600648 2004 2005 4 5
2004... 1... 1... 1... 4... 6... 9... 10... 10... 16... 16... 20... 45 1
2004 1 2 3 4 1 SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT C0.,LTD. WGQ 2 3 873 51 021-50580088 021-50580515 E-mailgudong@shwgq.com 873 51 021-50580088-2501 021-50580515 E-mailgudong@shwgq.com 4 889 873 51 200120 http://www.shwgq.com gudong@shwgq.com 1
2004 5 http://www.sse.com.cn 873 51 6 A A A 600648 B B B B 900912 7 2001 9 5 019041 310115132226001 202 11 202 11 2
2004 : : 90,436,120 76,481,606-352,493 152,043,993 1,766,370 735,580 74,039,048 1,917,800 13,743,692-200,103,597 100,809,131 : : 76,482 25,014 1,287,643 1,364,125 - -5,571 6,370 29,600 24,029 - -13,373-31,926-31,926 - -5,672 4,756-5,722-11,394-21,000 61,600-17,613 2,006 4,789 16,312 103,852 24,773 1,284,384 1,422,746 : : 57,811,178 1,917,800 825,846-959,189-182,862 26,065,751-8,644,425 76,834,099 3
2004 : : 2004 2003 2002 (% 516,114,569 355,044,090 355,044,090 45.37 180,927,148 180,927,148 90,436,120 27,520,131 27,520,131 228.62-120,543,425-101,425,907 76,481,606 25,012,791 25,012,791 205.77-123,840,197-106,022,257-352,493-24,400,458-24,400,458 98.56-180,379,517-180,379,517 2003 2002 2004 (% 3,926,045,444 3,230,588,077 3,230,588,077 21.53 2,981,641,200 3,004,871,275 1,364,125,458 1,287,643,852 1,287,643,852 5.94 1,262,465,900 1,285,696,034-200,103,597-97,773,242-97,773,242-296.54 25,836,368 25,836,368 2004 2003 2002 (% 0.10 0.03 0.03 205.77-0.17-0.17 0.10 5.61 1.94 % 1.94 189.18-9.92-9.63-0.03-1.89-1.89 % 100.00-14.03-14.03-0.27-0.13-0.13-300.29 0.03 0.03 0.10 0.03 0.03 205.77-0.17-0.17 0.00-0.03-0.03 100.00-0.24-0.24 0.00-0.03-0.03 100.00-0.24-0.24 (% 5.77 1.94 1.94 189.18-9.92-9.63-0.03-1.89-1.89 % 100.00-14.03-14.03 2004 2003 2002 (% 1.83 1.73 1.73 5.94 1.69 1.73 1.80 1.69 1.69 5.94 1.55 1.58 9 4
2004 : : % 11.15 11.47 0.20 0.20 0.05 0.06 0.00 0.00 5.61 5.77 0.10 0.10-0.03-0.03 0.00 0.00 : : 745,057,500 322,182,450 192,970,397 60,037,449 27,433,505 1,287,643,852 12,244,812 4,081,604 64,236,794 76,481,606 745,057,500 322,182,450 205,215,209 64,119,053 91,670,299 1,364,125,458 1 2 3 4 5
2004 1 1 : 435,600,000 435,600,000 54,450,000 54,450,000 2 3 4 490,050,000 490,050,000 1 54,450,000 54,450,000 2 200,557,500 200,557,500 3 4 255,007,500 255,007,500 745,057,500 745,057,500 2 (1 6
2004 (2 (3 1 68,519 2 A 34,074 B 34,443 2 : ( (% 0 435,600,000 58.47 0 0 54,450,000 7.31 0 NOMURA INTERNATIONAL (HONG KONG LIMITED 0 1,610,930 0.22 TOYO SECURITIES ASIA LTD. - A/C CLIENT 116,317 1,588,877 0.21 627,825 1,306,138 0.18 HSBC BROKING SECURITIES (ASIA LIMITED -35,000 961,506 0.13 TAM, KING WAI 0 721,862 0.10 0 703,735 0.09 NIKKO CORDIAL SECURITIES INC. -14,075 703,665 0.09 HSBC JAMES CAPEL ASIA LTD. 0 672,956 0.09 3 1 7
2004 860,750,000 1992 12 10 2 3 4 100% 58.47% 4 8
2004 5 NOMURA INTERNATIONAL (HONG KONG LIMITED - CUSTOMERS' SEGREGATED ACCOUNT TOYO SECURITIES ASIA LTD. A/C CLIENT HSBC BROKING SECURITIES (ASIA LIMITED CLIENTS ACCOUNT TAM, KING WAI NIKKO CORDIAL SECURITIES INC. HSBC JAMES CAPEL ASIA LTD. DAIWA SECURITIES CO., LTD. TOKYO ABH 1,610,930 B 1,588,877 B 1,306,138 B 961,506 B 721,862 B 703,735 B 703,665 B 672,956 B 627,700 B 538,740 B 9
2004 1 : 56 2002-05-17 2005-05-16 0 0 38 2002-05-17 2005-05-16 0 0 45 2002-05-17 2005-05-16 0 0 55 2002-05-17 2005-05-16 0 0 48 2002-05-17 2005-05-16 0 0 71 2002-05-17 2005-05-16 242,019 242,019 55 2002-05-17 2005-05-16 0 0 42 2002-05-17 2005-05-16 0 0 57 2003-06-16 2005-05-16 0 0 50 2002-05-17 2005-05-16 0 0 61 2002-05-17 2005-05-16 0 0 59 2002-05-17 2005-05-16 0 0 53 2004-04-08 2005-05-16 0 0 43 2004-07-21 2005-05-16 0 0 35 2004-04-08 2005-05-16 0 0 38 2003-04-24 2005-05-16 0 0 (1 1999 (2 2000 1-2002 2 2002 2 (3 1999 (4 2000 10
2004 (5 2002 8 (6 (7 2000 7 (8 2001 7 (9 1994 11 (10 1993 (11 2002 (12 (13 2002 8 2004 4 2004 4 (14 1996 4 2004 7 (15 1999 4 2004 4 (16 2003 1 4 2003 4 2 ( 1999-10 ( 1999-11 ( 2000-03 2000-09 ( 2000-04 11
2004 1 2 3 : : 179.49 128.59 3 4 5 20 4 10--20 2 10 3 12
2004 2004 4 8 2004 6 24 2004 7 21 0 1 49 41 27 41 248 406 2 32 64 71 239 406 13
2004 1 6 6 0 0 6 6 0 0 6 5 1 0 2 1 14
2004 2 3 4 5 15
2004 1 2004 4 12 2003 2003 2004 5 20 81 491,007,935 65.96% B 667,376 B 0.3327% 12003 22003 32003 42003 52004 6 7 8 5 2004 5 21 16
2004 2004 2004 5.16 45.37% 1.52 34.69% 7648, 206% 0.10 206% 2004 2004 5.74 SUNPARK 1.03 2005 1 (1 17
2004 (2 : : (% (% 257,132,794 49.82 114,610,037 75.38 215,070,211 41.67 20,709,502 13.63 : 19,506,693 3.78 8,694,585 5.72 19,506,693 / 8,694,585 / 35,650,270 / / (3 9,999,999 ( 68,761,162 (4 10% : : (% 257,132,794 142,522,757 44.57 215,070,211 193,340,709 9.63 2 (1 18 : : 5,000 5,608.98 93.98 4,250 8,444.52 713.62
2004 1,500 1,716.25 $1,500 45,265.72 KTV (2 10% : : (% 9,909.55 1,981.91 25.91 5,872.15 1,173.43 15.36 3 754,259,949 288,894,769 62.01 5.74 Sunpark 1 2 15.74 Sunpark 19
2004 320,574,775 2 51,172,570 3 G013 63,768,060 4 305,244,544 5 13,500,000 : : 3,926,045,444 3,230,588,077 695,457,367 21.53 152,043,993 112,885,501 39,158,492 34.69 76,481,606 25,012,791 51,468,815 205.77 100,809,131-20,533,733 121,342,864 590.94 1,364,125,458 1,287,643,852 76,481,606 5.94 (1, (2 (3 (4 20
2004 5.5% 2004 1 1 2004 2,987,521 2005, 2005 1 SUNPARK SUNPARK 2 3 4 21
2004 1 1 2004 4 8 10 11 1 2 3 2003 2004 4 2003 5 2003 6 2003 2004 7 8 9 12 2003 2 2004 4 21 2004 3 2004 7 21 7 4 2004 8 13 2004 5 2004 10 25 2004 6 2004 11 19 5.74 SUNPARK 22
