浦东金桥(600639)2007年年度报告

上海金桥出口加工区开发股份有限公司 600639 2007 年年度报告 上海金桥出口加工区开发股份有限公司 2007 年年度报告 目录 一、重要提示 ......................................................................... 3 二、公司基本情况简介 ................................................................. 3 三、主要财务数据和指标： ............................................................. 4 四、股本变动及股东情况 ............................................................... 5 五、董事、监事和高级管理人员 ......................................................... 9 六、公司治理结构 .................................................................... 14 七、股东大会情况简介 ................................................................ 15 八、董事会报告 ...................................................................... 16 九、监事会报告 ...................................................................... 24 十、重要事项 ........................................................................ 25 十一、财务会计报告 .................................................................. 31 十二、备查文件目录 .................................................................. 47 2 上海金桥出口加工区开发股份有限公司 2007 年年度报告 一、重要提示 1、本公司董事会、监事会及董事、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。 2、公司全体董事出席董事会会议。 3、上海众华沪银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。 4、公司负责人俞标，主管会计工作负责人沈荣及会计机构负责人（会计主管人员）朱勤荣声明：保证 年度报告中财务报告的真实、完整。 二、公司基本情况简介 1、 公司法定中文名称：上海金桥出口加工区开发股份有限公司 公司英文名称：SHANGHAI JINQIAO EXPORT PROCESSING ZONE DEVELOPMENT CO., LTD. 2、 公司法定代表人：俞标 3、 公司董事会秘书：代燕妮 电话：（021）50307702 传真：(021) 50301533 E-mail：Daiyn@58991818.com 联系地址：上海浦东新金桥路 27 号 1 号楼 公司证券事务代表：吴海燕 电话：（021）50307770 传真：(021) 50301533 E-mail：wuhy@58991818.com 联系地址：上海浦东新金桥路 27 号 1 号楼 4、 公司注册地址：上海浦东新金桥路 28 号 公司办公地址：上海浦东新金桥路 27 号 1 号楼 邮政编码：201206 公司国际互联网网址：http://www.58991818.com 公司电子信箱：jqepz@public1.sta.net.cn 5、 公司信息披露报纸名称：《上海证券报》、香港《文汇报》 登载公司年度报告的中国证监会指定国际互联网网址：http://www.sse.com.cn 公司年度报告备置地点：公司董事会办公室 6、 公司 A 股上市交易所：上海证券交易所 公司 A 股简称：浦东金桥 公司 A 股代码：600639 公司 B 股上市交易所：上海证券交易所 公司 B 股简称：金桥 B 股 公司 B 股代码：900911 7、 其他有关资料 公司首次注册登记日期：1992 年 11 月 24 日 公司首次注册登记地点：上海 公司法人营业执照注册号：企股沪总字第 019019 号 公司税务登记号码：310115132209359 公司组织结构代码：132209359 公司聘请的境内会计师事务所名称：上海众华沪银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 550 号 12 楼 3 上海金桥出口加工区开发股份有限公司 2007 年年度报告 三、主要财务数据和指标： (一)本报告期主要财务数据 单位:元 币种:人民币 项目 金额 营业利润 260,468,664.53 利润总额 274,141,921.34 归属于上市公司股东的净利润 206,663,652.46 归属于上市公司股东的扣除非经常性损益后的净利润 197,570,530.74 经营活动产生的现金流量净额 -40,450,345.08 (二)扣除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 812,955.66 除上述各项之外的其他营业外收支净额 9,070,508.78 以前年度结余的职工福利费 814,325.82 以前年度已经计提各项减值准备的转回 上述项目的所得税影响数 -1,604,668.54 合计 9,093,121.72 (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 主要会计数据 2006 年 本年比上年增减 2005 年 2007 年 调整后 调整前 (%) 调整后 调整前 营业收入 801,142,014.52 992,367,330.99 990,221,989.18 -19.27 826,278,028.72 820,863,148.45 利润总额 274,141,921.34 278,575,477.19 278,087,140.73 -1.59 238,779,388.05 238,292,486.04 归属于上市公 司股东的净利 206,663,652.46 197,200,217.78 212,504,377.96 4.80 194,597,525.20 189,586,537.90 润 归属于上市公 司股东的扣除 197,570,530.74 196,568,219.37 203,089,839.64 0.51 177,313,097.86 172,302,110.56 非经常性损益 的净利润 基本每股收益 0.245 0.234 0.252 4.70 0.230 0.225 稀释每股收益 扣除非经常性 损益后的基本 0.234 0.233 0.241 0.43 0.210 0.204 每股收益 全面摊薄净资 7.04 7.39 7.95 7.63 7.78 减少 0.89 个百分点 产收益率（%） 加权平均净资 7.35 7.52 8.13 8.06 8.02 减少 0.44 个百分点 产收益率（%） 扣除非经常性 6.73 7.37 7.60 6.95 7.07 减少 1.16 个百分点 损益后全面摊 4 上海金桥出口加工区开发股份有限公司 2007 年年度报告 薄净资产收益 率（%） 扣除非经常性 损益后的加权 7.03 7.49 7.75 7.34 7.29 减少 0.72 个百分点 平均净资产收 益率（%） 经营活动产生 的现金流量净 -40,450,345.08 62,056,839.02 250,988,917.09 -165.180 -104,586,939.65 -104,586,939.65 额 每股经营活动 产生的现金流 -0.048 0.073 0.297 -165.75 -0.124 -0.124 量净额 2006 年末 本年末比上年末 2005 年末 2007 年末 调整后 调整前 增减(%) 调整后 调整前 总资产 5,551,012,403.94 4,929,371,014.53 4,932,745,862.10 19.87 4,970,173,123.56 4,853,790,713.60 所有者权益 （或股东权 2,937,108,724.27 2,668,621,764.09 2,673,063,470.00 19.21 2,551,704,945.22 2,436,611,701.85 益） 归属于上市公 司股东的每股 3.478 3.160 3.166 19.21 3.022 2.886 净资产 (四)采用公允价值计量的项目 单位:元 币种:人民币 项目名称 期初余额 期末余额 当期变动 对当期利润的影响金额 交通银行 0 60,870,999.00 60,870,999.00 0 海通证券 0 179,590,224.24 179,590,224.24 0 合计 0 240,461,223.24 240,461,223.24 0 按《企业会计准则解释第 1 号》的规定，对公司持有的海通证券、交通银行等限售股权，本期按公允 价值核算，因此本年度股东权益和归属上市公司股东的每股净资产较上年有大幅增长，同时降低了本 期净资产收益率。 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 发 公积 比例 行 送 比例 数量 金转 其他 小计 数量 (%) 新 股 (%) 股 股 一、有限售条件股份 1、国家持股 370,010,037 43.82 370,010,037 43.82 2、国有法人持 股 3、其他内资持 股 5 上海金桥出口加工区开发股份有限公司 2007 年年度报告 其中： 境内法人持股 35,578,938 4.21 -35,578,938 -35,578,938 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 405,588,975 48.03 -35,578,938 -35,578,938 370,010,037 43.82 份合计 二、无限售条件流通股份 1、人民币普通 191,364,525 22.67 35,578,938 35,578,938 226,943,463 26.88 股 2、境内上市的 247,432,900 29.30 247,432,900 29.30 外资股 3、境外上市的 外资股 4、其他 无限售条件流 438,797,425 51.97 35,578,938 35,578,938 474,376,363 56.18 通股份合计 三、股份总数 844,386,400 100 844,386,400 100 2、限售股份变动情况表 单位:股 本年增 年初限售股 本年解除限 年末限售股 解除限售 股东名称 加限售 限售原因 数 售股数 数 日期 股数 上海金桥 (集团)有 370,010,037 370,010,037 限公司 股权分置改革方案中 上海国际 关于有限售条件的流 2007 年 1 信托投资 35,578,938 35,578,938 0 通股上市流通有关承 月 12 日 有限公司 诺 合计 405,588,975 35,578,938 370,010,037 — — 3、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 上海国际信托投资有限公司年初原有限售股数 35,578,938 股，根据股权分置改革方案中关于有限 售条件的流通股上市流通有关承诺，于 2007 年 1 月 12 日解除限售。 (3) 现存的内部职工股情况 本报告期末公司无内部职工股。 6 上海金桥出口加工区开发股份有限公司 2007 年年度报告 (二)股东情况 1、股东数量和持股情况 单位:股 报告期末股东总数 80,976 前十名股东持股情况 持有有限售 持股比 报告期内增 质押或冻结的 股东名称 股东性质 持股总数 条件股份数 例(%) 减 股份数量 量 上海金桥(集团)有限公司 国家 43.82 370,010,037 0 370,010,037 上海国际信托投资有限公 国有法人 4.21 35,578,938 0 司 银丰证券投资基金 其他 2.72 22,936,299 22,936,299 未知 中国建设银行-华夏红利 混合型开放式证券投资基 其他 1.18 9,997,815 9,997,815 未知 金 GUOTAI JUNAN SECURITIES(HONGKONG) 境外法人 1.08 9,116,514 3,400,975 未知 LIMITED 中国建设银行-博时主题 其他 1.04 8,745,249 8,745,249 未知 行业股票证券投资基金 中国工商银行-银河银泰 其他 1.02 8,632,230 8,632,230 未知 理财分红证券投资基金 中国工商银行-建信优化 其他 0.83 7,017,527 7,017,527 未知 配置混合型证券投资基金 中国农业银行-大成精选 其他 0.67 5,648,248 5,648,248 未知 增值混合型证券投资基金 FORTIS BANQUE 境外法人 0.57 4,794,500 -4,412,865 未知 LUXEMBOURG S.A. 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数量 股份种类 上海国际信托投资有限公司 35,578,938 人民币普通股 银丰证券投资基金 22,936,299 人民币普通股 中国建设银行-华夏红利混合型开放式证券投资基金 9,997,815 人民币普通股 GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 9,116,514 境内上市外资股 中国建设银行-博时主题行业股票证券投资基金 8,745,249 人民币普通股 中国工商银行-银河银泰理财分红证券投资基金 8,632,230 人民币普通股 中国工商银行-建信优化配置混合型证券投资基金 7,017,527 人民币普通股 中国农业银行-大成精选增值混合型证券投资基金 5,648,248 人民币普通股 FORTIS BANQUE LUXEMBOURG S.A. 4,794,500 境内上市外资股 中国人寿保险股份有限公司-分红-个人分红-005L-F 4,040,808 人民币普通股 公司未知上述股东之间是否存在关联关系或属于《上市公司 上述股东关联关系或一致行动关系的说明 股东持股变动信息披露管理办法》规定的一致行动人。 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 持有的有限 序 新增可上市 有限售条件股东名称 售条件股份 限售条件 号 可上市交易时间 交易股份数 数量 量 1 上海金桥(集团)有限公司 370,010,037 2009 年 1 月 11 日 0 36 个月 7 上海金桥出口加工区开发股份有限公司 2007 年年度报告 2、控股股东及实际控制人简介 (1) 法人控股股东情况 控股股东名称：上海金桥(集团)有限公司 法人代表：俞标 注册资本：88,420.1 万元 成立日期：1997 年 12 月 2 日 主要经营业务或管理活动：房地产（含侨汇房），投资兴办企业，保税，仓储，经营和代理各类商品 及技术的进出口业务（国家限定公司经营或禁止进出口的商品及技术除外），对销贸易和转口贸易， 进料加工和“三来一补”，国内贸易（除专项规定）。 (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和上海市浦东新区国有资产监督管理委员会 上海金桥(集团)有限公司（授权经营的国有独资公司)成立日期：1997 年 12 月 2 日 （该公司是在原 1990 年 9 月成立的“上海市金桥出口加工区开发公司”基础上改制而成） (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 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。 8 上海金桥出口加工区开发股份有限公司 2007 年年度报告 五、董事、监事和高级管理人员 (一)董事、监事、高级管理人员情况 单位:股 被 报告 报告期被授予的 是否 持 授 期内 股权激励情况 在股 有 予 从公 东单 本 的 股 司领 位或 公 变 期 限 份 取的 可 已 其他 性 年 任期起始 任期终止日 年初持 年末持 司 动 末 姓名 职务 制 增 报酬 行 行 行 关联 别 龄 日期 期 股数 股数 的 原 股 性 减 总额 权 权 权 单位 股 因 票 股 数 (万 股 数 价 领取 票 市 票 元) 数 量 报 期 价 数 （税 酬、 权 量 前） 津贴 2007 年 6 月 2010 年 6 月 俞标 董事长 男 57 0 0 0 0 0 是 28 日 28 日 副董事 2007 年 12 2010 年 6 月 潘建中 男 52 0 0 0 0 0 是 长 月3日 28 日 副董事 2007 年 6 月 2010 年 6 月 沈荣 长,总 男 52 0 0 0 0 0 32.7 否 28 日 28 日 经理 2007 年 6 月 2010 年 6 月 张行 董事 女 47 0 0 0 0 0 是 28 日 28 日 2007 年 6 月 2010 年 6 月 沈伟国 董事 男 46 23,760 23,760 0 0 0 是 28 日 28 日 独立董 2007 年 6 月 2010 年 6 月 冯正权 男 64 0 0 0 0 0 5.5 否 事 28 日 28 日 独立董 2007 年 6 月 2010 年 6 月 丁以中 女 61 0 0 0 0 0 1.5 否 事 28 日 28 日 独立董 2007 年 6 月 2010 年 6 月 乔文骏 男 37 0 0 0 0 0 1.5 否 事 28 日 28 日 独立董 2007 年 6 月 2010 年 6 月 皮耐安 男 64 0 0 0 0 0 1.5 否 事 28 日 28 日 2007 年 6 月 2010 年 6 月 周伟民 监事长 男 57 0 0 0 0 0 是 28 日 28 日 副监事 2007 年 6 月 2010 年 6 月 王文博 男 50 0 0 0 0 0 是 长 28 日 28 日 2007 年 6 月 2010 年 6 月 倪嘉琦 监事 男 40 7,500 7,500 0 0 0 是 28 日 28 日 2007 年 6 月 2010 年 6 月 唐秀康 监事 男 57 0 0 0 0 0 24.95 否 28 日 28 日 2007 年 6 月 2010 年 6 月 谷业琢 监事 男 43 0 0 0 0 0 13.3 否 28 日 28 日 副总经 2007 年 10 2010 年 6 月 边秦翌 女 46 0 0 0 0 0 31.42 否 理 月 26 日 28 日 副总经 2007 年 10 2010 年 6 月 周尧 男 40 0 0 0 0 0 28.28 否 理 月 26 日 28 日 2007 年 10 2010 年 6 月 代燕妮 董秘 女 38 1,485 1,485 0 0 0 19.68 否 月 26 日 28 日 合计 / / / / / 32,745 32,745 / / / / / 董事、监事、高级管理人员最近 5 年的主要工作经历： (1)俞标,历任：上海市汽车运输公司运输一场党委副书记；上海钢铁汽车运输公司党委副书记；上 海长途汽车运输公司党委书记、经理；上海市浦东新区经济贸易局副局长、局长、党组副书记、党组 9 上海金桥出口加工区开发股份有限公司 2007 年年度报告 书记、浦东新区区委候补委员；上海金桥出口加工区开发股份有限公司第五届董事会董事长。现任： 上海金桥（集团）有限公司总经理、党委副书记；上海金桥出口加工区开发股份有限公司第六届董事 会董事长；上海金桥出口加工区南区建设发展有限公司董事长；上海金桥出口加工区房地产发展有限 公司董事长；上海新金桥广场实业有限公司董事长；上海金桥出口加工区联合发展有限公司董事长。 (2)潘建中,历任：部队排长、营长、处长、团长、师参谋长、师长。现任：上海金桥（集团）有限 公司副总经理、党委副书记；上海金桥出口加工区开发股份有限公司第六届董事会副董事长；上海金 桥出口加工区南区建设发展有限公司监事长；上海新金桥广场实业有限公司副董事长；上海金桥出口 加工区联合发展有限公司副董事长。 (3)沈荣,历任：上海市政府法制办、办公厅副处长、正处级秘书兼浦东新区区委办副主任；上海金 桥（集团）有限公司党委副书记、副总经理；上海金桥出口加工区开发股份有限公司第四、五届董事 会副董事长兼总经理。现任：上海金桥出口加工区开发股份有限公司第六届董事会副董事长兼总经理； 上海金桥出口加工区南区建设发展有限公司董事兼总经理；上海金桥出口加工区房地产发展有限公司 董事兼总经理；上海新金桥广场实业有限公司副董事长；上海金桥出口加工区联合发展有限公司副董 事长兼总经理；上海金桥（集团）有限公司党委副书记。 (4)张行,历任：上海市上投实业投资有限公司总经理；上海金桥出口加工区开发股份有限公司第三 届监事会监事、第四、五届董事会董事。 现任：上海国际集团投资管理有限公司（原上海市上投实业 投资有限公司）董事长；上海金桥出口加工区开发股份有限公司第六届董事会董事。 (5)沈伟国,历任：上海张江（集团）有限公司副总经理、党委委员；上海金桥出口加工区开发股份 有限公司第五届董事会董事。现任：上海金桥（集团）有限公司副总经理、党委委员；上海金桥出口 加工区开发股份有限公司第六届董事会董事；上海金桥出口加工区联合发展有限公司董事。 (6)冯正权,历任：上海财经大学会计学系教授、研究生部副主任、主任（其中 2000.9~2001.9 美国 康涅狄克大学会计学系进修、联合技术公司总部实习考察）；上海金桥出口加工区开发股份有限公司 第五届董事会独立董事。现任：上海财经大学 MBA 专任教师，上海市第十届政协委员；上海金桥出口 加工区开发股份有限公司第六届董事会独立董事。兼职：上海市会计学会理事；中国会计学会个人会 员。 (7)丁以中,历任：上海海事大学讲师、副教授。曾赴美国亚利桑拿大学系统与工业工程系和美国匹 兹堡大学 Katz 商学院任访问学者。现任：上海海事大学教授、上海海事大学物流研究中心学术委员会 主任委员,中国物流学会理事会常务理事；上海金桥出口加工区开发股份有限公司第六届董事会独立董 事。 (8)乔文骏,历任：上海市人民政府侨务办公室法律顾问；上海对外经济律师事务所律师；上海浦栋 律师事务所合伙人。现任：中仑金通律师事务所上海分所主任、合伙人。上海市律师协会理事；浦东 新区法律服务业协会会长；浦东青年律师联合会主席；中华全国律师协会会员；亚太律师协会会员； 上海金桥出口加工区开发股份有限公司第六届董事会独立董事。 (9)皮耐安,历任：上海师范大学助教、讲师、副教授、教授、系副主任、校长助理、党委副书记、 党委书记；上海对外贸易学院党委书记；WTO 上海研究中心副主任；松江大学园区管理委员会专职常 务副主任。现任：上海对外贸易学院教授；上海金桥出口加工区开发股份有限公司第六届董事会独立 董事。 (10)周伟民,历任：上海市内河装卸公司四区团总支书记；市交通运输局工会常委、政宣组副组长； 市基本路线工作队领队；市交通运输局团委副书记、工会副主席（正处级）；市大型物件运输公司党 委书记；浦东新区工会工作委员会副主任、区劳动和社会保障局副局长、党组成员、区纪委委员。现 任：上海金桥出口加工区开发股份有限公司第六届监事会监事长；浦东新区纪委委员。 (11)王文博,历任：陕西省审计厅主任科员；陕西省审计厅《陕西审计》编辑部副主编（副处级）； 陕西省审计研究所副所长；上海金桥（集团）有限公司审计室副主任、主任；上海金桥（集团）有限 公司计财部常务副总经理和资产管理部总经理；上海金桥出口加工区开发股份有限公司审计室主任、 综合事务部审计负责人、上海金桥出口加工区开发股份有限公司第四、五届监事会副监事长。现任： 上海金桥出口加工区开发股份有限公司第六届监事会副监事长；上海金桥（集团）有限公司纪委副书 记、审计监察部主任；上海金桥出口加工区南区建设发展有限公司监事；上海金桥出口加工区联合发 展有限公司监事。 (12)倪嘉琦,历任：美国罗伯森.斯蒂文斯投资银行中国市场投资顾问；法国维脱拉（国际）公司市 10 上海金桥出口加工区开发股份有限公司 2007 年年度报告 场部主管；美国罗伯森、冯科技投资公司高级主管；上海盛基创业投资管理公司合伙人；新加坡亚洲 联合投资基金公司董事合伙人；上海金桥出口加工区开发股份有限公司第五届监事会监事。现任：上 海国际集团投资管理有限公司（原上海上投实业投资有限公司）副总经理；上海金桥出口加工区开发 股份有限公司第六届监事会监事。 (13)唐秀康,历任： 贵州省人民银行修文支行行长；黄浦区政府城建办科长；黄浦区建设局局长助 理、市政建设公司经理；外高桥保税区第三开发公司总经理助理；天安保险股份有限公司副总经理； 上海金桥出口加工区开发股份有限公司住宅部副经理；上海金桥出口加工区房地产发展有限公司副总 经理。现任：上海金桥出口加工区开发股份有限公司第六届监事会监事。 (14)谷业琢,历任：上海海洋地质调查局海洋地质综合研究大队计财科副科长；上海金桥藤田联合开 发有限公司财务副科长。现任：上海金桥出口加工区开发股份有限公司第六届监事会监事；公司计划 财务部会计主管。 (15)边秦翌,历任：上海宝华动力工程公司常务副总经理；瑞典梓汶声波国际有限公司上海代表处首 席代表；上海高博咨询公司总经理；上海金桥(集团)有限公司招商部副总经理；上海金桥出口加工区 开发股份有限公司工业建筑事业部总经理、公司总经理助理、副总经理兼工业建筑事业部总经理。 现 任：上海金桥出口加工区开发股份有限公司副总经理；上海金桥出口加工区南区建设发展有限公司董 事。 (16)周尧,历任：新区党工委管委会办公室秘书处科员、副主任科员、主任科员；浦东新区环保局环 保处副处长；上海金桥出口加工区开发股份有限公司总经理助理兼住宅及公共建筑事业部总经理。现 任：上海金桥出口加工区开发股份有限公司副总经理；上海金桥出口加工区南区建设发展有限公司董 事；上海金桥出口加工区房地产发展有限公司董事。 (17)代燕妮,历任：上海金桥出口加工区开发股份有限公司计划财务部总经理助理、行政人事部总经 理助理、公司第五届董事会秘书、综合事务部副总经理。现任：上海金桥出口加工区开发股份有限公 司第六届董事会秘书。 (二)在股东单位任职情况 任 期 是否 任期起始 终 领取 姓名 股东单位名称 担任的职务 日期 止 报酬 日 津贴 期 2004 年 6 俞标 上海金桥(集团)有限公司 总经理、党委副书记 是 月 10 日 2005 年 6 潘建中 上海金桥(集团)有限公司 副总经理、党委副书记 是 月1日 2002 年 11 沈荣 上海金桥(集团)有限公司 党委副书记 否 月1日 2004 年 12 沈伟国 上海金桥(集团)有限公司 副总经理、党委委员 是 月 17 日 上海国际集团投资管理有限公司（原上 2005 年 1 张 行 董事长 是 海市上投实业投资有限公司） 月1日 上海浦东新区国资委派驻上海金桥出口 2007 年 6 周伟民 专职监事 是 加工区开发股份有限公司 月 20 日 纪委副书记、审计室监 2007 年 6 王文博 上海金桥（集团）有限公司 是 察部主任 月 28 日 上海国际集团投资管理有限公司（原上 2004 年 1 倪嘉琦 副总经理 是 海市上投实业投资有限公司） 月1日 11 上海金桥出口加工区开发股份有限公司 2007 年年度报告 在其他单位任职情况 任期起始日 任期终止日 是否领取报 姓名 其他单位名称 担任的职务 期 期 酬津贴 上海同济科技实业股份有 2002 年 1 月 1 冯正权 独立董事 是 限公司 日 上海陆家嘴金融贸易区开 2007 年 6 月 独立董事 是 发股份有限公司 29 日 2002 年 1 月 1 上海医药股份有限公司 独立董事 是 日 2003 年 7 月 1 乔文骏 中兴通讯股份有限公司 独立董事 是 日 上海协同科技股份有限公 2006 年 9 月 1 独立董事 是 司 日 2005 年 12 月 皮耐安 江中药业股份有限公司 独立董事 是 1日 (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:按公司章程规定进行 2、董事、监事、高级管理人员报酬确定依据：为行业中等水平 3、不在公司领取报酬津贴的董事监事情况 不在公司领取报酬津贴的董事、监事的姓名 是否在股东单位或其他关联单位领取报酬津贴 俞标 是 潘建中 是 张行 是 沈伟国 是 周伟民 是 王文博 是 倪嘉琦 是 经 2007 年 12 月 3 日公司 2007 年度临时股东大会审议通过《关于调整独立董事津贴的提案》，调 整后的独立董事税前津贴为每年 7 万元（详见 2007 年 12 月 4 日上海证券报、香港《文汇报》刊登的 公司 2007 年度临时股东大会决议公告）。 (四)公司董事、监事、高级管理人员变动情况 姓名 担任的职务 离任原因 陈恩华 董事 到期离任 尤建新 独立董事 到期离任 吕巍 独立董事 到期离任 刘大力 独立董事 到期离任 钱稼宏 监事长 到期离任 杨利昌 监事 到期离任 肖克平 监事 到期离任 12 上海金桥出口加工区开发股份有限公司 2007 年年度报告 公司第五届董事会、监事会、经营班子的任期已满，经公司 2006 年度股东大会审议并表决通过的 新一届（即第六届）董事会、监事会人员名单如下： 董事：俞标、沈荣、张行（法人股）、沈伟国； 独立董事：冯正权、丁以中、乔文骏、皮耐安； 监事：周伟民、王文博、倪嘉琦（法人股）、唐秀康、谷业琢。 又经公司第六届董事会、监事会第一次会议分别作出如下决议： 1、选举俞标先生为董事长，选举沈荣先生为副董事长； 2、根据董事长俞标先生的提议，董事会决定聘请副董事长沈荣先生继续兼任公司总经理，聘期至 本届董事会届满。 监事会议选举周伟民为监事长，选举王文博先生为副监事长。 上述人员任期自 2007 年 6 月 29 日至 2010 年 6 月 28 日。 任期届满离任的董事：陈恩华；离任的独立董事：尤建新、吕巍、刘大力；离任的监事：钱稼宏、 杨利昌、肖克平。 2007 年 10 月 26 日经公司第六届董事会第三次会议审议通过并作出如下决议： 1、审议通过《关于增补董事的议案》； 同意增补由公司控股股东上海金桥（集团）有限公司推荐的潘建中同志作为本公司董事候选人，该董 事候选人，须报请股东大会审议（已经 2007 年 12 月 3 日公司 2007 年度临时股东大会审议通过，详见 2007 年 12 月 4 日上海证券报、香港《文汇报》刊登的公司 2007 年度临时股东大会决议公告）。 2、《关于聘任公司副总经理的议案》； 同意副董事长兼总经理沈荣先生的提议，继续聘任边秦翌同志为公司公司副总经理；聘任周尧同志为 公司副总经理。 3、审议通过《关于聘任董事会秘书的议案》， 同意董事长俞标的提议，董事会决定继续聘任代燕妮同志为公司董事会秘书。 2007 年 12 月 28 日经公司六届董事会第四次会议审议通过并作出决议：审议通过《关于增补副董 事长的议案》，会议一致选举潘建中同志为公司副董事长。 上述人员聘期至 2010 年 6 月 28 日本届董事会届满。 (五)公司员工情况 截止报告期末,公司在职员工为 107 人, 员工的结构如下： 1、专业构成情况 专业类别 人数 销售人员 25 生产建设人员 41 财务人员 18 行政人员 30 2、教育程度情况 教育类别 人数 77%以上受过高等教育 82 13 上海金桥出口加工区开发股份有限公司 2007 年年度报告 六、公司治理结构 (一)公司治理的情况 根据《公司法》、《证券法》、《上市公司治理准则》等有关法律法规的要求和公司持续稳定经营发 展的要求，公司已建立了较为完善的法人治理结构，公司股东大会、董事会、监事会和经理层四权分 立、相互监督、相互制衡，公司董事、监事和高级管理人员忠诚、勤勉、尽职。 根据中国证券监督管理委员会《开展加强上市公司治理专项活动的通知》（证监公司字[2007]28 号文）及中国证券监督管理委员会上海监管局《关于开展上海辖区上市公司治理专项活动的通知》 （沪 证监公司字[2007]39 号文）的要求，公司和公司控股子公司高度重视，严格按照通知精神和时间节点， 认真组织自查和整改，以此为契机进一步深化和完善公司治理结构。 公司五届二十四次董事会审议通过了《公司治理专项活动自查报告和整改计划》，并于 6 月 30 日予以公告。公司按整改计划进行严肃整改，《公司治理专项活动整改报告》经公司六届三次董事会 审议通过，并于 10 月 30 日予以公告。 通过大力推进公司治理自查与整改工作，公司法人治理结构趋于完善：按照依法合规、规范程序， 突出重点，加强内控的原则，公司修订完善或制定十四项制度，健全内部管理制度；根据规范运作、 加强管理、促进发展的要求，遵循自主经营和精简高效原则，公司进一步梳理管理和业务流程, 完善 组织架构，切实提高公司管理效率和竞争力，促进公司持续健康发展；进一步加强内控制度建设和制 度落实工作，确保内部控制全面高效，防范与降低经营风险；详细梳理公司经营管理权限和流程，明 确了建立年度责任目标、工作计划、融资、预算、建设项目、招商经营、价格策略的工作方法和流程， 并根据公司章程规定的决策程序，提交公司总经理、董事会或股东大会决策。 为确保公司长期、稳定、健康发展，公司加快了发展战略课题研究进度，已于 6 月通过专家评审。 公司将在 2008 年启动三年发展规划，进一步明确发展目标与任务，促进公司长期可持续发展。 (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 本年应参加董事会 亲自出席（次） 委托出席（次） 缺席（次） 备注 姓名 次数 尤建新 8 8 吕 巍 8 8 刘大力 8 6 2 因公务赴国外出差 冯正权 12 10 1 1 请假 乔文骏 4 4 皮耐安 4 4 丁一中 4 4 2、独立董事对公司有关事项提出异议的情况 备 独立董事姓名 提出异议的事项 提出异议的具体内容 注 《上海金桥出口 加工区开发股份 1、因对独立董事候选人声明第七条有不同理解，对乔文骏 有限公司董事会 尤建新 弃权；2、因对公司独立董事有专业上的要求，本人对另两 关于第六届董事 名候选人不了解，故弃权。 会董事候选人的 议案》 《上海金桥出口 1、对部分董事和独立董事候选人投弃权的特别意见：（1） 吕 巍 加工区开发股份 俞标同志在担任公司董事长期间，在规范公司治理结构、 14 上海金桥出口加工区开发股份有限公司 2007 年年度报告 有限公司董事会 在公司重大事件的决策程序上存在缺陷。（2）对部分独立 关于第六届董事 董事候选人的当选资格上有关条款，存在不同理解。（3） 会董事候选人的 对部分独立董事候选人的专业是否符合公司要求，本人不 议案》 了解。2、由于本次董事候选人不足公司章程规定的九名， 建议尽快提名，交提名委员会讨论。 公司独立董事能按照中国证监会发布的《关于在上市公司建立独立董事制度的指导意见》等法律法规 的要求，本着对全体股东负责的态度，诚信勤勉履行义务，在每次董事会和专业委员会上，为公司业 务发展、公司治理、对外投资等重大事项和决策提供专业和建设性意见，对董事会的科学、客观的决 策和公司的良性发展起到了积极的作用，切实维护公司的整体利益及中小股东的合法利益。 (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 1、业务方面：公司业务及自主经营能力相对独立； 2、人员方面：公司与控股股东之间做到人员分开； 3、资产方面：公司与控股股东之间做到资产分开； 4、机构方面：公司与控股股东之间机构与办公场所相对独立； 5、财务方面：公司与控股股东之间的财务做到各自独立核算、独立承担责任和风险。 (四)高级管理人员的考评及激励情况 公司已经董事会和股东大会审议通过了《关于公司董监事薪酬制度的议案》和《关于建立长期激励基 金的议案》。根据有关政策法规，公司将进一步研究完善公司高级管理人员的考评、激励及约束机制， 更好激励经营者充分发挥积极性和创造性，增强企业竞争力。 (五)公司内部控制制度的建立健全情况 公司根据相关法规和证监会、上海证券交易所的有关内部控制的要求，在报告期内，全面按照 ISO 质量管理体系标准进行运作，通过了 ISO9001 和 ISO14001 质量体系的年审。 公司为了突出内部控制的重要性，在章程修订时专门增加“内部控制”章节。同时，按照依法合 规、规范程序、突出重点、加强内控的原则，公司对内部管理制度进行梳理与规范，修订完善并制定 了包括《内部控制管理制度》在内的十四项基本管理制度。《内部控制管理制度》，将内部控制涵盖 到公司运营管理和运作的各个环节，并根据公司业务特点，重点加强了对主要经营管理活动的控制， 如对工程建设、不动产管理、固定资产管理、财务管理、关联交易、对外担保、对外投资、下属企业 管理等活动的控制。 公司为了进一步加强内部控制工作，提高内部控制水平，单独设置了审计法务部，负责拟定内部 控制与内控流程的设计，并对内控制度的实施进行内部评估。 公司在 2008 年，除了继续进行日常的检查监督工作，将完善审计法务部的岗位设置和人员配备， 还会聘请中介机构对公司的内部控制现状进行评估，并根据评估结果进行制度修订、完善和提高，使 内控制度真正发挥作用。 (六)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 本公司不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。 七、股东大会情况简介 (一)年度股东大会情况 公司于 2007 年 6 月 28 日召开 2006 年度股东大会。决议公告刊登在 2007 年 6 月 29 日的《上海证 券报》和香港《文汇报》。 15 上海金桥出口加工区开发股份有限公司 2007 年年度报告 (二)临时股东大会情况 第 1 次临时股东大会情况： 公司于 2007 年 12 月 3 日召开 2007 年度第 1 次临时股东大会。决议公告刊登在 2007 年 12 月 4 日的《上海证券报》和香港《文汇报》。 八、董事会报告 (一)管理层讨论与分析 1、报告期内公司经营情况的回顾 按照股东大会确定的年度经营计划，公司认真细化年度工作目标，积极开展各项工作。进一步加 强内部管理，健全组织机构体系，修订完善管理制度，加强内部控制，深化公司治理建设。开展“走 出去”战略的基础工作，积极考察周边城市房地产市场，探索新的发展机会。报告期内，公司和控股 子公司房产项目建设及租赁业务发展情况如下： （1）重点房产项目建设稳步推进 红枫路商铺竣工交付使用；现代产业服务园一期 9－15 号研发办公楼和餐厅项目竣工，建筑面积约 6.74 万平方米；17 号地块 B1 项目已完成施工图设计和审图工作；28 号地块研发办公楼项目（中国服 务外包基地），已完成设计方案；G3 地块研发办公楼项目，玻璃幕墙立面设计方案已通过专家论证； 碧云花园二期 C 组团，已完成主体结构工程、室外总体和管线配套工程；碧云新天地二期 C 组团商品 房，主体工程已全部完成，室外总体、配套及绿化工程进行中；南三街坊（暂名碧云新天地三期）， 已完成桩基工程；碧云别墅六期，已完成主体结构。 （2）房地产租赁业务保持良好势头 位于金桥出口加工区北区的租赁房产平均出租率在 94%，其中北区厂房出租率达到 88%，住宅和办 公楼平均出租率达到 98%。位于金桥出口加工区南区的厂房出租率为 56.23%。 合同履行率即收款率为 99.2%，其中，住宅合同履行率 99.5%，办公楼合同履行率 99.6%，厂房合 同履行率 98.5%）。 2007 年新增房产出租面积 6.35 万平方米，其中，厂房和研发楼新增出租面积 6.1 万平方米，商 铺新增出租面积 0.24 万平方米。 报告期内，公司实现主营业务收入 80,114.20 万元，较上年同期 99,236.73 万元减少 19.27%；实 现净利润 20，666.37 万元，较上年同期 19,720.02 万元增加 4.8%。主营业务收入下降，主要是因为 本期无商品房销售。净利润增加，主要是房地产租售毛利率较上年同期上升。 2、公司主营业务及其经营状况 （1）主营业务分行业、产品情况表 单位:元 币种:人民币 营业收入比 营业成本比 毛利率比上 毛利率 营业收入 营业成本 上年同期增 上年同期增 年同期增减 (%) 减（％） 减（％） (%) 分行业 增加 14.82 房地产销售 121,230,013.88 41,385,392.10 65.86 -71.00 -79.80 个百分点 增加 17.82 房地产租赁 649,801,316.32 232,303,015.81 64.25 14.04 -24.25 个百分点 酒店公寓服务 28,401,501.88 24,577,889.07 13.46 1107.01 169.91 16 上海金桥出口加工区开发股份有限公司 2007 年年度报告 房地产销售收入比上期减少 71.00%，主要系上年同期公司控股子公司上海金桥出口加工区房地产 发展有限公司开发的碧云新天地项目二期 A、B 组团完成销售，确认销售收入 28,888.69 万元，而本期 公司仅发生少量土地转让和厂房销售。 房地产出租收入比上期增加 14.04%，主要系碧云花园二期 B 组团公寓、碧云别墅五期、英国学校 二期、红枫路商业街、新金桥广场商办楼项目等房产项目租金收入增加所致。 （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 801,142,014.52 -19.27 （3）主要供应商、客户情况 单位:元 币种:人民币 前五名供应商采购金额合计 400,348,224.40 占采购总额比重（%） 57.41 前五名销售客户销售金额合计 137,024,121.20 占销售总额比重（%） 45.92 （4）公司资产构成同比发生重大变动分析 单位:元 币种:人民币 单位：元 增减比例 项目： 期末数 期初数 增减额 ％ 货币资金 58,047,282.38 71,054,238.89 -13,006,956.51 -18.31% 应收账款 14,282,136.00 11,353,737.47 2,928,398.53 25.79% 预付账款 1,058,978.20 1,801,599.68 -742,621.48 -41.22% 其他应收款 17,875,183.35 6,942,496.26 10,932,687.09 157.47% 存货 1,089,805,465.44 781,991,949.85 307,813,515.59 39.36% 其他流动资产 22,048,700.00 0 22,048,700.00 可供出售金融资产 240,461,223.24 0 240,461,223.24 长期股权投资 152,097,771.76 125,052,863.79 27,044,907.97 21.63% 在建工程 231,360,436.52 81,234,536.79 150,125,899.73 184.81% 长摊待摊费用 36,153,269.22 0 36,153,269.22 递延所得税资产 44,172,161.88 19,033,863.45 25,138,298.43 132.07% 短期借款 1,057,783,340.00 711,700,000.00 346,083,340.00 48.63% 应付短期融资券 - 400,000,000.00 -400,000,000.00 -100.00% 应付账款 97,165,963.50 209,759,585.39 -112,593,621.89 -53.68% 应付职工薪酬 41,750,072.40 35,462,506.88 6,287,565.52 17.73% 应交税费 57,257,273.32 12,411,819.98 44,845,453.34 361.31% 其他应付款 556,318,238.93 489,139,400.96 67,178,837.97 13.73% 一年内到期的非流动 20,000,000.00 20,000,000.00 负债 长期借款 280,000,000.00 280,000,000.00 17 上海金桥出口加工区开发股份有限公司 2007 年年度报告 递延所得税负债 53,449,675.82 53,449,675.82 资本公积 963,203,349.59 808,505,162.80 154,698,186.79 19.13% 盈余公积 274,319,259.49 242,890,872.93 31,428,386.56 12.94% 货币资金比期初减少 13,006,956.51 元，减幅 18％，主要原因系公司增加经营性投入，公司及子 公司金桥联发公司的在建项目及土地开发投资增加并使用期初结存现金所致。 应收账款比期初增加 2,928,398.53 元，增幅 26％，主要原因系本期总体租赁收入较上期增加， 期末按权责发生制确认的未收款租赁收入增加所致。 预付账款比期初减少 742,621.48 元，减幅 41%，主要原因系本期部分结算期初的预付电梯款所致。 其他应收款比期初增加 10,932,687.09 元，增幅 157％，主要原因系公司预付国泰君安证券股份 有限公司及国泰君安投资管理股份有限公司的增资款 4,562,400 元和子公司金桥联发公司代垫公用事 业费增加所致。 存货比期初增加 307,813,515.59 元，增幅 39％，主要原因系子公司金桥联发公司支付区内剩余 地块动迁费用所致。 其他流动资产比期初增加 22,048,700.00 元，主要原因系公司美元借款质押银行存款及相关手续 费所致。 可供出售金融资产比期初增加 240,461,223.24 元，主要原因系公司和子公司金桥联发公司所持有 的海通证券、交通银行限售流通股票按上海证券交易所本期内最后交易日的收盘价计量后转入所致。 长期股权投资比期初增加 27,044,907.97 元, 增幅 22％，主要原因系本期根据董事会决议增资东 方证券有限公司 54,250,000 元；本期企业执行新会计准则将交通银行及海通证券公司限售流通股权转 入可供出售金融资产科目核算所致。 在建工程比期初增加 150,125,899.73 元, 增幅 185％，主要原因系公司碧云别墅六期项目增加支 出 1,830 万元和碧云花园二期 C 组团项目增加支出 2,531 万元；子公司金桥联发公司现代产业园一期 9-16 号楼项目增加支出 10,743 万元所致。 长摊待摊费用比期初增加 36,153,269.22 元, 主要原因系子公司新金桥广场项目转入使用后，发 生的装潢工程支出摊余额。 递延所得税资产比期初增加 25,138,298.43 元, 增幅 132％，主要原因系本期以 25％的未来预计 税率调整原以 15％预计税率确认的递延所得税资产；本期公司购买子公司金桥房产公司在建项目碧云 新天地二期 C 组团产生的未实现交易利润以 25％适用所得税率确认的合并报表列示的可抵扣暂时性差 异所得税影响数 17,737,463.89 元所致。 短期借款比期初增加 346,083,340 元, 增幅 49％，主要原因系在建项目增加用款和短期融资券到 期归还相应增加短期借款所致。 应付短期融资券比期初减少 400,000,000 元，系短期融资券到期归还所致。 应付账款比期初减少 112,593,621.89 元，减幅 54％，主要原因系支付前期已完工项目未付工程 款所致。 应付职工薪酬比期初增加 6,287,565.52 元，增幅 18％，主要原因系公司预提年终奖 4,076,463.68 元所致。 应交税费比期初增加 44,845,453.34 元， 增幅 361％，主要原因系公司未交所得税和土地增值税 增加所致。 其他应付款比期初增加 67,178,837.97 元，增幅 14％，主要原因系增加对控股股东上海金桥（集 团）有限公司 39,938,800.00 元欠款所致。 一年内到期的非流动负债比期初数增加 20,000,000.00 元，系长期借款数转入一年内到期的 20,000,000.00 元所致。 长期借款比期初增加 280,000,000.00 元，系子公司新金桥广场公司增加的长期借款数 280,000,000.00 元所致。 递延所得税负债比期初增加 53,449,675.82 元，系可供出售金融资产公允价值变动净额的所得税 影响数。 资本公积比期初增加 154,698,186.79 元，系执行新会计准则将交通银行及海通证券公司受限流通 18 上海金桥出口加工区开发股份有限公司 2007 年年度报告 股权转入可供出售金融资产科目核算，可供出售金融资产以公允价值计量所致。 盈余公积比期初增加 31,428,386.56 元，增幅 13％，主要原因系公司按净利润的 10％计提法定盈 余公积及净利润的 5％计提任意盈余公积所致。 （5）现金流量表同比发生重大变动分析 单位:元 币种:人民币 项目 本 期数 上期数 增减额 增减比例％ 经营活动产生的现金流量 -40,450,345.08 62,056,839.02 -102,507,184.10 -165.18% 净额 投资活动产生的现金流量 -58,147,261.41 3,285,507.48 -61,432,768.89 -1869.81% 净额 筹资活动产生的现金流量 85,735,645.68 -102,450,875.62 188,186,521.30 183.68% 净额 经营活动产生的现金流量净额比期初减少 102,507,184.10 元，减幅 165％,主要原因系本期子公 司金桥联发公司支付区内剩余地块动迁费用；本期公司及子公司支付在建工程款项增加所致。 投资活动产生的现金流量净额比期初减少 61,432,768.89 元，减幅 1870％,主要原因系本期根据 董事会决议增资东方证券有限公司 54,250,000 元所致。 筹资活动产生的现金流量净额比期初增加 188,186,521.30 元，增幅 184％,主要原因系银行借款 增加 724,004,620 元。 （6）利润表同比发生重大变动分析 单位:元 币种:人民币 增减比例 项 目 本期数 上期数 增减额 ％ 营业收入 801,142,014.52 992,367,330.99 -191,225,316.47 -19.3% 营业成本 297,949,535.76 520,227,334.10 -222,277,798.34 -42.73% 营业税费 93,607,376.11 51,599,274.15 42,008,101.96 81.4% 销售费用 10,368,475.90 12,165,550.42 -1,797,074.52 -14.8% 财务费 用 80,906,415.85 59,849,982.54 21,056,433.31 35.2% 资产减值损失 -14,116,881.91 -8,085,450.85 -6,031,431.06 74.6% 营业外收入 13,928,614.23 1,541,929.90 12,386,684.33 803.3% 营业外支出 255,357.42 790,270.02 -534,912.60 -67.7% 所得税费用 37,416,249.04 73,358,301.88 -35,942,052.84 -49.0% 净 利 润 236,725,672.30 205,217,175.31 31,508,496.99 15.35% 19 上海金桥出口加工区开发股份有限公司 2007 年年度报告 营业收入比上年同期减少 191,225,316.47 元，减幅 19％,主要原因系上期子公司金桥房地产公司 碧云新天地项目二期 A、 B 组团完成销售 288,886,961 元，而本期公司仅发生少量土地转让和厂房销售。 营业成本比上年同期减少 222,277,798.34 元，减幅 43％,主要原因系本期公司减少销售额所致。 营业税费比上年同期增加 42,008,101.96 元，增幅 81％,主要原因系公司及子公司根据财政部《企 业缴纳土地增值税会计处理规定》的要求，对涉税项目按适用税率计提的应交土地增值税 26,832,412.76 元；公司及子公司新增缴纳城镇土地使用税 17,766,678.36 元所致。 销售费用比上年同期减少 1,797,074.52 元，减幅 15％,主要原因系公司本期无新商品房销售，使 得销售费用减少所致。 财务费用比上年同期增加 21,056,433.31 元，增幅 35％,主要原因系子公司金桥广场公司支付新 增银行贷款 3 亿而支付的利息; 子公司金桥联发公司向金桥集团公司支付 18,938,800.00 元利息所致。 资产减值损失转回比上年同期增加 6,031,431.06 元，增幅 75％,主要原因系公司处置上海通用硅 材料有限公司和上海通用硅晶体材料有限公司股权，确认投资损失 14,398,768.00 元所致。 营业外收入比上年同期增加 12,386,684.33 元，增幅 803％,主要原因子公司金桥联发公司收到违 约金收入 11,738,163.79 元所致。 营业外支出比上年同期减少 534,912.602 元，减幅 68％,主要原因系本期公益性捐赠支出、固定 资产处置损失、滞纳金支出都下降所致。 所得税费用比上年同期减少 35,942,052.84 元，减幅 49％,主要原因系上期增加前期清算所得税 11,065,085.07 元，本期无此项目所得税费用；本年度公司购买子公司房产公司在建项目碧云新天地 二期 C 组团产生的未实现交易利润以 25％适用所得税率确认的合并报表列示的可抵扣暂时性差异所得 税影响（递延所得税资产），计 17,737,463.89 元，相应减少所得税费用；本年以 25％的未来预计可 转回期所得税率调整原以 15％预计可转回期所得税率确认的递延所得税资产，计 7,026,726.29 元, 相应减少所得税费用。 （7）主营业务盈利能力（毛利率）与上年相比发生重大变化的原因说明 房地产销售毛利率比上期增加 14.82%，主要原因系公司及子公司金桥联发公司厂房销售成本降低 所致。 房地产租赁毛利率比上期增加 17.82%，主要原因系公司及子公司金桥联发公司、新金桥广场公司 的租赁业务项目的招商等配套成本同比降低而出租率提高所致。 （8）利润构成与上年度相比发生重大变化的原因分析 本期利润构成有较大变化，源于房地产租赁的利润额明显增加。其原因是与上年同期相比，公司 本期房地产租赁毛利额增长 58.70％，房地产销售毛利额下降 62.55％，使得房地产销售利润额明显减 少。 3、主要控股公司及参股公司的经营情况及业绩分析 （1）主要控股公司的经营情况及业绩 单位: 元 币种:人民币 注册资 公司名称 业务性质 主要产品或服务 本（千 资产规模 净利润 元） 上海金桥出口加 主要从事于房地 报告期内，主要开发经 46,985,303.20 工区房地产发展 30,000 495,261,266.67 产开发、经营 营碧云新天地二期项目 有限公司 上海新金桥广场 主要负责建造新 报告期内，主要开发、 50,000 525,873,603.78 -41,434,118.26 实业有限公司 金桥广场商办楼 经营新金桥广场商办楼 20 上海金桥出口加工区开发股份有限公司 2007 年年度报告 主要从事于金桥 上海金桥出口加 报告期内，主要开发区 出口加工区内市 1,859,762,092.14 75,914,191.51 工区联合发展有 内研发办公楼及配套项 540,000 政基础设施建设 限公司 目 和房地产经营 主要参与金桥出 上海金桥出口加 口加工区南区的 报告期内，主要经营金 382,905,425.63 -8,103,159.73 工区南区建设发 300,000 成片土地和房产 桥出口加工区南区厂房 展有限公司 开发 （2）单个控股子公司的净利润或单个参股公司的投资收益对公司净利润影响达到 10%以上： 单位:元 币种:人民币 公司名称 营业收入 营业利润 净利润 上海金桥出口加工区房地产发展有限公司 122,738,542.82 55,257,047.01 46,985,303.20 上海金桥出口加工区联合发展有限公司 252,131,647.05 77,497,285.26 75,914,191.51 上海新金桥广场实业有限公司 48,309,694.65 -31,817,946.96 -41,434,118.26 (3)单个控股子公司或参股公司的经营业绩同比出现大幅波动，且对公司合并经营业绩造成重大影 响的情况说明及变动原因分析： 公司控股子公司金桥联发公司土地转让、厂房销售和研发楼租赁的业务，确认的销售收入 252,131,647.05 元，比上期增加 84.34%；净利润比上期增加 348.74%。 4、行业发展趋势分析 公司坚持自身发展与金桥开发区协调发展的方针，创造和引导市场需求，投资经营厂房仓储、研 发办公楼、碧云别墅、碧云花园以及商业、教育、休闲等配套设施，精心开发建设金桥开发区及其碧 云国际社区。 金桥开发区作为国家级开发区，具有独特的区位优势、良好的基础设施、雄厚的产业基础和健全 的服务体系。通过加强与跨国公司的战略合作，引进欧莱雅中国研发中心、辉门研发中心及亚太区总 部、摩托罗拉研发中心及地区总部、BOC 研发中心、住友仓储、怡亚通供应链中国总部、多美滋中国 总部、挪威戈朗海洋工程集团亚洲总部、辉门集团亚太区技术中心及中国区总部等生产性服务业项目， 全面推进服务外包进程，规模效益显著，金桥开发区正成为重要的生产性服务业集聚区和国际服务外 包承接地。 2007 年 7 月 3 日，“中国服务外包基地上海示范区”在金桥开发区揭牌。 2007 年，金桥开发区累计实现工业总产值 1594.56 亿元，同比增长 13.8%；销售收入 2157.36 亿 元，同比增长 17.2%；税金总额 102.68 亿元，同比增长 21.1%；累计新引进项目 55 个，同比增长 1.9%； 吸收投资总额达 12.25 亿美元，同比增长 99.7%；合同外资 4.96 亿美元，同比增长 50.9%。 金桥开发区经济继续保持着蓬勃发展的态势，为公司房地产业务发展提供了良好的空间和市场。 5、未来发展展望 公司坚持房地产主业方向，进一步完善区域配套建设，优化区域环境，加快引进生产性服务业企 业，努力造就"最适合跨国公司设置地区总部、研发中心和制造业的基地"、"最适宜国际家庭居住的国 际社区"，将金桥开发区建设成为集先进制造、生产性服务和生活居住为一体的集约化、多功能、环境 友好和创新型开发区。同时，坚持科学发展观，实施稳健、有效的“走出去”战略。充分发挥上市公 司直接和间接融资的平台优势，多渠道地筹集资金，扩大资产规模，为公司中长期发展储备资源，增 强发展后劲。在充分论证的基础上，依托碧云和“Office Park”品牌，立足浦东金桥，尝试“走出去” 战略，寻找发展机会，取得新的资源。 6、新年度经营计划 2008 年是公司全面学习贯彻科学发展观的起步年，也是深化公司内部治理和“二次开发”提升能 级的关键年。公司及控股子公司将继续大力发展房地产主营业务，根据市场需求，积极开发建设研发 办公楼、住宅、商业、休闲等配套设施，大力加强租售经营，提高服务水平。 21 上海金桥出口加工区开发股份有限公司 2007 年年度报告 公司及控股子公司重点房产项目建设计划为：碧云别墅六期（规划建筑面积约 0.98 万平方米）、 碧云花园二期 C 组团（规划建筑面积约 2 万平方米）力争六月底前装修完工；蓝天路绿化改造项目力 争年内竣工；南三街坊（暂名碧云新天地三期，规划建筑面积约 8.7 万平方米）住宅开发项目年内完 成结构封顶；碧云国际社区 S1 地块公寓项目（规划建筑面积约 6.76 万平方米）、碧云花园二期 D、E、 F 组团（规划建筑面积约 5.5 万平方米）、S3 地块别墅（规划建筑面积约 6 万平方米）、G3 地块研发 办公楼（规划建筑面积约 2.6 万平方米）、28 号地块研发办公楼（中国服务外包基地，规划建筑面积 约 13.5 万平方米）、17 号地块 B1 项目（规划建筑面积约 2.6 万平方米）、15 号地块服务中心(规划 建筑面积约 0.2 万平方米)等项目年内开工，金杨高层老年公寓及配套(规划建筑面积约 13 万平方米) 力争年底开工。面向市场，提升产品研发力度，完成现代产业园二期、G1 地块服务式办公楼、17 号地 块 A 项目、培训中心前期等项目市场调研、产品和客户定位、目标价格确定。年底前分别完成项目设 计任务书的制订,为未来三年的开发建设打下基础。上述项目规划建筑面积，含地上和地下部分，最后 以政府部门批准文件及实测面积为准。 公司（合并口径）计划全年实现经营性现金收入 106,270 万元，经营性现金支出 91,206 万元。力 争使主营业务收入、净利润、净资产收益率等主要经济指标均较 2007 年度稳步增长。 7、资金需求、来源及使用计划 公司及控股子公司房地产项目年内用款计划为：房地产项目工程款支出等 61,752 万元，土地储备 开发费 21,856 万元。资金来源除主要依靠房地产租售收入、银行借款、短期融资券等,充分发挥上市 公司直接和间接融资的平台优势,多渠道筹措资金。 8、主要风险分析及对策 （1）宏观调控及对策 国家加大宏观调控力度，在货币政策、产业政策、信贷政策、土地政策等方面进行调控，同时， 两税并一、土地增值税及城镇土地使用税等税收新政的实施，使得企业财务费用以及税收成本上升， 对公司生产经营效益产生一定影响。 公司积极开发符合政策导向、符合市场需求的房地产产品，努力增收节支，力争公司资产质量和 经营业绩稳步提高。 （2）土地资源供应风险及对策 土地是不可再生的稀缺资源，随着开发的进程，可开发土地资源日趋减少。 公司将加强开发区发展态势和周边城市土地市场研究，增强获取土地资源的能力，寻找新的发展 机会，储备新的发展资源，为公司长期持续发展打下基础。 （3）经营风险分析及对策 公司主营房地产业务，产业结构比较集中，会在一定程度上受宏观调控、经济周期和房地产市场 波动影响。 为减少经营风险，公司根据市场形势，科学开发经营房地产，培育长期经营资产，增强长期获利 能力。经过多年建设，公司及控股子公司已有超过一百多万平方米的各类投资性房产，能获取稳定、 持续的租金收入，具有较强的抗风险能力。 (二)公司投资情况 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 (1)公司出资人民币 5,425 万元，认购 3,989.27 万股东方证券股份有限公司的股份； (2)公司出资人民币 456.25 万元，认购 152.08 万股国泰君安证券股份有限公司的股份,以及 22 上海金桥出口加工区开发股份有限公司 2007 年年度报告 152.08 万股国泰君安投资管理股份有限公司的股份,目前尚在进行中。 (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 会计估计变更的原因及影响详见财务报表附注 14 补充资料。 (四)董事会日常工作情况 1、 董事会会议情况及决议内容 （1）公司于 2007 年 2 月 9 日召开五届十八次董事会会议，未作出决议。 （2）公司于 2007 年 2 月 16 日召开 2007 年度第 1 次五届董事会专题会议董事会会议，未作出决议。 （3）公司于 2007 年 3 月 8 日召开五届十九次董事会会议，决议公告刊登在 2007 年 3 月 10 日的《上 海证券报》和香港《文汇报》。 （4）公司于 2007 年 3 月 22 日召开五届二十次董事会会议，同意公司按每 10 股认购 2 股的比例， 认购 152.08 万股国泰君安证券股份有限公司股份,以及 152.08 万股国泰君安投资管理股份有限公司 股份。按两公司每股增资价格之和为 3 元人民币的价格，公司合计投资 456.25 万元。同时不参加可 能的超额认配。授权公司董事长和经营班子具体办理认购国泰君安股权的相关事项。 （5）公司于 2007 年 4 月 19 日召开五届二十一次董事会会议，决议公告刊登在 2007 年 4 月 21 日的 《上海证券报》和香港《文汇报》。 （6）公司于 2007 年 4 月 26 日召开五届二十二次董事会会议，审议通过公司 2007 年第一季度报告， 并同意予以公告。 （7）公司于 2007 年 5 月 31 日召开五届二十三次董事会会议，决议公告刊登在 2007 年 6 月 5 日的 《上海证券报》和香港《文汇报》。 （8）公司于 2007 年 6 月 26 日召开五届二十四次董事会会议，决议公告刊登在 2007 年 6 月 30 日的 《上海证券报》和香港《文汇报》。 （9）公司于 2007 年 6 月 28 日召开六届一次董事会会议，决议公告刊登在 2007 年 7 月 3 日的《上 海证券报》和香港《文汇报》。 （10）公司于 2007 年 8 月 28 日召开六届二次董事会会议，决议公告刊登在 2007 年 8 月 31 日的《上 海证券报》和香港《文汇报》。 （11）公司于 2007 年 10 月 26 日召开六届三次董事会会议，决议公告刊登在 2007 年 10 月 30 日的 《上海证券报》和香港《文汇报》。 （12）公司于 2007 年 12 月 28 日召开六届四次董事会会议，决议公告刊登在 2008 年 1 月 3 日的《上 海证券报》和香港《文汇报》。 董事会会议情况及决议内容说明: 1)公司于 2 月 9 日召开五届董事会第十八次会议。会议听取了《关于东方证券增资扩股事项的情 况报告》，董事会经过讨论，认为：公司 2006 年 11 月向东方证券表达的初步意见，尚未报告董 事会并讨论。对本次东方证券增资扩股方案，公司应根据当前资本市场的发展态势，本着有利于 公司经营发展、有利于公司整体利益、有利于股东利益最大化的原则，进一步充分分析论证，尽 快提交董事会决策。公司公告刊登在 2007 年 2 月 13 日的《上海证券报》和香港《文汇报》。 2)公司于 2 月 16 日以通讯方式召开五届董事会 2007 年度第 1 次专题会议。会议议题：《关于聘 请独立财务顾问的报告》，作出聘请独立第三方作东方证券股份有限公司投资价值分析报告的决 定。 3)公司于 3 月 22 日以通讯方式召开五届董事会第二十次会议。审议通过《关于参加国泰君安增资 扩股的议案》作出决议：同意公司按每 10 股认购 2 股的比例，认购 152.08 万股国泰君安证券股 份有限公司股份,以及 152.08 万股国泰君安投资管理股份有限公司股份。按两公司每股增资价格 之和为 3 元人民币的价格，公司合计投资 456.25 万元。同时不参加可能的超额认配。授权公司董 事长和经营班子具体办理认购国泰君安股权的相关事项。 4)公司于 2007 年 4 月 19 日召开五届董事会第二十一次会议。董事会决议公告和公司 2006 年年度 报告摘要刊登在 2007 年 4 月 21 日的《上海证券报》和香港《文汇报》。 5)公司于 2007 年 4 月 26 日以通讯方式召开第五届董事会第二十二次会议。 会议审议通过公司 2007 23 上海金桥出口加工区开发股份有限公司 2007 年年度报告 年第一季度报告，并同意予以公告。公司 2007 年第一季度报告刊登在 2007 年 4 月 30 日的《上海 证券报》和香港《文汇报》。 6)公司于 2007 年 8 月 28 日以通讯表决方式召开第六届董事会第二次会议。董事会决议公告和公 司半年度报告摘要刊登在 2007 年 8 月 31 日的《上海证券报》和香港《文汇报》。 7)公司于 2007 年 10 月 26 日召开第六届董事会第三次会议。董事会决议公告和公司 2007 年第三 季度报告刊登在 2007 年 10 月 30 日的《上海证券报》和香港《文汇报》。 2、董事会对股东大会决议的执行情况 公司董事会根据 2007 年 6 月 28 日召开的 2006 年度股东大会审议通过的利润分配方案：按 2006 年末总股本 84,438.64 万股为分配基数，向全体股东每 10 股派发现金红利 1.1 元（含税），其中 B 股股东派发现金红利按照 2006 年度股东大会决议公告日(2007 年 6 月 29 日)的中国人民银行公布的美 元现汇兑人民币的中间价计算，每股派发现金红利 0.014444 美元，共计分配 9,288.25 万元。于 2007 年 7 月 27 日在《上海证券报》和香港《文汇报》上刊登了《上海金桥出口加工区开发股份有限公司 2006 年度分红派息实施公告》，并于 2007 年 8 月 10 日实施。 3、董事会下设的审计委员会的履职情况汇总报告 报告期内,公司审计委员会按照公司董事会的要求，于 2007 年 5 月 17 日以通讯联络与文件送达的 方式召开会议，就股份公司续聘 2007 年度会计报表 A、B 股审计单位的预案进行了审议。经过讨论和 审议，审计委员会成员一致同意：续聘德豪国际上海众华沪银会计师事务所为金桥出口加工开发股份 有限公司 2007 年会计报表 A、B 股审计单位，审计费用维持 2006 年度水平，共计 90 万元，并作为预 案提交公司董事会审议。 (五)利润分配或资本公积金转增预案 经上海众华沪银会计师事务所审计，公司 2007 年度实现净利润 20,666.37 万元，按母公司实现的 净利润 20,952.26 万元，提取法定盈余公积金 10% 计 2,095.23 万元，提取任意盈余公积金 5%计 1,047.61 万元,2007 年当年母公司实现的可供投资者分配的利润为 17,809.42 万元。公司 2007 年利润 分配预案：本年度按每 10 股派发现金红利 1.1 元（含税）进行分配，共计分配 9,288.25 万元，为当 年实现可供投资者分配利润的 52.15％，高于股改方案按当年实现可供投资者分配利润的 50％的承诺， 尚未分配利润累计 60,591.39 万元结转下一年度。本年度公司无资本公积金转增方案。 本预案需提交股东大会审议批准后实施。 九、监事会报告 (一)监事会的工作情况 1、第五届监事会第十四次会议，于 2007 年 3 月 8 日在新金桥路 27 号 1 号楼会议室举行,会议审议并 同意公司对东方证券增资扩股的报告和借款与担保额度事项。 2、第五届监事会第十五次会议，于 2007 年 4 月 19 日下午 3 时在上海新金桥路 27 号 1 号楼一楼红厅 会议室举行,会议审议并同意公司 2006 年度财务决算、利润分配预案、年末资产检查情况、2007 年度 经营计划和财务预算、执行新企业会计准则和会计政策、金桥联发公司调整土地成本及其影响的报告 等有关议案。 3、第五届监事会第十六次会议，于 2007 年 4 月 26 日以通讯方式举行,会议审议并同意公司 2007 年一 季度会计报告。 4、第五届监事会第十七次会议，于 2007 年 5 月 31 日上午 9 时 30 分在新金桥路 27 号 1 号楼 317 会议 室举行,会议审议并同意公司 2006 年度监事会工作报告、聘用 2007 年度会计师事务所及其报酬、监事 会换届所推荐的监事候选人等有关议案。 5、第五届监事会第十八次会议，于 2007 年 6 月 26 日下午 4 时在新金桥路 27 号 1 号楼 318 会议室举 行,会议审议并原则同意公司专项治理情况的自查报告和整改计划，并强调要求公司应按照政府证监机 24 上海金桥出口加工区开发股份有限公司 2007 年年度报告 构的部署，进一步做好各项整改落实工作。 6、第六届监事会第一次会议，于 2007 年 6 月 28 日下午 3 时 30 分在上海浦东大道 143 号浦东新舞台 会议室举行,会议审议并同意周伟民同志为公司第六届监事会监事长，王文博同志为公司第六届监事会 副监事长。 7、第六届监事会第二次会议，于 2007 年 8 月 29 日下午 3 时在新金桥路 27 号 1 号楼 318 会议室举行, 会议审议并同意公司 2007 年半年度报告、处置通用硅材料及硅晶体公司股权投资及资产减值、修订公 司会计制度等有关议案。 8、第六届监事会第三次会议，于 2007 年 10 月 26 日下午 2 时在苏州高新区塔园路 168 号香格里拉大 酒店会议室举行,会议审议并同意公司 2007 年第三季度季报、公司章程修改、监事会议事规则修改、 公司专项治理整改的报告等有关议案。 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)报告期内公司收购及出售资产、吸收合并事项 本年度公司无收购及出售资产、吸收合并事项。 (三)报告期内公司重大关联交易事项 1、关联债权债务往来 单位:万元 币种:人民币 向关联方提供资金 关联方向公司提供资金 关联方 关联关系 发生额 余额 发生额 余额 上海金桥（集团） 控股股东 3,993.88 29,824.42 有限公司 上海金桥出口加工 区房地产发展有限 控股子公司 858.58 12,440.41 公司 上海金桥出口加工 区联合发展有限公 控股子公司 -62.17 3,217.10 司 上海新金桥广场实 控股子公司 840.44 15,617.79 业有限公司 上海金桥出口加工 区南区建设发展有 控股子公司 102.32 7,652.03 限公司 合计 / 1,739.17 38,927.33 报告期内上市公司向控股股东及其子公司提供资金的发生额 0 元，余额 0 元。 关联债权债务形成原因： 关联债权债务形成原因： (1) 截止报告期末，公司应收直接和间接控股 94.46%的投资企业上海金桥出口加工区房地产发展有限 公司 12,440.41 万元，系该公司投资的碧云新天地二期 C 组团项目建设款。 (2）截止报告期末，公司应收直接控股 60.40%的投资企业上海金桥出口加工区联合发展有限公司 3,217.10 万元，系该公司区内土地后续开发建设款。 (3)截止报告期末，公司应收直接和间接控股 89.84%的投资企业上海新金桥广场实业有限公司 25 上海金桥出口加工区开发股份有限公司 2007 年年度报告 15,617.79 万元，系该公司投资的新金桥广场综合楼项目建设款。 (4) 截止报告期末，公司应收直接和间接控股 98.02%的投资企业上海金桥出口加工区南区建设发展有 限公司 7,652.03 万元，系该公司投资的南区厂房建设项目建设款。 2、其他重大关联交易 公司第六届董事会第三次会议审议通过的《关于购买金桥房产公司在建工程的议案》,同意本公司 购买直接持有 86%，间接持有 8.4%股份的上海金桥出口加工区房地产发展有限公司（以下简称房产公 司）建造的碧云新天地二期 C 区项目，该项目占地面积 7801 平方米，建筑面积 11960.38 平方米。房 产公司上述在建工程已经上海城市房地产估价有限公司评估。 经交易双方协商确认，本次交易金额以评估值为依据，共计人民币 10,166 万元(详见刊登在 2007 年 10 月 30 日的《上海证券报》和香港《文汇报》上董事会决议公告)。 (四)托管情况 本年度公司无托管事项。 (五)承包情况 本年度公司无承包事项。 (六)租赁情况 本年度公司无租赁事项。 (七)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） 是否 是否为 发生日期 担保对象 担保金额 担保类型 担保期限 履行 关联方 （协议签署日） 完毕 担保 报告期内担保发生额合计 报告期末担保余额合计 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 38,200.00 报告期末对子公司担保余额合计 38,200.00 公司担保总额情况（包括对子公司的担保） 担保总额 38,200.00 担保总额占公司净资产的比例 12.11% 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 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 26 上海金桥出口加工区开发股份有限公司 2007 年年度报告 1)本公司为纳入合并报表的控股子公司-- 上海金桥出口加工区联合发展有限公司向农业银行、交 通银行、上海银行、工商银行借款提供担保，担保期限分别为 2007 年 3 月 14 日至 2008 年 7 月 18 日、 2007 年 7 月 20 日至 2008 年 9 月 25 日、2007 年 2 月 16 日至 2008 年 2 月 15 日、2007 年 3 月 15 日至 2008 年 3 月 15 日，担保总金额为人民币 33,200.00 万元。截止报告披露日，该公司对到期的银行借 款已按时归还。 2）本公司为纳入合并报表的控股子公司--上海金桥出口加工区南区建设发展有限公司的人民币贷 款 5,000.00 万元提供担保，担保期限自 2007 年 3 月 23 日至 2008 年 3 月 22 日,该公司已于 2008 年 1 月 17 日提前归还。 (八)委托理财情况 本年度公司无委托理财事项。 (九)其他重大合同 本年度公司无其他重大合同。 (十)承诺事项履行情况 1、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 股改承诺及履行情况： (1) 国有股股东（授权经营单位为上海金桥（集团）有限公司）所持有的浦东金桥非流通股股份 自改革方案实施之日起，在三十六个月内不通过上海证券交易所上市交易。 (2)在实施股权分置改革之后，国有股股东（授权经营单位为上海金桥（集团）有限公司）承诺将 在股东大会上提议并投赞成票：浦东金桥今后三年分红比例将不低于当年实现的可分配利润（非累计 可分配利润）的 50%。 (3) 在禁售和限售期间，国有股股东（授权经营单位为上海金桥（集团）有限公司）持有的浦东 金桥股份比例如果发生变动，且所持有浦东金桥股份每增加或者减少百分之一的，将自该事实发生之 日起两个工作日内做出公告。 对承诺的第 1 条的履行情况：未发生交易；对承诺第 2 条的履行情况：公司 2006 年度利润分配方 案已获 2006 年度股东大会审议通过,符合股改"按不低于当年实现的可分配利润的 50%进行分红"的承 诺。于 2007 年 7 月 27 日在《上海证券报》和香港《文汇报》上刊登了《上海金桥出口加工区开发股 份有限公司 2006 年度分红派息实施公告》，并于 2007 年 8 月 10 日实施。对承诺第 3 条的履行情况： 股份比例未发生变动。 (十一)聘任、解聘会计师事务所情况 报告期内，公司未改聘会计师事务所，公司现聘任上海众华沪银会计师事务所有限公司为公司的 境内审计机构，拟支付其年度审计工作的酬金共约 90 万元。 (十二)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 报告期内公司及其董事、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。 27 上海金桥出口加工区开发股份有限公司 2007 年年度报告 (十三)其它重大事项及其影响和解决方案的分析说明 1、证券投资情况 占期末证 序 证券 证券代 初始投资金额 持有数量 期末账面值 报告期损 证券简称 券总投资 号 品种 码 （元） （股） （元） 益（元） 比例（％） 1 股票 601328 交通银行 6,262,520.00 5,961,900 2 股票 600837 海通证券 20,400,000.00 9,195,600 注 期末持有的其他证券投资 - 报告期已出售证券投资损益 - - - - 合计 - 100% 注：本公司持有 689.67 万股海通证券，本公司控股子公司上海金桥出口加工区联合发展有限公司持有 229.89 万股海通证券。 2、持有非上市金融企业股权情况 占该 公司 报告期 报告期所 最初投资金额 期末账面价值 会计核 股份 所持对象名称 持有数量(股) 股权 损益 有者权益 （元） （元） 算科目 来源 比例 （元） 变动（元） (%) 国泰君安证券 长期股 7,660,000.00 7,604,100 0.16 5,420,000.00 股份有限公司 权投资 东方证券股份 长期股 136,154,089.68 127,656,700 注 3.88 136,154,089.68 有限公司 权投资 小计 － － － 注：股数增加系东方证券股份有限公司实施送红股所至。 3、其他重大事项的说明 （1）2007 年 7 月 6 日,上海市都市农商社股份有限公司与海通证券股份有限公司合并工商变更登记 在上海市工商行政管理局办理完毕；又经上海证券交易所核准,上海市都市农商社股份有限公司股票简 称自 2007 年 7 月 31 日起发生变更,由“都市股份”变更为“海通证券”。 （2）2007 年 1 月 9 日公司就股权分置改革方案中有限售条件的流通股上市流通在《上海证券报》 和香港《文汇报》上刊登《公司有限售条件的流通股上市公告》，本次有限售条件的流通股上市数量 为 35,578,938 股；本次有限售条件的流通股上市流通日为 2007 年 01 月 12 日。 （3）公司曾为投资占该公司注册资本 49%的上海通用硅晶体材料有限公司(以下简称：通用硅公司） 的贷款 600 万元提供担保，该笔贷款于 2004 年 9 月 23 日到期。尽管公司多方努力，但是由于通用硅 公司无力归还贷款本金，且贷款银行要求公司承担连带清偿责任，公司代为归还了上述 600 万元贷款 本金，并形成了对通用硅公司的 600 万元债权（详见 2004 年 10 月 28 日和 2005 年 3 月 22 日，公司的 二 00 四年度三季度报告和二 00 四年年度报告）。 对上述债权，公司通过法律途径，采取措施予以追索。2005 年 1 月 24 日，经上海市第一中级人 民法院下发（2004）沪一中民三（商）初字第 455 号《民事判决书》，判决通用硅公司偿还本公司人 民币 600 万元，并支付该款项利息（自 2004 年 9 月 24 日至实际清偿之日止，按人民银行规定的同期 企业存款利率计算）；案件受理费 43,006 元及财产保全费 33,516 元合计人民币 76,522 元均由通用硅 公司承担。 