600650_2006_锦江投资_2006年年度报告_2007-04-10.txt

上 上海 海锦 锦江 江国 国际 际实 实业 业投 投资 资股 股份 份有 有限 限公 公司 司 660000665500 990000991144 22000066 年 年年 年度 度报 报告 告 上海锦江国际实业投资股份有限公司 2006 年年度报告 1 目录 一、重要提示 ......................................................................... 1 二、公司基本情况简介 ................................................................. 1 三、主要财务数据和指标 ............................................................... 2 四、股本变动及股东情况 ............................................................... 3 五、董事、监事和高级管理人员 ......................................................... 7 六、公司治理结构 ..................................................................... 9 七、股东大会情况简介 ................................................................ 11 八、董事会报告 ...................................................................... 11 九、监事会报告 ...................................................................... 17 十、重要事项 ........................................................................ 17 十一、财务报告（附后） .............................................................. 21 十二、备查文件目录 .................................................................. 21 上海锦江国际实业投资股份有限公司 2006 年年度报告 1 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、公司全体董事出席董事会会议。 3、德勤华永会计师事务所有限公司为本公司出具了标准无保留意见的审计报告。 4、公司负责人董事长沈懋兴、首席执行官杨原平，主管会计工作负责人财务总监袁哲宁，会计机 构负责人刘朝晖声明：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：上海锦江国际实业投资股份有限公司 公司法定中文名称缩写：锦江投资 公司英文名称：Shanghai Jin Jiang International Industrial Investment Co., Ltd. 公司英文名称缩写：JJTZ 2、 公司法定代表人：沈懋兴 3、 公司董事会秘书：袁哲宁 电话：（021）63218800 传真：（021）63213119 E-mail：dshms@ 联系地址：上海市延安东路 100 号 28 楼 公司证券事务代表：黄跃冲 电话：（021）63218800 传真：（021）63213119 E-mail：zqdb@ 联系地址：上海市延安东路 100 号 28 楼 4、 公司注册地址：上海市浦东大道 1 号 公司办公地址：上海市延安东路 100 号 28 楼 邮政编码：200002 公司国际互联网网址： 公司电子信箱：dshms@ 5、 公司信息披露报纸名称：《上海证券报》、香港《南华早报》 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：上海市延安东路 100 号 28 楼 6、 公司 A 股上市交易所：上海证券交易所 公司 A 股简称：锦江投资 公司 A 股代码：600650 公司 B 股上市交易所：上海证券交易所 公司 B 股简称：锦投 B 股 公司 B 股代码：900914 7、 其他有关资料 公司首次注册登记日期：1993 年 2 月 24 日 公司首次注册登记地点：上海市 公司法人营业执照注册号：企股沪总字第 019015 号 公司税务登记号码：地税沪字 310115607200690 号 公司聘请的境内会计师事务所名称：德勤华永会计师事务所有限公司 公司聘请的境内会计师事务所办公地址：上海延安东路 222 号 外滩中心 30 楼 公司聘请的境外会计师事务所名称：德勤华永会计师事务所有限公司 公司聘请的境外会计师事务所办公地址：上海延安东路 222 号 外滩中心 30 楼 上海锦江国际实业投资股份有限公司 2006 年年度报告 2 三、主要财务数据和指标 (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 349,042,067.86 净利润 268,578,807.01 扣除非经常性损益后的净利润 223,696,359.69 主营业务利润 462,007,946.27 其他业务利润 21,941,727.82 营业利润 181,824,668.66 投资收益 142,747,112.36 补贴收入 6,684,423.92 营业外收支净额 17,785,862.92 经营活动产生的现金流量净额 445,622,580.96 现金及现金等价物净增加额 -10,447,797.86 (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 项目 本期数 上期数 期初数 期末数 按中国会计制度 268,579 250,952 1,900,128 2,003,231 按国际会计准则调整项目： 2004 年置换重组引起的会计核算差异 21,380 1,853 34,096 55,476 2006 年收购子公司及合营企业引起的会 计核算差异 -2,428 -2,434 按照公允价值调整股票投资 4,642 递延税款 108,592 11,325 -158,986 -50,394 其他 7 少数股东损/权益 64,485 63,506 169,932 214,512 按国际会计准则 460,615 327,636 1,945,170 2,225,033 (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 处置长期股权投资、固定资产、在建工程、无形资产、其他长期资 产产生的损益 26,829,324.48 各种形式的政府补贴 6,450,160.55 以前年度已经计提各项减值准备的转回 14,419,915.63 其他非经常性损益项目 3,276,199.24 所得税影响数 -6,093,152.58 合计 44,882,447.32 上海锦江国际实业投资股份有限公司 2006 年年度报告 3 (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 主要会计数据 2006 年 2005 年 本年比上 年增减(%) 2004 年 主营业务收入 2,666,956,682.11 3,279,881,587.08 -18.69 2,531,867,267 利润总额 349,042,067.86 367,657,967.47 -5.06 313,896,755 净利润 268,578,807.01 250,951,955.88 7.02 201,620,369 扣除非经常性损益的净利润 223,696,359.69 173,167,170.96 29.18 109,615,420 每股收益 0.487 0.455 7.03 0.366 净资产收益率（%） 13.41 13.21 增加 0.2 个 百分点 11.46 扣除非经常性损益的净利润为基础计算的净资 产收益率（%） 11.17 9.11 增加 2.06 个 百分点 6.32 扣除非经常性损益后净利润为基础计算的加权 平均净资产收益率（%） 11.63 8.84 增加 2.79 个 百分点 6.69 经营活动产生的现金流量净额 445,622,580.96 450,707,727.91 -1.13 282,347,246 每股经营活动产生的现金流量净额 0.808 0.817 -1.10 0.512 2006 年末 2005 年末 本年末比 上年末增 减(%) 2004 年末 总资产 3,071,042,330.95 2,792,181,520.12 9.99 2,816,267,496 股东权益（不含少数股东权益） 2,003,231,178.28 1,900,128,183.37 5.43 1,759,451,619 每股净资产 3.63 3.44 5.52 3.19 调整后的每股净资产 3.62 3.43 5.54 3.18 注：本期主营业务收入下降，是因为公司本年度对锦海捷亚按持股 50%的比例并表。 (五)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 551,610,107.00 892,086,875.40 214,538,514.27 64,264,946.81 241,892,686.70 1,900,128,183.37 本期增加 7220.00 46,561,995.27 222,016,811.74 268,586,027.01 本期减少 64,264,946.81 165,483,032.10 165,483,032.10 期末数 551,610,107.00 892,094,095.40 261,100,509.54 298,426,466.34 2,003,231,178.28 1、本年度按规定提取盈余公积金。 2、未分配利润本期增加数是由于本年度净利润增加（扣除盈余公积等）。 3、未分配利润本期减少数是公司发放 2005 年度的现金股利。 4、股东权益增加是由于本年度净利润增加。 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、有限售条件股份 1、国家持股 2、国有法人持股 212,586,460 38.54 212,586,460 38.54 上海锦江国际实业投资股份有限公司 2006 年年度报告 4 3、其他内资持股 121,519,855 22.03 121,519,855 22.03 其中： 境内法人持股 121,519,855 22.03 121,519,855 22.03 境内自然人持股 4、外资持股 其中： 境外法人持股 境外自然人持股 有限售条件股份 合计 334,106,315 60.57 334,106,315 60.57 二、无限售条件流通股份 1、人民币普通股 56,453,760 10.23 56,453,760 10.23 2、境内上市的外 资股 161,050,032 29.20 161,050,032 29.20 3、境外上市的外 资股 4、其他 无限售条件流通 股份合计 217,503,792 39.43 217,503,792 39.43 三、股份总数 551,610,107 100.00 551,610,107 100.00 注：“本次变动前数量”系指股权分置改革实施日数量。 有限售条件股份可上市交易时间 单位:股 时 间 限售期满新增可上 市交易股份数量 有限售条件股份 数量余额 无限售条件股份数 量余额 说明 2007 年 2 月 13 日 113,304,788 220,801,527 330,808,580 2008 年 2 月 13 日 35,795,572 185,005,955 366,604,152 2009 年 2 月 13 日 27,580,505 157,425,450 394,184,657 2010 年 2 月 13 日 157,425,450 0 551,610,107 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、配售股份等股票发行与上市情况。 (2) 公司股份总数及结构的变动情况 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 36,211（其中 B 股：17,262） 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 持有有限售条 件股份数量 质押或冻结 的股份数量 锦江国际（集团）有限公司 国有股东 38.54 212,586,460 -14,636,160 212,586,460 0 UBS Warburg Custody Pte Ltd. 外资股东 1.44 7,917,481 -50,799 未知 上海锦江国际实业投资股份有限公司 2006 年年度报告 5 HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND 外资股东 1.24 6,838,755 6,838,755 未知 FORTIS BANQUE LUXEMBOURG S.A. 外资股东 1.15 6,322,033 6,322,033 未知 海通－中行－FORTIS BANK SA/NV 其他 0.93 5,130,963 1,880,166 未知 GT PRC FUND 外资股东 0.91 5,000,000 2,000,000 未知 上海国际信托投资有限公司 国有股东 0.85 4,691,934 4,691,934 未知 BARINGS (IRELAND) LIMITED S/A THE ATLANTIS CHINA FUND PLC 外资股东 0.71 3,899,903 3,899,903 未知 蔡青蜂 外资股东 0.71 3,894,935 未知 上海锦江饭店 国有股东 0.68 3,761,493 3,761,493 未知 前十名无限售条件股东持股情况 股东名称 持有无限售条件股份数量 股份种类 UBS Warburg Custody Pte Ltd. 7,917,481 境内上市外资股 HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND 6,838,755 境内上市外资股 FORTIS BANQUE LUXEMBOURG S.A. 6,322,033 境内上市外资股 海通－中行－FORTIS BANK SA/NV 5,130,963 人民币普通股 GT PRC FUND 5,000,000 境内上市外资股 BARINGS (IRELAND) LIMITED S/A THE ATLANTIS CHINA FUND PLC 3,899,903 境内上市外资股 蔡青蜂 3,894,935 境内上市外资股 VALUE PARTNERS HIGH-DIVIDEND STOCKS FUNDS 3,233,408 境内上市外资股 SKANDIA GLOBAL FUNDS PLC 3,214,811 境内上市外资股 VALUE PARTNERS CHINA HEDGE MASTER FUND LIMITED 3,211,051 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 公司前十名股东中，第 1 位股东和第 10 位股东 存在关联关系和一致行动关系。公司控股股东锦 江国际（集团）有限公司是上海锦江饭店的控股 股东。其他股东，公司未知其是否存在关联关系 和一致行动关系。 锦江国际（集团）有限公司减持 14,636,160 股，系支付股改对价。 前十名有限售条件股东持股数量及限售条件 单位:股 有限售条件股份可上市 交易情况 序 号 有限售条件股 东名称 持有的有限 售条件股份 数量 可上市交 易时间 新增可上市交 易股份数量 限售条件 2008 年 2 月 13 日 27,580,505 2009 年 2 月 13 日 27,580,505 1 锦江国际（集 团）有限公司 212,586,460 2010 年 2 月 13 日 157,425,450 1、自获得在 A 股市场上的"上市流通权"之日起 12 个月内不上市交易或转让，并在其后的 12 个月内 不通过上海证券交易所挂牌交易。 2、在第一项规定期满后，通过上海证券交易所挂 牌交易出售的股份数量占公司股份总数的比例在 12 个月内不超过 5%。 3、在第一项规定期满后，通过上海证券交易所挂 牌交易出售的股份数量占公司股份总数的比例在 24 个月内不超过 10%。 2 上海国际信托 投资有限公司 4,691,934 2007 年 2 月 13 日 4,691,934 自获得在 A 股市场的"上市流通权"之日起，至少在 12 个月内不上市交易或者转让。 3 上海锦江饭店 3,761,493 2008 年 2 月 13 日 3,761,493 自获得在 A 股市场上的"上市流通权"之日起 12 个 月内不上市交易或转让，并在其后的 12 个月内不 通过上海证券交易所挂牌交易。 上海锦江国际实业投资股份有限公司 2006 年年度报告 6 4 友谊汽车（工 会） 3,533,587 2007 年 2 月 13 日 3,533,587 自获得在 A 股市场的"上市流通权"之日起，至少在 12 个月内不上市交易或者转让。 5 中国工商银行 上海市第二支 行 3,136,320 2007 年 2 月 13 日 3,136,320 自获得在 A 股市场的"上市流通权"之日起，至少在 12 个月内不上市交易或者转让。 6 上海爱建股份 有限公司 1,881,792 2007 年 2 月 13 日 1,881,792 自获得在 A 股市场的"上市流通权"之日起，至少在 12 个月内不上市交易或者转让。 7 上海海立(集 团)股份有限 公司 1,881,792 2007 年 2 月 13 日 1,881,792 自获得在 A 股市场的"上市流通权"之日起，至少在 12 个月内不上市交易或者转让。 8 上海和平饭店 有限公司 1,839,974 2008 年 2 月 13 日 1,839,974 自获得在 A 股市场上的"上市流通权"之日起 12 个 月内不上市交易或转让，并在其后的 12 个月内不 通过上海证券交易所挂牌交易。 9 嘉里大通物流 有限公司上海 分公司 1,672,704 2007 年 2 月 13 日 1,672,704 自获得在 A 股市场的"上市流通权"之日起，至少在 12 个月内不上市交易或者转让。 10 上海锦江国际 饭店有限公司 1,442,707 2008 年 2 月 13 日 1,442,707 自获得在 A 股市场上的"上市流通权"之日起 12 个 月内不上市交易或转让，并在其后的 12 个月内不 通过上海证券交易所挂牌交易。 2、控股股东及实际控制人简介 (1) 法人控股股东情况 控股股东名称：锦江国际（集团）有限公司 法人代表：俞敏亮 注册资本：20 亿元 成立日期：2003 年 6 月，在原锦江（集团）有限公司和上海新亚（集团）有限公司国有资产重组 基础上组建 主要经营业务或管理活动：国有资产经营与管理、企业投资及管理、饭店管理、游乐业配套服务、 国内贸易、物业管理、自有办公楼、公寓租赁、产权经纪及相关项目的咨询等（以上项目涉及许 可的凭许可证经营） (2) 法人实际控制人情况 实际控制人名称：上海市国有资产监督管理委员会 (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。 (4) 公司与实际控制人之间的产权及控制关系的方框图 上海市国有资产监督管理委员会 100% 锦江国际（集团）有限公司 38.54% 上海锦江国际实业投资股份有限公司 3、其他持股在百分之十以上的法人股东 截止本报告期末公司无其他持股在百分之十以上的法人股东。 上海锦江国际实业投资股份有限公司 2006 年年度报告 7 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)税前 沈懋兴 董事长 男 56 2006 年 4 月 21 日 2009 年 4 月 20 日 4,182 5,646 1,464 获得股 改对价 杨原平 副董事长、首 席执行官 男 51 2006 年 4 月 21 日 2009 年 4 月 20 日 4,182 5,646 1,464 获得股 改对价 50 于建敏 副董事长、首 席运营官 女 50 2006 年 4 月 21 日 2009 年 4 月 20 日 45 陈文君 董事 女 51 2006 年 4 月 21 日 2009 年 4 月 20 日 4,182 5,646 1,464 获得股 改对价 马名驹 董事 男 45 2006 年 4 月 21 日 2009 年 4 月 20 日 张宝华 董事 男 55 2006 年 4 月 21 日 2009 年 4 月 20 日 蔡青峰 董事 男 39 2006 年 4 月 21 日 2009 年 4 月 20 日 3,894,935 3,894,935 陈祥麟 独立董事 男 62 2006 年 4 月 21 日 2009 年 4 月 20 日 4 秦志良 独立董事 男 62 2006 年 4 月 21 日 2009 年 4 月 20 日 4 刘正东 独立董事 男 36 2006 年 4 月 21 日 2009 年 4 月 20 日 4 刘永章 独立董事 男 51 2006 年 4 月 21 日 2009 年 4 月 20 日 4 刘海海 监事长 男 54 2006 年 4 月 21 日 2009 年 4 月 20 日 29 潘建畅 监事 男 47 2006 年 4 月 21 日 2009 年 4 月 20 日 18 蔡涌钧 监事 男 43 2006 年 4 月 21 日 2009 年 4 月 20 日 13 邵晓明 副总裁 男 48 2006 年 4 月 21 日 2009 年 4 月 20 日 孟正伟 副总裁 男 52 2006 年 4 月 21 日 2009 年 4 月 20 日 27 王荣发 副总裁 男 46 2006 年 4 月 21 日 2009 年 4 月 20 日 27 袁哲宁 财务总监、董 事会秘书 女 51 2006 年 4 月 21 日 2009 年 4 月 20 日 27 合计 / / / / / 3,907,481 3,911,873 4,392 / 252 注：邵晓明副总裁兼锦海捷亚国际货运有限公司总经理，其报酬在锦海捷亚国际货运有限公司领取。 董事、监事、高级管理人员最近 5 年的主要工作经历： (1) 沈懋兴,曾任锦江（集团）有限公司党委副书记、总裁。现任锦江国际（集团）有限公司党委 副书记、副董事长、首席运营官（执行总裁），本公司董事长。 (2) 杨原平,本公司副董事长、总经理、首席执行官、党委书记。 (3) 于建敏,曾任国际饭店总经理、锦江国际（集团）有限公司总裁助理兼地产事业部总经理、党 委书记。现任本公司副董事长、首席运营官（执行总裁）。 上海锦江国际实业投资股份有限公司 2006 年年度报告 8 (4) 陈文君,曾任锦江（集团）有限公司副总裁，锦江国际（集团）有限公司董事、财务总监。现 任锦江国际（集团）有限公司董事、高级副总裁，本公司董事。 (5) 马名驹,曾任锦江（集团）有限公司计划财务部经理，锦江国际（集团）有限公司计划财务部 经理。现任锦江国际（集团）有限公司副总裁，本公司董事。 (6) 张宝华,曾任上海新亚（集团）股份有限公司副总经理、资深副总经理、副董事长。现任锦江 国际（集团）有限公司总裁助理，本公司董事。 (7) 蔡青峰,曾任兆丰国际集团有限公司董事，兆丰国际（上海）有限公司执行董事兼财务总监。 现任兆丰国际（上海）有限公司董事长兼总经理，本公司董事。 (8) 陈祥麟,曾任上海汽车工业（集团）总公司总裁、党委副书记，上海汽车工业（集团）总公司 董事长、党委书记。现任上海汽车股份有限公司监事会主席，本公司独立董事。 (9) 秦志良,曾任上海市机电工业管理局总会计师、副局长，上海东风机械（集团）有限公司党委 书记、董事长。现任上海电气（集团）总公司董事，本公司独立董事。 (10) 刘正东,曾任上海市虹桥律师事务所房地产事务部主任。现任上海市君悦律师事务所主任律 师，本公司独立董事。 (11) 刘永章,曾任上海财经大学组织部部长。现任上海财经大学党委副书记，本公司独立董事。 (12) 刘海海,曾任上海龙柏饭店党委书记兼副总经理。现任本公司党委副书记、监事长。 (13) 潘建畅,曾任上海飞人机械总公司审计监察部副部长。现任本公司监事、审计室副主任。 (14) 蔡涌钧,曾任上海锦江出租汽车公司总经理办公室主任。现任本公司监事、办公室副主任兼 上海锦江汽车服务有限公司党群工作部主任。 (15) 邵晓明,曾任上海锦江汽车服务有限公司常务副总经理。现任本公司副总裁兼锦海捷亚国际 货运有限公司总经理。 (16) 孟正伟,曾任上海锦江汽车服务有限公司党委副书记。现任本公司副总裁兼上海锦江国际低 温物流发展有限公司总经理。 (17) 王荣发,曾任锦江国际会议中心有限公司副总经理，中共上海市委党校海兴大厦总经理，本 公司总经理助理。现任本公司副总裁。 (18) 袁哲宁,曾任上海锦江汽车服务有限公司财务总监。现任本公司董事会秘书、财务总监兼上 海锦江汽车服务有限公司财务总监 。 (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 沈懋兴 锦江国际（集团）有限公司 副董事长、首席运营官（执 行总裁） 2003-06 至今 是 陈文君 锦江国际（集团）有限公司 董事、高级副总裁 2003-06 至今 是 马名驹 锦江国际（集团）有限公司 副总裁、金融事业部总经理 2003-06 至今 是 张宝华 锦江国际（集团）有限公司 总裁助理 2003-07 至今 是 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 上海锦江国际酒店发展股份有限公司 副董事长 2006-05 2009-05 否 沈懋兴 上海锦江国际酒店（集团）股份有限公司 副董事长 2006-01 2009-01 否 陈文君 上海锦江国际酒店（集团）股份有限公司 执行董事 2006-01 2009-01 否 上海锦江国际旅游股份有限公司 董事 2004-05 2007-05 否 马名驹 上海锦江国际酒店（集团）股份有限公司 监事 2006-01 2009-01 否 上海锦江国际酒店发展股份有限公司 副董事长 2006-05 2009-05 否 张宝华 上海锦江国际旅游股份有限公司 副董事长 2004-05 2007-05 否 上海锦江国际实业投资股份有限公司 2006 年年度报告 9 (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:董事会、股东大会审议通过等程序。 2、董事、监事、高级管理人员报酬确定依据：根据年度经营目标完成情况，经考核确定。 (四)公司董事、监事、高级管理人员变动情况 1、2006 年 4 月 21 日公司 2005 年度股东大会选举沈懋兴、杨原平、于建敏、陈文君、马名驹、 张宝华、蔡青峰、陈祥麟（独立董事）、秦志良（独立董事）、刘正东（独立董事）刘永章（独立董 事）为公司第五届董事会董事。 2、2006 年 4 月 21 日公司 2005 年度股东大会选举刘海海、潘建畅为公司第五届监事会监事。同 月，经职工民主程序产生第五届监事会职工代表监事蔡涌均。 3、2006 年 4 月 21 日公司第五届董事会第一次会议选举沈懋兴先生为公司第五届董事会董事长， 杨原平先生、于建敏女士为副董事长。聘任杨原平先生为公司首席执行官（兼）,于建敏女士为公司首 席运营官（执行总裁）（兼）；聘任邵晓明先生、孟正伟先生、王荣发先生为公司副总裁，袁哲宁女 士为公司董事会秘书、财务总监（兼）。 4、2006 年 4 月 21 日公司第五届监事会第一次会议选举刘海海先生为公司第五届监事会监事长。 上述事项公告刊登在 2006 年 4 月 25 日的《上海证券报》和香港《南华早报》上。 (五)公司员工情况 截止报告期末,公司在职员工为 14,637 人,需承担费用的离退休职工为 360 人 员工的结构如下： 1、专业构成情况 专业类别 人数 生产人员 13,773 销售人员 236 技术人员 126 财务人员 145 管理人员 357 2、教育程度情况 教育类别 人数 大专以上学历 946 六、公司治理结构 (一)公司治理的情况 公司按照《公司法》、《证券法》、中国证监会制定的法规和发布的有关上市公司治理的规范性 文件，以及上海证券交易所《股票上市规则》的要求，结合自身实际情况，不断完善法人治理结构， 规范公司运作。主要内容如下： 1、关于公司股东与股东大会。公司的治理结构确保所有股东，特别是中小股东的平等地位，享有 和行使自己的权利。报告期内，公司共召开二次股东大会，一次 A 股市场相关股东会议。公司严格按 照《上市公司股东大会规则》的规定，召集、召开股东会议，出席的股东人数及其代表股份数均符合 《公司法》和《公司章程》的有关规定，在会场的选择上尽可能使更多的股东能够参加大会，行使股 上海锦江国际实业投资股份有限公司 2006 年年度报告 10 东的权利。 2、关于控股股东与公司的关系。公司控股股东十分重视和支持公司的发展，依法行使股东权利， 承担股东义务。公司与控股股东在业务、人员、资产、机构、财务等方面实行分开。 3、关于公司董事与董事会。公司严格按照《公司章程》规定的董事选聘程序，选举产生董事。董 事会的人数和构成符合法律、法规的要求。公司董事能忠实、诚信、勤勉地履行职责，体现全体股东 的利益。 4、关于公司监事与监事会。公司严格按照《公司章程》规定的监事选聘程序，选举产生监事。监 事会的人数和构成符合法律、法规的要求。公司监事能够本着对股东负责的精神，对公司财务以及公 司董事、经理和其他高级管理人员履行职责的合法合规性进行监管。 5、关于公司高级管理人员。公司高级管理人员的聘任程序符合法律、法规及《公司章程》的规定。 公司不断完善高级管理人员的绩效评价、激励和约束机制。 6、关于公司利益相关者。公司充分尊重和维护银行及其他债权人、职工、消费者等其他利益相关 者的合法权益，并积极合作共同推进公司持续、健康发展。 7、关于公司信息披露。公司严格按照法律、法规的要求，真实、准确、完整、及时地披露信息。 公司指定董事会秘书和证券事务代表负责证券有关的信息披露、接待来访、咨询等工作，确保所有股 东有平等的机会获得公司信息。 8、报告期内，公司顺利完成股权分置改革工作。 9、报告期内，为进一步完善《公司章程》，加强对股东权益的保护，推动公司治理水平的提高， 根据中国证监会、上海证券交易所的要求，依据新修订的《公司法》、《证券法》、《上市公司章程 指引(2006 年修订)》,经公司 2005 年度股东大会批准，对《公司章程》进行了整体修订。 (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 陈祥麟 5 5 0 0 秦志良 5 5 0 0 刘正东 5 4 1 0 刘永章 5 5 0 0 2、独立董事对公司有关事项提出异议的情况 报告期内，公司独立董事未对公司本年度的董事会议案及其他非董事会议案事项提出异议。 (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 业务方面：公司具有独立完整的业务，自主经营。关联交易公平合理，不存在损害公司和股东利 益的行为。 人员方面：公司在劳动、人事及工资等方面均独立于控股股东。 资产方面：公司所有资产由公司独立拥有。 机构方面：公司拥有独立的决策管理机构和职能部门，独立运作。 财务方面：公司设有独立的财会部门，建立独立的会计核算体系和财务管理制度，公司独立在银 行开设帐户。 (四)高级管理人员的考评及激励情况 根据年初董事会下达的年度经营指标、工作管理目标进行检查和考核，按业绩确定报酬。公司将 按照市场化原则，不断完善考评及激励机制，使高级管理人员薪酬与管理水平、经营业绩紧密挂钩， 以充分调动和激发高级管理人员的积极性和创造力，实现股东价值的最大化。 上海锦江国际实业投资股份有限公司 2006 年年度报告 11 七、股东大会情况简介 (一)年度股东大会情况 公司于 2006 年 4 月 21 日召开 2005 年度年度股东大会。决议公告刊登在 2006 年 4 月 25 日的《上 海证券报》、香港《南华早报》。 (二)临时股东大会情况 公司于 2006 年 1 月 20 日召开股权分置改革 A 股市场相关股东会议。决议公告刊登在 2006 年 1 月 23 日的《上海证券报》。 公司于 2006 年 11 月 17 日召开 2006 年第一次临时股东大会。决议公告刊登在 2006 年 11 月 20 日的《上海证券报》、香港《南华早报》。 八、董事会报告 (一)管理层讨论与分析 报告期内公司经营情况的回顾 1、报告期内总体经营情况 2006年，公司继续呈现良好的发展态势，取得了较好的经营业绩。公司实现主营业务收入26.67 亿元，比上年同期增加2.15亿元，增幅为8.76%（锦海捷亚同比按50%计算）。完成净利润2.68亿元， 同比增加0.18亿元，增幅为7.02%；净资产收益率达到13.41%，同比增加0.2个百分点。 公司经过三年努力，实施重大资产重组和一系列的股权收购和转让，目前已初步形成三项主业。 2006年公司围绕主业发展，重大项目取得突破。 ● 客运服务业 （1）完成客运服务资源的收购。收购市培训、万国培训、万国修理一厂、日产汽车维修中心股权， 为延伸客运服务主业链创造条件。 （2）加快汽车租赁业发展。锦江汽车公司与锦江集团内的锦江饭店、新锦江大酒店等18家单位签 定了商务用车联动协议，进一步拓展汽车租赁网点；通过市场竞拍获得租赁牌照100块，并利用已有牌 照资源，新增营运车辆200余辆，不断拓展汽车租赁市场，提高市场份额。 （3）启动锦江汽车综合信息管理平台规划的实施。建立“96961”客户服务中心，逐步实现旅游、 客运客源互动；建立单车成本核算系统、车辆安全管理系统及人员信息、财务统计、统一采购管理系 统，提高科学管理水平。 ● 现代物流业 （1）完成收购 MIQ 中国，推进合资后的锦海捷亚业务流程、文化磨合，加快实现大陆地区业务整 合；与 YRCW 就加快实施 JHJ 和 MIQ 双品牌战略达成一致意向，对接 YRCW 全球客户网络，分享客户资 源, 为承接 YRCW 在中国境内业务奠定基础。 （2）合资设立世联锦江物流有限公司，主要从事第三方物流、供应链服务等，拟定收购方案，对 目标公司进行考察。 （3）落实与财富 500 强美国 YRCW 战略合作协议。启动探讨推进锦海捷亚向亚太区域性公司转变； 与 YRCW 共同探讨建立依托 IT 技术的轻资产型地面运输管理公司，培育新的经济增长点。 （4）完成锦海捷亚持有 DFDS34%股权的转让。 ● 物流仓储业 （1）有效实施低温物流资源整合，组建低温物流发展公司。完成收购吴淞肉联厂、吴泾冷藏公司、 尚海食品公司低温物流资源股权。 （2）初步拟定物流仓储国际对接方案，并与国际知名企业等，就物流仓储项目合作进行深入探讨。 （3）积极参与浦东机场三期公共货运站项目建设，加强与机场集团等沟通合作，积极推进方案实 施。 上海锦江国际实业投资股份有限公司 2006 年年度报告 12 2、报告期内主营业务及其经营情况 （1）主营业务分行业、分产品情况表 单位:元 币种:人民币 分行业 主营业务收入 主营业务成本 主营业 务毛利 率(%) 主营业务 收入比上 年增减(%) 主营业务成 本比上年增 减(%) 主营业务毛利 率比上年增减 (%) 货运服务业务 1,292,363,871.14 1,179,824,625.84 8.71 -37.95 -38.32 增加 0.96 个百 分点 车辆营运业务 1,326,248,153.70 969,276,367.89 26.92 14.02 15.79 减少 1.11 个百 分点 2005年9月1日公司完成锦海捷亚国际货运有限公司15%股权转让工作，同时公司对锦海捷亚会计并 表方式进行调整，由原来的全额并表改为按持股50%比例并表，故货运服务业主营业务收入、成本与上 年同期相比明显下降。 （2）主营业务分地区情况 单位: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（％） 上海地区 2,092,122,357 -16.63 上海以外地区 574,834,325 -25.39 2005年9月1日公司完成锦海捷亚国际货运有限公司15%股权转让工作，同时公司对锦海捷亚会计并 表方式进行调整，由原来的全额并表改为按持股50%比例并表，故上海地区及上海以外地区主营业务收 入与上年同期相比明显下降。 3、报告期资产和利润构成同比发生重大变动及影响因素 （单位：人民币元） 资产负债表 项目 2006年 12月31日 2005年 12月31日 增减变化 变化率 变化原因说明 应收股利 3,563,230.23 30,890,657.50 -27,327,427.27 -88.47 主要是收到锦海捷亚国 际货运有限公司的股利 预付账款 34,258,912.23 23,164,573.86 11,094,338.37 47.89 汽车4S业务代垫款增加 长期股权投资 979,229,824.33 855,854,057.07 123,375,767.26 14.42 主要是收购子公司 在建工程 18,859,172.71 42,707,689.45 -23,848,516.74 -55.84 主要是预付营运车辆及 出租车牌照款转出 无形资产 185,880,723.41 81,408,705.29 104,472,018.12 128.33 主要是增加了购入子公 司的无形资产 应付票据 48,850,000.00 33,750,000.00 15,100,000.00 44.74 主要是锦海捷亚银行承 兑票据增加 应付股利 38,164,767.72 21,028,604.58 17,136,163.14 81.49 尚未发放完毕的法人股 红利增加 利润表项目 2006 年1 月1 日 至12 月31 日 2005 年1 月1 日 至12 月31 日 增减变化 变化率 变化原因说明 主营业务收入 2,666,956,682.11 3,279,881,587.08 -612,924,904.97 -18.69 主要是本年度锦海捷亚 按50%并表 主营业务成本 2,161,800,975.63 2,753,544,671.28 -591,743,695.65 -21.49 主要是本年度锦海捷亚 按50%并表 其他业务利润 21,941,727.82 13,151,222.78 8,790,505.04 66.84 主要是子公司租金收入 增加等 投资收益 142,747,112.36 177,691,840.21 -34,944,727.85 -19.67 主要是上年有转让锦海捷亚 15%股权的收益 所得税 17,573,583.25 53,535,257.01 -35,961,673.76 -67.17 主要是上年有转让锦海捷亚 15%股权收益的纳税 上海锦江国际实业投资股份有限公司 2006 年年度报告 13 4、公司经营活动、投资活动和筹资活动产生的现金流量构成情况 （单位：人民币元） 项 目 2006年 2005年 比上年增减额 情况说明 经营活动产生的现金流量净额 445,622,580.96 450,707,727.91 -5,085,146.95 - 投资活动产生的现金流量净额 -272,655,605.87 -289,951,545.84 17,295,939.97 - 筹资活动产生的现金流量净额 -183,414,772.95 -115,593,488.45 -67,821,284.50 主要是支付现金股利 增加 5、主要控股和参股公司经营情况及业绩 （单位：人民币万元） 公司名称 主营范围 注册 资本 总资产 主营业 务收入 净利润 上海锦江汽车服务 有限公司 大小客车出租服务、旅游、汽车修理、长途客运、汽 车配件、客车租赁 33,849 143,725 126,830 15,267 锦海捷亚国际货运 有限公司 承办海运、空运进出口货物、国际展品及私人物品的 国际运输代理业务，办理快递(不含私人信函)业务 8,049 59,308 258,472 5,406 上海大众新亚出租 汽车有限公司 出租汽车、驾驶员培训、汽车配件销售、汽车维护(涉 及许可经营的凭许可证经营) 3,000 18,756 11,870 2,119 上海浦东国际机场 货运站有限公司 仓储 19,161 117,208 101,220 62,693 公司未来发展的展望 1、所处行业发展趋势及公司面临的市场竞争格局 公司客运服务业主要包括出租车业务、租赁车业务、长途客运业务和汽车修理业务。出租车业运 营牌照受政府总量控制，业绩取决于营运数量的扩张和服务质量的提升；租赁车业和长途客运业务随 着上海旅游和对外经济良好的增长态势，需求将稳定增长，竞争依然是营运数量的扩张和服务质量的 提升；汽车修理业目前尚未形成稳定的竞争格局和真正有影响力的领先企业，行业集中度较低，有望 较快速的发展。 公司现代物流业主要包括国际货运代理业务和即将开展的第三方物流业务。我国巨大的经济总量 及与世界经济的紧密融合，产生出庞大的货物流量和物流市场，物流行业发展潜力巨大。公司物流业 主要面临国际强势物流企业进入及国内中小物流企业增加所带来的竞争。 公司物流仓储业主要包括冷冻仓储业务和机场货运站仓储业务。冷冻仓储业随着国家经济的快速 发展，需求日益扩大，目前这行业在国内相对较弱，具有广阔的发展空间；机场货运站仓储业随着国 家航空运输业的发展，具有很好的发展前景。 2、公司发展的机遇、发展战略 公司发展机遇：一是我国经济发展保持平稳较快增长的良好势头，客运服务、现代物流、物流仓 储业的社会需求仍将呈增长趋势；二是上海“十一五”规划将加快发展现代服务业，为客运服务、现 代物流、物流仓储业进一步发展提供较大的空间。 公司发展战略：加强品牌系统建设，逐步实现相关业务的国际对接，大力推进客运服务、现代物 流、物流仓储三大核心主业发展，提高核心竞争能力，建设具有良好经济和社会效益的企业。 3、公司2007年度经营计划 2007 年公司要在已形成三个业态的基础上，迎接新挑战，不断努力，抓落实，出成效。 ● 客运服务业 （1）加快锦江汽车综合信息化网络管理平台建设，提升科学营运管理水平，增强核心竞争力。 （2）整合内部资源，寻求新的经济增长点。拟定锦江汽车维修资源整合方案，盘活内部修理资源， 进一步提高内部修理资源的集中度和共享度；推进别克 4S 项目取得进展，继续寻求与知名企业发展汽 车修理连锁业。 上海锦江国际实业投资股份有限公司 2006 年年度报告 14 （3）完善与市内高星级酒店合作的礼宾用车服务项目。继续“安全、准时、优质、高效”地做好 国宾接待和重要政治、经济等重大活动供车任务。 （4）加强品牌系统建设，进一步提高“锦江”品牌良好声誉。 ● 现代物流业 （1）继续落实与财富 500 强 YRCW 签定的战略合作协议，为锦海捷亚逐步成为亚太区域性公司而 努力。 （2）与 YRCW 共同探讨适时启动建立以高效信息平台为支撑的集卡运输项目。 （3）世联锦江完成对目标公司的收购，力争年内完成对目标公司的尽职调查。利用 YRCW 专有技 术、客户资源和锦江国际品牌影响力，加快进入中国第三方物流市场。 （4）根据主业发展方向，适时进入低温物流配送业，促进物流业有新的发展。寻求物流配送业的 专业战略合作伙伴，努力打造现代化的冷链配送运行平台。 ● 物流仓储业 （1）加快推进浦东机场三期公共货运站项目，促进物流仓储业可持续发展。 （2）在收购低温物流资源基础上，根据企业特点实施不同的发展计划，把传统冷库改造成具有先 进水平的物流仓储企业。 （3）进一步整合低温物流资源，在大股东锦江集团的支持下，根据发展需要，适时收购相关资源。 4、资金需求、使用计划以及资金来源情况 2007年，公司投资活动现金流出主要是车辆更新和主业发展的投资支出，约4亿元。资金主要来源 于自有资金和银行贷款。 5、经营风险分析 风险因素 风险高低 风险原因 对策和措施 宏观政策方面 一般 客运服务业受宏观政 策影响，燃油价格可能 上升，营运成本增加。 1、进一步扩大营运规模 2、降低其他营运成本 市场经营方面 一般 现代物流业、物流仓储 业市场竞争日趋激烈。 1、加快与YRCW的整合， 实现业务对接、流程再造、网络 建设、文化磨合。 2、通过投资和收购，进一步优化网络布局，拓展仓储、分 拨等相关业务，增强服务功能，完善服务链结构。 3、完成世联锦江物流公司筹建，进入中国第三方物流服务 市场。 4、对冷藏资源进行整合，引入战略投资者。 6、执行新企业会计准则后，公司可能发生的会计政策、会计估计变更及其对公司的财务状况和 经营成果的影响情况 ● 关于 2007 年 1 月 1 日新会计准则首次执行日现行会计准则和新会计准则股东权益的差异分析 （1）长期股权投资差额调整 按照现行会计准则，长期股权投资的股权投资借方差额及贷方差额（形成于财会[2003]10 号文发 布之前）按一定期限平均摊销计入损益。按照新会计准则，同一控制下的企业合并不再产生股权投资 差额，其他权益法核算的长期股权投资不再产生股权投资贷方差额。 公司冲销了 2006 年 12 月 31 日尚未摊销完毕的同一控制下的企业合并形成的股权投资借方差额人 民币 540,233,083.37 元，由此调减公司 2007 年 1 月 1 日合并股东权益人民币 540,233,083.37 元。 （2）可供出售金融资产 按照现行会计准则，股票及债券投资根据管理层意图的持有期限及性质分别作为长期股权投资、 长期债权投资和短期投资核算。按照新会计准则，划分为以公允价值计量且其变动计入当期损益的金 融资产以及可供出售的金融资产按公允价值计量。 上海锦江国际实业投资股份有限公司 2006 年年度报告 15 对可供出售的金融资产，将其 2007 年 1 月 1 日的公允价值与账面价值之间的差额进行调整，由此 调增公司 2007 年 1 月 1 日合并股东权益人民币 4,641,869.43 元。 （3）所得税 按照现行会计准则，公司采用应付税款法核算所得税费用。按照新会计准则，公司采用资产负债 表债务法核算企业所得税，并以预计很可能获得的用来抵扣可抵扣暂时性差异和可抵扣亏损的应纳税 所得额为限，确认递延所得税资产。 由于 2007 年 1 月 1 日确认了相应的递延所得税资产/负债，由此调增公司 2007 年 1 月 1 日合并股 东权益人民币 29,952,545.77 元。 （4）少数股东权益列报 按照现行会计准则，少数股东权益于合并财务报表中在负债和股东权益之间单独列报，而新会计 准则要求将少数股东权益作为一项股东权益列报。由此调增公司 2007 年 1 月 1 日合并股东权益人民币 197,439,847.52 元，其中 2006 年 12 月 31 日少数股东权益转入人民币 198,000,642.43 元，其他上述 会计政策变更调减少数股东权益人民币 560,794.91 元。 ● 执行新企业会计准则后，可能发生的会计政策、会计估计变更及其对公司的财务状况和经营 成果的影响分析 （1）长期股权投资 根据《企业会计准则第 2 号―――长期股权投资》和《企业会计准则第 38 号―――首次执行企业 会计准则》的规定，公司将现行会计政策下对子公司采用权益法核算变更为采用成本法核算，在编制 合并会计报表时按照权益法进行调整。此项会计政策的变更将影响母公司的投资收益，但不影响合并 财务报表。 根据上述规定，公司原同一控制下企业合并产生的长期股权投资差额的余额调减 2007 年 1 月 1 日留存收益后，不再进行摊销，相应增加公司当期损益及股东权益。 （2）所得税 根据《企业会计准则第 18 号―――所得税》的规定，公司将现行会计政策下所得税的会计处理方 法由应付税款法变更为资产负债表债务法，此项会计政策的变更将影响公司的当期会计所得税费用， 从而影响公司的利润和股东权益。 （3）合并财务报表 根据《企业会计准则第 33 号―――合并财务报表》的规定，公司将现行会计政策下合并财务报表 中的“少数股东权益”单独地列示，变更为在合并资产负债表股东权益下以“少数股东权益”项目列 示。此项会计政策的变更将影响公司的股东权益。 上述差异事项和影响可能因财政部对新企业会计准则的进一步讲解而进行调整。 (二)公司投资情况 报告期内，公司长期投资净额 97,923 万元，较上年增加 12,338 万元，增幅 14.42%。主要是收购 了上海万国机动车驾驶员培训中心、上海市机动车驾驶员培训中心、上海万国汽车修理厂、上海日产 汽车维修中心股权。 被投资的公司情况 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 上海锦江国际低温物流发 展有限公司 仓储物流管理服务及相关业务咨询，存货管理服 务，货物运输代理管理，商务信息咨询。 100 世联锦江物流有限公司 普通货物仓储、装卸、加工、包装、配送及相关 信息处理服务和有关咨询服务；提供供应链、仓 储、运输、库存、采购订单的管理和咨询服务， 计算机软件的开发与技术服务。 25 上海万国机动车驾驶员培 机动车驾驶员培训，经营性教练场，营运机动车 50 由上海锦江汽车服务 上海锦江国际实业投资股份有限公司 2006 年年度报告 16 训中心 驾驶员职业培训，汽车运输，汽车修理，仓储业 务，附设分支机构。 有限公司收购 上海市机动车驾驶员培训 中心 培训机动车驾驶员，驾驶员报名、咨询，汽车货 运，汽车配件，附设七个分支机构。 33.33 由上海锦江汽车服务 有限公司收购 上海万国汽车修理厂 汽车修理，汽车配件、设备、工具维修，附设分 支机构。 60 由上海锦江汽车服务 有限公司收购 上海日产汽车维修中心 日产汽车和其他汽车的维修，汽车零部件。 50 由上海锦江汽车服务 有限公司收购 上海尚海食品有限公司 水产品，粮油制品，南北货，冷冻小包装食品， 一般劳务服务，油脂油料，码头装卸，肉禽蛋制 品。 95 由上海锦江国际低温物 流发展有限公司收购 上海吴泾冷藏公司 储运：食品（不含熟食），货物储运，代客理货 中转。 100 由上海锦江国际低温物 流发展有限公司收购 上海吴淞肉类联合加工厂 生猪屠宰、冷藏；速冷食品、熟食制品、副食品、 农副产品、肠衣制品、五金加工；货物储存；社 会货物运输；为本单位经营服务；为本单位空余 场地出租。 100 由上海锦江国际低温物 流发展有限公司收购 上海世联国际货运有限公司 承办海运、空运进出口货物的国际运输代理业务。 包括订舱、中转、集装箱拼装拆箱、结算运杂费、 保管、保险、相关的短途运输及咨询业务(涉及许 可经营的凭许可证经营)。 100 由锦海捷亚国际货运 有限公司收购 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。 (三)公司会计政策、会计估计变更或重大会计差错更正的原因及影响 报告期内，公司无会计政策、会计估计变更或重大会计差错。 (四)董事会日常工作情况 1、董事会会议情况及决议内容 公司于 2006 年 3 月 15 日召开第四届董事会第二十六次会议。决议公告刊登在 2006 年 3 月 17 日 的《上海证券报》、香港《南华早报》。 公司于 2006 年 4 月 21 日召开第五届董事会第一次会议。决议公告刊登在 2006 年 4 月 25 日的《上 海证券报》、香港《南华早报》。 公司于 2006 年 7 月 14 日召开第五届董事会第二次会议。决议公告刊登在 2006 年 7 月 18 日的《上 海证券报》、香港《南华早报》。 公司于 2006 年 8 月 25 日召开第五届董事会第三次会议，审议通过公司《2006 年中期报告》。 公司于 2006 年 10 月 25 日召开第五届董事会第四次会议。决议公告刊登在 2006 年 10 月 27 日的 《上海证券报》、香港《南华早报》。 2、董事会对股东大会决议的执行情况 2006 年 1 月 20 日，公司召开 A 股市场相关股东会议，审议通过股权分置改革方案。2006 年 2 月 8 日公司在《上海证券报》刊登股权分置改革方案的实施公告，流通 A 股股东每持有 10 股流通 A 股获 得 3.5 股股票的对价。2006 年 2 月 13 日公司 A 股股票复牌。 2006 年 4 月 21 日，公司召开 2005 年度股东大会，决定向全体股东每股派发现金红利 0.30 元（含 税），本次股东大会决议于 2006 年 4 月 25 日在《上海证券报》、香港《南华早报》上公告。公司于 2006 年 5 月 24 日在《上海证券报》、香港《南华早报》上刊登分红派息实施公告，分红派息股权登 记日 A 股为 2006 年 5 月 29 日，B 股最后交易日 2006 年 5 月 29 日, 股权登记日 2006 年 6 月 1 日；除 上海锦江国际实业投资股份有限公司 2006 年年度报告 17 息日为 2006 年 5 月 30 日，红利发放日为 2006 年 6 月 15 日。 2006 年 11 月 17 日，公司召开 2006 年第一次临时股东大会，通过《关于同意上海锦江国际低温 物流发展有限公司受让上海尚海食品有限公司、上海吴泾冷藏公司、上海吴淞肉类联合加工厂等三企 业股权的议案》，本次股东大会决议于 2006 年 11 月 20 日在《上海证券报》、香港《南华早报》上公 告。公司已于该月完成此项收购工作。 (五)利润分配或资本公积金转增预案 本次利润分配预案为：按2006年末总股本551,610,107股为基数,每10股派发现金红利3.50元(含 税)，B 股折成美元发放，合计分配现金股利 193,063,537.45 元。尚余未分配利润 105,362,928.89 元， 结转至下年度。 九、监事会报告 (一)监事会的工作情况 1、公司第四届监事会第七次会议于 2006 年 3 月 15 日召开,1、同意公司《2005 年度监事会工作 报告》，并提交股东大会审议。2、同意公司《2005 年度报告及摘要》。3、同意《关于监事会换届选 举的议案》，并提交股东大会审议。 2、公司第五届监事会第一次会议于 2006 年 4 月 21 日召开,1、选举刘海海先生为公司第五届监事 会监事长；2、同意公司《2006 年第一季度报告》。 3、公司第五届监事会第二次会议于 2006 年 8 月 25 日召开,同意公司《2006 年中期报告及摘要》。 4、公司第五届监事会第三次会议于 2006 年 10 月 25 日召开,同意公司《2006 年第三季度报告》。 (二)监事会对公司依法运作情况的独立意见 公司董事会能够依法规范运作，经营决策程序合法，公司已建立了较完善的法人治理结构和内部 控制制度。监事会未发现公司董事及高级管理人员在执行职务时有违反法律、法规、《公司章程》或 有损公司和股东利益的行为。 (三)监事会对检查公司财务情况的独立意见 公司的财务制度健全，财务运行稳健，会计处理方法选用适当。德勤华永会计师事务所有限公司 对本公司出具了 2006 年度标准无保留意见的审计报告，该报告真实地反映了公司的财务状况和经营成 果。 (四)监事会对公司收购出售资产情况的独立意见 公司子公司在受让上海世联国际货运有限公司、上海万国机动车驾驶员培训中心、上海市机动车 驾驶员培训中心、上海万国汽车修理厂、上海日产汽车维修中心、上海尚海食品有限公司、上海吴泾 冷藏公司、上海吴淞肉类联合加工厂等企业股权的资产运作过程中，严格遵守公允原则，交易价格的 制定根据独立评估机构的评估报告为基准确定，交易程序合法。监事会未发现有损公司和股东利益的 情况。 (五)监事会对公司关联交易情况的独立意见 公司在与锦江国际（集团）有限公司及其子公司的关联交易中，坚持公平、公正、公开的原则， 交易价格按照独立评估机构的评估报告为基准，经双方协商后确定。交易过程按规范程序进行，符合 相关法律法规的要求。监事会未发现有损股东权益或造成公司资产流失的行为。 上海锦江国际实业投资股份有限公司 2006 年年度报告 18 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 2006年7月31日，锦海捷亚公司向美国YRCW全资下属公司Meridian IQ China (Hongkong) Limited 购买上海世联国际货运有限公司 100%股权，该资产的帐面价值为 803 万元，评估价值为 3,122 万元， 实际购买金额为 3,362 万元。本次收购价格的确定依据是参照资产评估价格协商确定，该事项已于 2006 年 7 月 18 日刊登在《上海证券报》、香港《南华早报》上。 其他收购资产情况见(三) 重大关联交易 (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 （1）购买商品、接受劳务的重大关联交易 单位:万元 币种:人民币 关联方 关联交易 内容 关联交易定价原则 关联交 易金额 占同类交易金 额的比例(%) 关联交易 结算方式 锦江之星旅馆有限公司 酒店管理 参照市场价格执行 47 100 货币资金 锦江国际(集团)有限公司及下属公司 采购物品 参照市场价格执行 89 〈1 货币资金 锦江国际(集团)有限公司 租赁房屋 参照市场价格执行 300 上海锦江物业管理公司 租赁房屋 参照市场价格执行 137 〈5 货币资金 1)本公司向控股股东的子公司锦江之星旅馆有限公司支付酒店管理费。 2)本公司向控股股东锦江国际(集团)有限公司及下属公司采购物品。 3)本公司向控股股东锦江国际(集团)有限公司租赁房屋。 4)本公司向控股股东的子公司上海锦江物业管理公司租赁房屋。 （2）销售商品、提供劳务的重大关联交易 单位:万元 币种:人民币 关联方 关联交易 内容 关联交易定价原则 关联交 易金额 占同类交易金 额的比例(%) 关联交易 结算方式 锦江国际(集团)有限公司及下属公司 洗衣收入 参照市场价格执行 268 33 货币资金 上海锦江国际旅游股份有限公司 车辆客运 收入 参照市场价格执行 1,102 〈1 货币资金 1)本公司向锦江国际(集团)有限公司及下属公司洗衣收入。 2)本公司向股东的子公司上海锦江国际旅游股份有限公司车辆客运收入。 上述关联交易是公司日常必要的业务往来，有利于公司降低生产经营成本和销售费用。 此类关联交易占公司同类交易或总交易量的比例较小，对公司本期以及未来财务状况、经营成果 的影响很小。此类关联交易不影响公司的独立性。 2、资产、股权转让的重大关联交易 （1) 本公司向公司控股股东锦江国际(集团)有限公司受让上海万国机动车驾驶员培训中心 50%股 权，交易的金额为 4,591.5 万元。定价的原则是以资产评估价值为基础进行定价。资产的帐面价值为 2,595.5 万元。资产的评估价值为 4,591.5 万元。该事项已于 2006 年 7 月 18 日刊登在《上海证券报》、 香港《南华早报》上。 （2) 本公司向公司控股股东锦江国际(集团)有限公司受让上海市机动车驾驶员培训中心 33.33% 上海锦江国际实业投资股份有限公司 2006 年年度报告 19 股权，交易的金额为 3,310.7 万元。定价的原则是以资产评估价值为基础进行定价。资产的帐面价值 为 1,102.9 万元。资产的评估价值为 3,310.7 万元。该事项已于 2006 年 7 月 18 日刊登在《上海证券 报》、香港《南华早报》上。 （3) 本公司向公司控股股东锦江国际(集团)有限公司受让上海万国汽车修理厂 60%股权，交易的 金额为 690 万元。定价的原则是以资产评估价值为基础进行定价。资产的帐面价值为 607.2 万元。资 产的评估价值为 690 万元。该事项已于 2006 年 7 月 18 日刊登在《上海证券报》、香港《南华早报》 上。 （4) 本公司向公司控股股东锦江国际(集团)有限公司受让上海日产汽车维修中心 50%股权，交易 的金额为 564.5 万元。定价的原则是以资产评估价值为基础进行定价。资产的帐面价值为 429 万元。 资产的评估价值为 564.5 万元。该事项已于 2006 年 7 月 18 日刊登在《上海证券报》、香港《南华早 报》上。 （5) 本公司向公司控股股东的子公司上海市食品（集团）有限公司受让上海尚海食品有限公司 95 股权，交易的金额为 3,077 万元。定价的原则是以资产评估价值为基础进行定价。资产的帐面价值 为 2,806.3 万元。资产的评估价值为 3,077 万元。该事项已于 2006 年 10 月 27 日刊登在《上海证券报》、 香港《南华早报》上。 （6) 本公司向公司控股股东的子公司上海市食品（集团）有限公司受让上海吴泾冷藏公司 100% 股权，交易的金额为 9,640 万元。定价的原则是以资产评估价值为基础进行定价。资产的帐面价值为 8,249 万元。资产的评估价值为 9,640 万元。该事项已于 2006 年 10 月 27 日刊登在《上海证券报》、 香港《南华早报》上。 （7) 本公司向公司控股股东的子公司上海市食品（集团）有限公司受让上海吴淞肉类联合加工厂 100%股权，交易的金额为 825 万元。定价的原则是以资产评估价值为基础进行定价。资产的帐面价值 为 1,422 万元。资产的评估价值为 825 万元。该事项已于 2006 年 10 月 27 日刊登在《上海证券报》、 香港《南华早报》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 上海锦江汽车销售服务有限公司 联营公司 -533 800 上海浦东国际机场货运站有限公司 参股子公司 -423 2,538 锦江国际(集团)有限公司 控股股东 1,818 1,818 锦江国际(集团)有限公司下属公司 控股股东的子公司 4,089 4,089 合计 / -956 3,338 5,907 5,907 关联债权债务形成原因：除对上海浦东国际机场货运站有限公司的股东垫款外，其他均为日常经营活 动的债权债务。 关联债权债务清偿情况：较好（上海浦东国际机场货运站有限公司按 12 年等额分期偿还） 关联债权债务对公司经营成果及财务状况的影响：较小。 (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。 上海锦江国际实业投资股份有限公司 2006 年年度报告 20 (六)租赁情况 本年度公司无租赁事项。 (七)担保情况 单位:万元 币种:人民币 公司对外担保情况（不包括对控股子公司的担保） 担保对象 发生日期 担保 金额 担保类型 担保期限 是否履 行完毕 是否为关 联方担保 上海永达风度汽车销售有限 公司 2006 年 3 月 29 日 1,340 一般担保 2006 年 3 月 29 日～ 2007 年 3 月 28 日 否 否 上海南站长途客运有限公司 2006 年 12 月 20 日 1,250 一般担保 2006 年 12 月 20 日～ 2007 年 12 月 19 日 否 否 报告期内担保发生额合计 2,590 报告期末担保余额合计 1,230 公司对控股子公司的担保情况 报告期内对控股子公司担保发生额合计 4,552 报告期末对控股子公司担保余额合计 0 公司担保总额情况（包括对控股子公司的担保） 担保总额 1,230 担保总额占公司净资产的比例(%) 0.61 其中： 为股东、实际控制人及其关联方提供担保的金额 0 直接或间接为资产负债率超过 70％的被担保对象提供的债务担保金额 0 担保总额超过净资产 50％部分的金额 0 上述三项担保金额合计 0 2006 年 3 月 29 日，本公司控股子公司上海锦江商旅汽车服务股份有限公司为上海永达风度汽车 销售有限公司提供担保，担保金额为 1,340 元,担保期限为 2006 年 3 月 29 日至 2007 年 3 月 28 日。该 担保存在反担保。该事项已于 2006 年 3 月 17 日刊登在《上海证券报》、香港《南华早报》上。 2006 年 12 月 20 日，本公司控股子公司上海锦江商旅汽车服务股份有限公司为上海南站长途客运 有限公司提供担保，担保金额为 1,250 元,担保期限为 2006 年 12 月 20 日至 2007 年 12 月 19 日。该担 保存在反担保。该事项已于 2006 年 3 月 17 日刊登在《上海证券报》、香港《南华早报》上。 (八)委托理财 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。 上海锦江国际实业投资股份有限公司 2006 年年度报告 21 (十)承诺事项履行情况 原非流通股东在股权分置改革过程中做出的承诺事项及其履行情况 股东名称 承诺事项 承诺履行情况 锦江国际（集团）有限公司 1、持有的非流通股股份自获得在 A 股市场上的“上市流通权” 之日起 12 个月后的 12 个月内，不通过上海证券交易所挂牌交易。 2、在前项承诺期期满后，通过上海证券交易所挂牌交易出售的 股份数量占公司股份总数的比例在 12 个月内不超过 5%，在 24 个月内不超过 10%；通过上海证券交易所挂牌交易出售获得流通 权的股份数量达到公司股份总数 1%的，将自该事实发生之日起 两个工作日内做出公告。 3、在股权分置改革方案实施之后，将在上海锦江国际实业投资 股份有限公司 2005 年度至 2007 年度连续三年的年度股东大会 上提议利润分配比例不低于当年实现可分配利润的 50%，并保证 在年度股东大会表决时对该议案投赞成票。 1、限售期承诺在履行 中。 2、利润分配承诺已在 公司 2005 年度股东大 会表决通过的利润分 配方案中体现。 上海锦江饭店有限公司 持有的非流通股股份自获得在 A 股市场上的“上市流通权”之日 起 12 个月后的 12 个月内，不通过上海证券交易所挂牌交易。 限售期承诺在履行中 上海和平饭店有限公司 同上海锦江饭店有限公司 限售期承诺在履行中 上海锦江国际饭店有限 公司 同上海锦江饭店有限公司 限售期承诺在履行中 上海宾馆有限公司 同上海锦江饭店有限公司 限售期承诺在履行中 (十一)聘任、解聘会计师事务所情况 报告期内，公司未改聘会计师事务所，公司现聘任德勤华永会计师事务所有限公司为公司的境内 审计机构。截止本报告期末，该会计师事务所已为本公司提供了 14 年审计服务。 公司现聘任德勤华永会计师事务所有限公司为公司的境外审计机构，截止本报告期末，该会计师 事务所已为本公司提供了 2 年审计服务。 2006 年支付其年度审计工作的酬金共约 170 万元。 (十二)上市公司及其董事、监事、高级管理人员、公司股东、实际控制人处罚及整改情况 报告期内公司及其董事、监事、高级管理人员、公司股东、实际控制人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 公司系位于上海浦东新区的企业，根据公司 2005 年度汇算清缴结果，公司自 2005 年 9 月起改按 15%缴纳企业所得税。 (十四)公司内部控制制度的建设情况 公司具有较为完整的内部控制制度，包括生产、质量、安全、管理、供应、物流、人力、财务、 审计、信息等系统。为进一步健全公司的内部控制制度，报告期内，公司比照《上海证券交易所上市 公司内部控制指引》对各项制度进行了梳理、修订、完善，并注重抓检查和落实。 十一、财务报告（附后） 上海锦江国际实业投资股份有限公司 2006 年年度报告 22 十二、备查文件目录 1、载有法定代表人、主管会计工作负责人、会计机构负责人签名并盖章的会计报表。 2、载有会计师事务所盖章、注册会计师签名并盖章的审计报告原件。 3、报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本及公告的原稿。 董事长：沈懋兴 上海锦江国际实业投资股份有限公司 2007 年 4 月 6 日 上海锦江国际实业投资股份有限公司 2006 年 12 月 31 日止年度 财务报表及审计报告 上海锦江国际实业投资股份有限公司 2006 年 12 月 31 日止年度 财务报表及审计报告 目录 页数 审计报告 1 - 2 公司及合并资产负债表 3 - 4 公司及合并利润及利润分配表 5 公司及合并现金流量表 6 - 7 财务报表附注 8 - 49 - 1 - 审计报告 德师报(审)(07)第 P0275 号 上海锦江国际实业投资股份有限公司全体股东： 我们审计了后附的上海锦江国际实业投资股份有限公司(以下简称“锦江投资”)的财务报 表，包括 2006 年 12 月 31 日的公司及合并资产负债表、2006 年度的公司及合并利润及利润分 配表和公司及合并现金流量表以及财务报表附注。 一、管理层对财务报表的责任 按照企业会计准则和《企业会计制度》的规定编制财务报表是锦江投资管理层的责任。这 种责任包括：(1)设计、实施和维护与财务报表编制相关的内部控制，以使财务报表不存在由 于舞弊或错误而导致的重大错报；(2)选择和运用恰当的会计政策；(3)作出合理的会计估计。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上对财务报表发表审计意见。我们按照中国注册会计 师审计准则的规定执行了审计工作。中国注册会计师审计准则要求我们遵守职业道德规范，计 划和实施审计工作以对财务报表是否不存在重大错报获取合理保证。 审计工作涉及实施审计程序，以获取有关财务报表金额和披露的审计证据。选择的审计程 序取决于注册会计师的判断，包括对由于舞弊或错误导致的财务报表重大错报风险的评估。在 进行风险评估时，我们考虑与财务报表编制相关的内部控制，以设计恰当的审计程序，但目的 并非对内部控制的有效性发表意见。审计工作还包括评价管理层选用会计政策的恰当性和作出 会计估计的合理性，以及评价财务报表的总体列报。 我们相信，我们获取的审计证据是充分、适当的，为发表审计意见提供了基础。 - 2 - 三、审计意见 我们认为，锦江投资的财务报表已经按照企业会计准则和《企业会计制度》的规定编制， 在所有重大方面公允反映了锦江投资 2006 年 12 月 31 日的公司及合并财务状况以及 2006 年度 的公司及合并经营成果和现金流量。 德勤华永会计师事务所有限公司 中 国 注 册 会 计 师 中国•上海 杨海蛟 范宏彬 2007 年 4 月 6 日 上海锦江国际实业投资股份有限公司 - 3 - 资产负债表 2006 年 12 月 31 日 单位：人民币元 合并 公司 附注 年末数 年初数 年末数 年初数 资产 流动资产： 货币资金 5 452,599,476.46 477,493,387.70 100,583,087.96 211,192,616.32 应收股利 6 3,563,230.23 30,890,657.50 96,592,716.47 120,370,501.21 应收账款 7,48(1) 214,350,398.54 175,928,556.74 162,859.92 128,936.12 其他应收款 8,48(2) 58,726,444.54 79,686,074.01 48,862,079.09 13,143,585.72 预付账款 10 34,258,912.23 23,164,573.86 43,000.00 - 存货 11 30,848,100.52 28,216,389.64 211,052.55 191,735.55 待摊费用 12 2,077,135.52 3,218,964.79 10,790.41 12,734.73 其他流动资产 18 4,230,666.67 4,230,666.67 - - ______________ _______________ ______________ ______________ 流动资产合计 800,654,364.71 822,829,270.91 246,465,586.40 345,040,109.65 ______________ _______________ ______________ ______________ 长期投资： 长期股权投资 13,48(4) 979,229,824.33 855,854,057.07 1,719,670,296.93 1,532,230,719.20 其中：合并价差 515,310,437.35 513,125,825.62 - - ______________ _______________ ______________ ______________ 固定资产： 固定资产原价 14 2,109,227,407.44 1,951,657,538.00 97,687,388.56 107,270,658.98 减：累计折旧 14 1,041,664,617.36 988,052,701.00 23,896,457.03 26,944,351.59 ______________ _______________ ______________ ______________ 固定资产净值 14 1,067,562,790.08 963,604,837.00 73,790,931.53 80,326,307.39 减：固定资产减值准备 14 2,564,549.89 26,598.64 - - ______________ _______________ ______________ ______________ 固定资产净额 14 1,064,998,240.19 963,578,238.36 73,790,931.53 80,326,307.39 在建工程 15 18,859,172.71 42,707,689.45 - - ______________ _______________ ______________ ______________ 固定资产合计 1,083,857,412.90 1,006,285,927.81 73,790,931.53 80,326,307.39 ______________ _______________ ______________ ______________ 无形资产及其他资产： 无形资产 16 185,880,723.41 81,408,705.29 1,031,914.00 1,068,658.00 长期待摊费用 17 266,671.69 419,558.46 - - 其他长期资产 18 21,153,333.91 25,384,000.58 - - ______________ _______________ ______________ ______________ 无形资产及其他资产合计 207,300,729.01 107,212,264.33 1,031,914.00 1,068,658.00 ______________ _______________ ______________ ______________ 资产总计 3,071,042,330.95 2,792,181,520.12 2,040,958,728.86 1,958,665,794.24 ______________ _______________ ______________ ______________ ______________ _______________ ______________ ______________ (续) 上海锦江国际实业投资股份有限公司 - 4 - 单位：人民币元 合并 公司 附注 年末数 年初数 年末数 年初数 负债及股东权益 流动负债： 短期借款 19 47,250,000.00 51,076,000.08 - - 应付票据 20 48,850,000.00 33,750,000.00 - - 应付账款 21 136,013,268.19 126,434,431.36 400,894.31 309,169.81 预收账款 21 74,298,693.75 83,278,075.37 251,049.37 257,876.58 应付工资 3,648,451.18 1,343,434.96 - - 应付福利费 57,420,250.27 43,978,737.03 - - 应交税金 22 31,772,203.87 34,097,023.75 196,698.61 22,780,352.21 应付股利 23 38,164,767.72 21,028,604.58 28,686,131.00 13,162,564.00 其他应交款 189,574.52 256,127.94 760.52 364.93 其他应付款 24 396,099,416.37 322,600,731.24 4,780,735.62 18,138,953.54 预提费用 23,888.28 - 23,888.28 - 预计负债 25 7,286,694.17 9,114,031.00 3,387,392.87 3,888,329.80 ______________ _______________ ______________ ______________ 流动负债合计 841,017,208.32 726,957,197.31 37,727,550.58 58,537,610.87 ______________ _______________ ______________ ______________ 长期负债： 专项应付款 26 28,793,301.92 - - - ______________ _______________ ______________ ______________ 长期负债合计 28,793,301.92 - - - ______________ _______________ ______________ ______________ 负债合计 869,810,510.24 726,957,197.31 37,727,550.58 58,537,610.87 ______________ _______________ ______________ ______________ 少数股东权益 198,000,642.43 165,096,139.44 - - ______________ ______________ _____________ _____________ 股东权益： 股本 27 551,610,107.00 551,610,107.00 551,610,107.00 551,610,107.00 资本公积 28 892,094,095.40 892,086,875.40 892,094,095.40 892,086,875.40 盈余公积 29 261,100,509.54 214,538,514.27 159,459,514.81 132,601,634.11 未分配利润 30 298,426,466.34 241,892,686.70 400,067,461.07 323,829,566.86 其中：资产负债表日后决议 分配的现金股利 193,063,537.45 165,483,032.10 193,063,537.45 165,483,032.10 ______________ _______________ ______________ ______________ 股东权益合计 2,003,231,178.28 1,900,128,183.37 2,003,231,178.28 1,900,128,183.37 ______________ _______________ ______________ ______________ 负债及股东权益总计 3,071,042,330.95 2,792,181,520.12 2,040,958,728.86 1,958,665,794.24 ______________ _______________ ______________ ______________ ______________ _______________ ______________ ______________ 附注为财务报表的组成部分。 