Breakthrough 2011 HAINAN MEILAN INTERNATIONAL AIRPORT COMPANY LIMITED : 0357
2 2 3 5 8 10 17 27 39 44 55 56 58 60 61 63 64 65
H Skytrax Skytrax ASQ 2
Hainan Meilan International Airport Company Limited www.mlairport.com 3
72 16 81 56 H 183 17 1712 1716 00357 15 43 202 2 11 4
(%) 564,892 487,415 15.90 336,763 299,051 12.61 289,778 238,231 21.64 0.61 0.51 19.61 307,892 385,687 20.17 2.26 5.08 55.51 22.39% 10.72% 11.67 EBITDA 405,745 313,633 29.37 487,415 564,892 2010 2011 299,051 336,763 2010 2011 5
564,892 487,415 400,721 391,072 344,391 289,778 238,231 182,701 186,434 138,777 EBITDA 405,745 313,633 247,805 239,708 233,872 2,855,003 2,297,967 2,073,823 1,957,032 1,808,483 639,358 246,345 124,452 128,260 140,555 2,215,645 2,051,622 1,949,371 1,828,772 1,667,928 6
(%) 1,016.75 877.38 15.88 977.97 841.98 16.15 38.78 35.40 9.55 83,058 73,824 12.51 79,890 70,874 12.72 3,168 2,950 7.39 169,338.90 154,124.60 9.87 164,736.30 149,997.50 9.83 4,602.60 4,127.10 11.52 841.98 977.97 149,997.50 164,736.30 2010 2011 35.40 2010 38.78 2011 4,127.10 4,602.60 70,874 79,890 2,950 3,168 2010 2011 2010 2011 7
2011 1 7 2 22 2011 3 31 SKYTRAX 4 12 2011 8 22 8 23 5 26 ASQ DKMA DamienKobel ASQ 1 2 5 3 8 4
9 22 2011/2012 ACI Angela Gittens 10 31 ACIASQ 9 10 31 10 11 16 11 30 11 12 12 6 SKYTRAX 12 21 12 26 1,000
10
SKYTRAX 564,892,282 15.90%371,560,850 14.46% 193,331,432 18.76% 11
22 1,016.75 15.88%83,058 12.51% 169,338.99.87% 193,331,432 18.76% 13% 20%28% 12
(DFS) 13
SKYTRAX (ACI) ASQ ASQ SKYTRAX SKYTRAX SKYTRAX ASQ SKYTRAXSKYTRAX 14
A 24.5% A 8 15
16
260 2.9 8.2%5522% 150 13 17
3,000300 25% 1.1 8 18
92013 12 302011 3 100 5 32014 1 2012 300 200 70 19
308952.8 2.6344 380 2,000 2,500 20
76 4 38.78 9.55% (%) 83,058 73,824 12.51 79,890 70,874 12.72 1,652 1,399 18.08 1,516 1,551 2.26 1,016.75 877.38 15.88 977.97 841.98 16.15 19.87 16.60 19.70 18.91 18.80 0.59 169,338.90 154,124.60 9.87 164,736.30 149,997.50 9.83 2,508.30 2,157.60 16.25 2,094.30 1,969.50 6.34 21
371,560,85014.46% (%) 152,339,324 14.31 118,851,803 15.17 51,773,603 10.8 48,596,120 17.3 371,560,850 14.46 [2011]17 48%48% 193,331,43218.76% (%) 63,473,770 15.47 56,452,294 1.66 24,922,743 52.98 26,023,343 54.33 8,087,793 13.46 14,371,489 19.66 193,331,432 18.76 22
24,922,74352.98% 26,023,34354.33% 63,473,77015.47% (DFS)(SSP) 2,855,002,529524,899,250 18.39%2,330,103,27981.61% 24.24% 24.5% 209,714,326 35,534,490 20.40% 18,414,798 4,230,648 29.83% 68,398,680 4,440,9006.94% 23
307,892,280 20.17% 1,210,826,552 24.5% 309,401,664 24.5% 72,500,000 72,500,00024.5% 72,500,000 456,815,250 128,000,000 4,000,000 524,899,250 2,855,002,529 232,030,865 639,357,565 22.39%11.67%72,500,000 24.5% H 24.5% 72,500,000 72,500,000 4,000,000Libor 24
465 166 10.32%0.45% 133 100% 20% 3,864,6293,938,000 32 25
26
27
28
1. 2. 6 6 0 0 0 5 4 1 0 0 6 6 0 0 0 6 6 0 0 0 6 5 0 1 0 6 4 2 0 0 6 6 0 0 0 6 6 0 0 0 6 4 2 0 0 6 6 0 0 0 6 6 0 0 0 10 29
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 1. 2. 30
3. 4. 5. 6. 7. 8. 31
A.1.9 2011 32
70,000 50,000 100,000 1,860,240 33
