 0 0 上海市国有资产监督管理委员会 浦东新区国有资产管理办公室 上海陆家嘴集团有限公司 本公司 10 荀九斤 监事 男 51 2005-05- 30 2008-05- 29 1,000 1,000 0 0 张振伯 监事 男 59 2005-05- 30 2008-05- 29 0 0 0 32 孙家祥 副总经理 男 58 2005-05- 30 2008-05- 29 0 0 0 27 魏宗斯 副总经理 男 59 2005-05- 30 2008-05- 29 0 0 0 30 竺家颖 副总经理 女 52 2005-05- 30 2008-05- 29 0 0 0 26 朱蔚 副总经理 男 49 2005-05- 30 2008-05- 29 12,842 12,842 0 30 蒋平 副总经理 女 48 2005-05- 30 2008-05- 29 0 0 0 28 毕海琳 董秘 女 38 2005-05- 30 2008-05- 29 0 0 0 19 合计 / / / / / / 238 董事、监事、高级管理人员最近 5 年的主要工作经历： (1)杨小明，2001 年至 2004 年 6 月任上海金桥（集团）有限公司总经理；现任上海陆家嘴（集 团）有限公司总经理兼党委书记、本公司董事长。 (2)朱国兴，2001 年至今任上海陆家嘴（集团）有限公司党委副书记、本公司总经理。 (3)毛德明，2001 年至 2004 年 12 月任上海张江（集团）有限公司副总经理；现任上海陆家嘴 （集团）有限公司副总经理。 (4)徐而进，2001 年 1 月至 2005 年 1 月任上海外高桥（集团）有限公司投资管理部副总经理、 总经理；现任上海陆家嘴（集团）有限公司总经理助理 。 (5)施国华，2001 年至今任上海陆家嘴（集团）有限公司计划部经理，现任计财部总经理。 (6)瞿承康，2001 年 8 月至今任上海上投实业投资有限公司副总经理。 (7)姚锡棠，2001 年至今任浦东改革发展研究院院长。 (8)陆启耀，2001 年至今任上海中原律师事务所律师。 (9)黄锡熊，2001 年至今任上海期货交易所监察部高级总监。 (10)严军，2001 年至 2005 年任上海陆家嘴（集团）有限公司副总经理；现任上海陆家嘴（集 团）有限公司党委副书记。 (11)荀九斤，2001 年至 2004 年 4 月任上海张江（集团）有限公司财务总监；2004 年 4 月至 2005 年 4 月任上海金桥（集团）有限公司专职监事；现任上海陆家嘴（集团）有限公司专职监事。 (12)张振伯，2001 年 9 月至 2005 年 7 月任本公司工会主席；现任本公司采购中心主任。 (13)孙家祥，2001 年至 2002 年 6 月任公司市政建设分公司经理；现任本公司副总经理。 (14)魏宗斯，2001 年至 2002 年 6 月任本公司计划部经理；现任本公司副总经理。 (15)竺家颖，2001 年至 2005 年 5 月任本公司市政建设分公司副经理、租售中心主任；现任本公 司副总经理。 (16)朱蔚，2001 年至今任本公司副总经理。 (17)蒋平，2001 年至 2002 年 6 月任公司企业管理部经理；现任本公司副总经理。 (18)毕海琳，2001 年 11 月至 2005 年 5 月任本公司投资部副经理、资产管理部副总经理；现任 本公司董事会秘书。 11 （二）在股东单位任职情况 姓名 股东单位名称 担任的职务 任期起始日期 任期终止日期 是否领取报酬 津贴 杨小明 上海陆家嘴（集团） 有限公司 总经理、党委书记 2004-06-01 否 朱国兴 上海陆家嘴（集团） 有限公司 党委副书记 2001-09-11 否 严军 上海陆家嘴（集团） 有限公司 党委副书记 1995-08-10 否 毛德明 上海陆家嘴（集团） 有限公司 副总经理 2004-12-17 否 徐而进 上海陆家嘴（集团） 有限公司 总经理助理 2005-02-28 否 施国华 上海陆家嘴（集团） 有限公司 计财部总经理 2002-11-28 否 荀九斤 上海陆家嘴（集团） 有限公司 专职监事 2004-4-01 否 在其他单位任职情况 姓名 其他单位名称 担任的职务 任期起始日期 任期终止日期 是否领取报 酬津贴 朱国兴 上海强生控股股份有 限公司 董事 2003-07-29 否 徐而进 中卫国脉股份有限公 司 董事 2005-07-04 否 （三）董事、监事、高级管理人员报酬情况 1、董事、监事、高级管理人员报酬的决策程序：依照公司制定的薪酬制度执行，薪酬制度经董事会 审议后，报股东大会审议批准。 2、董事、监事、高级管理人员报酬确定依据：按照任职岗位和业绩完成情况进行奖惩。 3、不在公司领取报酬津贴的董事监事情况 不在公司领取报酬津贴的董事、监事的姓名 是否在股东单位或其他关联单位领取报酬津贴 杨小明 是 毛德明 是 徐而进 是 施国华 是 瞿承康 否 严军 是 荀九斤 否 （四）公司董事监事高级管理人员变动情况 本报告期内董事会、监事会换届选举，2004 年度年股东大会选举通过杨小明先生、朱国兴先 生、毛德明先生、徐而进先生、施国华先生和瞿承康先生 6 人为公司第四届董事会董事；选举通过姚 锡棠先生、陆启耀先生和黄锡熊先生 3 人为公司第四届董事会独立董事；选举通过严军先生、荀九斤 先生和张振伯先生 3 人为公司第四届监事会监事。 公司第四届董事会第一次会议通过，董事会续聘朱国兴先生为公司总经理，聘任孙家祥先生、魏 宗斯先生、竺家颖女士、朱蔚先生和蒋平女士为公司副总经理，聘任毕海琳女士为本届董事会秘书。 12 （五）公司员工情况 截止报告期末，公司在职员工为 188 人，需承担费用的离退休职工为 0 人。 员工的结构如下： 1、专业构成情况 专业构成的类别 专业构成的人数 经营类 66 工程类 53 财务类 26 其他 43 2、教育程度情况 教育程度的类别 教育程度的人数 研究生以上 29 大学本科 65 大学专科以下 94 六、公司治理结构 （一）公司治理的情况 2005 年公司严格按照《公司法》、《证券法》、《上市公司治理准则》等法律法规的要求，不 断完善公司法人治理结构，规范公司运作。 报告期内，根据中国证监会《关于加强社会公众股股东权益保护的若干规定》及《关于督促上市 公司修改公司章程的通知》，上海证券交易所《股票上市规则》（2004 修订版）等文件要求和公司 实际工作需要，公司修订了《公司章程》，并制定了《董事会审计委员会实施细则等制度》。 报告期内，公司董事会、监事会完成了换届工作。经 2004 年度股东大会通过，公司第四届董事 会共有 9 名董事组成，其中外部董事 1 名，独立董事 3 名；第四届监事会共有 3 名监事组成。 报告期内，公司内部制度得到进一步健全，各项制度得到有效执行，公司股东大会、董事会、监 事会和经营管理层各司其职、各负其责、相互协调、相互制衡，严格按照有关法律、法规和规定有效 的保证了公司长期、稳定、健康的发展。 （二）独立董事履行职责情况 1、独立董事参加董事会的出席情况 独立董事姓名 本年应参加董事会次数 亲自出席（次） 委托出席（次） 缺席（次） 备注 姚锡棠 8 6 2 0 陆启耀 8 7 1 0 黄锡熊 8 8 0 0 公司第三届董事会 2005 年第二次临时会议，姚锡棠先生因事外出委托黄锡熊先生代为行使表决 权；公司第四届董事会第一次会议，陆启耀先生因事外出委托姚锡棠先生出席并代为行使表决权；公 司第四届董事会第二次会议，姚锡棠先生因事外出委托黄锡熊先生出席并代为行使表决权。 2、独立董事对公司有关事项提出异议的情况 报告期内，公司独立董事没有对董事会审议的事项提出异议。 13 报告期内，公司独立董事能切实履行职责，深入了解公司情况，及时地关注公司的经营发展动 态，并就此向公司经营层提出许多专业性及建设性的提议，积极推动公司的规范运作和良性发展，切 实维护了中小股东的利益，充分发挥了独立董事的积极作用。 （三）公司相对于控股股东在业务、人员、资产、机构、财务等方面的独立情况 1)、业务方面：公司具有独立完整的业务及自主经营能力，对控股股东及其关联企业一般不存在 依赖关系。 2)、人员方面：公司的劳动、人事及工资管理与控股股东相独立。 3)、资产方面：公司拥有独立于控股股东的生产经营系统、房屋所有权、土地使用权等有形和无 形资产。 4)、机构方面：公司内部管理机构独立，均由公司直接领导，受公司直接控制，直接对公司负 责，与控股股东完全分开。 5)、财务方面：公司有独立的财务部门，建立了独立的会计核算系统和财务管理制度，独立作出 财务决策，不存在控股股东干预公司资金使用情况，公司独立在银行开户，并依法独立纳税。 （四）高级管理人员的考评及激励情况 公司高级管理人员对董事会负责，由董事会实施考核评价。根据董事会制定的各项年度生产经营 指标作为考核目标，依照目标责任书的完成情况进行年度考评和激励。 七、股东大会情况简介 （一）年度股东大会情况 公司于 2005 年 5 月 30 日 在上海浦东新舞台召开 2004 年度股东大会 ，决议公告刊登在 2005 年 5 月 31 日 的上海证券报、香港文汇报。 （二）临时股东大会情况 本报告期内未召开临时股东大会。 （三）其他情况 公司于 2005 年 12 月 8 日在上海浦东新舞台召开Ａ股市场相关股东会议，表决公司股权分置改革 方案，决议公告刊登在 12 月 9 日的上海证券报。 八、董事会报告 （一）报告期内公司经营情况的回顾 1、公司报告期内总体经营情况 2005 年是公司实质性启动主营业务转型的一年。 根据董事会确定的公司发展战略，公司在房产开发上完成以下工作： （1）公司在陆家嘴区域策划和开发了一批以甲级办公楼、商铺和国际社区为主的房产项目，其 中有 8 个项目已经在年内开工建设，合计的建筑面积约为 28 万平方米。 （2）针对目前陆家嘴区域的市场需求，公司建设投资了一批临时性的商业建筑，将近 9000 平方 米，其中有一部分已经竣工投入经营。 （3）为扩大经营物业的规模，公司收购厂房建筑约 3 万平方米，将改建成办公楼进行出租。 （4）公司还对原有的存量物业进行了全面清理，重新分类整合,合理定位。清理后公司可用于长 期出租的物业面积约为 15 万平方米。 在土地经营业务中，公司全年批租土地面积 7.25 万平方米，合同金额约 30 亿元。其中，公司竹 园商贸区 2-4 地块通过公开招标的方式进行转让，最终由和记黄埔以 12000 元/平方米楼面价中标。 随着公司主营业务的调整，在管理上公司要求全体员工转变观念，在工作中提倡业务创新和不断 学习的发展意识、成本控制和效益意识、专业分工和相互配合的团队意识、持续完善机构设置和优化 业务流程的效率意识。同时，公司进一步完善内部组织机构的设置；重新修订业务的管理办法和制 14 度，并对业务流程进行优化以提高公司运作的效率；对现行的人事制度实施改革，以适应公司业务转 型的需要。 2、主营业务构成的情况： 公司报告期内实现主营业务收入 18.28 亿元，较上年下降了 13.09％，实现主营业务利润 10.59 亿元，较上年增长了 25.55％，实现净利润 5.7 亿元，较上年增长了 15.28％。本年度公司主营业务 收入虽有较大降幅，但公司本年的主营业务利润与净利润仍然保持了增长的态势。 主营业务构成情况表 单位:万元 币种:人民币 分行业或分产品 主营业务收入 主营业务成本 主营业务 利润率 (%) 主营业务 收入比上 年增减 （％） 主营业务成 本比上年增 减（％） 主营业务利润率比上 年增减（%） 行业 土地使用权转让 164,643.72 54,469.04 66.92 6.91 -27.20 增加 15.5 个百分点 租赁 10,229.89 7,475.77 26.92 41.29 8.91 增加 21.73 个百分点 房产销售 7,939.22 6,350.40 20.01 -83.09 -80.59 减少 10.29 个百分点 本年度的主营业务收入主要来自于土地使用权转让的收入，该项主营业务收入占总的主营业务收 入的 90％，这一比例较上年提高了 17％。由于土地价格的走高，该项业务的利润率也比上年有所提 高。 房产销售业务收入比上年有较大的降幅，原因是本年没有新建的商品房项目销售，本期的房产销 售项目主要来自存量房产海富花园。 为了保持可持续增长，开拓主营业务新格局，公司正大力培养一批长期租赁物业，目前大部分项 目尚处在建设期间，本年度公司的租赁业务收入仍然较上年度增长了约 41％，主要是公司通过清理 原有的房产资源，重新定位，并加强市场营销的力度，使得租赁收入和利润率较上年有较大的涨幅。 3、主营业务分地区情况表 单位:万元 币种:人民币 地区 主营业务收入 主营业务收入比上年增减(％) 上海市 182,812.83 -13.09 4、主要供应商、客户情况 单位:万元 币种:人民币 前五名供应商采购金额合计 占采购总额比重（%） 前五名销售客户销售金额合计 150,351 占销售总额比重（%） 82.24 5、报告期公司资产构成同比发生重大变动的说明 a、流动资产 本年度流动资产中主要的变动项目为：货币资金增加了 5.98 亿元，增长比率 16.42％，主要来 源于经营活动产生的现金流量。预付帐款增加了 2.98 亿元，增长比率 44.48％。主要是转入了本期 外购动迁房源与收购厂房的预付款。存货增加 6.2 亿元，增长比率 16.45％，新增项目主要是公共建 筑建设支出成本与陆家嘴中央公寓建设成本。 b、长期投资 本年度长期股权投资减少了 2.74 亿元，主要原因是本期合并范围新增了控股子公司上海陆家嘴 开发大厦有限公司，对该公司约 2.6 亿元的长期投资余额已在合并报表中抵消，上年度该公司未列入 合并范围。 15 c、固定资产 本年度固定资产净值减少了 52.98％，约 7013 万元，主要原因是一部分原在租入固定资产下核 算的固定资产改良支出转入了其他长期资产项下的出租开发产品。 d、无形资产及其他长期资产 本年度其他长期资产增加的原因是本期转入软件园 1、2 号楼等长期物业资产。 e、负债项目 短期借款上年度为 9000 万元，本年度全部偿还结清。本年度偿还长期借款 1 亿元，至年末长期 借款余额为 4000 万元。预收帐款增加了 22.70％，计 3.66 亿元，主要来源于土地使用权转让与房产 销售的预收款。本年预提费用增加了 6.03 亿元，增长比率 64.33％，是本年度对已销售的土地开发 成本进行预提。由于本年度土地使用权转让的规模增加，而土地的开发成本近年来上升较快，使预提 费用的计提有较大的增长。 f、所有者权益 所有者权益的增加主要来源于本年实现的利润。本年度根据 2004 年度股东大会的决议实施了分 红方案，共分配现金红利 9338.42 万元。 6、报告期公司主要财务数据同比发生重大变动的说明 报告期内营业费用降低了约 705 万元，下降比率 34.92％，主要原因是本期房产销售规模下降， 销售代理佣金支出减少所致。本期管理费用增加了 3641 万元，增长 17.16％，主要原因是本年度坏 帐准备、存货跌价准备计提与坏帐损失核销金额较上年度增加了约 3100 万元所致。本期的财务费用 减少了约 1993 万元，下降比率 72.54％，主要原因是本年货币资金的积累产生的利息收入增加。 7、报告期公司现金流量构成情况、同比发生重大变动的情况、及与报告期净利润存在重大差异的原 因说明 报告期内现金流量净增加 5.98 亿元，净流入规模与本期的净利润水平相接近。其中: 经营活动产生的现金流量净额为 9.09 亿元，比上年增加了 2.78 亿元，主要的差异原因是收支两 方面形成的。 投资活动产生的现金流量净额为 72.74 万元，本期投资活动流入与流出额与上年相比均有较大的 增长，其中本年度收回投资收到的现金为约 1.63 亿元，主要是转让浦发银行、锦江酒店、强生控股 法人股预收款。收到的其他与投资有关的现金约 8101 万元主要是由于本年度合并报表范围增加所 致。本期购建其他长期资产支付的现金为约 2.42 亿元，主要是为适应主营业务的调整，购入的长期 租赁物业项目。 筹资活动产生的现金流量净额为-3.09 亿元， 本期无新增银行借款，筹资活动流入为 0，筹资活 动流出主要为偿还借款 1.9 亿元，分配股利与支付利息 1.19 亿元。 8、主要控股公司及参股公司的经营情况及业绩分析 (1)主要控股公司的经营情况及业绩 单位:万元 币种:人民币 公司名称 业务 性质 主要产品或服务 注册资本 资产规模 净利润 上海陆家嘴金融贸 易区联合发展有限 公司 房 地 产 成片土地开发, 房地产开发经营 52,732.82 273,211.78 36,426.98 上海陆家嘴城建开 发有限公司 房 地 产 正在歇业清理 1,000.00 3,765.15 -1,080.77 16 上海陆家嘴联合房 地产有限公司 房 地 产 房地产开发及经 营 9,000.00 87,970.40 -810.55 上海浦东陆家嘴软件 产业发展有限公司 房 地 产 软件园管理、物 业管理 1,000.00 2,141.58 1.05 上海陆家嘴房产开 发有限公司 房 地 产 正在歇业清理 3,000.00 4,458.67 215.79 上海陆家嘴开发大 厦有限公司 房 地 产 批租地块内商办 综合楼开发经营 28,829.49 28,748.58 -13.60 天津陆兴房地产开 发有限公司 房 地 产 房地产开发及经 营 1,000.00 999.97 -0.03 (2)单个控股子公司的净利润或单个参股公司的投资收益对公司净利润影响达到 10%以上： 单位:万元 币种:人民币 公司名称 主营业务收入 主营业务利润 净利润 参股公司贡献 的投资收益 参股公司贡献的投资 收益占上市公司净利 润的比重(%) 上海陆家嘴金融贸易 区联合发展有限公司 61,183.08 49,508.00 36,426.98 18,031.36 31.64 (3)单个控股子公司或参股公司的经营业绩同比出现大幅波动，且对公司合并经营业绩造成重大影响 的情况说明及变动原因分析： 本报告期内，公司控股的子公司上海陆家嘴金融贸易区联合发展有限公司由于土地使用权转让收 入的增长，本年度实现净利润 3.64 亿元，较上年数 1.25 亿元有大幅上升，相应对公司的净利润贡献 亦随之增大。 （二）对公司未来发展的展望 1、2006 年公司面临的经营环境 2005 年随着国家对房地产市场进行宏观调控，未来房地产市场将要面临一个过渡调整的周期。 但对上海将面对 2010 年的世博会，围绕举办世博会而展开的城市建设将形成调整中发展的格局。 2010 年前，在上海城市地位不断提升的过程中，陆家嘴金融贸易区做为最具发展需求和发展空间的 CBD 中央商务区和 TBD 中心商业地区，在未来房地产市场面临调整紧缩的过渡周期内，依然可能保持 城市发展热点的地位。2006 年确定的上海市“ 十一五规划” 中，再次聚焦浦东“ 陆家嘴金融中心的 建设” ，为公司的主营业务转型和未来的发展创造了良好的外部条件。 2、2006 年公司的经营计划 面对历史机遇，公司将全力以赴推进公司在陆家嘴地区的项目建设，加快新项目的策划和后续土 地资源的开发和储备。 （1）房产项目开发建设： 新开工项目 3 个，建筑面积约为 9 万平方米，分别为陆家嘴花园三期、陆家嘴 1885、钻石大 厦；在建项目 8 个，建筑面积约 28 万平方米，分别为陆家嘴金融中心大厦、陆家嘴开发大厦、东和 国际社区、软件园 7 号楼、软件园 8 号楼、软件园 9 号楼、陆家嘴 96 广场、金杨商业中心；争取完 成软件园 7 号楼和部分临时商业建筑的项目建设；继续策划和开发新的项目。 （2）土地开发经营方面： 全年完成 1-2 幅的土地转让；力争完成土地批租合同预收款 14.5 亿元。继续推进公司土地的动 迁开发。加强土地前期规划的编制工作，树立规划先行的意识和规划要有利于客户、有利于城市生态 环境改善、有利于土地价值提高的意识。 17 （3）内部综合管理方面 a、 继续推进全面预算管理。 b、 加强外包业务管理，有效控制成本。 c、 继续完善内部机构设置和优化业务流程，提高公司内部资源配置和工作效率。 d、 加强内控监督体系的建设，通过内审机制来检查公司制度的执行情况，不断评估，不断 改进，提高公司管理水平，防范管理风险。 e、 加强市场调研，重视市场营销，提高公司产品的经营效益。 3、2006 年公司资金支出和资金来源情况 公司预计 2006 年内总资金支出约 28 亿元，公司上述支出资金的来源主要为当年度土地转批租收 入和物业租赁收入的现金回笼及账面银行存款结余。目前公司暂无银行贷款，近期也没有进行资本市 场融资的打算。 4、风险提示 公司明确了主营业务转型的方向后，并实质性启动了大批项目的投资建设，鉴于项目本身的建设 期，以及竣工后招商及市场培育情况的不确定性，因此在近几年主营业务转型的过渡期，公司经营情 况会存在如下风险： （1）公司现有的土地资源中还有部分地块尚未完成动迁,主要是世纪大道地块和小陆家嘴 N3 地 块。这些地块都处于城市中心区域，其中大部分居民楼为独立成套多层建筑。近年来土地开发动迁成 本不断上升，已超过公司在土地购入时预估的土地开发成本。为防范风险，公司已根据实际情况对土 地开发成本进行了相应的调整，同时对相关土地资产计提了跌价准备。 （2）未来数年公司主营业务收入中来自土地批租收入预计会快速下降，从而影响公司的利润。 目前，公司已着重开拓房产业务，努力提高主营业务中来自房产经营的收入，提高公司房产产品的盈 利能力，防范上述风险。 （三）公司投资情况 报告期内公司投资额为 2000 万元人民币，比上年增加 1750 万元人民币。本年度投资额中 1000 万元为股权投资，1000 万元为子公司进行的长期债券投资。 此外，公司本年度第四届董事会第三次会议审议通过了公司参股投资上海新国际博览中心配套酒 店会议中心项目公司（暂定名：上海浦东嘉里城房地产有限公司）的议案。该公司注册资本 1.63 亿 美元，公司出资 3260 万美元，持有其中 20％的股权。并与项目公司的其他投资方共同承诺，按投资 比例各自承担总投资和注册资本差额的筹资责任，包括自行或促使第三方向项目提供股东贷款和为项 目的银行贷款提供担保。目前该公司处筹备阶段， 我公司已按照商定的投资比例代付了土地使用权 款项 2431.56 万元。 被投资的公司名称 主要经营活动 占被投资公司权益的 比例(%) 备注 天津陆兴房地产开发有限公司 房地产开发经营 99.55 1、募集资金使用情况 报告期内，公司无募集资金或前期募集资金使用到本期的情况。 2、非募集资金项目情况 报告期内，公司无非募集资金投资项目。 18 （四）公司会计政策会计估计变更重大会计差错更正的原因及影响 1、关于会计估计变更 公司办公所在地上海市浦东大道 981 号办公楼属临时建筑。公司曾向有关政府部门申请延长建筑 的有效使用期。政府部门答复建筑的有效使用期不能延长，如遇规划实施时，此建筑应立即无条件拆 除。变更前公司对此房产按 30 年直线法折旧，考虑到浦东新区新一轮开发建设的快速启动与滨江两 岸规划的实施进度，从谨慎性原则出发，公司拟变更此项资产的折旧年限，在 2005 年到 2009 年五年 间，将资产净值扣除必要残值后全部折旧完毕。如将来有证据表明此资产的实际可使用年限低于五 年，则根据实际情况再行相应缩短折旧年限。 这一会计估计的变更减少本年度合并报表净利润 9,109,368.37 元。 2、关于以前年度会计差错更正 上海陆家嘴金融贸易区联合发展有限公司一直是本公司合并报表范围内的子公司。该公司在 2002 年度将存货－出租开发产品中的部分楼盘的累计摊销数错误地计作减值准备，2004 年度这部分 楼盘转入其他长期资产核算，并随着市场价值的回升全额转回了减值准备，导致了该年度多计利润。 公司相应调整了有关财务报告中留存收益的期初数。考虑到历年摊销中的计算差异、该公司作为外商 投资企业计提的职工奖福基金的影响、合并抵消中对这部分楼盘由内部交易形成的未实现利润的恢复 以及少数股东权益的影响，该项会计差错更正对 2005 年年初合并报表留存收益的影响为：累计至 2004 年年初为 8,318,889.72 元，2004 年当年为-34,697,338.77 元，累计至 2005 年年初为- 26,378,449.05 元。 （五）董事会日常工作情况 1、董事会会议情况及决议内容 (1)公司于 2005 年 3 月 11 日召开第三届第十五次董事会会议，决议公告刊登在 2005 年 3 月 15 日的 上海证券报、香港文汇报。 (2)公司于 2005 年 4 月 20 日召开第三届 2005 年第一次临时董事会会议，决议公告刊登在 2005 年 4 月 21 日的上海证券报、香港文汇报。 (3)公司于 2005 年 5 月 13 日召开第三届 2005 年第二次临时董事会会议，决议公告刊登在 2005 年 5 月 14 日的上海证券报、香港文汇报。 (4)公司于 2005 年 5 月 30 日召开第四届第一次董事会会议，决议公告刊登在 2005 年 5 月 31 日的上 海证券报、香港文汇报。 (5)公司于 2005 年 6 月 20 日召开第四届 2005 年第三次临时董事会会议，决议公告刊登在 2005 年 6 月 21 日的上海证券报、香港文汇报。 (6)公司于 2005 年 8 月 26 日召开第四届第二次董事会会议，决议公告刊登在 2005 年 8 月 30 日的上 海证券报、香港文汇报。 (7)公司于 2005 年 10 月 24 日召开第四届第三次董事会会议，决议公告刊登在 2005 年 10 月 26 日的 上海证券报、香港文汇报。 (8)公司于 2005 年 11 月 4 日召开第四届第四次董事会会议，根据公司全体非流通股股东的委托，决 定于 2005 年 12 月 8 日召开公司 A 股市场相关股东会议，审议公司股权分置改革方案；同意公司董事 会公开征集 A 股市场相关股东会议的投票权的议案。 2、董事会对股东大会决议的执行情况 报告期内，公司董事会完成了股东大会审议通过的所有决议。其中，根据 2004 年度股东大会通 过的利润分配方案，公司于 2005 年 7 月 20 日实施了每 10 股派发现金红利 0.5 元（含税）。 19 （六）利润分配或资本公积金转增预案 经上海众华沪银会计师事务所分别按中国会计准则与国际会计准则审计，按照当年度可分配利 润两者孰低的原则以按中国会计准则编制的合并报表数为依据，2005 年本公司实现净利润 569,966,625.03 元，按照公司章程规定分别按年度净利润 10%、5%、10％提取法定盈余公积、法定 公益金、任意盈余公积，并扣除子公司的盈余公积金，扣除外商投资企业子公司提取的职工奖励及福 利基金，本年度可供分配的利润为 366,868,154.64 元。公司拟以 2005 年末股本 1,867,684,000 股为 基数，向全体股东每 10 股派现 0.6 元人民币（含税），共计分派股利 112,061,040.00 元，占当年可 分配利润的 30.55％。当年度可分配利润的剩余部分 254,807,114.64 元用于公司再发展转入任意盈 余公积。议案提交股东大会批准后实施。 九、监事会报告 （一）监事会的工作情况 1、第三届监事会第九次会议，于 2005 年 3 月 11 日召开，审议通过：（1）、公司 2004 年度报 告及摘要；（2）、公司 2004 年度监事会工作报告；（3）、公司监事会换届选举的议案；（4）、公 司关于受让土地使用权关联交易的议案；（5）、公司计提资产减值准备的议案。 2、第四届监事会第一次会议，于 2005 年 5 月 30 日召开，会议选举严军先生为第四届监事会监 事长。 报告期内，监事会按照《公司法》和《公司章程》的有关规定，依法履行职责，认真开展工作。 审查公司的定期报告，对公司项目的决算进行抽查。在日常工作中，监事会与公司审计室、会计事务 所保持密切联系，听取他们审计情况的汇报。通过采取定期听取汇报和不定期的进行抽查相结合的办 法，督促公司董事会和经营管理班子依法运作，确保公司财务规范运行。为更好的履行监事会的职 责，公司监事会成员积极加强自身的业务学习，进一步增强工作的责任心，强化监督大制度建设，取 得了良好效果。 （二）监事会对公司依法运作情况的独立意见 监事会认为，公司在报告期内进行的重大经营活动都严格按照《公司法》和《公司章程》的有关 规定及股东大会的决议进行，程序合法，运作规范，控制有力，效果良好。公司董事、经理执行公司 职务时没有违反法律、法规、公司章程或损害公司利益的行为。 （三）监事会对检查公司财务情况的独立意见 报告期内，上海众华沪银会计事务所对本公司出具了无保留意见的审计报告。监事会认为，审计 意见客观完整地反映了公司财务状况和经营成果。 （四）监事会对公司最近一次募集资金实际投入情况的独立意见 公司最近三年未发生募集资金的行为。 （五）监事会对公司关联交易情况的独立意见 监事会认为，报告期内的关联交易遵循“ 公平、公正、公允” 原则，表决程序合法，按照正常商 业条件并根据公平原则为基准及有关协议进行，独立董事对关联交易的客观、公正作出独立的判断意 见，有关关联交易并未损害其他股东及公司的利益。 十、重要事项 （一）重大诉讼仲裁事项 本年度公司无重大诉讼、仲裁事项。 （二）报告期内公司收购及出售资产、吸收合并事项 1、收购资产情况 20 (1)2005 年 11 月 11 日，本公司向控股股东上海陆家嘴(集团)有限公司购买上海东方路峨山路 3- 1 地块工业厂房，该资产的帐面价值为 7145.9 万元人民币，评估价值为 19050 万元人民币，实际购 买金额为 19050 万元人民币，本次收购价格的确定依据是公允价值，该事项已于 2005 年 3 月 15 日刊 登在上海证券报上。收购上述资产有利于公司业务的连续性与稳定性， 并提高公司未来的整体经营 效益 ，报告期末此交易已完成。 (2)2005 年 8 月 17 日，本公司向控股股东上海陆家嘴(集团)有限公司购买上海东方路峨山路 D- 1、D-3、E-6 地块，该资产的帐面价值为 3574.50 万元人民币，评估价值为 10499 万元人民币，实际 购买金额为 10499 万元人民币，本次收购价格的确定依据是公允价值，该事项已于 2005 年 3 月 15 日 刊登在上海证券报上。收购上述资产有利于公司业务的连续性与稳定性， 并提高公司未来的整体经 营效益 ，报告期末此交易已完成。 2、出售资产情况 本公司向上海强生集团有限公司转让上海强生控股股份有限公司 2738.9 万股股权，出售价格为 6847 万元。本公司向上海锦江国际酒店（集团）有限公司转让上海锦江国际酒店发展股份有限公司 780 万股股权，转让价格为 2792 万元。本公司控股的上海陆家嘴金融贸易区联合发展有限公司向上 海国有资产经营有限公司转让上海浦东发展银行股份有限公司 3000 万股股权，转让价格为 1.2 亿 元。 截至报告期末，公司共收到以上股权转让交易款项 16286 万元，转让程序尚未完成。 （三）报告期内公司重大关联交易事项 1、与日常经营相关的关联交易 本年度公司无与日常经营相关的关联交易事项。 2、资产、股权转让的重大关联交易 (1)本公司向控股股东上海陆家嘴(集团)有限公司本公司收购上海东方路峨山路 3-1 地块工业厂 房，交易的金额为 19050 万元人民币，该交易产生损益 11904 万元人民币，定价的原则是公允价值， 资产的帐面价值为 7146 万元人民币，资产的评估价值为 19050 万元人民币，该事项已于 2005 年 3 月 15 日刊登在上海证券报上。 (2)本公司向控股股东上海陆家嘴(集团)有限公司本公司收购上海东方路峨山路 D-1、D-3、E-6 地块，交易的金额为 10499 万元人民币，该交易产生损益 6924 万元人民币，定价的原则是公允价 值，资产的帐面价值为 3575 万元人民币，资产的评估价值为 10499 万元人民币，该事项已于 2005 年 3 月 15 日刊登在上海证券报上。 3、关联债权债务往来 单位:万元 币种:人民币 向关联方提供资金 关联方向上市公司提供资金 关联方 关联关系 发生额 余额 发生额 余额 上海陆家嘴美食城有限公司 联营公司 2,197 2,157 上海高泰稀贵金属有限公司 联营公司 449 上海陆家嘴房地产经纪有限公司 联营公司 7 上海陆家嘴房产开发有限公司 控股子公司 3,010 上海陆家嘴开发大厦有限公司 控股子公司 16,384 上海陆家嘴城建开发有限责任公 司 控股子公司 4,304 21 上海陆家嘴软件产业发展有限公 司 控股子公司 1,869 天津陆兴房地产开发有限公司 控股子公司 1,001 上海陆家嘴(集团)有限公司 控股股东 576 合计 / 2,197 2,613 27,144 报告期内上市公司向控股股东及其子公司提供资金的发生额 0 万元人民币，上市公司向控股股东 及其子公司提供资金的余额 0 万元人民币。 关联债权债务形成原因： (1)、对上海陆家嘴美食城有限公司其他应收款 2157 万元的说明 本年度公司合并范围子公司上海陆家嘴金融贸易区联合发展有限公司投资的上海陆家嘴美食城有限公 司（其中：联合发展公司出资 25%，上海陆家嘴(集团)有限公司出资 75%）由于本公司地块动迁，需 要提前解除其对外签订的租约。上海陆家嘴美食城有限公司无力承担解约赔偿金.根据上海市浦东新 区国有资产管理办公室《关于陆家嘴美食城相关损失处理的批复》(沪浦国资[2005]246 号文)，联合 发展公司按投资比例承担相应损失，截至 2005 年 12 月 31 日，联合发展公司支付上海陆家嘴美食城 有限公司相应款项 2157 万元，并于本年度对此款项全额计提了坏账准备。 (2)、对上海高泰稀贵金属股份有限公司其他应收款 449 万元的说明 此款项为本公司应收的股权转让款，由于该公司财务状况不佳，长期未归还款项。以年年度已经 对该项应收款项计提了 225 万元的准备，本年度补提了 224 万元坏帐准备，累计已全额计提了准备。 4、报告期末资金被占用情况及清欠方案 本年度公司无资金被控股股东及其关联方占用的情况。 （四）托管情况 本年度公司无托管事项。 （五）承包情况 本年度公司无承包事项。 （六）租赁情况 本年度公司无租赁事项。 （七）担保情况 本年度公司无担保事项。 （八）委托理财情况 本年度公司无委托理财事项。 （九）其他重大合同 本年度公司无其他重大合同。 （十）承诺事项履行情况 报告期内或持续到报告期内，公司或持股 5%以上股东没有承诺事项。 22 （十一）聘任、解聘会计师事务所情况 报告期内，公司改聘了会计师事务所，公司原聘任安永大华会计师事务所为公司的境内审计机 构，支付其上一年度审计工作的酬金共约 50 万元人民币，截止上一报告期末，该会计师事务所已为 本公司提供了 13 年审计服务。公司原聘任罗兵咸永道会计师事务所为公司的境外审计机构，支付其 上一年度审计工作的酬金共约 69 万元人民币，截止上一报告期末，该会计师事务所已为本公司提供 了 11 年审计服务。 公司现聘任上海众华沪银会计师事务所为公司的境内审计机构、境外审计机构，拟支付其年度审 计工作的酬金共约 70 万元人民币，截止本报告期末，该会计师事务所已为本公司提供了 1 年审计服 务。 （十二）公司、董事会、董事受处罚及整改情况 报告期内公司、公司董事会及董事均未受中国证监会的稽查、行政处罚、通报批评及证券交易所 的公开谴责。 （十三）其它重大事项 报告期内公司无其他重大事项。 十一、财务会计报告 审计意见 公司年度财务报告已经上海众华沪银会计师事务所有限公司注册会计师傅林生、孙璧元审 计，并出具了标准无保留意见的审计报告。 披露比较式合并及母公司的资产负债表、利润表及利润分配表和现金流量表 23 资产负债表 编制单位:上海陆家嘴金融贸易区开发股份有限公司 2005 年 1-12 月 单位:元 币种:人民币 合并 母公司 项目 期末数 期初数 期末数 期初数 资产： 流动资产： 货币资金 4,239,297,222.29 3,641,348,441.23 2,457,955,074.79 2,423,412,317.03 短期投资 0.00 0.00 0.00 0.00 应收票据 0.00 0.00 0.00 0.00 应收股利 0.00 0.00 0.00 0.00 应收利息 0.00 0.00 0.00 0.00 应收账款 0.00 15,705.75 0.00 0.00 其他应收款 99,161,194.21 83,611,962.58 95,315,572.48 137,711,848.14 预付账款 965,231,951.66 668,052,117.00 965,226,376.40 659,267,000.00 应收补贴款 0.00 0.00 0.00 0.00 存货 4,388,103,945.11 3,768,214,730.51 2,921,340,345.59 3,032,023,129.64 待摊费用 0.00 0.00 0.00 0.00 一年内到期的长期债权投资 0.00 97,620.00 0.00 97,620.00 其他流动资产 流动资产合计 9,691,794,313.27 8,161,340,577.07 6,439,837,369.26 6,252,511,914.81 长期投资： 长期股权投资 395,933,917.57 669,617,336.17 1,322,948,342.89 1,190,720,029.60 长期债权投资 10,484,931.51 0.00 0.00 0.00 长期投资合计 406,418,849.08 669,617,336.17 1,322,948,342.89 1,190,720,029.60 其中：合并价差(贷差以“ - ” 号表示，合并报表填列) 6,219,362.14 0.00 0.00 0.00 其中：股权投资差额(贷差 以“ -” 号表示，合并报表 填列) 8,313,320.36 6,219,362.14 6,996,782.42 固定资产： 固定资产原价 110,006,383.24 189,542,786.48 97,835,281.49 98,447,229.49 减：累计折旧 47,763,962.78 57,168,550.10 40,885,612.56 27,081,024.16 固定资产净值 62,242,420.46 132,374,236.38 56,949,668.93 71,366,205.33 减：固定资产减值准备 0.00 0.00 0.00 0.00 固定资产净额 62,242,420.46 132,374,236.38 56,949,668.93 71,366,205.33 工程物资 在建工程 固定资产清理 固定资产合计 62,242,420.46 132,374,236.38 56,949,668.93 71,366,205.33 无形资产及其他资产： 无形资产 723,750.00 838,750.00 0.00 0.00 长期待摊费用 其他长期资产 850,109,259.72 582,186,400.52 524,799,790.37 258,895,554.53 无形资产及其他资产合计 850,833,009.72 583,025,150.52 524,799,790.37 258,895,554.53 递延税项： 递延税款借项 资产总计 11,011,288,592.53 9,546,357,300.14 8,344,535,171.45 7,773,493,704.27 负债及股东权益： 24 流动负债： 短期借款 0.00 90,000,000.00 0.00 0.00 应付票据 0.00 0.00 0.00 0.00 应付账款 165,371,772.81 190,200,102.88 145,267,052.17 173,220,102.88 预收账款 1,980,520,287.48 1,614,118,753.58 271,829,967.13 569,620,667.65 应付工资 0.00 0.00 0.00 0.00 应付福利费 61,909,404.72 26,948,559.34 358,788.42 1,575,775.12 应付股利 2,000,000.00 882,000.00 0.00 882,000.00 应交税金 -38,743,226.68 -17,956,546.78 9,951,411.14 15,684,790.58 其他应交款 -1,555,268.70 -223,511.52 0.00 0.00 其他应付款 222,148,194.03 53,386,201.84 81,561,851.57 4,863,230.43 预提费用 1,540,705,129.43 937,549,915.48 1,210,748,416.03 815,667,675.48 预计负债 0.00 530,131.50 0.00 0.00 一年内到期的长期负债 40,000,000.00 140,000,000.00 0.00 0.00 其他流动负债 0.00 0.00 0.00 0.00 流动负债合计 3,972,356,293.09 3,035,435,606.32 1,719,717,486.46 1,581,514,242.14 长期负债： 长期借款 应付债券 长期应付款 48,379,521.74 0.00 36,543,579.80 0.00 专项应付款 0.00 16,858,600.00 0.00 16,858,600.00 其他长期负债 长期负债合计 48,379,521.74 16,858,600.00 36,543,579.80 16,858,600.00 递延税项： 递延税款贷项 负债合计 4,020,735,814.83 3,052,294,206.32 1,756,261,066.26 1,598,372,842.14 少数股东权益(合并报表填 列) 646,467,941.26 497,580,748.83 所有者权益（或股东权 益）： 实收资本（或股本） 1,867,684,000.00 1,867,684,000.00 1,867,684,000.00 1,867,684,000.00 减：已归还投资 实收资本（或股本）净额 1,867,684,000.00 1,867,684,000.00 1,867,684,000.00 1,867,684,000.00 资本公积 1,342,595,974.18 1,435,148,924.38 1,448,359,007.92 1,448,221,218.90 盈余公积 1,797,401,276.18 1,430,813,833.63 1,560,976,610.23 1,234,460,741.19 其中：法定公益金 474,337,318.04 449,016,389.43 463,906,894.49 438,586,911.79 未分配利润 1,336,403,586.08 1,262,835,586.98 1,711,254,487.04 1,624,754,902.04 拟分配现金股利 112,061,040.00 93,384,200.00 112,061,040.00 93,384,200.00 外币报表折算差额(合并报 表填列) 减：未确认投资损失(合并 报表填列) 所有者权益（或股东权益） 合计 6,344,084,836.44 5,996,482,344.99 6,588,274,105.19 6,175,120,862.13 负债和所有者权益（或股东 权益）总计 11,011,288,592.53 9,546,357,300.14 8,344,535,171.45 7,773,493,704.27 公司法定代表人: 杨小明 主管会计工作负责人: 朱国兴 会计机构负责人: 施国华 25 利润及利润分配表 编制单位: 上海陆家嘴金融贸易区开发股份有限公司 2005 年 1-12 月 单位:元 币种:人民币 项目 合并 母公司 本期数 上年同期数 本期数 上年同期数 一、主营业务收入 1,828,128,329.02 2,103,570,561.61 1,130,929,524.28 2,279,010,484.72 减：主营业务成本 682,952,023.28 1,144,074,956.19 536,177,143.70 1,378,626,716.01 主营业务税金及附加 86,529,065.46 116,295,474.86 53,765,135.83 103,627,159.66 二、主营业务利润（亏损以“ -” 号填列） 1,058,647,240.28 843,200,130.56 540,987,244.75 796,756,609.05 加：其他业务利润（亏损以“ -” 号填列） 4,322,899.20 28,471,090.17 880,191.17 19,731,629.90 减: 营业费用 13,152,526.82 20,210,086.95 7,759,073.64 14,158,292.37 管理费用 248,544,468.26 212,133,412.30 165,567,184.99 174,382,678.50 财务费用 -47,398,513.46 -27,470,852.63 -36,348,155.15 -21,373,711.81 三、营业利润（亏损以“ -” 号填列） 848,671,657.86 666,798,574.11 404,889,332.44 649,320,979.89 加：投资收益（损失以“ -” 号填列） -6,880,857.45 -9,531,228.46 168,063,314.14 51,930,129.40 补贴收入 1,700,000.00 1,266,000.00 0.00 0.00 营业外收入 15,814,031.05 5,424,013.45 14,959,993.65 2,936,945.00 减：营业外支出 735,973.85 -18,699,364.65 6,000.00 3,229,574.03 四、利润总额（亏损总额以“ -” 号填列） 858,568,857.61 682,656,723.75 587,906,640.23 700,958,480.26 减：所得税 147,533,530.19 138,097,088.14 81,506,986.19 119,602,106.61 减：少数股东损益 141,068,702.39 50,126,384.22 0.00 0.00 加：未确认投资损失(合并报表填列) 五、净利润（亏损以“ -” 号填列） 569,966,625.03 494,433,251.39 506,399,654.04 581,356,373.65 加：年初未分配利润 1,262,835,586.98 1,081,596,471.44 1,624,754,902.04 1,329,866,480.47 其他转入 六、可供分配的利润 1,832,802,212.01 1,576,029,722.83 2,131,154,556.08 1,911,222,854.12 减：提取法定盈余公积 50,640,911.31 58,143,592.80 50,639,965.40 58,135,637.36 提取法定公益金 25,320,928.61 58,588,399.39 25,319,982.70 58,135,637.36 提取职工奖励及福利基金(合并报表填列) 36,426,983.37 12,507,364.90 0.00 0.00 提取储备基金 20,034,840.85 6,879,050.70 0.00 0.00 提取企业发展基金 20,034,840.85 6,879,050.70 0.00 0.00 利润归还投资 七、可供股东分配的利润 1,680,343,707.02 1,433,032,264.34 2,055,194,607.98 1,794,951,579.40 减：应付优先股股利 0.00 0.00 0.00 0.00 提取任意盈余公积 250,555,920.94 58,135,637.36 250,555,920.94 58,135,637.36 应付普通股股利 93,384,200.00 112,061,040.00 93,384,200.00 112,061,040.00 转作股本的普通股股利 八、未分配利润(未弥补亏损以“ -” 号填 列) 1,336,403,586.08 1,262,835,586.98 1,711,254,487.04 1,624,754,902.04 补充资料： 1.出售、处置部门或被投资单位所得收益 0.00 1,229,162.36 0.00 1,226,863.22 2.自然灾害发生的损失 0.00 0.00 0.00 0.00 3.会计政策变更增加(或减少)利润总额 0.00 0.00 0.00 0.00 4.会计估计变更增加(或减少)利润总额 -9,109,368.37 0.00 -9,772,201.71 0.00 5.债务重组损失 6.其他 公司法定代表人: 杨小明 主管会计工作负责人: 朱国兴 会计机构负责人: 施国华 现金流量表 编制单位: 上海陆家嘴金融贸易区开发股份有限公司 2005 年 1-12 月 单位:元 币种:人民币 本期数 项目 合并数 母公司数 一、经营活动产生的现金流量： 销售商品、提供劳务收到的现金 2,213,865,660.41 848,029,057.79 收到的税费返还 0.00 0.00 收到的其他与经营活动有关的现金 131,523,978.27 131,763,598.46 经营活动现金流入小计 2,345,389,638.68 979,792,656.25 购买商品、接受劳务支付的现金 977,617,017.22 466,561,418.57 支付给职工以及为职工支付的现金 73,565,231.65 32,154,752.25 支付的各项税费 269,867,182.53 149,865,982.30 支付的其他与经营活动有关的现金 115,041,593.89 66,940,179.41 经营活动现金流出小计 1,436,091,025.29 715,522,332.53 经营活动现金流量净额 909,298,613.39 264,270,323.72 二、投资活动产生的现金流量： 收回投资所收到的现金 162,954,656.00 74,154,656.00 其中：出售子公司收到的现金 取得投资收益所收到的现金 7,484,270.26 45,751,759.87 处置固定资产、无形资产和其他长期资产而收回的现金 1,302,373.47 790,000.00 收到的其他与投资活动有关的现金 81,013,771.06 0.00 投资活动现金流入小计 252,755,070.79 120,696,415.87 购建固定资产、无形资产和其他长期资产所支付的现金 242,027,628.82 243,491,752.12 投资所支付的现金 10,000,000.00 9,900,000.00 支付的其他与投资活动有关的现金 0.00 0.00 投资活动现金流出小计 252,027,628.82 253,391,752.12 投资活动产生的现金流量净额 727,441.97 -132,695,336.25 三、筹资活动产生的现金流量： 吸收投资所收到的现金 其中：子公司吸收少数股东权益性投资收到的现金 借款所收到的现金 收到的其他与筹资活动有关的现金 筹资活动现金流入小计 偿还债务所支付的现金 190,000,000.00 0.00 分配股利、利润或偿付利息所支付的现金 119,200,151.51 94,265,085.65 其中：支付少数股东的股利 18,892,624.13 0.00 支付的其他与筹资活动有关的现金 276,486.98 276,486.98 其中：子公司依法减资支付给少数股东的现金 0.00 0.00 筹资活动现金流出小计 309,476,638.49 94,541,572.63 筹资活动产生的现金流量净额 -309,476,638.49 -94,541,572.63 四、汇率变动对现金的影响 -2,600,635.81 -2,490,657.08 五、现金及现金等价物净增加额 597,948,781.06 34,542,757.76 补充材料 1、将净利润调节为经营活动现金流量： 净利润 569,966,625.03 506,399,654.04 加：少数股东损益(亏损以“-”号填列) 141,068,702.39 0.00 减：未确认的投资损失 0.00 0.00 加：计提的资产减值准备 127,952,799.88 120,353,993.57 固定资产折旧 23,449,040.98 13,825,589.43 无形资产摊销 115,000.00 0.00 长期待摊费用摊销 0.00 0.00 待摊费用减少（减：增加） 0.00 0.00 预提费用增加（减：减少） 603,155,213.95 395,080,740.55 处理固定资产、无形资产和其他长期资产的损失(减:收益) 326,395.01 -140,967.03 固定资产报废损失 0.00 0.00 财务费用 8,918,450.17 2,766,029.71 投资损失（减：收益） -10,119,142.55 -185,063,314.14 递延税款贷项（减：借项） 0.00 0.00 存货的减少（减：增加） -626,242,512.00 7,833,906.11 经营性应收项目的减少(减：增加) -271,947,519.64 -264,100,516.37 经营性应付项目的增加(减：减少) 351,062,910.91 -310,246,522.43 其他(预计负债的增加) -8,407,350.74 -22,438,269.72 经营活动产生的现金流量净额 909,298,613.39 264,270,323.72 2．