Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
廈 門 國 際 港 務 股 份 有 限 公 司
XIAMEN INTERNATIONAL PORT CO., LTD*
(A joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock Code: 3378)
OVERSEAS REGULATORY ANNOUNCEMENT
This announcement is made pursuant to Rules 13.09(2)(a) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
The following announcement was released by Xiamen Port Development Co., Ltd, a subsidiary of Xiamen International Port Co., Ltd, whose A shares were listed on the Shenzhen Stock Exchange. The financial statements of Xiamen Port Development Co., Ltd for the third quarter ended 30 September 2019 were not audited, and have been prepared in accordance with the generally accepted accounting principles of the People's Republic of China (the "PRC").
By order of the Board
Xiamen International Port Co., Ltd
Cai Changzhen
Company Secretary
Xiamen, the PRC, 30 October 2019
As at the date of this announcement, the executive Directors are Mr. Cai Liqun and Mr. Chen Zhaohui; the non-executive Directors are Mr. Chen Zhiping, Ms. Miao Luping, Mr. Fu Chengjing, Mr. Huang Zirong and Ms. Bai Xueqing; and the independent non-executive Directors are Mr. Liu Feng, Mr. Lin Pengjiu, Mr. You Xianghua, Mr. Jin Tao and Mr. Ji Wenyuan.
- For identification purpose only
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
Stock Code: 000905 | Stock Name: Xiamen Port | Announcement No.: 2019 - 52 |
TEXT OF 2019 THIRD QUARTERLY REPORT
OF XIAMEN PORT DEVELOPMENT CO., LTD
§1 IMPORTANT
The board of directors (the "Board"), the supervisory committee and the directors, supervisors and senior management of the Company should warrant that the content of this quarterly report is true, accurate and complete, does not have any false representation, misleading statement or material omission, and should bear legal liability jointly and severally.
All the directors attended the board meeting for the reviewing of this quarterly report.
Mr. Chen Zhaohui, legal representative of the Company, Mr. Wu Yansong, person-in-charge of the accounting works, and Mr. Wang Min, person-in-charge of the accounting organ (accounting officer) hereby declare that they warrant the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report.
1
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
§2 GENERAL INFORMATION OF THE COMPANY
2.1 Key accounting data and financial indicators
Whether retroactive adjustments or restatements would be made by the Company to the accounting data for the previous years
□Yes √No
At the end of the reporting | At the end of last year | Increase/decrease at the end of | ||||
period | the reporting period as | |||||
compared with the end of last | ||||||
year | ||||||
Total assets (RMB) | 9,713,923,694.81 | 8,552,529,280.75 | 13.58% | |||
Net assets attributable to the | 2,767,010,641.01 | 2,687,510,184.60 | 2.96% | |||
shareholders of the listed company | ||||||
(RMB) | ||||||
The reporting period | Increase/decrease the | From the beginning of | Increase/decrease from | |||
reporting period over | the year to the end of | the beginning of the | ||||
the same period of last | the reporting period | year to the end of the | ||||
year | reporting period over | |||||
the same period of last | ||||||
year | ||||||
Operating income (RMB) | 3,847,753,320.54 | 29.68% | 10,559,835,042.33 | 7.61% | ||
Net profit attributable to the | 14,722,223.68 | 263.37% | 71,271,122.28 | 212.98% | ||
shareholders of the listed | ||||||
company(RMB) | ||||||
Net profit attributable to the | -7,848,093.52 | -224.29% | 4,285,181.87 | 568.64% | ||
shareholders of the listed Company | ||||||
(after deducting non-recurring | ||||||
profit/loss ) (RMB) | ||||||
Net cash flow generated from | -- | -- | 143,985,936.16 | 85.73% | ||
operating activities(RMB) | ||||||
Basic earnings per share | 0.0277 | 264.47% | 0.1342 | 212.82% | ||
(RMB/share) | ||||||
Diluted earnings per | 0.0277 | 264.47% | 0.1342 | 212.82% | ||
share(RMB/share) | ||||||
Weighted average return rate on net | 0.53% | 0.38% | 2.61% | 1.76% | ||
assets (%) | ||||||
Items and amount of extraordinary gains / losses √ Applicable □ Not applicable
Unit: RMB | ||
Amount from the | ||
Items | beginning of the year to | Note |
the end of the reporting | ||
period | ||
Gains/losses from disposal of non- current assets (including the written-off part of | 18,593,312.19 | |
asset depreciation reserves provided) | ||
Government grants included in gains/losses for the current period ( excluding | 58,784,739.26 | |
2 |
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
those government subsidies closely related to corporate business, fixed in | ||
accordance with the national standard or enjoyed quantitatively) | ||
Gains/losses on fair value change from held-for-trading financial assets, derivative | 22,569,268.37 | |
financial assets, trading financial liabilities and derivative financial liabilities, and | ||
investment gain from disposal of held-for-trading financial assets, derivative | ||
financial assets, trading financial liabilities,derivative financial liabilities and | ||
other debts investment, excluding effective hedging business relating to the | ||
ordinary operation business of the Company | ||
Reversal of depreciation reserves for receivables and contract assets tested for | 376,012.50 | |
depreciation individually | ||
Other non-operating incomes and expenses (excluding items mentioned above) | 4,238,642.58 | |
Less: effect of income tax | 26,140,493.73 | |
Effect of minority interests (after tax) | 11,435,540.76 | |
Total | 66,985,940.41 | -- |
Explain the reasons if the Company classified any extraordinary gains / losses items defined in the " Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public -- Extraordinary Gains / Losses" as recurring gains /losses items, as well as those listed in the said explanatory announcement as recurring gains/losses items
- Applicable √ Not applicable
During the reporting period, there was no such situation concerning the Company classified any extraordinary gains
- losses items defined or listed in the "Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public -- Extraordinary Gains /Losses" as recurring gains /losses items.
