COSCO SHIPPING Development Co., Ltd. — Interim / Quarterly Report 2012

Apr 25, 2012

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.

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(A joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock code: 02866)

2012 FIRST QUARTERLY REPORT

In accordance with the applicable rules of the Shanghai Stock Exchange of the People’s Republic of China (“ PRC ”) (being the stock exchange on which the A shares of China Shipping Container Lines Company Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) are listed), the quarterly report (“ Quarterly Report ”) of the Company for the first quarter of 2012 (“ Reporting Period ”) will be published on the Shanghai Stock Exchange on 26 April 2012. The financial information set out in the Quarterly Report was prepared in accordance with the Generally Accepted Accounting Principles of the PRC.

This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

§1 IMPORTANT NOTICES

• 1.1 The board of directors, the supervisory committee, the directors, the supervisors and senior management of the Company warrant that there are no false records or misleading statements contained in or material omissions from this report; and severally and jointly accept responsibility for the truthfulness, accuracy and completeness of the contents in this report.

• 1.2 All members of the board of directors of the Company attended the board of directors meeting.

• 1.3 The first quarterly financial statements of the Company have not been audited.

• 1.4 Mr. Li Shaode, the person-in-charge of the Company, Mr. Liu Chong, the person overseeing the accounting operations, and Mr. Zhou Xinmin, the person-in-charge of the accounting department (chief accountant) have declared and warranted the truthfulness and completeness of the financial statements contained in this Quarterly Report.

1

§2 BASIC INFORMATION OF THE COMPANY

2.1 Principal accounting data and financial indicators

			Currency: RMB
			Increase/
			decrease at the
			end of the
			Reporting Period
	As at the	As at the	as compared with
	end of the	end of	the end of
	Reporting Period	previous year	previous year
			(%)
Total assets_(RMB)_	53,536,596,599.91	49,412,490,452.47	8.35
Owner’s equity (or equity
holders’ equity)(RMB)	24,540,309,985.93	26,023,333,339.68	-5.70
Net assets per share attributable
to equity holders of the
Company_(RMB/share)_	2.10	2.23	-5.83
			Increase/
			decrease as
			compared
		From beginning	with the
		of the year	corresponding
		to end of the	period of
		Reporting Period	last year
			(%)
Net cash flow from operating activities_(RMB)_		-1,607,161,333.02	-664.74
Net cash flow per share from operating activities
(RMB/share)		-0.14	-664.74

2

				Increase/
				decrease during
				the Reporting
				Period as
			From beginning	compared with
			of the year	the corresponding
			to end of the	period of
	Reporting Period		Reporting Period	last year
				(%)
Net profit attributable to equity
holders of the Company_(RMB)_	-1,453,534,402.09		-1,453,534,402.09	-894.56
Basic earnings per share
(RMB/share)		-0.1244	-0.1244	-894.56
Basic earnings per share,
excluding extraordinary gains
or losses_(RMB/share)_		-0.1390	-0.1390	-814.47
Diluted earnings per share
(RMB/share)		-0.1244	-0.1244	-894.56
Weighted average return on				Decreased 5.25
net assets_(%)_		-5.75	-5.75	percentage points
Weighted average return on net
assets, excluding extraordinary				Decreased 5.81
gains or losses_(%)_		-6.42	-6.42	percentage points
Excluding extraordinary gains or losses items and amounts:
			Unit: Yuan Currency: RMB
Item				Amount
Gain/loss from disposal of non-current assets				20,089,880.40
Government grants recognized in the income statement for
the period (exclusive of those that	are closely related to		the
normal operation of the Company	and received in a certain
amount or fixed quantity according to the requirements of
State policy and State standards)				125,047,813.13
Other non-operating income/expenses excluding the items			above	26,903,267.89
Impact of income tax				-957,153.59
Impact of gains or losses of minority shareholders (after tax)				-589,283.09
Total				170,494,524.74

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2.2 Total number of shareholders at the end of the Reporting Period and the top 10 shareholders of the Company who are not subject to trading moratorium