第 3 页至第 49 页的财务报表由下列负责人签署： ____________________ ____________________ ____________________ 企业负责人 主管会计工作负责人 会计机构负责人 上海锦江国际实业投资股份有限公司 - 5 - 利润及利润分配表 2006 年 12 月 31 日止年度 单位：人民币元 合并 公司 项目 附注 本年累计数 上年累计数 本年累计数 上年累计数 主营业务收入 31, 48(5) 2,666,956,682.11 3,279,881,587.08 23,807,861.50 24,167,121.85 减：主营业务成本 32, 48(5) 2,161,800,975.63 2,753,544,671.28 3,140,226.14 3,122,167.60 主营业务税金及附加 33 43,147,760.21 46,111,054.22 1,205,392.95 1,223,356.09 ______________ _____________ ______________ ______________ 主营业务利润 462,007,946.27 480,225,861.58 19,462,242.41 19,821,598.16 加：其他业务利润 21,941,727.82 13,151,222.78 437,206.88 300,000.00 减：营业费用 183,559,366.48 187,986,305.32 6,578,424.59 3,090,525.99 管理费用 120,362,503.40 137,096,666.75 21,190,456.13 23,372,571.47 财务费用 34 (1,796,864.45) 1,291,632.90 (2,603,449.95) (1,300,241.51) ______________ _____________ ______________ ______________ 营业利润(亏损) 181,824,668.66 167,002,479.39 (5,265,981.48) (5,041,257.79) 加：投资收益 35,48(6) 142,747,112.36 177,691,840.21 260,458,220.52 282,102,339.34 补贴收入 36 6,684,423.92 5,621,761.15 - - 营业外收入 37 20,671,642.06 19,011,614.10 1,759,561.62 78,986.40 减：营业外支出 38 2,885,779.14 1,669,727.38 476,280.09 35,015.94 ______________ _____________ ______________ ______________ 利润总额 349,042,067.86 367,657,967.47 256,475,520.57 277,105,052.01 减：所得税 39 17,573,583.25 53,535,257.01 ( 12,103,286.44) 26,153,096.13 少数股东损益 62,889,677.60 63,170,754.58 - - ______________ _____________ ______________ ______________ 净利润 268,578,807.01 250,951,955.88 268,578,807.01 250,951,955.88 加：年初未分配利润 241,892,686.70 193,017,071.67 323,829,566.86 220,842,425.76 ______________ _____________ ______________ ______________ 可供分配的利润 510,471,493.71 443,969,027.55 592,408,373.87 471,794,381.64 减：提取法定盈余公积 30 46,561,995.27 68,378,951.59 26,857,880.70 25,095,195.59 提取法定公益金 30 - 23,375,367.86 - 12,547,597.79 ______________ _____________ ______________ ______________ 可供股东分配的利润 463,909,498.44 352,214,708.10 565,550,493.17 434,151,588.26 减：应付股利－股东大会已 批准的上年度现金股利 165,483,032.10 110,322,021.40 165,483,032.10 110,322,021.40 ______________ _____________ ______________ ______________ 年末未分配利润 298,426,466.34 241,892,686.70 400,067,461.07 323,829,566.86 ______________ _____________ ______________ ______________ ______________ _____________ ______________ ______________ 其中：资产负债表日后决议 分配的现金股利 30 193,063,537.45 165,483,032.10 193,063,537.45 165,483,032.10 附注为财务报表的组成部分。 上海锦江国际实业投资股份有限公司 - 6 - 现金流量表 2006 年 12 月 31 日止年度 单位：人民币元 合并 公司 附注 本年累计数 上年累计数 本年累计数 上年累计数 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 2,714,351,951.31 3,432,448,062.64 23,767,143.44 24,222,682.60 收到的其他与经营活动有关的现金 41 50,349,531.77 22,817,305.42 7,525,569.56 477,741.51 ______________ ______________ ______________ _____________ 现金流入小计 2,764,701,483.08 3,455,265,368.06 31,292,713.00 24,700,424.11 ______________ ______________ ______________ _____________ 购买商品、接受劳务支付的现金 1,865,479,906.78 2,468,279,542.95 3,110,818.64 3,149,440.04 支付给职工以及为职工支付的现金 273,635,628.98 310,045,482.60 10,587,048.84 22,240,079.97 支付的各项税费 72,438,907.31 113,855,681.32 12,072,263.68 31,009,184.43 支付的其他与经营活动有关的现金 42 107,524,459.05 112,376,933.28 21,769,305.23 465,088.41 ______________ ______________ ______________ _____________ 现金流出小计 2,319,078,902.12 3,004,557,640.15 47,539,436.39 56,863,792.85 ______________ ______________ ______________ _____________ 经营活动产生的现金流量净额 445,622,580.96 450,707,727.91 (16,246,723.39) (32,163,368.74) ______________ ______________ ______________ _____________ 二、投资活动产生的现金流量： 收回投资所收到的现金 19,791,029.78 65,128,076.68 8,716,773.06 166,583,949.19 取得投资收益所收到的现金 144,036,898.05 87,670,384.08 186,099,549.47 111,481,168.07 处置固定资产、无形资产 和其他长期资产而收回的现金净额 56,904,731.78 38,010,371.61 63,190.70 3,227,050.00 收到的其他与投资活动有关的现金 43 108,178,181.14 16,230,666.67 - - ______________ ______________ ______________ _____________ 现金流入小计 328,910,840.75 207,039,499.04 194,879,513.23 281,292,167.26 ______________ ______________ ______________ _____________ 购建固定资产、无形资产 和其他长期资产所支付的现金 386,708,067.69 444,843,960.88 1,270,178.10 140,797.00 投资所支付的现金 214,858,378.93 31,117,436.18 98,012,675.00 52,000,000.00 其中：向少数股东购买子公司股权所支付的现金 - 5,567,436.18 - - 购买子公司所支付的现金 46 115,180,705.89 - - - 支付的其他与投资活动有关的现金 - 21,029,647.82 40,000,000.00 - ______________ ______________ ______________ _____________ 现金流出小计 601,566,446.62 496,991,044.88 139,282,853.10 52,140,797.00 ______________ ______________ ______________ _____________ 投资活动产生的现金流量净额 (272,655,605.87) (289,951,545.84) 55,596,660.13 229,151,370.26 ______________ ______________ ______________ _____________ 三、筹资活动产生的现金流量： 吸收投资所收到的现金 - 28,000,000.00 - - 其中：子公司收到少数股东权益性投资所收到的现金 - 28,000,000.00 - - 借款所收到的现金 65,500,000.00 71,000,000.00 - - 收到的其他与筹资活动有关的现金 44 18,184,500.00 - - - ______________ ______________ ______________ _____________ 现金流入小计 83,684,500.00 99,000,000.00 - - ______________ ______________ ______________ _____________ 偿还债务所支付的现金 69,326,000.08 51,048,055.64 - - 分配股利、利润和偿付利息所支付的现金 197,773,272.87 163,545,432.81 149,959,465.10 98,542,984.20 其中：子公司支付给少数股东的股利 44,664,955.74 61,604,175.78 - - ______________ ______________ ______________ _____________ 现金流出小计 267,099,272.95 214,593,488.45 149,959,465.10 98,542,984.20 ______________ ______________ ______________ _____________ 筹资活动产生的现金流量净额 (183,414,772.95) (115,593,488.45) (149,959,465.10) (98,542,984.20) ______________ ______________ ______________ _____________ 四、现金及现金等价物净增加(减少)额 (10,447,797.86) 45,162,693.62 (110,609,528.36) 98,445,017.32 ______________ ______________ ______________ _____________ ______________ ______________ ______________ _____________ 上海锦江国际实业投资股份有限公司 - 7 - 单位：人民币元 补充资料 合并 公司 附注 本年累计数 上年累计数 本年累计数 上年累计数 1、将净利润调节为经营活动的现金流量： 净利润 268,578,807.01 250,951,955.88 268,578,807.01 250,951,955.88 加：少数股东损益 62,889,677.60 63,170,754.58 - - 计提(转回)的资产减值准备 (9,709,690.15) 17,268,138.18 (13,548,737.10) 16,794,990.10 固定资产折旧 272,585,785.88 254,496,853.98 6,474,502.92 3,671,269.40 无形资产摊销 2,403,655.88 2,921,815.13 36,744.00 36,744.00 长期待摊费用摊销 284,603.57 1,679,994.88 - - 待摊费用的减少(减增加) 1,249,175.70 (2,829,436.04) 1,944.32 (108.45) 预提费用增加(减减少) (2,218,429.67) - 23,888.28 - 处置固定资产、无形资产 和其他长期资产的损失(减收益) (16,664,296.16) (2,722,486.77) (1,269,943.26) 31,919.94 固定资产报废损失 1,797,575.12 - - - 财务费用 3,148,852.04 3,398,272.83 - - 投资损失(减收益) (129,198,375.26) (194,486,830.31) (246,909,483.42) (298,897,329.44) 存货的减少(减增加) 3,464,393.40 (14,662,901.85) (19,317.00) 8,240.25 经营性应收项目的减少(减增加) (3,135,899.89) 33,039,750.26 (35,795,417.18) (1,286,114.14) 经营性应付项目的增加(减减少) (9,853,254.11) 50,481,847.16 6,180,288.04 (3,474,936.28) 其他 - (12,000,000.00) - - ______________ ______________ ______________ _____________ 经营活动产生的现金流量净额 445,622,580.96 450,707,727.91 (16,246,723.39) (32,163,368.74) ______________ ______________ ______________ _____________ 2、不涉及现金收支的投资和筹资活动： 经营应付款转为股权出售预收款 - 29,148,845.94 - - ______________ ______________ ______________ _____________ 3、现金及现金等价物净增加(减少)情况： 现金的期末余额 45 452,599,476.46 463,047,274.32 100,583,087.96 211,192,616.32 减：现金的期初余额 463,047,274.32 417,884,580.70 211,192,616.32 112,747,599.00 ______________ ______________ ______________ _____________ 现金及现金等价物净增加(减少)额 (10,447,797.86) 45,162,693.62 (110,609,528.36) 98,445,017.32 ______________ ______________ ______________ _____________ ______________ ______________ ______________ _____________ 附注为财务报表的组成部分。 上海锦江国际实业投资股份有限公司 - 8 - 财务报表附注 2006年12月31日止年度 1. 概况 上海锦江国际实业投资股份有限公司是一家在中华人民共和国境内由原上海新锦江大酒店 改制而成的的股份有限公司(“公司”)，成立于 1993 年 2 月 24 日。公司于 1993 年发行的 A 股和 B 股股票在中国上海证券交易所上市。其大股东为锦江国际(集团)有限公司(“锦江集 团”)。股本情况详见附注 27。 公司主要从事城市客运、国际货运代理及投资举办符合国家产业政策的项目(具体项目另行 报批)。 2. 主要会计政策和会计估计 会计制度及准则 公司执行企业会计准则和《企业会计制度》及其补充规定。 记账基础和计价原则 公司采用权责发生制为记账基础。资产在取得时以历史成本入账，如果以后发生减值，则 按照相关规定计提相应的减值准备。 会计年度 会计年度为公历年度，即每年 1 月 1 日起至 12 月 31 日止。 记账本位币 公司采用人民币为记账本位币。 外币业务折算 发生外币(指记账本位币以外的货币)业务时，外币金额按业务发生当月月初市场汇价中间价 (以下简称“市场汇价”)折算为人民币入账。外币账户的年末外币余额按年末市场汇价折算为 人民币。除与购建固定资产有关的外币专门借款产生的汇兑损益，在固定资产达到预定可 使用状态前计入资产成本，及属于筹建期间的计入长期待摊费用外，其余外币汇兑损益计 入当期的财务费用。 现金等价物 现金等价物是指公司持有的期限短、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。 上海锦江国际实业投资股份有限公司 - 9 - 财务报表附注 2006年12月31日止年度 2. 主要会计政策和会计估计- 续 坏账核算 (1) 坏账确认的标准 因债务人破产，依照法律程序清偿后，确定无法收回的应收款项； 因债务人死亡，既无遗产可供清偿，又无义务承担人，确定无法收回的应收款项； 因债务人逾期未履行偿债义务，并且有确凿证据表明无法收回或收回的可能性不大的 应收款项。 (2) 坏账损失的核算方法 采用备抵法，按年末应收款项之可收回性计提。公司根据以往的经验、债务单 位的实际财务状况和现金流量情况以及其他相关信息，先对可收回性与其他款项存 在明显差别的应收款项采用个别认定法计提坏账准备；再对其余的应收款项按账龄 分析法计提一般坏账准备。一般坏账准备的计提比例如下： 账龄 计提比例 % 车辆营运及低温物流业务： 1 年以内 - 1 – 2 年 25 2 – 3 年 50 3 年以上 100 货运服务业务： 3 个月以内 - 3－6 个月 25 6－12 个月 45 1 年以上 100 酒店及相关业务： 3 个月以内 - 3 个月－1 年 25 1 年以上 100 应收票据及应收账款转让/贴现 公司向金融机构转让/贴现的应收账款及应收票据，如果与所贴现/转让应收债权有关的风险 和报酬已经转移，则按收到的款项扣除该应收债权的账面价值和相关税费后的差额计入当 期损益；如果与所贴现/转让应收债权有关的风险和报酬并未转移，则按照以该应收债权为 质押取得银行借款处理。 上海锦江国际实业投资股份有限公司 - 10 - 财务报表附注 2006年12月31日止年度 2. 主要会计政策和会计估计 - 续 存货 存货按取得时的实际成本计价，实际成本包括采购成本和其他使存货达到目前场所和使用 状态所发生的支出。存货主要分为库存商品、备品备件、物料用品和食品饮料及其它。 存货发出时，按照实际成本进行核算。车辆营运业务的存货发出时按加权平均法确定其实 际成本，其余业务的存货发出时，除物品用料采用移动平均法外，均按先进先出法确定其 实际成本。 公司的存货盘存制度为永续盘存制。 存货跌价准备 期末存货按照成本与可变现净值孰低计量。当其可变现净值低于成本时，提取存货跌价准 备。对于数量繁多、单价较低的存货，按存货类别计提存货跌价准备；其他存货的存货跌 价准备按单个存货项目计提。 可变现净值是指在正常经营过程中，以存货的估计售价减去存货实际成本、估计的销售费 用以及相关税金后的金额。 可收回金额的确定 可收回金额是指资产的销售净价与预期从该资产的持续使用和使用寿命结束时的处置中形 成的预计未来现金流量的现值两者之中的较高者。 长期投资 (1) 长期股权投资核算方法 长期股权投资在取得时按初始投资成本计价。 公司对被投资单位无控制、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；企业对被投资单位具有控制、共同控制或重大影响的，长期股权投资采用权益法 核算。 采用成本法核算时，当期投资收益仅限于所获得的被投资单位在接受投资后产生的累 积净利润的分配额，所获得的被投资单位宣告分派的利润或现金股利超过上述数额的 部分，作为初始投资成本的收回，冲减投资的账面价值。 采用权益法核算时，当期投资损益为按应享有或应分担的被投资单位当年实现的净利 润或发生的净亏损的份额。在确认应分担的被投资单位发生的净亏损时，以投资账面 价值减记至零为限；如果被投资单位以后各期实现净利润，在收益分享额超过未确认 的亏损分担额以后，按超过未确认的亏损分担额的金额，恢复投资的账面价值。 上海锦江国际实业投资股份有限公司 - 11 - 财务报表附注 2006年12月31日止年度 2. 主要会计政策和会计估计 - 续 长期投资 – 续 (1) 长期股权投资核算方法 – 续 长期股权投资采用权益法核算时，初始投资成本大于应享有被投资单位所有者权益份 额的差额作为股权投资借方差额核算，并按一定期限平均摊销计入损益。合同规定了 投资期限的，按投资期限摊销；合同没有规定投资期限的，按不超过 10 年的期限摊销。 初始投资成本低于应享有被投资单位所有者权益份额的差额，计入资本公积。 初次投资时为股权投资借方差额，追加投资时也为股权投资借方差额的，应根据初次 投资、追加投资产生的股权投资借方差额，分别按规定的摊销年限摊销。 (2) 长期投资减值准备 期末，公司按长期投资的减值迹象判断是否应当计提减值准备，当长期投资可收回金 额低于账面价值时，则按其差额计提长期投资减值准备。 固定资产及折旧 固定资产以取得时的实际成本入账。对于公司及子公司拥有的有顶灯出租营运车辆和商务 小车(营运车辆)，从其达到预定可使用状态的次月起，采用双倍余额递减法分 6 年计提折旧； 对于其他资产，从其达到预定可使用状态的次月起，采用直线法提取折旧。除酒店改造及 经营租入固定资产改良支出估计残值为零外，其他固定资产估计残值为原值的 4%至 10%不 等。采用直线法提取折旧的各类固定资产的估计残值率、折旧年限和年折旧率如下： 类别 估计残值率 折旧年限 年折旧率 房屋建筑物 4-10% 20-50年 1.8-4.8% 机器设备 4-10% 5-20年 4.8-19.2% 电子设备、器具及家具 4-10% 2-10年 9.0-48.0% 营运车辆 4-5% 5-8年 11.9-19.2% 其他运输设备 4-10% 5-10年 9.0-19.2% 经营租入固定资产改良支出 - 租赁期 4.0-6.7% 酒店改造 - 8年 12.5% 与固定资产有关的后续支出，在使该固定资产可能流入企业的经济利益超过了原先的估计 时，计入固定资产账面价值，其增计后的金额不超过该固定资产的可收回金额。 固定资产减值准备 期末，公司按固定资产的减值迹象判断是否应当计提减值准备，当固定资产可收回金额低 于账面价值时，则按其差额计提固定资产减值准备。 上海锦江国际实业投资股份有限公司 - 12 - 财务报表附注 2006年12月31日止年度 2. 主要会计政策和会计估计 - 续 在建工程 在建工程成本按实际工程支出确定。包括在建期间发生的各项工程支出、工程达到预定可 使用状态前的资本化的专门借款的借款费用以及其他相关费用等。在建工程在达到预定可 使用状态后结转为固定资产。 期末，公司按在建工程的减值迹象判断是否应当计提减值准备，当在建工程可收回金额低 于账面价值时，则按其差额计提减值准备。 无形资产 无形资产按取得时的实际成本计量。投资者投入的无形资产，其实际成本按投资各方确认 的价值确定；自行开发并按法律程序申请取得的无形资产，其实际成本按依法取得时发生 的注册费、聘请律师费等费用确定，依法申请取得前发生的研究与开发费用均直接计入当 期损益；购入的无形资产，其实际成本按实际支付的价款确定。 执行《企业会计制度》前购入或以支付土地出让金方式取得的土地使用权作为无形资产核 算，并按期平均摊销计入损益。 出租车营运牌照按 50 年平均摊销。 其他无形资产自取得当月起在预计使用年限内分期平均摊销，计入损益。如预计使用年限超过 了相关合同规定的受益年限或法律规定的有效年限，则摊销期限为受益年限和有效年限两者之 中较短者。如合同没有规定受益年限，法律也没有规定有效年限的，摊销年限为 10 年。 无形资产减值准备 期末，公司按无形资产的减值迹象判断是否应当计提减值准备，当无形资产可收回金额低 于账面价值时，则按其差额提取无形资产减值准备。 长期待摊费用 其他长期待摊费用在相关项目的受益期内平均摊销。 预计负债 当与或有事项相关的义务同时符合以下条件，公司将其确认为预计负债：(一)该义务是公司 承担的现时义务；(二)该义务的履行很可能导致经济利益流出企业；(三)该义务的金额能够 可靠地计量。 如果确认的负债所需支出全部或部分预期由第三方或其他方补偿，具补偿金额基本确定能 收到时，才作为资产单独确认，而确认的补偿金额不能超过所确认负债的账面价值。 上海锦江国际实业投资股份有限公司 - 13 - 财务报表附注 2006年12月31日止年度 2. 主要会计政策和会计估计 - 续 借款费用 借款费用包括因借款而发生的利息、折价或溢价的摊销和辅助费用，以及因外币借款而发 生的汇兑差额。购建固定资产的专门借款发生的借款费用，在该资产达到预定可使用状态 前，按借款费用资本化金额的确定原则予以资本化，计入该项资产的成本。其他的借款费 用，均于发生当期确认为财务费用。 收入确认 提供劳务收入 在提供劳务交易的结果能够可靠估计的情况下，于资产负债表日按照完工百分比法确认相 关的劳务收入。劳务交易的完工程度按已经提供的劳务占应提供劳务总量的比例确定。如 果提供劳务交易的结果不能够可靠估计，则按已经发生并预计能够补偿的劳务成本金额确 认收入，并将已发生的劳务成本作为当期费用。已经发生的劳务成本如预计不能得到补偿 的则不确认收入。 车辆营运收入 出租车营运收入根据与出租车司机所签定的承包协议金额并于提供服务时按日确认。客运 路线收入根据与承包人签订的承包协议金额并于提供服务时按月确认。其他车辆营运收入 在完成服务并取得收款权利时确认。 销售商品收入 在公司已将商品所有权上的重要风险和报酬转移给买方，并不再对该商品实施继续管理权 和实际控制权，与交易相关的经济利益能够流入公司，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。 利息收入 按让渡现金使用权的时间和适用利率计算确定。 补贴收入 补贴收入于实际收到时确认。 租赁 融资租赁为实质上转移了与资产所有权有关的全部风险和报酬的租赁。融资租赁以外的其 他租赁为经营租赁。 经营租赁的租金支出在租赁期内的各个期间按直线法确认为费用。 经营租赁的租金收入在租赁期内的各个期间按直线法确认为收入。 所得税 所得税按应付税款法核算。计算所得税费用所依据的应纳税所得额系根据有关税法规定对 本年度税前会计利润作相应调整后计算得出。 上海锦江国际实业投资股份有限公司 - 14 - 财务报表附注 2006年12月31日止年度 2. 主要会计政策和会计估计 - 续 合并财务报表的编制方法 1、合并范围确定原则 合并财务报表的合并范围包括公司及其主要子公司和合营公司。子公司是指公司通过直 接或间接拥有其 50%以上权益性资本的被投资企业；或是公司通过其他方法对其经营活 动能够实施控制的被投资企业。合营公司是指按合同规定经营活动由公司或其子公司及 其他投资方共同控制的企业。 2、合并所采用的会计方法 子公司采用的主要会计政策按照公司统一规定的会计政策厘定。 公司将购买股权所有权相关的风险和报酬实质上发生转移的时间确认为购买日。子公司 在购买日后的经营成果及现金流量已适当地包括在合并利润及利润分配表及合并现金 流量表中。 公司与子公司及子公司相互之间的所有重大账目及交易已于合并时抵销。 对合营公司的资产、负债、收入、费用、利润等按比例合并法予以合并。公司或子公司 与合营公司相互之间的所有重大账目及交易于合并时按比例予以抵销。 3. 税项 增值税 应纳增值税为销项税额减可抵扣进项税后的余额﹐销项税额按根据相关税收规定计算的应 税销售额的 17%计算。 营业税 小型出租车和客运线路营运收入的营业税按核定应纳税营业额的 3%缴纳。 其他车辆营运收入的营业税按应纳税营业额的 3%缴纳。 货运服务收入的营业税按税法规定依货运服务收入扣减各项服务成本后之余额的 5%缴纳。 其他服务收入的营业税按应税服务收入的 5%缴纳。 所得税 公司系位于上海浦东新区的企业，原适用所得税税率为 33%，根据公司 2005 年度汇算清缴 结果，公司自 2005 年 9 月起改按 15%缴纳企业所得税。 上海锦江国际实业投资股份有限公司 - 15 - 财务报表附注 2006年12月31日止年度 3. 税项 - 续 所得税 – 续 除如下子公司及合营公司外，其余子公司和合营公司的企业所得税税率为 33%。 上海锦江汽车服务有限公司 15% 上海锦江商旅汽车服务股份有限公司 15% 锦海捷亚国际货运有限公司 15% 上海振立汽车修理厂 15% 上海浦东友谊汽车服务有限责任公司 15% 上海振东汽车服务有限公司 15% 上海金茂锦江汽车服务有限公司 15% 上海锦江汽车租赁有限公司 15% 上海金茂汽车租赁有限公司 15% 上海锦江公共交通有限公司 15% 上海锦佳汽车贸易有限公司 15% 上海锦江丰田汽车销售服务有限公司 33% (注 1) 上海锦海捷亚物流管理有限公司 15% 上海中油锦友油品经营有限公司 16.5% (注 2) 上海锦江国际低温物流发展有限公司 15% 上海日冷食品有限公司 26.4% (注 3) 注 1： 企业所得税税率为 33%。根据《沪税徐税发(2005)3 号》批准，上海锦江丰田汽车销 售服务有限公司自 2005 年 1 月 1 日至 2007 年 12 月 31 日止享受免征企业所得税的 优惠政策。 注 2： 上海中油锦友油品经营有限公司法定企业所得税率33%，根据《2002闸税管二字0031 号文》，该公司自 2002 年 6 月 1 日起至 2004 年 12 月 31 日止期间免征企业所得税， 自 2005 年 1 月 1 日起至 2007 年 12 月 31 日止期间减半征收企业所得税。 注 3： 上海日冷食品有限公司为设立在沿海经济开发区所在城市老市区的生产性外商投资 企业，因而企业所得税率为 26.4%。 注 4：上述其他子公司及合营公司的注册地为上海浦东新区，因而企业所得税率为 15%。 4. 本年度财务报表范围及控股子公司和合营公司情况 公司直接拥有的子公司和合营公司基本情况如下： 直接 `经济性质 本年度 子公司名称 注册地点 注册资本 持股比例 主营业务 或类型 是否合并 人民币万元 (%) 上海锦江汽车服务有限公司(“锦江汽车”) 上海 33,848 95 大小客车出租服务，旅游，汽车修理，长途客运，汽车 有限责任公司 是 配件、客车租赁，房地产信息咨询，附设分支机构，保 险兼业代理。(以上涉及许可经营的凭许可证经营)。 上海美而洁新锦江洗涤制衣有限公司 上海 936.7 75 洗涤服务(涉及许可经营的凭许可证经营) 。 中外合资 是 上海锦海捷亚物流管理有限公司 上海 8,000 65 国际、国内物流企业管理、国际国内货运企业管理、货 中外合资 是 物技术进出口(不含分销业务)及相关信息管理、提供相 关服务咨询。 上海锦江国际低温物流发展有限公司(注1) 上海 10,000 95 仓储物流管理服务及相关业务咨询，存货管理服务、货 有限责任公司 是 (“锦江低温物流”) 物运输代理管理，商务信息咨询(除经纪)(涉及许可经营 的凭许可证经营) 。 直接 `经济性质 本年度 合营公司名称 注册地点 注册资本 持股比例 主营业务 或类型 是否合并 (%) 锦海捷亚国际货运有限公司 上海 美元1,000万元 50 承办海运、空运进出口货物、国际展品及私人物品 中外合资 是 (“锦海捷亚”) 的国际运输代理业务，办理快递(不含私人信函)业务。 上海大众新亚出租汽车有限公司 上海 人民币3,000万元 49.5 出租汽车、驾驶员培训、汽车配件销售、汽车 有限责任公司 是 (“大众新亚”)(注3) 维护(涉及许可经营的凭许可证经营) 。 上海锦江国际实业投资股份有限公司 - 16 - 财务报表附注 2006年12月31日止年度 4. 本年度财务报表范围及控股子公司和合营公司情况 – 续 公司通过子公司间接拥有的子公司及合营公司基本情况如下： 子公司 `经济性质 本年度 注册地点 注册资本 持股比例 主营业务 或类型 是否合并 (%) 锦江汽车下属直接或间接拥有的子公司名称 上海锦江商旅汽车服务股份有限公司(注4) 上海 人民币7,000万元 50 大小客车出租服务，跨省市长途客运汽车配件，汽车修 有限责任公司 是 理，以及相关业务的咨询服务。 上海太平洋客运服务有限公司 上海 人民币200万元 100 跨省市旅客运输、代办跨省市客运业务等。 有限责任公司 是 上海锦江高速客运有限公司 上海 人民币1,000万元 100 省际道路旅客运输、高速公路旅客运输，代办省际道路 有限责任公司 是 旅客运输、代办高速公路旅客运输等。 上海商旅投资咨询有限公司(注7) 上海 人民币1,600万元 100 投资咨询、企业管理咨询等。 有限责任公司 是 上海浦东友谊汽车服务有限责任公司 上海 人民币561万元 87.83 汽车客运，汽车修理，汽车配件的销售。(涉及许可经营 有限责任公司 是 的凭许可证经营)。 上海锦江公共交通有限公司 上海 人民币1,000万元 93.92 市内公交客运，汽车配件及辅助产品的销售。 有限责任公司 是 上海锦江汽车租赁有限公司 上海 人民币330万元 100 汽车租赁。 有限责任公司 是 上海中油锦友油品经营有限公司 上海 人民币200万元 76 油气站开发(专项凭许可证)、服务，附设市西分公司。 有限责任公司 是 上海嘉定锦江汽车服务有限公司 上海 人民币500万元 70 出租汽车营运、汽车配件的批售，客车租赁(涉及许可 有限责任公司 是 经营的凭许可证经营)。 上海锦佳汽车贸易有限公司 上海 人民币1,010万元 100 汽车(含小轿车)及配件的销售、汽车内装潢。 有限责任公司 是 上海锦江丰田汽车销售服务有限公司 上海 人民币1,000万元 70 汽车、品牌轿车销售及售后服务、汽车维修、汽车内装 有限责任公司 是 潢、汽车技术信息服务，汽车配件的销售，二手车经销 (涉及行政许可的，凭许可经营)。 上海锦振电子技术有限公司(注5) 上海 人民币80万元 100 计算机、通讯、电子技术领域内的科技咨询，技术开发、 有限责任公司 否 转让、服务，销售维修电子器材。 上海花样年华广告有限公司(注5) 上海 人民币80万元 80 承接各类广告设计、制作；承办出租车辆国内外广告发布 有限责任公司 否 上海丰田汽车维修有限公司(注5) 上海 人民币85万元 100 汽车修理、汽车零部件。 有限责任公司 否 上海振星出租汽车管理有限公司(注5) 上海 人民币10万元 100 出租汽车个体工商户管理服务、汽车内部装饰(涉及许 有限责任公司 否 可经营的凭许可证经营)。 上海津悦汽车咨询服务有限公司(注5) 上海 人民币30万元 100 汽车咨询服务。汽车配件，装饰材料(除危险品) 零售。 有限责任公司 否 (涉及许可经营的凭许可证经营)。 上海万国汽车修理厂(注5) 上海 人民币998万元 60 汽车修理、汽车配件、设备、工具维修，附设分支机构 国有与集体联营企业 否 (涉及许可经营的凭许可证经营) 。 (非公司法人) 锦江汽车下属直接或间接拥有的合营公司名称 上海金茂锦江汽车服务有限公司 上海 人民币2,200万元 50 出租汽车客运服务、汽车配件销售、汽车修理。 有限责任公司 是 上海金茂汽车租赁有限公司 上海 人民币200万元 50 汽车租赁服务、汽车维修服务。 有限责任公司 是 苏州金茂锦江外事旅游汽车有限公司 苏州 人民币500万元 50 车船旅游客运、汽车定线客运、市区(职工上下班接送) 有限责任公司 是 包车。 上海振东汽车服务有限公司 上海 美元790万元 50 大中小客车出租。 中外合资 是 上海振立汽车修理厂 人民币800万元 50 汽车修理、保养汽车配件销售。 其他联营企业 是 (非公司法人) 上海日产汽车维修中心(注5) 上海 人民币291.8万元 50 日产汽车和其他汽车的维修；汽车零部件。 其他联营企业 否 (涉及行政许可的，凭许可证经营)。 (非公司法人) 万国机动车驾驶员培训中心(注5) 上海 人民币1,000万元 50 机动车驾驶员培训，经营性教练场，营运机动车驾驶员 国有与集体联营企业 否 职业培训，汽车运输，汽车修理，仓储业务，附设分支 (非公司法人) 机构。(涉及许可经营的凭许可证经营)。 上海市机动车驾驶员培训中心(注5) 上海 人民币1,000万元 33.33 培训机动车驾驶员，驾驶员报名、咨询，汽车配件批发、 国有联营企业 否 零售，附设六个分支机构(上述经营范围涉及许可经营的 (法人) 凭许可证经营) 。 上海锦茂汽车销售服务有限公司(注1、5) 上海 人民币1,020万元 50 销售汽车(不含小轿车)，汽车配件，日用百货；汽车修 有限责任公司 否 理(一类) (汽修修理)，汽车内装饰。(涉及行政许可的， 凭许可证经营)。 上海耀华出租汽车有限公司(注5) 上海 人民币222万元 50 客运服务，停车站，汽车配件，日用百货销售。 有限责任公司 否 锦江低温物流下属直接或间接拥有的子公司名称 上海尚海食品有限公司(注2) 上海 人民币3,000万元 95 水产品，粮油制品，南北货，冷冻小包装食品，一般劳务 有限责任公司 是 服务，油脂油料，码头装卸。肉禽蛋制品。(涉及许可经 营的凭许可证经营)。 上海南浦大桥食品批发交易 市场经营管理有限公司(注2) 上海 人民币30万元 95 为本市场内农副产品商品经营者提供市场管理服务。(以上 有限责任公司 是 范围涉及许可经营的凭许可证经营)。 上海吴泾冷藏有限公司(注2、8) 上海 人民币5,000万元 100 储运：食品(不含熟食)，货物储运，代客理货中转， 一人有限责任公司 是 (原名：上海吴泾冷藏公司) 商务信息咨询(除经纪)，(涉及行政许可的，凭许可证经营)。 (法人独资) 上海日冷食品有限公司(注2、4) 上海 日币41,000万元 50 生产、销售加工的冷冻食品，包括中式点心、蔬菜、家禽、 中外合资 是 肉制品、水产加工食品及其他加工食品(涉及许可经营的凭 许可证经营)。 上海吴淞罗吉冷藏有限公司(注2、8) 上海 人民币825万元 100 道路货物运输(本单位普通货物)：在港区内从事货物装 一人有限责任公司 是 (原名：上海吴淞肉类联合加工厂) 卸、仓储经营；储运（含冷冻(冷藏)食品）；五金加工； (法人独资) 货物存储；本单位空余场地出租。 上海锦江国际实业投资股份有限公司 - 17 - 财务报表附注 2006年12月31日止年度 4. 控股子公司及合营企业 - 续 公司拥有的合营公司下属子公司基本情况如下： 子公司 `经济性质 本年度 注册地点 注册资本 持股比例 主营业务 或类型 是否合并 (%) 锦海捷亚下属子公司名称 苏州锦海捷亚国际物流有限公司 苏州 人民币500万元 100 海运、空运进出口货物的国际运输代理业务 有限责任公司 是 上海世联国际货运有限公司(注2、6) 上海 美元172万元 100 承办海运、空运进出口货物的国际运输代理业务。包括 有限责任公司 是 订舱、中转、集装箱拼装拆箱、结算运杂费、保管、保 险、相关的短途运输及咨询业务(涉及许可经营的凭许可 证经营)。 大众新亚下属子公司 上海浦新旅行社 上海 人民币50万元 100 旅行社 国有企业 是 上海亚吉贸易有限公司 上海 人民币200万元 80 销售汽车配件 有限责任公司 是 注1：为本年度新设立的子公司及合营企业。 注2：为公司本年度新购入并纳入合并财务报表合并范围内的子公司及合营公司，这些子公 司及合营公司在购买日后的经营成果和现金流量已分别在2006年度合并利润表和合 并现金量表中反映。这些子公司及合营公司于购买日的财务状况以及自购买日至2006 年12月31日止期间的经营成果见附注46。 注3： 根据章程规定，公司对大众新亚能够实施共同控制，故按比例合并法纳入合并财务报 表合并范围。 注4： 根据与其他投资者的协议，公司拥有实质控制权，因此将其纳入合并财务报表的合并 范围。 注5： 根据财政部财会二字(1996)2号《关于合并会计报表合并范围请示的复函》，这些公司 的资产总额、主营业务收入、当期净利润的合计数按照资产标准、主营业务收入标准 以及净利润标准计算得出的比例均在10%以内，因此未纳入合并财务报表合并范围， 但已在合并财务报表中按权益法核算，这些未纳入合并范围的子公司及合营公司于 2006年12月31日的资产总数合计为人民币110,073,938.31元；2006年度的收入合计为 人民币68,464,963.59元；2006年度的净利润合计为人民币3,715,610.59元。 注6：该公司已于2006年12月完成税务注销，并进入工商清算程序。 注7：本年度该公司注册资本由人民币2,000万元减资为人民币1,600万元。 注8：这些公司的经济性质在2006年度由非法人国有企业变更为有限责任公司。 除附注 48 外，下列附注为合并财务报表附注。 上海锦江国际实业投资股份有限公司 - 18 - 财务报表附注 2006年12月31日止年度 5. 货币资金 年末数 年初数 原币金额 折算率 人民币元 原币金额 折算率 人民币元 现金 人民币 6,479,353.99 1.0000 6,479,353.99 4,851,395.26 1.0000 4,851,395.26 银行存款 人民币 419,877,549.94 1.0000 419,877,549.94 431,478,443.65 1.0000 431,478,443.65 美元 3,129,565.90 7.8087 24,437,841.24 3,116,974.28 8.0702 25,154,605.83 港币 310.60 1.0047 312.05 36,412.05 1.0402 37,875.81 欧元 16,451.30 10.2665 168,897.27 55,932.78 9.5797 535,819.25 日元 7,896,435.00 0.0656 518,006.14 - - - 其他货币资金 人民币 980,848.43 1.0000 980,848.43 15,396,393.20 1.0000 15,396,393.20 美元 17,501.94 7.8087 136,667.40 4,814.59 8.0702 38,854.70 _____________ _____________ 452,599,476.46 477,493,387.70 _____________ _____________ _____________ _____________ 6. 应收股利 年末数 年初数 人民币元 人民币元 上海锦江客运有限公司 2,943,000.00 - 锦海捷亚 - 30,890,657.50 上海永达二手机动车经营有限公司 620,230.23 - ____________ ____________ 3,563,230.23 30,890,657.50 ____________ ____________ ____________ ____________ 7. 应收账款 应收账款账龄分析如下： 年末数 年初数 金额 比例(%) 坏账准备 账面价值 金额 比例(%) 坏账准备 账面价值 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 1 年以内 218,471,785.51 99.3 4,276,111.76 214,195,673.75 178,107,497.96 99.8 2,299,118.03 175,808,379.93 1-2 年 1,517,445.07 0.6 1,420,742.98 96,702.09 322,875.35 0.2 206,766.40 116,108.95 2-3 年 116,045.40 0.1 58,022.70 58,022.70 6,355.21 - 2,773.81 3,581.40 3 年以上 14,752.04 - 14,752.04 - 12,327.68 - 11,841.22 486.46 ______________ _____ ____________ _______________ _____________ ____ ____________ ______________ 220,120,028.02 100.0 5,769,629.48 214,350,398.54 178,449,056.20 100.0 2,520,499.46 175,928,556.74 ______________ _____ ____________ _______________ _____________ ____ ____________ ______________ ______________ _____ ____________ _______________ _____________ ____ ____________ ______________ 欠款金额前五名情况如下： 前五名欠款总额 占应收账款总额比例 人民币元 50,744,078.76 23.05% 应收账款余额中无应收持有公司 5%以上股份的股东的款项。 上海锦江国际实业投资股份有限公司 - 19 - 财务报表附注 2006年12月31日止年度 8. 其他应收款 其他应收款账龄分析如下： 年末数 年初数 金额 比例(%) 坏账准备 账面价值 金额 比例(%) 坏账准备 账面价值 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 1 年以内 52,896,313.51 89.8 13,251.56 52,883,061.95 73,299,073.61 91.9 - 73,299,073.61 1-2 年 1,649,631.58 2.8 41,011.36 1,608,620.22 1,826,104.76 2.3 - 1,826,104.76 2-3 年 1,157,088.11 2.0 - 1,157,088.11 611,704.02 0.8 83,334.98 528,369.04 3 年以上 3,156,394.33 5.4 78,720.07 3,077,674.26 4,040,809.33 5.0 8,282.73 4,032,526.60 _______________ ______ ____________ _______________ _____________ ____ ____________ ____________ 58,859,427.53 100.0 132,982.99 58,726,444.54 79,777,691.72 100.0 91,617.71 79,686,074.01 _______________ ______ ____________ _______________ _____________ ____ ____________ ____________ _______________ ______ ____________ _______________ _____________ ____ ____________ ____________ 欠款金额前五名情况如下： 前五名欠款总额 占其他应收款总额比例 人民币元 16,807,363.31 28.56% 其他应收款余额中无应收持有公司5%以上股份的股东的款项。 9. 坏账准备 应收账款 其他应收款 合 计 人民币元 人民币元 人民币元 年初数 2,520,499.46 91,617.71 2,612,117.17 本年计提数 3,277,220.54 90,352.61 3,367,573.15 因收购子公司而增加 1,121,883.53 - 1,121,883.53 本年转回数 (75,938.20) (48,987.33) (124,925.53) 本年其他转出 (1,074,035.85) - (1,074,035.85) _______________ ______________ _______________ 年末数 5,769,629.48 132,982.99 5,902,612.47 _______________ ______________ _______________ _______________ ______________ _______________ 10. 预付账款 预付账款账龄分析如下： 年末数 年初数 人民币元 % 人民币元 % 1年以内 34,258,912.23 100.0 23,164,573.86 100.0 ____________ _____ ____________ _____ ____________ _____ ____________ _____ 预付账款余额中无预付持有公司 5%以上股份的股东的款项。 上海锦江国际实业投资股份有限公司 - 20 - 财务报表附注 2006年12月31日止年度 11. 存货及存货跌价准备 年末数 年初数 金 额 跌价准备 账面价值 金 额 跌价准备 账面价值 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 库存商品 14,941,117.11 - 14,941,117.11 20,579,855.27 - 20,579,855.27 备品备件 8,370,302.58 358,722.56 8,011,580.02 7,147,651.82 119,380.59 7,028,271.23 物料用品 354,070.57 - 354,070.57 525,715.16 - 525,715.16 食品饮料及其他 7,541,332.82 - 7,541,332.82 82,547.98 - 82,547.98 ______________ ____________ ______________ ______________ ____________ ______________ 31,206,823.08 358,722.56 30,848,100.52 28,335,770.23 119,380.59 28,216,389.64 ______________ ____________ ______________ ______________ ____________ ______________ ______________ ____________ ______________ ______________ ____________ ______________ 存货跌价准备变动如下： 年初数 本年计提额 年末数 人民币元 人民币元 人民币元 备品备件 119,380.59 239,341.97 358,722.56 _________ __________ ___________ _________ __________ ___________ 12. 待摊费用 类别 年末数 年初数 结存原因 人民币元 人民币元 营运车辆保险及养路费 1,776,414.24 2,277,181.20 尚未摊销 预付租金 154,810.19 835,370.97 尚未摊销 保险费及其他 145,911.09 106,412.62 尚未摊销 ___________ ____________ 2,077,135.52 3,218,964.79 ___________ ____________ ___________ ____________ 13. 长期股权投资 年末数 年初数 人民币元 人民币元 对未合并子公司投资 (1) 11,479,303.92 4,058,837.05 对未合并合营企业投资 (1) 59,983,847.83 - 对联营企业投资 (1) 263,880,750.59 243,295,869.09 长期股票投资 (2) 18,547,505.43 15,343,500.00 其他股权投资 (3) 89,608,028.41 98,030,015.41 长期股权投资差额/合并价差 (4) 540,653,405.95 513,125,825.62 _____________ _____________ 合计 984,152,842.13 873,854,047.17 减：长期股权投资减值准备 4,923,017.80 17,999,990.10 _____________ _____________ 长期股权投资净额 979,229,824.33 855,854,057.07 _____________ _____________ _____________ _____________ 上海锦江国际实业投资股份有限公司 - 21 - 财务报表附注 2006年12月31日止年度 13. 长期股权投资 – 续 长期股权投资减值准备变动如下： 人民币元 年初数 17,999,990.10 因购买子公司而增加 471,764.80 本年增加数 746,253.00 本年转回数 (14,294,990.10) ____________ 年末数 4,923,017.80 ____________ ____________ (1)对未合并子公司、未合并合营企业和联营企业投资的详细情况如下： 被投资单位本年 分得的 占被投资公司注册 被投资公司名称 初始投资额 权益增减额 现金红利 累计增(减)额 股权投资准备 年末账面价值 资本的比例 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 未合并子公司 8,794,963.52 1,842,987.08 504,720.73 2,676,740.40 7,600.00 11,479,303.92 ____________ ____________ _____________ ___________ ___________ ____________ 未合并合营企业 59,199,598.08 784,249.75 - 784,249.75 - 59,983,847.83 ____________ ____________ _____________ ___________ ___________ ____________ 联营企业： 上海永达风度汽车销售服务有限公司 6,000,000.00 1,601,949.72 900,000.00 4,243,850.11 - 10,243,850.11 40% 上海永达二手机动车经营有限公司 4,500,000.00 668,397.21 620,230.23 1,716,958.42 - 6,216,958.42 30% 上海锦江客运有限公司 3,000,000.00 3,299,931.33 6,121,593.30 972,992.90 - 3,972,992.90 30% 上海锦江汽车销售服务有限公司 1,500,000.00 1,776,041.51 585,000.00 2,168,507.80 - 3,668,507.80 30% 上海锦江佳友汽车服务有限公司(注 1) 14,614,900.00 4,244,287.61 3,260,580.66 7,467,694.01 - 22,082,594.01 50% 上海锦江佘山汽车服务有限公司(注 1) 500,000.00 1,584,858.18 1,000,000.00 6,385,171.56 - 6,885,171.56 50% 上海石油集团长乐加油站有限公司(注 1) 150,000.00 30,983.95 - 271,483.97 - 421,483.97 50% 江苏南京长途汽车客运 集团责任有限公司 25,300,000.00 1,639,158.08 - 1,639,158.08 - 26,939,158.08 23% 上海浦东机场货运站有限公司 38,322,000.00 119,116,589.35 102,093,291.58 143,924,654.42 - 182,246,654.42 20% 世联锦江物流有限公司(注 2) 3,012,675.00 (1,809,295.68) - (1,809,295.68) - 1,203,379.32 25% ____________ ____________ _____________ ___________ ___________ ____________ 96,899,575.00 132,152,901.26 114,580,695.77 166,981,175.59 - 263,880,750.59 ____________ ____________ _____________ ___________ ___________ ____________ 合计 164,894,136.60 134,780,138.09 115,085,416.50 170,442,165.74 7,600.00 335,343,902.34 ____________ ____________ _____________ ___________ ___________ ____________ ____________ ____________ _____________ ___________ ___________ ____________ 注 1：因在实际经营中公司对该等公司并不具有共同控制权，故将该等公司作为联营公 司核算。 注 2：系公司本年度新设立的联营企业。 与上述长期股权投资相关的股权投资差额见附注 13(4)。 上海锦江国际实业投资股份有限公司 - 22 - 财务报表附注 2006年12月31日止年度 13. 长期股权投资 – 续 (2)长期股权投资项下长期股票投资的详细情况如下： 占被投资公司 被投资公司名称 股份性质 股票数量 注册资本的比例 投资金额 减值准备 年末账面价值 初始投资成本 人民币元 人民币元 人民币元 人民币元 上海氯碱化工股份有限公司 法人股 335,740.00 <1% 1,284,044.00 - 1,284,044.00 1,284,044.00 上海百联集团股份有限公司 法人股 989,816.00 <1% 1,832,600.00 - 1,832,600.00 1,832,600.00 上海豫园商城股份有限公司 法人股 713,513.00 <1% 2,107,800.00 - 2,107,800.00 2,107,800.00 上海宏盛科技发展股份有限公司 流通股 377,520.00 <1% 490,000.00 - 490,000.00 490,000.00 上海爱建股份有限公司 法人股 1,875,049.00 <1% 6,300,000.00 - 6,300,000.00 6,300,000.00 上海三爱富新材料股份有限公司 法人股 713,890.00 <1% 484,000.00 - 484,000.00 484,000.00 上海国嘉实业股份有限公司 法人股 607,602.00 <1% 650,000.00 650,000.00 - 650,000.00 申能股份有限公司 流通股 150,000.00 <1% 280,000.00 - 280,000.00 280,000.00 天地源股份有限公司 法人股 146,400.00 <1% 327,264.00 3,764.80 323,499.20 327,264.00 山东国泰股份有限公司 法人股 500,000.00 <1% 555,000.00 555,000.00 - 555,000.00 上海输配电股份有限公司 法人股 163,200.00 <1% 497,600.00 - 497,600.00 497,600.00 天津海泰科技发展股份有限公司 法人股 292,500.00 <1% 864,540.00 - 864,540.00 864,540.00 上海广电信息产业股份有限公司 法人股 592,960.00 <1% 1,521,000.00 - 1,521,000.00 1,521,000.00 上海锦江国际实业投资股份有限公司(注) 法人股 50,530.00 <1% 104,000.00 - 104,000.00 104,000.00 上海市第一食品股份有限公司 流通股 138,550.00 <1% 781,657.43 - 781,657.43 781,657.43 天津华联商厦股份有限公司 法人股 260,000.00 <1% 468,000.00 468,000.00 - 468,000.00 ____________ ____________ ____________ 18,547,505.43 1,676,764.80 16,870,740.63 ____________ ____________ ____________ ____________ ____________ ____________ 注：系子公司持有的公司股票。 上述股票投资中有市价的股票投资账面余额为人民币 1,551,657.43 元， 按本年末市价计算其市价总额约为人民币 6,193,000.00 元。 (3)其他股权投资： 占被投资公司 被投资公司名称 投资期限 注册资本的比例 投资金额 减值准备 年末账面价值 人民币元 人民币元 人民币元 (注 2) 上海东锦江大酒店有限公司(注 1) 无限期 10% 16,555,237.81 - 16,555,237.81 上海寰球制品有限公司 20 年 10% 746,253.00 746,253.00 - 交通银行 无限期 <5% 8,106,520.00 - 8,106,520.00 国泰君安证券股份有限公司 无限期 <5% 47,649,967.00 - 47,649,967.00 国泰君安投资管理有限公司 无限期 <5% 4,840,077.00 2,500,000.00 2,340,077.00 上海新世纪运输有限公司 20 年 11% 2,240,000.00 - 2,240,000.00 上海长途客运南站有限公司 30 年 10% 7,500,000.00 - 7,500,000.00 北京西运国际货运代理有限公司(注 3)30 年 34% 1,969,973.60 - 1,969,973.60 ____________ ____________ ____________ 89,608,028.41 3,246,253.00 86,361,775.41 ____________ ____________ ____________ ____________ ____________ ____________ 上海锦江国际实业投资股份有限公司 - 23 - 财务报表附注 2006年12月31日止年度 13. 长期股权投资 – 续 (3)其他股权投资： - 续 注 1：根据相关协议，将以人民币 23,180,000.00 元出售给锦江集团下属公司。 注 2：本年度除根据被投资公司的经营状况而分别对上海寰球制品有限公司的投资计提 减值准备人民币 746,253.00 元并对国泰君安证券股份有限公司的投资转回减值准 备人民币 14,294,990.10 元，无其他变动。 注 3：因在实际经营中公司对其不具有重大影响，故按成本法核算。 注 4：本年度处置了上海蓝盟企业服务有限公司。 (4)长期股权投资差额/合并价差 被投资公司名称 初始金额 摊销期限 期初余额 本年增(减)额 本年摊销额 期末余额 形成原因 人民币元 人民币元 人民币元 人民币元 人民币元 合并价差： 上海金茂汽车租赁有限公司 853,161.51 10 年 508,811.53 - 88,488.95 420,322.58 收购股权 上海锦江公共交通有限公司 144,678.90 10 年 86,807.59 - 14,467.68 72,339.91 收购股权 上海锦江汽车服务有限公司 488,952,236.71 46.59 年 472,335,485.86 - 10,494,789.36 461,840,696.50 收购股权 锦海捷亚国际货运有限公司 23,022,346.28 18.5/23 年 18,674,368.97 - 1,101,343.56 17,573,025.41 收购股权 上海大众新亚出租汽车有限公司 22,287,493.66 46 年 21,520,351.67 - 484,511.68 21,035,839.99 收购股权 上海尚海食品有限公司 14,611,742.00 10 年 - 14,611,742.00 243,529.04 14,368,212.96 收购股权 ______________ _____________ _____________ _____________ 513,125,825.62 14,611,742.00 12,427,130.27 515,310,437.35 ______________ _____________ _____________ _____________ 未合并子公司及未合并合营企业 之长期股权投资差额 32,417,317.91 9 个月-10 年 - 32,417,317.91 7,074,349.31 25,342,968.60 收购股权 ______________ _____________ _____________ _____________ 合计 513,125,825.62 47,029,059.91 19,501,479.58 540,653,405.95 ______________ _____________ _____________ _____________ ______________ _____________ _____________ _____________ 上海锦江国际实业投资股份有限公司 - 24 - 财务报表附注 2006年12月31日止年度 14. 固定资产及累计折旧 电子设备、 经营租入 房屋建筑物 机器设备 器具及家具 营运车辆 其他运输设备 房屋改良支出 酒店改造 合计 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 原值 年初余额 160,642,704.42 35,249,461.47 32,385,849.87 1,683,660,643.69 31,510,812.41 2,400,109.30 5,807,956.84 1,951,657,538.00 因购买子公司而增加 60,610,047.39 51,966,076.23 1,999,690.06 - 5,778,673.59 - - 120,354,487.27 本年购置 152,069.12 3,365,552.36 1,928,095.79 58,474,756.71 2,384,692.99 - - 66,305,166.97 本年在建工程转入 - 1,008,001.00 14,446.00 284,053,440.94 734,599.42 - 1,381,926.50 287,192,413.86 本年减少额 (6,976,884.57) (7,700,550.37) (2,944,696.79) (289,351,248.99) (3,500,861.10) - (5,807,956.84) (316,282,198.66) _____________ ____________ _____________ _____________ _____________ ___________ _____________ _____________ 年末余额 214,427,936.36 83,888,540.69 33,383,384.93 1,736,837,592.35 36,907,917.31 2,400,109.30 1,381,926.50 2,109,227,407.44 _____________ ____________ _____________ _____________ _____________ ___________ _____________ _____________ 累计折旧 年初余额 32,739,083.56 23,157,031.48 17,875,788.99 889,398,021.59 19,073,901.32 2,302,030.35 3,506,843.71 988,052,701.00 因购买子公司而增加 11,160,291.33 31,914,555.85 1,060,964.11 - 2,310,759.03 - - 46,446,570.32 本年计提额 7,641,711.91 2,522,305.23 3,774,993.01 252,687,956.92 3,559,626.73 98,078.95 2,301,113.13 272,585,785.88 本年减少额 (4,401,552.53) (1,635,644.98) (2,496,204.48) (247,972,844.87) (3,106,236.14) - (5,807,956.84) (265,420,439.84) _____________ ____________ _____________ _____________ _____________ ___________ _____________ _____________ 年末余额 47,139,534.27 55,958,247.58 20,215,541.63 894,113,133.64 21,838,050.94 2,400,109.30 - 1,041,664,617.36 _____________ ____________ _____________ _____________ _____________ ___________ _____________ _____________ 减值准备 年初余额 - 15,069.64 11,529.00 - - - - 26,598.64 因购买子公司而增加 1,980,444.87 102,006.08 52,133.83 - 46,309.11 - - 2,180,893.89 本年增加额 - 273,722.36 - - 83,335.00 - - 357,057.36 _____________ ____________ _____________ _____________ _____________ ___________ _____________ _____________ 年末余额 1,980,444.87 390,798.08 63,662.83 - 129,644.11 - - 2,564,549.89 _____________ ____________ _____________ _____________ _____________ ___________ _____________ _____________ 净额 年初余额 127,903,620.86 12,077,360.35 14,498,531.88 794,262,622.10 12,436,911.09 98,078.95 2,301,113.13 963,578,238.36 _____________ ____________ _____________ _____________ _____________ ___________ _____________ _____________ _____________ ____________ _____________ _____________ _____________ ___________ _____________ _____________ 年末余额 165,307,957.22 27,539,495.03 13,104,180.47 842,724,458.71 14,940,222.26 - 1,381,926.50 1,064,998,240.19 _____________ ____________ _____________ _____________ _____________ ___________ _____________ _____________ _____________ ____________ _____________ _____________ _____________ ___________ _____________ _____________ 注：年末余额中有净值为人民币 22,381,259.95 元(年初数：人民币 22,823,974.75 元)的房屋 建筑物用于经营租赁。 年末余额中有净值为人民币 25,787,039.81 元(年初数：人民币 1,652,000.00 元)的房屋建 筑物，其产权证尚未取得。 年末余额中有净值为人民币 3,149,216.20 元(年初数：人民币 3,263,000.00 元)的房屋建 筑物因市政拆迁冻结而无法办理权利人变更事项。 15. 在建工程 因购买 本年完工 工程名称 年初数 子公司而增加 本年增加 转入固定资产 其他转出 年末数 资金来源 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 (注) 酒店改造 - - 1,381,926.50 (1,381,926.50) - - 自有资金 预付营运车辆及出租车牌照款 40,000,000.00 - - - (40,000,000.00) - 自有资金 未达使用状态之车辆 2,248,787.75 - 300,360,171.63 (284,788,040.36) - 17,820,919.02 自有资金 其他 458,901.70 471,250.00 1,130,548.99 (1,022,447.00) - 1,038,253.69 自有资金 _____________ __________ _____________ _____________ _____________ _____________ 42,707,689.45 471,250.00 302,872,647.12 (287,192,413.86) (40,000,000.00) 18,859,172.71 __________ _____________ _____________ _____________ __________ _____________ _____________ _____________ 减：减值准备 - - _____________ _____________ 42,707,689.45 18,859,172.71 _____________ _____________ _____________ _____________ 注：因营运车辆及出租车营运牌照的收购计划在本年度予以取消，公司收回了相关预付款 项。 上海锦江国际实业投资股份有限公司 - 25 - 财务报表附注 2006年12月31日止年度 16. 无形资产 出租车营运牌照 土地使用权 计算机软件 合计 人民币元 人民币元 人民币元 人民币元 原值 年初余额 106,489,270.50 1,377,920.00 1,228,125.00 109,095,315.50 因购买子公司而增加 - 88,656,174.00 - 88,656,174.00 本年增加 - 18,184,500.00 35,000.00 18,219,500.00 _____________ _____________ ___________ _____________ 年末余额 106,489,270.50 108,218,594.00 1,263,125.00 215,970,989.50 _____________ _____________ ___________ _____________ 累计摊销 年初余额 26,529,992.47 309,262.00 847,355.74 27,686,610.21 本年计提额 1,951,142.62 36,744.00 415,769.26 2,403,655.88 _____________ _____________ ___________ _____________ 年末余额 28,481,135.09 346,006.00 1,263,125.00 30,090,266.09 _____________ _____________ ___________ _____________ 净额 年初余额 79,959,278.03 1,068,658.00 380,769.26 81,408,705.29 _____________ _____________ ___________ _____________ _____________ _____________ ___________ _____________ 年末余额 78,008,135.41 107,872,588.00 - 185,880,723.41 _____________ _____________ ___________ _____________ _____________ _____________ ___________ _____________ 剩余摊销年限 14-49 年 28-50 年 - _____________ _____________ ___________ _____________ _____________ ___________ 除本年增加划拨地人民币 74,425,774.00 元外，其他无形资产均以购入方式取得。