2004 2 2004 76,481,606, 103,852 8,163,208 4,081,604 27,433,505 91,670,299 8,163 4,082-125,477-33,870 2004 : - 33,870 : ( 2004 12 31 2004 2005 4 1 (20051105 ( [2003]56 23
2004 2004 12 31 ( 2004 2004 2005 4 1 : : 2,716 2,716 0 880 880 0 4 21 22 3 2 27 28 1 200356 24
2004 2004 12 31 20% 95,700 70.15% 2004 97.44% 27.29 SUNPARK 25
2004 1 2004 4 8 1 2003 2004 2 2004 3 2 2004 4 21 3 2004 3 2004 6 22 1 2 3 4 4 2004 8 13 3 2004 5 2004 10 25 3 2004 26
2004 2004 27
2004 1 2004 3 12 2004 3 19 1 1 2004 11 22 D2 1#2# 10,504,197 2004 11 24 2 12004 11 22 B 3#4# 6,721.23 8,108.37 2004 11 24 28
2004 22004 12 6 2000 1,631.78 7,700 6,068.22 2004 12 6 1 2 3 4 29
2004 : : 2003-07-14 1,000 2006-07-14 2003-10-20 1,000 2006-10-20 2003-12-11 2,000 2006-12-11 2003-06-22 12,000 2013-06-21 2004-08-31 5,000 2005-08-30 2004-08-26 1,000 2005-08-25 2004-07-16 2,000 2005-07-16 2004-08-13 1,000 2005-08-13 2004-10-22 2,000 2005-10-21 2004-12-29 5,000 2005-12-29 2004-10-22 2,000 2005-09-20 2004-03-24 3,000 2005-03-16 2004-05-19 2,000 2005-05-18 2004-12-10 5,000 2005-12-09 2004-11-12 2,000 2005-11-11 2004-06-10 3,000 2005-04-25 2004-06-21 2,000 2005-06-13 2004-06-21 3,000 2005-06-20 2004-12-16 1,000 2005-03-15 2004-03-29 2,900 2005-03-28 2004-06-29 1,000 2005-06-20 2004-11-10 700 2005-04-10 30
2004 2004-10-20 1,300 2005-04-10 2004-05-19 2,000 2005-05-19 2004-10-09 3,000 2005-10-08 2003-08-17 2,000 2005-07-25 2004-09-15 8,000 2005-09-10 2004-10-28 2,000 2005-10-28 2004-07-28 2,000 2005-07-27 2004-06-13 2,000 2005-06-12 2004-03-14 3,800 2005-03-14 2004-06-22 2,000 2005-06-18 2004-11-22 2,000 2005-02-22 2004-12-27 6,000 2005-12-14 77,700 95,700 0 0 95,700 50 12,000 70 0 50 12,000 31
2004 5 2,900 2004 4 27 2005 4 26 2005 4 1 6 5% 2004 90 2 32
2004 33
2004 873 51 2005 4 5 34
2004
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2004 ( ( (7 (8 (9 ( 0.5% 10% 30% 60% 80% 100% - 9 -
2004 ( ( (10 (11 50% ( 50 20% ( 2050% ( 50 2003 3 17 2003 3 17-10 -
2004 ( ( (11 ( / (12 2001 1 1 20-35 10% 2.57% - 4.5% 10 10% 9% 6-10 10% 9-15% 5 10% 18% 5 10% 18% 5 0% 20% - 11 -
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2004 ( ( (18 ( ( (10 3 (3 (19 (20 ( (21-14 -
2004 ( ( (22 (a (b (c (d (23 (24 (25 (199511-15 -
2004 ( 5.5% 2004 1 1 ( (9 2004 2,987,521 (a 15-33% 4-17% 4% 6% 17% (b 5-20% 1% ( 3% (a 15% 0% 2004 2005 15% 0% 2004 (b 5% 0% 2004-16 -
2004 ( 2004 ( ( 1 1,690 1,690 49% 51% ( 2 88 88 100% - ( 3 1,500 1,500 20% 80% ( 4 250 225 65% 25% ( 5 351 263.25 50% 25% ( 6 50 35-70% 1(a ( 7 5,000 5,000 90% 10% 1(c ( 8 100 70-70% 1(b ( 9 1,700 867-51% 1(c ( 10 750 487.5-65% 1(c ( 11 4,000 2,380-59.5% 1(c ( 12 345 207-60% ( 13 200 170-85% ( 14 300 172.5-57.5% ( 15 5,000 4,500 90% - ( 16 4,250 3,740 88% - 2 ( 17 100 85-85% 3 ( 18 350 192.5 55% - ( 19 1,500 1,350 90% - 4 ( 20 1,000 900-90% 4 ( 21 100 70-70% 4 ( - 17 -
2004 ( ( 1 (a 70% 2004 7 31 2004 7 31 2003 12 31 4,512,985 4,745,668 1,821,367 1,894,446 6,334,352 6,640,114 (2,775,595 (2,682,760 3,558,757 3,957,354 2004 1 1 2004 7 31 2003 3,381,386 7,773,869 (398,597 (1,070,600 (b 70% 2004 4 30 2004 4 30 2003 12 31 2,240,137 5,757,575 1,467 1,598 2,241,604 5,759,173 (1,241,604 (4,744,940 1,000,000 1,014,233-18 -
2004 ( ( 1 ( 2004 1 1 2004 4 30 2003 5,455,957 18,570,067 132,145 439,283 48,599 43,958 (c 2 90% 10% 2004 1 1 72% 18% 2004 70% 2004 7 1 18% 88% 3 2004 12 31 2004 4 2004 5 9 2004 6 29 2004 4 1-19 -
2004 ( (1 2004 12 31 2003 12 31 538,345 498,727 308,593,612 315,798,152 228,142,046 128,854,669 537,274,003 445,151,548 2,157,963 8.2765 17,860,381 2,522,790 1.0637 2,683,492 12,352 11.2627 139,117 104,616 0.0797 8,338 6,054,090 6.7166 40,662,901 61,354,229 2004 12 31 200,000 (2003 200,000 ( (17(b 537,274,003 3 (4,096,868 2004 12 31 533,177,135 2003 12 31 (432,368,004 100,809,131-20 -
2004 ( ( (2 2003 12 31 2004 12 31 52,801,147 16,971,648-29,000,000 3,000,000 2,006,000 55,801,147 47,977,648 (10,498,725-2,569,010 (7,929,715 45,302,422 40,047,933 2004 4 22 1 29,000,000 2005 4 1 2004 12 31 (3 2004 12 31 (2003 18,615,000 (4 (a 2004 12 31 2003 12 31 44,602,069 28,001,532 (426,519 (1,540,085 44,175,550 26,461,447-21 -
2004 ( ( (4 ( (a ( 2004 12 31 2003 12 31 (% (% 44,081,930 98.84 220,410 26,250,621 93.75 1,443,784 32,740 0.07 3,274 369,414 1.32 20,318 298,683 0.67 89,605 1,139,542 4.07 62,675 188,716 0.42 113,230 241,955 0.86 13,308 44,602,069 100.00 426,519 28,001,532 100.00 1,540,085 2004 12 31 5%(5% (2003 2004 12 31 27,895,930 (2003 11,739,555 62.54%(2003 41.92% (b 2004 12 31 2003 12 31 170,449,638 206,373,710 (72,509,146 (51,935,916 (822,761 (2,502,759 97,117,731 151,935,035 2004 12 31 2003 12 31 (% (% 65,543,965 38.45 154,470 90,549,653 43.88 1,817,731 431,160 0.25 43,116 104,716,013 50.74 52,010,002 103,496,116 60.72 72,547,283 41,031 0.02 2,257 978,397 0.58 587,038 11,067,013 5.36 608,685 170,449,638 100.00 73,331,907 206,373,710 100.00 54,438,675 2004 12 31 5%(5% (2003-22 -
2004 ( ( (4 ( (b ( 2004 12 31 161,018,992 (2003 197,947,051 94.47%(2003 95.92% 2004 12 31 103,368,992 (i ( (34 34,650,000 19,000,000 (ii 3,000,000 1,000,000 161,018,992 (i 2002 3 29 2002 5 12 9 7 110,000,000 110,000,000 2002 12 31 110,000,000 6,631,008 103,368,992 2002 51,684,496 2003 ( 2004 3 12 ((2003 ( 134 201 99,514,981 ( 97,230,000 2004 2004 20,573,230 2004 12 31 72,257,726 (2003 51,684,496 (ii ( (1(c - 23 -
