CMON Limited — Interim / Quarterly Report 2014

Aug 12, 2014

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

香港交易及結算所有限公司及香港聯合交易 所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確 表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。

瀋陽公用發展股份有限公司 Shenyang Public Utility Holdings Company Limited

(a joint stock limited company incorporated in the People’s Republic of China)

（在中華人民共和國註冊成立之股份有限公司） (Stock code: 747) （股票代碼： 747 ）

ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2014 截至二零一四年六月三十日止六個月 中期業績公佈

The board of directors of Shenyang Public Utility Holdings Company Limited is pleased to present the unaudited condensed consolidated interim results of the Company and its subsidiaries for the six months ended 30 June 2014.

瀋陽公用發展股份有限公司董事會欣然提呈 本公司及其附屬公司截至二零一四年六月 三十日止六個月的未經審計簡明綜合中期業 績。

– 1 –

Condensed Consolidated Income Statement

For the six months ended 30 June 2014

簡明綜合收益表

截至二零一四年六月三十日止六個月

Note 附註 Turnover 營業額 3 Cost of sales 營業成本 Sales taxes on turnover 營業額銷售稅 Other income 其他收入 5 Gain on disposal of a subsidiary 出售一間附屬公司收益 6 Loss on disposal of held for trading investment 出售持作買賣 投資虧損 Other operating expenses 其他經營開支 Depreciation 折舊 Staff costs 員工成本 Profit before tax 除稅前溢利 Income tax expense 所得稅開支 7 Profit for the Period 期內溢利 Exchange differences arising on translation of financial statements of foreign operations 換算海外業務財務報表 產生之匯兌差額 Total comprehensive income for the Period 期內全面收益總額 Profit attributable to the owners of the Company 本公司擁有人應佔溢利 Profit or loss attributable to the minority interests 少數股東應佔損益 Earnings per share – Basic (RMB cents) 每股盈利－基本（分） 9 Dividends 股息 8

Six months ended 30 June 截至六月三十日止六個月 2014 2013 二零一四年 二零一三年 (Unaudited) (Unaudited) （未經審計） （未經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 140 323,190 – (278,946) (10,859) 2,016 37 45,677 – (557) – (1,059) (2,598) (9) (44) (2,097) (2,053) 44,111 28,727 – (5,422) 44,111 23,305 (289) – 43,822 23,305 43,822 23,305 – – 4.29 2.28 – –

– 2 –

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2014

綜合全面收益表

截至二零一四年六月三十日止六個月

Note 附註 Profit for the Period 期內溢利 Exchange differences arising on translation 換算產生之匯兌差額 Total comprehensive income for the Period 期內全面收益總額 Total comprehensive income (expense) attributable to 下列應佔全面收益 （開支）總額 Owners of the Company 本公司擁有人 Non-controlling interests 非控股權益	Six months ended 30 June 截至六月三十日止六個月 2014 2013 二零一四年 二零一三年 (Unaudited) (Unaudited) （未經審計） （未經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 44,111 23,305 (289) – 43,822 23,305 43,822 23,305 – –

– 3 –

Condensed Consolidated Balance Sheet

At 30 June 2014

簡明綜合資產負債表

於二零一四年六月三十日

Note 附註 NON-CURRENT ASSETS 非流動資產 Goodwill 商譽 10 Property, plant and equipment 物業、廠房及設備 Deposit paid for acquisition of property, plant and equipment 收購物業、廠房及設備 所支付的訂金 Available-for-sale investment 可供出售投資 CURRENT ASSETS 流動資產 Properties under development 發展中物業 11 Held for trading investment 持作買賣投資 Interest receivables 應收利息 12 Trade receivables 應收賬款 13 Prepayments, deposits and other receivables 預付款項、按金及 其他應收款項 14 Bank balances and cash 銀行結餘及現金 15 Assets classified as held for sale 分類為持作銷售之資產 TOTAL ASSETS 總資產 CURRENT LIABILITIES 流動負債 Trade payables 應付賬款 17 Advanced proceeds received from customers 已收客戶 預付款項 16 Other payables and accruals 其他應付款及應計費用 18 Deposit received for disposal of a subsidiary 已收出售一間 附屬公司的訂金 Other borrowings 其他借款 Tax liabilities 稅項負債

30 June 2014 31 December 2013 二零一四年 六月三十日 二零一三年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 45,761 44,459 121 174 – 62,500 12,000 – 57,882 107,133 531,882 517,222 2,546 140 – 112,800 112,800 141,100 47,184 58,818 21,912 844,740 701,664 – 524,348 844,740 1,226,012 902,622 1,333,145 140,254 206,813 163,000 111,000 3,886 4,986 – 106,000 – 10,733 7,970 9,898 315,110 449,430

– 4 –

Note 附註 Liabilities associated with assets classified as held for sale 與分類為持做銷售的 資產相關的負債 NET CURRENT ASSETS 流動資產淨值 TOTAL ASSETS LESS CURRENT LIABILITIES 總資產減流動負債 CAPITAL AND RESERVES 資本及儲備 Share capital 股本 19 Reserves 儲備 Equity attributable to owners of the Company 本公司擁有人 應佔權益 Non-controlling interests 非控股權益 TOTAL EQUITY 總權益	30 June 2014 31 December 2013 二零一四年 六月三十日 二零一三年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 – 340,025 315,110 789,455 529,630 436,557 587,512 543,690 1,020,400 1,020,400 (432,888) (476,710) 587,512 543,690 – – 587,512 543,690