划拨地已 变更为工业用地，并于 2006 年 12 月 27 日取得相关使用权证。 17. 长期待摊费用 因购买 类别 年初数 子公司而增加 本年摊销 年末数 剩余摊销期 人民币元 人民币元 人民币元 人民币元 场地租金 187,496.67 - 187,496.67 - - 其他 232,061.79 131,716.80 97,106.90 266,671.69 3-10 年 ___________ ___________ ___________ __________ 合计 419,558.46 131,716.80 284,603.57 266,671.69 ___________ ___________ ___________ __________ ___________ ___________ ___________ __________ 上海锦江国际实业投资股份有限公司 - 26 - 财务报表附注 2006年12月31日止年度 18. 其他长期资产 年末数 年初数 人民币元 人民币元 应收长期垫付款(注) 25,384,000.58 29,614,667.25 减：一年内应收款项 4,230,666.67 4,230,666.67 _____________ ____________ 21,153,333.91 25,384,000.58 _____________ ____________ _____________ ____________ 注：其他长期资产系无偿为上海浦东国际机场货运站有限公司垫付的货运站建筑物、设备 和场地租赁的租金共计人民币 50,768,000.00 元。该款项由上海浦东国际机场货运站有 限公司按 12 年进行等额分期偿还。 19. 短期借款 借款类别 年末数 年初数 人民币元 人民币元 银行 担保借款 4,250,000.00 11,000,000.00 信用借款 43,000,000.00 40,076,000.08 _____________ ____________ 47,250,000.00 51,076,000.08 _____________ ____________ _____________ ____________ 担保借款由中国金茂(集团)股份有限公司提供担保。信用借款余额中包含因银行承兑汇票贴 现而产生的借款人民币 28,000,000.00 元(2005 年：人民币 30,000,000.00 元)。 20. 应付票据 借款类别 年末数 年初数 人民币元 人民币元 银行承兑汇票 48,850,000.00 33,750,000.00 _____________ ______________ _____________ ______________ 21. 应付账款及预收账款 应付账款及预收账款余额中无应付或预收持有公司5%以上股份的股东的款项。 上海锦江国际实业投资股份有限公司 - 27 - 财务报表附注 2006年12月31日止年度 22. 应交税金 年末数 年初数 人民币元 人民币元 所得税 21,032,831.88 27,528,158.84 营业税 8,346,564.24 6,037,475.09 增值税 528,969.75 (1,803,805.61) 其他 1,863,838.00 2,335,195.43 ______________ _____________ 31,772,203.87 34,097,023.75 ______________ _____________ ______________ _____________ 23. 应付股利 年末数 年初数 欠付原因 人民币元 人民币元 应付法人股股利 28,686,131.00 13,162,564.00 尚未领取 少数股东股利 9,478,636.72 7,866,040.58 尚未领取 ____________ ____________ 38,164,767.72 21,028,604.58 ____________ ____________ ____________ ____________ 24. 其他应付款 应付持有公司 5%以上股份的股东的款项情况如下： 股东名称 年末数 年初数 人民币元 人民币元 锦江国际(集团)有限公司 18,184,500.00 - ______________ _____________ ______________ _____________ 25. 预计负债 根据相关办法，公司对于富余人员中自行解决就业问题的人员提供经济补偿。根据该规定， 公司管理层估计截至 2006 年 12 月 31 日仍有人民币 7,286,694.17 元尚需支付(年初数：人民 币 9,114,031.00 元)。 上海锦江国际实业投资股份有限公司 - 28 - 财务报表附注 2006年12月31日止年度 26. 专项应付款 年末数 年初数 人民币元 人民币元 动迁补偿款(注) 28,793,301.92 - ______________ _____________ ______________ _____________ 注：动迁补偿款系锦江汽车收到的政府市政建设补偿款人民币 35,000,000.00 元并扣除相关 动迁费用后的余额。 27. 股本 公司股本情况如下： 2006年度 年初数(股) 本年增减(股) 年末数(股) 股权分置 一、未上市流通股份 1、发起人股份 境内法人持有股份 227,222,620 (227,222,620) - 2、募集法人股份 121,519,855 (121,519,855) - ____________ ____________ _____________ 未上市流通股份合计 348,742,475 (348,742,475) - ____________ ____________ _____________ 二、有限售条件的流通股份 1、国有法人持股 - 212,586,460 212,586,460 2、境内法人持股 - 121,519,855 121,519,855 ____________ ____________ _____________ - 334,106,315 334,106,315 ____________ ____________ _____________ 三、已上市流通股份 1、人民币普通股 41,817,600 14,636,160 56,453,760 2、境内上市的外资股(B 股) 161,050,032 - 161,050,032 ____________ ____________ _____________ 已上市流通股份合计 202,867,632 14,636,160 217,503,792 ____________ ____________ _____________ 三、股份总额 551,610,107 - 551,610,107 ____________ ____________ _____________ ____________ ____________ _____________ 上述股份每股面值为人民币1元。 公司于2006年2月8日公告的股权分置改革方案为流通A股股东每10股获得3.5股股票。 2005年1月1日至2005年12月31日的公司股本情况并无变动。 上海锦江国际实业投资股份有限公司 - 29 - 财务报表附注 2006年12月31日止年度 28. 资本公积 2006年 年初数 本年增加数 年末数 人民币元 人民币元 人民币元 股本溢价 266,218,226.90 - 266,218,226.90 股权投资准备 46,629.50 7,220.00 53,849.50 其他资本公积 625,822,019.00 - 625,822,019.00 ______________ _____________ _____________ 892,086,875.40 7,220.00 892,094,095.40 ______________ _____________ _____________ ______________ _____________ _____________ 2005年 年初数 本年增加数 年末数 人民币元 人民币元 人民币元 股本溢价 266,218,226.90 - 266,218,226.90 股权投资准备 - 46,629.50 46,629.50 其他资本公积 625,822,019.00 - 625,822,019.00 ______________ _____________ _____________ 892,040,245.90 46,629.50 892,086,875.40 ______________ _____________ _____________ ______________ _____________ _____________ 29. 盈余公积 2006年 储备基金及 法定盈余公积 法定公益金 任意盈余公积 企业发展基金 合计 人民币元 人民币元 人民币元 人民币元 人民币元 年初余额 115,224,418.04 64,264,946.81 10,684,636.00 24,364,513.42 214,538,514.27 本年计提 46,279,732.96 - - 282,262.31 46,561,995.27 法定公益金转入法定盈余公积 64,264,946.81 (64,264,946.81) - - - _____________ _____________ ____________ _____________ _____________ 年末余额 225,769,097.81 - 10,684,636.00 24,646,775.73 261,100,509.54 _____________ _____________ ____________ _____________ _____________ _____________ _____________ ____________ _____________ _____________ 根据《中华人民共和国公司法》和财政部财企（2006）67 号文《关于〈公司法〉 实施后 有关企业财务处理问题的通知》，自 2006 年 1 月 1 日起，公司不再提取法定公益金，并将 法定公益金的年初余额转入法定盈余公积。 上海锦江国际实业投资股份有限公司 - 30 - 财务报表附注 2006年12月31日止年度 29. 盈余公积 － 续 2005年 储备基金及 法定盈余公积 法定公益金 任意盈余公积 企业发展基金 合计 人民币元 人民币元 人民币元 人民币元 人民币元 年初余额 68,473,682.31 40,889,578.95 10,684,636.00 2,736,297.56 122,784,194.82 本年计提 46,750,735.73 23,375,367.86 - 38,414,303.22 108,540,406.81 因合并范围变更而减少 - - - (16,786,087.36) (16,786,087.36) _____________ _____________ ____________ _____________ _____________ 年末余额 115,224,418.04 64,264,946.81 10,684,636.00 24,364,513.42 214,538,514.27 _____________ _____________ ____________ _____________ _____________ _____________ _____________ ____________ _____________ _____________ 法定盈余公积可用于弥补公司的亏损，扩大公司生产经营或转为增加公司股本。 储备基金可用于弥补亏损，储备基金及企业发展基金经批准可用于增加资本。 30. 未分配利润 本年数 上年数 人民币元 人民币元 年初未分配利润 241,892,686.70 193,017,071.67 加：本年净利润 268,578,807.01 250,951,955.88 减：提取法定盈余公积(注 1) 26,857,880.70 25,095,195.59 提取法定公益金(注 2) - 12,547,597.79 子公司提取法定盈余公积 19,421,852.26 21,655,540.14 子公司提取法定公益金 - 10,827,770.07 子公司提取储备基金及企业发展基金(注 3) 282,262.31 21,628,215.86 可供股东分配的利润 463,909,498.44 352,214,708.10 减：应付股利－股东大会已 批准的上年度现金股利(注 4) 165,483,032.10 110,322,021.40 _____________ ____________ 年末未分配利润 298,426,466.34 241,892,686.70 _____________ ____________ _____________ ____________ 其中：资产负债表日后决议分配的现金股利(注 5) 193,063,537.45 165,483,032.10 _____________ ____________ _____________ ____________ 公司可分配利润数按本财务报表中累计未分配利润数和按国际财务报告准则编制的财务报 表中累计未分配利润数孰低原则确定。 注 1：提取法定盈余公积 根据公司章程规定，法定盈余公积金按净利润之 10%提取。 公司法定盈余公积金累计额为公司注册资本百分之五十以上的，可不再提取。 上海锦江国际实业投资股份有限公司 - 31 - 财务报表附注 2006年12月31日止年度 30. 未分配利润 － 续 注 2：提取法定公益金 公司自 2006 年 1 月 1 日起不再提取法定公益金。 注 3：提取储备基金及企业发展基金 系合营公司按其 2006 年度净利润之 5%分别提取储备基金及企业发展基金。 注 4：本年度股东大会已批准的现金股利 2006 年度按已发行之股份 551,610,107 股(每股面值人民币 1 元)计算，以每十股 向全体股东派发现金红利 3 元(含税)。 注 5：资产负债表日后决议分配的股利分配情况 根据董事会提议，公司按 2006 年末已发行之股份 551,610,107 股(每股面值人民币 1 元)计算，拟以每十股向全体股东派发现金红利人民币 3.50 元(含税)，B 股按折成美 元发放，合计预分配现金股利人民币 193,063,537.45 元。尚余未分配利润人民币 105,362,928.89 元，结转至下年度使用。 以上利润分配方案，有待股东大会批准。 31. 主营业务收入 本年累计数 上年累计数 人民币元 人民币元 货运服务业务收入 1,292,363,871.14 2,082,657,074.82 车辆营运业务收入 1,326,248,153.70 1,163,151,300.96 酒店及相关业务收入 31,419,747.88 34,073,211.30 低温物流及相关业务收入 16,924,909.39 - ______________ ______________ 2,666,956,682.11 3,279,881,587.08 ______________ ______________ ______________ ______________ 前五名客户主营业务收入总额为人民币 312,541,500.66 元，占主营业务收入比例为 11.72%。 上海锦江国际实业投资股份有限公司 - 32 - 财务报表附注 2006年12月31日止年度 32. 主营业务成本 本年累计数 上年累计数 人民币元 人民币元 货运服务业务成本 1,179,824,625.84 1,912,869,898.31 车辆营运业务成本 969,276,367.89 837,083,502.98 酒店及相关业务成本 3,631,020.40 3,591,269.99 低温物流及相关业务成本 9,068,961.50 - ______________ ______________ 2,161,800,975.63 2,753,544,671.28 ______________ ______________ ______________ ______________ 33. 主营业务税金及附加 税种 本年累计数 上年累计数 人民币元 人民币元 营业税 39,822,571.92 42,763,349.17 城市维护建设税 2,308,372.02 2,328,866.89 教育费附加 998,720.75 1,010,620.13 其他 18,095.52 8,218.03 ______________ _____________ 43,147,760.21 46,111,054.22 ______________ _____________ ______________ _____________ 34. 财务费用 本年累计数 上年累计数 人民币元 人民币元 利息支出 3,148,852.04 3,398,272.83 减：利息收入 8,155,006.54 5,583,299.09 汇兑损失(减收益) 2,359,796.41 2,656,684.02 其他 849,493.64 819,975.14 ______________ _____________ (1,796,864.45) 1,291,632.90 ______________ _____________ ______________ _____________ 上海锦江国际实业投资股份有限公司 - 33 - 财务报表附注 2006年12月31日止年度 35. 投资收益 本年累计数 上年累计数 人民币元 人民币元 长期投资收益 法人股股票投资分红收益 348,602.00 606,812.32 处置长期股权投资收益(注 1) 26,514,354.17 87,155,093.89 股权清算损失(注 2) (14,218,691.69) - 按成本法核算的被投资单位分配利润 1,275,452.27 4,857,714.87 按权益法确认的投资收益(附注 13(1)) 134,780,138.09 114,271,080.60 股权投资差额摊销(附注 13(4)) (19,501,479.58) (12,403,871.37) 长期投资减值准备转回(附注 13) 14,294,990.10 - 计提长期投资减值准备(附注 13) (746,253.00) (16,794,990.10) ______________ _____________ 142,747,112.36 177,691,840.21 ______________ _____________ ______________ _____________ 注 1：包括本年度处置上海国际会议中心有限公司 20%股权以及上海得夫得斯国际货运有 限公司 34%股权获得的款项，在扣除相关的成本、税费后确认的净收益分别为人民 币 1,716,773.06 元和人民币 24,797,581.11 元。 注 2： 系本年度注销上海世联国际货运有限公司所确认的投资成本及处置费用所形成的损 失。 36. 补贴收入 本年累计数 上年累计数 人民币元 人民币元 税收奖励财政补贴(注) 5,832,720.97 4,646,052.66 其他 851,702.95 975,708.49 _____________ _____________ 6,684,423.92 5,621,761.15 _____________ _____________ _____________ _____________ 注： 税收奖励财政补贴系上海锦江高速客运有限公司、上海太平洋客运有限公司收到的 上海西部经济城税款返还及大众新亚收到的闸北区政府所得税奖励及营业税返还。 上海锦江国际实业投资股份有限公司 - 34 - 财务报表附注 2006年12月31日止年度 37. 营业外收入 本年累计数 上年累计数 人民币元 人民币元 固定资产处置收益 16,664,296.16 4,231,087.29 动迁补偿收入 - 12,000,000.00 罚款 2,340,195.14 1,484,078.32 其他 1,667,150.76 1,296,448.49 ___________ ____________ 20,671,642.06 19,011,614.10 ___________ ____________ ___________ ____________ 38. 营业外支出 本年累计数 上年累计数 人民币元 人民币元 固定资产报废损失 1,797,575.12 1,508,600.52 固定资产减值准备 357,057.36 - 罚款支出 258,705.40 - 其他 472,441.26 161,126.86 ___________ __________ 2,885,779.14 1,669,727.38 ___________ __________ ___________ __________ 39. 所得税 本年累计数 上年累计数 人民币元 人民币元 公司冲回上年度所得税 (注 1) (12,103,286.44) - 公司应计所得税 - 26,153,096.13 子公司及合营公司应计所得税 (注 2) 29,676,869.69 27,382,160.88 ____________ _____________ 17,573,583.25 53,535,257.01 ____________ _____________ ____________ _____________ 注 1： 公司冲回上年度所得税系 2005 年度汇算清缴结果对 2005 年度第四季度所得税率由 33%变更为 15%而予以冲回税额。 注 2： 子公司及合营公司应计所得税系根据子公司经调整后的应纳税所得额按其适用税率 计提。 上海锦江国际实业投资股份有限公司 - 35 - 财务报表附注 2006年12月31日止年度 40. 扣除非经常性损益后的净利润 本年累计数 上年累计数 人民币元 人民币元 净利润 268,578,807.01 250,951,955.88 减：处置长期股权投资产生的损益 26,514,354.17 87,155,093.89 股权清算损失 (14,218,691.69) - 处置及报废固定资产产生的净损益 14,533,662.00 2,722,486.77 收到的拆迁补偿款 - 12,000,000.00 各种形式的政府补贴 6,450,160.55 5,621,761.15 其他各项营业外收入、支出 3,276,199.24 2,619,399.95 以前年度已计提各项减值准备的转回 14,419,915.63 1,133,931.99 非经常性损益的所得税影响数 (6,093,152.58) (33,467,888.83) _____________ _____________ 扣除非经常性损益后的净利润 223,696,359.69 173,167,170.96 _____________ _____________ _____________ _____________ 注：上述非经常性损益已考虑少数股东损益的影响。 41. 收到的其他与经营活动有关的现金 本年数 上年数 人民币元 人民币元 利息收入 8,155,006.54 5,583,299.09 补贴收入 6,684,423.92 5,621,761.15 经营租赁收入 12,258,598.08 7,600,000.00 其他 23,251,503.23 4,012,245.18 _____________ _____________ 50,349,531.77 22,817,305.42 _____________ _____________ _____________ _____________ 42. 支付的其他与经营活动有关的现金 本年数 上年数 人民币元 人民币元 租赁支出 40,186,130.29 28,838,804.03 物料消耗支出 22,777,577.35 21,380,265.57 其他 44,560,751.41 62,157,863.68 _____________ _____________ 107,524,459.05 112,376,933.28 _____________ _____________ _____________ _____________ 上海锦江国际实业投资股份有限公司 - 36 - 财务报表附注 2006年12月31日止年度 43. 收到的其他与投资活动有关的现金 本年数 上年数 人民币元 人民币元 收回预订的营运车辆及出租车营运牌照的收购款 40,000,000.00 - 收回转让得夫得斯股权的存出保证金 14,446,113.38 - 收到的市政动迁补偿款 35,000,000.00 - 收到的商业动迁补偿款 - 12,000,000.00 收回上海浦东机场货运站有限公司的垫付款 4,230,666.67 4,230,666.67 其他 14,501,401.09 - _____________ _____________ 108,178,181.14 16,230,666.67 _____________ _____________ _____________ _____________ 44. 收到的其他与筹资活动有关的现金 本年数 上年数 人民币元 人民币元 收到锦江集团代垫的土地出让金 18,184,500.00 - _____________ _____________ _____________ _____________ 45. 现金及现金等价物分析 年末数 年初数 人民币元 人民币元 银行存款及现金余额 452,599,476.46 477,493,387.70 减：其他货币资金(注) - 14,446,113.38 _____________ _____________ 现金等价物余额 452,599,476.46 463,047,274.32 _____________ _____________ _____________ _____________ 注：其他货币资金系 2005 年锦海捷亚转让得夫得斯国际货运有限公司 34%股权的银行保函。 上海锦江国际实业投资股份有限公司 - 37 - 财务报表附注 2006年12月31日止年度 46. 购买子公司 根据五届二次董事会所通过的决议，锦海捷亚于 2006 年 7 月 31 日(购买日)受让美国 YRCW 全 资下属公司 Meridian IQ China (Hong Kong) Limited 持有的上海世联国际货运有限公司 100%股 权，交易价格为人民币 16,810,432.89 元。 根据五届四次董事会所通过的决议，控股子公司上海锦江国际低温物流发展有限公司于 2006 年 10 月 31 日(购买日)受让控股股东锦江国际(集团)有限公司下属全资企业上海市食品(集团) 有限公司持有的上海尚海食品有限公司 95%股权、上海吴泾冷藏有限公司(原名上海吴泾冷藏 公司)100%股权、上海吴淞罗吉冷藏有限公司(原名上海吴淞肉类联合加工厂)100%股权，交易 价格分别为人民币 30,770,000 元、人民币 96,400,000 元、人民币 8,250,000 元。 被购买子公司于购买日的财务状况： 购买日 人民币元 流动资产 95,173,025.49 长期投资 2,732,240.63 固定资产 72,198,273.06 其他资产 88,787,890.80 ______________ 资产合计 258,891,429.98 ______________ 流动负债及负债合计 118,522,028.21 ______________ 少数股东权益 16,869,752.35 ______________ 净资产 123,499,649.42 股权投资差额 28,730,783.47 ______________ 合计 152,230,432.89 ______________ ______________ 购买子公司的对价： 现金 152,230,432.89 ______________ ______________ 购买子公司产生的净现金流出： 现金对价 152,230,432.89 减：被购买子公司的银行存款和现金 37,049,727.00 ______________ 115,180,705.89 ______________ ______________ 上海锦江国际实业投资股份有限公司 - 38 - 财务报表附注 2006年12月31日止年度 46. 购买子公司 － 续 被购买子公司自购买日至 2006 年 12 月 31 日期间的经营成果： 购买日至 2006 年 12 月 31 日 人民币元 主营业务收入 23,647,647.92 主营业务利润 8,424,856.60 利润总额 1,822,744.15 所得税 655,324.23 少数股东损益 159,959.89 ______________ 净利润 1,007,460.03 ______________ ______________ 47. 分部报告 分部报表(业务分部) 2006 年度 低温物流 分部间 货运服务业务 车辆营运业务 酒店及相关业务 及相关业务 相互抵减 未分配项目 合计 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 一、营业收入 对外营业收入 1,293,820,816.98 1,347,595,482.05 32,005,912.52 19,139,146.55 - - 2,692,561,358.10 分部间营业收入 - 815,370.00 - - (815,370.00) - - _______________ _______________ _____________ _____________ ___________ ______________ _______________ 营业收入合计 1,293,820,816.98 1,348,410,852.05 32,005,912.52 19,139,146.55 (815,370.00) - 2,692,561,358.10 _______________ _______________ _____________ _____________ ___________ ______________ _______________ 二、销售成本 对外销售成本 1,185,431,721.88 1,007,062,485.25 5,083,649.43 11,033,827.45 - 2,208,611,684.01 分部间销售成本 - 815,370.00 - - (815,370.00) - - _______________ _______________ _____________ _____________ ___________ ______________ _______________ 销售成本合计 1,185,431,721.88 1,007,877,855.25 5,083,649.43 11,033,827.45 (815,370.00) - 2,208,611,684.01 _______________ _______________ _____________ _____________ ___________ ______________ _______________ 三、期间费用合计 89,958,944.81 171,767,821.89 20,546,151.00 6,004,478.01 - 13,847,609.72 302,125,005.43 _______________ _______________ _____________ _____________ ___________ ______________ _______________ 四、营业利润合计 18,430,150.29 168,765,174.91 6,376,112.09 2,100,841.09 - (13,847,609.72) 181,824,668.66 _______________ _______________ _____________ _____________ ___________ ______________ _______________ 五、资产总额 312,144,789.85 1,842,373,118.14 93,521,159.42 228,489,816.27 - 594,513,447.27 3,071,042,330.95 _______________ _______________ _____________ _____________ ___________ ______________ _______________ 六、负债总额 184,138,112.74 458,492,225.88 10,893,237.93 93,085,490.17 - 123,201,443.52 869,810,510.24 _______________ _______________ _____________ _____________ ___________ ______________ _______________ _______________ _______________ _____________ _____________ ___________ ______________ _______________ 上海锦江国际实业投资股份有限公司 - 39 - 财务报表附注 2006年12月31日止年度 47. 分部报告 – 续 2005 年度 低温物流 分部间 货运服务业务 车辆营运业务 酒店及相关业务 及相关业务 相互抵减 未分配项目 合计 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 一、营业收入 对外营业收入 2,082,666,149.82 1,177,662,462.62 34,373,306.30 - - - 3,294,701,918.74 分部间营业收入 - 901,874.00 - - (901,874.00) - - _______________ _______________ _____________ ___________ __________ _____________ ______________ 营业收入合计 2,082,666,149.82 1,178,564,336.62 34,373,306.30 - (901,874.00) - 3,294,701,918.74 _______________ _______________ _____________ ___________ __________ _____________ ______________ 二、销售成本 对外销售成本 1,921,227,355.66 874,787,548.18 5,309,930.54 - - - 2,801,324,834.38 分部间销售成本 - 901,874.00 - - (901,874.00) - - _______________ _______________ _____________ ___________ __________ _____________ ______________ 销售成本合计 1,921,227,355.66 875,689,422.18 5,309,930.54 - (901,874.00) - 2,801,324,834.38 _______________ _______________ _____________ ___________ __________ _____________ ______________ 三、期间费用合计 121,914,715.26 170,266,344.74 25,174,304.85 - - 9,019,240.12 326,374,604.97 _______________ _______________ _____________ ___________ __________ _____________ ______________ 四、营业利润合计 39,524,078.90 132,608,569.70 3,889,070.91 - - (9,019,240.12) 167,002,479.39 _______________ _______________ _____________ ___________ __________ _____________ ______________ 五、资产总额 501,445,548.00 1,780,453,560.53 100,783,080.22 - - 409,499,331.37 2,792,181,520.12 _______________ _______________ _____________ ___________ __________ _____________ ______________ 六、负债总额 223,651,258.01 414,797,443.00 24,420,401.30 - - 64,088,095.00 726,957,197.31 _______________ _______________ _____________ ___________ __________ _____________ ______________ _______________ _______________ _____________ ___________ __________ _____________ ______________ 分部报表(地区分部) 公司、子公司及合营公司的业务和经营资产均在中国境内，故无需提供地区分部信息。 48. 母公司财务报表主要项目注释 (1)应收账款 应收账款账龄分析如下： 年末数 年初数 金额 比例(%) 坏账准备 账面价值 金额 比例(%) 坏账准备 账面价值 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 1 年以内 163,670.28 100.0 810.36 162,859.92 127,779.43 98.5 - 127,779.43 2-3 年 - - - - 2,000.00 1.5 843.31 1,156.69 ____________ _____ ___________ ___________ ____________ _____ ____________ ____________ 合计 163,670.28 100.0 810.36 162,859.92 129,779.43 100.0 843.31 128,936.12 ____________ _____ ___________ ___________ ____________ _____ ____________ ____________ ____________ _____ ___________ ___________ ____________ _____ ____________ ____________ 应收账款前五名欠款情况如下： 前五名欠款总额 占应收账款总额比例 人民币元 163,670.28 100% 应收账款余额中无应收持有公司5%以上股份的股东的款项。 上海锦江国际实业投资股份有限公司 - 40 - 财务报表附注 2006年12月31日止年度 48. 母公司财务报表主要项目注释 – 续 (2)其他应收款 其他应收款账龄分析如下： 年末数 年初数 金额 比例(%) 坏账准备 账面价值 金额 比例(%) 坏账准备 账面价值 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 1 年以内 48,862,079.09 100.0 - 48,862,079.09 13,005,894.34 98.9 - 13,005,894.34 1-2 年 - - - - 4,621.30 0.0 - 4,621.30 3 年以上 - - - - 135,292.00 1.1 2,221.92 133,070.08 ____________ _____ ___________ ___________ ____________ ____ ____________ ____________ 合计 48,862,079.09 100.0 - 48,862,079.09 13,145,807.64 100.0 2,221.92 13,143,585.72 ____________ _____ ___________ ___________ ____________ ____ ____________ ____________ ____________ _____ ___________ ___________ ____________ ____ ____________ ____________ 其他应收款前五名欠款情况如下： 前五名欠款总额 占其他应收款总额比例 人民币元 48,698,230.62 99.66% 其他应收款余额中无应收持有公司5%以上股份的股东的款项。 (3)坏账准备 应收账款 其他应收款 合 计 人民币元 人民币元 人民币元 年初数 843.31 2,221.92 3,065.23 本年其他转出数 (32.95) (2,221.92) (2,254.87) __________ ___________ ___________ 年末数 810.36 - 810.36 __________ ___________ ___________ __________ ___________ ___________ (4)长期股权投资 年末数 年初数 人民币元 人民币元 对子公司投资 (4.1) 949,123,048.34 786,555,161.39 对合营公司投资 (4.1) 180,601,605.56 151,401,386.60 对联营企业投资 (4.1) 1,203,379.32 - 长期股票投资 (4.2) 14,845,900.00 14,845,900.00 其他股权投资 (4.3) 77,898,054.81 84,898,054.81 长期股权投资差额 (4.4) 500,449,561.90 512,530,206.50 ______________ ______________ 1,724,121,549.93 1,550,230,709.30 减：长期股权投资减值准备 4,451,253.00 17,999,990.10 ______________ ______________ 长期股权投资净额 1,719,670,296.93 1,532,230,719.20 ______________ ______________ ______________ ______________ 上海锦江国际实业投资股份有限公司 - 41 - 财务报表附注 2006年12月31日止年度 48. 母公司财务报表主要项目注释 – 续 (4)长期股权投资 – 续 长期股权投资减值准备变动如下： 人民币元 年初数 17,999,990.10 本年增加数 746,253.00 本年转回数 (14,294,990.10) ____________ 年末数 4,451,253.00 ____________ ____________ (4.1)对子公司、合营公司和联营企业投资的详细情况如下： 被投资单位本年 分得的 公司注册 被投资公司名称 初始投资额 权益增减额 现金红利 累计增(减)额 股权投资准备 年末账面价值 资本的比例 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 子公司 上海锦海捷亚物流管理有限公司 52,000,000.00 77,414,812.08 56,400,736.87 87,367,883.29 - 139,367,883.29 65% 上海美而洁新锦江洗涤制衣有限公司 6,100,000.00 (1,980,531.25) (5,016,469.20) - 1,083,530.80 75% 上海锦江汽车服务有限公司 538,135,811.58 145,037,053.52 96,592,716.47 175,399,187.23 53,849.50 713,588,848.31 95% 上海锦江国际低温物流有限公司 95,000,000.00 82,785.94 - 82,785.94 - 95,082,785.94 95% ____________ ____________ ____________ _____________ ___________ ______________ 691,235,811.58 220,554,120.29 152,993,453.34 257,833,387.26 53,849.50 949,123,048.34 ____________ ____________ ____________ _____________ ___________ ______________ 合营企业 上海大众新亚出租汽车有限公司 63,107,777.75 10,495,577.68 8,327,929.39 12,153,702.20 - 75,261,479.95 50% 锦海捷亚国际货运有限公司 40,254,477.70 27,032,570.67 - 65,085,647.91 - 105,340,125.61 50% ____________ ____________ ____________ _____________ ___________ ______________ 103,362,255.45 37,528,148.35 8,327,929.39 77,239,350.11 - 180,601,605.56 ____________ ____________ ____________ _____________ ___________ ______________ 联营企业 世联锦江物流有限公司 3,012,675.00 (1,809,295.68) - (1,809,295.68) - 1,203,379.32 25% ____________ ____________ ____________ _____________ ___________ ______________ 合计 797,610,742.03 256,272,972.96 161,321,382.73 333,263,441.69 53,849.50 1,130,928,033.22 ____________ ____________ ____________ _____________ ___________ ______________ ____________ ____________ ____________ _____________ ___________ ______________ (4.2)长期股票投资 占被投资公司 被投资公司名称 股份性质 股票数量 注册资本的比例 投资金额 减值准备 年末账面价值 初始投资成本 人民币元 人民币元 人民币元 人民币元 上海氯碱化工股份有限公司 法人股 338,800.00 <1% 1,240,000.00 - 1,240,000.00 1,240,000.00 上海百联集团股份有限公司 法人股 989,816.00 <1% 1,832,600.00 - 1,832,600.00 1,832,600.00 上海豫园商城股份有限公司 法人股 515,315.00 <1% 1,522,300.00 - 1,522,300.00 1,522,300.00 上海宏盛科技发展股份有限公司 流通股 377,520.00 <1% 490,000.00 - 490,000.00 490,000.00 上海爱建股份有限公司 法人股 1,875,049.00 <1% 6,300,000.00 - 6,300,000.00 6,300,000.00 上海广电股份有限公司 法人股 527,076.00 <1% 1,352,000.00 - 1,352,000.00 1,352,000.00 上海三爱富新材料股份有限公司 法人股 713,890.00 <1% 484,000.00 - 484,000.00 484,000.00 上海国嘉实业股份有限公司 法人股 607,602.00 <1% 650,000.00 650,000.00 - 650,000.00 申能股份有限公司 流通股 150,000.00 <1% 280,000.00 280,000.00 280,000.00 天地源股份有限公司 法人股 66,000.00 <1% 140,000.00 140,000.00 140,000.00 山东国泰股份有限公司 法人股 500,000.00 <1% 555,000.00 555,000.00 - 555,000.00 ____________ ____________ ____________ 14,845,900.00 1,205,000.00 13,640,900.00 ____________ ____________ ____________ ____________ ____________ ____________ 上述股票投资中有市价的股票投资账面余额为人民币770,000.00元，按本年末市价计算其市 价总额约为人民币4,267,668.00元。 上海锦江国际实业投资股份有限公司 - 42 - 财务报表附注 2006年12月31日止年度 48. 母公司财务报表主要项目注释 – 续 (4)长期股权投资 – 续 (4.3)其他股权投资 占被投资公司 被投资公司名称 投资期限 注册资本的比例 投资金额 减值准备 年末账面价值 人民币元 人民币元 人民币元 (注 2) 上海东锦江大酒店有限公司(注 1) 无限期 10% 16,555,237.81 - 16,555,237.81 上海寰球制品有限公司 20 年 10% 746,253.00 746,253.00 - 交通银行 无限期 <5% 8,106,520.00 - 8,106,520.00 国泰君安证券股份有限公司 无限期 <5% 47,649,967.00 - 47,649,967.00 国泰君安投资管理有限公司 无限期 <5% 4,840,077.00 2,500,000.00 2,340,077.00 ____________ ____________ ____________ 77,898,054.81 3,246,253.00 74,651,801.81 ____________ ____________ ____________ ____________ ____________ ____________ 注 1：根据相关协议，锦江集团下属公司将在以后年度以人民币 23,180,000.00 元的价格收 购该项投资。 注 2：本年度除根据被投资公司的经营状况而分别对上海寰球制品有限公司的投资计提减 值准备人民币 746,253.00 元并对国泰君安证券股份有限公司的投资转回减值准备人 民币 14,294,990.10 元外，无其他变动。 (4.4)长期股权投资差额 被投资公司名称 初始金额 摊销期限 期初余额 本年摊销额 期末余额 形成原因 人民币元 人民币元 人民币元 人民币元 上海锦江汽车服务有限公司 488,952,236.71 46.59 年 472,335,485.86 10,494,789.36 461,840,696.50 收购股权 锦海捷亚国际货运有限公司 29,929,052.25 18.5/23 年 18,674,368.97 1,101,343.56 17,573,025.41 收购股权 上海大众新亚出租汽车有限公司 22,287,493.66 46 年 21,520,351.67 484,511.68 21,035,839.99 收购股权 ______________ ____________ _____________ 512,530,206.50 12,080,644.60 500,449,561.90 ______________ ____________ _____________ ______________ ____________ _____________ (5)主营业务收入和主营业务成本 本年累计数 上年累计数 主营业务收入 主营业务成本 主营业务收入 主营业务成本 人民币元 人民币元 人民币元 人民币元 酒店及相关业务 23,807,861.50 3,140,226.14 24,167,121.85 3,122,167.60 _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ 上海锦江国际实业投资股份有限公司 - 43 - 财务报表附注 2006年12月31日止年度 48. 母公司财务报表主要项目注释 – 续 (6)投资收益 本年累计数 上年累计数 人民币元 人民币元 长期投资收益 股票投资收益 284,954.00 548,267.72 股权转让收益 1,716,773.06 87,155,093.89 按照成本法核算的被投资企业分配利润 715,428.00 4,490,044.00 按权益法确认的投资收益(附注 48(4.1)) 256,272,972.96 219,004,838.56 股权投资差额摊销(附注 48(4.4)) (12,080,644.60) (12,300,914.73) 长期投资减值准备转回(附注 48(4)) 14,294,990.10 - 计提长期投资减值准备(附注 48(4)) (746,253.00) (16,794,990.10) _____________ _____________ 260,458,220.52 282,102,339.34 _____________ _____________ _____________ _____________ 49. 关联方关系及其交易 (1) 除附注 4 所述的子公司及合营公司外，存在控制关系的关联方有： 关联方名称 主营业务 与公司关系 经济性质或类型 法定代表人 注册地点 锦江国际(集团)有限公司 旅游服务、饭店管理 控股股东 有限责任公司 俞敏亮 中国上海 (2) 存在控制关系的关联方的注册资本及其变化 关联方名称 年末及年初数 人民币万元 锦江国际(集团)有限公司 200,000 __________ __________ (3) 存在控制关系的关联方所持股份/权益及其变化 关联方名称 年初数 本年减少数 年末数 人民币万元 % 人民币万元 % 人民币万元 % 锦江国际(集团)有限公司 22,722 41.19 1,463 2.65 21,259 38.54 ________ _____ _______ _____ ________ _____ ________ _____ _______ _____ ________ _____ 上海锦江国际实业投资股份有限公司 - 44 - 财务报表附注 2006年12月31日止年度 49. 关联方关系及其交易 - 续 (4) 不存在控制关系的关联方关系的性质 关联方名称 与公司的关系 上海锦江集团财务有限责任公司 控股股东之子公司 上海锦江国际酒店物品有限公司 控股股东之子公司 上海锦江饭店有限公司 控股股东之子公司 上海锦江旅游有限公司 控股股东之子公司 新锦江大酒店有限公司 控股股东之子公司 上海旅游公司 控股股东之子公司 上海宾馆有限公司 控股股东之子公司 上海锦江金门大酒店 控股股东之子公司 上海东锦江大酒店有限公司 控股股东之子公司 上海锦江国际旅游股份有限公司 控股股东之子公司 上海锦江旅馆投资管理有限公司 控股股东之子公司 上海市食品(集团)有限公司 控股股东之子公司 以上各公司统称锦江集团下属公司 上海永达二手机动车经营有限公司 子公司之联营公司 上海锦江汽车销售服务有限公司 子公司之联营公司 上海永达风度汽车销售服务有限公司 子公司之联营公司 上海锦江佘山汽车服务有限公司 子公司之联营公司 上海锦江客运有限公司 子公司之联营公司 上海石油集团长乐路加油站有限公司 子公司之联营公司 上海浦东国际机场货运站有限公司 子公司之联营公司 上海锦江佳友汽车服务有限公司 子公司之联营公司 (5) 公司及所属子公司与上述关联方在本年度发生了如下重大关联交易： (a) 销售及采购 关联方名称 性 质 本年累计数 上年累计数 人民币元 人民币元 锦江集团下属公司 车辆营运业务收入 11,022,101.00 13,125,843.34 酒店及相关业务收入 2,684,932.45 3,306,520.72 上海锦江佘山汽车服务有限公司 车辆营运业务收入 - 19,271.28 ____________ ____________ 13,707,033.45 16,451,635.34 ____________ ____________ ____________ ____________ 锦江集团下属公司 采购物品 852,191.60 883,698.03 采购软件 35,000.00 - 上海锦振电子技术有限公司 采购物品 - 15,152.00 上海石油集团长乐路加油站有限公司 采购物品 4,814,014.09 3,970,957.17 _____________ ____________ 5,701,205.69 4,869,807.20 _____________ ____________ _____________ ____________ 上述定价按双方协议价格确定。 上海锦江国际实业投资股份有限公司 - 45 - 财务报表附注 2006年12月31日止年度 49. 关联方关系及其交易 - 续 (5) 公司及所属子公司与上述关联方在本年度还发生了如下重大关联交易： – 续 (b) 资产交易 公司向关联方购置、出售资产有关明细资料如下： 关联方名称 性质 本年累计数 上年累计数 人民币元 人民币元 锦江集团下属公司 购置无形资产 - 5,440,000.00 上海锦江汽车销售服务有限公司 购置固定资产 148,515,726.48 99,599,516.87 上海锦江汽车销售服务有限公司 出售固定资产 3,282,000.00 - 上海永达二手机动车经营有限公司 出售固定资产 6,631,000.00 26,637,962.04 _____________ ____________ _____________ ____________ 上述定价按双方协议价格确定。 (c) 其他 根据五届二次董事会所通过的决议，控股子公司上海锦江汽车服务有限公司于 2006 年 7 月 31 日受让公司控股股东锦江国际(集团)有限公司持有的上海万国机动车驾驶员 培训中心 50%股权、上海市机动车驾驶员培训中心 33.33%股权、上海万国汽车修理厂 60%股权及上海日产汽车维修中心 50%股权，交易价格分别为人民币 45,915,000 元、 人民币 33,107,000 元、人民币 6,900,000 元及人民币 5,645,000 元。 有关向锦江国际(集团)有限公司下属全资企业上海市食品(集团)有限公司收购股权的 交易详见附注 46。 (d) 资金融通 公司与关联方之间的资金融通明细资料如下： 本年发生额 本年年末余额 上年发生额 上年年末余额 年利率 人民币元 人民币元 人民币元 人民币元 借入： 上海锦江集团 财务有限责任公司 - - (30,000,000.00) - 4.779% _____________ _____________ ____________ ____________ ______ _____________ _____________ ____________ ____________ ______ 上海锦江国际实业投资股份有限公司 - 46 - 财务报表附注 2006年12月31日止年度 49. 关联方关系及其交易 - 续 (5) 公司及所属子公司与上述关联方在本年度还发生了如下重大关联交易： – 续 (e) 其他交易 关联方名称 性 质 本年累计数 上年累计数 人民币元 人民币元 所支付之费用 锦江集团 房屋租赁费 4,374,000.00 3,900,000.00 锦江集团下属公司 管理费用 473,122.45 543,272.59 利息支出 - 234,967.50 ___________ ____________ 4,847,122.45 4,678,240.09 ___________ ____________ ___________ ____________ 所收取之收入 上海锦江客运有限公司 利息收入 131,867.56 515,823.25 上海永达风度汽车销售服务有限公司 利息收入 51,555.00 120,900.00 上海锦江汽车销售服务有限公司 利息收入 163,836.00 - ___________ ___________ 347,258.56 636,723.25 ___________ ___________ ___________ ___________ 应支付给锦江集团及其下属公司的管理费以酒店经营收入的 2%和酒店经营利润的 3% 计算加总，作为其提供服务的酬劳，服务包括一般行政、市场推广及采购等。 利息收入按市场利率计算。 其他交易价格系按双方协议价格确定。 (f) 债权债务往来余额 科 目 关联方名称 年末数 年初数 人民币元 人民币元 应收账款 锦江集团下属公司 2,583,154.91 2,249,475.20 _____________ _____________ _____________ _____________ 应收股利 锦海捷亚国际货运有限公司 - 30,890,657.50 上海锦江客运有限公司 2,943,000.00 - 上海永达二手机动车经营有限公司 620,230.23 - _____________ _____________ 3,563,230.23 30,890,657.50 _____________ _____________ _____________ _____________ 上海锦江国际实业投资股份有限公司 - 47 - 财务报表附注 2006年12月31日止年度 49. 关联方关系及其交易 - 续 (5) 公司及所属子公司与上述关联方在本年度发生了如下重大关联交易： – 续 (f) 债权债务往来余额 科 目 关联方名称 年末数 年初数 人民币元 人民币元 其他应收款 上海振星出租汽车管理有限公司 157,346.96 128,697.15 上海锦江汽车销售服务有限公司 8,000,000.00 13,334,970.11 上海锦江客运有限公司 321,128.14 9,487,559.14 上海浦东国际机场货运站有限公司 - 248,524.00 上海耀华出租汽车有限公司 1,080,560.00 1,240,000.00 上海丰田汽车维修有限公司 115,473.83 - 上海日产维修中心 1,500,000.00 - _____________ _____________ 11,174,508.93 24,439,750.40 _____________ _____________ _____________ _____________ 其他长期资产 上海浦东国际机场货运站有限公司 25,384,000.58 29,614,667.25 _____________ _____________ _____________ _____________ 应付账款 锦江集团下属公司 101,168.58 416,921.03 _____________ _____________ _____________ _____________ 其他应付款 锦江集团 18,184,500.00 - 锦江集团下属公司 40,888,312.36 - 上海振星出租汽车管理有限公司 - 707,367.47 上海锦江佘山汽车服务有限公司 - 38,196.00 上海锦江汽车销售服务有限公司 741,671.93 - 上海永达风度汽车销售有限公司 2,989,640.00 - 上海锦振电子技术有限公司 661,500.00 - _____________ _____________ 63,465,624.29 745,563.47 _____________ _____________ _____________ _____________ (g) 关键管理人员报酬 本年累计数 上年累计数 人民币千元 人民币千元 关键管理人员报酬 2,520 2,501 ___________ ____________ ___________ ____________ 上海锦江国际实业投资股份有限公司 - 48 - 财务报表附注 2006年12月31日止年度 50. 资本承诺 年末数 年初数 人民币千元 人民币千元 已签约但尚未于财务报表中确认的： - 购建长期资产承诺 682 11,200 _________ _________ _________ _________ 51. 经营租赁承诺 至资产负债表日止，公司对外签订的不可撤销的经营租赁合约情况如下： 年末数 年初数 人民币千元 人民币千元 不可撤销经营租赁的最低租赁付款额： 资产负债表日后第1年 25,945 27,614 资产负债表日后第2年 16,579 12,585 资产负债表日后第3年 6,870 10,638 以后年度 26,548 33,418 _______ _______ 合计 75,942 84,255 _______ _______ _______ _______ 52. 或有事项 根据相关协议，子公司上海锦江商旅汽车服务股份有限公司为上海永达风度汽车销售服务 有限公司贷款信用额度人民币 33,500,000.00 元提供了担保，实际担保额为人民币 7,800,000.00 元；为上海南站长途客运有限公司贷款人民币 12,500,000.00 元提供了担保。 53. 资产负债表日后事项 (1)根据财政部第 33 号令和财会[2006]3 号文《关于印发<企业会计准则第 1 号－存货>等 38 项具体准则的通知》的规定，公司于 2007 年 1 月 1 日起执行新的企业会计准则，并按 《企业会计准则第 38 号—首次执行企业会计准则》的要求对 2007 年 1 月 1 日资产负债 表进行调整。公司已根据新的企业会计准则并结合公司的实际情况厘定适当的会计政 策，作出合理的会计估计，并经公司董事会批准。对于采用新的企业会计准则而发生的 会计政策变更对公司 2007 年 1 月 1 日股东权益产生的影响,公司业已编制新旧会计准则 股东权益差异调节表并作为本财务报表补充资料予以披露。 上海锦江国际实业投资股份有限公司 - 49 - 财务报表附注 2006年12月31日止年度 53. 资产负债表日后事项 – 续 (2)公司有限售条件的流通股 113,304,788 股已于 2007 年 2 月 13 日起上市流通。 (3)2007年3月16日第十届全国人大第五次会议审议并通过了《中国人民共和国企业所得税 法》，企业所得税税率将统一为25%。该法自2008年1月1日起施行。 54. 财务报表批准 公司的公司及合并财务报表于 2007 年 4 月 6 日已经公司董事会批准。 * * * 财务报表结束 * * * 上海锦江国际实业投资股份有限公司 2006 年 12 月 31 日止年度 补充资料 1、 按国际财务报告准则编制的财务报表与按中国会计准则编制的财务报表的差异 按中国会计准则编制的 2006 年度财务报表的净利润及净资产为人民币 268,579 千元及人民币 2,003,231 千元，其与按国际财务报告准则编制的 2006 年度财务报表的净利润和净资产的主 要差异如下： 2006 年度 2006 年度 净利润 净资产 人民币千元 人民币千元 根据中国会计准则报告 268,579 2,003,231 与按国际财务报告准则编制的 2006 年度财务报表的差异： 2004 年置换重组引起的会计核算差异 21,380 55,476 2006 年收购子公司及合营企业引起的会计核算差异 (2,428) (2,434) 按照公允价值调整股票投资 - 4,642 递延税款 108,592 (50,394) 其他 7 - 少数股东损/权益 64,485 214,512 ________ _________ 按国际财务报告准则报告 460,615 2,225,033 ________ _________ ________ _________ 注：中国会计准则和国际财务报告准则就置换重组资产的价值确认存在差异，根据中国会计 准则换入资产的入账价值按照换出资产在原企业的账面价值确认，差额作为长期股权差 额核算，而国际财务报告准则换入资产的入账价值按照重组置换日的公允价值确认。 中国会计准则和国际财务报表准则就购买子公司及合营企业的价值确认存在差异，根据 中国会计准则，购买子公司及合营企业的入账价值按照子公司及合营企业原账面价值确 认，差额作为长期股权差额核算，而国际财务报告准则的入账价值按照购买日的公允价 值确认。 2、 全面摊薄和加权平均计算后净资产收益率及每股收益 报告期利润 净资产收益率 每股收益 全面摊薄 加权平均 全面摊薄 加权平均 主营业务利润 23.06% 24.01% 0.8376 0.8376 营业利润 9.08% 9.45% 0.3296 0.3296 净利润 13.41% 13.96% 0.4869 0.4869 扣除非经常损益后的净利润 11.17% 11.63% 0.4055 0.4055 上海锦江国际实业投资股份有限公司 2006 年 12 月 31 日止年度 补充资料 3、 资产减值准备明细表 项目 2006 年 1 月 1 日 本年增加数 本年转回数 本年转出数 因购买子公司而增加 2006 年 12 月 31 日 合并 公司 合并 公司 合并 公司 合并 公司 合并 公司 合并 公司 一、坏账准备合计 2,612,117.17 3,065.23 3,367,573.15 - (124,925.53) - (1,074,035.85) (2,254.87) 1,121,883.53 - 5,902,612.47 810.36 其中：应收账款 2,520,499.46 843.31 3,277,220.54 - (75,938.20) - (1,074,035.85) (32.95) 1,121,883.53 - 5,769,629.48 810.36 其他应收款 91,617.71 2,221.92 90,352.61 - (48,987.33) - - (2,221.92) - - 132,982.99 - ____________ ___________ ___________ _________ ____________ ____________ ___________ ___________ __________ _________ ___________ ___________ 二、短期投资跌价准备合计 - - - - - - - - - - - - ____________ ___________ ___________ _________ ____________ ____________ ___________ ___________ __________ _________ ___________ ___________ 三、存货跌价准备合计 119,380.59 - 239,341.97 - - - - - - - 358,722.56 - 其中：物料用品 119,380.59 - 239,341.97 - - - - - - - 358,722.56 - ____________ ___________ ___________ _________ ____________ ____________ ___________ ___________ __________ _________ ___________ ___________ 四、长期投资减值准备合计 17,999,990.10 17,999,990.10 746,253.00 746,253.00 (14,294,990.10) (14,294,990.10) - - 471,764.80 - 4,923,017.80 4,451,253.00 其中：长期股权投资 17,999,990.10 17,999,990.10 746,253.00 746,253.00 (14,294,990.10) (14,294,990.10) - - 471,764.80 - 4,923,017.80 4,451,253.00 长期债权投资 - - - - - - - - - - - - ____________ ___________ ___________ _________ ____________ ____________ ___________ ___________ __________ _________ ___________ ___________ 五、固定资产减值准备合计 26,598.64 0.00 357,057.36 - - - - - 2,180,893.89 - 2,564,549.89 - 其中：房屋建筑物 - - - - - - - - 1,980,444.87 - 1,980,444.87 - 机器设备 15,069.64 - 273,722.36 - - - - - 102,006.08 - 390,798.08 - 电子设备、器具及家具 11,529.00 - - - - - - - 52,133.83 - 63,662.83 - 其他运输设备 - - 83,335.00 - - - - - 46,309.11 - 129,644.11 - ____________ ___________ ___________ _________ ____________ ____________ ___________ ___________ __________ _________ ___________ ___________ 六、无形资产减值准备 - - - - - - - - - - - - ____________ ___________ ___________ _________ ____________ ____________ ___________ ___________ __________ _________ ___________ ___________ 七、在建工程减值准备 - - - - - - - - - - - - ____________ ___________ ___________ _________ ____________ ____________ ___________ ___________ __________ _________ ___________ ___________ 八、委托贷款减值准备 - - - - - - - - - - - - ____________ ___________ ___________ _________ ____________ ____________ ___________ ___________ __________ _________ ___________ ___________ 合计 20,758,086.50 18,003,055.33 4,710,225.48 746,253.00 (14,419,915.63) (14,294,990.10) (1,074,035.85) (2,254.87) 3,774,542.22 - 13,748,902.72 4,452,063.36 ____________ ___________ ___________ _________ ____________ ____________ ___________ ___________ __________ _________ ___________ ___________ ____________ ___________ ___________ _________ ____________ ____________ ___________ ___________ __________ _________ ___________ ___________ 4、对财务报表中数据变动幅度达 30%(含 30%)以上，且占资产负债表日资产总额 5%(含 5%)或报 告期间利润总额的 10%(含 10%)以上的项目分析： 无形资产余额增加了 228%，主要是由于子公司上海锦江国际低温物流发展有限公司在本年度 收购上海尚海食品有限公司、上海吴泾冷藏有限公司、上海吴淞罗吉冷藏有限公司后，因合并 范围的变化而增加。 上海锦江国际实业投资股份有限公司 2006 年 12 月 31 日与 2007 年 1 月 1 日 新旧会计准则合并股东权益差异调节表及审阅报告 上海锦江国际实业投资股份有限公司 2006 年 12 月 31 日与 2007 年 1 月 1 日 新旧会计准则合并股东权益差异调节表及审阅报告 内容 页码 审阅报告 1 新旧会计准则合并股东权益差异调节表 2 新旧会计准则合并股东权益差异调节表附注 3 – 5 审阅报告 德师报(审)(07)第 R0010 号 上海锦江国际实业投资股份有限公司全体股东： 我们审阅了后附的上海锦江国际实业投资股份有限公司(以下简称“锦江投资”)按照附 注二所述的编制基础编制的新旧会计准则合并股东权益差异调节表(以下简称“差异调节 表”)。按照附注二所述的编制基础编制差异调节表是锦江投资管理层的责任。我们的责任是 在实施审阅工作的基础上对差异调节表出具审阅报告。 根据中国证券监督管理委员会证监发[2006]136 号文《关于做好与新会计准则相关财务会 计信息披露工作的通知》(以下简称“通知”)的有关规定，我们参照《中国注册会计师审阅 准则第 2101 号－财务报表审阅》的规定执行了审阅业务。