Unit: share

Total number of shareholders at the end of the Reporting Period ((household))	Total number of shareholders at the end of the Reporting Period ((household))	436,543
Top 10 shareholders of the Company who are not subject to trading		moratorium
	Number of
	shares held at
	the end of the
Name of shareholders (in full)	Reporting Period	Type
China Shipping (Group) Company	5,361,837,500	A Share
HKSCC NOMINEES LIMITED	3,728,457,841	H Share
China Construction Bank – Huaxia Chengshi	23,942,863	A Share
Selected Securities Investment Fund
中國建設銀行股份有限公司－
華夏盛世精選股票型證券投資基金
Agricultural Bank of China – Yinhua Domestic	13,999,882	A Share
Demand Selected Stock Fund
中國農業銀行－銀華內需精選股票型證券投資基金
Bank of China – Harvest Shanghai Shenzhen	12,979,310	A Share
300 Index Securities Investment Fund
National Social Security Fund 102	10,948,700	A Share
全國社保基金一零二組合
China Construction Bank – Fu Guo Tian Bo Innovative	10,002,193	A Share
Theme Equity Securities Investment Fund
中國建設銀行－富國天博創新主題股票型
證券投資基金
CITIC Securities Co., Ltd.	9,562,322	A Share
China Construction Bank – Yinhua	9,519,463	A Share
Prosperity Theme Equity Fund
中國建設銀行－銀華富裕主題股票型證券投資基金
Xing He Securities Investment Fund	8,855,978	A Share

4

§3 SIGNIFICANT EVENTS

• 3.1 Particulars of material changes in major accounting items and financial indicators of the Company and reasons

3 Applicable □ Not Applicable

• 1) The increase in money capital by 37.87% at the end of the Reporting Period as compared with the beginning of the Reporting Period was mainly due to the increase in bank borrowings during the Reporting Period;

• 2) The increase in interest receivables by 43.62% at the end of the Reporting Period as compared with the beginning of the Reporting Period was mainly due to the increase in the amount of time deposits as compared with corresponding period of last year;

• 3) The increase in inventories by 39.68% at the end of the Reporting Period as compared with the beginning of the Reporting Period was mainly due to the increase in oil prices;

• 4) The increase in current assets in aggregate by 30.80% during the Reporting Period as compared with the beginning of the Reporting Period was mainly due to the increase in currency capital and inventories as compared with corresponding period of last year;

• 5) The increase in interest payables by 40.02% at the end of the Reporting Period as compared with the beginning of the Reporting Period was mainly due to the increase in interest payables at the end of the Reporting Period as a result of increase in bank borrowings during the Reporting Period;

• 6) The increase in long-term borrowings by 51.28% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in bank borrowings during the current period;

• 7) The increase in long-term payables by 194.60% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in finance lease of container during the Reporting Period as compared with corresponding period of last year;

• 8) The increase in non-current liabilities in aggregate by 45.39% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in finance lease of container and bank borrowings;

• 9) The increase in the losses of undistributed profits by 50.02% at the end of the Reporting Period as compared with the beginning of the Reporting Period was mainly due to the increase in losses of the Company during the Reporting Period;

• 10) The increase in finance cost by 1,629.60% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in bank borrowings, resulting in the increase in the interest expenses as compared with corresponding period of last year;

5

• 11) The increase in losses from impairment of assets by 658.06% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in the degree of increase/decrease in the balance of trade receivables as compared with the corresponding period of last year;

• 12) The increase in investment income by 316.78% during the Reporting Period as compared with the corresponding period of last year was due to the increase in profit of investment unit during the Reporting Period;

• 13) The increase in investment income from associates and joint ventures by 338.18% during the Reporting Period as compared with the corresponding period of last year was due to the increase in the profit of associates and joint ventures during the Reporting Period as compared with the corresponding period of last year;

• 14) The increase in loss of operating profit by 825.05% during the Reporting Period as compared with the beginning of the Reporting Period was mainly due to the significant decrease in operating profit of the Company during the Reporting Period;

• 15) The increase in non-operating income by 335.83% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in income from port grant during the Reporting Period;

• 16) The decrease in total profit by 965.36% during the Reporting Period as compared with the corresponding period of last year was mainly due to the significant decrease in operating profit of the Company during the Reporting Period;

• 17) The increase in income tax by 137.41% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in tax payables as a result of the increase in total profit from the terminal companies owned by the Company during the Reporting Period as compared with the corresponding period of last year;

• 18) The decrease in net profit by 927.56% during the Reporting Period as compared with the corresponding period of last year was mainly due to the significant decrease in operating profit of the Company during the Reporting Period;

• 19) The decrease in net profit attributable to equity holders of the parent company by 894.56% during the Reporting Period as compared with the corresponding period of last year was mainly due to the significant decrease in operating profit of the Company during the Reporting Period;

• 20) The increase in gains or losses of minority shareholders by 90.56% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in profit of share participation investment unit of minority shareholders;

• 21) The decrease in basic earnings per share by 895.20% during the Reporting Period as compared with the corresponding period of last year was mainly due to the significant decrease in operating profit of the Company during the Reporting Period;