不涉及现金收支的投资和筹资活动： 债务转为资本 一年内到期的可转换公司债券 融资租入固定资产 3、现金及现金等价物净增加情况： 现金的期末余额 4,239,297,222.29 2,457,955,074.79 减：现金的期初余额 3,641,348,441.23 2,423,412,317.03 加：现金等价物的期末余额 0.00 0.00 减：现金等价物的期初余额 0.00 0.00 现金及现金等价物净增加额 597,948,781.06 34,542,757.76 公司法定代表人: 杨小明 主管会计工作负责人: 朱国兴 会计机构负责人: 施国华 单位:元 因资产价值 回升转回数 其他原因转出数 合计 坏账准备合计 40,398,431.96 29,250,726.05 20,660,548.86 20,660,548.86 48,988,609.15 其中：应收账款 6,731.03 6,731.03 6,731.03       其他应收款 40,391,700.93 29,250,726.05 20,653,817.83 20,653,817.83 48,988,609.15 短期投资跌价准备合计 其中：股票投资       债券投资 存货跌价准备合计 154,529,609.44 107,000,000.00 4,647,576.46 4,647,576.46 256,882,032.98 其中：库存商品       原材料 长期投资减值准备合计 41,306,027.27 17,000,000.00 58,306,027.27 其中：长期股权投资 41,306,027.27 17,000,000.00 58,306,027.27       长期债权投资 固定资产减值准备合计 其中：房屋、建筑物       机器设备 无形资产减值准备 其中：专利权       商标权 在建工程减值准备 委托贷款减值准备 其他长期资产减值准备 6,871,962.52 6,871,962.52 资产减值合计 243,106,031.19 153,250,726.05 25,308,125.32 25,308,125.32 371,048,631.92 合并资产减值表 编制单位：上海陆家嘴金融贸易区开发股份有限公司 2005年度 期末余额 项目 期初余额 本期增加数 本期减少数 单位:元 因资产价值 回升转回数 其他原因转出数 合计 坏账准备合计 21,476,188.52 2,243,421.05 1,738,305.42 1,738,305.42 21,981,304.15 其中：应收账款       其他应收款 21,476,188.52 2,243,421.05 1,738,305.42 1,738,305.42 21,981,304.15 短期投资跌价准备合计 其中：股票投资       债券投资 存货跌价准备合计 150,263,155.04 107,000,000.00 4,151,122.06 4,151,122.06 253,112,032.98 其中：库存商品       原材料 长期投资减值准备合计 39,806,027.27 17,000,000.00 56,806,027.27 其中：长期股权投资 39,806,027.27 17,000,000.00 56,806,027.27       长期债权投资 固定资产减值准备合计 其中：房屋、建筑物       机器设备 无形资产减值准备 其中：专利权       商标权 在建工程减值准备 委托贷款减值准备 其他长期资产减值准备 6,871,962.52 6,871,962.52 资产减值合计 218,417,333.35 126,243,421.05 5,889,427.48 5,889,427.48 338,771,326.92 2005年度 母公司资产减值表 期末余额 项目 期初余额 本期增加数 本期减少数 编制单位：上海陆家嘴金融贸易区开发股份有限公司 十二、备查文件目录 （一） 载有法定代表人、主管会计工作的公司负责人、会计机构负责人签名并盖章的会计 报表； （二） 载有会计事务所盖章、注册会计师签名并盖章的审计报告原件； （三） 报告期内在中国证监会指定报刊上公开披露过的所有公司文件的正本及公告原稿。 董事长：杨小明 董事会批准报送日期：2006-3-10 审 计 报 告 沪众会字(2006)第 0043 号 上海陆家嘴金融贸易区开发股份有限公司全体股东： 我们审计了后附的上海陆家嘴金融贸易区开发股份有限公司(以下简称“陆家嘴公 司”)2005 年 12 月 31 日的资产负债表和合并资产负债表，2005 年度的利润及利润分配表和合 并利润及利润分配表，以及现金流量表和合并现金流量表。这些会计报表的编制是陆家嘴公 司管理当局的责任，我们的责任是在实施审计工作的基础上对这些会计报表发表意见。 我们按照中国注册会计师独立审计准则计划和实施审计工作，以合理确信会计报表是否 不存在重大错报。审计工作包括在抽查的基础上检查支持会计报表金额和披露的证据，评价 管理当局在编制会计报表时采用的会计政策和作出的重大会计估计，以及评价会计报表的整 体反映。我们相信，我们的审计工作为发表意见提供了合理的基础。 我们认为，上述会计报表符合国家颁布的企业会计准则和《企业会计制度》的规定，在 所有重大方面公允反映了陆家嘴公司 2005 年 12 月 31 日的财务状况以及 2005 年度的经营成 果和现金流量。 上海众华沪银会计师事务所有限公司 中国注册会计师 傅林生 中国注册会计师 孙璧元 中国，上海 二〇〇六年三月十日 1 上海陆家嘴金融贸易区开发股份有限公司 2005 年度会计报表附注 1. 公司的基本情况 1.1 本公司的历史沿革 上海陆家嘴金融贸易区开发股份有限公司（以下简称“本公司”） 于 1992 年 4 月 27 日 经上海市人民政府以沪建经(92)第 366 号文批准设立，发起人为上海陆家嘴（集团）有限公 司和上海国际信托投资公司。 经中国人民银行上海市分行（92）沪人金股字第 34 号文批准，本公司设立时的初始股 本为人民币 715,000,000.00 元，分为 715,000,000.00 股。又于 1993 年 12 月实施每 10 股配 4 股、1994 年 10 月实施 20,000 万国家股注销、1994 年 11 月实施发行 20,000 万外资股（B 股）、 1996 年 11 月实施每 10 股增配 3 股新股、1996 年 12 月实施每 10 股送 4 股、1999 年 7 月实 施每 10 股转增 4 股后，现本公司注册资本为人民币 1,867,684,000.00 元，其中境内上市人民 币普通股（A 股）160,524,000 股，境内上市外资股（B 股）509,600,000 股。业经大华会计 师事务所有限公司验证并出具华业字(99)第 995 号验资报告。本公司所发行的 A 股和 B 股分 别于 1993 年 6 月 28 日和 1994 年 11 月 22 日在上海证券交易所上市交易。 2004 年 7 月由中华人民共和国工商行政管理局换发企业法人营业执照，注册号为股沪总 字第 019040 号。本公司现法定代表人为杨小明。 1.2 本公司所属行业性质和业务范围 所处行业：房地产业。 经营范围：房地产开发、经营、销售、出租和中介；市政公用基础设施的开发建设、动 拆迁、工程承包与装饰和设备安装；广告、仓储、餐厅、商业、项目投资、市内运输及技术 咨询。 1.3 主要产品或提供的劳务 土地转让、商品房开发及销售、物业出租、提供劳务及代理等。 2 2. 本公司主要会计政策、会计估计和合并财务报表的编制方法 2.1 会计制度 本公司及子公司执行国家颁布的企业会计准则和《企业会计制度》及其补充规定。 2.2 会计年度 本公司的会计期间采用公历制，即自日历1 月1 日至12 月31 日为一个会计年度 2.3 记账本位币 本公司以人民币为记账本位币。 2.4 记账基础和计价原则 本公司以权责发生制为记账基础，以实际成本为计价原则。各项财产在取得时按实际成本计量， 其后如果发生减值，按企业会计制度规定计提相应的减值准备。 2.5 外币业务核算方法 本公司对发生的外币业务，以当月1 日的汇率（指由中国人民银行公布的外币市场汇价中间价， 下同）将外币折算成人民币记账；期末对各种外币账户的外币余额按期末日汇率进行调整，调整后的 人民币金额与原账面金额之间的差额作为汇兑损益，除与购建固定资产有关的专用借款产生的汇兑损 益，在该资产达到预定可使用状态前予以资本化、计入资产成本外，属于筹建期间发生的汇兑损益于 发生时计入长期待摊费用，于本公司开始生产经营的当月一次计入损益；属于正常生产经营期间发生 的汇兑损益，则直接计入当期损益。 2.6 现金等价物的确定标准 本公司将持有的期限短(一般是指从购买日起三个月内到期)、流动性强、易于转换为已知金额现 金、价值变动风险很小的投资列作现金等价物。 2.7 短期投资核算方法 2.7.1 本公司的短期投资按取得时实际支付的全部价款扣除其中包含的已宣告但尚未 领取的现金股利或利息入账。短期投资持有期间所收到的股利或利息等冲减投资成本；处置 时按实际收到的价款扣除账面成本后的差额确认为投资收益或损失，计入当期损益。 2.7.2 期末本公司对短期投资按成本与市价孰低计量，采用单项比较法对市价低于成 本的差额，计提短期投资跌价准备，并计入当期损益。 2.8 坏账核算方法 2.8.1 本公司对坏账损失采用备抵法核算。 公司对应收帐款和其他应收款的坏帐准备计提采用个别认定法和帐龄分析法相结合的 方法。对于期末余额中可收回性与其他各项应收款项存在明显差别的应收款项（例如，债务 单位所处的特定地区、债务人的财务和经营状况、与债务人之间的争议和纠纷等），导致该 3 项应收款项如果按照与其他应收款项同样的方法计提坏帐准备，将无法真实地反映其可收回 金额的，采用个别认定法计提坏帐准备，即根据债务人的经营状况、现金流量状况、以前的 信用记录等资料对其欠款的可回收性进行逐笔详细分析，据以分别确定针对每一笔此类应收 款项的坏帐准备计提比例；对于其他不纳入个别认定范围的应收款项，按其期末余额的帐龄 分析计提，具体计提比例为： 帐龄 计提比例 1 年以下（含 1 年） 不计提 1－2 年 5％ 2－3 年 30％ 3 年以上 50％ 2.8.2 本公司确认坏账的标准为：当债务人破产或者死亡，以其破产财产或者遗产清偿后，仍然 无法收回时；或当债务人逾期未履行其清偿责任，且具有明显特征表明无法收回时，经公司董事会批 准确认为坏账损失，冲销原提取的坏账准备；坏账准备不足冲销的差额，计入当期损益。 2.9 存货核算方法 2.9.1 公司存货的分类 存货是指公司在正常生产经营过程中持有以备出售的产成品或商品，或者为了出售仍然 处在生产过程中的在产品，或者将在生产过程或提供劳务过程中耗用的材料物料等。公司存 货分类为：转让场地开发支出、商品房建设支出、动迁房建设支出、商品房、动迁房、出租 开发产品（短期）、低值易耗品、公共建筑建设支出。 2.9.2 取得存货入帐价值的确定方法 各种存货按取得时的实际成本记帐。 2.9.3 发出存货的计价方法 存货日常核算采用实际成本核算。存货发出时，对于不能替代使用的存货以及为特定 项目专门购入或制造的存货，公司采用个别计价法确定发出存货的成本。 2.9.4 开发用土地的核算方法 开发用土地在取得时，按实际成本计入“无形资产”，土地投入开发建设时从“无形资产” 转入“转让场地开发支出”。在开发建设过程中发生的土地征用及拆迁补偿费、前期工程费、 基础设施费和配套设施费等，属于直接费用的直接计入开发成本；需在各地块间分摊的费用， 按受益面积分摊计入。属于难以辨认或难以合理分摊的费用性成本支出实际发生时直接计入 当期主营业务成本。 4 2.9.5 出租开发产品的摊销办法 出租开发产品中房屋按 30 年，土地使用权按照土地使用证上注明的年限分期摊入成本。 在资产负债表上，对于意图出售而暂时出租的开发产品的账面价值，列示于 “存货”项 目内；对于以出租为目的的出租开发产品的账面价值，列示于“其他长期资产”项目中。 2.9.6 公共配套设施费用的核算方法 公共配套设施建设规模占开发项目比重较大的，在转让土地结转收入时，按照工程预算 成本从开发成本中预提尚未发生的公共配套设施费用。根据实际发生的公共配套设施建造支 出，调整该项预提费用。 2.9.7 维修基金的核算方法 按照国家有关规定提取维修基金，计入相关的房产项目成本。 2.9.8 低值易耗品的摊销方法 低值易耗品按领用时一次转销法摊销。 2.9.9 存货的盘存制度 公司的存货盘存制度采用永续盘存制。 2.9.10 存货跌价损失准备的确认标准和计提方法 公司期末存货按成本与可变现净值孰低计价。由于存货遭受毁损、全部或部分陈旧过时 和销售价格低于成本等原因造成的存货成本不可收回的部分，按单个存货项目的成本高于可 变现净值的差额计提存货跌价准备。 2.10 长期投资核算方法 2.10.1 长期股权投资计价和收益确认方法： 长期股权投资包括股票投资和其他股权投资。长期股权投资按其初始投资成本入账，即 投资时实际支付的全部价款。 本公司对被投资企业无控制、无共同控制且无重大影响的长期股权投资采用成本法核 算；本公司对被投资企业具有控制、共同控制或者重大影响的长期股权投资采用权益法核算。 2.10.2 股权投资差额的会计处理： 对外长期股权投资采用权益法核算时，其取得时的成本与本公司在该被投资企业所有者权益中 所占份额的差额，当前者大于后者时，记作“股权投资差额”，按投资合同规定的投资期限摊销，若合同 没有规定投资期限的一般按 10 年摊销，列入各摊销期的损益；当前者小于后者时，记作“资本公积---- 股权投资准备”，不予摊销，待该项投资最终处置时，转入“资本公积----其他资本公积”。对被投资企 5 业的追加投资所形成的股权投资差额，如借贷方向与初次投资所形成的股权投资差额不同， 则首先抵减初次投资所形成的股权投资差额（或其所形成的资本公积准备项目）的余额，对 于追加投资所形成的股权投资差额大于初次投资所形成的股权投资差额余额的差额，再按照 上述原则处理。 2.10.3 长期债权投资的计价及收益确认方法： 按其初始投资成本，即取得时实际支付的全部价款（包含支付的税金、手续费等各项附 加费用）扣除实际支付的分期付息债券价款中包含的已到付息期但尚未领取的债券利息后的 余额作为实际成本记账，并按权责发生制原则按期计提利息，经调整溢（折）价摊销额后， 计入投资收益。 2.10.4 长期债券投资溢价和折价的摊销方法 在债券购入后至到期日止的期间内按直线法，于确认相关债券利息收入的同时摊销。 2.10.5 长期投资减值准备的确认标准和计提方法 采用逐项计提的方法。本公司对被投资企业由于市价持续下跌或被投资企业经营情况变 化等原因，导致其可收回金额低于长期投资账面价值，按可收回金额低于长期投资账面价值 的差额，计提长期投资减值准备。长期投资减值准备的计提和冲回额通常计入当年度损益， 但针对以权益法核算的长期股权投资所计提的长期投资减值准备，如该项长期股权投资存在 对应的股权投资差额的，首先全部或者部分转销股权投资差额（或其所形成的资本公积准备 项目）的余额，在此基础上确定应计入当期损益的减值准备计提额。 2.11 固定资产计价和折旧方法 2.11.1 固定资产的标准 固定资产是指同时具有以下特征的有形资产：①为生产商品、提供劳务、出租或经营管 理而持有；②使用期限超过 1 年；③单位价值较高。具体标准为：①使用期限超过一年的房 屋及建筑物、机器、机械、运输工具以及其他与生产、经营有关的设备、器具、工具等；② 单位价值在 2,000 元以上，并且使用期超过 2 年的，不属于生产、经营主要设备的物品。 2.11.2 固定资产分类为 房屋建筑物、办公和电子设备、运输设备、其他设备、固定资产改良支出。 2.11.3 固定资产计价和减值准备的确认标准、计提方法 固定资产按实际成本或确定的价值入账。公司期末没有融资租入固定资产。 每期末终了，对固定资产逐项进行检查，将由于市价持续下跌、技术陈旧、损坏或长期 闲置等原因导致的可收回金额低于其账面价值的差额作为固定资产减值准备，计入当期损 益。固定资产减值准备按单项资产计提。 6 2.11.4 固定资产的折旧方法 固定资产折旧采用直线法平均计算，并按各类固定资产的原值和估计的经济使用年限扣 除残值（原值的 3％－10％）制定其折旧率。各类固定资产折旧率如下： 资产类别 估计经济使用年限 年折旧率 房屋建筑物 30 年－40 年 2.25%－3.23% 办公和电子设备 1－5 年 18%-90% 运输设备 5-6 年 15%-19.40% 其他设备 5 年 18%-19.40% 固定资产改良支出 8 年 12.50% 对于房屋及建筑物的账面成本中所包含的土地使用权价值，如果土地使用权的预计使 用年限高于房屋及建筑物的预计使用年限的，在预计该项房屋及建筑物的净残值时，考虑该 项因素，并作为净残值预留，相应调整折旧率和净残值。 已计提减值准备的固定资产在计提折旧时，按照该项固定资产的账面价值，以及尚可 使用年限重新计算确定折旧率和折旧额；如果已计提减值准备的固定资产价值又得以恢复， 则按照该项固定资产恢复后的账面价值，以及尚可使用年限重新计算确定折旧率和折旧额。 2.12 无形资产计价及摊销方法 2.12.1 无形资产的计价 无形资产按购入时实际支付的价款计价。 2.12.2 无形资产的摊销方法和摊销年限 自取得当月起按预计使用年限、合同规定的受益年限与法律规定的有效年限三者中的最 短者平均摊销(如合同未规定受益年限，法律也未规定有效年限，则摊销年限最长不超过 10 年)。各项无形资产的摊销年限如下表所示： 无形资产类别 摊销年限 非专利技术 10 年 车位使用权 10 年 2.12.3 无形资产减值准备的确认标准和计提方法 于每年期末或中期报告期终了，检查各项无形资产预计给本公司带来未来经济利益的能 力，对预计可收回金额低于其账面价值的，应当计提减值准备，计入当期损益。无形资产减 值准备按单项项目计提。 7 无形资产减值准备计提和转回后，相关无形资产的剩余摊销年限和年摊销额也需要根据 无形资产的账面价值等因素重新确定。 2.13 其他长期资产 其他长期资产主要包括出租开发产品。 出租开发产品成本按实际成本确定，实际成本包括土地出让金、基础配套设施支出、建 筑安装工程支出、开发项目完工之前所发生的借款费用及开发过程中的其他费用。 出租开发产品按可出租年限摊销。期末，公司按出租开发产品的减值迹象判断是否应当 计提减值准备，当出租开发产品可收回金额低于账面价值时，则按其差额提取出租开发产品 减值准备。 2.14 收入确认方法 2.14.1 转让土地和销售商品房，在签订有关转让和销售合同、完成合约内订明的开发 建设工程、公司已将土地和商品房移交给买方、不再对该商品实施管理权和实际控制权、与 交易相关的经济利益能够流入公司、并且相关的收入和成本能够可靠地计量时，确认营业收 入的实现。 2.14.2 对转让土地采用分期收款销售办法的，按合同规定的收款时间分期确认收入。 2.14.3 代建房屋和工程，在房屋和工程竣工验收，办妥财产交接手续，并已将代建的 房屋和工程的工程账款结算账单提交委托单位，相应的应收工程结算款能够收回，相关收入 和成本能可靠计量时，确认营业收入。 2.14.4 出租物业收入，在出租合同（或协议）规定日期收取租金后，确认收入实现。 如果虽然在合同或协议规定的日期没有收到租金，但是预计租金能够流入公司，并且收入金 额能够可靠计量的，也确认为收入。 2.14.5 提供动拆迁等劳务，在劳务已经提供，收到价款或取得收取价款的凭证时确认 为收入。 2.15 所得税的会计处理方法 本公司所得税的会计核算采用应付税款法。 8 2.16 合并会计报表的编制方法 2.16.1 合并范围的确定原则：本公司根据财政部（1995）《关于印发〈合并会计报表暂行规定〉 的通知》和财会二字（96）2 号《关于合并报表合并范围请示的复函》等文件的规定，对拥有控制权 的子公司及拥有共同控制权的合营公司，除已关停并转、宣告清理或破产、准备近期售出而短期持有 等特殊情况以及对合并而言影响微小者外，均纳入合并会计报表范围。 2.16.2 合并会计报表的方法：本公司的合并会计报表系以母公司和纳入合并范围的各下属公司的 会计报表以及其它有关资料为依据，在对各公司之间的投资、所有重大交易、往来及结余款项作出抵 销后，合并各项目数额编制而成。 2.17 重大会计政策变更、会计估计变更和会计差错更正及其影响 2.17.1 本公司2005 年度变更以下会计估计： 本年度根据浦东新区规划管理局有关文件的精神，本公司对于固定资产中的办公楼的折旧年限由 30 年变更为2005 年起在剩余5 年内摊销完毕。该项会计估计变更已采用未来适用法，考虑此项目中 内部交易未实现利润的恢复，该变更影响当期利润总额-9,109,368.37 元。 2.17.2 本公司更正以前年度重大的会计差错： 上海陆家嘴金融贸易区联合发展有限公司，一直是本公司的并表子公司。该公司在2002 年度将存 货－出租开发产品中的部分楼盘的累计摊销数错误地计作减值准备，2004 年度这部分楼盘转入其他长 期资产核算，并随着市场价值的回升，全额转回了减值准备，导致了该年度多计利润。在此项更正中 还考虑到历年摊销中的计算差异、该公司作为外商投资企业计提的职工奖福基金的影响、合并抵消中 对这部分楼盘内部交易未实现利润的恢复以及少数股权的影响，该项会计差错更正对2005 年年初合并 报表留存收益的影响为： 累计至 2004 年年初为 8,318,889.72 元，2004 年当年为-34,697,338.77 元，累计至 2005 年年初为 -26,378,449.05 元。 3. 税（费）项 公司适用的税种与税率： 税种 税率 计税基数 所得税 15％ 应纳税所得额 营业税 3－5％ 应税营业额 城建税 7％ 应纳营业税额 9 注 1：根据国税发（1992）114 号文，对在浦东新区新办企业，无论经济性质和隶属关系，一律按 15% 的税率缴纳所得税。 注 2：根据沪财税政（2000）15 号文以及浦税三政（2003）字第（463）号文，公司合并范围的子公 司上海陆家嘴软件产业发展有限公司从 2002 年 1 月起减按 15％所得税税率计征企业所得税，2002 年 1 月 1 日起至 2003 年 12 月 31 日止免征企业所得税 2 年，从 2004 年 1 月 1 日起至 2006 年 12 月 31 日止减半征 收企业所得税 3 年。 公司适用的费种与费率： 费种 费率 计费基数 教育费附加 3％ 应纳营业税额 河道工程修建维护管理费 0.5%－1% 应纳营业税额 注 3：公司及公司合并范围的子公司上海陆家嘴金融贸易区联合发展有限公司系外商投资企业，无须 交纳城建税和教育费附加 4. 控股子公司及合营企业 单位：人民币万元 被投资单位全称 业务性质 经营范围 注册资本 报告期末公司 所占权益比例(%) 是否 合并 合并或不合并 的原因 上海陆家嘴金融贸易 区联合发展有限公司 外商投资企业 成片土地开发房地产开发 经营 52,732.82 55% 是 - 上海陆家嘴房产开发 有限公司 有限责任公司 房地产开发经营 3,000.00 73%(注 1) 否 注 2 上海陆家嘴城建开发 有限责任公司 有限责任公司 征地动拆迁 1,000.00 70% 是 - 上海浦东陆家嘴软件 产业发展有限公司 有限责任公司 软件园管理、物业管理 1,000.00 90% 是 - 上海陆家嘴开发大厦 有限公司 有限责任公司 商办综合楼开发经营 28,829.49 90% 是 注 3 上海陆家嘴联合房地 产有限公司 有限责任公司 房地产开发及经营等 9,000.00 33％(注 1) 是 - 天津陆兴房地产开发 有限公司 有限责任公司 房地产开发及经营等 1,000.00 99.55%(注 5) 是 注 4 注 1：其中含子公司上海陆家嘴金融贸易区联合发展有限公司对其拥有的 60%权益； 注 2：由于该子公司已进入关停并转状态，故期末不纳入合并报表范围； 注 3：该子公司以前年度不是本公司合并报表的范围，但由于该公司的规模不断扩大，占合并报表的 比重日益增大，因此本年度将其纳入合并报表范围； 注 4：该子公司为本期新投资成立，因此本年度将其纳入合并报表范围； 注 5：其中含子公司上海陆家嘴金融贸易区联合发展有限公司对其拥有的 1%权益。 10 5. 合并财务报表主要项目附注 (注：以下内容所涉的金额单位为人民币元；除非特别说明，均系对合并会计报表中主要项目的说 明。) 5.1 货币资金 原币数 （折合）人民币 原币数 （折合）人民币 现金 129,654.90 223,528.75 银行存款 人民币 4,136,359,976.32 3,504,964,436.48 美元 12,739,162.73 102,807,591.07 16,451,456.05 136,160,476.00 4,239,167,567.39 3,641,124,912.48 4,239,297,222.29 3,641,348,441.23 项目 期初数 期末数 5.2 应收账款 帐龄 帐面余额 比例 坏帐准备 帐面净额 帐面余额 比例 坏帐准备 帐面净额 1年以内 - - - - - - - - 1－2年 - - - - - - - - 2－3年 - - - - 22,436.78 100.00% 6,731.03 15,705.75 3年以上 - - - - - - - - - - - - 22,436.78 100.00% 6,731.03 15,705.75 期 初 数 期 末 数 上述应收账款期末数中，无持有本公司5%以上(含5%)表决权股份的股东单位欠款 5.3 其他应收款 5.3.1 合并数 帐龄 帐面余额 比例 坏帐准备 帐面净额 帐面余额 比例 坏帐准备 帐面净额 1年以内 49,764,726.73 33.59% 21,572,745.00 28,191,981.73 11,233,013.34 9.06% 2,250,000.00 8,983,013.34 1－2年 4,493,421.05 3.03% 4,493,421.05 - 510,573.95 0.41% 47,989.80 462,584.15 2－3年 420,951.76 0.28% 61,785.53 359,166.23 3,145,480.28 2.54% 37,718.04 3,107,762.24 3年以上 93,470,703.82 63.10% 22,860,657.57 70,610,046.25 109,114,595.94 87.99% 38,055,993.09 71,058,602.85 148,149,803.36 100.00% 48,988,609.15 99,161,194.21 124,003,663.51 100.00% 40,391,700.93 83,611,962.58 期 末 数 期 初 数 （1）上述其他应收款期末数中无持本公司 5％（含 5％）以上表决权股份的股东单位的欠款； 11 （2）其他应收款期末数中金额较大的债务人情况： 债务人名称 期末余额 性质或内容 欠款时间 上海21世纪房地产有限公司 78,293,344.05 见（4）注1 大于3年 上海市浦东新区土地发展（控股）公司 24,315,600.00 见注1 小于1年 上海陆家嘴美食城有限公司 21,572,745.00 详见关联方 小于1年 阳澄湖度假村 9,589,395.37 往来款 大于3年 上海高泰稀贵金属股份有限公司 4,493,421.05 往来款 1年至2年 注 1：公司代拟成立的联营公司上海浦东嘉里城房地产有限公司按商定的投资比例支付的国际博览 中心 A-04 土地出让金的部分定金 注 2：期末余额中前五名的欠款合计人民币 138,264,505.47,占其他应收款总额的 93.33％ （3）因下列单位经营不善且资金状况不佳，可收回性存在较大疑问，故对其计提特别坏账准备， 明细如下： 其他应收款余额 帐龄 计提比例 坏帐准备 上海陆家嘴美食城有限公司 21,572,745.00 小于1年 100.00% 21,572,745.00 阳澄湖度假村 9,589,395.37 大于3年 100.00% 9,589,395.37 上海高泰稀贵金属股份有限公司 4,493,421.05 1年至2年 100.00% 4,493,421.05 （4）由于下列应收款项存在一定损失，故根据预计损失计提坏帐准备如下： 其他应收款余额 帐龄 计提比例 坏帐准备 上海21世纪房地产有限公司 78,293,344.05 大于3年 9.96% 7,800,000.00 注1： 公司原参建的21 世纪房产项目一直没有开工，2003 年公司将该预付参建款人民币 78,293,344.05 元转入“其他应收款”科目核算，并按原资金投出时间归入 3 年以上账龄的余额中，同时根据预付年限的平 均银行存款利率计提了近 10％的特殊准备，该项目本年度无实质性进展。 （5）本年度内实际转销的其他应收款性质、理由及其金额： 转销金额 性质 理由 上海金源房地产有限公司 17,694,992.00 委托贷款 注1 上海陆家嘴建材发展有限公司 590,000.00 往来款 公司已注销 上海新都酒家 380,000.00 往来款 逾期超过3年，无法收回 注 1：上海金源房地产有限公司系本公司的并表子公司－联合发展公司以前年度的对外委托贷款 66,212,810.00 元，并获房产抵押，上年抵押房产已拍卖，拍卖款通过法院进行分配，公司收回人民币 48,517,818.00 元，上年对余额已全额计提坏帐。本期收到法院的民事裁定书，剩余款项已无法收回，故本 期转销。 12 5.3.2 母公司 帐龄 帐面余额 比例 坏帐准备 帐面净额 帐面余额 比例 坏帐准备 帐面净额 1年以内 24,641,360.00 21.01% - 24,641,360.00 8,266,953.02 5.19% 2,250,000.00 6,016,953.02 1－2年 4,493,421.05 3.82% 4,493,421.05 - 58,310,784.59 36.63% 12,776.02 58,298,008.57 2－3年 205,951.76 0.18% 61,785.53 144,166.23 2,465,100.00 1.55% 30,000.00 2,435,100.00 3年以上 87,956,143.82 74.99% 17,426,097.57 70,530,046.25 90,145,199.05 56.63% 19,183,412.50 70,961,786.55 117,296,876.63 100.00% 21,981,304.15 95,315,572.48 159,188,036.66 100.00% 21,476,188.52 137,711,848.14 期 末 数 期 初 数 （1）上述其他应收款期末数中无持公司 5%（含 5%）以上股份的股东单位的欠款。 （2）其他应收款期末数中金额较大的债务人情况： 债务人 期末余额 性质 帐龄 上海21世纪房地产有限公司 78,293,344.05 见（3）注 大于3年 上海市浦东新区土地发展（控股）公司 24,315,600.00 见注1 小于1年 阳澄湖度假村 9,589,395.37 往来款 大于3年 上海高泰稀贵金属股份有限公司 4,493,421.05 往来款 1－2年 天宇通信集团有限公司 150,000.00 往来款 2－3年 注 1：公司代拟成立的联营公司上海浦东嘉里城房地产有限公司支付的国际博览中心 A-04 土地出让金 的部分定金 注 2：本项目期末数中欠款金额前五名的欠款金额合计为人民币 116,841,760.47 元，占应收账款总额 的比例为 99.61% （3）因下列单位经营不善且资金状况不佳，可收回性存在较大疑问，故对其计提特别坏账准备， 明细如下： 其他应收款余额 帐龄 计提比例 坏帐准备 阳澄湖度假村 9,589,395.37 1年以内 100.00% 9,589,395.37 上海高泰稀贵金属股份有限公司 4,493,421.05 3年以上 100.00% 4,493,421.05 上海21世纪房地产有限公司 78,293,344.05 3年以上 9.96% 7,800,000.00 注：公司原参建的 21 世纪房产项目一直没有开工，2003 年公司将该预付参建款人民币 7,829.33 万元转 入“其他应收款”科目核算，按原资金投出时间归入 3 年以上帐龄的余额中，并根据可回收性计提了 9.96% 的坏帐准备。 13 5.4 预付货款 帐龄 金额 比例 金额 比例 1年以内 306,298,951.66 31.73% 668,052,117.00 100.00% 1－2年 658,933,000.00 68.27% - - 965,231,951.66 100.00% 668,052,117.00 100.00% 期初数 期末数 注：本项目期末数中无持本公司 5％（含 5％）以上表决权股份的股东单位的欠款。 5.5 存货 因资产价 值 其他原因 回升转回 数 转出数 转让场地开发支出 2,855,119,673.07 2,663,020,025.74 142,570,000.00 107,000,000.00 - - - 249,570,000.00 出租开发产品 113,849,300.85 120,296,053.43 1,429,220.27 - - 1,429,220.27 1,429,220.27 - 商品房建设支出 788,796,887.04 476,854,914.35 - - - - - - 动迁房建设支出 197,418,187.69 333,128,070.68 - - - - - - 商品房 79,715,199.70 157,693,766.37 10,530,389.17 1,429,220.27 - 4,647,576.46 4,647,576.46 7,312,032.98 动迁房 273,041,063.33 169,067,062.70 - - - - - - 公共建筑建设支出 337,045,666.41 2,684,446.68 - - - - - - 合 计 4,644,985,978.09 3,922,744,339.95 154,529,609.44 108,429,220.27 - 6,076,796.73 6,076,796.73 256,882,032.98 合计 存货 跌价准备 期末数 期初数 期 初数 本年增加 本年减少 期末 数 5.5.1 转让场地开发支出 预计总投资 (万元) 陆家嘴中心区 1990年 视市场情况而定 430,000.00 1,036,101,716.70 1,269,958,373.39 塘东地块 1993年 视市场情况而定 125,000.00 392,034,095.83 363,347,010.91 世纪大道地块 2001年 视市场情况而定 700,000.00 924,117,175.73 756,757,503.02 竹园商贸区 1991年 视市场情况而定 187,500.00 442,526,777.94 159,971,948.85 桃林 2000年 视市场情况而定 11,000.00 45,895,040.20 96,183,384.00 其他 1995年 视市场情况而定 - 14,444,866.67 16,801,805.57 小计 2,855,119,673.07 2,663,020,025.74 期初数 项目名称 开工时间 预计竣工时间 期末数 14 5.5.2 出租开发产品 项目名称 期初数 本期增加 本期减少 期末数 玫瑰园 3,918,391.31 - 3,918,391.31 - 陆家嘴花园一期 33,341,188.67 - 1,289,010.92 32,052,177.75 2－3地块 83,036,473.45 - 1,239,350.35 81,797,123.10 小计 120,296,053.43 - 6,446,752.58 113,849,300.85 5.5.3 商品房建设支出 预计总投资 （万元） 陆家嘴花园二期 2000年12月 2004年8月 83,000.00 7,597,771.02 6,722,193.41 新景园二期 2001年7月 2003年6月 12,500.00 - 251,394.43 东和花苑 2005年12月 2008年12月 78,100.00 3,216,900.00 - 陆家嘴中央公寓一期（注） 2004年2月 2006年10月 120,125.00 777,554,259.02 466,937,908.35 其他 － － - 427,957.00 2,943,418.16 小计 788,796,887.04 476,854,914.35 预计竣工时间 期末数 期初数 项目名称 开工时间 注：其中本公司的并表子公司－联合房地产公司将面积 30,000.00 平方米，价值人民币 1.47 亿元的土地使 用权抵押，取得 1.4 亿元的长期借款，已归还 1 亿元，尚余 4000 万元。 5.5.4 动迁房建设支出 预计总投资 （万元） 爱法新城二期 2004年8月 2005年12月 23,000.00 197,418,187.69 122,286,693.01 爱法新城一（2）期 2002年10月 2004年10月 22,700.00 - 210,841,377.67 小计 197,418,187.69 333,128,070.68 期末数 期初数 项目名称 开工时间 预计竣工时间 15 5.5.5 公共建筑建设支出 预计总投资 （万元） 软件园项目 2004年12月 视市场情况而定 - 168,271,460.25 2,684,446.68 陆家嘴开发大厦 － － 53,000.00 140,679,564.46 - 其他 － － - 28,094,641.70 - 小计 337,045,666.41 2,684,446.68 期初数 项目名称 开工时间 预计竣工时间 期末数 5.5.6 商品房 项目名称 竣工时间 期初数 本年增加 本年减少 期末数 锦城大厦（注1） 1995年 8,986,611.28 - 5,363,471.19 3,623,140.09 年平花苑 2001年 1,184,263.31 - - 1,184,263.31 东园三村 1996年 7,766,273.00 - - 7,766,273.00 长富大厦 2000年 5,434,560.00 - 5,434,560.00 - 金杨公寓 1997年 3,954,907.53 - 719,172.54 3,235,734.99 新景园一期 － 494,880.72 - 494,880.72 - 陆家嘴花园一期 － 16,784,621.38 - 3,329,147.90 13,455,473.48 华山公寓 － 11,406,364.99 - 9,049,003.58 2,357,361.41 海富花园 － 67,997,080.64 - 50,639,760.54 17,357,320.10 玫瑰园（注2） － 13,686,294.88 3,866,533.58 - 17,552,828.46 其他 － 19,997,908.64 - 6,815,103.78 13,182,804.86 小计 157,693,766.37 3,866,533.58 81,845,100.25 79,715,199.70 注 1 本期锦城减少为转入其他长期资产 注 2 本期玫瑰园增加为出租开发产品转入 5.5.7 动迁房 项目名称 期初数 本年增加 本年减少 期末数 爱法新城一（2）期 - 233,017,824.34 - 233,017,824.34 丰舍西苑 129,478,655.00 - 129,478,655.00 - 华高新村 17,806,932.40 - - 17,806,932.40 其他 21,781,475.30 620,670.00 185,838.71 22,216,306.59 小计 169,067,062.70 233,638,494.34 129,664,493.71 273,041,063.33 16 5.5.8 存货跌价准备金计提情况 因资产价值 回升转回 ① 转让场地开发支出 142,570,000.00 - 107,000,000.00 - - 249,570,000.00 ② 出租开发产品 玫瑰园 1,429,220.27 - - - 1,429,220.27 - 小计 1,429,220.27 - - - 1,429,220.27 - ③ 商品房 长富大厦 496,454.40 - - - 496,454.40 - 华山公寓 5,232,535.54 - - - 4,151,122.06 1,081,413.48 玫瑰园 4,801,399.23 1,429,220.27 - - - 6,230,619.50 小计 10,530,389.17 1,429,220.27 - - 4,647,576.46 7,312,032.98 合计 154,529,609.44 1,429,220.27 107,000,000.00 - 6,076,796.73 256,882,032.98 其他转出 期末数 项目名称 期初数 本年转入 本年计提 5.6 长期股权投资 5.6.1 合并数 （1）明细项目 期初数 本年 增加 本年减少 期末数 期初数 本年增加 本年减少 期末数 一、长期股权投资（权益法） 391,576,720.85 4,257,640.76 267,160,421.50 128,673,940.11 11,959,088.74 - - 11,959,088.74 其中：对子公司投资 307,520,791.40 2,157,866.53 267,160,421.50 42,518,236.43 - - - - 对合营公司投资 - - - - - - - 对联营公司投资 84,055,929.45 2,099,774.23 - 86,155,703.68 11,959,088.74 - - 11,959,088.74 二、长期股权投资（成本法） 319,346,642.59 - - 319,346,642.59 29,346,938.53 17,000,000.00 - 46,346,938.53 其中：股票投资 244,758,235.09 - - 244,758,235.09 26,862,263.96 17,000,000.00 43,862,263.96 其他长期股权投资 74,588,407.50 - - 74,588,407.50 2,484,674.57 - - 2,484,674.57 三、合并价差 - 6,219,362.14 - 6,219,362.14 - - - - 合计 710,923,363.44 10,477,002.90 267,160,421.50 454,239,944.84 41,306,027.27 17,000,000.00 - 58,306,027.27 金额 减值准备 17 （2）长期股权投资（权益法） �长期股权投资（权益法） 被 投 资 单 位 名 称 与 母 公 司 关 系 投 资 期 限 占 被 投 资 企 业 注 册 资 本 的 比 例 初 始 投 资 额 累 计 追 加 投 资 额 累 计 增 减 额 期 末 数 本 年 增 减 额 分 得 现 金 红 利 本 年 增 减 额 累 计 增 加 额 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)=(5)+(6)+(9)+(1 1) - 上海陆家嘴房产开发有限公司 子公司 10年 73.00% 35,304,742.25 - 2,157,866.53 - 5,205,441.59 - 2,008,052.59 42,518,236.43 上海陆家嘴投资发展有限公司 联营公司 20年 40.00% 4,000,000.00 - -134,740.08 - 830,538.46 - - 4,830,538.46 上海高泰稀贵金属股份有限公司 联营公司 长期 23.82% 30,112,018.85 -3,584,764.15 -1,513,683.55 - -7,603,702.23 13,741.76 494,683.22 19,418,235.69 上海复旦科技园股份有限公司 联营公司 长期 20.00% 20,000,000.00 - 10,025,259.90 3,000,000.00 16,477,422.03 - - 36,477,422.03 东城商都实业公司 联营公司 15年 30.00% 1,500,000.00 - - - - - - 1,500,000.00 上海陆家嘴美食城有限公司 联营公司 10年 25.00% 2,500,000.00 - -4,465,657.05 - -2,500,000.00 - - - 上海环保（集团）有限公司 联营公司 10年 20.00% 20,000,000.00 - 1,174,853.25 - 3,892,907.50 - 36,600.00 23,929,507.50 小计 113,416,761.10 -3,584,764.15 7,243,899.00 3,000,000.00 16,302,607.35 13,741.76 2,539,335.81 128,673,940.11 损 益 调 整 额 投 资 准 备 减值准备 减值准备 期初数 因资产价值 回升转回数 其他原因转 出数 合计 期末数 上海高泰稀贵金属股份有限公司 10,459,088.74 - - - - 10,459,088.74 注1 东城商都实业公司 1,500,000.00 - - - - 1,500,000.00 小计 11,959,088.74 - - - - 11,959,088.74 减值准备本年减少数 减值准备 计提原因 减值准备本 年增加数 被投资单位名称 注 1：由于该公司连续亏损，本公司对其按可收回性计提减值准备； 注 2：以上投资变现不存在重大限制。 ②股权投资差额 被投资企业名称 初始金额 形成原因 摊销期限 本年摊销额 本期转出 摊余金额 上海陆家嘴房产开发有限公司 2,633,074.94 溢价投资 － 1,316,537.94 - 上海陆家嘴开发大厦有限公司 7,774,202.69 溢价投资 － - 6,996,782.42 - 小计 1,316,537.94 6,996,782.42 - 注：本期上海陆家嘴开发大厦有限公司纳入合并报表范围，故股权投资差额发生转出 18 （3）长期股权投资（成本法） �股票投资 被投资企业名称 股票类别 股票数量 占被投资企业 注册的比例 初始投资成本 年末市价总额 锦江酒店 法人股 7,800,000.00 <5% 7,500,000.00 61,620,000.00 天安保险 法人股 7,500,000.00 <5% 7,500,000.00 - 申能股份 法人股 3,000,000.00 <5% 5,600,000.00 16,620,000.00 交通银行 法人股 5,786,550.00 <5% 6,260,500.00 - 白猫股份 法人股 396,000.00 <5% 1,349,000.00 2,625,480.00 中卫国脉 法人股 13,840,077.00 <5% 51,655,628.00 59,373,930.33 招商银行 法人股 18,208,755.00 <5% 20,855,683.17 119,813,607.90 强生控股 法人股 27,388,895.00 <5% 10,941,696.00 108,186,135.25 大众保险 法人股 16,800,000.00 <5% 21,672,000.00 - 光大银行 法人股 16,940,000.00 <5% 33,110,000.00 - 浦发银行 法人股 30,000,000.00 <5% 20,000,000.00 292,500,000.00 百联股份 法人股 296,670.00 <5% 642,700.00 1,596,084.60 新黄浦 法人股 86,400.00 <5% 153,500.00 360,288.00 爱建股份 法人股 83,335.00 <5% 280,000.00 298,339.30 豫园商城 法人股 1,189,188.00 <5% 3,513,000.00 6,481,074.60 其他证券公司 法人股 40,048,539.00 <5% 53,724,527.92 - 小计 244,758,235.09 被投资企业名称 期初数 本年增加数 期末数 减值准备计提原因 其他证券公司 26,862,263.96 17,000,000.00 43,862,263.96 注 减值准备 注：由于证券市场长期低迷，本公司对所投资的证券公司按可收回性进一步计提减值准备。 19 ②其他长期股权投资（成本法） 被投资企业名称 投资期限 投资金额 占被投资企业注 册资本的比例 天宇网络通信有限公司 2002.12.31起 28,500,000.00 18.70% 上海陆家嘴动拆迁有限责任公司 20年 2,500,000.00 22.00% 上海光通信发展股份有限公司 － 20,000,000.00 10.00% 上海张江创业投资有限公司 20年 16,500,000.00 10.00% 上海通信技术中心 20年 5,588,407.50 7.50% 上海天宇数据网络通信有限公司 10年 500,000.00 2.50% 上海好美家装潢建材有限公司 8年 1,000,000.00 10.00% 小计 74,588,407.50 减值准备 减值准备 期初数 因资产价值回 升转回数 其他原因转 出数 合计 期末数 上海通信技术中心 2,484,674.57 - - - - 2,484,674.57 注1 减值准备本年 增加数 减值准备本年减少数 减值准备 计提原因 被投资单位名称 注 1：由于该公司连续亏损，本公司对其按可收回性计提减值准备； 注 2：以上投资变现不存在重大限制； 注 3：累计投资期末数占期末净资产的比例为：6.24 %。 5.6.2 母公司 （1）明细项目 期初数 本年增加 本年 减少 期末数 期初数 本年增加 本年减少 期末数 一、长期股权投资（权益法） 942,768,614.28 150,005,733.57 777,420.28 1,091,996,927.57 10,459,088.74 - - 10,459,088.74 其中：对子公司投资 887,432,996.13 144,615,155.54 777,420.28 1,031,270,731.39 - - - - 对合营公司投资 - - - - - - - - 对联营公司投资 55,335,618.15 5,390,578.03 - 60,726,196.18 10,459,088.74 - 10,459,088.74 二、长期股权投资（成本法） 287,757,442.59 - - 287,757,442.59 29,346,938.53 17,000,000.00 - 46,346,938.53 其中：股票投资 220,169,035.09 220,169,035.09 26,862,263.96 17,000,000.00 - 43,862,263.96 其他长期股权投资 67,588,407.50 - - 67,588,407.50 2,484,674.57 - - 2,484,674.57 合计 1,230,526,056.87 150,005,733.57 777,420.28 1,379,754,370.16 39,806,027.27 17,000,000.00 - 56,806,027.27 金额 减值准备 20 （2）长期股权投资（权益法） �长期股权投资（权益法） 被 投 资 单 位 名 称 与 母 公 司 关 系 投 资 期 限 占 被 投 资 企 业 注 册 资 本 的 比 例 初 始 投 资 额 累 计 追 加 投 资 额 累 计 增 减 额 期 末 数 本 年 增 减 额 分 得 现 金 红 利 本 年 增 减 额 累 计 增 加 额 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)=(5)+(6)+(9)+(1 1) 上海陆家嘴金融贸易区联合发展有限公司 子公司 50年 55.00% 322,437,158.95 - 180,313,567.68 11,000,000.00 363,240,367.51 3,017.26 21,333,229.87 707,010,756.33 上海陆家嘴城建开发有限责任公司 子公司 20年 70.00% 7,000,000.00 - -7,601,884.47 27,749,456.29 15,832,936.31 - - 22,832,936.31 上海陆家嘴软件产业发展有限公司 子公司 15年 90.00% 10,059,397.23 - 9,459.74 - -483,421.39 - - 9,575,975.84 天津陆兴房地产开发有限公司 子公司 30年 99.00% 9,900,000.00 - -258.03 - -258.03 - - 9,899,741.97 上海陆家嘴开发大厦有限公司 子公司 10年 90.00% 174,105,417.60 85,344,297.31 -122,436.91 - -725,050.68 - - 258,724,664.23 上海陆家嘴房产开发有限公司 子公司 10年 40.00% 12,000,000.00 - 863,146.56 - 4,204,073.53 - 803,221.04 17,007,294.57 上海陆家嘴投资发展有限公司 联营公司 20年 40.00% 4,000,000.00 - -134,740.08 - 830,538.46 - - 4,830,538.46 上海高泰稀贵金属股份有限公司 联营公司 长期 23.82% 30,112,018.85 -3,584,764.15 -1,513,683.55 - -7,603,702.23 13,741.76 494,683.22 19,418,235.69 上海复旦科技园股份有限公司 联营公司 长期 20.00% 20,000,000.00 - 10,025,259.90 3,000,000.00 16,477,422.03 - - 36,477,422.03 小计 589,613,992.63 81,759,533.16 181,838,430.84 41,749,456.29 391,772,905.51 16,759.02 22,631,134.13 1,085,777,565.43 损 益 调 整 额 投 资 准 备 减值准备 减值准备 期初数 因资产价 值回升转 回数 其他原因 转出数 合计 期末数 上海高泰稀贵金属股份有限公司 10,459,088.74 - - - - 10,459,088.74 注1 减值准备本年减少数 减值准备 计提原因 被投资单位名称 减值准备 本年增加 数 注 1：由于该公司连续亏损，本公司对其按可收回性计提减值准备； 注 2：以上投资变现不存在重大限制。 ②股权投资差额 被投资企业名称 初始金额 形成原因 摊销 期限 本年摊销额 本期处置 转出 摊余金额 上海陆家嘴开发大厦有限公司 7,774,202.69 溢价投资 10年 777,420.28 - 6,219,362.14 21 （3）长期股权投资（成本法） �股票投资 被投资企业名称 股票类别 股票数量 占被投资企业 注册的比例 初始投资成本 年末市价总额 锦江酒店 法人股 7,800,000 <5% 7,500,000.00 61,620,000.00 天安保险 法人股 7,500,000 <5% 7,500,000.00 - 申能股份 法人股 3,000,000 <5% 5,600,000.00 16,620,000.00 交通银行 法人股 5,786,550 <5% 6,260,500.00 - 白猫股份 法人股 396,000 <5% 1,349,000.00 2,625,480.00 中卫国脉 法人股 13,840,077 <5% 51,655,628.00 59,373,930.33 招商银行 法人股 18,208,755 <5% 20,855,683.17 119,813,607.90 强生控股 法人股 27,388,895 <5% 10,941,696.00 108,186,135.25 大众保险 法人股 16,800,000 <5% 21,672,000.00 - 光大银行 法人股 16,940,000 <5% 33,110,000.00 - 其他证券公司 法人股 40,048,539 <5% 53,724,527.92 - 小计 220,169,035.09 被投资企业名称 期初数 本年增加数 期末数 减值准备计提原因 其他证券公司 26,862,263.96 17,000,000.00 43,862,263.96 注 减值准备 注：由于证券市场长期低迷，本公司已对所投资的证券公司按可回收性进一步计提相应的减值准备。 ②其他长期股权投资（成本法） 被投资企业名称 投资期限 投资金额 占被投资企业注 册资本的比例 天宇网络通信有限公司 长期 24,000,000.00 16.00% 上海陆家嘴动拆迁有限责任公司 20年 1,500,000.00 15.00% 上海光通信发展股份有限公司 长期 20,000,000.00 10.00% 上海张江创业投资有限公司 20年 16,500,000.00 10.00% 上海通信技术中心 20年 5,588,407.50 7.50% 小计 67,588,407.50 22 减值准备 减值准备 期初数 因资产价值 回升转回数 其他原因转 出数 合计 期末数 上海通信技术中心 2,484,674.57 - - - - 2,484,674.57 注1 减值准备 计提原因 减值准备本 年增加数 减值准备本年减少数 被投资单位名称 注 1：该公司连续亏损，按投资比例计算的应属公司的期末净资产份额与帐面价值的差异计提减值准 备； 注 2：以上投资变现不存在重大限制； 注 3：累计投资期末数占期末净资产的比例为：20.08%。 