该准则要求我们计划和实施审阅工 作，以对差异调节表是否不存在重大错报获取有限保证。审阅主要限于询问公司有关人员差 异调节表相关会计政策和所有重要的认定、了解差异调节表中调节金额的计算过程、阅读差 异调节表以考虑是否遵循了附注二所述的编制基础以及在必要时实施分析程序。审阅工作提 供的保证程度低于审计，我们没有实施审计，因而不发表审计意见。 根据我们的审阅，我们没有注意到任何事项使我们相信上述差异调节表未能在所有重大 方面按照附注二所述的编制基础编制。 此外，我们提醒差异调节表的使用者关注，如后附差异调节表中重要提示所述，锦江投 资差异调节表中所列报的 2007 年 1 月 1 日合并股东权益(新会计准则)与锦江投资将在 2007 年 度财务报表中列报的相应数据可能存在差异。为了更好地理解后附的差异调节表，后附的差 异调节表应当与锦江投资已审财务报表一并阅读。 德勤华永会计师事务所有限公司 中 国 注 册 会 计 师 中国•上海 杨海蛟 范宏彬 2007 年 4 月 6 日 上海锦江国际实业投资股份有限公司 2 新旧会计准则合并股东权益差异调节表 金额单位：人民币元 项目名称 附注 金额 2006 年 12 月 31 日合并股东权益(现行会计准则) 2,003,231,178.28 1 长期股权投资差额 1 (538,243,907.30) 其中：同一控制下企业合并形成的长期股权投资差额 (538,243,907.30) 其他采用权益法核算的长期股权投资贷方差额 - 2 拟以公允价值模式计量的投资性房地产 - 3 因预计资产弃置费用应补提的以前年度折旧等 - 4 符合预计负债确认条件的辞退补偿 - 5 股份支付 - 6 符合预计负债确认条件的重组义务 - 7 企业合并 - 其中：同一控制下企业合并商誉的账面价值 - 根据新准则计提的商誉减值准备 - 8 以公允价值计量且其变动计入当期损益的金融资产 以及可供出售金融资产 2 4,641,869.43 9 以公允价值计量且其变动计入当期损益的金融负债 - 10 金融工具分拆增加的权益 - 11 衍生金融工具 - 12 所得税 3 28,524,164.61 13 对合营企业、联营企业长期股权投资的影响 - 14 其他 - 2007 年 1 月 1 日归属于母公司股东权益(新会计准则) 1,498,153,305.02 15 少数股东权益列报的变化 4 197,439,847.52 2007 年 1 月 1 日合并股东权益(新会计准则) 1,695,593,152.54 重要提示：本公司已自 2007 年 1 月 1 日起开始执行财政部于 2006 年颁布的企业会计准则(以下 简称“新会计准则”)，目前本公司仍在评价执行新会计准则将对本公司合并财务状况、合并经 营成果和合并现金流量所产生的影响，在对其进一步评估并慎重考虑财政部就新会计准则实施作 出的进一步解释以及本公司的实际情况后，本公司在编制 2007 年度财务报表时可能对编制新旧 会计准则合并股东权益差异调节表(以下简称“差异调节表”)时所采用的相关会计政策或重要认 定进行调整，从而导致差异调节表中所列报的 2007 年 1 月 1 日合并股东权益(新会计准则)与本 公司将在 2007 年度财务报表中列报的相应数据之间可能存在差异。 后附差异调节表附注为本差异调节表的组成部分。 本差异调节表由下列负责人签署： 企业负责人： 主管会计工作负责人： 会计机构负责人： _____________________ ______________________ ____________________ 上海锦江国际实业投资股份有限公司 3 新旧会计准则合并股东权益差异调节表附注 (除特别注明外，金额单位为人民币元) 一、编制目的 上海锦江国际实业投资股份有限公司(以下简称“公司”)自 2007 年 1 月 1 日起执行财政部 2006 年 2 月 15 日颁布的企业会计准则(以下简称为“新会计准则”)。为分析并披露执行新会 计准则对公司财务状况的影响，根据中国证券监督管理委员会证监发[2006]136 号文《关于做 好与新会计准则相关财务会计信息披露工作的通知》(以下简称“通知”)以及《企业会计准 则第 38 号 - 首次执行企业会计准则》(以下简称“38 号准则”)的规定，公司编制了 2006 年 12 月 31 日合并股东权益(现行会计准则)与 2007 年 1 月 1 日合并股东权益(新会计准则)差异调 节表(以下简称“差异调节表”)。 二、编制基础 差异调节表系根据 38 号准则第五条至第十九条和通知的有关规定，结合公司及其子公司的 自身特点和具体情况，以 2006 年度的合并财务报表为基础，依据重要性原则编制。 对于 38 号准则第五条至第十九条中没有明确的事项，本差异调节表按照以下原则编制： 按照现行会计准则，少数股东权益于合并财务报表中在负债和股东权益之间单独列报，而新 会计准则要求将少数股东权益作为一项股东权益列报，该列报方式的变化对合并股东权益的 影响已在差异调节表中单列项目反映。 公司 2006 年 12 月 31 日的合并股东权益(现行会计准则)为公司按照现行企业会计准则和《企 业会计制度》 (以下简称“现行会计准则”)编制的 2006 年度财务报表中的合并股东权益金 额，公司 2006 年度财务报表业经德勤华永会计师事务所有限公司审计，并于 2007 年 4 月 6 日出具了德师报(审)(07)第 P0275 号的无保留意见审计报告。 上海锦江国际实业投资股份有限公司 4 三、主要项目附注 1、长期股权投资差额调整 按照现行会计准则，长期股权投资的股权投资借方差额及贷方差额(形成于财会[2003]10 号文 发布之前)按一定期限平均摊销计入损益。按照新会计准则，同一控制下的企业合并不再产生 股权投资差额，其他权益法核算的长期股权投资不再产生股权投资贷方差额。 公司冲销了 2006 年 12 月 31 日尚未摊销完毕的同一控制下的企业合并形成的股权投资借方差 额人民币 540,233,083.37 元，由此调减公司 2007 年 1 月 1 日合并股东权益人民币 540,233,083.37 元，其中调减归属于母公司股东的权益人民币 538,243,907.30 元，调减少数股 东权益人民币 1,989,176.07 元。冲销的股权投资差额明细如下： 项 目 调减金额 冲销同一控制下企业合并形成的股权投资差额 540,233,083.37 冲销同一控制下企业合并形成的股权投资差额的明细如下： 被投资单位名称 调减金额 上海锦江汽车服务有限公司 461,840,696.50 锦海捷亚国际货运有限公司 17,573,025.41 上海大众新亚出租汽车有限公司 21,035,839.99 上海日产维修中心 233,928.91 万国机动车驾驶员培训中心 15,353,840.65 上海万国汽车修理厂 275,979.32 上海市机动车驾驶员培训中心 9,479,219.72 上海公共交通有限公司 72,339.91 上海尚海食品有限公司 14,368,212.96 合计 540,233,083.37 2、可供出售金融资产 按照现行会计准则，股票及债券投资根据管理层意图的持有期限及性质分别作为长期股权投 资、长期债权投资和短期投资核算。按照新会计准则，划分为以公允价值计量且其变动计入 当期损益的金融资产以及可供出售的金融资产按公允价值计量。 对可供出售的金融资产，将其 2007 年 1 月 1 日的公允价值与账面价值之间的差额进行调整， 由此调增公司 2007 年 1 月 1 日合并股东权益人民币 4,641,869.43 元，全部归属于母公司股东 的权益。明细如下： 项 目 账面价值 公允价值 调增金额 可供出售的金融资产 1,551,657.43 6,193,526.86 4,641,869.43 上述金融资产 2007 年 1 月 1 日的公允价值按其在活跃市场中的最近报价确定。 上海锦江国际实业投资股份有限公司 5 3、所得税 按照现行会计准则，公司采用应付税款法核算所得税费用。按照新会计准则，公司采用资产 负债表债务法核算企业所得税，并以预计很可能获得的用来抵扣可抵扣暂时性差异和可抵扣 亏损的应纳税所得额为限，确认递延所得税资产。 由于 2007 年 1 月 1 日确认了相应的递延所得税资产/负债，由此调增公司 2007 年 1 月 1 日合 并股东权益人民币 29,952,545.77 元，其中调增归属于母公司股东的权益人民币 28,524,164.61 元，调增少数股东权益人民币 1,428,381.16 元。 4、少数股东权益列报 按照现行会计准则，少数股东权益于合并财务报表中在负债和股东权益之间单独列报，而新 会计准则要求将少数股东权益作为一项股东权益列报。由此调增公司 2007 年 1 月 1 日合并股 东权益人民币 197,439,847.52 元，其中 2006 年 12 月 31 日少数股东权益转入人民币 198,000,642.43 元，其他上述会计政策变更调减少数股东权益人民币 560,794.91 元。 * * * 差异调节表结束 * * * Shanghai Jin Jiang International Industrial Investment Co., Ltd. 600650 900914 Annual Report 2006 April. 6, 2007 Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 1 Contents I. Important remarks ................................................................................ 2 II. Company profile................................................................................... 2 III. Summary of accounting and business data..................................... 3 IV. Share capital and shareholders ........................................................ 4 V. Directors, supervisors and superior managers................................ 8 VI. Corporate Governance Structure.................................................... 12 VII. Brief Introduction to Shareholder’s Meeting................................. 13 VIII. Report on Meeting of Board of Directors .........错误！未定义书签。 IX. Report on Meeting of Board of Supervisors ......错误！未定义书签。 X. Important events....................................................错误！未定义书签。 XI. Financial Statement..............................................错误！未定义书签。 XII. Document for Reference.....................................错误！未定义书签。 Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 2 I. Important remarks 1. The Board of Directors of the company and all its directors guarantee that there are no fraudulent disclosures, misleading statements or material omissions in this report and shall be individually and jointly responsible for its truthfulness, accuracy and integrity. 2. All the directors presented the board meeting personally. 3. Deloitte Touche Tohmatsu Shanghai CPA issued an unqualified audit report for the company. 4. Mr. Shen Maoxing, Chairman, Mr. Yang Yuanping, General Manager, Ms. Yuan zhening, Chief Financial Controller and Ms. Liu Chaohui, Financial Manager confirmed that the financial statement in this annual report is real and complete. II. Company profile 1. Legal Name of Company: In Chinese: 上海锦江国际实业投资股份有限公司 Chinese abbreviation: 锦江投资 In English: Shanghai Jin Jiang International Industrial Investment Co., Ltd. English abbreviation: JJTZ 2. Legal Representative: Mr. Shen Maoxing 3. Secretary of the Board of Directors: Ms. Yuan zhening Tel: （021）63218800 Fax: （021）63213119 E-mail: dshms@ Address: 28 Floor, No. 100, East Yan An Road, Shanghai Representative for Securities Affairs: Mr. Huang Yaochong Tel: (021) 63218800 Fax: (021) 63213119 E-mail: zqdb@ Address: 28 Floor, No. 100 East Yan’an Road, Shanghai 4. Registered address: No.1 Pudong Avenue, Shanghai, China Office address: 28 Floor, No. 100 East Yan’an Road, Shanghai Post code: 200002 Internet website: E-mail: dshms@ 5. Newspapers designated for information disclosure: Shanghai Securities News Hong Kong South China Morning Post Web Site designated for publishing Annual Report: Annual Report is available at: 28 Floor, No. 100 East Yan’an Road, Shanghai, China 6. A share listing agency: Shanghai Stock Exchange A Share name: “Jin Jiang Tou Zi “ A Share Code: 600650 B Share name: “Jin Tou B” B Share code: 900914 7. Other related data of the Company: Registration date of first time: Feb. 24, 1993 Registration Place: Shanghai The number of legal registration: 019015 The number of taxation registration: 310115607200690 Auditors: Deloitte Touche Tohmatsu Shanghai CPA 30th Floor, Shanghai Bund International Tower 222 Yan’an Road (E), Shanghai, China Auditors: Deloitte Touche Tohmatsu Shanghai CPA 30th Floor, Shanghai Bund International Tower 222 Yan’an Road (E), Shanghai, China Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 3 III. Summary of accounting and business data A) Main accounting data of the year (Unit: Yuan Currency: RMB) Gross profit 349,042,067.86 Net profit 268,578,807.01 Net profit deducting non-recurrent profit and loss 223,696,359.69 Profit from principal operation 462,007,946.27 Other operating income 21,941,727.82 Profit from operation 181,824,668.66 Investment income 142,747,112.36 Subsidy income 6,684,423.92 Net profit of non-operating income and expenses 17,785,862.92 Net cash flow from operating activities 445,622,580.96 Net increase in cash and cash equivalents -10,447,797.86 B) Differences between domestic and foreign accounting standards (Unit: 1,000 Yuan Currency: RMB) Net profit Shareholders equity Items Current Previous Beginning Ending As reported under PRC GAAP 268,579 250,952 1,900,128 2,003,231 Adjustments to confirm with IAS: Accounting calculation differences caused by 2004 assets reorganization 21,380 1,853 34,096 55,476 Accounting calculation differences caused by 2006 M&A subsidiaries and joint ventures -2,428 -2,434 Adjust investment of stock according fair value 4,642 Deferred taxation 108,592 11,325 -158,986 -50,394 Other 7 Minority interests 64,485 63,506 169,932 214,512 As reported under international accounting standards 460,615 327,636 1,945,170 2,225,033 C) Deduct non-recurrent loss and profit items and amount (Unit: Yuan Currency: RMB) Non-recurrent loss and profit Amount Loss and profit produced by disposal other assets except for the company’s products 26,829,324.48 Various government subsidies 6,450,160.55 Reversal of provision for each impairment in the previous year 14,419,915.63 Other non-recurrent loss and profit items 3,276,199.24 Effect of income tax -6,093,152.58 Total 44,882,447.32 D) Main accounting data and financial index of previous three years (Unit: Yuan Currency: RMB) Items 2006 2005 Increase or decrease compared with the last period (%) 2004 Income from principal business 2,666,956,682.11 3,279,881,587.08 -18.69 2,531,867,267 Gross profit 349,042,067.86 367,657,967.47 -5.06 313,896,755 Net profit 268,578,807.01 250,951,955.88 7.02 201,620,369 Net profit deducting non-operating profit and loss 223,696,359.69 173,167,171.00 29.18 109,615,420 Earnings per share 0.487 0.455 7.03 0.366 Rate of return on net assets (%) 13.41 13.21 Increase 0.2 percent 11.46 Rate of return on net assets deducting non-operating profit and loss (%) 11.17 9.11 Increase 2.06 percent 6.32 Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 4 Rate of return on net assets deducting non-operating profit and loss (weighted) (%) 11.63 8.84 Increase 2.79 percent 6.69 Net cash flow from operating activities 445,622,580.96 450,707,728.00 -1.13 282,347,246 Net cash flow from operating activities per share 0.808 0.817 -1.10 0.512 Items 2006 2005 Increase or decrease compared with the last period (%) 2004 Total assets 3,071,042,330.95 2,792,181,520.12 9.99 2,816,267,496 Shareholder’s equity 2,003,231,178.28 1,900,128,183.37 5.43 1,759,451,619 Net assets per share 3.63 3.44 5.52 3.19 Net assets per share after adjustment 3.62 3.43 5.54 3.18 Note: The company adjusted JHJ’s accounting consolidated method, from comprehensive consolidation to proportionate consolidation based on 50% of shareholding. As a result, there is an apparent drop in income of principal business compared with the last corresponding period E) Changes in shareholders’ equity during the year (Unit: Yuan Currency: RMB) Items capital share Capital reserve surplus reserve Public welfare fund Undistribute d profit Total shareholder equity Opening 551,610,107.00 892,086,875.40 214,538,514.27 64,264,946.81 241,892,686.70 1,900,128,183.37 Increase 7220.00 46,561,995.27 222,016,811.74 268,586,027.01 Decease 64,264,946.81 165,483,032.10 165,483,032.10 Closing 551,610,107.00 892,094,095.40 261,100,509.54 298,426,466.34 2,003,231,178.28 1. Provision of surplus reserve during the year. 2. The increase in undistributed profits is due to the increase in net profit of this year (deducting surplus reserve). 3. The decrease in undistributed profits is due to the cash dividends distribution of 2005. 4. Shareholder equity increases by the net profit of this year. IV. Share capital and shareholders A) Share capital 1. Table of Changes of capital shares (Unit: share) Opening balance Increase and decease (+, -) Closing balance Amount Proportion (%) Additional issue Bonus shares Transferred from reserve Others Sub- total Amount Proportion (%) A. Shares subject to conditional sales 1. State owned shares 212,586,460 38.54 212,586,460 38.54 2. Shares held by state owned legal person 121,519,855 22.03 121,519,855 22.03 3.Other shares held by domestic Thereinto Shares held 121,519,855 22.03 121,519,855 22.03 Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 5 by domestic legal person Shares held by domestic person 4. Shares held by foreign capital Thereinto Shares held by foreign legal person Shares held by foreigner Subtotal 334,106,315 60.57 334,106,315 60.57 B. Listed shares 1. A shares 56,453,760 10.23 56,453,760 10.23 2. B shares 161,050,032 29.20 161,050,032 29.20 3. Shares list overseas 4. Others Subtotal 217,503,792 39.43 217,503,792 39.43 C. Total 551,610,107 100.00 551,610,107 100.00 Note: Opening balance is the amount at the execute day of the share separation reform. Date when shares could be traded through listing (Unit: share) Date Amount of added shares that could be traded through listing Balance of shares held subject to conditional sales Balance of listed shares Note 2007-2-13 113,304,788 220,801,527 330,808,580 2008-2-13 35,795,572 185,005,955 366,604,152 2007-2-13 27,580,505 157,425,450 394,184,657 2008-2-13 157,425,450 0 551,610,107 2. Fact about stock issue and listing 1) Fact of past stock issue in previous three years From three year ago to the end of this report period, the company did not have second issue and right issue. 2) Fact about changes in total number and structure of shares Within the report period, there were no changes in total number and structure of shares caused by bonus shares and right issue. 3) Fact about existing in-house staff shares At the end of this report period the company had no in-house staff shares. B) Fact about shareholders 1. Number of shareholders and shareholding (Unit: share) The total number of shareholders at the end of the report period 36,211 (B Share: 17,262) Top ten shareholders of the Company’s stock Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 6 Shareholder’s name Nature of shareholders Proportion (%) Shares held Changes during the period Shares subject to conditional sales Pledged or frozen shares Jin Jiang International (Group) Co., Ltd. State-owned 38.54 212,586,460 -14,636,160 212,586,460 0 UBS Warburg Custody Pte Ltd. B Share 1.44 7,917,481 -50,799 Unknown HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND B Share 1.24 6,838,755 6,838,755 Unknown FORTIS BANQUE LUXEMBOURG S.A. B Share 1.15 6,322,033 6,322,033 Unknown Haitong-BC-Fortis Bank SA/NV Other 0.93 5,130,963 1,880,166 Unknown GT PRC Fund B Share 0.91 5,000,000 2,000,000 Unknown Shanghai International Trust & Invest Co., Ltd. State-owned 0.85 4,691,934 4,691,934 Unknown BARINGS (IRELAND) LIMITED S/A THE ATLANTIS CHINA FUND PLC B Share 0.71 3,899,903 3,899,903 Unknown Cai Qingfeng B Share 0.71 3,894,935 Unknown Shanghai Jin Jiang Hotel Co., Ltd. State-owned 0.68 3,761,493 3,761,493 Unknown Top ten shareholders of the Company’s stock not subject to conditional sales Shareholder’s name Shares held not subject to conditional sales Type of shares UBS Warburg Custody Pte Ltd. 7,917,481 B Share HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND 6,838,755 B Share FORTIS BANQUE LUXEMBOURG S.A. 6,322,033 B Share Haitong-BC-Fortis Bank SA/NV 5,130,963 A Share GT PRC Fund 5,000,000 B Share BARINGS (IRELAND) LIMITED S/A THE ATLANTIS CHINA FUND PLC 3,899,903 B Share Cai Qingfeng 3,894,935 B Share VALUE PARTNERS HIGH- DIVIDEND STOCKS FUNDS 3,233,408 B Share SKADIA GLOBAL FUNDS PLC 3,214,811 B Share VALUE PARTNERS CHINA HEDGE MASTER FUND LIMITED 3,211,051 B Share Statement of the relation or concerted action of the shareholders mentioned above Of top 10 shareholders of the company above, the first shareholder and the tenth shareholders have relations and concerted actions. The company’s controlling shareholder, Jin Jiang International (Group) Co., Ltd. is the controlling shareholder of Shanghai Jin Jiang Hotel. The relation and concerted action of other shareholders are unknown. Jin Jiang International (Group) Co., Ltd. decrease 14,636,160 share, because of share separation reform. Top ten shareholders of the Company’s stock subject to conditional sales (Unit: share) Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 7 Facts about shares subject to conditional sales that could be traded through listing # Shareholder’s name Shares held subject to conditional sales Date when shares could be traded through listing Amount of added shares that could be traded through listing Sales condition Feb. 13th 2008 27,580,505 Feb. 13th 2009 27,580,505 1 Jin Jiang International (Group) Co., Ltd. 212,586,460 Feb. 13th 2010 157,425,450 1. Can’t be sold or transferred in 12 months after it gets the listing right in the A share market, and can’t be listed for sale through Shanghai Stock Exchange within 12 months after the previous period. 2. After expiration of the period mentioned in item #1, it can’t sell more than 5% of total shares of the Company in 12 months. 3. After expiration of the period mentioned in item #1, it can’t sell more than 10% of total shares of the Company in 24 months. 2 Shanghai International Group Corp. 4,691,934 Feb. 13th 2007 4,691,934 Can’t be sold or transferred in 12 months after it gets the listing right in the A share market 3 Shanghai Jin Jiang Hotel Co., Ltd. 3,761,493 Feb. 13th 2008 3,761,493 Can’t be sold or transferred in 12 months after it gets the listing right in the A share market, and can’t be listed for sale through Shanghai Stock Exchange within 12 months after the previous period 4 Friendship Auto(Trade Union) 3,533,587 Feb. 13th 2007 3,533,587 Can’t be sold or transferred in 12 months after it gets the listing right in the A share market 5 Industrial and Commercial Bank of China, Shanghai No.2 Branch 3,136,320 Feb. 13th 2007 3,136,320 Can’t be sold or transferred in 12 months after it gets the listing right in the A share market 6 SHANGHAI AJ CO.,LTD. 1,881,792 Feb. 13th 2007 1,881,792 Can’t be sold or transferred in 12 months after it gets the listing right in the A share market 7 SHANGHAI HIGHLY (GROUP) CO., LTD. 1,881,792 Feb. 13th 2007 1,881,792 Can’t be sold or transferred in 12 months after it gets the listing right in the A share market 8 Shanghai Peace Hotel Co., Ltd. 1,839,974 Feb. 13th 2008 1,839,974 Can’t be sold or transferred in 12 months after it gets the listing right in the A share market, and can’t be listed for sale through Shanghai Stock Exchange within 12 months after the previous period 9 EAS International Transportation Ltd Shanghai Branch 1,672,704 Feb. 13th 2007 1,672,704 Can’t be sold or transferred in 12 months after it gets the listing right in the A share market 10 Shanghai Jin Jiang International Hotel Co., Ltd. 1,442,707 Feb. 13th 2008 1,442,707 Can’t be sold or transferred in 12 months after it gets the listing right in the A share market, and can’t be listed for sale through Shanghai Stock Exchange within 12 months after the previous period 2. Introduction to controlling shareholder and effective controller 1) Fact of controlling shareholder Company’s name: Jin Jiang International (Group) Co., Ltd. Legal representative: Yu Minliang Registered capital: RMB 2 billion Yuan Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 8 Establishment date: June 2003, on the basis of reorganization of Jin Jiang Group Co., Ltd and Shanghai Xinya Group Co., Ltd Main operation or management activities: operation and management of state-owned assets, enterprise investment and management, hotel management, support service for entertainment industry, domestic trade, property management, lease of self-owned office buildings and flats, title brokering and project consultation (subject to license where a license if required). 2) Fact about the company’s controlling shareholder Name of the company’s controlling shareholder: State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government. 3) Fact about changes in controlling shareholder and effective controller Within this report period there were no changes in the company’s controlling shareholder and effective controller. 4) Block diagram of relation of title and control between the company and effective controller State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government 100% Jin Jiang International (Group) Co., Ltd. 38.54% Shanghai Jin Jiang International Industrial Investment Co., Co., Ltd. 3. Other corporate shareholders with over 10 percent of shares Up to the end of the report period the company had no other corporate shareholders with over 10 percent of shares. V. Directors, supervisors and superior managers A) Profile of directors, supervisors, superior managers (Unit: share RMB) Name Title Sex Age From To Shares held at the beginning of the yea Shares held at the end of the year Increase or decrease of shares Changing Reason Total pay before tax from the company (10’000 yuan) Shen Maoxing Chairman M 56 2006- 4-21 2009- 4-20 4,182 5,646 1,464 share separation reform Yang Yuanping Vice chairman, CEO M 51 2006- 4-21 2009- 4-20 4,182 5,646 1,464 share separation reform 50 Yu Jianmin Vice chairman, COO F 50 2006- 4-21 2009- 4-20 45 Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 9 Chen Wenjun Director F 51 2006- 4-21 2009- 4-20 4,182 5,646 1,464 share separation reform Ma Mingju Director M 45 2006- 4-21 2009- 4-20 Zhang Baohua Director M 55 2006- 4-21 2009- 4-20 Cai Qingfeng Director M 39 2006- 4-21 2009- 4-20 3,894,935 3,894,935 Chen Xiangling Independent director M 62 2006- 4-21 2009- 4-20 4 Qin Zhiliang Independent director M 62 2006- 4-21 2009- 4-20 4 Liu Zhengdong Independent director M 36 2006- 4-21 2009- 4-20 4 Liu Yongzhang Independent director M 51 2006- 4-21 2009- 4-20 4 Liu Haihai Chief supervisor M 54 2006- 4-21 2009- 4-20 29 Pan Jianchang Supervisor M 47 2006- 4-21 2009- 4-20 18 Cai Yongjun Supervisor M 43 2006- 4-21 2009- 4-20 13 Shao Xiaoming Vice president M 48 2006- 4-21 2009- 4-20 Meng Zhengwei Vice president M 52 2006- 4-21 2009- 4-20 27 Wang Rongfa Vice president M 46 2006- 4-21 2009- 4-20 27 Yuan Zhening CFO, secretary to the board of directors F 51 2006- 4-21 2009- 4-20 27 Total / / / / / 3,907,481 3,911,873 4,392 / 252 Note: Shao Xiaoming is vice president of this company and general manager of JHJ, and draws salary from JHJ. Main working experience of directors, supervisors and superior managers: 1) Shen Maoxing previously was deputy secretary of the Party committee and president of Jin Jiang (Group) Co., Ltd. Presently he is deputy secretary of the Party committee, vice chairman of Jin Jiang International (Group) Co., Ltd., COO (executive president), and chairman of this company. 2) Yang Yuanping is vice chairman of this company, general manager, CEO, and secretary of the Party committee. 3) Yu Jianmin previously was general manager of Shanghai International Hotel Co., Ltd., director and CFO of Jin Jiang International (Group) Co., Ltd., Presently she is vice chairman of this company, COO (executive president), 4) Chen Wenjun previously was vice president of Jin Jiang (Group) Co., Ltd. director, CFO of Jin Jiang International (Group) Co., Ltd. Presently he is director and senior vice president of Jin Jiang International (Group) Co., Ltd., director of this company. 5) Ma mingju previously was manager of Department of Planning and Finance of Jin Jiang (Group) Co., Ltd. manager of Department of Planning and Finance Jin Jiang International (Group) Co., Ltd. Presently he is vice president of Jin Jiang International (Group) Co., Ltd., director of this company. 6) Zhang Baohua previously was deputy general manager and superior deputy general manager and vice chairman of Shanghai New Asia (Group) Co., Ltd. Presently he is assistant president of Jin Jiang International (Group) Co., Ltd., director of this company. Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 10 7) Cai Qingfeng previously was director of Jeffur International Holding Group, and executive director and CFO of Jeffur International (Shanghai) Co., Ltd. Presently he is chairman and general manager of Jeffur International (Shanghai) Co., Ltd., and director of this company. 8) Chen Xiangling previously was president and deputy secretary of the Party committee of Shanghai Automotive Industry Corporation (Group), chairman and secretary of the Party committee of Shanghai Automotive Industry Corporation (Group), Presently he is chairman of supervisor board meeting of Shanghai Automotive Co., Ltd, and independent director of this company. 9) Qin Zhiliang previously was chief accountant, deputy director general of Shanghai Administrative Bureau of Mechanical and Electrical Industry, secretary of the Party committee and chairman of Shanghai Dongfeng Machine Group Inc. Presently he is director of Shanghai Electric (Group) Co., Ltd., and independent director of this company. 10) Liu Zhengdong previously was chief of Department of Real Estate Affairs, Shanghai Rainbow Law Firm. Presently he is chief lawyer of Shanghai Jun Yue Law Firm and independent director of this company. 11) Liu Yongzhang previously was head of Department of Organization, SUFE. Presently he is deputy secretary of the Party committee, SUFE, and independent director of this company. 12) Liu Haihai previously was deputy secretary of the Party committee and deputy general manager of Shanghai Longbai Hotel. Presently he is deputy secretary of the Party committee and chief supervisor of this company. 13) Pan Jianchang previously was undersecretary of Audit Supervision Department, Shanghai Feiren Machinery Corporation. Presently he is supervisor and deputy chief auditor of this company. 14) Cai Yongjun previously was director of the Office of Shanghai Jin Jiang Taxi Co., Ltd. Presently he is supervisor, deputy director of the Office of the company and director of the Office of the department of the Party and Labor in Shanghai Jin Jiang Auto Service Co., Ltd. 15) Shao Xiaoming previously was deputy general manager for day-to-day business of Shanghai Jin Jiang Auto Service Co., Ltd. Presently he is vice president of this company and general manager of JHJ. 16) Meng Zhengwei previously was deputy secretary of the Party committee of Shanghai Jin Jiang Auto Service Co., Ltd. Presently he is vice president of this company and general manager of Shanghai Jinjiang International Cold Logistic Co., Ltd. 17) Wang Rongfa previously was deputy general manager of Jin Jiang International Convention Center Co., Ltd., general manager of Haixing Building to Party School of Shanghai Municipal Party Committee of CCP, assistant general manager of Shanghai Jin Jiang Tower Co., Ltd. Presently he is vice president of this company. 18) Yuan Zhening previously was CFO of Shanghai Jin Jiang Auto Service Co., Ltd. Presently she is secretary to the board of directors and CFO of this company, and CFO of Shanghai Jin Jiang Auto Service Co., Ltd. B) Shareholders’ positions Name Shareholders’ unit name Title From To Pay and allowance in the unit Shen Maoxing Jin Jiang International (Group) Co., Ltd. Vice chairman, COO(executive president) 2003-06 Now Yes Chen Wenjun Jin Jiang International (Group) Co., Ltd. Director, senior vice president 2003-06 Now Yes Ma Mingju Jin Jiang International (Group) Co., Ltd. Vice president, general manager of Finance Department 2003-06 Now Yes Zhang Baohua Jin Jiang International (Group) Co., Ltd. Assistant president 2003-07 Now Yes Positions at other units Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 11 Name Other unit name Title From To Pay and allowance in the unit Jin Jiang International Hotels Co., Ltd. Vice chairman 2006-05 2009-05 No Shen Maoxing Jin Jiang International Hotels (Group) Co., Ltd. Vice chairman 2006-01 2009-01 No Chen Wenjun Jin Jiang International Hotels (Group) Co., Ltd. Executive Director 2006-01 2009-01 No Jin Jiang International Travel Co., Ltd. Director 2004-05 2007-05 No Ma Mingju Jin Jiang International Hotels (Group) Co., Ltd. Supervisor 2006-01 2009-01 No Jin Jiang International Hotels Co., Ltd. Vice chairman 2006-05 2009-05 No Zhang Baohua Jin Jiang International Travel Co., Ltd. Vice chairman 2004-05 2007-05 No C) Pay of director, supervisors and superior managers 1. Decision-making process about pay for director, supervisors and superior managers: it shall be discussed and approved by the board of directors and stockholders meeting. 2. Basis of pay for director, supervisors and superior managers: it shall be determined through evaluation according to the performance of annual operating objective. D) Change sheet of director, supervisors and superior managers 1. Shen Maoxing, Yang Yuanping, Yu Jianmin, Chen Wenjun, Ma Mingju, Zhang Baohua, Cai Qingfeng, Chen Xianglin, Qin Zhiliang, Liu Zhengdong and Liu Yongzhang were elected as directors of the fifth board on the 2005 general meeting of shareholders on Apr. 21st 2006. Chen Xianglin, Qin Zhiliang, Liu Zhengdong and Liu Yongzhang are independent directors. 2. Liu Haihai, Pan Jianchang were elected as superiors of the fifth board of supervisors of the Company on the 2005 general meeting of shareholders on Aril. 21st 2006. Cai Yongjun was selected as superior of the fifth board of supervisors of the Company by employee at the same time. 3. Mr. Shen Maoxing was elected as chairman of the fifth board on the first session of the fifth board on Apr. 21st 2006, while Mr. Yang Yuanping and Mrs. Yu Jianmin as vice chairwoman. Mr. Yang Yuanping was employed as CEO, while Mrs. Yu Jianmin as COO (executive president), Mr. Shao Xiaoming, Mr. Meng Zhengwei, Mr. Wang Rongfa as vice president, Mrs. Yuan Zhening as secretary of the Board of Directors and financial director. 4. Mr. Liu Haihai was elected as general supervisor on the first session of the fifth board of supervisors on Apr. 21st 2006. The announcements were published in Shanghai Securities News; Hong Kong South China Morning Post dated 25th Apr. 2006. E) Employees Up to the end of the report period, the company had 14,637 employees and 360 retirees. Employees’ structure as below: 1. Composition of professionals Categories of professionals Number of persons Production personnel 13,773 Salesperson 236 Technician 126 Financial personnel 145 Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 12 Executive personnel 357 2. Educational background Degree Number of persons Over college 946 VI. Corporate Governance Structure A) Governing of the company In accordance with the Company Law, Securities Law, as well as the codes and regulations for listed companies stipulated and issued by the China Securities Regulatory Commission and the requirements of the Rules for Issue of Stocks in the Shanghai Stock Exchange (SSE), the Company has established a sound governance structure of legal persons. Main contents are as following: 1. The Company ensured that all shareholders, especially small and medium ones, could have an equal status, and share and exercise their own rights. During the report period, the Company held two shareholders meeting, one shareholders meeting related to A share market. The Company held the meetings of shareholders by complying strictly with the requirements of the Shareholders’ meeting Regulation of Listing Company, the number of shareholders attending and the number of shares they represent both accord with the requirements by the Company Law and the Articles of Association. The Company also tried its best to accommodate as many shareholders by possible when choosing the meeting place so that they can exert their rights to vote. 2. About relations between proprietary shareholders and the company. The proprietary shareholders of the company greatly support and pay much attention to the development of the company, exerting their rights and assuming their obligation according to the convention. The company separates with the proprietary shareholders on its business, personnel, assets, organization and finance, etc. 3. About directors and board of directors of the company. The company elects directors strictly according to the procedure of director selection and engagement prescribed in the Articles of Association and the number of directors and the composition of board of directors should conform to the requirements of laws and regulations. Directors of the company can carry out their responsibilities devotedly and assiduously with good faith, embodying the interests of all shareholders. 4. About supervisors and board of supervisors of the company. The company elects directors and forms the board of supervisors strictly according to the Articles of Association and the number of supervisors and the composition of board of supervisors should conform to the requirements of laws and regulations. The supervisors should make supervision on validity and conformity to regulations of finance of the company and responsibilities fulfilled by directors, managers and other administrative officers. 5. About administrative officers of the company. The engagement procedure of administrative officers of the company should accord with the laws and regulations as well as provisions of “Regulations of Company”. The company should constantly complete its performance appraisal, inspiration and constraint mechanism on administrative officers. 6. About parties correlated with interests of the company. The company completely respects and asserts lawful rights and interests of the bank and other creditors, employees, consumers, etc. and actively cooperates with them to promote continuous and healthy development of the company. Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 13 7. About publication of information of the company. The company should publish their information in an actual, accurate and complete manner in time according to the requirements of the laws and regulations. The company appoints secretary of board of directors and deputy of securities affairs to publish information about securities, receive visitors and answer enquiries so as to make all shareholders under equal opportunities to obtain the information of the company. 