6

• 22) The increase in other comprehensive income by 71.76% during the Reporting Period as compared with the corresponding period of last year was mainly due to the decrease in changes in currency translation differences as compared with the corresponding period of last year;

• 23) The decrease in total comprehensive income by 501.26% during the Reporting Period as compared with the corresponding period of last year was mainly due to the significant decrease in operating profit of the Company during the Reporting Period;

• 24) The decrease in total comprehensive income attributable to equity holders of the parent company by 491.81% during the Reporting Period as compared with the corresponding period of last year was mainly due to the significant decrease in operating profit of the Company;

• 25) The increase in total comprehensive income attributable to minority shareholders by 90.56% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in profit of share participation investment unit of minority shareholders;

• 26) The increase in tax rebates by 188.94% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in local tax rebates during the Reporting Period;

• 27) The increase in taxes paid by 67.54% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in taxes paid during the Reporting Period;

• 28) The decrease in net cash flows from operating activities by 664.74% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in cash paid for goods purchased and services rendered during the Reporting Period as compared with the corresponding period of last year;

• 29) The increase in cash proceeds from investment income by 837.50% during the Reporting Period as compared with the corresponding period of last year was mainly due to the dividends received from our investees China Shipping Finance Co., LTD (中國海運財務 責任有限公司);

• 30) The increase in net cash from disposal of fixed assets, intangible assets and other longterm assets by 50.08% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in cash from disposal of fixed assets during the Reporting Period;

• 31) The increase in sub-total of cash inflows from investment activities by 107.21% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in cash dividends received and cash received from disposal of fixed assets during the Reporting Period as compared with the corresponding period of last year;

7

• 32) The decrease in cash inflows from investment by 100% during the Reporting Period as compared with the corresponding period of last year was mainly due to the Company did not received any amount of investment paid by minority shareholders for capital increase of Lianyungang New Oriental Container Terminal Co., Ltd. during the Reporting Period as compared with the corresponding period of last year;

• 33) The increase in cash received from borrowings by 12,917.47% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in bank borrowings during the Reporting Period as compared with the corresponding period of last year;

• 34) The increase in the sub-total of cash inflows from financing activities by 11,003.68% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in bank borrowings during the Reporting Period as compared with the corresponding period of last year;

• 35) The increase in cash paid for debts by 50.57% during the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in repayments of bank borrowings during the Reporting Period as compared with the corresponding period of last year;

• 36) The increase in cash paid for dividends, profit distribution or interests during the Reporting Period by 81.17% as compared with the corresponding period of last year was mainly due to the increase in the interests due during the Reporting Period;

• 37) The increase in sub-total of cash outflows from financing activities during the Reporting Period as compared with the corresponding period of last year by 46.96% was mainly due to the increase in repayment of bank borrowings during the Reporting Period as compared with the corresponding period of last year;

• 38) The increase in net cash flows from financing activities during the Reporting Period as compared with the corresponding period of last year by 1,675.53% was mainly due to the increase in bank borrowings during the Reporting Period as compared with the corresponding period of last year;

• 39) The increase in impact on cash caused by changes in foreign exchange rates by 76.49% during the Reporting Period as compared with the corresponding period of last year was mainly due to the decrease in the degree of changes in foreign exchange rates during the Reporting Period;

• 40) The increase in the cash and cash equivalents by 248.66% at the end of the Reporting Period as compared with the corresponding period of last year was mainly due to the increase in bank borrowings during the Reporting Period;

• 41) The decrease in the balance of cash and cash equivalents by 33.57% at the beginning of the Reporting Period as compared with the corresponding period of last year was mainly due to the decrease in net cash flows from operating activities during the Reporting Period as compared with the corresponding period of last year.

8

3.2 Analysis and explanation on the progress of significant events and their impact and resolutions

□ Applicable 3 Not Applicable

• 3.3 Performance of undertakings given by the Company, the shareholders and the actual controlling person

• 3 Applicable □ Not Applicable

Non-competition undertakings:

On 29 August 2007, China Shipping (Group) Company (“ China Shipping ”), the controlling shareholder of the Company made non-competition undertakings to the Company that:

• 1 it shall, or shall procure the subsidiaries controlled by it, to take effective steps not to engage in or participate in any business which may compete with the container shipping business or related businesses currently carried on by the Company or any subsidiaries controlled by the Company, nor to hold any right or interest in the said businesses. If there is an opportunity for China Shipping or any subsidiaries controlled by it to participate in any container shipping business or related businesses currently principally engaged in by the Company or any subsidiaries controlled by it, or in any project in relation to the businesses in which the Company or any subsidiaries controlled by it shall in the future principally engage, China Shipping shall, or shall procure the subsidiaries controlled by it, to grant to the Company or any subsidiaries controlled by it the priority to participate in the said business or project.