为维护权益减少损失，公司采取了各种方式和手段追索债权，直至采用法律手段。虽经法院判决 可以强制执行，查封其生产设备进行拍卖，但流拍。考虑到债权难以全部实现，且强制执行可能导致 企业破产，公司所持股权价值损失会更大，作为股东还可能面临其职工安置等问题。为此，公司希望 将股权及全部债权一并解决。在经多方努力未找到其他接受股权转让意向投资人的情况下，公司以法 院判决生效、有权请求法院进行强制执行为条件与该两公司的控股股东美国通用硅公司，就上海通用 硅晶体材料有限公司和上海通用硅材料有限公司的股权转让及债权等事宜，进行了多轮谈判，寻求积 28 上海金桥出口加工区开发股份有限公司 2007 年年度报告 极措施，妥善解决。 鉴于上述原因，并参考上海长信资产评估有限公司对上海通用硅材料有限公司、上海通用硅晶体 材料有限公司的企业价值评估报告，经董事会审议，为减少投资及债权损失，同意以总价人民币 780 万元向美国通用硅公司转让我公司所持上海通用硅材料有限公司、上海通用硅晶体材料有限公司全部 股权，以及我公司对该两公司的截至 2004 年底前发生的全部债权。由于以前年度已按权益法计投资损 失及计提减值准备等，我公司对该两公司的长期投资及债权的账面净值均为 0。 本报告期内，公司已收到上海联合产权交易所就上述股权转让事项的产权交易凭证，并收到美国 通用硅公司受让上述两公司股权、债权的款项 780 万元。 （4）2007 年 3 月 8 日公司董事会决议同意参加上海东方证券股份有限公司增资扩股，公司拟出资 人民币 5,425 万元认购 3,989.27 万股东方证券股份,本次增资扩股事项已于 2007 年 6 月 7 日完成（详 见 2007 年 3 月 10 日和 6 月 8 日《上海证券报》和香港《文汇报》上刊登的公司董事会公告）。 （5）2007 年 3 月 22 日，公司董事会就国泰君安证券股份有限公司（以下简称国泰君安）的股东 增资意向征询函作出决议：同意公司按每 10 股认购 2 股的比例，认购 152.08 万股国泰君安股份,以及 152.08 万股投资管理公司股份。按两公司每股增资价格之和为 3 元人民币的价格，公司拟合计出资人 民币 456.25 万元。本次增资扩股事项尚需中国证监会核准，截止目前上述事项尚在进行中。 (6) 本公司 2007 年 12 月 3 日经 2007 年度临时股东大会决议通过向中国人民银行申请发行短期融 资券，总金额不超过 10 亿元。公司于 2007 年 12 月 10 日向中国人民银行提出关于申请发行 2008 年短 期融资券的请示，融资金额为 10 亿元。截至会计报表批准日，该申请尚处于审批中。 (十四)信息披露索引 刊载的互联网网站及 事项 刊载的报刊名称及版面 刊载日期 检索路径 上海金桥出口加工区开发股份有限公司有 上海证券报、香港文汇报信 2007 年 1 www.sse.com.cn 限售条件的流通股上市公告 息披露 D10 版、第 A13 版 月9日 上海金桥出口加工区开发股份有限公司关 上海证券报、香港文汇报信 2007 年 1 于“土地增值税清算”对公司影响事宜的 www.sse.com.cn 息披露第 D40 版、第 B14 版 月 19 日 公告 上海金桥出口加工区开发股份有限公司公 上海证券报、香港文汇信息 2007 年 1 www.sse.com.cn 告 披露第 D7 版、第 A23 版 月 31 日 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2007 年 2 www.sse.com.cn 五届董事会第十八次会议公告 息披露第 D17 版、第 B11 版 月 13 日 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2007 年 3 www.sse.com.cn 五届董事会第十九次会议决议公告 息披露 44 版、第 A23 版 月 10 日 上海证券报、香港文汇报信 2007 年 4 公司 2006 年年度报告 www.sse.com.cn 息披露 45 版、第 A22 版 月 21 日 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2007 年 4 www.sse.com.cn 五届董事会第二十一次会议决议公告 息披露 45 版、第 A22 版 月 21 日 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2007 年 4 www.sse.com.cn 五届监事会第十五次会议决议公告 息披露 45 版、第 A22 版 月 21 日 上海证券报、香港文汇报信 2007 年 4 公司 2007 年第一季度报告 息披露第 A101 版、第 C12 www.sse.com.cn 月 30 日 版 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2007 年 6 五届董事会第二十三次会议决议暨关于召 www.sse.com.cn 息披露 D18 版、第 B4 版 月5日 开二 00 六年度股东大会的公告 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2007 年 6 www.sse.com.cn 五届监事会第十七次会议决议公告 息披露第 D18 版、第 B4 版 月5日 上海金桥出口加工区开发股份有限公司关 上海证券报、香港文汇报信 2007 年 6 www.sse.com.cn 29 上海金桥出口加工区开发股份有限公司 2007 年年度报告 于参加东方证券股份有限公司增资扩股的 息披露第 D9 版、第 B13 版 月8日 公告 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2007 年 6 www.sse.com.cn 五届董事会第二十四次会议公告 息披露 57 版、第 B4 版 月 30 日 上海证券报、香港文汇报信 2007 年 6 公司二 00 六年度股东大会决议公告 www.sse.com.cn 息披露 D47 版、第 D2 版 月 29 日 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2007 年 7 www.sse.com.cn 六届董事会第一次会议决议公告 息披露 D23 版、第 B11 版 月3日 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2007 年 7 www.sse.com.cn 六届监事会第一次会议决议公告 息披露 D23 版、第 B11 版 月3日 上海金桥出口加工区开发股份有限公司 上海证券报、香港文汇报信 2007 年 7 www.sse.com.cn 2006 年度分红派息实施公告 息披露 D3 版、第 B5 版 月 27 日 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2007 年 8 www.sse.com.cn 六届董事会第二次会议决议公告 息披露 D29 版、第 D2 版 月 31 日 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2007 年 8 www.sse.com.cn 六届监事会第二次会议决议公告 息披露 D29 版、第 B6 版 月 31 日 上海证券报、香港文汇报信 2007 年 8 公司 2007 年半年度报告 www.sse.com.cn 息披露 D29 版、第 B6 版 月 31 日 上海金桥出口加工区开发股份有限公司第 2007 年 上海证券报、香港文汇报信 六届董事会第三次会议决议暨关于召开二 10 月 30 www.sse.com.cn 息披露 D42 版、第 A25 版 00 七年度临时股东大会的公告 日 2007 年 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 10 月 30 www.sse.com.cn 六届监事会第三次会议决议公告 息披露 D42 版、第 A25 版 日 2007 年 上海证券报、香港文汇报信 公司 2007 年第三季度报告 10 月 30 www.sse.com.cn 息披露 D42 版、第 A25 版 日 上海金桥出口加工区开发股份有限公司关 2007 年 于更改二 00 七年度临时股东大会会议地 上海证券报、香港文汇报信 11 月 23 www.sse.com.cn 息披露 D24 版、第 B14 版 日 址的公告 上海金桥出口加工区开发股份有限公司二 上海证券报、香港文汇报信 2007 年 www.sse.com.cn 00 七年度临时股东大会决议公告 息披露 D27 版、第 B3 版 12 月 4 日 上海金桥出口加工区开发股份有限公司第 上海证券报、香港文汇报信 2008 年 1 www.sse.com.cn 六届董事会第四次会议决议公告 息披露 D10 版、第 B2 版 月3日 30 上海金桥出口加工区开发股份有限公司 2007 年年度报告 十一、财务会计报告 公司年度财务报告已经上海众华沪银会计师事务所有限公司注册会计师周正云、何和平审计，并 出具了标准无保留意见的审计报告。 (一)审计报告（附后） (二)财务报表（附后） (三) 会计报表附注（附后） 十二、备查文件目录 （一）载有法定代表人、主管会计工作负责人、会计机构负责人员签字并盖章的会计报表； （二）载有会计师事务所盖章、注册会计师签字并盖章的审计报告原件； （三）报告期内本公司董事会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原 稿。 董事长：俞标 上海金桥出口加工区开发股份有限公司 2008 年 3 月 31 日 31 上海金桥出口加工区开发股份有限公司 2007 年度财务报表及审计报告 内容 页码 审计报告 1 合并及母公司资产负债表 2-3 合并及母公司利润表 4 合并及母公司现金流量表 5 合并股东权益变动表 6-7 母公司股东权益变动表 8-9 财务报表附注 10-91 审 计 报 告 沪众会字(2008)第 2471 号 上海金桥出口加工区开发股份有限公司全体股东： 我们审计了后附的上海金桥出口加工区开发股份有限公司(以下简称浦东金桥公司)财 务报表，包括 2007 年 12 月 31 日的公司及合并资产负债表，2007 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浦东金桥公司管理层的责任。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。 三、审计意见 我们认为，浦东金桥公司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 面公允反映了浦东金桥公司 2007 年 12 月 31 日的财务状况以及 2007 年度的经营成果和现 金流量。 上海众华沪银会计师事务所有限公司 中国注册会计师 周正云 中国注册会计师 何和平 中国，上海 2008 年 3 月 31 日 1 上海金桥出口加工区开发股份有限公司 2007 年 12 月 31 日合并及母公司资产负债表 (金额单位为人民币元) 2007 年 12 月 31 日 2006 年 12 月 31 日 2007 年 12 月 31 日 2006 年 12 月 31 日 资产 附注 合并 合并 母公司 母公司 流动资产 货币资金 6.1 58,047,282.38 71,054,238.89 20,918,575.68 52,258,150.48 交易性金融资产 应收票据 应收账款 6.2 14,282,136.00 11,353,737.47 4,719,466.07 3,357,949.75 预付款项 6.4 1,058,978.20 1,801,599.68 323,688.00 804,000.00 应收利息 应收股利 - - - 86,000,000.00 其他应收款 6.3 17,875,183.35 6,942,496.26 394,650,018.98 531,327,332.93 存货 6.5 1,089,805,465.44 781,991,949.85 321,191,717.74 217,906,800.74 一年内到期的非流动资产 其他流动资产 6.6 22,048,700.00 - 22,048,700.00 - 流动资产合计 1,203,117,745.37 873,144,022.15 763,852,166.47 891,654,233.90 非流动资产 可供出售金融资产 6.7 240,461,223.24 - 195,563,667.18 - 持有至到期投资 长期应收款 6.8 400,000.00 400,000.00 400,000.00 400,000.00 长期股权投资 6.9 152,097,771.76 125,052,863.79 806,111,821.17 770,831,253.49 投资性房地产 6.10 3,333,407,243.44 3,485,784,583.13 1,741,397,221.51 1,844,829,778.97 固定资产 6.11 161,468,007.47 180,441,781.65 2,321,962.12 2,349,771.81 在建工程 6.12 231,360,436.52 81,234,536.79 60,742,620.76 16,798,028.48 工程物资 固定资产清理 生产性生物资产 油气资产 无形资产 6.13 148,374,545.04 164,279,363.57 - - 开发支出 商誉 长期待摊费用 6.14 36,153,269.22 - - - 递延所得税资产 6.26 44,172,161.88 19,033,863.45 18,775,646.31 13,150,798.71 其他非流动资产 非流动资产合计 4,347,894,658.57 4,056,226,992.38 2,825,312,939.05 2,648,359,631.46 资产总计 5,551,012,403.94 4,929,371,014.53 3,589,165,105.52 3,540,013,865.36 后附财务报表附注为本财务报表的必要组成部分。 法定代表人： 主管会计工作的负责人： 会计机构负责人： 2 上海金桥出口加工区开发股份有限公司 2007 年 12 月 31 日合并及母公司资产负债表(续) (金额单位为人民币元) 2007 年 12 月 31 日 2006 年 12 月 31 日 2007 年 12 月 31 日 2006 年 12 月 31 日 负债及股东权益 附注 合并 合并 母公司 母公司 流动负债 短期借款 6.16 1,057,783,340.00 711,700,000.00 631,183,340.00 470,000,000.00 交易性金融负债 应付短期融资券 6.17 - 400,000,000.00 - 400,000,000.00 应付票据 应付账款 6.18 97,165,963.50 209,759,585.39 44,731,053.17 80,072,158.12 预收款项 6.19 121,308,792.67 116,172,576.81 11,894,333.38 14,657,697.59 应付职工薪酬 6.20 41,750,072.40 35,462,506.88 5,250,652.32 816,868.57 应交税费 6.21 57,257,273.32 12,411,819.98 15,983,662.88 7,898,921.03 应付利息 6.22 2,828,450.61 2,700,000.00 1,530,825.61 2,340,000.00 应付股利 其他应付款 6.23 556,318,238.93 489,139,400.96 156,945,093.09 138,245,920.03 一年内到期的非流 6.24 20,000,000.00 - - - 动负债 其他流动负债 流动负债合计 1,954,412,131.43 1,977,345,890.02 867,518,960.45 1,114,031,565.34 非流动负债 长期借款 6.25 280,000,000.00 - - - 应付债券 长期应付款 专项应付款 预计负债 递延所得税负债 6.26 53,449,675.82 - 43,500,286.80 - 其他非流动负债 非流动负债合计 333,449,675.82 - 43,500,286.80 - 负债合计 2,287,861,807.25 1,977,345,890.02 911,019,247.25 1,114,031,565.34 股东权益 股本 6.27 844,386,400.00 844,386,400.00 844,386,400.00 844,386,400.00 资本公积 6.28 963,203,349.59 808,505,162.80 867,363,667.94 731,847,807.56 减：库存股 盈余公积 6.29 274,319,259.49 242,890,872.93 267,599,364.72 236,170,978.17 未分配利润 6.30 855,199,715.19 772,839,328.36 698,796,425.61 613,577,114.29 外币报表折算差额 归属于母公司股东权 2,937,108,724.27 2,668,621,764.09 - - 益合计 少数股东权益 6.31 326,041,872.42 283,403,360.42 股东权益合计 3,263,150,596.69 2,952,025,124.51 2,678,145,858.27 2,425,982,300.02 负债及股东权益总计 5,551,012,403.94 4,929,371,014.53 3,589,165,105.52 3,540,013,865.36 后附财务报表附注为本财务报表的必要组成部分。 法定代表人： 主管会计工作的负责人： 会计机构负责人： 3 上海金桥出口加工区开发股份有限公司 2007 年度合并及母公司利润表 (金额单位为人民币元) 2007 年度 2006 年度 2007 年度 2006 年度 项 目 附注 合并 合并 母公司 母公司 一、营业收入 6.32 801,142,014.52 992,367,330.99 487,538,483.17 396,716,497.02 减：营业成本 6.32 297,949,535.76 520,227,334.10 142,200,081.28 190,885,868.24 营业税金及附加 6.33 93,607,376.11 51,599,274.15 38,055,396.63 19,835,824.86 销售费用 6.34 10,368,475.90 12,165,550.42 8,356,935.22 8,931,876.50 管理费用 6.35 81,885,346.01 80,426,591.36 49,236,116.84 45,983,298.25 财务费用 6.36 80,906,415.85 59,849,982.54 32,097,492.33 41,255,479.80 资产减值损失 6.37 -14,116,881.91 -8,085,450.85 -7,790,000.00 -6,726,715.64 加：公允价值变动收益 投资收益 6.38 9,926,917.73 1,639,768.04 8,584,732.60 476,952.00 其中：对联营企业和合营企 -43,897.62 599,871.57 - - 业的投资收益 二、营业利润 260,468,664.53 277,823,817.31 233,967,193.47 97,027,817.01 加：营业外收入 6.39 13,928,614.23 1,541,929.90 1,759,215.64 614,452.72 减：营业外支出 6.40 255,357.42 790,270.02 - 500,000.00 其中：非流动资产处置损失 三、利润总额 274,141,921.34 278,575,477.19 235,726,409.11 97,142,269.73 减：所得税费用 6.41 37,416,249.04 73,358,301.88 26,203,832.16 30,942,467.53 四、净利润 236,725,672.30 205,217,175.31 209,522,576.95 66,199,802.20 归属于母公司股东的净利润 206,663,652.46 197,200,217.78 - - 少数股东损益 30,062,019.84 8,016,957.53 - - 五、每股收益(基于归属于母公司普通股 股东合并净利润) 基本每股收益 6.43 0.2448 0.2335 - - 稀释每股收益 6.43 0.2448 0.2335 - - 后附财务报表附注为本财务报表的必要组成部分。 法定代表人： 主管会计工作的负责人： 会计机构负责人： 4 上海金桥出口加工区开发股份有限公司 2007 年度合并及母公司现金流量表 (金额单位为人民币元) 2007 年度 2006 年度 2007 年度 2006 年度 项 目 附注 合并 合并 母公司 母公司 一、经营活动产生的现金流量 销售商品、提供劳务收到的现金 809,723,553.13 747,342,934.42 456,866,131.03 399,282,565.19 收到的税费返还 - 102,985.99 - - 收到其他与经营活动有关的现金 6.44.4 39,046,674.17 59,420,119.79 15,755,061.29 19,222,739.41 经营活动现金流入小计 848,770,227.30 806,866,040.20 472,621,192.32 418,505,304.60 购买商品、接受劳务支付的现金 697,307,598.28 557,411,911.68 219,463,559.95 167,676,215.52 支付给职工以及为职工支付的现金 28,948,461.98 50,425,841.56 17,492,944.67 22,706,106.06 支付的各项税费 121,561,305.41 97,689,520.17 66,645,287.65 38,835,141.59 支付其他与经营活动有关的现金 6.44.5 41,403,206.71 39,281,927.77 21,141,849.64 19,513,536.03 经营活动现金流出小计 889,220,572.38 744,809,201.18 324,743,641.91 248,730,999.20 经营活动产生的现金流量净额 -40,450,345.08 62,056,839.02 147,877,550.41 169,774,305.40 二、投资活动产生的现金流量 收回投资收到的现金 12,500,000.00 1,358,651.51 7,500,000.00 804,116.35 取得投资收益所收到的现金 12,260,159.42 4,746,604.37 97,885,734.60 12,078,404.00 处置固定资产、无形资产和其他长期资产收回的现金净额 - 47,475.00 - - 处置子公司及其他营业单位收到的现金净额 1,330,700.00 收到其他与投资活动有关的现金 6.44.6 1,357,797.94 1,801,596.87 487,870,365.22 417,785,928.03 投资活动现金流入小计 27,448,657.36 7,954,327.75 593,256,099.82 430,668,448.38 购建固定资产、无形资产和其他长期资产支付的现金 26,779,429.09 4,668,820.27 412,169.00 318,743.00 投资支付的现金 58,816,489.68 - 58,816,489.68 - 取得子公司及其他营业单位支付的现金净额 支付其他与投资活动有关的现金 325,488,286.18 692,162,003.64 投资活动现金流出小计 85,595,918.77 4,668,820.27 384,716,944.86 692,480,746.64 投资活动产生的现金流量净额 -58,147,261.41 3,285,507.48 208,539,154.96 -261,812,298.26 三、筹资活动产生的现金流量 吸收投资收到的现金 其中：子公司吸收少数股东投资收到的现金 取得借款收到的现金 1,384,004,620.00 660,000,000.00 702,004,620.00 470,000,000.00 发行债券收到的现金 收到其他与筹资活动有关的现金 6.44.7 305,000,000.00 994,320,615.91 - 800,000,000.00 筹资活动现金流入小计 1,689,004,620.00 1,654,320,615.91 702,004,620.00 1,270,000,000.00 偿还债务支付的现金 1,137,100,000.00 1,219,300,000.00 940,000,000.00 660,000,000.00 分配股利、利润或偿付利息支付的现金 159,783,426.54 122,462,953.69 127,331,827.72 111,179,779.69 其中：子公司支付给少数股东的股利、利润 支付其他与筹资活动有关的现金 6.44.8 306,385,547.78 415,008,537.84 22,385,547.78 409,620,000.00 筹资活动现金流出小计 1,603,268,974.32 1,756,771,491.53 1,089,717,375.50 1,180,799,779.69 筹资活动产生的现金流量净额 85,735,645.68 -102,450,875.62 -387,712,755.50 89,200,220.31 四、汇率变动对现金及现金等价物的影响 -144,995.70 -149,158.57 -43,524.67 -98,817.05 五、现金及现金等价物净增加额 6.44.2 -13,006,956.51 -37,257,687.69 -31,339,574.80 -2,936,589.60 加：年初现金及现金等价物余额 6.44.2 71,054,238.89 108,311,926.58 52,258,150.48 55,194,740.08 六、年末现金及现金等价物余额 6.44.3 58,047,282.38 71,054,238.89 20,918,575.68 52,258,150.48 后附财务报表附注为本财务报表的必要组成部分。 法定代表人： 主管会计工作的负责人： 会计机构负责人： 5 上海金桥出口加工区开发股份有限公司 2007 年度合并股东权益变动表（2007 年度） (金额单位为人民币元) 归属于母公司股东权益 外币 项目 附注 少数股东权益 股东权益合计 减：库 报表 股本 资本公积 盈余公积 未分配利润 存股 折算 差额 2006 年 12 月 31 日年末余额 844,386,400.00 808,505,162.80 - 346,467,361.01 673,704,550.24 - 282,411,348.03 2,955,474,822.08 会计政策累计变更 3.29.1 - - - -103,077,488.07 98,710,628.12 - 992,012.39 -3,374,847.56 前期差错更正 6.30.3 - - - -499,000.00 424,150.00 - - -74,850.00 2007 年 1 月 1 日年初余额 844,386,400.00 808,505,162.80 - 242,890,872.94 772,839,328.36 - 283,403,360.42 2,952,025,124.52 2007 年度增减变动额 (一)净利润 - - - - 206,663,652.46 - 30,062,019.84 236,725,672.30 (二）直接计入股东权益的利得 - 154,698,186.79 - - - - 12,576,492.16 167,274,678.95 1、可供出售金融资产公允价值变动净额 - 205,043,463.84 - - - - 16,484,035.42 221,527,499.26 2、权益法下被投资单位其他所有者权益变动的影 3、与计入股东权益项目相关的所得税影响 - -50,560,406.70 - - - - -4,048,588.52 -54,608,995.22 4、其他 - 215,129.65 - - - - 141,045.26 356,174.91 上述（一）和（二）小计 - 154,698,186.79 - - 206,663,652.46 - 42,638,512.00 404,000,351.25 (三)所有者投入和减少资本 1、所有者投入资本 2、股份支付计入股东权益的金额 3、其他 (四)利润分配 - - - 31,428,386.55 -124,303,265.63 - - -92,874,879.08 1、提取盈余公积 - - - 31,428,386.55 -31,428,386.55 - - - 2、对股东的分配 - - - - -92,874,879.08 - - -92,874,879.08 3、其他 (五) 所有者权益内部结转 1、资本公积转增资本（或股本） 2、盈余公积转增资本（或股本） 3、盈余公积弥补亏损 4、其他 2007 年 12 月 31 日年末余额 844,386,400.00 963,203,349.59 - 274,319,259.49 855,199,715.19 - 326,041,872.42 3,263,150,596.69 后附财务报表附注为本财务报表的必要组成部分。 法定代表人： 主管会计工作的负责人： 会计机构负责人： 6 上海金桥出口加工区开发股份有限公司 2007 年度合并股东权益变动表（2006 年度） (金额单位为人民币元) 归属于母公司股东权益 外币 项目 附注 减： 少数股东权益 股东权益合计 报表 股本 资本公积 库存 盈余公积 未分配利润 折算 股 差额 2005 年 12 月 31 日年末余额 844,386,400.00 808,505,162.80 - 280,629,109.13 607,255,146.27 - 279,641,236.30 2,820,417,054.50 会计政策累计变更 3.29.1 - - - -47,169,206.53 58,106,506.75 - 1,289,166.59 12,226,466.81 前期差错更正 6.30.3 - - - -499,000.00 424,150.00 - - -74,850.00 2006 年 1 月 1 日年初余额 844,386,400.00 808,505,162.80 - 232,960,902.60 665,785,803.02 - 280,930,402.89 2,832,568,671.31 2006 年度增减变动额 (一)净利润 - - - - 197,200,217.78 - 8,016,957.53 205,217,175.31 (二）直接计入股东权益的利得 1、可供出售金融资产公允价值变动净额 2、权益法下被投资单位其他所有者权益变 动的影响 3、与计入股东权益项目相关的所得税影响 4、其他 上述（一）和（二）小计 - - - - 197,200,217.78 - - 197,200,217.78 (三)所有者投入和减少资本 1、所有者投入资本 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 - - - 9,929,970.33 -9,929,970.33 - - - 2、对股东的分配 - - - - -80,216,722.11 - -5,544,000.00 -85,760,722.11 3、其他 (五) 所有者权益内部结转 1、资本公积转增资本（或股本） 2、盈余公积转增资本（或股本） 3、盈余公积弥补亏损 4、其他 2006 年 12 月 31 日年末余额 844,386,400.00 808,505,162.80 - 242,890,872.93 772,839,328.36 - 283,403,360.42 2,952,025,124.51 后附财务报表附注为本财务报表的必要组成部分。 法定代表人： 主管会计工作的负责人： 会计机构负责人： 7 上海金桥出口加工区开发股份有限公司 2007 年度母公司股东权益变动表(2007 年度) (金额单位为人民币元) 项 目 附注 股本 资本公积 减：库存股 盈余公积 未分配利润 股东权益合计 2006 年 12 月 31 日年末余额 844,386,400.00 808,505,162.80 - 267,446,461.54 752,725,449.71 2,673,063,474.05 会计政策累计变更 - -76,657,355.24 - -31,275,483.37 -139,148,335.42 -247,081,174.03 前期差错更正 2007 年 1 月 1 日年初余额 844,386,400.00 731,847,807.56 - 236,170,978.17 613,577,114.29 2,425,982,300.02 2007 年度增减变动额 (一)净利润 - - - - 209,522,576.95 209,522,576.95 (二）直接计入股东权益的利得 - 135,515,860.38 - - - 135,515,860.38 1、可供出售金融资产公允价值变动净额 - 179,901,147.18 - - - 179,901,147.18 2、权益法下被投资单位其他所有者权益变 动的影响 3、与计入股东权益项目相关的所得税影响 - -44,385,286.80 - - - -44,385,286.80 4、其他 上述（一）和（二）小计 - 135,515,860.38 - - 209,522,576.95 345,038,437.33 (三)所有者投入和减少资本 1、所有者投入资本 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 - - - 31,428,386.55 -31,428,386.55 - 2、对股东的分配 - - - - -92,874,879.08 -92,874,879.08 3、其他 (五) 所有者权益内部结转 1、资本公积转增资本（或股本） 2、盈余公积转增资本（或股本） 3、盈余公积弥补亏损 4、其他 2007 年 12 月 31 日年末余额 844,386,400.00 867,363,667.94 - 267,599,364.72 698,796,425.61 2,678,145,858.27 后附财务报表附注为本财务报表的必要组成部分。 法定代表人： 主管会计工作的负责人： 会计机构负责人： 8 上海金桥出口加工区开发股份有限公司 2007 年度母公司股东权益变动表（2006 年度） (金额单位为人民币元) 项 目 附注 股本 资本公积 减：库存股 盈余公积 未分配利润 股东权益合计 2005 年 12 月 31 日年末余额 844,386,400.00 808,505,162.80 - 235,570,804.84 652,313,450.56 2,540,775,818.20 会计政策累计变更 - -76,657,355.24 - -9,329,797.00 -14,789,446.03 -100,776,598.27 前期差错更正 2006 年 1 月 1 日年初余额 844,386,400.00 731,847,807.56 226,241,007.84 637,524,004.53 2,439,999,219.93 2006 年度增减变动额 (一)净利润 - - - - 66,199,802.20 66,199,802.20 (二）直接计入股东权益的利得 1、可供出售金融资产公允价值变动 2、权益法下被投资单位其他所有者 3、与计入股东权益项目相关的所得 4、其他 上述（一）和（二）小计 - - - - 66,199,802.20 66,199,802.20 (三)所有者投入和减少资本 1、所有者投入资本 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 - - - 9,929,970.33 -9,929,970.33 - 2、对股东的分配 - - - - -80,216,722.11 -80,216,722.11 3、其他 (五) 所有者权益内部结转 1、资本公积转增资本（或股本） 2、盈余公积转增资本（或股本） 3、盈余公积弥补亏损 4、其他 2006 年 12 月 31 日年末余额 844,386,400.00 731,847,807.56 - 236,170,978.17 613,577,114.29 2,425,982,300.02 后附财务报表附注为本财务报表的必要组成部分。 法定代表人： 主管会计工作的负责人： 会计机构负责人： 9 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 10 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 1 公司基本情况 1.1 企业注册地、组织形式和总部地址。 1.1.1 注册地：上海市浦东新金桥路 28 号 1.1.2 组织形式：股份有限公司（中外合资，上市） 1.1.3 总部地址：上海市浦东新金桥路 27 号 1.1.4 公司设立情况 上海金桥出口加工区开发股份有限公司(以下简称“本公司”)为境内公开发行 A、B 股股票并在 上海证券交易所上市的股份有限公司。本公司于 1992 年 5 月 19 日经上海市建设委员会“沪建 经（92）第 431 号”文批准采用公开募集方式成立，公司股票于 1993 年 3 月 26 日在上海证券 交易所上市交易，于 1993 年 10 月 7 日取得由上海市工商行政管理局颁发的注册号为企股沪 总字第 019019 号（市局）的企业法人营业执照。 1.2 企业的业务性质和主要经营活动。 1.2.1 业务性质：房地产开发经营。 1.2.2 营业范围：在依法取得的地块上从事房地产开发、经营、销售、出租和中介（含侨汇、 外汇房）；市政基础设施建设，工程承包和建筑装潢；保税仓库；服装、家电、食品、办公 用品、日用百货的批发；转口贸易和各类咨询（涉及行政许可的凭许可证经营）。以下仓库 运输、娱乐业、餐饮旅馆业、出租车等经营范围仅限分支机构。 1.2.3 主要经营活动： 1.2.3.1 房地产开发和销售业务 在依法取得的土地上进行综合性房地产开发和公共配套设施建设，建造工业厂房和住宅商品 房等物业，并转让土地使用权和经营销售各类物业。 1.2.3.2 房地产租赁业务 从事工业厂房、仓库、办公楼、商铺、别墅、公寓及其他物业的租赁；土地租赁。 1.2.3.3 酒店公寓业务 在自建的物业内，经营公寓式酒店管理和商务服务。 11 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 1 公司基本情况（续） 1.3 母公司以及集团最终母公司的名称。 1.3.1 母公司名称：上海金桥出口加工区开发股份有限公司； 1.3.2 最终母公司名称：上海金桥（集团）有限公司（简称“金桥集团公司”） 1.3.3 公司最终控制人为上海市国有资产监督管理委员会和上海浦东新区国有资产监督委员 会。公司与实际控制人之间的产权及控制关系如下图所示： 上海市国有资产监督管理委员会和 上海市浦东新区国有资产监督管理委员 100% 上海金桥(集团)有限公司 43.82% 上海金桥出口加工区开发股份有限公司 1.4 财务报告的批准报出者和财务报告批准报出日。 1.4.1 财务报告的批准报出者：公司董事会。 1.4.2 财务报告批准报出日：2008 年 3 月 31 日。 2 财务报表的编制基础及遵循企业会计准则的声明 2.1 本公司以持续经营为基础，根据实际发生的交易和事项，按照《企业会计准则—基本准则》和 其他各项会计准则的规定进行确认和计量，在此基础上编制财务报表。 根据财政部《关于印发〈企业会计准则第 1 号——存货〉等 38 项具体具体准则的通知》（财 会[2006]3 号）等规定，本公司自 2007 年 1 月 1 日起执行财政部 2006 年发布的《企业会计准 则》（“企业会计准则”）。本财务报表按照《企业会计准则第 38 号——首次执行企业会计准 则》、中国证监会《公开发行证券的公司信息披露规范问答第 7 号——新旧会计准则过渡期 间比较财务会计信息的编制和披露》（证监会计字[2007]10 号）等规定，对要求追溯调整的项 目在相关会计年度进行了追溯调整，并对财务报表进行了重新表述。 12 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 2 财务报表的编制基础及遵循企业会计准则的声明（续） 2.2 遵循企业会计准则的声明 本公司所编制的财务报表符合企业会计准则的要求，真实、完整地反映了本公司的财务状况、 经营成果、股东权益变动和现金流量等有关信息。 3 重要会计政策和会计估计 3.1 会计年度 会计年度为公历 1 月 1 日起至 12 月 31 日止。 3.2 记账本位币 记账本位币为人民币。 3.3 外币折算 3.3.1 外币交易 外币交易按交易发生日的即期汇率将外币金额折算为人民币入账。 于资产负债表日，外币货币性项目采用资产负债表日的即期汇率折算为人民币，所产生的折算 差额除了为购建或生产符合资本化条件的资产而借入的外币专门借款产生的汇兑差额按资本化的 原则处理外，直接计入当期损益。以历史成本计量的外币非货币性项目，于资产负债表日采用交易 发生日的即期汇率折算。 3.3.2 外币财务报表的折算 以非记账本位币编制的资产负债表中的资产和负债项目，采用资产负债表日的即期汇率折算成 记账本位币，股东权益中除未分配利润项目外，其他项目采用发生时的即期汇率折算。以非记账本 位币编制的利润表中的收入与费用项目，采用交易发生日的即期汇率折算成记账本位币。上述折算 产生的外币报表折算差额，在股东权益中以单独项目列示。 以非记账本位币编制的现金流量表中的现金流量采用现金流量发生日的即期汇率折算成记账 本位币。汇率变动对现金的影响额，在现金流量表中单独列示。 13 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计(续) 3.4 现金及现金等价物 列示于现金流量表中的现金是指库存现金及可随时用于支付的存款，现金等价物是指持有的期 限短、流动性强、易于转换为已知金额现金及价值变动风险很小的投资。 3.5 金融工具 3.5.1 金融工具的确认和终止确认 本公司于成为金融工具合同的一方时确认一项金融资产或金融负债。 金融资产满足下列条件之一的，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，且符合《企业会计准则第 23 号－金融资产转移》规定的金融资产终止 确认条件。 金融负债的现时义务全部或部分已经解除的，终止确认该金融负债或其一部分。 3.5.2 金融资产的分类 金融资产于初始确认时分类为：以公允价值计量且其变动计入当期损益的交易性金融资产、应 收款项、可供出售金融资产和持有至到期投资。金融资产的分类取决于本公司对金融资产的持有意 图和持有能力。 (1) 以公允价值计量且其变动计入当期损益的交易性金融资产 以公允价值计量且其变动计入当期损益的金融资产包括持有目的为短期内出售的金融资产，该 资产在资产负债表中以交易性金融资产列示。 (2) 应收款项 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，包括应收账 款和其他应收款等。 (3) 可供出售金融资产 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及未被划分为其他 类的金融资产（限售的在上海及深圳交易所交易的股票）。自资产负债表日起 12 个月内将出售的 可供出售金融资产在资产负债表中列示为一年内到期的非流动资产。 14 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计(续) 3.5 金融工具（续） 3.5.2 金融资产的分类（续） (4) 持有至到期投资 持有至到期投资是指到期日固定、回收金额固定或可确定，且管理层有明确意图和能力持有 至到期的非衍生金融资产。自资产负债表日起 12 个月内到期的持有至到期投资在资产负债表 中列示为一年内到期的非流动资产。 3.5.3 金融资产的计量 金融资产于本公司成为金融工具合同的一方时，按公允价值在资产负债表内确认。交易性金 融资产，取得时发生的相关交易费用直接计入当期损益。其他金融资产的相关交易费用计入 初始确认金额。当某项金融资产收取现金流量的合同权利已终止或与该金融资产所有权上几 乎所有的风险和报酬已转移至转入方的，终止确认该金融资产。 交易性金融资产和可供出售金融资产按照公允价值进行后续计量，但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，按照成本计量；应收款项以及持有至到期投资 采用实际利率法，以摊余成本计量。 交易性金融资产的公允价值变动计入公允价值变动损益；在资产持有期间所取得的利息或现 金股利以及在处置时产生的处置损益，计入当期损益。 除减值损失及外币货币性金融资产形成的汇兑损益外，可供出售金融资产公允价值计入股东 权益，待该金融资产终止确认时，原直接计入权益的公允价值变动累计额转入当期损益。可 供出售债务工具投资在持有期间按实际利率法计算利息，计入投资收益；可供出售权益工具 投资的现金股利，于被投资单位宣告发放股利时计入投资收益。 3.5.4 金融负债的分类 金融负债于初始确认时分类为：交易性金融负债和其他金融负债。以公允价值计量且其变动 计入当期损益的金融负债，包括交易性金融负债和初始确认时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。 15 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计(续) 3.5 金融工具（续） 3.5.5 金融负债的计量 金融负债于本公司成为金融工具合同的一方时，按公允价值在资产负债表内确认。以公允价 值计量且其变动计入当期损益的金融负债，取得时发生的相关交易费用直接计入当期损益； 其他金融负债的相关交易费用计入初始确认金额。 以公允价值计量且其变动计入当期损益的金融负债，按照公允价值后续计量，且不扣除将来 结清金融负债时可能发生的交易费用。 其他金融负债，采用实际利率法，按照摊余成本进行后续计量。 3.5.6 金融工具的公允价值 存在活跃市场的金融资产或金融负债，采用活跃市场中的报价确定其公允价值。金融工具不 存在活跃市场的，本公司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的当前公允 价值、现金流量折现法和期权定价模型等。 3.5.7 金融资产减值 除以公允价值计量且其变动计入当期损益的金融资产外，本公司于资产负债表日对金融资产 的账面价值进行检查，如果有客观证据表明某项金融资产发生减值的，计提减值准备。 以摊余成本计量的金融资产发生减值时，按预计未来现金流量(不包括尚未发生的未来信用损 失)现值低于账面价值的差额，计提减值准备。如果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，计入当期损益。 当可供出售金融资产的公允价值发生较大幅度或非暂时性下降，原直接计入股东权益的因公 允价值下降形成的累计损失计入减值损失。对已确认减值损失的可供出售债务工具投资，在 期后公允价值上升且客观上与确认原减值损失确认后发生的事项有关的，原确认的减值损失 予以转回，计入当期损益。对已确认减值损失的可供出售权益工具投资，在期后公允价值上 升且客观上与确认原减值损失后发生的事项有关的，原确认的减值损失予以转回，直接计入 股东权益。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发生的减值损 失，如果在以后期间价值得以恢复，也不予转回。 16 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计(续) 3.6 应收款项及坏账准备 应收款项包括应收账款、其他应收款等。本公司对外销售商品或提供劳务形成的应收账款， 按从购货方应收的合同或协议价款的公允价值作为初始确认金额。应收款项采用实际利率法， 以摊余成本减去坏账准备后的净额列示。 对于单项金额重大及其他不重大的应收款项，当存在客观证据表明本公司将无法按应收款项 的原有条款收回所有款项时，根据其预计未来现金流量现值低于其账面价值的差额，单独进 行减值测试，计提坏账准备，计入当期损益。若预计未来现金流量与其现值相差很小的，在 确定相关减值损失时，不对其预计未来现金流量进行折现。 对于单项金额非重大的应收款项，按账龄作为信用风险特征划分为若干组合，根据以前年度 与之相同或相类似的、具有类似信用风险特征的应收账款组合的实际损失率为基础，结合现 时情况确定本年度各项组合计提坏账准备的比例，据此计算本年度应计提的坏账准备。 应收款项账龄 计提比例 1 年以内 不计提 1—2 年 10% 2—3 年 30% 3 年以上 100% 本公司向金融机构转让不附追索权的应收账款，按交易款项扣除已转销应收账款的账面价值 和相关税费后的差额计入当期损益。 17 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计(续) 3.7 存货及存货跌价准备 3.7.1 存货的分类 本公司的存货分为开发产品、开发成本和低值易耗品等。 开发产品包括土地开发产品、物业（房屋）开发产品；开发成本包括土地开发成本、物业（房 屋）开发成本、公共配套设施和代建工程等。 3.7.2 存货的计量 ⑴ 存货取得的计量 存货按取得途径的不同，分别按以下方法计量： ① 购置和自行建造的存货，按购建时的实际成本入账。直接费用直接计入存货成本，间接费 用按一定的分配标准分摊计入存货成本。实际成本还包括为使存货资产达到预计可出售或可 使用状态之前发生的符合资本化条件的银行及其他金融机构借款费用，按照《企业会计准则 第 17 号---借款费用》的规定处理。 ② 投资者投入的存货，按照投资合同或协议约定的价值确定，但投资合同或协议约定的价值 不公允的除外。 ③ 企业合并、非货币性资产交换、债务重组取得的存货，分别按照《企业会计准则第 20 号--- 企业合并》、《企业会计准则第 7 号---非货币性资产交换》和《企业会计准则第 12 号---债务 重组》的规定确定 ⑵ 存货发出的计量 根据存货的分类，分别按以下方法计量： ①开发产品在发出时，采用个别计价法确定； ②低值易耗品在领用时，按一次摊销法摊销 18 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计(续) 3.7 存货及存货跌价准备（续） 3.7.3 存货成本的核算方法 ⑴ 土地开发成本的核算： 开发用土地在取得时，按实际成本计入“无形资产”。土地投入开发建设时，从“无形资产”转入 “土地开发成本”。在开发建设过程中发生的土地征用及拆迁补偿费、前期工程费、基础设施费 和配套设施费等，属于直接费用的，直接计入“土地开发成本”；需在各地块间分摊的间接费用， 按土地受益面积分摊计入。属于难以辨认或难以合理分摊的费用性成本支出，于实际发生时 直接计入当期营业成本。 ⑵ 物业（房屋）开发成本的核算： 物业（房屋）在建造过程中，发生的前期费用、建安工程费、市政基础设施费、公共配套设 施费、装潢工程费等，属于直接费用的，以工程项目为对象归集，直接计入“房屋开发成本”； 需在各工程项目间分摊的间接费用，按各项目受益面积分摊计入。 ⑶ 公共配套设施费用的核算： 商品住宅小区中非营业性的配套设施费用计入商品住宅成本。在开发产品办理竣工验收后， 按照建筑面积将尚未发生的配套设施费用采用预提的方法计入“房屋开发成本”。 3.7.4 维修基金的核算方法： 按照国家有关规定提取维修基金，计入相关的房产项目成本，并划入监管部门指定账户。 3.7.5 存货的盘存制度 采取永续盘存制。 3.7.6 年末对存货按成本与可变现净值孰低估价，按单个存货项目的可变现净值低于成本的差 额，分项计提存货跌价准备，并计入当期损益。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。 本公司 确定的估计售价是以市场价格为依据确定。 19 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.8 长期股权投资 长期股权投资包括本公司对子公司的股权投资、本公司对合营企业和联营企业的股权投资以 及本公司对被投资单位不具有控制、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。 3.8.1 子公司 子公司是指本公司能够对其实施控制，即有权决定其财务和经营政策，并能据以从其经营活 动中获取利益的被投资单位。在确定能否对被投资单位实施控制时，被投资单位当期可转换 公司债券、当期可执行认股权证等潜在表决权因素亦同时予以考虑。对子公司投资，在本公 司个别财务报表中按照成本法确定的金额列示，在编制合并财务报表时按权益法调整后进行 合并。 采用成本法核算的长期股权投资按照初始投资成本计量。被投资单位宣告分派的现金股利或 利润，确认为当期投资收益。确认的投资收益，仅限于被投资单位接受投资后产生的累积净 利润的分配额，所获得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。 20 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.8 长期股权投资（续） 3.8.2 合营企业和联营企业 合营企业是指本公司与其他方对其实施共同控制的被投资单位；联营企业是指本公司对其财 务和经营决策具有重大影响的被投资单位。 对合营企业和联营企业投资按照实际成本进行初始计量，并采用权益法进行后续计量。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，其差额包含在初始投 资成本中；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且经复核 两者差额仍存在时，该差额计入当期损益，同时调整长期股权投资成本。 采用权益法核算时，本公司按应享有或应分担的被投资单位的净损益份额确认当期投资损益。 确认被投资单位发生的净亏损，以长期股权投资的账面价值以及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，但本公司负有承担额外损失义务且符合或有事项准则所 规定的预计负债确认条件的，继续确认投资损失和预计负债。被投资单位除净损益以外股东 权益的其他变动，本公司按照持股比例计算应享有或承担的部分直接计入资本公积。被投资 单位分派的利润或现金股利于宣告分派时按照本公司应分得的部分，相应减少长期股权投资 的账面价值，但是，现金股利中超过已确认投资收益，但不超过投资后被投资企业实现的账 面利润中由本公司按照持股比例计算享有的份额的部分，确认当期投资收益。本公司与被投 资单位之间的交易产生的未实现损益在本公司拥有被投资单位的权益范围内予以抵销，惟该 交易所转让的资产发生减值的，则相应的未实现损益不予抵销。 3.8.3 其他长期股权投资 除对子公司，合营企业和联营企业的长期股权投资外，本公司对被投资单位不具有控制、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。 3.8.4 长期股权投资减值 当长期股权投资的可收回金额低于其账面价值时，账面价值减记至可收回金额。 21 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.9 投资性房地产 投资性房地产包括持有已出租并准备增值后转让的土地使用权以及已出租的建筑物，以实际 成本进行初始计量。与投资性房地产有关的后续支出，在相关的经济利益很可能流入本公司 且其成本能够可靠的计量时，计入投资性房地产成本；否则，在发生时计入当期损益。 本公司采用成本模式对所有投资性房地产进行后续计量，按其预计使用寿命对建筑物和土地 使用权摊销。投资性房地产的预计使用寿命（摊销年限）列示如下： 房屋性质 房屋结构 摊销年限 高层办公楼 钢混 30 商品住宅 钢混 20 商品住宅 砖木 15 商业用房 轻钢 10 商业用房 钢混 20 通用厂房 轻钢 10 通用厂房 钢混 20 土地使用权按土地有效使用期限摊销：工业、综合用地 50 年，住宅用地 70 年。 投资性房地产的用途改变为自用时，自改变之日起，将该投资性房地产转换为固定资产或无 形资产。自用房地产的用途改变为赚取租金或资本增值时，自改变之日起，将固定资产或无 形资产转换为投资性房地产。发生转换时，以转换前的账面价值作为转换后的入账价值。 对投资性房地产的预计使用寿命于每年年度终了进行复核并作适当调整。 当投资性房地产被处置、或者永久退出使用且预计不能从其处置中取得经济利益时，终止确 认该项投资性房地产。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 相关税费后的金额计入当期损益。 当投资性房地产的可收回金额低于其账面价值时，账面价值减记至可收回金额。 22 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.10 固定资产 固定资产包括房屋及建筑物、机器设备、运输工具、计算机及电子设备以及办公设备等。购 置或新建的固定资产按取得时的实际成本进行初始计量。 与固定资产有关的后续支出，在相关的经济利益很可能流入本公司且其成本能够可靠的计量 时，计入固定资产成本；对于被替换的部分，终止确认其账面价值；所有其他后续支出于发 生时计入当期损益。 固定资产折旧采用年限平均法并按其入账价值减去预计净残值后在预计使用寿命内计提。对 计提了减值准备的固定资产，则在未来期间按扣除减值准备后的账面价值及依据尚可使用年 限确定折旧额。 固定资产的预计使用寿命、净残值率及年折旧率列示如下： 类别 预计使用寿命 预计净残值 年折旧率 房屋及建筑物 20-30 年 5%-10% 3%-4.75% 机器设备 4-10 年 5%-10% 9%-23.75% 运输设备 3-12 年 5%-10% 7.50%-31.67% 办公及其他设备 5年 5%-10% 18%-19% 于每年年度终了，对固定资产的预计使用寿命、预计净残值和折旧方法进行复核并作适当调 整。 当固定资产的可收回金额低于其账面价值时，账面价值减记至可收回金额。 符合持有待售条件的固定资产，以账面价值与公允价值减去处置费用孰低的金额列示。公允 价值减去处置费用低于原账面价值的金额，确认为资产减值损失。 当固定资产被处置、或者预期通过使用或处置不能产生经济利益时，终止确认该固定资产。 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金额计入当期 损益。 23 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.11 在建工程 在建工程按实际发生的成本计量。实际成本包括建筑费用、其他为使在建工程达到预定可使 用状态所发生的必要支出以及在资产达到预定可使用状态之前所发生的符合资本化条件的借 款费用。在建工程在达到预定可使用状态时，按用途结转，自用之在建工程转入固定资产并 自次月起开始计提折旧，用于出租之在建工程转入投资性房地产并自次月起开始摊销。 3.12 无形资产 无形资产包括土地使用权、专利权及非专利技术等，以实际成本计量。公司制改建时国有股 股东投入的无形资产，按国有资产管理部门确认的评估值作为入账价值。 3.12.1 土地使用权 土地使用权按使用年限 50-70 年平均摊销。外购土地及建筑物的价款难以在土地使用权与建筑 物之间合理分配的，全部作为固定资产。 3.12.2 专利权 专利权按法律规定的有效年限平均摊销。 3.12.3 无形资产减值 当无形资产的可收回金额低于其账面价值时，账面价值减记至可收回金额。 3.12.4 定期复核使用寿命和摊销方法 对使用寿命有限的无形资产的预计使用寿命及摊销方法于每年年度终了进行复核并作适当调 整。 3.13 长期待摊费用 长期待摊费用包括经营租入固定资产改良及其他已经发生但应由本年和以后各期负担的分摊 期限在一年以上的各项费用，按预计受益期间分期平均摊销，并以实际支出减去累计摊销后 的净额列示。 24 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.14 资产减值 在财务报表中单独列示的商誉和使用寿命不确定的无形资产，无论是否存在减值迹象，至少 每年进行减值测试。固定资产、无形资产、以成本模式计量的投资性房地产及长期股权投资 等，于资产负债表日存在减值迹象的，进行减值测试。减值测试结果表明资产的可收回金额 低于其账面价值的，按其差额计提减值准备并计入减值损失。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间的较高者。资产减值准备按 单项资产为基础计算并确认，如果难以对单项资产的可收回金额进行估计的，以该资产所属 的资产组确定资产组的可收回金额。资产组是能够独立产生现金流入的最小资产组合。 上述资产减值损失一经确认，如果在以后期间价值得以恢复，也不予转回。 3.15 资产组 资产组的认定，以资产组产生的主要现金流入是否独立于其他资产或者资产组的现金流入为 依据。同时，在认定资产组时，考虑公司管理层管理生产经营活动的方式和对资产的持续使 用或者处置的决策方式等。 资产组的可收回金额低于其账面价值的，确认相应的减值损失。资产组的可收回金额按该资 产组的公允价值减去处置费用后的净额与其预计未来现金流量的现值两者之间较高者确定。 在合并财务报表中反映的商誉，不包括子公司归属于少数股东权益的商誉。但对相关的资产 组进行减值测试时，将归属于少数股东权益的商誉包括在内，调整资产组的账面价值，然后 根据调整后的资产组账面价值与其可收回金额进行比较。如上述资产组发生减值的，该损失 按比例扣除少数股东权益份额后，确认归属于母公司的商誉减值损失。 25 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.16 借款费用 本公司发生的可直接归属于需要经过相当长时间的购建活动才能达到预定可使用状态之资产 而发生与银行及其他金融机构相关费用，在资产支出及借款费用已经发生、为使资产达到预 定可使用状态所必要的购建活动已经开始时，开始资本化并计入该资产的成本。当购建的资 产达到预定可使用状态时停止资本化，其后发生的借款费用计入当期损益。如果资产的购建 活动发生非正常中断，并且中断时间连续超过 3 个月，暂停借款费用的资本化，直至资产的 购建活动重新开始。 在资本化期间内，专门借款(指为购建或者生产符合资本化条件的资产而专门借入的款项)以专 门借款当期实际发生的利息费用，减去将尚未动用的借款资金存入银行取得的利息收入或进 行暂时性投资取得的投资收益后确定应予资本化的利息金额；一般借款则根据累计资产支出 超过专门借款部分的资产支出加权平均数乘以所占用一般借款的资本化率，计算确定一般借 款应予资本化的利息金额。资本化率根据一般借款加权平均利率计算确定。 借款存在折价或者溢价的，按照实际利率法确定每一会计期间应摊销的折价或者溢价金额， 调整每期利息金额。 3.17 职工薪酬 本公司于职工提供服务的期间确认应付的职工薪酬，并根据职工提供服务的受益对象计入相 关资产成本和费用。职工薪酬主要包括工资、奖金、津贴和补贴、职工福利费、社会保险费 及住房公积金、工会经费和职工教育经费等其他与获得职工提供的服务相关的支出。 3.18 股份支付 以权益结算的涉及职工的股份支付，授予后立即可行权的，按照授予日权益工具的公允价值 计入成本费用和资本公积；授予后须完成等待期内的服务或达到规定业绩条件才可行权的， 在等待期内的每个资产负债表日，以对可行权权益工具数量的最佳估计为基础，按照权益工 具授予日的公允价值，将当期取得的服务计入相关成本或费用和资本公积。 以现金结算的涉及职工的股份支付，授予后立即可行权的，按照授予日本公司承担负债的公 允价值计入相关成本或费用和相应负债；授予后须完成等待期内的服务或达到规定业绩条件 才可行权的，在等待期内的每个资产负债表日，以对可行权情况的最佳估计为基础，按照本 公司承担负债的公允价值金额，将当期取得的服务计入相关成本或费用和相应负债。 26 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.19 借款 本公司的借款按公允价值扣除交易成本后的金额进行初始计量，并采用实际利率法按摊余成 本进行后续计量。于资产负债表日起 12 个月(含 12 个月)内偿还的借款为短期借款，其余借款 为长期借款。 3.20 预计负债 本公司对因产品质量保证、亏损合同等形成的现时义务，其履行很可能导致经济利益的流出， 在该义务的金额能够可靠计量时，确认为预计负债。对于未来经营亏损，不确认预计负债。 预计负债按照履行相关现时义务所需支出的最佳估计数进行初始计量，并综合考虑与或有事 项有关的风险、不确定性和货币时间价值等因素。货币时间价值影响重大的，通过对相关未 来现金流出进行折现后确定最佳估计数；因随着时间推移所进行的折现还原而导致的预计负 债账面价值的增加金额，确认为利息费用。 于资产负债表日，对预计负债的账面价值进行复核并作适当调整，以反映当前的最佳估计数。 3.21 递延所得税资产和递延所得税负债 递延所得税资产和递延所得税负债根据资产和负债的计税基础与其账面价值的差额(包括应纳 税暂时性差异和可抵扣暂时性差异)计算确认。对于按照税法规定能够于以后年度抵减应纳税 所得额的可抵扣亏损，视同可抵扣暂时性差异。对于商誉的初始确认产生的暂时性差异，不 确认相应的递延所得税负债。对于既不影响会计利润也不影响应纳税所得额(或可抵扣亏损) 的非企业合并的交易中产生的资产或负债的初始确认形成的暂时性差异，不确认相应的递延 所得税资产和递延所得税负债。于资产负债表日，递延所得税资产和递延所得税负债，按照 预期收回该资产或清偿该负债期间的适用税率计量。 递延所得税资产的确认以本公司很可能取得用来抵扣可抵扣暂时性差异、可抵扣亏损和税款 抵减的应纳税所得额为限。 对子公司、联营企业及合营企业投资相关的暂时性差异产生的递延所得税资产和递延所得税 负债，予以确认。但本公司能够控制暂时性差异转回的时间且该暂时性差异在可预见的未来 很可能不会转回的，不予确认。 27 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.22 收入确认 3.22.1 收入，是指企业在日常活动中形成的、会导致所有者权益增加的、与所有者投入资本无 关的经济利益的总流入。本公司收入主要包括销售物业（房屋）收入、土地使用权转让收入、 出租土地和物业（房屋）收入、提供劳务收入等。各类收入确认原则及方法列示如下： 3.22.1.1 土地转让和物业（房屋）销售收入的确认 以签订有关土地转让和物业（房屋）销售合同，完成合约内约定的开发建设工程，将有关的 土地、房屋移交给买方，公司在商品所有权上的主要风险和报酬已转移给买方，公司不再对 该商品实施继续管理权和实际控制权，与交易相关的经济利益能够流入，并且与销售该商品 相关的收入和成本能够可靠地计量时，确认营业收入的实现。 合同或协议价款的收取采用递延方式，实质上具有融资性质的，按照应收的合同或协议价款 的公允价值确定销售商品收入金额。应收的合同或协议价款与其公允价值之间的差额，在合 同或协议期间内采用实际利率法进行摊销，计入当期损益。 3.22.1.2 出租土地使用权、房屋收入的确认 以经营租赁方式订立租赁合同或协议，在合同或协议规定的租赁期，与租赁相关的经济利益 能够流入企业，并且与该租赁相关的收入和成本费用能够可靠地计量时，确认营业收入，并 在租赁期内各个期间按照直线法确认。 3.22.2 让渡除上述出租资产外其他资产使用权收入的确认 让渡除上述出租资产外其他资产使用权取得的收入和利息收入，在其相应合同规定的生效条 件均已满足，且与该项交易相关的经济利益能够流入并能可靠计量时确认收入的实现。 3.22.3 代建工程收入确认 以签订代理建造合同，代建工程款按合同规定按期流入企业，在代建工程完工交付使用时， 确认代建工程收入。 28 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.23 租赁 3.23.1 经营租赁 经营租赁的租金支出在租赁期内按照直线法计入相关资产成本或当期损益。 3.24 企业合并 3.24.1 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，认定 为同一控制下的企业合并。 合并方支付的合并对价和合并方取得的净资产均按账面价值计量。合并方取得的净资产账面 价值与支付的合并对价账面价值的差额，调整资本公积。资本公积不足以冲减的，调整留存 收益。 为进行企业合并发生的直接相关费用于发生时计入当期损益。 3.24.2 非同一控制下的企业合并 参与合并的各方在合并前后不受同一方或相同的多方最终控制的，认定为非同一控制下的企 业合并。 购买方的合并成本和购买方在合并中取得的可辨认净资产按购买日的公允价值计量。合并成 本大于合并中取得的被购买方于购买日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差额，计入当期损益。 为进行企业合并发生的直接相关费用计入企业合并成本。 29 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.25 合并财务报表的编制方法 合并财务报表的合并范围包括本公司及子公司。 从取得子公司的合并范围内各实际控制权之日起，本公司开始将其予以合并；从丧失实际控 制权之日起停止合并。公司间所有重大往来余额、交易及未实现利润在合并财务报表编制时 予以抵销。子公司的股东权益中不属于母公司所拥有的部分作为少数股东权益在合并资产负 债表中股东权益项下单独列示；子公司净利润中不属于母公司所拥有的部分作为少数股东损 益在合并利润表中净利润项下单独列示。 子公司与本公司采用的会计政策或会计期间不一致的，在编制合并财务报表时，按照本公司 的会计政策或会计期间对子公司财务报表进行必要的调整。 对于因非同一控制下企业合并取得的子公司，在编制合并财务报表时，以购买日可辨认净资 产公允价值为基础对其个别财务报表进行调整；对于因同一控制下企业合并取得的子公司， 在编制合并财务报表时，视同该企业合并于报告期最早期间的年初已经发生，从报告期最早 期间的年初起将其资产、负债、经营成果和现金流量纳入合并财务报表，且其合并日前实现 的净利润在合并利润表中单列项目反映。 3.26 分部报告 业务分部是指本公司内可区分的、能够提供单项或一组相关产品或劳务的组成部分，该组成 部分承担了不同于其他组成部分的风险和报酬。地区分部是指本公司内可区分的、能够在一 个特定的经济环境内提供产品或劳务的组成部分。该组成部分承担了不同于在其他经济环境 内提供产品或劳务的组成部分的风险和报酬。 本公司以业务分部为主要报告形式，以地区分部为次要报告形式。分部间转移价格参照市场 价格确定，与各分部共同使用的资产相关的费用按照收入比例在不同的分部之间分配。 地区分部，是指公司内可区分的、能够在一个特定的经济环境内提供产品或劳务的组成部分。 该组成部分承担了不同于在其他经济环境内提供产品或劳务的组成部分的风险和报酬。 基于风险和报酬主要受公司的产品和劳务差异影响，披露分部信息的主要形式是业务分 部，次要形式是地区分部。业务分部的详细情况见附注 7.1 。 30 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.27 重大会计判断和估计 在应用本公司的会计政策的过程中，管理层除了作出会计估计外，还作出了以下对财务报表 所确认的金额具有重大影响的判断： 3.27.1 经营租赁 – 本公司作为出租人 本公司就投资性房地产签订了租赁合同。本公司认为，本公司保留了这些房地产所有权上的 所有重大风险和报酬，因此作为经营租赁处理。 3.27.2 对可供出售金融资产中处于限售期的上市公司股票采用公允价值计量，公允价值的计算 参照证监会计字[2007]21 号《关于证券投资基金执行（企业会计准则）估值业务及份额净值计 价有关事项的通知》中对非公开发行有明确规定锁定期股票的公允价值的确定方法。即按如 下公式计算确定： FV=C+(P-C)×(D1-Dr)/D1 其中： FV 代表上述股票的公允价值； C 代表上述股票的初始取得成本； P 代表本会计期内最后一个交易日上述股票的收盘市价； D1 代表该股票限售期内所包含的交易所总的交易天数； Dr 代表本会计期末至该股票限售期结束所包含的交易所总的交易天数。 3.28 首次执行企业会计准则的调整 3.28.1 公司 2006 年度财务报表系按原企业会计准则和企业会计制度及其补充规定编制，按《公 开发行证券的公司信息披露规范问答第 7 号－新旧会计准则过渡期间比较财务会计信息的编 制和披露》的要求和财政部关于印发《企业会计准则解释第 1 号》的通知，需要对公司涉及 《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 条的经济事项进行追溯调整对 2007 年 1 月 1 日股东权益的影响列示如下： 如附注 2.1 所述，本公司自 2007 年 1 月 1 日起执行企业会计准则，首次执行企业会计准则的 累积影响数如下： 31 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 3 重要会计政策和会计估计 (续) 3.28 首次执行企业会计准则的调整（续） 2007 年 12 月-31 日 2006 年 12 月 31 日 项目 资本公积 盈余公积 未分配利润 资本公积 盈余公积 未分配利润 调整前年初余额 808,505,162.80 346,467,361.01 673,704,550.24 808,505,162.80 280,629,109.13 607,255,146.27 追溯调整： 按 38 号准则追溯调整事 项： (1)所得税费用核算由应 付税款改为资产负债表 - 2,066,273.16 12,614,271.25 - 4,493,740.60 25,906,050.00 债务法的影响金额 (2)按 1 号解释追溯调整 事项： ①子公司原还原之盈余 - -78,404,934.08 78,404,934.08 - -24,924,119.98 24,924,119.98 公积全数冲回的影响 ②母公司成本法追溯调 - -26,738,827.15 26,738,827.15 - -26,738,827.15 26,738,827.15 整对盈余公积的影响 ③B 股上市公司特别追 溯调整-原联营企业内 - - -19,047,404.36 - - -19,462,490.38 部交易抵销 调整后年初余额 808,505,162.80 243,389,872.94 772,415,178.36 808,505,162.80 233,459,902.60 665,361,653.02 3.28.2 公司 2006 年度财务报表系按原企业会计准则和企业会计制度及其补充规定编制财务报 表，按《公开发行证券的公司信息披露规范问答第 7 号－新旧会计准则过渡期间比较财务会 计信息的编制和披露》的要求和财政部关于印发《企业会计准则解释第 1 号》的通知，需要 对公司涉及《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 条至第十九条的经济事项进行追溯调整对 2006 年度净利润的影响列示如下： 项目 2006 年度 调整前原制度净利润 212,504,377.96 调整因素： 按 38 号准则追溯调整事项： (1)所得税费用核算由应付税款改为资产负债表债务法的影响金额 -15,719,246.20 (2)B 股上市公司特别追溯调整-原联营企业内部交易抵销 415,086.02 (3)归入净利润内的少数股东损益 8,016,957.53 调整后新准则下净利润 205,217,175.31 3.29 会计政策和会计估计变更以及前期差错更正 3.29.1 本公司报告期发生的重大会计政策变更事项如附注 3.28 所述。 3.29.2 本公司报告期未发生重大会计估计变更以及重大前期差错更正事项。 32 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 4． 税项 本公司本年度适用的主要税种及其税率列示如下： 税种 税率 计税基数 企业所得税 15%及 33% 应纳税所得额 (注 1) 应纳税增值额(应纳税额按应纳税销售额乘以适用税率扣 增值税 17% 除当期允计抵扣的进项税后的余额计算) 营业税 5% 应纳税营业额 先按应税收入预交 1％，待项目清算时按核定增值额清算 土地增值税 适用税率 汇缴 (注 2) 城镇土地使用税 每平方米 1.5 元-30 元/年 应税土地面积 房产税 12％ 依照应税租金收入的税率为 12％ 1.2％ 依照房产余值计算的税率为 1.2％ 注 1: 全国人民代表大会于 2007 年 3 月 16 日通过了«中华人民共和国企业所得税法»(“新所得 税法”)新所得税法将自 2008 年 1 月 1 日起施行。本公司适用的企业所得税率将自 2008 年 1 月 1 日将按新所得税法及相关优惠政策作相应调整。 本年内所得税税率及所得税优惠政策较上年没有发生变化。 注 2：本公司房地产经营以租赁业务为主，根据规定，租赁房产未发生产权转移，不征收土地 增值税。按照财政部《企业缴纳土地增值税会计处理规定》的要求，公司在销售性房地产 项 目开发中，于收到预收帐款时，按照预收帐款的 1％预交土地增值税。确认房地产项目收入当 期，将预计土地增值额和适用税率计算的应税额与预交税的差额计提土地增值税准备金。 33 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 5 合并财务报表的合并范围（金额单位为人民币万元） 本公司对所控制的全部子公司均纳入合并财务报表的合并范围，本公司控制的特殊目的主体 也纳入合并财务报表的合并范围。 5.1 非同一控制下的企业合并及其他方式取得的子公司： 注册 业务性质及 本公司 本公司 子公司名称 注册地 资本 经营范围 持股比例 表决权比例 上海金桥出口加工区房地产发展 94.46% 上海 3,000 房地产开发、经营 86.00% 有限公司(以下简称“金桥房产公司”) （注 1） 上海新金桥广场实业有限公司 公寓式酒店管理，商务服务， 89.84% 上海 5,000 74.34% (以下简称“金桥广场公司”) 票务代理，自有场地出租等 （注 2） 上海金桥出口加工区联合发展有限公司 开发区内市政基础设施建设 上海 54,000 60.40% 60.40% (以下简称“金桥联发公司”) 和房地产经营 上海金桥出口加工区南区建设发展有限公司 金桥出口加工区南区的成片 98.02% 上海 30,000 95.00% (简称“金桥南区建设发展公司”) 土地开发和房产开发等 （注 3） 注 1：直接持股比例为 86％，间接持股比例为 8.46%，故表决权比例为 94.46%; 注 2：直接持股比例为 74.34％，间接持股比例为 15.50%，故表决权比例为 89.84%; 注 3：直接持股比例为 95％，间接持股比例为 3.02%，故表决权比例为 98.02% 。 5.2 本年度合并报表范围未发生变更。 6 合并财务报表项目附注 6.1 货币资金 项 目 2007 年 12 月 31 日 2006 年 12 月 31 日 现 金 18,931.47 20,534.05 银行存款 58,028,350.91 71,033,704.84 合 计 58,047,282.38 71,054,238.89 上述期末货币资金包括美元 92,739.45 元，折合汇率 7.3046 。 6.1.1 货币资金年末数比年初数减少 13,006,956.51 元，减少比例为 18.31％，减少原因主要为 支付工程进度款所致。 