Stock Code: 001872/201872 Stock Name: CM Port Group/CM Port Group B Announcement No. 2023-038
CHINA MERCHANTS PORT GROUP CO., LTD.THE REPORT FOR THE FIRST QUARTER OF 2023
Important Notes:
1. The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors andsenior management of the Company hereby guarantee the factuality, accuracy and completeness of the contents ofthis Report, and shall be jointly and severally liable for any misrepresentations, misleading statements or materialomissions therein.
2. Wang Xiufeng, the Company’s legal representative, Tu Xiaoping, the Company’s Chief Financial Officer andHuang Shengchao, the person-in-charge of the accounting organ hereby guarantee that the financial statementscarried in this Report are factual, accurate and complete.
3. Indicate by tick mark whether the financial statements herein have been audited by an independent auditor.
□Yes √ No
4. Securities Times, China Securities Journal, Shanghai Securities News, Ta Kung Pao (HK) andhttp://www.cninfo.com.cn have been designated by the Company for information disclosure. And all informationabout the Company shall be subject to what’s disclosed on the aforesaid media.This Report has been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the two versions, the Chinese version shall prevail.I Key Financial Information(I) Key Accounting Data and Financial Indicators
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
√ Yes □ No
Reason: Changes to Accounting PoliciesOn 30 November 2022, the Ministry of Finance issued the Interpretation No. 16 for the Accounting Standards forBusiness Enterprises, according to which "the accounting treatments for deferred income tax relating to assets andliabilities arising from a single transaction that is not subject to the initial recognition exemption" is effective from1 January 2023. In accordance with the aforesaid regulations, the Company has implemented the Interpretation No.16 with effect from 1 January 2023.
| Q1 2023 | Q1 2022 | YoY change (%) | ||
| Original | Restated | |||
| Operating revenue (RMB) | 3,693,584,257.97 | 4,020,203,113.25 | 4,020,203,113.25 | -8.12% |
| Net profit attributable to the listed company’s shareholders (RMB) | 850,039,606.18 | 859,493,121.60 | 859,730,734.43 | -1.13% |
| Net profit attributable to the listed company’s shareholders before exceptional gains and losses (RMB) | 724,465,592.72 | 838,801,864.90 | 839,039,477.73 | -13.66% |
| Net cash generated from/used in operating activities (RMB) | 699,050,929.84 | 999,264,265.35 | 999,264,265.35 | -30.04% |
| Basic earnings per share (RMB/share) | 0.34 | 0.45 | 0.45 | -24.44% |
| Diluted earnings per share (RMB/share) | 0.34 | 0.45 | 0.45 | -24.44% |
| Weighted average return on equity (%) | 1.55% | 2.13% | 2.12% | -0.57% |
| 31 March 2023 | 31 December 2022 | Change (%) | ||
| Original | Restated | |||
| Total assets (RMB) | 198,600,787,660.07 | 197,525,530,887.76 | 197,604,313,794.79 | 0.50% |
| Equity attributable to the listed company’s shareholders (RMB) | 55,269,089,877.11 | 54,267,143,304.02 | 54,298,170,520.73 | 1.79% |
The total share capital at the end of the last trading session before the disclosure of this Report:
| Total share capital at the end of the last trading session before the disclosure of this Report (share) | 2,499,074,661 |
Fully diluted earnings per share based on the latest total share capital above:
| Fully diluted earnings per share based on the latest total share capital above (RMB/share) | 0.3401 |
(II) Exceptional Gains and Losses
Unit: RMB
| Item | Q1 2023 | Note |
Gain or loss on disposal of non-current assets (inclusive ofimpairment allowance write-offs)
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | -1,364,122.56 | - |
| Government subsidies charged to current profit or loss (exclusive of government subsidies continually given in the Company’s ordinary course of business at fixed quotas or amounts as per the government’s policies and standards) | 22,757,046.38 | - |
| Capital occupation charges on non-financial enterprises that are charged to current profit or loss | 54,840,916.11 | - |
| Gain or loss on fair-value changes in held-for-trading financial assets and liabilities & income from disposal of held-for-trading financial assets and liabilities and available-for-sale financial assets (exclusive of the effective portion of hedges that arise in the Company’s ordinary course of business) | 109,115,343.13 | - |
| Reversed portions of impairment allowances for receivables which are tested individually for impairment | 8,150,646.77 | - |
| Non-operating income and expense other than the above | -3,575,218.52 | - |
| Less: Income tax effects | 37,706,922.19 | - |
| Non-controlling interests effects (net of tax) | 26,643,675.66 | - |
| Total | 125,574,013.46 |
Other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
No such cases.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the ExplanatoryAnnouncement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases.