2.2 Total number of shareholders and shareholdings of top ten shareholders at the end of the reporting period
2.2.1 Number of common shareholders and preferred shareholders with voting rights resumed and shareholding of the top ten shareholders
Unit: Number of shares | |||||||||
Total number of common | Total number of preferred | ||||||||
51,471 | shareholders with voting rights | 0 | |||||||
shareholders at the end of the | |||||||||
resumed at the end of the | |||||||||
reporting period | |||||||||
reporting period (if any) | |||||||||
Shareholdings of the top ten shareholders | |||||||||
Proportion | Number of | Position pledged or frozen | |||||||
Name of shareholders | Nature of | Number of shares | shares | ||||||
of | held | Number | |||||||
shareholders | held | Status of shares | |||||||
shareholding | subject to | ||||||||
lock-up | |||||||||
Xiamen International Port Co., Ltd | State-owned | 55.13% | 292,716,000 | 0 | 0 | ||||
(廈門國際港務股份有限公司) | legal person | ||||||||
Domestic | 0.58% | 3,095,323 | 0 | ||||||
Lu Xin | natural | ||||||||
person | |||||||||
Domestic | 0.36% | 1,934,310 | 0 | ||||||
Xue Tao | natural | ||||||||
person | |||||||||
3 |
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
Domestic | 0.23% | 1,202,793 | 0 | |||
Chen Zifan | natural | |||||
person | ||||||
Domestic | 0.20% | 1,046,499 | 0 | |||
Ning Shen | natural | |||||
person | ||||||
Domestic | 0.18% | 961,800 | 0 | |||
You Yan | natural | |||||
person | ||||||
Domestic | 0.14% | 740,000 | 0 | |||
Chi Hanxiong | natural | |||||
person | ||||||
Vanguard Investment Australia Ltd. | Foreign | 0.14% | 739,716 | 0 | ||
- Vanguard Emerging Markets Stock | legal person | |||||
Index Fund (Exchange) (領航投資 | ||||||
澳洲有限公司-領航新興市場股 | ||||||
指基金(交易所)) | ||||||
Aeon Life Insurance Company Ltd.- | Other | 0.14% | 733,800 | 0 | ||
Dividend Insurance Products (百年 | ||||||
人壽保險股份有限公司-分紅保 | ||||||
險產品) | ||||||
Domestic | 0.14% | 730,000 | 0 | |||
Wang Weiping | natural | |||||
person | ||||||
Shareholdings of top ten shareholders holding shares without lock-up
Name of shareholders | Number of shares held without lock-up | Class of shares | |||
Class of shares | Number | ||||
Xiamen International Port Co., Ltd | 292,716,000 | Renminbi | 292,716,000 | ||
denominated | |||||
(廈門國際港務股份有限公司) | |||||
ordinary shares | |||||
3,095,323 | Renminbi | 3,095,323 | |||
Lu Xin | denominated | ||||
ordinary shares | |||||
1,934,310 | Renminbi | 1,934,310 | |||
Xue Tao | denominated | ||||
ordinary shares | |||||
1,202,793 | 1,202,793 | ||||
Renminbi | |||||
Chen Zifan | denominated | ||||
ordinary shares | |||||
1,046,499 | Renminbi | 1,046,499 | |||
Ning Shen | denominated | ||||
ordinary shares | |||||
961,800 | Renminbi | 961,800 | |||
You Yan | denominated | ||||
ordinary shares | |||||
740,000 | Renminbi | 740,000 | |||
Chi Hanxiong | denominated | ||||
ordinary shares | |||||
Vanguard Investment Australia Ltd. - Vanguard | 739,716 | Renminbi | 739,716 | ||
Emerging Markets Stock Index Fund (Exchange) | |||||
denominated | |||||
(領航投資澳洲有限公司-領航新興市場股指 | |||||
ordinary shares | |||||
基金(交易所)) | |||||
Aeon Life Insurance Company Ltd.- Dividend | 733,800 | Renminbi | 733,800 | ||
4 |
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
Insurance Products (百年人壽保險股份有限公司 | denominated | |||
-分紅保險產品) | ordinary shares | |||
730,000 | Renminbi | 730,000 | ||
Wang Weiping | denominated | |||
ordinary shares | ||||
1. Xiamen International Port Co., Ltd is the only one shareholder holding more | ||||
than 5% (including 5%) of the Company's shares, which is the controlling | ||||
shareholder of the Company, the connected nature is controlling parent | ||||
Explanation of the connected relationships or | company, the nature of the shareholding is state-owned legal person shares; | |||
2. The other top ten shareholders of the Company have no connected relation with | ||||
concerted actions for the above-mentioned | ||||
shareholders | the controlling shareholder of the listed company, and they are also not the | |||
concerted action person defined under "Measures for the Administration of the | ||||
Acquisition of Listed Companies", either; | ||||
3. It is unknown that whether the connected relationship or concerted action | ||||
relationship exists or not among other shareholders holding tradable shares. | ||||
1. Xue Tao holds 1,934,310 shares of the Company through Credit Transactions | ||||
Guarantee Securities Accounts; | ||||
Explanation of top ten common shareholders | 2. Chen Zifan holds 1,190,793 shares | of the Company | through Credit | |
Transactions Guarantee Securities Accounts; | ||||
involved in securities margin trading business (if | ||||
3. You Yan holds 961,800 shares of the Company through Credit Transactions | ||||
any) | ||||
Guarantee Securities Accounts; | ||||
4. Wang Weiping holds 300,000 shares of the Company through Credit | ||||
Transactions Guarantee Securities Accounts. | ||||