2011 34
95% 95% 95% 35
(7) (7) 36
(i)(ii) 1. 37
2. 3. (1) (2) (3) (10%) (10%) 1. 2. 226,913,000H 3. 38
49 60 43 39
56 66 51 Strathclyde 571 8203 48 40
78 43 02355.HK 3900.HK 7 10 68 FAA MBA 2012 65 41
A600361A000571 A000613 49 2000 10 75 41 42
42 46 46 2002 H 43
58 118 183 17 1712 1716 44
23.76% 45% 12.87% 32.19% 45
473,213,000 246,300,000 52% H 226,913,000 48% 473,213,000 100% XV 23 10% 336 (%) (%) 1 237,500,000 96.43 50.19 46
H H Zhang Gaobo 2 94,343,000(L) 41.58% 19.94% 32,788,500(S) 14.45% 6.93% Zhang Zhiping 2 94,343,000(L) 41.58% 19.94% 32,788,500(S) 14.45% 6.93% Oriental Patron Financial Services Group Limited 2 94,343,000(L) 32,788,500(S) 41.58% 14.45% 19.94% 6.93% Oriental Patron Resources Investment Limited 2 94,343,000(L) 32,788,500(S) 41.58% 14.45% 19.94% 6.93% Oriental Patron Financial Group Limited 2 94,343,000(L) 32,788,500(S) 41.58% 14.45% 19.94% 6.93% UBS AG 3 31,537,400(L) 13.90% 6.66% Utilico Emerging Markets Utilities 11,629,000(L) 5.12% 2.46% Limited 4 ARC Capital Holdings Limited 5 98,365,500(L) 43.35% 20.79% ARC Capital Partners Limited 5 98,365,500(L) 43.35% 20.79% Pacific Alliance Asia Opportunity 98,365,500(L) 43.35% 20.79% Fund L.P. 5 Pacific Alliance Equity Partners 98,365,500(L) 43.35% 20.79% Limited 5 Pacific Alliance Group Asset 98,365,500(L) 43.35% 20.79% Management Limited 5 Pacific Alliance Group Holdings 98,365,500(L) 43.35% 20.79% Limited 5 Pacific Alliance Group Limited 5 98,365,500(L) 43.35% 20.79% Pacific Alliance Investment 98,365,500(L) 43.35% 20.79% Management Limited 5 Walden Ventures Limited 5 98,365,500(L) 43.35% 20.79% Deutsche Bank Aktiengesellschaft 6 14,349,980(L) 5,498,000(S) 6.32% 2.42% 3.03% 1.16% 47
1. 2. Zhang Gaobo Zhang ZhipingOriental Patron Financial Group Limited 49.19% 49.92% Oriental Patron Financial Group Limited Oriental Patron Financial Services Group Limited 95% Oriental Patron Financial Services Group LimitedOriental Patron Resources Investment Limited 100% Zhang Gaobo Zhang Zhi Ping Oriental Patron Financial Group Limited Oriental Patron Financial Services Group Limited 94,343,000 32,788,500Oriental Patron Resources Investment Limited 94,343,000 32,788,500 3. 31,537,400 UBS AG 60,00031,472,400UBS AGUBS Fund Services (Luxembourg) SA UBS Global Asset Management (Singapore) Ltd UBS Global Asset Management (Hong Kong) Ltd 21,987,4005,271,0004,214,000 4. Utilico Emerging Markets Utilities Limited 5. Pacific Alliance Group Holdings LimitedPacific Alliance Group Limited 99.17%Pacific Alliance Group LimitedPacific Alliance Investment Management Limited 90% Pacific Alliance Investment Management Limited Pacific Alliance Equity Partners Limited 61.8% Pacific Alliance Equity Partners Limited ARC Capital Partners Limited 100% ARC Capital Partners Limited 98,365,500ARC Capital Holdings LimitedWalden Ventures Limited 46.67%Walden Ventures Limited 43.35% XVARC Capital Holdings LimitedARC Capital Partners Limited Pacific Alliance Investment Management Limited Pacific Alliance Group Asset Management Limited 100% Pacific Alliance Group Asset Management Limited 98,365,500 XVPacific Alliance Asia Opportunity Fund L.P.Pacific Alliance Group Asset Management LimitedPacific Alliance Asia Opportunity Fund L.P.Walden Ventures Limited 36.67%Walden Ventures Limited 43.35% 6. Deutsche Bank Aktiengesellschaft 14,349,9805,508,980 2,698,000 6,143,000Deutsche Bank Aktiengesellschaft 5,498,000 7. (L) (S) XV23 10% 336 48