(III) Changes in Key Financial Statement Line Items and Their Explanation
Unit: RMB
| Balance sheet items | 31 March 2023 | 31 December 2022 | Change (%) | Explanation of changes |
| Held-for-trading financial assets | 4,459,125,415.79 | 2,998,781,599.63 | 48.70% | Mainly due to increased structured deposits |
| Notes receivable | 246,712,652.99 | 36,395,000.00 | 577.88% | Mainly due to increased bank acceptance notes |
| Accounts receivable | 1,685,727,787.00 | 1,276,149,689.44 | 32.09% | Mainly due to impacts of the payment collection periods |
| Receivables financing | - | 163,766,913.10 | -100.00% | Mainly due to impacts of discounted bank |
acceptance notes andpayment collection uponmaturity
| acceptance notes and payment collection upon maturity | ||||
| Income statement items | Q1 2023 | Q1 2022 | Change (%) | Explanation of changes |
| Gains from changes in fair value | 109,115,343.13 | -28,601,507.19 | 481.50% | Mainly due to increased gains from changes in the fair value of held-for-trading financial assets |
| Cash flow statement items | Q1 2023 | Q1 2022 | Change (%) | Explanation of changes |
| Cash receipts from disposals and recovery of investments | 4,687,000,000.00 | 16,908,644,162.50 | -72.28% | Mainly due to decreased principals of structured deposits that were received |
| Cash payments to acquire investments | 6,142,654,969.50 | 16,688,874,317.28 | -63.19% | Mainly due to decreased principals of structured deposits that were purchased |
| Cash receipts from borrowings | 3,525,239,878.65 | 9,466,988,902.00 | -62.76% | Mainly due to decreased super-short-term commercial papers that were issued |
| Cash repayments of borrowings | 3,402,675,379.90 | 6,229,427,431.03 | -45.38% | Mainly due to decreased repayments of super-short-term commercial papers and bank loans |
II Shareholder Information(I) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed VotingRights as well as Holdings of Top 10 Shareholders
Unit: share
| Number of ordinary shareholders | 29,398 (18,191 A-shareholders, 11,207 B-shareholders) | Number of preferred shareholders with resumed voting rights (if any) | 0 | ||||
| Top 10 shareholders | |||||||
| Name of shareholder | Nature of sharehold | Shareholding | Total shares held | Restricted shares held | Shares in pledge, marked or frozen | ||
er
| er | percentage | Status | Shares | |||
| CHINA MERCHANTS PORT INVESTMENT DEVELOPMENT COMPANY LIMITED | Foreign legal person | 45.96% | 1,148,648,648 | 0 | - | 0 |
| ZHEJIANG PROVINCIAL SEAPORT INVESTMENT & OPERATION GROUP CO., LTD. | State-owned legal person | 23.08% | 576,709,537 | 576,709,537 | - | 0 |
| CHINA MERCHANTS GANGTONG DEVELOPMENT (SHENZHEN) CO., LTD. | State-owned legal person | 14.84% | 370,878,000 | 0 | - | 0 |
| SHENZHEN INFRASTRUCTURE INVESTMENT FUND-SHENZHEN INFRASTRUCTURE INVESTMENT FUND PARTNERSHIP (LIMITED PARTNERSHIP) | Funds, wealth management products | 2.59% | 64,850,182 | 0 | - | 0 |
| CHINA-AFRICA DEVELOPMENT FUND | State-owned legal person | 2.57% | 64,102,564 | 0 | - | 0 |
| BROADFORD GLOBAL LIMITED | State-owned legal person | 2.21% | 55,314,208 | 0 | - | Unknown |
| CHINA CITIC BANK CORPORATION LIMITED-BOCOM SCHRODERS NEW VITALITY DYNAMIC ASSET ALLOCATION MIXED SECURITIES INVESTMENT FUND | Funds, wealth management products | 0.26% | 6,430,236 | 0 | - | Unknown |
| HONG KONG SECURITIES CLEARING COMPANY LTD. | Foreign legal person | 0.12% | 3,096,947 | 0 | - | Unknown |
| ZHU HUI | Domestic natural person | 0.12% | 2,880,003 | 0 | - | Unknown |
| CHINA MERCHANTS SECURITIES (HK) CO., LTD. | Foreign legal person | 0.11% | 2,648,138 | 0 | - | Unknown |
| Top 10 unrestricted shareholders | ||||||
| Name of shareholder | Unrestricted shares held | Shares by type | ||||