– 5 –

Condensed Consolidated Statement of

簡明綜合權益變動表

Changes in Equity

For the six months ended 30 June 2014

截至二零一四年六月三十日止六個月

			Equity attributable to shareholders of the Company	Equity attributable to shareholders of the Company	Equity attributable to shareholders of the Company	Equity attributable to shareholders of the Company
				本公司擁有人應佔權益
				Statutory
			Share	surplus	Exchange	Accumulated
		Share capital	premium	reserve	reserve	profits	Total
				法定盈餘
		股本	股本溢價	公積金	匯兌儲備	累計溢利	總計
		RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
At 1 January 2013	於二零一三年一月一日	1,020,400	323,258	103,215	–	(914,770)	532,103
Profits for the Period	本期盈利	–	–	–	–	23,305	23,305
At 30 June 2013	於二零一三年六月三十日	1,020,400	323,258	103,215	–	(891,465)	555,408
At 1 January 2014	於二零一四年一月一日	1,020,400	323,258	104,745	(52)	(904,661)	543,690
Profits for the Period	本期盈利	–	–	–	–	44,111	44,111
Exchange differences	匯兌差額	–	–	–	(289)	–	(289)
As at 30 June 2014	於二零一四年六月三十日	1,020,400	323,258	104,745	(341)	(860,550)	587,512

– 6 –

Condensed Consolidated Statement of Cash Flows

For the six months ended 30 June 2014

簡明綜合現金流量表

截至二零一四年六月三十日止六個月

Net cash (used in) from operating activities（支付）來自經營業務的現金淨額 Net cash from investing activities 來自投資活動的現金淨額 Net cash (used in) from financing activities （支付）來自融資活動的現金淨額 Increase in cash and cash equivalents 現金及現金等值項目的增加 Cash and cash equivalents at the beginning of the Period 於期初時的現金及 現金等值項目 Effect of foreign exchange rate changes, net 匯率變動影響，淨額 Cash and cash equivalents at the end of the Period 於期末時的現金及 現金等值項目

30 June 2014 30 June 2013 二零一四年 六月三十日 二零一三年 六月三十日 (Unaudited) (Unaudited) （未經審計） （未經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 (739) 18,885 47,034 14,944 (9,100) (1,009) 37,195 32,820 21,912 32,890 59,107 65,710 (289) – 58,818 65,710

– 7 –

Notes to the Condensed Financial Statements

For the six months ended 30 June 2014

1. GENERAL INFORMATION

Shenyang Public Utility Holdings Company Limited (the “Company”) is a joint stock limited company incorporated in the People’s Republic of China (the “PRC”). The Company’s ultimate holding company is Shenzhen Jinma Asset Management Company Limited. The addresses of the principal place of business and registered office of the Company are 14/F, Jinmao International Apartment, No. 1 Xiao Dong Road, Da Dong District, Shenyang, the PRC and No. 1-4, 20A, Central Street, Shenyang Economic and Technological Development Zone, the PRC, respectively.

The consolidated financial statements are presented in Renminbi (“RMB”) which is the same as the functional currency of the Company and its subsidiaries (collectively known as the “Group”).

The Company’s H-shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 16 December 1999.

2. ACCOUNTING POLICIES AND BASIS OF PREPARATION

The unaudited condensed consolidated financial statements of the Group have been prepared in accordance with new Hong Kong Financial Reporting Standards (“HKFRSs”), Hong Kong Accounting Standards and Interpretations issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. These accounts have been prepared under historical cost convention, except for certain financial instruments which are measured at their fair values.

The preparation of the unaudited condensed consolidated financial statements in conformity with the HKFRSs requires the use of certain critical accounting estimates. It also requires the management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated financial statements include provision for bad and doubtful debts, provision for taxation, provision for asset impairment and fair values of financial assets stated at fair value and those dealt in profit or loss accounts.

簡明財務報表附註

截至二零一四年六月三十日止六個月

1. 一般資料

瀋陽公用發展股份有限公司（「本公 司」）是一家在中華人民共和國（「中 國」）註冊成立的股份有限公司。本公 司的最終控股公司為深圳市金馬資產 管理有限公司。本公司主要營業地點 地址為中國瀋陽市大東區小東路1號金 茂國際公寓14樓。本公司註冊辦公處 地址為中國瀋陽經濟技術開發區中央 大街20甲1-4號。

此等綜合財務報表以人民幣列示，人 民幣是本公司及其附屬公司（統稱「本 集團」）的功能貨幣。

本公司的H股於一九九九年十二月十六 日在香港聯合交易所（「聯交所」）上市。

2. 會計政策及編製基準

本集團之未經審計簡明綜合財務報表 乃根據香港會計師公會新頒佈的香港 財務報告準則、香港會計準則及詮釋 及香港聯合交易所有限公司證券上市 規則之披露規定編製。除部份財務工 具以其公允價值計量外，本賬目乃根 據歷史成本慣例編製。

編製符合香港財務報告準則的未經審 計簡明綜合財務報表需要運用若干重 要的會計估計，亦同時需要管理層在 採用本集團的會計政策過程中作出判 斷。在未經審計簡明綜合財務報表中 涉及高度判斷或複雜程度的範疇，或 有重要假設及估計的範疇包括呆壞賬 撥備、稅項撥備、資產減值撥備及按 公平值列賬並在損益賬處理的財務資 產公平值。

– 8 –

3. TURNOVER

3. 營業額

Turnover represents the amounts received and receivable for construction of infrastructure and credit business of the Group:

營業額為本集團基礎設施建設以及信 貸業務已收及應收金額：

Construction of infrastructure 基礎設施建設 Credit business 信貸業務	30 June 2014 30 June 2013 二零一四年 六月三十日 二零一三年 六月三十日 (Unaudited) (Unaudited) （未經審計） （未經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 – 323,190 140 – 140 323,190

4. TURNOVER AND SEGMENT INFORMATION

4. 營業額及分部資料

Principal activities are as follows:

主要業務為：

Construction of infrastructure and credit business

基礎設施建設、信貸業務

The analysis of revenue and results by reportable segment of the Group is as follows:

本集團按可報告分部劃分的收入及業 績分析如下：

For the six months ended 30 June 2014

(Unaudited)