352 XV XV 352 (5)(b)14A 18,639,841 (a) (b) (c) 14A.38 (a) (b) (c) (d) 49
14A 6 3 6 3 1. 1,348,061 2. 6,527,760 3. 453,766 4. 4,693,944 5. 4.5 50
39 43 51
70,000 50,000 100,000 20,000 52
6 53
226,913,000H 47.95%8.08 54
1. 2. 3.. 55
(2012) 10069 ) 2011 (1) (2) 202 2 11 200021 +86 (21) 2323 8888+86 (21) 2323 8800 www.pwccn.com 56
(2012) 10069 12 312011 2012 3 27 57
(1) (1) 366,887,159 960,553,354 322,579,699 908,841,783 (2) (2) 145,125,372 218,363,021 138,163,766 214,906,960 (3) 6,076,495 13,355,245 5,286,661 12,991,112 (4) (3) 3,696,823 8,325,399 35,724,084 35,332,289 1,793,832 1,591,669 1,793,832 1,053,366 26,172 25,792 26,172 25,792 (5) 1,293,397 117,534 524,899,250 1,202,214,480 503,691,748 1,173,151,302 (6) (4) 1,068,164,742 30,874,651 1,087,698,578 50,408,487 (7) (5) 885,230,061 906,753,190 883,960,266 905,871,467 4,550,510 4,550,510 (8) (6) 147,238,713 150,401,902 147,238,713 150,401,902 5,686,823 5,686,823 (9) 4,421,740 3,171,877 4,421,740 3,171,877 (3)(7) 219,361,200 219,361,200 2,330,103,279 1,095,752,130 2,348,367,320 1,114,404,243 2,855,002,529 2,297,966,610 2,852,059,068 2,287,555,545 58
(10) (7) 17,575,257 6,339,915 17,051,068 5,847,175 8,885,537 31,444,567 8,823,636 31,382,667 (11) 51,683,674 50,060,703 46,313,764 45,413,949 (12) 11,967,808 389,550 11,654,593 (168,943) 3,508,354 14,520 3,508,354 14,520 (13) 666,000 666,000 666,000 666,000 (14) 75,885,685 143,629,683 92,960,683 148,488,810 (15) 61,858,550 4,000,000 61,858,550 4,000,000 232,030,865 236,544,938 242,836,648 235,644,178 (15) 398,956,700 4,000,000 398,956,700 4,000,000 (16) 8,370,000 5,800,000 8,370,000 5,800,000 407,326,700 9,800,000 407,326,700 9,800,000 639,357,565 246,344,938 650,163,348 245,444,178 (17) 473,213,000 473,213,000 473,213,000 473,213,000 (18) 699,484,654 699,484,654 699,484,654 699,484,654 (19) 216,748,099 187,992,913 216,748,099 187,992,913 (20) 815,766,996 682,511,611 812,449,967 681,420,800 2,205,212,749 2,043,202,178 2,201,895,720 2,042,111,367 (21) 10,432,215 8,419,494 2,215,644,964 2,051,621,672 2,201,895,720 2,042,111,367 2,855,002,529 2,297,966,610 2,852,059,068 2,287,555,545 59
2011 2010 2011 2010 (22) (8) 564,892,282 487,415,300 497,659,598 436,426,269 (22) (8) (209,714,326) (174,179,836) (164,937,736) (137,527,466) (23) (18,414,798) (14,184,150) (15,746,903) (12,271,242) (22) (68,398,680) (63,957,780) (60,093,744) (58,374,658) (24) (9) 9,030,708 11,129,746 8,589,969 10,699,998 (377,217) 7,120,378 (377,217) 6,796,945 (25) (10) 25,574,988 28,124,988 25,574,988 28,124,988 302,592,957 253,343,658 293,218,955 245,749,846 (26) (11) 