Whether top ten common shareholders or top ten common shareholders without lock-up of the Company carried out any agreed buy-back transactions during the reporting period.
- Yes √Not
No top ten common shareholders and top ten common shareholder without lock-up of the Company carried out any agreed buy-back transactions during the reporting period.
2.2.2 Total number of preferred shareholders of the Company and the shareholdings of the top ten preferred shareholders
□ Applicable √ Not applicable
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TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
§3 IMPORTANT ISSUES
3.1 Details for changes in major financial data and financial indicators and the reasons thereof during the reporting period
√Applicable □ Not applicable
- Receivables during the reporting period increased by 52.66% from the beginning of the period to the end of the same of last year, which was mainly due to the increase of operating revenue from trading business over the same period and the increase of receivables;
- Other receivables during the reporting period increased by 57.49% from the beginning of the period to the end of the same, which was mainly due to the adjustment of prepayments to other receivables as the on-going performance of certain trading business contracts ceased;
- Inventories during the reporting period increased by 47.51% from the beginning of the period to the end of the same, which was mainly due to the development of new business types in trading business during the year and the extension of custom clearance time for coal import;
- Assets held for sale during the reporting period decreased by 100% from the beginning of the period, which was mainly due to the disposal of the 35% equity of Sanming Port Construction Co., Ltd. held by Sanming Port Development Co., Ltd. during the period;
- Long-termequity investments during the reporting period increased by 34.78% from the beginning of the period to the end of the same, which was mainly due to the newly-added joint venture, SDIC Xiagang Hainan Tugboat Co., Ltd. (國投廈港海南拖輪有限公司) during the period;
- Construction in progress during the reporting period increased by 38.13% from the beginning of the period to the end of the same, which was mainly due to the continuous increase in the investment in berths no.1 and no.2 in north Gulei port, warehouses in no.4 and no.5 in berths no.20 and no.21 in Haicang port and other constructions in progress;
- Other non-currentassets during the reporting period increased by 1036.47% from the beginning of the period to the end of the same, which was mainly due to the transfer of assets to assets pending for disposal as a result of the expropriation of certain land of Shishi City Huajin Terminal Storage and Transportation Co., Ltd. (石獅市華錦碼 頭儲運有限公司);
- Short-termborrowings during the reporting period increased by 39.84% from the beginning of the period to the end of the same, which was mainly due to replenishment of liquidity and the increase of borrowings;
- Bills payable during the reporting period increased by 43.57% from the beginning of the period to the end of the same, which was mainly due to the increase of trading business as well as the synchronous increase of commodity purchase during the period;
- Accounts payable during the reporting period increased by 53.59% from the beginning of the period to the end of the same, which was mainly due to the increase of trading business as well as the synchronous increase of commodity purchase during the period;
- Non-currentliabilities due within one year during the reporting period decreased by 53.92% from the beginning of the period to the end of the same, which was mainly due to the due payment of the five-year corporate bonds of RMB600 million with options in the third year and that certain investors chose to continue to hold such bonds and the reclassification of items;
6
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
- Long-termborrowings during the reporting period increased by 113.06% from the beginning of the period to the end of the same, which was mainly due to the increase of borrowings as a result of the requirement from construction in progress and daily liquidity during the period;
- Bonds payable during the reporting period increased by 100% from the beginning of the period to the end of the same, which was mainly due to that certain investors chose to continue to hold the five-year corporate bonds of RMB600 million with options in the third year and the reclassification of items;
- Estimated liabilities during the reporting period increased by 100% from the beginning of the period to the end of the same, which was mainly due to the estimated liabilities provided for by Xiamen Port Logistics Co., Ltd, a subsidiary of the Company, in respect of the lawsuit cases;
- The selling expenses during the reporting period increased by 40.13% compared to the same period of last year, which was mainly due to an increase in the customs clearance fee and storage charges of trading business during the reporting period;