6.2 应收账款 6.2.1 应收账款按账龄结构分析如下： 账龄结构 2007 年 12 月 31 日 2006 年 12 月 31 日 1 年以内(含 1 年) 10,559,508.08 11,353,737.47 1—2 年(含 2 年) 3,722,627.92 - 合 计 14,282,136.00 11,353,737.47 34 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注（续） 6.2 应收账款（续） 6.2.2 应收账款按类别分析如下： 2007 年 12 月 31 日 2006 年 类 别 金额 占总额比例 坏账准备 计提比例 金额 占总额比例 单项金额重大 4,892,626.50 34.22% - - 6,391,581.96 36.01% 单项 金 额 不重大 112,928.64 0.79% 13,671.24 12.11% 2,642.64 0.02 % 但组合风险较大 其他 9,290,252.10 64.99% - - 11,353,737.47 63.97% 合 计 14,295,807.24 100.00% 13,671.24 17,747,962.07 100.00% 35 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注（续） 6.2.3 单项金额重大的应收帐款(于 2007 年 12 月 31 日) 债务人 金 额 计提比例 理由 上海禹华通信技术有限公司 3,623,370.50 － 确信可以收回 上海 ABB 变压器公司 1,269,256.00 － 确信可以收回 合计 4,892,626.50 6.2.4 以前年度已全额或大比例计提坏账准备，本年度又全额或部分收回的应收账款 原估计 收回或重组债权金额 收回方式 计提比例 原估计计提比例的合理性 上海京浦房地产开发 6,391,581.96 庭外和解，协议收回 100.00％ 合理 实业公司 6.2.5 年末应收账款中欠款金额前五名 债务人 金 额 账龄 占应收账款 总额的比例 上海禹华通信技术有限公司 3,623,370.50 1-2 年 25.35% 上海 ABB 变压器公司 1,269,256.00 1 年以内 8.88% 荣斐酒店管理有限公司 378,833.50 1 年以内 2.65% 上海泰城餐饮有限公司 576,353.28 1 年以内 4.03% 宇龙数控技术(上海)有限公司 420,011.89 1 年以内 2.94% 合 计 6,267,825.17 43.85% 年末应收账款中无持本公司 5％以上（含 5％）表决权股份的股东单位欠款。 年末应收账款中关联方欠款见附注 9.4。 6.2.6 应收账款年末数比年初数增加 2,928,398.53 元，增加比例为 25.79%，增加原因主要为租 赁收入增加导致相应应收租金款增加。 36 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.3 其他应收款 6.3.1 其他应收款按账龄结构分析如下： 账龄结构 2007 年 12 月 31 日 2006 年 12 月 31 日 1 年以内(含 1 年) 15,282,310.85 5,810,105.31 1—2 年(含 2 年) 1,514,153.00 - 2—3 年(含 3 年) - 1,132,390.95 3 年以上 1,078,719.50 - 合 计 17,875,183.35 6,942,496.26 37 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.3 其他应收款 6.3.2 其他应收款按类别分析如下： 2007 年 12 月 31 日 2006 类 别 金额 占总额比例 坏账准备 计提比例 金额 占总额比 单项金额重大 65.90% 14,427,609.54 67.49% 21,506,329.04 78.3 21,375,932.84 单项金额不重大 132,795.25 0.41% 132,795.25 100.00％ 132,795.25 0.4 但组合风险较大 其 他 33.69% - - 5,810,105.31 21.1 10,926,860.05 合 计 32,435,588.14 100.00% 14,560,404.79 - 27,449,229.60 100.0 38 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.3 其他应收款（续） 6.3.3 单项金额重大的其他应收款 债务人 金 额 计提比例 理由 国泰君安投资管理公司 3,982,464.00 58.76% 注1 国泰君安证券股份有限公司 2,919,936.00 － 注2 第一太平戴维斯物业顾问有限公司 1,307,203.80 － 确信可以收回 挪用款 11,086,112.29 100.00％ 注3 香港东沪有限公司 1,078,719.50 确信可以收回 上海国嘉实业公司 1,001,497.25 100.00％ 注4 合计 21,375,932.84 注 1：此款项系本年度董事会决议通过的向国泰君安投资管理公司增资款 1,642,464.00 元以及 以前年度因国泰君安证券股份有限公司重组将不良资产剥离至该投资公司而全额计提坏账的 应收减资款 2,340,000.00 元。因相关增资手续尚在办理中，故暂挂其他应收款。以前年度计提 的坏账准备，亦拟在本次增资完毕后作相应处理。 注 2：此款项系本年度董事会决议通过的对国泰君安证券股份有限公司增资款 2,919,936.00 元， 因相关手续尚在办理中，故暂挂其他应收款。 注 3：此款项系以前年度（03 年）子公司金桥房产公司被挪用的银行存款，在该年度已全额 计提坏账准备。 注 4：系久拖欠款，虽经努力仍无望收回而于以前年度已全额计提坏账准备。 6.3.4 以前年度已全额或大比例计提坏账准备，本年度又全额或部分收回的其他应收款 收回或重组 原估计 原估计计提比 债务人 债权金额 收回方式 计提比例理由 例的合理性 上海通用硅晶体材料有限公司 2,188,768.00 银行收款 按帐龄计提 合理 本年本公司的母公司完成对上海通用硅晶体材料有限公司长期投资股权转让事宜，收回投资 及前期欠款 7,790,000.00 元。企业原计提的其他应收款坏账准备为 6,000,000.00 元，其中收回 欠款相应转回坏账准备 2,188,768.00 元，转销其余坏账准备 3,811,232.00 元，冲减其他应收款 账面原值。 39 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.3 其他应收款（续） 6.3.5 本年度实际核销的其他应收款 债务人 核销金额 性质 原因 是否关联方 上海通用硅晶体材料有限公司 3,811,232.00 往来款 无法收回 是 详见附注 6.3.4 的说明。 6.3.6 年末其他应收款中无持本公司 5％以上（含 5％）表决权股份的股东单位欠款。 6.3.7 年末其他应收款中欠款金额前五名 占其他应收款 债务人 金 额 账龄 总额的比例 国泰君安投资管理公司（注） 1,642,464.00 1 年以内 9.19% 国泰君安证券股份有限公司 2,919,936.00 1 年以内 16.33% 第一太平戴维斯物业顾问有限公司 1,307,203.80 1 年以内 7.31% 香港东沪有限公司 1,078,719.50 3 年以上 6.03% 上海金开市政公司 260,478.00 1 年以内 1.46% 合 计 7,208,801.30 40.32% 注：已扣除计提坏账准备 2,340,000.00 元。 6.3.8 上述其他应收款年末数账面余额中，无持有本公司 5%(含 5%)表决权股份股东的欠款。 6.3.9 其他应收款年末数比年初数增加 10,932,687.09 元，增加比例为 157.47%，主要增加原因 系本公司母公司新增待结转的国泰君安证券股份有限公司及国泰君安投资管理公司组合增资 款 4,562,400.00 元及子公司金桥联发公司新增代垫的公用事业费 6,070,082.96 元。 40 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.4 预付账款 2007 年 12 月 31 日 2006 年 12 月 31 日 账龄 金 额 占总额比例 金 额 占总额比例 1 年以内 1,058,978.20 100.00% 1,787,819.68 99.24% 2—3 年 - - 13,780.00 0.76% 合计 1,058,978.20 100.00% 1,801,599.68 100.00% 6.4.1 年末金额较大的预付账款 欠款人名称 金 额 内容 上海东芝电梯有限公司 416,424.00 预付电梯款 年末预付账款中无预付持本公司 5％以上（含 5％）表决权股份的股东款项。 6.4.2 预付账款年末数比年初数减少 742,621.48 元，减少比例为 41.22％，减少主要原因为本 年度本公司母公司结转碧云公寓 S8B 组团预付电梯款 804,000.00 元所致。 6.5 存货及存货跌价准备 2007 年 12 月 31 日 2006 年 12 月 31 日 项 目 账面余额 跌价准备 账面余额 跌价准备 开发产品 155,422,389.45 - 174,323,417.09 - 开发成本 934,383,075.99 - 607,668,532.76 - 合计 1,089,805,465.44 - 781,991,949.85 - 本公司董事会认为：本公司的存货经测试未发生减值而毋须计提跌价准备。 6.5.1 开发成本 开工 预计竣 项目名称 预计总投资 2007 年 12 月 31 日 2006 年 12 月 31 日 时间 工时间 区内滚动开发土地 373,315,816.87 175,199,560.63 175,220,510.63 金桥地块 343,933,101.96 55,389,653.71 金桥街坊 1994.06 2008.09 1,068,490,000.00 168,798,280.74 136,765,309.04 金杨街坊 1994.06 2008.12 241,580,000.00 244,815,365.66 240,293,059.38 9#地块在建项目 1,636,767.00 - 合 计 934,383,075.99 607,668,532.76 41 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.5 存货及存货跌价准备（续） 6.5.2 开发产品 项目名称 2007 年 12 月 31 日 2006 年 12 月 31 日 区内土地 42,686,290.11 42,686,290.11 联发土地 103,358,526.85 118,576,526.85 金杨街坊 2,140,641.39 2,538,988.39 东陆街坊 275,248.44 387,524.94 金桥街坊 6,961,682.66 10,134,086.80 合 计 155,422,389.45 174,323,417.09 6.5.3 计入存货成本的借款费用资本化金额 项 目 年初数 本年增加 本年转入存货成本 其他减少 年末数 金桥地块 - 2,578,684.10 2,578,684.10 - 2,578,684.10 本年计算资本化金额的资本化率为 5.5576％ 6.5.4 存货年末数较年初数增长了 307,813,515.59 元，增加比例为 39.36％，主要系子公司金桥 联发公司本年支付区内剩余土地动迁费用约 3 亿元所致。 6.6 其他流动资产 项 目 内容或性质 2007年12月31日 2006年12月31日 质押银行存款 质押保证存款 22,048,700.00 - 上述年末余额系本公司母公司与中国银行上海浦东开发区支行签订的《美元借款合同》（编 号 2007-KFQ-116-001）的相关《权利质押合同》（编号 2007-KFQ-116-001－ZY）中明确规定 的为 290 万美元借款提供质押担保的 22,048,700.00 元人民币银行存款资产。质押日期为 2007 年 8 月至 2008 年 8 月。 42 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.7 可供出售金融资产 项 目 2007年12月31日 2006年12月31日 可供出售权益工具 240,461,223.24 - 6.7.1 可供出售金融资产年末数比年初数增加 240,461,223.24 元，增加原因为海通证券、交通 银行本年上市流通，本公司持有的限售流通股从长期股权投资转入本项目列示，同时期末计 价按本附注 3.27 表述的估值方法确定公允价值。 6.7.2 上述可供出售金融资产期末如根据上海证券交易所年度最后一个交易日收盘价计价，则 其年末余额将为 598,147,669.36 元。 6.8 长期应收款 2007 年 12 月 31 日 2006 年 12 月 31 日 项目 金额 减值准备 金额 减值准备 履约保函 400,000.00 - 400,000.00 - 上述年末余额系为取得中国建设银行金桥支行为本公司提供担保而作的履约保证金定期存 款，期限为 2006 年 8 月 14 日至 2009 年 8 月 14 日。 6.9 长期股权投资 2007 年 12 月 31 日 2006 年 12 月 31 日 项目 账面余额 减值准备 账面余额 减值准备 联营企业 3,579,496.82 - 23,543,952.55 20,000,000.00 其他企业 158,258,274.94 9,740,000.00 138,977,707.26 17,468,796.02 合计 161,837,771.76 9,740,000.00 162,521,659.81 37,468,796.02 43 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.9 长期股权投资（续） 6.9.1 被投资单位主要信息 本企业在 被投资单 本企业持 位表决权 年末净 本年营业 被投资单位名称 注册地 业务性质 股比例 比例 资产总额 收入总额 本年净利润 联营企业 上海金加园物业管理有限公司 上海 物业管理 29％ 29％ 10,303,639.06 39,331,491.29 1,981,857.95 上海 生产销售 上海金光真空技术有限公司 真空镀膜 25％ 25％ 2,365,765.99 4,324,538.77 -1,309,208.26 应用产品 44 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.9 长期股权投资（续） 6.9.2 按成本法核算的长期股权投资 被投资单位名称 初始金额 2006 年 12 月 31 日 本年投资增减额 交通银行(注 1) 6,262,520.00 6,262,520.00 -6,262,520.00 国泰君安证券股份有限公司 7,660,000.00 7,660,000.00 - 海通证券有限公司(注 1) 20,400,000.00 20,400,000.00 -20,400,000.00 东方证券股份有限公司(注 2) 81,900,000.00 81,900,000.00 54,254,089.68 上海华德美居建材装饰仓储有限公司 3,310,840.00 3,310,840.00 - 上海华德美居超市有限公司(注 3) 16,555,015.00 6,456,455.00 -3,311,002.00 上海东申经济发展有限公司 7,500,000.00 7,500,000.00 - 上海新金桥创业投资管理有限公司(注 4) 5,000,000.00 5,000,000.00 -5,000,000.00 上海新金桥商业经营管理有限公司 487,892.26 487,892.26 - 合 计 149,076,267.26 138,977,707.26 19,280,567.68 注 1：交通银行及海通证券公司本年减少系企业执行新会计准则将上述两项受限流通股权转入可供出售金融资产项 注 2：经本公司第五届董事会第十九次会议审议决议通过参加东方证券股份有限公司增资扩股方案,出资人民币 54 该项增资扩股已于 2007 年 6 月 7 日完成。 注 3：上海华德美居超市有限公司系中外合作企业，根据投资合同，上海华德美居超市有限公司自正式开业之日起 一定比例的回报。本年度收到该公司按合同约定计算的回报额 3,311,002.00 元计作投资成本的收回。 注 4：上海新金桥创业投资管理有限公司本年减少数系子公司金桥联发公司本年将对其的股权转让，收回投资 1,330,700.00 元。 45 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.9 长期股权投资（续） 6.9.3 按权益法核算的长期股权投资 被投资单位名称 初始金额 2006 年 12 月 31 日 本年权益增减额 其中： 上海通用硅材料有限公司(注) 6,084,655.03 - - 上海通用硅晶体材料有限公司(注) 30,619,361.61 20,000,000.00 -20,000,000.00 上海金加园物业管理有限公司 1,470,000.00 2,656,107.41 331,947.91 上海金光真空技术有限公司 690,125.00 887,845.14 -296,403.64 合 计 38,864,141.64 23,543,952.55 -19,964,455.73 注：经本公司董事会第六届第二次会议决议审议通过《关于处置通用硅材料及硅晶体公司投资股权及资产减值的议 海通用硅晶体材料有限公司长期投资股权转让事宜，收回投资及前期欠款 7,790,000.00 元。企业原计提的长期投资 回投资成本相应转回减值准备 5,601,232.00 元、转销其余减值准备 14,398,768.00 元，冲减投资成本账面原值。 6.9.4 长期股权投资减值准备 被投资单位名称 2006 年 12 月 31 日 本年增加 本年减少 2007 年 12 月 31 日 计提原因 上海东申经济发展有限公司 7,500,000.00 - - 7,500,000.00 经营不善 国泰君安证券股份有限公司 2,240,000.00 - - 2,240,000.00 前期经营 上海通用硅晶体材料有限公司 20,000,000.00 - 20,000,000.00 - 海通证券有限公司 7,728,796.02 - 7,728,796.02 - 本年随原 合 计 37,468,796.02 27,728,796.02 9,740,000.00 46 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.9 长期股权投资（续） 6.9.5 长期股权投资年末数比年初数净增加 27,044,907.97 元，增加比例为 21.63%，增加原因 主要为本年度本公司母公司以 54,254,089.68 元增加对东方证券有限公司投资以及本年度将交 通银行及海通证券有限公司长期股权投资转入可供出售金融资产项目核算轧抵后所致。 6.10 投资性房地产 项目 建筑物 土地使用权 合计 原价 2006 年 12 月 31 日 4,076,777,117.02 371,086,205.66 4,447,863,322.68 本年增加 153,855,165.61 110,135,885.86 263,991,051.47 本年减少 104,408,979.08 140,615,714.95 245,024,694.03 2007 年 12 月 31 日 4,126,223,303.55 340,606,376.57 4,466,829,680.12 累计折旧、摊销 2006 年 12 月 31 日 929,452,337.73 32,626,401.82 962,078,739.55 本年计提 172,308,544.04 8,225,943.66 180,534,487.70 本年减少 7,287,207.03 1,903,583.54 9,190,790.57 2007 年 12 月 31 日 1,094,473,674.74 38,948,761.94 1,133,422,436.68 净值 2007 年 12 月 31 日 3,031,749,628.81 301,657,614.63 3,333,407,243.44 2006 年 12 月 31 日 3,147,324,779.29 338,459,803.84 3,485,784,583.13 6.10.1 2007 年度投资性房地产原值增加数主要系子公司金桥广场公司的建造项目“新金桥广 场”竣工决算转入原值 201,101,971.23 元，减少数系冲回上期转入的预估数 206,888,433.92 元。 详见附注 6.12.2 之说明。 6.10.2 2007 年度本公司将净值 11,108,476.48 元(原价 17,575,706.74 元)的投资性房地产转让， 处置收益为 32,540,040.00 元。 47 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.11 固定资产 项目 房屋及建筑物 机器设备 运输工具 办公及其他设备 合计 账面原值 2006 年 12 月 31 日 161,227,669.60 4,434,400.00 9,281,789.42 23,971,050.62 198,914,909.64 本年其他增加 126,302,192.65 4,696,764.00 256,955.00 14,819,440.66 146,075,352.31 本年减少 138,408,390.69 4,434,400.00 - 12,121,520.00 154,964,310.69 2007 年 12 月 31 日 149,121,471.56 4,696,764.00 9,538,744.42 26,668,971.28 190,025,951.26 累计折旧 2006 年 12 月 31 日 6,103,898.44 140,422.67 6,627,132.10 5,601,674.78 18,473,127.99 本年计提 8,042,530.47 660,597.66 696,084.97 5,001,039.50 14,400,252.60 本年减少 3,400,975.65 140,422.67 - 774,038.48 4,315,436.80 2007 年 12 月 31 日 10,745,453.26 660,597.66 7,323,217.07 9,828,675.80 28,557,943.79 账面净额 2007 年 12 月 31 日 138,376,018.30 4,036,166.34 2,215,527.35 16,840,295.48 161,468,007.47 2006 年 12 月 31 日 155,123,771.16 4,293,977.33 2,654,657.32 18,369,375.84 180,441,781.65 6.11.1 固定资产原值年末数比年初数净减少 8,888,958.38 元，减少比例为 4.47%，主要系子公 司金桥广场公司本年度调整上年度预结转的固定资产原值所致，其中固定资产原值增加额中 自在建工程决算成本转入房屋建筑物为 126,302,192.65 元，转入机器设备为 4,696,764.00 元， 转入办公及其他设备为 14,210,045.66 元；固定资产中房屋建筑物减少额 138,408,390.69 元为 冲回上期转入的预估成本数，机器设备原值减少额中 4,434,400.00 元为冲回上期转入的预估成 本数，办公及其他设备原值减少额 12,113,400.00 元为冲回上期转入的预估成本数，详见附注 6.12.2 之说明。 48 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.12 在建工程 本年减少 工程项目名称 预算数 2006 年 12 月 31 日 本年增加 转入固定资产 转入无形资产 转入投资性房地产 转入长期待 新金桥广场项目 580 万 - 548,013,019.85 145,209,002.31 152,918,571.98 201,101,971.23 47,10 S8 项目总体费用 - 2,918,107.75 - - - S8 公寓 C 组团 2,980 万 11,655,021.14 25,315,783.18 - - - S8 公寓 F 组团 2,600 万 - 1,325,766.95 - - - 软件园 2 号楼餐厅 350 万 2,203,348.25 1,301,083.30 - - - 软件园 9-16 号楼 17,550 万 51,924,731.17 107,860,185.43 - - 435,833.53 红枫路商业街 1,800 万 8,857,682.20 9,493,795.57 - - 18,351,477.77 G3 研发楼 2,930 万 - 821,976.44 - - - S1 酒店式服务公寓 6,000 万 - 1,807,193.69 - - - 碧云别墅七期 1,000 万 - 675,895.10 - - - S7 蓝天路休闲吧 1,050 万 - 441,846.04 - - - T27-28 研发楼 4,000 万 - 2,336,175.87 - - - 红枫路飞狐吧 150 万 1,450,746.69 94,139.53 - - 1,544,886.22 T15 服务中心 200 万 - 90,000.00 - - - T15-4 综合厂房 - 4,939,859.00 4,750,825.00 - - 9,690,684.00 T17-B1 8,500 万 - 944,451.00 - - - 碧云别墅六期 2,900 万 - 18,290,342.40 - - - 其他零星项目 203,148.34 - - - - 合 计 81,234,536.79 726,480,587.10 145,209,002.31 152,918,571.98 231,124,852.75 47,10 49 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.12 在建工程(续) 6.12.1 计入工程成本的借款费用资本化金额 本年转入投资 工程项目名称 2006 年 12 月 31 日 本年增加 性房地产额 其他减少 2007 年 12 月 31 日 红枫路商业街 - 34,596.66 34,596.66 - 软件园 9-16 号楼 - 852,541.83 - - 852,541.83 软件园餐厅 - 10,312.30 - - 10,312.30 G3 研发楼 - 8,865.44 - - 8,865.44 S1 酒店式服务公寓 - 14,323.69 - - 14,323.69 S3 碧云别墅 - 5,357.10 - - 5,357.10 S7 蓝天路休闲吧 - 3,502.04 - - 3,502.04 T27-28 研发楼 - 18,516.37 - - 18,516.37 合 计 - 948,015.43 34,596.66 - 913,418.77 本年计算资本化金额的资本化率为 5.5576％ 6.12.2 在建工程年末数较年初数增加了 150,125,899.73 元，增加比例为 184.81%，主要原 因为： (1) 上述在建工程“新金桥广场”项目，系子公司金桥广场公司本年除西区部分工程尚未完 工结算外，总体工程已基本完成决算工作，并按决算总成本 546,331,805.85 元分别结转至 相应报表项目，其中转入固定资产 145,209,002.31 元，转入投资性房地产 201,101,971.23 元，转入无形资产计 152,918,571.98 元，转入长期待摊费用计 47,102,260.33 元。本年增加 数主要为转回原预估成本结转至投资性房地产、固定资产和无形资产的预结转数。 (2) 本公司母公司本年碧云公寓 C 组团在建项目增加工程支出 25,315,783.18 元以及子公司 金桥联发公司本年金桥软件园 9-16 号楼在建项目增加工程支出 107,860,185.43 元所致。 50 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.13 无形资产 账面原值 土地使用权 2006 年 12 月 31 日 165,482,875.39 本年增加 152,918,571.98 本年减少 165,482,875.39 2007 年 12 月 31 日 152,918,571.98 累计摊销 2006 年 12 月 31 日 1,203,511.82 本年增加 4,544,026.94 本年减少 1,203,511.82 2007 年 12 月 31 日 4,544,026.94 账面价值 2006 年 12 月 31 日 164,279,363.57 本年增加 148,374,545.04 本年减少 164,279,363.57 2007 年 12 月 31 日 148,374,545.04 6.13.1 上述无形资产系子公司新金桥广场所拥有之“新金桥广场”物业相应土地使用权，摊 销年限为 50 年。本年增加数系开发决算成本转入数，原值减少额为冲回上期转入的预估成 本。详见附注 6.12.2 之说明。 51 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.14 长期待摊费用 项 目 装潢费 原始发生额 47,102,260.33 2006 年 12 月 31 日 - 本年增加 47,102,260.33 本年摊销 10,948,991.11 累计摊销 10,948,991.11 2007 年 12 月 31 日 36,153,269.22 剩余摊销期限(月) 43 6.14.1 长期待摊费用年末数比年初数增加 36,153,269.22 元，增加原因主要为子公司金桥广 场公司本年将原预估转入固定资产之房屋装潢费用根据工程决算成本－房屋装潢费转出并 进行调整转入本科目－长期待摊费用核算所致，详见附注 6.12.2 之说明。摊销期限为 60 个月。 6.15 所有权受到限制的资产 6.15.1 资产所有权受到限制的原因 2006 年 12 月 31 日 2007 年 12 月 31 日 项 目 账面余额 本年增加额 本年减少额 账面余额 造成所有权受到限制的资产 1.质押银行存款 - 22,448,700.00 - 22,448,700.00 2.固定资产－房屋建筑物抵押 135,007,415.04 - 15,205,338.97 119,802,076.07 3.无形资产－土地使用权抵押 164,279,363.57 - 15,904,818.53 148,374,545.04 4.投资性房地产抵押 205,100,526.06 - 11,075,479.97 194,025,046.09 合 计 504,387,304.67 22,448,700.00 42,185,637.47 484,650,367.20 6.15.1.1 质押银行存款 22,448,700.00 元人民币银行存款资产，其中为短期借款 290 万美元 借款提供质押担保的 22,048,700.00 元人民币银行存款资产，质押日期为 2007 年 8 月至 2008 年 8 月。履约保证金定期存款 400,000.00 元，期限为 2006 年 8 月 14 日至 2009 年 8 月 14 日。 6.15.1.2 截止 2007 年 12 月 31 日子公司金桥广场公司的自有房产账面净值 462,201,667.20 元，总建筑面积 41,153.92 平方米物业，已抵押给中国建设银行上海市金桥支行，作为其 300,000,000.00 元长期借款的抵押物，抵押期限为 2007 年 3 月 30 日~2010 年 4 月 4 日。 52 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.16 短期借款 借款类别 2007 年 12 月 31 日 2006 年 12 月 31 日 信用借款 610,000,000.00 350,000,000.00 保证借款 426,600,000.00 361,700,000.00 质押借款(注 1) 21,183,340.00 － 合 计 1,057,783,340.00 711,700,000.00 注 1：上述质押借款系本公司母公司金桥股份公司以 22,048,700.00 元人民币资产为质押， 向中国银行上海浦东开发区支行借入的 290 万美元短期借款。以年末汇率 7.3046 为折算汇 率，折合人民币 21,183,340.00 元。 6.16.1 短期借款年末数比年初数增加 346,083,340.00 元，增加比例为 48.63%，增加原因系 本公司本年度为在建项目筹措资金，新增短期借款 346,083,340.00 元，其中母公司新增贷 款 161,183,340.00 元，子公司金桥联发公司新增贷款 184,900,000.00 元。 6.17 应付短期融资券 种类 2007 年 12 月 31 日 2006 年 12 月 31 日 短期融资券 - 400,000,000.00 6.17.1 应付短期融资券较上年度减少 400,000,000.00 元，为本年度归还上述到期短期融资 券。 6.18 应付账款 2007 年 12 月 31 日 2006 年 12 月 31 日 97,165,963.50 209,759,585.39 6.18.1 年末应付账款中无持本公司 5%上(含 5%)表决权股份的股东款项。 6.18.2 年末应付账款中无欠关联方款项。 6.18.3 账龄超过一年的大额应付账款 客户名称 金额 未偿还原因 启东建筑工程安装有限公司 1,290,283.60 尚待结算工程尾款 6.18.4 应付账款年末数比年初数减少 112,593,621.89 元，减少比例为 53.68%，减少原因为 本年度本公司集中支付到期工程结算款所致。 53 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.19 预收账款 2007 年 12 月 31 日 2006 年 12 月 31 日 121,308,792.67 116,172,576.81 6.19.1 年末预收账款中无欠持本公司 5%以上(含 5%)表决权股份的股东款项。 6.19.2 年末预收账款中无欠关联方款项。 6.20 应付职工薪酬 6.20.1 本年计提应付职工薪酬的内容 2006 年 12 月 31 日 2007 年 12 月 31 日 项 目 本年增加额 本年减少额 账面余额 账面余额 一、工资、奖金、津贴和补贴 - 30,009,326.24 26,012,793.24 3,996,533.00 二、职工福利费 1,106,659.55 -140,484.68 966,174.87 - 三、职工奖福基金（注） 32,859,221.06 - -3,000,000.00 35,859,221.06 三、社会保险费 - 7,702,910.89 7,668,257.09 34,653.80 其中：1.医疗保险费 - 1,441,628.96 1,425,234.06 16,394.90 2.养老保险费 - 5,856,330.22 5,840,881.12 15,449.10 3.年金缴费 - - - - 4.失业保险费 - 293,507.63 291,634.43 1,873.20 5.工伤保险费 - 60,509.56 59,572.96 936.60 6.生育保险费 - 43,049.76 43,049.76 - 7.残疾人保障金 - 7,044.76 7,044.76 - 8.企业欠薪保障金 - 840.00 840.00 - 四、住房公积金 - 2,624,905.86 2,618,447.86 6,458.00 五、工会经费和职工教育经费 1,496,626.27 1,121,035.47 764,455.20 1,853,206.54 六、非货币性福利 - - - - 七、因解除劳动关系给于的补偿 - - - - 八、其他 - 118,472.19 118,472.19 - 合 计 35,462,506.88 41,436,165.97 35,148,600.45 41,750,072.40 注：系子公司金桥联发公司由外资公司转为内资企业前由其税后利润计提的职工奖励及福 利基金转入数；本年减少数负值为收回勿需由本公司承担的前期支付款项。 54 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.21 应交税费 税种 2007 年 12 月 31 日 2006 年 12 月 31 日 营业税 1,807,017.03 2,538,142.10 城建税 21,698.01 17,809.54 所得税 30,901,701.54 9,605,173.30 房产税 - 95,087.90 土地增值税 24,428,762.61 - 个人所得税 31,347.55 56,203.53 应交教育费附加 7,501.46 11,103.99 应交河道维护费 59,245.12 88,299.62 合 计 57,257,273.32 12,411,819.98 6.21.1 应交税费年末数比年初数增加 44,845,453.34 元，增加比例为 361.31%，主要原因为 本年企业根据财政部《企业缴纳土地增值税会计处理规定》的要求，按涉税项目的适用税 率计提的应交土地增值税 24,428,762.61 元和尚未交纳的所得税增加所致。 6.22 应付利息 项 目 2007 年 12 月 31 日 2006 年 12 月 31 日 短期借款 07.12.21－12.31 利息 2,828,450.61 2,700,000.00 6.23 其他应付款 2007 年 12 月 31 日 2006 年 12 月 31 日 556,318,238.93 489,139,400.96 6.23.1 年末其他应付款中关联方欠款见附注 9.4 所述 。 6.23.2 账龄超过一年的大额其他应付款 客户名称 金额 未偿还原因 上海中通贵云实业有限公司 7,851,690.00 尚待结算 上海联北经贸有限公司 5,894,250.00 尚待结算 55 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.23 其他应付款（续） 6.23.3 金额较大的其他应付款 客户名称 金额 性质或内容 金桥集团公司 298,244,184.54 暂借款 上海中通贵云实业有限公司 7,851,690.00 其他往来款 上海联北经贸有限公司 5,894,250.00 其他往来款 6.23.4 其他应付款年末数比年初数增加 67,178,837.97 元，增加比例为 13.73%，增加原因主 要为子公司金桥联发公司向金桥集团公司暂借款增加 39,938,800.00 元所致。 6.24 一年内到期的非流动负债 2007 年 12 月 31 日 2006 年 12 月 31 日 20,000,000.00 - 6.24.1 本年末余额为附注 6.15 所述事项，子公司金桥广场公司按合同约定应于 2008 年 4 月 10 日到期的抵押贷款。 6.25 长期借款 贷款单位 币种 借款条件 2007 年 12 月 31 日 2006 年 12 月 31 日 中国建设银行上海 人民币 抵押 280,000,000.00 - 市金桥支行 合 计 280,000,000.00 - 6.25.1 长期借款年末数比年初数增加 280,000,000.00 元，增加比例为 100.00％，增加原因 系子公司金桥广场公司增加的流动资金借款，本项与上述附注 6.24 项借款共同以附注 6.15 所述资产为抵押物。 56 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.26 递延所得税资产及递延所得税负债 6.26.1 递延所得税资产 2007 年 12 月 31 日 2006 年 12 月 31 日 项目 递延所得税资产 可抵扣暂时性差异 递延所得税资产 可抵扣暂时性差异 1、应收款项坏账准备 296,110.56 1,184,442.24 2,373,438.70 15,822,924.67 2、存货差异 3,126,472.18 12,505,888.72 2,021,627.07 13,477,513.80 3、长期激励基金 12,571,928.21 50,287,712.84 5,657,171.63 37,714,477.53 4、长期股权投资减值准备 3,020,000.00 12,080,000.00 5,620,319.40 37,468,796.00 5、职工住房基金 913,130.00 3,652,520.00 - - 6、预提年终奖 1,019,115.92 4,076,463.68 - - 7、内部交易未实现利润(注) 23,225,405.01 92,901,620.04 3,361,306.65 22,408,711.00 合 计 44,172,161.88 176,688,647.52 19,033,863.45 126,892,423.00 注：该内部交易未实现利润形成的递延所得税资产系本年度本公司母公司内部向子公司金 桥房产公司购买其在建项目碧云新天地 2 期 C 产生的内部交易未实现利润以及以前年度本 公司母公司与子公司金桥联发公司由购买金桥联发公司 S4、T4、T3-5 土地产生的内部交 易未实现利润以 25％适用所得税率确认的递延所得税资产。 6.26.2 递延所得税资产本年增加 25,138,298.43 元，增加比例为 132.07％，主要原因为上述 关联交易产生的递延所得税资产以及本年度以 25％预计所得税率调整原以 15％预计所得 税率确认的递延所得税资产。 6.26.3 未予确认的递延所得税资产 本年末按子公司南区公司累计未弥补亏损形成的未确认递延所得税资产的可抵扣暂时性差 异按 25％适用所得税税率计算为 13,985,448.32 元及子公司金桥广场公司本年末结转自用 和出租开发项目成本视同销售计算所得税形成的递延所得税资产 19,524,718.95 元未予确 认。 6.26.4 递延所得税负债 2007 年 12 月 31 日 2006 年 12 月 31 日 项目 递延所得税负债 应纳税暂时性差异 递延所得税负债 应纳税暂时性差异 1、可供出售金融资产公允价 53,449,675.82 213,798,703.28 - - 值变动 合 计 53,449,675.82 213,798,703.28 - - 6.26.5 本年度递延所得税负债增加 53,449,675.82 元，为本年度将公司持有的可供出售金融 资产公允价值变动部分计入资本公积，由此产生的以 25％预计所得税率确认的递延所得税 负债 53,449,675.82 元，相应调减资本公积金额。 57 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.26 递延所得税资产及递延所得税负债 6.26.6 本公司母公司及子公司适用的企业所得税率自 2008 年 1 月 1 日将按新税法调整。由 于计算递延所得税资产和递延所得税负债所使用的税率为预期收回该资产或清偿该负债期 间按照税法规定适用的税率，因此，对于新所得税法颁布之日已确认并预计在 2008 年 1 月 1 日之后转回的递延所得税资产和递延所得税负债，本公司按照 25%的适用所得税率对 年初账面余额进行了调整，差额 9,267,597.39 元调减本年的所得税费用。 58 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.27 股本 项 目 2006 年 12 月 31 日 比例% 本年变动增(+)减(-) 1.有限售条件股份 国家持有股份 370,010,037.00 43.82 - 境内法人持有股份 35,578,938.00 4.21 -35,578,938.00 有限售条件的流通股合计 405,588,975.00 48.03 -35,578,938.00 2.无限售条件股份 社会个人股（A 股） 191,364,525.00 22.67 35,578,938.00 境内上市外资股（B 股） 247,432,900.00 29.30 - 无限售条件的流通股份合计 438,797,425.00 51.97 35,578,938.00 股份总数 844,386,400.00 100.00 - 2006 年 1 月 12 日本公司股权分置改革方案实施完成。根据股权分置改革方案安排，本公司有限售条件的流通股股 公司 35,578,938 有限售条件的流通股于 2007 年 1 月 12 日上市流通，上市流通后，股权结构变更情况如上表所示。 本年度相关变更手续已办理完毕。 上述股份每股面值人民币 1 元。 59 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.28 资本公积 其他资本公积 股本溢价 可供出售金额资产 项 目 外币报表折算差额 其他转入 原制度 公允价值变动 2006 年 12 月 31 日 820,241,674.65 - -88,393,867.09 - 本年增加 - 154,483,057.14 - 215,129.65 2007 年 12 月 31 日 820,241,674.65 154,483,057.14 -88,393,867.09 215,129.65 资本公积本年增加 154,698,186.79 元，增加比例为 19.13%，主要系可供出售金融资产公允价值变动扣除递延所得税 60 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.29 盈余公积 项目 法定盈余公积 任意盈余公积 合计 2006 年 12 月 31 日 216,427,151.55 26,463,721.38 242,890,872.93 本年提取 20,952,257.71 10,476,128.85 31,428,386.56 2007 年 12 月 31 日 237,379,409.26 36,939,850.23 274,319,259.49 6.29.1 盈余公积年末数比年初数增加 31,428,386.56 元，增加比例为 12.94%，增加原因主要 为本公司母公司按净利润的 10％计提法定盈余公积及 5％计提任意盈余公积。 6.30 未分配利润 项 目 金 额 提取或分配比例 调整前 年初未分配利润 673,704,550.24 调整 年初未分配利润(调增+，调减-) 99,134,778.12 调整后 年初未分配利润 772,839,328.36 加：本年净利润 206,663,652.46 减：提取法定盈余公积 20,952,257.70 净利润 10％ 提取任意盈余公积 10,476,128.85 净利润 5％ 应付普通股股利 92,874,879.08 转作股本的普通股股利 - 年末未分配利润 855,199,715.19 调整年初未分配利润 99,134,778.12 元，其中： 6.30.1 如本附注 3.28 所述由于本公司首次执行新企业会计准则进行追溯调整，影响年初未 分配利润 117,758,032.48 元。 6.30.2 如本附注 3.28 所述由于本公司首次执行新企业会计准则，特别追溯调整与原联营企 业内部交易未实现利润-19,047,404.36 元，以与 B 股会计处理相一致。 6.30.3 子公司金桥房产公司本年对以前年度误入盈余公积的补贴收入进行追溯调整至年初 未分配利润，影响年初未分配利润 424,150.00 元。 61 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.31 少数股东权益 6.31.1 归属于各子公司少数股东的少数股东权益 公司名称 2007 年 12 月 31 日 2006 年 12 月 31 日 上海金桥（集团）有限公司 326,041,872.42 283,403,360.42 6.32 营业收入及营业成本 2007 年度 项目 主营业务 其他业务 合计 营业收入 799,432,832.08 1,709,182.44 801,142,014.52 营业成本 297,809,350.43 140,185.33 297,949,535.76 2006 年度 项目 主营业务 其他业务 合计 营业收入 990,171,989.18 2,195,341.81 992,367,330.99 营业成本 520,158,058.94 69,275.16 520,227,334.10 6.32.1 按产品或业务类别列示主营业务收入、主营业务成本 主营业务收入 主营业务成本 项目 2007 年度 2006 年度 2007 年度 2006 年度 (1)房地产销售 222,890,013.88 418,069,677.61 72,095,536.54 204,854,276.63 (2)房地产租赁 649,801,316.32 569,749,262.97 232,303,015.81 306,686,245.33 (3)酒店公寓租赁 28,401,501.88 2,353,048.60 24,577,889.07 9,105,873.47 小 计 901,092,832.08 990,171,989.18 328,976,441.42 520,646,395.43 公司内各业务分部交易相互抵销 -101,660,000.00 - -31,167,090.99 -488,336.49 合 计 799,432,832.08 990,171,989.18 297,809,350.43 520,158,058.94 6.32.2 公司前五名客户营业总额为 137,024,121.20 元，占公司本年全部营业收入的 17.10%。 6.32.3 主营业务收入本年发生数比上年发生数减少 190,739,157.10 元，减少比例为 19.26%， 减少原因主要系子公司金桥房产公司上年度已完成大部分碧云新天地项目房屋销售，本年 只实现剩余 5 套房屋的销售，金桥房产公司销售收入由此减少 290,753,022.59 元，本年通 过增加租赁和酒店业务收入同比增加了 106,100,506.63 元营业收入。 6.32.4 主营业务成本本年发生数比上年发生数减少 222,348,708.51 元，减少比例为 42.75%， 减少原因主要系本年度销售收入大幅减少导致相应的销售成本减少 132,758,740.09 元。另， 房产租赁业务成本减少的主要原因系上期投入的租赁业务项目已发生的招商等配套成本本 年同比减少所致。 62 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.33 营业税金及附加 项目 计缴标准 2007 年度 2006 年度 营业税 应税营业额 45,424,576.00 50,206,660.09 土地增值税 应税营业额 26,832,412.76 - 城市维护建设税 应缴流转税 367,347.56 315,119.34 教育费附加 应缴流转税 675,083.27 911,125.12 河道治理费 应缴流转税 130,262.94 1,512.54 房产税 应税营业额及房产余值 2,411,015.22 - 城镇土地使用税 应税土地面积 17,766,678.36 164,857.06 合 计 93,607,376.11 51,599,274.15 6.33.1 营业税金及附加发生数本年比上年增加 42,008,101.96 元，增加比例为 81.41%，增 加原因主要系本年企业按照财政部《企业缴纳土地增值税会计处理规定》的要求，按涉税 项目适用税率计提的应交土地增值税 26,832,412.76 元和涉税项目的应税土地面积计算的城 镇土地使用税 17,601,821.30 元。 6.34 销售费用 项 目 2007 年度 2006 年度 销售费用 10,368,475.90 12,165,550.42 6.34.1 销售费用本年发生数比上年发生数减少 1,797,074.52 元，减少比例为 14.77%，系本 年新竣工使用项目减少导致相应的广告费、中介费用减少所致。 6.35 管理费用 项 目 2007 年度 2006 年度 管理费用 81,885,346.01 80,426,591.36 63 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.36 财务费用 项 目 2007 年度 2006 年度 利息支出 82,539,516.09 57,887,691.27 减：利息收入 1,357,797.94 1,801,596.87 利息净支出/（净收益） 81,181,718.15 56,086,094.40 加：汇兑净损失/（净收益） -988,898.21 174,219.77 手续费 713,595.91 3,589,668.37 合 计 80,906,415.85 59,849,982.54 6.36.1 财务费用本年发生数比上年发生数增加 21,056,433.31 元，增加比例为 35.18%，系 本年借款增加导致相应利息支出增加所致。 6.37 资产减值损失 项 目 2007 年度 2006 年度 坏账损失 -8,515,649.91 64,743.06 长期股权投资减值损失 -5,601,232.00 -8,150,193.91 合 计 -14,116,881.91 -8,085,450.85 6.37.1 资产减值损失本年转回数较上期增加了 6,031,431.06 元，增加比例为 74.60%，主要 系本公司母公司本年完成对上海通用硅晶体材料有限公司长期投资股权转让事宜，收回投 资及前期欠款 7,790,000.00 元，相应转回原计提之长期投资减值准备 5,601,232.00 元和其 他应收款坏帐准备 2,188,768.00 元；另，子公司金桥联发公司收回上海京浦房产公司前欠 款项 6,391,581.96 元，相应转回原全额计提的应收帐款坏帐准备。 6.38 投资收益 项目 2007 年度 2006 年度 按权益法享有或分担的被投资公司净损 -43,897.62 599,871.57 益的份额 按成本法核算的被投资公司宣告发放的 8,630,115.35 607,386.47 股利 长期股权投资转让收益 1,340,700.00 432,510.00 合 计 9,926,917.73 1,639,768.04 6.38.1 投资收益本年发生数比上年发生数增加 8,287,149.69 元，主要原因为本年本公司母 公司收到成本法核算的东方证券股份有限公司投资返利 7,978,542.60 元所致。 64 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.39 营业外收入 项 目 2007 年度 2006 年度 非流动资产处置利得合计 - 225.00 其中：固定资产处理利得 - 225.00 无形资产处置利得 - - 违约金收入 13,772,521.23 748,763.56 政府补助 - 562,773.00 其他收入 156,093.00 230,168.34 合 计 13,928,614.23 1,541,929.90 6.39.1 营业外收入本年发生数比上年发生数增加 12,386,684.33 元，主要原因为本年度子公 司金桥联发公司新增违约金收入 11,738,163.79 元所致。 6.40 营业外支出 项 目 2007 年度 2006 年度 非流动资产处置损失合计 876.16 31,246.63 其中：固定资产处置损失 876.16 31,246.63 无形资产处置损失 - - 公益性捐赠支出 253,000.00 500,000.00 滞纳金 1,481.26 217,905.29 罚没支出 - 27,195.60 其他 - 13,922.50 合 计 255,357.42 790,270.02 6.40.1 营业外支出本年数比上年数减少 534,912.60 元，减少比例为 67.69%，减少原因主要 为本年度发生之公益性捐赠支出较去年下降 247,000.00 元以及本年度滞纳金支出减少所 致。 65 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.41 所得税费用 项 目 2007 年度 2006 年度 当年所得税费用 63,714,373.64 46,203,565.97 递延所得税费用 -26,298,124.60 16,089,650.84 以前年度所得税清算影响额 - 11,065,085.07 合 计 37,416,249.04 73,358,301.88 将列示于合并利润表的利润总额调节为所得税费用： 项目 2007 年度 2006 年度 利润总额 274,141,921.34 278,575,477.19 永久性差异 44,659,569.93 5,155,435.58 其中：无需纳税的收入 -44,306,585.32 -13,452,512.89 不可抵扣的税项费用 88,966,155.25 18,607,948.47 暂时性差异 71,007,199.13 24,292,860.33 其中：利用以前期间的税务亏损 -9,934,439.60 - 未确认的税务亏损 8,103,159.73 24,292,860.33 视同销售资产摊销基础差异 72,838,479.00 - 应纳税所得额 389,808,690.40 308,023,773.10 按法定(或适用)税率计算的税项 58,471,303.56 46,203,565.97 子公司金桥广场公司适用不同税率的影响 5,243,070.08 - 当期所得税费用 63,714,373.64 46,203,565.97 6.41.1 所得税费用本年度较上年度减少了 35,942,052.84 元，减少比例为 49.00%，主要原 因系： （1）上期增加前期清算所得税 11,065,085.07 元，本年无此项目。 （2）如附注 6.26.1 注所述，以 25％适用所得税率确认的合并报表列示的可抵扣暂时性差 异所得税影响（递延所得税资产）17,737,463.89 元减少所得税费用。 （3）本年以未来预计可转回期所得税率 25％调整原以 15％税率确认的递延所得税资产 9,267,597.39 元减少所得税费用。 66 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.42 非经常性损益 项目 2007 年度 2006 年度 非流动资产处置收益 1,340,700.00 432,510.00 计入当期损益的政府补贴 - 562,773.00 其他营业外收入 13,928,614.23 979,156.90 非流动资产处置损失 - - 扣除公司日常根据企业会计制度规定计提 -255,357.42 -790,270.02 的资产减值准备后的其他各项营业外支出 以前年度计提的福利费余额的冲回 1,158,236.84 - 扣除：非经常性损益：所得税的影响 -2,425,829.05 -177,625.49 少数股权的影响 -4,653,242.88 -374,545.98 非经常性损益合计 9,093,121.72 631,998.41 6.43 净资产收益率与每股收益 6.43.1 2007 年度净资产收益率与每股收益 净资产收益率 每股收益 报告期利润 全面摊簿 加权平均 基本每股收益 稀释每股收益 归属于公司普通股股东的净利润 7.04% 7.35% 0.2448 0.2448 扣除非经常性损益后归属于公司 6.73% 7.03% 0.2340 0.2340 普通股股东的净利润 6.43.2 2006 年度净资产收益率与每股收益 净资产收益率 每股收益 报告期利润 全面摊簿 加权平均 基本每股收益 稀释每股收益 归属于公司普通股股东的净利润 7.39% 7.52% 0.2335 0.2335 扣除非经常性损益后归属于公司 7.37% 7.49% 0.2328 0.2328 普通股股东的净利润 67 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.43 净资产收益率与每股收益(续) 6.43.3 全面摊薄和加权平均计算的净资产收益率计算公式列示如下： 全面摊薄净资产收益率＝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÷归属于公司普通股股东的年末净资产 加权平均净资产收益率＝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÷归属于公司普通股股东的加权平均净资产 归属于公司普通股股东的加权平均净资产＝归属于公司普通股股东的年初净资产＋归属于 公司普通股股东的净利润÷2＋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×新增净资产下一月份起至报告期年末的月份数÷报告期月份数－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×减少净资产下一月份起至报告期年 末的月份数÷报告期月份数±为因其他交易或事项引起的净资产增减变动×发生其他净资产 增减变动下一月份起至报告期年末的月份数÷报告期月份数。 基本每股收益计算公式列示如下： 基本每股收益＝归属于公司普通股的净利润÷发行在外普通股的加权平均数 发行在外普通股加权平均数＝年初发行在外普通股股数＋当期因公积金转增股本或股票股 利分配等增加股份数＋当期新发行普通股股数×已发行月份数÷报告期月份数－当期回购 普通股股数×已回购月份数÷报告期月份数－报告期缩股数 6.43.4 报告期公司未发行潜在普通股的情况而毋须重新计算稀释的每股收益。 6.43.5 资产负债表日至财务报告批准报出日之间，公司无发行在外普通股或潜在普通股股 数发生重大变化的情况。 68 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.44 现金流量附注 6.44.1 将净利润调节为经营活动现金流量 项目 2007 年度 2006 年度 净利润 236,725,672.30 205,217,175.31 资产减值准备 -14,116,881.91 -8,085,450.85 固定资产折旧 11,362,573.23 8,136,736.21 无形资产摊销 3,340,515.12 - 长期待摊费用摊销 10,089,284.40 -137,669.68 处置固定资产、无形资产和其他长期资产的损失 - 72,945.05 固定资产报废损失 876.16 5,300.00 财务费用 78,208,271.84 59,372,383.33 投资损失 -9,926,917.73 -1,639,768.04 递延所得税资产减少 -26,754,564.37 15,601,314.35 存货的减少 -408,786,909.51 194,307,765.58 经营性应收项目的减少 -91,819,902.10 112,738,862.00 经营性应付项目的增加 13,141,054.95 -297,684,725.62 投资性房地产的减少 158,086,582.54 -225,848,028.62 经营活动产生的现金流量净额 -40,450,345.08 62,056,839.02 6.44.2 现金及现金等价物净变动情况 项目 2007 年度 2006 年度 现金的年末余额 58,047,282.38 71,054,238.89 减：现金的年初余额 71,054,238.89 108,311,926.58 加：现金等价物的年末余额 - - 减：现金等价物的年初余额 - - 现金及现金等价物净增加额 -13,006,956.51 -37,257,687.69 6.44.3 现金及现金等价物 项目 2007 年 12 月 31 日 2006 年 12 月 31 日 货币资金 库存现金 18,931.47 20,534.05 银行存款 58,028,350.91 71,033,704.84 现金及现金等价物年末余额 58,047,282.38 71,054,238.89 69 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.44 现金流量附注（续） 6.44.4 收到的其他与经营活动有关的现金 现金流量表中收到与经营活动有关的现金主要包括： 项目 2007 年度 2006 年度 保证金押金 18,337,365.50 22,863,404.01 收回代垫款项 10,414,523.58 - 合计 28,751,889.08 22,863,404.01 6.44.5 支付的其他与经营活动有关的现金 现金流量表中支付其他与经营活动有关的现金主要包括： 项目 2007 年度 2006 年度 与销售费用有关 10,352,346.32 9,488,928.93 与管理费用有关 22,103,955.14 14,660,810.53 代垫水电费 6,070,082.96 5,388,537.84 归还的华山医院购地保证金 - 3,845,000.00 捐赠支出 253,000.00 500,000.00 合计 38,779,384.42 33,883,277.30 6.44.6 收到的其他与投资活动有关的现金 现金流量表中收到与投资活动有关的现金主要包括： 项目 2007 年度 2006 年度 利息收入 1,357,797.94 1,801,596.87 70 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 6 合并财务报表项目附注(续) 6.44 现金流量附注（续） 6.44.7 收到的其他与筹资活动有关的现金 现金流量表中收到与筹资活动有关的现金主要包括： 项目 2007 年度 2006 年度 向金桥集团公司借款 305,000,000.00 194,320,615.91 发行中国人民银行批准之短期融资券融资款项 - 800,000,000.00 合计 305,000,000.00 994,320,615.91 6.44.8 支付的其他与筹资活动有关的现金 现金流量表中支付与筹资活动有关的现金主要包括： 项目 2007 年度 2006 年度 美元借款质押银行存款及与筹资活动相关金融 22,385,547.78 - 机构手续费 归还金桥集团公司借款 284,000,000.00 5,388,537.84 归还短期融资券本息 - 409,620,000.00 合计 306,385,547.78 415,008,537.84 71 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 7 业务分部 7.1 2007 年度及 2007 年 12 月 31 日分部信息 项目 房地产销售业务 房地产租赁业务 酒店公寓业务 其他业务 不可划分资 一、营业收入 222,890,013.88 649,801,316.32 28,401,501.88 28,668,082.44 其中：对外交易收入 121,230,013.88 649,801,316.32 28,401,501.88 1,709,182.44 分部间交易收入 101,660,000.00 - - 26,958,900.00 二、营业成本 72,095,536.54 232,303,015.81 24,577,889.07 1,715,185.33 其中：对外交易成本 40,928,445.55 232,303,015.81 24,577,889.07 140,185.33 分部间交易成本 31,167,090.99 - - 1,575,000.00 三、营业费用 464,055.75 9,330,716.54 573,703.61 - 四、营业利润（亏损） 83,864,082.94 274,050,021.01 -2,130,127.64 18,402,944.08 五、资产总额 1,187,800,437.51 4,331,417,901.59 325,196,340.11 514,483,139.20 741,224 六、负债总额 200,284,604.87 826,777,122.90 6,680,265.93 - 1,694,013 七、补充信息 1、折旧及摊销费用 1,390,417.29 6,299,687.07 16,679,011.85 573.16 2、资本性支出 56,326,909.22 11,932,458.82 12,077,868.10 12,453.39 72 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 7 业务分部(续) 7.1 2006 年度及 2006 年 12 月 31 日分部信息 项目 房地产销售业务 房地产租赁业务 酒店公寓业务 其他业务 不可划分资产 一、营业收入 418,069,677.61 569,749,262.97 2,353,048.60 3,770,341.81 其中：对外交易收入 418,069,677.61 569,749,262.97 2,353,048.60 2,195,341.81 分部间交易收入 - - - 1,575,000.00 二、营业成本 204,854,276.63 306,686,245.33 9,105,873.47 1,644,275.16 其中：对外交易成本 204,365,940.14 306,686,245.33 9,105,873.47 69,275.16 分部间交易成本 488,336.49 - - 1,575,000.00 三、营业费用 923,937.48 11,176,788.65 64,824.29 - 四、营业利润（亏损） 182,811,277.22 250,067,634.53 -8,051,770.41 739,255.42 五、资产总额 821,159,264.68 4,723,186,016.39 322,743,666.28 121,508,911.24 691,726, 六、负债总额 219,791,409.58 289,564,583.87 631,829.84 - 2,222,130, 七、补充信息 1、折旧及摊销费用 205,136.63 2,402,554.92 5,512,092.14 25,643.43 2、资本性支出 35,299,887.47 4,223,899.14 50,259,089.91 310,944.87 73 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 8 母公司财务报表项目附注 8.1 应收账款 8.1.1 应收账款按账龄结构分析如下： 账龄结构 2007 年 12 月 31 日 2006 年 12 月 31 日 1 年以内(含 1 年) 4,719,466.07 3,357,949.75 8.1.2 应收账款按类别分析如下： 2007 年 12 月 31 日 2006 年 12 月 31 日 占总额 坏账 计提 坏账 计提 金额 金额 占总额比例 类别 比例 准备 比例 准备 比例 单项金额重大 1,269,256.00 26.89% - - - - - - 单项金额不重 大但组合风险 - - - - - - - - 较大 其他 3,450,210.07 73.11% - - 3,357,949.75 100.00% - - 合计 4,719,466.07 100.00% - - 3,357,949.75 100.00% - - 8.1.3 单项金额重大的应收帐款(于 2007 年 12 月 31 日) 债务人 金额 计提比例 理由 上海 ABB 变压器公司 1,269,256.00 - 确信可以收回 8.1.4 年末应收账款中欠款金额前五名 占应收账款 债务人 金额 账龄 总额的比例 上海 ABB 变压器公司 1,269,256.00 1 年以内 26.89% 宇龙数控技术(上海)有限公司 420,011.89 1 年以内 8.90% 柯达电子(上海)有限公司 321,600.09 1 年以内 6.81% 路川金域电子(上海) 有限公司 259,591.62 1 年以内 5.50% 易生肖特电源产品制造(上海) 有限公司 199,493.31 1 年以内 4.23% 合计 2,469,952.91 52.33% 8.1.5 年末无关联方应收账款。 8.1.6 应收账款年末数比年初数增加 1,361,516.32 元，增加比例为 40.55％，增加原因主要 为本年度租赁收入增加对应之应收租金增加。 74 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 8 母公司财务报表项目附注（续） 8.2 其他应收款 8.2.1 其他应收款按账龄结构分析如下： 账龄结构 2007 年 12 月 31 日 2006 年 12 月 31 日 1 年以内(含 1 年) 272,280,188.66 252,265,277.60 1—2 年(含 2 年) 122,369,830.32 37,456,275.04 3 年以上 - 241,605,780.29 合计 394,650,018.98 531,327,332.93 75 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 8 母公司财务报表项目附注（续） 8.2 其他应收款（续） 8.2.2 其他应收款按类别分析如下： 2007 年 12 月 31 日 2006 年 12 月 31 日 类别 金额 占总额比例 坏账准备 计提比例 金额 占总额比 单项金额重大 396,175,739.11 99.79% 2,340,000.00 0.59% 538,948,531.12 99.8 单项金额不重大 - - - - - 但组合风险较大 其他 814,279.87 0.21% - - 718,801.81 0.1 合计 396,990,018.98 100.00% 2,340,000.00 0.59% 539,667,332.93 100.0 76 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 8 母公司财务报表项目附注（续） 8.2 其他应收款（续） 8.2.3 单项金额重大的其他应收款 债务人 金额 计提比例 理由 金桥广场公司 156,177,879.22 金桥房产公司 124,404,148.60 金桥南区建设公司 76,520,288.08 金桥联发公司 32,171,023.21 国泰君安投资管理公司 （注） 3,982,464.00 58.76% 前期经营不善，亏损较大 国泰君安证券股份有限公司 2,919,936.00 合计 396,175,739.11 注：见附注 6.3.3 注 1 所述。 8.2.4 以前年度已全额或大比例计提坏账准备，本年度又全额或部分收回的其他应收款 原估计计提 原估计计提比 债务人 收回或重组债权金额 收回方式 比例理由 例的合理性 上海通用硅晶体材料有限公司 2,188,768.00 银行收款 按帐龄计提 合理 8.2.4.1 本年本公司母公司完成对上海通用硅晶体材料有限公司长期投资股权转让事宜，收 回投资及前期欠款 7,790,000.00 元，相应转回原计提之长期投资减值准备 5,601,232.00 元、 其他应收款坏帐准备 2,188,768.00 元，随之转销长期投资减值准备 14,398,768.00 元，冲减 投资成本账面原值；转销其他应收款坏帐准备 3,811,232.00 元，冲减其他应收款账面原值。 8.2.5 本年度实际核销的其他应收款 债务人 核销金额 性质 原因 是否关联方 上海通用硅晶体材料有限公司 3,811,232.00 往来款 无法收回 是 见附注 6.3.4 之说明。 8.2.6 年末其他应收款中欠款金额前五名 债务人 金额 账龄 占其他应收款总额的比例 金桥广场公司 156,177,879.22 1 年以内 39.34% 金桥房产公司 124,404,148.60 1 年以内 31.34% 金桥南区建设公司 76,520,288.08 1 年以内 19.28% 金桥联发公司 32,171,023.21 1 年以内 8.10% 国泰君安证券股份有限公司 2,919,936.00 1 年以内 0.74% 合计 392,193,275.11 98.80% 77 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 8 母公司财务报表项目附注（续） 8.2 其他应收款（续） 8.2.7 年末关联方其他应收款占其他应收款总金额的 98.06％。 8.2.8 其他应收款年末数比年初数减少 136,677,313.95 元，减少比例为 25.72％，减少原因 主要系本年本公司母公司收回子公司金桥广场公司 204,260,461.82 元项目参建款所致。 8.3 长期股权投资 2007 年 12 月 31 日 2006 年 12 月 31 日 项目 账面余额 减值准备 账面余额 减值准备 合营企业子公司 658,081,438.49 - 658,081,438.49 - 联营企业 - - 20,000,000.00 20,000,000.00 其他企业 150,270,382.68 2,240,000.00 120,889,815.00 8,140,000.00 合计 808,351,821.17 2,240,000.00 798,971,253.49 28,140,000.00 78 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 8 母公司财务报表项目附注（续） 8.3 长期股权投资（续） 8.3.1 按成本法核算的长期股权投资 8.3.1.1 成本法核算的非同一控制下的公司的主要信息 本公司在被投资单位表 被投资单位名称 注册地 业务性质 本公司持股比例 年末净资产总额 决权比例 金桥房产公司 金桥路 1398 号 房地产开发 86.00% 94.46%（注 1） 307,065,701.80 酒店公寓租赁及自有物 金桥广场公司 北京西路 1 号 74.34% 89.84%（注 2） -8,753,658.44 业租赁 金桥联发公司 新金桥路 28 号 房地产开发 60.40% 60.40% 823,338,061.66 金桥南区建设公司 华东路 5001 号 房地产开发 95.00% 98..02%（注 3） 244,058,206.74 见附注 5.1 注 1、2、3 所述。 79 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 8 母公司财务报表项目附注（续） 8.3 长期股权投资（续） 8.3.1 按成本法核算的长期股权投资（续） 8.3.1.1.2 成本法核算的长期股权投资 被投资单位名称 初始金额 2006 年 12 月 31 日 本年投资增减额 20 金桥广场公司 37,170,000.00 37,170,000.00 - 金桥房产公司 31,417,212.28 31,417,212.28 - 金桥联发公司 304,494,226.21 304,494,226.21 - 金桥南区建设公司 285,000,000.00 285,000,000.00 - 交通银行 (注 1) 6,262,520.00 6,262,520.00 -6,262,520.00 国泰君安证券股份有限公司 (注 1) 7,660,000.00 7,660,000.00 - 海通证券有限公司(注 1) 15,300,000.00 15,300,000.00 -15,300,000.00 东方证券股份有限公司(注 2) 81,900,000.00 81,900,000.00 54,254,089.68 上海华德美居建材装饰仓储有限公司 3,310,840.00 3,310,840.00 - 上海华德美居超市有限公司 (注 3) 16,555,015.00 6,456,455.00 -3,311,002.00 合 计 789,069,813.49 778,971,253.49 29,380,567.68 (注 1~注 3)：见附注 6.9.2 注 1、2、3 所述。 80 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 8 母公司财务报表项目附注（续） 8.3 长期股权投资（续） 8.3.2 按权益法核算的长期股权投资 被投资单位名称 初始金额 2006 年 12 月 31 日 本年权益增减额 其中： 联营企业: 上海通用硅材料有限公司 6,084,655.03 - - 上海通用硅晶体材料有限公司 30,619,361.61 20,000,000.00 -20,000,000.00 本年减少原因见附注 6.9.3 注 所述。 8.3.3 长期投资减值准备 被投资单位名称 2006 年 12 月 31 日 本年增加 本年减少 2007 年 12 月 31 国泰君安证券股份有限公司 2,240,000.00 - - 2,240,000. 上海通用硅晶体材料有限公司 (注) 20,000,000.00 - 20,000,000.00 海通证券有限公司 5,900,000.00 - 5,900,000.00 合 计 28,140,000.00 25,900,000.00 2,240,000. 注：见附注 6.9.3 注 所述。 