27,582,799 962,247 27,521,526 670,185 (647,219) (380,050) (636,832) (379,107) (612,832) (379,107) (612,832) (379,107) 329,528,537 253,925,855 320,103,649 246,040,924 (27) (12) (35,287,735) (12,774,072) (32,551,786) (10,878,184) 294,240,802 241,151,783 287,551,863 235,162,740 289,778,081 238,231,162 287,551,863 235,162,740 4,462,721 2,920,621 (28) 0.61 0.51 (28) 0.61 0.51 294,240,802 241,151,783 287,551,863 235,162,740 289,778,081 238,231,162 287,551,863 235,162,740 4,462,721 2,920,621 60
612,064,711 476,899,435 548,337,571 422,653,758 362,000 223,000 362,000 223,000 119,203,928 233,860,843 113,171,366 256,643,468 731,630,639 710,983,278 661,870,937 679,520,226 (123,719,975) (36,691,623) (76,856,087) (36,691,623) (56,648,595) (55,693,897) (43,452,260) (50,572,680) (51,679,725) (34,840,182) (44,822,001) (32,054,207) (191,690,064) (198,070,416) (187,410,500) (187,249,224) (423,738,359) (325,296,118) (352,540,848) (306,567,734) (29) (13) 307,892,280 385,687,160 309,330,089 372,952,492 2,550,000 3,461,662 3,394,362 3,000,000 3,000,000 3,000,000 3,000,000 6,461,662 3,000,000 8,944,362 3,000,000 (236,417,264) (18,742,631) (235,383,662) (18,045,855) (980,870,950) (980,870,950) (5,100,000) (1,217,288,214) (18,742,631) (1,216,254,612) (23,145,855) (1,210,826,552) (15,742,631) (1,207,310,250) (20,145,855) 61
456,815,250 456,815,250 4,900,000 456,815,250 4,900,000 456,815,250 (4,000,000) (4,000,000) (4,000,000) (4,000,000) (143,413,586) (151,869,605) (140,963,586) (151,869,605) (7,242,424) (7,242,424) (147,413,586) (163,112,029) (144,963,586) (163,112,029) 309,401,664 (158,212,029) 311,851,664 (163,112,029) (133,587) 142,534 (133,587) 146,857 (593,666,195) 211,875,034 (586,262,084) 189,841,465 960,553,354 748,678,320 908,841,783 719,000,318 366,887,159 960,553,354 322,579,699 908,841,783 62
(17) (18) (19) (20) (21) 1 1 473,213,000 699,484,654 164,476,639 619,224,883 598,873 1,956,998,049 238,231,162 2,920,621 241,151,783 4,900,000 4,900,000 23,516,274 (23,516,274) (151,428,160) (151,428,160) 473,213,000 699,484,654 187,992,913 682,511,611 8,419,494 2,051,621,672 1 1 473,213,000 699,484,654 187,992,913 682,511,611 8,419,494 2,051,621,672 289,778,081 4,462,721 294,240,802 28,755,186 (28,755,186) (127,767,510) (2,450,000) (130,217,510) 473,213,000 699,484,654 216,748,099 815,766,996 10,432,215 2,215,644,964 63
(19) (20) 1 1 473,213,000 699,484,654 164,476,639 621,202,494 1,958,376,787 235,162,740 235,162,740 23,516,274 (23,516,274) (151,428,160) (151,428,160) 473,213,000 699,484,654 187,992,913 681,420,800 2,042,111,367 1 1 473,213,000 699,484,654 187,992,913 681,420,800 2,042,111,367 287,551,863 287,551,863 28,755,186 (28,755,186) (127,767,510) (127,767,510) 473,213,000 699,484,654 216,748,099 812,449,967 2,201,895,720 64
2000 12 28 2002 11 18 2012 3 27 (1) 2006 2 15 38 (2) 2011 2011 (3) 1 1 (4) (5) (a) 65
(5) (b) (6) (7) (8) 66
(8) (9) (a) (i) (ii) (iii) 67
(9) (a) (iv) (1) (2) (3) (b) (10) 68
(10) (11) (12) (a) (b) 69
(12) (b) (c) (d) (18) (13) (a) 70