- Other income during the reporting period increased by 83.67% compared to the same period of last year, mainly due to the incentives for logistics enterprises within the Special Regulatory Region in 2018, received by Xiamen Port Logistics Co., Ltd. and Xiamen Penavico International Freight and Forwarding Co., Ltd., which are subsidiaries of the Company, during the reporting period;
- The investment income during the reporting period increased by 448.87% compared to the same period of last year, which was mainly due to the transfer of 35% equity interest in Sanming Port Construction Co., Ltd. by Sanming Port Development Co., Ltd., and the increase in investment income from trading financial assets during the reporting period;
- The gains on movements in fair value during the reporting period increased by 49.53% compared to the same period of last year, which was mainly due to the higher market value of the trading financial assets held at the end of the reporting period than its purchase costs;
- The loss on impairment of assets during the reporting period increased by 116.89% compared to the same period of last year, which was mainly due to the lower market value of the wood pulp of trading business than its purchase costs during the reporting period;
- The gains on disposal of assets during the reporting period increased by 515.47% compared to the same period of last year, which was mainly due to the gains from the disposal of assets due to the asset evaluation appreciation resulting from the investment by Hainan Xiagang Tugboat Co., Ltd, a subsidiary of Xiamen Port Shipping Co., Ltd. (廈門港務船務有限公司, a subsidiary of the Company), in a joint venture in the form of the tugboat in kind;
- The non-operating income during the reporting period increased by 293.40% compared to the same period of last year, which was mainly due the receipt of liquidated damages from customers during the reporting period;
- The non-operating expense during the reporting period increased by 344.46% compared to the same period of last year, which was mainly due to compensation paid by Xiamen Port Transportation Co., Ltd., a subsidiary of the Company, in respect of the lawsuit cases, and the estimated liabilities provided for by Xiamen Port Logistics Co., Ltd. in respect of the lawsuit cases during the reporting period;
- The net profit attributable to shareholders of the listed company during the reporting period increased by 212.98% compared to the same period of last year, which was mainly due to (1) an increase in the bulk cargo throughput; (2) the investment gains from the transfer of 35% equity interest in Sanming Port Construction Co., Ltd. by Sanming Port Development Co., Ltd., a subsidiary of the Company; and (3) the gains from the disposal of assets due to the asset evaluation appreciation resulting from the investment by Hainan Xiagang Tugboat Co., Ltd, a subsidiary of Xiamen Port Shipping Co., Ltd. (廈門港務船務有限公司, a subsidiary of the Company), in a joint
7
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
venture in the form of the tugboat in kind; and (4) the incentives for logistics enterprises within the Special Regulatory Region in 2018 received by the Company;
- Net cash flows generated from operating activities during the reporting period increased by 85.73% compared to the same period of last year, which was mainly due to the net increase in receiving of other cash related to operating activities and payment of other cash related to operating activities during the reporting period;
-
Net cash flows generated from investment activities during the reporting period decreased by 82.87% compared to the same period of last year, which was mainly due to an increase in cash paid for the construction of fixed assets, intangible assets and other long-term assets.
3.2 The progress of significant events and analysis of their effects and solutions
- Applicable □ Not applicable
Resolutions on non-public offering of shares of the Company have been approved at the twenty-seventh meeting of the sixth session of the Board, the fifteenth meeting of the sixth session of the Supervisory Committee held on 31 May 2019 by the Company and the second extraordinary general meeting of 2019 held on 17 June 2019 by the Company, and obtained the "CSRC's Acceptance Notice of the Application for Administration Permission", issued by the China Securities Regulatory Commission ("CSRC") on 27 June 2019.
On 29 July 2019, the Company received the "CSRC Notice of the One-time Feedback on the Review of Administrative Permission Item", issued by the CSRC, and, together with relevant intermediaries, conducted careful review on the issues listed on the feedback case by case and implemented relevant measures as required by the CSRC, and made a reply to the feedback and public information disclosure on 23 August 2019.