截至二零一四年六月三十日止六個月

（未經審計）

Turnover 營業額 Segment results 分部業績 Unallocated corporate expenses 未分配企業費用 Loss from operations 經營虧損 Finance costs 財務成本 Gain on disposal of subsidiaries 出售附屬公司收益 Profit before taxation 除稅前盈利 Income tax expense 所得稅開支 Profit after taxation 除稅後盈利 Exchange differences 匯兌差額 Profit after taxation 除稅後盈利	Construction of infrastructure Credit business 基礎設施建設 信貸業務 RMB’000 RMB’000 人民幣千元 人民幣千元 – 140	Consolidated 合計 RMB’000 人民幣千元 140 (260) (1,306) (1,566) – 45,677 44,111 – 44,111 (289) 43,822
	(399) 139

– 9 –

For the six months ended 30 June 2013

(Unaudited)

截至二零一三年六月三十日止六個月 （未經審計）

Turnover 營業額 Segment results 分部業績 Unallocated corporate expenses 未分配企業費用 Profit from operations 經營盈利 Finance costs 財務成本 Profit before taxation 除稅前盈利 Income tax expense 所得稅開支 Profit after taxation 除稅後盈利 5. OTHER INCOME Interest income 利息收入 Sundry income 雜項收入	Construction of infrastructure Property development 基礎設施建設 房產開發 RMB’000 RMB’000 人民幣千元 人民幣千元 323,190 –
	32,819 (2,010)

On 26 November 2013, the Company and Shenzhen Chengxin have entered into a supplemental agreement to extend the payment terms regarding the disposal of 100% equity interests in Guangzhou Zhongzhen (the “Supplemental Agreement”). A penalty of 1.5% thereon, equivalent to RMB1.8 million has been charged on Shenzhen Chengxin due to the late payment pursuant to the Supplemental Agreement. On 6 January 2014, the Company received full payment of RMB120 million and a penalty of RMB1.8 million.

於二零一三年十一月二十六日，本公 司與深圳誠信訂立補充協議，將有關 出售廣州中展全部股本權益的還款期 限押後（「補充協議」）。根據補充協 議，深圳誠信因拖欠還款而被處1.5% 的罰款（相當於人民1,800,000元）。本 公司於二零一四年一月六日收妥人民 幣120,000,000元，同時收到罰金人民 幣1,800,000元。

– 10 –

6. GAIN ON DISPOSAL OF A SUBSIDIARY

6. 出售一間附屬公司收益

Gain on disposal of a subsidiary

出售一間附屬公司收益	30 June 2014 30 June 2013 二零一四年 六月三十日 二零一三年 六月三十日 (Unaudited) (Unaudited) （未經審計） （未經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 45,677 – 45,677 –

On 13 August 2013, the Company entered into the disposal agreement with Shenzhen Chengxin regarding the disposal of 100% equity interests in Guangzhou Zhongzhen at the consideration of RMB280 million. The disposal was completed on 6 January 2014 but the remainder of RMB119 million was yet to be recovered. On 22 July 2014, the Company received from Shenzhen Chengxin a notice requesting for reduction of the consideration amount by RMB50 million (see the announcement of the Company dated 24 July 2014 for details). The management considered that there were material uncertainties over the recovery of the discounted payment as requested by Shenzhen Chengxin. The management will actively negotiate with Shenzhen Chengxin on resolving the issue of payment reduction and will take appropriate actions to recover the remainder. Based on the principle of prudence, a gain on disposal of a subsidiary amounting to RMB45,677,000 was recognised during the Period. The disposal gain will vary according to the outcome of negotiation with Shenzhen Chengxin and in the future, the agreement to be entered with Shenzhen Chengxin regarding the payment reduction shall prevail.

二零一三年八月十三日，本公司與 深圳誠信就出售廣州中展全部股本 權益簽訂出售協議，代價為人民幣 280,000,000 元。出售事項已於二零 一四年一月六日完成，餘額人民幣 119,000,000元還未收回。二零一四年 七月二十二日，本公司收到深圳誠信 希望減免代價金額人民幣50,000,000 元的函件（詳見本公司於二零一四年七 月二十四日發出的公告）。管理層認為 深圳誠信要求的折讓金額收回存在重 大不確定性，而管理層將積極與深圳 誠信溝通解決有關減免事項，並將採 取相關行動追討餘額。基於謹慎性原 則，本期確認出售一間附屬公司收益 人民幣45,677,000元。該出讓收益將 根據與深圳誠信的協商結果而發生變 化，未來將按照就減免事項與深圳誠 信訂立的協議為準。

– 11 –

7. INCOME TAX EXPENSE

7. 所得稅開支

30 June 30 June 2014 2013 二零一四年 二零一三年 六月三十日 六月三十日 (Unaudited) (Unaudited) （未經審計） （未經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 Taxation of the Company and its 稅項包括 subsidiaries comprises 本公司及附屬公司 – – The PRC enterprise income tax －中國企業所得稅 5,422 – 5,422

Under the Law of the People’s Republic of China on Enterprise Income Tax (“EIT Law”) and the Implementation Regulation of the EIT Law, the tax rate of the Group is 25% from 1 January 2008 onwards.

根據中華人民共和國企業所得稅法及 企業所得稅法實施條例，自二零零八 年一月一日起，本集團的稅率為25%。

Pursuant to the Hong Kong laws and tax regulations, the profit tax rate is 17.5%. During the Period, the Group was not subject to Hong Kong profits tax.

根據香港法例及稅務條例，利得稅率 為17.5%。本期無須對香港利得稅進 行計提。

8. DIVIDENDS

8. 股息

The Board resolved not to declare any dividend for the Period.

董事會決議本期不派發任何股息。

9. EARNINGS PER SHARE

9. 每股溢利

The calculation of earnings per share is based on the profit attributable to owners of the Company for the Period of RMB43,822,000 (profit for the six months ended 30 June 2013: RMB23,305,000) and 1,020,400,000 shares in issue during the Period.

每股溢利是根據本期本公司擁有人應 佔溢利人民幣43,822,000元（截至二零 一三年六月三十日止六個月溢利：人 民幣23,305,000元），以及本期已發行 的1,020,400,000股股份計算的。

No diluted earnings per share are disclosed as the Company has no dilutive potential shares for both periods.