5.7 长期债权投资 项目 账面余额 减值准备 账面净额 账面余额 减值准备 账面净额 长期债券投资 10,484,931.51 - 10,484,931.51 - - - 期末数 期初数 5.7.1 长期债券投资 初始投 本期应 累计应 种类 面值 资成本 年利率 到期日 计利息 计利息 账面余额 减值准备 2005年天安保险股份有 限公司次级定期债券 10,000,000.00 10,000,000.00 6.00% 2010年4月10日 484,931.51 - 10,484,931.51 - 期末数 5.8 固定资产及累计折旧 5.8.1 原值和累计折旧 23 项目 房屋及建筑物 办公和电子 设备 运输设备 其他设备 固定资产改良 支出 合计 原价： 期初余额 92,193,292.84 15,381,296.35 5,730,548.80 2,106,780.49 74,130,868.00 189,542,786.48 本期增加 - 369,720.49 3,701,560.57 - - 4,071,281.06 本期减少 664,034.00 6,341,689.59 2,060,613.57 410,479.14 74,130,868.00 83,607,684.30 期末数 91,529,258.84 9,409,327.25 7,371,495.80 1,696,301.35 - 110,006,383.24 累计折旧： 期初余额 23,600,532.29 11,927,641.13 2,864,249.22 1,874,479.21 16,901,648.25 57,168,550.10 本期增加 12,043,520.47 1,446,614.34 1,823,570.42 2,768.00 9,266,358.60 24,582,831.83 本期减少 19,921.03 5,660,104.91 1,787,955.25 351,431.11 26,168,006.85 33,987,419.15 期末数 35,624,131.73 7,714,150.56 2,899,864.39 1,525,816.10 - 47,763,962.78 帐面净值： 期初数 68,592,760.55 3,453,655.22 2,866,299.58 232,301.28 57,229,219.75 132,374,236.38 期末数 55,905,127.11 1,695,176.69 4,471,631.41 170,485.25 - 62,242,420.46 减值准备： 期初数 - - - - - - 本期增/(减） - - - - - - 期末数 - - - - - - 帐面净额： 期初数 68,592,760.55 3,453,655.22 2,866,299.58 232,301.28 57,229,219.75 132,374,236.38 期末数 55,905,127.11 1,695,176.69 4,471,631.41 170,485.25 - 62,242,420.46 5.8.2 固定资产及累计折旧本年增减变动原因分析 1.固定资产原值 期初数 189,542,786.48 本年增加：外购 2,877,817.00 其他（注） 1,193,464.06 小计 4,071,281.06 本年减少：报废和出售 9,461,316.30 转出 74,146,368.00 小计 83,607,684.30 期末数 110,006,383.24 24 2.累计折旧 期初数 57,168,550.10 本年增加：计提 24,305,874.32 其他（注） 1,133,790.85 小计 25,439,665.17 本年减少：报废和出售 8,665,930.44 转出 26,178,322.05 小计 34,844,252.49 期末数 47,763,962.78 注：本年增加中其他增加系由于公司子公司上海陆家嘴开发大厦有限公司期末纳入合并范围转入。 5.8.3 公司期末未计提固定资产减值准备。 5.9 无形资产 项目 车位使用权 非专利技术 合计 原始金额 150,000.00 1,000,000.00 1,150,000.00 取得方式 购买 股东投入 期初数 帐面余额 138,750.00 700,000.00 838,750.00 减：减值准备 - - - 帐面净额 138,750.00 700,000.00 838,750.00 本期增加： - - - 本期减少： - 本期转出 - - - 本期摊销 15,000.00 100,000.00 115,000.00 本期提/（冲）减值准备 - - - 15,000.00 100,000.00 115,000.00 期末数： - 帐面余额 123,750.00 600,000.00 723,750.00 减：减值准备 - - - 帐面净额 123,750.00 600,000.00 723,750.00 25 5.10 其他长期资产 5.10.1 其他长期资产原值和累计摊销 项目名称 原始成本 期初余额 本期增加 本期摊销 累计摊销 本期减少 期末余额 明城花苑 340,080,338.85 244,670,563.96 16,552,997.32 10,790,294.88 89,647,072.45 - 250,433,266.40 锦城大厦 75,627,000.46 53,390,784.81 4,963,144.79 2,431,263.26 19,704,334.12 - 55,922,666.34 一百杉杉 13,537,908.00 - 13,537,908.00 451,263.60 451,263.60 - 13,086,644.40 长鑫大厦 6,521,721.46 - 6,521,721.46 217,390.72 217,390.72 - 6,304,330.74 软件园 334,140,463.88 109,090,507.20 222,451,032.88 5,506,613.36 8,105,537.16 - 326,034,926.72 新景园一期（商铺） 494,880.72 - 494,880.72 6,873.35 6,873.35 - 488,007.37 B5-4地块（水族馆用地） 97,205,888.57 89,280,910.34 - 2,712,284.19 10,637,262.42 - 86,568,626.15 陆家嘴花园一期（商铺等） 5,633,116.51 5,445,345.96 - 187,770.56 375,541.11 - 5,257,575.40 新景园二期（商铺） 855,157.17 - 855,157.17 11,877.18 11,877.18 - 843,279.99 陆家嘴花园二期（商铺） 10,922,023.84 10,580,710.60 - 364,067.48 705,380.72 - 10,216,643.12 众城大厦 44,301,979.85 39,143,403.84 2,847,642.60 741,812.79 3,587,760.72 - 40,714,219.13 向城路东科大厦 20,520,902.34 - 20,520,902.34 399,017.55 399,017.55 - 20,121,884.79 其他 45,016,444.21 37,456,136.33 6,330,658.00 1,430,312.64 4,027,292.52 1,367,330.00 40,989,151.69 合计 994,857,825.86 589,058,363.04 295,076,045.28 25,250,841.56 137,876,603.62 1,367,330.00 856,981,222.24 5.10.2 其他长期资产跌价准备 项目名称 期初数 因资产价值回升转回 期末数 众城大厦 6,871,962.52 - 6,871,962.52 26 5.10.3 其他长期资产净值 项目名称 期初数 期末数 明城花苑 244,670,563.96 250,433,266.40 锦城大厦 53,390,784.81 55,922,666.34 一百杉杉 - 13,086,644.40 长鑫大厦 - 6,304,330.74 软件园 109,090,507.20 326,034,926.72 新景园一期（商铺） - 488,007.37 B5-4地块（水族馆用地） 89,280,910.34 86,568,626.15 陆家嘴花园一期（商铺等） 5,445,345.96 5,257,575.40 新景园二期（商铺） - 843,279.99 陆家嘴花园二期（商铺） 10,580,710.60 10,216,643.12 众城大厦 32,271,441.32 33,842,256.61 向城路东科大厦 - 20,121,884.79 其他 37,456,136.33 40,989,151.69 合计 582,186,400.52 850,109,259.72 注：其他长期资产均系以长期出租为目的的物业。 5.11 短期借款 借款种类 信用借款 - 90,000,000.00 期初数 期末数 5.12 应付账款 165,371,772.81 190,200,102.88 期末数 期初数 应付账款期末数中无应付给持本公司 5％（含 5％）以上表决权股份的股东单位的款项。 无账龄超过 3 年的大额应付账款。 27 5.13 预收账款 5.13.1 预收帐款帐龄分析表 余额 占总额比例 余额 占总额比例 1年以内 1,398,308,873.77 70.60% 1,111,952,492.58 68.89% 1－2年 490,406,135.10 24.76% 448,338,294.00 27.78% 2－3年 36,168,594.00 1.83% - - 3年以上 55,636,684.61 2.81% 53,827,967.00 3.33% 合计： 1,980,520,287.48 100.00% 1,614,118,753.58 100.00% 帐龄 期末数 期初数 预收帐款期末数中无预收持本公司 5％（含 5％）以上表决权股份的股东单位的款项。 5.13.2 预售房产收款 陆家嘴花园二期 1,774,090.10 130,090.10 2004年8月 100.00% 陆家嘴中央公寓 816,431,671.13 309,532,992.00 2006年12月 42.58% 预售比例 （按面积计算） 预计竣工时间 期初数 期末数 项目 5.13.3 帐龄超过 1 年的预收帐款主要明细如下 期末余额 帐龄 性质 未结转原因 上海盛大房地产开发有限公司 217,011,564.00 1-3年 土地款 未交地 仁恒房地产有限公司 52,400,407.00 3年以上 土地款 定金 5.14 应付股利 主要投资者 未付原因 母公司的其他股东 - 882,000.00 合并范围内的子公司对外应支付的股利 2,000,000.00 - 已宣告尚未支付 2,000,000.00 882,000.00 期末数 期初数 5.15 应交税金 税种 营业税 -69,381,123.82 -46,879,608.63 城建税 -2,721,587.02 -391,012.03 企业所得税 31,743,857.73 29,288,973.98 房产税 1,609,258.35 - 其他 6,368.08 25,099.90 -38,743,226.68 -17,956,546.78 期末数 期初数 28 5.16 其他应付款 222,148,194.03 53,386,201.84 期末数 期初数 其他应付款期末数中无应付给持本公司 5％（含 5％）以上表决权股份的股东单位的款 项。 5.17 预提费用 费用类别 结存原因 陆家嘴中心区 679,107,868.62 442,080,269.23 预提土地开发公共设施配套费用 竹园商贸区 329,956,713.40 121,831,450.00 预提土地开发公共设施配套费用 塘东地块 103,830,735.10 125,279,630.02 预提土地开发公共设施配套费用 世纪大道地块 401,445,604.59 215,581,434.35 预提土地开发公共设施配套费用 龙阳地块 23,761,326.09 28,849,011.88 预提土地开发公共设施配套费用 其他地块 2,602,881.63 3,928,120.00 预提土地开发公共设施配套费用 合计 1,540,705,129.43 937,549,915.48 期末数 期初数 5.18 预计负债 项目 预计违约赔偿 - 530,131.50 期末数 期初数 5.19 一年内到期的长期负债 借款种类 抵押借款 40,000,000.00 140,000,000.00 期末数 期初数 5.20 专项应付款 类别 浦东新区软件园专项资金 - 16,858,600.00 期末数 期初数 29 5.21 股本：每股面值 1 元，其股本结构为：(股票种类：普通股 A 股/B 股) 项目 余额 比例 余额 比例 一、未上市流通股份： 1.发起人股份 1,179,920,000.00 63.18% 1,179,920,000.00 63.18% 其中: (1)国家持有股份 1,121,120,000.00 60.03% 1,121,120,000.00 60.03% (2)境内法人持有股份 58,800,000.00 3.15% 58,800,000.00 3.15% (3)境外法人持有股份 (4)其他 2.募集法人股份 17,640,000.00 0.94% 17,640,000.00 0.94% 3.内部职工股 4.优先股或其他 其中:转配股 基金配售股份 柜台交易公司内部职工股份 战略投资者配售股份 一般法人配售股份 未上市流通股份合计: 1,197,560,000.00 64.12% 1,197,560,000.00 64.12% 二、已上市流通股份： 1.人民币普通股 160,524,000.00 8.59% 160,524,000.00 8.59% 2.境内上市的外资股 509,600,000.00 27.29% 509,600,000.00 27.29% 3.境外上市的外资股 4.其他 已上市流通股份合计： 670,124,000.00 35.88% 670,124,000.00 35.88% 三、股份总数 1,867,684,000.00 100.00% 1,867,684,000.00 100.00% 期末数 期初数 5.22 资本公积 项目 期末数 期初数 股本溢价 1,304,355,544.12 1,304,355,544.12 接受捐赠非现金资产准备 13,321.40 13,321.40 股权投资准备 10,585,595.44 103,259,575.64 关联交易差价 4,014,065.22 4,014,065.22 其他资本公积 23,627,448.00 23,506,418.00 合计 1,342,595,974.18 1,435,148,924.38 上述资本公积期末数比期初数减少92,552,950.20 元，主要系由于合并报表范围变化，抵消评估增 值的股权投资准备所致。 30 5.23 盈余公积 项目 期末数 期初数 法定盈余公积 466,339,015.79 415,698,104.49 法定公益金 474,337,318.04 449,016,389.43 任意盈余公积 637,006,524.13 386,450,603.19 储备基金 109,859,209.11 89,824,368.26 企业发展基金 109,859,209.11 89,824,368.26 1,797,401,276.18 1,430,813,833.63 5.24 未分配利润 期末数 期初数 调整前期初未分配利润 1,271,175,801.75 1,073,391,734.42 加：追溯调整期初数 -8,340,214.77 8,204,737.02 调整后期初未分配利润 1,262,835,586.98 1,081,596,471.44 加：本期净利润 569,966,625.03 494,433,251.39 可供分配的利润 1,832,802,212.01 1,576,029,722.83 减：提取盈余公积 366,587,442.56 188,625,730.95 外商投资子公司提取的奖福基金 36,426,983.37 12,507,364.90 应付股利 93,384,200.00 112,061,040.00 期末未分配利润 1,336,403,586.08 1,262,835,586.98 报告期利润预分配情况：根据公司章程规定，按当年度的税后利润 10%、5%、10%分 别提取法定盈余公积、法定公益金、任意公积金以及外商投资企业子公司提取的职工奖福基 金后，按四届五次董事会有关利润分配预案决议，拟分配普通股股利 0.06 元/股，当年度尚 余可分配利润拟全部转入任意公积金，用于公司再发展，该预分配方案尚待股东大会决议批 准。 对期初未分配利润的追溯调整数均为会计差错更正，具体原因详见本附注2.17.2 。 31 5.25 主营业务收入和主营业务成本 5.25.1 合并数 （1）分部报表 本期数 上期数 本期数 上期数 本期数 上期数 本期数 上期数 房地产 1,828,128,329.02 2,103,570,561.61 682,952,023.28 1,144,074,956.19 848,671,657.86 666,798,574.11 11,011,288,592.53 9,546,357,300.14 总资产 行业 主营业务收入 主营业务成本 营业利润 （2）报告期内各项目的收入金额 项目名称 1、土地批租收入 其中：陆家嘴中心区 907,562,258.22 1,057,454,171.78 泾南地块 - 56,090,980.00 塘东地块 6,420,000.00 153,883,300.00 桃林地块 128,748,306.00 世纪大道地块 20,000,000.00 20,000,000.00 龙阳地块 7,268,758.20 72,647,016.00 竹园商贸区 576,437,876.00 179,985,811.00 小计 1,646,437,198.42 1,540,061,278.78 2、房地产租赁收入 102,298,915.60 72,403,836.40 3、房产销售收入 陆家嘴花园一期 6,770,045.00 18,219,136.00 陆家嘴花园二期 - 440,392,538.00 海富花园 62,692,050.00 - 其他 9,930,120.00 10,883,783.00 小计 79,392,215.00 469,495,457.00 4、其他收入 - 21,609,989.43 合计： 1,828,128,329.02 2,103,570,561.61 本期数 上期数 5.25.2 母公司 本期数 上期数 本期数 上期数 本期数 上期数 土地批租收入 1,021,700,105.78 1,782,075,467.78 447,949,750.70 1,028,337,834.82 573,750,355.08 753,737,632.96 房产租赁收入 31,264,763.50 29,704,313.94 24,672,937.13 24,004,482.81 6,591,826.37 5,699,831.13 房产销售收入 77,964,655.00 467,230,703.00 63,554,455.87 326,284,398.38 14,410,199.13 140,946,304.62 合计 1,130,929,524.28 2,279,010,484.72 536,177,143.70 1,378,626,716.01 594,752,380.58 900,383,768.71 营业收入 营业成本 营业毛利 32 5.26 主营业务税金及附加 项目 营业税 86,313,783.73 116,006,464.81 城建税 136,997.49 184,139.76 其他 78,284.24 104,870.29 86,529,065.46 116,295,474.86 上期数 本期数 5.27 财务费用 项目 利息支出 - 11,385,878.12 减：利息收入 50,301,582.79 39,135,688.73 利息净支出/（净收益） -50,301,582.79 -27,749,810.61 加：汇兑净损失/（净收益） 2,599,992.88 -5,106.77 其他 303,076.45 284,064.75 -47,398,513.46 -27,470,852.63 上期数 本期数 5.28 投资收益 5.28.1 合并数 项 目 本期数 上期数 股票投资收益 3,904,255.38 13,027,986.03 债权投资收益 494,111.51 1,856,775.72 收到成本法核算的被投资企业分配来的利润 570,834.88 2,687,320.19 对被投资企业当期损益按权益法核算的调整金额 7,243,899.00 7,437,586.98 股权投资差额摊销 -2,093,958.22 1,551,292.96 股权投资处置损益 - 1,229,162.36 计提投资减值准备 -17,000,000.00 -37,321,352.70 委托理财投资收益 - - -6,880,857.45 -9,531,228.46 33 5.28.2 母公司 项 目 本期数 上期数 股票投资收益 3,422,288.70 9,727,986.03 债权投资收益 9,180.00 1,807,982.00 收到成本法核算的被投资企业分配来的利润 570,834.88 2,687,320.19 对被投资企业当期损益按权益法核算的调整金额 181,838,430.84 71,986,730.30 股权投资差额摊销 -777,420.28 1,814,600.36 股权投资处置损益 - 1,226,863.22 计提投资减值准备 -17,000,000.00 -37,321,352.70 168,063,314.14 51,930,129.40 5.29 补贴收入 项目 财政补贴 1,700,000.00 1,266,000.00 浦东新区财政局 期末数 期初数 款项来源 注：来源依据为上海市浦东新区财政局浦财经第 3830201119 号通知 5.30 营业外收入 项目 赔款收入 120,585.00 3,151,720.20 罚款收入 336,360.32 1,935,055.60 处理固定资产净收益 394,932.81 184,797.41 退房补偿收入 14,329,023.07 - 其他 633,129.85 152,440.24 15,814,031.05 5,424,013.45 上期数 本期数 5.31 营业外支出 项目 其他长期资产跌价准备的冲回 - -22,867,821.28 违约金 - 2,230,131.50 处理固定资产损失 721,327.82 420,761.66 其他 14,646.03 1,517,563.47 735,973.85 -18,699,364.65 上期数 本期数 34 5.32 收到的其他与经营活动有关的现金 其中价值较大的项目情况如下： 项目名称 本期数 利息收入 50,049,441.24 净房款划入 48,263,754.22 收到的押金保证金 6,065,615.00 代收款项 4,810,196.26 5.33 支付的其他与经营活动有关的现金 其中价值较大的项目情况如下： 项目名称 本期数 与上海陆家嘴房产开发有限公司往来划款 26,974,721.89 代拟成立的被投资公司支付土地转让金 24,315,600.00 与美食城往来划款 21,572,745.00 各项费用 20,872,260.34 6. 关联方关系及其交易 6.1 存在控制关系的关联方 6.1.1 存在控制关系的关联方简况 企业名称 与本公司 关系 注册地址 主营业务 经济性质 或类型 法定 代表人 上海陆家嘴(集团)有限公司 母公司 上海市浦东新区浦东大道 981 号 成片土地开发,房地产开发经营 国有独资 杨小明 上海陆家嘴金融贸易区联合发展有限公司 子公司 上海市浦东新区浦东大道 981 号 成片土地开发,房地产开发经营 外商投资 杨小明 上海陆家嘴城建开发有限责任公司 子公司 上海浦东东园四村 436 号 13 楼 征地、动拆迁等 有限责任 朱国兴 上海陆家嘴联合房地产有限公司 子公司 上海市浦东新区牡丹路 60 号 405 室 房地产开发及经营 有限责任 毛德明 上海浦东陆家嘴软件产业发展有限公司 子公司 上海浦东新区峨山路 91 弄 98 号 软件园管理、物业管理 有限责任 朱国兴 上海陆家嘴房产开发有限公司 子公司 上海市浦东新区浦东大道 981 号 房地产开发经营 有限责任 康慧军 上海陆家嘴开发大厦有限公司 子公司 陆家嘴金融贸易区 D3-5 地块 批租地块内商办综合楼开发经营 有限责任 朱国兴 天津陆兴房地产开发有限公司 子公司 天津市红桥区西青道仁爱花园 35 号 楼 4 门 104 室 房地产开发经营 有限责任 杨小明 35 6.1.2 存在控制关系的关联方的注册资本及其变化(金额单位：万元) 企业名称 期初数 本期增/(减)数 期末数 上海陆家嘴(集团)有限公司 174,319.57 - 174,319.57 上海陆家嘴金融贸易区联合发展有限公司 52,732.82 - 52,732.82 上海陆家嘴城建开发有限责任公司 1,000.00 - 1,000.00 上海陆家嘴联合房地产有限公司 9,000.00 - 9,000.00 上海浦东陆家嘴软件产业发展有限公司 1,000.00 - 1,000.00 上海陆家嘴房产开发有限公司 3,000.00 - 3,000.00 上海陆家嘴开发大厦有限公司 28,829.49 - 28,829.49 天津陆兴房地产开发有限公司 - 1,000.00 1,000.00 6.1.3 存在控制关系的关联方所持股份或权益及其变化(金额单位：万元) 期初数 本期增/(减)数 期末数 企业名称 金额 % 金额 % 金额 % 上海陆家嘴(集团)有限公司 112,994.00 60.50 - - 112,994.00 60.50 上海陆家嘴金融贸易区联合发展有限公司 29,003.05 55.00 - - 29,003.05 55.00 上海陆家嘴城建开发有限责任公司 700.00 70.00 - - 700.00 70.00 上海陆家嘴联合房地产有限公司 2,970.00 33.00 - - 2,970.00 33.00 上海浦东陆家嘴软件产业发展有限公司 900.00 90.00 - - 900.00 90.00 上海陆家嘴房产开发有限公司 2,190.00 73.00 - - 2,190.00 73.00 上海陆家嘴开发大厦有限公司 25,946.54 90.00 - - 25,946.54 90.00 天津陆兴房地产开发有限公司 - - 995.50 99.55 995.50 99.55 6.2 不存在控制关系但有关联交易的关联方 企业名称 与本公司关系 上海富都世界发展有限公司 受同一母公司控制 上海陆家嘴物业管理有限公司 受同一母公司控制 上海陆家嘴房地产经纪有限公司 受同一母公司控制 上海陆家嘴东城开发有限公司 受同一母公司控制 上海陆家嘴弘安实业总公司 受同一母公司控制 上海陆家嘴东安实业有限公司 受同一母公司控制 上海高泰稀贵金属股份有限公司 联营公司 上海陆家嘴美食城有限公司 联营公司 上海陆家嘴商业建设有限公司 联营公司 36 6.3 关联交易事项 企业名称 交易类型 本期数 上期数 交易条件 上海陆家嘴物业管理有限公司 房屋租赁收入 348,194.00 189,924.00 协议价 上海陆家嘴物业管理有限公司 购买房产 21,284,793.00 - 协议价 上海陆家嘴房地产经纪有限公司 房屋租赁收入 1,043,712.00 3,164,171.00 协议价 上海富都世界发展有限公司 房产租售代理费 574,846.59 - 协议价 上海陆家嘴（集团）有限公司 购买土地，厂房 295,492,727.00 - 协议价（注） 注：此采购金额为公司向上海陆家嘴（集团）有限公司支付的上海市东方路峨山路3-1 工业厂房 收购款及D-1、D-3、E-6 地块的土地补偿款。总金额为295,492,727.00 元，2005 年已全部付清。此交 易于2004 年度股东大会中获得通过，截至2005 年12 月31 日，手续已办理完毕。 6.4 关联方应收应付款项余额 关联方名称 款项余额性质 期末数 期初数 上海陆家嘴物业管理有限公司 应收账款 - 22,436.78 上海陆家嘴房地产经纪有限公司 其他应收款 73,404.40 100,000.00 上海陆家嘴物业管理有限公司 其他应收款 - 100,000.00 上海高泰稀贵金属股份有限公司 其他应收款 4,493,421.05 4,500,000.00 上海陆家嘴美食城有限公司 其他应收款 21,572,745.00 2,010,114.30 上海陆家嘴弘安实业总公司 应付账款 94,080,000.00 102,270,000.00 上海陆家嘴东安实业有限公司 应付账款 23,780,506.07 23,780,506.07 上海陆家嘴房地产经纪有限公司 预收账款 1,644,000.00 - 上海陆家嘴房地产经纪有限公司 其他应付款 137,569.00 1,644,000.00 上海陆家嘴（集团）有限公司 预收账款 6,000,000.00 - 6.5 其他关联交易事项 6.5.1 2003年7月公司向子公司上海陆家嘴房产开发有限公司的联营企业上海陆家嘴商业建设有 限公司转让龙阳 4-1-5 地块的使用权，土地用途为龙阳地区的公共服务设施建设。该土地面积为 12,388.90 平方米，建筑面积 24,788 平方米，转让金额人民币 72,647,016.00 元。上述合同金额已在上 年度结转收入，由于规划用地性质所引起的单价变化，本期上海陆家嘴商业建设有限公司向公司支付 补价7,268,758.20 元。 6.5.2 本年度公司合并范围子公司上海陆家嘴金融贸易区联合发展有限公司(以下简称“联合发展 公司”)收到上海陆家嘴房地产经纪公司房产租金1,075,680.00 元，上年度收到725,760.00 元；收到上海 陆家嘴（集团）有限公司预付购房款6,000,000.00 元，协议总价7,913,291.00 元。 37 6.5.3 本年度公司合并范围子公司联合发展公司投资的上海陆家嘴美食城有限公司（其中： 联合发展公司出资 25%，上海陆家嘴(集团)有限公司出资 75%）由于本公司地块动迁，需 要提前解除其对外签订的租约。根据上海市浦东新区国有资产管理办公室《关于陆家嘴美 食城相关损失处理的批复》(沪浦国资[2005]246 号文)，联合发展公司按投资比例承担相应 损失，截至 2005 年 12 月 31 日，联合发展公司支付上海陆家嘴美食城有限公司相应款项 2,157.2745 万元，并对此其他应收款全额计提坏账准备。 6.5.4 本年度公司合并范围子公司上海浦东陆家嘴软件产业发展有限公司向上海陆家嘴（集团） 有限公司支付软件园1-3 期房屋租金人民币22,955,283.07 元。 6.5.5 本年度公司与上海陆家嘴弘安实业总公司签订《金杨6-4 地块土地开发补偿协议》，并全额 支付了补偿金5,224,350.00 元。 6.5.6 其他 6.5.6.1 2004 年4 月2 日，公司与上海陆家嘴东安实业有限公司签订协议，委托该公司代为支付 公司所属地块至2012 年应承担的费用人民币44,028,817.73 元，截至2005 年12 月31 日,已累计支付人 民币20,248,311.66 元。剩余款项协议在2007 年和2010 年分两次分清。 6.5.6.2 2003 年2 月27 日，公司与上海陆家嘴弘安实业总公司签订协议，委托该公司在未来十年 中代为支付公司所属地块应承担的费用共计人民币14,572.87 万元，截至2005 年12 月31 日，本公司 已累计支付人民币5,164.87 万元，本年度因弘安公司进入歇业清算阶段，此款项转由弘安公司的控股 公司上海陆家嘴（集团）有限公司收取后代为支付。 6.5.7 关键管理人员的报酬 2005 年度本公司关键管理人员的报酬总额为238 万元。 7. 或有事项 截至2005 年12 月31 日，本公司未发生影响本会计报表阅读和理解的重大或有事项。 8. 承诺事项 2004 年 3 月 25 日，公司与天津市规划与国土资源局签订土地使用权出让合同，公司以 合同价人民币 15.11 亿元受让天津小伙巷地块的土地使用权，土地面积约 31.5 万平方米。截 至 2005 年 12 月 31 日，公司已按合同约定支付出让金人民币 6.044 亿元。余款将根据合同 约定与实际的履行情况进行支付。 38 9. 资产负债表日后事项 本公司于2006 年1 月5 日完成股权分置工作，流通股股东每10 股获得股票3.5 股。 10. 其他重要事项 10.1 本公司的股权分置方案已于 2005 年 11 月 9 日取得上海市国资委沪国资委产[2005]792 号文批准，并经 2005 年 12 月 8 日的股东大会审议通过。方案的具体情况为：流通 A 股股 东每 10 股，获得股票 3.5 股。 10.2 非经常性损益对本公司合并净利润的影响 根据证监会发布的《公开发行证券的公司信息披露规范问答第 1 号—非经常性损益 （2004 年修订）》的规定，非经常性损益是指公司发生的与经营业务无直接关系，以及虽 与经营业务相关，但由于其性质、金额或发生频率，影响了真实、公允地反映公司正常盈利 能力的各项收入、支出。非经常性损益对本公司合并净利润的影响如下表所示。 项目性质 具体业务内容 对本年度合并净利润 的影响金额 补贴收入 财政补贴 1,530,000.00 扣除资产减值准备后的营业外收入 退房补偿等收入 13,166,669.14 扣除资产减值准备后的营业外支出 赔偿、罚款等支出 -352,326.14 合计： 14,344,343.00 11. 若干上年度比较数据已经过重新编排已符合本年度报表列报要求。 12. 财务报表的批准报出 本财务报表业经本公司第四届董事会第五次会议于 2006 年 3 月 10 日批准报出。 Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. 600663 Annual Report 2005 2 Contents I. Important Notice II. Brief Information of the Company III. Summary of Accounting Data and Business Data IV. Changes in Capital Stock and Particulars about Shareholders V. Directors, Supervisors and Senior Executives VI. Management Structure of the Company VII. Brief Information to Shareholder's General Meeting VIII. Report of the Board of Directors IX. Report of the Board of Supervisors X. Substantial Events XI. Financial Statements XII. References 3 Chapter I Important Notice I. The Board of Directors, the Board of Supervisors and all directors, all supervisors and all senior executives of the Company undertake that this report neither has omitted any significant information nor contains any misrepresentation or information which is highly misleading, and collectively and individually accept full responsibility for the truthfulness, accuracy and integrity of the information contained herein. 2. None of the directors, supervisors or senior executives can’t guarantee or have objections for the truthfulness, accuracy and integrity of the contents of the annual report. 3. All the directors of the company are present at the meeting of the board of directors 4. Shanghai Zhonghua Huyin Certified Public Accountants Co., Ltd. is the auditor of the Company’s Financial Report of this year and a standard and unqualified audit report has been thus released. 5. Chairman of the Board of the Company Mr. Yang Xiaoming, General Manager, Mr. Zhu Guoxing, Chief Financial Officer, Mr. Shi Guohua, hereby declare: The truthfulness and integrity of the financial report carried in this year are guaranteed. The annual report is produced in duplicates, one in Chinese, the other in English. Should any inconsistence in understanding occur between the two versions, the Chinese version should be considered as final. Chapter II Brief Information of the Company 1. Statutory Chinese name: 上海陆家嘴金融贸易区开发股份有限公司 Statutory abbreviation of Chinese name: 陆家嘴 English name: Shanghai Lujiazui Finance &Trade Zone Development Co., Ltd. Abbreviation of English name: SLDC 2. Legal representative: Yang Xiaoming 3. Secretary of the Board: Bi Hailin Contact address: No. 981, Pudong Avenue, Shanghai, P.R. China 4 Tel: 58764039 Fax: 58873688 E-mail: hlbi@ 4. Registered address: No. 981, Pudong Avenue, Shanghai, P.R. China Office address: No. 981, Pudong Avenue, Shanghai, P.R. China Post code: 200135 Website: E-mail: invest@ 5. Designated media for information disclosure: Shanghai Securities News and Hong Kong Wen Wei Po Website designated by China Security Regulatory Commission for disclosure of annual report: Preparation and filing place for the annual report: No. 981, Pudong Avenue, Shanghai, P.R. China 6. A-share stock listing place: Shanghai Securities Exchange A-share stock abbreviation: Lujiazui Stock code: 600663 B-share stock listing place: Shanghai Securities Exchange B-share stock abbreviation: Lujia B-Share Stock code: 900663 7. Other relevant information The initial registered date: August 30th, 1992 The initial registered place: No. 981, Pudong Avenue, Shanghai, P.R. China The registered code for business license of corporation: qiguhuzongzi No. 019040 The registered code of tax: 310046527299021 The domestic accountant of the company: Shanghai Zhonghua Huyin Certified Public Accountants Co., Ltd. The office address of the domestic account of the company: Floor 12, Ocean Building, No. 550, Yanan Rd. E Shanghai Chapter III Summary of Accounting Data and Business Data 1. Major financial data in report period 5 Unit: RMB yuan Item Amount Total profit 858,568,857.61 Net profit 569,966,625.03 Net profit after deducting irregular gains/losses 555,622,282.03 Core business profit 1,058,647,240.28 Other business profit 4,322,899.20 Operating profit 848,671,657.86 Investment income -6,880,857.45 Subsidy income 1,700,000.00 Net of non-operating income/expenses 15,078,057.20 Net cash flow from operating activities 909,298,613.39 Net increase in cash and cash equivalents 597,948,781.06 2. Differences between domestic and foreign accounting standards Unit: 1,000 RMB yuan Net Profit Shareholders’ Equity Year 2005 Year 2004 Year 2005 Year 2004 In accordance with PRC statutory accounts 569,967 494,433 6,344,085 5,996,482 Timing difference of amortisation of pre-operating expenses - 737 - - Realized/unrealized gains on trading investments - -3,035 - - Unrealized gain on sales of a land - - -11,195 -11,195 Reversal of assets revaluation gain of a subsidiary - - -109,048 Recognition of provision for staff welfare and bonus fund as an expense -36,427 -12,506 - - Recognition of write back of accounts payable as an income 121 23,193 - - Recognition of deferred tax assets & others 13,932 17,293 16,944 19,369 Amortization of Goodwill 1,316 - - - Others 972 1,055 490 -2,190 Effect on minority interests as a result of the above adjustments - 32,721 - 409 6 ────── ────── ────── ────── As restated after IFRS adjustments 549,881 553,891 6,350,324 5,893,827 3. Items and total amount of irregular gains/losses and related items to be deducted Unit: RMB yuan Irregular gains/losses items Amount All types of government subsidies 1,530,000.00 Other non-operating income/expense after deducting assets depreciation provision 12,814,343.00 Total 14,344,343.00 4. Major accounting data and financial indexes over the last three years at the end of report period Unit: RMB yuan 2004 2003 2005 Adjusted Unadjusted +/-(%)over last period Adjusted Unadjusted Main Business Income 1,828,128,329.02 2,103,570,561.61 2,103,570,561.61 -13.09 2,271,274,831.46 2,271,274,831.46 Total profit 858,568,857.61 682,656,723.75 752,816,172.47 25.77 803,285,389.33 797,408,955.42 Net profit 569,966,625.03 494,433,251.39 536,152,790.15 15.28 669,891,923.35 664,015,489.44 Net profit after deducting irregular gains/losses 555,622,282.03 442,515,216.78 442,452,665.60 25.56 657,723,205.44 650,259,056.23 Net cash flow from opera ting activities 909,298,613.39 631,496,722.56 631,496,722.56 43.99 1,265,836,518.61 1,265,836,518.61 At the end of 2004 At the end of 2003 At the end of 2005 Adjusted Unadjusted +/-(%)over last period Adjusted Unadjusted Total assets 11,011,288,592.53 9,546,357,300.14 9,607,809,663.10 15.35 8,897,787,121.58 8,889,468,231.86 Shareholders’equity (excluding the Minority shareholders’ equity 6,344,084,836.44 5,996,482,344.99 6,022,860,794.04 5.80 5,602,413,054.58 5,594,094,164.86 2004 2003 2005 Adjusted Unadjusted +/-(%)over last period Adjusted Unadjusted Gains pershare 0.31 0.26 0.29 15.28 0.36 0.36 Latest gains per share Gain rate of net assets (%) 8.98 8.25 8.90 +0.74%point 11.96 11.87 Gain rate of net assets after deducting the net profit of irregular gains/losses 8.76 7.38 7.35 +1.38% points 11.74 11.62 Net cash flow per share from the operating activities 0.49 0.34 0.34 43.99 0.68 0.68 At the end of 2004 At the end of 2003 At the of 2005 Adjusted Unadjusted +/-(%)over last period Adjusted Unadjusted Net assets per share 3.40 3.21 3.22 5.80 3.00 3.00 Net assets per share after adjustment 3.36 3.17 3.19 5.87 2.93 2.93 5. The comparative earning ratios on net assets and earnings per share in report period pursuant to “Rules on Compilation and Reporting of Information Disclosure of 7 Public Listed Companies” No. 9 issued by CSRC are as follows: Unit: RMB yuan Earning ratio on net assets （%） Earning per share Profit during the report period Fully diluted Weighted average Fully diluted Weighted average Main operating profit 16.69 16.95 0.57 0.57 Operating profit 13.38 13.59 0.45 0.45 Net profit 8.98 9.12 0.31 0.31 Net profit after deducting irregular gains/losses 8.76 8.90 0.30 0.30 6. Particulars about changes of shareholders’ equity and related reasons during the report period: Unit: RMB yuan Items Share capital Capital reserve Surplus reserve Statutory public welfare Undistributed profit Total shareholder’s equity At beginning of the period 1,867,684,000.00 1,435,148,924.38 1,430,813,833.63 449,016,389.43 1,262,835,586.98 5,996,482,344.99 Increase in this period 137,789.02 366,587,442.55 25,320,928.61 569,966,625.03 936,691,856.60 Decrease in this period 92,690,739.22 496,398,625.93 589,089,365.15 At end of this period 1,867,684,000.00 1,342,595,974.18 1,797,401,276.18 474,337,318.04 1,336,403,586.08 6,344,084,836.44 Capital reserve decreased because of the consolidation offset in report period. The increase of surplus reverse during the report period was caused by profit extraction after taxes according to the Rules of the Company and the Resolutions of the Shareholders’ General Meeting. The increase of undistributed profit is due to the transfer of profit of this year, while the decrease is due to the extraction of surplus reserve, staff bonus and welfare funds of subsidiaries and cash dividends distributed in this year. Chapter IV Changes in Capital Stock and Particulars about Shareholders I. Particulars about the changes in capital stock 1. Table of particulars about the changes in shares Unit: share Before the change Increase/decrease in the change After the change 8 Amount % New shares issued Bonus Transferred from surplus reserve Others Subtotal Amount % 1. Non-circulating Shares (1) Founder’s share 1,179,920,000 63.18 1,179,920,000 63.18 Including： State-owned Shares 1,121,120,000 60.03 1,121,120,000 60.03 shares owned by domestic legal person 58,800,000 3.15 58,800,000 3.15 share owned by foreign legal person Others (2) Collected legal person shares 17,640,000 0.94 17,640,000 0.94 (3) Internal employees’ shares (4) Preference shares and other non-circulating shares Total of non-circulating shares 1,197,560,000 64.12 1,197,560,000 64.12 2. Circulating shares (1) A-shares 160,524,000 8.59 160,524,000 8.59 (2) B-shares issued in domestic market 509,600,000 27.29 509,600,000 27.29 (3) Shares issued in overseas market 4.Others Total circulating shares 670,124,000 35.88 670,124,000 35.88 3. Total shares 1,867,684,000 100 1,867,684,000 100 Other particulars disclosed that is necessay for the Company and required by security supervising organization The equity distribution reform plan of the Company was passed by vote at A-share market- related shareholder’s meeting on December 8th, 2005. The Company started consideration payment on January 5th, 2006, that is, every 10 A-share circulation shares get 3.5 shares as consideration, according to share reform plan and relevant procedures. On January 6th, A-share stock of the Company began resumption of trading. So the change of stocks of the Company occurred in January, 2006. 