81 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 8 母公司财务报表项目附注（续） 8.4 营业收入及营业成本 2007 年度 项目 主营业务 其他业务 合计 营业收入 465,115,610.17 22,422,873.00 487,538,483.17 营业成本 142,174,691.31 25,389.97 142,200,081.28 2006 年度 项目 主营业务 其他业务 合计 营业收入 396,463,001.22 253,495.80 396,716,497.02 营业成本 190,873,130.08 12,738.16 190,885,868.24 8.4.1 按产品或业务类别列示主营业务收入、主营业务成本 主营业务收入 主营业务成本 项目 2007 年度 2006 年度 2007 年度 2006 年度 (1)房地产销售业务 23,162,857.14 - 7,608,596.00 - (2)房地产租赁业务 441,952,753.03 396,463,001.22 134,566,095.31 190,873,130.08 合 计 465,115,610.17 396,463,001.22 142,174,691.31 190,873,130.08 8.4.2 公司向前五名客户销售总额为 69,839,926.07 元，占公司本年全部营业收入的 14.33% 8.4.3 营业收入本年发生数比上年发生数增加 90,821,986.15 元，增加比例为 22.89%，增加 原因主要系本公司母公司本年新增 T15-4 厂房销售收入 23,162,857.14 元以及由上年度下半 年转入投资性房地产核算的 S8 公寓 B 组团、碧云别墅 5 期等本年度租金收入大幅增长所 致。 8.5 投资收益 项目 2007 年度 2006 年度 按成本法核算的被投资公司宣告发放的股利 8,574,732.60 476,952.00 长期股权投资转让收益 10,000.00 - 合 计 8,584,732.60 476,952.00 8.5.1 投资收益本年发生数比上年发生数增加 8,107,780.60 元，主要原因为本公司母公司本 年收到成本法核算的东方证券股份有限公司投资返利 7,978,542.60 元所致。 82 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 9 关联方关系及其交易 9.1 存在控制关系的关联方 9.1.1 存在控制关系的关联方简况 企业名称 与本企业关系 主营业务 注册地址 法定代表人 组织机构代码 金桥集团公司 最终母公司 房地产开 上海新金桥路 28 号 俞标 630878838 发经营 公司最终控制人为上海市国有资产监督管理委员会和上海浦东新区国有资产监督委员会。 金桥集团公司为国有授权经营的国有独资公司，持股比例和表决权比例均为 43.82％。 9.1.2 存在控制关系的关联方的注册资本及其变化(金额单位：万元) 公司名称 2006 年 12 月 31 日 本年增加 本年减少 2007 年 12 月 31 日 金桥集团公司 88,420.072 - - 88,420.072 金桥房产公司 3,000.00 - - 3,000.00 金桥联发公司 54,000.00 - - 54,000.00 金桥广场公司 5,000.00 - - 5,000.00 金桥南区建设公司 30,000.00 - 30,000.00 9.1.3 存在控制关系的关联方所持股份及其变化(金额单位：万元) 2006 年 12 月 31 日 本年增加 本年减少 2007 年 12 月 31 日 企业名称 金额 % 金额 % 金额 % 金额 % 金桥集团公司 37,001.00 43.82 - - - - 37,001.00 43.82 金桥房产公司 2,580.00 86.00 - - - - 2,580.00 86.00 金桥联发公司 32,616.00 60.40 - - - - 32,616.00 60.40 金桥广场公司 3,717.00 74.34 - - - - 3,717.00 74.34 金桥南区建设公司 28,500.00 95.00 - - - - 28,500.00 95.00 9.2 不存在控制关系但有关联交易的关联方 单位名称 与本公司的关系 上海欣城物业有限公司 受同一母公司控制 上海新金桥商业经营管理有限公司 受同一母公司控制 上海金加园物业管理有限公司 受同一母公司控制 上海新金桥国际物流公司 受同一母公司控制 上海金光真空技术有限公司 受同一母公司控制 平和学校 受同一母公司控制 83 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 9 关联方关系及其交易（续） 9.3 关联方交易(金额单位：万元) 9.3.1 存在控制关系且已确认本公司合并财务报表范围的子公司，其相互间交易及母子公司 交易已作抵销。 9.3.2 接受关联方借款担保 2007 年度 2006 年度 占年度同类交易 占年度同类交 企业名称 金额 百分比(%) 金额 易百分比(%) 定价政策 金桥集团公司 4,460 100.00％ 36,170 100.00％ 无 9.3.3 接受关联方提供劳务 2007 年度 2006 年度 占年度同类交 占年度同类交 企业名称 金额 易百分比(%) 金额 易百分比(%) 定价政策 上海新金桥商业经营管 31.59 100.00％ 92.06 100.00％ 与非关联方相同 理有限公司 上海欣城物业有限公司 18.85 100.00％ 6.28 100.00％ 与非关联方相同 上海金加园物业管理有 98.62 100.00％ 35.69 100.00％ 与非关联方相同 限公司 上海金开市政有限公司 528.30 100.00％ 317.91 100.00％ 与非关联方相同 合 计 677.36 100.00％ 451.94 100.00％ 9.3.4 接受资金 2007 年度 2006 年度 占年度同类交易 占年度同类交 项目 金额 百分比(%) 金额 易百分比(%) 本金 30,500.00 100.00％ 18,499.95 100.00％ 资金占用费 1,893.88 100.00％ 本年度，本公司占用金桥集团公司资金的资金占用费为 18,938,800.00 元(2006 年度为零元)， 资金占用费用按季结算，第一至第四季度分别为 3,683,200.00 元、3,625,400.00 元、 5,454,900.00 元和 6,175,300.00 元，年平均资金占用费率为 6.16% 。 84 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 9 关联方关系及其交易（续） 9.3 关联方交易(金额单位：万元)（续） 9.3.5 接受归还资金 2007 年度 2006 年度 占年度同类交易 占年度同类交易 企业名称 金额 百分比(%) 金额 百分比(%) 平和学校 - - 300 100.00％ 9.3.6 归还资金 2007 年度 2006 年度 占年度同类交易 占年度同类交易 企业名称 金额 百分比(%) 金额 百分比(%) 金桥集团公司 28,400 100.00％ - - 9.3.7 向关联方提供厂房租赁 2007 年度 2006 年度 占年度同类交 占年度同类交 企业名称 金额 易百分比(%) 金额 易百分比(%) 定价政策 上海金光真空技术有 45.64 0.07% 45.64 0.08% 与非关联方相同 限公司 平和学校 1,750 2.69% 1,300 2.28% 与非关联方相同 上海新金桥国际物流 1,226.63 1.89% 1,248.99 2.19% 与非关联方相同 有限公司 上海通用硅晶体材料 116.15 0.18% 196.47 0.35% 与非关联方相同 有限公司 合计 3,138.42 4.83% 2,791.10 4.90% 9.3.8 向关联方转让股权 2007 年度 2006 年度 占年度同类 占年度同类 企业名称 金额 交易百分比(%) 金额 交易百分比(%) 金桥集团公司 633.07 100.00％ - - 上海金加园物业管理有限公司 - - 53.25 100.00％ 合计 633.07 100.00％ 53.25 100.00％ 85 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 9 关联方关系及其交易（续） 9.3 关联方交易(金额单位：万元)（续） 9.3.9 向关联方收回应收租金 2007 年度 2006 年度 占年度同类 占年度同类 企业名称 金额 交易百分比(%) 金额 交易百分比(%) 平和学校 300 100.00％ - - 9.3.10 向关联方收回投资款 2007 年度 2006 年度 占年度同类交易 占年度同类交易 企业名称 金额 百分比(%) 金额 百分比(%) 上海金桥出口加工区实业发展总公司 - - 214.43 100.00％ 9.3.11 关键管理人员薪酬 2007 年度本公司关键管理人员的报酬（包括货币和非货币形式）总额为 135.38 万元（2006 年度为 168.27 万元）。2007 年度本公司关键管理人员包括董事、总经理和副总经理等共 17 人（2006 年度为 17 人），其中在本公司领取报酬的为 9 人（2006 年度为 10 人）。 9 关联方关系及其交易（续） 9.4 关联方往来款项余额(金额单位：万元) 占所属科目全部应收(付) 年末金额(万元) 款项余额的比重(%) 项 目 本年末 上年末 本年末 上年末 应收账款： 平和学校 - 300 - 26.42% 上海金光真空技术有限公司 22.82 - 1.60% - 上海通用硅晶体材料有限公司 - 138.40 - 12.19% 其他应收款： 上海通用硅晶体材料有限公司 - 600 - 86.42% 其他应付款 平和学校 - 12.24 - 0.03% 上海金桥（集团）有限公司 29,824.42 25,830.54 53.61% 52.91% 上海金光真空技术有限公司 - 8.79 - 0.02% 上海新金桥商业经营有限公司 15.02 - 0.03% - 86 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 10 或有事项 10.1 截至 2007 年 12 月 31 日止本公司无重大未决诉讼事项。 10.2 截至 2007 年 12 月 31 日止本公司无为关联方及其他单位提供担保情况。 11 承诺事项 截至 2007 年 12 月 31 日，本公司未发生影响本财务报表阅读和理解的重大承诺事项。 12 资产负债表日后事项 12.1 资产负债表日后公司利润分配方案 资产负债表日后公司利润分配方案：拟每 10 股分红 1.1 元（含税）。 12.2 资产负债表日后发生其他重要事项 2008 年 3 月 17 日经本公司 2008 年度第一次临时股东大会决议通过将本公司及子公司金桥 联发公司权属下的 T6 和 T8 内土地约 12 万平方米场地使用权（其中本公司权属下场地面 积约为 2.5 万平方米，金桥联发公司权属下的场地面积约为 9.5 万平方米），以不低于 1000 元/平方米的土地转让价格，转让给通用汽车（中国）投资有限公司。 除上述事项外，截至 2007 年 12 月 31 日，本公司未发生其他影响本财务报表阅读和理解的 资产负债表日后事项。 13 其他重要事项 13.1 2007 年 1 月 9 日公司就股权分置改革方案中有限售条件的流通股上市流通在《上海 证券报》和香港《文汇报》上刊登《公司有限售条件的流通股上市公告》，本次有限售条 件的流通股上市数量为 35,578,938 股；本次有限售条件的流通股上市流通日为 2007 年 1 月 12 日。 13.2 本公司董事会第五届第十六次会议决议审议通过《关于转让所持通用硅材料及硅晶体 公司股权的议案》，为减少对通用硅项目的投资及债权损失，同意以总价 780 万元向美国 通用硅公司转让本公司所持上海通用硅材料有限公司、上海通用硅晶体材料有限公司全部 股权，以及本公司对该两公司的截至 2004 年底前发生的全部债权。截止本财务报表批准日， 上述股权转让事项业已完成。 87 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 13 其他重要事项（续） 13.3 本公司五届十九次董事会决议一致同意公司参加东方证券增资扩股。本公司现持有东 方证券股份 7,978.54 万股，持股比例为 3.72%。根据东方证券股东大会审议通过的《关于 增资扩股的议案》，本次增资按 10 配 5 的比例，每股 1.36 元的价格在老股东之间配售。 本公司出资人民币 5,425 万元认购 3,989.27 万股东方证券股份。截止本财务报表批准日， 本次增资扩股事项业已完成。 13.4 2007 年 3 月 22 日，公司董事会就国泰君安证券股份有限公司（以下简称国泰君安） 的股东增资意向征询函作出决议：同意公司按每 10 股认购 2 股的比例，认购国泰君安证券 股份有限公司股份 152.08 万股，以及国泰君安投资管理公司股份 152.08 万股。按两公司每 股增资价格之和为 3 元人民币的价格，公司拟合计出资人民币 456.25 万元。本次增资扩股 事项尚需中国证监会核准，截止本财务报表批准日，上述事项尚在进行中。 13.5 经上海建欣房地产估价有限公司“建欣房估字 2007030080 号房地产抵押评估报告”认 定，子公司上海新金桥广场实业有限公司以其所有位于上海市黄浦区北京西路 1－39 号(单 号), 总建筑面积 41,153.92 平方米物业，评估价值 101,448.04 万元的“新金桥广场”房屋所有 权及其相应的土地使用权为抵押,向中国建设银行股份有限公司上海金桥支行贷款人民币 300,000,000.00 元，贷款期限分别为 2007 年 3 月 30 日~2010 年 3 月 29 日,及 2007 年 4 月 5 日~2010 年 4 月 4 日，贷款金额各为 150,000,000.00 元。 13.6 2007 年 12 月 3 日经本公司 2007 年度临时股东大会决议通过向中国人民银行申请发行 短期融资券，总金额不超过 10 亿元。公司于 2007 年 12 月 10 日向中国人民银行提出关于 申请发行 2008 年短期融资券的请示，融资金额为 10 亿元。截至财务报表批准日，该申请尚处于审 批中。 14 补充资料 本公司根据《公开发行证券的公司信息披露规范问答第 7 号――新旧会计准则过渡期间比 较财务会计信息的编制和披露》（证监会计字[2007]10 号）规定，假定比较年初开始执行 新会计准则第 1 号至第 37 号，以可比年初（即 2006 年 1 月 1 日）资产负债表为起点，对 《企业会计准则第 38 号――首次执行企业会计准则》第五条至第十九条之外的不需要追溯 调整的事项，模拟执行新会计准则的净利润与原准则下净利润列示如下： 88 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 14 补充资料（续） 14.1 2006 年度净利润差异调节表 项目 金额 2006 年度净利润（原会计准则） 212,504,377.96 追溯调整项目影响合计数 -15,304,160.18 其中：所得税费用－递延所得税 -15,719,246.20 特别调整－原联营企业内部销售未实现利润转回 415,086.02 2006 年度归属于母公司净利润（新会计准则） 197,200,217.78 假定全面执行新会计准则的备考信息 影响合计数 (注) 990,267.58 2006 年度模拟净利润 198,190,485.36 注：影响合计数为假定 2006 年度企业全面执行新会计准则应冲回的当年度计提未支用完毕 的福利费及职工教育经费余额扣除所得税后当年净利润影响数。 14.2 新旧会计准则股东权益差异调节表对比披露表 本公司按照《关于做好与新会计准则相关财务会计信息披露工作的通知》 （证监发[2006]136 号）、《企业会计准则解释第 1 号》（财会[2007]14 号）等文件要求重新编制了 2007 年 1 月 1 日股东权益差异调节表，该表与 2006 年度财务报告中披露的原股东权益差异调节表对 比如下： 89 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 14 补充资料（续） 14.2 新旧会计准则股东权益差异调节表对比披露表 新旧会计准则股东权益差异调节表对比披露表 编号 项目名称 2007 年报披露数 2006 年报原披露数 差异 原因说明 2006 年 12 月 31 日股东权益 2,698,752,159.81 2,698,752,159.81 （原会计准则） 1 长期股权投资差额 其中：同一控制下企业合并形成的长期股权 投资差额 其他采用权益法核算的长期股权投资 贷方差额 2 拟以公允价值模式计量的投资性房地产 因预计资产弃置费用应补提的以前年度折 3 旧等 4 符合预计负债确认条件的辞退补偿 5 股份支付 6 符合预计负债确认条件的重组义务 7 企业合并 其中：同一控制下企业合并商誉的账面价值 根据新准则计提的商誉减值准备 以公允价值计量且其变动计入资本公积的 8 可供出售金融资产 以公允价值计量且其变动计入当期损益的 9 金融负债 10 金融工具分拆增加的权益 11 衍生金融工具 12 所得税 -10,925,780.75 -11,133,762.10 207,981.35 说明(1) 13 少数股东权益 283,320,999.81 283,320,999.81 - 14 B 股、H 股等上市公司特别追溯调整 -19,047,404.36 - -19,047,404.36 说明(2) 15 其他 2007 年 1 月 1 日股东权益（新会计准则） 2,952,099,974.51 2,970,939,397.52 -18,839,423.01 说明： 本公司根据按照《关于做好与新会计准则相关财务会计信息披露工作的通知》（证监发 [2006]136 号）、《企业会计准则解释第 1 号》（财会[2007]14 号）等文件要求复核 2007 年 1 月 1 日股东权益差异调节表，并将其与 2006 年度报告中披露的原股东权益差异调节表 进行对比和修正，修正原因如下： (1) 随着对新会计准则认识的加深，子公司金桥联发公司将原计入递延所得税负债科目的 权益法影响数 207,981.35 元冲回,调整年初未分配利润及递延所得税负债。 (2) 本公司执行新企业会计准则，对原联营企业内部交易未实现利润追溯调整年初未分配 利润-19,047,404.36 元，以与 B 股会计处理相一致。 除上项所述差异外，未存在其他重大需调整事项，与原披露数字保持一致。 90 上海金桥出口加工区开发股份有限公司 2007 年度财务报表附注 15 对比数据 为符合一致性原则，本公司对列于本财务报表附注中的某些年初或上年比较数据已作适当 的重分类及重新表述。 上海金桥出口加工区开发股份有限公司 法定代表人： 主管会计工作的负责人： 会计机构负责人： 日期：2008 年 3 月 31 日 91 SHANGHAI JINQIAO EXPORT PROCESSING ZONE DEVELOPMENT CO., LTD (Established in the People’s Republic of China with limited liability) Financial Statements For the year ended 31 December 2007 SHANGHAI JINQIAO EXPORT PROCESSING ZONE DEVELOPMENT CO., LTD AUDITS’S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 CONTENTS PAGES AUDITS’S REPORT 1 -2 3-4 CONSOLIDATED AND PARENT COMPANY BALANCE SHEET 5 CONSOLIDATED AND PARENT COMPANY INCOME STATEMENT CONSOLIDATED AND PARENT COMPANY STATEMENT OF CASH FLOWS 6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 7-8 PARENT COMPANY STATEMENT OF CHANGES IN EQUITY 9 - 10 NOTES TO THE FINANCIAL STATEMENTS 11-103 AUDITORS’ REPORT To the Board of Directors of Shanghai Jinqiao Export Processing Zone Development Co., Ltd We have audited the accompanying financial statements of Shanghai Jinqiao Export Processing Zone Development Co., Ltd, which comprise the company and consolidated balance sheet as at December 31, 2007, and the related statements of income, cash flow and changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Accounting Standards for Business Enterprises. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. 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 CPA Criteria. 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, the auditor considers internal control relevant to the entity’s preparation and fair presentation 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 entity’s 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. 1 Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Shanghai Jinqiao Export Processing Zone Development Co., Ltd as of December 31, 2007, and of its financial performance and its cash flows for the year then ended in accordance with Accounting Standards for Business Enterprises. China CPA Zhengyun_Zhou China CPA Herping_He BDO Shanghai Zhonghua Certified Public Accountants March 31, 2008 Shanghai. China 2 Shanghai Jinqiao Export Processing Zone Development Co., Ltd CONSOLIDATED AND PARENT COMPANY BALANCE SHEET AT 31 DECEMBER 2007 (Unit: RMB) 2007.12.31 2006.12.31 2007.12.31 2006.12.31 Assets Note Consolidated Consolidated Parent company Parent company Current Assets Cash and cash equivalents 6.1 58,047,282.38 71,054,238.89 20,918,575.68 52,258,150.48 Tradable financial assets Notes receivable Accounts receivable 6.2 14,282,136.00 11,353,737.47 4,719,466.07 3,357,949.75 Advance to supplier 6.4 1,058,978.20 1,801,599.68 323,688.00 804,000.00 Interests receivable Dividends receivable - - - 86,000,000.00 Other receivables 6.3 17,875,183.35 6,942,496.26 394,650,018.98 531,327,332.93 Inventories 6.5 1,089,805,465.44 781,991,949.85 321,191,717.74 217,906,800.74 Non-current assets due within one year Other current assets 6.6 22,048,700.00 - 22,048,700.00 - Total current assets 1,203,117,745.37 873,144,022.15 763,852,166.47 891,654,233.90 Non-current assets Financial assets available for sale 6.7 240,461,223.24 - 195,563,667.18 - Held-to-maturity investment Long-term receivables 6.8 400,000.00 400,000.00 400,000.00 400,000.00 Long-term equity investment 6.9 152,097,771.76 125,052,863.79 806,111,821.17 770,831,253.49 Investment property 6.10 3,333,407,243.44 3,485,784,583.13 1,741,397,221.51 1,844,829,778.97 Fixed assets 6.11 161,468,007.47 180,441,781.65 2,321,962.12 2,349,771.81 Construction in process 6.12 231,360,436.52 81,234,536.79 60,742,620.76 16,798,028.48 Project materials Liquidation of fixed assets Productive living assets Oil and gas assets Intangible assets 6.13 148,374,545.04 164,279,363.57 - - R&D expense Goodwill Long-term prepaid expense 6.14 36,153,269.22 - - - Deferred income tax assets 6.26 44,172,161.88 19,033,863.45 18,775,646.31 13,150,798.71 Other non-current assets Total non-current assets 4,347,894,658.57 4,056,226,992.38 2,825,312,939.05 2,648,359,631.46 TOTAL ASSETS 5,551,012,403.94 4,929,371,014.53 3,589,165,105.52 3,540,013,865.36 The notes attached form an integral part of the financial statements. Legal Representative: Principal in Charge of Accountancy: Head of Accounting Dept.: 3 Shanghai Jinqiao Export Processing Zone Development Co., Ltd CONSOLIDATED AND PARENT COMPANY BALANCE SHEET AT 31 DECEMBER 2007 (Unit: RMB) 2007.12.31 2006.12.31 2007.12.31 2006.12.31 Liabilities and equities Note Consolidated Consolidated Parent company Parent company Current liabilities Short-term loan 6.16 1,057,783,340.00 711,700,000.00 631,183,340.00 470,000,000.00 Tradable financial liabilities Financing notes payable 6.17 - 400,000,000.00 - 400,000,000.00 Notes payable Accounts payable 6.18 97,165,963.50 209,759,585.39 44,731,053.17 80,072,158.12 Advance from customers 6.19 121,308,792.67 116,172,576.81 11,894,333.38 14,657,697.59 Welfare payable 6.20 41,750,072.40 35,462,506.88 5,250,652.32 816,868.57 Tax payable 6.21 57,257,273.32 12,411,819.98 15,983,662.88 7,898,921.03 Interests payable 6.22 2,828,450.61 2,700,000.00 1,530,825.61 2,340,000.00 Dividends payable Other payables 6.23 556,318,238.93 489,139,400.96 156,945,093.09 138,245,920.03 Non-current liabilities due 6.24 20,000,000.00 - - - within one year Other current liabilities Total current liabilities 1,954,412,131.43 1,977,345,890.02 867,518,960.45 1,114,031,565.34 Non-current liabilities Long-term loan 6.25 280,000,000.00 - - - Bonds payable Long-term payables Special payables Accrued liabilities Deferred income tax liabilities 6.26 53,449,675.82 - 43,500,286.80 - Other non-current liabilities Total non-current liabilities 333,449,675.82 - 43,500,286.80 - Total liabilities 2,287,861,807.25 1,977,345,890.02 911,019,247.25 1,114,031,565.34 Equities Capital stocks 6.27 844,386,400.00 844,386,400.00 844,386,400.00 844,386,400.00 Capital reserve 6.28 963,203,349.59 808,505,162.80 867,363,667.94 731,847,807.56 Less Treasury stock Surplus reserve 6.29 274,319,259.49 242,890,872.93 267,599,364.72 236,170,978.17 Undistributed profits 6.30 855,199,715.19 772,839,328.36 698,796,425.61 613,577,114.29 Differences on foreign currency translation Equities attributable to the 2,937,108,724.27 2,668,621,764.09 - - parent company Minority shareholder’s 6.31 326,041,872.42 283,403,360.42 - - interest Total equity 3,263,150,596.69 2,952,025,124.51 2,678,145,858.27 2,425,982,300.02 TOTAL LIABILITIES AND 5,551,012,403.94 4,929,371,014.53 3,589,165,105.52 3,540,013,865.36 EQUITIES The notes attached form an integral part of the financial statements. Legal Representative: Principal in Charge of Accountancy: Head of Accounting Dept.: 4 Shanghai Jinqiao Export Processing Zone Development Co., Ltd CONSOLIDATED AND PARENT COMPANY INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2007 (Unit: RMB) 2007.12.31 2006.12.31 2007.12.31 2006.12.31 Item Note Consolidated Consolidated Parent company Parent company Operating revenue 6.32 801,142,014.52 992,367,330.99 487,538,483.17 396,716,497.02 Less:Operating cost 6.32 297,949,535.76 520,227,334.10 142,200,081.28 190,885,868.24 Taxes an surcharge 6.33 93,607,376.11 51,599,274.15 38,055,396.63 19,835,824.86 Operating expense 6.34 10,368,475.90 12,165,550.42 8,356,935.22 8,931,876.50 Administrative expense 6.35 81,885,346.01 80,426,591.36 49,236,116.84 45,983,298.25 Financial expense 6.36 80,906,415.85 59,849,982.54 32,097,492.33 41,255,479.80 Assets impairment losses 6.37 -14,116,881.91 -8,085,450.85 -7,790,000.00 -6,726,715.64 Add:Gains on changes at fair value Investment income 6.38 9,926,917.73 1,639,768.04 8,584,732.60 476,952.00 Of which:Investment income from coordinated enterprises and joint ventures -43,897.62 599,871.57 - - Operating profit 260,468,664.53 277,823,817.31 233,967,193.47 97,027,817.01 Add：Non-operating revenue 6.39 13,928,614.23 1,541,929.90 1,759,215.64 614,452.72 Less：Non-operating expense 6.40 255,357.42 790,270.02 - 500,000.00 Of which:Losses on disposal of non-current assets Total profits 274,141,921.34 278,575,477.19 235,726,409.11 97,142,269.73 Less ：Income tax 6.41 37,416,249.04 73,358,301.88 26,203,832.16 30,942,467.53 Net profit 236,725,672.30 205,217,175.31 209,522,576.95 66,199,802.20 Net profit attributable to the parent company 206,663,652.46 197,200,217.78 - - Profits (losses) attributable to minority interest 30,062,019.84 8,016,957.53 - - ROE(On the basis of consolidated net profit attributable to the parent company) EPS 0.2448 0.2335 - - 6.43 Diluted EPS 0.2448 0.2335 - - 6.43 The notes attached form an integral part of the financial statements. Legal Representative: Principal in Charge of Accountancy: Head of Accounting Dept.: 5 Shanghai Jinqiao Export Processing Zone Development Co., Ltd CONSOLIDATED AND PARENT COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2007 (Unit: RMB) 2007.12.31 2006.12.31 2007.12.31 2006.12.31 Item Note Consolidated Consolidated Parent company Parent company 1 Cash Flows from Operating Activities: Cash received from sales of goods or rendering of services 809,723,553.13 747,342,934.42 456,866,131.03 399,282,565.19 Refunds of Taxes - 102,985.99 - - Other cash received relating to operating activities 6.44.5 39,046,674.17 59,420,119.79 15,755,061.29 19,222,739.41 Sub-total of cash inflows 848,770,227.30 806,866,040.20 472,621,192.32 418,505,304.60 Cash paid for goods and services 697,307,598.28 557,411,911.68 219,463,559.95 167,676,215.52 Cash paid to and on behalf of employees 28,948,461.98 50,425,841.56 17,492,944.67 22,706,106.06 Payments of all types of taxes 121,561,305.41 97,689,520.17 66,645,287.65 38,835,141.59 Cash paid relating to other operating activities 6.44.4 41,403,206.71 39,281,927.77 21,141,849.64 19,513,536.03 Sub-total of cash outflows 889,220,572.38 744,809,201.18 324,743,641.91 248,730,999.20 Net cash flows from operating activities -40,450,345.08 62,056,839.02 147,877,550.41 169,774,305.40 2 Cash Flows from Investing Activities: Cash received from return of investments 12,500,000.00 1,358,651.51 7,500,000.00 804,116.35 Cash received from return on investments 12,260,159.42 4,746,604.37 97,885,734.60 12,078,404.00 Net cash inflows from disposal on fixed assets、intangible - 47,475.00 - - assets and other long-term assets Cash inflows from disposal on subsidiaries and related companies 1,330,700.00 Cash received relating to other investing activities 6.44.6 1,357,797.94 1,801,596.87 487,870,365.22 417,785,928.03 Sub-total of cash inflows 27,448,657.36 7,954,327.75 593,256,099.82 430,668,448.38 Cash paid to acquire fixed assets, intangible assets and other 26,779,429.09 4,668,820.27 412,169.00 318,743.00 long-term assets Cash paid to acquire investments 58,816,489.68 - 58,816,489.68 - Cash paid to acquire subsidiaries and other related companies Cash paid relating to other operating activities - - 325,488,286.18 692,162,003.64 Sub-total of cash outflows 85,595,918.77 4,668,820.27 384,716,944.86 692,480,746.64 Net cash flows from investing activities -58,147,261.41 3,285,507.48 208,539,154.96 -261,812,298.26 3 Cash Flows from Financing Activities: Cash received from investments by others Of which ： cash received from minority shareholders by subsidiaries Cash received from borrowings 1,384,004,620.00 660,000,000.00 702,004,620.00 470,000,000.00 Cash received from issuing bonds Cash received relating to other financing activities 6.44.7 305,000,000.00 994,320,615.91 - 800,000,000.00 Sub-total of cash inflows 1,689,004,620.00 1,654,320,615.91 702,004,620.00 1,270,000,000.00 Cash repayments of amounts borrowed 1,137,100,000.00 1,219,300,000.00 940,000,000.00 660,000,000.00 Cash paid for distribution of dividends or profits and for 159,783,426.54 122,462,953.69 127,331,827.72 111,179,779.69 interest expenses Of which ： Dividends paid to minority shareholders by subsidiaries Cash paid relating to other financing activities 6.44.8 306,385,547.78 415,008,537.84 22,385,547.78 409,620,000.00 Sub-total of cash outflows 1,603,268,974.32 1,756,771,491.53 1,089,717,375.50 1,180,799,779.69 Net cash flows from financing activities 85,735,645.68 -102,450,875.62 -387,712,755.50 89,200,220.31 4 Effect of Foreign Exchange Rate Changes on Cash -144,995.70 -149,158.57 -43,524.67 -98,817.05 5 Net Increase in Cash and Cash Equivalents 6.44.2 -13,006,956.51 -37,257,687.69 -31,339,574.80 -2,936,589.60 Add:Beginning balance of cash and cash equivalents 6.44.3 71,054,238.89 108,311,926.58 52,258,150.48 55,194,740.08 6 Ending Balance of Cash and Cash Equivalents 6.44.3 58,047,282.38 71,054,238.89 20,918,575.68 52,258,150.48 The notes attached form an integral part of the financial statements. Legal Representative: Principal in Charge of Accountancy: Head of Accounting Dept.: 6 Shanghai Jinqiao Export Processing Zone Development Co., Ltd CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2007 (Unit: RMB) 2007 Equity attributable to the parent company Item Note Difference Minority Less Total Undistributed on foreign interests Capital stock Capital reserve Treasury Surplus reserve profit currency stock translation Balance at the end of last 844,386,400.00 808,505,162.80 - 346,467,361.01 673,704,550.24 - 282,411,348.03 2,955,474,822.08 year Change of accounting 3.29.1 - - - -103,077,488.07 98,710,628.12 - 992,012.39 -3,374,847.56 policy Rectification in previous 6.30.3 - - - -499,000.00 424,150.00 - - -74,850.00 years Beginning balance 844,386,400.00 808,505,162.80 - 242,890,872.94 772,839,328.36 - 283,403,360.42 2,952,025,124.52 Increase and decrease this year 1 Net profit - - - - 206,663,652.46 - 30,062,019.84 236,725,672.30 2 Gain included in equities - 154,698,186.79 - - - - 12,576,492.16 167,274,678.95 directly (1) Net change of fair value for financial assets - 205,043,463.84 - - - - 16,484,035.42 221,527,499.26 available for sale (2) Affected amount due to the changes of other equities in invested company calculated in equity method (3) Affected amount from income tax related to - -50,560,406.70 - - - - -4,048,588.52 -54,608,995.22 equities (4)Others - 215,129.65 - - - - 141,045.26 356,174.91 Subtotal - 154,698,186.79 - - 206,663,652.46 - 42,638,512.00 404,000,351.25 3.Investment from shareholders and capital reduction (1) Investment from shareholders (2) Amount included in equities (3)Others 4.Profit distribution - - - 31,428,386.55 -124,303,265.63 - - -92,874,879.08 (1)Surplus reserve - - - 31,428,386.55 -31,428,386.55 - - - (2)Distribution to - - - - -92,874,879.08 - - -92,874,879.08 shareholders (3)Other 5. Internal transfer in equities (1) Capital reserve transferred to capital stock (2)Surplus reserve transferred to capital stock (3) Surplus reserve made up for losses (4)Others Ending balance 844,386,400.00 963,203,349.59 - 274,319,259.49 855,199,715.19 - 326,041,872.42 3,263,150,596.69 The notes attached form an integral part of the financial statements. Legal Representative: Principal in Charge of Accountancy: Head of Accounting Dept.: 7 Shanghai Jinqiao Export Processing Zone Development Co., Ltd CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2006 (Unit: RMB) 2006 Equity attributable to the parent company Item Note Difference Minority Less ： Total Undistributed on foreign interests Capital stock Capital reserve Treasury Surplus reserve profit currency stock translation Balance at the end of last 844,386,400.00 808,505,162.80 - 280,629,109.13 607,255,146.27 - 279,641,236.30 2,820,417,054.50 year Change of accounting 3.29.1 - - - -47,169,206.53 58,106,506.75 - 1,289,166.59 12,226,466.81 policy Rectification in previous 6.30.3 - - - -499,000.00 424,150.00 - - -74,850.00 years Beginning balance 844,386,400.00 808,505,162.80 - 232,960,902.60 665,785,803.02 - 280,930,402.89 2,832,568,671.31 Increase and decrease this year 1 Net profit - - - - 197,200,217.78 - 8,016,957.53 205,217,175.31 2 Gain included in equities directly (1) Net change of fair value for financial assets available for sale (2) Affected amount due to the changes of other equities in invested company calculated in equity method (3) Affected amount from income tax related to equities (4)Others Subtotal - - - - 197,200,217.78 - - 197,200,217.78 3.Investment from shareholders and capital reduction (1) Investment from shareholders (2) Amount included in equities (3)Others 4.Profit distribution (1)Surplus reserve - - - 9,929,970.33 -9,929,970.33 - - - (2)Distribution to - - - - -80,216,722.11 - -5,544,000.00 -85,760,722.11 shareholders (3)Other 5. Internal transfer in equities (1) Capital reserve transferred to capital stock (2)Surplus reserve transferred to capital stock (3) Surplus reserve made up for losses (4)Others Ending balance 844,386,400.00 808,505,162.80 - 242,890,872.93 772,839,328.36 - 283,403,360.42 2,952,025,124.51 The notes attached form an integral part of the financial statements. Legal Representative: Principal in Charge of Accountancy: Head of Accounting Dept.: 8 Shanghai Jinqiao Export Processing Zone Development Co., Ltd PARENT COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2007 (Unit: RMB) 2007 Item Note Less ： Undistributed Capital stock Capital reserve Treasury Surplus reserve Total profit stock Balance at the end of last year 844,386,400.00 808,505,162.80 - 267,446,461.54 752,725,449.71 2,673,063,474.05 Change of accounting policy - -76,657,355.24 - -31,275,483.37 -139,148,335.42 -247,081,174.03 Rectification in previous years Beginning balance 844,386,400.00 731,847,807.56 - 236,170,978.17 613,577,114.29 2,425,982,300.02 Increase and decrease this year 1 Net profit - - - - 209,522,576.95 209,522,576.95 2 Gain included in equities directly - 135,515,860.38 - - - 135,515,860.38 (1) Net change of fair value for - 179,901,147.18 - - - 179,901,147.18 financial assets available for sale (2) Affected amount due to the changes of other equities in invested company calculated in equity method (3) Affected amount from income tax - -44,385,286.80 - - - -44,385,286.80 related to equities (4)Others Subtotal - 135,515,860.38 - - 209,522,576.95 345,038,437.33 3.Investment from shareholders and capital reduction (1) Investment from shareholders (2) Amount included in equities (3)Others 4.Profit distribution (1)Surplus reserve - - - 31,428,386.55 -31,428,386.55 - (2)Distribution to shareholders - - - - -92,874,879.08 -92,874,879.08 (3)Other 5.Internal transfer in equities (1) Capital reserve transferred to capital stock (2)Surplus reserve transferred to capital stock (3) Surplus reserve made up for losses (4)Others Ending balance 844,386,400.00 867,363,667.94 - 267,599,364.72 698,796,425.61 2,678,145,858.27 The notes attached form an integral part of the financial statements. Legal Representative: Principal in Charge of Accountancy: Head of Accounting Dept.: 9 Shanghai Jinqiao Export Processing Zone Development Co., Ltd PARENT COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2006 (Unit: RMB) 2006 Item Note Less ： Undistributed Capital stock Capital reserve Treasury Surplus reserve Total profit stock Balance at the end of last year 844,386,400.00 808,505,162.80 - 235,570,804.84 652,313,450.56 2,540,775,818.20 Change of accounting policy - -76,657,355.24 - -9,329,797.00 -14,789,446.03 -100,776,598.27 Rectification in previous years Beginning balance 844,386,400.00 731,847,807.56 - 226,241,007.84 637,524,004.53 2,439,999,219.93 Increase and decrease this year 1 Net profit - - - - 66,199,802.20 66,199,802.20 2 Gain included in equities directly (1) Net change of fair value for financial assets available for sale (2) Affected amount due to the changes of other equities in invested company calculated in equity method (3) Affected amount from income tax related to equities (4)Others Subtotal - - - - 66,199,802.20 66,199,802.20 3.Investment from shareholders and capital reduction (1) Investment from shareholders (2) Amount included in equities (3)Others 4.Profit distribution (1)Surplus reserve - - - 9,929,970.33 -9,929,970.33 - (2)Distribution to shareholders - - - - -80,216,722.11 -80,216,722.11 (3)Other 5.Internal transfer in equities (1) Capital reserve transferred to capital stock (2)Surplus reserve transferred to capital stock (3) Surplus reserve made up for losses (4)Others Ending balance 844,386,400.00 731,847,807.56 - 236,170,978.17 613,577,114.29 2,425,982,300.02 The notes attached form an integral part of the financial statements. Legal Representative: Principal in Charge of Accountancy: Head of Accounting Dept.: 10 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 11 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 1 Company Background 1.1 Registered address, Organization structure and Headquarters Address 1.1.1 Registered address: 28 New Jinqiao Road, Pudong, Shanghai 1.1.2 Organization structure: limited liability company （Joint venture, Listed） 1.1.3 Headquarters Address: 27 New Jinqiao Road, Pudong, Shanghai 1.1.4 Establishment of the Company Shanghai Jinqiao Export Processing Zone Development Co., Ltd (the Company) has published offering both in A and B shares and listed in the Shanghai Securities Exchange. The Company was founded in the form of public offering approved by the Shanghai Municipal Construction Committee, "Hu Jian Jin (92) No. 431 " on May 19, 1992. Stocks were traded in the Shanghai Securities Exchange since March 26, 1993. On October 7, 1993, the Shanghai Municipal Administration of Industry and Commerce issued registration Qi Gu Hu Zong Zi No. 019019 (PUC) of the commercial licenses to the Company. 1.2 Nature of business and main business activities 1.2.1 Nature of business: Real estate development and management. 1.2.2 Business scope: The Company engages in real estate development, management, sales, rental and intermediaries in legally acquired land ; urban infrastructure construction, project contracting and construction and decoration; bonded warehouse; clothing, household appliances, food, office supplies, wholesale; re-export trade, and various advisory service(any business involving administrative license should be operated in accordance with license).The following business scope with regard to warehouse transport, entertainment, food and beverage hotel industry, and taxi operation is only limited to branches. 1.2.3 Main business activities 1.2.3.1 Real estate development and sales operations The Company engages in an integrated real estate development and construction of public facilities, industrial plants and the construction of residential housing, and other property as well as transfer of land use rights and management of all types of property sales in legally acquired land. 1.2.3.2 Real estate leasing business Industrial plants, warehouses, office buildings, shops, villas, apartments and other property lease; land lease. 12 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 1 Company Background (to be continued) 1.2 Nature of business and main business activities (to be continued) 1.2.3 Main business activities (to be continued) 1.2.3.3 Service apartment In the self-built property, the Company engages in apartment hotel management and business services 1.3 Parent groups, as well as the name of the ultimate parent company. 1.3.1 The name of the parent company: Shanghai Jinqiao Export Processing Zone Development Co., Ltd. 1.3.2 The ultimate parent company of the Company is Shanghai Jinqiao (Group) Co., Ltd 1.3.3 The ultimate controller of the Company is the authority by Shanghai State Assets Supervision and Management Commission and Pudong State Assets Management Commission. The relationship between the Company and the ultimate controller is as follows: Authority by Shanghai State Assets Supervision and Management Commission and Pudong State Assets Management Commission 100% Shanghai Jinqiao (Group) Co., Ltd 43.82% Shanghai Jinqiao Export Processing Zone Development Co., Ltd 1.4 Reporter and date of the financial reports approved 1.4.1The reporter of the financial reports approved: Directors of the Company 1.4.2 The date of the financial reports approved: March 31, 2008 13 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 2 Basis of the Preparation and Compliance with Accounting Standards for Business Enterprises 2.1 Compliance with the Accounting Standards for Business Enterprises The financial statements prepared by the Company comply with the requirements of the Accounting Standards for Business Enterprises, and present fairly the financial position of the Company, the results of operations, the changes in shareholders’ equities and cash flows. The Company’s management is responsible for the completeness, legitimacy, and integrity of the financial statements. 2.2 Basis of Preparation The financial statements have been prepared on the going concern basis. Transactions and matters have been recognized and measured in the financial statements in conformity with the Accounting Standards for Business Enterprises----Principal Standards and other applicable accounting regulations and rules. In accordance with the circular of and other 38 Standards issued by the Ministry of Finance, the Company implemented of the Accounting Standard for Business Enterprises issued by the Ministry of Finance in 2006 from 1 January 2007. The financial statements have been re-stated for the events which are required to be adjusted in the relevant accounting periods in accordance with the Accounting Standard for Business Enterprises No.38---First-time Adoption of the Accounting Standard for Business Enterprises and the relevant requirements set out in “Questions and answers on the information disclosure of public company No. 7----Disclosure and presentation of the comparative accounting information during the conversion from old accounting standards to new accounting standards” (Zhen Jian Kuai Ji Zi [2007] No.10) issued by the China Securities Regulatory Commission. 3 Principal Accounting Policies 3.1 Accounting year The accounting year of the Company is from 1 January to 31 December. 3.2 Reporting currency The reporting currency of the Company is the Renminbi. 14 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.3 Translation of foreign currencies 3.3.1 Foreign currency transactions Foreign currency transactions are translated into Renminbi at the exchange rates quoted by the People’s Bank of China ruling at the transaction dates. Foreign currency monetary items shall be translated using the spot exchange rate at the balance sheet date. Exchange differences except for the exchange gains and losses arising from the loan principal and related interest on specific borrowings for the construction of the fixed assets during the construction period, are dealt with in the profit and loss accounts. Foreign currency non-monetary items measured at historical cost shall continue to be translated at the spot exchange rates at the dates of the transactions. 3.3.2 Translation of Financial Statements Denominated in Foreign Currency Assets and liabilities denominated in foreign currencies are translated at the exchange rate quoted by the People’s Bank of China ruling at the balance sheet date. Shareholders’ equities except for retaining profits and losses are translated at the exchange rate quoted by the People’s Bank of China ruling at the transaction dates. Income and expenses denominated in foreign currencies are translated at the exchange rates quoted by the People’s Bank of China ruling at the transaction dates. Translation differences arising are disclosed separately in the shareholders’ equities on the balance sheet. Cash flow statement is translated at the exchange rate quoted by the People’s Bank of China ruling at the transaction dates. Impacts on cash flows in relation to the movement of foreign exchange rates are disclosed separately in the cash flow statement. 