由於本公司在兩期間內沒有構成攤薄 的潛在股份，所以並沒有披露經攤薄 的每股溢利。

– 12 –

10. GOODWILL

The analysis of goodwill of the Group as at the end of the Period is set out as follows:

Goodwill 商譽

The goodwill of the Group mainly derived from premium of the equity arose from the acquisition of Zhongfang Chaozhou. On 5 June 2014, Kingma Overseas, a whollyowned subsidiary of the Group acquired Newpont Finance from an independent third party in Hong Kong at the total consideration of HK$1.8 million (see the announcement of the Company dated 5 June 2014 for details), including goodwill amounting to RMB1,302,000.

11. PROPERTIES UNDER DEVELOPMENT

The analysis of properties under development of the Group as at the end of the Period is set out as follows:

Properties under development 發展中物業

The Group principally engages in construction of infrastructure. The properties under development as at the balance sheet date were mainly contributed by land development cost and other related expenses of Zhongfang Chaozhou.

10. 商譽

本集團的商譽於期末分析情況如下：

30 June	30 June
2014	2013
二零一四年	二零一三年
六月三十日	十二月三十一日
(Unaudited)	(Audited)
（未經審計）	（經審計）
RMB’000	RMB’000
人民幣千元	人民幣千元
45,761	44,459

本集團商譽主要來源於收購中房潮州 的股權溢價部分。二零一四年六月五 日，本集團全資附屬公司金馬海外於 香港向獨立第三方收購新邦信貸，總 代價為港幣1,800,000元（詳見本公司 於二零一四年六月五日發出的公告）， 其中包含折合人民幣1,302,000元的商 譽價值。

11. 發展中物業

本集團的發展中物業於期末分析情況 如下：

30 June	31 December
2014	2013
二零一四年	二零一三年
六月三十日	十二月三十一日
(Unaudited)	(Audited)
（未經審計）	（經審計）
RMB’000	RMB’000
人民幣千元	人民幣千元
531,882	517,222

本集團主要業務為基礎設施建設，資 產負債表日發展中物業主要為中房潮 土地開發成本和其他相關開支。

– 13 –

12. INTEREST RECEIVABLES

12. 應收利息

The analysis of interest receivables of the Group as at the end of the Period is as follows:

本集團的應收利息於期末分析情況如 下：

Interest receivables 應收利息

30 June	31 December
2014	2013
二零一四年	二零一三年
六月三十日	十二月三十一日
(Unaudited)	(Audited)
（未經審計）	（經審計）
RMB’000	RMB’000
人民幣千元	人民幣千元
140	–

The above interest receivables represent the interest income generated from the borrowings made by Newpont Finance to the borrower and the details of which are as disclosed in note 14.

上述應收利息為新邦信貸向借款人借 出款項的利息收入，有關資料於附註 14中披露。

13. TRADE RECEIVABLES

13. 應收賬款

The analysis of trade receivables of the Group as at the end of the Period is set out as follows:

本集團的應收賬款於期末分析情況如 下：

Trade receivables 應收賬款 Less: Allowance for doubtful debts 減：呆賬撥備 Trade receivables, net 應收賬款淨額	30 June 2014 31 December 2013 二零一四年 六月三十日 二零一三年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 112,800 112,800 – – 112,800 112,800

The Group allows an average credit period of 90-180 days (2013: 90-180 days) to its trade customers. Among the Group’s trade receivables balance, none of the trade receivables which are past due but not impaired (2013: Nil). The Group does not hold any collateral over these balances.

本集團給予其貿易客戶90至180天的 平均信貸期（二零一三年：90 至 180 天）。本集團應收賬款結餘中，概無任 何已逾期並未出現減值（二零一三年： 無）應收賬款。本集團無就該等結餘持 有任何抵押品。

– 14 –

14. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

14. 預付款項、按金及其他應收賬款

The analysis of other receivables of the Group as at the end of the Period is set out as follows:

本集團的其他應收款於期末分析情況 如下：

Prepayments 預付款項 Deposits 按金 Other receivables 其他應收款 Provision for bad and doubtful debts 呆壞賬撥備 Other receivables, net 其他應收款淨額	30 June 2014 31 December 2013 二零一四年 六月三十日 二零一三年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 – – – – 141,100 47,184 – – 141,100 47,184

As at the end of the Period, other receivables included the consideration of approximately RMB69 million receivable from Shenzhen Chengxin in respect of the disposal of 100% equity interests in Guangzhou Zhongzhan. The balance was unsecured and interest free. However, the balance will vary according to the outcome of negotiation with Shenzhen Chengxin and in the future, the agreement to be entered with Shenzhen Chengxin regarding the payment reduction shall prevail.

期末其他應收款包括應收深圳誠信就 出售附屬公司廣州中展100%股權的約 人民幣69,000,000元之代價。結餘是 沒有抵押，不計算利息的。但此結將 根據與深圳誠信的協商結果而發生變 化，未來將按照就減免事項與深圳誠 信訂立的協議為準。

As at the end of the Period, other receivables also includes the borrowings of RMB38.8 million (equivalent to approximately HK$48.5 million) made by Newpont Finance at the interest rate of 10% per annum under pledge of listed securities. The borrower is an independent third party of the Company.

期末其他應收款還包括新邦信貸以抵 押上市證券出借人民幣38,800,000元 （相當於約港幣48,500,000元），借款 年利率10%。借款人為本公司的獨立 第三方。

The management considered that the carrying amounts of other receivables approximate their fair values.

管理層認為其他應收款項的賬面值與 其公允價值相約。

– 15 –

15. BANK BALANCES AND CASH

15. 銀行結餘及現金

The bank balances and cash are denominated in RMB and deposited with creditworthy banks with no recent history of default.

銀行結餘及現金以人民幣計值，並存 放於近期無違約記錄且信譽良好的銀 行。

The bank balances carry interest at average market rates of 0.385% (2013: 0.37%) per annum as of 30 June 2014.