(13) (a) (b) 15 40 3% 6.5 2.4% 14 3% 6.9% 10 3% 9.7% 6 15 3% 16.2% 6.5% (c) (18) (d) 71
(14) (18) (15) 3 (16) (18) 72
(17) (18) (19) 73
(19) (20) (21) (a) (b) 74
(21) (c) (22) (23) 75
(23) (24) (25) (26) 76
(27) (1) (2) (3) (28) (a) (b) (9) 77
(28) (c) [2011]17 2015 12 312009 48%48% (1) 24% 3% 5% 5% 7% 3% 2% (2) 15% 2007 3 162008 1 1 200820125 15% 25% 24% 201022% 2008 2 2 [2008]132004200820092013 201112% 201011% 78
(%) (%) 1,000 95 100 4.75 1,000 95 100 11,000 95 100 10,000 51 60 (1) 47,476 73,726 366,839,683 960,479,628 366,887,159 960,553,354 79
(2) 122,708,420 198,048,826 27,140,583 24,715,368 149,849,003 222,764,194 (4,723,631) (4,401,173) 145,125,372 218,363,021 1 3 90 88,419,162 104,848,825 91180 10,473,887 41,192,621 181365 33,044,367 56,143,496 365 17,911,587 20,579,252 149,849,003 222,764,194 4,401,173 1,485,836 (1,108,619) (54,759) 4,723,631 80
(3) 225,437,695 13,355,245 (219,361,200) 6,076,495 13,355,245 225,298,132 99.94% 12,000,000 89.85% 139,563 0.06% 1,355,245 10.15% 225,437,695 100% 13,355,245 100% 12 31219,361,200 12 31(7) (4) 90 930,189 3,217,520 91180 157,723 113,416 181365 189,344 635,803 365 2,419,567 4,358,660 3,696,823 8,325,399 81
(5) 1,175,863 117,534 1,293,397 (6) 30,874,651 30,874,651 30% 1/3 1,011,715,103 25,574,988 1,037,290,091 24.5% 1/7 30,874,651 1,011,715,103 25,574,988 1,068,164,742 1 1 1,017,323,686 914,409,243 102,914,443 (465) 9,464,383,104 4,493,730,570 4,970,652,534 858,278,612 203,229,724 82
(6) 3 25Kingward Investment LimitedKingward Kingward24.5% 145,000,0001 28 Kingward24.5% (15) 2011 26,490,103(26) (7) 951,824,250 211,552,376 77,496,527 58,258,874 1,299,132,027 1,812,229 1,812,229 7,033,321 4,069,285 17,050,671 5,559,096 33,712,373 (220,071) (23,300) (2,070,109) (2,323,839) (4,637,319) 960,449,729 215,598,361 92,477,089 61,494,131 1,330,019,310 (209,680,545) (98,181,329) (49,243,779) (35,273,184) (392,378,837) (24,599,600) (17,027,983) (5,539,437) (9,196,190) (56,363,210) 103,802 14,896 1,811,737 2,022,363 3,952,798 (234,176,343) (115,194,416) (52,971,479) (42,447,011) (444,789,249) 726,273,386 100,403,945 39,505,610 19,047,120 885,230,061 742,143,705 113,371,047 28,252,748 22,985,690 906,753,190 83
(7) 55,799,363 563,8472010 55,386,879 466,051 1,812,229 (8) 12 31 179,637,283 (29,235,381) (3,163,189) (32,398,570) 147,238,713 150,401,902 3,163,1893,220,381 84
(8) 10 50 61,454,272 63,064,426 50 85,784,441 87,337,476 147,238,713 150,401,902 (9) 590,454 4,723,631 521,570 4,401,173 1,528,494 8,104,854 1,713,865 9,893,070 2,302,792 18,422,334 936,442 7,803,684 4,421,740 31,250,819 3,171,877 22,097,927 12 31 (10) 90 12,297,551 3,753,244 91180 745,955 388,100 181 4,531,751 2,198,571 17,575,257 6,339,915 85
(11) 33,407,446 47,245,849 (42,320,617) 38,332,678 1,026,598 (1,026,598) 1,159,802 6,127,777 (7,287,579) 1,011,732 3,864,629 (4,876,361) 443,657 1,224,153 (1,667,810) (323,520) 790,037 (466,517) 17,191 139,815 (157,006) 10,742 109,143 (119,885) 649,276 2,629,676 (2,919,143) 359,809 2,922,107 1,241,666 (873,689) 3,290,084 11,922,072 (2,220,969) 9,701,103 50,060,703 58,271,566 (56,648,595) 51,683,674 (12) 5,538,122 (5,516,165) 3,825,557 3,941,163 1,499,488 1,342,901 591,746 (60,321) 370,950 661,177 141,945 20,795 11,967,808 389,550 86
