Annual Report 2009 - Greentown China Holdings Limited

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Consolidated Statement of Cash Flows For the year ended 31 December 2009 2009 2008 Notes RMB’000 RMB’000 OPERATING ACTIVITIES Profit before taxation 1,570,210 1,195,710 Adjustments for: Share of results of associates (456,031) (242,158) Share of results of jointly controlled entities (159,341) (141,573) Depreciation and amortisation 80,555 74,705 Impairment losses on property, plant and equipment – 53,000 Impairment losses on properties under development – 190,433 Impairment losses on completed properties for sale – 30,816 Reversal of impairment losses on properties under development (42,433) – Interest income (103,182) (59,074) Finance costs 657,798 401,290 Net unrealised foreign exchange loss (gain) 632 (184,476) Gain on disposal of property, plant and equipment (520) (5,609) Decrease in fair value of investment property – 1,052 Equity-settled share based payments 107,413 – Net gain on redemption of 2006 Convertible Bonds and fair value changes on embedded financial derivatives (11,494) (19,477) Fair value changes on Trust-related financial derivatives 78,900 – Net gain on repurchase of senior notes (327,967) – Net gain on partial disposal of subsidiaries (2,824) (7,543) Net gain on disposal of associates – (27) Operating cash flows before movements in working capital 1,391,716 1,287,069 (Increase) decrease in properties for development (6,362,858) 5,216,292 Increase in properties under development (6,146,103) (9,443,689) Decrease (increase) in completed properties for sale 284,653 (866,476) Increase in inventories (8,008) (6,767) (Increase) decrease in trade and other receivables, deposits and prepayments (1,654,215) 479,915 Increase in amounts due from related parties (2,238,909) (2,006,838) Increase in prepaid other taxes (890,883) (127,813) (Increase) decrease in rental paid in advance (1,362) 1,648 Increase in pre-sale deposits 17,164,261 2,553,467 Increase in trade and other payables 81,071 219,244 Increase (decrease) in amounts due to related parties 2,158,148 (609,220) Increase in other taxes payable 641,925 72,044 Cash generated from (used in) operations 4,419,436 (3,231,124) Income taxes paid (780,832) (544,239) NET CASH FROM (USED IN) OPERATING ACTIVITIES 3,638,604 (3,775,363) 102 Greentown China Holdings Limited Annual Report 2009
Consolidated Statement of Cash Flows For the year ended 31 December 2009 2009 2008 Notes RMB’000 RMB’000 INVESTING ACTIVITIES Purchase of property, plant and equipment (676,620) (297,258) Proceeds from disposal of property, plant and equipment 5,580 12,609 Increase in prepaid lease payment (6,557) (6,777) Investments in associates (190,700) (321,485) Investments in jointly controlled entities (40,000) – Dividends received from associates and jointly controlled entities 559,101 19,260 Proceeds from disposal of interests in associates – 38,909 Acquisition of subsidiaries (net of cash and cash equivalents acquired) 31 270,335 (75,722) Purchase of additional interests in subsidiaries (9,200) (217,873) De-consolidation of a subsidiary 27 (246,150) – Proceeds from disposal of subsidiaries (net of cash and cash equivalents disposed of) 32 (336,363) – Proceeds from partial disposal of subsidiaries 6,460 89,036 Advance to third parties (583,348) (12,478) Advance to related parties (709,439) (435,814) (Increase) decrease in pledged bank deposits (2,156,605) 286,065 Interest received 139,461 54,906 Purchase of available-for-sale investments (195,574) (7,500) NET CASH USED IN INVESTING ACTIVITIES (4,169,619) (874,122) FINANCING ACTIVITIES Bank and other borrowings raised 18,631,024 7,186,555 Repayment of bank and other borrowings (7,691,641) (3,107,911) Advance from related parties 839,546 654,182 Contribution by minority shareholders of subsidiaries 993,873 277,140 Interest paid (1,709,556) (1,285,240) Dividends paid to owners of the Company (406,910) (438,283) Dividends paid to minority interests (34,268) (9,740) Repurchase of senior notes (2,122,427) – Redemption of 2006 Convertible Bonds (84,497) – Proceeds from issue of share options 12,214 – Proceeds from exercise of share options 11,430 – NET CASH FROM FINANCING ACTIVITIES 8,438,788 3,276,703 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 7,907,773 (1,372,782) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR 1,498,021 2,876,925 Effects of exchange rate changes on the balance of cash held in foreign currencies (447) (6,122) CASH AND CASH EQUIVALENTS AT THE END OF YEAR 9,405,347 1,498,021 REPRESENTED BY BANK BALANCES AND CASH 9,405,347 1,498,021 Greentown China Holdings Limited Annual Report 2009 103
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eauties in life Start with a dream
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Contents Corporate Information 2 Co
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Corporate Information Registered Of
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Corporate Profile Greentown China H
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Villa Changsha Bamboo Garden Shangh
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Mansion Beijing Majestic Mansion Th
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Urban Complex
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Jinan National Games Project
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Thousand-Island Lake Resort Condo -
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Xinjiang 1.9% Proportion to total l
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Portfolio Property projects Type In
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Portfolio Completion schedule of pr
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Portfolio Wenzhou Lucheng Plaza Nin
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Portfolio Nanjing Rose Garden Prope
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Portfolio Qingdao Ideal City Jinan
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A romantic trip of timeless splendo
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Dear Shareholders, In early 2009, t
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CEO’s Review Sales of major proje
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CEO’s Review Maintaining the “e
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Management Discussion and Analysis
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Management Discussion and Analysis
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Page 102 and 103: Consolidated Statement of Financial
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Notes to the Consolidated Financial
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Five Years Financial Summary Consol
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Valuation Report and Analysis Metho
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Valuation Report and Analysis SUMMA
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Valuation Report and Analysis Prope
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Valuation Report and Analysis 25. A
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Annual Report 2009 - Greentown China Holdings Limited

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