Overview of significant events | Date of disclosure | Query index to the websites | |||||||
1.Announcement on Resolutions of the Twenty-seventh | |||||||||
Meeting of the Sixth Session of the Board of Xiamen | |||||||||
Port | Securities Times B52, | ||||||||
2. Announcement | on | Resolutions | of | the | Fifteenth | ||||
China Securities Journal B023, | |||||||||
Meeting of the | Sixth | Session of | the | Supervisory | |||||
1 June 2019 | the | website of CNINFO( 巨 潮 資 訊 網 ) | |||||||
Committee of Xiamen Port | |||||||||
(Announcement No.: 2019-20、2019-21、 | |||||||||
3. Announcement on the Conditional Share Subscription | |||||||||
2019-22) | |||||||||
Agreement entered into between the Company and | |||||||||
Xiamen International Port Co., Ltd. and Connected | |||||||||
Transaction of Xiamen Port | |||||||||
Announcement on the Approval by State-owned Assets | Securities Times B30, | ||||||||
Supervision and Administration Commission of Xiamen | China Securities Journal B030, | ||||||||
Municipal People's Government in respect of Matters | 15 June 2019 | the | website of CNINFO( 巨 潮 資 訊 網 ) | ||||||
regarding Non-public Offering of Shares of Xiamen Port | |||||||||
(Announcement No.: 2019-26) | |||||||||
Securities Times B61, | |||||||||
Announcement | on | Resolutions | of | the | Second | 18 June 2019 | China Securities Journal B031, | ||
Extraordinary General Meeting of 2019 of Xiamen Port | the | website of CNINFO( 巨 潮 資 訊 網 ) | |||||||
(Announcement No.: 2019-27) | |||||||||
Announcement on the Receipt of CSRC's Acceptance | Securities Times B101, | ||||||||
China Securities Journal B007, | |||||||||
Notice of the Application for Administration Permission | 28 June 2019 | ||||||||
the | website of CNINFO( 巨 潮 資 訊 網 ) | ||||||||
of Xiamen Port | |||||||||
(Announcement No.: 2019-32) | |||||||||
Announcement on the Receipt of CSRC Notice of the | Securities Times B7, | ||||||||
China Securities Journal B003, | |||||||||
One-time Feedback on the Review of Administrative | 1 August 2019 | ||||||||
the | website of CNINFO( 巨 潮 資 訊 網 ) | ||||||||
Permission Item of Xiamen Port | |||||||||
(Announcement No.: 2019-34) | |||||||||
8 |
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
Announcement on the Reply to the One-Time Feedback | The website of CNINFO( 巨 潮 資 訊 網 ) | |
on the Application Documents relating to the Non-public | 23 August 2019 | |
(Announcement No.: 2019-41) | ||
Offering of Shares of Xiamen Port | ||
Implementation progress of share repurchase □Applicable √ Not applicable
Implementation progress of the reduction of shares repurchased by means of centralized bidding □Applicable √ Not applicable
3.3 Overdue commitments that have not been fully fulfilled by the commitments-related parties including actual controllers of the Company, shareholders, related parties, the acquirers and the Company during the reporting period
□Applicable √ Not applicable
There were no overdue commitments that had not been fully fulfilled by the commitments-related parties including actual controllers of the Company, shareholders, related parties, the acquirers and the Company during the reporting period.
3.4 Estimation of operating results for the year of 2018
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or warning of its significant change compared with the corresponding period of last year and explanation
of the reasons
√Applicable □ Not applicable
Estimated results: significant increase in the same direction
Numeric data type of the estimated results: interval number
From the beginning of the year | Corresponding period of | ||||||||||||
to the end of the next reporting | Increases/Decreases | ||||||||||||
last year | |||||||||||||
period | |||||||||||||
Estimated | accumulated | net | 9,071.71 | -- | 10,331.67 | 2,519.92 | Increase | 260.00% | -- | 310.00% | |||
profit (RMB ten thousand) | |||||||||||||
Basic earnings | per | share | 0.1710 | -- | 0.1948 | 0.0475 | Increase | 260.00% | -- | 310.00% | |||
(RMB/Share) | |||||||||||||
Explanation | on | the estimated | Mainly due to the increase in the efficiency of the Company's terminal business, the increase in | ||||||||||
income from equity transfer and asset disposal, and the increase in government subsidies, etc. | |||||||||||||
results | |||||||||||||
. | |||||||||||||
3.5 Securities investment
- Applicable √ Not applicable
The Company was not involved in any securities investment during the reporting period.
3.6 Entrusted financial management
9
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
- Applicable √ Not applicable
The Company was not involved in any entrusted financial management during the reporting period.