3.4 Cash and Cash Equivalents Cash listed in cash flow statements represents cash on hand and deposits that can be readily withdrawn on demand. Cash equivalents are short-term, highly liquid investments, which are readily convertible into known amounts of cash and subject to an insignificant risk of changes in value. 15 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.5 Financial Instruments 3.5.1 Recognition and derecognition of Financial Instruments The Company recognizes a financial asset or a financial liability when it becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized if one of the following conditions is met: (1)The contractual rights to the cash flows from the financial asset expire； (2) The financial asset has been transferred and the transfer qualifies for derecognition according to . The Company derecognizes a financial liability (or part of it) only when the underlying present obligation (or part of it) is discharged or cancelled. 3.5.2 Classification of Financial Assets On initial recognition, financial assets shall be classified into the following four categories: financial assets at fair value through profit or loss, receivables, held-to-maturity investments, available-for-sale financial assets. Classification of financial assets depends on the Company’s intention and ability ofholding them. (1) Fair value through profit or loss This category comprises the financial assets held for sale in the short-term. This is disclosed as financial assets held for trading in the balance sheet. (2) Receivables These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, including account receivables and other receivables. (3) Available-for-sale Available-for-sale financial assets are non-derivative financial assets that are designated on initial recognition as available for sale or those financial assets that are not included in other category (Stocks listed in Shanghai or Shenzhen Exchange Market). Those maturing within one year since the balance sheet date are recognized as non-current assets maturing within one year. 16 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.5 Financial Instruments (to be continued) (4) Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity date that the Company has the intention and ability to hold to maturity. Held-to-maturity investments, which will mature within 12 months from the balance sheet date are disclosed as non-current assets maturing in one year. 3.5.3 Measurement of Financial Assets When a financial asset is recognized initially, the Company measures it at its fair value. In the case of a financial asset at fair value through profit or loss, transaction costs shall be charged to the profit or loss for the current period. For other financial assets, transaction costs shall be included in their initial recognition costs. A financial asset is derecognized when the rights to receive cash flows from the asset have expired or the Company has transferred substantially all the risks and rewards of the asset to the third party. Fair value through profit or loss and available-for-sale are subsequently carried at fair value. Investments in equity instruments that do not have a quoted market price in an active market and whose fair value can not be reliably measured are measured at cost. Held-to maturity investments and loans and receivables are measured at amortized cost using the effective interest method. The changes in fair value of the financial assets classified into fair value through profit or loss are recognized in the income statement; the interests, cash dividends and disposal gains or losses are recognized in the income statement. Available-for-sale financial assets are carried of fair value with changes in fair value recognized directly in the shareholders’ equity, except for impairment losses and foreign exchange gains and losses in relation to monetary financial assets denominated in foreign currency. The fair value movement previously recognized in owner’s equity are recognized in the income statement on the derecognition. Interests on available-for-sale debt instruments are calculated using the effective interest method and then recognized in investment income; cash dividends on available-for-sale equity instruments are recognized in investment income when the investee declares the cash dividends. 3.5.4 Classification of Financial Liabilities On initial recognition, financial liabilities are classified into held for trading and other liabilities. Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. 17 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.5 Financial Instruments (to be continued) 3.5.5 Measurement of Financial Liabilities Financial liabilities are initially measured at fair value and carried in the balance sheet at fair value with changes in fair value recognized in the income statement. For financial liabilities classified as fair value through profit or loss, transaction costs are charged to the income statement. For other financial liabilities, transaction costs are included in their initial recognition costs. Financial liabilities classified as fair value through profit or loss, are carried at fair value without adjusting for transaction costs that may be incurred upon settlement of the financial liabilities. Other financial liabilities are carried at amortized cost using the effective interest method. 3.5.6 Fair Value of Financial Instruments If there is an active market for a financial asset or financial liability, the quoted prices in the active market are used to establish the fair value of the financial asset or financial liability. If no active market exists for a financial instrument, the Company establishes fair value by using a valuation technique. Valuation techniques include using recent arm's length market transactions, reference to the current fair value of another instrument that is substantially the same , discounted cash flow analysis and option pricing models. 3.5.7 Impairment of Financial Assets The Company assesses at the balance sheet date the carrying amount of a financial asset other than those at fair value through profit or loss. If there is objective evidence that the financial asset is impaired, the enterprise shall determine the amount of any impairment loss. If financial assets carried at amortized cost are impaired, the impairment losses are calculated based on the difference between the carrying value of financial assets and the present value of the estimated future cash flows (excluding future credit losses that have not incurred). If subsequent to the recognition of an impairment loss on a financial asset carried at amortized cost, there is objective evidence of a recovery in value of the financial asset which can be related objectively to an event occurring after the impairment was recognized, the previous impairment losses is reversed and recognized in profit or loss. 18 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.5 Financial Instruments (to be continued) 3.5.7 Impairment of Financial Assets (to be continued) When available-for-sale financial assets are impaired significantly or permanently, the cumulative losses arising from the impairment in fair value originally recognized in shareholders’ equity are recognized in the impaired losses. If, after an impairment loss has been recognized on an available-for-sale debt instrument, the fair value of the debt instrument increases in a subsequent period and the increase can be objectively related to an event occurring after the impairment loss was recognized, the impairment loss shall be reversed, with the amount of the reversal recognized in profit or loss. If, after impairment losses are recognized on an available-for-sale equity instrument, the fair value of the equity instrument increases in subsequent periods due to an event occurring after the recognition of the impairment losses, the impairment losses are reversed, and the relevant effects are recognized in equity. The impairment losses on an investment in unquoted equity instruments without quoted prices in an active market whose fair value cannot be reliably measured can not be reversed. 3.6 Receivables and provision for bad debts Receivables comprise accounts receivable and other receivables. Receivables are initially recognized at fair value of sales and service of contracts or agreements arising from the sales of goods and rendering services. Receivables are subsequently carried at the amortized cost using the effective interest method after the deducting bad debt provision. Receivables that are individually significant will be assessed individually for impairment and made provision in accordance with the lower of the estimated future cash flows and the carried amount when objective evidences demonstrate the Company could not collect the amount as expected and a financial asset is impaired. Receivables that are individually insignificant are categorized in certain groups with the receivables that are assessed individually and regarded unimpaired. The provision is calculated according to the actual loss of the receivables with the same or similar risk in previous period and in consideration of the provision for bad debts as a percentage of receivables in current year. Aging Provision for bad debts as a percentage of receivables Within 1 year No provision Between 1 and 2 years 10% Between 2 and 3 years 30% Over 3 years 100% For the accounts receivable transferred to financial institutes on which the Company does not have the right to recover, the difference between the transfer price and the carrying value or the related tax expenses of accounts receivables are recognized in the income statement. 19 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.7 Inventories and provision for diminution in the value of inventories 3.7.1 Classification of Inventory Inventories are categorized into properties held for sale, properties under development and low-valued consumption goods. Properties held for sale include land development products and property (housing) development products. Development costs include land development costs, property (housing) development costs, public facilities and construction contracts etc. 3.7.2 Measurement of Inventory ⑴Measurement of Acquisition Inventories acquired by different ways are measured by the following method ① The purchased inventories and the self-constructed inventories should be recorded by real acquisition costs. Direct costs are included in the inventory directly; indirect costs are included in inventory by certain allocation standards. Borrowing costs from bank and other financial institutions which should be included in the inventory comply with the “Accounting standards for Business Enterprise No.17-borrowing costs” regulation. ② Inventories from investors comply with the value in agreement or investment contract, except the unfair value in the contract. ③ Inventories acquired from corporate merger, the exchange of non-monetary assets and debt restructuring comply with the "Accounting Standards for Business Enterprises No. 20 - Merger" and "Accounting Standards for Business Enterprises No. 7 - the exchange of non-monetary assets," and the "Enterprise Accounting Standard No. 12 - Debt Restructuring "regulations. (2) Measurement of Dispatch According to the classification of inventory, they are respectively measured by the following methods: ① Specific identification method should be adopted when development products are dispatched out. ② One-time amortization method should be adopted when low-valued consumption goods are used. 20 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.7 Inventories and provision for diminution in the value of inventories (to be continued) 3.7.3 Techniques for The Measurement of Inventory Cost (1) Accounting for land development cost Development cost is recorded in intangible assets the moment the land has been obtained, but the intangible assets need to be transferred to development cost when it is under the development. In the process of development and construction, land expropriation and relocation fees, preliminary constructing fees, infrastructure costs and facilities fees are all included in direct costs and recorded as land development costs directly. Indirect costs which should be allocated in the different blocks of land are allocated by land benefit sharing. Unrecognized costs are recorded in operating expenses directly in the current gains and loss. (2) Accounting for property (housing) development costs In the process of building, preliminary expenses, constructing costs, municipal infrastructure costs, public facilities fees, decorating fees, are all included in direct costs and recorded in housing development costs classified by the project. Indirect costs which should be allocated in the different projects are recorded by the land benefit sharing. (3) Accounting for public facilities The expense of non-operating public facilities in the Residential District should be included in the cost of the commercial residence. After assessment and acceptance of the projects, the expenses which haven’t occurred yet should be withdrawn in housing development costs, in accordance with the building area. 3.7.4 Accounting for Maintenance Fund Maintenance fund should be retained according to relevant regulations established by government. It should be included in the costs of relevant properties and assigned to the designated account 3.7.5 Inventory System Perpetual inventory 21 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.7 Inventories and provision for diminution in the value of inventories (to be continued) 3.7.6 The inventory in the end of the fiscal year shall be measured at the lower of the net realizable value and cost and count the balance between the cost and the net realizable value of single inventory item as provision for the price decline, which should be recorded as current gains and losses.Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and estimated sales expense and other relevant expense after tax. Determination of estimated selling price is measured according to fair value of active market. 3.8 Long-term Equity Investments Long-term equity investments consist of the equity investments in subsidiaries, joint ventures and associates and other long-term equity investments, on which the Company does not have the power to control, jointly control or exercise significant influence over an investee enterprise and investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured. 3.8.1 Subsidiaries A subsidiary is an entity over which the Company has the power to govern the financial and operating policies so as to obtain benefits from its activities. The effect of potential voting rights (including warrants and convertible debts) are considered to determine whether the Company has such power. Long-term equity investments in subsidiaries are measured using the cost method in the Company’s financial statement and adjusted using the equity method when preparing the consolidated financial statements. Under the cost method, a long-term equity investment is measured at its initial investment cost. Cash dividends or profit distributions declared by the investee are recognized as investment income in the current period. Investment incomes recognized by the Company are limited to the distributable retained profit arising after the acquisition date. Any cash dividends or profit received in excess of this amount are treated as a recovery of initial investment cost. 22 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.8 Long-term Equity Investments (to be continued) 3.8.2 Joint Venture and Associate A joint venture is an entity, in which the Company has the power to jointly control with other parties. An associate is an entity, not being a subsidiary or a joint venture, in which the Group has significant influence. Joint venture and associate are initially measured at investment cost, and subsequently carried using equity method. Any excess of the cost of the investment of the Company’s share of the fair value of the joint venture and associate’s identifiable net assets over is included in the initial investment cost. Where the initial investment cost is less than the Company’s share of the fair values of the investee’s identifiable net assets, the difference is charged to profit or loss in the income statement for the current period, and the cost of the investment is adjusted accordingly. Under the equity method of accounting, the attributable share of the investees’ net profit or loss for the period is recognized as an investment income or loss. The investee’s net loss incurred is recognized until the carrying amount of the long-term equity investment is reduced to zero. However, the Company will continue recognizing the investment losses and contingent liabilities if the Company has the obligation to share the additional losses and contingent liabilities complied with the related accounting standards. Changes in the equity of the investee other than net profit or loss are directly recognized in capital reserve, in accordance with the portion of shareholding in the investee of the Company. Cash dividends declared by an investee are accounted for as a reduction of the carrying amount of the investment. Any excess of cash dividends over recognized investment income, but not exceeding the Company’s share of the investee’s retained profit after the acquisition date, is recognized as investment income in the income statement. Unrealized profit arising from the transactions between the Company and investee are eliminated in the equity of the investee held by the Company, except for the impairment in relation to the transferred assets. 3.8.3 Other Long-term Equity Investments Long-term equity investments other than investments in subsidiaries, joint ventures and associates i.e., the Company does not have the power to control jointly or significant influence over an investee, and the investment is not quoted in an active market and its fair value cannot be reliably measured are carried using the cost method. 3.8.4 Impairment of Long-term Equity Investments When recoverable amount of long-term equity investments is lower than the carrying amount, the carrying amount is deduced to the recoverable amount. 23 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.9 Investment Property Investment properties include 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 and is measured initially at costs. Subsequent costs incurred for an investment property are included in the costs of the investee property if the economic benefits associated with the investment property are likely to flow into the Company and the cost of the asset can be measured reliably. Otherwise, subsequent costs are recognized in profit or loss in the period in which they are incurred. The Company uses the cost model for subsequent measurement of investment property at the balance sheet date. Depreciation and amortization of investment properties are calculated based on the estimated useful lives and residual value. The estimated useful lives, residual value expressed as a percentage of cost and annual depreciation rates are as follows: Structure of buildings Estimated useful lives High buildings Concrete and steel 30years House for commercial sale Concrete and steel 20years House for commercial sale Half-timbered 15years House for business use Lightweight steel 10years House for business use Concrete and steel 20years General work shop Lightweight steel 10years Concrete and steel 20years The estimated useful lives for land use right: 50 years for industrial and comprehensive use land and 70 years for housing land. When the investment properties are transferred to owner-occupied properties, they will be transferred to fixed tangible assets or intangible assets. When the owner-occupied properties commence to being held to earn rentals or for capital appreciation, they will be transferred to investment properties at the carrying value of the properties. Estimated economic useful life, residual value of the investment property and the depreciation and amortization method are reviewed at each financial year-end. An investment property shall be derecognized on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. When an investment property is sold, transferred, retired or damaged, the enterprise shall recognize the amount of any proceeds on disposal net of the carrying amount and related taxes and fee in profit or loss for the current period. 24 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.9 Investment Property (to be continued) When recoverable amount of investment property are lower than the carrying value, the carrying value are reduced to the recoverable amount. 3.10 Fixed Assets Fixed assets included buildings, machinery and equipment, motor vehicles, computer and electronic equipment, office equipment. Fixed assets are initially measured at cost. Subsequent expenditures incurred for a fixed asset are capitalized and included in the cost of the fixed asset if economic benefits associated with the asset are to flow into the Company and the cost can be measured reliably. The Company shall be derecognized the carrying amount of the part that replaced, subsequent expenditures in relation to this part are recognized in the income statement. The carrying amount of the part of fixed assets being replaced is derecognized. Fixed assets are depreciated using the straight-line method to allocate the cost of the assets to their estimated residual values over their estimated useful lives. For the fixed assets being provided for impairment loss, the related depreciation charge is prospectively determined based upon the adjusted carrying amounts over their remaining useful lives. The estimated useful lives, estimated residual values expressed as a percentage of cost and annual depreciation rates are as follows: Estimated useful lives Estimated residual value Annual depreciation rate Buildings 20-30years 5% to 10% 3% to 4.75% Machine equipment 4-10 years 5% to 10% 9% to 23.75% Motor vehicles 3-12 years 5% to 10% 7.50% to 31.67% Office equipment and other 5 years 5% to 10% 18% to 19% equipment Review and adjustment on the useful life and estimated net residual value of a fixed asset and the depreciation method should be made at least at each financial year-end. When recoverable amount of fixed assets is lower than their carrying amount, the carrying amount is reduced to the recoverable amount. Fixed assets held-for-sale are carried at the lower of net book value and fair value less disposal costs. If fair value less disposal costs is lower than the carrying amount, then the difference is recognized as impairment of assets. 25 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.10 Fixed Assets (to be continued) A fixed asset is derecognized on disposal or no future economic benefits are expected to be generated from its use or disposal. The amount of any proceeds on disposal net of the carrying amount and related taxes and fee is recognized in the income statement when a fixed asset is sold, transferred, retired or damaged. 3.11 Construction in Progress Construction in progress represents fixed assets under construction or installation, which is at actual cost. Actual cost comprises construction costs, other direct costs incurred to bring the fixed assets ready for their intended use, and capitalized borrowing costs measured. On specific borrowings for financing the construction or acquisition of fixed assets until the assets are ready for their intended use. Construction in progress is transferred to fixed assets when the assets are ready for their intended use, and depreciation begins from the following month. When recoverable amount of construction in progress is lower than their carrying amount, carrying amount is reduced to the recoverable amount. 3.12 Intangible Assets Intangible assets include land use rights, patent and non-patents. An intangible asset is measured at cost. The intangible assets invested by state-owned enterprises are measured at the amount in accordance with the calculation issued by the Administration of state-owned Assets. 3.12.1 Land Use Right Land use right is amortized on the straight-line basis over their estimated useful lives of 50-70 years. If the purchase costs of land use right and attached building cannot be reliably allocated between the land use right and building, the purchase costs are recognized as fixed tangible assets. 3.12.2 Patent Patent is amortized on the straight-line basis. 3.12.3 Impairment of Intangible Assets When recoverable amount of intangible assets is lower than their carrying amount, the carrying amount is reduced to the recoverable amount. 26 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.12 Intangible Assets 3.12.4 Amortization Methods Used for Intangible Assets For an intangible asset with a finite useful life, review and adjustment on useful life and amortization method are performed on annual basis. 3.13 Long-term Deferred and Prepaid Expenses Long-term deferred and prepaid expenses include lease hold improvement and other prepayments that should be amortized over more than one year. Long-term defend and prepaid expenses are amortized on the straight-line basis over the expected beneficial periods and are presented at cost net of accumulated amortization. 3.14 Impairment of Assets Goodwill intangible assets with an indefinite useful life are tested for impairment annually, irrespective of whether there is any indication that the asset may be impaired. Long-term equity investments, fixed assets, intangible assets and investment property carried using the cost method are tested for impairment, if there is any indication that the asset may be impaired. If the result of the impairment test indicates the recoverable amount of an asset is less than its carrying amount, a provision for impairment loss of the asset is recognized. Recoverable amount is the higher of fair value less disposed expenses and the present value of expected future cash flow in relation to the asset. Provision for impairment loss of the asset is calculated and recognized for individual assets. If it is difficult to estimate the recoverable amount of the individual assets, the recoverable amount is calculated for the asset group in relation to the asset. An asset group is the smallest identifiable group of assets that generates cash inflows independently of the cash inflows from other assets or asset groups. Once an impairment loss is recognized, it is not reversed in a subsequent period. 27 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.15 Asset Group Identification of an asset group is based on whether major cash inflows generated by the asset group are largely independent on the cash inflows generated by other assets or asset groups. In identifying an asset group, the Company also considers how management monitors the Company’s operations or how management makes decisions on the continuing use or disposal of the assets. When the recoverable amount of an asset group or a set of asset groups is lower than the carrying amount, impairment loss is recognized. The recoverable amount of an asset group is the higher of the asset group’s fair value less costs to sell and the present value of the future cash flows expected to be derived from the asset group. Goodwill recognized in the consolidated financial statements excludes the goodwill belonging to minority interests. However, impairment of the asset group and the comparison of the carrying amount of the asset group to the recoverable amount include goodwill belonging to minority interests. The relevant impairment losses are recognized in the Company’s financial statements after deducting the portion of minority interests. 28 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.16 Borrowing Costs Borrowing costs incurred on specific borrowings for the property developing and the long-term construction of fixed assets are capitalized into the cost of the fixed assets during the construction period until the fixed assets are ready for their intended uses. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset shall be capitalized as part of the cost of that asset when expenditures for the asset are being incurred and activities relating to the acquisition, construction or production of the asset that are necessary to prepare the asset for its intended use or sell have commenced. Subsequent borrowing costs are recognized in the income statement when the qualifying asset being acquired, constructed or produced becomes ready for its intended use or sale. Capitalization of borrowing costs shall be suspended during periods in which the acquisition, construction or production of a qualifying asset is interrupted abnormally, when the interruption is for a continuous period of more than 3 months until the acquisition, construction or production is resumed. During the capitalization period, where funds are borrowed under a specific-purpose borrowing for the acquisition, construction or production of a qualifying asset, the amount of interest to be capitalized shall be the actual interest expense incurred on that borrowing for the period less any bank interest earned from depositing the borrowed funds before being rest on the asset or any investment income on the temporary investment of those funds; where funs are borrowed under general-purpose borrowings and are utilized for the acquisition, construction or production of a qualifying asset, an enterprise shall determine the amount of interest to be capitalized on such borrowings by applying a capitalization rate to the weighted average of the excess amounts of cumulative expenditures on the asset over and above the amounts of specific-purpose borrowings. The capitalization rate shall be the weighted average of the interest rates applicable to the general-purpose borrowings. If there is any discount or premium on a borrowing, an enterprise shall calculate the amount of amortization of the discount or premium for each accounting period using the effective interest method, and adjust the amount of interest cost for each period accordingly. 3.17 Employee Benefits The Company recognizes accrued employee benefits payable as a liability in the accounting period in which an employee has rendered service the service rendered by employees and recognized into related beneficial assets costs and expenses according to the benefits derived from the employee service. Employee benefits include: wages or salaries, bonuses, allowances and subsidies; staff welfare; social security contributions and housing funds; trade union costs and employee education costs and other expenditures incurred in exchange for service rendered by employees. 29 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.18 Share-based Payment If the equity instruments granted under an equity-settled share-based payment for services received from employees vest immediately, the enterprise shall, on grant date, recognize related costs or expenses at an amount equal to the fair value of the equity instruments, with a corresponding increase in capital reserve. If the equity instruments granted under an equity-settled share-based payment for services received from employees do not vest until the completion of services for a vesting period, or until the achievement of a specified performance condition, the enterprise shall, at each balance sheet date during the vesting period, recognize the services received for the current period as related costs or expenses, with a corresponding increase in capital reserve, at an amount equal to the fair value of the equity instruments at the grant date, based on the best estimate of the number of equity instruments expected to vest. If the rights under a cash-settled share-based payment vest immediately, the Company, on grant date, recognizes related costs or expenses at an amount equal to the fair value of the liability incurred, with a corresponding increase in liabilities. If the rights under a cash-settled share-based payment do not vest until the completion of services for a vesting period, or until the achievement of a specified performance condition, the enterprise shall, at each balance sheet date during the vesting period, recognizes the services received for the current period as related costs or expenses, with a corresponding increase in liabilities, at an amount equal to the fair value of the liability based on the best estimation of the outcome at the vesting. 3.19 Borrowing Borrowings are initially measured at fair value less transaction costs and subsequently carried at amortized cost using the effective interest method. Borrowings which will be repaid in 12 months from the balance sheet date are classified as short-term borrowings and others are classified long-term borrowings. 30 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.20 Accrued Liability Provisions for product warranties, external guarantees and pending litigation are recognized as accrued liability when the Company has a present obligation as a result of past transactions or events, which will lead to an outflow of economic benefits when fulfilling this obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Accrued liabilities are initially measured at the best estimation of the expenditure required to settle the related obligation. Factors pertaining to a contingency such as the risks, uncertainties and time value of money are taken into account as a whole in reaching the best estimation. Where the effect of the time value of money is material, the best estimation is determined by discounting the related future cash outflows. The Company reviews and adjusts the carrying amount of the accrued liability at the balance sheet date to reflect the current best estimation. 3.21 Deferred Tax Asset and Deferred Tax Liability Deferred Tax Asset and Deferred Tax Liability are measured by the differences between the carrying amount of an asset or liability and its tax base. Tax losses brought forward from previous years which can be used to deduct the taxable profit in future financial years in accordance with the tax law are regarded as deductible temporary differences. For the temporary differences arising from the initial recognition of goodwill, the Company does not recognize the deferred tax liability. No deferred tax asset and deferred tax liability are recognized for the temporary differences arising from the initial recognition of assets and liabilities due to the transactions other than manager and acquisition, which affect neither accounting profit nor taxable profit. At the balance sheet date, deferred tax assets and deferred tax liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, according to the requirements of tax laws A deferred tax asset are only recognized for deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilized. Deferred tax assets and defend tax liabilities for taxable temporary differences associated with investments in subsidiaries, associates and interests in jointly controlled ventures are recognized except for the temporary difference on which the Company can not control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not be reversed in the foreseeable future. 