(13) 666,000 666,000 (20) 127,767,510 151,428,160 (127,767,510) (151,428,160) 666,000 666,000 (14) 30,481,334 94,270,605 11,056,019 15,505,012 10,536,355 8,132,058 6,419,698 5,326,305 5,531,976 3,000,000 11,860,303 17,395,703 75,885,685 143,629,683 (15) 460,815,250 8,000,000 (61,858,550) (4,000,000) 398,956,700 4,000,000 3.74% 12 315.94% 72,500,000456,815,250 24.5%2016 1 26 87
(15) 12 314,000,0008,000,000 2013 6 17 (16) 5,800,000 3,000,000 3,000,000 3,000,000 (430,000) (200,000) 8,370,000 5,800,000 15 (17) 12 31 12 31 237,500,000 237,500,000 3,512,500 3,512,500 5,287,500 5,287,500 226,913,000 226,913,000 473,213,000 473,213,000 88
(18) 12 31 598,983,655 100,500,999 699,484,654 (19) 187,992,913 28,755,186 216,748,099 2009 164,476,639 23,516,274 187,992,913 10% 50% 28,755,186 23,516,274 (20) 1,713,8682010 1,248,189 465,679 2010303,983 89
(20) 5 19 10 24 20100.120.15 473,213,00056,785,560 70,981,950 (13) (21) 9,844,788 7,820,621 3,929 3,915 (82,390) (87,504) 665,888 682,462 10,432,215 8,419,494 (22) 152,339,324 133,273,493 118,851,803 103,196,893 51,773,603 46,726,853 48,596,120 41,427,163 371,560,850 324,624,402 63,473,770 54,968,059 56,452,294 55,529,172 24,922,743 16,291,885 26,023,343 16,862,586 8,087,793 7,128,447 14,371,489 12,010,749 193,331,432 162,790,898 564,892,282 487,415,300 90
(22) 44,633,537 38,672,918 56,363,210 55,852,930 3,163,189 3,220,381 58,271,566 52,465,434 7,012,190 6,219,612 19,823,535 18,967,217 1,860,240 2,072,732 4,371,297 2,244,914 24,249,886 28,123,482 20,062,384 7,440,446 (23) 16,442,371 13,867,034 1,103,313 164,558 869,114 152,558 18,414,798 14,184,150 (24) 7,352,348 11,745,663 (16,689,910) (633,930) 21,326,125 142,534 (1,555,601) (1,402,254) (124,521) 9,030,708 11,129,746 91
(24) 16,689,910 633,930 (25) 25,574,988 25,574,988 (26) (6) 26,490,103 792,000 423,000 261,000 189,100 39,696 350,147 27,582,799 962,247 92
(27) 36,537,598 13,384,649 (1,249,863) (610,577) 35,287,735 12,774,072 329,528,537 253,925,855 79,698,848 55,863,689 (32,551,786) (26,640,059) (12,495,622) (1,763,329) 662,212 608,724 (25,917) (6,291) (15,288,662) 35,287,735 12,774,072 (28) (a) 289,778,081 238,231,162 473,213,000 473,213,000 0.61 0.51 (b) 2010 93
(29) (a) 294,240,802 241,151,783 377,217 (7,120,378) 56,363,210 55,852,930 3,163,189 3,220,381 351,832 379,107 (3,080,614) 491,396 (25,574,988) 24.5% (26) (26,490,103) (1,249,863) (610,577) (380) (14,428) 97,304,421 (37,248,355) (87,512,443) 129,585,301 307,892,280 385,687,160 (b) 366,887,159 960,553,354 (960,553,354) (748,678,320) (593,666,195) 211,875,034 94
(1) (a) (b) 12 31 2,028,913,102 (c) 12 31 % % 50.19 50.19 95
(2) (3) 101,681,000 30% 1/3 3,020,151,992 24.5% 1/7 (4) 96