Type
| Type | Shares | |||
| CHINA MERCHANTS PORT INVESTMENT DEVELOPMENT COMPANY LIMITED | 1,148,648,648 | RMB ordinary share | 1,148,648,648 | |
| CHINA MERCHANTS GANGTONG DEVELOPMENT (SHENZHEN) CO., LTD. | 370,878,000 | RMB ordinary share | 370,878,000 | |
| SHENZHEN INFRASTRUCTURE INVESTMENT FUND-SHENZHEN INFRASTRUCTURE INVESTMENT FUND PARTNERSHIP (LIMITED PARTNERSHIP) | 64,850,182 | RMB ordinary share | 64,850,182 | |
| CHINA-AFRICA DEVELOPMENT FUND | 64,102,564 | RMB ordinary share | 64,102,564 | |
| BROADFORD GLOBAL LIMITED | 55,314,208 | Domestically listed foreign share | 55,314,208 | |
| CHINA CITIC BANK CORPORATION LIMITED-BOCOM SCHRODERS NEW VITALITY DYNAMIC ASSET ALLOCATION MIXED SECURITIES INVESTMENT FUND | 6,430,236 | RMB ordinary share | 6,430,236 | |
| HONG KONG SECURITIES CLEARING COMPANY LTD. | 3,096,947 | RMB ordinary share | 3,096,947 | |
| ZHU HUI | 2,880,003 | RMB ordinary share | 2,880,003 | |
| CHINA MERCHANTS SECURITIES (HK) CO., LTD. | 2,648,138 | Domestically listed foreign share | 2,648,138 | |
| MAI SHUQING | 1,874,947 | RMB ordinary share | 1,874,947 | |
| Related or acting-in-concert parties among the shareholders above | Broadford Global Limited is the controlling shareholder of China Merchants Port Investment Development Company Limited and China Merchants Gangtong Development (Shenzhen) Co., Ltd. The Company does not know whether the other unrestricted shareholders are related parties or not. | |||
| Top 10 shareholders engaged in securities margin trading (if any) | N/A | |||
(II) Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
III Other Significant Events
□ Applicable √ Not applicable
IV Quarterly Financial Statements(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by China Merchants Port Group Co., Ltd.
31 March 2023
Unit: RMB
| Item | 31 March 2023 | 1 January 2023 |
| Current assets: | ||
| Cash and bank balances | 12,303,314,799.46 | 13,615,928,739.40 |
| Settlement reserve | ||
| Interbank loans granted | ||
| Held-for-trading financial assets | 4,459,125,415.79 | 2,998,781,599.63 |
| Derivative financial assets | ||
| Notes receivable | 246,712,652.99 | 36,395,000.00 |
| Accounts receivable | 1,685,727,787.00 | 1,276,149,689.44 |
| Receivables financing | 163,766,913.10 | |
| Prepayments | 70,427,025.03 | 63,627,425.42 |
| Premiums receivable | ||
| Reinsurance receivables | ||
| Receivable reinsurance contract reserve | ||
| Other receivables | 1,170,056,768.49 | 948,842,094.30 |
| Including: Interest receivable | ||
| Dividend receivable | 609,209,224.04 | 416,040,485.62 |
| Financial assets purchased under resale agreements | ||
| Inventories | 242,994,121.36 | 225,122,821.48 |
| Contract assets | ||
| Assets held for sale | ||
| Non-current assets due within one year | 850,911,074.16 | 902,225,293.93 |
| Other current assets | 193,385,491.31 | 185,903,140.53 |
| Total current assets | 21,222,655,135.59 | 20,416,742,717.23 |
| Non-current assets: | ||
| Loans and advances to customers |
Investments in debt obligations
| Investments in debt obligations | ||
| Investments in other debt obligations | ||
| Long-term receivables | 5,617,429,169.49 | 5,661,327,499.07 |
| Long-term equity investments | 93,142,161,218.98 | 92,364,293,919.05 |
| Investments in other equity instruments | 171,945,275.02 | 171,945,275.02 |
| Other non-current financial assets | 1,825,784,236.41 | 1,745,740,896.41 |
| Investment properties | 5,078,723,082.96 | 5,123,690,119.56 |
| Fixed assets | 31,672,908,906.91 | 32,033,326,083.50 |
| Construction in progress | 2,464,228,985.85 | 2,413,844,407.64 |
| Productive living assets | ||
| Oil and gas assets | ||