2004 ( ( (5 2004 12 31 2003 12 31 (% (% 56,675,422 99.77 80,942,918 97.89 131,600 0.23 1,746,576 2.11 56,807,022 100.00 82,689,494 100.00 2004 12 31 5%(5% (2003 (6 2004 12 31 2003 12 31 6,862,529 13,725,548 1995-2,089,760 6,862,529 15,815,308 (7 2003 12 31 2004 12 31 (a 914,913,882 1,226,492,011 (b 50,301,545 169,996,675 8,548,568-4,742,263 776,745 543,949 93,693 38,163,290-1,017,213,497 1,397,359,124 (b (6,548,786-6,395,090 (153,696 (1,202,365-1,202,365 - (260,005-43,365 (216,640 (8,011,156-7,640,820 (370,336 1,009,202,341 1,396,988,788-24 -
2004 ( ( (7 ( (a 2003 2004 12 31 12 31 5.74 60 524,857,545 320,574,775-845,432,320 D 320,777,800 50,570,411 (54,056,580 317,291,631 D8 3.45 299,280,495 29,013,482 (54,056,580 274,237,397 (i D7C-05# 0.4 12,334,114 8,649,412-20,983,526 D13 0.26 5,870,370 9,847,360-15,717,730 D12-8 0.1 3,292,821 3,060,157-6,352,978 G013 2.3-63,768,060-63,768,060 68,783,717 1,096,979 (69,880,696-2 494,820 - (494,820-914,913,882 436,010,225 (124,432,09 6 1,226,492,01 1-20,886,537-20,886,537 4.38% (2003 (i D8 54,056,580 G103 2004 12 31 274,237,397 D8 (2003 299,280,495 ( (17(a (b 2004 12 31 2004 161,746,848 2004 45,697,790 6,395,090 (8 2003 2004 12 31 12 31 186,333 1,120,000 (1,085,500 220,833 114,458 211,576 (240,989 85,045 108,930 548,804 (423,968 233,766 409,721 1,880,380 (1,750,457 539,644-25 -
2004 ( - 26 -
2004 ( ( (9 2003 12 31 / 2004 12 31 (a 2,135,146 - (3,292,861 (1,157,715 (b - 8,402-8,402 (c(d 259,820,773 31,123,858 (25,515,133 265,429,498 (e 126,213,487 10,526,109-136,739,596 (f 86,056,406 - (15,400,000 70,656,406 474,225,812 41,658,369 (44,207,994 471,676,187 2,000,000 - (2,000,000-476,225,812 41,658,369 (46,207,994 471,676,187 (g (36,766,725 (21,000,000 4,514,210 (53,252,515 439,459,087 418,423,672 (a / (1,819,399 1 46 (1,621,638-39,590 237,351 (1,582,048 715,380 2 21 545,052 - (34,065 (204,393 510,987 (109,115 1 20 (95,930-5,456 18,641 (90,474 3,820 2 10 3,820 - - - 3,820 3,625,000 2 3,041,791 - (3,041,791 (3,625,000-693,921 2 262,051 - (262,051 (693,921-2,135,146 - (3,292,861 (4,267,322 (1,157,715 1 2 (b 2003 2004 2003 2004 2003 2004 2003 2004 ( (3-85% - 850,000 - (841,598 (841,598-8,402-27 -
2004 ( ( (9 ( (c 2003 2004 2003 2004 2003 2004 2003 2004 12 31 12 31 12 31 12 31 12 31 12 31 12 31 12 31 ( 70 20% 20% 93,635,659 93,635,659 5,640,056 11,213,714 16,853,770 99,275,715 110,489,429 50 20% 20% 80,000,000 80,000,000 - (1,023,548 (1,023,548 80,000,000 78,976,452 ( 70 20% 20% 69,163,760 69,163,760 (19,428,644 8,471,864 (10,956,780 49,735,116 58,206,980 20 30% 30% 4,200,000 4,200,000 (153,680 (195,249 (348,929 4,046,320 3,851,071 10 20% 20% 2,000,000 2,000,000 908,987 (94,105 814,882 2,908,987 2,814,882 50 30% 30% 1,241,505 1,241,505 448,625 61,215 509,840 1,690,130 1,751,345 50 25% - 5,255,817-542,160 (542,160-5,797,977-50 24% - 600,000 - (243,174 243,174-356,826-50 25% - 5,417,616-85,330 (85,330-5,502,946-261,514,357250,240,924 (12,200,340 18,049,575 5,849,235 249,314,017 256,090, 159 (d 13,825,610 2 10 12,443,049 (1,382,561 (2,765,122 11,060,488 (2,151,437 1 10 (1,936,293 215,144 430,288 (1,721,149 10,506,756 (1,167,417 (2,334,834 9,339,339 1 2 (e ( ( 50 15% 126,213,487 ( (c 20 18% 10,526,109 136,739,596-28 -
2004 ( ( (9 ( (f 50,184,300 0.57% 54,852,406 20,000,000 0.05% 15,400,000 104,544 <0.1% 260,000 39,930 <0.1% 144,000 70,656,406 (g / /( 2003 2004 12 31 /12 31 32,252,515 - - 32,252,515-21,000,000-21,000,000 2,514,210 - (2,514,210-2,000,000 - (2,000,000-36,766,725 21,000,000 (4,514,210 53,252,515-29 -
2004 ( ( (10 2003 12 31 357,560,190 18,864,078 44,733,710 18,063,460 13,599,777 2,351,790 455,173,005 20,431,205 - - - - - 20,431,205 2,335,156 1,811,953 293,651 7,826,102 2,130,184 1,794,258 16,191,304 (18,596,722 (4,781,720 (40,654,162 (4,473,977 (3,105,833 - (71,612,414 2004 12 31 361,729,829 15,894,311 4,373,199 21,415,585 12,624,128 4,146,048 420,183,100 2003 12 31 38,586,328 7,686,884 15,319,607 10,225,965 8,355,080 81,701 80,255,565 6,262,690 2,059,064 261,523 1,944,347 681,877 763,965 11,973,466 (2,179,255 (3,589,069 (12,334,033 (3,277,491 (1,225,470 - (22,605,318 2004 12 31 42,669,763 6,156,879 3,247,097 8,892,821 7,811,487 845,666 69,623,713 2003 12 31 32,092,934 483,426 14,017-527,767-33,118,144 (12,861,002 (466,692 (14,017 - - (13,341,711 2004 12 31 19,231,932 16,734 - - 527,767-19,776,433 2004 12 31 299,828,134 9,720,698 1,126,102 12,522,764 4,284,874 3,300,382 330,782,954 2003 12 31 286,880,928 10,693,768 29,400,086 7,837,495 4,716,930 2,270,089 341,799,296 65,753,797 17,512,952 2004 12 31 199,547,507 ( 225,231,913 (2003 20,225,260 29,495,993 ( (17(a 2004 12 31 2003 12 31 ( 8,403,217 19,034,507 9,859,461 10,340,170 ( 985,988 3,215,700 527,767 527,767 19,776,433 33,118,144-30 -
2004 ( ( (11 2003 12 31 868,316 5,274,633 79,800 6,222,749 - (5,274,633 (79,800 (5,354,433 10,000 - - 10,000 (255,800 - - (255,800 2004 12 31 622,516 - - 622,516 (12 2003 2004 12 31 12 31 514,470,000 247,851,270 132,022,228 - - 379,873,498 73% 9,036,000 6,952,583 3,821,897 (10,774,480 - - 8,000,000 5,158,849 4,409,876 (9,568,725 - - 569,900 - - (569,900-325,000 - - (325,000-1,000,000 88,000 - (88,000 - - 25,000 - - (25,000-3,450,000-3,135,723 - - 3,135,723 90% 260,970,602 143,389,724 (20,431,205 (919,900 383,009,221 2,652,746 7,518,960 - - 10,171,706 4.72%(2003 4.78% 2004 12 31 379,873,498 (2003 247,851,270 ( (17(a (13-31 -