10
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
3.7 Investments in derivatives √Applicable □ Not applicable
Unit: RMB (in ten thousands)
The name of | Investment | Purchase | Sales | Investment | Percentage of | Actual | ||||||||
investment amount at | ||||||||||||||
Connected | Category of | Original | amount at | amount | amount | Amount of | amount of | |||||||
operators of | Connected | Closing | amount at the | the end of the period to | ||||||||||
transaction | Derivatives | the | during the | during the | impairment | |||||||||
amount of | Beginning | profit or loss | ||||||||||||
derivatives | relationship | date | end of the | the Company's net | ||||||||||
(Yes/No) | investment | derivatives | date | beginning of | reporting | reporting | provision | during the | ||||||
investment | period | assets at the end of the | ||||||||||||
investment | the period | period | period | (if any) | reporting | |||||||||
reporting period | ||||||||||||||
period | ||||||||||||||
Guomao Futures | Non-connected | Polyethylene | 27 | 15 January | 199.21 | 198.33 | 0 | 0 | 0 | 0.00% | 0.83 | |||
No | 199.21 | December | ||||||||||||
Company Limited | party | (L1901) | 2019 | |||||||||||
2018 | ||||||||||||||
Guomao | Futures | Non-connected | Polyethylene | 28 | 17 May | 171.7 | 1,092.45 | 958 | 0 | 0 | 0.00% | 37.09 | ||
No | 171.7 | December | ||||||||||||
Company Limited | party | (L1905) | 2019 | |||||||||||
2018 | ||||||||||||||
Guomao | Futures | Non-connected | Polyethylene | 14 | 16 | 0 | 432.94 | 388.04 | 0 | 0 | 0.00% | -45.07 | ||
No | 0 | February | September | |||||||||||
Company Limited | party | (L1909) | ||||||||||||
2019 | 2019 | |||||||||||||
Guomao | Futures | Non-connected | Polyethylene | 13 | 28 | 0 | 2,373.42 | 2,512.65 | 0 | 0 | 0.00% | 138.92 | ||
No | 0 | June | August | |||||||||||
Company Limited | party | (L1909) | ||||||||||||
2019 | 2019 | |||||||||||||
Guomao | Futures | Non-connected | Polyethylene | 28 | 31 | 0 | 21.56 | 1,694.8 | 0 | 1,673.24 | 0.60% | -0.03 | ||
No | 0 | August | January | |||||||||||
Company Limited | party | (L2001) | ||||||||||||
2019 | 2020 | |||||||||||||
Guomao | Futures | Non-connected | No | Wood pulp | 0 | 25 June | 8 July | 0 | 942.69 | 917.8 | 0 | 0 | 0.00% | -24.97 |
Company Limited | party | (SP1909) | 2019 | 2019 | ||||||||||
Guomao | Futures | Non-connected | No | Soybean crude | 0 | 17 July | 23 August | 0 | 3,238.93 | 2,943.06 | 0 | 0 | 0.00% | -296.55 |
Company Limited | party | oil (Y1909) | 2019 | 2019 | ||||||||||
COFCO | Futures | Non-connected | White sugar | 5 | 25 March | 1,400.72 | 1,081.28 | 2,557.99 | 0 | 0 | 0.00% | 75.73 | ||
No | 1,400.72 | December | ||||||||||||
Ltd. | party | (SR905) | 2018 | 2019 | ||||||||||
COFCO | Futures | Non-connected | No | White sugar | 0 | 21 January | 22 May | 0 | 2,542.32 | 2,562.71 | 0 | 0 | 0.00% | 20.03 |
Ltd. | party | (SR909) | 2019 | 2019 | ||||||||||
11 |
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
Industrial | Futures | Non-connected | No | Wood pulp | 0 | 24 April | 18 June | 0 | 3,977.78 | 4,342.86 | 0 | 0 | 0.00% | 364.41 |
Co., Ltd. | party | (SP1906) | 2019 | 2019 | ||||||||||
Industrial | Futures | Non-connected | No | Wood pulp | 0 | 24 April | 1 July | 0 | 20,492.01 | 22,264.62 | 0 | 0 | 0.00% | 1,770.61 |
Co., Ltd. | party | (SP1909) | 2019 | 2019 | ||||||||||
Non-connected | Forward sale | 5 | 3 January | 6,680.88 | 0 | 6,663.9 | 0 | 0 | 0.00% | -16.98 | ||||
Bank of East Asia | No | of foreign | 6,680.88 | December | ||||||||||
party | 2019 | |||||||||||||
exchange | 2018 | |||||||||||||
Non-connected | Forward sale | 30 January | 28 | 0 | 548.85 | 541.83 | 0 | 0 | 0.00% | -7.02 | ||||
Bank of East Asia | party | No | of foreign | 0 | 2019 | February | ||||||||
exchange | 2019 | |||||||||||||
Non-connected | Forward sale | 31 January | 15 April | 0 | 713.73 | 708.35 | 0 | 0 | 0.00% | -5.38 | ||||
Bank of East Asia | No | of foreign | 0 | |||||||||||
party | 2019 | 2019 | ||||||||||||
exchange | ||||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 31 January | 28 | 0 | 236.13 | 233.44 | 0 | 0 | 0.00% | -2.7 | |
party | of foreign | 2019 | February | |||||||||||
exchange | 2019 | |||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 31 January | 10 April | 0 | 324.41 | 322.52 | 0 | 0 | 0.00% | -1.89 | |
party | of foreign | 2019 | 2019 | |||||||||||
exchange | ||||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 25 | 7 March | 0 | 69.32 | 69.07 | 0 | 0 | 0.00% | -0.25 | |
party | of foreign | February | 2019 | |||||||||||
exchange | 2019 | |||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 27 | 9 April | 0 | 142.86 | 142.24 | 0 | 0 | 0.00% | -0.62 | |
party | of foreign | February | 2019 | |||||||||||
exchange | 2019 | |||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 27 | 15 April | 0 | 71.43 | 71.05 | 0 | 0 | 0.00% | -0.37 | |
party | of foreign | February | 2019 | |||||||||||
exchange | 2019 | |||||||||||||
Bank of East Asia | Non-connected | No | Forward | 0 | 6 March | 8 August | 0 | 376.34 | 376.34 | 0 | 0 | 0.00% | 0 | |
party | settlement of | 2019 | 2019 | |||||||||||
foreign | ||||||||||||||
exchange | ||||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 10 May | 10 June | 0 | 515.49 | 520.19 | 0 | 0 | 0.00% | 4.7 | |