8. Within the period of report, the company accomplished share separate reform successfully. 9. Within the period of report, in order to further complete the Articles of Association, enhance protection of shareholders’ rights and interests, improve the level of the Corporate Governance, the company edited the Articles of Association according to the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange (SSE), complying with the Company Law (Newly edit), the Securities Law, the Articles Index of Listing Company, Approved by The 2005 general meeting of shareholders of the company. B) Responsibilities fulfilled by individual directors 1. Presence of individual directors in the general meeting of board of directors Name of individual directors Times of presence of the year Times of presence by themselves Times of presence by entrusted personnel Times of absence Remarks Chen Xianglin 5 5 0 0 Qin Zhiliang 5 5 0 0 Liu Zhengdong 5 4 1 0 Liu Yongzhang 5 5 0 0 2. Cases that the individual directors make objections on related items of the company Within the period of report, the individual directors did not make objections on the proposals and non-proposals items of the meetings of board of directors. C) Independence of the company on its business, personnel, assets, organization and finance, etc. in relation to proprietary shareholders On business: The Company has its independent and complete business, conducting autonomous management. The dealing with affiliated companies is fair and reasonable, which will not damage interests of the company and other shareholders. On personnel: The Company is independent of proprietary shareholders on labor, human resources and cost of labor, etc. On assets: The Company owns all of assets of the company. On organization: The Company has its own independent decision-making management organizations and functional departments that can operate independently. On finance: The Company has established an independent finance and accounting department with independent accounting system and finance management system and opened an independent account in the bank. D) Evaluation and inspiration of administrative officers Make inspection and assessment according to the annual business target and work management target sent down by board of directors in the early of the year and give salaries as per the achievement of business. the Company should make up assess and inspiration mechanism according to market principle, make senior managers’ pay related to management level, business achievements tightly, then inspire senior managers’ activeness and creativity and maximize the shareholders’ value. VII. Brief Introduction to Shareholder’s Meeting 1. Annual shareholder’s meeting Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 14 The 2005 general meeting of shareholders of the company was held on April 21, 2006, the declaration of resolution was published in Shanghai Security Newspaper and Hong Kong South China Morning Newspaper on April 25th, 2006. 2. Temporary shareholder’s meeting The general meeting of shareholders about share separate reform related to A share market was held on Jan. 20, 2006, the declaration of resolution was published in Shanghai Security Newspaper on Jan. 23rd, 2006. The first temporary general meeting of shareholders of the company was held on Nov. 17th, 2006, the declaration of resolution was published in Shanghai Security Newspaper and Hong Kong South China Morning Newspaper on Nov. 20th, 2006. VIII. Report on Meeting of Board of Directors (I) Discussion and analysis of management level A) Business status review 1. Overall Business Status within the Report Period In 2006, the Company kept growing in economic benefits and had a favorable business achievement. Compared to the last corresponding period, the income from major business totaled RMB 2667 million, increased by RMB 215 million with an amplification of 8.76% (The consolidation proportion for JHJ is 50%); the net profit reached RMB 268 million, increased by RMB 18 million with an amplification of 7.02%; the net capital profitability reached 13.41%, increased by 0.2%. Via joint efforts for three years, three major business of the Company have been initially formed after the momentous assets restructuring and a series of equity acquisition and transfer. In 2006, the Company achieved a breakthrough in several major projects around its development of major business. Passenger Transportation industry 1) Finished acquisition of several passenger transport resources, including equity of Shanghai Drivers Training Center, Wanguo Drivers Training Center, Wanguo Vehicle Repairing Firm, Nissan Vehicle Reparing Center, and thus created conditions for extending the business chain of passenger transport section. 2) Accelerating development of vehicle rental& leasing business. Jin Jiang Auto Services Co., Ltd. signed a unified agreement with eighteen companies underneath Jin Jiang International (Group), including Jin Jiang Hotel, New Jin Jiang Tower, etc. Acquired 100 licenses for rental & leasing through auction, and put another over 200 vehicles to use; Keeps exploring the market of vehicle rental & leasing to enlarge its share of market. 3) Starting the implementation of comprehensive information management platform of Jin Jiang Auto. Established “96961” customer service center and will achieve interaction between travel service and passenger transportation stage by stage. Established several management systems to improve management level, including cost accounting system for individual vehicle, management system of vehicle safety, staff information management system, accounting & statistics system and purchasing management system. Modern Logistics industry 1) Finished the acquisition of MIQ (China); Advanced the integration of business flow and corporate culture after JHJ became a joint venture; Achieved an agreement with YRCW on establishing “Double Brand Strategy” of JHJ and MIQ; Connected to YRCW’s global customer network to share its customer resources and make foundation for YRCW’s business in China. Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 15 2) Founded Meridian IQ Jin Jiang Logistics Co., Ltd., a joint venture that provides third party logistics service and supply chain service and is currently working on acquisition plans and investigation of target companies. 3) Carried out the strategic cooperation agreement with YRCW, a Fortune 500 company. Started discussion of making JHJ an Asian-Pacific regional company and forming a non-asset ground transportation management company with YRCW based on leading IT technology. 4) Finished the transfer of 30% equity of DFDS held by JHJ. Logistics and Warehousing industry 1) Established the integration of cold logistics resources; Founded Jin Jiang Cold Logistics Development Co., Ltd.; Finished equity acquisition of Wusong United Meat Processing Factory, Wujing Refrigeration Co., Ltd. and Shanghai Food Co., Ltd. 2) Initially drew up international cooperation plans in logistics and warehousing section and discussed with well-known multinational enterprises deeply on cooperation of logistics and warehousing projects. 3) Actively participated in the construction of third phase public cargo center of Pudong Airport. 2. Main business and Business Status in the Report Period (1) Status of main business by field or product (Unit: Yuan Currency: RMB) Field Income of principal business Cost of principal business Rate of gross profit(%) Increase or decrease compared with the last corresponding period (%) in income Increase or decrease compared with the last corresponding period (%) in cost Increase or decrease compared with the last corresponding period (%) in profit Freight Service 1,292,363,871.14 1,179,824,625.84 8.71 -37.95 -38.32 Increased by 0.96 percent Vehicle Operation 1,326,248,153.70 969,276,367.89 26.92 14.02 15.79 Decreased by 1.11 percent On Sep. 1st 2005, the Company transferred 15% stock rights of JHJ and adjusted its accounting consolidated method, from comprehensive consolidation to proportionate consolidation based on 50% of shareholding. As a result, there is an apparent drop in income of principal business of Shanghai and Outside Shanghai compared with the last corresponding period. (2) Status of main business by area (Unit: Yuan Currency: RMB) Areas Income from principal business Increase or decrease compared with the last corresponding period (%) Shanghai 2,092,122,357 -16.63 Outside Shanghai 574,834,325 -25.39 On Sep. 1st 2005, the Company transferred 15% stock rights of JHJ and adjusted its accounting consolidated method, from comprehensive consolidation to proportionate consolidation based on 50% of shareholding. As a result, there is an apparent drop in income of principal business of Shanghai and Outside Shanghai compared with the last corresponding period. 3. Important changes and factors of assets and profits compared within the report period (Unit: CNY) Items in balance sheet Dec. 31 2006 Dec. 31 2005 Increase or decrease Increase or decrease (%) Reason of change Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 16 Dividend receivable 3,563,230.23 30,890,657.50 -27,327,427.27 -88.47 Mainly dividend from JHJ Prepayment 34,258,912.23 23,164,573.86 11,094,338.37 47.89 Increase of advance money of vehicle 4S business Long term equity investment 979,229,824.33 855,854,057.07 123,375,767.26 14.42 Mainly acquisition of subsidiaries Construction in process 18,859,172.71 42,707,689.45 -23,848,516.74 -55.84 Mainly advance payment of vehicles and taxies’ licenses transfer out Intangible assets 171,650,323.41 81,408,705.29 90,241,618.12 110.85 Mainly increase of intangible assets of acquired subsidiaries Notes payable 48,850,000.00 33,750,000.00 15,100,000.00 44.74 Mainly increase of bank acceptance notes of JHJ Dividend payable 38,164,767.72 21,028,604.58 17,136,163.14 81.49 Increase of undistributed dividend of cooperation shares Items in profit statement Jan. 1 2006 Dec. 31 2006 Jan. 1 2005 Dec. 31 2005 Increase or decrease Increase or decrease (%) Reason of change Income of principal business 2,666,956,682.11 3,279,881,587.08 -612,924,904.97 -18.69 proportionate consolidation of 50% for JHJ Cost of principal business 2,161,800,975.63 2,753,544,671.28 -591,743,695.65 -21.49 proportionate consolidation of 50% for JHJ Profit of other business 21,941,727.82 13,151,222.78 8,790,505.04 66.84 Mainly increase of rent from subsidiaries Investment income 142,747,112.36 177,691,840.21 -34,944,727.85 -19.67 Mainly the 15% income from the equity transfer of JHJ last year Income tax 17,573,583.25 53,535,257.01 -35,961,673.76 -67.17 Mainly the 15% income from the equity transfer of JHJ last year 4. Cash flow of operating activities, investing activities and financing activities (Unit: CNY) Items 2006 2005 Increase or decrease Comments Net cash flow from operating activities 445,622,580.96 450,707,727.91 -5,085,146.95 Net cash flow from investing activities -272,655,605.87 -289,951,545.84 17,295,939.97 Net cash flow from financing activities -183,414,772.95 -115,593,488.45 -67,821,284.50 Mainly the increase of paid debts 5. Business situation and achievement of subsidiaries and share companies (Unit: RMB 10000) Name of company Scope of service Registered capital Total assets Revenue Net profit Shanghai Jinjiang Auto Service Co., Ltd. Taxi service, tourism service, vehicle repairing, long- distance transport, fittings, vehicle charter 33,849 143,725 126,830 15,267 JHJ International Freight forwarding, express 8,049 59,308 258,472 5,406 Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 17 Transportation Co., Ltd. Shanghai Dazhong New Asia Taxi Co., Ltd. Taxi service, drivers training, fittings, vehicle maintenance. 3,000 18,756 11,870 2,119 Shanghai Pudong International Airport Cargo Terminal Co., Ltd. Dispose of cargo and mail for airline companies, freight companies 19,161 117,208 101,220 62,693 B) Development Prospect of the Company 1. Industry Trend and Market Competition The passenger transportation section provides services including taxi, car rental & leasing, long-distance transportation and vehicle repairing. Because of the totality control of taxi operating licenses by the government, the achievement of taxi service was directly driven through the expansion of business size and the improvement of service quality; With the steady growth of Shanghai tourism and external economics, the demand for car rental & leasing and long-distance transportation will keep growing steadily, and the competition will focus on the expansion of business size and the improvement of service quality; For vehicle repairing industry, because of the current unstable competition structure, the lackness of leading companies with strong influence and the low industry concentration, a rapid development is expectable. The modern logistics section includes mainly international freight forwarding and the forthcoming third party logistics. The integration of China and world economy brings enormous cargo flow and creates a prominent logistics market. The logistics industry has great potentials in its future development. The modern logistics section of the Company is confronted with competition from multinational logistics providers and domestics middle and small logistics companies. The logistics and warehousing section includes mainly refrigerated warehousing and warehousing business in airport cargo terminals. Refrigerated warehousing is still in its early stage and has a bright future with the rapid development of China economy and expanding demand. Because of the development of China’s aviation transport industry, the warehousing business in airport cargo terminals has a favorable development prospect. 2. Opportunities and Strategies Opportunities: 1) The steady growth of China’s economy brings expanding demand for passenger transportation, modern logistics and warehousing; 2) Shanghai’s eleventh five-year plan will speed up the development of modern service industry and thus provide great development scope for passenger transportation, modern logistics and warehousing. Strategies: 1) Enhance the construction of brand system; 2) Seek international cooperation in main business 3) Advance development of core business including passenger transportation, modern logistics and warehousing; 4) To be a company with predominant economic and social benefits through the improvement of competitiveness. 3. Business plans of 2007 Passenger transportation industry 1) Speed the construction of Jin Jiang Auto’s comprehensive network management platform; 2) Seek new economic growth point through the integration of internal resources; Draft the integration plans for repairing resources; Advance the Buick 4S project and seek cooperation with dominant companies in vehicle repairing industry. Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 18 3) Perfect the project of guest activities transport with high-star-rated hotels in Shanghai and continue to provide transport service for national guests receiving and important activities of politics and economics. 4) Enhance the construction of the Company’s brand system and further improve the good reputation of “Jin Jiang” Modern Logistics industry 1) Keep carrying out the agreement of strategic cooperation with YRCW and endeavored to make JHJ an Asia-pacific regional company; 2) Confer with YRCW to start the project of container truck transportation in due time based on information platform with high effectiveness. 3) Meridian IQ Jin Jiang Co., Ltd. will finish its acquisition of target companies, try to complete related due diligence within the year and accelerate entering domestic third party logistics market utilizing technology and customer resources of YRCW and influence of Jin Jiang International (Group). 4) To promote new achievements in the logistics industry and follow the development strategy of the Company’s major business, the Company will enter the refrigerated distribution industry in due time by seeking professional partners and utilizing modern information platform of refrigerated distribution. Logistics and Warehousing industry 1) Vigorously promote the third phase cargo terminal project of Pudong Airport in order to achieve sustainable development in the logistics and warehousing industry; 2) Reconstruct the traditional refrigerated warehouses to modern enterprises, based on the finished acquisition of cold logistics resources and the development plans constituted according to their characteristics. 3) Further integrate cold logistics resources and acquire related resources in due time suiting the needs of development supported by Jin Jiang International (Group), the major shareholder of the Company. 4. Capital demand, use plan and origin In 2007, cash outflow in investment activities will mainly occur in vehicles renewal and investing activities for major business, with an amount of about 0.4 billion. Main source of the capital is own capital and bank loans. 5. Business risk Factors Degree of risk Reasons Countermeasure and solution Macro policy Common Operation cost of passenger transport will increase along with oil still rising, infected by macro policy 1、Expand business scale further 2、Decrease other operation cost Marketing and operating Common Fierce competition in logistics and warehousing industry 1. Quicken the integration with YRC，realize business connection, flow reforger, network construction and culture amalgamation. 2. Optimize network, extend storage, distribution, enhance service, make up structure of service train, through investment and acquisition. 3. Accomplish set up Meridian IQ Jinjiang Logistic Co., Ltd. and enter the third-party logistics market. 4. Integrate cold logistics resources and introduce strategic investors Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 19 6. Possible accounting policies, change of accounting estimate and their influence on the company's financial situation and business achievements after implementation of new Accounting Standards for business enterprises Analysis of difference between shareholders' equity calculated according to the current Accounting Standards and that calculated according to new Accounting Standards on Jan. 1, 2007 from which new Accounting Standards are implemented: 1) Adjustment of long-term equity investment balance According to current Accounting Standards, long-term equity investment balance (Before No. 10 Caikuai [2003]) should be amortized by prorating over a certain period. According to new Accounting Standards, neither M&A under same control, nor other long-term equity investment calculated on equity basis would bring equity investment balance. The company amortized the retained balance RMB 540,230,083.37 yuan at the end of 2006. It reduced consolidated shareholders’ equity RMB 540,230,083.37 yuan at the beginning of 2007. 2) Financial assets available for sale According to current Accounting Standards, investments of stock and bond are calculated as long-term stock investments, long-term bond investments and short-term investments according to hold period and character. According to new Accounting Standards, they are classified as financial assets which variable value will influence gain or loss and financial assets available for sale which are calculated on basis of fair value. For financial assets available for sale, balance between fair value and book value of Jun. 1, 2007 should be adjusted, that increased consolidated shareholders’ equity RMB 4,641,869.43 yuan at the beginning of 2007. 3) Income tax According to current Accounting Standards, the Company adopts Tax Payable Method of accounting treatment method on income tax. According to new Accounting Standards, the company should adopt Debt Method of Balance Sheet, and confirm deferred assets of income tax no more than the deductible temporary difference and the deductible income. For confirmation of deferred assets or debts of income at the beginning of 2007, it increased consolidated shareholders’ equity RMB 29,952,545.77 yuan. 4) Minority shareholders’ equity The minority shareholders’ equity in consolidated financial statement under the existing accounting policy was singly listed, but minority shareholders’ equity should list in shareholders’ equity of consolidated balance sheet according to new Accounting Standards. It increases consolidated shareholders’ equity RMB 197,439,847.52 yuan at the beginning of 2007, therein transfer in minority shareholders’ equity RMB 198,000,642.43 yuan at the end of 2006, other changes of accounting policies decrease minority shareholders’ equity RMB 560,794.91 yuan. Possible accounting policies, change of accounting estimate and their influence on the company's financial position and operating results after implementation of new Accounting Standards for business enterprises: 1）Long-term equity investments According to Accounting Standards for Business Enterprises No. 2 - Long-term Equity Investment and Accounting Standards for Business Enterprises No. 38 - First Time Adoption of Accounting Standards for Business Enterprises, the Company shall change account for equity investment in subsidiaries on equity basis to account for such investment on cost basis, and adjust account on equity basis when preparing consolidated statements. This change will influence investment income of the parent Company, however this has no influence on consolidated statements. According above regulations, long-term equity investment balance caused by M&A under same control should reduce retain income of Jun. 1, 2007, and will not be amortized. It increase s current profit and shareholders' equity. 2) Income Tax According to Accounting Standards for Business Enterprises No. 18 - Income Taxes, Tax Payable Method of accounting treatment method on income tax under the existing accounting Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 20 policy was changed to Debt Method of Balance Sheet. The change of accounting policy will influence the current accounting income tax, and thus had influences on the profit and shareholders’ equity of the Company. 3) Consolidated financial statements According to Accounting Standards for Business Enterprises No. 33 - Consolidated Financial Statements, the minority shareholders’ equity in consolidated financial statement under the existing accounting policy was singly listed and changed to item of minority shareholders’ equity listed in shareholders’ equity of consolidated balance sheet. The change of the policy would have influences on shareholders’ equity of the Company. The above difference and influence may be adjusted according to the further explanation of new Accounting Standards by the Ministry of Finance. (II) Investing activities of the Company Within the report period, the net cost of long term investment is RMB 979.23 million, increased by RMB 123.38 million compared to the last year, with an amplification of 14.42%. The investment activities mainly include the equity acquisition of Shanghai Wanguo Vehicle Drivers Training Center, Shanghai Vehicle Drivers Training Center, Shanghai Wanguo Vehicle Repairing Firm, Shanghai Nissan Vehicle Repairing Center. Status of invested companies Invested Companies Major Business Equity (%) Remark Shanghai Jin Jiang Cold Logistics Co., Ltd. Management and consultation of warehousing and logistics, stock management, cargo transport agent, business information consultation 100 Meridian IQ Jin Jiang Co., Ltd. Cargo warehousing, loading and unload, processing, packing, distribution, information processing and related consultation; Management and consultation of supply chain, warehousing, transport, stock and procurement orders; Development and technology service of computer softwares 25 Shanghai Wanguo Vehicle Drivers Training Center Vehicle drivers training; Operating training site; Occupation training of vehicle drivers; Vehicle repairing; Vehicle transport, warehousing; With branches 50 Acquired by Shanghai Jin Jiang Auto Service Co., Ltd. Shanghai Vehicle Drivers Training Center Vehicle drivers training; Sign up and consultation of drivers; Truck cargo transport; Vehicle parts; With 7 branches. 33.33 Acquired by Shanghai Jin Jiang Auto Service Co., Ltd. Shanghai Wanguo Vehicle Reparing Factory Vehicle repairing; Repairing of vehicle parts, equipments and tools; With branches. 60 Acquired by Shanghai Jin Jiang Auto Service Co., Ltd. Shanghai Nissan Vehicle Repairing Center Repairing of Nissan cars and other cars; Vehicle parts 50 Acquired by Shanghai Jin Jiang Auto Service Co., Ltd. Shanghai Shanghai Food Co., Ltd. Seefood; Grain and oil; Chandlery; Refrigerated food with small packing; General labor service; Grease and oil plants;Dock loading and unload; Meat and eggs products 95 Acquired by Shanghai Jin Jiang International Cold Logistics Co., Ltd. Shanghai Wujing Refrigerated Co., Ltd. Warehousing and transport of food (cooked food excluded); Cargo transport and storage; Tally and transfer. 100 Acquired by Shanghai Jin Jiang International Cold Logistics Co., Ltd. Shanghai Wusong United Meat Processing Factory Butchering and refrigerating of live pigs; Refrigerated food; Cooked food; Cargo storage; Social cargo transportation. 100 Acquired by Shanghai Jin Jiang International Cold Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 21 Logistics Co., Ltd. Meridian IQ Shartex Logistics Co., Ltd. Freight forwarding of imported and exported cargo by ocean shipping and air 100 Acquired by JHJ International Transportation Co., Ltd. 1. Usage of collected capitals No collected capital or capital collected in prophase has been used within the report period. 2. Project with capitals that are not collected Within the period of report, the company has no project invested by non-collected capital. (III) Reasons and affects of accounting policy change, accounting estimation change or correction of major accounting mistake Within the period of report, there are no changes of accounting policy, accounting estimation or major accounting mistakes. (IV) Routine work of the board of the directors 1. Board meeting and resolutions content during the report period 1) The 26th session of the 4th Board of directors was convened on 15th Mar. 2006. The announcements were published in Shanghai Securities News; Hong Kong South China Morning Post dated on 17th Mar. 2006. 2) The first session of the 5th Board of directors was convened on 21st Apr. 2006. The announcements were published in Shanghai Securities News; Hong Kong South China Morning Post dated on 25th Apr. 2006. 3) The second session of the 5th Board of directors was convened on 14th Jul. 2006. The announcement was published in Shanghai Securities News; Hong Kong South China Morning Post dated 18th June 2006. 4) The third session of the 5th Board of directors was convened on the 25th Aug, 2006. The convention discussed and passed the 2006 half year report. 5) The fourth session of the 5th Board of directors was convened on 25th Oct. 2006. The announcement was published in Shanghai Securities News; Hong Kong South China Morning Post dated 27th Oct. 2006. 2. The executing situation of Board of directors to shareholder’s resolution On the shareholders meeting of A share convened on 20th Jan. 2006, the plan of share separation reform was discussed and passed. The announcement of implementation of share separation reform was published in Shanghai Securities News on 8th Feb. 2006, in which shareholders will get a consideration of 3.5 shares from every 10 shares. On 13th Feb. 2006 A share of the Company relisted. Approved by the 2005 general meeting of shareholders of the Company held on 21st Apr. 2006, the profit distribution solution of 2005 is: shareholders can get 0.30 Yuan bonus (tax included) from every 10 shares. The profits distribution solution was published in Shanghai Securities News; Hong Kong South China Morning Post on 25th Apr. 2006. On 24th May 2006, the melon-cutting announcement was published in Shanghai Securities News; Hong Kong South China Morning Post. Date of record: A share 29th May 2006; B share’s last date of trade: 29th May 2006, date of record: 1st Jun. 2006. Ex dividend date: 30th May 2006, melon-cutting date: 15th Jun. 2006. The 1st temporary general meeting of shareholders of the Company was held on 21st Apr. 2006, the proposal of Approval of Equity Acquisition of Shanghai Shanghai Food Co., Ltd., Shanghai Wujing Refrigerated Co., Ltd and Shanghai Wusong United Meat Processing Factory by Shanghai Jin Jiang International Cold Logistics Co., Ltd was passed. The resolution of this general meeting of shareholders was published in Shanghai Securities News; Hong Kong South China Morning Post dated 20th Nov. 2006. The acquisitions were finished in November, 2006. Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 22 (V) Profits distribution budget The profits distribution proposal is: take the total number of 551,610,107 shares in 2006 as cardinal number, shareholders can get 3.50 Yuan bonus (tax included) from every 10 shares. B share is distributed after being converted into US dollars by quote price, and the total pre- distributing cash dividends is 193,063,537.45 Yuan. And the number of 105,362,928.89 Yuan un- distributed profits was carried forward to next year. IX. Report on Meeting of Board of Supervisors 1. Work condition of the board of supervisors 1) The 7th session of the 4th board of supervisors was convened on 15th Mar., 2006. (1) The session passed the 2005 Work Report of Board of Supervisors and submitted it to the Meeting of Shareholders’ for deliberation. (2) The session passed Annual Report 2005 and the Abstract. (3) The session passed the Proposal of election of Board of Supervisors and submitted it to the Meeting of Shareholders’ for deliberation. 2) The 1st session of the 5th board of supervisors was convened on 21st April, 2006. (1) Elected Liu Haihai as the supervising principal of the Board of Supervisors. (2) Passed First Quarter Report 2006 3) The 2nd session of the 5th board of supervisors was convened on 25th August, 2006. The session passed Mid-term Report 2006 and the Abstract. 4) The 3rd session of the 5th board of supervisors was convened on 25th Oct., 2006. The session passed the Third Quarter Report 2006. 2. Board of supervisors independent opinion to the legal operation situation of the company The company’s board of directors can operate legally and correctly. The managing decision- making program is legal. The company has set up perfect legal person managing structure and internal control system. The board of supervisors did not find any actions of the directors and supervisors that were against laws, regulations; company charters or other actions damaged the company and shareholders’ interests. 3. Board of supervisors independent opinion to the company’s Finance situation The company’s finance system is healthy and operates well. Methods chosen by accountants are suitable. The Deloitte Touche Tohmatsu Certified Public Accountants has given standard auditing report of 2006 without reserving any opinion, which reflects factually company’s financial situation and operating results. 4. The board of supervisors’s independent opinion to the situation of company’s purchasing and selling of capital In the purchase of equity interest of Shanghai Shilian International Transportation Co., Ltd., Shanghai Wanguo Vehicle Drivers Training Center, Shanghai Vehicle Drivers Training Center, Shanghai Wanguo Vehicle Repairing Firm, Shanghai Nissan Vehicle Repairing Center, Shanghai Shanghai Food Co., Ltd., Shanghai Wujing Refrigeration Co., Ltd. and Shanghai Wusong United Meat Processing Factory, the company observed to the fair principles. The transaction price is decided according to the independent evaluating organization’s evaluating benchmark, and the transaction program is legal. The board of supervisors did not find any actions damaged the company and shareholders’ interests. 5. The board of supervisors’ independent opinion to the situation of relationship transactions In the related transaction between Jin Jiang International Holdings (Group), the company insisted on the fair, square and open principle. The transaction price is decided after negotiation on the benchmark of evaluating report of independent evaluating organization. The transaction Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 23 progress is done on correct program and met the demand of relative law and regulations. All of the related transactions have been discussed and passed by directors’ board and the related directors get round the vote. The board of supervisors did not find any actions damaged the company and shareholders’ interests. X. Important events A) Important lawsuit arbitration items There are no important lawsuit and arbitration items. B) Company’s purchasing and selling assets, absorbing and incorporating items during report period 1. Situation of purchasing Assets On July 31st, 2006, the company purchased 100% equity interest of Shanghai Meridian IQ International Transportation Co., Ltd. from Meridian IQ China (Hong Kong) Ltd., one of YRCW’s wholly-owned subsidiaries. Face value is RMB 8.03 million yuan and evaluation price is 31.22 million yuan, and the purchasing price is 33.62 million yuan. The purchasing price is decided by negotiation in terms of evaluating results. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 18th July, 2006. Other situation of purchasing Assets refer to C) C) The company’s significant relationship transaction items during report terms 1. Ordinary related transactions 1) Important related transactions about purchase goods or labor service (Unit: 10,000 Yuan RMB) Relationships Relationship transactions Pricing principal Occurred sum Proportion in the similar transactions (%) Method of payment Shanghai Jin Jiang Inn Co., Ltd, Hotel management Market price 47 100 Monetary fund Shanghai Jin Jiang International Holdings Co., Ltd, and its subsidiaries Goods purchase Market price 89 < 1 Monetary fund Shanghai Jin Jiang International Holdings Co., Ltd. Lease of houses Market price 300 <5 Monetary fund Shanghai Jin Jiang Property Management Co., Ltd Lease of houses Market price 137 <5 Monetary fund (1) The company pays hotel management fees to the controlling shareholder Jin Jiang Group and its subsidiary Jin Jiang inn Co., Ltd. (2) The company purchases goods from the controlling shareholder Jin Jiang Group and its subsidiaries. (3) The company leases real estate from the controlling shareholder Jin Jiang Group. (4) The company leases real estate from Shanghai Jinjiang Property Management Co., Ltd 2) Important related transactions about selling goods and labor service (Unit: 10,000 Yuan RMB) Relationships Relationship transactions Pricing principal Occurred sum Proportion in the same transactions (%) Method of payment Shanghai Jin Jiang International Holdings Co., Ltd, and its subsidiaries Income of washing Market price 268 33 Monetary fund Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 24 Shanghai Jin Jiang International Travel Co., Ltd Income of vehicle transport Market price 1,102 <1 Monetary fund (1) The company is paid washing clothing fees by the controlling shareholder Jin Jiang Group and its subsidiary Jin Jiang inn Co., Ltd. (2) The company is paid passenger transportation fees by the controlling shareholder’s subsidiary Shanghai Jin Jiang International Travel Co., Ltd Above-mentioned transactions are ordinary and necessary business for the company, they are favor of decreasing operating cost and sales expenses. Proportion of the ordinary related transactions in the same transactions is few, and has no important effect to the finance situation and business achievements, so they would not affect the independence of the company. 2. Significant relationship transactions of capital and equity interest 1) The company purchased 50% equity interest of Shanghai Wanguo Vehicle Drivers Training Center from its controlling shareholder Jin Jiang International Holdings Co., Ltd. The purchasing price is 45.915 million yuan, which is based on the result of assets evaluation. Face value is RMB 25.955 million yuan and evaluation price is 45.915 million yuan. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 18th July, 2006. 2) The company purchased 33.33% equity interest of Shanghai Vehicle Drivers Training Center from its controlling shareholder Jin Jiang International Holdings Co., Ltd. The purchasing price is 33.107 million yuan, which is based on the result of assets evaluation. Face value is RMB 11.029 million yuan and evaluation price is 33.107 million yuan. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 18th July, 2006. 3) The company purchased 60% equity interest of Shanghai Wanguo Vehicle Repairing Firm from its controlling shareholder Jin Jiang International Holdings Co., Ltd. The purchasing price is 6.90 million yuan, which is based on the result of assets evaluation. Face value is RMB 6.072 million yuan and evaluation price is 6.90 million yuan. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 18th July, 2006. 4) The company purchased 50% equity interest of Shanghai Nissan Vehicle Repairing Center from its controlling shareholder Jin Jiang International Holdings Co., Ltd. The purchasing price is 5.645 million yuan, which is based on the result of assets evaluation. Face value is RMB 4.29 million yuan and evaluation price is 5.645 million yuan. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 18th July, 2006. 5) The company purchased 95% equity interest of Shanghai Shanghai Food Co., Ltd., from its controlling shareholder’s subsidiary Shanghai Food Group Co., Ltd. The purchasing price is 30.77 million yuan, which is based on the result of assets evaluation. Face value is RMB 28.063 million yuan and evaluation price is 30.77 million yuan. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 27th Oct., 2006. 6) The company purchased 100% equity interest of Shanghai Wujing Refrigeration Co., Ltd. from its controlling shareholder’s subsidiary Shanghai Food Group Co., Ltd. The purchasing price is 96.40 million yuan, which is based on the result of assets evaluation. Face value is RMB 82.49 million yuan and evaluation price is 96.40 million yuan. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 27th Oct., 2006. 7) The company purchased 100% equity interest of Shanghai Wusong United Meet Processing Factory from its controlling shareholder’s subsidiary Shanghai Food Group Co., Ltd. The purchasing price is 8.25 million yuan, which is based on the result of assets evaluation. Face value is RMB 14.22 million yuan and evaluation price is 8.25 million yuan. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 27th Oct., 2006. 3. Relationship exchanges of creditor’s right and liability (Unit: 10,000 Yuan RMB) Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 25 Provide capitals to relationships Capitals from relationships to marketing companies Relationships Relation Occurred sum Balance Occurred sum Balance Shanghai Jin Jiang Auto Trade Co., Ltd, Affiliated company -533 800 Shanghai Pudong International Air Cargo Terminal, Ltd. Share company -423 2,538 Shanghai Jin Jang International Holdings Co., Ltd Controlling shareholder 1,818 1,818 Shanghai Jin Jang International Holdings and its subsidiaries Subsidiary of Controlling shareholder 4,089 4,089 Total / -956 3,338 5,907 5,907 Reasons of the relationship transactions of creditor’s right and liability: There is money advanced for shareholders at Shanghai Pudong International Air Cargo Terminal, Ltd, but others are the creditor’s right and liability of the ordinary business. Repayment of the relationship transactions of creditor’s right and liability: Timing relatively Infection to the business achievements and finance situation: Few relatively D) Trusteeship situation There is no important trusteeship situation this year. E) Contract situation There is no important contract situation this year. F) Tenancy situation There is no important tenancy situation this year. G) Assurance situation (Unit: 10,000 Yuan RMB) Assurance object Time Assurance sum Assurance type Assurance time limit Fulfilled or not Assured for relationship or not Shanghai Yongda Fengdu Vehicle Selling Co., Ltd 2006-03- 29 1,340 common 2006-03- 29～2007- 03-28 No No Shanghai South StationLong-distance Passenger Transport Co., Ltd 2006-12- 20 1,250 common 2006-12- 20～2007- 12-19 No No Assured sum within report term 2,590 Balance sum by the end of report term 1,230 Assurance situation of company to subsidiary Occurred sum to shareholder subsidiary within report term 4,552 Balance sum to shareholder subsidiary by the end of report term 0 Total sum of assured situation (including assurance to subsidiary) Assured in total 1,230 Assurance in total compared with the net capital (%) 0.61 Therein: Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 26 Assurance for the share-control shareholders and the relationships 0 Debt assurance for the guarantee directly or indirectly, which asset-liability ratio overpass 70% 0 Assurance in total overpass 50% of net capital 0 Sum of assurance above three 0 The company’s controlling subsidiary Jin Jiang Business & Traveling Automobile Service Co., Ltd. assured for Shanghai Yongda Fengdu Automobile Distribution Service Co., Ltd, on 29th March, 2006. The number is 13.40 million yuan. Assurance term is ended 28th March, 2007. The assurance is counter-guarantee. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 17th March, 2006. The company’s controlling subsidiary Jin Jiang Business & Traveling Automobile Service Co., Ltd. assured for Shanghai South Station Long-distance Passenger Transport Co., Ltd. on 20th Dec., 2006. The number is 12.5 million yuan. Assurance term is ended 19th Dec. 2007. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 17th March, 2006. H) Trust Finance situation There is no significant trust financing situation this year. I) Other important contracts There is no other important contract this year. J) The implementation situation of company Promises that the non-negotiate shareholders made during the share separation reform and implementation situation Shareholder’s name Promises Implementation situation Shanghai Jinjiang International (Group) Co., Ltd. 1. it will not sell its unlisted shares of the Company through Shanghai Stock Exchange within 12 months after 12 months since it gets the listing right in the A share market 2. It will not sell more than 5% of the total capital stock of the Company through Shanghai Stock Exchange within 12 months after expiration of the period of the previous promise, as well as 10% within 24 months. Once it sells more than 1% of the total capital stock of the Company through Shanghai Stock Exchange since it gets the listing right, it will make a public announcement within 2 days after the date of occurrence of the fact. 3. After the implementation of the share separation reform scheme, it will propose a bill that the proportion of profit distribution won’t be less than 50% of the total distributable profit of that year on the Company’s general meeting of shareholders from 2005 to 2007. It promises an affirmative vote to the bill above. 1. Performing the promise of the time limit of sales prohibition 2. The promise of profit distribution was embodied in the scheme of profit sharing approved on the 2005 general meeting of shareholders Shanghai Jin Jiang Hotel Co., Ltd. it will not sell its unlisted shares of the Company through Shanghai Stock Exchange within 12 months after 12 months since it gets the listing right in the A share market Performing the promise of the time limit of sales prohibition Shanghai Peace Hotel Co., Ltd. Same to Shanghai Jin Jiang Hotel Co., Ltd. Performing the promise of the time limit of sales prohibition Shanghai Jin Jiang International Hotel Co., Ltd. Same to Shanghai Jin Jiang Hotel Co., Ltd. Performing the promise of the time limit of sales prohibition Shanghai Hotel Same to Shanghai Jin Jiang Hotel Co., Ltd. Performing the promise of the time Annual Report 2006, Shanghai Jin Jiang International Industrial Investment Co., Ltd. 27 Co., Ltd. limit of sales prohibition K) Situation of appointing and dismissing Certified Public Accountants The company appointed Deloitte Touche Tohmatsu CPA as its churchyard auditing organization which hasn’t been changed in this report term. By the end of last report term, D & T has been providing auditing service for the company for 14 years. The company appointed Deloitte Touche Tohmatsu CPA as its overseas auditing organization presently. By the end of last report term, this CPA has audited for 2 years. D & T was paid RMB 1.7 million yuan as auditing fee for the year of 2006. L) Sanction and Improve situation of company, board of directors and supervisors, senior managers, shareholders and real controller There is no company, board of directors and supervisors, senior managers, shareholders or real controller that has been checked by China Securities Regulatory Commission, administratively punished, criticized or openly condemned by Securities Exchanges. M) Other important events The company is located in Pudong district, the income tax rate has been changed to 15% since Sept. 2005 in terms of the liquidation and settlements results of 2005. N) Construction situation of inner controlling system of the company The company has a good inner controlling system including production, QC, safety, management, supplying, logistics, HR, financial, auditing and information system. To make further progress in constructing inner controlling system, the company has sorting, amended and perfected these systems according to Inner Controlling Guide to Listed Companies of Shanghai Stock Exchange during this report term, meanwhile, the inspection and fulfillment has been paid much attention to. XI. Financial Statement Attached behind. XII. Document for Reference 1. Financial statements with legal representative, finance principal and accountant handler’s signatures and seals; 2. The original auditing report with Certified Public Accounting firm’s seal and Certified Accountant’s signature and seal; 3. All the company’s documents and original drafts disclosed on Shanghai Securities News and Hong Kong South China Morning Post during report terms. Shanghai Jin jiang International Industrial Investment Co., Ltd Chairman of the board：Shen Maoxing 2007-4-6 SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. (A joint stock limited company established in the People’s Republic of China) Report of the Auditors and Consolidated Financial Statements for the year ended 31 December 2006 (Prepared under International Financial Reporting Standards) SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. REPORT OF THE INDEPENDENT AUDITOR AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 CONTENTS PAGE(S) INDEPENDENT AUDITOR’S REPORT 1 & 2 CONSOLIDATED INCOME STATEMENT 3 CONSOLIDATED BALANCE SHEET 4 & 5 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 6 CONSOLIDATED CASH FLOW STATEMENT 7 & 8 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 9 - 50 - 1 - DTT(A)(07)I0039 INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. (A joint stock limited company established in the People’s Republic of China) Report on the consolidated financial statements We have audited the accompanying consolidated financial statements of Shanghai Jin Jiang International Industrial Investment Co., Ltd., which comprise of the consolidated balance sheet as at 31 December 2006, and the consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management’s responsibility for the consolidated financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s responsibility Our responsibility is to express an opinion on the consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. - 2 - Opinion In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of Shanghai Jin Jiang International Industrial Investment Co., Ltd. as of 31 December 2006, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards. Deloitte Touche Tohmatsu CPA Ltd. Shanghai, China 6 April 2007 SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 3 - CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 NOTES 2006 2005 RMB'000 RMB'000 Revenue 7 2,663,989 3,233,771 Cost of sales (2,192,626) (2,753,546) _________ ________ Gross profit 471,363 480,225 Investment revenue 9 9,778 9,356 Other gains and losses 77,790 122,837 Share of profit of associates 134,061 113,864 Distribution costs (187,167) (187,986) Administrative expenses (119,968) (165,053) Loss on deregistering of a subsidiary 10 (14,119) - Finance costs 11 (3,039) (3,398) _________ ________ Profit before tax 368,699 369,845 Income tax (credit) expense 12 91,916 (42,209) _________ ________ Profit for the year 13 460,615 327,636 _________ ________ _________ ________ Attributable to: Equity holders of the parent 396,130 264,130 Minority interest 64,485 63,506 _________ ________ 460,615 327,636 _________ ________ _________ ________ Proposed dividend 14 193,064 165,483 _________ ________ _________ ________ Earnings per share RMB RMB Basic earnings per share 15 71.8 cents 47.9 cents _________ ________ _________ ________ SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 4 - CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2006 NOTES 2006 2005 RMB'000 RMB'000 ASSETS Non-current assets Property, plant and equipment 16 1,089,340 951,373 Investment property 17 22,381 22,824 Licenses for operational vehicles 18 609,156 609,156 Goodwill 19 699 699 Prepaid operating lease rental - non current 20 153,041 1,033 Interests in associates 22 307,560 285,097 Available-for-sale investments 24 126,900 112,682 Loan receivable from an associate - due after 1 year 25 21,153 25,384 Deferred tax assets 12 30,649 - _________ ________ Total non-current assets 2,360,879 2,008,248 _________ ________ Current assets Inventories 26 34,586 28,216 Trade and other receivables 27 305,045 255,438 Prepaid operating lease rental - current 20 3,144 36 Loan receivable from an associate - due within 1 year 25 4,231 4,231 Amounts due from related companies 36 2,583 2,249 Amounts due from associates 36 1,353 1,488 Loans to associates 36 8,321 22,823 Dividend receivable 36 3,563 30,891 Bank balances and cash 473,600 463,047 Restricted cash 28 - 14,446 _________ ________ Total current assets 836,426 822,865 _________ ________ Total assets 3,197,305 2,831,113 _________ ________ _________ ________ SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 5 - NOTES 2006 2005 RMB'000 RMB'000 EQUITY AND LIABILITIES Capital and reserves Share capital 29 551,610 551,610 Reserves 30 1,458,911 1,223,628 _________ ________ Equity attributable to equity holders of the parent 2,010,521 1,775,238 Minority interests 214,512 169,932 _________ ________ Total equity 2,225,033 1,945,170 _________ ________ Non-current liabilities Other long-term liabilities 31 28,793 - Deferred tax liabilities 12 79,613 158,986 _________ ________ Total non-current liabilities 108,406 158,986 _________ ________ Current liabilities Bank borrowings – due within 1 year 32 47,250 51,076 Trade payables 33 185,450 159,655 Accrued charges and other payables 33 443,119 396,513 Provision 34 7,287 9,114 Amounts due to related companies 36 40,888 - Borrowings from related companies 36 18,185 - Amounts due to associates 36 4,393 455 Deposits received 35 58,412 61,587 Dividend payable 38,165 21,029 Income tax liabilities 12 20,717 27,528 _________ ________ 863,866 726,957 _________ ________ Total equity and liabilities 3,197,305 2,831,113 _________ ________ _________ ________ The financial statements on pages 3 to 50 were approved by the Board of Directors and authorised for issue on 6 April 2007 and are signed on its behalf by: DIRECTOR DIRECTOR SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 6 - CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2006 Reserves Statutory Enterprise Statutory Discretionary public expansion Share Share Other surplus surplus welfare Revaluation and reserve Retained Minority capital premium reserve reserve reserve fund reserve fund profits Interests Total RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 For the year ended 31 December 2005 At 1 January 2005 551,610 406,913 5,501 65,952 10,685 39,629 1,156 2,736 470,851 215,495 1,770,528 Net profit for the year, representing total income recognised for the year - - - - - - - - 264,130 63,506 327,636 Increase of revaluation reserve (note 22) - - - - - - 66,397 - - - 66,397 Shares acquired from minority shareholders - - - - - - - - - (5,616) (5,616) Changes in consolidation scope - - - - - - - - - (49,832) (49,832) Capital contributed by minority shareholders - - - - - - - - - 28,000 28,000 Appropriations for the year - - - 49,236 - 24,618 - 21,628 (95,482) - - Dividends - - - - - - - - (110,322) (81,621) (191,943) _______ _______ ______ _______ ______ _______ _______ ________ _________ _________ _________ At 31 December 2005 551,610 406,913 5,501 115,188 10,685 64,247 67,553 24,364 529,177 169,932 1,945,170 _______ _______ ______ _______ ______ _______ _______ ________ _________ _________ _________ _______ _______ ______ _______ ______ _______ _______ ________ _________ _________ _________ For the year ended 31 December 2006 At 1 January 2006 551,610 406,913 5,501 115,188 10,685 64,247 67,553 24,364 529,177 169,932 1,945,170 Net profit for the year, representing total income recognised for the year - - - - - - - - 396,130 64,485 460,615 Arising from acquisition of subsidiaries (note 37) - - - - - - - - - 21,663 21,663 Establishment of a subsidiary - - - - - - - - - 4,710 4,710 Gains on available-for -sale investments - - 4,642 - - - - - - - 4,642 Transfer - - - 64,247 - (64,247) - - - - - Appropriations for the year - - - 46,278 - - - 282 (46,560) - - Dividends - - - - - - - (165,483) (46,278) (211,767) _______ _______ ______ _______ ______ _______ _______ ________ _________ _________ _________ At 31 December 2006 551,610 406,913 10,143 225,713 10,685 - 67,553 24,646 713,258 214,512 2,225,033 _______ _______ ______ _______ ______ _______ _______ ________ _________ _________ _________ _______ _______ ______ _______ ______ _______ _______ ________ _________ _________ _________ SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 7 - CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 2006 2005 RMB'000 RMB'000 Cash flows from operating activities Profit for the year 460,615 327,636 Income tax (credit) expense recognised in profit or loss (91,916) 42,209 Finance costs recognised in profit or loss 3,039 3,398 Investment revenue recognised in profit or loss (8,154) (8,181) Loss on deregistering of a subsidiary 14,119 - Gain on disposal of available-for-sale investments (26,514) (12,311) Gain on disposal of share of a subsidiary - (80,413) Dividend income from equity securities (1,624) (2,867) Impairment loss reversed (recognised) on available-for-sale investment (13,549) 16,795 Gain on disposal of property, plant and equipment (3,498) (15,251) Impairment loss recognised on trade receivables 3,255 1,595 Share of profits of associates (134,061) (113,864) Depreciation and amortisation of non-current assets 268,670 286,457 _________ ________ 470,382 445,203 Movements in working capital Decrease (increase) in inventories 1,048 (14,666) (Increase) decrease in trade and other receivables (17,541) 30,465 Decrease in amounts due from related companies 25,531 13,024 Decrease in amounts due from associates 135 - Decrease (increase) in restricted cash 14,446 (14,446) Decrease in trade payables (32,429) (64,918) Increase in accrued charges and other payables 48,335 134,389 Decrease in provision (1,827) (12,347) (Decrease) increase in deposit received (3,175) 2,746 Decrease in amounts due to related companies (26,224) (1,668) Increase in amounts due to associates 3,938 - _________ ________ Cash generated from operations 482,619 517,782 Income taxes paid (24,917) (61,255) Interest paid (3,039) (3,398) _________ ________ Net cash generated by operating activities 454,663 453,129 _________ ________ (Continued) SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 8 - NOTES 2006 2005 RMB'000 RMB'000 Cash flows from investing activities Interest received 8,154 8,181 Dividends received from investments in associates 142,413 84,211 Dividends received from available-for-sale investments 1,624 1,175 Proceeds on disposal of available-for-sale investments 20,077 53,771 Proceeds on disposal of property, plant and equipment 56,905 34,781 Purchase of property, plant and equipment (376,807) (444,244) Payment for prepaid operating lease rental (20,054) - Acquisition of additional interest in a subsidiary - (4,989) Acquisition of additional interest in a joint venture - (578) Recovery of loan receivable from an associate 4,231 15,273 Recovery of loans to associates 14,502 - Recovery of prepayment for acquisition of construction-in-progress included in property, plant and equipment 40,000 - Net cash outflow arising on disposal of a subsidiary - (21,030) Net cash outflow arising from acquisition of subsidiaries 37 (121,517) - Net cash outflow arising from acquisition of joint ventures (68,554) - Acquisition of investment in associates (3,013) (25,550) Acquisition of available-for-sale investments (898) - Deposits received for disposal of the property, plant and equipment - 3,227 _________ ________ Net cash used in investing activities (302,937) (295,772) _________ ________ Cash flows from financing activities Capital contribution from minority shareholders 4,710 28,000 Dividends paid (148,353) (98,543) Dividends paid to minority shareholders (46,278) (61,604) New borrowings from related companies 18,185 - New bank loans raised 65,500 71,000 Increase in deferred government grants 34,389 - Repayment of bank loans (69,326) (51,048) _________ ________ Net cash used in financing activities (141,173) (112,195) _________ ________ Net increase in cash and cash equivalents 10,553 45,162 Cash and cash equivalents at beginning of the financial year 463,047 417,885 _________ ________ Cash and cash equivalents at end of the financial year 473,600 463,047 _________ ________ _________ ________ SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 9 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 1. GENERAL The Company is established in the People’s Republic of China (“PRC”) as a joint stock company limited by shares. Its shares are listed on the Shanghai Securities Exchange. The Company and its subsidiaries are hereinafter collectively referred to as the Group. The Company is engaged in the provision of freight service, vehicle operating service and hotel service. The principal activities of its subsidiaries, associates and joint ventures are set out in notes 21, 22 and 23, respectively. The registered office of the Company is No.1 Pudong Avenue, Shanghai PRC. The Group’s places of business are spread in several cities of PRC. 2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS ("IFRS") In the current year, the Group has adopted a number of new Standards, Amendments and Interpretations ("new IFRSs") issued by the International Accounting Standards Board (the "IASB") and the International Financial Reporting Interpretations Committee ("IFRIC") of the IASB that are relevant to its operations and effective for accounting periods beginning on or after 1 December 2005 or 1 January 2006. The IASB has issued following new Standards, Amendments and Interpretations that are not effective for the year ended 31 December 2006. The Group has already commenced an assessment of the impact of these new IFRSs to ascertain the effect on the results of operations and financial statements. IAS1 (Amendment) Capital Disclosures1 IFRS 7 Financial Instruments: Disclosures1 IFRS 8 Operating Segment2 IFRIC 7 Applying the Restatement Approach under IAS 29, Financial Reporting in Hyperinflationary Economies3 IFRIC 8 Scope of IFRS 24 IFRIC 9 Reassessment of Embedded Derivatives5 IFRIC 10 Interim Financial Reporting and Impairment6 IFRIC 11 IFRS2:Group and Treasury Share Transactions7 IFRIC 12 Service Concession Arrangements8 1Effective for annual periods beginning on or after 1 January 2007 2Effective for annual periods beginning on or after 1 January 2009 3Effective for annual periods beginning on or after 1 March 2006 4Effective for annual periods beginning on or after 1 May 2006 5Effective for annual periods beginning on or after 1 June 2006 6Effective for annual periods beginning on or after 1 November 2006 7Effective for annual periods beginning on or after 1 March 2007 8Effective for annual periods beginning on or after 1 January 2008 SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 10 - 2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS ("IFRS") – continued The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the consolidated financial statements of the Group. Accounting for financial guarantee contracts The IASB has also amended IAS 39 Financial Instruments: Recognition and Measurement to require certain financial guarantee contracts issued by the Group to be accounted for in accordance with that Standard. Financial guarantee contracts that are accounted for in accordance with IAS 39 are measured initially at their fair values, and subsequently measured at the higher of: � the amount of the obligation under the contract, as determined in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and � the amount initially recognised less, where appropriate, cumulative amortisation recognised in accordance with the revenue recognition policies set out in note 4 below. The changes have been applied by the Group in accordance with the transitional provisions of IAS 39 with effect from the beginning of the comparative reporting period presented in these financial statements (i.e. with effect from 1 January 2005). The application of these amendments results in such financial guarantee contracts now being recognised and measured at the higher of the best estimate of the expenditure required to settle the obligation and the amount initially recognised at fair value less, where appropriate, cumulative amortization. The impact of this change in accounting policy is not significant to the financial statements. 3. PRESENTATION OF FINANCIAL STATEMENTS The Group maintains their accounting records and prepares its statutory financial statements in accordance with the accounting standards and regulations applicable to joint stock companies limited by shares of the People’s Republic of China (“PRC GAAP”). These consolidated financial statements have been prepared in accordance with IFRSs. The accounting policies and bases adopted in the preparation of the statutory financial statements differ in certain respects from IFRSs. The differences arising from the restatement of the results of operations and the net assets for compliance with IFRSs are adjusted in the consolidated financial statements but are not taken up in the accounting records of the Group. A reconciliation of the Group’s profit and net assets under IFRSs and PRC GAAP is set out in the supplement information. These consolidated financial statements are presented in Renminbi (RMB) since that is the currency in which majority of the Group’s transactions are dominated and is also the functional currency of the Group. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 11 - 4. SIGNIFICANT ACCOUNTING POLICIES The consolidation financial statements have been prepared on the historical cost basis except for hotel properties and certain financial instruments, which are carried at revalued amounts and fair values respectively, as explained in the accounting policies set out below. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Minority interests in the net assets (excluding goodwill) of consolidated subsidiaries are identified separately from the Group’s equity therein. Minority interests consist of the amount of those interests at the date of the original business combination (see below) and the minority’s share of changes in equity since the date of the combination. Losses applicable to the minority in excess of the minority’s interest in the subsidiary’s equity are allocated against the interests of the Group except to the extent that the minority has a binding obligation and is able to make an additional investment to cover the losses. Business combinations Acquisition of subsidiaries and business are accounted for using the purchase method. The cost of the business combination is measured as the aggregate of the fair values (at the date of exchange), of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the acquisition date. Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in profit or loss. The interest of minority shareholders in the acquiree is initially measured at the minority’s proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 12 - 4. SIGNIFICANT ACCOUNTING POLICIES - continued Investments in associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Group’s share of the net assets of the associate, less any impairment in the value of individual investments. Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. Where a group entity transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group’s interest in the relevant associate. Interests in joint ventures A joint venture is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control, that is when the strategic financial and operating policy decisions relating to the activities of the joint venture require the unanimous consent of the parties sharing control. Joint venture arrangements that involve the establishment of a separate entity in which each venture has an interest are referred to as jointly controlled entities. The Group reports its interests in jointly controlled entities using proportionate consolidation. The Group’s share of the assets, liabilities, income and expenses of jointly controlled entities are combined with the equivalent items in the consolidated financial statements on a line-by-line basis. Where the Group transacts with its jointly controlled entities, unrealised profits and losses are eliminated to the extent of the Group’s interest in the joint venture. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 13 - 4. SIGNIFICANT ACCOUNTING POLICIES - continued Goodwill Goodwill arising on the acquisition of a subsidiary or a jointly controlled entity represents the excess of the cost of acquisition over the Group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary or jointly controlled entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash- generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash- generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The Group's policy for goodwill arising on the acquisition of associate is described under investments in associates' above. Revenue recognition Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Group has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the entity; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Freight service and other operation income is recognised when the relevant services are provided. Vehicle operating revenue is recognised on a time proportion basis according to the contract terms with the taxi and bus drivers. Revenue arising from hotel operation is recognised when the relevant services are provided, and rental income on properties is recognised on a straight-line basis over the term of the relevant lease. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 14 - 4. SIGNIFICANT ACCOUNTING POLICIES - continued Revenue recognition - continued Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. Dividend income from investments is recognised when the shareholders’ rights to receive payment have been established. Leasing Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Group as lessor Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. The Group as lessee Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Foreign currencies The individual financial statements of each group entity are presented in RMB, the currency of the primary economic environment in which the entity operated (its functional currency). In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise except for exchange differences which relate to assets under construction for future productive use, which are included in the cost of those assets where they are regarded as an adjustment to interest costs on foreign currency borrowings. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 15 - 4. SIGNIFICANT ACCOUNTING POLICIES - continued Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Retirement benefit costs The employees of the Group are members of state-managed retirement benefit schemes. Payment made to state-managed retirement benefit schemes are dealt with as defined contribution plans and are charged as expenses as they fall due. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 16 - 4. SIGNIFICANT ACCOUNTING POLICIES - continued Taxation - continued The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax for the period Current and deferred tax are recognised as an expense or income in profit or loss, except when they relate to items credited or debited directly to equity, in which case the tax is also recognised directly in equity, or where they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in calculating goodwill or in determining the excess of the acquirer’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over cost. Property, plant and equipment Hotel properties are stated in the balance sheet at their revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequently accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from which would be determined using fair values at the balance sheet date. Any revaluation increase arising on the revaluation of the hotel properties is credited to the properties revaluation reserve, except to the extent that it reverses a revaluation decrease for the same asset previously recognised in profit or loss, in which case the increase is credited to profit or loss to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of the hotel properties is charged to profit or loss to the extent that it exceeds the balance, if any, held in the properties revaluation reserve relating to a previous revaluation of that asset. Depreciation on revalued buildings is charged to profit or loss. On the subsequent sale or retirement of a revalued property, the attributable revaluation surplus remaining in the properties revaluation reserve is transferred directly to retained earnings. No transfer is made from the revaluation reserve to retained earnings except when an asset is derecognised. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 17 - 4. SIGNIFICANT ACCOUNTING POLICIES - continued Property, plant and equipment - continued Properties in the course of construction for production, rental or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group’s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. Other items of property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged so as to write off the cost or valuation of assets, other than construction in progress and operational vehicles after take into account of residual value, over their estimated useful lives, using the straight-line method. Double residual degression method is applied on operational vehicles. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. Investment property Investment property, which is property held to earn rentals and/or for capital appreciation, is measured initially at its cost less accumulated depreciation and any identified impairment loss. Depreciation is charged so as to write off the cost of investment property over its estimated useful life, using the straight-line method. Prepaid operating rental Prepaid operating rental are initially measured at purchase cost and are amortised on a straight- line basis over the period of the relevant lease. Licenses for operational vehicles Licenses for operational vehicles, intangible assets with an indefinite useful life, are initially measured at purchase cost and are not amortised. (See the accounting policy in respect of impairment losses below). The useful life is reviewed each reporting period to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset. Impairment of tangible and intangible assets excluding goodwill At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 18 - 4. SIGNIFICANT ACCOUNTING POLICIES - continued Impairment of tangible and intangible assets excluding goodwill - continued Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises purchase cost and relevant taxes should be recognised as cost of inventories. Cost of inventories for vehicle operating is calculated using the weighted average cost method, cost of consumable is calculated using the moving weighted average cost method and others are using the first-in, first-out method. Net realisable value represents the estimated selling price for inventories less all cost of inventories and costs necessary to make the sale. Provision Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 19 - 4. SIGNIFICANT ACCOUNTING POLICIES - continued Government grants Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and the grants will be received. Government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred income in the balance sheet and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets. Other government grants are recognized as income over the periods necessary to match them with the costs for which they are intended to compensate, on a systematic basis. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable. Financial instruments Financial assets and financial liabilities are recognised on the consolidated balance sheet when a group entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Financial assets The Group’s financial assets are classified into loans and receivables, financial assets at fair value through profit or loss and available-for-sale financial assets. All regular way purchases or sales of financial assets are recognised and derecognized on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. The accounting policies adopted in respect of each category of financial assets are set out below. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables include amounts due from/to related companies and associates, loan receivables, trade and other receivables and bank balances. At each balance sheet date subsequent to initial recognition, loans and receivables are carried at amortised cost using the effective interest method, less any identified impairment losses. An impairment loss is recognised in profit or loss when there is objective evidence that the asset is impaired, and is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate. Impairment losses are reversed in subsequent periods when an increase in the asset’s recoverable amount can be related objectively to an event occurring after the impairment was recognised, subject to a restriction that the carrying amount of the asset at the date the impairment is reversed does not exceed what the amoritsed cost would have been had the impairment not been recognised. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 20 - 4. SIGNIFICANT ACCOUNTING POLICIES - continued Investments Available-for-sale (“AFS”) financial assets are non-derivatives that are either designated or not classified as any of the other categories (set out above). Listed shares and held by the Group that are traded in an active market are classified as being AFS and are stated at fair value. Gains and losses arising from changes in fair value are recognised directly in equity in the investments revaluation reserve with the exception of impairment losses, interest calculated using the effective interest rate method and foreign exchange gains and losses on monetary assets, which are recognised directly in profit or loss. Where the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously recognised in the investments revaluation reserve is included in profit or loss for the period. For AFS equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured, they are measured at cost less any identified impairment losses at each balance sheet date subsequent to initial recognition. An impairment loss is recognised in profit or loss when there is objective evidence that the asset is impaired. The amount of the impairment loss is measured as the difference between the carrying amount of the asset and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses will not reverse in profit or loss in subsequent periods. Investment held for trading are measured at subsequent reporting dates at fair value. Gains and losses arising from changes in fair value are included in profit or loss for the period. Dividends on AFS equity instruments are recognised in profit or loss when the Group’s right to receive payments is established. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and is subject to an insignificant risk of changes in value. Financial Liability and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The accounting policies adopted in respect of financial liabilities and equity investments are set out below. Financial liabilities Financial liabilities include trade payables, other payables, amounts due to related companies, dividend payable, interest bearing borrowings, and deferred government grant are initially measured at fair value and are subsequently measured at amortised cost using effective interest method. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 21 - 4. SIGNIFICANT ACCOUNTING POLICIES - continued The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Equity instruments Equity instruments issued by Company are recorded at the proceeds received, net of direct issue costs. Financial guarantee contract liabilities Financial guarantee contract liabilities are measured initially at their fair values and are subsequently measured at the higher of: • the amount of the obligation under the contract, as determined in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and • the amount initially recognised less, where appropriate, cumulative amortisation recognised in accordance with the revenue recognition policies set out above. 5. KEY SOURCES OF ESTIMATION UNCERTAINTY The following are the critical judgments, apart from those involving estimations (see below), that management has made in the process of applying the entity’s accounting policies, which are described in note 4, and that have the most significant effect on the amounts recognised in the financial statements. Termination benefits: The Group recognised termination benefits when the Group issued detailed formal plan but the employees have not accepted the offer of the termination benefits. In making its judgement, management considered the detailed guideline for the recognition of such costs set out in IAS19 Employee Benefits and IAS37 to determine if the communication of an offer to employees creates an obligation and that obligation should be recognised as a liability if there is a detailed formal plan. Following the detailed assessment, management has concluded that since the detailed formal plan both makes it probable that there will be an outflow of resources embodying economic benefits and also enables the obligation to be measured reliably. As a result, management has concluded that the termination benefits should be recognised when the Group issued detail formal plan and measured with discounting for not payable within one year. Estimated impairment of goodwill: Determining whether goodwill is impaired requires an estimation of the value in use of the cash- generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 22 - 5. KEY SOURCES OF ESTIMATION UNCERTAINTY - continued Impairment and reversals of impairment losses of AFS: The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise. In addition, the entity will assess at each balance sheet date whether there is any indication that the impairment loss recognised in prior years may no longer exist or may have decreased. The impairment loss recognised in a prior period for AFS may be reversed if , and only if, there has been a change in the estimates used to determine the recoverable amount of AFS since the last impairment loss was recognised. Estimated impairment of licenses for operational vehicles: Determining whether licenses for operational vehicles are impaired requires an estimation of the value in use of the cash-generating units to which licenses for operational vehicles have been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise. Useful lives of property, plant and equipment: As described in note 4, the Group reviews the estimated useful lives of property, plant and equipment at the end of each annual reporting period. 6. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES Capital risk management The Group manages its capital to ensure that entities will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Group consists of which includes cash and cash equivalents and equity attributable to equity holders of the parent, comprising share capital, reserves and retained earnings. The Group's management reviews the capital structure on a regular basis. As a part of this review, the management considers the cost and the risks associated with the capital. The Group will balance its overall capital structure through the payment of dividends as well as the issue of new debt or the redemption of existing debt. The Group's overall strategy remains unchanged from 2005. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 23 - 6. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES - continued Credit risk The Group’s principal financial assets are bank balances and cash, trade and other receivables and AFS investments. The credit risk on liquid funds is limited because the counterparties are approved banks and financial institutions in the PRC. The Group’s maximum exposure to credit risk in the event of the counterparties failure to perform their obligations as at December 31, 2006 in relation to each class of recognised financial assets is the carrying amount of those assets as stated in the consolidated balance sheet. The credit risk on bank balances is minimal because the counterparties are banks with high credit ratings. Liquidity risk In the management of the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Group’s operations and mitigate the effects of fluctuations in cash flows. The Group closely monitors its cash position from its operation and the directors consider that the Group has sufficient liquid assets generated from its operations and sufficient available undrawn long term and short term borrowing facilities to enable the Group to meet in full its financial obligations as they fall due for the foreseeable futures. Cash flow and fair value interest rate risk The Group’s income and operating cash flows are substantially independent of changes in market interest rates and the Group has no significant interest-bearing assets except for the cash and cash equivalents. The Group’s exposure to changes in interest rates is mainly attributable to its bank borrowings which issued at fixed rates expose the Group to fair value interest rate risk. The Group currently does not have an interest rate hedging policy as the management considered the Group did not exposed to significant fair value interest rate risk. The management will continue to monitor interest rate exposure and will consider hedging significant foreign currency exposure should the need arises. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 24 - 7. REVENUE An analysis of the Group’s revenue for the year (excluding investment revenue - see note 9) is as follows: 2006 2005 RMB'000 RMB'000 Freight service 1,292,363 2,082,657 Vehicle operating service 1,366,960 1,163,152 Hotel and related service 31,420 34,073 Cold storage and related service 16,925 - _________ ________ 2,707,668 3,279,882 Less: business tax 43,679 46,111 _________ ________ Net revenue 2,663,989 3,233,771 _________ ________ _________ ________ Business tax has been provided in accordance with the rates set out below: Source of income Tax rate Income of freight service after deducting service costs 5% Deemed vehicle operating service income 3% Hotel and related service income 5% Cold storage and related service 5% 8. BUSINESS AND GEOGRAPHICAL SEGMENTS Business segments For management purposes, the Group is currently organized into four operating divisions-freight service, vehicle operating service, hotel and related service and cold storage and related service. These divisions are the basis on which the Group reports its primary segment information. Principal activities are as follows: Freight service - Providing freight service Vehicle operating service - Providing taxi and car rental service Hotel and related service - Providing hotel accommodation, foods and shop service Cold storage and related service - Providing cold storage and related service SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 25 - 8. BUSINESS AND GEOGRAPHICAL SEGMENTS - continued Segment information about these businesses is presented below: Segment revenues External Sales Inter-segment Total 2006 2005 2006 2005 2006 2005 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 Freight service 1,286,824 2,074,301 - - 1,286,824 2,074,301 Vehicle operating service 1,330,894 1,127,116 815 902 1,331,709 1,128,018 Hotel and related service 29,826 32,354 - - 29,826 32,354 Cold storage and related service 16,445 - - - 16,445 - ________ _________ ______ ________ _________ _________ Total of all segments 2,663,989 3,233,771 815 902 2,664,804 3,234,673 Eliminations (815) (902) _________ _________ Consolidated revenue 2,663,989 3,233,771 _________ _________ _________ _________ Inter-segment sales are charged at amounts equal to competitive market prices for external sales of similar goods. Segment result 2006 2005 RMB'000 RMB'000 Freight service 22,103 143,664 Vehicle operating service 186,033 158,239 Hotel and related service 12,815 4,024 Cold storage and related service 1,467 - _________ ________ 222,418 305,927 Eliminations (815) (902) Unallocated expense 147,096 64,820 _________ ________ Profit before tax 368,699 369,845 Income tax expense 91,916 (42,209) _________ ________ Profit for the year 460,615 327,636 _________ ________ _________ ________ SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 26 - 8. BUSINESS AND GEOGRAPHICAL SEGMENTS - continued Segment assts and liabilities Assets Liabilities 2006 2005 2006 2005 RMB'000 RMB'000 RMB'000 RMB'000 Freight service 310,417 448,990 184,311 206,444 Vehicle operating service 2,386,661 1,849,415 482,291 414,797 Hotel and related service 115,577 131,077 89,384 24,420 Cold storage and related service 243,868 - 93,085 - _________ _________ _________ ________ Total of all segments 3,056,523 2,429,482 849,071 645,661 Unallocated 140,782 401,631 123,201 240,282 _________ _________ _________ ________ Consolidated 3,197,305 2,831,113 972,272 885,943 _________ _________ _________ ________ _________ _________ _________ ________ Other segment information Freight Vehicle operating Hotel and related Cold storage and service service service related Service 2006 2005 2006 2005 2006 2005 2006 2005 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Carrying amount of associates accounted for using the equity method 183,450 165,223 124,110 119,874 - - - - Share of net profit of associates 117,307 102,093 16,754 11,771 - - - - Acquisition of segment assets 3,034 7,021 372,844 436,683 1,876 540 19,796 - Impairment loss recognised in profit or loss 2,885 1,721 24 - 885 16,797 332 - Reversals of impairment losses recognised in profit or loss - 367 123 726 14,297 157 - - Depreciation and amortization of segment assets 3,748 8,106 256,246 273,879 6,237 4,472 2,439 - Write-down of inventories - - 1,196 574 239 - - - Gain (loss) on disposal of property, plant and equipment 3,056 255 23 15,028 419 (32) - - Significant other non-cash expense 3,291 4,231 4,981 8,424 89 56 - - ______ ______ _______ ______ ______ _____ ______ ______ ______ ______ _______ ______ ______ _____ ______ ______ GEOGRAPHICAL SEGMENTS The Group's principal business activities and operational assets are located in the PRC. Accordingly, no geographical segments information is presented. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 27 - 9. INVESTMENT REVENUE 2006 2005 RMB'000 RMB'000 Interest revenue Bank deposits 7,858 7601 Loan to associates 296 580 _________ ________ 8,154 8,181 _________ ________ Dividends income from equity securities 1,624 1,175 _________ ________ 9,778 9,356 _________ ________ _________ ________ Investment revenue earned on financial assets, analysed by category of asset, is as follows: 2006 2005 RMB'000 RMB'000 Loans and receivables 8,154 8,181 Available for sale investments 1,624 1,175 _________ ________ 9,778 9,356 _________ ________ _________ ________ 10. LOSS ON DEREGISTERING OF A SUBSIDIARY In view of the subsidiary incurred significant loss, the management deregistered the subsidiary and wrote all related acquisition costs. 11. FINANCE COSTS 2006 2005 RMB'000 RMB'000 Interest expenses on bank loans and discounted notes receivable 3,039 3,398 _________ ________ _________ ________ SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 28 - 12. INCOME TAX (CREDIT) EXPENSE 2006 2005 RMB'000 RMB'000 PRC income tax expense comprises: Current tax expense 30,209 57,949 _________ ________ Adjustments recognised in the current year in relation to the current tax of prior years (12,103) (4,800) _________ ________ Deferred tax income relating to the reversal of temporary differences (110,022) (10,940) _________ ________ (91,916) 42,209 _________ ________ _________ ________ Income tax is provided in accordance with the applicable income tax regulations and the profit determined in accordance with PRC accounting rules and regulations. The applicable income tax rate of the Company is 15% which is changed from 33% applied in previous years in accordance with document of 2005 annual tax filing. Taxation for subsidiaries and joint ventures is calculated at rates ranged from 0% to 33% applicable to respective entities. The total charge for the year can be reconciled to the accounting profit as follows: 2006 2005 RMB'000 RMB'000 Profit from operations 368,699 369,845 _________ ________ _________ ________ Income tax expense calculated at 15% (2005: 33%) 55,305 122,049 Effect of revenue that is exempt from taxation (52,276) (45,683) Effect of expenses that are not deductible in determining taxable profit 5,568 4,595 Effect on deferred tax balances due to the change in income tax rate from 33% to 15% (93,560) - Effect of different tax rates of subsidiaries operating in other jurisdictions 5,150 (33,952) _________ ________ (79,813) 47,009 Adjustments recognised in the current year in relation to the current tax of prior years (12,103) (4,800) _________ ________ Income tax expense recognised in profit or loss (91,916) 42,209 _________ ________ _________ ________ Current tax liabilities 2006 2005 RMB'000 RMB'000 Income tax payable 20,717 27,528 _________ ________ _________ ________ SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 29 - 12. INCOME TAX (CREDIT) EXPENSE - continued Deferred tax balance Deferred tax assets/(liabilities) arise from the following: Opening Changes in income Credited to Closing 2006 balance tax rate income balance RMB'000 RMB'000 RMB'000 RMB'000 Impairment of available-for-sale investment 5,940 - (4,938) 1,002 Property, plant & equipment 5,691 - 23,019 28,710 Revaluation on properties (171,792) 93,560 (588) (78,820) Inventories 39 - 147 186 Doubtful debts 392 - 210 602 Pre-operating expenses 744 - (693) 51 Fair value adjustment on available-for-sale investment - - (695) (695) ________ _______ _______ _______ (158,986) 93,560 16,462 (48,964) ________ _______ _______ _______ ________ _______ _______ _______ Opening Credited to Closing 2005 balance income balance RMB'000 RMB'000 RMB'000 Impairment of available-for-sale investment 398 5,542 5,940 Property, plant & equipment 3,479 2,212 5,691 Revaluation on properties (171,526) (266) (171,792) Inventories 40 (1) 39 Doubtful debts (4,122) 4,514 392 Pre-operating expenses 1,805 (1,061) 744 ________ _______ _______ (169,926) 10,940 (158,986) ________ _______ _______ ________ _______ _______ Deferred tax balances are presented in the balance sheet as follows: 2006 2005 RMB'000 RMB'000 Deferred tax assets 30,649 - Deferred tax liabilities (79,613) (158,986) _________ ________ (48,964) (158,986) _________ ________ _________ ________ The following deferred tax assets have not been recognised at the balance sheet date: 2006 2005 RMB'000 RMB'000 Tax losses – revenue 729 3 _________ ________ _________ ________ The unrecognised tax losses will expire in 2011. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 30 - 13. PROFIT FOR THE YEAR Profit for the year has been arrived at after charging (crediting): 2006 2005 RMB'000 RMB'000 Impairment losses on financial assets Impairment loss recognised on trade and other receivables (note 27) 3,255 473 Impairment loss (reversed) recognised on available-for-sale investments (13,549) 16,795 _________ ________ (10,294) 17,268 _________ ________ Depreciation and amortisation Depreciation of property, plant and equipment 267,131 285,978 Impairment of property, plant and equipment 357 - Depreciation of investment property 443 443 Amortisation of prepaid operating lease rental 739 36 _________ ________ Total depreciation and amortisation expense 268,670 286,457 _________ ________ Gain on disposal of property, plant and equipment 3,498 15,251 _________ ________ Government grants 6,704 5,622 _________ ________ Gain on disposal of available-for-sale investments 26,514 12,311 _________ ________ Gain on disposal of share of a subsidiary - 80,413 _________ ________ Employee benefits expense, including statutory pension of RMB59,451,000 (2005: RMB78,990,000) 276,805 334,439 _________ ________ _________ ________ Depreciation and amortization is charged to cost of sales by RMB256,685,000 (2005: RMB266,078,000) and administrative expenses by RMB11,985,000 (2005: RMB20,379,000). 14. PROPOSED DIVIDEND Pursuant to a resolution of board of directors dated 6 April 2007, the board of directors of the Company proposed to distribute cash dividend of RMB35 cents per share (2005: RMB30 cents), which is subject to the approval by shareholders at the first coming shareholders’ meeting. 15. EARNINGS PER SHARE The calculation of the earnings per share is based on the Group’s net profit for the year of 396,130,000 (2005: RMB264,130,000) and on 551,610,107 shares (2005: 551,610,107 shares) in issue throughout the year. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 31 - 16. PROPERTY, PLANT AND EQUIPMENT Hotel Leasehold Operational Plant and Other Construction- properties improvements vehicles machinery assets in-progress Total RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 COST OR VALUATION At 1 January 2005 79,112 2,400 761,779 80,208 40,313 16,890 980,702 Reclassification (2,780) - - 455 2,325 - - Additions - - 27,457 19,961 13,202 371,184 431,804 Transfer upon completion - - 318,051 20,998 6,206 (345,255) - Disposals - - (36,604) (17,253) (5,564) - (59,421) Upon disposal of a subsidiary - - - (12,974) (18,554) (112) (31,640) __________ _________ _________ _________ _________ _________ _________ At 1 January 2006 76,332 2,400 1,070,683 91,395 37,928 42,707 1,321,445 Acquisition of subsidiaries (note 37) - - - 82,423 4,930 2,415 89,768 Acquisition of joint ventures - - 5,705 30,528 4,188 - 40,421 Additions 148 - 59,851 11,383 5,149 300,965 377,496 Transfer upon completion 1,382 - 284,053 1,008 749 (287,192) - Transfer out (note) - - - - - (40,000) (40,000) Disposals (8,028) - (92,372) (14,827) (4,909) - (120,136) __________ _________ _________ _________ _________ _________ _________ At 31 December 2006 69,834 2,400 1,327,920 201,910 48,035 18,895 1,668,994 __________ _________ _________ _________ _________ _________ _________ Comprising: At cost - 2,400 1,327,920 201,910 48,035 18,895 1,599,160 At valuation 69,834 - - - - - 69,834 __________ _________ _________ _________ _________ _________ _________ 69,834 2,400 1,327,920 201,910 48,035 18,895 1,668,994 __________ _________ _________ _________ _________ _________ _________ DEPRECIATION AND IMPAIRMENT At 1 January 2005 8,162 2,105 78,933 36,227 4,411 - 129,838 Reclassification (72) - - 74 (2) - - Provided for the year 3,458 197 260,902 2,352 19,069 - 285,978 Eliminated on disposals - - (20,401) (14,799) (4,691) - (39,891) Eliminated upon disposal of a subsidiary - - - (593) (5,260) - (5,853) __________ _________ _________ _________ _________ _________ _________ At 1 January 2006 11,548 2,302 319,434 23,261 13,527 - 370,072 Provided for the year 2,663 98 245,559 11,505 7,663 - 267,488 Eliminated on disposals (3,223) - (48,058) (4,298) (2,327) - (57,906) __________ _________ _________ _________ _________ _________ _________ At 31 December 2006 10,988 2,400 516,935 30,468 18,863 - 579,654 __________ _________ _________ _________ _________ _________ _________ CARRYING AMOUNT At 31 December 2006 58,846 - 810,985 171,442 29,172 18,895 1,089,340 __________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ At 31 December 2005 64,784 98 751,249 68,134 24,401 42,707 951,373 __________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ Note: As relevant acquisition scheme was cancelled, the prepayment is returned back accordingly in current year. The following useful lives are used in the calculation of depreciation: Hotel property 8 years Leasehold improvements the shorter of lease period and benefit period Operational vehicles 5-8 years Plant and machinery 5-20 years Other assets 2-10 years The Group’s hotel property as at 31 December 2006 situated at 116, Meng Zi Road, Shanghai. The land use rights will expire on 26 April 2047. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 32 - 16. PROPERTY, PLANT AND EQUIPMENT - continued At 31 December 2006, there is no capitalized interest included in construction-in-progress (2005: Nil). The closing balance included the property and building of net value RMB28,936,000 (2005: RMB4,915,000) which has no property right certificate mainly due to the property is located on the land leased from Jin Jiang International (Group) Co., Ltd. 17. INVESTMENT PROPERTY RMB'000 COST At 1 January 2005, 1 January 2006 and 31 December 2006 24,591 ________ DEPRECIATION At 1 January 2005 1,324 Provided for the year 443 ________ At 31 December 2005 1,767 Provided for the year 443 ________ At 31 December 2006 2,210 ________ CARRYING AMOUNT At 31 December 2006 22,381 ________ ________ At 31 December 2005 22,824 ________ ________ The investment property is situated at 841 Yan An Middle Road, Shanghai. The relevant land use rights will expire on 2 May 2043. The investment property is depreciated over 40 years. In the opinion of the directors, the carrying amount of the investment property approximates to their fair value. The property rental income earned by the Group from its investment property, all of which is leased out under operating leases, amounted to RMB2,097,000 (2005: RMB2,067,000). Direct operating expenses related to the investment property amounted to RMB443,000 (2005: RMB443,000) for the year. 18. LICENSES FOR OPERATIONAL VEHICLES 2006 2005 RMB'000 RMB'000 COST Balance at beginning of year 609,156 596,716 Additions - 12,440 ________ ________ Balance at end of year 609,156 609,156 ________ ________ ________ ________ SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 33 - 18. LICENSES FOR OPERATIONAL VEHICLES - continued The Group tests licenses for operational vehicles associated with the Group's vehicle operations annually for impairment, or more frequently if there are indications that licenses for operational vehicles might be impaired. Licenses for operational vehicles have been allocated to cash-generating unit (CGU) of vehicles operating services for impairment testing purpose. The recoverable amounts of the CGU are determined from value in use calculations. That calculation uses cash flow projected as based on financial budgets approved by management covering a four year period, and market rate for discount. The key assumptions for the value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. Management estimates discount rates using pre- tax rates that reflect current market assessments of the time value of money and the risks specific to the CGU. The growth rates are base on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. Management believes that any reasonably possible further change in the key assumptions on which recoverable amount is based would not cause the vehicles operating services carrying amount to exceed its recoverable amounts. 