2. Particulars about share issuance and listing of the Company (1) Particulars about share issuance in previous three years In the previous three years before the end of this report period, there is no supplementary issuance, stock allotment etc. in the Company. (2) Particulars about changes of share capital and structure of the Company During the report period, there were no changes of share capital and structure of the Company due to distributions of bonus shares or rationed shares. 9 (3) Particulars about current internal shares held by employees To the end of this report period, there was no internal share held by employees. II. Shareholders’ profile 1. Amount of shareholders and shareholding profile Unit: share Amount of shareholders at the end of the report period 161,490 shareholders, including 101,944 A-share holders, 59,546 B-share holders. Particulars about shares held by top ten shareholders Name of shareholders Nature of shareholders Proportion (%) Total amount of shares held Increase/ decrease in report period Types of share Amount of non- circulating shares held Amount of Shares pledged or frozen Shanghai Lujiazui (Group) Co., Ltd. (Authorized operator) State- owned shareholder 60.03 1,121,120,000 0 Non- circulating 1,121,120,000 No Shanghai International Trust & Investment Corporation State- owned shareholder 3.15 58,800,000 0 Non- circulating 58,800,000 No TOYO SECURITIES ASIA LTD. A/C CLIENT Foreign shareholder 0.83 15,597,621 86,137 Circulating 0 Unknown NAITO SECURITIES CO., LTD. Foreign shareholder 0.76 14,292,900 -368,800 Circulating 0 Unknown Shenyhin Wanguo Securities Co., Ltd. State- owned shar eholder 0.47 8,820,000 0 Non- circulating 8,820,000 Pledged Shanghai Lujiazui (Group) Co., Ltd. State- owned shareholder 0.47 8,820,000 0 Non- circulating 8,820,000 No Core pacific-Yanmichi Securities (Hong Kong) Co., Ltd. Foreign shareholder 0.46 8,631,569 -54,800 Circulating 0 Unknown THE NOMURA SECURITIES CO. LTD. Foreign shareholder 0.30 5,725,989 -124,444 Circulating 0 Unknown AIZAWA SECURITIES CO., LTD. Foreign shareholder 0.30 5,710,222 146,082 Circulating 0 Unknown HARVEST CHINA EQUITIES INVESTMENT COMPANY LIMITED Foreign shareholder 0.29 5,588,275 5,588,275 Circulating 0 Unknown Particulars about circulation shares held by top ten shareholders Names of shareholders Amount of circulation shares held Types of shares TOYO SECURITIES ASIA LTD. A/C CLIENT 15,597,621 B shares issued in domestic market NAITO SECURITIES CO., LTD. 14,292,900 B shares issued in domestic market Core pacific-Yamichi Securities (Hong Kong) Co. Ltd. 8,631,569 B shares issued in domestic market THE NOMURA SECURITIES CO. LTD. 5,725,989 B shares issued in domestic market AIZAWA SECURITIES CO.,LTD. 5,710,222 B shares issued in domestic market HARVEST CHINA EQUITIES INVESTMENT COMPANY LIMITED 5,588,275 B shares issued in domestic market 10 Golden China Master Fund 5,261,482 B shares issued in domestic market GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 4,492,621 B shares issued in domestic market DEUTSCHE BANK LONDON 4,307,803 B shares issued in domestic market WANG SHANG KEE &/OR CHIN WAN LAN 4,095,591 B shares issued in domestic market Explanation on associated relationship or consistent action of the above shareholders All top ten shareholders of circulation shares of the Company are foreign shareholders of B-share. The Company is not aware whether they have associated relationship among them or belong to the consistent actionists regulated by Management Regulation of Information Disclosure on Changing of Shareholding for Listed Companies. Shanghai Lujiazui Development (Group) Co., Ltd., the ultimate shareholder of the Company, is a state-owned shareholder and authorized operating unit, and Shanghai Lujiazui (Group) Co. Ltd., the 6th shareholder of the Company, belongs to the consistent actionist regulated by Management Regulation of Information Disclosure on Changing of Shareholding for Listed Companies. 2. Particulars about changes in ultimate shareholders and actual controllers of the Company （1）Particulars about legal ultimate shareholders Name of the company: Shanghai Lujiazui (Group) Co., Ltd. (Authorized state-owned sole proprietorship company) Legal representative: Yang Xiaoming Registered capital: RMB 1,743,195,704 Date of foundation: August 1st, 1990 Major operating business or management activities: development and operation of real estate, urban basic construction, construction investment, investment consultation, entity investment, domestic trade (excluding special provision), assets management and operation, information. （2）Particulars about actual controllers Name of the company: Shanghai State-owned Assets Supervision Management Committee and Shanghai Pudong New District State-owned Assets Management Office （3）Particulars about changes in ultimate shareholders and actual controllers There is no change in ultimate shareholders and actual controllers of the Company during the report period. （4）Block diagram indicating property right and controlling relationship between the Company and the actual controller. 11 100％ 60.5%（Authorized operator） 3. Other legal person shareholders holding over 10% of the Company’s shares Unit: RMB Name of shareholder Legal representative Registered capital Date of foundation Major operating business and management activities No Chapter V Directors, Supervisors and Senior Executives I. Particulars about directors, supervisors and senior executives Unit: share Currency: RMB Name Title Sex Ag e Starting time of service term Terminal time of service term Shares held at the beginning of year Share s held at the end of year Incre ase /Decr ease Reason for changes Total Paid by the Company during report period(RMB0,0 00) Yang Xiaoming Chairman of the Board Male 53 2005- 05-30 2008- 05-29 3,000 3,000 0 0 Zhu Guoxing Director, General Manager Male 58 2005- 05-30 2008- 05-29 2,000 2,000 0 31 Mao Deming Director Male 55 2005- 05-30 2008- 05-29 0 0 0 0 Xu Erjin Director Male 38 2005- 05-30 2008- 05-29 0 0 0 0 Shi Guohua Director Male 52 2005- 05-30 2008- 05-29 0 0 0 0 Qu Chengka ng Director Male 49 2005- 05-30 2008- 05-29 0 0 0 0 Yao Xitang Independen t Director Male 72 2005- 05-30 2008- 05-29 0 0 0 5 Lu Qiyao Independen Male 59 2005- 2008- 0 0 0 5 Shanghai State-owned Assets Supervision Management Committee Pudong New District State-owned Assets Management Office Shanghai Lujiazui (Group) Co., Lttd. The Company 12 t Director 05-30 05-29 Huang Xixiong Independen t Director Male 53 2005- 05-30 2008- 05-29 0 0 0 5 Yan Jun Chief Supervisor Male 53 2005- 05-30 2008- 05-29 2,000 2,000 0 0 Xun Jiujin Supervisor Male 51 2005- 05-30 2008- 05-29 1,000 1,000 0 0 Zhang Zhenbo Supervisor Male 59 2005- 05-30 2008- 05-29 0 0 0 32 Sun Jiaxiang Deputy General Manager Male 58 2005- 05-30 2008- 05-29 0 0 0 27 Wei Zongsi Deputy General Manager Male 59 2005- 05-30 2008- 05-29 0 0 0 30 Zhu Jiayong Deputy General Manager Femal e 52 2005- 05-30 2008- 05-29 0 0 0 26 Zhu Wei Deputy General Manager Male 49 2005- 05-30 2008- 05-29 12,842 12,84 2 0 30 Jiang Ping Deputy General Manager Femal e 48 2005- 05-30 2008- 05-29 0 0 0 28 Bi Hailin Secretary of the Board Femal e 38 2005- 05-30 2008- 05-29 0 0 0 19 Total / / / / / / 238 Working experience of directors, supervisors and senior executives in the latest 5 years: (1) Yang Xiaoming, from 2001 to June 2004, General Manager of Shanghai Jinqiao (Group) Co., Ltd.; now General Manager, Party Committee Secretary and Chairman of Board of Directors of Shanghai Lujiazui (Group) Co., Ltd. (2) Zhu Guoxing, from 2001 to now, deputy secretary of Party Committee and General Manager of Shanghai Lujiazui (Group) Co., Ltd. (3) Mao Deming, from 2001 to December 2004, deputy General Manager of Shanghai Zhangjiang (Group) Co., Ltd.; now deputy General Manager of Shanghai Lujiazui (Group) Co., Ltd. (4) Xu Erjin, from January 2001 to January 2005, deputy General Manager and General Manager of Investment Management Department of Shanghai Waigaoqiao (Group) Co., Ltd.; now General Manager Assistant of Shanghai Lujiazui (Group) Co., Ltd. (5) Shi Guohua, from 2001 to now, Manager of Programm Department and General Manager of Programm and Finance Department of Shanghai Lujiazui (Group) Co., Ltd. (6) Qu Chengkang, from August 2001 to now, deputy General Manager of Shanghai Shangtou Industry Investment Co., Ltd. 13 (7) Yao Xitang, from 2001 to now, Head of Pudong Reform Development Research Institute. (8) Lu Qiyao, from 2001 to now, Lawyer of Shanghai Zhongyuan Law Office. (9) Huang Xixiong, from 2001 to now, Senior Director of Supervision Department of Shanghai Futures Exchange. (10) Yan Jun, from 2001 to 2005, deputy General Manager of Shanghai Lujiazui (Group) Co., Ltd.; now deputy Secretary of Party Committee of Shanghai Lujiazui (Group) Co., Ltd. (11) Xu Jiujin, from 2001 to April 2004, CFO of Shanghai Zhangjiang (Group) Co., Ltd.; from April 2004 to April 2005, full time Supervisor of Shanghai Jinqiao (Group) Co., Ltd.; now full time Supervisor of Shanghai Lujiazui (Group) Co., Ltd. (12) Zhang Zhenbo, from September 2001 to July 2005, Chairman of Labour Union of the Company and now Head of Purchasing Center of the Company. (13) Sun Jiaxiang, from 2001 to June 2002, Manager of Urban Construction Branch of the Company; now deputy General Manager of the Company. (14) Wei Zongsi, from 2001 to June 2002, Manager of Programm Department of the Company; now deputy General Manager of the Company. (15) Zhu Jiayong, from 2001 to May 2005, deputy Manager of Urban Construction Branch and Head of Lease Center; now deputy General Manager of the Company. (16) Zhu Wei, from 2001 to now, deputy General Manager of the Company. (17) Jiang Ping, from 2001 to June 2002, Manager of Enterprise Management Department of the Company; now deputy General Manager of the Company. (18) Bi Hailin, from 2001 to May 2005, deputy Manager of Investment Department and deputy General Manager of Assets Management of the Company; now Secretary of the Board of Directors of the Company. II. Particulars about Titles of Directors, Supervisors and Senior Executives in Shareholding Companies 14 Name Name of Shareholding Company Title Starting Date of service term Terminal Date of service term Whether of no receiving reward and allowance Yang Xiaoming Shanghai Lujiazui(Group) Co., Ltd. General Manager,Secretary of Party Committee 2004-06-01 No Zhu Guoxing Shanghai Lujiazui(Group) Co., Ltd. Deputy Secretary of Party Committee 2001-09-11 No Yan Jun Shanghai Lujiazui(Group) Co., Ltd. Deputy Secretary of Party Committee 1995-08-10 No Mao Deming Shanghai Lujiazui(Group) Co., Ltd. Deputy General Manager No Xu Erjin Shanghai Lujiazui(Group) Co., Ltd. General Manager Assistant No Shi Guohua Shanghai Lujiazui(Group) Co., Ltd. General Manager of Programm and Finance Department No Xun Jiujin Shanghai Lujiazui(Group) Co., Ltd. Full time Supervisor No Particulars about titles of directors, supervisors and senior executives in other companies Name Name of other companies Title Starting date of service term Terminal date of service term Whether or not receiving reward and allowance Zhu Guoxing Shanghai Qiangsheng Holding Co., Ltd. Director 2003-07-29 No Xu Erjin Zhongwei Guomai Co., Ltd. Director 200 No III. Particulars about remuneration of directors, supervisors and senior executives of the Company 1. Decision-making procedures of remuneration of directors, supervisors and senior executives: implement according to the remuneration system established by the Company; the remuneration system need to be reviewed by the Board of Directors and approved by Shareholders’ General Meeting. 2. Remuneration of directors, supervisors and senior executives decided based on: their posts held and their performance. 3. Particulars about Directors and Supervisors who did not get paid from the Company 15 Name Whether or not get paid from shareholders or other related companies Yang Xiaoming Yes Mao Deming Yes Xu Erjin Yes Shi Guohua Yes Qu Chengkang No Yan Jun Yes Xun Jiujin No IV. Particulars about changes of directors, supervisors and senior executives during the report period During this report period, there was a re-election for new directors and supervisors. At the Shareholder’s General Meeting 2004, Mr. Yang Xiaoming, Mr. Zhu Guoxing, Mr. Mao Deming, Mr. Xu Erjin, Mr. Shi Guohua and Mr. Qu Chengkang were respectively elected as Directors of the 4th Board of Directors of the Company; Mr. Yao Xitang, Mr. Lu Qiyao and Mr. Huang Xixiong were respectively elected as Independent Directors of the 4th Board of Directors of the Company; Mr. Yan Jun, Mr. Xun Jiujin and Mr. Zhang Zhenbo were respectively elected as Supervisors of the 4th Board of Supervisors of the Company. At the 1st meeting of the 4th Board of Directors, Mr. Zhu Guoxing was reappointed as General Manager of the Company; Mr. Sun Jiaxiang, Mr. Wei Zongsi, Ms Zhu Jiayong, Mr. Zhu Wei and Ms Jiang Ping were respectively appointed as deputy General Manager of the Company; Ms Bi Hailin was appointed as Secretary of the 4th Board of Directors. V. Particulars about staff condition of the Company At the end of the report period, the Company has 188 working employees and no retired employees in the payroll. Staff condition is as follows: 1 .The constitution of specialties Classification Number Management 66 Engineering 53 Finance 26 Others 43 2. The constitution of education background Classification Number 16 Master or above 29 Four year college 65 Two year college or lower 94 Chapter VI Management Structure of the Company I. Management status of the Company The Company was constantly improving the corporate management structure, standardizing operation strictly based on “The Company Law”, “The Security Law”and “Listed Company Governance Rules” in 2005. During the report period, the Company revised the “Articles of Association”, established “Detailed Rules of Implementation of Auditing Committee of the Board of Directors” and other regulations according to “Several Regulations about Strengthening Social Public Shareholders’ Equity Protection” and “Notice about Supervising and Urging Listed Companies Revising Articles of Association” issued by CSRC and “Rules about Listed Stocks” issued by Shanghai Securities Exchange. During the report period, the Board of Directors and the Board of Supervisors of the Company finished the re-elections for new directors and supervisors. Reviewed and passed by the Shareholder’s General Meeting 2004, the 4th Board of Directors is composed of 9 directors, including 1 external director and 3 independent directors; the 4th Board of Supervisors is composed of 3 supervisors. During the report period, the internal regulations of the Company got further amplified, all regulations were implemented effectively. The Shareholder’s General Meeting, the Board of Directors, the Board of Supervisors and the management of the Company were performing their own functions and were responsible for their own functions; there was a harmonious and restraining relationship between them. They all strictly abided by relevant laws amd regulations and effectively ensured the long-term, steady and sound development of the Company. II. Particulars about Performance of Independent Directors of the Company 1. Attendance of Independent Directors at meetings of the Board of Directors Name Expected attendances Actual attendances Entrusted attendances Absences Remarks Yao Xitang 8 6 2 0 Lu Qiyao 8 7 1 0 Huang Xixiong 8 8 0 0 17 At the 2nd temporary meeting of the 3rd Board of Directors 2005 of the Company, Mr. Yao Xitang was absent because of a business trip and entrusted Mr. Huang Xixiong to be present and exercise the right to vote; at the 1st meeting of the 4th Board of Directors of the Company, Mr. Lu Qiyao was absent because of a business trip and entrusted Mr. Yao Xitang to be present and exercise the right to vote; at the 2nd meeting of the 4th Board of Directors of the Company, Mr. Yao Xitang was absent because of a business trip and entrusted Mr. Huang Xixiong to be present and exercise the right to vote. 2. Dissidences proposed by Independent Directors on related issues of the Company During the report period, Independent Directors of the Company has not proposed any disagreement on issues reviewed by Board of Directors. During the report period, Independent Directors could practically perform their functions, had an intimate understanding of the whole situation of the Company, paid close attention to the developments and proposed many professional and constructive suggestions on management of the Company, promoted actively the standard operation and virtuous development, safeguarded the benefits of medium-sized and small shareholders, and played a positive role as an Independent Director. III. Independence in business, personnel, assets, organization and finance of the Company from its ultimate shareholder 1. Independence of Business: The Company owns completely independent business resources and operating ability. Generally, the Company has no dependent relationship with ultimate shareholders and their related enterprises. 2. Independence of Personnel: The Company is independent in labor, personnel and wage management with the ultimate shareholders. 3. Independence of Assets: The Company is in possession of tangible and intangible assets such as production system, house property and right of land use, which are independent with the ultimate shareholders. 4. Independence of Organization: The Company has independent inner organizations, which are directly under the leadership of the Company and hold themselves responsible directly to the Company, and separated completely from the ultimate shareholders. 18 5. Independence of Financial affairs: The Company has a completely independent financial department, sets up an independent business accounting system and financial management regulations and makes independent financial decisions. The Company has an independent bank account, and pay tax in conformity with legal provisions as an independent entity. The utilization of the funds by the Company has never been interfered with or controlled by the ultimate shareholders. IV. Evaluation and motivation of senior executives Senior executives of the Company hold themselves responsible to the Board of Directors, and the Board of Directors examines and evaluates senior executives. The annual operating targets set by the Board of Directors are the criteria of examination and evaluation for senior executives, who will be annually evaluated and motivated by the completion of the target responsibility. Chapter VII Shareholders’ General Meeting Summary I. Particulars about Annual Shareholders’ General Meeting The Company held 2004 Shareholders’ General Meeting in Shanghai Pudong New Stage on May 30th, 2005; the announcement of resolutions was published in Shanghai Securities News and Hong Kong Wen Wei Po on May 31st, 2005. II. Particulars about Provisional Shareholders’ General Meeting The Company didn’t hold provisional Shareholders’ General Meeting during the report period. III． Others The Company held A-share market-related Shareholders’ Meeting in Shanghai Pudong New Stage on December 8th, 2005, voting the equity distribution reform plan of the Company, the announcement of resolutions was published in Shanghai Securities News on December 9th, 2005. Chapter VIII Report of the Board of Directors I. Review of operation status of the Company during report period 19 1. General operations of the Company during report period The Company started substantially the main operating business turn in 2005. According to the developing strategy of the Company set by the Board of Directors, the Company completed the following tasks in real estate development: （1） The Company hatched and developed some house property projects within the area of Lujianzui, mainly including A-level office buildings, shop buildings and international communities, in which 8 projects,total area of 280,000 m2, have been started working in report period. （2）To meet the present market’s needs of Lujiazuo area, the Company invested on some temporary commercial buildings, nearly 9,000 m2, in which some projects have been completed and in operation. （3）In order to enlarge the scale of property operation, the Company purchased some workshops with area 30,000 m2, which will be rebuilt into office buildings and then leased out. （4）The Company sorted out all the residual property, classified them again and reasonably adjusted their usage. In this way, the Company has house property 150,000 m2 that can be leased out on the long-term basis. As for the business of land operation, the Company has leased out land with 72,500 m2 in the whole year, with contract sum about RMB 3 billion, in which 2-4 plots of Zhuyuan commerce and trade zone of the Company was to be transferred in the way of public bidding, as a result, Hejihuangpu won the bid with the floor price of RMB 12,000 per squared meter. With the adjustment of main operating business, the Company requires all staff to change their original concept, promotes the development awareness of innovation in business and constant learning, the awareness of cost control and benefits, the teamwork awareness of specialty division and cooperation with each other, the efficiency awareness of sustaining improvement of the organization and optimizing the business flow. Meanwhile, the Company makes further improvement in inner organization; revises managing rules and regulations, optimizes the business flow so as to improve the operating efficiency, reforms the present personnel regulations so as to meet the needs of main operating business. 