party | of foreign | 2019 | 2019 | |||||||||||
exchange | ||||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 27 May | 5 August | 0 | 632.08 | 638.98 | 0 | 0 | 0.00% | 6.89 | |
party | of foreign | 2019 | 2019 | |||||||||||
exchange | ||||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 4 June | 9 August | 0 | 173.74 | 175.26 | 0 | 0 | 0.00% | 1.52 | |
party | of foreign | 2019 | 2019 | |||||||||||
12 |
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
exchange | ||||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 14 June | 15 July | 0 | 138.84 | 136.84 | 0 | 0 | 0.00% | -2 | |
party | of foreign | 2019 | 2019 | |||||||||||
exchange | ||||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 19 June | 30 August | 0 | 819.35 | 827.32 | 0 | 0 | 0.00% | 7.96 | |
party | of foreign | 2019 | 2019 | |||||||||||
exchange | ||||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 26 June | 30 | 0 | 35.02 | 35.47 | 0 | 0 | 0.00% | 0.45 | |
party | of foreign | 2019 | September | |||||||||||
exchange | 2019 | |||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 14 August | 18 | 0 | 5,871.94 | 0 | 0 | 5,871.94 | 2.12% | 0 | |
party | of foreign | 2019 | November | |||||||||||
exchange | 2019 | |||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 14 August | 3 | 0 | 6,267.76 | 6,369.84 | 0 | 0 | 0.00% | 102.08 | |
party | of foreign | 2019 | September | |||||||||||
exchange | 2019 | |||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 14 August | 5 | 0 | 3,172.03 | 3,199.94 | 0 | 0 | 0.00% | 27.92 | |
party | of foreign | 2019 | September | |||||||||||
exchange | 2019 | |||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 14 August | 29 August | 0 | 2,621.93 | 2,656.73 | 0 | 0 | 0.00% | 34.8 | |
party | of foreign | 2019 | 2019 | |||||||||||
exchange | ||||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 14 August | 12 | 0 | 3,029.98 | 3,042.67 | 0 | 0 | 0.00% | 12.69 | |
party | of foreign | 2019 | September | |||||||||||
exchange | 2019 | |||||||||||||
Bank of East Asia | Non-connected | No | Forward sale | 0 | 29 August | 15 | 0 | 805.73 | 0 | 0 | 805.73 | 0.29% | 0 | |
party | of foreign | 2019 | October | |||||||||||
exchange | 2019 | |||||||||||||
Total | 8,452.51 | -- | -- | 8,452.51 | 62,960.67 | 67,874.51 | 8,350.91 | 3.01% | 2,202.8 | |||||
Capital resource of derivatives investment | Self-owned capital | |||||||||||||
Litigation involved(if applicable) | N/A | |||||||||||||
The disclosure date of the Board's announcement in relation to | 29 December 2018 | |||||||||||||
the approval of derivatives investment (if any) | ||||||||||||||
21 June 2019 | ||||||||||||||
The disclosure date of the announcement of the general meeting | 15 January 2019 | |||||||||||||
in relation to the approval of derivatives investment (if any) | ||||||||||||||
13 |
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
The risk analysis of positions in derivatives during the reporting period: (1) the Company carries out only spot hedging operations other | ||
than speculative and arbitraging ones, for the purpose of avoiding operating risks. Spot hedging is exposed to mainly risks relating to market | ||
system, consisting of margin system, price limit system and debt-free day system. Mandatory liquidation will be carried out, if margin calls are | ||
not met in a timely manner, while the price changes adversely; in respect of the price volatility risk, the future market prices are highly | ||
sensitive to various factors, and hence subject to continuous fluctuations; in respect of the internal control risk, risks may arise from defective | ||
internal control, as the process of futures trading is highly professional and complicated. (2) Forward foreign exchange settlement and sales | ||
business carried out by the Company is a financial derivative investment business with the purpose of hedging. It is not engaged in speculative | ||
and arbitrage trading operations. Its risks mainly include market risk: carry out forward foreign exchange settlement and sales business related | ||
to the main business of import, and when the RMB depreciates against foreign currencies, it will cause the opportunity loss to the Company, | ||
which will increase the goods import cost of the Company invisibly; liquidity risk: as the derivative business carried out is an over-the-counter | ||
transaction operated via financial institutions, there is a risk of closing position or cutting position loss which requires payment of expenses to | ||
banks; operation risk: when the Company conducts foreign exchange settlement and sales business, if the operator fails to report the same for | ||
approval according to the prescribed procedures, or if he does not record business information accurately, timely and completely, it may result | ||
in loss of transaction or loss of trading opportunity; legal risk: the Company signs an agreement on forward foreign exchange settlement and | ||
Description of risk analysis and control measures of derivatives | sales business with banks, which requires that the Company must strictly handle the business and occupy a credit quota (or pay a deposit) | |