(5) (a) (b) 24,249,886 28,118,787 18,639,841 17,036,038 15,093,390 14,002,089 10,912,550 5,119,384 1,348,061 2,045,482 9,203,819 79,447,547 66,321,780 (c) 113,728,992 98,954,344 16,267,959 5,230,361 8,017,313 8,092,373 7,186,676 2,610,225 6,527,760 5,471,809 4,693,944 4,060,697 2,221,399 1,998,274 991,257 3,020,100 7,186,676 4,215,625 166,821,976 133,653,808 97
(5) (d) 2,467,814 2,074,579 (e) 4,834 18,083 22,917 70,000 168,000 16,787 254,787 70,000 264,000 16,787 350,787 50,000 50,000 50,000 50,000 50,000 50,000 50,000 217,000 16,787 283,787 100,000 100,000 100,000 100,000 65,166 245,000 16,787 326,953 100,000 100,000 100,000 100,000 98
(5) (e) 70,000 211,200 13,118 294,318 70,000 105,600 13,118 188,718 70,000 199,200 13,118 282,318 50,000 50,000 50,000 50,000 50,000 50,000 50,000 211,200 13,118 274,318 100,000 100,000 100,000 100,000 56,793 56,793 100,000 100,000 43,207 43,207 (f) 20112010 2010 2011 2010 192,000 133,550 3,740 13,118 195,740 146,668 99
(5) (f) 2011 2010 0 1,000,000 1 1 (g) 5,351,907 7,885,117 (6) (a) 150,447,515 436,366,137 100
(6) (b) 31,155,928 99,875,989 17,423,698 7,590,544 8,788,928 17,037,468 14,095,478 4,674,723 6,771,473 8,143,209 1,123,228 4,525,906 6,682,409 7,954,649 768,821 2,846,590 682,915 1,773,859 298,080 407,166 252,128 780,727 1,060,994 88,978,851 155,736,059 (c) (7) 219,361,200 148,739 219,509,939 101
(6) (d) 458,559 764,743 4,273,795 731,239 247,514 1,189,798 5,286,052 (e) 867,699 234,688 (f) 2,711,526 1,041,934 583,545 473,964 425,411 4,227,424 1,008,956 (g) 30,481,334 94,320,605 1,000,000 1,000,000 1,459,773 177,604 32,941,107 95,498,209 102
(6) (h) (7) 3,128,973 61,901 61,901 3,190,874 61,901 (i) 1,579,934 1,114,728 (7) a-1 (28,160,761) a-2 877,444,800 849,284,039 95% 13,319,000 (a) 8 26 103
(7) (a-1) 31,289,734 125 12 31 3,128,973 (a-2) 1,096,806,000 219,361,200 (3) (1) (a) 104
(1) (a) 12 31 2,481,217 34,251 2,515,468 456,815,250 456,815,250 1,439,891 36,724 1,476,615 12 31 10%39,981,39512 31 126,710 (b) 12 31 72,500,00012 31 456,815,250(15) 105
(1) (b) 10% 236,33920101,489,1512010 (2) (3) 106
(3) 366,887,159 366,887,159 145,125,372 145,125,372 3,696,823 3,696,823 1,793,832 1,793,832 517,503,186 517,503,186 17,575,257 17,575,257 75,885,685 75,885,685 3,508,354 3,508,354 77,920,024 127,276,314 292,900,998 498,097,336 174,889,320 127,276,314 292,900,998 595,066,632 960,553,354 960,553,354 218,363,021 218,363,021 8,325,399 8,325,399 1,591,669 1,591,669 1,188,833,443 1,188,833,443 6,339,915 6,339,915 143,629,683 143,629,683 14,520 14,520 4,390,720 2,165,330 2,055,440 8,611,490 154,374,838 2,165,330 2,055,440 158,595,608 107
(3) 498,097,336 8,611,490 (4) 877,444,800 108
12 16 14,020,000100% 95% 13,319,000 2012 1 28 [2011] 2082 862012 6 23 2012 3 13 87 100 7.8% 2012 3 19 8 (1) 16,630 32,205 322,563,069 908,809,578 322,579,699 908,841,783 (2) 122,708,420 198,048,826 20,178,977 21,204,548 142,887,397 219,253,374 (4,723,631) (4,346,414) 138,163,766 214,906,960 109
(2) 1 3 90 87,426,157 104,588,770 91180 8,101,253 41,192,621 181365 32,904,461 56,143,496 365 14,455,526 17,328,487 142,887,397 219,253,374 4,346,414 1,485,836 (1,108,619) 4,723,631 (3) 3,866,018 28,027,448 21,288,699 480,564 10,569,367 6,824,277 35,724,084 35,332,289 110