• 2 China Shipping will fully indemnify the Company and/or the subsidiaries controlled by the Company against all losses, damage and costs incurred by the Company as a result of any breach of the undertakings by China Shipping and/or the subsidiaries controlled by it set forth above.

During the Reporting Period, China Shipping did not breach the undertakings as stated above.

• 3.4 Disclosure as to, and reason for, the warning in respect of forecast of a probable loss in respect of the accumulated net profit from the beginning of next year to the end of the next Reporting Period or any significant changes in profit as compared with that of the corresponding period of last year

□ Applicable 3 Not Applicable

3.5 Implementation of cash dividends distribution policy during the Reporting Period

There was no cash dividends distribution during the Reporting Period.

9

§4 APPENDIx

4.1

Consolidated Balance Sheet

Prepared by: China Shipping Container Lines
Compnay Limited	31 March 2012	Unit: RMB
Item	Closing balance	Opening balance
Current assets:
Cash and bank balances	9,751,603,446.13	7,073,272,758.43
Balances with clearing companies
Placements with banks and
other financial institutions
Financial assets held-for-trading
Bills receivable	286,813,572.76	342,713,674.83
Accounts receivable	1,540,223,611.50	1,458,392,770.78
Funds paid in advance	145,961,003.86	142,340,134.15
Premiums receivable
Reinsurance accounts receivable
Deposits receivable from reinsurance treaty
Interests receivable	7,820,062.98	5,445,111.00
Dividends receivable	1,274,222.63	1,273,977.15
Other receivables	77,100,576.17	88,130,573.52
Purchases of resold financial assets
Inventories	1,685,041,504.48	1,206,379,307.23
Non-current assets due within one year
Other current assets
Total current assets	13,495,838,000.51	10,317,948,307.09
Non-current assets:
Loans and advances granted
Available-for-sale financial assets
Held-to-maturity investments
Long-term receivables
Long-term equity investment	1,916,336,252.42	1,914,329,912.90
Investment property
Fixed assets	31,154,883,291.08	30,172,032,898.92
Construction in progress	6,821,306,564.45	6,861,498,307.73
Construction materials
Disposals of fixed assets	7,162.70
Biological assets for production
Fuel assets
Intangible assets	113,875,974.90	115,699,990.49
Development expenditure
Goodwill
Long-term deferred expenses	21,756,241.55	18,387,923.04
Deferred income tax assets	12,593,112.30	12,593,112.30
Other non-current assets
Total non-current assets	40,040,758,599.40	39,094,542,145.38
Total assets	53,536,596,599.91	49,412,490,452.47

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Item	Closing balance	Opening balance
Current liabilities:
Short term borrowings	944,145,000.00	819,117,000.00
Borrowings from central bank
Deposit taking and deposit
in inter-bank market
Placements funds
Financial liabilities held-for-trading
Bills payable
Accounts payable	3,714,276,754.33	3,820,428,318.56
Funds received in advance	115,926,480.25	109,922,581.98
Funds from disposal of
repurchased financial assets
Handling charges and commissions payable
Staff remuneration payable	120,190,335.02	116,715,981.91
Taxes payable	94,052,582.75	116,304,289.58
Interest payable	108,413,828.10	77,425,156.14
Dividend payable	2,490,116.38	2,490,116.38
Other payables	342,657,638.41	279,633,345.54
Reinsurance accounts payable
Deposits for insurance contracts
Customer deposits for trading in securities
Customer deposits for securities underwriting
Non-current liabilities due within one year	4,139,597,043.87	4,424,910,788.25
Other current liabilities
Total current liabilities	9,581,749,779.11	9,766,947,578.34
Non-current liabilities:
Long term borrowings	16,350,956,605.34	10,808,546,822.22
Bonds payable	1,786,627,178.56	1,786,627,178.56
Long term payables	367,209,208.23	124,648,202.75
Specific payables
Projected liabilities	25,000,000.00	25,000,000.00
Deferred income tax liabilities	31,301.48	31,303.54
Other non-current liabilities
Total non-current liabilities	18,529,824,293.61	12,744,853,507.07
Total liabilities	28,111,574,072.72	22,511,801,085.41