截至二零一四年六月三十日止，銀行 結餘按年平均市場利率0.385%（二零 一三年：0.37%）計算利息。

16. ADVANCED PROCEEDS RECEIVED FROM CUSTOMERS

16.

已收客戶預付款項

The analysis of advanced proceeds received from customers of the Group as at the end of the Period is set out as follows:

本集團的已收客戶預付款項於期末分 析情況如下：

Advanced proceeds received from	已收客戶預付
customers	款項

30 June	31 December
2014	2013
二零一四年	二零一三年
六月三十日	十二月三十一日
(Unaudited)	(Audited)
（未經審計）	（經審計）
RMB’000	RMB’000
人民幣千元	人民幣千元
163,000	111,000

As at the end of the Period, the advanced proceeds received from customers amounted to RMB163 million (2013: RMB111 million) were advanced payment from the customer of Zhongfang Chaozhou in relation to the construction work. The balance was unsecured, interest free and will be used to settle the contract price of the Zhongfang Chaozhou Jing Nan Industrial Park Project.

17. TRADE PAYABLES

期末已收客戶預付款項主要為中 房潮州客戶已就施工支付人民幣 163,000,000元（二零一三年：人民幣 111,000,000元）的預收款項。結餘為 無抵押、免息且將支付位於中房潮州 徑南工業園項目合約價。

17. 應付賬款

An aged analysis of trade payables of the Group as at the end of the Period is set out as follows:

本集團的貿易性應付賬款於期末賬齡 分析情況如下：

Within 90 days 90日內 Over 90 days 90日以上	30 June 2014 31 December 2013 二零一四年 六月三十日 二零一三年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 15,000 34,631 125,254 172,182 140,254 206,813

– 16 –

The trade payables as at the end of the Period were contributed by land development cost and other related expenses which are payable based on project progress estimated by the Group. The management considered that the carrying amounts of trade payables approximate their fair values.

期末應付賬款為土地開發費用及其他 相關開支，根據本集團估計的項目工 程進度支付。管理層認為應付賬款的 賬面值與其公允價值相約。

18. OTHER PAYABLES AND ACCRUED CHARGES

18. 其他應付款及應計費用

An analysis of other payables of the Group as at the end of the Period is set out as follows:

本集團的其他應付款於期末分析情況 如下：

		30 June	31	December
		2014		2013
		二零一四年	二零一三年
		六月三十日	十二月三十一日
		(Unaudited)		(Audited)
		（未經審計）		（經審計）
		RMB’000		RMB’000
		人民幣千元	人民幣千元
Other payables	應計費用	2,886		–
Accruals	其他	1,000		4,986
Other payables and accruals	其他應付款及應計費用	3,886		4,986
The management considered that	the carrying amounts of	管理層認為其他應付款及應計費用的
other payables and accruals approx	imate their fair values.	賬面值與其公允價值相約。

The management considered that the carrying amounts of other payables and accruals approximate their fair values.

19. SHARE CAPITAL 19. 股本

Registered, issued and fully paid: 註冊、發行和已繳足： 600,000,000 Domestic Shares of RMB1 each 600,000,000內資股，每股 人民幣1元 420,400,000 H Shares of RMB1 each 420,400,000 H股，每股 人民幣1元	30 June 2014 31 December 2013 二零一四年 六月三十日 二零一三年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） RMB’000 RMB’000 人民幣千元 人民幣千元 600,000 600,000 420,400 420,400 1,020,400 1,020,400

There were no movements in the share capital of the Group for both the current period and corresponding period in last year.

本集團的股本在本期及去年同期均沒 有變動。

– 17 –

20. CAPITAL COMMITMENT

20. 資本承擔

		30 June	31 December
		2014	2013
		二零一四年	二零一三年
		六月三十日	十二月三十一日
		(Unaudited)	(Audited)
		（未經審計）	（經審計）
		RMB’000	RMB’000
		人民幣千元	人民幣千元
Capital expenditure in respect of	有關開發活動的
development activities contracted for	已訂約但尚未於
but not provided in the consolidated	綜合報表內撥備的
financial statements	資本開支	218,888	246,701

The capital commitment as at the end of the Period mainly comprised the capital expenditure of Zhongfang Chaozhou amounting to RMB218,888,000.

期末資本承擔主要為中房潮州人民幣 218,888,000元的資本開支。

21. SUBSEQUENT EVENTS

21. 期後事項

O n 22 J u l y 2014, t h e C o m p a n y r e c e i v e d f r o m Shenzhen Chengxin a notice requesting for reduction of the consideration amount by RMB50 million (see the announcement of the Company dated 24 July 2014 for details). The management considered that there were material uncertainties over the recovery of the discounted payment as requested by Shenzhen Chengxin. The management will actively negotiate with Shenzhen Chengxin on resolving the issue of payment reduction and will take appropriate actions to recover the remainder. Based on the principle of prudence, a gain on disposal of subsidiaries amounting to RMB45,677,000 was recognised during the Period. The disposal gain will vary according to the outcome of negotiation with Shenzhen Chengxin and in the future, the agreement to be entered with Shenzhen Chengxin regarding the payment reduction shall prevail.

二零一四年七月二十二日，本公司收 到深圳誠信希望減免代價金額人民幣 50,000,000元的函件（詳見本公司於二 零一四年七月二十四日發出的公告）。 管理層認為深圳誠信要求的折讓金額 收回存在重大不確定性，而管理層將 積極與深圳誠信溝通解決有關減免事 項，並將採取相關行動追討餘額。基 於謹慎性原則，本期確認出售附屬公 司收益人民幣45,677,000元。該出讓 收益將根據與深圳誠信的協商結果而 發生變化，未來將按照就減免事項與 深圳誠信訂立的協議為準。

– 18 –

MANAGEMENT DISCUSSION AND ANALYSIS

Financial Review

During the Period, the turnover of the Group amounted to approximately RMB140,000 (2013 Corresponding Period: RMB323,190,000), representing a decrease of approximately 99.96% when compared to that of the six months ended 30 June 2013. The substantial decrease in turnover is mainly due to the fact that the acceptances of the completion and transfer of the remaining infrastructure site of Zhongfang Chaozhou Jing Nin Industrial Park Project has not been completed. Profit after taxation and minority interests amounted to approximately RMB44,111,000 (2013 Corresponding Period: RMB23,305,000). Earnings per share was approximately RMB0.0429 (2013 Corresponding Period: RMB0.0228).