2. Main business income and profit of the Company During report period, main business income of the Company was RMB 1.828 billion, decreased 13.09% compared with that of last year; main business profit of the Company was 20 RMB 1.059 billion, increased 25.55% compared with that of last year; net profit was RMB 0.57 billion, increased15.28% compared with that of last year. Although there was a big decrease in main business income of the Company in this year, there was still an increasing state in main business profit and net profit. Sub-industry of main business Unit: 10,000 RMB yuan Sub- industry or sub- product Main Business Income Main Business Cost Rate of Main Business Profit (%) Increase/decrease in Main Business Income Compared with Last Year （％） Increase/decrease in Main Business Cost Compared with Last Year （％） Increase/decrease in Rate of Main Business Profit Compared with Last Year（%） Industry Transfer of land use right 164,643.72 54,469.04 66.92 6.91 -27.20 Up 15.5%-points Lease 10,229.89 7,475.77 26.92 41.29 8.91 Up 21.73%-points Sales of House Property 7,939.22 6,350.40 20.01 -83.09 -80.59 Down 10.29%- points Main business income of this year was mainly from the transfer of land use right, which amounted to 90% of total main business income, increasing 17% compared with that of last year. Because the land price went higher, the rate of profit of this business was also a little higher than that of last year. There was a big decrease in income from sales of house property compared with that of last year because the Company only sold the remaining house property in Haifu Garden; the second phase of the project in Lujiazui Industry Park that the Company had developed had been already sold out in 2004. In order to keep sustaining increase and exploit new main business pattern, the Company was vigorously cultivating the long-term renting customers. At present, most projects are still under construction. The lease business of this year increased about 41% and lease income and profit rate also had a bigger rise compared with that of last year by sorting out the remaining house property and strengthening the marketing. 3. Main businesses In regions Unit: RMB 10,000 yuan Region Main business income Increase/decrease in main business income compared with last year(％) Shanghai 182,812.83 -13.09 4. Particulars about major suppliers and customers 21 Unit: RMB10,000 yuan Total purchase amount of top 5 suppliers Proportion of total purchase amount (%) Total sales amount of top 5 customers 150,351 Proportion of total sales amount （%） 82.24 5．Explanations of assets types and corresponding major changes of the Company in report period a. Current assets The changing items of current assets in this year mainly included: currency capital increased RMB 0.598 billion, increasing 16.42%, mainly because of the cash flow realized by operating activities. Accounts prepaid increased RMB 0.298 billion, increasing 44.48%, mainly because of the transferred accounts prepaid of the outsourcing remove buildings and the purchase of workshops. Inventory increased RMB 0.62 billion, increasing 16.45%, the new added projects mainly included the expense cost of public buildings construction and the construction cost of Lujiazui Central apartment building. b. Long-term investment In this year, investment in long-term equity decreased RMB 0.274 billion, mainly because a new holding subsidiary company, Shanghai Lujiazui Development Mansion Co., Ltd. was added in the consolidated statements, whose long-term investment balance, about RMB 0.26 billion, was offset in the consolidated statement. In last year, this company was not listed in the consolidated statement. c. Fixed assets In this year, net fixed assets decreased 52.98%, about RMB 70,130,000, mainly because some improved fixed assets expenses under the renting-in fixed assets were transferred into the leasing developing product under other long-term assets. d. Intangible assets and other long-term assets In this year, other long-term assets increased due to the transfer of Building NO. 1 and No. 2 of Software Industry Park and other long-term house property assets. e. Items of liabilities The short-term loan of last year was RMB 90,000,000, which was paid off in this year. In this year, the Company paid back long-term loan RMB 0.1 billion, to the end of the year, long-term loan balance was RMB 40,000,000. Advances from suppliers increased 22.70%, amounting to RMB 0.366 billion, mainly from the advances of transfer of land use right and house property sales. Accrued expenses increased RMB 0.603 billion, increasing 64.33%, because in this year the land 22 development cost was accrued. The accrued expenses increased because the transfer scales of land use right increased in this year and the land development cost increased quickly in recent years. f. Owners’ equity The increase of owners’ equity mainly owes to the profits realized in this year. The Company distributed dividends in cash RMB 93,384,200 according to the resolutions made at 2004 Shareholders’ General Meeting. 6. Explanations of major financial data and corresponding major changes of the Company in report period In report period, operating expenses decreased about RMB 7,050,000, decreasing 34.92% compared with that of last year, mainly because the sales of house property decreased and the commission for sales agents decreased. In report period, the administrative expenses increased RMB 36,410,000, increasing 17.16% compared with that of last year, mainly because the amount of withdrawal of bad debts provision and inventory depreciation provision and the writing-off bad debt loss increased about RMB 31,000,000 compared with that of last year. In report period, financial expenses decreased about RMB 19,930,000, decreasing 72.54% compared with that of last year, mainly because of the increase of interest income from accumulation of currency capital. 7. Explanations of cash flow and corresponding major changes and reasons for great differences in net profit in report period In report period, cash flow increased RMB 0.598 billion, net cash flow-in nearly equaled to the net profit of the report period, including: The net cash flow from operating activities was RMB 0.909 billion, increased RMB 0.278 billion compared with that of last year, mainly because of different incomes and expenses. The net cash flow from investment activities was RMB 727,400, the amount of both flow-in and flow-out of investment activities in report period had larger increase compared with that of last year, including about RMB 0.163 billion in cash from return of investment, mainly the advances of the transfer of the ultimate corporate shares of Pufa Bank, Jinjiang Hotel and Qiangsheng; about RMB 81,010,000 in cash from other investment-related activities, main because of the increase of the consolidated statements. In report period, the cash amount for purchasing other long-term assets was about RMB 0.242 billion, mainly because of the long-term leasing house property purchased for the purpose of adjusting major operating business. The net cash flow from financing activities was RMB -0.309 billion. There were no additional bank loan, and the flow-in from financing activity was 0, the flow-out to financing activities was RMB 23 0.19 billion, mainly for the payment of loan, the dividends distributed and the interests paid were RMB 0.119 billion. 8. Analysis of Operation status and accomplishment of major holding and share– participating subsidiaries (1) Operation status and accomplishment of major holding subsidiaries Unit: RMB 10,000 yuan Name Business nature Major product or service Registered capital Assets scale Net profit Shanghai Lujiazui Finance & Trade Zone United Development Co., Ltd. Real Estate Large scale land development, development and operation of real estate 52,732.82 273,211.78 36,426.98 Shanghai Lujiazui Urban Construction & Development Co., Ltd. Real Estate Business closed and in liquidation 1,000.00 3,765.15 -1,080.77 Shanghai Lujiazui United Real Estate Co., Ltd. Real Estate Development and operation of real estate 9,000.00 87,970.40 -810.55 Shanghai Pudong Lujiazui Software Industry Development Co., Ltd. Real Estate Management of software industry park and real estate management 1,000.00 2,141.58 1.05 Shanghai Lujiazui House Property Development Co., Ltd. Real Estate Business closed and in liquidation 3,000.00 4,458.67 215.79 Shanghai Lujiazui Development Mansion Co., Ltd. Real Estate Development and operation of comprehensive commercial and office buildings within the leased land plots 28,829.49 28,748.58 -13.60 Tianjin Luxing Real Development 1,000.00 999.97 -0.03 24 Real Estate Development Co., Ltd. Estate and operation of real estate (2) Individual holding subsidiaries or individual share-participating subsidiaries whose net profit or investment proceeds has more than 10% impact on the net profit of the Company. Unit: RMB 10,000 yuan Name Main business income Main business profit Net profit Investment proceeds contributed by share- participating subsidiaries Proportion of investment proceeds contributed by share-participating subsidiaries in net profit of the listed company (%) Shanghai Lujiazui Finance & Trade Zone United Development Co., Ltd. 61,183.08 49,508.00 36,426.98 18,031.36 31.64 (3) Explanations of big fluctuations in operating accomplishments of the individual holding subsidiaries or the individual share-participating subsidiaries compared with the previous year and corresponding major effects on the consolidated operating accomplishments of the Company, and analysis of reasons for the changes: In report period, Shanghai Lujiazui Finance & Trade Zone United Development Co., Ltd., the held subsidiary of the Company, realized net profit RMB 0.364 billion in this year, having larger increase compared with net profit RMB 0.125 billion of last year, because of the increase in income of land use right transfer, so the net profit contributed to the Company was correspondingly larger. II. Prospects for the future development of the Company 1. Operating environment the Company will be confronted with in 2006 The future real estate market will be faced with an adjustive transition period with the country’s micro-regulation to the real estate market in 2005. But Shanghai must face with the World Expo in 2010; urban construction for the World Expo will bring forth such a pattern as development in adjustment. Before 2010, the status of Shanghai as a city will be constantly elevated. As the best developing place both in requirement and in space, the Central Business District (CBD) and the Travel Business District (TBD) in Lujiazui Finance and Trade Zone will still keep the hotspot status in the city development even in the tightening and adjustive period of the future real estate market. In Shanghai “the 11th Five-Year Plan” decided in 2006, “the Construction of Lujiazui Financial Center” becomes the focus again, which provides a better external condition for the change of main operating business and the future development of the Company. 2. Operating Plan of the Company in 2006 25 Faced with historical opportunity, the Company will spare no effort in the construction projects in Lujiazui district, quicken to hatch the new projects and to develop and reserve the follow-up land resource. （1）Projects of house property 3 projects has just been started with architectural area about 90,000 m2, including the 3rd phase of project of Lujiazui Garden, Lujiazui 1885 and Diamond Mansion. 8 projects are under construction with architectural area about 280,000 m2, including of Lujiazui Financial Center Mansion, Lujiazui Development Mansion, Donghe International Community, Building No. 7, No. 8 and No. 9 in Software Industry Park, Lujiazui 96 Square, Jinyang Commercial Center. The Company is striving for the completion of Building No. 7 in Software Industry Park and part of the temporary commercial buildings, and continues to hatch and develop new projects. （2）Development and operation of land The Company will complete the transfer of one or two plots of land in 2006; try to complete RMB 1.45 billion contract advances from land lease; continue to implement the removement development of land; strengthen the organizing work in the early stage of land layout, build up the awareness of layout first and being in favor of customers and the improvement of urban ecological environment and land value. （3）Inner comprehensive management a. Continue to implement overall budget management. b. Strengthen contract business management, control cost effectively. c. Continue to improve the inner organization and optimize the business flow, raise the inner resource distribution and working efficiency. d. Strengthen the setup of inner-control supervision system, examine the implementation of the Company’s regulations by inner checkup mechanism, often evaluate and improve, raise the management level, keep away the management risk. e. Strengthen market research, emphasize marketing, and raise operating benefits. 3. Capital disburse and capital source of the Company in 2006 The Company predicts that in 2006 the total capital disburses will amount to about RMB 2.8 billion, and the capital sources will be mainly from the income of large scale land lease and house property lease and the balance of bank deposit. At present, the Company has no loan from the bank, and is not going to finance in capital market recently. 4. Risk suggestion 26 The Company changed main operating business and started substantially to invest on many projects, because of the uncertainty of the project constructing period and attraction of outside investment after completion and market cultivation, therefore, the following risks will exist in the operation of the Company in main business changing transition period of recent years: （1）Some plots of the land resources that the Company owns is still in progress of remove, mainly including plot of Century Avenue and plot N3 of Xiaolujiazui, which are located in the urban central areas, in which most resident buildings are independent apartment buildings with several storey. In recent years, the cost of land development and remove is getting higher, and exceeds the development cost estimated by the Company when purchasing the lands. In order to defend the risk, the Company has adjusted the land development cost according to the present fact, and meanwhile, has made accrued assets depreciation provision. （2）In several future years, the income of main operating business which comes from land lease will decrease fast, and then will affect the profit of the Company. At present, the Company has laid stress on house property business so as to increase the income of main operating business from house property business and raise the profit gaining ability, defend the above risks. III. Investment of the Company In report period, the Company invested RMB 20,000,000, RMB 17,500,000 more than that of last year, of which RMB 10,000,000 for equity investment, RMB 10,000,000 for long-term bond investment of the Company. In addition, the proposal that the Company would invest by participating shares in the project of meeting center of auxiliary hotel of Shanghai New International Expo Center(Tentative name: Shanghai Pudong Jialicheng Real Estate Co., Ltd.) was reviewed and passed at the 3rd Meeting of the 4th Board of Directors. The registered capital of the project company was US$ 0.163 billion; the Company invested US$ 32,600,000, holding 20% equity of the project company. The Company together with other investors of the project company promised to take respectively the financing responsibilities of the differences between the total investments and the registered capital, including providing shareholder loan to the project and bank loan guarantees by the investors themselves or by persuading the 3rd party. At present, the project is in the preparing period, the Company has paid RMB 24,315,600 for land use right according to the consulted investing proportion. Name of Invested Company Main Operating Business Proportion in the equity of Invested Company (%) Remarks 27 Tianjin Luxing Real Estate Development Co., Ltd. Development and Operation of Real Estate 99.55 1. Use of the financing capital In report period, there was no financing capital in the Company and no financed capital in the previous years has been used in this period. 2. Non-financing capital investment items In report period, there were no non-financing capital investment items in the Company. IV. Accounting policy, accounting estimate change, reasons and effects of major accounting mistakes correction 1. Accounting estimate change No. 981, Pudong Avenue, Shanghai, the office building of the Company, is a temporary building. The Company had applied to relevant government departments for extending the valid service period of the building but was rejected, saying when meeting with city planning, the building should be pulled down immediately without conditions. Before changing, the Company depreciated averagely the property within 30 years. Considering the fast starting of the new development of Pudong New district and the planning of banks of Binjiang, the Company is going to change the depreciation period of the property. During the 5 years from 2005 to 2009, the property will be finished depreciation by deducting the necessary residuals from the net assets. If the assets can be proved in the future that the real service period of the assets is shorter than 5 years, the depreciation period of it will be shortened according to the real service period. This accounting estimate change decreased the net profit by RMB 9,109,368.37 in the consolidated statements of this year. 2. Accounting mistakes correction in the previous years Shanghai Lujiazui Finance & Trade Zone United Development Co., Ltd. is all the time a subsidiary of the Company in the consolidated statements. In 2002, Shanghai Lujiazui Finance & Trade Zone United Development Co., Ltd. calculated mistakenly the accumulated amortized amount of the inventory, part of property of the leasing productions, as depreciation provision; in 2004, these properties were transferred into other long-term assets. With the re-rise of their market value, all depreciation provision was reversed, which resulted in more profit of the year. The 28 Company regulated the beginning balance of residual proceeds in relevant Financial Reports. Considering the calculation differences in the amortization in previous years and the effect of the staff bonus and welfare fund as a foreign-invested subsidiary and effects of the restore of the unrealized profit caused by inner exchange of these properties in consolidation offset and minor shareholders’ equity, the accounting mistake correction had the following effects on the residual proceeds in the consolidated statements in early 2005 as: the figure accumulated to the beginning of 2004 was RMB 8,318,889.72, in the year of 2004 was RMB -34,697,338.77, accumulated to the beginning of 2005 was RMB -26,378,449.05. V. Routine work of the Board of Directors 1. Meetings and resolutions of the Board of Directors (1) The Company held the 15th Meeting of the 3rd Board of Directors on Mar.11th, 2005, the announcement of the resolution was published in Shanghai Securities News and Hong Kong Wen Wei Po on Mar. 15th, 2005. (2) The Company held the 1st Interim Meeting in 2005 of the 3rd Board of Directors on Apr. 20th, 2005, the announcement of the resolution was published in Shanghai Securities News and Hong Kong Wen Wei Po on Apr. 21st, 2005. (3) The Company held the 2nd Interim Meeting in 2005 of the 3rd Board of Directors on May 13th, 2005, the announcement of the resolution was published in Shanghai Securities News and Hong Kong Wen Wei Po on May 14th, 2005. (4) The Company held the 1st Meeting of the 4th Board of Directors on May 30th, 2005, the announcement of the resolution was published in Shanghai Securities News and Hong Kong Wen Wei Po on May 31st, 2005. (5) The Company held the 3rd Interim Meeting in 2005 of the 4th Board of Directors on Jun. 20th, 2005, the announcement of the resolution was published in Shanghai Securities News and Hong Kong Wen Wei Po on Jun. 21st, 2005. (6) The Company held the 2nd Meeting of the 4th Board of Directors on Aug. 26th, 2005, the announcement of the resolution was published in Shanghai Securities News and Hong Kong Wen Wei Po on Aug. 30th, 2005. 29 (7) The Company held the 3rd Meeting of the 4th Board of Directors on Oct. 24th, 2005, the announcement of the resolution was published in Shanghai Securities News and Hong Kong Wen Wei Po on Oct. 26th, 2005. (8) The Company held the 4th Meeting of the 4th Board of Directors on Nov. 4th, 2005, and decided to hold A-Share Market–Related Shareholders’ Meeting on Dec. 8th, 2005 to review the equity distribution reform plan according to all non-current shareholders’ trust; agreed with the proposal of the Board of Directors to collect to the public the voting right of A-Share Market-Related Shareholders’ Meeting. 2. Implementation of resolutions approved by Shareholders’ General Meeting by the Board of Directors In report period, the Board of Directors of the Company completed all the resolutions approved by Shareholders’ General Meeting, including distributing cash dividends, RMB 0.5 (before tax) for every 10 shares, on July 20th, 2005 according to the profit distribution proposal passed at 2004 Shareholders’ General Meeting. VI. Profit Distribution Plan or Capital Reserve Transfer to Increase Capitalization Pre-plan According to the audit in 2005 by Shanghai Zhonghua Huyin Certified Public Accountants Co., Ltd. based on PRC Accounting Rules and International Accounting Rules, in conformity with the principle of which is lower between the distributable profits of the same year, and on the basis of the consolidated statements made in accordance with PRC Accounting Rules, the net profit of the Company realized in 2005 was RMB 569,966,625.03. According to the Company Rules, the Company withdrew 10% of the net profit as statutory surplus reserves, 5% as statutory public welfare fund, and 10% as discretionary surplus reserves as well as staff bonus and welfare fund for foreign invested subsidiaries. Then the distributable profit of the Company in this year was RMB 366,868,154.64. The Company is going to distribute cash dividends 0.6 yuan RMB (before tax) for every 10 shares on the basis of 1,867,684,000 shares at the end of the year; total dividends distributed RMB112,061,040 , taking up 30.55% of the distributable profit of the year. The residual distributable profit of the year RMB 254,807,114.64 will be transferred into discretionary surplus reserves for expansion. This profit distribution pre-plan is subject to approval by Shareholders’ General Meeting before being implemented. Chapter IX Report of the Board of Supervisors I. Work of the Board of Supervisors 30 1. The 9th Meeting of the 3rd Board of Supervisors was held on Mar. 11th, 2005, reviewing and passing: （1） 2004 annual report of the Company and its abstract; （2） 2004 working report of the Board of Supervisors of the Company; （3） the proposal of re-election of the Board of Supervisors of the Company; （4） the proposal about the related transactions of land use right as the assignee; （5） the proposal of the accrued asset depreciation provision. 