11

Closing balance

Opening balance

Item

Shareholders’ equity:
Share capital		11,683,125,000.00	11,683,125,000.00
Capital reserve		17,172,325,183.96	17,172,325,183.96
Less: treasury shares
Special reserve
Surplus reserve		1,362,073,031.79	1,362,073,031.79
General risk provision
Retained earnings		-4,359,585,086.83	-2,906,050,684.74
Foreign currency translation differences		-1,317,628,142.99	-1,288,139,191.33
Total equity attributable to the equity
holder of the parent company		24,540,309,985.93	26,023,333,339.68
Minority interests		884,712,541.26	877,356,027.38
Total shareholders’ equity		25,425,022,527.19	26,900,689,367.06
Total liabilities and shareholders’ equity		53,536,596,599.91	49,412,490,452.47
	Person-in-charge of Head of the accounting
Legal representative:	accounting affairs:		department:
Li Shaode		Liu Chong	Zhou Xinmin

12

Balance Sheet of the Parent Company

Prepared by: China Shipping Container Lines
Compnay Limited	31 March 2012	Unit: RMB
Item	Closing balance	Opening balance
Current assets:
Cash and bank balances	5,505,259,886.92	1,882,610,587.87
Financial assets held-for-trading
Bills receivable	184,965,371.56	274,430,684.82
Accounts receivable	1,534,441,007.63	1,284,440,121.10
Funds paid in advance
Interests receivable	7,638,563.00	5,104,111.00
Dividends receivable	245.48	245.74
Other receivables	455,952,361.48	276,178,214.70
Inventories	703,284,352.87	514,058,399.39
Non-current assets due within one year
Other current assets
Total current assets	8,391,541,788.94	4,236,822,364.62
Non-current assets:
Available-for-sale financial assets
Held-to-maturity investments
Long-term receivables
Long-term equity investment	14,699,699,559.16	14,699,936,518.16
Investment property
Fixed assets	15,443,896,631.79	15,618,940,544.34
Construction in progress	2,509,360,952.55	2,199,087,285.74
Construction materials
Disposals of fixed assets
Biological assets for production

13

Item		Closing balance	Opening balance
Fuel assets
Intangible assets		15,185,623.37	15,330,027.46
Development expenditure
Goodwill
Long-term deferred expenses
Deferred income tax assets		6,250,000.00	6,250,000.00
Other non-current assets
Total non-current assets		32,674,392,766.87	32,539,544,375.70
Total assets		41,065,934,555.81	36,776,366,740.32
Current liabilities:
Short term borrowings		188,829,000.00	189,027,000.00
Financial liabilities held-for-trading
Bills payable
Accounts payable		3,069,575,732.59	2,705,863,841.52
Funds received in advance
Staff remuneration payable		79,218,453.55	62,264,768.18
Taxes payable		62,324,694.05	60,501,471.93
Interest payable		75,483,944.58	45,788,922.22
Dividend payable
Other payables		2,483,881,811.55	2,341,708,201.27
Non-current liabilities due within one year
Other current liabilities
Total current liabilities		5,959,313,636.32	5,405,154,205.12
Non-current liabilities:
Long-term borrowings		4,524,600,000.00
Bonds payable		1,786,627,178.56	1,786,627,178.56
Long term payables
Specific payables
Projected liabilities		25,000,000.00	25,000,000.00
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities		6,336,227,178.56	1,811,627,178.56
Total liabilities		12,295,540,814.88	7,216,781,383.68
Shareholders’ equity:
Share capital		11,683,125,000.00	11,683,125,000.00
Capital reserve		17,296,536,619.43	17,296,536,619.43
Less: Treasury shares
Special reserve
Surplus reserve		1,355,762,889.20	1,355,762,889.20
General risk provision
Retained earnings		-1,565,030,767.70	-775,839,151.99
Total shareholders’ equity		28,770,393,740.93	29,559,585,356.64
Total liabilities and shareholders’ equity		41,065,934,555.81	36,776,366,740.32
	Person-in-charge of Head of the accounting
Legal representative:	accounting affairs:		department:
Li Shaode	Liu Chong		Zhou Xinmin