BUSINESS REVIEW

Infrastructure Construction Business

As of the date of this announcement, Zhongfang Chaozhou, a wholly-owned subsidiary of the Company has substantially completed the infrastructure construction project of Jing Nan Industrial Park in Chaozhou (潮州徑南工業園) (“Zhongfang Chaozhou Jing Nan Industrial Park Project“) except the site subject to the removal of high voltage line, The acceptance check in respect of the remaining completed site with the project owner, Chaozhou Jinshan has been commenced. Currently, the acceptance check is still in progress.

During the Period, the PRC government has started removing the high voltage line in Zhongfang Chaozhou Jing Nan Industrial Park Project. Zhongfang Chaozhou will further carry out the site construction upon delivery of the site by the government after removal of the high voltage line. The time of overall completion of Zhongfang Chaozhou Jing Nan Industrial Park Project with an area of 4,500 mu will depend upon the delivery of the site by the government after removal of the high voltage line.

Financial Business

On 5 June 2014, Kingma Overseas, a wholly-owned subsidiary of the Company acquired the entire equity interests and shareholder’s loan in Newpont Finance at the total consideration of HK$1.8 million. Newpont Finance is a limited company incorporated in Hong Kong and is a licensed money lender under the Money Lenders Ordinance (Chapter 163 of the laws of Hong Kong).

The acquisition of Newpont Finance and the commencement of financial business will diversify the income stream of the Group and are in the interests of the Company and its Shareholders as a whole. As at the date of this announcement, pledged loans amounting to approximately HK$48.5 million were granted by Newpont Finance.

管理層討論與分析

財務回顧

本期，本集團實現營業額約為人民幣140,000 元（二零一三年同期：人民幣 323,190,000 元），與截至二零一三年六月三十日止六個月 相比下降約99.96%；營業額大幅減少主要是 由於中房潮州徑南工業園餘下基礎設施所佔 土地尚未完成驗收交付工作。除稅及少數股 東權益後盈利約為人民幣44,111,000元（二零 一三年同期：人民幣23,305,000元），每股盈 利約為人民幣0.0429元（二零一三年同期：人 民幣0.0228元）。

業務回顧

基礎設施建設業務

截至本公告日期，本公司全資附屬子公司中 房潮州大致上完成了除移除高壓線的土地以 外潮州徑南工業園（「中房潮州徑南工業園項 目」）的基礎設施建設工作，並就剩餘已竣工 的土地與項目擁有人潮州金山開展了驗收工 作，目前驗收工作仍在進行中。

於本期，中國政府已開始遷移中房潮州徑南 工業園項目中的高壓線工程。中房潮州將於 政府移交高壓線所佔土地之後進一步進行土 地工程。中房潮州徑南工業園項目佔地4,500 畝的整體竣工時間將有待政府何時移交高壓 線所佔土地而定。

金融業務

於二零一四年六月五日，本公司全資附屬公 司金馬海外收購新邦信貸全部股權及股東貸 款，總代價為港幣180萬元。新邦信貸為於香 港註冊成立的有限公司，為香港法例第163章 放債人條例項下的持牌放債人。

收購新邦信貸並開展金融業務，有利本集團 收入來源多元化，符合本公司及股東整體利 益。截至本公告日期，新邦信貸已借出約港 幣4,850萬元有質押貸款。

– 19 –

Business Prospects

The Group will continue to focus on the infrastructure construction business and develop the financial business in Hong Kong. The Board expects that, with the gradual completion of acceptance of the completion and transfer of Zhongfang Chaozhou Jing Nan Industrial Park Project and subject to the completion of the issuance of Domestic Shares and H Shares (see the paragraph “Plans for Enlarging Share Capital” for details of issuance of Domestic Shares and H Shares), the Group will have abundant liquidity flows. The Group will actively develop the existing financial business and identify other infrastructure construction projects as well as other potential business opportunities.

The Group will endeavour to maximise the returns to Shareholders of the Company.

PLANS FOR ENLARGING SHARE CAPITAL

The Company is actively planning to enlarge its share capital through issuance of Domestic Shares and H Shares, with view to increasing its general working capital and building a strong financial foundation.

On 17 June 2014, the Company obtained the official approval from China Securities Regulatory Commission for the issuance of no more than 84,080,000 new H Shares of RMB1 each under the placing (the “Placing”).

As at the date of this announcement, the Placing has not been completed. The long stop dates for the placing of H Shares and Domestic Shares have been extended to 31 December 2014. Please refer to the announcements of the Company dated 29 May 2013 and 30 June 2014 for details.

LIQUIDITY AND FINANCIAL RESOURCES

With a prudent financial management policy and a solid financial position, the working capital of the Group is usually financed by its internally generated resources. As of 30 June 2014, the Group had net current assets of approximately RMB529,630,000 (31 December 2013: RMB436,557,000), including cash and cash equivalents of RMB58,818,000 (31 December 2013: RMB21,912,000).

As of 30 June 2014, the Group had no bank borrowings. The Group’s current ratio (current assets/current liabilities) and gearing ratio (total liabilities/total assets) was 2.68 (31 December 2013: 1.55) and 34.91% (31 December 2013: 59.22%), respectively.

