上 上海 海锦 锦江 江国 国际 际实 实业 业投 投资 资股 股份 份有 有限 限公 公司 司AA股股股 股票 票代 代码 码: :6 60 00 06 65 50 0 B B 股 股股 股票 票代 代码 码: :9 90 00 09 91 14 4 2 20 00 08 8 年 年年 年度 度报 报告 告 上海锦江国际实业投资股份有限公司 2008 年年度报告 1 目录 二、公司基本情况 2 三、会计数据和业务数据摘要:3 四、股本变动及股东情况 4 五、董事、监事和高级管理人员 7 六、公司治理结构 9 七、股东大会情况简介 10 八、董事会报告 10 九、监事会报告 17 十、重要事项 17 十一、财务报告(附后)21 十二、备查文件目录 21 上海锦江国际实业投资股份有限公司 2008 年年度报告 2 一、重要提示 (一) 本公司董事会、 监事会及其董事、 监事、 高级管理人员保证本报告所载资料不存在任何虚假记载、 误导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担个别及连带责任. (二)公司全体董事出席董事会会议. (三) 德勤华永会计师事务所有限公司为本公司出具了标准无保留意见的审计报告. (四) 公司负责人董事长沈懋兴、首席执行官杨原平、主管会计工作负责人财务总监袁哲宁及会计机构 负责人(会计主管人员)刘朝晖声明:保证年度报告中财务报告的真实、完整. 二、公司基本情况 公司法定中文名称 上海锦江国际实业投资股份有限公司 公司法定中文名称缩写 锦江投资 公司法定英文名称 Shanghai Jin Jiang International Industrial Investment Co., Ltd. 公司法定英文名称缩写 JJTZ 公司法定代表人 沈懋兴 公司董事会秘书情况 董事会秘书姓名 袁哲宁 董事会秘书联系地址 上海市延安东路 100 号28 楼 董事会秘书电话 (021)63218800 董事会秘书传真 (021)63213119 董事会秘书电子信箱 dshms@jjtz.com 公司证券事务代表情况 证券事务代表姓名 黄跃冲 证券事务代表联系地址 上海市延安东路 100 号28 楼 证券事务代表电话 (021)63218800 证券事务代表传真 (021)63213119 证券事务代表电子信箱 zqdb@jjtz.com 公司注册地址 上海市浦东大道 1 号 公司办公地址 上海市延安东路 100 号28 楼 公司办公地址邮政编码 200002 公司国际互联网网址 www.jjtz.com 公司电子信箱 dshms@jjtz.com 公司选定的信息披露报纸名称 《上海证券报》、香港《大公报》 登载年度报告的中国证监会指定网站的网址 http://www.sse.com.cn 公司年度报告备置地点 上海市延安东路 100 号28 楼 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A 股 上海证券交易所 锦江投资 600650 新锦江 B 股 上海证券交易所 锦投 B 股900914 新锦 B 股 其他有关资料 公司首次注册日期 1993 年2月24 日 公司首次注册地点 上海市 企业法人营业执照注册号 企股沪总字第 019015 号 税务登记号码 地税沪字 3101 号 组织机构代码 607200690 上海锦江国际实业投资股份有限公司 2008 年年度报告 3 公司聘请的会计师事务所情况 公司聘请的境内会计师事务所名称 德勤华永会计师事务所有限公司 公司聘请的境内会计师事务所办公地址 上海延安东路 222 号 外滩中心 30 楼三、会计数据和业务数据摘要: (一) 主要会计数据 单位:元 币种:人民币 项目 金额 营业利润 383,104,066.48 利润总额 418,887,212.59 归属于上市公司股东的净利润 323,105,516.48 归属于上市公司股东的扣除非经常性损益后的净利润 280,464,106.78 经营活动产生的现金流量净额 426,680,458.55 (二) 非经常性损益项目和金额: 单位:元 币种:人民币 非经常性损益项目 金额 非流动资产处置损益 25,061,258.97 计入当期损益的政府补助 12,168,066.02 计入当期损益的对非金融企业收取的资金占用费 4,073,781.58 处置金融资产取得的投资收益 10,968,517.00 单独进行减值测试的应收款项减值准备转回 229,895.55 除上述各项之外的其他营业外收入和支出 2,758,506.20 少数股东权益影响额 -2,513,874.65 所得税影响额 -10,104,740.97 合计 42,641,409.70 (三) 报告期末公司前三年主要会计数据和财务指标 单位:元 币种:人民币 2008 年2007 年 本年比 上年增 减(%) 2006 年 营业收入 1,673,685,463.73 1,619,396,969.78 3.35 1,359,078,410.16 利润总额 418,887,212.59 407,595,299.16 2.77 350,501,690.21 归属于上市公司股东的净 利润 323,105,516.48 312,593,159.85 3.36 280,827,364.63 归属于上市公司股东的扣 除非经常性损益的净利润 280,464,106.78 275,387,919.60 1.84 265,444,087.39 基本每股收益(元/股) 0.586 0.567 3.35 0.509 稀释每股收益(元/股) 不适用 不适用 不适用 不适用 扣除非经常性损益后的基 本每股收益(元/股) 0.508 0.499 1.80 0.481 全面摊薄净资产收益率(%) 18.01 17.50 增加 0.51 个 百分点 18.25 加权平均净资产收益率(%) 18.04 18.80 减少 0.76 个 百分点 18.95 扣除非经常性损益后全面 摊薄净资产收益率(%) 15.64 15.41 增加 0.23 个 百分点 17.25 扣除非经常性损益后的加 15.65 16.56 减少 17.92 上海锦江国际实业投资股份有限公司 2008 年年度报告 4 权平均净资产收益率(%) 0.91 个 百分点 经营活动产生的现金流量 净额 426,680,458.55 344,321,497.56 23.92 399,016,249.64 每股经营活动产生的现金 流量净额(元/股) 0.774 0.624 24.04 0.723 2008 年末 2007 年末 本年末 比上年 末增减 (%) 2006 年末 总资产 2,662,829,897.87 2,666,739,714.98 -0.15 2,400,331,384.65 所有者权益(或股东权益) 1,793,642,647.73 1,786,661,980.77 0.39 1,538,541,842.56 归属于上市公司股东的每 股净资产(元/股) 3.252 3.239 0.40 2.789 四、股本变动及股东情况 (一) 股本变动情况 1、股份变动情况表 单位:股 本次变动前 本次变动增减(+,-) 本次变动后 数量 比例 (%) 发行新股送股公积金转股其他 (限售流通 股上市) 小计 数量 比例 (%) 一、有限售条件股份 1、国家持股 2、国有法人持股 212,586,460 38.54 -27,580,505 -27,580,505 185,005,955 33.54 3、其他内资持股 8,215,067 1.49 -8,215,067 -8,215,067 0 0 其中: 境内非国有法人持股 境内自然人持股 4、外资持股 其中: 境外法人持股 境外自然人持股 有限售条件股份合计 220,801,527 40.03 -35,795,572 -35,795,572 185,005,955 33.54 二、无限售条件流通股份 1、人民币普通股 169,758,548 30.77 35,795,572 35,795,572 205,554,120 37.26 2、境内上市的外资股 161,050,032 29.20 161,050,032 29.20 3、境外上市的外资股 4、其他 无限售条件流通股份合计 330,808,580 59.97 35,795,572 35,795,572 366,604,152 66.46 三、股份总数 551,610,107 100.00 0 0 551,610,107 100.00 2、限售股份变动情况 单位:股 股东名称 年初限售股数 本年解除限 售股数 本年解除限售日期 年末限售 股数 限售 原因 锦江国际(集团)有限公司 212,586,460 27,580,505 2008 年2月13 日185,005,955 股改 上海锦江饭店有限公司 3,761,493 3,761,493 2008 年2月13 日0股改 上海和平饭店有限公司 1,839,974 1,839,974 2008 年2月13 日0股改 上海锦江国际饭店有限公司 1,442,707 1,442,707 2008 年2月13 日0股改 上海锦江国际实业投资股份有限公司 2008 年年度报告 5 上海宾馆有限公司 1,170,893 1,170,893 2008 年2月13 日0股改 合计 220,801,527 35,795,572 2008 年2月13 日185,005,955 / (二) 证券发行与上市情况 1、前三年历次证券发行情况 截止本报告期末至前三年,公司未有证券发行与上市情况. 2、公司股份总数及结构的变动情况 报告期内没有因送股、配股等原因引起公司股份总数及结构的变动. 3、现存的内部职工股情况 本报告期末公司无内部职工股. (三) 股东和实际控制人情况 1、股东数量和持股情况 单位:股 报告期末股东总数 73,267(B:31,049)户 前十名股东持股情况 股东名称 股东性质 持股比 例(%) 持股总数 报告期内 增减 持有有限售条 件股份数量 质押或冻 结的股份 数量 锦江国际(集团)有限公司 国有法人 38.54 212,586,460 185,005,955 无 上海国际信托有限公司 国有法人 0.81 4,472,392 -10,454 未知 蔡青峰 境外自然人 0.71 3,894,935 未知 上海锦江饭店有限公司 国有法人 0.68 3,761,493 未知 胡家英 境内自然人 0.62 3,403,786 205,400 未知 GT PRC FUND 境外法人 0.54 3,000,000 -2,000,000 未知 HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND 境外法人 0.47 2,613,368 -9,971,556 未知 华润深国投信托有限公司-睿信证 券投资集合资金信托计划 境内非国有 法人 0.36 1,970,000 107,700 未知 上海和平饭店有限公司 国有法人 0.33 1,839,974 未知 国际金融-汇丰-TEMASEK FULLERTON ALPHA PTE LTD 境外法人 0.32 1,749,800 1,749,800 未知 前十名无限售条件股东持股情况 股东名称 持有无限售条件股份的数量 股份种类 锦江国际(集团)有限公司 27,580,505 人民币普通股 上海国际信托有限公司 4,472,392 人民币普通股 蔡青峰 3,894,935 境内上市外资股 上海锦江饭店有限公司 3,761,493 人民币普通股 胡家英 3,403,786 境内上市外资股 GT PRC FUND 3,000,000 境内上市外资股 HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND 2,613,368 境内上市外资股 华润深国投信托有限公司-睿信证券投资集合资金信托计划 1,970,000 人民币普通股 上海和平饭店有限公司 1,839,974 人民币普通股 国际金融-汇丰-TEMASEK FULLERTON ALPHA PTE LTD 1,749,800 人民币普通股 上述股东关联关系或一致行动的说明 公司前十名股东中,第一位股东和第四、九位股东存 在关联关系和一致行动关系.公司控股股东锦江国际 (集团)有限公司是上海锦江饭店有限公司、上海和 平饭店有限公司的控股股东.其他股东,公司未知其 上海锦江国际实业投资股份有限公司 2008 年年度报告 6 是否存在关联关系和一致行动关系. 前十名有限售条件股东持股数量及限售条件 单位:股 有限售条件股份可上市交易情况 有限售 条件股 东名称 持有的有限 售条件股份 数量 可上市交易 时间 新增可上市交 易股份数量 限售条件 2009 年2月13 日27,580,505 锦江国 际(集团) 有限 公司 185,005,955 2010 年2月13 日157,425,450 1、自获得在 A 股市场上的"上市流通权"之日起 12 个月内不上市交易或转让,并在其后的 12 个月内不 通过上海证券交易所挂牌交易.2、在第一项规定期 满后, 通过上海证券交易所挂牌交易出售的股份数量 占公司股份总数的比例在 12 个月内不超过 5%.3、 在第一项规定期满后, 通过上海证券交易所挂牌交易 出售的股份数量占公司股份总数的比例在 24 个月内 不超过 10%. 2、控股股东及实际控制人情况 (1) 法人控股股东情况 单位:亿元 币种:人民币 名称 法定代 表人 注册 资本 成立日期 主营业务 锦江国际(集团) 有限公司 俞敏亮 20 2003 年6月,在原锦 江(集团)有限公司 和上海新亚(集团) 有限公司国有资产重 组基础上组建 国有资产经营与管理、企业投资及管理、 饭店管理、游乐业配套服务、国内贸易、 物业管理、自有办公楼、公寓租赁、产权 经纪及相关项目的咨询等(以上项目涉及 许可的凭许可证经营) (2) 法人实际控制人情况 实际控制人名称:上海市国有资产监督管理委员会 (3) 控股股东及实际控制人变更情况 本报告期内公司控股股东及实际控制人没有发生变更. (4) 公司与实际控制人之间的产权及控制关系的方框图 上海市国有资产监督管理委员会 100% 锦江国际(集团)有限公司 38.54% 上海锦江国际实业投资股份有限公司 3、其他持股在百分之十以上的法人股东 截止本报告期末公司无其他持股在百分之十以上的法人股东. 上海锦江国际实业投资股份有限公司 2008 年年度报告 7 五、董事、监事和高级管理人员 (一) 董事、监事、高级管理人员的情况 单位:股 姓名 职务 性别年龄年初持股 数 年末持股 数 是否在 公司领 取报 酬、津贴报告期内 从公司领 取的报酬 总额(万元)(税前) 是否在股 东单位或 其他关联 单位领取 报酬、 津贴 沈懋兴 董事长 男58 5,646 5,646 否是杨原平 副董事长、首席执 行官 男53 5,646 5,646 是50 于建敏 副董事长、首席运 营官 女52 是45 陈文君 董事 女53 5,646 5,646 否是马名驹 董事 男47 否是张宝华 董事 男57 否是蔡青峰 董事 男41 3,894,935 3,894,935 否否陈祥麟 独立董事 男64 是4秦志良 独立董事 男64 是4刘正东 独立董事 男38 是4刘永章 独立董事 男53 是4刘海海 监事长 男56 是29 潘建畅 监事 男49 是18 蔡涌钧 监事 男45 是16 邵晓明 副总裁 男50 否是孟正伟 副总裁 男54 是27 王荣发 副总裁 男48 是27 袁辽骏 副总裁 男50 是27 袁哲宁 财务总监、董事会 秘书 女53 是27 合计 / / / 3,911,873 3,911,873 282 / 上述董事、监事任期起止日期均为:2006 年4月21 日起,任期 3 年. 上述高级管理人员,除袁辽骏外,任期起止日期均为:2006 年4月21 日起,任期 3 年. 袁辽骏任期起止日期为:2007 年4月6日起,任期至本届董事会期满止. 董事、监事、高级管理人员最近 5 年的主要工作经历: 1.沈懋兴:锦江国际(集团)有限公司党委副书记、副董事长、总裁,本公司董事长 2.杨原平:本公司副董事长、总经理、首席执行官、党委书记 3.于建敏:曾任锦江国际(集团)有限公司总裁助理兼地产事业部总经理、党委书记.现任本公司副 董事长、首席运营官(执行总裁) 4.陈文君:锦江国际(集团)有限公司董事、高级副总裁,本公司董事 5.马名驹:曾任锦江国际(集团)有限公司计划财务部经理.现任锦江国际(集团)有限公司副总裁, 本公司董事 6.张宝华:锦江国际(集团)有限公司总裁助理,本公司董事 7.蔡青峰:曾任兆丰国际集团有限公司董事,兆丰国际(上海)有限公司执行董事兼财务总监.现任 兆丰国际(上海)有限公司总经理,本公司董事 8.陈祥麟:曾任上海汽车工业(集团)总公司董事长、党委书记.现任本公司独立董事 上海锦江国际实业投资股份有限公司 2008 年年度报告 8 9.秦志良:曾任上海电气(集团)总公司董事,上海机械设备成套(集团)有限公司副董事长.现任 本公司独立董事 10.刘正东:上海市君悦律师事务所主任律师,本公司独立董事 11.刘永章:上海财经大学党委副书记,本公司独立董事 12.刘海海:本公司党委副书记、监事长 13.潘建畅:本公司监事、审计室副主任 14.蔡涌钧:本公司职工代表监事、办公室副主任兼上海锦江汽车服务有限公司党群工作部主任 15.邵晓明:本公司副总裁兼锦海捷亚国际货运有限公司总经理 16.孟正伟:本公司副总裁兼上海锦江国际低温物流发展有限公司总经理 17.王荣发:本公司副总裁 18.袁辽骏:曾任上海锦江国际实业投资股份有限公司投资发展部经理.现任本公司副总裁 19.袁哲宁:本公司董事会秘书、财务总监兼上海锦江汽车服务有限公司财务总监 (二) 在股东单位任职情况 姓名 股东单位名称 担任的职务 任期起 始日期 任期终 止日期 是否领取 报酬津贴 沈懋兴 锦江国际(集团)有限公司 副董事长、总裁 2003-06 至今 是 陈文君 锦江国际(集团)有限公司 董事、高级副总裁 2003-06 至今 是 马名驹 锦江国际(集团)有限公司 副总裁、金融事业部总经理 2003-06 至今 是 张宝华 锦江国际(集团)有限公司 总裁助理 2003-07 至今 是 在其他单位任职情况 姓名 其他单位名称 担任的职 务 任期起 始日期 任期终 止日期 是否领取 报酬津贴 上海锦江国际酒店发展股份有限公司 副董事长 2006-05 至今 否 沈懋兴 上海锦江国际酒店(集团)股份有限公司 副董事长 2005-05 至今 否 陈文君 上海锦江国际酒店(集团)股份有限公司 执行董事 2005-05 至今 否 上海锦江国际旅游股份有限公司 董事 2007-05 至今 否 马名驹 上海锦江国际酒店(集团)股份有限公司 监事 2005-05 至今 否 上海锦江国际酒店发展股份有限公司 副董事长 2006-05 至今 否 张宝华 上海锦江国际旅游股份有限公司 副董事长 2007-05 至今 否 (三) 董事、监事、高级管理人员报酬情况 1、董事、监事、高级管理人员报酬的决策程序 董事会、股东大会审议通过等程序 2、董事、监事、高级管理人员报酬确定依据 根据年度经营目标完成情况确定报酬 (四) 公司董事、监事、高级管理人员变动情况 本报告期内公司无董事、监事、高管离任. (五) 公司员工情况 在职员工总数 12,767 公司需承担费用的离退休职工人数 348 员工的结构如下: 1、专业构成情况 专业类别 人数 生产人员 12,006 销售人员 187 上海锦江国际实业投资股份有限公司 2008 年年度报告 9 技术人员 97 财务人员 146 管理人员 331 2、教育程度情况 教育类别 人数 大专以上学历 878 六、公司治理结构 (一) 公司治理的情况 公司按照《公司法》、《证券法》、中国证监会制定的法规和发布的有关上市公司治理的规范性 文件,以及上海证券交易所《股票上市规则》的要求,结合自身实际情况,不断完善法人治理结构, 规范公司运作. 1、关于公司股东与股东大会.报告期内,公司严格按照《上市公司股东大会规则》及公司《股东 大会议事规则》的规定,召集、召开股东会议,出席的股东人数及其代表股份数均符合《公司法》和 《公司章程》的有关规定. 2、关于控股股东与公司的关系.公司控股股东重视和支持公司的发展,依法行使股东权利,承担 股东义务.公司与控股股东在业务、人员、资产、机构、财务等方面实行分开. 3、关于公司董事与董事会.报告期内,公司董事会严格按照公司《董事会议事规则》的规定规范 运作.公司董事会增设战略委员会,制定《董事会审计委员会实施细则》、《董事会薪酬与考核委员 会实施细则》、《董事会战略委员会实施细则》、《独立董事年报工作制度》,调整、充实董事会三 个专门委员会人员,进一步提高董事会决策的科学性,使公司治理结构得到进一步完善.公司董事会 的选聘程序、人数和构成符合法律、法规及《公司章程》的规定.公司董事勤勉尽责地履行职责. 4、关于公司监事与监事会.报告期内,公司监事会严格按照公司《监事会议事规则》的规定规范 运作.公司监事会的选聘程序、人数和构成符合法律、法规及《公司章程》的规定.公司监事本着对 股东负责的精神,对公司财务以及公司董事、经理和其他高级管理人员履行职责的合法合规性进行监 管. 5、关于公司高级管理人员.报告期内,公司高级管理人员严格按照公司《首席执行官工作细则》 的规定规范运作.公司高级管理人员的聘任程序符合法律、法规及《公司章程》的规定.公司不断完 善高级管理人员的绩效评价、激励和约束机制. 6、关于公司利益相关者.公司充分尊重和维护银行及其他债权人、职工、消费者等其他利益相关 者的合法权益,并积极合作共同推进公司持续、健康发展. 7、关于公司信息披露.报告期内,公司严格按照法律、法规及公司《信息披露事务管理制度》的 规定,规范信息披露行为,真实、准确、完整、及时地披露信息.公司指定董事会秘书和证券事务代 表负责与证券有关的信息披露、接待来访及咨询等工作. 8、根据中国证监会[2007]第28 号《关于开展加强上市公司治理专项活动有关事项的通知》要求, 公司于 2007 年4月启动公司治理专项活动.2007 年10 月9日,公司董事会审议通过《公司治理专项 活动整改报告》. 报告期内,公司进一步通过公司治理专项活动,完善公司治理机制,使公司运作更为规范.根据 中国证监会公告[2008]27 号、中国证监会上海监管局沪证监公司字[2008]141 号等文件的要求,公司 对2007 年《公司治理专项活动和整改报告》的落实情况及整改效果进行自查,于2008 年7月18 日 披露《公司治理专项活动整改情况说明》.公司将继续认真做好公司治理工作. 9、根据中国证监会、国务院国资委《关于规范上市公司与关联方资金往来及上市公司对外担保若 干问题的通知》要求,按照中国证监会上海证监局的部署,公司对与控股股东及其他关联方资金往来 情况进行自查.经自查,公司未发现 2007 年1月1日—2008 年6月30 日间,控股股东及其他关联方 占用本公司资金的情况,于2008 年7月18 日披露《控股股东及其他关联方占用资金自查报告》. (二) 独立董事履行职责情况 1、独立董事参加董事会的出席情况 独立董事姓名 本年应参加董事会次数 亲自出席(次) 委托出席(次) 缺席(次) 陈祥麟 6 6 0 0 上海锦江国际实业投资股份有限公司 2008 年年度报告 10 秦志良 6 6 0 0 刘正东 6 6 0 0 刘永章 6 6 0 0 2、独立董事对公司有关事项提出异议的情况 报告期内,公司独立董事未对公司本年度的董事会议案及其他非董事会议案事项提出异议. (三) 公司相对于控股股东在业务、人员、资产、机构、财务等方面的独立情况 业务方面独立情况 公司具有独立完整的业务,自主经营.关联交易公平合理,不存在损害公司和 股东利益的行为 人员方面独立情况 公司在劳动、人事及工资等方面均独立于控股股东 资产方面独立情况 公司所有资产由公司独立拥有 机构方面独立情况 公司拥有独立的决策管理机构和职能部门,独立运作 财务方面独立情况 公司设有独立的财会部门,建立独立的会计核算体系和财务管理制度,公司独 立在银行开设帐户 (四) 公司内部控制制度的建立健全情况 公司根据《公司法》、《证券法》等法律法规和《企业内部控制基本规范》(财会[2008]7 号) 及《上海证券交易所上市公司内部控制指引》的要求,结合公司实际情况,建立健全内部控制制度体 系.公司内部控制制度涵盖重大投资决策、关联交易、生产经营管理、财务管理、人力资源管理、信 息披露事务管理等各环节.公司全面执行各项内部控制制度,有效开展内部控制监督和检查工作,使 公司经营活动在制度框架下进行,经营风险得到控制. 报告期内,公司增设董事会战略委员会,制定《董事会审计委员会实施细则》、《董事会薪酬与 考核委员会实施细则》、《董事会战略委员会实施细则》、《独立董事年报工作制度》和《突发事件 处理制度》等制度,进一步完善内部控制体系. 公司设有内部审计部门,配备专职人员.审计部门在董事会审计委员会和首席执行官领导下,开 展内控检查监督工作,定期提交内控检查监督工作报告. (五) 公司披露董事会对公司内部控制的自我评估报告和审计机构的核实评价意见 1、本公司不披露董事会对公司内部控制的自我评估报告. 公司建立了内部控制制度. 公司设立了名为审计室的内部控制检查监督部门. 公司内部控制检查监督部门定期向董事会审计委员会提交内控检查监督工作报告. 2、公司未聘请审计机构对公司内部控制出具核实评价意见. (六) 高级管理人员的考评及激励情况 根据年初董事会下达的年度经营指标、 工作管理目标完成情况确定报酬. 公司将按照市场化原则, 不断完善考评及激励机制,使高级管理人员薪酬与管理水平、经营业绩紧密挂钩,以充分调动和激发 高级管理人员的积极性和创造力,实现股东价值的最大化. (七) 公司是否披露履行社会责任的报告:否七、股东大会情况简介 年度股东大会情况 会议届次 召开日期 决议刊登的信息披露报纸 决议刊登的信息 披露日期 2007 年度股东大会 2008 年5月15 日 《上海证券报》、香港《南华早报》 2008 年5月16 日八、董事会报告 (一) 管理层讨论与分析 上海锦江国际实业投资股份有限公司 2008 年年度报告 11 报告期内公司经营情况的回顾 1、报告期内总体经营情况 报告期内,面对全球金融危机的冲击,公司审时度势,积极应对,锁定目标,克服国内外经济环 境变化所带来的各种困难,齐心协力抓落实,保持了公司经营的平稳发展. 2008年, 公司实现营业收入16.74亿元,同比增长3.35%;净利润3.23亿元,同比增长3.36%;每股 收益0.586元,同比增长3.35%;净资产回报率18.01%,同比增加0.51个百分点. (1) 客运服务业 1)继续保持综合接待能力行业领先优势 把握奥运服务等契机,积极争取,车辆规模有所扩大;进一步通过信息平台建设提升企业管理水 平和市场竞争力. 2)推进汽车租赁业的向外拓展 充分发挥与美国英特尔公司长期合作的优势,通过招标获得该公司的大连租车项目,投资组建锦 江大连汽车租赁公司.汽车租赁业务实现对市外发展的突破. 3)培育新的经济增长点 推进吴中路100号基地的改造,实施项目综合开发.基本完成综合商务楼的改造并进行招商工作; 积极开展引进交通事故理赔服务中心、品牌4S等的前期准备工作. 4)圆满完成奥运和各项重大任务,做响"锦江"品牌 积极参与奥运,圆满完成奥运服务、国宾接待等一系列重大供车任务.奥运圣火在上海传递中, 锦江汽车是组委会唯一指定车辆接待单位;北京奥运会期间,锦江汽车组建奥运服务车队代表上海赴 京承担交通保障任务,受到交通部、奥运会交通保障工作小组的高度好评. (2) 现代物流业 1)初步形成五大区域三级管理的构架 在2007年成立华东、华北两个区域公司基础上,2008年又分别在北京、深圳和武汉成立北方公司、 南方公司和华中公司.五大区域三级管理构架正式全面运转,增强区域间资源共享和协同力度. 2)信息管理系统平台向区域公司逐步延伸 各区域公司成立后逐步完善管理体系,运用信息管理系统平台增强区域内、区域间及与YRCW的联 动,确保信息能及时准确地传达到各分公司,提升工作效率. 3)完善风险控制和防范体系 根据严峻的市场环境,推出一系列管理办法,积极应对、防范风险 .从严控制信用额度并落实责 任人,通过运用外币贷款等多种方法规避汇兑损失取得成效. (3)物流仓储业 1)巩固仓储业务 通过调整客户和商品储存结构等,增加进口商品数量,提高低温仓储利用率,提升经济效益. 2)积极推进项目开发建设 低温公司下属吴淞罗吉公司采用场地出租引入钢铁物流企业项目,一期已正式启动并运行良好; 完成吴淞低温仓库开发建设市场调研和可行性论证工作. 3)机场货运站的运行符合投资预期 公司与上海机场集团、德国汉莎共同投资的上海浦东机场货运站,克服外部环境不利等因素,努 力保持较好的生产经营势头. 上海浦东机场货运站与国航、新鸿基正式签订共同投资浦东机场西区公共货站项目协议.总投资 约20亿元人民币,并受托经营管理西区公共货运站.西区公共货站已进入试运行阶段. 2、公司主要优势和困难 优势一:"锦江"品牌优势 "锦江" 品牌在国内外具有较高的知名度和良好的形象, 有助于公司在相关行业中的竞争和发展. 优势二:业务资源和经验积累优势 客运服务业:上海锦江汽车服务有限公司具有50多年的经营历史,是上海市车型品种最全,综合 接待能力行业领先的客运公司.出租汽车业务在上海出租车行业排名前列,经营水平名列前茅;商务 租赁车业务在上海商务租赁车市场的占有率名列前茅, 专业化为大型会议、 驻沪世界500强和知名企业、 高星级宾馆客户等,提供高档商务用车、包车、租赁服务,以及从事国宾、外事接待;旅游客运业务 具有国家道路旅客运输一级企业资质,主要从事大型会务、会展、商务、旅游、长途客运等用车业务, 上海锦江国际实业投资股份有限公司 2008 年年度报告 12 每年接待入境旅游团队人数位居上海首位,旅游大客车经营在国内处于领先地位;汽销汽修业务拥有 大众、丰田、日产等多家4S特约汽车经销店,以及一类资质的修理厂、别克等品牌车辆特约维修站, 形成汽车销售、汽车修理、售后服务、维修保养、二手车交易等一条龙服务系统.. 现代物流业:锦海捷亚国际货运有限公司创立于1992年,是国内最早从事国际货代业务的公司之 一.A级货代资质、IATA成员,连续多年在国内货代行业名列除几大"中"字巨头以外的前列,具有较 高的市场知名度. 物流仓储业: 上海锦江国际低温物流有限公司拥有吴泾、 吴淞、 黄浦等低温仓库, 总容量7.3万吨, 占上海市低温仓库总量20%, 低温仓储规模位居国内第一. 其中吴泾冷藏有限公司具有全国最大的低温 仓库,从业经验超过20年.公司参股投资的浦东机场货运站公司经营着机场唯有的两个公共货运站, 具有明显的资源优势. 困难一:随着劳动力成本上升,以及国家环保要求提高使相应费用加大,公司客运业成本费用有 上升的压力. 困难二:由于全球金融危机引发国内外贸易订单减少,进出口货量下滑,公司物流、仓储业务量 将会有相应影响. 3、公司技术创新情况 锦江汽车进一步完善信息管理系统.优化运用车辆维修系统,推进电子商务系统开发;优化运用 车辆调度系统,将车载终端从出租汽车向商务租赁车拓展,进一步加强车辆动态的过程监控,增强科 学管理的竞争优势. 锦海捷亚信息管理平台逐步向区域公司延伸. 低温物流信息平台建设被列为市八个现代物流重点项目之一. 吴泾冷藏公司WMS系统搭建数据交换 平台,实现网上库存可视,完成上线运行及项目验收. 4、报告期内主营业务及其经营情况 (1)主营业务分行业、分产品情况表 单位:元 币种:人民币 分行业 营业收入 营业成本 营业毛利 率(%) 营业收入比 上年增减(%) 营业成本比 上年增减(%) 营业毛利率比 上年增减(%) 车辆营运及 相关业务 1,032,114,613.49 716,779,173.95 30.55 2.79 5.00 减少 1.46 个 百分点 汽车销售业 务478,915,196.68 446,261,126.18 6.82 12.00 11.35 增加 0.55 个 百分点 低温物流及 相关业务 101,009,978.06 63,150,931.81 37.48 -22.67 -27.39 增加 4.06 个 百分点 (2)主营业务分地区情况 单位:元 币种:人民币 地区 营业收入 营业收入比上年增减(%) 上海地区 1,673,685,463.73 3.35 5、报告期资产和利润构成同比发生重大变动及影响因素 (单位:人民币元) 资产负债表 项目 2008年12月31日2007年12月31日 增减变化 变化率 (%) 变化原因说明 货币资金 609,605,573.31 414,164,235.70 195,441,337.61 47 主要是经营活动产生的现金流量 净额42,668万元,投资活动产生 的现金流量净额4,780万元及筹 资活动产生的现金流量净额 -27,903万元. 其他应收款 25,819,294.55 61,393,971.67 -35,574,677.12 -58 主要是收回了往来款项 可供出售金 90,086,010.03 217,742,325.26 -127,656,315.23 -59 主要是股票价格下降所致 上海锦江国际实业投资股份有限公司 2008 年年度报告 13 融资产 投资性房地 产35,865,835.82 21,938,903.47 13,926,932.35 63 主要是部分房屋建筑物及土地使 用权的使用目的发生改变,故从 固定资产和无形资产重分类至投 资性房地产. 应付股利 35,050,849.29 56,042,870.13 -20,992,020.84 -37 主要是支付了少数股东股利 递延所得税 负债 17,339,447.82 50,723,441.24 -33,383,993.42 -66 主要是可供出售金融资产公允价 值变动所致. 利润表项目 2008年1月1日至12月31日2007年1月1日至12月31日 增减变化 变化 率(%) 变化原因说明 营业外收入 36,169,061.81 22,942,579.85 13,226,481.96 58 主要是今年收到优惠乘车等政府补 贴. 6、公司经营活动、投资活动和筹资活动产生的现金流量构成情况 (单位:人民币元) 项目2008年2007年 增减变化 比上年增 减(%) 情况说明 经营活动产生的 现金流量净额 426,680,458.55 344,321,497.56 82,358,960.99 24 投资活动产生的 现金流量净额 47,795,202.46 -8,576,935.71 56,372,138.17 / 主要是收到国泰君安红利 筹资活动产生的 现金流量净额 -279,034,323.40 -292,998,203.59 13,963,880.19 / 7、主要控股和参股公司经营情况及业绩 (单位:人民币万元) 公司名称 主营范围 直接、间 接持股比 注册 资本 总资产 净资产 营业 收入 净利润 上海锦江汽 车服务有限 公司 大小客车出租服务、 旅游、 汽车 修理、长途客运、汽车配件、客 车租赁 95% 33,849 144,064 82,741 153,701 17,540 上海锦江国 际低温物流 有限公司 仓储物流管理服务及相关业务 咨询, 存货管理服务, 货物运输 代理管理,商务信息咨询 100% 10,000 23,398 10,804 11,489 1,204 锦海捷亚国 际货运有限 公司 承办海运、 空运进出口货物、 国 际展品及私人物品的国际运输 代理业务,办理快递(不含私人 信函)业务 50% 1,000 万美圆 53,215 29,667 262,272 3,991 上海大众新 亚出租汽车 有限公司 出租汽车、驾驶员培训、汽车配件 销售、 汽车维护(涉及许可经营的凭 许可证经营) 49.5% 3,000 19,249 15,921 12,904 2,342 上海浦东国 际机场货运 站有限公司 仓储 13% 19,161 109,309 92,744 101,610 56,633 上海锦江国际实业投资股份有限公司 2008 年年度报告 14 8、同公允价值计量相关的内部控制制度情况 公司遵循谨慎性原则,严格按照企业会计准则规定,合理预计并确定公允价值. 与公允价值计量相关的项目 单位:元 项目 (1) 期初金额 (2) 本期公允价 值变动损益 (3) 计入权益的累计 公允价值变动 (4) 本期计提 的减值 (5) 期末金额 (6) 金融资产 其中:1.以公允价值计量且其 变动计入当期损益的金融资产 其中:衍生金融资产 2.可供出售金融资产 217,742,325.26 0 -99,986,244.95 0 90,086,010.03 金融资产小计 217,742,325.26 0 -99,986,244.95 0 90,086,010.03 投资性房地产 21,938,903.47 35,865,835.82 合计 239,681,228.73 0 -99,986,244.95 0 125,951,845.85 9、持有外币金融资产、金融负债情况 公司未持有外币金融资产、金融负债情况. 公司未来发展的展望 1、行业发展趋势及公司面临的市场竞争格局 2009年,受到全球金融危机影响,国际国内经济增速显著放缓,公司的客运服务业、现代物流业、 物流仓储业面临考验,业务量及经营业绩将有所下滑. 从中长期看,尤其是2010年世博会的带动,公司核心业务有着较好的发展前景. 公司客运服务业主要包括出租汽车业务、商务租赁车业务、旅游客运业务和汽销汽修业务等.出 租汽车业务受政府运营牌照总量控制,业绩取决于营运数量扩张和服务质量提升,公司目前在上海出 租车行业排名前列;商务租赁车业务随着上海旅游和对外经济发展,需求将稳定增长,但来自国内企 业和外资企业的竞争已日趋激烈;旅游客运业务市场虽已进入充分竞争状态,但公司仍有较强的相对 优势;汽销汽修业务目前行业集中度较低,尚未形成真正有影响力的领先企业,行业有较大发展潜力, 公司已涉足的别克、丰田、日产和大众4个品牌,正积极拓展新项目. 公司现代物流业主要是国际货运代理及相关业务.物流业受我国巨大的经济总量及与世界经济的 紧密融合带动,有较大发展潜力.公司目前主要面临国际强势物流企业进入及国内中小物流企业增加 所带来的竞争. 公司物流仓储业主要包括低温仓储业务和机场货运站仓储业务. 低温仓储业随着国家经济的发展, 需求将日益扩大,具有广阔的发展空间,公司目前主要面临外资的进入和国内食品零售企业的配送业 务内部化趋势的挑战;机场货运站仓储业随着国家航空运输业的发展,具有很好的发展前景. 2、公司发展机遇和战略 2009年,公司面临较大的挑战,同时也存在着机遇.国家近期出台《物流业调整振兴规划》,把 物流业视作融合运输业、仓储业、货代业和信息业等的复合型服务产业,是国民经济的重要组成部分, 并力争要在2009年改善物流企业经营困难的状况,保持产业的稳定发展.公司将抓住这个契机,实现 公司物流仓储业的稳健发展和专业化水平提升. 从中长期看,公司核心业务有着较好的发展机遇. 公司发展机遇:我国经济发展为现代服务业带来机遇,经济发展使客运服务、现代物流、物流仓 储业的社会需求不断增长; 上海产业结构战略调整将加快形成服务经济为主的产业结构, 为客运服务、 现代物流、物流仓储业进一步发展提供较大的空间;世博会将带动经济增长,筹备期间的拉动效应, 举办期间的直接效应,结束后的延续扩散效应,均将带动客运服务、现代物流、物流仓储业的发展. 公司发展战略:发展客运服务业新的增长点,探索现代物流和物流仓储业新的业务模式.努力提 升品牌优势,培育核心主业的创新能力和投融资能力,把公司打造成长三角地区一流的以客运服务、 现代物流、物流仓储为核心的现代服务业投资运营企业. 上海锦江国际实业投资股份有限公司 2008 年年度报告 15 3、公司2009年度经营计划 2009年,公司将以科学发展和实事求是的态度,积极应对金融危机,把握迎世博的机遇,进一步 克服困难,稳步推进,明确责任,努力完成年度各项目标任务. 2009年预计营业收入15亿元,预计营业成本10.50亿元,预计费用2.65亿元. (1)客运服务业 1)促进增量与增效的协调发展 紧密结合市场需求,适度增加车辆,保持客运服务的规模经营.探索汽车租赁业的对外路径,抓 住大连租赁车项目的契机,以"与客户共成长"为平台,谋求汽车租赁网点在国内布局的突破. 2)把握迎世博的机遇 以"锦江"品牌、网络、服务、车辆优势,进一步拓展高档宾馆、商务楼客源市场,提高重大任 务、大型会务供车量,扩大商务租赁、商务包车的市场占有率. 3)继续推进吴中路基地的建设 积极争取获得市机动车交通事故保险理赔服务中心、品牌汽车4S专营店等项目,拓展汽车服务业 务,提升市场竞争优势. (2)现代物流业 1)完善五大区域和三级管理体系 结合各区域物流特征和优势,增强区域及区域间业务的联动,发挥规模优势,控制成本,提升能 力,促进各区域内部管理标准化. 2)加强同YRCW网络、代理的合作 完善各分公司与YRCW网络、代理合作的运作规则,加大与香港、台湾的业务互动. 3)适时调整经营策略,规避风险 根据全球经济形势的变化,抓住国内提振内需和迎世博的机遇,增强分拨、仓储、配送、运输等 业务;利用各种金融工具控制财务费用,盘活资金,最大限度规避汇兑损失. (3)物流仓储业 1)低温仓储和配送联动,拓展世博业务 通过调整商品结构,提升服务内涵,加强业务联动,延伸服务链等措施,抓住迎"世博"契机, 争取成为世博冷链物流供应商优选企业. 2)推进吴淞低温仓库扩建 在完成项目可行性论证基础上,启动吴淞冷库扩建项目建设,在建设中努力实现项目开发建设、 发展模式的新突破. 3) 积极引进国际战略投资者, 实现低温物流公司的股权多元化, 加快打造现代化低温仓储物流业. 4)浦东机场西区公共货站力争上半年正式营业. 4、资金需求、使用计划以及资金来源情况 2009年,公司投资活动现金流出主要是车辆更新和主业发展的投资支出,约4亿元.资金主要来源 于自有资金和银行贷款. 5、经营风险分析 风险因素 风险原因 对策和措施 宏观政策方面 随着劳动力成本上升,国家环保要求提高使相应费用加大,公司客 运业成本费用有上升的压力. 市场经营方面 全球金融危机引发国内外贸易订单减少、进出口货量下滑,公司物 流、仓储业务量将会有相应影响. 详见 "公司 2009年度经 营计划" 6、公司是否编制并披露新年度的盈利预测:否 (二) 公司投资情况 单位:万元 期末公司长期股权投资金额 76,387 比上年增减数 9 比上年增减幅度 0.01% 上海锦江国际实业投资股份有限公司 2008 年年度报告 16 1、募集资金使用情况 报告期内,公司无募集资金或前期募集资金使用到本期的情况. 2、非募集资金项目情况 报告期内,公司无非募集资金重大投资项目. (三) 公司会计政策、会计估计变更或重大会计差错更正的原因及影响 报告期内,公司无会计政策、会计估计变更或重大会计差错. (四) 董事会日常工作情况 1、董事会会议情况及决议内容 会议届次 召开日期 决议内容 决议刊登的信息披 露日期 第五届董事会第十二次会议 2008 年3月18 日2008 年3月20 日 第五届董事会第十三次会议 2008 年4月23 日2008 年4月25 日 第五届董事会第十四次会议 2008 年6月4日2008 年6月6日第五届董事会第十五次会议 2008 年7月17 日见《上海证券报》、 香港《南华早报》公 司公告 2008 年7月18 日 第五届董事会第十六次会议 2008 年8月20 日2008 年半年度报告 第五届董事会第十七次会议 2008 年10 月22 日2008 年第三季度报告 2、董事会对股东大会决议的执行情况 经2008 年5月15 日公司 2007 年度股东大会批准, 公司 2007 年度利润分配方案为: 以2007 年末 公司总股本 55,161.01 万股为基数,向全体股东每 10 股派发现金红利 4.00 元(含税).该利润分配方 案刊登在 2008 年5月16 日的《上海证券报》、香港《南华早报》上. 2008 年6月6日,公司在《上海证券报》、香港《南华早报》上刊登分红派息实施公告.股权登 记日:A 股2008 年6月13 日;B 股最后交易日 2008 年6月13 日,股权登记日 6 月18 日.除息日: 2008 年6月16 日.红利发放日:2008 年6月25 日.全体股东红利已按时发放完毕. 3、董事会下设的审计委员会的履职情况汇总报告 公司董事会审计委员会严格按照《公司法》、《公司章程》和《董事会审计委员会工作细则》授 予的职权,根据中国证监会公告【2008】48 号要求,对公司 2008 年度经营情况、2008 年年度报告及 财务报表的编制情况,履行了必要的监督程序.董事会审计委员会履职情况汇总如下: 2008 年8月20 日召开 2008 年度第三次会议. 审议同意公司内审机构的 《2008 年半年度内部控制 检查监督工作报告》;审议同意公司《2008 年半年度内部控制自我评估报告》. 2009 年1月21 日召开 2009 年度第一次会议.听取公司财务总监对公司 2008 年度财务状况和经 营成果的汇报;听取德勤华永会计师事务所有限公司关于年度财务报告审计工作安排介绍,商定审计 工作安排;审阅公司编制的财务会计报表初稿,形成书面同意意见,提交公司年审会计师事务所进行 审计. 2009 年2月21 日、3 月21 日,以书面形式先后两次向会计师事务所发出《关于督促会计师事务 所按期提交审计报告的函》,要求会计师事务所按照相关规定和审计计划如期完成年报审计工作. 2009 年4月1日召开 2009 年度第二次会议. 听取公司经营管理层关于 2008 年度生产经营和重大 事项等情况汇报; 听取锦海捷亚国际货运有限公司经营管理层关于 2008 年度生产经营情况汇报; 实地 考察锦海捷亚国际货运有限公司. 审议年审注册会计师出具初步审计意见后的财务会计报表, 形成书面同意意见, 提请董事会审议; 审议同意会计师事务所从事本年度公司审计工作的总结及下年度续聘会计师事务所意见,形成决议, 提请董事会审议;审议同意公司内审机构的《2008 年度内部控制检查监督工作报告》;审议同意公司 《2008 年度内部控制自我评估报告》;审议同意《董事会审计委员会履职情况汇总报告》. 4、董事会下设的薪酬委员会的履职情况汇总报告 上海锦江国际实业投资股份有限公司 2008 年年度报告 17 公司董事会薪酬与考核委员会严格按照《公司法》、《公司章程》和《董事会薪酬与考核委员会 实施细则》授予的职权,认真维护全体股东的权益.薪酬与考核委员会履职情况汇总如下: 2009 年4月21 日召开 2009 年度第一次会议.审议同意 2008 年度公司高级管理人员薪酬总额, 提请董事会审议;对《2008 年年度报告》中披露的董事、监事和高级管理人员薪酬出具审核同意意见; 审议同意《董事会薪酬与考核委员会履职情况汇总报告》. (五) 利润分配或资本公积金转增股本预案 利润分配预案为:按2008 年末总股本 551,610,107 股为基数,向全体股东每 10 股派发现金红利 3.00 元(含税),B 股折成美元发放,合计分配现金股利 165,483,032.10 元.尚余未分配利润 122,747,374.45 元,结转至下年度.以上预案提请股东大会审议. (六) 公司前三年分红情况: 单位:元 币种:人民币 分红年度 现金分红的数额(含税) 分红年度的净利润 比率(%) 2005 年度 165,483,032.10 262,768,359.88 63 2006 年度 193,063,537.45 280,827,364.63 69 2007 年度 220,644,042.80 312,593,159.85 71 九、监事会报告 (一) 监事会的工作情况 监事会会议召开情况 监事会会议议题内容 第五届监事会第九次会议于 2008 年3月18 日召开 2007 年度监事会工作报告 2007 年度报告及摘要 第五届监事会第十次会议于 2008 年4月23 日召开 2008 年第一季度报告 第五届监事会第十一次会议于 2008 年8月20 日召开 2008 年半年度报告及摘要 第五届监事会第十二次会议于 2008 年10 月22 日召开 2008 年第三季度报告 (二) 监事会对公司依法运作情况的独立意见 公司董事会能够依法规范运作,经营决策程序合法,公司已建立较完善的法人治理结构和内部控 制制度.监事会未发现公司董事及高级管理人员在执行职务时有违反法律、法规、《公司章程》、或 有损公司和股东利益的行为. (三) 监事会对检查公司财务情况的独立意见 公司的财务制度健全,财务运行稳健,会计处理方法选用适当.德勤华永会计师事务所有限公司 对本公司出具了 2008 年度标准无保留意见的审计报告, 该报告真实地反映了公司的财务状况和经营成 果. (四) 监事会对公司收购、出售资产情况的独立意见 公司在收购、出售资产过程中,严格遵守公允原则,交易价格的制定根据独立评估机构的评估报 告为基准,经双方协商确定.交易程序合法.监事会未发现有损公司和股东利益的情况. (五) 监事会对公司关联交易情况的独立意见 公司在与控股股东锦江国际(集团)有限公司及其子公司的关联交易中,坚持公平、公正、公开 的原则,交易价格按照独立评估机构的评估报告为基准,经双方协商确定.交易过程按规范程序进行, 符合相关法律法规的要求.监事会未发现有损股东权益或造成公司资产流失的行为. 十、重要事项 (一) 重大诉讼仲裁事项 本年度公司无重大诉讼、仲裁事项. (二) 破产重整相关事项 上海锦江国际实业投资股份有限公司 2008 年年度报告 18 本年度公司无破产重整相关事项. (三) 其他重大事项及其影响和解决方案的分析说明 1、持有其他上市公司股权情况 单位:元 证券代 码 证券简称 初始投资金额 占该公司 股权比例 (%) 期末账面值 报告期损益 报告期所有者权 益变动 601328 交通银行 8,106,520.00 <5 42,389,109.00 2,235,712.50 -72,973,655.20 600643 爱建股份 6,300,000.00 <1 18,765,927.46 9,349,445.60 600655 豫园商城 1,994,384.78 <1 10,447,624.96 120,306.70 -13,274,126.28 600631 百联股份 1,666,309.70 <1 7,641,000.00 90,000.00 -9,807,750.00 601727 上海电器 497,600.00 <1 6,904,926.72 -3,148,908.93 600616 金枫酒业 781,657.43 <1 1,479,724.68 -1,728,077.35 600082 海泰发展 864,540.00 <1 1,104,019.61 -1,802,536.99 600642 申能股份 280,000.00 <1 898,500.00 49,500.00 -1,307,250.00 600636 三爱富 33,898.78 <1 208,450.00 -4,804,653.85 600665 天地源 159,264.00 <1 193,536.00 -430,416.00 600618 氯碱化工 44,044.00 <1 53,191.60 -58,315.95 合计 20,728,218.69 / 90,086,010.03 2,495,519.20 -99,986,244.95 以上股权会计核算科目均为:可供出售金融资产 以上股份来源均为:法人股认购 2、持有非上市金融企业股权情况 所持对象名称 最初投资金 额(元) 持有数量(股) 占该公 司股权 比例(%) 期末账面价 值(元) 报告期损益 (元) 报告期 所有者 权益变 动 (元) 会计核 算科目 股份 来源 国泰君安证券 股份有限公司 47,649,967 47,649,967 1.014 47,649,967 23,824,983.50 0 长期股 权投资 认购 小计 47,649,967 47,649,967 - 47,649,967 23,824,983.50 0 - - 2007 年4月6日,公司董事会通过《关于增资国泰君安证券股份有限公司的议案》,决定增资认 购国泰君安股份有限公司 1,413 万股.公司已支付认购款项,待国泰君安证券股份有限公司增资扩股 方案取得中国证监会等批准后, 予以确权. 确权后, 公司将合计持有国泰君安证券股份有限公司 6,178 万股股权. 3、买卖其他上市公司股份的情况 股份名 称 期初股份数 量(股) 报告期买入/卖出股 份数量(股) 期末股份 数量(股) 使用的资金 数量(元) 产生的投资收 益(元) 卖出 三爱富 670,000 620,000 55,000 不适用 8,837,214.18 注:2008 年7月获得三爱富送红股 5000 股. (四) 报告期内公司收购及出售资产、吸收合并事项 本年度公司无重大收购及出售资产、吸收合并事项. (五) 报告期内公司重大关联交易事项 1、与日常经营相关的关联交易 单位:万元 币种:人民币 关联交易方 关联关系 关联 交易 类型 关联交 易内容 关联交易 定价原则 关联 交易 金额 占同类交 易金额的 比例(%) 关联交易 结算方式 锦江国际(集团)有限 控股股东 提供 车辆客 参照市场 55 <1 货币资金 上海锦江国际实业投资股份有限公司 2008 年年度报告 19 公司 劳务 运收入 价格 上海锦江国际旅游股 份有限公司 控股股东的 控股子公司 提供 劳务 车辆客 运收入 参照市场 价格 694 <1 货币资金 锦江国际(集团)有限 公司下属公司 控股股东下 属公司 提供 劳务 低温物 流收入 参照市场 价格 12 <1 货币资金 锦江国际(集团)有限 公司下属公司 控股股东下 属公司 购买 商品 采购物 品 参照市场 价格 36 <1 货币资金 锦江国际(集团)有限 公司 控股股东 其它 流出 房屋租 赁 参照市场 价格 363 <5 货币资金 锦江之星旅馆有限公 司 控股股东的 下属公司 接受 劳务 酒店管 理 参照市场 价格 62 100 货币资金 合计 / 1,222 - / 上述关联交易是公司日常必要的业务往来,有利于公司降低生产经营成本和销售费用. 此类关联交易占公司同类交易或总交易量的比例较小,对公司本期以及未来财务状况、经营成果 的影响很小.此类关联交易不影响公司的独立性. (六) 重大合同及其履行情况 1、托管、承包、租赁事项 (1) 托管情况 本年度公司无重大托管事项. (2) 承包情况 本年度公司无重大承包事项. (3) 租赁情况 本年度公司无重大租赁事项. 2、担保情况 单位:万元 币种:人民币 公司对外担保情况(不包括对子公司的担保) 担保方 担保方与 上市公司 的关系 被担保方 担保 金额 担保起 始日 担保到 期日 担保 类型 担保是否 已经履行 完毕 担保 是否 逾期 是否存 在反担 保 是否为 关联方 担保 上海锦江汽车 服务有限公司 公司的控 股子公司 上海永达风度 汽车销售有限 公司 1,600 2008 年3月29 日2009 年3月28 日 一般 担保 否否是否上海锦江汽车 服务有限公司 公司的控 股子公司 上海金茂锦江 汽车服务有限 公司 650 2008 年5月26 日2009 年3月31 日 一般 担保 否否否否上海锦江商旅 汽车服务股份 有限公司 公司的控 股子公司 下属公司 上海南站长途 客运有限公司 1,250 2008 年12 月20 日2009 年12 月19 日 一般 担保 否否是否报告期内担保发生额合计(不包括对子公司的担保) 2,732 报告期末担保余额合计(不包括对子公司的担保) 2,732 公司对子公司的担保情况 报告期内对子公司担保发生额合计 5,000 报告期末对子公司担保余额合计 2,500 公司担保总额情况(包括对子公司的担保) 担保总额 5,232 担保总额占公司净资产的比例(%) 2.92 其中: 为股东、实际控制人及其关联方提供担保的金额 0 直接或间接为资产负债率超过 70%的被担保对象提供的债务担保金额 0 上海锦江国际实业投资股份有限公司 2008 年年度报告 20 担保总额超过净资产 50%部分的金额 0 上述三项担保金额合计 0 3、委托理财情况 本年度公司无委托理财事项. 4、其他重大合同 本年度公司无其他重大合同. (七) 承诺事项履行情况 公司或持股 5%以上股东在报告期内或持续到报告期内的承诺事项 股东名称 承诺事项 承诺履行情况 锦江国际 (集团)有 限公司 1、持有的非流通股股份自获得在 A 股市场上的"上市流通权"之日起 12 个月后的 12 个月内,不通过上海证券交易所挂牌交易. 2、在前项承诺期期满后,通过上海证券交易所挂牌交易出售的股份数量占公司股份 总数的比例在 12 个月内不超过 5%,在24 个月内不超过 10%;通过上海证券交易所挂 牌交易出售获得流通权的股份数量达到公司股份总数 1%的, 将自该事实发生之日起两 个工作日内做出公告. 3、在股权分置改革方案实施之后,将在上海锦江国际实业投资股份有限公司 2005 年 度至 2007 年度连续三年的年度股东大会上提议利润分配比例不低于当年实现可分配 利润的 50%,并保证在年度股东大会表决时对该议案投赞成票. 1、 限售期承诺 在履行中. 2、 利润分配承 诺已在公司 2005、2006、 2007 年度利润 分配中履行完 毕. (八) 聘任、解聘会计师事务所情况 是否改聘会计师事务所 否 境内会计师事务所名称 德勤华永会计师事务所有限公司 境内会计师事务所报酬 180 境内会计师事务所审计年限 16 (九) 上市公司及其董事、监事、高级管理人员、公司股东、实际控制人处罚及整改情况 本年度公司及其董事、监事、高级管理人员、公司股东、实际控制人均未受中国证监会的稽查、 行政处罚、通报批评及证券交易所的公开谴责. (十) 其他重大事项的说明 从2009 年3月起,公司境外信息披露报纸由原香港《南华早报》改为香港《大公报》. (十一) 信息披露索引 事项 刊载的报刊名称及版面 刊载日期 有限售条件的流通股上市公告 《上海证券报》D15 2008 年1月30 日 第五届董事会第十二次会议决议公告 《上海证券报》D29、香港《南华早报》B6 2008 年3月20 日 第五届监事会第九次会议决议公告 《上海证券报》D29、香港《南华早报》B6 2008 年3月20 日2008 年预计日常关联交易公告 《上海证券报》D29、香港《南华早报》B6 2008 年3月20 日2007 年年度报告 《上海证券报》D29、香港《南华早报》B6 2008 年3月20 日 第五届董事会第十三次会议决议公告暨召开 2007 年度股东大会的通知 《上海证券报》D54、香港《南华早报》B5 2008 年4月25 日2008 年第一季度报告 《上海证券报》D54、香港《南华早报》B5 2008 年4月25 日2007 年度股东大会决议公告 《上海证券报》D27、香港《南华早报》B7 2008 年5月16 日 第五届董事会第十四次会议决议公告 《上海证券报》D10、香港《南华早报》B10 2008 年6月6日2007 年度分红派息实施公告 《上海证券报》D10、香港《南华早报》B10 2008 年6月6日对外投资公告 《上海证券报》D10、香港《南华早报》B10 2008 年6月6日第五届董事会第十五次会议决议公告 《上海证券报》C34、香港《南华早报》B4 2008 年7月18 日2008 年半年度业绩快报 《上海证券报》C34、香港《南华早报》B4 2008 年7月18 日2008 年半年度报告 《上海证券报》C30、香港《南华早报》B6 2008 年8月22 日2008 年第三季度报告 《上海证券报》C50、香港《南华早报》B5 2008 年10 月24 日 上述信息披露刊载的互联网网站及检索路径:上海证券交易所网站 http://www.sse.com.cn 上海锦江国际实业投资股份有限公司 2008 年年度报告 21 十一、财务报告(附后) 德勤华永会计师事务所有限公司已为本公司出具了标准无保留意见的审计报告. 十二、备查文件目录 1、载有法定代表人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表. 2、载有会计师事务所盖章、注册会计师签名并盖章的审计报告原件. 3、报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本及公告的原稿 董事长:沈懋兴 上海锦江国际实业投资股份有限公司 2009 年4月23 日 上海锦江国际实业投资股份有限公司 2008 年12 月31 日止年度 财务报表及审计报告 上海锦江国际实业投资股份有限公司 2008 年12 月31 日止年度 财务报表及审计报告 目录 页数 审计报告 1 - 2 公司及合并资产负债表 3 - 4 公司及合并利润表 5 公司及合并现金流量表 6 公司及合并股东权益变动表 7 - 8 财务报表附注 9 - 66 - 1 - 审计报告 德师报(审)字(09)第P0715 号 上海锦江国际实业投资股份有限公司全体股东: 我们审计了后附的上海锦江国际实业投资股份有限公司(以下简称"锦江投资")的财务报 表,包括 2008 年12 月31 日的公司及合并资产负债表,2008 年度的公司及合并利润表、公司 及合并股东权益变动表和公司及合并现金流量表以及财务报表附注. 一、管理层对财务报表的责任 按照企业会计准则的规定编制财务报表是锦江投资管理层的责任.这种责任包括:(1)设计、实施和维护与财务报表编制相关的内部控制,以使财务报表不存在由于舞弊或错误而导致 的重大错报;(2)选择和运用恰当的会计政策;(3)作出合理的会计估计. 二、注册会计师的责任 我们的责任是在实施审计工作的基础上对财务报表发表审计意见. 我们按照中国注册会计 师审计准则的规定执行了审计工作.中国注册会计师审计准则要求我们遵守职业道德规范,计 划和实施审计工作以对财务报表是否不存在重大错报获取合理保证. 审计工作涉及实施审计程序,以获取有关财务报表金额和披露的审计证据.选择的审计程 序取决于注册会计师的判断,包括对由于舞弊或错误导致的财务报表重大错报风险的评估.在 进行风险评估时,我们考虑与财务报表编制相关的内部控制,以设计恰当的审计程序,但目的 并非对内部控制的有效性发表意见. 审计工作还包括评价管理层选用会计政策的恰当性和作出 会计估计的合理性,以及评价财务报表的总体列报. 我们相信,我们获取的审计证据是充分、适当的,为发表审计意见提供了基础. - 2 - 三、审计意见 我们认为,锦江投资的财务报表已经按照企业会计准则的规定编制,在所有重大方面公允 反映了锦江投资 2008 年12 月31 日的公司及合并财务状况以及 2008 年度的公司及合并经营成 果和现金流量. 德勤华永会计师事务所有限公司 中国注册会计师中国?上海 范宏彬、席小敏 2009 年4月21 日 上海锦江国际实业投资股份有限公司 - 3 - 公司及合并资产负债表 2008 年12 月31 日 单位:人民币元 附注八 合并 公司 年末数 年初数 年末数 年初数 资产 流动资产 货币资金 1 609,605,573.31 414,164,235.70 260,262,892.62 173,151,156.98 应收账款 2 41,955,060.11 45,003,248.90 157,907.20 201,662.37 预付款项 3 53,929,049.13 47,815,291.60 24,300.00 51,400.00 应收股利 4 10,722,095.18 9,616,643.69 - - 其他应收款 5 25,819,294.55 61,393,971.67 44,131,974.01 59,514,684.68 存货 6 48,344,222.64 42,690,900.75 100,216.69 135,711.25 一年内到期的非流动资产 15 4,230,666.67 4,230,666.67 - - 其他流动资产 7 5,067,496.16 - - - 流动资产合计 799,673,457.75 624,914,958.98 304,677,290.52 233,054,615.28 非流动资产 可供出售金融资产 8 90,086,010.03 217,742,325.26 77,283,466.46 189,965,217.00 长期股权投资 9 763,871,741.93 763,785,203.71 1,025,306,505.71 1,012,912,690.37 投资性房地产 10 35,865,835.82 21,938,903.47 21,496,546.99 21,938,903.47 固定资产 11 805,580,785.14 857,809,239.16 49,269,079.07 50,833,669.96 在建工程 12 2,362,500.00 4,027,364.71 - 1,247,656.71 无形资产 13 135,539,826.35 137,200,245.79 958,426.00 995,170.00 长期待摊费用 103,645.94 116,601.70 - - 递延所得税资产 14 1,791,105.58 2,013,266.20 1,791,105.58 1,863,521.79 其他非流动资产 15 27,954,989.33 37,191,606.00 15,262,988.76 15,262,988.76 非流动资产合计 1,863,156,440.12 2,041,824,756.00 1,191,368,118.57 1,295,019,818.06 资产总计 2,662,829,897.87 2,666,739,714.98 1,496,045,409.09 1,528,074,433.34 (续) 上海锦江国际实业投资股份有限公司 - 4 - 单位:人民币元 附注八 合并 公司 年末数 年初数 年末数 年初数 负债及股东权益 流动负债 短期借款 17 25,000,000.00 - - - 应付账款 18 54,078,435.62 62,273,781.88 560,675.38 473,092.05 预收款项 19 91,273,167.43 92,070,819.59 321,521.62 317,168.97 应付职工薪酬 20 82,467,362.98 100,260,437.33 4,671,881.60 6,813,279.07 应交税费 21 23,351,970.77 16,592,092.63 3,023,506.27 619,338.80 应付股利 22 35,050,849.29 56,042,870.13 21,338,065.35 22,084,908.80 其他应付款 23 269,172,827.55 235,677,319.53 3,141,044.45 3,144,557.74 流动负债合计 580,394,613.64 562,917,321.09 33,056,694.67 33,452,345.43 非流动负债 递延所得税负债 24 17,339,447.82 50,723,441.24 14,871,963.30 44,512,315.53 其他非流动负债 25 56,271,945.84 52,737,518.64 - - 非流动负债合计 73,611,393.66 103,460,959.88 14,871,963.30 44,512,315.53 负债合计 654,006,007.30 666,378,280.97 47,928,657.97 77,964,660.96 股东权益 股本 26 551,610,107.00 551,610,107.00 551,610,107.00 551,610,107.00 资本公积 27 437,051,678.24 531,883,826.10 424,681,552.81 513,602,606.28 盈余公积 28 183,594,684.76 152,837,477.26 183,594,684.76 152,837,477.26 未分配利润 29 621,386,177.73 550,330,570.41 288,230,406.55 232,059,581.84 归属于母公司股东权益合计 1,793,642,647.73 1,786,661,980.77 1,448,116,751.12 1,450,109,772.38 少数股东权益 30 215,181,242.84 213,699,453.24 - - 股东权益合计 2,008,823,890.57 2,000,361,434.01 1,448,116,751.12 1,450,109,772.38 负债和股东权益总计 2,662,829,897.87 2,666,739,714.98 1,496,045,409.09 1,528,074,433.34 附注为财务报表的组成部分. 第3页至第 66 页的财务报表由下列负责人签署: 企业负责人 主管会计工作负责人 会计机构负责人 上海锦江国际实业投资股份有限公司 - 5 - 公司及合并利润表 2008 年12 月31 日止年度 单位:人民币元 项目 附注八 合并 公司 本年累计数 上年累计数 本年累计数 上年累计数 营业收入 31 1,673,685,463.73 1,619,396,969.78 21,786,507.04 20,200,744.24 减:营业成本 32 1,239,851,804.91 1,183,560,499.87 3,613,460.40 3,872,017.11 营业税金及附加 33 40,644,346.62 39,529,081.82 1,231,348.13 1,012,318.69 销售费用 130,652,635.49 128,091,199.49 8,353,091.31 7,627,673.69 管理费用 108,392,818.70 105,149,355.47 18,099,083.33 18,654,752.78 财务费用 34 (10,868,195.58) (6,114,515.61) (7,033,037.77) (3,110,131.71) 资产减值损失 35 (61,973.12) 195,343.23 - 886.62 加:投资收益 36 218,030,039.77 216,298,543.52 313,257,918.06 250,877,939.68 其中:对联营企业和合营企业 的投资收益 36 171,205,654.58 190,404,300.05 29,990,478.24 31,367,805.76 营业利润 383,104,066.48 385,284,549.03 310,780,479.70 243,021,166.74 加:营业外收入 37 36,169,061.81 22,942,579.85 8,652.70 14,593.00 减:营业外支出 38 385,915.70 631,829.72 52,922.00 4,251.07 其中:非流动资产处置损失 38 286,786.90 572,930.95 - 4,251.07 利润总额 418,887,212.59 407,595,299.16 310,736,210.40 243,031,508.67 减:所得税费用 39 32,835,950.21 25,549,204.12 3,164,135.39 (6,828.67) 净利润 386,051,262.38 382,046,095.04 307,572,075.01 243,038,337.34 归属于母公司股东的净利润 323,105,516.48 312,593,159.85 307,572,075.01 243,038,337.34 少数股东损益 62,945,745.90 69,452,935.19 - - 每股收益: (一)基本每股收益 41 0.586 0.567 (二)稀释每股收益 41 不适用 不适用 附注为财务报表的组成部分. 上海锦江国际实业投资股份有限公司 - 6 - 公司及合并现金流量表 2008 年12 月31 日止年度 单位:人民币元 附注八 合并 公司 本年累计数 上年累计数 本年累计数 上年累计数 经营活动产生的现金流量: 销售商品、提供劳务收到的现金 1,796,213,901.26 1,729,173,265.50 21,834,614.86 20,227,174.77 收到的税费返还 6,424,946.10 4,195,352.29 - - 收到其他与经营活动有关的现金 90,537,155.19 19,098,880.27 6,225,377.41 3,049,625.50 经营活动现金流入小计 1,893,176,002.55 1,752,467,498.06 28,059,992.27 23,276,800.27 购买商品、接受劳务支付的现金 922,050,739.90 871,455,322.97 3,020,926.03 3,279,731.18 支付给职工以及为职工支付的现金 372,142,757.24 336,937,997.36 13,803,120.60 9,094,701.66 支付的各项税费 94,209,787.59 97,471,763.58 2,407,871.34 2,272,586.45 支付其他与经营活动有关的现金 78,092,259.27 102,280,916.59 10,546,399.58 7,245,398.61 经营活动现金流出小计 1,466,495,544.00 1,408,146,000.50 29,778,317.55 21,892,417.90 经营活动产生的现金流量净额 43 426,680,458.55 344,321,497.56 (1,718,325.28) 1,384,382.37 投资活动产生的现金流量: 收回投资收到的现金 29,861,971.82 7,897,381.90 28,361,971.84 7,596,381.90 取得投资收益收到的现金 198,883,743.60 176,070,139.29 283,595,585.72 331,214,784.12 处置固定资产、无形资产和 其他长期资产收回的现金净额 38,837,913.48 41,728,864.30 317,892.27 7,904.47 处置子公司及其他营业单位收到的 现金净额 - 23,467.04 - 99,017.71 收到其他与投资活动有关的现金 44 22,815,897.88 4,230,666.67 2,749,933.34 2,749,933.34 投资活动现金流入小计 290,399,526.78 229,950,519.20 315,025,383.17 341,668,021.54 购建固定资产、无形资产和 其他长期资产支付的现金 216,643,624.65 183,606,118.08 831,326.00 3,473,248.71 投资支付的现金 19,973,110.00 54,360,773.50 3,973,110.00 49,161,826.53 取得子公司及其他营业单位支付的现金净额 45 5,427,026.34 - - - 支付其他与投资活动有关的现金 560,563.33 560,563.33 - - 投资活动现金流出小计 242,604,324.32 238,527,454.91 4,804,436.00 52,635,075.24 投资活动产生的现金流量净额 47,795,202.46 (8,576,935.71) 310,220,947.17 289,032,946.30 筹资活动产生的现金流量: 吸收投资收到的现金 - 2,000,000.00 - - 其中:子公司吸收少数股东投资 收到的现金 - 2,000,000.00 - - 取得借款收到的现金 55,000,000.00 25,000,000.00 - - 筹资活动现金流入小计 55,000,000.00 27,000,000.00 - - 偿还债务支付的现金 30,000,000.00 63,000,000.00 - 分配股利、利润或偿付利息支付的现金 304,034,323.40 238,813,703.59 221,390,886.25 199,664,759.65 其中:子公司支付给少数股东的股利、利润 81,073,953.65 36,117,652.72 - - 支付其他与筹资活动有关的现金 - 18,184,500.00 - 18,184,500.00 筹资活动现金流出小计 334,034,323.40 319,998,203.59 221,390,886.25 217,849,259.65 筹资活动产生的现金流量净额 (279,034,323.40) (292,998,203.59) (221,390,886.25) (217,849,259.65) 现金及现金等价物净增加额 195,441,337.61 42,746,358.26 87,111,735.64 72,568,069.02 加:期初现金及现金等价物余额 414,164,235.70 371,417,877.44 173,151,156.98 100,583,087.96 期末现金及现金等价物余额 609,605,573.31 414,164,235.70 260,262,892.62 173,151,156.98 附注为财务报表的组成部分. 上海锦江国际实业投资股份有限公司 -7 - 公司及合并股东权益变动表 2008 年12 月31 日止年度 附注八 合并 公司 未分配 归属于母公司 少数 股东权益 未分配 股东权益 股本 资本公积 盈余公积 利润 股东权益 股东权益 合计 股本 资本公积 盈余公积 利润 合计 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 一、2008 年1月1日余额 551,610,107.00 531,883,826.10 152,837,477.26 550,330,570.41 1,786,661,980.77 213,699,453.24 2,000,361,434.01 551,610,107.00 513,602,606.28 152,837,477.26 232,059,581.84 1,450,109,772.38 二、本年增减变动金额 (一)净利润 - - - 323,105,516.48 323,105,516.48 62,945,745.90 386,051,262.38 - - - 307,572,075.01 307,572,075.01 (二)直接计入股东权益的利得和损失 1.可供出售金融资产公允价值变动净额 - (133,314,994.35) - - (133,314,994.35) (220,976.06) (133,535,970.41) - (118,561,405.70) - - (118,561,405.70) 2.权益法下被投资单位其他股东权益变动的影响 - (651,499.99) - - (651,499.99) (34,289.47) (685,789.46) 3.与计入股东权益项目相关的所得税影响 - 33,328,749.40 - - 33,328,749.40 55,244.02 33,383,993.42 - 29,640,352.23 - - 29,640,352.23 4.其他 29(1) - 5,805,597.08 - (648,658.86) 5,156,938.22 271,417.78 5,428,356.00 (一)和(二)小计 - (94,832,147.86) - 322,456,857.62 227,624,709.76 63,017,142.17 290,641,851.93 - (88,921,053.47) - 307,572,075.01 218,651,021.54 (三)股东投入和减少资本 1.股东投入资本 2.股份支付计入股东权益的金额 3.其他 (四)利润分配 1.提取盈余公积 - - 30,757,207.50 (30,757,207.50)30,757,207.50 (30,757,207.50) - 2.对股东的分配 - - - (220,644,042.80) (220,644,042.80) (61,535,352.57) (282,179,395.37)220,644,042.80) (220,644,042.80) 3.其他 (五)股东权益内部结转 1.资本公积转增股本 2.盈余公积转增股本 3.盈余公积弥补亏损 4.其他 三、2008 年12 月31 日余额 551,610,107.00 437,051,678.24 183,594,684.76 621,386,177.73 1,793,642,647.73 215,181,242.84 2,008,823,890.57 551,610,107.00 424,681,552.81 183,594,684.76 288,230,406.55 1,448,116,751.12 (续) 上海锦江国际实业投资股份有限公司 -8 - 公司及合并股东权益变动表 2008 年12 月31 日止年度 合并 公司 未分配 归属于母公司 少数 股东权益 未分配 股东权益 股本 资本公积 盈余公积 利润 股东权益 股东权益 合计 股本 资本公积 盈余公积 利润 合计 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 一、2006 年12 月31 日余额 551,610,107.00 892,094,095.40 261,100,509.54 298,426,466.34 2,003,231,178.28 198,000,642.43 2,201,231,820.71 551,610,107.00 892,094,095.40 159,459,514.81 400,067,461.07 2,003,231,178.28 会计政策变更 - (488,800,785.11) (132,566,866.01) 156,678,315.40 (464,689,335.72) 4,875,858.86 (459,813,476.86) - (493,219,217.30) (30,925,871.28) (193,678,845.39) (717,823,933.97) 二、2007 年1月1日余额 551,610,107.00 403,293,310.29 128,533,643.53 455,104,781.74 1,538,541,842.56 202,876,501.29 1,741,418,343.85 551,610,107.00 398,874,878.10 128,533,643.53 206,388,615.68 1,285,407,244.31 三、本年增减变动 (一)净利润 - - - 312,593,159.85 312,593,159.85 69,452,935.19 382,046,095.04 - - - 243,038,337.34 243,038,337.34 (二)直接计入股东权益的利得和损失 1.可供出售金融资产公允价值变动净额 - 174,332,769.61 - - 174,332,769.61 - 174,332,769.61 - 155,920,769.37 - - 155,920,769.37 2.权益法下被投资单位其他股东权益变动的影响 3.与计入股东权益项目 相关的所得税影响 - (45,742,253.80) - - (45,742,253.80) - (45,742,253.80) - (41,193,041.19) - - (41,193,041.19) 4.其他 (一)和(二)小计 - 128,590,515.81 - 312,593,159.85 441,183,675.66 69,452,935.19 510,636,610.85 - 114,727,728.18 - 243,038,337.34 357,766,065.52 (三)股东投入和减少资本 1.股东投入资本 2,000,000.00 2,000,000.00 2.股份支付计入股东权益的金额 3.其他 33,005.90) (33,005.90) (四)利润分配 1.提取盈余公积 - - 24,303,833.73 (24,303,833.73)24,303,833.73 (24,303,833.73) - 2.对股东的分配 - - - (193,063,537.45) (193,063,537.45) (60,596,977.34) (253,660,514.79)193,063,537.45) (193,063,537.45) 3.其他 (五)股东权益内部结转 1.资本公积转增股本 2.盈余公积转增股本 3.盈余公积弥补亏损 4.其他 四、2007 年12 月31 日余额 551,610,107.00 531,883,826.10 152,837,477.26 550,330,570.41 1,786,661,980.77 213,699,453.24 2,000,361,434.01 551,610,107.00 513,602,606.28 152,837,477.26 232,059,581.84 1,450,109,772.38 附注为财务报表的组成部分. 上海锦江国际实业投资股份有限公司 -9 - 财务报表附注 2008年12月31日止年度 一、 概况 上海锦江国际实业投资股份有限公司(以下简称"本公司")是一家在中华人民共和国境内由 原上海新锦江大酒店改制而成的股份有限公司,成立于 1993 年2月24 日.本公司于 1993 年发行的 A 股和 B 股股票在中国上海证券交易所上市.其大股东为锦江国际(集团)有限公 司.股本情况详见附注八、26. 本公司及子公司(以下简称"本集团")主要从事车辆服务、物流服务(普通货物的仓储、装卸、 加工、包装、配送(筹建)及相关信息处理服务和有关咨询服务;提供供应链、仓储、运输、 库存、采购订单的管理和咨询服务,计算机软件的开发与技术服务(涉及许可经营的凭许可 证经营);国内货物运输代理业务、国际货物运输代理业务)、旅游服务(非旅行社接待业务)、 商务服务、宾馆、物业管理、办公用房出租、房地产开发经营,提供商场的场地. 二、 财务报表的编制基础 本集团自2007年1月1日起执行财政部于2006年2月15日颁布的新会计准则,并已按照《企业 会计准则第38号-首次执行企业会计准则》(以下简称"38号准则")第五条至第十九条及其他 相关规定,对2006年度的财务报表予以追溯调整. 此外, 本集团还按照 《公开发行证券的公司披露编报规则第15号—财务报告的一般规定(2007 年修订)》披露有关财务信息. 三、 遵循企业会计准则的声明 本公司编制的财务报表符合新会计准则的要求,真实、完整地反映了本公司于2008年12月31日 的公司及合并财务状况以及2008年度的公司及合并经营成果和公司及合并现金流量. 四、 重要会计政策及会计估计 1. 会计年度 本集团的会计年度为公历年度,即每年1月1日起至12月31日止. 2. 记账本位币 人民币为本公司及子公司经营所处的主要经济环境中的货币,本公司及子公司以人民币 为记账本位币.本集团编制本财务报表时所采用的货币为人民币. 3. 记账基础和计价原则 本集团会计核算以权责发生制为记账基础.除某些金融工具以公允价值计量外,财务报 表以历史成本作为计量基础. 资产如果发生减值, 则按照相关规定计提相应的减值准备. 4. 现金等价物 现金等价物是指本集团持有的期限短、流动性强、易于转换为已知金额现金、价值变动 风险很小的投资. 上海锦江国际实业投资股份有限公司 -10 - 四、 重要会计政策及会计估计 - 续5. 外币业务折算 外币交易在初始确认时采用交易发生日的即期汇率折算. 于资产负债表日,外币货币性项目采用该日即期汇率折算为人民币,因该日的即期汇率 与初始确认时或者前一资产负债表日即期汇率不同而产生的汇兑差额,均计入当期损 益. 以历史成本计量的外币非货币性项目仍以交易发生日的即期汇率折算的记账本位币金 额计量.以公允价值计量的外币非货币性项目,采用公允价值确定日的即期汇率折算, 折算后的记账本位币金额与原记账本位币金额的差额,作为公允价值变动(含汇率变动) 处理,计入当期损益或股东权益. 6. 金融工具的公允价值确定方法 公允价值, 指在公平交易中, 熟悉情况的交易双方自愿进行资产交换或债务清偿的金额. 金融工具存在活跃市场的,本集团采用活跃市场中的报价确定其公允价值.活跃市场中 的报价是指易于定期从交易所、经纪商、行业协会、定价服务机构等获得的价格,且代 表了在公平交易中实际发生的市场交易的价格.金融工具不存在活跃市场的,本集团采 用估值技术确定其公允价值.估值技术包括参考熟悉情况并自愿交易的各方最近进行的 市场交易中使用的价格、参照实质上相同的其他金融工具当前的公允价值、现金流量折 现法和期权定价模型等. 7. 金融资产的确认及计量 以常规方式买卖金融资产,按交易日会计进行确认和终止确认.金融资产在初始确认时 划分为以公允价值计量且其变动计入当期损益的金融资产、持有至到期投资、贷款和应 收款项以及可供出售金融资产.初始确认金融资产,以公允价值计量.对于以公允价值 计量且其变动计入当期损益的金融资产,相关的交易费用直接计入当期损益,对于其他 类别的金融资产,相关交易费用计入初始确认金额. 7.1.以公允价值计量且其变动计入当期损益的金融资产 包括交易性金融资产和指定为以公允价值计量且其变动计入当期损益的金融资产.本集 团以公允价值计量且其变动计入当期损益的金融资产均为交易性金融资产. 交易性金融资产是指满足下列条件之一的金融资产:(1)取得该金融资产的目的,主要是 为了近期内出售或回购;(2)属于进行集中管理的可辨认金融工具组合的一部分,且有客 观证据表明本集团近期采用短期获利方式对该组合进行管理;(3)属于衍生工具,但是, 被指定且为有效套期工具的衍生工具、属于财务担保合同的衍生工具、与在活跃市场中 没有报价且其公允价值不能可靠计量的权益工具投资挂钩并须通过交付该权益工具结 算的衍生工具除外. 交易性金融资产采用公允价值进行后续计量,公允价值变动形成的利得或损失以及与该 等金融资产相关的股利和利息收入计入当期损益. 上海锦江国际实业投资股份有限公司 -11 - 四、 重要会计政策及会计估计 - 续7. 金融资产的确认及计量 - 续7.2.贷款和应收款项 是指在活跃市场中没有报价、回收金额固定或可确定的非衍生金融资产.本集团划分为 贷款和应收款的金融资产包括应收账款、应收股利及其他应收款等. 贷款和应收款项采用实际利率法,按摊余成本进行后续计量,在终止确认、发生减值或 摊销时产生的利得或损失,计入当期损益. 实际利率法是指按照金融资产或金融负债(含一组金融资产或金融负债)的实际利率计算 其摊余成本及各期利息收入或支出的方法.实际利率是指将金融资产或金融负债在预期 存续期间或适用的更短期间内的未来现金流量,折现为该金融资产或金融负债当前账面 价值所使用的利率. 在计算实际利率时,本集团将在考虑金融资产或金融负债所有合同条款的基础上预计未 来现金流量(不考虑未来的信用损失),同时还将考虑金融资产或金融负债合同各方之间 支付或收取的、属于实际利率组成部分的各项收费、交易费用及折价或溢价等. 7.3.可供出售金融资产 包括初始确认时即被指定为可供出售的非衍生金融资产,以及除了以公允价值计量且其 变动计入当期损益的金融资产、贷款和应收款项、持有至到期投资以外的金融资产. 可供出售金融资产采用公允价值进行后续计量,公允价值变动形成的利得或损失,除减 值损失和外币货币性金融资产的汇兑差额计入当期损益外,直接计入股东权益,在该金 融资产终止确认时转出,计入当期损益. 可供出售金融资产持有期间取得的利息及被投资单位宣告发放的现金股利,计入投资收 益. 8. 金融资产减值 除了以公允价值计量且其变动计入当期损益的金融资产外,本集团在每个资产负债表日 对其他金融资产的账面价值进行检查,有客观证据表明金融资产发生减值的,计提减值 准备. 金融资产发生减值的客观证据,包括下列可观察到的各项事项: (1) 发行方或债务人发生严重财务困难; (2) 债务人违反了合同条款,如偿付利息或本金发生违约或逾期等; (3) 本集团出于经济或法律等方面因素的考虑,对发生财务困难的债务人作出让步; (4) 债务人很可能倒闭或者进行其他财务重组; (5) 因发行方发生重大财务困难,导致金融资产无法在活跃市场继续交易; (6) 无法辨认一组金融资产中的某项资产的现金流量是否已经减少,但根据公开的数据 对其进行总体评价后发现,该组金融资产自初始确认以来的预计未来现金流量确已 减少且可计量,包括: – 该组金融资产的债务人支付能力逐步恶化; – 债务人所在国家或地区经济出现了可能导致该组金融资产无法支付的状况; 上海锦江国际实业投资股份有限公司 -12 - 四、 重要会计政策及会计估计 - 续8. 金融资产减值 - 续(7) 债务人经营所处的技术、市场、经济或法律环境等发生重大不利变化,使权益工具 投资人可能无法收回投资成本; (8) 权益工具投资的公允价值发生严重或非暂时性下跌; (9) 其他表明金融资产发生减值的客观证据. 本集团对单项金额重大的金融资产单独进行减值测试;对单项金额不重大的金融资产, 单独进行减值测试或包括在具有类似信用风险特征的金融资产组合中进行减值测试.单 独测试未发生减值的金融资产(包括单项金额重大和不重大的金融资产),应包括在具有 类似信用风险特征的金融资产组合中再进行减值测试.已单项确认减值损失的金融资 产,不应包括在具有类似信用风险特征的金融资产组合中进行减值测试. - 贷款和应收款项减值 以成本或摊余成本计量的金融资产将其账面价值减记至预计未来现金流量现值,减记金 额确认为减值损失,计入当期损益.金融资产在确认减值损失后,如有客观证据表明该 金融资产价值已恢复,且客观上与确认该损失后发生的事项有关,原确认的减值损失予 以转回,金融资产转回减值损失后的账面价值不超过假定不计提减值准备情况下该金融 资产在转回日的摊余成本. - 可供出售金融资产减值 可供出售金融资产发生减值时,将原直接计入资本公积的因公允价值下降形成的累计损 失予以转出并计入当期损益,该转出的累计损失为该资产初始取得成本扣除已收回本金 和已摊销金额、当前公允价值和原已计入损益的减值损失后的余额. 在确认减值损失后,期后如有客观证据表明该金融资产价值已恢复,且客观上与确认该 损失后发生的事项有关,原确认的减值损失予以转回,可供出售权益工具投资的减值损 失转回计入权益,可供出售债务工具的减值损失计入当期损益. 在活跃市场中没有报价且其公允价值不能可靠计量的权益工具投资,或与该权益工具挂 钩并须通过交付该权益工具结算的衍生金融资产的减值损失,不予转回. 9. 金融资产的终止确认 满足下列条件之一的金融资产,予以终止确认:(1)收取该金融资产现金流量的合同权利 终止;(2)该金融资产已转移,且将金融资产所有权上几乎所有的风险和报酬转移给转入 方;(3)该金融资产已转移,虽然企业既没有转移也没有保留金融资产所有权上几乎所有 的风险和报酬,但是放弃了对该金融资产控制. 10. 存货 本集团的存货主要包括库存商品、备品备件、物料用品和食品饮料及其他.按成本进行 初始计量,存货成本包括采购成本、加工成本和其他使存货达到目前场所和状态所发生 的支出. 车辆营运业务的备品备件发出时按加权平均法确定其实际成本,其余业务的存货发出 时,除物料用品采用加权平均法外,均按先进先出法确定其实际成本. 存货盘存制度为永续盘存制. 上海锦江国际实业投资股份有限公司 -13 - 四、 重要会计政策及会计估计 - 续11. 存货跌价准备 资产负债表日,存货按照成本与可变现净值孰低计量.当其可变现净值低于成本时,提 取存货跌价准备.对于数量繁多、单价较低的存货,按存货类别计提存货跌价准备;其 他存货按单个存货项目的成本高于其可变现净值的差额提取存货跌价准备. 计提存货跌价准备后,如果以前减记存货价值的影响因素已经消失,导致存货的可变现 净值高于其账面价值的,在原已计提的存货跌价准备金额内予以转回,转回的金额计入 当期损益. 可变现净值是指在日常活动中,存货的估计售价减去至完工时估计将要发生的成本、估 计的销售费用以及相关税费后的金额.在确定存货的可变现净值时,以取得的确凿证据 为基础,同时考虑持有存货的目的以及资产负债表日后事项的影响. 12. 投资性房地产 投资性房地产是指为赚取租金或资本增值,或两者兼有而持有的房地产.包括已出租的 土地使用权、持有并准备增值后转让的土地使用权、已出租的建筑物等. 投资性房地产按成本进行初始计量.与投资性房地产有关的后续支出,如果与该资产有 关的经济利益很可能流入且其成本能可靠地计量,则计入投资性房地产成本.其他后续 支出,在发生时计入当期损益. 本集团采用成本模式对投资性房地产进行后续计量,并按照与房屋建筑物或土地使用权 一致的政策进行折旧或摊销. 自用房地产或存货转换为投资性房地产或投资性房地产转换为自用房地产时,按转换前 的账面价值作为转换后的入账价值. 投资性房地产出售、转让、报废或毁损的处置收入扣除其账面价值和相关税费后的差额 计入当期损益. 13. 长期股权投资 对于企业合并形成的长期股权投资,如为同一控制下的企业合并取得的长期股权投资, 在合并日按照取得被合并方股东权益账面价值的份额作为初始投资成本;通过非同一控 制下的企业合并取得的长期股权投资,按照合并成本作为长期股权投资的初始投资成 本.除企业合并形成的长期股权投资外的其他长期股权投资,按成本进行初始计量. 对被投资单位不具有共同控制或重大影响并且在活跃市场中没有报价、公允价值不能可 靠计量的长期股权投资,采用成本法核算;对被投资单位具有共同控制或重大影响的长 期股权投资,采用权益法核算;对被投资单位不具有控制、共同控制或重大影响并且公 允价值能够可靠计量的长期股权投资,作为可供出售金融资产核算. 此外,本公司财务报表对被投资单位能够实施控制的长期股权投资采用成本法核算. 上海锦江国际实业投资股份有限公司 -14 - 四、 重要会计政策及会计估计 - 续13. 长期股权投资 - 续 控制是指有权决定一个企业的财务和经营政策,并能据以从该企业的经营活动中获取利 益.共同控制是指按照合同约定对某项经济活动所共有的控制,仅在与该项经济活动相 关的重要财务和经营决策需要分享控制权的投资方一致同意时存在.重大影响是指对一 个企业的财务和经营政策有参与决策的权力,但并不能够控制或者与其他方一起共同控 制这些政策的制定. 13.1.成本法核算的长期股权投资 采用成本法核算时,长期股权投资按初始投资成本计价,当期投资收益仅限于所获得的 被投资单位在接受投资后产生的累积净利润的分配额,所获得的被投资单位宣告分派的 利润或现金股利超过上述数额的部分, 作为初始投资成本的收回, 冲减投资的账面价值. 13.2.权益法核算的长期股权投资 采用权益法核算时,长期股权投资的初始投资成本大于投资时应享有被投资单位可辨认 净资产公允价值份额的,不调整长期股权投资的初始投资成本;初始投资成本小于投资 时应享有被投资单位可辨认净资产公允价值份额的,其差额计入当期损益,同时调整长 期股权投资的成本. 采用权益法核算时,当期投资损益为应享有或应分担的被投资单位当年实现的净损益的 份额.在确认应享有被投资单位净损益的份额时,以取得投资时被投资单位各项可辨认 资产等的公允价值为基础,并按照本集团的会计政策及会计期间,对被投资单位的净利 润进行调整后确认.对于本集团与联营企业及合营之间发生的未实现内部交易损益,按 照持股比例计算属于本集团的部分予以抵销,在此基础上确认投资损益.但本集团与被 投资单位发生的未实现内部交易损失,按照《企业会计准则第8号―资产减值》等规定 属于所转让资产减值损失的,不予以抵销.对被投资单位除净损益以外的其他所有者权 益变动,相应调整长期股权投资的账面价值并计入股东权益. 在确认应分担被投资单位发生的净亏损时,以长期股权投资的账面价值和其他实质上构 成对被投资单位净投资的长期权益减记至零为限.此外,如本集团对被投资单位负有承 担额外损失的义务,则按预计承担的义务确认预计负债,计入当期投资损失.被投资单 位以后期间实现净利润的,本集团在收益分享额弥补未确认的亏损分担额后,恢复确认 收益分享额. 对于首执行日之前已经持有的对联营企业和合营企业的长期股权投资,如存在与该投资 相关的股权投资借方差额,按原剩余期限直线摊销的金额计入当期损益. 13.3.处置长期股权投资 处置长期股权投资时,其账面价值与实际取得价款的差额,计入当期损益.采用权益法 核算的长期股权投资,在处置时将原计入股东权益的部分按相应的比例转入当期损益. 上海锦江国际实业投资股份有限公司 -15 - 四、 重要会计政策及会计估计 - 续14. 固定资产及折旧 固定资产是指为生产商品、提供劳务、出租或经营管理而持有的,使用寿命超过一个会 计年度的有形资产. 固定资产按成本并考虑预计弃置费用因素的影响进行初始计量.