(3) 90 14,779,950 3,266,234 91180 7,158,938 708,114 181365 7,525,267 1,852,480 365 6,259,929 29,505,461 35,724,084 35,332,289 (4) (a) 19,533,836 19,533,836 (b) 1,068,164,742 30,874,651 1,087,698,578 50,408,487 (a) (%) (%) 950,000 950,000 95 100 277,825 277,825 95 100 13,206,011 13,206,011 95 100 5,100,000 5,100,000 51 60 19,533,836 19,533,836 111
(4) (b) (%) 30,874,651 30,874,651 30 1/3 1,011,715,103 25,574,988 1,037,290,091 24.5 1/7 30,874,651 1,011,715,103 25,574,988 1,068,164,742 (5) 951,824,250 211,546,076 76,852,399 52,704,459 1,292,927,184 1,812,229 1,812,229 7,033,321 4,069,285 16,686,671 5,315,195 33,104,472 (220,071) (17,000) (2,070,109) (1,524,620) (3,831,800) 960,449,729 215,598,361 91,468,961 56,495,034 1,324,012,085 (209,680,545) (98,181,329) (49,143,516) (30,050,327) (387,055,717) (24,599,600) (17,027,983) (5,476,935) (9,045,163) (56,149,681) 103,802 14,896 1,811,737 1,223,144 3,153,579 (234,176,343) (115,194,416) (52,808,714) (37,872,346) (440,051,819) 726,273,386 100,403,945 38,660,247 18,622,688 883,960,266 742,143,705 113,364,747 27,708,883 22,654,132 905,871,467 55,588,197 561,4842010 55,199,645 463,708 1,812,229 112
(6) 12 31 179,637,283 (29,235,381) (3,163,189) (32,398,570) 147,238,713 150,401,902 3,163,1893,220,381 10 50 61,454,272 63,064,426 50 85,784,441 87,337,476 147,238,713 150,401,902 113
(7) 90 11,812,445 3,361,293 91180 745,955 357,350 181 4,492,668 2,128,532 17,051,068 5,847,175 (8) 152,339,324 133,273,493 118,851,803 103,196,893 51,773,603 46,726,853 34,815,730 32,439,487 357,780,460 315,636,726 63,473,770 54,968,059 11,339,116 27,922,743 16,291,885 26,023,343 16,862,586 8,087,793 7,128,447 14,371,489 14,199,450 139,879,138 120,789,543 497,659,598 436,426,269 114
(9) 6,878,732 11,275,914 (16,689,910) (633,930) 21,332,691 146,857 (1,555,601) (1,375,943) (88,843) 8,589,969 10,699,998 16,689,910 633,930 (10) 25,574,988 2,550,000 28,124,988 (11) (6) 26,490,103 792,000 423,000 200,000 189,100 39,423 58,085 27,521,526 670,185 115
(12) 33,801,649 11,488,761 (1,249,863) (610,577) 32,551,786 10,878,184 320,103,649 246,040,924 76,824,875 54,129,003 (32,551,786) (26,640,059) (12,495,622) (1,763,329) 774,319 441,231 (15,288,662) 32,551,786 10,878,184 116
(13) (a) 287,551,863 235,162,740 377,217 (6,796,945) 56,149,681 55,663,353 3,163,189 3,220,381 412,832 379,107 (3,087,180) 487,073 (28,124,988) 24.5% (26) (26,490,103) (1,249,863) (610,577) (380) (14,428) 96,433,722 (32,586,182) (75,805,901) 118,047,970 309,330,089 372,952,492 (b) 322,579,699 908,841,783 (908,841,783) (719,000,318) (586,262,084) 189,841,465 117
524,899,250 1,202,214,480 (232,030,865) (236,544,938) 292,868,385 965,669,542 503,691,748 1,173,151,302 (242,836,648) (235,644,178) 260,855,100 937,507,124 2,855,002,529 2,297,966,610 (232,030,865) (236,544,938) 2,622,971,664 2,061,421,672 2,852,059,068 2,287,555,545 (242,836,648) (235,644,178) 2,609,222,420 2,051,911,367 118