業務展望

本集團將繼續專注基礎設施建設業務，並發 展香港地區金融業務。董事會預期，隨著中 房潮州徑南工業園項目的完工交付驗收逐步 完成，及在完成內資股及H股發行的前提下 （有關內資股及H股增發事宜詳見「計劃擴大股 本」一段），本集團將擁有充裕的流動資金。 本集團將積極發展現有金融業務，尋求其他 基礎設施建設項目及物色其他具有潛力的業 務。

本集團將努力為本公司股東帶來最大回報。

計劃擴大股本

本公司積極進行發行內資股及H股，擴大公司 股本，旨在增加一般營運資金及建立良好的 財務基礎。

二零一四年六月十七日，本公司已就根據配 售事項（「配售事項」）發行不超過84,080,000 股新H股取得中國證券監督管理委員會正式批 文，每股面值為人民幣1元。

於本公告日期，配售事項尚未完成。配售H股 及內資股的最後完成日期押後至二零一四年 十二月三十一日，有關詳情載於本公司日期 分別為二零一三年五月二十九日及二零一四 年六月三十日的公告內。

流動資金與財務資源

本集團遵循審慎財務管理政策以及擁有良好 的財務狀況，一般以內部產生之資源作為營 運資金。於二零一四年六月三十日，本集 團擁有流動資產淨值約人民幣529,630,000 元（二零一三年十二月三十一日：人民幣 436,557,000元），其中包括現金及現金等價 物約人民幣58,818,000元（二零一三年十二月 三十一日：人民幣21,912,000元）。

於二零一四年六月三十日，本集團並無銀行 貸款。本集團的流動比率（流動資產╱流動負 債）及資產負債比率（總負債╱總資產）分別 為2.68（二零一三年十二月三十一日：1.55） 及 34.91%（二零一三年十二月三十一日： 59.22%）。

– 20 –

MATERIAL ACQUISITION AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATE COMPANIES

There was no material acquisition or disposal of subsidiaries and associate companies of the Company during the Period.

SIGNIFICANT INVESTMENTS

During the Period, the Company did not hold any significant investments.

NUMBER OF EMPLOYEES, EMOLUMENTS, TRAINING SCHEMES AND SHARE OPTION SCHEMES

As at 30 June 2014, the Group employed a total of 44 employees (including the directors of the Company) and emoluments during the Period amounted to approximately RMB2,097,000 (2013 Corresponding Period: RMB1,897,728) in total. The Group has entered into employment contracts with all employees, and offered them with different emoluments according to their positions. The Group also made contributions to endowment insurance, basic medical insurance and housing reserves for all the employees in accordance with the relevant laws of the PRC. To date, the Group has not adopted any share option scheme for any of its senior management or employees.

ASSETS SECURED/PLEDGED

During the Period, no asset of the Group was secured or pledged.

SEGMENTAL INFORMATION

Details of segmental information are set out in Note 4 to the interim financial information.

CURRENCY RISKS

The revenues and expenses of the Group are mainly denominated in Renminbi. As at 30 June 2014, the Group had no significant risks due to foreign exchange contracts, interests, currency swaps or other financial derivatives.

CONTINGENT LIABILITIES

During the Period, the Group had no significant contingent liabilities.

重大收購及出售附屬及聯營公司

本期，本公司沒有重大收購及出售附屬及聯 營公司。

重大投資

於本期，本公司並無持有任何重大投資。

僱員人數及薪酬、培訓計劃及購股權計 劃

於二零一四年六月三十日，本集團共聘用44 名僱員（包括本公司董事在內），於本期提供 薪酬總額約為人民幣2,097,000元（二零一三 年同期：人民幣1,897,728元）。本集團與全 體僱員均已簽署聘用合同，根據僱員所在不 同崗位，按相應標準分別提供不同薪酬。同 時，根據中國有關法律規定，本集團為全體 僱員交納養老保險金、基本醫療報銷金和住 房公積金。截至目前，本集團尚無制定任何 高級管理人員或職工認股權計劃。

資產抵押╱質押

於本期，本公司並無任何資產抵押及質押。

分部資料

分部資料詳載於中期財務資料附註4。

外匯風險

本集團之收益及開支主要以人民幣計值。於 二零一四年六月三十日，本集團概無因外匯 合約、利息、貨幣掉期或其他金融衍生工具 而面臨重大風險。

或然負債

於本期，本集團並無任何重大或然負債。

– 21 –

SUBSEQUENT EVENTS

On 22 July 2014, the Company received from Shenzhen Chengxin a notice requesting for reduction of the consideration amount by RMB50 million (see the announcement of the Company dated 24 July 2014 for details). The management considered that there were material uncertainties over the recovery of the discounted payment as requested by Shenzhen Chengxin. The management will actively negotiate with Shenzhen Chengxin on resolving the issue of payment reduction and will take appropriate actions to recover the remainder. Based on the principle of prudence, a gain on disposal of subsidiaries amounting to RMB45,677,000 was recognised during the Period. The disposal gain will vary according to the outcome of negotiation with Shenzhen Chengxin and in the future, the agreement to be entered with Shenzhen Chengxin regarding the payment reduction shall prevail.

OTHER INFORMATION

Code of Corporate Governance

The Company has complied with all of the code provisions of the Corporate Governance Code and Corporate Governance Report (“CG Code”) as set out in Appendix 14 to the Listing Rules during the six months ended 30 June 2014, except the following:

Code provision A.1.8 of the CG Code requires that the Company should arrange appropriate insurance cover in respect of legal action against its directors. The Company did not arrange such insurance cover during the Period as Directors considered that the risk of material legal claims against Directors is minimal. Nevertheless, the Board will review this arrangement from time to time in light of the prevailing circumstances and arrange for appropriate insurance coverage when necessary.

Model Code for Securities Transactions by Directors

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 to the Listing Rules as the code for dealing in securities of the Company by the directors. Having made enquiry of all the directors of the Company, the Company confirms that all the directors of the Company have complied with the required standard set out in the Model Code for the Period.

Purchase, Sale or Redemption of Listed Securities of the Company

Neither the Company, nor any of its subsidiaries has purchased, redeemed or sold any of the listed securities of the Company during the six months ended 30 June 2014.

Review of Interim Results

The Audit Committee has reviewed the unaudited condensed financial information of the Group for the six months ended 30 June 2014.