| Right-of-use assets | 9,173,095,661.96 | 9,342,642,222.33 |
| Intangible assets | 19,183,419,167.08 | 19,277,065,115.61 |
| Development expenditure | 13,120,478.53 | 17,412,196.16 |
| Goodwill | 6,448,739,235.22 | 6,411,426,891.09 |
| Long-term prepaid expenses | 968,960,172.05 | 986,356,904.90 |
| Deferred tax assets | 433,911,215.96 | 451,710,168.43 |
| Other non-current assets | 1,183,705,718.06 | 1,186,789,378.79 |
| Total non-current assets | 177,378,132,524.48 | 177,187,571,077.56 |
| Total assets | 198,600,787,660.07 | 197,604,313,794.79 |
| Current liabilities: | ||
| Short-term borrowings | 6,457,871,100.32 | 7,164,338,366.18 |
| Borrowings from the central bank | ||
| Interbank loans obtained | ||
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | ||
| Accounts payable | 659,724,322.27 | 811,149,397.66 |
| Receipts in advance | 13,518,159.74 | 9,886,531.59 |
| Contract liabilities | 133,240,712.79 | 141,899,551.03 |
| Financial assets sold under repurchase agreements | ||
| Customer deposits and interbank deposits |
Payables for acting trading ofsecurities
| Payables for acting trading of securities | ||
| Payables for underwriting of securities | ||
| Employee benefits payable | 590,230,462.57 | 936,834,718.13 |
| Taxes payable | 957,160,598.91 | 917,933,169.09 |
| Other payables | 1,875,936,638.82 | 1,755,885,258.26 |
| Including: Interest payable | ||
| Dividends payable | 275,643,677.79 | 92,374,921.29 |
| Handling charges and commissions payable | ||
| Reinsurance payables | ||
| Liabilities directly associated with assets held for sale | ||
| Non-current liabilities due within one year | 11,363,621,116.77 | 11,641,223,688.95 |
| Other current liabilities | 3,153,298,331.94 | 3,161,147,525.96 |
| Total current liabilities | 25,204,601,444.13 | 26,540,298,206.85 |
| Non-current liabilities: | ||
| Insurance contract reserve | ||
| Long-term borrowings | 13,331,788,460.38 | 12,390,099,177.85 |
| Bonds payable | 18,948,133,988.72 | 19,088,293,099.02 |
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Lease liabilities | 900,685,688.08 | 948,350,914.04 |
| Long-term payables | 3,605,970,588.10 | 3,551,315,590.31 |
| Long-term employee benefits payable | 630,909,242.99 | 639,095,931.43 |
| Provisions | 40,845,351.20 | 35,365,156.43 |
| Deferred income | 1,028,327,499.02 | 1,031,273,189.74 |
| Deferred tax liabilities | 4,933,657,960.25 | 4,855,047,609.59 |
| Other non-current liabilities | 178,359,757.34 | 186,383,117.00 |
| Total non-current liabilities | 43,598,678,536.08 | 42,725,223,785.41 |
| Total liabilities | 68,803,279,980.21 | 69,265,521,992.26 |
| Shareholders' equity: | ||
| Share capital | 2,499,074,661.00 | 2,499,074,661.00 |
| Other equity instruments | ||
| Including: Preferred shares |
Perpetual bonds
| Perpetual bonds | ||
| Capital reserve | 34,846,694,340.27 | 34,751,640,835.25 |
| Less: Treasury stock | ||
| Other comprehensive income | -673,519,217.07 | -689,026,445.74 |
| Special reserve | 36,677,276.48 | 26,358,259.97 |
| Surplus reserves | 1,001,917,449.15 | 1,001,917,449.15 |
| General reserve | ||
| Unappropriated profit | 17,558,245,367.28 | 16,708,205,761.10 |
| Total shareholders' equity attributable to shareholders of the parent | 55,269,089,877.11 | 54,298,170,520.73 |
| Minority interests | 74,528,417,802.75 | 74,040,621,281.80 |
| Total shareholders' equity | 129,797,507,679.86 | 128,338,791,802.53 |
| Total liabilities and shareholders' equity | 198,600,787,660.07 | 197,604,313,794.79 |
Legal Representative: Wang XiufengChief Financial Officer: Tu XiaopingHead of Accounting Department: Huang Shengchao
2. Consolidated income statement for Q1
Unit: RMB
| Item | Q1 2023 | Q1 2022 |