2004 ( ( (14 2003 2004 12 31 12 31 817,360 (141,127 7,120,304 - (6,423,089 (20,982 676,233 82,960 (5,225 97,691 82,960 (97,691 (5,225 77,735 - - 63,397 - (63,397 - - 900,320 (146,352 7,281,392 82,960 (6,584,177 (26,207 753,968 (15 2003 2004 12 31 12 31 11,394,420-5,723,506 5,670,914-11,394,420 14,300,000 (7,150,000-14,300,000 (7,150,000 7,150,000 1 - - 813,625 - (813,625 - - - - 222,607 - (222,607 - - 25,694,420 (7,150,000 6,759,738 19,970,914 (8,186,232 18,544,420 2004 12 31 (16 2004 12 31 2003 12 31 (a 579,216,589 361,919,978 (b 13,615,054-592,831,643 361,919,978-32 -
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2004 ( ( (17 ( 2004 12 31 (a (b (c 659,779,455 (2003 401,180,608 274,237,397 ( (7(a 330,637,449 ( 356,949,721 ( (16(a 379,873,498 ( (12 199,547,507 ( 225,231,913 ( (10 1,655,300 (2003 95,430,351 200,000 ( (1 1,206,596,695 (2003 ( 195,000,000 (2003 1,011,596,695 2004 4.41%(2003 4.37% (18 2004 12 31 5%(5% 3 (2003 (19 2004 12 31 5%(5% 1 22,917 (2003 972,855 2004 12 31 5.74 150,000,000 (2003 (20 2004 12 31 (2003-34 -
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2004 ( ( (28 2003 12 31 99,192,900 60,037,449 33,740,048 192,970,397 8,163,208 4,081,604-12,244,812 2004 12 31 107,356,108 64,119,053 33,740,048 205,215,209 ( 10% 50% 25% 2004 10% 8,163,208 (2003 5,201,660 ( 5%10% 2004 5% 4,081,604 (2003 2,600,830 2004 (2003 (29 2004 2003 27,433,505 30,180,560 - (19,957,356 27,433,505 10,223,204 76,481,606 25,012,791 (28 (8,163,208 (5,201,660 (28 (4,081,604 (2,600,830 91,670,299 27,433,505 2005 4 1 2004-37 -
2004 ( ( (30 2004 2003 207,281,162 124,425,080 52,706,965 35,461,397 189,835,580 179,776,688 130,185,947 126,778,976 49,851,632 18,097,677 45,919,229 15,043,958 25,234,631 14,564,021 3,093,047 349,717 30,670,028 13,737,571 18,852,738 4,410,308 8,919,200-8,097,186 7,450 3,381,386 3,186,848 7,773,869 7,210,174 - - 88,048,932 48,199,559 940,950 77,237 366,177 168,177 516,114,569 353,865,122 355,044,090 237,629,716 9,999,999 ( 68,761,162 (7(b (2003 275,746,663 (2003 99,296,912 53.43% (2003 27.97% (31 2004 2003 10,102,465 4,300,144 72,382 88,758 21,129 64,817 9,478 75,154 10,205,454 4,528,873 (32 2004 2003 905,699 79,853 7,956,288 394,814 848,714-900,000 49,950 - - 3,834,793 3,689,644 305,092 213,282 347,000 138 2,059,505 293,135 13,038,081 4,134,546-38 -
2004 ( ( (33 2004 2003 59,053,191 64,869,555 (6,863,641 (3,078,098 13,661 26,411 170,321 121,267 52,373,532 61,939,135 (34 2004 2003 59,837,457 29,368,862 30,476,670 16,842,878 4,400,000 6,479,155 /( 1,609,821 (10,415,346 (1,187,988 (1,391,836 ( / (2,611,122 2,508,053 (18,485,790 - - 4,455,066 74,039,048 47,846,832 10%(10% 2000 ( 60,682,150 ( 20,034,259 ( 10,361,786 77,000,000 16,317,850 2004 42,350,000 34,650,000 2005 3 21-39 -
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2004 ( (1 (a 2004 12 31 2003 12 31 6,932,906 1,000 (34,665 (55 6,898,241 945 1 0.5% (b 2004 12 31 2003 12 31 639,811,456 453,065,269 (72,509,147 (51,935,916 (10,316,605 (2,885,751 556,985,704 398,243,602 2004 12 31 2003 12 31 (% (% 283,886,521 44.37 1,174,286 88,527,638 19.54 1,249,360 21,574,029 3.37 976,202 114,583,843 25.29 52,137,384 114,282,865 17.86 74,567,771 33,665,011 7.43 370,539 220,068,041 34.40 6,107,493 216,288,777 47.74 1,064,384 639,811,456 100.00 82,825,752 453,065,269 100.00 54,821,667 2004 12 31 519,297,405 (2003 425,709,674 81.16%(2003 93.96% 2004 12 31 183,191,727 1 1~3 3 162,981,180 1 103,368,992 2~3 35,105,506 1 34,650,000 1 519,297,405-41 -
2004 ( ( (2 2003 12 31 2004 12 31 211,287,573 25,935,790 (52,564,147 184,659,216 242,426,574 31,045,810 (13,645,302 259,827,082 126,213,487 10,526,109-136,739,596 86,056,406 - (15,400,000 70,656,406 665,984,040 67,507,709 (81,609,449 651,882,300 (32,252,515 (21,000,000 - (53,252,515 633,731,525 46,507,709 (81,609,449 598,629,785 (3 2004 12 31 2003 12 31 49,329,011 48,577,335 26,567,807 55,342,358 670,486-76,567,304 103,919,693 (4 2004 2003 138,520,000 78,728,239 52,706,965 35,461,397 51,159,730 16,117,143 43,974,376 14,944,133 285,053-70,383 7,450 270,000-7,864,720-190,234,783 94,845,382 104,616,444 50,412,980-42 -
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2004 ( ( (5 ( (e 2004 2003 ( 1,500,000 - (f 2004 12 31 ( 12,000 2013 6 21 (6 2004 12 31 2003 12 31 30,000 36,038 7,344 17,941 37,344 53,979-27,160,000-8,804,066-35,964,066-386,802 ( 1,500,000-16,147 20,000 1,516,147 20,000-47 -
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20041231 ( 20041231 20031231 20041231 20031231 (1 537,274,003 445,151,548 429,857,478 369,906,120 (2 40,047,933 45,302,422 34,874,382 38,245,480 (3-18,615,000 - - (6 6,862,529 15,815,308 6,862,529 15,815,308-571 - - (4 (1 44,175,550 26,461,447 6,898,241 945 (4 (1 97,117,731 151,935,035 556,985,704 398,243,602 (5 56,807,022 82,689,494 159,830 64,621,346 (7 1,396,988,788 1,009,202,341 1,324,478,051 914,946,209 (8 539,644 409,721 183,333 175,000 2,179,813,200 1,795,582,887 2,360,299,548 1,801,954,010 (9 (2 418,423,672 439,459,087 598,629,785 633,731,525 (1,157,715 2,135,146 - - - 420,183,100 455,173,005 270,391,443 247,055,865 (69,623,713 (80,255,565 (33,489,192 (28,780,159-350,559,387 374,917,440 236,902,251 218,275,706 (19,776,433 (33,118,144 (10,387,767 (10,387,767 - (10 330,782,954 341,799,296 226,514,484 207,887,939 (11 622,516 6,222,749 622,517 868,316 (12 383,009,221 260,970,602-12,111,432 (13 1,263,850 12,102,531 - - - (1,510,183 - (1,510,183 715,678,541 619,584,995 227,137,001 219,357,504 (14 753,968 7,281,392 544,456 556,830 (15 18,544,420 6,759,738 7,150,000 - (16 592,831,643 361,919,978 579,216,589 361,919,978 612,130,031 375,961,108 586,911,045 362,476,808 3,926,045,444 3,230,588,077 3,772,977,379 3,017,519,847-2 -