31 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.22 Revenue Recognition 3.22.1 Revenue is the gross inflow of economic benefits during the year arising in the course of ordinary activities of an enterprise when those inflows result in increases in equity, other than increases relating to contribution from equity participants. Revenue of the Company is mostly from sales of property, transfer of land use rights, rental of land property (housing) income and providing labor services income, etc. Various types of revenue recognition principles and methods are as follows: 3.22.1.1 Recognition of transfer of land use rights and property (housing): Revenue will be recognized when the sales contract has assigned, the predetermined progress in the contract is finished; the relevant land and property has transferred to buyers, retain neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the economic benefits associated with the transaction will flow to the enterprise; the cost incurred and revenue associated with the sale can be measured reliably. When collection of payment in contract or agreement use deferred way, essentially a financing nature, revenue should be determined in accordance with the amount in the contract or the fair value of the product. The difference between receivable in contract or agreement and fair value should be measured through effective interest method on the basis of amortized cost, which should also be recorded in current gains and loss. 3.22.1.2 Recognition rental of land use rights and property (housing) income During the lease period in which lease contracts are signed, when the economic benefits associated with lease will inflow to the Company, and the rental income and related costs can be measured reliably, revenue should be recognized in accordance with straight-line method during the lease period. 3.22.1.3 Recognition of providing labor services transactions revenue are dealt with the following When labor costs has occurred and is expected to be compensated, labor service revenue should be recognized at the amount of labor cost which is carried over at the same amount. When labor costs has occurred and not expected to be compensated, labor service revenue should not be recognized 32 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.22 Revenue Recognition 3.22.2 Recognition of other revenues It includes transfer of assets rights and others generated by the use of the Company’s assets (except cash and cash equivalents, debts, equity assets) by other companies. Other revenues can be recognized, when the corresponding conditions for the contract to take effective have been met and economic benefit associated with the transaction will inflow to the Company and the cost can be measured reliably. 3.22.3 Recognition of revenue from construction contract The construction costs will periodically inflow to the Company according to the construction contract signed and the revenue can be recognized when the construction is delivered for use. 3.23 Leases A finance lease is a lease that transfers in substance all the risks and rewards of ownership of an asset. An operating lease is a lease other than a finance lease. 3.23.1 Operating Lease Lease payments under an operating lease are recognized by a lessee on a straight-line basis over the lease term, and either included in the cost of related assets or recognized in the income statement when incurred. 33 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.24 Business Combination 3.24.1 Business Combinations 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. Assets and liabilities that are obtained by the absorbing party in a business combination are measured at the carrying amounts at the combination date. The difference between the carrying amount of the net assets obtained and the carrying amount of the consideration paid for the combination is adjusted in capital reserve. If the capital reserve is not sufficient to absorb the difference, any excess is adjusted against retained earnings. Any costs directly attributable to the combination are recognized in the income statement when incurred. 3.24.2 Business Combinations 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. The combination costs of the acquirer and the identifiable assets obtained by the acquirer are measured at the fair value on the date of the business combination. Where the cost of a business combination exceeds the acquirer’s interest in the fair value of the acquiree’s identifiable net assets, the difference is recognized as goodwill; where the cost of combination is lower than the acquirer’s interest in the fair value of the acquiree’s identifiable net assets, the difference is recognized in the income statement when incurred. Costs directly attributable to the combination are recognized as cost of combination. 34 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.25 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date that such control ceases. All intra-group balances, transactions and unrealized profits and losses are eliminated. The portion of a subsidiary’s equity not held by the Company are recognized as minority interests and disclosed separately in the consolidated balance sheet within equity. The portion of net profits and losses of subsidiaries for the period attributable to minority interests are presented separately in the consolidated income statement as “minority interests”. The financial statements of subsidiaries are adjusted in accordance with the accounting policies and accounting period of the Company during the preparing of the consolidated financial statements, where the accounting policies and the accounting periods are inconsistent between the Company and subsidiaries. Subsidiaries acquired from business combinations involving enterprises that under common control, the individual financial statements of subsidiaries are adjusted in accordance with the fair value of the identifiable net assets on the acquisition date. Subsidiaries acquired from business combinations involving enterprises under common control, the acquisition is deemed to have happened at the beginning of the earliest reporting period. The asset, liabilities, operating results and cash flows of subsidiaries are consolidated from the beginning of the earliest reporting period. The realized net profits of subsidiaries prior to the acquisition are presented separately in the consolidated income statement. 35 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.26 Segment Reporting A business segment is a distinguishable component of an enterprise that is engaged in providing an individual product or service or a group of related products or services and is subject to risks and returns that are different from those of other components. A geographical segment is a distinguishable component of an enterprise that is engaged in providing products or services within a particular economic environment and is subject to risks and returns that are different from those of components operating in other economic environments. The Company uses the business segment as the primary reporting format, and by reference the geographical segment as the secondary reporting format. Inter-segment transfers are measured on the market price, and allocate the common expenses of assets in different segments according to the income proportion. For details, please refer to Note 7.1. 3.27 Critical Accounting Estimates and Judgements In the process of applying accounting policies of the Company, management has also made the following accounting judgements, which have significantly influence over the amount in the financial statements besides the applied accounting estimates. 3.27.1 Operating lease-the Company as the lessor. The Company signs lease contract with regard to investment property. The Company has retained all the significant risks and rewards of the properties, so these leases are regarded as operating leases. 3.27.2 Financial assets available for sale The restricted stock of the listed company is measurement as fair market value, the calculation of fair market value conforms to the way of the locked stock as stated “The notice about the related issues on the security investment fund implementation (Accounting Standards for Business Enterprises) evaluation deals and share net value’s calculation”(zhengjianhuijizi (2007)NO.21). The formulation as follow: FV=C+(P-C)×(D1-Dr)/D1 Among which: FV=the fair market value of above stock; C=the Original cost of above stock; P=the closing price of the last transactions day for the accounting period D1= the number of transaction days for the restricted period; Dr =the number of transaction days from the ending of accounting period to the ending of restricted period 36 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.28 First-time Adoption of Accounting Standards for Business Enterprises 3.28.1 The financial statements in 2006 of the Company are prepared in accordance with former accounting standards. Pursuant to the “Information disclosure Quiz No.7 about companies with public offering of securities – the preparation and discourse of the financial information about the new and old accounting standards during the transition period” and “Explanation 1 on Accounting Standards” issued by the Ministry of Finance, adjustments should be made with regard to the events that are involved in clause 5 to clause 9 in “Enterprise Accounting Standard No. 38 - First time adoption of Accounting Standard for Business Enterprises”. In accordance with note 2.1, the Company implemented Accounting c for Business Enterprises from 2007, January, 1, the accumulated effects of First-time Adoption of Accounting Standards for Business Enterprises is illustrated below: 37 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.28 First-time Adoption of Accounting Standards for Business Enterprises (to be continued) 2007 Item Capital reserve Surplus reserves Undistributed profit Capital rese opening balance before adjustment 808,505,162.80 346,467,361.01 673,704,550.24 808,505,162 Retrospective adjustment Retrospective adjustment according to No.38 accounting standards Income tax transfer from tax payable method to the balance sheet 2,066,273.16 12,614,271.25 - liability method Retrospective adjustment according to No.1 explanation The affected amount of reverse subsidiaries surplus reserves revert - -78,404,934.08 78,404,934.08 The infection of surplus reserves of parent company of changing - -26,738,827.15 26,738,827.15 into cost method Particular retroactive adjustment for companies listed in B - - -19,047,404.36 shares--inside business unrealized profit offset opening balance after adjustment 808,505,162.80 243,389,872.94 772,415,178.36 808,505,162 38 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 3 Principal Accounting Policies (to be continued) 3.28 First-time Adoption of Accounting Standards for Business Enterprises (to be continued) 3.28.2 The financial statements in 2006 of the Company are prepared in accordance with former accounting standards. Pursuant to the “Information disclosure Quiz No.7 about companies with public offering of securities – the preparation and discourse of the financial information about the new and old accounting standards during the transition period” and “Explanation 1 on Accounting Standards” issued by the Ministry of Finance, adjustments should be made with regard to the events that are involved in clause 5 to clause 9 in “Enterprise Accounting Standard No. 38 - First time adoption of Accounting Standard for Business Enterprises”. Effects of this retroactive adjustment on the net profit of 2006 are: Item 2006 Net profit before adjustment 212,504,377.96 Adjustment： Retrospective adjustment according to No.38 accounting standards Income tax transfer from tax payable method to the balance sheet liability method -15,719,246.20 Particular retroactive adjustment for companies listed in B shares--inside business 415,086.02 unrealized profit offset Net profit attributable to the minority interests 8,016,957.53 Net profit after adjustment 205,217,175.31 3.29 Changes in accounting policies and accounts estimates and correction of accounting errors 3.29.1 During the year, the accounting policies adopted by the Company changed as mentioned in Note 3.28. 3.29.2 There is no significant accounting error of prior year to be corrected. 39 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 4 Taxation The types of tax and tax rate applicable to the Company: Types of tax Tax rate Taxable base Enterprise Income Tax 15% and 33% The amount of taxable income (Note 1) Value Added Tax 17% the amount of taxable value added (the amount of taxable sales * tax rate – deductable input tax of current period) Business tax 5% the amount of taxable income Land VAT Applied tax rate 1% of taxable income paid for advance and settled after the completion of project (Note2) Town land use tax RMB 1.5-30/ m2 annually Taxable land area House property tax 12％ 12% of taxable lease income 1.2％ 1.2% of house property surplus value Note 1: National Peoples’ Congress of China passed (“the New Tax Law”) on 2007, March, 16.The new Tax Law will come into effect on 2008, January, 1.The enterprise income tax rate and the related tax benefit policies have not changed this year. Note2: The group’s major business is real estate lease. According to the Notice, since there is no transfer of legal title of the property in real estate lease, no land value added tax will be levied. According to the , the Company pays 1% of the advance from customers for land VAT when receiving funds in advance. When the house property income has been affirmed, the balance between payment in advance and tax payable should be booked as reserve of land VAT. 5 Scopes of Consolidated Financial Statements The Company includes all subsidiaries in the scope of consolidation; the specific entities controlled by the Company are also included in the scope of consolidation. 40 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 5 Scopes of Consolidated Financial Statements (to be continued) 5.1 Subsidiaries Nature of business and Pr Subsidiaries’ Names Registered location Registered capital business scope own Shanghai Jinqiao Export Processing Zone Real Real estate development, Estate Development Co., Ltd. Shanghai 3,000 management (Jinqiao Real Estate Co., Ltd) Shanghai New Jinqiao Plaza Industrial Co., Service apartment management, Ltd. Shanghai 5,000 business services, ticketing agents, ( “Jinqiao Plaza Co., Ltd. ”) lease, etc. Shanghai Jinqiao Export Processing Zone Municipal infrastructure and real United Development Co.,Ltd Shanghai 54,000 estate business (“Jinqiao United Development Co.,Ltd” ) Shanghai Jinqiao Export Processing Zone Land development in Jinqiao South Area Construction & Development Shanghai 30,000 Southern District and real estate Co.,Ltd (“Jinqiao c South Area Construction development, etc. & Development Co.,Ltd ) Note 1: The proportion of shares held directly is 86％; the proportion of shares held indirectly is 8.46%, so the proport Note 2: The proportion of shares held directly is 74.34％; the proportion of shares held indirectly is 15.50%, so the pro Note 3: The proportion of shares held directly is 95％; the proportion of shares held indirectly is 3.02%, so the proport The scope of interim consolidated financial statements did not change this year. 41 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements 6.1 Cash and cash equivalents Item 2007.12.31 2006.12.31 Cash on hand 18,931.47 20,534.05 Cash in bank 58,028,350.91 71,033,704.84 Total 58,047,282.38 71,054,238.89 The above cash and cash equivalents include USD 92,739.45 , converted into RMB of the exchange rate 7.3046 . 6.1.1 The ending balance of cash and cash equivalents decreases by RMB 13,006,956.51, compared to the beginning balance. This 18.31％ decrease is mainly attributed to the payment of project. 6.2 Accounts receivable 6.2.1 Aging of accounts receivable: Aging 2007.12.31 2006.12.31 Within one year(one year included) 10,559,508.08 11,353,737.47 1-2 years (2 years included) 3,722,627.92 - Total 14,282,136.00 11,353,737.47 42 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.2 Accounts receivable (to be continued) 6.2.2 Classification of accounts receivable: 2007.12.31 Provision for Proportion Classification Balance Proportion bad debts of provision Balance Individually significant items 4,892,626.50 34.22% - - 6,391,581.96 Individually significant items 112,928.64 0.79% 13,671.24 12.11% 2,642.64 with high combined risk Others 9,290,252.10 64.99% - - 11,353,737.47 Total 14,295,807.24 100.00% 13,671.24 17,747,962.07 43 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.2 Accounts receivable (to be continued) 6.2.3 Significant amounts Debtor Balance Proportion of provision Reason Shanghai Yuhua TeltechCo.,Ltd 3,623,370.50 － Assurance of being recovered Shanghai ABB transformerCo.,Ltd 1,269,256.00 － Assurance of being recovered Total 4,892,626.50 6.2.4 Accounts receivable with full or high proportion of provision for bad debts which have been fully or partly drawn back this year: Collected or Way of being drawn back Former proportion of Reasonable or not restructured amount provision Out of court settlement Jinpu Real Estate 6,391,581.96 being drawn back with 100.00％ Reasonable agreement 6.2.5 Top five accounts receivable in the ending balance Debtor Balance Aging Proportion Shanghai Yuhua teltech Co.,Ltd 3,623,370.50 1-2 year 25.35% Shanghai ABB transformer Co.,Ltd 1,269,256.00 Within 1 year 8.88% Rongfei hotel management Co.,Ltd 378,833.50 Within 1 year 2.65% Shanghai Taicheng restaurant Co.,Ltd 576,353.28 Within 1 year 4.03% Yulong numerical control technology (shanghai)Co.,Ltd 420,011.89 Within 1 year 2.94% Total 6,267,825.17 43.85% There is no amount due from the shareholder that holds 5% or more of the Company’s voting shares. Please refer to Note 9.4 for accounts receivable due from related parties. 6.2.6 The ending balance of accounts receivable increases by RMB 2,928,398.53, compared to the beginning balance. This 25.79% increase is mainly attributed to the increase of lease revenue. 44 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.3 Other receivables 6.3.1 Aging of other receivable: Aging 2007.12.31 2006.12.31 Within one year(one year included) 15,282,310.85 5,810,105.31 1-2 years (2 years included) 1,514,153.00 - 2-3 years (3 years included) - 1,132,390.95 Over 3 years 1,078,719.50 - Total 17,875,183.35 6,942,496.26 45 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.3 Other receivables (to be continued) 6.3.2 Classification of accounts receivable: 2007.12.31 Provision for Proportion of Classification Balance Proportion Balance bad debts provision Individually significant items 21,375,932.84 65.90% 14,427,609.54 67.49% 21,506,329.04 Individually significant items 132,795.25 0.41% 132,795.25 100.00％ 132,795.25 with high combined risk Others 10,926,860.05 33.69% - - 5,810,105.31 Total 32,435,588.14 100.00% 14,560,404.79 - 27,449,229.60 46 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.3 Other receivables (to be continued) 6.3.3 Significant amounts Proportion of Debtor Balance provision Reason GuoTai JunAn investment 3,982,464.00 58.76% Note 1 management Co.,Ltd GuoTai JunAn Securities Co.,Ltd 2,919,936.00 － Note 2 Savills China 1,307,203.80 － Assurance of being recovered Embezzled funds 11,086,112.29 100.00％ Note 3 Donghu(HK) Co.,Ltd 1,078,719.50 Assurance of being recovered Shanghai Guojia Industry Co.,Ltd 1,001,497.25 100.00％ Note 4 Total 21,375,932.84 Note 1: This amount referred to the investment in Guotaijunan Investment Management Co., Ltd amounting to RMB 1,642,464.00 in the event of this company’s capital increase. Another RMB 2,340,000.00 was the full provision for bad debts of capital reduction receivable due to the transfer from non-performing assets during the restructuring of Guotaijunan company. Since the procedure of capital increase is still in process, these accounts are included in other receivables temporarily. Provision for bad debts set up in previous years will be settled after this capital increase. Note 2: The ending balance included increase of equity investment amounting to RMB2,919,936.00 for GuoTai JunAn Securities Co., Ltd in accordance with resolution passed in the board meeting. Since the relevant procedure is still in process, this increase of equity investment is recognized as other receivables temporarily. Note 3: This amount refers to the deposit embezzled in 2003, which belongs to the subsidiary company- Shanghai Jinqiao Export Processing Zone Real Estate Development Co., Ltd. A full provision for bad debt was set up in annual report of 2003. Note 4: This amount refers to the defaulted payment, which probably can not be collected in spite of effort, so a full provision for bad debts has been set up before. 47 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.3 Other receivables (to be continued) 6.3.4 Other receivable with full or high proportion of provision for bad debts which have been fully or partly drawn back Collected or Way of Proportion of Debtor Reasonable or not restructured amount drawing back provision before Shanghai General Silicon Crystal Collected by 2,188,768.00 By aging Reasonable Material Co., Ltd bank During the year, the parent company has completed the equity transfer of Shanghai General Silicon Crystal Material Co., Ltd .Investment funds and previous accounts receivable amounting to RMB 7,790,000.00 have been drawn back.The previous provision for impairment of other receivables totally amounted to RMB 6,000,000.00, among which RMB 2,188,768.00 was reversed and RMB 3,811,232.00 was written off, offsetting its book value. 6.3.5 Other receivables written off this year Related parties or Debtor Amount written off Nature Reason not Shanghai General Silicon Current 3,811,232.00 Cannot be collected Yes Crystal Material Co., Ltd account Refer to note 6.3.4. 6.3.6 There is no amount due from the shareholder that holds 5% or more of the Company’s voting shares. 6.3.7 Top five other receivables in the ending balance: Debtor Balance Aging Proportion GuoTai JunAn investment management 1,642,464.00 Within one year 9.19% Co.,Ltd（Note） GuoTai JunAn Securities Co.,Ltd 2,919,936.00 Within one year 16.33% Savills china 1,307,203.80 Within one year 7.31% Donghu(HK) Co.,Ltd 1,078,719.50 Over 3 years 6.03% Shanghai Jinkai Municipal Administration 260,478.00 Within one year 1.46% Co., Ltd Total 7,208,801.30 40.32% Note: RMB 2,340,000.00 provision deducted. 6.3.8 There is no amount due from the shareholder that holds 5% or more of the Company’s voting shares. 48 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.3 Other receivables (to be continued) 6.3.9 The ending balance of other receivables increases by RMB 10,932,687.09. This 157.47% increase was mainly attributable to the increase in equity investment amounting to RMB 4,562,400.00 in GuoTai JunAn Securities Co., Ltd and GuoTai JunAn investment management Co., Ltd which have not been settled and the advanced public welfare expense by Shanghai Jinqiao Export Processing Zone United Development Co., Ltd. amounting to RMB 6,070,082.96. 6.4 Advance to supplier 2007.12.31 2006.12.31 Aging Balance Proportion Balance Proportion Within 1 year 1,058,978.20 100.00% 1,787,819.68 99.24% 2-3 years － － 13,780.00 0.76% Total 1,058,978.20 100.00% 1,801,599.68 100.00% 6.4.1 Significant amount of advance to supplier Debtor Balance Description Shanghai Toshiba Elevator Co.,Ltd 416,424.00 Elevator purchase There is no amount due from the shareholder that holds 5% or more of the Company’s voting shares in the ending balance of advance to supplier. 6.4.2 The ending balance of advance to supplier decreases by RMB 742,621.48.This 41.22％ decrease was mainly attributable to the settlement of advanced payment for elevators of BIYUN Apartment S8 Group B. 6.5 Inventory and provision of impairment losses on inventory 2007.12.31 2006.12.31 Item Ending balance Provision Beginning balance Provision Property held for sale 155,422,389.45 - 174,323,417.09 - Development cost 934,383,075.99 - 607,668,532.76 - Total 1,089,805,465.44 - 781,991,949.85 - The board of directors of the Company confirms that there is no impairment loss on inventory after measuring its value; therefore there is no need for provision for impairment. 49 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.5 Inventory and provision of impairment losses on inventory (to be continued) 6.5.1 Development cost Estimated Estimated total Beginning Item Start time Ending balance completion time investment balance Land within zone 373,315,816.87 175,199,560.63 175,220,510.63 rolling development Jinqiao area 343,933,101.96 55,389,653.71 Jinqiao block 1994.06 2008.09 1,068,490,000.00 168,798,280.74 136,765,309.04 Jinyang block 1994.06 2008.12 241,580,000.00 244,815,365.66 240,293,059.38 No.9 area under 1,636,767.00 - construction Total 934,383,075.99 607,668,532.76 6.5.2 Property held for sale Item Ending balance Beginning balance Land within zone 42,686,290.11 42,686,290.11 Land of United Development Co., Ltd. 103,358,526.85 118,576,526.85 Jinyang block 2,140,641.39 2,538,988.39 Donglu block 275,248.44 387,524.94 Jinqiao block 6,961,682.66 10,134,086.80 Total 155,422,389.45 174,323,417.09 6.5.3 Borrowing costs capitalized and recognized as cost of inventory Beginning Transferred into Item balance Increase this year inventory this year Other decrease Ending balance Jinqiao area 2,578,684.10 2,578,684.10 2,578,684.10 The capitalization rate this year is 5.5576％ 6.5.4 The ending balance of inventory increases by RMB 307,813,515.59 compared to the beginning balance. This 39.36％ increase was mainly attributable to the relocation cost for the left area within the district paid by the Company’s subsidiary Shanghai Jinqiao Export Processing Zone United Development Co., Ltd amounting to about RMB 300 million. 50 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.6 Other current-assets Item Nature 2007.12.31 2006.12.31 Deposit pledged in bank Guarantee bank deposit 22,048,700.00 - The amount above represents bank deposit pledged for loan amounted to USD 2.9 million, which is in accordance with “Pledge Contract”(2007-KFQ-116-001 － ZY) of “USD Loan Contract”(2007-KFQ-116-001) signed by the parent company and Bank of China, Shanghai Pudong Development Zone Sub-branch. The term was from August 2007 to August 2008. 6.7 Financial assets available for sale Item 2007.12.31 2006.12.31 Equity instruments available for sale 240,461,223.24 - The closing balance of financial assets available for sale increases by RMB240,461,223.24 compared to the opening balance due to the following reasons: 6.7.1 Haitong Securities Co., Ltd and Bank of Communications issued this year , the restricted shares owned by the company has been transfer into this item , and the market value has been calculated as Note 3.27 listed. 6.7.2 If the market value would be calculate according to the closing quotation price at the end of this year ,the ending balance of above financial assets available for sale should be amounting to RMB598,147,669.36 6.8 Long-term accounts receivable: 2007.12.31 2006.12.31 Item Amount Provision Amount Provision Performance guarantee 400,000.00 - 400,000.00 - The ending balance refers to the time deposit used as performance guarantee in Jinqiao Sub-Branch, CCB with the term from 14 August, 2006 to 14 August, 2009. 51 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.9 Long-term equity investment 2007.12.31 2006.12.31 Item Ending balance Provision Ending balance Provision Associated 3,579,496.82 - 23,543,952.55 20,000,000.00 enterprise Others 158,258,274.94 9,740,000.00 138,977,707.26 17,468,796.02 Total 161,837,771.76 9,740,000.00 162,521,659.81 37,468,796.02 6.9.1 Key information of invested companies Propor tion of Proporti Total net assets Operating Place of shares on of at the end of revenue Net profit Name registration Nature held voting this year this year this year Associated enterprise Shanghai Jinjiayuan Property Property Operation and Shanghai 29％ 29％ 10,303,639.06 39,331,491.29 1,981,857.95 management Management Co., Ltd. Shanghai Jinguang Vacuum Produce and sale Shanghai 25％ 25％ 2,365,765.99 4,324,538.77 -1,309,208.26 Technology Co., Ltd. vacuum appliance 52 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.9 Long-term equity investment (to be continued) 6.9.2 Long-term equity investment calculated in cost method Increase/decreas in investment th Name Initial amount 2006.12.31 yea Bank of communication Note 1 6,262,520.00 6,262,520.00 -6,262,520.0 GuoTai JunAn Securities Co.,Ltd 7,660,000.00 7,660,000.00 Haitong Securities Co.,Ltd Note 1 20,400,000.00 20,400,000.00 -20,400,000.0 Orient Securities Co., Ltd Note 2 81,900,000.00 81,900,000.00 54,254,089.6 Shanghai homeworld logistics Co.,Ltd 3,310,840.00 3,310,840.00 Shanghai homeworld shopping center Co.,Ltd Note 3 16,555,015.00 6,456,455.00 -3,311,002.0 Shanghai Dongsheng economic development Co.,Ltd 7,500,000.00 7,500,000.00 Shanghai New Jinqiao carve out investment Management 5,000,000.00 5,000,000.00 -5,000,000.0 Co., Ltd Note 4 Shanghai New Jinqiao Commercial Management Co., Ltd 487,892.26 487,892.26 Total 149,076,267.26 138,977,707.26 19,280,567.6 53 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.9 Long-term equity investment (to be continued) 6.9.2 Long-term equity investment calculated in cost method (to be continued) Note1: Restricted shares of Bank of Communications and Haitong securities were transferred to financial assets available for sale in accordance with new enterprise accounting rules, which resulted in the decrease in these two single amounts. Note2: In accordance with the resolution passed in the nineteenth session of the 5th board meeting, the Company purchased 3,989.27 million shares amounting to RMB 54,254,089.68 in share capital increase of Orient Securities Co., Ltd, which has been completed at 7 June, 2007. Note 3: Shanghai homeworld shopping center Co., Ltd is a joint venture. According to the contract, it should give the Company a certain return since the opening of business, which is no less than what the Company deserves in proportion to its investment. During this year, the Company had the return from Shanghai homeworld shopping center Co.,Ltd, amounting to RMB 3,311,002.00 as the cost-recovery. Note 4: The decrease in Shanghai New Jinqiao carve out investment Management Co., Ltd was mainly attributable to the share transfer by the Company’s subsidiary-Shanghai Jinqiao Export Processing Zone United Development Co., Ltd, during which investment cost amounting to RMB5,000,000.00 was collected and RMB 1,330,700.00 was recognized as gains on this transfer. 54 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.9 Long-term equity investment (to be continued) 6.9.3 Long-term equity investment calculated in equity method Increase/decrea Of which: se in equity this cash dividend Name Initial amount 2006.12.31 year received 2007.12.31 Shanghai General Silicon 6,084,655.03 - - - - Material Co., Ltd (Note) Shanghai General Silicon Crystal Material Co., Ltd 30,619,361.61 20,000,000.00 -20,000,000.00 - - (Note) Shanghai Jinjiayuan Property Operation and 1,470,000.00 2,656,107.41 331,947.91 -308,302.65 2,988,055.32 Management Co., Ltd Shanghai Jinguang Vacuum 690,125.00 887,845.14 -296,403.64 31,569.63 591,441.50 Technology Co., Ltd Total 38,864,141.64 23,543,952.55 -19,964,455.73 -276,733.02 3,579,496.82 Note：According to “Resolution on the equity treatment of Shanghai General Silicon Material Co., Ltd and Shanghai General Silicon Crystal Material Co., Ltd” passed in the second session of the 6th board meeting, equity in Shanghai General Silicon Material Co., Ltd and Shanghai General Silicon Crystal Material Co., Ltd has been transferred successfully during this year, collecting investment and receivables amounted to RMB 7,790,000.00. Provision for long-term equity investment amounted to RMB 20,000,000.00, among which RMB 5,601,232.00 was reversed and RMB 14,398,768.00 was written off as the investment cost recovery. 6.9.4 Provision for long-term equity investment Increase Decrease Name 2006.12.31 this year this year 2007.12.31 Reason for provision Shanghai Dongsheng Great loss due to poor economic development 7,500,000.00 - - 7,500,000.00 operation Co.,Ltd GuoTai JunAn Securities Great loss due to poor Co.,Ltd 2,240,000.00 - - 2,240,000.00 operation in previous years Shanghai General Silicon 20,000,000.00 - 20,000,000.00 - Crystal Material Co., Ltd Haitong Securities Transferred to Co.,Ltd 7,728,796.02 - 7,728,796.02 - financial assets available for sale Total 37,468,796.02 27,728,796.02 9,740,000.00 55 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.9 Long-term equity investment (to be continued) 6.9.5 The ending balance of long-term equity investment increased by RMB27,044,907.97 compared to the beginning balance. This 21.63 % increase was mainly due to the following two facts: During the year, the parent company increased investment in Orient Securities Co., Ltd with RMB 54,254,089.68 in accordance with the resolution made in the board meeting. During the year, long-term equity investment in Bank of Communication and Haitong Securities Co., Ltd were transferred to financial assets available for sale. 6.10 Investment properties Item Houses and buildings Land use rights Total Original value Beginning balance 4,076,777,117.02 371,086,205.66 4,447,863,322.68 Increase this year 153,855,165.61 110,135,885.86 263,991,051.47 Decrease this year 104,408,979.08 140,615,714.95 245,024,694.03 Ending balance 4,126,223,303.55 340,606,376.57 4,466,829,680.12 Accumulated depreciation and amortization Beginning balance 929,452,337.73 32,626,401.82 962,078,739.55 Increase this year 172,308,544.04 8,225,943.66 180,534,487.70 Decrease this year 7,287,207.03 1,903,583.54 9,190,790.57 Ending balance 1,094,473,674.74 38,948,761.94 1,133,422,436.68 Net value Ending balance 3,031,749,628.81 301,657,614.63 3,333,407,243.44 Beginning balance 3,147,324,779.29 338,459,803.84 3,485,784,583.13 6.10.1 During the year, the increase of original value was attributable to the transfer of the project “New Jinqiao plaza” amounting to RMB 201,101,971.23 and the decrease was attributable to the offsetting of estimated cost amounting to RMB206,888,433.92. Detail goes to Note 6.12.2 . 6.10.2 During the year, the Company transferred investment property with net value RMB11, 108,476.48(Original value RMB 17,575,706.74) .Transfer income was amounting to RMB 32,540,040.00. 