2. The 1st Meeting of the 4th Board of Supervisors was held on May 30th, 2005, Mr. Yan Jun was elected as Chief Supervisor of the 4th Board of Supervisors. In report period, the Board of Supervisors fulfilled their duty and worked earnestly according to relevant regulations of “The Company Law” and the Company’s “Articles of Association”. They examined the regular reports of the Company and carried out selective examinations for the final accounts of projects of the Company. In daily work, the Board of Supervisors tied up closely with Auditing Section and Certified Public Accountants, and often heard their auditing reports. Combining with hearing reports regularly and carrying out selective examinations irregularly, the Board of Supervisors supervised and urged the Board of Directors and the management team to work in conformity with legal provisions, ensured the standard financial operation of the Company. In order to fulfill their duty better, members of the Board of Supervisors enhanced their vocational study and further strengthened their working responsibility, intensified in supervising major regulations and finally obtained good results. II. Independent Opinions of the Board of Supervisors on the Lawful Operations of the Company The Board of Supervisors believed that in report period all major operations of the Company were standardized and strictly in accordance with relevant regulations of “The Company Law” and the Company’s “Articles of Association” and resolutions of the Shareholders’ General Meetings, with lawful procedures, effective control and good results. The directors and managers of the Company did not break the law, the regulations and relevant the Company’s “Articles of Association” and did not do any harm to the benefits of the Company. III. Independent Opinions of the Board of Supervisors on Checkup of Financial Status of the Company During the report period, Shanghai Zhonghua Huyin Certified Public Accountants Co., Ltd. issued auditing report without any reserved opinions. The Board of Supervisors thought that the 31 auditing report could completely and objectively show the financial status and operating results of the Company IV. Independent Opinions of the Board of Supervisors on Actual Investment of the Latest Financing of the Company There were not any financing activities in the last three years in the Company. V. Independent Opinions of the Board of Supervisors on Related Transactions of the Company The Board of Supervisors believed that the related transactions in report period were conducted on the basis of impartial principle and in accordance with standard commerce conditions and relevant agreement and with the “Fair, Impartial and Open” principle, the voting procedure was lawful. The Board of Supervisors made independent opinions on the objectivity and impartiality of the related transactions. The related transactions did not do any harm to the benefits of the Company and the other shareholders. Chapter X Substantial Events I. Material lawsuits and arbitrations In report period, there were no material lawsuits and arbitrations in the Company. II. Substantial asset acquisition, sales and merger occurred in report period in the Company 1. Asset acquisitions (1) On Nov. 11th, 2005, the Company purchased the 3-1 plot industry workshop in Dongfang Rd and Eshan Rd, Shanghai, from Shanghai Lujiazui (Group) Co., Ltd., the ultimate shareholder of the Company, the book value of the asset was RMB 71,459,000, the estimated value was RMB 0.1905 billion, the actual purchasing price was RMB 0.1905 billion. The price of this purchase was decided on the basis of equitable value. This event was published in Shanghai Securities News on Mar. 15th, 2005. Purchasing the above asset was in favor of the business continuity and stability of the Company, and would improve the whole operating benefits in the future. This dealing was finished at the end of the report period. 32 (2) On Aug. 17th, 2005, the Company purchased the D-1, D-3, E-6 plots in Dongfang Rd and Eshan Rd, Shanghai, from Shanghai Lujiazui (Group) Co., Ltd., the ultimate shareholder of the Company, the book value of the asset was RMB 35,745,000, the estimated value was RMB 0.10499 billion, the actual purchasing price was RMB 0.10499 billion. The price of this purchase was decided on the basis of equitable value. This event was published in Shanghai Securities News on Mar. 15th, 2005. Purchasing the above asset was in favor of the business continuity and stability of the Company, and would improve the whole operating benefits in the future. This dealing was finished at the end of the report period. 2. Asset sales The Company transferred the equity of 27,389,000 shares of Shanghai Qiangsheng Holding Co., Ltd. to Shanghai Qiangsheng (Group) Co., Ltd.; the selling price was RMB 68,470,000. The Company transferred the equity of 7,800,000 shares of Shanghai Jinjiang International Development Co., Ltd. to Shanghai Jinjiang International Hotel (Group) Co., Ltd.; the transferring price was RMB 27,920,000. Shanghai Lujiazui Finance & Trade Zone United Development Co., Ltd. held by the Company transferred the equity of 30,000,000 shares of Shanghai Pudong Development Bank Co., Ltd. to Shanghai State-Owned Assets Operations Co., Ltd.; the transferring price was RMB 0.12 billion. By the end of the report period, the Company has received RMB 0.16286 billion from the above equity transfer exchanges. The transferring procedures have not been finished. III. Substantial related transactions in report period in the Company 1. Related transactions correlated with routine operations There were no related transactions correlated with routine operations in the Company in report period. 2. Substantial related transactions of assets and equity shares transfer (1) The Company purchased the 3-1 plots industry workshops in Dongfang Rd and Eshan Rd, Shanghai, from Shanghai Lujiazui (Group) Co., Ltd., the ultimate shareholder of the Company, the purchasing price was RMB 0.1905 billion, the gain/loss from the purchase was RMB 0.11904 billion. The price of this purchase was decided on the basis of equitable value. The book value of the asset was RMB 71,460,000, the appraised price of the asset was RMB 0.1905 billion. This event was published in Shanghai Securities News on Mar. 15th, 2005. 33 (2) The Company purchased the D-1, D-3, E-6 plots in Dongfang Rd and Eshan Rd, Shanghai, from Shanghai Lujiazui (Group) Co., Ltd., the ultimate shareholder of the Company, the purchasing price was RMB 0.10499 billion, the gain/loss from the purchase was RMB 69,240,000. The price of this purchase was decided on the basis of equitable value. The book value of the asset was RMB 35,750,000; the appraised value of the asset was RMB 0.10499 billion. This event was published in Shanghai Securities News on Mar. 15th, 2005. 3. Current related credits and liabilities Unit: RMB 10,000 yuan Funds Provided to the Related Parties Funds Provided by the Related Parties Related Parties Relationship Sum of debit Balance Sum of debit Balance Shanghai Lujiazui Delicacy City Co.,Ltd. Associate company 2,197 2,157 Shanghai Gaitai Rare & Precious Metal Co., Ltd. Associate company 449.00 Shanghai Lujiazui Real Estate Agency Co., Ltd. Associate company 7.00 Shanghai Lujiazui House Property Development Co., Ltd. Held Subsidiary 3,010 Shanghai Lujiazui Development Mansion Co., Ltd. Held Subsidiary 16,384 Shanghai Lujiazui Urban Construction Development Co., Ltd. Held Subsidiary 4,304 Shanghai Lujiazui Software Industry Development Co., Ltd. Held Subsidiary 1,869 Tianjin Luxing Real Estate Development Co., Ltd. Held Subsidiary 1,001 Shanghai Lujiazui (Group) Co., Ltd. Ultimate shareholder 576 Total / 2,197 2,613 27,144 In report period, the sum of debit that the listed company provided funds to the ultimate shareholders and subsidiaries was RMB 0; and the balance that the listed company provided funds to the ultimate shareholders and subsidiaries was RMB 0. Reason of related credits and liabilities: (1) Explanation of RMB 21,570,000 other receivables of Shanghai Lujiazui Delicacy City Co., Ltd. In this year, Shanghai Lujiazui Delicacy City Co., Ltd. invested by Shanghai Lujiazui Finance & Trade Zone United Development Co., Ltd., subsidiary listed in the same consolidated 34 statements of the Company, (including: Shanghai Lujiazui Finance % Trade Zone United Development Co., Ltd. invested 25%, Shanghai Lujiazui (Group) Co., Ltd. invested 75%) had to terminate in advance the lease contract because of the land re-movement. Shanghai Lujiazui Delicacy City Co., Ltd. was not able to bear the contract termination compensation. According to “Official Reply to the Relevant Loss Treatment of Lujiazui Delicacy City”(hupuguozi No.246 [2005]) issued by Shanghai Pudong New District State-Owned Assets Management Office, Shanghai Lujiazui Finance & Trade Zone United Development Co., Ltd. should bear corresponding loss according to the investment proportion. By the end of Dec. 31st, 2005, Shanghai Lujiazui Finance & Trade Zone United Development Co., Ltd. had paid RMB 21,570,000 to Shanghai Lujiazui Delicacy City Co., Ltd., and the total sum was made accrued depreciation provision in this year. (2) Explanation of RMB 4,490,000 other receivables of Shanghai Gaotai Rare & Precious Metal Co., Ltd. This sum was the equity transfer receivables of the Company. Because Shanghai Gaotai Rare & Precious Metal Co., Ltd. was in poor financial status, so the sum had not been returned for a long period. In previous years, the Company has made RMB 2,250,000 as accrued provision, in this year another RMB 2,240,000 was made as accrued depreciation provision, accumulated the total sum was made accrued depreciation provision. 4. Particulars about asset used and plan of arrears disposal In this year, there were no assets that had been used by the ultimate shareholders and related parties in the Company. IV. Provisions and acceptances of material trusteeships In report period, there’s no trusteeship event occurred in the Company. V. Provisions and acceptances of contracts In report period, there’s no contracts event occurred in the Company. VI. Provisions and acceptances of leases In report period, there’s no leases event occurred in the Company. VII. Provisions and acceptances of financial guarantees 35 In report period, there’s no financial guarantees event occurred in the Company. VIII. Entrusted investment occurred in the Company In report period, there’s no entrusted investment event occurred in the Company. IX. Other substantial contracts In report period, there’s no substantial contract in the Company. X. Performance of commitments There exist no commitments either made in report period or made in previous period but continued in report period by the Company or shareholders who hold above 5% shares of the Company. XI. Appointment and removal of account firms In report period, the Company has re-appointed its accounting firms. It removed its former domestic auditor, Ernst & Young Dahua CPAs Co., Ltd., and paid about RMB 500,000 for its auditing work in the previous year. As at the end of the last report period, the accounting firm had provided the Company with auditor service for 13 years. The Company removed its former overseas auditor, PriceWaterhouseCoopers CPAs Co., Ltd., and paid about RMB 690,000 for its auditing work in the previous year. As at the end of the last report period, the accounting firm had provided the Company with auditor service for 11 years. The Company appointed Zhonghua Huyin CPAs Co., Ltd. as its domestic and overseas auditor, and was going to pay about RMB 700,000 for its auditing work in a year. As at the end of the report period, the accounting firm had provided the Company with auditor service for 1 year. XII. Particulars about penalties and corrective actions imposed by CSRC During the report period, the Company, the Board of Directors and directors have not been checked by CSRC, given administrative punishment and circling comment, and publicly criticized by Securities Exchange. XIII. Miscellaneous In report period, there’s no other substantial event involving with the Company. 36 Chapter XI Financial Statements I. Auditing opinions The annual financial statement of the Company has been audited and the standard audit report without any reserved opinions has been issued by CPA Fu Lingsheng and Sun Biyuan of Shanghai Zhonghua Huyin CPAs Co., Ltd. II. Disclosure of Balance Sheet, Profit and Profit Distributes Statement and Cash Flow Statements of comparative consolidation and parent company Balance Sheet Prepared by: Jan. --- Dev. 2005 Unit: RMB yuan Consolidation Parent Company Items Closing Balance Starting Balance Closing Balance Starting Balance Assets: Current assets: Currency capital 4,239,297,222.29 3,641,348,441.23 2,457,955,074.79 2,423,412,317.03 Short-term investment 0.00 0.00 0.00 0.00 Notes receivable 0.00 0.00 0.00 0.00 Dividends receivable 0.00 0.00 0.00 0.00 Interests receivable 0.00 0.00 0.00 0.00 Accounts receivable 0.00 15,705.75 0.00 0.00 Other receivables 99,161,194.21 83,611,962.58 95,315,572.48 137,711,848.14 Accounts prepaid 965,231,951.66 668,052,117.00 965,226,376.40 659,267,000.00 Subsidy receivable 0.00 0.00 0.00 0.00 Inventory 4,388,103,945.11 3,768,214,730.51 2,921,340,345.59 3,032,023,129.64 Prepaid expenses 0.00 0.00 0.00 0.00 Long-term creditor’s right investment due within 1year 0.00 97,620.00 0.00 97,620.00 Other current assets Total current assets 9,691,794,313.27 8,161,340,577.07 6,439,837,369.26 6,252,511,914.81 Long-term investment: Long-term stock right investment 395,933,917.57 669,617,336.17 1,322,948,342.89 1,190,720,029.60 Long-term creditor’s right investment 10,484,931.51 0.00 0.00 0.00 Total long-term investment 406,418,849.08 669,617,336.17 1,322,948,342.89 1,190,720,029.60 Including: consolidated price difference( “-” indicating price difference as per consolidated statement) 6,219,362.14 0.00 0.00 0.00 Including: stock rights investment difference ( “-” indicating credit difference as per consolidated statement) 8,313,320.36 6,219,362.14 6,996,782.42 Fixed assets: Fixed assets purchase 110,006,383.24 189,542,786.48 97,835,281.49 98,447,229.49 37 value Less: accumulated depreciation 47,763,962.78 57,168,550.10 40,885,612.56 27,081,024.16 Net value of fixed assets 62,242,420.46 132,374,236.38 56,949,668.93 71,366,205.33 Less: fixed assets depreciation provision 0.00 0.00 0.00 0.00 Net amount of fixed assets 62,242,420.46 132,374,236.38 56,949,668.93 71,366,205.33 Project materials Projects in progress Disposal of fixed assets Total fixed assets 62,242,420.46 132,374,236.38 56,949,668.93 71,366,205.33 Intangible assets and other assets: Intangible assets 723,750.00 838,750.00 0.00 0.00 Long-term prepaid expenses Other long-term assets 850,109,259.72 582,186,400.52 524,799,790.37 258,895,554.53 Total intangible assets and other assets 850,833,009.72 583,025,150.52 524,799,790.37 258,895,554.53 Deferred taxes: Deferred taxes debit Total assets 11,011,288,592.53 9,546,357,300.14 8,344,535,171.45 7,773,493,704.27 Liabilities and owners’ equity: Current liabilities: Short-term loan 0.00 90,000,000.00 0.00 0.00 Notes payable 0.00 0.00 0.00 0.00 Accounts payable 165,371,772.81 190,200,102.88 145,267,052.17 173,220,102.88 Advances from suppliers 1,980,520,287.48 1,614,118,753.58 271,829,967.13 569,620,667.65 Salary payable 0.00 0.00 0.00 0.00 Welware payable 61,909,404.72 26,948,559.34 358,788.42 1,575,775.12 Dividends payable 2,000,000.00 882,000.00 0.00 882,000.00 Taxes payable -38,743,226.68 -17,956,546.78 9,951,411.14 15,684,790.58 Other taxes/expenses payable -1,555,268.70 -223,511.52 0.00 0.00 Other payables 222,148,194.03 53,386,201.84 81,561,851.57 4,863,230.43 Accrued expenses 1,540,705,129.43 937,549,915.48 1,210,748,416.03 815,667,675.48 Liabilities expected 0.00 530,131.50 0.00 0.00 Long-term liabilities due within one year 40,000,000.00 140,000,000.00 0.00 0.00 Other current liabilities 0.00 0.00 0.00 0.00 Total current liabilities 3,972,356,293.09 3,035,435,606.32 1,719,717,486.46 1,581,514,242.14 Long-term liabilities: Long-term loan Bonds payable Long-term payables 48,379,521.74 0.00 36,543,579.80 0.00 Special payables 0.00 16,858,600.00 0.00 16,858,600.00 Other long-term liabilities Total long-term liabilities 48,379,521.74 16,858,600.00 36,543,579.80 16,858,600.00 Deferred taxes: Deferred taxes credit Total liabilities 4,020,735,814.83 3,052,294,206.32 1,756,261,066.26 1,598,372,842.14 Minor shareholders’ equity (as per consolidated statement) 646,467,941.26 497,580,748.83 Owners’ equity (or 38 shareholders’ equity): Paid-in capital (capital stock) 1,867,684,000.00 1,867,684,000.00 1,867,684,000.00 1,867,684,000.00 Less: Investment returned Net amount of paid-in capital ( or capital stock) 1,867,684,000.00 1,867,684,000.00 1,867,684,000.00 1,867,684,000.00 Capital reserves 1,342,595,974.18 1,435,148,924.38 1,448,359,007.92 1,448,221,218.90 Profit reserves 1,797,401,276.18 1,430,813,833.63 1,560,976,610.23 1,234,460,741.19 Including: statutory public welfare reserves 474,337,318.04 449,016,389.43 463,906,894.49 438,586,911.79 Undistributed profit 1,336,403,586.08 1,262,835,586.98 1,711,254,487.04 1,624,754,902.04 Cash dividends to be distributed 112,061,040.00 93,384,200.00 112,061,040.00 93,384,200.00 Foreign currency exchange difference (as per consolidated statement) Less: not-audited investment loss (as per consolidated statement) Total owners’ equity (or shareholders’ equity) 6,344,084,836.44 5,996,482,344.99 6,588,274,105.19 6,175,120,862.13 Total liabilities and owners’ equity (or shareholders’ equity) 11,011,288,592.53 9,546,357,300.14 8,344,535,171.45 7,773,493,704.27 Legal representative: Yang Xiaoming CFO: Zhu Guoxing Accounting Manager: Shi Guohua Profit and Profit Distributes Statement Prepared by: Jan. --- Dec. 2005 Unit: RMB Consolidation Parent Company Items 12 months ended 31 December 2005 12 months ended 31 December 2004 12 months ended 31 December 2005 12 months ended 31 December 2004 1. Core business revenue 1,828,128,329.02 2,103,570,561.61 1,130,929,524.28 2,279,010,484.72 Less: core business cost 682,952,023.28 1,144,074,956.19 536,177,143.70 1,378,626,716.01 Core business tax and addition 86,529,065.46 116,295,474.86 53,765,135.83 103,627,159.66 2. Core business profit (“-” indicating loss) 1,058,647,240.28 843,200,130.56 540,987,244.75 796,756,609.05 Add: other business profit (“-” indicating loss) 4,322,899.20 28,471,090.17 880,191.17 19,731,629.90 Less: operational expenses 13,152,526.82 20,210,086.95 7,759,073.64 14,158,292.37 General expenses 248,544,468.26 212,133,412.30 165,567,184.99 174,382,678.50 Financing cost -47,398,513.46 -27,470,852.63 -36,348,155.15 -21,373,711.81 3. Operating profit (“-” indicating loss) 848,671,657.86 666,798,574.11 404,889,332.44 649,320,979.89 Add: Investment income (“-” indicating losses) -6,880,857.45 -9,531,228.46 168,063,314.14 51,930,129.40 Subsidy income 1,700,000.00 1,266,000.00 0.00 0.00 Non-operating income 15,814,031.05 5,424,013.45 14,959,993.65 2,936,945.00 Less: non-operating expenses 735,973.85 -18,699,364.65 6,000.00 3,229,574.03 4. Total profit before tax (“-” indicating total losses) 858,568,857.61 682,656,723.75 587,906,640.23 700,958,480.26 Less: income tax 147,533,530.19 138,097,088.14 81,506,986.19 119,602,106.61 Less: minor shareholders gains/losses 141,068,702.39 50,126,384.22 0.00 0.00 Add: un-confirmed investment losses (as per consolidated statement) 39 5. Net profit (“-” indicating losses) 569,966,625.03 494,433,251.39 506,399,654.04 581,356,373.65 Add: undistributed profit at beginning of the year 1,262,835,586.98 1,081,596,471.44 1,624,754,902.04 1,329,866,480.47 Others transferred in 6. Distributable profit 1,832,802,212.01 1,576,029,722.83 2,131,154,556.08 1,911,222,854.12 Less: accrued statutory profit reserves 50,640,911.31 58,143,592.80 50,639,965.40 58,135,637.36 Accrued statutory public welfare reserves 25,320,928.61 58,588,399.39 25,319,982.70 58,135,637.36 Accrued staff bonus and welfare fund(as per consolidated statement) 36,426,983.37 12,507,364.90 0.00 0.00 Accrued reserve fund 20,034,840.85 6,879,050.70 0.00 0.00 Accrued enterprise expansion fund 20,034,840.85 6,879,050.70 0.00 0.00 Profit capitalized on return of investment 7. Profit distributable to shareholders 1,680,343,707.02 1,433,032,264.34 2,055,194,607.98 1,794,951,579.40 Less: preferred stock dividends payable 0.00 0.00 0.00 0.00 Accrued free profit reserves 250,555,920.94 58,135,637.36 250,555,920.94 58,135,637.36 Common stock rights payable 93,384,200.00 112,061,040.00 93,384,200.00 112,061,040.00 Common stock dividends transferred into capital stock 8. Un-distributable profit (“-” indicating remedy deficit) 1,336,403,586.08 1,262,835,586.98 1,711,254,487.04 1,624,754,902.04 Supplementary information: 1. Income from sale or disposal of departments or invested units 0.00 1,229,162.36 0.00 1,226,863.22 2. Losses caused by natural disaster 0.00 0.00 0.00 0.00 3. Total increase (or decrease) amount of profit due to accounting policy change 0.00 0.00 0.00 0.00 4. Total increase (or decrease) amount of profit due to accounting estimated change -9,109,368.37 0.00 -9,772,201.71 0.00 5. Loss from debts restructuring 6. Others Legal representative: Yang Xiaoming CFO: Zhu Guoxing Accounting Manager: Shi Guohua Cash Flow Statements Prepared by: Jan. --- Dec. 2005 Unit: RMB yuan Current Period Items Consolidation Parent Company I. Operational cash flow: Income from sales of goods and services 2,213,865,660.41 848,029,057.79 Taxes returm 0.00 0.00 40 Other income from operation-related activities 131,523,978.27 131,763,598.46 Sub-total operational cash flow-in 2,345,389,638.68 979,792,656.25 Purchases of goods and services 977,617,017.22 466,561,418.57 Staff expenses 73,565,231.65 32,154,752.25 Taxes paid 269,867,182.53 149,865,982.30 Other expenses related to operational activities 115,041,593.89 66,940,179.41 Sub-total operational cash flow-out 1,436,091,025.29 715,522,332.53 Net operational cash flow 909,298,613.39 264,270,323.72 II. Cash flow from investment: Receipt from return of investment 162,954,656.00 74,154,656.00 Including: receipt from sale of a subsidiary Receipt from earning of investment 7,484,270.26 45,751,759.87 Disposal of fixed assets, intangible assets and other long- term assets 1,302,373.47 790,000.00 Receipt from other investment activities 81,013,771.06 0.00 Sub-total cash flow-in from investment activities 252,755,070.79 120,696,415.87 Purchase of fixed assets, intangible assets and other long- term assets 242,027,628.82 243,491,752.12 Payment for investment 10,000,000.00 9,900,000.00 Other payment for investment activities 0.00 0.00 Sub-total cash flow-out for investment activities 252,027,628.82 253,391,752.12 Net cash flow from investment activities 727,441.97 -132,695,336.25 III. Cash flow from financing: Capital investment Including: minor shareholders’ equity investment from subsidiaries Loans Receipt from other financing activities Sub-total cash flow-in from financing activities Debts payback 190,000,000.00 0.00 Dividends, profits distribution and interests 119,200,151.51 94,265,085.65 Including: dividends for minor shareholders 18,892,624.13 0.00 Other expenses related to financing activities 276,486.98 276,486.98 Including: legal lessening of capital of minor shareholders 0.00 0.00 Sub-total cash flow-out for financing 309,476,638.49 94,541,572.63 Net cash flow of financing activities -309,476,638.49 -94,541,572.63 IV. Impact of exchange rate fluctuation -2,600,635.81 -2,490,657.08 V. Net adding of cash or cash equivalents 597,948,781.06 34,542,757.76 Supplementary information I. Cash flow of net profit into operational activities: Net profit 569,966,625.03 506,399,654.04 Add: minor shareholders’ gains/losses (“-” indicating losses) 141,068,702.39 0.00 Less: not-audited investment loss 0.00 0.00 Add: accrued assets depreciation provision 127,952,799.88 120,353,993.57 Fixed assets depreciation 23,449,040.98 13,825,589.43 Intangible assets amortization 115,000.00 0.00 Amortization of long-term prepaid expenses 0.00 0.00 Decrease of prepaid expenses (Less: increase) 0.00 0.00 Increase of prepaid expenses (less: decrease) 603,155,213.95 395,080,740.55 Loss from disposal of fixed assets, intangible assets and other long-term assets (less: gains) 326,395.01 -140,967.03 Loss from fixed assets damage 0.00 0.00 Financial expenses 8,918,450.17 2,766,029.71 Investment loss (less: gains) -10,119,142.55 -185,063,314.14 Deferred taxes credit (less: debit) 0.00 0.00 Inventory decrease (less: increase) -626,242,512.00 7,833,906.11 41 Decrease of receivables from operational activities (less: increase) -271,947,519.64 -264,100,516.37 Increase of payables from operational activities (less: decrease) 351,062,910.91 -310,246,522.43 Others (expected increase of liabilities) -8,407,350.74 -22,438,269.72 Net cash flow of operational activities 909,298,613.39 264,270,323.72 II. Investment and financing activities not related to cash flow: Capital transferred from debts Transferable company bonds due within one year Fixed assets rented as financing activities III. Net increase of cash and cash equivalents: Cash closing balance 4,239,297,222.29 2,457,955,074.79 Less: cash starting balance 3,641,348,441.23 2,423,412,317.03 Add: cash equivalents Closing balance 0.00 0.00 Less: cash equivalents starting balance 0.00 0.00 Net increase of cash and cash equivalents 597,948,781.06 34,542,757.76 Legal representative: Yang Xiaoming CFO: Zhu Guoxing Accounting Manager: Shi Guohua As for notes to Financial Statements, please read Audit Reports. Chapter XII References I. Original financial statements with signatures and chops of legal representative, CFO, and Accounting Manager of the Company. II. Original audit reports with signatures and chops of accounting offices and CPAs. III. Original documentation and bulletins disclosed on papers designated by CSRC during the report period. Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. (incorporated in the People’s Republic of China) INDEPENDENT INTERNATIONAL AUDITORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. Contents Pages Independent International auditors’ report 1 Consolidated income statement 2 Consolidated balance sheet 3 - 4 Consolidated statement of changes in shareholders’ equity 5 Consolidated cash flow statement 6 Notes to the consolidated financial statements 7 -33 Supplementary financial information 34 - 1 - INDEPENDENT INTERNATIONAL AUDITORS’ REPORT TO THE SHAREHOLDERS OF SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. (incorporated in the People’s Republic of China with limited liability) We have audited the accompanying consolidated balance sheet of Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. (the “Company”) and its subsidiaries (collectively referred to as the “Group”) as of 31st December 2005 and the related consolidated income statement, consolidated statement of changes in shareholders’ equity and consolidated cash flow statement for the year then ended. These consolidated financial statements set out on pages 2 to 34 are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the accompanying consolidated financial statements give a true and fair view of the financial position of the Group as of 31st December 2005 and of the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. BDO Shanghai Zhonghua Certified Public Accountants Shanghai, China, 10th March 2006 - 2 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2005 Notes 2005 2004 RMB’000 RMB’000 Turnover 4 1,564,263 1,789,648 Cost of sales 6 (608,161) (1,087,251) ──────── ──────── Gross profit 956,102 702,397 Net other operating income 5 51,148 80,541 Selling expenses (13,081) (24,493) Administrative expenses (302,298) (216,917) ──────── ──────── Operating profit 6 691,871 541,528 Net finance income 7 127,594 145,911 Gain on disposal of an associate - 1,134 Share of results of associates before taxation 15 6,783 6,548 ──────── ──────── Profit before taxation 826,248 695,121 Taxation 8 (135,298) (121,492) ──────── ──────── Profit after taxation 690,950 573,629 Minority interests 27 (141,069) (19,738) ──────── ──────── Net profit for the year 549,881 553,891 ════════ ════════ Earnings per share 10 RMB0.29 RMB0.30 ════════ ════════ - 3 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED BALANCE SHEET AS AT 31ST DECEMBER 2005 Notes 2005 2004 RMB’000 RMB’000 Assets Non-current assets Goodwill 11 6,219 6,631 Investment property 12 929,336 664,449 Fixed assets 13 63,026 132,698 Land use rights 14 34,622 37,290 Investments in associates 15 75,314 80,586 Available-for-sale investments 16 290,624 292,563 Deferred tax asset 17 16,944 19,369 ──────── ──────── 1,416,085 1,233,586 -------------- -------------- Current assets Properties under development 18 2,442,397 2,175,507 Properties held for sale 19 1,835,989 1,640,729 Receivable and prepayments 20 692,053 679,368 Advance to sub-contractors 360,832 8,785 Amount due from an associate 798 5,512 Amount due from a related company 1,078 - Cash and bank balances 4,269,956 3,753,102 ──────── ──────── 9,603,103 8,263,003 -------------- -------------- Total assets 11,019,188 9,496,589 ════════ ════════ - 4 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31ST DECEMBER 2005 Notes 2005 2004 RMB’000 RMB’000 Capital and reserves Share capital 25 1,867,684 1,867,684 Share premium 1,304,360 1,304,360 Reserve funds 26 1,545,311 1,218,795 Retained profits 1,520,908 1,409,604 Proposed dividends 112,061 93,384 ──────── ──────── 6,350,324 5,893,827 -------------- -------------- Minority interests 27 646,060 525,931 Non-current liabilities - Current liabilities Deposits received from customers 1,978,876 1,614,119 Accounts payable 1,720,888 221,357 Other payables and accruals 187,216 948,676 Amounts due to an associate 21 1,782 1,644 Provision for staff bonus and welfare fund 22 62,298 31,802 Provision for taxation 31,744 29,233 Borrowings 23 40,000 230,000 ──────── ──────── 4,022,804 3,076,831 -------------- -------------- Total liabilities 4,022,804 3,076,831 -------------- -------------- Total equity and liabilities 11,019,188 9,496,589 ════════ ════════ - 5 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEAR ENDED 31ST DECEMBER 2005 Share Share Reserve Retained Notes capital premium funds Profits Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 At 1st January 2004 - as previously reported 1,867,684 1,304,360 1,044,274 1,277,360 5,443,678 -effect of accounting error corrections 114 8,205 8,319 ──────── ──────── ──────── ──────── ──────── After retrospective adjustments 1,867,684 1,304,360 1,044,388 1,235,565 5,451,997 ──────── ──────── ──────── ──────── ──────── Profit for the year 553,891 553,891 Dividends 9 (112,061) (112,061) Transfer from retained profits to reserve funds 26 174,407 (174,407) ──────── ──────── ──────── ──────── ──────── Balance at 31st December 2004 1,867,684 1,304,360 1,218,795 1,502,988 5,893,827 ════════ ════════ ════════ ════════ ════════ At 1st January 2005 - as previously reported 1,867,684 1,304,360 1,229,109 1,519,052 5,920,205 -effect of accounting error corrections (10,314) (16,064) (26,378) ──────── ──────── ──────── ──────── ──────── After retrospective adjustments 1,867,684 1,304,360 1,218,795 1,502,988 5,893,827 ──────── ──────── ──────── ──────── ──────── Profit for the year 549,881 549,881 Dividends (93,384) (93,384) Transfer from retained profits to reserve funds 26 326,516 (326,516) ──────── ──────── ──────── ──────── ──────── Balance at 31st December 2005 1,867,684 1,304,360 1,545,311 1,632,969 6,350,324 ════════ ════════ ════════ ════════ ════════ - 6 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2005 Notes 2005 2004 RMB’000 RMB’000 Cash flows from operating activities Cash generated from operations 31(a) 999,072 894,254 Interest paid (6,042) (17,283) Tax paid (145,186) (181,026) ──────── ──────── Net cash from operating activities 847,844 695,945 -------------- -------------- Cash flows from investing activities Acquisition of a subsidiary - - Establishment of a subsidiary - - Purchase of fixed assets and investment property (2,846) (13,116) Investments in associates - (2,500) Purchase of available-for-sale investments (249,182) - Proceeds from disposal of fixed assets 1,425 651 Proceeds from disposal of available-for-sale investments 162,955 25,000 Bank interest received 50,049 37,781 Dividends received 10,043 16,769 ──────── ──────── Net cash from/(used in) investing activities (27,556) 64,585 -------------- -------------- Cash flows from financing activities 31(c) Proceeds from borrowings - 130,000 Repayment of borrowings (190,000) (195,000) Repayment of loans from a minority shareholder of a subsidiary - (93,000) Repayment of advance from ultimate holding company - (117,558) Dividend paid (94,541) (113,384) Dividends distributed to minority shareholders (18,893) (89) ──────── ──────── Net cash (used in)/from financing activities (303,434) (389,031) --------------- --------------- Increase in cash and cash equivalents 516,854 371,499 Cash and cash equivalents at beginning of year 3,753,102 3,381,603 ──────── ──────── Cash and cash equivalents at end of year 31(b) 4,269,956 3,753,102 ════════ ════════ - 7 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 1 Basis of preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). This basis of accounting differs from that used in the preparation of the statutory financial statements in the People’s Republic of China (“PRC”). The statutory financial statements of the Group were prepared in accordance with the PRC accounting regulations. Appropriate adjustments have been made to these consolidated financial statements to conform with IFRS. Differences arising from these adjustments are not incorporated in the accounting records of the companies comprising the Group. In addition, these consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of trading investments and available-for-sale investments. Significant accounting error corrections: The Group improperly reclassified the impairment of investment properties when preparing the opening balance in 2004 financial statements, and wrote back the relevant impairments. The error results an increase in net profit in 2004. The correction includes recalculating the depreciation of the past years, the effects on relevant provision for staff bonus and welfare fund, elimination of unrealised profit on inter-company transactions and effects on minority interests. Accordingly, the retained earnings brought forward from 31 December 2003 increased by RMB8,319,000 and the profit after taxation for year ended 31 December 2004 decreased by RMB34,697,000. The retained earnings brought forward from 31 December 2004 decreased by RMB26,378,000. 2 Principal accounting policies (a) Basis of consolidation Subsidiaries are those entities in which the Group has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies are consolidated. Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Minority interests represent the interests of outside shareholders in the operating results and net assets of subsidiaries. (b) Goodwill Goodwill on acquisition of subsidiaries represents the excess of the acquisition cost over the fair value of the Group’s share of the net assets of the acquired subsidiaries at the date of acquisition. Goodwill is then tested annually for impairment and carried at cost less accumulated impairment losses. - 8 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 2 Principal accounting policies (Continued) (c) Properties under development Properties under development comprise land use rights and relevant construction expenditure on land resumption, development, infrastructural work and interest capitalised. Properties under development are not depreciated and stated at costs less any foreseeable losses. On completion, properties are transferred to investment properties or properties held for sale and are accounted for as set out in Note 2(d) and 2(j) respectively. (d) Investments properties Investment properties are interests in buildings in respect of which construction work and development have been completed, and which are held for their long term investment purpose. Any rental income is negotiated at arm’s length. Land use rights in respect of investment properties are accounted for as separate assets at cost less amortization. The building component of investment properties are stated at cost after deducting accumulated depreciation and impairment losses. Depreciation of investment properties is calculated to write off their cost less impairment losses over 30 years on a straight line basis. (e) Fixed assets Fixed assets are stated at cost less accumulated depreciation and impairment losses. Depreciation of fixed assets is calculated to write off their costs less impairment losses on the straight line basis over their expected useful lives to the Group, taking into account the estimated residual value of the assets. The expected useful lives of the Group’s other fixed assets are as follows: Number of years Buildings 30-40 Furniture, fixtures and office equipment 1-6 Motor vehicles 5-6 Where the carrying amount of a fixed asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. The gain or loss on disposal of a fixed asset is the difference between the net sales proceeds and the carrying amount of the relevant asset, and is recognized in the consolidated income statement. (f) Land use rights Land use rights granted with consideration are stated at acquisition cost and recognized initially under properties under development. Upon completion of the development/construction of the properties, land use rights are reclassified and accounted for in accordance with the intended use of the properties. Regarding investment properties, the corresponding land use rights are separately stated as assets in the balance sheet and are amortized over its remaining terms in accordance with note 2(d). Regarding properties held for sale, the corresponding land use rights are included as part of the properties and accounted for in accordance with Note 2(j). - 9 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 2 Principal accounting policies (Continued) (g) Associates Investments in associates are accounted for by the equity method of accounting. These are companies over which the Group generally has between 20% and 50% of the voting rights, or over which the Group has significant influence, but which it does not control. Unrealised gains on transaction between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Equity accounting involves recognising in the consolidated income statement the Group’s share of the associates’ profits or losses for the year. The Group’s interest is carried in the consolidated balance sheet at an amount that reflects its share of the net assets of the associates together with goodwill (net of accumulated impairment losses as set out in Note 2(b)). The gain or loss on the disposal of an associate represents the difference between the proceeds of the sale and the Group’s share of its net assets together with any goodwill at the date of disposal. (h) Investment securities (i) Available-for-sale investments The Group’s interest in companies other than subsidiaries and associates for long term purpose are shown as available-for-sale investments, which are initially recorded at cost of purchase and subsequently carried at fair value. Unrealised gain and losses arising from changes in the fair value of available-for-sale investments are recognised in equity. Available-for-sale investments for which fair value can not be measured reliably are recognised at cost less impairment. Dividend income arising from these investments is recognised when the amount is receivable. When available-for-sale investments are sold or impaired, the accumulated fair value adjustments are included in the consolidated income statements as gains and losses from investments. (ii) Trading investments Trading investments are carried at fair value. At each balance sheet date, the net unrealised gains or losses arising from the changes in fair value of the investments are recognised in the consolidated income statement. Profits or losses on disposal of the trading investments, representing the difference between the net sales proceeds and the carrying amounts at the date of disposal, are recognised in the consolidated income statement as they arise. (i) Deferred income tax Deferred income tax is provided, using the liability method, for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Current enacted tax rates are used to determine deferred income tax. - 10 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 2 Principal accounting policies (Continued) (j) Properties held for sale Properties held for sale comprise of completed land and properties remaining unsold at year end and are stated at the lower of cost and net realisable value. (k) Accounts receivable and loans receivable Accounts receivable and loans receivable are carried at anticipated realisable value. An estimate is made for doubtful receivables based on a review of all outstanding amounts at the year end. Bad debts are written off during the year in which they are identified. Provision is made against accounts receivable to the extent that they are considered to be doubtful. Accounts receivable in the consolidated balance sheet are stated net of such provision. (l) Cash and cash equivalents For the purposes of the consolidated cash flow statement, cash and cash equivalents comprise cash in hand and deposits at banks, net of short term bank loans with maturity of three months or less from the date of borrowing. (m) Revenue recognition Revenue from sale of developed land is recognised when the relevant land sale agreement is completed and the transfer of possession of land has been acknowledged by the customer in writing. Revenue from sale of developed properties is recognised either when the sales agreement has been completed and the relevant title has been transferred or when the relevant building has been examined and approved for occupation by the relevant authorities, whichever is the later. In respect of sale of land/properties by instalments, revenue is recognised to the extent of instalment received or receivable as set out in the payment schedule of the sales agreement and is determined as the fair value calculated by discounting the corresponding instalment at the implicit rate of interest. The corresponding interest element is recognised as revenue on a time proportion basis. Cost of land/property sold by instalments is recognised with reference to the percentage of revenue recognised to total fair value of the relevant asset. Deposits and instalments received from customers on land and properties prior to the recognition of revenue are regarded as current liabilities. Proceeds receivable from customers after sales recognition are regarded as current assets. Interest income is recognised on a time proportion basis, taking into account the principals outstanding and interest rates applicable. Rental income is recognised on a straight-line basis. Relocation income and management fee income are recognised when services are rendered. - 11 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 2 Principal accounting policies (Continued) (n) Interest capitalisation Interest incurred relating to the financing of the Group’s construction in progress of properties under development is capitalised until the assets are completed for sale or their intended use. Interest on other borrowings is charged to consolidated income statement as incurred. (o) Retirement scheme obligations The Group participates in the defined contribution retirement schemes organised by the municipal governments where the Group operates. The plan is funded by payments from employees and by the relevant group companies at a particular rate of the total salaries, subject to a certain ceiling. The Group’s contributions to the defined contribution retirement scheme are charged to the consolidated income statement as and when incurred. (p) Foreign currencies The Group maintains its books and records in Renminbi. Foreign currency transactions during the year are translated into Renminbi at the applicable rates of exchange on the first day of the month which the transactions took place. Monetary assets and liabilities denominated in foreign currencies are incorporated into the accounts by translating foreign currencies into Renminbi at the applicable exchange rates prevailing at the balance sheet date. Exchange differences arising are dealt with in the operating results. (q) Contingent liabilities A contingent liability is a possible obligation that arises from past events and whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. It can also be a present obligation arising from past events that is not recongised because it is not probable that outflow of economic resources will be required or the amount of obligation cannot be measured reliably. A contingent liability is not recognised but is disclosed in the notes to the consolidated financial statements. When a change in the probability of an outflow occurs so that outflow is probable, it will then be recognised as a provision. (r) Leases Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Assets leased out under operating leases are included in property, plant and equipment in the consolidated balance sheet. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment. Rental income (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term. - 12 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 3 Financial risk management (i) Financial risk factors The Group’s activities expose it to a variety of financial risks, including the effects of changes in debt and equity market prices, foreign currency exchange rates and interest rates. - Foreign exchange risk The Group’s transactions are predominately denominated in Reminbi. The directors are of the opinion that the Group are not subject to significant foreign currency risk. - Interest rate risk The Group’s income and operating cash flow are substantially independent of changes in market interest rates. The Group has no significant interest-bearing assets. As at 31st December 2004 and 2005, substantially all of its borrowings were fixed rates. The Group has not used any interest rate swaps to hedge its exposure to interest rate risk. - Credit risk The extent of the Group’s credit exposure is represented by aggregated balances of receivables and prepayments, trading investments, loans receivable, advance to sub-contractor and amount due from an associated company, fellow subsidiaries and a related company. The maximum credit risk exposure in the event that other parties fail to perform their obligation under these financial instruments was disclosed in Note 29(ii). (ii) Fair value estimation The fair value of publicly traded trading securities is based on quoted market prices at the balance sheet date. The face values less any estimated credit adjustments for financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair values. - 13 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 4 Turnover 2005 2004 RMB’000 RMB’000 Sale of land by instalment 1,488,616 1,337,433 Sale of properties 75,647 452,215 ──────── ──────── 1,564,263 1,789,648 ════════ ════════ All sales are made in the PRC. Business segment information is not shown since with the exception of sales of land and properties, no other business segment contributed more than 10% of the consolidated revenue, results and assets. 