20041231 ( ( 20041231 20031231 20041231 20031231 (17 2,224,584,450 1,740,086,946 2,062,929,150 1,552,431,606-6,430,000 - - (18 69,435,357 61,722,210 42,847,707 28,911,120 (19 153,375,271 9,926,713 150,000,000 2,062,712 (20 3,240,230 3,539,705 2,500,000 2,500,000 2,590,743 2,503,300 1,600,896 974,427-40,260 - - (21 16,369,012 (5,485,095 13,841,071 1,623,901 (22 19,987 91,957 441 11,499 (23 64,172,186 39,625,238 44,946,700 24,302,173 (24 7,868,877 2,446,112 3,869,770 2,099,873 (3 - - 76,567,304 103,919,693-4,000,000 - - 2,541,656,113 1,864,927,346 2,399,103,039 1,718,837,004-20,000,000 - - - - - - - 180,000 - - - 20,180,000 - - (25 137,385 137,385 137,385 137,385 2,541,793,498 1,885,244,731 2,399,240,424 1,718,974,389 20,126,488 57,699,494 - - (26 745,057,500 745,057,500 745,057,500 745,057,500 (27 322,182,450 322,182,450 322,182,450 322,182,450 (28 205,215,209 192,970,397 198,027,296 186,748,571 64,119,053 60,037,449 62,130,607 58,371,032 (29 91,670,299 27,433,505 108,469,709 44,556,937 1,364,125,458 1,287,643,852 1,373,736,955 1,298,545,458 3,926,045,444 3,230,588,077 3,772,977,379 3,017,519,847-3 -
2004 ( 2004 2003 2004 2003 (30 (4 516,114,569 355,044,090 190,234,783 104,616,444 (30 (4 (353,865,122 (237,629,716 (94,845,382 (50,412,980 (31 (10,205,454 (4,528,873 (7,519,739 (3,107,820 152,043,993 112,885,501 87,869,662 51,095,644 (32 1,766,370 8,903,535 860,309 7,481,707 (40,372,180 (40,882,528 (11,969,918 (3,305,846 (60,329,071 (51,771,485 (24,603,269 (26,462,084 - /( (33 (52,373,532 (61,939,135 (50,017,971 (57,921,679 735,580 (32,804,112 2,138,813 (29,112,258 (34 (5 74,039,048 47,846,832 81,588,911 54,453,531 (35 1,917,800 16,635,109-13,373,000 (36 14,223,388 1,460,523 1,124,114 990,904 (36 (479,696 (5,618,221 (127,714 (4,941,669 90,436,120 27,520,131 84,724,124 34,763,508 (12,403,979 (892,288 (9,532,627 610,709 (1,550,535 (1,615,052 - - 76,481,606 25,012,791 75,191,497 35,374,217 2004 2003 2004 2003 1. ( / (3,455,815 (5,605,585 919,965 (5,605,585 2. - - - - 3. /( - - - - 4. /( 2,987,521-6,327,110-5. - - - - 6. - - - - - 4 -
2004 ( 2004 2003 2004 2003 76,481,606 25,012,791 75,191,497 35,374,217 (29 27,433,505 10,223,204 44,556,937 14,488,853 103,915,111 35,235,995 119,748,434 49,863,070 (8,163,208 (5,201,660 (7,519,150 (3,537,422 (4,081,604 (2,600,830 (3,759,575 (1,768,711 91,670,299 27,433,505 108,469,709 44,556,937 - - - - - - - - (29 91,670,299 27,433,505 108,469,709 44,556,937-5 -
2004 ( 522,371,559 253,480,082 4,234,939 2,918,196 189,562,608 184,170,041 716,169,106 440,568,319 (826,523,369 (575,841,290 (27,699,059 (9,858,348 (15,162,043 (10,947,317 (46,888,232 (20,672,941 (916,272,703 (617,319,896 (200,103,597 (176,751,577 88,159,751 76,118,464 (37 28,772,055 43,024,400 25,947,436 25,830,664 150,613,708 783,836,903 293,492,950 928,810,431 (357,974,148 (191,919,246 (8,109,000 (21,609,000 (46,159,822 (904,506,477 (412,242,970 (1,118,034,723 (118,750,020 (189,224,292 2,800,000-2,800,000-2,277,929,150 2,277,929,150 2,280,729,150 2,277,929,150 (1,775,572,433 (1,775,572,433 (57,093,266 (55,536,813 (28,405,497 (20,886,537 (1,861,071,196 (1,851,995,783 419,657,954 425,933,367 4,794 (6,100 ( (1 100,809,131 59,951,398-6 -
2004 ( ( 1. 76,481,606 75,191,497 1,550,535 - ( / (571,049 13,547,363 12,229,265 5,061,772 26,207 12,374 7,150,000 7,150,000 12,082,038 12,082,038 (315,582 (8,333 2,072,059 900,000 (584,843 (1,046,400 51,547,686 49,157,663 (74,039,048 (81,588,911 (452,606,956 (430,418,379 (27,835,187 (15,133,905 192,709,672 188,341,644 (200,103,597 (176,751,577 2. - - 3. 533,177,135 428,202,178 (432,368,004 (368,250,780 100,809,131 59,951,398-7 -
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2004 12 31 ( 2004 12 31 2003 12 31 13 745,874 562,276 14 168,637 174,803 15 (1,158 2,135 16 289,467 286,907 17 215,743 180,017 18 16,312 4,789 19 20,766-1,455,641 1,210,927 20 1,607,629 1,214,171 161,747-21 8,750 54,985 22 234,281 255,776 34 6,863 22,530 34 37 29,304-3,204 23 11,048 45,302 24 530,596 438,521 2,560,951 2,063,793 4,016,592 3,274,720-3 -
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2004 12 31 ( (v (i (ii (iii (iv (v (vi (w (x (y - 13 -
2004 12 31 ( 3 (a (i (ii 26 (iii (iv (b - 14 -
2004 12 31 ( 4 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 255,949 95,270 214,889 138,916 29,628 17,903-87,886 3,382 8,127 503,848 348,102 113,383 42,844 11,418 (3,497 (11,686 (18,783-14,714 (388 (1,316 112,727 33,962 62,744 45,671 (54,382 (33,008 121,089 46,625 - - - - - - - - - - (47,148 (36,962 26,501 17,582 2,133 238 - - - 256 - - 28,634 18,076 102,575 27,739 /( 2,828 (1,351 105,403 26,388 (1,551 (1,615 103,852 24,773 2,557,817 1,813,093 138,487 112,488 671,363 511,599-160,006-6,531 3,367,667 2,603,717 287,707 276,073 1,760 10,477 - - - 357 - - 289,467 286,907 359,458 384,096 4,016,592 3,274,720 (294,100 (95,056 (38,811 (28,662 (177,879 (174,014 - (32,258 - (2,573 (510,790 (332,563 (2,062,930 (1,600,074 (2,573,720 (1,932,637 263,853 100,266 4,387 3,886 10,498 4,864-18,127 101 503 278,839 127,646 14,660 13,175 2,165 1,200 3,861 3,438-4,982 174 588 20,860 23,383 3,488 3,706-234 9 7-162 - - 3,497 4,109 19,760-17 - - - - - - 914 19,777 914-15 -