56 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.11 Fixed assets .Machinery Transportation Office equipment Item Houses and buildings equipment facilities and other equipment Total Original value Beginning balance 161,227,669.60 4,434,400.00 9,281,789.42 23,971,050.62 198,914,909.64 Other increase this year 126,302,192.65 4,696,764.00 256,955.00 14,819,440.66 146,075,352.31 Decrease this year 138,408,390.69 4,434,400.00 - 12,121,520.00 154,964,310.69 Ending balance 149,121,471.56 4,696,764.00 9,538,744.42 26,668,971.28 190,025,951.26 Accumulated depreciation Beginning balance 6,103,898.44 140,422.67 6,627,132.10 5,601,674.78 18,473,127.99 Increase this year 8,042,530.47 660,597.66 696,084.97 5,001,039.50 14,400,252.60 Decrease this year 3,400,975.65 140,422.67 - 774,038.48 4,315,436.80 Ending balance 10,745,453.26 660,597.66 7,323,217.07 9,828,675.80 28,557,943.79 Net book value Beginning balance 138,376,018.30 4,036,166.34 2,215,527.35 16,840,295.48 161,468,007.47 Ending balance 155,123,771.16 4,293,977.33 2,654,657.32 18,369,375.84 180,441,781.65 6.11.1 The ending balance of fixed assets decreases by RMB 8,888,958.38.This 4.47% decrease was mainly attributable to the adjustment of original value of fixed assets by Jinqiao Plaza Co., Ltd, a subsidiary of the Company, which have been settled in advance last year. Among the increase in fixed assets that was transferred from construction in progress, RMB 126,302,192.65 was transferred into houses and buildings; RMB 4,696,764.00 was transferred into machinery equipment and RMB 14,210,045.66 was transferred into office equipment and other equipment. The decrease in houses and buildings amounted to RMB 138,408,390.69 was the offsetting of estimated cost last period and RMB 4,434,400.00 and RMB 12,113,400.00 were the offsetting of estimated cost for machinery equipment and office equipment and other equipment respectively. Please refer to Note 6.12.2. 57 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.12 Construction in process Decrease this year Budget Transfer into Transfer in Project 2006.12.31 Increase Transfer into Transfer into (million) investment long-term pre fixed assets intangible assets properties expense New Jinqiao plaza west section 580 - 548,013,019.85 145,209,002.31 152,918,571.98 201,101,971.23 47,102,26 rebuilt S8 project total prepaid expense - 2,918,107.75 - - - S8 department group C 2,980 11,655,021.14 25,315,783.18 - - - S8 department group F 2,600 - 1,325,766.95 - - - Office park building 2 restaurant 350 2,203,348.25 1,301,083.30 - - - Office park building 9-16 17,550 51,924,731.17 107,860,185.43 - - 435,833.53 Hongfeng commercial street 1,800 8,857,682.20 9,493,795.57 - - 18,351,477.77 G3 research building 2,930 - 821,976.44 - - - S1 service apartment 6,000 - 1,807,193.69 - - - S3 BIYUN villa 1,000 - 675,895.10 - - - S7 Lantian road BAR 1,050 - 441,846.04 - - - T27\27-28 research building 4,000 - 2,336,175.87 - - - Flying fox in Hongfeng Road 150 1,450,746.69 94,139.53 - - 1,544,886.22 T15 service centre 200 - 90,000.00 - - - T15-4 workshop - 4,939,859.00 4,750,825.00 - - 9,690,684.00 T17-B1 8,500 - 944,451.00 - - - BIYUN villa No.6 session 2,900 - 18,290,342.40 - - - Other items 203,148.34 - - - - Total 81,234,536.79 726,480,587.10 145,209,002.31 152,918,571.98 231,124,852.75 47,102,26 58 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.12 Construction in process (to be continued) 6.12.1 Borrowing costs capitalization recognized in cost of project Increase Transfer into Other Name 2006.12.31 this year investment property decrease 2007.12.31 Hongfeng commercial street - 34,596.66 34,596.66 - - Office park building 9-16 - 852,541.83 - - 852,541.83 Office park building 2 - 10,312.30 - - 10,312.30 restaurant G3 research building - 8,865.44 - - 8,865.44 S1 service apartment - 14,323.69 - - 14,323.69 S3 BIYUN villa - 5,357.10 - - 5,357.10 S7 Lantian road BAR - 3,502.04 - - 3,502.04 T27\27-28 research building - 18,516.37 - - 18,516.37 Total - 948,015.43 34,596.66 - 913,418.77 The capitalization rate is 5.5576% this year. 6.12.2 The ending balance of construction in process increases by RMB 150,125,899.73.This 184.81% increase was mainly attributable to the following two facts: (1) The above-mentioned “New Plaza project” was almost completed by the subsidiary Jinqiao Plaza Co.,Ltd, except for the projects in western districts. The total cost amounted to RMB 546,331,805.85 was transferred into corresponding accounts ,among which RMB145,209,002.31was transferred into fixed assets; RMB 201,101,971.23 was transferred into investment properties ;RMB 152,918,571.98 was transferred into intangible assets and RMB 47,102,260.33 was transferred into long-term prepaid expenses. Increase this year mainly referred to the reversal of estimated transfer of investment properties,fixed assets and intangible assets . (2)Increase in the project payment amounting to RMB 25,315,783.18 for Biyun Villa group C by the parent company and project of Office park building 9-16 amounting to RMB 107,860,185.43 by the Company’s subsidiary-Shanghai Jinqiao Export Processing Zone United Development Co., Ltd. 59 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.13 Intangible assets Original value Land use rights Beginning balance 165,482,875.39 Increase this year 152,918,571.98 Decrease this year 165,482,875.39 Ending balance 152,918,571.98 Accumulated amortization Beginning balance 1,203,511.82 Increase this year 4,544,026.94 Decrease this year 1,203,511.82 Ending balance 4,544,026.94 Net book value Beginning balance 164,279,363.57 Increase this year 148,374,545.04 Decrease this year 164,279,363.57 Ending balance 148,374,545.04 6.13.1 The above land use rights with the term of 50 years, which are attached to New Jinqiao plaza, are owned by Shanghai New Jinqiao plaza Industrial Co., Ltd, a subsidiary of the Company. Increase this year was due to the transfer from final project cost and decrease in original value was attributable to the offsetting of estimated cost transferred last year. Please refer to Note 6.12.2 for details. 6.14 Long-term prepaid expense Item Decoration fees Original value 47,102,260.33 Beginning balance - Increase this year 47,102,260.33 Amortization this year 10,948,991.11 Accumulated amortization 10,948,991.11 Ending balance 36,153,269.22 Amortization months left 43 6.14.1 The ending balance of long-term prepaid expense increases by RMB 36,153,269.22, which was mainly attributable to Shanghai New Jinqiao plaza Industrial Co., Ltd, a subsidiary of the Company, who transferred its final project cost decoration fees of its new project from fixed-assets into long-term prepaid expense with the term of 60 months. Please refer to Note 6.12.2 for details. 60 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.15 Assets with restricted ownership 6.15.1 Reason for restricted ownership Item Beginning balance Increase this year Decrease this year Ending balance Assets with restricted ownership caused by other reasons : 1.Deposit pledged in bank - 22,448,700.00 - 22,448,700.00 2.Fixed assets- mortgage of houses and buildings 135,007,415.04 - 15,205,338.97 119,802,076.07 3. Intangible assets- mortgage of land use rights 164,279,363.57 - 15,904,818.53 148,374,545.04 4. Mortgage of investment property 205,100,526.06 - 11,075,479.97 194,025,046.09 Total 504,387,304.67 22,448,700.00 42,185,637.47 484,650,367.20 6.15.1.1 The deposit pledged in bank is RMB 22,448,700.00.The amount RMB 22,048,700.00 for loan amounted to USD 2.9 million with term from August 2007 to August 2008 and amount RMB 400,000.00 for performance guarantee with the term from 14 August, 2006 to 14 August, 2009. 6.15.1.2 Up to 31 December, 2007, the self –owned property with an area of 41,153.92 square meters and net book value amounting to RMB 462,201,667.20 owned by a subsidiary Shanghai New Jinqiao plaza Industrial Co., Ltd has been mortgaged to Jinqiao Sub-branch,CCB for loan amounting to RMB 300,000,000.00.The term is from 30,March,2007 to 4,April,2010. 6.16 Short-term loan Category 2007.12.31 2006.12.31 Loan by credit 610,000,000.00 350,000,000.00 Loan by guarantee 426,600,000.00 361,700,000.00 Loan by pledge (Note) 21,183,340.00 － Total 1,057,783,340.00 711,700,000.00 Note: The above loan by pledge refers to the short-term USD loan amounting to 2.9 million from Pudong area Sub-branch, Bank of China by the parent company with RMB 22,048,700.00 as its pledge. This loan was converted into RMB 21,183,340.00 at the exchange rate of 7.3046 at the end of this year. 6.16.1The ending balance of short-term loan increases by RMB 346,083,340.00.This 48.63% increase was attributable to the short-time loan amounting to RMB 346,083,340.00 for new project of the Company, of which ,the new loan of parent company were amounting to RMB161,183,340.00 ,and the others of Shanghai Jinqiao Export Processing Zone United Development Co., Ltd, a subsidiary of the Company were amounting to RMB184,900,000.00 . 61 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.17 Short-term financing bonds Item 2007.12.31 2006.12.31 Short-term financing bonds - 400,000,000.00 6.17.1Short-term financing bonds decrease by RMB 400,000,000.00 compared to the last year, which is due to the repayment of the above financing bonds this year. 6.18 Accounts payable 2007.12.31 2006.12.31 97,165,963.50 209,759,585.39 6.18.1 There is no amount in the ending balance of accounts payable due to the shareholders that hold 5% or more of the Company’s shares. 6.18.2 There is no amount in the ending balance of accounts payable due to related parties. 6.18.3 Significant accounts payable aging over 1 year Name Balance Reason for delayed payment Qidong construction Co.,Ltd 1,290,283.60 Balance payment of project to be settled 6.18.4 The ending balance of accounts payable decreases by RMB 112,593,621.89.This 53.68% decrease was attributable to the payment of completed project this year. 6.19 Advance from customers 2007.12.31 2006.12.31 121,308,792.67 116,172,576.81 6.19.1 There is no amount in the ending balance of advance from customers due to the shareholders that hold 5% or more of the Company’s shares. 6.19.2 There is no amount in the ending balance of advance from customers due to related parties. 62 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.20 Wages payable 6.20.1 Details for wages payable this period Item Beginning balance Increase this year Decrease this year Ending balance Salary, bonus, allowance and - 30,009,326.24 26,012,793.24 3,996,533.00 subsidies Staff welfare 1,106,659.55 -140,484.68 966,174.87 - Welfare fund for employees(Note) 32,859,221.06 - -3,000,000.00 35,859,221.06 Social securities - 7,702,910.89 7,668,257.09 34,653.80 Of which:Medical - 1,441,628.96 1,425,234.06 16,394.90 pension - 5,856,330.22 5,840,881.12 15,449.10 Annuity - - - - Laid-off insurance - 293,507.63 291,634.43 1,873.20 Work injury insurance - 60,509.56 59,572.96 936.60 Childbirth insurance - 43,049.76 43,049.76 - Handicapped insurance - 7,044.76 7,044.76 - Company back pay insurance - 840.00 840.00 - Housing fund - 2,624,905.86 2,618,447.86 6,458.00 Labor union and staff education 1,496,626.27 1,121,035.47 764,455.20 1,853,206.54 expenses Non-monetary welfare - - - - Compensation for releasing labor - - - - relationship Others - 118,472.19 118,472.19 - Total 35,462,506.88 41,436,165.97 35,148,600.45 41,750,072.40 Note: This referred to the employee welfare and incentive fund on the basis of profit after tax before Shanghai Jinqiao Export Processing Zone United Development Co., Ltd, a subsidiary of the Company, transferred from foreign-owned enterprise into domestic-funded enterprise. The decrease was attributable to the drawn back initial payment that should not be charged into the Company. 63 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.21 Tax payable Item 2007.12.31 2006.12.31 Business tax 1,807,017.03 2,538,142.10 Urban construction tax 21,698.01 17,809.54 Income tax 30,901,701.54 9,605,173.30 Housing property tax - 95,087.90 Land VAT 24,428,762.61 - Individual income tax 31,347.55 56,203.53 Education surcharge 7,501.46 11,103.99 Dam protection tax 59,245.12 88,299.62 Total 57,257,273.32 12,411,819.98 6.21.1 The ending balance of tax payable increases by RMB 44,845,453.34 compared to the beginning balance.This361.31% increase mainly resulted from the increase of income tax and increase of Land VAT amounting to RMB 24,428,762.61, which was calculated by applicable rate in accordance with Accounting Regulations about Land VAT issued by Ministry of Finance. 6.22 Interest payable Item 2007.12.31 2006.12.31 Interest of short-term loan from 21 2,828,450.61 2,700,000.00 December,2007 to 31 December, 2007 Total 2,828,450.61 2,700,000.00 6.23 Other payables 2007.12.31 2006.12.31 556,318,238.93 489,139,400.96 6.23.1 For amounts due to related parties, please go to Note 9.4. 6.23.2 Significant other payables aging over 1 year Name Balance Reason for nonpayment Shanghai Zhongtongguiyun Industry Co.,Ltd 7,851,690.00 To be settled Shanghai Lianbei Trading Co.,Ltd 5,894,250.00 To be settled 64 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.23 Other payables (to be continued) 6.23.3 Other significant payables Name Balance Nature Shanghai Jinqiao (Group)Co.,Ltd 298,244,184.54 Floating loan Shanghai Zhongtongguiyun Industry Co.,Ltd 7,851,690.00 Current account Shanghai Lianbei Trading Co.,Ltd 5,894,250.00 Current account 6.23.4 The ending balance of other payables increases by RMB 67,178,837.97.During the year, Shanghai Jinqiao Export Processing Zone United Development Co., Ltd, a subsidiary of the Company, borrowed RMB39,938,800.00 from Shanghai Jinqiao (Group) Co., Ltd, which resulted in this13.73% increase of other payables compared to the beginning balance. 6.24 Non-current liabilities due within one year 2007.12.31 2006.12.31 20,000,000.00 - 6.24.1 The above amount, mentioned in note 6.15, refers to the secured loan maturing at 10 April, 2008 according to the contract which was borrowed by Shanghai New Jinqiao plaza Industrial Co., Ltd, a subsidiary of the Company. 6.25 Long-term loan Creditor Currency Condition 2007.12.31 2006.12.31 Jinqiao Sub-branch,CCB RMB Mortgage 280,000,000.00 - Total 280,000,000.00 - 6.25.1 The ending balance of long-term loan increases by RMB 280,000,000.00, which is100.00% up compared to the last year. Please refer to Note 6.15 for the guaranty of the secured loan. 65 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.26 Deferred income tax assets and deferred income tax liabilities 6.26.1 Deferred income tax assets 2007.12.31 2006.12.31 Deductible Deferred Deductible Deferred income Item temporary income tax temporary tax assets difference assets difference 1 Provision for bad debts of accounts 296,110.56 1,184,442.24 2,373,438.70 15,822,924.67 receivable 2 Difference in inventories 3,126,472.18 12,505,888.72 2,021,627.07 13,477,513.80 3 Long-term incentive fund 12,571,928.21 50,287,712.84 5,657,171.63 37,714,477.53 4 Provision for long-term equity 3,020,000.00 12,080,000.00 5,620,319.40 37,468,796.00 investment 5 Housing fund for employees 913,130.00 3,652,520.00 - - 6 Advance in bonus 1,019,115.92 4,076,463.68 - - 7 Unrealizable profit caused by internal 23,225,405.01 92,901,620.04 3,361,306.65 22,408,711.00 transactions(Note) Total 44,172,161.88 176,688,647.52 19,033,863.45 126,892,423.00 Note: Unrealized profit caused by internal transactions above was the deductible temporary difference due to the unrealized bargaining profit (purchasing BIYUN New area No.2 session C project which is under construction) between the parent company and the subsidiary- Shanghai Jinqiao Export Processing Zone Real Estate Development Co., Ltd and previous business inside between the parent and the subsidiary Shanghai Jinqiao Export Processing Zone United Development Co.,Ltd of the purchase of S4,T4,T3-5 land. The applicable tax rate was 25%. 6.26.2 Deferred income tax assets increase by RMB25,138,298.43 during the year. This 132.07％ increase is mainly due to the above transactions as well as deferred income tax assets calculated in 15% rate in previous years which have been adjusted to the new applicable tax rate 25% this year. 6.26.3 Unconfirmed deferred income tax At the end of this year, accumulative losses of Shanghai Jinqiao Export Processing Zone South Area Construction and Development Co., Ltd, the subsidiary of the Company, were recognized as unconfirmed deferred income tax assets. This deductible temporary difference was amounting to RMB 13,985,448.32 calculated in applicable income tax rate of 25%. The development project cost transferred for self-use or lease, which was regarded as sales when calculating income tax by the subsidiary of the Company, Shanghai New Jinqiao Plaza Industrial Co., Ltd, was recognized as unconfirmed deferred income tax assets. This unconfirmed deferred income tax assets was amounting to RMB 19,524,718.95 calculated in applicable income tax rate of 25%. 66 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.26 Deferred income tax assets and deferred income tax liabilities 6.26.4 Deferred income tax liabilities 2007.12.31 2006.12.31 Deferred income Taxable temporary Deferred income Taxable temporary Item tax liabilities differences tax liabilities differences Changes at fair value of financial 53,449,675.82 213,798,703.28 - - assets available for sale Total 53,449,675.82 213,798,703.28 - - 6.26.5 Deferred income tax liabilities increased by RMB 53,449,675.82 this period. During the year, changes at fair value of financial assets available for sale were charged to capital reserve. As a result, deferred income tax liabilities were calculated by the rate of 25% deducted the capital reserve. 6.26.6 The income tax rate applicable to the Company is adjusted since January 1, 2008. Deferred tax assets and liabilities are calculated by the tax rate complying with relevant regulations. This rate is subject to the period in which assets and liabilities are estimated to be collected. As a result, with regard to deferred income tax assets and liabilities confirmed on the date new tax laws are issued and reversed, by estimate, after January 1, 2008, the Company adjusts book value according to the applicable rate of 25%.The difference RMB -9,267,597.39 was included in income tax in the current period. 6.27 Capital stock Increase and Items 2006.12.31 Proportion decrease this 2007.12.31 Proportion year 1.Shares with restriction on sale (1) State-owned 370,010,037.00 43.82 - 370,010,037.00 43.82 (2)Held by state-owned 35,578,938.00 4.21 -35,578,938.00 - - legal entitles Subtotal 405,588,975.00 48.03 -35,578,938.00 370,010,037.00 43.82 2.Shares without restriction on sale (1)ordinary share in RMB 191,364,525.00 22.67 35,578,938.00 226,943,463.00 26.88 (2) Foreign shares listed on 247,432,900.00 29.30 - 247,432,900.00 29.30 domestic market Subtotal 438,797,425.00 51.97 35,578,938.00 474,376,363.00 56.18 3. Total 844,386,400.00 100.00 - 844,386,400.00 100.00 The share reform of the Company has been completed at 12 Jan 2006. According to the reform project , 35,578,938 restricted shares held by Shanghai International affiance investment co., Ltd ,the shareholder with restriction on sale, were listed at 12 Jan 2007.After the circulation , the changes of share structure are as above . During the year, the changing procedure has been completed. Par value of the above share is RMB 1 per share. 67 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.28 Capital reserve Other capital reserve Changes at fair value of Difference in foreign Item Premium on capital financial assets for sale currency conversion Other transfer 2006.12.31 820,241,674.65 - -88,393,867.09 - Increase this year - 154,483,057.14 - 215,129.65 2007.12.31 820,241,674.65 154,483,057.14 -88,393,867.09 215,129.65 The ending balance of other capital reserves increases by RMB 154,698,186.79, which is 19.13% up compared to the changes at fair value of financial assets available for sale less deferred income tax liabilities. 68 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.29 Surplus reserves Statutory surplus Item reserves Free surplus reserves Total 2006.12.31 216,427,151.55 26,463,721.38 242,890,872.93 Increase this year 20,952,257.71 10,476,128.85 31,428,386.56 2007.12.31 237,379,409.26 36,939,850.23 274,319,259.49 6.29.1 The ending balance of surplus reserves increases by RMB31,428,386.56 compared to the beginning balance.This12.94% increase was mainly attributable to the appropriation to statutory surplus reserve and free surplus reserve by the parent company, which were calculated by 10% and 5% of net profit respectively. 6.30 Undistributed profits Item Balance Proportion Beginning undistributed profit before adjusted 673,704,550.24 Adjustment for undistributed profit(Add+,Less-) 99,134,778.12 Beginning undistributed profit adjusted 772,839,328.36 Add: Net income of current year 206,663,652.46 Less: Statutory surplus reserve 20,952,257.70 10％ of the net profit Free surplus reserves 10,476,128.85 5％ of the net profit Common stock dividend payable 92,874,879.08 Common stock transferred into capital - Ending undistributed profits 855,199,715.19 Adjustment for beginning undistributed profit was amounting to RMB 99,134,778.12. Of which: 6.30.1 Due to the adoption of New Enterprise Accounting Standard by the Company as mentioned in Note 3.28, the total affected amount on beginning undistributed profit was RMB 117,758,032.48. 6.30.2 Due to the adoption of New Enterprise Accounting Standard by the Company as mentioned in Note 3.28, there was a particular retroactive adjustment of unrealized profit for internal transactions in associate companies shares amounting to RMB -19,047,404.36 to be consistent with IFRS. 6.30.3 Shanghai Jinqiao Export Processing Zone Real Estate Development Co., Ltd, a subsidiary of the Company, made a retroactive adjustment of beginning undistributed profit with regard to subsidize revenue, which was recognized in surplus reserves by mistake. The affected amount on beginning undistributed profit was RMB 424,150.00. 69 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.31 Minority interests 6.31.1 Minority interests attributable to minority share holders in subsidiaries Name 2007.12.31 2006.12.31 Shanghai Jinqiao (Group)Co.,Ltd 326,041,872.42 283,403,360.42 6.32 Operating revenue and cost 2007 Item Main business Other business Total Operating revenue 799,432,832.08 1,709,182.44 801,142,014.52 Operating cost 297,809,350.43 140,185.33 297,949,535.76 2006 Item Main business Other business Total Operating revenue 990,171,989.18 2,195,341.81 992,367,330.99 Operating cost 520,158,058.94 69,275.16 520,227,334.10 6.32.1 Main business revenue and cost categorized by business Main business revenue Main business cost Item 2007 2006 2007 2006 (1) Real estate sales 222,890,013.88 418,069,677.61 72,095,536.54 204,854,276.63 (2) Real estate lease 649,801,316.32 569,749,262.97 232,303,015.81 306,686,245.33 (3) Lease of service apartment 28,401,501.88 2,353,048.60 24,577,889.07 9,105,873.47 Subtotal 901,092,832.08 990,171,989.18 328,976,441.42 520,646,395.43 Offset business in related segments -101,660,000.00 - -31,167,090.99 -488,336.49 Total 799,432,832.08 990,171,989.18 297,809,350.43 520,158,058.94 6.32.2 The top five sales amount to RMB 137,024,121.20, accounting for 17.10% of the total operating revenue. 6.32.3 Main business revenue decreases by RMB 190,739,157.10, which is 19.26% down compared to the last year. Shanghai Jinqiao Export Processing Zone Real Estate Development Co.,Ltd, a subsidiary of the Company, sold most of its properties of Biyun Xintiandi last year, therefore, payment of the left 5 properties were settled this year. As a result, sales revenue decreased correspondingly by RMB 290,753,022.59.Besides, revenue from leasing and service apartment increased by RMB 106,100,506.63 this year. 6.32.4 Main business cost decreases by RMB 222,348,708.51, which is 42.75% down compared to the last period. Decrease in main business revenue resulted in decrease in main business cost amounting to RMB 132,758,740.09.Besides,the decrease in lease cost of real estate was mainly attributable to the decrease in facilities cost occurred for lease project last year. 70 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.33 Main business tax and surtax Item Charging standard 2007 2006 Business tax Business tax payable 45,424,576.00 50,206,660.09 Land VAT Business tax payable 26,832,412.76 - Urban construction tax Turnover tax payable 367,347.56 315,119.34 Education surcharge Turnover tax payable 675,083.27 911,125.12 Dam protection tax Turnover tax payable 130,262.94 1,512.54 Business tax payable and Housing property tax 2,411,015.22 - residual value of property Land use tax Area of land taxable 17,766,678.36 164,857.06 Total 93,607,376.11 51,599,274.15 6.33.1Main business tax and surtax increases by RMB 42,008,101.96.This 81.41% increase was mainly attributable to the increase in land VAT amounting to RMB 26,832,412.76 as well as increase in land use tax calculated by area of land taxable amounting to RMB 17,601,821.30, which was in accordance with Accounting Regulations about LAND VAT issued by Ministry of Finance. 6.34 Operating expenses Item 2007 2006 Operating expenses 10,368,475.90 12,165,550.42 6.34.1 Operating expenses decreases by RMB 1,797,074.52, which is 14.77% down, compared to the last year. During the year, number of newly completed projects decreased, leading to the decrease in advertisement expense and intermediary expense. 6.35 Administrative expenses Item 2007 2006 Administrative expenses 81,885,346.01 80,426,591.36 71 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.36 Financial expenses Item 2007 2006 Interest expense 82,539,516.09 57,887,691.27 Less：Interest income 1,357,797.94 1,801,596.87 Net interest expense/(income) 81,181,718.15 56,086,094.40 Add：Losses(Gains) on foreign currency conversion -988,898.21 174,219.77 Commission 713,595.91 3,589,668.37 Total 80,906,415.85 59,849,982.54 6.36.1 Interest expense increases by RMB 21,056,433.31.This 35.18% increase was brought by the increase in loan this year. 6.37 Assets impairment losses Item 2007 2006 Impairment losses on bad debts -8,515,649.91 64,743.06 Impairment losses on long-term equity investment -5,601,232.00 -8,150,193.91 Total -14,116,881.91 -8,085,450.85 6.37.1 The reverse of assets impairment losses increases by RMB 6,031,431.06, which is 74.60% up compared to the last year. During the year, equities invested in Shanghai General Silicon Crystal Material Co., Ltd have been transferred successfully by the parent company. Provision for long-term equity investment amounting to RMB 5,601,232.00 and provision for impairment of other receivables amounting to RMB 2,188,768.00 were reversed correspondingly. Besides, Shanghai Jinqiao Export Processing Zone United Development Co., Ltd, a subsidiary of the Company, collected RMB 6,391,581.96 due from Shanghai Jinpu Real Estate Co., Ltd, and full provision for this account was also reversed. 6.38 Investment income Item 2007 2006 Net profit from invested company calculated by equity method -43,897.62 599,871.57 Dividend from invested company calculated by cost method 8,630,115.35 607,386.47 Income from transfer of long-term equity investment 1,340,700.00 432,510.00 Total 9,926,917.73 1,639,768.04 6.38.1 Investment income increases by RMB 8,287,149.69, which was mainly attributable to the dividend, amounting to 7,978,542.60, received from Dongfang Securities Co., Ltd calculated in cost method by the parent company. 72 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.39 Non-operating revenue Item 2007 2006 Gains on disposal of non-current assets - 225.00 Of which： Fixed assets - 225.00 Intangible assets - - Penalty 13,772,521.23 748,763.56 Government grants - 562,773.00 Other revenue 156,093.00 230,168.34 Total 13,928,614.23 1,541,929.90 6.39.1 Non-operating revenue increases by RMB12,386,684.33 compared to the last year, which was mainly attributable to the increase in penalty amounting to RMB 11,738,163.79 brought by Shanghai Jinqiao Export Processing Zone United Development Co., LTD., a subsidiary of the Company. 6.40 Non-operating expense Item 2007 2006 Losses on disposal of non-current assets 876.16 31,246.63 Of which： Fixed assets 876.16 31,246.63 Intangible assets - - Public donation 253,000.00 500,000.00 Delay charge 1,481.26 217,905.29 Forfeit expense - 27,195.60 Other - 13,922.50 Total 255,357.42 790,270.02 6.40.1 Non-operating expenses decreases by RMB 534,912.60, which is 67.69% down, compared to the last year. During the year, public donation decreased by RMB 247,000.00 and delay charges also decreased. 73 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.41 Income tax Item 2007 2006 Income tax this period 63,714,373.64 46,203,565.97 Deferred income tax -26,298,124.60 16,089,650.84 Affected amount from tax calculation in previous years - 11,065,085.07 Total 37,416,249.04 73,358,301.88 Adjust profit in consolidated financial statement into income tax : Item 2007 2006 Profit 274,141,921.34 278,575,477.19 Permanent difference 44,659,569.93 5,155,435.58 Of which： Tax free income -44,306,585.32 -13,452,512.89 Fees not to be deducted 88,966,155.25 18,607,948.47 Temporary difference 71,007,199.13 24,292,860.33 Of which：Tax loss in previous period -9,934,439.60 - Unconfirmed tax loss 8,103,159.73 24,292,860.33 As selling assets amortize basic difference 72,838,479.00 - Taxable income 389,808,690.40 308,023,773.10 Tax calculated by legal tax rate (applicable tax rate) 58,471,303.56 46,203,565.97 Affected amount due to the different tax rate applicable to 5,243,070.08 - subsidiary-Jinqiao Plaza Co.,Ltd Income tax in the current year 63,714,373.64 46,203,565.97 6.41.1 Income tax decreases by RMB35,942,052.84. Reasons for this 49.00% decrease are as follows: （1）Last period, income tax increased by RMB 11,065,085.07 which was calculated and checked on the basis of the prior year’s income tax, while this year such event did not occur. （2）Unrealizable profit in purchasing Biyun Xintiandi Phase 2 Group C under development by Jinqiao Real Estate Development Co.,Ltd was included as deductible temporary difference in consolidated financial statements at the applicable rate of 25%, amounting to RMB 17,737,463.89.As a result, income tax decreased in this purchase by the parent company. （3）Deferred income tax assets calculated at the rate of 15% was adjusted to the applicable rate of 25%,amounting to RMB9,267,597.39,during which income tax decreased correspondingly. 74 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.42 Non-recurring profits and losses Item 2007 2006 Gains on disposal of non-current assets 1,340,700.00 432,510.00 Government grants charged in current gains and loss - 562,773.00 Other non-operating revenue 13,928,614.23 979,156.90 Losses on disposal of non-current assets - - Less:Non-operating expense besides provision of assets impairment -255,357.42 -790,270.02 Reverse of welfare in previous years 1,158,236.84 - Less: non-recurring losses: income tax -2,425,829.05 -177,625.49 : Influence amount due to minority shares -4,653,242.88 -374,545.98 Total 9,093,121.72 631,998.41 6.43 Return on equity and earnings per share 6.43.1 Return on equity and earnings per share in 2007 ROE EPS Weighed Profit in report period Fully diluted average Basic EPS Diluted EPS Net profit attributable to common shareholders in the 7.04% 7.35% 0.2448 0.2448 Company Net profit attributable to common shareholders with 6.73% 7.03% 0.2340 0.2340 non-recurring profits and losses deducted 6.43.2 Return on equity and earnings per share in 2006 ROE EPS Profit in report period Fully diluted Weighed Basic EPS Diluted EPS average Net profit attributable to common shareholders in the 7.39% 7.52% 0.2335 0.2335 Company Net profit attributable to common shareholders with 7.37% 7.49% 0.2328 0.2328 non-recurring profits and losses deducted 6.43.3 Formula used to calculate the indices (1) Fully diluted returns on net assets= P÷E Among which, P refers to net profits belonging to common shareholders of the Company or net profits belonging to common shareholders of the Company after deducting the non-recurring gains or losses. E refers to the ending net assets belonging to common shareholders of the Company. (2) Weighted average returns on net assets= P/ （ E0 ＋ NP÷2 ＋ Ei×Mi÷M0 － Ej×Mj÷M0±Ek×Mk÷M0） 75 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.43 Return on equity and earnings per share (to be continued) 6.43.3 Formula used to calculate the indices (to be continued) Among which, P corresponds to net profits belonging to common shareholders of the Company and net profits belonging to common share holders of the Company after deducting the non-recurring gains or losses respectively. NP refers to net profits belonging to common shareholders of the Company. E0 refers to the beginning net assets belonging to common shareholders of the Company. Ei refers to the net assets newly increased by issuing additional shares during the report period or transferring from debts and belonging to common shareholders of the Company. Ej refers to the net assets reduced by repurchasing during the report period or through cash dividends and belonging to common shareholders of the Company. MO refers to the number of month for the whole report period. Mi refers to the number of month from the next month of newly net assets increasing to the ending month of report period. Mj refers to the number of month from the next month of net assets reducing to the ending month of report period. Ek refers to the increase/decrease change of net assets resulting from other transactions or events. Mk refers to the number of month from the next month of other net assets increase/decrease change to the ending month of report period. (3) Basic earnings per share= P÷S S= S0 ＋ S1 ＋ Si×Mi÷M0 － Sj×Mj÷M0－Sk Among which, P refers to net profits belonging to common shareholders of the Company or net profits belonging to common shareholders of the Company after deducting the non-recurring gains or losses. S refers to weighted average of issued common stocks. So refers to the total shares in the beginning period. Sl refers to the increased shares due to public reserve fund transferred into capital stocks or stock and share dividends distribution during the report period. Si refers to the increased shares due to the additional issuing shares or transference from debts to shares during the report period. Sj refers to the reduced shares due to repurchasing during the report period. Sk refers to the reduced stocks during the report period. M0 refers to the number of month for the report period. Mi refers to the number of month from the next month of increasing shares to the ending month of report period. Mj refers to the number of month from the next month of reducing shares to the ending month of report period. (4) Returns on diluted shares =[P+(（Diluted potential common stock interest recognized as expenses－conversion expenses）×（1-income tax rate）)/（S0 ＋ S1 ＋ Si×Mi÷M0 － Sj×Mj÷M0—Sk+ the weighted average of increased common stock like stock warrant, stock option and convertible bonds） 76 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.43 Return on equity and earnings per share (to be continued) 6.43.3 Formula used to calculate the indices (to be continued) Among which, P refers to net profits belonging to common shareholders of the Company or net profits belonging to common shareholders of the Company after deducting the non-recurring gains or losses. The Company does not issue diluted potential common stocks. 