对于本集团拥有的营运 车辆中有顶灯出租营运车辆和商务小车,从其达到预定可使用状态的次月起,采用双倍 余额递减法分 6 年计提折旧;对于其他资产,从其达到预定可使用状态的次月起,采用 年限平均法在使用寿命内提取折旧.采用年限平均法提取折旧的各类固定资产的使用寿 命、预计净残值率和年折旧率如下: 类别 使用寿命 估计净残值率 年折旧率 房屋建筑物 20-50年4-10% 1.8-4.8% 机器设备 5-20年4-10% 4.8-19.2% 电子设备、器具及家具 3-10年4-10% 9.0-32.0% 除上述有顶灯出租营运车辆和 商务小车以外的营运车辆 5-10年4-5% 9.5-19.2% 其他运输设备 5-10年4-10% 9.0-19.2% 酒店改造 5年-20% 预计净残值是指假定固定资产预计使用寿命已满并处于使用寿命终了时的预期状态,本 集团目前从该项资产处置中获得的扣除预计处置费用后的金额. 与固定资产有关的后续支出,如果与该固定资产有关的经济利益很可能流入且其成本能 可靠地计量,则计入固定资产成本,并终止确认被替换部分的账面价值,除此以外的其 他后续支出,在发生时计入当期损益. 本集团至少于年度终了对固定资产的使用寿命、预计净残值和折旧方法进行复核,如发 生改变则作为会计估计变更处理. 固定资产出售、转让、报废或毁损的处置收入扣除其账面价值和相关税费后的差额计入 当期损益. 15. 在建工程 在建工程成本按实际工程支出确定,包括在建期间发生的各项工程支出以及其他相关费 用等.在建工程在达到预定可使用状态后结转为固定资产. 16. 无形资产 无形资产是指本集团拥有或者控制的没有实物形态的可辨认非货币性资产. 无形资产按成本进行初始计量.与无形资产有关的支出,如果相关的经济利益很可能流 入本集团且其成本能可靠地计量,则计入无形资产成本.除此以外的其他无形项目的支 出,在发生时计入当期损益. 上海锦江国际实业投资股份有限公司 -16 - 四、 重要会计政策及会计估计 - 续16. 无形资产 - 续 取得的土地使用权通常作为无形资产核算.自行开发建造厂房等建筑物,相关的土地使 用权支出和建筑物建造成本则分别作为无形资产和固定资产核算.如为外购的房屋及建 筑物,则将有关价款在土地使用权和建筑物之间进行分配,难以合理分配的,全部作为 固定资产处理. 使用寿命有限的无形资产自可供使用时起,对其原值在其预计使用寿命内采用直线法分 期平均摊销,使用寿命不确定的无形资产不予摊销.出租车营运牌照由于使用寿命不确 定而不予摊销. 期末,对使用寿命有限的无形资产的使用寿命和摊销方法进行复核,如发生变更则作为 会计估计变更处理.此外,还对使用寿命不确定的无形资产的使用寿命进行复核,如果 有证据表明该无形资产为企业带来经济利益的期限是可预见的,则估计其使用寿命并按 照使用寿命有限的无形资产的摊销政策进行摊销. 17. 长期待摊费用 长期待摊费用为已经发生但应由本期和以后各期负担的分摊期限在一年以上的各项费 用.长期待摊费用在预计受益期间分期平均摊销. 18. 持有待售的非流动资产 若本集团已就处置某项非流动资产作出决议,已经与受让方签订了不可撤销的转让协 议,且该项转让很可能在一年内完成,则该非流动资产作为持有待售非流动资产核算, 不计提折旧或进行摊销,按照账面价值与公允价值减去处置费用后的净额孰低计量.持 有待售的非流动资产为单项资产. 19. 非金融资产减值 本集团在每一个资产负债表日检查长期股权投资、投资性房地产、固定资产、在建工程 及使用寿命确定的无形资产是否存在可能发生减值的迹象.如果该等资产存在减值迹 象,则估计其可收回金额.估计资产的可收回金额以单项资产为基础,如果难以对单项 资产的可收回金额进行估计的,则以该资产所属的资产组为基础确定资产组的可收回金 额.如果资产的可收回金额低于其账面价值,按其差额计提资产减值准备,并计入当期 损益. 使用寿命不确定的无形资产,无论是否存在减值迹象,每年均进行减值测试. 可收回金额为资产的公允价值减去处置费用后的净额与资产预计未来现金流量的现值 两者之中的较高者.资产的公允价值根据公平交易中销售协议价格确定;不存在销售协 议但存在资产活跃市场的,公允价值按照该资产的买方出价确定;不存在销售协议和资 产活跃市场的,则以可获取的最佳信息为基础估计资产的公允价值.处置费用包括与资 产处置有关的法律费用、相关税费、搬运费以及为使资产达到可销售状态所发生的直接 费用. 上述减值损失一经确认,在以后会计期间不予转回. 上海锦江国际实业投资股份有限公司 -17 - 四、 重要会计政策及会计估计 - 续20. 金融负债 金融负债在初始确认时划分为以公允价值计量且其变动计入当期损益的金融负债和其 他金融负债.初始确认金融负债,以公允价值计量.对于以公允价值计量且其变动计入 当期损益的金融负债,相关的交易费用直接计入当期损益,对于其他金融负债,相关交 易费用计入初始确认金额.本集团暂无划分为公允价值计量且其变动计入当期损益的金 融负债. 20.1. 其他金融负债 其他金融负债采用实际利率法,按摊余成本进行后续计量,终止确认或摊销产生的利得 或损失计入当期损益. 20.2. 财务担保合同 不属于指定为以公允价值计量且其变动计入当期损益的金融负债的财务担保合同,以公 允价值进行初始确认,在初始确认后按照《企业会计准则—或有事项》确定的金额和初 始确认金额扣除按照《企业会计准则—收入》的原则确定的累积摊销额后的余额之中的 较高者进行后续计量. 21. 职工薪酬 本集团在职工提供服务的会计期间,将应付的职工薪酬确认为负债. 本集团按规定参加由政府机构设立的职工社会保障体系, 包括基本养老保险、 医疗保险、 住房公积金及其他社会保障制度,相应的支出于发生时计入相关资产成本或当期损益. 在职工劳动合同到期之前解除与职工的劳动关系,或为鼓励职工自愿接受裁减而提出给 予补偿的建议,如果本集团已经制定正式的解除劳动关系计划或提出自愿裁减建议并即 将实施,同时本集团不能单方面撤回解除劳动关系计划或裁减建议的,确认因解除与职 工劳动关系给予补偿产生的预计负债,并计入当期损益. 职工内部退休计划采用上述辞退福利相同的原则处理.本集团将自职工停止提供服务日 至正常退休日的期间拟支付的内退人员工资和缴纳的社会保险费等,在符合预计负债确 认条件时,计入当期损益(辞退福利). 22. 金融资产与金融负债的抵销 当本集团具有抵销已确认金融资产和金融负债的法定权利,且目前可执行该种法定权 利,同时本集团计划以净额结算或同时变现该金融资产和清偿该金融负债时,金融资产 和金融负债以相互抵销后的金额在资产负债表内列示.除此以外,金融资产和金融负债 在资产负债表内分别列示,不予相互抵销. 上海锦江国际实业投资股份有限公司 -18 - 四、 重要会计政策及会计估计 - 续23. 权益工具 权益工具是指能证明拥有本集团在扣除所有负债后的资产中的剩余权益的合同.权益工 具,在发行时收到的对价扣除交易费用后增加所有者权益.回购自身权益工具支付的对 价和交易费用减少所有者权益.发行、回购、出售或注销权益工具时,不确认利得或损 失. 本集团对权益工具持有方的各种分配(不包括股票股利),减少所有者权益.本集团不确 认权益工具的公允价值变动额. 24. 收入确认原则 24.1.商品销售收入 在已将商品所有权上的主要风险和报酬转移给买方,既没有保留通常与所有权相联系的 继续管理权,也没有对已售商品实施有效控制,收入的金额能够可靠地计量,相关的经 济利益很可能流入企业,相关的已发生或将发生的成本能够可靠地计量时,确认商品销 售收入的实现. 24.2.提供劳务收入 在提供劳务交易的结果能够可靠估计的情况下,于资产负债表日按照完工百分比法确认 提供的劳务收入.劳务交易的完工进度按已经提供的劳务占应提供劳务总量的比例确 定. 提供劳务交易的结果能够可靠估计是指同时满足:(1)收入的金额能够可靠地计量;(2) 相关的经济利益很可能流入企业;(3)交易的完工程度能够可靠地确定;(4)交易中已发生 和将发生的成本能够可靠地计量. 如果提供劳务交易的结果不能够可靠估计,则按已经发生并预计能够得到补偿的劳务成 本金额确认提供的劳务收入,并将已发生的劳务成本作为当期费用.已经发生的劳务成 本如预计不能得到补偿的,则不确认收入. 24.3.让渡资产使用权 与交易相关的经济利益很可能流入企业,收入的金额能够可靠地计量时. 24.4.利息收入 按照他人使用本集团货币资金的时间和实际利率计算确定. 上海锦江国际实业投资股份有限公司 -19 - 四、 重要会计政策及会计估计 - 续25. 政府补助 政府补助是指本集团从政府无偿取得货币性资产和非货币性资产,不包括政府作为所有 者投入的资本.政府补助分为与资产相关的政府补助和与收益相关的政府补助. 政府补助为货币性资产的,按照收到或应收的金额计量.政府补助为非货币性资产的, 按照公允价值计量;公允价值不能够可靠取得的,按照名义金额计量.按照名义金额计 量的政府补助,直接计入当期损益. 与资产相关的政府补助,确认为递延收益,并在相关资产的使用寿命内平均分配计入当 期损益.与收益相关的政府补助,用于补偿以后期间的相关费用和损失的,确认为递延 收益, 并在确认相关费用的期间计入当期损益; 用于补偿已经发生的相关费用和损失的, 直接计入当期损益. 已确认的政府补助需要返还时, 存在相关递延收益余额的, 冲减相关递延收益账面余额, 超出部分计入当期损益;不存在相关递延收益的,直接计入当期损益. 26. 借款费用 借款费用包括借款利息、折价或溢价的摊销、辅助费用以及因外币借款而发生的汇兑差 额等.借款费用在发生当期确认为费用. 27. 所得税 27.1.当期所得税 资产负债表日,对于当期和以前期间形成的当期所得税负债(或资产),以按照税法规定 计算的预期应交纳(或返还)的所得税金额计量.计算当期所得税费用所依据的应纳税所 得额系根据有关税法规定对本年度税前会计利润作相应调整后计算得出. 27.2.递延所得税资产及递延所得税负债 某些资产、负债项目的账面价值与其计税基础之间的差额,以及未作为资产和负债确认 但按照税法规定可以确定其计税基础的项目的账面价值与计税基础之间的差额产生的 暂时性差异,采用资产负债表债务法确认递延所得税资产及递延所得税负债. 与商誉的初始确认有关,以及与既不是企业合并、发生时也不影响会计利润和应纳税所 得额(或可抵扣亏损)的交易中产生的资产或负债的初始确认有关的应纳税暂时性差异, 不予确认有关的递延所得税负债.此外,对与子公司、联营企业及合营企业投资相关的 应纳税暂时性差异,如果本集团能够控制暂时性差异转回的时间,而且该暂时性差异在 可预见的未来很可能不会转回,也不予确认有关的递延所得税负债.除上述例外情况, 本集团确认其他所有应纳税暂时性差异产生的递延所得税负债. 上海锦江国际实业投资股份有限公司 -20 - 四、 重要会计政策及会计估计 - 续27. 所得税 - 续27.2.递延所得税资产及递延所得税负债 - 续 与既不是企业合并、发生时也不影响会计利润和应纳税所得额(或可抵扣亏损)的交易中 产生的资产或负债的初始确认有关的可抵扣暂时性差异,不予确认有关的递延所得税资 产.此外,对与子公司、联营企业及合营企业投资相关的可抵扣暂时性差异,如果暂时 性差异在可预见的未来不是很可能转回,或者未来不是很可能获得用来抵扣可抵扣暂时 性差异的应纳税所得额,不予确认有关的递延所得税资产.除上述例外情况,本集团以 很可能取得用来抵扣可抵扣暂时性差异的应纳税所得额为限,确认其他可抵扣暂时性差 异产生的递延所得税资产. 对于能够结转以后年度的可抵扣亏损和税款抵减,以很可能获得用来抵扣可抵扣亏损和 税款抵减的未来应纳税所得额为限,确认相应的递延所得税资产. 资产负债表日,对于递延所得税资产和递延所得税负债,根据税法规定,按照预期收回 相关资产或清偿相关负债期间的适用税率计量. 于资产负债表日,对递延所得税资产的账面价值进行复核,如果未来很可能无法获得足 够的应纳税所得额用以抵扣递延所得税资产的利益,则减记递延所得税资产的账面价 值.在很可能获得足够的应纳税所得额时,减记的金额予以转回. 27.3.所得税费用 所得税费用包括当期所得税和递延所得税. 除与直接计入所有者权益的交易和事项相关的当期所得税和递延所得税计入股东权益, 以及企业合并产生的递延所得税调整商誉的账面价值外,其余当期所得税和递延所得税 费用或收益计入当期损益. 27.4. 所得税的抵消 当拥有以净额结算的法定权利,且意图以净额结算或取得资产、清偿负债同时进行时, 本集团当期所得税资产及当期所得税负债以抵消后的净额列报. 当拥有以净额结算当期所得税资产及当期所得税负债的法定权利,且递延所得税资产及 递延所得税负债是与同一税收征管部门对同一纳税主体征收的所得税相关或者是对不 同的纳税主体相关,但在未来每一具有重要性的递延所得税资产及负债转回的期间内, 涉及的纳税主体意图以净额结算当期所得税资产和负债或是同时取得资产、清偿负债 时,本集团递延所得税资产及递延所得税负债以抵消后的净额列报. 上海锦江国际实业投资股份有限公司 -21 - 四、 重要会计政策及会计估计 - 续28. 企业合并 企业合并指将两个或两个以上单独的企业合并形成一个报告主体的交易或事项.企业合 并分为同一控制下企业合并和非同一控制下企业合并. 本集团在合并日或购买日确认因企业合并取得的资产、负债.合并日或购买日为实际取 得对被合并方或被购买方控制权的日期,即被合并方或被购买方的净资产或生产经营决 策的控制权转移给本集团的日期. 同一控制下的企业合并 参与合并的企业在合并前后均受同一方或相同的多方最终控制,且该控制并非暂时性 的,为同一控制下的企业合并.在合并日取得对其他参与合并企业控制权的一方为合并 方,参与合并的其他企业为被合并方. 合并方在企业合并中取得的资产和负债,按合并日在被合并方的账面价值计量.合并方 取得的净资产账面价值与支付的合并对价的账面价值(或发行股份面值总额)的差额,调 整资本公积中的股本溢价,股本溢价不足冲减的则调整留存收益. 合并方为进行企业合并发生的各项直接费用,于发生时计入当期损益. 非同一控制下的企业合并及商誉 参与合并的企业在合并前后不受同一方或相同的多方最终控制,为非同一控制下的企业 合并.非同一控制下的企业合并,在购买日取得对其他参与合并企业控制权的一方为购 买方,参与合并的其他企业为被购买方. 对于非同一控制下的企业合并,合并成本为购买日为取得被购买方的控制权而付出的资 产、发生或承担的负债以及发行的权益性工具的公允价值,以及为企业合并而发生的各 项直接相关费用.通过多次交换交易分步实现的企业合并,合并成本为每一单项交易成 本之和.在合并合同中对可能影响合并成本的未来事项作出约定的,购买日如果估计未 来事项很可能发生并且对合并成本的影响金额能够可靠计量的,也计入合并成本. 非同一控制下企业合并中所取得的被购买方符合确认条件的可辨认资产、负债及或有负 债在收购日以公允价值计量. 合并成本大于合并中取得的被购买方可辨认净资产公允价值份额的差额,确认为商誉. 合并成本小于合并中取得的被购买方可辨认净资产公允价值份额的,首先对取得的被购 买方各项可辨认资产、负债及或有负债的公允价值以及合并成本的计量进行复核,复核 后合并成本仍小于合并中取得的被购买方可辨认净资产公允价值份额的,计入当期损 益. 29. 租赁 融资租赁为实质上转移了与资产所有权有关的全部风险和报酬的租赁,其所有权最终可 能转移,也可能不转移.融资租赁以外的其他租赁为经营租赁. 上海锦江国际实业投资股份有限公司 -22 - 四、 重要会计政策及会计估计 - 续29. 租赁 - 续29.1. 本集团作为承租人记录经营租赁业务 经营租赁的租金支出在租赁期内的各个期间按直线法计入相关资产成本或当期损益.初 始直接费用计入当期损益.或有租金于实际发生时计入当期损益. 29.2. 本集团作为出租人记录经营租赁业务 经营租赁的租金收入在租赁期内的各个期间按直线法确认为当期损益.对金额较大的初 始直接费用于发生时予以资本化,在整个租赁期间内按照与确认租金收入相同的基础分 期计入当期损益;其他金额较小的初始直接费用于发时计入当期损益.或有租金于实际 发生时计入当期损益. 30. 合并财务报表的编制方法 合并财务报表的合并范围以控制为基础予以确定.控制是指本集团能够决定另一个企业 的财务和经营政策,并能据以从该企业的经营活动中获取利益的权力. 本公司将取得或失去对子公司控制权的日期作为购买日和处置日.对于处置的子公司的 经营成果和现金流量已经适当地包括在合并利润表和合并现金流量表中;当期处置不调 整合并资产负债表的期初数.非同一控制下企业合并增加的子公司,其购买日后的经营 成果及现金流量已经适当地包括在合并利润表和合并现金流量表中,且不调整合并财务 报表的期初数和对比数.同一控制下企业合并增加的子公司,其自合并当期期初至合并 日的经营成果和现金流量已经适当地包括在合并利润表和合并现金流量表中,并且同时 调整合并财务报表的对比数. 子公司采用的主要会计政策和会计期间按照本集团统一规定的会计政策和会计期间厘 定. 公司与子公司及子公司相互之间的所有重大账目及交易于合并时抵销. 子公司所有者权益中不属于母公司的份额作为少数股东权益,在合并资产负债表中所有 者权益项目下以"少数股东权益"项目列示.子公司当期净损益中属于少数股东权益的份 额,在合并利润表中净利润项目下以"少数股东损益"项目列示.少数股东分担的子公司 的亏损超过了少数股东在该子公司期初所有者权益中所享有的份额,如果公司章程或协 议规定少数股东有义务承担并且有能力予以弥补的,冲减少数股东权益,否则冲减归属 于母公司股东权益.该子公司以后期间实现的利润,在弥补了母公司承担的属于少数股 东的损失之前,全部归属于母公司的股东权益. 31. 关联方 一方控制、共同控制另一方或对另一方施加重大影响,以及两方或两方以上同受一方控 制、共同控制或重大影响的,构成关联方. 上海锦江国际实业投资股份有限公司 -23 - 五、 运用会计政策过程中所作的重要判断和会计估计所采用的关键假设的不确定因素 本集团在运用附注四所描述的会计政策过程中,由于经营活动内在的不确定性,本集团需 要对无法准确计量的报表项目的账面价值进行判断、估计和假设.这些判断、估计和假设 是基于本集团管理层过去的历史经验,并在考虑其他相关因素的基础上作出的.实际的结 果可能与本集团的估计存在差异. 本集团对前述判断、估计和假设在持续经营的基础上进行定期复核,会计估计的变更仅影 响变更当期的,其影响数在变更当期予以确认;既影响变更当期又影响未来期间的,其影 响数在变更当期和未来期间予以确认. - 会计估计所采用的关键假设和不确定因素 资产负债表日,会计估计中很可能导致未来期间资产、负债账面价值作出重大调整的关键 假设和不确定性主要有: 出租车营运牌照的使用寿命 本集团所拥有的出租车营运牌照并无使用年限限制,本集团管理层认为在可预见的将来该 出租车营运牌照均会使用并带给集团预期的经济利益流入,故其使用寿命是不确定的. 六、 税项 营业税 小型出租车和客运线路营运收入的营业税按核定应纳税营业额的 3%缴纳. 其他车辆营运收入的营业税按应纳税营业额的 3%缴纳. 其他服务收入的营业税按应税服务收入的 5%缴纳. 增值税 应纳增值税为销项税额减可抵扣进项税后的余额,销项税额按根据相关税法规定计算的销 售额的 17%计算. 所得税 本公司 2008 年实际所得税税率为 18%(2007 年度:15%). 上海锦江国际实业投资股份有限公司 -24 - 六、 税项 - 续 所得税 - 续 根据 2007 年3月16 日发布的《中华人民共和国企业所得税法》的规定,本公司自 2008 年1月1日起按有关规定和政策逐步执行 25%的企业所得税率. 本公司系注册于上海浦东新区 的企业,各年度实际税率如下: 实际税率 2008 年18% 2009 年20% 2010 年22% 2011 年24% 2012 年及以后 25% 除如下子公司外,其他子公司的企业所得税税率为 25%. 公司名称 2008 年度实际税率 上海锦江汽车服务有限公司 18% (注1) 上海锦海捷亚物流管理有限公司 18% (注1) 上海锦江国际低温物流发展有限公司 18% (注1) 上海锦江商旅汽车服务股份有限公司 18% (注1) 上海浦东友谊汽车服务有限责任公司 18% (注1) 上海锦江汽车租赁有限公司 18% (注1) 上海锦佳汽车贸易有限公司 18% (注1) 上海锦江公共交通有限公司 18% (注1) 上海津悦汽车咨询服务有限公司 核定 (注2) 上海锦茂汽车销售服务有限公司 0% (注3) 其他 按流转税额的 7%缴纳城市建设税. 按流转税额的 3%缴纳教育费附加. 按流转税额的 1%缴纳河道管理费. 注1:上述公司的注册地为上海浦东新区,按有关政策,当年度实际税率 18%. 注2:经税务局认定,上海津悦汽车咨询服务有限公司按营业收入的 10%的25%核定征收 所得税. 注3:企业所得税率为 25%.根据《(2006)长税所三免字第 57 号文》批准,上海锦茂汽车 销售服务有限公司自 2006 年1月1日至 2008 年12 月31 日止期间享受免征所得税的 优惠政策. 上海锦江国际实业投资股份有限公司 -25 - 七、 合并财务报表范围 组织 本集团年末 本集团合计 名称 企业类型 机构代码 法人代表 注册地点 经营范围 注册资本 实际投资额 持股比例 人民币万元 人民币万元 % 上年末及本年末本集团均有之子公司 -本公司设立的子公司 上海锦海捷亚物流管理 有限责任公司 60720956-4 杨原平 上海 国际、国内物流企业管理、国际国内货运企业管理、货8,000 5,200 65 有限公司("物流管理") (台港澳及境内合资) 物技术进出口(不含分销业务)及相关信息管理、提供相 关服务咨询. 上海锦江国际低温物流 有限责任公司 792741797 张国美 上海 仓储物流管理服务及相关业务咨询,存货管理服务、货10,000 10,000 100 发展有限公司("锦江低温物流") 物运输代理管理,商务信息咨询(除经纪)(涉及许可经营 的凭许可证经营) . -通过同一控制下的企业合并取得的子公司 上海锦江汽车服务有限公司("锦江汽车") 有限责任公司 13373676-7 杨原平 上海 大小客车出租服务,旅游,汽车修理,长途客运,汽车 33,849 53,814 95 配件、客车租赁,房地产信息咨询,附设分支机构,保 险兼业代理.(以上涉及许可经营的凭许可证经营). 上海锦江商旅汽车服务股份有限公司(注1) 有限责任公司 734552795 戎平涛 上海 大小客车出租服务,跨省市长途客运汽车配件,汽车修 7,000 3,430 50 理,以及相关业务的咨询服务. 上海太平洋客运服务有限公司 有限责任公司 133048729 戎平涛 上海 跨省市旅客运输、代办跨省市客运业务等. 200 200 100 上海锦江高速客运有限公司 有限责任公司 631318058 许文忠 上海 省际道路旅客运输、高速公路旅客运输,代办省际道路 1,000 1,000 100 旅客运输、代办高速公路旅客运输等. 上海商旅投资咨询有限公司 有限责任公司 740586932 戎平涛 上海 投资咨询、企业管理咨询等. 1,600 1,600 100 上海浦东友谊汽车服务有限责任公司 有限责任公司 133700887 吴晓国 上海 汽车客运,汽车修理,汽车配件的销售.(涉及许可经营 561 493 87.83 的凭许可证经营). 上海锦江公共交通有限公司 有限责任公司 739026276 吴晓国 上海 市内公交客运,汽车配件及辅助产品的销售. 1,000 1,000 93.92 上海锦江汽车租赁有限公司 有限责任公司 13226636-1 沈正东 上海 汽车租赁. 330 330 100 上海中油锦友油品经营有限公司 有限责任公司 63165642-8 翁志雄 上海 油气站开发(专项凭许可证)、服务,附设市西分公司. 200 152 76 上海嘉定锦江汽车服务有限公司 有限责任公司 70328624-4 余国富 上海 出租汽车营运、汽车配件的批售,客车租赁(涉及许可 500 350 70 经营的凭许可证经营). 上海锦佳汽车贸易有限公司 有限责任公司 13382805-5 施根昌 上海 汽车(含小轿车)及配件的销售、汽车内装潢. 1,010 1,010 100 上海锦江丰田汽车销售服务有限公司 有限责任公司 76692464-5 华庆建 上海 汽车、品牌轿车销售及售后服务、汽车维修、汽车内装 1,000 700 70 潢、汽车技术信息服务,汽车配件的销售,二手车经 (涉及行政许可的凭许可经营). 上海锦振电子技术有限公司 有限责任公司 132284690 余国富 上海 计算机、通讯、电子技术领域内的科技咨询,技术开发、 80 80 100 转让、服务,销售维修电子器材. 上海花样年华广告有限公司 有限责任公司 13224869X 余国富 上海 承接各类广告设计、制作;承办出租车辆国内外广告发布 80 64 80 上海丰田汽车维修有限公司 有限责任公司 13263238-4 丁跃华 上海 汽车修理、汽车零部件. 85 85 100 上海振星出租汽车管理有限公司 有限责任公司 77328018X 吴晓国 上海 出租汽车个体工商户管理服务、汽车内部装饰(涉及许 10 100 100 可经营的凭许可证经营). 上海津悦汽车咨询服务有限公司 有限责任公司 77764224-8 丁跃华 上海 汽车咨询服务.汽车配件,装饰材料(除危险品) 零售. 30 30 100 (涉及许可经营的凭许可证经营). 上海锦江国际实业投资股份有限公司 -26 - 七、 合并财务报表范围 – 续 组织 本集团年末 本集团合计 名称 企业类型 机构代码 法人代表 注册地点 经营范围 注册资本 实际投资额 持股比例 人民币万元 人民币万元 % -通过同一控制下的企业合并取得的子公司(续) 上海锦茂汽车销售服务有限公司 (注2) 有限责任公司 784784332 龚文凯 上海 销售汽车(不含小轿车),汽车配件,日用百货;汽车修 1,020 510 50 理(一类) (汽修修理),汽车内装饰.(涉及行政许可的 凭许可证经营). 上海锦用汽车维修服务有限公司 有限责任公司 79707667-7 韩汇田 上海 汽车配件的销售(小型车辆维修),汽车装潢、开发、 1,000 800 80 技术咨询、技术服务、技术转让.(涉及行政许可的 凭行政许可证经营). 上海南浦大桥食品批发交易 市场经营管理有限公司 有限责任公司 76474583-8 丁志良 上海 为本市场内农副产品商品经营者提供市场管理服务.(以30 30 100 上范围涉及许可经营的凭许可证经营). 上海吴泾冷藏有限公司 一人有限责任公司 133306740 何为光 上海 储运:食品(不含熟食),货物储运,代客理货中转, 5,000 9,453 100 (法人独资) 商务信息咨询(除经纪),(涉及行政许可的凭许可证经营). 上海日冷食品有限公司(注1) 中外合资 607241011 王叶萍 上海 生产、销售加工的冷冻食品,包括中式点心、 日币 784 50 蔬菜、家禽、肉制品、水产加工食品及其他加工食品 41,000 万元 (涉及许可经营的凭许可经营证经营) 上海吴淞罗吉冷藏有限公司 一人有限责任公司 133401000 岑建荣 上海 道路货物运输(本单位普通货物):在港区内从事货物装 825 825 100 (法人独资) 卸、仓储经营;储运(含冷冻(冷藏)食品);五金加工; 货物存储;本单位空余场地出租. 本年度设立的子公司 上海锦江机动车驾驶员培训有限公司 有限责任公司(国有控股) 66938544-0 余国富 上海 普通机动车驾驶员培训.(涉及行政许可的,凭许可证经营) 500 500 100 大连锦江汽车租赁有限公司 有限责任公司 68300065-8 沈正东 大连 汽车租赁. 500 500 100 本年度非同一控制下的企业合并新增子公司 上海锦江耀华出租汽车有限公司(注3) 一人有限责任公司(法人独资) 132407486 余国富 上海 客运服务,停车站,汽车配件、日用百货销售 222 222 100 (原名上海耀华出租汽车有限公司) (涉及许可经营的凭许可证经营). 除注 1、注2外,本集团享有的表决权比例与持股比例一致. 注1:根据与其他投资者的协议,本集团拥有实际控制权,因此将其纳入合并财务报表的合并范围. 注2:根据公司章程规定,本集团享有表决权比例大于 50%,因此将其纳入合并财务报表的合并范围. 注3:本年度非同一控制下企业合并新增子公司于购买日及 2007 年末之财务状况、购买日至本年末经营成果及现金流量详见附注八、45. 除附注九及附注十、(5)外均为合并报表附注. 上海锦江国际实业投资股份有限公司 -27 - 八、 合并财务报表项目附注 1. 货币资金 年末数 年初数 原币金额 折算汇率 人民币元 原币金额 折算汇率 人民币元 现金 人民币 394,422.06 1.0000 394,422.06 477,878.58 1.0000 477,878.58 银行存款 人民币 609,200,437.63 1.0000 609,200,437.63 413,071,102.19 1.0000 413,071,102.19 美元 1,564.49 6.8346 10,692.66 37,540.96 7.3046 274,221.70 日元 276.88 0.0757 20.96 5,320,331.20 0.0641 341,033.23 合计 609,605,573.31 414,164,235.70 2. 应收账款 应收账款账龄分析如下: 账龄 年末数 年初数 金额 比例(%) 坏账准备 账面价值 金额 比例(%) 坏账准备 账面价值 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 1 年以内 42,346,487.23 100 391,427.12 41,955,060.11 45,427,188.11 100 423,939.21 45,003,248.90 应收账款年末余额中包括11,534,178.00日元 (年初数2,584,399.97日元) 和249,955.30美元 (年初数31,537.40美元). 应收账款按客户类别划分,均为其他不重大的款项. 应收账款坏账准备的变动如下: 2008 2007 人民币元 人民币元 年初数 423,939.21 471,694.39 本年计提额 156,668.01 191,821.05 本年转回数 (136,997.24) (20,292.50) 本年转销数 (52,182.86) (219,283.73) 年末数 391,427.12 423,939.21 欠款金额前五名情况如下: 前五名欠款总额 账龄 占应收账款总额比例 人民币元 % 5,254,235.08 一年以内 12.41 应收账款中无应收持有本集团 5%(含5%)以上表决权股份的股东单位款项. 上海锦江国际实业投资股份有限公司 -28 - 八、 合并财务报表项目附注 - 续3. 预付款项 预付款项账龄分析如下: 年末数 年初数 账龄 金额 比例 金额 比例 人民币元 % 人民币元 % 1 年以内 53,929,049.13 100 47,815,291.60 100 预付款项按客户类别披露如下: 类别 年末数 年初数 人民币元 人民币元 单项金额重大的款项 39,919,804.07 33,311,489.13 其他不重大的款项 14,009,245.06 14,503,802.47 合计 53,929,049.13 47,815,291.60 预付款项中无预付持有本集团 5%(含5%)以上表决权股份的股东单位款项. 4. 应收股利 年末数 年初数 人民币元 人民币元 1 年以内: 上海振东汽车服务有限公司 5,626,095.18 5,616,643.69 上海金茂锦江汽车服务有限公司 4,000,000.00 4,000,000.00 上海永达风度汽车销售服务有限公司 1,096,000.00 - 合计 10,722,095.18 9,616,643.69 5. 其他应收款 其他应收款账龄分析如下: 年末数 年初数 金额 比例(%) 坏账准备 账面价值 金额 比例(%) 坏账准备 账面价值 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 1 年以内 24,201,913.88 94 11,254.42 24,190,659.46 60,036,648.47 98 92,898.31 59,943,750.16 1 至2年1,247,171.28 5 - 1,247,171.28 1,002,508.70 2 - 1,002,508.70 2 至3年248,109.21 1 - 248,109.21 367,712.81 - - 367,712.81 3 年以上 133,354.60 - - 133,354.60 80,000.00 - - 80,000.00 合计 25,830,548.97 100 11,254.42 25,819,294.55 61,486,869.98 100 92,898.31 61,393,971.67 上海锦江国际实业投资股份有限公司 -29 - 八、 合并财务报表项目附注 - 续5. 其他应收款 – 续 其他应收款按类别披露如下: 年末数 年初数 类别 金额 比例(%) 坏账准备 账面价值 金额 比例(%) 坏账准备 账面价值 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 单项金额重大的款项 - - - - 40,102,500.00 65 - 40,102,500.00 其他不重大的款项 25,830,548.97 100 11,254.42 25,819,294.55 21,384,369.98 35 92,898.31 21,291,471.67 合计 25,830,548.97 100 11,254.42 25,819,294.55 61,486,869.98 100 92,898.31 61,393,971.67 其他应收款坏账准备的变动如下: 2008 2007 人民币元 人民币元 年初数 92,898.31 80,207.59 本年计提额 11,254.42 25,239.20 本年转回数 (92,898.31) (1,424.52) 本年转销数 - (11,123.96) 年末数 11,254.42 92,898.31 欠款金额前五名情况如下: 前五名欠款总额 账龄 占其他应收款总额比例 人民币元 % 9,138,882.65 一年以内 35.38 其他应收款余额中无应收持有本集团5%(含5%)以上表决权股份的股东单位款项. 6. 存货 类别 年末数 年初数 人民币元 人民币元 库存商品 36,138,295.17 29,920,361.85 备品备件 7,933,658.10 8,407,592.11 物料用品 2,521,874.60 3,291,605.26 食品饮料及其他 1,750,394.77 1,071,341.53 小计 48,344,222.64 42,690,900.75 减:减值准备 - - 存货总计 48,344,222.64 42,690,900.75 上海锦江国际实业投资股份有限公司 -30 - 八、 合并财务报表项目附注 – 续7. 其他流动资产 类别 年末数 年初数 人民币元 人民币元 持有待售之长期资产—固定资产 5,067,496.16 - 8. 可供出售金融资产 类别 年末 年初 公允价值 公允价值 人民币元 人民币元 可供出售权益工具 90,086,010.03 217,742,325.26 9. 长期股权投资 (1)长期股权投资详细情况如下: 初始 本期 本期 其他 被投资公司名称 投资额 年初数 权益调整 现金股利 减少 年末数 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 按权益法核算 上海日产汽车维修中心 5,643,011.57 5,663,111.63 64,794.74 (89,999.99) - 5,637,906.38 万国机动车驾驶培训中心 42,105,806.17 44,598,840.39 1,475,787.83 (3,330,000.00) - 42,744,628.22 上海锦江耀华出租汽车有限公司(注1) 425,188.23 上海市机动车驾驶员培训中心 33,105,611.21 33,350,683.16 2,448,238.89 (2,500,000.00) - 33,298,922.05 上海振东汽车服务有限公司 21,211,895.00 29,780,238.56 5,960,082.97 (5,626,095.18) - 30,114,226.35 上海金茂锦江汽车服务有限公司 16,940,000.00 28,117,843.60 3,680,528.16 (4,000,000.00) (685,789.46) 27,112,582.30 上海大众新亚出租汽车有限公司 84,628,129.42 98,949,996.90 11,220,674.02 (11,296,662.90) - 98,874,008.02 上海锦海捷亚国际货运有限公司 40,254,477.70 127,232,585.20 20,384,616.82 - - 147,617,202.02 上海永达风度汽车销售服务有限公司 6,000,000.00 10,460,104.66 550,489.12 (1,096,000.00) - 9,914,593.78 上海永达二手车经营有限公司 4,500,000.00 5,013,525.90 (614,870.34) - - 4,398,655.56 上海锦江客运有限公司 3,000,000.00 6,786,773.36 2,894,398.69 (2,557,295.65) - 7,123,876.40 上海锦江汽车销售服务有限公司 1,500,000.00 2,328,163.71 645,024.37 (403,878.60) - 2,569,309.48 上海锦江佳友汽车服务有限公司 14,614,900.00 23,390,551.10 4,625,437.50 (4,700,698.72) - 23,315,289.88 上海锦江佘山汽车服务有限公司 500,000.00 6,958,877.61 1,417,097.14 (1,350,070.54) - 7,025,904.21 上海石油集团长乐加油站有限公司 150,000.00 449,645.95 191,840.35 (59,976.93) - 581,509.37 江苏南京长途汽车客运集团有限公司 25,300,000.00 28,059,477.29 4,318,625.75 (2,575,652.05) - 29,802,450.99 上海浦东国际机场货运站有限公司 63,130,065.07 196,477,061.42 113,557,701.17 (124,546,996.34) - 185,487,766.25 世联锦江物流有限公司 3,012,675.00 1,614,812.60 (1,614,812.60) - - - 小计 366,021,759.37 649,232,293.04 171,205,654.58 (164,133,326.90) (685,789.46) 655,618,831.26 按成本法核算 上海东锦江大酒店有限公司 16,555,237.81 16,555,237.81 - - - 16,555,237.81 上海寰球纸制品有限公司 746,253.00 746,253.00 - - - 746,253.00 国泰君安证券股份有限公司 47,649,967.00 47,649,967.00 - - - 47,649,967.00 国泰君安投资管理股份有限公司 31,974,279.24 31,974,279.24 - - - 31,974,279.24 上海国嘉实业股份有限公司 650,000.00 650,000.00 - - - 650,000.00 山东国泰股份有限公司 555,000.00 555,000.00 - - - 555,000.00 上海爱建股份有限公司(注2) 6,300,000.00 6,300,000.00 - - (6,300,000.00) - 上海长途客运南站有限公司 7,500,000.00 7,500,000.00 - - - 7,500,000.00 上海新世纪运输有限公司 2,240,000.00 2,240,000.00 - - - 2,240,000.00 天津华联商厦股份有限公司 468,000.00 468,000.00 - - - 468,000.00 上海万国汽车修理厂(注3) 6,902,537.56 4,833,426.62 - - - 4,833,426.62 小计 121,541,274.61 119,472,163.67 - - (6,300,000.00) 113,172,163.67 合计 487,563,033.98 768,704,456.71 171,205,654.58 (164,133,326.90) (6,985,789.46) 768,790,994.93 减:减值准备 4,919,253.00 4,919,253.00 长期股权投资净额 763,785,203.71 763,871,741.93 上海锦江国际实业投资股份有限公司 -31 - 八、 合并财务报表项目附注 - 续9. 长期股权投资 – 续(1)长期股权投资详细情况如下: - 续注1:本年度被收购后改按子公司核算,详见附注八、45. 注2:本集团持有的原有限售条件的流通股现可上市流通,将其转入可供出售金融资产. 注3:上海万国汽车修理厂的清算已接近尾声,本集团管理层预计可收回投资金额不低 于账面价值. 长期股权投资减值准备变动如下: 被投资公司名称 年初数及年末数 人民币元 上海寰球纸制品有限公司 746,253.00 国泰君安投资管理股份有限公司 2,500,000.00 上海国嘉实业股份有限公司 650,000.00 天津华联商厦股份有限公司 468,000.00 山东国泰股份有限公司 555,000.00 合计 4,919,253.00 (2)合营企业及联营企业清单及其主要财务信息 占被投资 被投资 被投资 被投资单位 被投资 被投资 单位注册 单位年末 单位年末 本年营业 单位本年 单位名称 注册地 业务性质 注册资本 资本的比例 资产总额 负债总额 收入总额 净利润 人民币万元 人民币元 人民币元 人民币元 人民币元 合营企业 上海振东汽车服务 有限公司 上海 中外合资 790 万美元 50.00% 80,942,799.21 21,315,918.93 50,109,764.90 12,505,767.08 上海金茂锦江汽车 服务有限公司 上海 有限责任公司 2,200 50.00% 76,599,229.29 22,374,064.75 47,507,979.20 6,677,756.51 上海大众新亚出租 汽车有限公司 上海 有限责任公司 3,000 49.50% 192,490,905.41 32,884,462.11 129,036,968.45 23,418,624.36 上海锦海捷亚国际 货运有限公司 上海 中外合资 1,000 万美元 50.00% 532,145,571.59 235,471,910.20 2,622,724,485.85 39,908,367.07 上海锦江佳友汽车 服务有限公司 上海 有限责任公司 2,470 50.00% 61,865,833.23 15,235,253.49 48,152,722.79 9,079,546.23 其他合营企业(共3家) 221,471,729.03 59,136,553.59 101,794,758.05 21,476,081.71 联营企业 江苏南京长途汽车客运 集团有限公司 南京 有限责任公司 11,000 23.00% 725,841,255.01 480,406,308.78 471,080,214.04 18,776,633.68 上海浦东国际机场 货运站有限公司 上海 有限责任公司 19,161 20.00% 1,093,089,763.86 165,650,932.62 1,016,104,460.74 566,331,334.63 世联锦江物流 有限公司 上海 有限责任公司 1,000 万美元 25.00% 3,195,054.17 6,118,210.53 28,404.66 (9,361,256.88) 其他联营企业(共6家) 174,252,105.34 93,168,283.93 568,398,368.33 15,902,429.05 除上海大众新亚出租汽车有限公司外,本集团享有的表决权比例与持股比例一致.根据 公司章程,本集团对上海大众新亚出租汽车有限公司的表决权比例为 50%. (3)本集团于 2008 年12 月31 日持有的长期股权投资之被投资单位向本集团转移资金的能力 未受到限制. 上海锦江国际实业投资股份有限公司 -32 - 八、 合并财务报表项目附注 - 续10. 投资性房地产 房屋建筑物 土地使用权 合计 人民币元 人民币元 人民币元 原值 年初数 24,591,016.05 - 24,591,016.05 本年购置 59,187.84 - 59,187.84 自用转换为投资性房地产 2,551,742.82 12,946,774.80 15,498,517.62 27,201,946.71 12,946,774.80 40,148,721.51 累计折旧及累计摊销 年初数 2,652,112.58 - 2,652,112.58 本年计提额 510,601.62 260,709.05 771,310.67 自用转换为投资性房地产 600,526.97 258,935.47 859,462.44 年末数 3,763,241.17 519,644.52 4,282,885.69 减值准备 年初数及年末数 - - - 净额 年初数 21,938,903.47 - 21,938,903.47 年末数 23,438,705.54 12,427,130.28 35,865,835.82 上海锦江国际实业投资股份有限公司 -33 - 八、 合并财务报表项目附注 - 续11. 固定资产 (1)固定资产本年变动情况如下: 电子设备、 房屋建筑物 机器设备 器具及家具 营运车辆 运输设备 酒店改造 合计 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 原值 年初数 156,393,068.23 78,288,635.85 23,668,189.95 1,604,189,307.98 15,464,676.37 2,276,175.60 1,880,280,053.98 因购买子公司而增加 900,928.02 201,836.55 - 208,022.40 - - 1,310,786.97 本年购置 194,539.00 3,363,623.12 740,358.29 35,477,096.18 3,294,945.50 196,627.00 43,267,189.09 本年在建工程转入 295,096.94 483,287.28 166,358.00 172,743,351.50 - 1,294,018.71 174,982,112.43 因分类为投资性房地产而减少 (2,551,742.82)2,551,742.82) 因分类为持有待售资产而减少 - - - (56,584,701.04) - - (56,584,701.04) 本年减少额 (1,924,961.55) (1,193,745.74) (648,278.27) (256,006,705.59) (4,429,826.77) - (264,203,517.92) 年末数 153,306,927.82 81,143,637.06 23,926,627.97 1,500,026,371.43 14,329,795.10 3,766,821.31 1,776,500,180.69 累计折旧 年初数 42,766,736.21 49,209,182.11 14,268,712.98 905,260,971.86 8,502,154.34 347,368.66 1,020,355,126.16 因购买子公司而增加 60,738.48 174,086.79 - 5,247.98 - - 240,073.25 本年计提额 7,011,036.27 5,295,480.14 2,700,443.38 223,861,142.65 1,515,270.64 681,245.29 241,064,618.37 因分类为投资性房地产而减少 (600,526.97)600,526.97) 因分类为持有待售资产而减少 - - - (51,517,204.88) - - (51,517,204.88) 本年减少额 (900,492.97) (948,552.08) (616,365.80) (234,941,107.80) (3,310,573.66) - (240,717,092.31) 年末数 48,337,491.02 53,730,196.96 16,352,790.56 842,669,049.81 6,706,851.32 1,028,613.95 968,824,993.62 减值准备 年初数 1,980,444.87 87,610.45 47,633.34 - - - 2,115,688.66 本年转销 - (12,636.11) (8,650.62)21,286.73) 年末数 1,980,444.87 74,974.34 38,982.72 - - - 2,094,401.93 净额 年初数 111,645,887.15 28,991,843.29 9,351,843.63 698,928,336.12 6,962,522.03 1,928,806.94 857,809,239.16 年末数 102,988,991.93 27,338,465.76 7,534,854.69 657,357,321.62 7,622,943.78 2,738,207.36 805,580,785.14 注:截至 2008 年12 月31 日止,净值为人民币 12,155,966.74 元(年初数:人民币 14,418,465.10 元)的房屋建筑物尚未办理产权证明. 净值为人民币 5,196,275.20 元(年 初数:人民币 7,265,228.53 元)的房屋建筑物的产权人在产权证明中尚未更新,仍为 锦江低温物流黄浦分公司的前身原上海尚海食品有限公司. 12. 在建工程 本年完工 项目名称 年初数 本年增加额 转入固定资产 年末数 资金来源 人民币元 人民币元 人民币元 人民币元 未达使用状态之车辆 2,779,708.00 170,238,963.50 (172,743,351.50) 275,320.00 自筹 其他 1,247,656.71 3,078,284.22 (2,238,760.93) 2,087,180.00 自筹 合计 4,027,364.71 173,317,247.72 (174,982,112.43) 2,362,500.00 减:减值准备 - - 在建工程净值 4,027,364.71 2,362,500.00 上海锦江国际实业投资股份有限公司 -34 - 八、 合并财务报表项目附注 - 续13. 无形资产 土地使用权 出租车营运牌照 合计 人民币元 人民币元 人民币元 原值 年初数 108,218,594.00 36,689,431.35 144,908,025.35 因购买子公司而增加 - 12,107,000.00 12,107,000.00 因分类为投资性房地产而减少 (12,946,774.80) - (12,946,774.80) 年末数 95,271,819.20 48,796,431.35 144,068,250.55 累计摊销 年初数 1,677,427.44 6,030,352.12 7,707,779.56 本年计提额 1,079,580.11 - 1,079,580.11 因分类为投资性房地产而减少 (258,935.47) - (258,935.47) 年末数 2,498,072.08 6,030,352.12 8,528,424.20 减值准备 年初及年末数 - - - 净额 年初数 106,541,166.56 30,659,079.23 137,200,245.79 年末数 92,773,747.12 42,766,079.23 135,539,826.35 剩余摊销年限 26 年-无期限 无期限 土地使用权中有账面价值人民币 42,106,800.00 元系划拨用地,因划拨用地土地证中未明确 使用年限,故未予摊销.其中价值人民币 14,230,400.00 元的土地证产权人尚未更新,仍为 锦江低温物流黄浦分公司的前身原上海尚海食品有限公司. 本集团因购买子公司而增加的出租车营运牌照是以评估值作为入账依据,该出租车营运牌 照由上海东洲资产评估有限公司采用市场比较法进行评估. 14. 递延所得税资产 可抵扣暂时性差异 递延所得税资产 项目 年末数 年初数 年末数 年初数 人民币元 人民币元 人民币元 人民币元 固定资产折旧 - 598,977.68 - 149,744.42 资产减值准备 4,451,253.00 4,451,253.00 1,112,813.25 1,112,813.25 其他 2,712,355.64 3,001,822.77 678,292.33 750,708.53 合计 7,163,608.64 8,052,053.45 1,791,105.58 2,013,266.20 上海锦江国际实业投资股份有限公司 -35 - 八、 合并财务报表项目附注 - 续14. 递延所得税资产 - 续 以下可抵扣时间性差异和可抵扣亏损未确认递延所得税资产: 年末数 年初数 人民币元 人民币元 可抵扣亏损 4,036,635.62 4,055,097.54 可抵扣暂时性差异 2,497,083.47 2,632,526.18 合计 6,533,719.09 6,687,623.72 未确认递延所得税资产的可抵扣亏损将于以下年度到期: 年末数 年初数 人民币元 人民币元 2008 年-2,548,695.96 2009 年483,839.06 483,839.06 2011 年457,272.08 - 2012 年1,691,968.96 1,022,562.52 2013 年1,403,555.52 - 合计 4,036,635.62 4,055,097.54 15. 其他非流动资产 项目 年末数 年初数 人民币元 人民币元 预付投资款(注1) 15,262,988.76 20,268,938.76 应收长期垫付款(注2) 16,922,667.24 21,153,333.91 减:一年内到期的非流动资产 4,230,666.67 4,230,666.67 合计 27,954,989.33 37,191,606.00 注1: 其中人民币 15,262,988.76 元系预付国泰君安证券股份有限公司的投资款;年初数中 人民币 5,005,950.00 元系预付上海锦江机动车驾驶员培训有限公司的投资款. 注2:系无偿为上海浦东国际机场货运站有限公司垫付的货运站建筑物、 设备和场地租赁的 租金共计人民币 50,768,000.00 元.该款项由上海浦东国际机场货运站有限公司按 12 年进行等额分期偿还. 16. 资产减值准备 本年减少额 年初数 本年计提 本年转回数 本年转销数 年末数 人民币元 人民币元 人民币元 人民币元 人民币元 坏账准备 516,837.52 167,922.43 (229,895.55) (52,182.86) 402,681.54 长期股权投资减值准备 4,919,253.00 - - - 4,919,253.00 固定资产减值准备 2,115,688.66 - - (21,286.73) 2,094,401.93 合计 7,551,779.18 167,922.43 (229,895.55) (73,469.59) 7,416,336.47 上海锦江国际实业投资股份有限公司 -36 - 八、 合并财务报表项目附注 - 续17. 短期借款 年末数 年初数 人民币元 人民币元 票据贴现 20,000,000.00 - 信用借款 5,000,000.00 - 合计 25,000,000.00 - 18. 应付账款 应付账款中无应付持有本集团5%(含5%)以上表决权股份的股东单位或关联方的款项. 19. 预收款项 预收账款中无预收持有本集团5%(含5%)以上表决权股份的股东单位或关联方的款项. 20. 应付职工薪酬 项目 年初数 本年计提 本年支付 年末数 人民币元 人民币元 人民币元 人民币元 工资、奖金、津贴和补贴 6,369,278.50 223,709,178.28 222,520,892.90 7,557,563.88 职工福利费 42,458,604.36 4,223,885.62 16,588,273.02 30,094,216.96 社会保险费 5,625,227.45 101,173,650.13 98,015,073.86 8,783,803.72 其中:医疗保险费 559,570.65 30,640,413.01 28,746,315.44 2,453,668.22 基本养老保险费 4,394,645.08 61,650,473.64 60,541,153.34 5,503,965.38 失业保险费 540,302.63 6,134,331.66 6,019,898.07 654,736.22 工伤保险费 65,354.16 1,388,845.80 1,367,704.96 86,495.00 生育保险费 65,354.93 1,359,586.02 1,340,002.05 84,938.90 住房公积金 1,539,455.13 15,185,687.75 16,551,481.38 173,661.50 工会经费和职工教育经费 12,853,674.62 6,883,270.91 8,884,031.03 10,852,914.50 因解除劳动关系给予的补偿 - 3,174,010.20 3,174,010.20 - 内退职工补助 19,206,358.37 - 4,918,744.43 14,287,613.94 退休职工补助 12,207,838.90 - 1,490,250.42 10,717,588.48 合计 100,260,437.33 354,349,682.89 372,142,757.24 82,467,362.98 上海锦江国际实业投资股份有限公司 -37 - 八、 合并财务报表项目附注 - 续21. 应交税费 年末数 年初数 人民币元 人民币元 所得税 16,495,272.04 12,917,797.99 增值税 (148,063.59) (2,287,959.93) 营业税 3,527,204.05 3,153,580.01 其他 3,477,558.27 2,808,674.56 合计 23,351,970.77 16,592,092.63 22. 应付股利 年末数 年初数 原因 人民币元 人民币元 原法人股股利 21,338,065.35 22,084,908.80 尚未领取 少数股东股利 13,712,783.94 33,957,961.33 尚未领取 合计 35,050,849.29 56,042,870.13 23. 其他应付款 性质 年末数 年初数 人民币元 人民币元 押金及保证金 111,345,188.39 98,339,799.40 重组欠款 39,821,129.93 39,821,129.93 其他 118,006,509.23 97,516,390.20 合计 269,172,827.55 235,677,319.53 其中,账龄超过一年的主要系押金、保证金及重组欠款. 其他应付款中应付持有本集团 5%(含5%)以上表决权股份的股东单位或关联方的款项情况 如下: 股东名称 年末数 年初数 人民币元 人民币元 锦江国际(集团)有限公司 3,000,000.00 - 上海锦江国际实业投资股份有限公司 -38 - 八、 合并财务报表项目附注 - 续24. 递延所得税负债 暂时性差异项目 应纳税暂时性差异 递延所得税负债 年末数 年初数 年末数 年初数 人民币元 人民币元 人民币元 人民币元 可供出售金融资产 69,357,790.24 202,893,760.65 17,339,447.82 50,723,441.24 25. 其他非流动负债 类别 年末数 年初数 人民币元 人民币元 动迁补偿款 28,793,301.92 28,793,301.92 动迁安置费 23,068,643.92 23,944,216.72 递延收益 4,410,000.00 - 56,271,945.84 52,737,518.64 26. 股本 本公司注册及实收股本计 551,610,107.00 股,每股面值1元,股份种类及其结构如下: 2008年度 年初数(股) 本年增减(股) 年末数(股) 一、有限售条件的流通股份 1、国有法人持股 212,586,460 (27,580,505) 185,005,955 2、境内法人持股 8,215,067 (8,215,067) - 有限售条件的流通股合计 220,801,527 (35,795,572) 185,005,955 二、已上市流通股份 1、人民币普通股 169,758,548 35,795,572 205,554,120 2、境内上市的外资股(B 股) 161,050,032 - 161,050,032 已上市流通股份合计 330,808,580 35,795,572 366,604,152 三、股份总额 551,610,107 - 551,610,107 上海锦江国际实业投资股份有限公司 -39 - 八、 合并财务报表项目附注 - 续26. 股本 - 续2007年度 年初数(股) 本年增减(股) 年末数(股) 一、有限售条件的流通股份 1、国有法人持股 212,586,460 - 212,586,460 2、境内法人持股 121,519,855 (113,304,788) 8,215,067 有限售条件的流通股合计 334,106,315 (113,304,788) 220,801,527 二、已上市流通股份 1、人民币普通股 56,453,760 113,304,788 169,758,548 2、境内上市的外资股(B 股) 161,050,032 - 161,050,032 已上市流通股份合计 217,503,792 113,304,788 330,808,580 三、股份总额 551,610,107 - 551,610,107 2007年2月13日本集团第一次安排有限售条件(仅限股改形成)的流通股上市,上市数量为 113,304,788股,占本集团总股份比例为20.54%. 2008年2月13日本集团第二次安排有限售条件(仅限股改形成)的流通股上市,上市数量为 35,795,572股,占本集团总股份比例为6.49%. 27. 资本公积 2008 年度 项目 年初数 本年增加数 本年减少数 年末数 人民币元 人民币元 人民币元 人民币元 股本溢价 266,218,226.90 - - 266,218,226.90 其中:股东投入的资本 266,218,226.90 - - 266,218,226.90 其他资本公积 265,665,599.20 5,805,597.08 100,637,744.94 170,833,451.34 其中:分步实现的非同一控制 下企业合并调整(注1) - 5,805,597.08 - 5,805,597.08 被投资单位除净损益外所有者 权益其他变动 7,220.00 - - 7,220.00 可供出售金融资产公允价值 变动产生的利得或损失 151,764,313.69 99,986,244.95 51,778,068.74 原制度资本公积转入(注2) 113,894,065.51 - 651,499.99 113,242,565.52 合计 531,883,826.10 5,805,597.08 100,637,744.94 437,051,678.24 上海锦江国际实业投资股份有限公司 -40 - 八、 合并财务报表项目附注 - 续27. 资本公积 - 续2007 年度 项目 年初数 本年增加数 本年减少数 年末数 人民币元 人民币元 人民币元 人民币元 股本溢价 266,218,226.90 - - 266,218,226.90 其中:投资者投入的资本 266,218,226.90 - - 266,218,226.90 其他资本公积 137,075,083.39 150,848,890.17 22,258,374.36 265,665,599.20 其中:被投资单位除净损益外所有者 权益其他变动 7,220.00 - - 7,220.00 可供出售金融资产公允价值 变动产生的利得或损失 23,173,797.88 150,848,890.17 22,258,374.36 151,764,313.69 原制度资本公积转入(注2) 113,894,065.51 - - 113,894,065.51 合计 403,293,310.29 150,848,890.17 22,258,374.36 531,883,826.10 注1:详见附注八、29(1). 注2:可用于增资、冲减同一控制下企业合并产生的合并差额等. 28. 盈余公积 2008 年度 法定盈余公积 任意盈余公积 合计人民币元 人民币元 人民币元 年初余额 142,152,841.26 10,684,636.00 152,837,477.26 本年计提 30,757,207.50 - 30,757,207.50 年末余额 172,910,048.76 10,684,636.00 183,594,684.76 2007 年度 法定盈余公积 任意盈余公积 合计人民币元 人民币元 人民币元 年初余额 117,849,007.53 10,684,636.00 128,533,643.53 本年计提 24,303,833.73 - 24,303,833.73 年末余额 142,152,841.26 10,684,636.00 152,837,477.26 法定盈余公积可用于弥补公司的亏损,扩大公司生产经营或转增公司股本. 上海锦江国际实业投资股份有限公司 -41 - 八、 合并财务报表项目附注 - 续29. 未分配利润 2008 年2007 年 人民币元 人民币元 年初未分配利润 550,330,570.41 455,104,781.74 加:本年净利润 323,105,516.48 312,593,159.85 减:分步实现的非同一控制下企业合并调整 (1) 648,658.86 - 减:提取法定盈余公积 (2) 30,757,207.50 24,303,833.73 可供股东分配的利润 842,030,220.53 743,394,107.86 减:应付股利—股东大会 已批准的上年度现金股利 (3) 220,644,042.80 193,063,537.45 年末未分配利润 (4) 621,386,177.73 550,330,570.41 其中:资产负债表日后决议分配的利润 (5) 165,483,032.10 220,644,042.80 (1) 本集团本年度从第三方受让原合营企业上海锦江耀华出租汽车有限公司 50%的股权, 完 成分步实现的非同一控制下企业合并. 由于上海锦江耀华出租汽车有限公司在购买日与 原交易日之间存在原权益法下未确认的超额亏损, 因此在合并过程中相应调整未分配利 润;相对原持股比例部分于购买日与原交易日之间公允价值的变动调整资本公积. (2) 提取法定盈余公积 根据公司章程规定,法定盈余公积按净利润之 10%提取.公司法定盈余公积累计额为公 司注册资本 50%以上的,可不再提取. (3) 应付股利—股东大会已批准的上年度现金股利 于2008 年5月15 日经股东大会批准,本公司按已发行之股份 551,610,107 股(每股面值 人民币 1 元)计算,以每 10 股向全体股东派发现金红利 4 元(含税). (4) 子公司已提取的盈余公积 截止 2008 年12 月31 日,本集团未分配利润余额中包括子公司已提取的盈余公积为人 民币 216,238,652.76 元(2007 年12 月31 日:人民币 199,308,689.36 元) (5) 资本负债表日后决议的利润分配情况 根据董事会提议,2009 年度按已发行之股份 551,610,107 股(每股面值 1 元)计算,拟以 每10 股向全体股东派发现金红利 3 元(含税).上述股利分配方案尚待股东大会批准. 上海锦江国际实业投资股份有限公司 -42 - 八、 合并财务报表项目附注 - 续30. 少数股东权益 本集团子公司少数股东权益如下: 年末数 年初数 人民币元 人民币元 锦江汽车 128,643,175.38 117,689,310.53 物流管理 76,236,216.12 80,028,359.29 锦江低温物流 10,301,851.34 15,981,783.42 合计 215,181,242.84 213,699,453.24 31. 营业收入 本年累计数 上年累计数 人民币元 人民币元 主营业务 1,633,826,295.27 1,582,537,494.28 其中:车辆营运及相关业务 1,032,114,613.49 1,004,129,516.42 汽车销售业务 478,915,196.68 427,586,052.81 酒店及相关业务 21,786,507.04 20,200,744.24 低温物流及相关业务 101,009,978.06 130,621,180.81 其他业务 39,859,168.46 36,859,475.50 1,673,685,463.73 1,619,396,969.78 前五名客户营业收入总额为人民币63,181,975.73元(上年度:人民币105,364,778.77元),占营 业收入比例为4 %(上年度:6%). 32. 营业成本 本年累计数 上年累计数 人民币元 人民币元 主营业务 1,229,804,692.34 1,174,267,601.89 其中:车辆营运及相关业务 716,779,173.95 682,654,915.36 汽车销售业务 446,261,126.18 400,768,685.61 酒店及相关业务 3,613,460.40 3,872,017.11 低温物流及相关业务 63,150,931.81 86,971,983.81 其他业务 10,047,112.57 9,292,897.98 1,239,851,804.91 1,183,560,499.87 上海锦江国际实业投资股份有限公司 -43 - 八、 合并财务报表项目附注 - 续33. 营业税金及附加 税种 本年累计数 上年累计数 人民币元 人民币元 营业税 36,980,653.19 35,736,405.83 城市维护建设税 2,524,239.43 2,651,420.32 教育费附加及地方教育费附加 1,139,454.00 1,141,255.67 合计 40,644,346.62 39,529,081.82 34. 财务费用 本年累计数 上年累计数 人民币元 人民币元 利息支出 1,569,483.50 3,031,291.22 减:利息收入 12,442,905.50 9,746,682.36 汇兑差额 (869,228.80) 76,347.94 其他 874,455.22 524,527.59 (10,868,195.58) (6,114,515.61) 35. 资产减值损失 本年累计数 上年累计数 人民币元 人民币元 坏账损失 (61,973.12) 195,343.23 36. 投资收益 项目 本年累计数 上年累计数 人民币元 人民币元 长期股权投资 204,566,003.57 193,035,593.90 其中:按成本法核算的被投资单位宣告分派利润 24,378,440.93 2,631,293.85 按权益法确认收益 171,205,654.58 190,404,300.05 放弃增资权收益(注) 8,981,908.06 - 可供出售金融资产收益 8,837,214.18 18,769,344.27 其他 4,626,822.02 4,493,605.35 218,030,039.77 216,298,543.52 注:系放弃上海东锦江大酒店有限公司增资权而从锦江国际(集团) 有限公司取得的收益. 本集团的投资收益汇回不存在重大限制. 上海锦江国际实业投资股份有限公司 -44 - 八、 合并财务报表项目附注 – 续37. 营业外收入 本年累计数 上年累计数 人民币元 人民币元 处置固定资产净利得 16,366,137.81 14,237,856.26 政府补助(详见附注八、40) 16,945,289.00 6,627,256.23 罚款收入 1,407,051.34 1,262,418.43 其他 1,450,583.66 815,048.93 合计 36,169,061.81 22,942,579.85 38. 营业外支出 本年累计数 上年累计数 人民币元 人民币元 固定资产报废净损失 286,786.90 572,930.95 其他 99,128.80 58,898.77 合计 385,915.70 631,829.72 39. 所得税 本年累计数 上年累计数 人民币元 人民币元 当期所得税费用 39,038,735.69 26,862,706.85 递延所得税费用 222,160.62 2,881,849.56 购买国产设备抵税 (6,424,946.10) (4,195,352.29) 32,835,950.21 25,549,204.12 上海锦江国际实业投资股份有限公司 -45 - 八、 合并财务报表项目附注 - 续39. 所得税 - 续 所得税费用与会计利润的调节表如下: 本年累计数 上年累计数 人民币元 人民币元 会计利润 418,887,212.59 407,595,299.16 按18%的税率计算的所得税费用(上年度:15 %) 75,399,698.27 61,139,294.87 不可抵扣费用的纳税影响 375,539.60 1,042,361.68 无需缴税收入的纳税影响 (35,985,885.81) (29,629,379.89) 未确认可抵扣亏损和 可抵扣暂时性差异的纳税影响 321,145.82 350,539.58 利用以前年度未确认可抵扣亏损和 可抵扣暂时性差异的纳税影响 (395,444.51) (1,195,712.29) 税率调整导致递延所得税资产余额的变化 - (805,306.69) 汇算清缴差异 (444,901.67) (434,778.19) 购买国产设备抵税 (6,424,946.10) (4,195,352.29) 子公司税率不一致的影响 (9,255.39) (722,462.66) 所得税费用 32,835,950.21 25,549,204.12 40. 政府补助 本年累计数 上年累计数 人民币元 人民币元 收到的与资产相关的政府补助 新车购置补贴 5,040,000.00 - 收到的与收益相关的政府补助 财政返还 1,632,555.25 2,747,865.44 优惠乘车补贴(注) 4,777,222.98 - 油价补贴 5,985,200.00 3,018,000.00 线路优化补贴 3,596,922.00 630,500.00 其他财政拨款 323,388.77 230,890.79 合计 16,315,289.00 6,627,256.23 计入当期损益的政府补助 16,945,289.00 6,627,256.23 计入递延收益的政府补助 4,410,000.00 - 注:因本集团执行《关于实施地面公交、轨道交通优惠换乘及 70 岁以上老人优惠乘车方案 的通知》而收到的上海市城市交通管理局给予的经营性补贴. 上海锦江国际实业投资股份有限公司 -46 - 八、 合并财务报表项目附注 - 续41. 每股收益 计算基本每股收益时,归属于普通股股东的当期净利润为: 本年累计数 上年累计数 人民币元 人民币元 归属于普通股股东的当期净利润 323,105,516.48 312,593,159.85 计算基本每股收益时,分母为发行在外普通股加权平均数,计算过程如下: 本年累计数及上年累计数 年初发行在外的普通股股数及 年末发行在外的普通股加权数 551,610,107 注:本集团于 2008 年12 月31 日不存在稀释性潜在普通股. 每股收益 本年累计数 上年累计数 人民币元 人民币元 按归属于母公司股东的净利润计算: 基本每股收益 0.586 0.567 稀释每股收益 不适用 不适用 42. 扣除非经常性损益后的净利润 本年累计数 上年累计数 人民币元 人民币元 净利润 386,051,262.38 382,046,095.04 加(减):非经常性损益项目 —非流动资产处置损益 (25,061,258.97) (13,664,925.31) —计入当期损益的政府补助(注) (12,168,066.02) (6,627,256.23) —计入当期损益的对非金融企业收取的资金占用费 (4,073,781.58) (314,113.88) —单独进行减值测试的应收款项减值准备转回 (229,895.55) - —处置金融资产取得的投资收益 (10,968,517.00) (22,384,487.18) —除上述各项之外的其他营业外收支净额 (2,758,506.20) (2,018,568.59) 非经常性损益的所得税影响数 10,104,740.97 6,756,367.55 扣除非经常性损益后的净利润 340,895,978.03 343,793,111.40 其中: 归属于母公司股东的净利润 280,464,106.78 275,387,919.60 归属于少数股东的净利润 60,431,871.25 68,405,191.80 注:未包括优惠乘车补贴,详见附注八、40. 上述非经常性损益系按照中国证券监督管理委员会《公开发行证券的公司信息披露解释性 公告第 1 号—非经常性损益(2008)》 (证监会公告[2008]43 号)的要求披露, 并重述对比信息. 上海锦江国际实业投资股份有限公司 -47 - 八、 合并财务报表项目附注 - 续43. 现金流量表补充资料 本年累计数 上年累计数 人民币元 人民币元 (1)将净利润调节为经营活动现金流量: 净利润 386,051,262.38 382,046,095.04 加:资产减值准备 (61,973.12) 195,343.23 固定资产折旧 241,064,618.37 252,527,837.69 无形资产摊销 1,079,580.11 1,331,421.44 投资性房地产折旧及摊销 771,310.67 - 长期待摊费用摊销 12,955.76 106,069.87 处置固定资产、无形资产和其他 长期资产的收益 (16,366,137.81) (14,237,856.26) 固定资产报废损失 286,786.90 572,930.95 财务费用 1,569,483.50 3,031,291.22 投资收益 (218,030,039.77) (216,298,543.52) 递延所得税资产减少 222,160.62 2,881,849.56 存货的增加 (5,653,321.89) (5,270,795.57) 经营性应收项目的减少(减增加) 39,078,357.77 (53,754,480.30) 经营性应付项目的减少 (3,344,584.94) (8,809,665.79) 经营活动产生的现金流量净额 426,680,458.55 344,321,497.56 (2)现金及现金等价物净变动情况: 现金的年末余额 609,605,573.31 414,164,235.70 减:现金的年初余额 414,164,235.70 371,417,877.44 现金及现金等价物净增加额 195,441,337.61 42,746,358.26 44. 其他与投资活动有关的现金流量 本年累计数 上年累计数 人民币元 人民币元 收回其他非流动资产 4,230,666.67 4,230,666.67 收到上海万国汽车修理厂动迁款(注) 18,585,231.21 - 收到其他与投资活动有关的现金 22,815,897.88 4,230,666.67 注:截至 2008 年12 月31 日,该动迁款尚未缴纳土地增值税和所得税. 上海锦江国际实业投资股份有限公司 -48 - 八、 合并财务报表项目附注 - 续45. 企业合并 本集团作为非同一控制下企业的合并方. 2008 年度,本集团发生非同一控制下的企业合并的基本情况如下: 本集团本年度从第三方受让原合营企业上海锦江耀华出租汽车有限公司 50%的股权,于2008 年2月28 日完成企业合并. (1)被合并方基本情况: 被合并方的基本情况详见附注七. (2)被合并方主要财务信息: 购买日 2007 年12 月31 日 账面价值 公允价值 账面价值 公允价值 人民币元 人民币元 人民币元 人民币元 可辨认资产: 流动资产 2,655.93 2,655.93 15,216.81 15,216.81 非流动资产 1,070,713.72 13,177,713.72 871,023.41 12,978,023.41 -固定资产 1,070,713.72 1,070,713.72 871,023.41 871,023.41 -无形资产 - 12,107,000.00 - 12,107,000.00 小计 1,073,369.65 13,180,369.65 886,240.22 12,993,240.22 可辨认负债: 流动负债 2,323,657.65 2,323,657.65 1,697,554.93 1,697,554.93 净资产合计 (1,250,288.00) 10,856,712.00 (811,314.71) 11,295,685.29 本次购买股权比例 50% 本次购买的所有者权益 5,428,356.00 减:收购对价 5,428,356.00 商誉/购买折价 - 本集团以现金支付合并对价,所支付对价为人民币 5,428,356.00 元. 金额 人民币元 作为合并对价的现金和现金等价物 5,428,356.00 减:被合并子公司持有的现金和现金等价物 1,329.66 取得子公司支付的现金和现金等价物 5,427,026.34 上海锦江国际实业投资股份有限公司 -49 - 八、 合并财务报表项目附注 – 续45. 企业合并 – 续(2)被合并方主要财务信息: – 续 购买日为合并方上海锦江汽车服务有限公司实际取得被合并方上海锦江耀华出租汽车有限 公司控制权的日期.即被合并方上海锦江耀华出租汽车有限公司的净资产和生产经营决策 的控制权转移给合并方上海锦江汽车服务有限公司的日期. (3)被合并方自购买日至合并当期期末的经营成果及现金净流量: 购买日至合并当期期末 人民币元 营业收入 1,278,300.00 营业成本及费用 839,060.86 利润总额 452,099.14 净利润 452,099.14 经营活动现金净流量 608,219.64 投资活动现金净流量 (3,479,732.60) 筹资活动现金净流量 3,391,903.25 现金及现金等价物净增加额 520,390.29 上海锦江国际实业投资股份有限公司 -50 - 八、 合并财务报表项目附注 – 续46. 分部报告 因为风险和报酬主要受产品和劳务差异影响,本集团将业务分部作为主要报告形式,由于本集团 95%以上业务和经营资产均在上海,故无 地区分部. 主要报告形式-业务分部 车辆营运及相关业务 汽车销售业务 酒店及相关业务 低温物流业务 未分配项目 分部间相互抵消 合计 本年 上年 本年 上年 本年 上年 本年 上年 本年 上年 本年 上年 本年 上年 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 营业收入 对外交易收入 1,032,114,613.49 1,004,129,516.42 478,915,196.68 427,586,052.81 21,786,507.04 25,412,269.53 101,009,978.06 130,621,180.81 39,859,168.46 31,647,950.21 - - 1,673,685,463.73 1,619,396,969.78 分部间交易收入 营业收入合计 1,032,114,613.49 1,004,129,516.42 478,915,196.68 427,586,052.81 21,786,507.04 25,412,269.53 101,009,978.06 130,621,180.81 39,859,168.46 31,647,950.21 - - 1,673,685,463.73 1,619,396,969.78 营业费用 915,692,233.23 870,694,059.38 467,301,235.43 419,261,300.84 31,296,983.17 37,376,642.33 94,825,565.32 119,619,020.02 10,425,588.57 9,379,114.08 - - 1,519,541,605.72 1,456,330,136.65 营业利润 116,422,380.26 133,435,457.04 11,613,961.25 8,324,751.97 (9,510,476.13) (11,964,372.80) 6,184,412.74 11,002,160.79 29,433,579.89 22,268,836.13 - - 154,143,858.01 163,066,833.13 资产总额 1,056,869,304.30 1,019,193,255.19 122,933,128.42 86,219,432.10 131,401,438.72 150,181,847.20 228,082,715.49 235,857,411.62 1,123,543,310.94 1,175,287,768.87 - - 2,662,829,897.87 2,666,739,714.98 负债总额 421,145,173.07 410,155,095.60 50,855,887.47 44,430,400.70 8,695,123.05 10,748,097.83 108,118,059.48 126,786,690.63 65,191,764.23 74,257,996.21 - - 654,006,007.30 666,378,280.97 补充信息: 折旧和摊销费用 229,894,773.34 240,990,851.68 986,484.45 904,643.44 3,672,674.08 3,218,204.25 8,374,533.04 8,801,310.85 - 50,318.78 - - 242,928,464.91 253,965,329.00 当期确认的减值损失 - (20,292.50) - - - 886.62 (61,973.12) 214,749.11 61,973.12) 195,343.23 资本性支出 209,370,926.25 187,452,955.33 1,404,927.00 877,722.07 831,326.00 3,475,747.71 4,977,257.56 3,413,744.97 - - - - 216,584,436.81 195,220,170.08 其中:在建工程支出 171,461,960.30 148,674,891.99 - - 124,340.00 2,141,905.81 1,730,947.42 439,777.70 - - - - 173,317,247.72 151,256,575.50 购置固定资产支出 37,908,965.95 37,578,063.34 1,404,927.00 877,722.07 706,986.00 1,333,841.90 3,246,310.14 2,973,967.27 - - - - 43,267,189.09 42,763,594.58 购置无形资产支出 - 1,200,000.00 1,200,000.00 分部会计政策与合并财务报表会计政策一致. 分部收入和分部费用按各分部的实际收入和费用确定. 上海锦江国际实业投资股份有限公司 -51 - 九、 母公司财务报表主要项目注释 1. 其他应收款 其他应收款账龄分析如下: 年末数 年初数 金额 比例(%) 坏账准备 账面价值 金额 比例(%) 坏账准备 账面价值 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 1 年以内 3,947,374.01 9 - 3,947,374.01 18,184,500.00 31 - 18,184,500.00 1 至2年18,184,500.00 41 - 18,184,500.00 35,000,000.00 59 - 35,000,000.00 2 至3年22,000,100.00 50 - 22,000,100.00 6,330,184.68 10 - 6,330,184.68 合计 44,131,974.01 100 - 44,131,974.01 59,514,684.68 100 - 59,514,684.68 其他应收款按类别披露如下: 年末数 年初数 类别 金额 比例(%) 坏账准备 账面价值 金额 比例(%) 坏账准备 账面价值 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 单项金额重大的款项 43,211,517.97 98 - 43,211,517.97 59,315,733.28 100 - 59,315,733.28 其他不重大的款项 920,456.04 2 - 920,456.04 198,951.40 - - 198,951.40 合计 44,131,974.01 100 - 44,131,974.01 59,514,684.68 100 - 59,514,684.68 欠款金额前五名情况如下: 前五名欠款金额 账龄 占其他收账款总额比例 人民币元 % 3,727,017.97 1年以内 8.45 18,184,500.00 1至2年41.20 22,000,000.00 2至3年49.85 其他应收款余额中无应收持有本公司5%以上表决权股份的股东的款项. 2. 可供出售金融资产 类别 年末 年初 公允价值 公允价值 人民币元 人民币元 可供出售权益工具 77,283,466.46 189,965,217.00 上海锦江国际实业投资股份有限公司 -52 - 九、 母公司财务报表主要项目注释 – 续3. 长期股权投资 (1) 长期股权投资详细情况如下: 初始 年初数 本期 本期 其他 年末数 被投资公司名称 投资额 成本 权益调整 现金股利 减少 成本 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 按权益法核算 上海大众新亚出租汽车有限公司 84,628,129.42 98,949,996.92 11,220,674.02 (11,296,662.90) - 98,874,008.04 上海锦海捷亚国际货运有限公司 40,254,477.70 127,232,585.20 20,384,616.82 - - 147,617,202.02 世联锦江物流有限公司 3,012,675.00 1,614,812.60 (1,614,812.60) - - - 小计 127,895,282.12 227,797,394.72 29,990,478.24 (11,296,662.90) - 246,491,210.06 按成本法核算 上海锦海捷亚物流管理有限公司 52,000,000.00 52,000,000.00 - - - 52,000,000.00 上海锦江汽车服务有限公司 538,135,811.60 538,135,811.60 - - - 538,135,811.60 上海锦江国际低温物流有限公司 95,000,000.00 95,000,000.00 - - - 95,000,000.00 上海东锦江大酒店有限公司 16,555,237.81 16,555,237.81 - - - 16,555,237.81 上海寰球纸制品有限公司 746,253.00 746,253.00 - - - 746,253.00 国泰君安证券股份有限公司 47,649,967.00 47,649,967.00 - - - 47,649,967.00 国泰君安投资管理股份有限公司 31,974,279.24 31,974,279.24 - - - 31,974,279.24 上海国嘉实业股份有限公司 650,000.00 650,000.00 - - - 650,000.00 山东国泰股份有限公司 555,000.00 555,000.00 - - - 555,000.00 上海爱建股份有限公司(注) 6,300,000.00 6,300,000.00 - - (6,300,000.00) - 小计 789,566,548.65 789,566,548.65 - - (6,300,000.00) 783,266,548.65 合计 917,461,830.77 1,017,363,943.37 29,990,478.24 (11,296,662.90) (6,300,000.00) 1,029,757,758.71 减:减值准备 (4,451,253.00) (4,451,253.00) 长期股权投资净额 1,012,912,690.37 1,025,306,505.71 注:本公司持有的原有限售条件的流通股现可上市流通,将其转入可供出售金融资产. 长期股权投资减值准备变动如下: 被投资公司名称 年初数及年末数 人民币元 上海寰球纸制品有限公司 746,253.00 国泰君安投资管理股份有限公司 2,500,000.00 上海国嘉实业股份有限公司 650,000.00 山东国泰股份有限公司 555,000.00 合计 4,451,253.00 (2) 本公司于 2008 年12 月31 日持有的长期股权投资之被投资单位向本公司转移资金的能 力未受到限制. 上海锦江国际实业投资股份有限公司 -53 - 九、 母公司财务报表主要项目注释 – 续4. 固定资产 固定资产本年变动情况如下: 电子设备、 房屋建筑物 机器设备 器具及家具 运输设备 酒店改造 合计 人民币元 人民币元 人民币元 人民币元 人民币元 人民币元 原值 年初数 60,685,578.11 4,843,968.10 4,901,059.97 160,223.90 2,276,175.60 72,867,005.68 本年购置 - 453,819.00 56,540.00 - 196,627.00 706,986.00 本年在建工程转入 - - 77,978.00 - 1,294,018.71 1,371,996.71 本年减少额 (450,000.00)450,000.00) 年末数 60,235,578.11 5,297,787.10 5,035,577.97 160,223.90 3,766,821.31 74,495,988.39 累计折旧 年初数 17,315,066.85 1,765,850.68 2,544,965.53 60,084.00 347,368.66 22,033,335.72 本年计提额 1,583,163.72 347,149.46 678,072.46 36,050.40 681,245.29 3,325,681.33 本年减少额 (132,107.73)132,107.73) 年末数 18,766,122.84 2,113,000.14 3,223,037.99 96,134.40 1,028,613.95 25,226,909.32 减值准备 年初及年末数 净额 年初数 43,370,511.26 3,078,117.42 2,356,094.44 100,139.90 1,928,806.94 50,833,669.96 年末数 41,469,455.27 3,184,786.96 1,812,539.98 64,089.50 2,738,207.36 49,269,079.07 5. 在建工程 本年完工 项目名称 年初数 本年增加额 转入固定资产 年末数 资金来源 人民币元 人民币元 人民币元 人民币元 酒店改造 1,247,656.71 46,362.00 (1,294,018.71) - 自筹 其他 - 77,978.00 (77,978.00) - 自筹 合计 1,247,656.71 124,340.00 (1,371,996.71) - 减:减值准备 - - 在建工程净值 1,247,656.71 - 6. 递延所得税资产 可抵扣暂时性差异 递延所得税资产 项目 年末数 年初数 年末数 年初数 人民币元 人民币元 人民币元 人民币元 资产减值准备 4,451,253.00 4,451,253.00 1,112,813.25 1,112,813.25 其他 2,712,355.64 3,001,822.77 678,292.33 750,708.54 合计 7,163,608.64 7,453,075.77 1,791,105.58 1,863,521.79 7. 其他非流动资产 年末数及年初数 人民币元 预付投资款 15,262,988.76 系预付国泰君安证券股份有限公司的投资款. 上海锦江国际实业投资股份有限公司 -54 - 九、 母公司财务报表主要项目注释 – 续8. 应付职工薪酬 项目 年初数 本年计提 本年支付 年末数 人民币元 人民币元 人民币元 人民币元 工资、奖金、津贴和补贴 3,449,500.00 9,224,559.81 11,006,892.81 1,667,167.00 职工福利费 103,450.98 451,114.68 554,565.66 - 社会保险费 74,154.50 1,449,686.24 1,523,840.74 - 其中:医疗保险费 202.50 470,167.90 470,370.40 - 基本养老保险费 73,854.70 861,976.13 935,830.83 - 失业保险费 97.30 78,361.47 78,458.77 - 工伤保险费 - 19,590.37 19,590.37 - 生育保险费 - 19,590.37 19,590.37 - 住房公积金 3,855.00 265,692.64 269,547.64 - 工会经费和职工教育经费 180,495.82 270,669.76 158,806.62 292,358.96 内退员工补助 3,001,822.77 - 289,467.13 2,712,355.64 合计 6,813,279.07 11,661,723.13 13,803,120.60 4,671,881.60 9. 资本公积 2008 年度 项目 年初数 本年增加数 本年减少数 年末数 人民币元 人民币元 人民币元 人民币元 股本溢价 266,218,226.90 - - 266,218,226.90 其中:股东投入的资本 266,218,226.90 - - 266,218,226.90 其他资本公积 247,384,379.38 - 88,921,053.47 158,463,325.91 其中:可供出售金融资产公允价值 变动产生的利得或损失 133,536,943.37 88,921,053.47 44,615,889.90 原制度资本公积转入(注) 113,847,436.01 - - 113,847,436.01 合计 513,602,606.28 - 88,921,053.47 424,681,552.81 2007 年度 项目 年初数 本年增加数 本年减少数 年末数 人民币元 人民币元 人民币元 人民币元 股本溢价 266,218,226.90 - - 266,218,226.90 其中:股东投入的资本 266,218,226.90 - - 266,218,226.90 其他资本公积 132,656,651.20 135,415,600.60 20,687,872.42 247,384,379.38 其中:可供出售金融资产公允价值 变动产生的利得或损失 18,809,215.19 135,415,600.60 20,687,872.42 133,536,943.37 原制度资本公积转入(注) 113,847,436.01 - - 113,847,436.01 合计 398,874,878.10 135,415,600.60 20,687,872.42 513,602,606.28 注:可用于增资、冲减同一控制下企业合并产生的合并差额等. 