| 1. Operating income | 3,693,584,257.97 | 4,020,203,113.25 |
| Including: Operating income | 3,693,584,257.97 | 4,020,203,113.25 |
| Interest income | ||
| Premium income | ||
| Handling charge and commission income | ||
| 2. Costs and expenses | 3,256,430,499.35 | 3,257,382,937.14 |
| Including: Operating costs | 2,166,281,506.75 | 2,257,298,794.24 |
| Interest expense | ||
| Handling charge and commission expense | ||
| Surrenders | ||
| Net claims paid | ||
| Net amount provided as policy reserve | ||
| Expenditure on policy dividends | ||
| Reinsurance premium expense | ||
| Taxes and surcharges | 67,797,717.75 | 70,163,530.02 |
| Selling expense | ||
| Administrative expenses | 390,562,146.01 | 392,572,623.71 |
| Research and development expenses | 69,022,878.81 | 52,342,387.05 |
| Finance expenses | 562,766,250.03 | 485,005,602.12 |
| Including: Interest expense | 556,633,136.12 | 557,552,810.49 |
| Interest income | 118,478,939.42 | 95,418,037.96 |
| Add: Other income | 30,192,445.16 | 37,313,921.78 |
| Investment income (Loss is marked with "-") | 1,510,612,568.31 | 1,700,408,075.14 |
| Including: Income from investments in associates and joint ventures | 1,496,344,186.35 | 1,632,844,747.42 |
| Income from the derecognition of financial assets at amortized cost (Loss is marked with "-") | ||
| Foreign exchange gain (Loss is marked with "-") | ||
| Net gain on exposure hedges (Loss is marked with "-") | ||
| Gains from changes in fair value (Loss is marked | 109,115,343.13 | -28,601,507.19 |
with "-" )
| with "-" ) | ||
| Gains from impairment of credit (Loss is marked with "-" ) | 8,422,477.29 | -592,423.11 |
| Gains from impairment of assets (Loss is marked with "-" ) | ||
| Gains on disposal of assets (Loss is marked with "-" ) | -180,393.80 | -212,878.09 |
| 3. Operating profit (Loss is marked with "-") | 2,095,316,198.71 | 2,471,135,364.64 |
| Add: Non-operating income | 10,147,277.67 | 5,208,084.73 |
| Less: Non-operating expenses | 14,882,144.37 | 3,571,426.77 |
| 4. Gross profit (Loss is marked with "-") | 2,090,581,332.01 | 2,472,772,022.60 |
| Less: Income tax expenses | 286,862,164.52 | 303,858,270.29 |
| 5. Net profit (Loss is marked with "-") | 1,803,719,167.49 | 2,168,913,752.31 |
| 5.1 Categorization by continuity of operation | ||
| 5.1.1 Net profit from continuing operation (Loss is marked with "-") | 1,803,719,167.49 | 2,168,913,752.31 |
| 5.1.2 Net profit from discontinued operation (Loss is marked with "-") | ||
| 5.2 Categorization by attribution of ownership | ||
| 5.2.1 Net profit attributable to owners of the parent | 850,039,606.18 | 859,730,734.43 |
| 5.2.2 Profit or loss attributable to minority shareholders | 953,679,561.31 | 1,309,183,017.88 |
| 6. Other comprehensive income, net of tax | -37,702,507.44 | 667,635,517.56 |
| Other comprehensive income attributable to owners of the parent, net of tax | 15,507,228.67 | 412,712,444.14 |
| 6.1 Other comprehensive income that will not be reclassified to profit or loss | 277,536.18 | -101,330.09 |
| 6.1.1 Changes from remeasurement of the defined benefit plan | ||
| 6.1.2 Other comprehensive income that cannot be reclassified to profit or loss under the equity method | 277,536.18 | |
| 6.1.3 Fair value changes of investments in other equity instruments | -101,330.09 | |
| 6.1.4 Changes in the fair value of the company’s credit risks | ||
| 6.1.5 Other | ||
| 6.2 Other comprehensive income that will be reclassified subsequently to profit or loss | 15,229,692.49 | 412,813,774.23 |
6.2.1 Other comprehensive income that can be
reclassified to profit or loss under the equity method
| 6.2.1 Other comprehensive income that can be reclassified to profit or loss under the equity method | 6,647,720.36 | 6,527,928.11 |