14

4.2

Consolidated Income Statement

Prepared by: China Shipping Container Lines	Prepared by: China Shipping Container Lines
Compnay Limited		January to March 2012	Unit: RMB
			Amount for
		Amount for the	the same period
Item		Reporting Period	last year
I.	Total operating revenue	6,454,631,795.87	6,526,474,049.91
	Including: Revenue from operations	6,454,631,795.87	6,526,474,049.91
	Interest income
	Premiums earned
	Handling charges and
	commission income
II.	Total cost of sales	8,067,269,254.62	6,702,551,481.43
	Including: Operating cost	7,757,641,925.57	6,493,869,807.76
	Interest expenses
	Handling charges and
	commission expenses
	Surrender payment
	Net expenditure for
	compensation payments
	Net provision for
	insurance deposits
	Policyholder dividend expenses
	Reinsurance costs
Business tax and surcharges		25,264,242.75	20,339,629.90
Selling expenses
Administrative expenses		210,745,046.37	193,442,999.28
Finance costs		71,087,189.19	-4,647,447.23
Asset impairments loss		2,530,850.74	-453,508.28
	Add: Gains from changes in fair value
	(loss is represented by “—”)
	Investment income
	(loss is represented by “—”)	13,256,339.52	3,180,631.09
	Including: Gains from investment
	associates and joint
	ventures	13,256,339.52	3,025,313.59
	Gains from foreign currency exchange
	(loss is represented by “—”)

15

					Amount for
				Amount for the	the same period
Item			Reporting Period		last year
III.	Profit from operations
	(loss is represented by “—”)		-1,599,381,119.23		-172,896,800.43
	Add: Non-operating income			172,625,326.86	39,608,455.30
	Less: Non-operating expense			584,365.44	689,341.69
	Including: Loss from disposal of
	non-current assets			8,570.39	7,167.30
IV.	Total profit (total loss is represented by “—”)		-1,427,340,157.81		-133,977,686.82
	Less: Income tax expenses			15,213,166.90	6,408,080.94
V.	Net profit (net loss is represented by “—”)		-1,442,553,324.71		-140,385,767.76
	Net profit attributable to the equity holder
	of the parent company		-1,453,534,402.09		-146,148,266.97
	Minority interests			10,981,077.38	5,762,499.21
VI.	Earnings per share:
	(I) Basic earnings per share			-0.1244	-0.0125
	(II) Diluted earnings per share			-0.1244	-0.0125
VII.	Other comprehensive income			-29,488,951.66	-104,441,071.14
VIII.	Total comprehensive income		-1,472,042,276.37		-244,826,838.90
	Total comprehensive income attributable to
	the equity holder of the parent company		-1,483,023,353.75		-250,589,338.11
	Total comprehensive income attributable to
	minority interests			10,981,077.38	5,762,499.21
		Person-in-charge of Head of the accounting
	Legal representative:	accounting affairs:			department:
	Li Shaode	Liu Chong			Zhou Xinmin

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Income Statement of the Parent Company

Prepared by: China Shipping Container Lines	Prepared by: China Shipping Container Lines	Prepared by: China Shipping Container Lines
Compnay Limited			January to March 2012		Unit: RMB
					Amount for
				Amount for the	the same period
Item			Reporting Period		last year
I.	Revenue from operations		3,334,001,522.53		3,338,212,259.24
	Less: Operating cost		4,145,905,530.51		3,569,826,080.29
	Business tax and surcharges			7,529,620.86	4,637,306.02
	Selling expenses
	Administrative expenses			96,859,574.59	82,131,499.41
	Finance costs			25,645,398.89	-39,083,336.59
	Asset impairments loss
	Add: Gains from changes in fair value
	(loss is represented by “—”)
	Investment income
	(loss is represented by “—”)			11,013,041.00	155,317.50
	Including: Gains from investment in
	associates and joint
	ventures
II.	Profit from operations
	(loss is represented by “—”)			-930,925,561.32	-279,143,972.39
	Add: Non-operating income			142,227,363.49	6,000.00
	Less: Non-operating expense			493,417.88	570,201.20
	Including: Loss from disposal	of
	non-current assets			1,298.00
III.	Total profit (total loss is represented	by “—”)		-789,191,615.71	-279,708,173.59
	Less: Income tax expenses
IV.	Net profit (net loss is represented by	“—”)		-789,191,615.71	-279,708,173.59
V.	Earnings per share:
	(I) Basic earnings per share
	(II) Diluted earnings per share
VI.	Other comprehensive income
VII.	Total comprehensive income			-789,191,615.71	-279,708,173.59
		Person-in-charge of Head of the accounting
	Legal representative:	accounting affairs:			department:
	Li Shaode		Liu Chong		Zhou Xinmin