6.43.4 During the year, the Company did not issue new potential common shares, therefore, there was no need for diluted EPS. 6.43.5 There was no significant change with regard to common shares or potential common shares between the balance sheet date and the date the financial reports were authorized for issue. 6.44 Notes for cash flow statement 6.44.1 Transfer the net profit into cash flows of operating activities. Item 2007 2006 Net profit 236,725,672.30 205,217,175.31 Provision of assets impairment -14,116,881.91 -8,085,450.85 Depreciation of fixed assets 11,362,573.23 8,136,736.21 Amortization of intangible assets 3,340,515.12 - Amortization of long-term prepaid expenses 10,089,284.40 -137,669.68 Losses on disposal of fixed assets, intangible assets and other long-term assets - 72,945.05 Losses on scrapping of fixed assets 876.16 5,300.00 Financial expenses 78,208,271.84 59,372,383.33 Investment loss -9,926,917.73 -1,639,768.04 Decrease in deferred income tax -26,754,564.37 15,601,314.35 Decrease in inventories -408,786,909.51 194,307,765.58 Decrease in operating receivables -91,819,902.10 112,738,862.00 Increase in operating payables 13,141,054.95 -297,684,725.62 Decrease in investment properties 158,086,582.54 -225,848,028.62 Decrease in inventories -40,450,345.08 62,056,839.02 6.44.2 Changes of cash and cash equivalents Item 2007 2006 Ending balance of cash 58,047,282.38 71,054,238.89 Less:Beginning balance of cash 71,054,238.89 108,311,926.58 Add:Ending balance of cash equivalents - - Less:Beginning balance of cash equivalents - - Net increase in cash and cash equivalents -13,006,956.51 -37,257,687.69 77 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.44 Notes for cash flow statement (to be continued) 6.44.3 Cash and cash equivalents Item 2007 2006 Cash and cash equivalents Cash on hand 18,931.47 20,534.05 Deposit in bank 58,028,350.91 71,033,704.84 Ending balance 58,047,282.38 71,054,238.89 6.44.4 Cash received relating to other operating activities Cash received relating to operating activities in cash flow statement includes: Item 2007 2006 Guarantee money 18,337,365.50 22,863,404.01 Advance money drawn back 10,414,523.58 - Total 28,751,889.08 22,863,404.01 6.44.5 Cash paid relating to other operating activities Cash paid relating to operating activities in cash flow statement includes: Item 2007 2006 Related to operating expense 9,488,928.93 10,352,346.32 Related to administrative expense 22,103,955.14 14,660,810.53 Water and electricity fees paid to be drawn back 6,070,082.96 5,388,537.84 Land purchase deposit given back to Huashan Hospital - 3,845,000.00 Contribute payment 253,000.00 500,000.00 Total 38,779,384.42 33,883,277.30 6.44.6 Cash received relating to other investment activities Cash received relating to investment activities in cash flow statement includes: Item 2007 2006 Interest income 1,357,797.94 1,801,596.87 78 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 6 Notes for consolidated financial statements (to be continued) 6.44 Notes for cash flow statement (to be continued) 6.44.7 Cash received relating to other financing activities Cash received relating to financing activities in cash flow statement includes: Item 2007 2006 Loan from Jinqiao Group Co.,Ltd 305,000,000.00 194,320,615.91 Issue short-term financing bonds approved by the - 800,000,000.00 People’s bank of China Total 305,000,000.00 994,320,615.91 6.44.8 Cash paid relating to other financing activities Cash paid relating to other financing activities in cash flow statement includes: Item 2007 2006 Guarantee money in bank for USD loan and relevant 22,385,547.78 - commission of financing activities Repayment of loans from Jinqiao (Group) Co.,Ltd 284,000,000.00 5,388,537.84 Repayment of short-term financing bonds and its - 409,620,000.00 interests Total 306,385,547.78 415,008,537.80 79 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 7. Business segment 7.1 Segment information for the year 2007 and the end of 2007 Item Property sales Property lease Service apartment Other business Assets can not Operating revenue 222,890,013.88 649,801,316.32 28,401,501.88 28,668,082.44 Of which: external revenue 121,230,013.88 649,801,316.32 28,401,501.88 1,709,182.44 internal revenue 101,660,000.00 - - 26,958,900.00 Operating cost 72,095,536.54 232,303,015.81 24,577,889.07 1,715,185.33 Of which: external cost 40,928,445.55 232,303,015.81 24,577,889.07 140,185.33 internal cost 31,167,090.99 - - 1,575,000.00 Operating expense 464,055.75 9,330,716.54 573,703.61 - Operating profit(loss) 83,864,082.94 274,050,021.01 -2,130,127.64 18,402,944.08 Total assets 1,187,800,437.51 4,331,417,901.59 325,196,340.11 514,483,139.20 7 Total liabilities 200,284,604.87 826,777,122.90 6,680,265.93 - 1,6 Supplementary information 1Depreciation and amortization 1,390,417.29 6,299,687.07 16,679,011.85 573.16 2 capital expenditure 56,326,909.22 11,932,458.82 12,077,868.10 12,453.39 80 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 7 Business segment (to be continued) 7.2 Segment information for the year 2006 and the end of 2006 Assets and liabiliti Item Property sales Property lease Service apartment Other business can not be categoriz Operating revenue 418,069,677.61 569,749,262.97 2,353,048.60 3,770,341.81 Of which: external revenue 418,069,677.61 569,749,262.97 2,353,048.60 2,195,341.81 internal revenue - - - 1,575,000.00 Operating cost 204,854,276.63 306,686,245.33 9,105,873.47 1,644,275.16 Of which: external cost 204,365,940.14 306,686,245.33 9,105,873.47 69,275.16 internal cost 488,336.49 - - 1,575,000.00 Operating expense 923,937.48 11,176,788.65 64,824.29 - Operating profit(loss) 182,811,277.22 250,067,634.53 -8,051,770.41 739,255.42 Total assets 821,159,264.68 4,723,186,016.39 322,743,666.28 121,508,911.24 691,726,392.8 Total liabilities 219,791,409.58 289,564,583.87 631,829.84 - 2,222,130,753.9 Supplementary information 1Depreciation and 205,136.63 2,402,554.92 5,512,092.14 25,643.43 amortization 2Capital expenditure 35,299,887.47 4,223,899.14 50,259,089.91 310,944.87 81 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 8. Notes for financial statements of the parent company 8.1 Accounts receivable 8.1.1 Aging of accounts receivable Aging 2007.12.31 2006.12.31 Within one year(1 year included) 4,719,466.07 3,357,949.75 82 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 8. Notes for financial statements of the parent company (to be continued) 8.1 Accounts receivable (to be continued) 8.1.2 Classification of accounts receivable 2007.12.31 Provision for Proportion of Category Balance Proportion bad debts provision Balance Prop Individually significant items 1,269,256.00 26.89% - - - Individually significant items - - - - - with high combined risk Others 3,450,210.07 73.11% - - 3,357,949.75 100 Total 4,719,466.07 100.00% - - 3,357,949.75 100 83 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 8. Notes for financial statements of the parent company (to be continued) 8.1 Accounts receivable (to be continued) 8.1.3 Accounts receivable in significant single amounts (As of 31 December, 2007) Debtor Balance Proportion Reason - Assurance of being drawn Shanghai ABB transformer Co.,Ltd 1,269,256.00 back 8.1.4 The top five accounts receivable Debtor Balance Aging Proportion Shanghai ABB transformer Co.,Ltd 1,269,256.00 Within one year 26.89% Yulong numerical technology Co.,Ltd 420,011.89 Within one year 8.90% Kodak Electrics (Shanghai)Co.,Ltd 321,600.09 Within one year 6.81% Lutrou Electronics Industry(Shanghai)Co.,Ltd 259,591.62 Within one year 5.50% ES Power Manufacturing(Shanghai)Co.,Ltd 199,493.31 Within one year 4.23% Total 2,469,952.91 52.33% 8.1.5 There is no amount in the ending balance of accounts receivable due from related parties. 8.1.6 The ending balance of accounts receivable increases by RMB1,361,516.32, compared to the beginning balance. This 40.55％ increase was mainly attributable to the rent receivable due to the increase in rental income. 8.2 Other receivables 8.2.1 Aging of other receivables Aging 2007.12.31 2006.12.31 Within one year(1 year included) 272,280,188.66 252,265,277.60 1-2 years (2 years included) 122,369,830.32 37,456,275.04 Over 3 years - 241,605,780.29 Total 394,650,018.98 531,327,332.93 84 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 8. Notes for financial statements of the parent company (to be continued) 8.2 Other receivables (to be continued) 8.2.2 Classification of other receivables 2007.12.31 Provision for bad Proportion of Category Balance Proportion debts provision Balance Proportion Individually significant 396,175,739.11 99.79% 2,340,000.00 0.59% 538,948,531.12 99.87% items Individually significant items with high - - - - - - combined risk Others 814,279.87 0.21% - - 718,801.81 0.13% Total 396,990,018.98 100.00% 2,340,000.00 0.59% 539,667,332.93 100.00% 85 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 8. Notes for financial statements of the parent company (to be continued) 8.2 Other receivables (to be continued) 8.2.3 Other receivables in significant single amounts (As of 31 December, 2007) Debtor Balance Proportion Reason New Jinqiao Plaza Industrial Co.,Ltd 156,177,879.22 Jinqiao Real Estate Development Co.,Ltd 124,404,148.60 Jinqiao South Area Construction and Development 76,520,288.08 Co.,Ltd Jinqiao United Development Co.,Ltd 32,171,023.21 Great loss due to Guotaijunan Investment Management Co.,Ltd（ Note） 3,982,464.00 58.76% previous poor management GuoTai Junan Securities Co.,Ltd 2,919,936.00 Total 396,175,739.11 Note: Refer to Note 6.3.3 note 1. 8.2.4 Other receivables with full or high proportion of provision for bad debts which have been fully or partly drawn back Debts collected or Proportion of Reasonableness Debtor restructured Way of drawing back provision before for this proportion Shanghai General Silicon 2,188,768.00 Collected by bank By aging Reasonable Crystal Material Co., Ltd 8.2.4.1 Long-term equity invested in Shanghai General Silicon Crystal Material Co., Ltd by the parent company was transferred successfully during the year. Investment and balance due from this company amounting to RMB 7,790,000.00 was drawn back, as a result, provisions for long-term investment impairment and other receivables were reversed, amounting to RMB 5,601,232.00 and RMB 2,188,768.00 respectively. Provision for long-term equity investment amounting to RMB 14,398,768 .00was written off as the investment cost recovery and provision for other receivables amounting to RMB 3,811,232.00 was also written off, offsetting its book value. 8.2.5 Other receivables written off this year Related parties Debtor Amount of written off Nature Reason or not Shanghai General Can not be Silicon Crystal 3,811,232.00 Current accounts Yes collected Material Co., Ltd Refer to Note 6.3.4. 86 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 8. Notes for financial statements of the parent company (to be continued) 8.2 Other receivables (to be continued) 8.2.6 Top five other receivables Debtor Balance Aging Proportion New Jinqiao Plaza Industrial Co.,Ltd 156,177,879.22 Within 1 year 39.34% Jinqiao Real Estate Development Co.,Ltd 124,404,148.60 Within 1 year 31.34% Jinqiao South Area Construction and 76,520,288.08 Within 1 year 19.28% Development Co.,Ltd Jinqiao United Development Co.,Ltd 32,171,023.21 Within 1 year 8.10% GuoTai Junan Securities Co.,Ltd 2,919,936.00 Within 1 year 0.74% Total 392,193,275.11 98.80% 8.2.7 The amount in the ending balance other receivables due from related parties accounted for 98.06％of the total amount. 8.2.8 The ending balance of other receivables decreases by RMB 136,677,313.95 compared to the beginning balance. This 25.72％ decrease was mainly attributable to the drawing back of project fund amounting to RMB 204,260,461.82 from New Jinqiao Plaza Industrial Co.,Ltd. 8.3 Long-term equity investment 2007.12.31 2006.12.31 Item Balance Provision Balance Provision Subsidiaries of 658,081,438.49 - 658,081,438.49 - joint ventures Associates - - 20,000,000.00 20,000,000.00 Others 150,270,382.68 2,240,000.00 120,889,815.00 8,140,000.00 Total 808,351,821.17 2,240,000.00 798,971,253.49 28,140,000.00 87 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 8. Notes for financial statements of the parent company (to be continued) 8.3 Long-term equity investment (to be continued) 8.3.1 Long-term equity investment calculated by cost method 8.3.1.1 Important information of companies calculated by cost method that are not under the same control Proportion of Proportion of voting Total Invested company Place of registration Nature of business shares held rights the end Real estate 94.46% Jinqiao Road NO.1398 86.00% 307 Jinqiao Real Estate Development Co.,Ltd development （Note1） Lease of service North Beijing Road 89.84% New Jinqiao Plaza Industrial Co.,Ltd apartment and 74.34% -8 NO.1 （Note2） self-owned property Real estate Jinqiao United Development Co.,Ltd New Jinqiao Road No.28 60.40% 60.40% 823 development Jinqiao South Area Construction and Real estate 98..02% Hua dong Road No.5001 95.00% 244 Development Co.,Ltd development （Note3） Note1: Refer to Note 5.1. note 1, 2, 3. 88 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 8. Notes for financial statements of the parent company (to be continued) 8.3 Long-term equity investment (to be continued) 8.3.1 Long-term equity investment calculated by cost method(to be continued) 8.3.1.1.2 Long-term equity investment calculated by cost method Increase/decrease in Invested company Initial amount 2006.12.31 investment this year New Jinqiao Plaza Industrial Co.,Ltd 37,170,000.00 37,170,000.00 - Jinqiao Real Estate Development Co.,Ltd 31,417,212.28 31,417,212.28 - Jinqiao United Development Co.,Ltd 304,494,226.21 304,494,226.21 - Jinqiao South Area Construction and Development 285,000,000.00 285,000,000.00 - Co.,Ltd Bank of Communications （Note 1） 6,262,520.00 6,262,520.00 -6,262,520.00 Guotaijunan Securities Co.,Ltd 7,660,000.00 7,660,000.00 - Haitong Securities Co.,Ltd （Note1） 15,300,000.00 15,300,000.00 -15,300,000.00 Dongfang Securities Co.,Ltd （Note2） 81,900,000.00 81,900,000.00 54,254,089.68 Shanghai homeworld decoration Co.,Ltd 3,310,840.00 3,310,840.00 - Shanghai homeworld shopping center Co.,Ltd（ Note3） 16,555,015.00 6,456,455.00 -3,311,002.00 Total 789,069,813.49 778,971,253.49 29,380,567.68 （Note1）～(Note3):Refer to Notes 6.9.2 note 1, 2, 3. 89 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 8. Notes for financial statements of the parent company (to be continued) 8.3 Long-term equity investment (to be continued) 8.3.2 Long-term equity investment calculated by equity method Increase/decrease in Invested company Initial amount 2006.12.31 equity this year Associates Shanghai General Silicon Material 6,084,655.03 - - Co.,Ltd Shanghai General Silicon Crystal 30,619,361.61 20,000,000.00 -20,000,000.00 Material Co.,Ltd Please refer to Note 6.9.3 for the reason for decreases. 8.3.3 Provision for impairment of long-term equity investment Invested company 2006.12.31 Increase this year Decrease this year 2007.12.31 Guotaijunan Securities Co.,Ltd 2,240,000.00 - - 2,240,000.00 Gr Shanghai General Silicon Crystal 20,000,000.00 - 20,000,000.00 - Tra Material Co.,Ltd (Note) Haitong Securities Co.,Ltd 5,900,000.00 - 5,900,000.00 - Tra Total 28,140,000.00 25,900,000.00 2,240,000.00 Note: Please refer to Note 6.9.3. 90 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 8. Notes for financial statements of the parent company (to be continued) 8.4 Operating revenue and cost 2007 Item Main business Other business Total Operating revenue 465,115,610.17 22,422,873.00 487,538,483.17 Operating cost 142,174,691.31 25,389.97 142,200,081.28 2006 Item Main business Other business Total Operating revenue 396,463,001.22 253,495.80 396,716,497.02 Operating cost 190,873,130.08 12,738.16 190,885,868.24 8.4.1 Main business revenue and cost categorized by products Main business revenue Main business cost Item 2007 2006 2007 2006 (1)Real estate sales 23,162,857.14 - 7,608,596.00 - (2)Real estate lease 441,952,753.03 396,463,001.22 134,566,095.31 190,873,130.08 Total 465,115,610.17 396,463,001.22 142,174,691.31 190,873,130.08 8.4.2 The top five sales amounted to RMB 69,839,926.07, accounting for 14.33% of the total operating revenue this year. 8.4.3 Operating revenue increases by RMB 90,821,986.15, which is 22.89% up compared to the last year. During the year, T15-4 property sale occurred amounting to RMB 23,162,857.14 by the parent company. Great increase in rental revenue also attributed to this increase, which was generated by S8 apartment group B and Biyun villa Phase 5, transferred in investment properties in the second half of last year. 8.5 Investment income Item 2007 2006 Dividend from invested company calculated by cost method 8,574,732.60 476,952.00 Income from transfer of long-term equity investment 10,000.00 - Total 8,584,732.60 476,952.00 8.5.1 Investment income increases by RMB 8,107,780.60 compared to the last year, which was mainly attributable to the income, amounting to RMB 7,978,542.60, received from Dongfang Securities Co., Ltd calculated by cost method. 91 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 9 Related parties and transactions 9.1 Related parties with control relationship 9.1.1 Information on related parties with control relationship Code of Relation with the Main Place of Legal organization Name Company business registration representative institution Shanghai Ultimate parent Real estate New Jinqiao Jinqiao(Group)Co.,Ltd company of the development Road NO.28 YuBiao 630878838 Company The ultimate controller of the Company is the authority by Shanghai State Assets Supervision and Management Commission and Pudong State Assets Management Commission. Shanghai Jinqiao (Group) Co., Ltd is the wholly state-owned-enterprise authorized by the state .The proportion of shares held directly and the proportion of shares held indirectly are all 43.82%. 9.1.2 Registered capital and its changes of related parties (Unit: RMB 10,000 Yuan) Increase Decrease Name 2006.12.31 this year this year 2007.12.31 Shanghai Jinqiao(Group)Co.,Ltd 88,420.072 - - 88,420.072 Shanghai Jinqiao Export Processing Zone Real 3,000.00 - - 3,000.00 Estate Development Co.,Ltd Shanghai Jinqiao Export Processing Zone United 54,000.00 - - 54,000.00 Development Co.,Ltd Shanghai New Jinqiao Plaza Industrial Co.,Ltd 5,000.00 - - 5,000.00 Shanghai Jinqiao Export Processing Zone South 30,000.00 - 30,000.00 Area Construction & Development Co.,Ltd 92 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 9 Related parties and transactions (to be continued) 9.1 Related parties with control relationship (to be continued) 9.1.3 Shares or equities and its changes of related parties with control relationship (Unit: RMB 10,000 Yuan) 2006.12.31 Increase this year Name Balance % Balance % Shanghai Jinqiao(Group)Co.,Ltd 37,001.00 43.82 - - Shanghai Jinqiao Export Processing Zone Real Estate Development 2,580.00 86.00 - - Co.,Ltd Shanghai Jinqiao Export Processing Zone United Development Co.,Ltd 32,616.00 60.40 - - Shanghai New Jinqiao Plaza Industrial Co.,Ltd 3,717.00 74.34 - - Shanghai Jinqiao Export Processing Zone South Area Construction & 28,500.00 95.00 - - Development Co.,Ltd 93 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 9 Related parties and transactions (to be continued) 9.2 Related parties without control relationship Name Relationship with the Company Shanghai Xincheng Property Operation and Management Co.,Ltd Under the same control Shanghai New Jinqiao Commercial Management Co.,Ltd Under the same control Shanghai Jinjiayuan Property Operation and Management Co.,Ltd Under the same control Shanghai New Jinqiao Intl.Logistics Co.,Ltd Under the same control Shanghai Jinguang Vacuum Technology Co.,Ltd Under the same control Shanghai Pinghe School Under the same control 9.3 Related transactions (Unit: RMB 10,000yuan) 9.3.1 Transactions between subsidiaries that have control relationship and included in consolidated financial statements as well as those between the parent company and the above subsidiaries have been offset. 9.3.2 Guaranteed by related parties 2007 2006 Proportion in Proportion in total total transaction transaction of the Pricing Name Amount of the same type Amount same type policy Shanghai 4,460 100.00％ 36,170 100.00％ N/A Jinqiao(Group)Co.,Ltd 94 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 9 Related parties and transactions (to be continued) 9.3 Related transactions (Unit: RMB 10,000yuan) (to be continued) 9.3.3 Labor service provided by related parties 2007 2006 Proportion in total Proport transaction of the transac Name Amount same type Amount Shanghai New Jinqiao Commercial Management Co.,Ltd 31.59 100.00％ 92.06 Shanghai Xincheng Property Operation and Management Co.,Ltd 18.85 100.00％ 6.28 Shanghai Jinjiayuan Property Operation and Management Co.,Ltd 98.62 100.00％ 35.69 Shanghai Jinkai Municipal Administration Co.,Ltd 528.30 100.00％ 317.91 Total 677.36 100.00％ 451.94 95 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 9 Related parties and transactions (to be continued) 9.3 Related transactions (Unit: RMB 10,000yuan) (to be continued) 9.3.4 Fund received 2007 2006 Proportion in total Proportion in total Item Amount transaction of the same type Amount transaction of the same type Principal 30,500.00 100.00％ 18,499.95 100.00％ Interest expense 1,893.88 100.00％ - - During the year, the Occupancy fees on funds from Shanghai Jinqiao (Group) Co., Ltd is amounting to RMB 18,938,800.00(2006:0), occupancy fees on funds was Settled quarterly with the annual average fees rate of 6.16%.The first to fourth quarter expense was RMB 3,683,200.00, RMB 3,625,400.00, RMB 5,454,900.00 and RMB 6,175,300.00 separately. 9.3.5 Receival of fund given back 2007 2006 Proportion in total Proportion in total transaction transaction Name Amount of the same type Amount of the same type Shanghai Pinghe School - - 300 100.00％ 9.3.6 Fund repaid 2007 2006 Proportion in total Proportion in total transaction transaction Name Amount of the same type Amount of the same type Shanghai Jinqiao(Group)Co.,Ltd 28,400 100.00％ - - 9.3.7 Workshop leased to related parties 2007 2006 Proportion in Proportion in total transaction total transaction Name Amount of the same type Amount of the same type Pricing policy Shanghai Jinguang Vacuum The same with 45.64 0.07% 45.64 0.08% Technology Co.,Ltd unrelated party Shanghai Pinghe School The same with 1,750 2.69% 1,300 2.28% unrelated party Shanghai New Jinqiao The same with 1,226.63 1.89% 1,248.99 2.19% Intl.Logistics Co.,Ltd unrelated party Shanghai General Silicon The same with 116.15 0.18% 196.47 0.35% Crystal Material Co.,Ltd unrelated party Total 3,138.42 4.83% 2,791.10 4.90% 96 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 9 Related parties and transactions (to be continued) 9.3 Related transactions (Unit: RMB 10,000yuan) (to be continued) 9.3.8 Equity transferred to related parties 2007 2006 Proportion in total Proportion in total transaction of the transaction of the Name Amount same type Amount same type Shanghai Jinqiao(Group)Co.,Ltd 633.07 100.00％ - - Shanghai Jinjiayuan Property Operation - - 53.25 100.00％ and Management Co.,Ltd Total 633.07 100.00％ 53.25 100.00％ 9.3.9 Rent receivable collected from related parties 2007 2006 Proportion in total Proportion in total transaction transaction Name Amount of the same type Amount of the same type Shanghai Pinghe School 300 100.00％ - - 9.3.10 Investment drawn back from related parties 2007 2006 Proportion in total Proportion in total transaction transaction Name Amount of the same type Amount of the same type Jinqiao Industry Development Co.,Ltd - - 214.43 100.00％ 9.3.11 Remunaration for key management During the year, the reward for key managements was amounting to RMB1.35 million (2006:RMB1.68 million).The number of key managers was 17, including directors, general managers, deputy general managers and chief accountant.(2006 was 17 ).9 of them were paid by the Company. (2006 was 10) 97 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 9 Related parties and transactions (to be continued) 9.4 The balance of current account with related parties (Unit: 10,000 Yuan) Balance Proportion in relevant subject Ending balance Ending balance Ending balance Ending balance Item of 2007 of 2006 of 2007 of 2006 Accounts receivable Shanghai Pinghe School - 300 - 26.42% Shanghai Jinguang Vacuum Technology 22.82 - 1.60% - Co.,Ltd Shanghai General Silicon Crystal Material - 138.40 - 12.19% Co.,Ltd Other receivables Shanghai General Silicon Crystal Material - 600 - 86.42% Co.,Ltd Other payables Shanghai Pinghe School - 12.24 - 0.03% Shanghai Jinqiao(Group) Co.,Ltd 29,824.42 25,830.54 53.61% 52.91% Shanghai Jinguang Vacuum Technology - 8.79 - 0.02% Co.,Ltd New Jinqiao Commercial Management 15.02 - 0.03% - Co.,Ltd 10 Contingency 10.1 Up to December 31, 2007, there was no significant pending lawsuit of the Company. 10.2 Up to December 31, 2007, there was no guarantee provided by the Company to related parties or others. 11Commitment Up to December 31, 2007, there was no significant commitment that will affect the reading and understanding of the financial statements. 98 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 12 Event occurred after the balance sheet date 12.1 Profit distribution after the balance sheet date: the Company will plan to distribute RMB 1.1 every 10 share (Tax included). 12.2 The transfer of partial T6 and T8’s land use right has been approved in the first extraordinary shareholders’ meeting of 2008 on 17 march,2008. Land with an area of about 120 thousand square meters owned by the Company and the subsidiary Shanghai Jinqiao Export Processing Zone United Development Co.,Ltd (25 thousand square meters of the parent company and 95 thousand square meters of Shanghai Jinqiao Export Processing Zone United Development Co.,Ltd) was transferred to The GM (China) Investment Corp. with the price no less than RMB 1000 per square meter. Except for the above event, up to December 31, 2007, there was no other event after the balance sheet date that will affect the reading and understanding of the financial statements. 13 Other important events 13.1 The Company has published “Notice about shares in circulation with restricted condition” in "Shanghai Securities News" and Hong Kong, "Wen Hui Newspaper" on 9 January, which is about the circulation of shares with limited sales conditions during this share reform. The number of shares in circulation with limited condition was to 35,578,938 and the date of circulation was on January 12, 2007. 13.2 The “Proposal on the equity right transfer of Shanghai General Silicon Material Co., Ltd and Shanghai General Silicon Crystal Material Co., Ltd.” has been approved in the group’s 16th session of the 5th Board of Directors' meeting. In order to reduce the group’s investment in the above two companies and its loss of creditor’s rights, the board approved to transfer all the equities owned and the creditor’s rights occurred before the end of 2004 in these two companies to General Silicon Material Co., Ltd. USA at the price of RMB 7,800,000. Up to the date when the financial statements were authorized for issue, the transaction above had been completed. 13.3 The increase of equity investment in Orient Securities Co., Ltd. has been approved in the 19th session of the 5th Board of Directors’ meeting. The Company is holding 79.7854 million shares of Orient Securities Co., Ltd, and the equity ratio is 3.72% according to the “Proposal on the increase of equity investment” approved by shareholder’s meeting. The increase will be by the ratio of 10 to 5 shares and RMB 1.36 per share to the old shareholders. The Company would subscribe 39,892,700 shares with the fund amounting to RMB 54,250,000. Up to the date when the financial statements were authorized for issue, this event had been completed. 99 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 13 Other important events (to be continued) 13.4 The board of directors of the Company made a resolution on the confirmation, which was about capital increase issued by Guotai Junan Securities Co.,Ltd.( hereinafter referred to Guotai Junan), With the proportion of 10 to 2 shares, the Company decided to purchase and subscribe 1,520,800 shares of Guotai Junan, and 1,520,800 shares of investment management company. The aggregate price per share of the two companies in the increase of equity investment was amounting to RMB 3, and the Company is to contribute RMB 4.5625 million. Up to the date when the financial statements were authorized for issue, the issue still needed to be authorized by Securities Regulatory Administration, so this event is in process. 13.5 Identified by the “Jian-Xin Fang Gu Zi No. 2007030080” issued by Jian-xin Shanghai Real Estate Valuation Company, a subsidiary of the Company, Shanghai New Jinqiao Plaza Co.,Ltd used all its properties in Huangpu District, Shanghai, Beijing West Road 1-39 (single), with a total construction area of 41,153.92 square meters, the ownership of "new Jinqiao Plaza, " as well as its corresponding land-use rights as a mortgage ,whose assessed value was RMB 1,014,480,400 to China Construction Bank Corporation, Shanghai Jinqiao branch for loaning RMB 300,000,000.00. The period is from March 30, 2007 to March 29, 2010, and April 5, 2007 to April 4, 2010 and the loan is amounting to RMB 150,000,000.00 respectively. 13.6The application of issuing short-term financing bonds to the People’s Bank of China has been approved in the extraordinary shareholders’ meeting of 2007 on 3 December,2007, and the total amount would be no more than one billion .The application above has been made to the People’s Bank of China at 10 Dec .2007 by the Company, and the financing amount was one billion. Up to the date when the financial statements were authorized for issue, the application was still pending. 14 Supplementary Pursuant to the "Information disclosure Quiz No.7 about companies with public offering of securities – the preparation and discourse of the financial information about the new and old accounting standards during the transition period."(SFC of Kuai Ji Zi [2007] 10), the Company made a stimulation of adoption of new accounting standards No1 to No 37 for the period of 1 January, 2006 to 31 December,2006.This stimulation applied to all the events except those described in No.5 to No.19 in "Enterprise Accounting Standard No. 38 - First time adoption of Accounting Standard for Business Enterprises". Net profit under the new accounting standards and net profit under the original guidelines after stimulation are as follows: 100 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 14 Supplementary (to be continued) 14.1 Net income differences reconciliation in 2006 Item Amount Net profit in 2006（original accounting standards） 212,504,377.96 Retroactive adjustment affected totally -15,304,160.18 Of which：Tax expenses－deferred tax -15,719,246.20 Particular retroactive adjustment for companies –previous 415,086.02 inside business unrealized profit Net profit of parent company in 2006（New accounting standards） 197,200,217.78 Reference of assuming to implement the new accounting standards - The total affected number Note 990,267.58 Simulation net profit for 2006 198,190,485.36 Note: The total affected number represented the ending balance of unused welfare and staff education expenses less the income tax which should be reversed, given the circumstance that the Company adopted “New Enterprise Accounting Standard”. 14.2 The contrast in equity difference reconciliations under former and new accounting standards Under the requirement of "On doing a good job with the new accounting standards related to financial accounting information disclosure notice" (Zheng Jian Fa, [2006] 136), "Accounting Standards for Business Enterprises explanation No. 1" (Cai Kuai [2007] 14), etc. the Company has re-established equity difference reconciliations on January 1, 2007. The contrast between this form and the original equity difference reconciliations in 2006 is as follows: 101 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 14 Supplementary (to be continued) The contrast in equity difference reconciliations under former and new accounting standards Disclosure of annual Disclo No Item report in 2007 shareholders’ equity as of 2006.12.31(former standards) 2,698,752,159.81 2,6 1 1.long-term equity investment balance Of which： long-term equity investment differences in relation to business combinations involving enterprises under common control other long-term equity investment differences calculated under the equity method 2 investment property measured by using the fair value model 3 Depreciations of previous years to be provided due to the anticipated disposal of assets 4 Compensation on redundancy complied with the anticipated recognition of liabilities 5 share-based payments 6 the obligation of restructuring complied with satisfied the recognition of provisions 7 business combinations Of which： carrying amount of goodwill arised from business combinations involving enterprises under common control impairment on goodwill recognized according to the new standards 8 financial assets available-for-sale and fair value through profit or loss financial assets 9 fair value through profit or loss financial liabilities 10 increases in equity by financial instruments split 11 Financial derivatives 12 Income taxes -10,925,780.75 - 13 Minority interests 283,320,999.81 2 14 Particular retroactive adjustment for companies listed in B shares or H shares, etc. -19,047,404.36 15 Others（Investment income） Shareholders’ equity on January 1st,2007（New accounting standards） 2,952,099,974.51 2,9 102 Shanghai Jinqiao Export Processing Zone Development Co., Ltd Notes to the Financial Statements 2007 14 Supplementary (to be continued) Notes: Under the requirements of documents such as "On doing a good job with the new accounting standards related to financial accounting information disclosure notice" (Zheng Jian Hui, [2006] 136) and "Accounting Standards for Business Enterprises explanation No. 1" (Cai Kuai 14 [2007]), the Company reviewed and corrected equity difference reconciliations on January 1, 2007.The reasons for correction are as follows: (1). With a deep understanding of new accounting rules, a subsidiary Shanghai Jinqiao Export Processing Zone United Development Co.,Ltd made a retroactive adjustment on beginning undistributed profit and deferred income tax liabilities, since the equity method affected amount of RMB 207,981.35 was included in deferred income tax liabilities by mistake. (2). With the adoption of new accounting standards , the previous enterprise inside transaction unrealized profit has been retroactively adjusted amounting to RMB -19,047,404.36 of beginning undistributed profit to be consistent with IFRS. Except for the differences above, there were no significant events that need to be adjusted. It is the same with the former disclosed numbers. 15 Comparative figures Certain comparative figures have been reclassified to conform to the current year’s presentation. Shanghai Jinqiao Export Processing Zone Development Co., Ltd Legal Representative： Principal in Charge of Accountancy： Head of Accounting Dept： Date：March 31, 2008 103