2004 12 31 ( 4 ( 2004 12 31 3 2004 5 / 2003 12 31 82% 4,900 1,048 2004 1 31 2003 2003 87,886 (74,324 12,233 (1,073 (4,686 (28,933 8,602 2003 12 31 171,702 (80,800 2004 1 1 ( 17-16 -
2004 12 31 ( 6 2004 2003 13-9,368 6,169-11,492 17,214 ( / 13 (13,342 878 /( (585 4,401 14 3,476 3,407 15 21 702-2,133 3,207 35 673 5,679 16(c 2,783 364 7 (60,682 (37,482 - (2,569 (17,981-974 28,443-115,579 35,461-20 (6,395 - - 197,528 186,304 - ( / (1,245 906 /( 17,780 (5,154 9 33,979 35,859-17 -
2004 12 31 ( 7 2004 2003 60,682 37,483 13,342-4,935 5,675 849 850 585 - - 3,835 420 770 80,813 48,613 8 2004 2003 (87,459 (69,137 28,405 4,267 (59,054 (64,870 4,400 12,914-6,864 3,078-826 7,561 - - 4,501 12,090 28,054 (14 (26 (170 (120 9 (47,148 (36,962 2004 2003 25,177 25,433-2,739 2,986 2,440 2,342 3,623 5,098 33,979 35,859-881 1,063-266 279-18 -
2004 12 31 ( 10 2004 2003 12,404 892 ( 18 (17,613 (2,006 ( 16 2,381 2,465 (2,828 1,351 2004 2003 102,575 27,739 15% 15,386 4,161 (258 (1,381 (2,015 (2,601 1,103 478 3,102 4,787 (5,033 (4,093 (15,113 - ( / (2,828 1,351 11 2004 103,852 (2003 24,773 745,058 (2003 745,058 12 2005 4 1 2004 (2003-19 -
2004 12 31 ( 13 2004 345,767 250,204 64,685 18,064 12,985 691,705 ( 20-45,109 - - - 45,109 14,761 232,523 2,093 7,825 2,972 260,174 (24,871 - (43,860 (1,924 (2,590 (73,245 (6,268 (59,508 (2,650 (2,549 (659 (71,634 329,389 468,328 20,268 21,416 12,708 852,109 69,109 17,676 23,447 10,212 8,985 129,429 6,488 9,368 2,413 1,958 633 20,860 (2,750 - (13,925 (805 (685 (18,165 (12,861 - (481 - - (13,342 - (7,459 (2,033 (2,469 (586 (12,547 59,986 19,585 9,421 8,896 8,347 106,235 269,403 448,743 10,847 12,520 4,361 745,874 276,658 232,528 41,238 7,852 4,000 562,276 2003 333,471 182,871 34,514 12,257 12,103 575,216 26,109-11,633 6,147 3,029 46,918 ( 20-71,069 - - - 71,069 10,260-20,306 461 522 31,549 (3,132 - (117 (299 (290 (3,838 (20,941 (3,736 (1,651 (502 (2,379 (29,209 345,767 250,204 64,685 18,064 12,985 691,705 62,659 12,751 11,897 9,752 9,181 106,240 9,010 6,169 6,247 779 1,256 23,461 - - 350-528 878 1,000-6,259 206 256 7,721 (705 - (98 (184 (244 (1,231 (2,855 (1,244 (1,208 (341 (1,992 (7,640 69,109 17,676 23,447 10,212 8,985 129,429 276,658 232,528 41,238 7,852 4,000 562,276 270,812 170,120 22,617 2,505 2,922 468,976-20 -
2004 12 31 ( 13 ( 2004 12 31 2003 12 31 468,328 250,204 (19,585 (17,676 448,743 232,528 478,074 (2003 66,469 ( 26 2004 12 31 248,579 (2003 14 2004 12 31 2003 12 31 186,030 168,565-4,482 18,665 135 ( 20 8,948 27,203 (33,332 (14,355 180,311 186,030 11,227 8,053-128 3,476 3,407 (3,029 (361 11,674 11,227 168,637 174,803 174,803 160,512 52,109 (2003 21,849 ( 26-21 -
2004 12 31 ( 15 2004 1 1 5,038 (1,928 3,110 (4,319 - (4,319 2004 12 31 719 (1,928 (1,209 2004 1 1 1,185 (210 975 66 (45 21 (1,047 - (1,047 2004 12 31 204 (255 (51 2004 12 31 515 (1,673 (1,158 2004 1 1 3,853 (1,718 2,135 2003 1 1 5,847 (1,928 3,919 (809 - (809 2003 12 31 5,038 (1,928 3,110 2003 1 1 535 (165 370 747 (45 702 (97 - (97 2003 12 31 1,185 (210 975 2003 12 31 3,853 (1,718 2,135 2003 1 1 5,312 (1,763 3,549-22 -
2004 12 31 ( 16 2004 12 31 2003 12 31 286,907 93,334 ( 16(a 28,634 18,076 ( 10 (2,381 (2,465 (12,478 - - 65,780-128,894 - (14,841 ( 16(c (11,215 (1,871 289,467 286,907 (a (b 1,257 (2003 1,257 2004 12 31 2,514 10,060 (2003 1,257 11,317 (% 20 20 30 30 20 20 85 (c 2004 2,783-23 -
2004 12 31 ( 17 2004 12 31 2003 12 31 180,017 321,927 40,600 - ( 5 10,526 - - (128,894 (15,400 (13,016 215,743 180,017-138,339 148,813-77,404 31,204 18 215,743 180,017 2004 15%(2003 15% 2004 12 31 2003 12 31 4,789 2,783 ( 10 17,613 2,006 (6,090-16,312 4,789 2003 12 31 /( 2004 12 31 4,789-4,789-17,613 17,613 - (6,090 (6,090 4,789 11,523 16,312-24 -
2004 12 31 ( 18 ( 2004 12 31 2003 12 31 141,982 157,948 28,380 144,373 170,362 302,321 2005 2009 19 2004 12 31 2003 12 31 ( 4 13,616-7,150-20,766-20 2004 12 31 2003 12 31 1,220,566 1,142,279 556,699 181,639 ( 13 (45,109 (71,069 ( 14 (8,948 (27,203 (115,579 (5,080 1,607,629 1,220,566 6,395 6,395 (6,395 - - 6,395 1,607,629 1,214,171 1,214,171 1,135,884-25 -
2004 12 31 ( 20 ( 654,109 (2003 299,280 ( 26 28,405 (2003 4,267 4.38%4.72% (2003 4.78% 21 2004 12 31 2003 12 31 8,096 4,449 560 4,482 94 544-38,163-7,347 22 8,750 54,985 2004 12 31 2003 12 31 44,595 27,947-18,615 (427 (1,540 44,168 45,022 263,445 265,192 (73,332 (54,438 190,113 210,754 234,281 255,776 103,369 2003 2 110,000 2002 12 31 51,684-26 -
2004 12 31 ( 22 ( ( 2004 3 12 96,745 ( 97,230 20,574 23 2004 12 31 2003 12 31 (A 3,868 38,353 (B 3,792 5,449 2,006 13 (H 1,382 1,487 11,048 45,302 12 31 12 ( 33 ( 6 24 2004 12 31 2003 12 31 301,430 303,515 221,464 122,224 7,702 12,782 530,596 438,521 1,655 (2003 1,655 ( 26-27 -
2004 12 31 ( 24 ( 2004 12 31 2003 12 31 530,596 438,521 3 (4,097 (12,782 25 526,499 425,739 2004 12 31 2003 12 31 153,375 17,136 69,435 61,335 62,795 39,923 7,869 2,486 5,831 6,043 4,549 2,884-6,430 26 303,854 136,237 2004 12 31 2003 12 31 2,224,584 1,744,087-20,000 2,224,584 1,764,087 (a (b (c 2004 12 31 661,435 (2003 496,611 ( 131420 24 4.41%(2003 4.25% 2004 12 31 328,060 (2003 170,000-28 -
2004 12 31 ( 27 2004 12 31 31,926 (2003 31,926 28 2004 12 31 837,000 (2003 964,000 120,000 (2003 120,000 29 (a 2004 12 31 2003 12 31 82,059 4,455 61,483 240,182 143,542 244,637 (b 2004 12 31 2003 12 31 1 2,838 3,848 1 5 8,787 13,543 5 7,822 13,839 19,447 31,230-29 -