19. GOODWILL RMB'000 COST At 1 January 2005 and 1 January 2006 699 Additions 14,119 Written of on deregistering of a subsidiary (note 10) (14,119) ________ At 31 December 2006 699 ________ ________ Goodwill acquired in a business combination has been allocated to the cash-generating unit (CGU) of vehicle operating service that are expected to benefit from that business combination. The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amounts of the CGU are determined from value in use calculations. That calculation uses cash flow projected as based on financial budgets approved by management covering a four year period, and market rate for discount. The key assumptions for the value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. Management estimates discount rates using pre- tax rates that reflect current market assessments of the time value of money and the risks specific to the CGU. The growth rates are base on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. Management believes that any reasonably possible further change in the key assumptions on which recoverable amount is based would not cause the goodwill carrying amount to exceed its recoverable amounts. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 34 - 20. PREPAID OPERATING LEASE RENTAL RMB'000 COST At 1 January 2005 and 1 January 2006 1,378 Additions 20,054 Acquisition of subsidiaries 92,955 Acquisition of joint ventures 42,846 ________ At 31 December 2006 157,233 ________ AMORTISATION At 1 January 2005 273 Provided for the year 36 ________ At 31 December 2005 309 Provided for the year 739 ________ At 31 December 2006 1,048 ________ CARRYING AMOUNT At 31 December 2006 156,185 ________ ________ At 31 December 2005 1,069 ________ ________ Within the carrying amount at 31 December 2006, RMB153,041,000 (2005: RMB1,033,000) to be amortised over one year is shown as non-current assets, RMB3,144,000 (2005: RMB36,000) to be amortised within one year is shown as current assets. Prepaid operating lease rental is amortised on a straight-line basis over the relevant lease period, which is on average 38 years. The remaining amortization period of these land use rights ranged from 28 years to 50 years. 21. SUBSIDIARIES Details of the Company’s subsidiaries at 31 December 2006 are as follows: Proportion of Proportion of Name of subsidiaries ownership interest voting power held Principal activities Shanghai Jin Jiang Automobile Service Co., Ltd. 95% 95% Taxi service Shanghai Major New Jin Jiang Clothes Washing and Making Co., Ltd. 75% 75% Laundry Shanghai Pudong Friendship Automobile Service Co., Ltd. 87.83% 87.83% Bus service Shanghai Jin Jiang Automobile Leasing Co., Ltd. 100% 100% Car rental Shanghai Zhongyoujinyou Oil Products Management Co., Ltd. 76% 76% Gas and oil development service Shanghai Jinjia Automobile Trading Co., Ltd. 95.05% 100% Car trading Shanghai Jiading Jin Jiang Automobile Service Co., Ltd. 70% 70% Taxi service SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 35 - 21. SUBSIDIARIES - continued Proportion of Proportion of Name of subsidiaries ownership interest voting power held Principal activities Shanghai Jin Jiang Public Traffic Co., Ltd. 93.92% 100% City bus service Shanghai Shanglu Investment Consulting Co., Ltd. 100% 100% Investment and management service Shanghai Pacific Passenger Transport Service Co., Ltd. 100% 100% City bus service Shanghai Jin Jiang High-speed Passenger Transport Co., Ltd. 100% 100% City bus service Shanghai Jin Jiang Shanglu Automobile Service Co., Ltd. 50% 70% Bus rental Shanghai Jin Jiang Toyota Automobile Sales Service Co., Ltd. 70% 70% Car trading Shanghai JHJ Logistics Management Co., Ltd. 65% 65% Logistics Shanghai Jinzhen Electronics Technology Co., Ltd. 100% 100% Electronic development Shanghai Colorful Day Advertising Co., Ltd. 80% 80% Advertisement Shanghai Toyota Service Co., Ltd. 100% 100% Automobile service Shanghai Zhenxing Taxi Management Co., Ltd. 100% 100% Taxi Service Shanghai Jinyue Automobile Consulting Co., Ltd. 50% 100% Automobile service Shanghai Wanguo Automobile Maintainance Co., Ltd. 60% 60% Automobile service Shanghai Jin Jiang International Refrigerated 100% 100% Refrigerated storage and Logistics Development Co., Ltd. shipment service Shanghai Wujing Refrigerated 100% 100% Refrigerated storage and Warehouse Co., Ltd. shipment service Shanghai Wusong Logistics Refrigerated Logistics Co., Ltd. 100% 100% Refrigerated shipment service Shanghai Shanghai Food Co., Ltd. 95% 95% Manufacturing and sales of seafood and other related food Shanghai Rileng Food Co., Ltd. 50% 100% Manufacturing and sales of refrigerated food Shanghai Nanpu Bridge Food Wholesale Market Management Co., Ltd. 95% 95% Market management service All the subsidiaries of the Company are registered and operated in the PRC. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 36 - 22. INTERESTS IN ASSOCIATES 2006 2005 RMB'000 RMB'000 Cost of investment in associates 166,100 78,380 Transfer from available-for-sale investments (note) - 146,381 Additions from acquisition of subsidiaries (note 37) 474 - Purchase of investment in associate - 25,550 Establishment of an associate 3,013 - Share of post-acquisition profits 253,058 118,997 Dividends received from investments in associates (115,085) (84,211) _________ ________ 307,560 285,097 _________ ________ _________ ________ Note: Due to the restructuring in the transportation service, the Group transferred its 20% shares in Shanghai Pudong International Cargo Transport Terminal Co., Ltd. from Shanghai JHJ International Transportation Co., Ltd. to Shanghai JHJ Logistic Management Co. Ltd. in January 2005. Subsequent to the transfer, Shanghai JHJ Logistic Management Co., Ltd. took series of measures to implement significant influence on Shanghai Pudong International Cargo Transport Terminal Co., Ltd. and Shanghai Pudong International Cargo Transport Terminal Co., Ltd. is considered as the associate of the Group from the date when the Group is considered to have significant influence. The increase in net assets from the date of acquisition till the date when significant influence was obtained is credited to revaluation reserve. Details of the Group’s associates at 31 December 2006 are as follows: Proportion Proportion of ownership of voting Name of associates interest power held Principal activities Shanghai Jin Jiang Jiayou Automobile Service Co., Ltd. 50% 50% Taxi service Shanghai Jin Jiang Sheshan Automobile Service Co., Ltd. 50% 50% Taxi service Shanghai Petrol China Changle Road Gas Station Co., Ltd. 50% 50% Gas station Shanghai Yongda Fengdu Automobile Distribution and Service Co., Ltd. 40% 40% Car trading Shanghai Yongda Secondhand Motor Vehicle Management Co., Ltd. 30% 30% Car trading Shanghai Jin Jiang Automobile Distribution and Service Co., Ltd. 30% 30% Car trading Shanghai Jin Jiang Passenger Transport Co., Ltd. 30% 30% Bus service Shanghai Pudong International Airport Cargo Terminal Co., Ltd. 20% 20% Logistic Jiangshu Nanjing Passenger Transport Co., Ltd. 23% 23% Bus service Shilian Jin Jiang Logistics Co., Ltd. 25% 25% Logistic All the associates are registered and operated in PRC. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 37 - 22. INTERESTS IN ASSOCIATES - continued Summarised financial information in respect of the Group’s associates is set out below: 2006 2005 RMB'000 RMB'000 Total assets 2,048,550 2,232,848 Total liabilities (772,936) (1,387,854) Minority Interest (80,902) (43,864) _________ ________ Net assets 1,194,712 801,130 _________ ________ Group’s share of associates’ net assets 307,560 285,097 _________ ________ _________ ________ Revenue 2,129,454 1,751,322 _________ ________ _________ ________ Profit for the year 662,784 677,369 _________ ________ _________ ________ Group’s share of associate's profit for the year 134,061 113,864 _________ ________ _________ ________ 23. JOINT VENTURES The Company is entitled to 49.5% percent equity shareholding with 50% voting power in, Shanghai Dazhong New Asia Taxi Co., Ltd., a joint venture established in Shanghai. Other than this, the Group has following jointly controlled entities: Proportion Proportion of ownership of voting Name of jointly controlled entities interest power held Principal activities Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd. 50% 50% Car leasing and repair Shanghai Jinmao Automobile Leasing Co., Ltd. 50% 50% Car leasing and repair Suzhou Jinmao Jin Jiang Overseas 50% 50% Car leasing and repair Traveling Automobile Co., Ltd. Shanghai Zhendong Automobile Service Co., Ltd. 50% 50% Passenger car leasing Shanghai Zhenli Automobile Repair Plant 50% 50% Car repair and sales of car accessories JHJ International Transportation Co., Ltd. 50% 50% Freight service surrogate Shanghai Yaohua Taxi Co., Ltd. 50% 50% Taxi service Shanghai Jinmao Automobile Distribution and Service Co., Ltd. 50% 50% Car trading Wangguo Automobile Driver Training Center 50% 50% Driver training Shanghai Nissan Automobile Repair Center 50% 50% Car leasing and repair Shanghai Automobile Driver Training Center 33.33% 33.33% Driver training All the jointly controlled entities are registered and operated in Shanghai, the PRC. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 38 - 23. JOINT VENTURES - continued The following amounts are included in the Group's financial statements as a result of the proportionate consolidation of all jointly controlled entities: 2006 2005 RMB'000 RMB'000 Current assets 337,412 161,790 _________ ________ _________ ________ Non-current assets 271,955 169,420 _________ ________ _________ ________ Current liabilities 274,902 156,650 _________ ________ _________ ________ 2006 2005 RMB'000 RMB'000 Income 1,458,206 2,307,537 _________ ________ _________ ________ Expense 113,351 135,851 _________ ________ _________ ________ 24. AVAILABLE-FOR-SALE INVESTMENTS 2005 Unlisted legal Unlisted person shares investments Total RMB'000 RMB'000 RMB'000 At 1 January 2005 14,139 235,670 249,809 Transfer to interests in associates - (79,984) (79,984) Additions - 4,490 4,490 Disposals - (41,461) (41,461) Transfer-out upon disposal of subsidiary - (3,377) (3,377) Impairment loss recognised - (16,795) (16,795) _______ _______ _______ At 31 December 2005 14,139 98,543 112,682 _______ _______ _______ _______ _______ _______ 2006 Unlisted legal Unlisted Listed shares person shares investments Total RMB'000 RMB'000 RMB'000 RMB'000 At 1 January 2006 - 14,139 98,543 112,682 Additions - - 898 898 Additions through acquisition of subsidiaries (note 37) 1,129 1,046 - 2,175 Additions through acquisition of joint ventures - 1,376 - 1,376 Transfer 770 (770) - - Disposals - - (8,422) (8,422) Impairment loss recognised - - (746) (746) Impairment loss reversed (note) - - 14,295 14,295 Gains arising from changes in fair value 4,642 - - 4,642 _______ _______ _______ _______ At 31 December 2006 6,541 15,791 104,568 126,900 _______ _______ _______ _______ _______ _______ _______ _______ SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 39 - 24. AVAILABLE-FOR-SALE INVESTMENTS - continued Note: With the positive changes in the market, the financial performance of the AFS was significantly improved in the year of 2006 which is the indication that an impairment loss recognised in prior year should be reversed as there has been a change in the estimates used to determine the recoverable amount of the AFS since the last impairment loss was recognised. In the opinion of the directors, the above unlisted investments and unlisted legal person shares represent investments in unlisted equity securities issued by entities incorporated in the PRC. They are measured at cost less impairment at each balance sheet date because the range of reasonable fair value estimates is so significant that the directors of the Group are of the opinion that their fair values cannot be measured reliably. 25. LOAN RECEIVABLE FROM AN ASSOCIATE 2006 2005 RMB'000 RMB'000 Non-interest bearing loan receivables (note) 25,384 29,615 Less: Loans receivable – due within 1 year (4,231) (4,231) _________ ________ Loan receivable – due after 1 year 21,153 25,384 _________ ________ _________ ________ Note: The loan, which is non-interest bearing and repayable in 12 equal annual repayments, was initially granted to Shanghai Pudong International Airport Cargo Terminal Co., Ltd. at the time when the Company’s subsidiary acquired its 20% equity interest in Shanghai Pudong International Airport Cargo Terminal Co., Ltd. The directors consider that the carrying amounts of the loans receivable approximate to their fair values. 26. INVENTORIES 2006 2005 RMB'000 RMB'000 Goods for sale 14,941 20,580 Food and beverages 7,541 82 Consumables 12,104 7,554 ________ ________ 34,586 28,216 ________ ________ ________ ________ Included above are consumables of RMB3,856,000 (2005: RMB458,000) carried at net realisable value. The cost of inventories recognised as an expense during the year was RMB24,360,000 (2005: RMB28,704,000) SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 40 - 26. INVENTORIES - continued The cost of inventories recognised as an expense includes RMB1,435,000 (2005: RMB577,000) in respect of write-down of inventory to net realisable value, and has been reduced by Nil (2005: RMB3,000) in respect of the reversal of such write-downs. Previous write-down have been reversed as a result of increased sales prices in certain markets. 27. OTHER FINANCIAL ASSETS Trade and other receivables 2006 2005 RMB'000 RMB'000 Trade receivables 219,340 175,916 Other receivables 53,511 55,750 Prepayments 35,789 23,165 Prepaid expenses 2,272 3,219 Allowance for doubtful debts (5,867) (2,612) ________ ________ 305,045 255,438 ________ ________ ________ ________ The average credit period taken on sales of goods and service ranges from 0 to 180 days. An allowance has been made for estimated irrecoverable amounts from the sales of goods and provision of service of RMB5,782,000 (2005: RMB2,520,000). This allowance has been determined by reference to past default experience. The directors consider that the carrying amount of trade and other receivables approximates to their fair value. Movement in the allowance for doubtful debts 2006 2005 RMB'000 RMB'000 Balance at beginning of the year 2,612 4,899 Transfer-out upon restructuring - (2,565) Amounts written off during the year - (195) Amounts recovered during the year (125) (1,134) Increase in allowance recognised in profit or loss 3,380 1,607 ________ ________ Balance at end of the year 5,867 2,612 ________ ________ ________ ________ In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivables from the date credit was initially granted up to the reporting date. The concentration of credit risk is limited due to the customer base being large and unrelated. Accordingly, the directors believe that there is no further credit provision required in excess of the allowance for doubtful debts. Bank balances and cash comprise cash held by the Group and short-term deposits with an original maturity of three months or less. The carrying amount of these assets approximate to their fair value. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 41 - 28. RESTRICTED CASH The balance represents consideration received from purchase of the Group 34% equity interest in Shanghai DFDS International Transportation Co., Ltd., the restrictions have been released upon completion of the transfer of the legal title of the shares. 29. SHARE CAPITAL 2005 Transfer 2006 _________ _________ _________ Shares'000 Shares'000 Shares'000 A shares of RMB1 each 41,818 14,636 56,454 B shares of RMB1 each 161,050 - 161,050 Unlisted shares of RMB1 each 348,742 (348,742) - Forbidden A shares of RMB1 each - 334,106 334,106 _________ _________ _________ 551,610 - 551,610 _________ _________ _________ _________ _________ _________ All the shares rank pari passu with each other in all aspects. Both A shares and B shares are listed on the Shanghai Securities Exchange. According to the reform scheme of shares announced on February 8, 2006, every 3.5 unlisted shares was allocated to 10 A shares as the condition for the trade of unlisted shares. There is no change of share capital during the year from 1 January 2005 to 31 December 2005. 30. RESERVES Statutory surplus reserve and statutory public welfare fund, which consist of appropriations from the profit after taxation, form part of shareholders’ equity. Statutory surplus reserve / Discretionary surplus reserve In accordance with the PRC Company Law and the Company’s Articles of Association, the Company is required to appropriate 10% of its profit after taxation as reported in its PRC statutory financial statements to the statutory surplus reserve. Allocation to a discretionary surplus reserve is decided by the shareholders in general meeting. The appropriation to statutory surplus reserve may cease to apply if the balance of the statutory surplus reserve has reached an amount equal to 50% of the Company’s registered capital. Surplus reserves can be used to offset prior years’ accumulated losses, to expand the Company’s operations or for conversion into share capital. The Company may, upon the approval by a resolution at the shareholders’ general meeting, convert its surplus reserves into share capital and issue new shares to existing shareholders in proportion to their original shareholdings or increase the nominal value of each share. When converting the Company’s statutory surplus reserves into share capital, the amount of such reserves remaining unconverted must not be less than 25% of the registered capital. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 42 - 30. RESERVES - continued Statutory public welfare fund In accordance with relevant PRC Company laws and regulations and the Company’s Articles of Association, the Company is required to appropriate 5% to 10% of the profit after tax as reported in its statutory financial statements prepared under the PRC GAAP to the statutory public welfare reserve before 1 January 2006. The statutory public welfare reserve should only apply to collective welfare of staff and workers and welfare facilities remain as a property of the Group. There is no utilisation during the financial year of 2005. From 1 January 2006, the Company no longer makes appropriations to statutory public welfare reserve, the opening balance of which is transferred to statutory surplus reserve. Profits available for distribution The profit of the Company available for appropriations prepared under IFRS will be the lesser of the amounts reported in its financial statements prepared under PRC accounting standards and regulations or under International Financial Reporting Standards. The retained profits available for distribution at 31 December 2006, based on the PRC statutory financial statements, amounted to approximately RMB298,700,000 (2005: RMB241,893,000). 31. OTHER LONG-TERM LIABILITIES 2006 2005 RMB'000 RMB'000 Deferred government grant 28,793 - _________ ________ _________ ________ The Group received compensation from local government for removal of an office. The remaining balance will be used for the expenditure associated with the removal. 32. BANK BORROWINGS 2006 2005 RMB'000 RMB'000 Guaranteed loan 4,250 11,000 Credit loan 43,000 40,076 _________ ________ 47,250 51,076 _________ ________ _________ ________ All the above borrowings are repayable on demand or within one year. Guaranteed loan is guaranteed by China Jinmao Group Co., Ltd. Loans repayable within one year bear interest ranging from the rate of 5.02% to 5.51% (2005: 5.02% to 5.49%). SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 43 - 32. BANK BORROWINGS - continued The carrying amounts of the borrowings approximate to their fair values as the applicable interest rates approximate to the market rates. 33. TRADE AND OTHER PAYABLES 2006 2005 RMB'000 RMB'000 Trade payable 185,450 159,655 _________ ________ _________ ________ Advances from customers 82,193 83,278 Payroll payable 3,719 1,343 Welfare payables 58,512 43,979 Other payables 298,695 267,913 _________ ________ Accrued charges and other payables 443,119 396,513 _________ ________ _________ ________ Trade and accrued charges and other payables comprise amounts outstanding for trade purchases and ongoing costs. The directors consider that the carrying amounts of trade and other payables approximate to their fair values. 34. PROVISIONS 2006 2005 RMB'000 RMB'000 Current termination benefits 7,287 9,114 _________ ________ _________ ________ Balance at 1 January 9,114 21,461 Payments during the year (1,827) (12,347) _________ ________ Balance at 31 December 7,287 9,114 _________ ________ _________ ________ The provision for termination benefits represents the present value of the directors’ best estimate at the cost of termination benefits. 35. DEPOSITS RECEIVED The balance represents the deposits from taxi drivers for their leasing of vehicles with no fixed repayment term. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 44 - 36. RELATED PARTY TRANSACTIONS The Group operates in an economic environment currently predominated by entities directly or indirectly owned or controlled by the PRC government (“state-controlled entities”). In addition, the Group itself is part of a larger group of companies under Jin Jiang International (Group) Co., Ltd. (together with its subsidiaries other than the Group referred as “Jin Jiang International Group”), which are controlled by the PRC government. Apart from the transactions with Jin Jiang International Group and associates of the Group, the Group also conducts business with other state-controlled entities. The directors consider those state-controlled entities are independent third parties so far as the Group’s business transactions with them are concerned. Accordingly, no further disclosure presented. Transactions between the Company and its subsidiaries, which are related parties of the Company, has been eliminated on consolidation and are not disclosed in this note. Other than guarantees disclosed in note 41, details of transactions between the Group and Jin Jiang International Group and joint venture and associates of the Group are disclosed below. (a) During the year, the Group had the following significant transactions with its major shareholder, Jin Jiang International Group and its associates of the Group: 2006 2005 RMB'000 RMB'000 Income earned from Jin Jiang International Group: Transportation revenue 11,022 13,126 Hotel and other related revenue 2,685 3,307 Income earned from associates of the Group: Operational vehicle revenue: - Shanghai Jin Jiang Sheshan Automobile Service Co., Ltd. - 19 Other income: - Shanghai Jin Jiang Passager Transport Co., Ltd. 132 516 - Shanghai Yongda Fengdu Automobile Distribution and Service Co., Ltd. 52 121 - Shanghai Jin Jiang Automobile Distribution and Service Co., Ltd. 164 - _________ ________ 14,055 17,089 _________ ________ _________ ________ Purchase of goods from Jin Jiang International Group: 852 884 Purchase of goods from associates of the Group: - Shanghai Petrol China Changle Road Gas Station Co., Ltd. 4,814 3,971 _________ ________ 5,666 4,855 _________ ________ _________ ________ Purchase of software from Jin Jiang International Group 35 - _________ ________ _________ ________ SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 45 - 36. RELATED PARTY TRANSACTIONS - continued (a) During the year, the Group had the following significant transactions with its major shareholder, Jin Jiang International Group and its associates and associates of the Group: - continued 2006 2005 RMB'000 RMB'000 Purchase of property, plant and equipment from Jin Jiang International Group: - 5,440 Purchase of property, plant and equipment from an associate of the Group: Shanghai Jin Jiang Automobile Distribution and Service Co., Ltd. 148,516 99,600 _________ ________ 148,516 105,040 _________ ________ _________ ________ Sales of property, plant and equipment from an associate of the Group: - Shanghai Jin Jiang Automobile Distribution and Service Co., Ltd. 3,282 - - Shanghai Yongda Secondhand Motor Vehicle Management Co., Ltd. 6,631 26,638 _________ ________ 9,913 26,638 _________ ________ _________ ________ Expenses should be paid to Jin Jiang International Group: Rental 4,374 3,900 Management fee 473 543 Utility charges - 235 _________ ________ 4,847 4,678 _________ ________ _________ ________ Management fee was charged by Jin Jiang International Group and its subsidiary at a rate of 2% of revenue and 3% of profit from hotel operations, for service provided to the Group including general administration, marketing and procurement of goods. Other transactions were carried out in the ordinary course of business and the price was determined by reference to the Company’s usual scale charges or on the basis of directors’ estimation of market price. (b) The Group acquired subsidiaries from Jin Jiang International (Group) and its subsidiary Shanghai Food (Group) Co., Ltd. during the year. For detail information, please refer to note 37. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 46 - 36. RELATED PARTY TRANSACTIONS - continued (c) At the balance sheet date, the Group had the following balances with its major shareholder, Jin Jiang International Group and the joint ventures and associates of the Group: 2006 2005 RMB'000 RMB'000 Loan receivable from an associate Shanghai Pudong International Airport Cargo Terminal Co., Ltd. 25,384 29,615 _________ ________ _________ ________ Dividend receivable Joint venture - JHJ - 30,891 Shanghai Jin Jiang Passenger Transport Co., Ltd. 2,943 - Shanghai Yongda Secondhand Motor Vehicle Management Co., Ltd. 620 - _________ ________ 3,563 30,891 _________ ________ _________ ________ Amounts due from related companies Jin Jiang International Group 2,583 2,249 _________ ________ _________ ________ Amounts due from associates Shanghai Jin Jiang Passenger Transport Co., Ltd. 1,353 1,240 Shanghai Pudong International Airport Cargo Terminal Co., Ltd. - 248 _________ ________ 1,353 1,488 _________ ________ _________ ________ Loans to associates Shanghai Jin Jiang Automobile Distribution and Service Co., Ltd. 8,000 13,335 Shanghai Jin Jiang Passenger Transport Co., Ltd. 321 9,488 _________ ________ 8,321 22,823 _________ ________ _________ ________ Amounts due to related companies Jin Jiang International Group 40,888 - _________ ________ _________ ________ Borrowings from related companies Jin Jiang International Group 18,185 - _________ ________ _________ ________ Amounts due to associates Shanghai Jin Jiang Automobile Distribution and Service Co., Ltd. 742 455 Shanghai Yongda Fengdu Automobile Distribution and Service Co., Ltd. 3,651 - _________ ________ . 4,393 455 _________ ________ _________ ________ Amounts due from/to related companies are unsecured, interest free and with no fixed repayment terms except for loans to associates which are charged at interest rate of 5.02% per annum. Interest income recognized during the year amounted to RMB296,000 (2005: RMB580,000) at market rates of 5.02% (2005: 5.02%). SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 47 - 36. RELATED PARTY TRANSACTIONS - continued (d) Directors and executives remuneration. Remuneration paid to directors and other members of key management during the year was set as below: 2006 2005 RMB'000 RMB'000 Short-term employee benefits 2,469 2,450 Statutory pension contribution 51 51 _________ ________ 2,520 2,501 _________ ________ _________ ________ 37. ACQUISITION OF SUBSIDIARIES Date of Proportion of Cost of Entities acquired Principal activity acquisition shares acquired acquisition RMB'000 Subsidiaries Shanghai Shanghai Food Co., Ltd. Cold storage and related service 2006/10/31 95% 30,770 Shanghai Wujing Refrigerated Warehouse Co., Ltd. Cold storage and related service 2006/10/31 100% 96,400 Shanghai Wusong Luoji Refrigerated Logistics Co., Ltd. Cold storage and related service 2006/10/31 100% 8,250 Shanghai Wanguo Automobile Maintainance Co., Ltd. Vehicle operation 2006/06/30 60% 6,903 Shanghai Meridian IQ International Transportation Co., Ltd. Freight service 2006/07/31 100% 16,810 __________ 159,133 __________ __________ SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 48 - 37. ACQUISITION OF SUBSIDIARIES - continued Fair value Book value adjustment Fair value RMB'000 RMB'000 RMB'000 Non-current assets: Available-for-sale investments 1,356 819 2,175 Interests in associates 474 - 474 Property, plant and equipment 89,768 - 89,768 Prepaid operating lease rental 75,455 17,500 92,955 ________ _______ _______ 167,053 18,319 185,372 Current assets: Bank balances and cash 37,616 - 37,616 Trade and other receivables 32,218 - 32,218 Amounts due from related companies 25,865 - 25,865 Inventories 6,746 - 6,746 ________ _______ _______ 102,445 - 102,445 Current liabilities: Trade payables (51,371) - (51,371) Amounts due to related companies (67,112) - (67,112) Accrued charges and other payables (2,657) - (2,657) ________ _______ _______ (121,140) - (121,140) Minority interests (19,409) (2,254) (21,663) ________ _______ _______ 128,949 16,065 145,014 ________ _______ ________ _______ Goodwill arising from acquisition of a subsidiary 14,119 _______ 159,133 _______ _______ Had these business combinations been effected at 1 January 2006, the revenue of the Group would be RMB2,696,439,000 and net profit RMB459,881,000. The directors of the Group consider these ‘pro-forma’ numbers to represent an approximate measure of the performance of the combined group on an annualised basis and to provide a reference point for comparison in future periods. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 49 - 37. ACQUISITION OF SUBSIDIARIES - continued Net cash outflow on acquisition of subsidiaries 2006 RMB'000 Cash consideration 159,133 Less: Cash and cash equivalents acquired 37,616 ________ Total purchase consideration paid in cash 121,517 ________ ________ 38. MAJOR NON-CASH TRANSACTIONS During the 2006 financial year, the Group has following non cash transactions: 1) Disposed of property, plant and equipment with RMB5,596,000 and net with deferred government grants disclosed in note 31. 2) Sales proceed on property, plant and equipment with an amount of RMB3,227,000 has been received in last year. 3) Sales proceed on available-for-sale investment with an amount of RMB14,859,000 has been received in last year. 4) Unsettled payable of RMB689,000 for the acquisition of property, plant and equipment. 39. OPERATING LEASE ARRANGEMENTS The Group as lessee 2006 2005 RMB'000 RMB'000 Minimum lease payments under operating lease recognised as an expense in the year 55,327 28,839 _________ ________ _________ ________ At the balance sheet date, the Group had outstanding commitments under non-cancelable operating leases, which fall due as follows: 2006 2005 RMB'000 RMB'000 Within one year 25,945 27,614 In the second to fifth year inclusive 49,997 56,641 _________ ________ 75,942 84,255 _________ ________ _________ ________ Operating lease payments represents rental payable by the Group for certain of its office premises. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. - 50 - 39. OPERATING LEASE ARRANGEMENTS - continued The Group as lessor Property rental income earned during the year was RMB10,948,000 (2005: RMB6,431,000). All of the properties held have committed tenants for the next one year. At the balance sheet date, the Group has contracted with tenants for the following future minimum lease payments: 2006 2005 RMB'000 RMB'000 Within one year 2,119 2,917 In the second to fifth year inclusive 132 - _________ ________ 2,251 2,917 _________ ________ _________ ________ 40. COMMITMENTS Capital commitments 2006 2005 RMB'000 RMB'000 Commitments for the acquisition of property, plant and equipment 682 11,200 _________ ________ _________ ________ 41. CONTINGENT LIABILITIES The Company’s subsidiary Shanghai Jin Jiang Shang Lu Automobile Service Co., Ltd. executed guarantee to Shanghai Yonda Automobile Distribution and Service Co., Ltd. (associate) for its borrowing of RMB7,800,000 (2005: RMB10,000,000) and Shanghai South Station Passenger Transport Co., Ltd.(unlisted investment) of RMB12,500,000 (2005: RMB12,500,000) as of 31 December 2006. As the fair value of the financial guarantee contracts are insignificant, relevant financial liabilities are not recognised. 42. EVENTS AFTER THE BALANCE SHEET DATE 113,304,788 restricted shares of the company would become tradable on the stock market from 13 February 2007. * * * * * SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. FOR THE YEAR ENDED 31 DECEMBER 2006 SUPPLEMENTAL INFORMATION SUMMARY OF DIFFERENCES BETWEEN IFRS AND PRC GAAP These financial statements are prepared in conformity with IFRS which differ from its statutory financial statements prepared in accordance with the PRC GAAP. The statutory financial statements for the year ended 31 December 2006 reported profit after taxation of RMB268,579,000 and net assets of RMB2,003,231,000. The principal IFRS adjustments made to profit after taxation and net assets are as follows: 2006 2006 Net profit Net assets RMB'000 RMB'000 As reported under PRC GAAP 268,579 2,003,231 Adjustments to conform with IFRS: Difference in treatment for restructuring in 2004 21,380 55,476 Difference in treatment for acquisition of subsidiaries and joint ventures in 2006 (2,428) (2,434) Deferred taxation 108,592 (50,394) Gains arising from changes in fair value of available-for-sale investments - 4,642 Minority interest 64,485 214,512 Others 7 - _________ ________ As reported under IFRS 460,615 2,225,033 _________ ________ _________ ________ Note: There is difference in initial recognition between PRC GAAP and IFRS regarding the assets acquired in the restructuring. PRC GAAP measured the acquired assets at the carrying value of assets stated in original enterprise. The difference is regarded as long term equity investment difference, while IFRS recognized the acquired assets at fair value at the date of acquisition. There is difference in initial recognition between PRC GAAP and IFRS regarding the assets acquired in acquisition of subsidiaries and joint ventures. PRC GAAP measured the acquired assets at the carrying value of assets stated in original enterprise. The difference is regarded as long term equity investment difference, while IFRS recognized the acquired assets at fair value at the date of acquisition.