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shenzhen chiwan wharf holdings limited report for the first

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					Stock code: 000022 /200022

Short form: Shen Chiwan A/Shen Chiwan B Announcement Serial No. 2005-011

SHENZHEN CHIWAN WHARF HOLDINGS LIMITED REPORT FOR THE FIRST QUARTER OF 2005
¡ì Important Note 1

1.1

The Board of Directors of Shenzhen Chiwan Wharf Holdings Limited (“ Company” the ) individually and collectively accepts responsibility for the correctness, accuracy and completeness of the contents of this report and confirms that there are no material omissions nor errors which would render any statement misleading. Chairman of the Board Ms. Wang Fen, as well as Director of the Company Mr. Fan Zhaoping and Chief Financial Officer Mr. Zhang Jianguo hereby confirm that the Financial Statements in this report is true and complete.

1.2

1.3 This quarterly Financial Statements was un-audited. ¡ì Company Profile 2 2.1 Basic information Short Form of the Stock Stock Code Company Secretary Name Address Tel Fax E- mail 2.2 2.2.1 Ms. Pei Jiangyuan (86 755) 26694620 (86 755) 26684117 cwh@cndi.com Shen Chiwan A/Shen Chiwan B 000022/200022 Authorized Representative Ms. Bu Dan, Ms. He Peng

11/F., Chiwan Petroleum Building, Port of Chiwan, Shenzhen, PRC

Financial Highlights Major accounting data Unit: RMB
As at March 31, 2005 4,485,790,611 2,019,145,496 4.071 Jan.- March, 2005 As at December 31, 2004 4,248,212,559 1,843,123,509 3.716 Jan. - March, 2005 255,139,963 0.355 8.72%
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+/5.59% 9.55% 9.55% To corresponding period of 2004 19.23% 39.76% 2.66%

Total assets Shareholders’equity (minority interests excluded) Net assets per share

Net cash flow from operating activities Earnings per share* Return on net assets

255,139,963 0.355 8.72%

* Share capital of the C ompany was increased from 381,517,000 to 495,972,100 due to transfer of capital reserve to stock at the ratio of three shares for every ten shares in June 2004, thus growth rate of earnings per share was lower than that of net profit.

2.2.2 Consolidated Income Statement
Jan.to.March 2005 RMB Revenue Operating costs Gross profit Other revenue Administrative expenses Other operating income/(expenses) Profit from operations Finance costs - net Share of results of associates before tax Profit before tax Income tax expense Profit after tax Minority interests Net profit Earnings per share 426,366,094 (115,404,821) 310,961,273 3,313,995 (24,885,671) 63,786 289,453,383 (7,859,100) 617,071 282,211,354 (19,749,521) 262,461,833 (86,434,351) 176,027,482 0.355 Jan.to.March 2004 RMB 301,432,250 (109,497,086) 191,935,164 2,751,356 (30,003,628) 164,682,892 (5,522,682) (61,188) 159,099,022 (9,328,267) 149,770,755 (52,932,514) 96,838,241 0.254

2.3 Number of shareholders and top ten shareholders holding circulating shares
Shareholders as at the end of reporting period Top ten shareholders holding circulating shares Name
GUOTAI JUNAN SECURIES HONG KONG LIMITED GT PRC FUND INDUSTRIAL AND COMMERCIAL BANK OF CHINA-SYWG BNP PARIBAS SHENGLI CHOSEN SECURITIES INVESTMENT FUND HARVEST CHINA EQUITIES INVESTMENT COMPANY LIMITED UBS WARBURG CUSTODY PTE LTD. BANK OF CHINA – CHINA RETURNS SECURITIES INVESTMENT FUND

15,241, among which 8,062 holding A shares and 7,179 B shares

Shares held as at 31 March 2005 14,921,271 8,059,853 5,186,527 4,172,675 3,631,670 2,954,890

Types B shares B shares A shares B shares B shares A shares

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BANK OF COMMUNICATIONS-KERUI SECURITIES INVESTMENT FUND HTHK-VALUE PARTNERS INTELLIGENT FD-CHINA B SHS FD THORNBURG INVESTMENT INCOME BUILDER FUND HONGYANG SECURITIES INVESTMENT FUND

2,763,907 2,630,002 2,599,963 2,490,823

A shares B shares B shares A shares

¡ì Discussion and Analysis of the Manageme nt Staff 3

3.1 Performance of the Company during the reporting period The company is engaged mainly in the handling, warehousing and transportation of containers as well as bulk and general cargoes in Shenzhen, and also in other related services. Throughput of the Company during the first three months of 2005 rose considerably compared with corresponding period of 2004, while the growth pace of the container throughput ranked top among all the ports in Shenzhen. Due to the decrease of imported grains and shrink of stacking depot (resulted from the reconstruction of bulk cargo stacking yards at Berth 7 into container stacking depot), throughput of bulk and general cargo dropped. Business data of the Company during the reporting period are set out as follows.
Business Data Total throughput (million ton) Container throughput (’ TEU) 000 Throughput of bulk and general cargo (million ton) Tow trucking service at port (’ hours) 000 Hours charged for tugboat Jan. - March, 2005 9.808 932
1.688 291 5,961

Jan. - March, 2004 7.622 696 2.019 175 5,184

+/-(%) +28.7% +33.9% -16.4% +66.0% +15.0%

3.1.1 Core businesses ¡Ì Applicable
?

Non-applicable
Sales Cost RMB 109,634,523 RMB 1,742,748 Margin 72.78% 35.38%

Handling Among which: related party transactions

RMB402,703,165 RMB2,697,003

3.1.2 Periodicity of businesses ¡Ì Applicable
?

Non-applicable

Generally speaking, container throughput of Shenzhen ports is growing rapidly and steadily. Due to the container cargo make- up and flow direction, container throughput of each season is unbalanced. I.e. the second and the third quarters are midseason for container handling, while the first quarter and the fourth quarter are slacker seasons compared with the other two quarters. The same is true for the Company’ containe r handling business. Periodicity of s bulk and general cargo handling business is not so obvious.
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3.1.3 Profit make-up during the reporting period
?