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4.3

Consolidated Cash Flow Statement

Prepared by: China Shipping Container Lines	Prepared by: China Shipping Container Lines
Compnay Limited			January to March 2012	Unit: RMB
				Amount for
			Amount for the	the same period
Item			Reporting Period	last year
I.	Cash flow from operating activities
	Cash received from sales of goods
	and provision of services		6,882,853,035.72	6,643,688,136.27
	Net increase in deposits from customers
	and placements from banks and other
	financial institutions
	Net increase in borrowings from central bank
	Net increase in placements from other
	financial institutions
	Cash received from premiums of original
	insurance contracts
	Net cash received from reinsurance business
	Net increase in deposits from policyholders
	and investments
	Net increase in disposal of held-for-trading
	financial assets
	Cash received from interest, handling
	charges and commissions
	Net increase in capital due to banks and
	other financial institutions
	Net increase in repurchases business fund
	Tax rebates		705,844.89	244,290.46
	Other cash received from activities related
	to operation		139,114,902.58	110,291,949.23
	Sub-total of cash inflows from operating
	activities		7,022,673,783.19	6,754,224,375.96
	Cash paid for goods purchased and service
	rendered		7,793,122,518.74	6,133,417,791.09
	Net increase in loans and advances to
	customers
	Net increase in placements with central
	bank and other financial institutions
	Cash paid for claims on original insurance
	contracts
	Cash payment for interest, handling charges
	and commissions
	Cash payment for policyholder dividend
	Cash paid to and on behalf of employees		448,306,998.45	399,757,685.73
	Taxes paid		136,795,369.01	81,649,634.47
	Other cash paid for activities relating to
	operation		251,610,230.01	349,556,647.78
	Sub-total of cash outflow from operating
	activities		8,629,835,116.21	6,964,381,759.07
	Ne t cash flows from operating
	activities		-1,607,161,333.02	-210,157,383.11

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			Amount for
		Amount for the	the same period
Item		Reporting Period	last year
II.	Cash flow from investment activities:
	Cash received from disposal of investments
	Cash received from gains in investments	11,250,000.00	1,200,000.00
	Net cash received from disposal of fixed
	assets, intangible assets and other
	long-term assets	23,019,128.73	15,337,990.53
	Net cash received from disposal of
	subsidiaries and other operating entities
	Other cash received relating to investment
	activities
	Sub-total of cash inflows from investment
	activities	34,269,128.73	16,537,990.53
	Cash paid for purchase of fixed assets,
	intangible assets and other long-term
	assets	1,263,415,077.28	1,227,782,384.63
	Cash paid for investment
	Net increase in pledged loans
	Net cash paid for acquiring subsidiaries
	and other operating entities
	Other cash paid related to investment
	activities
	Sub-total of cash outflow from investment
	activities	1,263,415,077.28	1,227,782,384.63
	Ne t cash flow from investment
	activities	-1,229,145,948.55	-1,211,244,394.10
III.	Cash flow from financing activities
	Proceeds received from investments		8,100,000.00
	Including: Pr oceeds received by subsidiaries
	from minority shareholder’s
	investment		8,100,000.00
	Cash received from borrowings	6,117,642,023.20	46,995,629.65
	Cash received from issue of bonds
	Cash received relating to other financing
	activities
	Sub-total of cash inflow from financing
	activities	6,117,642,023.20	55,095,629.65
	Cash paid for repayment of debts	432,031,642.01	286,923,029.25
	Cash payments for dividend and profit
	distribution or interest repayment	109,076,537.56	60,205,888.72
	Including: Dividend and profit paid
	by subsidiary to minority
	shareholders	3,624,563.50	3,485,644.41
	Other cash paid relating to financing
	activities	54,888,314.25	58,430,557.55
	Sub-total of cash outflow from financing
	activities	595,996,493.82	405,559,475.52
	Ne t cash flow from financing
	activities	5,521,645,529.38	-350,463,845.87

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Item

Amount for Amount for the the same period Reporting Period last year

• IV. Ef fect on cash and cash equivalents due to changes in foreign exchange rates

• V. Net increase in cash and cash equivalents Add: Balance of cash and cash equivalents at the beginning of the period

• VI. Ba lance of cash and cash equivalents at the end of the period

• -7,007,560.11 -29,811,919.16

• 2,678,330,687.70 -1,801,677,542.24 7,073,272,758.43 10,648,395,705.94 9,751,603,446.13 8,846,718,163.70

Legal representative: Li Shaode

• Person-in-charge of Head of the accounting accounting affairs: department: Liu Chong Zhou Xinmin

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Cash Flow Statement of the Parent Company