上海锦江国际实业投资股份有限公司 -55 - 九、 母公司财务报表主要项目注释 – 续10. 未分配利润 2008 年2007 年 人民币元 人民币元 年初未分配利润 232,059,581.84 206,388,615.68 加:本年净利润 307,572,075.01 243,038,337.34 减:提取法定盈余公积 (1) 30,757,207.50 24,303,833.73 可供股东分配的利润 508,874,449.35 425,123,119.29 减:应付股利—股东大会 已批准的上年度现金股利 (2) 220,644,042.80 193,063,537.45 年末未分配利润 288,230,406.55 232,059,581.84 其中:资产负债表日后决议分配的利润 (3) 165,483,032.10 220,644,042.80 (1) 提取法定盈余公积 根据公司章程规定,法定盈余公积按净利润之 10%提取.公司法定盈余公积累计额为 公司注册资本 50%以上的,可不再提取. (2) 应付股利—股东大会已批准的上年度现金股利 于2008 年5月15 日经股东大会批准, 本公司按已发行之股份 551,610,107 股(每股面值 人民币 1 元)计算,以每 10 股向全体股东派发现金红利 4 元(含税). (3) 资本负债表日后决议的利润分配情况 根据董事会提议,2009 年度按已发行之股份 551,610,107 股(每股面值 1 元)计算,拟以 每10 股向全体股东派发现金红利 3 元(含税).上述股利分配方案尚待股东大会批准. 11. 营业收入 本年累计数 上年累计数 人民币元 人民币元 酒店及相关业务 21,786,507.04 20,200,744.24 前五名客户营业收入总额为人民币1,562,634.00元(上年度:人民币1,968,740.00元),占营业 收入比例为7%(上年度:9%). 上海锦江国际实业投资股份有限公司 -56 - 九、 母公司财务报表主要项目注释 – 续12. 营业成本 本年累计数 上年累计数 人民币元 人民币元 酒店及相关业务 3,613,460.40 3,872,017.11 13. 投资收益 项目 本年累计数 上年累计数 人民币元 人民币元 长期股权投资 299,852,188.56 229,944,415.49 其中:按成本法核算的被投资单位宣告分派利润 260,879,802.26 204,577,592.02 按权益法确认收益 29,990,478.24 31,367,805.76 处置长期股权投资收益 - (6,000,982.29) 放弃增资权收益(注) 8,981,908.06 - 处置可供出售金融资产收益 8,837,214.18 17,184,546.37 其他 4,568,515.32 3,748,977.82 313,257,918.06 250,877,939.68 注:系放弃上海东锦江大酒店有限公司增资权而从锦江国际(集团)有限公司取得的收益. 本公司的投资收益汇回不存在重大限制. 14. 现金流量表补充资料 本年累计数 上年累计数 人民币元 人民币元 (1)将净利润调节为经营活动现金流量: 净利润 307,572,075.01 243,038,337.34 加:资产减值准备 - 886.62 固定资产及投资性房地产折旧 3,768,037.81 3,231,794.56 无形资产摊销 36,744.00 36,744.00 处置固定资产、无形资产和其他 长期资产的损失 - 4,251.07 投资收益 (313,257,918.06) (250,877,939.68) 递延所得税资产减少(减增加) 72,416.21 (1,195,712.29) 存货的减少 35,494.56 75,341.30 经营性应收项目的减少(减增加) (296,367.50) 4,744,662.41 经营性应付项目的增加 351,192.69 2,326,017.04 经营活动产生的现金流量净额 (1,718,325.28) 1,384,382.37 上海锦江国际实业投资股份有限公司 -57 - 九、 母公司财务报表主要项目注释 – 续14. 现金流量表补充资料 – 续 本年累计数 上年累计数 人民币元 人民币元 (2)现金及现金等价物净变动情况: 现金的年末余额 260,262,892.62 173,151,156.98 减:现金的年初余额 173,151,156.98 100,583,087.96 现金及现金等价物净增加额 87,111,735.64 72,568,069.02 十、 关联方关系及其交易 (1)存在控制关系的关联方 法人 企业 组织机构 持股 关联方名称 代表 类型 代码 注册地址 业务性质 注册资本 比例 人民币千元 锦江国际(集团)有限 俞敏亮 有限责任 13222031-2 中国上海 国有资产经营与管理,企2,000,000 38.54% 公司("锦江集团") 公司(国 业投资及管理,饭店管理, 有独资) 游乐业配套服务,国内贸 易,物业管理,自有办 公楼、公寓租赁,产权纪 经及相关项目咨询. 锦江集团享有的表决权比例与持股比例一致. (2)子公司相关信息详见附注七所述. (3)与本集团发生交易但不存在控制关系的其他关联方如下: 关联方关系 上海锦江饭店有限公司 控股股东之子公司 上海锦江旅游有限公司 控股股东之子公司 上海锦江国际酒店物品有限公司 控股股东之子公司 上海旅行社有限公司 控股股东之子公司 上海国旅国际旅行社股份有限公司 控股股东之子公司 上海食品(集团)有限公司 控股股东之子公司 上海华亭海外旅游公司 控股股东之子公司 上海锦江国际旅游股份有限公司 控股股东之子公司 锦江之星旅馆有限公司 控股股东之子公司 锦江国际集团(香港)有限公司 控股股东之子公司 以上各公司统称锦江集团下属公司 上海锦江国际实业投资股份有限公司 -58 - 十、 关联方关系及其交易 – 续(3)与本集团发生交易但不存在控制关系的其他关联方如下: – 续 关联方关系 上海万国汽车修理厂 注1上海锦江耀华出租汽车有限公司 注2上海锦海捷亚国际货运有限公司 合营企业 上海振东汽车服务有限公司 子公司之合营公司 上海金茂锦江汽车服务有限公司 子公司之合营公司 上海锦江汽车销售服务有限公司 子公司之联营公司 上海锦江客运有限公司 子公司之联营公司 上海石油集团长乐路加油站有限公司 子公司之联营公司 上海万国机动车驾驶员培训中心 子公司之联营公司 上海锦江佳友汽车服务有限公司 子公司之联营公司 上海锦江佘山汽车服务有限公司 子公司之联营公司 上海永达风度汽车销售服务有限公司 子公司之联营公司 上海浦东国际机场货运站有限公司 子公司之联营公司 注1:参见附注八、9(1)注3. 注2:于本年度收购日之前为本集团之合营公司. (4)本集团与关联方在本年度发生了如下重大关联交易: (a)定价原则 根据本集团与各关联方签定的有关综合服务协议、产品购销合同等协议的规定定价. (b)销售、运费收入及采购 向关联方销售、提供营运服务及采购货物有关明细资料如下: 关联方名称 性质本年累计数 上年累计数 人民币元 人民币元 锦江集团 车辆营运业务收入 554,469.00 - 锦江集团下属公司 车辆营运业务收入 6,936,162.00 10,177,866.90 酒店及相关业务收入 - 1,062,517.83 低温物流相关收入 123,600.00 111,600.00 上海锦江汽车销售服务有限公司 车辆营运业务收入 356,405.00 74,188.03 上海锦江客运有限公司 车辆营运业务收入 - 35,211.11 上海金茂锦江汽车有限公司 车辆营运业务收入 - 103,627.85 上海锦江佳友汽车服务有限公司 车辆营运业务收入 81,837.80 1,369,606.83 上海锦江佘山汽车服务有限公司 车辆营运业务收入 161,571.91 322,455.59 8,214,045.71 13,257,074.14 上海锦江国际实业投资股份有限公司 -59 - 十、 关联方关系及其交易 – 续(4)与关联方在本年度发生了如下重大关联交易: – 续(b)销售、运费收入及采购 – 续 向关联方销售、提供营运服务及采购货物有关明细资料如下: 关联方名称 性质本年累计数 上年累计数 人民币元 人民币元 锦江集团下属公司 采购物品 361,094.29 512,040.53 (c)向关联方购置资产有关明细资料如下: 关联方名称 性质本年累计数 上年累计数 人民币元 人民币元 锦江集团下属公司 购置固定资产 - 190,920.00 上海锦江汽车销售服务有限公司 购置固定资产 37,155,208.00 66,243,333.33 锦江集团下属公司 购买出租车营运牌照 - 1,200,000.00 (d)资金拆借 本集团与关联方之间的资金拆借明细资料如下: 年利率 本年净发生额 本年年末余额 上年净发生额 上年年末余额 % 人民币元 比例(%) 人民币元 比例(%) 人民币元 比例(%) 人民币元 比例(%) 借出 上海锦江汽车销售服务有限公司 6.72 (2,000,000.00) 53 - - - - 2,000,000.00 8 上海金茂锦江汽车服务有限公司 6.72 3,500,000.00 (93) 3,500,000.00 17 (5,500,000.00) 57 - - 上海锦江耀华出租 汽车有限公司(注) 7.47 (1,040,000.00) 28 - - - - 1,040,000.00 4 上海永达风度汽车 销售服务有限公司 6.57 上海浦东国际机场 货运站有限公司 - (4,230,666.67) 112 16,922,667.24 83 (4,230,666.67) 43 21,153,333.91 88 (3,770,666.67) 100 20,422,667.24 100 (9,730,666.67) 100 24,193,333.91 100 注:系因购买子公司而变动. (e)其他交易 关联方名称 性质本年累计数 上年累计数 人民币元 人民币元 应支付之费用 锦江集团 房屋租赁费 3,628,587.00 4,678,232.00 锦江集团下属公司 管理费用 623,458.00 455,748.64 上海锦江国际实业投资股份有限公司 -60 - 十、 关联方关系及其交易 – 续(4)与关联方在本年度发生了如下重大关联交易: – 续(e)其他交易 – 续 本集团租赁锦江集团的部分房屋到期后不再支付租金.如按原合同价格计算,本年度 应计的租金为人民币 1,040,000.00 元. 应支付给锦江集团及其下属公司的管理费以酒店经营收入的 2%和酒店经营利润的 4% 计算加总,作为其提供服务的酬劳,服务包括一般行政、市场推广及采购等. 关联方名称 性质本年累计数 上年累计数 人民币元 人民币元 应收取之收入 上海市机动车驾驶员培训中心 房租收入 498,300.00 - 上海锦江汽车销售服务有限公司 房租收入 - 1,598,652.00 上海石油集团长乐路加油站有限公司 房租收入 - 200,000.00 上海万国机动车驾驶员培训中心 房租收入 - 2,500,000.00 上海锦江佘山汽车服务有限公司 房租收入 - 55,008.00 锦江集团 注18,981,908.06 - 锦江集团 利息收入(注2) 3,394,129.36 - 上海永达风度汽车销售服务有限公司 利息收入 67,625.00 - 上海锦江汽车销售服务有限公司 利息收入 33,600.00 112,576.59 上海金茂锦江汽车服务有限公司 利息收入 565,479.22 137,001.50 上海锦江耀华出租汽车有限公司 利息收入 12,948.00 64,535.79 注1:详见附注八、36. 注2:系收回以前年度对上海东锦江大酒店有限公司借款的利息收入. 关联方名称 性质本年累计数 上年累计数 人民币元 人民币元 担保 上海永达风度汽车销售有限公司 担保 16,000,000.00 13,600,000.00 上海金茂锦江汽车服务有限公司 注6,500,000.00 - 注:详见附注十二、2. 上海锦江国际实业投资股份有限公司 -61 - 十、 关联方关系及其交易 – 续(4)与关联方在本年度发生了如下重大关联交易: – 续(f)债权债务往来情形 科目关联方名称 年末数 年初数 人民币元 人民币元 应收账款 锦江集团下属公司 745,786.39 2,795,943.54 上海金茂锦江汽车服务有限公司 - 34,857.09 745,786.39 2,830,800.63 其他应收款 上海锦江汽车销售服务有限公司 - 2,000,000.00 上海金茂锦江汽车服务有限公司(注) 3,548,950.00 - 上海锦海捷亚国际货运有限公司 700,000.00 - 上海永达二手车经营有限公司 - 820,000.00 上海锦江客运有限公司 1,388.00 313,920.98 上海锦江耀华出租汽车有限公司 - 1,148,888.00 4,250,338.00 4,282,808.98 预付款项 锦江集团下属公司 24,300.00 51,400.00 上海永达风度汽车销售服务有限公司 - 47,000.00 上海锦江汽车销售服务有限公司 23,916,894.92 21,882,068.63 23,941,194.92 21,980,468.63 其他非流动资产 上海浦东国际机场货运站有限公司(注) 16,922,667.24 21,153,333.91 应付账款 锦江集团下属公司 - 94,132.25 上海永达风度汽车销售有限公司 - 7,748,327.01 - 7,842,459.26 其他应付款 锦江集团 3,000,000.00 - 锦江集团下属公司 43,522,138.03 40,119,515.20 上海锦江客运有限公司 2,450,170.06 - 上海万国汽车修理厂 18,585,231.21 - 67,557,539.30 40,119,515.20 预收款项 锦江集团下属公司 - 161,000.00 注:主要系资金拆借款,详见附注十、(4)(d). 上海锦江国际实业投资股份有限公司 -62 - 十、 关联方关系及其交易 – 续(4)与关联方在本年度发生了如下重大关联交易: – 续(g)关键管理人员报酬 本年累计数 上年累计数 人民币千元 人民币千元 关键管理人员报酬 2,660 2,660 (5)母公司与关联方在本年度发生了如下重大关联交易: (a)定价原则 同附注十、4 (a). (b)销售及采购 本公司向关联方销售及采购货物有关明细资料如下: 关联方名称 性质本年累计数 上年累计数 人民币元 人民币元 销售 锦江集团下属公司 酒店及相关业务收入 - 1,062,517.83 采购 锦江集团下属公司 采购物品 361,094.29 512,040.53 (c)其他交易 关联方名称 性质本年累计数 上年累计数 人民币元 人民币元 应支付之费用 锦江集团 房屋租赁费 628,587.00 1,678,232.00 锦江集团下属公司 管理费用 623,458.00 455,748.64 本公司租赁锦江集团的部分房屋到期后不再支付租金.如按原合同价格计算,本年度 应计的租金为人民币 1,040,000.00 元. 应支付给锦江集团及其下属公司的管理费以酒店经营收入的 2%和酒店经营利润的 4% 计算加总,作为其提供服务的酬劳,服务包括一般行政、市场推广及采购等. 上海锦江国际实业投资股份有限公司 -63 - 十、 关联方关系及其交易 – 续(5)母公司与关联方在本年度发生了如下重大关联交易:– 续(c)其他交易– 续 关联方名称 性质本年累计数 上年累计数 人民币元 人民币元 应收取之收入 锦江集团 注18,981,908.06 - 锦江集团 利息收入(注2) 3,394,129.36 - 注1:详见附注九、13. 注2:系收回以前年度对上海东锦江大酒店有限公司借款的利息收入. (d)债权债务往来情形 科目关联方名称 年末数 年初数 人民币元 人民币元 其他应收款 上海锦海捷亚物流管理有限公司(注) 3,027,017.97 6,343,415.20 上海锦江国际低温物流发展有限公司(注) 22,000,000.00 35,000,000.00 上海吴淞罗吉冷藏有限公司(注) 18,184,500.00 18,184,500.00 上海锦海捷亚国际货运有限公司 700,000.00 - 43,911,517.97 59,527,915.20 预付款项 锦江集团下属公司 24,300.00 51,400.00 应付账款 锦江集团下属公司 - 43,102.35 其他应付款 锦江集团下属公司 462,587.07 248,385.27 注:系对子公司的无息资金拆借. 十一、金融工具及风险管理 本集团的主要金融工具包括股权投资、借款、可供出售金融资产、应收账款、应付账款等, 各项金融工具的详细情况说明见附注九.与这些金融工具有关的风险,以及本集团为降低 这些风险所采取的风险管理政策如下所述.本集团管理层对这些风险敞口进行管理和监控 以确保将上述风险控制在限定的范围之内. 上海锦江国际实业投资股份有限公司 -64 - 十一、金融工具及风险管理 - 续1. 风险管理目标和政策 本集团从事风险管理的目标是在风险和收益之间取得适当的平衡, 将风险对本集团经 营业绩的负面影响降低到最低水平,使股东的利益最大化.基于该风险管理目标,本 集团风险管理的基本策略是确定和分析本集团所面临的各种风险, 建立适当的风险承 受底线和进行风险管理,并及时可靠地对各种风险进行监督,将风险控制在限定的范 围之内. 1.1 市场风险 1.1.1. 外汇风险 外汇风险指因汇率变动产生损失的风险.本集团的主要业务活动以人民币计价结算, 因此外汇风险对本集团的经营业绩不会产生重大影响. 1.1.2. 其他价格风险 本集团持有的分类为可供出售金融资产的投资在资产负债表日以公允价值计量.因此,本集团承担着证券市场变动的风险. 1.2. 信用风险 2008 年12 月31 日, 可能引起本集团财务损失的最大信用风险敞口主要来自于合同另 一方未能履行义务而导致本集团金融资产产生的损失,具体包括: ? 合并资产负债表中已确认的金融资产的账面金额;对于以公允价值计量的金融工 具而言,账面价值反映了其风险敞口,但并非最大风险敞口,其最大风险敞口将 随着未来公允价值的变化而改变. 为降低信用风险,本集团控制信用额度、进行信用审批,并执行其他监控程序以确保 采取必要的措施回收过期债权.此外,本集团于每个资产负债表日审核每一单项应收 款的回收情况,以确保就无法回收的款项计提充分的坏帐准备.因此,本集团管理层 认为本集团所承担的信用风险已经大为降低. 本集团的流动资金存放在信用评级较高的银行,故流动资金的信用风险较低. 本集团采用了必要的政策确保所有销售客户均具有良好的信用记录. 本集团无重大信 用集中风险. 上海锦江国际实业投资股份有限公司 -65 - 十一、金融工具及风险管理 - 续1. 风险管理目标和政策 - 续1.3. 流动风险 流动风险是指企业在履行与金融负债有关的义务时遇到资金短缺的风险. 管理流动风 险时,本集团保持管理层认为充分的现金及现金等价物并对其进行监控,以满足本集 团经营需要,并降低现金流量波动的影响. 鉴于较低的资本负债率以及持续的融资能力,本集团相信其无重大流动性风险. 于资产负债表日,除其他应付款中部分押金、保证金及重组欠款将于 1 年后到期外, 本集团其他金融资产和金融负债的到期日均在一年以内. 2008 年12 月31 日,集团尚未使用的银行借款额度为人民币 30,000,000.00 元. 2. 公允价值 金融资产的公允价值按照下述方法确定: ? 具有标准条款及条件并存在活跃市场的金融资产的公允价值参照相应的活跃市 场现行出价及现行要价确定; ? 其他金融资产及金融负债(不包括衍生工具)的公允价值按照未来现金流量折现法 为基础的通用定价模型确定或采用可观察的现行市场交易价格确认. 本集团管理层认为, 财务报表中按摊余成本计量的金融资产及金融负债的账面价值接 近该等资产的公允价值. 3. 敏感性分析 本集团采用敏感性分析技术分析风险变量可能发生的合理变化对当期损益或股东权 益可能产生的影响.利率和汇率可能发生的合理变动对当期损益和权益的影响均不重 大.股票市场价格的波动对股东权益的影响如下: 项目 年末股价变动 对权益的影响 人民币千元 可供出售金融资产 上涨 10% 6,756 下跌 10% (6,756) 上海锦江国际实业投资股份有限公司 -66 - 十二、或有事项 1. 本年度,子公司上海锦江汽车服务有限公司为上海永达风度汽车销售有限公司人民币 1,600万元(2007年:人民币1,360万元)的短期借款提供担保. 2. 合营企业上海金茂锦江汽车服务有限公司的另一股东为其人民币1,300万元的短期借款 提供担保,子公司上海锦江汽车服务有限公司为其中的人民币650万元(2007年:无) 提供连带责任保证. 3. 子公司上海锦江商旅汽车服务股份有限公司为上海长途客运南站有限公司人民币1,250 万元(2007年:人民币1,250万元)的短期借款提供担保. 十三、承诺事项 租赁承诺 截至资产负债表日,本集团对外签订的不可取消的经营租赁合约情况如下: 年末数 年初数 人民币千元 人民币千元 不可撤销经营租赁的最低租赁付款额: 资产负债表日后第 1 年8,278 8,737 资产负债表日后第 2 年6,956 7,646 资产负债表日后第 3 年6,102 6,795 以后年度 10,566 16,141 合计 31,902 39,319 十四、资产负债表日后事项中的非调整事项 根据 2009 年3月16 日签订的产权交易合同,子公司上海吴泾冷藏有限公司将其所持子公 司上海日冷食品有限公司 50%股权以人民币 14,000,000.00 元转让给第三方. 十五、其他重要事项 截止资产负债表日,本集团不存在需要披露的其他重要事项. 十六、财务报表之批准 本公司的公司及合并财务报表于 2009 年4月21 日已经本公司董事会批准. * * *财务报表结束* * * 上海锦江国际实业投资股份有限公司 1 2008年12月31日止年度 管理层提供的补充信息 1. 全面摊薄和加权平均计算后净资产收益率及每股收益 本净资产收益率和每股收益计算表是上海锦江国际实业投资股份有限公司按照中国证券监督管理 委员会颁布的《公开发行证券公司信息披露编报规则第 09 号–净资产收益率和每股收益的计算 及披露》(2007 年修订)的有关规定而编制的. 报告期利润 按照归属于公司普通股股东 的净利润计算 按照扣除非经常性损益后归属于 公司普通股股东的净利润计算 全面摊薄 18.01% 15.64% 净资产收益率 加权平均 18.04% 15.65% 基本 0.586 0.508 每股收益(元) 稀释 不适用 不适用 计算公式 全面摊薄净资产收益率的计算公式如下: 全面摊薄净资产收益率 = P÷E 其中: P为归属于公司普通股股东的净利润或扣除非经常性损益后归属于公司普通股股东的净利润; E 为归属于公司普通股股东的期末净资产. 上述"归属于公司普通股股东的净利润"不包括少数股东损益金额;"扣除非经常性损益后归属于公司 普通股股东的净利润"以扣除少数股东损益后的合并净利润为基础,扣除母公司非经常性损益(应考 虑所得税影响) 、各子公司非经常性损益(应考虑所得税影响)中母公司普通股股东所占份额;"归属 于公司普通股股东的期末净资产"不包括少数股东权益金额. 加权平均净资产收益率的计算公式如下: P 加权平均净资产收益率 E0+NP÷2+Ei*Mi÷M0-Ej*Mj÷M0±Ek*Mk÷M0 其中:P 分别对应于归属于公司普通股股东的净利润、扣除非经常性损益后归属于公司普通股股东的 净利润; NP 为归属于公司普通股股东的净利润; E0 为归属于公司普通股股东的期初净资产; Ei 为报告期发行新股或债转股等新增的、归属于公司普通股股东的净资产; Ej 为报告期回购或现金分红等减少的、归属于公司普通股股东的净资产; M0 为报告期月份数; Mi 为新增净资产下一月份起至报告期期末的月份数; Mj 为减少净资产下一月份起至报告期期末的月份数; Ek 为因其他交易或事项引起的净资产增减变动; Mk 为发生其他净资产增减变动下一月份起至报告期期末的月份数. 上海锦江国际实业投资股份有限公司 2 2008年12月31日止年度 管理层提供的补充信息 1. 全面摊薄和加权平均计算后净资产收益率及每股收益 – 续 基本每股收益的计算公式如下: P P 基本每股收益 S S0+S1+Si*Mi÷M0-Sj*Mj÷M0-Sk 其中: P 为归属于公司普通股股东的净利润或扣除非经常性损益后归属于普通股股东的净利润; S 为发行在外的普通股加权平均数; S0 为期初股份总数; S1 为报告期因公积金转增股本或股票股利分配等增加股份数; Si 为报告期因发行新股或债转股等增加股份数; Sj 为报告期因回购等减少股份数; Sk 为报告期缩股数; M0 报告期月份数; Mi 为增加股份下一月份起至报告期期末的月份数; Mj 为减少股份下一月份起至报告期期末的月份数. 2. 财务报表项目变动情况分析 本财务报表项目变动情况分析是上海锦江国际实业投资股份有限公司(以下简称"锦江投资")按照中国证 券监督管理委员会颁布的《公开发行证券公司信息披露编报规则第 15 号–财务报告的一般规定》 (2007 年修订)的有关规定而编制的. 报表项目 2008 年度 2007 年度 变动幅度 差异原因 人民币万元 人民币万元 1 货币资金 60,961 41,416 47% (1) 2 其他应收款 2,582 6,139 58% (2) 3 可供出售金融资产 9,009 21,774 59% (3) 4 投资性房地产 3,587 2,194 63% (4) 5 应付股利 3,505 5,604 37% (5) 6 递延所得税负债 1,734 5,072 66% (6) 7 营业外收入 3,617 2,294 58% (7) 差异原因: (1) 货币资金余额的上升主要包括经营活动产生的现金净流入人民币 42,668 万元, 投资活动产生的现金 净流入人民币 4,780 万元及筹资活动产生的现金净流出人民币 27,903 万元. (2) 其他应收款余额的下降系收回了往来款项. (3) 可供出售金融资产余额的下降系股票价格下降所致. (4) 投资性房地产余额的上升系部分房屋建筑物及土地使用权的使用目的发生改变,故从固定资产和无 形资产重分类至投资性房地产. (5) 应付股利余额的下降系支付了少数股东股利. (6) 递延所得税负债的下降系可供出售金融资产公允价值变动所致. (7) 营业外收入的上升系今年收到优惠乘车等政府补贴. 上海锦江国际实业投资股份有限公司 3 2008年12月31日止年度 管理层提供的补充信息 管理层提供的补充信息由上海锦江国际实业投资股份有限公司下列负责人签署: 公司法定代表人: 主管会计工作的负责人: 会计机构负责人: 2009 年4月21 日Shanghai Jin Jiang International Industrial Investment Co., Ltd Stock Code of A Share: 600650 Stock Code of B Share: 900914 Annual Report 2008 Content II. Company Profile… III. Summary of Accounting and Business Data… IV. Changes in Share Capital and Particulars about Shareholders… V. Directors, Supervisors and Senior Executives… VI. Corporate Governance Structure… VII. Brief Introduction to Shareholders' General Meeting… VIII. Report of the Board of Directors… IX. Report of the Supervisors Committee… X. Significant Events… XI. Financial Reports… XII. Document Available for Reference… I. Important Notes (I) The Board of Directors, the Supervisory Committee as well as directors, supervisors and senior executives of Shanghai Jin Jiang International Industrial Investment Co., Ltd (hereinafter referred to as "the Company") hereby guarantee that there are no any omissions, fictitious or serious misleading statements carried in the report and will take all responsibilities, individual and joint for the authenticity, accuracy and integrity of the report. (II) All the directors attended the Board Meeting. (III)Deloitte Touche Tohmatsu CPA Ltd issued a standard audit report with unqualified opinion for the Company. (IV)Chairman as well as person in charge of the Company Shen Maoxing, CEO Yang Yuanping, person in charge of accounting affirms as well as Chief Financial Officer Yuan Zhening and person in charge of accounting firm also being Chief Accountant Liu Zhaohui confirm that the Financial Report enclosed in this Annual Report is authentic and complete. (V)This Annual Report was prepared in both Chinese and English. Should there be any difference in interpretation of the two versions, the Chinese version shall prevail. II. Company Profile Legal Name of the Company in Chinese 上海锦江国际实业投资股份有限公司 Abbreviation 锦江投资 Legal Name of the Company in English Shanghai Jin Jiang International Industrial Investment Co., Ltd. Abbreviation JJTZ Legal Representative Shen Maoxing Secretary to the Board of Directors Name Yuan Zhening Address 28/F, No. 100, Yan'an East Road, Shanghai Tel (021) 63218800 Fax (021) 63213119 E-mail dshms@jjtz.com Securities Affairs Representative Name Huang Yuechong Address 28/F, No. 100, Yan'an East Road, Shanghai Tel (021) 63218800 Fax (021) 63213119 E-mail zqdb@jjtz.com Registered Address No. 1, Pudong Avenue, Shanghai Office Address 28/F, No. 100, Yan'an East Road, Shanghai Post Code 200002 Internet website www.jjtz.com E-mail dshms@jjtz.com Newspaper Designated for Information Disclosure Shanghai Securities News, Hong Kong Ta Kung Pao Website Designated for Publishing Annual Report http://www.sse.com.cn Place Where the Annual Report is Prepared and Placed 28/F, No. 100, East Yan'an Road, Shanghai Brief on Stock Type of stock Stock exchange listed with Stock name Stock code Stock name before change A Share Shanghai Stock Exchange Jin Jiang Tou Zi 600650 New Jin jiang B Share Shanghai Stock Exchange Jin Tou B 900914 Xin Jin B Other Relevant Information Initial Registration Date 24 Feb. 1993 Initial Registration Place Shanghai Business License No. QGHZ Zi No. 019015 Tax Registration No. LTH Zi No. 3101 Organization Code 607200690 Accounting Firms Engaged by the Company Name of Domestic Accounting Firm Deloitte Touche Tohmatsu CPA Ltd Office Address 3/F, Shanghai Bund International Tower, No. 222, East Yan'an Road, Shanghai III.Summary of Accounting and Business Data (I) Main accounting data Unit: RMB Yuan Items Amount Operating profit 383,104,066.48 Total profit 418,887,212.59 Net profit attributable to shareholders of the Company 323,105,516.48 Net profit attributable to shareholders of the Company after deducting extraordinary gain and loss 280,464,106.78 Net cash flow arising from operating activities 426,680,458.55 (II) Items and amount of non-recurring profits and losses Unit: RMB Yuan Items Amount Gains and losses from disposal of non-current assets 25,061,258.97 Government subsidies counted into gains and losses of the current period 12,168,066.02 Capital occupation fees charged to the non-financial enterprises and counted into the current profit and loss 4,073,781.58 Investment income from disposal of financial assets 10,968,517.00 Switching back impairment provision of accounts receivable that has carried single impairment test 229,895.55 Other non-operating income and expense 2,758,506.20 Amount influenced by minority interest -2,513,874.65 Amount influenced by income tax -10,104,740.97 Total 42,641,409.70 (III) Main accounting data and financial indices of the previous three years as at period-end Unit: RMB Yuan 2008 2007 Increase/decrease over the last year (%) 2006 Operating revenue 1,673,685,463.73 1,619,396,969.78 3.35 1,359,078,410.16 Total profit 418,887,212.59 407,595,299.16 2.77 350,501,690.21 Net profit attributable to shareholders of the company 323,105,516.48 312,593,159.85 3.36 280,827,364.63 Net profit attributable to shareholders of the company after deducting extraordinary gains and losses 280,464,106.78 275,387,919.60 1.84 265,444,087.39 Basic earnings per share (Yuan/share) 0.586 0.567 3.35 0.509 Diluted earnings per share (Yuan/share) Inapplicable Inapplicable Inapplicable Inapplicable Basis earnings per share after deducting extraordinary gains and losses (Yuan/share) 0.508 0.499 1.80 0.481 Fully diluted return on net assets (%) 18.01 17.50 0.51 18.25 Weighted average return on net assets (%) 18.04 18.80 -0.76 18.95 Fully diluted return on net assets after deducting extraordinary gains and losses (%) 15.64 15.41 0.23 17.25 Weighted average return on net assets after deducting extraordinary gains and losses (%) 15.65 16.56 -0.91 17.92 Net cash flow arising from operating activities 426,680,458.55 344,321,497.56 23.92 399,016,249.64 Net cash flow per share arising from operating activities (Yuan/share) 0.774 0.624 24.04 0.723 At the end of 2008 At the end of 2007 Increase/decrease compared with the end of last year (%) At the end of 2006 Total assets 2,662,829,897.87 2,666,739,714.98 -0.15 2,400,331,384.65 Owner' equity (or shareholder's equity) 1,793,642,647.73 1,786,661,980.77 0.39 1,538,541,842.56 Net assets per share attributable to shareholders of listed companies (Yuan/share) 3.252 3.239 0.40 2.789 IV.Changes in Share Capital and Particulars about Shareholders (I) Changes in share capital 1. Statement on changes in share capital Unit: Share Before the change Increase/decrease (+, - ) After the change Amount Propor tion (%) Issuan ce of new shares Bonus Capitaliz ation of public reserve fund Other (listing of tradable shares subject to trading moratorium) Subtotal Amount Proport ion (%) I. Shares subject to trading moratorium 1. State-owned shares 2. Shares held by state-owned corporation 212,586,460 38.54 -27,580,505 -27,580,505 185,005,955 33.54 3. Other shares held by domestic investors 8,215,067 1.49 -8,215,067 -8,215,067 0 0 Including: shares held by domestic non-state-owned corporation shares held by domestic natural person 4. Shares held by foreign investors Including: Share held by foreign corporation Share held by foreign natural person Subtotal 220,801,527 40.03 -35,795,572 -35,795,572 185,005,955 33.54 II. Tradable shares 1. RMB ordinary shares 169,758,548 30.77 35,795,572 35,795,572 205,554,120 37.26 2. Domestically listed foreign shares 161,050,032 29.20 161,050,032 29.20 3. Overseas listed foreign shares 4. Others Subtotal 330,808,580 59.97 35,795,572 35,795,572 366,604,152 66.46 III. Total shares 551,610,107 100.00 0 0 551,610,107 100.00 2. Changes in shares subject to trading moratorium Unit: Share Name of shareholders Shares subject to trading moratorium at year-begin Shares released from trading moratorium Released date Shares subject to trading moratorium at year-end Reason Jin Jiang International Holdings Co., Ltd 212,586,460 27,580,505 13 Feb. 2008 185,005,955 Share reform Shanghai Jinjiang Hotel Co., Ltd 3,761,493 3,761,493 13 Feb. 2008 0 Share reform Shanghai Peace Hotel Co., Ltd 1,839,974 1,839,974 13 Feb. 2008 0 Share reform Shanghai Jin Jiang International Hotel Co., Ltd 1,442,707 1,442,707 13 Feb. 2008 0 Share reform Shanghai Hotel Co., Ltd 1,170,893 1,170,893 13 Feb. 2008 0 Share reform Total 220,801,527 35,795,572 13 Feb. 2008 185,005,955 / (II) Issuance and listing of shares 1. Share issuance in the previous three years At the end of this reporting period and inclusive of the last three years, no share was issued or listed by the Company. 2. Changes in total number and structure of shares In the reporting period, there were no changes in total number and structure of shares caused by bonus shares or allotment of shares. 3. inner employee shares There was no employee share at the end of the report period. (III)Introduction about shareholders and actual controller 1. Number of shareholders and shares held Unit: Share Total number of shareholders at the end of the report period 73,267 (shareholders of B-share: 31,049) Particulars about shares held by the top ten shareholders Name of shareholders Nature of shareholders Proport ion of shares held Total shares held Changes during the report period Shares subject to trading moratorium held Shares pledged or frozen Jin Jiang International Holding Co., Ltd. State-owned corporation 38.54 212,586,460 185,005,955 None Shanghai International Trust Co., Ltd. State-owned corporation 0.81 4,472,392 -10,454 Unknown Cai Qingfeng Foreign natural person 0.71 3,894,935 Unknown Shanghai Jinjiang Hotel Co., Ltd. State-owned corporation 0.68 3,761,493 Unknown Hu Jiaying Domestic natural person 0.62 3,403,786 205,400 Unknown GT PRC FUND Foreign corporation 0.54 3,000,000 -2,000,000 Unknown HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND Foreign corporation 0.47 2,613,368 -9,971,556 Unknown China Resources SZITIC Trust Co., Ltd-Ruixin security &.invest fund trust plan Domestic no-state-owned 0.36 1,970,000 107,700 Unknown Shanghai Peace Hotel Co., Ltd State-owned corporation 0.33 1,839,974 Unknown MORGAN STANLEY & CO. INTERNATIONAL LIMITED-TEMASEK FULLERTON ALPHA PTE LTD Foreign corporation 0.32 1,749,800 1,749,800 Unknown Particulars about shares not subject to trading moratorium held by the top ten shareholders Name of shareholders Shares not subject to trading moratorium held Type of share Jin Jiang International Holding Co., Ltd. 27,580,505 RMB ordinary share Shanghai International Trust Co., Ltd. 4,472,392 RMB ordinary share Cai Qingfeng 3,894,935 Domestically listed foreign shares Shanghai Jinjiang Hotel Co., Ltd. 3,761,493 RMB ordinary share Hu Jiaying 3,403,786 Domestically listed foreign shares GT PRC FUND 3,000,000 Domestically listed foreign shares HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND 2,613,368 Domestically listed foreign shares China Resources SZITIC Trust Co., Ltd-Ruixin security &.invest fund trust plan 1,970,000 RMB ordinary share Shanghai Peace Hotel Co., Ltd 1,839,974 RMB ordinary share MORGAN STANLEY & CO. INTERNATIONAL LIMITED-TEMASEK FULLERTON ALPHA PTE LTD 1,749,800 RMB ordinary share Explanation on associated relationship among the top ten shareholders or acting-in-concert Among the top ten shareholders of the Company, the first shareholder and the 4th , the 9th shareholder existed associated relationship and concerted actions. Jin Jiang International Holdings Co., Ltd, controlling shareholder of the Company, was also controlling shareholder of Shanghai Jinjiang Hotel Co., Ltd and Shanghai Peace Hotel Co., Ltd. It is unknown whether there is associated relationship or action-in-concert among other shareholders. Shares subject to trading moratorium held by the top ten shareholders and trading moratorium Unit: Share Listing shares subject to trading moratorium Shareholders holding shares subject to trading moratorium Shares subject to trading moratorium held Date when shares will be listed for trade Increased shares to be listed for trade Trading moratorium 13 Feb. 2009 27,580,505 Jin Jiang International Holdings Co., Ltd 185,005,955 13 Feb. 2010 157,425,450 1. No trading and transfer may be taken within 12 months as of the date when it gets the listing right in A share market, and no shares listed for sale in Shanghai Stock Exchange within 12 months. 2. This company would sell shares held through listing and trading in Shenzhen Stock Exchange after expiration of the aforesaid commitment, but proportion of shares sold in total shares of the Company shall not exceed 5 percent within 12 months. 3. This company would sell shares held through listing and trading in Shenzhen Stock Exchange after expiration of the aforesaid commitment, but proportion of shares sold in total shares of the Company shall exceed 10 percent with 24 months. 2. Particulars about controlling shareholders and actual controllers (1) Corporate controlling shareholder Unit: RMB'000,000,000 Yuan Name Legal representative Registered capital Foundation date Main business Jin Jiang International Holdings Co., Ltd Yu Minliang 20 In Jun. 2003, on the basis of reorganization of Jin Jiang Group Co., Ltd and Shanghai Xinya Group Co., Ltd Operation and management of state-owned assets, enterprise investment and management, hotel management, support service for entertainment industry, domestic trade, property management, lease of self-owned office building and flats, title brokering and relevant consultation (The above items involved in permitted business operated by license) (2) Corporate actual controller Name of actual controller: State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government (3) Changes in controlling shareholders and actual controllers There were no changes in controlling shareholders and actual controllers of the Company during the report period. (IV)Block diagram on property right and relationship of control between the Company and actual controllers 3. Other corporate shareholders holding over 10% shares There are no other corporate shareholders holding over 10% shares up to the end of report period. V. Directors, Supervisors and Senior Executives (I) Profile of directors, supervisors and senior executives Unit: Share Name Title Sex Age Shares held at the year-begin Shares held at the year-end Whether drew payment and allowance from the Total payment drawn from the Company before tax during the repot period Whether drew payment and allowance from shareholders' units or other State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government Jing Jiang International Holdings Co., Ltd Shanghai Jing Jiang International Industrial Investment Co., Ltd 100% 38.54% Company (RMB' 0000) related units Shen Maoxing Chairman of the Board Male 58 5,646 5,646 No Yes Yang Yuanping Vice Chairman of the Board and CEO Male 53 5,646 5,646 Yes 50 Yu Jianmin Vice Chairman of the Board and COO Female 52 Yes 45 Chen Wenjun Director Female 53 5,646 5,646 No Yes Ma Mingju Director Male 47 No Yes Zhang Baohua Director Male 57 No Yes Cai Qingfeng Director Male 41 3,894,935 3,894,935 No No Chen Xianglin Independent Supervisor Male 64 Yes 4 Qin Zhiliang Independent Supervisor Male 64 Yes 4 Liu Zhengdong Independent Supervisor Male 38 Yes 4 Liu Yongzhang Independent Supervisor Male 53 Yes 4 Liu Haihai Chief supervisor Male 56 Yes 29 Pan Jianchang Supervisor Male 49 Yes 18 Cai Yongjun Supervisor Male 45 Yes 16 Shao Xiaoming Vice President Male 50 No Yes Meng Zhengwei Vice President Male 54 Yes 27 Wang Rongfa Vice President Male 48 Yes 27 Yuan Liaojun Vice President Male 50 Yes 27 Yuan Zhening CFO and Secretary to the Board Female 53 Yes 27 Total / / / 3,911,873 3,911,873 282 / Tenure of the above directors and supervisors was three years started on 21 Apr. 2006. Tenure of the above senior executives except Yuan Liaojun was three years started on 21 Apr. 2006. Office term of Yuan Liaojun started from 6 Apr. 2007 till expiration of the Board of Directors. Main working experience of directors, supervisors and senior executives in the last five years: 1. Shen Maoxing, Deputy Secretary of the CPC, Vice Chairman of the Board and President of Jin Jiang International Holdings Co., Ltd, is Chairman of the Board of Directors of the Company. 2. Yang Yuanping is Vice Chairman of the Board, General Manager as well as CEO and Secretary of the CPC of the Company. 3. Yu Jianmin, once acted as Assistant to the President, General Manager of Real Estate Affairs Department in Jin Jiang International Holdings Co., Ltd, currently was Vice Chairman of the Board and Chief Operation Officer (or Executive President). 4. Chen Wenjun, who acts as director and Senior Vice President in Jin Jiang International Holdings Co., Ltd, is also director of the Company. 5. Ma Mingju, once acted as Manager of Financial Department in Jin Jiang International Holdings Co., Ltd, currently is Vice President of Jin Jiang International Holdings Co., Ltd and director of the Company. 6. Zhang Baohua acts as Assistant to the President in Jin Jiang International Holdings Co., Ltd and is also director of the Company. 7. Cai Qingfeng once was director of Jeffur International Holding Group and Executive directors and CFO of Jeffur International (Shanghai) Co., Ltd. At present, he acts as General Manager in Jeffur International (Shanghai) Co., Ltd and is the director of the Company. 8. Chen Xianglin, who once acted as Chairman of the Board and Secretary of the CPC in Shanghai Automotive Industry Corporation (Group), now is independent director of the Company. 9. Qin Zhiliang, who was once director of Shanghai Electric (Group) Co., Ltd and Vice Chairman of Shanghai Machinery Complete Equipment (Group) Co., Ltd, is the independent director of the Company at present. 10. Liu Zhengdong, chief lawyer of Shanghai Jun Yue Law Firm, is the independent director of the Company. 11. LiuYongzhang, who acts as Deputy Secretary of the CPC in Shanghai University of Finance and Economics, is the independent director of the Company. 12. Liu Haihai is the Deputy Secretary of the CPC and Chief Supervisor of the Company. 13. Pan Jianchang is supervisor and Vice Director of Audit Department of the Company. 14. Cai Yongjun is employee representative supervisor and Vice Director of office, and concurrently acts as director of Party-masses Work Department in Shanghai Jin Jiang Auto Service Co., Ltd. 15. Shao Xiaoming is Vice President of the Company and concurrently acts as General Manager in JHJ International Transportation Co., Ltd. 16. Meng Zhengwei, Vice President of the Company, concurrently take a post as General Manager in Shanghai Jin Jiang International Cold Logistic Co., Ltd. 17. Wang Rongfa is Vice President of the Company. 18. Yuan Liaojun, who once acted as Manager of Investment & Development Department in Shanghai Jin Jiang International Industrial Investment Co., Ltd, now is Vice President of the Company. 19. Yuan Zhening is Secretary to the Board and CFO of the Company as well as CFO of Shanghai Jin Jiang Auto Service Co., Ltd. (II) Titles in Shareholders' units Name Name of shareholders' units Title Starting date of tenure Expiration date of tenure Whether draw payment and allowance Shen Maoxing Jin Jiang International Holdings Co., Ltd Vice Chairman and President Jun. 2003 As yet Yes Chen Wenjun Jin Jiang International Holdings Co., Ltd Director and Senior Vice President Jun. 2003 As yet Yes Ma Mingju Jin Jiang International Holdings Co., Ltd Vice President and General Manager of Financial Affairs Department Jun. 2003 As yet Yes Zhang Baohua Jin Jiang International Holdings Co., Ltd Assistant to the President Jul. 2003 As yet Yes Positions in other units Name Name of other units Title Starting date of tenure Expiration date of tenure Whether draw payment and allowance Shanghai Jinjiang International Hotels Development Co., Ltd Vice Chairman May 2006 As yet No Shen Maoxing Shanghai Jin Jiang International Hotels (Group) Company Limited Vice Chairman May 2005 As yet No Chen Wenjun Shanghai Jin Jiang International Hotels (Group) Company Limited Executive director May 2005 As yet No Shanghai Jinjiang International Travel Co., Ltd Director May 2007 As yet No Ma Mingju Shanghai Jin Jiang International Hotels (Group) Company Limited Supervisor May 2005 As yet No Shanghai Jinjiang International Hotels Development Co., Ltd Vice Chairman May 2006 As yet No Zhang Baohua Shanghai Jinjiang International Travel Co., Ltd Vice Chairman May 2007 As yet No (III) Remuneration of directors, supervisors and senior executives 1. Decision-making procedure about remuneration of directors, supervisors and senior executives Discussed and approved by the Board of Directors and Shareholders' General Meeting 2. Basis to confirm remuneration of directors, supervisors and senior executives Confirmed remuneration according to performance of annual operating target (IV) Changes in directors, supervisors and senior executives No directors, supervisors and senior executives of the Company left their posts in the report period. (V) About employee of the Company Total employees 12,767 Retirees whose cost need to be paid by the Company 348 Structure of employees is as follows: 1. Composition of professionals Categories of professionals Number of persons Production personnel 12,006 Sales personnel 187 Technician 97 Financial personnel 146 Administrative personnel 331 2. Educational background Degree Number of persons College diploma or above 878 VI.Corporate Governance Structure (I) Corporate governance of the Company In accordance with the Company Law, Securities Law as well as statutes and regulatory documents formulated and issued by China Securities Regulatory Commission and requirements of Rules for Listing Shares in Shanghai Stock Exchange, the Company combined with actual situation, continuously perfected corporate governance structure and standardized operation of the Company. 1. About shareholders and Shareholders' General Meeting of the Company During the report period, the Company convened and held Shareholders' General Meeting strictly according to provisions in Rules for the General Meetings of Shareholders of Listed Companies and Rules for Procedure of Shareholders' General Meeting of the Company, attendance and shares they represent both accorded with relevant provisions in the Company Law and Articles of Association. 2. Relationship between controlling shareholder and the Company The controlling shareholder paid attention to and greatly supported development of the Company, exercised shareholder' s rights in line with laws and undertook shareholder's obligations. The Company separated its business, personnel, assets, organization, financial and so on from controlling shareholder. 3. About directors and the Board of Directors During the report period, the Company regularly operated strictly according to provisions in Rules for Procedure of the Board of Directors. The Board of Directors newly set up the Strategy Committee, formulated Rules for Implementation of Audit Committee of the Board of Directors, Rules for Implementation of Remuneration & Appraisal Committee of the Board of Directors, Rules for Implementation of Strategy Committee of the Board of Directors and Work System on Annual Report of Independent Directors, adjusted and allocated enough personnel of the three special committees under the Board, further enhanced scientificalness of decision-making of the Board, which made corporate governance structure further perfected. Election and appointment, persons and composing of the Board of Directors of the Company was in line with requirements of laws, statutes and Articles of Association of the Company. Directors of the Company performed their responsibilities faithfully and diligently. 4. About supervisors and Supervisory Committee of the Company During the report period, Supervisory Committee normatively operated strictly in accordance with Rules for Procedure of Supervisory Committee. Procedure of election and appointment, personnel number and composing was in line with requirements of laws, statutes and Articles of Association of the Company. With spirit of being responsible for shareholders, Supervisors of the Company supervised validity and conformity to regulations of finance as well as performance responsibilities by directors, managers and other senior executives . 5. About senior executives During the report period, senior executives normally operated strictly in line with Work Rules for Chief Executive Officer of the Company. Engagement and appointment of senior executives accorded with laws, statutes and Articles of Association. The Company continuously perfected mechanism for performance assessment, incentive and restriction. 6. About interest-related parties The Company completely respected and protected legitimate rights and interests of bank as well as other creditor, staff and consumer and other d interest-related parties, and actively cooperated with them to promote durative and healthy development of the Company. 7. About information disclosure During the report period, strictly in accordance with provisions stipulated in laws, statutes and Management System for Information Disclosure, the Company regulated information disclosure and disclosed information authentically, accurately, integrally and timely. The Company designated Secretary to the Board of Directors and securities affairs representative to responsible for relevant information disclosure, reception of visits and consultation. 8. According to requirements of Notice on the Matters Concerning Carrying out a Special Campaign to Strengthen the Corporate Governance of Listed Companies issued by CSRC with document No. [2007] 28, the Company started corporate governance in Apr. 2008. On 9 Oct. 2007, the Board of Directors reviewed and approved Recertification Report of Corporate Governance of the Company. During the report period, the Company further perfected corporate governance mechanism by special campaign of corporate governance, which made operation of the Company more standard. In accordance with requirements of public notice with No. [2008] 27 issued by CSRC and document with HZJGS Zi No. [2008] 141 issued by CSRC Shanghai Bureau, the Company self-examined fulfillment of Special Campaign of Corporate Governance and Recertification Report 2007 and recertification effect, and disclosed Explanation on Corporate Governance of the Company on 18 Jul. 2008. The Company will continue to carry out corporate governance. 9. According to Circular on Certain Issues regarding Regulating Capital Flow between Listed Companies and Related Parties and Regarding Outward Guarantee Provided by Listed Companies. (II) Responsibilities performed by independent directors 1. Presence of independent directors to the Board Meeting Name Times should be present at the Board meeting Times of personal presence Times of commission presence Times of absence Chen Xianglin 6 6 0 0 Qin Zhiliang 6 6 0 0 Liu Zhengdong 6 6 0 0 Liu Yongzhang 6 6 0 0 2. Dissidence on relevant events put forward by independent directors During the report period, no independent directors dissented proposals at the Board Meeting and proposals at other meetings in current year. (III) Independence on business, personnel, assets, organization, finance and so on to controlling shareholder Business The Company has independent and integrated business, and operated self-determinately. Related transactions are fair and reasonable, which don't damage interests of the Company and other shareholders. Personnel The Company was independent of controlling shareholders on labor, personnel, salary, etc. Assets All assets of the Company was independently possessed by the Company Organization The Company has its own decision-making management organization and function department, and operated independently. Finance The Company has set up independent financial and accounting department with independent accounting system and financial management system. The Company opened individual account in bank. (IV) Establishment and perfecting of internal control system of the Company In accordance with laws and statutes such as the Company Law and Securities Law as well as requirements of Basic Standard for Enterprise Internal Control with document No. CK [2008] 7 and Guidelines of Shanghai Stock Exchange for the Internal Control of Listed Companies, and combined with actuality, the Company established and perfected internal control system, which covered all links such as significant investment decision-making, decision-making on related transaction, management on production and operation, financial management, human resource management, management on information disclosure and son on. The Company fully executed each internal control system, effectively carried out supervision and examination on internal control, which made operation of the Company under system and operating risk was controlled. During the report period, the Company newly set up Strategy Committee, formulated Rules for Implementation of Audit Committee of the Board of Directors, Rules for Implementation of Remuneration & Appraisal Committee of the Board of Directors, Rules for Implementation of Strategy Committee of the Board of Directors, Work System on Annual Report of Independent Directors and System for Emergencies, and further perfected internal control system. The internal audit department is set up by the Company, with full-time staff dedicated to it. The audit department shall, under the leadership of the Audit Committee of the BOD and CEO, launch their supervision and inspection to internal control, and submit regular internal control report on supervision and inspection. (V) Disclosure of self-evaluation report on internal control system of the Board of Directors and verified and evaluated opinion from auditors. 1. The Company won't disclose self-evaluation report on internal control system of the Board of Directors. The Company set up internal control system The Company set up inspection and supervision department for internal control, which was namely Auditing Office Inspection and supervision department for internal control submitted work report on inspection and supervision of internal control to Audit Committee periodically. 2. The Company didn't engage audit organ to issue verified and evaluated opinion on internal control system. (VI) Appraisal and encouragement of senior executives Remuneration was confirmed according to realization of annual operating target and management goal made by the Board of Directors. The Company will comply with principle of marketization, continue to perfect appraisal & incentive mechanism, and combined remuneration of senior executives with management level and operating achievements to adequately stimulate positivity and creativity of senior executives and realize maximum of shareholders' value. (VII) Whether the Company will disclose report on social responsibilities or not: No VII. Brief Introduction to Shareholders' General Meeting About Annual Shareholders' General Meeting Meeting Convened date Newspaper for information disclosure of resolutions Disclosing date The Annual Shareholders' General Meeting 2007 15 May 2008 Shanghai Securities News and Hong Kong South China Morning Newspaper 16 May 2008 Ⅷ. Report of Board of Directors (Ⅰ) Discussion and analysis by management A) Review of operation during the reporting period 1. Overview of operation in the reporting period In the reporting period, the Company correctly appraised the economic situation and actively dealt with the global financial crisis. It set its targets and made concerted efforts to materialize them, which enabled it to get through the difficulties caused by the changes in the domestic and international economic situations, as well as to maintain a steady development of the Company. In the year 2008, the Company achieved an operation income of RMB 1,674 million, increasing by 3.35% over last year; a net profit amounting to RMB 323 million, an increase of 3.36% compared to the previous year; the earnings per share reaching RMB 0.586, an increase of 3.35% over last year; and the profit margin on net assets reaching 18.01%, an increase of 0.51% over the previous year. (1) Passenger transportation industry 1) Maintained a leading position in the industry in terms of comprehensive reception capacity The Company took the opportunity of providing services for the Beijing Olympic Games and made energetic efforts, which led to an increased number of its vehicles; And it further strengthened its building of the information platform to improve its management and market competitiveness. 