5 Net other operating income 2005 2004 RMB’000 RMB’000 Rental income on investment properties and land 26,192 23,827 Relocation income, net of sales tax - 16,587 Sales of relocation quarters, net of sales tax 1,649 - Dividend income 5,702 10,666 Realised/unrealised gains on trading investments - 4,735 Write back of accounts payable 138 23,193 Compensations 14,329 - Net other income 3,138 1,533 ────── ────── 51,148 80,541 ══════ ══════ - 14 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 6 Operating profit 2005 2004 RMB’000 RMB’000 The operating profit is stated after crediting and charging the following: Crediting Write back of provision for loans receivable - 9,186 Write back of provision for properties held for sales - 28,228 Write back of provision for investment properties - 22,868 Gain on disposal of fixed assets 467 185 ════════ ════════ Charging Cost of sales of land 544,677 752,118 Cost of sales of properties 63,484 335,133 ──────── ──────── Total cost of sales 608,161 1,087,251 Depreciation of investment property and fixed assets 23,471 37,050 Amortisation of land use rights 2,668 2,668 Amortisation of goodwill - 66 Impairment charge of goodwill 412 1,514 Provision for staff bonus and welfare fund 36,427 19,528 Staff costs 54,049 63,593 Contributions to defined contribution retirement schemes 6,592 4,580 Loss on disposal of fixed assets - 421 Provision for doubtful debts and loans receivable 29,253 18,423 Provision for diminution in unlisted available-for-sale investments 17,000 26,862 Provision for diminution in an associated company - 10,459 Provision for amount due from an associate - 2,250 Provision for properties under development 107,000 138,800 ════════ ════════ - 15 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 7 Net finance income 2005 2004 RMB’000 RMB’000 Interest expenses on borrowings (6,042) (15,057) Interest expense on amount due to ultimate holding company - (2,226) Bank interest income 50,345 37,781 Interest income attributable to land sales by installments 80,152 114,999 Net foreign exchange gain (2,601) 5 Other finance charges (302) (591) ────── ────── 121,522 134,911 Interest expenses capitalised in properties under development 6,042 11,000 ────── ────── 127,594 145,911 ══════ ══════ The capitalisation rate applied to the bank loans borrowed in respect of the properties under development is 5.76% (2004: 5.22%) per annum. 8 Taxation Note 2005 2004 RMB’000 RMB’000 Income tax for the current year 131,176 138,187 Share of taxation of associates 15 1,697 598 Deferred tax (credit)/charge 17 2,425 (17,293) ─────── ─────── 135,298 121,492 ═══════ ═══════ PRC income tax of the Group is calculated based on the assessable profits of the companies comprising the Group for the year at the tax rates applicable to the respective companies. The difference between the actual taxation charge in the consolidated income statement and the amount which would result from applying the applicable tax rate to profit before taxation can be reconciled as follows: - 16 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 8 Taxation (Continued) 2005 2004 RMB’000 RMB’000 Profit before tax 826,248 695,121 ═══════ ═══════ Tax calculated at the applicable tax rate of 15% 123,937 104,268 Unrecognized temporary differences 18,950 12,217 Others (7,589) 5,007 ─────── ─────── Tax charge 135,298 121,492 ═══════ ═══════ 9 Dividend per share The board of directors recommend a final dividend of RMB0.5 per 10 shares totalling RMB93, 384,000 for the year ended 31st December 2004 which has been effected as an appropriation of retained earnings in the year ended 31st December 2005. The board of directors recommend a final dividend of RMB0.6 per 10 shares totaling RMB112,061,000 for the year ended 31st December 2005 which will be reflected as an appropriation of retained earnings in the year ending 31st December 2006. 10 Earnings per share The calculation of earnings per share is based on the consolidated profit after taxation and minority interests for the year of RMB549,881,000 (2004: RMB553,891,000) and 1,867,684,000 (2004:1,867,684,000) shares in issue during the year. Earnings per share is not diluted since the Group has no dilutive potential ordinary shares. - 17 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 11 Goodwill Goodwill RMB’000 Gross carrying amount At 1st January 2005 8,145 ────── At 31st December 2005 8,145 ══════ Impairment provision At 1st January 2005 1,514 Charge in the year 412 ────── At 31st December 2005 1,926 ══════ Net book value At 31st December 2005 6,219 ══════ At 31st December 2004 6,631 ══════ - 18 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 12 Investment property RMB’000 Cost At 1st January 2005 785,828 Additions 240,400 Transfer from fixed assets 47,963 Transfer from properties held for sale 5,858 Transfer from properties under development (Note 18(b)) 855 Transfer to properties held for sale (4,831) ─────── At 31st December 2005 1,076,073 ═══════ Accumulated depreciation At 1st January 2005 113,079 Charge for the year 27,751 Transfer to properties held for sale (964) ─────── At 31st December 2005 139,866 ═══════ Impairment provision At 1st January 2005 8,300 Transfer to properties held for sale (1,429) Reversal during the year - ─────── At 31st December 2005 6,871 ═══════ Net book value At 31st December 2005 929,336 ═══════ At 31st December 2004 664,449 ═══════ - 19 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 13 Fixed assets Buildings Furniture and office equipment Motor vehicles Total RMB’000 RMB’000 RMB’000 RMB’000 Cost At 1st January 2005 92,193 93,883 6,645 192,721 Additions - 814 3,623 4,437 Disposals (664) (81,781) (2,897) (85,342) ─────── ─────── ────── ─────── At 31st December 2005 91,529 12,916 7,371 111,816 ═══════ ═══════ ══════ ═══════ Accumulated depreciation At 1st January 2005 23,601 31,896 4,526 60,023 Charge for the year 12,043 10,472 956 23,471 Disposals (20) (32,102) (2,582) (34,704) ─────── ─────── ────── ─────── At 31st December 2005 35,624 10,266 2,900 48,790 ═══════ ═══════ ══════ ═══════ Net book value At 31st December 2005 55,905 2,650 4,471 63,026 ═══════ ═══════ ══════ ═══════ At 31st December 2004 68,592 61,987 2,119 132,698 ═══════ ═══════ ══════ ═══════ - 20 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 13 Fixed assets (Continued) Buildings Furniture and office equipment Motor vehicles Total RMB’000 RMB’000 RMB’000 RMB’000 Cost At 1st January 2004 89,354 88,837 9,081 187,272 Additions 2,839 8,431 611 11,881 Disposals - (3,385) (3,047) (6,432) ─────── ─────── ─────── ─────── At 31st December 2004 92,193 93,883 6,645 192,721 ═══════ ═══════ ═══════ ═══════ Accumulated depreciation At 1st January 2004 20,741 22,777 4,889 48,407 Charge for the year 2,860 12,053 1,702 16,615 Disposals - (2,934) (2,065) (4,999) ─────── ─────── ─────── ─────── At 31st December 2004 23,601 31,896 4,526 60,023 ═══════ ═══════ ═══════ ═══════ Net book value At 31st December 2004 68,592 61,987 2,119 132,698 ═══════ ═══════ ═══════ ═══════ At 31st December 2003 68,613 66,060 4,192 138,865 ═══════ ═══════ ═══════ ═══════ - 21 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 14 Land use rights RMB’000 Cost At 1st January 2005 and 31st December 2005 45,825 ══════ Accumulated amortisation At 1st January 2005 8,535 Charge for the year 2,668 ────── At 31st December 2005 11,203 ══════ Net book value At 31st December 2005 34,622 ══════ At 31st December 2004 37,290 ══════ Cost At 1st January 2004 and 31st December 2004 45,825 ══════ Accumulated amortisation At 1st January 2004 5,867 Charge for the year 2,668 ────── At 31st December 2004 8,535 ══════ Net book value At 31st December 2004 37,290 ══════ At 31st December 2003 39,958 ══════ - 22 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 15 Investments in associates 2005 2004 RMB’000 RMB’000 Net book value at 1st January 80,586 92,064 Additions 3,899 2,500 Share of results before tax 6,783 6,548 Dividends received (3,798) (6,103) Share of taxation (Note 8) (1,697) (598) Disposals - (3,366) Transfer to available-for-sale investments - - Provisions (10,459) (10,459) ─────── ─────── Share of net assets 75,314 80,586 ═══════ ═══════ The principal associates, all of which are unlisted, as at 31st December 2005 are as follows: Company name Country of Incorporation and operation Shareholding 2005 2004 Shanghai Lujiazui Investment & Development Co., Ltd. PRC 40% 40% Shanghai Environmental Protection (Group) Co., Ltd. PRC 20% 20% Shanghai Fu Dan Technology Holdings Co., Ltd. PRC 20% 20% Shanghai Gaotai Rare and Precious Metal Co., Ltd. PRC 24% 24% 16 Available-for-sale investments Available-for-sale investments mainly comprise interests in listed and unlisted companies. - 23 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 17 Deferred taxation The movement on the deferred tax asset provided in the accounts is as follows: 2005 2004 RMB’000 RMB’000 At 1st January 19,369 2,076 Transferred from/(to) income statement (Note 8) (2,425) 17,293 ────── ────── At 31st December 16,944 19,369 ══════ ══════ Deferred tax assets and deferred tax credit/(charge) in the consolidated income statement are attributable to the following items: Transfer from/(to) Income 2004 Statement 2005 RMB’000 RMB’000 RMB’000 Deferred tax items : Relocation income 201 (201) - Unrealised gain on sale of land within the Group 19,168 (2,224) 16,944 ─────── ─────── ─────── Net deferred tax assets 19,369 (2,425) 16,944 ═══════ ═══════ ═══════ - 24 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 18 Properties under development Note 2005 2004 RMB’000 RMB’000 Land use rights (a) 573,602 606,056 Construction in progress (b) 1,868,795 1,569,451 ──────── ──────── 2,442,397 2,175,507 ════════ ════════ (a) Land use rights 2005 2004 RMB’000 RMB’000 At 1st January 606,056 604,989 Additions - 4,533 Transfer to properties held for sale (32,454) (3,466) ──────── ──────── At 31st December 573,602 606,056 ════════ ════════ The terms of these land use rights range from 8 to 50 years. (b) Construction in progress 2005 2004 RMB’000 RMB’000 At 1st January 1,569,451 1,549,458 Additions 1,190,974 1,028,797 Transfer to properties held for sale (783,775) (738,814) Transfer to investment properties (Note 12) (855) (131,190) Provisions (107,000) (138,800) ──────── ──────── At 31st December 1,868,795 1,569,451 ════════ ════════ (c) Properties under development of RMB147,000,000 (2004: RMB147,000,000) were pledged for long-term bank loans of the Group (Note 24(a)). (d) At 31st December 2005, properties under development included accumulated interest expenses capitalised of approximately RMB17,052,000 (2004: RMB11,000,000). - 25 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 19 Properties held for sale 2005 2004 RMB’000 RMB’000 Land use rights 356,615 382,628 Construction costs 1,479,374 1,258,101 ──────── ──────── 1,835,989 1,640,729 ════════ ════════ 20 Receivables and prepayments 2005 2004 RMB’000 RMB’000 Accounts receivables 400 1,242 Less: provision for doubtful debts (400) (1,242) ──────── ──────── - - -------------- -------------- Other receivables 137,858 116,571 Less: provision for other receivables (50,205) (41,603) ──────── ──────── 87,653 74,968 Prepayments in respect of land use right 604,400 604,400 -------------- -------------- 692,053 679,368 ════════ ════════ 21 Amounts due from/to an associate These were unsecured, interest free and had no fixed terms of repayment. 22 Provision for staff bonus and welfare fund The provision is set up and determined in accordance with the articles of association of the subsidiaries and also the relevant regulations applicable to Sino-foreign joint venture enterprises in the PRC. - 26 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 23 Borrowings Note 2005 2004 RMB’000 RMB’000 Long-term borrowings Long-term bank loans (a) 40,000 140,000 Loans from a minority shareholder of a subsidiary - - ──────── ──────── 40,000 140,000 Less: Current portion (40,000) (140,000) ──────── ──────── - - Current portion of long-term borrowings 40,000 140,000 Short-term bank loans (b) - 90,000 ──────── ──────── 40,000 230,000 ════════ ════════ Long-term bank loans are secured over certain properties under development of the Group and interest bearing at 5.76% (2004: 5.22%) per annum (Note18(c)). The carrying amounts of borrowings approximate their fair values. 24 Retirement schemes The Group participates in certain defined contribution retirement schemes organised by the respective municipal governments where the Group operates, covering all permanent staff of the Group. The Group has no obligation beyond the contributions which are calculated based on 22.5% (2004: 22.5%) of the total salaries. The average monthly number of full time staff employed by the Group during the year is 273 (2004: 333) and the Group contributed approximately in total RMB6,592,000 (2004: RMB4,589,000) for the schemes during the year. 25 Share capital No. of shares State - owned shares Legal entity shares Natural person shares B Shares Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 At 31st December 2005 and 2004 1,867,684,000 1,121,120 76,440 160,524 509,600 1,867,684 ═══════════ ════════ ═══════ ═══════ ═══════ ════════ - 27 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 28 PRC Statutory reserve funds In accordance with relevant PRC regulations applicable to companies limited by shares and the Company’s articles of association, the Company is required to appropriate its profit after tax to the following reserves: Statutory surplus reserve fund This appropriation is calculated at 10% of the profit after tax of the year as stated under the PRC audited statutory financial statements and is made to the statutory surplus reserve fund until the balance reaches 50% of the paid-up share capital. This reserve can be used to make up prior years’ losses or to increase share capital. Except for the reduction of losses incurred, any other usage should not result in this reserve balance falling below 25% of the registered capital. Statutory public welfare fund This appropriation is calculated at 5% of the profit after tax of the year as stated under the PRC audited statutory financial statements and is made to the statutory public welfare fund which is restricted to finance capital expenditure for staff welfare facilities which are owned by the Company. The statutory public welfare fund is not available for distribution to shareholders (except in liquidation). Discretionary surplus reserve fund The discretionary surplus reserve fund can be set up by means of appropriation from the retained profits or transfer from the statutory public welfare fund. Subject to the approval of shareholders in general meeting, the reserve can be used to make up any losses or to increase share capital. Pursuant to PRC regulations and the Company’s article of association, the profit available for distribution of dividend is determined based on the lower of the total of the net profit after appropriation of statutory reserves and the retained profits brought forward prepared under PRC Accounting Regulations and the amount derived based on IFRS. According to the PRC statutory accounts, the Group’s retained profits as at 31st December 2005 amounted to RMB 1,336,404,000. 27 Minority interests 2005 2004 RMB’000 RMB’000 At 1st January 525,931 506,482 Liquidation of a subsidiary - (200) Share of net profits of subsidiaries 141,069 19,738 Dividends paid (20,940) (89) ─────── ─────── At 31st December 646,060 525,931 ═══════ ═══════ - 28 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 28 Financial instruments Financial instruments carried on the balance sheet include cash and bank balances, investments, receivables, payables and borrowings. (i) Interest rate risk The interest rates and terms of repayment of borrowings of the Group are disclosed in Notes 21 and 23 respectively. Other financial instruments do not have material interest rate risk. (ii) Credit risk The Group has no significant concentrations of credit risk. Cash is placed with substantial financial institutions and accounts receivable by the Group represents sales of land and properties to various third parties in the PRC during the year. The maximum credit risk exposure in the event that other parties fail to perform their obligation under these financial instruments was approximately RMB89,265,000 and RMB110,867,000 as at 31st December 2004 and 2005 respectively. At 31st December 2005, the carrying amount of financial instruments best represent their maximum credit risk exposures at the balance sheet date. (iii) Foreign currency risk The Group’s transactions are predominately denominated in Reminbi. The directors are of the opinion that the Group are not subject to significant foreign currency risk. (iv) Fair values The Group’s available-for-sale investments are mainly unlisted companies. There is no quoted market price for equity investments in unlisted companies and accordingly a reasonable estimate of their fair value could not be made without incurring excessive expenses. The carrying amounts of the following financial instruments approximate to their fair value: cash and bank balances, receivables and prepayments, loans receivable, advance to sub-contractor, amounts due from related parties, amount due to related parties, accounts payables, other payables and accruals and borrowings. - 29 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 29 Contingent liabilities As at 31st December 2005, no substantial contingencies events, which would influence the reading and understanding of the financial statements issued. 30 Commitments (a) Capital commitments Capital expenditure contracted for at the balance sheet date but not recognised in the financial statements is as follows: 2005 2004 RMB’000 RMB’000 Land use right 980,769 906,600 ════════ ════════ (b) Commitments under operating leases The future minimum lease payments receivable under non-cancellable operating leases are as follows: 2005 2004 RMB’000 RMB’000 Not later than 1 year 51,460 74,045 Later than 1 year and not later than 5 years 92,844 96,635 Later than 5 years 1,889 5,324 ──────── ──────── Total 146,193 176,004 ════════ ════════ - 30 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 31 Supplementary information to the consolidated cash flow statement (a) Reconciliation of profit before tax to cash generated from operations 2005 2004 RMB’000 RMB’000 Profit before tax 826,248 695,121 Amortization of goodwill - 66 Exchange losses (2,601) - Impairment charge on goodwill 412 1,514 Depreciation/amortization of fixed assets, investment property and land use rights 51,337 39,655 Gain on disposal of investment in an associated companies - (1,134) Provision for diminution in available-for-sale investments 17,000 26,862 Provision for diminution in an associated company - 10,459 Provision for amount due from an associated company - 2,250 Write back of accounts payable (121) (23,193) Write back of provision for loans receivable (21,506) (9,186) Provision for doubtful debts and loans receivable 29,267 18,423 Write back of impairment losses on investment properties - (22,868) Bank interest income (50,049) (37,781) Interest expenses - 6,283 Dividend income (10,043) (10,666) Share of results of associated companies (6,783) (6,548) Loss/(gain) on disposal of fixed assets 245 236 Change in working capital: Property under development (351,777) (90,454) Properties held for sale (195,260) 316,743 Accounts receivable, loans receivable, advances to sub-contractors, amounts due from an associated company, amounts due from fellow subsidiaries and other receivables and prepayments (271,102) (456,513) Trading investments - 6,573 Deposits received from customers, accounts payable, other payables and accruals, amount due to a fellow subsidiary and provision for staff bonus and welfare fund 983,805 428,412 ──────── ──────── Cash generated from operations 999,072 894,254 ════════ ════════ - 31 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 31 Supplementary information to the consolidated cash flow statement (continued) (b) Analysis of cash and cash equivalents 2005 2004 RMB’000 RMB’000 Cash and bank balances 4,269,956 3,753,102 ════════ ════════ (c) Change of financing during the year Bank loans excluding portion classified as cash equivalents RMB’000 As at 1st January 2005 230,000 Net repayment (190,000) ──────── As at 31st December 2005 40,000 ════════ - 32 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 32 Related party transactions In the normal course of business, the Group had the following material transactions with its related parties during the year: 2005 2004 Note RMB’000 RMB’000 Ultimate holding company, Shanghai Lujiazui (Group) Company Limited Interest expense 2,226 Purchase of land use right and buildings (a) 295,493 - Rental expenses (b) 22,955 - Sale of buildings (c) 7,913 ════════ ════════ Fellow subsidiaries Construction costs reimbursement - 118,505 Relocation income - 16,587 Commission fee paid - 12,013 Sale of land - 350 Rental income (d) 2,468 4,080 Agency income for rental and sale (e) 575 Additional income from sale of land use right (f) 7,269 Investment loss (g) 21,573 Purchase of buildings (h) 21,285 Pay land compensations (i) 5,224 ════════ ════════ (a) During the year, the Company paid RMB295,493,000 to ultimate holding company to buy land use right and buildings. (b) During the year, the Group paid rental fee of RMB22,955,000 to ultimate holding company. (c) During the year, the Group received RMB6,000,000 from ultimate holding company for selling buildings, with total contract amount RMB7,913,000. (d) During the year, the Group received rental income, of RMB349,000 (2004: RMB190,000) from a fellow subsidiary of the ultimate holding company. The Group received rental income, RMB2,119,000 (2004:RMB3,890,000), from affiliated company. (e) During the year, the Company paid commission fee of rental and sale of house property, of RMB575,000 to affiliated company of the ultimate holding company. (f) During the year, the Company received additional income from sale of land of RMB7,269,000 from affiliated company. (g) During the year, the Group paid RMB21, 573,000 for losses of affiliated company based on investment percentage. (h) During the year, the Company paid RMB21, 285,000 to a fellow subsidiary of the ultimate holding company for purchasing house property. (i) During the year, the Company paid land compensations RMB 5,224,000 to a fellow subsidiary of the ultimate holding company. - 33 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2005 33 Principal subsidiaries Company name Country of Incorporation and operation Effective shareholding 2005 2004 Shanghai Lujiazui Finance & Trade Zone United Development Co., Ltd PRC 55% 55% Shanghai Lujiazui Real Estate Development Co., Ltd. PRC 73% 73% Shanghai Lujiazui Finance & Trade Zone City Development Co., Ltd. PRC 70% 70% Shanghai Lujiazui Development Co., Ltd. (formerly Shanghai Pudong New Area Lujiazui – Itochu Development Co., Ltd.) PRC 90% 90% Shanghai Lujiazui Union Real Estate Co., Ltd. PRC 33% 33% Shanghai Pudong Lujiazui Software Estate Development Co., Ltd. PRC 90% 90% 34 Ultimate holding company The directors regard Shanghai Lujiazui (Group) Company Limited, a state-owned enterprise incorporated in the PRC, as being the ultimate holding company. 35 Approval of accounts The accounts were approved by the board of directors on 10th March 2006. - 34 - SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO., LTD. SUPPLEMENTARY FINANCIAL INFORMATION FOR THE YEAR ENDED 31ST DECEMBER 2005 The impact of International Financial Reporting Standard (IFRS) on the PRC statutory financial statements are as follows:- Consolidated profit after taxation and minority interests but before appropriation Consolidated net assets 2005 2004 2005 2004 RMB’000 RMB’000 RMB’000 RMB’000 In accordance with PRC statutory accounts 569,967 494,433 6,344,085 5,996,482 Timing difference of amortisation of pre-operating expenses - 737 - - Realized/unrealized gains on trading investments - (3,035) - - Unrealized gain on sales of a land - - (11,195) (11,195) Reversal of assets revaluation gain of a subsidiary - - - (109,048) Recognition of provision for staff welfare and bonus fund as an expense (36,427) (12,506) - - Recognition of write back of accounts payable as an income 121 23,193 - - Recognition of deferred tax assets & others 13,932 17,293 16,944 19,369 Amortization of Goodwill 1,316 Others 972 1,055 490 (2,190) Effect on minority interests as a result of the above adjustments - 32,721 - 409 ──────── ──────── ──────── ──────── As restated after IFRS adjustments 549,881 553,891 6,350,324 5,893,827 ════════ ════════ ════════ ════════