期後事項

二零一四年七月二十二日，本公司收到深圳 誠信希望減免代價金額人民幣50,000,000元 的函件（詳見本公司於二零一四年七月二十四 日發出的公告）。管理層認為深圳誠信要求 的折讓金額收回存在重大不確定性，而管理 層將積極與深圳誠信溝通解決有關減免事 項，並將採取相關行動追討餘額。基於謹慎 性原則，本期確認出售附屬公司收益人民幣 45,677,000元。該出讓收益將根據與深圳誠 信的協商結果而發生變化，未來將按照就減 免事項與深圳誠信訂立的協議為準。

其他資料

企業管治守則

本公司已於截至二零一四年六月三十日止六 個月遵守上市規則附錄十四所載之企業管治 守則及企業管治報告（「企管守則」），惟下文 除外：

企管守則之守則條文A.1.8規定，本公司應就 對其董事之法律行動投購合適之保險覆蓋。 由於董事認為對董事提出重大法律索償之風 險不大，故期內本公司並無投購有關保險覆 蓋。然而，董事將視乎當前狀況不時檢討此 安排，並於有需要時投購合適之保險覆蓋。

董事進行證券交易之標準守則

本公司已採納載於上市規則附錄十之上市發 行人之董事進行證券交易之標準守則，作為 本公司董事買賣證券之守則。經向本公司全 體董事作出查詢後，本公司確認所有董事於 本期已遵守載於標準守則之規定標準。

購買、銷售或贖回本公司上市證券

截至二零一四年六月三十日止六個月期間， 本公司及其附屬公司概無購買、贖回或銷售 本公司任何上市證券。

審閱中期業績

審核委員會已審閱截至二零一四年六月三十 日止六個月之本集團未經審核簡明財務資料。

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Interim Dividend

The Board does not recommend the payment of interim dividends for the six months ended 30 June 2014.

中期股息

董事會不建議就截至二零一四年六月三十日 止六個月派發中期股息。

GLOSSARY

專用詞彙

In this announcement, unless the context otherwise requires, the following expressions shall have the following respective meanings.

於本公告，除文義另有所指，以下詞彙具有 以下涵義。

“Board” the board of Directors 「董事會」 董事會 “Company” Shenyang Public Utility Holdings Company Limited 「本公司」 瀋陽公用發展股份有限公司 “Chaozhou Jinshan” Chaozhou Jinshan Investment and Development Company Limited 「潮州金山」 潮州市金山投資開發有限公司 “Director(s)” the directors of the Company 「董事」 本公司董事 “Domestic Shares” domestic shares with a nominal value of RMB1 each in the share capital of the Company which are subscribed for in RMB 「內資股」 本公司股本中每股面值人民幣1元的內資股，以人民幣認購 “Group” the Company and its subsidiaries 「本集團」 本公司及其附屬公司 “Guangzhou Zhongzhan” Guang Zhongzhan Investment Holdings Company Limited* 「廣州中展」 廣州市中展投資控股有限公司 “Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic of China 「香港」 中華人民共和國香港特別行政區 “H-Shares” overseas listed foreign ordinary share(s) of the Company with a nominal value of RMB1 each, all of which are listed on the main board of the Stock Exchange and subscribed for and traded in Hong Kong dollars 「H股」 本公司股本中每股面值人民幣1元之境外上市外資普通股，全部均在聯 交所主板上市及以港元認購及買賣 “Kingma Overseas” Kingma Overseas Investment Development Corporate Limited 「金馬海外」 金馬海外投資發展有限公司 “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange 「上市規則」 聯交所證券上市規則 “Model Code” Model Code for Securities Transactions by Directors of Listed Issuers 「標準守則」 上市發行人董事進行證券交易的標準守則 “Newpont Finance” Newpont Finance Limited 「新邦信貸」 新邦信貸有限公司

– 23 –

“Period”

「本期」

“PRC” 「中國」

“RMB” 「人民幣」

“SFO” 「證券及期貨條例」

for the six months ended 30 June 2014 截至二零一四年六月三十日止六個月 the People’s Republic of China 中華人民共和國 Renminbi, the lawful currency of the PRC 中國法定貨幣人民幣 Securities and Futures Ordinance (Chapter 571 of the law of Hong Kong) 證券及期貨條例（香港法例571章）

“Share”

「股份」

“Shareholders” 「股東」 “Shenzhen Chengxin” 「深圳誠信」

H-Share(s) and Domestic Share(s) H股及內資股 holders of the H-Shares and Domestic Shares H股及內資股持有人

Shenzhen Chengxin Xingye Trading Company Limited* 深圳市誠信興業貿易有限公司

“Stock Exchange” 「聯交所」

The Stock Exchange of Hong Kong Limited 香港聯合交易所有限公司

“Zhongfang Chaozhou” 「中房潮州」

Zhongfang Chaozhou Investment Development Company Limited* 中房潮州投資開發有限公司

“2013 Corresponding Period” 「二零一三年同期」

for the six months ended 30 June 2013 截至二零一三年六月三十日止六個月

• For identification purpose only

• 僅供識別

By order of the board of

Shenyang Public Utility Holdings Company Limited Ma Zhong Hong Chairman

承董事會命 瀋陽公用發展股份有限公司 馬鐘鴻

董事長

Shanyang, the PRC, 12 August 2014

中國，瀋陽，二零一四年八月十二日

As at the date of this announcement, the executive directors of the Company are Mr. Ma Zhong Hong, Mr. Deng Xiao Gang and Mr. Huang Zhen Kun, the non-executive directors are Mr. Yin Zong Chen and Ms. Zhang Lei Lei and the independent nonexecutive directors are Mr. Wong Kai Tat, Mr. Wei Jie Sheng and Mr. Yu Guan Jian.

在本公告發出日，本公司之執行董事為馬鐘 鴻先生、鄧曉綱先生及黃鎮坤先生；非執行 董事為尹宗臣先生及張蕾蕾女士；及獨立非 執行董事為王啟達先生、魏潔生先生及余關 健先生。

– 24 –