| 6.2.2 Changes in the fair value of investments in other debt obligations | ||
| 6.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
| 6.2.4 Allowance for credit impairments in investments in other debt obligations | ||
| 6.2.5 Reserve for cash flow hedges | ||
| 6.2.6 Translation differences of financial statements denominated in foreign currencies | 8,581,972.13 | 406,285,846.12 |
| 6.2.7 Other | ||
| Other comprehensive income attributable to minority interests, net of tax | -53,209,736.11 | 254,923,073.42 |
| 7. Total comprehensive income attributable to | 1,766,016,660.05 | 2,836,549,269.87 |
| Shareholders of the parent | 865,546,834.85 | 1,272,443,178.57 |
| Minority shareholders | 900,469,825.20 | 1,564,106,091.30 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 0.34 | 0.45 |
| 8.2 Diluted earnings per share | 0.34 | 0.45 |
3. Consolidated Cash Flow Statement for Q1
Unit: RMB
| Item | Q1 2023 | Q1 2022 |
| 1. Cash flows from operating activities: | ||
| Cash receipts from sales of goods and rendering of services | 3,194,833,274.62 | 3,599,371,273.07 |
| Net increase in customer deposits and interbank deposits | ||
| Net increase in borrowings from the central bank | ||
| Net increase in loans from other financial institutions | ||
| Premiums received on original insurance contracts | ||
| Net proceeds from reinsurance | ||
| Net increase in deposits and investments of policy holders | ||
| Interest, handling charges and commissions received | ||
| Net increase in interbank loans obtained | ||
| Net increase in proceeds from repurchase transactions | ||
| Net proceeds from acting trading of securities | ||
| Receipts of tax refunds | 929,828.08 | 1,001,300.35 |
| Other cash receipts relating to operating activities | 220,128,477.02 | 244,231,744.88 |
| Sub-total of cash inflows | 3,415,891,579.72 | 3,844,604,318.30 |
| Cash payments for goods purchased and services received | 1,032,226,057.61 | 1,122,144,087.79 |
| Net increase in loans and advances to customers | ||
| Net increase in deposits in the central bank and in interbank loans granted | ||
| Payments for claims on original insurance contracts |
Net increase in interbank loans granted
| Net increase in interbank loans granted | ||
| Interest, handling charges and commissions paid | ||
| Policy dividends paid | ||
| Cash payments to and on behalf of employees | 1,218,416,516.71 | 1,130,909,192.25 |
| Payments of various types of taxes | 261,077,771.59 | 391,860,341.00 |
| Other cash payments relating to operating activities | 205,120,303.97 | 200,426,431.91 |
| Sub-total of cash outflows | 2,716,840,649.88 | 2,845,340,052.95 |
| Net Cash Flows from Operating Activities | 699,050,929.84 | 999,264,265.35 |
| 2. Cash flows from investing activities: | ||
| Cash receipts from disposals and recovery of investments | 4,687,000,000.00 | 16,908,644,162.50 |
| Cash receipts from investments income | 291,354,548.85 | 90,541,536.09 |
| Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets | 831,486.80 | 56,999.00 |
| Net cash receipts from disposal of subsidiaries and other operating units | ||
| Other cash receipts relating to investing activities | 86,434,571.88 | 92,386,492.18 |
| Sub-total of cash inflows | 5,065,620,607.53 | 17,091,629,189.77 |
| Cash payments to acquire or construct fixed assets, intangible assets and other long-term assets | 309,707,402.32 | 542,182,983.32 |
| Cash payments to acquire investments | 6,142,654,969.50 | 16,688,874,317.28 |
| Net increase in pledged loans granted | ||
| Net cash payments for acquisitions of subsidiaries and other business units | ||
| Other cash payments relating to investing activities | 479,015.65 | 9,373,443.62 |