2) Promoted the automobile leasing business in the foreign market Enjoying its long-term cooperation with Intel Corp. in the US, the Company won the Dalian Automobile Leasing Project of Intel Corp. through bidding, and established Dalian Jin Jiang Auto Leasing Co., Ltd.. And this marked a breakthrough in the Company's efforts to promote its automobile leasing business in the foreign market. 3) Exploited new sources of economic growth The reconstruction of the base at No. 100, Wuzhong Road was carried forward to promote the comprehensive project development. Meanwhile, the reconstruction of the comprehensive business building was basically finished and the business solicitation was in progress, as well as the preparations such as establishing service centers for settling claims on traffic accidents and building 4S car shops of the Company's own brand. 4) Successfully accomplished the tasks in Beijing Olympic Games and other major tasks, so as to promote the "Jin Jiang" Brand The Company took an active part in the Olympic Games by successfully accomplishing a series of significant tasks of providing vehicle service for the Games (including receiving state guests). In the Shanghai stop of the Olympic Torch Relay, Jinjiang Automobile Service was the exclusive company providing vehicle services for the relay; During the Games, Jinjiang Automobile Service sent a Olympic Games service motorcade (on behalf of Shanghai) to Beijing for traffic management support, which received favorable comments from the Ministry of Transportation and the Traffic Management Task Group for Beijing Olympic Games. (2) Modern logistics 1) A structure of five regions and three-level management basically in shape With the two subsidiaries established respectively in East China and North China in 2007, the year 2008 saw the establishment of another three subsidiaries respectively in Beijing (in the North), Shenzhen (in the South) and Wuhan (in Central China). And this event marked the full operation of the five-region and three-level management structure, which would promote the interregional resource sharing, as well as the interregional assistance and cooperation. 2) Gradually extended the information management system platform to regional subsidiaries Upon the establishment of all the regional subsidiaries, the management system was further improved. And the information management system platform was upgraded to enhance the intra-regional and interregional communication, as well as the communication with YRCW. In this way, it was made sure that the informational timely and accurately reached all the subsidiaries, so as to increase the operation efficiency. 3) Improved the risk control and prevention mechanism In view of the adverse market environment, a series of management measures were put forward to actively deal with and avoid risks, which ranged from strictly controlling the lines of credit to adopting the responsible person mechanism. Meanwhile, achievements were obtained in avoiding exchange loss through various means such as getting foreign currency loans. (3) Logistics and warehousing 1) Strengthened the warehousing business Economic effectiveness was promoted through adjusting the customer and product storage structures, increasing the imported products, increasing the use of low-temperature warehouses, etc.. 2) Actively promoted project development Shanghai Wusong Luoji Refrigeration Co., Ltd. (subordinate to Jin Jiang International Low Temperature Development Co., Ltd.) introduced the steel logistics enterprises project through venue leasing. And the first phase of the project was formally started and running well. Meanwhile, the market research and feasibility research had been accomplished concerning the development of the low-temperature warehousing of Wusong Luoji Company. 3) The operation of the airport freight terminal conformed to expectations Despite an adverse external environment, the operation of the freight terminal in Shanghai's Pudong Airport—which was jointly invested by the Company, Shanghai Airport Group and Lufthansa in Germany—maintained a good momentum. The freight terminal signed an agreement with Air China and Sun Hung Kai Properties to jointly invest in the Project for West-district Public Freight Terminal in Pudong Airport, with a total investment approximately amounting to RMB 2 billion. And the freight terminal in Shanghai's Pudong Airport was entrusted with the operation and management of the west-district public freight terminal, which already entered the trial operation. 2. Main advantages and difficulties faced by the Company Advantage One: "Jin Jiang" Brand advantage Jin Jiang Brand enjoys a fine reputation and a good image at home and abroad, which is conducive to the development of the Company in the relevant industries. Advantage Two: Rich business resources and experience Passenger Transport Sector: With an operation history over 50 years, Shanghai Jinjiang Automobile Service Co., Ltd. is a passenger transport company with the richest variety of vehicles in Shanghai, as well as a leading comprehensive reception capacity in the industry. In terms of its taxi business, it is one among the top companies in the taxi industry in Shanghai, with a leading operation level; As for its business vehicle leasing business, the company takes up a substantial share in the Shanghai market, specializing in providing top-grade business vehicle service and other vehicle leasing services for large meetings, the world's top 500 companies and other famous companies in Shanghai, customers of high-star-grade hotels, etc., as well as state guest reception and foreign guest reception; In terms of its travel passenger transport business, the company holds the qualification as the state-best enterprise of road passenger transport, mainly covering the vehicle services for large meetings, exhibitions, business trips, travel, long-distance passenger transportation, etc.. The company received the largest number of inbound tourists in Shanghai every year, with its large-sized travel bus business in a leading position in China. In terms of its auto sales and repairing business, the company has a great number of special 4S stores for Dazhong, Toyota, Nissan and other companies, top-grade garages and special vehicle service stations for Buick and other brands. An integrated service system is thus formed covering vehicle sales, repair, after-sales service, maintenance and second-hand vehicle dealings. Modern Logistics Sector: JHJ International Transportation Co., Ltd. was founded in 1992, one of the first few companies in China to engage in the international freight forwarding. With an A-class forwarding qualification and the membership of IATA, the company maintains its leading position in the domestic forwarding industry, only second to the few "Sino-" forwarders. And all these contributed to the company's high notability. Logistics & Warehousing Sector: Shanghai Jinjiang International Low Temperature Logistics Development Co., Ltd. possesses low-temperature warehouses in Wujing, Wusong and Huangpu, with a combined capacity of 73,000 tons, taking up 20% of the total capacity of low-temperature warehousing in Shanghai, and ranking No.1 in China in terms of the company's low-temperature scale. And Wujing Refrigeration Co., Ltd. is in possession of China's largest low-temperature warehouse, as well as over-20-year experience in the industry. Shanghai Pudong International Airport Cargo Terminal Co., Ltd. (one of the Company's joint stock companies) runs the only two public cargo terminals in the airport, which gives the company an obvious advantage of resources. Difficulty One: There exists an upward pressure on the Company's cost expenses due to the rise of the labor cost, as well as the rising relevant expenses caused by China's higher requirements of environmental protection. Difficulty Two: The global financial crisis leads to the reduced orders of international trade, and consequently the falling import and export volumes. And it is estimated that the Company's business volumes of logistics and warehousing will be affected. 3. Technical innovation Shanghai Jinjiang Automobile Service Co., Ltd. further improved its information management system. It optimized its vehicle repair system and promoted the development of e-commerce system; Meanwhile, it perfected its vehicle scheduling management system, extended the vehicle terminal system from taxies to business leasing vehicles, and further strengthened the monitoring of the vehicles' movement, so as to promote the advantage of its scientific management. JHJ International Transportation Co., Ltd. gradually extended the information management platform to the regional companies. The low-temperature logistics information platform of the Company was included as one of the eight key projects of modern logistics in the city. And a data exchanging platform was established in the WMS system of Wujing Refrigeration Co., Ltd., with the online visualization of the inventory. And the platform already started to function and passed the acceptance checks. 4. Main businesses and their operation (1) Main businesses by industries and products Unit: Yuan Currency: RMB By industries Operation income Operation cost Gross margin (%) Changes of operation income over last year (%) Changes of operation cost over last year (%) Changes of gross margin (%) Vehicle operation and relevant business 1,032,114,613.49 716,779,173.95 30.55 2.79 5.00 Decreasing by 1.46% Auto sales 478,915,196.68 446,261,126.18 6.82 12.00 11.35 Increasing by 0.55% Low-temperature logistics and relevant business 101,009,978.06 63,150,931.81 37.48 -22.67 -27.39 Increasing by 4.06% (2) Main businesses by regions Unit: Yuan Currency: RMB Region Operation income Increase/decrease over last year (%) Shanghai 1,673,685,463.73 3.35 5. Important changes of assets and profit composition over last year, as well as reasons for the changes Unit: (RMB) Yuan Items of balance sheet 31 Dec. 2008 31 Dec. 2007 Changes Change rate (%) Reasons for changes Monetary capital 609,605,573.31 414,164,235.70 195,441,337.61 47 Mainly due to the net cash flow of RMB 426,680,000 from operating activities, the net cash flow of RMB 47,800,000 from investment activities and the net cash flow of RMB -279,030,000 from financing activities. Other receivables 25,819,294.55 61,393,971.67 -35,574,677.12 -58 Mainly due to the drawing in of the current accounts Financial assets available for sale 90,086,010.03 217,742,325.26 -127,656,315.2 3 -59 Mainly due to the decrease of the stock price Investment real estate 35,865,835.82 21,938,903.47 13,926,932.35 63 Mainly due to the changed purposes of use concerning the use right of some housing properties and land, which were reclassified from fixed assets and intangible assets to investment real estate Dividend payable 35,050,849.29 56,042,870.13 -20,992,020.84 -37 Mainly due to the payment of dividends to minority shareholders Deferred income tax liabilities 17,339,447.82 50,723,441.24 -33,383,993.42 -66 Mainly due to the fair value change of the available-for-sale financial assets Items of profit statement 1 Jan. 2008 to 31 Dec. 200 1 Jan. 2007 to 31 Dec. 2007 changes Change rate (%) Reasons for changes Non-operating income 36,169,061.81 22,942,579.85 13,226,481.96 58 mainly due to the arrival of government subsidies 6. Cash flows generated from operation activities, investment activities and financing activities Unit: (RMB) Yuan Items 2008 2007 Changes Increase and decrease over last year (%) Remarks Net cash flow from operation activities 426,680,458.55 344,321,497.56 82,358,960.99 24 Net cash flow from investment activities 47,795,202.46 -8,576,935.71 56,372,138.17 / Mainly due to the bonus received from Guotai Junan Net cash flow from financing activities -279,034,323.40 -292,998,203.59 13,963,880.19 / 7. Operation results of main holding companies and joint stock companies Unit: (RMB) Ten Thousand Company name Main business scope Proportion of shares held directly or indirectly Registered capital Total assets Net assets Operation income Net profit Shanghai Jin Jiang Auto Service Co., Ltd. Taxi service, travel vehicle service, vehicle repair, long-distance passenger transport, vehicle parts, vehicle leasing 95% 33,849 144,064 82,741 153,701 17,540 Shanghai Jin Jiang International Cold Logistics Development Co., Ltd. Warehousing & logistics service and relevant consultation, inventory management, freight brokerage, business information consultation 100% 10,000 23,398 10,804 11,489 1,204 JHJ International Transportation Co., Ltd. International forwarding of import and export goods transported by sea or air, international exhibits, and personnel items, express 50% 1,000 (Unit: USD, Ten thousand) 53,215 29,667 262,272 3,991 service (excluding personnel letters) Shanghai Dazhong New Asia Taxi Co., Ltd. Taxi service, drivers training, sales of auto parts, vehicle maintenance (where a license is required, such a license shall be obtained before operation.) 49.5% 3,000 19,249 15,921 12,904 2,342 Shanghai Pudong International Airport Cargo Terminal Co., Ltd. Warehousing 13% 19,161 109,309 92,744 101,610 56,633 8. Internal control system concerning fair value measurement In accordance with the prudence principle and the Accounting Standards for Business Enterprises, the Company reasonably estimated and determined the fair value. Items concerning fair value measurement Unit: (RMB) Yuan Items (1) Amount at period-begin (2) Gain/loss due to change of fair value in this period (3) Accumulative fair value changes recorded into the equity (4) Impairment reserve withdrawn (5) Amount at period-end (6) Financial assets Of which: 1. financial assets measured at fair value and of which the changes were recorded in the current profits or losses Of which: 2. derivative financial assets 2. Financial assets available for sale 217,742,325.26 0 -99,986,244.95 0 90,086,010.03 Subtotal of financial assets 217,742,325.26 0 -99,986,244.95 0 90,086,010.03 Investment real estate 21,938,903.47 35,865,835.82 Total 239,681,228.73 0 -99,986,244.95 0 125,951,845.85 9. Foreign-currency financial assets and liabilities The Company did not possess foreign-currency financial assets or liabilities. B) Future Development of the Company 1. Industry trend and market competition In 2009, due to the impact of the global financial crisis, the growth of the international and domestic economies will experience a remarkable slow-down. And it is estimated that facing the challenge of the financial crisis, the Company will see a drop in its business volume and operation achievements, especially in its passenger transport business, modern logistics business, and logistics and warehousing business. In the medium and long run, the Company's core business enjoys good prospects, especially with the opportunities brought by the Shanghai World Expo in 2010. The Company's passenger transport business mainly covers taxi, business leasing vehicle, travel passenger transport, and vehicle sales and repair services. The taxi business is subject to the total number of the operation licenses issued by the government. And the Company's performance in this business sector depends on the number of taxies and the quality of service. Currently, the Company holds a leading position in the taxi industry in Shanghai; As for its business leasing vehicle business, there will be a steadily growing demand for those vehicles, with the development of Shanghai's tourism and foreign trade. However, there will be a fiercer competition from the domestic and foreign enterprises; In terms of the travel passenger transport business, the Company still enjoys relative advantages despite an intense competition in the market; In terms of the auto sales and repair business, the market has a great development potential due to the low degree of concentration in the industry, as well as the absence of influential leading enterprises. And the Company has started to cooperate with Buick, Toyota, Nissan and Dazhong in this business sector, with activeness in new business exploration. The Company's modern logistics business mainly covers international freight forwarding services and relevant services. Driven by China's enormous economic aggregate and the integration of the world economy, the logistics industry enjoys good development prospects. Currently, the competition faced by the Company mainly comes from the strong international logistics companies' entry into China, as well as the increase of small and medium logistics companies at home. The Company's logistics and warehousing business mainly includes low-temperature warehousing and airport cargo terminal service. Along with the development of China's economy, the low-temperature warehousing business will enjoy good development prospects due to an increasing demand. Currently, the Company mainly faces the challenges brought by the entry of foreign companies, as well as the internalization trend of distribution in the domestic food retailers. 2. Opportunities and strategies of development In 2009, the Company faces a tough challenge, but not without opportunities. The Plan for Adjustment and Invigoration of Modern Logistics Industry, recently unveiled by the country, considers the logistics industry as a compound service industry integrating the transport industry, warehousing industry, forwarding industry and information industry, as well as an important component of the national economy. In the plan, the government expressed its determination to reduce the difficulties in the logistics enterprises' operation and maintain a steady development of the industry. And the Company is to seize the opportunity, so as to promote a steady and healthy development of its logistics and warehousing industry, as well as to increase its professional level. In the medium and long run, the Company's core businesses are expected to enjoy good opportunities of development. Opportunities of development: China's economic development brings opportunities in the modern service industry, as well as a growing demand in the passenger transport, modern logistics, logistics and warehousing industries. An industrial structure with its core as the service economy will take shape in Shanghai's strategic adjustment of its industrial structure, which will provide space for the further development of the passenger transport, modern logistics, and logistics and warehousing industries; Meanwhile, the World Expo in 2010 will have a favorable influence on the economic growth, as well as the development of the said three industries through its driving impact before the Expo, direct impact during the Expo and the extension impact after the Expo. Strategies of development: The Company is to tap new sources of growth in its passenger transport business and explore new operation modes of modern logistics and logistics and warehousing. At the same time, the Company will promote the Brand advantage and develop the innovation capacity, investment and financing capacity, so as to make the Company a top modern service enterprise in the Yangtze River Delta with the passenger transport, modern logistics, and logistics and warehousing as its core. 3. Business plan for 2009 In 2009, the Company will adopt the principles of scientific development and being practical in dealing with the financial crisis and seizing the opportunities brought by the World Expo. It will overcome the difficulties ahead and maintain a steady progress by clearly defining the responsibilities of every employee and accomplishing the objectives set for the year. It is expected that the Company, in 2009, will achieve an operation income reaching RMB 1.5 billion, with the operation cost of RMB 1.05 billion and the expenses of RMB 265 million. (1) Passenger Transport Service 1) Promote increase in both quantity and quality Based on the market demand, the Company will properly increase the number of its vehicles, so as to maintain the large-scale operation of the passenger transport service. Meanwhile, the Company will explore the foreign market for the vehicle leasing service and make good use of the Dalian Vehicle Leasing Project. Also, it will expand its vehicle leasing network at home based on the notion of "growing with the customers". 2) Take the opportunities brought by Shanghai World Expo With its advantages in the Jin Jiang Brand, the network, the service and the number of vehicles, the Company will further explore the customer resources of top-grade hotels and business offices, strengthen its vehicle provision for important tasks and large meetings, and increase its market shares in business vehicle leasing and chartering. 3) Continue promoting the development of the base in Wuzhong Road The Company will strive for the success of a variety of projects (including the Project of Insurance and Claim Settlement Service Centers for Motor Vehicle Traffic Accidents, and the Project of 4S Stores for Other Brands). In this way, it will expand its auto service business and increase its competitiveness in the market. (2) Modern logistics 1) Improve the five-region and three-level-management system Combining the logistic characteristics and advantages of all the regions, the Company will strengthen the operation communication and interaction among all the regions and give play to its advantage of scale. Meanwhile, it will control the cost, strengthen its capacity and promote the standardization of the internal management of all the regions. 2) Strengthen its cooperation with YRCW in terms of network and freight forwarding The Company will perfect its operation rules for the cooperation with YRCW in network and freight forwarding and increase the operation interaction with HK and Taiwan enterprises. 3) Timely adjust the operation strategies to avoid risks According to the changes of the global economic situation, the Company will seize the opportunities brought by the government's efforts to stimulate the domestic demand, as well as the World Expo, and strengthen its businesses of distribution, warehousing, delivery, transportation and so on; Meanwhile, the Company will control its financial expenses by means of various financial tools and activate its capital to minimize the exchange loss. (3) Logistics and warehousing 1) Integrating the low-temperature warehousing and the delivery to explore the business concerning the World Expo Through a series of measures (adjusting the product structure, improving the service quality, strengthening the operation communication and interaction, extending the service chain, etc.), the Company will seize the opportunity of the World Expo by striving to be a top cold-chain logistics service provider for the Expo. 2) Promote the expansion of the low-temperature warehouses in Wusong Upon the completion of the project feasibility studies, the Company will start to expand its refrigeration warehouses in Wusong, with efforts to make a breakthrough in terms of project development and development modes. 3) Actively introduce international strategic investors, so as to realize a diversified equity structure of the low-temperature logistics company and promote a modern cold storage company 4) Great efforts will be made to bring the west-district public freight terminal in Putong Airport into formal operation in the first half of 2009 4. Capital need, use and sources In 2009, the cash outflows of investment of the Company will mainly concentrate on the investment in the vehicle renewal and the development of the Company's main businesses, which will approximate RMB 400 million. And the capital will mainly come from the Company's self-owned capital and bank loans. 5. Analysis of business risks Factors Reasons Countermeasures Macro policy There exists an upward pressure on the Company's cost expenses due to the rise of the labor cost, as well as the rising relevant expenses caused by China's higher requirements of environmental protection. Marketing The global financial crisis leads to the reduced orders of international For details, please refer to "Business plan for 2009". trade, and consequently the falling import and export volumes. And it is estimated that the Company's business volumes of logistics and warehousing will be affected. 6. Whether the Company prepares and discloses the profit forecast for 2009: No (II) Investment of the Company Unit: RMB 0,000 Amount of long-term equity investment at the end of the reporting period 76,387 Amount of increase or decrease compared with that of last year 9 Percentage of increase or decrease compared with that of last year 0.01% 1. Use of Raised Proceeds The Company had not raised any proceed in the reporting period, nor was there any proceed raised in previous periods and still used in the reporting period. 2. Important Investment Projects with Non-Raised Proceeds in the Reporting Period The Company had no important investment projects with non-raised proceeds in the reporting period. (III) Reasons for and Influences by the Changes in Accounting Policies, Accounting Estimation and Correction of Significant Accounting Errors In the reporting period, there were no changes in the accounting policies, accounting estimations, or significant accounting errors. (IV) Routine Work of the Board of Directors 1. Meetings and Resolutions in the Reporting Period Session Date of meetings Content of Resolutions Date of information disclosure The 12th meeting of the 5th Board Mar. 18, 2008 Mar. 20, 2008 The 13th meeting of the 5th Board Apr. 23, 2008 Apr. 25, 2008 The 14th meeting of the 5th Board Jun. 4, 2008 Jun. 6, 2008 The 15th meeting of the 5th Board Jul. 17, 2008 Please refer to public notices of the Company on Shanghai Securities News and Hong Kong South China Morning Post Jul. 18, 2008 The 16th meeting of the 5th Board Aug. 20, 2008 Semi-Annual Report 2008 The 17th meeting of the 5th Board Oct. 22, 2008 The Third Quarterly Report 2008 2. Implementation of the Resolutions Made at the Shareholders' General Meeting by the Board Approved by 2007 Shareholders' General Meeting on May 15, 2008, the profit distribution plan of the Company is: to distribute cash dividends to shareholders RMB 4.00 (tax included) per 10 shares, based on the total share capital of 551,610,100 shares as of Dec. 31, 2007. The profit distribution plan was published on Shanghai Securities News and Hong Kong South China Morning Post on May 16, 2008. On Jun. 6, 008, the Company published the notice on implementation of dividend distribution on Shanghai Securities News and Hong Kong South China Morning Post. The date of record for A share was Jun. 13, 2008. As for B share, the last date of trade was Jun. 13, 2008, and the date of record was Jun. 18. The Ex dividend date was Jun. 16, 2008 and the date of dividend distribution was Jun. 25, 2008. The dividend to all shareholders has been distributed as scheduled. 3. Summery Report on Performance of the Audit Committee under the Board Based on the power authorized by the Company Law, the Articles of Association and Work Rules for the Audit Committee under the Board, the Audit Committee under the Board stringently followed the requirements of Notice [2008] No. 48 released by China Securities Regulatory Commission, to conduct necessary supervision over the 2008 business operation of the Company, as well as preparation of 2008 Annual Report and Financial Statement. The duty performance of the Audit Committee under the Board is summarized as follows: On Aug. 20, 2008, the 3rd meeting of the Audit Committee in 2008 was held, on which the 2008 Semi-Annual Report on Supervision and Examination over Internal Control given by the internal auditing institute of the Company, as well as the 2008 Semi-Annual Report on Self-Appraisal of Internal Control given by the Company were deliberated and approved. On Jan. 21, 2009, the 1st meeting of the Audit Committee in 2009 was held, on which the Report on 2008 Financial Status and Business Achievement of the Company given by Chief Financial Officer was heard. Besides, the Committee listened to the arrangement for annual financial auditing given by Deloitte Touche Tohmatsu Certified Public Accountants and determined the working arrangement through discussion with the CPAs. It also reviewed the first draft of financial statement prepared by the Company, formed written opinions and submitted to the CPAs of the Company for auditing. On Feb 21, and Mar. 21, 2009, the Audit Committee had twice sent letters of urging the CPAs to submit audit report as scheduled in written form to the CPAs, demanding the CPAs to accomplish the auditing of annual report, according to the plan and based on relevant rules. On Apr. 1, 2009, the 2nd meeting of the Audit Committee in 2009 was held, on which the Report on Production and Operation as well as Significant Events in 2008 given by the Management Team of the Company, and the Report on Production and Operation in 2008 given by the Management Team of JHJ International Transportation Co., Ltd were heard. Besides, the Committee had an on-site visit to the JHJ International Transportation Co., Ltd. It also deliberated the financial statement and submitted their opinion of approval in written form to the Board for deliberation, after the CPAs responsible for annual auditing issued the preliminary opinion. It deliberated and approved the work review of the Company's annual auditing conducted by the CPAs and the reappointment of the CPAs, as well as submitted the resolutions to the Board for deliberation. Besides, the 2008 Annual Work Report on Examination and Supervision of Internal Control, the 2008 Annual Report on Self-Appraisal of Internal Control and the Summery Report on the Duty Performance of the Audit Committee under the Board were deliberated and approved. 4. Summery Report on the Duty Performance of the Remuneration Committee under the Board The Remuneration and Appraisal Committee under the Board stringently performed its duties and rights authorized by the Company Law, the Articles of Association, as well as Work Rules for the Remuneration and Appraisal Committee under the Board, and seriously safeguarded the interest of all shareholders. The Performance of the Remuneration and Appraisal Committee is summarized as follows: On Apr. 21, 2009, the 1st meeting of the Committee in 2009 was held, which deliberated and approved the total amount of Senior Executives' Remuneration, as well as submitted it to the Board for approval. Besides, it issued approval opinion on the remuneration of Directors, Supervisors and Senior Executives disclosed in 2008 Annual Report, as well as deliberated and approved the Summery Report on the Duty Performance of the Remuneration Committee under the Board. (V) Profit Distribution Preplan or Preplan of Turning Capital Reserve into Share Capital The Profit Distribution Preplan is as follows: Based on the total share capital of 551,610,107 shares as of Dec. 31, 2008, the Company will distribute a cash dividend of RMB3.0 (tax included) for every 10 shares and the dividends for B Share will be distributed in US dollars. The cash dividend for distribution aggregates RMB 165,483,032.10, with retained profits of RMB 122,747,374.45, which will be carried forward into the next year. The preplan will be submitted to Shareholders' General Meeting for approval. (VI) Dividends of the Company in the Last Three Years Unit: (RMB) Yuan Year Amount of cash dividends (tax included) Net profit of the year Percentage (%) 2005 165,483,032.10 262,768,359.88 63 2006 193,063,537.45 280,827,364.63 69 2007 220,644,042.80 312,593,159.85 71 IX. Report of the Supervisory Committee (I) The Work of the Supervisory Committee Meeting of the Supervisory Committee Content of the meeting The 9th meeting of the 5th Supervisory Committee was held on Mar. 18, 2008 2007Annual Report on the Work of the Supervisory Committee 2007 Annual Report and its Summery The 10th meeting of the 5th Supervisory Committee was held on Apr. 23, 2008 The First Quarterly Report in 2008 The 11th meeting of the 5th Supervisory Committee was held on Aug. 20, 2008 The 2008 Semi-Annual Report and its Summery The 12th meeting of the 5th Supervisory Committee was held on Oct 22, 2008 The Third Quarterly Report in 2008 (II) Independent Opinion of the Supervisory Committee on the Company's Operation Based on the Laws The Board of Directors normatively operated the Company according to the Laws, and the business decision-making procedure was legal. The Company had established a sound corporate governance structure and a sound internal control system. The Committee had found no breach of the laws, regulations and the Articles of Association during the performance of duties by Directors and Senior Executives of the Company, nor any behaviors damaging the interest of the Company or shareholders. (III) Independent Opinion of the Supervisory Committee on the Financial Status of the Company The financial system of the Company was sound, the operation of the Company's finance was steady and the accounting method chosen was appropriate. The Deloitte Touche Tohmatsu Certified Public Accountants had issued the standard unqualified auditor's report which had authentically reflected the financial status and business achievements of the Company. (IV) Independent Opinion of the Supervisory Committee on Purchase and Sale of Assets The Company strictly followed the principle of fairness in the purchase and sale of assets. The transaction price was determined through mutual consultation based on the appraisal report given by independent appraisal institutions. The transaction procedure was legal and no behavior damaging the interest of the Company or shareholders was found by the Committee. (V) Independent Opinion of the Supervisory Committee on Affiliated Transactions In the affiliated transaction with the controlling shareholder, JinJiang International Holdings Co., Ltd and its subsidiaries, the Company had stuck to the principle of fairness, justice, and openness. The transaction price was determined through mutual consultation based on the appraisal report given by independent appraisal institutions and the transaction procedure was conducted according to normative procedures as well as requirements of relevant laws and regulations. No behavior damaging the interest of the Company or shareholders or behavior leading to loss of assets was found by the Committee. X. Significant Events (I) Significant Lawsuits and Arbitrations There were no significant lawsuits and arbitrations of the Company this year. (II) Relevant Issues of Bankruptcy and Reorganization There were no relevant issues of bankruptcy and reorganization in the Company this year. (III) Analysis and Explanation on Other Significant Events and Their Influence 1. Particulars about Equity of Other Listed Companies Held by the Company Unit: RMB Stock code Short form of stock Initial investment amount Proportion in equity of the Company (%) Book value at period-end Profits or losses in the reporting period Changes of owners' equity in the reporting period 601328 JTYH 8,106,520.00 <5 42,389,109.00 2,235,712.50 -72,973,655.20 600643 AJGF 6,300,000.00 <1 18,765,927.46 9,349,445.60 600655 YYSC 1,994,384.78 <1 10,447,624.96 120,306.70 -13,274,126.28 600631 BLGF 1,666,309.70 <1 7,641,000.00 90,000.00 -9,807,750.00 601727 SDGF 497,600.00 <1 6,904,926.72 -3,148,908.93 600616 JFJY 781,657.43 <1 1,479,724.68 -1,728,077.35 600082 HTFZ 864,540.00 <1 1,104,019.61 -1,802,536.99 600642 SNGF 280,000.00 <1 898,500.00 49,500.00 -1,307,250.00 600636 SAF 33,898.78 <1 208,450.00 -4,804,653.85 600665 TDY 159,264.00 <1 193,536.00 -430,416.00 Total 20,728,218.69 / 90,086,010.03 2,495,519.20 -99,986,244.95 The equities mentioned above all belong to the entry of accounting: financial assets available for sale The equities mentioned above all come from: subscription of corporation shares 2. Particulars about Equity of Non-Listed Financial Enterprises Held by the Company Name of entity Amount of initial investment (RMB) Amount of shares held (share) Proportion in equity of the Company (%) Book value at period-end (RMB) Profits or losses in the report period (RMB) Changes of owners' equity in the report period (RMB) Accountin g subject Source of share Guotai Junan Securities Co., Ltd 47,649,967 47,649,967 1.014 47,649,967 23,824,983.50 0 Long-term equity investment Subscription Subtotal 47,649,967 47,649,967 - 47,649,967 23,824,983.50 0 - - On Apr. 6, 2007, the Board approved the resolution of increasing investment in Guotai Junan Securities Co., Ltd, which decided to subscribe another 14,130,000 shares of Guotai Junan Securities Co., Ltd. For details please refer to Public Notice on the Resolution of the 5th Meeting of the 5th Board on Shanghai Securities News as of Apr. 11, 2007. Currently, the Company has paid for the subscription and is waiting for the right confirmation after Guotai Junan Securities Co., Ltd's plan of increasing capital and enlarging share was approved by CSRC. After right confirmation, the shares of Guotai Junan Securities Co., Ltd held by the Company will aggregate 61,780,000 shares. 3. Purchasing and Selling Shares of Other Listed Companies Company name Quantity at period-begin (shares) Quantity of buying/selling shares (shares) Quantity at period-end (shares) Amount of Money used Investment income from the transaction Selling SAF 670,000 620,000 55,000 Inapplicable 8,837,214.18 Notes: In Jul. 2008, the Company acquired 5000 bonus shares of SAF. (IV) Purchase and sale of Assets, as well as Assimilation and Merger of the Company in the Reporting Period In this year, the Company had no significant purchase and sale of assets, as well as assimilation and merger of the Company in the reporting period. (V) Significant Affiliated Transactions in the Reporting Period 1. Affiliated Transactions Related with Routine Operation Unit: RMB 0,000 Affiliated party Relationship Type of affiliated transactions Content of affiliated transactions Pricing principle of affiliated transactions Amount of affiliated transactions Proportion in the similar transactions (%) Method of payment Jin Jiang International Controlling Rendering Income of Market 55 <1 Monetary Group Co., Ltd shareholder of service passenger transport price fund Shanghai Jin Jiang International Travel Co., Ltd Subsidiary of Controlling shareholder Rendering of service Income of passenger transport Market price 694 <1 Monetary fund Affiliated company of Jin Jiang International Group Co., Ltd Affiliated company of Controlling shareholder Rendering of service Income of cold logistics Market price 12 <1 Monetary fund Affiliated company of Jin Jiang International Group Co., Ltd Affiliated company of Controlling shareholder Purchase of goods Purchase of goods Market price 36 <1 Monetary fund Jin Jiang International Group Co., Ltd Controlling shareholder Other expenses Lease of houses Market price 363 <5 Monetary fund Jin Jiang Star Hotel Co., Ltd Affiliated company of Controlling shareholder Receiving service Hotel management Market price 62 100 Monetary fund Total / 1,222 - / The affiliated transactions mentioned above are necessary routine business transactions of the Company, which are beneficial for the Company to reduce production and operation costs, as well as selling expenses. Affiliated transactions of this kind take a small proportion in similar transactions or total transactions, therefore, they have little influence on the financial status and business achievements of the Company in the reporting period or in the future, and they will not influence the independence of the Company. (VI) Significant Contracts and Their Execution 1. Particulars about Trusteeship, Contract and Lease (1) Particulars about Trusteeship The Company had no significant trusteeship in the reporting period. (2) Particulars about Contract The Company had no significant contract in the reporting period. (3) Particulars about Lease The Company had no significant lease in the reporting period. 2. Particulars about Guarantee External guarantee of the Company (excluding guarantees for subsidiaries) Assurance Provider Relationship between assurance Secured party Amount of guarantee Beginning date of guarantee Expiring date of guarantee Type of guarantee Whether guarantee has been fully Whether guarantee has Whether counter guarantee Whether provide guarantee provider and the listed company accomplished become expired exists for affiliated parties Shanghai Jin Jiang Auto Service Co., Ltd Subsidiary of the Company Shanghai Yongda Fengdu Vehicle Selling Co., Ltd 1,600 Mar. 29, 2008 Mar. 28, 2009 Common No No Yes No Shanghai Jin Jiang Auto Service Co., Ltd. Subsidiary of the Company Shanghai Jinmao Jin Jiang Auto Service Co., Ltd. 650 May. 26, 2008 Mar. 31, 2009 Common No No No No Shanghai Jin Jiang Business and Travel Auto Service Co., Ltd Affiliated company of the Company's subsidiary Shanghai South Station Long-distance Passenger Transport Co., Ltd 1,250 Dec. 20, 200 Dec. 19, 2009 Common No No Yes No Total amount of guarantee in the reporting period (excluding guarantees for subsidiaries) 2,732 Total balance of guarantee at the period-end (excluding guarantees for subsidiaries) 2,732 The Company's guarantee for subsidiaries Total amount of guarantee for subsidiaries in the reporting period 5,000 Total balance of guarantee for subsidiaries at the period-end 2,500 Total amount of guarantee (including guarantees for subsidiaries) Total amount of guarantee 5,232 Proportion of total amount of guarantee in net assets of the Company (%) 2.92 Including: Amount of guarantee for shareholders, actual controllers and its affiliated parties 0 Amount of direct and indirect guarantee for secured parties with assets liability ratio higher than 70% 0 Amount of total guarantee beyond 50% of net assets 0 Total of the three kinds of guarantees mentioned above 0 3. Particulars about Trust Financing The Company had no trust financing in the reporting period. 