Prepared by: China Shipping Container Lines	Prepared by: China Shipping Container Lines
Compnay Limited		January to March 2012	Unit: RMB
			Amount for
		Amount for the	the same period
Item		Reporting Period	last year
I.	Cash flow from operating activities
	Cash received from sales of goods and
	provision of services	1,748,397,837.40	1,559,510,834.58
	Tax rebates
	Other cash received from activities related
	to operation	259,602,610.97	131,374,035.09
	Sub-total of cash inflow from operating
	activities	2,008,000,448.37	1,690,884,869.67
	Cash paid for goods purchased and
	service rendered	2,266,890,089.19	1,639,602,132.63
	Cash paid to and on behalf of employees	216,183,979.58	190,163,886.39
	Taxes paid	76,706,407.78	36,721,160.59
	Other cash paid for activities related to
	operation	64,145,965.94	57,698,559.32
	Sub-total of cash outflow from operating
	activities	2,623,926,442.49	1,924,185,738.93
	Ne t cash flow from operating
	activities	-615,925,994.12	-233,300,869.26

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			Amount for
		Amount for the	the same period
Item		Reporting Period	last year
II.	Cash flow from investment activities:
	Cash received from disposal of investments
	Cash received from gains in investments	11,250,000.00
	Net cash received from disposal of fixed
	assets, intangible assets and other
	long-term assets
	Net cash received from disposal of
	subsidiaries and other operating entities
	Other cash received relating to investment
	activities
	Sub-total of cash inflow from investment
	activities	11,250,000.00
	Cash paid for purchase of fixed
	assets, intangible assets and
	other long-term assets	285,118,819.65	196,256,472.25
	Cash paid for investment
	Net cash paid for acquiring subsidiaries
	and other operating entities
	Other cash paid relating to investment
	activities
	Sub-total of cash outflow from investment
	activities	285,118,819.65	196,256,472.25
	Ne t cash flow from investment
	activities	-273,868,819.65	-196,256,472.25
III.	Cash flow from financing activities
	Proceeds received from investments
	Cash received from borrowings	4,524,600,000.00	5,417,000.00
	Cash received from issue of bonds
	Cash received relating to other financing
	activities	4,524,600,000.00	5,417,000.00
	Sub-total of cash inflow from financing
	activities
	Cash paid for repayment of debts	6,341,047.66	595,180.37
	Cash payments for dividend and profit
	distribution or interest repayment
	Other cash paid relating to financing
	activities
	Sub-total of cash outflow from financing
	activities	6,341,047.66	595180.37
	Ne t cash flow from financing
	activities	4,518,258,952.34	4,821,819.63

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			Amount for
		Amount for the	the same period
Item		Reporting Period	last year
IV.	Ef fect on cash and cash equivalents due to
	changes in foreign exchange rates	-5,814,839.52	-35,816,978.25
V.	Net increase in cash and cash equivalents	3,622,649,299.05	-460,552,500.13
	Add: Balance of cash and cash equivalents at
	the beginning of the reporting period	1,882,610,587.87	5,449,383,991.97
VI.	Ba lance of cash and cash equivalents
	at the end of the Reporting Period	5,505,259,886.92	4,988,831,491.84
	Person-in-charge of Head of the accounting
	Legal representative: accounting affairs:		department:
	Li Shaode Liu Chong		Zhou Xinmin

CAUTION STATEMENT

The board of directors wishes to remind investors that the above extracts from the Quarterly Report are prepared on the basis of the Group’s internal information and management accounts and have not been reviewed or audited by the auditors. Investors are cautioned against market risks and should not rely unduly on the extracts from the Quarterly Report stated above. In addition, investors are advised to exercise caution when dealing in the shares of the Company.

By order of the Board China Shipping Container Lines Company Limited Li Shaode Chairman

Shanghai, the PRC 25 April 2012

The Board as at the date of this announcement comprises of Mr. Li Shaode, Mr. Xu Lirong, Mr. Zhang Guofa, Mr. Huang Xiaowen and Mr. Zhao Hongzhou, being executive Directors, Mr. Zhang Jianhua, Mr. Lin Jianqing, Mr. Wang Daxiong, Mr. Zhang Rongbiao and Mr. Xu Hui, being nonexecutive Directors, and Mr. Shen Kangchen, Mr. Jim Poon (also known as Pan Zhanyuan), Mr. Shen Zhongying, Mr. Wu Daqi and Ms. Zhang Nan, being independent nonexecutive Directors.

• The Company is registered as a non-Hong Kong company under Part XI of the Companies Ordinance (Chapter 32 of the Laws of Hong Kong) under its Chinese name and under the English name “China Shipping Container Lines Company Limited”.

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