| Sub-total of cash outflows | 6,452,841,387.47 | 17,240,430,744.22 |
| Net cash flows from investing activities | -1,387,220,779.94 | -148,801,554.45 |
| 3. Cash flows from financing activities: |
Cash receipts from capitalcontributions
| Cash receipts from capital contributions | ||
| Including: Cash receipts from capital contributions from Minority shareholder of subsidiary | ||
| Cash receipts from borrowings | 3,525,239,878.65 | 9,466,988,902.00 |
| Other cash receipts relating to financing activities | 87,673.99 | |
| Sub-total of cash inflows | 3,525,327,552.64 | 9,466,988,902.00 |
| Cash repayments of borrowings | 3,402,675,379.90 | 6,229,427,431.03 |
| Cash payments for distribution of dividends or profits or settlement of interest expenses | 560,837,707.69 | 484,875,519.45 |
| Including: Payments for distribution of dividends or profits to Minority shareholder of subsidiary | 37,092,850.00 | 2,881,000.00 |
| Other cash payments relating to financing activities | 159,647,710.20 | 57,936,905.74 |
| Sub-total of cash outflows | 4,123,160,797.79 | 6,772,239,856.22 |
| Net cash flows from financing activities | -597,833,245.15 | 2,694,749,045.78 |
| 4. Effect of foreign exchange rate changes on cash and cash equivalents | -15,139,218.75 | -25,315,406.26 |
| 5. Net increase in cash and cash equivalents | -1,301,142,314.00 | 3,519,896,350.42 |
| Add: Opening balance of Cash and Cash Equivalents | 13,567,309,471.62 | 12,727,355,238.36 |
| 6. Closing balance of cash and cash equivalents | 12,266,167,157.62 | 16,247,251,588.78 |
4. Retrospectively Restated Impact of Changes in Accounting PoliciesOn 30 November 2022, the Ministry of Finance issued the Interpretation No. 16 for the Accounting Standards forBusiness Enterprises, according to which "the accounting treatments for deferred income tax relating to assets andliabilities arising from a single transaction that is not subject to the initial recognition exemption" is effective from1 January 2023. In accordance with the aforesaid regulations, the Company has implemented the Interpretation No.16 with effect from 1 January 2023. The specific impact of the implementation interpretation on the financialstatements of the Company in 2022 is as follows:
Unit: RMB
| Report Item | Original | Retrospectively Restated Amount | Restated (Unaudited) |
| 31 December 2022 | 1 January 2023 | ||
| Assets： | |||
| Deferred tax assets | 372,927,261.40 | 78,782,907.03 | 451,710,168.43 |
| liabilities： | |||
| Deferred tax liabilities | 4,853,271,307.86 | 1,776,301.73 | 4,855,047,609.59 |
| Shareholders' equity： | |||
| Other comprehensive income | -691,536,248.44 | 2,509,802.70 | -689,026,445.74 |
| Unappropriated profit | 16,679,688,347.09 | 28,517,414.01 | 16,708,205,761.10 |
| Total shareholders' equity attributable to shareholders of the parent | 54,267,143,304.02 | 31,027,216.71 | 54,298,170,520.73 |
| Minority interests | 73,994,641,893.21 | 45,979,388.59 | 74,040,621,281.80 |
| Report Item | Original | Retrospectively Restated Amount | Restated (Unaudited) |
| Q1 2022 | Q1 2022 | ||
| Profit or loss： | |||
| Income tax expenses | 304,563,099.35 | -704,829.06 | 303,858,270.29 |
| Net profit | 2,168,208,923.25 | 704,829.06 | 2,168,913,752.31 |
| Net profit attributable to owners of the parent | 859,493,121.60 | 237,612.83 | 859,730,734.43 |
| Profit or loss attributable to minority shareholders | 1,308,715,801.65 | 467,216.23 | 1,309,183,017.88 |
(II) Independent Auditor’s ReportIndicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes √ No
These financial statements have not been audited by such an auditor.
The Board of DirectorsChina Merchants Port Group Co., Ltd.
29 April 2023