4. Other Significant Contracts The Company had no other significant contract in the reporting period. (VII) Fulfillment of Commitment (1) The Commitments Made by the Company and Shareholders with more than 5% Shares Name of shareholders Commitment Fulfillment of commitments JinJiang International Holdings Co., Ltd 1. Within the following 12 months after it acquires the right to list at A share market for 12 months, the non-tradable shares held by it will not get listed at Shanghai Securities Stock Exchange. 2. After expiration of time limit in the previous commitment, the shares sold at Shanghai Securities Stock Exchange shall account for no more than 5% within 12 months of the total shares and no more than 10% within 24 months. As for the shares becoming tradable through listed at Shanghai Securities Stock Exchange, whose amount reaches 1% of the total shares, the Company shall make a public notice within two workdays since the occurrence of the sale. 3. After the implementation of share merger reform, the Company will propose and vote for a cash distribution not lower than 50% of the profit available for distribution in the same year at the 2005, 2006 and 2007 Shareholders' General Meeting of Shanghai Jinjiang International Industrial Investment Co., Ltd. 1. The Commitment about time limit is in progress. 2. The Commitment about profit distribution has been fulfilled in 2005, 2006, and 2007 annual profit distribution. (VIII) Particulars about Appointment and Dismissal of the Certified Public Accountants by the Company Whether to change the Certified Public Accountants No Name of the domestic Certified Public Accountants Deloitte Touche Tohmatsu Certified Public Accountants Payment of the domestic Certified Public Accountants 180 Years that the domestic Certified Public Accountants has conducted auditing for the Company 16 (IX) Punishment on the Company, its Directors, Supervisors, Senior Executives, Shareholders and Actual Controllers, as well as Particulars about Rectification In this year, the Company, its Directors, Supervisors, Senior Executives, shareholders and actual controllers did not received any inspection, administrative penalties, circulating notice of criticism from CSRC, as well as public condemnation from Stock Exchange. (X) Explanation on Other Significant Events Since Mar., 2009, the newspaper designated for information disclosure at abroad has been changed from Hong Kong South China Morning Post to Hong Kong Ta Kung Pao. (XI) Index for Information Disclosure Events Name and page number of the newspapers for publication Date of publication Public notice on listing of shares subject to trading moratorium Shanghai Securities News D15 Jan. 30, 2008 Public notice on resolutions of the 12th meeting of the 5th Board Shanghai Securities News D29, Hong Kong South China Morning Post B6 Mar. 20, 2008 Public notice on the resolutions of the 9th meeting of the 5th Supervisory Committee Shanghai Securities News D29, Hong Kong South China Morning Post B6 Mar. 20, 2008 Public notice on prediction of routine affiliated transaction in 2008 Shanghai Securities News D29, Hong Kong South China Morning Post B6 Mar. 20, 2008 2007Annual Report Shanghai Securities News D29, Hong Kong South China Morning Post B6 Mar. 20, 2008 Public notice on resolutions of the 13th meeting of the 5th Board and Notice of convening 2007 Shareholders' General Meeting Shanghai Securities News D54, Hong Kong South China Morning Post B5 Apr. 25, 2008 The First Quarterly Report in 2008 Shanghai Securities News D54, Hong Kong South China Morning Post B5 Apr. 25, 2008 Public notice on resolutions of 2007 Shareholders' General Meeting Shanghai Securities News D27, Hong Kong South China Morning Post B7 May 16, 2008 Public notice on resolutions of the 14th meeting of the 5th Board Shanghai Securities News D10, Hong Kong South China Morning Post B10 Jun. 6, 2008 Public notice on implementation of 2007 dividends distribution Shanghai Securities News D10, Hong Kong South China Morning Post B10 Jun. 6, 2008 Public notice on external investment Shanghai Securities News D10, Hong Kong South China Morning Post B10 Jun. 6, 2008 Public notice on resolutions of the 15th meeting of the 5th Board Shanghai Securities News C34, Hong Kong South China Morning Post B4 Jul. 18, 2008 2008 Semi-Annual Preliminary Earnings Estimate Shanghai Securities News C34, Hong Kong South China Morning Post B4 Jul. 18, 2008 2008 Semi-Annual Report Shanghai Securities News C30, Hong Kong South China Morning Post B6 Aug. 22, 2008 The Third Quarterly Report in 2008 Shanghai Securities News C50, Hong Kong South China Morning Post B5 Oct. 24, 2008 Websites on which the aforesaid information were published: the website of Shanghai Securities Stock Exchange http://www.sse.com.cn XI. Financial Report (Attached behind) Deloitte Touche Tohmatsu Certified Public Accountants had issued the standard unqualified auditor's report for the Company. XIII. Documents for Reference 1. Accounting statements with personal signatures and seals of legal representative, chief accountant and person in charge of accounting organization. 2. Original Auditors' Report with seals of accountant office as well as signatures and seals of Certified Public Accountant. 3. Original texts of all the Company's documents and public notices disclosed on newspapers designated by CSRC in the report period. Chairman of the Board: Shen Maoxing Shanghai Jin Jiang International Industrial Investment Co., Ltd 23 Apr. 2009 SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. Financial Statements and Auditors' Report For the year ended 31 December 2008 SHANGHAI JIN JIANG INTERNATIONAL INDUSTRY INVESTMENT CO., LTD. AUDITORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 CONTENTS PAGE(S) AUDITORS' REPORT 1 - 2 THE COMPANY AND CONSOLIDATED BALANCE SHEETS 3 - 4 THE COMPANY AND CONSOLIDATED INCOME STATEMENTS 5 THE COMPANY AND CONSOLIDATED CASH FLOW STATEMENTS 6 THE COMPANY AND CONSOLIDATED STATEMENTSOF CHANGES IN SHAREHOLDERS' EQUITY 7 - 8 NOTES TO THE FINANCIAL STATEMENTS 9 - 72 - 1 - De Shi Bao (Shen) Zi (09)No. P0715 [Translation] AUDITORS' REPORT TO THE SHAREHOLDERS OF SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD.: We have audited the accompanying financial statements of Shanghai Jin Jiang International Industrial Investment Co., Ltd. (the "Jin Jiang Investment"), which comprise of the company and consolidated balance sheets as at 31 December 2008, and the company and consolidated income statements, the company and consolidated statements of changes in shareholders' equity and the company and consolidated cash flow statements for the year then ended, and notes to the financial statements. 1. Management's responsibility for the financial statements Management is responsible for the preparation of these financial statements in accordance with Accounting Standards for Business Enterprises. This responsibility includes: (1) designing, implementing and maintaining internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error; (2) selecting and applying appropriate accounting policies; and (3) making accounting estimates that are reasonable in the circumstances. 2. Auditor's responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Chinese Certified Public Accountants Auditing Standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider the internal control relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. - 2 - 3. Opinion In our opinion, the financial statements of the Jin Jiang Investment have been prepared in accordance with Accounting Standards for Business Enterprise, and present fairly, in all material respect, the company and consolidated financial position of the Jin Jiang Investment as of 31 December 2008, and the company and consolidated results of its operations and cash flows for the year then ended. Deloitte Touche Tohmatsu CPA Ltd. Chinese Certified Public Accountant Shanghai, China Fan Hong Bin Xi Xiao Min 21 April 2009 The auditors'report and the accompanying financial statements are English translations of the Chinese auditors'report and statutory financial statements prepared under accounting principles and practices generally accepted in the People's Republic of China. These financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in other countries and jurisdictions. In case the English version does not conform to the Chinese version, the Chinese version prevails. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRY INVESTMENT CO., LTD. - 3 - THE COMPANY AND CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2008 Unit:RMB Consolidated The Company ASSETS NOTES VIII 2008 2007 2008 2007 Current Assets: Currency funds 1 609,605,573.31 414,164,235.70 260,262,892.62 173,151,156.98 Accounts receivable 2 41,955,060.11 45,003,248.90 157,907.20 201,662.37 Advances to suppliers 3 53,929,049.13 47,815,291.60 24,300.00 51,400.00 Dividends receivable 4 10,722,095.18 9,616,643.69 - - Other receivables 5 25,819,294.55 61,393,971.67 44,131,974.01 59,514,684.68 Inventories 6 48,344,222.64 42,690,900.75 100,216.69 135,711.25 Non-current assets due within one year 15 4,230,666.67 4,230,666.67 - - Other current assets 7 5,067,496.16 - - - Total current assets 799,673,457.75 624,914,958.98 304,677,290.52 233,054,615.28 Non-current assets: Available-for-sale financial assets 8 90,086,010.03 217,742,325.26 77,283,466.46 189,965,217.00 Long-term equity investments 9 763,871,741.93 763,785,203.71 1,025,306,505.71 1,012,912,690.37 Investment property 10 35,865,835.82 21,938,903.47 21,496,546.99 21,938,903.47 Fixed assets 11 805,580,785.14 857,809,239.16 49,269,079.07 50,833,669.96 Construction in progress 12 2,362,500.00 4,027,364.71 - 1,247,656.71 Intangible assets 13 135,539,826.35 137,200,245.79 958,426.00 995,170.00 Long-term prepayments 103,645.94 116,601.70 - - Deferred tax assets 14 1,791,105.58 2,013,266.20 1,791,105.58 1,863,521.79 Other non-current assets 15 27,954,989.33 37,191,606.00 15,262,988.76 15,262,988.76 Total non-current assets 1,863,156,440.12 2,041,824,756.00 1,191,368,118.57 1,295,019,818.06 TOTAL ASSETS 2,662,829,897.87 2,666,739,714.98 1,496,045,409.09 1,528,074,433.34 (Continued) SHANGHAI JIN JIANG INTERNATIONAL INDUSTRY INVESTMENT CO., LTD. - 4 - Unit:RMB Consolidated The Company LIABILITIES AND SHAREHOLDERS' EQUITY NOTES VIII 2008 2007 2008 2007 Current Liabilities: Short-term borrowings 17 25,000,000.00 - - - Accounts payable 18 54,078,435.62 62,273,781.88 560,675.38 473,092.05 Advances from customers 19 91,273,167.43 92,070,819.59 321,521.62 317,168.97 Employee benefits payable 20 82,467,362.98 100,260,437.33 4,671,881.60 6,813,279.07 Tax payable 21 23,351,970.77 16,592,092.63 3,023,506.27 619,338.80 Dividends payable 22 35,050,849.29 56,042,870.13 21,338,065.35 22,084,908.80 Other payables 23 269,172,827.55 235,677,319.53 3,141,044.45 3,144,557.74 Total current liabilities 580,394,613.64 562,917,321.09 33,056,694.67 33,452,345.43 Non-Current Liabilities: Deferred tax liabilities 24 17,339,447.82 50,723,441.24 14,871,963.30 44,512,315.53 Other non-current liabilities 25 56,271,945.84 52,737,518.64 - - Total non-current liabilities 73,611,393.66 103,460,959.88 14,871,963.30 44,512,315.53 TOTAL LIABILITIES 654,006,007.30 666,378,280.97 47,928,657.97 77,964,660.96 SHAREHOLDERS' EQUITY Share capital 26 551,610,107.00 551,610,107.00 551,610,107.00 551,610,107.00 Capital reserve 27 437,051,678.24 531,883,826.10 424,681,552.81 513,602,606.28 Surplus reserve 28 183,594,684.76 152,837,477.26 183,594,684.76 152,837,477.26 Unappropriated profit 29 621,386,177.73 550,330,570.41 288,230,406.55 232,059,581.84 Total shareholders' equity attributable to equity holders of the parent 1,793,642,647.73 1,786,661,980.77 1,448,116,751.12 1,450,109,772.38 Minority interests 30 215,181,242.84 213,699,453.24 - - Total shareholders' equity 2,008,823,890.57 2,000,361,434.01 1,448,116,751.12 1,450,109,772.38 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 2,662,829,897.87 2,666,739,714.98 1,496,045,409.09 1,528,074,433.34 The accompanying notes form part of the financial statements. The financial statements on pages 3 to 72 were signed by the following: Head of the Company: Chief Financial Officer: Head of Accounting Department: Yang Yuan Ping Yuan Zhe Ning Liu Zhao Hui SHANGHAI JIN JIANG INTERNATIONAL INDUSTRY INVESTMENT CO., LTD. - 5 - THE COMPANY AND CONSOLIDATED INCOME STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Unit:RMB Consolidated The Company Item NOTES VIII 2008 2007 2008 2007 Operating income 31 1,673,685,463.73 1,619,396,969.78 21,786,507.04 20,200,744.24 Less: Operating costs 32 1,239,851,804.91 1,183,560,499.87 3,613,460.40 3,872,017.11 Business taxes and levied 33 40,644,346.62 39,529,081.82 1,231,348.13 1,012,318.69 Selling and distribution expenses 130,652,635.49 128,091,199.49 8,353,091.31 7,627,673.69 Administrative expenses 108,392,818.70 105,149,355.47 18,099,083.33 18,654,752.78 Finance expenses 34 (10,868,195.58) (6,114,515.61) (7,033,037.77) (3,110,131.71) Impairment loss in respect of assets 35 (61,973.12) 195,343.23 - 886.62 Add: Investment income 36 218,030,039.77 216,298,543.52 313,257,918.06 250,877,939.68 Including: Income from investment in associates and joint ventures 36 171,205,654.58 190,404,300.05 29,990,478.24 31,367,805.76 Operating profit 383,104,066.48 385,284,549.03 310,780,479.70 243,021,166.74 Add: Non-operating income 37 36,169,061.81 22,942,579.85 8,652.70 14,593.00 Less: Non-operating expenses 38 385,915.70 631,829.72 52,922.00 4,251.07 Including: Losses from disposal of non-current assets 38 286,786.90 572,930.95 - 4,251.07 Total profit 418,887,212.59 407,595,299.16 310,736,210.40 243,031,508.67 Less: Income tax expenses 39 32,835,950.21 25,549,204.12 3,164,135.39 (6,828.67) Net profit 386,051,262.38 382,046,095.04 307,572,075.01 243,038,337.34 Net profit attributable to shareholders of the parent 323,105,516.48 312,593,159.85 307,572,075.01 243,038,337.34 Profit attributable to minority interests 62,945,745.90 69,452,935.19 - - Earnings per share: 1. Basic earnings per share 41 0.586 0.567 2. Diluted earnings per share 41 N/A N/A The accompanying notes form part of the financial statements. SHANGHAI JIN JIANG INTERNATIONAL INDUSTRY INVESTMENT CO., LTD. - 6 - THE COMPANY AND CONSOLIDATED CASH FLOW STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 Unit:RMB Consolidated The Company NOTES VIII 2008 2007 2008 2007 Cash Flows from Operating Activities: Cash received from sales of goods or rendering of services 1,796,213,901.26 1,729,173,265.50 21,834,614.86 20,227,174.77 Receipts of tax refunds 6,424,946.10 4,195,352.29 - - Other cash receipts relating to operating activities 90,537,155.19 19,098,880.27 6,225,377.41 3,049,625.50 Sub-total of cash inflows 1,893,176,002.55 1,752,467,498.06 28,059,992.27 23,276,800.27 Cash payments for goods and purchased and services received 922,050,739.90 871,455,322.97 3,020,926.03 3,279,731.18 Cash payments to and on behalf of employees 372,142,757.24 336,937,997.36 13,803,120.60 9,094,701.66 Payments of all type of taxes 94,209,787.59 97,471,763.58 2,407,871.34 2,272,586.45 Other cash payments relating to operating activities 78,092,259.27 102,280,916.59 10,546,399.58 7,245,398.61 Sub-total of cash outflows 1,466,495,544.00 1,408,146,000.50 29,778,317.55 21,892,417.90 Net Cash Flows from Operating Activities 43 426,680,458.55 344,321,497.56 (1,718,325.28) 1,384,382.37 Cash Flow from Investing Activities: Proceeds on disposal and returns of investments 29,861,971.82 7,897,381.90 28,361,971.84 7,596,381.90 Cash receipts from returns on investments 198,883,743.60 176,070,139.29 283,595,585.72 331,214,784.12 Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets 38,837,913.48 41,728,864.30 317,892.27 7,904.47 Net cash receipts from disposals of subsidiaries or other business units - 23,467.04 - 99,017.71 Other cash receipts relating to investing activities 44 22,815,897.88 4,230,666.67 2,749,933.34 2,749,933.34 Sub-total of cash inflows 290,399,526.78 229,950,519.20 315,025,383.17 341,668,021.54 Cash payments to acquire and construct fixed assets, intangible assets and other long-term assets 216,643,624.65 183,606,118.08 831,326.00 3,473,248.71 Cash payments to acquire investments 19,973,110.00 54,360,773.50 3,973,110.00 49,161,826.53 Net cash payments from acquisitions of subsidiaries and other business units 45 5,427,026.34 - - - other cash payments relating to investing activities 560,563.33 560,563.33 - - Sub-total of cash outflows 242,604,324.32 238,527,454.91 4,804,436.00 52,635,075.24 Net Cash Flows from Investing Activities 47,795,202.46 (8,576,935.71) 310,220,947.17 289,032,946.30 Cash Flows from Financing Activities: Cash receipts from investors making investment in the enterprise - 2,000,000.00 - - Including: cash receipts from minorities making investment in subsidiaries - 2,000,000.00 - - Cash receipt from borrowings 55,000,000.00 25,000,000.00 - - Sub-total of cash inflows 55,000,000.00 27,000,000.00 - - Cash repayments of amounts borrowed 30,000,000.00 63,000,000.00 - Cash payments for distribution of dividends or profit or interest expenses 304,034,323.40 238,813,703.59 221,390,886.25 199,664,759.65 Including: payments for distribution of dividends or profit to minorities of subsidiaries 81,073,953.65 36,117,652.72 - - Other cash payments relating to financing activities - 18,184,500.00 - 18,184,500.00 Sub-total of cash outflows 334,034,323.40 319,998,203.59 221,390,886.25 217,849,259.65 Net Cash Flows from Financing Activities (279,034,323.40) (292,998,203.59) (221,390,886.25) (217,849,259.65) Net Increase in Cash and Cash Equivalents 195,441,337.61 42,746,358.26 87,111,735.64 72,568,069.02 Add:Opening Balance of Cash and Cash Equivalents 414,164,235.70 371,417,877.44 173,151,156.98 100,583,087.96 Closing Balance of Cash and Cash Equivalents 609,605,573.31 414,164,235.70 260,262,892.62 173,151,156.98 The accompanying notes form part of the financial statements. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 7 - THE COMPANY AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEAR ENDED 31 DECEMBER 2008 NOTES VIII Consolidated The Company Attributable to Total Total Unappropriated equity holders of Minority shareholders' Unappropriated shareholders' Share capital Capital reserve Surplus reserve profit the parent interests equity Share capital Capital reserve Surplus reserve profit equity RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB I. Balance at 1 January 2008 551,610,107.00 531,883,826.10 152,837,477.26 550,330,570.41 1,786,661,980.77 213,699,453.24 2,000,361,434.01 551,610,107.00 513,602,606.28 152,837,477.26 232,059,581.84 1,450,109,772.38 II. Changes for the year (I) Net profits - - - 323,105,516.48 323,105,516.48 62,945,745.90 386,051,262.38 - - - 307,572,075.01 307,572,075.01 (II) Gain and loss directly recognised in shareholders' equity 1. Net fair value changes of available-for-sale financial assets - (133,314,994.35) - - (133,314,994.35) (220,976.06) (133,535,970.41) - (118,561,405.70) - - (118,561,405.70) 2. Implications of changes in other owner's equity of investees using equity method - (651,499.99) - - (651,499.99) (34,289.47) (685,789.46) 3. Tax effects of items directly recognised in shareholders' equity - 33,328,749.40 - - 33,328,749.40 55,244.02 33,383,993.42 - 29,640,352.23 - - 29,640,352.23 4. Others 28(1) - 5,805,597.08 - (648,658.86) 5,156,938.22 271,417.78 5,428,356.00 Subtotal of (I) and (II) - (94,832,147.86) - 322,456,857.62 227,624,709.76 63,017,142.17 290,641,851.93 - (88,921,053.47) - 307,572,075.01 218,651,021.54 (III) Owner's contributions and reduction in capital 1. Capital contribution from owners 2. Share-based payment recognised in shareholders' equity 3. Others (IV) Profit distribution 1. Transfer to surplus reserve - - 30,757,207.50 (30,757,207.50)30,757,207.50 (30,757,207.50) - 2. Distribution to shareholders - - - (220,644,042.80) (220,644,042.80) (61,535,352.57) (282,179,395.37)220,644,042.80) (220,644,042.80) 3. Others (V) Transfer within shareholders' equity 1. Capitalisation of capital reserve 2. Capitalisation of surplus reserve 3. Loss made up by surplus reserve 4. Others III. Balance at 31 December 2008 551,610,107.00 437,051,678.24 183,594,684.76 621,386,177.73 1,793,642,647.73 215,181,242.84 2,008,823,890.57 551,610,107.00 424,681,552.81 183,594,684.76 288,230,406.55 1,448,116,751.12 (Continued) SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 8 - THE COMPANY AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEAR ENDED 31 DECEMBER 2008 The Group The Company Attributable to Total Total Unappropriated equity holders of Minority shareholders' Unappropriated shareholders' Share capital Capital reserve Surplus reserve profit the parent interests equity Share capital Capital reserve Surplus reserve profit equity RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB I. Balance at 31 December 2006 551,610,107.00 892,094,095.40 261,100,509.54 298,426,466.34 2,003,231,178.28 198,000,642.43 2,201,231,820.71 551,610,107.00 892,094,095.40 159,459,514.81 400,067,461.07 2,003,231,178.28 1. Changes in accounting policies - (488,800,785.11) (132,566,866.01) 156,678,315.40 (464,689,335.72) 4,875,858.86 (459,813,476.86) (493,219,217.30) (30,925,871.28) (193,678,845.39) (717,823,933.97) II. Balance at 1 January 2007 551,610,107.00 403,293,310.29 128,533,643.53 455,104,781.74 1,538,541,842.56 202,876,501.29 1,741,418,343.85 551,610,107.00 398,874,878.10 128,533,643.53 206,388,615.68 1,285,407,244.31 III. Changes for the year (I) Net profits - - - 312,593,159.85 312,593,159.85 69,452,935.19 382,046,095.04 - - - 243,038,337.34 243,038,337.34 (II) Gain and loss directly recognised in shareholders' equity 1. Net fair value changes of available-for-sale financial assets - 174,332,769.61 - - 174,332,769.61 - 174,332,769.61 - 155,920,769.37 - - 155,920,769.37 2. Implications of changes in other owner's equity of investees using equity method 3. Tax effects of items directly recognised in shareholders' equity - (45,742,253.80) - - (45,742,253.80) - (45,742,253.80) - (41,193,041.19) - - (41,193,041.19) 4. Others Subtotal of (I) and (II) - 128,590,515.81 - 312,593,159.85 441,183,675.66 69,452,935.19 510,636,610.85 - 114,727,728.18 - 243,038,337.34 357,766,065.52 (III) Owner's contributions and reduction in capital 1. Capital contribution from owners 2,000,000.00 2,000,000.00 2. Share-based payment recognised in shareholders' equity 3. Others 33,005.90) (33,005.90) (IV) Profit distribution 1. Transfer to surplus reserve - - 24,303,833.73 (24,303,833.73)24,303,833.73 (24,303,833.73) - 2. Distribution to shareholders - - - (193,063,537.45) (193,063,537.45) (60,596,977.34) (253,660,514.79)193,063,537.45) (193,063,537.45) 3. Others (V) Transfer within shareholders' equity 1. Capitalisation of capital reserve 2. Capitalisation of surplus reserve 3. Loss made up by surplus reserve 4. Others IV. Balance at 31 December 2007 551,610,107.00 531,883,826.10 152,837,477.26 550,330,570.41 1,786,661,980.77 213,699,453.24 2,000,361,434.01 551,610,107.00 513,602,606.28 152,837,477.26 232,059,581.84 1,450,109,772.38 The accompanying notes form part of the financial statements. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 9 - NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008 I. GENERAL Shanghai Jin Jiang International Industrial Investment Co., Ltd. (the "Company") was established in the People's Republic of China (the "PRC") as a joint stock company limited which was reformed from Shanghai Jin Jiang Tower on 24 February 1993. The public shares to the society and the foreign capital shares issued by the Company are being formally listed in Shanghai Stock Exchange. Its controlling shareholder is the Jin Jiang International (Group) Co., Ltd. Share capital information please refers to VIII, 26. The Company and its subsidiary (the "Group") are engaged in vehicle operating, transportation services, travelling services, business services, hotel, property management, office leasing, development of real estate, providing field for stores. II. BASIS OF PREPARATION OF FINANCIAL STATEMENTS Since 1 January 2007, the Group has adopted the Accounting Standard for Buisness Enterprises ("new CASs)" issued by the Ministry of Finance (MoF) on 15 February 2006, and, in accordance with the requirements of Articles 5 to 19 of Accounting Standard for Business Enterprises No. 38 – First-Time Adoption of Accounting Standards for Business Enterprises ("ASBE No. 38"), made retrospective adjustments to the 2006 financial statements. In addition, the financial information in the financial statements is presented and disclosed in accordance with Information Disclosure and Presentation Rules for Companies Offering Securities to the Public No. 15-General Provisions on Financial Reporting (Revised in 2007). III. STATEMENT OF COMPLIANCE WITH THE ASBE The financial statements of the Company have been prepared in accordance with new CASs, and present fairly, in all material respects, the company and consolidated financial position of the Company as of 31 December 2008, and the company and consolidated results of its operations and cash flows for the year then ended. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES 1. Accounting year The Group has adopted the calendar year as its accounting year, i.e. from 1 January to 31 December. 2. Functional currency Renminbi ("RMB") is the currency of the primary economic environment in which the Company and its subsidiaries operate. The functional currency of the Company and its subsidiaries is RMB. RMB is used as reporting currency to prepare the financial statements. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 10 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 3. Basis of accounting and principle of measurement The Group has adopted the accrual basis of accounting. Except for certain financial instruments which are measured at fair value, the Group has adopted the historical cost as the principle of measurement of the financial statements. Where assets are impaired, provisions for asset impairment are made in accordance with relevant requirements. 4. Cash equivalents Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. 5. Translation of transactions denominated in foreign currencies On initial recognition, foreign currency transactions are translated by applying an exchange rate that approximates the actual spot exchange rate at the dates of the transactions. At the balance sheet date, foreign currency monetary items are translated to RMB using the spot exchange rate at that date. Exchange differences arising from the differences between the spot exchange rate prevailing at the balance sheet date and those spot rates used on initial recognition or at the previous balance sheet date are recognised in profit or loss for the period or shareholders' equity. Foreign currency non-monetary items carried at historical cost shall continue to be measured at the amounts in functional currency translated using the spot exchange rates at the dates of the transactions; foreign currency non-monetary items carried at fair value are translated using the spot exchange rates at the date when the fair value was determined. Differences between the translated amount and the original amount of functional currency are accounted for as changes in fair value (including changes in foreign exchange rates) and included in profit or loss for the period or shareholders' equity. 6. Fair value of financial instruments Fair value is the amount between knowledgeable, wiling parties, when they exchange the assets and pay the debt. If the market for a financial instrument is active, the group establishes its fair value based on the available observable market data. The data represent the actual transaction price in the fair trade, the price of which can be easily and regularly got from Stock Exchange, Brokedealer, guild and rated institution. If the market for a financial instrument is not active, the group establishes its fair value using a valuation technique. Valuation techniques include using recent arm's length market transactions between knowledgeable,willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 11 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 7. Recognition and measurement of financial assets All regular way purchase or sales of financial assets are recognised and derecognised on a settlement date basis. On initial recognition, financial assets are classified into the following categories: financial assets 'at fair value through profit or loss' (FVTPL), 'held-to-maturity' investments, 'loans and receivables' and 'available-for-sale' (AFS) financial assets. Financial assets are initially recognised at fair value. For financial assets classified as at fair value through profit or loss, related transaction costs are charged to the profit or loss for the current period; for financial assets classified as other categories, related transaction costs are included in the initial recognition amounts. 7.1.Financial assets at FVTPL Financial assets are classified as at FVTPL where the financial asset is either held for trading or it is designated as at FVTPL. All Financial assets at FVTPL of the Group are classified as held for trading. A financial asset is classified as held for trading if: (1) it has been acquired principally for the purpose of selling in the near future; or (2) it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking; or (3) it is a derivative, except for a derivative that is a designated and effective hedging instrument, or a financial guarantee contract, or a derivative that is linked to and must be settled by delivery of an unquoted equity instrument (without a quoted price from an active market) whose fair value cannot be reliably measured. Financial assets at held for trading are subsequently measure at fair value, with gains or losses arising from changes in fair value as well as dividends and interest income related to such financial assets recognised in profit or loss for the current period. 7.2.Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The notes receivable, accounts receivable, dividends receivable and other receivable are included in this category. Loans and receivables are subsequently measured at amortised cost using the effective interest method. Gains or losses arising from derecognition, impairment or amortisation are recognised in profit or loss for the current period. The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability (or group of financial assets or financial liabilities) and of allocating the interest income or interest expense over the relevant period, using the effective interest rate. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Group estimates the future cash flows considering all contractual terms of financial assets and financial liabilities (without considering future credit losses). The calculation includes all fees paid or received between the parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 12 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 7. Recognition and measurement of financial assets - continued 7.3.AFS financial assets AFS financial assets are those non-derivative financial assets that are designated as available-for-sale or are not classified as (1) financial assets at FVTPL, (2) loans and receivables, and (3) held-to-maturity investments. AFS financial assets are subsequently measured at fair value. Gains or losses arising from changes in fair value (other than impairment losses and foreign exchange gains and losses resulted from foreign currency monetary assets which are recognised in profit or loss for the current period) are recognised directly in shareholders' equity, and are reversed and recognised in profit or loss for the period when such financial assets are derecognised. Interest received during the period in which the Group holds the AFS financial assets and cash dividends declared by the investee are recognised as investment income. 8. Impairment of financial assets The Group assesses the carrying amount of financial assets, other than those at FVTPL, at each balance sheet date. If there is objective evidence that financial assets are impaired the Group determines the amount of any impairment loss. Objective evidence that a financial asset is impaired includes observable data that comes to the attention of the holder of the asset about the following loss events: (1) Significant financial difficulty of the issuer or obligor; (2) A breach of contract, such as a default or delinquency in interest or principal payments; (3) The lender, for economic or legal reasons relating to the borrower's financial difficulty, granting to the borrower a concession that the lender would not otherwise consider; (4) It becoming probable that the borrower will enter bankruptcy or other financial reorganization; (5) The disappearance of an active market for that financial asset because of financial difficultiers; (6) Observable data indicating that there is a measureable decrase in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group, inclulding: - Adverse changes in the payment status of borrowers in the group; - National or local economic conditions that correlate with defaults on the assets in the group; (7) Significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in which the issuer operates, and indicates that the cost of the investment in the equity instrument may not be recovered; (8) A significant or prolonged decline in the fair value of an investment in an equity instrument below its cost; (9) Others Financial assets that are individually significant are subject to separate impairment assessment. Financial assets that are not individually significant should assessed separately or assessed together with those financial assets that have been individually evaluated for impairment and found not to be impaired grouped on the basis of similar credit risk characteristics. Those financial assets that have been individually evaluated for impairment and found to be impaired are not grouped on the basis of similar credit risk characteristics. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 13 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 8. Impairment of financial assets - continued - Impairment of loans and receivables The carrying amount of financial assets carried at cost or amortised cost is reduced to the present value of estimated future cash flows, with the reduced amount recognised as impairment losses and charged to profit or loss for the current period. If, after the recognition of impairment losses, the carrying amount of financial assets increases and the increase can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment losses are reversed through profit or loss to the extent that the carrying amount of the financial assets at the date the impairment is reversed does not exceed whtat the amortised cost would have been had the impairment not been recognised. - Impairment of AFS financial assets Where AFS financial assets are impaired, accumulated losses due to decreases in fair value previously recognised directly in capital reserve are reversed and charged to profit or loss for the current period. The reversed accumulated losses are the asset's initial acquisition costs after deducting amounts recovered and amortised, current fair value and impairment losses previously recognised in profit or loss. If, in a subsequent period, the carrying amount of financial assets increases and the increase can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment losses are reversed. The reversal of impairment losses of AFS equity instruments is recognised in equity, and the impairment losses of AFS debt instruments are recognised in profit or loss for the current period. Impairment losses incurred by the following are not reversed: (1) investments in an unquoted equity instrument (without a quoted price in an active market) whose fair value cannot be reliably measured; or (2) derivatives financial assets linked to and must be settled by delivery of such an unquoted equity instrument. 9. Derecognition of financial assets The Group derecognises a financial asset only when: (1) the contractual rights to the cash flows from the financial asset expire; or (2) it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity; or (3) it transfers the financial asset, neither transfers nor retains substantially all the risks and rewards of ownership but has not retained control over the financial assets. 10. Inventories Inventories are classified in merchandise, spare parts, consumable items, and food & beverage. Inventories are initially measured at cost. Cost of inventories comprises all costs of purchase, costs of conversion and other expenditures incurred in bringing the inventories to their present location and condition. Inventories are accounted for using the actual costing method. Cost of spare parts for vehicle operating business is calculated using the weighted average cost method. For remainings, other than cost of consumable items using the weighted average cost method, are calculated using the first-in, first-out method. The perpetual inventory system is adopted for stock count. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 14 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 11. Provision for decline in value of inventories At the balance sheet date, inventories are measured at the lower of cost and net realisable value. If the cost of inventories is higher than the net realisable value, a provision for decline in value of inventories shall be recognised. For large quantity and low value items of inventories, provision may be made based on categories of inventories. For other inventories, the excess of cost over the net realisable value is generally recognised as provision for decline in value of inventories on an item-by-item basis. After provision for decline in value of inventories has been made, if the circumstances that previously caused inventories to be written down no longer exist which results in the net realisable value is higher than the carrying amount, the amount of the write-down shall be reversed in profit or loss; the reversal shall be limited to the amount originally provided for the decline in value of inventories. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale and relevant taxes. Purpose of inventories being held and effect of the post balance sheet events shall be taken into consideration in determining the net realisable value based on the conclusive evidence available. 12. Investment property Investment property is a property held to earn rentals or for capital appreciation or both, comprising a land use right that is leased out, a land use right held for transfer upon capital appreciation and a building that is leased out. An investment property is initially measured at cost. Subsequent expenditures incurred on an investment property are recognised as cost of the investment property only when: 1) it is probable that economic benefits associated with the investment property will flow to the Group; and 2) the cost of the investment property can be measured reliably. Subsequent expenditures that fail to meet such recognition criteria shall be recognised in profit or loss in the period in which they are incurred. The Group uses the cost model for subsequent measurement of an investment property, and adopts the depreciation or amortisation policy consistent with that applicable to buildings or land use right. When a property held as owner-occupied property or inventories is transferred to investment property, or a property held as investment property is transferred to owner-occupied property, the carrying amount of a property before its transfer shall be regarded as the recorded amount after its transfer. When an investment property is sold, transferred, retired or damaged, the amount of any proceeds on disposal net of the carrying amount and related taxes is recognised in profit or loss for the current period. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 15 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 13. Long-term equity investments For a long-term equity investment acquired through a business combination involving enterprises under common control, the initial investment cost of the long-term equity investment shall be the absorbing party's share of the carrying amount of the shareholders' equity of the party being absorbed at the date of combination. For a long-term equity investment acquired through business combination not involving enterprises under common control, the initial investment cost of the long-term equity investment acquired shall be the cost of acquisition. The long-term equity investment acquired through means other than a business combination shall be initially measured at its cost. Where the Group does not have joint control or significant influence over the investee, the investment is not quoted in an active market and its fair value cannot be reliably measured, a long-term equity investment shall be accounted for using the cost method. Where the Group can exercise joint control or significant influence over the investee, a long-term equity investment shall be accounted for using the equity method. Where the Group does not have control, joint control or significant influence over the investee and the fair value of the long-term equity investment can be reliably measured, the investment shall be accounted for as an available-for-sale financial asset. A long-term equity investment where the Group can exercise control over the investee shall be accounted for using the cost method. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its operating activities. Joint control is the contractually agreed sharing of control over an economic activity, and exists only when the strategic financial and operating decisions relating to the activity require the unanimous consent of the parties sharing control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. 13.1. A long-term equity investment accounted for using the cost method Under the cost method, a long-term equity investment is measured at initial investment cost. Investment income recognised shall be limited to the amount distributed to it out of accumulated net profits of the investee that arose after the investment was made. Any cash dividends or distributions received in excess of this amount shall be treated as return of initial investment cost to reduce the carrying amount of the investment. 13.2. A long-term equity investment accounted for using the equity method Under the equity method, where the initial investment cost of a long-term equity investment exceeds the Group's interest in the fair values of the investee's identifiable net assets at the acquisition date, no adjustment is made to the initial investment cost. Where the initial investment cost is less than the Group's interest in the fair values of the investee's identifiable net assets at the acquisition date, the difference is charged to profit or loss for the current period, and the cost of the long-term equity investment is adjusted accordingly. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 16 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 13. Long-term equity investments - continued 13.2. A long-term equity investment accounted for using the equity method - continued Under the equity method, investment income or loss represents the Group's share of the net profits or losses made by the investee for the current period. The Group recognises its share of the investee's net profits or losses based on the fair values of the investee's individual separately identifiable assets at the acquisition date, after making appropriate adjustments thereto in conformity with the accounting policies and accounting periods of the Group. For the unrealized profit or loss between the group and an associate or joint venture, the part belongs to the group, calculated with ratio held by the group, should be offset. Accordingly, the group recognizes investment income. But if the unrealized loss is related with an impairment of the assets transferred between the group and the investee, according to the Accounting Standards for Business Enterprises No.8-Impairment of Assets, the loss can't be offset. For any changes in shareholder's equity other than net profits or losses in the investee, the Group adjusts the carrying amount of the long-term equity investment and include the corresponding adjustment in shareholders' equity. The Group's share of net losses of the investee is recognised to the extent that the carrying amount of the long-term equity investment together with any long-term interests that in substance form part of the investor's net investment in the investee are reduced to zero. If the Group has to assume additional obligations, the estimated obligation assumed is provided for and charged to the profit or loss as investment loss for the period. Where the investee records profits in subsequent periods, the Group resumes recognising its share of profits after setting off profits against the unrecognised share of losses. For a long-term equity investment in an associate or joint venture held prior to first-time adoption date, if an equity investment debit balance associated with the investment exists, the amount amortised on a straight-line basis during the remaining period is recognised in profit or loss for the current period. 13.3. Disposal of a long-term equity investment On disposal of a long-term equity investment, the difference between the proceeds actually received and the carrying amount is recognised in profit or loss for the current period. For a long-term equity investment accounted for using the equity method, any changes in the owners' equity of the investee (other than net profits or losses) included in the shareholders' equity of the Group, is transferred to profit or loss for the current period on a pro-rata basis according to the proportion disposed of. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 17 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 14. Fixed assets and depreciation Fixed assets are tangible assets that are held for use in the production or supply of services, for rental to others, or for administrative purposes and have useful lives more than one accounting year. A fixed asset shall be initially measured at cost and the effect of any expected costs of abandoning the asset at the end of its use. Among operational vehicle, depreciation of taxies and minibus of the Group is provided to write off the cost of the fixed assets by double decline balance method over 6 years from the month after they are put into use. For other fixed assets, depreciation is provided to write off the cost of each category of fixed assets over their estimated useful lives from the month after they are put into use, using the straight-line method. The estimated useful life, residual value and annual depreciation rate of each category of fixed assets are as follows: Annual Category of fixed assets Useful life (years) Residual value depreciation rate Buildings 20-50 4-10% 1.8-4.8% Plant and machinery 5-20 4-10% 4.8-19.2% Electronic equipment, furniture and fixtures 3-10 4-10% 9.0-32.0% Operational vehicle except for the taxies and minibus mentioned above 5-10 4-5% 9.5-19.2% Other transportation equipment 5-10 4-10% 9.0-19.2% Hotel improvement 5 - 20% Estimated net residual value of a fixed asset is the estimated amount that the Group would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. Subsequent expenditures incurred for a fixed asset shall be included in the cost of the fixed asset, only if it is probable that economic benefits associated with the asset will flow to the Group and the relevant cost can be measured reliably; meanwhile the carrying amount of the replaced part shall be derecognised. Other subsequent expenditures that fail to meet the capitalisation criteria shall be charged to profit or loss when incurred. The Group shall review the useful life and estimated net residual value of a fixed asset and the depreciation method applied at least at each financial year-end. A change in the useful life or estimated net residual value of a fixed asset or the depreciation method used shall be accounted for as a change in an accounting estimate. When a fixed asset is sold, transferred, retired or damaged, the Group shall recognise the amount of any proceeds on disposal of the asset net of the carrying amount and related taxes in profit or loss for the current period. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 18 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 15. Construction in progress Cost of construction in progress is determined as the expenditure actually incurred for the construction, comprising all expenditure incurred for construction projects, and other related expenses. Construction in progress is reclassified as fixed assets when it has reached working condition for its intended use. 16. Intangible assets An intangible asset is an identifiable non-monetary asset without physical substance owned or controlled by the Group. An intangible asset shall be initially measured at cost. The expenditures incurred on an intangible asset shall be recognised as cost of the intangible asset only if: 1) it is probable that economic benefits associated with the asset will flow to the Group; and 2) the cost of the asset can be measured reliably. Other expenditures on an intangible asset that fail to meet the recognition criteria shall be charged to profit or loss when incurred. Land-use right acquired shall normally be recognised as an intangible asset. Self-constructed buildings (e.g. plants), related land-use right and the buildings shall be separately accounted for as an intangible asset and fixed asset. For buildings purchased, the purchase consideration shall be allocated among the buildings and land-use right on a reasonable basis. In case there is difficulty in making a reasonable allocation, the consideration shall be recognised in full as fixed assets. An intangible asset with a finite useful life shall be amortised using the straight-line method over its useful life when the asset is available for use. An intangible asset with an indefinite useful life shall not be amortised. For an intangible asset with a finite useful life, the Group shall review the useful life and amortisation method at least at each financial year-end. A change in the useful life or the amortisation method used shall be accounted for as a change in an accounting estimate. For an intangible asset with an indefinite useful life, the Group shall reassess the useful life of the asset in each accounting period. If there is evidence indicating that the useful life of that intangible asset is finite, the Group shall estimate the useful life of that asset and apply the amortisation policy applicable to an intangible asset with a finite useful life accordingly. 17. Long-term prepayments Long-term prepayments are various expenditures incurred but that should be allocated over the current and future periods of more than one year. Long-term prepayments are evenly amortised over the respective beneficial period. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 19 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 18. Non-current assets held for sale The Group shall classify a non-current asset as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use and the transaction shall be accomplished within one year. The Group shall not depreciate (or amortise) a non-current asset while it is classified as held for sale. The Group shall measure a non-current asset classified as held for sale at the lower of its carrying amount and fair value less costs to sell. The Group shall present a non-current asset classified as held for sale separately from other assets in the statement of financial position. 19. Impairment of non-financial assets The Group shall assess at the balance sheet date whether there is any indication that long-term equity investments in subsidiaries, associates and joint ventures, investment properties, fixed assets, construction in progress, intangible assets with finite useful life may be impaired. If there is any indication that an asset may be impaired, recoverable amount shall be estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the Group shall determine the recoverable amount of the asset group to which the asset belongs. If the recoverable amount of an asset is less than its carrying amount, the difference shall be recognised as an impairment loss and charged to profit or loss for the current period. An intangible asset with an indefinite useful life shall be tested for impairment annually, irrespective of whether there is any indication that the asset may be impaired. The recoverable amount of an asset is the higher of its fair value less costs of disposal and the present value of the future cash flows expected to be derived from the asset. An asset's fair value is the price in a sale agreement in an arm's length transaction. If there is no sale agreement but an asset is traded in an active market, fair value shall be the current bid price. If there is no sales agreement or active market for an asset, fair value shall be based on the best information available. Costs of disposal include legal costs related to the disposal of the asset, related taxes, costs of removing the asset and direct costs incurred in bringing the asset into the condition for its intended sale. Once an impairment loss on the long-term equity investment in subsidiaries, associates and joint ventures, investment properties, fixed assets, construction in progress, intangible assets with finite useful life is recognised, it shall not be reversed in a subsequent period. 20. Financial liabilities On initial recognition, financial liabilities are classified as either financial liabilities at 'fair value through profit or loss' (FVTPL) or 'other financial liabilities'. Financial liabilities are initially recognised at fair value. For financial liabilities classified as at fair value through profit or loss, related transaction costs are charged to the profit or loss for the current period; for financial liabilities classified as other categories, related transaction costs are included in the initial recognition amounts.The Group do not hold financial liabilities at 'fair value through profit or loss' (FVTPL) at present. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 20 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 20. Financial liabilities - continue 20.1. Other financial liabilities Other financial liabilities are subsequently measured at amortised cost using the effective interest method; gains or losses arising from derecognition or amortisation is recognised in profit or loss for the period. 20.2. Financial guarantee contract Financial guarantee contracts other than those designated as financial liabilities at FVTPL are initially recognised at fair value, and shall be subsequently measured at the higher of the following two amounts: (1) the amount determined in accordance with Accounting Standard for Business Enterprises No. 13 – Contingencies; and (2) the amount initially recognised less cumulative amortisation recognised in accordance with the principles set out in Accounting Standard for Business Enterprises No. 14 – Revenue. 21. Employee benefits In the accounting period in which an employee has rendered services, the Group recognises the employee benefits for those services as a liability. Expenditures related to payments for employees' social welfare system established by the state, including pensions, medical insurance, housing funds and other social welfare contributions, shall be included in the cost of related assets or profit or loss for the period in which they are incurred. When the Group terminates the employment relationship with employees before the end of the employment contracts or provides compensation as an offer to encourage employees to accept voluntary redundancy, if the Group has a formal plan for termination of employment relationship or has made an offer for voluntary redundancy which will be implemented immediately, and at the same time the Group cannot unilaterally withdraw from the termination plan or the redundancy offer, a provision shall be recognised for the compensation arising from termination of employment relationship with employees, with a corresponding charge to the profit or loss for the current period. An internal retirement plan is accounted for using the same principles as described above. Salaries and social insurance contributions to be paid to the internally retired employees by the Group during the period from the date when the employee ceases to provide services to the normal retirement date are recognised in profit or loss for the period when the recognition criteria for provisions are met (termination benefits). 22. Offsetting a financial asset and a financial liability Financial assets and financial liabilities shall be presented separately in the balance sheet and shall not be offset. However, a financial asset and a financial liability shall be offset and the net amount presented in the balance sheet when both of the following conditions are satisfied: (1) the Group has a legal right to set off the recognised amounts and the legal right is currently enforceable; and (2) the Group intends either to settle on a net basis, or to realise the financial asset and settle the financial liability simultaneously. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 21 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 23. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities; transaction costs incurred for the issue of equity instruments in a business combination shall be deducted from the premium arising from issue of equity instruments. If the amount of premium is not sufficient to absorb such costs, the excess shall be charged against retained earnings. For other equity instruments, the consideration received from issuing equity instruments, net of transaction costs, shall be added to owners' equity. The consideration and transaction costs paid to reacquire its own equity instruments shall be deducted from owners' equity. Any gain or loss on the issue, reacquisition, sale or cancellation of the Group's own equity instruments are not recognised. All types of distributions made by the Group to holders of equity instruments (excluding stock dividends) are deducted from owners' equity. The Group does not recognise changes in the fair value of equity instruments. 24. Principle of revenue recognition 24.1 Revenue from the sale of goods Revenue from the sale of goods shall be recognised only when all of the following conditions are satisfied: (1) the Group has transferred to the buyer the significant risks and rewards of ownership of the goods; (2) the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; (3) the amount of revenue can be measured reliably; (4) it is probable that the associated economic benefits will flow to the Group; and (5) the associated costs incurred or to be incurred can be measured reliably. 24.2 Revenue arising from the rendering of services When the outcome of a transaction involving the rendering of services can be estimated reliably, at the balance sheet date, revenue associated with the transaction is recognised using the percentage of completion method. The stage of completion of a transaction involving the rendering of services is determined according to the proportion of services performed to date to the total services to be performed. The outcome of a transaction involving the rendering of services can be estimated reliably when all of the following conditions are satisfied: (1) the amount of revenue can be measured reliably; (2) it is probable that the associated economic benefits will flow to the Group; (3) the stage of completion of the transaction can be measured reliably; and (4) the costs incurred and to be incurred for the transaction can be measured reliably. When the outcome of a transaction involving the rendering of services cannot be estimated reliably, when the costs incurred are expected to be recoverable, revenue shall be recognised to the extent of costs incurred that are expected to be recoverable and the service costs incurred shall be charged to profit or loss for the period; when the costs incurred are not expected to be recoverable, no service revenue shall be recognised. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 22 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 24. Principle of revenue recognition - continued 24.3 Revenue arising from the use by others of enterprise assets Revenue arising from the use by others of enterprise assets shall be recognised only when both of the following conditions are satisfied: (1) it is probable that the associated economic benefits will flow to the enterprise; and (2) the amount of the revenue can be measured reliably. 24.4. Interest income Interest income is measured based on the length of time for which the enterprise's cash is used by others and the applicable interest rate. 25. Government grants Government grants are transfer of monetary assets or non-monetary assets from the government to the Group at no consideration. Government grants are classified into government grants related to assets and government grants related to income. A government grant is recognised when the Group can comply with the conditions attaching to the grant and when the Group can receive the grant. If a government grant is in the form of a transfer of a monetary asset, the item shall be measured at the amount received or receivable. If a government grant is in the form of a transfer of a non-monetary asset, the item shall be measured at fair value. A government grant measured at a nominal amount shall be recognised immediately in profit or loss for the current period. A government grant related to an asset shall be recognised as deferred income, and evenly amortised to profit or loss over the useful life of the related asset. For a government grant related to income, if the grant is a compensation for related expenses or losses to be incurred in subsequent periods, the grant shall be recognised as deferred income, and recognised in profit or loss over the periods in which the related costs are recognised; if the grant is a compensation for related expenses or losses already incurred, the grant shall be recognised immediately in profit or loss for the current period. For the repayment of a government grant already recognised, if there is any related deferred income, the repayment shall be offset against the carrying amount of the deferred income, and any excess shall be recognised in profit or loss for the current period; if there is no related deferred income, the repayment shall be recognised immediately in profit or loss for the current period. 26. Borrowing costs Borrowing costs include interest, amortisation of discounts or premiums related to borrowings, ancillary costs incurred in connection with the arrangement of borrowings, and exchange differences arising from foreign currency borrowings. The amount of borrowing costs incurred shall be recognised as an expense in the period in which they are incurred. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 23 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 27. Income taxes 27.1. Current income taxes At the balance sheet date, current income tax liabilities (or assets) for the current and prior periods shall be measured at the amount expected to be paid (or recovered) according to the requirements of tax laws. Taxable profits, which are the basis for calculating the current tax expense, are determined after adjusting the accounting profits before tax for the year in accordance with relevant requirements of tax laws. 27.2. Deferred tax assets and deferred tax liabilities Temporary differences arising from the difference between the carrying amount of an asset or liability and its tax base, or the difference between the tax base and the carrying amount of those items that are not recognised as assets or liabilities but have a tax base that can be determined according to tax laws, shall be recognised as deferred tax assets and deferred tax liabilities using the balance sheet liability method. Deferred tax liabilities are not recognised for taxable temporary differences related to (1) the initial recognition of goodwill; and (2) the initial recognition of an asset or liability in a transaction which is neither a business combination nor affects accounting profit or taxable profit (or deductible loss) at the time of the transaction. In addition, the Group recognises the corresponding deferred tax liability for taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, except when both of the following conditions are satisfied: (1) the Group is able to control the timing of the reversal of the temporary difference; and (2) it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are not recognised for deductible temporary differences related to the initial recognition of an asset or liability in a transaction which is neither a business combination nor affects accounting profit or taxable profit (or deductible loss) at the time of the transaction. In addition, the Group recognises the corresponding deferred tax asset for deductible temporary differences associated with investments in subsidiaries, associates and joint ventures to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilised, except when both of the following conditions are satisfied: (1) it is not probable that the temporary difference will reverse in the foreseeable future; and (2) it is not probable that taxable profits will be available in the future, against which the temporary difference can be utilised. The Group recognises a deferred tax asset for the carryforward of deductible losses and tax credits to subsequent periods, to the extent that it is probable that future taxable profits will be available against which the deductible losses and tax credits can be utilised. At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, according to the requirements of tax laws. At the balance sheet date, the Group shall review the carrying amount of a deferred tax asset. If it is probable that sufficient taxable profits will not be available in future periods to allow the benefit of the deferred tax asset to be utilised, the carrying amount of the deferred tax asset shall be reduced. Any such reduction in amount shall be reversed when it becomes probable that sufficient taxable profits will be available. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 24 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 27. Income taxes - continued 27.3. Tax expense Tax expense comprises current tax expense and deferred tax expense. Current tax expense (current tax income) and deferred tax expense (deferred tax income) are included in profit or loss for the current period, except for: (1) current tax and deferred tax related to transactions or events that are directly recognised in owners' equity, which are recognised directly in owners' equity; (2) deferred tax arising from a business combination, which is adjusted against the carrying amount of goodwill. 27.4. Offsetting a deferred tax asset and a deferred tax liability Deferred tax assets and liabilities are offset when: (1)The deferred taxes are relate to the same tax payer within the group and same fiscal authority, and;(2)That tax payer has a legally enforceable right to offset current tax assets against current tax liabilities. 28. Business combinations A business combination is a transaction or event that brings together two or more separate enterprises into one reporting entity. Business combinations are classified into business combinations involving enterprises under common control and business combinations not involving enterprises under common control. The Group recognises assets and liabilities obtained through a business combination at the combination date or acquisition date. A combination date or acquisition date is the date on which the absorbing party or acquirer effectively obtains control of the party being absorbed or acquiree i.e. the date on which the net assets or control over production and operational decisions of the party being absorbed or acquiree are transferred to the absorbing party or acquirer. 28.1.A business combination involving enterprises under common control A business combination involving enterprises under common control is a business combination in which all of the combining enterprises are ultimately controlled by the same party or parties both before and after the combination, and that control is not transitory. The party that, on the combination date, obtains control of another enterprise participating in the combination is the absorbing party, while that other enterprise participating in the combination is a party being absorbed. Assets and liabilities that are obtained by the absorbing party in a business combination shall be measured at their carrying amounts at the combination date as recorded by the party being absorbed. The difference between the carrying amount of the net assets obtained and the carrying amount of the consideration paid for the combination (or the aggregate face value of shares issued as consideration) shall be adjusted to capital premium in capital reserve. If the capital premium in capital reserve is not sufficient to absorb the difference, any excess shall be adjusted against retained earnings. Costs incurred by the absorbing party that are directly attributable to the combination shall be charged to profit or loss in the period in which they are incurred. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 25 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 28. Business combinations - continued 28.2 A business combination not involving enterprises under common control A business combination not involving enterprises under common control is a business combination in which all of the combining enterprises are not ultimately controlled by the same party or parties before and after the combination. For a business combination not involving enterprises under common control, the party that, on the acquisition date, obtains control of another enterprise participating in the combination is the acquirer, while that other enterprise participating in the combination is the acquiree. For a business combination not involving enterprises under common control, the cost of combination is the aggregate of the fair values, at the acquisition date, of the assets given, liabilities incurred or assumed, and equity securities issued by the acquirer in exchange for control of the acquiree, as well as costs incurred by the acquirer that are directly attributable to the business combination. For a business combination achieved in stages that involves multiple exchange transactions, the cost of combination is the aggregate of the costs of individual transactions. When a business combination contract provides for an adjustment to the cost of combination contingent on a future event, the acquirer shall include the amount of that adjustment in the cost of the combination if it is expected on the acquisition date that the occurrence of the future event is probable and the amount affecting the cost of combination can be measured reliably. The acquiree's identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria, which are acquired in a business combination not involving enterprises under common control, are measured at their fair value at the acquisition date. Where the cost of combination exceeds the acquirer's interest in the fair value of the acquiree's identifiable net assets, the difference shall be recognised as goodwill. Where the cost of combination is less than the acquirer's interest in the fair value of the acquiree's identifiable net assets, the difference shall be accounted for as follows: firstly, the acquirer shall reassess the measurement of the fair values of the acquiree's identifiable assets, liabilities and contingent liabilities and measurement of the cost of combination; then, if after that reassessment, the cost of combination is still less than the acquirer's interest in the fair value of the acquiree's identifiable net assets, the acquirer shall recognise the remaining difference immediately in profit or loss for the current period. 29. Leases A finance lease is a lease that transfers in substance all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred. An operating lease is a lease other than a finance lease. 29.1.Recording of operating leases by the Group as lessee Lease payments under an operating lease are recognised on a straight-line basis over the lease term. Significant initial direct costs are capitalised when incurred and charged to profit or loss for the corresponding period according to the same basis for rental income recognition; while other insignificant initial direct costs are charged to profit or loss for the period in which they are incurred. Contingent rents are charged to profit or loss in the period in which they are actually incurred. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 26 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 29. Leases - continued 29.2. Recording of operating leases by the Group as lessor Lease income from operating leases is recognised in profit or loss on a straight-line basis over the lease term. Initial direct costs are charged to profit or loss for the current period. Contingent rents are credited to profit or loss in the period in which they actually arise. 30. Preparation of consolidated financial statements The scope of consolidated financial statements is determined on the basis of control. Control is the power to govern the financial and operating policies of an enterprise so as to obtain benefits from its operating activities. The date on which the Group effectively obtains or loses control of its subsidiaries are considered as the combination date or acquisition date. For a subsidiary already disposed of, its operating results and cash flows before the disposal date are appropriately included in the consolidated income statement and the consolidated cash flow statement; for a subsidiary disposed of during the current period, no adjustments are made to the opening balance of the consolidated balance sheet. Where a subsidiary has been acquired through a business combination not involving enterprises under common control, the subsidiary's operating results and cash flows after the acquisition date are appropriately included in the consolidated income statement and the consolidated cash flow statement, and no adjustments are made to the opening balance and comparative figures of the consolidated financial statements. Where a subsidiary has been acquired through a business combination involving enterprises under common control, the subsidiary's operating results and cash flows from the beginning of the reporting period to the combination date are appropriately included in the consolidated income statement and the consolidated cash flow statement, and adjustments are made to the comparative figures of the consolidated financial statements accordingly. Major accounting policies and accounting periods adopted by the subsidiary(ies) are defined according to the standardised accounting policies and accounting periods established by the Company. All significant intra-group accounts and transactions between the Company and its subsidiaries or between subsidiaries are eliminated on consolidation. The portion of a subsidiary's equity that is not attributable to the parent is treated as minority interest and presented as "minority interest" in the consolidated balance sheet within owners' equity. The portion of net profits or losses of subsidiaries for the period attributable to minority interest is presented in the consolidated income statement below the "net profit" line item as "minority interest". When the amount of loss attributable to the minority shareholders of a subsidiary exceeds the minority shareholders' portion of the opening balance of owners' equity of the subsidiary, where the minority shareholders have a binding obligation under the articles of association or an agreement and are able to make an additional investment to cover the loss, the excess amount shall be allocated against minority interest; otherwise the excess amount shall be allocated against shareholders' equity attributable to the parent. If the subsidiary subsequently reports profits, such profits shall be allocated to shareholders' equity attributable to the parent until the minority shareholders' share of losses previously absorbed by the parent has been recovered. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 27 - IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 31. Related parties If a party has the power to control, jointly control or exercise significant influence over another party, they are regarded as related parties. Two or more parties are also regarded as related parties if they are subject to control, joint control or significant influence from the same party. V. BASIS OF DETERMINING SIGNIFICANT ACCOUNTING POLICIES AND KEY ASSUMPTIONS AND UNCERTAINTIES IN ACCOUNTING ESTIMATES In the application of the Group's accounting policies, which are described in Note IV, the Group is required to make judgements, estimates and assumptions about the carrying amounts of items in the financial statements that cannot be measured accurately. These judgements, estimates and assumptions are based on historical experience of the Group's management as well as other factors that are considered to be relevant. Actual results may differ from these estimates. The aforementioned judgements, estimates and assumptions are reviewed regularly on a going concern basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. - Critical judgements in applying accounting policies The following are the critical judgements that the Group has made in the process of applying the accounting policies and that have the most significant effect on the amounts recognised in financial statements. The useful life of the operational license of taxi The useful year of the operational license of taxi held by the Group will not be expired. The Group management believe the operational license of taxi will be in use and bring in expected inflow economical benefits in the foreseeable future. Therefore its useful life is infinite. VI. TAXES Business tax The business tax is levied at 3% of deemed taxi operating income and long distance transportation income. The business tax is levied at 3% of other vehicle operating income. The business tax is levied at 5% of other service income. Value added tax Value added tax ("VAT") on sales is calculated at 17% on revenue from principal operations and paid after deducting input VAT on purchases. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 28 - VI. TAXES - continued Income tax The effective income tax rate of the Company is 18% for this year(15% for year 2007). According to the Law of the People's Republic of China on Enterprise Income Tax published on 16 March 2007, The origin income tax rate of the Company is 25% from 1 January 2008. The company is located in Shanghai Pudong New Province, and the effective income tax rates of the Company for the coming years are listed as below: Effective income tax rate Year 2008 18% Year 2009 20% Year 2010 22% Year 2011 24% Year 2012 and after 25% Except the following subsidiaries, the income tax rate of remaining subsidiaries is 25%: Company names Effective rate in 2008 Shanghai Jin Jiang Automobile Service Co., Ltd. 18% (Note1) Shanghai JHJ Logistic Management Co., Ltd. 18% (Note1) Shanghai Jin Jiang International Refrigerated Logistic Co., Ltd. 18% (Note1) Shanghai Jin Jiang Business and Travel Auto Services Co., Ltd. 18% (Note1) Shanghai Pudong Friendship Automobile Services Co., Ltd. 18% (Note1) Shanghai Jin Jiang Automobile Leasing Co., Ltd. 18% (Note1) Shanghai Jinjia Automobile Trading Co., Ltd. 18% (Note1) Shanghai Jin Jiang Public Traffic Co., Ltd. 18% (Note1) Shanghai Jinyue Automobile Consulting Co., Ltd. deemed (Note2) Shanghai Jinmao Automobile Distribution and Services Co., Ltd. 0% (Note3) Other taxes City construction tax is levied at 7% on turnover tax. Eduation additional tax is levied at 3% on turnover tax. River management fee is levied at 1% on turnover tax. Note 1:These companies were registered in Pudong New Area and the effective income tax rate of these companies for this year is 18%. Note 2:With approval of the tax bureau, the income tax of Shanghai Jinyue Automobile Consulting Co., Ltd. is levied at the basis of 10% of revenue with income tax rate of 25%. Note 3:The origin income tax rate of Shanghai Jinmao Automobile Distribution and Services Co., Ltd. is 25% . With approval of the local tax authority (Chang Shui Suo San Mian Zi (2005) No 57), Shanghai Jinmao Automobile Distribution and Services Co., Ltd. is exempted from enterprise income tax from 1 January 2006 to 31 December 2008. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 29 - VII. SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS Proportion of The Group's ownership actual interest Nature of Organisation Legal Place of Registered investment held by the Names business code representative incorporation Business scope Capital at year end Group RMB'000 RMB'000 % Subsidiaries owned by the Group from the beginning to the end of this year - Subsidiaries set up by the Company Shanghai JHJ Logistic Management Co., Ltd. Limited company 60720956-4 Yang Yuan-Ping Shanghai Logistic management 80,000 52,000 65 Shanghai Jin Jiang International Limited company 792741797 Zhang Guo-Mei Shanghai Logistic management 100,000 100,000 100 Refrigerated Logistic Co., Ltd - Subsidiaries acquired through business combinations involving enterprises under common control Shanghai Jin Jiang Automobile Service Co., Ltd. Limited company 13373676-7 Yang Yuan-Ping Shanghai Taxi service and car rental service 338,486 538,136 95 Shanghai Jin Jiang Business and Travel Limited company 734552795 Rong Ping-Tao Shanghai Bus services and consulting 70,000 34,300 50 Auto Services Co., Ltd. (Note1) Shanghai Pacific Passenger Transport Limited company 133048729 Rong Ping-Tao Shanghai Coach Service 2,000 2,000 100 Service Co., Ltd. Shanghai Jin Jiang High-speed Limited company 631318058 Xu Wen-Zhong Shanghai Coach Service 10,000 10,000 100 Transportation Co., Ltd. Shanghai Business and Travel Limited company 740586932 Rong Ping-Tao Shanghai Investment and management service16,000 16,000 100 Investment Consulting Co., Ltd. Shanghai Pudong Friendship Limited company 133700887 Wu Xiao-Guo Shanghai Taxi service and car rental service 5,610 4,930 87.83 Automobile Service Co., Ltd. Shanghai Jin Jiang Public Traffic Co., Ltd. Limited company 739026276 Wu Xiao-Guo Shanghai Public Transportation 10,000 10,000 93.92 Shanghai Jin Jiang Automobile Leasing Co., Ltd. Limited company 13226636-1 Shen Zhen-Dong Shanghai Car rental 3,300 3,300 100 Shanghai Zhong You Jin You Oil Limited company 63165642-8 Wen Zhi-Xiong Shanghai Gas & oil service 2,000 1,520 76 Products Co., Ltd. Shanghai Jiading Jin Jiang Automobile Services Co., Ltd. Limited company 70328624-4 Yu Guo-Fu Shanghai Taxi service 5,000 3,500 70 Shanghai Jin Jia Automobile Trading Co., Ltd. Limited company 13382805-5 Shi Gen-Chang Shanghai Car trading 10,100 10,100 100 Shanghai Toyota Automative Sales Co., Ltd. Limited company 76692464-5 Hua Jian-Qing Shanghai Car trading 10,000 7,000 70 Shanghai Jinzhen Electronics Technology Co., Ltd. Limited company 132284690 Yu Guo-Fu Shanghai Electronics 800 800 100 Shanghai Colorful Day Advertising Co., Ltd. Limited company 13224869X Yu Guo-Fu Shanghai Advertising 800 640 80 Shanghai Toyota Automobile Repair Co., Ltd. Limited company 13263238-4 Ding Yue-Hua Shanghai Car repairing 850 850 100 Shanghai Zhenxing Taxi Management Co., Ltd. Limited company 77328018X Wu Xiao-Guo Shanghai Taxi management 100 1,000 100 Shanghai Jinyue Automobile Consulting Co., Ltd. Limited company 77764224-8 Ding Yue-Hua Shanghai Automobile service 300 300 100 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 30 - VII. SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS – continued Proportion of The Group's ownership actual interest Nature of Organisation Legal Place of Registered investment held by the Names business code representative incorporation Business scope Capital at year end Group RMB'000 RMB'000 % - Subsidiaries acquired through business combinations involving enterprises under common control (continued) Shanghai Jinmao Automobile Distribution and Limited company 784784332 Gong Wen-Kai Shanghai Car trading 10,200 5,100 50 Services Co., Ltd. (Note2) Shanghai Jinyong Automobile Repair Limited company 79707667-7 Han Hui-Tian Shanghai Car repairing 10,000 8,000 80 Service Co., Ltd. Shanghai Nanpu Bridge Food Wholesale Market Management Co., Ltd. Limited company 76474583-8 Ding Zhi-Liang Shanghai Food trade 300 300 100 Shanghai Wujing Refrigerated Warehouse Co., Ltd. Limited company 133306740 He Wei-Guang Shanghai Food storage 50,000 94,530 100 Shanghai Nichirei Food Co., Ltd. (Note1) Joint Venture 607241011 Wang Ye-Ping Shanghai Food processing 410,000 KJPY 7,840 50 Shanghai Wusong Logistics Refrigerated Limited company 133401000 Cen Jian-Rong Shanghai Logistics 8,250 8,250 100 Logistics Co., Ltd. Subsidiary newly set up during this year Shanghai Jin Jiang Automobile Driver Limited company 66938544-0 Yu Guo-Fu Shanghai Driver training 5,000 5,000 100 Training Co., Ltd. Dalian Jin Jiang Automobile Rental Co., Ltd. Limited company 68300065-8 Shen Zheng-Dong Dalian Car rental 5,000 5,000 100 Subsidiary newly acquired during this year through a business combination involving enterprises not under common control Shanghai Jin Jiang Yaohua (Note3) Limited company 132407486 Yu Guo-Fu Shanghai Taxi service 2,220 2,220 100 Taxi Services Co., Ltd. (formerly: Shanghai Yaohua Taxi Services Co., Ltd.) Except for note 1 and note 2, the proportion of the voting power is the same as of the shares. Note 1: According to the agreement with other investors, the Group can excise substantive control on this subsidiary, therefore, it is included in the consolidation scope. Note 2: According to the entity's Articles of Association, the Group can hold more than 50% of the voting power on this subsidiary, therefore, it is included in the consolidation scope. Note 3: Detailed information of the subsidiary newly acquired during this year through a business combination involving enterprises not under common control refers to Note VIII, 45. Except for Note IX and Note X, (5), all notes are for consolidated financial statements. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 31 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. CURRENCY FUNDS 2008 2007 Foreign Exchange Foreign Exchange currency rate RMB currency rate RMB Cash RMB 394,422.06 1.0000 394,422.06 477,878.58 1.0000 477,878.58 Cash deposit RMB 609,200,437.63 1.0000 609,200,437.63 413,071,102.19 1.0000 413,071,102.19 USD 1,564.49 6.8346 10,692.66 37,540.96 7.3046 274,221.70 JPY 276.88 0.0757 20.96 5,320,331.20 0.0641 341,033.23 Total 609,605,573.31 414,164,235.70 2. ACCOUNTS RECEIVABLE The aging analysis of accounts receivable is as follows: 2008 2007 Bad debt Bad debt Amount Proportion provision Carrying amount Amount Proportion provision Carrying amount RMB % RMB RMB RMB % RMB RMB Within 1 year 42,346,487.23 100 391,427.12 41,955,060.11 45,427,188.11 100. 423,939.21 45,003,248.90 The balance as at 31 December 2008 includes JPY11,534,178.00 (JPY2,584,399.97 as at 31 December 2007) and USD249,955.30(USD31,537.40 as at 31 December 2007). The balance of accounts receivable shows individually insignificant by client categories. Changes in the bad debt provision for uncollectable accounts receivable are as follows: 2008 2007 RMB RMB Balance at beginning of year 423,939.21 471,694.39 Additions 156,668.01 191,821.05 Reversals (136,997.24) (20,292.50) Written-off (52,182.86) (219,283.73) Balance at end of year 391,427.12 423,939.21 Top five outstanding amounts: Total of top five Proportion of the outstanding amounts outstanding amounts Aging to the total accounts receivable RMB % 5,254,253.08 Within 1 year 12.41 There are no accounts receivable from shareholders holding over 5% (inclusive) of the Company shares. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 32 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 3. ADVANCES TO SUPPLIERS The aging analysis of advances to suppliers is as follows: 2008 2007 Amount Proportion Amount Proportion RMB % RMB % Within 1 year 53,929,049.13 100 47,815,291.60 100 Disclosure of advances to suppliers by client categories is as follows: Items 2008 2007 RMB RMB Individually significant payments 39,919,804.07 33,311,489.13 Other insignificant payments 14,009,245.06 14,503,802.47 Total 53,929,049.13 47,815,291.60 There are no advances to suppliers who are shareholders holding over 5% (inclusive) of the Company shares. 4. DIVIDENDS RECEIVABLE 2008 2007 RMB RMB Within 1 year Shanghai Zhendong Automobile Service Co., Ltd. 5,626,095.18 5,616,643.69 Shanghai Jinmao Jin Jiang Automobile Services Co., Ltd. 4,000,000.00 4,000,000.00 Shanghai Yongda Fengdu Automobile Distribution and Services Co., Ltd. 1,096,000.00 - Total 10,722,095.18 9,616,643.69 5. OTHER RECEIVABLES The aging analysis of other receivables is as follows: 2008 2007 Bad debt Bad debt Amount Proportion provision Carrying amount Amount Proportion provision Carrying amount RMB % RMB RMB RMB % RMB RMB Within 1 year 24,201,913.88 94 11,254.42 24,190,659.46 60,036,648.47 98 92,898.31 59,943,750.16 1 to 2 years 1,247,171.28 5 - 1,247,171.28 1,002,508.70 2 - 1,002,508.70 2 to 3 years 248,109.21 1 - 248,109.21 367,712.81 - - 367,712.81 Over 3 years 133,354.60 - - 133,354.60 80,000.00 - - 80,000.00 Total 25,830,548.97 100 11,254.42 25,819,294.55 61,486,869.98 100 92,898.31 61,393,971.67 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 33 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 5. OTHER RECEIVABLES - continued Disclosure of other receivables by categories is as follows: 2008 2007 Bad debt Bad debt Items Amount Porportion provision Carrying amount Amount Porportion provision Carrying amount RMB % RMB RMB RMB % RMB RMB Individually significant - - - - 40,102,500.00 65 - 40,102,500.00 Other insignificant receivables 25,830,548.97 100 11,254.42 25,819,294.55 21,384,369.98 35 92,898.31 21,291,471.67 Total 25,830,548.97 100 11,254.42 25,819,294.55 61,486,869.98 100 92,898.31 61,393,971.67 Changes in the bad debt provision for uncollectable other receivables are as follows: 2008 2007 RMB RMB Balance at beginning of year 92,898.31 80,207.59 Additions 11,254.42 25,239.20 Reversals (92,898.31) (1,424.52) Written-off - (11,123.96) Balance at closing of year 11,254.42 92,898.31 Top five outstanding amounts: Total of top five Proportion of the outstanding amounts outstanding amounts Aging to the total accounts receivable RMB % 9,138,882.65 Within 1 year 35.38 There are no other receivables from shareholders holding over 5% (inclusive) of the Company shares. 6. INVENTORY Category 2008 2007 RMB RMB Merchandise 36,138,295.17 29,920,361.85 Spare parts 7,933,658.10 8,407,592.11 Consumable items 2,521,874.60 3,291,605.26 Food and beverages 1,750,394.77 1,071,341.53 Sub-total 48,344,222.64 42,690,900.75 Less: Provision for the decline in value of inventories - - Total 48,344,222.64 42,690,900.75 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 34 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 7. OTHER CURRENT ASSETS Item 2008 2007 RMB RMB Assets held for sale Including: Fixed assets 5,067,496.16 - 8. AVAILABLE-FOR-SALE FINANCIAL ASSETS 2008 2007 Category Fair value Fair value RMB RMB Available-for-sale equity instruments 90,086,010.03 217,742,325.26 9. LONG-TERM EQUITY INVESTMENTS (1) Details of long-term equity investments are as follows: Initial Opening Share Cash Other Closing Investee investments balance of results dividends decreases balance RMB RMB RMB RMB RMB RMB Using the equity method Shanghai Nissan Maintenance Center 5,643,011.57 5,663,111.63 64,794.74 (89,999.99) - 5,637,906.38 Shanghai Wanguo Automobile Driver Training Center 42,105,806.17 44,598,840.39 1,475,787.83 (3,330,000.00) - 42,744,628.22 Shanghai Jin JiangYaohua Taxi Services Co., Ltd.(Note1) 425,188.23 Shanghai Vehicle Driver Training Centre 33,105,611.21 33,350,683.16 2,448,238.89 (2,500,000.00) - 33,298,922.05 Shanghai Zhendong Automobile Services Co., Ltd. 21,211,895.00 29,780,238.56 5,960,082.97 (5,626,095.18) - 30,114,226.35 Shanghai Jinmao Jin Jiang Automobile Services Co., Ltd. 16,940,000.00 28,117,843.60 3,680,528.16 (4,000,000.00) (685,789.46) 27,112,582.30 Shanghai Dazhong New Asia Co., Ltd. 84,628,129.42 98,949,996.90 11,220,674.02 (11,296,662.90) - 98,874,008.02 Shanghai JHJ International Transportation Co., Ltd. 40,254,477.70 127,232,585.20 20,384,616.82 - - 147,617,202.02 Shanghai Yongda Fengdu Automobile Distribution and Services Co., Ltd. 6,000,000.00 10,460,104.66 550,489.12 (1,096,000.00) - 9,914,593.78 Shanghai Yongda Secondhand Automobile Services Co., Ltd. 4,500,000.00 5,013,525.90 (614,870.34) - - 4,398,655.56 Shanghai Jin Jiang Public Traffic Co., Ltd. 3,000,000.00 6,786,773.36 2,894,398.69 (2,557,295.65) - 7,123,876.40 Shanghai Jin Jiang Automobile Sales Co., Ltd. 1,500,000.00 2,328,163.71 645,024.37 (403,878.60) - 2,569,309.48 Shanghai Jing Jiang Jiayou Automobile Services Co., Ltd. 14,614,900.00 23,390,551.10 4,625,437.50 (4,700,698.72) - 23,315,289.88 Shanghai Jin Jiang Sheshan Automobile Co., Ltd. 500,000.00 6,958,877.61 1,417,097.14 (1,350,070.54) - 7,025,904.21 Shanghai Petrol Group Changle Road Gas Station Co., Ltd. 150,000.00 449,645.95 191,840.35 (59,976.93) - 581,509.37 Nanjing Long Distance Passenger Transport Group Co., Ltd. 25,300,000.00 28,059,477.29 4,318,625.75 (2,575,652.05) - 29,802,450.99 Shanghai Pudong International Airport Transport Terminal Co., Ltd. 63,130,065.07 196,477,061.42 113,557,701.17 (124,546,996.34) - 185,487,766.25 Shilian Jin Jiang Logistics Co., Ltd. 3,012,675.00 1,614,812.60 (1,614,812.60) - - - Subtotal 366,021,759.37 649,232,293.04 171,205,654.58 (164,133,326.90) (685,789.46) 655,618,831.26 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 35 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 9. LONG-TERM EQUITY INVESTMENTS - continued (1) Details of long-term equity investments are as follows: - continued Cash Initial Opening Share dividends Other Closing Investee investments balance of results for the period decreases balance RMB RMB RMB RMB RMB RMB Using the cost method Shanghai East Jin Jiang Hotel Co., Ltd. 16,555,237.81 16,555,237.81 - - - 16,555,237.81 Shanghai Global Paper Production Co., Ltd. 746,253.00 746,253.00 - - - 746,253.00 Guotai Jun'an Securities Co., Ltd. 47,649,967.00 47,649,967.00 - - - 47,649,967.00 Guotai Jun'an Investment Management Co., Ltd. 31,974,279.24 31,974,279.24 - - - 31,974,279.24 Shanghai Guojia Industry Co., Ltd. 650,000.00 650,000.00 - - - 650,000.00 Shandong Guo Tai Co., Ltd. 555,000.00 555,000.00 - - - 555,000.00 Shanghai Ai Jian Co., Ltd.(Note2) 6,300,000.00 6,300,000.00 - - (6,300,000.00) - Shanghai South Station Long Distance Passenger Terminal Co., Ltd. 7,500,000.00 7,500,000.00 - - - 7,500,000.00 Shanghai New Century Freight Co., Ltd. 2,240,000.00 2,240,000.00 - - - 2,240,000.00 Tianjin Hualian Commercial Building Co., Ltd. 468,000.00 468,000.00 - - - 468,000.00 Shanghai Wanguo Vehicle Repair Factory(Note3) 6,902,537.56 4,833,426.62 - - - 4,833,426.62 Subtotal 121,541,274.61 119,472,163.67 - - (6,300,000.00) 113,172,163.67 Total 487,563,033.98 768,704,456.71 171,205,654.58 (164,133,326.90) (6,985,789.46) 768,790,994.93 Less:Provision for Impairment loss 4,919,253.00 4,919,253.00 Net amount of long-term equity investments 763,785,203.71 763,871,741.93 Note 1: This entity is acquired and treated as a subsidiary in current year, details please refer to Notes VIII, 45. Note 2: The restricted shares became tradable, and then transferred to available -for-sale financial assets. Note 3: The liquidation process of Shanghai Wanguo Vehicle Repair Factory is close to the end, the management of the Group estimates the recoverable amount would be higher than the carrying amount. Changes in the provision for impairment loss for long-term equity investments: Opening &closing Investee balance RMB Shanghai Global Paper Production Co., Ltd. 746,253.00 Guotai Junan Investment Management Co., Ltd. 2,500,000.00 Shanghai Guojia Industry Co., Ltd. 650,000.00 Tianjin Hualian Commercial Building Co., Ltd. 468,000.00 Shandong Guo Tai Co., Ltd. 555,000.00 Total 4,919,253.00 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 36 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 9. LONG-TERM EQUITY INVESTMENTS - continued (2) A list of joint ventures and associates and their key financial information Proportion of Investee's Investee's Investee's Investee's ownership total total total operating net profit Country of Nature of Registered interest held by assets at liabilities income for the for the Investee incorporation business capital the entity year end at year end current year current year RMB'000 RMB RMB RMB RMB Joint venture Shanghai Zhengdong Automobile Services Co., Ltd. Shanghai Sino-foreign USD7.9 million 50.00% 80,942,799.21 21,315,918.93 50,109,764.90 12,505,767.08 Shanghai Jinmao Jin Jiang Automobile Services Co., Ltd. Shanghai Limited company 22,000 50.00% 76,599,229.29 22,374,064.75 47,507,979.20 6,677,756.51 Shanghai Dazhong New Asia Co., Ltd.(Note1)Shanghai Limited company 30,000 49.50% 192,237,692.41 31,667,682.86 135,195,268.87 23,418,624.36 Shanghai JHJ International Transportation Co., Ltd. Shanghai Sino-foreign USD10 million 50.00% 532,145,571.59 235,471,910.20 2,622,724,485.85 39,908,367.07 Shanghai Jing Jiang Jiayou Automobile Services Co., Ltd. Shanghai Limited company 24,700 50.00% 61,865,833.23 15,235,253.49 48,152,722.79 9,079,546.23 Other joint ventures 221,471,729.03 59,136,553.59 101,794,758.05 21,476,081.71 Associate Nanjing Long Distance Passenger Terminal Group Co., Ltd. Nanjing Limited company 110,000 23.00% 725,841,255.01 480,406,308.78 471,080,214.04 18,776,633.68 Shanghai Pudong International Airport Transport Terminal Co., Ltd. Shanghai Limited company 191,610 20.00% 1,093,089,763.86 165,650,932.62 1,016,104,460.74 566,331,334.63 Shilian Jin Jiang Logistics Co., Ltd. Shanghai Limited company USD10 million 25.00% 3,195,054.17 6,118,210.53 28,404.66 (9,361,256.88) Other associates 174,252,105.34 93,168,283.93 568,398,368.33 15,902,429.05 The proportion of the voting power is the same as of the shares except for Shanghai Dazhong New Asis Co., Ltd. of which the proportion of the voting right is 50% according to the entity's constitution. (3) For long-term equity investments held by the Group on 31 December 2008, the investee's ability to transfer funds to the Group is not restricted. 10. INVESTMENT PROPERTY Buildings Land use right Total RMB RMB RMB Original cost At 1 January 2008 24,591,016.05 - 24,591,016.05 Additions 59,187.84 - 59,187.84 Transfer from self-used properties 2,551,742.82 12,946,774.80 15,498,517.62 At 31 December 2008 27,201,946.71 12,946,774.80 40,148,721.51 Accumulated depreciation and accumulated amortisation At 1 January 2008 2,652,112.58 - 2,652,112.58 Provided for the year 510,601.62 260,709.05 771,310.67 Transfer from self-used properties 600,526.97 258,935.47 859,462.44 At 31 December 2008 3,763,241.17 519,644.52 4,282,885.69 Provision for impairment loss At 1 January 2008 and 31 December 2008 - - - Net amount At 1 January 2008 21,938,903.47 - 21,938,903.47 At 31 December 2008 23,438,705.54 12,427,130.28 35,865,835.82 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 37 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 11. FIXED ASSETS (1) Changes in fixed assets in the current year are as follows: Electronic Plant and equipment, Operational Other Hotel Buildings machinery furniture & fixture vehicles transportation improvement Total RMB RMB RMB RMB RMB RMB RMB Cost At 1 January 2008 156,393,068.23 78,288,635.85 23,668,189.95 1,604,189,307.98 15,464,676.37 2,276,175.60 1,880,280,053.98 Acquired on acquisition of a subsidiary 900,928.02 201,836.55 - 208,022.40 - - 1,310,786.97 Acquisition 194,539.00 3,363,623.12 740,358.29 35,477,096.18 3,294,945.50 196,627.00 43,267,189.09 Transferred from construction in progress 295,096.94 483,287.28 166,358.00 172,743,351.50 - 1,294,018.71 174,982,112.43 Reclassified to investment property (2,551,742.82)2,551,742.82) Reclassified to assets held for sale - - - (56,584,701.04) - - (56,584,701.04) Disposals (1,924,961.55) (1,193,745.74) (648,278.27) (256,006,705.59) (4,429,826.77) - (264,203,517.92) At 31 December 2008 153,306,927.82 81,143,637.06 23,926,627.97 1,500,026,371.43 14,329,795.10 3,766,821.31 1,776,500,180.69 Accumulated depreciation At 1 January 2008 42,766,736.21 49,209,182.11 14,268,712.98 905,260,971.86 8,502,154.34 347,368.66 1,020,355,126.16 Increase resulting from acquisition of a subsidiary 60,738.48 174,086.79 - 5,247.98 - - 240,073.25 Provided for the year 7,011,036.27 5,295,480.14 2,700,443.38 223,861,142.65 1,515,270.64 681,245.29 241,064,618.37 Reclassified to investment property (600,526.97)600,526.97) Reclassified to assets held for sale - - - (51,517,204.88) - - (51,517,204.88) Eliminated on disposals (900,492.97) (948,552.08) (616,365.80) (234,941,107.80) (3,310,573.66) - (240,717,092.31) At 31 December 2008 48,337,491.02 53,730,196.96 16,352,790.56 842,669,049.81 6,706,851.32 1,028,613.95 968,824,993.62 Provision for impairment loss At 1 January 2008 1,980,444.87 87,610.45 47,633.34 - - - 2,115,688.66 Written off - (12,636.11) (8,650.62)21,286.73) At 31 December 2008 1,980,444.87 74,974.34 38,982.72 - - - 2,094,401.93 Net book value At 1 January 2008 111,645,887.15 28,991,843.29 9,351,843.63 698,928,336.12 6,962,522.03 1,928,806.94 857,809,239.16 At 31 December 2008 102,988,991.93 27,338,465.76 7,534,854.69 657,357,321.62 7,622,943.78 2,738,207.36 805,580,785.14 Note: At the end of 31 December, 2008, the certificate of the building with net book value of RMB12,155,966.74 (2007: RMB14,418,465.10) is not obtained. The owner of the certificate of the building with net book value of RMB5,196,275.20 (2007: RMB7,265,228.53) is not updated. The owner of the certificate of the building is still Shanghai Shang Hai Food Co., Ltd., the predecessor of Shanghai Jin Jiang International Refrigerated Logistic Co., Ltd. Huangpu branch. 12. CONSTRUCTION IN PROGRESS Complete and 1 January transfer to 31 December Capital Items 2008 Additions fixed assets 2008 source RMB RMB RMB RMB Vehicle before working condition 2,779,708.00 170,238,963.50 (172,743,351.50) 275,320.00 self-finance Others 1,247,656.71 3,078,284.22 (2,238,760.93) 2,087,180.00 self-finance Total 4,027,364.71 173,317,247.72 (174,982,112.43) 2,362,500.00 Provision for impairment loss - - Net book value 4,027,364.71 2,362,500.00 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 38 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 13. INTANGIBLE ASSETS Operational Land use right license of taxi Total RMB RMB RMB Cost At 1 January 2008 108,218,594.00 36,689,431.35 144,908,025.35 Additions - 12,107,000.00 12,107,000.00 Reclassified to investment property (12,946,774.80) - (12,946,774.80) At 31 December 2008 95,271,819.20 48,796,431.35 144,068,250.55 Accumulated amortisation At 1 January 2008 1,677,427.44 6,030,352.12 7,707,779.56 Provided for the year 1,079,580.11 - 1,079,580.11 Reclassified to investment property (258,935.47) - (258,935.47) At 31 December 2008 2,498,072.08 6,030,352.12 8,528,424.20 Provision for impairment loss At 1 January 2008 and 31 December 2008 - - - Net book value At 1 January 2008 106,541,166.56 30,659,079.23 137,200,245.79 At 31 December 2008 92,773,747.12 42,766,079.23 135,539,826.35 Remaining years for amortization 26 years to Infinite Infinite Land use right with net book value of RMB42,106,800 at 31 December 2008 is allocated by the government and not amorised due to the uncertainty of the useful life. The owner of the certificate of land use right with net book value of RMB14,230,400.00 at 31 December 2008 is not updated. The owner of the certificate of the building is still Shanghai Shang Hai Food Co., Ltd., the predecessor of Shanghai Jin Jiang International Refrigerated Logistic Co., Ltd. Huangpu branch. The operational license of taxi acquired on acquisition of a subsidiary is recorded based on fair value which is valued by Shanghai Dongzhou Assets Appraisal Co., Ltd. by using the method of market comparability. 14. DEFERRED TAX ASSETS Deductible temporary differences Deferred tax assets Items 2008 2007 2008 2007 RMB RMB RMB RMB Depreciation of fixed assets - 598,977.68 - 149,744.42 Provision of impairment loss 4,451,253.00 4,451,253.00 1,112,813.25 1,112,813.25 Others 2,712,355.64 3,001,822.77 678,292.33 750,708.53 Total 7,163,608.64 8,052,053.45 1,791,105.58 2,013,266.20 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 39 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 14. DEFERRED TAX ASSETS - continued Deferred tax assets are not recognised for the following deductible temporary differences and deductible loss: 2008 2007 RMB RMB Deductible losses 4,036,635.62 4,055,097.54 Deductible temporary differences 2,497,083.47 2,632,526.18 Total 6,533,719.09 6,687,623.72 The deductible losses which are not recognised as deferred tax assets will expire as follows: 2008 2007 RMB RMB 2008 - 2,548,695.96 2009 483,839.06 483,839.06 2011 457,272.08 - 2012 1,691,968.96 1,022,562.52 2013 1,403,555.52 - Total 4,036,635.62 4,055,097.54 15. OTHER NON-CURRENT ASSETS Items 2008 2007 RMB RMB Prepayment for investment (Note 1) 15,262,988.76 20,268,938.76 Long-term loan receivables (Note 2) 16,922,667.24 21,153,333.91 Less: Due within 1 year 4,230,666.67 4,230,666.67 Total 27,954,989.33 37,191,606.00 Note 1: Within the balance at 31 December 2008, RMB15,262,988.76 prepayment to Guotai Jun'an Securities Co., Ltd. for investment; RMB5,005,950.00 prepayment to Shanghai Jing Jiang Vehicle Driver Training Center for investment at 31 December 2007. Note 2: Other long-term loan receivable due from Shanghai Pudong International Airport Transport Terminal Co., Ltd. is RMB50,768,000.00 non-interest bearing loan for its rental of buildings, equipments and plants. The long-term loan receivable is repayable in 12 equal annual repayments. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 40 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 16. PROVISION FOR IMPAIRMENT LOSS OF ASSETS 1 January Provided 31 December 2008 for the year Reversal Write-off 2008 RMB RMB RMB RMB RMB Bad debts provision 516,837.52 167,922.43 (229,895.55) (52,182.86) 402,681.54 Provision for impairment loss of long-term equity investments 4,919,253.00 - - - 4,919,253.00 Provision for impairment loss of fixed assets 2,115,688.66 - - (21,286.73) 2,094,401.93 Total 7,551,779.18 167,922.43 (229,895.55) (73,469.59) 7,416,336.47 17. SHORT-TERM BORROWINGS Category 2008 2007 RMB RMB Discounted notes 20,000,000.00 - Credit loans 5,000,000.00 - Total 25,000,000.00 - 18. ACCOUNTS PAYABLE There are no accounts payable to shareholders who holding over 5% (inclusive) of the equity interests with voting power or related parties. 19. ADVANCE FROM CUSTOMERS There are no advance from customers from shareholders holding over 5% (inclusive) of the equity interests with voting power or related parties. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 41 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 20. EMPLOYEE BENEFITS PAYABLE Items 1 January 2008 Accruals Payments 31 December 2008 RMB RMB RMB RMB Wages or salaries, bonus, allowances, subsidies 6,369,278.50 223,709,178.28 222,520,892.90 7,557,563.88 Staff welfare 42,458,604.36 4,223,885.62 16,588,273.02 30,094,216.96 Social security contributions 5,625,227.45 101,173,650.13 98,015,073.86 8,783,803.72 Including:Premiums or contributions on medical insurance 559,570.65 30,640,413.01 28,746,315.44 2,453,668.22 Basic pension insurance 4,394,645.08 61,650,473.64 60,541,153.34 5,503,965.38 Unemployment insurance 540,302.63 6,134,331.66 6,019,898.07 654,736.22 Work injury insurance 65,354.16 1,388,845.80 1,367,704.96 86,495.00 Maternity insurance 65,354.93 1,359,586.02 1,340,002.05 84,938.90 Housing funds 1,539,455.13 15,185,687.75 16,551,481.38 173,661.50 Union running costs and employee education costs 12,853,674.62 6,883,270.91 8,884,031.03 10,852,914.50 Compensation to employees for termination of employment relationship - 3,174,010.20 3,174,010.20 - Subsidy for internal retired staffs 19,206,358.37 - 4,918,744.43 14,287,613.94 Subsidy for retired staffs 12,207,838.90 - 1,490,250.42 10,717,588.48 Total 100,260,437.33 354,349,682.89 372,142,757.24 82,467,362.98 21. TAX PAYABLE 2008 2007 RMB RMB Income tax 16,495,272.04 12,917,797.99 Value added tax (148,063.59) (2,287,959.93) Business tax 3,527,204.05 3,153,580.01 Other taxes 3,477,558.27 2,808,674.56 Total 23,351,970.77 16,592,092.63 22. DIVIDENDS PAYABLE 2008 2007 Reason RMB RMB Dividend paid to shareholders 21,338,065.35 22,084,908.80 Not draw Dividend paid to minority shareholders 13,712,783.94 33,957,961.33 Not draw Total 35,050,849.29 56,042,870.13 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 42 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 23. OTHER PAYABLES Nature 2008 2007 RMB RMB Deposit 111,345,188.39 98,339,799.40 Debt due from reform 39,821,129.93 39,821,129.93 Others taxes 118,006,509.23 97,516,390.20 Total 269,172,827.55 235,677,319.53 The balance aged over one year mainly include deposit and debt due from reform. Other payables to shareholders holding over 5% (inclusive) of the entity interests with voting power or related parties is as follow: Name of shareholder 2008 2007 RMB RMB Jin Jiang International (Group) Co., Ltd. 3,000,000.00 - 24. DEFFERED TAX LIABILITIES Taxable Items temporary differences Deferred tax liabilities 2008 2007 2008 2007 RMB RMB RMB RMB Available-for-sale financial assets 69,357,790.24 202,893,760.65 17,339,447.82 50,723,441.24 25. OTHER NON-CURRENT LIABILITIS Items 2008 2007 RMB RMB Relocation compensation 28,793,301.92 28,793,301.92 Rehousing compensation 23,068,643.92 23,944,216.72 Deferred income 4,410,000.00 - 56,271,945.84 52,737,518.64 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 43 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 26. SHARE CAPITAL The registered capital and paid-in capital of the Company are recorded as 551,610,107 shares, with the par value of RMB 1 per share. Types and structure of the shares are as follows: 2008 Additions/ 1 January 2008 reversals (shares) 31 December 2008 (a) Restricted tradable shares 1. State-owned legal person shares 212,586,460 (27,580,505) 185,005,955 2. Domestic legal person shares 8,215,067 (8,215,067) - Sub-total 220,801,527 (35,795,572) 185,005,955 (b) Tradable shares 1. Ordinary shares denominated in RMB 169,758,548 35,795,572 205,554,120 2. Foreign captail shares listed domestically (B Share) 161,050,032 - 161,050,032 Sub-total 330,808,580 35,795,572 366,604,152 Total 551,610,107 - 551,610,107 2007 Additions/ 1 January 2008 reversals (shares) 31 December 2008 (a) Restricted tradable shares 1. State-owned legal person shares 212,586,460 - 212,586,460 2. Domestic legal person shares 121,519,855 (113,304,788) 8,215,067 Sub-total 334,106,315 (113,304,788) 220,801,527 (b) Tradable shares 1. Ordinary shares denominated in RMB 56,453,760 113,304,788 169,758,548 2. Foreign captail shares listed domestically (B Share) 161,050,032 - 161,050,032 Sub-total 217,503,792 113,304,788 330,808,580 Total 551,610,107 - 551,610,107 On 13 February 2007, the Group arranges the tradable shares come on to the market for the first time, (only unit reform shaped tradable shares). The quantity was 113,304,788 shares, 20.54% of the total Group shares. On 13 February 2008, the Group arranges the tradable shares come on to the market for the second time, (only unit reform shaped tradable shares). The quantity was 35,795,572 shares, 6.49% of the total Group shares. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 44 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 27. CAPITAL RESERVE 2008: 1 January 31 December Items 2008 Additions Reversals 2008 RMB RMB RMB RMB Share premium 266,218,226.90 - - 266,218,226.90 Including: Capital invested by investors 266,218,226.90 - - 266,218,226.90 Other capital reserve 265,665,599.20 5,805,597.08 100,637,744.94 170,833,451.34 Including:Realized conslidation adjustments by steps to an entity not under the same control (Note1) - 5,805,597.08 - 5,805,597.08 Other changes in shareholders' equity except for net profit or loss of the investee 7,220.00 - - 7,220.00 Gain or loss arising from changes in fair value of available-for-sale financial assets 151,764,313.69 - 99,986,244.95 51,778,068.74 Transfer from capital reserve under the previous accounting system(Note2) 113,894,065.51 - 651,499.99 113,242,565.52 Total 531,883,826.10 5,805,597.08 100,637,744.94 437,051,678.24 2007: 1 January 31 December Items 2008 Additions Reversals 2008 RMB RMB RMB RMB Share premium 266,218,226.90 - - 266,218,226.90 Including: Capital invested by investors 266,218,226.90 - - 266,218,226.90 Other capital reserve 137,075,083.39 150,848,890.17 22,258,374.36 265,665,599.20 Including:Other changes in shareholders' equity except for net profit or loss of the investee 7,220.00 - - 7,220.00 Gain or loss arising from changes in fair value of available-for-sale financial assets 23,173,797.88 150,848,890.17 22,258,374.36 151,764,313.69 Transfer from capital reserve under the previous accouting system(Note2) 113,894,065.51 - - 113,894,065.51 Total 403,293,310.29 150,848,890.17 22,258,374.36 531,883,826.10 Note1: Details please refer to Notes VIII, 29(1). Note2: It can be used to increase the share capital and reverse the consolidation difference generated by business combination under the same control. 28. SURPLUS RESERVE Statutory surplus Discretionary 2008 reserve surplus reserve Total RMB RMB RMB Balance at beginning of year 142,152,841.26 10,684,636.00 152,837,477.26 Addition 30,757,207.50 - 30,757,207.50 Balance at end of year 172,910,048.76 10,684,636.00 183,594,684.76 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 45 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 28. SURPLUS RESERVE - continued Statutory surplus Discretionary 2007 reserve surplus reserve Total RMB RMB RMB Balance at beginning of year 117,849,007.53 10,684,636.00 128,533,643.53 Addition 24,303,833.73 - 24,303,833.73 Balance at end of year 142,152,841.26 10,684,636.00 152,837,477.26 The statutory surpulus can be used for making up losses of the Company, enlarge production operation or increase share capital. 29. UNAPPROPRIATED PROFIT 2008 2007 RMB RMB At beginning of year 550,330,570.41 455,104,781.74 Addition:Net profit for the year 323,105,516.48 312,593,159.85 Less:Realized consolidation adjustments by steps to an entity not under the same control (Note1) 648,658.86 - Less: Appropriation to statutory surplus reserve (Note2) 30,757,207.50 24,303,833.73 Profit available for distribution to shareholders 842,030,220.53 743,394,107.86 Less:Dividends payable - last year's cash dividends approved by shareholder's meeting (Note3) 220,644,042.80 193,063,537.45 At end of year (Note4) 621,386,177.73 550,330,570.41 Including: Cash dividends after balance sheet date (Note5) 165,483,032.10 220,644,042.80 Note1: During current year, the Group acquired 50% of the shares of Shanghai Jin Jiang Yaohua Taxi Services Co., Ltd from a third party, and realized the consolidation by steps to the entity which is not under common control. Becasue of the loss unrecognized under equity method during the period between the purchase date and the former transaction date, the Group adjusted unappropriated profit accordingly during the consolidation. Fair value changes of the prior proportion of net assets held by the Group during the period between the purchase date and the former transaction date are adjusted to capital reserve accordingly. Note 2: Appropriation for statutory surplus reserve According to the Articles of Association, the Company is required to transfer 10% of its net profit to the statutory surplus reserve. The transfer may be ceased if the balance of statutory surplus reserve has reached 50% of the Company registered capital. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 46 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 29. UNAPPROPRIATED PROFIT - continued Note 3: Dividends payable - last year's cash dividend approved As approved by shareholders' meeting dated 15 May 2008, on the basis of 551,610,107 issued shares (with the par value of RMB 1 per share), dividends of RMB4 (before tax) per each ten shares were distributed to all the shareholders. Note 4: Appropriation for statutory surplus reserve by subsidaries As at 31 Decemeber 2008, the balance of unappropriated profit of the Group includes the statutory surplus reserve of RMB216,238,652.76 (2007: RMB199,308,689.36) appropriated by the subsidary. Note 5: Cash dividends after the balance sheet date According to the proposal by board meeting, on the basis of 551,610,107 issued shares (with the par value of RMB1 per share) in 2009, dividends of RMB3 per each ten shares will be distributed to all shareholders. The above proposal regarding dividends distribution is yet to be approved by a shareholders' meeting. 30. MINORITY INTEREST The minority interest of subsidiaries of the Group is as follows: 2008 2007 RMB RMB Shanghai Jin Jiang Automobile Services Co., Ltd. 128,643,175.38 117,689,310.53 Shanghai JHJ Logistic Management Co., Ltd. 76,236,216.12 80,028,359.29 Shanghai Jin Jiang International Refrigerated Logistic Co., Ltd. 10,301,851.34 15,981,783.42 Total 215,181,242.84 213,699,453.24 31. OPERATING INCOME 2008 2007 RMB RMB Principal operating activities 1,633,826,295.27 1,582,537,494.28 Including:Vehicle operating and relevant business 1,032,114,613.49 1,004,129,516.42 Vehicle selling 478,915,196.68 427,586,052.81 Hotel and relevant business 21,786,507.04 20,200,744.24 Refrigerated logistics and relevant business 101,009,978.06 130,621,180.81 Other operating activities 39,859,168.46 36,859,475.50 Total 1,673,685,463.73 1,619,396,969.78 The aggregate amount of operating income from the top five customers was RMB63,181,975.73 (2007:RMB 105,364,778.77) which accounts for 4%(2007: 6% ) of the total operating income. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 47 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 32. OPERATING COSTS 2008 2007 RMB RMB Principal operating activities 1,229,804,692.34 1,174,267,601.89 Including: Vehicle operating and relevant business 716,779,173.95 682,654,915.36 Vehicle selling 446,261,126.18 400,768,685.61 Hotel and relevant business 3,613,460.40 3,872,017.11 Refrigerated logistics and relevant business 63,150,931.81 86,971,983.81 Other operating activities 10,047,112.57 9,292,897.98 1,239,851,804.91 1,183,560,499.87 33. SALES TAXES AND LEVIES Category of tax 2008 2007 RMB RMB Business tax 36,980,653.19 35,736,405.83 Construction tax 2,524,239.43 2,651,420.32 Others 1,139,454.00 1,141,255.67 Total 40,644,346.62 39,529,081.82 34. FINANCE EXPENSES 2008 2007 RMB RMB Interest expenses 1,569,483.50 3,031,291.22 Less: Interest income 12,442,905.50 9,746,682.36 Exchange difference (869,228.80) 76,347.94 Others 874,455.22 524,527.59 (10,868,195.58) (6,114,515.61) 35. ASSETS IMPAIRMENT 2008 2007 RMB RMB Bad debt losses (61,973.12) 195,343.23 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 48 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 36. INVESTMENT INCOME Items 2008 2007 RMB RMB Long-term investment income 204,566,003.57 193,035,593.90 Including: Dividend from investment carried at cost 24,378,440.93 2,631,293.85 Gains/losses recognised under equity method 171,205,654.58 190,404,300.05 Income from abandon the right of capital injection (Note) 8,981,908.06 - Gains on available-for-sale financial assets 8,837,214.18 18,769, 344.27 Others 4,626,822.02 4,493,605.35 218,030,039.77 216,298,543.52 Note: It represents the income from Jin Jiang International (Group) Co., Ltd. for the Group's abandon of the right of capital injection in Shanghai East Jin Jiang Hotel Co., Ltd. There are no significant restrictions on remittance of the Group's gains on investment. 37. NON-OPERATING INCOME 2008 2007 RMB RMB Gain on disposal of fixed assets 16,366,137.81 14,237,856.26 Government grants (refer to Note VIII 40) 16,945,289.00 6,627,256.23 Penalty Income 1,407,051.34 1,262,418.43 Others 1,450,583.66 815,048.93 Total 36,169,061.81 22,942,579.85 38. NON-OPERATING EXPENSE 2008 2007 RMB RMB Loss on write-off of fixed assets 286,786.90 572,930.95 Others 99,128.80 58,898.77 Total 385,915.70 631,829.72 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 49 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 39. INCOME TAX 2008 2007 RMB RMB Current tax expense 39,038,735.69 26,862,706.85 Deferred tax expense 222,160.62 2,881,849.56 Tax refund due from purchase of domestic equipment (6,424,946.10) (4,195,352.29) 32,835,950.21 25,549,204.12 Reconciliation of income tax expenses to the accounting profit is as follows: 2008 2007 RMB RMB Accounting profit 418,887,212.59 407,595,299.16 Income tax expenses calculated at 18% (2007: 15%) 75,399,698.27 61,139,294.87 Effect of expenses that are not deductible for tax purposes 375,539.60 1,042,361.68 Effect of tax-free income (35,985,885.81) (29,629,379.89) Effect of unrecognised deductible losses and deductible temporary differences for tax purposes 321,145.82 350,539.58 Effect of using previously year unrecognised deductible losses and deductible temporary differences for tax purposes (395,444.51) (1,195,712.29) Changes in opening balances of deferred tax assets due to the adjustment in tax rate - (805,306.69) Return of income tax expense of previous year (444,901.67) (434,778.19) Tax refund due from purchase of domestic equipment (6,424,946.10) (4,195,352.29) Effect of different tax rates of subsidiaries (9,255.39) (722,462.66) Income tax expense 32,835,950.21 25,549,204.12 40. GOVERNMENT GRANTS 2008 2007 RMB RMB Received government grants related to assets Subsidary for acquisition of new vechile 5,040,000.00 - Received government grants related to income Refund from Government 1,632,555.25 2,747,865.44 Subsidy for preferential price of public traffic(Note) 4,777,222.98 - Subsidy for gasoline price 5,985,200.00 3,018,000.00 Subsidy for certain lines of bus 3,596,922.00 630,500.00 Others 323,388.77 230,890.79 Total 16,315,289.00 6,627,256.23 Government grants recognised in profit for the year 16,945,289.00 6,627,256.23 Government grants recognised in deferred profit 4,410,000.00 - SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 50 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 40. GOVERNMENT GRANTS - continued Note: It represents the subsidary from the Administrative bureau of City Traffic of the of Shanghai as the Group implementing "The notice on commence of preferential price of public traffic transfer and free riding for the elders aged over 70.". 41. EARNINGS PER SHARE For the purpose of calculating basic earnings per share, net profit or loss for the current period attributable to ordinary shareholders is as follows: 2008 2007 RMB RMB Net profit for the current period attributable to ordinary shareholders 323,105,516.48 312,593,159.85 For the purpose of calculating basic earnings per share, the denominator is the weighted average number of outstanding ordinary shares and its calculation process is as follows: 2008 and 2007 Number of ordinary shares outstanding at the beginning and closing of year 551,610,107 Note: The Group has no dilute potential ordinary shares at 31 December 2008. Earnings Per Share 2008 2007 RMB RMB Net profit for the year attributable to shareholders of the parent Basic earnings per share 0.586 0.567 Dilute earnings per share N/A N/A SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 51 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 42. NET PROFIT AFTER DEDUCTING EXTRAORDINARY GAIN OR LOSS 2008 2007 RMB RMB Net profit 386,051,262.38 382,046,095.04 Add/less: Non-recurring profit or loss - Profit or loss on disposal of non-current assets (25,061,258.97) (13,664,925.31) - Government grants (Note) (12,168,066.02) (6,627,256.23) - Interest income from non-financial companies (4,073,781.58) (314,113.88) - Reversal of specific bad debt provision (229,895.55) - - Investment income from disposals of financial assets (10,968,517.00) (22,384,487.18) - Other non-operating net income after deducting above items (2,758,506.20) (2,018,568.59) Tax effect of non-recurring profit or loss 10,104,740.97 6,756,367.55 Net profit after deducting non-recurring gain or loss 340,895,978.03 343,793,111.40 Including: Net profit attributable to shareholders of the parent 280,464,106.78 275,387,919.60 Net profit attributable to minotiry interest 60,431,871.25 68,405,191.80 Note: Subsidy for preferential price of public traffic is not included, details please refer to Note VIII 40. The net profit after deducting extraordinary gain or loss above is presented according to CSRC Bulletin [2008] No.43, No.1 Explanation Bulletin of Listed Company – Net profit after deducting extraordinary gain or loss (2008). The comparable information has been restated accordingly. 43. SUPPLEMENTARY INFORMATION TO THE CASH FLOW STATMENT 2008 2007 RMB RMB (1) Reconciliation of net profit to cash flow from operating activities: Net profit 386,051,262.38 382,046,095.04 Add: Provision for asset impairment (61,973.12) 195,343.23 Depreciation of fixed assets 241,064,618.37 252,527,837.69 Amortization of intangible assets 1,079,580.11 1,331,421.44 Depreciation and amortization of investment property 771,310.67 - Amortization of long-term prepayments 12,955.76 106,069.87 Gains on disposal of fixed assets, intangible assets and other long-term assets (16,366,137.81) (14,237,856.26) Written-off of fixed assets 286,786.90 572,930.95 Financial expenses 1,569,483.50 3,031,291.22 Gains arising from investments (218,030,039.77) (216,298,543.52) Decrease in deferred tax assets 222,160.62 2,881,849.56 Decrease in inventories (5,653,321.89) (5,270,795.57) Decrease (increase) in receivables under operating activities 39,078,357.77 (53,754,480.30) Decrease in payables under operating activities (3,344,584.94) (8,809,665.79) Net cash flow from operating activities 426,680,458.55 344,321,497.56 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 52 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 43. SUPPLEMENTARY INFORMATION TO THE CASH FLOW STATMENT - continued 2008 2007 RMB RMB (2) Net changes in cash and cash equivalents: Cash at the end of the year 609,605,573.31 414,164,235.70 Less: Cash at the beginning of the year 414,164,235.70 371,417,877.44 Net increase in cash and cash equivalents 195,441,337.61 42,746,358.26 44. OTHER CASH FLOW RELATED WITH INVESTING ACTIVITIES 2008 2007 RMB RMB Cash inflow from other non-current assets 4,230,666.67 4,230,666.67 Cash inflow from transplant of Wanguo Vehicle Repair Factory (Note) 18,585,231.21 - Net cash flow from other investing activities 22,815,897.88 4,230,666.67 Note: By the end of 31 December 2008, land appreciated tax and enterprise income tax from this transplant has not been paid. 45. BUSINESS COMBINATIONS Where the Group is the acquirer in a business combination not involving enterprises under common control. During 2008, basic information about the Group's business combination not involving enterprises under common control is as follows: The Group acquired 50% of the shares in Shanghai Jin Jiang Yaohua taxi services Co., Ltd. from a third party on 28 February 2008. (1) Basic information of the acquiree: Please refer to Note VII for basic information of the acquiree. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 53 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 45. BUSINESS COMBINATIONS - continued (2) Key financial position of acquiree: Acquisition date 31/12/2007 Carrying amount Fair value Carrying amount Fair value RMB RMB RMB RMB Identifiable assets: Current assets 2,655.93 2,655.93 15,216.81 15,216.81 Non-current assets 1,070,713.72 13,177,713.72 871,023.41 12,978,023.41 -Fixed assets 1,070,713.72 1,070,713.72 871,023.41 871,023.41 -Intangible assets - 12,107,000.00 - 12,107,000.00 Sub-total 1,073,369.65 13,180,369.65 886,240.22 12,993,240.22 Identifiable liabilities: Current liabilities 2,323,657.65 2,323,657.65 1,697,554.93 1,697,554.93 Total net assets (1,250,288.00) 10,856,712.00 (811,314.71) 11,295,685.29 Proporation of shares in this acquisition 50% Euiqty acquired 5,428,356.00 Less: Consideration of the acquisition 5,428,356.00 Goodwill acquisition discounts - The consideration of the acquisition is satisfied by cash of RMB5,428,356.00. Amount RMB Cash and cash equivalents as the consideration of acquisition 5,428,356.00 Less: Cash and cash equivalents held by acquiree 1,329.66 Cash and cash equivalents paid in acquisition of subsidiary 5,427,026.34 The acquisiton day is the date on which Shanghai Jin Jiang Automatic Services Co., Ltd (the "acquirer") effectively obtained controls of Shanghai Jin Jiang Yaohua Taxi Services Co., Ltd. (the "acquiree"), i.e. the date on which control over net assets and production. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 54 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 45. BUSINESS COMBINATIONS - continued (3) The operating results and cash flows of the acquiree from the acquisition date to the end of the period in which the acquisition took place: From the acquisition date to the end of period in which the acquisition took place RMB Operating income 1,278,300.00 Operating costs and expenses 839,060.86 Total profit 452,099.14 Net profit 452,099.14 Net cash flow from operating activities 608,219.64 Net cash flow from investing activities (3,479,732.60) Net cash flow from financing activities 3,391,903.25 Net increase in cash and cash equivalents 520,390.29 46. SEGMENT REPORT Since the Group's risks and returns are affected predominantly by differences in the products and services it produces, the Group intends to take business segment as its primary reporting format. As over 95% business and operating assets of the Group is in Shanghai, no geographical segament is necessary. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 55 - VIII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued 46. SEGMENT REPORT- continued Primary reporting format - business segment Vehicle operating Refrigerated logistics and relevant business Automobile selling Hotel and relevant business and relevant business Unappropriated items Inter-segment deduction Total 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB RMB Operating income Revenue arising from external transactions 1,032,114,613.49 1,004,129,516.42 478,915,196.68 427,586,052.81 21,786,507.04 25,412,269.53 101,009,978.06 130,621,180.81 39,859,168.46 31,647,950.21 - 1,673,685,463.73 1,619,396,969.78 Revenue arising from inter- segment transactions Total operating income 1,032,114,613.49 1,004,129,516.42 478,915,196.68 427,586,052.81 21,786,507.04 25,412,269.53 101,009,978.06 130,621,180.81 39,859,168.46 31,647,950.21 - 1,673,685,463.73 1,619,396,969.78 Operating expenses 915,692,233.23 870,694,059.38 467,301,235.43 419,261,300.84 31,296,983.17 37,376,642.33 94,825,565.32 119,619,020.02 10,425,588.57 9,379,114.08 - 1,519,541,605.72 1,456,330,136.65 Operating profit (loss) 116,422,380.26 133,435,457.04 11,613,961.25 8,324,751.97 (9,510,476.13) (11,964,372.80) 6,184,412.74 11,002,160.79 29,433,579.89 22,268,836.13 - 154,143,858.01 163,066,833.13 Total assets 1,056,869,304.30 1,019,193,255.19 122,933,128.42 86,219,432.10 131,401,438.72 150,181,847.20 228,082,715.49 235,857,411.62 1,123,543,310.94 1,175,287,768.87 - 2,662,829,897.87 2,666,739,714.98 Total liabilities 421,145,173.07 410,155,095.60 50,855,887.47 44,430,400.70 8,695,123.05 10,748,097.83 108,118,059.48 126,786,690.63 65,191,764.23 74,257,996.21 - 654,006,007.30 666,378,280.97 Supplementary information:- Depreciation and amortisation 229,894,773.34 240,990,851.68 986,484.45 904,643.44 3,672,674.08 3,218,204.25 8,374,533.04 8,801,310.85 - 50,318.78 - 242,928,464.91 253,965,329.00 Impairment losses recognised in the current period - (20,292.50) - - - 886.62 (61,973.12) 214,749.11 - - - (61,973.12) 195,343.23 Capital expenditure 209,370,926.25 187,452,955.33 1,404,927.00 877,722.07 831,326.00 3,475,747.71 4,977,257.56 3,413,744.97 - - - 216,584,436.81 195,220,170.08 Including: Expenditure arising from construction in progress 171,461,960.30 148,674,891.99 - - 124,340.00 2,141,905.81 1,730,947.42 439,777.70 - - - 173,317,247.72 151,256,575.50 Expenditure arising from purchase of fixed assets 37,908,965.95 37,578,063.34 1,404,927.00 877,722.07 706,986.00 1,333,841.90 3,246,310.14 2,973,967.27 - - - 43,267,189.09 42,763,594.58 Expenditure arising from purchase of intangible assets - 1,200,000.00 1,200,000.00 The segment accounting policies are consistent with those of the consolidated financial statements. Segment revenue and segment expense are determined on the basis of actual revenue and expense of the segment respectively. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 56 - IX. NOTES TO COMPANY'S FINANCIAL STATEMENTS 1. OTHER RECEIVABLES The aging analysis of other receivables is as follows: 2008 2007 Bad debt Bad debt Amount Proprtion provision Carrying amount Amount Proprtion provision Carrying amount RMB % RMB RMB RMB % RMB RMB Within 1 year 3,947,374.01 9 - 3,947,374.01 18,171,269.48 31 - 18,171,269.48 1 to 2 years 18,184,500.00 41 - 18,184,500.00 35,000,000.00 59 - 35,000,000.00 2 to 3 years 22,000,100.00 50 - 22,000,100.00 6,343,415.20 10 - 6,343,415.20 Total 44,131,974.01 100 - 44,131,974.01 59,514,684.68 100 - 59,514,684.68 Disclosure of other receivables by category is as follows: 2008 2007 Bad debt Bad debt Item Amount Proprtion provision Carrying amount Amount Proprtion provision Carrying amount RMB % RMB RMB RMB % RMB RMB Individually significant 43,211,517.97 98 - 43,211,517.97 59,315,733.28 100 - 59,315,733.28 Other insignificant receivables 920,456.04 2 - 920,456.04 198,951.40 - - 198,951.40 Total 44,131,974.01 100 - 44,131,974.01 59,514,684.68 100 - 59,514,684.68 Top five outstanding amounts: Total of top five Proportion of the outstanding amount outstanding amounts Aging to the total of other receivables RMB % 3,727,017.97 Within 1 year 8.45 18,184,500.00 1 to 2 years 41.20 22,000,000.00 2 to 3 years 49.85 There are no other receivables from shareholders holding over 5% (inclusive) of the Company shares. 2. AVAILABLE-FOR-SALE FINANCIAL ASSETS 2008 2007 Category Fair value Fair value RMB RMB Available-for-sale equity instruments 77,383,466.46 189,965,217.00 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 57 - IX. NOTES TO COMPANY'S FINANCIAL STATEMENTS - continued 3. LONG-TERM EQUITY INVESTMENTS (1) Details of long-term equity investments are as follows: Cash Initial Opening Share of dividends Other Closing investments balance results for the period decreases balance RMB RMB RMB RMB RMB RMB Using the equity method Shanghai Dazhong New Asia Co., Ltd. 84,628,129.42 98,949,996.92 11,220,674.02 (11,296,662.90) - 98,874,008.04 Shanghai JHJ International Transportation Co., Ltd. 40,254,477.70 127,232,585.20 20,384,616.82 - - 147,617,202.02 Shilian Jin Jiang Logistics Co., Ltd. 3,012,675.00 1,614,812.60 (1,614,812.60) - - - Sub-total 127,895,282.12 227,797,394.72 29,990,478.24 (11,296,662.90) - 246,491,210.06 Using the cost method Shanghai JHJ Logistics Management Co., Ltd. 52,000,000.00 52,000,000.00 - - - 52,000,000.00 Shanghai Jin Jiang Automobile Services Co., Ltd. 538,135,811.60 538,135,811.60 - - - 538,135,811.60 Shanghai Jin Jiang International Refrigerated Logistic Co., Ltd. 95,000,000.00 95,000,000.00 - - - 95,000,000.00 Shanghai East Jin Jiang Hotel Co., Ltd. 16,555,237.81 16,555,237.81 - - - 16,555,237.81 Shanghai Global Paper Production Co., Ltd. 746,253.00 746,253.00 - - - 746,253.00 Guotai Jun'an Securities Co., Ltd.. 47,649,967.00 47,649,967.00 - - - 47,649,967.00 Guotai Jun'an Investment Management Co., Ltd. 31,974,279.24 31,974,279.24 - - - 31,974,279.24 Shanghai Guojia Industry Co., Ltd. 650,000.00 650,000.00 - - - 650,000.00 Shandong Guotai Co., Ltd. 555,000.00 555,000.00 - - - 555,000.00 Shanghai Aijian Co., Ltd.(Note) 6,300,000.00 6,3000,00.00 - - (6,300,000.00) - Subtotal 789,566,548.65 789,566,548.65 - - (6,300,000.00) 783,266,548.65 Total 917,461,830.77 1,017,363,943.37 29,990,478.24 (11,296,662.90) (6,300,000.00) 1,029,757,758.71 Less: Provision for impairment loss (4,451,253.00) (4,451,253.00) Net amount of long-term equity investments 1,012,912,690.37 1,025,306,505.71 Note: The restricted shares became tradable, and then transferred to available -for-sale financial assets. Changes in the provision for impairment loss for long-term equity investments: Investee Opening & closing balance RMB Shanghai Global Paper Production Co., Ltd. 746,253.00 Guotai Junan Investment Management Co., Ltd 2,500,000.00 Shanghai Guojia Industry Co., Ltd. 650,000.00 Shandong Guotai Co., Ltd. 555,000.00 Total 4,451,253.00 (2) For long-term equity investments held by the Company on 31 December 2008, the investee's ability to transfer funds to the Company is not restricted. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 58 - IX. NOTES TO COMPANY'S FINANCIAL STATEMENTS - continued 4. FIXED ASSETS Plant and Electronic equipment, Transportaion Buildings machinery furniture & fixtures vehicles Hotel improvement Total RMB RMB RMB RMB RMB RMB Cost At 1 January 2008 60,685,578.11 4,843,968.10 4,901,059.97 160,223.90 2,276,175.60 72,867,005.68 Addition - 453,819.00 56,540.00 - 196,627.00 706,986.00 Transfer from construction in progress - - 77,978.00 - 1,294,018.71 1,371,996.71 Disposals (450,000.00)450,000.00) At 31 December 2008 60,235,578.11 5,297,787.10 5,035,577.97 160,223.90 3,766,821.31 74,495,988.39 Accumulated depreciation At 1 January 2008 17,315,066.85 1,765,850.68 2,544,965.53 60,084.00 347,368.66 22,033,335.72 Provision for the year 1,583,163.72 347,149.46 678,072.46 36,050.40 681,245.29 3,325,681.33 Eliminated on disposals (132,107.73)132,107.73) At 31 December 2008 18,766,122.84 2,113,000.14 3,223,037.99 96,134.40 1,028,613.95 25,226,909.32 Provision for impairment loss At 1 January 2008 & 31 December 2008 Net book values At 1 January 2008 43,370,511.26 3,078,117.42 2,356,094.44 100,139.90 1,928,806.94 50,833,669.96 At 31 December 2008 41,469,455.27 3,184,786.96 1,812,539.98 64,089.50 2,738,207.36 49,269,079.07 5. CONSTRUCTION IN PROGRESS Complete and 1 January transfer to 31 December Capital Items 2008 Additions fixed assets 2008 source RMB RMB RMB RMB Hotel improvement 1,247,656.71 46,362.00 (1,294,018.71) - Self-finance Others - 77,978.00 (77,978.00) - Self-finance Total 1,247,656.71 124,340.00 (1,371,996.71) - Less: Provision for impairment loss - - Net book value 1,247,656.31 - 6. DEFFERED TAX ASSETS Deductible temporary differences Deferred tax assets Items 2008 2007 2008 2007 RMB RMB RMB RMB Provision for impairment loss 4,451,253.00 4,451,253.00 1,112,813.25 1,112,813.25 Others 2,712,355.64 3,001,822.77 678,292.33 750,708.54 Total 7,163,608.64 7,453,075.77 1,791,105.58 1,863,521.79 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 59 - IX. NOTES TO COMPANY'S FINANCIAL STATEMENTS - continued 7. OTHER NON-CURRENT ASSETS 2008 and 2007 RMB Prepayment for investment 15,262,988.76 Prepayment to Guotai Junan Securities Co., Ltd. for investment. 8. EMPLOYEE BENEFITS PAYABLE 1 January 31 December Items 2008 Accruals Payments 2008 RMB RMB RMB RMB Wages or salaries, bonus allowances, subsidies 3,449,500.00 9,224,559.81 11,006,892.81 1,667,167.00 Employee benefit cost 103,450.98 451,114.68 554,565.66 - Social security contributions 74,154.50 1,449,686.24 1,523,840.74 - Including: Premiums or contributions on medical insurance 202.50 470,167.90 470,370.40 - Basic pension insurance 73,854.70 861,976.13 935,830.83 - Unemployment insurance 97.30 78,361.47 78,458.77 - Work injury insurance - 19,590.37 19,590.37 - Maternity insurance - 19,590.37 19,590.37 - Housing funds 3,855.00 265,692.64 269,547.64 - Union running costs and employee education costs 180,495.82 270,669.76 158,806.62 292,358.96 Subsidy for internal retired staffs 3,001,822.77 - 289,467.13 2,712,355.64 Total 6,813,279.07 11,661,723.13 13,803,120.60 4,671,881.60 9. CAPITAL RESERVE 2008: 1 January 31 December Items 2008 Additions Reversals 2008 RMB RMB RMB RMB Share premium 266,218,226.90 - - 266,218,226.90 Including: Capital invested by investors 266,218,226.90 - - 266,218,226.90 Other capital reserve 247,384,379.38 - 88,921,053.47 158,463,325.91 Including:Gain or loss arising from changes in fair value of available-for-sale financial assets 133,536,943.37 - 88,921,053.47 44,615,889.90 Transfer from capital reserve under the previous accounting system (Note) 113,847,436.01 - - 113,847,436.01 Total 513,602,606.28 - 88,921,053.47 424,681,552.81 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 60 - IX. NOTES TO COMPANY'S FINANCIAL STATEMENTS - continued 9. CAPITAL RESERVE - continued 2007: 1 January 31 December Items 2007 Additions Reversals 2007 RMB RMB RMB RMB Share premium 266,218,226.90 - - 266,218,226.90 Including: Capital invested by investors 266,218,226.90 - - 266,218,226.90 Other capital reserve 132,656,651.20 135,415,600.60 20,687,872.42 247,384,379.38 Including:Gain or loss arising from changes in fair value of available-for-sale financial assets 18,809,215.19 135,415,600.60 20,687,872.42 133,536,943.37 Transferred from capital reserve under the previous accounting system (Note) 113,847,436.01 - - 113,847,436.01 Total 398,874,878.10 135,415,600.60 20,687,872.42 513,602,606.28 Note: It can be used to increase the share capital and reverse the consolidation difference generated by business combination under the same control. 10. UNAPPROPRIATED PROFIT 2008 2007 RMB RMB At beginning of year 232,059,581.84 206,388,615.68 Addition:Net profit for the year 307,572,075.01 243,038,337.34 Less: Appropriation to statutory surplus reserve (Note1) 30,757,207.50 24,303,833.73 Profit available for distribution to shareholders 508,874,449.35 425,123,119.29 Less:Dividends payable - last year's cash dividends approved (Note2) 220,644,042.80 193,063,537.45 At the end of year 288,230,406.55 232,059,581.84 Including: Cash dividends after balance sheet date (Note3) 165,483,032.10 220,644,042.80 Note 1: Appropriation to statutory surplus reserve According to the Articles of Association, the Company is required to transfer 10% of its net profit to the statutory surplus reserve. The transfer may be ceased if the balance of statutory surplus reserve has reached 50% of the Company registered capital. Note 2: Dividends payable - last year's cash dividend approved As approved by shareholders' meeting dated 15 May 2008, on the basis of 551,610,107 issued shares (with the par value of RMB 1 per share), dividends of RMB4 (before tax) per each ten shares were distributed to all the shareholders. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 61 - IX. NOTES TO COMPANY'S FINANCIAL STATEMENTS - continued 10. UNAPPROPRIATED PROFIT - continued Note 3: Cash dividends after the balance sheet date According to the proposal by Board Meeting, on the basis of 551,610,107 issued shares (with the par value of RMB1 per share) in 2009, dividends of RMB3 per each ten shares will be distributed to all shareholders. The above proposal regarding dividends distribution is yet to be approved by a shareholders' meeting. 11. OPERATING INCOME 2008 2007 RMB RMB Hotel and relevant business 21,786,507.04 20,200,744.24 The aggregate amount of operating income from the top five customers was RMB1,562,634.00 (2007:RMB1,968,740.00) which accounts for 7% (2007:9%) of the total operating income. 12. OPERATING COSTS 2008 2007 RMB RMB Hotel and relevant business 3,613,460.40 3,872,017.11 13. INVESTMENT INCOME Items 2008 2007 RMB RMB Long term investment income 299,852,188.56 229,944,415.49 Including: Dividends from investment carried at cost 260,879,802.26 204,577,592.02 Gains recognised under equity method 29,990,478.24 31,367,805.76 Income from abandon the right of capital injection (Note) - (6,000,982.29) Losses on disposal of subsidiary - (6,000,982.29) Gains on disposal of available-for-sale financial assets 8,837,214.18 17,184,546.37 Others 4,568,515.32 3,748,977.82 313,257,918.06 250,877,939.68 Note: It represents the income from Jin Jiang International (Group) Co., Ltd. for the Group's abandon of the right of capital injection of Shanghai East Jin Jiang Hotel Co., Ltd. Hotel. There are no significant restrictions on remittance of the Company's gains on investment. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 62 - IX. NOTES TO COMPANY'S FINANCIAL STATEMENTS - continued 14. SUPPLEMENTARY INFORMATION TO THE CASH FLOW STATEMENT 2008 2007 RMB RMB (1) Reconciliation of net profit to cash flow from operating activities: Net profit 307,572,075.01 243,038,337.34 Add: Provision for impairment - 886.62 Depreciation of fixed assets 3,768,037.81 3,231,794.56 Amortization of intangible assets 36,744.00 36,744.00 Losses on disposal of fixed assets, intangible assets and other long term assets - 4,251.07 Gains arising from investments (313,257,918.06) (250,877,939.68) Decrease (increase) in deferred tax assets 72,416.21 (1,195,712.29) Decrease in inventories 35,494.56 75,341.30 Decrease (increase) in receivables under operating activities (296,367.50) 4,744,662.41 Increase in payables under operating activities 351,192.69 2,326,017.04 Net cash flow from operating activities (1,718,325.28) 1,384,382.37 (2) Net change in cash and cash equivalents: Cash at the end of the year Cash at the closing of the year 260,262,892.62 173,151,156.98 Less: Cash at the beginning of the year 173,151,156.98 100,583,087.96 Net increase in cash and cash equivalents 87,111,735.64 72,568,069.02 X. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS (1) Related parties where a control relationship exists: Legal Organisation Place of Nature of Registered Proportion of Company name representative Type code registration business capital shareholdings RMB'000 Jin Jiang Internationalg Yu Ming Liang Limited 13222031-2 Shanghai Travel, hotel 2,000,000 38.54% (Group)Co., Ltd. Company China ("Jin Jiang Group") (state owned) The proportion of the voting power held by Jin Jiang Group is the same as of the shares. (2) Detail of subsidiaries please refers to Note VII. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 63 - X. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (3) The following are related parties where a control relationship dose not exists: Names Related party relationship Shanghai Jin Jiang Hotel Co., Ltd. Fellow subsidiary Shanghai Jin Jiang Travel Co., Ltd. Fellow subsidiary Shanghai Jin Jiang International Hotel Facility Co., Ltd. Fellow subsidiary Shanghai Travel Co., Ltd. Fellow subsidiary Shanghai CITS International Travel Services Co., Ltd. Fellow subsidiary Shanghai Food (Group) Co., Ltd. Fellow subsidiary Shanghai Huating Overseas Tourist Co., Ltd. Fellow subsidiary Shanghai Jing Jiang International Travel Co., Ltd Fellow subsidiary Shanghai Jin Jiang Inn Hotel Co.,Ltd. Fellow subsidiary Jin Jiang International Group (Hong Kong) Co., Ltd. Fellow subsidiary The above entities are called by a joint name of Jin Jiang Group Companies. The companies listed above are collectively regarded as Jin Jiang Group Companies. Names Related party relationship Shanghai Wanguo Vehicle Repair Factory Note1 Shanghai Jin Jiang Yaohua Taxi Services Co., Ltd. Note2 Shanghai JHJ International Transportaion Co., Ltd. Joint venture Shanghai Zhendong Taxi Services Co., Ltd. Associate of subsidiary Shanghai Jin Jiang Automobile Sales Co., Ltd. Associate of subsidiary Shanghai Jin Jiang Public Traffic Co., Ltd. Associate of subsidiary Shanghai Petrol Group Changle Road Gas Station Co., Ltd. Associate of subsidiary Shanghai Wanguo Automobile Driver Training Center Associate of subsidiary Shanghai Jinmao Jin Jiang Automobile Services Co., Ltd. Associate of subsidiary Shanghai Jin Jiang Jiayou Automobile Services Co., Ltd. Associate of subsidiary Shanghai Jin Jiang Sheshan Automobile Services Co., Ltd. Associate of subsidiary Shanghai Yongda Fengdu Automobile Distribution and Services Co., Ltd. Associate of subsidiary Shanghai Pudong International Airport Transport Terminal Co., Ltd. Associate of subsidiary Note1: Details please refer to Notes IIX, 9(1) notes 3. Note2: It was an associate before acquisition date. (4) Significant transactions incurred between the Group and the above related parties in current year are as follows: (a) Pricing principle The Group set price according to the agreement on integrated services, products purchase and sales contracts signed by related parties. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 64 - X. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (4) Significant transactions incurred between the Group and the above related parties in current year are as follows: - continued (b) Sales, vehicle operating income and purchases of goods Sales, foreign income and purchases between the Group and its related parties are as follows: Company names Nature 2008 2007 RMB RMB Jin Jiang Group Vehicle operating 554,469.00 - Jin Jiang Group Companies and relevant business 6,936,162.00 10,177,866.90 Hotel and relevant business - 1,062,517.83 Refrigerated logistics and relevant business 123,600.00 111,600.00 Shanghai Jin Jiang Automobile Refrigerated logistics 356,405.00 74,188.03 Sales Co., Ltd. and relevant business Shanghai Jin Jiang Public Traffic Co., Ltd. Vehicle operating - 35,211.11 and relevant business Shanghai Jinmao Jin Jiang Automobile Vehicle operating - 103,627.85 Services Co., Ltd. and relevant business Shanghai Jin Jiang Jiayou Automobile Vehicle operating 81,837.80 1,369,606.83 Services Co., Ltd. and relevant business Shanghai Jin Jiang Sheshan Automobile Vehicle operating 161,571.91 322,455.59 Services Co., Ltd. and relevant business 8,214,045.71 13,257,074.14 Company names Nature 2008 2007 RMB RMB Jin Jiang Group Companies Purchase goods 361,094.29 512,040.53 (c) Assets transactions Company names Nature 2008 2007 RMB RMB Jin Jiang Group Companies Acquisition of fixed assets - 190,920.00 Shanghai Jin Jiang Automobile Acquisition of Sales Co., Ltd. fixed assets 37,155,208.20 66,243,333.33 Jin Jiang Group Companies Acquisition of operational licenses of taxi - 1,200,000.00 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 65 - X. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (4) Significant transactions incurred between the Group and the above related parties in current year are as follows: - continued (d) Borrowing and loans Details of borrowings and loans between the Company and its related parties were as follows: Annual Amount incurred Closing balance Amount incurred Closing balance interest rate in 2008 2008 in 2007 2007 % RMB % RMB % RMB % RMB % Loan to Shanghai Jin Jiang Automobile Sales Co., Ltd. 6.72 (2,000,000.00) 53 - - - - 2,000,000.00 8 Shanghai Jinmao Jin Jiang AutomobileService Co., Ltd. 6.72 3,500,000.00 (93) 3,500,000.00 17 (5,500,000.00) 57 - - Shanghai Jin Jiang Yaohua Taxi Services Co., Ltd. (Note) 7.47 (1,040,000.00) 28 - - - - 1,040,000.00 4 Shanghai Yongda Fengdu Automobile Distribution and Services Co., Ltd. 6.57 Shanghai Pudong International Airport Transport Terminal Co., Ltd. - (4,230,666.67) 112 16,922,667.24 83 (4,230,666.67) 43 21,153,333.91 88 (3,770,666.67) 100 20,422,667.24 100 (9,730,666.67) 100 24,193,333.91 100 Note: Changes from acquisition of a subsidary. (e)Other transactions Company names Nature 2008 2007 RMB RMB Expenses Jin Jiang Group Rental 3,628,587.00 4,678,232.00 Jin Jiang Group Companies Management fee 623,458.00 455,748.64 The Group need not pay for the rental expenses regarding parts of house leased from Jin Jiang Group. The rental expenses should be recognized as RMB1,040,000.00 in the current year assuming the original price is still effective. The management fee paid to Jin Jiang Group Companies is 2% of hotel income plus 4% of hotel and profit, as rewarding the service provided, including general administration, marketing, purchase and etc. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 66 - X. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (4) Significant transactions incurred between the Group and the above related parties in current year are as follows: - continued (e)Other transactions - continued Company names Nature 2008 2007 RMB RMB Income Shanghai Jin Jiang Automobile Driver Training Center Rental income 498,300.00 - Shanghai Jin Jiang Automobile Sales Co., Ltd. Rental income - 1,598,652.00 Shanghai Petrol Group Changle Road Gas Station Co., Ltd. Rental income - 200,000.00 Shanghai Wanguo Automobile Driver Training Center Rental income - 2,500,000.00 Shanghai Jin Jiang Sheshan Automobile Services Co., Ltd. Rental income - 55,008.00 Shanghai Jin Jiang Group Note1 8,981,908.06 - Shanghai Jin Jiang Group Interest income(Note2) 3,394,129.36 - Shanghai Yongda Fengdu Automobile Distribution and Service Co., Ltd Interest income 67,625.00 - Shanghai Jin Jiang Automobile Sales Co., Ltd. Interest income 33,600.00 112,576.59 Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd. Interest income 565,479.22 137,001.50 Shanghai Jin Jiang Yaohua Taxi Service Co., Ltd. Interest income 12,948.00 64,535.79 Note1: Details please refer to Note VIII, 36. Note2: It mainly represents the interest income from the loan to Shanghai East Jin Jiang Hotel in previous year. Guarantee Shanghai Yongda Fengdu Automobile Distribution and Serivce Co., Ltd Guarantee 16,000,000.00 13,600,000.00 Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd. Note 6,500,000.00 - Note: Details please refer to Note XII, (2). SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 67 - X. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (4) Significant transactions incurred between the Group and the above related parties in current year are as follows: - continued (f)Balance due to/from related parties Company names Name of related parties 2008 2007 RMB RMB Accounts receivable Jin Jiang Group Companies 745,786.39 2,795,943.54 Shanghai Jinmao Jin Jiang Automobile Services Co., Ltd. - 34,857.09 745,786.39 2,830,800.63 Other receivables Shanghai Jin Jiang Automobile Sales Co., Ltd. - 2,000,000.00 Shanghai Jinmao Jin Jiang Automobile Services Co., Ltd.(Note) 3,548,950.00 - Shanghai JHJ International Transportaiton Co., Ltd. 700,000.00 - Shanghai Yongda Fengdu Automobile Distribution and Services Co., Ltd. - 820,000.00 Shanghai Jin Jiang Traffic Service Co., Ltd. 1,388.00 313,920.98 Shanghai Jing Jiang Yaohua Taxi Services Co., Ltd. - 1,148,888.00 4,250,338.00 4,282,808.98 Advances to suppliers Jin Jiang Group Companies 24,300.00 51,400.00 Shanghai Yongda Fengdu Automobile Distribution and Services Co., Ltd. - 47,000.00 Shanghai Jin Jiang Automobile Sales Co., Ltd. 23,916,894.92 21,882,068.63 23,941,194.92 21,980,468.63 Other non-current Shanghai Pudong International Airport assets Transport Terminal Co., Ltd. (Note) 16,922,667.24 21,153,333.91 Accounts payable Jin Jiang Group Companies - 94,132.25 Shanghai Yongda Fengdu Automobile Distribution and Services Co., Ltd. - 7,748,327.01 - 7,842,459.26 Other payables Jin Jiang Group 3,000,000.00 - Jin Jiang Group Companies 43,522,138.03 40,119,515.20 Shanghai Jin Jiang Automobile Sales Co., Ltd. 2,450,170.06 - Shanghai Wanguo Vehicle Repair Factory 18,585,231.21 - 67,557,539.30 40,119,515.20 Advanced from customer Jin Jiang Group Companies - 161,000.00 Note: It mainly represents the borrowing, details please refer to Notes X, 4(d). (g) Key management's remuneration 2008 2007 RMB'000 RMB'000 Key management's remuneration 2,660 2,660 SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 68 - X. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (5) Significant transactions between the Company and its related parties are as follow: (a) Pricing principle The same as X (4) (a). (b) Sales and purchases Sales and purchases between the Company and its related parties are as follows: Company names Nature 2008 2007 RMB RMB Sales Jin Jiang Group Companies Hotel and relevant business - 1,062,517.83 Purchase Jin Jiang Group Companies Purchase goods 361,094.29 512,040.53 (c)Other transactions Company names Nature 2008 2007 RMB RMB Expenses Jin Jiang Group Rental 628,587.00 1,678,232.00 Jin Jiang Group Companies Management fee 623,458.00 455,748.64 The Company need not pay for the rental expenses regarding parts of house leased from Jin Jiang Group. The rental expenses should be recognized as RMB1,040,000.00 in the current year assuming the original price is still effective. The management fee paid to Jin Jiang Group Companies is 2% of hotel income plus 4% of hotel profit, as rewarding the service provided, including general administration, marketing, purchase and etc. Company names Nature 2008 2007 RMB RMB Jin Jiang Group Note1 8,981,908.06 - Jin Jiang Group Interest income(Note2) 3,394,129.36 - Note1: Details please refer to Note IX, 13. Note2: It mainly represents the interest income from the loan to Shanghai East Jin Jiang Hotel in the previous year. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 69 - X. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (5) Significant transactions between the Company and its related parties are as follow: - continued (d)Balance due to/from related parties Company names Name of related parties 2008 2007 RMB RMB Other Receivable Shanghai JHJ Logistic Management Co., Ltd.(Note) 3,027,017.97 6,343,415.20 Shanghai Jin Jiang International Refrigerated Logistic Co., Ltd.(Note) 22,000,000.00 35,000,000.00 Shanghai Wusong Logistics Refrigerated Logistics Co., Ltd.(Note) 18,184,500.00 18,184,500.00 Shanghai JHJ International Transportation Co., Ltd. 700,000.00 - 43,911,517.97 59,527,915.20 Advances to suppliers Jin Jiang Group Companies 24,300.00 51,400.00 Accounts Payable Jin Jiang Group Companies - 43,102.35 Other payables Jin Jiang Group Companies 462,587.07 248,385.27 Note: It represents the borrowing to the subsidaries without interest bearing. XI. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The Group's major financial instruments include equity investments, available-for-sale financial investment, accounts receivable, accounts payable and each financial instrument is detailed in Note IX. Risks related to the financial instruments and the Group's risk management policies to mitigate such risks are as follows. The Group's management shall manage and monitor these risk exposures to ensure risks are under control within certain limits. 1. Risk management objectives and policies The Group's risk management objectives are to achieve proper balance between risks and yield, minimize the adverse impacts of risks on the Group's operation performance, and maximize the benefits of the shareholders and other equity investors. Based on these risk management objectives, the Group's basic risk management strategy is to identify and analyse the industry's exposure to various risks, establish appropriate bottom line for risk tolerance and implement risk management, and monitor various risks in a timely and reliable manner to ensure risks are under control within certain limits. 1.1 Market risk 1.1.1. Currency risk Currency risk is the risk that losses will occur because of changes in foreign exchange rates. The Group's other principal activities are denominated and settled in RMB. Currency risk arising from the foreign currency balance of assets and liabilities has no significant impact on the Group's performance. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 70 - XI. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - continued 1. Risk management objectives and policies - continued 1.1 Market risk - continued 1.1.2. Other price risk Investments classified as available-for-sale financial assets which are held by the Group, are measured at fair value at the balance sheet date. Therefore, the Group is exposed to risks of changes in securities market. 1.2. Credit risk As at 31 December 2008, the Group's maximum exposure to credit risk which will cause a financial loss to the Group due to failure to discharge an obligation by the counterparties and financial guarantees provided by the Group is arising from: ? The carrying amount of the recognised financial assets in the consolidated balance sheet. For financial instruments measured at fair value, the carrying amount reflects the exposure to risks (but not the maximum exposure to risks); the maximum exposure to risks may change depending on future changes in the fair value. In order to minimise the credit risk, the Group controls credit limits, credit approvals and conducts other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group reviews the recoverable amount of each individual trade debt at each balance sheet date to ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the management of the Group consider that the Group's credit risk is significantly reduced The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The Group has adopted necessary policies to ensure all the customers with which it conducts sales transactions are with good credit records. The Group does not have any other significant concentration of credit risk. 1.3. Liquidity risk In the management of the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Group's operations and mitigate the effects of fluctuations in cash flows. The management of the Group noted no material liquidity risk, regarding the low level of asset-liability ratio and sustainable financing ability. At 31 December 2008, the financial assets and financial liabilities of the Group will mature within one year except for some deposit and debt due from reform of other payables. At 31 December 2008, the Group has the unused bank facility of RMB30,000,000.00. SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 71 - XI. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - continued 2. Fair value The fair values of the financial assets and financial liabilities are determined as follows: ? The fair value of financial assets and financial liabilities with standard terms and conditions and traded on active markets are determined with reference to quoted market bid prices and ask prices respectively; ? The fair value of other financial assets and financial liabilities (excluding derivative instruments) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices or rates from observable current market transactions. The Group's management believes the book value of the financial assets measured by amortized cost in the financial statement is closed to the fair value. 3. Sensitivity analysis The Group adopts the sensitivity analysis techniques to analyse the effects of reasonably possible changes in risk variables on the profit or loss for the period or on owners' equity. The reasonable changes of interest rate and exchange rate have little effect on the profit and equity in the period. Effects on equity of shareholders of the price fluctuation of stock market are as follows: Item Price fluctuation of the stock market Effects RMB'000 Available-for-sale financial assets Increasing 10% 6,756 Decreasing 10% (6,756) XII. CONTINGENCIES 1. The Group's subsidiary Shanghai Jin Jiang Automobile Sales Co., Ltd. provided guarantee to Shanghai Yongda Fengdu Automobile Distribution and Service Co., Ltd. for the short-term borrowings of RMB16,000,000.00 (2007:RMB13,600,000.00). 2. The Group's joint venture Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd, The another investor of Shanghai Jinmao Jinjiang Automative Service Co., Ltd. provided the guarantee for its short-term borrowings of RMB13,000,000.00, among which the Group's subsiary Shanghai Jin Jiang Automobile Services Co., Ltd. provided Jointly guarantee of RMB650,000.00 (2007: NIL). 3. The Group's subsidiary Shanghai Jin Jiang Business and Travel Auto Services Co., Ltd. provided guarantee to Shanghai South Station Long Distance Passenger Terminal Co., Ltd. for short-term borrowings of RMB12,500,000.00 (2007:RMB12,500,000.00). SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. - 72 - XIII. COMMITMENTS (1)Operating lease commitments As of the balance sheet date, the Group has the following commitments in respect of non-cancellable operating leases: 2008 2007 RMB'000 RMB'000 Minimum lease payments under non-cancellable operating leases: 1st year subsequent to the balance sheet date 8,278 8,737 2nd year subsequent to the balance sheet date 6,956 7,646 3rd year subsequent to the balance sheet date 6,102 6,795 Subsequent periods 10,566 16,141 Total 31,902 39,319 XIV. NON-ADJUSTING EVENTS AFTER THE BALANCE SHEET DATE According to the share transfer contract signed on 16 March 2009, a subsidiary Shanghai Wujing Refrigerated Warehouse Co., Ltd. sold 50% shares in Shanghai Nichirei Foods Co., Ltd. with the consideration of RMB14,000,000.00. XV. OTHER SIGNIFICANT EVENTS As of the balance sheet date, the Group has no further significant events to disclose. XVI. APPROVAL OF FINANCIAL STATEMENTS The Company and consolidated financial statements were approved by the board of directors and authorised for issue on 21 April 2009. * * *THE END OF THE REPORT* * * - 1 - FOR THE YEAR ENDED 31 DECEMBER 2008 SUPPLEMENTARY INFORMATION PROVIDED BY THE COMPANY'S MANAGEMENT 1. Return on net assets and earnings per share ("EPS") after full dilution and weighted average calculation The calculation of return on net assets and EPS has been prepared by Shanghai Jin Jiang International Industrial Investment Co., Ltd in accordance with Information Disclosure and Presentation Rules for Companies Making Public Offering No. 9 – Calculation and Disclosure of Return on Net Assets and Earnings per Share (Revised 2008) issued by China Securities Regulatory Commission. Profit for the reporting period Calculated based on net profit attributable to ordinary equity holders Calculated based on net profit attributable to ordinary equity holders after extraordinary gains and losses Fully diluted 18.01% 15.64% Return on net assets Weighted average 18.04% 15.65% Basic 0.586 0.508 EPS Diluted N/A N/A Calculation formula Calculation formula of fully diluted return on net assets is set out below: Fully diluted return on net assets = P÷E Of which: "P" represents the net profit attributable to ordinary shareholders or the net profit attributable to ordinary shareholders after extraordinary gains and losses; "E" represents the year-end net assets attributable to ordinary shareholders. The "net profit attributable to ordinary shareholders" as mentioned above excludes profit and loss attributable to minority shareholders; the "net profit attributable to ordinary shareholders after extraordinary gains and losses" is the consolidated net profit after excluding profit and loss attributable to minority shareholders, extraordinary gains and losses of the parent company and related tax effect, and extraordinary gains and losses in various subsidiaries attributable to parent company shareholders and related tax effect; the "year-end net assets attributable to ordinary shareholders" excludes the amounts attributable to minority interest. Calculation formula of weighted average return on net assets is as below: P Weighted average return on net assets E0+NP÷2+Ei*Mi÷M0-Ej*Mj÷M0±Ek*Mk÷M0 Of which: "P" represents net profit attributable to ordinary shareholders and net profit attributable to ordinary shareholders after extraordinary gains and losses respectively; "NP" represents the net profit attributable to ordinary shareholders; "E0" represents the opening net assets attributable to ordinary shareholders; "Ei" represents increase in net assets attributable to ordinary shareholders resulted from activities like new issue of ordinary shares or conversion of convertible debt into ordinary shares, during the reporting period and; "Ej" represents decrease in net assets attributable to ordinary shareholders resulted from repurchase of ordinary shares or cash dividend to ordinary shareholders; "M0" represents number of months in the reporting period; "Mi" represents number of months from the month following the net assets increase to the end of the reporting period; - 2 - 1. Return on net assets and earnings per share ("EPS") after full dilution and weighted average calculation - continued "Mj" represents number of months from the month following the net assets decrease to the end of the reporting period; "Ek" represents change in net assets arising from other transactions or events; "Mk" represents number of months from the month following changes in net assets to the end of the reporting period. Calculation formula of basic EPS is as below: P P Basic EPS S S0+S1+Si*Mi÷M0-Sj*Mj÷M0-Sk Of which: "P" represents net profit attributable to ordinary shareholders or net profit Attributable to ordinary shareholders after extraordinary gains and losses; "S" represents weighted average number of ordinary shares outstanding; "S0" represents total number of shares at the beginning of the year; "S1" represents increase in number of shares resulted from capitalisation of capital reserve or bonus shares issued during the reporting period; "Si" represents increase in number of shares resulted from new issue of ordinary shares or conversion of convertible debt into ordinary shares during the reporting period; "Sj" represents decrease in number of shares resulted from activities like repurchase of ordinary shares during the reporting period; "Sk" represents the number of shares reduced in share consolidation during the reporting period; "M0" represents number of months in the reporting period; "Mi" represents number of months from the month following increase in shares to the end of the reporting period; "Mj" represents number of months from the month following decrease in shares to the end of the reporting period. - 3 - 2. Analysis of changes in financial statements items ("F/S items") The analysis of changes in financial statements items has been prepared by Shanghai Jin Jiang International Industrial Investment Limited("the Company") in accordance with Information Disclosure and Presentation Rules for Companies Making Public Offering No. 15 - General Provisions on Financial Reporting (Revised 2007) issued by China Securities Regulatory Commission ("CSRC"). F/S items 2008 2007 Change by % Cause for the changes RMB'0000 RMB'0000 1 Currency funds 60,961 41,416 47 (1) 2 Other receivables 2,582 6,139 58 (2) 3 Available-for-sale financial assets 9,009 21,774 59 (3) 4 Investment property 3,587 2,194 63 (4) 5 Dividends payable 3,505 5,604 37 (5) 6 Deferred tax liabilities 1,734 5,072 6 (6) 7 Non-opearing income 3,617 2,294 58 (7) Cause for the changes: (1): Increase of the currency fund mainly due to the net cash inflow RMB 426.68 million from operating activities, net cash inflow of RMB47.8 million from investing activities and net cash outflow of RMB279.03 million from financing activities. (2): Decrease of other receivables is mainly due to the settlement of the receivables. (3): Decrease of available-for-sale financial assets is mainly due to the decrease of the market share price. (4): Increase of investment property is mainly due to reclassification of bulidings and land use right from fixed assets and intangible assets on the usage purpose of rental. (5): Decrease of dividend payable is mainly due to the payment to minority shareholders. (6): Decrease of deferred tax liabilities is mainly due to the fair value fluctuation of available-for-sale financial assets (7): Increase of non-opearting income is mainly due to the government grants received from favorable riding in the current year The supplementary information provided by the management was signed by the following personnel of Shanghai Jin Jiang International Industrial Investment Co., Ltd. Head of the Company: Yang Yuan Pin Chief Financial Officer: Yuan Zhe Ning Head of Accounting Department: Liu Zhao Hui 21 April 2009