Applicable

¡Ì Non-applicable

There is no such items the proportion of which in the gross profit changed over 20% compared with last corresponding period while at the same time accounted for over 10% of the net profit.

3.1.4
?

Reasons of changes in business structure ¡Ì Non-applicable

Applicable

3.1.5
?

Reasons of significant changes in profit margin of core business ¡Ì Non-applicable

Applicable

3.2 Significant Events
?

Applicable

¡Ì Non-applicable

3.3 Reason of changes in accounting policy, accounting estimation and consolidation scope
?

Applicable

¡Ì Non-applicable

3.4 Explanation of the Board and Supervisory Committee on the “ Non-standard”Opinion of Certified Public Accountants
?

Applicable

¡Ì Non-applicable

3.5 Reason of significant changes in net profit for the first half of 2005
?

Applicable

¡Ì Non-applicable

3.6 Adjustment on business plan or budget
?

Applicable Appendix

¡Ì Non-applicable

¡ì 4

4.1 4.2 4.3

Consolidated Income Statement for the Three Months Ended March 31, 2005; Consolidated Balance Sheet as at March 31, 2005; Consolidated Cash Flow Statement for the Three Months Ended March 31, 2005 For and on behalf of the Board Wang Fen Chairman Shenzhen Chiwan Wharf Holdings Limited

Dated this 26th day of April, 2005

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SHENZHEN CHIWAN WHARF HOLDINGS LIMITED CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS ENDED 31ST MARCH 2005
Jan.to.March 2005 Jan.to.March 2004

RMB Revenue Operating costs Gross profit Other revenue Administrative expenses Other operating income/(expenses) Profit from operations Finance costs - net Share of results of associates before tax Profit before tax Income tax expense Profit after tax Minority interests Net profit Earnings per share 426,366,094 (115,404,821) 310,961,273 3,313,995 (24,885,671) 63,786 289,453,383 (7,859,100) 617,071 282,211,354 (19,749,521) 262,461,833 (86,434,351) 176,027,482 0.355

RMB 301,432,250 (109,497,086) 191,935,164 2,751,356 (30,003,628)

164,682,892 (5,522,682) (61,188) 159,099,022 (9,328,267) 149,770,755 (52,932,514) 96,838,241 0.254

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SHENZHEN CHIWA N WHARF HOLDINGS LIMITED CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2005 2005.03.31 RMB ASSETS Non-current assets Property, plant and equipment Construction-in-progress Land use rights Investment property Intangible assets Investments in associates Loan to a third party Available-for-sale investments Current assets Inventories Amount due from a related companies Other receivables and prepayments Trade receivables Cash and cash equivalents Total assets SHAREHOLDERS’ EQUITY Share capital Reserves Retained earnings Total shareholders’ equity Minority interests LIABILITIES Non-current liabilities Borrowings Deferred revenue Current liabilities Trade payables Bills payable Other payables and accrued expenses Amount due to holding company Taxes payable Deferred revenue - current portion Short-term borrowings Total liabilities Total equity and liabilities
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2004.12.31 RMB

1,878,486,799 375,876,274 1,275,879,658 10,165,415 10,529,069 340,393,452 40,000,000 14,657,500 3,945,988,167 20,381,826 9,828,908 32,019,670 249,570,137 228,001,903 539,802,444 4,485,790,611 495,972,100 1,031,147,533 492,025,863 2,019,145,496 859,698,288

1,807,175,674 364,171,495 1,283,306,251 10,228,570 11,181,359 339,859,099 40,000,000 14,657,500 3,870,579,948 22,792,039 7,023,850 31,053,974 224,481,675 92,281,073 377,632,611 4,248,212,559 495,972,100 1,031,153,028 315,998,381 1,843,123,509 773,263,937

495,312,820 51,678,877 546,991,697 83,922,813 398,217,943 41,742,728 2,468,448 29,030,717 2,897,881 501,674,600 1,059,955,130 1,606,946,827 4,485,790,611

451,385,380 52,403,348 503,788,728 41,812,570 396,299,643 77,427,893 2,611,963 22,631,835 2,897,881 584,354,600 1,128,036,385 1,631,825,113 4,248,212,559

SHENZHEN CHIWAN WHARF HOLDINGS LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE THREE MONTHS ENDED 31ST MARCH 2005
Jan.to.March 2005

RMB Cash flows from operating activities Cash generated from operations Interest received Interest paid Income tax paid Net cash from operating activities Cash flows from investing activities Purchase of property, plant and equipment Payments for construction-in-progress Interest received from loans Proceeds from disposal of property,plant and equipment Net cash used in investing activities Cash flows from financing activities Proceeds from short-term borrowings Proceeds from long-term borrowings Repayments of short-term borrowings Repayments of long-term borrowings Net cash generated from/used in financing activities 24,910,000 82,680,000 (107,122,560) (39,220,000) (38,752,560) (73,036,635) (11,704,779) 3,974,341 100,500 (80,666,573) 272,498,556 235,582 (6,188,066) (11,406,109) 255,139,963

Increase/(decrease) in cash and cash equivalents Movement in cash and cash equivalents: Cash and cash equivalents at 1st January Increase/(decrease) in cash and cash equivalents Effect of exchange rate changes Cash and cash equivalents at 31st March

135,720,830

92,281,073 135,720,830 228,001,903

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