under the agreement. Meanwhile, the Company should pay attention to its own financial position and avoid losses caused by the agreed default | ||
position during the reporting period (including but not limited to | ||
to the Company. | ||
market risk, liquidity risk, credit risk, operation risk, legal risk | ||
etc.) | Control measures: (1) to carefully select futures brokerage companies, set up a reasonable institutional framework of future business, and | |
make proper staffing and deployment; to strictly control the scale of funds underlying hedging, and make reasonable plans on, and use of | ||
margin; to strictly abide by the operation rules of hedging, adhere to the hedging purposes, never make speculative trading, and hedge the price | ||
volatility risk to the greatest extent; to formulate a special internal control system, making specific provisions on the hedging quota, type, | ||
authority of examination and approval, internal approval process, reporting system of internal risks, procedure of risks handling, and | ||
information disclosure; and to work out a processing program for erroneous trading, etc. (2) Select a forward foreign exchange settlement and | ||
sales business with simple structure, strong liquidity and controllable risks to carry out hedging business, and strictly control the transaction | ||
scale of foreign exchange settlement; strictly control the transaction scale of forward foreign exchange settlement and sales. The Company can | ||
only carry out the trading with hedging as the goal within the quota authorized by the board of directors; formulate the standardized business | ||
operation procedures and authorization management system, arrange full-time personnel, clarify job responsibilities, and strictly engage in | ||
forward foreign exchange settlement and sales transactions within the scope of authorization; improve business training, professional ethics | ||
and quality of relevant personnel, and establish a timely reporting system for abnormal situations, so as to maximize the avoidance of operation | ||
risks; strengthen management on bank accounts and funds, adhere to strict approval procedures for allocation and use of funds; supervise and | ||
inspect the standards of hedging, the effectiveness of the internal control mechanism, and the authenticity of information disclosure of forward | ||
foreign exchange settlement and sales business. | ||
The Company's derivatives investment business represents futures hedging business and forward foreign exchange settlement and sale: in the | ||
Changes in market price or fair value of derivatives invested | futures market, the positions held as at 30 September 2019 for polyethylene (L2001) are 463 lots (2315 tons), with the average sales price for | |
during the reporting period, where specific methods and relevant | opening a position of RMB7227.495 (RMB/ton) and a settlement price of RMB7495/ton, and the floating loss was negative RMB619,275; for | |
assumptions and parameters used, shall be | disclosed in the | forward foreign exchange settlement and sales business as at 30 September 2019, the forward foreign exchange sales were USD9.4206 |
analysis of derivatives' fair value | million. According to the Bank of East Asia's forward foreign exchange settlement and sales market gain or loss revaluation list, the provision | |
for floating gain was RMB564,494.47. | ||
Description of any significant changes in the Company's | ||
accounting policies and specific auditing principles of derivatives | No significant change. | |
during the reporting period from the previous reporting period | ||
Special opinion of independent directors | on derivative | As the Company used futures instruments only to fix prices, the risks can be properly controlled as long as the procedure of futures |
investment and risk control by the Company | management system of the Company is followed. | |
14 |
TEXT OF 2019 THIRD QUARTERLY REPORT OF XIAMEN PORT DEVELOPMENT CO., LTD
3.8 Registration form for the activities of receiving investigation and research, communication and interview during the reporting period
√Applicable | □ Not applicable | |||
Time | Mode | Type of target | Index to basic situation of investigation and research | |
4 July 2019 | Written inquiries | Individual | About the future development of the Company | |
9 July 2019 | Written inquiries | Individual | About the profit distribution plan of the Company | |
12 July 2019 | Written inquiries | Individual | About the future development of the Company | |
17 July 2019 | Written inquiries | Individual | About the future development of the Company | |
3.9 Illegal external guarantees
- Applicable √ Not applicable
The Company had no illegal external guarantees during the reporting period.
3.10 The listed company's non-operating capital occupied by controlling shareholders and their related parties
- Applicable √ Not applicable
No non-operating capital of the listed company was occupied by controlling shareholders and their related parties in the Company during the reporting period.
15
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Xiamen International Port Co. Ltd. published this content on 30 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2019 09:36:04 UTC