2004 12 31 ( 29 ( (c 2004 12 31 2003 12 31 1 51,075 32,570 1 5 117,360 67,363 5 104,031 23,865 30 272,466 123,798 2004 12 31 2003 12 31 1 490,050 490,050 1 (A 54,450 54,450 (B 200,558 200,558 745,058 745,058 A B 31 2004 12 31 2003 12 31 57,699 31,876 1,551 1,615 2,800 39,201 (41,924 (14,688 - (305 20,126 57,699-30 -
2004 12 31 ( 32 (a ( 10% 50% 25% ( 5%10% 2005 4 1 2004 10% (2003 10% 2004 5% (2003 5% (b - 31 -
2004 12 31 ( 33 2004 2003 103,852 24,773 1,551 1,615 ( / (2,828 1,351 20,860 23,383 3,476 3,407 21 702 (571 (3,286 12,821 - ( / (7,839 4,401 673 5,679 2,783 364 (60,682 (37,482 (7,690 (15,140 (4,400 (12,914 59,054 64,780 (28,634 (18,076 92,447 43,557 (447,515 (119,768 (161,747 - /( 46,235 (23,045 ( / (57,016 72,590 34,131 72,938 /( 209,951 (4,719 ( / (283,514 41,553-32 -
2004 12 31 ( 34 (a ( ( (b 2004 (i 2004 12 31 2004 2003-10,203 10,203-4,702 4,440-4,602 3,258 19,507 17,901 - ( 1,500 - (ii 2004 75,960-33 -
2004 12 31 ( 34 ( (c 2004 12 31 2004 12 31 2003 12 31-6,863 22,530-30 36-7 2,108 - - 27,160 - ( 1,500 - - 16 - - - 387-34 -
2004 12 31 ( 35 (a (% 2004 2003 100 100 100 100 100 100 90 90 75 75-70 85 85 60 60-70 90 90 57.5 57.5 88 70 55 55 90-90 - 70 - - 35 -
2004 12 31 ( 35 ( (b 2004 7 1 18% 88% 2004 3 90% 90% 70% (c ( 5 2004 2 6-36 -
2004 12 31 ( 2004 2003 2004 2003 12 31 12 31 76,482 25,014 1,364,125 1,287,643 - (5,571 6,370 24,029 29,600 - - (13,373 (31,926 (31,926 - (5,672 4,756 (11,394 (5,722-21,000-61,600 - - 17,613 2,006 16,312 4,789 103,852 24,773 1,422,746 1,284,384
SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. (Incorporated in the People s Republic of China with limited liability CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF THE AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2004
11th Floor, PricewaterhouseCoopers Center, 202 Hu Bin Road Shanghai 200021 People's Republic of China Telephone +86 (21 6123 8888 Facsimile +86 (21 6123 8800 www.pwccn.com REPORT OF THE AUDITORS TO THE SHAREHOLDERS OF SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. (Incorporated in the People s Republic of China with limited liability 2005/SH-079/JQJ/JXJ We have audited the accompanying consolidated balance sheet of Shanghai Wai Gaoqiao Free Trade Zone Development Co., Ltd. ( the Company and its subsidiaries ( the Group as at 31 December 2004 and the related consolidated income and cash flow statements for the year then ended. These consolidated financial statements set out on pages 2 to 35 are the responsibility of the Company s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2004 and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. PricewaterhouseCoopers Zhong Tian Certified Public Accountants Ltd. Co. 1 April 2005
SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated Notes 2004 2003 Sales 4 503,848 348,102 Cost of sales (370,314 (269,231 Gross profit 133,534 78,871 Other operating income 7 80,813 48,613 Distribution costs (23,923 (9,282 Administrative expenses (67,166 (49,605 Other operating expenses (3,217 (21,972 Gain on discontinuing operation 5 1,048 - Profit from operations 6 121,089 46,625 Finance costs net 8 (47,148 (36,962 Share of results of associates before tax 16 28,634 18,076 Profit before tax 102,575 27,739 Income tax credit/(expense 10 2,828 (1,351 Group profit before minority interest 105,403 26,388 Minority interests 31 (1,551 (1,615 Net profit 103,852 24,773 Earnings per share - Basic and diluted 11 Rmb 0.14 Rmb 0.03 The accompanying notes are an integral part of these consolidated financial statements. - 2 -
SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated 31 December 31 December Notes 2004 2003 ASSETS Non-current assets Property, plant and equipment 13 745,874 562,276 Land use rights 14 168,637 174,803 Intangible assets 15 (1,158 2,135 Investments in associates 16 289,467 286,907 Available-for-sale investments 17 215,743 180,017 Deferred tax assets 18 16,312 4,789 Other non-current assets 19 20,766 - Current assets 1,455,641 1,210,927 Properties under development 20 1,607,629 1,214,171 Properties held for sale 161,747 - Inventories 21 8,750 54,985 Receivables and prepayments 22 234,281 255,776 Amounts due from fellow subsidiaries 34 6,863 22,530 Amounts due from associates 34 37 29,304 Current tax recoverable - 3,204 Trading investments 23 11,048 45,302 Cash and bank balances 24 530,596 438,521 2,560,951 2,063,793 Total assets 4,016,592 3,274,720-3 -
SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED BALANCE SHEET (CONTINUED AT 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated 31 December 31 December Notes 2004 2003 EQUITY AND LIABILITIES Capital and reserves Share capital 30 745,058 745,058 Share premium 471,833 471,848 Reserves 32 205,855 67,478 1,422,746 1,284,384 Minority interests 31 20,126 57,699 Non-current liabilities Bank borrowings 26-20,000 Government grants 27 31,926 31,926 31,926 51,926 Current liabilities Trade and other payables 25 303,854 136,237 Amount due to the holding company 34 1,500 - Amount due to fellow subsidiaries 34 16 - Amounts due to associates 34-387 Current tax liabilities 11,840 - Bank borrowings 26 2,224,584 1,744,087 2,541,794 1,880,711 Total liabilities 2,573,720 1,932,637 Total equity and liabilities 4,016,592 3,274,720 On 1 April 2005, the Company s Board of Directors authorised these consolidated financial statements for issue. The accompanying notes are an integral part of these consolidated financial statements. - 4 -
SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE YEAR ENDED 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated Share Share Reserve captial premium Statutory accumulatio n fund Statutory Discretionary welfare fund accumulation fund Fair value reserve Translation Accumulated reserve Losses Total As at 1 January 2003 745,058 471,848 96,102 58,599 33,740-680 (145,721 1,260,306 Net profit for 2003 - - - - - - - 24,773 24,773 Reversals - (15 - - - - (680 - (695 Profit appropriation - - 3,091 1,438 - - - (4,529 - As at 31 December 2003 745,058 471,833 99,193 60,037 33,740 - - (125,477 1,284,384 Fair value gains on available-for-sale investments, net of tax - - - - - 34,510 - - 34,510 Net profit for 2004 - - - - - - - 103,852 103,852 Profit appropriation - - 8,163 4,082 - - - (12,245 - As at 31December 2004 745,058 471,833 107,356 64,119 33,740 34,510 - (33,870 1,422,746 The accompanying notes are an integral part of these consolidated financial statements. - 5 -
SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated CASH FLOWS FROM OPERATING ACTIVITIES Notes 2004 2003 Cash (used in/generated from operations 33 (283,514 41,553 Interest paid (85,498 (70,317 Income tax paid (1,238 (10,016 Net cash generated from operating activities (370,250 (38,780 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (260,174 (39,324 Purchase of land use rights (18,665 (27,338 Acquisition of subsidiary, net of cash acquired (8,109 6,504 Acquisition of associates - (51,721 Loans advanced to related parties and third parties (17,001 (519,575 Proceeds from sale of property, plant and equipment 12,045 8,978 Disposal of subsidiary, net of cash disposed 28,215 7,155 Disposal of associates 8,730 7,955 Disposal of available-for-sale investments 41,432 - (Increase/decrease in time deposits with original maturity over 3 months 2,257 (8,342 Repayment of loans by related parties and third parties 143,481 379,450 Interest received 7,690 15,140 Dividends received 25,947 11,879 Government grants received - 13,553 Net cash used in investing activities (34,152 (195,686 CASH FLOWS FROM FINANCING ACTIVITIES Cash contribution from minority shareholders of subsidiaries 2,800 23,475 Proceeds from borrowings 2,277,929 689,668 Repayments of borrowings (1,775,572 (490,937 Dividends paid to minority shareholders - (305 Cash repayment to minority shareholders of liquidated subsidiaries - (7,967 Net cash generated from financing activities 505,157 213,934 Effects of exchange rate changes 5 - Net increase/(decrease in cash and cash equivalents 100,760 (20,532 Cash and bank balances at beginning of year 425,739 446,271 Cash and bank balances at end of year 24 526,499 425,739 The accompanying notes are an integral part of these consolidated financial statements. - 6 -
SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated 1 GENERAL INFORMATION Shanghai Wai Gaoqiao Free Trade Zone Development Co., Ltd. (the Company was established as a joint stock limited company in the People s Republic of China (the PRC and its major shareholder is Shanghai Wai Gaoqiao (Group Company Limited (the holding company. The Company s Renminbi ordinary shares ( A shares and domestically listed foreign shares ( B shares have been listed on the Shanghai Stock Exchange since 1992 and 1993, respectively. The principal activities of the Company and its subsidiaries (the Group are property development and leasing, modern logistics, hotel operations, medication & medical treatment (Note 5 and other operations. Details of the Company s principal subsidiaries and associated companies are summarised in Notes 16 and 35. The address of the Company s registered office is 889 Yang Gao Road(N, Pudong, Shanghai 200131, China. The Group mainly operates in the PRC. 2 ACCOUNTING POLICIES (a Basis of preparation The Group maintains its books and prepares its statutory financial statements in accordance with relevant accounting standards and regulations in the PRC. The PRC accounting standards and regulations differ in certain respects from International Financial Reporting Standards ( IFRS. These consolidated financial statements incorporate adjustments made to the statutory financial statements in order to conform with IFRS. The consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of trading investments and available-for-sale investments. The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management s best knowledge of current event and actions, actual results ultimately may differ from those estimates. The Group adopted IFRS 3 Business Combination in 2004, the financial effect of the adoption was disclosed in Note 2 (i. (b Consolidation Subsidiaries, which are those entities in which the Group, directly or indirectly, has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies, are consolidated. Subsidiaries are consolidated from the date on which effective control is transferred to the Group and are no longer consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition plus costs directly attributable to the acquisition. The excess of the cost of acquisition over the fair value of the net assets of the subsidiary acquired is recorded as goodwill (Note 2(i. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated; unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group. - 7 -